Danone All Stats

Danone SA (BN FP) - Adj Highlights
In Millions of CHF FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Market Capitalization 35,739.4 37,601.4 39,294.7 41,621.9 39,847.8
- Cash & Equivalents 3,641.5 4,694.1 3,844.8 3,295.8 14,611.0
+ Preferred & Other 76.0 42.9 58.9 68.4 91.2
+ Total Debt 11,454.4 14,599.3 13,382.7 12,026.1 22,804.3
Enterprise Value 43,628.3 47,549.5 48,891.6 50,420.7 48,132.3
Revenue, Adj 25,150.9 26,210.1 25,679.8 23,948.1 23,918.3

Growth %, YoY 8.0 2.1 -0.7 6.0 -2.1
Gross Profit, Adj 12,606.2 12,701.4 12,252.1 11,967.6 12,207.7
Margin % 50.1 48.5 47.7 50.0 51.0
EBITDA, Adj 4,204.9 4,261.7 4,334.6 4,427.0 4,250.9
Margin % 16.7 16.3 16.9 18.5 17.8
Net Income, Adj 2,089.8 2,262.8 1,727.1 1,871.8 2,011.3
Margin % 8.3 8.6 6.7 7.8 8.4
EPS, Adj 3.46 3.85 2.90 3.07 3.26
Growth %, YoY 0.1 11.2 -24.6 5.7 6.4
Cash from Operations 3,444.4 2,899.4 2,658.6 2,531.4 2,890.6

Capital Expenditures -1,176.3 -1,278.6 -1,195.1 -1,001.2 -1,008.2
Free Cash Flow 2,268.1 1,620.7 1,463.5 1,530.1 1,882.4
Source: Bloomberg
Current/LTM FY 2017 Est FY 2018 Est
09/30/2017 12/31/2017 12/31/2018
54,469.5
4,058.4
83.2
23,952.2
74,448.1
26,114.8 28,952.9 30,365.4

8.9 21.0 4.9
14,646.1 15,482.1
50.6 51.0
5,129.8 5,629.2
17.7 18.5
2,476.3 2,786.4
8.6 9.2
3.98 4.44
22.1 11.4
-1,220.0 -1,292.1
887.2 2,620.1
Danone SA (BN FP) - GAAP Highlights
In Millions of CHF except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Revenues 22,615.4 23,489.1 23,815.4 25,150.9
Operating Income 3,790.4 3,475.7 3,364.3 3,310.6
Net Income to Common 2,054.4 2,589.2 2,060.0 2,015.1
Basic EPS, GAAP 3.64 4.21 3.41 3.35
Diluted EPS, GAAP 3.64 4.21 3.41 3.34
Basic Weighted Avg Shares 565.5 614.4 602.2 600.5
Diluted Weighted Avg Shares 565.6 616.0 604.0 603.1
Cash and Equivalents 1,371.6 2,365.4 2,020.7 3,641.5

Total Current Assets 6,534.8 7,369.7 7,435.6 8,356.0
Total Assets 36,043.1 34,976.0 34,581.8 35,651.1
Total Current Liabilities 8,683.4 8,992.4 8,469.7 10,323.5
Total Liabilities 20,311.8 20,266.6 19,742.3 20,860.5
Total Equity 15,731.3 14,709.4 14,839.5 14,790.5
Shares Out on Balance Sheet 613.5 606.3 606.4 593.3
Cash From Operations 3,019.0 3,419.1 3,211.5 3,444.4

Cash From Investing 486.1 -762.3 -945.6 -1,290.7
Cash From Financing -3,425.1 -2,090.7 -2,299.2 -1,862.0
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
26,210.1 25,679.8 23,948.1 23,918.3
2,618.8 2,612.4 2,361.5 3,186.0
1,750.0 1,359.0 1,369.9 1,874.8
2.98 2.28 2.24 3.04
2.98 2.28 2.24 3.04
587.4 594.5 609.6 616.4
588.5 595.5 610.2 616.7
4,694.1 3,844.8 3,295.8 14,611.0

9,618.5 8,990.8 8,688.0 20,505.2
37,895.8 38,179.5 35,534.2 47,150.3
12,996.7 12,777.8 9,995.9 9,709.2
24,749.6 24,054.8 21,772.2 32,995.2
13,146.1 14,124.8 13,762.0 14,155.1
586.5 600.1 615.2 617.0
2,899.4 2,658.6 2,531.4 2,890.6

-2,653.3 -2,387.7 -1,623.1 -924.3
-615.3 -378.9 -1,294.0 -1,924.9
Danone SA (BN FP) - Earnings
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue
Consensus Estimate 23,389.8 25,049.9 26,254.0 25,414.1
Comparable Actual 23,815.4 25,150.9 26,210.1 25,679.8
Revenue Surprise % 1.8 0.4 -0.2 1.0
GAAP Actual 23,815.4 25,150.9 26,210.1 25,679.8
Adjusted Actual 23,815.4 25,150.9 26,210.1 25,679.8
Earnings Per Share

Consensus Estimate 3.55 3.64 3.48 3.14
Comparable Actual 3.56 3.63 2.97 3.18
EPS Surprise % 0.5 -0.4 -14.6 1.5
GAAP Actual 3.41 3.34 2.98 2.28
Adjusted Actual 3.46 3.46 3.85 2.90
EBIT
EBIT Surprise % 3.3 0.7 0.1 1.6
GAAP Actual 3,364.3 3,310.6 2,618.8 2,612.4
Adjusted Actual 3,406.2 3,397.4 3,387.9 3,173.5
EBITDA
EBITDA Surprise % 1.9 0.3 -0.6 8.2
GAAP Actual 4,149.6 4,118.1 3,492.5 3,773.5
Adjusted Actual 4,191.5 4,204.9 4,261.7 4,334.6
Gross Margin %
Consensus Estimate 52.07 50.69 49.71 48.13
GAAP Actual 50.6 50.1 48.5 47.7
Adjusted Actual 50.6 50.1 48.5 47.7
Pretax Income (Loss)

Pretax Income (Loss) Surprise % 1.7 1.6 25.7 5.2
GAAP Actual 3,001.9 2,946.7 2,295.1 2,233.5
Adjusted Actual 3,043.8 3,033.4 3,064.3 2,794.6
Net Income
Net Income Surprise % -3.6 0.2 -1.8 2.9
GAAP Actual 2,060.0 2,015.1 1,750.0 1,359.0
Adjusted Actual 2,087.5 2,089.8 2,262.8 1,727.1
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Est FY 2018 Est
12/31/2015 12/31/2016 12/31/2017 12/31/2018
24,140.1 23,544.5 28,952.9 30,365.4

23,948.1 23,918.3
-0.8 1.6
23,948.1 23,918.3
23,948.1 23,918.3
3.12 3.27 3.98 4.44

3.03 3.38
-2.8 3.4
2.24 3.04
3.07 3.26
2,793.6 3,230.8 4,117.2 4,551.0

3,090.2 3,293.9
10.6 2.0
2,361.5 3,186.0
3,126.5 3,394.2
3,931.9 4,154.7 5,129.8 5,629.2

4,390.6
11.7
3,661.9 4,042.7
4,427.0 4,250.9
49.19 50.59 50.59 50.99

50.0 51.0
50.0 51.0
2,794.1 2,943.5 3,557.6 3,984.0

2,790.0 2,988.7
-0.1 1.5
2,056.9 2,866.6
2,822.0 3,074.8
1,881.1 2,018.3 2,476.3 2,786.4
1,850.8 2,082.9
-1.6 3.2
1,369.9 1,874.8
1,871.8 2,011.3
Danone SA (BN FP) - Enterprise Value
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Market Capitalization 35,739.4 37,601.4 39,294.7 41,621.9
- Cash & Equivalents 3,641.5 4,694.1 3,844.8 3,295.8
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 76.0 42.9 58.9 68.4
+ Total Debt 11,454.4 14,599.3 13,382.7 12,026.1
Enterprise Value 43,628.3 47,549.5 48,891.6 50,420.7
Total Capital 26,245.0 27,745.5 27,507.5 25,788.1

Total Debt/Total Capital 43.64 52.62 48.65 46.63
Total Debt/EV 0.26 0.31 0.27 0.24
EV/Sales 1.73 1.82 1.92 2.07

EV/EBITDA 10.58 13.67 13.08 13.54
EV/EBIT 13.16 18.24 18.90 21.00
EV/Cash Flow to Firm 11.92 15.29 17.13 18.17
EV/Free Cash Flow to Firm 17.58 25.89 29.26 28.71
Diluted Market Cap 36,328.2 37,725.1 38,997.3 41,278.9

Diluted Enterprise Value 44,217.1 47,673.3 48,594.2 50,077.7
Periodic EV to Shares Outstanding 73.53 81.07 81.48 81.95
Reference Items
Trailing 12 Month Values for Ratios
Sales 25,150.9 26,210.1 25,679.8 23,948.1
EBITDA 4,118.1 3,492.5 3,773.5 3,661.9
EBIT 3,310.6 2,618.8 2,612.4 2,361.5
Cash Flow To Firm 3,653.7 3,123.2 2,882.8 2,728.9
Free Cash Flow To Firm 2,477.4 1,844.6 1,687.7 1,727.7
Source: Bloomberg
FY 2016 Current FY 2017 Est FY 2018 Est
12/31/2016 11/23/2017 12/31/2017 12/31/2018
39,847.8 54,469.5
14,611.0 4,058.4
0.0 0.0
91.2 83.2
22,804.3 23,952.2
48,132.3 74,448.1
36,959.4
61.70
0.47 0.34
2.04 2.83 2.57 2.45

12.10 17.24 14.80 13.48
15.35 21.65 18.08 16.36
15.78 21.39
23.38 30.85
39,829.6 50,495.9
48,114.1 71,683.4
78.01
23,918.3 26,114.8 28,952.9 30,365.4

4,042.7 5,129.8 5,629.2
3,186.0 4,117.2 4,551.0
3,099.5
2,091.2
Danone SA (BN FP) - Multiples
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
P/E 17.95 21.62 28.96 29.66
Average 17.99 19.82 21.92 32.25
High 19.75 21.72 28.96 35.89
Low 16.59 17.71 20.12 27.83
P/Book 2.43 2.87 2.79 3.04

Average 2.50 2.68 2.91 3.11
High 2.74 2.94 3.13 3.46
Low 2.30 2.40 2.67 2.68
Average
High
Low
P/Sales 1.44 1.44 1.53 1.69

Average 1.55 1.58 1.46 1.71
High 1.71 1.74 1.58 1.90
Low 1.41 1.42 1.33 1.45
P/Cash Flow 10.49 13.04 14.79 16.03

Average 11.52 11.58 13.21 16.47
High 12.65 13.04 14.79 18.33
Low 10.49 10.34 12.14 14.21
P/Free Cash Flow 15.92 23.34 26.86 26.51

Average 17.44 17.60 23.64 29.91
High 19.15 23.34 26.86 33.29
Low 15.92 15.70 21.72 25.81
EV/Sales 1.73 1.82 1.92 2.07

Average 2.04 1.99 1.97 2.24
High 2.20 2.14 2.10 2.43
Low 1.85 1.83 1.82 1.97
EV/EBITDA 10.58 13.67 13.08 13.54

Average 11.70 12.15 14.78 15.26
High 12.62 14.49 15.79 16.55
Low 10.97 11.18 13.69 13.41
EV/EBIT 13.16 18.24 18.90 21.00

Average 14.43 15.11 19.72 22.05
High 15.57 19.33 21.06 23.91
Low 13.53 13.90 18.26 19.37
Price/Share 60.24 64.11 65.48 67.65

High 66.03 75.23 69.79 72.45
Low 55.21 59.57 59.06 53.65
Enterprise Value 43,628.3 47,549.5 48,891.6 50,420.7

Average 47,468.9 51,054.5 50,952.8 50,628.2
High 51,046.0 55,567.7 54,417.0 55,795.9
Low 44,690.3 46,455.4 47,512.6 43,400.8
Source: Bloomberg
FY 2016 Current FY 2017 Est FY 2018 Est
12/31/2016 11/23/2017 12/31/2017 12/31/2018
21.58 23.78 20.46 18.37
29.92
33.45
21.58
2.83 3.55 3.07 2.86

3.07
3.43
2.83
1.69 1.88 1.89 1.80

1.71
1.92
1.56
13.99 15.56 13.78 12.85

16.18
18.08
13.99
21.49 23.44
26.76
29.91
21.49
2.04 2.83 2.57 2.45

2.20
2.42
2.06
12.10 17.24 14.80 13.48

14.39
15.81
12.73
15.35 21.65 18.08 16.36

22.30
24.51
16.15
64.59 81.20
77.17 81.35
61.87 80.35
48,132.3 74,448.1
53,768.3
59,279.7
49,599.5
Danone SA (BN FP) - Per Share
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Basic Shares Outstanding 606.4 593.3 586.5 600.1
Per Share Data Items

Revenue 39.55 41.88 44.62 43.20
EBITDA 6.89 6.86 5.95 6.35
Operating Income 5.59 5.51 4.46 4.39
Net Income to Common - Basic 3.41 3.35 2.98 2.28
Net Income before XO - Basic 3.41 3.35 2.98 2.28
Normalized Net Income - Basic 3.47 3.48 3.85 2.91
Net Income to Common - Diluted 3.41 3.34 2.98 2.28
Net Income before XO - Diluted 3.41 3.34 2.98 2.28
Normalized Net Income - Diluted 3.46 3.46 3.85 2.90
Dividends 1.71 1.75 1.78 1.82
Cash Flow 5.33 5.74 4.94 4.47

Free Cash Flow 3.52 3.78 2.76 2.46
Funds From Operations - Basic
Funds From Operations - Diluted
Cash & Equivalents 3.33 6.14 8.00 6.41

Book Value 24.27 24.80 22.34 23.44
Tangible Book Value -7.98 -8.29 -11.73 -9.09
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Est FY 2018 Est
12/31/2015 12/31/2016 12/31/2017 12/31/2018
615.2 617.0
610.2 616.7
609.6 616.4
39.28 38.80
6.01 6.56
3.87 5.17
2.24 3.04 3.80 4.27
2.24 3.04 3.80 4.27
3.07 3.26 3.98 4.44
2.24 3.04 3.80 4.27
2.24 3.04 3.80 4.27
3.07 3.26 3.98 4.44
1.71 1.85 2.11 2.22
4.15 4.69 5.90 6.33

2.51 3.05
5.37 5.90
5.37 5.90
5.36 23.68
22.26 22.79 26.46 28.45
-5.60 -4.68
Danone SA (BN FP) - Stock Value
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Last Price 58.69 59.09 60.24 64.11
Period-over-Period % Change -7.58 0.67 1.94 6.43
Open Price 63.39 59.38 58.77 60.72
High Price 67.22 64.28 66.03 75.23
Low Price 53.57 45.59 55.21 59.57

Current Shares Outstanding 647.92 642.25 643.16 631.03
Equity Float 556.58 517.83 522.40 534.79
Source: Bloomberg
FY 2014 FY 2015 FY 2016 Current
12/31/2014 12/31/2015 12/31/2016 11/23/2017
65.48 67.65 64.59 81.20
2.15 3.31 -4.54
65.19 65.90 66.58 80.35
69.79 72.45 77.17 81.35
59.06 53.65 61.87 80.35
39,294.7 41,621.9 39,847.8 54,461.7

643.79 654.95 655.89 670.71
559.58 578.45 582.09 603.59
Danone SA (BN FP) - Adjusted
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 25,150.9 26,210.1 25,679.8 23,948.1
+ Sales & Services Revenue 25,150.9 26,210.1 25,679.8 23,948.1
- Cost of Revenue 12,544.7 13,508.7 13,427.8 11,980.4
+ Cost of Goods & Services 12,544.7 13,508.7 13,427.8 11,980.4
Gross Profit 12,606.2 12,701.4 12,252.1 11,967.6
+ Other Operating Income 0.0 0.0 0.0 0.0
- Operating Expenses 9,208.8 9,313.5 9,078.5 8,841.1
+ Selling, General & Admin 8,701.4 8,776.9 8,443.4 8,143.3
+ Selling & Marketing 6,597.1 6,676.2 6,326.4 6,066.1
+ General & Administrative 2,104.2 2,100.7 2,116.9 2,077.2
+ Research & Development 309.7 338.4 330.3 328.0
+ Other Operating Expense 197.6 198.1 304.8 369.7
Operating Income (Loss) 3,397.4 3,387.9 3,173.5 3,126.5
- Non-Operating (Income) Loss 364.0 323.7 378.9 304.5
+ Interest Expense, Net 204.9 237.5 218.6 162.4
+ Interest Expense 295.3 331.0 332.8 292.8
- Interest Income 90.4 93.5 114.2 130.4
+ Foreign Exch (Gain) Loss 0.0 0.0
+ (Income) Loss from Affiliates
+ Other Non-Op (Income) Loss 159.1 86.1 160.3 142.1
Pretax Income (Loss), Adjusted 3,033.4 3,064.3 2,794.6 2,822.0
- Abnormal Losses (Gains) 86.8 769.1 561.1 765.1
+ Merger/Acquisition Expense 104.9 86.1 17.0
+ Disposal of Assets -139.8 -34.5 -7.3 -4.3
+ Asset Write-Down 13.4 25.6
+ Impairment of Goodwill 51.8
+ Impairment of Intangibles 47.0 76.3 302.4 475.5
+ Gain/Loss on Sale/Acquisition of Busin
+ Legal Settlement 25.8
+ Restructuring 15.7 368.0 235.6 243.6
+ Unrealized Investments 7.2
+ Other Abnormal Items 247.4 24.6
Pretax Income (Loss), GAAP 2,946.7 2,295.1 2,233.5 2,056.9
- Income Tax Expense (Benefit) 858.1 743.3 728.7 668.9
+ Current Income Tax 790.6 750.7 842.9 860.2
+ Deferred Income Tax 67.5 -7.4 -114.2 -191.3
- (Income) Loss from Affiliates -65.1 -355.7 -17.0 -105.8
Income (Loss) from Cont Ops 2,153.7 1,907.5 1,521.8 1,493.8
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations 0.0 0.0 0.0 0.0
+ XO & Accounting Changes 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI 2,153.7 1,907.5 1,521.8 1,493.8
- Minority Interest 138.6 157.5 162.7 124.0
Net Income, GAAP 2,015.1 1,750.0 1,359.0 1,369.9
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP 2,015.1 1,750.0 1,359.0 1,369.9
Net Income Avail to Common, Adj 2,089.8 2,262.8 1,727.1 1,871.8

Net Abnormal Losses (Gains) 74.7 512.8 368.1 501.9
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic EPS, GAAP 3.35 2.98 2.28 2.24
Basic EPS from Cont Ops 3.35 2.98 2.28 2.24
Basic EPS from Cont Ops, Adjusted 3.48 3.85 2.91 3.07

Diluted EPS, GAAP 3.34 2.98 2.28 2.24
Diluted EPS from Cont Ops 3.34 2.98 2.28 2.24
Diluted EPS from Cont Ops, Adjusted 3.46 3.85 2.90 3.07
Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA 4,204.9 4,261.7 4,334.6 4,427.0
EBITDA Margin (T12M) 16.72 16.26 16.88 18.49
EBITA 3,466.1 3,485.2 3,557.3 3,675.8
EBIT 3,397.4 3,387.9 3,173.5 3,126.5
Gross Margin 50.12 48.46 47.71 49.97
Operating Margin 13.51 12.93 12.36 13.06
Profit Margin 8.31 8.63 6.73 7.82
Sales per Employee 245,611.37 250,474.18 256,986.05 240,006.37
Dividends per Share 1.75 1.78 1.82 1.71
Total Cash Common Dividends 1,036.8 1,046.6 1,093.2 1,051.8
Personnel Expenses 3,436.0 3,741.1 3,608.3 3,617.0
Depreciation Expense 738.8 776.5 777.3 751.2
Source: Bloomberg
FY 2016 Last 12M FY 2017 Est FY 2018 Est
12/31/2016 09/30/2017 12/31/2017 12/31/2018
23,918.3 26,114.8 28,952.9 30,365.4
23,918.3
11,710.7
11,710.7
12,207.7 14,646.1 15,482.1
0.0
8,813.5
8,246.7
6,062.4
2,184.3
363.0
203.8
3,394.2 4,117.2 4,551.0
319.4
159.1
300.8
141.7
0.0

160.2
3,074.8 3,557.6 3,984.0
208.2
62.1
-7.6

33.8
-99.2
62.1
114.4

42.5
2,866.6 3,557.6 3,984.0
876.3
947.2
-70.8
-1.1
1,991.4 2,394.1 2,735.0
0.0
0.0
0.0
1,991.4
116.6
1,874.8 2,394.1 2,735.0
0.0
0.0
1,874.8 2,394.1 2,735.0
2,011.3 2,476.3 2,786.4

136.6
0.0
616.4
3.04 3.80 4.27
3.04 3.80 4.27
3.26 3.98 4.44
616.7
3.04 3.80 4.27
3.04 3.80 4.27
3.26 3.98 4.44
IAS/IFRS
4,250.9 5,129.8 5,629.2
17.77 17.72 18.54
3,505.3
3,394.2 4,117.2 4,551.0
51.04 50.59 50.99
14.19 14.22 14.99
8.41 8.55 9.18
241,143.80
1.85 2.11 2.22
1,143.2
3,741.9
745.5
Danone SA (BN FP) - GAAP
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 25,150.9 26,210.1 25,679.8 23,948.1
+ Sales & Services Revenue 25,150.9 26,210.1 25,679.8 23,948.1
- Cost of Revenue 12,544.7 13,508.7 13,427.8 11,980.4
+ Cost of Goods & Services 12,544.7 13,508.7 13,427.8 11,980.4
Gross Profit 12,606.2 12,701.4 12,252.1 11,967.6
- Operating Expenses 9,295.5 10,082.6 9,639.7 9,606.2
+ Selling, General & Admin 8,701.4 8,776.9 8,443.4 8,143.3
+ Selling & Marketing 6,597.1 6,676.2 6,326.4 6,066.1
+ General & Administrative 2,104.2 2,100.7 2,116.9 2,077.2
+ Other Operating Expense 284.4 967.3 866.0 1,134.8
Operating Income (Loss) 3,310.6 2,618.8 2,612.4 2,361.5
- Interest Income 90.4 93.5 114.2 130.4
Pretax Income 2,946.7 2,295.1 2,233.5 2,056.9
+ Deferred Income Tax 67.5 -7.4 -114.2 -191.3
Income (Loss) from Cont Ops 2,153.7 1,907.5 1,521.8 1,493.8
Income (Loss) Incl. MI 2,153.7 1,907.5 1,521.8 1,493.8
Net Income, GAAP 2,015.1 1,750.0 1,359.0 1,369.9
Net Income Avail to Common, GAAP 2,015.1 1,750.0 1,359.0 1,369.9

