08 Sustainability Report
What is your analysis of the year 2008?
Long before the year 2008 had ended, everyone, and especially financial markets, were already
looking anxiously towards 2009. However, I think that 2008 is an interesting year to analyse,
because it allows us to draw some important lessons to consider as we seek to envisage the
near term future, especially for Danone.
The first lesson is that we are yet again on track to meeting our targets: organic growth in
turnover (+8.4%), higher margins (over 53 basis points), and growth in net earnings per share
(+15% on a comparable basis). We have indeed experienced a first half of record growth but
what is most interesting for me in terms of learnings, is the second half of the year. Even though
the global crisis was apparent everywhere since the summer of 2008, our broad indicators
remained in the green during the second half and the last quarter was marked by solid growth
(6%), achieved in a largely toxic economic universe. This is not to say that Danone is immune to
the crisis, but it demonstrates a real robustness, built over the years on the foundations of our
biggest assets: strength in our brands, consistency and coherence of our
strategy, and of our
businesses, and our effective management of geographical balances. It also demonstrates the
vigilant responsiveness and unflinching mobilisation of our teams. This is undoubtedly the most
valuable quality to have in the present context.
The integration of Numico seems to have contributed greatly to the quality of
these results.
Indeed, that is precisely the second lesson of 2008, in the form of validation: acquiring the Infant
Nutrition and
Medical Nutrition divisions for Danone was the right strategic choice. The results
are there to see in terms of growth, margins, synergies (in this area, we will go far beyond the
anticipated cost synergies of 45 million in 2008 and 15 million in 2009). The synergies are above
all reflected in terms of integration and motivation of the teams who have played the game
well on both sides. It is a success that we are especially proud of. It is proof not only that our
two new global business lines are categories for the future, but also that, far from damaging
these growing businesses, we have in fact further energised them through their integration.
Integration, while always a risky affair, proved in our case, to be particularly effective and
fluid.
What do you take away from the year 2008 as regards the Danone’s social
plan?
2008 was a pivotal year in the build up of what we have long called Danone’s “dual economic
and social project”. On the one hand we have identified 6 priority themes to focus on through
to the year 2011 that integrate business performance and the creation of social or environmental
value. For example, one such priority area is “Danone For All” which aims to develop products
and business models that will enable us to provide quality nutrition solutions to population
groups with low purchasing power in a growing number of country around the world. On
the other hand, in 2008, we decided to integrate social goals in the remuneration of the 1500
directors and key managers of Danone, with 30% of the variable remuneration related to social
and environmental performance.
Social and Environmental Technical Report
Interview with Franck Riboud
How has the integ
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