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Version : 1

Debt & rating

CREDIT RATING

 

  short-term rating long-term rating
Moody's -

Baa1
Stable outlook
(rating revised on 12/23/2014)

Standard & Poor's

A-2

(rating assigned on 07/07/2007)

BBB+

Negative outlook
(rating revised on 07/08/2016)

Source of financing

The sources of financing available at any time implemented by Danone consist mainly of available committed credit facilities and a syndicated credit facility carried by the Company.

(in € millions)

 

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36.00 KB - 03/29/2016
Net debt

Net financial debt represents the next debt portion bearing interest. It corresponds to current and non-current financial debt (i)excluding Liabilities related to put options granted to non-controlling interests and (ii) net of Cash and cash equivalents, Short-term investments and Derivatives - assets.

(€ million) At December 31, 2014 At December 31, 2015
Non current financial debt ¹ 6,598 8,087
Current financial debt 4,544 2,991
Short-term investments (2,317) (2,514)
Cash and cash equivalents (880) (519)
Derivatives – non-current assets (153) (125)
Derivatives – current-assets (28) (120)
Net debt 7,764 7,799
- Liabilities related to put options granted to non-controlling interests - non current (349) (248)
- Liabilities related to put options granted to non-controlling interests - current (2,209) (614)
Financial debt excluded from net financial debt (2,558) (862)
Net financial debt 5,206 6,937

 ¹  Including Derivatives - liabilities

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EMTN BASE PROSPECTUS

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Final terms (bonds issued under EMTN Program)

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Supplement to the Base Prospectus