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2013 Economic and Social Report LEARN MORE: www.danone.com BRINGING HEALTH THROUGH FOOD TO AS MANY PEOPLE AS POSSIBLE Economic and Social Report Rapport économique et social BRINGING HEALTH THROUGH FOOD TO AS MANY PEOPLE AS POSSIBLE DANONEEconomic and social report DANONEEconomic and Social Report 13 FRANCK RIBOUD “OUR CONFIDENCE IN THE FUTURE IS ROOTED IN OUR PROVEN ABILITY TO BOUNCE BACK” GOALS & STRATEGIES FOR 2013 AND BEYOND PEOPLE & PLACES WORKING WITH OUR STAKEHOLDERS 13 FRANCK RIBOUD ECONOMIC AND AND SOCIAL SOCIAL REPORT REPORT “OUR CONFIDENCE SUSTAINABILITY REPORT REPORT IN THE FUTURE IS ROOTED IN REGISTRATION DOCUMENT DOCUMENT OUR PROVEN ABILITY TO BOUNCE BACK” GOALS SEE AND HEAR OUR & HIGHLIGHTS 2013 highlights FOR 2013 at AND BEYOND PEOPLE & PLACES WORKING WITH danone.com/en/ OUR STAKEHOLDERS danone13focus DANONEDANONE 2011 2013 Danone: 15 rue du Helder - 75439 Paris Cedex 09, France Reception: 17 bd Haussmann, 75009 Paris — Tel.: +33 1 44 35 20 20 Corporate Communications - Tel: +33 1 44 35 26 33 — www.danone.com Shareholder hotline: 0800 320 323 (toll free from landlines in metropolitan France) Director of publication: Laurent Sacchi — Executive editor: Stéphanie Rismont — Senior editor: Sabrina Schneider — Editor: Sandrine Fossard — Photos: Thomas Haley, Roos Aldershoff Fotografie, Stéphan Gladieu/Blossom, Scott Griessel, Bruno Schneider, Getty Images, Sipa Press, Stockbyte, Danone — Design & production: (réf. RADA013) — English text: Clementi/Durban Blédina, Danone Eaux France and Danone Produits Frais France have signed the Responsible Advertisers’ Charter drawn up by the Sustainable Development Committee of France’s Union des Annonceurs (UDA). This report is printed on Cocoon Offset paper, 100% recycled and FSC certified. A pdf for visually impaired readers is available at danone.com e-accessibility FR EN CONTENTSCONTENTS WATCH IINTERVIEWNTERVIEW P. 4 our video interview with Franck Riboud at danone.com/en/ danone13focus goals and highlights goals Building a solid consensus around our core convictions pages 10-16 highlights Looking back at strategic decisions in 2013 pages 24-35 out of 100... … PRODUCTS CONSUMED … EUROS IN SALES … EMPLOYEES a closer look at production key markets still strong diversity and engagement p. 18 p. 20 at Danone p. 22 people and places INDICATORS p. 36 2013 results reviewed by Pierre-André Térisse p. 48 2013 highlights Fresh Dairy Products, Waters, Early Life Nutrition and Medical Nutrition p. 50 3 13 DANONE INTERVIEW WITH FRANCK RIBOUD The challen e in 2013 was to overcome strong headwinds and lay the groundwork for 2014. And despite difficult conditions we succeeded. In the food industry, 2013 was a complex year dogged by a slump in consumer spending in developed countries, soaring commodity prices on world markets and major fluctuations in many currencies. 4 5 INTERVIEW WITH 13 Franck Riboud DANONE FRANCK RIBOUD, channels. And our category extension CHAIRMAN AND CEO OF into aquadrinks—lightly flavored natu- ral waters—now offers a very appealing DANONE, LOOKS BACK alternative to traditional sweetened AT THE CHALLENGING beverages. ENVIRONMENT IN 2013 Aside from the impact of Fonterra’s false safety alert on eight Asian mar- AND THE GROUP’S kets, Early Life Nutrition has main- SOLID MOMENTUM. tained the very strong pace observed in recent years. In Latin America, Europe and the rest of Asia, our market shares rose significantly. Discount the safety alert, and we would have recorded 12% HOW WOULD YOU DESCRIBE growth in 2013. DANONE’S PERFORMANCE IN 2013? WHAT IS DRIVING YOUR Franck Riboud: Danone ended the year GROWTH? 2013 SALES with organic growth of 4.8%—higher F. R.: We’ve continued to grow because BY BUSINESS LINE than most contenders in our markets— we’ve managed to offset a good part of € bn despite strong headwinds. Starting, of these market swings with very solid course, with the false safety alert issued trends in sales. A quick review of our 11.8 by our supplier Fonterra about the qual- group’s four business lines shows signs ity of its powdered milk, the resulting of solid but above all sustainable growth. press coverage and, above all, its impact Fresh Dairy Products—our main busi- on our sales. Even though the alert was ness, generating over half of total sales— false, it had a severe impact on Asian improved steadily throughout the year. markets that was impossible to absorb By the fourth quarter, growth was back in the short term and led us to issue a to nearly 5%, as high-potential markets profit warning last October. Without that in Russia and the United States expand- 4.26 entirely groundless crisis, our annual ed by over 10%, and the slide in European 3.9 growth would have reached 6-7%, since sales came to a halt. our European sales stopped falling at the Waters, which some observers saw as 1.34 same time and we recorded double-digit a low-potential category a few years growth in Russia, our