2020 Full-Year Results
Press release –
2020, a year marked by the health crisis
Reinventing Danone to reconnect with our profitable growth ambition
2020 FY landing in line with reinstated guidance
|
2020 Key Figures |
in millions of euros except if stated otherwise | 2019 | 2020 | Reported Change | Like-for-like (LFL) |
Sales | 25,287 | 23,620 | -6.6% | -1.5% |
Recurring operating income | 3,846 | 3,317 | -13.8% | -10.9% |
Recurring operating margin | 15.2% | 14.0% | -117 bps | -150 bps |
Non-recurring operating income and expenses | (609) | (519) | +89 | |
Operating income | 3,237 | 2,798 | -13.6% | |
Operating margin | 12.8% | 11.8% | -96 bps | |
Recurring net income – Group share | 2,516 | 2,189 | -13.0% | |
Non-recurring net income – Group share | (586) | (233) | +353 | |
Net income – Group share | 1,929 | 1,956 | +1.4% | |
Recurring EPS (€) | 3.85 | 3.34 | -13.2% | |
EPS (€) | 2.95 | 2.99 | +1.2% | |
Free cash flow | 2,510 | 2,052 | -18.3% | |
Cash flow from operating activities | 3,444 | 2,967 | -13.9% |
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, 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 8 to 10. The calculation of Net Debt/EBITDA is detailed in the half-year interim financial report and the universal registration document.
“I can’t start this comment on our FY 2020 results without paying a tribute to our 100,000 colleagues at Danone who made it possible for our brands to continue to serve our customers consumers patients, around the world. On behalf of our board of directors, I want to express my gratitude to them for their commitment, want to recognize the challenges they faced, including in their personal life, to adapt to this situation. Beyond the brighter, more efficient and empowering organizational model of Local First, I want to also acknowledge the additional uncertainty created for those whose role might be affected by the transformation. We are committed to as quickly as possible clarify the future for everyone.
On the business front, as COVID became a pandemic throughout 2020, we faced material specific short-term challenges in a number of our key categories and geographies but also clearly uncovered significant long-term opportunities, whose existence directly lies in the strategic framework and choice of category portfolio that we made over the last several years. our one planet one health framework of action has never been as relevant as today for the future, and we continue to be ahead of competition in implementing this vision.
Building on the highly successful integration of whitewave which sales grew 11% (like for like) last year, contributing to 160 bps to our growth, I am thrilled to announce the acquisition of follow your heart, a
This is building further on our global leadership on plant-based, now representing 10% of our sales.
After making 2020 a year of both delivery and progress under serious challenging conditions, we know Q1 2021 is going to be heading tough comparables in particular in our SN Chinese operations and that governmental health strategies around the world will continue to create uncertainties on the speed of recovery of mobility in indexes that will weigh a bit longer on our water business performance.
2021 is therefore going to be a year of recovery. we are focused on preparing our return to sales growth as soon as Q2, and are fully confident that we are building the right conditions and momentum to reconnect with our profitable growth agenda as soon as H2.
In this context, we fully recognize that our share price is not where we would like it to be and we are pleased that this FY announcement resumes our ability to dialogue openly with our shareholders, in preparation of our important CME On
I. FOURTH QUARTER AND FULL-YEAR RESULTS
Fourth quarter and full-year sales
In 2020, consolidated sales stood at €23.6 bn, down -1.5% on a like-for-like basis, with stable volumes (-0.1%) and
a -1.5% decrease in value reflecting negative category and country mix, especially in Waters and Specialized Nutrition. On a reported basis, sales were down -6.6%, mainly driven by the negative impact of exchange rates (-5.0%) that resulted from currencies devaluation against the Euro in
In the fourth quarter, sales declined -1.4% on a like-for-like basis, showing a sequential improvement from the two previous quarters, with flat volumes. Reported sales were down -9.8%, mainly driven by a continued strong negative effect of -8.8% from exchange rates.
