For Danone, it was a very good year overall—true, there were contrasts from region to region, and the overall environment was complex. But 2012 also brought a major milestone as our total sales moved past the €20 billion mark for the very fi rst time. Over the past fifteen years, we’ve made sweeping
changes in our business lines. But despite sales, disposals and acquisitions, we’ve continued to grow, both organically and through our acquisitions, which we’ve successfully integrated. Our sales now total over €20 billion and we’ve doubled our free cash fl ow in fi ve years. Th at’s quite an achievement, and it’s an indisputable sign of good health. We were aiming for €2 billion in free cash fl ow and managed to reach €2.09 billion. So 2012 really was a good year for Danone.
