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155
2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
3.2
ACQUISITION OF DIA’S OPERATIONS IN FRANCE
On June 20, 2014, the Carrefour group announced that, following
exclusive negotiations with Dia, it had agreed to acquire Dia France
based on an enterprise value of €600 million.
On November 21, 2014, Carrefour announced that the proposed deal had
been authorized by France’s anti-trust authorities, allowing the Group to
pursue its multi-format expansion in its domestic market. The authorization
covered the acquisition of over 800 points of sale, in exchange for an
undertaking by Carrefour to sell around fifty others. Those sites were
reclassified as held for sale as at December 31, 2014.
The transaction was completed on December 1, 2014.
In accordance with IFRS 3 –
Business Combinations
, the provisional
allocation of the purchase price led to the recognition of goodwill of
€189 million.
(in € millions)
Accounting value
Temporary fair value
Intangible assets
206
121
Tangible assets
445
454
Financial assets
12
23
Fixed assets
664
598
Net debt
(16)
(34)
Other net assets and liabilities
(87)
(127)
TOTAL NET ASSET
560
437
Consideration transferred
626
GOODWILL
189
The effect of the acquisition on 2014 Group consolidated operating income and net income is not material.
3.3
SALE OF AN INTEREST IN THE BRAZILIAN SUBSIDIARY TO AN OUTSIDE INVESTOR
On December 18, 2014, the Carrefour group announced that Peninsula,
a Brazilian investment firm, had acquired a 10% interest in Carrefour’s
local subsidiary for BRL 1.8 billion (€525 million).
Peninsula also has call options allowing it to increase its interest to up
to 16% over the next five years.
In accordance with IFRS 10 –
Consolidated Financial Statements,
the
transaction led to the recognition in consolidated equity of a capital
gain of €285 million, net of income tax, and of non-controlling interests
of €174 million.
3.4
ACQUISITIONS IN ITALY
On June 30, 2014, Carrefour announced that it had entered into an
agreement with the Rewe Group to acquire 53 Billa supermarkets located
in northern Italy. The supermarkets represent a total retail surface area
of 58,000 sq.m. and generated revenue of some €300 million excluding
VAT in 2013.
The transaction was completed on September 11, 2014, once
the regulatory approvals had been obtained and Billa’s employee
representatives had been consulted. In accordance with IFRS 3,
provisional goodwill of €64 million was recorded in the Consolidated
Financial Statements at December 31, 2014.
On November 21, 2014, the Group announced the acquisition of 17 Il
Centro stores, including sixteen located in Florence and Arezzo provinces
and one in Spezia province. All of these stores will be converted to the
Carrefour Express convenience brand. The transaction is in line with
Carrefour’s multi-format strategy and will enable the Group to strengthen
its presence in north central Italy. The impact on the Consolidated Financial
Statements was not material.