Earnings Release • Feb 16, 2022
Earnings Release
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Alexandre Bompard, Chairman and CEO, declared: "Carrefour posted a very strong performance in 2021, confirming the sound execution of its strategic plan. Our omnichannel model continues to expand and attract customers: our digital initiatives place us in a leading position in new markets, our store network is growing at a fast pace - allowing us to achieve our target for openings in growth formats a year ahead of schedule - and we are recording market share gains in our key countries. This commercial momentum is reflected in an equally solid financial performance, with sales growth despite a high comparable base, a marked improvement in our operating profit, particularly in France, and a record level of net free cash flow generation. The Group's financial position enables to announce a new share buyback. Our Group also stepped up its action in favor of the food transition for all in 2021, in particular regarding inclusion and the fight against climate change, and again exceeded its targets.
I would like to thank all our employees, who have been mobilized for two years now in a difficult sanitary context, for these results. They attest to the success of the Group's transformation and give us great confidence in our performance ahead. We look to the future with great ambition and will present our next strategic plan in early fall."
Note: (1) Sum of FY 2020 LFL and FY 2021 LFL; (2) Recurring Operating Income includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees in 2020 (€128m in H1) are accounted for under other non-current income and expenses; (3) Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out of exceptional charges
| (in €m) | 2020 | 2021 | Variation |
|---|---|---|---|
| Sales inc. VAT | 78,609 | 81,245 | +2.3% LFL |
| Recurring operating income (ROI) | 2,173 | 2,272 | +7.7%, +€168m (at constant FX) |
| Recurring operating margin | 3.1% | 3.1% | +4bps (+8bps at constant FX) |
| Operating income | 1,686 | 1,911 | +13.3% / +€225m |
| Net income, Group share | 641 | 1,072 | +€431m |
| Adjusted net income, Group share | 1,011 | 1,158 | +€146m |
| Adjusted EPS | 1.26 | 1.47 | +17.2% |
| Net Free Cash Flow | 1,056 | 1,228 | +€172m |
| Net financial debt (at December 31) | 2,616 | 2,633 | +€16m |
In 2021, Carrefour sales continued to grow (+2.3% LFL) on a very high comparable base (+7.8% LFL in 2020) and in a context of easing sanitary constraints for out-of-home consumption.
This performance attests to the continuous improvement in the Group's model and reflects solid momentum of market share gains in all key countries. The Group's digital strategy is also bearing fruit, with +20% growth in food e-commerce activity.
Carrefour reached its targets for convenience store openings and disposals of non-strategic real estate assets at end-2021, one year ahead of plan. The Group also significantly strengthened its presence in growth formats with the acquisition of Grupo BIG in Brazil, whose closing is expected at the end of Q2 2022; synergies, initially expected at R\$1.7bn, have been raised to above R\$2.0bn. In parallel, Carrefour continued to optimize its operating model with the transfer, in France, of 10 hypermarkets and 44 supermarkets to lease-management in 2021. A new program of 43 stores (16 hypermarkets and 27 supermarkets) was announced, with the first transfers expected starting in March 2022.
Focus on customer satisfaction is paying off, with a further NPS® improvement in 2021.
With inflation accelerating, the Group is more committed than ever to protecting its customers' purchasing power, while continuing to reinforce its economic model. In this context, Carrefour has intensified its cost savings momentum. After achieving €930m in savings in 2021, allowing the Group to absorb the first impacts of inflation observed during the second half, Carrefour is raising its cost savings target to €2.7bn by 2023 on an annual basis, vs a previous target of €2.4bn.
The Group's recurring operating income was up +7.7%, thanks notably to an excellent performance in France (+20.4%) where ROI margin continued its rapid progression.
Profitability increase went hand in hand with record net free cash flow generation of €1,228m, allowing the Group to continue its investments, notably in digital, and to consider external growth opportunities. In addition, the dividend was raised by +8% to €0.52 per share (to be proposed at the General Meeting on June 3, 2022) and the Group is launching a new share buyback for €750m, after €700m carried out in 2021.
In 2021, all segments grew again, on the back of a record base in 2020. 2021 LFL sales were up +1.8% (+2.4% LFL in food, -1.7% LFL in non-food), or LFL growth of +5.4% on a two-year stack1 . Carrefour market share in France improved by +0.2 points2 over the year. The Group outperformed in each of the benchmark channels: hypermarkets, supermarkets, convenience and Drive 3 . E-commerce in France increased by +80% vs 2019 (+19% vs 2020), with food up +77% (+18% vs 2020).
Recurring operating income for 2021 was up +20.4% (+€128m) to €757m, compared to €629m in 2020. Operating margin increased by +30bps to 2.1%, after a +24bps improvement in 2020. This evolution reflects the excellent dynamics of retail activities, combined with strong cost savings momentum.
In Spain, sales were broadly stable (-0.4% LFL/+6.7% over 2 years), after strong growth in 2020. Carrefour continued to gain market share in 2021 (+0.3pt).
Italy (-3.0% LFL/-8.2% over 2 years) improved sharply over the year and returned to positive territory in H2 (+0.8% LFL in Q3, +2.5% LFL in Q4), driven by an offensive commercial strategy and a strong improvement in NPS®.
In Belgium (-4.2% LFL/+4.1% over 2 years), the performance over two years remained very solid. However, activity was penalized by a deflationary competitive environment, a high comparable base during the summer season and supply shortages in Q4 due to important disruptions at a major logistics partner.
Poland (+3.0% LFL/+2.3% over 2 years) benefitted from a favorable dynamic, notably with a recovery in household consumption and the reopening of shopping malls in 2021.
Finally, in Romania (+2.0% LFL/+4.1% over 2 years), the Group maintained good momentum, driven by a strong improvement in NPS®.
Recurring operating income in Europe in 2021 was up +3.3% (+€23m) at constant exchange rates to €718m, compared to €698m in 2020. Operating margin increased by +9bps to 3.4%. All countries, except Belgium, posted an increase in ROI and ROI margin. Profitability improvement in 2021 was particularly marked in Spain and in Italy.
In 2021, sales growth remained high in Latin America (+9.3% LFL), after a record year in 2020 (+23.0% LFL).
