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1. Presentation of the Group

3

1.1 Consolidated key figures

4

1.2 Results and highlights of 2014

6

1.3 Activities and strategy

8

1.4 Tangible fixed assets

15

1.5 Intellectual property

15

1.6 History

16

1.7 Organisational chart

18

2. Social responsibility

19

2.1 CSR at Carrefour

20

2.2 Action plans

26

2.3 Results

59

3. Corporate governance

71

3.1 Corporate Governance Code

72

3.2 Composition and operation of the Board of Directors

72

3.3 Executive Management

86

3.4 Remunerations and benefi ts granted to corporate officers

87

3.5 Risk management

92

3.6 Internal control

100

3.7 Statutory Auditors’ report prepared in accordance with Article L.225-235 of the French Commercial Code on the report of the Chairman of the Board of Directors

108

4. Comments on 2014 fiscal year

109

4.1 Sales and earnings performance

110

4.2 Financial position

115

4.3 Outlook for 2015

118

4.4 Other information

119

4.5 Q1 Gross Sales for 2015

123

4.6 Parent company financial review

127

5. Consolidated Financial Statements Year ended December 31, 2014

135

5.1 Consolidated income statement

136

5.2 Consolidated statement of comprehensive income

137

5.3 Consolidated statement of financial position

138

5.4 Consolidated statement of cash flows

140

5.5 Consolidated statement of changes in shareholders’ equity

142

5.6 Notes to the Consolidated statements

143

5.7 Statutory Auditors’ report on the Consolidated Financial Statements

211

6. Company financial statement year ended December 31, 2014

213

6.1 Balance Sheet at December 31, 2014

214

6.2 Income Statement for the year ended December 31, 2014

215

6.3 Statement of cash flows for the year ended December 31, 2014

216

6.4 Notes to the Company Financial Statements

217

6.5 Statutory Auditors’ report on the annual Financial Statements

232

7. Information about the Company and the capital

235

7.1 Information about the Company

236

7.2 Information on the capital

239

7.3 Shareholders

243

7.4 Stock market information

246

8. Additional information

249

8.1 Publicly available documents

250

8.2 Persons responsible for the Registration Document and annual financial report

250

8.3 Certification by the persons responsible for the Registration Document and annual financial report

250

8.4 Persons responsible for auditing the Financial Statements and fees

251

8.5 Information included by reference

253

8.6 CSR cross-reference tables

254

8.7 Registration Document concordance table

258

8.8 Annual Financial Report concordance table

261

8.9 Management Report concordance table

262