Carrefour Sa · EURONEXT:CA
Carrefour Sa — Q1 2010 Earnings Presentation
18 slides from Carrefour Sa's earnings presentation, Apr 15, 2010
Slide 1: Carrefour Q1 2010 sales
Carrefour Q1 2010 sales 15 April 2010 1
Slide 2: Q1 highlights
Q1 highlights ¾ Encouraging sales growth ¾ Total sales inc petrol, VAT and currencies of €24bn: +5.5% ¾ Sales ex petrol at constant exchange rates: +2.3% ¾ Growth in ex petrol LFL sales for the first time in 6 quarters: +0.3% ¾ +40bp growth in France year‐to‐date at constant selling space* (+80bp fo
Slide 3: Q1 2010 sales up 2.3% ex-petrol at constant exchange rates
Q1 2010 sales up 2.3% ex‐petrol at constant exchange rates Q1 sales inc. VAT at constant exchange Q1 sales inc. VAT at current exchange rates (€m) rates (€m) Excluding 2009 21,167 2009 21,167 petrol +2.3% +4.3% 2010 21,656* 2010 22,075 2009 22,717 2009 22,717 Including petrol +3.4% 2010 23,961 +5.5%
Slide 4: Encouraging sales growth in Q1
Encouraging sales growth in Q1 Change in Q1 2010 sales, excluding petrol, adjusted for calendar impact (index Q1 2009 = 100; % change) 0 2.0 104.3 2.0 102.3 0.3 100 Calendar Q1 2010 Like sq.m & Q1 2010 Q1 2009 impact const. FX Fx impact for like acquisitions current FX adjustment adj. for adj. for c
Slide 5: Q1 sales: overall improvement in trading with acceleration in Latin America and in China
Q1 sales: overall improvement in trading with acceleration in Latin America and in China Change in LFL sales excluding petrol (%) G4 (2.3) (1.5) 4.4 Q4 2009 Latam 9.6 Q1 2010 (0.4) Asia 1.6 European (2.9) growth (1.0) markets 5
Slide 6: France: continued growth of supermarkets and resilience of hypermarkets
France: continued growth of supermarkets and resilience of hypermarkets Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 0.4 ‐0.6 +0.1 100 99.9 Like sq.m & Calendar Q1 2010 Q1 2009 for like acquisitions impact adj. for adjustment calendar impact • Overall sales stable in Fra
Slide 7: France: LFL market share gains of 80 bp for Carrefour banners
France: LFL market share gains of 80 bp for Carrefour banners, driven by the attractiveness of Carrefour Market Group market shares* (1) Market share evolution*(1) ~ 23.9 ~ 24.0 ED/ Dia 2.7 2.5 Carrefour Banners 0.3 21.2 21.6 Carrefour Hypers (0.3) Carrefour banners 0.6 Carrefour Market x x x (0.2)
Slide 8: France: continued strong momentum for Carrefour-branded products
France : continued strong momentum for Carrefour‐branded products Carrefour‐branded products Carrefour‐branded products Carrefour Discount sales evolution share of sales share of sales (dry grocery) (dry grocery) (dry grocery) +8.2% 25.4% 108.2 7.2% 100 24.3% 6.7% 3.7% 3.4% Q1 2009 Q1 2010 Q1 2009 Q
Slide 9: Spain: slight improvement thanks to non-food, persistent food deflation
Spain: slight improvement thanks to non‐food, persistent food deflation Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 0.3 (3.0) 1.0 100 98.3 Q1 2009 Like sq.m & Calendar Q1 2010 for like acquisitions impact adj. for adjustment calendar impact • Hypermarkets: sales down 1.
Slide 10: Italy: stabilization of like for likes, good performance of supermarkets
Italy: stabilization of like for likes, good performance of supermarkets Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 100 (0.3) (3.4) (0.7) 95.6 Q1 2009 Like sq.m & Calendar Q1 2010 for like acquisitions impact adj. for adjustment calendar impact • Overall sales affected
Slide 11: Belgium: sales impacted by labor movements after February announcements
Belgium: sales impacted by labor movements after February announcements Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 100 (5.9) (0.3) 0 93.8 Q1 2009 Like sq.m & Calendar Q1 2010 for like acquisitions impact adj. for adjustment calendar impact • Plan for long‐term sustaina
Slide 12: Brazil: acceleration in growth, boosted by strong performance at Atacadao
Brazil: acceleration in growth, boosted by strong performance at Atacadao Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 7.8 115.3 (0.6) 8.2 100 Q1 2009 Like sq.m & Calendar Q1 2010 for like acquisitions impact adj. for adjustment calendar impact • Sales up 15.9% at consta
Slide 13: China: rebound of LFL growth in Q1
China : rebound of LFL growth in Q1 Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 10.1 (0.1) 114.5 4.5 100 Q1 2009 Like sq.m & Calendar Q1 2010 for like acquisitions impact adj. for adjustment calendar impact • LFL increase (+4.5%) thanks to volume growth both in food and
Slide 14: Hard discount: expansion offsets LFL decline
Hard discount: expansion offsets LFL decline Change in Q1 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 2.5 100.4 (2.3) 0.3 100 Q1 2009 Like sq.m & Calendar Q1 2010 for like acquisitions impact adj. for adjustment calendar impact • Spain: growth in volumes is more than offset by defla
Slide 15: Indonesia: partnership with Para Group to boost growth and value creation
Indonesia: partnership with Para Group to boost growth and value creation What What is is Carrefour Carrefour today today in in Indonesia Indonesia ?? A twelve year presence locally and annual sales of around 890 M€ 63 hypermarkets & 16 supermarkets with a leadership position of 20% of local modern
Slide 16: Share buyback plan in line with our announced financial strategy
Share buyback plan in line with our announced financial strategy Increased selectivity Ensure solid cash in CAPEX and financial generation and higher discipline ROCE Enhance financial Improved Solid A‐ rating target flexibility and ROE shareholder returns Dividend policy: 50% of Group Net income adj
Slide 17: Conclusion
Conclusion • Encouraging Q1 sales • Economic environment remains uncertain in G4 • Latin America and China continue to perform strongly • Flawless execution of the Transformation Plan remains our priority • Confidence in AC improvement and enhanced return on equity 17
Slide 18: Carrefour Q1 2010 sales
Carrefour Q1 2010 sales 15 April 2010 18