Carrefour S.A. Annual Report 2014

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FY2014 Annual Report · Carrefour S.A.

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2014 annual activity and responsible commitment report

CARREFOUR IN 2014

10,860

STORES IN 33 COUNTRIES

OVER 100 MILLION

CUSTOMER HOUSEHOLDS
WORLDWIDE

381,227

EMPLOYEES

€74.7 BILLION

SALES EXCL. VAT

€100.5 BILLION

SALES INCL. VAT
UNDER GROUP BANNERS

12.5 MILLION

CHECKOUTS EVERY DAY
IN OUR STORES

92%

OF OUR EMPLOYEES
HAVE PERMANENT
WORK CONTRACTS

77%

OF OUR EMPLOYEES
HAVE FULL-TIME CONTRACTS

73%

OF CARREFOUR BRAND FOOD
PRODUCTS COME FROM SMEs
AND NATIONAL SUPPLIERS

OVER 21,000

CARREFOUR QUALITY LINE
SUPPLIERS WORLDWIDE

Anticipate, grow, renovate,
meet, select, purchase, stock,
transport, display, track,
guarantee, protect, offer choice,
adapt, innovate, welcome,
advise, build loyalty, elaborate,
prepare, train, commit,
get involved, help…
Each day, our employees are
committed to working for you.

2014 annual activity and responsible commitment report –

2 MEET
SELECT
PURCHASE
Page 20

8 COMMIT
GET INVOLVED
HELP
Page 78

5 OFFER CHOICE
ADAPT
INNOVATE
Page 48

1 ANTICIPATE
GROW
RENOVATE
Page 4

3 STOCK
TRANSPORT
DISPLAY
Page 30

4 TRACK
GUARANTEE
PROTECT
Page 38

Doing
our job well

6 WELCOME
ADVISE
BUILD LOYALTY
Page 60

7 ELABORATE
PREPARE
TRAIN
Page 70

GROW Open new stores, test innovative
concepts, reﬁ ne our formats to better
address local needs, forge ambitious
partnerships… We strive each day to foster
the growth of our multi-local, multi-format
and multi-channel model.

ANTICI PATE
GRO W
RENOV ATE

RENOVATE Invest in all of our
formats to provide modern stores
and commercial ecosystems
that are friendly and inviting, rooted
in the local community, where
everyone likes to shop.

ANTICIPATE Understand changing
lifestyles and consumer trends, encourage
initiatives, identify growth levers…
Doing our job well also means imagining
the retail market of the future.

DOING OUR JOB WELL

ANTICIPATE

GROW

RENOVATE

Carrefour has been on track for growth since
2012. Are you satisfied with the 2014 results?
The results are there. Semester by semester,
our performance is improving. We had another
outstanding year in 2014. Sales growth has
accelerated, and profitability is rising sharply,
with recurring operating income up by 10.6%.
This solid performance reaffirms the plan
we initiated just over two years ago, and has
encouraged us to stay the course. We presently
hold strong positions in our main markets,
France, Brazil and Spain. These three countries
represent nearly three-quarters of our business
and provide a solid base to ensure our steady
growth and sustain our momentum.

In your view, what were the highlights
of the year?
2014 was a good year for Carrefour, and every
country contributed. For Carrefour in France,
there is no doubt that the Dia store acquisition
made all the difference. It has enabled us to extend
our store network in the country. Thanks to the
quality and enthusiasm of our teams, the conversion
of these stores to convenience banners such as City,
Contact and Market considerably enhanced the
strength of our multi-channel offer. Every operator,
including the pure players, now recognises that the
strength of a store network is critical to the success
of e-commerce. We have observed this trend for
over two years. Our customers want to have their
choice of products and prices, but also want to
choose how they shop and where they go to pick up
their orders. Our stores make the difference.
Another highlight for the year was the Group’s major
step forward in its efforts to build stronger local ties
in Brazil. A widely-recognised expert on the Brazilian
market and commerce took a 10% stake in our
subsidiary. These local ties and the new
development of convenience banners will bring us
another step forward in the country’s food retail
market. More than ever, we are laying groundwork

for the future and will continue to grow our business
in Latin America. I should also mention Italy and
Spain, which after much resistance proved its
buoyancy in 2014. As you can see, each country
contributes to the Group’s positive momentum.

