2011 Annual Activity and Sustainability Report
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www.carrefour.com
Société Anonyme with capital of €1,698,340,000 – RCS Nanterre 652 014 051
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Carrefour group’s other publications are also available on www.carrefour.com
Financial Report
Carrefour Foundation
Activity Report
Sustainable Development
Expert Report
Design, creation, editing and production:
Carrefour group Communications Direction and
Photo credits:
Carrefour library, Lionel Barbe, Nicolas Guerbe / Interlinks Image, Arno Lam, p.39 / Paul
Bradbury / Getty images, Marta Nascimento / REA, David Pell Multimédia, Mark Roger, Thierry
Schneider/ Girafe Photo, all rights reserved.
Paper:
The Carrefour group has made a commitment to responsible management of its paper
purchases. The paper used in this report is FSC (Forest Stewardship Council) certifi ed.
This certifi cation attests to compliance with a set of internationally recognised forest
management principles and criteria. The aim of the FSC is to promote environmentally
responsible, socially benefi cial and economically viable management of the Earth’s
forests.
Printing:
This document was produced by Realgraphic, FSC and ISO 14001 Environmental
Management Systems (EMS) certifi ed. Realgraphic has received the Imprim’Vert label,
meeting requirements for hazardous waste management, secure storage of hazardous
materials and toxic products exclusion.
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Contents
Carrefour stores worldwide p.5
Financial overview p.6
Stock market overview p.8
Carrefour in 2011
Sustainable development overview p.10
Hypermarkets: major shopping trips for all budgets p.14
Supermarkets: stores of their time p.18
Convenience stores: everyday shopping closer to customers p.21
Multichannel retail: a new way to shop p.24
Cash & carry and Hyper Cash: buy quality in large quantities p.26
Daily products that offer the best value for money p.30
Fresh high-quality products: a major asset for Carrefour p.34
Carrefour’s non-food products, a multi-specialist offer p.38
Carrefour’s services, making customers’ lives easier p.42
Our retail
Our offer
Fostering trust at Carrefour p.46
Consuming with confi dence p.50
Contributing to protecting the environment p.54
Our commitments
Working closely with our partners p.58
Governance p.60
Consolidated fi nancial statements p.66
An interactive version of the 2011 Annual Activity and Sustainability Report
is also available on www.carrefour.com
and can be downloaded from the App Store and Google Play.
“App Store” is a registered trademark of Apple Inc. and Google Play of Google Inc.
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2
Carrefour in 2011
Carrefour stores worldwide p.5 / Financial overview p.6 / Stock market overview p.8 / Sustainable development overview p.10
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3
3
Carrefour in 2011
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Carrefour stores worldwide
The Carrefour group currently operates in 33 countries through four store formats.
More than 412,000 employees serve our customers each day in over 9,700 stores.
As of December 31, 2011 (including franchisees and partners).
Carrefour in 2011
55
HYPERMARKETS
SUPERMARKETS
CONVENIENCE STORES
Total
232
of which
franchisees
and partners
27
Total France
of which
franchisees
and partners
419
Total France
Total
3,285
of which
franchisees
and partners
3,285
Total France
Europe (excl. France)
Belgium
Cyprus
Greece
Italy
Poland
Romania
Spain
Turkey
Total Europe (excl. France)
Latin America
Argentina
Brazil
Colombia
Total Latin America
Asia
China
Indonesia
Malaysia
Singapore
Taiwan
Total Asia
Partners
Europe
Maghreb
Middle East
Overseas and
Dominican Republic
Total partners
46
7
34
61
84
25
172
27
456
74
186
75
335
203
70
26
2
60
361
10
3
43
12
68
3
6
9
10
3
43
12
68
Total
977
437
9
278
432
176
45
115
216
1,708
109
41
150150
14
3
17
2
80
35
26
Europe (excl. France)
Belgium
Cyprus
Greece
Italy
Poland
Romania
Spain
Turkey
Total Europe (excl. France)
Latin America
Argentina
Brazil
Total Latin America
Total Latin America
Asia
Indonesia
Taiwan
Total Asia
Partners
Europe
Maghreb
Middle East
Overseas and
Dominican Republic
Total partners
396
35
218
5
654
2
80
35
26
143
143
TOTAL GROUP
2,995
TOTAL GROUP
1,452
412,443
employees
33
countries
9,771
stores
223
309
631
164
49
68
1,444
Europe (excl. France)
Belgium
Greece
Italy
Poland
Spain
Other
Total Europe (excl. France)
Latin America
Argentina
Brazil
Colombia
Total Latin America
223
479
797
164
56
68
1,787
70
8
20
98
TOTAL GROUP
5,170
CASH & CARRY STORES
Total France
Europe (excl. France)
Italy
Total Europe (excl. France)
Asia
India
Total Asia
Partners
Maghreb
Total Partners
Total
137
of which
franchisees
and partners
137
13
13
2
2
2
2
1
1
2
2
TOTAL GROUP
154
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6
6
Carrefour in 2011
Financial overview
Carrefour’s sales rose slightly during 2011, driven by solid performance in emerging markets.
The Group has exceeded its cumulative cost savings objective since launching its Transformation
Plan in 2009. The diffi cult economic conditions faced by Carrefour throughout the year, especially
in southern Europe, coupled with lower-than-expected results from hypermarkets in France,
led to a drop in current operating income. Signifi cant exceptional items, including an impairment
charge in Italy, had a signifi cant impact on net income. Notwithstanding these circumstances,
the Group’s net debt fell by €1.1 billion in 2011, a 13.6% reduction.
The fi nancial performance in 2011 included:
• slight growth in sales: up 0.9% to €81.271 billion (+0.4% excluding petrol and at constant exchange rates), driven by emerging markets
(up 8.4% at constant exchange rates);
• current operating income of €2.182 billion (–19.2%), impacted by lower-than-expected performance of French hypermarkets
and the economic crisis in Greece;
• non-recurring charges of €2.662 billion, which includes €2.162 billion in impairment charges, mainly in Italy;
• net income from discontinued operations–Group share of €2.573 billion, refl ecting the sale of operations in Thailand and the spin-off
of the Dia hard discount business in July 2011;
• net income–Group share of €371 million, down 14.3% due to signifi cant one-off elements;
• a 13.6% reduction in net debt to €6.9 billion.
Breakdown of
consolidated net sales
by geographic region
Breakdown of
consolidated net sales
by format
Breakdown of
current operating income
by geographic region
1%
13.1%
43.2%
43.
23.5
23.5%
9.0%
18.6%
29.2%
.2%
8%
11.8%
25.4%
25.4
23.3%
3%
63.
63.4%
39
39.5%
● France
● Europe (excl.France)
● Latin America
● Asia
● Hypermarkets
● Supermarkets
● Other formats
● France
● Europe (excl.France)
● Latin America
● Asia
For more information and details about the 2011 fi nancial statements, please refer to the 2011 Financial Report, available in the “Finance”
section at www.carrefour.com.
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Consolidated net sales
Driven by emerging markets, sales rose slightly by 0.9% as compared with 2010, and were up 0.4% excluding petrol
(at constant exchange rates).
In France, sales fell 1.2% excluding petrol, mainly due to weaker-than-expected performance of the hypermarkets.
In Europe, sales fell by 4.3%, excluding petrol and at constant exchange rates (down 4.3% on a reported basis). Sales suffered
from challenging economic conditions in every country, especially in southern Europe and particularly at year-end.
Sales growth in Latin America remained solid (up 10.1% at constant exchange rates, excluding petrol, and up 8.4% on
a reported basis), driven by solid performance on a like-for-like basis and continued expansion throughout the region.
Sales in Asia grew 5.1% at constant exchange rates (up 5.6% at current exchange rates), driven by sustained expansion.
However, sales growth slowed during the second half of the year, notably in non-food in China.
Current operating income before depreciation, amortisation and provisions
The Group’s operating income before depreciation, amortisation and provisions fell by 11.3% in 2011. Commercial
margin, as a percentage of sales, fell by 20 basis points but was up 10 basis points excluding petrol, indicating good
resilience. Sales, general and administrative expenses, including asset costs, rose 3.3%, an increase of 50 basis points
as a percentage of sales.
Cost savings with regard to logistics costs and sales, general and administrative expenses totalled €55 million and
€394 million respectively, with a total cost savings of €449 million in 2011, slightly below the €480 million objective for the
year. These cost savings only partly offset the impact of infl ation and expansion.
Current operating income
Current operating income amounted to €2,182 million, a 19.2% decline from 2010, and represented 2.7% of sales compared
with 3.4% in 2010.
In France, current operating income fell 32.4% to €862 million. Commercial margin excluding petrol fell slightly, penalised
by the rise in commodity prices and sustained competitive pressure. Sales, general and administrative expenses rose,
notably in hypermarkets. Supermarkets and convenience stores recorded a strong performance, while fi nancial services
maintained solid growth.
In Europe, current operating income totalled €508 million, a 28.1% decrease compared with 2010. Sales suffered from
challenging economic conditions in all country, especially in southern Europe and particularly at year-end. The €1 billion
drop in sales weighed upon profi tability, erasing the commercial margin’s resilience as well as efforts to contain sales, general
and administrative expenses. Operational performance varied broadly from country to country, with Greece (and to a lesser
extent, Italy) accounting for much of the decline in operating margin for the region. Operating margin in Belgium improved,
while operating margin in Spain remained solid despite a slight decline.
In Latin America, current operating income rose by 27.5% to €554 million, resulting in a sharp increase in operating margin
(up 60 basis points) which accelerated during the second half of the year. Improved profi tability was generally tied to the
ongoing turnaround of the Brazilian hypermarkets. Operating margins in Argentina and Colombia demonstrated resilience.
Current operating income in Asia fell 9.7% to €258 million. While the margin held steady, weak growth in sales at year-end
weighed on current operating income.
Net income from recurring operations, Group share
Net income from recurring operations–Group share was heavily impacted by signifi cant exceptional items. Non-
recurring charges totalled €2,662 million, primarily made up of impairment charges (mainly in Italy). Financial expenses
rose by 16.9% to €757 million, mainly due to €151 million as one-off elements. The cost of fi nancial debt fell by 11.5%
as compared with 2010, mainly due to a decrease in the Group’s net debt. Finally, income tax expense was impacted
by recognition of a provision for tax litigation in Spain of €268 million, and by impairment of deferred tax on assets
in Italy in the amount of €151 million.
€81,271m
¤80,551m
2010
2011
€3,883m
¤4,377m
2010
2011
€2,182m
¤2,701m
2010
2011
¤340m
2011
2010
– €2,202m
Net income from discontinued
operations, Group share
Net income from
discontinued operations—
Group share, is made up
of income from the
Dia spin-off and the sale
of operations in Thailand.
€2,573m
¤93m
Net income,
Group share
Net income from
recurring operations—
Group share fell by
14.3% to €371 million,
compared with
€433 million in 2010.
€371m
¤433m
Net income, Group share,
per share
€0.56
¤0.64
The fi nancial statements were prepared in compliance with IFRS standards and interpretations.
The 2010 comparative information has been restated to take into account the deconsolidation of Thailand and the Dia hard discount operations in accordance with IFRS 5.
2010
2011
2010
2011
2010
2011
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8
8
Carrefour in 2011
Stock market overview
At December 31, 2011, the share was in 20th position
in the CAC 40 index in terms of market capitalisation,
with a weighting of 1.7%.
Share information
• Principal stock exchange:
Euronext Paris Compartment A
• ISIN Code: FR0000120172
• Nominal value: ¤2.50
• Principal indices: CAC 40, SBF 120,
FTSE Eurotop 100, DJ Euro Stoxx 50
• Ticker symbol: CA
• Reuters Code: CARR.PA
• Bloomberg Code: CA FP
• Eligible for PEA/SRD: yes/yes
679,336,000
shares
20th
position
in the CAC 40
index
2012
schedule
FINANCIAL
REPORTING
January 19, 2012
Publication of
fourth-quarter 2011 sales
March 8, 2012
2011 Annual results
April 12, 2012
Publication of
fi rst-quarter 2012 sales
June 18, 2012
Shareholders’ Meeting
July 12, 2012
Publication of
second-quarter 2012 sales
July 27, 2012
Payment of dividend(1)
August 30, 2012
2012 half-year results
October 11, 2012
Publication of
third-quarter 2012 sales
Breakdown of capital (at December 31, 2011)
Shareholders
Number of
shares
as a %
Number of
ordinary
voting rights
as a %
Number of
extraordinary
voting rights
as a %
Blue Capital
64,047,813
9.43%
128,095,623
16.45%
128,095,623
16.45%
Colony Blue investor(1)
15,166,770
5,156,752
2.23%
0.76%
15,166,770
5,156,752
1.95%
0.66%
15,166,170
5,156,752
Groupe Arnault SAS(2)
Blue Participations
et Gestion(3)
Employees
Shares owned
Controlled shares
Public
Total
25,359,996
3.73%
25,359,996
3.26%
25,359,996
8,260,536
5,598,650
0
1.22%
0.82%
0%
15,251,036
1.96%
15,251,036
0
0
0%
0%
0
0
555,745,483
81.81%
589,571,180
75.72%
589,571,180
75.72%
679,336,000
100.00%
778,601,357
100.00%
778,601,357
100.00%
1.95%
0.66%
3.26%
1.96%
0%
0%
(1) Of which 15,166,769 shares loaned by Colony Blue Investor with right of recall at its sole option.
(2) Held through assimilation of Carrefour shares that can be acquired under a purchase option.
(3) Of which 24,999,996 shares held through assimilation of Carrefour shares that can be acquired under a purchase option.
Blue Capital SARL, a Société à Responsabilité Limitée (a Limited Liability Company) incorporated under Luxembourg law,
Colony Blue Investor, a Société à Responsabilité Limitée (a Limited Liability Company) incorporated under Luxembourg law,
Groupe Arnault SAS, a Société par Actions Simplifi ée (a Simplifi ed Joint Stock Company), and Blue Participations et Gestion
SARL, a Société à Responsabilité Limitée (a Limited Liability Company), have declared that they are acting in concert.
Carrefour stock
Closing price(1) (in ¤) :
highest
lowest
at December 31
Number of shares
at December 31
Market capitalisation at
December 31 (in billions of ¤)
2007(2)
2008(2)
2009(2)
2010(2)
2011
58.10
42.95
53.29
52.52
24.68
27.52
33.79
22.89
33.56
41.28
30.85
30.85
36.08 (2)
31.52(3)
15.07
17.62
704,902,716
704,902,716
704,902,716
679,336,000
679,336,000
37.6
19.4
23.7
21.0
12.0
Average daily volume(1)
4,337,980
4,168,131
2,927,925(4)
2,874,196(4)
3,935,400(2)(4)
Net income from recurring
operations per share (in ¤)
Net dividend (in ¤)
2.67
1.08
1.83
1.08
Yield
2.03%
3.92%
0.56
1.08
3.22%
0.56
1.08
3.50%
(3.35)
0.52(5)
2.95%
(1) Subject to approval by the
shareholders at the Annual Meeting
of June 18, 2012.
(1) Source NYSE Euronext. (2) Data not adjusted for distribution-in-kind on July 5, 2011 (Dia). (3) Data adjusted for distribution-in-kind
on July 5, 2011 (Dia). (4) Average daily volume on Euronext. (5) Subject to approval by the shareholders at the Annual Meeting
of June 18, 2012, payable in cash or in shares.
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Shareholder information
Carrefour shareholders have access to transparent, accurate and regularly updated information
through:
A toll-free telephone number for shareholders
By dialling
information:
0805 902 902 (only for France), shareholders have access to the following
• Group news;
• the share price, its performance and that of the CAC 40;
• the calendar of meetings and fi nancial publications;
• practical information about registered shares and their advantages, ordering corporate
documents, and a list of useful telephone numbers.
Shareholders may also use this toll-free number from France or +33 (01) 41 04 26 00 from
abroad to contact Shareholder Relations for information 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. It informs shareholders of the Group's latest news, its operations and financial
performance, and offers pratical information.
