Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Equity and earnings per share
Note 11
Capital management
11.1
The parent company, Carrefour, must have sufficient equity capital to
optimize shareholder returns;
●
comply with the provisions of French commercial code.
keep gearing at an appropriate level, in order to minimize the cost of
●
capital and maintain the Group’s credit rating at a level that allows it
The Group owns interests in a certain number of financial services
to access a wide range of financing sources and instruments.
companies (banks, insurance companies). These subsidiaries must
have sufficient equity capital to comply with capital adequacy ratios
In order to maintain or adjust its gearing, the Group may take on new
and the minimum capital rules set by their local banking and insurance borrowings or retire existing borrowings, adjust the dividend paid to
supervisors.
shareholders, return capital to shareholders, issue new shares, buy
back shares or sell assets in order to use the proceeds to pay down
Capital management objectives (equity and debt capital) are to:
debt.
ensure that the Group can continue operating as a going concern, in
●
particular by maintaining high levels of liquid resources;
Share capital and treasury stock
11.2
Share capital
11.2.1
At December 31, 2015, the share capital was made up of 738,470,794 ordinary shares with a par value of 2.5
euros each, all fully paid.
2015
2014
(in thousands of shares)
Outstanding at January 1
734,914
723,984
Issued for cash
-
-
Issued upon exercise of stock options
-
-
Issued in payment of dividends
3,557
10,930
Cancelled shares
-
-
Outstanding at December 31
738,471
734,914
The increase during the year corresponded to new shares issued to shareholders who chose to reinvest their 2014 dividend (Notes 2.3 and 11.3).
Treasury stock
11.2.2
Accounting policies
Treasury stock is recorded as a deduction from shareholders’ equity, at cost. Gains and losses from sales of treasury stock (and the related tax effect)
are recorded directly in shareholders’ equity without affecting income for the period.
At December 31, 2015, a total of 10,990,800 shares were held in treasury (December 31, 2014: 23,386,284 shares).
December 31,
December 31,
2015
2014
Change
(in thousands of shares)
Shares held directly
7,928
10,281
(2,354)
Shares held indirectly
via
an equity swap
3,063
13,105
(10,042)
Treasury stock
10,991
23,386
(12,395)
2015 REGISTRATION DOCUMENT
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