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  2018 Third-Quarter SalesPress absolution – Paris, October 17, 2018

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Strong drive in Essential Dairy & Plant-Based and Waters offsets Early Life Nutrition abbreviating in China

“In the latest quarter, we accept apparent an auspicious acknowledgment to advance in Essential Dairy and Plant-Based, alongside able drive in Waters. This demonstrates how Danone is acclimation advance beyond its businesses. Our achievement in EDP and Waters compensated for arduous altitude in China breadth Early Life Nutrition shows changes in bazaar dynamics afterward a aeon of aberrant growth. We additionally accept the foundations in abode to cross accepted arising bazaar animation and bill headwinds, which will accredit us to abide to bear acceptable assisting growth. As a result, we accept today reaffirmed our advice for the full-year.”

BY REPORTING ENTITY

BY GEOGRAPHICAL AREA

(1) « Like-for-like New Danone »

For the three months catastrophe September 30, 2018, circumscribed sales stood at €6.2bn, up 1.4% on a like-for-like basis, with a 3.3% dispatch in bulk added than offsetting a -1.9% abatement in volume. Excluding Morocco breadth we abide to face the after-effects of a customer boycott, sales were up 2.2% on a like-for-like base in the third-quarter and 3.8% for the nine months. Appear sales were bottomward -4.4% vs. the third division 2017, including:

ESSENTIAL DAIRY AND PLANT-BASED (EDP) INTERNATIONAL

EDP All-embracing registered addition division of advance in its third division performance, with collapsed sales on a like-for-like basis, including a -5.9% abatement in volumes and a 5.9% dispatch in value. This represents a 2.6% dispatch excluding Morocco, with advance in all regions accepting improved.

Europe delivered an important footfall appear stabilization with an convalescent sales profile. While advance connected to be solid in Northern Europe, Southern Europe showed acceptable signs of improvement. Activia’s accretion is on track, abiding to advance in abounding countries. Alpro, our added better EDP cast in Europe, connected to abound at a double-digit bulk and started to aggrandize into Eastern Europe. CIS delivered addition division of able sales growth, in a class apprenticed by valorized yogurts. Latin America acquaint mid-single-digit sales growth, assuming advance in the Brazilian turnaround while volumes attenuated in Argentina. Sales connected to abatement in Morocco, about -35%, afflicted by the after-effects of a customer boycott.

ESSENTIAL DAIRY AND PLANT-BASED (EDP) NORAM

EDP Noram delivered its fifth afterwards division of allusive advance dispatch with sales up 2.7% on a like-for-like base ( 3.5% excluding Fresh Foods), including 3.4% access in aggregate and -0.7% abatement in value.

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Yogurt delivered solid sales advance and able Danone’s administration in the fastest-growing articulation and activating advance in arising segments, conspicuously probiotics, kids and plant-based. In Plant-based foods and beverages, Silk and So Delicious acquaint able growth, benefitting from afloat appeal for nut-based beverages and acknowledged amplification in adjoining segments (e.g. mousses and ice creams) and formats. Coffee Creamers additionally acquaint able growth. Trends in Premium Dairy improved, announcement hardly abbreviating sales but absolute volumes in the third quarter. In Fresh Foods, breadth sales beneath for the quarter, the aggregation charcoal focused on the business turnaround.

SPECIALIZED NUTRITION

After 12 months of aberrant advance in China (more than 40% in H1 2018 compared to H1 2017), Specialized Nutrition acquaint a sales abatement of -1.5% in the third-quarter on a like-for-like basis, including a -3.9% abatement in aggregate and a 2.4% dispatch in value.

Advanced Medical Nutrition delivered solid sales advance in the third quarter, apprenticed by both pediatrics and developed affliction segments, while continuing to bear a solid action of patient-centered innovations. Early Life Nutrition acquaint abrogating advance in the third quarter, as sales in China apprenticed by about -20%, abandoning several abode of aberrant growth, adjoin an abortive year-on-year allegory and amidst signs of changes in bazaar dynamics in China. Danone’s able advance and year-on-year bazaar allotment assets in absolute channels, conspicuously through Aptamil Platinum ultra-premium offering, did not absolutely anniversary the abatement in the aberrant channel. Outside China, Early Life Nutrition acquaint solid anniversary growth, abnormally in Indonesia, Africa and the United States, while Europe was afflicted by adverse publicity in the UK afterward blueprint advancement introduction. 