In Brazil, LFL sales were up +1.0% in 2021, on a very high comparable base (+18.2% in 2020). This is a solid performance in a macroeconomic environment that deteriorated over the year, with high inflation weighing on consumer purchasing power. Food sales continued to grow; non-food sales were down on an exceptionally high year in 2020 but remained up +10% over two years. In addition, Atacadão finalized
1 Sum of FY 2020 LFL and FY 2021 LFL
2 Market shares based on NielsenIQ RMS data for total food and non-food sales for the 52-week period ending 02/01/2022 for Carrefour Group vs the French total retail market (Copyright © 2022, NielsenIQ)
3Market shares based on NielsenIQ RMS data for total food and non-food sales for the 52-week period ending 02/01/2022 for Carrefour Hypermarkets vs total Hypermarket banners, Carrefour Supermarkets vs total Supermarket banners, Carrefour Convenience vs total Convenience banners, Carrefour Drive vs total Drive banners in France (Copyright © 2022, NielsenIQ)
the conversion of Makro stores, whose ramp-up is faster than expected, delivering higher results than anticipated
In Argentina, LFL sales were up +50.0%, after +49.3% in 2020. Beyond high food inflation, this excellent performance reflected a strong increase in volumes, translating into continued market share gains
In Taiwan, 2021 sales were up +16.7% at constant exchange rates (-3.0% LFL), thanks notably to the acquisition of Wellcome convenience stores.
2021 ROI was down to €78m, compared to €94m in 2020, notably due to the integration of Wellcome stores that are under transformation and the impact of sanitary measures, penalizing traffic in hypermarkets and shopping malls.
The Group's sales amounted to €22,170m pre-IAS 29, growing by +5.7%. This Q4 evolution includes an unfavorable foreign exchange impact of -0.6%, notably due to the depreciation of the Argentine Peso, a favorable petrol impact of +3.7%, a calendar effect of -0.1%, an openings effect of +1.0% and an acquisitions effect of +1.9%. The impact of the application of IAS 29 was +€176m.
LFL sales were up +0.7%, after strong LFL growth of +8.7% in Q4 2020. This performance attests to good commercial momentum, notably during the festive period around Christmas.
In France, Q4 2021 sales were down -0.3% LFL (+0.2% LFL in food, -3.2% LFL in non-food). Over two years, LFL sales were up +5.2%, accelerating sequentially in all formats, notably in hypermarkets, where the cumulative performance improved from -0.3% in Q3 to +2.1% in Q4. Non-food LFL sales in France were up by +2.5% over two years, driven by strong growth in 2020. The recovery of sales to bars and restaurants enabled Promocash's activities to regain the ground lost in 2020.
| Q4 | ||||
|---|---|---|---|---|
| LFL variation excl. petrol excl. Calendar |
2021 | 2-year stack | ||
| Hypermarkets | -1.8% | +2.1% | ||
| Supermarkets | -1.3% | +8.5% | ||
| Convenience/other formats | +6.9% | +8.9% | ||
| o/w convenience | +1.8% | +7.7% | ||
| France | -0.3% | +5.2% |
In Taiwan, Q4 LFL sales were up +2.3%, despite the impact of constraints due to the pandemic. The distribution by the government of purchasing coupons offered to boost the economy resumed in October. Over two years, LFL growth reached +2.4%.
Full-year 2021 gross sales increased by +2.3% on a like-for-like basis. The Group's gross sales stood at €80,895m pre-IAS 29, an increase of +5.3% at constant exchange rates. This evolution included a petrol impact of +2.1%, due to an increase in oil prices and volumes, an openings effect of +0.9%, an acquisitions effect of +1.8% and an unfavorable foreign exchange impact of -2.7%.
Net sales amounted to €72,958m.
Gross margin stood at 21.3% of net sales, down -57bps. This evolution was mainly due to the strong increase of petrol sales which carry lower margin. Excluding petrol, the decrease represents -24bps and reflected:
Distribution costs improved by 49bps to 15.4% of net sales, compared to 15.9% in 2020. They benefited from cost savings plans and include costs related to new store openings, ongoing conversion of recently-acquired stores and new services offered to customers, notably in digital.
Group Recurring Operating Income (ROI) reached €2,272m, up +€168m (+7.7%) at constant exchange rates (the foreign exchange impact was negative at -€69m). Operating margin was up +4bps (+8bps at constant exchange rates), to 3.1%.
The ROI improvement in 2021 reflected:
Non-recurring income and expenses stood at €(374)m, vs €(474)m in 2020. They notably include provisions for organizational transformation projects, for €(385)m.
Net income, Group share stood at €1,072m vs €641m in 2020. It includes the following items:
Adjusted net income, Group share improved by +14.4% (+€146m), to €1,158m compared to €1,011m in 2020.
Adjusted EPS improved by +17.2% to €1.47 compared to €1.26 in 2020.
1 Excluding non-current income and taxes not assessed on pre-tax income
In 2021, the Group posted record net free cash flow1 generation at €1,228m, an increase of +€172m vs €1,056m in 2020.
The improvement in net free cash flow in 2021 notably reflected the following items:
Net financial debt stood at €2,633m at December 31, 2021, vs €2,616m at December 31, 2020. This relative stability reflects the following items:
Since 2018, the Group has demonstrated great financial discipline and has strengthened its balance sheet and liquidity. This is an important asset in the current context, marked by rapid changes in food retail and the COVID-19 pandemic.
In May 2021, Moody's raised the outlook for Carrefour to "stable". As of December 31, 2021, the Group was rated Baa1 stable outlook by Moody's and BBB stable outlook by Standard & Poor's.
In April, the Group redeemed a bond issue in the amount of €871m, with a coupon of 3.88%.
In addition, in May 2021, Carrefour exercised the option to extend from June 2025 to June 2026 its two credit facilities for a total amount of €3.9bn. This option was subscribed at an equivalent of more than 99% of bank commitments.
Finally, the Group updated its EMTN (Euro-Medium Term Notes) program in June 2021 by including a CSR component. The Group published a Sustainability-Linked Bond-type Framework, aimed at strengthening the CSR dimension of its bond financing.
1 Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out of exceptional charges
The proposed dividend for the 2021 financial year is €0.52 per share (vs €0.48 in 2020). It will be paid fully in cash and is subject to the approval of the General Meeting of June 3, 2022.