Shareholder’s Guide
Contains a company profi le 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
Shareholders who register in the “Finance” section of the Carrefour website, www.carrefour.com,
are kept informed by e-mail of publication of the Group’s fi nancial reports.
Carrefour 2011 share price performance
in relation to the CAC 40, BEFOODR(1) and DJ Stoxx Europe Retail indices(2) (base 100)
NOTE: The historical Carrefour share price was adjusted for the distribution-in-kind on July 5, 2011 (Dia).
120
110
100
90
80
70
60
50
92.18
86.86
81.00
62.91
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Source Bloomberg
Carrefour
Befoodr
DJ Stoxx Europe Retail Index
CAC 40
(1) BEFOODR Index: Ahold, Carrefour, Casino, Colruyt, Delhaize, Jeronimo Martins, Metro, Morrison, Sainsbury, Tesco.
(2) DJ Stoxx Europe Retail Index: Ahold, Booker Group, Carrefour, Casino, Celesio, Colruyt, Debenhams, Delhaize, Dia, Dufry,
Galenica, H&M, Home Retail, Inchcape, Inditex, Jeronimo Martins, Kesko, Kingfi sher, Marks & Spencer, Metro, Morrison, Next, PPR,
Sainsbury, Tesco.
Carrefour in 2011
99
Meetings
ANNUAL
SHAREHOLDERS’
MEETING
This is a special gathering
of managers and shareholders.
It provides a good opportunity
to learn more about Carrefour’s
activities, results and outlook.
ACTIONARIA
EXHIBITION
Carrefour has participated in
the Paris Actionaria Exhibition for
more than 10 years. Staff members
are on hand both days of the show
to answer any questions visitors
may have.
MEETINGS WITH
SHAREHOLDERS
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.
Contacts
CARREFOUR
Investor Relations
33 avenue Émile Zola
TSA 55 555
92649 Boulogne-Billancourt Cedex
Tel. : +33 (0)1 41 04 26 00
investisseurs@carrefour.com
CARREFOUR
Shareholder Relations
33 avenue Émile Zola
TSA 55 555
92649 Boulogne-Billancourt Cedex
Toll-free number for shareholders in
France:
0805 902 902
Number for shareholders outside
France: +33 (01) 41 04 26 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
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10
Carrefour in 2011
Sustainable development overview
For more than 20 years, Carrefour has incorporated sustainability into its business practices
and works to promote a responsible commerce, a commerce that is “good for you, right for all”,
good for customers and respectful of the planet. The indicators below demonstrate Carrefour’s
commitment to social, societal and environmental responsibility.
All the changes presented here were calculated on a like-for-like basis (in number of Business Units) and are representative
(at least 77% of the Group’s consolidated net sales).
ENVIRONMENTAL INDICATORS
Greenhouse gas emissions linked
to the consumption of fuel,
gas and electricity in the stores
(in equivalent kg of CO2 /sq. m of sales area)
-9.1%
in 2011 compared with 2008
228.6
223.4
219.3
207.7
Quantity of refrigerants
refi lled following leaks
(in kg/1,000 sq. m of sales area)
Energy consumption (gas, fuel,
electricity) in stores
(in kWh/sq. m of sales area)
-20.8%
-11.1%
in 2011 compared with 2008
in 2011 as compared with 2008
60.79 61.16
51.51
48.12
657
622
608
584
2008
2009
2010
2011
2008
2009
2010
2011
2008
2009
2010
2011
Reducing the environmental impact of its business
operations is a priority for Carrefour, which aims to
reduce its stores’ CO2 emissions (scope 1 and 2 of
the GHG Protocol) by 40% no later than 2020 (as
compared with 2009) in four European countries
(France, Belgium, Spain, Italy). A 25.3% reduction
had been achieved by the end of 2011.
Carrefour set a goal to reduce the rate of refrigerant
leaks and to phase out hydrofl uorocarbon-based
refrigerants in its new facilities as from 2015, replac-
ing them with natural or more environmentally-
friendly refrigerants.
Carrefour continues to strive to reach its goal
of improving energy effi ciency by 30% by 2020
(per sq. m of sales area as compared with 2004).
In 2011, the Group has already achieved a 22%
reduction in energy consumption in its stores.
Paper consumption for
commercial publications
(in kg of paper purchased/sq. m of sales area)
Free disposable plastic bags purchased
by stores and distributed at checkout
(in units/sq. m of sales area)
-5.9%
in 2011 compared with 2008
21.63
20.82 20.82
20.35
2008
2009
2010
2011
Carrefour has a multi-faceted world-
wide responsible sourcing policy,
promoting responsible forestry man-
agement by setting an ambitious
goal: zero deforestation by 2020.
For its commercial publications,
Carrefour is reducing the weight of
the paper used and, by the end of
2012, is committed to use paper
made from recycled wood fi bres or
from forests under certifi ed manage-
ment in Europe.
-47.7%
in 2011 compared with 2008
320.3
232.6
176.3
167.5
2008
2009
2010
2011
Carrefour is committed to ending
the distribution of free disposable
plastic bags in the Group’s hypermar-
kets and supermarkets, while offering
its customers alternatives such as
reusable shopping bags.
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Carrefour in 2011
1111
For more information and details on Carrefour’s sustainability activities,
please refer to the 2011 Sustainable Development Expert Report available at www.carrefour.com.
PRODUCT INDICATORS
Sales incl. tax of Carrefour brand
organic food products
(in millions of euros)
Carrefour Quality Line
products
(in number of products)
+9.2%
+12.0%
Carrefour fair trade
products
(in number of SKUs)
+490%
in 2011 compared with 2009
in 2011 compared with 2008
in 2011 compared with 2008
338.4
332.4
309.9
376
399
395
421
177
141
74
30
2008*
2009
2010
2011
2008
2009
2010
2011
2008
2009
2010
2011
Since 1992, Carrefour has been committed to
making the largest possible number of organi-
cally-grown products available to its customers.
Thanks to its expansive range of food products,
Carrefour is the leading retailer in terms of organic
product sales in France.
* Indicator measured from 2009.
Resulting from collaboration with suppliers, the
Carrefour Quality Lines contribute to the eco-
nomic and social development of the regions in
which the Group operates. This approach is also
based on food safety and traceability from the
farm to the fork, for the benefi t of customers and
consumers.
Fair trade products are primarily distributed in
fi ve countries, mainly in Europe where demand
is concentrated. Sales of Carrefour fair trade
products increased by 8.0% compared with 2010.
HUMAN RESOURCES AND SOCIETAL INDICATORS
Women in management
(in %)
+3.4%
in 2011 compared with 2008
Employees declared as having
disabilities
(in %)
+4.6%
in 2011 compared with 2008
Employee training
(in average number of training hours
per employee)
+12.4%
in 2011 compared with 2008
34.10 34.36 34.67
33.54
2.44
2.28
2.38
2.24
14.00
15.86
16.24
15.73
2008
2009
2010
2011
2008
2009
2010
2011
2008
2009
2010
2011
Carrefour is a company committed to diversity,
with women making up over 56% of its workforce.
They represent more than one third of the
company’s managerial staff. The Group has
launched initiatives to increase the percentage of
women in company management.
Carrefour is increasing its efforts to promote the
employment of people with disabilities in coun-
tries where it operates, both through recruitment
as well as through working conditions within the
company.
Carrefour’s Human Resources department aims
to develop the skills of its employees, enabling
them to grow within the company. In total, nearly
5.7 million hours of training were provided in 2011,
an average of 15.7 hours of training per employee
during the year.
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Our retail
As a multi-format and multichannel retailer,
Carrefour ensures that its retail delivers products to
suit all lifestyles and shopping modes, whether customers
live in a town or a rural setting, are individuals or companies,
in France or abroad.
The world over, the Group’s staff combine their talents,
willing to satisfy customers looking for the best value for money.
Hypermarkets p.14 / Supermarkets p.18 / Convenience stores p.21 / Multichannel p.24 / Cash & carry p.26
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14
Our retail
HHypermmaarkkets::
mmajor shooppping ttripss ffor all bbbudggeetss
Historical format of Carrefour, the hypermarket is ideal for major family shopping trips,
as well as for fi nding low-price purchases and good deals. Throughout 2011, it continued its
transformation to meet customers' needs in all the countries in which the Group operates.
hypermarkets
throughout
the world
1,452
Hypermarkets for every lifestyles
Carrefour’s hypermarkets have sales areas ranging from
2,400 to 23,000 sq. m. They feature both food and non-
food products and have everything customers need
to feed a family, manage a household and take care of
everyone—in one single place. From items on their shop-
ping lists to impulse buys, customers can choose from a
wide selection of both Car-
refour and national brand
products, all providing
quality at low prices. With
locations in town centres, in
the outskirts of cities and in
rural areas, hypermarkets
f e a t u r e l ayo u t s a n d
products offerings that meet the requirements of their
customers’ varied lifestyles and different ways of shopping.
In France, Carrefour distinguishes three categories of
hypermarket, classifying them according to size, traffi c
and the role that they play in their catchment area: the
“very large” hypermarkets with a wide selection of prod-
ucts and which feature special promotional campaigns
and festive events; the “attraction” hypermarkets which
food products–fresh produce in particular–feature as a
reference locally; the “convenience” hypermarkets,
easily accessible, focusing on food products at
extremely competitive prices.
Boosting the commercial dynamic in Europe
In Europe–particularly in France–Carrefour hypermarkets
have begun a drive to boost the commercial dynamic for
the benefi t of customers. From August 2011, hypermar-
kets in France adopted a series of concrete measures
designed to guarantee them low prices. As part of its
“Réponses Budget Famille” campaign (Solutions for the
Family Budget), Carrefour
reduced and then froze the
prices of 1,000 products.
From January 2012, Carrefour
launched a campaign target-
ing its hypermarket prices: the
“Garantie Prix le plus bas”
(Lowest Price guarantee) on
more than 500 of most popu-
lar major-brand products.
A promise backed up by a
major commitment: Carre-
four undertakes to reimburse
customers twice the differ-
ence if they find the same
product on sale at a lower
price anywhere within a 15 km
radius of their store. In Spain,
Carrefour has continued its
sustained efforts to keep
prices down in order to satisfy its customers. Italy’s prior-
ity has been to make its prices even more competitive, and
has been focusing on keeping them down on a permanent
basis rather than on special offers.
Employment
An average of 400 employees and
30 different job functions per store
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The lowest prices
on good products,
it makes all the difference!
Ticking items off
on a shopping list and
making discoveries.
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16
Our retail
Hypermarkets
Conquering spirit on emerging markets
The Group has continued to expand on emerging
markets, meeting the needs of the rapidly-growing
numbers of middle-class families. In China, Carrefour
has kept up its progress and opened 23 new stores,
bringing the total number of Carrefour hypermarkets
up to 203. Elsewhere in Asia, Carrefour opened
three hypermar-
kets in Indonesia
and two in Malay-
sia, bringing the
tot a l n u m b e r s
up to 70 and 26,
respectively. In
Eastern Europe,
Poland and Romania both have opened two new
stores. In Latin America, Carrefour has opened up
three new hypermarkets in Argentina and Colombia.
In Brazil, Carrefour has confi rmed that its hypermar-
kets are back on the road to recovery.
new hypermarkets
throughout the world
in 2011
65
Carrefour cultivates the preference
Developing loyalty, implementing effective cam-
paigns and introducing services that make life easier,
these are all fundamental to getting
people develop a preference for
Carrefour. Throughout the world, the
retailer’s employees are focused on
rewarding customer loyalty, and 2011
saw the launch of a number of new initiatives, such as
the “Carrefour Club” promotional programme in
Argentina and the new “Vive” card in Colombia.
The various sales campaigns focused on low prices have
helped boost footfall in a positive and focused way: China
had the “Low prices storm” and celebrated the “Great
Chinese New Year”; in Romania there was “14 days
without VAT” at Carrefour
against the backdrop of the
economic crisis and the VAT
rate being increased from
19% to 24%; and in France,
September and the start of
the back-to-school season
saw the introduction of a
campaign targeting prices
and customers’ purchasing
power, featuring a “¤100 gift
voucher”. To make sure that shopping is always pleasant,
Carrefour has also increased its services–in particular to
reduce waiting time at the checkouts, a major factor in
ensuring customer satisfaction. Carrefour China, for
example, has launched “Service Daojia, Cashier Daojia”,
and following Spain’s example, Carrefour Poland has been
testing the single checkout queue system.
“Like more than 2 million
“L
other customers, I get 10%
o
off all Carrefour products
of
every Wednesday with my
ev
new VIVE loyalty card!”
ne
Pili S.
Loyal customer
Carrefour Bogotá, Colombia
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Hypermarkets
Our retail
17 17
17
Carrefour Property is also committed to making shop-
ping more pleasant and is breathing new life into its
European hypermarket shopping malls. It is doing this
by focusing on accessibility, architecture and layout, as
well as by ensuring a complementary sales offering.
The deployment of the “Complice” renovation pro-
gramme and the makeover that various sites are get-
ting–such as Huelva (Spain) and Chambourcy
(France)–are evidence of the importance that Carre-
four attaches to its customers’ well-being, not just
within its shops, but also in the surrounding areas. Car-
refour has also renovated a number of its hypermarkets
on the various growth markets on which it operates to
meet customers’ continuous thirst for novelty. This has
been the case in Brazil and Argentina in particular.
Green checkouts
in Argentina
First introduced in June 2010 for World
Environment Day, the “green” checkout
scheme was successfully repeated in 2011
in a store in Córdoba. These checkouts are
decked out in green and only offer reusable
bags, accounting for around 70% of total
sales of these bags in the store. The
monthly scheme has now been adopted
permanently–there is a “green” checkout
open at all times in the store.
The hyper event
The opening in April 2011 of the 232nd French
hypermarket in Aubervilliers was an
important event for many: it was Carrefour’s
fi rst new hypermarket in France for 10 years.
Located in a new cutting-edge shopping
centre on the outskirts of Paris, it boasts a
sales area of 4,100 sq. m, a wide food product
offering of nearly 20,000 items and
numerous additional services to make life
easier for customers in a hurry.
Carrefour’s Scan Lib service is available in 77 hyper-
markets throughout France. On presentation of their
loyalty card, customers are given a mini scanner that
they can use to scan and log their purchases as they
shop. This saves a considerable amount of time
because customers no longer have to empty their
shopping trolley onto the conveyor belt at the check-
out–they can simply pay quickly once they have fi n-
ished at special dedicated checkouts, developed in
addition to traditional checkouts. Similar systems have
been launched in Belgium and Spain.
Modernised stores for customers
Lifestyles and consumption patterns are changing,
people want a new shopping experience and feel the
need to change the way in which they consume. These
are some of the reasons behind the decision to reno-
vate hypermarkets both in Europe and on the growth
markets. The Carrefour planet concept, which was
launched in 2010, is in line with this decision. The stores
are divided up into three well-defi ned areas–discount
for fast-moving consumer goods, fresh with its market
hub, and multi-specialist for non-food goods. This
makes it easier for customers to move around the
store, offering them a new way to shop structured
around easy purchases and new products while mak-
ing sure that they remain in control of their budget. By
the end of 2011, 81 stores had been deployed in Europe.
Customers appreciate various aspects of the concept:
the store atmosphere, the circulation, the signage, and
the quality and selection of fresh produce available.
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18
Our retail
SSupermmaarkeets::
sttores ooff theeir timmme
Enjoying a closer relationship with its customers, the Carrefour market supermarket
is a modern and friendly concept where people from either towns or rural areas shop
for pleasant and low-price products.
supermarkets
throughout
the world
2,995
Attractive stores
With sales areas of between 1,000 and 4,000 sq. m,
customers appreciate Carrefour market supermarkets
for their wide selection of products—mainly food prod-
ucts–bringing together traditional market features with
stalls of high-quality fresh produce and fast-moving
consumer goods at com-
petitive prices.
