DANONE Consolidated financial statements 2019
3
Danone
Consolidated financial statements and Notes to
the consolidated financial statements
The 2018 comparatives have not been restated to reflect IFRS 16 and IFRIC 23, which are applicable since January 1, 2019 (see Note
1.3 of the 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
2018
2019
Sales
6.1, 6.2
24,651
25,287
Cost of goods sold
(12,730)
(12,878)
Selling expense
(5,685)
(5,773)
General and administrative expense
(2,342)
(2,385)
Research and Development expense
(337)
(351)
Other income (expense)
(a)
6.3
5
(53)
Recurring operating income
3,562
3,846
Other operating income (expense)
7.1
(821)
(609)
Operating income
2,741
3,237
Interest income on cash equivalents and short-term investments
162
181
Interest expense
(393)
(400)
Cost of net debt
11.7
(231)
(220)
Other financial income
1.6, 12.3
48
37
Other financial expense
12.3
(165)
(188)
Income before tax
2,393
2,867
Income tax expense
9.1
(716)
(793)
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