Danone // 2020 Universal Registration Document

DANONE UNIVERSAL REGISTRATION DOCUMENT 2020 98 4.1 Consolidated financial statements and notes to the consolidated financial statements Note 11. Financing and financial security, net debt and cost of net debt Note 11.3. Financing structure and changes during the period Financing classified as debt (in € millions) As of December 31, 2019 (a) Bonds issued Bonds repaid Net flows from other financing arrangements Impact of accrued interest Impact of changes in exchange rates and other non-cash impacts (c) Non-current portion becoming current Change in consolidation scope As of December 31, 2020 Financing managed at Company level Bonds – non-current portion 12,087 1,600 – (281) (1,914) − 11,493 Bonds – current portion 2,050 − (2,050) (68) 1,914 − 1,846 Commercial paper (a) 1,502 (7) (3) − − 1,492 Total 15,639 1,600 (2,050) (7) − (351) − − 14,831 Lease debt Non-current portion 751 (53) 232 (201) 14 744 Current portion 215 (217) 22 201 1 222 Total 967 − − (270) − 254 − 15 966 Other financing arrangements (b) Non-current portion 37 28 − (30) 1 36 Current portion 229 (56) 12 (19) 34 1 202 Total 266 − − (28) 12 (19) 4 2 237 Total 16,871 1,600 (2,050) (305) 12 (116) 4 17 16,034 (a) As of December 31, 2019 and 2020, these were included in Current financial debt. (b) Subsidiaries’ bank financings. (c) Concerning the lease debt, corresponds mainly to new financing in the period. Financing classified as equity In 2017, Danone launched a hybrid perpetual bond issue totaling €1.25 billion. The issue consists of a euro-denominated undated bond, offering a first 1.75% coupon, with a first call date of June 23, 2023. The bonds, fully accounted for as equity in accordance with IFRS, are treated as equity in the amount of 50% by Moody’s and Standard & Poor’s.