Basic EPS, GAAP 3.35 2.98 2.28 2.24

Diluted EPS, GAAP 3.34 2.98 2.28 2.24
Reference Items
EBITDA 4,118.1 3,492.5 3,773.5 3,661.9
EBITDA Margin (T12M) 16.37 13.33 14.69 15.29
EBITA 3,379.3 2,716.0 2,996.2 2,910.7
EBIT 3,310.6 2,618.8 2,612.4 2,361.5
Gross Margin 50.12 48.46 47.71 49.97
Profit Margin 8.01 6.68 5.29 5.72
Personnel Expenses 3,436.0 3,741.1 3,608.3 3,617.0
Source: Bloomberg
12/31/2016 09/30/2017 12/31/2017 12/31/2018
23,918.3 26,114.8 28,952.9 30,365.4
23,918.3
11,710.7
11,710.7
12,207.7 14,646.1 15,482.1
0.0
9,021.7
8,246.7
6,062.4
2,184.3
363.0
412.0
3,186.0 4,117.2 4,551.0
319.4
159.1
300.8
141.7
0.0

160.2
2,866.6 3,557.6 3,984.0
876.3
947.2
-70.8
-1.1
1,991.4 2,394.1 2,735.0
0.0
0.0
0.0
1,991.4
116.6
1,874.8 2,394.1 2,735.0
0.0
0.0
1,874.8 2,394.1 2,735.0
2,011.3 2,476.3 2,786.4

136.6
0.0
616.4
3.04 3.80 4.27
3.04 3.80 4.27
3.26 3.98 4.44
616.7
3.04 3.80 4.27
3.04 3.80 4.27
3.26 3.98 4.44
IAS/IFRS
4,042.7 5,129.8 5,629.2
16.90 17.72 18.54
3,297.2
3,186.0 4,117.2 4,551.0
51.04
13.32 14.22 14.99
7.84 8.55 9.18
241,143.80
1.85 2.11 2.22
1,143.2
3,741.9
745.5
Danone SA (BN FP) - As Reported
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Revenues 22,615.4 23,489.1 23,815.4 25,150.9
Total Revenue
Operating Expenses
Cost of Goods Sold 10,187.6 10,987.8 11,762.2 12,544.7
R & D Expenditures 311.0 288.6 287.2 309.7
Sales/Marketing/Advertising Expenses 6,358.0 6,439.1 6,277.5 6,597.1
Depreciation Expense
Other Operating Expenses
General and Administrative Expenses 2,046.9 2,063.1 1,928.1 2,104.2
Other Operating (Income)/Expense - Net -78.5 234.8 196.0 284.4
Other Non-Operating Charges Within SAGA
Earnings Before Interest and Taxes 3,475.7 3,364.3 3,310.6
Non-Operating Expenses
Interest Expense 513.2 317.6 297.1 295.3
Equity In Earnings of Affiliate/Joint Ventures
Interest Income -114.7 -120.1 -82.6 -90.4
Interest Expense - Net 398.5 197.5 214.5 204.9
Income Tax Expense (Benefit) 640.0 798.2 771.7 858.1
Income Before Income Taxes 3,052.2 3,448.1 3,001.9 2,946.7
Other Non-Operating (Income)/Expense - N
Net Earnings Of Consolidated Companies -
Other Financial Gains
Other Financial Losses (Gains) -169.9 147.9 159.1
Other Financial Losses 339.6
AT (Income) Loss Affiliates and Others 116.2 -167.1 -56.7 -65.1
Extraordinary Items
Discontinued Operations Loss/(Benefit) - Ne
Earnings
Minority/Non Controlling Interest 241.5 227.8 226.8 138.6
Basic EPS 3.64 4.21 3.41 3.35
Weighted Avg. Shares - Basic 565.5 614.4 602.2
Diluted EPS 3.64 4.21 3.41 3.34
Weighted Avg. Shares - Diluted 565.6 616.0 604.0
Adjusted EPS 3.77 3.76 3.56 3.63
Profit After Taxation Before Minority 2,296.0 2,817.0 2,286.9 2,153.7
Net Income 2,054.4 2,589.2 2,060.0 2,015.1
Others
Comprehensive Income
Foreign Currency Translation Adjustmen 448.3 1,269.0 -109.7 -121.7
Unrealized Gain (Loss) On Securities 374.4 -69.0 -24.7
Change In Fair Value of Derivatives -238.5 18.0 18.5 -47.0
Pension Related Adjustments -116.9
Other Comprehensive Income -55.9 -382.5 -1.2 -2.4
Total Comprehensive Income 2,570.7 3,397.0 1,993.4 1,715.0
Unrealized Gain (Loss) On Secs Related
Tax Related To Chg In Fair Value of Deriv
Tax Related To Minimum Pension Liabilit
Tax Related To Other Comprehensive In 1.4 6.2
Comprehensive Income Attrib to Minority -253.6 256.8 182.5 150.6
Net Income - Comprehensive Income 2,296.0 2,817.0 2,286.9 2,153.7
Total Comprehensive Inc Including Minori 2.8 3,653.9 2,175.9 1,865.6
Reference Items
Revenues 23,489.1 23,815.4 25,150.9
Salaries Wages and Employee Benefits 3,400.9 3,460.5 3,321.2 3,436.0
Other Operating Expenses 60.4 -62.1 -33.3 7.2
(Gain)/Loss On Sale of Assets -78.5 -40.0 -106.0 -139.8
Write-Down/Impairment of Assets
Restructuring Charges 77.0 111.9 108.5 15.7
Other One-Time Charges 151.0
Interest Income -114.7 -120.1 -82.6 -90.4
Interest Expense - Net 398.5 197.5 214.5 204.9
Income Tax Expense (Benefit) 640.0 798.2 771.7 858.1
Total Cash Common Dividends 1,171.4 1,162.7 1,100.6
Projected Benefit Obligation 1,101.7 1,077.2 1,102.2 1,239.6
Fair Value of Plan Assets 652.4 579.2 558.4 526.3
Dividends Per Share 1.81 1.80 1.71 1.75
Basic EPS 3.64 4.21 3.41 3.35
Weighted Avg. Shares - Basic 565.5 614.4 602.2 600.5
Diluted EPS 3.64 4.21 3.41 3.34
Weighted Avg. Shares - Diluted 565.6 616.0 604.0 603.1
Pension Expense (Income) 55.5 56.6
Service Cost 27.2 31.8 34.5 35.0
Overfunded (Underfunded) Pension -713.3
Expected Return On Plan Assets - Pension
Discount Rate Used On Plan Liabs-Pensio
Rate of Compensation Increase(Pension) -
Stock Based Compensation Expense 42.3 38.7 27.1 26.5
Litigation Expense
Merger/Acquisition Expense 38.7 39.4 104.9
Impairment of Intangibles 47.0
Amortization of Intangible Assets 108.7 91.1 75.2 61.5
Impairment of Goodwill 51.8
(Gain)/Loss On Sale of Business -495.1
Current Income Tax Expense (Benefit) 704.9 691.8 686.7 790.6
Deferred Income Tax Expense (Benefit) -64.9 106.3 85.1 67.5
Effective Tax Rate - % 21.00 23.10 25.70 29.10
Number of Employees at Period End Date 80,976.00 100,995.00 101,885.00 101,885.00
Benefits Paid (Pension) -60.4 -69.0 -55.5 -56.6
Interest Cost (Pension) 61.9 55.2 49.3 48.2
Expected Return On Pension Plan Assets -33.2 -30.4 -29.6 -26.5
Pension Plan Asset Category-Equities % 27.00 24.00 24.00 17.00
Pension Plan Asset Category-Debt % 57.00 58.00 60.00 61.00
Total Financial Losses (Gains) 27.6 362.4 364.0
Other Auditors Fees (Tax & Consulting) 0.7
Other Financial Gains
Other Financial Losses (Gains) 339.6 -169.9 147.9 159.1
Total Fees Paid To Audit Firms 14.6
Weighted Avg NumberPotential Dilutive Shr 0.1 2,150,564.8 2,276,891.5 3.2
Other Financial Losses
Employee Profit Sharing 147.9 145.0 131.9 120.5
Auditor Expense - Audit 13.9 13.7 11.8 13.9
Pension Plan Asset Category-Other % 16.00 18.00 16.00 22.00
Statutory Tax Rate - % 34.43 34.43 34.43 34.40
Audit Service Fee Paid to Main Auditor 7.2 5.4 4.1 8.1
Audit Service Fee Paid to Other Auditors 4.2 3.7 5.7 5.8
Nonaudit Service Fee Paid to Main Auditor 2.3 3.7 0.9 0.7
Nonaudit Service Fee Pd to Other Auditors 0.2
Tax Service Fee Paid to All Auditors 0.9
Adjusted EBIT/Non-GAAP Operating Incom 3,462.8 3,586.2 3,504.9 3,564.9
Organic Growth Percent 3.20 6.90 7.80 5.40
Other Expenses or Income - Pension 1.2 1.2
ARDR Currency Effect on Sales Growth -3.40 6.00 -1.70 2.50
ARDR Revenue Growth 8.00
ARDR Acquisition Divestiture Growth -1.40 0.60 7.50 0.10
ARDR Adjusted Operating Margin
ARDR Stock Based Compensation CF Pre
Employer Contribution (Pension)
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
26,210.1 25,679.8 23,948.1 23,918.3

26,210.1
13,508.7 13,427.8 11,980.4 11,710.7

338.4 330.3 328.0 363.0
6,676.2 6,326.4 6,066.1 6,062.4

1.1
2,100.7 2,116.9 2,077.2 2,184.3
2,618.8 2,612.4 2,361.5 3,186.0
967.3 866.0 1,134.8 410.9

2,618.8 2,612.4 2,361.5 3,186.0
331.0 332.8 292.8 300.8

-93.5 -114.2 -130.4 -141.7
237.5 218.6 162.4 159.1
743.3 728.7 668.9 876.3
2,295.1 2,233.5 2,056.9 2,866.6
838.1

-6.1 -1.1 -73.0
86.1
166.4 143.2 233.3
-355.7 -17.0 -105.8 -1.1
157.5 162.7 124.0 116.6

2.98 2.28 2.24 3.04
587.4
2.98 2.28 2.24 3.04
588.5
3.42 3.18 3.13 3.38
1,907.5 1,521.8 1,493.8 1,991.4
1,750.0 1,359.0 1,369.9 1,874.8
-1,801.7 215.0 71.6 -36.0
-86.2 -10.7
71.4 -145.7 129.3 419.6
13.5 -246.5 62.0 -146.1
78.8 1.1 -1.1
167.4 1,181.7 1,597.5 1,984.8
-1.2 8.5 -1.1
6.1 -13.9 -146.1
77.7 -20.3 20.7
3.6
102.1 93.5 97.2 107.9
1,907.5 1,359.0 1,369.9 1,874.8
269.5 1,276.5 1,694.7 2,092.7
26,210.1 25,679.8 23,948.1 23,918.3

3,741.1 3,608.3 3,617.0 3,741.9
776.5 777.3 751.2 745.5
1.2 19.4 68.4 25.1
331.0 332.8 292.8 300.8
-34.5 -7.3 -4.3 -7.6
13.4 25.6
368.0 235.6 243.6 114.4
247.4 24.6 42.5
-93.5 -114.2 -130.4 -141.7
237.5 218.6 162.4 159.1
743.3 728.7 668.9 876.3

1,221.6 1,529.7 1,363.3 1,557.8
528.1 571.2 527.9 557.9
1.78 1.82 1.71 1.85
2.98 2.28 2.24 3.04
587.4 594.5 609.6 616.4
2.98 2.28 2.24 3.04
588.5 595.5 610.2 616.7
57.8 57.1 57.7 62.1
36.9 31.6 36.3 36.0
-693.5 -958.5 -835.3 -999.9
2.20 2.40 1.70
2.20 2.40 1.70
3.00 3.00 3.00
23.4 23.1 22.4 27.2
25.8 62.1
86.1 17.0 62.1
76.3 302.4 475.5 33.8
88.6 42.5 40.6 43.6

-99.2
750.7 842.9 860.2 947.2
-7.4 -114.2 -191.3 -70.8
32.40 32.60 32.50 30.60
104,642.00 99,927.00 99,781.00 99,187.00
-57.8 -57.1 -57.7 -62.1
45.5 46.2 39.5 41.4
-19.7 -19.4 -13.9 -14.2
8.00 0.00 0.00 3.00
88.00 98.00 98.00 91.00
323.7
0.9 1.1 1.4

86.1 160.3 142.1 160.2
15.1 20.3 15.0 12.8
1.3 348,978.2 0.1 0.3

118.1 171.2 176.3 178.8
14.3 19.2 13.7 12.8
4.00 2.00 2.00 6.00
33.33 34.40 34.40 34.40
7.3 9.8 7.8
7.0 9.4 5.9
0.9 0.5 1.1
0.6 0.3

3,456.9 3,233.1 3,090.2 3,293.9
4.80 4.70 4.40 2.90
0.0 0.0 0.0
-5.10 -5.50 2.00 -5.50
2.10 -0.70 6.00 -2.10
2.40 0.10 -0.40 0.60
13.77
26.2

Danone SA (BN FP) - Reconciliation
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
EBITDA Reconciliation
EBIT, GAAP 3,790.4 3,475.7 3,364.3 3,310.6
+ Revenue Adjustments 0.0 0.0 0.0 0.0
+ Cost of Revenue Adjustments 0.0 0.0 0.0 0.0
+ Other Op Inc Adjustments 0.0 0.0 0.0 0.0
+ SG&A Adjustments 0.0 0.0 0.0 0.0
+ R&D Expense Adjustments 0.0 0.0 0.0 0.0
+ D&A Adjustments 0.0 0.0 0.0 0.0
+ Prov for Doubtful Acct Adj 0.0 0.0 0.0 0.0
+ Other Op Exp Adjustments -345.7 110.5 41.9 86.8
EBIT, Adjusted 3,444.7 3,586.2 3,406.2 3,397.4
+ Depreciation & Amortization 828.7 817.5 785.3 807.5
EBITDA, Adjusted 4,273.4 4,403.7 4,191.5 4,204.9
EBIT Reconciliation
EBIT, GAAP 3,790.4 3,475.7 3,364.3 3,310.6
+ Merger Expense 38.7 39.4 104.9
+ Asset Write-Down
+ Impairment of Intangibles 47.0
+ Sale of Business -495.1
+ Legal Settlement
+ Restructuring Expense 77.0 111.9 108.5 15.7
+ Other Abnormal Items 151.0
EBIT, Adjusted 3,444.7 3,586.2 3,406.2 3,397.4
Pretax Income Reconciliation

Pretax Income (Loss), GAAP 3,052.2 3,448.1 3,001.9 2,946.7
+ Asset Write-Down
+ Gain/Loss on Sale/Acquisition of Busine -495.1
+ Legal Settlement
Pretax Income (Loss), Adjusted 2,706.5 3,558.6 3,043.8 3,033.4
Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP 2,054.4 2,589.2 2,060.0 2,015.1
Net Inc Avail to Common Cont 2,054.4 2,589.2 2,060.0 2,015.1
+ Asset Write-Down
+ Legal Settlement
Earnings Per Share Reconciliation

Diluted EPS, GAAP 3.64 4.21 3.41 3.34
+ Asset Write-Down
+ Legal Settlement
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
2,618.8 2,612.4 2,361.5 3,186.0

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
769.1 561.1 765.1 208.2
3,387.9 3,173.5 3,126.5 3,394.2
873.8 1,161.1 1,300.4 856.7
4,261.7 4,334.6 4,427.0 4,250.9
2,618.8 2,612.4 2,361.5 3,186.0

86.1 17.0 62.1
-34.5 -7.3 -4.3 -7.6
13.4 25.6

76.3 302.4 475.5 33.8
-99.2
25.8 62.1
368.0 235.6 243.6 114.4

247.4 24.6 42.5
3,387.9 3,173.5 3,126.5 3,394.2
2,295.1 2,233.5 2,056.9 2,866.6

86.1 17.0 62.1
-34.5 -7.3 -4.3 -7.6
13.4 25.6

76.3 302.4 475.5 33.8
-99.2
25.8 62.1
368.0 235.6 243.6 114.4

247.4 24.6 42.5
3,064.3 2,794.6 2,822.0 3,074.8
1,750.0 1,359.0 1,369.9 1,874.8

0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
1,750.0 1,359.0 1,369.9 1,874.8
57.4 11.2 40.8
-23.0 -4.8 -2.8 -5.0
8.8 16.8

50.9 198.4 311.9 22.2
-65.1
17.2 40.8
245.3 154.6 159.8 75.1

164.9 16.1 27.9
2,262.8 1,727.1 1,871.8 2,011.3
2.98 2.28 2.24 3.04

0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
2.98 2.28 2.24 3.04
0.10 0.02 0.07
-0.04 -0.01 0.00 -0.01
0.01 0.03

0.09 0.33 0.51 0.04
-0.11
0.03 0.07
0.42 0.26 0.26 0.12

0.28 0.03 0.05
3.85 2.90 3.07 3.26
Danone SA (BN FP) - SBC & Amort
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj 4.37 3.50 3.51 3.88
Diluted EPS Ex-SBC, Adj 4.37 3.49 3.49 3.88
Basic EPS Ex-Amortization, Adj 4.43 3.55 3.55 3.95
Diluted EPS Ex-Amortization, Adj 4.43 3.54 3.53 3.95
Basic EPS Ex-SBC & Amort, Adj 4.47 3.58 3.58 3.98
Diluted EPS Ex-SBC & Amort, Adj 4.47 3.57 3.56 3.98
Stock Based Compensation

Pre-Tax 38.7 27.1 26.5 23.4
After-Tax 25.4 17.8 17.4 15.6
Per Basic Share 0.04 0.03 0.03 0.03
Per Diluted Share 0.04 0.03 0.03 0.03
Amortization of Acquisition Related Intangibles

Amortization of Total Intangibles

Pre-Tax 91.1 75.2 61.5 88.6
After-Tax 59.8 49.3 40.3 59.1
Per Basic Share 0.10 0.08 0.07 0.10
Per Diluted Share 0.10 0.08 0.07 0.10
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 11/23/2017
2.93 3.09 3.29

2.93 3.09 3.29
2.95 3.11 3.31
2.95 3.11 3.31
2.98 3.14 3.34
2.97 3.13 3.34
23.1 22.4 27.2

15.1 14.7 17.9
0.03 0.02 0.03
0.03 0.02 0.03
0.00
42.5 40.6 43.6

27.9 26.6 28.6
0.05 0.04 0.05
0.05 0.04 0.05
Danone SA (BN FP) - Adj %
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 25,150.9 26,210.1 25,679.8 23,948.1
+ Sales & Services Revenue 100.0 100.0 100.0 100.0
- Cost of Revenue 49.9 51.5 52.3 50.0
+ Cost of Goods & Services 49.9 51.5 52.3 50.0
Gross Profit 50.1 48.5 47.7 50.0
- Operating Expenses 36.6 35.5 35.4 36.9
+ Selling, General & Admin 34.6 33.5 32.9 34.0
+ Selling & Marketing 26.2 25.5 24.6 25.3
+ General & Administrative 8.4 8.0 8.2 8.7
Operating Income (Loss) 13.5 12.9 12.4 13.1
- Interest Income 0.4 0.4 0.4 0.5
Pretax Income (Loss), Adjusted 12.1 11.7 10.9 11.8
- Abnormal Losses (Gains) 0.3 2.9 2.2 3.2
+ Merger/Acquisition Expense 0.4 0.3 0.1
+ Disposal of Assets -0.6 -0.1 0.0 0.0
+ Asset Write-Down 0.1 0.1
+ Impairment of Intangibles 0.2 0.3 1.2 2.0
+ Gain/Loss on Sale/Acquisition of Busin
+ Legal Settlement 0.1
+ Restructuring 0.1 1.4 0.9 1.0
+ Other Abnormal Items 0.9 0.1
Pretax Income (Loss), GAAP 11.7 8.8 8.7 8.6
+ Deferred Income Tax 0.3 0.0 -0.4 -0.8
Income (Loss) from Cont Ops 8.6 7.3 5.9 6.2
Income (Loss) Incl. MI 8.6 7.3 5.9 6.2
Net Income, GAAP 8.0 6.7 5.3 5.7
Net Income Avail to Common, GAAP 8.0 6.7 5.3 5.7


Basic EPS, GAAP 0.0 0.0 0.0 0.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Reference Items
EBITDA 16.7 16.3 16.9 18.5
EBITDA Margin (T12M) 0.1 0.1 0.1 0.1
EBITA 13.8 13.3 13.9 15.3
EBIT 13.5 12.9 12.4 13.1
Gross Margin 0.2 0.2 0.2 0.2
Profit Margin 0.0 0.0 0.0 0.0
Sales per Employee 976.6 955.6 1,000.7 1,002.2
Total Cash Common Dividends 4.1 4.0 4.3 4.4
Personnel Expenses 13.7 14.3 14.1 15.1
Source: Bloomberg
12/31/2016 09/30/2017 12/31/2017 12/31/2018
23,918.3 26,114.8 28,952.9 30,365.4
100.0
49.0
49.0
51.0 50.6 51.0
0.0
36.8
34.5
25.3
9.1
1.5
0.9
14.2 14.2 15.0
1.3
0.7
1.3
0.6
0.0

0.7
12.9 12.3 13.1
0.9
0.3
0.0

0.1
-0.4
0.3
0.5

0.2
12.0 12.3 13.1
3.7
4.0
-0.3
0.0
8.3 8.3 9.0
0.0
0.0
0.0
8.3
0.5
7.8 8.3 9.0
0.0
0.0
7.8 8.3 9.0
0.6
0.0
2.6
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
2.6
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
IAS/IFRS
17.8 17.7 18.5
0.1 0.1 0.1
14.7
14.2 14.2 15.0
0.2 0.2 0.2
0.1 0.0 0.0
0.0 0.0 0.0
1,008.2
0.0 0.0 0.0
4.8
15.6
3.1
Danone SA (BN FP) - Common Size
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Revenue 25,150.9 26,210.1 25,679.8 23,948.1
+ Sales & Services Revenue 100.0 100.0 100.0 100.0
- Cost of Revenue 49.9 51.5 52.3 50.0
+ Cost of Goods & Services 49.9 51.5 52.3 50.0
Gross Profit 50.1 48.5 47.7 50.0
- Operating Expenses 37.0 38.5 37.5 40.1
+ Selling, General & Admin 34.6 33.5 32.9 34.0
+ Selling & Marketing 26.2 25.5 24.6 25.3
+ General & Administrative 8.4 8.0 8.2 8.7
Operating Income (Loss) 13.2 10.0 10.2 9.9
- Interest Income 0.4 0.4 0.4 0.5
Pretax Income 11.7 8.8 8.7 8.6
+ Deferred Income Tax 0.3 0.0 -0.4 -0.8
Income (Loss) from Cont Ops 8.6 7.3 5.9 6.2
Income (Loss) Incl. MI 8.6 7.3 5.9 6.2
Net Income, GAAP 8.0 6.7 5.3 5.7
Net Income Avail to Common, GAAP 8.0 6.7 5.3 5.7


