Carrefour S.A. Annual Report 2009

FY2009 Annual Report · Carrefour S.A.

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In 2009, Carrefour took a new look at its business and
formulated a new ambition: to become the preferred retailer.
The retailer that knows its customers, anticipates their desires
and delights them within its stores.
The retailer that inspires trust through product quality,
prices and socially-responsible commitments.
The retailer that helps customers achieve a better quality
of life every day.

Carrefour has what it takes to reach its goals:
its brand, stores, products, services and teams,
all gathered around the same values.

In 2009, 475,000 committed employees,
caring about customer needs and positive
at all times, joined forces to ensure that clients
enjoy shopping at Carrefour again and again.

3 billion

checkouts per year

7th employer
worldwide in the private sector in 2009

Our ambition:
to become the
preferred retailer

Satisfying the needs of our customers
and consumers is no longer enough.
Carrefour must wow and delight
them every day.

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To be recognized
Actions speak louder than words.
We work hard every day to offer the best products and services at the best prices,
creating more value for our customers and consumers.
And as we develop this value, we keep building up their recognition.

and loved
Love begins with very little things.
Just like people, a brand is stronger when loved. We do everything in our power to
build a relationship with our customers, consumers and partners based on loyalty and trust.
And earn their loyalty a little more every day.

for helping
Everyone needs help.
Improving daily life, giving it more balance... This is what consumers all over the world need and want.
And by meeting this need with products, services and a shopping experience, all at great value for
money, we help them modestly, sincerely and constantly to make their daily life more pleasant.

our customers and consumers
Retail is all about people.
People who visit our stores, here and everywhere else. And their families, friends and others
who use the products and services we offer. They are all different. They have speciﬁ c needs
and desires – to which we remain attentive every day.

enjoy
There is no good life without discoveries and pleasures.
As for us, we enjoy watching our customers explore our stores, interact with each other
and discover and select our products. Our goal is to surprise, wow and delight them on a daily basis.

better quality lives every day
Imagine a better life.
Making quality products available to families at discount prices, offering a true choice that meets
everyone’s expectations, making organic items affordable for all, facilitating the shopping experience
and making it pleasant: these are some of our positive initiatives aimed at improving the quality
of life of our customers and consumers every day.

today and tomorrow
We believe in sustainable development for all.
Holding the trust of millions of customers and consumers worldwide is a big responsibility. But it’s also
a unique opportunity to make a change for the better.
At every level of our operations, we are committed to integrating a responsible and societal approach
to beneﬁ t our customers, consumers, partners and the environment.

Basile, 7 years old

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I looove chocolate!

To bring a smile to Basile’s face,
To bring a smile to Basile’s face,
the Carrefour brand has innovated
to introduce 2,000 new products over
the year. Including chocolate, naturally!
Our Carrefour brand products have been
Our Carrefour brand products have been
developed all around the world. The recipe for
developed all around the world. The recipe for
this success? We combined all of our expertise
this success? We combined all of our expertise
with a pinch of innovation and mixed it together
with a pinch of innovation and mixed it together
with irreproachable quality and unparalleled
with irreproachable quality and unparalleled
taste. It’s no surprise that Basile found the
chocolate he prefers at Carrefour.

Victoria, 22 years old

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Affording anything
besides noodles on my budget?
I’ve found the solution...

For Victoria,
we created the Carrefour Discount range.
400 everyday products, including 80%
food products, at discount prices without
compromising the Carrefour quality. Launched
in May 2009 at 1,200 salespoints in France,
Carrefour Discount has experienced record levels
of success and ranked 10th among all consumer
brands* after the ﬁ rst ﬁ ve months. For Victoria
and her friends at university, Carrefour Discount
has become their preferred brand.

*Sales at supermarkets and hypermarkets in France (excluding hard discount),
compared to FMCG self-service produce.

Ms. Zao, 58 years old

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All my favourite
products in one place:
that’s progress!

For Ms. Zao,
we opened a new Carrefour hypermarket
in the heart of her district in Yangxi.
The Yangxi store in the Chengdu region
covers 6,758 sq.m and has 34 cash registers.
It is the 150th Carrefour hypermarket in China
and offers quality products at very competitive
prices. This is why Ms. Zao shops there several
times per week. She knows she’ll always ﬁ nd
the products she prefers.

Stéphane,
29 years old

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How convenient
to shop next door!

For Stéphane,
we invented a tailor-made concept:
Carrefour City.
This city-centre store – open from 7 am until 11 pm,
and even on Sundays in certain districts – makes life
easier for customers who are busy and always on
the go. Carrefour City offers them a ready-to-eat
section, items for their daily shopping needs and
even a selection of special products for a mid-week
treat. This new banner has won Stéphane’s loyalty,
day after day. Carrefour City is now his preferred
convenience store.

Laura, 34 years old

Laura, 34 ans

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Carrefour helps
me take care of myself
– and the planet!

For Laura,
we have expanded our Carrefour line
with 152 organic and health products.
We have been committed to offering a range
of quality food and non-food organic products
at affordable prices for the past 18 years.
Today, we are France’s leading vendor of organic
products. Every day we do a little more for the
environment and to respond to our customers’
environmental concerns. Thanks to Carrefour,
Laura has ﬁ nally found the organic cosmetics
brand she prefers.

In 2009, Carrefour achieved a new momentum.
The Carrefour teams joined forces every day to
win the hearts of their customers and consumers
and help Carrefour become the preferred retailer.

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A new momentum
for Carrefour

Message from the management

MESSAGE FROM THE MANAGEMENT

Message d’Amaury de Seze

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Message
from Amaury de Seze

Dear Madam, Sir,

In 2009, Carrefour’s Board of Directors adopted the three-year plan proposed by the
Group’s General Management. It was implemented the same year and the first results
are now appearing.

This plan is designed around two priorities:

• relaunch the commercial dynamic to better serve customers, win market share
and generate growth;

• transform the Group’s organization to make it more efficient, reduce costs where
possible and increase profitability.

Despite a difficult economic climate, the plan made significant progress in these
two areas in 2009:

• nearly €600 million in cost reductions;

• initial success in recapturing market shares in France;

• the success of the new formats – Carrefour Market and Carrefour City –
and new concepts such as Carrefour Discount;

• a high level of expansion in growth markets such as China and Brazil.

All of these examples demonstrate that Carrefour has got back onto the right track.
The goal for 2010 is to build upon and consolidate these new foundations.

The Board supports and provides assistance to the initiatives led by General
Management, which is aware of the efforts and changes still needed for the Group
to regain its best levels of performance, and to strengthen its leadership so that
Carrefour can again become a growth value.

Amaury de Seze
Chairman of the Board of Directors

MESSAGE FROM THE MANAGEMENT

Message
from Lars Olofsson

Dear Madam, Sir, Dear Shareholders,

In 2009, we gave the Carrefour Group a new
momentum. This momentum arose from our
new ambition, an ambition which is both simple
and strong: to become the preferred retailer.

To achieve this ambition, Carrefour needs
to transform itself in depth, bring the brand
closer to its customers and reach the levels
of performance and profi tability of the best
in the retail business.

To do so, we launched a transformation plan,
called “Getting ahead!” It is supported
by a solid team composed of both new people,
to bring a fresh perspective on Carrefour,
and proven talents from the company.

Together, we have demonstrated our
determination to reveal a new face for
Carrefour: a company that combines conquest
and performance, warmth and optimism,
a company with a brand that has considerable
potential. In 2009, we put the positive back
into both our brand and our customers’ hearts
with the introduction of the Carrefour Discount
range. We began relaunching the commercial
dynamic with new store concepts, such as
Carrefour Market, Carrefour City, Carrefour
Contact and Dia, and new Carrefour brand
products: nearly 2,000 new items launched
in France to bring our customers back into
our stores again and again. In China, we have
continued to increase our volumes thanks to a
very successful commercial approach. In Brazil,
our Carrefour hypermarkets and hypercash
format under the Atacadão banner have shown

higher dynamism than the market and saw
a high level of growth. Within the company,
we have promoted new values so that our
employees can become more committed,
caring and positive in dealing with our
customers. Finally, we have begun to transform
our way of working throughout the value chain
to become more effective and effi cient,
with a view to improving our profi tability.

I am proud of the energy our staff
has put into the transformation plan,
and of the work achieved in 2009.
Our collective commitment has begun
to yield results.
We kept our promises. Despite a diffi cult
economic context, our Activity Contribution
reached € 2,777 million and we gained 0.2 in
market share in France for the fi rst time in three
years, thanks to the success of Carrefour
Market and Carrefour Discount.
We also reduced our costs by € 590 million,
an unprecedented fi gure for the Group,
which makes us confi dent that our plan
to save € 3.1 billion by 2012 will be achieved.
Other promises kept: we reduced inventory
by 2.3 days and generated free cash ﬂ ow
of around €1.5 billion. The foundations
for the future of Carrefour are in place.

In 2010, in an economic context that is likely
to remain challenging, the Group will
consolidate its position by focusing all its energy
on two strategic priorities: ﬂ awlessly executing
its transformation plan and strengthening
commercial dynamic on its key markets.

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MESSAGE FROM THE MANAGEMENT

Our strategy is clear and our geographic
priorities remain the same : France
and Europe, in particular Spain, Italy
and Belgium, and the major growth markets.

with the new management team, we defi ned a
strategic plan to ensure Carrefour’s continued
presence in this country and allow it to regain
ground from a healthy position.

To become the preferred retailer in France,
our historical market, and keep on winning
market share, we will be working with the
new team to continue unfailingly to implement
our strategy. The expansion of the Carrefour
multiformat is a key asset: we must be where
our customers are. We will therefore accelerate
our deployment of the new concepts
(Carrefour City, Carrefour Contact and Dia),
which showed successful results after testing
in 2009. More attractive and welcoming,
these stores have supported and added
value to initiatives such as the launch of
our Carrefour Discount range. In 2010, we will
continue on this path and strengthen our
commercial dynamic with an ever more
attractive and competitive offering.

I want us to capitalize everywhere on
the progress we made in 2009: in Europe
and in our main growth markets, such as Brazil
and China. We will also continue our efforts
in countries with higher potential where
we can win a leading position.

In Europe, a tense economic climate created
challenges, but we are ready to move to the
front of the race at the fi rst signs of an upturn.
In Spain, despite a particularly diffi cult context,
we maintained virtually all of our profi tability
in 2009. In 2010, we will continue our cost-
reduction plan and our efforts to support the
commercial dynamic. As for Italy, last year I
clearly stated my intention for us to break out
of the status quo and accelerate our
performance. We recentred our operations
in the north of the country and reduced our
administrative expenses. We have plans for our
different store formats which are now united
under a single brand. In Belgium, we took
objective stock of the situation. Together

In China and Brazil, we have both a customized
economic model and a position of strength.
We will continue our rapid expansion in these
two markets, which will clearly make signifi cant
contributions to our future growth.

The Carrefour Group enters 2010 on these
clear lines, focused on ﬂ awlessly executing
its transformation plan. 2010 is a year
in which we must achieve new progress for
our customers and widen the gap between
us and our competition: our brand must
become even closer to customers, offering
them new solutions to improve their quality
of life. Our commercial dynamic must be
enhanced so that we may offer products with
the best value for money. Our store experience
must be reinvented, particularly in the
hypermarket format,
so that shopping can once again become

In 2009, we kept
our promises.

a pleasant experience fi lled with discovery.
And, fi nally, our customers must be delighted
by the welcome and the service they receive
from our staff, committed, caring
and positive every day.

Of course we cannot make this kind
of progress alone, but only with the support
of our key partners, suppliers, producers
and associations. We fi rmly believe that
it is by working together that we can build
mutual and sustainable success. We work
with suppliers who are leaders in their
categories in a partnership focused on growth,

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The Carrefour Group
enters 2010 on these
clear lines, focused on
flawlessly executing

its transformation plan.

called the Business Development Program.
Its goal is to develop customers’ favourite
product categories and create competitive
and innovative offerings. More generally,
we are implementing new ways of working
with all of our suppliers and partners, based
on the respect of people and environment.
This year, Carrefour strengthened its
commitment to reducing greenhouse gas
emissions by raising its energy efficiency goal
from 20% to 30% by 2020 (compared with
2004). Our role is also to encourage and help
our customers to adopt responsible habits
in terms of consumption.
We are developing an affordable range
of organic products and are participating
with our partners in awareness campaigns.
Our employees everywhere are involved
in these efforts and help us promote this
approach. Our suppliers are also involved.
This year, we decided to acknowledge
their efforts by presenting them, in France,
with the first Sustainability Awards.

This first Annual Activity and Sustainability
Report is the tangible evidence of our
integration of sustainability into our economic
model and of the company’s involvement
– at all levels – in practicing more responsible
retail every day and helping Carrefour to
become the preferred retailer.

In the pages of this Annual Report, you will
discover the steps Carrefour took in 2009
to move closer to its ambition. I know we have
what we need to reach it: a clear and shared
strategy, the brand, the teams and the
determination.

Most importantly, we have the trust you place
in us on a day-to-day basis. I would like to take
this opportunity to thank you for your support,
which is invaluable to building the future of
Carrefour. We undertake all of our projects
with passion and commitment, with a view
to rewarding your trust.

Lars Olofsson
Chief Executive Officer & Board Member

2222

2009 was the year in which Carrefour prepared for its future.
We achieved the goals we had set and established
a solid foundation for getting ahead in 2010.

2009

dynamics

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2009
dynamics

Carrefour in figures

FIGURES

Financial overview

Despite a difﬁ cult economic context, the goals for 2009 have been reached: the Group
regained market share, especially in France (+20 basis points over the year)(1),
reduced its costs by €590 million, achieved an activity contribution at the top end
of the objectives announced and generated a free cash ﬂ ow of €1,479 million, the result,
in particular, of a determined strategy of investments and inventory reduction.

Consolidated net sales
(in millions of euros)

Activity contribution
before depreciation,
amortization and provisions
(in millions of euros)

Activity contribution
(in millions of euros)

M€ 85,963

M€ 4,656

M€ 2,777

In 2009, the Group’s sales declined 1.2%
on a reported basis but rose 1.2% at constant
exchange rate excluding petrol and adjusted
for the calendar effect, driven by growth markets.
In France, sales fell 0.9% excluding petrol.
The Group’s market share rose by 20 basis points
in 2009, driven by the excellent performance of
supermarkets, whose conversion to the Carrefour
Market banner was virtually completed by the end
of 2009. (1)
In Europe, sales fell by 2.8% excluding petrol
at constant exchange rate (-5.4% published).
Across all countries, sales were affected by the poor
economic environment and by deﬂ ation in Spain.
Sales growth in Latin America remained strong
(+17.1% at constant exchange rates, +11.9% on a
reported basis), boosted by solid like-for-like growth
in Argentina and Brazil and by sustained expansion
throughout the region.
Sales in Asia grew by 4.5% at constant exchange
rates (+8.4% at current exchange rates),
driven by a sustained pace of expansion.

Activity contribution before depreciation,
amortization and provisions (ACDA) fell 9.9%
in 2009, impacted primarily by a 1.2% decline
in margin from ongoing operations reﬂ ecting the
Group’s decision to invest more in prices in 2009.
These additional investments of €639 million
were only partially offset by the positive effect
of gains from logistics and markdown cost
savings (€50 million) and purchasing initiatives
(€50 million).
SG&A expenses increased under the pressure
of expansion and inﬂ ation costs, but nevertheless
remained under control, with annual growth limited
to 1.9% thanks to operational cost savings of around
€540 million.

The activity contribution reached €2.8 billion,
a 16% decrease compared to 2008.
In France, it fell by 26.9% to € 1,100 million,
due to the fall in volumes and investments
in the commercial offer.
In Europe, it reached €962 million, a fall of 17.6%
compared with 2008. The impact on profi tability
of the €1,743 million downturn in sales was partially
offset by the resilience of the commercial margins
and by an excellent discipline on SG&A expenses.
In Latin America, activity contribution rose 23%
(+28.1% at constant exchange rates), reﬂ ecting
signifi cant sales growth as well as fi rm control
over SG&A expenses and commercial margin.
Activity contribution in Asia declined by 5%
to €229 million. This is mainly attributable
to Thailand and Taiwan.

