Carrefour - 2017 Registration Document

PRESENTATION OF THE CARREFOUR GROUP The Carrefour group in 2017 2017 REGISTRATION DOCUMENT | CARREFOUR 1. 22 Summary of financial and stock market performance 1.4.3 Consolidated key figures (in millions of euros) 2017 2016 2015 Consolidated income statement Net sales 78,897 76,645 76,945 Recurring operating income before depreciation and amortisation* 3,636 3,886 3,955 Recurring operating income 2,006 2,351 2,445 Recurring operating income after net income/(loss) from equity-accounted companies 2,010 2,315 2,489 Operating income 700 1,943 2,232 Net income/(loss) from continuing operations (363) 934 1,120 Net income/(loss) from continuing operations, Group share (531) 786 977 Total net income (362) 894 1,123 Net income/(loss), Group share (531) 746 980 Consolidated statement of cash flows Cash flow from operating activities 2,653 2,964 2,733 Net cash from operating activities 2,843 3,305 2,818 Net cash from/(used in) investing activities 2,635 2,856 (2,136) Net cash from/(used in) financing activities 362 0 (821) Net change in cash and cash equivalents 288 581 (388) Consolidated statement of financial position Net debt 3,743 4,531 4,546 Shareholders’ equity 12,159 12,008 10,672 Shareholders’ equity, Group share 10,059 10,426 9,633 Recurring operating income before depreciation and amortisation (including supply chain depreciation). * Carrefour in France and around the world Carrefour has been opening stores under its banners in France and abroad for more than 50 years. It currently operates in mainland France and its overseas territories, as well as in Europe, Asia, Latin America, Africa and the Middle East through a network of integrated and franchised stores, and stores that it runs with partner companies. In 2017, Carrefour opened or acquired 895 stores under Group banners, representing some 755,000 sq.m. of gross additional sales area. At end-2017, Carrefour had 12,300 stores under its banners in more than 30 countries. In 2017, Carrefour reported net sales of 78.9 billion euros, a 2.6% increase at constant exchange rates, reflecting the net impact of: 1.6% growth in same-store sales excluding petrol and the ● calendar effect; 2.2% organic growth in sales excluding petrol and the calendar ● effect; An unfavourable 0.5% calendar effect; ● A 0.2% increase in petrol sales; ● A 0.8% increase in net proceeds from acquisitions and disposals ● during the year. Fluctuations in exchange rates had a 0.3% positive impact on consolidated net sales. At current exchange rates, sales grew by 2.9% in 2017. Recurring operating income stood at 2.01 billion euros, a decline of 17.2% at constant exchange rates and of 14.7% at current exchange rates. Overall, recurring operating income represented 2.5% of net sales. The decline was attributable to: Strong competitive pressure, particularly in France; ● Higher distribution costs in the Group’s main markets; ● An increase in depreciation after a period of significant ● investments; A more difficult situation in Argentina. ● Cash flow from operating activities stood at 2.7 billion euros in 2017, versus 3.0 billion euros the year before. The Group continued to invest as planned in 2017, with outlays declining by 347 million euros or 13.9% year-on-year to 2,145 million euros (excluding Cargo). Consolidated free cash flow from continuing operations before exceptional items totalled 950 million euros in 2017, up from 1,039 million euros the year before.