Carrefour: Sales growth in the fourth quarter and in 2012
Carrefour: Sales growth in the fourth quarter and in 2012
Continued growth in emerging markets, notably Latin America, better quarter in
France
Q4 2012 sales (inc. VAT): +0.8% to €22.9bn
Full-year 2012 sales (inc. VAT): +1.0% to €86.6bn
Business Wire
BOULOGNE-BILLANCOURT, France -- January 17, 2013
Regulatory News:
* Q4 2012 sales: €22.9bn, +0.8%, supported by Latin America and food sales.
Fourth quarter also confirms the improvement in trends reported in France
in the third quarter. Consumption in Southern Europe remains under
pressure.
* France: Sales up 0.6%, with a further improvement in trends in
hypermarkets, sales growth in supermarkets and a solid performance in
convenience. The figures benefit from an increase in fuel sales.
* Europe (excluding France): Sales down 2.4%. The impact of the drop in
consumption is significant this quarter in Southern Europe and
Poland. Belgium continues to record solid growth.
* Latin America: Sales up 4.8% (+15.1% at constant exchange rates).
Continued strong growth in Brazil.
* Asia: Sales growth of 5.6% (-0.5% at constant exchange rates). In
China, expansion continues and constant currency sales increased by
0.7%. Taiwan recorded lower sales in the quarter.
* Full-year 2012 sales: €86.6bn, +1.0%. Emerging markets performed well,
notably Latin America where sales increased by 4.8% (+12.2% at constant
exchange rates).
* 2012 Recurring Operating Income: The Group is comfortable with the current
median consensus which stands at around €2.07bn.
Fourth quarter 2012 sales inc. VAT^1
Change at Change at constant Change at constant
current exch. exch. rates exch. rates
rates inc. inc. petrol ex. petrol
€m petrol
Total LFL Total LFL Total
-0.9%
France 10,537 +0.6% +1.3% +0.6% -0.8%
-
Europe
(ex. 6,387 -2.4% -3.6% -3.1% -3.9% -3.4%
France)
Latin 4,268 +4.8% +10.9% +15.1% +11.2% +15.8%
America
Asia 1,661 +5.6% -3.9% -0.5% -3.9% -0.5%
Group 22,853 +0.8% +1.3% +2.1% +0.4% +1.6%
Full-year 2012 sales inc. VAT^1
Change at Change at constant Change at constant
current exch. exch. exch. rates
€m rates inc. rates inc. petrol ex. petrol
petrol
Total LFL Total LFL Total
France 39,533 +0.1% +0.9% +0.1% -1.5% -1.5%
Europe
(ex. 23,667 -2.5% -2.9% -2.1% -3.4% -2.5%
France)
Latin 16,140 +4.8% +9.4% +12.2% +10.1% +13.1%
America
Asia 7,218 +10.0% -4.1% +0.2% -4.1% +0.2%
Group 86,558 +1.0% +1.0% +1.7% 0.0% +1.1%
^1 Activities in Greece, Singapore, Colombia, Malaysia and Indonesia have been
reclassified as Discontinued Activities as of Jan. 1, 2012. Variations are
pro-forma.
FRANCE
Fourth quarter 2012 sales inc. VAT^2
Change inc. petrol Change ex. petrol
€m
LFL Total LFL Total
Hypermarkets 6,043 -0.1% -0.7% -2.0% -2.3%
Supermarkets 3,394 +2.2% +0.8% +0.1% +0.1%
Convenience and other 1,101 +6.8% +7.6% +4.0% +4.8%
formats
France 10,537 +1.3% +0.6% -0.8% -0.9%
The calendar effect in France is estimated at -0.5% in the fourth quarter.
Sales in France were up 0.6%. Petrol sales benefited from the "Low Price
Guarantee" launched in May and contributed +1.5% to sales growth.
LFL sales in Hypermarkets were broadly stable. Excluding petrol, LFL sales
were down by 2.0%. This performance confirms the sequential improvement
observed in the previous quarter. Food sales grew for the first time in over
two years.
