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LETTER to SHAREHOLDERS March 2011

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LETTER to SHAREHOLDERS March 2011 LETTER to SHAREHOLDERS March 2011 Dear shareholders, Our sales grew by over 6% in 2010. All of our divisions and all our geographies have increased. Continued high operating margin and a 20% rise in free cash flow are remarkable achievements in a year that saw a steep rise in raw material prices and the end of adjustments to sales • Danone sales [1] prices under our Reset Program, which improved our competitive edge. increased + 6.9% in full year 2010 [2] These robust performances in 2010 testify to the strength of our business • Volume growth model. of + 7.6% in full year 2010 [2] Reflecting the growth strategy Danone has pursued for many years, • Trading operating our structure is changing rapidly and emerging economies now repre- margin [3] steady at sent half of our business. The joint venture uniting Danone and Unimilk 15.16% (+3 bps) [2] in 2010, up a steep since December 1, 2010 makes Russia our largest single national (+78 bps [2] in S2) market, with France. The move has created a new leader in Fresh • Underlying net income [3] up 14.2% [2] Dairy products, with a nation-wide presence and strong brands in each • Underlying fully- segment. This investment offers exciting growth perspectives with diluted Earnings per share [3] increased major potential for value creation. 8.6% [4] in reported figures to `2.71, rising The strength of our Group, businesses, brands and teams, and our 12.7% like-for-like exposure to regions with robust growth prospects mean that we can • Free Cash Flow [3] look to 2011 with confidence. In a context of high volatility of raw materials up 20.0% [5] to `1,713 million prices, we are placing the emphasis on lasting development of our • Proposal to pay a brands, with a commitment to health, pleasure and respect for the envi- dividend of `1.30 per share ronment. We will also be continuing efforts to raise global productivity to underpin our policy of competitive price management. 1] Net sales We will aim to outperform our competitors in organic sales growth, margin, [2] Like for like [3] Calculation of financial indicators not and cash generation. defined in IFRS [4] Theoretical ex-rights price (TERP) adjusted Sincerely, [5] Reported figure Franck Riboud RESULTS A year 2010: progression for all the group’s activities and geographies The group’s consolidated sales rose The Waters division posted a +5.3% 13.5% to `17,010 million in 2010. like-for-like rise in sales in 2010. A Excluding the impact of changes in robust +7.8% rise in volumes confirms carbon exchange rates (+6.0%) and in scope trends over the past six quarters, with of consolidation (+0.6%), total sales continued double-digit growth in emerging footprint were up 6.9%. This organic growth markets and steadying volumes in mature reflects a +7.6% rise in sales volume and a economies, where France and German -22% -0.7% decrease due to price mix. Exchange- were top performers. Danone products depend rate effects were due primarily to rises in the to a large extent on Brazilian real, the Mexican peso, the US Sales of the Baby Nutrition division natural eco-systems. It is therefore in the dollar and the Russian ruble. Main changes increased by +8.9% on a like-for-like Group’s best interest in the scope of consolidation were the inte- basis in 2010, and produced its best to take care for the gration of Unimilk (Russia) from December performance in the fourth quarter of the environment as an integral part of its 1, 2010, and, to a lesser extent, the arrival year, with sales up +9.8% like-for-like and business activities. of two new European fruit-drink subsidiaries volume growth reaching +6.4% (7.6% for Carbon footprint is a (Danone-Chiquita and Proviva), partially 2010). All regions reported growth, with global indicator that offset by the sale of Frucor (New Zealand) in China, Indonesia and the United Kingdom reflects a wide range of environmental criteria. February 2009. still the main contributors. The milks cate- Danone is committed to gory continued to deliver double-digit reducing its carbon Sales of the Fresh Dairy division growth, while weaning foods, more stable, intensity (grams of CO2 per kilogram of product increased by +6.5% on a like-for-like recorded good performances in France, sold) by an ambitious basis in 2010, reflecting volume Poland and Russia. -30% from 2008 to 2012. growth of +7.5% for the full year. This In keeping with this takes into account a steep +27.1% like-for- Medical Nutrition division reported a commitment, Danone cut its carbon intensity like rise at Unimilk in December. Excluding +9% like-for-like sales growth in by -22% [1] from 2008 this impact, this