-81 bps-50 bps+53 bps +61 bps +3 bps +20 bps
…20152014
Source: Euromonitor
(1) Danone : including Stonyfield and YoCrunch Source: IRI Multi Outlet
≈ ≈≈
+1 ptSource: Nielsen / IRI Data
+1pt
≈
> +30%
> +20%
≈ +10%
> +20%
> +30%
≈
≈
…20152014
Q1 15 Q2 15 Q3 15
HEADWINDS WITHIN
SOME MARKETS
≈
≈
CAPITAL DISCIPLINE
• Reinforce expertise & ability to support the business
• Improve Compliance
• Leverage scale and efficiency through transversality
≈
≈
≈
EFFICIENT
OPERATIONSRIGHT
PORTFOLIO
PRGM
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