CARREFOUR - 2014 Overview

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Financial
overview
Carrefour confirmed its growthmomentum
in 2014 illustrated by an acceleration
of sales growth, with organic sales up 3.9%
(excluding petrol and excluding calendar).
Profits increased as well, both in Europe and
in emergingmarkets, with recurring operating
income up 10.6%at constant exchange rates.
In France, Carrefour posted further organic
sales growth excluding petrol (+1.2%),
highlighting the dynamismof itsmulti-format
model. Profitability rose in its other European
countries, notably in Spain.
In emergingmarkets, recurring operating
income increased by 14.9%at constant
exchange rates. Carrefour continued its
programme to bring up to standards,
modernise and develop its store network,
with a total investment of €2.4 billion.
In 2014, Carrefour’s free cash flow
amounted to €306million, up from
€26million in 2013.
NET SALES
Net sales rose by 2.9% at constant
exchange rates compared with 2013
(–0.2%at current exchange rates) with an
increase both in France and internationally.
Sales growth was primarily due to higher
like-for-like sales (excluding petrol and
calendar) of 2.8%, the best performance
recorded for over seven years.
Net sales
by geographic region
(in €M)
France
35,336
Other
countries
inEurope
19,191
Latin
America
13,891
Asia
6,288
74,888 74,706
2013 2014
Net sales
(in €M)
More information in the
2014 Registration Document
available on
2014 HIGHLIGHTS