In view of the solid 2021 results and strong cash generation, the Board of Directors has approved the launch of a buyback of Carrefour shares for a maximum amount of €750m, with a view to cancelling those shares.
This decision is part of the capital allocation policy aiming at achieving an efficient balance between capex, acquisitions and return on equity.
These buyback operations reflect management's confidence in the Group's operational performance, its generation of free cash flow and its prospects.
These transactions fall within the framework of Carrefour's share buyback program, as authorized by the General Meeting of shareholders of May 21, 2021.
Carrefour will appoint one or more independent financial intermediaries responsible for implementing these buybacks, in compliance with the regulations in force, in particular in terms of the price and volume of shares that can be bought back daily.
Subject to market conditions1 , Carrefour expects these transactions to take place by the end of 2022.
2021 was marked by an acceleration of inflation during the second half, due to the increase in energy, transportation and raw material prices, notably agricultural commodities. This increase had a limited impact in 2021 on the Group's purchases (goods for sale), thanks to contracts negotiated for the entire year, particularly for national brands. The impact was more significant on distribution costs. In that context, Carrefour intensified its cost savings plan.
These inflationary pressures should persist in 2022 and have a more significant impact for all players in the market, particularly in Europe. Carrefour is fully committed to protecting its customers' purchasing power, while continuing to reinforce its economic model.
To do so, Carrefour has significant assets: a strong position in its key markets, favorable commercial and market share momentum that benefits the Group's commercial partners, a proven ability to reduce its costs and longstanding experience of inflationary environments thanks to its international footprint. To protect its customers' purchasing power, the Group can notably count on the ramp-up of Carrefour-branded products offering an excellent quality/price ratio, an extended offer of "entry-price" products and a powerful loyalty program, enhancing the competitiveness of its banners.
1 The implementation of these buybacks, their duration, and the final amounts thus repurchased will depend in particular on market conditions. Carrefour reserves the right to change all or part of the terms of these buybacks, within the limits indicated above
At its Digital Day held on November 9, 2021, Carrefour presented the key drivers of its 2026 digital strategy and the related value-creation objectives.
This strategy is based on the Group's unique and decisive assets, resulting from the deep transformation carried out since 2018. It is built on a "data-centric, digital first" approach and will be driven by four key pillars: acceleration of e-commerce, ramp-up of Data & Retail Media activities, digitization of financial services and transformation, through digital, of traditional retail operations.
In 2021, the Group already recorded several advances, attesting to the acceleration of its digital strategy.
In 2021, Carrefour's e-commerce GMV reached €3.3bn, up by +12%, and the Group aims to triple this GMV to €10bn in 2026.
The Group continued its e-commerce offensive in 2021, with notably:
In France, Carrefour recorded steady market share gains across all digital channels in 20211 :
Furthermore, the Group continues to accelerate in non-food e-commerce. In January 2022, Carrefour partnered with Brut. to launch "Brut Shop", whose aim is to become the leader in the French live shopping market.
Carrefour anticipates generating an additional €200m of recurring operating income in e-commerce in 2026 vs 2021.
The Group concluded partnerships with global tech leaders (Criteo, Google, LiveRamp) to launch the Carrefour Links platform in June 2021; more than 150 of Carrefour's industrial partners were already using the platform at the end of December and first results are very promising.
Carrefour aims to be the European leader in Data & Retail Media, a rapidly growing market, and expects this activity to generate an additional €200m of ROI in 2026 vs 2021.
The Group continued to accelerate the digitization of its financial services. In 2021, the share of new credit taken up online increased +8 points to 38%; the share of customers using the digital channel was up +9 points to 67%.
In France, the "Pass" payment card acquisition path was completely overhauled and digitized, allowing online registration in 7 minutes. In Brazil, the acquisition path of new customers is now fully integrated to the e-commerce website, allowing the instant issuance of a virtual payment card that can be used right away to settle purchases.
In parallel, Carrefour has partnered with fintech companies, including Pledg in France to offer payment in installments to Carrefour Travel customers, and Lovys in Spain to offer a fully digital experience in home insurance.
1 Source: Fox Intelligence, Nielsen
In late January, the General Superintendence of the Brazilian antitrust regulator (CADE) recommended approval of Carrefour's acquisition of Grupo BIG, announced in March 2021. This recommendation foresees the divestment of a very limited number of stores, mentioning up to 11 of Grupo BIG's 388 stores, or less than 3% of the total store portfolio. The antitrust authority's final decision is expected by June 2022.
Expected synergies identified when the transaction was announced amounted to additional EBITDA of R\$1.7bn on an annual basis three years after the closing. Based on ongoing discussions with Grupo BIG, Carrefour is increasing the synergy objective to more than R\$2.0bn.
The upgrade in expected synergies results from:
In 2021, Carrefour has once again exceeded its CSR targets, with an achievement rate of 111% on the CSR and Food Transition index. This index, introduced in 2018, assesses the performance of Carrefour's implementation of its CSR commitments. In 2021, Carrefour enhanced its ambitions by setting new targets, notably in the following areas:
External extra-financial indices recognize the Group's good performance: Carrefour is ranked as the top French retailer for its CSR commitments in the Dow Jones Sustainability Index (DJSI) World and obtained the best grade (A) in the Carbon Disclosure Project (CDP).
1 Source: Ipsos
The Carrefour Board of Directors met on February 16, 2022 under the chairmanship of Alexandre Bompard and approved the condensed consolidated financial statements for the 2021 financial year. These accounts have been audited and the certification report is being issued. The accounts are, and the related auditors' report will be, available at:https://www.carrefour.com/en/finance/financial-publications
Investor Relations Sébastien Valentin, Anthony Guglielmo, Louise Brun Tel: +33 (0)1 64 50 79 81 Shareholder Relations Tel: 0 805 902 902 (toll-free in France)
Group Communication Tel: +33 (0)1 58 47 88 80
The Group's sales amounted to €22,170m pre-IAS 29. Foreign exchange had an unfavorable impact in the fourth quarter of -0.6%, due to the depreciation of the Argentine Peso. Petrol had a favorable impact of +3.7%. The calendar effect was an unfavorable -0.1%. The effect of openings was +1.0%. The effect of acquisitions was +1.9%. The impact of the application of IAS 29 was +€176m.