The modernity of the for-
mat, the variety of products
on offer and the possibility
of finding one’s favourite
brands all help develop
customers’ loyalty to their
Carrefour market supermarket. With a total of
977 stores, Carrefour market is France’s second-largest
supermarket banner and the fi rst combined integrated
and franchised supermarket network.
The Carrefour market banner is also being rolled out
outside France in the rest of Europe, as well as in Asia
and Latin America. In Brazil, supermarkets trade under
the Carrefour Bairro banner and sell products that are
adapted to meet local people’s needs, as in other count-
ries in which Carrefour supermarkets have been set up.
The Carrefour market roll-out continues
In 2011, the banner opened 8 new stores in France,
11 in Spain and 14 in Romania—which now has
45 Carrefour market supermarkets as of the end of
2011. In Bulgaria, Carrefour’s franchise partner
opened its fi rst Carrefour market in Sofi a, while Car-
refour Argentina has been testing the concept in
six pilot stores. The switch-over from local banners
to the Carrefour banner has continued in Belgium
with the conversion of the GB stores: there are now
226 Carrefour market stores—accounting for more
than half of all supermarkets. It is also getting under
way in Morocco with 24 “Label’Vie” supermarkets
being converted.
Closed refrigeration units
As part of a drive to reduce the energetic
footprint of its stores, three Carrefour market
supermarkets and one hypermarket have
been testing closed refrigeration units since
September 2011 in their self-service fresh
produce sections. Keeping these
refrigeration units closed helps reduce
the amount of energy needed in order
to maintain the cold chain and increases
customer comfort—the temperatures
of these sections can be kept at more
comfortable levels.
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Coming for the friendly
atmosphere, coming back
for the human experience.
A modern store,
varied products at the best price…
all good reasons to be loyal
to Carrefour market.
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20 Our retail
20
Supermarkets
A whole host of unforgettable anniversaries
Carrefour market seizes every possible opportunity to
pamper its customers by entertaining them. In France,
the banner used the well-known musical Mamma Mia! to
help celebrate its fourth anniversary, offering customers
the chance to win VIP
weekends to Paris,
including shows.
In Italy, Carrefour went
back in time to the fi rst
Roman Olympiads in
order to celebrate
50 years since its fi rst
supermarket was
opened. An exhibition
of previously unpub-
lished portraits illus-
trated the daily life of
athletes in the Olympic village and Carrefour brand prod-
ucts were on sale at 1961 prices!
In Belgium, to celebrate its 50th anniversary, the Marius
Renard store in Anderlecht organised a number of
generous special offers for its customers under the new
Carrefour market banner.
HEQ store
In Mondonville, a year after it was
awarded certifi cation, France’s fi rst High
Environmental Quality certifi ed supermarket
had brought its energy consumption
for lighting down by an impressive 57%
and by 62% for heating—mainly by
implementing heat recovery systems
and using natural light.
Carrefour market or
the art of innovation
In March 2011, the Belgian Waterloo Centre
hypermarket reopened its doors as a
Carrefour market supermarket. In addition
to having a sales area of 3,500 sq. m (the
largest in the country), this Carrefour market
is also unique in its layout. The fresh produce
area features fruit, vegetables, meat and fi sh
over no less than 1,400 sq. m—with the
spotlight on Belgian products. The “World
Cuisine” and “Beauty & Wellness” areas invite
customers to embark on a voyage of
discovery. Customers can scan their
purchases as they shop, meaning that they
can save time and optimize their spending.
And as an added bonus, there is a Carrefour
Online pick-up point from which Internet
users can quickly pick up shopping they have
bought on the website.
“We focus on building
proper relationships with our
customers. In the aisles and
at the checkout, we’re ready
to help them with a smile.
This is one of our well-known
assets and we want to remain
the best.”
Édith M.
Customers Relations Manager
Carrefour market Arques, France
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CConvenniencce sttooress::
eeverydaayy shoopppinng cclooseer tooo custtoomeers
Carrefour’s convenience stores are practical, useful and offer a well thought-out selection
of products that meet customers’ daily needs–all at fair prices and close to where they live.
Our retail
21 21
21
The new convenience by Carrefour
Keeping pace with socio-demographic changes
and new ways of shopping, Carrefour has breathed
new life into its convenience stores, creating contem-
porary, modern concepts that meet customers’
needs: being able to shop quickly just around the cor-
ner on large open-
ing hours; being in
control of one’s
budget and enjoy-
ing services that
make life easier–
such as fast check-
outs. And all this in
a friendly atmosphere where a visit to one’s local
retailer is pleasant.
5,170
convenience stores
in 10 countries
Well-known banners in France
In France, which is where the convenience concept
was fi rst developed, the stores have the Carrefour city,
Carrefour contact, Carrefour express and Carrefour
montagne banners.
• Carrefour city is the leading urban store concept. With
sales areas ranging from 200 to 900 sq. m, customers can
buy ready-to-eat products or that can be reheated, and
everything they need for their daily shopping trips. Open
from 8 am to 10 pm (sometimes even 11 pm) six days a week
(sometimes even Sunday mornings in areas where legisla-
tion permits it), the concept is designed for customers on
the move who are often in a hurry.
• Carrefour contact is designed for customers’ daily
requirements, located at the entry to small towns and
villages, or in their centres. Open from 8 am to 8 pm,
they are structured around the concept of the meal and
last-minute purchases with different retail areas–deli,
butcher, bread, wine and beauty–over sales areas rang-
ing from 350 to 900 sq. m.
• Carrefour express is the most recently devised concept
in France. Designed for additional and extra emergency
purchases–in both towns and rural areas–these are Car-
refour’s smallest convenience stores (between 90 and
300 sq. m). Their offering is based around essential prod-
ucts (3,500 items) and their opening hours are convenient
(8 am to 9 pm—even Sunday mornings in some cases).
• Carrefour montagne stores have been operating in
ski resorts since winter 2009. They feature all the
advantages of Carrefour’s banners: good products,
good value, the Carrefour loyalty card and a range of
services to make life easier, such as home delivery and
borrowed cooking equipment.
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22 Our retail
22
Convenience stores
New shopping locations
In 2011, nearly a third of Carrefour’s whole
convenience store network in France was
successfully switched over to the Carrefour
contact and Carrefour city banners. On the
back of this success, Carrefour is opening
stores in new shopping locations and
retaining its lead as a convenience retailer.
In March 2012, for example, a Carrefour city
store opened in the new shopping arcade
inside Europe’s busiest railway station—
Saint-Lazare in Paris. This store has been
tailored to meet the requirements of
customers on the move and sells 4,500
low-priced items. To make shopping even
simpler, the store has launched an innovative
new application: customers and passengers
can use it to shop directly from their
mobiles, before picking their purchases up
2 hours later from a dedicated checkout.
Hybrid
Carrefour is striving to reduce the noise
and CO2 emissions generated by its delivery
lorries. In towns such as Lille and Marseille
for example, it is using hybrid lorries.
“I can shop quickly
“
and easily right where
a
I live. The store has
I
what I need at
w
good value.”
g
Mariangeles B.
Carrefour express customer
Argentina
An expanding format at international level
Carrefour express is the Group’s international conveni-
ence banner, both for mini-market and convenience
modes. A promising model that is enjoying sustained
growth throughout the world. Between 2010 and 2011,
the number of Carrefour express stores in Poland
increased from 59 to 164, while the number of stores in
Argentina increased from 32 to 70. Between the end of
2010 and the end of 2011, the number of convenience
stores in Spain doubled (rising from 28 to 56). Belgium
opened 17 new convenience stores, Greece converted
some of its Dia stores, opening up 184 new Carrefour
express stores in 2011. And the very fi rst franchise in the
entire history of food retailing in Romania is a Carrefour
express convenience store.
Carrefour express is
going green in Argentina
The “Tienda EcoAmiga” concept was
launched in 2010 and had been deployed
in nearly 50 Carrefour express stores by
the end of 2011. Its commitment is to develop
a responsible trade at all levels of the store:
featuring the fi rst use of LED technology
in Latin America, meaning energy savings
of 65%; promoting “Eco Amigos” products,
which respect the environment; including
waste recycling stations points and also
raising customers’ awareness of the
importance of using products made from
certifi ed forests; plastic bags are not given
out and discounts are given on reusable bags.
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Shopping whenever you like,
just down the road.
——
Knowing customers properly
to offer the ideal selection of
fresh produce and daily groceries.
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24 Our retail
24
MMultichhaanneel reettail::
a new wway too shoop
By building more bridges between Carrefour’s stores and the Internet,
Carrefour is increasing the number of shopping options open to customers
who are interested in speed, practicality and bargains. So as well as e-commerce,
they now have drive-in facilities and mobile applications to choose from.
15,000
Carrefour at e-commerce times
Carrefour’s food and non-food e-commerce solutions
are becoming increasingly popular on the Internet and
among its customers throughout the world.
In 2011, Carrefour bolstered its food e-commerce solu-
tions in a number of countries. In Spain, for example,
90% of households can now order food products
online and have them delivered—a number of
stores through-
out the country
a re n ow a ble
to put together
orders placed
over the Internet
and then deliver
to customers’ homes. This is also the case in
Singapore.
Carrefour Brazil’s non-food e-commerce site was
launched in 2010 and now ranks among the country’s
top six commercial websites—an example of good
practice for the rest of the Group. Based on this win-
ning model, Carrefour France made an extremely
broad range of non-food products available online at
the end of 2011. So the household appliances as well
as the TV, video, telephony and other high-tech
non-food products
available at carrefour.fr
products that are available in stores are now supple-
mented by an additional 15,000 products.
Elsewhere, Carrefour is stepping up its online
presence in Taiwan: since the second half of 2011, it has
been offering its customers e-coupons on its website
which grant special offers. In Greece, customers can
now purchase groceries and household appliances
online, while Colombia has started selling gift cards.
L’application « Mes courses
Carrefour »
Faire ses courses sur son iPhone, c’est
désormais possible grâce à l’application
« mes courses Carrefour » : les clients
peuvent faire leurs achats où ils le veulent,
quand ils le veulent. En plus, Carrefour
propose plein d’astuces qui simplifi ent la vie :
choisir de se faire livrer à domicile ou de
venir retirer ses courses dans son magasin ;
naviguer par rayon ; rechercher un produit
par mot-clé ou scan ; retrouver ses dernières
commandes et les ajouter directement dans
son panier ; etc.
An award-winning campaign
in Spain!
Carrefour Spain launched a major
campaign to publicise its new e-commerce
website. It involved customers voting
whether they wanted Leonardo Sbaraglia
—the famous South American actor—to
deliver shopping that they had purchased
online to their homes. So he visited
10 customers throughout the country,
to the great delight of the winning families.
The campaign—known as Con o sin
Leonardo (with or without Leonardo)
—won two Soles de Plata (silver sun
medals), in recognition of its originality
and effectiveness.
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The drive-in by Carrefour
At the same time, the Group has been developing the
Carrefour drive concept, a system whereby customers
can order food products online and then pick them up
at a collection point in their local Carrefour store.
Carrefour drive has two key features. Customers have
access to 11,000 items in hypermarkets and
8,500 items in supermarkets—all on sale at the same
prices as they are in stores. They can pick their shop-
ping up in less than fi ve minutes—that’s Carrefour’s
promise—any time within a two-hour timeslot that
they can choose themselves. The quality of Carrefour’s
drive service—the care with which staff select the
products, prepare them and then help customers load
them into their cars—is what makes the difference.
Carrefour drive
in France
by the end of 2012
over 150
At e n d of 201 1 ,
F r a n c e h a d
30 Carrefour drive
(17 in hypermarkets
and 13 in supermar-
kets). This number
should increase to
more than 150 in 2012. Carrefour Belgium had
67 hypermarket and supermarket pick-up points as of
the end of 2011. The fi rst Carrefour drive opened in
Spain in 2011 in the Madrid region.
L’application « Mes courses
Carrefour »
Faire ses courses sur son iPhone, c’est
désormais possible grâce à l’application
« mes courses Carrefour » : les clients
peuvent faire leurs achats où ils le veulent,
quand ils le veulent. En plus, Carrefour
propose plein d’astuces qui simplifi ent la vie :
choisir de se faire livrer à domicile ou de
venir retirer ses courses dans son magasin ;
naviguer par rayon ; rechercher un produit
par mot-clé ou scan ; retrouver ses dernières
commandes et les ajouter directement dans
son panier ; etc.
Our retail
25 25
25
Shopping by mobile
A whole range of new iPhoneTM and AndroidTM apps is now
available, all designed to make shopping easier, keep
customers up-to-date about bargains, and ensure prefer-
ence for Carrefour. Customers can browse catalogues
and shopping guides, enjoy the wine fair, have information
about the Carrefour loyalty card and even use their mobile
to shop online. Carrefour has also set up a Facebook page
in many countries where customers can discuss Carrefour
products or special offers available in stores.
over 700, 000
downloads of the Carrefour mobile
apps in France
A Carrefour shopping app
Customers can now shop using their
iPhoneTM. With Carrefour’s new “Mes
courses” (My Shopping) application, they
can shop whenever they want, wherever
they want. And Carrefour also has a
range of tips for making life easier:
customers can have their shopping
delivered or can pick it up from their local
store. They can browse by aisle, search
for a particular product by keyword or by
scanning its barcode, look up their most
recent orders and then add them directly
to their shopping basket, etc.
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26 Our retail
26
CCash && ccarrry anndd Hyyppeer CCaash:
bbuying qquualitty in largee quanttiitiess
In order to meet the requirements of its professional customers and widen its client base,
Carrefour is continuing to develop its wholesale models and launches new banners.
83
Hypermarket cash & carry for everyone
Offer high-quality products in large quantities, both
for professionals and individuals—that’s what the
Atacadão cash & carry
model is aiming to do
in Brazil. It combines
all the advantages of
wholesale and hyper-
markets, and posted
a 7% increase in like-
for-like sales in 2011,
confirming its appeal. Atacadão opened 13 stores
across the whole year—7 new stores and 6 hypermar-
ket conversions.
Atacadão stores
in Brazil
at year-end 2011
Promocash, services included!
Make work easier for catering and food industry profes-
sionals—that’s Promocash’s promise. Carrefour’s
wholesale model in France has successfully
switched over
to the fran-
c h i s e a n d
overhauled its
sales concept.
Promocash is
currently the
leading cash &
carry franchise in France. The services on offer are
central to the new Promocash concept.
300,000
professional clients
trust Promocash
It features 2,400 exclusive brand food items alongside
a Promocash branded non-food offering, with three
complementary means of supply for its 300,000 clients:
in-store sales, e-commerce with delivery and purchase
pick-up at a drive. 60 Promocash stores currently have
an online sales site, and a further 30 will set one up in
2012. Purchases are either delivered by dedicated
teams from the sales outlet, or can be picked up from
one of the 9 Promocash drive. The 137 Promocash
stores are managed by independent managers who
are in constant contact with customers, and the new
personalised loyalty programme is designed to further
increase their loyalty to Promocash.
New stores opening all over the world
In India, Carrefour opened a second cash & carry store
under the Carrefour Wholesale cash & carry banner in
Jaipur (the capital of Rajasthan) where catering pro-
fessionals, administrations and local small retailers can
pick up supplies (in accordance with legislation) in
a sales area of 5,650 sq. m.
The first cash & carry stores were also opened in
Colombia and Argentina under the Carrefour Maxi
banner—stores designed to offer the widest choice
of products possible to small retailers.
Helping to protect
the environment
In Argentina, the Carrefour Maxi stores
set out to maximise energy effi ciency starting
in the design phase. The stores feature
intelligent control systems for reducing
electricity consumption, ceiling windows to
make the best possible use of natural light,
high-performance fl uorescent tubes for
reducing electricity consumption by 20%,
and a range of other responsible initiatives.
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Being able to fi nd everything in the same place,
making life easier for professionals in India.
Atacadão, the self-service wholesale and
hypermarket banner has everything
that Brazilian families and professionals need.
