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Management’s discussion and analysis as of December 31, 2015
Parent company financial review
Parent company financial review
4.6
Activities and results
4.6.1
As Group’s holding company, Carrefour (the Company) manages a
an increase in capital gains on disposals of treasury stock (positive
●
portfolio of shares of French and foreign subsidiaries and affiliates.
impact of 64 million euros);
a decrease in interest expense on intra-group and external
●
In 2015, operating income amounted to 182
million euros and
borrowings (positive impact of 70 million euros).
essentially consisted of costs rebilled to other Group entities.
Net non-recurring income represented 44
million euros in 2015,
Financial income, net amounted to 625
million euros in 2015
corresponding to a reversal of the provision for miscellaneous
compared with 1,906 million euros in 2014. The 1,281 million euros
contingencies.
decrease can be explained as follows:
Net income for the year amounted to 830,629,260.99
euros.
a reduction in dividend income from subsidiaries, with a negative
●
impact of 735 million euros;
Other transaction
a decrease in the merger surplus, with a negative impact of
●
304 million euros. The Company had booked a 309 million euros
On January
27, 2015, the Company carried out a new 750
million
surplus on the Actis merger in 2014, compared to a merger surplus
euros 10.3-year 1.25% bond issue due June
2025. The issue's
of 5 million euros in 2015;
settlement date was February 3, 2015.
a decrease in net provision reversals with a negative impact of
●
The issue has consolidated the Company's long-term financing,
376 million euros, reflecting:
extended the average maturity of its bond debt (from 4.2 years to 4.8
105 million euros in net charges to provisions for impairment of
●
years at February 3, 2015) and further reduced its borrowing costs.
shares in subsidiaries and affiliates
versus
net reversals of
327 million euros in 2014 (negative impact of 432 million euros),
Trade Payables
reversals of provisions for impairment of treasury stock, due to
●
the rise in Carrefour’s share price between 2014 and 2015
Accounts payable balances at December
31, 2015 and 2014 break
(positive impact of 71 million euros),
down as follows by due date (disclosure made in accordance with
net charges to provisions for other financial risks (negative
●
Article
L. 441-6-1 of French commercial code).
impact of 15 million euros);
Carrefour: due date of trade payables
(in millions of euros)
December 31, 2015
December 31, 2014
Accounts payable due in less than one month
32.4
21.1
Accounts payable due in one to two months
0.9
0.3
TOTAL
33.3
21.4
Subsidiaries and affiliates
4.6.2
As part of its effort to manage its equity portfolio, the Company carried
CSIF was subsequently merged with Carrefour Organisation et
out several transactions during the year, which are described below :
Systèmes Groupe (COSG), a wholly-owned subsidiary. On
completion of the merger, CSIF was renamed Carrefour Systèmes
subscription to the capital increase of the subsidiary Carrefour
●
d’Information (CSI);
Management for an amount of €20 million;
transfer of assets and liabilities of CRFP
4, CRFP
10, CRFP
11 and
●
purchase of the entire share capital of Carrefour Systèmes
●
CRFP 16.
d’Information France (CSIF) for €2 million from Carrefour France.
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2015 REGISTRATION DOCUMENT