Cash flow Danone

Equities

BN

FR0000120644

Food Processing

Real-time Euronext Paris Other stock markets 07:16:01 2025-01-16 am EST			5-day change	1st Jan Change
64.28 ^EUR	+0.22%		-1.95%	-1.29%

06:28am	Barclays Maintains Danone at Overweight Amid Expected "Standout" FY25	MT
Jan. 14	DANONE : UBS keeps its Buy rating	ZD

25849.BMEbK-4PsKdOnSjHvt44mTdnnG18l-17VjUb6Zh-zbE.MakifK881O0L8Wfw_4RQrVQk5RsT3Ig5L1pU3_wRtcZW8CJbtmDUzDjCYQ

Published financial data: DANONE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	25.29B	23.62B	24.28B	27.66B	27.62B
Total Revenues	25.29B	23.62B	24.28B	27.66B	27.62B
Cost of Goods Sold, Total	12.88B	12.27B	12.76B	14.92B	14.54B
Gross Profit	12.41B	11.35B	11.52B	12.74B	13.08B
Selling General & Admin Expenses, Total	8.16B	7.65B	7.84B	8.93B	9.04B
Stock-Based Compensation (IS)	-	-	-	-	-
R&D Expenses	351M	323M	338M	339M	398M
Other Operating Expenses	-96M	50M	5M	86M	159M
Other Operating Expenses, Total	8.41B	8.02B	8.19B	9.36B	9.59B
Operating Income	4B	3.33B	3.34B	3.38B	3.49B
Interest Expense, Total	-400M	-358M	-323M	-308M	-513M
Interest And Investment Income	181M	151M	156M	155M	341M
Net Interest Expenses	-219M	-207M	-167M	-153M	-172M
Income (Loss) On Equity Invest.	-46M	304M	585M	-32M	36M
Other Non Operating Income (Expenses)	-152M	-104M	-95M	-157M	-185M
EBT, Excl. Unusual Items	3.58B	3.32B	3.66B	3.04B	3.17B
Restructuring Charges	-298M	-216M	-1.03B	-419M	-103M
Merger & Related Restructuring Charges	-46M	-	-	-	-
Impairment of Goodwill	-	-32M	-7M	-400M	-47M
Gain (Loss) On Sale Of Assets	-150M	-4M	8M	2M	-1.13B
Asset Writedown	-212M	-321M	-45M	-258M	-48M
Other Unusual Items	-52M	43M	-4M	-165M	-123M
EBT, Incl. Unusual Items	2.82B	2.79B	2.58B	1.8B	1.72B
Income Tax Expense	793M	762M	589M	778M	768M
Earnings From Continuing Operations	2.03B	2.03B	1.99B	1.02B	953M
Net Income to Company	2.03B	2.03B	1.99B	1.02B	953M
Minority Interest	-99M	-74M	-67M	-64M	-72M
Net Income - (IS)	1.93B	1.96B	1.92B	959M	881M
Preferred Dividend and Other Adjustments	14M	15M	26M	13M	8M
Net Income to Common Incl Extra Items	1.92B	1.94B	1.9B	946M	873M
Net Income to Common Excl. Extra Items	1.92B	1.94B	1.9B	946M	873M
Per Share Items
Net EPS - Basic	2.95	2.99	2.94	1.48	1.36
Basic EPS - Continuing Operations	2.95	2.99	2.94	1.48	1.36
Basic Weighted Average Shares Outstanding	648M	649M	646M	639M	641M
Net EPS - Diluted	2.95	2.99	2.94	1.48	1.36
Diluted EPS - Continuing Operations	2.95	2.99	2.94	1.48	1.36
Diluted Weighted Average Shares Outstanding	649M	650M	646M	639M	642M
Normalized Basic EPS	3.3	3.08	3.43	2.87	2.98
Normalized Diluted EPS	3.29	3.08	3.43	2.87	2.98
Dividend Per Share	2.1	1.94	1.94	2	2.1
Payout Ratio	66.25	70.81	67.67	129.09	145.18
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	5.21B	4.42B	4.54B	4.25B	4.75B
