Consolidated financial statements
as of December 31, 2024
Consolidated financial statements as of December 31, 2024
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 8
page 9
page 111
|
Carrefour group - Consolidated financial statements as of December 31, 2024 |
- 2 - |
Consolidated income statement
Argentina is classified as a hyperinflationary economy within the meaning of IAS 29 - Financial Reporting in Hyperinflationary Economies, which is therefore applicable to the consolidated financial statements for the year ended December 31, 2024. Comparative data for 2023 have been adjusted accordingly for inflation.
The consolidated financial statements are presented in millions of euros. Due to rounding to the nearest million, amounts may not add up precisely to the totals provided.
|
(in millions of euros) |
Notes |
2024 |
2023 |
% change |
|
Net sales |
5.1 |
85,445 |
83,270 |
2.6% |
|
Loyalty programme costs |
(918) |
(993) |
(7.5)% |
|
|
Net sales net of loyalty programme costs |
84,526 |
82,276 |
2.7% |
|
|
Other revenue |
5.1 |
2,744 |
2,632 |
4.3% |
|
Total revenue |
87,270 |
84,908 |
2.8% |
|
|
Cost of sales |
5.2 |
(70,302) |
(68,278) |
3.0% |
|
Gross margin from recurring operations |
16,968 |
16,630 |
2.0% |
|
|
Sales, general and administrative expenses, depreciation and amortisation |
5.2 |
(14,755) |
(14,367) |
2.7% |
|
Recurring operating income |
2,213 |
2,264 |
(2.2)% |
|
|
Net income/(loss) from equity-accounted companies |
8 |
63 |
44 |
44.7% |
|
Recurring operating income after net income from equity-accounted |
2,276 |
2,308 |
(1.4)% |
|
|
companies |
||||
|
Non-recurring income and expenses, net |
5.3 |
(424) |
(558) |
(24.1)% |
|
Operating income |
1,852 |
1,749 |
5.9% |
|
|
Finance costs and other financial income and expenses, net |
13.6 |
(759) |
(410) |
85.1% |
|
Finance costs, net |
(399) |
(258) |
54.8% |
|
|
Net interests related to leases |
(222) |
(208) |
6.6% |
|
|
Other financial income and expenses, net |
(138) |
56 |
(347.3)% |
|
|
Income before taxes |
1,093 |
1,339 |
(18.4)% |
|
|
Income tax expense |
9.1 |
(303) |
(439) |
(30.9)% |
|
Net income/(loss) from continuing operations |
790 |
900 |
(12.3)% |
|
|
Net income/(loss) from discontinued operations |
0 |
742 |
(100.0)% |
|
|
Net income/(loss) for the year |
790 |
1,642 |
(51.9)% |
|
|
Group share |
723 |
1,659 |
(56.4)% |
|
|
of which net income/(loss) from continuing operations - Group share |
723 |
930 |
(22.2)% |
|
|
of which net income/(loss) from discontinued operations - Group share |
0 |
729 |
(100.0)% |
|
|
Attributable to non-controlling interests |
66 |
(17) |
480.8% |
|
|
of which net income/(loss) from continuing operations - attributable to non- |
66 |
(30) |
319.7% |
|
|
controlling interests |
||||
|
of which net income/(loss) from discontinued operations - attributable to non- |
||||
|
− |
13 |
(100.0)% |
||
|
controlling interests |
||||
|
Basic earnings per share (in euros) |
Notes |
2024 |
2023 |
% change |
|
Net income/(loss) from continuing operations - Group share - per share |
12.6 |
1.08 |
1.30 |
(17.1)% |
|
Net income/(loss) from discontinued operations - Group share - per share |
12.6 |
0.00 |
1.02 |
(100.0)% |
|
Net income/(loss) - Group share - per share |
12.6 |
1.08 |
2.32 |
(53.5)% |
|
Diluted earnings per share (in euros) |
Notes |
2024 |
2023 |
% change |
|
Net income/(loss) from continuing operations - Group share - per share |
12.6 |
1.07 |
1.29 |
(16.9)% |
|
Net income/(loss) from discontinued operations - Group share - per share |
12.6 |
0.00 |
1.01 |
(100.0)% |
|
Net income/(loss) - Group share - per share |
12.6 |
1.07 |
2.31 |
(53.4)% |
|
Carrefour group - Consolidated financial statements as of December 31, 2024 |
- 3 - |
Consolidated statement of comprehensive income
|
(in millions of euros) |
