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ANNUAL REPORT 2018 Danone

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ANNUAL REPORT 2018 Danone ANNUAL REPORT 2018 Danone INNOVATING to accelerate THE FOOD DISCOVERrevolut ‘ONE PERSON, ionINNOVATION OUR 2030 GOALS ONE VOICE, ONE SHARE’ IN ACTION to create and share an innovative employee with our sustainable value for all engagement program Manifesto brands and governance model years OF100 PIONEERING healthy innovation * . * It’s pure 672D.P.F.F. 039 971 RCS BOBIGNY. L. DUPUY Paris 1957 - Il est pur Danone CONTENTs 2 IN 2018 02 Editorial by Emmanuel Faber, Chairman and CEO 04 Danone at a glance 100 years ago, Isaac Carasso created a simple 06 Key milestones food with a simple aim to improve health: mixing 08 Our 2030 Goals to embrace the food revolution ferments and fresh milk, he made a yogurt that he 10 Creating value for all affectionately named ‘Danone’ after his son, Daniel. Over the years, we have continued to innovate to anticipate and meet people’s needs as their lifestyles 12 and tastes evolved. PERFORMANCE What has never changed, is our commitment to INNOVATING TO bringing health through food to as many people DELIVER SUSTAINABLE as possible. From this simple mission, articulated PROFITABLE VALUE by Franck Riboud, we have built a unique health- 13 Three questions to focused portfolio. Through a century of revolutionary Cécile Cabanis, CFO change, our business has grown from yogurts sold in 14 Health and Nutrition the pharmacies of Barcelona to a range of foods and performance beverages, enjoyed by millions of people around the 16 Environmental world, which offer superior food experiences while performance Social performance inspiring healthier and more sustainable eating and 18 20 Essential Dairy drinking habits. & Plant-Based Products 22 Waters Through our ‘One Planet. One Health’ vision, not 24 Specialized Nutrition only do we live up to the values behind the very first Danone yogurt—quality products made with carefully selected ingredients in a way that nourishes people’s 26 health—but we also take care of the health of the planet. Building on our legacy dual project of business INNOVATION success and social progress, we are committed to IN ACTION creating long-term value for our shareholders as for SERVING THE everyone in our food system. FOOD GENERATION 27 Accelerating innovation 28 Growing with purpose 30 Better products, better choices, better habits 32 Anytime, anywhere 34 People behind the brands 35 Investing in the future of food For more information: iar2018.danone.com EDITORIAL BY OUR CHAIRMAN AND CE0 Emmanuel Faber ooking back on the year during and pursuing disciplined capital allocation, We continue to adapt to the ever- which we launched the Danone we delivered on our financial guidance changing world, as exemplified by the 2030 Goals—the lighthouse of double-digit recurring EPS growth at impressive acceleration of our innovation that will guide us through the constant ex change rate(1), through rate, supplying about a quarter of our total food revolution to make our balanced growth of both sales and margin. sales in 2018 from only 16% two years ‘One Planet. One Health’ vision a reality— ago. Our transversal Growth & Innovation weL can be proud of the results achieved Specialized Nutrition has been an approach, our brand model transformation by our teams: 2018 was marked by important engine of strong, profitable and the simplification of our organization innovation in every aspect of our business, growth, supported by the expansion of have been key levers to be more agile and to create and share value for our Aptamil Platinum in China. Our Waters become the most localized of our peers, shareholders and all of our stakeholders. division has been a consistently strong prepared to capture the underlying value performer as we developed new distribution of the biodiversity of local food cultures opportunities, in particular for evian in the and agricultures in tune with the new Innovating to drive growth United States. Essential Dairy & Plant- eating and drinking paradigms. and serve the food generation Based Products (EDP) made encouraging progress, notably in Europe. It capitalized We expanded our presence across all 2018 was another year of solid on the strategic transformation of our channels and developed convenient performance for Danone. Our unique dairy activ ities, including a multi-faceted formats to serve life on the move. Year-on- health-focused portfolio, balanced reinvention of Activia, and incremental year, we saw a 40% growth in e-commerce geographical footprint and focus on growth from the former WhiteWave and two thirds of EDP growth came innovation and efficiencies have once portfolio. We expanded organic and high through impulse channels. Moreover, again enabled us to remain resilient protein options, as well as plant-based the year was rich in innovative brand despite a very volatile environment and offerings from brands likeSo Delicious acti vations to have real-time conversations rising cost pressures. While transforming and Alpro and also under a dairy brand in with consumers locally, such as the our business to seize growth opportunities the U.S., with Good Plants by Light & Fit. evian #Iwanna campaign in the U.S., (1) Excluding impact of Yakult transaction and IAS29 accounting treatment. 