Carrefour - 2017 Registration Document

MANAGEMENT’S DISCUSSION AND ANALYSIS AS OF DECEMBER 31, 2017 Consolidated sales and earnings performance 2017 REGISTRATION DOCUMENT | CARREFOUR 4. 176 Finance costs and other financial income and expenses, net Finance costs and other financial income and expenses represented a net expense of 445 million euros, representing 0.6% of sales as in 2016. (in millions of euros) 2017 2016 Finance costs, net (317) (377) Other financial income and expenses, net (128) (138) FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES, NET (445) (515) Finance costs, net fell by 60 million euros to 317 million euros. Other financial income and expenses represented a net expense of 128 million euros, compared with a net expense of 138 million euros in 2016. Income tax expense Income taxes amounted to 618 million euros, compared with 494 million euros the year before. The effective tax rate was 242.0% compared to 34.6% in 2016, as a result of non-recurring items recorded in 2017. Net income attributable to non-controlling interests Net income attributable to non-controlling interests came to 169 million euros, versus 148 million euros in 2016. Net income/(loss) from continuing operations – Group share The Group reported a net loss from continuing operations of 531 million euros in 2017, compared with net income of 786 million euros in 2016. Net income/(loss) from discontinued operations – Group share In 2017, net income from discontinued operations totalled 1 million euros. In 2016, the net loss from discontinued operations amounted to 40 million euros, corresponding mainly to the loss generated by Dia stores sold during the year or held for sale at the year-end, which were classified as discontinued operations in accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations.