Carrefour Financial Report

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Financial Report 2011

Financial Report 2011

Financial Report 2011 -

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Financial Report 2011 -

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Consolidated Financial Statements
Management’s discussion and analysis year ended December 31, 2011 Consolidated Financial Statements year ended December 31, 2011 Notes Statutory Auditors’ report on the Consolidated Financial Statements 4 19 25 108

Financial Report 2011 -

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Consolidated Financial Statements
Management’s discussion and analysis year ended December 31, 2011

Management’s discussion and analysis year ended December 31, 2011 This is a free translation into English of the Carrefour Group’s financial report for 2011 which is issued in the French langague, and is provided solely for the convenience of English speaking users.

Sales and earnings performance
MAIN EARNINGS INDICATORS

(in millions of euros)

2011
81,271 2,182 (2,662) (757) (1,002) (2,002) 2,573 371

2010
80,511 2,701 (999) (648) (610) 340 93 433

% change
0.9% (19.2)% 166.6% 16.9% 64.3% na na (14.3)%

Net sales Recurring operating income Non-recurring income and expenses, net Finance costs and other financial income and expenses, net Income tax expense Net (loss)/income from continuing operations – Group share Net income from discontinued operations – Group share Net income – Group share

The Group’s 2011 performance was shaped by a challenging economic environment in mature markets, especially southern Europe, and continued growth in emerging markets, particularly South America:

• the net loss from continuing operations – Group share came to 2,202 million euros;

• net income from discontinued operations amounted to
2,573 million euros, reflecting capital gains on the distribution of Dia shares and the sale of operations in Thailand;

• sales rose by 0.9% as reported, led by the emerging markets; • recurring operating income contracted by 19.2% to 2,182 million euros, mainly due to a decline in margins on operations in France and the rest of Europe;

• as a result, income – Group share came to 371 million euros; • free cash flow totaled 77 million euros, compared with 839 million euros in 2010. The decline was due to a decrease in cash flow from operations and an increase in investments, mainly to remodel hypermarkets in Europe.

• non-recurring items represented a net expense of 2,662 million euros, corresponding mainly to goodwill impairments in Italy (1,750 million euros) and Greece (188 million euros);

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Financial Report 2011 -

Consolidated Financial Statements
Management’s discussion and analysis year ended December 31, 2011

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ANALYSIS OF THE MAIN INCOME STATEMENT ITEMS

Net sales by operating segment
% change at constant exchange rates
0.8% (3.4)% 10.0% 5.1% 1.5%

(in millions of euros)

2011
35,179 23,699 15,082 7,312 81,271

2010
34,907 24,763 13,919 6,923 80,511

% change
0.8% (4.3)% 8.4% 5.6% 0.9%

France Rest of Europe Latin America Asia TOTAL

Net sales before loyalty program costs totaled 81,271 million euros, up 0.9% over 2010, taking into account the currency effect. The net increase breaks down as follows:

• 1.1% positive effect from growth in sales volumes and increases in the price of gasoline sold by the Group, linked to higher oil prices in the markets;

• 0.6% underlying decline on a same-store basis, excluding gasoline; • 0.9% increase from expansion (creation and acquisition of stores, net of closures and disposals);

• (0.5)% negative currency effect, mainly concerning the Argentine peso and the Turkish lira. At constant exchange rates, sales rose by 1.5%.

Net sales by operating segment – contribution to the consolidated total (in %)

2011
43.3% 29.2% 18.6% 9.0% 100.0%

2010
43.4% 30.8% 17.3% 8.6% 100.0%

France Rest of Europe Latin America Asia TOTAL

Financial Report 2011 -

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Consolidated Financial Statements
Management’s discussion and analysis year ended December 31, 2011

RECURRING...
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