Carrefour : 2014 Full Year Results

GROWTH MOMENTUM CONFIRMED
Acceleration of organic sales growth
Further growth in Recurring Operating Income, up by +10.6%
Net income from continuing operations up by +24.6%
Increase in proposed dividend to €0.68 per share

• Sales ex. VAT of €74.7bn, up +3.9%(1) on an organic basis
• Growth in Recurring Operating Income: +10.6%(2), to €2,387m
• Net income from continuing operations, Group share: +24.6%, to €1,182m

France: Further growth in profitability

• Organic sales growth: +1.2% ; growth in all formats, highlighting the dynamism of our multi‐format model
• Increase in Recurring Operating Income : +6.1%

Other European countries: Rise in profitability for the third consecutive half

• Significant improvement in sales trends in 2014
• Growth in Recurring Operating Income : +9.6%, attesting to the continuing recovery, notably in Spain

• Another remarkable year for Brazil and Argentina, which posted combined growth in Recurring Operating Income of +23.2%
• China : Evolution of our model in a frugal consumption environment

• Continuation of our program to bring up to standards, modernize and develop our store network
• Acceleration of our multi‐format model: Acquisition of DIA France and of 70 stores in Northern Italy; first convenience store openings in Brazil and China
• Creation of Carmila to improve the shopping experience and enhance the value of shopping malls adjacent to Carrefour hypermarkets in France, Spain and Italy
• Strengthened local presence: Peninsula acquires 10% of our Brazilian operations
• Purchasing cooperation agreement with Cora to strengthen our competitiveness for the benefit of our clients

• Increase in proposed dividend: €0.68 per share, payable in cash or shares

(1) Ex. petrol ex.calendar.
(2) At constant exchange rates.

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