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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Consumer credit financing
5.5.2
The related consumer credit financing amounted to 5,249 million euros at December
31,
2015 (December
31, 2014: 5,308 million euros), as
follows:
December 31, 2015
December 31, 2014
(in millions of euros)
Debt securities (retail certificates of deposit, medium-term notes)
1,645
1,568
Bank borrowings
214
460
Bonds and notes
(1)
1,625
1,254
Customer passbook savings deposits
580
524
Securitizations
(2)
510
637
Consumer credit portfolios sold to banks
445
522
Other
231
343
TOTAL CONSUMER CREDIT FINANCING
5,249
5,308
Short-term borrowings
3,328
3,718
Long-term borrowings
1,921
1,589
In 2015:
(1)
two new bond issues: Carrefour Banque 5-year bonds due March 20, 2020, 3-month Euribor +50bps, 500 million euros; and Carrefour Banque 4-year
●
bonds due October 19, 2019, 3-month Euribor +88bps, 300 million euros;
redemption by Carrefour Banque in September 2015 of a fixed-rate bond representing a nominal amount of 410 million euros.
●
In 2014:
Carrefour Banque 4-year bonds issued on March 21, 3-month Euribor +75bps, 500 million euros;
●
in July, buyback and retirement of 150 million euros worth of bonds included in the 710 million euros issue launched in 2012.
●
Master Credit Cards Pass reloadable securitization program with compartments launched by Carrefour Banque in November 2013. Asset pool: 560 million
(2)
euros. Proceeds from the securitization: 400 million euros. Fund amount at December 31, 2015: 510 million euros (December 31, 2014: 510 million euros).
FCT Copernic 2012-1 securitization program launched in 2012. Program expired in September 2015 (fund amount at December 31, 2014: 127 million euros).
The two securitization funds are fully consolidated in the Group’s accounts.
Intangible assets, property and equipment,
Note 6
investment property
Intangible assets
6.1
Accounting policies
Goodwill
Other intangible assets
Goodwill is initially recognized on business combinations as explained Intangible assets consist mainly of software and other intangible
in Note 3.1.
assets related to the stores.
In accordance with IAS 36 –
Impairment of Assets
, goodwill recognized Separately acquired intangible assets are initially recognized at cost
on business combinations is not amortized but is tested for
and intangible assets acquired in business combinations are
impairment every year, or more frequently if there is an indication that
recognized at fair value (Note 3.1).
its carrying amount may not be recovered, by the method described in Software is amortized by the straight-line method over periods ranging
Note 6.3.
from one to eight years.
Goodwill, which constitutes the main intangible asset, is reported on a separate line of the statement of financial position from other intangible
assets.
December 31, 2015
December 31, 2014
(in millions of euros)
Goodwill, net
8,495
8,228
Other intangible assets
1,014
1,315
INTANGIBLE ASSETS, NET
9,510
9,543
2015 REGISTRATION DOCUMENT
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