€ million except % | Q4 2019 | Q4 2020 | Reported change | LFL Sales Growth | Volume Growth | FY 2019 | FY 2020 | Reported change | LFL Sales Growth | Volume Growth |
BY REPORTING ENTITY | ||||||||||
EDP | 3,335 | 3,131 | -6.1% | +3.6% | +3.7% | 13,163 | 12,823 | -2.6% | +3.4% | +3.0% |
Specialized Nutrition | 1,943 | 1,753 | -9.8% | -3.1% | -1.7% | 7,556 | 7,192 | -4.8% | -0.9% | -0.8% |
Waters | 962 | 743 | -22.8% | -15.6% | -9.3% | 4,568 | 3,605 | -21.1% | -16.8% | -7.7% |
BY GEOGRAPHICAL AREA | ||||||||||
3,408 | 3,252 | -4.6% | -1.0% | +1.0% | 13,710 | 13,408 | -2.2% | -0.3% | +1.6% | |
Rest of the World | 2,833 | 2,376 | -16.1% | -1.9% | -1.0% | 11,577 | 10,212 | -11.8% | -3.1% | -1.6% |
TOTAL | 6,241 | 5,628 | -9.8% | -1.4% | +0.0% | 25,287 | 23,620 | -6.6% | -1.5% | -0.1% |
1
Q4 was still marked by a contrasted performance across channels
After a sequential improvement in Q3, out-of-home channels sales declined by approximately -25% in Q4, penalized by new waves of restrictions and lockdown measures related to COVID-19, especially in
In terms of regional dynamics, sequential improvement vs. Q3 was led by Rest of the World
Like-for-like sales growth in
Recurring Operating Margin
Danone’s recurring operating income reached €3.3bn in 2020. Recurring operating margin stood at 14.0%, down -117 basis points (bps) on a reported basis and -150bps on a like-for-like basis. This includes a negative -62 bps effect from €150m incremental costs directly related to COVID-19 incurred during the year to keep employees safe and ensure business continuity. It also includes around -100bps of negative mix, mostly driven by negative category mix, with lower sales from Specialized Nutrition, Danone’s most profitable business, and negative country mix, reflecting the slowdown of
Recurring operating profit (€m) and margin (%) | FY 2019 | FY 2020 | Change | |||
€m | Margin (%) | €m | Margin (%) | Reported | Like-for-like | |
BY REPORTING ENTITY | ||||||
EDP | 1,345 | 10.2% | 1,303 | 10.2% | -6 bps | -36 bps |
Specialized Nutrition | 1,908 | 25.3% | 1,763 | 24.5% | -74 bps | -126 bps |
Waters | 593 | 13.0% | 251 | 7.0% | -601 bps | -574 bps |
BY GEOGRAPHICAL AREA | ||||||
1,999 | 14.6% | 1,823 | 13.6% | -98 bps | -117 bps | |
Rest of the World | 1,847 | 16.0% | 1,494 | 14.6% | -132 bps | -189 bps |
Total | 3,846 | 15.2% | 3,317 | 14.0% | -117 bps | -150 bps |
2
Performance by reporting entity
§ ESSENTIAL DAIRY AND PLANT-BASED (EDP)
In the fourth quarter, net sales were up +3.6% on a like-for-like basis, reflecting a +3.7% increase in volume and -0.1 % in value. This growth was led by
§ SPECIALIZED NUTRITION
Specialized Nutrition posted net sales growth of -0.9% in 2020 on a like-for-like basis and recurring operating margin decreased by -74bps to 24.5%, notably reflecting the negative country mix from Infant Nutrition in
In the fourth quarter, sales declined -3.1% on a like-for-like basis, with a decrease of -1.7% in volume and -1.3% in value, sequentially improving from the third quarter (-5.7%) thanks to better trends across geographies. In
§ WATERS
Waters sales declined by -16.8% in 2020 on a like-for-like basis and recurring operating margin decreased to 7.0%. The performance of Waters was severely impacted by COVID-related restrictions to mobility that disrupted Danone’s ability to serve consumers in out-of-home and impulse channels and ultimately translated in negative volume, product and format mix.
In the fourth quarter, net sales were down -15.6% on a like-for-like basis, with a decrease in volume of -9.3% and -6.3% in value. The period was very volatile, marked by stop and go in restrictions across geographies.
After a sequential improvement in the third quarter,
Net income and Earnings per share
Other operating income and expense stood at -€519 million from -€609 million in the prior year, which included an exceptional loss from the sale of
Net financial costs were down by €60 million to -€310 million, notably given the successful bond issues realized in the first semester at attractive rates and favorable currency effects. Recurring income tax rate remained at 27.5%, in line with the prior year. Recurring net income from associates decreased from €98 million to €85 million, reflecting the deteriorated performance of Mengniu and Yashili in
As a result, Recurring EPS was €3.34, down -13% vs. last year, but Reported EPS increased by 1.2% to €2.99.