What drives this momentum?
It is based on solid levers, which have strengthened
over the past two years, and which continue to
support our growth. These include our multi-format
offer, renewed control over our real-estate holdings
and a balanced country portfolio. Consider real estate
as an example, which enables us to constantly
improve the customer experience, from car parks
to the shopping centre, and to the store itself.
We invested a total of €2.4 billion during 2014,
in particular to renovate our stores. It is critical that
we pay close attention to the quality of the
surrounding ecosystem, which is what makes these
investments effective. As another example, Carrefour
is the most multi-format international retailer. If we
look at society, regardless of the country, we see that
consumers are becoming ever more demanding.
They want stores close from home or workplace,
a wide selection, quality, freshness, non-food items,
new products, delivery where and when they choose,
and price. Each format has its purpose, and we are
expanding in every country where we operate.
With this comes our drive for operational excellence,
rekindled in our teams, which makes the difference
to customers in our stores. We have seen this in
France, where we are beginning to reap the benefits
of our investments and innovations, and where all of
our formats have grown over the past two years.
To maintain this momentum, we must continue to
strive toward operational excellence, have the agility
and curiosity to constantly push ahead, and anticipate
market trends over the medium term. …

“Carrefour’s
momentum is based
on solid levers
that will continue
to support
our growth.”

Georges Plassat
Chairman and Chief Executive Officer

MAJOR
INTERVIEW

2014 annual activity and responsible commitment report –

ANTICIPATE

GROW

RENOVATE

Will you continue on this path during 2015?
We have reached significant milestones over
the past three years, and it is not finished. Our plan
is proceeding as expected. It includes structural
projects already well underway, which are equally
important levers of the Group’s performance.
Two examples: the transformation of our logistics
operations, particularly in France and China, and our
IT systems, which are essential to the next phase
of our development. Our multi-format expansion
and the effectiveness of our cross-channel offer
depend on it. Carrefour is on the right path and has
restored its solid fundamentals. Its full potential
can once again be reached.

How do you view the changes taking place
in your markets?
Every country, whether an “emerging” or a “mature”
market, faces times of crisis, whether political,
economic or social, and everyone is looking for new
ways to achieve sustainable growth. We have the
good fortune of being a food retailer first since, in
every country where we operate, which all share a
culture of excellent products. Consumption patterns
change, people buy fewer and better products, and
the desire to eat better offers new opportunities.
Our business anticipates these shifts. This is the true
meaning of multi-local. To ensure that our offer is
effective, we develop and adapt our formats.
For example, in Italy we opened our first Market
Gourmet, with special attention paid to the freshness
and quality of our produce. In Spain, we are
continuing the roll-out of the Supeco banner, a
budget cash & carry supermarket inspired by
Atacadão’s success in Brazil. In China, which offers
tremendous potential with a middle class
that will increase from 230 million to 630 million
consumers over the next ten years, we are testing
the convenience store model, opening the first
Easy store in Shanghai. Likewise, this year in Brazil,
we embarked upon the development of two new
convenience store banners, Express and Supeco.
Everywhere we operate, we anticipate changing
lifestyles and adapt our offer accordingly. This is
the strength of our multi-format, multi-local and
multi-channel strategy.

I am satisfied with the new-found balance of our
country portfolio, which has proven its resilience and,
thanks to the growth of the middle class in certain
markets, promises a very bright future.

Could you explain what “Doing our job well”
means to Carrefour?
Doing our job well means putting attention at
the heart of our interactions with our customers,
whether in our stores or through on-line channels.
We are creating a new virtuous cycle. There is
no financial performance without societal and
environmental performance. This is the meaning
behind our business plan. More than a concept,
it is a commitment that requires daily discipline and
a positive attitude. It must guide Carrefour’s employees
in their relationships with suppliers, producers,
local associations and customers. The difference
will be achieved through our efficiency, our focus
on communities and our customers’ satisfaction.

“The results
are there.
Semester by
semester,
our performance
is improving.”

2014 KEY PROJECTS

Creation of Carmila

with institutional investors
to enhance the value
of the shopping centres
that are adjacent to
Carrefour hypermarkets
in France, Spain, and Italy.
Step up the multi-format
approach with the opening
of 755 new stores, including
518 convenience stores.

Continuation of
the asset renovation
and expansion programme,
as evidenced by a
€2.4 billion investment.

Acquisition of more

than 800 Dia stores
and 128 Coop Alsace
stores in France.

Acquisition of 53 Billa

supermarkets and
17 Il Centro convenience
stores in Italy.

Strengthening of local
ties in Brazil as Península
took a 10% share in the
capital of its Brazilian
subsidiary.

Carrefour France and
Cora/Match Supermarkets
signed a purchasing
cooperation agreement,
improving the
competitiveness of their
banners for the beneﬁ t
of consumers.

