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Management’s discussion and analysis as of December 31, 2015
Consolidated sales and earnings performance
Consolidated sales and earnings
4.1
performance
Main earnings indicators
4.1.1
% change at
constant exchange
2015
2014
% change
rates
(in millions of euros)
Net sales
76,945
74,706
3.0%
4.1%
Gross margin from recurring operations
18,019
17,049
5.7%
6.4%
in % of net sales
23.4%
22.8%
Sales, general and administrative expenses and
amortization
(15,574)
(14,662)
6.2%
6.3%
Recurring operating income
2,445
2,387
2.4%
7.0%
Recurring operating income after net income from
companies accounted for by the equity method
2,489
2,423
2.7%
7.2%
Non-recurring operating income and expenses, net
(257)
149
na
na
Finance costs and other financial income and expenses, net
(515)
(563)
(8.4)%
(2.5)%
Income tax expense
(597)
(709)
(15.8)%
(11.9)%
Net income from continuing operations – Group share
977
1,182
(17.4)%
(13.9)%
Net income from discontinued operations – Group share
4
67
Net income - Group share
980
1,249
Free cash flow
687
306
Net debt at December 31
4,546
4,954
Carrefour's 2015 performance reflected the sustained growth
finance costs, net amounted to 515
million euros. This was
●
momentum enjoyed by the Group, with faster organic sales growth and
47
million euros less than the 2014 figure, mainly due to the
an increase in recurring operating income at constant exchange rates.
improvement in the cost of net debt resulting from the lower
average interest rate on the Group's bond debt;
sales were up 4.1% at constant exchange rates, reflecting organic
●
income tax expense amounted to 597 million euros, representing
●
gains across all formats in France, sales growth in Europe for the
an improved effective tax rate of 34.8% compared with 2014;
first time in seven years and strong organic growth in emerging
markets, led by Brazil and Argentina;
net income from continuing operations, Group share, came in at
●
977 million euros, compared with 1,182 million euros in 2014;
recurring operating income totaled 2,445 million euros, up 7.0% at
●
constant exchange rates with increases of 3.6% in Europe (including
net income from discontinued operations totaled 4 million euros;
●
France) and 9.2% in emerging markets (Latin America and Asia);
taking into account all of these items, the Group ended the year with
●
non-recurring operating income and expenses represented a net
●
net income (Group share) of 980
million euros,
versus
expense of 257
million euros, mainly reflecting the impact of
1,249 million euros in 2014;
transformation plans under way in some of the Group's countries. In
free cash flow came to 687 million euros
versus
306 million euros
●
2014, this item mainly corresponded to the gain recognized on the
in 2014.
contribution of assets to a new associate, Carmila;
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2015 REGISTRATION DOCUMENT