86,967
86,967

85,963
85,963

82 ,148
82 ,148

5 ,168*
5 ,168*

5 ,014
5 ,014

4 ,582
4 ,582

4 ,740
4 ,740

4 ,656

3 ,152
3 ,152

3,183
3,183

3,307*

3 ,291
3 ,291

2,777
2,777

76,887
76,887

73 ,060
73 ,060

2005
2005

2006
2006

2007
2007

2008
2008

2009
2009

2005
2005

2006
2006

2007
2007

2008
2008

2009
2009

2005
2005

2006
2006

2007
2007

2008
2008

2009
2009

(1) TNS Worldpanel at 27 December 2009.
The 2009 financial statements are presented in accordance with IFRS principles.

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Our fi nancial performance in 2009 reﬂ ects the implementation of the transformation plan:

Slight growth in sales driven by growth markets: up 1.2% at constant exchange rates ex petrol
and ex calendar effect (down 1.2% on a reported basis).
Activity contribution of €2,777 million, down 16%, impacted by commercial investments
of €639 million but boosted by signifi cant cost savings, especially in the second half.
Net income from recurring operations, Group share of €385 million, impacted by non-recurring
and restructuring charges of €1,072 million.
Selective management of Capex: €2,137 million in 2009 (vs. €2,908 million in 2008).

Breakdown of consolidated
net sales by geographic region

Breakdown of consolidated
net sales by format

7.6%

13.7%

35.7%

43%

France
France
Latin America

Asia

Europe (excluding France)
Europe (excluding France)

5.2%

11.2%
11,2 %
11,2 %11,2 %

21.5%

62.1%

Hypermarkets
Hypermarkets
Hard discount

Supermarkets
Supermarkets
Other activities

Breakdown of activity
contribution by
geographic region

8.3%

17.5%

34.6%

39.6%

France
France
Latin America

Asia

Europe (excluding France)
Europe (excluding France)

Net income from recurring
operations – Group share
(in millions of euros)

Net income from recurring
operations per share
(in euros)

Debt and liquidity:
(as a percentage
of shareholders’ equity)

M€ 385

€ 0.56

7.6 x

Net income from recurring operations, Group
share, came to € 385 million, compared with
€1,274 million in 2008, a decline of 69.8%,
affected by non-recurring expenses of
€1,072 million, of which €766 million were
impairment expenses (mainly Italy).
Adjusted for exceptional items (impairment
charges), net income, Group share, was down
10% to €1,151 million.

Net income from recurring operations per share
was €0.56, down 69.8% from year-end 2008.
The Group’s share net income per share, taking
into account the proceeds from operations that
were sold or are in the process of being sold, came
to €0.48 in 2009 versus €1.85 in 2008.

Debt: 7.6x = activity contribution before
depreciation, amortization and provisions/
fi nancial costs

At 31st December 2009, net debt came to
€6,640 million, down 2.9% from 31st December 2008.
In 2009, the ratio of net fi nancial debt to
shareholders’ equity improved slightly, from 61%
in 2008 to 58%. Coverage of fi nancial expenses
came to 7.6x in 2009 compared to 9.2x in 2008.
Cash ﬂ ow to net debt came to 52.9% compared
with 60.3% the previous year.
Over the course of the period, the Group refi nanced
debt worth €1.3 billion through private placements.
The Group’s liquidity situation is solid, with €3 billion
undrawn committed syndicated loans, and the
schedule for the repayment of bonds totalling
€8.7 billion to be spread over the next eight years.

1,797
1,797

1,856
1,856

1,868
1,868

2.58**
2.58**

2.64**
2.64**

2.67**
2.67**

72%
72%

1,274*
1,274*

1.86*
1.86*

60%
60%

63%
63%

61%
61%

58%
58%

385

0.56
0.56

2005
2005

2006
2006

2007
2007

2008
2008

2009

2005
2005

2006
2006

2007
2007

2008
2008

2009
2009

2005
2005

2006
2006

2007
2007

2008
2008

2009
2009

*The 2008 financial statements have been restated to reflect the adjustment of the first application of the IFRIC 13 & IAS 38 standards and the deconsolidation of Russia (IFRS 5)
**Net income from recurring operations per share on a reported basis

FIGURES

Stock market overview

Carrefour is listed on the Eurolist of the paris Euronext Exchange (Compartment A
– ISIN code FR0000120172). It is eligible for the SRD (Deferred Settlement Service).

It is included in the following indices: CAC 40, SbF 120, FTSE 100 and DJ Euro Stoxx 50.
At 31st December 2009, the share was in 11th position in the CAC 40 index in terms of
market capitalization, with a weighting of 2.8%.

CApITAL (AT 31ST DECEMbER 2009)

11th

pOSITION
IN THE CAC 40 INDEx

shareholders

number of
shares

in %

number of
ordinary voting
rights

Blue Capital

75,326,258

10.69%

139,370,068

704,902,716

Colony Blue Investor

15,166,770

Groupe Arnault SAS*

5,000,000

Employees

7,404,745

2.15%

0.71%

1.05%

15,166,770

5,000,000

14,723,490

Shares owned

563,488

0.08%

Controlled shares

in %

17.12%

1.86%

0.61%

1.81%

number of
extraordinary
voting rights

139,370,068

15,166,770

5,000,000

14,723,490

in %

17.12%

1.86%

0.61%

1.81%

Public

Total

601,441,455

85.32%

639,932,712

78.60%

639,932,712

78.60%

704,902,716

100.00%

814,193,040

100.00%

814,193,040

100.00%

* Related stock options in accordance with article L. 239-9 4° of the French Commercial Code.

Blue Capital SARL, a Société à Responsabilité Limitée [limited-liability company] under
Luxemburger law, Colony Blue Investor, a Société à Responsabilité Limitée [limited-liability
company] under Luxemburger law, and Groupe Arnault SAS, a Société par Actions Simplifi ée
[joint-stock company] have declared that they are acting in concert.

SCHEDULE

FINANCIAL
INFORMATION

4th May 2010
Annual Shareholders’ Meeting

12th May 2010
Payment of dividend*

15th July 2010
Publication of second-quarter
2010 sales

31st August 2010
2010 half-yearly results

14th October 2010
Publication of third-quarter
2010 sales

CARREFOuR STOCK

in euros

Quoted price: highest

lowest

on 31st December

2005

41.75

35.36

39.58

2006

51.15

38.10

45.94

2007

58.10

42.95

53.29

2008

52.52

24.68

27.52

2009

33.79

22.89

33.56

Number of shares on 31st December

704,902,716

Market capitalization on
31st December (in billions of euros)

27.90

32.40

37.60

19.40

23.70

Average daily volume

2,613,756

3,117,619

4,337,998

4,168,131

2,946,152**

Net income from recurring
operations per share***

Net dividend

Yield

2.58

1.00

2.64

1.03

2.67

1.08

1.83

1.08

2.53%

2.24%

2.03%

3.92%

0.56

1.08*

3.22%

* Subject to shareholder approval at their Annual Meeting of 4th May 2010.
** Average daily volume on Euronext in 2009.
*** Net income from recurring operations per share: data published from 2005 to 2008.

SHAREHOLDER INFORMATION

Carrefour Group shareholders have access to transparent, accurate and regularly updated information
through:

A telephone number for shareholders
By dialling +33 (0)1 55 63 39 00, shareholders have access to the following information:
ǋ Group news
ǋ the share price, its movement and that of the CAC 40
ǋ the calendar of meetings and financial publications
ǋ practical information about registered shares and their advantages, ordering corporate documents,

and useful telephone numbers

The Shareholders Relations Department provides information to the shareholders on the Group’s
strategy and outlook.

Letter to Shareholders
The Letter to Shareholders is sent twice a year to all registered and bearer shareholders who request it.

Shareholder’s Guide
Contains a company profile as well as share management information and guidelines.

Website
Carrefour’s corporate site, www.carrefour.com, has a section dedicated to shareholders under "Finance".

Shareholders’ e-mail alert
By registering at the " Shareholders " section of the Carrefour website, www.carrefour.com,
shareholders are informed by e-mail upon publication of the Group’s financial reports.

CARREFOuR SHARE pRICE pERFORMANCE IN 2009 IN RELATION TO THE CAC 40,
bEFOODR AND DJ STOxx EuROpE RETAIL INDICES** (bASE 100)

140

130

120

110

100

Jan.

Feb.

Mar.

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Carrefour

Befoodr

DJ Stoxx Europe Retail Index

CAC 40

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MEETINGS

ANNuAL
SHAREHOLDERS’ MEETINg
This is a special gathering of managers
and shareholders that provides
a good opportunity to learn more
about Carrefour’s activities,
results and outlook.
For those unable to attend,
the Annual Shareholders’ Meeting
is broadcast live, then as a webcast,
on the Group’s corporate website at
www.carrefour.com.

ExHIbITIONS
Carrefour has been participating
in the Paris Actionaria Exhibition
for the past nine years.
Staff members are present two days
to answer any questions visitors
may have.

SHAREHOLDERS’
MEETINgS
Carrefour’s managers regularly
meet with shareholders to present
the Group’s strategy and results.

A schedule of upcoming meetings
can be found on the Group’s website,
www.carrefour.com, in the
"Finance/Shareholder" section.

133.31

CONTACTS

122.32
121.95
121.38

CARREFOuR gROup
Investor Relations
26, quai Michelet - TSA 20016
92695 Levallois-Perret Cedex
Tel. +33 (0)1 55 63 39 00
investisseurs@carrefour.com

CARREFOuR gROup
Shareholder Relations
26, quai Michelet - TSA 20016
92695 Levallois-Perret Cedex
Tel. +33 (0)1 55 63 39 00
actionnaires@carrefour.com

REgISTERED
SHAREHOLDERS
CACEIS Corporate Trust –
Investor Relations
14, rue Rouget de Lisle
92862 Issy-les-Moulineaux
Cedex 09
Tel. +33 (0)1 57 78 34 44
Fax +33 (0)1 49 08 05 80
ct-contact@caceis.com

* BEFOODR index: nine values (Ahold, Carrefour, Casino, Colruyt, Delhaize, Metro, Morrison, Sainsbury and Tesco).
** DJ Stoxx Europe Retail Index: 23 values (Ahold, Carrefour, Casino, Celesio, Colruyt, Debenhams, Delhaize, DSG, Galenica, Home Retail,
H&M, Inchcape, Inditex, Jeronimo Martins, Kesko, Kingfisher, Marks & Spencer, Metro, Morrison, Next, PPR, Sainsbury and Tesco).

FIGURES

Carrefour stores

Stores under Carrefour banners at 31st December 2009 (incl. franchisees and partners)

1,395

total hyPerMarKets

*Partner under license

2,949

total suPerMarKets

HypErMarKEts

total France
Europe (excluding France)
Belgium
Bulgaria
Spain
Greece and Cyprus
Italy
Poland
Romania
Turkey
total Europe (excluding France)
Latin america
Argentina
Brazil
Colombia
total Latin america
asia
China
Indonesia
Malaysia
Singapore
Taiwan
Thailand
total asia
partners
Saudi Arabia
Bahrain
French overseas territories
Egypt
United Arab Emirates
Japan*
Jordan
Kuwait
Morocco
Oman
Qatar
Dominican Republic
Slovakia
Syria
Tunisia
total partners
Group totaL

supErMarKEts

Total

Of which
franchisees and
partners

231

56
1
170
35
65
82
22
26
457

68
172
69
309

156
61
19
2
62
39
339

10
1
11
4
12
6
1
1
1
2
3
1
4
1
1
59
1,395

10
1
11
4
12
6
1
1
1
2
3
1
4
1
1
59
97

Total

Of which
franchisees and
partners

987

total France
Europe (excluding France)
375
Belgium
101
Spain
242
Greece and Cyprus
501
Italy
200
Poland
25
Romania
Turkey
165
total Europe (excluding France) 1,609
Latin america
Argentina
Brazil
total Latin america
asia
Indonesia
Taiwan
total asia
partners
Saudi Arabia
Belgium
French overseas territories
Egypt
United Arab Emirates
Morocco
Tunisia
total partners
Group totaL

1
69
22
1
11
22
43
169
2,949

117
49
166

15
3
18

405

313
3
23
274

613

1
69
22
1
11
22
43
169
1,187

6,475

total hard discount stores

15,661 stores in
34 countries

Hard discount

Total

Of which
franchisees and
partners

928

total France
Europe (excluding France)
2,815
Spain
381
Greece and Cyprus
524
Portugal
Turkey
675
total Europe (excluding France) 4,395
Latin america
Argentina
Brazil
total Latin america
asia
China
total asia
Group totaL

360
360
6,475

416
376
792

886
126
157
238
1,407

63
94
157

92
92
1,749

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4,698

total convenience

144

total cash & carry

475,000
employees

convEniEncE

total France
Europe (excluding France)
Belgium
Spain
Greece and Cyprus
Italy
Poland
total Europe (excluding France)
Latin america
Brazil
total Latin america
asia
Thailand
total asia
partners
French overseas territories
total partners
Group totaL
casH & carry

Total

3,165

196
14
261
964
30
1,465

8
8

1
1

59
59
4,698

Total

total France
Europe (excluding France)
Italy
total Europe (excluding France)
Group totaL

129

15
15
144

Of which
franchisees and
partners

3,165

196
4
237
789
30
1,256

59
59
4,480

Of which
franchisees and
partners

124

1
1
125

FIGURES

Key sustainability indicators

These key indicators illustrate the group’s day-to-day actions for a sustainable approach
of environment, society and workforce. The group performs rigorous operational
coordination and monitoring of its overall performance in terms of sustainability.
This approach is evaluated in an audit carried out by our statutory auditor KpMg
and received a moderate assurance level for 2009.

All the changes presented here were calculated on a like-for-like basis (in number of Business Units) and are representative
(at least 75% of the Group’s consolidated sales, excl. VAT).

ENVIRONMENTAL INDICATORS

Energy consumption in the stores
(kWh/sq.m of sales area)

690
690

663

627
627

602
602

2006
2006

2007
2007

2008
2008

2009
2009

- 12.8 %
in 2009 compared with 2006

in 2009 compared with 2006

paper consumption
for commercial publications
(kg of paper purchased/sq.m of sales area)

Free disposable plastic bags (number of free
disposable plastic bags purchased by stores
and distributed at checkouts/sq.m of sales area)

499
499

374
374

292
292

231
231

2006
2006

2007
2007

2008
2008

2009
2009

-53.8 %
in 2009 compared with 2006

in 2009 compared with 2006

Greenhouse gas emissions linked to the
consolidated stores’ consumption of fuel,
gas and electricity in the stores
(kg of CO2 /sq.m of sales area)

232
232

227
227

218

211
211

19.9
19.9

20.0
20.0

19.7
19.7

17.5
17.5

2006
2006

2007
2007

2008
2008

2009
2009

- 11.7 %
in 2009 compared with 2006

in 2009 compared with 2006

- 8.9 %
in 2009 compared with 2006

in 2009 compared with 2006

2006
2006

2007
2007

2008
2008

2009
2009

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PRODUCT INDICATORS

own-brand organic
food products
(number of units)

carrefour Quality
Line products
(number of units)

own-brand and national-
brand fair trade products
(number of items)

2,076
2,076

1,607

1,276
1,276

1,004
1,004

464
464

398
398

418
418

338
338

819
819

621
621

340
340

235
235

2006
2006

2007
2007

2008
2008

2009
2009

2006
2006

2007
2007

2008
2008

2009
2009

2006
2006

2007
2007

2008
2008

2009
2009

+ 106.8 %
in 2009 compared with 2006

in 2009 compared with 2006

+ 37.3 %
in 2009 compared with 2006

in 2009 compared with 2006

+249 %
in 2009 compared with 2006

in 2009 compared with 2006

HUMAN RESOURCES AND SOCIETAL INDICATORS

Women
in management
(%)

33.7

34.5

32.5

30.6
30.6

Average number of training
hours per employee

Employees declared
as having disabilities

15.8
15.8

15.9
15.9

14.6
14.6

14.4
14.4

10,189
10,189

9,395
9,395

8,197
8,197

7,329
7,329

2006
2006

2007

2008

2009

2006
2006

2007
2007

2008
2008

2009
2009

2006
2006

2007
2007

2008
2008

2009
2009

+ 12.7 %
in 2009 compared with 2006

in 2009 compared with 2006

+8.9 %
in 2009 compared with 2006

in 2009 compared with 2006

+ 39 %
in 2009 compared with 2006

in 2009 compared with 2006

For more information on these performance indicators,
please refer to the DVD enclosed at the end of this Annual Activity
and Sustainability Report, and visit www.carrefour.com

Carrefour goes where its customers are.
Its multiformat store approach suits all lifestyles
and meets all expectations. In 2009, Carrefour innovated
and offered concepts keeping with the times —modern,
accessible and pleasant.

