2023 Half-Year Results
Press release –
Solid first half of the year
Making consistent progress on Renew Danone
|
2023 Half-Year |
in millions of euros except if stated otherwise | H1 2022 | H1 2023 | Reported Change | Like-for-like Change (LFL) |
Sales | 13,325 | 14,167 | +6.3% | +8.4% |
Recurring operating income | 1,612 | 1,734 | +7.6% | +5.8% |
Recurring operating margin | 12.1% | 12.2% | +14 bps | -30 bps |
Non-recurring operating income and expenses | (233) | (53) | +180 | |
Operating income | 1,380 | 1,681 | +21.9% | |
Operating margin | 10.4% | 11.9% | +152 bps | |
Recurring net income – Group share | 1,051 | 1,133 | +7.8% | |
Non-recurring net income – Group share | (314) | (40) | +273 | |
Net income – Group share | 737 | 1,093 | +48.2% | |
Recurring EPS (€) | 1.63 | 1.76 | +7.6% | |
EPS (€) | 1.14 | 1.70 | +48.3% | |
Free cash flow | 674 | 1,124 | +66.9% | |
Cash flow from operating activities | 970 | 1,424 | +46.8% |
1
Antoine de Saint-Affrique: CEO statement
“As we navigate an unprecedented situation in
In an environment that remains volatile and challenging, we further built our track record of delivery with a solid first half of the year: like-for-like sales growth reached +8.4%, supported by resilient volume/mix and continued pricing. Growth remains broad-based, with all geographies contributing.
These past few months, we made consistent progress on our strategic agenda, further strengthening our Core, investing behind our winners and actively addressing our underperformers. And while we see green shoots of success across the portfolio - exemplified by the continued performance of International Delight, Aptamil, evian and YoPro, or the encouraging momentum behind Mizone – we know the job is not done. We remain, more than ever, focused on building further resilience into
Importantly, the last 18 months’ efforts on restoring the fundamentals are starting to pay: our gross margin has expanded in the first half of the year, which allows us to significantly invest behind our brands – 99bps in the first half – while improving margins moderately and delivering healthy free cash flows. In short, we are progressing towards the business model we strive for.
While a lot remains to be done, this makes us look at the future with confidence: this year, we expect to deliver a like-for-like sales growth in the upper end of our +4 and +6% guidance, underpinned by sequential volume/mix improvement in the second half, and moderate recurring operating margin improvement.”
I. SECOND QUARTER AND HALF-YEAR SALES
Second quarter and half-year sales
In Q2 2023, consolidated sales stood at €7.2 bn, up +6.4% on a like-for-like basis, with a +8.7% contribution from price and a -2.3% contribution from volume/mix. On a reported basis, sales increased by +2.4%, reflecting notably a negative impact from forex (-4.3%) and scope (-0.4%), and a positive contribution of hyperinflation (+1.3%).
In H1 2023, consolidated sales stood at €14.2 bn, up +8.4% on a like-for-like basis, with a +9.4% contribution from price and a -1.1% contribution from volume/mix. On a reported basis, sales increased by +6.3%, notably penalized by a negative forex effect of -2.0%, reflecting in particular the depreciation of various Asian and Latin American currencies against the euro. Reported sales were also impacted by a positive contribution of hyperinflation of +1.3%, and a slightly negative scope effect of -0.5%.
