carrefour · carrefour: the reference in food retail food represents 83 ... france spain italy...
TRANSCRIPT
May 2017 | 1
CARREFOUR
INVESTOR PRESENTATION
May 2017
Carrefour’s Multiformat & Omnichannel model
May 2017 | 3
CARREFOUR: THE REFERENCE IN FOOD RETAIL
Food represents 83% of the Group sales in 2016 (growth of over 4% in 2016)
INVESTOR PRESENTATION
Quality
accessible to all
Unique know-
how
in fresh produce
Pioneer
in organic food
and Quality Lines
Powerful
exclusive brands
Sourcing
expertise
May 2017 | 4
A BALANCED PORTFOLIO
Integrated countries Countries in partnership
INVESTOR PRESENTATION
May 2017 | 5
+1.0%
+2.3%
+3.9%
+3.0%
+3.0%
2012 2013 2014 2015 2016 2016
CONTINUED SALES GROWTH
ORGANIC SALES GROWTH EVOLUTION EX PETROL - 2012 TO 2016 – (in %)
INVESTOR PRESENTATION
May 2017 | 5
CAGR 2012 – 2016
+2.6%
May 2017 | 6
A MULTIFORMAT GROUP: “EVERYONE UNDER ONE ROOF”
First Hypermarket
Promodès Atacadão Acceleration in convenience Billa, Dia, Eroski
1999 2007 2012
to 2015 1963
Rue du Commerce
2016
May 2017 | 7
1%
Sales
E-commerce
The broadest assortment at any time, any place
on any device
EACH FORMAT HAS A SPECIFIC MISSION
INVESTOR PRESENTATION
51%
Sales
Hypermarkets
Everything under one roof at a competitive price
25%
Sales
Supermarkets
Choice close to home with a focus on fresh
10%
Sales
Convenience
Essential daily needs with extended shopping hours
13%
Sales
Cash & Carry
Wholesale prices for a no-frills experience
May 2017 | 8
MULTIFORMAT PROGRESSIVELY ROLLED OUT IN ALL OUR COUNTRIES
FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN
Hypermarket
Supermarket
Convenience
Cash & Carry
eService Other services: Travel, leisure, ticketing, car rental
INVESTOR PRESENTATION
May 2017 | 9
MULTIFORMAT: A PROVEN TRACK RECORD IN REVENUE UPLIFT
Multiple bases on the average annual spend of Carrefour loyaltycard holders (base 1x on hypermarkets)
A multi-format customer is more loyal to Carrefour
30% of customers are multi-format
Italy multiformat store network: 57 Hypermarkets 416 Supermarkets 588 Convenience 13 Cash & Carry
1.0x
1.8x
1.9x
2.5x
1.0x
1.7x
1.1x
Hypermarkets Supermarkets
Convenience INVESTOR PRESENTATION
MULTIFORMAT CLIENTS SPEND MORE
May 2017 | 10
CARREFOUR’S CENTER OF GRAVITY IS SHIFTING TOWARDS MULTIFORMAT
BREAKDOWN OF STORES UNDER BANNERS BY FORMAT
5,479 7,075
9,000
2,986
3,227
3,700
1,366
1,328
1 450
164
305
350
2012 2016 2019e
9,995 stores
11,935 stores
14,500 stores
Evolution 2012 vs. 2019e
+100%
+6%
+24%
+ 64%
Cash & Carry Hypermarkets Supermarkets Convenience
GROSS SALES BREAKDOWN – (%)
58% 51%
<50%
42% 49%
>50%
2012 2016 2019e
Hypermarkets Other formats
May 2017| 10
INVESTOR PRESENTATION
May 2017 | 11
E-COMMERCE, AN ADDITIONAL FORMAT AND A COMPLEMENTARY SERVICE
HYPERMARKETS SUPERMARKETS
CONVENIENCE
CASH & CARRY
E-COMMERCE
INVESTOR PRESENTATION
May 2017 | 12
RAPID ROLLOUT OF E-COMMERCE THROUGHOUT THE GROUP
FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN
FOOD
Home delivery
and/or Click & Collect
In progress 2017
NON-FOOD
Direct offer 2017 2017 () () ()
Marketplace In progress In progress In progress In progress Under study In progress
Under study
INVESTOR PRESENTATION
May 2017 | 13
2020 E-COMMERCE PROSPECTS
€4bn Target
x3 €1.2bn in 2016
2020 target
GROSS MERCHANDISE VOLUME
INVESTOR PRESENTATION
May 2017 | 14
STORE BASED OMNICHANNEL MODEL: UNIQUE OPPORTUNITY TO ENSURE E-COMMERCE SUSTAINABILITY
INVESTOR PRESENTATION
OPERATIONAL MODEL FOR ORDER MANAGEMENT
CONSUMER CHOICES FOR ORDER COLLECTION
E-Commerce
Store-picking across formats (hypermarkets, supermarkets, convenience)
Mixed model: store + dedicated picking space
Warehouse or dark store (with or without automation)
Home delivery
Click & collect in store
Pick-up points (lockers etc.)
