Consolidated financial statements

as of December 31, 2020

Contents

Consolidated income statement

page 3

Consolidated statement of comprehensive income

page 4

Consolidated statement of financial position

page 5

Consolidated statement of cash flows

page 6

Consolidated statement of changes in equity

page 8

Notes to the consolidated financial statements

page 9

Consolidated income statement

Note that Carrefour China was classified as a discontinued operation in 2019 in accordance with IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations (see Notes 2 and 5 to the 2019 consolidated financial statements).

Argentina is classified as a hyperinflationary economy within the meaning of IFRSs. IAS 29 - Financial Reporting in Hyperinflationary Economies is therefore applicable to the consolidated financial statements for the year ended December 31, 2020. Comparative data for 2019 have also been adjusted for inflation.

Comparative data for 2019 have been restated (indicated as "restated" below) in the consolidated financial statements as of December 31, 2020 to reflect the decision by the IFRS Interpretation Committee (IFRS IC) published in December 2019 on leases falling within the scope of IFRS 16 (see Note 4).

The consolidated financial statements are presented in millions of euros, rounded to the nearest million. As a result, there may be rounding differences between the amounts reported in the various statements.

(in millions of euros)

Net sales

Notes 6.1

Loyalty program costs

Net sales net of loyalty program costs

Other revenue 6.1

Total revenue

Cost of sales 6.2

Gross margin from recurring operations

Sales, general and administrative expenses, depreciation and amortisation 6.2

Recurring operating income

Net income/(loss) from equity-accounted companies

9

Recurring operating income after net income from equity-accounted companies

Non-recurring income and expenses, net

6.3

Operating income

Finance costs and other financial income and expenses, net

14.6

Finance costs, net

Net interests related to leases commitment Other financial income and expenses, net Income before taxes

Income tax expense

10.1

Net income/(loss) from continuing operations

Net income/(loss) from discontinued operations

3.4

Net income/(loss) for the year

Group share of which net income/(loss) from continuing operations of which net income/(loss) from discontinued operations

Attributable to non-controlling interests of which net income/(loss) from continuing operations - attributable to non-controlling interests of which net income/(loss) from discontinued operations - attributable to non-controlling interests

2020

% change

70,719

(752)

69,967

72,397

(746)

71,651

(2.3)%

0.8%

(2.4)%

2,183 72,150

(56,705)

15,445

2,491 74,142

(58,051)

16,091

(12.4)%

(2.7)%

(2.3)%

(4.0)%

(13,272)

2,173

(13,992)

2,099

(5.1)%

3.6%

(13)

2,160

2

2,101

(942.0)%

2.8%

(474)

1,686

(1,030)

1,071

(53.9)%

57.4%

(334)

(171) (113) (50) 1,351

(352)

(214) (121)

(17) 719

(5.1)%

(19.9)% (7.0)% 198.1% 88.0%

(498)

853

(503)

216

(0.9)%

294.8%

(22)

1,092

(102.0)%

831

1,308

(36.5)%

641 663 (22) 190

190

-

(43.1)%

2172.8% (102.0)%

4.6% 1.7%

(100.0)%

Basic earnings per share, in €

2020

2019 restated

% change

Net income/(loss) from continuing operations - Group share - per share 0.82

  • 0.04 2130.4%

    Net income/(loss) from discontinued operations - Group share - per share (0.03)

  • 1.39 (102.0)%

    Net income/(loss) - Group share - per share 0.80

  • 1.42 (44.2)%

Diluted earnings per share, in €

2020

2019 restated

% change

Diluted Net income/(loss) from continuing operations - Group share - per share 0.82

  • 0.04 2127.8%

    Diluted Net income/(loss) from discontinued operations - Group share - per share (0.03)

  • 1.39 (102.0)%

    Diluted Net income/(loss) - Group share - per share 0.79

  • 1.42 (44.2)%

Details of earnings per share calculations are provided in Note 13.6.

Consolidated statement of comprehensive income

(in millions of euros)

Notes

2020

2019 restated

Net income/(loss) - Group share

641 1,126

Net income - Attributable to non-controlling interests

190 182

Net income/(loss) for the year

831 1,308

Effective portion of changes in the fair value of cash flow hedges Changes in the fair value of debt instruments through other comprehensive income

Exchange differences on translating foreign operations (1)

13.4 13.4 13.4

Items that may be reclassified subsequently to profit or loss

(6) (4)

(1,030)

(1,040)

(5) (0)

(207)

(212)

Remeasurements of defined benefit plans obligation (2) Changes in the fair value of equity instruments through other comprehensive income

12.1/13.4

13.4

Items that will not be reclassified to profit or loss

(21)

(1)

(22)

(110)

1

(109)

Other comprehensive income/(loss) after tax

(1,061)

(321)

Total comprehensive income/(loss)

(231) 987

Group share

(85) 853

Attributable to non-controlling interests

(145) 134

These items are presented net of the tax effect (see Note 13.4).

  • (1) Exchange differences in 2020 primarily resulted from the sharp depreciation of the Brazilian real. In 2019, exchange differences on translating foreign operations mainly result from the positive translation adjustments at Carrefour China (i.e., 160 million euros) further to its sale in September 2019, and to a lesser extent from the depreciation of the Brazilian real.

  • (2) Remeasurement of the net defined benefit liability recognised in 2020 reflects the decrease in discount rates applied for the eurozone, from 0.75% at end-2019 to 0.40% at end-2020. In 2019, these discount rates had also decreased, from 1.60% at end-2018 to 0.75% at end-2019.

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Disclaimer

Carrefour SA published this content on 18 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2021 06:42:00 UTC.