Notes |
2024 |
2023 |
|
Net income/(loss) - Group share |
723 |
1,659 |
|
|
Net income - Attributable to non-controlling interests |
66 |
(17) |
|
|
Net income/(loss) for the year |
790 |
1,642 |
|
Effective portion of changes in the fair value of cash flow hedges ¹
Changes in debt instruments at fair value through other comprehensive income
Exchange differences on translation of intercompany loans qualifying as net investment of foreign operations, net of hedge effect ²
Exchange differences on translating foreign operations ³
|
12.4 |
14 |
(93) |
|
12.4 |
(6) |
(29) |
|
12.4 |
(135) |
(6) |
|
12.4 |
(334) |
9 |
|
Items that may be reclassified subsequently to profit or loss |
(460) |
(119) |
|
|
Remeasurements of defined benefit plans obligation ⁴ |
11.1/12.4 |
13 |
(29) |
|
Changes in the fair value of equity instruments through other |
|||
|
12.4 |
0 |
0 |
|
|
comprehensive income |
|||
|
Items that will not be reclassified subsequently to profit or loss |
13 |
(28) |
|
|
Other comprehensive income/(loss) after tax |
(447) |
(147) |
|
|
Total comprehensive income/(loss) |
342 |
1,495 |
|
|
Group share |
533 |
1,463 |
|
|
Attributable to non-controlling interests |
(191) |
32 |
|
These items are presented net of the tax effect (see Note 12.4).
-
This item includes changes in the fair value of interest rate and currency hedging instruments. To a lesser extent, this item also includes changes in swaps in Spain, Italy and France taken out to hedge the risk of unfavourable changes in energy prices (electricity or biomethane).
As a reminder, the currency swap eligible for cash flow hedge accounting, set up by the Group in 2022 in order to hedge the risk of unfavourable changes in the New Taiwan dollar up to the amount of the Group's share in the value of Carrefour Taiwan, was settled when Carrefour Taiwan was sold, generating an expense of 46 million euros net of tax (see Note 2.1.3 to the 2023 consolidated financial statements). - In May 2023, Carrefour Finance granted an additional intra-group revolving credit facility (RCF) to the Brazilian subsidiary Atacadão for 2.3 billion Brazilian reals, bringing the total amount of RCFs granted to 8.2 billion Brazilian reals at the end of 2023. This amount remained unchanged in 2024. These facilities were treated as part of the net investment in that operation. The derivatives contracted to hedge part of the facilities were classified as a net investment hedge (see Note 2.3). There was a significant decline in the value of the Brazilian real in 2024.
-
This item includes the restatement of Carrefour Argentina's reserves to adjust for hyperinflation, in accordance with our accounting principles (see Note 3.1 - Translation of the financial statements of foreign operations).
In 2024, exchange differences on translating foreign operations mainly reflect the significant decline in the value of the Brazilian real over the year, partially offset by gains in Argentina resulting from adjustments for hyperinflation.
Exchange differences recognised on translating foreign operations in 2023 masked contrasting movements, namely, exchange losses arising on the major decrease in the value of the Argentine peso and on the reversal of positive translation adjustments recognised by Carrefour Taiwan at the time of its sale, representing 52 million euros. These exchange losses were offset by the increase in the value of the Brazilian real and the Polish zloty. - Remeasurement of the net defined benefit obligation recognised in 2024 was not affected by any change in the discount rate applied for the eurozone, which stood at 3.20% at both end-December 2024 and end-December 2023 (see Note 11.1). In 2023, these discount rates had decreased, from 3.80% at end-December 2022 to 3.20% at end-December 2023.