FY 2019 | FY 2020 | ||||||||
in millions of euros except if stated otherwise | Recurring | Non-recurring | Total | Recurring | Non-recurring | Total | |||
Recurring operating income | 3,846 | 3,846 | 3,317 | 3,317 | |||||
Other operating income and expense | (609) | (609) | (519) | (519) | |||||
Operating income | 3,846 | (609) | 3,237 | 3,317 | (519) | 2,798 | |||
Cost of net debt | (220) | (220) | (207) | (207) | |||||
Other financial income and expense | (150) | (0) | (151) | (103) | 0 | (103) | |||
Income before taxes | 3,477 | (609) | 2,867 | 3,007 | (519) | 2,488 | |||
Income tax | (956) | 163 | (793) | (828) | 66 | (762) | |||
Effective tax rate | 27.5% | 27.7% | 27.5% | 30.6% | |||||
Net income from fully consolidated companies | 2,521 | (446) | 2,075 | 2,179 | (453) | 1,726 | |||
Net income from associates | 98 | (144) | (46) | 85 | 219 | 304 | |||
Net income | 2,618 | (590) | 2,028 | 2,264 | (234) | 2,030 | |||
• Group share | 2,516 | (586) | 1,929 | 2,189 | (233) | 1,956 | |||
• Non-controlling interests | 103 | (4) | 99 | 75 | (1) | 74 | |||
EPS (€) | 3.85 | 2.95 | 3.34 | 2.99 |
Cash flow and Debt
Free cash flow reached €2,052 million in 2020, down from €2,510 million in 2019, implying a cash conversion rate of 8.7%. The decrease from last year has been driven by a deterioration of working capital due to negative channel mix as Danone’s exposure to traditional channels in emerging markets is highly cash generative. Capex stood at €962 million in 2020, broadly stable compared to last year (€951 million in 2019).
As of
Dividend
At the Annual General Meeting on
II. 2020 SUSTAINABILITY FOOTPRINT
Environmental footprint
As part of its pledge towards carbon neutrality on its full value chain by 2050, Danone set intermediate greenhouse gas (GHG) reduction targets for 2030 which were officially approved by the Science-Based Targets initiative in 2017.
On
Since last year, Danone has disclosed a ‘carbon-adjusted’ recurring EPS evolution that takes into account an estimated financial cost for the absolute GHG emissions on its entire value chain3. Given the business context and despite the emissions reduction achieved that contributed to the -4.1% decrease of the cost of carbon per share, the ‘carbon-adjusted’ recurring EPS decreased in 2020 by -19%, penalized by the decrease of -13% in recurring EPS.
Danone signed the “Business Ambition for 1.5°C” pledge in 2019 and is now partnering with the Science-Based Targets initiative to define pathways for the food & beverages sector.
Inclusive diversity and
- Inclusive Diversity: Danone is committed to promote greater diversity, with the following objectives that were to be reached by the end of 2020: to have 42% of female directors and 30% of female executives and to have 50% of our directors and 30% of our executives from under-represented nationalities4. These objectives have been achieved at the end of 2020 and even exceeded for one of them, as 32% of our executives are from under-represented nationalities. For the third time in a row, Danone has been recognized as one of the 380 companies included in the 2021 Bloomberg Gender-Equality Index which distinguishes companies committed to transparency in gender reporting and advancing women’s equality.
B Corp : InJuly 2020 , Danone advanced its global ambition to be certified as aB Corp TM to 2025. As ofDecember 31 st 2020, 32 Danone’s entities are certifiedB Corp TM, and approximately 50% of Danone’s consolidated sales are covered byB Corp TM certification.
III. ACQUISITION OF FOLLOW YOUR HEART
Danone announces it has entered into an agreement to acquire 100% of the shares of Follow Your Heart, a pioneering leader in plant-based foods. Founded to meet the growing demand for plant-based products, Follow Your Heart holds leading positions in the plant-based cheese and mayonnaise categories, in addition to several other delicious plant-based products.
As part of the Danone family, Follow Your Heart will be able to accelerate growth nationally and internationally alongside some of Danone’s best-known plant-based brands, including
IV. 2021 OUTLOOK AND GUIDANCE
Danone expects a tough Q1 driven by the tough base of comparison of Q1 last year and continued channel-related headwinds.
The Company anticipates to be back to growth in Q2, and to return to profitable growth in H2.