Sales by operating segment
€ million except % | Q2 2022 | Q2 2023 | Reported change | LFL Sales Growth | Volume/Mix Growth | H1 2022 | H1 2023 | Reported change | LFL Sales Growth | Volume/Mix Growth | ||||||||||
BY GEOGRAPHICAL ZONE | ||||||||||||||||||||
2,289 | 2,429 | +6.1% | +6.5% | -5.1% | 4,431 | 4,677 | +5.5% | +6.4% | -4.6% | |||||||||||
1,662 | 1,704 | +2.5% | +5.0% | -2.7% | 3,139 | 3,418 | +8.9% | +8.3% | -1.0% | |||||||||||
936 | 954 | +1.9% | +9.6% | +8.8% | 1,671 | 1,778 | +6.4% | +12.4% | +11.2% | |||||||||||
704 | 779 | +10.7 | +10.8% | -2.0% | 1,327 | 1,466 | +10.5% | +11.7% | -1.1% | |||||||||||
Rest of the World | 1,476 | 1,369 | -7.2% | +3.9% | -4.3% | 2,756 | 2,828 | +2.6% | +7.7% | -2.8% | ||||||||||
BY CATEGORY | ||||||||||||||||||||
EDP | 3,684 | 3,731 | +1.3% | +6.2% | -3.3% | 7,062 | 7,503 | +6.3% | +7.7% | -3.3% | ||||||||||
Specialized Nutrition | 2,106 | 2,142 | +1.7% | +4.9% | -1.7% | 4,029 | 4,250 | +5.5% | +8.3% | +1.7% | ||||||||||
Waters | 1,277 | 1,362 | +6.6% | +9.6% | 0.0% | 2,234 | 2,413 | +8.0% | +10.6% | +1.1% | ||||||||||
TOTAL | 7,067 | 7,235 | +2.4% | +6.4% | -2.3% | 13,325 | 14,167 | +6.3% | +8.4% | -1.1% |
In the second quarter,
Recurring Operating Margin
Recurring operating profit (€m) and margin (%) | H1 2022 | H1 2023 | Change | |||||||||
€m | Margin (%) | €m | Margin (%) | Reported | Like-for-like | |||||||
BY GEOGRAPHICAL ZONE | ||||||||||||
574 | 12.9% | 497 | 10.6% | -232 bps | -290 bps | |||||||
254 | 8.1% | 353 | 10.3% | +222 bps | +229 bps | |||||||
534 | 32.0% | 549 | 30.9% | -107 bps | -156 bps | |||||||
-1 | -0.1% | 42 | 2.8% | +291 bps | +155 bps | |||||||
Rest of the World | 251 | 9.1% | 294 | 10.4% | +127 bps | +13 bps | ||||||
BY CATEGORY | ||||||||||||
EDP | 494 | 7.0% | 605 | 8.1% | +107 bps | +102 bps | ||||||
Specialized Nutrition | 933 | 23.2% | 885 | 20.8% | -235 bps | -351 bps | ||||||
Waters | 185 | 8.3% | 244 | 10.1% | +185 bps | +116 bps | ||||||
Total | 1,612 | 12.1% | 1,734 | 12.2% | +14 bps | -30 bps |
Danone’s recurring operating income reached €1.7 bn in H1 2023. Recurring operating margin stood at 12.2%, up +14 basis points (bps) compared to last year. This increase was mainly driven by the improvement of topline drivers – including volume, mix and price – for a combined estimated impact of c. +630 bps. This positive effect was partially offset by the still strong negative impact of input-cost inflation net of productivity, at c. -540 bps.
Besides,
In addition to operating effects, reported margin also includes the positive impact of Forex and others, changes in scope, and contribution from hyperinflation, as well as the negative effects from other income and expenses, for a total combined effect of +13 bps.
Net income and Earnings per share
H1 2022 | H1 2023 | ||||||||
in millions of euros except if stated otherwise | Recurring | Non-recurring | Total | Recurring | Non-recurring | Total | |||
Recurring operating income | 1,612 | 1,612 | 1,734 | 1,734 | |||||
Other operating income and expense | (233) | (233) | (53) | (53) | |||||
Operating income | 1,612 | (233) | 1,380 | 1,734 | (53) | 1,681 | |||
Cost of net debt | (78) | (78) | (74) | (74) | |||||
Other financial income and expense | (69) | 6 | (63) | (67) | (15) | (83) | |||
Income before taxes | 1,466 | (227) | 1,239 | 1,593 | (68) | 1,525 | |||
Income tax | (403) | 28 | (376) | (435) | 6 | (429) | |||
Effective tax rate | 27.5% | 30.3% | 27.3% | 28.1% | |||||
Net income from fully consolidated companies | 1,063 | (199) | 863 | 1,158 | (62) | 1,095 | |||
Share of profit (loss) of equity-accounted companies | 25 | (114) | (89) | 14 | 19 | 33 | |||
Net income | 1,088 | (313) | 774 | 1,172 | (44) | 1,129 | |||
• Group share | 1,051 | (314) | 737 | 1,133 | (40) | 1,093 | |||
• Non-controlling interests | 37 | 0 | 37 | 39 | (3) | 36 | |||
EPS (€) | 1.63 | 1.14 | 1.76 | 1.70 |
Other operating income and expense reached -€53 million in H1 2023, vs -€233 million in the prior year. Reported operating margin was up +152 bps, from 10.4% to 11.9%.
