2020 Full Year Results : a year marked by the health crisis. Reinventing Danone to reconnect with our profitable growth ambition


Paris, February 19 , 2021 

2020 FY landing in line with reinstated guidance

  • 14% recurring operating margin and €2.1bn free cash flow; net debt/EBITDA ratio maintained at 2.8x 
  • Contrasted top line performance leading to 2020 net sales of €23,620m, down -1.5% like-for-like (LFL) and -6.6% on a reported basis 
  • EDP back to solid growth, up +3.4% LFL, highest rate since 2012 
  • Specialized Nutrition and Waters impacted by COVID-related channel disruptions, Specialized Nutrition sequentially improving in all geographiesin the fourth quarter 
  • Reported EPS up +1% at €2.99, recurring EPS down -13%at €3.34 
  • Carbon emissionsdown 1m tonsof CO2 eq. vs 2019 on a like-for-like basis, of which 50% thanks to regenerative agriculture initiatives ; cost of carbon per share decreasingby -4.1% *

2021 outlook

  • Tough Q1 driven by base of comparison and continued channel-related headwinds 
  • Back to growth as of Q2, return to profitable growth in H2 
  • FY recurring operating margin expected to be broadly in line with 2020

Leading a bold reinvention to reconnect with mid-term profitable growth ambition 

  • Investing in portfolio superiority and differentiation, optimizing execution, reshaping the organization and reviewing the portfolio 
  • €1bn savings plan fueling reinvestments in innovation and brand support 
  • Strengthening governance to reinforce oversight of Management’s delivery of the plan

Press contact

Phone number: [tel:+33 1 40 70 11 89]

E.mail: danone@dgm-conseil.fr