187 / 302
Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
As explained in Note
3.2.2, Carmila was set up in 2014 by the Group The agreement allocates seats on Carmila's Board of Directors to the
and its co-investment partners. Its corporate purpose is to enhance the investment partners and lists the decisions requiring the Board's prior
value of the shopping malls adjacent to Carrefour hypermarkets in approval (by a simple or qualified majority vote depending on the
France, Spain and Italy. Carmila is accounted for by the equity method importance of the issue concerned). The Board currently has twelve
because the governance system established with the co-investors
members, including one independent director, six directors chosen by
allows Carrefour to exercise significant influence over its financial and the institutional investors and five by Carrefour, which is not able to
operating policy decisions.
impose decisions on its partners that require the Board's prior approval
or have decisions imposed on it concerning important issues requiring
Its governance is organized by a shareholders' agreement between
a qualified majority vote.
Carrefour, which owns 42% of the capital, and other institutional
investors, which own the other 58%.
The following table presents key financial indicators for Carmila at
December 31, 2015 and 2014 (as published in Carmila's Consolidated
Financial Statements).
Activity
Real estate
Country
France
Ownership %
42.22%
FY 2015
FY 2014
12 months
8,5 months
(in millions of euros)
Revenue (rental income)
260
132
Operating income before depreciation and amortisation
211
101
Net income from continuing operations
50
15
Total non current assets
4,174
3,822
Total current assets
286
242
of which Cash and cash equivalent
128
127
Total non current liabilities
1,957
1,628
Total current liabilities
197
138
Amount of the investment in company accounted for by the equity method
942
963
Carrefour - Cash dividends received from Carmila
27
19
Transactions with associates (related parties)
7.3
The following table presents the main related party transactions carried out in 2015 with companies over which the Group exercises significant
influence:
Carmila
Carrefour SA
Provencia
Mestdagh
Ulysse
(France)
(Turkey)
(France)
(Belgium)
(Tunisia)
(in millions of euros)
Net sales (sales of goods)
-
-
555
50
8
Franchise fees
-
3
9
8
3
Sales of services
12
-
-
-
-
Fees
(6)
-
-
Receivables at December 31
0
1
36
8
3
Payables at December 31
(6)
-
-
Proceeds from the disposal of assets
70
-
-
-
-
2015 REGISTRATION DOCUMENT
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