CARREFOUR’S OMNICHANNEL TRANSFORMATION APPROACH
Each country adapts the framework to its market conditions on the basis of key pillars
Technology
Big Data IoT
API, agile
Digital marketing
Data, CRM, Hyper-
customization
Omnichannel Supply Chain
eCommerce
HR & cultural transformation
May 2017 | 16
BENEFITS OF OMNICHANNEL FOR CARREFOUR
“Own” the customer in our ecosystem
Increase in expenditure and frequency of
existing customers
(Re)Gain customers Rejuvenate
customer base
May 2017 | 17
OMNICHANNEL ALLOWS CARREFOUR TO BETTER MEET CUSTOMER NEEDS
Hypermarkets
Convenience & E-commerce
Supermarket/ Click & collect
Hypermarket/ Drive
Convenience (services) “CLIENT
FOR LIFE” LONG-TERM LOYALTY
THROUGHOUT CLIENT’S LIFE THANKS TO MULTIFORMAT
INVESTOR PRESENTATION
May 2017 | 18
CARREFOUR’S VAST ECOSYSTEM FAVORS CUSTOMER “OWNERSHIP”
Whenever you want 24 hours 7 days
Game & Sports Baby
Appliance Technology
Fresh food Gourmet
Wine cellar Organic
...
Whatever you want
However you want
Wherever you want
INVESTOR PRESENTATION
TV · Sound · Photo Textile
May 2017 | 19
OMNICHANNEL REINFORCES MULTIFORMAT
+20% +10%
Hyper-market
Hyper-market
+ Drive
Hyper-market
Hyper-market
+ Click & Collect
A CLIENT WHO ADOPTS DRIVE OR CLICK & COLLECT
SPENDS MORE
INVESTOR PRESENTATION
Source : 2016 study based on a panel in France and Spain
May 2017 | 20
OMNICHANNEL REJUVENATES CUSTOMER BASE
AVERAGE AGE OF CARREFOUR CUSTOMERS BY FORMAT (2011-2016)
Index 100 = average age of Carrefour Hypermarket customers in 2011
2011 2012 2013 2014 2015 2016
81,6
84,5
100,4
105,3
81,7
84,4
103,5
109,3
82,6
84,4
103,3
108,9
84,7
102,5
107,7
85,4
101,4
104,5
88,4
100,0
102,1
Carrefour online Non-Food
Carrefour online Grocery
Carrefour Hypermarket
Carrefour Market
INVESTOR PRESENTATION
INVESTOR PRESENTATION
May 2017 | 21
OUR GOAL: DEVELOP
THE CARREFOUR “REFLEX”
Carrefour is the leading
physical retailer in France.
We are building a major
market position in
E-commerce leveraging a
unique store network.