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Stores for all
customer profiles

The Carrefour multiformat approach

MULTIFORMAT

En avant pour transformer Carrefour

The Carrefour brand
More dynamic than ever

In 2009, the Carrefour brand increased its initiatives for its customers
and consumers, innovating in terms of concepts, product offerings
and services. Carrefour is set to become the preferred retailer.

A bRAND THAT STAYS IN TOuCH WITH
CuSTOMER AND CONSuMER NEEDS
Over the past 50 years, Carrefour has
become a beacon for consumers looking
for excellent value for money. This key asset
generates over three billion checkouts per
year – a fi gure equivalent to half the world’s
population!
In 2009, Carrefour decided to bring its brand
even closer to customers by adopting a new,
decidedly positive positioning and by bringing
them concrete proof of its commitment.

It expanded its offering, in particular by creating
the Carrefour Discount range to offer quality
products at discount prices. It adapted its
promotions to the diffi cult economic context,
especially in Spain. It also increased its
environmentally-responsible initiatives to help
customers and consumers do their part:
launching green energy in France, eliminating
plastic bags in Spain, introducing waste sorting
and recycling operations in Brazil, etc.
These caring improvements help
improve quality of life.

PRODUCTS FOR ALL TASTES AND BUDGETS

OVER 27,000

CARREFOuR bRAND FAST MOVINg
CONSuMER gOODS WORLDWIDE

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A bRAND THAT gENERATES
LOYALTY uNDER ALL ITS bANNERS
Today, customers and consumers
are becoming increasingly loyal to all
Carrefour banners. No matter what they
need, how or when they shop, Carrefour
stores are there. And in each Carrefour store,
customers reap the many benefi ts of the
Carrefour loyalty card.
In Europe, over 25 million households have
a loyalty card – a valuable asset for Carrefour
as it strives to know its customers better
and offer them products and promotions
as closely matched to their needs as possible.

A bRAND THAT DEVELOpS
WITH A MuLTIFORMAT AppROACH
To adapt to all customer lifestyles,
Carrefour offers a variety of store formats
ranging from hypermarkets and supermarkets
to convenience and hard discount stores.
For professionals, Carrefour is also developing
the cash & carry format. At year-end 2009,
Carrefour had over 15,600 stores in
34 countries. All told, over the year more than
1,000 stores were opened or acquired,
all formats combined, with an especially
strong momentum in the convenience
and hard discount formats. 2009 was also
a year of renewal, particularly in France, where
nearly 1,000 supermarkets became Carrefour
Market stores and over 60 convenience stores
adopted the new Carrefour City and Carrefour
Contact concepts.
In hard discount, the Ed stores began to adopt
a new concept under the Dia banner, modern
stores where “discount” equals shopping
pleasure. This innovative approach is being
adopted elsewhere in Europe and around the
world, in order for Carrefour to become
a standard-setting and preferred brand.

STORES FOR EVERY LIFESTYLE

25 million

LOYALTY CARDHOLDERS IN EuROpE

MULTIFORMAT

Carrefour
A hypermarket for everyone

REINVENTINg A CONCEpT
The hypermarket is the format for major
shopping trips as well as purchases for
individual customers, their families and
their homes. In France, hypermarkets attract
1 million customers every day. To become
and remain the favourite retailer of these
customers and millions of others in Europe,
in 2009 Carrefour decided to give new appeal
and new impetus to its hypermarkets.
Enjoyable, multi-channel shopping, a true
market atmosphere with fresh products
displayed in a more attractive way than in
a single department, a large space dedicated
to seasonal products and events to create
an ongoing spirit of celebration, and a non-food
offering grouped into specialized sections:
this is the hypermarket reinvention plan being
tested in France, Belgium and Spain in 2010.

A WINNINg MODEL
On growth markets, the hypermarket format
is synonymous with modern retail. Carrefour
entered the Bulgarian market with the opening
of a hypermarket in the city of Burgas.

A WIDE AND ATTRACTIVE RANGE OF PRODUCTS

AT HYpERMARKETS, 9 OuT OF 10

CuSTOMERS buY A CARREFOuR pRODuCT.

It offers 13,000 sq.m of sales area
and 50,000 products adapted to local
preferences and traditions. Carrefour also
opened a hypermarket in Yangxi, its 150th
in China, with a sales area of over 6,000 sq.m.
In Brazil and Argentina, the new “mini-hyper”
format has won over a clientele in search of
a quick shopping experience, while the largest
hypermarkets display their non-food products
with style to enhance their attractiveness.

W h a t ’ s
n e w ?

CARREFOUR
MULTI-CHANNEL
In France, the user-friendliness
In France, the user-friendliness
of www.carrefour.fr, the prices
offered and the special
promotions have made it no. 9
among e-commerce sites,
with 5.3 unique visitors per month!
with 5.3 unique visitors per month!
Another innovation and source
of satisfaction for customers:
the interaction between stores
and the online channel via shared and
innovative services. The web offensive is also
being deployed in Brazil, where Carrefour aims
to win over 62 million Internet users.

W h a t ’ s
n e w ?

gREENER HYpERMARKETS
Everywhere it operates, Carrefour designs
its new buildings with environmental protection
in mind. The renovation/expansion
of the shopping centre and hypermarket in
Chambourcy (France) is particularly successful
in terms of landscape integration, with “living”
walls and roofi ng incorporating special acoustic
treatments as well as a wooden façade and
frame. Following the example of other stores,
the Sertorio hypermarket in Porto Alegre
(Brazil) has been equipped with a rainwater
recovery system that has allowed it to reduce
its water costs by 60%.

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Carrefour Market
Supermarkets the way we like them

a neXt Generation sUPermarKet
Carrefour Market is a new supermarket
concept that’s modern, welcoming and
generous. Produce is presented in the style
of a traditional market, creating a friendly
environment. The wide and diverse range
of food items and non-food items, from textiles
to entertainment and table settings, invites
the customer to discover what the store has
to offer. The store’s layout and communications
simplify the customer’s shopping trip, while the
prominent display of Carrefour brand products
enhances the banner’s value for money.
The Carrefour loyalty card and the
commitment to reducing checkout waiting
time are key to making Carrefour Market
a preferred store.

an attractive Format
Carrefour Market is an excellent example of
the Carrefour brand’s multiformat approach.
At year-end 2009, nearly 1,000 consolidated
and franchised supermarkets bore the
Carrefour Market banner and achieved

successful results overall. In 2009, like-for-like
sales increased 3.8% ex petrol. Store trafﬁ c
and the average basket increased 2.2%
and 1.4% respectively in the fourth quarter.
In France, the performance of our
supermarkets led Carrefour’s growth
and the growth of its market share up 0.2%
for the ﬁ rst time in three years.

the “maDe-in carreFoUr”
sUPermarKet
Over 3,000 Carrefour supermarkets worldwide
make day-to-day shopping easier by offering
a wide and customized range of food products
at very competitive prices. A trailblazer
in convergence, Spain opened
its 100th supermarket (in Malaga) in 2009.
In Romania, Carrefour entered a partnership with
Winmarkt, which has consolidated its positioning
in the format with three new stores. In Brazil,
the 49 Carrefour supermarkets are very popular
with customers, and their sales grew. In Malaysia
and Italy, Carrefour Market is increasing its visibility
with locations in both city centres and rural areas.

WelcoMinG anD GeneroUs

SALES UP
3.8%

in 2009 For carreFoUr
marKet sUPermarKets
in France

W h a t ’ s
n e w ?

marKet QUaLity
The Carrefour Quality Line will gradually expand to all the departments in the
market space at the Carrefour Market store: from fruit and vegetables to seafood,
meats and cheeses. Launched in 1992 in partnership with suppliers, this product
line meets customers’ and consumers’ expectations in terms of food safety,
freshness, taste and, of course, authenticity.

MUlTiforMaT

The Carrefour convenience
Getting closer to customers

the soLUtion store
Located in city centres or residential areas,
Carrefour convenience stores have adapted
to the needs of a busy clientele that is on the
move. As illustrated by the Carrefour City
format in France. Open from 7 am to 11 pm,
including Sundays in certain districts,
Carrefour City offers a targeted range of
products in a sales area of between 350
and 600 sq.m. This includes ready-to-eat items
for right away, and basic daily grocery items
for later, with a focus on organic, health and fair
trade products. The product offering includes
6,000 items, 30% of which are Carrefour
brand items.

a sUccessFUL concePt
A series of tests carried out at six pilot stores in
Paris, Nîmes, Avignon and Toulouse conﬁ rmed
the attractiveness of the concept, with results
surpassing expectations: a 30% average
increase in sales. At year-end 2009,
29 Carrefour City stores blossomed
throughout France, thanks to franchisees
who were won over by the concept.

W h a t ’ s
n e w ?

carreFoUr city
recoGniZeD
For eXceLLence
Soon after its launch, Carrefour’s
new urban concept received positive
recognition from the profession. Its
commercial relevance earned it the Golden Banner Efﬁ ciency
Award. The innovation it represents was recognized with
the 2009 LSA Innovation Oscar for food concepts.

carreFoUr in the coUntrysiDe
Carrefour is innovating and adapting to customer
needs in small towns and villages. Over a sales area
of between 400 and 900 sq.m, the Carrefour
Contact format offers a generous range of products
including self-service fresh products, as well as
meats and cheeses and areas dedicated to health
& beauty and wines, alongside a non-food offering
focused on the essentials. Overall, a palette of
8,000 items, including 30% Carrefour brand products.
Tested in France at eight pilot stores, the Carrefour
Contact concept also exceeded expectations,
with a 30% increase in sales after conversion.
At year-end 2009, 36 stores bore the Carrefour
Contact banner, which has also been deployed
in a franchise scheme.

froM THe ciTY To THe coUnTrYsiDe

SALES UP
30%

at stores converteD
to the neW concePts in France

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carreFoUr on toP
oF the WorLD!
Carrefour is gaining in altitude with the
opening of its ﬁ rst Carrefour Montagne
(Carrefour Mountain) store in the Menuires
ski resort in December 2009. The opening
was followed by two other test stores
in Megève and Avoriaz in the French Alps.

the carreFoUr convenience
Format conQUers the WorLD
After 12 Carrefour City stores in Madrid,
Spain has opened two new franchises in
Toledo. In Italy, DiperDi stores started to adopt
the Carrefour Express banner, accelerating
the brand’s convergence initiative.
In Asia, Carrefour Taiwan opened its ﬁ rst
Carrefour Convenience Buy store,
open 24 hours a day to match the
hectic lifestyle of Taiwanese consumers.
With its convenience format, Carrefour
is winning over new customers as it adapts
its concepts to local lifestyles.

W h a t ’ s
n e w ?

CONVENIENCE GOES GREEN
In France, Carrefour City is developing a range of
In France, Carrefour City is developing a range of
solutions with optimal conditions for people and
environmental protection in mind: Max Havelaar
certiﬁ ed organic cotton uniforms, energy-efﬁ cient
refrigeration units and lighting, and used battery
collection containers for customers. This is one
more proof of Carrefour’s actions at all levels of
the company to promote sustainability.

convenience in all areas

carreFoUr city
anD contact
stores in France
at year-enD 2009

MUlTiforMaT

Discount by Carrefour
A new dynamic

Cliente DIA

Proyecto

Identidad Visual

Fecha

29/10/07

Nombre del Archivo

Logotipo de DIA

Referencias cromáticas:

Pantone 485

RAL 3020

Archivo Digital

DIA 2.2.logo_vert_pos cmyk.ai

Formato

Papel

Observaciones:

reDePLoyinG harD DiscoUnt
With a view to lending new impetus to its hard
discount operations in France, the Carrefour
Group is using what it learned from the
successful experience with the Dia brand
in Spain and is transforming its Ed stores.
The new concept is based on the best of the
hard discount banner: the freshness of over
100 fruits and vegetables, the quality and
guaranteed origins of the 1,700 Dia products
and a selection of major brands, all at hard
discount prices in a store with a modern
design and a focus on shopping comfort.
Meeting the expectations of the entire family
while optimizing purchasing power, the format
has been very successful, achieving a
two-ﬁ gure sales growth at the four pilot stores.
50 Dia stores opened their doors in early 2010.
In Spain, Dia is continuing efforts to modernize
its stores, which are becoming more attractive
and successful. They offer a wide range of
self-service fresh products, meat and ﬁ sh

as well as prepared dishes. By year-end 2009,
608 Dia Market and 475 Dia Maxi stores had
opened throughout Spain. Dia stores also
offered products at low prices to customers
in Turkey, Argentina, Brazil and China.

sUccess For the hyPercash moDeL
Essential products at low prices in a
hypermarket: the Atacadão model is a hit
in Brazil. With nine new Atacadão stores
opened in 2009, Carrefour Brazil now has
58 hypercash stores which continue to
see two-ﬁ gure sales growth and drive up
Carrefour’s market share.
The ﬁ rst version of the Atacadão model
was opened on 4th March 2010 in Bogotá to
strengthen Carrefour’s positioning and further
enhance its performance in Colombia.
In Europe, the Group views to adapt the
Carrefour hypercash model in France
and Spain by the end of 2010.

everYDaY proDUcTs aT loW prices

W h a t ’ s
n e w ?

AN ENDURING PARTNERSHIP BETWEEN DIA
AND LOCAL SUPPLIERS
The relationship between Dia and its suppliers
in all the countries where the brand operates
is based on loyalty. In Spain, 75% of Dia’s
suppliers have been working with the banner
for over 10 years.

2,815

Dia stores in sPain at
year-enD 2009

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Cash & Carry
A revolution for professionals

Promocash innovates
In 2009, the self-service wholesale banner
dedicated to food service professionals
succeeded in its conversion to the franchise
model and achieved a leading position in this
market. At year-end, 124 of its 129 stores were
franchised, including 88 in a rental/
management scheme, the proof of the
success of this development model. Another
revolution at Promocash is a suite of services,
including the installation and rental of
equipment, training and services related
to hygiene and quality, and home deliveries.
The third revolution of the Carrefour Group’s
Cash & Carry banner is underway: a new
concept tested in Wasquehal and Mâcon
which meets the needs of all customers,
from traditional independent buyers and
those who prefer direct delivery to customers
who preorder their merchandise to take
advantage of the rapid pickup option.

More services for professionals

129

cash & carry stores
in France in 2009

Des idées neuves aux quatre coins du monde

Reflecting the profound changes taking place
in consumer society, Carrefour is taking a new
approach to retail, developing fresh ideas to bring
it closer to all of its customers and consumers,
each and every day, wherever the brand is present.

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New ideas
across
the world

Retail made-in Carrefour

reTail

France
The positive is back!

For the ﬁ rst time in three years, carrefour banners have increased their market share
in their country of origin. an unmistakable sign of the Group’s gathering momentum.

to accelerate the Dia rollout. Fifty Dia stores
had already opened at the beginning of 2010,
offering a new convenience discount service
for customers across France.

a Dynamic ProDUct oFFerinG
In 2009, Carrefour customers in France
were offered 1,940 new Carrefour products
and services in keeping with current trends,
including a discount range, Sélection products,
children’s products in the Kids range,
organic products and the “Carrefour
Energie by Poweo” green energy offering.
Own-brand product sales rose 9% in 2009.
Another lever for Carrefour’s new image,
it is now the leading FMCG brand in France,
with a 24.6% market share.

carrefoUr - a frencH favoUriTe

sUccessFUL neW concePts
France is at the forefront of a customer-
centred strategy to deploy the Carrefour
brand across its different store formats,
achieving good results with an increase
in the Group’s market share of 20 basis points
in 2009. The transformation of Champion
stores into Carrefour Market stores,
begun in June 2008, was almost complete
at the end of 2009, with 899 Carrefour Market
supermarkets achieving an increase in sales
of 3.8% at comparable stores, excluding petrol.
The conversion of convenience stores into
modern Carrefour concept stores has been
a major success. The 65 Carrefour City
and Carrefour Contact stores offer Carrefour
products and services close to home,
with highly positive results - an average
increase in sales of 30%.
At the same time, the conversion of hard
discount Ed stores into Dia stores has
boosted sales by over 30%, an added incentive

4th

France’s
FavoUrite GLoBaL
comPany.
“Global Reputation Impact Index” survey
performed by BVA and Les Echos based
on a sample of 1,276 people in 2009.