| Sales | Variation ex petrol ex calendar |
Total variation inc. petrol | |||
|---|---|---|---|---|---|
| inc. VAT (€m) |
LFL | Organic | at current exchange rates |
at constant exchange rates |
|
| France | 10,643 | -0.3% | -1.3% | +5.7% | +5.7% |
| Hypermarkets | 5,473 | -1.8% | -2.4% | +3.3% | +3.3% |
| Supermarkets | 3,469 | -1.3% | -3.9% | +4.9% | +4.9% |
| Convenience /other formats | 1,701 | +6.9% | +8.5% | +15.8% | +15.8% |
| Other European countries | 6,535 | 0.0% | -0.7% | +1.6% | +2.0% |
| Spain | 2,996 | +1.6% | +1.9% | +7.2% | +7.2% |
| Italy | 1,179 | +2.5% | -2.6% | -0.7% | -0.7% |
| Belgium | 1,115 | -6.8% | -6.8% | -6.9% | -6.9% |
| Poland | 613 | +5.7% | +6.0% | +3.8% | +6.5% |
| Romania | 631 | -3.3% | -2.4% | -3.8% | -2.3% |
| Latin America (pre-IAS 29) | 4,367 | +4.0% | +7.5% | +9.0% | +12.2% |
| Brazil | 3,572 | -6.1% | -2.0% | +4.5% | +3.7% |
| Argentina (pre-IAS 29) | 796 | +61.0% | +61.0% | +34.5% | +61.5% |
| Asia | 625 | +2.3% | +3.2% | +34.5% | +25.5% |
| Taiwan | 625 | +2.3% | +3.2% | +34.5% | +25.5% |
| Group total (pre-IAS 29) | 22,170 | +0.7% | +0.8% | +5.7% | +6.2% |
| IAS 29(1) | 176 | ||||
| Group total (post-IAS 29) | 22,346 |
Note: (1) hyperinflation and foreign exchange
| LFL change excl. petrol and calendar |
Q4 2020 | Q4 2021 | 2-year stack(1) |
|---|---|---|---|
| France | +5.5% | -0.3% | +5.2% |
| Hypermarkets | +3.9% | -1.8% | +2.1% |
| Supermarkets | +9.8% | -1.3% | +8.5% |
| Convenience /other formats | +2.0% | +6.9% | +8.9% |
| Other European countries | +1.8 % | 0.0% | +1.7% |
| Spain | +6.0% | +1.6% | +7.6% |
| Italy | -7.6% | +2.5% | -5.1% |
| Belgium | +5.7% | -6.8% | -1.2% |
| Poland | -4.2% | +5.7% | +1.6% |
| Romania | +1.6% | -3.3% | -1.8% |
| Latin America | +25.3% | +4.0% | +29.3% |
| Brazil | +22.9% | -6.1% | +16.8% |
| Argentina | +39.6% | +61.0% | +100.7% |
| Asia | +0.1% | +2.3% | +2.4% |
| Taiwan | +0.1% | +2.3% | +2.4% |
| Group total | +8.7% | +0.7% | +9.4% |
Note: (1) Sum of Q4 2020 LFL and Q4 2021 LFL
| Calendar | Petrol | Foreign exchange |
|
|---|---|---|---|
| France | -0.1% | +6.8% | - |
| Hypermarkets | -0.2% | +5.8% | - |
| Supermarkets | +0.1% | +8.8% | - |
| Convenience /other formats | -0.3% | +5.9% | - |
| Other European countries | -0.3% | +1.5% | -0.4% |
| Spain | -0.8% | +2.4% | - |
| Italy | +0.0% | +1.8% | - |
| Belgium | -0.1% | - | - |
| Poland | +0.6% | -0.2% | -2.7% |
| Romania | +0.1% | +0.0% | -1.5% |
| Latin America | +0.3% | +0.9% | -3.3% |
| Brazil | +0.2% | +1.3% | +0.8% |
| Argentina | +0.5% | - | -27.0% |
| Asia | -0.9% | - | +9.0% |
| Taiwan | -0.9% | - | +9.0% |
| Group total | -0.1% | +3.7% | -0.6% |
The Group's sales amounted to €80,895m pre-IAS 29. Foreign exchange had an unfavorable impact in 2021 of -2.7%, due to the depreciation of the Brazilian Real and the Argentine Peso. Petrol had a favorable impact of +2.1%. The calendar effect was an unfavorable -0.3%. The effect of openings was +0.9%. The effect of acquisitions was +1.8%. The impact of the application of IAS 29 was +€351m.
| Sales | Variation ex petrol ex calendar LFL |
Total variation inc. petrol | |||
|---|---|---|---|---|---|
| inc. VAT (€m) |
LFL | Organic | at current exchange rates |
at constant exchange rates |
|
| France | 39,341 | +1.8% | +0.0% | +3.7% | +3.7% |
| Hypermarkets | 19,648 | +0.6% | +0.0% | +2.7% | +2.7% |
| Supermarkets | 13,224 | +3.6% | -1.1% | +4.0% | +4.0% |
| Convenience /other formats | 6,469 | +2.1% | +2.6% | +6.1% | +6.1% |
| Other European countries | 23,662 | -1.1% | -1.5% | +0.2% | +0.7% |
| Spain | 10,471 | -0.4% | -0.2% | +4.6% | +4.6% |
| Italy | 4,416 | -3.0% | -6.5% | -5.3% | -5.3% |
| Belgium | 4,307 | -4.2% | -4.1% | -4.5% | -4.5% |
| Poland | 2,110 | +3.0% | +3.5% | +0.8% | +3.6% |
| Romania | 2,358 | +2.0% | +3.2% | +1.3% | +3.0% |
| Latin America (pre-IAS 29) | 15,292 | +9.3% | +12.3% | +1.4% | +15.2% |
| Brazil | 12,754 | +1.0% | +4.6% | +0.3% | +8.6% |
| Argentina (pre-IAS 29) | 2,538 | +50.0% | +49.9% | +6.9% | +49.7% |
| Asia | 2,600 | -3.0% | -4.1% | +18.7% | +16.7% |
| Taiwan | 2,600 | -3.0% | -4.1% | +18.7% | +16.7% |
| Group total (pre-IAS 29) | 80,895 | +2.3% | +1.9% | +2.6% | +5.3% |
| IAS 29(1) | 351 | ||||
| Group total (post-IAS 29) | 81,245 |
Note: (1) hyperinflation and foreign exchange
| LFL change excl. petrol and calendar |
2020 | 2021 | 2-year stack(1) |
|---|---|---|---|
| France | +3.6% | +1.8% | +5.4% |
| Hypermarkets | +1.0% | +0.6% | +1.6% |
| Supermarkets | +6.8% | +3.6% | +10.4% |
| Convenience /other formats | +5.2% | +2.1% | +7.2% |
| Other European countries | +3.5% | -1.1% | +2.3% |
| Spain | +7.1% | -0.4% | +6.7% |
| Italy | -5.2% | -3.0% | -8.2% |
| Belgium | +8.3% | -4.2% | +4.1% |
| Poland | -0.6% | +3.0% | +2.3% |
| Romania | +2.1% | +2.0% | +4.1% |
| Latin America | +23.0% | +9.3% | +32.3% |
| Brazil | +18.2% | +1.0% | +19.2% |
| Argentina | +49.3% | +50.0% | +99.3% |
| Asia | +1.2% | -3.0% | -1.8% |
| Taiwan | +1.2% | -3.0% | -1.8% |
| Group total | +7.8% | +2.3% | +10.1% |
Note: (1) Sum of FY 2020 LFL and FY 2021 LFL