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28 28
Our offer
A retailer through and through,
Carrefour sells both Carrefour and national brand food and
non-food products, offering its customers an extremely wide
choice of high-quality products at the best prices—ensuring
preference for Carrefour.
Daily products p.30 / Fresh products p.34 / Non-food products p.38 / Services p.42
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30 Our offer
30
Dailyy produucts
that offer thhe best vvalue for mmoney
Eat properly, make the whole family happy, and manage a budget—that’s what Carrefour’s
customers expect on a daily basis. Proposing everyday products, that offer the best value
for money, that’s Carrefour people answer, from assortment conception to instore selling.
If the score is too low, it is sent back to develop-
ment. If it passes the test, it receives the “inspired,
tested and approved by the Carrefour Test Panel®”
logo.
360°
The Carrefour Test Panel’s approach
involves looking at all of
the product’s characteristics
In September 2011, close to 400 products bore this
label in Carrefour stores in France, giving consumers
a true guarantee of value for money. Between now
and the end of 2012, 15,000 families in four countries
(France, Belgium, Spain and Italy) will become the
testing panel, checking 5,000 daily products. At the
same time, Carrefour has started redesigning the
packaging of its core market products, maximising
their appeal and making them more practical,
in accordance with the Group’s environmental com-
mitments. Nearly 1,000 products were redesigned
in 2011 in France.
Carrefour products, a story of innovation
Already a forerunner back in 1976 by selling
unbranded goods, Carrefour was the fi rst banner to
introduce its own brand in 1985. Since then, it has
continued to expand its own ranges, selling them in
14 of the countries in which the Group operates.
Becoming popular consumer goods products in
France, Belgium, Spain and Italy. In 2011, Carrefour
started overhauling all aspects of its food product
ranges in Europe—from the recipes used to the
design of their packaging, as well as the promise
made to consumers. Carrefour’s own-brand products
are being given a makeover in order to maximise their
appeal to customers and consumers. Deployed
across all segments in order to meet all requirements,
Carrefour’s products are also affordable.
2,000 new items
launched in 2011 in France, Belgium,
Spain and Italy
Core market, focusing on the customer
With nearly 10,000 items, Carrefour’s core market is
made up of daily consumption products which are
regularly found in customers’ shopping baskets. In 2011,
in order to better meet consumer needs, Carrefour
embarked on an innovative new strategy which
involved placing the customer at the centre of its prod-
uct design process. A panel of European customers
tests products developed by Carrefour’s teams and
assesses them. The taste and design of each product—
as well as how easy it is to use—are closely examined
by each “test family”. Consumers then give the product
a score which determines how well it fares.
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When you choose Carrefour, you know
you’re buying quality products.
A full basket,
to please everyone’s tastes.
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32 Our offer
32
Daily products
A range of low-priced essential products
The Carrefour Discount range was launched in 2009
in order to meet a fundamental consumer need—
optimise people’s purchasing
power without compromising
on the brand’s quality. The
range is based around essential
daily needs and features nearly
50 0 basic daily products ,
including grocery, fresh and
frozen products as well as non-
food goods. Following on from
France, Belgium and Spain,
Greece, Turkey and Indonesia
launched the Carrefour Dis-
count range in 2011. In France, a
communications campaign
featuring meals price d at
¤1 using Carrefour Discount
products was used to prove Carrefour’s commit-
ment to meeting consumers’ daily needs.
Ranges created by Carrefour for all needs
Carrefour has also developed a number of ranges
that cater to customers’ specifi c preferences and
needs with the emphasis on quality—on which its
banners’ reputation is founded.
Carrefour has developed a gourmet range—
Carrefour Selection—whose products combine
taste and culinary refi nement at affordable prices.
Carrefour also offers authentic products from
French regions, Reflets de France, while Terre
d’Italia showcases traditional Italian products.
Carrefour Baby (0-36 months) and Carrefour Kids
(4-10 years old) feature high-quality food products
that are nutritionally balanced and sold at
extremely competitive prices. And in France, Spain,
Italy and now Greece, Carrefour’s “No Gluten”
range features a selection of suitable products for
gluten-intolerant customers.
With its Carrefour Bio and Carrefour ECOplanet
ranges, the Group is committed to ensuring that
anyone can afford products that do not harm the
environment. Carrefour was one of France’s forerun-
ners for products coming from organic farming
methods when it launched its “Boule Bio” (organic
bread) in 1992; it gave a further boost to the sector in
1997 with its Carrefour Bio range.
Carrefour, a favourite brand
among Argentines
Launched back in 1997 in Argentina,
Carrefour is now one of the country’s most
popular consumer brands. And in order to
appeal to even more customers, 2011 saw
the brand overhauling its product
assortment. This involved a panel of
external experts assessing the organoleptic
qualities of the products, while Carrefour
brand suppliers have been mobilized on
developing the offer.
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Daily products
Our offer
33
33 33
With an offering of nearly 2,300 food products
throughout the world and a number of voluntary
initiatives aimed at offering the best value, Carrefour
has established itself as a major retail player in
organic farming products.
And in 2012, 500 national brand products are on sale
at the lowest prices as part of the “Lowest price
guarantee” campaign.
In other countries, such as Romania, where 2011
Carrefour celebrated 10 years of trading, the banner
has implemented a number of promotional
campaigns including two weeks
of discounts with a different
product family on special offer
every day.
Carrefour’s national brand prod-
ucts also bring innovation to the
Group’s stores and are the focus of
special sales events—to the delight
of its customers.
In Spain, in May 2011, Carrefour
successfully implemented a
beauty-themed sales campaign, showcasing the
innovative cosmetics products developed by L’Oréal
Paris. It involved a high-quality product staging
which customers saw as soon as they entered the
store. The Revitalift Total Repair 10 range was show-
cased and had everything to win over hypermarket
customers. Other awareness-raising campaigns tar-
geting good causes are held on a regular basis. Car-
refour and Procter & Gamble joined forces to support
a UNICEF campaign, raising enough money to vac-
cinate more than nine million people in seven differ-
ent countries on three continents. Nearly three million
mothers were vaccinated against tetanus and their
children given protection by the organisation (an
increase of 7% on the previous year) thanks to the
help of more than 3,000 staff from both groups.
Belgium has expanded its Carrefour ECOplanet range,
(a range which is evidence of Carrefour’s commitment
to preserving the planet’s biodiversity and its natural
resources), while France and Spain have unveiled the
new Carrefour ECOplanet packaging.
over 1 ,700
fair trade products sold
throughout the world (national
brands and Carrefour products)
Customers’ favourite brands at the best value
Carrefour has a wide selection of national brand prod-
ucts combining low-price with many special offers, in
order to ensure that consumers are able to enjoy their
preferred brands.
In France, throughout 2011 as part of the “Réponses
Budget Famille” campaign (Solutions for the Family
Budget), price reductions were proposed in every
department—including on national brand products.
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34 Our offer
34
Fressh high--qualityy productts:
a maajor asseet for Caarrefour
The focus of a great deal of attention, Carrefour’s fresh products make the difference
and enhance the appeal of its stores. The offering is very wide and includes market
produce, as well as delicatessen products, butchers’ cuts, meats and fi sh. It showcases
regional production, pleasing customers and supporting local economic development.
Desire for fresh products
Customers are expecting fresh products of the highest
quality across all of the Group’s formats. Its hyper-
markets have a generous offering in the fruit and
vegetable aisles and at the delicatessen stands. Market
produce is also given pride of place in Carrefour
supermarkets. Convenience and cash & carry stores,
as well, make sure fresh produce is available.
In China, live fi sh are on show in aquariums, while
dim sum and other specialities are cooked on-site
and offered to gourmet customers. In Brazil,
for example, store employees make sure to
present fruit and vegetables, in a ultra-fresh and
appetising way.
In France, in the delicatessen aisles, the traditional
meat counter has a wide range of different meats,
including Limousin Beef and Sisteron lamb.
The fresh produce areas in Carrefour hypermarkets
are modelled on covered markets; they are easy to get
around with wide aisles and open stalls. Customers will
fi nd a wide range of fruit and vegetables, including
local, regional or organic products, sold either in bulk
or in baskets. The area livens up according to the sea-
son and to special offers, inviting customers to taste
regional products and meet local farmers. In each
country, local specialities are offered, in order to keep
with customers’ consumer habits.
In Spain, the Iberian ham cellars in the Carrefour planet
stores have the very best cuts available throughout
the peninsula. The bakery aisle is fragrant with the
smell of freshly-baked bread, kneaded and baked
on-site by a team of Carrefour bakers throughout the
day using a wide range of recipes.
Dough kneaded and
bread baked on-site
every day by our bakers
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Eating quality fruit
and vegetables every day
with Carrefour is easy.
Fresh products within easy reach…
Because they come from local
producers close to the store.
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36 Our offer
36
Fresh products
The commercial spirit
A wide range of services are available to simplify
and delight customers’ shopping trips. Fully qualifi ed
staff are on-hand to advise them at the various
stands. “Intelligent” scales recognise fruit and veg-
etables and can be weighed quickly. In the meat and
fish sections, customers can help themselves to
meals that are prepared on-site and which are ready
to take away. In Carrefour planet stores, the delicates-
sen areas feature a range of frequently-changing
recipes that can be prepared on request. And in some
stores, sushi bars propose Japanese specialities
(sushi, maki, sashimi, etc.) that are prepared on-site
and sold as ready-to-eat dishes.
Product lines you can trust
Carrefour’s first Quality Line products were
launched in 1992 and featured organic bread, with
the guarantee that they had been produced using
organic farming methods, recently introduced at the
time. Carrefour’s approach generated a great deal
of interest and is still unique in France. Carrefour’s
Quality Lines involve entering into long-term part-
nerships with farmers/breeders, ensuring that the
resulting products are of high quality and can be
traced from the fi eld to the plate.
In 2012, Carrefour is celebrating
20 years of its Quality Lines in partner-
ship with around 20,000 farmers/
breeders throughout France having
developed more than 600 lines
throughout the world. Among these are
Verger de Beaumonts apples in France,
Labrunier grapes in Brazil, bread made
from spelt wheat in Belgium, trout in
Romania and lettuce in Taiwan.
over 600
Carrefour Quality Lines
throughout the world
«With Carrefour, I can be
sure of being able to fi nd
fresh, seasonal products
that have been grown
only a few kilometres
from where I shop.»
Robrecht De G.
Carrefour market customer
Belgium
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Fresh products
Our offer
37
37 37
Commercial animation gets fresh
Throughout the world, various commercial cam-
paigns are boosting footfall in Carrefour’s fresh
delicatessen product areas. In France, the “French
fruit & vegetables” campaign of summer 2011 was
designed to encourage people to eat fruit and veg-
etables, supporting French farmers in the process. In
the long term, nearly 90% of all seasonal fruit and
vegetables sold in Carrefour and Carrefour market
stores are of French origin.
Stepping up its commitment to traceability, the main
reason for introducing these lines, Carrefour has
created a website in Brazil that is completely dedicated
to product traceability (garantiadeorigem.com.br).
Customers can now access it from their smartphones.
All they have to do is scan the optical code on the prod-
uct’s packaging in order to fi nd out everything about
it—its origin, where it was produced, how it was trans-
formed, what it’s made of, etc. Fully transparent infor-
mation made available to customers, ensuring that
Carrefour scores extra points when it comes to trust.
Carrefour supports
Limousine beef
The Group has entered into partnership
agreements with farmers through its
Quality Lines, as well as through contracts.
These commit it to purchasing certain
minimum annual volumes on a long-term
basis from producers and breeders. In 2011,
while taking part in the Paris International
Agricultural show, Carrefour entered into
a new agreement with Limousine beef
producers—whom it has been partnering
since 1996. The contract ensures that
1,170 beef producers in the west and centre
of France will have long-term outlets for
their livestock products. And it guarantees
Carrefour customers the best tasting meat.
In Spain, Carrefour produced an educational brochure
for its customers in order to support a campaign
carried out by the Ministry for Sustainable Rural and
Marine Development targeting the use of seasonal
vegetables. And Carrefour Colombia decided to keep
the prices down on a selection of its fresh delicatessen
products throughout the year.
over 300
Carrefour products from
animals fed on GMO-free feed
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38 Our offer
38
Carrrefour’ss non-foood prodducts,
a muulti-speccialist offfer
Keen to ensure that customers associate Carrefour hypermarkets with fun shopping trips
and nice prices, the Group has embarked on a drive to overhaul its ranges and the way
its non-food is organized: a high-quality and innovative multi-specialist
with exclusive products that Carrefour has developed to please its customers.
Useful and leisure products
Carrefour’s non-food offering has now been refo-
cused around the aisles that customers appreciate
the most and its products are showcased in an
attractive way. It is mainly structured around prod-
ucts for the home, bazaar, multimedia, textiles and
beauty products. Carrefour’s products and other
major brands make up a varied and contemporary
assortment at very interesting prices. The Group’s
hypermarkets are the main playing fi eld of non-food
products, while its supermarkets focus on essential
items. Seasonal and festive events are used to
supplement the non-food offering, with campaigns
for gardening and outdoor products.
Carrefour’s non-food offering
The Carrefour Home range features a wide range of
tableware, storage facilities, indoor and outdoor
decorations, linens and accessories. Customers can
also fi nd basic household items at knockdown prices
in the Carrefour Discount range. In 2011, an exclusive
selection of kitchen utensils was added to the Home
range. Practical and cheerful at extremely afforda-
ble prices, this range includes 300 Carrefour-
designed items.
In its bazaar section, Carrefour has a range of high-
quality competitively priced products. These include
luggage items, sports accessories, DIY products, car
accessories, gardening tools and products for outdoor
activities, as well as Christmas decorations.
Carrefour has increased the number of products in its
electronic/photography/cinema/audio department
with the launch in 2011 of a range of 10 essential house-
hold appliances in the Carrefour Discount range,
including a coffee-maker and a vacuum cleaner,
and other Carrefour products such as a tablet for
Christmas gifts at the unbeatable price of ¤199 or
Carrefour-branded headphones.
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Modern products
at low prices…
What sweet music!
Make sure its customers have fun…
that’s Carrefour’s aim every day.
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40 Our offer
40
Non-food products
Tex, textiles by Carrefour
The Tex brand is designed to dress the whole family from
new-borns to adults, and from head to toe, in France,
as well as other countries throughout the world. The Tex
Baby range features a number of childcare items.
Carrefour has decided to turn Tex into a leading
affordable fashion brand. The unveiling of the spring/
summer 2011 collection was the starting point for Tex’s
revitalization in France. In stores, the textiles area
has been redesigned to look like a boutique and a
wide-ranging communications campaign has set the
tone: Basic is beautiful.
Tex items are timeless and of high quality, unfettered
by changing fashions and suitable for all looks.
Customers interested in organic textiles are not left
out either. The Tex Bio range (organic textiles) fea-
tures a wide range of products and colours for the
whole family.
No more sandblasted jeans
at Carrefour
Since September 2010, Carrefour prohibited
the use of sandblasting on any of the textiles
sold under its brand names, a decision that
came into force in summer 2011. The
decision reinforces Carrefour’s commitment
to respecting human rights in the workplace
and its other initiatives in relation to the
health and safety of its workers.
3,800 items
created for seasonal and permanent
collections in France
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Cosmetics products given a makeover
Offer the best beauty products at the best prices—that
is the goal that Carrefour has set itself with the launch
of “Les Cosmétiques Design Paris”. In the wake of this
initial symbolic act, the Group’s beauty product offering
is being clarifi ed. Alongside essential hygiene products
bearing the Carrefour Discount name, the whole offer-
ing is now available under the new brand. The second
challenge has been to reach different categories of
women, breaking the offering down into fi ve ranges
with a total of 600 products: a makeup line and four
other product lines for the body, face and hair care. For
the brand launch in March 2012, everything was thought
out—from the way in which products were staged in
their particular area within the store to how they were
arranged on the shelves, as well as the creation of a
dedicated website and FacebookTM page.
