Carrefour - 2017 Registration Document

4 MANAGEMENT’S DISCUSSION AND ANALYSIS AS OF DECEMBER 31, 2017 Group financial position CARREFOUR | 2017 REGISTRATION DOCUMENT 177 Group financial position 4.2 Shareholders’ equity 4.2.1 At December 31, 2017, shareholders’ equity stood at 12,159 million euros, compared with 12,008 million euros at the previous year-end, representing an increase of 151 million euros. The increase mainly reflects: the net loss for the year of 362 million euros; ● other comprehensive income for a negative 482 million euros ● (mainly explained by exchange differences on translating foreign operations); changes in capital and additional paid-in capital and other ● movements in 2017 mainly reflect the July 2017 Grupo Carrefour Brasil IPO: the primary offering of 840 million euros generated (i) an increase of 370 million euros in non-controlling interests and (ii) an increase of 470 million euros in shareholders’ equity, Group share corresponding to the dilution gain (Notes 2.2 and 3.2.1 to the Consolidated Financial Statements); dividends paid in an amount of 254 million euros, of which ● 151 million euros paid to Carrefour shareholders and 103 million euros to non-controlling shareholders of subsidiaries. Net debt 4.2.2 Net debt was reduced by 788 million euros to 3,743 million euros at December 31, 2017 from 4,531 million euros at December 31, 2016. Net debt breaks down as follows: (in millions of euros) 2017 2016 Bonds 6,596 6,962 Other borrowings 522 690 Finance lease liabilities 301 322 Total borrowings before derivative instruments recorded in liabilities 7,419 7,974 Derivative instruments recorded in liabilities 78 101 TOTAL LONG AND SHORT TERM BORROWINGS (1) 7,497 8,075 Of which, long-term borrowings 6,428 6,200 Of which, short-term borrowings 1,069 1,875 Other current financial assets 161 239 Cash and cash equivalents 3,593 3,305 TOTAL CURRENT FINANCIAL ASSETS (2) 3,753 3,544 NET DEBT = (1) - (2) 3,743 4,531