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224 2014 Registration Document
Company financial statement year ended December 31, 2014
6
Notes to the Company Financial Statements
Note 5
Marketable securities
Marketable securities include:
■
9,701,473 Carrefour shares available for allocation to employees of
Carrefour and its subsidiaries, for €265 million;
■
580,000 Carrefour shares held under a liquidity agreement for an
amount of €14 million;
■
units in money market funds, for €83 million;
■
premiums of €4 million paid on call options on Carrefour shares to
be acquired for allocation on exercise of stock options outstanding at
December 31, 2014. The premiums’ amortized cost at December 31,
2014 was €2 million.
In 2014, changes in Carrefour shares held by the Company were as follows:
Assets
(in € millions)
Provision
(in € million)
Number
Cost
Impairment
At December 31, 2013
5,761,500
166
(5)
Acquisition of shares under equity swap arrangements
3,939,973
99
Acquisition of shares under a liquidity agreement
580,000
14
Impairment of shares not yet allocated to specific share-
based payment plans, or allocated to out-of-the-money
stock options
(24)
Provisions on shares allocated to specific share-based
payment plans
AT DECEMBER 31, 2014
10,281,473
279
(29)
The market value of Carrefour shares held at December 31, 2014, based on the final quoted price for the year of €25.30, was €260 million.
Note 6
Shareholders’ equity
6.1
SHARE CAPITAL
The share capital is made up of 734,913,909 shares with a par value of €2.50 each.
6.2
APPROPRIATION OF PROFIT
(ARTICLES 25 AND 26 OF THE MEMORANDUM AND ARTICLES OF ASSOCIATION)
1
Income or loss for the year consists of the difference between revenue
and expenses for the year after deducting depreciation, amortization
and provision expense, as shown in the income statement.
2
At least 5% of income for the year, less any losses brought forward
from the prior year, is allocated to the legal reserve until such time as
the reserve represents one-tenth of the share capital, or to increase
the statutory reserve if it falls below one-tenth of the capital.
The remaining balance plus any retained earnings brought forward from
the prior year is available for distribution.
The Annual Shareholders’ Meeting may decide to offer shareholders the
option of reinvesting all or part of their dividend.
The Board of Directors may decide to pay an interim dividend, in cash
or in shares, during the fiscal year or after the year-end, in accordance
with the applicable laws and regulations.