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200 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
Note 38
Change in working capital requirement
Note 37
Contingent liabilities
Group companies are subject to regular tax, customs and administrative
audits in the normal course of business. They are also involved in various
claims and legal proceedings. A provision is recorded when the Group
has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation (see Notes 29 and 31).
No provisions are recorded for future operating losses.
Contingent liabilities, which are not recognized in the statement of financial
position, are defined as:
■
possible obligations that arise from past events and whose existence
will be confirmed only by the occurrence or non-occurrence of one
or more uncertain future events not wholly within the control of the
Group; or
■
present obligations that arise from past events but are not recognized
because (i) it is not probable that an outflow of resources embodying
economic benefits will be required to settle the obligation or (ii) the
amount of the obligation cannot be measured with sufficient reliability.
To the best of the Group’s knowledge, there are no contingent liabilities
that may be considered as being likely to have a material impact on the
Group’s results, financial position, assets and liabilities or business.
(in € millions)
December 31, 2014
December 31, 2013
Change
Change in inventory
(310)
(135)
(176)
Change in trade receivables
80
(34)
114
Change in trade payables
246
(31)
277
Change in loyalty program liabilities and other
(78)
276
(355)
Change in trade working capital requirement
(63)
76
(139)
Change in other receivables and payables
81
(361)
442
Change in working capital requirement
18
(284)
302
Note 39
Off-balance sheet commitments
Commitments given and received by the Group that are not recognized in
the statement of financial position correspond to contractual obligations
whose performance depends on the occurrence of conditions or
transactions after the period-end. There are three types of off-balance
sheet commitments, related to (i) cash transactions, (ii) retailing operations
and (iii) acquisitions of securities. The Group is also party to leases that
give rise to future commitments such as for the payment of rent on retail
units leased by the Group from owners (commitments given), and the
payment of rent on retail units in shopping malls owned by the Group
and leased to other parties (commitments received).
Commitments given
(in € millions)
December 31,
2014
By maturity
December 31,
2013
Due within 1
year
Due in 1 to
5 years
Due beyond
5 years
Related to cash management transactions
7,869
5,719
1,505
645
8,258
Financial services companies
6,969
5,541
1,419
8
7,150
Other companies
900
177
86
637
1,107
Related to operations/real estate/expansion, etc.
2,795
1,516
972
306
1,942
Related to sales of securities
171
45
53
73
169
Related to leases
3,494
999
1,539
956
3,217
TOTAL
14,328
8,278
4,069
1,981
13,586