Rapport de Stage Mbc Édition

2011 Financial Report

CONTENTS
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

3
4 19 25 108

Corporate financial statements
Corporate financial statements management report issued by the Board of Directors Corporate financial statements Notes on the corporate financial statements Statutory Auditors’ report on the annual financial statements

111
112 128 132 149

Combined General Meeting (Ordinary and Extraordinary) of June 18, 2012 Report by the Chairman of the Board of Directors
Statutory Auditors’ report prepared in accordance with Article L. 225-235 of the French Commercial Code on the report of the Chairman of the Board of Directors

151 159

Report by the Chairman of the Board of Directors on conditions governing the preparation and organization of the Board of Directors’ work and internal-control and risk-management procedures 160

178

Additional information
Store network Commercial statistics

179
180 185

2011 Financial Report

2011 Financial Report -

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2011 Financial Report -

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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

2011 Financial Report -

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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