Danone // 2020 Universal Registration Document

DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 60 4.1 Consolidated financial statements and notes to the consolidated financial statements CONSOLIDATED FINANCIAL STATEMENTS 4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement and earnings per share Year ended December 31 (in € millions, except earnings per share in €) Notes 2019 2020 Sales 6.1, 6.2 25,287 23,620 Cost of goods sold (12,878) (12,267) Selling expense (5,773) (5,366) General and administrative expense (2,385) (2,285) Research and Development expense (351) (323) Other income (expense) 6.3 (53) (61) Recurring operating income 3,846 3,317 Other operating income (expense) 7.1 (609) (519) Operating income 3,237 2,798 Interest income on cash equivalents and short-term investments 181 151 Interest expense (400) (358) Cost of net debt 11.7 (220) (207) Other financial income 12.3 37 53 Other financial expense 1.3, 12.3 (188) (156) Income before tax 2,867 2,488 Income tax expense 9.1 (793) (762) Net income from fully consolidated companies 2,075 1,726 Share of profit of associates 5.5, 5.6 (46) 304 Net income 2,028 2,030 Net income – Group share 1,929 1,956 Net income – Non-controlling interests 99 74 Net income – Group share, per share 14.4 2.95 2.99 Net income – Group share, per share after dilution 14.4 2.95 2.99