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196 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
■
gradually achieve compliance with the new Basel III liquidity coverage
ratios, through a process that is designed to deliver a sustainable
improvement in asset quality by investing in a dedicated fund eligible
for inclusion in the ratio calculation (LCR – Liquidity Coverage Ratio);
■
diversify refinancing sources to include bank lines of credit, bond
issues, securitization programs, money market issues and customer
deposits. During 2014, Carrefour Banque carried out two major public
placements to support the financing and development of its businesses:
■
€500 million was raised through a four-year variable rate bond
issue carried out in March,
■
€110 million was raised through the November launch of a
revolving credit receivables securitization program, whose master
trust structure will allow Carrefour Banque to dynamically manage
asset-backed securities series issued by the securitization fund.
These two operations, which together raised €610 million, contribute to
the objective of complying with Basel III liquidity ratios by significantly
extending the original life of the Bank’s debt and closely matching the
maturities of loans and borrowings.
In November 2014, Carrefour Banque secured its refinancing sources
by rolling over its €750 million five-year syndicated line of credit and
negotiating two one-year extension options, one year ahead of the facility’s
December 2015 expiry date.
The following tables analyze the cash flows generated by the Group’s financial and other liabilities by period.
December 31, 2014
(in € millions)
Carrying amount
Contractual
cash flows Within 1 year In 1 to 5 years Beyond 5 years
Borrowings hedged by fair value hedges
500
524
12
512
Borrowings hedged by cash flow hedges
Fixed rate borrowings
7,163
7,992
1,572
3,313
3,106
Unhedged borrowings
450
456
236
220
Finance lease liabilities
398
709
68
204
437
Derivative instruments
61
49
35
5
9
Total long and short-term borrowings
8,572
9,729
1,923
4,254
3,553
Suppliers and other creditors
13,384
13,384
13,384
Consumer credit financing
5,308
5,308
3,718
1,589
Other payables
(1)
2,910
2,910
2,910
TOTAL
30,174
31,331
21,935
5,843
3,553
(1) Excluding deferred revenue.
December 31, 2013
(in € millions)
Carrying amount
Contractual
cash flows Within 1 year In 1 to 5 years Beyond 5 years
Borrowings hedged by fair value hedges
500
572
23
549
Borrowings hedged by cash flow hedges
251
252
0
251
Fixed rate borrowings
7,637
8,624
1,927
3,550
3,147
Unhedged borrowings
429
441
105
336
Finance lease liabilities
388
745
68
206
471
Derivative instruments
27
37
10
10
17
Total long and short-term borrowings
9,233
10,671
2,133
4,903
3,635
Suppliers and other creditors
12,854
12,854
12,854
Consumer credit financing
4,911
4,911
3,145
1,765
Other payables
(1)
2,686
2,686
2,686
TOTAL
29,682
31,121
20,818
6,668
3,635
(1) Excluding deferred revenue.