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4.2 FINANCIAL STATEMENTS OF DANONE SA, THE DANONE PARENT COMPANY
Note 2. Highlights of the year
DANONE
REGISTRATION DOCUMENT 2015
149
NOTE 2. HIGHLIGHTS OF THE YEAR
•
Danone received an interimdividend in the amount of €1,464 mil-
lion from one of its holding company subsidiaries for Early Life
Nutrition and Medical Nutrition activities;
•
Danone carried out three euro-denominated bond offerings (see
Note 14 of the Notes to the financial statements of the parent
company Danone);
•
Danone recapitalized one of its subsidiaries for a total amount
of €820 million in order to refinance the acquisition of company
shares in the Fresh Dairy Products business;
•
in order to generate strong, profitable and sustained growth
through 2020, Danone launched its “Danone 2020” plan. 2015
was a preparatory year that enabled the foundations to be laid
for Danone's transformation;
•
the Shareholders' Meeting held in Paris on April 29, 2015 approved
the proposed dividend for 2014 of €1.50 per share and decided
that each shareholder could choose to receive the dividend pay-
ment in cash or in DANONE shares. In the event, 65.95% of the
rights were exercised in favor of a dividend payment in shares.
The total cash dividend paid to shareholders who chose not to
receive the payment in shares totaled €314 million.
NOTE 3. OPERATING INCOME
Operating income comprises mainly the billing of direct and indirect
subsidiaries for services rendered by the Company to those sub-
sidiaries. It totaled €492 million for the year ended December 31,
2015 (€474 million for the year ended December 31, 2014).
Other operating income totaled €42 million (also €42 million in
2014) and comprised mainly the reversal of a provision for risks
and charges relating to hedging of the stock-option and Group per-
formance share plans granted by the Company (See Note 1 of the
Notes to the financial statements of the parent company Danone).
NOTE 4. PERSONNEL COSTS AND COMPENSATION OF THE MEMBERS
OF THE MANAGEMENT BODIES AND THE BOARD OF DIRECTORS
Personnel costs
Personnel costs comprise the gross compensation of the Company's
employees and senior executives and the related social charges as
well as the charges relating to the stock-option plans and Group
performance share plans under which shares are allocated to
certain Danone employees and corporate officers subject to per-
formance conditions.
Personnel costs totaled €257 million in 2015 (€231 million in 2014).
Social charges totaled €76 million (€71 million in 2014).
Company's share of the compensation paid to the members of the Board of Directors
and the Executive Committee
Year ended December 31
(in € millions)
2014
2015
Compensation paid to corporate officers and members
of the Executive Committee
(a)
7
12
Attendance fees paid to non-executive members
of the Board of Directors
(b)
1
1
Total
8
13
(a) Recognized in Personnel costs.
(b) Recognized in Other operating expense.
The Company's other commitments to the management bodies and the Board of Directors
See Note 17 of the Notes to the financial statements of the parent company Danone.