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Carrefour Sa — Q4 2011 Earnings Presentation

15 slides from Carrefour Sa's earnings presentation, Jan 19, 2012

1. Slide 1: Carrefour Q4 and FY 2011 sales

   Carrefour Q4 and FY 2011 sales January 19th 2012

2. Slide 2: Key highlights

   Key highlights Full‐year 2011: Slight growth in sales, supported by emerging markets ƒ Continued recovery in Belgium, Brazil and Taiwan ƒ Emerging market growth supported by expansion ƒ Action Plan launched in France to address hypermarket underperformance Q4: Sales affected by lower discretionary s

3. Slide 3: Slight growth in FY 2011 sales, supported by emerging markets

   Slight growth in FY 2011 sales, supported by emerging markets FY 2011 reported sales of €91.5bn, +1.1% (at current exchange rates, including petrol) Ex‐petrol: ƒ ‐0.6% LFL ƒ +0.5%, including +1.1% from expansion ƒ ‐0.1%, including ‐0.6% from forex Change in FY 2011 % sales, ex‐petrol +0.5% (0.6) ‐0.

4. Slide 4: Q4 sales affected by lower discretionary spending

   Q4 sales affected by lower discretionary spending Reported Q4 sales of €24.2bn, ‐1.0% (at current exchange rates, including petrol) Ex‐petrol: ƒ ‐1.9% LFL (‐2.3% adjusted for calendar) ƒ ‐1.2%, including +1.1% from expansion ƒ ‐2.5%, including ‐1.3% from forex Change in Q4 2011 % sales, ex‐petrol 10

5. Slide 5: France: Continued execution of our Action Plan ("Reset") in Q4

   France: Continued execution of our Action Plan (“Reset”) in Q4 Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol 100.0 100.0 (2.8) (1.6) ‐1.2% ‐2.3% ‐1.6% 0.4 0.1 ‐2.7% 0.4 98.8 97.7 98.4 97.3 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY 2011 Expansion FY 201

6. Slide 6: France Hypermarkets: Sales down, reflecting the implementation of our action plan

   France Hypermarkets: Sales down, reflecting the implementation of our action plan Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol 100.0 100.0 (4.7) (3.4) ‐3.4% 0.2 ‐3.2% ‐5.0% 0.2 ‐4.8% 96.6 96.8 (0.3) 95.0 95.2 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY

7. Slide 7: France Supermarkets: Slight growth in total sales in Q4 and in 2011

   France Supermarkets: Slight growth in total sales in Q4 and in 2011 Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol +0.7% +0.6% +0.3% +0.2% 0,4 0,4 0,3 100,7 1,0 100,3 100,0 (0,8) 100,6 100,0 100,2 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY 2011 Expansion

8. Slide 8: Spain: Sales affected by a toughening economic environment

   Spain: Sales affected by a toughening economic environment Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol 100.0 100.0 (7.4) (5.2) ‐4.0% ‐7.7% ‐5.2% 1.2 (1.3) ‐8.7% 1.0 96.0 92.3 94.8 91.3 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY 2011 Expansion FY 2011

9. Slide 9: Italy: Persistently difficult trading environment

   Italy: Persistently difficult trading environment Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol 100.0 100.0 (4.3) (4.1) ‐4.1% (0.8) ‐5.1% (1.4) ‐6.5% 95.9 (2.6) 94.9 ‐6.7% 93.5 93.3 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY 2011 Expansion FY 2011 adj.

10. Slide 10: Belgium: Confirmation of turnaround in 2011

    Belgium: Confirmation of turnaround in 2011 Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol +2.8% ‐0.2% ‐0.5% 2.8 102.8 (3.6) ‐0.8% 100.0 (0.1) (0.4) 0.3 99.8 99.5 100.0 99.2 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY 2011 Expansion FY 2011 adj. LFL adj.

11. Slide 11: Brazil: Ongoing solid growth, confirmed turnaround in hypermarkets

    Brazil: Ongoing solid growth, confirmed turnaround in hypermarkets Atacadao: Change in Q4 2011 % sales, ex‐petrol Total Brazil: Change in FY 2011 % sales, ex‐petrol +11.5% 111.5 +8.9% +4.6% 6.9 (0.9) +5.1% 3.8 108.9 5.5 104.6 5.1 105.1 100.0 100.0 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 adj.

12. Slide 12: China: Expansion more than offsets drop in LFL sales

    China: Expansion more than offsets drop in LFL sales Change in Q4 2011 % sales, ex‐petrol Change in FY 2011 % sales, ex‐petrol +2.5% +7.5% 102.5 107.5 100.0 8.4 8.3 (6.1) 0.2 ‐5.9% ‐0.8% 100.0 94.1 (0.8) 99.2 Q4 2010 LFL Calendar Q4 2011 Expansion Q4 2011 FY 2010 LFL FY 2011 Expansion FY 2011 adj. L

13. Slide 13: Carrefour Planet: Update

    Carrefour Planet: Update 2011: 81 Carrefour Planet stores at year‐end, of which 31 in Q4, in line with August roll‐out plan: ƒ France: 29, of which 14 in Q4 ƒ Spain: 39, of which 12 in Q4 ƒ Belgium: 10, of which 4 in Q4 ƒ Italy: 2, of which 1 in Q4 ƒ Greece: 1 2012: roll‐out being pragmatically revi

14. Slide 14: Conclusion

    Conclusion 2011 Current Operating Income guidance confirmed and expected at the lower end of the range Action Plan underway in France: ƒ Continuing investment in pricing and more targeted promotions ƒ Continuing improvement of out‐of‐stock in food and non‐food ƒ Increasing Carrefour‐branded product

15. Slide 15: Carrefour Q4 and FY 2011 sales

    Carrefour Q4 and FY 2011 sales January 19th 2012

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