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Overview of activities, risk factors
2.6 Simplified organizational chart as of December 31, 2015
DANONE
REGISTRATION DOCUMENT 2015
23
Main fully consolidated but not fully owned companies
Ownership of non-controlling interests as of December 31
(in percentage)
Division
Country
Listing
market
(a)
2014
2015
Danone-Unimilk group
(b)
Fresh Dairy
Products
CIS
49.1%
29.1%
Danone Spain
(c)
Fresh Dairy
Products
Spain
23.1%
7.6%
Centrale Danone
(d)
Fresh Dairy
Products
Morocco
Casablanca
9.1%
4.1%
(a) If the company is listed.
(b) As of December 31, 2015, the non-controlling interests in that group's parent company have three representatives on the Board of Directors of the company
(out of a total of seven directors).
(c) As of December 31, 2015, the non-controlling interests of the company have one representative on the Board of Directors of the company (out of a total of
four directors).
(d) Since 2014, non-controlling interests of the company no longer have a representative on the Board of Directors of the company.
Each of these companies operates Danone's fresh dairy products
activities in a given country or group of countries. Most of the
non-controlling shareholders of each of these companies held put
options on their interest as of December 31, 2014, with the majority
of these options exercised in 2015 as described in section 3.4
Balance
sheet and financial security review
in the section on
Liabilities related
to put options granted to non-controlling interests
.
These put options constitute the principal commitments and/or
agreements between Danone and the non-controlling shareholders
of certain fully consolidated companies in which Danone does not
own a 100% equity interest.
Main publicly traded companies
As of December 31, 2015
Division
Country
Listing market
Centrale Danone
(a)
Fresh Dairy Products
Morocco
Casablanca
China Mengniu Dairy
(b)
Fresh Dairy Products
China
Hong Kong
Yakult Honsha
(b)
Fresh Dairy Products
Japan
Tokyo
Yashili
(b)
Early Life Nutrition
China
Hong Kong
(a) Fully consolidated company.
(b) Investments in associates.