Summary of Q4/FY22 results Q4 LFL sales growth at +7.0% was 80bp ahead of co. consensus, primarily driven by volume. Turning towards the FY22 profits delivery, the EBIT margin at 12.2% (-154bp YOY) was 10bp ahead of co. consensus and this led to EBIT at EUR3,377m coming 0.8% ahead of co. consensus. In part as a consequence of better-than-expected associate income, FD EPS at EUR3.43 was 2.4% ahead of co. consensus. DPS at EUR2.0 was modestly below VA consensus (EUR2.01). News We highlight that around 50% of the Q4 volume decline in EDP Europe was out of choice (linked to Danone''s portfolio choices and temporary delivery suspensions). Earnings We leave our FY23e/FY24e/FY25e EPS broadly unchanged. Investment Thesis While Danone is relatively inexpensive, we have concerns on the sustainability of Chinese infant formula profits which we estimate account for c.1/4th of group profits. Rating / target price We maintain our Underperform rating and EUR47.50 target price. 15 questions for management What proportion of your FY22 sales and EBIT were generated in Russia?