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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 13. DANONE shares, dividend, earnings per share
DANONE
REGISTRATION DOCUMENT 2015
133
Valuation hierarchy in accordance with IFRS 7,
Financial instruments – Disclosures
Level 1
Fair value is based on (unadjusted) prices listed on active markets
for identical assets and liabilities.
Level 2
Fair value is based on data other than listed prices as per level 1,
which are observable for the asset or liability concerned, directly
or indirectly.
Level 3
Fair value is based on data relating to the asset or liability which
are not based on observable data on active markets.
For asset and liability derivative instruments recognized at fair
value, the Group uses measurement techniques that include data
observable on the market, notably for interest rate swaps, forward
purchases and sales or currency options. Themodel integrates diverse
data such as spot and forward exchange rates and the yield curve.
For put options granted to non-controlling interests, the value is
based on contractual terms.
NOTE 13. DANONE SHARES, DIVIDEND, EARNINGS PER SHARE
Note 13.1. Accounting principles
DANONE shares
DANONE shares held by the Company and its fully-consolidated
subsidiaries are recognized as a reduction in consolidated equity,
under the heading Treasury shares and DANONE call options, and
are measured at effective cost.
DANONE call options
DANONE call options are options held by the Company to purchase
DANONE shares to hedge certain of its stock-option plans granted
to certain employees and corporate officers. They do not constitute
financial assets but are instead equity instruments in accordance
with IAS 32,
Financial instruments: Presentation
. They are recognized
upon acquisition as a deduction from consolidated equity, under
the heading Treasury shares and DANONE call options. They are
measured at effective cost,
i.e.
the premium paid plus transaction
expense, and are not subsequently remeasured.
Note 13.2. Transactions and changes involving DANONE shares
2015 changes involving treasury shares in terms of transactions and use according
to the Company's purpose
(number of shares,
except percentages)
Changes during the period
As of
December 31,
2014 Buybacks
Exercise
of DANONE
call options
Sales/
Transfers
Delivery
following
exercise of
stock options
Delivery
of Group
performance
shares
As of
December 31,
2015
Acquisition transactions
30,769,360
−
−
−
−
−
30,769,360
Liquidity agreements
−
602,195
−
(602,195)
−
−
−
Hedging of performance
shares and stock-options
7,163,935
−
622,885
− (4,142,353)
(467,657)
3,176,810
Cancellation of shares
−
–
–
−
−
−
−
Shares held by the Company
37,933,295
−
−
−
−
−
33,946,170
Shares held by Danone Spain
5,780,005
−
−
−
−
−
5,780,005
Total shares held by the Group
43,713,300
602,195
622,885
(602,195)
(4,142,353)
(467,657)
39,726,175