TIDM0HAL
Carrefour (Paris:CA):
-- Sales ex-VAT: up 5.9% at EUR87bn (+6.4% at constant exchange rates)
-- 2008 Activity Contribution: up 0.3% at EUR3,300m
-- Non recurring charges: EUR524m including EUR396m of impairment charges
-- Net income from recurring operations, Group share: -32.8% at EUR1,256m
-- Free cash flow: EUR1.9bn vs. EUR691m in 2007
-- Proposed dividend unchanged at EUR1.08 per share
Carrefour's 2008 results reflect:
-- An environment marked by a sharp slowdown in food price
inflation in the second half and deteriorating discretionary spending
in the Fourth Quarter
-- In this context, good sales resilience (up 6.4% at constant
exchange rates, including 1.8% from acquisitions) thanks to sustained
promotional efforts
-- Slight growth in Activity Contribution due notably to firm
operating cost discipline with savings of EUR150m
-- Net income from recurring operations, Group share impacted by non
recurring charges, principally impairments and a EUR126m tax provision
-- A strengthened balance sheet: free cash flow of EUR1.9bn through tight
management of our merchandise treasury and capex
In its March 10, 2009 meeting, Carrefour's Board of Directors examined and approved the 2008 consolidated financial statements. The Board decided to propose to shareholders at the AGM a dividend of EUR1.08 per share for 2008, unchanged from the 2007 level. The dividend will be paid on 7 May 2009.
EUR m FY 2008 FY 2007 Var.
Sales Excl. VAT 86,967 82,148 5.9%
ACDA 5,161 5,014 2.9%
Activity Contribution 3,300 3,291 0.3%
Non-recurring income and expenses -524 47 na
EBIT (Activity contribution 2,776 3,338 -16.8%
after non-recurring items)
Net income from recurring 1,256 1,868 -32.8%
operations, Group share
In 2009, priority to sales dynamics and free cash flow generation through:
-- A EUR600m investment to reinforce sales dynamics
-- Operating cost savings of EUR500m to invest in sales
-- Increased discipline and selectivity in investments, with capex capped
at EUR2.5bn
Lars Olofsson, CEO of Carrefour, declared:"Carrefour's resilient performance in 2008 underlines the Group's solid fundamentals. In a trading environment that remains challenging, we will focus on boosting our sales dynamics while improving our organisation and reducing our costs.Our objectives for the future are clear: generate profitable, sustainable, organic growth that outpaces that of the market, and improve our margins. To accelerate our growth, we will strengthen our positions in France and in Europe and focus our expansion on our growth markets with the highest potential. By increasing our knowledge of our customers and better serving them, by transforming ourselves to become more agile, improve execution and gain in operational efficiency and by regaining market leadership through innovation, we will achieve our ambition: make Carrefour the preferred retailer." A video interview with Lars Olofsson, CEO, together with a full transcript, is now available on http://www.carrefour.com and http://w3.cantos.com/carrefour
Performance by zone
Sales by zone Activity contribution
by zone
EUR m FY 2008 FY 2007 Change Change at const.exch. rates FY 2008 FY 2007 Var.
France 37,968 37,621 0.9% 0.9% 1,510 1,556 -3.0%
Europe 32,418 30,837 5.1% 5.4% 1,153 1,216 -5.1%
Latin America 10,505 8,211 27.9% 31.0% 395 301 31.1%
Asie 6,076 5,480 10.9% 13.3% 242 218 10.9%
Total 86,967 82,148 5.9% 6.4% 3,300 3,291 0.3%
-- France:
In France, we delivered a good performance in supermarkets and convenience stores. Hypermarkets saw a downturn in sales, mainly due to a fall in non-food sales, particularly discretionary products. 160 supermarkets were converted to the Carrefour Market banner at end-2008, generating solid sales growth. Commercial margin, as a percentage of sales, was down slightly, reflecting our commitment to maintaining price competitiveness through promotions. SG&A expenses remained under control thanks to cost savings in the second half. Overall, Activity Contribution in France fell by 3%, equal to 4% of sales, almost unchanged relative to 2007.
-- Europe:
Sales in Europe rose by 5.4% at constant exchange rates, with sustained growth in Spain (+5.7%), Romania and Portugal. Sales growth slowed in Europe as a whole in the fourth quarter, particularly in discretionary products. Commercial margin, as a percentage of sales, was stable overall, with a decline in Spain offset by rises in all other countries. Cost savings did not fully offset the negative impact caused by the sharp downturn in sales at the end of the year. Overall, Activity Contribution fell by 5.1% to EUR1,153m.