May 2017 | 22
A COHERENT AND COMPLETE ECOSYSTEM OF WEBSITES
AN ONLINE FOOD OFFER ACCESSIBLE
TO ALL
A NON-FOOD PLATFORM INCLUDING
A MARKETPLACE
DEDICATED WEBSITES FOR SERVICES
Carrefour brand
SPECIALIZED WEBSITES CONNECTED
TO THE CARREFOUR ECOSYSTEM
All the websites centralized through
the carrefour.fr portal INVESTOR PRESENTATION
HOME DELIVERY
CLICK AND COLLECT
May 2017 | 23
FOOD ONLINE IS NOT ‘ONE SIZE FITS ALL’
INVESTOR PRESENTATION
at
MODEL Delivery D+1 or D+2 Extra Large assortment
Hypermarket as a warehouse
Supermarket as a warehouse
1-hour or same-day delivery Large assortment
+ Last mile through start-up partners
HOME DELIVERY
CLICK AND COLLECT
• A 1h-delivery service for additional last-minute shopping, • Launched in 2016 in Paris and its suburbs • New cities to come
• 578 Drives in France • ~15,000 SKUs • 4.5m orders per year • +25% rev. growth in 2016
• Launched in 1999 • Serves Paris, Lyon, Marseille, Nice • ~15,000 SKUs
A broad Food e-commerce offer
May 2017 | 24
OMNICHANNEL APPROACH TO LEVERAGE NON FOOD
INVESTOR PRESENTATION
WEB TO STORE:
Upload store assortment online
CLICK & COLLECT
CLICK & COLLECT 2 hours
STORE TO WEB:
In store tablets available to the salesforce
OBJECTIVE:
100% of the full offer available in any Carrefour store
Store
Web
750 marketplace merchants
3M SKUs
6,000 pick-up points and client touchpoints
400K additional Carrefour clients thanks to Click & Collect
A SINGLE NON FOOD MULTISPECIALIST
PLATFORM
May 2017 | 25
DEVELOPMENT OF OUR OFFER ON STRONG POTENTIAL CATEGORIES AND SERVICES
Wine €400-500m +250% 340,000 visits/month
530 SKUs
Organic >€1bn +50% 600,000 visits/month
20,000 SKUs
Pet food €600-800m +30% 150,000 visits/month
5,000 SKUs
Object customisation
>€1bn +200% 200,000 visits/month
300 SKUs
ONLINE FRENCH MARKET FORECAST (2020)
CARREFOUR SALES EVOLUTION (2016) OTHER KPIS
INVESTOR PRESENTATION
INVESTOR PRESENTATION
May 2017 | 26
DATA OPENS NEW
OPPORTUNITIES FOR CARREFOUR
Carrefour is well underway to
achieve new level of insights and
exploit data commercially and
operationally.
May 2017 | 27
DATA IS A 3-STAGE ROCKET
INVESTOR PRESENTATION
Gather relevant data
Leverage “small data”
Big Data and data science Leverage technology to grow revenue
Carrefour is already a data-centric
organization gathering relevant
customer and operational data
Small data” is in play to enrich customer value-proposition and
convey adequate messages.
May 2017 | 28
CARREFOUR IS A DATA-DEEP COMPANY
INVESTOR PRESENTATION
55 million households
13m daily transactions
1.3m daily visitors
8.2m downloads
CARREFOUR LOYALTY CARD PAYMENT WEBSITES MOBILE APPS
CARREFOUR CREDIT CARD
6.5 million holders
14.4m fans / followers
SOCIAL NETWORKS
May 2017 | 29
CUSTOMER DATA STRATEGY ENABLES REVENUE GROWTH
INVESTOR PRESENTATION
Anonymous data Known Client data
Media: owned
Email App CAC
Media: owned & 3rd party Display Search Web (logged) Web (no log) RRSS
Type of Data
Carrefour customers Loyalty cardholder
Carrefour customers Not cardholders
Not Carrefour customers
PASS cardholder
Type of Customer
Strategy Increase share of wallet
Enroll in loyalty program
Bring to Carrefour
INVESTOR PRESENTATION
May 2017 | 30
SUPPLY CHAIN:
LEVERAGE TRANSFORMATION
TO IMPROVE OPERATING EFFICIENCY
Our supply chain is evolving to
support multiformat deployment
and industrialize omnichannel
processes.
