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DANONE
REGISTRATION DOCUMENT 2015
Danone's business highlights in 2015 and outlook for 2016
3.2 Consolidated net income review
57
Transition from Net income – Group share to Recurring net income – Group share
Year ended December 31
2014
2015
(in € millions except percentage)
Recurring Non-recurring
Total
Recurring Non-recurring
Total
Trading operating income
2,662
2,662
2,892
2,892
Other operating income and
expense
(511)
(511)
(682)
(682)
Operating income
2,662
(511)
2,151
2,892
(682)
2,210
Cost of net debt
(179)
(179)
(152)
(152)
Other financial income and
expense
(129)
(3)
(132)
(129)
(4)
(133)
Income before taxes
2,353
(514)
1,839
2,611
(686)
1,925
Income tax
(716)
117
(599)
(818)
193
(626)
Effective tax rate
30.5%
32.6%
31.3%
32.5%
Net income from fully
consolidated companies
1,637
(397)
1,239
1,792
(493)
1,299
Net income from associates
66
(52)
14
123
(25)
99
Net income
1,703
(450)
1,253
1,915
(518)
1,398
• Group share
1,561
(442)
1,119
1,791
(508)
1,282
• Non-controlling interests
142
(7)
134
125
(9)
115
Transition from EPS to Recurring EPS
Year ended December 31
2014
2015
Recurring
Total
Recurring
Total
Net Income – Group share
(in € millions)
1,561
1,119
1,791
1,282
Number of shares
• Before dilution
594,472,798
594,472,798 609,647,527
609,647,527
• After dilution
595,536,328
595,536,328
610,155,241
610,155,241
EPS
(in €)
• Before dilution
2.63
1.88
2.94
2.10
• After dilution
2.62
1.88
2.93
2.10