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2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
Commitments received
(in € millions)
December 31,
2014
By maturity
December 31,
2013
Due within 1
year
Due in 1 to
5 years
Due beyond
5 years
Related to cash management transactions
6,819
1,197
4,201
1,422
6,752
Financial services companies
1,563
449
1,095
19
1,656
Other companies
5,256
748
3,106
1,403
5,096
Related to operations/real estate/expansion, etc.
921
220
466
235
882
Related to sales of securities
337
237
72
28
303
Related to leases
654
235
339
80
830
TOTAL
8,730
1,889
5,077
1,764
8,766
Off-balance sheet commitments related to cash transactions
include:
■
credit commitments given to customers by the financial services
companies in the course of their operating activities, and credit
commitments received from banks;
■
mortgages and other guarantees given or received, mainly in connection
with the Group’s real estate activities;
■
committed lines of credit available to the Group but not drawn down
at the period-end.
Off-balance sheet commitments related to operations
include:
■
commitments to purchase land given in connection with the Group’s
expansion programs;
■
miscellaneous commitments arising from commercial contracts.;
■
performance bonds issued in connection with the Group’s expansion
programs;
■
rent guarantees and guarantees from shopping mall operators;
■
guarantees for the payment of receivables;
■
other commitments given or received.
Off-balance sheet commitments related to purchases and sales of
securities
consist of firm commitments to purchase and sell securities
received from third parties:
■
for the most part in France, in connection with the Group’s franchising
activities;
■
including immediately exercisable put and call options and sellers’
warranties given to third parties. No value is attributed to sellers’
warranties received by the Group.
Off-balance sheet commitments related to leases
At December 31, 2014, 685 hypermarket properties and 515 supermarket
properties were owned outright out of a total consolidated store base of
1,194 hypermarkets and 1,335 supermarkets.
Rent on store properties not owned by the Group totaled €908 million
in 2014 (see Note 9).
Of total future minimum rentals, 25% are due within one year, 41% in
one to five years and 34% beyond five years.
Future minimum rentals under operating leases – determined based on
the Group’s maximum commitment in terms of both duration and amount
for each of the property leases in progress at the period-end – amounted
to €3,494 million, or €2,744 million after discounting (see Note 18).
The Group also owns various shopping malls, mainly built on the same
sites as its hypermarkets and supermarkets. Rental of the retail units in
these malls generated revenues of €219 million in 2014. Future minimum
rentals receivable from these retail units – determined based on the
tenants’ maximum commitment in terms of both duration and amount
for each of the leases in progress at the period-end – amounted to
€654 million, or €530 million after discounting.