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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
In the months following the acquisition, the Group completed a review the assets of the stores whose sale was in progress at December
31,
●
to identify stores eligible to operate under Carrefour banners (Market,
2015 and the related liabilities have been presented in "Assets held
City, Contact, etc.) and found that around a hundred stores were
for sale" and "Liabilities related to assets held for sale" in an amount
unsuitable for this purpose. As the Group does not wish to operate
of 53 million euros and 34 million euros respectively.
discount stores, the stores concerned are also presented in accordance In accordance with IFRS
3 –
Business Combinations
, following an
with IFRS 5 in the 2015 Consolidated Financial Statements.
estimate of the acquisition-date fair value of the assets acquired and
liabilities assumed, provisional goodwill of 189
million euros was
Application of IFRS
5 to all of these stores resulted in the following
recognized at December
31, 2014. The process of measuring at fair
reclassifications in the Consolidated Financial Statements at
value the assets acquired and consideration transferred and identifying
December 31, 2015:
the assumed liabilities that was in progress at December 31, 2014 was
the net loss generated by the stores in 2015, in the amount of
●
completed in 2015, leading to the adjustments and reclassifications
19 million euros, has been presented in "Net income/(loss) from presented in the table below. After taking into account these
discontinued operations" (Note 3.4);
adjustments, final goodwill on the Dia acquisition amounted to
cash flows from the stores concerned have been presented in
●
289 million euros.
"Impact of discontinued operations" in the consolidated statement
of cash flows;
Adjustments of the
Provisional fair value purchase accounting period
Final fair value
(in millions of euros)
Intangible assets
121
(9)
112
Tangible assets
454
(3)
451
Financial assets
23
(11)
11
Adjustment in the value of assets held for sale
(40)
(40)
Non-current assets
598
(64)
534
Net debt
(34)
(0)
(34)
Other net assets and liabilities
(127)
37
(90)
Total identifiable net assets acquired
437
(26)
410
Consideration transferred
626
(6)
620
Goodwill
189
20
210
Reclassification as goodwill of intangible business assets
associated with stores (
Fonds de commerce
)
79
79
GOODWILL RECORDED
189
99
289
Creation of Carmila
The transaction led to the recognition in nonrecurring income of a
333 million euros capital gain, in line with the accounting treatment
On April
16, 2014, the Group announced the creation with its
specified in IFRS
10 following the loss of control of a business as
co-investment partners of Carmila, a company dedicated to enhancing
defined in IFRS 3 –
Business Combinations
(Note 5.3).
the value of the shopping centers adjacent to Carrefour hypermarkets
in France, Spain and Italy.
Sale of an interest in the Brazilian subsidiary to an
On the transaction date, Carmila became the owner of a portfolio of
outside investor
171 shopping centers comprising:
On December
18, 2014, the Group sold 10% of its Brazilian subsidiary
to local investment firm Peninsula for 1.8
billion reais (525
million
on the one hand, 126 sites in France, Spain and Italy acquired on
●
euros).
April 16, 2014 from Klépierre for a market value of 2.0 billion euros;
In accordance with IFRS
10 –
Consolidated Financial Statements
, the
on the other hand, 45 sites in France contributed by Carrefour with a
●
transaction led to the recognition in consolidated equity of a capital
market value of 0.7 billion euros.
gain of 285 million euros, net of income tax, and of non-controlling
Initial funding consisted of 1.8
billion euros in equity, contributed by
interests of 174 million euros.
the co-investors for 1.0
billion euros and by Carrefour for 0.8
billion
euros (of which 0.7
billion euros through the transfer of assets at
The Group also granted call options to Peninsula allowing it to increase
market value and 0.1
billion euros in cash), and 0.9
billion euros in its interest to up to 16% over the next five years. One of these options
bank credit lines obtained by Carmila.
was exercised by Peninsula during the first half of 2015, raising its
interest to 12%.
Carmila was accounted for by the equity method in the 2014
consolidated statement of financial position, for an initial amount of
784 million euros (Note 7).
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