The
board of directors of Groupe DANONE (NYSE: DA), meeting on September 13, 2000
under the presidency of Mr Franck Riboud, have examined the 2000 1st semester
figures. These confirm provisional results announced on July 26th. These figures
have been submitted to the control of the auditors. The Group’s results for
the first-half are as follows:
Key figures |
1st-half 1999
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1st-half 2000
|
Change |
1st-half |
||
Sales |
6,847 |
7,254 |
+5.9% |
47,582 |
||
Operating income |
698 |
770 |
+10.3% |
5,049 |
||
Operating margin |
10.2% |
10.6% |
+ |
10.6% |
||
Net income (*) |
341 |
352 |
+3.2% |
2,311 |
||
Earnings per share Excluding capital |
Eur |
Eur |
+17.8% |
FrF |
||
Excluding capital |
Eur |
Eur |
+19.3% |
FrF |
(*) : Net income for the first-half
of 1999 included a EUR 28 million capital gain on disposals; excluding this capital
gain, net income rose 12.6% in the first-half of 2000
1/ Organic Growth Quickens: sales + 8.1% DANONE Group recorded vigorous organic
growth once again, with first-half 2000 sales up 8.1% at constant structure and
exchange rates. Historical data shows a rise of 5.9%, including an 8.1% like-for-like
rise, a +3.7% for changes in exchange rates and a 5.9% decline reflecting disposals.
Changes in structure consist primarily of the disposal of operations in containers
and groceries in 1999, partially offset by the first-time consolidation of Villavicencio,
McKesson, Robust and Aymore in the six months to June 30.
By business line (EUR millions) |
1st-half 1999 |
1st-half 2000
|
Change |
|
Fresh Dairy products |
2,935 |
3,223 |
+7.6% |
|
Beverages |
1,829 |
2,334 |
+9.8% |
|
Biscuits |
1,327 |
1,517 |
|
+6.9% |
|
|
|
|
|
Other food business |
349 |
187 |
+5.5% |
|
Containers |
501 |
– |
– |
|
Intra-group sales |
-94 |
-7 |
– |
|
Group |
———- 6,847 |
———- 7,254 |
———- +8.1% |
By geographical |
1st-half 1999
|
1st-half 2000
|
Change |
|
France |
2,735 |
2,441 |
+5.7% |
|
Rest of European Union |
2,550 |
2,582 |
+6.6% |
|
Rest of World |
1,926 |
2,650 |
+11.7% |
|
———- |
———- |
———- |
||
Inter-regional |
-364 ———- |
-419 ———- |
– ———- |
|
Group |
6,847 |
7,254 |
+ |
First-half
growth by business and geographical area was as follows, on a comparable basis:
By business |
|||
1st
|
2nd |
1st-half |
|
Fresh Beverages…………………………………………………. Biscuits……………………………………………………..
Other
Group………………………………………………………
|
+ 6.9% +10.7% +7.7%
+5.4%
+8.1%
|
+8.3% +9.3% +6.1%
+5.6%
+8.2% |
+7.6% +9.8% +6.9%
+5.5%
+8.1% |
By geographical |
1st |
2nd |
1st-half |
France…………………………………………………………. Rest Rest
Group……………………………………………………….. |
+6.6% +5.8% +11.8%
+8.1% |
+4.6% +7.6% +11.7%
+8.2% |
+5.7% +6.6% +11.7%
+8.1%
|
2/ CONSOLIDATE STATEMENTS OF INCOME
For S1 2000, the consolidated
statement of income was established as follow :
|
1999 |
2000 |
Net Sales |
6,847 |
7,254 |
Cost of good sold |
(3,485) |
(3,504) |
Selling expenses |
(2,024) |
(2,297) |
Other |
(640) |
(683) |
Operating Result |
698 |
770 |
Operating Margin |
10,2% |
10,6% |
Non recurring items |
21* |
(16) |
Net interest expense |
(79) |
(85) |
Tax |
(252) |
(266) |
Minority interest |
(56) |
(66) |
Equity in net earnings |
9 |
15 |
Net Income |
341 |
352 |
* A disposal
of 28 € million was included in the non recurring items for 1999 S; In 2000
S1 amount of disposal are null.
3/
A significant rise in operating margin: 10.2% to 10.6%
Operating
margin rose from 10.2% in the first-half of 1999 to 10.6% for the same period
of 2000.
Operating income breaks down as follows :
By business line (EUR millions) |
Operating |
Operating |
|||
1st-half 1999
|
1st-half 2000
|
1st-half 1999
|
1st-half 2000
|
||
Fresh Dairy products |
310 |
351 |
10.6% |
10.9% |
|
Beverages |
233 |
296 |
12.7% |
12.7% |
|
Biscuits |
85 |
112 |
6.4% |
7.3% |
|
Other food business Containers |
19 51 |
21 0 |
5.4% 10.3% |
11.3% – |
|
Unallocated items |
0
———- |
-10
——— |
_ ———- |
_ ———- |
|
Group |
698 |
770 |
10.2% |
10.6% |
By geographical (EUR millions) |
Operating |
Operating |
|||
1st-half 1999
|
1st-half 2000
|
1st-half 1999
|
1st-half 2000
|
||
France |
326 |
302 |
12.2% |
12.4% |
|
Rest of European Union |
227 |
252 |
8.9% |
9.7% |
|
Rest of World |
145 |
226 |
7.5% |
8.5% |
|
Unallocated Items |
0
——— |
-10
——— |
_ ———- |
_ ———- |
|
Group |
698 |
770 |
10.2% |
10.6% |
4/
Earnings per share up 17.8% (excluding capital gains on disposals)
Growth in
net earnings combined with the impact of a major share buyback program launched
by DANONE Group has led to :
. a 17.8%
rise in earnings per share excluding capital gains on disposals
. a 19.3%
rise in earnings per share excluding capital gains on disposals and depreciation
of goodwill