Basic EPS, GAAP 0.0 0.0 0.0 0.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Reference Items
EBITDA 16.4 13.3 14.7 15.3
EBITDA Margin (T12M) 0.1 0.1 0.1 0.1
EBITA 13.4 10.4 11.7 12.2
EBIT 13.2 10.0 10.2 9.9
Gross Margin 0.2 0.2 0.2 0.2
Profit Margin 0.0 0.0 0.0 0.0
Sales per Employee 976.6 955.6 1,000.7 1,002.2
Total Cash Common Dividends 4.1 4.0 4.3 4.4
Personnel Expenses 13.7 14.3 14.1 15.1
Source: Bloomberg
12/31/2016 09/30/2017 12/31/2017 12/31/2018
23,918.3 26,114.8 28,952.9 30,365.4
100.0
49.0
49.0
51.0 50.6 51.0
0.0
37.7
34.5
25.3
9.1
1.5
1.7
13.3 14.2 15.0
1.3
0.7
1.3
0.6
0.0

0.7
12.0 12.3 13.1
3.7
4.0
-0.3
0.0
8.3 8.3 9.0
0.0
0.0
0.0
8.3
0.5
7.8 8.3 9.0
0.0
0.0
7.8 8.3 9.0
0.6
0.0
2.6
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
2.6
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
IAS/IFRS
16.9 17.7 18.5
0.1 0.1 0.1
13.8
13.3 14.2 15.0
0.2
0.1 0.0 0.0
0.0 0.0 0.0
1,008.2
0.0 0.0 0.0
4.8
15.6
3.1
Danone SA (BN FP) - Standardized
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 1,371.6 2,365.4 2,020.7 3,641.5
+ Cash & Cash Equivalents 954.9 1,315.7 1,249.4 1,531.7
+ ST Investments 416.7 1,049.8 771.3 2,109.8
+ Accounts & Notes Receiv 2,494.1 2,401.6 2,410.0 2,295.7
+ Accounts Receivable, Net 2,424.4 2,338.0 2,348.0 2,252.3
+ Notes Receivable, Net 69.7 63.7 62.0 43.5
+ Inventories 1,134.4 1,217.0 1,289.5 1,321.7
+ Raw Materials 311.4 469.3 498.8 459.9
+ Work In Process 77.1 67.4 60.8 82.1
+ Finished Goods 688.0 620.4 670.3 707.3
+ Other Inventory 57.8 59.9 59.6 72.4
+ Other ST Assets 1,534.7 1,385.6 1,715.3 1,097.2
+ Prepaid Expenses 84.5 107.3 113.1 124.3
+ Derivative & Hedging Assets 256.5 337.0 592.5 1.2
+ Assets Held-for-Sale 261.0 48.7 83.9 36.2
+ Misc ST Assets 932.7 892.5 925.8 935.4
+ Property, Plant & Equip, Net 4,715.4 4,755.8 4,764.0 4,966.8
+ Property, Plant & Equip 10,354.6 10,082.1 10,268.9 10,837.6
- Accumulated Depreciation 5,639.2 5,326.3 5,504.9 5,870.8
+ LT Investments & Receivables 228.4 224.7 266.4 298.1
+ LT Investments 228.4 224.7 266.4 298.1
+ Other LT Assets 24,564.5 22,625.8 22,115.8 22,030.1
+ Total Intangible Assets 21,478.8 20,126.8 19,559.8 19,631.8
+ Goodwill 15,164.9 14,119.0 13,733.7 13,712.7
+ Other Intangible Assets 6,313.9 6,007.8 5,826.1 5,919.1
+ Deferred Tax Assets 920.8 873.8 840.6 837.7
+ Investments in Affiliates 1,966.2 1,330.6 1,402.7 1,303.6
+ Misc LT Assets 0.0 0.0 0.0 0.0
Total Noncurrent Assets 29,508.3 27,606.3 27,146.2 27,295.0
Total Assets 36,043.1 34,976.0 34,581.8 35,651.1
Liabilities & Shareholders' Equity

+ Payables & Accruals 3,204.4 3,331.6 3,664.3 3,966.2
+ Accounts Payable 2,937.5 3,017.0 3,292.0 3,549.8
+ Accrued Taxes 266.9 314.6 372.3 416.4
+ Other Payables & Accruals 0.0 0.0 0.0 0.0
+ ST Debt 2,523.8 3,156.8 2,268.9 3,822.6
+ ST Borrowings 2,523.8 2,040.9 2,004.9 3,500.3
+ ST Capital Leases
+ Current Portion of LT Debt 1,115.9 264.0 322.3
+ Other ST Liabilities 2,955.3 2,504.0 2,536.5 2,534.7
+ Deferred Revenue 0.0 0.0 0.0 0.0
+ Derivatives & Hedging 78.6 54.9 40.1 25.3
+ Misc ST Liabilities 2,876.7 2,449.1 2,496.4 2,509.3
+ LT Debt 9,033.4 8,486.9 8,580.4 7,631.8
+ LT Borrowings 9,033.4 8,486.9 8,580.4 7,631.8
+ LT Capital Leases
+ Other LT Liabilities 2,594.9 2,787.3 2,692.2 2,905.2
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilities 1,389.4 1,409.3 1,347.9 1,450.8
+ Misc LT Liabilities 1,205.5 1,194.6 1,206.8 1,426.7
Total Noncurrent Liabilities 11,628.3 11,274.2 11,272.6 10,537.1
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 5,572.5 4,729.6 4,395.4 4,403.1
+ Common Stock 240.2 202.2 195.9 194.3
+ Additional Paid in Capital 5,332.3 4,527.4 4,199.5 4,208.8
- Treasury Stock 1,522.9 1,517.9 1,902.7 2,405.5
+ Retained Earnings 12,890.2 11,401.5 12,255.6 12,881.1
+ Other Equity -1,288.6 37.4 -28.0 -164.2
Equity Before Minority Interest 15,651.3 14,650.7 14,720.3 14,714.5
+ Minority/Non Controlling Interest 80.1 58.7 119.2 76.0
Total Equity 15,731.3 14,709.4 14,839.5 14,790.5
Total Liabilities & Equity 36,043.1 34,976.0 34,581.8 35,651.1
Reference Items
Shares Outstanding 613.5 606.3 606.4 593.3
Number of Treasury Shares 33.5 36.0 35.8 49.8
Pension Obligations 324.7 514.3 557.2 733.9
Future Minimum Operating Lease Obligatio 652.4 709.0 755.5 812.3
Capital Leases - Total 37.1 56.2 52.3 56.7
Options Granted During Period 2.6 0.0 0.0 0.0
Options Outstanding at Period End 16.6 14.2 11.9 9.9
Net Debt 10,185.5 9,278.2 8,828.5 7,812.9
Net Debt to Equity 64.75 63.08 59.49 52.82
Tangible Common Equity Ratio -40.01 -36.88 -32.22 -30.70
Current Ratio 0.75 0.82 0.88 0.81
Cash Conversion Cycle -31.91 -19.68 -21.31 -27.01
Number of Employees 80,976.00 100,995.00 101,885.00 102,401.00
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
4,694.1 3,844.8 3,295.8 14,611.0

1,187.3 1,058.3 563.8 597.6
3,506.8 2,786.5 2,732.0 14,013.4
2,216.6 2,285.0 2,422.4 2,707.9
2,173.7 2,239.3 2,378.9 2,707.9
42.9 45.7 43.5 0.0
1,534.1 1,611.5 1,492.5 1,480.5
573.4 556.8 535.5 559.0
129.9 114.2 106.5 139.5
773.2 880.3 801.7 732.8
57.6 60.1 48.9 49.4
1,173.8 1,249.5 1,477.3 1,705.8
129.9 131.1 96.7
49.0 137.1 206.4 449.5
23.3 8.4 185.8 98.7
971.7 972.9 988.5 1,157.6
9,618.5 8,990.8 8,688.0 20,505.2
5,310.4 5,510.4 5,162.0 5,402.8
11,629.2 12,016.6 11,353.7 12,136.0
6,318.8 6,506.2 6,191.8 6,733.1
307.5 274.2 221.6 223.2
307.5 274.2 221.6 223.2
22,659.3 23,404.2 21,462.6 21,019.1
19,982.0 19,523.3 17,139.2 16,954.1
14,059.0 13,928.7 12,658.4 12,466.4
5,923.1 5,594.6 4,480.9 4,487.7
868.7 1,004.2 979.8 891.5
159.3 184.0 135.8 158.8
1,649.2 2,691.5 3,206.7 3,014.7
0.0 1.2 1.1 0.0
28,277.3 29,188.8 26,846.2 26,645.1
37,895.8 38,179.5 35,534.2 47,150.3
4,321.6 4,373.9 3,892.1 4,046.8

3,979.7 4,009.5 3,621.6 4,046.8
341.9 364.4 270.5
0.0 0.0 0.0 0.0
5,957.4 5,461.1 3,245.8 2,685.3
5,200.1 5,461.1 3,245.8 2,685.3
0.0
757.2
2,717.7 2,942.8 2,858.0 2,977.1
0.0 0.0 0.0 0.0
33.1 206.9 39.1 55.8
2,684.6 2,736.0 2,818.9 2,921.3
12,996.7 12,777.8 9,995.9 9,709.2
8,642.0 7,921.7 8,780.4 20,119.0
8,642.0 7,921.7 8,780.4 20,119.0
0.0
3,111.0 3,355.3 2,995.9 3,167.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
1,550.0 1,473.2 1,223.1 1,169.4
14.7 13.2 4.3 20.4
1,546.3 1,868.9 1,768.5 1,977.2
11,753.0 11,277.0 11,776.3 23,286.0
24,749.6 24,054.8 21,772.2 32,995.2
0.0 0.0 0.0 0.0
3,783.7 4,408.8 4,666.6 4,658.3
193.6 193.6 178.1 175.9
3,590.1 4,215.2 4,488.5 4,482.3
2,292.5 2,235.7 1,854.3 1,804.5
13,515.0 13,697.8 12,159.8 12,776.5
-1,902.9 -1,805.1 -1,278.5 -1,566.3
13,103.3 14,065.8 13,693.6 14,063.9
42.9 58.9 68.4 91.2
13,146.1 14,124.8 13,762.0 14,155.1
37,895.8 38,179.5 35,534.2 47,150.3
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

586.5 600.1 615.2 617.0
44.5 43.7 39.7 38.9
715.6 982.5 862.5 1,028.9
747.4 746.8 833.2 744.6
50.2 89.0 38.0 0.0
0.0 0.0
7.2 5.7 1.3 0.3
9,905.2 9,538.0 8,730.4 8,193.3
75.35 67.53 63.44 57.88
-38.40 -29.25 -18.73 -9.57
0.74 0.70 0.87 2.11
-30.63 -32.99 -30.40 -34.41
104,642.00 99,927.00 99,781.00 99,187.00
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Balance Sheet
Noncurrent Assets
Property Plant & Equipment - Net 4,715.4 4,755.8 4,764.0 4,966.8
Total Intangible Assets - Net 21,478.8 20,126.8 19,559.8 19,631.8
Other Intangible Assets 526.4 681.5 646.0 435.7
Investment In Affiliates/Joint Ventures 1,966.2 1,330.6 1,402.7 1,303.6
Goodwill 15,164.9 14,119.0 13,733.7 13,712.7
Patents/Trademarks/Copyrights 5,787.5 5,326.3 5,180.1 5,483.4
Deferred Tax Assets (Long-Term) 920.8 873.8 840.6 837.7
Derivative Assets (Long-Term) 198.7 294.6 312.7 257.1
Long-Term Loans And Other Debtors
Long-Term Loans 40.0 52.4 64.5
Participating Interests
Total Non-Current Assets 29,508.3 27,606.3 27,146.2 27,295.0
Other Financial Assets (Long-Term) 188.3 172.3 201.9 298.1
Current Assets
Cash and Equivalents 954.9 1,315.7 1,249.4 1,531.7
Marketable Securities 673.2 1,386.8 1,355.2 2,109.8
Accounts Receivable - Trade 2,494.1 2,401.6 2,410.0 2,295.7
Inventories 1,134.4 1,217.0 1,290.8 1,321.7
Prepaid Expenses and Other
Assets Held For Sale 261.0 48.7 83.9 36.2
Other Current Assets
Derivative Assets (Short-Term)
Total Assets 36,043.1 34,976.0 34,581.8 35,651.1
Other Receivables (Short-Term) 956.4 957.4 997.6 1,030.8
Short-Term Loans 60.8 42.4 48.7 30.2
Provision for Litigation Short Term
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty) 80.1 58.7 119.2 76.0
Common Stock 240.2 202.2 195.9 194.3
Additional Paid In Capital 5,332.3 4,527.4 4,199.5 4,208.8
Treasury Stock (Amount) -1,522.9 -1,517.9 -1,902.7 -2,405.5
Retained Earnings (Accumulated Deficit) 12,510.6 11,547.6 12,399.1 13,187.7
Total Shareholders Equity 15,731.3 14,709.4 14,839.5 14,790.5
Shares Issued and Outstanding 647.0 642.2 642.2 643.2
Cumulative Translation Adjustment -1,288.6 37.4 -28.0 -164.2
Net Income/Loss (Stockholders Equity) 379.6 -146.0 -143.6 -306.6
Other Reserve
Total Shareholders Equity Excluding Minorit 15,651.3 14,650.7 14,720.3 14,714.5
Total Liabilities and Shareholders Equity 36,043.1 34,976.0 34,581.8 35,651.1
Non Current Liabilities
Total Noncurrent Liabilities 11,628.3 11,274.2 11,272.6 10,537.1
Long Term Debt 9,033.4 8,670.3 8,717.8 7,659.6
Pension/Postretirement Liabilities
Other Noncurrent Liabilities 880.8
Deferred Tax Liabilities (Long-Term) 1,389.4 1,409.3 1,347.9 1,450.8
Derivative Liabilities (Long-Term)
Other Provisions For Liabilities And Charge 680.3 649.6 692.8
Other Liabilities That Are LT Borrowings
Provision For Severance 324.7 514.3 557.2 733.9
Current Liabilities
Accounts Payable - Trade 2,937.5 3,017.0 3,292.0 3,549.8
Short-Term Borrowings 2,523.8 3,156.8 2,268.9 3,833.4
Other Current Liabilities 3,222.2 2,796.1 2,863.8 2,940.2
Commercial Paper Outstanding 820.1 1,036.5 1,029.6
Derivative Liabilities (Short-Term)
Liabilities Assoc With Assets Held For Sale 0.0 22.5 45.0 0.0
Other Short-Term Borrowings
Accounts And Notes Payable
Reference Items
Cash and Equivalents 954.9 1,315.7 1,249.4 1,531.7
Marketable Securities 246.1 954.9 771.3 1,576.3
Accounts Receivable - Trade 2,424.4 2,338.0 2,348.0 2,252.3
Inventories 1,134.4 1,217.0 1,290.8 1,321.7
Prepaid Expenses (ST) 84.5 107.3 113.1 124.3
Assets Held For Sale 83.9 36.2
Other Current Assets 152.7 133.6 56.0 105.0
Land 369.2 322.0 333.3 325.9
Buildings 2,331.0 2,164.5 2,144.8 2,319.8
Construction In Progress 459.7 602.9 694.7 724.2
Furniture/Machinery/Equipment 6,192.3 5,904.2 5,938.0 6,282.4
Property Plant & Equipment - Gross 10,354.6 10,082.1 10,268.9 10,837.6
Accumulated Depreciation 5,639.2 5,326.3 5,504.9 5,870.8
Property Plant & Equipment - Net 4,715.4 4,755.8 4,764.0 4,966.8
Total Intangible Assets - Net 20,126.8 19,559.8 19,631.8
Other Intangible Assets 435.7
Investment In Affiliates/Joint Ventures 1,966.2 1,330.6 1,402.7 1,303.6
Goodwill 14,119.0 13,733.7 13,712.7
Patents/Trademarks/Copyrights 5,483.4
Accounts Payable - Trade 2,937.5 3,017.0 3,292.0 3,549.8
Current Portion of Long-Term Debt 1,115.9 264.0 322.3
Notes Payable (ST) 1,029.6
Short-Term Capital Lease Obligations
Short-Term Borrowings 3,156.8 2,268.9
Other Current Liabilities 997.9 756.4 743.3 773.7
Long Term Capital Lease Obligations
Long Term Debt 9,033.4
Other Noncurrent Liabilities 11.9
Min/Non Cntrlling Int(Stckhldrs Eqty) 80.1 58.7 119.2 76.0
Common Stock 240.2 202.2 195.9 194.3
Additional Paid In Capital 5,332.3 4,527.4 4,199.5 4,208.8
Treasury Stock (Amount) -1,522.9 -1,517.9 -1,902.7 -2,405.5
Retained Earnings (Accumulated Deficit) 12,510.6 11,547.6 12,399.1 13,187.7
Shares Outstanding 647.0
Par Value 0.31 0.30 0.30
Treasury Shares (Number) 33.5 36.0 35.8 49.8
Raw Materials 311.4 469.3 498.8 459.9
Work In Progress 77.1 67.4 60.8 82.1
Finished Goods 651.0 602.9 614.4 649.4
Other Gross Fixed Assets 1,002.4 1,088.5 1,158.2 1,185.3
Other Inventory 57.8 59.9 59.6 72.4
Total Line of Credit 11,417.8 5,866.8 6,671.6 6,683.1
Total Available Line of Credit 11,417.8 5,866.8 6,671.6 6,683.1
Future Minimum Operating Lease Obligatio 652.4
Rental Expense - Year 1 226.9 206.0 206.8 201.6
Rental Expense - Year 5 46.0
Rental Expense - Beyond Year 5 62.3 198.5 226.3 259.5
Deferred Tax Liabilities (LT) 1,389.4 1,409.3 1,347.9 1,450.8
Deferred Tax Assets (LT) 920.8 873.8 840.6 837.7
Allowance For Doubtful Accounts 75.6 78.6 75.4 74.8
Total Capital Leases 37.1 56.2 52.3 56.7
Other Long-Term Investments
Derivative Assets Short-Term 0.0 8.5 1.2
Commercial Paper Outstanding
Mark to Market LT Derivative Liabilities 183.5 137.5
Customer Deposits/Advances (ST) 1,232.2 1,076.0 1,084.0 1,086.3
Other Receivables (ST) 719.2 716.5 821.2 800.2
Derivative Assets (Long-Term) 294.6 312.7
Debt Maturing - Year 2 1,319.7 298.3 804.1 820.8
Debt Maturing - Year 3 287.7 339.5 756.7 756.8
Debt Maturing - Year 4 314.4 901.2 737.2 625.2
Debt Maturing - Year 5
Debt Maturing - Beyond Year 5 6,847.7 6,427.2 6,419.8 5,429.1
Derivative Liabilities (Short-Term) 78.6 54.9 40.1 14.5
Derivative Liabilities (Long-Term) 27.8
Borrowings 11,557.2 11,827.2 10,986.7 11,493.0
Number of Employees at Period End Date 80,976.00 100,995.00 101,885.00 101,885.00
Debt Maturing - Year 1 2,589.0 3,860.8 2,268.9 3,822.6
Cumulative Translation Adjustment -1,288.6 37.4 -28.0 -164.2
Accumulated Amortization Intangible Assets 473.0 464.3 521.9 579.4
Cash Equivalents And Marketable Securitie 1,628.1 2,702.5 2,604.6
Bonds And Deposits - Long Term
Amortization Of Intangible Assets
Payments Received On Accounts 4.4 6.2 20.7 4.8
Goodwill - Gross 14,119.0 13,733.7 13,712.7
Intangible Assets - Gross 21,951.8 20,591.1 20,081.7 20,211.2
Inventory-Finished/Semi Finished Products
Inventory - Merchandise 37.1 17.5 56.0 57.9
Long-Term Loans 40.0 52.4 64.5 42.2
Net Income/Loss (Stockholders Equity) 379.6 -146.0 -143.6 -306.6
Options Outstanding End Period 16.6 14.2 11.9 9.9
Other Provisions For Liabilities & Charges 818.5 649.1 615.6 654.2
Other Tangible Assets - Net 370.7 409.4 436.7 406.8
Participating Interests
Trade Receivables-Gross 2,500.0 2,416.6 2,423.4 2,327.1
Provision For Pension Costs & Obligations
Restructuring Provisions 50.4
Other Financial Assets - Short Term 170.5 94.9 0.0 533.5
Bonds Payable 3,138.1 3,838.2 5,184.1
Buildings - Net 1,260.4 1,190.8 1,152.1 1,238.4
Construction In Progress - Net 456.7 591.7 682.5 710.9
Plant And Equipment - Net 2,305.8 2,280.6 2,197.1 2,330.7
Land And Buildings - Net
Land - Net 321.8 283.4 295.6 280.0
Other Financial Assets (Long-Term) 188.3 172.3 201.9 255.9
Total Shareholder Equity Excludes Minority 15,651.3 14,650.7 14,720.3 14,714.5
Contingent Liabilities And Commitments
Other Assets-Derivatives-Trading Purpose 256.5 337.0 583.9
Other Liab - Deriv Used For Trading Purp 10.9
Notes Receivable - Gross 69.7 63.7 62.0 43.5
Restructuring Provisions Long-Term 50.4 31.2 34.1 38.6
Liab Assoc With Assets Held For Sale 45.0
Other Short-Term Borrowings 2,523.8 2,040.9 2,004.9 2,470.7
Other Liabilities That Are LT Borrowings 5,348.8 4,742.1 2,447.8
Total Credit Utilized 0.0 0.0 0.0
Purchase Obligations
Capital Stock From Parent Company
Additional Paid-In-Capital From Parent
Provision for Severance 324.7
Debt Schedule In Yr 1
Debt Schedule Thereafter
Debt Schedule - Total Debt 11,358.5 11,827.2 10,986.7 11,493.0
Contractual Obligations - Year 1 2,589.0 1,368.1 1,531.6 1,914.3
Contractual Obligations Years - 2 & 3 1,607.4 714.0 789.5 1,056.1
Contractual Obligations Years - 4 & 5 360.3 199.7 200.7 234.2
Contractual Obligations - Beyond Year 5 6,847.7 353.3 384.4 360.9
Total Contractual Obligations 11,358.5 2,635.1 2,906.4 3,565.5
Fair Value of Derivatives Net
Pension & Post Retirement Liab (Current) 642.1 587.9 603.4 644.5
Net Debt Cash 7,594.4
Total Derivative Assets 198.7 294.6 312.7 257.1
ARDR Available CP for Issuing
ARDR Present Value of Capital Lease Year 5.9 36.2 23.1 27.8
ARDR Present Value of Capital Lease Beyo 16.3 10.0 20.7 9.7
Stock Opt Valuation - Risk Free Rate (%)
Stock Opt Valuation - Expected Life (Yrs)
Stock Opt Valuation - Expected Volatil (%)
Stock Opt Valuation - Dividend Yield (%)
Weighted Average Cost of Options Granted
Options Granted During Period 3.8
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
5,310.4 5,510.4 5,162.0 5,402.8