LaUnch oF carreFoUr’s
DiscoUnt BranD
In May, Carrefour customers in France
discovered the Carrefour Discount range.
Available in all sections and in all store formats,
the range features 423 listed products offering
Carrefour quality at discount prices. The range
was an immediate success in two ways.
Eight months after its launch, 11.6 million French
households had bought Carrefour Discount
products, representing 3.9% of FMCG sales
volume and 2% of sales revenue. The launch
also improved Carrefour’s image as a competitive
brand among customers.

carreFoUr’s 50th anniversary
anD the 5th anniversary
oF its LoyaLty carD
For 50 days, Carrefour celebrated its
50th anniversary in all hypermarkets
and supermarkets with several promotions
a day. These promotions appeared in
catalogues, of which several million were
distributed, and a multi-channel advertising
campaign on posters, radio, the Internet
and in TV magazines. 2009 also marked the
5th anniversary of Carrefour’s loyalty card,
now used by 17 million households.

a cLoser PartnershiP
With LocaL sUPPLiers
On 26th February 2009, 10 Carrefour
hypermarkets in the Rhône region
of France formed a long-term partnership
with 40 regional suppliers. This commitment
provides suppliers with a guarantee that their
products will be sold on Carrefour’s shelves,
supported by customized signs and, above all,
the organization of regional operations to
promote these products. This partnership
underlines Carrefour’s on-going commitment
to its suppliers and to meeting its customers’
demands for local produce.

W h a t ’ s
n e w ?

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Positive
is BacK!

W h a t ’ s
n e w ?

In 2009, Carrefour celebrated
its 50th anniversary with a new,
positive focus for its communication
campaigns. “Positive is back”
headed up the new anniversary
campaign featured in stores,
on posters and on TV.

Over 2.2

miLLion Units oF carreFoUr
DiscoUnt Petits-BeUrre BiscUits
soLD in France in 2009.

a BasKeT WiTH a frencH flavoUr

� The Carrefour
Boule Bio,
mountain milk,
a delicious salad,
Carrefour AGIR
Bio tomatoes,
top quality ham,
flavoursome
camembert,
cola light
and Carrefour
Discount petit
beurre biscuits
are just a few
of French
consumers’
products they
prefer buying
at Carrefour.

reTail

Western Europe
New foundations for the future

in 2009, under difﬁ cult economic circumstances, carrefour in spain,
italy and Belgium rallied their teams to enter a new stage in their development.

sPain: reaDy For recovery
In 2009, Spain experienced a tough economic
situation. As the country’s leading retailer,
Carrefour had an important role to play
and worked hard to improve the quality of its
customers lives each and every day. Starting
in March, Carrefour Spain implemented the
biggest series of price cuts in the history of
the Spanish retail industry. Reductions of
up to 25 % were made on some 10,000 items
suited to the baskets of Spain’s customers
and consumers. In the autumn, a large-scale
national communications campaign, promoted
in 19 million catalogues, invited consumers
to celebrate the 50th anniversary of Carrefour in
170 hypermarkets in Spain. In 2010, as part
of its convergence strategy, Carrefour is going
to develop some ﬁ fty supermarkets under the
Carrefour Market banner and some thirty
convenience stores under the Carrefour
Express banner. This approach has been
extended to the web, where all Carrefour
websites have been merged into a single
www.carrefour.es website. For the hard

discount format, the modernization of Dia stores has been
gathering momentum, further enhancing the appeal of the
Spanish hard discount banner, which included 475 Dia Maxi and
608 Dia Market stores at the end of 2009. Customers also have
access to a modernized website - www.dia.es - which offers lots
of information on promotions, services
and Club Dia loyalty beneﬁ ts.

W h a t ’ s
n e w ?

DisPosaBLe PLastic
BaGs PhaseD oUt in sPain
Spain is Europe’s third largest
consumer of single-use plastic bags.
Carrefour is the country’s ﬁ rst retailer
to stop using them in all of its stores.
Customers can buy grocery bags
and bags made from non-food tubers
for 5 euro cents. This will save 800 million
disposable bags a year and forms part
of the Group’s overall strategy to foster
the use of eco-friendly bags.

spain, iTalY anD BelGiUM: BUilDinG THe fUTUre

� “Plastic
bags take
400 years to
decompose.
Help us phase
them out”.

More than 100

Dia stores oPeneD
in sPain in 2009

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BeLGiUm: a neW BeGinninG
In 2009, Carrefour Belgium implemented
a single-brand multi-format strategy,
launched the Carrefour Discount range
in all stores and inaugurated an e-commerce
platform designed for busy customers
on the go. Based on an in-depth analysis,
a strategic plan has been prepared to provide
a sound, redeﬁ ned basis for Carrefour’s
development in Belgium. The goal is to provide
Carrefour with the means to sustain its activity
by relaunching the business and adapting
its cost structures.

13.2 kg

oF carreFoUr Pasta BoUGht on
averaGe By cUstomers in itaLy in 2009

a BasKeT of iTalian flavoUrs

� Spaghetti ideal
for eating al dente,
tasty salami,
buffalo
mozzarella,
sundried
tomatoes,
cold pressed
virgin olive oil,
fruity parmesan...
these are just
some of Italian
customers’
preferred
Carrefour
products.

itaLy: heaDinG north
In 2009, Carrefour Italy laid solid foundations
for the future. A transformation plan was
implemented and Carrefour refocused
its activities in the north of the country.
In commercial terms, the convergence
process gathered pace with the transfer
of 50 GS stores to the Carrefour Market
banner and 15 DiperDi convenience stores to
the Carrefour Express banner. Carrefour Italy
intends to build its leadership on these new
foundations. In 2010, customers across Italy
are expected to have access to 400 Carrefour
Market and 700 Carrefour Express stores.
The launch of the Carrefour Discount range
and the extension of Carrefour’s own-brand
product ranges will increase the Group’s
presence in consumer baskets. Hypermarkets
will enhance their appeal and the development
of franchise supermarkets will boost
Carrefour’s expansion.

W h a t ’ s
n e w ?

enerGy WeeK
In February 2009, the Carrefour
Group took part in the European
Sustainable Energy Week.
The only retailer to partner
the event, organized by
the European Commission,
Carrefour provided
its customers with information
and promoted environmentally-
responsible products across six
European countries - France,
Belgium, Spain, Italy, Poland
and Greece. The Group has

committed itself to reducing its energy
consumption by 30 % per sq.m. by 2020
(compared with 2004) and to encourage
customers to join this virtuous spiral.

RETAIL

The rest of Europe
Carrefour stays on target

In 2009, Carrefour formed closer links with consumers in Eastern and Southern Europe
and capitalized on its brand.

KEY POSITIONS IN EASTERN EUROPE
In Poland, Carrefour opened four
hypermarkets, one supermarket and
nine convenience stores in 2009 to meet
the varied needs of consumers and to
build on its low price strategy in response
to decreasing purchasing power.
Sales including VAT in comparable
stores increased by 2% in 2009.
In Romania, Carrefour opened its seventh
hypermarket in Bucharest and consolidated
its position on the supermarket format market
by signing a partnership with Winmarkt.
The partnership led to the opening of three
Carrefour Market stores in shopping centres.
Carrefour entered the Bulgarian market
with the opening of a hypermarket in Burgas,
on the Black Sea coast, offering a product
range that provides work for more than
700 suppliers, mostly Bulgarian, thus
providing a boost to the local economy.

HEADWAY IN THE SOUTH
In Greece, the Group pursued a vigorous expansion strategy,
despite the difﬁ cult economic circumstances, with more
than 36,000 sq.m. of store space opened across all formats.
To help disadvantaged families, Carrefour helped to set up
two new welfare grocery stores, in Piraeus and Thessalonica.
In Turkey, Carrefour opened its 25th hypermarket in the Istanbul
region and recorded strong sales boosted by its expansion
strategy. In Morocco, the franchise agreement signed with
the Label’Vie Group, the country’s second largest supermarket
operator, led to the opening of the country’s ﬁ rst Carrefour
hypermarket in Rabat-Salé.

W h a t ’ s
n e w ?

CARREFOUR,
A MAJOR POLISH BRAND
A MAJOR POLISH BRAND
Strengthening its relationship with its customers
in Poland, Carrefour was named a “Major Brand”
by a panel of communications experts for its strong
reputation and the material and emotional beneﬁ ts
it provides to Polish consumers.

CARREFOUR EXPANDS ITS ACTIVITIES IN EASTERN AND SOUTHERN EUROPE

MORE THAN

36,000

sq.m. OF SALES FLOOR
AREA OPENED IN GREECE IN 2009

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Latin America
Rapid growth

In 2009, Latin American countries reported a 17.1% growth in sales at constant exchange rates,
excluding petrol. This represents 13.7% of Group sales, making Latin America one of its primary
excluding petrol. This represents 13.7% of Group sales, making Latin America one of its primary
growth engines.

BRAZIL: INCREDIBLE ENERGY
The Group recorded strong growth in 2009
based on a sharp rise in sales and an expanded
sales ﬂ oor area. Carrefour Brazil opened two
new hypermarkets. Ten acquisitions increased
the number of Bairro supermarkets in Brazil to
49, to the greater satisfaction of its customers.
The Atacadão model continued to expand
with nine new openings in 2009, to a total
of 58 hypercash stores, a successful
combination of basic products at low prices
deployed on a large scale. In addition,
61 Dia stores were opened, underlining
the banner’s gathering momentum.

ARGENTINA: LATIN AMERICA’S
OTHER GROWTH ENGINE
The expansion of Carrefour’s network
to 601 stores, including hypermarkets,
supermarkets and hard discount stores,
along with multiple sales initiatives, has
boosted the growth of Carrefour Argentina.
Carrefour’s 80 mini-hypermarkets attract
customers looking for a fast, complete service.
Product staging in the non-food sections of
the biggest hypermarkets increases the
average basket. The promotion of Carrefour
own-brand products, which guarantee the
best value for money, and cut price campaigns
are successful in all store formats.

COLOMBIA: THE ARRIVAL OF HYPERCASH
In 2009, Carrefour opened its 15th Carrefour
store in Bogotá and its ﬁ rst shopping centre
store in Bogotá and its ﬁ rst shopping centre
in Limonar, which features a Carrefour
hypermarket and 170 high street brand stores.
To build on good performance in Colombia,
in March 2010 Carrefour opened its ﬁ rst
Atacadão hypercash store in Bogotá.

W h a t ’ s
n e w ?

“RECYCLE WITH US”
This is the theme of the
campaign launched by
Carrefour Brazil in partnership
with two of the country’s major
institutions. It coincides with
the creation of two recycling
stations in São Paulo and
Piracicaba. The goal is to
collect more than 3.5 tonnes
of waste a year from Carrefour
stores and responsible
Brazilian consumers.

OVER 2 MILLION

CARREFOUR COFFEE UNITS
SOLD IN BRAZIL IN 2009

A VERY BRAZILIAN BASKET

(cid:2) 100 % local
coffee, delicious
cocoa, milk for
a balanced diet,
top quality palm
hearts and ultra
fresh salads...
are just some
of the Carrefour
products that
Brazilian
consumers like to
buy in their store
to prepare their
preferred meals.

RETAIL

Asia
Growth potential for the Group

In 2009, Asian countries represented 7.6% of Group sales and recorded
a 4.5% increase in sales at constant exchange rates, excluding petrol,
buoyed by an on-going expansion programme.

CHINA, ASIA’S GROWTH ENGINE
The Group is pursuing an aggressive
growth strategy in China with the opening
of 22 hypermarkets and 63 hard discount
stores in 2009. Present in the country
for 14 years, Carrefour currently has
156 hypermarkets to conquer a market
estimated at 1.3 billion people. Carrefour was
subject to deﬂ ationary pressure throughout
the year in China, but increased its sales during
the last quarter, across comparable stores.
As proof of its commitment and momentum
in China, Carrefour China participated
in “Partnership Days” in September
and November 2009, in association with
its institutional partners and suppliers.
China is clearly a major lever for growth
for the Carrefour Group.

has been invested since 2008
by Carrefour China to implement
its environmental strategy in stores.

A POSITIVE APPROACH
ACROSS THE CONTINENT
To celebrate its 20th anniversary,
Carrefour Taiwan is taking a positive approach
to a tough economic climate by organizing
major promotions throughout the year.
With 65 stores throughout the island,
Carrefour is now a reference for Taiwanese
consumers. In 2009, the opening of the ﬁ rst
Carrefour Convenient Buy convenience store
brought the brand even closer to its
customers, offering a highly-diverse selection
of products close to home, 24 hours a day.
It’s no wonder Carrefour Taiwan won the
“Top Service Award” in 2009.

W h a t ’ s
n e w ?

“GREEN” HYPERMARKETS
Carrefour China is committed to a proactive
environmental policy based on reducing
energy consumption. Major efforts are being
made to improve energy efﬁ ciency in new
and existing stores. A total of 200 million yuans

STEADY GROWTH

Over 150

HYPERMARKETS
IN CHINA

In 2009, Carrefour Thailand opened
its 39th hypermarket and celebrated its
13th anniversary in the presence of the
country’s most senior ﬁ gures at its Ladprao
store. Under the positive theme of “13 years
of happiness”, Carrefour revealed its total
donations to Thai associations and shared
a giant cake in the form of an Eiffel Tower
with its guests.

In Malaysia, Carrefour now has 19 stores
and hit the headlines by opening the ﬁ rst
Carrefour Market in central Kuala Lumpur.
With over 2,000 sq.m. of sales ﬂ oor area,
this decidedly modern store offers a wide
range of local, fresh produce and everyday
products.

In Indonesia, six store openings and
16 transfers increased the total number
of Carrefour hypermarkets to 61. Reﬂ ecting
an ability to cater for different lifestyles,
the car parks have been designed to
accommodate more motorcycles than cars.
The Gunung Agung hypermarket to the north
of Jakarta, for example, has 7,000 sq.m.

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W h a t ’ s
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of sales ﬂ oor area, 40 check-outs and
a car park accommodating 6,000 cars
and 10,000 motorcycles!

CARREFOUR AND THE COMMUNITY
The “Srikandi Nelayan” range is unique.
Its prawn-based products are produced
by a team of 20 women belonging to a
disadvantaged ﬁ shing community in the north
of Surabaya (Indonesia). This fair trade range
is marketed and promoted by eight Carrefour
and Carrefour Express stores in Surabaya.
Carrefour Indonesia hopes to use its network
to make it a national success, helping improve
the living standards of the Indonesian
community. Locally and on a larger scale,
fair trade is a constant preoccupation
at Carrefour.

OVER 9 MILLION

FRESH FISH SOLD IN 2009
BY CARREFOUR IN CHINA

A CHINESE BASKET

(cid:2) Pure grain rice, ultra-fresh chicken’s eggs, pork cut according
to local requirements, clear-eyed fish, Chinese cabbage, of course,
and fragrant herbs... are just some of the products eaten by Chinese
consumers everyday after shopping in their preferred Carrefour store.

22.07.2010 16:00 PDF_QUADRI_300dpi_txvecto

sustAinAble DeVeloPment

Carrefour,
a responsible brand

AffordABle products for eVeryone
Carrefour ensures that most of its customers
are able to access a large range of products.
For example, with Carrefour Discount, it is
possible to prepare a complete meal for one
euro.The AGIR Bio range enables customers
to enjoy organic products 25% cheaper than
in specialized stores. And there’s more to be
concerned than just food. Thanks to Dia
Ecolabel products, household cleaning is
now more eco-friendly without costing more.
Cut price mobile phone and ADSL services are
reducing the digital gap in Romania, Taiwan and
Argentina. Now everyone can enjoy consumer
products with Carrefour.

BAlAnced diet
Carrefour stores welcome 25 million customers
every day across the world. Therefore Carrefour
has a great responsibility in terms of nutrition.
Carrefour provides customers with a nutritious
diet, starting with its own-brand products.
Carrefour’s suppliers commit to respect the
Group’s standards by reducing the salt, sugar,
fat and fatty acid content of their products.
Carrefour was also the fi rst retailer to display

FoR tHe WHole FAmilY

nutritional information on its products,
including Discount items. Thanks to its varied
product range, Carrefour enables more
consumers to have a balanced diet. For people
with more specifi c needs, Carrefour offers
dedicated soya-based, gluten free, low-calorie
and Omega 3-rich ranges. The Carrefour Kids
range is a leading line of quality nutritional
products for children. Carrefour’s promotions
encourage customers to eat seasonal fruit and
vegetables. During Nutrition Week, Carrefour
raises the awareness of all of its customers
worldwide. It also supports child obesity
prevention programmes to promote good
eating habits in France, Belgium, Greece
and Argentina.

