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4.2 FINANCIAL STATEMENTS OF DANONE SA, THE DANONE PARENT COMPANY
Note 18. Off-balance sheet commitments
DANONE
REGISTRATION DOCUMENT 2015
161
NOTE 18. OFF-BALANCE SHEET COMMITMENTS
Main commitments given directly and indirectly by the Company
As of December 31
(in € millions)
2014
2015
Put options held by non-controlling interests over some
of the Company's direct and indirect equity interests
(a)
2,558
862
Post-employment benefits
(b)
340
299
Rents
84
107
Services provided
9
14
Derivative instruments
(c)
820
820
Security interests
(d)
2,000
2,000
Guarantees
(e)
750
750
Total
6,561
4,852
(a)Commitmentsgivendirectlyor indirectlybytheCompany(seedetailshereafter inthesectionPutoptionsovertheCompany'sdirectand indirectequity interests).
(b) Net commitments in respect of defined benefit retirement plans (see Note 17 of the Notes to the financial statements of the parent company Danone).
(c) Cross-currency swaps to hedge bonds denominated in foreign currencies (seeNote 14 of theNotes to the financial statements of the parent company Danone).
(d) The Company acted as joint and several guarantors for Danone Finance International.
(e) The Company may grant a guarantee or security interest for the various financial risk management transactions to be carried out by its subsidiary Danone
Corporate.
Put options over the Company's direct and indirect
equity interests
The Company or certain of its direct or indirect subsidiaries 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.
Their exercise price is generally based on the profitability and
financial position of the company concerned at the exercise date
of the put option.
As of December 31, 2015, the financial commitments given by the
Company and all of its consolidated subsidiaries were estimated
at €862 million, of which €614 million may be paid in accordance
with contractual terms in the 12 months following the year end.
Commitments received
Commitments received by the Company concern €4.7 billion in
available committed credit facilities.
Other commitments
The Company and certain of its subsidiaries are parties to a variety
of legal and arbitration proceedings arising in the ordinary course of
business. Some of these proceedings involve claims for damages,
and liabilities are provided for when a loss is probable and can be
reliably estimated.
NOTE 19. PERSONNEL
Average number of Company employees during the year
Year ended December 31
(in number, except percentages)
2014
2015
Executives and managers
575
79%
636
80%
Supervisors and technicians
103
14%
113
14%
Clerical staff
47
7%
49
6%
Total
725
100%
798
100%