Slide 1: Q2 2022 Sales and H1 2022 Results
Q2 2022 » Sales Fld 2022 Results
Slide 2: Solid performance in a challenging environment
Solid performance in a challenging environment H1 2022 KEY STRATEGIC HIGHLIGHTS INFLATIONARY ENVIRONMENT Grupo BIG acquisition closed - integration WELL MANAGED underway Solid commercial momentum with continued market Sale of Carrefour Taiwan announced on July 19th share gains in all key countries C
Slide 3: Solid Q2/H1 2022 results
Solid Q2/H1 2022 results STRONG SALES GROWTH NET FREE CASH-FLOW IMPROVEMENT +17.2% reported sales growth in Q2 2022 Improving +€110m in H1 2022 (+13.2% in H1) €(1,880)m in H1 2022 vs €(1,990)m in H1 2021 +7.3% LFL in Q2 2022 (+5.4% LFL in H1) SOLID RECURRING OPERATING ACCELERATION OF COST SAVINGS IN
Slide 4: Q2 2022 LFL sales growth of +7.3%
Q2 2022 LFL sales growth of +7.3% +17.2% +4.2% €23.1bn +2.9% +1.0% +7.3% +1.8% €19.7bn Food +8.1% Non-Food +2.9% Q2 2021 LFL Expansion & M&A Petrol Calendar Forex Q2 2022 pre-IAS 29 4
Slide 5: H1 2022 ROI up at €814m
H1 2022 ROI up at €814m H1 2021 H1 2022 Variation Net sales (€m) 34,462 39,054 +13.3% (+5.4% LFL) Gross margin (€m) 7,365 7,824 +6.2% Gross margin (in % of net sales) 21.4% 20.0% (134)bps Distribution costs (€m) (1) (5,622) (5,968) +6.2% In % of net sales 16.3% 15.3% (103)bps D&A (€m) (1,003) (1,041
Slide 6: France: Market share gains & steady ROI growth
France: Market share gains & steady ROI growth Q2 2022 LFL sales up +1.4% H1 2022 ROI up +3.8% ROI margin stable at 1.1% › Continued market share gains (+0.3pts in Q2 in value, +0.5pts in volumes) › Positive LFL on high comps › Strong performance of hypermarkets and convenience stores €187m €194m ›
Slide 7: Europe: Solid performance outside of Belgium
Europe: Solid performance outside of Belgium Q2 2022 LFL sales up +3.8% H1 2022 ROI down (27.5)% at constant FX c. €(60)m ROI impact from Belgium Market share gains & growth in all formats Continued recovery driven by customer satisfaction Highly competitive environment Solid trend on high comparabl
Slide 8: LatAm: Strong commercial momentum, ROI at all-time high
LatAm: Strong commercial momentum, ROI at all-time high Q2 2022 LFL sales up +27.7% H1 2022 ROI up +24.8% at constant FX Record Q1, Q2 and H1 at constant FX Strong performance on high comps › Atacadão: Positive volumes, successful commercial initiatives › Retail: Positive volumes €444m Continuous ma
Slide 9: Brazil: Integration of Grupo BIG
Brazil: Integration of Grupo BIG › Announcement of the new leadership structure › 16 BIG store conversions to Atacadão and Carrefour underway › Launch of the first wave of common purchasing negotiations › Part of the expected synergies for 2022 already secured › Key levers: Sales growth, sourcing co
Slide 10: Taiwan: Impacted by Covid-19 measures in H1
Taiwan: Impacted by Covid-19 measures in H1 Q2 2022 LFL sales down (4.7)% H1 2022 ROI down €7m › LFL Sales down (4.7)% on high comps › Impact of Covid-19 context, notably store closures €47m €40m 2022 (LFL sales growth) Q2 H1 Taiwan (4.7)% (2.5)% H1 2021 H1 2022 10
Slide 11: Taiwan: Sale of Carrefour Taiwan to Uni-President
