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Dear Shareholder 15637_Agence 17/12/04 11:00 Page 2 Letter to shareholders December 2004 Dear shareholder, Over the first nine months of the year, DANONE showed a solid performance with sales rising +7.7% at constant scope and exchange rates— bearing out our claim to being the fastest-moving food company. Fresh Dairy Products were again the major growth engine, posting organic growth of +10.6% over the period. This reflects in particular vigorous trends in North America, where we consolidated our position in January 2004, by taking control of Stonyfield Farm, the number-one maker of organic yogurts in the US. Beverage sales, which got an exceptional lift from the heat wave in Europe in summer 2003, rose by +6.4%, with Asia and Latin America providing much of the impetus. In keeping with the aims announced at the annual Shareholders’ Meeting, Biscuits showed some encouraging signs of an upturn, with organic sales growth reaching +3.6%. Overall, this performance was reached despite conditions considered unfavorable for mass market consumer goods as growth slowed in main European countries. Annual These good overall results reward our strategy of focusing on three of the fastest Meeting growing categories in the food industry, backing this up with continued innovation The combined annual to better meet consumer needs including special attention to health and nutrition, and extraordinary as well as stretching Group’s frontiers to make the most of growth opportunities shareholders’ meeting will take place on Friday, wherever they are. 22 April 2005 at 3:00 pm DANONE will thus be stepping up expansion in China, Indonesia, Russia and at the Carrousel du Louvre, 99, rue de Rivoli, Mexico. For all these reasons, I am confident that we will be able to meet our 75001 Paris. targets for this year and next. Franck Riboud ✩ ✩ ✩ v v Results p.2 v News p.4-7 Key figures and upcoming events p.8 ✩ ✩ 15637_Agence 17/12/04 11:00 Page 3 RESULTS First-half 2004 sales (like-for-like) +8.8% First-half 2004 THE STRONGEST ORGANIC GROWTH FOR ANY SIX-MONTH PERIOD IN FIVE YEARS DANONE consolidated sales showed a strong +8.8% Sales growth* organic rise in the first-half of 2004, allowing (first-half 2004) a significant improvement in operating margin, up +46 basis points. Earnings per share rose +10.4%. By business line Fresh Dairy Beverages Biscuits Other Food Groupe Products and Cereal Business DANONE resh Dairy Products were again the main driver, posting organic Products growth of +11.2%. In Beverages, the figure was +9.4%, reflect- F ing good showings in Latin America and Asia, while business in Europe suffered from unfavorable weather conditions. Turning to Biscuits and Cereal Snacks, sales showed an organic rise of +3.7%, +11.2% +9.4% +3.7% +3.2% +8.8% reflecting our efforts to restore growth momentum on core western European markets. Overall results by region included consistently firm trends in Europe, where sales rose +5.9% despite slackening By geographical market consumption in France, while business in Asia remained particularly + 17.4 % vigorous, with double digit growth. Sales in the Rest of the World + 13.8 % showed a robust +20% rise with all our businesses in Latin America making strong performances and Fresh Dairy Products growing well + 8.8 % in North America. + 5.9 % Operating margin was significantly higher, rising from 11.9% to EUROPE ASIA GROUP 12.3%. This performance was achieved despite increasing input costs, REST OF WORLD mainly PET in Asia, and the fall in US Dollar, Yen and Pound Sterling, * At constant structure and exchange rates. which negatively impacted our Beverages exports. The Themis project (the Group’s information systems project) contributed around +20 basis points to the increase in operating margin. Diluted earnings per share were up 10.4%, in line with Group targets ● Fully diluted for the full-year. net earnings per share for the first-half 2004 +10.4% 2 15637_Agence 17/12/04 11:00 Page 4 BUSINESS € 1st half 1st half Change Financial highlights ( millions) 2003 2004 Net sales 6,622 6,995 +8.8% (1) Operating income 787 863 Operating margin 11.9% 12.3% +46bp Operating Net income 403 437 +8.4% margin Net earnings per share (diluted) 1.54€ 1.70€ +10.4% in first-half 2004 Free cash flow (2) 479 513 +7.1% Stockholders’ equity (incl. minority interests) at June 30 5,365 5,514 12.3% Net financial borrowing at June 30 3,163 2,431 Net financial borrowing/stockholders’ equity 59% 44% (vs 11.9% in first-half 2003) Number of shares listed at 30 June (’000) 275.4 268.1 Stock price at 30 June (€) 60.25 71.7 Market capitalization at 30 June (€ millions) 16,593 19,223 (1) At constant structure and exchange rates. (2) Free cash flow = cash flow from operations – capital