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Danone Group published its results for the 2018 financial year on Tuesday. Despite the boycott in Morocco and headwinds in China, the turnover of the agri-food giant rose by 2.9%. Without the boycott, however, sales would have increased 3.6% for the year as a whole.
“The effect of this boycott on turnover was assessed by Danone as the difference between 2018 sales and 2017 sales excluding exceptional items in Morocco. In 2018, the effect on sales was -178 million euros compared to sales in 2017, two-thirds from a shortfall on milk sales and one-third from a shortfall on dairy products,” says the group. “Following the same method, the effect of the boycott on current operating income in 2018 was a decrease of 43 million euros compared to 2017, including the effect of the actions of return to growth”, adds Danone.
In total, the French group posted a profit of 2.35 billion euros, down 4.1%. For 2019, Danone expects sales growth of about 3% and a current operating margin of more than 15%.