2014 annual activity and responsible commitment report –

1. The number of convenience
stores grew by 518 points of
sales worldwide, including
119 in Spain and 60 in Poland.
Pereca Express convenience
store in Warsaw (Poland).
2. Carrefour expanded
its store network in Romania,
opening 13 new supermarkets
during 2014.
Market Gorjului store
in Bucharest (Romania).
3. Carrefour continued its
expansion in Spain, opening
126 new stores including
2 hypermarkets.
El Pinar Carrefour hypermarket
in Madrid (Spain).

4. Carrefour is pursuing
multi-channel development
by pairing store networking
density with web responsiveness.
Market supermarket in Montpellier
Croix d’Argent (France).
5. In France, Carrefour
opened or acquired more than
230 new stores in 2014,
including 11 supermarkets
and 215 convenience stores.
Market supermarket in Bonneval
(France).
6. Carrefour continued to develop
its Atacadão banner in Brazil,
opening 13 new retail outlets.
Parelheiros Atacadão store
in São Paulo (Brazil).

A relevant
multi-format
and multi-channel
approach

Carrefour continues
to expand its different
store formats and channels
– hypermarkets, supermarkets,
convenience stores, cash & carry,
on-line commerce – in every
country where it operates
to meet consumer demand
and trends.

With 10,860 stores in over 30 countries,
the Group offers its customers a wide
array of formats and banners for every
shopping pattern – daily purchases in
local stores or weekly trips to the hyper-
market – that meet the needs of the
diverse clientele, from business customers
purchasing wholesale supplies, to family
shopping trips.
Carrefour, Atacadão, Market, Express…
In every store format, with different banners,
the Group develops attractive, modern
and inviting stores.
Carrefour teams join forces to increase
the competitive advantage of its multi-
format approach. During 2014, this invest-
ment, carefully tailored and constantly
assessed, led to the net opening of more
than 750 new stores worldwide. The
store base expanded by 457,000 sq. m.
during the year.

Hypermarkets
Carrefour hypermarkets offer a selection
of 20,000 to 80,000 food and non-food
products. They cater to every taste and
budget and beneﬁ t from the best know-
how, with an abundant and lively market-
place, fresh food prepared on-site,
a full range of services and low prices
throughout the year. All in an inviting and
family-friendly environment, designed
for customer comfort. In some markets,
the Group is also developing wholesale
stores, such as Atacadão, that are open
to individual customers.

Supermarkets
A wide and varied food selection, with
special attention given to fresh and local
products, a tailored assortment of non-
food products, attractive prices in every
department and regular promotions…
In the city or in the country, Market and
Bairro supermarkets set the standard
in food retail for everyday shopping.

Convenience stores
Express, City, Contact, Montagne, Bio,
Proxi, 8 à Huit… are banners designed
for everyday shopping. They are inviting
and modern convenience stores with
products designed to meet the needs of
local customers, with low prices and
extended opening hours. This format is
popular among customers and is galva-
nised by franchisees’ efforts.

Cash & carry stores
The various banners offer restaurateurs
and other professionals a wide range
of food and non-food products at whole-
sale prices. Products are displayed on
pallets and are sold by unit or in bulk.

HYPERMARKETS

SUPERMARKETS

1,459
3,115
6,111
175CASH & CARRY STORES

CONVENIENCE STORES

Discover the
Discover the multi-channel
pages 56 to 58

2014 annual activity and responsible commitment report –

ANTICIPATE

GROW

RENOVATE

Ever closer
to our
customers

Convenience at Carrefour
means easily accessible
banners that meet expectations
in terms of choice, price
and services. This requires
our total commitment.

By developing a variety of formats – from
neighbourhood stores to hypermarkets –,
Carrefour provides its customers with a
broad range of solutions near to where
they live, work or travel. In keeping with
changing lifestyles, this year Carrefour
has launched convenience stores in new
markets such as Brazil and China, while
continuing to expand and renew its offer-
ing in mature markets. The Group is also
developing its banners in high-traffic
areas – railway stations, airports, petrol
stations – to increase the opportunities
for practical, quick shopping trips.

Convenience also means
listening
Each store has the independence needed
to adjust its product selection, tailoring it
to suit their customers’ expectations and
consumption habits. Whether expanding
the range of ready meals in a business
district, promoting locally-produced
products or offering home delivery services,
teams constantly listen to consumer
desires and needs, and make every effort
to meet and anticipate them.

In response to
changing lifestyles,
Carrefour launched
its ﬁ rst convenience
stores in Brazil and
Dubai, along with a
test store in China.

Supeco,

Carrefour’s budget
supermarket
banner, continued
to grow with 8 new
points of sales in
Spain, and its ﬁ rst
stores in Romania
and Brazil.