largest national ago, reported 11.2% growth, in line with market. Factor in rising prices for com- trends observed over the past two modities—particularly for milk, which years. Our teams did an excellent job 2013 GROWTH shot up +30% in some countries—cur- of “reinventing” water—a simple, natu- (like for like) rency fluctuations, and political instabil- ral and utterly essential product. They 3.2% Fresh Dairy Products ity in some regions, and organic growth stepped back, took a fresh look and 11.2% Waters of nearly 5% is a strong performance. created new formats, new materials for 3.6% Early Life Nutrition bottles, new ways to connect with con- 5.8% Medical Nutrition sumers, and even new distribution 6 ‘‘ WE’VE CONTINUED TO GROW BECAUSE WE’VE MANAGED TO OFFSET A GOOD PART OF THESE MARKET SWINGS WITH VERY SOLID TRENDS IN SALES.SALES. ’’ Franck Riboud Finally, Medical Nutrition was up 5.8% TOP 10 MARKETS Which means we have the perfect geo- in 2013, the same as in 2012, and has graphical mix, with a solid base camp in proved very resilient in our traditional stable countries where our product cat- stronghold, Europe, despite economic egories are well established, plus new pressures that have prompted cutbacks territories to conquer where we are in reimbursements for healthcare prod- poised to create opportunities for fast ucts in some countries. But we are growth. But it’s important to remember extremely encouraged by vigorous that the role of these emerging countries growth in new regions—China, Brazil RUSSIA (11%) UNITED KINGDOM (5%) goes beyond opportunities for local and Russia, all heavily populated coun- FRANCE (10%) SPAIN (5%) growth. They also inspire and stimulate tries where rapidly aging populations UNITED STATES (8%) MEXICO (5%) growth in more mature markets. are a challenge for national health CHINA (7%) ARGENTINA (5%) Examples include the spectacular suc- authorities. INDONESIA (6%) BRAZIL (4%) cess of aquadrinks in China and Indonesia with Mizone, and waters fla- 60% of total sales are in high-growth vored with fruit juice such as Bonafont markets. con Jugo in Mexico and Villa del Sur IS EUROPE CONTRIBUTING TO Levité in Argentina. Those products were DANONE’S RESILIENCE? created in Latin America nearly a decade F. R.: Our operations in Europe—which ago, and today they are sweeping account for nearly 40% of our reve- The reorganization and adaptation plan Europe—without stealing market share nue—are stabilizing and are no longer that we announced in February 2013 is from natural waters. This is what Danone the drag they were in past years, when still being deployed and will help us is becoming: our group is powered by all sales fell 3-5%. This improvement recover our momentum by reducing of the regions where we do business, clearly stems from our decision at the structural costs and simplifying our with innovation not—or no longer— very outset of 2013 to go on the offen- decision-making processes. We central- restricted to any one specific region. sive in a deflationary Europe plagued ized purchasing for fresh dairy prod- by sluggish consumer demand and ucts in a single structure, and at the end high taxes on both households and of the year we set up an integrated business. Once again, Danone needs management structure for all European WHICH GEOGRAPHICAL REGIONS to differentiate itself with new recipes, Fresh Dairy Product units that will gen- HOLD THE MOST GROWTH as with Velouté in France; new pack- erate economies of scale and speed up POTENTIAL FOR DANONE? aging, like the new dinosaur-shaped our response times. Here as every- F. R.: This year we’ve been very active in bottle featuring a range of interna- where, our aim is to get European the United States, working on comple- tional characters for our children’s operations back on a stronger, more mentary markets and products: we brand, Danonino; and new communi- competitive footing starting in 2014. acquired YoCrunch, a specialist in yogurts cations strategies. Several of our his- with toppings that appeal to both young- toric strongholds showed signs of sters and their parents; then Happy improvement as the year drew to a Family, one of the most innovative close, and Portugal—where growth SO EMERGING COUNTRIES organic food companies in early life nutri- was in double digits by year end—is REMAIN YOUR GROWTH DRIVERS? tion. Next came our partnership with proof that the economic crisis can be F. R.: Since 2012 we’ve derived over 60% Starbucks. Why Starbucks? First, because overcome. of our sales from high-growth countries. of their impressive distribution network, 7 INTERVIEW WITH 13 Franck Riboud DANONE which offers many points of sale. Being 2013 SALES CAN DANONE MAINTAIN ITS present in Starbucks stores gives us an BY GEOGRAPHICAL AREA CORPORATE IDENTITY AS IT opportunity to connect with the 17 million EXPANDS INTO MORE AND MORE Americans who stop in each day for MARKETS? breakfast.
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