|
Carrefour group - Consolidated financial statements as of December 31, 2024 |
- 4 - |
Consolidated statement of financial position
|
ASSETS |
|||
|
(in millions of euros) |
Notes |
December 31, |
December 31, |
|
2024 |
2023 |
||
|
Goodwill |
6.1 |
8,946 |
8,712 |
|
Other intangible assets |
6.1 |
1,566 |
1,552 |
|
Property and equipment |
6.2 |
13,011 |
12,360 |
|
Investment property |
6.4 |
218 |
262 |
|
Right-of-use assets |
7.1 |
4,522 |
4,464 |
|
Investments in companies accounted for by the equity method |
8.1 |
1,120 |
1,142 |
|
Other non-current financial assets |
13.5 |
1,138 |
1,229 |
|
Consumer credit granted by the financial services companies - portion due in more than one |
5.5 |
1,846 |
1,911 |
|
year |
|||
|
Deferred tax assets |
9.2 |
566 |
395 |
|
Other non-current assets |
5.4 |
623 |
697 |
|
Non-current assets |
33,557 |
32,723 |
|
|
Inventories |
5.4 |
6,709 |
6,544 |
|
Trade receivables |
5.4 |
3,305 |
3,269 |
|
Consumer credit granted by the financial services companies - portion due in less than one |
5.5 |
4,567 |
4,644 |
|
year |
|||
|
Other current financial assets |
13.2 |
523 |
685 |
|
Tax receivables |
5.4 |
969 |
824 |
|
Other current assets |
5.4 |
1,084 |
1,008 |
|
Cash and cash equivalents |
13.2 |
6,564 |
6,290 |
|
Assets held for sale |
84 |
184 |
|
|
Current assets |
23,807 |
23,448 |
|
|
TOTAL ASSETS |
57,363 |
56,171 |
|
|
SHAREHOLDERS' EQUITY AND LIABILITIES |
|||
|
(in millions of euros) |
Notes |
December 31, |
December 31, |
|
2024 |
2023 |
||
|
Share capital |
12.2 |
1,695 |
1,772 |
|
Consolidated reserves (including net income) |
9,125 |
9,767 |
|
|
Shareholders' equity, Group share |
10,820 |
11,539 |
|
|
Shareholders' equity attributable to non-controlling interests |
12.5 |
1,665 |
1,848 |
|
Total shareholders' equity |
12,484 |
13,387 |
|
|
Borrowings - portion due in more than one year |
13.2 |
7,589 |
7,264 |
|
Lease liabilities - portion due in more than one year |
7.2 |
3,976 |
3,894 |
|
Provisions |
10 |
3,511 |
4,012 |
|
Consumer credit financing - portion due in more than one year |
5.5 |
2,113 |
1,931 |
|
Deferred tax liabilities |
9.2 |
494 |
300 |
|
Tax payables - portion due in more than one year |
5.4 |
53 |
57 |
|
Non-current liabilities |
17,736 |
17,458 |
|
|
Borrowings - portion due in less than one year |
13.2 |
3,229 |
2,224 |
|
Lease liabilities - portion due in less than one year |
7.2 |
1,093 |
1,007 |
|
Suppliers and other creditors |
5.4 |
14,997 |
14,242 |
|
Consumer credit financing - portion due in less than one year |
5.5 |
3,533 |
3,771 |
|
Tax payables - portion due in less than one year |
5.4 |
1,358 |
1,222 |
|
Other current payables |
5.4 |
2,931 |
2,860 |
|
Current liabilities |
27,143 |
25,326 |
|
|
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
57,363 |
56,171 |
|
|
Carrefour group - Consolidated financial statements as of December 31, 2024 |
- 5 - |
Consolidated statement of cash flows
|
(in millions of euros) |
2024 |
2023 |
|
Income before taxes |
1,093 |
1,339 |
|
OPERATING ACTIVITIES |
||
|
Income tax paid |
(700) |
(343) |
|
Depreciation and amortisation expense |
2,424 |
2,295 |
|
Gains and losses on disposal of assets and other |
(73) |
55 |
|
Change in provisions and impairment |
(20) |
93 |
|
Finance costs, net |
399 |
258 |
|
Net interests related to leases |
222 |
208 |
|
Share of profit and dividends received from equity-accounted companies |
25 |
38 |
|
Impact of discontinued operations ¹ |
(1) |
89 |
|
Cash flow from operations |
3,369 |
4,032 |
Change in working capital ²
Impact of discontinued operations ¹
Net cash (used in)/from operating activities (excluding financial services companies)