In partnership

with the oil
companies Cepsa
in Spain and Lukoil
in Poland, the
Express banner
is expanding into
a number of petrol
stations for even
closer proximity
to its customers.

NEW
IN 2014

Worldwide,

518 new convenience
stores opened
or were acquired,
including 215 in
France and 240
in other European
countries.

Carrefour

continued to expand
its Express banner,
especially in
Argentina, with the
opening of 50 new
points of sales, and
in Belgium (14 new
stores), where
Carrefour is also
introducing a new
“Express To Go”
concept in high-
trafﬁ c areas.

Carrefour further

strengthened its
network in France
with the acquisition
of 128 Coop Alsace
convenience stores
along with more
than 800 Dia stores
operating in the
country.

DATA

STIMULATE
INTERNATIONAL
GROWTH WITH
OUR PARTNERS
Carrefour continues to expand
abroad and in the French
overseas territories, supporting
its partners in the operation
of its various banners.
This formula promotes dynamic
growth by relying on Group
partners’ in-depth knowledge
of local markets and Carrefour’s
multi-format expertise.

International

Partnership

Significant growth
in the Middle East
On the strength of its long-standing partnership
with the Majid Al Futtaim group, the store network
expanded with the opening of 2 Carrefour
hypermarkets in the United Arab Emirates and
in Egypt, and 19 Market supermarkets and the first
Carrefour city convenience store in Dubai.

The dynamism of Morocco and Tunisia
In Morocco, Carrefour’s partner Label’Vie expanded
its network with the opening of an 11th Atacadão store,
2 hypermarkets in Marrakesh and Oujda, and
5 supermarkets. In Tunisia, UHD group consolidated
its position by opening 10 new stores in the country.

A stronger presence in Turkey
With 333 stores at the end of 2014, the Sabanci
group continued its rapid local expansion, opening
40 new supermarkets and 86 convenience stores
during the year.

NEARLY 1,500

STORES OPERATED
BY CARREFOUR’S
INTERNATIONAL PARTNERS
AT THE END OF 2014

Multi-format

Growth in the overseas territories
Carrefour continued its multi-format expansion in the overseas
territories thanks to franchise agreements with well-established
local groups. During 2014, the Wane group opened its
4th Carrefour hypermarket in Papeete, French Polynesia.
Elsewhere, on Réunion island, the Caillé group converted
three stores to the Promocash banner.

2014 annual activity and responsible commitment report –

ANTICIPATE

GROW

RENOVATE

Multi-local,
from Ushuaia
to Harbin

With 10,860 stores in over 30 countries,
Carrefour is one of the world’s leading retailers.
In each country, in each region and in each city,
Carrefour stores offer convenience tailored
to local needs. This is the strength of Carrefour’s
multi-local approach.

Integrated countries

Partner countries

10,860

STORES

COUNTRIES

BRAZIL

258

STORES
213 hypermarkets
41 supermarkets
4 convenience
stores

ARGENTINA

572

STORES
78 hypermarkets
128 supermarkets
366 convenience
stores

OTHER
COUNTRIES

1,350

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

Data as of December 31, 2014

BELGIUM

744

STORES
45 hypermarkets
439 supermarkets
260 convenience
stores

POLAND

702

STORES
96 hypermarkets
138 supermarkets
468 convenience
stores

CHINA

236

STORES
236 hypermarkets

FRANCE

5,013

STORES
237 hypermarkets
960 supermarkets
3,673 convenience
stores
143 cash & carry
stores

Ushuaia

SPAIN

582

STORES
174 hypermarkets
123 supermarkets
285 convenience
stores

Harbin

TAIWAN

STORES
62 hypermarkets
9 supermarkets

ROMANIA

174

STORES
27 hypermarkets
94 supermarkets
53 convenience
stores

ITALY

1,158

STORES
59 hypermarkets
456 supermarkets
624 convenience
stores
19 cash & carry
stores

ANTICIPATE

GROW

RENOVATE

BETTER SELECTION
AND GREATER ENJOYMENT

EVERYTHING
NEEDED TO IMPRESS

PACKED WITH FRESHNESS
AND SAVINGS

Enlarged,
remodelled
and renovated
stores!

Supported by its expert commercial property
teams, Carrefour continues to modernise
its assets in cooperation with key players
in the local economy. With a €2.4 billion
investment, Carrefour is focusing on comfort,
a friendly atmosphere and expanded services
to satisfy customers and earn their loyalty.

