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Medical Nutrition DANONE 07 economic and social report Interview with Franck Riboud DANONE: 100% HEALTH Special report: Numico A STRATEGIC ACQUISITION Innovation serving society INVENTING NEW MODELS DANONE 2007 INTERVIEW Our cover shows youngsters at play in Indonesia, where Franck Riboud looks back at 2007, Danone is no. 1 in baby the strategic acquisition of Numico, nutrition and no. 1 in bottled water with Aqua. In 2007, and the repositioning of Danone in four Fresh Dairy Products entered business lines centered on health. the market for the fi rst time. Photo: Thomas Haley/Sipa Press P. 04 DANONE + NUMICO = 100% HEALTH In 2007, the acquisition of Numico made Danone a world leader in baby and medical nutrition. At a time when many companies have their eyes on the health sector and hope to stake out positions, Danone’s exclusive focus on healthy food sets it apart. P. 12 SCIENCE BUSINESS Danone invests heavily in clinical 2007 performance of Fresh Dairy studies to support health claims of Products, Waters, Baby Nutrition and functional products. Medical Nutrition. P. 32 P. 68 SOCIETY GOVERNANCE Societal innovation is a new approach Corporate governance at Danone that combines value creation for goes beyond traditional concerns P. 44 business with value creation for society to tackle new issues linked to public as a whole. health and society. P. 44 P. 80 PEOPLE FIRST INDICATORS Employee engagement and fulfi llment 2007 testifi ed once again to the are the best drivers for performance. soundness of Danone’s growth model. Profi les. Key fi gures. P. 58 P. 92 P. 58 For comprehensive fi gures and the full Reference Document visit our website at www.fi nance.danone.com Danone’s Sustainability Report is also available at www.danone.com: Choose International Version, Sustainable Development and Experts’ Corner. P. 68 2 INTERVIEW DANONE 2007 In 2007, Danone integrated Numico and sold its Biscuits business, completing deployment of a health-through-food strategy. Franck Riboud looks KEYFIGURES back at this latest stage in the history of Groupe Danone. Organic growth (at constant structure and exchange rates) 2007 9.7% 9.7% MARKS THE 6.7% BEGINNING 2005 2006 2007 In 2007 organic growth stood at 9.7%, exceeding OF A NEW initial targets. Sales growth by business line +12.2% VENTURE Fresh Dairy Products (including Bledina) +6.2% Waters (excluding Wahaha) +9.7%* Baby Nutrition How would you sum up 2007 model for growth, which has proven for Danone? effective whatever the trend in our busi- +13.4%* Franck Riboud: It was an historic ness environment. And the commitment Medical Nutrition year. That is no overstatement, since we of our staff members is total. Altogeth- had a really major divestment with the er, we are on a very positive track and * Numico businesses. sale of our Biscuits business line and, this is really a wonderful period in the almost simultaneously, acquired the history of Danone. 'XWFKFRPSDQ\5R\DO1XPLFR²RXU Positions worldwide biggest strategic acquisition ever. We Your decision to sell also ran into some fairly strong head- the Biscuits line and acquire winds with a spectacular leap in com- Numico appears to have modity prices and a cool summer in been made very quickly. n .1 Europe, which was a setback for our bot- What was the logic behind it? ° tled-water sales. And there was the dis- FR: The same logic that has applied worldwide in pute with Wahaha, our partner in China. IRURYHUWHQ\HDUV²ZKLFKLVDQLQ fresh dairy products Despite all that, we were able to post a creasing focus on food for health. I No. 2 worldwide ULVHRIRYHU LQVDOHV²DYLJRURXV am certainly not saying that there was in bottled water, performance that many of our rivals will no future for our Biscuits business. no. 2 worldwide HQY\²DVZHOODVDIXUWKHUULVHLQRXU We had strong positions and powerful and no. 1 in Europe operating margin, up for the thirteenth brands, and our teams had succeeded for baby nutrition, year in a row. Our results are once again in reviving sales growth on what is a no. 3 worldwide excellent, con¿ rming the quality of our fairly sluggish market. But given in medical nutrition. 