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222 2014 Registration Document
Company financial statement year ended December 31, 2014
6
Notes to the Company Financial Statements
Non-recurring items represented net income of €2,387 million in 2014
and consisted mainly of a goodwill provision reversal, gains and losses
on disposals of shares of subsidiaries and affiliates and costs relating
to the buyback and retirement of bonds.
2.2.1 GOODWILL
Following the results of impairment tests on the Carrefour-Promodès
goodwill (see Note 1 to the Financial Statements), a provision reversal
of €1,600 million was recognized.
2.2.2 DISPOSALS OF SHARES IN
SUBSIDIARIES AND AFFILIATES
In 2014, Carrefour carried out several disposals, the net impact of which
amounted to €688 million and has been recognized in non-recurring
income and expense from capital transactions:
■
on July 25, 2014, the Company transferred the shares it held in
French companies Amidis et Compagnie, Carrefour Hypermarchés,
Euromarché, Profidis, Carrefour Regie Publicitaire and Soval to
Carrefour France which carried out a share capital increase to pay
for the transfer;
■
on December 30, 2014, the Company disposed of its 35.96% stake
in Belgian company GMR to GMR, which bought back its own shares.
2.2.3 BUYBACK AND RETIREMENT OF BONDS
On July 15, 2014, the Group issued €1,000 million worth of eight-year
1.75% bonds maturing in July 2022.
At the same time, two outstanding issues representing an aggregate
€318 million were retired, as follows:
■
€97 million outstanding from a €763 million 4.375% issue maturing
in November 2016;
■
€221 million outstanding from a €500 million 5.25% issue maturing
in October 2018.
The transaction consolidated the Group’s long-term financing at the
very attractive interest rates currently available in the market. It led to:
■
a €682 million increase in the face value of the Group’s bond debt;
■
optimized future borrowing costs due to an issue at a historically low
interest rate;
■
an extension of the average maturity of bond debt, from 3.7 years to
4.2 years (an increase of 0.5 years) as from July 15, 2014.
The €53 million cost of the transaction has been recognized in non-
recurring expense from revenue transactions.
2.2
NET NON-RECURRING INCOME