QuAlity And sAfety
76% of own-brand food products are sourced
from local producers, with 464 Carrefour
Quality Lines providing the basis for strong
partnerships in 15 countries. To ensure
products meet safety and quality standards,
producers are provided with a set of
specifi cations containing strict rules, supported
by an inspection programme.

� €1 a day per person:
that’s the price of meals
offered to Spanish
families at Carrefour.

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particularly in sensitive countries.
In 2009, 852 audits were carried out,
followed by the implementation of
corrective action plans where necessary.
To promote respect for Human Rights,
Carrefour shares the results of its
audits with French retailers
and works to harmonize social standards
across the world as a founding member
of the Global Social Compliance Programme.

W h a t ’ s
n e w ?

� 491 food products
in the Carrefour
AGIR Bio range in 2009.

76%

of own-BrAnd food
products Are sourced
from locAl producers

Downstream, regular store checks complete
the Group’s quality approach, while a
supervisory network responds to the least
suspicion of non-compliance, allowing
for a real-time response that includes
the recall of products to stores, if necessary.
A rigorous procedure has been implemented
to ensure the safety of sensitive non-food
products —toys, children’s clothes and
own-brand cosmetics— including tests that
go beyond current legal requirements.
Regular factory audits are also carried out.

controlling the respect of
humAn rights in the supply chAin
Carrefour monitors working conditions in
plants producing its own-brand products
across the world. Suppliers of guaranteed
Carrefour own-brand products sign
the Carrefour Suppliers Social Charter,
based on requirements set out in the
Universal Declaration of Human Rights
and the principles of the International
Labour Organization. Audits are performed
to check the charter is enforced,

PRomotinG PRoDuct QuAlitY

464

cArrefour QuAlity
lines worldwide

sustAinAble DeVeloPment

Le développement Durable au cœur de la stratégie

Sustainable Development
at the heart of Carrefour’s strategy

two Key AreAs
Sustainable Development forms an integral
part of the Carrefour Group’s strategy, focusing
on two key areas.

� Including Sustainable Development
in the management of its activities
and business
Wherever it operates, the Carrefour Group
is committed to boosting business by creating
jobs and stimulating the local industrial
economy. Europe’s leading private employer
and the seventh in the world, Carrefour
also aims at becoming the preferred employer
and is developing a human resources policy
to achieve this. As a socially-responsible
retailer, Carrefour supports local communities
wherever its stores are based. Conscious
of the need to limit the impact of its activities
on the environment, the Group is also
committed to the fi ght against climate
change, the protection of biodiversity
and waste reduction.

� Promoting Sustainable
Development among customers
Carrefour is committed to offering
quality products that enable as
many consumers as possible to
enjoy a healthy and balanced diet,
while encouraging suppliers
to implement a Sustainable
Development approach
and customers to become
responsible consumers.

An orgAniZAtion
dedicAted to
sustAinABle
deVelopment
In order to involve all business
lines and countries in its
Sustainable Development
approach, the Sustainability Direction,
which reports to the Group’s General
Secretariat, drives policy, manages
the implementation of strategies

A PioneeRinG HistoRY

A Sustainable Development pioneer almost 20 years ago, Carrefour demonstrates its commitment to responsible retail each
and every day.

Launch of Carrefour Quality Lines

Social Charter for Group suppliers drawn up in cooperation
with the FIDH

1992
1996
1997

Launch of Carrefour Bio

Application of the precautionary principle to GMOs

2000
2001

Membership in the United Nations Global Compact
Signing of a protocol agreement with Union Network
International (UNI)

2004

Signing of the Corporate Diversity Charter
Adoption of the Group Code of Ethics

Le développement Durable au cœur de la stratégie

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and promotes best practices.
It is supported by internal and external
experts and works in close collaboration
with all the Group’s operational
and cross-functional departments.
To foster Sustainable Development
in all Carrefour countries, the Group uses
local coordinators to apply the policy
in accordance with local conditions
and to provide reporting on the actions
implemented.

An open And trAnspArent diAlogue
with our pArtners
Every year, Carrefour brings together its main
stakeholders and, for more than ten years,
has formed partnerships with NGOs which
help the Group advance its projects more
effectively. The Group works with the
International Federation for Human Rights
(FIDH) to monitor working conditions in plants
producing Carrefour products in sensitive
countries. The WWF supports Carrefour

buyers on a daily basis to help develop
the Group’s supply policy for wood,
fish resources and palm oil.
Our European social partners are kept
regularly informed and consulted on the
Group’s Sustainable Development approach,
through the CICE (European Consultation
and Information Committee).

eco-friendly Actions At “home”
To involve its employees at its head offices
and in stores, Carrefour organizes programmes
to raise awareness of eco-friendly actions,
provides training adapted to different
occupations and takes part in numerous
events.
In 2009, Carrefour’s head offices in France
recycled some 350 tonnes of paper and
cardboard, cut water consumption by
50%, and launched a car-sharing website.

A sustAinAble commitment

Launch of the Responsible Fishing range

Member of Social Accountability International (SAI)

2005
2006

2008
2009

Launch of the Carrefour AGIR range
Participation in the creation of the GSCP (Global Social
Compliance Programme) platform
Sustainable Development Self-Assessment Tool made
available to own-brand suppliers

Energy efficiency commitment increased to 30% in 2020 vs. 2004
Commitment to using 100% certified responsible palm oil in
own-brand products by 2015
First Sustainable Development Awards for Suppliers in France

2007

Initial commitment to cut Group energy consumption per sq.m.
of sales floor area by 20% in 2020 vs. 2004

sustAinAble DeVeloPment

Employees
Committed, positive, caring

W h a t ’ s
n e w ?

“cArrefour, it’s us”
Happy engaged Carrefour people make

happy customers –that’s

the conviction that

underpins Carrefour’s
Human Resources
policy. Based on
three Group values
– committed, caring,
positive - our policy is
designed to ensure the
Group becomes not only
the preferred retailer
but the preferred
employer too.

committed employees
in A motiVAting compAny
The world’s seventh largest employer,
Carrefour’s human ressources aims at
improving the well-being of its employees
at work and help them develop their careers.
Based on a determinedly open recruitment
policy, the Group offers employment

opportunities for everyone, with more than
120 professions in the Group, skills-based
recruitment methods and training to help
employees advance at every level of the
company. In France, the Carrefour Group
and the French national employment agency,
Pôle Emploi, signed a national cooperation
agreement in 2009, which includes the
automatic transfer of Carrefour
job vacancies to the www.pole-emploi.fr
website. Still on the web, the Carrefour
Group’s banners in France now have a single
address dedicated to employment:
www.recrute.carrefour.fr. This site enables
applicants to discover the Group’s
120 professions and access offers
with one click of a mouse.
This diversity is Carrefour’s strength,
and the company is dedicated to giving
each individual a chance. In two years, some
6,000 young people from disadvantaged
neighbourhoods have been recruited as
part of the Espoir Banlieues plan in France,
while the Plan Emploi Jeunes 2009-2010 is

sHAReD VAlues

6,000

young people from
disAdVAntAged
neighBourhoods were hired
oVer two yeArs in frAnce

75%

of mAnAgers in frAnce Appointed
ViA internAl promotion

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expected to lead to the recruitment of
4,000 others on work/study contracts.
In Brazil, Carrefour supports
the inclusion of young people through
apprenticeships while in Argentina,
Carrefour offers qualification-based
training for young people from
underprivileged homes. To foster work
integration and continued employment
for employees with disabilities, proactive
programmes are currently being organized
in Romania, Greece, Turkey, Spain, Brazil,
Colombia, Malaysia and France.

A job at Carrefour also offers the
guarantee of working for a Group that
respects major universal Human Rights,
labour standards and the environment,
and works against corruption. Working
for Carrefour is about choosing a socially-
responsible company which, through its
corporate foundation, enables others
to access its expertise, with thousands

of employees worldwide volunteering
to use their know-how and professional
skills to promote mutual assistance.

Building A positiVe future
with cArrefour
In 2009, 7.4 million hours of training were given
in nine Group training centres worldwide
and at other sites - an average of 15.9 hours
per person. A training, leading to diploma,
helps young people without qualifi cations
to benefi t from a stable, empowering job.
In France, 100 employees obtain a Vocational
Training Certifi cate every year in supermarkets.
In 2010, the Group launched the fi rst individual
training plan for all senior managers worldwide
to help them ensure the success of the
Carrefour transformation plan.
The Group is committed to career
development. In fact, 75% of Carrefour
managers in France have risen through
the ranks. This policy is based on an annual
appraisal interview. For senior managers,

eVeRYWHeRe ARounD tHe WoRlD

sustAinAble DeVeloPment

the appraisal is managed online through
the Cap Careers tool in almost all Group
countries. To ensure everyone is aware
of the opportunities open to them,
Carrefour in France set up “Carrefour des
Métiers” in 2009. This system encourages
individuals to take the initiative in developing
their careers by listing all Carrefour professions
and the training courses necessary to pass
from one profession to another.

cAring ABout eVeryone
Consultation is part of Carrefour’s culture.
The European Consultation and Information
Committee (CICE) brings together Carrefour’s
European social partners for wide-ranging and
constructive discussions on social issues. In
2009, Lars Olofsson, Carrefour’s CEO,
underlined his determination to continue
defi ning the company’s strategy in partnership
with its French and European social partners.
An important indicator of the social climate
at Carrefour, the Listening to Staff surveys allow
employees to anonymously express their views

on life at Carrefour. This tool is deployed in
12 countries, enabling some 20,000 employees
around the world to express themselves every
year. A summary is provided to the managers
of the stores and forms the basis for a report
to all teams and their representatives.
Action plans are then outlined,
store by store and department
by department.
The health of employees is also
a constant concern for Carrefour.
The Group ensures employees enjoy
appropriate social coverage
in all Carrefour countries. If a system
fails, Carrefour sets up health,
welfare and pension schemes
to replace or complement local
schemes.
Carrefour also organizes vaccination
campaigns to protect against
diseases such as dengue in Asia or,
more recently, against the H1N1 fl u
virus. Training, awareness
campaigns, procedures and regular

475,000 emPloYees GAtHeReD ARounD ouR VAlues

� Internal campaign on Carrefour’s values deployed in
all Group countries, for example in Colombia, Thailand,
France and Hong Kong.

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different ways. In 2009, a parenting guide
was handed out to all managers in France,
while supermarkets gave out a Chèque
Domicile (“Home Cheque”) to make it easier
to afford childcare. In French hypermarkets,
20,000 people benefi t from work schedules
in blocks, which enable them to plan their
schedules several weeks in advance. 93%
of check-out staff are satisfi ed with the
scheme. To give employees the choice
between part- and full-time work,
Carrefour offers a multi-activity option
to every employee who needs it.

cArrefour Among frAnce’s

2010 Top
Employers

for its corporAte strAtegy And
culture, its worKing conditions
And sKills mAnAgement

site inspections are organized to reduce
workplace accidents.
In Thailand, for example, the Carrefour store
in Bangbon took part in a safety competition
organized by the Ministry of Work, for which
Carrefour Thailand was awarded the Health
& Safety prize.
The fi rst stress audits in 2007 held at four
hypermarkets in France showed a stress
level equal to or below other sectors.
At the beginning of 2010, a decision was
taken to perform a new stress audit at four
other hypermarkets. The Health at Work in
Supermarkets agreement signed in May 2009
provided for a health at work assessment
and the extension of prevention measures
to include psychosocial risks. In 2010,
stress management training tested by French
hypermarkets will be deployed to all Carrefour
France employees.
Striking the right balance between an
employee’s personal and professional life
is a key element in enhancing their motivation
and loyalty. Carrefour encourages this in

W h a t ’ s
n e w ?

cArrefour conVenience
presented with the “mieuX-
ViVre en entreprise” AwArd
ViVre en entreprise” AwArd
To “make its employees happier”, Carrefour
Proximité France organizes the Ereukikom
programme, fi rst launched in 2007. It has
two practical features: the development of
management techniques based on a training
course staggered over seven months, and
regional initiatives to enhance employee
satisfaction. The programme was awarded
the “Mieux-vivre en entreprise” (Happy at Work)
prize, presented for the fi rst time in 2009
by the Ministry of Employment, and the
“Coup de coeur du public” (Public’s Favourite)
special prize.

sustAinAble DeVeloPment

A sustainable partnership
with Carrefour suppliers

ensuring opportunities for
thousAnds of producers
For its own-brand food products, Carrefour
gives priority to local suppliers and supports
the business of thousands of SMEs and
agricultural producers worldwide. Based
on the Guaranteed Partnership scheme,
French hypermarkets are contractually
committed to purchasing specifi c volumes of
fruit and vegetables in advance of production.
Another key initiative is the development of
Carrefour Quality Lines. Launched in 1992,
95% of suppliers are loyal to Carrefour.
This partnership is based on a permanent
contract with a commitment to specifi c
purchasing volumes and a fair price for
producers in line with their efforts to ensure
the quality of their products, from the fi eld
to the plate. The dynamism of Carrefour Quality
Lines is such that some suppliers have created
CQL Clubs, such as cheese suppliers, who meet
twice a year to suggest improvements to the
Carrefour line. Also based on a relationship
of loyalty, the Refl ets de France brand

is the fruit of a successful partnership
with 140 companies, with more than
400,000 products sold every day in France.
Carrefour China promotes the direct purchase
of fresh products, cutting out intermediaries
to offer producers better prices while lowering
costs for Chinese consumers. In 2009, direct
supplies represented 60% of Carrefour China’s
fruit and vegetable orders. These long-term
partnerships include training in the quality
approach and modern farming production
techniques. In 2009, more than 1,000 farmers
representing 250 cooperatives from
nine provinces took part in these
training programmes.

helping suppliers AchieVe
sustAinABle deVelopment
Developed with the support of ADEME
(French Environment and Energy Management
Agency) and the WWF, Carrefour Sustainable
Development Self-Assessment is an online
tool that allows suppliers to assess their
own practices and to access advice.

RecoGniZeD KnoW-HoW

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Audits are conducted among a panel
of suppliers to validate the results and to
suggest areas of improvement. Over 2,200
suppliers of own-brand food products already
have access to this tool and Carrefour is
preparing to roll it out to non-food suppliers
and internationally. In 2009, all suppliers of
Carrefour AGIR Éco Planète and Tex AGIR bio
products were subject to environmental
advice audits.

inspecting worKing conditions
Carrefour was one of the fi rst international
companies to perform inspections of working
conditions at supplier sites and to work
towards the adoption of a common model
of control to all major retailers and global
manufacturers. Its Social Charter applies to
all suppliers of Carrefour own-brand products.
At the start of 2010, Carrefour took a step
further with the adoption of the Reference
Code developed as part of the Global Social
Compliance Programme (GSCP).

AWARD-WinninG PRActices

Carrefour is also committed to training
its suppliers and their employees in their
rights and duties at work. In Bangladesh,
56 factories benefi ted from this approach
between 2006 and 2009, representing
all of Carrefour’s suppliers. In 2010, Indian
suppliers will be trained.

SOCIAL
CHARTER
FOR OUR
SUPPLIERS

� Carrefour Social
Charter for suppliers
of own-brand products.

W h a t ’ s
n e w ?

supplier commitment
rewArded
In France, the fi rst Carrefour Sustainable
Development Awards were presented
to four suppliers out a total of 1,500 with
access to the Sustainable Development
Self-Assessment tool in 2009. The Respect
for the Planet Award went to the Laiterie
de Saint-Denis de l’Hôtel and Hero France.
The Climate Respect Award was presented
to Délifruits (France), the Human Respect
Award went to Candia Lons, while the Special
Mention Prize was awarded to Santens,
a company specializing in household linen.

sustAinAble DeVeloPment

Local dynamism
reinforced by Carrefour

reViVing locAl life
With more than 4,600 convenience stores
worldwide, Carrefour is a major socio-
economic development player. In France, its
partnership with La Poste aims to reduce the
impact of rural post offi ce closures. 62 Relais
Postes have been created in Carrefour stores,
allowing customers to shop and perform every
day postal operations, while maintaining a vital
spur for rural life. On the outskirts of built-up
areas, hypermarkets and supermarkets are
often focal points for local life and provide
employment opportunities in sensitive
neighbourhoods, with 90% of recruitment
performed within the store’s catchment area.

promoting the creAtion
of locAl Businesses
Carrefour helps its employees access
franchising through bridging schemes such
as the lease-management system. It enables
employees to acquire a convenience store
after two to three years of rental. Some
450 convenience stores are now ear-marked

for lease-management. Store assistants can
also access the franchise system through
“Assistant Development” training, which has
formed the basis of 76 projects since 2004.

preserVing the enVironment locAl
Carrefour Property, which manages the
Group’s commercial property in France,
Spain, Italy, Poland and Romania, is committed
to using eco-friendly designs. From renovation
and extension to the creation of a commercial
space, each project is designed to minimize
its impact on the environment, including
optimized energy consumption, the use of
sustainable materials, and its integration
into the surrounding area based on the
Carrefour Landscape Charter. This includes
everything from vegetation adapted to the
local climate and the landscaping of site
boundaries to multi-mode access via car,
public transport and bicycle.