EBITA	4.1B	3.43B	3.44B	3.49B	3.6B
EBIT	4B	3.33B	3.34B	3.38B	3.49B
Effective Tax Rate - (Ratio)	28.11	27.29	22.83	43.2	44.63
Total Current Taxes	753M	799M	663M	738M	814M
Total Deferred Taxes	40M	-37M	-73M	40M	-46M
Normalized Net Income	2.14B	2B	2.22B	1.84B	1.91B
Interest on Long-Term Debt	-	12M	1M	2M	-
Non-Cash Pension Expense	1M	21M	-21M	26M	32M
Supplemental Operating Expense Items
Selling and Marketing Expenses	5.77B	5.37B	5.52B	6.29B	6.29B
General and Administrative Expenses	2.38B	2.28B	2.33B	2.64B	2.75B
Research And Development Expense From Footnotes	351M	323M	338M	339M	398M
Stock-Based Comp., Other (Total)	30M	16M	13M	25M	61M
Total Stock-Based Compensation	30M	16M	13M	25M	61M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	644M	593M	659M	1.05B	2.36B
Short Term Investments	3.63B	3.68B	5.2B	3.63B	3.64B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	4.28B	4.27B	5.86B	4.68B	6B
Accounts Receivable, Total	2.91B	2.61B	2.86B	3.27B	2.92B
Other Receivables	812M	714M	746M	867M	887M
Notes Receivable	6M	40M	8M	3M	3M
Total Receivables	3.72B	3.36B	3.62B	4.14B	3.81B
Inventory	1.93B	1.84B	1.98B	2.62B	2.34B
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	187M	1.16B	602M	710M	765M
Total Current Assets	10.12B	10.64B	12.06B	12.15B	12.92B
Gross Property Plant And Equipment	14.82B	14.8B	16.02B	16.64B	16.06B
Accumulated Depreciation	-7.98B	-8.23B	-9.18B	-9.89B	-9.62B
Net Property Plant And Equipment	6.84B	6.57B	6.84B	6.75B	6.44B
Long-term Investments	2.41B	1.36B	1.33B	1.37B	1.13B
Goodwill	18.12B	17.02B	17.87B	17.94B	17.34B
Other Intangibles, Total	6.68B	6.02B	6.18B	6.3B	5.75B
Loans Receivable Long-Term	14M	12M	16M	11M	10M
Deferred Tax Assets Long-Term	790M	785M	890M	735M	746M
Other Long-Term Assets, Total	381M	373M	233M	21M	148M
Total Assets	45.36B	42.78B	45.42B	45.28B	44.49B
Liabilities
Accounts Payable, Total	3.96B	3.47B	4B	4.9B	4.78B
Accrued Expenses, Total	2.49B	2.32B	2.62B	3.04B	2.96B
Short-term Borrowings	1.5B	1.49B	757M	786M	1.62B
Current Portion of Long-Term Debt	2.76B	2.44B	3.08B	2.64B	3.72B
Current Portion of Leases	215M	222M	215M	203M	192M
Current Income Taxes Payable	-	-	-	-	-
Other Current Liabilities	331M	397M	413M	567M	561M
Total Current Liabilities	11.25B	10.34B	11.08B	12.13B	13.83B
Long-Term Debt	12.16B	11.6B	11.77B	10.51B	10.05B
Long-Term Leases	751M	744M	767M	730M	687M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	1.06B	1.19B	1.07B	745M	873M
Deferred Tax Liability Non Current	1.56B	1.47B	1.5B	1.58B	1.49B
Other Non Current Liabilities	1.2B	1.14B	1.85B	1.59B	1.33B
Total Liabilities	27.98B	26.48B	28.04B	27.29B	28.26B
Common Stock, Total	172M	172M	172M	169M	169M
Additional Paid In Capital	5.86B	5.89B	5.93B	5.19B	5.26B
Retained Earnings	16.49B	17.37B	18.04B	16.67B	16.34B
Treasury Stock	-1.61B	-1.6B	-2.38B	-1.57B	-1.55B