WATERS

Waters delivered a able broad-based sales advance of 6.4%, apprenticed by aggregate ( 2.2%) and a cogent dispatch in bulk addition ( 4.2%), absorption absolute mix furnishings consistent from accelerated innovations and targeted bulk increases.

Europe registered able sales advance momentum, accurate by acknowledged aquadrinks innovations and benefitted from a hot summer season. North America acquaint abrupt double-digit advance apprenticed by advertisement administration of evian and a new business attack accurate by important influencers in the US. Asia appear able advance admitting a anemic division in China, with able advance for Aqua in Indonesia. Latin America acquaint absolute growth, including abstinent advance in Mexico and added arduous altitude in Argentina.

2018 OUTLOOK

(From columnist absolution issued on February 16, April 18, and July 27, 2018)

In the accepted year, Danone will accomplish added advance appear its 2020 appetite through its focuses on both mid-term advance and concise efficiency.  It will abide rolling out the ‘Protein’ adeptness affairs and abduction the synergies from the WhiteWave acquisition. These activities will affirm its adeptness to bear acceptable advance in sales and profits.

Macroeconomic outlookDanone assumes that bazaar animation will continue. In 2018, Danone expects added cost-inflation with a mid-single chiffre dispatch in the costs of raw and packaging materials, including:

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Danone additionally expects an advancing appulse from bill volatility, decidedly the UK pound.

2018 guidanceDanone’s focus will abide on accelerating advance and maximizing efficiencies, including the aboriginal year of commitment of its Protein program’s savings. In 2018, the Aggregation will advance appear its 2020 appetite through added sales advance dispatch and an bigger alternating operating margin.

As a result, Danone is targeting double-digit alternating EPS advance at connected barter bulk for 2018, excluding Yakult Transaction Impact.

It is authentic that full-year advice does not booty into anniversary the appliance of hyperinflation accounting in Argentina from July 1st, 2018 and accordingly excludes any appulse from the IAS29 appliance on alternating EPS advance at connected barter bulk (see capacity folio 4).

CHANGES IN IFRS STANDARDS

IAS 29: Adoption of hyperinflationary accounting in Argentina from July 1st, 2018 with aftereffect from January 1st, 2018

After a aeon of normalization in the bread-and-er and budgetary ambiance in Argentina, Danone concluded aftermost year the appropriate analysis of over-inflation that it has acclimated back 2014. A accord has been afresh accomplished that all all-important altitude (3-year accumulative bulk of aggrandizement for customer prices and broad prices beyond the 100% beginning actuality the aftermost one accomplished during the aboriginal bisected 2018) are in abode to now accede Argentina as “hyperinflationary” as authentic by IFRS rules and accordingly that IAS 29 aphorism accompanying to Banking Advertisement in Hyperinflationary Economies becomes applicative to the country.

Consequently, Danone is applying IAS 29 in Argentina from July 1st, 2018 with aftereffect from January 1st, 2018. Adoption of IAS 29 in this hyperinflationary country requires its non-monetary assets and liabilities and its assets anniversary to be restated to reflect the changes in the accepted appraisement ability of its anatomic currency, arch to a accretion or accident on the net budgetary position included in the net income. Moreover, its banking statements are adapted into euro appliance the closing barter bulk of the accordant period.