19,982.0 19,523.3 17,139.2 16,954.1
408.0 378.8 317.2 326.1
1,649.2 2,691.5 3,206.7 3,015.8
14,059.0 13,928.7 12,658.4 12,466.4
5,515.0 5,215.8 4,163.7 4,161.5
868.7 1,004.2 979.8 891.5
159.3 184.0 135.8 158.8
307.5
274.2 221.6 223.2

28,277.3 29,188.8 26,846.2 26,645.1
307.5 384.8 297.6 309.0
1,187.3 1,058.3 563.8 597.6

3,506.8 2,786.5 2,732.0 14,014.5
2,216.6 2,285.0 2,422.4 2,707.9
1,534.1 1,611.5 1,492.5 1,480.5

23.3 8.4 185.8 98.7
1,138.3
33.7 130.4 449.5
37,895.8 38,179.5 35,534.2 47,150.3
1,122.4 1,171.4 1,117.8
28.2 36.1 43.5 19.3

9,618.5 8,990.8 8,688.0 20,505.2
42.9 58.9 68.4 91.2

193.6 193.6 178.1 175.9
3,590.1 4,215.2 4,488.5 4,482.3
-2,292.5 -2,235.7 -1,854.3 -1,804.5
13,665.7 14,211.3 12,442.2 12,911.6
13,146.1 14,124.8 13,762.0 14,155.1
631.0 643.8 655.0 655.9
-1,902.9 -1,805.1 -1,278.5 -1,566.3
-150.7 -513.5 -282.4 -135.2

13,103.3 14,065.8 13,693.6 14,063.9
37,895.8 38,179.5 35,534.2 47,150.3
11,753.0 11,277.0 11,776.3 23,286.0

8,656.7

1,550.0 1,473.2 1,223.1 1,169.4
13.2 4.3 20.4
830.7 886.3 906.0 949.5
7,921.7 8,780.4 20,119.0
715.6 983.7 861.4 1,028.9
3,979.7 4,009.5 3,621.6 4,046.8

5,957.4 5,461.1 3,245.8 412.0
3,059.6 3,296.4 3,105.7 2,940.7
903.0 1,284.4 1,058.0
3.6 3.3 8.6
0.0 7.2 19.6 27.9
2,273.3

12,996.7 12,777.8 9,995.9 9,709.2
1,187.3 1,058.3 563.8 597.6

2,825.5 2,210.4 2,175.8 13,605.8
2,173.7 2,239.3 2,378.9 2,707.9
1,534.1 1,611.5 1,492.5 1,480.5
129.9 131.1 96.7

134.8 104.6 94.5
361.5
2,433.4 2,938.0 2,760.2 2,958.9
834.4 2,119.0 2,082.4 2,152.1
6,741.5 6,959.6 6,511.1 7,025.0
11,629.2 12,016.6 11,353.7 12,136.0
6,318.8 6,506.2 6,191.8 6,733.1
5,310.4 5,510.4 5,162.0 5,401.8
19,982.0 19,523.3 17,139.2 16,954.1
408.0 378.8 317.2 326.1
1,649.2 2,691.5 3,206.7 3,014.7
14,059.0 13,928.7 12,658.4 12,466.4
5,515.0 5,215.8 4,163.7 4,161.5
3,979.7 4,009.5 3,621.6 4,046.8
757.2
903.0

898.1 827.4 877.7 850.8

8,354.6 9,054.1 20,476.2

42.9 58.9 68.4 91.2
193.6 193.6 178.1 175.9
3,590.1 4,215.2 4,488.5 4,482.3
-2,292.5 -2,235.7 -1,854.3 -1,804.5
13,665.7 14,211.3 12,442.2 12,911.6
631.0
0.31 0.30 0.27 0.27
44.5 43.7 39.7 38.9
573.4 556.8 535.5 559.0
129.9 114.2 106.5 139.5
711.9 787.7 700.6 661.9
1,258.4
57.6 60.1 48.9 49.4
6,932.7 6,964.4 2,498.4 2,467.5
6,932.7 6,964.4 2,498.4 2,467.5

200.9 194.8 225.9 228.5
133.6 135.9 154.3 141.6
101.7 101.0 115.1 109.4
80.9 74.6 89.1 73.0

230.4 240.5 248.8 192.0
1,550.0 1,473.2 1,223.1 1,169.4
868.7 1,004.2 979.8 891.5
83.3 81.8 82.6 106.2
13,146.1 14,065.8 13,693.6 14,063.9
50.2 89.0 38.0 0.0
105.8 70.6 69.7
49.0 33.7 130.4
839.0

1,106.4 1,195.4 1,200.3 1,107.2
808.7 832.2 850.6 745.6
184.0 135.8 158.8
1,197.1 1,156.9 1,009.1
892.0 1,130.5 1,146.0
1,149.3 1,119.6 869.0
1,140.6
5,403.5 4,488.2 4,202.8
33.1 203.2 35.8 55.8
14.7 13.2 4.3 20.4
14,614.0
104,642.00 99,927.00 99,781.00 99,187.00
5,972.1 5,505.6 2,418.0
-1,902.9 -1,805.1 -1,278.5 -1,566.3
653.1 650.6 629.0 668.4

147.9 134.7 130.9
88.2
8.6 3.6 5.4
14,059.0 13,928.7 12,658.4 12,466.4
20,635.1 20,173.9 17,768.2 17,622.5
129.9
61.3 92.6 101.0 70.8
30.6 20.4 16.3 22.5
-150.7 -513.5 -282.4 -135.2
7.2 5.7 1.3 0.3
714.3 800.9 808.2 884.0
415.4

2,257.0 2,321.1 2,461.5 2,813.0

681.3 576.1 556.2 407.7
7,915.4 8,014.3 8,828.1 20,342.1
1,259.6
834.4 1,093.2 1,099.3 1,101.8
2,487.3 2,703.5 2,451.7 2,617.7
1,713.7 1,610.9 1,683.3
313.7
276.9
13,103.3 14,124.8 13,762.0 14,155.1

103.4 76.0
3.6 3.3
42.9 45.7 43.5
116.4 85.4 97.8 64.4

4,297.1 5,461.1 3,245.8 2,685.3
726.6 3,336.1 2,174.7 8,483.0

982.5 862.5 1,028.9
2,254.0
2,656.4
2,037.3
2,199.3
2,089.9
10,571.8
14,614.0 13,400.8 10,252.3 28,825.1
2,956.6 2,692.7 2,767.8 2,572.7
1,123.6 1,359.0 1,423.0 1,160.8
187.5 218.9 369.3 174.9
299.0 610.9 585.5 341.2

671.5 702.3 715.9 935.5
9,760.7 9,337.1 8,471.9 8,016.3
159.3 217.7 266.1 203.8
3,607.9 3,258.8 3,218.5
27.0 37.3 33.7 0.0
6.1 10.8 3.3 0.0
3.7 9.6 1.1 0.0
13.5 31.3 0.0 0.0

Danone SA (BN FP) - Common Size
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets 36,043.1 34,976.0 34,581.8 35,651.1
Total Assets
+ Cash, Cash Equivalents & STI 3.8 6.8 5.8 10.2
+ Cash & Cash Equivalents 2.6 3.8 3.6 4.3
+ ST Investments 1.2 3.0 2.2 5.9
+ Accounts & Notes Receiv 6.9 6.9 7.0 6.4
+ Accounts Receivable, Net 6.7 6.7 6.8 6.3
+ Notes Receivable, Net 0.2 0.2 0.2 0.1
+ Inventories 3.1 3.5 3.7 3.7
+ Raw Materials 0.9 1.3 1.4 1.3
+ Work In Process 0.2 0.2 0.2 0.2
+ Finished Goods 1.9 1.8 1.9 2.0
+ Other Inventory 0.2 0.2 0.2 0.2
+ Other ST Assets 4.3 4.0 5.0 3.1
+ Prepaid Expenses 0.2 0.3 0.3 0.3
+ Assets Held-for-Sale 0.7 0.1 0.2 0.1
+ Misc ST Assets 2.6 2.6 2.7 2.6
Total Current Assets 18.1 21.1 21.5 23.4
+ Property, Plant & Equip, Net 13.1 13.6 13.8 13.9
+ Property, Plant & Equip 28.7 28.8 29.7 30.4
- Accumulated Depreciation 15.6 15.2 15.9 16.5
+ LT Investments & Receivables 0.6 0.6 0.8 0.8
+ LT Investments 0.6 0.6 0.8 0.8
+ Other LT Assets 68.2 64.7 64.0 61.8
+ Total Intangible Assets 59.6 57.5 56.6 55.1
+ Goodwill 42.1 40.4 39.7 38.5
+ Other Intangible Assets 17.5 17.2 16.8 16.6
+ Deferred Tax Assets 2.6 2.5 2.4 2.3
+ Investments in Affiliates 5.5 3.8 4.1 3.7
+ Misc LT Assets 0.0 0.0 0.0 0.0
Total Noncurrent Assets 81.9 78.9 78.5 76.6
Total Assets 100.0 100.0 100.0 100.0
Liabilities & Shareholders' Equity

+ Payables & Accruals 8.9 9.5 10.6 11.1
+ Accounts Payable 8.1 8.6 9.5 10.0
+ Accrued Taxes 0.7 0.9 1.1 1.2
+ Other Payables & Accruals 0.0 0.0 0.0 0.0
+ ST Debt 7.0 9.0 6.6 10.7
+ ST Borrowings 7.0 5.8 5.8 9.8
+ ST Capital Leases
+ Current Portion of LT Debt 3.2 0.8 0.9
+ Other ST Liabilities 8.2 7.2 7.3 7.1
+ Misc ST Liabilities 8.0 7.0 7.2 7.0
Total Current Liabilities 24.1 25.7 24.5 29.0
+ LT Debt 25.1 24.3 24.8 21.4
+ LT Borrowings 25.1 24.3 24.8 21.4
+ LT Capital Leases
+ Other LT Liabilities 7.2 8.0 7.8 8.1
+ Accrued Liabilities 0.0 0.0 0.0 0.0
+ Deferred Tax Liabilities 3.9 4.0 3.9 4.1
+ Misc LT Liabilities 3.3 3.4 3.5 4.0
Total Noncurrent Liabilities 32.3 32.2 32.6 29.6
Total Liabilities 56.4 57.9 57.1 58.5
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 15.5 13.5 12.7 12.4
+ Common Stock 0.7 0.6 0.6 0.5
+ Additional Paid in Capital 14.8 12.9 12.1 11.8
- Treasury Stock 4.2 4.3 5.5 6.7
+ Retained Earnings 35.8 32.6 35.4 36.1
+ Other Equity -3.6 0.1 -0.1 -0.5
Equity Before Minority Interest 43.4 41.9 42.6 41.3
+ Minority/Non Controlling Interest 0.2 0.2 0.3 0.2
Total Equity 43.6 42.1 42.9 41.5
Total Liabilities & Equity 100.0 100.0 100.0 100.0
Reference Items
Number of Treasury Shares 0.1 0.1 0.1 0.1
Pension Obligations 0.9 1.5 1.6 2.1
Future Minimum Operating Lease Obligatio 1.8 2.0 2.2 2.3
Capital Leases - Total 0.1 0.2 0.2 0.2
Options Outstanding at Period End 0.0 0.0 0.0 0.0
Net Debt 28.3 26.5 25.5 21.9
Net Debt to Equity 0.2 0.2 0.2 0.1
Tangible Common Equity Ratio -0.1 -0.1 -0.1 -0.1
Current Ratio 0.0 0.0 0.0 0.0
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
37,895.8 38,179.5 35,534.2 47,150.3
12.4 10.1 9.3 31.0

3.1 2.8 1.6 1.3
9.3 7.3 7.7 29.7
5.8 6.0 6.8 5.7
5.7 5.9 6.7 5.7
0.1 0.1 0.1 0.0
4.0 4.2 4.2 3.1
1.5 1.5 1.5 1.2
0.3 0.3 0.3 0.3
2.0 2.3 2.3 1.6
0.2 0.2 0.1 0.1
3.1 3.3 4.2 3.6
0.3 0.3 0.3
0.1 0.4 0.6 1.0
0.1 0.0 0.5 0.2
2.6 2.5 2.8 2.5
25.4 23.5 24.4 43.5
14.0 14.4 14.5 11.5
30.7 31.5 32.0 25.7
16.7 17.0 17.4 14.3
0.8 0.7 0.6 0.5
0.8 0.7 0.6 0.5
59.8 61.3 60.4 44.6
52.7 51.1 48.2 36.0
37.1 36.5 35.6 26.4
15.6 14.7 12.6 9.5
2.3 2.6 2.8 1.9
0.4 0.5 0.4 0.3
4.4 7.0 9.0 6.4
0.0 0.0 0.0 0.0
74.6 76.5 75.6 56.5
100.0 100.0 100.0 100.0
11.4 11.5 11.0 8.6

10.5 10.5 10.2 8.6
0.9 1.0 0.8
0.0 0.0 0.0 0.0
15.7 14.3 9.1 5.7
13.7 14.3 9.1 5.7
0.0
2.0
7.2 7.7 8.0 6.3
0.0 0.0 0.0 0.0
0.1 0.5 0.1 0.1
7.1 7.2 7.9 6.2
34.3 33.5 28.1 20.6
22.8 20.7 24.7 42.7
22.8 20.7 24.7 42.7
0.0
8.2 8.8 8.4 6.7
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
4.1 3.9 3.4 2.5
0.0 0.0 0.0 0.0
4.1 4.9 5.0 4.2
31.0 29.5 33.1 49.4
65.3 63.0 61.3 70.0
0.0 0.0 0.0 0.0
10.0 11.5 13.1 9.9
0.5 0.5 0.5 0.4
9.5 11.0 12.6 9.5
6.0 5.9 5.2 3.8
35.7 35.9 34.2 27.1
-5.0 -4.7 -3.6 -3.3
34.6 36.8 38.5 29.8
0.1 0.2 0.2 0.2
34.7 37.0 38.7 30.0
100.0 100.0 100.0 100.0
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

1.5 1.6 1.7 1.3
0.1 0.1 0.1 0.1
1.9 2.6 2.4 2.2
2.0 2.0 2.3 1.6
0.1 0.2 0.1 0.0
0.0 0.0
0.0 0.0 0.0 0.0
26.1 25.0 24.6 17.4
0.2 0.2 0.2 0.1
-0.1 -0.1 -0.1 0.0
0.0 0.0 0.0 0.0
-0.1 -0.1 -0.1 -0.1
104,642.0 99,927.0 99,781.0 99,187.0
Danone SA (BN FP) - Standardized
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Cash from Operating Activities
+ Net Income 2,589.2 2,060.0 2,015.1 1,750.0
+ Depreciation & Amortization 817.5 785.3 807.5 873.8
+ Non-Cash Items -93.9 166.4 220.5 0.0
+ Stock-Based Compensation
+ Deferred Income Taxes
+ Other Non-Cash Adj -93.9 166.4 220.5 0.0
+ Chg in Non-Cash Work Cap 106.3 199.7 401.3 275.7
+ (Inc) Dec in Accts Receiv -74.6 -154.1 59.1 -18.5
+ (Inc) Dec in Inventories -87.0 -113.4 -62.7 -284.3
+ Inc (Dec) in Accts Payable 379.7 377.2 330.2 482.4
+ Inc (Dec) in Other -111.9 90.0 74.7 96.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 3,419.1 3,211.5 3,444.4 2,899.4
Cash from Investing Activities

+ Change in Fixed & Intang -1,088.1 -903.6 -943.7 -1,181.4
+ Disp in Fixed & Intang 60.8 187.4 232.6 97.2
+ Disp of Fixed Prod Assets
+ Disp of Intangible Assets
+ Acq of Fixed & Intang -1,148.9 -1,091.0 -1,176.3 -1,278.6
+ Net Change in LT Investment 1.4 3.7 0.0 -23.4
+ Dec in LT Investment 1.4 3.7 0.0 0.0
+ Inc in LT Investment 0.0 0.0 -23.4
+ Net Cash From Acq & Div 324.5 -45.6 -345.9 -1,448.5
+ Cash from Divestitures 776.1 28.4 4.8 84.9
+ Cash for Acq of Subs -451.6 -74.0 -350.7 -1,533.4
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 0.0 0.0 0.0 0.0
Cash from Investing Activities -762.3 -945.6 -1,290.7 -2,653.3
Cash from Financing Activities

+ Dividends Paid -1,017.7 -965.3 -1,006.3 -1,043.6
+ Cash From (Repayment) Debt 464.0 -111.0 1,514.9 3,194.7
+ Cash From (Repay) ST Debt 0.0 0.0 -329.0 -374.1
+ Cash From LT Debt 464.0 0.0 1,843.9 3,568.8
+ Repayments of LT Debt 0.0 -111.0 0.0 0.0
+ Cash (Repurchase) of Equity -272.0 -766.8 -802.6 -930.4
+ Increase in Capital Stock 49.7 45.6 42.2 45.5
+ Decrease in Capital Stock -321.7 -812.4 -844.8 -975.9
+ Other Financing Activities -1,364.3 -454.9 -1,494.4 -1,642.9
Cash from Financing Activities -2,190.1 -2,298.0 -1,788.5 -422.1
Effect of Foreign Exchange Rates 99.4 -1.2 -73.5 -193.2
Net Changes in Cash 566.2 -33.3 291.7 -369.2
Cash Paid for Taxes 597.9 675.6 762.9 735.9

Cash Paid for Interest 154.7 240.4 204.9 219.1
Reference Items
EBITDA 4,293.2 4,149.6 4,118.1 3,492.5
Trailing 12M EBITDA Margin 18.28 17.42 16.37 13.33
Net Cash Paid for Acquisitions 451.6 74.0 350.7 1,533.4
Tax Benefit from Stock Options 0.0 0.0 0.0 0.0
Free Cash Flow 2,270.2 2,120.4 2,268.1 1,620.7
Free Cash Flow to Firm 2,514.3 2,341.2 2,477.4 1,844.6
Free Cash Flow to Equity 2,794.9 2,196.9 4,015.7 4,912.7
Free Cash Flow per Basic Share 3.69 3.52 3.78 2.76
Price to Free Cash Flow 17.57 17.01 15.92 23.34
Cash Flow to Net Income 1.32 1.56 1.71 1.66
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 11/23/2017
1,359.0 1,369.9 1,874.8

1,161.1 1,300.4 856.7
95.9 55.6 118.8
23.1 28.9 26.2
-114.2 -191.3 -70.8
187.0 218.0 163.5
42.5 -194.5 40.3
-116.6 -446.6 -119.9
-127.5 -70.5 -26.2
223.5 185.9 324.8
63.2 136.8 -138.4
0.0 0.0 0.0
2,658.6 2,531.4 2,890.6
-1,113.7 -968.1 -978.8

81.4 33.1 29.4
81.4 33.1 29.4
0.0 0.0 0.0
-1,195.1 -1,001.2 -1,008.2
-17.0 -20.3 6.5
0.0 0.0 6.5
-17.0 -20.3 0.0
-1,258.2 -634.7 48.0
41.3 2.1 119.9
-1,299.5 -636.8 -71.9
0.0 0.0 0.0
1.2 0.0 0.0
0.0 0.0 0.0
-2,387.7 -1,623.1 -924.3
-372.9 -335.5 -1,073.6

-189.5 1,437.2 11,070.8
-371.6 -752.3 -1,177.2
182.2 2,189.4 12,248.0
0.0 0.0 0.0
55.9 253.2 85.0
55.9 253.2 85.0
0.0 0.0 0.0
72.9 -2,405.3 -11,842.5
0.0 0.0 0.0
-433.6 -1,050.4 -1,760.3
54.7 -243.6 -164.6
-108.1 -385.7 41.4
729.9 859.1 971.2

257.5 194.5 161.3
3,773.5 3,661.9 4,042.7

14.69 15.29 16.90
1,299.5 636.8 71.9

1,463.5 1,530.1 1,882.4
1,687.7 1,727.7 2,091.2
1,355.4 3,000.5 12,982.6
2.46 2.51 3.05
26.86 26.51 21.49 23.44
1.96 1.85 1.54
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Flow
Cash From Operating Activities
Net Income - CF 2,054.4 2,589.2 2,060.0 2,153.7
Depreciation And Amortization - CF 828.7 817.5 785.3 807.5
Deferred Income Taxes - CF
Minority Interest - CF 241.5 227.8 226.8
Disposal/Sale of Assets
Stock Based Compensation
Other Non-Cash Items -108.7 -118.8 77.7 136.2
Change in Inventories 55.9 -87.0 -113.4 -62.7
Change in Accounts Payable -191.7 379.7 377.2 330.2
Change in Accounts Receivable -169.1 -74.6 -154.1 59.1
Equity In Earnings Of Affiliates/JV-CF 116.2 -167.1 -56.7 -65.1
Net Change In Working Capital -138.9 106.3 199.7 401.3
Cash Paid For Interest
Total Cash Flows From Operations 3,019.0 3,419.1 3,211.5 3,444.4
Change in Other Current Assets and Liabilit 166.0 -111.9 90.0 74.7
Total Cashflow From Ops Before Working Ca 3,157.9 3,312.8 3,011.7 3,043.1
Change In Other Provisions
Depreciation Amortization & Impairment
Dividends Received From Equity Affiliates 262.7 71.8 37.0 42.2
Investment Income Received
Other Payments From Operating Activities -237.0 -107.7 -118.3 -31.3
Cash From Investing Activities
Disposal of Fixed Assets
Sales (Purchases) of LT Investments -Net -1.2
Purchases of Long-Term Investments
Proceeds From Investments
Purchases of Investments
Other Investing Activities
Additions To Fixed And Intangible Assets -1,055.1 -1,148.9 -1,091.0 -1,176.3
Proceeds From Sale Of Fixed & Intangible 190.2 60.8 187.4 232.6
Proceeds From Sale Of Subs (Net Of Cash 1,357.0 776.1 28.4 4.8
Payment Of Acquisition Of Subsidiary -60.4 -451.6 -74.0 -350.7
Proceeds From Sale Of Other Financial Ass 54.3 1.4 3.7
Proceeds From Long-Term Investments
Total Cash Flows From Investing 486.1 -762.3 -945.6 -1,290.7
Dividends Paid -333.6 -1,017.7 -965.3 -1,006.3
Increase (Decrease) Short-Term Borrowings -644.6 -329.0
Increase (Decrease) Long-Term Borrowings -6,270.5 464.0 -111.0 1,843.9
Effect of Exchange Rates On Cash 12.1 99.4 -1.2 -73.5
Other Financing Activities -323.0 -1,150.3 -191.1 -1,085.9
Net Change In Cash 80.0 566.2 -33.3 291.7
Cash and Cash Equivalents (End of Period) 954.9 1,315.7 1,249.4 1,531.7
Cash and Cash Equivalents (Beg of Period) 876.4 803.9 1,282.2 1,239.6
Dividends Paid To Outside Equity Interests -510.2 -214.0 -263.8 -408.6
Increase (Decrease) In Capital 4,493.8 49.7 45.6 42.2
Increase (Decrease) In Treasury Shares 151.0 -321.7 -812.4 -844.8
Total Cash Flows From Financing -3,437.1 -2,190.1 -2,298.0 -1,788.5
Reference Items
Cash Paid For Taxes 623.4 -597.9 -675.6 -762.9
Cash Paid For Interest -410.6 -154.7 -240.4 -204.9
ARDR Free Cash Flow 2,516.4
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
1,907.5 1,521.8 1,493.8 1,991.4

