Carrefour S.A. Annual Report 2013

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FY2013 Annual Report · Carrefour S.A.

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Welcome
to our stores

p. 05

Say yes
to your wishes
and desires
p. 29

Growth
dynamics

p. 61

Long live the
retail mindset

p. 47

WORKiNG

FOR YOU

2013 ANNUAL ACTIVITY
AND RESPONSIBLE COMMITMENT REPORT

CONTENTS

Get the latest news
on Carrefour group’s
website

www.carrefour.com

02 INTERVIEW

05 WELCOME

TO OUR STORES

“In 2013, the momentum is there.”
Georges Plassat
Chairman and
Chief Executive Officer

06 Overview

Stores, shopping centres,
car parks
A new customer experience

12 Testimonials

Your store and you

14 Event

The hypermarket celebrates
its 50th anniversary

16 Panorama

Multiformat and multichannel
A network tailored to your needs

More than 10,100 stores near you

22 Analysis

Expansion
New stores for you

26 Commitment

Stores involved
in the local community

CONTENTS

SAY YES TO YOUR
WISHES AND DESIRES

47 LONG LIVE

THE RETAIL MINDSET

61
GROWTH
DYNAMICS

62 Performances

Financial overview
Stock market overview
CSR overview

70 Governance

30 Overview

48 Retail

The right product, at the right
price, in the right place

They make Carrefour
every day

Innovation
Now available in your stores!

38 Retail

50 Overview

The retail mindset
Expertise to be shared

More fresh produce in stores

52 Testimonials

40 Testimonials

Portraits of partners

42 Services

Daily life made easier!

44 Challenges

More responsible sourcing

46 Commitment

Tackling wastage
Everybody is involved

Successful career paths

54 Analysis

Quality of life in the workplace
We all stand to gain

56 Challenges

Working for diversity
and equal opportunities

58 Commitment

Working together for solidarity

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT

INTERVIEW

IN 2013,

THE MOMENTUM
IS THERE.

Georges Plassat
Chairman and Chief Executive Officer

INTERVIEW

When you took over, in May 2012, you
announced a three-year recovery plan.
Are you confident today, halfway
through that plan?
Yes, the momentum is there, as our 2013
results demonstrated. Carrefour is back on
the road to profitable growth. We have
confirmed an upward trend in sales both in
France and abroad, and our recurring ope r
ating income is improving. At the same time,
we have begun to invest once again while
shoring up the financial structure of the
company. These are all very positive signs, and
after all their hard work to get our Group back
onto solid footing, our employees deserve to
be proud of what they have achieved.

That’s exactly what
the 2013 results show…
Our efforts are starting to bear fruit.
Carrefour has whetted its appetite for
expansion. With Group sales increasing by
2.5% and recurring operating income
by 9.8%, we are growing once again. Our
business in France has recovered well, par
ticularly in hyper markets, posting its best
year of organic growth since 2007 across
all formats. In Europe, our performance has
also improved. In Spain, for example, sales
increased in the fourth quarter for the first
time in a long time. We saw excellent pro
gress in Latin America and steady growth in
Asia. Carrefour is back on track.

OUR PRIORITY
IN A WORD:
CUSTOMERS.

What was the key to jumpstarting
this momentum?
We worked on three main priorities: refocus
ing the Group on countries where we have
strong positions, going back to basics in our
business, and simplifying our organisation.
We laid the groundwork for a new Group by
monetising positions that were more valuable
to others than to us and by reorganising our
partnerships. Today, we are focused on a
smaller number of countries in Europe, Latin
America, and Asia.
The second priority is going back to the
basics of retail: listening to our customers,
choosing the right offer, relying on men and
women who know and love their job, and
reinvesting in our stores. This has allowed us
to bring back our customers, build loyalty, and
offer attractive prices.
Finally, we are simplifying the Group’s organ
isation to empower store directors, who are
tasked with bringing their own initiative and
adaptability to their respective markets. They
are the real drivers in optimising the banner’s
strategy.

Refocusing has left you with more
resources; have you started to invest
them?
First and foremost, refocusing our business
allowed us to solidify our financial structure
and be confident about the future. We have
also begun expanding and investing in our
stores again, which is essential for a com
pany like ours. That is why we are gradually
investing in our assets, to make sure our
stores and their surroundings are friendly
and welcoming to our customers.

Is that why you established a company
for shopping centres?
At the end of 2013, we announced a signi
ficant undertaking to form a company that
would include 172 shopping centres adjoin
ing our hypermarkets in France, Spain, and
Italy by purchasing 127 sites from Klépierre,
in addition to 45 sites already owned by the
Group. The aim is to create an ecosystem
made up of the Carrefour store, the shop
ping centre, the service station, the car park,
and the drive service. Building cohesion
between all these components will help us
further enhance the customer experience.
Carrefour owns a 42% equity stake in the
new company, which will enable the Group
to regain control over the operations of its
assets and launch a valuecreating renova
tion and extension plan.

What do you consider the very top
priority?
In a word: customers. Which means stores
as well, where teams are in the best position
to meet their customer needs. With so many
sites under banner, efficiency will come from
the ability of the local teams hiring, training
and promoting talent, and strengthening the
local anchorage.

CARREFOUR IS
GAINING GROUND IN
ALL ITS MARKETS
WITH A
MULTIFORMAT,
MULTI-LOCAL
MODEL.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT

INTERVIEW

The more our stores can interact with their
environment, the more they’ll be able to offer
local products, get involved in local life, and
work together with local communities, asso
ciations and companies. By adapting, mee
ting local needs, and taking their customers’
profile into account, they will strengthen our
fundamentals. Understanding the demand is
critical.

Are you focusing on all store formats?
Carrefour has a real advantage with its four
formats: hypermarkets, supermarkets,
convenience stores, and cash & carry stores,
not to mention online shopping and the drive
service. In the near future, this will strength
en a multichannel organisation where our
customers can choose what they want,
when they want, where they want.

Carrefour has made a real comeback
in the price field…
Competitive pricing is essential, and we gua
rantee it every single day. We apply a
consistent, constant pricing policy to offer
our customers the best value for money
with out sacrificing product quality. And in fact,
our price image improved markedly in 2013.

What other factors supported
the upswing in 2013?
The most important factor, apart from the
technical solutions we needed to provide,
was our employees’ confidence, energy, and
drive. It is up to us to support their dedication
to this approach through training, by offering
the best possible working conditions, and by
respecting their diversity.

COMPETITIVE
PRICING
IS ESSENTIAL
AND WE GUARANTEE
IT EVERY
SINGLE DAY.

What is your outlook for
2014 in Europe?
France and Spain must continue the same
trend, assuming equal economic conditions.
Italy has begun to reposition. In Belgium,
Carrefour is finally back in the race. Poland
and Romania are well in hand. We will conti
nue to capitalise on the European market,
where we are very well positioned and the
consumer culture is strong.

Are you equally confident about
your growth markets, such as Brazil
and China?
Those countries will continue to be growth
leaders for the future. Income levels will
increase substantially in emerging countries,
which should bolster our business over the
medium term.
Brazil, where we are a leader in food retail,
is our secondlargest market. We have
already strengthened our management
there and plan to step up the pace of devel
opment, reenergise our offer, take a pro
fessional approach to asset management,
and put down deeper local roots. In Argentina,
where Carrefour is a market leader, the
company is weathering the country’s current
difficulties well.
In Asia, Carrefour is continuing to expand its
market share in China and is now looking

to newly developing urban areas. In Taiwan,
the company has good locations and a
multiformat presence on which to capitalise.
In short, we are continuing to move forward
and do good work. Carrefour is gaining
ground in all its markets with a multiformat,
multilocal model.

Do you have any prospects
in new markets?
We recently signed a very promising partner
ship with CFAO, a group that has been pres
ent in Africa for more than a century, to open
our stores in West Africa. We also have a
longstanding partnership with Majid Al
Futtaim for other countries in Africa and the
Middle East. We have excellent partners, both
in French overseas territories and in other
countries.

In conclusion,
what is your challenge?
Our challenge is simple: make Carrefour a
pioneer again, an innovator. That is the
attitude we need to return to if we want to
satisfy our customers in all our countries, on
quality, traceability, tradition, as well as
consumption habits. The real challenge is
simply to conduct our traditional business
well and successfully connect our stores
with new forms of commerce.

OUR CHALLENGE
IS SIMPLE:
MAKE CARREFOUR
A PIONEER
AGAIN,
AN INNOVATOR.

CUSTOMER
EXPERIENCE

Both outside our stores
and on our own
shelves, we make every
effort to provide you
with an easy and
pleasant shopping
experience.

SHOPPING
COMFORT

We have launched
a plan to renovate
our stores so that you
can enjoy your
shopping.

FRIENDLY
ATMOSPHERE

Our stores are
designed to be lively,
warm and friendly
areas.

PARTNERSHIP

Every day, our
franchisees and
partners work
alongside us to provide
you with choice,
quality, and
Carrefour prices.

LOCAL

Our stores are rooted
in their local
communities and
contribute fully to their
development.

SERVICES

We propose a vast
range of solutions
to meet all your
different needs.

WELCOME
TO OUR STORES

Working for you means welcoming you into modern,
animated, innovative stores that meet your expectations
and needs every day.

OVERVIEW

STORES, SHOPPING CENTRES, CAR PARKS

A NEW CUSTOMER
EXPERIENCE

In 2013, Carrefour launched a
modernisation plan to improve quality
of service and welcome. The renovation
programme of stores, car parks, and
shopping centres is underway.

M aking our stores easier to reach, providing

convenient car parks, keeping traffic flowing,
and creating pleasant shopping centres are all
part of the effort initiated by Carrefour in 2013
to provide its customers with the best possible
service and balance of commercial factors.
The modernisation of our assets – in particular
hypermarkets, supermarkets, and shopping centres – had
already begun in many countries, based on the needs and
preferences expressed by customers. The renovations will
improve all of the factors that make a site appealing: comfort
and friendliness, a dynamic and relevant offer, modern
infrastructures and facilities, and a generally consistent,
complementary experience. To achieve this, Carrefour is
tailoring its approach to each store while drawing on a com
mon foundation that they all share. In France, for example,
the number of employees was increased, both on the shop

floor and at the checkout, to improve the quality of service
customers receive. In 2013, 49 Carrefour hypermarkets
and 83 supermarkets were renovated and remodelled.
In all countries where the Group operates, the road map has
been traced and the process is underway. Initial results
already show increases in customer traffic sales and the
average basket, improved customer satisfaction, and more
motivated employees.

A 360° APPROACH
The common thread in the renovation is simple: follow
the customer path, from directional signage to car park,
shopping centre, layout of the store, checkout, or service
station. At every step, the same question: what can we do
to make customers’ shopping easier and more pleasant?
The teams endeavour to work on the entire ecosystem
to create a more fluid, cohesive experience. In Spain,

Get the latest
Group news at
www.carrefour.com

KEY
RENOVATION
FEATURES

A MULTI-
LOCAL
APPROACH
The first
renovations
began in France,
where nearly
140 stores were
modernised in
2013, and the
process is also
under way in
other Group
countries.

CUSTOMER
FOCUS
Listening to
customer needs
and expectations
is the core of
the approach.
Creating
welcoming,
comfortable,
modern stores
that reflect what
they are looking
for is an effective
way to build
loyalty among
existing
customers
and attract
new ones.

A COHESIVE
WHOLE
When sites
are modernised,
the updates
concern every
step of the
customer path,
not only the
store and
car park but
also the signage,
service station,
adjoining
shopping
centre, etc.

Photo (opposite):
Carrefour
Giovanni
hypermarket,
São Paulo, Brazil.

OVERVIEW

INTERVIEW

A VERY POSITIVE
IMPACT ON
OUR CUSTOMERS’
SATISFACTION

YVAN MAHIEU
Director of the Limay hypermarket
(Yvelines – France)

The renovation of your store was completed
in April 2013. What were the guidelines?
“We reorganised our departments and our offer
to closely reflect the needs of our clientele.
This store is a proximity hypermarket, where
our customers come to do their daily shopping.
We expanded the selection of consumer goods
by more than 20% and enlarged the food
department by 7%, including a spacious
marketplace for fresh produce; we also created
a traditional butcher shop, brought in more
local products, and generalised the use of
closed coolers in the fresh food departments
for a more comfortable experience.”

What other changes did you make?
“We also created an organic section and an ‘Éco’
section, with 400 items, to meet the expectations
of some of our customers. In the non-food
departments, we reworked our product mix with
strong identity areas, such as textiles, multimedia,
electronics/photography/home theatre/audio,
home goods, beauty products, etc. We also
renovated our customer service area to offer
new services, including package pick-up and
a locksmith.”

Was it important to create a certain style
and atmosphere?
“Absolutely. We did a lot of work to improve
lighting and brightness in the store with new
lights, bright colours, and more streamlined
signage. We also brought in expert teams to
renovate the shopping centre, façade, car park,
shopping trolley storage, bank agency and
service station. Now, everything is extremely
cohesive.”

What have the results of the renovation been?
“We’ve seen a spectacular improvement in
our customer satisfaction, particularly in terms
of understanding the product offer and
enjoying the shopping experience. The store’s
traffic and sales are both up as well, proving
that our customers are happy with the
changes. Our workforce increased from
145 to 160 with recruitments of fresh food
professionals, grocery specialists and
check-out assistants. The renovation created
new momentum and boosted energy within
the store to better serve our customers.”

See the slideshow
online at
www.carrefour.com

for example, the Holéa hypermarket in Andalusia was
renovated alongside the restructuring of the entire shopping
centre, under the super vision of Carrefour Property.
This illustrates one of the key concepts of the project:
improv ing stores’ appeal by making the shopping centre
more attractive, and vice versa. With this in mind, Carrefour
completed a significant transaction at the end of 2013,
creat ing a company made up of 172 shopping centres adjoin
ing its hypermarkets in Europe. The company is formed by
acquiring 127 sites in France, Spain, and Italy from Klépierre
for €2 billion and adding 45 Carrefour sites in France, worth
a total of €0.7 billion.

CUSTOMER-DRIVEN RENOVATIONS
Carrefour is renovating its spaces to reflect the needs
expressed by its customers according to available resources.
Customers are surveyed before each renovation so that they
can share their opinions about the access facilities, car park,
quality and appeal of the offer available in the shopping centre,
presence of a Carrefour drive, department layout in the store,

Improving
the shopping
experience
and making it
more convenient
are the main
objectives of a
store renovation,
with departments
clearly identified
and professionals
listening to
customers.

Carrefour
Auteuil
hypermarket,
France

the product mix, and checkout procedure. For example, when
renovating the SaintQuentinenYvelines hypermarket in
France, Carrefour conducted a detailed survey of a thousand
customers to learn about their specific consumer needs and
preferences. The study provided the main guidelines for the
store’s renovation, which was completed in September 2013.
The same approach was used for the Market supermarkets,
which held dozens of round tables with their customers in
every region before beginning transformation.

RENOVATION IN EVERY SECTION
Because it is related to the entire customer path and varies
depending on the condition of the facilities, renovation
is different for each store and adjoining shopping centre,
ranging from the most standard to the more complex. Some
examples:
• the refurbishment of the buildings and infrastructures
by repainting and restoring the ground, ceilings, car parks,
façades, restrooms, flooring, electrical equipment, etc.,
so that customers can enjoy a flawless shopping experience;
• the tailored reorganisation of the store around identi-
fiable sections, including an attractive offer and appealing
visuals, to feature organic and gourmet foods, clothing,
multimedia, home and paper goods, etc. These spaces are
tailored to reflect local needs. For example, when the Villejuif
hypermarket in France was renovated, a new baby section
was added along with a “Courses éco” section with affor
dable products. In Italy, renovated stores now offer a dedicated
pharmacy section. In many cases, reorganising the depart
ments also significantly raises the number of items offered
and improves the display of the offer;
• the layout of a marketplace to give customers an overview
of the diverse range of fresh produce, with stalls brimming
over with local and seasonal goods, samples for tasting, and
professionals (bakers, butchers, cheesemongers, fish
mongers, etc.) preparing products on site. This helps accen
tuate the Carrefour difference: a dynamic offer, a market
atmosphere, fair prices, and highquality products;
• the simplification of the customer orientation and traffic,
for example by widening the aisles, creating pathways and
routes that clearly link various destinations (store, shopping
centre, drive, car park, etc.), posting clear signage indicating
services, and improving disability access;
• the roll-out of modern store furniture and equipment to
display merchandise to best advantage and improve the
experience for customers and employees alike, with closed
coolers in the fresh food departments, updated fitting
rooms, digital walls and screens, and freelistening music.
The same applies to professional facilities, with new cold
storage areas and equipment for the bakery and butchery. In
Poland, for example, several hypermarkets have purchased
traditional meat smokers to meet local demand;
• the adoption of innovations to facilitate or enhance the
shopping experience, starting with adapted checkout lines
for a faster, easier process: single checkout lines at

OVERVIEW

When a store
reinvents itself,
it overhauls the
entire customer
path. This
notably involves
revamping the
exteriors with,
for example, an
easily accessible
car park, a
well-positioned
drive, a newly-
restored service
station, visible
and convenient
shopping trolley
storage areas,
etc. The many
services offered
by the banner are
also presented
at the entrance
to the store.

Carrefour Beauvais
hypermarket,
France

FEATURES THAT MAKE THE DIFFERENCE

DEDICATED
SPACES

The store teams
design customised
areas to meet
the needs of their
clientele, with a
strong visual look
and an attractive
assortment that
offers quality
and the best value
for money.

OPTIMISED
CUSTOMER
PATH

Plenty of light,
rest areas,
effective and
streamlined
signage, and a
shopping centre
for a pleasant
stroll are just a
few of the ways
Carrefour has
built a simple,
enjoyable,
convenient
shopping
experience in
every aspect
of the customer
path through
its renovation
projects.

MODERN,
WELCOMING
SPACES

LIVELY FRESH
FOOD
DEPARTMENTS

A welcoming
façade, bold and
airy architecture
inspired by the
regional culture,
high-quality
materials, and
modern facilities:
when it comes
to business, first
impressions are
crucial. With this in
mind, Carrefour’s
teams paid special
attention to
making the sites
attractive and
friendly.

This feature was
played up in most
of the renovation
projects into
a spacious
marketplace
offering a broad
range of fresh
produce, seasonal
fruit and vegetables
and local specialties
orchestrated by
a team of
professionals.
The entire area is
designed to be
pleasant and festive,
punctuated with
new arrivals, events,
tastings and more.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT
OVERVIEW

COMPREHENSIVE
SITE RETHINK

When they conduct a renovation project, the Carrefour teams
consider the entire customer path in its smallest details.
They may design new signposts pointing drivers toward the stores,
or completely reorganise the departments to energise the product
mix and help traffic flow in a more logical, fluid way. In these efforts,
the Group can also rely on the expertise of Carrefour Property
to help organise a complete renovation and provide a single
harmonious site for daily errands, services, shopping and leisure.
In 2013, the teams completed several large-scale renovations,
simultaneously reinventing a series of hypermarkets and shopping
centres to restore commercial vitality to the sites.