With this new range of cosmetics, Carrefour is mobilis-
ing all its efforts to appeal to customers and stand out
in the world of beauty products and retail.
Non-food products
Our offer
41
41 41
A new complementary offering on the Internet
In its stores, Carrefour showcases a selection of major
brands that are much sought after by consumers.
It seeks out innovative products that can be sold at fair
prices, maximising their appeal on the shelves to boost
demand. In order to enhance and expand the product
offering available to customers, Carrefour has decided
to take the offensive on the Internet for its non-food
offer in Brazil and in France, developing a specific
product strategy. This was how the new carrefour.fr
site with more than 15,000 new high-tech products
and household appliances was launched, dramatically
expanding the in-store offering. The brand new tab-
lets, must-have smartphones, 3-D televisions, digital
cameras, sat-navs, the latest IT equipment and even
coffee-makers are all available at very attractive
prices, promoted by regular special offers and fl ash
sales which boost footfall.
An ultra high-performance search engine, facilities for
comparing items and rankings of current top-selling
products all make it easier to shop online. À la carte
services—such as Carrefour’s “achat tranquille” (pur-
chase with peace of mind) guarantee—give Internet
users the assurances they need and the option of
tracking their purchases from order to arrival via their
own personal space on the website.
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42 Our offer
42
Carrrefour’ss servicces,
making custtomers’ lives easier
A central feature of people’s daily lives, Carrefour has developed a whole range of services
that meet their everyday needs and make shopping easier. From fi nancing solutions to leisure,
these services—like all Carrefour offerings—combine quality with the lowest possible prices—
yet more reasons to choose Carrefour.
agencies and fi nancial service
stands throughout the world
over 1,080
Financial services that meet customer needs
Over the last 30 years, Carrefour’s fi nancial and insur-
ance services have expanded considerably thanks
to three assets: the complementary nature of the
relationship between the hypermarket and fi nancial
services, the availability of its teams, and the accessibil-
ity of the offering. Carrefour strives to meet its custom-
ers’ needs and expectations, and has a wide range of
fi nancing, savings and insurance services. These include
its universal payment card, a range of personal loans
a n d c r e d i t
options, sav-
ings products
and car and
h o m e insur-
ance, as well as
complemen-
tary healthcare
and welfare. The banner is working on maximising the
accessibility of its multichannel offering. In France, for
example, it has sales outlets in all of its hypermarkets,
a dedicated website and an integrated call centre.
Carrefour now has more than 1,080 fi nancial services
branches and stands throughout the world, available to
advise more than 15 million customers.
In 2011, this Carrefour subsidiary switched its name
to Carrefour Banque in France and Carrefour Banca
in Italy. Elsewhere in the world, Carrefour has been
offering its Brazilian customers charge cards since
1989 and co-branded cards since 2008. Already pre-
sent in 163 stores in the country, Carrefour’s fi nancial
and insurance services are to be reinforced with the
partnership signed with Itau Unibanco, Brazil’s larg-
est private bank. Carrefour is also developing its
fi nancial services in other European countries, such
as Spain and Belgium, and on other growth markets,
mainly in Argentina, Colombia and Indonesia. In 2011,
for example, its Indonesian customers discovered its
new financial services, the Carrefour Mega Card
credit card and Carrefour Axa Assurance health and
travel insurance.
Carrefour has a responsible attitude to banking and pays
particular attention to ensuring that its customers’ bud-
gets are properly balanced and that they do not incur
high levels of debt.
Carrefour’s trade services
Carrefour Voyages (travel), Carrefour Spectacles (enter-
tainment) and Carrefour Mobile (phone), alongside the
Group’s gas stations, its utility vehicle rental facilities and
after-sales support are all services that enrich Carrefour’s
offering in the everyday lives of its customers and contrib-
utes to develop loyalty for the banner. In 2011, Carrefour
Voyages celebrated its 20th anniversary in France—
20 years of offering its customers holidays at the best
possible prices. To celebrate,
between March 28 and
April 9, 2011, customers were
able to take advantage of
exceptional offers and try their
luck at winning one of 20 trips
that were up for grabs. In Spain,
Carrefour Viajes is one of the
leading travel agencies and is pursuing a growth policy.
And Carrefour Argentina has introduced new in-store
services, including telephone cards, a pharmacy and an eye
care department—all operating under the Carrefour brand.
102
Carrefour Voyages
travel agencies
in France
Central to Carrefour,
its customer service department
In France, as in other countries in which the
Group operates, Carrefour’s customer service
department is responsible for developing
and maintaining customer relations remotely
in all stores throughout the country. It has more
than 300 employees answering customers’
requests by telephone, e-mail or post.
In 2011, France’s customer service department
handled more than 5.3 million requests,
involving greeting and listening to customers,
managing their complaints and providing
technical IT and telecoms assistance.
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In-store savings and
fi nancial services on a daily basis, it’s good to
be able to count on Carrefour.
Carrefour trips at low prices
to go on holiday with complete peace of mind.
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44 44
Our commitments
Carrefour fulfi ls its role as a responsible retailer
each and every day. It has been committed to being a leading
employer and a responsible company from the beginning.
Therefore, Carrefour continually carries out actions
benefi ting its employees, its customers and
all the stakeholders of its banners.
Fostering trust at Carrefour p.46 / Consuming with confi dence p.50
Contributing to protecting the environment p.54 / Working closely with our partners p.58
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46 Our commitments
46
FFFostering truuust
aat Carreefour
Carrefour employees bring the company to life every day and are the reason customers
place their trust in it. Acting as a responsible employer, developing employees’ skills
and promoting well-being through optimum organisation of work are the priorities of
Carrefour’s Human Resources policy, with a view to cultivating confi dence in the company
everyday.
A diverse workforce
With diverse business lines and a staff of people with
diverse profi les, Carrefour is a company that opens
its doors to all talent and gives everyone a chance.
Young or senior, with or without a degree, beginner
or experienced... Carrefour’s employees, just like its
customers, are all different. This diversity is a source
of strength for the Group.
over 412,000
Carrefour employees
around the world
To cultivate diversity, Carrefour is committed to
a policy of openness to all profi les and implements
a recruiting approach suited to the candidates.
Chats, webcam interviews and in-store career days
help facilitate contact with Carrefour’s teams and
promote recruiting in the areas where the stores
operate. In France, the opening of the hypermarket
in Aubervilliers in April 2011 led to the creation of
150 positions under fi xed-term contracts, all fi lled
by local residents.
In India, 98% of store staff is recruited locally, includ-
ing 15% young people without experience who
receive on-the-job training at Carrefour. The selec-
tion process also places priority on relationships.
Carrefour uses simulations in its hiring interviews,
in partnership with the employment agency. This is a
method which makes it possible to focus on the skills
and personality of French candidates, who partici-
pate in simulations in the form of practical exercises.
Finally, Carrefour is committed to helping people
enter the workforce. Carrefour hired 4,000 workers
under professionalisation or apprenticeship contracts
in France and carried out 95 recruiting sessions
at Chinese universities in 2011. In Argentina in 2011,
Carrefour began the
fourth edition of the
Sumando Volunta-
des por los Jóvenes
con Futuro, a pro-
gramme aimed at
securing employ-
ment for disadvan-
taged young people. Workforce integration also
includes workers with disabilities. By the end of 2011,
9,719 employees with disabilities were working within
the Group’s various entities.
over 120
different careers
available worldwide
Committed, caring, positive
These values are the basis of actions carried
out by Carrefour employees. They are naturally
part of the Group’s Human Resources policy,
which is founded on equality of opportunity,
progress and dialogue.
More equal gender
representation with the
“Women Leaders” programme
Diversity drives performance. This is the idea
behind the “Women Leaders” programme
launched in 2011 to promote women’s
careers and bring a more equal gender
representation to management teams.
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Showing our customers
and employees that we care,
that’s the Carrefour spirit.
A passion for trade is what underlies
all of Carrefour’s activities.
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48 Our commitments
48
Fostering trust
Developing talent
Listening to our customers, understanding the
changes in their lifestyles and meeting their needs
as closely as possible are essential for a retailer like
Carrefour. This is why training for employees,
throughout their entire career, is so important. It
helps employees increase their skills and further
their expertise, and is instrumental in supporting a
change of business line or promotion. This process
is founded upon the Carrefour People Model, which
defi nes the leadership principles and core compe-
tencies regarding the Group values, and upon the
HR Fundamentals, a reference tool of best human
resources practices shared with all the stores.
15.7 hours
of training on average per
employee in 2011(1)
Using an approach that identifies each employee’s
potential and facilitates the development of his or her
career, Carrefour offers opportunities that combine the
employee’s desires with the needs of the company.
The possibilities are numerous: change in responsibility,
business line, region, country or business unit. Training
and career development are closely connected. In 2011,
nearly 50% of the Group’s managers have risen up
through the internal promotion.
In China, a “butcher school” training programme
offered in 15 cities led to the delivery of 274 diplomas
in six months. In France, the “EvoluPro” training
programme allowed interested employees to take
languages courses to improve their mastery of
French. In Belgium, like in other Group countries, sec-
tion supervisors and assistants had the option of
attending the Carrefour Academy to earn an opera-
tions manager diploma.
Working conditions that are respectful for all
Every employee the world over wants to feel good in
his or her job and working environment. In each Group
country, Carrefour’s Human Resources team takes
measures to guarantee a workplace atmosphere and
working conditions that are welcoming and respectful
of all, thereby cultivating the optimum state of mind
for business. Carrefour remains in touch with its
employees’ needs and promotes an optimum balance
between work life and personal life.
Diplomas for employees
In France in particular, employees
without degrees can earn certifi cates
that are recognised in the retail
sector as a way to demonstrate their
expertise in the profession. In 2011,
2,094 people with work/study
contracts completed training at French
hypermarkets to obtain the Trade Employee
professional certifi cate.
(1) Or nearly 5.7 million hours of training provided throughout the Group.
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Fostering trust
Our commitments
49
49 49
Information Committee, created in 1990 to bring
together Carrefour’s European social partners, have
made it possible to maintain wide-ranging and
constructive discussions on social issues benefi ting
both the company and its staff. Conciliation proce-
dures were also quite active in the Group’s growth
markets in 2011. Carrefour is the fi rst group to open
a space for trade union dialogue in Colombia, lead-
ing to the creation of the country’s fi rst Carrefour
trade union in 2011. In China, Carrefour signed
80 trade union agreements in 2011, covering
minimum wage and company insurance, working
time, training, and occupational health and safety.
Professional elections
in Colombia
For the fi rst time in this country, the
cooperation between UNI America and
Carrefour made it possible to introduce true
union representation. Thousands of workers
joined, with a view to electing their union
representatives at 50 stores in 20 cities
in Colombia.
The pooling of work schedules, which allows check-
out staff to plan their worktime in accordance with
their wishes and customer traffi c, has been intro-
duced in over 200 stores in France and tested in
Belgium. An agreement signed for the supermarkets
in France also provides for a pilot inter-company
child day-care system, for cities with several
Carrefour market stores. In Spain the Carrefour Life
programme, which offers activities for employees
and their families, has 19,000 members, including
6,000 who joined in 2011. Employees receive training
and information on safety, nutrition and ways
to fi ght psychosocial risks with the “Confl ict Manage-
ment” module in France and “Employee Well-Being”
module in Taiwan. All of these measures promote
the well-being of Carrefour’s employee.
Open dialogue with employees
For Carrefour, discussion and dialogue are key vec-
tors of the confi dence it maintains with its custom-
ers and employees. The Human Resources team
introduces a wide range of measures to better
understand employees and to allow them to express
their needs. Throughout the entire Group, employ-
ees are invited to take part in an annual interview
with their managers to assess the past year, set new
goals and examine their career development objec-
tives. At collective level, anonymous consultation
sessions are held each year with a representative
sample of the staff. They help identify areas for
improvement and facilitate the development of
action plans. In 2011, in addition to the Listening to
Staff surveys launched over 20 years ago, Carrefour
carried out a comprehensive opinion survey to
assess employee motivation and commitment, as
well as the company ’s attractiveness as an
employer. Carrefour also places dialogue with staff
representatives among its core priorities. In 2011,
social dialogue was very active, leading to the sign-
ing of collective agreements and a great deal of
progress benefi ting employees. In Poland, 141 open
house events allowed trade union representatives
to meet with Carrefour employees. The various
meetings of the European Consultation and
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50 Our commitments
50
CCConsumming wwithh connfi ddencce
From the farm to the fork, Carrefour is committed to the quality, traceability and safety
of its products. Carrefour’s goal is to offer delicious and high quality products, respecting
the environment, products customers can trust.
Quality and safety: the DNA of Carrefour products
All the ranges developed for the Carrefour brand
comply with demanding quality and safety stand-
ards. Carrefour’s quality approach covers all the
steps in the product’s lifecycle, from its conception
by the Group’s quality teams, who are assisted in
some cases by recognised experts (nutritionists and
scientists), and its production by the supplier in
compliance with strict specifi cations, to supplier
audits during its listing and the product’s annual
monitoring plan.
40,689
quality inspections of imported
non-food products
Customer testers
Panel Test Carrefour®
Safety is guaranteed by several procedures aimed at
detecting any potential non-compliance: periodic
analyses by independent laboratories, a monitoring
network, and dialogue with consumers, the adminis-
tration, stores and suppliers. In the event of a non-
compliance that requires a product recall, an entirely
digital alert system informs French stores in real time.
The continuous product improvement approach is
based on customer feedback gathered via the cus-
tomer-service department and, since 2011, a panel of
customer testers who evaluate Carrefour’s core prod-
ucts for many criteria: quality and practicality of the
packaging, comprehensibility of the labels, use of
the product, taste and effectiveness. The Panel Test
Carrefour® provides customers with a valuable guar-
antee of product quality for Carrefour products.
Balanced nutrition in every department
With 100 million customer households throughout the
world, Carrefour is naturally committed to nutrition
and the Group works to pro-
mote balanced nutrition for all.
In particular, Carrefour takes
action through its wide offering
of low-priced quality products,
such as the Carrefour Discount
range, which makes balanced
nutrition affordable to all. The
Group also launches aware-
ness-raising campaigns aimed
at its customers, and works to
improve Carrefour product
recipes, reformulating them to
reduce the quantities of salt,
sugar and fat. The clear nutri-
tional information displayed
on these products allow consumers to choose
the products that are right for them.
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Preparing great dishes with quality
products for everyone to enjoy—
from the young to the young at heart.
Eating well while
consuming responsible and
eco-friendly products.
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52 Our commitments
52
Consuming with confi dence
Responsible ranges
C arrefour makes high - qualit y, eco -f riendly
products accessible to its customers. With nearly
2,300 food products worldwide, the Carrefour Bio
brand, launched in 1997, meets the expectations
of a consumer base that increasingly looks for
organic foods produced in environmentally
responsible ways. In 2005, Carrefour began offer-
ing non-food organic references such as textiles
and household linens. Then in 2006, Carrefour
launched the Carrefour ECOplanet range, which
was developed to help protect the environment.
This range now has 124 references. Carrefour ECO-
planet diapers are made of renewable materials
and are the first diapers sold in mass retail in
France to receive the NordicSwan label, the
offi cial eco-label of Scandinavian countries which
is recognised by ADEME, the French energy
management agency. In non-foods, this range was
expanded in 2011 to include toys made from
natural materials from sustainability forests,
decorated with water-soluble paints and pack-
aged with recycled materials. A growing number
of Carrefour ECOplanet products are made from
recycled materials, and some include cutting-
edge biotechnologies, such as cleaning products
for cars, and furniture designed with a natural
surfactant of bacterial origin, developed by the
CNRS, which offers a high degree of biodegrada-
bility. In food products, Carrefour ECOplanet
mainly consists of seafood with Marine Steward-
ship Council (MSC) certifi cation, which guarantees
responsible fi shing practices, and Forest Steward-
ship Council (FSC), which guarantees forest-pres-
ervation efforts.