LFL sales in Supermarkets were up by 2.2% (+0.1% excluding petrol). Sales to
our franchisees continued to rise this quarter, despite strong 2011
comparables.
The roll-out of Drive continues, reaching 205 outlets at year-end.
Convenience and other formats recorded LFL sales growth of 6.8%. Excluding
petrol, LFL sales rose 4.0%, renovated stores performed well.
^2 In 2012, expansion was marked by three changes in scope: the end of the
franchise agreement with Coop Atlantique effective January 1, 2012, the end of
the franchise agreement with Altis effective April 6, 2012 and the integration
of Guyenne &Gascogne on June 1, 2012 after the success of the cash tender
offer, with a secondary option in shares, followed by a compulsory buyout
offer.
EUROPE (excluding France)
Fourth quarter 2012 sales inc. VAT^3
Change at Change at constant Change at
current exch. exch. rates constant exch.
€m rates inc. inc. petrol rates ex. petrol
petrol
Total LFL Total LFL Total
Spain 2,440 -4.8% -5.6% -4.8% -6.8% -6.0%
Italy 1,497 -7.8% -6.6% -7.8% -6.5% -7.8%
Belgium 1,189 +3.8% +3.3% +3.8% +3.3% +3.8%
Other 1,261 +3.8% -2.1% 0.0% -1.7% +0.5%
countries
Europe (ex. 6,387 -2.4% -3.6% -3.1% -3.9% -3.4%
France)
The calendar effect in Europe (excluding France) is estimated at -0.3% in the
fourth quarter. Exchange rate effects were positive in the quarter due to the
appreciation of the Polish and Turkish currencies against the euro.
Sales in Europe (excluding France) fell by 2.4% at current exchange rates,
broadly in line with the previous quarter.
Weak LFL sales trends in Spain continued (-6.8% excluding petrol) as austerity
measures continued to impact consumption.
In Italy, LFL sales dropped by 6.5% excluding petrol. The drop in consumption
since this summer has resulted in a more intense competitive and promotional
environment.
Belgium recorded a further rise in sales (+3.3% LFL), confirming the good
momentum observed in recent quarters.
Sales in other countries (Poland, Turkey and Romania) were stable at constant
exchange rates. Sales ex. petrol were down 1.7% LFL, with a tougher
consumption environment in Poland in the fourth quarter. LFL sales grew in
Romania and in Turkey.
^3 On August 8, 2012, Carrefour sold to Marinopoulos its stake in their joint
venture, leading to the Group’s operations being reclassified as Discontinued
Activities as of January 1, 2012. Variations are pro-forma.
LATIN AMERICA
Fourth quarter 2012 sales inc. VAT^4
Change at Change at constant Change at constant
current exch. rates exch.
€m exch. rates inc. petrol rates ex. petrol
inc. petrol
Total LFL Total LFL Total
Brazil 3,285 +2.2% +9.6% +12.6% +10.0% +13.3%
Argentina 983 +14.4% +15.4% +24.6% +15.4% +24.6%
Latin 4,268 +4.8% +10.9% +15.1% +11.2% +15.8%
America
The calendar effect in Latin America is estimated at -1.4% in the fourth
quarter. The unfavorable currency effects of -10.3% are attributable to the
depreciation of the Brazilian real and the Argentine peso against the euro.
Sales in Latin America rose by 4.8% and by 15.1% excluding currencies, broadly
in line with the previous quarter.
In Brazil, sales ex petrol increased by 13.3% at constant exchange rates, of
which 10.0% LFL. All formats contributed to this strong performance.
Argentina recorded growth of 24.6% at constant exchange rates, of which 15.4%
LFL. Expansion was driven by the contribution of the store network acquired
from Eki earlier in June 2012.
