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Presentation of the Carrefour group
Carrefour in 2015
Launch of
Instituto Carrefour
in Brazil
Strengthening of international partnership with
UNI
Carrefour now has a non-profit corporate sponsorship structure in the
country which focuses on activities of general benefit and seeks to On October
1, 2015, Carrefour signed a new international agreement
promote solidarity and diversity through three areas of involvement:
with UNI Global Union to promote social dialogue, diversity, and
raising awareness of human rights, helping people to access
respect for fundamental rights at work. The agreement was signed
employment, and supporting entrepreneurship through micro-loans.
during the European cooperation and information committee meeting,
The
Instituto Carrefour
aims to implement activities which will
organised by Carrefour twice per year with all of its European social
contribute to reducing social inequality in Brazil.
partners.
Summary of results
1.3.2
Carrefour’s results in 2015 clearly illustrate the Group’s growth
International: success of the multi-local model
momentum. The Group has built on its fundamentals and strengths: a
In the other European countries, sales increased again in 2015
balanced country portfolio, a comprehensive and unique multi-format
following a stable 2014. This was supported by the recovery in Spain,
model, and operational excellence in all of its businesses.
an improvement in Italy, particularly during the second half of the year,
Strong growth in the Group’s results
and good performance in other countries. Profitability in Europe
(excluding France) increased, with recurring operating income up by a
strong 33.4% in 2015.
In 2015, the Group once again saw significant growth in sales. Organic
sales were up by 3.0%, excluding tax. At current exchange rates, this
Brazil and Argentina had a remarkable year with a 15.7% organic
represents a 3.0% change. Results improved both in Europe and in growth in sales in Latin America, on an already high basis for
emerging countries, with recurring operating income up by 7.0% at
comparison achieved in 2014. Recurring operating income in Latin
constant exchange rates and 11.5%
pro forma
*,
to reach America also rose considerably again, by 23.5% at constant exchange
€2.45
billion. Adjusted net income, Group share was up by 7.1% at
rates. Profitability continued to increase across formats in Brazil. In an
€1,113
million. Net income from continuing activities reached uncertain economic environment in Argentina, recurring operating
€977 million.
income was up. Carrefour has strengthened its position in Brazil and
Argentina as a leading food retailer.
France: a good year
In Asia, organic sales fell in 2015 (down 9.5%), reflecting the
slowdown in the Chinese economy and the rapid transformation of
The Group’s solid performance in France is a testament to its strong
consumer habits. Carrefour’s model in China is evolving to adapt to
position in the food sector and illustrates the vitality of the
this context. Gross margin ratio increased. Activity held up well in
multi-format model. In 2015, organic sales excluding petrol increased
Taiwan.
by 1.1% on top of already-positive 1.2% growth in 2014. Growth was
seen across all formats in France for the third consecutive year.
Solid cash flow and stable investment
Attractiveness improved across the various formats, with steady
improvement in terms of price perception and a rise in overall
Gross cash flow stood at €2.7
billion in 2015, versus €2.5
billion in
customer satisfaction.
2014. Carrefour continued to invest in order to upgrade its assets,
modernise, and develop its network (€2.4
billion in 2015). The Group
Recurring operating income totalled €1.19
billion, down 6.4% over the
significantly strengthened its multi-local and multi-format presence,
year. The
pro forma*
operating margin increased by 10 basis points
which contributed to the current balance of its country and activity
over the year. Profitability remained solid across all formats.
portfolio. The Group’s free cash flow increased to €687
million in
2015, versus €306 million in 2014.
* At constant exchange rates and excluding the integration of Dia, the increase of the Tascom tax on selling space and the transfer to Carmila of rental income
from shopping malls
2015 REGISTRATION DOCUMENT
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