Danone is set for mission to health by eating the largest number

Danone is set for mission to health by eating the largest number. Our product portfolio, medical and child food water and fresh dairy products, reflects this double suction feed our consumers while contributing to their health. Our portfolio geographic, door, our aspiration to achieve the greatest number. In ten years, the geography of the group is deeply changed: the France is increased from 24 of our sales to 11, the Western Europe, which accounted for about 80 of our sales, weighs less than 40. By contrast, emerged - more that emerging countries - representing in 2011 more than 50 of our turnover. Surprisingly, this internationalization does not translate massive exchange risk.

We transactional viewpoint first made access to raw materials, the cost of the latter and their transport, the structure of competition, the proximity of un point de a point de de draw first d' nous point de vue transactionnel d' abord faite l' accès à les matières premières, le coût de ces dernières et de leur transport, la structure de la concurrence, la proximité du un point de dessiner d' abord l' à les le de leur la de la l' l' à les le de leur la de la à les à les le de leur la de la le le de leur la de la de leur la de la de leur de leur la de la la la de la de la de la the share of our purchases other than in local currency rarely exceeds 20, and concerns especially packaging materials. Because of this, only strong and sudden currency movements can be troublesome: for example, the devaluation of the Indonesian rupee by more than 50 in 1997. These observations are also valid for raw materials, in particular, milk by weight are more important than currency.

Both currencies for materials, we now have effective tools: first, to set the parameters on a term - via blankets or other contractual mechanisms - which gives us time to adjust our actions; Second, generate productivity to absorb potential incremental costs - by maximizing our process, working with our suppliers; third, further enhance the location of our costs: deconcentrate decision-making structures or pooled, bring our operations; Finally, and finally, to adjust our prices competitive, i.e. so that the relative price of our products always reflects their relative value for the consumer; the "reset" program we conducted in 2009 so allows us to now be in a favourable position compared to the problems of currency and inflation contents.

But the level and the fluctuation of currencies also concern the management of our portfolio of activities: our financial aggregates are the result of the conversion into euro of the results of our many countries of activities. Exchange variations have a real effect on the consolidated results of the group. Here again, we have tools: on the one hand, the effect portfolio. our larger countries, the France and the Russia, now account for each 11 of our turnover, the United States or Spain 8, the Mexico, the United Kingdom or Indonesia 5, China or the 4 Argentina. In a world less and less marked by entering bipolarity, and the emergence of currencies such as the Chinese yuan or the real Brazilian, this dispersion limit the impact of changes - be they marked - any particular currency. In addition, we use increasingly so-called management "ALM", who is to structure our liabilities on our assets. Thus, a part of our debt is now in US dollar, Chinese yuan, or Russian rouble, and any loss in value of an asset in this motto or revenues which are attached translates decreased - certainly less - the value of the debt and the costs that are attached. This tool, which relies largely on the use of derivatives, to further limit the consequences of the change on our indicators.

Its mission, its organization, its exhibition, a group such as Danone is therefore not very sensitive to the forces and weaknesses of such or such currency. It is more to the cost of raw materials, and more to the volatility of currency or materials. Tools have been implemented to limit the impact of this volatility on the development and results of Danone. It must be combated, as it undermines the achievement of our mission, and the economic and social development of the planet.