ASIA
Fourth quarter 2012 sales inc. VAT^5
Change at current
€m exch. Change at constant exch. rates
rates
Total LFL Total
China 1,308 +6.4% -3.1% +0.7%
Other countries 353 +2.5% -7.0% -4.7%
Asia 1,661 +5.6% -3.9% -0.5%
The calendar effect in Asia is estimated at +0.4% in the fourth quarter. The
Taiwanese and Chinese currencies appreciated against the euro this quarter,
accounting for Asia’s positive currency effect of 6%.
Sales in Asia rose by 5.6%. Excluding currencies, they were broadly stable
(-0.5%).
Sales at constant rates in China were up +0.7%. Expansion offset the drop in
LFL sales (-3.1%). LFL sales trends improved over previous quarters.
Sales in other countries (Taiwan and India) were up by 2.5% at current
exchange rates. Taiwan recorded lower sales this quarter at constant exchange
rates.
^4 Activities in Colombia were reclassified as Discontinued Operations
effective January 1, 2012. Variations are pro-forma.
^5 Activities in Singapore, Malaysia and Indonesia were reclassified as
Discontinued Operations effective January 1, 2012. Variations are pro-forma.
2012 sales incl. VAT^6
Change at
current Change at constant Change at
exch. exch. constant exch.
rates inc. rates inc. petrol rates ex. petrol
petrol
€m Total LFL Total LFL Total
Hypermarkets 21,792 -1.9% -1.3% -1.9% -3.5% -3.8%
Supermarkets 13,348 +1.4% +3.0% +1.4% +0.1% +0.2%
Convenience & 4,393 +6.8% +6.5% +6.8% +4.8% +5.3%
other formats
France 39,533 +0.1% +0.9% +0.1% -1.5% -1.5%
Spain 9,039 -4.1% -4.8% -4.1% -6.4% -5.6%
Italy 5,720 -5.7% -4.9% -5.7% -4.7% -5.6%
Belgium 4,309 +2.2% +2.0% +2.2% +2.0% +2.2%
Other 4,599 +1.0% -1.0% +2.9% -0.7% +3.4%
countries
Europe (ex. 23,667 -2.5% -2.9% -2.1% -3.4% -2.5%
France)
Brazil 12,540 +1.2% +7.7% +9.4% +8.5% +10.4%
Argentina 3,600 +19.6% +16.4% +23.6% +16.4% +23.6%
Latin America 16,140 +4.8% +9.4% +12.2% +10.1% +13.1%
China 5,583 +10.8% -5.1% +0.2% -5.1% +0.2%
Other 1,635 +7.3% -0.9% +0.2% -0.9% +0.2%
countries
Asia 7,218 +10.0% -4.1% +0.2% -4.1% +0.2%
Group 86,558 +1.0% +1.0% +1.7% 0.0% +1.1%
2012 under banners incl. VAT^7
France incl. Europe
overseas Latin America Asia Others^8 Group
territories (ex. France)
€m Change €m Change €m Change €m Change €m Change €m Change
Hypermarkets 23,128 -3.5% 16,445 -4.0% 13,993 +4.7% 8,343 +9.6% 3,478 +12.9% 65,387 +0.4%
Supermarkets 15,464 -1.3% 9,254 -1.5% 1,568 +7.9% 55 +7.3% 677 +45.8% 27,018 -1.3%
Other 6,147 +5.3% 2,155 +2.7% 579 +0.8% 30 +9.5% - - 8,911 +4.4%
formats
Total 44,739 -1.7% 27,853 -3.7% 16,140 +4.8% 8,428 +9.6% 4,155 +17.2% 101,316 +0.2%
^6 Activities in Greece, Singapore, Colombia, Malaysia and Indonesia were
reclassified as Discontinued Activities effective January 1, 2012. Variations
are pro-forma.
^7 Activities in Singapore, Colombia and Malaysia were reclassified As
Discontinued Activities effective January 1, 2012. Variations are pro-forma.
Activities in Greece and Indonesia remain under banner sales.
^8 Northern Africa, Middle East and Dominican Republic
EXPANSION UNDER BANNERS – Q4 2012
In the fourth quarter, we opened or acquired 243,000 gross m², bringing total
new space in 2012 to 590,000 m². Net of disposals or closures, the network
added 186,000 m² in the fourth quarter (248,000 m² in 2012).
