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128 2014 Registration Document
Comments on 2014 fiscal year
4
Parent company financial review
4.6.2
Subsidiaries and affiliates
As part of its effort to streamline its equity portfolio, the Company carried
out several transactions during the year, which are described below. The
net impact of disposals or acquisitions is recognized in non-recurring
income and expense from capital transactions.
■
On February 21, 2014, French company Actis, a wholly-owned
subsidiary of Carrefour, was dissolved following the transfer of its
assets and liabilities to Carrefour;
■
On May 26, 2014, the Company acquired an 8.23% stake fromGrands
Magasin Garonne Adour in Spanish company Centros Commerciales
Carrefour;
■
On April 14, 2014, the Company carried out a capital increase in
CRFP 14 for an amount of €137 million followed by a further capital
increase on November 27, 2014 for an amount of €196 million. In
addition, the Company contributed OPCI Kart shares purchased
from Group subsidiaries to CRFP 14 for an amount of €10 million.
At 31 December 2014, Carrefour held 34.87% of CRFP 14;
■
On July 8, 2014, the Company acquired a 4.5% stake in Carrefour
Banque from several of its French subsidiaries;
■
On July 25, 2014, the Company contributed the shares it held in
French companies Amidis et Compagnie, Carrefour Hypermarchés,
Euromarché, Profidis, Carrefour Regie Publicitaire, Alodis and Soval
to Carrefour France, which carried out a share capital increase to
pay for this contribution. The carrying amount of Carrefour France
shares received in exchange for the share contribution amounted to
€2,417 million;
■
On November 21, the Company contributed its 1,88% interest in
Brazilian company Brepa to its Dutch subsidiary Carrefour Nederland;
■
On December 18, 2014, the Company acquired a 50% stake in
Carma, previously held by Carrefour Banque;
■
On December 2014, the Company disposed of its 35.96% stake in
Belgian company GMR, which bought back its own shares, and the
Company acquired a 25% stake held by GMR in Belgian company
Carrefour Finance.
4.6.3
Income appropriation
We propose to allocate and distribute earnings for the fiscal year as follows:
Net income for the year
€4,440,248,624.63
Allocation to the legal reserve
€-2,732,429.25
Retained earnings brought forward from prior year
€1,360,591,829.07
Income available for distribution
€6,708,108,024.45
2014 dividends
€499,741,458.12
To be paid out of
Distributable income, for
€499,741,458.12
Balance to be credited to retained earnings
€5,298,366,566.33
The amount of retained earnings after tax for fiscal year 2013 was
increased owing to 2013 dividends not paid out on treasury shares.
It is specified that the total dividend of €499,741,458.12, which
represents a dividend of €0,68 per share, before payroll taxes and non
final withholding tax of 21% provided for in Article 117 quater of the
French General Tax Code, qualifies, for individuals who are French tax
residents, for the tax relief equal to 40% of the amount of the dividend in
accordance with Section 2° of paragraph 3 of Article 158 of the French
General Tax Code.
We propose offering each shareholder the option of a dividend payment:
■
in cash; or
■
in new Company shares.
The new shares, if the option is exercised, will be issued at a price equal to
95% of the average opening prices listed during the twenty stock market
trading sessions on Euronext Paris prior to the date of this shareholders’
general meeting, less the amount of the dividend that is the subject of
this resolution and rounded up to the nearest euro cent. Such issued
shares will immediately be entitled to dividends as of January 1, 2015 and
will be part of the share capital of the Company alongside other shares.
Shareholders may opt for payment of the dividend in cash or in new
Company shares from June 17, 2015 to July 7, 2015 inclusive, by sending
their request to the financial intermediaries that are authorized to pay the
dividend or, for registered shareholders listed in the issuer-registered
accounts held by the Company, to its authorized agent (Société Générale,
CS 30812, 44308 Nantes Cedex 03).