63 / 364
DANONE
REGISTRATION DOCUMENT 2015
Danone's business highlights in 2015 and outlook for 2016
3.4 Balance sheet and financial security review
63
Company's rating
As of December 31
2014
2015
Moody's
Standard and Poor's
Moody's
Standard and Poor's
Short term rating
(a)
Rating
–
A-2
–
A-2
Long term rating
(b)
(c)
Rating
Baa1
(c)
A-
Baa1
(c)
A-
Outlook
Stable
Negative
(d)
Stable
Negative
(d)
(a) Rating given to the Company's commercial paper program.
(b) Rating given to the Company's debt issues with a maturity of more than a year.
(c) Rating lowered on December 13, 2014.
(d) Outlook attributed on December 23, 2014.
Liabilities related to put options granted to non-controlling interests
General principles
Danone granted put options to third parties with non-controlling interests in certain consolidated subsidiaries, with these options giving
the holders the right to sell part or all of their investment in these subsidiaries. These financial liabilities do not bear interest.
Main characteristics
As of December 31
2014
2015
(in € millions)
Current
Non-
current
Total
Current
Non-
current
Total
Start of
exercise
period
Price
calculation
formula
Danone Spain
794
236
1,030
234
−
234 At any time
Average
earnings
multiple
over
several
years
Danone–Unimilk group
912
−
912
−
−
−
2014
Earnings
multiple
Other
(a)
503
113
616
380
248
628 Since 2015
Total
2,209
349
2,558
614
248
862
(a) Several put options with an individual amount less than or equal to €200 million on the 31st December, 2015.