Condensed consolidated financial
statements
for the six-month period ended
June 30, 2021
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 shareholders' equity |
page 7 |
Notes to the Condensed Consolidated Financial Statements page 8
Carrefour group - Condensed Consolidated half-year Financial Statements as of June 30, 2021 - 2 -
Consolidated income statement
Comparative data for the six months ended June 30, 2020 have been restated (indicated as "restated" below) in the consolidated financial statements as of June 30, 2021 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).
Argentina is classified as a hyperinflationary economy within the meaning of IFRSs. IAS 29 - Financial Reporting in Hyperinflationary Economies is therefore applicable to the condensed consolidated half-year financial statements as of June 30, 2021: data for the comparative period presented have also been adjusted for inflation.
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) |
Notes |
First-half 2021 |
First-half 2020 |
% change |
|
restated |
||||
|
Net sales |
6.1 |
34,462 |
34,265 |
0.6% |
|
Loyalty program costs |
(403) |
(317) |
27.3% |
|
|
Net sales net of loyalty program costs |
34,059 |
33,949 |
0.3% |
|
|
Other revenue |
6.1 |
1,040 |
1,121 |
(7.2)% |
|
Total revenue |
35,100 |
35,070 |
0.1% |
|
|
Cost of sales |
(27,734) |
(27,612) |
0.4% |
|
|
Gross margin from recurring operations |
7,365 |
7,458 |
(1.2)% |
|
|
Sales, general and administrative expenses, depreciation and amortisation |
6.2 |
(6,625) |
(6,732) |
(1.6)% |
|
Recurring operating income |
740 |
726 |
1.9% |
|
|
Net income/(loss) from equity-accounted companies |
10.1 |
(10) |
(2) |
382.1% |
|
Recurring operating income after net income from equity-accounted |
730 |
724 |
0.8% |
|
|
companies |
||||
|
Non-recurring income and expenses, net |
6.3 |
(41) |
(239) |
(82.7)% |
|
Operating income |
689 |
485 |
41.9% |
|
|
Finance costs and other financial income and expenses, net |
13.6 |
(132) |
(185) |
(28.5)% |
|
Finance costs, net |
(80) |
(91) |
(12.8)% |
|
|
Net interests related to leases commitment |
(52) |
(59) |
(13.0)% |
|
|
Other financial income and expenses, net |
(1) |
(34) |
(96.6)% |
|
|
Income before taxes |
556 |
300 |
85.2% |
|
|
Income tax expense |
9 |
(187) |
(237) |
(20.9)% |
|
Net income/(loss) from continuing operations |
369 |
64 |
479.5% |
|
|
Net income/(loss) from discontinued operations |
23 |
3 |
676.7% |
|
|
Net income/(loss) for the period |
392 |
67 |
488.1% |
|
|
Group share |
298 |
(25) |
1269.2% |
|
|
of which net income/(loss) from continuing operations - Group share |
275 |
(28) |
1069.2% |
|
|
of which net income/(loss) from discontinued operations - Group share |
23 |
3 |
676.7% |
|
|
Attributable to non-controlling interests |
94 |
92 |
2.0% |
|
|
of which net income/(loss) from continuing operations - attributable to |
94 |
92 |
2.0% |
|
|
non-controlling interests |
||||
|
of which net income/(loss) from discontinued operations - attributable to |
- |
- |
- |
|
|
non-controlling interests |
||||
|
Basic earnings per share (in euros) |
First-half 2021 |
First-half 2020 |
% change |
|
restated |
|||
|
Net income/(loss) from continuing operations - Group share - per share |
0.34 |
(0.04) |
1066.3% |
|
Net income/(loss) from discontinued operations - Group share - per share |
0.03 |
0.00 |
674.3% |
|
Net income/(loss) - Group share - per share |
0.37 |
(0.03) |
1265.7% |
|
Diluted earnings per share (in euros) |
First-half 2021 |
First-half 2020 |
% change |
|
restated |
|||
|
Diluted Net income/(loss) from continuing operations - Group share - per share |
0.34 |
(0.04) |
1062.5% |
|
Diluted Net income/(loss) from discontinued operations - Group share - per share |
0.03 |
0.00 |
671.3% |
|
Diluted Net income/(loss) - Group share - per share |
0.37 |
(0.03) |
1261.1% |
Details of earnings per share calculations are provided in Note 12.2.