| Calendar | Petrol | Foreign exchange |
|
|---|---|---|---|
| France | -0.3% | +3.9% | - |
| Hypermarkets | -0.4% | +3.2% | - |
| Supermarkets | -0.2% | +5.3% | - |
| Convenience /other formats | -0.3% | +3.6% | - |
| Other European countries | -0.4% | +1.0% | -0.4% |
| Spain | -0.7% | +1.7% | - |
| Italy | +0.1% | +1.1% | - |
| Belgium | -0.4% | - | - |
| Poland | -0.2% | +0.3% | -2.8% |
| Romania | -0.2% | +0.0% | -1.7% |
| Latin America | -0.4% | +0.4% | -13.8% |
| Brazil | -0.3% | +0.8% | -8.3% |
| Argentina | -0.2% | - | -42.8% |
| Asia | +0.1% | - | +2.0% |
| Taiwan | +0.1% | - | +2.0% |
| Group total | -0.3% | +2.1% | -2.7% |
| Net sales | ROI(1) | |||||||
|---|---|---|---|---|---|---|---|---|
| (in €m) | 2020 | 2021 | Variation at constant exchange rates |
Variation at current exchange rates |
2020 | 2021 | Variation at constant exchange rates |
Variation at current exchange rates |
| France | 34,135 | 35,283 | +3.4% | +3.4% | 629 | 757 | +20.4% | +20.4% |
| Europe (ex-France) | 21,239 | 21,283 | +0.6% | +0.2% | 698 | 718 | +3.3% | +2.8% |
| Latin America | 13,245 | 13,895 | +14.5% | +4.9% | 786 | 768 | +6.3% | -2.2% |
| Asia | 2,100 | 2,497 | +16.9% | +18.9% | 94 | 78 | -18.1% | -16.7% |
| Global functions | - | - | - | - | (33) | (49) | n.a. | n.a. |
| TOTAL | 70,719 | 72,958 | +5.0% | +3.2% | 2,173(1) | 2,272 | +7.7% | +4.6% |
Notes: (1) Recurring Operating Income includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees in 2020 (€128m in H1) are accounted for under other non-current income and expenses
| (in €m) | 2020 | 2021 | Variation at constant exchange rates |
Variation at current exchange rates |
|---|---|---|---|---|
| Net sales | 70,719 | 72,958 | 5.0% | 3.2% |
| Net sales, net of loyalty program costs | 69,967 | 72,105 | 4.9% | 3.1% |
| Other revenue | 2,183 | 2,181 | 2.7% | (0.1%) |
| Total revenue | 72,150 | 74,286 | 4.9% | 3.0% |
| Cost of goods sold | (56,705) | (58,766) | 5.6% | 3.6% |
| Gross margin | 15,445 | 15,520 | 2.4% | 0.5% |
| As a % of net sales | 21.8% | 21.3% | (55bps) | (57bps) |
| SG&A | (11,233) | (11,229) | 1.8% | (0.0%) |
| As a % of net sales | 15.9% | 15.4% | (50bps) | (49bps) |
| Recurring operating income before D&A (EBITDA)(1) | 4,465 | 4,550 | 3.9% | 1.9% |
| EBITDA margin | 6.3% | 6.2% | (7bps) | (8bps) |
| Amortization | (2,039) | (2,018) | (0.0%) | (1.0%) |
| Recurring operating income (ROI)(2) | 2,173 | 2,272 | 7.7% | 4.6% |
| Recurring operating margin | 3.1% | 3.1% | +8bps | +4bps |
| Income from associates and joint ventures | (13) | 12 | ||
| Recurring operating income including income from associates and joint ventures |
2,160 | 2,284 | ||
| Non-recurring income and expenses | (2) (474) |
(3) (374) |
||
| Operating income | 1,686 | 1,911 | ||
| Financial result | (334) | (279) | ||
| Finance costs, net | (171) | (172) | ||
| Net interests related to leases commitment | (113) | (106) | ||
| Other financial income and expenses | (50) | (1) | ||
| Income before taxes | 1,351 | 1,632 | ||
| Income tax expense | (498) | (372) | ||
| Net income from continuing operations | 853 | 1,259 | ||
| Net income from discontinued operations | (22) | 42 | ||
| Net income | 831 | 1,301 | ||
| of which Net income, Group share | 641 | 1,072 | ||
| of which continuing operations | 663 | 1,030 | ||
| of which discontinued operations | (22) | 42 | ||
| of which Net income, Non-controlling interests | 190 | 229 | ||
| of which continuing operations | 190 | 229 | ||
| of which discontinued operations | - | - | ||
| Net Income, Group share, adjusted for exceptional items | 1,011 | 1,158 | ||
| Depreciation from supply chain (in COGS) | (253) | (259) | ||
| Net Income, Group share, adj. for exceptional items, per share | 1.26 | 1.47 | ||
| Weighted average number of shares pre-dilution (in millions) | 806 | 787 |
Notes: (1) Recurring Operating Income Before Depreciation and Amortization (EBITDA) also excludes depreciation and amortization from supply chain activities which is booked in cost of goods sold; (2) ROI includes income and expenses related to COVID-19 effects. Exceptional bonuses and similar benefits to Group employees in 2020 (€128m in H1) are accounted for under other non-current income and expenses; (3) incl. c.€230m of capital gains on the disposal of 60% of Market Pay
| (in €m) | December 31, 2020 published |
December 31, 2020 restated(1) |
December 31, 2021 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 9,358 | 9,358 | 9,328 |
| Tangible assets | 10,505 | 10,505 | 10,721 |
| Financial investments | 2,384 | 2,384 | 2,408 |
| Deferred tax assets | 679 | 679 | 631 |
| Investment properties | 259 | 259 | 291 |
| Right-of-use asset | 4,506 | 4,506 | 4,361 |
| Consumer credit from financial-service companies – Long-term | 1,933 | 1,933 | 1,821 |
| Other non-current assets | 490 | 490 | 321 |
| Non-current assets | 30,115 | 30,115 | 29,883 |
| Inventories | 5,326 | 5,326 | 5,858 |
| Trade receivables | 2,526 | 2,526 | 2,581 |
| Consumer credit from financial-service companies – Short-term | 3,295 | 3,295 | 3,473 |
