Global manufacturer Danone has released its financial results for the full 2023 year, reporting “consistent progress and strong delivery”.

Danone reported that in 2023, its net sales reached €27,619 million, up 7% on a like-for-like (LFL) basis. It said it had achieved a “record level” of free cash flow at €2.6 billion, which it said would “enable investments”.

The company’s operating income for 2023 was €2,042 million, a reported change of -4.7% from the 2022 rate of €2,143 million. It said that in 2023, consolidated sales stood at €27.6 billion, up 7% on a LFL basis. Price was up 7.4%, but on a reported basis Danone said its sales had decreased by 0.2%, which it stated reflected “notably a negative impact from forex (-4.3%) and scope (-3.4%), and a positive contribution of hyperinflation (+1.8%).

CEO of Danone, Antoine de Saint-Affrique, said: “2023 was a year of consistent progress and strong delivery against our Renew Danone agenda. We put science back at the heart of what we do and further tied sustainability to business performance.

“We made significant progress in sharpening our portfolio. We further invested behind our brands, our innovations and our capabilities, progressively improving the quality of our growth, while creating value for all stakeholders.

He continued: “Building on the positive momentum of 2023, we are starting this new financial year with confidence in our Renew strategy. We will continue to focus on consistent execution and delivery, in line with the mid-term ambition we defined in March 2022.

“We will keep progressively improving the resilience of Danone, further equipping it with the skills, science and tools it needs to be future fit. As we start projecting ourselves, we look forward to hosting a Capital Market Event in June 2024.”