Organic growth for the first nine months of 2011: +7.7%
Full-year targets for 2011 confirmed.
Sales for the first nine months of 2011 are up +14.3% as reported and +7.7% like for like[1]
· Third-quarter show organic growth of +5.9%[2] reflecting increases in both volume
(+1.5%) and value (+4.4%); all divisions report growth
· Unimilk’s performance is in line with priorities for integration, steady sales
· Full-year targets for 2011 confirmed
[1] See page 6 for details on calculation of financial indicators not defined in IFRS
[2] Like for like (see definition page 6)

Chairman’s comment
“We stand by our full-year targets for 2011. Danone is in very good shape, with operations in Asia, Latin America, and Africa/Middle East continuing to post robust growth. In Russia and the United States, we are working to strengthen our leading position, and our performance in Western Europe remains good. It’s the on-going construction of our growth drivers —more than fluctuations in the weather or financial markets — that continues to energize our operations and give me confidence in the future.
So I am confident that 2011 will see us deliver strong, profitable growth, right on target and despite the steep increase in commodity prices at the beginning of the year. I am also confident about 2012.”

2011 financial outlook
Backed by steady growth in the first nine months of 2011, Danone stands by its targets announced at the beginning of the year as follows:

Altogether, targets for 2011 include:

a 6% to 8% increase in sales[1] on a like-for-like basis[2].
an increase of around 0.2% in trading operating margin[2], like for like. This will be fueled by all Group activities, but especially by Unimilk and synergies from its integration.
an increase in free cash flow[2] in keeping with the €2 billion target set for 2012.
[1] Net sales
[2] See page 6 for details on calculation of financial indicators not defined in IFRS




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