Danone // 2020 Universal Registration Document

DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 132 4.2 Financial statements of Danone SA, the parent company Note 16. Net debt NOTE 16. NET DEBT Composition of net debt As of December 31 (in € millions) 2019 2020 Bonds 14,035 13,263 Other financial debt 1,503 1,498 Amounts owed by the Company to certain subsidiaries and affiliates (a) 3,958 3,722 Total debt 19,496 18,482 Marketable securities 38 22 Cash and cash equivalents − Total cash and cash equivalents 38 22 Total net debt 19,458 18,460 (a) Portion of the amounts owed by the Company to subsidiaries and affiliates presented in Other liabilities. NOTE 17. POST-EMPLOYMENT BENEFIT COMMITMENTS AND COMMITMENTS TO MANAGEMENT BODIES AND TO THE BOARD OF DIRECTORS Post-employment benefit commitments As of December 31 (in € millions) 2019 2020 Supplementary benefits in addition to defined benefit retirement plans (a) Gross commitments 639 697 Commitments net of retirement plan assets 458 528 (a) Commitments measured using the actuarial method. These net commitments are presented off-balance sheet (see Note 18 of the Notes to the financial statements of the parent company Danone). The main commitment involves the retirement plan granted to some senior managers of Danone. Retirement plan granted to some senior managers of Danone Commitments measured using the actuarial method As of December 31 Retirement plan for senior managers (in € millions) 2019 2020 Gross commitments 518 573 Commitments net of retirement plan assets 372 439 The €67 million increase in commitments net of plan assets was due mainly to the decrease in discount rates.