Slide 1: Q2 2021 Sales H1 2021 Results
Q2 2021 SALES H1 2021 RESULTS July 28, 2021
Slide 2: H1 Key Performance Indicators
H1 Key Performance Indicators › Sustained commercial activity: +3.6% LFL in Q2, and +3.9% LFL in H1 › Strong growth in France: +4.7% LFL in Q2, of which +4.3% in hypermarkets › Recurring Operating Income of €740m in H1, up +11.2% (+€81m) at constant FX › Further cost-reduction momentum (€430m in H1)
Slide 3: Opening Remarks
OPENING REMARKS Alexandre Bompard Chairman & CEO
Slide 4: Solid H1 Performance
SOLID H1 PERFORMANCE Food Private Proximity Organic Sales e-commerce Labels expansion +26% +1p.p. yoy €1.4bn +735 stores (+120% vs. 2019) at 30% of sales Sales ROI* Cost savings Net FCF €740m +€203m +3.9% LFL €430m +11.2% at c.c. at €(1,990)m *Recurring Operating Income H1 2021 RESULTS July 28, 2021
Slide 5: Key Messages: Strategy on track and delivering
KEY MESSAGES Strategy on track and delivering › Improved customer service › Outperformance in organic & private label › Solid expansion of growth formats › Rapid e-commerce growth › Market share gains in all formats in key countries < Confidence in achieving objectives Additional €200m share buyback
Slide 6: Key Messages: Acceleration in Digital
KEY MESSAGES Acceleration in Digital › Capitalize on data / customer knowledge › Leverage on omnichannel model to further expand e-commerce footprint › Develop new Retail media platform › Further expand digital partnership platform › Enter quick commerce with investment in Cajoo, French pioneer < Di
Slide 7: Financial Results
FINANCIAL RESULTS Matthieu Malige Chief Financial Officer
Slide 8: Sustained Growth Against High Comps
SUSTAINED GROWTH AGAINST HIGH COMPS +3.9% LFL in H1 2021 Reported Group LFL +5.5% +3.1% +4.2% +3.9% +3.6% +3.5% +1.4% +2.7% +2.0% +0.7% H1 H2 H1 H2 H1 H1 Q1 Q2 2018 2019 Avg. 2021 20/21 H1 2021 RESULTS July 28, 2021 8
Slide 9: Q2 2021 Sales Up 3.6% LFL at €19.7bn
Q2 2021 SALES UP 3.6% LFL AT €19.7BN +5.2% +3.8% (0.4)% 19,692 +1.3% +3.6% (3.0)% 18,710 Q2 2020 LFL Expansion & Petrol Calendar Forex Q2 2021 M&A H1 2021 RESULTS July 28, 2021 9
Slide 10: Steady Improvement in Profitability
STEADY IMPROVEMENT IN PROFITABILITY H1 ROI up +11.2% at constant FX › Strong ROI improvement, driven by France › Solid growth of retail activities +11.2% › Positive contribution of financial and other services +29.1%(2) › Consolidation of acquisitions weighted for €(31)m €740m €726m €187m % of net s
Slide 11: France: Outperforming in all segments & strong ROI growth
FRANCE Outperforming in all segments & strong ROI growth Q2 2021 France LFL of +4.7% France ROI up +45% › Hypermarkets capitalize on customer satisfaction and operational excellence to gain market share +45.1% › Supermarkets confirm positive momentum › Convenience stores deliver limited LFL revenue
Slide 12: Europe: Solid performance against high comps
EUROPE Solid performance against high comps Q2 Europe LFL of -1.9% Europe ROI up +13% at constant FX ROI at current FX, evolution at constant FX SPAIN Good resilience. Cumulated sales growth over 2 years remains strong at +7.1% +13.0% BELGIUM +59.0%(2) Very high comparable base linked to border clos
