CARREFOUR May 2017 May 2017 1
Carrefour s Multiformat & Omnichannel model
CARREFOUR: THE REFERENCE IN FOOD RETAIL Quality accessible to all Unique knowhow in fresh produce Pioneer in organic food and Quality Lines Powerful exclusive brands Sourcing expertise Food represents 83% of the Group sales in 2016 (growth of over 4% in 2016) May 2017 3
A BALANCED PORTFOLIO Integrated countries Countries in partnership May 2017 4
CONTINUED SALES GROWTH ORGANIC SALES GROWTH EVOLUTION EX PETROL - 2012 TO 2016 (in %) +3.9% +3.0% +3.0% CAGR 2012 2016 +2.6% +1.0% +2.3% 2012 2013 2014 2015 2016 May 2017 5
A MULTIFORMAT GROUP: EVERYONE UNDER ONE ROOF 1963 1999 2007 2012 to 2015 2016 First Hypermarket Promodès Atacadão Acceleration in convenience Billa, Dia, Eroski Rue du Commerce May 2017 6
EACH FORMAT HAS A SPECIFIC MISSION 51% Sales 25% Sales 10% Sales 13% Sales 1% Sales Hypermarkets Supermarkets Convenience Cash & Carry E-commerce Everything under one roof at a competitive price Choice close to home with a focus on fresh Essential daily needs with extended shopping hours Wholesale prices for a no-frills experience The broadest assortment at any time, any place on any device May 2017 7
MULTIFORMAT PROGRESSIVELY ROLLED OUT IN ALL OUR COUNTRIES FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN Hypermarket Supermarket Convenience Cash & Carry eservice Other services: Travel, leisure, ticketing, car rental May 2017 8
MULTIFORMAT: A PROVEN TRACK RECORD IN REVENUE UPLIFT MULTIFORMAT CLIENTS SPEND MORE Hypermarkets 1.0x 1.9x 1.1x Supermarkets Italy multiformat store network: 57 Hypermarkets 416 Supermarkets 588 Convenience 13 Cash & Carry 2.5x 1.8x 1.7x A multi-format customer is more loyal to Carrefour 1.0x 30% of customers are multi-format Multiple bases on the average annual spend of Carrefour loyaltycard holders (base 1x on hypermarkets) Convenience May 2017 9
CARREFOUR S CENTER OF GRAVITY IS SHIFTING TOWARDS MULTIFORMAT BREAKDOWN OF STORES UNDER BANNERS BY FORMAT GROSS SALES BREAKDOWN (%) 9,995 stores 164 11,935 stores 305 1,328 14,500 stores 350 1 450 3,700 Evolution 2012 vs. 2019e +100% +6% +24% 42% 49% >50% 1,366 3,227 2,986 5,479 7,075 9,000 + 64% 58% 51% <50% 2012 2016 2019e 2012 2016 2019e Hypermarkets Other formats Convenience Supermarkets Hypermarkets Cash & Carry May 2017 10
E-COMMERCE, AN ADDITIONAL FORMAT AND A COMPLEMENTARY SERVICE HYPERMARKETS SUPERMARKETS CASH & CARRY CONVENIENCE E-COMMERCE May 2017 11
RAPID ROLLOUT OF E-COMMERCE THROUGHOUT THE GROUP FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN FOOD Home delivery and/or Click & Collect In progress 2017 Direct offer 2017 2017 ( ) ( ) ( ) NON- FOOD Marketplace In progress In progress In progress In progress Under study In progress Under study May 2017 12
2020 E-COMMERCE PROSPECTS GROSS MERCHANDISE VOLUME 1.2bn in 2016 4bn 2020 target Target x3 May 2017 13
STORE BASED OMNICHANNEL MODEL: UNIQUE OPPORTUNITY TO ENSURE E-COMMERCE SUSTAINABILITY OPERATIONAL MODEL FOR ORDER MANAGEMENT CONSUMER CHOICES FOR ORDER COLLECTION Store-picking across formats (hypermarkets, supermarkets, convenience) Mixed model: store + dedicated picking space Warehouse or dark store (with or without automation) E-Commerce Home delivery Click & collect in store Pick-up points (lockers etc.) May 2017 14