In addition to the MSC labelled products, which
includes 39 references in France, Carrefour is com-
mitted to responsible fi shing practices to preserve
ocean resources. Its approach is particularly
advanced in France, where Carrefour has been
reviewing its procurement sources in partnership
with the WWF for the past 10 years. In this regard,
Carrefour has suspended its sales of Mediterranean
bluefi n tuna, stopped selling deep-sea fi sh like the
emperor fi sh and the blue ling, and reduced its sales
of grenadiers and cutlass fi sh.
GMO-free: the precautionary
approach
In 1996, Carrefour became the fi rst retailer
to adopt a precautionary approach to
Genetically Modifi ed Organisms (GMOs).
For over 10 years now, no Carrefour-brand
food product in Europe has contained GMOs.
In Brazil, together with many local partners,
the Group created traceable and GMO-free
soya meal networks. Each year,
200,000 tonnes of GMO-free soya are
produced in Brazil to feed animals in the
Carrefour Quality Lines or Carrefour brand
products, or over 300 products bearing the
GMO-free label. In France, Carrefour is the
only retailer to have taken this initiative,
which has been welcomed favourably
by consumer organisations and NGOs,
including the WWF. It was a visionary step:
on July 1, 2012, labelling of non-GMO foods
will enter into force throughout France.
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Consuming with confi dence
Our commitments
53
53 53
Products from quality lines
Offering quality products at the best price, using
the products of local producers and guaranteeing
them long-lasting outlets: these are the goals of the
Carrefour Quality Lines. Emblematic of Carrefour’s
sustainable development approach, its fresh-product
lines (meat, fi sh, cheese, fruit and vegetables) offer
economic, social and environmental benefi ts.
Carrefour takes its efforts further by offering Brazilian
consumers access to information on the traceability
of products from its Garantia de Origem lines. Using
the code printed on the packaging, they can access
detailed information including the name of the farm
and producer, location of the farm and the days the
product is sown, harvested and packaged. At the end
of 2011, 150 products from 360 suppliers had been
added to the online traceability tool.
In 2012, Carrefour celebrates the 20th anniversary
of its Carrefour Quality Lines, its partnership with
producers that includes 602 lines worldwide. In 2011,
new products lines have been added: nectarines and
peaches in Greece, grapes and apples in Turkey,
“bee tomatoes” in Taiwan, trout in Belgium, potatoes
in Romania, and more.
5,000
page views per month at
www.garantiadeorigem.com.br
Customers and employees
meeting CQL producers
In 2011, with a view to learning more
about the characteristics of the various
Carrefour Quality Lines, employees of
Brazilian stores visited sites where
Garantia de Origem products are made.
The production of pears, oranges and
trout no longer hold any secrets for these
employees, who are now better able to
provide information to customers as they
shop. In certain regions, customers were
also able to meet with the producers of
Garantia de Origem products. The Don
Pedro store in Campinas invited its
customers to learn about a vine tomato
producer in the region of Mogi Guaçu,
and certain customers of the Champagnat
store in Curitiba visited a vegetable
producer.
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54 Our commitments
54
CCContribbutingg to pproootecttingg thee ennnvirronment
As a responsible retailer, Carrefour takes action to reduce the environmental footprint
of its operations. Throughout the entire value chain, from procurement to activities at
the store, the Group is introducing more and more measures to preserve biodiversity
and natural resources, fi ght climate change and grow its business with respect for
the environment.
retailer in the WWF’s 2012
wood monitoring report
N° 1 among French
Carrefour helps to preserve forests
In 2010, with 15 years’ experience working to promote
responsible forest management and having achieved
recognised results, Carrefour decided to add a new
dimension to its responsible procurement policy to
reach for a new ambitious goal: towards zero defor-
estation by 2020.
The responsible procurement policy is now applied
throughout the entire Group, including in countries
directly affected by
deforestation, and
extends to all prod-
ucts and media that
can have an impact
on forest manage-
ment. These include
furniture and paper
for catalogues, packaging and cash-desk receipts, as
well as products containing items whose production
can affect forests. Carrefour makes priority use of
paper from forests with certifi cation from the Forest
Stewardship Council (FSC), produced with respect
for the environment and local populations. In 2011,
the Group stepped up its requirements by asking
the suppliers of its European central purchasing
offi ce to sign its wood charter. In particular, they
must undertake to ensure that their supply is legal
and to respect human rights. The effectiveness
of this proactive strategy has been recognised—
Carrefour ranked no.1 among responsible retailers
in WWF France’s 2012 wood monitoring report.
Another example: Carrefour has significantly
reduced the paper weight of the catalogues and
magazines it distributes in Europe. They are now
printed on paper composed of nearly 95% recycled
wood fi bres or from certifi ed forests, and the Group
is aiming to meet 100% by the end of 2012. Moreover,
the packaging of the Carrefour products is subject
to a volunteer eco-conception policy. The packaging
is designed to be both practical for the customer and
respectful of the environment.
The Group’s commitment to responsible forest
management also concerns its palm oil procurement
approach since the intensive production of this
product can lead to deforestation. In response to
these challenges, Carrefour set itself an ambitious
goal: use only sustainable palm oil for all of its own-
brand products by 2015. In 2010, Carrefour began
compensating its purchases of palm oil for its own-
brand products by buying GreenPalm certifi cates.
These certifi cates help fi nance the development
of production networks in the countries where palm
oil is produced. Over 400 food and cosmetics
references are now covered by these certifi cates.
100%
certifi ed sustainable palm oil by
2015 for Carrefour products
Moreover, the fi rst Carrefour products containing
certified palm oil are already available on store
shelves. In the second half of 2012, Carrefour will
take this commitment even further and offer the fi rst
Carrefour products containing certifi ed sustainable
palm oil as defi ned by the Roundtable on Sustain-
able Palm Oil (RSPO).
Palm oil: approach recognised
by the WWF
In November 2011, WWF France published
a report on the progress and challenges
in Indonesia in the framework of the “Palm oil,
from deforestation to necessary sustainability”
project. This report highlights Carrefour’s
actions to develop its international strategy
concerning sustainable palm oil. Its approach
with regard to small Indonesian producers
who comply with sustainability standards
is given particular focus.
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55 Our commitments
55
Closed refrigeration units: an important
step in protecting the environment.
Shop while protecting the planet
—customers can also trust
Carrefour to help them do that.
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56 Our commitments
56
Contributing to protecting the environment
Logistics optimisation is another key factor in the
fi ght against climate change, considering the mer-
chandise fl ows generated. To this end, Carrefour
places priority focus on alternative modes of trans-
port (waterway, rail and multimodal). In Italy for
example, the rail transport used daily to route mer-
chandise from the north to the south of the country
saved 26% in carbon emissions in 2011. Carrefour
France inaugurated the fi rst 100% electric lorry, is
testing the use of hybrid vehicles, rolling out a fl eet
of 130 silent lorries, and is investing in lorries com-
pliant with Euro IV and V standards as well as beam
lorries to optimise loading. But backhauling has
been particularly effective in reducing the number
of kilometres travelled by empty vehicles in France,
Italy and Argentina.
The fi rst hybrid lorries in France
Hybrid lorries are advantageous in that
they have both a diesel engine and an
electric engine. In France, Carrefour began
using the fi rst lorries of this kind for
deliveries to its city-centre stores in 2011.
These “next generation” vehicles reduce
greenhouse gas emissions and noise
disturbances during merchandise
delivery by 20%.
The Group’s action to reduce the impact
of its commercial operations
In keeping with its goal of improving the Group’s
energy effi ciency by 30% per square metre of sales
area by 2020 (compared with 2004 levels), Carrefour
is rolling out a large number of initiatives aimed at
reducing greenhouse gas emissions and fighting
climate change more effectively.
-22%
energy consumption (gas, fuel,
electricity) at stores (2011 vs. 2004)
The best practices of the store energy effi ciency pro-
gramme are being rolled out throughout the Group.
Centralised technical management is being developed
in France, Italy and India.
Carrefour France is test-
ing closed-door refriger-
ation cases, an innovation
that generates a 17%
energy savings while
improving customer
c o m f o r t a n d w a s
acknowledged in the
2011 LSA Innovation
Awards. Argentina and
India have adopted LED
lighting, and Carrefour
Indonesia has inaugu-
rated the country’s fi rst
store equipped solely
with LED lighting in partnership with Philips. The
second-leading source of Carrefour’s carbon emis-
sions after electricity is hydrofluorocarbon (HFC)
refrigerant fl uid. The Group has developed an action
plan aimed at eliminating the use of HFC fl uids in its
new refrigeration facilities by 2015 and achieving a
40% reduction in the emissions of stores in four
European countries (France, Spain, Italy and Belgium)
by 2020 compared to 2009 fi gures.
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Contributing to protecting the environment
Our commitments
57
57 57
Waste reduction and recycling
Reducing waste and optimising waste recycling
are major commitments for Carrefour. The Group is
committed to withdrawing all free disposable plastic
checkout bags at its hypermarkets and supermarkets
by the end of 2012. This was already achieved in
Europe in 2011, and is in progress in Brazil and Argen-
tina, where over one million reusable bags have been
distributed to get the movement started. Throughout
the world, Carrefour has been raising its customers’
awareness of the importance of sorting and recycling
by putting pictograms and waste sorting advice on
the packaging of its own-brand products. Spreading
information among employees about eco-friendly
habits and the introduction of waste-sorting in stores
helps improve recycling results.
Plastic bags to be eliminated
in Italy
On January 1, 2011, Carrefour stopped
selling disposable plastic bags in Italy,
and a wide-scale information campaign
aimed at promoting the use of reusable
bags among customers was launched:
Carrefour, per un mondo più verde
(Carrefour, for a greener world).
Integrating stores into their environment
Everywhere around the world, Carrefour is dedicated
to reducing the environmental impact of its operations
and works to improve the design and operations of its
stores. In France, Carrefour Property, which now
manages a part of the European property holdings, is
working to design worksites in compliance with the
Chantier Vert charter, which requires ordering parties,
suppliers and service providers to limit construction-
related disturbances and apply environment-protec-
tion measures from design to delivery of the site.
The projects are also designed in a sustainable
construction approach, as with the Carrefour shop-
ping centre in Chambourcy, the Carrefour market in
Auterive and the new shopping hub in La Chapelle
Saint-Luc, which aims at dual High Environmental
Quality (HEQ) certifi cate, and a “good” rating from
BREEAM, the international reference for the environ-
mental quality of buildings. The Carrefour market
in Mondonville, the fi rst HEQ certifi ed supermarket in
France, achieved signifi cant energy savings during
its fi rst year of operation: 57% for lighting and 62%
for heating. In Argentina, the EcoAmiga stores meet
this same objective: develop responsible commerce
at all levels of the store.
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58 Our commitments
58
WWWorkinng closssely witth ouur paartnnerrrs
Everywhere it operates, Carrefour develops relationships of trust with its suppliers,
plays a part in local development and works closely alongside local communities.
sible trade. At the end of 2011, the tool was rolled out
in all the Group’s countries. Regular inspections of
suppliers are carried out to measure progress, and
reward the most remarkable results with the Carrefour
Sustainable Development Awards. In the 2011 awards,
recognition went to the organic fl our used to make the
organic bread, and the eco-design of Carrefour quilts
and pillows.
6 ,300
Carrefour product supplier
sites worldwide use
the self-assessment tool
20,000
Partner to SMEs and local producers
Carrefour promotes local procurement by creating
strong partnerships with its suppliers of fresh produce
and products sold under its brand, such as its local
ranges Refl ets de France and Terre d’Italia. To offer its
customers Carrefour Quality Line products, the Group
works with producers, introducing contractual commit-
ments on dura-
tion and purchase
volumes ahead of
production.
This approach
makes it possible
to delight con-
s u m e r s w h i l e
ensuring the economic development of an area and its
production networks. To form successful and long-term
relationships, Carrefour offers a number of training
programmes to its suppliers, for example in Colombia
and India, and continues to roll out its sustainable devel-
opment self-assessment tool.
Carrefour product suppliers can use this tool to evalu-
ate their own sustainable development practices,
compare their results to the sector average and intro-
duce concrete action aimed at achieving more respon-
partner producers in the
Carrefour Quality Line
network in France
“Carrefour’s quality
standards are very high.
Thanks to this partnership,
I have been able to expand
my operations. The volume
that Carrefour guarantees
me gives me peace of
mind and lets me make
future plans.”
Franck D.
Carrefour Quality Line for veal, Isère, France
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Our commitments
59
59 59
The Group helps its suppliers to understand and
apply regulations and, before entering into a trade
relationship with them, requires that they adhere to
the Carrefour Social and Ethical Charter, which is
founded on the principles of the Declaration of
Human Rights, the International Labour Organisation,
the Global Compact and the code of the Global Social
Compliance Programme (GSCP). Social audits make
it possible to verify its compliance and introduce any
corrective action needed. 1,205 social audits
performed in 2011.
Direct purchases from
small-scale fruit and
vegetables producers
As soon as it can, Carrefour in China
carries out direct purchases from
local farmers without relying upon
the usual intermediaries. This approach
provides them with fair compensation
for their produce as well as new outlets,
while meeting customers’ growing
demand for fresh products at the best
price. Since 2008, this programme
has benefi ted over 950,000 farmers,
who have sold over 220,000 tonnes
of produce to Carrefour.
Driving local life
Carrefour’s local procurement strategy helps drive the
economy and ensure employment in the places the
Group operates. Local recruiting makes Carrefour
stores into important sources of employment: each
hypermarket employs an average of 400 people.
Carrefour’s 5,100 convenience stores bring life and cre-
ate social ties in neighbourhoods and villages. Carrefour
is committed to promoting education. Its sponsorship
programme One Store, One School in India, for exam-
ple, gives families hope for the future and strengthens
ties between the banner and local communities.
Serving the disadvantaged
In all the countries in which it operates, Carrefour
puts its skills at the service of solidarity through its
Corporate Foundation at international level or at
country level through initiatives conducted by staff.
The Carrefour Foundation supports the work of
local organisations in areas related to the Group’s
expertise: food programme, through the donation
of products, in-store collection drives, the opening
of social grocery stores and the implementation of
nutrition programmes for the disadvantaged;
professional integration through training, support
with micro-lending, assistance for job seekers and
the creation of agricultural products lines; and
emergency aid with the organisation of Group teams
and logistics during natural disasters affecting local
communities. In 2011, the Carrefour Foundation
supported 38 projects in 13 countries.
Stores showing solidarity.
The equivalent of 84 million meals
donated each year to local
charitable organisations
in France.
For more information, see the Carrefour Foundation’s
2011 Annual Report at
www.fondation-carrefour.org.
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60 60
Governance
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62
62
Governance
Board of Directors
The Board of Directors is a collective body which represents all shareholders and acts in the company’s
interest 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 l 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 and 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 Board of Directors is chaired by Georges Plassat.
Robert Halley
Honorary Chairman
Georges Plassat
Chairman and Chief Executive Offi cer
Born on March 25, 1949. French.
Appointment date: May 23, 2012
(proposed for ratifi cation on June 18, 2012).
Term of offi ce proposed for renewal on June 18, 2012.
Georges Plassat is a graduate of the École Hôtelière de Lausanne and
Cornell University in the United States. He worked for Casino Group from
1983 to 1997, as Marketing Director, then subsequently as Chief Executive of
the Group’s catering division (1988-1990), Chief Executive of Casino France
(1990-1992), Managing Director (1992-1994), Vice-Chairman of the
Management Board (1994-1996), then Chairman of the Management Board
(1996-1997) of the Casino Group. He then joined the Carrefour group as
Executive Director for Spain and Chief Executive of Pryca (1997-1999). In
2000, he became Chairman of the Management Board of Vivarte Group
(formerly the André Group), and subsequently its Chairman and Chief
Executive Officer in 2004. On April 2, 2012, Georges Plassat joined
Carrefour as its Chief Operating Offi cer. He was named Chairman of the
Board and Chief Executive Offi cer of Carrefour on May 23, 2012.
