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Danone issued a first-half operating result slightly better than expected and has carefully noted the objective of sales growth for the full year, considering that the crisis would continue to weigh on European consumption.

The food group, which focuses on further development of emerging markets, now provides that its comparable sales will grow at least 6% when he was previously an increase of at least 5%.

He always bet on an increase in operating free cash flow in historical data at least 10% and stability of its operating margin in 2010 compared to 2009.

"We continue to invest in countries, products and brands with strong potential: Child Nutrition in Asia, fresh dairy products in the United States, Brazil, Russia, where Danone and Unimilk merger provides us with very significant growth opportunities long term, "said Franck Riboud, CEO of Danone.

In a statement, he confirms that water and medical nutrition, the group continues "to identify potential for growth in emerging markets and through new models."

At the same time, Danone has continued its efforts to improve productivity, says its chief executive.

The action Danone, with brands ranging from yogurts Actimel waters of Evian, lost 2.23% to 45.285 euros at 9:38, while the CAC 40 0.93% but took the DJ Stoxx European " Food yielded 1.13%.

Commenting on the first half, Francis Priest, CM-CIC Securities, believes they are "good bill" but noted that Danone "remains cautious on the S2 due to a persistently difficult".

The analyst believes that the decline of the title, which takes place in small volumes, reflects disappointment with the failure to raise the target group at the ROC, which the market had anticipated.

INCREASE IN VOLUME OF THE 2ND QUARTER 8.9%

On a comparable basis, the EBIT of Danone rose 2% on a comparable basis to 1280 million euros over the period January to June, showing a margin of 15.30%.His current net income was up 10.1% to 848,000,000 euros.

Turnover amounted to 4.386 million in the second quarter (+6.9%) or 8.364 million in the half. Excluding the effects of exchange rates (+7.0%) and changes in scope of consolidation (+0.1%), it grew 6.9% on a comparable basis in the second quarter.This organic growth is divided into volumes rising by 8.9% and a decrease in value by 2.0%.

Sales rose only 1.4% to 2,420 million euros in Q2 while they increased by 15.3% to 635 million in Asia and 15.9% in the rest of the world to 1331000 .

The consensus Thomson Reuters StarMine, the operating result was expected of 1.265 million euros (+5%) and turnover of 8.261 million (+9.8%), representing an operating margin of 15.3 %.

The fresh dairy products division, which represents 55% of sales in Q2, increased its sales by 6.6% to 2.436 million euros over the period. On the entire first half, the operating margin of this sector appears to 13.94% (-94 bps).The volume effect was positive at 9.3% but the negative value effect of 2.7% due to price reductions made in several countries, Danone said.

The division "Water" (19% of sales) has seen its sales grow by 4.8% to 828 million while its margin declined 75 basis points over the first half to 13.70%.

Sales of the "Child Nutrition" (19.5% of sales) rose 8.7% to 857 million (margin down 27 bps in the first half to 19.19%).

Finally, those of the pole "medical nutrition" increased by 10.8% to 265 million (margin decline of 86 bps to 19.90% in the first half).

Free cash flow from operations increased 34.9% to EUR 858 million, or 10.3% of sales in the first half, against 636 million and 8.5% of sales from the same period of last year.

In turn, capital expenditures totaled 275 million euros, or 3.3% of turnover. This level is below the annual forecast, ranging from 4% to 5% in sales due to a timing effect, Danone said.

Net debt amounted to 3180 Danone million euros in the first half.

* Danone Graph comparing to its competitors:

here

Wall Street finished up Friday, ending the week at its largest weekly increase since the beginning of the year when the new season begins Monday results.

The Dow Jones industrial average thirty biggest U.S. has been 0.58%, 58.73 points to 10,197.72, while the S & P 500 index fund managers, has awarded 7.68 points, 0 , 72%, to 1077.93.

Supported by the announcement that Google will be able to resume its activities in China, Nasdaq, heavily weighted in technology, advanced 21.05 points, 0.97% to 2196.45.