CARREFOUR S OMNICHANNEL TRANSFORMATION APPROACH Each country adapts the framework to its market conditions on the basis of key pillars ecommerce Technology Big Data IoT API, agile Digital marketing Omnichannel Supply Chain Data, CRM, Hypercustomization HR & cultural transformation
BENEFITS OF OMNICHANNEL FOR CARREFOUR Own the customer in our ecosystem Increase in expenditure and frequency of existing customers (Re)Gain customers Rejuvenate customer base May 2017 16
Hypermarkets OMNICHANNEL ALLOWS CARREFOUR TO BETTER MEET CUSTOMER NEEDS Convenience (services) CLIENT FOR LIFE LONG-TERM LOYALTY THROUGHOUT CLIENT S LIFE THANKS TO MULTIFORMAT Convenience & E-commerce Hypermarket/ Drive Supermarket/ Click & collect May 2017 17
CARREFOUR S VAST ECOSYSTEM FAVORS CUSTOMER OWNERSHIP Wherever you want Whenever you want 24 hours 7 days Fresh food Gourmet However you want Organic Game & Sports TV Sound Photo Technology Wine cellar Baby Textile Appliance... Whatever you want May 2017 18
OMNICHANNEL REINFORCES MULTIFORMAT +20% +10% A CLIENT WHO ADOPTS DRIVE OR CLICK & COLLECT SPENDS MORE Hypermarket Hypermarket + Drive Hypermarket Hypermarket + Click & Collect Source : 2016 study based on a panel in France and Spain May 2017 19
OMNICHANNEL REJUVENATES CUSTOMER BASE AVERAGE AGE OF CARREFOUR CUSTOMERS BY FORMAT (2011-2016) Index 100 = average age of Carrefour Hypermarket customers in 2011 102,1 104,5 107,7 108,9 109,3 105,3 Carrefour Market 100,0 101,4 102,5 103,3 103,5 100,4 Carrefour Hypermarket 88,4 85,4 84,7 84,4 84,4 84,5 Carrefour online Grocery 82,6 81,7 81,6 Carrefour online Non-Food 2011 2012 2013 2014 2015 2016 May 2017 20
OUR GOAL: DEVELOP THE CARREFOUR REFLEX Carrefour is the leading physical retailer in France. We are building a major market position in E-commerce leveraging a unique store network. May 2017 21
A COHERENT AND COMPLETE ECOSYSTEM OF WEBSITES AN ONLINE FOOD OFFER ACCESSIBLE TO ALL A NON-FOOD PLATFORM INCLUDING A MARKETPLACE DEDICATED WEBSITES FOR SERVICES Carrefour brand SPECIALIZED WEBSITES CONNECTED TO THE CARREFOUR ECOSYSTEM HOME DELIVERY CLICK AND COLLECT All the websites centralized through the carrefour.fr portal May 2017 22
FOOD ONLINE IS NOT ONE SIZE FITS ALL A broad Food e-commerce offer at HOME DELIVERY MODEL Delivery D+1 or D+2 Extra Large assortment Hypermarket as a warehouse Supermarket as a warehouse Launched in 1999 Serves Paris, Lyon, Marseille, Nice ~15,000 SKUs A 1h-delivery service for additional last-minute shopping, Launched in 2016 in Paris and its suburbs New cities to come 1-hour or same-day delivery Large assortment + Last mile through start-up partners CLICK AND COLLECT 578 Drives in France ~15,000 SKUs 4.5m orders per year +25% rev. growth in 2016 May 2017 23
OMNICHANNEL APPROACH TO LEVERAGE NON FOOD A SINGLE NON FOOD MULTISPECIALIST PLATFORM Store STORE TO WEB: In store tablets available to the salesforce WEB TO STORE: Upload store assortment online 750 marketplace merchants OBJECTIVE: 100% of the full offer available in any Carrefour store CLICK & COLLECT CLICK & COLLECT 2 hours 3M 6,000 SKUs pick-up points and client touchpoints Web 400K additional Carrefour clients thanks to Click & Collect May 2017 24
