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192 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
Note 33
Consumer credit financing
To support its core retailing business, the Group offers banking and
insurance services to customers, mainly in France, Spain and Brazil.
The financial services companies offer their customers “Carrefour” bank
cards that can be used in the Group’s stores and elsewhere, consumer
loans and savings products such as life insurance and passbook savings
accounts.
In light of the size and significant nature of the amounts involved, consumer
credit is reported on a separate line of the Group’s consolidated statement
of financial position, in current assets (for the short-term portion) and non-
currents assets (for the long-term portion) and consumer credit financing
is reported separately in current liabilities and non-current liabilities.
At December 31, 2014, consumer credit totaled €5,980 million (December 31, 2013: €5,602 million), as follows:
(in € millions)
December 31, 2014
December 31, 2013
Payment card receivables
4,149
3,834
Loans
2,145
2,063
Consumer credit (on purchases made in Carrefour stores)
90
191
Other financing
395
305
Provisions
(801)
(796)
Other
3
5
TOTAL CONSUMER CREDIT GRANTED BY THE FINANCIAL SERVICES COMPANIES
5,980
5,602
Short-term financing
3,420
3,221
Long-term financing
2,560
2,381
The related consumer credit financing amounted to €5,308 million at December 31, 2014, as follows:
(in € millions)
December 31, 2014
December 31, 2013
Debt securities (retail certificates of deposit, medium-term notes)
1,568
1,292
Bank borrowings
460
507
Bonds and notes
(1)
1,254
897
Customer passbook savings deposits
524
580
Securitizations
(2)
637
900
Consumer credit portfolios sold to banks
522
348
Other
343
385
TOTAL
5,308
4,909
Short-term borrowings
3,718
3,145
Long-term borrowings
1,589
1,765
(1) In 2014:
W
Carrefour Banque’s €500 million four-year bond issue at 3-month Euribor +75 bps carried out on March 21, 2014;
W
buyback and retirement in July 2014 of €150 million worth of bonds included in the €710 million issue carried out in 2012.
In 2013:
W
Carrefour Banque’s €300 million three-year bond issue at 3-month Euribor +85 bps carried out on April 16, 2013;
W
buyback and retirement on December 16, 2013 of €150 million worth of bonds included in the €710 million issue carried out in 2012.
(2) This item comprises two securitization programs launched by Carrefour Banque:
W
Master Credit Cards Pass reloadable securitization program with compartments launched in November. Asset pool: €560 million. Proceeds from the
securitization: €400 million. Fund amount at December 31, 2014: €510 million following the November 2014 reload;
W
“FCT Copernic 2012-1” compartment of the FCT Copernic reloadable securitization fund launched in 2012. Asset pool: €855 million. Proceeds from the
securitization: €500 million (class A1 notes). Fund amount at December 31, 2014: €127 million.
The two securitization funds are fully consolidated in the Group’s accounts.