Renovation of the Carrefour Sorocaba hypermarket,
state of São Paulo (Brazil). In the Brazilian city of
Sorocaba, the Carrefour hypermarket has been redesi-
gned and renovated to provide customers with a more
enjoyable and more inviting shopping experience. The
textiles, bazaar and electronics/photo/ﬁ lm departments
have been rearranged to incorporate new categories.
In addition, more than 2,500 new consumer products
have been added to the product mix. Carrefour teams
have worked to make this location more inviting and
comfortable, including the creation of a juice bar and
cafeteria, a newly-renovated car park, improved disability
access and a new check-out system. Other major
features include LED lighting and new-generation
refrigeration equipment to greatly reduce energy and
environmental impact.

Renovation of the Carrefour Montecucco shopping
centre, Turin (Italy). Following a complete refurbish-
ment, the Carrefour Montecucco shopping centre in
Turin proudly displays its elegant glass façade with
greenery. Inside, designers and decorators have played
on the warmth of brick and expansive modern lighting
to recreate the feeling of an inviting lounge, while
highlighting the shops and the hypermarket. Included
in the renovation project, the hypermarket now has a
new appliances department that includes a TV wall,
a special display for digital services and a cultural
space. The marketplace has also been improved to
better display its stunning assortment of fresh products
and other essentials for Italian cuisine. The result:
a coherent and appealing ecosystem.

Renovation and expansion of the Market super-
market in Épinay-sur-Orge (France). Fully-renovated
and extended by 1,000 sq. m. – for a total surface area
of 4,800 sq. m. –, the new Épinay-sur-Orge Market in
Essonne offers a well-lit, inviting setting where the
banner’s slogan “Packed with freshness and savings”
ﬁ nds its full meaning. The new-generation store has a
vast area devoted to fresh products displayed on easy-
to-reach stalls, creating the feel of a traditional market.
The restructuring has allowed the installation of new
speciality stands such as a cut fruit bar, a sushi bar and
on-site preparation of fresh pasta. Other new features
include a textile shop and an expanded organic products
department. Many of these features were inspired by
customers.

KEY STEPS
ALONG THE
CUSTOMER
PATH

Access
Effective signage
and a transport
network optimised
for easy access
to the site.

Car park
Large and brightly lit with
proper signage, the car park
must welcome customers
and allow a smooth ﬂ ow
of trafﬁ c, in total safety and
with no wasted time.

The Carrefour store
An attractive range of food and
non-food products at the best prices
in an impeccably arranged store,
with broad, brightly lit aisles staffed
by dedicated employees.

Shopping centre
Access a dynamic offer
with the ﬁ nest shops
and innovative services,
in a friendly and relaxing
environment.

2014 annual activity and responsible commitment report –

ANTICIPATE

GROW

RENOVATE

JOINT
INTERVIEW

AN ECOSYSTEM
TO BENEFIT
CUSTOMERS
With the creation of Carmila,
Carrefour has enhanced the
dynamics of its commercial
ecosystem by simultaneously
renovating its shopping centres,
stores and car parks. This has
resulted in friendly and attractive
centres that offer comfortable sales
areas, attractive and connected
retail environments, and services
best tailored to meet customer
needs. Proof of this is the recently
renovated Nice Lingostière
shopping centre in France.

More information on
www.carrefour.com

What was the guiding
principle for
the renovation?
Ludovic Boudet:
The shopping centre
renovation was based
on the close ties and
the relationships that we
have established with our
customers over the years.
Based on the central
theme “A sense of
family”, we wanted
to create an inviting,
modern and colourful
environment that
appealed to all of
our customers, both
children and adults.
Patrick Mal: We
reconﬁ gured every
space and redesigned

Ludovic Boudet
Shopping centre
director
“The shopping centre
and the hypermarket
mutually enhance
their appeal.
It’s a virtuous cycle.”

every parameter
(including design,
materials, lighting and
signage) to offer greater
comfort and accessibility
to our customers. This
has been achieved
everywhere, from arrival
to check-out, from the
car park to the shops.

What was
the end result?
P. M.: The result was a
harmonious and inviting
shopping centre and
hypermarket, colourful
and well-lit with excellent
trafﬁ c ﬂ ow, minimal
waiting time at check-out,
as well as spaces and
departments that
encourage customers
to shop.
L. B.: Everything was
done so that each
customer feels welcome
and completely at ease.
The product mix was
modernised, the shops
are more visible and we
created a number of lively
and entertaining areas,
equipped with Wi-Fi
hotspots, where
our customers can chat,
work or enjoy a drink.

Patrick Mal
Hypermarket
director
“The customer
experience and
the customer
path guided our
entire project.”