Comprehensive Income and Other	-3.67B	-5.64B	-4.49B	-2.53B	-4.04B
Total Common Equity	17.24B	16.2B	17.27B	17.92B	16.18B
Minority Interest	137M	93M	102M	69M	46M
Total Equity	17.38B	16.3B	17.38B	17.99B	16.22B
Total Liabilities And Equity	45.36B	42.78B	45.42B	45.28B	44.49B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	649M	650M	638M	640M	642M
ECS Total Common Shares Outstanding	649M	650M	638M	640M	642M
Book Value / Share	26.57	24.94	27.07	28.02	25.2
Tangible Book Value	-7.56B	-6.83B	-6.78B	-6.32B	-6.92B
Tangible Book Value Per Share	-11.65	-10.51	-10.63	-9.87	-10.78
Total Debt	17.38B	16.5B	16.59B	14.87B	16.27B
Net Debt	13.11B	12.23B	10.73B	10.18B	10.27B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.06B	1.19B	1.07B	745M	873M
Minority Interest, Total (Incl. Fin. Div)	137M	93M	102M	69M	46M
Equity Method Investments, Total	2.06B	915M	771M	576M	416M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	891M	863M	944M	1.04B	849M
Inventories - Work In Process, Total	184M	218M	209M	244M	287M
Inventories - Finished Goods, Total	1.02B	934M	1.01B	1.37B	1.31B
Inventories - Others	-	-	-	197M	181M
Land - (BS)	3.47B	4.37B	4.81B	5.24B	5.16B
Buildings, Total	-	-	-	-	-
Machinery, Total	7.94B	8.07B	8.76B	8.96B	8.47B
Full Time Employees	102K	98.85K	98.1K	96.17K	88.84K
Part Time Employees	-	3.06K	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	114M	106M	94M	98M	123M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.93B	1.96B	1.92B	959M	881M
Depreciation & Amortization - CF	1.12B	992M	1.1B	981M	1.35B
Amortization of Goodwill and Intangible Assets - (CF)	101M	97M	103M	106M	107M
Depreciation & Amortization, Total	1.22B	1.09B	1.21B	1.09B	1.45B
(Gain) Loss From Sale Of Asset	14M	-54M	-31M	78M	-7M
Asset Writedown & Restructuring Costs	169M	363M	57M	776M	158M
(Income) Loss On Equity Investments - (CF)	99M	-272M	-564M	53M	-13M
Stock-Based Compensation (CF)	30M	16M	12M	25M	61M
Other Operating Activities, Total	297M	100M	516M	-91M	632M
Change In Accounts Receivable	-268M	59M	-231M	-424M	74M
Change In Inventories	-178M	-86M	-81M	-667M	41M
Change In Accounts Payable	266M	-204M	425M	879M	324M
Change in Other Net Operating Assets	-131M	-	239M	289M	-162M
Cash from Operations	3.44B	2.97B	3.47B	2.96B	3.44B
Capital Expenditure	-951M	-962M	-1.04B	-873M	-847M
Sale of Property, Plant, and Equipment	16M	43M	46M	30M	15M
Cash Acquisitions	-	-	-	-100M	-162M
Divestitures	-	-	-	206M	177M
Investment in Marketable and Equity Securities, Total	-54M	364M	1.53B	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-19M	-54M	24M	-12M	-17M
Other Investing Activities, Total	-	-1M	-	-	-
Cash from Investing	-1.01B	-610M	561M	-749M	-834M
Long-Term Debt Issued, Total	354M	1.6B	2.2B	600M	2.17B
Total Debt Issued	354M	1.6B	2.2B	600M	2.17B
