Carrefour - 2017 Registration Document

5 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Consolidated statement of cash flows CARREFOUR | 2017 REGISTRATION DOCUMENT 219 (in millions of euros) 2017 2016 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from share issues to non-controlling interests (4) 969 255 Acquisitions and disposals of investments without any change of control (5) 479 (40) Dividends paid by Carrefour (parent company) (6) (151) (121) Dividends paid by consolidated companies to non-controlling interests (141) (86) Change in treasury stock and other equity instruments (40) 30 Change in current financial assets (7) 34 152 Issuance of bonds (7) 981 743 Repayments of bonds (7) (1,250) (666) Net financial interests paid (320) (378) Other changes in borrowings (7) (197) 111 Net cash from/(used in) financing activities 362 0 Net change in cash and cash equivalents before the effect of changes in exchange rates 570 449 Effect of changes in exchange rates (283) 131 NET CHANGE IN CASH AND CASH EQUIVALENTS 288 581 Cash and cash equivalents at beginning of year 3,305 2,724 Cash and cash equivalents at end of year 3,593 3,305 The change in working capital is analysed in Note 5.4.1. (1) Acquisitions of property and equipment and intangible assets are presented in Notes 6.1 and 6.2. (2) This item mainly reflects the acquisition of stores in Spain (described in Note 3.2.1). In 2016, cash used in acquisitions of subsidiaries and (3) investments in associates corresponded primarily to the acquisition of Billa in Romania (Note 3.2.2) and several acquisitions in France, notably in the e-commerce sector. In 2017, this item corresponds mainly to the cash capital increase carried out by Grupo Carrefour Brasil in connection with the July 2017 IPO, as (4) described in Notes 2.2 and 3.2.1 (primary offering of 840 million euros, net of directly related issue costs). As in 2016, it also includes the share capital of Cargo Property Holding subscribed and paid up in that year by third-party investors (non-controlling interests). See Note 3.2.2. Changes in this item in 2017 primarily result from the sale by the Group of 139,834,428 Grupo Carrefour Brasil shares in connection with the (5) secondary offering of the IPO for the Group’s Brazilian operations and the exercise of the call option by Península (see Notes 2.2 and 3.2.1). Dividends paid by Carrefour (parent company) correspond to cash dividends paid to shareholders who chose not to reinvest their dividends (6) (Note 2.7). Note 12.2 provides a breakdown of total borrowings. Changes in liabilities arising from financing activities are detailed in Note 12.4. (7)