799775
−(54)
4,1684,754
|
Change in consumer credit granted by the financial services companies |
32 |
(104) |
|
Net cash (used in)/from operating activities - total |
4,200 |
4,650 |
|
INVESTING ACTIVITIES |
||
|
Acquisitions of property and equipment and intangible assets ³ |
(1,772) |
(1,850) |
|
Acquisitions of non-current financial assets |
(36) |
(21) |
|
Acquisitions of subsidiaries and investments in associates ⁴ |
(1,378) |
(6) |
|
Proceeds from the disposal of subsidiaries and investments in associates ⁵ |
13 |
1,067 |
|
Proceeds from the disposal of property and equipment and intangible assets ⁶ |
599 |
474 |
|
Proceeds from the disposal of non-current financial assets |
11 |
10 |
|
Change in amounts receivable from disposals of non-current assets and due to suppliers |
(24) |
(124) |
|
of non-current assets ³ |
||
|
Investments net of disposals - subtotal |
(2,587) |
(450) |
|
Other cash flows from investing activities |
215 |
(64) |
|
Impact of discontinued operations ¹ |
− |
(225) |
|
Net cash (used in)/from investing activities - total |
(2,372) |
(739) |
|
FINANCING ACTIVITIES |
||
|
Carrefour SA capital increase / (decrease) ⁷ ⁸ |
(483) |
(609) |
|
Proceeds from share issues to non-controlling interests |
42 |
47 |
|
Dividends paid by Carrefour SA ⁹ |
(600) |
(405) |
|
Dividends paid to non-controlling interests |
(26) |
(76) |
|
Change in treasury stock and other equity instruments ⁸ |
(222) |
(118) |
|
Change in current financial assets ¹⁰ |
358 |
69 |
|
Issuance of bonds ¹⁰ |
1,459 |
1,425 |
|
Repayments of bonds ¹⁰ |
(1,271) |
(1,053) |
|
Net financial interests paid |
(314) |
(184) |
|
Other changes in borrowings ¹⁰ |
1,289 |
(563) |
|
Payments related to leases (principal) ¹¹ |
(1,074) |
(1,000) |
|
Net interests paid related to leases ¹¹ |
(221) |
(209) |
|
Impact of discontinued operations ¹ |
(14) |
(45) |
|
Net cash (used in)/from financing activities - total |
(1,076) |
(2,719) |
|
Net change in cash and cash equivalents before the effect of changes in exchange rates |
752 |
1,192 |
|
Effect of changes in exchange rates ¹² |
(477) |
(353) |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
275 |
838 |
|
Cash and cash equivalents at beginning of year |
6,290 |
5,451 |
|
Cash and cash equivalents at end of year |
6,564 |
6,290 |
- In 2023, in accordance with IFRS 5, this item included almost exclusively the reclassification as discontinued operations of Carrefour Taiwan sold as of June 30 2023.
- The change in working capital is set out in Note 5.4.
- Acquisitions include operational investments in growth formats and the Group's digitalisation. In 2024, they also include investments relating to the conversion of Cora stores in France. In 2023, they included those investments relating to the conversion of Grupo BIG stores in Brazil.
- This amount mainly relates to the acquisition of Cora and Match and the Provera purchasing centre in France, of some Casino/Intermarché (France) and Supercor stores (Spain), and of stores owned by the Alma franchisee (Belgium), see Note 2.1.1.
- In 2023, this item related to the disposal of Carrefour Taiwan for 1.0 billion euros.
- This item mainly relates to the sale of underperforming stores in Brazil (see Note 2.1.2) and the sale and leaseback transactions in France, Spain and Brazil (see Note 2.1.3). As of December 31, 2023, this line mainly corresponded to the sale and leaseback transactions in Brazil and Spain and the sale of store real estate and businesses to franchisees in France.
- In 2023, Carrefour SA's capital was increased by 75 million euros following the implementation of the "Carrefour Invest" plan.