May 2017 | 31
OUR SUPPLY CHAIN IS EVOLVING TO SUPPORT CARREFOUR’S TRANSFORMATION
Support multiformat deployment
Industrialize omnichannel
processes
Leverage transformation to improve operating efficiency
2 MAIN STRATEGIC GOALS TO SUPPORT GROUP’S TRANSFORMATION
INVESTOR PRESENTATION
May 2017 | 32
FRANCE: A MORE EFFICIENT MULTIFORMAT SUPPLY CHAIN THANKS TO CARAVELLE
INVESTOR PRESENTATION
Reinforced network of multiformat
warehouses
Number of delivered stores
Reduced number of warehouses in France
13 34 x3
Number of Km -20%
Number of SKUs +15%
Cost of package -5%
Product availability +2%
2018 CARAVELLE TARGETS* 67 55 -18%
in 2012 in 2018
4,000 6,000 +50%
*2018 target vs 2012
May 2017 | 33
FRANCE: CARAVELLE ENHANCES OPERATING EFFICIENCY
30% 10% 25% 10% 25%
2013 / 2014 2015 2016 2017 2018
65% of savings delivered as of end-2016
35% of savings to be delivered
in 2017 and 2018
€350m savings between
end-2012 and end-2018
INVESTOR PRESENTATION
May 2017 | 34
CHINA: INTEGRATION OF SUPPLY CHAIN SUPPORTING MULTIFORMAT ROLL-OUT (2/2)
INTEGRATION AND OPTIMIZATION OF LOGISTICS
30 stores
SHENYANG DC
July 2016
60 stores
KUNSHAN DC
July 2014
31 stores
GUANGZHOU DC
May 2016
40 stores
BEIJING/TIANJIN DC
December 2015
42 stores
CHENGDU DC
May 2015
35 stores
WUHAN DC
October 2015
% of goods supplied by our
distribution centers:
2017 target: 80%
Increase in assortment:
in small- and mid-sized cities
starting in 2016
Development of convenience and
E-commerce formats
+20%
INVESTOR PRESENTATION
May 2017 | 34
May 2017 | 35
CARREFOUR TESTS AND OPERATES MULTIPLE FULFILLMENT MODELS ACROSS MARKETS
INVESTOR PRESENTATION
…
Future models?
TBD
In-store picking
Starting point – all Carrefour countries
In-store picking geographically concentrated
Carrefour Spain
Dark store: dedicated
warehouse, manual picking
Carrefour France (Ooshop)
Partly-automated warehouse (conveyers)
Carrefour France (PPC)
EFFICIENCY
# OF DAILY ORDERS
Partly automated warehouse to prepare individual
Drive orders
Leverage store warehouses to prepare individual orders
Gradually rolled out in other markets
Mixed model: dedicated storage space adjacent to
the store
Carrefour Spain & Taiwan
Financials
May 2017 | 37
2016 KEY FIGURES
INVESTOR PRESENTATION
(1) At constant exchange rates
(2) EBITDA: Recurring operating income before depreciation and amortization (including supply chain depreciation)
€76,645m
up
+2.7%(1)
€2,351m
a margin of
3.1%
€1,039m
up
+9.2%
€4,531m
an improvement of
€15m
NET SALES
RECURRING
OPERATING
INCOME FREE CASH FLOW EX. EXCEPTIONAL ITEMS NET DEBT EBITDA MARGIN(2)
5.1%
a
Stable margin
€1,031m
or
1.39 €/per share
ADJUSTED
NET INCOME, GROUP SHARE
May 2017 | 38
ORGANIC GROWTH OF 3.0% IN 2016
INVESTOR PRESENTATION
2016 SALES EVOLUTION – (in €m and %)
€76.9 bn
+3.0% 0.0%
-0.5%
+0.2%
-3.1%
-0.4%
+3.0%
€79.2 bn
+2.7%
€79.0 bn €76.6
bn
2015 net sales
2016 organic net sales ex petrol
ex calendar
2016 net sales at constant exch. rates
2016 net sales
Scope effect1 Petrol & calendar effect
Acquisitions/ disposals
Currencies impact
LFL ex petrol
ex calendar
(1) Scope effect includes store openings/closings and temporary store closures
May 2017 | 39
GROSS MARGIN FROM RECURRING OPERATIONS HELD UP WELL
INVESTOR PRESENTATION
+3.5%
at constant exch. rates
