Carrefour - 2017 Registration Document

4 CARREFOUR | 2017 REGISTRATION DOCUMENT 171 MANAGEMENT’S DISCUSSION AND ANALYSIS AS OF DECEMBER 31, 2017 Consolidated sales and earnings performance 4.1 172 Main earnings indicators 4.1.1 172 Analysis of the main income statement items 4.1.2 173 Group financial position 4.2 177 Shareholders’ equity 4.2.1 177 Net debt 4.2.2 177 Cash flows for the period and cash and cash equivalents 4.2.3 178 Financing and liquidity resources 4.2.4 179 Restrictions on the use of capital resources 4.2.5 179 Expected sources of funding 4.2.6 179 Outlook for 2018 4.3 180 Other information 4.4 181 Accounting principles 4.4.1 181 Significant events of the period 4.4.2 182 Main related-party transactions 4.4.3 183 Subsequent events 4.4.4 184 First-quarter 2018 sales 4.5 185 First-quarter 2018 sales inc. VAT: like-for-like growth of 0.4% 185 Variation of first-quarter 2018 sales inc. VAT 186 Expansion under banners - First-quarter 2018 186 Store network under banners – First-quarter 2018 187 Parent company financial review 4.6 188 Business and financial review 4.6.1 188 Subsidiaries and affiliates 4.6.2 189 Income appropriation 4.6.3 190 Research and development 4.6.4 191 Recent developments 4.6.5 191 Company earnings performance in the last five financial years 4.6.6 191 Risk management 4.7 192 Principal risk factors 4.7.1 193 Risk prevention and management system 4.7.2 200 Insurance 4.7.3 202 Crisis management 4.7.4 203 Internal control system 4.8 204 Definition and objectives of the internal control system 4.8.1 204 Internal control organisation and parties involved 4.8.2 205