- These lines correspond to the 700 million euro share buyback programme launched in 2024, organised as three buyback mandates totalling 335 million euros and a 365 million euro share buyback from Galfa (see Note 2.4). In accordance with decisions by the Board of Directors, 483 million euros' worth of shares (including associated costs) were cancelled on April 24, 2024 and June 3, 2024. The shares corresponding to the 2024 programme, which were still held in treasury as of December 31, 2024, are presented within "Change in treasury stock and other equity instruments".
As of December 31, 2023, these lines corresponded to the 800 million euro share buyback programme implemented in 2023 in four 200 million euro buyback mandates. In accordance with decisions by the Board of Directors, 682 million euros' worth of shares (including
|
Carrefour group - Consolidated financial statements as of December 31, 2024 |
- 6 - |
Consolidated statement of cash flows
associated costs) were cancelled on July 28, 2023 and October 25, 2023. The shares corresponding to the 2023 programme, which were still held in treasury as of December 31, 2023, were presented within "Change in treasury stock and other equity instruments".
- The dividend approved by the Shareholders' Meeting of May 24, 2024 was paid entirely in cash on May 30, 2024 for an amount of 600 million euros (see Note 2.3). In 2023, the dividend was paid entirely in cash on June 8, 2023 for 405 million euros.
- Note 13.2 provides a breakdown of net debt. Changes in liabilities arising from financing activities are detailed in Note 13.4. In 2023, changes in current financial assets mainly reflected the 900 million Brazilian real (approximately 145 million euro) reduction in the firm price received for Grupo BIG, partially offset by the purchase of dollar- and inflation-linked investments in Argentina. Almost all of these Argentine investments matured in 2024, as did the unwinding of the currency swap hedging the 500 million US dollar non-dilutive convertible bond, which was repaid in March 2024.
- In accordance with IFRS 16, payments under leases along with any related interest are shown in financing cash flows.
- Exchange differences in 2024 mainly relate to the significant decline in the value of the Brazilian real during the year, and of the Argentine peso to a lesser extent. In 2023, they mainly concerned the major devaluation of the Argentine peso.
|
Carrefour group - Consolidated financial statements as of December 31, 2024 |
- 7 - |
Consolidated statement of changes in shareholders' equity
|
Shareholders' equity, Group share |
||||||||||
|
Foreign |
Other |
Total |
||||||||
|
exchange |
consolidated |
Shareholders' |
Total Non- |
Total |
||||||
|
(in millions of euros) |
Share |
translation |
Fair value |
reserves and |
equity, Group |
controlling |
Shareholders' |
|||
|
capital ¹ |
reserve ² |
reserve ³ |
net income |
share |
interests |
equity |
||||
|
Shareholders' equity at December 31, 2022 |
1,855 |
(1,670) |
78 |
10,881 |
11,144 |
2,042 |
13,186 |
|||
|
Net income/(loss) for the year 2023 |
− |
− |
− |
1,659 |
1,659 |
(17) |
1,642 |
|||
|
Other comprehensive income/(loss) after tax ³ |
− |
(48) |
(120) |
(28) |
(196) |
49 |
(147) |
|||
|
Total comprehensive income/(loss) 2023 |
− |
(48) |
(120) |
1,631 |
1,463 |
32 |
1,495 |
|||
|
Share-based payments |
− |
− |
− |
52 |
52 |
1 |
53 |
|||
|
Treasury stock (net of tax) ⁵ |
− |
− |
− |
(118) |
(118) |
− |
(118) |
|||
|
2022 dividend payment ⁴ |
− |
− |
− |
(405) |
(405) |
(70) |
(475) |
|||
|
Change in capital and additional paid-in capital ⁵ ⁶ |
(83) |
− |
− |
(524) |
(607) |
8 |
(599) |
|||
|
Effect of changes in scope of consolidation and other |
− |
(1) |
− |
11 |
10 |
(165) |
(155) |
|||
|
movements ⁷ |
||||||||||
|
Shareholders' equity at December 31, 2023 |
1,772 |
(1,719) |
(42) |
11,528 |
11,539 |
1,848 |
13,387 |
|||
|
Net income/(loss) for the year 2024 |
− |
− |
− |
723 |
723 |
66 |
790 |
|||
|
Other comprehensive income/(loss) after tax ³ |
− |
(79) |
(125) |
13 |
(191) |
(257) |
(447) |
|||
|
Total comprehensive income/(loss) 2024 |
− |
(79) |
(125) |
737 |
533 |
(191) |
342 |
|||
|
Share-based payments |
− |
− |
− |
38 |
38 |
0 |
38 |
|||
|
Treasury stock (net of tax) ⁵ |
− |
− |
− |
(220) |
(220) |
− |
(220) |
|||
|
2023 dividend payment ⁴ |
− |
− |
− |
(600) |
(600) |
(45) |
(645) |
|||
|
Change in capital and additional paid-in capital ⁵ |
(77) |
− |
− |
(404) |
(481) |
− |
(481) |
|||
|
Effect of changes in scope of consolidation and other |
− |
0 |
− |
11 |
11 |
52 |
63 |
|||
|
movements ⁷ |
||||||||||
|
Shareholders' equity at December 31, 2024 |
1,695 |
(1,798) |
(166) |
11,089 |
10,820 |
1,665 |
12,484 |
|||
- As of December 31, 2024, the share capital was made up of 677,969,188 ordinary shares (see Note 12.2.1).
