2011 was a tough year, but also a very positive one.Tough because of the very unsettled macroeconomic environment in Europe—that’s no surprise—and because skyrocketing raw material prices put pressure on our cost structures and our entire organization. But 2011 was ultimately a very positive year for Danone, since we successfully overcame these erce headwinds. And our results confirm that it was another successful year: we met all our targets—ambitious targets that we stuck to despite the crisis. Organic sales growth reached 7.8% for the full year, and we achieved our target for growth in margin, while our free cash ow continued to rise steeply, gaining over 9%. One major explanation for this success was our conviction very early on—several years ago, in fact—that the business models underpinning Danone’s longstanding markets in mature economies were set for serious upheavals, probably for several years. So we adopted a battle plan emphasizing ef ciency, quality of execution, and focus—that’s no mystery.