GROSS MARGIN FROM RECURRING
OPERATIONS
(in €m) 18,019
17,985
2015
2016 2016
+10bp
GROSS MARGIN FROM RECURRING
OPERATIONS
(as a % of net sales) 23.4%
23.5%
2015
2016 2016
May 2017 | 40
GOOD CONTROL OF OPERATING COSTS
INVESTOR PRESENTATION
+4.9%
at constant exch. rates
OPERATING COSTS
(in €m) 13,070
13,125
2015
2016 2016
+10bp
OPERATING COSTS
(as a % of net sales, ex. petrol) 18.6%
18.7%
2015
2016 2016
May 2017 | 41
STABLE ASSET COSTS AS A PERCENTAGE OF SALES
INVESTOR PRESENTATION
+2.8%
at constant exch. rates
ASSET COSTS
(in €m) 2,505
2,509
2015
2016 2016
Stable ASSET COSTS
(as a % of net sales, ex. petrol) 3.6%
3.6%
2015
2016 2016
May 2017 | 42
2016 NET SALES AND RECURRING OPERATING INCOME BY REGION
INVESTOR PRESENTATION
(in €m) 2015 2016
Organic growth
ex petrol ex calendar
Variation at current exch.
rates 2015 2016
Variation at constant
exch. rates
Variation at current exch.
rates
France 36,272 35,877 -0.9% -1.1% 1,191 1,031 -13.4% -13.4%
Other European countries 19,724 20,085 +2.2% +1.8% 567 712 +25.7% +25.5%
Europe 55,996 55,962 +0.3% -0.1% 1,758 1,743 -0.8% -0.9%
Latin America 14,290 14,507 +16.2% +1.5% 705 711 +3.7% +0.9%
Asia 6,659 6,176 -3.8% -7.3% 13 -58 n/a n/a
Emerging markets 20,949 20,683 +9.6% -1.3% 718 653 -7.0% -9.0%
Global functions -31 -45 n/a n/a
TOTAL 76,945 76,645 +3.0% -0.4% 2,445 2,351 -3.2% -3.8%
NET SALES RECURRING OPERATING INCOME
May 2017 | 43
ADJUSTED NET INCOME, GROUP SHARE
INVESTOR PRESENTATION
(in €m) 2015
2016
EBITDA (1) 3,955 3,886
Recurring operating income 2,445 2,351
Net income from associates and JVs 44 -36
Non-recurring income -257 -372
EBIT 2,232 1,943
Net financial expenses -515 -515
Net interest expense -347 -377
Other net financial expenses -168 -138
Income before taxes 1,717 1,428
Income tax expense -597 -494
Effective tax rate 34.8% 34.6%
(in €m) 2015
2016
Net income from continuing operations 1,120 934
Minority share of net income from continuing operations
-143 -148
Net income from continuing operations, Group share
977 786
Net income from discontinued operations, Group share
4 -40
Net income, Group share 980 746
Adjusted net income, Group share 1,113 1,031
Notes : (1) Recurring operating income before depreciation and amortization (including supply chain depreciation)
May 2017 | 44
2016 FREE CASH FLOW
INVESTOR PRESENTATION
(in €m) 2015
2016
Gross cash flow 2,733 2,964
Change in working capital 81 351
Discontinued activities 3 -11
Operating cash flow 2,818 3,305
Capital expenditure (ex. Cargo) -2,378 -2,492
Net capital expenditure (Cargo) - -249
Change in net payables to fixed asset suppliers 136 -78
Asset disposals (business-related) 104 118
Discontued operations 7 -
Free cash flow 687 603
Impact of Cargo - -249
Impact of exceptional items -265 -186
Free cash flow from continuing operations, excluding exceptional items 951 1,039
May 2017 | 45
Number of stores 1,328 3,227 7,075 305 n.a
% food in sales 70% 85% 95% c100% 55%
Capex (by unit) €€€ €€ € € €
Expansion outlook =
Expansion capex per sqm ++ + + +++ (1) n.a
2014/2016 Trend n.a
THE LOWER CAPITAL INTENSITY OF GROWTH WILL HELP RETURN ON CAPITAL
HYPERMARKETS SUPERMARKETS CONVENIENCE CASH & CARRY E-COMMERCE
High volumes, benefitting all formats
Strong cash flow, financing multiformat expansion
INVESTOR PRESENTATION