-
This item includes the restatement of Carrefour Argentina's reserves to adjust for hyperinflation, in accordance with our accounting principles (see Note 3.1 - Translation of the financial statements of foreign operations).
In 2024, the Group's share of exchange differences recognised on translating foreign operations mainly reflect the significant decline in the value of the Brazilian real compared with December 31, 2023, partially offset by gains in Argentina resulting from adjustments for hyperinflation.
In 2023, the Group's share of exchange differences recognised on translating foreign operations mainly reflected the major decrease in the value of the Argentine peso, as well as the reversal of the positive translation adjustments recognised by Carrefour Taiwan further to its disposal as of June 30, 2023, partially offset by the slight increase in the value of the Brazilian real and Polish zloty versus December 31, 2022. - This item comprises:
-
- the hedge reserve (effective portion of changes in the fair value of cash flow hedges);
- the fair value reserve (changes in the fair value of financial assets carried at fair value through other comprehensive income);
- exchange differences on translation of intra-group loans qualifying as net investment of foreign operations, net of hedging.
-
The 2023 dividend distributed by Carrefour SA, totalling 600 million euros, was paid entirely in cash. The 2022 dividend distributed by Carrefour SA, totalling 405 million euros, was also paid entirely in cash.
Dividends paid to non-controlling interests mainly relate to the Spanish and Brazilian subsidiaries for an amount of 45 million euros in 2024, and 70 million euros in 2023. -
The 700 million euro share buyback programme authorised by the Shareholders' Meetings of May 26, 2023 and May 24, 2024 was completed, corresponding to a total of 47,651,459 shares. Carrefour SA's share capital was reduced by cancelling 30,821,628 shares, including 16,844,310 shares on April 24, 2024 and 13,977,318 shares on June 3, 2024, representing a total of 481 million euros (see Note 2.4). Following cancellation of the shares, Carrefour SA had 32,195,690 treasury shares, representing approximately 4.7% of the share capital as of December 31, 2024.
In 2023, an 800 million euro share buyback programme was launched in the form of four 200 million euro buyback mandates, corresponding to a total of 46,197,844 shares. Carrefour SA's share capital was subsequently reduced by cancelling 38,080,380 shares. Following cancellation of the shares, Carrefour SA had 17,609,525 treasury shares, representing approximately 2.5% of the share capital as of December 31, 2023. - On March 1, 2023, the Group launched Carrefour Invest, an international employee share ownership plan. The transaction resulted in a capital increase of 75 million euros (4,713,735 new ordinary shares) by Carrefour SA (see Note 2.6 to the 2023 consolidated financial statements).
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In 2024, the effect of changes in the scope of consolidation and other movements mainly corresponds to the capital increases subscribed by non- controlling shareholders of Unlimitail (Publicis) and Carrefour Banque (BNP Paribas Personal Finance).
In 2023, the effect of changes in the scope of consolidation and other movements mainly corresponded to the disposal of Carrefour Taiwan and to the creation of the entity Villes et Commerce in France in partnership with Nexity (see Note 2.1.2 to the 2023 consolidated financial statements).