-- Latin America:
Latin American activities posted excellent sales growth of 31% at constant exchange rates, including 22.7% excluding acquisitions. Atacadao (Brazil) continued to register solid sales growth in 2008. Commercial margin as a percentage of sales fell slightly, mainly due to the increasing proportion of sales coming from Atacadao. Firm cost discipline led to a 31.1% increase in Activity Contribution to EUR395m, equal to 3.8% of sales (up from 3.7% in 2007).
-- Asia:
With sales up 10.9% (+13.3% at constant exchange rates), 2008 was a satisfying year, despite a sharp slowdown in most Asian countries in late 2008. Commercial margin fell slightly as a percentage of sales, impacted by efforts to remain price-competitive. The cost ratio in Asia improved relative to 2007. Overall, Activity Contribution rose by 10.9% to EUR242m. Analysis of 2008 results:Sales, profitability and financial positionIncome statement
-- Sales rose by 5.9% relative to 2007, or by 6.4% excluding
currency effects. All zones achieved sales growth in 2008.
-- Commercial margin, as a percentage of sales, fell by 30 basis
points as a result of the Group's commitment to price competitiveness.
-- Cost savings, mainly in the second half, exceeded our targets
and reached EUR150m. These savings enabled the Group to keep SG&A
expenses under control and offset the slowdown in sales in late
2008. General and administrative expenses (excluding rents) equalled
15.3% of sales, down from 15.5% in 2007. Asset costs rose by
8.7% as a result of ongoing expansion.
-- Activity Contribution rose by 0.3% to EUR3,300m, with rises in
Latin America and Asia offsetting declines in France and Europe.
-- Non-recurring charges totalled EUR524m. The main items were as
follows: a EUR157m capital gain on the disposal of Merter in Turkey, a
EUR126m tax provision, EUR76m of rebranding and integration costs and
EUR396m of impairment charges, mainly in Italy.
-- As a result, Group EBIT fell by 16.8% to EUR2,776m.
-- Financial expenses rose by 6.9% to EUR562m.
-- The tax rate was 33.6%, higher than the 28.7% seen in 2007. The
effect of the low capital gains tax rate on the Merter disposal in
Turkey was more than offset by the tax provision, calculated net of
tax, and the impact of impairments, most of which were non-deductible.
Excluding these last two effects, the tax rate would have been around
28%.
-- The change in minority interests (-EUR267m versus -EUR180m in 2007)
was mainly due to the gain on the Merter disposal and the growth of
subsidiaries' results where the Group works with partners.
-- Net income from recurring operations, Group share was EUR1,256m,
down 32.8% relative to 2007. Earnings per share from recurring
operations totalled EUR1.83, versus EUR2.67 in 2007.
Cash flow, debt and liquidity statement
-- Cash flow totalled EUR4bn in 2008, roughly unchanged relative to
2007.
-- The improvement in working capital requirement was mainly the
result of a EUR649m increase in merchandise treasury, and reflects good
management of inventories and supplier payment.
-- Capex remained under control, and was stable overall at EUR2.9bn.
Investments increased in Asia, Latin America and Eastern Europe.
-- As a result, free cash flow rose from EUR691m in 2007 to EUR1.9bn
in 2008.
-- At year-end, net debt totalled EUR6,652m, down from the end-2007
figure of EUR7,357m.
-- The Group's liquidity situation is solid, with EUR3bn of
unconditional undrawn syndicated loans, and with no refinancing needed
until May 2010.
AGM:
The AGM will be held at 9.30am on 28 April 2009 at the Carrousel du Louvre, 99 rue de Rivoli, 75001 Paris.