Long-Term Debt Repaid, Total	-1.9B	-2.36B	-2.54B	-2.71B	-2.6B
Total Debt Repaid	-1.9B	-2.36B	-2.54B	-2.71B	-2.6B
Issuance of Common Stock	55M	30M	46M	51M	69M
Repurchase of Common Stock	-	-	-801M	-	-
Common Dividends Paid	-1.28B	-1.38B	-1.3B	-1.24B	-1.28B
Common & Preferred Stock Dividends Paid	-1.28B	-1.38B	-1.3B	-1.24B	-1.28B
Other Financing Activities, Total	368M	-249M	-1.62B	1.37B	-419M
Cash from Financing	-2.4B	-2.36B	-4.03B	-1.93B	-2.06B
Foreign Exchange Rate Adjustments	-231M	-48M	58M	112M	-503M
Miscellaneous Cash Flow Adjustments	-	-	-	-1M	1M
Net Change in Cash	-195M	-51M	66M	392M	49M
Supplemental Items
Cash Interest Paid	-	-	-	18M	18M
Cash Income Tax Paid (Refund)	774M	753M	569M	716M	730M
Levered Free Cash Flow	2.36B	880M	3.07B	2.36B	2.88B
Unlevered Free Cash Flow	2.61B	1.1B	3.28B	2.56B	3.2B
Change In Net Working Capital	187M	1.12B	-1.01B	-202M	-349M
Net Debt Issued / Repaid	-1.54B	-756M	-345M	-2.11B	-428M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.58	4.72	4.73	4.66	4.86
Return on Total Capital	7.23	6.16	6.24	6.33	6.68
Return On Equity %	11.98	12.06	11.83	5.78	5.57
Return on Common Equity	11.4	11.61	11.34	5.38	5.12
Margin Analysis
Gross Profit Margin %	49.07	48.07	47.45	46.05	47.37
SG&A Margin	32.26	32.39	32.3	32.29	32.72
EBITDA Margin %	20.62	18.7	18.71	15.38	17.2
EBITA Margin %	16.2	14.5	14.16	12.61	13.03
EBIT Margin %	15.8	14.09	13.74	12.23	12.64
Income From Continuing Operations Margin %	8.02	8.59	8.2	3.7	3.45
Net Income Margin %	7.63	8.28	7.92	3.47	3.19
Net Avail. For Common Margin %	7.57	8.22	7.82	3.42	3.16
Normalized Net Income Margin	8.45	8.48	9.14	6.64	6.91
Levered Free Cash Flow Margin	9.32	3.73	12.66	8.54	10.42
Unlevered Free Cash Flow Margin	10.31	4.67	13.49	9.24	11.58
Asset Turnover
Asset Turnover	0.56	0.54	0.55	0.61	0.62
Fixed Assets Turnover	3.88	3.52	3.62	4.07	4.19
Receivables Turnover (Average Receivables)	9.04	8.57	8.88	9.02	8.92
Inventory Turnover (Average Inventory)	6.92	6.5	6.68	6.49	5.86
Short Term Liquidity
Current Ratio	0.9	1.03	1.09	1	0.93
Quick Ratio	0.71	0.73	0.85	0.73	0.71
Operating Cash Flow to Current Liabilities	0.31	0.29	0.31	0.24	0.25
Days Sales Outstanding (Average Receivables)	40.38	42.72	41.11	40.47	40.91
Days Outstanding Inventory (Average Inventory)	52.75	56.29	54.66	56.27	62.28
Average Days Payable Outstanding	106.99	111.63	105.59	104.36	123.89
Cash Conversion Cycle (Average Days)	-13.86	-12.62	-9.82	-7.62	-20.7
Long Term Solvency
Total Debt/Equity	100.02	101.23	95.46	82.63	100.31
Total Debt / Total Capital	50	50.31	48.84	45.24	50.08
LT Debt/Equity	74.27	75.73	72.16	62.46	66.21
Long-Term Debt / Total Capital	37.13	37.63	36.92	34.2	33.05
Total Liabilities / Total Assets	61.69	61.9	61.75	60.27	63.53
EBIT / Interest Expense	9.99	9.3	10.33	10.98	6.81
EBITDA / Interest Expense