GUIDED TOURS

The momentum is slated to continue, with many new projects
being considered and already underway in France (Antibes, Brest,
Quimper, etc.) and internationally (Buenos Aires, Beijing, São Paolo,
Turin, etc.). In every case, the aim is to provide customers with as
many benefits as possible, offering the most satisfactory shopping
experience.

HOLÉA – HUELVA
(SPAIN)

MALTEPE PARK – ISTANBUL
(TURKEY)

LES ÉLÉIS – CHERBOURG
(FRANCE)

Centred around a rethought and
modernised hypermarket, the shopping
centre updated by Carrefour Property now
occupies 30 times its previous space within
a fresh setting featuring white walls and
greenery, like a traditional Andalusian
village. New banners are bringing in a new
clientele and helping to make Holéa one
of the region’s most popular shopping
and leisure centres.

Completely redesigned as a real urban
promenade, the Maltepe Park shopping
centre, operated by Sabanci group,
Carrefour’s partner in the country, now
offers three times the shopping area,
a thoroughly renovated hypermarket,
shaded green spaces and landscaped
patios, and 140 new boutiques.
The project created nearly 2,000 additional
jobs in an urban setting within a rapidly-
growing neighbourhood.

Les Éléis shopping centre got a new look and
now offers its customers a novel experience.
With 50 new boutiques, 16 of them the first
of their brand to open within the shopping radius,
along with a rethought customer path and
renovated Carrefour hypermarket, both site
and store have improved their appeal.

hypermarkets and supermarkets or compact checkout
counters in convenience stores, as well as new lighter,
easiertouse trolleys, interactive terminals offering tips,
and rest areas. In Taiwan, customers can now lighten their
load while shopping by using the new lockers at store
entrances;
• the development of a warm, direct, and dynamic visual
look. Each renovated site reflects its own clientele by
integrating visual elements inspired by the regional heritage,
such as patterns that suggest the local plants and animals
on the façade or the names of neighbouring towns at the
checkout. In China, the Shanghai Wanli store now features
new work uniforms in its various fresh produce departments;
• the improvement of stores’ environmental performance.
The renovations are part of the Group’s overall approach
to sustainable development. The renovated stores offer
customers a more serene and pleasant environment that fits
into the surroundings, with new green spaces and shaded
pathways, balanced lighting and temperatures inside. They
also generate significant savings; the store in La Chapelle
SaintLuc, France, achieved a 30% savings in energy,
for example.

RENOVATION: CALLING ON A WEALTH

OF LOCAL TALENT
Renovating stores and shopping centres is also an oppor
tunity for Carrefour to contribute even further to the local
economy. By hiring employees to improve service in the
departments and at checkout, stores create jobs. In addi
tion, the Group hires architects, urban planners, and small
businesses from the region to carry out the work.
In Mondeville, France (outside Caen), building the
Mondevillage retail park employed nearly 30 contractors,
75% of them regional companies. Expanding shopping
centres also brings in new boutiques, which in turn create
lasting jobs. This is the aim of the approach: the stores are
implicated and rooted in the local economy, which makes
them even more responsive to their customers’ needs.

OVERVIEW

Single check-
out lines reduce
stress for
employees and
for customers,
who now wait
2-3 minutes
rather than
7-10 minutes
for a traditional
check-out line.

Carrefour
Montesson
hypermarket,
France

ENVIRONMENTAL
BENEFITS
OF RENOVATIONS

Renovations are an opportunity for Carrefour’s
teams to take concrete steps toward the Group’s
target of reducing energy consumption in its stores
by 30%(1) and greenhouse gas emissions by 40%(2).
Ageing facilities are replaced with more energy-
efficient equipment and technologies, redesigned
insulation systems, etc. Whenever possible, stores use
LED lighting, closed coolers in the fresh and frozen
food departments, and centralised management
systems that save significant energy in comparison
with an unrenovated store. In addition, site extensions
and renovations reflect current environmental
standards, taking the opportunity to create new
green spaces and shaded walkways or use durable,
recyclable materials. Neighbouring communities
also benefit from the many initiatives to reduce
sound pollution. In January 2014, all these efforts
made Carrefour the first French retailer to obtain
Afnor ISO 50001 certification, in recognition
of its efficient energy policy in stores and head
offices in France.

(1) 30% reduction in energy consumption per square metre
of sales area by 2020 (relative to 2004).

(2) 40% reduction in greenhouse gas emissions (GRI scopes 1
and 2) by 2020 (compared with 2009 in France, Belgium, Spain
and Italy).

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTTESTIMONIALS

Yong

Customer at the Carrefour Wanli
hypermarket in Shanghai (China)

“Me? I come here every day
to buy fresh produce. I find
everything I need, from cooking
inspiration to little treats. I watch
the prices, but there’s something
for everyone. Today, I think
I’m going to buy some fish
for lunch.”

China

Candela and Leo

Customers at a Carrefour express store
in Buenos Aires (Argentina)

“Everyone can do their bit to protect
the environment. So we were
thrilled to find this store, close
to home, that sells so many more
green products at affordable prices
and also lets us recycle all our
packing. It’s a very new concept here,
and we hope that many
more stores like this one
will open.”

Lucja

Customer at the Carrefour
Cracow Zakopianka hypermarket (Poland)

“I love coming to this store.
I can find everything I need
in the same place, for a good price.
It’s very convenient to be able to
buy fresh produce and household
appliances at the same time.
Today, I’m looking for
a new toaster for breakfast.
I’m sure I’ll find one!”

Argentina

Poland

YOUR STORE AND YOU

Choice, prices, quality, a warm welcome, services,
convenience, friendly atmosphere…
What brings you to Carrefour? We asked customers
in our stores to share their opinions.

francisco

Customer at the Atacadão
Ipiranga store (Brazil)

“When I come here, I pick up fresh
produce, beverages, and
sometimes equipment for my
restaurant. And since I’m always
in a hurry, I really appreciate the
special checkout for professionals,
which saves me time and means
I don’t have to bother the other
customers. When I have a chance
to plan ahead, I call in my order,
and it’s so fast: everything’s ready
to go when I get there.”

TESTIMONIALS

Clara

Customer at the via Bernini
Carrefour market in Palermo (Italy)

“Things are always changing here.
Today, for example, there’s
an arancini tasting and a
demonstration of how to prepare
the traditional recipe. All the
ingredients are nearby, and some
are even on promotion. I used to
eat arancini when I was a child,
and this is inspiring me to make
them for my girlfriends.”

Cécile

Customer at the Carrefour hypermarket
in Soyaux (France)

“With two children, backtoschool
always makes a dent in our budget.
So we really appreciated the
promotion on school supplies.
We managed to keep everything
under €160 and still buy quality
products. Even better, the store
bought back our old schoolbags
to give to needy families. Altogether,
you can really save a lot.”

Brazil

France

Italy

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT

SOLIDARITY
The teams at Carrefour
hypermarkets in France
celebrated the
50th anniversary by
sponsoring a local food
charity project. Customers
were invited to vote for
their favourite project on
the Carrefour website and
the non-profit associations
received donations ranging
from €1,000 to €50,000
from the company and its
Foundation, awarded by
the store directors. More
than 800,000 votes
were cast over the three
weeks of the initiative.

THE HYPERMARKET CELEBRATES ITS

50th
ANNIVERSARY

On June 15, 1963, Carrefour
opened the first hypermarket in France,
in SainteGenevièvedesBois.
It was the first step in an adventure,
supported by employees who
are committed to providing a wide
selection of highquality products
at the best possible price, every day.
A series of events were held throughout
2013 to celebrate the anniversary,
bringing together employees,
customers, suppliers, and partners
– the people who have made Carrefour
what it is today, and always will.

EVENT

FRIENDLY
ATMOSPHERE
On October 16, 2013 at
5:00 pm, every Carrefour
hypermarket invited its
customers to join in blowing
out 50 candles and sharing
a slice of birthday cake.
In France, this festive event
was an opportunity to
show off the talents of our
in-house pastry chefs and
let customers mingle over
drinks with their store teams.
It was just one of hundreds
of neighbourhood events
organised by the stores
in many countries.

OPEN MIC
What would you do if
you were Carrefour?
For its 50th anniversary,
the banner invited Internet
users to imagine the
Carrefour hypermarket
of the future. The initiative
generated a great deal
of buzz on social networks
and produced many
proposals that are currently
being considered, such
as creating a department
for vegetarian products
and opening in-store
childcare centres. Clearly,
our customers have talent!
And listening to them
is the way that Carrefour
improves every day.

LOW PRICES
Celebrating the
50th anniversary of
the hypermarket is also
a time to thank customers.
Hypermarkets in France
did so throughout October
by offering discounts
of up to 70% on some
one hundred national
brand products. The teams
also offered a series of
surprises, games, contests,
and special gifts, including
zero-G flights in France,
VIP tickets to pop concerts
in Romania, and trips
to Paris for Taiwanese
customers.

ANIMATIONS
In France, Carrefour’s
50th anniversary was
celebrated with more than
1,000 in-store events
initiated by employees, and
often involving customers,
including flash mobs,
choreographed dances,
and songs. Those present
enjoyed tastings of products
from local suppliers as well
as dishes prepared by
professional cheesemongers,
butchers, fishmongers,
pastry chefs, and more.
The festivities were an
excellent showcase for
the many talents and regions
that make the difference
on the shelves.

PANORAMA

MULTIFORMAT AND MULTICHANNEL

A NETWORK TAILORED
TO YOUR NEEDS

With the multiformat and multichannel retail model
that the Group has developed in most of its countries,
Carrefour meets many different needs and preferences.

1, 421

H Y P E R -
M A R K E T S

2,917

SUPER-
MARKETS

Hypermarkets

Supermarkets

W ith sales areas of between 2,400 sq. m and 23,000 sq. m, Carrefour’s

hypermarkets are perfect for all major shopping trips. The stores feature a
selection of 20,000 to 80,000 items of both food items (fresh produce,
consumer goods, local products, etc.) and non-food products (clothing, electronic
goods, decorative products, cultural goods, etc.). Around the world, Carrefour’s
hypermarkets strive to provide a high quality offer and protect their customers’
purchasing power by offering low prices year-round. Hypermarkets in France and
Argentina, for example, maintained their “Lowest Price Guarantee” on the most
commonly purchased everyday products. Customers also enjoy innovative new
services, like single check-out lines in Belgium, Poland, and France. Customer
satisfaction is also improved through promotions and events introducing new
products, offering discounts, or illustrating the quality of the services available.

T he Group’s supermarkets offer a wide and varied selection, displays bursting

with fresh produce and local products, an appropriate assortment of non-food
products, attractive prices in every aisle, and regular promotions. These selling

points have made them a standard for grocery shopping in cities and more
rural areas alike. Supermarkets have sales areas of between 1,000 sq. m and
3,500 sq. m and offer customers a friendly, shopping-orientated experience for
their everyday errands at the Market and Bairro banners. In addition to a product
mix featuring fresh produce and price discounts, many events and innovations
were also introduced to improve customer satisfaction and loyalty in 2013: an
easier-to-understand offering and customer pathway, faster check-out and
innovative payment systems, tastings of local products, and digital information
screens.

XXX
PANORAMA

T o meet its customers’ expectations,

Carrefour develops different store
formats tailored to local conditions:
hypermarkets, supermarkets,
convenience stores, cash & carry
stores, and hypercash stores. With
more than 10,100 stores world
wide, this approach allows the Group to offer
a broad range of complementary solutions,
from major shopping trips at a hypermarket
to daily shopping at a neighbourhood store,
and even supplies at wholesale prices for
professional customers.

This way, regardless of their habits, age,
or lifestyle (urban, suburban or rural), most
customers have access to a wide variety of
stores and choices near their home or work.
The complementary relationship between
these different store formats is strengthened
further by innovative services.
From their mobile phone or tablet, customers
can have access to ecommerce and
mcommerce solutions, and delivery and
drive pickup services. Thanks to this multi
format, multichannel model, customers can
choose from a full range of options that

meet different needs, with larger or smaller
selections and specific services. The approach
is even more effective because it leaves the
store teams room to adjust their offer locally
to meet the specific needs expressed by
their customers.
Carrefour relies on solid, balanced funda
mentals to build loyalty among a broad cus
tomer base, and is continuing to grow in
each of its formats. For the Group, the multi
format and multichannel model is a guarantee
of balance and performance over the long
term.

5,593

CONVENIENCE
STORES

174

CASH &
CARRY
STORES

Convenience
stores

Cash & carry
and hypercash stores

C onvenience stores offer a selection of essential products that reflect their

customers’ habits and needs, at fair prices, and extensive store hours.
Customers can do their daily shopping at these convenient, nearby stores

while enjoying a pleasant, modern ambiance. They also find products and
solutions that meet their needs, from budget meals to everyday essentials,
express check-out lines to save time, and home delivery services. The Group’s
various banners (Express, City, Contact, Montagne, 8 à Huit, etc.) range in size from
200 sq. m to 900 sq. m, as befits their purpose, driving the ambition of becoming
the standard for local convenience stores.

C ash & carry stores offer professional restaurant and shop owners a broad

selection of food and non-food products at wholesale prices, along with a
package of customised services: opening hours tailored to the food industry,

delivery options, loyalty programmes, etc. In France, for example, Promocash
is the leading franchised cash & carry network with 138 retail outlets.
In some markets, the Group is also developing hypercash stores open both
to professionals and individual customers. Products are displayed on pallets
in large quantities and sold at wholesale prices. The Atacadão banner,
for example, is continuing to expand in Brazil, with 98 stores at the end of 2013,
as are Carrefour Maxi in Argentina and GrossIper in Italy.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT

XXXPANORAMA

DO YOUR SHOPPING
ONLINE!

The Group continues to develop ecom
merce and mcommerce solutions to enable
its customers to shop anytime and any
where, from a laptop computer, a tablet or a
smartphone. This digital service is being
created based on customer experience, which
offers the best understanding of usage and
expectations.

SHOP ONLINE

AND HAVE IT DELIVERED
In some Group countries, ecommerce sites
offer food and/or nonfood products. These

easily accessible “cybermarkets” also have
the benefit of quick delivery times and very
competitive prices, promotions, and useful
tips. In 2013, Carrefour launched an online
store in Romania offering 13,000 everyday
food products at prices comparable to those
found in hypermarkets. Every day in France,
the carrefour.fr and ooshop.fr websites win
over more customers seeking bargains and
convenience. In addition, consumers can now
enjoy easy shopping right from their mobile
phone using the applications Carrefour is
developing.

SHOP ONLINE

WITH IN-STORE PICK-UP
Carrefour is stepping up the expansion of
its drive solution, which allows customers
to shop online and then pick up their pur
chases at the nearest store. In France, the
Group opened 143 new pickup locations in
2013, bringing the total to 348, most of
them integrated into stores. Customers can
also pick up their shopping in less than five
minutes at four Belgian hypermarkets and
at the first Market supermarket to be open
24 hours a day, in Milan, Italy.

A CONSISTENT AND
COMPLEMENTARY APPROACH

Virtual stores and drive services are being
developed in tandem with stores, based
on a simple principle: the various sales
channels must mutually fortify each other,
providing customers with consistent and
straightforward benefits and allowing
them to shift easily from one type of store
(virtual, real) to another.
The principal mechanisms used in this
cross-channel approach include:
• an online selection which expands
and supplements the products available
in stores for certain product families
(multimedia, household appliances,
household goods, DIY, etc.);
• sales operations jointly carried out in
stores and on e-commerce websites;
• incentives and tools that heighten
interest in a cross-channel customer
experience, such as online promotions which
are valid in stores, installation of in-store
terminals, and digital systems used to order
certain types of products online, etc.;
• integration of a drive service into stores
and shopping centres, making it possible
for customers coming to pick up their orders
to purchase additional products.

PANORAMA

New digital solutions

Carrefour has also developed a wide range of digital services, primarily in stores, by focusing
on their added value to the customer. The services are intended to provide information
and advice, make shopping easier and spread information about promotions and events.

MORE GREAT DEALS

On the website
Monavislerendgratuit.com,
volunteer customers register
and agree to test, take notes
and comment on products that
they can collect free of charge
at their French hypermarket
– limited to four per shopping
trolley worth more than €30.
A product in exchange for
an opinion – an opportunity
which has already
attracted more than
70,000 active members.

MORE ADVICE

Multiple-use touch screens to
gather customer opinions,
describe current promotions
and offer in-store advice
on certain products, such
as “wine consultant” tablets
in some French supermarkets
and product comparison
tools in Taiwan.

MORE CHOICE

A digital wall in your
hypermarket to view full-size
products and order a wide
range of large household
appliances and televisions.
Several hundred additional
products within a minimal
space, with guaranteed
delivery within 48 hours.

MORE SPEED

A pioneer in the field,
Carrefour enables customers
at its French integrated
hypermarkets and
supermarkets to make
contact-free payments at
check-outs equipped with
terminals that accept this
technology which is embedded
in bank cards and mobile
telephones.

MORE SERVICES

Mobile apps for more
practical services:
an embedded loyalty card
that can be used directly
at check-out, access
to catalogues and current
promotions, information
on events and animations,
store locater, preparation
of shopping lists and order
placement, customer access
to banking and insurance
services, etc.

MORE TRACEABILITY

Carrefour is applying QR code
technology to provide
traceability. By scanning
with their mobile phone,
Chinese consumers
can access detailed
information on the origin
of fresh produce from farming
cooperatives that have
partnered with Carrefour.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT

PANORAMA

MULTI-LOCAL

MORE THAN
10,100 STORES
NEAR YOU
W ith 10,105 stores in 34 countries, Carrefour is

a major player in global retail with strong roots
in its local communities. Currently operating in
mainland France and its overseas territories,
and in Europe, Latin America, Asia, as well as
in North Africa and the Middle East, the Group
relies on a network of integrated and franch
ised stores, along with the stores it runs with local
partners. For Carrefour, being multilocal also means deve l
oping a selection of products and services specific to the
region in which each store operates, tailored to fit the needs
and profile of its customers. The teams form partnerships
with local producers, hold sales events, recruit staff and
contribute to economic, environmental and social projects at
the local level. In the eyes of Carrefour, this is the purpose
and benefit of a multilocal approach: stores that are close
to their customers, committed with local stakeholders and
working to develop territories, with the support, logistics,
and power of an international retail Group.

STORES
AS OF DECEMBER 31, 2013

10 ,105STORES

34COUNTRIES

BRAZIL

241

STORES
200 hypermarkets
41 supermarkets

ARGENTINA

521

STORES
77 hypermarkets
128 supermarkets
316 convenience
stores

BELGIUM

729

STORES
45 hypermarkets
438 supermarkets
246 convenience
stores

FRANCE

4,779

STORES
234 hypermarkets
949 supermarkets
3,458 convenience
stores
138 cash & carry
stores

POLAND

635

STORES
88 hypermarkets
139 supermarkets
408 convenience
stores

ROMANIA

162

STORES
25 hypermarkets
81 supermarkets
56 convenience
stores

SPAIN

456

STORES
172 hypermarkets
118 supermarkets
166 convenience
stores

ITALY

1,125

STORES
58 hypermarkets
394 supermarkets
654 convenience
stores
19 cash & carry
stores

PANORAMA

Integrated countries

Franchised countries

CHINA

236

STORES
236 hypermarkets

TAIWAN

STORES
62 hypermarkets
7 supermarkets

INDIA

STORES
5 cash & carry
stores

OTHER
LOCATIONS

Europe, Asia, North Africa,
Middle East,
Dominican Republic

1,147STORES

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTANALYSIS

FRANCE
Opening of the 221st Carrefour
hypermarket in mainland France,
in Beauvais on September 23, 2013.

