2010 a solid showing

:: “The first thing to notice about 2010 is that margin held high, edging up 3 bp to 15.16%. This came in a complex environment marked by volatile raw materials and the end of the Reset program, which had an impact on our prices. But despite the difficulties, we closed the year on a strong note with sales up 6.9%.

The second point is the internationalization of our business, illustrated by the Danone-Unimilk joint venture, which consolidated our number-one place on the Russian dairy-product market. Emerging markets now account for 49% of our sales and North America for 10%, which means that our main high-growth markets together account for some 60% of our business — double the figure ten years ago! So the shape of our business is changing. And risk still remains limited since, apart from France and Russia, which each accounts for 11%, no single country represents more than 8% of our business.

The third point is that free cash fl ow was up for the third year in a row, with a 20% rise that rewards healthy improvement in working capital requirement and our teams’ focus on generating cash.