Share of profit of equity-accounted companies stood at €33 million, mainly reflecting the gain on disposal of the 25% stake in Yashili in H1 2023, improving from -€89 million last year, which reflected the impairment related to the disposal of the remaining minority investments in Mengniu partnerships.
As a result, Reported EPS increased by +48.3% to €1.70, while Recurring EPS was up +7.6% to €1.76.
Cash flow and Debt
Free cash flow reached €1,124 million in H1 2023, increasing from €674 million in H1 2022, reflecting the significant increase in cash-flow from operating activities. Capex stood at €310 million.
As of
Sales by geography and category
Q2 2023 | AMEA, CIS & | Total | ||||||||
Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | |
EDP | 1,085 | +5.8% | 1,539 | +5.2% | 96 | +14.9% | 1,012 | +7.6% | 3,731 | +6.2% |
Specialized Nutrition | 766 | +3.4% | 87 | -9.0% | 611 | +6.9% | 677 | +7.0% | 2,142 | +4.9% |
Waters | 577 | +12.4% | 78 | +22.3% | 247 | +15.1% | 459 | +2.0% | 1,362 | +9.6% |
2,429 | +6.5% | 1,704 | +5.0% | 954 | +9.6% | 2,149 | +6.1% | 7,235 | +6.4% |
H1 2023 | AMEA, CIS & | Total | ||||||||
Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | |
EDP | 2,152 | +5.5% | 3,106 | +8.4% | 180 | +16.9% | 2,065 | +8.1% | 7,503 | +7.7% |
Specialized Nutrition | 1,518 | +3.0% | 173 | -1.9% | 1,220 | +10.8% | 1,340 | +14.1% | 4,250 | +8.3% |
Waters | 1,007 | +14.0% | 139 | +21.0% | 378 | +15.9% | 889 | +3.9% | 2,413 | +10.6% |
4,677 | +6.4% | 3,418 | +8.3% | 1,778 | +12.4% | 4,294 | +9.0% | 14,167 | +8.4% |
II. EDP
On
On
On
As a result, and as per applicable accounting standards (IFRS),
EDP
III. 2023 GUIDANCE
Like-for-like sales growth expected between +4 and +6%, with moderate recurring operating margin improvement.
IV. MAJOR DEVELOPMENTS OVER THE PERIOD
April 27, 2023 : At Danone’s 2023 Annual General Meeting, shareholders approved all resolutions submitted to its approval by the Board of Directors, including the distribution of a dividend of €2.00 per share in cash, the appointment ofSanjiv Mehta as Director, the renewals of terms of office ofValérie Chapoulaud-Floquet andGilles Schnepp , and the ratification of the co-opting ofGilbert Ghostine andLise Kingo , as Directors.- May 15, 2023:
Danone issued a €800 million bond with an 8-year maturity and a 3.47% coupon. The settlement took place onMay 22, 2023 , and the bonds are listed on Euronext Paris.
V. NEW FINANCIAL DISCLOSURE PRO FORMA
Financial disclosure
Danone’s external reporting has been adjusted to reflect the organizational changes. Starting from Q1 2023, the company reports its key indicators (net sales, like-for-like sales growth, recurring operating income and recurring operating margin) along five adjusted operating segments:
Europe , which includesUkraine (was previously part of Rest of the World zone);North America , which includesthe United States andCanada (unchanged);China ,North Asia ,Oceania (unchanged);Latin America (was previously part of Rest of the World zone);- Rest of the World, which includes AMEA (
Asia ,Middle East includingTurkey ,Africa ) and CIS.
The global category reporting remains unchanged, and
Like-For-Like definition
All countries with hyperinflationary economies are now included in our like-for-like changes. However, in order to limit the distorting effect of hyperinflation, net sales growth in excess of around 26% per year are excluded from like-for-like net sales growth calculation in hyperinflationary economies. Indeed, a three-year average at 26% would generally trigger hyperinflation as defined by IFRS rules.