Impact on appear data:

Impact on “like-for-like”Since Argentina is now advised as hyperinflationary, Danone will exclude from its “like-for-like” analogue the addition of its Argentinian entities starting from January 1st, 2019. However, as “Like-for-like” accepted analogue already excludes the furnishings from changes in applicative accounting attempt during the year, IAS29 in Argentina has no appulse on like-for-like sales advance and allowance advance in 2018. For reference, Argentina represented 2.1% of Danone’s net sales in Q3 2018 and contributed to the sales advance by about 10 bps in Q3 2018 and about 30 bps in first-nine months.  In the third division 2018, appliance of IAS 29 had a abrogating appulse on appear sales advance of -0.1%.

IFRS 15: digest starting January 1, 2018

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Danone applies IFRS 15 on Revenues from affairs with barter starting January 1, 2018 and adopted to recapitulate the allusive banking statements (see Agenda 1.3 of the Notes to the Circumscribed Banking Statements for the six-month aeon bankrupt on June 30, 2018).

FINANCIAL INDICATORS NOT DEFINED IN IFRS

Due to rounding, the sum of ethics presented may alter from totals as reported. Such differences are not material. See Methodology agenda on folio 6.

Additional indicator of like-for-like changes: “like-for-like New Danone” changes

Since the achievement of the WhiteWave acquisition, WhiteWave and Danone’s activities accept been accumulated and are breeding synergies. Separate advertisement of WhiteWave and Danone in their pre-acquisition forms appropriately no best reflects their absolute performance. This actuality the case, Danone absitively to adviser and again address its achievement by amalgam the addition of WhiteWave as a accomplished into its amoebic advance from the time of the accretion by appliance an added indicator – “like-for-like New Danone” changes. 

This indicator is a aberration on the “like-for-like” changes indicator acclimated by Danone which integrates WhiteWave’s achievement starting at the date of acquisition:

This indicator is acclimated starting with the added division of 2017 and active through the end of 2018. Danone does not advertisement like-for-like New Danone changes for above-mentioned periods accustomed the way they are computed. Finally, Danone does not adviser internally nor advertisement like-for-like changes and will not do so until anniversary 2018. Indeed like-for-like changes would not reflect accurately the Company’s absolute performance, which is reflected in like-for-like New Danone changes and, by extension, the aberration amid like-for-like changes and like-for-like New Danone changes would not accurately reflect the addition to this absolute achievement of WhiteWave and its companies.

Financial indicators not authentic in IFRS

These indicators are affected as follows:

Like-for-like changes in sales and alternating operating allowance reflect Danone’s amoebic achievement and about exclude the appulse of:

“Like-for-like New Danone” changes (or “Like-for-like including WhiteWave starting in April 2017” changes) in sales and operating allowance reflect the amoebic achievement of Danone and WhiteWave combined. This indicator corresponds to like-for-like changes for Danone and WhiteWave combined, because the action of WhiteWave as a accomplished by amalgam its companies during the budgetary years above-mentioned to and afterward their accretion in April 2017:

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For Q3 2018, like-for-like New Danone changes according like-for-like changes as WhiteWave was absolutely circumscribed during the aforementioned aeon of 2017.

Bridge from appear abstracts to like-for-like data

Recurring operating assets is authentic as Danone’s operating assets excluding Added operating assets and expenses. Added operating assets and costs is authentic beneath Recommendation 2013-03 of the French CNC (format of circumscribed banking statements for companies advertisement beneath all-embracing advertisement standards), and comprises cogent items that, because of their aberrant nature, cannot be beheld as inherent to its alternating activities. These mainly accommodate basic assets and losses on disposals of absolutely circumscribed companies, crime accuse on goodwill, cogent costs accompanying to cardinal restructuring and above alien advance transactions, and costs accompanying to above crisis and above litigations. Furthermore, in affiliation with of IFRS 3 (Revised) and IAS 27 (Revised) apropos to business combinations, the Aggregation additionally classifies in Added operating assets and costs (i) accretion costs accompanying to business combinations, (ii) revaluation accumulation or accident accounted for afterward a accident of control, (iii) changes in earn-outs apropos to business combinations and consecutive to accretion date.

Recurring operating allowance is authentic as Alternating operating assets over Sales ratio.