Thousands 31 30 Openings / 31
of sq. m Dec. Sep. Store Acquisitions Closures Transfers Disposals Dec.
2011 2012 enlargements 2012
France 5,078 4,940 29 2 -12 -2 4,957
Europe 6,241 6,292 88 -24 6,355
(ex. Fr)
Latin 1,936 2,014 31 2,045
America
Asia 2,447 2,518 93 -18 2,593
Group 15,702 15,764 241 2 -54 -2 15,951
STORE NETWORK UNDER BANNERS – Q4 2012
In the fourth quarter, Carrefour opened or acquired 266 stores for a total of
836 new stores in 2012 (gross basis). Net of disposals or closures, the
network grew by 168 stores in the fourth quarter (346 in 2012).
31 30 31
No of stores Dec. Sep. Openings Acquisitions Closures Transfers Disposals Dec.
2011 2012 2012
Hypermarkets 1,334 1,347 23 -4 1,366
France 232 220 1 -1 220
Europe (ex. 509 518 6 524
Fr)
Latin 260 267 5 272
America
Asia 333 342 11 -3 350
Supermarkets 3,010 3,444 25 1 -13 -1 -2 3,454
France 977 933 3 1 -1 -2 934
Europe (ex. 1,866 2,326 22 -11 -1 2,336
Fr)
Latin 150 168 168
America
Asia 17 17 -1 16
Convenience 5,150 4,877 211 -79 1 5,010
France 3,285 3,308 76 -42 3,342
Europe 1,787 1,354 115 -37 1 1,433
(ex.Fr)
Latin 78 215 20 235
America
Asia 0 0 0
Cash & carry 154 158 6 164
France 137 139 139
Europe (ex. 15 17 4 21
Fr)
Asia 2 2 2 4
Group 9,648 9,826 265 1 -96 -2 9,994
France 4,631 4,600 80 1 -44 -2 4,635
Europe 4,177 4,215 147 -48 4,314
(ex.Fr)
Latin 488 650 25 675
America
Asia 352 361 13 -4 370
AGENDA
March 7, 2013: Full-year 2012 results
April 18, 2013: Q1 2013 sales
APPENDIX
IMPACT OF RESTATEMENTS ON FULL YEAR 2011 P&L
(REPORTED / PRO FORMA)
2011 Impact of Greece, 2011
In millions of euros reported Singapore, Colombia, pro-forma
Malaysia and
Indonesia
Sales, net of taxes 81,271 -5,204 76,067
Loyalty program -816 5 -810
Other revenues 2,309 -85 2,224
Total revenues 82,764 -5,283 77,481
Cost of sales -64,912 4,239 -60,673
Gross margin of current 17,852 -1,043 16,809
operations
SG&A -13,969 909 -13,060
Current operating income before 3,883 -134 3,749
D&A and provisions (EBITDA)
Depreciation & provisions -1,701 149 -1,552
Recurring operating income 2,182 15 2,197
Non current income and expenses -2,662 325 -2,337
Operating income -481 341 -140
Financial result -757 52 -705
Result before tax -1,238 393 -845
Income tax -1,002 71 -931
Equity accounted companies 64 0 64
Net income from recurring -2,176 464 -1,713
operations
Net income from discontinued 2,580 -464 2,116
operations
Total net income 404 0 404
Of which net income - Group 371 0 371
Share
Of which Net income from
recurring operations - Group -2,202 339 -1,863
Share
Of which Net income from
discontinued operations - Group 2,573 -339 2,234
Share
Of which net income – Minority 33 0 33
Interest
Contact:
Carrefour
Investor relations:
Réginald Gillet, Alessandra Girolami, Matthew Mellin
Tel: +33 1 41 04 26 00
opr
Shareholder relations:
Céline Blandineau
Tel: +33 805 902 902 (toll free in France)
or
Group Communication
Tel: +33 1 41 04 26 17
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