02 _ DANONE 2018 “TODAY, PEOPLE EXPECT COMPANIES TO USE THEIR SCALE TO BRING POSITIVE ECONOMIC, SOCIAL AND ENVIRONMENTAL IMPACT. AS WE BRING OUR ‘ONE PLANET. ONE HEALTH’ VISION TO LIFE, WE BELIEVE WE CAN CHANGE THE WORLD THROUGH FOOD.” Light & Free ‘el futuro es free’ campaign nutshell, they formalize our ambition to keep deploying our purpose-driven in Spain or Bonafont ‘Avancemos por deliver superior, sustainable, profitable Manifesto brand model and investing in la igualdad’ in Mexico. growth through Manifesto brands that act disruptive ideas, we remain well prepared as true activists towards a clearly defined to seize new oppor tunities and reach bold Innovation also allowed us to drive value purpose, while leveraging internal and ambitions—like doubling sales in creation in an inclusive way. In 2018, we external collaboration. e-commerce channels by 2020 and developed several partnerships and tripling our plant-based business by 2025. initiatives to support regenerative Our teams are playing a fundamental We go into 2019 thrilled to celebrate the agriculture—for example in France and role to achieve this ambition. To truly 100th anniver sary year of our iconic Danone the U.S.—and accelerate the transition empower them and move away from the brand, with a unique collective sense of toward the circular economy of packaging pyramidal model of the past, we launched purpose, energized to shape a bright future with a new global policy. Our pioneering ‘One Person, One Voice, One Share’: a and thrive through the food revolution with initiatives in responsible finance, the breakthrough governance model inviting the support of many partners. upgrade of our CDP Climate Change our 100,000 employees to co-build our ranking to A, and our B CorpTM Certification future. Each of us at Danone will become journey are building trust in our ability to a shareholder of the company this year combine business success with social and and after a worldwide consultation that we environmental progress. launched in 2018, the voice of all our team members will now routinely inform the definition of our priorities and our strategy, Discover the video on: Business growth with purpose: in interaction with our Board of Directors. iar2018.danone.com 2030 Goals and a breakthrough Fostering an ownership mindset for all governance model employees is an incredible way to align everyone’s interests for the long term and I believe that 2018 will be remembered drive change. as a pivotal year in Danone’s history. To accelerate the food revolution, we unveiled Danone’s 2030 Goals. Flowing The next 100 years, together from our 'One Planet. One Health’ vision, and aligned with the UN Sustainable I would like to thank our teams for their Develop ment Goals, this integrated set of commitment and demonstrated ability last goals is the foundation of a holistic year to both deliver on our short-term strategy to create and share value for our commitments—through a balanced model shareholders and all of our stakeholders. of gradually accelerating growth, significant margin enhancement and a stronger These 2030 Goals embed our business balance sheet—and simultaneously walk model, brand model and trust model. In a the path to our 2020 commitments. As we 03 DANONE AT A GLANCE OUR MISSION: “BRINGING HEALTH THROUGH FOOD TO AS MANY PEOPLE AS POSSIBLE” Leading Positions (1) #1 #1 #2 WORLDWIDE EURoPE WORLDWIDE in Fresh Dairy Products in Advanced Medical Nutrition in Early Life Nutrition in Plant-Based Products in Packaged Waters (by volume) Sales by Reporting Entity Top 3 Brands as % of 2018 sales 29% 20% #1 Specialized Essential Dairy Nutrition & Plant-Based #2 North America #3 33% APTAMIL Essential Dairy & Plant-Based DANONE 18% International ACTIVIA Waters A Global Presence 120+ 100,000+ 66% countries where Danone products employees in over of sales outside are available across the globe 55 countries Europe (1) Only in the subcategories and countries where Danone operates. 04 _ DANONE 2018 A GLOBAL LEADER WITH A UNIQUE HEALTH-FOCUSED PORTFOLIO IN FOOD AND BEVERAGES A solid performance in 2018 €24.7 bn 14.45% €3.56 €1.94 Sales Recurring operating margin Recurring earnings per share (EPS) Dividend per share payable in cash +2.9% +51 bps(2) +12.8% €2.2 bn Sales growth(1) Recurring operating Recurring earnings per share (EPS) Free cash flow margin expansion(1) growth at constant exchange rate, excluding impact of Yakult transaction and IAS 29 accounting treatment Sales by Region Top 3 Countries as % of 2018 sales 55% EUROPE AND NORAM (U.S.A., Canada) #1 U.S.A. 45% #2 CHINA REST OF THE WORLD #3 FRANCE Asia-Pacific, Latin America, Middle East, Africa, C.I.S.(3) Health, Social and Environmental Performance 89% 15.6% ~ 30% 87% 50% of volumes sold are reduction in CO2 of turnover is covered by of our packaging is recyclable, of women among in healthy categories(4) emissions intensity the B Corp™ certification reusable or compostable our managers, directors on our full scope (5) and executives (1) Like-for-like New Danone.
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