BELGIUM
Carrefour continued to expand, with
the opening of 10 new supermarkets
under the Market banner.

BRAZIL
The Group has some one hundred
Atacadão stores in the country,
following the creation of five new
outlets in 2013.

EXPANSION

NEW STORES
FOR YOU

Carrefour continues to expand and reach out to
new customers. The Group opened 810 new stores
during 2013, with new longterm prospects.

ARGENTINA
Carrefour achieved the milestone
of 500 stores within the country, including
more than 300 Carrefour express
convenience stores.

CHINA
In 2013, Carrefour opened 20 new
hypermarkets in the country, increasing the
network to 236 stores. The Group is now
present in 75 Chinese cities, and expects to
offer locations in 100 cities within three years.

ROMANIA
Carrefour stepped up the pace of its
multiformat growth in the country, opening
one new hypermarket, 13 new supermarkets
and 42 convenience stores.

ANALYSIS

Ke y figure s
20

HYPERMARKETS
OPENED IN CHINA
IN 2013

118

NEW
SUPERMARKETS
THROUGHOUT
THE WORLD (2,917 AT
THE END OF 2013)

5,593

CONVENIENCE
STORES
THROUGHOUT
THE WORLD

20 new stores, the goal being to be present in 100 Chinese
cities by 2017. The Group’s expansion is also bolstered by
significant growth in the number of convenience stores,
in line with growing urban populations. Almost 630 new
neighbourhood banners enable customers in Poland,
Argentina and Spain to shop for everyday products. The
Group’s supermarkets have also seen significant growth,
both in Europe and in other markets: 7 new stores in Spain,
10 in Belgium, 4 in Taiwan, 7 in Tunisia, and the first Carrefour
market supermarket in Georgia. Hypercash stores such as
Atacadão, with new retail outlets in Brazil and Morocco,
Carrefour Maxi in Argentina, along with cash & carry stores,
with 6 new Docks banners in Italy, are continuing their targeted
expansion to meet their customers’ expectations.

Get the latest
news on store
openings at
www.carrefour.com

2013 provided an opportunity for Carrefour to continue its
multiformat expansion in all the countries where it operates.
By disposing of certain assets, the Group found room to
manoeuvre, significantly lowering its debt and finding
resources to invest in its stores. The Group also reorganised
some of its partnerships in order to expand the presence of its
banners in new markets. Net of disposals and closings, the
network expanded by 227,000 sq. m during 2013. New
growth opportunities are being studied to develop stores that
are in line with consumer expectations. That’s why the Group
is constantly testing new stores throughout the world.

MULTIFORMAT DEVELOPMENT
One of the Group’s strengths is its ability to offer its cus
tomers a variety of formats adapted to their needs, from
hypermarkets for major shopping trips to convenience stores
for daytoday shopping. In the Group’s various countries,
Carrefour’s teams endeavour to develop this competitive
advantage, through carefully tailored and measured invest
ment. In this way, 46 new hypermarkets opened, notably in
France, Spain, Romania, along with China, which gained

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTANALYSIS

MOMENTUM FOR FRANCHISES

The expansion also stems from the vibrant network
of franchised stores. Longterm partnerships with our
franchisees are contributing to market share gains.
Franchised and integrated stores share the same values and
the same rules of commercial effectiveness. In 2013, they
created a large number of convenience stores, mainly in
Europe, with the development of the Express banner in
Poland (155 new franchised stores), in Spain (81),
in Romania (42), in Italy (21), and in Belgium (23). In France,
Carrefour franchisees relied on the various convenience
store banners, including City and Contact, to open 198 new
stores within the country.

STRONGER PARTNERSHIPS
Carrefour has also stepped up its presence in areas with
high growth potential, such as North Africa, the Middle East,
Eastern Europe and French overseas departments and
territories, through longterm partnerships with significant
local operators. New stores opened their doors in La Réunion
(the third Bernard Hayot group hypermarket), in New
Caledonia (opening of the first Express convenience store in
Nouméa), in Morocco (10 new Carrefour, Market and
Atacadão banners by the Label’Vie group), in Tunisia
(9 new Market and Express stores by the UHD group) and
in Bulgaria and Albania (2 new hypermarkets by the
Marinopoulos group).
In May 2013, the Group also reorganised and strengthened
its exclusive franchise partnership with the Majid Al Futtaim
group, which will develop the Middle East, North Africa and
Central Asia networks. In this way, the Group opened its first
Carrefour hypermarket in Lebanon and 17 other hyper
markets and supermarkets mainly in Jordan, Georgia and
the United Arab Emirates.
In addition, Carrefour signed a memorandum of under
standing with the CFAO group to form a joint venture that,
in the coming years, will develop the presence of Carrefour
banners in eight West and Central African countries.

The number
of convenience
stores increased
by nearly
630 new outlets
worldwide under
the City, Contact
and Express
banners, among
others.

Fongnan store,
Taiwan

Carrefour
express stores
in Argentina
and Poland

MORE ECONOMICAL
AND SUSTAINABLE SITES

When possible, the Group makes every effort
to build new spaces that incorporate demanding
environmental criteria: eco-design, the use of
sustainable and recyclable materials, low water
and energy consumption, LED lighting, reinforced
insulation and waterproofing, and other features.
In France, for example, the new Mondevillage
retail park in Normandy is remarkable in terms
of biodiversity, and aims to achieve energy
consumption that is 50% below current thermal
standards. Thus, 25% of the site is occupied by
green spaces, including fruit trees, hedgerows,
beehives and birdhouses. A positive global
equation for everyone – an eco-responsible site,
successfully integrating the landscape for
customer enjoyment and resource conservation
(water, energy, etc.) to benefit the Group
and the planet.

STORES EVEN
CLOSER
TO YOU AND YOUR
EXPECTATIONS

BELGIUM
Carrefour opened an
Express store at
Saint-Luc university
hospital in Brussels,
with products adapted
to the specific needs
of this store’s customers.

ITALY
Carrefour in an airport?
It’s now a reality in Bologna
and Milan, Italy. The stores’
offer, designed both for
passengers and airport
employees, illustrates
Carrefour’s determination
to expand in high traffic
areas.

FRANCE
In March 2013, the team
at the Carrefour Bio store
in Paris opened the doors
to its customers, offering
a wide range of organic
foods (more than
2,000 products) and a
prevalence of fruit and
vegetables produced
within the region. All this
in a pleasant, sustainable
store, with low energy
consumption and extended
opening hours.

SPAIN
The Group also opened
new Supeco pilot stores
offering the most competitive
prices in the Spanish retail
industry on fresh and
packed food products,
whose main commercial
assets include its traditional
departments, butchery,
and bakery that are locally
sourced.

COMMITMENT

STORES INVOLVED
IN THE LOCAL
COMMUNITY

All of our stores are rooted in a neighbourhood,
a town, a region. They are fully involved in developing
these territories in a variety of ways: partnerships
with local producers, cooperation with companies
and work integration associations, employment
action plans, sociallyresponsible projects,
sponsorship, patronage, etc.

A t Carrefour, stores are involved in the

local community, concerned with the
future of their region and therefore
better able to address their cus
tomers’ expectations. As a concrete
sign of its commitment on the ground,
Carrefour stores often rank among
the top local employers. In addition, they offer
a wide range of local products, thanks to partner
ships with farmers, breeders, artisans and
SMEs in the region. They contribute to the
economic and social vibrancy of the region,
and the continuity of local product lines. They are
also committed to consumers and residents,
regularly organising meetings and round tables
to better understand their needs at all levels.

Beyond customers and suppliers, store teams
are invested in the local economy, working
alongside multiple stakeholders. Accordingly,
they form partnerships with companies, regional
authorities, schools, training centres, etc. They
are involved in programmes to stimulate
employment and professional integration, and
take action to support, promote, and strength
en local SMEs. They sponsor sports clubs as
well as sporting and cultural events, and organ
ise social events. Most of them work with local
associations on social welfare, environmental
and sociallyresponsible projects. Therein lies
the value of the multilocal model: it combines
responsiveness, flexibility and the ability to take
action tailored to local needs.

COMMITMENT

In China

PROFESSIONAL
INTEGRATION

Chinese hypermarkets
provide internships and offer
employment opportunities
to disadvantaged youth, with
training in French bakery and
pastry as part of the “Shanghai
Young Bakers” programme,
supported by the Carrefour
Foundation.

In Belgiu m

PROMOTING
REGIONAL HERITAGE

Carrefour stores in Belgium
offer their customers a range
of regional products from small
family-run companies, farms,
artisans and producers located
within 40 km of each store.

In R omania

CREATING
SOCIAL EVENTS

In Romania, in partnership
with local associations and
organisations, every weekend
Carrefour hypermarkets set up
fun and educational workshops
for children and their parents.

In India

SPONSORSHIP

In India, every store sponsors
a school and provides material
assistance through the “One
store, One school” programme.

In Taiwan

VOLUNTEERING

In Taiwan, a volunteer
programme enables store
employees to dedicate
themselves to solidarity
programmes that promote
education, health and local
communities.
A similar programme in Brazil,
“Carrefour Volunteer”, enables
each employee to devote
four hours a month to a local
association. In 2013, more
than 1,000 Brazilian employees
worked for 60 different
associations in support of
social and environmental
projects.

LOCAL
COMMITMENT
INITIATIVES
AT EVERY
LEVEL

In Braz il

LISTENING
TO CUSTOMERS

In Brazil, the management
team of each store meets with
customer groups twice a month
to discuss ideas, identify areas
for improvement in the stores,
and present actions which have
been implemented. This is
known as the “Cliente Amigo”
programme.

In Argentina

SUPPORT FOR
ASSOCIATIONS

In Argentina, more than
250 solidarity ambassadors
were appointed within stores
to strengthen Carrefour’s
support for local associations.
A call for projects enabled
funding for a variety of projects
related to nutrition, social
inclusion and professional
integration.

In Spain

SUPPORTING THE
LOCAL ECONOMY

In several regions of Spain,
stores award the “Top SME
prize” to recognise performance
and innovation among its local
product partners. The Tour of
Spain cycling race – La Vuelta
– also provided an opportunity
for Carrefour to promote
regional specialties available
in its stores along the route.

In France

LOCAL RECRUITMENT

In France, the opening of a
new store always provides an
opportunity to stimulate local
employment. With an average of
300 employees in a hypermarket –
of which 90% are recruited locally
– Carrefour uses innovative
recruiting methods through more
than 1,000 partnerships with local
employment organisations, such
as Pôle emploi and local agencies.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTCOMMITMENT

SÉBASTIEN DEFOIS
Fresh produce director, Carrefour China

Supporting local product lines

In China, beginning in 2008,
Carrefour established a fresh
produce supply programme
which puts farmers in direct
contact with mass-market
retailers. Today, the Group
cooperates directly with
540 farming cooperatives that
provide fruits, vegetables and
dried goods. The cooperatives
represent 1.2 million farmers
throughout China. The system
was enhanced by approximately
50 training programmes on food
quality and safety within
the production areas.

MAXIME HAMON
Department manager, Carrefour market in Cabourg, Carrefour France

“The programme offers benefits
at three levels: higher income
for farmers, better prices for
consumers, and improved
quality control and food safety”
concludes Sébastien Defois.

Promoting local products

The Carrefour market in Cabourg,
Basse-Normandie region,
has developed partnerships
with some twenty local farmers
and producers, who supply
the store with regional products
including cheeses, cider,
biscuits and cured meats.

“Our customers appreciate
the fact that every day, for
example, we have freshly-
picked lettuce from a grower
whom they know well. This is
important for building customer
loyalty. Regional products
are also highly sought after
by holiday-makers” explains
Maxime Hamon.
The partnerships give a boost
to the regional economy
while enhancing the store’s
attractiveness. “For example,
our biscuit supplier tripled
its sales in one year”
concluded Maxime Hamon.

EXPERIENCE
FEEDBACK

KARINA DE ANDRADE CHAVES
Social responsibility manager, Carrefour Brazil

Supporting traditional retailers

RAM JOSHI
Sales development director, Carrefour India

Promoting professional integration

In Brazil, Carrefour hypermarkets
contribute to the success
of “Conexão-Varejo”, a work
integration programme led
by the Rede Cidadã association,
supported by the Carrefour
Foundation. The programme
was carried out in five major
Brazilian cities in 2013. Nearly
1,000 unemployed people
between the ages of 18 and
40 received formal training.
“This year we implemented
check-out and shelf-stocking

training, along with training
specific to fresh produce such
as meats, baked goods, fruit and
vegetables and fish” explains
Karina de Andrade Chaves.
“Employee volunteers took part
in designing and leading these
training sessions. In each city
involved, store teams also
conducted technical inspections
of the facilities. At the end of
the programme, nearly one third
of those trained were hired by
our stores.”

We also provide them with
management tools,” explains
Ram Joshi. A win-win partnership:
provide services to customers,
and stand by them to help
build loyalty.

In India, small traditional
neighbourhood shops – kiranas
– are the principal customers
of Carrefour cash & carry stores,
which offer them long-term
support at multiple levels.
“In each of our stores, kirana
managers can enrol in training
sessions offered by Carrefour
employees, specifically on
product mix management,
hygiene and product safety.

Watch
the videos at
www.carrefour.com

QUALITY

Quality is an integral
requirement in every
phase of a product’s
life cycle.

CHOICE

All of our stores offer
solutions for every
budget, taste or need.

INNOVATION

New ranges, new
products. Carrefour
innovates wherever
possible to meet
your expectations.

PRICE

Every day, we work to
make sure that you get
the best prices, without
compromising on
quality.

FRESHNESS

Marketplace, seasonal
products, skilled
butchers, bakers and
fishmongers. Fresh
produce is a key
ingredient of our
stores.

RAM JOSHI

Sales development director, Carrefour India

SAY YES
TO YOUR WISHES
AND DESIRES

Working for you means offering a wide range of quality
products you can trust at the best possible price, every day.

OVERVIEW

THE RIGHT PRODUCT,
IN THE RIGHT PLACE

AT T HE R IGH T P R ICE

In our various stores, you’ll find a wide selection
of quality products at attractive prices. These basics are
the solid foundation for Carrefour’s business model
and the guiding principle of our commitment to offer
a well-balanced mix that suits your needs.

O ffering solutions for every customer’s budget, taste

and needs throughout the store while ensuring top
quality are daily demands which require the skills
of Carrefour’s teams. Our commitment is simple:
enable customers to find the products they are
looking for in the Group’s various stores.

PRODUCTS FOR ALL TASTES
Fresh produce, non-food products, consumer goods, national
brands and Carrefour brands… It’s about offering a balanced
selection to suit our customers’ needs at every store and in
every local situation. Urban or rural, large families or singles,
young people or seniors – Carrefour serves customers of
all kinds. To address their diverse needs, Carrefour selects
products that best meet local expectations. The goal is always
the same – to satisfy and build loyalty among all of its custom -
ers. The Group’s strength resides in the complementary
nature of its formats, each of which responds to a multitude of
needs and purchasing habits: hypermarkets, supermarkets,
conveni ence stores, multichannel retail and cash & carry
stores. Each format offers a generous selection, depending
on its specific characteristics, aiming for the ideal balance

between food and non-food products, between major brands,
local products and own-brand products, between permanent
and seasonal products, etc. This balance can vary within a
single format. An urban hypermarket, which is compact and
near the city centre, will not offer the same products as a store
located in the suburbs. In each store, teams have the auto-
nomy they need to adjust their product and service mix, tailor-
ing it to meet local expectations and needs.

PROMOTING PRODUCTS

IN ALL DEPARTMENTS
Customer choice is also expanded through innovation, both
with respect to products and services as well as the show-
casing of departments and product ranges. Carrefour is com-
mitted to promoting new products offered by national,
international and Carrefour brands. For example, in 2013
the Tex range was put on show in French and Romanian
stores, as employees paraded through the store to present
the latest collections. To support new product launches in
Argentina, in certain stores Carrefour has designed exclusive
temporary space to promote suppliers’ products, with a variety
of product promotions and events for customers.

Get the latest news
on the website
www.carrefour.com

OVERVIEW

LIVELY AND DYNAMIC
PRODUCT OFFER

Surprising customers, helping
them discover new products and
enabling them to taste and test
products; Carrefour’s store teams
have wide latitude to enhance
product attractiveness.
Every year is filled with tastings,
special events, celebrations,
promotions and bargains. As part

of their renovation, most stores
have developed thematic areas
with their own clear identity,
like the “Mundo Bebé” section
in Argentinian hypermarkets,
which gathers all baby products
into a single area: food, clothing,
hygiene, discovery toys, and
so forth. Carrefour stores are

also investing in new equipment
to enable customers to test
products, offering spaces
to listen to music, test

headphones, tablets, mobile
phones and e-readers. Shopping
should provide an opportunity
for discovery and pleasure.

Clearly identified departments, so that
everyone can easily find the products
they’re looking for.

In Argentina, as in other countries,
customers discover new products and
promotions, highlighted in the departments
by clear and informative signs.

In the self-service departments, cameras,
telephones and other electronic goods can
be handled, tested and evaluated by
customers. Store teams are also available
to help customers discover innovations
and to offer advice based on their needs.

Offering a wide selection to customers also means being
attentive to the way the product mix is presented, so that
customers can easily find the products they are looking for. In
this way, each store highlights its products through straight-
forward and market-oriented merchandising, according to its
customer base. Initiatives carried out in 2013 include highli-
ghting local products in every country, entirely redesigned
stationery departments, “Courses éco” sections in certain
French stores for low-price products, and new non-food
departments in Taiwan, with functional products and designer
furnishings showcasing customers’ favourite brands.

PRODUCT QUALITY AND SAFETY

ARE DAILY COMMITMENTS
At the same time, Carrefour incorporates product quality
and safety requirements at every level and at every stage.
All product ranges must meet demanding, inviolable pre-
requisites. Carrefour’s suppliers are committed to compliance
with strict specifications, which specify the standards to be
met, the nature and origin of raw materials used and production
methods.
As it improves its products and procedures, the Group conducts
constant monitoring and listens to its customers through

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT
GRAND ANGLE

A WIDE AND
VARIED
ASSORTMENT

CONSUMER
GOODS
In the grocery, beverage
and hygiene/beauty
departments, Carrefour
offers both national-brands
products and Carrefour’s
own-brand products.

LOCAL
PRODUCTS
In every country,
Carrefour promotes
the sourcing of local
products.

NON-FOOD
PRODUCTS
The non-food departments
are designed to meet
customers’ key requirements:
home, bazaar section,
textiles, household
appliances, photo, home
theatre, audio, multimedia,
and so forth.

FRESH
PRODUCE
In traditional and self-service
departments, fresh produce
draws the full attention of
Carrefour teams.

