Regulatory News:
Carrefour (Paris:CA):
(€m) H1 2012pro forma
H1 2013 1
Var. at
constant
exch.
rates
Var. at
current
exch.
rates
Net Sales 36,777 36,464
+1.4% -0.8% Recurring Operating Income before
D&A (EBITDA) 1,479 1,482 +2.4%
+0.2% EBITDA margin 4.0% 4.1%
Recurring Operating Income (ROI) 730
766 +7.7% +4.9% Recurring
operating margin 2.0% 2.1% Non-recurring income and expenses -21
489 Net income from continuing operations, Group share 231
519 x2.2
Net income, Group share
3 902 +€0.9bn
Net debt at close 9,629 5,894
-€3.7bn
1 The H1 2013 social and consolidated accounts were approved by
the Carrefour Board of Directors, which met on August 28, 2013. The
accounts were audited by the Group’s auditors.
Figures for 2013 and the comparative 2012 information
presented in this document take into account the classification of
certain activities in accordance with IFRS 5 – Assets held for sale
and discontinued operations (Greece, Singapore, Colombia, Malaysia,
Indonesia and Turkey) as well as the retrospective application of
the amended standard IAS 19 – Employee benefits.
H1 2013 highlights
- Continued reorganization and
strengthening of international partnerships:
- In Turkey, the Group reorganized its
partnership with Sabanci Holding, transforming the governance of
their CarrefourSA joint venture. The transaction was approved by
the relevant authorities in July. Carrefour now holds 46.2% of
CarrefourSA.
- In May, Carrefour and Majid Al Futtaim
Holding reorganized and strengthened their partnership: Carrefour
sold its 25% stake in Majid Al Futtaim Hypermarkets for €530
million to its regional partner. The franchise partnership has been
reinforced, extended in time and expanded in scope to the Middle
East, North Africa and Central Asia.
- Also in May, Carrefour and CFAO
announced the signing of a memorandum of understanding to form a
joint venture that will be 55% owned by CFAO and 45% by Carrefour.
This venture will have exclusive distribution rights to develop
various store formats in Western and Central Africa.
- Significant improvement in the
Group’s liquidity position:
- New bond issue of €1 billion in May
(1.75% coupon, maturity 2019).
- Bond buyback for €1.3 billion in June
on 2014, 2015 and 2016 maturities.
- Renewal of syndicated loans for an
amount of €4.15 billion.
H1 2013 performance by zone
Net sales Recurring operating income
(€m)
H1 2012pro forma
H1 2013
Var. at
constant
exch.
rates
Var. at
current
exch. rates
H1 2012
pro forma
H1 2013
Var. at
constant
exch.
rates
Var. at
current
exch. rates
France 16,995
16,947 -0.3% -0.3%
275
482 +75.4% +75.4% Other
Europe 9,605
9,176 -4.6% -4.5% 153
36
-76.4% -76.4% Latin America 6,879
6,953 +13.3%
+1.1% 231
217 +3.1% -6.0% Asia 3,298
3,388
+2.7% +2.7% 105
91
-13.4%
-12.9% Global functions
-34
-61
Total 36,777
36,464 +1.4%
-0.8% 730
766 +7.7% +4.9%
France
In France, sales were up 1.0% ex calendar in the first half and
broadly stable at -0.3% on a reported basis. Commercial margin was
up as a result of action plans. SG&A costs were stable.
Recurring operating income rose 75.4% to €482 million with good
profitability in all formats.
Other European countries
In Europe, sales were down -4.5% at current exchange rates,
reflecting the persistently difficult economic environment in
Southern Europe. However, commercial margin was resilient, thanks
to our constant focus on price positioning. SG&A costs were
stable. Recurring operating income amounted to €36 million,
impacted by Italy.
Latin America
At constant exchange rates, sales growth in Latin America
continued (+13.3%). The currency effect was strongly unfavorable in
the first half. The commercial margin held up well. Profitability
in Brazil continued to grow. In Argentina, the business was
resilient as a regulatory price freeze and wage increases impacted
profitability.
Asia
Sales in Asia increased by 2.7%. During the second quarter,
sales in China and Taiwan returned to positive trends. The
commercial margin held up well. Recurring operating income was
impacted by wage inflation and continued expansion in China.
Analysis of H1 2013 results
Income statement
- Net sales increased by 1.4% at
constant exchange rates vs. H1 2012. At current exchange rates,
they were down 0.8%.
- Recurring operating income rose
by 7.7% at constant exchange rates and by 4.9% at current exchange
rates to reach €766m, with:
- Commercial margin rising to
21.9% of net sales vs. 21.5% in H1 2012.
- SG&A costs under
control.
