Consolidated financial statements
as of December 31, 2021
Contents
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in shareholders' equity
Notes to the consolidated financial statements
Statutory Auditors' report on the consolidated financial statements
page 3
page 4
page 5
page 6
page 7
page 8
page 97
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Carrefour group - Consolidated financial statements as of December 31, 2021 |
- 2 - |
Consolidated income statement
Argentina is classified as a hyperinflationary economy within the meaning of IFRS. IAS 29 - Financial Reporting in Hyperinflationary Economies is therefore applicable to the consolidated financial statements for the year ended December 31, 2021. Comparative data for 2020 have also been adjusted for inflation.
Comparative data for 2020 have been restated (indicated as "restated" below) in the consolidated financial statements as of December 31, 2021 to reflect the decision by the IFRS Interpretation Committee (IFRS IC) published in May 2021 on attributing benefit to periods of service in the calculation of the provision for employee benefits falling within the scope of IAS 19 (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) |
Notes |
2021 |
2020 |
% change |
|
Net sales |
6.1 |
72,958 |
70,719 |
3.2% |
|
Loyalty program costs |
(853) |
(752) |
13.5% |
|
|
Net sales net of loyalty program costs |
72,105 |
69,967 |
3.1% |
|
|
Other revenue |
6.1 |
2,181 |
2,183 |
(0.1)% |
|
Total revenue |
74,286 |
72,150 |
3.0% |
|
|
Cost of sales |
6.2 |
(58,766) |
(56,705) |
3.6% |
|
Gross margin from recurring operations |
15,520 |
15,445 |
0.5% |
|
|
Sales, general and administrative expenses, depreciation and amortisation |
6.2 |
(13,247) |
(13,272) |
(0.2)% |
|
Recurring operating income |
2,272 |
2,173 |
4.6% |
|
|
Net income/(loss) from equity-accounted companies |
9 |
12 |
(13) |
188.9% |
|
Recurring operating income after net income from equity-accounted |
2,284 |
2,160 |
5.8% |
|
|
companies |
||||
|
Non-recurring income and expenses, net |
6.3 |
(374) |
(474) |
(21.2)% |
|
Operating income |
1,911 |
1,686 |
13.3% |
|
|
Finance costs and other financial income and expenses, net |
14.6 |
(279) |
(334) |
(16.4)% |
|
Finance costs, net |
(172) |
(171) |
0.7% |
|
|
Net interests related to lease commitments |
(106) |
(113) |
(6.0)% |
|
|
Other financial income and expenses, net |
(1) |
(50) |
(97.8)% |
|
|
Income before taxes |
1,632 |
1,351 |
20.7% |
|
|
Income tax expense |
10.1 |
(372) |
(498) |
(25.3)% |
|
Net income/(loss) from continuing operations |
1,259 |
853 |
47.6% |
|
|
Net income/(loss) from discontinued operations |
42 |
(22) |
289.3% |
|
|
Net income/(loss) for the year |
1,301 |
831 |
56.6% |
|
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
|
1,072 |
641 |
67.3% |
|
1,030 |
663 |
55.3% |
|
42 |
(22) |
289.3% |
|
229 |
190 |
20.6% |
|
229 |
190 |
20.6% |
|
− |
− |
− |
|
Basic earnings per share, in € |
2021 |
2020 |
% change |
|
|
Net income/(loss) from continuing operations - Group share - per share |
13.6 |
1.31 |
0.82 |
59.0% |
|
Net income/(loss) from discontinued operations - Group share - per share |
13.6 |
0.05 |
(0.03) |
293.8% |
|
Net income/(loss) - Group share - per share |
13.6 |
1.36 |
0.80 |
71.3% |
|
Diluted earnings per share, in € |
2021 |
2020 |
% change |
|
|
Net income/(loss) from continuing operations - Group share - per share |
13.6 |
1.30 |
0.82 |
58.5% |
|
Net income/(loss) from discontinued operations - Group share - per share |
13.6 |
0.05 |
(0.03) |
293.2% |
|
Net income/(loss) - Group share - per share |
13.6 |
1.35 |
0.79 |
70.7% |
|
Carrefour group - Consolidated financial statements as of December 31, 2021 |
- 3 - |
Consolidated statement of comprehensive income
|
(in millions of euros) |
Notes |
2021 |
2020 |
|
Net income/(loss) - Group share |
1,072 |
641 |
|
|
Net income - Attributable to non-controlling interests |
229 |
190 |
|
|
Net income/(loss) for the year |
1,301 |
831 |
|
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
|
13.4 |
43 |
(6) |
|
13.4 |
(8) |
(4) |
|
13.4 |
116 |
(1,030) |
|
151 |
(1,040) |
|
|
Remeasurements of defined benefit plans obligation ² |
12.1/13.4 |
28 |
(21) |
|
Changes in the fair value of equity instruments through other comprehensive |
13.4 |
(0) |
(1) |
|
income |
|||
|
Items that will not be reclassified to profit or loss |
28 |
(22) |
|
|
Other comprehensive income/(loss) after tax |
179 |
(1,061) |
|
|
Total comprehensive income/(loss) |
1,481 |
(231) |
|
|
Group share |
1,224 |
(85) |
|
|
Attributable to non-controlling interests |
256 |
(145) |
|
These items are presented net of the tax effect (for more details, see Note 13.4).