(1) Includes real estate
May 2017 | 46
2016 CAPEX BREAKDOWN
29%
32%
21%
18%
41%
6% 25%
21%
7%
2016 CAPEX
€2,492m (ex Cargo)
Remodelling Maintenance
Expansion IT & omnichannel
France Europe
Latin America
Asia
DIA
INVESTOR PRESENTATION
BREAKDOWN OF CAPEX BY NATURE
BREAKDOWN OF CAPEX BY REGION
May 2017 | 47
CAPEX EVOLUTION REFLECTS CARREFOUR’S MULTIFORMAT TRANSFORMATION
HISTORICAL CAPEX SPLIT BY FORMAT
• Expansion in smaller formats
• E-commerce roll out
• Hypermarket remodeling phase largely behind us
• Store maintenance key traffic driver
Remodeling
Maintenance
Expansion
IT & Omnichannel
MEDIUM-TERM TRENDS IN CAPEX (GROUP LEVEL)
May 2017| 47
52%
36% <40%
48%
64% >60%
2012 2016 2019e
Hypermarkets Other formats
INVESTOR PRESENTATION
2017 CAPEX
€2.4bn
NORMATIVE CAPEX
€2.3bn – €2.5bn
May 2017 | 48
SLIGHT DROP IN NET DEBT
INVESTOR PRESENTATION
(in €m) 2015
2016
Opening net debt (December 31) -4,954 -4 546
Free cash flow 687 603
Acquisitions -85 -190
Disposals 109 45
Others -28 -25
Discontinued operations 0 16
Cash flow after acquisitions and disposals 682 449
Dividends paid by parent company -390 -121
Dividends paid to non-controlling interests -98 -86
Capital increase 14 255
Cost of net financial debt -347 -377
Disposal of treasury shares 384 30
Acquisitions/disposals of investments without change in control 208 -40
Other changes in net borrowings -44 -95
Closing net debt (December 31) -4,546 -4,531
May 2017 | 49
CREDIT RATING AND DEBT MATURITY MAINTAINED
On April 26, 2016, issua issuance of a €750m bond with a maturity of 8 years and a 0.75% coupon
In 2016, €667m of bonds reached maturity
At end 2016, the debt maturity was 4.1 years
INVESTOR PRESENTATION
1,250
279
1,000 1,000 1,000 1,000
750 750
2.44%
5.25%
1.75% 4.00% 3.88%
1.75% 0.75% 1.25%
2017 2018 2019 2020 2021 2022 2024 2025
Average annual coupon
DEBT REDEMPTION SCHEDULE – (in %)
2016 issuance
Credit rating maintainted: BBB+
May 207 | 49
May 2017 | 50
STABLE PROPOSED DIVIDEND: €0.70 PER SHARE
INVESTOR PRESENTATION
Dividend of €0,70 proposed
to the General Shareholders’
meeting on June 15, 2017
Payout of 51% of
adjusted net income, Group share, in line with our distribution
policy
Payment in
shares or in cash
May 2017 | 51
VALUE-CREATION DRIVERS
Solid generation of
operating cash flow
linked to improved results
Disciplined Capex
between €2.3bn and €2.5bn per year (€2.4bn in
2017), with strict Return on Investment criteria and an
evolution in the mix
Control of Working Capital
Requirements
Balanced capital
allocation,
combining continued targeted
acquisitions,
45-50% payout*,
maintaining a BBB+ rating
*of the adjusted net income, Group share
INVESTOR PRESENTATION
May 2017 | 52
FINANCIAL OUTLOOK – 2017 & MEDIUM-TERM
Payout of between 45% and 50% of adjusted net income,
Group share
Capex decrease in 2017 to €2.4bn, and normative capex between €2.3bn and €2.5bn
Planned IPOs of Carmila and Brazilian operations in 2017,
market conditions permitting
Continued tactical acquisitions
Total sales growth of 3% to 5% at constant exchange rates in
2017
Continued increase in Free Cash Flow, with a new increase in 2017
INVESTOR PRESENTATION
Appendix
May 2017 | 54
VARIATION OF Q1 2017 SALES (INCLUDING VAT)
Total sales inc. VAT
(€m)
Change at current exchange rates inc.