DEVELOPMENT OF OUR OFFER ON STRONG POTENTIAL CATEGORIES AND SERVICES ONLINE FRENCH MARKET FORECAST (2020) CARREFOUR SALES EVOLUTION (2016) OTHER KPIS Wine 400-500m +250% 340,000 visits/month 530 SKUs Organic > 1bn +50% 600,000 visits/month 20,000 SKUs Pet food 600-800m +30% 150,000 visits/month 5,000 SKUs Object customisation > 1bn +200% 200,000 visits/month 300 SKUs May 2017 25
DATA OPENS NEW OPPORTUNITIES FOR CARREFOUR Carrefour is well underway to achieve new level of insights and exploit data commercially and operationally. May 2017 26
DATA IS A 3-STAGE ROCKET Big Data and data science Leverage technology to grow revenue Leverage small data Small data is in play to enrich customer value-proposition and convey adequate messages. Gather relevant data Carrefour is already a data-centric organization gathering relevant customer and operational data May 2017 27
CARREFOUR IS A DATA-DEEP COMPANY CARREFOUR CARREFOUR SOCIAL LOYALTY CARD CREDIT CARD PAYMENT NETWORKS WEBSITES MOBILE APPS 55 million households 6.5 million holders 13m daily transactions 14.4m fans / followers 1.3m daily visitors 8.2m downloads May 2017 28
CUSTOMER DATA STRATEGY ENABLES REVENUE GROWTH Type of Customer Carrefour customers Loyalty cardholder Carrefour customers Not cardholders Not Carrefour customers PASS cardholder Strategy Increase share of wallet Enroll in loyalty program Bring to Carrefour Type of Data Known Client data Anonymous data Media: owned Web (logged) Email App CAC Media: owned & 3rd party Display RRSS Search Web (no log) May 2017 29
SUPPLY CHAIN: LEVERAGE TRANSFORMATION TO IMPROVE OPERATING EFFICIENCY Our supply chain is evolving to support multiformat deployment and industrialize omnichannel processes. May 2017 30
OUR SUPPLY CHAIN IS EVOLVING TO SUPPORT CARREFOUR S TRANSFORMATION 2 MAIN STRATEGIC GOALS TO SUPPORT GROUP S TRANSFORMATION Support multiformat deployment Industrialize omnichannel processes Leverage transformation to improve operating efficiency May 2017 31
FRANCE: A MORE EFFICIENT MULTIFORMAT SUPPLY CHAIN THANKS TO CARAVELLE in 2012 in 2018 Reduced number of warehouses in France 67-18% 55 2018 CARAVELLE TARGETS* Reinforced network of multiformat warehouses 13 x3 34 Number of Km -20% Number of SKUs +15% Number of delivered stores +50% 4,000 6,000 Cost of package -5% Product availability +2% *2018 target vs 2012 May 2017 32
FRANCE: CARAVELLE ENHANCES OPERATING EFFICIENCY 2013 / 2014 2015 2016 2017 2018 30% 10% 25% 10% 25% 350m savings between end-2012 and end-2018 65% of savings delivered as of end-2016 35% of savings to be delivered in 2017 and 2018 May 2017 33
CHINA: INTEGRATION OF SUPPLY CHAIN SUPPORTING MULTIFORMAT ROLL-OUT (2/2) INTEGRATION AND OPTIMIZATION OF LOGISTICS BEIJING/TIANJIN DC 40 stores December 2015 % of goods supplied by our distribution centers: 2017 target: 80% WUHAN DC 35 stores October 2015 CHENGDU DC 42 stores May 2015 SHENYANG DC 30 stores July 2016 KUNSHAN DC 60 stores July 2014 GUANGZHOU DC 31 stores May 2016 Increase in assortment: in small- and mid-sized cities starting in 2016 +20% Development of convenience and E-commerce formats May 2017 34