For the week, the Dow took 5.3%, the S & P gained 5.4% and the Nasdaq was up 5%.

"Investors are putting their concerns to the background because they expect a good season of results," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco?

"But chances are that next week is volatile. The results could certainly good but the forecasts may not be."

Google announced on Friday that Chinese authorities had renewed his license, a decision that allows him to remain on the largest Internet market in the world.

The Internet portal closed up 2.39% to 467.46 dollars.

Alcoa will open Monday after closing the ball of quarterly results.Experts say the findings by the American aluminum should satisfy investors, even if the decline in metal prices has prompted analysts to revise their forecasts downward. Alcoa has been 2.05%.

A reversal of the trend, Johnson & Johnson dropped 1.37% to 60.54 dollars after announcing that it had recalled more Tylenol and prescription drugs after complaints from consumers.

The International Monetary Fund (IMF) raised its forecast for global growth in 2010, citing the strength of the economies in Asia and rising private demand in the U.S., while warning against the risks inherent in the crisis sovereign debt of the euro area.

The downside risks have increased significantly, mainly because of turmoil in financial markets again since the beginning of the crisis of sovereign debt, but it is unlikely that we are seeing a recession "W", says IMF .

It carries its global growth forecast to 4.6%, while it predicted 4.2% in April, but left unchanged at 4.3% for 2011.

"In our baseline forecast, there is nothing like a recession in 'W'," said Olivier Blanchard, chief economist of the IMF during the presentation of the document.

"In this context, the new forecast is based on the implementation of measures to rebuild confidence and stability, particularly in the euro area."

Olivier Blanchard said that the statement of results of resistance testing was a step towards greater transparency while stressing the need for a return of public spending to sustainable levels.

Austerity PESERA IN GREAT BRITAIN

Under one scenario considered by the IMF, based on the assumption that the consequences of the crisis of European sovereign debt as violent as those of the collapse of Lehman Brothers, the global GDP growth would be reduced 1.5 percentage point in 2011.

The continuing fragility of the U.S. labor markets and housing problems of the euro area and the slowdown in manufacturing activity in Asia have raised many questions among investors who wonder about the possibility of a sudden slowdown in growth for the remainder of the year.

The IMF lowered its growth forecast Thursday for 2011 in Great Britain, Canada, in the euro area, emerging economies and Japan.

According to IMF forecasts, GDP growth in the euro zone will be limited to 1% this year, according to what it expected in April, but it should stand at 1.3% in 2011, 0.2 percentage point less than what was previously announced.

The U.S. economy should she enroll at 3.3% in 2010, against an estimate of 3.1% three months ago, and 2.9% in 2011, against 2.6%.

The most brutal review announced Thursday is to the liabilities of the UK whose new government has begun a course of austerity that may affect growth.

The IMF expects UK growth of 1.2% in 2010, 0.1 percentage point lower than April and 2.1% in 2011, down 0.4 percentage points.

From early 2011, the European bankers will no longer affect more than one third of their bonus in cash and the payment of 40% of the total variable pay will be deferred over time, according to an agreement reached Wednesday between MEPs and member states .

Moreover, bank managers who have not repaid the state aid paid to the height of the financial crisis will not be eligible for variable pay and their salaries can not exceed a certain limit.

Finally, extraordinary payments related to retirement are covered by these rules.

"Parliament has managed to get 70% bonus is linked to the results when states were content to pay portmanteau words as 'balanced' or variable part" reasonable ", welcomed the French MEP Canfin Pascal, who was negotiating the text for the Greens.

Technically, according to the agreement, 30% of earnings will be pocketed immediately, 30% will be paid in shares not immediately salable and the remaining 40% will be paid later, half in cash and half in financial instruments linked to the performance of long After the bank.

The directive, known CRD3 (Capital Requirements Directive), also increases the capital requirements for operations re-securitization, which will affect the activity of investment banks.

The new rules should be in force early next year to cover bonuses and variable compensation paid in January 2011.