1 2 3 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER 1.1 Selected financial information 1.2 Information about the
Registration Document 2010 ANNUAL FINANCIAL REPORT This Registration Document includes all the items of the Annual Financial Re
2 Registration Document 2010 - DANONE
1 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER 1.1 1.2 Selected financial information Information about the issu
1 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER Selected financial information 1.1 Selected financial information
SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER Information about the issuer 1 1.2 Information about the issuer Le
1 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER Information about the issuer Corporate purpose In accordance wit
2 STRATEGY, RISK FACTORS 2.1 2.2 History Strategy 8 9 9 10 11 11 12 13 13 15 15 15 16 Environment strategy Information technolo
2 STRATEGY, RISK FACTORS History 2.1 History the shareholders approved the modification of the relevant article of the by-laws t
STRATEGY, RISK FACTORS Strategy 2 • complementary • complementary distribution networks: Danone’s access to modern trade is mat
2 STRATEGY, RISK FACTORS Strategy Development strategy of the Divisions The Group’s strategy is based on (i) powerful and uniqu
STRATEGY, RISK FACTORS Strategy 2 BABY NUTRITION The Baby Nutrition Division develops its infant formula brands and product lin
2 STRATEGY, RISK FACTORS Strategy the inventory levels of its customers. These include efficient consumer response, or ECR, whic
STRATEGY, RISK FACTORS Strategy 2 • In North America, the Group operates mainly in categories which offer strong opportunities
2 STRATEGY, RISK FACTORS Strategy human body, its intestinal microbiota, prebiotics and probiotic bacteria. For all their work,
STRATEGY, RISK FACTORS Strategy 2 Strategy for protecting intellectual property rights The Group owns rights to brand names, re
2 STRATEGY, RISK FACTORS Strategy purchasing costs (applied simultaneously in all countries where the Group has production acti
STRATEGY, RISK FACTORS Strategy 2 Environment strategy The Group’s strategy with respect to environmental issues is linked to i
2 STRATEGY, RISK FACTORS Risk factors This application enables a collaborative approach with suppliers in order to optimize the
STRATEGY, RISK FACTORS Risk factors 2 In the entities that use it, this mapping is designed to identify the risks related to th
2 STRATEGY, RISK FACTORS Risk factors Additional information is presented in Section 2.2. Moreover, the Group’s exposure to unp
STRATEGY, RISK FACTORS Risk factors 2 VII. RISKS ASSOCIATED WITH THE CONSEQUENCES OF RESTRUCTURING PLANS Danone works continuou
2 STRATEGY, RISK FACTORS Risk factors III. RISKS ASSOCIATED WITH THE GROUP’S ACQUISITION AND PARTNERSHIP STRATEGY Acquisitions.
STRATEGY, RISK FACTORS Risk factors 2 in countries where it is present. The Group’s actions in these areas are focused on compe
2 STRATEGY, RISK FACTORS Risk factors II. RISKS ASSOCIATED WITH REGULATIONS As a player in the food and beverage industry prese
STRATEGY, RISK FACTORS Risk factors 2 The Group’s activities are also subject to, on the one hand, the European Directive of 20
2 STRATEGY, RISK FACTORS Risk factors I. CURRENCY RISK Due to its international presence, the Group could be exposed to foreign
STRATEGY, RISK FACTORS Risk factors 2 V. SECURITIES-RELATED RISK Risks related to other shares The Group holds equity interests
2 STRATEGY, RISK FACTORS 28 Registration Document 2010 - DANONE
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 3.1 3.2 Waters Baby Nutrition Medical Nutrition Sales breakdown by
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Highlights of 2010 Danone’s consolidated financial statements and th
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Business and major markets 3 3.2 Business and major markets This sect
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Business and major markets Like-for-like Net Sales growth Volume gr
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Business and major markets 3 1st quarter 2010 Like-for-like Net Sales
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Business and major markets Medical Nutrition NET SALES The Division
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Business and major markets 3 The Group’s 10 principal countries would
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Financial investments in 2010 and a simplified organization chart as
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Financial investments in 2010 and a simplified organization chart as o
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Danone’s other business activities in 2010 3.4 Danone’s other busin
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Danone’s other business activities in 2010 3 MEDICAL NUTRITION The ye
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Danone’s other business activities in 2010 Change in accounting pri
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Net income review 3 Major contracts and related-party transactions Th
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Net income review Trading operating income and trading operating ma
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Net income review 3 Tax rate The current tax rate is 25.2% for 2010.
