CFR2014 DRF EN - Carrefour

1 2014 annual financial reportREGISTRATION DOCUMENTA multi-format and multi-channel groupHypermarkets, supermarkets, convenience stores, cash & carry stores, drive, ,000 Carrefour QUALITY LINES SUPPLIERS WORLDWIDE 100. 5 billionIN SALES (INCL. VAT) UNDER GROUP BANNERS 381,227 EMPLOYEES10, 860 STORES IN 33 COUNTRIES 18. 6 billionMARKET CAPITALISATION12. 5 MILLION CHECKOUTS EVERY DAY IN OUR STORESOVER100 MILLION CUSTOMERS SHOP IN OUR STORES WORLDWIDEKEY FIGURESAs of December 31, 2014A multi-local groupAn international company with strong roots in local communities and strong ties with local informations are detailed in the chapters of the present document.

2 A growth groupGrowth momentum confi rmed, with new store openings and store and shopping centre renovations1 2014 Registration D ocumentThis Registration Document has been filed with the Autorit des March s Financiers (AMF) on April 24 , 2015 in accordance with Article 212-13 of the AMF General Regulations. It may be used to endorse a financial transaction in conjunction with a prospectus certified by the AMF. This document has been established by the Issuer and is binding on its Carrefour group is the second-largest retailer in the world and the leading retailer in Europe, with over 10,800 stores and 381,227 employees worldwide.

3 As a multi-local, multi-format, multi-channel retailer, Carrefour is a partner for daily life, offering a wide range of products and services at the best prices. Carrefour stores welcome million customers every day across the a nnual financial reportSPAIN582storesFRANCE5,013storesARG ENTINA572storesTAI WAN71storesBRAZIL 258storesCHINA236storesPOLAND702storesRO MANIA174storesITALY1,158storesBELGIUM744 stores1 350storesOther locationsEurope, Asia, Maghreb,Middle East andDominican Republic Integrated countries Countries in partnership Locations A s of December 31, 2014 This is a free translation into English of the Registration Document issued in French and it is provided solely for the convenience of English speaking Registration D ocument Presentation of the Group Consolidated key fi gures Results and highlights of 2014 Activities and strategy Tangible fi xed assets Intellectual property History Organisational chart 181 ContentsConsolidated Financial Statements Year ended December 31.

4 2014 Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of fi nancial position Consolidated statement of cash fl ows Consolidated statement of changes in shareholders equity Notes to the Consolidated statements Statutory Auditors report on the Consolidated Financial Statements 21152 Social responsibility CSR at Carrefour Action plans Results 593 Corporate governance Corporate Governance Code Composition and operation of the Board of Directors Executive Management Remunerations and benefi ts granted to corporate offi cers Risk management Internal control Statutory Auditors report prepared in accordance with Article of the French Commercial Code on the report of the Chairman of the Board of Directors 1084 Comments on 2014 fi scal year Sales and earnings performance Financial position Outlook for 2015 Other information Q1 Gross Sales for 2015 Parent company fi

5 Nancial review 1276 Company fi nancial statement year ended December 31, 2014 Balance Sheet at December 31, 2014 Income Statement for the year ended December 31, 2014 Statement of cash fl ows for the year ended December 31, 2014 Notes to the Company Financial Statements Statutory Auditors report on the annual Financial Statements 2327 Information about the Company and the capital Information about the Company Information on the capital Shareholders Stock market information 2468 Additional information Publicly available documents Persons responsible for the Registration Document and annual fi nancial report Certifi cation by the persons responsible for the Registration Document and annual fi nancial

6 Report Persons responsible for auditing the Financial Statements and fees Information included by reference CSR cross-reference tables Registration Document concordance table Annual Financial Report concordance table Management Report concordance table 2623 2014 Registration D Consolidated key fi gures Results and highlights of 2014 Activities and strategy A multi-format and multi-channel retailer A multi-local retailer A broad selection of quality products at the best prices Carrefour s growth in France and throughout the world Tangible fi xed assets Intellectual property History Organisational chart 18 PRESENTATION OF THE GROUP142014 Registration D ocument Presentation of the Group1 Consolidated key fi Consolidated key fi guresCompany profileThe Group operates hypermarkets, supermarkets, convenience and cash & carry stores, as well as both food and non-food e-commerce 2014.

7 The Group s gross revenue under banners totalled billion, up at constant exchange rates (+ at current rates). The Group s consolidated sales including VAT stood at billion, a increase at constant exchange rates. Net sales totalled billion. At year-end 2014, the Group had 10,860 stores G roup banners, including 1,459 hypermarkets, 3,115 supermarkets, 6,111 convenience stores and 175 cash & carry France where it generates 47% of its sales Carrefour operates through all retail formats, with 237 hypermarkets, 960 supermarkets, 3,673 convenience stores, and 143 cash & carry stores, as well as an online shopping portal at in Europe , Carrefour is present in fi ve consolidated countries (Belgium, Spain, Italy, Poland and Romania).

8 These countries account for 26% of its sales and include all retail formats: 401 hypermarkets, 1,250 supermarkets, 1,690 convenience stores and 19 cash & carry stores under G roup banners, excluding international Latin America, Carrefour operates in Argentina and Brazil where it generates 19% of its sales through 830 stores 291 hypermarkets, 169 supermarkets and 370 convenience generates 8% of its total sales in China and Taiwan. T he Group counts 298 hypermarkets and 9 supermarkets in Asia, excluding international also has 1,350 stores operated by franchisee partners in Europe, Asia, North Africa, Middle East and Dominican Republic.

9 In 2014, Carrefour either opened or acquired 1,128 stores under G roup banners - some 657,000 of additional gross sales 2014 Registration D ocumentPresentation of the Group1 Consolidated key fi gures2014 c onsolidated key figuresThe key fi gures for 2014 provided below have been audited by the Group s Statutory 2012 comparative information provided below ( 2012 restated ) has been restated in 2013 to refl ect the classifi cation of discontinued operations in accordance with IFRS 5 (reorganisation of the Group s activities in Turkey and India), as well as retrospective application of the revised IAS 19 standard on Employee Benefi ts.

10 (in million)201420132012 restated2012 publishedSelected fi nancial information from the consolidated income statementNet sales74,70674,88875,67376,789 Recurring o perating i ncome before depreciation and amortisation3,7683,6693,6423,688 Recurring o perating i ncome2,3872,2382,1242,140 Recurring o perating i ncome including income from associates and joint ventures2,4232,2672,196 2,212 EBIT2,5722,412*1,537*1,506*Net income from continuing operations1,3001,058273235 Net income from continuing operations Group share1,182949150113 Net income1,3671,3641,3421,316 Net income Group share1,2491,2631.