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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 4. Associates
DANONE
REGISTRATION DOCUMENT 2015
88
Note 4.2. Main associates in terms of net income and consolidated net assets
As of December 31
2014
2015
(in € million, except percentage)
Division
Country
Listing
market
(a)
Ownership
Ownership
Market capitali-
zation
(a) (b)
Mengniu
(c)
Fresh Dairy
Products
China
Hong Kong
9.9%
9.9%
5,873
Yashili
(d)
Early Life
Nutrition
China
Hong Kong
–
25.0%
1,085
Yakult
(e)
Fresh Dairy
Products
Japan
Tokyo
21.3%
21.3%
7,999
(a) If the company is listed.
(b) The amount disclosed is 100% of the company's market capitalization.
(c) INNER MONGOLIA MENGNIU DAIRY (GROUP) CO LTD.
(d) YASHILI INTERNATIONAL HOLDINGS LTD.
(e) YAKULT HONSHA CO LTD.
The Group acquired its stake in Mengniu and Yashili on the one hand and Yakult on the other hand under the terms of broader agreements,
the main aim of which was operational collaboration and the development of regional categories and markets.
In 2015, these companies accounted for more than 73% in total of Investments in associates (other investments in associates did not,
individually, account for more than 10% of the total). In addition, none of these companies accounted for more than 5% of the net income
or consolidated net assets.
Note 4.3. Main changes during the period
2015 fiscal year
Ownership as of December 31
(in percentage)
Notes
Division
Country
Transaction
date
(a)
2014
2015
Main companies accounted for using the equity method for the first time during 2015
Yashili
4.4
Early Life
Nutrition
China
February
–
25.0%
Main associates with change in ownership percentage
–
Main companies no longer accounted for using the equity method as of December 31
Fan Milk group companies
(b)
2.2
Fresh Dairy
Products West Africa
December
49.0%
49.0%
(a) Month of the 2015 fiscal year.
(b) Companies fully consolidated since December 2015 pursuant to IFRS10,
Consolidated Financial Statements
.