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Free cash flow and change in net debt Dividend Danone will propose t
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Balance sheet and financial security review 3 Change in net debt in 20
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Balance sheet and financial security review Indebtedness structure a
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Balance sheet and financial security review 3 Financing structure and
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Outlook for 2011 3.8 Outlook for 2011 Material change in financial o
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Outlook for 2011 3 • raw materials price increases and volatility wil
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 References and definitions 2011 financial communications calendar The
DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 References and definitions 3 Free cash flow represents cash flows provi
3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 52 Registration Document 2010 - DANONE
4 CONSOLIDATED FINANCIAL STATEMENTS 4.1 Consolidated financial statements and Notes to the consolidated financial statements 4.2
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4.1 Cons
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 CONSOLID
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements CONSOLID
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 As of Ja
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements CONSOLID
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 CONSOLID
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements Notes to
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 NOTE 1 -
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements January
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 RESTATEM
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements RESTATEM
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 Investme
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements Impairme
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 parties
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements The reco
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 20. RESE
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements NOTE 2 -
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 OTHER AC
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements Acquisit
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 NOTE 4 -
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements GOODWILL
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 As of De
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements NOTE 5 -
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 (In € mi
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements NOTE 6 -
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 INCOME (
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements NOTE 7 -
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 NOTE 10
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements OTHER AC
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 EARNINGS
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements As of De
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 STOCK PU
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements CHANGE I
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 Portfoli
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements Exchange
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 Sensitiv
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements LIQUIDIT
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 Liquidit
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements COUNTERP
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 Risk on
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements RECONCIL
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 In accor
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements NOTE 16
CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements 4 Changes
4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial statements and Notes to the consolidated financial statements Changes
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DANONE 2010 Regi
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1 2 3 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISS
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Registration Document 2010 ANNUAL FINANCIAL REPORT This Registr
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2 Registration Doc
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1 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER
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1 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER
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SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER In
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1 SELECTED FINANCIAL INFORMATION, INFORMATION ABOUT THE ISSUER
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2 STRATEGY, RISK FACTORS 2.1 2.2 History Strategy 8 9 9 10 11 1
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2 STRATEGY, RISK FACTORS History 2.1 History the shareholders a
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STRATEGY, RISK FACTORS Strategy 2 • complementary • complementa
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2 STRATEGY, RISK FACTORS Strategy Development strategy of the D
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STRATEGY, RISK FACTORS Strategy 2 BABY NUTRITION The Baby Nutri
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2 STRATEGY, RISK FACTORS Strategy the inventory levels of its c
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STRATEGY, RISK FACTORS Strategy 2 • In North America, the Group
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2 STRATEGY, RISK FACTORS Strategy human body, its intestinal mi
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STRATEGY, RISK FACTORS Strategy 2 Strategy for protecting intel
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2 STRATEGY, RISK FACTORS Strategy purchasing costs (applied sim
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STRATEGY, RISK FACTORS Strategy 2 Environment strategy The Grou
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2 STRATEGY, RISK FACTORS Risk factors This application enables
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STRATEGY, RISK FACTORS Risk factors 2 In the entities that use
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2 STRATEGY, RISK FACTORS Risk factors Additional information is
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STRATEGY, RISK FACTORS Risk factors 2 VII. RISKS ASSOCIATED WIT
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2 STRATEGY, RISK FACTORS Risk factors III. RISKS ASSOCIATED WIT
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STRATEGY, RISK FACTORS Risk factors 2 in countries where it is
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2 STRATEGY, RISK FACTORS Risk factors II. RISKS ASSOCIATED WITH
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STRATEGY, RISK FACTORS Risk factors 2 The Group’s activities ar
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2 STRATEGY, RISK FACTORS Risk factors I. CURRENCY RISK Due to i
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STRATEGY, RISK FACTORS Risk factors 2 V. SECURITIES-RELATED RIS
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2 STRATEGY, RISK FACTORS 28 Reg
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 3.1
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Hig
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Busin
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Bus
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Busin
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Bus
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Busin
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Fin
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Finan
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Dan
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Danon
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Dan
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Net i
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Net
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Net i
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Fre
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Balan
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Bal
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Balan
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Out
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Outlo
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Ref
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DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOOK FOR 2011 Refer
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3 DANONE’S BUSINESS HIGHLIGHTS IN 2010 AND OUTLOO
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4 CONSOLIDATED FINANCIAL STATEMENTS 4.1 Consolidated financial s
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial stateme
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4 CONSOLIDATED FINANCIAL STATEMENTS Consolidated financial state
Danone RD 2010
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