Publication of Q1 2009 sales: 16 April 2009
Investor Relations: Rémy Dumoulin, Tel: +33 (0)1 55 63 39 00
Alessandra Girolami
Relations Actionnaires: Céline Blandineau Tel: +33 (0)805 902 902
(toll-free in France)
Press Relations: Publicis Consultants Tel: +33 (0)1 57 32 89 99
APPENDIX
CONSOLIDATED STATEMENT OF INCOME
In millions of euros dec 2008 % Prog dec 2007
Sales, net of taxes 86 966,8 5,9% 82 148,5
Other revenues 1 258,3 9,7% 1 147,2
Total revenues 88 225,2 5,9% 83 295,7
Cost of sales (68 709,4) 6,3% (64 609,4)
Margin of current activities 19 515,8 4,4% 18 686,3
SG&A (14 354,7) 5,0% (13 672,7)
Activity contribution
Before depreciation & 5 161,1 2,9% 5 013,6
provisions (ACDA)
Depreciation & provisions (1 860,8) 8,0% (1 722,5)
Activity contribution (AC) 3 300,3 0,3% 3 291,2
Non current income and expenses (524,3) 47,0
EBIT 2 775,9 -16,8% 3 338,2
Financial result (562,3) 6,9% (526,1)
Result before tax 2 213,6 -21,3% 2 812,1
Income tax (743,1) -7,9% (806,9)
Net income from recurring
operation of
Consolidated companies 1 470,5 -26,7% 2 005,2
Equity accounted companies 52,1 20,9% 43,1
Net income from recurring operation 1 522,6 -25,7% 2 048,3
Minority interests (266,9) 48,5% (179,8)
Net income from recurring operation- 1 255,6 -32,8% 1 868,5
Group Share
Discontinuing operations Group Share 16,2 430,9
Discontinuing operations 0 (0,0)
Minority Interest
Total net income 1 538,8 -37,9% 2 479,2
Net income- Group Share 1 271,8 -44,7% 2 299,4
MAIN RATIOS
dec 2008 dec 2007
Gross margin / Sales 22,4% 22,7%
SG&A / Sales -16,5% -16,6%
Activity contribution / Sales 3,8% 4,0%
EBIT / Sales 3,2% 4,1%
Tax rate 33,6% 28,7%
ACDA / Financial result (9,2) (9,5)
Activity contribution / Financial result (5,9) (6,3)
CONSOLIDATED BALANCE SHEET
In million of euros dec 08 dec 07
ASSETS
Intangible assets 12 417 12 847
Tangible assets 14 809 14 751
Financial Investments 1 741 1 555
Deferred tax assets 672 944
Investment properties 346 500
Non current assets 29 985 30 597
Inventories 6 891 6 867
Trade receivables 2 919 3 424
Bank loans 4 805 4 672
Other receivables 1 769 1 538
Current financial assets 245 0
Cash and cash equivalents 5 317 4 164
Current assets 21 946 20 665
Non current assets of discontinued activities 150 669
TOTAL 52 082 51 931
LIABILITIES
Shareholders equity, Group share 10 161 10 663
Minority interests in consolidated companies 791 1 107
Shareholders equity 10 952 11 770
Deferred tax liabilities 424 462
Provisions for contingencies 2 320 2 147
Non current liabilities 13 696 14 379
Borrowings 12 215 11 523
Trade payables 17 276 17 077
Bank loans refinancing 4 495 4 419
Other debts 4 376 4 307
Current liabilities 38 361 37 325
Non current liabilities of discontinued activities 25 227
TOTAL 52 082 51 931
MAIN RATIOS
Main ratios dec 08 dec 07
Net debt 6 652 7 357
Net debt / Shareholders equity 61% 63%
Operating working capital (in days of COGS) 40 39
CONSOLIDATED STATEMENT OF CASH FLOW
In million of euros dec 2008 dec 2007
NET DEBT OPENING (7 357) (6 309)
Cash Flow 4 011 3 918
Change in working capital 964 (88)
Others 22 40
Cash flow from operations (ex. financial services) 4 997 3 869
Capital expenditures (2 918) (3 069)
Change in payables to fixed assets suppliers (161) (6)
Others (2) (103)
Free Cash Flow 1 916 691
Financial investments (439) (1 489)
Disposals 945 1 221
Others (21) (44)
Cash flow after investments 2 401 378
Dividends / capital increase (939) (814)
Others (dividends, change and perimeter) (757) (614)
NET DEBT CLOSING (6 652) (7 357)
CHANGES IN SHAREHOLDERS EQUITY
Retained SH equity Minority
In million Euros Earnings Group share Interests
At December 31, 2007 11 770 10 663 1 107
Fy 2008 result 1 539 1 272 267
2007 dividends -927 -740 -187
Capital increase and premiums 3 0 3
Foreign currency translation -828 -781 -47
adjustments
Change in consolidation perimeter -346 -8 -338
And other movements -259 -245 -14
At December 31, 2008 10 952 10 161 791
DEFINITIONS
-- Gross margin from current operations
Gross margin from current operations corresponds to the sum of net sales and other income less the cost of sales (other than inventory purchases and variations, the cost of goods sold includes other costs that mainly consist of the costs of products sold by financial companies, income from discounts and exchange rate differences generated by goods purchases).
-- Activity contribution before depreciation and amortization (ACDA)
Activity contribution before depreciation and amortization (ACDA) corresponds to the gross margin from current operations less sales, general and administrative expenses.
-- Activity contribution (AC)
Activity contribution corresponds to the gross margin from current operations less sales, general and administrative expenses, depreciation and amortization.
-- EBIT
EBIT corresponds to the gross margin from current operations less sales, general and administrative expenses, depreciation, and amortization and non-recurring items (items of an unusual type due to their nature and frequency are accounted for under non-current income and non-current expenses, such as depreciation of assets and restructuring costs).
-- ROCE (Return On Capital Employed)
ROCE is the ratio of Activity Contribution to capital employed.
-- Free cash flow
The Free cash flow corresponds to the cash flow generated by operating activities plus the change in working capital less capital expenditures.
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