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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 5. Information concerning the Group's operating activities
DANONE
REGISTRATION DOCUMENT 2015
95
Non-current assets: property, plant and equipment and intangible assets
As of December 31
(in € millions)
2014
2015
Europe
10,208
10,621
Of which France's share
1,857
1,931
CIS & North America
(a)
2,779
2,731
ALMA
(b)
7,830
7,178
Group total
20,817
20,531
(a) North America = United States and Canada.
(b) Asia-Pacific/Latin America/Middle-East/Africa.
Note 5.3. Other components of trading operating income
Other income (expense)
Year ended December 31
(in € millions)
Notes
2014
2015
Employee benefits
(a)
7.2, 7.3
(141)
(165)
Various taxes
(b)
(54)
(81)
Restructuring costs
(c)
(19)
(73)
Capital gains on disposal of property, plant and equipment
and intangible assets
27
4
Other
(d)
(16)
(64)
Total
(202)
(380)
(a) Employee profit-sharing, Group performance shares and stock options, defined benefit retirement plans and other employee benefits.
(b) Comprises mainly sales taxes.
(c) Excluding restructurings implemented in connection with the plan for savings and adaptation of the Group's organizations in Europe, the Danone 2020 trans-
formational plan and the Group's activities in Argentina.
(d) Comprises mainly exchange differences, impairments, provisions for doubtful receivables and several other components.
Note 5.4. Working capital
Accounting principles
Inventories
Inventories and work-in-progress are recognized at the lower of
cost and net realizable value. Cost is determined using the weighted
average cost method.
Trade receivables
Trade receivables are recognized at their nominal value. Impairment
provisions are recognized when their recovery appears uncertain.
Themethods used for determining such provisions are basedmainly
on a historical analysis of overdue payments.
The fair value of Trade receivables is considered to be equivalent to
their carrying amount due to the high degree of liquidity of these items.
Transactions in foreign currencies
When they are not hedged, transactions denominated in foreign
currencies are translated using the exchange rate prevailing on the
date of the transaction. At period-end, trade receivables and trade
payables denominated in foreign currencies are translated using
exchange rates on that date. Foreign exchange gains and losses
arising from transactions in foreign currencies are recognized
under the heading Other income (expense) in the consolidated
income statement.
When transactions denominated in foreign currencies are hedged,
the hedging impact is recognized in the same item as the hedged
element. As a result, all such transactions are recognized at the
hedged spot rate, swap points being recognized under the heading
Other financial income (expense).