Question

Reformulate Carrefour’s 2015 consolidated income statement (I/S),

2014 and 2015 statements of financial positions (SFP; i.e., balance sheets),

and 2015 statement of cash flows (SCF)

.

Carrefour 31 December Reported VS 2015 2014 2013 2015 2014 Year ended 31 December Continuing operations Other revenue Total revenue Cost of Sales Gross margin from recurring operations Sales, general and administrative expenses, depreciation and amort Recurring operating profit Net income from companies accounted for by the equity method Recurring operating income after net income from companies acc Non-recurring income and expenses, net Operating income Finance costs and other financial income and expenses, net Finance costs, nef Other financial income and expenses, net 0al downs of (515) Income before taxes Income tax expense Net income from continuing operations Net income from discontinued operations Net income for the year Group share Attributable to non-controlling interests 2,221 78,857 76,318 (60,838) (59,270) 18,019 17,048 (14,662) 2,445 2,387 37 2,423 149 2,232 2,572 (563) (399) 164) 1,717 2,010 597) (709) 1,120 1,300 67 2,464 (15,574) 2,489 (515) (347) are the 4 980 143 1,249 118

Answer 1

A. Consolidated Income Statement of Carrefour for the year ended 31st December 2015

in million Euros	2015	2014
Sales Revenue	76,945	74,706
Less:Loyalty Program Costs	(552)	(609)
Net Sales from Continuing Operations (Worked Backwards)	76,393	74,097
Other Revenue	2,464	2,221
Total Revenue	78,857	76,318
Less: Cost of Sales	(60,838)	(59,270)
Gross Margin From Recurring Operations	18,019	17,048
Sales, general and administration expenses, depreciation and amortization	(15,574)	(14,662)
Recurring Operating Income	2,445	2,387
Net Income from Companies accounted for by the equity method	44	37
Recurring Operating Income after net income from companies accounted for by the equity method	2,489	2,423
Non-recurring income and expenses, net	(257)	149
Operating Income	2,232	2,572
Finance Costs and Other Financial income and expenses	(515)	(563)
Finance Costs	(347)	(399)
Other Financial Income and expenses Net	(168)	(164)
Income Before Taxes	1,717	2,010
Income tax expenses	(597)	(709)
Net Income from continuing operations	1,120	1,300
Net Income from discontinuing operations	4	67
Net Income for the Year	1,123	1,367
Group Share	980	1,249
-Net Income from Continuing Operations	977	1,182
-Net Income from discontinuing Operations	4	67
Non-Controlling Interest Share	143	118

B. Consolidated Statement of Financial Position

ASSETS	31st December 2015	31st December 2014
Goodwill	8,495	8,228
Other Intangible assets	1,014	1,315
Property and Equipment	12,071	12,272
Investment Property	383	296
Investment in companies accounted for by the equity method	1,433	1,471
Other Non current financial assets	1,291	1,340
Consumer Credit granted by financial services companies	2,351	2,560
Deferred tax assets	744	759
Non Current Assets	27,784	28,240
Inventories	6,362	6,213
Trade Receivables	2,269	2,260
Consumer credit grated by the financial service companies - short -tern	3,658	3,420
Other Current financial assets	358	504
Tax receivables	1,168	1,136
other assets	705	853
cash and cash equivalents	2,724	3,113
assets held for sale	66	49
current assets	17,311	17,549
Total Assets	45,095	45,789
SHAREHOLDERS' EQUITY AND LIABILITIES	31st December 2015	31st December 2014
Share Capital	1,846	1,837
Consolidated reserves and income for the year	7,787	7,353
Shareholder's equity - Group share	9,633	9,191
Shareholders' equity attributable to non-controlling interests	1,039	1,037
Total Shareholders equity	10,672	10,228
Long-term borrowings	6,662	6,815
Provisions	3,014	3,581
Consumer credit financing - long term	1,921	1,589
Deferred tax liabilities	508	523
Non-current liabilities	12,106	12,508
Short-term borrowings	966	1,757
Suppliers and other creditors	13,648	13,384
Consumer credit financing Short term	3,328	3,718
Tax payables	1,097	1,172
Other payables	3,244	3,022
Liabilities related to assets held for sale	34	1
Current liabilities	22,317	23,053
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	45,095	45,789