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Company Financial Statements as of December 31, 2015
Notes to the Company Financial Statements
Accounts receivable
1.5
Accounts receivable mainly correspond to intra-group receivables on Accounts receivable are stated their nominal amount and an
disposals of shares in subsidiaries and affiliates and on provision of
impairment loss is booked when their recoverable amount falls below
services, in which case the receivables are recognized when the service their carrying amount.
is provided.
Marketable securities
1.6
Marketable securities include:
These shares are stated at the lower of cost and market value,
corresponding to the average share price for the month of December.
Carrefour shares designated as being held for allocation to
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employees under stock option plans. These shares are stated at cost.
Carrefour shares and mutual funds which are part of the liquidity
●
They are not written down to market value because they are
agreement. These shares are stated at the lower of cost and market
intended to be allocated to employees and a provision is recorded in
value corresponding to the average share price for the month of
liabilities as explained below in the note on provisions;
December;
Carrefour shares available for allocation to employees or to stabilize
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Mutual fund units and retail certificates of deposit, stated at the
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the share price.
lower of cost and market value.
Foreign currency transactions
1.7
Revenues and expenses in foreign currencies are recorded at the The difference arising from the application of the year-end rate is
exchange rate on the transaction date. Receivables, payables and cash recorded in the balance sheet under “Prepayments and deferred
in foreign currency are recorded in the balance sheet at the year-end charges”.
exchange rate or the hedging rate if applicable.
Pension benefit obligations
1.8
Pension benefit obligations correspond to amounts payable to This change in accounting policy led to the recognition of a provision
employees on retirement and benefits payable under supplementary
for the full amount of past service costs and actuarial gains and losses
pension schemes and are measured using the projected unit credit
which, up to December
31, 2014, had been expensed over the average
method. The main actuarial assumptions used to measure the working life of the beneficiaries, with unrecognized past service costs
obligations are described below.
and actuarial gains and losses shown in off-balance sheet
commitments. The impact at January
1, 2015 totals 89 million euros
For the first time in its Company financial statements, Carrefour has
and is shown in "Retained earnings" (Note 6).
chosen to apply the rules set out under ANC
Recommendation
2013-02 for the recognition and measurement of pension benefits
Consequently, the provision at December
31, 2015 reflects the full
and other obligations.
amount of the present value of pension benefit obligations (including
actuarial gains and losses and past service costs), net of plan assets.
In so doing, the Company has elected to apply method 2, whereby
actuarial gains and losses are recognized immediately in the income The impact of this change in accounting policy on 2014 income and
statement.
equity (pro forma information prepared on the basis of the new policy)
is set out in Note 2.
Retirement obligations
1.9
The Company's total liability for amounts payable to employees on
staff turnover rate: average of the actual turnover rates for
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retirement is covered by a provision recorded in the balance sheet. The
headquarters staff in 2013, 2014 and 2015,
i.e.
, employees with 0
assumptions used to calculate the provision are as follows:
to 5
years’ seniority: 9.28%, employees with 6 to 10
years' seniority:
7.01%, employees with 11 to 15
years' seniority: 7.04%, employees
rate of future salary increases: 2.5%;
●
with 16 to 20
years' seniority: 5.26%, employees with 21 to
payroll tax rate: 45%;
●
25
years' seniority: 4.36%, and employees with 26
years' seniority
discount rate: 1.9%;
●
or more: 3.00%. For employees aged over 55, the turnover rate is
assumed to be zero;
mortality table: TH TF 00-02.
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