| Tax receivables | 608 | 608 | 675 |
| Other current assets | 788 | 788 | 943 |
| Other current financial assets | 368 | 368 | 532 |
| Cash and cash equivalents | 4,439 | 4,439 | 3,703 |
| Current assets | 17,349 | 17,349 | 17,765 |
| Assets held for sale | 124 | 124 | 20 |
| TOTAL | 47,588 | 47,588 | 47,668 |
| LIABILITIES | |||
| Shareholders' equity, Group share | 9,795 | 10,103 | 10,251 |
| Minority interests in consolidated companies | 1,502 | 1,507 | 1,579 |
| Shareholders' equity | 11,297 | 11,609 | 11,830 |
| Deferred tax liabilities | 467 | ||
| Provision for contingencies | 467 | 374 | |
| 2,670 | 2,357 | 2,455 | |
| Borrowings – Long-term | 6,305 | 6,305 | 5,491 |
| Lease liabilities – Long-term | 3,787 | 3,787 | 3,602 |
| Bank loans refinancing – Long-term | 1,506 | 1,506 | 1,573 |
| Tax payables – Long-term | 214 | 214 | 193 |
| Non-current liabilities | 14,949 | 14,637 | 13,688 |
| Borrowings – Short-term | 1,084 | 1,084 | 1,342 |
| Lease liabilities – Short-term | 936 | 936 | 995 |
| Trade payables | 12,560 | 12,560 | 13,072 |
| Bank loans refinancing – Short-term | 3,067 | 3,067 | 2,868 |
| Tax payables – Short-term | 1,039 | 1,039 | 1,108 |
| Other current payables | 2,617 | 2,617 | 2,765 |
| Current liabilities | 21,303 | 21,303 | 22,150 |
| Liabilities related to assets held for sale | 39 | 39 | - |
Notes: (1) Restated for the IFRS IC decision on IAS 19
| (in €m) | 2020 | 2021 | Variation |
|---|---|---|---|
| NET DEBT AT OPENING | (2,615) | (2,616) | (1) |
| EBITDA | 4,465 | 4,550 | 85 |
| Income tax | (477) | (439) | 38 |
| Financial result (excl. net cost of debt and net interests related to leases obligations) | (50) | (1) | 49 |
| Cash impact of restructuring items and others | (476) | (299) | 177 |
| Gross cash flow (excl. discontinued) | 3,462 | 3,811 | 349 |
| Change in working capital requirement (incl. change in consumer credit) | (14) | (136) | (122) |
| Discontinued operations | (54) | (15) | 39 |
| Operating cash flow (incl. exceptional items and discontinued) | 3,395 | 3,661 | 266 |
| Capital expenditure | (1,241)(1) | (1,626) | (385) |
| Asset disposals (business-related) | 155 | 277 | 122 |
| Change in net payables and receivables on fixed assets | (85) | 124 | 209 |
| Free cash flow | 2,223 | 2,435 | 211 |
| Free cash flow (excl. exceptional items and discontinued) | 2,761 | 2,721 | (40) |
| Payments related to leases (principal and interests) net of subleases payments received | (996) | (1,035) | (39) |
| Net cost of financial debt | (171) | (172) | (1) |
| Net free cash flow | 1,056 | 1,228 | 172 |
| Net free cash flow (excl. exceptional items and discontinued) | 1,594 | 1,514 | (79) |
| Exceptional items and discontinued operations(2) | (538) | (286) | 252 |
| Financial investments | (591) | (331) | 260 |
| Disposal of investments | 20 | 192 | 172 |
| Capital increase / (decrease) of Carrefour SA | - | (702) | (702) |
| Dividends paid | (170) | (576) | (406) |
| Others | (316) | 172 | 488 |
| NET DEBT AT CLOSE | (2,616) | (2,633) | (16) |
Notes: (1) Restated for Makro; (2) Discontinued operations, restructuring (€298m in 2021 vs €341m in 2020), payment of exceptional bonuses and similar benefits to Group employees in 2020 (€128m in H1) and others
| (in €m) | Total shareholders' equity |
Shareholders' equity. Group share |
Minority interests |
|---|---|---|---|
| At December 31, 2020 (published) | 11,297 | 9,795 | 1,502 |
| IFRS IC – IAS 19 impacts | 312 | 308 | 4 |
| At December 31, 2020 (restated(1)) | 11,609 | 10,103 | 1,507 |
| FY 2021 total net income | 1,301 | 1,072 | 229 |
| Other comprehensive income/(loss). after tax | 179 | 153 | 27 |
| Dividends | (581) | (383) | (198) |
| Impact of scope and others(2) | (678) | (693) | 14 |
| At December 31, 2021 | 11,830 | 10,251 | 1,579 |
Note: (1) Restated for the IFRS IC decision on IAS 19; (2) mainly own share buyback
| (in €m) | 2020 | 2021 |
|---|---|---|
| Net income, Group share | 641 | 1,072 |
| Restatement for non-recurring income and expenses (before tax) | 474 | 374 |
| Restatement for exceptional items in net financial expenses | 29 | 31 |
| Tax impact(1) | (147) | (292) |
| Restatement on share of income from companies consolidated by the equity method |
- | - |
| Restatement on share of income from minorities | (8) | 16 |
| Restatement for net income of discontinued operations, Group share | 22 | (42) |
| Adjusted net income, Group share | 1,011 | 1,158 |
Note: (1) Tax impact of restated items (non-recurring income and expenses and financial expenses) and exceptional tax items
The impact on Group sales is presented in the table below:
| Sales incl. VAT (€m) | 2020 pre-IAS 29 |
LFL(1) | Calendar | Openings | Scope and (2) others |
Petrol | 2021 at constant rates pre-IAS 29 |
Forex | 2021 at current rates pre-IAS 29 |
IAS 29(3) | 2021 at current rates post-IAS 29 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 | 19,445 | +4.2% | -1.0% | +0.8% | -0.6% | -1.1% | +2.2% | -6.7% | 18,564 | +13 | 18,577 |
| Q2 | 18,710 | +3.6% | -0.4% | +0.8% | +0.6% | +3.8% | +8.3% | -3.0% | 19,692 | +49 | 19,742 |