32
3232

XXXOVERVIEW

Quality is a
requirement that
guarantees the
lasting trust of
our customers.
At every level
and at every
stage, Carrefour
is committed to
product quality
and safety.

its consumer services department. A comprehensive and
responsive recall procedure has been implemented so that,
in the event of a problem, all stores are informed and, when
necessary, can remove the products from their shelves as
soon as possible.
Upstream from the stores, Carrefour teams and inde-
pendent bodies perform audits of supplier production
facilities each year. The teams also rely on a network of
scientists who help them anticipate risks. For example,
before new regulations came into effect, Carrefour pro-
hibited the use of bisphenol A in its baby bottles and sales
receipts. In addition, the Group is constantly working to
reformulate recipes to reduce the amount of sugar, salt and
trans fats in its products.
Likewise, before reaching the stores, products must pass
through an extensive sanitary analysis system. In 2013,
Carrefour strengthened its control systems. For example, in
China it created four laboratories to test fresh produce, and
established 45 mini-laboratories in its stores. Backed by this
approach, Carrefour received for the third time the “National
Food Safety 7-Star award”, which recognises companies
with the greatest commitment to quality and food safety.
The Group is also committed to providing clear and detailed
information to its customers, developing effective labels that
include nutritional information and product origins.
Carrefour’s commitment to product quality and safety is also
supported by awareness campaigns which promote
the importance of a varied, balanced diet. More than
32,000 Argentinian schoolchildren learned about healthy
nutrition and sports activities as part of the “Alimentarse y
aprender” national programme, conducted with the Conin
Foundation.

CHOICE OF TALENT
AND QUALITY LOCAL
PRODUCTS

Offering the right products to
customers also means taking
into account the flavours and
richness of the territory. The
“Terre d’Italia” range celebrates
Italian gastronomy, with a
selection of more than
400 products. Likewise, the
“Reflets de France” brand has
become a key reference
for French regional products.
It is currently exported

throughout Europe, and most
recently to China and Taiwan.
To fully express the richness of
French culinary history,
Carrefour works directly with
nearly 220 local producers with
recognised know-how, and who
are committed to a long-term
partnership: 60% of them have
been involved since the brand
was created in 1996. Fingerling
potatoes from Le Touquet,
sauerkraut from Alsace, raclette
from Savoie, brioche from
Vendée, honey from the
Cabrespine monastery…
Today, “Reflets de France”
includes more than 300 high-

quality regional products.
Since the beginning, the brand
has benefited from the
expertise of Michelin-starred
chef Joël Robuchon, who offers
his perspective and advice
during product tastings
organised each month. He designs
recipes that combine tradition
with modernity – which are
published on a dedicated website,
www.refletsdefrance.fr
– to promote the flavours and
aromas of the product range.
In this way, Carrefour puts the
best the land has to offer within
the reach of every budget.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTLOW PRICES
THROUGHOUT THE YEAR

E very day, Carrefour works to guar-

antee the lowest prices on all of its
products. The policy is based on
offering everyday low prices and
targeted promotions, and develop-
ing short supply lines and loyalty
rewards. For example, in France,
Carrefour continued its “Lowest Price
Guarantee” on 500 major brands, committing

to refund twice the difference to customers
who find a lower price nearby. The commit-
ment is extended during major family
events, such as back-to-school season with
300 different school supplies, or the
Christmas season with 200 toys and video
games available for a guaranteed lowest
price. The promise to offer the lowest
prices throughout the year can also be

seen in other countries, with large-scale
operations in Argentina, Spain and Brazil.
Regular targeted promotions also drive
the various departments, such as the
“2nd product at half price” in Poland and
China, “gluten-free products for €1” in Spain
and “round prices” in Belgian supermarkets.
Carrefour is also deve loping innovative
solutions for large families and older people.

DEPARTMENTS
TO BEAT THE CRISIS

In places where customers have been
the hardest hit by the crisis, Carrefour has
significantly expanded its discount product
offerings. In Spain, during 2013 the Group
created approximately 10 Outlet stores attached
to its hypermarkets, offering a wide range
of non-food products at deep discounts of up
to 80%. In certain French stores, Carrefour
launched a “Courses éco” area, offering
hundreds of essential products at the lowest
prices on the market.

REGULAR
PROMOTIONS

Throughout the world, the Group’s stores
and e-commerce websites are driven by
regular promotions which relate to current
events and meet customers’ needs. For
example, theme-based campaigns promote
specific product categories such as the
“Feria de Frescos” in Argentina, which offers
customers a 30% discount on various fresh
produce categories, depending on the day
of the week. In addition, large-scale
festivities highlight targeted promotions
during occasions such as Carrefour’s
anniversary celebrations, back-to-school
season, Mother’s Day, Easter or Christmas.
During 2013, Carrefour invited its customers
to celebrate its 31 years in Argentina,
its 12 years in Romania, the 50 years of
the hypermarket format in France and
the 51 years of Atacadão in Brazil.

LOYALTY
COMMITMENTS

Whether Chinese, French or Brazilian,
Carrefour’s loyalty card customers benefit
from exclusive offers and a wide range of
benefits, including discounts, promotions,
dedicated check-outs, etc. Plus, Carrefour
offers innovative initiatives to defend
customers’ purchasing power. In Spain,
Italy and Poland, Carrefour store customers
who have “over-65” or “large family” cards
receive discounts of between 4% and 10%,
equal to the amount of VAT, on the purchase
of a wide range of fresh produce
and essential goods.

BE THE LEAST EXPENSIVE
AND LET CUSTOMERS KNOW

In every country, Carrefour adjusts its prices
each day to offer the best prices, and actively
promotes its low prices by comparing them
to the competition. In France, the Group
launched a major comparative advertising
campaign, clearly stating the benefits of being
a Carrefour customer. At the same time,
the “Faz a conta. Faz Carrefour (1)” campaign
in Brazil and the “Ahorrá todos los días (2)”
campaign in Argentina promote the banner’s
price position. In Spain, a major campaign
was launched to promote a price reduction
on thousands of everyday products. These
national operations are also conveyed
on the ground. Stores regularly organise
“comparative trolley” operations, stating
the price differences compared with other
local banners.

(1) Do the calculations, come to Carrefour.
(2) Everyday savings.

INNOVATION

NOW AVAILABLE
IN YOUR STORES!

Grocery, electronics, textiles, fresh produce… Carrefour is developing
new products and enriching its product ranges in every category.
A policy of innovation that anticipates needs and listens
to your expectations, in the pursuit of a simple goal – to offer products
that provide a real benefit and save you money. Selection.

1 Tex, Carrefour’s textile brand, has designed an anti-stain, crease-free shirt. With its water-repellent technology, stains slide straight off the fabric, without leaving a trace or
penetrating the fibres. This low-price innovation is being launched in 10 models, essential to both men’s and women’s wardrobes. 2 3 Carrefour created and launched more than
40 exclusive non-food products that are attractive, clever and affordable. Lamps, laptop bags and colourful luggage, a stackable bowl set, office accessories and more –
all practical designs which add excitement to shopping, and which contribute to your day-to-day well-being. 4 A high-quality, affordable smartphone? The Smart 5 is a thin and
elegant multimedia telephone with a five-inch screen, an 8 megapixel camera and a double SIM card holder. All of it at a Carrefour price. 5 With SimWatch connected watches,
there’s no need to take your phone out of your pocket. These innovative models allow you to make calls, send text messages, manage multimedia content, take pictures… and they
even tell the time! 6 Carrefour’s bookshops now carry two models of NolimBook e-readers that offer proven French technology, approximately one hundred pre-downloaded
works and a dedicated platform (nolim.fr) with 100,000 books available for download, all thanks to partnerships with major French publishing companies. 7 Carrefour works with
220 SMEs and French producers to offer traditional products and recipes through the Reflets de France range, with nearly 500 regional specialties, from Guérande sea salt
to Grenoble walnuts. In 2013, products which promote French culinary history were exported to China and Taiwan. 8 In Taiwan, Carrefour has extended its fresh produce offering
available through its Carrefour Quality Lines, with six new products, including Diamond pineapples and Golden mangoes. 9 Strong growth for the Terre d’Italia range, which is
now distributed in all Italian stores and exported to Belgium for even greater customer enjoyment. Launched by Carrefour in 2000, Terre d’Italia brings together more than 400 Italian

INNOVATION

regional products, including orecchiette from Puglia, Tuscan biscotti and limoncello from Sorrento. Buon appetito! 10 The “Origine et Qualité Carrefour” free-range chicken from
Auvergne is raised outdoors without antibiotics – a first in the world of French retail. The product combines traditional free-range poultry breeding with modern treatment based on
active herbal ingredients. An innovation welcomed by customers. 11 With new products, new recipes and new mascots (Les p’tits monstres), Carrefour Kids offers more than
150 quality, affordable products for children aged 3 to 10, from breakfast cereals to dairy products, including biscuits and a variety of drinks. 12 New affordable food and hygiene
products for the new Carrefour Baby line. Designed by a team of childcare and infant nutrition experts, these products are adapted to the very young, offering their parents peace
of mind. Low prices, happiness included! 13 Bon App’ is the new Carrefour brand dedicated to snacks. It combines simplicity and accessibility with healthy and innovative recipes.
It includes four product lines (Classiques, Gourmands, Évasions, Équilibres) with more than 150 listings, including 90 new products. 14 In 2013, Carrefour launched in all Chinese
hypermarkets a range of frozen ravioli, which is easy to prepare and inspired by the best traditional recipes. The innovation has proven very popular, especially among younger
households. 15 The Carrefour BIO range, which currently includes nearly 1,000 listed products in France, has added 50 new products and has also received new packaging.
To provide additional transparency for consumers, Carrefour has implemented new labels that state the origin of raw materials and the location where the products were made.
16 In Brazil, Carrefour offers Viver, a range of 300 well-being, health products that include low-fat, organic, enriched and soy-based products. It is continuing to expand the range,
with more than 20 new listings (breads, fruit juices, etc.).

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTRETAIL

MORE FRESH PRODUCE
IN STORES

To guarantee you the freshness, diversity
and dynamics of affordable fresh produce, Carrefour relies
on a wide range of expertise each day.

TRUE ARTISANS

SERVING CUSTOMERS
The quality of fresh produce at Carrefour
depends above all on the expertise of
growers, bakers, butchers, pork butchers,
fishmongers, cheesemongers and others.
In Carrefour’s stores, several thousands of
artisans, passionate about doing a job well
and offering a “good” product, meet with
local producers, select quality products, pre-
pare or make products in the store, create
new recipes, bring their stalls to life and
advise customers.
Every year, Carrefour builds upon this
professional expertise by training a number
of artisans and apprentices. In France,
for example, Carrefour has more than
1,000 apprentices in its hypermarkets and
supermarkets, including more than 80%
in the butchery and bakery departments.
In Spain, the Group has also opened a

“fresh produce school”, which trained more
than 400 young people in one year. In China,
all store directors also took part in a training
programme, “24 hours of fresh produce”, on
the management of fresh produce.

A LIVELY OFFER
In most stores, the fresh produce depart-
ment is designed like a town square or
market place, with abundant, colourful stalls,
meats prepared on site, fresh fish, as well
as pastries baked in the store and cakes
prepared by pastry chefs, along with an
attractive variety of tastings, events and
promotions. At Carrefour, fresh produce
department managers – like all department
managers – have a large autonomy to lead
and innovate, and to anticipate local expecta -
tions. For example, in Poland, after observing
customer habits and expectations, the pro-
duction of smoked meats in hypermarkets

was developed. Likewise, the “Feria de
Frescos” campaign promotes the consump-
tion of fresh produce among Argentinian
customers.
Fresh produce also includes a wide selec-
tion of self-service products. Affordability,
quality and freshness come together, with
special attention paid in 2013 to clear
product presentation. In French stores, cus-
tomers can easily find products “selected
by our caterers, our cheesemongers, our
greengrocers, etc.”.

SHORTER SUPPLY CHANNELS
Nearly three-quarters of food products sold
in stores come from national suppliers. The
benefits are immediate: shorter transport
time and fewer intermediaries, resulting in
more in-store freshness and quality; local
products, offering more choice, flavour and
enjoyment for customers; lower logistics

RETAIL

From the fishing port
to the store in less
than 24 hours

“Along with my team, I work in
La Coruña, one of the main Spanish
fishing ports. We are here to map
out a direct path from the
fisherman to the consumer.
We work directly at the auction,
where we can examine and select
the fish. Once checked by our
quality department, the fish is
transported by refrigerated truck
to all of our stores throughout
the country. Less than 24 hours
to transport the goods from the
port to the shelves. This arrangement
provides many benefits to our
customers: freshness, quality and
variety of fish, total control over
the cold chain and a very affordable
price, thanks to our ability to
negotiate on-site and the method
of direct procurement.”

MANUEL BELLAS
Fish purchases manager,
Carrefour Spain

Variety through
seasonal products

“To encourage the consumption
of seasonal products, we make
every effort to showcase them.
We select a seasonal fruit or
vegetable, then present all the
variations within the range (loose,
packed, organic, discount) while
emphasising quality. At the
moment, we are promoting
cherries, a product which is highly
sought after by our customers at
this time of year. We have carefully
drawn attention to the products
using the little details that make
a difference, starting with a
tasting of these delicious fruits.”

GIORGIO MARRAS
Fruit and vegetables
department manager,
Carrefour Giussano
hypermarket in Milan (Italy)

Discover video
testimonials online
www.carrefour.com

Professional roots and
customer satisfaction
“We had the idea of creating a
range of high-quality, hand-made
breads, with recipes developed and
tested on-site by our bakery team.
This way, our customers can find
freshly-baked bread throughout
the day, with a wide range of
flavours and new products. This is
important for building customer
loyalty. It’s also very stimulating for
the team: we discover and perfect
artisanal techniques. We return
to the roots of our profession,
and the customers ask for more.”

CLAUDE DALLEREY
Bakery/pastry manager,
Carrefour Chalon Sud
hypermarket (France)

The atmosphere
of a traditional market
“Inside the store, we have created
a true marketplace with all the
atmosphere and product variety
you’d expect to find – shelves and
baskets overflowing with fruit
and vegetables, butchers who
prepare the meat before you, and
fishmongers who pull live fish from
tanks. Our team of bakers went to
the province of Shandong to learn
how they make their particular type
of bread, which is very popular here.
They passed on the technique
to colleagues at other stores
throughout Beijing, and now
everybody makes Shandong-style
bread. We share a lot of good ideas
between stores.”

KITTY SHI
Fresh produce manager,
Carrefour Tongzhou hypermarket
in Beijing (China)

costs; long-term partnerships with regional
suppliers; and finally, the assurance of fair
prices. Carrefour is the first retailer to struc-
ture and standardise this process with
its Carrefour Quality Lines, establishing a
direct and sustainable relationship with
its partners.

QUALITY CONTROL AT EVERY LEVEL
Quality teams work at every step in the chain
to guarantee outstanding fresh produce,
from production to the shelves. Controls are
carried out in every area: sanitary analyses,
organoleptic testing, traceability, on-site
audits, compliance with the cold chain, etc.

The quality of procedures, products and
suppliers is also checked by independent
bodies. Each year, nearly 3,000 inspections
and over 1,000 analyses are carried out
on “Origine et Qualité Carrefour” lines in
France.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTVirginie
axaire

Cheese producer
(Alsace – France)

“Our cheese refining company has
partnered with Carrefour since
1995 to produce organic Munster
cheese from unpasteurised milk.
The benefits of the product line are
many for the region, with around
10 producers involved in the
production of our cheeses and
in product quality, with strict
specifications focused on the
interests of the banner’s customers.
The cows are raised in the Ballons
regional nature reserve in the
Vosges region, and are fed a
natural diet. The unpasteurised milk
is transformed immediately after
the morning’s milking.
The Munster is refined for longer
– twenty-eight days – to give
it more flavour. And Carrefour
has adapted to the pace of
our farmhouse production methods.
This is a respectful approach,
important for the protection
of our regional products.”

RETAIL

A UNIQUE APPROACH
FOR COMBINING
FLAVOUR, FRESHNESS
AND LOCAL ROOTS

Consume better and locally –
this idea has been defended by
Carrefour since it created its first
fresh produce line in 1992. Today,
this approach has been expanded
to a large number of territories,
with more than 400 product lines
around the world.
Carrefour Quality Lines are popular
with our customers thanks to simple
values: local agricultural products,
eco-friendly methods and a
fair price.
The approach is also based on
long-standing relationships with
farmers, fishermen, breeders and
producers, who work every day
to provide quality products through
responsible and innovative
agriculture.
In each country and in every region
where the Group operates,
Carrefour seeks out men and
women with a passion for their

work, with recognised expertise,
who consistently apply their skills
and know-how to obtain high
quality and flavourful products.
They commit with Carrefour to a set
of detailed specifications, which
incorporate strict qualitative,
environmental and social standards.
Their compliance is regularly
checked by independent bodies.
The same requirements apply to all
professions (slaughter, packing, etc.)
which play a role in the product line.
The Group works with more than
22,000 breeders and producers
throughout the world, and each year
develops new product lines to offer
its customers the best fresh
produce. On one hand, they provide
authentic products and outstanding
value for money to consumers,
on the other, local producers benefit
from a fair price and the security
of a long-term partnership.

EXAMPLE OF TWO NEW
“ORIGINE ET QUALITÉ CARREFOUR” LINES IN FRANCE

100% FREE-RANGE, 100% FRENCH
AND 100% TRACEABLE FRESH EGGS

Eggs from free-range hens, raised without antibiotics and fed
with GMO-free (<0.9%) French grain and plant proteins in the Sarthe
département and Auvergne region.

CERTIFIED-ORIGIN SINGLE-FLOWER HONEY

A new product line “Miel de Corse AOP” includes the production
of three types of honey: Maquis de printemps (spring maquis),
Châtaigneraie (chestnut grove) and Miellats du maquis (maquis honeydew).
The approach plays a role in preserving the Corsican beekeeping
environment, which is essential for the health of the bees and
pollination on the island.

Fabien
Pastoureau

Hen farmer
(Sarthe – France)

“I’m very attached to the values
of traditional agriculture. Thanks
to Carrefour, I can follow my
convictions and raise my hens
under excellent conditions.
The quality of my free-range eggs
is high, because the specifications
are demanding; for example,
they require 100% plant-based
feed that originates in France.
The poultry are raised naturally
without antibiotics, thanks
to prevention and the use of
plant-based remedies.”

TESTIMONIALS

Sydney
Marques de
Paiva

Coffee producer
(Elói Mendes – Brazil)

“Being part of the ‘Garantia
de Origem Carrefour’ programme
is a real honour. We are proud
to take part in this programme,
which is based on quality, social
responsibility and environmental
protection for the benefit
of the customers. With our
‘Café Bom Dia’ production,
we can guarantee 100% natural
Arabica coffee while assuming
our social role.”

Fu-Si Wang

Fruit tree grower
(Pingtung – Taiwan)

“I grow my mangoes using
sustainable methods, relying on
natural techniques. For example,
I replaced herbicides with hens
and geese, which naturally weed
the land. Likewise, fruits are
covered in paper bags and
pheromone traps are installed
in the orchard to prevent insect
attacks. The collaboration with
Carrefour provides me with high
visibility and encourages emulation,
encouraging other farmers to
adopt production methods
that respect the environment
and the consumer.”

