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122 2014 Registration Document
Comments on 2014 fiscal year
4
Other information
Discontinuation of operations in India
On July 7, 2014 Carrefour announced that it intended to close its five cash & carry stores in India, the first of which was opened in 2010. All of the
stores had been closed by the year-end.
Purchasing cooperation agreement between Carrefour and Cora
On December 22, 2014 Carrefour France and Cora/Supermarchés
Match announced that they had signed an agreement to cooperate on
purchasing. This agreement establishes a long-term partnership, with no
equity ties between the two companies, under which both companies
maintain their independence while committing to sustainable relationships
with their suppliers. The agreement will enhance the competitiveness of
their banners for the benefit of consumers. It has been effective since
January 1, 2015.
4.4.3
Main related party transactions
The main related party transactions are disclosed in Note 41 to the Consolidated Financial Statements.
4.4.4
Subsequent events
On January 22, 2015, the Group obtained a new €2,500 million five-
year bank facility (expiring in January 2020) with two one-year extension
options from a pool of 22 banks.
This facility replaces two existing facilities, for €1,591 million and €1,458
million, expiring in July 2017 and November 2018 respectively.
The operation contributed to the ongoing strategy to secure the Group’s
long-term financing sources by extending the average maturity of its
facilities (from 3.5 years to 4.7 years at January 22, 2015), and reduce
the related borrowing costs, while aligning their amount with the Group’s
needs.
On January 27, 2015, the Group carried out a new €750 million 10.3-
year 1.25% bond issue due June 2025. The issue’s settlement date
was February 3, 2015.
The issue has consolidated the Group’s long-term financing, extended
the average maturity of its bond debt (from 4.2 years to 4.8 years at
February 3, 2015) and further reduced its borrowing costs.
No events have occurred since the year-end that would have a material
impact on the Consolidated Financial Statements.