CARREFOUR TESTS AND OPERATES MULTIPLE FULFILLMENT MODELS ACROSS MARKETS # OF DAILY ORDERS In-store picking In-store picking geographically concentrated Mixed model: dedicated storage space adjacent to the store Dark store: dedicated warehouse, manual picking Partly-automated warehouse (conveyers) Future models? EFFICIENCY Starting point all Carrefour countries Carrefour Spain Carrefour Spain & Taiwan Carrefour France (Ooshop) Carrefour France (PPC) TBD Leverage store warehouses to prepare individual orders Gradually rolled out in other markets Partly automated warehouse to prepare individual Drive orders May 2017 35
Financials
2016 KEY FIGURES NET SALES EBITDA MARGIN (2) RECURRING OPERATING INCOME ADJUSTED NET INCOME, GROUP SHARE FREE CASH FLOW EX. EXCEPTIONAL ITEMS NET DEBT 76,645m 5.1% 2,351m 1,031m 1,039m 4,531m up a a margin of or up an improvement of +2.7% (1) Stable margin 3.1% 1.39 /per share +9.2% 15m (1) At constant exchange rates (2) EBITDA: Recurring operating income before depreciation and amortization (including supply chain depreciation) May 2017 37
ORGANIC GROWTH OF 3.0% IN 2016 2016 SALES EVOLUTION (in m and %) 76.9 bn +3.0% 0.0% +3.0% 79.2 bn -0.5% +0.2% +2.7% 79.0-0.4% bn -3.1% 76.6 bn 2015 net sales LFL ex petrol ex calendar Scope effect 1 2016 organic net sales ex petrol ex calendar Petrol & calendar effect Acquisitions/ disposals 2016 net sales at constant exch. rates Currencies impact 2016 net sales (1) Scope effect includes store openings/closings and temporary store closures May 2017 38
GROSS MARGIN FROM RECURRING OPERATIONS HELD UP WELL GROSS MARGIN FROM RECURRING OPERATIONS +3.5% at constant exch. rates 2016 17,985 2015 (in m) 18,019 GROSS MARGIN FROM RECURRING OPERATIONS +10bp 2016 23.5% 2015 (as a % of net sales) 23.4% May 2017 39
GOOD CONTROL OF OPERATING COSTS OPERATING COSTS +4.9% at constant exch. rates 2016 13,125 (in m) 2015 13,070 OPERATING COSTS +10bp 2016 18.7% (as a % of net sales, ex. petrol) 2015 18.6% May 2017 40
STABLE ASSET COSTS AS A PERCENTAGE OF SALES ASSET COSTS +2.8% at constant exch. rates 2016 2,509 (in m) 2015 2,505 ASSET COSTS Stable 2016 3.6% (as a % of net sales, ex. petrol) 2015 3.6% May 2017 41
2016 NET SALES AND RECURRING OPERATING INCOME BY REGION NET SALES RECURRING OPERATING INCOME (in m) 2015 2016 Organic growth ex petrol ex calendar Variation at current exch. rates 2015 2016 Variation at constant exch. rates Variation at current exch. rates France 36,272 35,877-0.9% -1.1% 1,191 1,031-13.4% -13.4% Other European countries 19,724 20,085 +2.2% +1.8% 567 712 +25.7% +25.5% Europe 55,996 55,962 +0.3% -0.1% 1,758 1,743-0.8% -0.9% Latin America 14,290 14,507 +16.2% +1.5% 705 711 +3.7% +0.9% Asia 6,659 6,176-3.8% -7.3% 13-58 n/a n/a Emerging markets 20,949 20,683 +9.6% -1.3% 718 653-7.0% -9.0% Global functions -31-45 n/a n/a TOTAL 76,945 76,645 +3.0% -0.4% 2,445 2,351-3.2% -3.8% May 2017 42