PORTRAITS OF PARTNERS

Concerned with improving the quality, flavour and
authenticity of its products, Carrefour highlights the expertise
of its breeders and producers within its quality lines. More than
22,000 of them are currently Carrefour partners. Interviews.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTSERVICES

DAILY

LIFE

MADE EASIER!

Both online and in its stores, the Carrefour group offers you
a wide selection of services, underpinned by the same fundamental
values as its products: wide choice, high quality and low prices.

15 interest-free instalments. In Romania,
customers who pay with the co-branded
Carrefour-BRD Finance card – launched in
2007 – now get free credit and can pay in
three or ten monthly instalments, depending
on the product category. This is how the
Group is developing its range of financial
and insurance services. In China, for example,
the launch of a co-branded Carrefour-China
CITIC Bank credit card means that customers
can get discounts on their in-store purchases.
In addition to these services, the Group is
also continuing to invest in a multichannel
system for listening to and informing its cus-
tomers in stores, through a number of new
welcome areas, as well as by telephone and
over the Internet, guaranteeing the best
possible service all along the customer path.

I n addition to a broad selection of food

and non-food products, Carrefour offers
its customers a wide choice of conveni-
ence services. These include package
pick-up points, key copying, vehicle hire,
pharmacies and health/beauty care,
and fuel oil delivery. All or some of these
services are available in each store, depend-
ing on its size and its customers’ require-
ments and expectations.
Financial and insurance services, together
with leisure services, such as travel agen-
cies, tickets for shows and photo services,
are available in many stores and shopping
centres throughout the world. In each area,
Carrefour draws on the expertise of season-
ed specialists in order to put together a
dynamic offer that provides customers with
tangible benefits with prices that are among
the lowest on the market. In France, for
example, more than 500 hypermarkets,
supermarkets and convenience stores now
offer a competitively-priced vehicle hire ser-
vice. And stores are always looking for
opportunities to provide those little extras
that make life easier, such as house moving
kits for customers who hire utility vehicles.

IMMEDIATELY ACCESSIBLE,

INSTANT BENEFITS
Carrefour’s teams ensure that all these ser-
vices can be immediately accessed. Most of
them are available in the stores’ welcome
areas, or in special dedicated nearby areas.
Some are available over the Internet or via
mobile applications designed to comple-
ment those available in the stores.
Customers can book a ticket for a show and
pick it up at their local store. Or they can get
an insurance quote online and then come
and talk to an adviser in a Carrefour Banque
agency, or book a holiday at a Carrefour
Voyages corner and receive it on their
mobile phone. One of the key assets for
customers is the considerable number of
cross-benefits available to them. As well as
exclusive promotions on travel, tickets and
vehicle hire, customers with Carrefour bank
cards get additional discounts at the check-
out or can take advantage of attractive
financing offers. In Argentina, for example,
as part of a special campaign for purchases
of mattresses or bed frames, customers
paying with the Carrefour card got a 30%
discount, as well as the option to pay in

LEISURE
FOR EVERYONE

Every year, more than
400,000 customers in France
go on holiday with Carrefour
Voyages. The service was
expanded in 2013 with a number
of new affiliation partnerships
and franchisee agencies.
In Spain, Carrefour Viajes has
become the country’s
third-largest network in only
three years, and now has more
than 500 agencies. As for
shows, customers in France
can book tickets for more than
60,000 events at 420 dedicated
areas in stores, as well as
directly online. The service
available in Belgium has also
been expanded and now includes
notably tickets to many
amusement parks.

SERVICES

BANKING
AND INSURANCE
SERVICES

Carrefour offers its customers
financing, savings and insurance
solutions at 930 agencies and
financial service stands around
the world. The services were
further developed in 2013,
with new cards and benefits
for Carrefour Banca customers
in Italy, new wealth insurance
services for Argentinian
customers, special promotional
offers in stores for Taiwanese
customers and new payment
facilities in Romania.

CHEAPER ENERGY

Carrefour is constantly striving
to reduce its customers’ energy
bill through concrete but simple
initiatives. Its petrol and fuel oil
prices, for example, are the
lowest available on the market at
the many service stations it has
integrated into its hypermarkets
and supermarkets. Carrefour also
introduced the eco-works bonus
in France in 2013. This is a bonus
that is paid into the loyalty
accounts of customers who have
work done on their homes or
who purchase equipment
designed to generate energy
savings, such as insulation,
wood-based heating systems
and heat pumps, and can be
as much as €3,000.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTCHALLENGES

MOR E
R E SP ONS IBL E
S O U R C I N G
C a r r e f o u r h a s a d o p t e d a r e s p o n s i b l e
s o u r c i n g p o l i c y i n a b i d t o r e d u c e t h e
i m p a c t t h a t i t s b u s i n e s s h a s o n t h e
e n v i r o n m e n t a n d p r e s e r v e b i o d i v e r s i t y, w h i l e
e n s u r i n g c o m p l i a n c e w i t h l a b o u r r i g h t s .

A s part of an on-going improvement

drive, Carrefour works at all levels of
the supply chain: from choosing
manufacturers and producers who
are required to comply with strict
specifications, through to labelling
and product presentation with
informa tion that is clear and transparent for
consumers. Carrefour’s commitments also
involve optimising the logistics chain, transport
modes and the way in which products are stored.
Customers get a wide selection of healthy
products that are traceable and certified
and which are in compliance with labour rights
and do not harm the environment. There is an
ever-increasing proportion of locally-sourced,
organic, fair trade products. And they can be
sold at low prices thanks to the development of
short supply channels and long-term partner-
ships with producers.

Protecting natural
resources and biodiversity

paid to wood and paper supplies,
so that customers get FSC(2)
and PEFC(3) certified products.
In December 2013, in response
to concerns voiced by its
customers in France, Carrefour
also stepped up its commitment
to sustainable fishing,
undertaking to stop selling
new species of deep sea fish
by June 2014 and doubling
the number of MSC-certified(4)
species it sells by the end
of 2014.

The Group’s commitments are
clear. The product offering that
Carrefour makes available
to its customers is consistent
with an approach designed to
protect biodiversity and natural
resources, and has resulted in
the implementation of a number
of concrete initiatives. In 2013,
the key aspects of this
commitment involved tackling
deforestation and promoting
sustainable fishing and
responsible farming practices,
as well as ensuring the
well-being of animals and
increasing the selection of
responsible products available.
For example, Carrefour has gone
to great efforts to replace the
palm oil in more than 400 of its
products and is committed to
using 100% RSPO-certified (1)
sustainable palm oil in its
own-brand products by 2015.
Special attention is also being

(1) Roundtable on Sustainable Palm Oil. (2) Forest Stewardship Council. (3) Programme for
the Endorsement of Forest Certification. (4) Marine Stewardship Council.

Taking steps to ensure
respect for human rights
Every year, Carrefour organises
training programmes for its
suppliers, making sure that they
comply with these commitments
through regular social audits that
the Group carries out itself or
has carried out via independent
bodies. In 2013, for example,
Carrefour carried out 1,333 social
audits and 146 safety audits in
countries deemed “sensitive”
according to the ILO. The
commitment has been stepped
up in a number of business
sectors and regions.
In May 2013, for example,
Carrefour was one of the first
French companies to sign the
“Fire and Building Safety”
agreement to improve safety
in Bangladesh’s textile factories.
The agreement binds more than
150 manufacturers, retailers
and international trade union
organisations and provides for
a wide-ranging multilateral safety
inspection and investment
programme to be deployed in all
of the country’s textile factories
over the next five years.

Since 1997, Carrefour has had
a proactive policy aimed at
ensuring that all its suppliers
comply with the principles of
human rights. As far as its
own-brand products are
concerned, suppliers are required
to comply with Carrefour’s Social
and Ethical Charter, drawn up in
partnership with the International
Federation for Human Rights
(FIDH). The charter features a
long list of requirements, in
application in particular of the
main agreements of the
International Labour Organisation
(ILO), which include safety in the
workplace, not using child
labour, etc.

CHALLENGES

Optimising logistics
Responsible procurement also
means reducing the impact that
one’s logistics operations have
on the environment. In order to
reduce its carbon footprint from
transporting its merchandise,
Carrefour strives to maximise
its delivery vehicles’ fill rate.
In 2013, these optimisation
drives resulted in French
hypermarkets saving the
equivalent of 10,300 tonnes
of CO2 by having 25,000 fewer

lorries on the roads. The Group
is also developing alternative
forms of transport (rail, river,
etc.) and innovative new
technologies. These include
gradually increasing its
numbers of hybrid and electric
lorries, and testing, in northern
France, lorries which run on
biomethane, a fuel produced by
the methanisation of biowaste
from 14 hypermarkets.

Supporting suppliers

Carrefour has a proactive role
in relation to its suppliers,
providing them with the support
they need to improve their own
social responsibility policies.
Since the “produits libres” were
first introduced in 1976,
Carrefour has worked with
many companies and SMEs in
order to provide its customers
with high-quality products
manufactured locally. In order
to identify the impacts that their
activities have and implement
a complete sustainable
development policy, Carrefour
has developed, since 2006,
an online self-diagnostic tool
– created with the help of the
ADEME and the WWF – which it
makes available to its suppliers
of own-brand products.
In 2013, nearly 5,300 suppliers
in 11 countries used this tool,
now aligned with the
requirements of the ISO
26000 standard, to measure
the performance of their
CSR policy against 49 criteria.

Examples of best practice
are thus showcased every year
in France at the Carrefour
sustainable development
awards.
Other initiatives have also
been implemented to guarantee
suppliers’ long-lasting growth.
For example, Carrefour has
entered into multi-year
partnerships for its quality
product lines throughout the
world. And in 2013, it set up a
number of training programmes
in China on food quality and
safety with more than
500 farming cooperatives.

PURCHASING LOCALLY – EVERYONE BENEFITS

Throughout the world, the Group’s stores are
widening their selections of local products
and are sourcing their supplies from farmers,
breeders, SMEs and artisans who are based
near to where the customers live. In France,
each Carrefour hypermarket works with around
100 local producers on average. This direct
supply policy generates benefits at all levels.
It provides customers with a wider choice,
as well as better-tasting regional products;
it guarantees product freshness and quality
since there is a direct relationship between
producers and stores. Only a very short time

is spent getting the products from the farm or
factory to the store shelves; low logistics costs
mean lower prices for customers, and local
producers have an outlet for their products,
stimulating the local economy.
Customers are encouraged to purchase locally
especially through the development of regional
brands such as Reflets de France and Terre
d’Italia, quality product lines which shorten
supply channels. In China, within the framework
of a nationwide programme, Carrefour has
been sourcing products directly from farming
cooperatives, representing more than

1.2 million Chinese farmers, since 2007.
At Group level, nearly 75% of all Carrefour
food products come from national suppliers.
Carrefour employees do not simply buy from
local producers. They help them, providing
them with the support and training they need.
In Spain, for example, several thousand
products were showcased in 2013 as part of
in-store campaigns, major agricultural shows,
Carrefour award events for innovative SMEs,
and along the route of La Vuelta (Tour of Spain
cycling race).

“In the Hainaut region, our stores have entered into partnerships with local artisans
and producers located within around 40 km. Their products are sold in a special dedicated
area. Our customers are delighted to find products from where they live available on the shelves.
And that way, we are boosting the local economy.”

Nathalie Cornard, in charge of local supplier partnerships for the Hainaut region (Belgium)

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTCOMMITMENT

TACKLING WASTAGE

EVERYBODY IS INVOLVED

Carrefour has adopted a multi-year plan to tackle
all forms of wastage. The plan involves recovering waste,
implementing energy saving schemes, optimising
delivery runs, making donations to associations, raising
customers’ and employees’ awareness,
reducing the amount of packaging used, etc.

Carrefour has decided to implement a global
plan to tackle wastage. In particular, the
programme sets out to ensure that Carrefour
makes efficient use of resources. It is also an
opportunity for the Group to generate value
and to innovate alongside its various internal
and external stakeholders.

INVOLVING SUPPLIERS

IN THE INITIATIVE
Carrefour works with its suppliers on extend-
ing best-before dates and optimum use-by
dates for products, provided their quality is
not affected. In some cases, the optimum
use-by dates have even been removed al-
together for certain foodstuffs for which
they were not relevant. The initiative is
consistent with the principles of the “Pacte
national de lutte contre le gaspillage alimen-
taire” (National pact to combat food waste)
that was signed with the French Ministry of
Agriculture, Food and Forests in June 2013.

STREAMLINING

ENERGY CONSUMPTION
Carrefour has stepped up its efforts to identify
areas in which investments could be made
in order to reduce its energy consumption,
such as installing the very latest equipment:
low-energy lighting, closed refrigeration
units, natural fluids in store refrigeration
systems, insulated walls and roofs, etc. In
2013, Carrefour succeeded in reducing
energy consumption per square metre of
sales area (electricity, fuel, gas) in its stores
by 28.6% compared with 2004.

REDUCING PACKAGING WASTE
The Group is striving to reduce the pack-
aging used in its Carrefour brand products at
source, as well as all additional packaging
used in transportation. Cardboard boxes
and crates for shipping merchandise are
gradually being replaced by reusable plastic
trays. In fifteen years, Carrefour has reduced
the weight of packaging that it uses for its prod-
ucts by 20,000 tonnes in France.

RAISING CUSTOMER AWARENESS

AND PROVIDING CONCRETE

SOLUTIONS
Carrefour is striving to provide its customers
with concrete solutions for tackling waste,
tailoring its offer by proposing goods sold
loose, putting short sell-by date products on
special offer, and telling customers about
best practices and habits for reducing waste
on a daily basis. Other projects include a
website, “Tous conso malins” (Clever con-
sumers) in France, campaigns designed to
encourage responsible behaviour, such
as “Spend less, protect more”, “Green life,
smart shopping” in China and the creation of
recyclable waste collection points in Romania
and Argentina.

INTRODUCING AND PROMOTING

WASTE REDUCTION ACTIONS

IN STORES AND OFFICES
Carrefour deploys awareness and internal
commitment campaigns designed to tackle
waste in all of its entities. The campaign’s
symbol is a bee, which embodies the

re sponsibility of an entire community and a
balanced ecosystem, and it involves numerous
concrete initiatives designed to encourage
all employees to take steps to combat waste
in their day-to-day lives. These include recycling
and recovering waste, as well as saving
paper, water, energy, etc.

REDUCING UNSOLD STOCK

AND PARTNERING

WITH AID ORGANISATIONS
To improve the efficiency of stores and avoid
unsold stock, “anti-waste coaches” have
provided stores in France with support, iden-
tifying and spreading examples of best
practices. At the same time, the stores work
with a vast network of associations and so-
cial grocery stores to which they distribute
products that have not been sold but which
are still perfectly edible, helping the most
needy in the process. In 2013, Carrefour
donated the equivalent of 68 million meals
to food aid organisations in France.

OPTIMISING SUPPLY FLOWS
In 2013, the Group continued with its efforts
to improve the efficacy of its supply chain.
One of its projects included setting up shared
warehouses for European suppliers, resulting
in an average reduction of 15% to 20% in
the number of kilometres travelled.

)

TEAM SPIRIT

The quality of our
offering is underpinned
by our working together
for you.

TRAINING

Listening, welcoming,
advising. Customer
culture is central to
our training
programmes.

JOBS

In more than
120 different job
functions, our
employees’ expertise
is our number
one asset.

SOLIDARITY

The involvement of
the company and our
teams in solidarity
programmes adds
an extra dimension
to Carrefour’s
commitment as
a retailer.

AUTONOMY

Because our stores
know you better than
anyone else, they are
granted a high level
of autonomy with which
to meet your
requirements.

DIVERSITY

In all of the countries
in which we operate,
we strive for equal
opportunities
on a daily basis.

LONG LIVE THE
RETAIL MINDSET

Working for you means using our employees’ know-how,
pride in their work and a job well done, team spirit, people skills
and initiative to meet your needs better.

XXX2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTRETAIL

THEY MAKE CARREFOUR
EVERY DAY

Expertise, job satisfaction and pride in a job well done, enjoying
contact with customers, autonomy, showing initiative and collective
intelligence. These are all principles of what it means to be a retailer
– principles that the Group’s employees follow every day in stores.

T he 365,000 women and men who

work every day in more than
120 different jobs, contributing to
the diversity, the quality, the utility
and the competitivity of each
store’s product selection, are the
Group’s number one asset. They
include supply officers, auditors, bakers,
butchers, franchise advisers, warehouse
directors, florists, delivery round managers,

department managers and check-out assist-
ants, and many more. Their skills and expertise
together are what create the retail mindset,
ensuring customer satisfaction and loyalty.
For this reason, Carrefour pays particular
attention to the training and the career path
of each employee to enable them to develop
and pass on their expertise, and evolve
within the Group to, ultimately, provide
customers with the best possible service.

BEING PASSIONATE ABOUT THE JOB
As well as expertise, the retail mindset
involves being passionate about the job,
encouraging everyone to go just that little bit
further so as to make a difference: trying out
a new recipe, testing a new product assort-
ment, going to meet artisans, producers and
innovative SMEs, or simply asking customers
what they think of a particular department or
product, etc. The more employees hone

FROM A RETAIL TO AN
ENTREPRENEURIAL MINDSET

The Group also draws its dynamism from its franchise partners who run some
of its stores. Carrefour provides its franchisees with all the support they need.
This involves sharing its expertise with them at all levels (purchasing, logistics,
communications, etc.) as well as in offering management-lease solutions through
which they can acquire a store over several years. The franchisees can give
free rein to their management skills and entrepreneurship, maintaining a close
relationship with their customers and responding to their needs. Clear and robust
foundations for a win-win partnership and a long-term relationship built on trust.

their skills, the better able they will be to
advise customers, talk to them, and draw
inspiration from their comments so as to
improve what’s on offer in the store. Being
able to show initiative is what underpins the
retail mindset at Carrefour.

TAKING THE INITIATIVE
Carrefour has implemented a decentralised
organisational structure in which respons-
i bilities are delegated to people as close to
the field as possible and in which managers
in the store can be autonomous when it
comes to operational issues. They can
detect and promote talented employees,
organise their departments as they see fit
and communicate and stage events, enter
into contracts with local suppliers and
deploy tailored offers, without forgetting
their involvement in the local community in a
range of different ways (support for asso-
ciative events, sponsorship, contribution to
economic and environmental projects, etc.).
Through such commitments, they are able to
better anticipate local changes and keep
pace with the local ecosystem.

STRONGER TOGETHER
Needless to say, the expertise and auto-
nomy that everybody has in the jobs they do
are even more effective when they fit in
and work in synergy with others. Carrefour’s
retail mindset is also about collective intelli-
gence and the ability to group people with

different skills, talents and profiles together
within the same team. Working together as a
team is essential for ensuring product offers
that are high- quality, varied and competitive.
For the most part, this depends on a steady
flow of information between the front-office
(stores) and the back-office (purchasing,
logistics, IT systems, etc.). Carrefour there-
fore constantly strives to simplify and shorten
the supply chain, bringing it as close as
possible to the stores, with cross-functional
teams comprised of department and section
managers, buyers, logistics experts, trans-
porters and warehouse managers. Through
this multi-discip linary organisational struc-
ture, stores can be more responsive and
adjust their purchasing capacities and the
Group’s logistics to meet the requirements
of each.
The retail mindset is also built on on-going
discussions and the construction of long-
lasting partnerships: with franchisees, to
develop our store network and establish a
presence in new locations; with schools,
universities and professional bodies in order
to perfect the training that we give our
employees and foster future talents; with
the stakeholders that operate in a region in
order to contribute to balanced develop-
ment and generate employment; and, need-
less to say, with suppliers in order to provide
customers with choice, low prices and high
quality. Because customer satisfaction is
always the ultimate aim.