873.8
-114.2 -191.3 -70.8

-9.7 31.0 -80.7
23.1 28.9 26.2
208.0 24.3 -1.1 14.2
-284.3 -127.5 -70.5 -26.2
482.4 223.5 185.9 324.8
-18.5 -116.6 -446.6 -119.9
-355.7 4.9 -62.0 56.7
275.7 42.5 -194.5 40.3
-257.5 -194.5 -161.3
2,899.4 2,658.6 2,531.4 2,890.6
96.0 63.2 136.8 -138.4
2,623.7 2,616.1 2,726.9 2,850.3
52.2 158.1 55.6
1,161.1 1,300.4 856.7
33.2
217.4 162.4 162.4
-43.1 -7.3 0.0
81.4 33.1 29.4

-23.4
6.5
-17.0 -20.3
1.2
-1,278.6 -1,195.1 -1,001.2 -1,008.2
97.2
84.9 41.3 2.1 119.9
-1,533.4 -1,299.5 -636.8 -71.9

-2,653.3 -2,387.7 -1,623.1 -924.3
-1,043.6 -372.9 -335.5 -1,073.6

-374.1 -371.6 -752.3 -1,177.2
3,568.8 182.2 2,189.4 12,248.0
-193.2 54.7 -243.6 -164.6
-1,380.8 644.9 -237.2 -11,425.1
-369.2 -108.1 -385.7 41.4
1,187.3 1,058.3 563.8 597.6
1,554.9 1,165.3 955.9 556.8
-262.1 -572.0 -2,168.1 -417.5
45.5 40.1 41.7 50.1
-975.9 15.8 211.6 34.9
-422.1 -433.6 -1,049.3 -1,761.4
-735.9 -729.9 -859.1 -971.2

-219.1
1,757.4 1,550.9 1,568.6 1,918.3
Danone SA (BN FP) - Profitability
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Returns
Return on Common Equity 14.18 16.82 14.02 13.77
Return on Assets 5.32 7.17 5.92 5.77
Return on Capital 9.13 11.22 9.63 9.15
Return on Invested Capital 9.43 10.07 9.68 9.20
Margins
Gross Margin 54.95 53.22 50.61 50.12
EBITDA Margin 20.42 18.28 17.42 16.37
Incremental Operating Margin 0.30 9.19 1.16
Pretax Margin 13.50 14.68 12.60 11.72
Income before XO Margin 10.15 11.99 9.60 8.56
Net Income Margin 9.08 11.02 8.65 8.01
Net Income to Common Margin 9.08 11.02 8.65 8.01
Additional
Effective Tax Rate 20.97 23.15 25.71 29.12
Dvd Payout Ratio 57.02 44.91 53.42 51.46
Sustainable Growth Rate 6.09 9.27 6.53 6.68
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
12.43 10.00 10.55 13.38

4.70 3.57 3.98 4.49
7.80 6.32 6.79 6.94
7.66 6.37 6.80 6.98
48.46 47.71 49.97 51.04

13.33 14.69 15.29 16.90
9.99 10.17 9.86 13.32
4.65
8.76 8.70 8.59 11.99
7.28 5.93 6.24 8.33
6.68 5.29 5.72 7.84
6.68 5.29 5.72 7.84
32.39 32.63 32.52 30.57

59.81 80.44 76.78 60.98
4.99 1.96 2.45 5.22
Danone SA (BN FP) - Growth
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
1 Year Growth
Revenue -1.56 13.54 13.57 8.03
EBITDA 9.48 1.60 8.27 1.52
Net Income to Common 3.66 37.77 -10.88 0.06
EPS Diluted -6.79 26.56 -9.18 0.00
EPS Diluted before XO 17.27 26.56 -9.18 0.00
EPS Diluted before Abnormal 1.40 46.42 -10.47 2.35
Dividend per Share 5.98 8.33 6.92 4.32
Accounts Receivable 9.65 14.39 2.96 -3.99

Inventory -3.77 27.45 8.72 3.30
Fixed Assets 3.15 19.81 2.78 5.08
Total Assets -9.52 15.28 1.45 3.91
Modified Working Capital 232.86 3.43 -30.50 -83.28
Working Capital -9,560.00 10.28 34.62 -91.76
Employees 1.04 24.72 0.88 0.51
Accounts Payable -9.50 22.01 11.96 8.68
Short-Term Debt 161.04 48.59 -26.26 69.81
Total Debt -35.52 19.68 -4.40 6.41
Total Equity 21.94 11.08 3.51 0.46
Capital -11.47 14.72 0.02 2.97
Book Value per Share 8.38 12.52 3.06 2.97
Cash From Operations 14.03 23.80 5.21 9.71

Capital Expenditures -0.99 19.03 6.37 10.28
Net Change In Cash 23.26 673.58
Free Cash Flow 24.14 26.36 4.62 9.42
Cash Flow to Firm 7.08 16.93 4.95 8.89
Free Cash Flow to Firm 11.11 15.99 4.30 8.25
5 Year Growth
Revenue 4.07 5.49 9.87 10.31
EBITDA 7.93 7.01 10.77 10.06
Net Income to Common 24.83 5.07 4.31 -16.74
EPS Diluted 23.33 1.95 16.30 -19.55
EPS Diluted before XO 26.07 10.89 23.88 9.68
EPS Diluted before Abnormal 21.11 10.98 23.61 7.98
Accounts Receivable 3.36 5.06 4.44 4.20
Inventory 5.08 9.16 11.04 4.93
Fixed Assets 3.82 5.29 5.33 6.28
Total Assets 8.62 10.87 11.02 1.38
Employees -1.97 2.75 2.94 6.13
Accounts Payable 3.95 5.91 7.77 4.98
Short-Term Debt 26.42 23.82 34.99 5.29
Total Debt 1.59 7.29 7.82 -5.06
Total Equity 18.68 15.96 14.98 6.13
Total Capital 5 Year Growth 9.46 11.63 11.61 0.32

Net Change In Cash 28.72 30.10
Free Cash Flow 2.08 5.80 5.61 16.29
Cash Flow to Firm 4.97 6.01 6.06 10.60
Sequential Growth
Revenue -1.56 13.54 13.57 8.03
EBITDA 9.48 1.60 8.27 1.52
Net Income to Common 3.66 37.77 -10.88 0.06
EPS Diluted -6.79 26.56 -9.18 0.00
EPS Diluted before XO 17.27 26.56 -9.18 0.00
EPS Diluted before Abnormal 1.40 46.42 -10.47 2.35
Accounts Receivable 9.65 14.39 2.96 -3.99

Inventory -3.77 27.45 8.72 3.30
Fixed Assets 3.15 19.81 2.78 5.08
Total Assets -9.52 15.28 1.45 3.91
Employees 1.04 24.72 0.88 0.51
Accounts Payable -9.50 22.01 11.96 8.68
Short-Term Debt 161.04 48.59 -26.26 69.81
Total Debt -35.52 19.68 -4.40 6.41
Total Equity 21.94 11.08 3.51 0.46
Capital -11.47 14.72 0.02 2.97

Capital Expenditures -0.99 19.03 6.37 10.28
Net Change In Cash 23.26 673.58 -106.59
Free Cash Flow 24.14 26.36 4.62 9.42
Cash Flow to Firm 7.08 16.93 4.95 8.89
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
2.06 -0.72 6.00 -2.09

-16.94 9.48 10.30 8.23
-22.53 1.08 2.74 32.26
-14.95 -21.31 14.57 34.17
-12.64 -22.31 11.70 32.86
-12.64 -22.31 11.70 32.86
8.88 -23.63 20.13 4.30
0.00 3.45 6.67 6.25
-4.89 5.03 17.37 13.18

14.34 7.03 2.54 0.44
5.32 5.72 3.71 5.98
4.71 2.65 3.04 34.35
49.73 -51.11
-69.14 -14.22 61.77
2.19 -4.51 -0.15 -0.60
10.44 2.65 0.00 13.14
53.52 -6.60 -34.20 -16.23
25.55 -6.61 -0.51 92.00
-12.44 9.47 7.87 4.14
4.14 1.01 3.79 45.11
-11.26 6.90 5.13 3.69
-17.56 -7.09 8.22 11.95

6.45 -5.29 -4.78 -1.28
70.33 -305.62
-30.02 -8.50 18.84 20.60
-16.29 -6.47 7.60 11.34
-27.08 -7.29 16.36 18.66
6.95 7.13 5.67 2.58

0.31 0.31 1.97 1.96
-1.28 -3.05 -2.57 1.38
1.61 -3.84 -7.32 0.58
-1.31 -4.85 -7.19 0.14
3.32 -4.85 -7.19 0.14
8.18 2.21 -1.75 1.29
5.07 4.56 4.24 4.11
3.35 2.47 3.00 4.96
9.51 11.86 7.10 5.42
7.05 7.58 4.52 5.16
2.86 5.49 3.14 9.11

5.48 4.30 -0.24 -0.54
8.21 10.97 6.64 6.87
49.46 21.69 3.39 6.06
-0.29 7.38 3.49 18.97
4.28 2.06 1.46 1.58
1.73 4.44 2.37 10.28
2.81 2.53 1.14 1.26
6.08 1.82 -0.88 0.36

4.68 -1.52 -2.72 0.08
3.68 0.91 -0.76 0.42
1.19 -2.41 -2.35 0.21
2.06 -0.72 6.00 -2.09

-16.94 9.48 10.30 8.23
-22.53 1.08 2.74 32.26
-14.95 -21.31 14.57 34.17
-12.64 -22.31 11.70 32.86
-12.64 -22.31 11.70 32.86
8.88 -23.63 20.13 4.30
0.00 3.45 6.67 6.25
-4.89 5.03 17.37 13.18

14.34 7.03 2.54 0.44
5.32 5.72 3.71 5.98
4.71 2.65 3.04 34.35
-433.93 -51.11
2.19 -4.51 -0.15 -0.60
10.44 2.65 0.00 13.14
53.52 -6.60 -34.20 -16.23
25.55 -6.61 -0.51 92.00
-12.44 9.47 7.87 4.14
4.14 1.01 3.79 45.11
-11.26 6.90 5.13 3.69
-17.56 -7.09 8.22 11.95

6.45 -5.29 -4.78 -1.28
-223.97
-30.02 -8.50 18.84 20.60
-16.29 -6.47 7.60 11.34
-27.08 -7.29 16.36 18.66
Danone SA (BN FP) - Credit
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Short and Long Term Debt 11,557.2 11,643.7 10,849.2 11,454.4
Short-Term Debt 2,523.8 3,156.8 2,268.9 3,822.6
Long Term Debt 9,033.4 8,486.9 8,580.4 7,631.8
Total Debt/T12M EBITDA 2.55 3.00 2.65 2.78

Net Debt/EBITDA 2.24 2.39 2.16 1.89
Total Debt/EBIT 3.10 3.71 3.27 3.45

Net Debt/EBIT 2.74 2.95 2.66 2.36
EBITDA to Interest Expense 9.00 13.52 13.97 13.95

EBITDA-CapEx/Interest Expense 6.94 9.90 10.29 9.96
EBIT to Interest Expense 7.39 10.94 11.32 11.21
EBITDA/Cash Interest Paid 11.25 27.76 17.26 20.10

EBITDA-CapEx/Cash Interest Paid 8.68 20.33 12.72 14.36
EBIT/Cash Interest Paid 9.23 22.47 13.99 16.16
Cash Interest Paid 410.6 154.7 240.4 204.9

Common Equity/Total Assets 43.42 41.89 42.57 41.27

Long-Term Debt/Equity 57.42 57.70 57.82 51.60
Long-Term Debt/Capital 33.10 32.20 33.40 29.08
Long-Term Debt/Total Assets 25.06 24.26 24.81 21.41
Total Debt/Equity 73.47 79.16 73.11 77.44

Total Debt/Capital 42.35 44.18 42.23 43.64
Total Debt/Total Assets 32.06 33.29 31.37 32.13
Net Debt/Equity 64.75 63.08 59.49 52.82

Net Debt/Capital 39.30 38.68 37.30 34.57
EBITDA 4,619.1 4,293.2 4,149.6 4,118.1

EBITDA-CapEx 3,563.9 3,144.3 3,058.6 2,941.8
EBIT 3,790.4 3,475.7 3,364.3 3,310.6
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
14,599.3 13,382.7 12,026.1 22,804.3
5,957.4 5,461.1 3,245.8 2,685.3
8,642.0 7,921.7 8,780.4 20,119.0
4.20 3.58 3.23 5.73

2.85 2.55 2.35 2.06
5.60 5.17 5.01 7.27

3.80 3.69 3.64 2.61
10.55 11.34 12.51 13.44

6.69 7.75 9.09 10.09
7.91 7.85 8.07 10.59
15.94 14.66 18.83 25.06

10.11 10.01 13.68 18.81
11.96 10.15 12.14 19.75
219.1 257.5 194.5 161.3

331.0 332.8 292.8 300.8
34.58 36.84 38.54 29.83

65.74 56.08 63.80 142.13
31.15 28.80 34.05 54.44
22.80 20.75 24.71 42.67
111.05 94.75 87.39 161.10

52.62 48.65 46.63 61.70
38.52 35.05 33.84 48.37
75.35 67.53 63.44 57.88

42.97 40.31 38.81 36.66
3,492.5 3,773.5 3,661.9 4,042.7

2,213.9 2,578.4 2,660.7 3,034.5
2,618.8 2,612.4 2,361.5 3,186.0
Danone SA (BN FP) - Liquidity
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Ratio 0.16 0.26 0.24 0.35
Current Ratio 0.75 0.82 0.88 0.81
Quick Ratio 0.45 0.53 0.52 0.58
CFO/Avg Current Liab 0.37 0.38 0.37 0.37
Common Equity/Total Assets 43.42 41.89 42.57 41.27
Long-Term Debt/Equity 57.42 57.70 57.82 51.60

Long-Term Debt/Capital 33.10 32.20 33.40 29.08
Long-Term Debt/Total Assets 25.06 24.26 24.81 21.41
Total Debt/Equity 73.47 79.16 73.11 77.44

Total Debt/Capital 42.35 44.18 42.23 43.64
Total Debt/Total Assets 32.06 33.29 31.37 32.13
CFO/Total Liabilities 14.60 15.25 16.05 16.54

CFO/CapEx 2.86 2.98 2.94 2.93

Total Available Line Of Credit 11,417.8 5,866.8 6,671.6 6,683.1
Total Credit Lines Drawn 0.0 0.0 0.0 0.0
Total Commercial Paper Outstanding 820.1 1,036.5 1,029.6

Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
0.36 0.30 0.33 1.50
0.74 0.70 0.87 2.11
0.53 0.48 0.57 1.78
0.25 0.21 0.24 0.29
34.58 36.84 38.54 29.83
65.74 56.08 63.80 142.13

31.15 28.80 34.05 54.44
22.80 20.75 24.71 42.67
111.05 94.75 87.39 161.10

52.62 48.65 46.63 61.70
38.52 35.05 33.84 48.37
11.66 10.94 11.82 8.62

2.27 2.22 2.53 2.87
6,932.7 6,964.4 2,498.4 2,467.5

6,932.7 6,964.4 2,498.4 2,467.5
0.0 0.0 0.0 0.0
903.0 1,284.4 1,058.0 839.0

Danone SA (BN FP) - Working Capital
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Accounts Receivable Turnover 9.32 9.43 9.89 10.75
Days Sales Outstanding 39.18 38.69 36.89 34.05
Inventory Turnover 8.65 9.15 9.38 9.66
Days Inventory Outstanding 42.18 39.91 38.93 37.89
Accounts Payable Turnover 3.22 3.71 3.76 3.70
Accounts Payable Turnover Days 113.26 98.28 97.13 98.95

Inventory to Cash Days 81.36 78.60 75.82 71.94
Total Inventory 1,134.4 1,217.0 1,289.5 1,321.7

Inventory Raw Materials 311.4 469.3 498.8 459.9
Inventory In Progress 77.1 67.4 60.8 82.1
Inventory Finished Goods 688.0 620.4 670.3 707.3
Other Inventory 57.8 59.9 59.6 72.4
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
11.48 11.40 10.85 9.23
31.80 32.01 33.63 39.65
9.35 8.53 8.26 7.80
39.02 42.79 44.18 46.91
3.60 3.39 3.37 3.03
101.45 107.79 108.21 120.97
-30.63 -32.99 -30.40 -34.41

70.82 74.80 77.81 86.55
1,534.1 1,611.5 1,492.5 1,480.5

573.4 556.8 535.5 559.0
129.9 114.2 106.5 139.5
773.2 880.3 801.7 732.8
57.6 60.1 48.9 49.4
Danone SA (BN FP) - Yield Analysis
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
T12 Cash Flows to Equity
+ Cash From Operations 3,211.5 3,444.4 2,899.4 2,658.6
+ Capital Expenditures -1,091.0 -1,176.3 -1,278.6 -1,195.1
Free Cash Flow 2,120.4 2,268.1 1,620.7 1,463.5
Free Cash Flow Yield 5.88 6.28 4.29 3.72
Dividends Paid -965.3 -1,006.3 -1,043.6 -372.9

Net Share Repurchases -766.8 -802.6 -930.4 55.9
Net ST Debt Repayments 0.0 -329.0 -374.1 -371.6
Net LT Debt Repayments -111.0 1,843.9 3,568.8 182.2
Other Financing Activities -456.1 -1,567.9 -1,836.1 127.5
T12 Cash to Suppliers of Capital -2,299.2 -1,862.0 -615.3 -378.9
T12 Shareholder Yield 6.33 5.22 1.63 0.95
- Dividends Paid -965.3 -1,006.3 -1,043.6 -372.9

- Net Share Repurchases -766.8 -802.6 -930.4 55.9
T12 Cash to Shareholders 1,732.1 1,809.0 1,973.9 317.0
T12 Shareholder Yield, Ex Debt 4.77 5.07 5.23 0.80
T12 Cash Flows to the Firm

+ Cash From Operations 3,211.5 3,444.4 2,899.4 2,658.6
+ Capital Expenditures -1,091.0 -1,176.3 -1,278.6 -1,195.1
+ After-Tax Interest Expense 220.7 209.3 223.8 224.2
Trailing 12M Free Cash Flow To Firm 2,341.2 2,477.4 1,844.6 1,687.7
Periodic Enterprise Value 44,780.0 43,628.3 47,549.5 48,891.6
T12 FCFF Yield 5.16 5.69 3.86 3.42
- Dividends Paid -965.3 -1,006.3 -1,043.6 -372.9

- Net Share Repurchases -766.8 -802.6 -930.4 55.9
- Net ST Debt Repayments 0.0 -329.0 -374.1 -371.6
- Net LT Debt Repayments -111.0 1,843.9 3,568.8 182.2
- Other Financing Activities -456.1 -1,567.9 -1,836.1 127.5
T12 Cash to Suppliers of Capital -2,299.2 -1,862.0 -615.3 -378.9
Periodic Enterprise Value 44,780.0 43,628.3 47,549.5 48,891.6
T12 Capital Yield 5.07 4.27 1.29 0.77
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Est FY 2018 Est
12/31/2015 12/31/2016 12/31/2017 12/31/2018
2,531.4 2,890.6 3,637.6 3,899.6

-1,001.2 -1,008.2
1,530.1 1,882.4 2,417.7 2,607.5
41,621.9 39,847.8
3.77 4.65
-335.5 -1,073.6
253.2 85.0
-752.3 -1,177.2
2,189.4 12,248.0
-2,648.9 -12,007.1
-1,294.0 -1,924.9
41,621.9 39,847.8
3.16 4.75
-335.5 -1,073.6
253.2 85.0
82.3 988.6
41,621.9 39,847.8
0.20 2.44
2,531.4 2,890.6 3,637.6 3,899.6

-1,001.2 -1,008.2
197.6 208.9
1,727.7 2,091.2
50,420.7 48,132.3
3.48 4.28
-335.5 -1,073.6
253.2 85.0
-752.3 -1,177.2
2,189.4 12,248.0
-2,648.9 -12,007.1
-1,294.0 -1,924.9
50,420.7 48,132.3
2.61 3.94
Danone SA (BN FP) - DuPont Analysis
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 67.31 75.09 68.62 68.38
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 0.89 1.03 1.01 1.04
Interest Burden
Pre-Tax Profit/EBIT % 88.49 87.68 89.46 89.10
Operating Margin
EBIT/Revenue % 15.25 16.74 14.09 13.15
Asset Turnover
Revenue/Avg Assets 0.59 0.65 0.68 0.72
Leverage Ratio
Avg Assets/Avg Equity 2.67 2.35 2.37 2.39
Adjusted Return on Equity 12.61 17.29 14.21 14.28
5 Year Average Adj ROE 15.40 14.74 13.94 14.11

Payout Ratio 57.02 44.91 53.42 51.46
Sustainable Growth Rate 6.09 9.27 6.53 6.68
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
76.25 60.85 66.60 65.40
1.29 1.27 1.37 1.07
76.97 86.46 83.77 90.47
11.38 10.06 10.25 13.25
0.70 0.67 0.70 0.57
2.64 2.80 2.65 2.98
16.07 12.70 14.42 14.35
14.89 14.91 14.33 14.36

