+1 pt

+53 bps

+61 bps

+3 bps

+20 bps

-50 bps

-81 bps

2014

2015

…

Source: Euromonitor

(1) Danone : including Stonyfield and YoCrunch

Source: IRI Multi Outlet

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≈

≈

    +1pt

+1 pt Source: Nielsen / IRI Data

> +30% > +20%

≈ +10% ≈ > +30% > +20%

≈

≈

2014

2015

…

Q1 15

Q2 15

Q3 15

HEADWINDS WITHIN SOME MARKETS

≈

≈

CAPITAL DISCIPLINE

• Leverage scale and efficiency through transversality

• Reinforce expertise & ability to support the business • Improve Compliance

  

≈

≈

≈







RIGHT PORTFOLIO PRGM

EFFICIENT OPERATIONS

  