Sébastien Bazin
Vice-Chairman
Born on November 9, 1961. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on May 4, 2010.
From 1985 to 1990, Sébastien Bazin worked fi rst for the Clore Group, then for
the Painewebber Group in New York, San Francisco and London. From 1990
to 1992, he 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 Principal, Managing Director of Colony Europe.
Other appointments:
Principal, Managing Director of Colony Europe, Chairman and CEO of
SESE (Société d’Exploitation Sports et Évènements) and HSE (Holding
Sports et Évènements), Board member of Accor, Edenred, Moonscoop IP,
La Tour Réseau de Soins (Switzerland) and Permanence de la Clinique de
Carouge (Switzerland), Managing Director of Sisters Soparfi SA
(Luxembourg), member of the Supervisory Board of ANF (Les Ateliers du
Nord de la France), Chairman (SAS) of Colillkirch France SAS, Colfi lm,
Bazeo Europe SAS and Colony Capital SAS, Managing Director (SAS) of
Toulouse Canceropole and COLSPA SAS, Manager (SARL) of CC Europe
Invest, Manager of Nina (SCI) and La Tour SARL (Switzerland), Member of
the Supervisory Board of the Gustave Roussy Foundation.
René Abate*
Born August 27, 1948. French.
Number of shares held in the Company: 10,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on April 28, 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 fi elds of strategy and organisation to large
companies in various sectors, notably in fast moving consumer goods,
food and specialty retailing. He served successively as Senior Vice-
President, responsible for overseeing the fi rm in France; Group Chairman
for Europe; and World Executive Committee member, positions from
which he resigned in 2006. He currently acts as Senior Advisor.
Mr. Abate’s term as director of Carrefour will not be proposed for renewal
on June 18, 2012.
Other appointments:
Managing Partner of Delphen SARL; Member of the Board of Directors
of Atos Origin and of Laboratoire Français du Fractionnement et des
Biotechnologies.
Bernard Arnault
Born on March 5, 1949. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on June 21, 2011.
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 Chairman and CEO in 1978. He held this
position until 1984, when he became Chairman and Chief Executive
Offi cer of Financière Agache SA and Christian Dior SA. He reorganised
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
*Independent person.
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Governance
63
63
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, of Louis Vuitton for Creation
(Corporate Foundation), Chairman of Groupe Arnault SAS, Member of the
Board of Directors 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.
Nicolas Bazire
Born on July 13, 1957. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on April 28, 2009.
Term of offi ce proposed for renewal on June 18, 2012.
Nicolas Bazire was a junior offi cial and later public auditor at France’s
Cour des Comptes. In 1993 he became Cabinet Director for French
Prime Minister Édouard Balladur. He served as a Managing Partner at
Rothschild & Cie Banque from 1995 to 1999, when he was named
Chairman of the Conseil des Commanditaires. He has been Managing
Director of Groupe Arnault SAS since 1999.
Other appointments:
Managing Director of Groupe Arnault SAS, Member of the Board of
Directors of LVMH Moët Hennessy-Louis Vuitton, Atos Origin and Suez
Environnement, and Member of the Supervisory Board of Rothschild
& Cie Banque SCS.
Jean-Laurent Bonnafé
Born on July 14, 1961. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on June 21, 2011.
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. In
2002, he became Head of French Retail Banking, Director of Networks for
French Retail Banking and a member of the BNP Paribas Executive
Committee. In 2008, Mr. Bonnafé was appointed Chief Operating Offi cer and
managed the Group’s retail banking activities. Jean-Laurent Bonnafé was
appointed Chief Executive Offi cer of BNP Paribas on December 1, 2011.
Other appointments:
Member of the Board of Directors and Chief Executive Offi cer of
BNP Paribas, Director of BNP Paribas Personal Finance, BNL-Banca
Nazionale del Lavoro (Italy) and BNP Paribas Fortis.
Thierry Breton*
Born on January 15, 1955. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on May 4, 2010.
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 class), a security studies institute. In 1986,
he 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. He 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 Chairman and CEO
of France Telecom (2002-2005), he was France’s Minister for the Economy,
Finance and Industry between February 25, 2005 and May 16, 2007, before
becoming a professor at Harvard University (USA) for “Leadership,
Corporate Accountability”. He then became Chairman of the Management
Board of Atos Origin in November 2008.
Other appointments:
Chairman and CEO of Atos Origin.
René Brillet*
Born on August 1, 1941. French.
Number of shares held in the Company: 270,250.
Appointment date: July 28, 2008.
Term of offi ce renewed on June 21, 2011.
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 Organisation 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
finally 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 February 28, 2004.
Other appointments:
Member of the Board of Directors of Électricité et Eaux de Madagascar.
Charles Edelstenne*
Born on January 9, 1938. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on May 4, 2010.
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:
Chairman and 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 Directors
of Thales SA, Sogitec Industries and 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.
Diane Labruyère-Cuilleret*
Born on November 27, 1968 French.
Appointment proposed on June 18, 2012.
A graduate of HEC Paris, UC Berkeley and Fundação Getulio Vargas in São
Paulo, she began her career with the Agence Française de Développement,
*Independent person.
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64 Governance
64
Board of Directors
managing agro-industrial projects in Portuguese-speaking Africa. She was
then recruited by the PARIDOC purchasing centre, where she developed
its Research and Marketing department. From there, she moved to
Carrefour to become Director of Purchasing and Product Marketing. In
2002, she founded the Institut Robin des Bois (Robin Hood Institute)
in Geneva, a private foundation fi nancing projects, primarily in Africa, in
the fi elds of health, education and microfi nance. In 2007, she joined the
family business Labruyère & Eberlé, where she continues to expand its
food distribution activities.
Other appointments:
President of the Institut Robin des Bois, Member of the Board of Directors
of Fondation Antenna Technologies (Geneva).
Mathilde Lemoine*
Born on September 27, 1969. French.
Number of shares held in the Company: 2,000.
Appointment date: May 20, 2011.
Term of offi ce proposed for renewal on June 18, 2012.
After obtaining a PhD in Economics, Mathilde Lemoine began her career
as a post-graduate researcher (ATER) and then teaching assistant for the
Healthcare Economics and Management Chair at the French Political
Science Foundation (from 1996 to 1999). In 2000, she was the economist
and general secretary for the French Economic Observatory (OFCE)
before serving as technical advisor for macroeconomic and globalisation
issues for the Foreign Trade Minister from 2002 to 2005. She was also the
foreign trade and globalisation advisor for the ministers of the Economy,
Finance and Industry (2004-2005). She then served as the advisor on
macroeconomics and taxation for the Prime Minister (2005-2006). Since
2006 she has been the Economist and Director of Economic Research and
Market Strategy at HSBC France and the Economist for the HSBC Group.
She is also a member of the French Council of Economic Analysis (CAE)
and the French National Economic Commission (CEN) and Professor at
the Institut d’ Études Politiques in Paris. Member of the second
“Commission pour la libération de la croissance” and rapporteur of the
Climate and Energy Conference, Mathilde Lemoine has published
numerous articles on national and international economic trends as well as
on structural transformations.
Bertrand de Montesquiou*
Born on July 1, 1947. French.
Appointment proposed on June 18, 2012.
Bertrand de Montesquiou is a graduate of the École des Hautes Études
Commerciales (1969). He continued his education at the Faculté des
Lettres et Sciences Humaines de Nanterre and at the Université de Paris
Dauphine. From 1972 to 1980 he worked for the Paris Stock Exchange as
portfolio manager for Roth le Gentil-Varangot, then for Sellier, where he
became Proxyholder in 1976 and was awarded a professional certifi cation
as Stockbroker in 1977. In 1980, he joined the family-owned retail group
Guyenne et Gascogne, Carrefour’s partner in the south-west and in
Spain, where he served as an attaché to the company’s general
management. He was appointed Chief Executive Officer in 1983,
Chairman and Chief Executive Officer in 1986, and has served as
Chairman of the Management Board since 1996. He is also Vice-
Chairman and Chief Executive Offi cer of Sogara SAS and Vice-Chairman
of Centros Comerciales Carrefour (Spain).
Georges Ralli*
Born on July 23, 1948. French.
Appointment proposed on June 18, 2012.
Georges Ralli holds a post-graduate qualifi cation in Banking and Finance
from the Université de Paris-V, and is a graduate of the Institut d’Études
Politiques de Paris (economics and finance section) and the Institut
Commercial de Nancy. He joined Crédit Lyonnais in 1970 where he served in
several management positions until 1981 (General Accounting Research
Department responsible for monitoring regulatory ratios and consolidation
procedures for the Group’s Alsace Regional Department in charge of
corporate customers—Financial Affairs Department responsible for the
primary equity market business). In 1982, he served as Secretary of the
Commission for the Development and Protection of Savings. Then, from
1982 to 1985, he was Director of the Financial Negotiations Department at
Crédit du Nord (primary equity and bond markets, mergers and
acquisitions, proprietary investment). He joined Lazard in 1986 to develop its
primary equity markets business. He joined the mergers and acquisitions
department in 1989, becoming managing partner in 1993 then jointly
heading the mergers and acquisitions department of Lazard LLC starting in
1999. Since 2000, Georges Ralli has been Managing Director and Deputy
Chairman of the Lazard LLC Executive Committee (USA). In 2006, he was
appointed Co-Chairman of Lazard’s European Investment Banking
Committee, simultaneously serving as head of Maison Française until 2010.
As Chairman of Maison Lazard SAS**, until this year he managed the
European Mergers and Acquisitions business. He continues to manage the
European asset management and private banking businesses (President of
Lazard Frères Gestion and Lazard Wealth Management Europe).
Other appointments:
Chairman of Lazard Frères Gestion SAS, Managing Partner of Compagnie
Financière Lazard Frères SAS, Lazard Frères SAS**, Lazard Frères Gestion
SAS, Member of the Board of Directors of Chargeurs SA, Silic SA and
Véolia Environnement SA, Member of the Supervisory Board of VLGI
SAS**, Deputy Chairman and Managing Director of Lazard Group LLC
(USA), Chief Executive of Lazard’s European Investment Banking Business
** (USA), Co-chairman of Lazard’s European Investment Banking
Committee** (USA), Chairman of the Advisory Board of Lazard GmbH**
(Switzerland), Member of LFCM Holding LLC (USA), Advisory Committee
of Lazard BV** (Belgium), European Advisory Board of Lazard** (USA),
Member of the Board of Directors of Lazard Wealth Management Holding
SL (Spain), of LAZ-MD Holding LLC (USA), Lazard Asesores Financieros
SA** (Spain), Lazard AB** (Sweden), Lazard & Co SrL** (Italy) and Lazard
Investments SrL** (Italy).
** Positions which will be abandoned during 2012.
Amaury de Seze*
Senior Independant Director
Born on May 7, 1946. French.
Number of shares held in the Company: 12,500.
Appointment date: July 28, 2008.
Term of offi ce renewed on June 21, 2011.
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 CEO,
Chairman and CEO 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
*Independent person.
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Board of Directors
Governance
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65
Paribas Group in 1993 as a Member of the Management Board of
Compagnie Financière de Paribas and of Paribas Bank, in charge of
equity holdings and industrial affairs, and then served as Manager of
the Equity Holdings Division of BNP Paribas Bank. He served as
Chairman of PAI Partners from 1998 to December 2007.
Other appointments:
Vice-Chairman of Power Financial of Canada, Board Member of
BW Group, Bruxelles Lambert Group, Erbe, Pargesa Holding SA,
Suez Environnement and Imerys, Member of the Supervisory Board
of PAI and Publicis Groupe.
Anne-Claire Taittinger*
Born on November 3, 1949. French.
Number of shares held in the Company: 1,000.
Appointment date: July 28, 2008.
Term of offi ce renewed on May 4, 2010.
A n n e - C l a i re Ta it ti n g e r g r a d u ate d f ro m th e I n s tit ut d ’ Ét u d e s
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 G roup in 1 979 as Corporate Secretar y, then
became Chairman and CEO of Compagnie Financière Deville. She
was successively Chairman and CEO of Compagnie Financière
Le b la n c a n d of EL M - Le b la n c , V ice - C h airm a n a n d C EO of th e
Industrial Division of Deville, Chairman and CEO of Parfums Annick
Goutal France USA and then of Baccarat. She became CEO and
subsequently Chairman of the Management Board of the Société du
Louvre in 1997. In 2002 she became Chairman of the Management
Board of the Taittinger Group as well as CEO of its subsidiary, the
Louvre Group, in conjunction with the separation of functions of
Chairman of the Board and CEO. She left these positions in July
2006 upon a change in the shareholder base at the Taittinger Group.
Other appointments:
Director and Chairman of the Appointments, Remuneration and Corporate
Governance Committee of Club Méditerranée, Director of Financités
and the IFA (Institut Français des Administrateurs), member of
the Supervisory Board of Planet Finance, Chairman of SAS Le Riffray,
Chief Executive Offi cer of SAS DFT Immobilier.
The Committees of the Board of Directors
The Board of Directors has three specialised committees: the Accounts and Audit Committee, the Compensation Committee
and the Nominations Committee.
Accounts and Audit Committee
The Committee’s duties include particularly monitoring the process of
preparing fi nancial information, the effectiveness of the internal control and
risk management systems, the auditing of the annual and consolidated
fi nancial statements by the statutory auditors and the independence of the
statutory auditors. The Committee examines all issues relating to financial
statements and fi nancial documents: choice of accounting reference data,
forecasts, analytical results, prudential standards, the calculation of profi tability
and all accounting issues with a methodological signifi cance or likely to give
rise to potential risks. The membership of the Committee is as follows:
Chairman: Mathilde Lemoine*.
Members: Sébastien Bazin, René Brillet*.
Compensation Committee
The Compensation Committee is particularly responsible for reviewing all
issues relating to the personal status of corporate officers, including
remuneration, pension benefi ts, company subscription or purchase options
and provisions governing the departure of members from the company’s
management and representative bodies. It reviews the terms, amounts and
allocation basis of stock-option plans. It also reviews the conditions for
allocating free shares. It is consulted on the remuneration policy for top
management. The membership of the Committee is as follows:
Chairman: Thierry Breton*.
Members: Sébastien Bazin, René Brillet*.
Nominations Committee
The Nominations Committee is particularly responsible for proposing
to the Board of Directors the Chairman’s nomination. In consultation
with the Chairman, it is also charged with recommending candidates
for Chief Executive Offi cer and, if applicable, Chief Operating Offi cer
to the Board of Directors. The Committee assesses the chairman’s
performance outside of his or her presence. It evaluates the Chief
Executive Offi cer’s performance and, if applicable, that of the Chief
Operating Offi cer, outside of the presence of the interested parties. It
is also responsible for reviewing preparator y measures for the
transition to the corporate officers’ new term of office. It makes
recommendations to the Board of Directors on the appointment of
committee chairmen and members. It is also charged with assessing
Directors’ independence and reporting its findings to the Board of
Directors. If necessary, the Committee reviews situations that result in
a director’s repeated absence. It also assists the Board of Directors in
adapting Carrefour’s corporate governance practices and assessing
their operation. It examines the Chairman’s draft report on corporate
governance and any other document required by law or regulations.
With the Chairman, it prepares for Shareholders’ Meeting discussions
regarding proposals for Director nominations.
The membership of the Committee is as follows:
Chairman: Anne-Claire Taittinger*.
Members: René Abate (until June 18, 2012), Nicolas Bazire
* Independent Director.
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66
66
Financial statements
Consolidated fi nancial statements
The 2010 comparative information presented in this report has been restated to refl ect the classifi cation
of discontinued operations in accordance with IFRS 5. These restatements are described in Note 4 of the
2011 Financial Report.
The Consolidated Financial Statements are presented in millions of euros, rounded to the nearest million.
As a result, there may be rounding differences between the amounts reported in the various statements.
