Danone, continued Good Momentum Across Categories And Geographies.

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Overig advies 27/07/2022 17:51
Net sales of €13,325m in H1 2022, up +7.4% on a like-for-like (LFL) basis and +12.6% on a reported basis

Strong sales growth in Q2 at +7.7% LFL, led by price up +6.8% and volume/mix up +0.9%

Continued good momentum across categories and geographies

+8.9% in North America driven by coffee creamers, yogurts and plant-based
+5.1% in Europe led by Specialized Nutrition and Waters
+3.3% in China, North Asia & Oceania led by Specialized Nutrition, while Mizone was penalized by Covid-related restrictions and lockdowns
+12.3% in Rest of the World with all categories contributing

Recurring operating margin at 12.1%: focus on revenue growth management and productivity efforts, reinvestment journey kickstarted

Recurring EPS at €1.63, +7.2% from last year; €0.7bn free-cash-flow

2022 guidance updated: LFL net sales growth now expected between +5 and +6%, recurring operating margin above 12% confirmed
2022 Half-Year Key Figures
in millions of euros except if stated otherwise H1 2021 H1 2022
Change Like-for-like Change (LFL)
Sales 11,835 13,325 +12.6% +7.4%
Recurring operating income 1,551 1,612 +3.9% +0.5%
Recurring operating margin 13.1% 12.1% -101 bps -88 bps
Non-recurring operating income and expenses (700) (233) +467
Operating income 851 1,380 +62.0%
Operating margin 7.2% 10.4% +316 bps
Recurring net income – Group share 1,000 1,051 +5.1%
Non-recurring net income – Group share 68 (314) (381)
Net income – Group share 1,068 737 -31.0%
Recurring EPS (€) 1.53 1.63 +7.2%
EPS (€) 1.63 1.14 -29.8%
Free cash flow 1,009 674 -33.2%
Cash flow from operating activities 1,381 970 -29.8%
Antoine de Saint-Affrique: CEO statement
“This strong first half, with broad based progress despite an unprecedented external environment, is a testimony to
the resilience, the focus and the engagement of all Danoners. We started deploying our Renew Danone agenda
with discipline and consistency, further accelerating our growth in Q2: we show good momentum across many
facets of the business from Aptamil to Waters or North America, to name a few. While the quality of our first half
delivery is encouraging and leads us to now expect a +5 to +6% like-for-like sales growth for the full year, this is only
the start of our Renew journey: we believe there is still much we can do to bring Danone where we want it to be
and deliver on both our purpose and our business ambition.”
All references in this document to Like-for-like (LFL) changes, Recurring operating income and margin, Recurring net income, Recurring income tax rate, Recurring EPS, Free cash-flow and net financial debt,
correspond to financial indicators not defined in IFRS. Their definitions, as well as their reconciliation with financial statements, are listed on pages 6 and 7.

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