| Q3 | 19,690 | +0.8% | +0.1% | +0.9% | +0.9% | +2.0% | +4.6% | -0.7% | 20,468 | +112 | 20,581 |
| Q4 | 20,975 | +0.7% | -0.1% | +1.0% | +0.9% | +3.7% | +6.2% | -0.6% | 22,170 | +176 | 22,346 |
| FY | 78,820 | +2.3% | -0.3% | +0.9% | +0.5% | +2.1% | +5.3% | -2.7% | 80,895 | +351 | 81,245 |
Notes: (1) excluding petrol and calendar effects and at constant exchange rates; (2) including transfers; (3) hyperinflation and foreign exchange
Comparative data for 2020 have been restated ("December 31, 2020 restated") in the consolidated financial statements as of December 31, 2021 to reflect the decision by the IFRS Interpretation Committee (IFRS IC) published in May 2021 on attributing benefit to periods of service in calculation of the provision for employee benefits falling within the scope of IAS 19 (see note 4 of the Consolidated Financial Statements).
| End-2021 | Objective | |
|---|---|---|
| Operational objectives | ||
| Improvement in Group NPS® since the beginning of the plan |
+21 points | +30 points by 2022 |
| Sales of Carrefour-branded products | 31% of sales +2 points yoy |
1/3 of sales by 2022 |
| Convenience store openings | 2,994 (+1,120 in 2021) | 2,700 by 2022: ACHIEVED |
| Financial objectives | ||
| E-commerce GMV | €3.3bn | €10bn by 2026 |
| Sales of organic products | €2.7bn | €4.8bn by 2022 |
| Cost-reduction plan | €930m | €2.7bn on an annual basis by 2023 |
| Net Free Cash Flow(1) | €1,228m | >€1bn/year: ACHIEVED |
| Capex | €1.6bn | €1.5bn to €1.7bn/year: ACHIEVED |
| Disposals of non-strategic real estate assets | €330m | €300m additional by 2022: ACHIEVED |
Note: (1) Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out of exceptional charges
Carrefour's CSR and food transition index assesses Carrefour's annual extra-financial results. Designed to measure the performance of CSR policies over several years, the index sets an annual target for the strategic CSR indicators. The overall index score is a simple average of the scores for these indicators(1) .
| Category | Status | Objective | 2020 | 2021 | 2021 score |
|---|---|---|---|---|---|
| Products | 106% | ||||
| Sustainable agriculture |
New | 15% of fresh food sales are organic or agroecological by 2025 |
- | 5% | 96% |
| Raw materials | Raised | 100% of sensitive raw materials to be covered by a risk reduction plan by 2025(1) |
- | 54% | 101% |
| Packaging | Raised | 20,000 tons of packaging avoided by 2025 (cumulative since 2017) |
6 212 | 11 068 | 119% |
| 100% reusable, recyclable or compostable packaging by 2025(2) |
44% | 46% | |||
| Animal welfare | New | 100% of our key animal welfare policy objectives deployed in all countries by 2025(3) |
- | 62% | 101% |
| Suppliers engagement |
New | 300 suppliers to commit to the food transition pact by 2025 |
26 | 114 | 114% |
| Stores | 102% | ||||
| Food waste | Confirmed | Reduce food waste by 50% by 2025 (vs 2016) | -29% | -31% | 93% |
| Waste | Confirmed | 100% of waste to be recycled by 2025 | 66% | 68% | 95% |
| CO2 emissions | Raised | Reduce CO2 emissions by -50% by 2030 and by -70% by 2040 vs 2019 (scopes 1 & 2) |
-14% | -20% | 116% |
| Partner producers |
New | 45,000 partner producers by 2025 | 36 277 | 38 580 | 103% |
| Customers | 112% | ||||
| Food transition in stores |
New | +30 points increase in in-store customer surveys regarding organic and local products, the reduction of food waste and packaging, health and nutrition by 2025(4) |
- | +8 | 120% |
| Act For Food program |
Confirmed | 80% of our customers believe that Carrefour helps them to enjoy a healthier and more responsible diet while remaining affordable by 2022(5) |
77% | 78% | 104% |
| Employees | 123% | ||||
| Employees engagement |
New | Minimum employee recommendation score of 75/100 awarded to Carrefour every year by its employees(6) |
80% | 83% | 132% |
| Gender equality | New | Women to account for 35% of the top 200 managers by 2025 |
22% | 25% | 103% |
| Training | New | Every year, at least 50% of employees have access to training |
- | 81% | 161% |
| Disability | Confirmed | Employees with disabilities account for at least 4% the Group's total workforce |
3,6% | 3,4% | 95% |
Note: (1) 3 objectives concerning: fisheries resources, materials with a risk of deforestation (palm oil, Brazilian beef, soy, cocoa and trader traceability) and textile materials (cotton, cashmere and viscose; (2) Group objective. France only in 2021, reporting is being rolled out to the other countries of the Group; (3) 4 objectives concerning: the sale of "cage-free eggs", the use of "cage-free ingredient eggs", the rearing conditions for chickens and animal welfare audits in slaughterhouses; (4) The Customer Barometer measures in-store customer satisfaction on a scale of 0 to 200 for the following criteria: "Choice of organic products", "Choice of local products", "Reduction of plastic packaging", "Fight against food waste" and "Quality of Carrefour brand products"; (5) 1.1 million respondents in 2021; (6) 25,000 employees surveyed in 2021.