How have customers
responded?
L. B.: Feedback has been
very positive. There has
been real enthusiasm and
an increase in store trafﬁ c.
Shopkeepers are delighted
to have a more appealing
shopping centre.
P. M.: And our employees
are very pleased to work
in such an attractive
environment. You can
feel it in the energy
and enthusiasm shown
each day.

DID YOU
KNOW?

Carmila was formed
by Carrefour and
investors in 2014
to enhance the
shopping centres
adjacent to Carrefour
hypermarkets in
France, Spain and Italy.
With 180 sites at
year-end, it combines
the full range of
expertise needed
to enhance the appeal
of these shopping
centres, including
marketing, centre
management,
sales and portfolio
management.
Carmila relies on
Carrefour Property,
a wholly-owned
subsidiary of Carrefour
that owns store
buildings and car parks,
to develop a quality
customer path and
a renovation/expansion
programme in relation
to the stores.

Anticipate,
grow,
renovate,
it’s…

Targeted growth

Carrefour is expanding its
geographical coverage
by developing its store network
in both its mature and emerging
markets, directly or through
well-established partnerships.

Stores for every customer
Carrefour invests in all of its formats
and channels (hypermarkets,
supermarkets, convenience stores,
cash & carry stores and on-line
commerce) to provide its customers
with a wide range of solutions
adapted to their different lifestyles
and shopping patterns.

Renovated stores
and shopping centres
As part of an ambitious
modernisation plan, Carrefour
is renovating its assets to create
inviting, practical and lively retail
outlets within territories. Car parks,
shopping centres, stores…
Everything has been reviewed
for comfort and an enjoyable
shopping experience.

Strong roots in the local

community
In every country, every region
and every town, Carrefour stores play
an active role in local development
through employment opportunities,
planning and partnerships with local
producers – the multi-local model
creates value for everyone.

2014 annual activity and responsible commitment report –

MEET Customers are our top priority.
So we meet with them and constantly listen
and analyse their needs and expectations
to better understand and anticipate their
changing lifestyles and consumption habits.
changing lifestyles and consumption habits.
This attentiveness allows us to develop
This attentiveness allows us to develop
an attractive product mix that is tailored
an attractive product mix that is tailored
to the market.
to the market.

ME ET
SE LECT
PUR CHASE

SELECT Choosing the best
for customers and offering a quality
selection means we must consider
a number of factors, including choice
of supplier, price and quality of ingredients,
manufacturing processes and methods,
respect for environmental and labour
standards, transport…

PURCHASE Working with our
suppliers, we prepare speciﬁ cations
and detailed partnership agreements
that establish respective requirements
and obligations and set a fair price
for everyone.

DOING OUR JOB WELL

MEET

SELECT

PURCHASE

Developing
a product
mix,
a perfect
blend

Category director responsible
for 8 product families – sugars,
flour, desserts, baking supplies,
compotes, fruits in syrup, organic,
diet –, Natacha Simonet calls
upon a wide range of expertise
to anticipate customer demand
and offer the best products
in stores. Analysis.

INTERVIEW

What is your role
at Carrefour?
With my team, we deﬁ ne
strategies for the various
product families in terms
of product mix, prices,
promotions and
merchandising. Starting
from in-depth studies
of customer expectations,
and following an analysis
of the category’s
performance indicators,
we negotiate with
manufacturers to increase
sales in each department
by revising the product
mix, quality and price
position, and by
suggesting innovations.
We also handle the
development of
Carrefour-brand
products, which
supplement our offering
and respond to
consumer demand.

Natacha Simonet
Category director
“With my team,
we define strategies
for the various product
families in terms
of product mix, prices,
promotions and
merchandising,
to improve the category’s
performance.”

How do you identify
customer expectations?
Listening to customers
is fundamental. We
achieve this through
a number of
complementary tools
which include analysis
of customers’ purchases,
round tables, on-line
qualitative studies,
consumer panels and
feedback from store
teams. We also attend
a number of trade
exhibitions to identify
the latest consumer
trends. And of course,
we listen to our suppliers,
who are experts in their
ﬁ elds and offer a wealth
of information.

What are
some examples?
Whether it concerns
compotes in individual
packs, organic and
gluten-free products,
we always listen to our
customers and suppliers,
seizing opportunities to
expand into new sectors.
In this way, we can rapidly
change our product mix
to satisfy our customers.

What are some
recent changes in
your business?
Our work has become
increasingly targeted
to adapt the product mix
to a wide range of
customer and consumer
types. This demands
good communication
with store teams, along
with careful orchestration
of a wide range of skill
sets, ranging from
purchasing to sales
development to logistics.
Everyone’s contribution
is important in order to
offer the right products
to our customers.