H1 and FY 2022 sales restated by new operating segments and new LFL methodology
H1 2022 | AMEA, CIS & | Total | ||||||||||||||||||
Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | |||||||||||
EDP | 2,087 | -0.2% | 2,851 | +6.4% | 166 | +9.6% | 1,958 | +7.9% | 7,062 | +4.7% | ||||||||||
Specialized Nutrition | 1,485 | +8.4% | 174 | +14.0% | 1,160 | +15.0% | 1,209 | +6.1% | 4,029 | +9.7% | ||||||||||
Waters | 859 | +11.4% | 114 | +18.3% | 345 | -9.9% | 916 | +14.2% | 2,234 | +8.8% | ||||||||||
4,431 | +4.7% | 3,139 | +7.2% | 1,671 | +8.3% | 4,083 | +8.6% | 13,325 | +6.9% |
FY 2022 | AMEA, CIS & | Total | ||||||||||||||||||
Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | Net sales (€m) | LFL sales growth (%) | |||||||||||
EDP | 4,137 | +0.6% | 6,085 | +8.1% | 340 | +12.4% | 4,237 | +8.0% | 14,799 | +5.8% | ||||||||||
Specialized Nutrition | 2,977 | +8.3% | 376 | +15.6% | 2,431 | +9.3% | 2,535 | +9.7% | 8,319 | +9.3% | ||||||||||
Waters | 1,757 | +8.5% | 251 | +19.0% | 656 | -4.4% | 1,879 | +10.2% | 4,543 | +7.5% | ||||||||||
8,871 | +4.6% | 6,712 | +8.9% | 3,428 | +6.7% | 8,651 | +9.0% | 27,661 | +7.1% |
H1 and FY 2022 margin restated by new operating segments
Recurring operating profit (€m) and margin (%) | H1 2022 | FY 2022 | |||||||||
€m | Margin (%) | €m | Margin (%) | ||||||||
BY GEOGRAPHICAL ZONE | |||||||||||
574 | 12.9% | 1,084 | 12.2% | ||||||||
254 | 8.1% | 679 | 10.1% | ||||||||
534 | 32.0% | 1,037 | 30.2% | ||||||||
-1 | -0.1% | 55 | 1.9% | ||||||||
Rest of the World | 251 | 9.1% | 522 | 8.9% | |||||||
BY CATEGORY | |||||||||||
EDP | 494 | 7.0% | 1,207 | 8.2% | |||||||
Specialized Nutrition | 933 | 23.2% | 1,799 | 21.6% | |||||||
Waters | 185 | 8.3% | 370 | 8.2% | |||||||
Total | 1,612 | 12.1% | 3,377 | 12.2% |
VI. ALTERNATIVE PERFORMANCE MEASURES NOT DEFINED BY IFRS
IAS 29: impact on reported data
All necessary conditions have been reached (including 3-year cumulative rate of inflation for consumer prices exceeding the 100% threshold reached during the first half 2022) to now consider
Adoption of IAS 29 in hyperinflationary countries requires its non-monetary assets and liabilities and its income statement to be restated to reflect the changes in the general pricing power of its functional currency, leading to a gain or loss on the net monetary position included in the net income. Moreover, its financial statements are converted into euros using the closing exchange rate of the relevant period.
IAS 29: impact on reported data € million except % | Q2 2023 | H1 2023 | ||
Sales | -17.7 | -54.2 | ||
Sales growth (%) | -0.24% | -0.38% | ||
Recurring Operating Income | -35 | |||
Recurring Net Income – Group share | -72 |
Breakdown by quarter of H1 2023 sales after application of IAS 29
H1 2023 sales correspond to the addition of:
- Q2 2023 reported sales;
- Q1 2023 sales resulting from the application of IAS 29 until
June 30, 2023 , to sales of entities in hyperinflation countries (application of the inflation rate untilJune 30, 2023 , and translation into euros using theJune 30 ,
2023, closing rate) and provided in the table below for information (unaudited data).
€ million | Q1 20231 | Q2 2023 | H1 2023 |
2,248 | 2,429 | 4,677 | |
1,714 | 1,704 | 3,418 | |
824 | 954 | 1,778 | |
687 | 779 | 1,466 | |
Rest of the World | 1,459 | 1,369 | 2,828 |
Total | 6,932 | 7,235 | 14,167 |
1Results from the application of IAS 29 until June 30, 2023, to Q1 sales of entities of hyperinflation countries.
Financial indicators not defined in IFRS
Due to rounding, the sum of values presented may differ from totals as reported. Such differences are not material.
Like-for-like changes in sales, recurring operating income and recurring operating margin reflect
- changes in consolidation scope, with indicators related to a given fiscal year calculated on the basis of previous-year scope, both previous-year and current-year scopes excluding entities in countries under hyperinflation according to IAS 29 during the previous year (as for Argentinian entities since
January 1, 2019 , and except forTurkey ); - changes in applicable accounting principles;
- changes in exchange rates with both previous-year and current-year indicators calculated using the same exchange rates (the exchange rate used is a projected annual rate determined by
Danone for the current year and applied to both previous and current years).
