Half Year 2024 Danone SA Earnings Call Transcript
Key Points
- Danone SA (DANOY) reported a strong first half of 2024 with like-for-like revenue up 4%, driven by broad-based growth across geographies and categories.
- The company achieved an improved margin from operations, up by 157 basis points, reflecting higher quality growth combined with consistent productivity and efficiency.
- Danone SA (DANOY) delivered EUR1.2 billion in cash in H1 2024, an 11% improvement over the same period in 2023.
- The Specialized Nutrition category sustained competitive and broad-based growth at 4.7%, with strong performance in both adult and pediatric segments.
- The Waters category delivered another quarter of solid growth at 4.4%, with continued momentum from the Mizone brand in China and resumed growth in Europe.
- Retailer negotiations in Europe resulted in short-term delivery disruptions, impacting reported results for the quarter.
- The company faced a negative foreign exchange effect of -2.4% due to currency depreciation against the euro.
- Scope effects had a negative contribution of -7.2% due to the deconsolidation of EDP Russia, Horizon Organic, and the Michel and Evista business.
- The recurring operating margin for Latin America was negatively impacted by hyperinflation and currency effects from the Argentinian peso.
- Despite strong overall performance, the plant-based beverage business in the US is still in the process of turning around, with only initial signs of regaining competitiveness.
Good morning, everyone. Metallurgy speaking, Head of Investor Relations. Thank you for being with us this morning for Danone 2024 H1 Results Call. I'm here with we'll see you on 20 South African CFO, Jorgen is there. So we'll go through some prepared remarks before taking your questions. And before we start, I draw your attention to the disclaimer on slide 32 of the presentation related to forward-looking statements and the definition of financial indicators that we'll refer to during the presentation.
And with that, let me hand it over to Antoine.
So ensure matured and The Good morning, everyone. A warm welcome to our half year '24 conference call or your Dan and I are pleased to be with you today to share what is yet again, a strong, consistent and broad-based set of quality results. And for this, I would like to start this call by thanking all the dominos they make it happen day-in, day
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