ADJUSTED NET INCOME, GROUP SHARE (in m) 2015 2016 EBITDA (1) 3,955 3,886 (in m) 2015 2016 Net income from continuing operations 1,120 934 Recurring operating income 2,445 2,351 Net income from associates and JVs 44-36 Non-recurring income -257-372 Minority share of net income from continuing operations Net income from continuing operations, Group share -143-148 977 786 EBIT 2,232 1,943 Net financial expenses -515-515 Net interest expense -347-377 Other net financial expenses -168-138 Net income from discontinued operations, Group share 4-40 Net income, Group share 980 746 Adjusted net income, Group share 1,113 1,031 Income before taxes 1,717 1,428 Income tax expense -597-494 Effective tax rate 34.8% 34.6% Notes : (1) Recurring operating income before depreciation and amortization (including supply chain depreciation) May 2017 43
2016 FREE CASH FLOW (in m) 2015 2016 Gross cash flow 2,733 2,964 Change in working capital 81 351 Discontinued activities 3-11 Operating cash flow 2,818 3,305 Capital expenditure (ex. Cargo) -2,378-2,492 Net capital expenditure (Cargo) - -249 Change in net payables to fixed asset suppliers 136-78 Asset disposals (business-related) 104 118 Discontued operations 7 - Free cash flow 687 603 Impact of Cargo - -249 Impact of exceptional items -265-186 Free cash flow from continuing operations, excluding exceptional items 951 1,039 May 2017 44
THE LOWER CAPITAL INTENSITY OF GROWTH WILL HELP RETURN ON CAPITAL HYPERMARKETS SUPERMARKETS CONVENIENCE CASH & CARRY E-COMMERCE Number of stores 1,328 3,227 7,075 305 n.a % food in sales 70% 85% 95% c100% 55% Capex (by unit) Expansion outlook = Expansion capex per sqm ++ + + +++ (1) n.a 2014/2016 Trend n.a (1) Includes real estate High volumes, benefitting all formats Strong cash flow, financing multiformat expansion May 2017 45
2016 CAPEX BREAKDOWN 2016 CAPEX BREAKDOWN OF CAPEX BY NATURE BREAKDOWN OF CAPEX BY REGION 2,492m (ex Cargo) 21% 18% 32% 29% 21% 25% 7% 6% 41% Remodelling Maintenance France DIA Europe Expansion IT & omnichannel Latin America Asia May 2017 46
CAPEX EVOLUTION REFLECTS CARREFOUR S MULTIFORMAT TRANSFORMATION HISTORICAL CAPEX SPLIT BY FORMAT MEDIUM-TERM TRENDS IN CAPEX (GROUP LEVEL) Remodeling Maintenance 48% 64% >60% Expansion in smaller formats E-commerce roll out Expansion IT & Omnichannel 52% 36% <40% 2012 2016 2019e Hypermarket remodeling phase largely behind us Store maintenance key traffic driver 2017 CAPEX 2.4bn NORMATIVE CAPEX 2.3bn 2.5bn Hypermarkets Other formats May 2017 47
SLIGHT DROP IN NET DEBT (in m) 2015 2016 Opening net debt (December 31) -4,954-4 546 Free cash flow 687 603 Acquisitions -85-190 Disposals 109 45 Others -28-25 Discontinued operations 0 16 Cash flow after acquisitions and disposals 682 449 Dividends paid by parent company -390-121 Dividends paid to non-controlling interests -98-86 Capital increase 14 255 Cost of net financial debt -347-377 Disposal of treasury shares 384 30 Acquisitions/disposals of investments without change in control 208-40 Other changes in net borrowings -44-95 Closing net debt (December 31) -4,546-4,531 May 2017 48
CREDIT RATING AND DEBT MATURITY MAINTAINED DEBT REDEMPTION SCHEDULE (in %) 2.44% 5.25% 1.75% 4.00% 3.88% 1.75% 0.75% 1.25% On April 26, 2016, issua issuance of a 750m bond with a maturity of 8 years and a 0.75% coupon 1,250 1,000 1,000 1,000 1,000 750 750 In 2016, 667m of bonds reached maturity 279 At end 2016, the debt maturity was 4.1 years Credit rating maintainted: BBB+ 2017 2018 2019 2020 2021 2022 2024 2025 2016 issuance Average annual coupon May 2017 207 49
