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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Operating items
Note 5
Revenue
5.1
Accounting policies
Loyalty award credits granted to customers are accounted for as a
separate component of the sale transaction. They are measured at fair
Revenue ("Total revenue") comprises net sales and other revenue.
value with some of the proceeds of the initial sale allocated to the
Net sales correspond exclusively to sales
via
the Group's stores,
award credits as a liability. The deferred portion of the proceeds is
e-commerce sites and service stations (to end-customers) and recognized as revenue when the award credits are used by the
cash-and-carry sales (to franchisees).
customer, in accordance with IFRIC
13 –
Customer Loyalty
Programmes
.
Other revenue comprises revenue from banking and insurance
activities (including bank card fees, and arranging fees for traditional
Revenue is recognized:
and revolving credit facilities), travel agency fees, shopping mall rents
on sales of goods, when the risks and rewards of ownership of the
●
and franchise fees.
goods are transferred to the customer;
Revenue is measured at the fair value of the consideration received or
on sales of services, in the period in which the service is rendered.
●
receivable in exchange for goods or services, excluding sales taxes and
Financial services revenues (bank card fees and arranging fees for
net of any benefits granted to customers.
traditional and revolving credit facilities) are recognized over the life
of the contract.
Net sales
5.1.1
2015
2014
% change
(in millions of euros)
Net sales
76,945
74,706
3.0%
At constant exchange rates, 2015 net sales totaled 77,739
million Changes in exchange rates reduced net sales by 794 million euros in
euros compared with 74,706
million euros the previous year, an 2015, with the 1,726
million euros negative currency effect in the
increase of 4.1%.
Latin America segment partly offset by a positive effect of 933 million
euros in the Asia segment.
NET SALES BY COUNTRY
2015
2014
(in millions of euros)
France
36,272
35,336
Rest of Europe
19,724
19,191
Spain
7,923
7,787
Italy
4,940
4,688
Belgium
3,967
3,968
Poland
1,678
1,679
Romania
1,215
1,069
Latin America
14,290
13,891
Brazil
10,681
11,148
Argentina
3,609
2,743
Asia
6,659
6,288
China
5,020
4,888
Taiwan
1,639
1,400
2015 REGISTRATION DOCUMENT
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