Carrefour Sa · EURONEXT:CA
Carrefour Sa — Q4 2010 Earnings Presentation
22 slides from Carrefour Sa's earnings presentation, Jan 13, 2011
Slide 1: Carrefour Q4 and FY 2010 sales
Carrefour Q4 and FY 2010 sales 13 January 2011
Slide 2: Q4 and full year highlights: sales and estimated AC growth in a challenging environment
Q4 and full year highlights: sales and estimated AC growth in a challenging environment Sales growth in a challenging competitive and consumer environment +5.8% for full year 2010 at €101.0bn (+1.6% ex petrol at constant exchange rates) +5.1% in Q4 at €27.1bn (+1.6% ex petrol at constant exchange ra
Slide 3: Full year sales up 1.6% ex-petrol at constant exchange rates
Full year sales up 1.6% ex-petrol at constant exchange rates 2010 sales inc. VAT at current 2010 sales inc. VAT at constant exchange rates (€m) exchange rates (€m) Including 2009 95,503 2009 95,503 petrol +2.5% 2010 101,018 +5.8% 2010 97,899* Excluding 2009 88,331 2009 88,331 petrol +4.9% +1.6% 2010
Slide 4: Growth in sales in 2010, boosted by currencies
Growth in sales in 2010, boosted by currencies Change in 2010 sales, excluding petrol, adjusted for calendar impact (index 2009 = 100; % change) 104.9 3.3 0.0 1.7 (0.1) 101.6 100 sq.m & Calendar FY 2010 FY 2010 Like Fx impact FY 2009 acquisitions impact const. FX current FX for like adjustment adj.
Slide 5: Q4 2010 sales up 1.6% ex-petrol at constant exchange rates
Q4 2010 sales up 1.6% ex-petrol at constant exchange rates Q4 sales inc. VAT at current Q4 sales inc. VAT at constant exchange rates (€m) exchange rates (€m) Including 2009 25,804 2009 25,804 petrol +2.2% 2010 27,128 +5.1% 2010 26,360* Excluding 2009 23,888 2009 23,888 petrol +4.7% +1.6% 2010 25,003
Slide 6: Sales growth in Q4 with positive Lfl
Sales growth in Q4 with positive Lfl Change in Q4 2010 sales, excluding petrol, adjusted for calendar impact (index Q4 2009 = 100; % change) 104.7 3.1 0.0 1.3 0.3 101.6 100 sq.m & Calendar Q4 2010 Q4 2010 Like Fx impact Q4 2009 acquisitions impact const. FX current FX for like adjustment adj. for ad
Slide 7: Q4 sales: improving trends in Europe ex-France, strong growth in Latin America and Asia
Q4 sales: improving trends in Europe ex-France, strong growth in Latin America and Asia Change in LFL sales excluding petrol (%) France (1) 0.1 FY 2010 (0.8) Q4 2010 (3.8) Europe (1) (2.0) 7.0 Latin America (1) 7.4 2.3 Asia (1) 1.7 Hard Discount (2) (0.7) 1.2 (1) Excluding Hard Discount (2) Integrat
Slide 8: France (ex. hard discount): slowdown in Q4 impacting full-year Lfl sales growth
France (ex. hard discount): slowdown in Q4 impacting full-year Lfl sales growth Change in Q4 2010 sales, excluding petrol LFL excluding petrol (index Q4 2009 = 100; % change) & adjusted for calendar (%) 100 (0.8) 0.1 (0.3) Q1 2010 0.6 99.0 99.9 Q2 2010 1.0 Q3 2010 0.2 Q4 2010 (1.1) Like sq.m & Calen
Slide 9: France: YTD LFL market share gains of 50 bp for Carrefour banners
France: YTD LFL market share gains of 50 bp for Carrefour banners, driven by Carrefour Market Group market shares (1)* Market share evolution (1)* ~ 23.9 ~ 23.7 Carrefour Banners 0.0 ED/ Dia 2.6 2.4 Carrefour Hypers (0.3) 21.3 21.3 Carrefour banners Carrefour Market x 0.3 x ED / Dia (0.2) YTD 2009 Y
Slide 10: France: continued strong momentum for Carrefour-branded products
France: continued strong momentum for Carrefour-branded products Carrefour-branded products Carrefour-branded products sales evolution share of sales (dry grocery) (dry grocery) +4.6bp +0.7bp 25.2% 104.6 100 24.5% 2009 2010 2009 2010 Carrefour is the #1 fast moving Consumer Goods brand in France Car
Slide 11: Spain (ex. hard discount): encouraging signs in Q4 despite a persistently difficult environment
Spain (ex. hard discount): encouraging signs in Q4 despite a persistently difficult environment Change in Q4 2010 sales, excluding petrol LFL excluding petrol (index Q4 2009 = 100; % change) & adjusted for calendar (%) (3.2) 0.9 100 0.8 Q1 2010 (3.2) Q2 2010 (6.9) 98.5 95.7 Q3 2010 (7.3) Q4 2010 (2.