RETAIL

LOCAL JOB CREATOR
SINCE 1959

With more than 120 jobs and
10,105 stores throughout the world,
Carrefour provides many employment
opportunities, welcoming people with
different profiles to work in its stores,
and always seeking to recruit local
people as a priority. Recruitment and
training provides social mobility to
several thousands of people each year.
And, aware of the social responsibilities
that it has, the banner provides 93.4%
of its employees with permanent
contracts, giving them the job security
they need and confidence in the future.

The Group enters into many partnerships
with schools, universities and
professional bodies so that it can look
ahead and facilitate the recruitment
of future talented people. In China,
for example, Carrefour entered into
agreements with 30 universities in 2013,
and should recruit around 1,000 young
Chinese graduates over the next
three years.

And to support this ambitious policy,
the Group continues to invest heavily
in its recruitment schemes. In Brazil,
for example, it has selection centres in
a number of different regions, located
as closely as possible to its stores,
which welcomed more than
100,000 candidates in 2013. All of this
is evidence of the efforts to which
Carrefour goes in order to attract the
retailers of the future. In France, the
teams in charge of recruitment receive
more than a million CVs every year.
For 2014, they expect to recruit more
than 7,000 people on permanent
contracts and 5,000 on work-study
training courses. To go even further,
Carrefour has just launched its 100%
mobile recruitment site, featuring
a unique account system so that
candidates can apply for jobs directly
from their smartphones.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTOVERVIEW

AROUND
THE WORLD

ARGENTINA
New store
directors and
their teams
were trained in
an Express school
convenience store
and are now able
to support
the growth
of this format.

CHINA
The “24 hours
of fresh produce”
programme, a
training module
delivered to all
store directors
in 2013.

ROMANIA
Carrefour
launched a
new training
programme for
its check-out
teams to help
them improve
the welcome
customers
receive.
The “Small
gestures for
great business”
training
programme has
been designed
for all check-out
teams throughout
stores in Romania.

SPAIN
A “fresh produce
school” delivers
complete training
programmes for
various fresh
produce-related
jobs to employees
who want to shore
up their expertise
and to jobseekers
under 30 years old.

BRAZIL
In stores
throughout the
country, the
check-out teams
have received
training so they
can better
welcome and
advise customers.
Programmes
for managers and
store directors
have also been
set up in order
to bolster their
leadership skills.

THE RETAIL MINDSET

EXPERTISE
TO BE SHARED

At Carrefour, every store, sector and department
is managed and run by experienced professionals
who draw on their honed expertise, constantly updated
through professional training programmes.

B eing able to recognise a good

product, put it on sale at the best
possible price, select a supplier and
develop their loyalty and provide a
customer with advice, etc. In order
to develop these skills, used in
more than 120 different jobs,
Carrefour has created ambitious training
programmes in all of the countries in which it
operates. Enhancing employees’ profes-
sional skills throughout their career at all
levels throughout the Group helps refine
their expertise and improve the fundamental
aspects of the offering (wide choice, low
prices, high quality, practical services) for a
more customer-focused approach at all
levels. Continuing to invest in training further
develops our employees’ autonomy and
expertise and drives their career development.

AIMING FOR OPERATIONAL

EXCELLENCE
In all the countries in which it operates,
Carrefour provides its employees with com-
plete training programmes for each job

function. They can shore up their basic skills,
acquire new ones and update their
knowledge as their job functions develop
and the product mix available in stores
changes. In Spain, for example, Carrefour
set up special training programmes for its
perfumery and its electronics, photo, home
theatre and audio sections in 2013, to per-
fect its employees’ technical expertise
so that they would be able to better advise
customers. It also opened a “fresh produce
school”, which has already trained more than
200 young employees. Further upstream,
the Group offers training schemes so that
new recruits can quickly acquire the skills
they need. In France, Carrefour hired
5,000 young people on apprenticeships
(fresh produce departments) and through
professionalisation contracts (store depart-
ments and check-outs), combining training
programmes leading to diplomas or quali-
fications and work experience in stores,
under the supervision of a mentor. Carrefour
has trained more than 3,000 of its employees
in mentoring, and set up partnerships with

OVERVIEW

2013
figure s
5.1

MILLION HOURS
OF TRAINING

16.6

HOURS OF TRAINING
ON AVERAGE
PER EMPLOYEE

15,000

YOUNG PEOPLE
ON WORK-STUDY
TRAINING COURSES
IN FRANCE
BETWEEN 2013 AND
2015 (RECRUITMENT
TARGET)

50.4%

OF EMPLOYEES
PROMOTED WERE
INTERNAL
APPOINTMENTS

11 apprentice training centres to provide
employees with full, customised support.
Schemes for passing on expertise between
generations and positions are becoming
more widespread, so that all new or recently
promoted employees can get support from
an experienced colleague who will help
them master the various aspects of their
position. In all circumstances, the aim is to
bolster employees’ expertise and maximise
their passion for the job and the enjoyment
they get from contact with customers.

FACILITATING CAREER

DEVELOPMENT
More than half of all managers and directors

who were promoted within the Group
in 2013 were internal appointments. This
is the result of a structured and proactive
training policy designed to match the apti-
tude and desires of each individual and
provide them with opportunities for career
development within the company.
One such initiative is the creation of training
programmes leading to qualifications that
the Group has created with partner schools,
such as the “Carrefour Academy” in Belgium.
These are aimed at department managers
and assistants, and are two-year courses
that lead to operational management dip-
lomas. The Group also attaches a great deal
of importance to the career development

and promotion of talented women. It has
implemented the “Women Leaders”
programme to identify high-potential
women, and provide them with training and
mentoring. The result is a regular increase
in the proportion of women in managerial
positions. By organising and facilitating its
employees’ career development at all levels
within the Group, Carrefour can count on
generations of managers who have experi-
ence working in stores and dealing with
customers, and who have a great deal of
job expertise.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT
TESTIMONIALS

B i o
P O S I T I O N
Grocer y
depar tment
manager,
C arrefour
XuJing
hypermarket
in Shanghai
C O U N T R Y
C h i n a

William Zhang

Making wishes come true.
“I joined Carrefour in 1999 when I was 27 years old as a decorator.
Every year, I have gone on training programmes which have broadened
my expertise and helped me climb up within the Group. As a result,
I was promoted to decorator manager in 2003, cosmetics department
manager in 2008 and then grocery department manager in 2009.
And now I have just applied for a position as hypermarket director.
With every promotion, Carrefour’s management listened carefully to
my career development wishes and put me on the training programmes
that I needed in order for them to come true. One of the most appealing
things about this company is that there is no such thing as a closed door.
You are never stuck in a particular job function because of the diplomas
or qualifications that you have. If you are curious, motivated and keen
to learn, Carrefour can provide you with many opportunities.”

SUCCESSFUL
CAREER PATHS

Carrefour helps everyone to develop their expertise and
progress throughout their careers. Five of our employees
talk about their career development.

B i o
P O S I T I O N
R e g i o n a l
d i r e c t o r
f o r t h e
hy p e r m a r ke t s
o f t h e
C h a m p a g n e
r e g i o n
C O U N T R Y
Fr a n c e

Fabienne Torrenti

Training programmes that help you move forward.
“I joined Carrefour when I was 21 years old as a check-out assistant
at the Écully store in order to fund my vocational training certificate.
My check-out manager quickly encouraged me to go for promotion
and this first sign of trust was what triggered it all. I worked my way up
through a variety of different jobs – in stores or at head office –
each time with more and more responsibilities: check-out manager,
HR manager, sector manager, organisational manager, hypermarket
director, Group check-out manager and now regional director for
the Champagne region where I oversee 9 hypermarkets and
2,000 employees. Each time I changed position, Carrefour gave me
the training to acquire the expertise I needed to move up to the next
level. I learnt a great deal, especially on the customer culture courses
and the human resources training programmes: team management,
talent management, organisation management, etc. I acquired the tools
and expertise to pilot fascinating projects such as instituting an
agreement to facilitate the hiring of employees with disabilities in stores,
and identifying and sharing examples of best check-out practice.”

TESTIMONIALS

Bio
POSITION
Carrefour city
franchisee
in Mainvilliers
COUNTRY
France

Stéphanie Sécher

Carrefour helped me stand on my own two feet.
“I joined the Carrefour group in 2007 as a deputy store manager.
Soon afterwards, my manager suggested I get onto the deputy
development training programme which gives you the option to take
over the lease-management of a store after two years. It’s a complete
training programme that helped me bolster my expertise in retail store
management and cover everything I needed in order to switch from
being an employee to being a company manager. At the same time,
Carrefour offered me a lease-management possibility so I could
save up the capital I needed and have my own store after three years.
Thanks to this scheme, I have been able to realise my dream of being
independent and running my own Carrefour city store.”

Bio
P OS ITI O N
Butchery
category
manager
C OU NTRY
Belgium

Geert de Clercq

My diploma course was the trigger.
“I joined Carrefour in 1992 as a butcher. I then became butchery
manager before being promoted to head butcher in 2001. It’s a
fascinating job that is very technical and I am always dealing with
customers. But deep down, I regretted not having continued with
my studies. I talked to my line manager about this who suggested
I register with the “Carrefour Academy”, a training course that leads
to a diploma. Over a period of two years, I did more than 900 hours
of management training at the Catholic University in Courtrai, and
was eventually awarded a state diploma in operational management.
That was a real trigger for me – it gave me the confidence I needed
to apply internally for different positions with more responsibilities.
That was how I became butchery category manager, a position in
which I can combine my butcher’s expertise with my recently-acquired
management skills. By helping everybody to climb the ranks from
in-store positions, Carrefour distributes job expertise at all management
levels. And I think this is very beneficial for customers.”

Marco Aurelio Alcolezi

Gaining experience in customer culture.
“I joined Carrefour in 1992 when I was 19 years old as an employee
in the Londrina store’s toy department. I quickly worked my way up within
the Group in different positions within various store departments and
gradually took on more responsibility. I worked as a trainee department
manager, then manager of the “bazaar” section, the fresh produce
section and then overall sector head before being promoted as store
director in January 2005. I followed training courses to help me move up
to each level. The first focused on the fundamental aspects of the job
and customer culture. As I progressed, the following courses were more
geared towards management and team leadership. One of them was
a complete store director course which included training in all of
the company’s job functions and the involvement of well-known outside
experts. I am currently regional director of 12 stores in 7 cities
throughout the São Paulo region.”

Bio
POSITION
São Paulo
regional
director
COUNTRY
Brazil

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTANALYSIS

Broadening one’s expertise, climbing up
through the ranks in one’s job and
career, feeling good in a particular job
function… Carrefour has a simple belief:
happy employees make for loyal
customers. Close-up on the main
progress levers proposed to employees.

QUALITY OF LIFE IN THE WORKPLACE
WE ALL STAND TO GAIN

Listening and
promotion
opportunities

Carrefour offers its employees schemes and
tools so that each of them can develop their
expertise and climb the ranks within the
Group thanks to annual interviews, individual
training paths, support and sponsors, etc.
In France and Romania, for example, the
Group has set up an internal job forum, so
that everyone can have a real-time overview
of all jobs currently available and get quick
answers to their applications. Evidence of
the efficacy of this policy can be seen in the
figures: at Group level, more than 50% of
all management positions are internal
appointments. Carrefour also carries out
internal satisfaction surveys on a regular
basis – at country or store level, or focusing
on a particular category of employee,
to refine its policy and put in place dedicated
initiatives. In 2013, for example, Carrefour
carried out a major study of its Belgian
employees over the age of 45 so that it could
meet their specific requirements.

Organisation and
working conditions

The way in which work is structured has to
meet two key objectives: on one hand, it has
to provide customers with the best possible
service, which requires a certain flexibility
regarding working hours; and on the other,
it has to help everyone achieve a good
work/life balance. To meet both these ends,
Carrefour consults with its teams and social
partners. The check-out teams in hyper-
markets in France, for example, can decide
on their own working hours, in compliance
with the store’s business. And employees in
Poland can get time management training
to help them organise, schedule and then
carry out their various tasks. Improving its
employees’ quality of life is also part of
Carrefour’s aims. In Brazil, for example,
a new programme has helped more than
100 employees get transfers so that they
can work closer to home.

MANON DEBRITO
Check-out assistant,
Carrefour Auteuil hypermarket (France)

A good work/life balance

“With the work-schedule system,
check-out assistants
can draw up their own timetables
several weeks in advance.
Basically, I decide on my working
hours every week, making sure
I comply with certain rules.
These include making sure
I do one closing and one evening
every week. With this
flexibility, I am able to achieve
a good balance between
my work and my private life.
And the store can adjust check-out
activity depending on
customer traffic.”

QUALITY OF LIFE IN THE WORKPLACE

WE ALL STAND TO GAIN

ANALYSIS

ENJOYING ONE’S JOB
IN BRAZIL

In addition to their basic salary, Carrefour
employees in Brazil also get a set of social
guarantees which far exceed those that
companies are legally required to provide,
and which enhance the Group’s appeal.
The main initiatives that were either
introduced or further developed in 2013
include a new medical and dental assistance
scheme for 75,000 employees and their
families, the launch of the “Gestação Segura”
programme which takes preventive action
for high-risk pregnancies, an innovative
supplementary pension and retirement
scheme and a profit-sharing scheme for all
employees. And at the same time, Carrefour
is bolstering its human resources policy
to cut down on absenteeism and accidents
in the workplace, and is encouraging internal
promotions within its various entities.

Remuneration
and benefits

Social dialogue

Activities
outside of work

The remuneration policy has been designed
to foster motivation among the teams and
equitably recognise each person’s level of
performance and responsibility, as well
as their contribution to the Group’s results.
In addition to their salaries, Carrefour
employees also have access to a range
of other benefits, including profit-sharing
schemes, medical assistance, healthcare,
supplementary pension scheme, etc.
In 2013, for example, Carrefour introduced
the first profit-sharing scheme in China at
store, regional and territory level. To provide
help to employees who are experiencing
difficulties, Carrefour finances an aid fund
in France, the committee of which is re-
sponsible for paying out financial aid to
employees so that they can navigate their
way through difficult periods in their lives
(€530,000 in 2013).

The Group maintains an on-going and
constructive dialogue with its social partners
which regularly results in progress being
made that benefits employees. Among
the major initiatives of 2013 were the intro-
duction of inter-generational agreements
for employing young and older people in
France, a new collective agreement in
Romania and a social pact designed to get
hiring again and increase the numbers
of apprenticeships in French hypermarkets.
At European level, every year since 2011,
Carrefour has been bringing together mem-
bers of the European Committee as part of
a plenary meeting and a training-information
seminar. The event serves as an opportunity
to talk about issues such as equal oppor-
tunities or youth employment and the use of
new technologies.

A major internal cooking competition in
France, summer sports for the children of
Spanish employees, a major family activity
day in Taiwan and in China, and compliments
day in Belgium… Carrefour stores and entities
regularly hold friendly events at which
people can meet their colleagues in a dif-
ferent context, and which help new recruits
to integrate. The Group attaches special
importance to these friendly initiatives in the
field which help build team spirit and develop
the retail mindset.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTCHALLENGES

AROUND
THE WORLD

SPAIN
Continuation
of the
partnership
with the
EXIT Foundation
in favour of
the integration
of young people
at risk of
social
exclusion.

FRANCE
Over
5,000 young
people recruited
on work-study
contracts
in 2013.

BRAZIL
100% of stores
employ disabled
members
of staff.

EUROPE
In 2013,
Carrefour
implemented
a mentoring
programme
to promote
the career
development
of women in
several
European
countries.

ARGENTINA
To support the
development
of the Express
convenience
stores in the
country,
Carrefour is
focusing on
the recruitment
and training
of unemployed
individuals
over 40 years
of age.

POLAND
Carrefour
Poland
signed the
Diversity
Charter
in October
2013.

WORKING FOR
DIVERSITY AND EQUAL
OPPORTUNITIES

In the countries where it operates,
the Group stands out for its sustained policy in favour
of diversity and equal opportunities, and against
all forms of discrimination.

C arrefour acts in a practical and

consistent manner to give everyone,
everywhere the same recruitment
and career development oppor-
tunities, without distinguishing
between sex, age, background
or qualifications. This policy
consists of various mechanisms which are
implemented at all levels: Group and national
agreements finalised with social partners,
a Diversity Charter, programmes developed
with the backing of international organ -
i sations (the UN, the International Federation

for Human Rights, the International Labour
Organisation), collaborations on the ground
with NGOs and other associations, and
so on.
Within this framework and with these tools,
Carrefour’s stores and entities are working
on a daily basis to promote employee divers-
ity within their teams. In this way, our employees
represent the diversity of the society, the
surroundings, and their customers in order
to better understand them and anticipate
their requirements.

recruiting employees with disabilities,
integrating them into the workforce under
the best conditions possible and helping
them maintain their employment, in par -
ti cular by adapting workstations. In Brazil,
Carrefour has also deployed a specific
programme, “Eu pratico a inclusão”, which
notably led to twice as many disabled
people being recruited in 2013 in compa r-
ison with 2012, complemented by the “Meu
amigo e especial” programme to encourage
internal integration. In Poland, Carrefour
encourages the use of assisted contracts in
partnership with the Ekon association,
having led in this way to the recruitment of
150 mentally disabled people.

Gender equality

The proportion of women in managerial
positions is rising steadily thanks to a proact-
ive policy to promote gender equality at
all levels (recruitment, development, salary,
etc.) in all countries via the “Women
Leaders” programme in particular. In Poland
for example, women hold over 50% of
managerial positions. Measures are continu -
ally implemented in every country: aware-
ness-raising in stores, training and coaching,
adjustments to working hours, etc. Along
the same lines, the recruitment of young
women as managers was a priority of the
“Jóvenes Profesionales” programme in
Argentina, which aims to integrate young,
high-potential graduates. The Group also
showed its commitment in 2013 by signing
the “UN Women’s Empowerment Principles”,
drawn up by UN Women and consisting
of seven action principles to encourage
equality in the workplace.

Youth employment

Carrefour acts as a professional and social
ladder for its employees, as evidenced
through its recruitment and training of young
unqualified or under-qualified people. Every
year in Brazil, for example, 1,400 young

people start their very first job at Carrefour
within the framework of the “Jovem
Aprendiz” programme. The Group also
nurtures partnerships with schools and
universities, such as in Romania, with
training courses in the food professions.
In France in 2013, Carrefour recruited
500 young people on the “Contrat d’avenir“
future contracts (to rise to 1,000 by the
end of 2014) and 5,000 on work/study
contracts (to rise to 15,000 by the end
of 2015), trained internally by a network
of 3,000 tutors. Carrefour France also
provides access to employment specifically
for young people from disadvantaged
areas, as can be witnessed by its long-term
investment alongside the “Nos Quartiers
ont des talents” (talent in our neigh bour-
hoods) association.

