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DANONE
REGISTRATION DOCUMENT 2015
Danone's business highlights in 2015 and outlook for 2016
3.2 Consolidated net income review
50
3.2 CONSOLIDATED NET INCOME REVIEW
Year ended December 31
(in € millions unless otherwise
indicated)
2014
2015
Change as reported Change Like-for-like
Sales
21,144
22,412
+6.0%
+4.4%
Trading operating income
(a)
2,662
2,892
+8.7%
+5.7%
Trading operating margin
(a)
12.59%
12.91%
+32 bps
+17 bps
Recurring net income
– Group share
(a)
1,561
1,791
+14.7%
+9.1%
Net income – Group share
1,119
1,282
+14.6%
+7.4%
Recurring EPS
(in €)
(a)
2.62
2.93
+12.0%
+6.5%
EPS
(in €)
1.88
2.10
+11.9%
Free cash flow excluding
exceptional items
(a)
1,401
1,529
+9.2%
(a) See definition section 3.6
Financial indicators not defined by IFRS.
Sales
Consolidated sales
Consolidated sales stood at €22,412 million in 2015, up +6.0% from
the figures reported in 2014. Excluding the impact of changes in the
basis for comparison (i.e. exchange rates and scope of consolidation)
sales were up +4.4%. This organic growth reflects a +0.9% rise in
volume and a +3.5% rise in value.
The +2.0%exchange-rate effect reflects favorable trends in currencies
including the US dollar, the Chinese Yuan and the British Pound.
The -0.4% impact of the change in scope of consolidation results
primarily from the deconsolidation in July 2014 of Fresh Dairy
Products operations in China, and the sale in December 2014 of
the Fresh Dairy Products business in Indonesia.
Sales by Division
Year ended December 31
(in € millions except percentage)
2014
2015
Change
(a)
Volume growth
(a)
Fresh Dairy Products
11,129
11,057
+0.6%
-3.0%
Waters
4,186
4,768
+7.1%
+5.1%
Early Life Nutrition
4,397
4,994
+9.8%
+4.7%
Medical Nutrition
1,432
1,593
+7.5%
+4.7%
Total
21,144
22,412
+4.4%
+0.9%
(a) Like-for-like.