- The Group’s operating income
increased by 77%, at €1,254m, vs. H1 2012, after taking into
account net non-recurring income of €489m.
- Net income, Group share, stood
at €902m compared to the €3m recorded in H1 2012.
- Net income from recurring
operations, Group share rose significantly to €519m, reflecting
the following:
- Financial expenses of €402m (up
by €75m), including an exceptional charge of €119m linked to the
bond buyback program. Interest expenses related to debt decreased
by €40m.
- An effective tax rate of
34.9%.
- Discontinued operations, Group
share, stood at €383m, essentially due to the net positive
effect of the Group’s refocusing.
Cash flow and debt
- Free cash flow improved by €243m
compared to H1 2012:
- Excluding the €119m exceptional expense
related to the bond buy-back, cash flow from operations was
broadly stable.
- The change in working capital
requirement was stable.
- Capital expenditure continued,
amounting to €620m, up 11% vs. H1 2012.
- The cash-out related to discontinued
activities decreased by €256m.
- The Group’s refocusing, mainly the
disposals of our stakes in MAF Hypermarkets and in Indonesia,
generated a cash inflow of €980m.
- The net cash outflow related to
dividend payments amounted to €108m, as 72% of our dividend
was paid in shares.
- The Group’s financial structure
strengthened with net financial debt amounting to €5.9bn, an
improvement of €3.7bn compared to June 30th, 2012.
Continuation of our 2013 priorities
Amid toughening consumption trends worldwide and exchange rate
volatility, Carrefour is staying the course. The priorities
announced at the annual results presentation in March are
reaffirmed.
- Development of the multi-local,
multi-format model
- France: Continued action plans in all
formats, with priority given to improvement of the offer and of
price perception, store refurbishments, Drive roll-out and
multi-channel development
- Europe: Adaptation of the offer and
costs in the face of a tough economic environment
- Emerging markets: Continued expansion
in Latin America and Asia
- New momentum in the development of real
estate assets
- Decentralization and empowerment
- Simplify structures and decision-making
process
- Re-empower stores
- Place the client at the core of the
business
- Continued strict financial
discipline
- Stable dividend payout policy
- Controlled increase of capital
expenditure (expected at between €2.2bn and €2.3bn in 2013)
- Control of working capital
APPENDICES
Consolidated Income Statement
(€m) H1 2012pro forma
H1 2013 Change
Sales, net of taxes 36,777
36,464 -0.8% Sales, net of taxes and
loyalty 36,406 36,177
-0.6% Other revenues 1,156 1,184 +2.4%
Total Revenues 37,563 37,361
-0.5% Cost of sales -29,654 -29,374
-0.9% Commercial income 7,908 7,986 +1.0% SG&A
-6,429 -6,504 +1.2%
Recurring operating incomes
before D&A (EBITDA) 1,479 1,482
+0.2% Depreciation & amortization -749
-717 -4.3%
Recurring operating income (ROI)
730 766 +4.9% Non-current
income and expenses -21 489
Operating income 709 1,254
+77.0% Financial expenses -327 -402 +22.9% Profit
before tax 382 853 +123.3% Income tax -117 -298 +154.5% Companies
accounted for by the equity method 23 25 +7.5%
Net income from continuing operations 288
580 +101.3% Net income from
discontinued operations -276 376
Net
income 13 955 Of
which Net income – Group share 3 902 Of which net
income from continuing operations, Group share 231 519 Of which net
income from discontinued operations, Group share -229
383
Of which Net income – Non-Controlling Interests (NCI)
10 53 Of which net income from continuing operations,
NCI 57 61 Of which net income from discontinued operations, NCI
-47 -8
Main ratios
H1 2012pro forma
H1 2013 Commercial margin
21.5%
21.9% Recurring operating income / Net sales
2.0%
2.1% Operating income / Net sales
1.9%
3.4%
Consolidated Balance Sheet
(€m) December 31, 2012
June 30, 2013
ASSETS Intangible assets 9,409 9,131 Tangible
assets 11,509 10,966 Financial investments 1,509 1,418 Deferred tax
assets 854 854 Investment properties 513 422 Consumer credit from
financial-services companies – long term 2,360 2,372
Non-current assets 26,154 25,164
Inventories 5,658 5,595 Trade receivables 2,144 2,390 Consumer
credit from financial-services companies – short term 3,286 2,968
Tax receivables 520 936 Other receivables 789 946 Current financial
assets 352 409 Cash and cash equivalents 6,573 3,834
Current assets 19,332 17,079
Assets held for sale1
465 739 TOTAL
45,941 42,981 LIABILITIES
Shareholders equity, Group share 7,302 7,838 Minority interests in
consolidated companies 868 767
Shareholders’
equity 8,170 8,605 Deferred tax
liabilities 580 532 Provisions for contingencies 4,287 3,608
Borrowing – long term 8,983 8,496 Bank loans refinancing – long
