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140 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Consolidated statement of cash flows
5.4
Consolidated statement of cash flows
(in € millions)
2014
2013
Income before taxes
2,010
1,689
Cash flows from operating activities
Taxes
(800)
(1,039)
Depreciation and amortization expense
1,451
1,483
Capital (gains)/losses on sales of assets
(355)
(384)
Change in provisions and impairment
(175)
(140)
Finance costs, net
399
428
Net income and dividends received from companies accounted for by the equity method
(1)
(4)
1
Impact of discontinued operations
(23)
1
Cash flow from operations
2,504
2,039
Change in working capital requirement
(2)
18
(284)
Impact of discontinued operations
86
(27)
Net cash from operating activities (excluding financial services companies)
2,608
1,728
Change in consumer credit granted by the financial services companies
1
(52)
Impact of discontinued operations
Net cash from operating activities
2,609
1,675
Cash flows from investing activities
Acquisitions of property and equipment and intangible assets
(2,411)
(2,159)
Acquisitions of financial assets
(148)
(157)
Acquisitions of subsidiaries
(3)
(1,188)
(33)
Proceeds from the disposal of subsidiaries
(4)
82
526
Proceeds from the disposal of property and equipment and intangible assets
293
117
Proceeds from the disposal of investments in non-consolidated companies
3
16
Change in amounts receivable from and due to suppliers of fixed assets
(36)
371
Investments net of disposals
(3,405)
(1,319)
Other cash flows from investing activities
(5)
2
Impact of discontinued operations
(5)
13
462
Net cash from/(used in) investing activities
(3,397)
(855)
Cash flows from financing activities
Proceeds from share issues to non-controlling interests
5
3
Acquisitions and disposals of investments without any change of control
(6)
311
(11)
Dividends paid by Carrefour (parent company)
(149)
(108)
Dividends paid by consolidated companies to non-controlling interests
(70)
(101)
Change in treasury stock and other equity instruments
(18)
Change in current financial assets
(48)
(47)
Issuance of bonds
683
1,000