Carrefour - 2017 Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Notes to the Consolidated Financial Statements 2017 REGISTRATION DOCUMENT | CARREFOUR 5. 272 Bonds and notes 12.2.2 (in millions of euros) Maturity Face value Book value of the debt December 31, 2016 Issues Repayments Translation adjustments December 31, 2017 December 31, 2017 Public placements (1) 7,029 446 (1,250) (29) 6,196 6,092 EMTN, EUR, 8 years, 4.678% 2017 250 - (250) - - EMTN, EUR, 5 years, 1.875% 2017 1,000 - (1,000) - - Euro Bond Fixed rate, EUR, 7 years, 5.25% 2018 279 - - - 279 279 EMTN, EUR, 6 years, 1.75% 2019 1,000 - - - 1,000 999 EMTN, EUR, 10 years, 4.00% 2020 1,000 - - - 1,000 999 EMTN, EUR, 11 years, 3.875% 2021 1,000 - - - 1,000 993 EMTN, EUR, 8 years, 1.75% 2022 1,000 - - - 1,000 964 Cash-settled convertible bonds, USD 500 million, 6 years, 0% 2023 - 446 - (29) 417 370 EMTN, EUR, 8 years, 0.750% 2024 750 - - - 750 744 EMTN, EUR, 10 years, 1.25% 2025 750 - - - 750 745 Private placements (2) - 535 - (31) 504 504 Notas promissorias comerciais, BRL 500 million, 6 months, 102% CDI 2018 - 134 - (8) 126 126 Notas promissorias comerciais, BRL 500 million, 8 months, 102.25% CDI 2018 - 134 - (8) 126 126 Notas promissorias comerciais, BRL 500 million, 14 months, 102.3% CDI 2019 - 134 - (8) 126 126 Notas promissorias comerciais, BRL 500 million, 19 months, 103.25% CDI 2019 - 134 - (8) 126 126 TOTAL BONDS AND NOTES 7,029 981 (1,250) (61) 6,700 6,596 Issues carried out as part of Carrefour SA’s EMTN programme. (1) Issues carried out by Atacadão SA. (2) On June 7, 2017, Carrefour issued 500 million US dollars worth of six-year cash-settled convertible bonds. The bonds, which do not bear interest, may be converted into cash only and will not give rise to the issuance of new shares or carry rights to existing shares. In accordance with IAS 39 – Financial Instruments: Recognition and Measurement, conversion options on the bonds qualify as embedded derivatives and are therefore accounted for separately from inception. Subsequent changes in the fair value of these options are recognised in income and set off against changes in the fair value of the call options purchased on Carrefour shares in parallel with the bond issue. The bonds are recognised at amortised cost, excluding the conversion feature. A EUR/USD cross-currency swap for 500 million US dollars was arranged at the inception of these transactions for the same maturity. The swap has been accounted for as a cash flow hedge and had a fair value of (26) million euros at December 31, 2017.