Modèle Word ddr danone

Main characteristics of the investment 
Danone has a stake in Yakult and has representatives on the company’s board of directors under the terms of its strategic alliance 
signed in 2004, which aimed at strengthening their global leadership in probiotics and accelerating the growth of both companies in the 
functional food market, the first phase of which had ended in May 2012. In 2013, Danone and Yakult signed a new cooperation 
agreement to replace the existing strategic alliance. This new agreement calls for existing collaborations to be continued and envisages 
extending them into areas that are more operational in nature. In 2018, Danone reached a new phase in its partnership with Yakult with 
the strengthened scientific and commercial collaboration to promote and develop probiotic activities and 
the reduction of Danone’s stake 
in Yakult from 21.29% to 6.61%, Danone remaining its main shareholder and having two representatives on the company's board of 
directors. This transaction resulted in a disposal gain of €701 million, recognized in Share of profit of associates in 2018. 
Accounting treatment of the investment 
This investment, which is a strategic investment for the Group, is recognized under Investments in associates, since the Group has 
significant influence over the financial and operating policies of Yakult due to (i) its role as the main shareholder, (ii) its participation in 
Yakult’s governance, and (iii) the scientific and commercial partnership.
It should be noted that, as Yakult’s fiscal year closing date is March 31, the amounts prepared for Group consolidation purposes as of 
December 31 are estimated on the basis of the most recent financial statements published for each fiscal year (interim financial 
statements for the six months ended September 30, 2018 for 2018 and interim financial statements for the six months ended September 
30, 2019 for 2019).