Slide 12: Italy: improving hypermarket trends in Q4, challenging full-year
Italy : improving hypermarket trends in Q4, challenging full-year Change in Q4 2010 sales, excluding petrol LFL hyper excluding petrol (index Q4 2009 = 100; % change) & adjusted for calendar (%) (2.4) 100 Q1 2010 (3.3) (4.2) (0.1) Q2 2010 (5.3) 93.3 94.1 Q3 2010 (3.8) Q4 2010 (1.9) FY 2010 (3.5) Q4
Slide 13: Belgium: first positive Lfl quarter in 6 years
Belgium: first positive Lfl quarter in 6 years Change in Q4 2010 sales, excluding petrol LFL excluding petrol (index Q4 2009 = 100; % change) & adjusted for calendar (%) 1.5 Q1 2010 (5.9) 100 (6.2) (0.5) Q2 2010 (8.5) 94.8 93.7 Q3 2010 (1.3) Q4 2010 1.0 Q4 2009 Like sq.m & Calendar Q4 2010 FY 2010 F
Slide 14: Brazil (ex. hard discount): strong growth driven by Atacadao
Brazil (ex. hard discount): strong growth driven by Atacadao 0.0 Change in Q4 2010 sales, excluding petrol 100 (0.2) (index Q4 2009 = 100; % change) Hypers (0.2) 99.6 8.6 0.0 114.1 Like sq.m & Calendar Q4 2010 113.2 Q4 2009 for like acquisitions impact adj. for adjustment calendar 5.5 impact 100 14.
Slide 15: China (ex. hard discount): strong growth, further boosted by expansion
China (ex. hard discount): strong growth, further boosted by expansion Change in Q4 2010 sales, excluding petrol LFL excluding petrol (index Q4 2009 = 100; % change) & adjusted for calendar (%) 0.0 112.9 9.6 114.8 Q1 2010 4.4 Q2 2010 5.4 3.3 Q3 2010 7.1 100 Q4 2010 3.3 Q4 2009 Like sq.m & Calendar Q
Slide 16: Hard discount: improved performance in Q4, strong growth in emerging countries
Hard discount: improved performance in Q4, strong growth in emerging countries Change in Q4 2010 sales, excluding petrol (index Q4 2009 = 100; % change) 1.0 2.8 1.2 102.2 105.0 100 Q4 2009* Like sq.m & Calendar Q4 2010* FY 2010* for like acquisitions impact adj. for adj. for adjustment calendar cale
Slide 17: Carrefour Planet: very promising results of pilot stores
Carrefour Planet: very promising results of pilot stores % Sales & Traffic share uplift YoY % Average market share change YoY + 1.4 12.9 11.3 7.3 -1.4 6.2 Before opening Pilot average After opening Best in Class Sales uplift Traffic uplift Source : Nielsen YTD au 30/10/10 vs N-1 Data France : cumula
Slide 18: Accounting adjustments and new group procedures
Accounting adjustments and new group procedures Brazil Completion of external audit and confirmation of final one-off charge of €550m Decision to launch legal proceedings following audit and forensic investigations Decision to restate 2009 consolidated accounts leading to downward adjustment of AC b
Slide 19: Restatement of FY 2009 AC reflecting Brazil charge & Thailand disposal
Restatement of FY 2009 AC reflecting Brazil charge & Thailand disposal ~( 52) 2,777 2725 ~(15) 2,710 Reported 2009 Underlying Thailand Restated 2009 AC Brazil 2009 AC restatem. 2009 AC restatem. 19
Slide 20: FY 2010E: solid 11.0% growth of underlying Activity Contribution
FY 2010E: solid 11.0% growth of underlying Activity Contribution ~ 2,958 Reported +9.4% Underlying estimated AC 2,710 2,965 ~54 ~(90) ~40 ~3,021 2009 AC Estimated 2010 AC ~ 3,025 +11.0% vs. 2009 Reported after Brazil charge (incl.Thailand) +10.9% 2,725 3,021 Estimated Adj. Adj. for Full-year Underly
Slide 21: 2010 scorecard: Transformation Plan on track, estimated AC below initial guidance
2010 scorecard: Transformation Plan on track, estimated AC below initial guidance 2010 commitment Delivery Market share France +50bp* Cost reduction €500m ~ €520m Purchasing savings €230m ~ €280m Capex €2.2bn ~ €2.2bn Planet test pilot stores 5 successful pilots out of 6 Inventory reductio
Slide 22: Carrefour Q4 and FY 2010 sales
Carrefour Q4 and FY 2010 sales 13 January 2011