59.81 80.44 76.78 60.98
4.99 1.96 2.45 5.22
Danone SA (BN FP) - By Measure
In Millions of CHF except Per Share FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2009 12/31/2010 12/31/2011
Revenue 22,615.4 100.0% 23,489.1 100.0% 23,815.4 100.0%
Fresh Dairy Products 12,913.8 57.1% 13,438.9 57.2% 13,850.6 58.2%
Baby Food 4,413.8 19.5% 4,632.9 19.7% 4,528.1 19.0%
Bottled Waters 3,891.5 17.2% 3,960.4 16.9% 3,980.7 16.7%
Clinical Nutrition 1,396.3 6.2% 1,456.8 6.2% 1,455.9 6.1%
Operating Income 3,959.4 100.0% 3,456.4 100.0% 3,355.7 100.0%
Clinical Nutrition 286.8 7.2% 265.1 7.7% 290.9 8.7%
Bottled Waters 975.1 24.6% 516.5 14.9% 520.2 15.5%
Baby Food 825.7 20.9% 887.9 25.7% 846.9 25.2%
Revenue Growth %
Group -1.60 13.50 13.60
Clinical Nutrition 8.30 14.00 11.90
Baby Food 4.60 14.70 9.50
Fresh Dairy Products -1.60 13.80 15.40
Bottled Waters -10.30 11.30 12.60
Organic Growth
Group 3.20 6.90 7.80
Baby Food 7.90 8.90 10.70
Bottled Waters 1.00 5.30 15.70
Fresh Dairy Products 1.60 6.50 4.60
Foreign Currency Growth
Group -3.40 6.00 -1.70
Baby Food -2.90 6.50 -1.20
Clinical Nutrition -3.30 4.30 -0.90
Fresh Dairy Products -3.30 5.80 -1.90
Bottled Waters -4.20 6.60 -2.00
Acquisition/Divestiture & Other Growth
Group -1.40 0.60 7.50
Baby Food -0.40 -0.70 0.00
Bottled Waters -7.10 -0.60 -1.10
Adjusted Operating Income 3,462.8 100.0% 3,586.2 100.0% 3,504.9 100.0%
Baby Food 809.1 23.4% 879.6 24.5% 872.8 24.9%
Bottled Waters 489.1 14.1% 519.2 14.5% 522.7 14.9%
Adjusted Operating Margin
Baby Food 18.32 18.98 19.28
Assets 36,043.1 100.0% 34,976.0 100.0% 34,581.8 100.0%
Reconciliation -3,804.9
Unallocated Central Costs 1,887.6 2,752.4 2,486.6
Clinical Nutrition 7,089.4 18.7% 6,284.9 19.5% 6,157.0 19.2%
Bottled Waters 4,111.9 10.8% 3,450.2 10.7% 3,450.2 10.7%
Baby Food 15,129.3 39.9% 13,454.9 41.8% 13,287.2 41.4%
Sales Change - Volume %
Group 5.20 7.60 3.00
Baby Food 4.20 7.60 5.60
Fresh Dairy Products 4.60 7.50 -0.10
Sales Change - Prices %
Group -2.00 -0.70 4.80
Fresh Dairy Products -3.00 -1.00 4.70
Baby Food 3.70 1.30 5.10
Clinical Nutrition 0.70 0.30 -0.50
Bottled Waters -5.20 -2.50 6.90
Long-Term Assets 27,606.3 100.0% 27,146.2 100.0%
Unallocated Central Costs 1,177.1 1,182.5
Clinical Nutrition 5,799.4 21.9% 5,672.8 21.8%
Bottled Waters 2,286.8 8.7% 2,317.5 8.9%
Baby Food 11,858.4 44.9% 11,548.8 44.5%
Fresh Dairy Products 6,484.7 24.5% 6,424.6 24.7%
Depreciation and Amortization 828.7 100.0% 817.5 100.0% 785.3 100.0%
Unallocated Central Costs 27.2 23.5 14.8
Bottled Waters 197.7 24.7% 204.4 25.7% 186.2 24.2%
Baby Food 131.3 16.4% 129.8 16.3% 115.9 15.0%
Fresh Dairy Products 410.6 51.2% 403.2 50.8% 415.5 53.9%
Capital Expenditures -902.7 -1,160.0 -1,093.5
Unallocated Central Costs -23.5 -16.0
Clinical Nutrition -54.3 6.0% -63.5 5.6% -62.9 5.8%
Bottled Waters -202.3 22.4% -314.8 27.7% -300.8 27.9%
Baby Food -149.4 16.6% -140.9 12.4% -131.9 12.2%
Fresh Dairy Products -496.6 55.0% -617.3 54.3% -581.9 54.0%
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
25,150.9 100.0% 26,210.1 100.0% 25,679.8 100.0% 23,948.1 100.0% 23,918.3
14,070.4 55.9% 14,509.2 55.4% 13,516.4 52.6% 11,814.8 49.3% 11,701.9
5,130.4 20.4% 5,246.2 20.0% 5,340.3 20.8% 5,336.3 22.3% 5,468.4
4,397.7 17.5% 4,803.2 18.3% 5,084.0 19.8% 5,094.8 21.3% 4,984.4
1,552.3 6.2% 1,651.5 6.3% 1,739.2 6.8% 1,702.2 7.1% 1,763.6

8.00 2.10 -0.70 6.00 -2.10
9.10 4.20 6.70 11.30 1.50
15.90 0.20 3.10 13.60 0.50
3.90 1.00 -5.60 -0.60 -2.90
13.00 7.00 7.20 13.90 -4.10

5.40 4.80 4.70 4.40 2.90
5.90 5.80 7.90 7.50 7.40
11.60 3.60 6.10 9.80 3.50
10.00 11.20 11.60 7.10 2.90
2.00 3.20 1.50 0.60 2.00

2.50 -5.10 -5.50 2.00 -5.50
3.90 -4.50 -3.60 3.50 -3.00
2.30 -3.20 -1.40 3.50 -4.00
2.00 -5.40 -6.90 -0.50 -6.30
2.70 -5.30 -5.20 6.40 -6.90

0.10 2.40 0.10 -0.40 0.50
-0.10 3.20 -0.20 -0.70 1.40
0.40 1.10 0.60 0.30 0.00
0.30 1.10 0.80 0.40 -0.10
0.90 1.60 0.20 0.30 -1.90
3,564.9 100.0% 3,456.9 100.0% 3,233.1 100.0% 3,091.3 100.0% 3,293.9
1,000.3 28.1% 1,030.0 29.8% 1,005.6 31.1% 1,031.1 33.4% 1,197.9
1,704.1 47.8% 1,500.1 43.4% 1,254.6 38.8% 1,175.4 38.0% 1,180.4
582.1 16.3% 626.4 18.1% 654.6 20.2% 579.1 18.7% 567.9
278.4 7.8% 300.3 8.7% 318.2 9.8% 305.6 9.9% 347.7

19.50 19.60 18.80 19.30 21.91
18.00 18.20 18.30 17.90 19.71
13.20 13.00 12.90 11.40 11.38
12.10 10.30 9.30 9.90 10.09

2.30 2.30 -1.50 0.90 -0.20
6.80 5.50 5.60 4.70 4.80
5.90 6.80 7.50 5.10 2.90
5.20 -0.70 1.70 4.70 0.60
-0.20 1.70 -6.60 -3.00 -2.60

3.10 2.50 6.20 3.50 3.10
2.20 1.50 8.10 3.60 4.60
6.40 4.30 4.40 5.10 2.90
-0.90 0.30 2.30 2.80 2.60
4.10 4.40 4.10 2.00 0.00

FY 2016
12/31/2016
100.0%
48.9%
22.9%
20.8%
7.4%
100.0%
36.4%
35.8%
17.2%
10.6%
Danone SA (BN FP) - By Geography
In Millions of CHF except Per Share FY 2009 FY 2010 FY 2011
12 Months Ending 12/31/2009 12/31/2010 12/31/2011
Revenue 22,615.4 100.0% 23,489.1 100.0% 23,815.4 100.0%
ALMA
Europe excl. CIS
CIS & North America
Asia 2,833.3 12.5% 3,294.8 14.0% 3,528.3 14.8%
Rest of the World 6,256.9 27.7% 7,146.1 30.4% 6,961.7 29.2%
Europe 13,525.2 59.8% 13,048.1 55.5% 13,325.4 56.0%
Revenue - Supplementary Breakdown 23,489.1 100.0% 23,815.4 100.0%
Worldwide 23,489.1 100.0% 23,815.4 100.0%
Rest Of World 8,691.0 37.0% 7,859.1 33.0%
United States 1,879.1 8.0% 1,667.1 7.0%
France 2,818.7 12.0% 2,619.7 11.0%
Russia 1,174.5 5.0% 2,619.7 11.0%
China 1,174.5 5.0% 1,190.8 5.0%
Indonesia 1,174.5 5.0% 1,428.9 6.0%
United Kingdom 1,174.5 5.0% 1,190.8 5.0%
Spain 1,879.1 8.0% 1,667.1 7.0%
Mexico 1,409.3 6.0% 1,190.8 5.0%
Argentina 939.6 4.0% 1,190.8 5.0%
Germany 1,174.5 5.0% 1,190.8 5.0%
Brazil
Morocco
Poland
Revenue Growth %
Worldwide -1.60 13.50 13.60
CIS & North America
ALMA
Europe excl. CIS
Asia 1.30 27.10 20.00
Rest of the World 7.90 24.80 9.10
Europe -5.90 5.50 14.40
Organic Growth
Worldwide 3.20 6.90 7.80
ALMA
CIS & North America
Europe excl. CIS
Asia 11.00 14.00 20.10
Europe -0.30 1.90 2.40
Foreign Currency Growth
Worldwide -3.40 6.00 -1.70
Acquisition/Divestiture & Other Growth
Worldwide -1.40 0.60 7.50
Adjusted Operating Income 3,462.8 100.0% 3,586.2 100.0% 3,504.9 100.0%
Europe excl. CIS
ALMA
CIS & North America
Asia 502.7 14.5% 621.4 17.3% 715.0 20.4%
Rest of the World 791.0 22.8% 901.7 25.1% 929.5 26.5%
Europe 2,169.2 62.6% 2,063.1 57.5% 1,860.3 53.1%
Adjusted Operating Margin
Worldwide 15.31 15.27 14.72
Europe excl. CIS
ALMA
CIS & North America
Asia 17.72 18.84 20.27
Europe 16.04 15.82 13.96
Worldwide 5.20 7.60 3.00
ALMA
Europe excl. CIS
CIS & North America
Asia 10.80 12.60 15.50
Europe 2.20 3.80 -2.00
Worldwide -2.00 -0.70 4.80
CIS & North America
ALMA
Europe excl. CIS
Asia 0.20 1.40 4.60
Europe -2.50 -1.90 4.40
Number of Employees 100,994.00 ### 101,885.00 ###
Asia 24,638.00 24.40% 24,670.00 24.21%
Rest of the World 30,371.00 30.07% 32,156.00 31.56%
Europe 45,985.00 45.53% 45,059.00 44.23%
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
25,150.9 100.0% 26,210.1 100.0% 25,679.8 100.0% 23,948.1 100.0% 23,918.3
10,322.6 39.4% 9,834.0 38.3% 9,660.7 40.3% 9,686.6
10,087.5 38.5% 10,350.2 40.3% 9,510.0 39.7% 9,342.1
5,800.0 22.1% 5,495.7 21.4% 4,777.4 19.9% 4,889.6
4,319.4 17.2%
7,757.7 30.8%
13,073.8 52.0%
25,150.9 100.0% 26,210.1 100.0% 25,679.8 100.0% 23,948.1 100.0% 23,918.3
25,150.9 100.0% 26,210.1 100.0% 25,679.8 100.0% 23,948.1 100.0% 23,918.3
8,802.8 35.0% 8,911.4 34.0% 6,830.8 26.6% 5,795.4 24.2% 6,147.0
2,012.1 8.0% 2,096.8 8.0% 2,311.2 9.0% 2,801.9 11.7% 2,965.9
2,515.1 10.0% 2,621.0 10.0% 2,568.0 10.0% 2,394.8 10.0% 2,391.8
2,515.1 10.0% 2,883.1 11.0% 2,311.2 9.0% 1,628.5 6.8% 1,578.6
1,509.1 6.0% 1,834.7 7.0% 1,797.6 7.0% 1,628.5 6.8% 1,506.9
1,509.1 6.0% 1,572.6 6.0% 1,284.0 5.0% 1,365.0 5.7% 1,482.9
1,257.5 5.0% 1,310.5 5.0% 1,284.0 5.0% 1,389.0 5.8% 1,291.6
1,509.1 6.0% 1,310.5 5.0% 1,284.0 5.0% 1,197.4 5.0% 1,195.9
1,257.5 5.0% 1,310.5 5.0% 1,284.0 5.0% 1,245.3 5.2% 1,148.1
1,257.5 5.0% 1,310.5 5.0% 1,027.2 4.0% 1,365.0 5.7% 1,052.4
1,027.2 4.0% 957.9 4.0% 956.7
1,006.0 4.0% 1,048.4 4.0% 1,284.0 5.0% 934.0 3.9% 956.7
744.7 2.9% 670.5 2.8% 669.7
642.0 2.5% 574.8 2.4% 574.0

8.00 2.10 -0.70 6.00 -2.10
6.50 -4.00 -1.20 0.30
4.70 -3.50 11.70 -1.70
-2.80 4.00 4.40 -3.70
25.20
14.00
0.30

5.40 4.80 4.70 4.40 2.90
10.00 7.40 6.70 6.70
10.00 5.00 2.60 4.60
-2.40 2.00 3.00 -1.40
17.40
11.70
-1.00

2.50 -5.10 -5.50 2.00 -5.50

0.10 2.40 0.10 -0.40 0.50
3,564.9 100.0% 3,456.9 100.0% 3,233.1 100.0% 3,091.3 100.0% 3,293.9
1,454.6 42.1% 1,622.6 50.2% 1,641.3 53.1% 1,648.0
1,448.5 41.9% 1,140.4 35.3% 1,035.4 33.5% 1,144.5
553.8 16.0% 470.0 14.5% 414.6 13.4% 501.4
952.1 26.7%
1,022.0 28.7%
1,590.8 44.6%

14.20 13.20 12.60 12.90 13.77
14.40 15.70 17.30 17.64
14.00 11.60 10.70 11.82
9.60 8.60 8.70 10.26
22.10
13.20
12.20

2.30 2.30 -1.50 0.90 -0.20
3.60 0.50 2.80 2.70
-1.60 -0.90 1.00 -1.80
5.30 -6.90 -3.80 -2.40
12.00
4.70
-2.20

3.10 2.50 6.20 3.50 3.10
4.70 11.90 6.40 7.00
6.40 6.90 3.90 4.00
-0.80 2.90 2.00 0.40
5.40
7.00
1.20

FY 2016
12/31/2016
100.0%
40.5%
39.1%
20.4%
100.0%
100.0%
25.7%
12.4%
10.0%
6.6%
6.3%
6.2%
5.4%
5.0%
4.8%
4.4%
4.0%
4.0%
2.8%
2.4%
100.0%
50.0%
34.7%
15.2%
Danone SA (BN FP) - By Segment
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Fresh Dairy Products
Revenue 12,913.8 13,438.9 13,850.6 14,070.4
Adjusted Operating Income 1,877.8 1,900.1 1,818.4 1,704.1
Adjusted Operating Margin 14.54 14.14 13.13 12.10
Organic Growth
Operating Income 1,871.8 1,786.9 1,697.6
Assets 11,629.8 9,033.6 9,200.8
Depreciation and Amortization 410.6 403.2 415.5
Capital Expenditures -496.6 -617.3 -581.9
Long-Term Assets 6,484.7 6,424.6
Baby Food
Revenue 4,413.8 4,632.9 4,528.1 5,130.4
Adjusted Operating Income 809.1 879.6 872.8 1,000.3
Organic Growth
Operating Income 825.7 887.9 846.9
Assets 15,129.3 13,454.9 13,287.2
Bottled Waters
Revenue 3,891.5 3,960.4 3,980.7 4,397.7
Adjusted Operating Income 489.1 519.2 522.7 582.1
Organic Growth
Assets 4,111.9 3,450.2 3,450.2
Clinical Nutrition
Revenue 1,396.3 1,456.8 1,455.9 1,552.3
Adjusted Operating Income 286.8 287.2 290.9 278.4
Organic Growth
Assets 7,089.4 6,284.9 6,157.0
Group
Revenue Growth % -1.60 13.50 13.60 8.00
Sales Change - Volume % 5.20 7.60 3.00 2.30
Sales Change - Prices % -2.00 -0.70 4.80 3.10
Organic Growth 3.20 6.90 7.80 5.40
Foreign Currency Growth -3.40 6.00 -1.70 2.50
Acquisition/Divestiture & Other Growth -1.40 0.60 7.50 0.10
Unallocated Central Costs
Assets 1,887.6 2,752.4 2,486.6
Capital Expenditures -23.5 -16.0
Reconciliation
Assets -3,804.9
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
14,509.2 13,516.4 11,814.8 11,701.9

1,500.1 1,254.6 1,175.4 1,180.4
10.30 9.30 9.90 10.09
1.70
1.50
3.20

5,246.2 5,340.3 5,336.3 5,468.4

1,030.0 1,005.6 1,031.1 1,197.9
19.60 18.80 19.30 21.91
-0.70
4.30
3.60

4,803.2 5,084.0 5,094.8 4,984.4

626.4 654.6 579.1 567.9
13.00 12.90 11.40 11.38
6.80
4.40
11.20

1,651.5 1,739.2 1,702.2 1,763.6

300.3 318.2 305.6 347.7
18.20 18.30 17.90 19.71
5.50
0.30
5.80

2.10 -0.70 6.00 -2.10

2.30 -1.50 0.90 -0.20
2.50 6.20 3.50 3.10
4.80 4.70 4.40 2.90
-5.10 -5.50 2.00 -5.50
2.40 0.10 -0.40 0.50

Danone SA (BN FP) - Benchmark
In Millions of CHF except Per Share CY 2009 CY 2010 CY 2011 CY 2012
12 Months Ending 12/31/2009 12/31/2010 12/30/2011 12/31/2012
Return on Common Equity 14.02 13.77
Euronext Paris CAC Consumer Goods Ind 0.36 14.98 15.37 7.18
Return on Capital 9.63 9.15
Operating Margin 14.13 13.16
Price/EPS 17.53 17.95
Price/Book 2.43 2.43
Periodic EV to Trailing 12M EBITDA 10.94 10.58
Net Debt/EBITDA 2.16 1.89
Source: Bloomberg
CY 2013 CY 2014 CY 2015 CY 2016
12/31/2013 12/31/2014 12/31/2015 12/30/2016
12.43 10.00 10.55 13.38
8.91 13.73 13.29 12.86
7.80 6.32 6.79 6.94
7.13 10.12 9.69 8.68
9.99 10.17 9.86 13.32
8.38 8.80 10.13 10.75
21.62 28.96 29.66 21.58
24.95 18.86 19.59 21.81
2.87 2.79 3.04 2.83
2.22 2.35 2.49 2.76
13.67 13.08 13.54 12.10
9.02 8.94 8.72 9.19
2.85 2.55 2.35 2.06
0.49 0.57 0.30 0.48
Danone SA (BN FP) - Contractual Obligations
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Debt Schedule
Debt Schedule In Yr 1 2,589.0 3,860.8 2,268.9 3,822.6
Debt Schedule In Yr 2 1,319.7 298.3 804.1 820.8
Debt Schedule In Yr 3 287.7 339.5 756.7 756.8
Debt Schedule In Yr 4 314.4 901.2 737.2 625.2
Debt Schedule - Years 2 - 3 1,607.4 637.9 1,560.8 1,577.5
Debt Schedule - Years 4 - 5 314.4 901.2 737.2 625.2
Debt Schedule - Years 2 - 5 1,921.7 1,539.1 2,298.1 2,202.8
Debt Schedule Beyond Yr 5 6,847.7 6,427.2 6,419.8 5,429.1
Debt Schedule - Total Debt 11,358.5 11,827.2 10,986.7 11,493.0
Net Debt 10,185.5 9,278.2 8,828.5 7,812.9
Capital Leases Schedule

Total Future Value of Capital Leases
Present Value of ST Capital Leases
Present Value of LT Capital Leases
Total Present Value of Capital Leases 37.1 56.2 52.3 56.7
Operating Leases (Rental Expense) Schedule

Rental Expense - Year 5 46.0 0.0 0.0
Rental Expense - Years 2 - 3 252.1 228.4 247.0 270.4
Rental Expense Beyond Year 5 62.3 198.5 226.3 259.5
Future Min Oper Lease Obligations 652.4 709.0 755.5 812.3
Contractual Obligations Schedule

Contractual Obligations - Year 1 2,589.0 1,368.1 1,531.6 1,914.3
Contractual Obligations- Years 2-3 1,607.4 714.0 789.5 1,056.1
Contractual Obligations- Years 4-5 360.3 199.7 200.7 234.2
Contractual Obligations - Years 2 - 5 1,967.7 913.7 990.3 1,290.3
Contractual Obligations - Beyond Year 5 6,847.7 353.3 384.4 360.9
Total Contractual Obligations 11,358.5 2,635.1 2,906.4 3,565.5
Purchase Obligations 0.0 0.0 0.0

Lines of Credit
Line Of Credit Utilized
Total Available Line of Credit 11,417.8 5,866.8 6,671.6 6,683.1
Commercial Paper
Total Commercial Paper Program Size
Total Commercial Paper Issued 820.1 1,036.5 1,029.6
Commercial Paper Available for Issuing
Contingent Liabilities 652.4 709.0 755.5 812.3

Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
5,972.1 5,505.6 2,418.0 2,254.0

1,197.1 1,156.9 1,009.1 2,656.4
892.0 1,130.5 1,146.0 2,037.3
1,149.3 1,119.6 869.0 2,199.3
1,140.6 2,089.9
2,089.1 2,287.4 2,155.2 4,693.7
1,149.3 1,119.6 2,009.6 4,289.2
3,238.4 3,407.0 4,164.8 8,982.9
5,403.5 4,488.2 4,202.8 10,571.8
14,614.0 13,400.8 10,252.3 28,825.1
9,905.2 9,538.0 8,730.4 8,193.3
0.0
0.0
0.0
50.2 89.0 38.0 0.0
200.9 194.8 225.9 228.5

133.6 135.9 154.3 141.6
101.7 101.0 115.1 109.4
80.9 74.6 89.1 73.0

235.3 236.9 269.4 251.0
80.9 74.6 89.1 73.0
316.1 311.5 358.5 324.0
230.4 240.5 248.8 192.0
747.4 746.8 833.2 744.6
2,956.6 2,692.7 2,767.8 2,572.7

