Carrefour - 2017 Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2017 Notes to the Consolidated Financial Statements 2017 REGISTRATION DOCUMENT | CARREFOUR 5. 248 Changes in investment property (in millions of euros) At December 31, 2015 383 Depreciation (17) Translation adjustment (4) Acquisitions 33 Disposals (3) Transfers and other movements (77) At December 31, 2016 314 Depreciation (18) Translation adjustment (20) Acquisitions 12 Disposals (0) Investment properties acquired in a business combination 29 Transfers from “Property and equipment” 93 At December 31, 2017 410 Rental revenue generated by investment property, reported in the income statement under “Other revenue”, totalled 76.6 million euros in 2017 (2016: 67.2 million euros). Operating costs directly attributable to the properties amounted to 12.3 million euros in 2017 (2016: 13.9 million euros). The rise in fair value is attributable to (i) the increase in the market value of several shopping centres as a result of the independent appraisals carried out in 2017, particularly in China and Poland, and (ii) new shopping malls included in investment property in 2017 (following a business combination in Spain and the reclassification of shopping malls previously shown in property and equipment but The estimated fair value of investment property at December 31, which met the definition of investment property in 2017). 2017 was 988 million euros (December 31, 2016: 681 million euros). Leased property 6.5 All property leases have been reviewed to determine whether they are operating leases or finance leases to be accounted for by the method described in Note 6.2. Finance leases 6.5.1 The following table shows future minimum lease payments due for the non-cancellable term of finance leases at December 31, 2017 and 2016: Lease commitments at December 31, 2017 (in millions of euros) Total Within one year In one to five years Beyond five years Minimum future lease payments 546 47 165 333 Discounted present value 324 44 130 150 Lease commitments at December 31, 2016 (in millions of euros) Total Within one year In one to five years Beyond five years Minimum future lease payments 570 47 177 346 Discounted present value 351 44 139 168