Carrefour - 2017 Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Notes to the Consolidated Financial Statements 2017 REGISTRATION DOCUMENT | CARREFOUR 5. 250 Investments in equity-accounted companies Note 7 Accounting principles The consolidated statement of financial position includes the Group’s share of the change in the net assets of companies accounted for by the equity method (associates and joint ventures), as adjusted to comply with Group accounting policies, from the date when significant influence or joint control is acquired until the date when it is lost. Companies accounted for by the equity method are an integral part of the Group’s operations and the Group’s share of their net profit or loss is therefore reported as a separate component of recurring operating income (“Recurring operating income after net income from equity-accounted companies”), in accordance with the recommendation of the French accounting authorities (Autorité des normes comptables [ANC] recommendation no. 2013-01). Changes in investments in equity-accounted companies 7.1 Changes in investments in equity-accounted companies can be analysed as follows: (in millions of euros) At December 31, 2015 1,433 Translation adjustment (15) Share of net income (36) Dividends (79) Capital increase 58 Other movements 0 At December 31, 2016 1,361 Translation adjustment (19) Share of net income 4 Dividends (80) Capital increase 64 Other movements 24 At December 31, 2017 1,355 Information about associates 7.2 The following table shows key financial indicators for associates: (in millions of euros) % interest Total assets Shareholders’ equity Non-current assets Net sales/ Revenues Net income/(loss) Carmila (France) 36% 5,197 2,782 4,675 301 36 Carrefour SA (Turkey) 46% 713 2 437 1,105 (74) Provencia SA (France) 50% 420 237 194 843 27 Mestdagh (Belgium) 25% 279 64 96 604 (9) Ulysse (Tunisia) 25% 156 78 133 319 16 Costasol (Spain) 34% 92 50 63 126 13 Other companies (1) - 883 295 503 1,394 26 Corresponding to a total of 187 companies, none of which is individually material. (1) All of the summary financial data presented in the table above have recognised at the time of the acquisition or for any loss of control been taken from the financial statements of associates, restated and elimination of the Group’s share of profit or loss arising on where necessary to reflect adjustments made to harmonise asset disposals or acquisitions carried out between the Group and accounting methods on application of equity accounting. These the associate. data have not been adjusted for any changes in fair value