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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
years of service taken into account for the calculation of plan
●
Carrefour is committed to topping up the benefits paid by the Belgian
benefits: years of service with the Carrefour group under consecutive State, so that the individuals concerned receive 95% of their final net
or non-consecutive employment contracts. The plan's terms do not
salary. The retirement age under Belgian law, amended in 2015, is 67
provide for any increase in benefits for participants who have (unless otherwise provided). Under the collective bargaining
completed more than a certain number of years' service;
agreement applicable to Carrefour, employees are eligible for
prepension benefits from the age of 62 (unless otherwise provided).
the reference compensation is calculated as the average of the last
●
three salaries (basic salary + annual variable compensation)
The solidarity fund is a corporate supplementary pension plan that
received over the last three calendar years preceding retirement. or
offers participants the choice between a lump sum payment on
60 times the annual ceiling for Social Security contributions,
retirement or a monthly pension for the rest of their lives. The plan was
whichever is lower;
closed in 1994 and replaced by a defined contribution plan.
Consequently, the projected benefit obligation only concerns pension
annual benefit cap: 25% of the reference compensation and the
●
rights that vested before 1994.
difference between 45% of the reference compensation and the
total basic and supplementary pension benefits received by the plan
Italian plans
participant;
The Group’s commitments in Italy primarily concern the
Trattemento
reversionary pension: upon the participant's death, payable to the
●
di Fine Rapporto
(TFR) deferred salary scheme. The TFR scheme
surviving spouse in an amount equal to 50% of the original benefit.
underwent a radical reform in 2007, with employers now required to
Belgian plans
pay contributions to an independent pension fund in full discharge of
their liability. The Group's obligation therefore only concerns deferred
The Group’s main commitments in Belgium concern "prepensions"
salary rights that vested before 2007.
and the "solidarity fund".
The prepension scheme provided for the payment of unemployment
benefits during the period from the retirement age proposed in the
collective bargaining agreement to the statutory retirement age.
Net expense for the period
10.1.2
Other
Expense recognized in the income statement
(in millions of euros)
France
Belgium
Italy
countries Group total
Service cost
(1)
(70)
7
(3)
3
(63)
Interest cost (discount effect)
30
10
4
1
45
Return on plan assets
(3)
(3)
0
(0)
(6)
Other items
(0)
0
0
(1)
(1)
EXPENSE (INCOME) FOR 2014
(43)
14
1
2
(25)
Service cost
(1)
(195)
7
(0)
0
(187)
Interest cost (discount effect)
19
7
2
1
29
Return on plan assets
(1)
(2)
0
(0)
(3)
Other items
1
0
0
0
1
EXPENSE (INCOME) FOR 2015
(176)
12
2
1
(160)
The following table presents details of service cost:
(1)
Other
2014
(in millions of euros)
France
Belgium
Italy
countries Group total
Current service cost
55
7
0
0
63
Past service cost (plan amendments and curtailments)
(105)
0
(3)
3
(105)
Settlements and other
(20)
0
0
(0)
(20)
Total Service cost 2014
(70)
7
(3)
3
(63)
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