FY recurring operating margin is expected to be broadly in line with 2020.
V. ADAPTATION PLAN UPDATE
With its Q3 sales in October, Danone announced a new plan to restore shareholder value creation. This included a focus on investing for portfolio superiority and differentiation, as well as optimizing value across the value chain. The company also announced a move to reshape its organization onto a geographic structure which will create efficiencies, whilst adopting a “Local First” approach which should provide a lever for growth acceleration. The company is also conducting a full strategic review of the portfolio of SKUs, brands and assets, starting with a review of its strategic options for
On
A second investor update is planned for
VI. GOVERNANCE AND FINANCIAL STATEMENTS
- On
december 14, 2020 , Danone announced several decisions related to Board’s composition and organization to reinforce the governance of the company, including:- create a new
Strategy and Transformation Committee of the Board, starting under the chairmanship ofBenoît Potier ; - appoint
Cécile Cabanis as Vice-Chair of the Board; and - propose new independent members to the Board:
Gilles Schnepp ,Ariane Gorin andSusan Roberts .
- create a new
This Board refreshment will increase its independence rate (70%), its diversity (gender parity) and its expertise.
§ At its meeting on
VII. IFRS STANDARDS AND FINANCIAL INDICATORS NOT DEFINED IN IFRS
IAS29 applied on
Danone has been applying IAS 29 in
IAS29 applied on € million except % | Q4 2020 | FY 2020 | ||
Sales | (5) | (36) | ||
Sales growth (%) | (0.09%) | (0.2)% | ||
Recurring Operating Income | (23) | |||
Recurring Net Income – Group share | (27) |
Breakdown by quarter of FY 2020 sales after application of IAS 29
FY 2020 sales correspond to the addition of:
- Q4 2020 reported sales;
- Q1, Q2 and Q3 2020 sales resulting from the application of IAS29 until
December 31, 2020 to sales of Argentinian entities (application of the inflation rate untilDecember 31, 2020 and translation into euros usingDecember 31, 2020 closing rate) and provided in the table below for information (unaudited data).
€ million | Q1 2020(1) | Q2 2020(2) | Q3 2020(3) | Q4 2020 | FY 2020 |
EDP | 3,354 | 3,232 | 3,106 | 3,131 | 12,823 |
Specialized Nutrition | 1,946 | 1,789 | 1,703 | 1,753 | 7,192 |
Waters | 924 | 924 | 1,014 | 743 | 3,605 |
5 | |||||
Total | 6,223 | 5,946 | 5,823 | 5,628 | 23,620 |
(1)Results from the application of IAS29 until
(2)Results from the application of IAS29 until
(3)Results from the application of IAS29 until
Financial indicators not defined in IFRS
Due to rounding, the sum of values presented may differ from totals as reported. Such differences are not material.
Like-for-like changes in sales, recurring operating income and recurring operating margin reflect Danone's organic performance and essentially exclude the impact of:
- changes in consolidation scope, with indicators related to a given fiscal year calculated on the basis of previous-year scope and, since
January 1 st, 2019, previous-year and current-year scope excluding Argentinian entities; - changes in applicable accounting principles;
- changes in exchange rates with both previous-year and current-year indicators calculated using the same exchange rates (the exchange rate used is a projected annual rate determined by Danone for the current year and applied to both previous and current years).
Bridge from reported data to like-for-like data
(€ million except %) | FY 2019 | Impact of changes in scope of consolidation | Impact of changes in exchange rates and others, including IAS29 | Like-for-like growth | FY 2020 | |
Sales | 25,287 | -0.4% | -5.0% | +0.3% | -1.5% | 23,620 |
Recurring operating margin | 15.2% | +7 bps | +38 bps | -11 bps | -150 bps | 14.0% |
Danone clarified the definition of its recurring performance indicators, without modifying neither their content nor their calculation which are detailed hereafter.
Recurring operating income is defined as Danone’s operating income excluding Other operating income and expenses. Other operating income and expenses comprise items that, because of their significant or unusual nature, cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus distorting the assessment of its recurring operating performance and its evolution. These mainly include:
- capital gains and losses on disposals of fully consolidated companies;
- impairment charges on intangible assets with indefinite useful lives;
- costs related to strategic restructuring or transformation plans;
- costs related to major external growth transactions;
- costs related to major crisis and major litigations;
- in connection with of IFRS 3 (Revised) and IAS 27 (Revised) relating to business combinations, (i) acquisition costs related to business combinations, (ii) revaluation profit or loss accounted for following a loss of control, and (iii) changes in earn-outs relating to business combinations and subsequent to acquisition date.