performance illustrates 2010, mainly attributable to a rise in vol- to 2010. The Group is maintaining its continued momentum from the Reset pro- umes (+8.7%). Once again all regions 30% reduction target gram, despite a significantly higher basis for contributed to growth, with Western Europe for 2012, i.e., over a five-year period. comparison in volume terms for the quarter and new geographies contributing equally. and a persistently difficult consumer market All product categories gained ground, with [1] Based on constant scope and in southern Europe. The division’s priority pediatrics and the gastro-intestinal allergy on emissions under Danone’s direct responsibility (packaging, markets, among them the US, Russia and range again showing above-average industrial activities, logistics and Brazil, continue to drive growth, while Activia growth. end of life) is the division’s most dynamic product, accounting for half of overall growth. 02 LETTER TO SHAREHOLDERS MARCH 2011 GROUP RÉSULTS Key financial highlights Sales 2010 Change 2009 In millions d’` 2009 2010 Change [2] Volume [2] [1] growth Sales 14,982 17,010 + 6.9% [2] ( m) ` By business line Trading operating 2,294 2,578 + 7.1% [2] income [4] (m `) Fresh Dairy 8,555 9,732 + 6.5% +7.5% [2] Trading operating margin 15.31% 15.16% + 3 pb Waters 2,578 2,868 + 5.3% +7.8% [4] Underlying net income [2] 1,412 1,669 + 14.2% Baby Nutrition 2,924 3,355 + 8.9% +7.6% (m `) Underlying fully diluted 2,5 [5] 2,71 + 8.6% [3,5] Medical Nutrition 925 1,055 + 9% +8.7% EPS [4] (`) [4] By geographical region Free cash flow 1,427 1,713 + 20.0% [3] (`m) Europe 8,960 9,449 + 1.9% +3.8% Asia 1,877 2,386 + 14% +12.6% Trading operating margin Rest of World 4,145 5,175 + 14.9% +11.8% 2009 2010 Change [2] Group 14,982 17,010 + 6.9% +7.6% By business line Fresh Dairy 14.54% 14.03% - 3 pb Waters 12.56% 12.93% + 13 pb Baby Nutrition 18.32% 18.92% + 17 pb Medical Nutrition 20.57% 19.65% - 62 pb Dividend distribution: 1,30 `per By geographical region share Danone will propose to the Annual General Meeting of Europe 16.04% 15.70% - 1 pb Shareholders on April 28, 2011, to approve Asia 17.72% 18.66% + 63 pb distribution of a `1,30 dividend per share, to be paid in cash Rest of World 12.64% 12.55% + 1 pb in respect of the 2010 fiscal year. This amount represents a Group 15.31% 15.16% + 3 pb +8.3% rise from 2009. The ex-dividend date will be Tuesday, [1] Net sales May 10, 2011 and the dividend will be payable as from [2] Like for like see page 8 for definition [3] Reported figures Friday, May 13, 2011. [4] See page 8 for details on calculation of financial indicators not defined in IFRS [5] TERP adjusted Share buyback Following receipt of income on disposal of non-strategic Targets for 2011 interests in Huiyuan and Wimm Bill Dann, Danone launched • a 6% to 8% rise in sales [1] on a like-for-like in October 2010 a share buyback for a total amount of basis [2], `500 million. As of February 4, 2011, Danone purchased • an increase of around 0.20% in trading operating 9,180,100 shares for a total amount of `423 million. margin [2], like-for-like. This will be fueled by all the group’s activities, but especially by Unimilk and Considering robust generation of free cash flow and assu- synergies from its integration in the second half, ming steady debt ratios, Danone plans to continue to buy • a rise in free cash flow [2] in keeping with the back shares in the first half of 2011, up to a maximum of an `2 billion target set for 2012. additional `500 million. MARCH 2011 LETTER TO SHAREHOLDERS 03 GROUP NEWS SUSTAINABLE MILK, a major issue for value creation in the food chain depends on what kind of agriculture we use” explains Emmanuel Faber, co- Chief Operating Officer. Inspired by the dual economic and social project, the Dairy division has, for many years, been helping stockbreeders worldwide achieve improved performance and produce a better quality milk. But the group wants to go further today by concurrently committing to four major themes: nature, centred on environ- mental protection; health, by improving the quality and nutritional balance of milk; economic, through partnerships supporting the development and long-term survival of farms; and, lastly, social, in reasserting the value of the cattle-raising trade. anone’s milk is a network of its upstream slag is the challenge that over 20 000 stockbreeders Danone must surmount to create Trade-tailored support Daround the world and 4.5 billion maximum value in this sector of the for stockbreeders liters of milk collected annually directly food business, where for years the In this spirit, Danone Fresh Dairy France from milk producers, including 1 billion model was that of working each step (DPFF) launched the “Acteurs pour un for France.
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