Slide 13: Latin America: Double digit revenue growth
LATIN AMERICA Double digit revenue growth Q2 Latin America LFL of +10.5% LatAm ROI down -0.8% at constant FX ROI at current FX, evolution at constant FX BRAZIL › Positive revenue growth despite high comps and +27.5%(2) deteriorated economic & sanitary environment -0.8% › Strong growth in food e-comm
Slide 14: Taiwan: Tough sanitary environment weighs on sales
TAIWAN Tough sanitary environment weighs on sales Q2 LFL sales down -1.4% Taiwan ROI down -2.0% at constant FX ROI at current FX, evolution at constant FX › Sales up +20.8% at constant FX with the integration of Wellcome stores +15.0%(2) › Sanitary environment weighing on LFL growth, -2.0% notably i
Slide 15: Steady Improvement in Profitability
STEADY IMPROVEMENT IN PROFITABILITY Adjusted EPS up +34% H1 2020 in €m H1 2021 restated Recurring operating income 726 740 Including c.€230m from the disposal of 60% of Market Pay, c.€(260)m provisions on Net income from associates and JVs (2) (10) restructuring costs and capital gain from a Non-rec
Slide 16: Strong Improvement in Cash Generation
STRONG IMPROVEMENT IN CASH GENERATION EBITDA to Net FCF H1 2020 in €m H1 2021 Variation restated EBITDA 1,886 1,873 (13) Income tax paid (227) (165) 62 Lower cash-out for restructuring and Financial result (excl. cost of debt and interest related to leases obligations) (34) (1) 33 exceptional items
Slide 17: Net Debt
NET DEBT (200) +1,259 (443) (426) (5,525) (5,218) (497) › Makro: €(271)m › BIG: €(139)m › Wellcome: €(93)m › Supersol: €(70)m › Bio c’ Bon: €(57)m › Market Pay: €189m › Other: €16m June 30, 2020 Net Free Dividends Net M&A Share Forex & June 30, 2021 Net Debt Cash Flow buyback Others Net Debt H1 2021
Slide 18: A cash generative model supporting value creation for shareholders
A cash generative model supporting value creation for shareholders 8.3% Yield €1,083m › Steady cash flow generation €200m › Disciplined Capex policy SBB to lift customer satisfaction & market share › Selective & value-accretive M&A €500m reinforcing leadership in key markets SBB › Active Dividend an
Slide 19: Appendix
a © APPENDIX
Slide 20: Q2 2021 Gross Sales
Q2 2021 GROSS SALES Change at Change at current LFL Organic growth Gross sales constant exch. rates inc. ex. petrol ex. petrol (in €m) exch. rates inc. petrol ex. calendar ex. calendar petrol France 9,653 +8.5% +8.5% +4.7% +2.6% Hypermarkets 4,715 +9.0% +9.0% +4.3% +3.7% Supermarkets 3,320 +9.5% +9.
Slide 21: Q2 2021 LFL (1/2)
Q2 2021 LFL (1/2) FRANCE France LFL ex petrol ex calendar 5.5% Q2 - in €m Total Sales Hypermarkets Supermarkets Other formats 4.7% 4.3% 3.8% Sales inc. VAT 9,653 4,715 3,320 1,617 3.5% 0.7% Total variation +8.5% +9.0% +9.5% +5.3% Q1 Q2 Q3 Q4 LFL ex. petrol +4.7% +4.3% +7.0% +1.3% 2021 2020 ex. calen
Slide 22: Q2 2021 LFL (2/2)
Q2 2021 LFL (2/2) Latin America LFL ex petrol ex calendar LATIN AMERICA 28.4% Q2 - in €m Total Sales Brazil Carrefour Retail Atacadão Argentina* 25.3% 17.1% 20.9% Sales inc. VAT 3,638 3,063 848 2,214 575 15.7% 10.5% Total variation +1.5% +2.7% -14.1% +11.0% -4.6% Q1 Q2 Q3 Q4 LFL ex. petrol +10.5% +3
Slide 23: Q2 2021 Technical Effects
