2. Disclaimer
This document contains certain forward-looking statements concerning DANONE. Although
DANONE believes its expectations are based on reasonable assumptions, these forward-looking
statements are subject to numerous risks and uncertainties, which could cause actual results to
differ materially from those anticipated in these forward-looking statements. For a detailed
description of these risks and uncertainties, please refer to the section “Risk Factors” in
DANONE’s Annual Report (which is available on www.danone.com). DANONE undertakes no
obligation to publicly update or revise any of these forward-looking statements. This document
does not constitute an offer to sell, or a solicitation of an offer to buy, Danone shares.
2
3. Sales growth analysis – Q3 12
+5.0%
Like-for-like (1)
3.4%
0.1% 1.6% +9.4%
Reported
4.3%
€ 5,257 mln
€ 4,805 mln
Q3 2011 Currency Scope Volume Value Q3 2012
(1) Like-for-like : Based on constant scope of consolidation and constant exchange rates 3
4. Sales growth analysis – 9M 2012
+5.6%
Like-for-like
3.6%
+8.3%
0.0% 2.0% Reported
2.7%
€ 15,733 mln
€ 14,532 mln
9M 2011 Currency Scope Volume Value 9M 2012
4
5. Total Group : Q2 sales growth continuing in Q3
Like-for-like sales growth
8.5% 8.8%
7.8% 7.8%
6.9%
5.6% 5.9%
5.0% 5.0%
FY 11 9M 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
A contrasted quarter again
Emerging markets and North America continuing strong
Further deterioration in Western Europe, driven by Southern Europe
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9. FRESH DAIRY – Further deterioration in Europe
Like-for-like sales growth
6.5%
5.5%
4.6% 3.8%
3.5%
3.0%
2.2% 2.1%
0.7%
FY 11 9M 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
CIS and North America : on plan and accelerating vs Q2
Continued outperformance in Latam and Africa Middle East
Western Europe deteriorating further, sales decline exceeds 10% in Southern Europe
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10. FRESH DAIRY – Volume slightly negative
Volume and Price/mix growth Volume Growth
Price / mix
3.6%
5.7% 5.0%
4.7% 4.7%
3.9%
2.9%
2.6% 2.4%
1.4%
-0.4% (0.7%)
-0.1% (1.5%) (0.1%) (0.3%)
(0.2%) (1.7%)
FY 11 9M 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
Volume remaining slightly negative, impacted by further deterioration in Europe,
while continuing to progress in CIS and North America
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11. FRESH DAIRY US
Continued share gains globally and on the Greek segment
x 2.1
Danone
Greek(1)
$ sales
YTD 2011 YTD 2012
31,9 Total Danone
27,0 Competitor 1
US
Value Market shares
Source : IRI Multi-Outlet with Walmart 16,3 Competitor 2
8,5 Danone Greek(1)
Q4 2011 Q3 2012
(1) Dannon + Stonyfield + Light & Fit Greek 11
12. FRESH DAIRY CIS
From integration in 2011 to growth in 2012
2011 priorities 2012 agenda: Activating the key brands
Integration
Drive efficiency to invest behind brands
Segment the portfolio
Danone-Unimilk CIS % volume growth
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
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13. FRESH DAIRY CIS – Leveraging priority brands
+12%(1) +19%(1)
Tëma
Prostokvashino
from a Dairy brand for babies
New identity since Q2 to a Babyfood brand
(1) YTD September 2012 like-for-like growth - CIS 13
14. FRESH DAIRY – Selected innovations
Breakfast Yogurt – Big bottle
Velouté Fruix – Kiss cup introduction
(Poland)
(France)
#3 in Europe
#25 Worldwide
Densia Forte
(Spain)
Vitalinea PRO
(Spain)
Danonki Single Cup
(Poland)
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15. WATERS – Strong performance
Like-for-like sales growth
23.3%
18.9%
16.4%
15.7%
13.3%
12.3%
10.5%
7.9%
4.6%
FY 11 9M 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
Continued strong underlying category dynamics
Continued outperformance of Emerging markets & Aquadrinks
Favourable 2011 comparables in Western Europe, but poor weather in July
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17. WATERS – Selected innovations
Bonafont HOD –
11L new PET format Bonafont Kids - Jugo Mango
(Mexico) (Mexico)
Font Vella – Limited edition Mizone - Multipack new design
(Spain) (China)
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18. BABY NUTRITION – Continued excellent performance
Like-for-like sales growth
13.6%
11.4% 11.2% 11.4% 11.5%
10.7% 10.5%
9.6%
9.0%
FY 11 9M 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
Continued great performance across the board, boosted by Asia
China : good acceptance of the renovated Dumex range
Positive mix from Milk outperformance vs Food decline
18
19. CHINA : Renovating Dumex
Danone value market shares
Modern Trade – Total milks (August 2012)
15.0
14.5
STAGE ENHANCED NUTRITION YTD 2011 YTD 2012
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20. BABY NUTRITION – Selected innovations
Dumex Mamil PreciNutri Range
(Malaysia)
Milupa
Aptamil Cereal
(Turkey)
Malyutka Cereals with juices
(Russia)
Mellin
Affordable Format
(Italia)
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21. MEDICAL NUTRITION – Soft performance
Like-for-like sales growth
9,8% 9,8%
9,4% 9,3%
8,7%
6,4% 6,7%
6,0%
4,9%
FY 11 9M 12 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12
Performance hit by deterioration in some European markets
China, Turkey & Brazil outperforming
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22. MEDICAL NUTRITION – Selected innovations
Complan renovation
Souvenaid
(UK)
Phased introduction in 4 countries
• For the dietary management of early
Alzheimer’s Disease
• For patients under medical supervision
Neocate LCP Special Recipe
(China)
Vanilla Strawberry
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23. Balance sheet management
Completed : repurchase of € 6 mln treasury shares given in payment to ex-minority
shareholders in Danone Spain
€ 500-700 mln Share Buy-Back in the next 4 months
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