Bridge from reported data to like-for-like data
(€ million except %) | H1 2022 | Like-for-like change | Impact of changes in scope of consolidation | Impact of changes in exchange rates & others incl. IAS 29 | Organic contribution from hyperinflation countries | Reported change | H1 2023 |
Sales | 13,325 | +8.4% | -0.5% | -2.9% | +1.3% | +6.3% | 14,167 |
Recurring operating margin | 12.1% | -30 bps | +6 bps | +39 bps | -2 bps | +14 bps | 12.2% |
Recurring operating income is defined as Danone’s operating income excluding Other operating income and expenses. Other operating income and expenses comprise items that, because of their significant or unusual nature, cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus distorting the assessment of its recurring operating performance and its evolution. These mainly include:
- capital gains and losses on disposals of fully consolidated companies;
- impairment charges on intangible assets with indefinite useful lives;
- costs related to strategic restructurings or transformation plans;
- costs related to major external growth transactions;
- costs related to major crisis and major litigations;
- in connection with IFRS 3 (Revised) and IAS 27 (Revised) relating to business combinations, (i) acquisition costs related to business combinations, (ii) revaluation profit or loss accounted for following a loss of control, and (iii) changes in earn-outs relating to business combinations and subsequent to acquisition date.
Recurring operating margin is defined as Recurring operating income over Sales ratio.
Other non-recurring financial income and expense corresponds to financial income and expense items that, in view of their significant or unusual nature, cannot be considered as inherent to Danone’s recurring financial management. These mainly include changes in value of non-consolidated interests.
Non-recurring income tax corresponds to income tax on non-recurring items as well as tax income and expense items that, in view of their significant or unusual nature, cannot be considered as inherent to Danone’s recurring performance.
Recurring effective tax rate measures the effective tax rate of Danone’s recurring performance and is computed as the ratio of income tax related to recurring items over recurring net income before tax.
Non-recurring share of profit of equity-accounted companies includes items that, because of their significant or unusual nature, cannot be viewed as inherent to the companies' recurring activity and thereby distort the assessment of their recurring performance and trends in that performance. These items mainly relate to (i) capital gains and losses on disposals of investments in equity-accounted companies, (ii) impairment of goodwill, and (iii) non-recurring items, as defined by
Recurring net income (or Recurring net income – Group Share) corresponds to the Group share of the consolidated Recurring net income. The Recurring net income excludes items that, because of their significant or unusual nature, cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus distorting the assessment of its recurring performance and its evolution. Such non-recurring income and expenses correspond to Other operating income and expenses, Other non-recurring financial income and expenses, Non-recurring income tax, and Non-recurring income from equity-accounted companies. Such income and expenses, excluded from Net income, represent Non-recurring net income.
Recurring EPS (or Recurring net income – Group Share, per share after dilution) is defined as the ratio of Recurring net income adjusted for hybrid financing over Diluted number of shares. In compliance with IFRS, income used to calculate EPS is adjusted for the coupon related to the hybrid financing accrued for the period and presented net of tax.
H1 2022 | H1 2023 | ||||||||
Recurring | Total | Recurring | Total | ||||||
Net income-Group share (€ million) | 1,051 | 737 | 1,133 | 1,093 | |||||
Coupon related to hybrid financing net of tax (€ million) | (7) | (7) | (6) | (6) | |||||
Number of shares | |||||||||
• Before dilution | 638,514,268 | 638,514,268 | 640,196,786 | 640,196,786 | |||||
• After dilution | 638,827,268 | 638,827,268 | 640,804,805 | 640,804,805 | |||||
EPS (€) | |||||||||
• Before dilution | 1.64 | 1.14 | 1.76 | 1.70 | |||||
• After dilution | 1.63 | 1.14 | 1.76 | 1.70 |
Free cash flow represents cash flows provided or used by operating activities less capital expenditure net of disposals and, in connection with IFRS 3 (Revised), relating to business combinations, excluding (i) acquisition costs related to business combinations, and (ii) earn-outs related to business combinations and paid subsequently to acquisition date.
