Carrefour - 2017 Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Consolidated statement of cash flows 2017 REGISTRATION DOCUMENT | CARREFOUR 5. 218 Consolidated statement of cash flows 5.4 (in millions of euros) 2017 2016 Income before taxes 255 1,428 CASH FLOWS FROM OPERATING ACTIVITIES Income tax (588) (269) Depreciation and amortisation expense 1,632 1,547 Capital (gains)/losses on sales of assets (49) (39) Change in provisions and impairment 1,013 (126) Finance costs, net 317 377 Net income and dividends received from equity-accounted companies 76 79 Impact of discontinued operations (4) (32) Cash flow from operations 2,653 2,964 Change in working capital requirement (1) 157 454 Impact of discontinued operations (0) (11) Net cash from operating activities (excluding financial services companies) 2,810 3,407 Change in consumer credit granted by the financial services companies 32 (103) Net cash from operating activities 2,843 3,305 CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of property and equipment and intangible assets (2) (2,379) (2,749) Acquisitions of non-current financial assets 1 3 Acquisitions of subsidiaries and investments in associates (3) (260) (193) Proceeds from the disposal of subsidiaries and investments in associates 9 6 Proceeds from the disposal of property and equipment and intangible assets 158 152 Proceeds from the disposal of non-current financial assets 4 4 Change in amounts receivable from disposals of non-current assets and due to suppliers of non-current assets (117) (70) Investments net of disposals (2,584) (2,847) Other cash flows from investing activities (54) (25) Impact of discontinued operations 3 16 Net cash from/(used in) investing activities (2,635) (2,856)