Recurring operating margin is defined as Recurring operating income over Sales ratio.
Other non-recurring financial income and expense corresponds to financial income and expense items that, in view of their significant or unusual nature, cannot be considered as inherent to Danone’s recurring financial management. These mainly include changes in value of non-consolidated interests.
Non-recurring income tax corresponds to income tax on non-recurring items as well as tax income and expense items that, in view of their significant or unusual nature, cannot be considered as inherent to Danone’s recurring performance.
Recurring effective tax rate measures the effective tax rate of Danone’s recurring performance and is computed as the ratio income tax related to recurring items over recurring net income before tax.
Non-recurring results from associates include items that, because of their significant or unusual nature, cannot be viewed as inherent to the recurring activity of those companies and thus distort the assessment of their recurring performance and its evolution. These mainly include (i) capital gains and losses on disposal and impairment of Investments in associates, and (ii) non-recurring items, as defined by Danone, included in the net income from associates.
Recurring net income (or Recurring net income – Group Share) corresponds to the Group share of the consolidated Recurring net income. The Recurring net income excludes items that, because of their significant or unusual nature, cannot be viewed as inherent to Danone’s recurring activity and have limited predictive value, thus distorting the assessment of its recurring performance and its evolution. Such non-recurring income and expenses correspond to Other operating income and expenses, Other non-recurring financial income and expenses, Non-recurring income tax, and Non-recurring income from associates. Such income and expenses, excluded from Net income, represent Non-recurring net income.
Recurring EPS (or Recurring net income – Group Share, per share after dilution) is defined as the ratio of Recurring net income adjusted for hybrid financing over Diluted number of shares. In compliance with IFRS, income used to calculate EPS is adjusted for the coupon related to the hybrid financing accrued for the period and presented net of tax.
FY 2019 | FY 2020 | |||||||
Recurring | Total | Recurring | Total | |||||
Net income-Group share (€ million) | 2,516 | 1,929 | 2,189 | 1,956 | ||||
Coupon related to hybrid financing net of tax (€ million) | (14) | (14) | (15) | (15) | ||||
Number of shares | ||||||||
• Before dilution | 648,250,543 | 648,250,543 | 649,331,592 | 649,331,592 | ||||
• After dilution | 649,106,039 | 649,106,039 | 649,968,844 | 649,968,844 | ||||
EPS (€) | ||||||||
• Before dilution | 3.86 | 2.95 | 3.35 | 2.99 | ||||
• After dilution | 3.85 | 2.95 | 3.34 | 2.99 |
Free cash-flow represents cash flows provided or used by operating activities less capital expenditure net of disposals and, in connection with IFRS 3 (Revised) relating to business combinations, excluding (i) acquisition costs related to business combinations, and (ii) earn-outs related to business combinations and paid subsequently to acquisition date.
(€ million) | FY 2019 | FY 2020 |
Cash-flow from operating activities | 3,444 | 2,967 |
Capital expenditure | (951) | (962) |
Disposal of tangible assets & transaction fees related to business combinations1 | 17 | 47 |
Free cash-flow | 2,510 | 2,052 |
1 Represents acquisition costs related to business combinations paid during the period.
Net financial debt represents the net debt portion bearing interest. It corresponds to current and non-current financial debt (i) excluding Liabilities related to put options granted to non-controlling interests and (ii) net of Cash and cash equivalents, Short term investments and Derivatives – assets managing net debt.
(€ million) | ||
Non-current financial debt1 | 12,906 | 12,343 |
Current financial debt1 | 4,474 | 4,157 |
Short-term investments | (3,631) | (3,680) |
Cash and cash equivalents | (644) | (593) |
Derivatives — non-current assets2 | (271) | (259) |
Derivatives — current-assets2 | (16) | (27) |
Net debt | 12,819 | 11,941 |
·Liabilities related to put options granted to non-controlling interests — non-current | (13) | (7) |
·Liabilities related to put options granted to non-controlling interests — current | (469) | (355) |
Net financial debt | 12,337 | 11,579 |
1 Including derivatives-liabilities. As from
2 Managing net debt only
o o O o o
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning Danone. In some cases, you can identify these forward-looking statements by forward-looking words, such as “estimate”, “expect”, “anticipate”, “project”, “plan”, “intend”, “objective”, “believe”, “forecast”, “guidance”, “foresee”, “likely”, “may”, “should”, “goal”, “target”, “might”, “will”, “could”, “predict”, “continue”, “convinced” and “confident,” the negative or plural of these words and other comparable terminology. Forward looking statements in this document include, but are not limited to, predictions of future activities, operations, direction, performance and results of Danone.