Q2 2021 TECHNICAL EFFECTS Calendar Petrol Forex France -0.2% +6.1% - Hypermarkets -0.4% +5.6% - Supermarkets +0.0% +8.1% - Others, inc. convenience -0.1% +3.9% - Other European countries -0.5% +2.4% -0.2% Spain -0.5% +4.6% - Italy +0.3% +1.9% - Belgium -0.7% - - Poland -2.0% +0.3% -0.6% Romania +0.0
Slide 24: H1 2021 Gross Sales
H1 2021 GROSS SALES Change at Change at LFL Organic growth Gross sales current constant ex. petrol ex. petrol (in €m) exch. rates inc. exch. rates inc. ex. calendar ex. calendar petrol petrol France 18,815 +3.4% +3.4% +4.1% +1.8% Hypermarkets 9,309 +4.0% +4.0% +3.8% +3.1% Supermarkets 6,459 +4.2% +4
Slide 25: Results Unfavorably Impacted by FX
RESULTS UNFAVORABLY IMPACTED BY FX H1 2021 CURRENCY Evolution(1) -4.9% Brazilian Real -16.6% negative FX impact on H1 2021 Gross Sales Argentine Peso -35.3% Polish Zloty -2.8% -€67m Romanian Leu -1.7% negative FX impact on H1 2021 ROI Taiwanese Dollar -2.3% (1) Average foreign exchange rate H1 2021
Slide 26: Net Sales and Recurring Operating Income per Region
NET SALES AND RECURRING OPERATING INCOME PER REGION NET SALES RECURRING OPERATING INCOME Variation Variation Variation Variation H1 2020 H1 2020 H1 2021 at constant at current H1 2021 at constant at current restated(1) restated(1) exch. rates exch. rates exch. rates exch. rates in €m France 16,357 1
Slide 27: Significant Reduction in Non-Recurring Expenses
SIGNIFICANT REDUCTION IN NON-RECURRING EXPENSES H1 2020 in €m H1 2021 restated Provisions for organization Restructuring costs (42) (260) transformation Impairment and asset write-offs (59) (33) Including capital gain on Results from asset disposals (31) 248 disposal of 60% of Market Pay Other non-c
Slide 28: H1 2021 Income Statement
H1 2021 INCOME STATEMENT in €m H1 2020 restated H1 2021 Net Sales 34,265 34,462 Net sales, net of loyalty program costs 33,949 34,059 Other revenue 1,121 1,040 Total revenue 35,070 35,100 Cost of goods sold (27,612) (27,734) Gross margin 7,458 7,365 SG&A (5,700) (5,622) Recurring operating income be
Slide 29: Tax Expense
TAX EXPENSE H1 2020 in €m H1 2021 restated(1) Income before taxes 300 556 Non-recurring income and expenses, net (239) (41) Income before taxes 539 598 (excl. non-recurring income and expense) Mainly reflects the evolution of the Full-year normative tax rate (2) 32.1% 30.6% geographical mix and the
Slide 30: Enhanced Liquidity and Solid Balance Sheet
ENHANCED LIQUIDITY AND SOLID BALANCE SHEET Debt redemption schedule (in €m) › Credit Rating as of June 30, 2021: BBB stable outlook (S&P) 1.75% 0.49% 0.51% 1.25% 1.75% 2.08% Baa1 stable outlook (Moody’s) › At June 30, 2021, average debt 1,500 maturity is at 3.6 years › April 2021: Bond redemption fo
Slide 31: Stores under Banners at End H1 2021
STORES UNDER BANNERS AT END H1 2021 Cash & Soft (#) Hypermarkets Supermarkets Convenience Total Carry discount France 253 1,048 4,218 146 14 5,679 Other European countries 455 1,904 3,344 13 81 5,797 Spain 205 172 1,033 - 45 1,455 Italy 46 471 954 13 - 1,484 Belgium 40 440 305 - - 785 Poland 90 152
Slide 32: Disclaimer
DISCLAIMER This presentation contains both historical and forward-looking statements. These forward- looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