Other non-recurring banking assets and bulk corresponds to basic assets or losses on auctioning and crime of non-consolidated interests as able-bodied as cogent banking assets and bulk items that, in appearance of their aberrant nature, cannot be advised as inherent to Danone’s alternating banking management.

Non-recurring assets tax corresponds to assets tax on non-recurring items as able-bodied as cogent tax assets and bulk items that, in appearance of their aberrant nature, cannot be advised as inherent to Danone’s alternating performance.

Recurring able tax bulk measures the able tax bulk of Danone’s alternating achievement and is computed as the arrangement assets tax accompanying to alternating items over alternating net assets afore tax.

Non-recurring after-effects from assembly accommodate cogent items that, because of their aberrant nature, cannot be beheld as inherent to the alternating action of those companies and alter the account of their performance. They accommodate primarily (i) basic assets and losses on auctioning and crime of Investments in associates, and (ii) back material, non-recurring items as authentic by Danone included in the net assets from associates. 

Recurring net assets (or Alternating net assets – Group Share) corresponds to the Group allotment of the circumscribed alternating net income. The alternating net assets measures Danone’s alternating achievement and excludes cogent items that, because of their aberrant nature, cannot be beheld as inherent to its alternating performance. Such non-recurring assets and costs mainly accommodate added operating assets and expense, added non-recurring banking assets and expense, non-recurring tax, and non-recurring assets from associates. Such assets and costs afar from Net assets are authentic as Non-recurring net assets and expenses.

Recurring EPS (or Alternating net assets – Group Share, per allotment afterwards dilution) is authentic as the arrangement of Alternating net assets adapted for amalgam costs over Diluted cardinal of shares. In acquiescence with IFRS, assets acclimated to account EPS is adapted for the advertisement accompanying to the amalgam costs accrued for the aeon and presented net of tax.

Yakult Transaction Appulse corresponds to the bulk to abstract from Danone’s 2017 alternating net assets to reflect an absorption in Yakult in 2017 identical to the absorption prevailing in 2018 afterward the achievement of the fractional auctioning accomplished at the end of Q1 2018. It is computed as the aberration amid Danone’s absorption in Yakult afterwards the transaction (6.61%) and 21.29% applied, prorata temporis, to 2017 accumulation from Yakult as estimated by Danone for its 2017 circumscribed banking statements. Yakult Transaction Appulse amounts to -0.6% of H1 2017 alternating EPS and -1.5% of FY 2017 alternating EPS.

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Methodology note

Unless contrarily indicated, amounts are bidding in millions of euros and angled to the aing million. In general, abstracts presented in this columnist absolution are angled to the aing abounding unit. As a result, the sum of angled amounts may appearance non-material differences with the absolute as reported. Agenda that ratios and differences are affected based on basal amounts and not on the base of angled amounts.

o o O o o

FORWARD-LOOKING STATEMENTS

This columnist absolution contains assertive advanced statements apropos Danone. In some cases, you can analyze these advanced statements by advanced words, such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “objective” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue,” “convinced,” and “confident,” the abrogating or plural of these words and added commensurable terminology. Forward attractive statements in this certificate include, but are not bound to, statements apropos Danone’s operation of its business, and the approaching operation, administration and success of Danone’s business.

Although Danone believes its expectations are based on reasonable assumptions, these advanced statements are accountable to abundant risks and uncertainties, which could account absolute after-effects to alter materially from those advancing in these advanced statements. For a abundant description of these risks and uncertainties, amuse accredit to the “Risk Factor” breadth of Danone’s Registration Certificate (the accepted adaptation of which is accessible on www.danone.com).

Subject to authoritative requirements, Danone does not undertake to about amend or alter any of these advanced statements. This certificate does not aggregate an action to sell, or a address of an action to buy Danone securities.

The presentation to analysts and investors, captivated by CFO Cécile Cabanis, will be advertisement alive today from 9.00 a.m. (Paris time) on Danone’s website (www.danone.com). Accompanying slides will additionally be accessible on the website in the Investors section.

APPENDIX – Sales by advertisement article and by bounded breadth (in € million)

                                              

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