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DANONE Consolidated financial statements 2019 40 
• 
the operational assumptions used to calculate the terminal value are in line with the last year of projections described above in 
terms of sales and recurring operating margin; 
• 
the long-term growth rate is determined for each CGU or group of CGUs taking into account its average growth rate in recent 
years and its geographical area (macro-economic fundamentals, demographics, etc.). 
Finally, future cash flows are discounted using the weighted average cost of capital method, according to which the cost of debt and the 
after-tax cost of equity are weighted based on their respective proportions in the business sector concerned. It is calculated for the 
Group and increased, for certain CGUs or groups of CGUs, by a premium to take into account the risk factors affecting certain 
countries. 
Impairment tests carried out as of December 31, 2019 
Integration of the Early Life Nutrition and Specialized Nutrition activities 
The impairment tests have been carried out on the basis of historical CGUs for the December 31, 2019 
reporting date since the reorganization of the Early Life Nutrition and Advanced Medical Nutrition activities 
was still in progress (see Note 7.2 of the Notes to the consolidated financial statements).

Carrying amount and assumptions concerning long-term growth rate and discount rate in respect of 
the CGUs or groups of CGUs and of the assets 
As of December 31 
Carrying amount of goodwill 
and brands with indefinite 
useful lives 
Long-term growth rate 
(g)
 
Discount rate after tax 
(g)
 
(in € millions) 
2018 
2019 
2018 
2019 
2018 
2019 
EDP