Sales in the third quarter and first nine months of 2015

Solid organic growth with third-quarter sales up +4.6%[1]
Full-year 2015 targets confirmed

· Q3 sales[2] up +4.6% like-for-like[3] and up +4.2% as reported
· Solid figures reflect positive contributions from all Danone businesses, despite variations within emerging countries
– Europe: +5.1%[1]
– CIS & North America[4]: +3.2%[1]
– ALMA[5]: +4.7%[1]
· Continued progress on building a profitable and sustainable growth model
· 2015 targets confirmed: organic sales growth[2] of between +4% and +5%[1], and a slight rise in trading operating margin[1]

[1] Like-for-like, see pages 6 and 7 for details on calculation of financial indicators not defined in IFRS
[2] Net sales
[3] See pages 6 and 7 for details on calculation of financial indicators not defined in IFRS
[4] North America = USA and Canada
[5] ALMA = Asia-Pacific / Latin America / Middle East / Africa

Emmanuel Faber: CEO’s comment
“Solid third-quarter organic sales growth of 4.6% confirms our progress towards sustainably anchoring a balanced profitable growth model for Danone. In Europe, while the Fresh Dairy
Products division continues its adaptation, with sustained improvements in the performance of key brands such as Actimel, Activia and Danette, other divisions continue to show solid trends, noting particular strength of Waters with evian and Volvic. In North America, we gradually return to growth in Dairy. In the CIS, we continue to adapt our model, delivering positive results. Finally, in ALMA, the environment remains unstable and performance varies from one country to another. We are actively transitioning our Mizone brand in China towards a lower pattern of category growth.
I am fully confident that we have long built unique positions in the best long-term potential food and beverage categories. As we expect to navigate in a persistently volatile world, the priority of the
Executive Committee and of all Danone teams will remain to deliver profitable growth while strengthening the resilience of our business model.”

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