4 5 INTERVIEW DANONE 2007 1996: 9 businesses out Year-end 2007*: of 10 in food, and 39% 4 business lines of sales in healthy food 100% healthy food 7% 3% 10% 5% 8% 26% 55% 17% 20% 23% 3% 5% 9% 9% Waters Sauces Medical Nutrition Beer Pasta Baby Nutrition Biscuits Fresh Dairy Products Waters Prepared food Baby Nutrition Fresh Dairy Products Italian cheese Glass Container *pro forma 1 2 Health front and center Over the past ten years Danone has reshaped operations to focus The strategic value of tential for cooperation between re- formation systems. As I said, the total Group sales. That means risk is (1) Automated on a single priority: bringing health through food to as many the acquisition is generally search teams, which should quicken process is going smoothly. That is more broadly spread, reducing our milking shed in Turkey to people as possible. Business lines whose operations fell outside recognized, but some the pace of innovation and probably borne out by performances over the dependence on this or that market. secure milk this area were sold, including beer and glass bottles and jars. observers consider the price also make for more advanced solu- ¿ rst few months of the merger, which Another plus is that more science supplies and train dairy Today, a full 100% of sales are generated by food products a bit high, especially as WLRQV&RPELQLQJ1XPLFR¶VH[SHUWLVH show that there has been no negative means greater focus on health. That farmers. with a focus on health, up from 39% in 1996. The “new Danone” regards scope for synergies. LQSUHELRWLFVZLWK'DQRQH¶VNQRZ impact at operational level. is critically important. The pooled (2) Aqua from also offers a more balanced geographical spread, with no single FR: how in probiotics should make for research resources of Danone and Indonesia is ,GRQ¶WDJUHH7REHVXUH1XPLFR the world’s country representing more than 14% of Group revenues. was the most sought-after target in the new leverage in health innovation. How would you defi ne Numico will give us clout and breadth top-selling sector. But you can only judge the the difference between of scienti¿FH[SHUWLVHWKDWDUHXQUL brand of bottled price of an acquisition against its po- How is the integration Danone in 2008 and Danone valled in our sector. And with a very, water. slower growth in the sector and are clearly linked to food for health, tential, what it allows the buyer to process going? before 2007? YHU\VWURQJHPSKDVLVRQ³QDWXUH´ the difference in positioning, which and both bene¿ t from high margins build and achieve. If we succeed with FR: We are making rapid progress, FR: You might say that the Danone Our research business is focused on naturally has much less to do with ac- and vigorous growth worldwide. They our growth objectives, as I think we and the process is going smoothly. QRZWDNLQJVKDSHLVDVRUWRI³'DQRQH identifying the health benefits of tive health, there was a real risk that round out our brand portfolio per- will, talk about price will be quickly 1XPLFR¶VPDQDJHUVDUHKLJKO\SURIHV 3OXV´²'DQRQH ZLWK LWV H[LVWLQJ natural ingredients and making those Biscuits would become a lower prior- fectly and are completely attuned to forgotten and the return on investment VLRQDOYHU\SUDJPDWLF±DQGWKH\DUH strengths moved up a gear. benefits available to consumers in ity for the Group. our mission of bringing health through will be unquestionable. perfectly well aware of the opportuni- Which means, ¿ rst, more growth. We food products. That will add up to :KLFKLVZK\.UDIW¶VLQWHUHVWRIIHUHG food to as many people as possible. As regards synergies, we have consist- ties that are generated by integration have always been obsessed with more innovation, added credibility a twofold opportunity that we could And we are already well acquainted HQWO\VDLGWKDWPRVWRIWKHPZRXOGQ¶W with a business that has the size and JURZWK²LW¶VLQRXUJHQHVDQGIXQGD and greater consumer trust. not afford to miss. For the teams in with baby nutrition: for the past 30 come from rationalization, since our reputation of Danone. We have had mental to our whole approach. But And, finally, the Danone we are our Biscuits business, it was a chance years we have successfully managed SUHVHQFHRQ1XPLFR¶VPDUNHWVLVOLP only very few unwanted departures, Danone Plus also means greater cohe- building today will mean even more to contribute to the development of Blédina, the uncontested market lead- ited to baby food in France. So there and in every single case a replacement VLRQ²WKHUHLVQRRWKHUEXVLQHVVRI demanding standards of societal re- the world leader in the sector and play er in France, where per capita con- was not much to be expected in the has been found. FRPSDUDEOHVL]HWKDWIRFXVHVH[FOX sponsibility. We will be feeding peo- a key role in the strategy of one of the sumption of baby foods is higher than way of merger savings. Our aim is to avoid any disruption of sively on health through food. Or that ple in all parts of the world, at every IRRGLQGXVWU\¶VODUJHVWJURXSV)RU in any other country in the world. Instead what we are looking for are momentum for growth and keep the has a more balanced geographical stage of life, with special attention to Danone it meant an opportunity to ac- Acquiring Numico gives us real global positive synergies, synergies for impact of the merger on subsidiaries presence, since no single country now the most fragile groups: infants and celerate growth in food for health. leverage in the sector. And the com- JURZWK²PHDQLQJWKDWWKHJURZWK to a minimum.
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