petrol
Change at constant exchange
rates inc. petrol LFL inc. petrol
LFL ex petrol ex calendar
Organic growth ex petrol
ex calendar
France 9,406 +0.8% +0.8% +2.1% +0.5% -0.6% Hypermarkets 4,848 -0.8% -0.8% -0.4% -1.6% -2.0% Supermarkets 3,053 +1.1% +1.1% +3.2% +2.2% +0.2% Convenience /other formats 1,505 +5.5% +5.5% +8.6% +4.4% +2.5%
International 11,889 +10.9% +3.6% +0.6% +2.1% +3.9%
Other European ountries 5,384 +3.6% +3.6% +0.6% +0.9% +1.3% Spain 2,110 +4.3% +4.3% +0.6% +0.3% +0.8% Italy 1,328 -0.4% -0.4% +1.2% +1.6% 0.0% Belgium 1,026 -2.7% -2.7% -2.3% -1.8% -2.1%
Latin America 4,518 +30.9% +8.8% +5.0% +7.8% +11.7% Brazil 3,666 +37.6% +7.4% +2.8% +5.6% +10.5%
Asia 1,987 -4.1% -5.0% -6.7% -4.0% -2.3% China 1,446 -8.6% -7.0% -8.4% -5.5% -4.1%
Group total 21,295 +6.2% +2.3% +1.3% +1.4% +1.9%
May 2017 | 55
Q1 2017 TAKEAWAYS
Continued momentum, with strong LFL and overall sales growth in Q1:
● Solid sales growth in Q1
● LFL sales growth in France, solid performance of smaller formats
● Further growth in Europe on the back of strong comparables
● Continued strong sales growth in Latin America despite slowdown in inflation and a persistently difficult economic environment
● Sequential improvement in Asia, continued growth in Taiwan
Target of 3% to 5% FY2017 sales growth at constant exchange rates confirmed
Building on our key strengths :
● Relevance of our food-based model
● Balanced country portfolio
● Multi-format and omnichannel approach
Carrefour Q1 2017 sales l Page 55
May 2017 | 56
HYPERMARKETS EVERYTHING UNDER ONE ROOF AT A COMPETITIVE PRICE
HYPERMARKETS
Carrefour’s historical format
New hypermarket concepts tested in all geographies
Renewed offer – attractive and powerful
Gradually becoming more urban, as cities expand
May 2017| 56
INVESTOR PRESENTATION
100,000 SKUs
7,345 Average Sqm 1,328 stores
51€ Average basket (France)
May 2017 | 57
SUPERMARKETS CHOICE CLOSE TO HOME WITH A FOCUS ON FRESH
SUPERMARKETS
Dedicated to food
“Clusterizing” to better address local needs
4 clusters: Gourmet, Attraction, Urban, Discount
Successful cross-fertilization across countries
May 2017| 57
INVESTOR PRESENTATION
20,000 Average SKUs
1,319 Average Sqm
28€ Average basket (Belgium)
3,227 stores
May 2017 | 58
CONVENIENCE ESSENTIAL DAILY NEEDS WITH EXTENDED SHOPPING HOURS
CONVENIENCE
Format in constant evolution, adapting to changing social and consumption trends
On top of generalist stores, multiple tests of specialized convenience concepts across countries (organic stores, etc.)