STABLE PROPOSED DIVIDEND: 0.70 PER SHARE Dividend of 0,70 proposed to the General Shareholders meeting on June 15, 2017 Payout of 51% of adjusted net income, Group share, in line with our distribution policy Payment in shares or in cash May 2017 50
VALUE-CREATION DRIVERS Solid generation of operating cash flow linked to improved results Disciplined Capex between 2.3bn and 2.5bn per year ( 2.4bn in 2017), with strict Return on Investment criteria and an evolution in the mix Control of Working Capital Requirements Balanced capital allocation, combining continued targeted acquisitions, 45-50% payout *, maintaining a BBB+ rating *of the adjusted net income, Group share May 2017 51
FINANCIAL OUTLOOK 2017 & MEDIUM-TERM Total sales growth of 3% to 5% at constant exchange rates in 2017 Planned IPOs of Carmila and Brazilian operations in 2017, market conditions permitting Continued increase in Free Cash Flow, with a new increase in 2017 Capex decrease in 2017 to 2.4bn, and normative capex between 2.3bn and 2.5bn Continued tactical acquisitions Payout of between 45% and 50% of adjusted net income, Group share May 2017 52
Appendix
VARIATION OF Q1 2017 SALES (INCLUDING VAT) Total sales inc. VAT ( m) Change at current exchange rates inc. petrol Change at constant exchange rates inc. petrol LFL inc. petrol LFL ex petrol ex calendar Organic growth ex petrol ex calendar France 9,406 +0.8% +0.8% +2.1% +0.5% -0.6% Hypermarkets 4,848-0.8% -0.8% -0.4% -1.6% -2.0% Supermarkets 3,053 +1.1% +1.1% +3.2% +2.2% +0.2% Convenience /other formats 1,505 +5.5% +5.5% +8.6% +4.4% +2.5% International 11,889 +10.9% +3.6% +0.6% +2.1% +3.9% Other European ountries 5,384 +3.6% +3.6% +0.6% +0.9% +1.3% Spain 2,110 +4.3% +4.3% +0.6% +0.3% +0.8% Italy 1,328-0.4% -0.4% +1.2% +1.6% 0.0% Belgium 1,026-2.7% -2.7% -2.3% -1.8% -2.1% Latin America 4,518 +30.9% +8.8% +5.0% +7.8% +11.7% Brazil 3,666 +37.6% +7.4% +2.8% +5.6% +10.5% Asia 1,987-4.1% -5.0% -6.7% -4.0% -2.3% China 1,446-8.6% -7.0% -8.4% -5.5% -4.1% Group total 21,295 +6.2% +2.3% +1.3% +1.4% +1.9% May 2017 54
Q1 2017 TAKEAWAYS Continued momentum, with strong LFL and overall sales growth in Q1: Solid sales growth in Q1 LFL sales growth in France, solid performance of smaller formats Further growth in Europe on the back of strong comparables Continued strong sales growth in Latin America despite slowdown in inflation and a persistently difficult economic environment Sequential improvement in Asia, continued growth in Taiwan Target of 3% to 5% FY2017 sales growth at constant exchange rates confirmed Building on our key strengths : Relevance of our food-based model Balanced country portfolio Multi-format and omnichannel approach Carrefour Q1 2017 sales l Page 55 May 2017 55
HYPERMARKETS EVERYTHING UNDER ONE ROOF AT A COMPETITIVE PRICE Carrefour s historical format HYPERMARKETS New hypermarket concepts tested in all geographies Renewed offer attractive and powerful Gradually becoming more urban, as cities expand 100,000 SKUs 51 Average basket (France) 1,328 stores 7,345 Average Sqm May 2017 56
