Carrefour - 2017 Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Notes to the Consolidated Financial Statements 2017 REGISTRATION DOCUMENT | CARREFOUR 5. 238 (in millions of euros) December 31, 2017 December 31, 2016 Receivables from clients 1,601 1,523 Impairment (168) (181) Receivables from clients, net 1,433 1,342 Receivables from suppliers 1,317 1,341 TOTAL TRADE RECEIVABLES 2,750 2,682 Suppliers and other creditors 5.4.4 Accounting principles Suppliers and other creditors correspond primarily to trade payables. They also include payables that suppliers have transferred to financial institutions as part of reverse factoring programmes, as there is no substantial difference in the nature or terms of the liabilities before and after factoring. They are classified in the category of “Financial liabilities measured at amortised cost”, as defined in IAS 39 – Financial Instruments: Recognition and Measurement (Note 12). Suppliers and other creditors are initially recognised at their nominal amount, which represents a reasonable estimate of fair value in light of their short maturities. Tax receivables and payables 5.4.5 Tax receivables (in millions of euros) December 31, 2017 December 31, 2016 VAT and sales tax receivables 527 811 Other tax (other than on income) receivables 41 56 Current income tax receivables (1) 322 177 TOTAL TAX RECEIVABLES 890 1,044 In 2017, CICE (tax credit for competitiveness and employment) receivables were sold for a total of 197 million euros (2016: 201 million euros). The (1) Group was able to demonstrate that substantially all the risks and rewards of ownership of the tax credits had been transferred to the buyer and the credits were therefore derecognised by analogy with the principle in IAS 39 concerning the derecognition of financial assets. The cost of this discounting transaction amounted to 1.6 million euros (2016: 3.5 million euros) and was recorded in “Other financial income and expenses”. Tax payables (in millions of euros) December 31, 2017 December 31, 2016 VAT and sales tax payables 425 379 Other tax (other than on income) payables 699 750 Current income tax payables 157 130 TOTAL TAX PAYABLES 1,282 1,260