Carrefour - 2017 Registration Document

MANAGEMENT’S DISCUSSION AND ANALYSIS AS OF DECEMBER 31, 2017 Group financial position 2017 REGISTRATION DOCUMENT | CARREFOUR 4. 178 Long and short-term borrowings (excluding derivatives) mature at different dates, through 2025 for the longest tranche of bond debt, leading to balanced repayment obligations in the coming years, as shown below: (in millions of euros) 2017 2016 Due within 1 year 991 1,774 Due in 1 to 2 years 1,333 333 Due in 2 to 5 years 3,056 3,221 Due beyond 5 years 2,039 2,646 TOTAL 7,419 7,974 At December 31, 2017, the Group had access to 3.9 billion euros in committed syndicated lines of credit with no drawing restrictions expiring in 2022 (excluding extension options), underpinning its liquidity position. Cash and cash equivalents totalled 3,593 million euros at December 31, 2017 compared with 3,305 million euros at December 31, 2016, representing an increase of 288 million euros. Cash flows for the period and cash and cash equivalents 4.2.3 Net debt was reduced by 788 million euros over the year, after falling by 15 million euros in 2016. The change is analysed in the simplified statement of cash flows presented below: (in millions of euros) 2017 2016 Cash flow from operations 2,653 2,964 Change in trade working capital requirement 250 614 Change in other receivables and payables (93) (160) Change in consumer credit granted by the financial services companies 32 (103) Investments (2,379) (2,749) Change in amounts due to suppliers of fixed assets (88) (70) Other 127 107 Free cash flow 503 603 Acquisitions of subsidiaries and investments in associates (251) (187) Purchases and disposals without change in control 479 (40) Cash dividends/reinvested dividends 677 48 Finance costs, net (317) (377) Exchange rates (138) (96) Other (165) 63 Decrease/(Increase) in net debt 788 15 Free cash flow came to 503 million euros in 2017, compared with 603 million euros in 2016, and mainly comprised: cash flow from operating activities in an amount of 2,653 million ● euros; the change in trade working capital requirement, which ● amounted to 250 million euros in 2017 versus 614 million euros in 2016; operational investments in an amount of 2,379 million euros, ● compared with 2,749 million euros in 2016. The decrease reflects the evolution in the Group’s investment strategy and measures implemented in the second half of 2017 to control capital expenditure.