Consolidated income statement
(in millions of euros)
Net sales
Loyalty programme costs
Net sales net of loyalty programme costs
Other revenue
Total revenue
Cost of sales
Gross margin from recurring operations
Sales, general and administrative expenses
Depreciation, amortisation and provisions
Recurring operating income
Non-recurring income and expenses, net
Operating income
Finance costs and other fi nancial income and expenses, net
Finance costs, net
Other fi nancial income and expenses, net
Income before taxes
Income tax expense
Net income from companies accounted for by the equity method
Net income from continuing operations
Net income from discontinued operations
Net income for the year
Group share
of which net income from continuing operations
of which net income from discontinued operations
Attributable to non-controlling interests
(1) Restated, see Note 4 in the 2011 Financial Report.
Basic income per share
(in euros)
Income from continuing operations per share
Income from discontinued operations per share
Basic income per share – Group share
Diluted income per share
(in euros)
Income from continuing operations per share
Income from discontinued operations per share
Basic income per share – Group share
Calculation details are provided in Note 15 in the Financial Report 2011.
2011
81,271
(816)
80,455
2,309
82,764
(64,912)
17,852
(13,969)
(1,701)
2,182
(2,662)
(481)
(757)
(482)
(275)
(1,238)
(1,002)
64
(2,176)
2,580
404
371
(2,202)
2,573
33
2011
(3.35)
3.91
0.56
2011
(3.35)
3.91
0.56
2010(1) % change
80,511
(774)
79,737
2,103
81,840
(63,969)
17,871
(13,494)
(1,675)
2,701
(999)
1,703
(648)
(545)
(103)
1,055
(610)
34
479
90
568
433
340
93
135
0.9%
5.5%
0.9%
9.8%
1.1%
1.5%
(0.1%)
3.5%
1.5%
(19.2%)
-
(128.2%)
16.9%
(11.6%)
167.6%
(217.4%)
64.3%
88.7%
(554.7%)
-
(28.9%)
(14.3%)
(746.8%)
-
(75.8%)
2010
0.50
0.14
0.64
% change
na
na
(11.6%)
2010
0.50
0.14
0.64
% change
na
na
(11.6%)
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Consolidated statement of comprehensive income
(in millions of euros)
Net income for the year
Effective portion of changes in the fair value of cash fl ow hedges(2)
Change in the fair value of available-for-sale fi nancial assets(2)
Exchange differences on translating foreign operations(3)
Other comprehensive income after tax
Total comprehensive income
Group share
Attributable to non-controlling interests
Financial statements
67
67
2011
404
(14)
(2)
(324)
(340)
64
72
(9)
2010(1)
568
(13)
2
651
639
1,208
1,014
194
(1) Restated, see Note 4 in the 2011 Financial Report. (2) Presented net of the tax effect (see Note 16 of the 2011 Financial Report for details). (3) The negative net exchange difference on
translating foreign operations in 2011 mainly refl ects the decline in the Brazilian, Polish and Turkish currencies against the euro during the period.
The effect of reclassifying to the income statement gains and losses on cash fl ow hedges and available-for-sale fi nancial assets is
presented in Note 12 in the 2011 Financial Report. The deconsolidation of operations in Thailand and the Dia sub-group (see Note 3
—Signifi cant events—in the 2011 Financial Report) led to the reclassifi cation to the income statement of cumulative negative exchange
differences of 26 million euros, reported in the consolidated income statement under “Net income from discontinued operations”.
Consolidated statement of fi nancial position
(in millions of euros)
ASSETS
Goodwill
Other intangible assets
Tangible fi xed assets
Investment property
Investments in companies accounted for by the equity method
Other non-current fi nancial assets
Consumer credit granted by the fi nancial services companies – long-term
Deferred tax assets
Non-current assets
Inventories
Commercial receivables
Consumer credit granted by the fi nancial services companies – short-term
Other current fi nancial assets
Tax receivables
Other assets
Cash and cash equivalents
Assets held for sale(1)
Current assets
TOTAL ASSETS
SHAREHOLDERS’ EQUITY AND LIABILITIES
Share capital
Consolidated reserves and (loss)/income for the year
Shareholders' equity – Group share
Shareholders’ equity attributable to non-controlling interests
Total shareholders’ equity
Long-term borrowings
Provisions
Consumer credit fi nancing – long-term
Deferred tax liabilities
Non-current liabilities
Short-term borrowings
Suppliers and other creditors
Consumer credit fi nancing – short-term
Tax payables
Other payables
Liabilities related to assets held for sale(1)
Current liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
12/31/2011
12/31/2010
8,740
966
13,771
507
280
1,433
2,236
745
28,676
6,848
2,782
3,384
911
468
969
3,849
44
19,254
47,931
1,698
4,919
6,617
1,009
7,627
9,513
3,680
419
586
14,198
2,159
15,362
4,482
1,319
2,785
0
26,106
47,931
11,829
1,101
15,297
536
256
1,542
2,112
766
33,440
6,994
2,555
3,444
1,811
621
1,043
3,271
472
20,210
53,650
1,698
7,886
9,584
979
10,563
10,365
3,188
493
560
14,605
2,715
16,796
4,527
1,298
2,824
321
28,481
53,650
(1) Assets held for sale and related liabilities correspond:
– in 2010, to certain assets and liabilities in Italy and Russia, certain Dia Spain assets and liabilities associated with operations in Thailand (see Note 3 in the 2011 Financial Report);
– in 2011, to shares in the Altis Group which was accounted for by the equity method in 2010 (see note 3 in the 2011 Financial Report) and certain assets in Italy.
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68
68
Financial statements
Consolidated fi nancial statements
Consolidated statement of cash fl ows
(in millions of euros)
(LOSS)/INCOME BEFORE TAXES
CASH FLOWS FROM OPERATING ACTIVITIES
Taxes
Depreciation and amortisation expense
Capital gains and losses on sales of assets
Change in provisions and impairment
Dividends received from companies accounted for by the equity method
Impact of discontinued operations
Cash fl ow from operations
Change in working capital requirement
Impact of discontinued operations
Net cash from operating activities (excluding fi nancial services companies)
Change in consumer credit granted by the fi nancial services companies
Net cash from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment and intangible assets(2)
Acquisitions of fi nancial assets
Acquisitions of subsidiaries
Proceeds from the disposal of subsidiaries
Proceeds from the disposal of property and equipment and intangible assets(3)
Proceeds from disposals of investments in non-consolidated companies
Investments net of disposals
Other cash fl ows from investing activities(4)
Impact of discontinued operations(5)
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issues
Acquisitions and disposals of investments without any change of control
Dividends paid by Carrefour (parent company)
Dividends paid by consolidated companies to non-controlling interests
Change in treasury stock and other equity instruments(6)
Change in current fi nancial assets
Issuance of bonds
Repayments of bonds
Other changes in borrowings
Impact of discontinued operations(5)
Net cash used in fi nancing activities
Net change in cash and cash equivalents before the effect of changes in exchange rates
Effect of changes in exchange rates
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
2011
(1,238)
(712)
1,795
(155)
2,643
26
217
2,577
(117)
(111)
2,348
(229)
2,118
(2,330)
(30)
(41)
7
495
21
(1,878)
151
1,329
(398)
37
(13)
(708)
(103)
(126)
853
500
(1,442)
(190)
23
(1,170)
551
27
578
3,271
3,849
2010(1)
1,055
(589)
1,740
(74)
771
12
478
3,392
(729)
158
2,821
(84)
2,736
(1,832)
(46)
(97)
15
196
51
(1,712)
(274)
(320)
(2,307)
17
218
(740)
(124)
(943)
221
1,978
(1,000)
(71)
101
(344)
86
(115)
(29)
3,300
3,271
(1) Restated, see Note 4 in the 2011 Financial Report.
(2) The increase expenditure on property and equipment and intangible assets in 2011 corresponds mainly to store remodelling costs to support deployment of the new hypermarket
format in Europe.
(3) Disposals of property and equipment and intangible assets in 2011 include the sale of a portfolio of 97 supermarket properties (“Chambolle transaction”, see Note 3 in the 2011
Financial Report).
(4) Including changes in amounts due to suppliers of non-current assets (increases of 206 million euros in 2011 and 159 million euros in 2010).
(5) The impact of discontinued operations in 2011 corresponds to the distribution of shares in the Dia sub-group and completion of the sale of operations in Thailand (see Note 3 in the
2011 Financial Report).
(6) The netcash outfl ow of 943 million euros in 2010 concerns the purchase and subsequent cancellation of 25,566,716 Carrefour shares under the shareholder-approved buyback
programme.
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Consolidated fi nancial statements
Financial statements
69
69
Consolidated statement of changes in shareholders’ equity
Share capital
Translation
reserve
Fair value
reserve(1)
Other consoli-
dated reserves
and net income
for the year
Shareholders’
equity—Group
share
Non-control-
ling interests
Total
shareholders’
equity
1,762
180
(38)
8,212
10,116
798
10,914
(in millions of euros)
Shareholders’ equity
as of December 31, 2009 (restated)
Restatement related
to corrections of errors
Shareholders’ equity
as of January 1, 2010 (restated)
Net income for the year
Other comprehensive income after tax
Total comprehensive income
Share-based payments
Treasury stock (net of tax)(2)
2009 dividend payment
Change in capital and additional
paid-in capital
Effect of changes in scope of
consolidation and other movements
Shareholders’ equity as of
December 31, 2010 (restated)
Net income for the year
Share-based payments
Treasury stock (net of tax)
2010 dividend payment
Distribution of Dia shares(3)
Change in capital and additional
paid-in capital
Effect of changes in scope of
consolidation and other movements(4)
Shareholders’ equity at
December 31, 2011
1,762
180
(38)
598
598
(17)
(17)
0
(64)
0
(45)
(45)
8,168
433
433
25
(871)
(740)
0
148
10,072
433
581
1,014
25
(935)
(740)
0
148
1,698
778
(55)
7,162
9,584
371
27
398
29
(73)
(708)
(2,230)
(56)
371
(299)
72
29
(73)
(708)
(2,230)
0
(56)
(45)
10,870
568
639
1,207
25
(935)
(842)
31
207
10,563
404
(340)
64
29
(73)
(813)
(2,230)
36
51
798
135
58
194
(102)
31
59
979
33
(42)
(9)
(105)
36
107
Other comprehensive income after tax
Total comprehensive income
0
(320)
(320)
(6)
(6)
1,698
458
(61)
4,521
6,617
1,009
7,627
(1) This item comprises:
- the effective portion of changes in the fair value of cash fl ow hedges;
- cumulative changes in the fair value of available-for-sale fi nancial assets.
(2) Including the effect of the shar buyback plan announced on April 15, 2010. Under the shareholder-approved plan, a total of 25,566,716 shares were bought back on the market during
2010 and subsequently canceled on December 13, 2010, for an amount of 923 million euros.
(3) Impact of the distribution of Dia shares on July 5, 2011 (see Note 3 in the 2011 Financial Report).
(4) Including the impact of changes in fi nancial liabilities for put options written over non-controlling interests in subsidiaries.
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Addresses of main subsidiaries
Addresses
71 71
Indonesia
PT Carrefour Indonesia
JI. Lebak Bulus Raya No. 8
Jakarta 12310
Tel.: +62 21 2758 5800
Fax: +62 21 2758 5829
Malaysia
Carrefour Malaysia
Magnifi cent Diagraph
Sdn Bhd
No. 3 Jalan SS 16/1
47500 Subang Jaya
Selangor Darul Ehsan
Tel.: +60 3 5631 2000
Fax: +60 3 5631 3373
Taiwan
Carrefour Taiwan
5F, No. 136. Daye Rd.,
Beitou Dist, Taipei City
Tel.: +886 2 2898 1999
Fax: +886 2 2898 2633
Singapore
Carrefour Singapore
No.8, Temasek Boulevard
#04-01/02/03
Suntec Tower Three
Singapore 038988
Tel.: +65 6333 6868
Fax: +65 603 63 33 6178
GROUP
Carrefour
Head Offi ce
33 avenue Émile Zola
TSA 55 555
92649 Boulogne
-Billancourt Cedex
Tel.: +33 (0)1 41 04 26 00
Fax: +33 (0)1 41 04 26 01
FRANCE
Carrefour France
102 rue de Paris – BP 83
91300 Massy
Tel.: +33 (0)1 69 19 30 00
Fax: +33 (0)1 69 19 30 99
EUROPE
Belgium
Carrefour Belgium
20 avenue des Olympiades
1140 Bruxelles
Tel.: +32 2 729 21 11
Fax: +32 2 729 20 38
Spain
Centros Comerciales
Carrefour
Calle Campezo, 16
Polígono de las Mercedes
28022 Madrid
Tel.: +34 91 301 89 00
Fax: +34 91 333 18 36
Italy
Carrefour Italia
Via Caldera, 21
20153 Milano
Tel.: +39 02 48 25 1
Fax: +39 02 48 20 23 25
Greece
Carrefour Marinopoulos
63, Aghiou Dimitriou
174 56 Alimos Athens
Tel.: +30 210 98 93 400
Fax: +30 210 98 51 301
Poland
Carrefour Polska
Ul. Targowa 72
03-734 Warszawa
Tel.: +48 22 517 21 10
Fax: +48 22 517 22 01
Romania
Carrefour Romania
Blvd. Timisoara nr. 26z, sector 6
Cladirea Anchor Plaza Etaj 8
061331 Bucuresti
Tel.: +40 21 206 74 00
Fax: +40 21 206 74 52
Turkey
Carrefour Sa Turkiye
Dudullu Asfalti no.1
Kucukbakkalkoy Mahallesi
Kadikoy / Istanbul 34750
Tel.: +90 216 655 00 00
Fax: +90 216 655 00 50
LATIN
AMERICA
Argentina
Carrefour Argentina
Cuyo 3367 1640 Martínez
Provincia de Buenos Aires
Tel: +54 11 40 03 70 00
Fax: +54 11 40 03 77 22
Brazil
Carrefour Commercio
e industria
Rua George Eastman, no.213
CEP 056690-000 São Paulo
Tel: +55 11 37 79 60 00
Fax: +55 11 37 79 66 94
Colombia
Carrefour - Grandes
Superfi cies de Colombia
Avenida 9 no.125-30, Piso 8
Bogotá D.C.
Tel.: +57 1 657 97 97
Fax: +57 1 523 03 44
ASIA
China
Carrefour China
25F, Shanghai Stock Exchange
Bldg.,
No.528, Pudong Nan Road
200120 Pudong, Shanghai
Tel.: +86 21 3878 4500
Fax: +86 21 6881 5232
India
Carrefour W C&C
India Pvt Ltd
2nd fl oor, Park Centra
Sector 30 Village Silokhra
Gurgaon 122001 Haryana
Tel.: +91 124 4752000
Fax: +91 124 4752005
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Carrefour group’s other publications are also available on www.carrefour.com
Financial Report
Carrefour Foundation
Activity Report
Sustainable Development
Expert Report
Design, creation, editing and production:
Carrefour group Communications Direction and
Photo credits:
Carrefour library, Lionel Barbe, Nicolas Guerbe / Interlinks Image, Arno Lam, p.39 / Paul
Bradbury / Getty images, Marta Nascimento / REA, David Pell Multimédia, Mark Roger, Thierry
Schneider/ Girafe Photo, all rights reserved.
Paper:
The Carrefour group has made a commitment to responsible management of its paper
purchases. The paper used in this report is FSC (Forest Stewardship Council) certifi ed.
This certifi cation attests to compliance with a set of internationally recognised forest
management principles and criteria. The aim of the FSC is to promote environmentally
responsible, socially benefi cial and economically viable management of the Earth’s
forests.
Printing:
This document was produced by Realgraphic, FSC and ISO 14001 Environmental
Management Systems (EMS) certifi ed. Realgraphic has received the Imprim’Vert label,
meeting requirements for hazardous waste management, secure storage of hazardous
materials and toxic products exclusion.
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2011 Annual Activity and Sustainability Report
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