Modèle Word ddr danone

Risk monitoring and management 
Under its refinancing policy, Danone reduces its exposure by (i) centralizing its financing sources, (ii) borrowing from diversified 
financing sources, (iii) arranging a significant portion of its financing as medium-term financing, (iv) maintaining financing sources 
available at all times, (v) spreading maturities on the basis of projected need and cash flow generation, and (vi) ensuring that it is not 
subject to any covenant relative to maintaining financial ratios.
In those countries where centralized financing is not available, when medium-term financing is unavailable and/or in the case of some 
existing financing in a company prior to the acquisition by Danone of a controlling interest in it, some Group companies may, for 
operational reasons, be required to borrow from local sources. From a Group perspective, the amounts borrowed are relatively small, 
whether considered individually or in total, given that the level of operating cash flow is generally sufficient to finance their operations 
and organic growth. 
Use of its financing sources 
The Group’s policy consists of keeping its financing sources available and managing them at the Company level. The Group may need 
to use (i) its commercial paper program and syndicated credit facility to manage its cash cycle, notably when paying out the dividend to 
Danone shareholders, and (ii) alternatively, its commercial paper and EMTN programs or its syndicated credit facility to optimize its 
financing cost while still ensuring its financial security, such that the maturity and currency of its financing raised may vary without 
changing the net debt level or the 
Group’s financial security. 

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DANONE Consolidated financial statements 2019 44 
Note 11.3. Financing structure and changes during the period