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.
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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.