Carrefour group - Condensed Consolidated half-year Financial Statements as of June 30, 2021 - 3 -
Consolidated statement of comprehensive income
|
(in millions of euros) |
Notes |
First-half 2021 |
First-half 2020 |
|
restated |
|||
|
Net income/(loss) - Group share |
298 |
(25) |
|
|
Net income - Attributable to non-controlling interests |
94 |
92 |
|
|
Net income/(loss) for the period |
392 |
67 |
|
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)
Items that may be reclassified subsequently to profit or loss
|
12.1 |
31 |
21 |
|
12.1 |
(2) |
(3) |
|
12.1 |
251 |
(880) |
|
280 |
(861) |
|
Remeasurements of defined benefit plans obligation (2) |
12.1 |
49 |
(0) |
|
Changes in the fair value of equity instruments through other |
12.1 |
- |
0 |
|
comprehensive income |
|||
|
Items that will not be reclassified to profit or loss |
49 |
(0) |
|
|
Other comprehensive income/(loss) after tax |
329 |
(862) |
|
|
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD |
721 |
(795) |
|
|
Group share |
548 |
(597) |
|
|
Attributable to non-controlling interests |
173 |
(198) |
These items are presented net of the tax effect (see Note 12.1).
- Exchange differences recognised on translating foreign operations in first-half 2021 mainly reflect the slight increase in the value of the Brazilian real, in contrast to first-half 2020 during which the value of the Brazilian real decreased significantly.
- Remeasurement of the net defined benefit liability recognised in first-half 2021 reflects the increase in discount rates applied for the eurozone, from 0.40% at end-December 2020 to 0.80% at end-June 2021. In first-half 2020, the discount rate had remained stable at 0.75%.
Carrefour group - Condensed Consolidated half-year Financial Statements as of June 30, 2021 - 4 -
Consolidated statement of financial position
|
ASSETS |
December 31, |
||
|
(in millions of euros) |
Notes |
June 30, 2021 |
|
|
2020 |
|||
|
Goodwill |
7.1 |
8,100 |
8,034 |
|
Other intangible assets |
7.1 |
1,312 |
1,325 |
|
Property and equipment |
7.2 |
10,620 |
10,505 |
|
Investment property |
7.3 |
298 |
259 |
|
Right-of-use assets |
8.1 |
4,522 |
4,506 |
|
Investments in companies accounted for by the equity method |
10.1 |
1,232 |
1,172 |
|
Other non-current financial assets |
13.5 |
1,247 |
1,212 |
|
Consumer credit granted by the financial services companies - portion more than one year |
6.5 |
1,827 |
1,933 |
|
Deferred tax assets |
727 |
679 |
|
|
Other non-current assets |
405 |
490 |
|
|
Non-current assets |
30,291 |
30,115 |
|
|
Inventories |
5,942 |
5,326 |
|
|
Trade receivables |
2,698 |
2,526 |
|
|
Consumer credit granted by the financial services companies - portion less than one year |
6.5 |
3,721 |
3,295 |
|
Other current financial assets |
13.2 |
400 |
368 |
|
Tax receivables |
727 |
608 |
|
|
Other current assets |
1,134 |
788 |
|
|
Cash and cash equivalents |
13.2 |
1,294 |
4,439 |
|
Assets held for sale |
101 |
124 |
|
|
Current assets |
16,018 |
17,473 |
|
|
TOTAL ASSETS |
46,309 |
47,588 |
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
December 31, |
||
|
(in millions of euros) |
Notes |
June 30, 2021 |
|
|
2020 |
|||
|
Share capital |
2,044 |
2,044 |
|
|
Consolidated reserves (including net income) |
7,425 |
7,751 |
|
|
Shareholders' equity, Group share |
9,469 |
9,795 |
|
|
Shareholders' equity attributable to non-controlling interests |
1,593 |
1,502 |
|
|
Total shareholders' equity |
11,063 |
11,297 |
|
|
Borrowings - portion more than one year |
13.2 |
6,146 |
6,305 |
|
Lease commitments - portion more than one year |
8.2 |
3,760 |
3,787 |
|
Provisions |
11 |
2,806 |
2,670 |
|
Consumer credit financing - portion more than one year |
6.5 |
1,630 |
1,506 |
|
Deferred tax liabilities |
518 |
467 |
|
|
Tax payables - portion more than one year |
215 |
214 |
|
|
Non-current liabilities |
15,077 |
14,949 |
|
|
Borrowings - portion less than one year |
13.2 |
1,038 |
1,084 |
|
Lease commitments - portion less than one year |
8.2 |
977 |
936 |
|
Suppliers and other creditors |
11,385 |
12,560 |
|
|
Consumer credit financing - portion less than one year |
6.5 |
3,182 |
3,067 |
|
Tax payables - portion less than one year |
1,167 |
1,039 |
|
|
Other current payables |
2,421 |
2,617 |
|
|
Liabilities related to assets held for sale |
- |
39 |
|
|
Current liabilities |
20,170 |
21,342 |
|
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
46,309 |
47,588 |
|
Carrefour group - Condensed Consolidated half-year Financial Statements as of June 30, 2021 - 5 -
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Carrefour SA published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 16:39:02 UTC.