Last 2 countries to launch convenience format: Brazil and China, well received by consumers
May 2017| 58
INVESTOR PRESENTATION
6,500 Average SKUs
255 Average Sqm
12€ Average basket (Italy)
7,075 stores
May 2017 | 59
CASH & CARRY WHOLESALE PRICES FOR A NO-FRILLS EXPERIENCE
8,000 Average SKUs
4,121 Average Sqm
59€ Average basket (Atacadão)
CASH & CARRY
B2B pure play activities in France (Promocash) and Italy (Docks and Gross Iper)
Hybrid B2B/B2C: Atacadão is a winning model in Brazil
Successful cross-fertilization based on Atacadão in other countries: Maxi in Argentina and initial Supeco in Spain
May 2017| 59
INVESTOR PRESENTATION 305 stores
May 2017 | 60
2016 GROSS SALES
INVESTOR PRESENTATION
Gross sales (in €m)
Change at current exch.
rates inc. petrol
Change at constant exch. rates inc. petrol
Change at constant exch. rates ex. petrol LFL inc. petrol
LFL ex. petrol
ex. calendar
Organic growth ex. petrol
ex. calendar
France 40,126 -1.2% -1.2% -0.5% -0.1% +0.3% -0.9%
Hypermarkets 20,815 -2.6% -2.6% -1.7% -2.3% -1.5% -1.8%
Supermarkets 12,945 -0.9% -0.9% +1.9% +0.4% +2.6% -0.3%
Others, inc. convenience 6,367 +3.2% +3.2% -1.2% +7.9% +1.8% +0.8%
International 45,574 -0.3% +6.1% +6.3% +4.8% +4.9% +6.0%
Other European countries
22,439 +1.4% +1.9% +2.3% +1.6% +2.0% +1.8%
Spain 8,964 +1.2% +1.2% +2.1% +1.3% +2.3% +2.2%
Italy 5,484 -1.0% -1.0% -0.6% +1.8% +2.1% +0.9%
Belgium 4,382 +0.6% +0.6% +0.6% +0.5% +0.3% +0.3%
Latin America 16,254 +0.9% +16.6% +16.8% +13.4% +13.5% +16.7%
Brazil 12,858 +10.6% +15.0% +15.1% +10.9% +11.0% +15.1%
Asia 6,881 -7.8% -4.1% -4.1% -4.8% -5.0% -4.3%
China 5,075 -11.6% -7.2% -7.2% -7.6% -7.8% -7.4%
Group total 85,700 -0.7% +2.7% +3.3% +2.6% +3.0% +3.0%
May 2017 | 61
STORES UNDER BANNERS1 AT END 2016
INVESTOR PRESENTATION
Notes : (1) including franchisees and partners; (2) Maghreb, Middle East and Dominican Republic
(#) Hypermarkets Supermarkets Convenience Cash & Carry
Total
France 243 1,062 4,222 143 5,670
Spain 175 129 545 849
Belgium 45 442 285 772
Italy 57 412 586 13 1,068
Poland 86 159 641 886
Romania 32 213 53 298
Others 44 422 202 668
Other European countries 439 1,777 2,312 13 4,541
Argentina 79 126 398 603
Brazil 237 42 70 349
Latin America 316 168 468 0 952
China 229 25 254
Taiwan 64 30 94
Others 81 8 2 2 93
Asia 374 38 27 2 441
Others (2) 90 182 46 13 331
Total 1,462 3,227 7,075 171 11,935
CONTACTS
Mathilde RODIE [email protected]
+33 1 41 04 28 06 +33 6 32 13 70 17
Louis IGONET [email protected]
Tel: +33 1 41 04 27 63 Mob: +33 6 72 24 91 26
IR DIRECTORS HEAD OF INVESTOR RELATIONS
Anne-Sophie LANAUTE [email protected]
Tel: +33 1 41 04 41 22 Mob: +33 6 48 78 39 07