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Carrefour overview –
1,271
425
685
97
–92
France
Other
countries
inEurope
Latin
America
Asia
Global
functions
Recurring operating income
by geographic region
(in €M)
4,117
4,954
2013 2014
Net debt
(in €M)
2,159
2,411
2013 2014
Investments
(in €M)
1,263
1,249
2013 2014
Net income,
Group share
(in €M)
949
1,182
2013 2014
Net income
fromrecurring
operations,
Group share
(in €M)
NET INCOME, GROUPSHARE
Net income, Group share decreased
by 1.5% compared with 2013 at
constant exchange rates (by 1.1% at
currentexchangerates)to€1,249million.
Net income from recurring operations,
Group share was €1,182 million, an
increaseof24.6%comparedwith2013.
NETDEBT
Net debt stood at €4,954 million in
2014. Net interest expense continued
to fall, and was down by €29 million
compared with 2013. The net debt to
EBITDA ratio was 1.3x (1.1x in 2013).
INVESTMENTS
Carrefour continued its investments in
2014, in linewith its plans: investments
grewby11.7%andreached€2.4billion
in the year. The investments allow
Carrefour to continue store renova-
tions and maintenance work, notably
in France and Brazil, to rationalise
IT systems and to develop its multi-
channel offer.
RECURRING
OPERATING INCOME
Recurring operating income rose by
10.6% at constant exchange rates
(+6.7% at current exchange rates)
to €2,387 million. This represented
3.2% of sales, as compared to 3.0%
in 2013.
2,238
2,387
2013 2014
Recurring
operating income
(in €M)