(€ million) | H1 2022 | H1 2023 |
Cash-flow from operating activities | 970 | 1,424 |
Capital expenditure | (318) | (310) |
Disposal of tangible assets & transaction fees related to business combinations1 | 22 | 10 |
Free cash-flow | 674 | 1,124 |
1 Represents acquisition costs related to business combinations paid during the period.
Net financial debt represents the net debt portion bearing interest. It corresponds to current and non-current financial debt (i) excluding Liabilities related to put options granted to non-controlling interests and earn-outs on acquisitions resulting in control and (ii) net of Cash and cash equivalents, Short term investments and Derivatives – assets managing net debt.
(€ million) | June 30, 2023 | |
Non-current financial debt | 11,238 | 11,162 |
Current financial debt | 3,298 | 4,402 |
Short-term investments | (3,631) | (3,377) |
Cash | (1,051) | (1,880) |
Bank Overdraft | 330 | 940 |
Derivatives — non-current assets1 | (18) | (8) |
Derivatives — current-assets1 | (60) | (59) |
Net debt | 10,107 | 11,180 |
| (59) | (0) |
| (263) | (284) |
Net financial debt | 9,785 | 10,896 |
1 Managing net debt only
o o O o o
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning
Although
Subject to regulatory requirements,
The presentation to analysts and investorswill be broadcast live today from 8:30 a.m. (
on Danone’s website (www.danone.com).
Related slides will also be available on the website in the Investors section.
APPENDIX – Sales by geographical zone and by category (in € million)
First quarter | Second quarter | First Half | ||||||||||||
2022 | 2023 | 2022 | 2023 | 2022 | 2023 | |||||||||
BY GEOGRAPHICAL ZONE | ||||||||||||||
2,142 | 2,248 | 2,289 | 2,429 | 4,431 | 4,677 | |||||||||
1,477 | 1,714 | 1,662 | 1,704 | 3,139 | 3,418 | |||||||||
735 | 824 | 936 | 954 | 1,671 | 1,778 | |||||||||
602 | 689 | 704 | 779 | 1,327 | 1,466 | |||||||||
Rest of the World | 1,280 | 1,486 | 1,476 | 1,369 | 2,756 | 2,828 | ||||||||
BY CATEGORY | ||||||||||||||
EDP | 3,365 | 3,768 | 3,684 | 3,731 | 7,062 | 7,503 | ||||||||
Specialized Nutrition | 1,919 | 2,143 | 2,106 | 2,142 | 4,029 | 4,250 | ||||||||
Waters | 951 | 1,051 | 1,277 | 1,362 | 2,234 | 2,413 | ||||||||
TOTAL | 6,236 | 6,962 | 7,067 | 7,235 | 13,325 | 14,167 |
First quarter 2023 | Second quarter 2023 | First Half 2023 | |||||||||||
Reported change | Like-for-like change | Reported change | Like-for-like change | Reported change | Like-for-like change | ||||||||
BY GEOGRAPHICAL ZONE | |||||||||||||
+4.9% | +6.2% | +6.1% | +6.5% | +5.5% | +6.4% | ||||||||
+16.0% | +11.8% | +2.5% | +5.0% | +8.9% | +8.3% | ||||||||
+12.1% | +16.0% | +1.9% | +9.6% | +6.4% | +12.4% | ||||||||
+14.6% | +12.6% | +10.7% | +10.8% | +10.5% | +11.7% | ||||||||
Rest of the World | +16.2% | +11.8% | -7.2% | +3.9% | +2.6% | +7.7% | |||||||
BY CATEGORY | |||||||||||||
EDP | +12.0% | +9.3% | +1.3% | +6.2% | +6.3% | +7.7% | |||||||
Specialized Nutrition | +11.6% | +12.0% | +1.7% | +4.9% | +5.5% | +8.3% | |||||||
Waters | +10.5% | +12.0% | +6.6% | +9.6% | +8.0% | +10.6% | |||||||
TOTAL | +11.6% | +10.5% | +2.4% | +6.4% | +6.3% | +8.4% |
All references in this document to Like-for-like (LFL) changes, Recurring operating income and margin, Recurring net income, Recurring income tax rate, Recurring EPS, Free cash-flow and net financial debt, correspond to alternative performance measures not defined by IFRS. Their definitions, as well as their reconciliation with financial statements, are listed on pages 8 to 11.
1United States and
1United States and
1United States and
1United States and
Attachment
- PR_Danone_H1_2023
© OMX, source