1,123.6 1,359.0 1,423.0 1,160.8
187.5 218.9 369.3 174.9
1,311.1 1,577.8 1,792.4 1,335.7
299.0 610.9 585.5 341.2
4,566.7 4,881.4 5,145.7 4,249.5
0.0 0.0 0.0 0.0

6,932.7 6,964.4 2,498.4 2,467.5
0.0
6,932.7 6,964.4 2,498.4 2,467.5
4,892.3 4,316.9 4,057.5

903.0 1,284.4 1,058.0 839.0
3,607.9 3,258.8 3,218.5
747.4 746.8 833.2 635.1

Danone SA (BN FP) - Pension Analysis
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Pension Net Periodic Cost
Pension Expense (Income) 55.5 56.6
Service Cost 27.2 31.8 34.5 35.0
Interest Cost 61.9 55.2 49.3 48.2
Expected Return on Plan Assets -32.6 -27.5 -29.2 -26.6
Other Postretirement Cost
Pension Funded Status

Projected Benefit Obligation 1,101.7 1,077.2 1,102.2 1,239.6
Over(Under) Funded Pension -449.3 -498.1 -543.8 -713.3
Employer Contribution
Benefits Paid -60.4 -69.0 -55.5 -56.6
Pension Funding Ratio 59.22 53.77 50.66 42.45
PBO to Market Capitalization 2.83 3.03 3.08 3.47
Other Postretirement Funded Status
Actuarial Assumptions
Pension
Expected Rate Of Return On Plan Assets
Discount Rate used on Plan Liabilities
Rate of Compensation Increase
Other Postretirement Benefits
Pension Plan Asset Allocation (Amt)

Pension Plan Asset Allocation

Asset Category - Debt % 57.00 58.00 60.00 61.00
Asset Category - Equities % 27.00 24.00 24.00 17.00
Asset Category - Other % 16.00 18.00 16.00 22.00
Pension Plan Asset Allocation Target %
Expected Pension Payments

Expected Postretirement Benefits
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
57.8 57.1 57.7 62.1

36.9 31.6 36.3 36.0
45.5 46.2 39.5 41.4
-19.6 -19.2 -14.1 -13.9
528.1 571.2 527.9 557.9

1,221.6 1,529.7 1,363.3 1,557.8
-693.5 -958.5 -835.3 -999.9

-57.8 -57.1 -57.7 -62.1
43.23 37.34 38.73 35.81
3.25 3.89 3.28 3.91
2.20 2.40 1.70

2.20 2.40 1.70
3.00 3.00 3.00
528.1 571.2 527.9 557.9
528.1 571.2 527.9 557.9

88.00 98.00 98.00 91.00
8.00 0.00 0.00 3.00
4.00 2.00 2.00 6.00
Danone SA (BN FP) - Options
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Options Activity
Options Outstanding End Of Period 16.6 14.2 11.9 9.9
Price
Weighted Average Fair Value per Option 15.40
Stock Option Valuation Model 1.00 1.00 1.00 1.00
Assumptions
Stock Opt Valuation - Risk Free Rate (%)
Stock Opt Valuation - Expected Life (Yrs)
Stock Opt Valuation - Expected Volatil (%)
Stock Opt Valuation - Dividend Yield (%)
Stock Expense
Expense For Stock-Based Compensation 42.3 38.7 27.1 26.5
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
0.0 0.0
7.2 5.7 1.3 0.3
1.00 1.00 1.00 1.00
23.4 23.1 22.4 27.2

Danone SA (BN FP) - Employee Data
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Employees - 1 Yr Growth 1.04 24.72 0.88 0.51
Actual Net Income per Employee 25,370.91 25,636.73 20,219.08 19,678.10
Actual Assets per Employee 445,108.60 346,314.03 339,419.92 348,151.76
Actual Cash Flow per Employee 37,282.75 33,854.16 31,520.47 33,636.36
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
104,642.00 99,927.00 99,781.00 99,187.00
2.19 -4.51 -0.15 -0.60
250,474.18 256,986.05 240,006.37 241,143.80
16,723.37 13,600.42 13,728.72 18,901.17
362,146.99 382,074.37 356,121.86 475,367.56
27,707.63 26,605.30 25,369.23 29,142.97
Danone SA (BN FP) - Fixed Charge
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
EBIT/Interest Expense 7.39 10.94 11.32 11.21
EBIT/Total Interest Expense 7.39 10.94 11.32 11.21
Degree of Financial Leverage 1.16 1.10 1.10 1.10
EBITDA less CAPEX /Interest Exp 6.94 9.90 10.29 9.96
EBITDA/Total Interest Expense 9.00 13.52 13.97 13.95
T12M CFO/Total Debt 0.26 0.27 0.29 0.30

T12M FCF/Total Debt 0.17 0.18 0.19 0.20
Operating Income/Total Debt 0.32 0.27 0.31 0.29
Total Debt/T12M EBITDA 2.55 3.00 2.65 2.78
Net Debt to T12M EBITDA 2.24 2.39 2.16 1.89
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
7.91 7.85 8.07 10.59
7.91 7.85 8.07 10.59
1.14 1.15 1.14 1.10
6.69 7.75 9.09 10.09
10.55 11.34 12.51 13.44
0.20 0.20 0.21 0.12

0.11 0.11 0.13 0.08
0.18 0.19 0.20 0.14
4.20 3.58 3.23 5.73
2.85 2.55 2.35 2.06
Danone SA (BN FP) - CAPEX & Depreciation
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Depreciation Expenses 721.5 733.3 717.5 738.8
Depr Exp / Net Sales 3.19 3.12 3.01 2.94
Depr Exp / Net Fixed Assets 0.15 0.15 0.15 0.15
Accum Depr / Total Assets 15.65 15.23 15.92 16.47
Accum Depr / Gross Fixed Assets 54.46 52.83 53.61 54.17
Capital Expenditures -1,055.1 -1,148.9 -1,091.0 -1,176.3
CAPEX/Sales 4.67 4.89 4.58 4.68
CAPEX/Total Assets 2.73 3.18 3.14 3.37
Capital Expend / Depr Exp 1.46 1.57 1.52 1.59
CAPEX to Depreciation Expense 5 Year Av 1.50 1.55 1.58 1.53
Total Capital Expenditures - 1 Yr Growth -0.99 19.03 6.37 10.28
Average Age of Assets in Years 7.96 8.04 7.77 7.93
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
776.5 777.3 751.2 745.5
2.96 3.03 3.14 3.12
0.15 0.14 0.15 0.14
16.67 17.04 17.42 14.28
54.34 54.14 54.54 55.48
-1,278.6 -1,195.1 -1,001.2 -1,008.2
4.88 4.65 4.18 4.22
3.44 3.14 2.91 2.41
1.65 1.54 1.33 1.35
1.56 1.57 1.53 1.49
6.45 -5.29 -4.78 -1.28
8.17 8.45 8.11 9.18
Danone SA (BN FP) - Overview
12 Months Ending 12/31/2012 12/31/2013 12/31/2014 12/31/2015
Last Price 60.24 64.11 65.48 67.65

Revenue 25,150.9 26,210.1 25,679.8 23,948.1

EBITDA 4,118.1 3,492.5 3,773.5 3,661.9
Trailing 12M EBITDA Margin 16.37 13.33 14.69 15.29
Net Income (Losses) 2,015.1 1,750.0 1,359.0 1,369.9
Trailing 12M Earnings per Share 3.35 2.98 2.28 2.24
Price/T12M Earnings per Share 17.95 21.62 28.96 29.66

Dividend Payout Ratio 51.46 59.81 80.44 76.78
Dividend Yield 2.79 2.77 2.66 2.41
Net Fixed Assets 4,966.8 5,310.4 5,510.4 5,162.0

Total Assets 35,651.1 37,895.8 38,179.5 35,534.2
Total Equity 14,790.5 13,146.1 14,124.8 13,762.0
Price/Book Value per Share 2.43 2.87 2.79 3.04
Net Tangible Assets per Share -8.29 -11.73 -9.09 -5.60
Altman's Z-Score
Cash From Operations 3,444.4 2,899.4 2,658.6 2,531.4

Cash Flow per Share 5.74 4.94 4.47 4.15
Free Cash Flow 2,268.1 1,620.7 1,463.5 1,530.1
Free Cash Flow per Basic Share 3.78 2.76 2.46 2.51
Net Changes in Cash 291.7 -369.2 -108.1 -385.7
Source: Bloomberg
12/31/2016 09/30/2017 12/31/2017 12/31/2018
IAS/IFRS
99,187.00
64.59 81.20
617.0
39,847.8 54,461.7
23,918.3 26,114.8 28,952.9 30,365.4

4,042.7 5,129.8 5,629.2
16.90 17.72 18.54
1,874.8 2,394.1 2,735.0
3.04 3.98 4.44
21.58 23.78 20.46 18.37
1.85 2.11 2.22

60.98 52.89 50.15
2.66 2.43
5,402.8
47,150.3
32,995.2
14,155.1
22.79 26.46 28.45
2.83 3.55 3.07 2.86
-4.68
3.21
2,890.6
4.69 5.90 6.33
1,882.4 887.2 2,620.1
3.05
41.4
Danone SA (BN FP) - As Reported Summary
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Total Revenue
Revenues 22,615.4 23,489.1 23,815.4 25,150.9
Interest Income -114.7 -120.1 -82.6 -90.4
Expenses
Earnings
Net Income 2,054.4 2,589.2 2,060.0 2,015.1
Balance Sheet
Assets
Total Assets 36,043.1 34,976.0 34,581.8 35,651.1
Liabilities
Stockholder Equity
Total Liabilities and Shareholders Equity 36,043.1 34,976.0 34,581.8 35,651.1
Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 3,019.0 3,419.1 3,211.5 3,444.4
Cash From Investing Activities
Total Cash Flows From Investing 486.1 -762.3 -945.6 -1,290.7
Total Cash Flows From Financing -3,437.1 -2,190.1 -2,298.0 -1,788.5
Net Change In Cash 80.0 566.2 -33.3 291.7
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
26,210.1
26,210.1 25,679.8 23,948.1 23,918.3
-93.5 -114.2 -130.4 -141.7
2,618.8 2,612.4 2,361.5 3,186.0

1,750.0 1,359.0 1,369.9 1,874.8
9,618.5 8,990.8 8,688.0 20,505.2

37,895.8 38,179.5 35,534.2 47,150.3
12,996.7 12,777.8 9,995.9 9,709.2
13,146.1 14,124.8 13,762.0 14,155.1

37,895.8 38,179.5 35,534.2 47,150.3
2,899.4 2,658.6 2,531.4 2,890.6
-2,653.3 -2,387.7 -1,623.1 -924.3
-422.1 -433.6 -1,049.3 -1,761.4

-369.2 -108.1 -385.7 41.4
Danone SA (BN FP) - Dividend Summary
12 Months Ending 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Dividends per Share - 5 Yr Geo Growth 8.05 6.91 5.07 4.56
Dividend Yield 2.68 2.79 2.77 2.66
Dividend Payout Ratio 53.42 51.46 59.81 80.44
Cash Dividend Coverage 1.87 1.94 1.67 1.24
Dividends Paid -965.3 -1,006.3 -1,043.6 -372.9
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 1,100.6 1,036.8 1,046.6 1,093.2
Trailing 12M Dividends Per Share 1.71 1.75 1.78 1.82
Source: Bloomberg
FY 2015 FY 2016 FY 2017 Est FY 2018 Est
12/31/2015 12/31/2016 12/31/2017 12/31/2018
1.71 1.85 2.11 2.22
4.24 4.11
2.41 2.66
76.78 60.98 52.89 50.15
1.30 1.64
-335.5 -1,073.6
0.0 0.0
1,051.8 1,143.2
0.0 0.0
1,051.8 1,143.2
1.71 1.85
Danone SA (BN FP) - Sources of Capital
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Net Change Short Term Debt 1,557.0 1,032.3 -807.8 1,571.5
Net Change Long Term Debt -7,922.8 882.5 309.0 -881.1
Net Change in Other Liabilities -261.0 1,244.5 551.1 540.7
Net Change in Liabilities -6,623.8 3,168.1 -9.7 1,273.4
Net Change in Liabilities % of Total 174.63 68.35 -1.97 94.96
Reinvested Earnings 883.1 1,426.5 959.5 978.2

External Equity Financing 1,966.2 186.0 -505.2 -869.8
Net Change in Total Equity 2,830.7 1,466.7 503.7 67.6
Increase In Equity % of Total -74.63 31.65 101.97 5.04
Total Lines of Credit 11,417.8 5,866.8 6,671.6 6,683.1

Total Available Lines Of Credit 11,417.8 5,866.8 6,671.6 6,683.1
Capital Employed 2,566.8 3,133.1 3,730.0 2,999.4
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
2,076.9 -386.0 -1,687.0 -520.3
894.5 -560.4 1,625.1 11,447.2
567.3 726.4 121.7 589.0
3,572.9 -236.9 44.5 11,492.3
209.63 -24.05 4.25 95.33
703.3 265.8 318.0 731.5

-2,534.5 941.8 665.2 -180.4
-1,868.6 1,221.9 1,003.7 563.2
-109.63 124.05 95.75 4.67
6,932.7 6,964.4 2,498.4 2,467.5

6,932.7 6,964.4 2,498.4 2,467.5
1,932.3 1,723.4 3,854.1 16,198.8
Danone SA (BN FP) - Comprehensive Income
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Net Income 2,054.4 2,589.2 2,060.0 2,015.1
+ Foreign Curr Transl Adj - Other Compre 448.3 1,269.0 -109.7 -121.7
+ Unrealized Gain (Loss) 135.9 -51.1 -6.2 -47.0
+ Pension Related Adjust Other Comprehe -116.9
+ Oth Adj-Oth Comp Inc 439.3 -411.5 43.1 -14.5
+ Inc Tax Exp-Oth Comp Inc 1.4 6.2
Comprehensive Income 3,077.9 3,397.0 1,993.4 1,715.0
Basic Comprehensive EPS 5.44 5.53 3.31 2.86

Basic EPS 3.64 4.21 3.41 3.35
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
1,750.0 1,359.0 1,369.9 1,874.8
-1,801.7 215.0 71.6 -36.0
71.4 -232.0 118.6 419.6
13.5 -246.5 62.0 -146.1
134.1 0.0 1.1 -1.1
86.2 -25.6 -126.4
167.4 1,181.7 1,597.5 1,984.8
0.28 1.99 2.62 3.22

2.98 2.28 2.24 3.04
587.4 594.5 609.6 616.4
Danone SA (BN FP) - Overview
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
ESG Disclosure Score 52.48 52.07 52.89 58.68
Environmental
Environmental Disclosure Score 43.41 43.41 44.96 55.04
Total GHG Emissions 1,741.7
NOx Emissions 1.2 1.3 1.1 1.0
Total Energy Consumption 5,806.0 4,206.3 4,103.5 4,151.2

Total Water Use 50,205.0 56,253.0 57,330.0 58,707.0
Total Waste 238.0 277.0 284.1 271.1
Environmental Fines $ 0.0 0.2 0.2 0.1
Social
Social Disclosure Score 59.65 54.39 54.39 59.65
Employee Turnover % 20.00 20.00 19.00 18.00
% Employees Unionized 84.00 82.00 88.00 88.00
% Women in Workforce 27.00
% Women in Mgt
% Minorities in Mgt 45.00 45.00 46.00 46.00
Workforce Accidents 719.00 563.00 429.00 428.00

Fatalities - Employees 5.00 3.00 4.00 5.00
Fatalities - Total 5.00
Governance
Governance Disclosure Score 66.07 69.64 69.64 66.07
Size of the Board 14.00 14.00 14.00 14.00
Indep Directors 8.00 8.00 7.00 8.00
% Indep Directors 57.14 57.14 50.00 57.14
Board Duration (Years) 3.00 3.00 3.00 3.00
# Board Meetings 10.00 7.00 5.00 9.00
Board Mtg Attendance 86.00 91.00 94.00 92.00
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
59.09 56.20 54.55 54.96
55.81 51.16 44.96 48.06

1,238.8 1,421.8 1,477.4 1,467.6
1.0
4,129.6 4,782.0 4,837.4 4,800.4

60,628.0 69,296.0 71,365.0 70,975.0
295.4 307.0 331.0 434.0
0.1
59.65 54.39 61.40 56.14

104,642.00 99,927.00 99,771.00 99,091.00
17.00
89.00
30.00 31.00 29.00 30.00
34.00 34.00

433.00 399.00 439.00 434.00

1.00
1.00 3.00 0.00 3.00
66.07 69.64 69.64 69.64

13.00 15.00 15.00 16.00
8.00 10.00 10.00 11.00
61.54 66.67 66.67 68.75
3.00 3.00 3.00 3.00
7.00 6.00 5.00 9.00
89.00 95.00 92.00 88.00
Danone SA (BN FP) - Environmental
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Environmental Disclosure Score 43.41 43.41 44.96 55.04
Percent of Disclosure 85.00
Methane Emissions (Th Tonnes) 0.0 0.1 0.0
Direct Nitrous Oxide Emissions 0.0 0.0 0.0
Direct Methane Emissions in CO2 Equivalen 0.9 1.3 0.4

Direct Nitrous Oxide Emissions in CO2 Equi 5.3 0.5 0.7
Direct HFC Emissions in CO2 Equivalent 1.4 2.3 2.6
GHG Scope 1 894.2
GHG Scope 2 847.5
Total GHG Emissions 1,741.7
GHG Scope 3 15,258.3
Carbon per Unit of Production 0.02
NOx Emissions 1.2 1.3 1.1 1.0

SOx Emissions 2.7 3.0 2.4 1.5
Total Energy Consumption 5,806.0 4,206.3 4,103.5 4,151.2

Electricity Used 1,573.1 1,822.7 1,819.9 1,814.2
Renewable Energy Use 91.3 72.2
Fuel Used - Coal/Lignite 26.2 34.9 29.2 23.0
Fuel Used - Natural Gas 135,269.0 145,784.0 145,111.0 156,914.0
Fuel Used - Oil/Diesel 36.0 39.3 33.9 21.9
Energy per Unit of Production
Total Water Use 50,205.0 56,253.0 57,330.0 58,707.0

Total Water Withdrawal
Surface Water Withdrawal 3,367.0 3,417.0 3,818.0 3,256.0
Groundwater Withdrawals 36,526.0 41,366.0 42,457.0 43,589.0
Municipal Water Use 10,312.0 11,470.0 11,055.0 11,862.0
Water/Unit of Prod (in Liters)
Process Water Use 33,334.0 34,850.0 35,352.0 35,711.0
Chemical Oxygen Demand of Discharges 5.1 5.3 4.9 4.1
Total Waste 238.0 277.0 284.1 271.1

Waste Recycled 238.0
Raw Materials Used
Number of Spills 2.00 1.00 1.00 0.00
Environmental Fines $ 0.0 0.2 0.2 0.1
ISO 14001 Certified Sites 85.00 88.00 94.00 91.00
Number of Sites 167.00 157.00 163.00 194.00
% Sites Certified 51.00 56.05 58.00 55.00
Environmental Accounting Cost 139.8 142.9 129.6 129.8
Investments in Operational Sustainability 51.3 41.4 57.7 58.1
Renewable Electricity Target Policy n/a n/a n/a n/a

Energy Efficiency Policy Yes Yes Yes Yes
Emissions Reduction Initiatives Yes Yes Yes Yes
Environmental Supply Chain Management Yes Yes Yes Yes
Green Building Policy No No No No
Waste Reduction Policy Yes Yes Yes Yes
Water Policy Yes Yes Yes Yes
Sustainable Packaging Yes Yes Yes Yes
Environmental Quality Management Policy Yes Yes Yes Yes
Climate Change Opportunities Discussed No No No No
Risks of Climate Change Discussed No No No No
Climate Change Policy Yes Yes Yes Yes
New Products - Climate Change No No No No
Biodiversity Policy Yes Yes Yes Yes
Verification Type Yes Yes Yes Yes
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
55.81 51.16 44.96 48.06
84.00

460.3 561.4 561.6 547.5
778.6 860.4 915.7 920.1
1,238.8 1,421.8 1,477.4 1,467.6

0.04 0.04 0.04 0.04
1.0
1.0
4,129.6 4,782.0 4,837.4 4,800.4

1,817.8 1,962.9 2,011.5 2,016.8
98.4 114.5 141.2
11.8 11.5
163,304.0 210,172.0
19.9 14.1
0.15 0.14 0.13
60,628.0 69,296.0 71,365.0 70,975.0

60,628.0 69,296.0 71,365.0 70,975.0
3,935.0 5,684.0 4,626.0 3,949.0
43,934.0 44,634.0 48,602.0 49,439.0
12,759.0 18,978.0 18,137.0 17,587.0
1,200.00 1,360.00 1,290.00 1,170.00
36,055.0 43,469.0 43,811.0 41,602.0
5.0 6.4 6.3 7.8
295.4 307.0 331.0 434.0

229.0 256.0 272.0 361.0
30,000.0 32,023.0 34,094.0 35,577.0
0.00
0.1
96.00 89.00 92.00 90.00
191.00 179.00 186.00 187.00
60.00 50.00 49.00 48.00
133.2 131.2 122.9 126.4
41.3 38.9 25.6 27.2
No No No No
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
No No No No
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
No No No No
No No No Yes
Yes Yes Yes Yes
No No No No
Yes Yes Yes Yes
Yes Yes Yes Yes
Danone SA (BN FP) - Social
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Social Disclosure Score 59.65 54.39 54.39 59.65
Number of Part-Time Employees
Employee Turnover % 20.00 20.00 19.00 18.00

% Employees Unionized 84.00 82.00 88.00 88.00
Employee Average Age
% Women in Workforce 27.00
% Women in Mgt
% Disabled in Workforce 3.30
% Minorities in Mgt 45.00 45.00 46.00 46.00
Workforce Accidents 719.00 563.00 429.00 428.00

Lost Time Incident Rate 0.78 0.60 0.44 0.44
Total Recordable Incident Rate
Fatalities - Employees 5.00 3.00 4.00 5.00
Fatalities - Total 5.00
Social Supply Chain Management Yes Yes Yes Yes

Sustain Sup Guidelines Encomp ESG Area Yes Yes Yes Yes
Number of Supplier Audits Conducted
Number Supplier Facilities Audited
Total Hours Spent by Firm - Employee Train 2,267,330.00 2,637,260.00 2,702,080.00 2,682,700.00
Gender Pay Gap Breakout n/a n/a n/a n/a