- Exchange differences recognised on translating foreign operations in 2021 mainly reflect the increase in the value of the New Taiwan dollar and the very slight increase in the value of the Brazilian real. Differences in 2020 mainly reflected the significant decline in the Brazilian real during the year.
- Remeasurement of the net defined benefit liability recognised in 2021 reflects the increase in discount rates applied for the eurozone, from 0.40% at end-December 2020 to 0.80% at end-December 2021. In 2020, these discount rates had decreased, from 0.75% at end-December 2019 to 0.40% at end-December 2020.
|
Carrefour group - Consolidated financial statements as of December 31, 2021 |
- 4 - |
Consolidated statement of financial position
|
ASSETS |
|||
|
(in millions of euros) |
Notes |
December 31, |
December 31, |
|
2021 |
2020 restated |
||
|
Goodwill |
7.1 |
7,995 |
8,034 |
|
Other intangible assets |
7.1 |
1,333 |
1,325 |
|
Property and equipment |
7.2 |
10,721 |
10,505 |
|
Investment property |
7.4 |
291 |
259 |
|
Right-of-use assets |
8.2 |
4,361 |
4,506 |
|
Investments in companies accounted for by the equity method |
9 |
1,256 |
1,172 |
|
Other non-current financial assets |
14.5 |
1,152 |
1,212 |
|
Consumer credit granted by the financial services companies - portion more than one year |
6.5 |
1,821 |
1,933 |
|
Deferred tax assets |
10.2 |
631 |
679 |
|
Other non-current assets |
6.4 |
321 |
490 |
|
Non-current assets |
29,883 |
30,115 |
|
|
Inventories |
6.4 |
5,858 |
5,326 |
|
Trade receivables |
6.4 |
2,581 |
2,526 |
|
Consumer credit granted by the financial services companies - portion less than one year |
6.5 |
3,473 |
3,295 |
|
Other current financial assets |
14.2 |
532 |
368 |
|
Tax receivables |
6.4 |
675 |
608 |
|
Other current assets |
6.4 |
943 |
788 |
|
Cash and cash equivalents |
14.2 |
3,703 |
4,439 |
|
Assets held for sale |
20 |
124 |
|
|
Current assets |
17,785 |
17,473 |
|
|
TOTAL ASSETS |
47,668 |
47,588 |
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
|||
|
(in millions of euros) |
Notes |
December 31, |
December 31, |
|
2021 |
2020 restated |
||
|
Share capital |
13.2 |
1,940 |
2,044 |
|
Consolidated reserves (including net income) |
8,311 |
8,059 |
|
|
Shareholders' equity, Group share |
10,251 |
10,103 |
|
|
Shareholders' equity attributable to non-controlling interests |
13.5 |
1,579 |
1,507 |
|
Total shareholders' equity |
11,830 |
11,609 |
|
|
Borrowings - portion more than one year |
14.2 |
5,491 |
6,305 |
|
Lease commitments - portion more than one year |
8.3 |
3,602 |
3,787 |
|
Provisions |
11 |
2,455 |
2,357 |
|
Consumer credit financing - portion more than one year |
6.5 |
1,573 |
1,506 |
|
Deferred tax liabilities |
10.2 |
374 |
467 |
|
Tax payables - portion more than one year |
6.4 |
193 |
214 |
|
Non-current liabilities |
13,688 |
14,637 |
|
|
Borrowings - portion less than one year |
14.2 |
1,342 |
1,084 |
|
Lease commitments - portion less than one year |
8.3 |
995 |
936 |
|
Suppliers and other creditors |
6.4 |
13,072 |
12,560 |
|
Consumer credit financing - portion less than one year |
6.5 |
2,868 |
3,067 |
|
Tax payables - portion less than one year |
6.4 |
1,108 |
1,039 |
|
Other current payables |
6.4 |
2,765 |
2,617 |
|
Liabilities related to assets held for sale |
− |
39 |
|
|
Current liabilities |
22,150 |
21,342 |
|
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
47,668 |
47,588 |
|
|
Carrefour group - Consolidated financial statements as of December 31, 2021 |
- 5 - |
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Carrefour SA published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2022 16:12:25 UTC.
