189 / 266
189
2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
In France, up until 2003, Carrefour paid a rendering levy (
taxe
d’équarrissage
) on its meat purchases. In 2003, the Court of Justice
of the European Union ruled that this levy, which was paid over by the
French State to abattoirs, constituted state aid awarded in breach of EU
rules. As a result of this ruling, the rendering levy paid for the years 1997
to 2003 was refunded to the Group. In 2004, however, the French tax
authorities reversed their decision and instructed the Group to repay the
refunded amounts for the years 2001 to 2003, totaling €145 million.
Although this amount was paid by Carrefour in 2012, the Group has
contested the validity of the claim and the case is currently pending
before the tax courts.
31.2
DISPUTES WITH CURRENT AND FORMER EMPLOYEES
As a major employer, the Group is regularly involved in disputes with
current or former employees.
From time to time, disputes may also arise with a large group of current
or former employees. In Brazil, many former employees have initiated
legal proceedings against the Group, claiming overtime pay that they
allege is due to them.
31.3
LEGAL AND COMMERCIAL DISPUTES
The Group is subject to regular audits by the authorities responsible for
overseeing compliance with the laws applicable to the retail industry and
by the competition authorities. Disputes may also arise with suppliers
as a result of differing interpretations of legal or contractual provisions.
On October 1, 2012, a report on the price increases applied by major
retailers for “household and personal care” products was handed to the
Belgian competition authorities. The report alleges that between 2002 and
2007, the leading retailers coordinated price increases for these products
with the help of the products’ suppliers. The matter is currently under
review by the Belgian competition authorities, who will decide whether
competition law has been breached and, if so, the amount of the fine.
Note 32
Long and short-term borrowings
32.1
NET DEBT
32.1.1 NET DEBT CALCULATION
Net debt at December 31, 2014 amounted to €4,954 million, an increase of €837 million from December 31, 2013. This amount breaks down as
follows:
(in € millions)
December 31, 2014
December 31, 2013
Bonds and notes
6,915
7,462
Other borrowings
1,078
1,356
Commercial paper
120
Finance lease liabilities
398
388
TOTAL BORROWINGS BEFORE DERIVATIVE INSTRUMENTS
RECORDED IN LIABILITIES
8,511
9,206
Derivative instruments recorded in liabilities
61
27
TOTAL LONG AND SHORT-TERM BORROWINGS (1)
8,572
9,233
Of which, long-term borrowings
6,815
7,550
Of which, short-term borrowings
1,757
1,683
Other current financial assets
504
359
Cash and cash equivalents
3,113
4,757
TOTAL CURRENT FINANCIAL ASSETS (2)
3,618
5,116
NET DEBT = (1) – (2)
4,954
4,117