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220 2014 Registration Document
Company financial statement year ended December 31, 2014
6
Notes to the Company Financial Statements
1.10
INCOME TAX
Carrefour SA is the lead company of a tax group.
Under the terms of the agreement between the companies in the tax group,
each company records in its accounts the income tax expense or benefit
that it would have paid or received if it had been taxed on a stand-alone
basis, and the tax saving or additional tax charge corresponding to the
difference between the sum of the taxes payable by the companies in
the tax group and the tax expense or benefit calculated on the basis of
the tax group’s consolidated profit or loss is recorded by Carrefour, SA.
The corporate income tax rate in France is 33.33% and companies are
also required to pay a surtax (
contribution additionnelle
) corresponding
to 3.3% of their tax liability beyond the first €763,000, plus an additional
10.7% (
taxe additionnelle
), bringing the total tax rate to 38.00%.
Tax credits deductible from income tax expense are reported in the
income statement under “Income tax”.
1.11
PROVISIONS
A provision is recorded when (i) the Company has an obligation towards
a third party, (ii) the amount of the obligation can be reliably estimated,
(iii) it is probable that an outflow of resources will be necessary to settle
the obligation and (iv) no equivalent economic benefit is expected to
be received in return.
A liability is recognized when (i) the decision has been made to set up
a stock option or stock grant plan, (ii) the Company has an obligation
to deliver existing shares to grantees and (iii) it is probable or certain
that an outflow of resources will be necessary to settle the obligation
without any equivalent economic benefit being received in return. When
the stock rights or stock option rights will be exercisable only at the end
of a specified period of employee service, the liability is recognized as
a provision that is reduced over the vesting period as the employee
service is received.
The main characteristics of stock option plans outstanding at December 31, 2014 or that expired during the year are presented below:
Grant date
(1)
Number
of options
granted
(2)
Life of the
options
Number of
grantees Exercise period
(3)
Number
of options
outstanding
(4)
Exercise price
in €
(2)
2007 Presence Plan May 15, 2007 4,354,667
7 years
502
May 15, 2009
to May 14, 2014
0
49.45
2008 Presence Plan I
June 6, 2008 4,545,183
7 years
505
June 6, 2010
to June 5, 2015 3,568,284
39.68
2008 Presence Plan II
July 7, 2008
17,109
7 years
1
July 7, 2010
to July 6, 2015
17,109
39.68
2009 Performance Plan June 17, 2009 1,252,994
7 years
57
June 17, 2011
to June 16, 2016
431,088
29.55
2009 Presence Plan June 17, 2009 6,974,861
7 years
2571
June 17, 2011
to June 16, 2016 5,502,482
29.55
2010 Performance Plan July 16, 2010 1,439,017
7 years
56
July 17, 2012
to May 3, 2017
509,055
29.91
2010 Presence Plan II
July 16, 2010 1,941,610
7 years
507
July 17, 2012
to July 16, 2017 1,471,852
29.91
TOTAL
11,499,870
(1) Date of the meeting of the Management Board (before July 28, 2008) or Board of Directors (after that date) when the stock grants were decided.
(2) Adjusted number of options and adjusted exercise price.
(3) The options will vest only if the grantee is still employed by the Group at the start of the exercise period. Since 2006, the options vest as follows:
W
50% after two years;
W
25% after three years;
W
25% after four years.
Concerning the exercise date, specific rules apply in the event of the grantee’s death.
(4) The number of options outstanding includes both options exercisable at December 31, 2014 and options that were not yet exercisable at that date.