| Thousands of sq. m | Dec. 31 2020 |
Sept. 30 2021 |
Openings/ Store enlargements |
Acquisitions | Closures/ Store reductions/ Disposals |
Q4 2021 change |
Dec. 31 2021 |
|---|---|---|---|---|---|---|---|
| France | 5,507 | 5,563 | +31 | +3 | -10 | +23 | 5,586 |
| Europe (ex Fr) | 6,165 | 5,874 | +65 | - | -31 | +34 | 5,908 |
| Latin America(1) | 2,717 | 2,909 | +49 | - | -14 | +35 | 2,944 |
| Asia | 1,035 | 1,142 | +4 | - | -574 | -570 | 572 |
| Others(2) | 1,486 | 1,501 | +49 | - | -7 | +42 | 1,543 |
| Group(1) | 16,910 | 16,988 | +197 | +3 | -636 | -436 | 16,552 |
Note: (1) Restated to align definition of selling space between Atacadão and Carrefour Retail in Brazil; (2) Africa, Middle East and Dominican Republic
| N° of stores | Dec. 31 2020 |
Sept. 30 2021 |
Openings | Acquisitions | Closures/ Disposals |
Transfers | Total Q4 2021 change |
Dec. 31 2021 |
|---|---|---|---|---|---|---|---|---|
| Hypermarkets | 1,212 | 1,226 | +11 | - | -107 | - | -96 | 1,130 |
| France | 248 | 253 | - | - | - | - | - | 253 |
| Europe (ex France) | 456 | 453 | +4 | - | - | - | +4 | 457 |
| Latin America | 185 | 184 | - | - | - | - | - | 184 |
| Asia | 172 | 175 | +1 | - | -106 | - | -105 | 70 |
| Others(1) | 151 | 161 | +6 | - | -1 | - | +5 | 166 |
| Supermarkets | 3,546 | 3,526 | +83 | - | -33 | -2 | +48 | 3,574 |
| France | 1,173 | 1,047 | - | - | -2 | -2 | -4 | 1,043 |
| Europe (ex France) | 1,864 | 1,889 | +55 | - | -18 | - | +37 | 1,926 |
| Latin America | 151 | 150 | +1 | - | - | - | +1 | 151 |
| Asia | 10 | 12 | +1 | - | -9 | - | -8 | 4 |
| Others(1) | 348 | 428 | +26 | - | -4 | - | +22 | 450 |
| Convenience stores | 7,827 | 8,490 | +217 | +21 | -86 | - | +152 | 8,642 |
| France | 4,018 | 4,259 | +84 | +21 | -34 | - | +71 | 4,330 |
| Europe (ex France) | 3,156 | 3,355 | +116 | - | -41 | - | +75 | 3,430 |
| Latin America | 530 | 544 | +16 | - | -2 | - | +14 | 558 |
| Asia | 66 | 281 | +1 | - | -8 | - | -7 | 274 |
| Others(1) | 57 | 51 | - | - | -1 | - | -1 | 50 |
| Cash & carry | 392 | 426 | +14 | - | -1 | +1 | +14 | 440 |
| France | 147 | 146 | - | - | - | +1 | +1 | 147 |
| Europe (ex France) | 13 | 13 | - | - | -1 | - | -1 | 12 |
| Latin America | 214 | 249 | +10 | - | - | - | +10 | 259 |
| Asia | - | - | - | - | - | - | - | - |
| Others(1) | 18 | 18 | +4 | - | - | - | +4 | 22 |
| Soft discount (Supeco) | 71 | 101 | +7 | - | -1 | +1 | +7 | 108 |
| France | 6 | 20 | +5 | - | - | +1 | +6 | 26 |
| Europe (ex France) | 64 | 80 | +2 | - | -1 | - | +1 | 81 |
| Latin America | 1 | 1 | - | - | - | - | - | 1 |
| Asia | - | - | - | - | - | - | - | - |
| Others(1) | - | - | - | - | - | - | - | - |
| Group | 13,048 | 13,769 | +332 | +21 | -228 | - | +125 | 13,894 |
| France | 5,592 | 5,725 | +89 | +21 | -36 | - | +76 | 5,799 |
| Europe (ex France) | 5,553 | 5,790 | +177 | - | -61 | - | +116 | 5,906 |
| Latin America | 1,081 | 1,128 | +27 | - | -2 | - | +27 | 1,153 |
| Asia | 248 | 468 | +3 | - | -123 | - | -120 | 348 |
| Others(1) | 574 | 658 | +36 | - | -6 | - | +30 | 688 |
Note: (1) Africa, Middle East and Dominican Republic
Free cash flow corresponds to cash flow from operating activities before net finance costs and net interests related to lease commitment, after the change in working capital, less net cash from/(used in) investing activities.
Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments.
Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant exchange rates, excluding petrol and calendar effects and excluding IAS 29 impact.
Like for like sales growth plus net openings over the past twelve months, including temporary store closures, at constant exchange rates.
Gross margin corresponds to the sum of net sales and other income, reduced by loyalty program costs and cost of goods sold. Cost of sales comprise purchase costs, changes in inventory, the cost of products sold by the financial services companies, discounting revenue and exchange rate gains and losses on goods purchased.
Recurring Operating Income corresponds to the gross margin lowered by sales, general and administrative expenses, depreciation and amortization.
Recurring Operating Income Before Depreciation and Amortization (EBITDA) also excludes depreciation and amortization from supply chain activities which is booked in cost of goods sold.
Operating Income (EBIT) corresponds to the recurring operating income after income from associates and joint ventures and non-recurring income and expenses. This latter classification is applied to certain material items of income and expense that are unusual in terms of their nature and frequency, such as impairment of non-current assets, gains and losses on sales of non-current assets, restructuring costs and provisions recorded to reflect revised estimates of risks provided for in prior periods, based on information that came to the Group's attention during the reporting year.
® Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc
This press release contains both historical and forward-looking statements. These forward-looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward looking statements as a result of a number of risks and uncertainties. including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure requirements and available on Carrefour's website (www.carrefour.com). and in particular the Universal Registration Document. These documents are also available in English on the company's website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.
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