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2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT
PERFORMANCES
Recurring
operating income
€2
,
238
million
+9.8% COMPARED WITH 2012
(at constant exchange rates)
Net income,
Group share
€1
,
263
million
+0.1% COMPARED WITH 2012
(at constant exchange rates)
Net debt
€4
,
117
million
–€203 MILLION COMPARED WITH 2012
The Group relaunched its investment activities
in 2013: they grew by 44%and reached a level
of €2.2 billion over the year. Through these
investments, the Group can continue with store
renovations and maintenance work – par-
ticularly in France – as well as continuing with
its expansion in Latin America and Asia.
Investments
€2,159
million
+44% COMPARED WITH 2012
1,504
2,159
2012
2013
Investments
(in €M)
Recurring operating income rose by 9.8% at
constant exchange rates (by 5.3% at current
exchange rates) to €2,238 million. This repres-
ented 3.0% of sales, versus 2.8% in 2012.
France has seen a notable improvement, with
an increase of 29.9% that can be explained by
the control exercised over operating costs and
an improved profit margin after rebalancing low
prices, promotions, and loyalty programmes and
reducing the rate of markdowns. The other
countries in Europe have seen their profitability
improve over the second half of the year,
demonstrating the effectiveness of the com-
mercial model. Emerging countries have seen
their recurring operating income grow by 8.5%
at constant exchange rates: performance in
Brazil is excellent across all formats, while in
Argentina a complex situation against the
backdrop of regulated prices and wage inflation
has been outstandingly well managed. In Asia,
the profit margin held up well over the year
against the backdrop of sluggish consumption
in the fourth quarter.
Net income, Group share roseby0.1%compared
with 2012 at constant exchange rates (by 0.3%
at current exchange rates) to €1,263 million.
Net income from recurring operations, Group
share was €949 million – the equivalent of
6.3 times the 2012 level. The net income from
discontinued operations, Group share was
€314million, and reflects the positive net impact
of the Group’s refocusing.
Net debt was reduced by €203million in 2013,
consequently strengthening the Group’s
financial structure. In parallel, the net cost of the
debt started to fall, and was down by
€60 million compared with 2012. The debt to
EBITDA ratio improved at 1.1x (1.2x in 2012).
Recurring
operating income
(in €M)
0
2238
2,124 2,238
2012
2013
1,198
388
627
131
—106
France Other
countries
in Europe
Latin
America
Asia
Global
functions
Net income,
Group share
(in €M)
1,259
1,263
2012
2013
Net income
from recurring
operations,
Group share
(in €M)
150
949
2012
2013
Net income
from discontinued
operations
Group share
(in €M)
1,109
314
2012
2013
4,320 4,117
2012
2013
Net debt
(in €M)
Recurring
operating income
by geographic region
(in €M)