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DANONE
REGISTRATION DOCUMENT 2015
Danone's business highlights in 2015 and outlook for 2016
3.4 Balance sheet and financial security review
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3.4 BALANCE SHEET AND FINANCIAL SECURITY REVIEW
Simplified consolidated balance sheet
As of December 31
(in € millions except percentage)
2014
2015
Non-current assets
24,272
24,715
Current assets
7,476
7,998
Total assets
31,747
32,712
Equity – Group share
11,696
12,606
Non-controlling interests
49
63
Net debt
7,764
7,799
Net financial debt
5,206
6,937
Gearing based on net debt
66%
62%
Gearing based on net financial debt
45%
55%
Financing structure and financial security
Liquidity risk exposure and management policy
See section 2.7
Risk factors relating to Market risks.
In particular Danone manages its liquidity risk and its financing at Company level.
Financing situation and liquidity risk
Main financing transactions in 2015
Year ended December 31
2015
Nominal
Currency
(in millions of currency)
Maturity
New financing
Euro bond issue under the EMTN program
EUR
550
2020
Euro bond issue under the EMTN program
EUR
750
2025
Euro bond issue under the EMTN program
EUR
750
2024
Repayment
Euro bond issue under the EMTN program
EUR
604
2015