� Les Eleis shopping centre
in Cherbourg

An economic Role

oVer 4,600

conVenience stores
worldwide

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MICROCREDIT PROGRAMME
IN INDONESIA
In Indonesia, the Carrefour Foundation
supports a microcredit programme organized
in partnership with the Bina Arta association.
The goal is to improve the living conditions
of people unable to access conventional bank
loans. In 2009, 1,000 stallholders working in
traditional markets were able to benefi t from
a microcredit loan. They use the money
to diversify their product offering and renovate
their stands. These initiatives enable them
to increase their sales and their incomes.
In addition to loans, Carrefour Indonesia
and the Foundation organize training
to help these stallholders become
real entrepreneurs.

SUPPORTING LOCAL COMMUNITIES
Carrefour endeavours to improve the daily lives
of the most disadvantaged members of the
community and to support the local development
of the countries in which it operates. The Carrefour
Foundation is the main standard bearer of the
Group’s commitment to socially-responsible
action. Its goal is to improve the quality of life for
everyone, by taking action in three areas: food
programme, professional integration, and solidarity.
With an annual budget of 4.57 million euros, it
supported 45 projects in 2009. Employees in
Carrefour countries are invited to take part in
socially-responsible initiatives. Carrefour Solidarités
France, for example, helps people experiencing
diffi culties via its network of 1,200 Carrefour and
Carrefour Market stores, and Carrefour France’s
head offi ces. Natural disasters generally require
the support of Group countries and the
Foundation. This was the case in Italy in April 2009,
when the Abruzzes region was hit by a violent
earthquake. Carrefour Italy’s teams sent fi ve lorries
of food products while the Carrefour Foundation
released 30,000 euros of emergency funding.

CONSIDERATION FOR THE COMMUNITY

M€ 4.57

ANNUAL BUDGET FOR THE
CARREFOUR FOUNDATION

(cid:31) Left: bakery apprenticeships
organized as part of the Young
Bakers programme in China.
(cid:31) Right: hosting disadvantaged
children in Thailand.

SUSTAINABLE DEVELOPMENT

Protecting the planet
with help from Carrefour

2009, YEAR OF BIODIVERSITY
Although Carrefour’s commitment to
protecting biodiversity goes back more
than fi fteen years, this year represented
a major step forward.

Promoting responsible ﬁ shing
75% of fi sh stocks are overfi shed or depleted.
Carrefour has taken a number of steps
in response to this situation, including the
optimization of its sources of wild fi sh species.
The Group has stopped selling certain species,
such as bluefi n tuna in Europe, and identifi ed the
best sources for its supplies, with the help of the
WWF. Carrefour buyers use the Seafood Choice
Alliance guide to support responsible purchasing
practices. With 26 listed products, Carrefour
offers the widest range of MSC (Marine
Stewardship Council) certifi ed own-brand
products in France. Carrefour raises customer
awareness through its stores and catalogues,
and in 2009 organized programmes to raise
the awareness among its buyers of the need to
protect fi sh stocks, in partnership with the WWF.

Promoting responsible forestry management
Since 1998, Carrefour has worked closely with
the WWF to control its wood supplies and
promote FSC (Forest Stewardship Council)
certifi ed specifi es. The outdoor furniture
assortment offered by Carrefour’s European
purchasing offi ce consists entirely of FSC-
certifi ed products and Acacia, which is not a
threatened species and for which Carrefour’s
suppliers are currently in the process of applying
for FSC certifi cation. For European commercial
publications, the Group reduced the paper
grammage from 54 g/sq.m. to 49 g/sq.m.
between 2006 and 2009 and replaced 80% of
coated paper with newspaper. In 2010, the Group
expects to achieve its target of 100% of paper
made from recycled wood fi bres and/or from
forests under certifi ed management by 2010.

Protecting water resources
Agriculture accounts for three quarters of water
consumption around the world. Carrefour is
working with the suppliers of its own-brand
products to promote integrated water

PROTECTING OUR RESOURCES

MSC-CERTIFIED CARREFOUR
OWN-BRAND PRODUCTS

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management practices, which is one of
the criteria in its Sustainable Development
Self-Assessment tool. In 2009, the fi rst
“Respect for the Planet” award was presented to
the supplier most committed to controlling its
water consumption and discharges into water.
Carrefour is also taking measures in stores.
Water consumption in hypermarkets per sq.m.
of sales ﬂ oor area is already down 5% compared
with 2008.

TACKLING WASTE
Reducing waste and optimizing waste recycling
is one of Carrefour’s top environmental
commitments.
In France, the 2008-2011 agreement signed
with ADEME provides for the testing of a
system to reuse packaging and an analysis of
an organic waste management scheme based
on a methanization experiment at a store
in Lomme (France).
The primary source of waste in stores,
cardboard is sorted in all Carrefour countries.
The sorting of other waste items is organized
according to local recovery systems.
In France, more than 55% of waste is
processed by recovery networks. For the last
ten years, Carrefour has optimized the weight
of the packaging of its own-brand products,

enabling it to save more than 15,300 tonnes
of packaging.
The Group is committed to withdrawing
all free disposable plastic checkout bags by
the end of 2012. After Taiwan, Belgium, France,
China and Poland, it was the turn of Romania
and Spain in 2009.

W h a t ’ s
n e w ?

CARREFOUR SPAIN WITHDRAWS
DISPOSABLE CHECKOUT BAGS
An eye-catching slogan and “shock”
videos accompanied the withdrawal
of disposable plastic bags from
Carrefour stores in Spain.
Employees received 150,000 hours
of training to help customers adjust
to this change in their shopping habits.
The process was made easier by
the distribution of free reusable bags.

A FOOD RETAILING FIRST!
In 2009, Carrefour visited its fi ve
largest European printers to review
their environmental practices and
to suggest areas for improvement.
Reporting requirements for key criteria
(for example, greenhouse gas emissions)
are now included in contracts
signed with printers.

REDUCING WASTE

(cid:31) Grocery bags are offered
to customers in many
countries such as Romania
or Colombia.

BY 2012

TOTAL WITHDRAWAL OF
FREE DISPOSABLE PLASTIC
CHECKOUT BAGS IN ALL
GROUP STORES

6868

SUSTAINABLE DEVELOPMENT

INCREASE IN ENERGY EFFICIENCY
In 2009, the Carrefour Group signed
the Copenhagen Communiqué on climate
change and raised its energy effi ciency target
from 20% to 30% between 2004 and 2020.
To achieve this target, the Group has
implemented a strategy and a multi-annual
investment programme worth around
30 million euros a year, which has already
generated effi ciency savings of 16%
since 2004.
Refrigerant leaks represent the second
largest source of Group CO2 emissions
after electricity. The Group has implemented
a strategy that initially aims at identifying the
level of refrigerant leaks and their causes,
with a view to reducing them. Experiments
are also being performed with alternative
ﬂ uids, particularly in relation to CO2 emissions
from freezer units. This solution is currently
being piloted in fourteen stores across Europe.

TOUGHER STANDARDS
FOR THE LOGISTICS CHAIN
Carrefour gives priority to alternative modes of
transport and the optimization of fi lling trucks.
In France, the Group saved 14,300 tonnes of
CO2 on upstream and downstream transport
in 2009, representing 43,800 fewer lorries
and 20.5 million fewer kilometres travelled.
For upstream transport from ports to
warehouses, 45% of imported products
destined for hypermarkets were transported
by river and rail, compared with 41.7% in 2008.
Five new consolidation platforms were opened
in 2009, bringing the total to seven. They enable
suppliers to deliver to a single destination,
from where Carrefour supplies its warehouses
using full, multi-supplier lorries. For downstream
transport, from warehouses to stores, the
Group is developing rail/road multi-mode
transport systems. All logistical departments
in Carrefour countries are taking measures to
optimize lorry loading. Some ten hypermarkets
in France are testing twin-deck lorries, which
have twice the capacity of normal lorries. This

LOWER GREENHOUSE GAS EMISSIONS

30%

MORE ENERGY EFFICIENT
BY 2020 COMPARED WITH 2004

100%

CERTIFIED RESPONSIBLE PALM
OIL FOR CARREFOUR OWN-BRAND
PRODUCTS BY 2015

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solution will be deployed in France at the end
of 2010. Reducing empty returns is another
means of optimizing transport. In France, the
“packaging return” system, which consists of
organizing the return of pallet supports from
stores to warehouses, reduced the number
of empty kilometres travelled by 7 million in
2009. Lastly, Carrefour encourages its service
providers to use green transport. In France,
65% of its ﬂ eet of vehicles consisted of Euro 4
and 5 standard compliant lorries in 2009.

by a certifi cation scheme. In 2009, the Group
decided to strengthen its role in the governance
of this organization by appointing a manager
from Carrefour Indonesia to the Executive
Board. The fi rst responsible palm oil certifi ed
by the RSPO has already been released onto
the market and Carrefour is committed to using
this in all of its own-brand products by 2015.
More generally, Carrefour replaces palm oil
when technically possible and when the
replacement provides a nutritional benefi t.

100% CERTIFIED RESPONSIBLE PALM OIL
Deforestation accounts for around 18% of
annual CO2 emissions worldwide, part of which
is caused by palm oil production. Included in
many food and hygiene products, palm oil is
now the world’s largest oil crop and the
expansion of palm plantations increases
deforestation. Since 2006, Carrefour has been
a member of the Roundtable on Sustainable
Palm Oil (RSPO), which is developing a
responsible palm oil supply, underpinned

COPENHAGEN DRIVING CHANGE
In preparation for the Copenhagen
Conference on Climate Change,
organized in December 2009,
Carrefour actively
participated in the “Seal the
Deal” campaign initiated
by the United Nations.

W h a t ’ s
n e w ?

AN INCREASE IN RESPONSIBLY MANAGED FORESTS

(cid:31) The planned eco-friendly
Chambourcy Shopping
Centre (France).

7070

Gouvernance

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Governance

GOVERNANCE

Board of Directors

The Board of Directors is a collective body which represents all shareholders and acts in the
company’s interests in all circumstances. The Board makes sure its membership is balanced
and its operating procedures are appropriate in order to act in the company’s interest and
fulﬁ ll its missions. The Board of Directors sets Carrefour’s business strategies and objectives
and oversees their implementation, deliberates on all matters pertaining to the proper operation
of the company, settles all relevant issues. In particular, the Board conducts any controls
and audits it deems ﬁ t, including audits of company management and the fairness of the ﬁ nancial
statements, reviews and approves the ﬁ nancial statements, and ensures that quality ﬁ nancial
information is provided to shareholders and markets.

MEMBERSHIP OF THE BOARD OF DIRECTORS
The Carrefour Board of Directors is chaired by Amaury de Seze
and has 12 members.

 Robert Halley, Honorary Chairman

 Amaury de Seze*, Chairman
Born on 7th May 1946. French.
Number of shares held in the Company: 12,500.
Date of appointment: 28th July 2008
Amaury de Seze began his career in 1968 at Bull General Electric. In 1978
he joined the Volvo group where he held the positions of General Manager,
Chairman and Managing Director of Volvo France, Chairman of Volvo
Corporate Europe, Member of the Executive Committee of the Volvo
Group and Member of the Renault Volvo Strategic Committee. He joined
the Paribas Group in 1993 as a Member of the Management Board of the
Compagnie Financière de Paribas and of Paribas Bank, in charge of equity
holdings and industrial affairs and then as Manager of the Equity Holdings
Division of the BNP-Paribas Bank. He served as Chairman of PAI Partners
from 1998 to December 2007.
Other appointments:
Vice-Chairman, Power Corporation of Canada; Board Member,
Groupe Industriel Marcel-Dassault SAS, BW Group, Groupe Bruxelles
Lambert, Erbe, Pargesa Holding SA, Suez Environnement, Imerys
and Publicis Groupe.

 Jean-Martin Folz*, Vice-Chairman
Born on 11th January 1947. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
Date of renewal: 28th April 2009

*Independant member

A graduate of the École Polytechnique and the École des Mines,
Jean-Martin Folz began his career in 1972 in a regional offi ce of the
French Ministry of Industry, after spending a year in Tokyo at the Maison
Franco-Japonaise. Between 1975 and 1978 he belonged to various
ministerial staffs and was ultimately appointed Chief of Staff to the
Secretary of State for Industry. In 1978 he joined the Rhône-Poulenc
Group, fi rst as Plant Manager of the Saint Fons unit and then later as
Deputy General Manager of the Rhône-Poulenc Specialty Chemicals
Division. Between 1984 and 1987 he was Deputy Managing Director and
subsequently CEO of Jeumont Schneider. He was appointed CEO of
Péchiney in July 1987 and then Chairman of Carbonne Lorraine. In 1991,
Mr. Folz was appointed CEO of Eridania Béghin Say and Chairman of
Béghin Say. He joined the PSA Peugeot Citroën Group in July 1995 and
was appointed Director of the Automotive Division in April 1996. He was
named Chairman of the PSA Peugeot Citroën Group as of October 1st
1997. On that same date he was also appointed Chairman of
Automobiles Peugeot and Automobiles Citroën. He resigned from
these positions in 2007. He was Chairman of AFEP until March 2010.
Other appointments:
Member of the Boards of Société Générale, Saint Gobain, Alstom
and Solvay (Belgium), and Member of the AXA Supervisory Board.

 Lars Olofsson, Chief Executive Ofﬁ cer
Born on 19th December 1951. Swedish.
Number of shares held in the Company: 1,000.
Date of appointment: 28th April 2009
After graduating from Lund University in Sweden with a degree in business
administration, Lars Olofsson joined Nestlé in 1976 as a product manager
for Findus frozen products. From 1981 to 1992, he worked at Nestlé France,
where he held different commercial and marketing functions. In 1992,
he became Managing Director of France Glaces Findus.

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He was then appointed President of Pripps-Procordia Sweden before
taking the head of the Dairy and Dietetic Products Division at Sopad-
Nestlé. In 1995, he was appointed General Manager of Nestlé’s Nordic
Markets. In 1997, Lars Olofsson became Chief Executive officer
of Nestlé France, before being named Executive Vice-President
of the Nestlé Group in 2001 responsible for all European operations.
In 2005, he was appointed Executive Vice-President of the Nestlé Group
in charge of Strategic Business Units, Marketing and Sales worldwide.
On January 1st 2009, Lars Olofsson was appointed Chief Executive
Officer of Carrefour. He also serves as Chairman of the Carrefour
Corporate International Foundation, Member of the Board of Finiper
(Italy) and Carrefour Nederland BV’s permanent representative
to the Carrefour Marinopolous Board of Directors (Greece).

 René Abate*
Born on 27th August 1948. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
Date of renewal: 28th April 2009
René Abate is a graduate of the École Nationale des Ponts et
Chaussées and the Harvard Business School. He began his career
as an engineer with the New York Port Authority in 1970, then joined
BCG in 1974 where he was a consultant in the fields of strategy and
organization to large companies in various sectors, notably in high-
turnover consumer goods and food and speciality retailing. He served
successively as Senior Vice-President, responsible for overseeing
the firm in France; Group Chairman for Europe; and World Executive
Committee member, positions from which he resigned in 2006.
He today acts as Senior Advisor.
Other appointments:
Managing Partner of Delphen SARL; Member of the Board of Atos Origin,
Laboratoire Français du Fractionnement et des Biotechnologies.

