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Management’s discussion and analysis as of December 31, 2015
Other information
Other information
4.4
Accounting principles
4.4.1
The accounting and calculation methods used to prepare the 2015
amendments to IAS
1 –
Disclosure Initiative
(applicable in annual
●
Consolidated Financial Statements were the same as those used in
periods beginning on or after January 1, 2016);
2014 except for the changes resulting from the following
amendments to IFRS
11 –
Acquisition of an Interest in a Joint
●
amendments, which were applicable as of January
1, 2015 and were
Operation
(applicable in annual periods beginning on or after
not early adopted:
January 1, 2016);
IFRS Annual Improvements 2011-2013.
●
amendments to IAS
16/IAS
38 –
Clarification of Acceptable
●
Methods of Depreciation and Amortisation
(applicable in annual
Application of these amendments had no material impact on the
periods beginning on or after January 1, 2016);
Group’s published Consolidated Financial Statements. IFRIC
21 –
Levies
, which was also applicable as of January
1, 2015, was early
IFRS
Annual Improvements 2012-2014 (applicable in annual
●
adopted in 2014.
periods beginning on or after January 1, 2016).
The possible impact on the Consolidated Financial Statements of
The Group decided not to early adopt the following standards and
applying these new and amended standards is currently being
interpretations that were not applicable as of January 1, 2015:
assessed.
Adopted for use in the European Union:
Details of the new and amended standards and interpretations,
IFRS Annual Improvements 2010-2012 (applicable in annual
●
including those not yet adopted for use in the European Union, are
periods beginning on or after February 1, 2015);
provided in Note
1.2 to the Consolidated Financial Statements
amendments to IAS 19 –
Defined Benefit Plans: Employee
●
“Changes of method”.
Contributions
(applicable in annual periods beginning on or after
February 1, 2015);
Significant events of the period
4.4.2
Placement of 12.7 million treasury
The operation contributed to the ongoing strategy to secure the
Group's long-term financing sources by extending the average
shares
maturity of its facilities and reducing the related borrowing costs, while
aligning their amount with the Group's needs.
On March
23, 2015, Carrefour announced the disposal of 12.7 million
treasury shares, representing approximately 1.73% of its share capital.
On January
27, 2015, the Group carried out a new 750 million euros
10.3-year 1.25% bond issue due June
2025. The issue's settlement
The sale was carried out through a private placement by way of an
date was February 3, 2015.
accelerated bookbuilding at a price of 31
euros per share, for a total
amount of 393.7 million euros.
The issue consolidated the Group’s long-term financing, extended the
average maturity of its bond debt and further reduced its borrowing
Of the 12.7
million treasury shares sold, 9.3
million shares were
costs.
directly owned by Carrefour and 3.4
million shares were indirectly
owned through an equity swap. These shares correspond to the excess
2014 dividend reinvestment option
coverage of Carrefour's obligations under stock option plans and free
share allotments.
At the Shareholders' Meeting held on June
11, 2015, shareholders
Operations to strengthen the Group's
decided to set the 2014 dividend at 0.68
euro per share with a
dividend reinvestment option.
financial position
The issue price of the shares to be issued in exchange for reinvested
dividends was set at 28.77
euros per share, representing 95% of the
On January
22, 2015, the Group obtained a new 2,500 million euros
average of the opening prices quoted on NYSE Euronext Paris during
five-year bank facility (expiring in January
2020) with two one-year
the 20
trading days preceding the date of the Shareholders' Meeting,
extension options from a pool of 22 banks.
less the net amount of the dividend of 0.68
euro per share and
This facility replaces two existing facilities, for 1,591 million euros and rounded up to the nearest euro cent.
1,458
million euros, expiring in July
2017 and November
2018
respectively.
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