Although Danone believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties, please refer to the “Risk Factor” section of Danone’s Universal Registration Document (the current version of which is available on www.danone.com).
Subject to regulatory requirements, Danone does not undertake to publicly update or revise any of these forward-looking statements. This document does not constitute an offer to sell, or a solicitation of an offer to buy Danone securities.
The presentation to analysts and investors, held by Chairman and CEO
APPENDIX – Sales by reporting entity and by geographical area (in € million)
First quarter | Second quarter | Third quarter | Fourth quarter | Full Year | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||
BY REPORTING ENTITY | ||||||||||||||||||||||||||
EDP | 3,308 | 3,364 | 3,283 | 3,238 | 3,240 | 3,108 | 3,335 | 3,131 | 13,163 | 12,823 | ||||||||||||||||
Specialized Nutrition | 1,828 | 1,949 | 1,866 | 1,792 | 1,920 | 1,698 | 1,943 | 1,753 | 7,556 | 7,192 | ||||||||||||||||
Waters | 1,002 | 928 | 1,346 | 925 | 1,258 | 1,015 | 962 | 743 | 4,568 | 3,605 | ||||||||||||||||
BY GEOGRAPHICAL AREA | ||||||||||||||||||||||||||
3,381 | 3,469 | 3,471 | 3,352 | 3,451 | 3,334 | 3,408 | 3,252 | 13,710 | 13,408 | |||||||||||||||||
Rest of the World | 2,757 | 2,772 | 3,025 | 2,602 | 2,966 | 2,486 | 2,833 | 2,376 | 11,577 | 10,212 | ||||||||||||||||
Total | 6,138 | 6,242 | 6,496 | 5,954 | 6,418 | 5,821 | 6,241 | 5,628 | 25,287 | 23,620 |
First quarter 2020 | Second quarter 2020 | Third quarter 2020 | Fourth quarter 2020 | Full Year 2020 | |||||||||||||||||||||||
Reported change | Like-for-like change | Reported change | Like-for-like change | Reported change | Like-for-like change | Reported change | Like-for-like change | Reported change | Like-for-like change | ||||||||||||||||||
BY REPORTING ENTITY | |||||||||||||||||||||||||||
EDP | +1.7% | +4.6% | -1.4% | +1.6% | -4.1% | +3.7% | -6.1% | +3.6% | -2.6% | +3.4% | |||||||||||||||||
Specialized Nutrition | +6.6% | +7.9% | -4.0% | -2.2% | -11.6% | -5.7% | -9.8% | -3.1% | -4.8% | -0.9% | |||||||||||||||||
Waters | -7.4% | -6.8% | -31.3% | -28.0% | -19.3% | -13.5% | -22.8% | -15.6% | -21.1% | -16.8% | |||||||||||||||||
BY GEOGRAPHICAL AREA | |||||||||||||||||||||||||||
+2.6% | +4.7% | -3.4% | -3.5% | -3.4% | -1.1% | -4.6% | -1.0% | -2.2% | -0.3% | ||||||||||||||||||
Rest of the World | +0.5% | +2.6% | -14.0% | -8.2% | -16.2% | -4.1% | -16.1% | -1.9% | -11.8% | -3.1% | |||||||||||||||||
Total | +1.7% | +3.7% | -8.3% | -5.7% | -9.3% | -2.5% | -9.8% | -1.4% | -6.6% | -1.5% |
1
1Grams of CO2 equivalent per kilo of products sold
2The data is based on a constant consolidation scope and a constant methodology.
3 Carbon-adjusted recurring EPS is equal to the recurring EPS less an estimate financial cost for carbon / number of shares after dilution. The estimated financial cost for carbon is based on Danone’s full scope (1, 2 and 3) carbon emissions of 26.1 mT for 2020 (27.2 mT for 2019) x a constant carbon cost estimate of 35€/ton, aligned with CDP disclosure.
4Under-represented nationalities are nationalities within the
Attachment
- PR_Danone_FY_2020
© OMX, source