Carrefour Sa · EURONEXT:CA
Carrefour Sa — H1 2010 Earnings Presentation
19 slides from Carrefour Sa's earnings presentation, Jul 15, 2010
Slide 1: Carrefour H1 and Q2 2010 sales
Carrefour H1 and Q2 2010 sales 15 July 2010
Slide 2: H1 sales highlights: solid H1, satisfactory Q2
H1 sales highlights: solid H1, satisfactory Q2 Solid H1 sales Total sales inc petrol, VAT and currencies of €48.9bn: +5.9% Sales ex petrol at constant exchange rates: +1.5% Marginal decline in ex petrol LFL: -0.4% Excluding strong impact of labor movements in Belgium and taking into account
Slide 3: H1 2010 sales up 1.5% ex-petrol at constant exchange rates
H1 2010 sales up 1.5% ex‐petrol at constant exchange rates H1 sales inc. VAT at constant exchange H1 sales inc. VAT at current exchange rates (€m) rates (€m) Excluding 2009 42,836 2009 42,836 petrol +1.5% +4.7% 2010 43,479* 2010 44,838 2009 46,159 2009 46,159 Including petrol +2.8% 2010 48,882 + 5.9
Slide 4: Solid sales growth in H1
Solid sales growth in H1 Change in H1 2010 sales, excluding petrol, adjusted for calendar impact (index H1 2009 = 100; % change) 3.1 104.9 0.2 101.8 2.0 (0.4) 100 Calendar H1 2010 Like sq.m & H1 2010 H1 2009 impact const. FX Fx impact for like acquisitions current FX adjustment adj. for adj. for cal
Slide 5: Q2 2010 sales up 0.8% ex-petrol at constant exchange rates
Q2 2010 sales up 0.8% ex‐petrol at constant exchange rates Q2 sales inc. VAT at constant exchange Q2 sales inc. VAT at current exchange rates (€m) rates (€m) Excluding 2009 21,669 2009 21,669 petrol +0.8% +5.0% 2010 21,842* 2010 22,762 2009 23,442 2009 23,442 Including petrol +2.2% 2010 24,921 6.3%
Slide 6: Satisfactory sales growth in Q2, boost from currency impact
Satisfactory sales growth in Q2, boost from currency impact Change in Q2 2010 sales, excluding petrol, adjusted for calendar impact (index Q2 2009 = 100; % change) 4.2 105.4 0.4 101.2 1.9 100 (1.1) Calendar Q2 2010 Like sq.m & Q2 2010 Q2 2009 impact const. FX Fx impact for like acquisitions current
Slide 7: Q2 sales: improvement in France and Asia, continued growth in Latam, weaker Europe
Q2 sales: improvement in France and Asia, continued growth in Latam, weaker Europe Change in LFL sales excluding petrol (%) France (1) 0.2 Q1 2010 0.9 Q2 2010 Europe (1) (2.4) (6.5) Latin America (1) 8.9 5.5 Asia (1) 1.6 1.7 (2.3) Hard Discount (2.5) (1) Excluding Hard Discount 7
Slide 8: France (ex. hard discount): good sales in supers and encouraging signs in hypers
France (ex. hard discount): good sales in supers and encouraging signs in hypers Change in Q2 2010 sales, excluding petrol (index Q2 2009 = 100; % change) 0.1 0.9 (0.4) 100.6 100 Like sq.m & Calendar Q2 2010 Q2 2009 for like acquisitions impact adj. for adjustment calendar impact Improved hypermarke
Slide 9: France: H1 LFL market share gains of 80 bp for Carrefour banners
France: H1 LFL market share gains of 80 bp for Carrefour banners, driven by Carrefour Market Group market shares (1) Market share evolution (1) ~ 23.9 ~ 24.0 2.5 0.3 ED/ Dia 2.7 Carrefour Banners 21.2 21.5 Carrefour Hypers (0.3) Carrefour banners 0.5 Carrefour Market x x x (0.2) (1,4) ED / Dia H1 20
Slide 10: 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) +6.9% 25.3% 106.9 7.4% 100 24.3% 7.2% 3.7% 3.8% H1 2009 H1 2010 H1 2009 H1
Slide 11: Spain (ex. hard discount): sales impacted by economic slowdown
Spain (ex. hard discount): sales impacted by economic slowdown Change in Q2 2010 sales, excluding petrol (index Q2 2009 = 100; % change) 0.7 (7.5) 0.8 100 94 Q2 2009 Like sq.m & Calendar Q2 2010 for like acquisitions impact adj. for adjustment calendar impact Q2 sales reflected continued economic we
Slide 12: Italy: satisfactory performance in supers, weaker hypermarket sales
Italy: satisfactory performance in supers, weaker hypermarket sales Change in Q2 2010 sales, excluding petrol (index Q2 2009 = 100; % change) (3.5) (2.0) 0.4 100 94.9 Q2 2009 Like sq.m & Calendar Q2 2010 for like acquisitions impact adj. for adjustment calendar impact Continued impact of store closu
Slide 13: Belgium: sales impacted by labour movements
Belgium: sales impacted by labour movements Change in Q2 2010 sales, excluding petrol (index Q2 2009 = 100; % change) 100 (8.6) (0.4) 0.1 91.1 Q2 2009 Like sq.m & Calendar Q2 2010 for like acquisitions impact adj. for adjustment calendar impact Further drop in Q2 sales following labour movements and
Slide 14: Brazil (ex. hard discount): growth driven by Atacadao
Brazil (ex. hard discount): growth driven by Atacadao Change in Q2 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 7.9 0 110.4 2.5 100 Q2 2009 Like sq.m & Calendar Q2 2010 for like acquisitions impact adj. for adjustment calendar impact Sales up 10.4% at constant exchange rates (+2.5% L
Slide 15: China (ex. hard discount): accelerating growth
China (ex. hard discount): accelerating growth Change in Q2 2010 sales, excluding petrol (index Q2 2009 = 100; % change) 116.1 10.7 0 5.4 100 Q2 2009 Like sq.m & Calendar Q2 2010 for like acquisitions impact adj. for adjustment calendar impact Improved like for likes (from 4.5% in Q1 to 5.4% in Q2)
Slide 16: Hard discount: robust performance in Spain, successful conversion in France
Hard discount: robust performance in Spain, successful conversion in France Change in Q2 2010 sales, excluding petrol (index Q1 2009 = 100; % change) 100 (1.0) (1.7) 96.8 (0.5) Spain 2.6 100.1 (2.5) 0 100 Calendar Q2 2010 Q2 2009 Like sq.m & adj. for impact for like acquisitions calendar adjustment
Slide 17: China: partnership with Baolongcang to accelerate expansion
China: partnership with Baolongcang to accelerate expansion Baolongcang: one of the main hypermarket operators in the Hebei region, close to Beijing, operating 11 hypermarkets Carrefour China to acquire 51% of Baolongcang with founders to remain an active partner with 49% Consolidates our strong pre
Slide 18: Outlook and conclusion: on track to achieve 2010 objectives
Outlook and conclusion: on track to achieve 2010 objectives Solid H1 and satisfactory Q2 sales in a contrasted environment H1 2010 Activity Contribution expected close to €1,100m, including positive impact of CVAE (1) of around c.€45m and negative impact of labor disruptions in Belgium of c.€36m Con
Slide 19: Carrefour H1 and Q2 2010 sales
Carrefour H1 and Q2 2010 sales 15 July 2010