SUPERMARKETS CHOICE CLOSE TO HOME WITH A FOCUS ON FRESH Dedicated to food SUPERMARKETS Clusterizing to better address local needs 4 clusters: Gourmet, Attraction, Urban, Discount Successful cross-fertilization across countries 3,227 stores 20,000 Average SKUs 1,319 Average Sqm 28 Average basket (Belgium) May 2017 57
CONVENIENCE ESSENTIAL DAILY NEEDS WITH EXTENDED SHOPPING HOURS CONVENIENCE Format in constant evolution, adapting to changing social and consumption trends On top of generalist stores, multiple tests of specialized convenience concepts across countries (organic stores, etc.) Last 2 countries to launch convenience format: Brazil and China, well received by consumers 7,075 stores 6,500 Average SKUs 255 Average Sqm 12 Average basket (Italy) May 2017 58
CASH & CARRY WHOLESALE PRICES FOR A NO-FRILLS EXPERIENCE CASH & CARRY B2B pure play activities in France (Promocash) and Italy (Docks and Gross Iper) Hybrid B2B/B2C: Atacadão is a winning model in Brazil Successful cross-fertilization based on Atacadão in other countries: Maxi in Argentina and initial Supeco in Spain 305 stores 8,000 Average SKUs 4,121 Average Sqm 59 Average basket (Atacadão) May 2017 59
2016 GROSS SALES Gross sales (in m) Change at current exch. rates inc. petrol Change at constant exch. rates inc. petrol Change at constant exch. rates ex. petrol LFL inc. petrol LFL ex. petrol ex. calendar Organic growth ex. petrol ex. calendar France 40,126-1.2% -1.2% -0.5% -0.1% +0.3% -0.9% Hypermarkets 20,815-2.6% -2.6% -1.7% -2.3% -1.5% -1.8% Supermarkets 12,945-0.9% -0.9% +1.9% +0.4% +2.6% -0.3% Others, inc. convenience 6,367 +3.2% +3.2% -1.2% +7.9% +1.8% +0.8% International 45,574-0.3% +6.1% +6.3% +4.8% +4.9% +6.0% Other European countries 22,439 +1.4% +1.9% +2.3% +1.6% +2.0% +1.8% Spain 8,964 +1.2% +1.2% +2.1% +1.3% +2.3% +2.2% Italy 5,484-1.0% -1.0% -0.6% +1.8% +2.1% +0.9% Belgium 4,382 +0.6% +0.6% +0.6% +0.5% +0.3% +0.3% Latin America 16,254 +0.9% +16.6% +16.8% +13.4% +13.5% +16.7% Brazil 12,858 +10.6% +15.0% +15.1% +10.9% +11.0% +15.1% Asia 6,881-7.8% -4.1% -4.1% -4.8% -5.0% -4.3% China 5,075-11.6% -7.2% -7.2% -7.6% -7.8% -7.4% Group total 85,700-0.7% +2.7% +3.3% +2.6% +3.0% +3.0% May 2017 60
STORES UNDER BANNERS 1 AT END 2016 (#) Hypermarkets Supermarkets Convenience Cash & Carry Total France 243 1,062 4,222 143 5,670 Spain 175 129 545 849 Belgium 45 442 285 772 Italy 57 412 586 13 1,068 Poland 86 159 641 886 Romania 32 213 53 298 Others 44 422 202 668 Other European countries 439 1,777 2,312 13 4,541 Argentina 79 126 398 603 Brazil 237 42 70 349 Latin America 316 168 468 0 952 China 229 25 254 Taiwan 64 30 94 Others 81 8 2 2 93 Asia 374 38 27 2 441 Others (2) 90 182 46 13 331 Total 1,462 3,227 7,075 171 11,935 Notes : (1) including franchisees and partners; (2) Maghreb, Middle East and Dominican Republic May 2017 61
CONTACTS HEAD OF INVESTOR RELATIONS IR DIRECTORS Mathilde RODIE mathilde_rodie@carrefour.com +33 1 41 04 28 06 +33 6 32 13 70 17 Louis IGONET louis_igonet@carrefour.com Tel: +33 1 41 04 27 63 Mob: +33 6 72 24 91 26 Anne-Sophie LANAUTE anne-sophie_lanaute@carrefour.com Tel: +33 1 41 04 41 22 Mob: +33 6 48 78 39 07