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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Trade receivables
5.4.3
Accounting policies
Trade receivables correspond for the most part to rebates and estimate of the debtor’s ability to pay the amount due and the age of
commercial income receivable from suppliers, amounts receivable the receivable (Note 12.6.4).
from franchisees and shopping mall rental receivables.
Certain Group subsidiaries operate receivables discounting programs.
They represent financial instruments classified as "Loans and In accordance with IAS
39 –
Financial Instruments
, receivables sold
receivables" (Note 12).
under these programs are derecognized when substantially all of the
related risks and rewards (
i.e.
, mainly default, late payment and
Trade receivables are initially recognized for the invoice amount.
dilution risks) are transferred to the buyer.
Impairment losses are recognized where necessary, based on an
December 31, 2015
December 31, 2014
(in millions of euros)
Receivables from clients
1,353
1,302
Impairment
(180)
(185)
Receivables from clients, net
1,173
1,117
Receivables from suppliers
1,096
1,144
TOTAL TRADE RECEIVABLES
2,269
2,260
Suppliers and other creditors
5.4.4
Accounting policies
Suppliers and other creditors correspond primarily to trade payables.
They are classified as "Financial liabilities at amortized cost" (Note
12). Suppliers and other creditors are initially recognized at their nominal
amount, which represents a reasonable estimate of fair value in light of their short maturities.
Other current assets and payables
5.4.5
OTHER ASSETS
December 31, 2015
December 31, 2014
(in millions of euros)
Employee advances
23
23
Proceeds receivable from disposals of non-current assets
23
120
Prepaid expenses
288
302
Other operating receivables, net
372
408
TOTAL OTHER CURRENT ASSETS
705
853
OTHER PAYABLES
December 31, 2015
December 31, 2014
(in millions of euros)
Accrued employee benefits expense
1,874
1,856
Due to suppliers of non-current assets
831
706
Deferred revenue
121
111
Other payables
419
349
TOTAL OTHER PAYABLES
3,244
3,022
2015 REGISTRATION DOCUMENT
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