A WIDE
RANGE OF
EXPERTISE

A category director
relies on many
skill sets within
the company,
including purchasing,
sourcing, product
managers, quality
control, packaging,
marketing, pricing,
legal, merchandising
and store operations.
The relevance of
in-store offering
depends on good
working relationships
among these
businesses.

LISTENING
TO CUSTOMERS
TO MAKE
THE RIGHT
DECISIONS
From Buenos Aires
to Bucharest, specific
desires and tastes are
a question of culture.
In every country, Carrefour
teams understand
consumer habits and
preferences, which is
why they can choose
the best products.
One example: yoghurt.

Cristina Ersen
Fresh products buyer
(Romania)
“Yoghurt consumption
is gradually increasing
in our country.
In 2014, Romanian
consumers enjoyed Greek
yoghurts as well as yoghurt
drinks and health products.
We also reworked the
category of Carrefour brand
products by improving
recipes and by introducing
a packaging which refers
to Romanian traditions.
It is a great success on
the shelves.”

Celio Ribeiro de Carvalho
Dairy buyer
(Brazil)
“Since 2000,
the consumption of yoghurt
has almost tripled in Brazil,
mainly because of a profound
change in consumption habits.
For this, we have expanded
the range of products
we offer in-store. Greek yoghurt,
especially, is very popular
in Brazil, for its taste, texture
and health benefits.”

Christine Aroux
Dairy products manager
(Europe)
“Consumers are looking for
healthy, natural and authentic
products, as well as ‘treats’, as can
be seen with the growing
popularity of pastry desserts.
Innovation stimulates the market.
We recently launched ‘Mon Encas’,
a high-protein, low-fat yoghurt,
and are preparing for
the in-store arrival of a Bresse
soft cream cheese under
the Reflets de France label.”

Simona Vimercati
Yoghurt and milk buyer
(Italy)
“The taste of Italian customers
for healthy and natural
products is growing rapidly.
We have just launched
a white yoghurt with whole milk,
from biodynamic agriculture
in a larger size. It was important
for us to follow this trend
to meet the expectations
of our customers.”

Luciano Maffeo
Yoghurt sales manager
(Argentina)
“Consumers are looking
for innovative flavours and textures.
They want to be surprised.
They are also looking for the best price.
To satisfy their expectations,
we offer new products that
make yoghurt enjoyable
at any time of day, for dessert,
a snack or as a substitute for
sweets and ice cream.”

2014 annual activity and responsible commitment report –

MEET

SELECT

PURCHASE

From
the producer
to the store

Selecting the right product means
choosing the right partner. In every
country, Carrefour teams travel
the region seeking the best professionals,
and support them in the manufacturing
and marketing of their products.
Win-win partnerships illustrated by
the black bean, which is a key ingredient
of the Brazilian feijoada.

Watch the video on
www.carrefour.com

1. In the Brazilian state of Paraná,
Seu Antônio prepares to harvest
his ﬁ eld of black beans. This
farmer works with Kicaldo, one
of Carrefour’s supply partners,
which helps him to improve
production and provides outlets
for his products.
2-3. The experts at Kicaldo,
which promotes family farming
as a guarantee of product
authenticity, visit Seu Antônio’s
operation to check the quality
of the ripened beans. Black beans
are harvested, hulled and loaded
onto Kicaldo lorries.
4-5-6. At Kicaldo’s facility, the
beans are washed, strained
and packaged in strict compliance
with environmental standards
established with Carrefour.
No additives or chemical products
are used. The route from harvest
to store shelves is short and direct,
ensuring that customers receive
fresh, quality products at a low price.
7. At the Carrefour hypermarket in
Limão, Luis Fabiano Xavier Araujo,
manager of the grocery department,
displays all the ingredients of
feijoada on the same stand.
A good way to make shopping
easier for his customers
while showcasing the quality
of Seu Antônio’s harvest!

A speciality
of black beans
and pork simmered
together, feijoada
is a traditional
Brazilian family meal.

MEET

SELECT

PURCHASE

DATA

A RELATIONSHIP
BUILT ON TRUST
Carrefour and its suppliers
make a long-term commitment
to ensure high-quality and
sustainable sourcing.
A relationship built on trust
that benefits customers.

Support for local products
Carrefour promotes locally-sourced products and traditional
foods, relying on the know-how of local producers. For example,
Carrefour has joined forces with nearly 10,000 companies in
Spain. In France, during 2014, Carrefour decided that all seasonal
vegetables sold in its stores would be grown in France.