Integrating
disabled people

The Group constantly follows a policy to
provide access to employment for disabled
people, who in certain cases require specific
working conditions (in terms of ergonomics,
safety, etc.). It is therefore important to
consider how they are received and support-
ed within the company. In France the
“Mission Handicap” disability agreement,
instigated in 1999 and renewed in 2011,
is built around three key commitments:

CHALLENGES

Experience at
the service of retail

Expertise, skills and passing on know-
ledge… At Carrefour, experienced
employees are supported by the company
via collective agreements and targeted
action plans: recruitment, tutoring, man -
a gement of the latter stages of a career, etc.
In Argentina, for example, the stores
have launched “Yo Trabajo”, a dedicated
recruitment and support programme for
those over 40 years of age. In France, the
inter-generational agreements signed
during the second half of 2013 include
several priority areas including the recruit-
ment of over-50s, the prevention of strenu-
ous working conditions, the development of
senior tutoring or facilitating the end of a
professional career. Elsewhere, in Belgium,
Carrefour initiated in 2013 the imple-
mentation of a personalised action plan to
be offered to all employees over the age of
45, aiming to support them through training
programmes, skill development and the
adjustment of working hours and conditions.

Combating and
raising awareness
of discrimination

Beyond the main principles of its policy, in
all countries Carrefour carries out specific
activities in accordance with local situations
to raise awareness among its employees
and customers of the fight against discri m-
ination: training and “ambassadors for
diversity” in Brazilian stores, equal treatment
and combating social exclusion in Spain and
an internal campaign against discrimination
in Argentina, for example. In Poland,
Carrefour has also taken a step forwards in
the recognition of its equal opportunities
commitments by signing in October 2013
the Diversity Charter, an international initiat-
ive promoted by the European Commission.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTCOMMITMENT

WORKING TOGETHER
FOR SOLIDARITY

Food exclusion encompasses a variety of
different situations in different countries, calling for
action on a number of fronts. The Group’s employees
are therefore committed to solidarity activities
on a daily basis. The activities are carried out as part
of a flexible and wide-reaching scheme,
with local, national and international actions.

T he Carrefour Foundation plays a

major role in initiating and coordi-
nating solidarity programmes in
each of the Group’s countries.
Focusing on two major issues
– food solidarity and emergency
aid – the Carrefour Foundation
financed 48 projects in 9 countries in 2013.
In every country, sponsorship teams simul-
taneously implement specific solidarity
programmes on a national level. On a local
level, stores organise community outreach
activities, either of their own accord or within
the framework of larger-scale programmes,
in partnership with associations and autho r-
ities in their territories. The consistency and
effectiveness of these activities is a result of
the close and permanent cooperation of all
those involved in the chain of solidarity:
the company, its teams and infrastructures,
the customers and partner associations.

COMMITTING TO

FOOD SOLIDARITY
Reflecting the projects supported in 2013,
Carrefour’s involvement is characterised by
collective, long-term commitments in favour
of food solidarity. To do so, Carrefour has
organised and coordinated numerous dona-
tion campaigns and in-store collections. The
fresh produce and consumer goods that
the company donates and collects from its

customers is distributed to associations,
thereby contributing significantly to the fight
against food inequality and food wastage.
The Group, through the work of its Foundation,
also supports the growth of social grocery
stores, some of which provide new access to
employment for beneficiaries, and helps the
development of agricultural production by
endorsing structured and sustainable product
lines. Elsewhere, the promotion of food trade
professions, that it holds so dear, is providing
support through training for the reintegration
of people in difficulty.

ACTING TO PROVIDE

EMERGENCY AID
In the event of natural or industrial disasters,
Carrefour can count on its logistical expertise
and the involvement of both employees and
partners in order to provide humanitarian aid
to those urgently in need. The challenge is
always to react within the very first hours in
order to send food and non-food products
to the victims.

For more
information, see
www.fondation-
carrefour.org

INTERNATIONAL
FOOD
COLLECTION
In November 2013,
the Carrefour Foundation
coordinated a vast
international collection
of food products in eight
European and South
American countries,
in association with the
FoodBanking network.
It involved over 2,200 stores
and resulted in the
collection of 4,500 tonnes
of food – the equivalent
of 9 million meals – which
was handed out to those
most in need. The operation
was part of a long-
standing partnership with
the Food Banks, to which
Carrefour is one of the
main contributors in many
countries, as well as being
historically the main partner,
in the retail sector.

PROFESSIONAL
INTEGRATION
Carrefour backs numerous
programmes that support
both the training and
recruitment of people
suffering exclusion. In China,
for example, the Carrefour
Foundation is the historical
sponsor of the “Shanghai
Young Bakers” programme,
which provides training on
French bakery and pastry
methods to young Chinese
people from poor backgrounds.
The training course is totally
free of charge. The Group’s
stores also participate in the
extension of the programme
by hosting young interns
every year. Since its creation,
the programme has trained
nearly 150 young people
in a profession which is
highly thought of among
Chinese employees.

SOCIAL GROCERY
STORES
Initiated by Carrefour
employees in 1995, the
PACTE network (Pour Agir
Contre Toute Exclusion –
to act against all exclusion)
includes 11 social grocery
stores in France which
the Carrefour Foundation
helps to develop and
supply. Carrefour products
are sorted, checked and
then put on sale at 20%
of their usual value, thereby

allowing the members
– selected in accordance
with their means – access
to everyday products at
low prices. The PACTE
social grocery stores also
provide access to
employment. They hire
people who have been
marginalised, often former
beneficiaries of the system
who, after having been
given retail training, can
access secure
employment.

AROUND
THE WORLD

A €6.5 million
budget
allocated to
the Carrefour
Foundation
in 2013.

FRANCE
68 million
meals donated
by Carrefour
in France
to food aid
associations
(Food Banks,
Red Cross,
Restos du cœur,
Secours
populaire,
and others).

ARGENTINA
Over $4.3 million
collected
since the
start of the
“Tu cambio puede
cambiar vidas”
campaign,
conducted
alongside
UNICEF in
more than
500 Argentinian
stores.
Carrefour
offers its
customers the
opportunity
to donate their
small change
to support
health and
education
projects for
the country’s
children.

POLAND
Second
edition of the
“Carrefour
Nutrition
Programme”
carried out
alongside
Caritas
Poland.

ROMANIA
37,000 packages
of school
supplies
handed out
by Carrefour
stores to
primary school
children in
15 Romanian
towns at
the start of
the school year.

BRAZIL
200,000 items
of clothing
collected by
the Atacadão
stores for the
most needy.

EMERGENCY AID
Natural disasters have
taken place in the regions
of Fushun and Sichuan
in China, in Galati in
Romania, in the Hautes-
Pyrénées and Haute-
Garonne départements of
France, in the Indian state
of Uttarakhand, and the
province of Buenos Aires
in Argentina. At the time
of each of these events
in 2013, Carrefour and
its Foundation provided
logistical and financial
support, coordinating
the nearest stores in order
to have the most essential
products sent out to
the victims as soon as
possible.

GROWTH

Renovation, expansion,
revitalisation of the
offer… We are putting
everything in place
to develop profitable
sales growth.

PROFITABILITY

Our debt reduction
policy has given us
necessary room
to manoeuvre,
in order to invest
and create
sustainable value.

OUTLOOK

Geographically
refocusing our activities
and strengthening
our presence on
high-potential markets
will prove to be assets
for the Group
in years to come.

COMMITMENT

By putting sustainable
development at the
heart of our business
model, we are in
a strong position to
constantly become
a more responsible
company.

GROWTH
DYNAMICS

Working for you means developing a long-term,
sustainable business that reflects our commitments
and growth prospects.

XXX2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTPERFORMANCES

FINANCIAL
OVERVIEW

The year 2013 reflects the Group’s growth dynamic, illustrated by a confirmed increase
of sales – both in France and internationally – and by the improved recurring operating
income (+9.8% at constant exchange rates) in a difficult economic context.
In France, Carrefour saw a return to growth, with a rise in organic sales excluding petrol
(+1%). Performance in other European countries recovered significantly in the second half
of the year, notably in Spain. In emerging countries, recurring operating income improved by
8.5% at constant exchange rates.
Carrefour continued to strengthen its financial structure in 2013: debt was reduced by over
€203 million to reach €4.1 billion and the net debt to EBITDA ratio improved by 10%,
to 1.1x. At the same time, the Group resumed its investments, which grew by 44%
to €2.2 billion.

In accordance with IFRS 5, income and expenses relating to discontinued operations were reclassified on the “Net income of discontinued
operations” line of the consolidated income statement in 2012 and 2013. The 2012 accounts have been adjusted in accordance with the application
on January 1, 2013 of IAS 19 (Employee Benefits).

75,673

74,888

75500

2013

2012
Net sales
(in €M)

France
35,438

ment in the second half of the year, particularly
in Spain, where like‑for‑like store sales grew in
the fourth quarter for the first time since 2008.
In Latin America, organic sales were up sharply
by +12.3%, over what was already a high basis
of comparison in 2012; remarkable progress
was made in terms of organic sales in Brazil
and Argentina, where Carrefour is consolidat‑
ing its position as a food retail leader.
In Asia, the rate of organic growth of sales quick ‑
ened in 2013 (+2.2%) and China continues to
build a long‑term position, opening 20 new
hypermarkets.

Asia
6,443

Latin
America
13,786

Other countries
in Europe
19,220

Net sales by geographic region
(in €M)

Net sales

€74,888 million

+2.0% COMPARED WITH 2012
(at constant exchange rates)

Net sales rose by 2% at constant exchange
rates compared with 2012 (–1.0% at current
exchange rates) and an increase in sales was
seen both in France and internationally.
In France, net sales grew organically by +1.0%
excluding petrol (+0.3% on a reported basis):
attractiveness improved across our various activ ‑
ities, with regular headway made in terms of
price image, a higher number of check‑out trans ‑
actions, and an increase in overall customer
satisfaction.
In other countries in Europe, net sales fell by
2.9%: growth in sales showed a clear improve‑

PERFORMANCES

Recurring
operating income

Net income,
Group share

Net debt

€2,238 million

+9.8% COMPARED WITH 2012
(at constant exchange rates)

€1,263 million

+ 0.1% COMPARED WITH 2012
(at constant exchange rates)

€4,117 million

–€203 MILLION COMPARED WITH 2012

Net debt was reduced by €203 million in 2013,
consequently strengthening the Group’s
financial structure. In parallel, the net cost of the
debt started to fall, and was down by
€60 million compared with 2012. The debt to
EBITDA ratio improved at 1.1x (1.2x in 2012).

4,320

1263

4,117

Net income, Group share rose by 0.1% compared
with 2012 at constant exchange rates (by 0.3%
at current exchange rates) to €1,263 million.
Net income from recurring operations, Group
share was €949 million – the equivalent of
6.3 times the 2012 level. The net income from
discontinued operations, Group share was
€314 million, and reflects the positive net impact
of the Group’s refocusing.

1263

1,259

1,263

Recurring operating income rose by 9.8% at
constant exchange rates (by 5.3% at current
exchange rates) to €2,238 million. This repres‑
ented 3.0% of sales, versus 2.8% in 2012.
France has seen a notable improvement, with
an increase of 29.9% that can be explained by
the control exercised over operating costs and
an improved profit margin after rebalancing low
prices, promotions, and loyalty programmes and
reducing the rate of markdowns. The other
countries in Europe have seen their profitability
improve over the second half of the year,
demonstrating the effecti veness of the com‑
mercial model. Emerging countries have seen
their recurring operating income grow by 8.5%
at constant exchange rates: performance in
Brazil is excellent across all formats, while in
Argentina a complex situation against the
backdrop of regulated prices and wage inflation
has been outstandingly well managed. In Asia,
the profit margin held up well over the year
against the backdrop of sluggish consumption
in the fourth quarter.

Net income,
Group share
(in €M)

2012

2013

2012

2013

Net debt
(in €M)

2238

2,124

2,238

1263

949

Recurring
operating income
(in €M)

2012

2013

Net income
from recurring
operations,
Group share
(in €M)

150

2012

2013

Investments

€2,159 million

+44% COMPARED WITH 2012

The Group relaunched its investment activities
in 2013: they grew by 44% and reached a level
of €2.2 billion over the year. Through these
investments, the Group can continue with store
renovations and maintenance work – par‑
ti cularly in France – as well as continuing with
its expansion in Latin America and Asia.

1,198

Recurring
operating income
by geographic region
(in €M)

1,109

1263

2,159

1,504

627

388

France

Other
countries
in Europe

Latin
America

131

Asia

—106

Global
functions

314

2012

2013

Net income
from discontinued
operations
Group share
(in €M)

2012

2013

Investments
(in €M)

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTPERFORMANCES

STOCK MARKET
OVERVIEW

At December 31, 2013, Carrefour’s share was in
22nd position in the CAC 40 index in terms of
market capitalisation, with a weighting of 2.1%.

Capital and shareholding
At December 31, 2013, the share capital was €1,809,960,480. It is divided into 723,984,192 shares
of €2.50 each.
The number of voting rights at December 31, 2013 was 819,496,498. After deducting the voting
rights that cannot be exercised from this figure, the total number of voting rights is 813,734,998.

723,984,192

SHARES AT
DECEMBER 31, 2013

€20.9

BILLION OF
MARKET CAPITALISATION

Shareholders

Blue Partners

Colony Blue Investor SARL(1)

ColDevelopment SARL(2)

Blue AIV SARL(3)

Cervinia Europe

Groupe Arnault SAS(4)

Bunt(5)

Subtotal

Employees

Shares owned

Controlled shares

Public

TOTAL

Number
of shares

25,953,351

15 ,166, 771

1,337,001

176,692

36,270,585

2,656,752

25,379,553

As a %

3.58%

2.09%

0.18%

0.02%

5.01%

0.37%

3.51%

Number of
voting rights

51,906,624

15,166,771

1,337,001

176,692

67,770,585

2,656,752

25,379,553

As a %

6.33%

1.85%

0.16%

0.02%

8.27%

0.32%

3.10%

106,940,705

14.77%

164,393,978

20.06%

7,871,862

5,761,500

1.09%

0.80%

15,736,862

1.92%

603,410,125

83.35%

639,365,658

78.02%

723,984,192

100.00%

819,496,498

100.00%

Dividend
The Board of Directors decided to propose to
the Shareholders’ Meeting of April 15, 2014 a
dividend of €0.62 per share for fiscal year
2013, payable in cash or in Carrefour shares.
This dividend represents a distribution rate of
46% of net income, Group share, adjusted for
exceptional items, which is in line with the policy
defined in March 2012.
The ex‑dividend date has been set as April 24,
2014. The period of time within which share‑
holders can opt for a dividend payment in cash
or in shares will run from April 24 until May 15,
2014 inclusive. The payment of the dividend
and the delivery of new shares will take place
on May 28, 2014. The new shares will be distrib‑
uted at a price equal to 95% of the first listed
prices on the Euronext Paris regulated market
during the 20 trading sessions preceding the
day of the Shareholders' Meeting less the net
amount of the dividend and rounded up to the
next euro cent.

(1) Held through assimilation of 15,166,769 Carrefour shares lent by Colony Blue Investor SARL with right of recall at its sole initiative.
(2) Held through assimilation of 87,000 Carrefour shares lent by ColDevelopment SARL with right of recall at its sole initiative and
assimilation of 1,250,000 Carrefour shares that can be acquired under a call option.
(3) Held through assimilation of 176,691 Carrefour shares lent by Blue AIV SARL with right of recall at its sole initiative.
(4) Held through assimilation of Carrefour shares that can be acquired under a call option.
(5) Of which 24,999,996 shares held through assimilation of Carrefour shares that can be acquired under a purchase option.

At December 31, 2013, Blue Partners and Cervinia Europe owned 57,453,273 shares granting double voting rights.

Carrefour stock
Changes to the Carrefour share price must be considered over the long term, as short‑term variations
do not always reflect the fundamental issues affecting the Group.

Closing price: (in €)(1)

• highest

• lowest

• on December 31

2009(2)

2010(2)

2011

2012

2013

33.79

41.28

22,89

33.56

30.85

36.08(2)

31.52(3)

15.07

17.62

19.63

13.07

19.35

29.02

18.9

28.81

Number of shares on December 31

704,902,716

679,336,000

709,214,653

723,984,192

Market capitalisation on December 31
(in billions of euros)

23.7

21.0

12.0

13.7

20.9

Average daily volume(1) (4)

2,927,925

2,874,196

3,935,400(2)

3,239,839

2,598,027

Net income from recurring operations
per share (in €)

Net dividend (in €)

Yield

0.56

1.08

0.56

1.08

(3.35)

0.52

0.17

0.58

3.22%

3.50%

2.95%

3.00%

1.37

0.62(5)

2.15%

(1) Source: NYSE Euronext. (2) Data not adjusted for the distribution‑in‑kind on July 5, 2011 (Dia). (3) Data adjusted for distribu tion‑
in‑kind on July 5, 2011 (Dia). (4) Average daily volume on Euronext. (5) Subject to approval by the shareholders at the Shareholders'
Meeting on April 15, 2014.

Stock market performance of Carrefour share
in 2013 (base 100)
Comparison between the CAC 40 index, the BEFOODR index(1)
and the Stoxx Europe 600 Retail index(2)

PERFORMANCES

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,
Stoxx Europe 600 Retail index
Ticker Symbol: CA
Reuters Code: CARR.PA
Bloomberg Code: CA: FP
Eligibility for PEA/SRD: yes/yes

Contacts

Carrefour
33, avenue Émile‑Zola
TSA 55555
92649 Boulogne‑Billancourt Cedex
Tel.: +33 (0)1 41 04 26 00

Investor Relations
investisseurs@carrefour.com

Shareholder Relations
Toll‑free number for shareholders in France:

150

140

130

120

110

100

148.93

Number for shareholders outside France:
+33 (0)1 41 04 26 00
contact@actionnaires.carrefour.com

Registered shareholders
CACEIS Corporate Trust
Investor Relations
14, rue Rouget‑de‑Lisle
92862 Issy‑les‑Moulineaux Cedex 9
Tel.: +33 (0)1 57 78 34 44
Fax: +33 (0)1 49 08 05 80
ct‑contact@caceis.com

119.56
117.99
115.58

jan.

feb.

march

april

may

june

july

aug.

sept.

oct.

nov.

dec.

Carrefour

CAC 40

BEFOODR

Stoxx Europe 600 Retail index

(1) Composition of the Bloomberg Europe Food Retailers index (BEFOODR): Ahold, Carrefour, Casino, Colruyt, Delhaize, Dia, Greene King,
ICA Gruppen, Jeronimo Martins, Kesko OYJ, Metro, Morrison, Sainsbury, Tesco.
(2) Composition of the STOXX Europe 600 Retail (SXRP): Ahold, Booker Group, Carrefour, Casino, Celesio, Colruyt, Debenhams, Delhaize,
Dia, Dixons Retail, Dufry, Galenica, H&M, Home Retail, ICA Gruppen, Inchcape, Inditex, Jeronimo Martins, Kering, Kesko, Kingfisher, Marks
& Spencer, Metro, Morrison, Next, Ocado, Sainsbury, Tesco.

