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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Off-balance sheet commitments
Note 13
Accounting policies
Commitments given and received by the Group that are not recognized The Group is also party to leases that give rise to future commitments
in the statement of financial position correspond to contractual
such as for the payment of rent on retail units leased by the Group from
obligations whose performance depends on the occurrence of
owners (commitments given), and the payment of rent on retail units
conditions or transactions after the period-end. There are three types
in shopping malls owned by the Group and leased to other parties
of off-balance sheet commitments, related to (i) cash transactions, (ii)
(commitments received).
retailing operations and (iii) acquisitions of securities.
By maturity
December 31,
December 31,
Commitments given
(in millions of euros)
2015
2014
Due within
Due in 1 Due beyond
1 year
to 5
years
5
years
Related to cash management transactions
9,706
7,956
1,171
580
7,869
Financial services companies
8,961
7,855
1,106
0
6,969
Other companies
745
101
65
579
900
Related to operations/real estate/expansion, etc.
2,430
1,319
984
127
2,795
Related to sales of securities
261
131
57
73
171
Related to leases
3,503
1,055
1,597
851
3,494
TOTAL
15,900 10,460
3,809
1,631
14,328
By maturity
December 31,
December 31,
Commitments received
(in millions of euros)
2015
2014
Due within
Due in 1 Due beyond
1
year
to 5
years
5
years
Related to cash management transactions
6,633
938
5,675
20
6,819
Financial services companies
1,860
146
1,696
18
1,563
Other companies
4,774
791
3,980
3
5,256
Related to operations/real estate/expansion, etc.
1,040
239
530
270
921
Related to sales of securities
279
176
79
23
337
Related to leases
636
226
325
84
654
TOTAL
8,588
1,579
6,610
399
8,730
Off-balance sheet commitments related to cash transactions
include:
Off-balance sheet commitments related to securities consist
of firm
commitments to purchase and sell securities received from third
credit commitments given to customers by the financial services
●
parties:
companies in the course of their operating activities, and credit
commitments received from banks;
for the most part in France, in connection with the Group’s
●
franchising activities;
mortgages and other guarantees given or received, mainly in
●
connection with the Group’s real estate activities;
including immediately exercisable put and call options and sellers’
●
warranties given to third parties. No value is attributed to sellers’
committed lines of credit available to the Group but not drawn down
●
warranties received by the Group.
at the period-end.
Off-balance sheet commitments related to leases:
Off-balance sheet commitments related to operations
include:
At December
31, 2015, 691 hypermarket properties and 509
commitments to purchase land given in connection with the
●
supermarket properties were owned outright out of a total integrated
Group’s expansion programs;
store base of 1,190 hypermarkets and 1,353 supermarkets.
miscellaneous commitments arising from commercial contracts;
●
Rent on store properties not owned by the Group totaled 1,035 million
performance bonds issued in connection with the Group’s
●
euros in 2015 (Note 5.2.2).
expansion programs;
Of total future minimum rentals due under operating and finance
rent guarantees and guarantees from shopping mall operators;
●
leases, 27% are due within one year, 43% in one to five years and 30%
guarantees for the payment of receivables;
●
beyond five years.
other commitments given or received.
●
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2015 REGISTRATION DOCUMENT