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Carrefour group - Consolidated financial statements as of December 31, 2024 |
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Notes to the consolidated financial statements
Summary
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NOTE 1: BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS |
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NOTE 2: SIGNIFICANT EVENTS OF THE YEAR |
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NOTE 3: SCOPE OF CONSOLIDATION |
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NOTE 4: SEGMENT INFORMATION |
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NOTE 5: OPERATING ITEMS |
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NOTE 6: INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT PROPERTY |
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NOTE 7: LEASES |
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NOTE 8: INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD |
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NOTE 9: INCOME TAX EXPENSE |
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NOTE 10: PROVISIONS AND CONTINGENT LIABILITIES |
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NOTE 11: NUMBER OF EMPLOYEES, EMPLOYEE COMPENSATION AND BENEFITS |
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NOTE 12: EQUITY AND EARNINGS PER SHARE |
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NOTE 13: FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER FINANCIAL |
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INCOME AND EXPENSES |
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NOTE 14: OFF-BALANCESHEET COMMITMENTS |
- 101 - |
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NOTE 15: SUBSEQUENT EVENTS |
- 102 - |
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NOTE 16: AUDITORS' FEES |
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NOTE 17: LIST OF CONSOLIDATED COMPANIES |
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Carrefour group - Consolidated financial statements as of December 31, 2024 |
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Notes to the consolidated financial statements
NOTE 1: BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements for the year ended December 31, 2024 were approved for publication by the Board of Directors on February 19, 2025. They will be submitted for final approval at the Annual Shareholders' Meeting.
Carrefour SA (the "Company") is domiciled in France at 93, avenue de Paris, 91300 Massy.
Carrefour is one of the world's leading food retailers (in terms of stores and e-commerce), operating in over 40 countries with an omni-channel model. The Group operates directly in eight countries, including six in Europe (France, Spain, Italy, Belgium, Poland and Romania) and two in Latin America (Brazil and Argentina), and has a network of integrated stores, stores under lease management contracts and franchised stores in a variety of formats (hypermarkets, supermarkets, convenience stores, club stores, cash & carry and soft discount). In the other geographies (especially the Middle East, Africa and Asia), the Group operates through local partners who are managing and expanding a network of Carrefour stores. The Group also offers financial services to its customers in France, Spain, Belgium, Brazil and Argentina (consumer credit and insurance).
The consolidated financial statements for the year ended December 31, 2024 reflect the financial position and results of operations of the Company and its subsidiaries (together "Carrefour" or the "Group"), along with the Group's share of the profits and losses and net assets of equity-accounted associates and joint ventures. The presentation currency of the consolidated financial statements is the euro, which is the Company's functional currency.
1.1 Statement of compliance
In accordance with European Regulation (EC) 1606/2002 dated July 19, 2002, the 2024 consolidated financial statements have been prepared in compliance with the International Financial Reporting Standards (IFRS) as adopted for use in the European Union as of December 31, 2024 and applicable at that date, with 2023 comparative information prepared using the same standards.
All of the standards and interpretations endorsed by the European Union are published in the Official Journal of the European Union, which can be accessed in the EUR-Lex.
As of December 31, 2024, the standards and interpretations adopted for use in the European Union were the same as those published by the International Accounting Standards Board (IASB) and applicable at that date.
1.2 Changes in accounting policies
The accounting policies used to prepare the consolidated financial statements for the year ended December 31, 2024 are the same as those used for the 2023 consolidated financial statements, except for the following amendments whose application is mandatory as of January 1, 2024:
- Amendments to IAS 1 - Presentation of Financial Statements: Classification of Liabilities as Current or Non-current; Non-current Liabilities with Covenants;
- Amendments to IFRS 16 - Leases: Lease Liability in a Sale and Leaseback;
- Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial instruments: Disclosures: Supplier Finance Arrangements.
The application of these amendments had no material impact on the Group's consolidated financial statements. Additional disclosures required by the amendments to IAS 7/IFRS 7 are presented in Note 5.4.4.
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Carrefour group - Consolidated financial statements as of December 31, 2024 |
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Attachments
Disclaimer
Carrefour SA published this content on March 11, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 11, 2025 at 15:41:23.355.