Find more
information on
the website
www.carrefour.com

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORT
PERFORMANCES

CSR OVERVIEW

FOR A SUSTAINABLE
AND RESPONSIBLE TRADE

Heralding from its belief that performance is also measured
by the contribution made to Society, social responsibility has
become an integral part of the Carrefour group’s strategy.
This performance, measured using both financial and
non‑financial indicators, is the result of the search for
continuous improvement involving the Group’s business
functions in all countries.

The Group undertakes practical actions in the countries in which it operates.
As part of a global approach, these actions contribute to the company’s sustainable
and responsible performance. The aim of Carrefour’s actions in relation to social
responsibility can be summed up as “doing a good job” in three main areas:

1. limiting the use of resources by fighting

against all forms of waste;

2. respecting the planet when making
purchases by encouraging biodiversity;

3. contributing to Society by supporting
employees and company partners.

1. Limiting the use
of resources by
fighting against all
forms of waste

In order to reduce its environmental footprint
and ensure the long‑term sustainability of its
activities, Carrefour has decided to implement a
global plan to tackle wastage. In particular, the
programme sets out to ensure that Carrefour
makes efficient use of resources. It is also an
opportunity for the Group to generate value
and to innovate alongside its various internal
and external stakeholders.

Carrefour is committed to minimising its envir‑
onmental footprint, with a multi‑year action plan
according to which it aims to: save water and
energy, optimise the logistics chain, deploy
clean delivery vehicles, generalise the use of in‑
store closed refrigeration units, remove fluoride
gases from refrigeration facilities, recycle and
recover waste, etc. The Group has therefore set
the target of reducing energy consumption in
its stores by 30% and greenhouse gas emissions
by 40% by the year 2020 (1).

(1) Reduction by 2020 of 30% in energy consumption per sq. m
of sales area (relative to 2004) and of 40% in greenhouse gas
emissions (relative to 2009 in France, Belgium, Spain, Italy).

Find more information
in the 2013 Registration
Document and
on the website
www.carrefour.com

PERFORMANCES

PROPORTION OF WASTE
RECYCLED AT GROUP LEVEL

QUANTITY OF PAPER PURCHASED
FOR COMMERCIAL PUBLICATIONS

QUANTITY OF REFRIGERANTS
REFILLED DUE TO LEAKAGE

60.7%

59.9%

60.9%

20.4

20.1

18.3

15.9

47.7

40.0

38.8

39.1

2011

2012

2013

% of waste recycled – including donations
Data on a comparable BU basis (92% of 2013 consolidated net
sales). Excluded: Argentinian hypermarkets and supermarkets
in Argentina and Italy.
The rate of waste recycling in Group stores has
risen in average by 1 point.

2010

2011

2012

2013

In kg/sq. m of sales area
(–22.0% compared with 2010)
Data on a comparable BU basis
(100% of 2013 consolidated net sales).

In 2013, 99.4% of the paper used for catalogues
was certified or recycled.

2010

2011

2012

2013

In kg of fluids/1,000 sq. m of sales area
(–18.0% compared with 2010)
Data on a comparable BU basis (76% of 2013 consolidated net
sales). Excluded: hypermarkets in Brazil, Argentina, Taiwan and
supermarkets in Brazil and Argentina.

In 2013, Carrefour continued the installation
of facilities which use natural refrigerants (CO2).

STORE ENERGY
CONSUMPTION

626

601

579

569

GREENHOUSE GAS
EMISSIONS

Scope 3
(transport)
9%

CO2 EMISSIONS
PER SHIPPING UNIT

6.9

7.0

6.9

2010

2011

2012

2013

Electricity, gas and fuel in kWh/sq. m
of sales area
(–9.0% compared with 2010)
Data on a comparable BU basis (83% of 2013 consolidated net
sales). Excluded: hypermarkets and supermarkets in Brazil.

At the end of 2013, the energy consumption
(electricity, gas and fuel) of the Group’s stores
dropped by 28.6% compared with 2004 levels,
per sq.m of sales area.

Scope 2
(electricity)
43%

Scope 1
(refrigerants,
gas and fuel)
48%

In %
Data on a comparable BU basis
(100% of 2013 consolidated net sales).
At the end of 2013, reductions in CO2 emis‑
sions linked to scopes 1 and 2 by stores in
France, Spain, Belgium and Italy had reached
26.7% compared to 2009 levels (goal: a 40%
reduction by 2020).

QUANTITY OF WATER CONSUMED

1.85

1.79

1.74

1.68

2010

2011

2012

2013

In cu. m/sq. m of sales area
(–9.1% compared with 2010)
Data on a comparable BU basis (92% of 2013 consolidated net
sales). Excluded: hypermarkets and supermarkets in Belgium
and Argentina.

In 2013, the average saving was therefore
60 litres per sq. m of sales area.

2010

2011

2012

2013

In kg of CO2/pallet
Data on a comparable BU basis (83% of 2013 consolidated
net sales). Excluded: hypermarkets and supermarkets in Brazil.
CO2 emissions calculated based on kilometres travelled (1 litre
of fuel consumed = 2.6667 kg of CO2 emitted) to transport
merchandise between warehouses and stores. Shipping unit =
120x80 cm pallet.
The level of CO2 per pallet has remained stable
for four years. Carrefour is looking into new indic‑
ators to evaluate performance on this regard.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTPERFORMANCES

2. Respecting
the planet when
making purchases
by encouraging
biodiversity

NUMBER OF OWN-BRAND
ORGANIC FOOD PRODUCTS

1,985

1,998

2,153

1,677

NUMBER OF PRODUCTS CONTRIBUTING
TO A MORE SUSTAINABLE PALM OIL
PRODUCTION (IN EUROPE)

600

Carrefour is implementing a responsible pro‑
curement policy, giving priority to suppliers and
products that respect biodiversity. As an
example of this, the Group is committed to
procuring wood and paper certified by the FSC
(Forest Stewardship Council) and PEFC
(Programme for the Endorsement of Forest
Certification) as a priority, ensuring a sustain‑
able treatment of forests.

Furthermore, in every country and region,
Carrefour encourages the growth of its local
product ranges, sourced from the region’s
SMEs, producers and farmers. Customers
consequently enjoy a richer selection of products,
the local economy is stimulated, and both trans‑
port times and CO2 emissions are reduced.

In France, Carrefour is committed to various
issues such as stopping the sale of deep sea
fish, increasing the range of products certified
by the MSC (Marine Stewardship Council) to
guarantee sustainable fishing, excluding GMOs
from all its own‑brand products and replacing
palm oil or – when this is not possible – ensur‑
ing that sustainable palm oil is used.
Customers also enjoy a wide range of products
that are designed in accordance with strict envir‑
onmental and/or qualitative criteria: Carrefour
Bio, Carrefour quality lines, Reflets de France,
Viver, etc.

Carrefour also demands the highest standards
of quality, safety and hygiene throughout the life
cycle of a product: selection and follow‑up of
suppliers, labelling, and sanitary tests carried
out at every stage of the production, transport
and distribution chain.

2010

2011

2012

2013

(+28.4% vs. 2010)
Data on a comparable BU basis
(100% of 2013 consolidated net sales)

In 2013, sales of organically produced food
products reached €581 million.

na
2012

2013

Among these 600 products, 100 contain
RSPO‑certified palm oil.

NUMBER OF OWN-BRAND
FAIR TRADE PRODUCTS(1)

115

100

NUMBER OF CARREFOUR
QUALITY LINES WORLDWIDE

404

417

418

414

2010

2011

2012

2013

Data on a comparable BU basis
(100% of 2013 consolidated net sales)

2010

2011

2012

2013

Data on a comparable BU basis
(100% of 2013 consolidated net sales)

In 2013, against a general streamlining of the
number of listings on offer, own‑brand fair trade
product sales increased by 2.1%.

In 2013, sales of Carrefour quality line products
surpassed €1 billion.

NUMBER OF “REARED WITHOUT
GMOs” PRODUCTS IN FRANCE

300

na
2012

2013

These products are easily found in‑store thanks
to specific signage.

(1) Certified by an independent body based on
recognised criteria: FLO, ESR, etc

3. Contributing to
Society by supporting
employees and
company partners

To develop a range of quality products at the
best prices, Carrefour and its suppliers form
partnerships based on strict specifications,
on‑going improvements and regular site pro‑
duction audits. To support suppliers, Carrefour
has introduced a self‑assessment tool based
on the ISO 26000 standard. The tool plays
a valuable role in helping suppliers identify
areas for improvement and shape their social
responsibility actions.

In partnership with the International Federation
for Human Rights (FIDH), Carrefour has imple‑
mented a Social and Ethical Charter which
applies to all suppliers of its own‑brand
products. In particular, these suppliers must
adhere to the main conventions of the Inter‑
national Labour Organisation (ILO) as regards
wages, working hours, union rights, health and
safety, etc. Carrefour uses specialist external
audit firms to ascertain whether these principles
are respected. In 2013, Carrefour ordered
1,333 social audits and 146 safety audits to be
carried out at the production sites of its suppliers
who are located in countries at risk.

With regard to its employees, the Group acts in
a practical and consistent manner throughout
all of its countries to give them all the same
opportunities for recruitment and career devel‑
opment. Employee diversity is an important
asset for the Group. Thanks to diversity, changes
in society can be more effectively anticipated
and the demands of a wide and varied clientele
can be better satisfied. Carrefour’s contribution
to Society also extends to local solidarity activities,
conducted by employees around the world.

PERFORMANCES

EMPLOYEES

357,980

364,795

AVERAGE NUMBER OF TRAINING
HOURS PER EMPLOYEE

16.5

16.9

17.2

16.5

2012

2013

2010

2011

2012

2013

BREAKDOWN
BY GEOGRAPHIC
REGION

BREAKDOWN
BY TYPE
OF CONTRACT

Data on a comparable BU basis
(83% of 2013 consolidated net sales). Excluded: hypermarkets
and supermarkets in Brazil.
In 2013, Carrefour provided 5.1 million hours of
training to employees around the world.

Latin America
24.4%

Asia
21.0%

Fixed-term
contracts
6.6%

Europe
54.6%

Permanent
contracts
93.4%

PERCENTAGE OF EMPLOYEES
RECOGNISED AS HAVING
A DISABILITY

2.6%

2.4%

2.8%

BREAKDOWN
BY CATEGORY

Directors and
Senior Directors
0.6%

Managers
10.6%

BREAKDOWN
BY WORK
SCHEDULES

Part-time
employment
23.2%

2010

2011

2012

2013

Data on a comparable BU basis
(100% of 2013 consolidated net sales).
At the end of 2013, the Carrefour group hired
9,709 employees recognised as having
disabilities.

Employees
88.8%

Full-time
employment
76.8%

PERCENTAGE OF WOMEN
IN MANAGEMENT

36.1%

35.2%

34.5%

36.8%

RATE OF INTERNAL
PROMOTION

51.0%

50.4%

47.4%

2010

2011

2012

2013

2011

2012

2013

Data on a comparable BU basis
(100% of 2013 consolidated net sales).
In 2013, Carrefour continued to develop its
“Women Leaders” programme.

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTGOVERNANCE

The Board
of Directors
The Board of Directors is a collective body that represents all shareholders and acts in the
company’s interest in all circumstances. The Board ensures that its membership is
balanced, its ability, experience and representativeness serve the company, and its opera‑
ting procedures are appropriate in order to act in the company’s interest and fulfil its
missions.
The Board approves the company’s strategy and ensures its implementation. Except for
the powers attributed to the Shareholders’ Meeting and in accordance with the company’s
business object, the Board deals with all questions in the company’s interest and resolves
through its deliberations the issues that are raised.

Georges Plassat
Chairman and Chief Executive Officer
Board appointment: May 23, 2012
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014

Amaury de Seze
Senior Independent Director
Board appointment: July 28, 2008
Renewal proposed during the Shareholders’
Meeting on April 15, 2014

Bernard Arnault*
Board appointment: July 28, 2008
Renewal proposed during the Shareholders’
Meeting on April 15, 2014

Thomas J. Barrack Jr.*
Board cooptation: January 15, 2014
Submitted to approval of the Shareholders’
Meeting convened on April 15, 2014

René Brillet
Board appointment: July 28, 2008
Renewal proposed during the Shareholders’
Meeting on April 15, 2014

Charles Edelstenne
Board appointment: July 28, 2008
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2015

Diane Labruyère-Cuilleret
Board appointment: June 18, 2012
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014

Mathilde Lemoine
Board appointment: May 20, 2011
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014

Nicolas Bazire*
Board appointment: July 28, 2008
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014

Bertrand de Montesquiou
Board appointment: June 18, 2012
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014

Jean-Laurent Bonnafé*
Board appointment: July 28, 2008
Renewal proposed during the Shareholders’
Meeting on April 15, 2014

Thierry Breton
Board appointment: July 28, 2008
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2015

Georges Ralli
Board appointment: June 18, 2012
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014

Anne-Claire Taittinger
Board appointment: July 28, 2008
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2015

Robert Halley
Honorary Chairman

The specialised
committees
To take into account the nature and
characteristics of the company’s
activities, the Board of Directors’
Committees are as follows:

THE ACCOUNTS COMMITTEE
Chairman: Georges Ralli.
Members: Nicolas Bazire*, René Brillet,
Mathilde Lemoine.
The Committee’s duties notably include
monitoring the process of preparing financial
information, the effectiveness of the internal
control and risk management systems, the
auditing of the annual and consolidated
financial statements by the statutory auditors
and the independence of the statutory
auditors.

THE REMUNERATION COMMITTEE
Chairman: Thierry Breton.
Members: René Brillet, Charles Edelstenne.
The Remuneration Committee is responsible
for reviewing all issues relating to the personal
status of corporate officers, including
remuneration, pension benefits, company
subscription, purchase options and free
shares, and conditions for end of office.
It reviews the terms, amounts and allocation
basis of stock‑option plans. It is informed
of the remuneration policy for top executives
who are not corporate officers.

THE NOMINATIONS COMMITTEE
Chairman: Bertrand de Montesquiou.
Members: Diane Labruyère‑Cuilleret,
Anne‑Claire Taittinger, Nicolas Bazire*.
The Committee examines and formulates
an opinion on any application for nomination
to the post of Director or a role as a corporate
officer, taking particular account of a desirable
balance in the composition of the Board.
It organises a procedure for the purpose
of selecting future independent Directors.
The classification of independent Director
is discussed by the Committee and
reviewed each year by the Board. It makes
recommendations to the Board of Directors
on the appointment of members of the
specialised committees when they are
due for renewal. It also assists the Board
of Directors in adapting the company’s
corporate governance practices and
assessing their operation.

* Non‑independent Director.

GOVERNANCE

The Management
team

Country
Management

Georges Plassat
Chairman
and Chief Executive Officer

Pierre-Jean Sivignon
Chief Financial Officer

Jérôme Bédier
General Secretary

Marie-Noëlle Brouaux
Executive Communications
Director

Éric Legros
Executive Director
Group Merchandise

Jacques Ehrmann
Executive Director
Assets, Development
and New Ventures

Find information
on governance
in the Registration
Document available
on the website
www.carrefour.com.

Charles Desmartis
Executive Director
Brazil

Daniel Fernandez
Executive Director
Argentina

Thierry Garnier
Executive Director
China‑Taiwan

Patrick Ganaye
Executive Director
Taiwan

Jean-Noël Bironneau
Executive Director
India

Stéphane Thouin
Executive Director
International Partnerships

Noël Prioux
Executive Director
France

Pascal Clouzard
Executive Director
Spain

Éric Uzan
Executive Director
Italy

Gérard Lavinay
Executive Director
Northern Europe

François Melchior
de Polignac
Executive Director
Belgium

Guillaume de Colonges
Executive Director
Poland

Jean-Baptiste
Dernoncourt
Executive Director
Romania

71
71

2013 ANNUAL ACTIVITY AND RESPONSIBLE COMMITMENT REPORTADDRESSES

Contacts

Carrefour group

France

Latin America

Head Office
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

Investor Relations
investisseurs@carrefour.com

Shareholder Relations
Toll‑free number for shareholders in France:

Number for shareholders outside France:
+33 (0)1 41 04 26 00
contact@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

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

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 Bucure¸sti
Tel.: +40 21 206 74 00
Fax: +40 21 206 74 52

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
Brepa Comércio e Participações Ltda
Rua George Eastman, no. 213
CEP 05690‑000 São Paulo
Tel.: +55 11 37 79 60 00
Fax: +55 11 37 79 66 94

Asia

China
Carrefour China
Floor 18, Tower A, Central Towers
No. 555 Langao Road, Putuo District
200333 Shanghai
Tel.: +86 21 3878 4500
Fax: +86 21 6881 5232

India
Carrefour W C&C
India Pvt Ltd
2nd floor, Park Centra
Sector 30 – Village Silokhra
Gurgaon 122001 – Haryana
Tel.: +91 124 4752000
Fax: +91 124 4752005

Taiwan
Carrefour Taiwan
5F, No. 136. Daye Rd.,
Beitou Dist., Taipei City
Tel.: +886 2 2898 1999
Fax: +886 2 2898 2633

Discover our other publications

Working for food
solidarity

p. 2

Partners,
employees and
beneficiaries
share their
experiences

p. 6

Mieux
connaître
Carrefour
p. 02

Être
actionnaire
de Carrefour
p. 16

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REGISTRATION
DOCUMENT

2013 ANNUAL FINANCIAL REPORT

SOLIDARITY
IN ACTION

2013 ANNUAL REPORT

The itinerary
of a project

p. 5

Financial
report

p. 24

Participer à
l’Assemblée
Générale
p. 32

Vos outils et
vos droits
p. 22

GUIDE DE
L’ACTIONNAIRE
2014

www.carrefour.com

Société Anonyme with capital of €1,809,960,480
Head ofﬁ ce: 33, avenue Emile Zola - 92100 Boulogne-Billancourt - France
652 014 051 RCS Nanterre

2013 Registration Document

2013 Carrefour Foundation
annual report

2014 Shareholder’s guide
(French version)

Get the latest
news on the
Carrefour group

www.carrefour.com

@GroupeCarrefour

Creation: Carrefour group Communications Department
Design and production:
Photo credits: Carrefour library, Gilles Leimdorfer/Interlinks Image, Christophe Lebedinsky, Marta Nascimento/REA,
Christophe Gay/Skyzone Le Group, Alexandre Papais, David Pell Multimédia, Lionel Barbe, Philippe Dureuil, Julian Perez,
Garo Milosyan, Franck Castel, Patrick Ian, Getty Images, Shutterstock, the Noun Project, 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) certified. This certification 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 beneficial and economically viable forest management.
Printing: this document was printed by Frazier certified by the FSC and ISO 14001 (Environmental Management
System). Frazier has received the Imprim’Vert® label certifying that it meets the criteria for the management of hazardous
waste, storage of hazardous materials and elimination of toxic products.

www.carrefour.com

Société anonyme with capital of €1,809,960,480
Head office: 33, avenue Émile‑Zola, 92100 Boulogne‑Billancourt – France
652 014 051 RCS Nanterre