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Consolidated Financial Statements as of December 31, 2015
Consolidated statement of cash flows
Consolidated statement of cash flows
5.4
2015
2014
(in millions of euros)
Income before taxes
1,717
2,010
Cash flows from operating activities
Taxes
(663)
(800)
Depreciation and amortization expense
1,574
1,451
Capital (gains)/losses on sales of assets
(13)
(355)
Change in provisions and impairment
(215)
(175)
Finance costs, net
347
399
Net income and dividends received from companies accounted for by the equity method
8
(4)
Impact of discontinued operations
(22)
(23)
Cash flow from operations
2,733
2,504
Change in working capital requirement
(1)
276
18
Impact of discontinued operations
3
86
Net cash from operating activities (excluding financial services companies)
3,012
2,608
Change in consumer credit granted by the financial services companies
(195)
1
Net cash from operating activities
2,818
2,609
Cash flows from investing activities
Acquisitions of property and equipment and intangible assets
(2)
(2,378)
(2,411)
Acquisitions of non-current financial assets
(29)
(148)
Acquisitions of subsidiaries and investments in associates
(3)
(56)
(1,188)
Proceeds from the disposal of subsidiaries and investments in associates
7
82
Proceeds from the disposal of property and equipment and intangible assets
186
293
Proceeds from the disposal of non-current financial assets
5
3
Change in amounts receivable from and due to suppliers of fixed assets
151
(36)
Investments net of disposals
(2,115)
(3,405)
Other cash flows from investing activities
(28)
(5)
Impact of discontinued operations
7
13
Net cash from/(used in) investing activities
(2,136)
(3,397)
Cash flows from financing activities
Proceeds from share issues to non-controlling interests
14
5
Acquisitions and disposals of investments without any change of control
(4)
208
311
Dividends paid by Carrefour (parent company)
(5)
(390)
(149)
Dividends paid by consolidated companies to non-controlling interests
(98)
(70)
Change in treasury stock and other equity instruments
(6)
384
(18)
Change in current financial assets
40
(48)
Issuance of bonds
(7)
750
683
156
2015 REGISTRATION DOCUMENT