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163
2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
Note 11
Non-recurring income and expenses
Non-recurring income and expenses correspond to certain material
items that are unusual in terms of their nature and frequency, such as
impairment charges, restructuring costs and provision charges recorded
to reflect revised estimates of risks provided for or that arose in prior
periods, based on information that came to the Group’s attention during
the reporting year.
(in € millions)
2014
2013
Net gains on sales of assets
336
425
Restructuring costs
(111)
(52)
Other non-recurring income and expenses
1
(101)
Non-recurring income and expenses, net before
asset impairments and write-offs
226
272
Asset impairments and write-offs
(77)
(128)
Impairments and write-offs of goodwill
0
(16)
Impairments and write-offs of property and equipment
(77)
(112)
NON-RECURRING INCOME AND EXPENSES, NET
149
144
of which:
Non-recurring income
490
566
Non-recurring expense
(341)
(422)
NET GAINS ON SALES OF ASSETS
In 2014, net gains on sales of assets mainly concerned the gain realized on
the creation of the Carmila joint venture described in Note 3.1 “Significant
events”.
In 2013, the Group sold its 25% interest in Majid Al FuttaimHypermarkets,
realizing a capital gain of €426 million.
RESTRUCTURING COSTS
Restructuring costs recognized in 2014 concerned streamlining plans in progress in several of the Group’s host countries.
OTHER NON-RECURRING INCOME AND EXPENSES
In 2013, the Group revised its estimates of the potential costs associated with certain risks provided for in prior periods, based on information that
came to the Group’s attention during the year.
IMPAIRMENT LOSSES AND ASSET WRITE-OFFS
In 2014, impairment losses of €66 million were recognized to take
account of the difficulties experienced by certain stores, particularly in
Italy and China. In addition, asset write-offs of €11 million were recorded.
In 2013, impairment losses amounted to €60 million and mainly
concerned assets in Spain and Italy. Assets written off during the year
totaled €43 million.