expenditure +/- change in working capital requirement. Change in operating In 3rd-quarter 2004, margin sales up +5.5%* By business line 1st half 1st half By business line 3rd quarter 2004 2003 2004 Fresh Dairy Products 13.7% 13.8% Fresh Dairy Products +9.5% Beverages 14.5% 15.4% Beverages +1.3% Biscuits and Cereal Products 8.3% 8.8% Biscuits and Cereal Products +3.3% Other Food Business 16.5% 17.8% Other Food Business -3.4% Group total 11.9% 12.3% Group total +5.5% By geographical market 1st half 1st half By geographical market 3rd quarter 2004 2003 2004 Europe 13.7% 13.7% Europe +1.1% Asia 13.6% 14.4% Asia +12.6% Rest of World 8.2% 9.9% Rest of World +18.9% Group 11.9% 12.3% Group +5.5% * At constant structure and exchange rates. 3 15637_Agence 17/12/04 11:00 Page 5 GROUP NEWS NEW DANONE LOGO: all smiles! The Danone logo is getting a facelift for greater impact, projecting a warmer, and more up-to- date message. Not that it will be changed beyond recognition — consumers will still find the famil- iar features they identify with quality, trust and health. The new logo is shaped like a smile, giving visual expression to brand values that include warmth, enjoyment, contact and people. It also reflects the DANONE adver- tising theme that well-being shows. DANONE Nations Cup The new logo, celebrating the 75th anniver- sary of the brand in France, will be phased Making dreams come true in by stages for all Fresh Dairy Products on markets in over 40 countries, as well as for The international final of the 2004 DANONE Nations Biscuit and Water products sold under the Cup brought together the winning teams from DANONE name. These include in parti- 32 countries in Paris on Septem- cular biscuits in Asia, Aqua Danone in ber 5 this year. “Contributing to the well- Indonesia, and Taillefine-Vitalinea waters being of children and helping them to grow is in a number of other countries. an important aspect of the mission we have set ourselves as a world leader in the food industry. And the Nations Cup is very much attuned to that,“ notes DANONE CEO Franck Riboud. Since the tourna- ments began in 2000, over 8 million children have participated, sharing their love of soccer. As in previous years, matches in 2004 Best Innovator were played in a spirit of mutual respect, tolerance, friendship and —naturally— enthusiasm. A crowd of 30,000 people Award 2004 led by soccer great Zinedine Zidane, standard-bearer for the event and DANONE’s ambassador for programs in favor of children, DANONE was named France’s top business in the Culture cheered the young players on to give their best. Spain won its first of Innovation and Organization category of the 2004 victory, beating Switzerland by three goals to one. Winners or not, Best Innovator awards. Initiated by management all the children went home with the knowledge that they had been consultancy A.T. Kearney and L’Expansion, a lead- right to believe in their dreams. ing French business magazine, these are intended to show recognition for businesses that are able to DANONE Nations Cup 2004 at a glance: excel — standing out from the crowd through effec- tive management of innovation. > over 2.5 million young soccer players worldwide Sven Thormahlen, DANONE’S head of Research and Development, received the award from François > 32 national finals d’Aubert, France’s Minister Delegate for Research, > 30,000 spectators for the international final in Paris at a ceremony on Thursday, October 7. 4 15637_Agence 17/12/04 11:00 Page 6 Biscuits Round figure works magic in China Aiming for a place with all consumers, including low income groups, in June this year Danone Shanghai Biscuits launched new 40-gram packs selling at just one remimbi a piece — approxi- mately €0.10 — a round figure with immediate appeal on the Chinese EVIAN market. The first products selected for the new format are TUC and Danone & Milk, both benefiting from strong brand posi- WATER YOURSELF tions and rich in minerals and vitamins. TUC is a cracker with added vitamin B to favor vitality for adults, while Danone & Milk backs up children's health and well-being with added cal- cium, iron and four vitamins. Results for this highly affordable offering have already beaten expectations, with sales growth reaching 50% to 100% without encroaching on other formats. It has also won a place for the two brands in small outlets, with high margins spelling ready appeal for shopkeepers. Danone Shanghai Biscuits is now planning to extend Evian’s new international “Water Yourself” cam- the format to Danone Milk Sandwich and High paign made its Chinese debut in Hong Kong and Calcium Soda, the latter a calcium-enriched biscuit Shanghai this October and is now set for deploy- targeting women in particular.
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