 Bernard Arnault
Born on 5th March 1949. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
Bernard Arnault began his career as an engineer at Ferret-Savinel.
In 1974, he became the company’s Construction Manager, rising to
Managing Director in 1977 and CEO in 1978. He held this position until
1984, when he became Chairman and Chief Executive Officer of
Financière Agache SA and Christian Dior SA. He reorganized Financière
Agache as part of a growth strategy focused on prestigious brands, with
Christian Dior serving as the cornerstone of the new structure. In 1989,
he became the majority shareholder of LVMH Moët Hennessy-Louis
Vuitton, thereby creating the world’s leading luxury group. He became
its Chairman in January 1989.

Other appointments:
Chairman and CEO of LVMH Moët Hennessy-Louis Vuitton SA;
Chairman of the Board of Christian Dior SA, the Louis Vuitton
Foundation for Creation (a corporate foundation), Chairman of the
Groupe Arnault SAS; a Member of the Board of Christian Dior Couture
SA, Société Civile du Cheval Blanc, LVMH Moët Hennessy-Louis Vuitton
Inc. (USA), LVMH Moët Hennessy-Louis Vuitton Japan KK,
and a Member of the Supervisory Board of Lagardère SCA.

 Sébastien Bazin
Born on 9th November 1961. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
From 1985 to 1990, Sébastien Bazin worked first for the Clore Group,
then for the Painewebber Group in New York, San Francisco and
London. From 1990 to 1992, Sébastien Bazin was Deputy Director of
Hottinguer Rivaud Finances in Paris. Between 1992 and 1997, he served
as Managing Director of Immobilière Hôtelière SA. From 1997 to 1999,
he was CEO of Colony Capital SAS. Since 1999, he has been Executive
Managing Director of Colony Europe.
Other appointments:
CEO of SESE (Société d’Exploitation Sports et Evénements) and HSE
(Holding Sports et Evénements); Chairman of Supervisory Board of
the PSG Football Club; Member of the Board of Accor and Moonscoop
IP; Member of the Supervisory Board of ANF (Les Ateliers du Nord de la
France), Chairman (SAS) of Colwine, Colfilm and Bazeo Europe SAS and
Colony Capital SAS; Managing Director (SAS) of Toulouse Canceropole
and COLSPA SAS; Manager (SARL) of CC Europe Invest; Member of
the Board (SAS) of Moonscoop SAS; Member of the Supervisory
Board (SAS) of Groupe Lucien Barrière.

 Nicolas Bazire
Born on 13th July 1957. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
Date of renewal: 28th April 2009
Nicolas Bazire was a junior official and later public auditor at France’s
Cour des Comptes. In 1993 he became Chief of Staff to French Prime
Minister Edouard Balladur. He served as a Managing Partner at Rothschild
& Cie Banque from 1995 to 1999, when he was appointed to the
Supervisory Board. He has been Managing Director of Groupe Arnault
SAS since 1999.
Other appointments:
Member of the Board of LVMH Moët Hennessy-Louis Vuitton, LVMH
Fashion Group, Atos Origin and Suez Environnement, and Member
of the Supervisory Board of Rothschild & Cie Banque SCS.

GOVERNANCE

 Jean-Laurent Bonnafé
Born on 14th July 1961. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
An engineering graduate of the École Polytechnique and École des Mines,
Jean-Laurent Bonnafé joined BNP Group in 1993 in the Major Corporate
Customers Division. After serving as Head of Strategy and Development
from 1997, he oversaw the merger process between BNP and Paribas.
Since 2002, he has been Head of French Retail Banking, Director of
Networks for French Retail Banking and a member of the BNP Paribas
Executive Committee. Mr Bonnafé has been appointed Chief Operating
Offi cer in September 2008 and has been managing the Group’s retail
banking business ever since.
Other appointments:
Member of the Board of BNP Paribas Personal Finance and BNL-Banca
Nazionale del Lavoro (Italy). Chairman of the Management Committee,
Executive Committee and Chief Executive Offi cer of BNP Paribas Fortis
(since May 2009).

 Thierry Breton*
Born on 15th January 1955. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
Thierry Breton graduated from the Paris École Supérieure d’Électricité
(Supelec), an engineering school, and the Institut des Hautes Études
de Défense Nationale (IHEDN, 46th session), a security studies institute.
In 1986, Mr. Breton became project manager of the Poitiers
Futuroscope theme park, then headed its teleport operations.
He later served as an advisor to Education Minister René Monory
in the area of new information technologies. Mr. Breton also sat on
the Poitou-Charentes Regional Council from 1986 to 1992, serving as
Vice-Chairman from 1988. He then joined Bull as Director of Strategy
and Development before becoming Deputy Managing Director then
Chief Operating Offi cer. After joining the Group’s Management Board
in February 1996, he was successively named Vice-Chairman and
Chief Executive Offi cer. Appointed CEO of Thomson (1997-2002)
then CEO of France Telecom (2002-2005), he was France’s Minister
for the Economy, Finance and Industry between 25th February 2005
and 16th May 2007, before becoming a professor at the University
of Harvard in the US for “Leadership, corporate accountability”
then Chairman of the Management Board of Atos Origin
in November 2008.
Other appointments:
CEO of Atos Origin.

*Independent member

 René Brillet*
Born on August 1st 1941. French.
Number of shares held in the Company: 270,250.
Date of appointment: 28th July 2008
The former Carrefour Managing Director for Asia, René Brillet began
his career as a radio offi cer in the Merchant Marine in 1968. In 1972
he joined Carrefour and successively held the positions of Chief
Accountant in Italy and Brazil, then of Store Manager and Director
of Organization and Methods while still in Brazil. In 1981, he moved
to Argentina as Executive Director and then to Spain, where he was
in charge of operations from 1982 to 1985, and fi nally to France,
which he managed from 1986 to 1995. In 1996 he was appointed
Managing Director for Europe and then Managing Director for Asia
in 1998, a position he held until 28th February 2004.

 Charles Edelstenne*
Born on 9th January 1938. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
An independent accountant and a laureate of IFEC (accounting
association), Charles Edelstenne joined Dassault Aviation in 1960 as
Head of the Financial Studies Department. Serving, successively, as
Deputy Corporate Secretary, Corporate Secretary and Vice-President,
Economic and Financial Affairs, Mr Edelstenne was appointed to the
Board of Directors in 1989, then elected Chairman and Chief Executive
Offi cer in 2000, a position he still holds.
Other appointments:
CEO of Dassault Aviation SA, Chairman of the Board of Directors of
Dassault Systèmes, Member of the Supervisory Board of the Groupe
Industriel Marcel Dassault SAS, Member of the Board of Thales SA
(since 19th May 2009), Sogitec Industries, SABCA (Belgium), Chairman
of Dassault Falcon Jet Corporation, USA, Chairman of Dassault
International Inc., USA, and Manager of ARIE and ARIE 2, NILI and NILI 2.

 Anne-Claire Taittinger*
Born on 3rd November 1949. French.
Number of shares held in the Company: 1,000.
Date of appointment: 28th July 2008
Anne-Claire Taittinger graduated from the Institut d’Études Politiques
de Paris, and holds a Master’s degree in urban sociology and an
advanced degree in urban development from the Centre de
Perfectionnement aux Affaires. She began her career in 1976 at the
Caisse des Dépôts et Consignations as head of urban development
operations at the Société Centrale d’Équipement du Territoire.
She joined the Louvre Group in 1979 as Corporate Secretary and then
became Chairman and Managing Director of the Compagnie Financière
Deville. She was successively Chairman and Managing Director of the
Compagnie Financière Leblanc and of ELM-Leblanc, Vice-Chairman
and Managing Director of the Industrial Division of Deville, Chairman

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assessing its operation. It examines the Chairman’s draft report on
corporate governance. It prepares, with the Chairman, deliberations
relating to the proposed appointment of board members by the
General Meeting of Shareholders.

Acting as the Appointments Committee, it is responsible for making
nominations for Chairman to the Board of Directors. In consultation
with the Chairman, it is also charged with recommending candidates
for Chief Executive Officer and, if applicable, Deputy Managing
Directors to the Board of Directors.

The membership of the Committee is as follows:
Chairman: Anne-Claire Taittinger (independent board member),
Members: René Abate (independent board member),
René Brillet (independent board member) appointed
December 2nd 2009, Nicolas Bazire.

Strategy Committee
The Strategy Committee assists the Board of Directors in guiding
and setting the Group’s strategy and does not act as a replacement
for it in this regard.

It prepares the groundwork for the most significant decisions
affecting the Group’s future (acquisitions and sales of assets, studies
of external acquisition opportunities, store openings in new countries,
etc.) and oversees the preparatory work for the Board of Directors’
annual seminar.

The membership of the Committee is as follows:
Chairman: Amaury de Seze (independent board member),
Members: Bernard Arnault,

Nicolas Bazire (in the absence of Bernard Arnault),
Sébastien Bazin,
René Brillet (independent board member).

Direction exécutive

and Managing Director of Parfums Annick Goutal France USA and
then of Baccarat. She became General Manager and subsequently
Chairman of the Executive Committee of the Société du Louvre in 1997,
and then in 2002 Chairman of the Executive Committee of the
Taittinger Group as well as General Manager of its subsidiary, the Louvre
Group, in conjunction with the separation of functions of Chairman of
the Board and Managing Director. She left these positions in July 2006
upon a change in the shareholder base at the Taittinger Group.
Other appointments:
Member of the Board, Audit Committee, Compensation, Appointments
and Corporate Governance Committee of Club Méditerranée, Member
of the Board of Financités, Tocqueville Finance Holding and Tocqueville
Finances SA, Member of the Supervisory Board of Planet Finance,
Chairman of SAS Le Riffray, Manager of Eurl Le Riffray I, and Managing
Director of SAS DFT Immobilier.

COMMITTEES OF THE BOARD OF DIRECTORS
The Board of Directors has three specialized committees, which
were established in 2008. The purpose of these committees is
to examine specific issues in greater detail and to make
recommendations to the Board of Directors.

Audit Committee
The Committee’s duties include monitoring the process of preparing
financial information, the effectiveness of the internal control and risk
management systems, the auditing of the annual and consolidated
financial statements by the statutory auditors and the independence
of the statutory auditors.

The Committee examines all issues relating to financial statements
and financial documents: choice of accounting reference data,
forecasts, analytical results, prudential standards, the calculation
of profitability and all accounting issues with a methodological
significance or likely to give rise to potential risks. The Committee
analyzes internal audit reports.

The membership of the Committee is as follows:
Chairman: Jean-Martin Folz (independent member),
Members: René Brillet (independent member), Sébastien Bazin.

Remuneration, Appointments and Corporate
Governance Committee
Acting as the Remuneration Committee, it is responsible for reviewing
all issues concerning the rules governing the status of corporate
officers, including remuneration, pensions, the allocation of
subscription or purchase options for Company shares, and the
measures applicable to departing members of Company management.
It is consulted on the remuneration policy for senior managers.
Acting as the Corporate Governance Committee, it assists the Board of
Directors in adapting Carrefour’s corporate governance practices and

GOVERNANCE

Executive Board

The Executive Board, together with the CEO,
elaborates the Group’s strategy, operational goals
and yearly plan, and oversees execution.

FROM LEFT TO RIGHT

James McCANN Executive Director France* / José Carlos GONZALEZ-HURTADO Executive Director Group Chief Commercial
Officer / Lars OLOFSSON Chief Executive Officer / Pierre BOUCHUT Executive Director Chief Financial Officer /
Thierry GARNIER Executive Director in charge of International Partnerships and Growth Markets excluding China
and Latin America / Vicente TRIUS Executive Director Europe (excluding France)**

* James McCann’s appointment took effect on February 1st 2010
** Vicente Trius’ appointment took effect on May 3 rd 2010

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GovErNaNcE

 Lars Olofsson
Lars Olofsson, 58. Swedish, joined Nestlé in 1976 as a product manager
for Findus frozen products. From 1981 to 1992, he worked at Nestlé
France, where he held different commercial and marketing functions.
In 1992, he became Managing Director of France Glaces Findus.
He was then appointed President of Pripps-Procordia Sweden before
taking the head of the Dairy and Dietetic Products Division at Sopad-
Nestlé. In 1995, he was appointed General Manager of Nestlé’s Nordic
Markets. In 1997, Lars Olofsson became Chief Executive ofﬁ cer
of Nestlé France, before being named Executive Vice-President
of the Nestlé Group in 2001 responsible for all European operations.
In 2005, he was appointed Executive Vice-President of the Nestlé
Group in charge of Strategic Business Units, Marketing and Sales
worldwide. On January 1st 2009, Lars Olofsson was appointed
Chief Executive Ofﬁ cer of Carrefour. In April 2009, he was
appointed Member of the Board of Carrefour. He also serves
as Chairman of the Carrefour Corporate International Foundation,
Member of the Board of Finiper (Italy) and Carrefour Nederland BV’s
permanent representative to the Carrefour Marinopolous Board
of Directors (Greece).

 Pierre Bouchut
Pierre Bouchut, 54. French, began his career in 1979 with Citibank
Paris. In 1987, he joined Bankers Trust France SA as Vice-President
of Finance. In 1988, he served as a consultant at McKinsey &
Company. In 1990, he was appointed Chief Financial Officer of
the Casino Group and later became Managing Director. In May
2005, Pierre Bouchut joined Schneider Electric as Executive
Director, Finance Control and Legal Affairs. In May 2006, he was
appointed a member of the Management Board and in July 2006,
he was named Chief Financial Officer. Pierre Bouchut joined
the Carrefour Group in May 2009 as Chief Financial Officer.
On 14th January 2010, Pierre Bouchut was appointed to the
Executive Board of the Carrefour Group.

 Thierry Garnier
Thierry Garnier, 43. French, joined Promodès in 1997. He served
as Director of the Libourne hypermarket from 1998 to 1999.
From 1999 to 2003, he served as Carrefour regional Director
in several French regions (North of France, greater Lille region,
and western Paris region). In 2003, he was appointed Executive
Director of Supermarkets France. In January 2008, Thierry Garnier
was named a member of the Management Board and Managing
Director International (excluding Europe). In July 2008, he was
appointed to Carrefour Group’s Executive Committee as Executive
Director in charge of South East Asia, European countries, India
and International Partnerships. On 14th January 2010, Thierry Garnier
was appointed a member of the Executive Board of the Carrefour
Group as Executive Director in charge of International Partnerships
and Growth Markets excluding China and Latin America.

 José Carlos Gonzalez-Hurtado
José Carlos Gonzalez–Hurtado, 45. Spanish, joined P&G in 1989.
After a 6-year stint as Brand Manager in Spain, he held various
positions in Marketing in Greece (1995-1997) and Spain
(1997-1999). In 1999, he joined P&G in Switzerland as Fabric
Care Marketing Director for Western Europe, before being
appointed Hair Care Marketing Director for the CEEMEA region.
In 2001, he became General Manager for the newly established
subsidiary in Israel.
In 2004, he was named General Manager for P&G, Wella, Gala
and Gillette Companies in Ukraine. In 2006, he was appointed
Vice-President of Global Braun Male Products, and in 2008,
he was put in charge of Braun globally. In November 2009,
José Carlos Gonzalez-Hurtado joined Carrefour’s Executive
Committee as Group Chief Commercial Ofﬁ cer. On 14th January 2010,
he was appointed a member of the Executive Board
of the Carrefour Group.

 James McCann
James McCann, 40. British, began his career at Shell Plc
before moving in 1994 to Mars Inc. where he worked in both
the UK and Russia. In 1999 he moved to J Sainsbury Plc where
initially he was the Non-Food Buying Director and subsequently
responsible for all Non-Food and Ambient Food Buying. In 2002
he joined Tesco Plc and was appointed Operations Director
in Poland in 2003 before being named CEO of the Malaysian
business in 2004. In August 2006 he was appointed CEO
of Tesco’s business in Hungary. On 14th January 2010,
James McCann was appointed member of the Executive
Board of the Carrefour Group as Executive Director France.

 Vicente Trius
Vicente Trius, 52. Spanish, began his career in 1978 at Ejkorvettes
in the United States. In 1987, he took up the position of Regional
Director at Revco Drug Stores Inc and was later appointed
Managing Director for Simago / Dairy Farm International in Spain
in 1992. In 1996, he joined Walmart as Vice-President for
International Operations division. In 1997, he was named President
and CEO for Brazil, then Executive Vice-President and CEO
for Asia. Since 2009, he has been Executive Vice-President
and CEO for Latin America. On May 3 rd 2010, Vicente Trius was
appointed a member of the Executive Board of the Carrefour
Group as Executive Director Europe (excluding France).