% Gender Pay Gap Tot Empl Including Ma
Health and Safety Policy Yes Yes Yes Yes

Fair Remuneration Policy No No No No
Training Policy Yes Yes Yes Yes
Employee CSR Training No No No No
Equal Opportunity Policy Yes Yes Yes Yes
Human Rights Policy Yes Yes Yes Yes
Policy Against Child Labor Yes Yes Yes Yes
Business Ethics Policy Yes Yes Yes Yes

Anti-Bribery Ethics Policy No No No No
Employee Protection / Whistle Blower Polic Yes Yes Yes Yes
UN Global Compact Signatory Yes Yes Yes Yes
Bloomberg Gender-Equality Index
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
59.65 54.39 61.40 56.14
104,642.00 99,927.00 99,771.00 99,091.00
2,866.00 2,889.00
17.00
89.00
37.40 37.80
30.00 31.00 29.00 30.00
34.00 34.00
3.70 4.20 3.80 3.80

433.00 399.00 439.00 434.00

0.46 0.38 0.40 0.40
0.88 0.70 0.60
1.00
1.00 3.00 0.00 3.00
Yes Yes Yes Yes

Yes Yes Yes Yes
60.00 108.00
109.00
2,574,860.00 2,329,650.00 2,488,180.00 2,336,260.00
n/a n/a n/a Yes

100.00
Yes Yes Yes Yes

No No No No
Yes Yes Yes Yes
No No Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes

No No Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Danone SA (BN FP) - Governance
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Governance Disclosure Score 66.07 69.64 69.64 66.07
Board Structure
Size of the Board 14.00 14.00 14.00 14.00
Unitary or Two Tier Board System 1.00 1.00 1.00
# Employee Representatives on Board 0.00 0.00 0.00
Classified Board System n/a Yes Yes Yes
Board Independence
# Non Exec Dir on Board 11.00 11.00 11.00
% Non Exec Dir on Board 78.57 78.57 78.57
# Independent Directors 8.00 8.00 7.00 8.00
% Independent Directors 57.14 57.14 50.00 57.14
CEO Duality Yes Yes Yes Yes
Independent Chairperson n/a No No No
Independent Lead Director n/a No No Yes
Presiding Director n/a No No No
Former CEO or its Equivalent on Board n/a No No No
Board & Exec Diversity

# Women on Board 1.00 2.00 2.00
% Women on Board 0.00 7.14 14.29 14.29
Female Chief Executive Officer or Equivalen n/a No No No
Female Chairperson or Equivalent n/a No No No
# Executives / Company Mgrs 10.00 10.00 10.00
CEO or Equivalent Appointed from Within n/a Yes Yes Yes
# Female Executives 1.00 1.00 1.00
% Female Executives 10.00 10.00 10.00
Age of the Youngest Director 47.00 48.00 49.00
Age of the Oldest Director 78.00 73.00 68.00
Board of Directors Age Range 31.00 25.00 19.00
Board Average Age 60.64 61.29 59.64 57.29
Board Age Limit 70.00 70.00 70.00
Board Duration (Years) 3.00 3.00 3.00 3.00

Executive Director Board Duration 3.00 3.00 3.00
Board Committees
# Board Meetings 10.00 7.00 5.00 9.00
Board Meeting Attendance % 86.00 91.00 94.00 92.00
Audit Committee
Size of Audit Committee 3.00 3.00 3.00
# Independent Dir on Audit Cmte 3.00 2.00 3.00
% Independent Dir on Audit Cmte 100.00 66.67 100.00
Independent Audit Committee Chairperson n/a Yes Yes Yes
# Non Exec Dir on Audit Cmte 3.00 3.00 3.00
Audit Committee Meetings 6.00 6.00 5.00 6.00
Audit Committee Meeting Attendance Perce 90.00 100.00 89.00
Compensation Committee
Size of Compensation Committee 3.00 3.00 3.00
# Independent Dir on Comp Cmte 2.00 2.00 2.00
% Independent Dir on Comp Cmte 66.67 66.67 66.67
Independent Compensation Committee Cha n/a No Yes Yes
# Non Exec Dir on Comp Cmte 3.00 3.00 3.00
# Comp Committee Meetings 6.00 4.00 5.00
Compensation Committee Meeting Attenda 100.00 100.00 92.00
Outside Compensation Advisors Appointed n/a No No No
Nomination Committee
Size of Nomination Committee 3.00 3.00 3.00
# Independent Dir on Nom Cmte 2.00 2.00 2.00
% of Ind Directors on Nomination Committe 66.67 66.67 66.67
Independent Nomination Committee Chairp n/a No Yes Yes
# Non Exec Dir on Nom Cmte 3.00 3.00 3.00
# Nom Cmte Meetings 6.00 4.00 5.00
Nomination Committee Meeting Attendance 100.00 100.00 92.00
CSR/Sustainability Committee n/a Yes Yes Yes
Board & Exec Activities

Non-Executive Director with Responsibility n/a No No No
Executive Director with Responsibility for n/a No No No
Executive Compensation Linked to ESG No Yes Yes Yes
ESG Linked Compensation for Board No No No No
Clawback Provision for Executive Compens n/a No No No
Chg of Ctrl Benefits/Golden Parachute Agr n/a No No No
Shareholder Rights
Dual Class Unequal Voting Rights - Commo n/a Yes Yes Yes
AGM Voting Results

Director Compensation
GRI
GRI Criteria Compliance Yes Yes Yes Yes
Global Reporting Initiatives Checked No No No No
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
66.07 69.64 69.64 69.64
13.00 15.00 15.00 16.00

1.00 1.00 1.00 1.00
0.00 2.00 2.00 2.00
Yes Yes Yes Yes
10.00 13.00 13.00 14.00

76.92 86.67 86.67 87.50
8.00 10.00 10.00 11.00
61.54 66.67 66.67 68.75
Yes No No No
No No No No
Yes Yes Yes Yes
No No No No
No Yes Yes Yes
2.00 5.00 7.00 7.00

15.38 33.33 46.67 43.75
No No No No
No No No No
10.00 10.00 12.00 9.00
Yes Yes Yes Yes
0.00 1.00 2.00 3.00
0.00 10.00 16.67 33.33
50.00 43.00 44.00 45.00
69.00 70.00 71.00 72.00
19.00 27.00 27.00 27.00
57.77 56.60 56.20 56.63
70.00 70.00 70.00
3.00 3.00 3.00 3.00

3.00 3.00 3.00 3.00
7.00 6.00 5.00 9.00

89.00 95.00 92.00 88.00
3.00 3.00 3.00 3.00
3.00 3.00 3.00 3.00
100.00 100.00 100.00 100.00
Yes Yes Yes Yes
3.00 3.00 3.00 3.00
6.00 6.00 5.00 6.00
94.00 94.00 93.00 73.00
3.00 3.00 3.00 4.00

3.00 3.00 3.00 4.00
100.00 100.00 100.00 100.00
Yes Yes Yes Yes
3.00 3.00 3.00 4.00
4.00 6.00 5.00 6.00
83.00 100.00 100.00 94.00
No No No No
3.00 3.00 3.00 4.00

3.00 3.00 3.00 4.00
100.00 100.00 100.00 100.00
Yes Yes Yes Yes
3.00 3.00 3.00 4.00
4.00 6.00 5.00 6.00
83.00 100.00 100.00 94.00
Yes Yes Yes Yes
No No No No
No No No No
Yes Yes Yes Yes
No No No No
No No No No
No No No No
Yes Yes Yes Yes

Yes Yes Yes Yes
No No No No
Danone SA (BN FP) - Exec & Dir Comp
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Executive Compensation
Total Compensation Paid 12.9 8.3 7.8 7.2
Total Salaries and Bonuses Paid 12.9 8.3 7.8 7.1
Total Salaries Paid 4.7 3.3 3.0 2.9
Total Bonuses Paid 8.2 5.0 4.8 4.2
All Other Compensation Paid 0.0 0.0 0.0 0.0
Total Other Compensation Paid
# of Exec Changes in Fiscal Year 1.00 0.00 0.00 0.00
Date of Last Executive Change 04/30/2009 n/a n/a n/a
# Execs Included in Compensation 4.00 3.00 3.00 3.00
CEO
CEO Duality Yes Yes Yes Yes
Total Salaries and Bonuses Paid 4.2 4.0 3.6 3.4
Total Salaries Paid 1.6 1.5 1.3 1.3
Total Bonuses Paid 2.6 2.5 2.3 2.2
All Other Compensation Paid 0.0 0.0 0.0 0.0
Total Other Compensation Paid
# of CEO and Equiv Changes in FY 0.00 0.00 0.00 0.00
Date of Last CEO and Equiv Change n/a n/a n/a n/a
# CEO and Equiv Included in Comp 1.00 1.00 1.00 1.00
CEO Tenure at Fiscal Year End 13.67 14.67 15.67 16.67
Other C-Suite
Total Comp Paid to COO and Equiv 8.7 4.3 4.2 3.7
Board Compensation
Fees Paid in Cash 0.8 0.7 0.5 0.6
# of Board Changes in Fiscal Year 10.00 1.00 4.00 5.00
Date of Last Board Change 04/30/2009 04/22/2010 04/28/2011 04/26/2012
# Directors Included in Comp 10.00 11.00 13.00 14.00
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
6.2 5.0 6.5 4.6

6.2 5.0 5.7 4.6
3.0 3.0 3.2 3.3
3.3 2.0 2.4 1.4
0.0 0.0 0.9 0.0
0.0 0.0
0.00 3.00 0.00 0.00
n/a 10/01/2014 n/a n/a
3.00 3.00 2.00 2.00
Yes No No No
3.0 4.0 2.2 2.4
3.0 4.0 1.8 2.4
1.3 2.5 1.1 1.1
1.7 1.5 0.7 1.4
0.0 0.0 0.4 0.0
0.0 0.0
0.00 1.00 0.00 0.00
n/a 10/01/2014 n/a n/a
1.00 2.00 1.00 1.00
17.67 0.25 1.25 2.25
3.3 2.4
0.6 0.7 0.7 0.7

0.6 0.7 0.7 0.7
1.00 3.00 2.00 1.00
02/18/2013 04/29/2014 05/29/2015 04/28/2016
11.00 12.00 12.00 12.00
Danone SA (BN FP) - ESG Ratios
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Greenhouse Gases
GHG Intensity per Sales 69.25
GHG Scope 1 Intensity per Sales 35.55
GHG Scope 2 Intensity per Sales 33.70
GHG Intensity per EBITDA 422.95
GHG/CO2 Intensity / Gross Fixed Assets 160.71
GHG/CO2 Intensity / Net Fixed Assets 350.67
GHG Intensity per Energy 419.57
GHG Intensity per Employee 20.12
GHG Intensity per Assets 48.85
Scope 3 GHG per Employee 176.28
Carbon Dioxide
Energy
Energy Intensity per Sales 256.73 179.07 172.31 165.05
Energy Intensity per EBITDA 1,256.96 979.75 988.89 1,008.03
Energy Intensity per Employee 71.70 49.44 47.08 47.96
Energy Intensity per Assets 161.08 120.26 118.66 116.44
Energy per Unit of Production
Water
Water Intensity per Sales 2,219.95 2,394.86 2,407.27 2,334.20
Water Intensity per EBITDA 10,869.04 13,102.79 13,815.69 14,255.88
Water Intensity per Energy 8,647.09 13,373.61 13,970.97 14,142.24
Water Intensity per Employee 620.00 661.23 657.73 678.26
Water Intensity per Assets 1,392.92 1,608.33 1,657.81 1,646.71
Water per Unit of Production
Waste
Waste Intensity per Employee 2.94 3.26 3.26 3.13
Waste Generated per Assets 6.60 7.92 8.22 7.60
Waste Generated per Sales 10.52 11.79 11.93 10.78
Other Environmental
NOx Emissions per Sales 0.00 0.00 0.00 0.00
SOx Emissions per Sales 0.12 0.13 0.10 0.06
Social
Women Management to Employees Ratio
Fatalities per 1000 employees 0.06
Accidents per 1000 employees 8.88 6.62 4.92 4.94
Sustainable Invt/CapEx 0.05 0.04 0.05 0.05
R&D Expenditures per Cash Flow 0.16 0.12 0.11 0.11
Actual Net Income per Employee 25,370.91 25,636.73 20,219.08 19,678.10
Actual Cash Flow per Employee 37,282.75 33,854.16 31,520.47 33,636.36
Actual Personnel Expenses per Employee 41,999.02 34,264.35 32,597.37 33,553.98
Governance
Percentage of Non-Executive Directors on 78.57 78.57 78.57
% Independent Directors 57.14 57.14 50.00 57.14
% Women on Board 0.00 7.14 14.29 14.29
Percentage of Female Executives 10.00 10.00 10.00
Board of Directors Age Range 31.00 25.00 19.00
Board Average Age 60.64 61.29 59.64 57.29
Board Meeting Attendance % 86.00 91.00 94.00 92.00
Pct of Independent Directors on Audit Comm 100.00 66.67 100.00
Audit Committee Meeting Attendance Perce 90.00 100.00 89.00
% of Ind Directors on Compensation Commi 66.67 66.67 66.67
Compensation Committee Meeting Attenda 100.00 100.00 92.00
% of Ind Directors on Nomination Committe 66.67 66.67 66.67
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
47.26 55.36 61.69 61.36

17.56 21.86 23.45 22.89
29.70 33.51 38.24 38.47
354.70 376.77 403.45 363.02
106.53 118.32 130.12 120.93
233.28 258.01 286.21 271.64
299.98 297.31 305.41 305.73
11.84 14.23 14.81 14.81
32.69 37.24 41.58 31.13

157.56 186.22 202.00 200.70

1,182.42 1,267.26 1,321.03 1,187.41
39.46 47.86 48.49 48.44
108.97 125.25 136.13 101.81
0.15 0.14 0.13
2,313.15 2,698.46 2,979.99 2,967.39

17,359.24 18,363.76 19,488.62 17,556.32
14,681.15 14,490.95 14,752.64 14,785.35
579.38 693.47 715.29 716.26
1,599.86 1,815.00 2,008.35 1,505.29
1,200.00 1,360.00 1,290.00 1,170.00
2.82 3.07 3.32 4.38

7.80 8.04 9.31 9.20
11.27 11.95 13.82 18.15
0.00
0.04
1.10 1.17
0.01 0.03 0.00 0.03
4.14 3.99 4.40 4.38
0.03 0.03 0.03 0.03
0.14 0.15 0.14 0.14
16,723.37 13,600.42 13,728.72 18,901.17
27,707.63 26,605.30 25,369.23 29,142.97
35,751.78 36,109.80 36,249.40 37,725.42
76.92 86.67 86.67 87.50

61.54 66.67 66.67 68.75
15.38 33.33 46.67 43.75
0.00 10.00 16.67 33.33
19.00 27.00 27.00 27.00
57.77 56.60 56.20 56.63
89.00 95.00 92.00 88.00
100.00 100.00 100.00 100.00
94.00 94.00 93.00 73.00
100.00 100.00 100.00 100.00
83.00 100.00 100.00 94.00
100.00 100.00 100.00 100.00
Danone SA (BN FP) - CDP
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
CDP Integrated Performance Score
Reporting Period
Start Date of CDP Reporting Year 01/01/2008 01/01/2009 01/01/2010 01/01/2011
End Date of CDP Reporting Year 12/31/2008 12/31/2009 12/31/2010 12/31/2011
CDP Survey Year 2,009 2,010 2,011 2,012
CDP Reported Fiscal Year 2,008 2,009 2,010 2,011
Risks and Opportunities

Regulatory Risk Exposure Yes Yes Yes Yes
Physical Risk Exposure Yes Yes Yes Yes
Other Risk Exposure Yes Yes Yes Yes
Regulatory Opport Present Yes Yes Yes Yes
Physical Opport Present No Yes Yes Yes
Other Opportunities Present No Yes Yes Yes
GHG Emissions
Scope 1 Activity Emissions Globally 0.4 0.5 0.5 0.5
CH4 Emissions (CO2e) 0.0 0.0 0.0
N2O Emissions (CO2e) 0.0 0.0 0.0 0.0
HFCs Emissions (CO2e) 0.0 0.0 0.0 0.0
PFC Emissions (CO2e)
SF6 Emissions (CO2e) 0.0
Location-based Scope 2
Market-based Scope 2
Scope 2 Emissions 0.4 0.6 0.8 0.8
Rev Emission Intensity
Co Selected Emission Intensity
Scope 3 Purch Goods/Srvcs
Scope 3 Use of Sold Produces
Emissions from Travel
CDP Level of Uncertainty Scope 1 Emissio 5.00 5.00
CDP Level of Uncertainty Scope 2 Emissio 5.00 5.00
CDP Percentage Data Verified Scope 1 100.00 40.00 40.00
CDP Percentage Data Verified Scope 2 0.00 40.00 40.00
CDP Percentage Data Verified Scope 3 0.00 20.00
Energy Use
Total Fuel Consumption
CDP Fuel Used - Biodiesels
CDP Fuel Used - Biogas
CDP Fuel Used - Crude Oil
Low Carbon Energy
Total Electricity Consumption
Total Purchased Elec Consumption 1.8 1.8
Total Electricity Production
Total Renewable Elec Prod
Total Prod & Cons Renew Elec
Emissions Bio Seques Carbon 0.0 0.0
Trading
Purchased Allowances EU ETS 0.0 0.0
Other Compliance Programs n/a n/a n/a n/a
Origination Project Carbon Offsets n/a n/a Yes No
Trading Allowances EU ETS n/a n/a Yes Yes
Targets and Initiatives

Emission Red Targets n/a n/a n/a n/a
Renewable Energy Target n/a n/a n/a n/a
Governance and Strategy

Incentives Mgt Climate Change Yes Yes Yes Yes
Engages Policy Climate Change Yes n/a Yes Yes
Climate Change Strategy n/a n/a n/a n/a
Internal Price of Carbon n/a n/a n/a n/a
3rd Party Avoided Emissions n/a n/a n/a n/a
Emission Reduction Activities n/a n/a n/a n/a
Value Chain Engagement n/a n/a n/a n/a
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015
12/31/2012 12/31/2013 12/31/2014 12/31/2015
6.00
01/01/2012 01/01/2013 01/01/2014 01/01/2015

12/31/2012 12/31/2013 12/31/2014 12/31/2015
2,013 2,014 2,015 2,016
2,012 2,013 2,014 2,015
Yes Yes Yes Yes

Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
Yes Yes Yes Yes
0.9 0.5 0.6 0.6

0.0 0.0 0.0 0.0
0.0
0.0
0.0

0.9
0.9
0.8 0.8 0.9
0.00
43.30
18.6
1.5

5.00 5.00 5.00
5.00 5.00 5.00
100.00 54.00 100.00 100.00
100.00 91.00 100.00 100.00
100.00 100.00 100.00 100.00
2.6
0.0
0.0
0.2
0.1
2.0
2.0 1.8 2.0 2.0
0.0
0.0
0.0
0.0 0.2
0.0 0.0 0.0

n/a n/a No No
Yes Yes No No
Yes Yes Yes Yes
n/a n/a n/a Yes

n/a n/a n/a No
Yes Yes Yes Yes

Yes Yes Yes Yes
n/a n/a n/a Yes
n/a n/a n/a Yes
n/a n/a n/a No
n/a n/a n/a Yes
n/a n/a n/a Yes
Danone SA (BN FP) -
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012

Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016

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Danone SA (BN FP) - Adj Highlights

In Millions of CHF FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Revenue, Adj 25,150.9 26,210.1 25,679.8 23,948.1 23,918.3

Cash from Operations 3,444.4 2,899.4 2,658.6 2,531.4 2,890.6

26,114.8 28,952.9 30,365.4

Cash and Equivalents 1,371.6 2,365.4 2,020.7 3,641.5

Cash From Operations 3,019.0 3,419.1 3,211.5 3,444.4

4,694.1 3,844.8 3,295.8 14,611.0

2,899.4 2,658.6 2,531.4 2,890.6

Earnings Per Share

Pretax Income (Loss)

24,140.1 23,544.5 28,952.9 30,365.4

3.12 3.27 3.98 4.44

2,793.6 3,230.8 4,117.2 4,551.0

3,931.9 4,154.7 5,129.8 5,629.2

49.19 50.59 50.59 50.99

2,794.1 2,943.5 3,557.6 3,984.0

Total Capital 26,245.0 27,745.5 27,507.5 25,788.1

EV/Sales 1.73 1.82 1.92 2.07

Diluted Market Cap 36,328.2 37,725.1 38,997.3 41,278.9

2.04 2.83 2.57 2.45

23,918.3 26,114.8 28,952.9 30,365.4

P/Book 2.43 2.87 2.79 3.04

P/Sales 1.44 1.44 1.53 1.69

P/Cash Flow 10.49 13.04 14.79 16.03

P/Free Cash Flow 15.92 23.34 26.86 26.51

EV/Sales 1.73 1.82 1.92 2.07

EV/EBITDA 10.58 13.67 13.08 13.54

EV/EBIT 13.16 18.24 18.90 21.00

Price/Share 60.24 64.11 65.48 67.65

Enterprise Value 43,628.3 47,549.5 48,891.6 50,420.7

2.83 3.55 3.07 2.86

1.69 1.88 1.89 1.80

13.99 15.56 13.78 12.85

2.04 2.83 2.57 2.45

12.10 17.24 14.80 13.48

15.35 21.65 18.08 16.36

Per Share Data Items

Cash Flow 5.33 5.74 4.94 4.47

Cash & Equivalents 3.33 6.14 8.00 6.41

4.15 4.69 5.90 6.33

Market Capitalization 35,582.6 35,832.3 35,739.4 37,601.4

39,294.7 41,621.9 39,847.8 54,461.7

Net Income Avail to Common, Adj 2,089.8 2,262.8 1,727.1 1,871.8

Basic Weighted Avg Shares 600.5 587.4 594.5 609.6

Diluted Weighted Avg Shares 603.1 588.5 595.5 610.2

2,011.3 2,476.3 2,786.4

Net Income Avail to Common, Adj 2,089.8 2,262.8 1,727.1 1,871.8

Diluted Weighted Avg Shares 603.1 588.5 595.5 610.2

2,011.3 2,476.3 2,786.4

26,210.1 25,679.8 23,948.1 23,918.3

13,508.7 13,427.8 11,980.4 11,710.7

331.0 332.8 292.8 300.8

157.5 162.7 124.0 116.6

26,210.1 25,679.8 23,948.1 23,918.3

Pretax Income Reconciliation

Net Income Reconciliation

Earnings Per Share Reconciliation

2,618.8 2,612.4 2,361.5 3,186.0

2,618.8 2,612.4 2,361.5 3,186.0

2,295.1 2,233.5 2,056.9 2,866.6

1,750.0 1,359.0 1,369.9 1,874.8

2.98 2.28 2.24 3.04

Stock Based Compensation