Taiwan: Sale of Carrefour Taiwan to Uni-President › Mature Asset: Full operational & financial potential reached by Carrefour as a majority shareholder › Limited synergies with other Carrefour countries › Strong long-term prospects for Carrefour Taiwan with new owner › Attractive sale price and valu
Slide 12: Adjusted EPS up in H1 2022
Adjusted EPS up in H1 2022 In €m (unless otherwise stated) H1 2021(1) H1 2022 Recurring operating income (ROI) 740 814 Net income from associates and JVs (10) 12 Non-recurring income and expenses, net (70) (85) EBIT 660 741 Increase in interest rates Net financial expenses (132) (186) and debt (main
Slide 13: Solid EBITDA growth reflected in cash performance
Solid EBITDA growth reflected in cash performance In €m H1 2021 H1 2022 Variation EBITDA 1,873 1,987 +114 Income tax paid (165) (205) (41) Financial result (exl. Cost of debt and interest related to leases obligations) (1) 37 +39 Cash impact of restructuring items and others (132) (170) (38) Gross c
Slide 14: Net debt variation shaped by strong cash generation, shareholder returns and M&A
Net debt variation shaped by strong cash generation, steady shareholder returns and accretive M&A strategy in €m 183 1,338 (990) (1,012) (527) (6,533) (5,525) Including Grupo BIG €(866)m June 30, Net Free Dividends Share Net M&A Forex & June 30, 2021 Cash Flow buyback Others 2022 Net Debt Net Debt 1
Slide 15: Key takeaways
Key takeaways A strong and efficient model navigating well in the current inflationary environment › Solid commercial momentum › Constant market share gains in key countries › Granular pricing strategy › Strict cost discipline 2022 Outlook(1) › Cost-savings target raised from €900m to €1.0bn › €1.85
Slide 16: Appendix
CapPENDIX 16
Slide 17: Solid LFL sales growth
Solid LFL sales growth 2020 2021 2022 2022 H1 H2 H1 H2 H1 Q1 Q2 LFL France +2.4% +4.7% +4.1% (0.3)% +0.7% (0.0)% +1.4% Europe +5.4% +1.8% (1.7)% (0.6)% +2.3% +0.7% +3.8% Latin America +19.0% +26.8% +13.2% +5.6% +22.4% +16.6% +27.7% Asia +2.1% +0.4% (4.1)% (1.9)% (2.5)% (0.6)% (4.7)% Total Group +7.0
Slide 18: Q2 2022 Gross sales
Q2 2022 Gross sales Change at Change at LFL Organic current constant Gross sales ex. petrol growth exch. rates exch. rates (in €m) ex. ex. petrol inc. inc. calendar ex. calendar petrol petrol France 10,354 +7.3% +7.3% +1.4% +0.6% Hypermarkets 5,036 +6.8% +6.8% (0.5)% (1.6)% Supermarkets 3,461 +4.2%
Slide 19: Q2 2022 LFL sales (1/2)
Q2 2022 LFL sales (1/2) FRANCE France LFL ex petrol ex calendar 5.5% 4.7% 4.3% Q2 - in €m Total Sales Hypermarkets Supermarkets Other formats 3.8% 3.5% Sales inc. VAT 10,354 5,036 3,461 1,857 1.4% Total variation +7.3% +6.8% +4.2% +14.8% 0.0% (0.3)% 0.7% (0.4)% Q1 Q2 Q3 Q4 LFL ex. petrol +1.4% (0.5)
Slide 20: Q2 2022 LFL sales (2/2)
Q2 2022 LFL sales (2/2) Latin America LFL ex petrol ex calendar 27.7% 28.4% LATIN AMERICA 25.3% Carrefour 20.9% Q2 - in €m Total Sales Brazil Atacadão Argentina* 17.1% Retail 16.6% Sales inc. VAT 5,957 5,059 1,194 3,493 898 15.7% 10.5% 7.3% Total variation +63.7% +65.2% +40.7% +57.7% +56.0% 4.0% LFL
Slide 21: Q2 2022 technical effects
