CARREFOUR - 2015 annual activity and responsible commitment report

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Net sales
by geographic region
(in €M)
France
36,272
Latin
America
14,290
Other
European
countries
19,724
Asia
6,659
Net sales
(in €M)
+3.0%at current exchange rates
2014 2015
74,706
76,945
Financial
overview
2015 confirmed the Group’s growth
momentum, as shown in the organic
increase in sales by 3.0% (excluding petrol
and calendar). Results have also risen
in both Europe and emerging countries,
with recurring operating income increasing
by 7.0% at constant exchange rates.
In France, Carrefour saw renewed
growth, with organic sales excluding
petrol climbing by 1.1%, showing the
momentum of its multi-format model.
The Group improved profitability in other
European countries, Spain in particular.
In emerging countries, recurring
operating income increased by 9.2%
at constant exchange rates. Carrefour
continued upgrading its assets and the
modernisation and development of its
network, for an investment of €2.4 billion.
In 2015, the Group’s free cash flow
increased significantly to €687 million,
versus 306 million in 2014.
Sales
Net sales increased by 4.1% at
constantexchangeratesversus2014
(3.0% at current exchange rates),
confirmingtheincreaseinsalesboth
in France and internationally. The
growth of the Group’s sales can be
explainedmainly by the increase in
salesof 2.4%ona same-storebasis
(excludingpetrolandcalendar).
In France, sales saw an organic
increase of 1.1%, excluding petrol
(+2.6% published) on an already
positivebasisofcomparisonof1.2%
excludingpetrolin2014.
Organic growth was seen across all
formatsinFranceforthethirdconse-
cutive year. Our activities saw their
attractivenessimprovewithasteady
growth in the price image and an
increase in overall customer satis-
faction. In the other countries in
Europe, sales rose 2.8% at current
exchange rates. For the first time in
a number of years, all European
countrieswheretheGroupoperates
experienced positive growth on a
like-for-likebasis.
In Latin America, organic sales saw
a sharp increase of 15.7%, on an
already high basis of comparison in
2014.Carrefourhasstrengthenedits
position inBrazil andArgentinaasa
leadingfoodretailer.InAsia,organic
growth dropped in 2015 (–9.5%),
reflectinganenvironmentoffrugality
inChineseconsumption.
Findmore information in the2015
RegistrationDocument, available at
.
€104.4 billion
in total sales (incl. VAT)
under Group banners
COMMITMENT AND PERFORMANCE
98 UNIQUE AND MULTIPLE / 2015 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT