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114 2014 Registration Document
Comments on 2014 fiscal year
4
Sales and earnings performance
Finance costs, net decreased by €29 million to €399 million. The
improvement was primarily attributable to a decline in the average cost
of bond debt that was mainly due to the bond buybacks carried out in
June 2013 and July 2014.
Other financial income and expenses represented a net expense of
€164 million, compared with a net expense of €294 million in 2013.
The favorable change was mainly due to the high basis of comparison
in 2013, which included the €119 million one-off cost of the bond
buyback program.
Finance costs and other financial income and expenses, net
Finance costs and other financial income and expenses represented a net expense of €563 million, representing 0.8% of sales versus 1.0% in 2013.
(in € millions)
2014
2013
Finance costs, net
(399)
(428)
Other financial income and expenses, net
(164)
(294)
FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES, NET
(563)
(722)
Income tax expense
Income taxes amounted to €709 million in 2014 compared with €631 million the year before. The effective tax rate was 35.3%.
Net income attributable to non-controlling interests
Net income attributable to non-controlling interests came to €118 million in 2014 versus €101 million in 2013.
Net income from continuing operations – Group share
The Group reported net income from continuing operations of €1,182 million in 2014, up from €949 million in 2013.
Net income from discontinued operations – Group share
In 2014, net income from discontinued operations mainly reflects the
settlement during the period of an old litigation for €88 million, and the
result of the closing of Indian operations for €(24) million.
In 2013, net income from discontinued operations mainly reflected
the €396 million profit on the sale of the Group’s interest in Carrefour
Indonesia, partly offset by the €65 million loss recognized on the loss
of control of the Turkish subsidiary.