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Executive Committee

The Executive Committee contributes to the definition and implementation of the
strategic and operational plan and ensures the roll out of projects. The Executive
Committee guarantees the teams’ alignment and the dissemination of management
and leadership principles. The Executive Committee brings together the members of the
Executive Board and managers of Business Units and key positions within the company:

 Lars Olofsson
Chief Executive Officer

 Gérard Dorey
Executive Director of Convenience Stores and Promocash

 Pierre Bouchut
Executive Director Chief Financial Officer

 Pascal Duhamel
Executive Director Carrefour Property

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 Thierry Garnier
Executive Director in charge of International Partnerships
& Growth Markets excluding China & Latin America

 José Carlos Gonzalez-Hurtado
Executive Director Group Chief Commercial Officer

 James McCann
Executive Director France

 Vicente Trius
Executive Director Europe (excluding France), in charge
of Belgium, Spain, Italy, Poland, Greece, Cyprus and Romania

 Vincent Abello
Group Director Merger and Acquisitions

 Florence Baranes-Cohen
Group Communications Director

 Gauthier Durand Delbecque
Executive Director Group Financial Services and Insurance

 Alexandre Falck
Executive Director Supermarkets France

 Ignacio González Hernández
France Commercial and Group Merchandise Director

 Albin Jacquemont
Group Financial Control Director

 Gérard Lavinay
Executive Director Belgium

 Éric Legros
Executive Director China-Taiwan

 Noël Prioux
Executive Director Spain

 Rémy Baume
Group Strategy Director and Non-Merchant Purchases

 Jean-Marc Pueyo
Executive Director Brazil – Latin America

 Laurent Bendavid
Executive Director in charge of the Center of Competences
“Formats and Commercial concepts”

 Giuseppe Brambilla
Executive Director Italy

 Cécile Cloarec
Group Human Resources Director

 Ricardo Curras De Don Pablo
Executive Director DIA

 Patrick Rouvillois
Group Marketing Director

 Franck Tassan
Group General Counsel

 Pierre-Alexandre Teulié
General Secretary

 Hervé Thoumyre
Group Chief Information Officer

 Guillaume Vicaire
Executive Director Hypermarkets France

GovErNaNcE

The Executive Committee is composed of the members
of the Executive Board and the following Directors:

Vincent
ABELLO

Florence
BARANES
COHEN

Rémy
BAUME

Cécile
CLOAREC

Ricardo CURRAS
DE DON PABLO

Gérard
DOREY

Ignacio
GONZALEZ
HERNANDEZ

Albin
JACQUEMONT

Gérard
LAVINAY

Jean–Marc
PUEYO

Patrick
ROUVILLOIS

Franck
TASSAN

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Laurent
BENDAVID

Giuseppe
BRAMBILLA

Pascal
DUHAMEL

Gauthier DURAND
DELBECQUE

Alexandre
FALCK

Nom Prénom
Fonction : lorem
ipsum

Gérard

LAVINAY

Eric
LEGROS

Noël
PRIOUX

Pierre-Alexandre
TEULIÉ

Hervé
THOUMYRE

Guillaume
VICAIRE

Financial OutlOOk

Consolidated financial statements

The financial statements as of 31st December 2008 presented below have been revised to reflect the retroactive
application of IFRIC 13 and the amendments to IAS 38 and IFRS 5 (see Note 1.4). The financial statements are
presented in millions of euros, rounded to the nearest hundred thousand. As a result, there may be rounding-off
discrepancies among the various statements.

cOnSOliDatED incOME StatEMEnt

(in millions of euros)

31/12/2009

31/12/2008

% Var.

Net sales
Customer loyalty programmes
Net sales, net of loyalty programme
Other income
Total income
Cost of sales
Gross margin from current operations
Sales, general and administrative expenses
Depreciation, amortization and provisions
Activity contribution
Non-recurring income and expenses
EBIT
Financial income (expense)
Financial income
Financial expenses
Income before taxes
Income tax
Net income from companies consolidated by the equity method
Net income from recurring operations
Net income from discontinued operations
Total net income
of which net income - Group share
of which net income from recurring operations - Group share
of which net income from discontinued operations - Group share
of which net income - minority share

85,963
(604)
85,359
2,020
87,379
(68,098)
19,281
(14,625)
(1,879)
2,777
(1,072)
1,705
(610)
147
(757)
1,095
(638)
38
494
(57)
437
327
385
(57)
110

86,967
(626)
86,341
1,899
88,239
(68,719)
19,520
(14,352)
(1,861)
3,307
(518)
2,789
(561)
383
(944)
2,228
(740)
52
1,540
(5)
1,535
1,269
1,274
(5)
266

(1.2%)
(3.5%)
(1.1%)
6.4%
(1.0%)
(0.9%)
(1.2%)
1.9%
1.0%
(16.0%)

(38.9%)
8.7%
(61.6%)
(19.9%)
(50.9%)
(13.8%)
(27.2%)
(67.9%)

(71.5%)
(74.2%)
(69.8%)

(58.7%)

Basic earnings (loss) per share, in euros
Net earnings per share from recurring operations
Net earnings per share from discontinued operations
Net earnings per share - Group share

31/12/2009

0.56
(0.08)
0.48

31/12/2008
1.86
(0.01)
1.85

% Var.
(69.8%)
ns
(74.2%)

Diluted earnings per share, in euros

31/12/2009

31/12/2008

% Var.

Net earnings per share from recurring operations
Net earnings per share from discontinued operations
Net earnings per share - Group share

0.56
(0.08)
0.48

1.86
(0.01)
1.85

(69.8%)

ns
(74.2%)

Symbols: – for expenses and + for income.

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coNSoLidatEd StatEMENt oF coMPrEHENSivE iNcoME

(in millions of euros)

31/12/2009

31/12/2008

Total net income
Effective portion of cash flow hedge (1)
Change in available-for-sale assets (1)
Change in foreign currency translation
Other items in comprehensive income, after tax

Total comprehensive income
of which comprehensive income - Group share
of which comprehensive income - minority share

(1) Net of tax.

437
(9)
7
577
575

1,012
886
126

1,535

(39)

(828)
(867)

668
463
205

FiNaNciaL outLooK

coNSoLidatEd StatEMENt oF FiNaNciaL PoSitioN

(in millions of euros)
aSSEtS
Goodwill
Other intangible fi xed assets
Tangible fi xed assets
Other non-current fi nancial assets
Investments in companies accounted for by the equity method
Deferred tax on assets
Investment properties
Consumer credit from fi nancial companies - long-term
Non-current assets
Inventories
Commercial receivables
Consumer credit from fi nancial companies - short-term
Other current fi nancial assets
Tax receivables
Other assets
Cash and cash equivalents
Non-current assets held for sale (1)

Current assets
Total assets

(in millions of euros)

LiaBiLitiES
Equity capital
Consolidated reserves (including income)

Shareholders’ equity - Group share
Minority interests
Shareholders’ equity
Borrowing – long-term
Provisions
Deferred tax liabilities
Consumer credit refi nancing – long-term
Non-current liabilities
Borrowing – short-term
Suppliers and other creditors
Consumer credit refi nancing - short-term
Tax payables
Other liabilities
Non-current liabilities held for sale (1)

Current liabilities
Total liabilities

31/12/2009

31/12/2008

11,473
1,083
15,044
1,314
201
712
455
2,005
32,286
6,670
2,238
3,215
2,051
563
989
3,301
241

19,267
51,553

11,363
1,055
14,809
1,312
429
681
346
2,097
32,091
6,891
3,156
2,708
245
673
1,058
5,317
150

20,198
52,288

31/12/2009

31/12/2008

1,762
8,552

10,315
800
11,115
9,794
2,520
496
592
13,402
2,018
16,800
4,061
1,324
2,740
93

27,036
51,553

1,762
8,370

10,132
790
10,923
9,506
2,320
424
451
12,700
2,709
17,545
4,044
1,467
2,877
25

28,666
52,288

(1) Non-current assets and liabilities held for sale correspond:

A: In 2008, to certain assets and liabilities in Bulgaria, Turkey, Poland plus assets involving Dia Spain.
B: In 2009, to certain assets and liabilities in Italy, Russia and Bulgaria.

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coNSoLidatEd caSH FLoW StatEMENt

(in millions of euros)

INCOME BEFORE TAX
OPERATING ACTIVITIES
Tax
Provision for amortization
Capital gains and losses on sale of assets
Changes in provisions and impairment
Dividends on companies accounted for by the equity method
Impact of discontinued activities
Cash flow from operations
Change in working capital
Impact of discontinued activities
Change in cash flow from operating activities (excluding financial companies)
Change in consumer credit commitments
Net cash from operating activities
INVESTMENT ACTIVITIES
Acquisition of tangible and intangible fixed assets
Acquisition of financial assets
Acquisition of subsidiaries
Disposal of subsidiaries
Disposal of fixed assets
Disposal of investments
Investments net of disposals subtotal
Other uses
Impact of discontinued activities
Net cash from investment activities
FINANCING ACTIVITIES
Proceeds on share issues
Dividends paid by Carrefour (parent company)
Dividends paid by consolidated companies to minority interests
Change in treasury stock and other instruments
Change in current financial assets
Change in borrowing
Impact of discontinued activities
Net cash from financing activities
Net change in cash and cash equivalent before currency impact
Impact of currency fluctuations
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

31/12/2009

31/12/2008

1,095

2,228

(622)
1,984
8
942
38
(25)
3,419
320
2
3,740
(256)
3,484

(2,137)
(38)
(116)
47
128
7
(2,109)
(225)
(50)
(2,384)

7
(741)
(161)
1
(1,834)
(470)
34
(3,164)
(2,064)
48
(2,016)
5,317
3,301

(624)
1,946
(225)
642
50
(12)
4,005
971
21
4,997
(111)
4,887

(2,908)
(143)
(296)
191
742
12

(2,402)
(171)
(23)
(2,596)

3
(740)
(202)
(404)
(233)
561
(13)
(1,028)
1,262
(110)
1,153
4,164
5,317

Addresses of main subsidiaries

GROUP
Carrefour
Carrefour head ofﬁ ce
26, quai Michelet
TSA 20016
92695 Levallois-Perret Cedex – France
Tel.: 00 (33) 1 55 63 39 00
Fax: 00 (33) 1 55 63 39 01

FRANCE
Carrefour France
Z.A.E. Saint-Guénault
1, rue Jean Mermoz
Courcouronnes – BP 75
91002 Évry Cedex
Tel.: 00 (33) 1 60 91 37 37
Fax: 00 (33) 1 60 79 44 98

EUROPE
Belgium
Carrefour Belgium
20, avenue des Olympiades
1140 Bruxelles
Tel.: 00 (32) 2 729 21 11
Fax: 00 (32) 2 729 14 96

Bulgaria
Carrefour
Gaztrade building, Floor 4
180 Tzarigradsko Shousse
Soﬁ a 1784
Tel.: 00 (359) 2809 30 30
Fax: 00 (359) 2809 30 31

Spain
Centros Comerciales
Carrefour S.A.
Calle Campezo, 16
Poligono de las Mercedes
28022 Madrid
Tel.: 00 (34) 91 301 89 00
Fax: 00 (34) 91 333 18 36
Dia Spain
Plaza Carlos Trias Bertran, 7
Planta 4a
28020 Madrid
Tel.: 00 (34) 91 456 73 00
Fax: 00 (34) 91 555 77 41

Italy
Carrefour Italia GS S.p.A.
Carrefour Italia GS S.p.A.
Via Caldera, 21
20153 Milano
Tel.: 00 (39) 02 48 25 11
Fax: 00 (39) 02 48 20 23 25

Greece
Carrefour Marinopoulos S.A.
63, Aghiou Dimitriou Str.
17456 Alimos – Athens
Tel.: 00 (30) 2 10 98 93 400
Fax: 00 (30) 2 10 98 51 301

Poland
Carrefour Polska
Dyrekcja Wykonawcza
Ul. Targowa 72
03-734 Warsaw
Tel.: 00 (48) 22 517 21 10
Fax: 00 (48) 22 517 22 01

Romania
Carrefour Romania
Blvd. Timisoara nr 26z
Cladirea Anchor Plaza
Etaj 8
061331, sector 6
Bucharest
Tel.: 00 (40) 21 206 74 00
Fax: 00 (40) 21 206 74 52

Turkey
Carrefoursa Turkiye Genel
Müdürlük
Dudullu Asfalti n°1
Kucukbakkalkoy Mahallesi
Kadikoy / Istanbul 34750
Tel.: 00 (90) 216 655 00 00
Fax: 00 (90) 216 655 00 50

LATIN AMERICA
Argentina
Carrefour Argentina S.A.
Cuyo 3367 – 1640 Martinez
Provincia de Buenos Aires
Tel.: 00 (54) 11 40 03 70 00
Fax: 00 (54) 11 40 03 77 22

Brazil
Carrefour Commercio
E industria Lta
Rua George Eastman, n° 213
CEP 056690-000 São Paulo
Tel.: 00 (55 11) 37 79 60 00
Fax: 00 (55 11) 37 79 66 94

Colombia
Grandes Superfi cies
de Colombia
Abenida 9 n°125-30 Piso 8
Bogota D.C.
Tel.: 00 (571) 657 97 97
Fax: 00 (571) 523 03 44

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Taiwan
Presicarre Corporation
2F-1 Back Building
27 Minchuan Road
Tamhsui, Taipei 251
Tel.: 00 (8862) 8809 4965
Fax: 00 (8862) 2808 3545

Singapore
Carrefour Singapore Pte. Ltd
No 8, Temasek Boulevard
#04-01/02/03
Suntec Tower Three
Singapore 038988
Tel.: 00(65) 6333 6868
Fax: 00 (65) 603 63 33 6178

ASIA
China
Carrefour China
25/F, Shanghai Stock Exchange Building
528 Pudong Nam Road,
200120 Pudong, Shanghai
Tel.: 00 (8621) 3878 4500
Fax: 00 (8621) 6881 5877

India
Carrefour India
16th, Floor, Building 9A, Cyber City
Gurgaon – 122002 (Haryana)
Tel.: 00 (91) 124 4752 000

Indonesia
PT Carrefour Indonesia
Carrefour Lebak Bulus 3rd Floor
Jl. Lebak Bulus Raya N°8
Jakarta 12310
Tel.: 00 (6221) 2758 5800
Fax: 00 (6221) 2758 5829

Malaysia
Magnificient Diagraph Sdn Bhd
N°3 Jalan SS 16/1,
47500 Subang Jaya –
Selangor Darul Ehsan
Tel.: 00 (603) 5631 2000
Fax: 00 (603) 5631 3373

Thailand
Carrefour Thailand
No. 70/3 Moo 15,
Phaholyothin Road (Km. 30-31)
Tambon Khukhot, Amphur Lamlukka
Pathumthani 12130
Tel.: 00 (662) 625 4444
Fax: 00 (662) 625 4970

design, creation, copywriting and production: Carrefour Group Communications Direction and

translation:

Photo credits: p. 1-34 and 54 Emmanuelle Margarita, Carrefour Photo Archives, Lionel Barbe, Michel Labelle, Pierre-Francois Grosjean,
Pierre Troyanovsky, Pascal Dolémieux / La Company, Jean-Erick Pasquier / La Company, Marta Nascimento / Rea, Gilles Leimdorfer / Interlinks,
Christophe Gay / Skyzone – p. 14-15 Getty Images / Image Source – p. 38-39 Getty Images / Daniel Beltra, all rights reserved. – p. 4 Tomas
Rodriguez / Corbis – p. 6 Digital Vision / Getty Images – p. 8 Stockbyte / Getty Images – p. 9 Dorling Kindersley, Photographer’s Choice /
Getty Images and Artville – p. 10 Photographer’s Choice / Getty Images – p. 12 Photographer’s Choice / Getty Images – p. 36 Getty Images –
p. 49 Image Source / Getty Images – p. 63 Photodisc / Getty Images – all rights reserved

Paper: The Carrefour Group has made a commitment to responsible management of its paper purchases. The paper used for this annual
report is certified by the Forest Stewardship Council (FSC), which attests to compliance with a series of globally recognized forest management
principles and criteria. The FSC’s mission is to promote environmentally responsible, socially beneficial and economically viable management
of the world’s forests.

Printing: This document was printed by Réalgraphic, certified by the FSC and ISO 14001 (Environmental Management System).
Réalgraphic has received the Imprim’Vert® label certifying that it meets the criteria for the managing hazardous waste,
providing secure storage of dangerous materials and eliminating toxic products.

22.07.2010 08:20 PDF_QUADRI_300dpi_txvecto