PARIS, Oct. 18, 2002 (PRIMEZONE) -- Groupe DANONE (NYSE:DA) confirms its 2002 financial targets. Year to date, consolidated sales amounted to E 10,467 million, compared to E 11,012 million for the same period in 2001, decreasing by -4.9% on an historical basis. Changes in exchange rates had a negative impact of -5.2% while the scope of consolidation negatively impacted sales by -5%.
Figures by business line and geographical area for the first 9 months are as follows :
E millions 9 mos. 9 mos. Change like
2001 2002 for like(1)
BY BUSINESS LINE
Fresh Dairy Products 5,221 4,834 8.70%
Beverages 3,055 2,986 2.90%
Biscuits & Cereal snacks 2,474 2,394 2.80%
Other Food Business 276 267 -1.00%
Inter-company sales -14 -14 -
BY GEOGRAPHICAL AREA
France 3,045 3,154 5.70%
Rest of Western Europe 3,863 3,543 5.50%
Rest of World 4,804 4,454 5.00%
Inter-regional sales -700 -684 -
Group 11,012 10,467 5.30%
(1) like for like = at constant scope of consolidation and
exchange rates
Year to date, like-for-like growth by period is as follows :
like-for-like 1st Q 2nd Q 1st Half 3rd Q 9 Months
BY BUSINESS LINE
Fresh Dairy 6.70% 8.60% 7.60% 11.00% 8.70%
Products
Beverages 2.70% 0.00% 1.20% 6.40% 2.90%
Biscuits 0.90% 2.60% 1.80% 4.70% 2.80%
& Cereal Snacks
Other Food Business -1.00% -3.20% -2.10% 1.40% -1.00%
BY GEOGRAPHICAL AREA
France 5.30% 3.90% 4.60% 8.00% 5.70%
Rest of Western 4.20% 5.80% 5.00% 6.80% 5.50%
Europe
Rest of World 3.40% 3.20% 3.30% 8.50% 5.00%
Group 4.10% 4.20% 4.20% 7.80% 5.30%
On an historical basis, 3rd quarter sales decreased by -10.9%. Changes in exchange rates had a negative impact of -7.7% and changes in the scope of consolidation had a negative impact of -11%.
Groupe DANONE confirms its 2002 1st Half results
The Board of Directors of Groupe DANONE approved the preliminary 2002 1st Half Results, published on July 24: sales increased by +4.2% on a like-for-like basis, operating margin rose from 10.9% to 11.1%, growth in earnings per share was +11% (excluding exceptional one-time items).
Exceptional one-time items (E1,032 million after tax) include :
- for E306 million (net of tax) the impact of the 51% disposal of the domestic retail water activities in the US, according to the agreement concluded with The Coca-Cola Company.
- the remaining part being largely made of exceptional goodwill impairment charges on Group activities in emerging markets, mainly in Latin America.
2002 1st Half key figures :
E millions 1ST Half2001 1ST Half2002 Change
Net Sales 7,292 7,152 +4.2%(1)
Operating Result 795 796
Operating Margin 10.90% 11.10% +20bp
Exceptional items -15 (1,039)
Financial charges -86 -66
Taxes -256 -240
Minority interests -84 -103
Net earnings of
equity method companies 21 22
Net Result 375 -630
Of which exceptional
one-time items 0 (1,032)
Net Result
(excl. exceptional
one-time items) 375 402 7.20%
Earnings per share diluted
(excl. exceptional
one-time items) E2.65 E2.94 11%
Free Cash Flow (2) 335 426 27.10%
Shareholders' equity
(including minorities) 8,280 4,522
Net financial debt 4,764 4,456
(1) at constant scope of consolidation and exchange rates
(2) Cash flow from operations - capital expenditure -- change in
working capital requirement
Groupe DANONE confirms financial targets for the full year 2002
The performance to date, in line with the internal objectives, allows Groupe DANONE to confirm full year targets 2002. Like for like sales growth should be up by at least +5.2% and operating margin should increase by 40 to 50 basis points.
Growth in earnings per share (excluding exceptional one-time items) should be close to 10%.
Groupe DANONE exceptional net income should be significantly positive for the full year, taking into account in the 2nd half the E1.5 Bn net capital gain related to the final disposal of the European Beer activities to Scottish & Newcastle. At the end of September 2002, this disposal led to E2.3 Bn Cash proceeds, which contributed to reduce the Group gearing ratio to around 35%.