Q2 2022 technical effects Calendar Petrol Forex France +1.1% +5.5% - Hypermarkets +1.3% +7.1% - Supermarkets +1.0% +5.1% - Others, inc. convenience +0.5% +2.4% - Other European countries +0.9% +2.3% (0.3)% Spain +1.0% +4.2% - Italy +1.1% +2.1% - Belgium +0.3% - - Poland +2.3% (1.1)% (2.9)% Romania +
Slide 22: H1 2022 LFL sales growth of +5.4%
H1 2022 LFL sales growth of +5.4% +13.2% +3.1% €43.3bn +3.1% +0.3% +5.4% +1.4% €38,3bn H1 2021 LFL Expansion & M&A Petrol Calendar Forex H1 2022 pre-IAS 29 22
Slide 23: H1 2022 gross sales
H1 2022 gross sales Change at Change at LFL Organic current constant Gross sales ex. petrol growth exch. rates exch. rates (in €m) ex. ex. petrol inc. inc. calendar ex. calendar petrol petrol France 19,966 +6.1% +6.1% +0.7% (0.1)% Hypermarkets 9,803 +5.3% +5.3% (0.8)% (1.6)% Supermarkets 6,662 +3.1%
Slide 24: FX impact
FX impact H1 2022 CURRENCY (1) Evolution +3.1% Brazilian Real +17.2% positive FX impact on H1 2022 Gross Sales Argentine Peso (10.3)% Polish Zloty (2.1)% +62M€ positive FX impact on H1 Romanian Leu (0.9)% 2022 ROI Taiwanese Dollar +7.8% 24 (1) Average foreign exchange rate
Slide 25: Net sales and ROI per region
Net sales and ROI per region RECURRING OPERATING NET SALES INCOME Variation Variation Variation Variation H1 2021 H1 2022 at constant at current H1 2021 H1 2022 at constant at current exch. rates exch. rates exch. Rates exch. rates in €m France 16,889 17,910 +6.0% +6.0% 187 194 +3.8% +3.8% Other Eur
Slide 26: Non-recurring expenses
Non-recurring expenses in €m H1 2021(1) H1 2022 Restructuring costs (260) (16) Impairment and asset write-offs (61) (45) Results from asset disposals 248 62 Other non-recurring items 4 (86) Non-recurring income and expenses, net (70) (85) 26 (1) Restated for the April 2021 IFRS IC decision on the re
Slide 27: H1 2022 Income Statement
H1 2022 Income Statement (1) in €m H1 2021 H1 2022 Net Sales 34,462 39,054 Net Sales, net of loyalty program costs 34,059 38,625 Other revenue 1,040 1,215 Total revenue 35,100 39,840 Cost of goods sold (27,734) (32,016) Gross margin 7,365 7,824 SG&A (5,622) (5,968) Recurring operating income before
Slide 28: Tax expenses
Tax expenses in €m H1 2021(1) H1 2022 Income before taxes 528 555 Non-recurring income and expenses, net (70) (85) Income before taxes 598 640 (excl. non-recurring income and expense) Full-year normative tax rate (2) 30.6% 31.0% Normative tax expense (183) (199) Non income-based taxes (incl. CVAE (3
Slide 29: Enhanced liquidity and solid balance sheet
Enhanced liquidity and solid balance sheet › Credit rating as of June, 30 2022 : BBB stable outlook (S&P) Debt redemption schedule (in €m) Baa1 stable outlook (Moody’s) › At June 30, 2022, average debt maturity is at 3.8 0.49% 0.51% 1.25% 1.83% 2.08% 2.38% years 1,500 › March 2022 : Dual-tranche bon
Slide 30: Stores under banners at end H1 2022
Stores under banners at end H1 2022 Cash Soft (# stores) Hypermarkets Supermarkets Convenience & Total discount Carry France 253 1,039 4,370 148 32 5,842 Other European 457 1,958 3,485 12 85 5,997 countries Spain 205 158 1,081 - 49 1,493 Italy 43 438 1,017 12 - 1,510 Belgium 40 440 311 - - 791 Polan
Slide 31: 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