Poor H1 2015 results

The subsidiary of Danone Group achieved, at the end of the first half 2015, consolidated sales of MAD3.296bn, down 2.7% compared to H1 2014. This under-performance is due mainly to the decline in liquid milk consumption (-2.7% to MAD3.2bn in H1 2015 against MAD3.3bn in H1 2014). The consolidated EBITDA was also down by 12.6% to MAD314.09M with an EBITDA margin of 9.5% (-110 bps). The EBITDA had especially suffered from the increases in raw material prices, the increase in staff costs, as well as...