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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 4. Associates
DANONE
REGISTRATION DOCUMENT 2015
91
Note 4.5. Yakult (Fresh Dairy Products, Japan)
Main characteristics of the investment
Danone has a stake in Yakult of around 20% and has representatives
on the company's board of directors under the terms of its stra-
tegic alliance signed in 2004, which aimed at strengthening their
global leadership in probiotics and accelerating the growth of both
companies in the functional food market, the first phase of which
had ended in May 2012.
On April 26, 2013, Danone and Yakult signed a new cooperation
agreement to replace the existing strategic alliance. This new
agreement calls for existing collaborations to be continued and
envisages extending them into areas that are more operational in
nature. It does not modify either Danone's equity interest in Yakult
or its influence in that company and does not have any impact on
the Group's consolidated financial statements, as the company will
continue to be accounted for as an associate.
As of December 31, 2015, Danone had 21.3% of the voting rights
and two representatives on the company's board. Consequently,
its shareholding is recognized within Investments in associates.
It should be noted that, as Yakult's fiscal year closing date is
March 31, the amounts prepared for Group consolidation purposes
as of December 31 are estimated on the basis of the most recent
financial statements published for each fiscal year (interim finan-
cial statements for the six months ended September 30, 2014 for
2014 and interim financial statements for the six months ended
September 30, 2015 for 2015).
Main financial information
2014
2015
(in € millions)
Financial statements
for the year
ended March 30
Financial statements
for the half-year
ended September 30
Financial statements
for the year
ended March 30
Financial statements
for the half-year
ended September 30
Non-current assets
(a)
2,165
2,319
2,740
2,676
Current assets
(a)
1,483
1,565
1,752
1,717
Equity
(a)
2,163
2,336
2,809
2,785
Non-current liabilities
(a)
721
695
786
731
Current liabilities
(a)
765
853
897
877
Sales
(a)
2,488
1,293
2,750
1,442
Net income
(a)
192
103
228
147
Other comprehensive income
(a)
193
(15)
179
(10)
(a) Published financial statements prepared in accordancewith Japanese GAAP. Income statement items have been translated into euros at the average exchange
rate for the reporting period. Balance sheet items and the market capitalization have been translated into euros at the exchange rate ruling at the end of the
reporting period.
Carrying amount
As of December 31
(in € millions)
2014
2015
Carrying amount
634
780