term 1,966 1,781
Non current liabilities
15,816 14,416 Borrowings – short term
2,263 1,640 Trade payables 12,925 11,219 Bank loans refinancing –
short term 3,032 2,895 Tax payables & others 1,040 1,090 Other
debts 2,422 2,634
Current liabilities
21,682 19,478 Liabilities related to assets
held for sale2 273 482
TOTAL 45,941 42,981
1 Assets held for sale and related liabilities correspond:- as
of December 31, 2012 to assets and liabilities related to Indonesia
and Singapore, and certain assets in Italy- as of June 30, 2013 to
assets and liabilities related to Turkey, and certain assets in
France
Consolidated Cash Flow Statement
(€m) H1 2012pro forma
H1 2013 NET DEBT
OPENING -6,911 -4,320 Gross cash
flow (ex. discontinued activities) 828 676 Change in
working capital -2,415 -2,441 Impact of discontinued activities
-189 -15
Cash flow from operations (ex. financial
services) -1,776 -1,780 Capital
expenditures -559 -620 Asset disposals (business related) -342 -92
Change in net payables to fixed asset suppliers 78 54 Impact of
discontinued activities -104 -22
Free Cash
Flow -2,703 -2,460 Financial
investments -153 -35 Proceeds from disposals of subsidiaries and
from other tangible & intangible assets 155 539 Others -59 92
Impact of discontinued activities -5 441
Cash Flow
after investments -2,764 -1,423
Dividends/ capital increase -49 -164 Acquisition and disposal of
investments without change of control 47 -11 Treasury shares 0 0
Others 10 -8 Impact of discontinued activities 56 35 Consumer
credit impact -19 -2
NET DEBT CLOSING
-9,629 -5,894
Changes in Shareholder Equity
(€m)
Total shareholders’ equity
Shareholders’ equity, Group share Minority
interests At December 31, 2012 8,170
7,302 868 Net income for the first half
955 902 53 2012 dividend -167
-108 -59 Capital increase / premium 3 0
3 Change in translation adjustment -195 -183
-12 Impact of scope changes and others -162 -76
-86
At June 30, 2013 8,605
7,838 767
Consolidated Income Statement pro forma 2012
(€m) 2012pro forma
Sales, net of taxes 75,701
Sales, net of taxes and loyalty 75,048 Other revenues
2,309
Total Revenues 77,357 Cost of sales -60,685
Commercial income 16,672 SG&A -13,033
Recurring operating
incomes before D&A (EBITDA) 3,639 Depreciation &
amortization -1,520
Recurring operating income (ROI)
2,119 Non-current income and expenses -660
Operating
income 1,460 Financial expenses -879 Profit before tax
581 Income tax -385 Companies accounted for by the equity method 72
Net income from continuing operations 268 Net income
from discontinued operations 1,087
Net income 1,351
Of which Net income – Group share 1,267 Of which net
income from continuing operations, Group share 145 Of which net
income from discontinued operations, Group share 1,122
Of which
Net income – Non-Controlling Interests (NCI) 83 Of which
net income from continuing operations, NCI 123 Of which net income
from discontinued operations, NCI -40
Definitions
Commercial income
Commercial income is the difference between the sum of net
sales, other income, reduced by loyalty program costs and the cost
of goods sold. Cost of sales comprises purchase costs, changes in
inventory, the cost of products sold by the financial services
companies, discounting revenue and exchange gains and losses on
goods purchases.
Recurring Operating Income Before Depreciation and
Amortization (EBITDA)
Recurring Operating Income Before Depreciation and Amortization
(EBITDA) is defined as the difference between the commercial income
and sales, general and administrative expenses. It excludes
non-recurring items as defined below.
Recurring Operating Income (ROI)
Recurring Operating Income is defined as the difference between
the commercial income and sales, general and administrative
expenses, depreciation and amortization.
Operating Income (EBIT)
Operating Income (EBIT) is defined as the difference between
commercial income and sales, general and administrative expenses,
depreciation, amortization and non-recurring items
Non-recurring income and expenses are certain material items
that are unusual in terms of their nature and frequency, such as
impairment, restructuring costs and expenses related to the
revaluation of preexisting risks on the basis of information that
the Group became aware of during the accounting period.
Free Cash Flow
Free cash flow is defined as the difference between funds
generated by operations, the variation of working capital
requirements and capital expenditures.
Disclaimer
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 Annual Report (Document de référence). These
documents are also available in English language 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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