Emmanuel Faber. Deutsche Bank Consumer Conference Paris - June 15th, 2011

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1 Emmanuel Faber Deutsche Bank Consumer Conference Paris - June 15th, 2011

2 Disclaimer This document contains certain forward-looking statements concerning 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 section Risk Factors in DANONE s Annual Report (which is available on DANONE undertakes no obligation 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 shares. 2

3 Danone: a superior growth engine 3

4 Sustained volume-driven topline growth Like-for-like sales growth Total Group Short term trend 4

5 Profitable growth, superior cash generation Trading operating margin Like-for-like growth (1) +32 bp +53 bp +61 bp +3 bp +20% Free cash flow (2) ( mln and % growth) +20% +21% (1) Based on constant scope of consolidation and constant exchange rates (2) Free cash flow: Cash flow from operations less capital expenditure (net of disposals) and excluding business combinations fees 5

6 A unique mission, a unique portfolio Fresh dairy Products Developing a well being category worldwide Waters Hydration and elimination Baby nutrition Supporting growing children every step of the way Bring health through food to the largest number of people Medical nutrition Nutritional support for persons in fragile health 6 6

7 Best positioned in fastest growing categories & geographies Fastest growing categories 2010 volume growth by category ~50% sales in emerging markets 2010 sales (proforma Unimilk) Western Europe 39% Emerging markets 49% North America 10% 2% Others Source : Euromonitor& Internal estimate 7

8 MICRUB: strongholds in emerging markets Sales proforma Unimilk % group sales mln % group sales Growth MEXICO 5% 1.0 5% INDONESIA 2% 0.9 5% >60% CHINA 11% 0.8 4% RUSSIA 3% % People USA 7% 1.4 8% BRAZIL 2% 0.7 4% Total MICRUB 30% 37% 60% 8

9 Strong brand platforms Main brand platforms - Sales 2010 ( mln) 1 bn sales 9

10 Strong brand platforms: Example of Aptamil & Immunity Aptamil & Immunity platform UK - Unique blend of GOS/FOS prebiotic - Icons (shield, halo, bear) Netherlands Indonesia 10 10

11 Strong brand platforms: Example of Bonafont & Elimination Bonafont & Elimination platform: Clear and unique benefit of Elimination and Lightness Harnessing Battle For Water messages Salmon + icons Bottle + HOD + Aquadrinks Mexico Increased market share from 17% to 31% in 4 years Brazil Launched in 2009 => 41% market share in Sao Paulo Poland Launched in

12 Innovation pipeline : product and beyond New segments New moments New targets New channels New benefits New packaging 12

13 Our equation: Leverage & Invest Leverage Invest our existing platforms : - brands platforms - geographies - operational systems in sustainable growth & competitiveness 13

14 : Profitable & sustainable growth in a challenging environment 14

15 2011 Environment expected to remain challenging % Unemployment in Western economies GDP growth in Western Europe US Unemployment rate Eurozone Unemployment rate Persistent Volatility of currencies & commodities Source : Euromonitor Danone average farmgate price 15

16 2010 & 2011 : High inflation & record productivities guidance Input cost inflation 10% 6-9% Productivities * 516 mln ~ 500 mln *Perimeter = COGS including logistic costs Liquid milk price evolution PET price evolution PET West Europe in Euro/Metric Ton PET Asia in USD/Metric Ton Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Source : Internal estimate Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Source : Internal estimate

17 Productivity : embedded in our model Best practices collection and roll out PURCHASING INDUSTRIAL LOGISTICS RECIPES PACKAGING WWBU Target setting CBUs Productivity* mln and % COGS NATURE COMMERCIAL HQ & SERVICES *Perimeter = COGS including logistic costs

18 Productivity & sustainability Example: «Foam» packaging Two standard layers Density 1.05 Foam Volumes Evolution Europe Foam (T) % lines 54% 38% 28% 16% 23,560 13,400 4,830 9, Less CO2 19% less CO2 emission for the Packaging Same consumer preference Cost saving

19 Productivity & innovation Example: Danette 360 renovation Saudi Arabia Better product Cheaper recipe Product recipe score beat current (9.5) vs. (9.0) in consumer test Business opportunities to fuel brand growth Better nutrition Less CO2 Meet Nutritional requirements Fat and Energy reduction achieved No new ingredient excepted milk solids -17% CO 2 56 M litres of milk saved 21% water saving

20 2011: Ensuring sustained competitiveness Reset Price index in Fresh Dairy Products from 126 to & beyond Selected competitive price increases Balanced portfolio across the pyramid => more resilient Objective = develop the categories 20

21 2011: Another year of investment in growth Building categories Building distribution Building new business models Reach >7 mln babies A&P + sales force + R&D expenses to increase in line with top line guidance

22 Unimilk integration: a clear priority 22

23 CIS remains a major growth area for Danone dairy Average consumption of Fresh Dairy Products Netherlands 35 France 1 cup a day Germany Portugal Spain Austria Finland Belgium Norway Sweden Iran Czech R. Bulgaria 1 cup every 2 days UK Italy Japan Canada USA Hungary Turkey Algeria Mexico Argentina Slovakia Poland Colombia Chile South Africa Brazil Romania Kazakhstan Russia Ukraine Belarus 2% 3% 4% 5% 6% 7% 8% 9% 10% India 1 cup a week * GDP growth PPP (source EIU) Purchasing Power growth 23* China

24 Danone-Unimilk: complimentarity drives synergies Portfolio Regions Distribution Industrial & supply chain + Focus on Premium and Health Focused on the West Modern retail and Direct RTM Best-in-class practices Focus on traditional with reach to all SELs Focused on the East Presence in traditional channels Large network = DANONE UNIMILK Revenue synergies: +10% additional sales over 3 years Cost synergies: + ~ 200 bp margin over 4 years 24

25 Creating value through the Merger Danone enables Unimilk to: Unimilk enables Danone to: Accelerate Modern Dairy Category Growth Top Line Obtain National Coverage andindustrial Base Reach wider consumer base Share best practices and experience on profitable growth model Bottom Line Firm as key supplier and customer, leverage size and scale 25

26 2011 Unimilk integration key priorities : improve the mix, improve profitability Clear short term priorities = FOCUS ON THE RIGHT KPIs Segmenting the portfolio = PRODUCT MIX Drive efficiency to invest behind brands = GROSS MARGIN Integration = SYNERGIES

27 2011 OUTLOOK 27

28 2011 targets confirmed Objectives 2011 Sales growth (1) 6-8% Free cash flow (2) On track for 2 bn in 2012 Trading operating margin around +20 bps (1) (1) Like-for-like : Based on constant scope of consolidation (including 12 months Unimilk) and constant exchange rates (2) Free cash flow: Cash flow from operations less capital expenditure (net of disposals) and excluding business combinations fees 28

29 Notes 29

30 Notes 30

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