French food giant Groupe Danone has reported consolidated sales of €3,583m for its Q1 2002, a 4.7% increase year on year compared to the €3,423m for the Q1 2001.
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Danone said that at constant scope of consolidation and exchange rates, group sales increased by 4.1%. Changes in the scope of consolidation had a positive impact of +1.8% and changes in the exchange rates had a negative impact of -1.2%. This 4.1% sales growth is derived from volume for +2.6% and from value for +1.5%.
Excluding Italian dairy giant Galbani, which should be deconsolidated by the end of April 2002, organic sales growth reached 4.4%.
Danone said that the Q1 sales were characterised by a good performance in Western Europe with like for like sales growth of more than 5% (excl. Galbani) and flat sales in the US, with a strong performance of Fresh Dairy Products (+9%) but a difficult context in Water in the US (-8%). There was also a growth of 5% in emerging areas, with +10% in Asia but flat sales in Latin America due to the Biscuits situation (-20%).
Sales by business line and geographical area were as follows:
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By GlobalData(in €m) Q1 sales
2001 2002By business line
Fresh Dairy products 1,692 1,771
Beverages 860 946
Biscuits & cereal snacks 786 779
Other food business 89 92
Intra-group sales -4 -5
By geographical area
France 998 1,045
Rest of EU 1,190 1,246
Rest of World 1,453 1,514
Inter-zone sales -218 -222
Group total 3,423 3,583
Organic sales growth by business line and geographical area was as follows:
Q1 2002
By business line
Fresh Dairy products + 6,7% (1)
Beverages + 2,7%
Biscuits & cereal snacks + 0,9%
Other food business – 1,0%
By geographical area
France + 5,3%
Rest of European Union + 4,2% (2)
Rest of world + 3,4%
Group total + 4,1% (3)
(1): +7.8% excluding Galbani
(2): +5.0% excluding Galbani
(3): +4.4% excluding Galbani
This Q1 performance, was in line with the group’s internal targets, and Danone said it can also now confirm its targets for FY 2002. After Galbani deconsolidation, organic sales growth should reach a minimum of 5.2% and the operating margin should increase between 40 and 50 basis points.