Support over the long term
In addition to multi-year contracts that lend visibility to their
investment projects, Carrefour helps its suppliers to improve
their practices through a self-assessment tool. Exemplary
suppliers or those who adhere to noteworthy practices are
recognised each year with Carrefour supplier awards.

Ethical and social audits
Suppliers of Carrefour products agree to comply with
Carrefour’s supplier charter, drawn up in partnership
with the International Federation of Human Rights (FIDH).
Their commitments are audited on a regular basis by
the Group and by independent bodies.

5,931

CARREFOUR BRANDS PRODUCT
SUPPLIERS USED THE
CSR SELF-ASSESSMENT TOOL
DURING 2014

1,508

SOCIAL AUDITS
CONDUCTED IN 2014

1,800

SMALL- AND MEDIUM-SIZED
UM-SIZED
ARTNERS
REGIONAL ENTERPRISE PARTNERS
R SPAIN
OF CARREFOUR SPAIN

SUPPORT FOR SMEs

Carrefour is a loyal partner to over 4,000 small-
an
and medium-sized enterprises in France.
During 2014, the Group strengthened this special
Du
relationship by developing initiatives to support
re
the Group’s smaller suppliers: an accelerated
th
listing process through the stores, completed
li
wi
within 10 days for local producers; introduction
of
of a speciﬁ c 1- to 3-year contract to give greater
visibility to SMEs; closer ties between stores
vi
and SMEs, especially through clubs and regional
an
exhibitions; and helping SMEs export their
ex
products through the Carrefour distribution network.
pr

Doing
a sustainable
job well

To safeguard the ability
to offer the best products
to its customers, Carrefour
is committed to sustainable
development across its
entire value chain.

As a key player in the global economy,
Carrefour is well aware of its social res-
ponsibilities. The Group is committed to
an ambitious approach to sustainable
development, with quantiﬁ ed objectives
and an annual assessment of its results.
Its approach to retail and its economic
model are closely tied to the availability
and renewability of natural resources,
the quality and quantity of agricultural
production, as well as consumer purcha-
sing power and conﬁ dence levels. The
Group has incorporated these challenges
to sustainable development into all of its
businesses, across its entire value chain,
including purchasing, logistics, quality,
store management and property. Its
actions are built around three main prio-
rities: ﬁ ghting against all forms of waste,
protecting biodiversity and helping stake-
holders take a more responsible approach,
thus extending the effects of its own actions.

Consume responsibly
to avoid wasting resources
To reduce its environmental footprint and
ensure the sustainability of its activities,
Carrefour has implemented a global plan
to tackle waste in every ﬁ eld, including
products, packaging, water, energy and
transport. The Group has led a concen-
trated effort to ﬁ ght food waste and has
deployed a wide range of solutions in its
stores to improve its effectiveness.

At the same time, the Group implemented
an energy-efﬁ ciency policy to reduce its
consumption and limit greenhouse gas
emissions. For example, Carrefour took
the opportunity during its store reno-
vations to invest in the very latest low-
energy equipment, such as closed
refrigeration systems, energy-efﬁ cient
lighting and transcritical CO2 cooling
facilities which have 3,900 times less
impact on global warming than conven-
tional refrigerants. Thus, Carrefour is the
ﬁ rst French retailer to receive ISO 50001
certiﬁ cation, an international standard
that recognises performance in energy
management.
The measures go hand in hand with its
on-going solidarity policy: products with-
drawn from sale for reasons unrelated
to quality are distributed to associations
such as Food Banks, of which Carrefour is
a leading private partner. …

1st

FRENCH RETAILER WITH

ISO 50001 CERTIFICATION
FOR ITS ENERGY-EFFICIENCY POLICY

2014 annual activity and responsible commitment report –

MEET

SELECT

PURCHASE

Protecting biodiversity
It is not only a question of limiting the
consumption of natural resources, but
also protecting the ecosystem’s ability to
regenerate. Carrefour teams therefore
encourage more responsible sourcing
practices. For example, they are com-
mitted to sourcing primarily certified
wood and paper and sustainable palm oil,
and to limiting the use of products that
contribute to deforestation. Carrefour is
also committed to the protection of ﬁ sh
stocks, promoting ﬁ sh sourced from eco-
certiﬁ ed ﬁ shing and aquaculture, while
halting the sale of deep sea ﬁ sh. In most
countries, for over 10 years, Carrefour-
brand products have been guaranteed
GMO-free. The Group also uses its
Carrefour Quality Lines, which involve
over 21,000 producers and breeders
worldwide, to test and expand the use
of agro-ecological practices, such as
crop rotation, elimination of post-harvest
treatments, natural means of protec-
tion from harmful insects, respect for
the growth rates of plants and animals,

healthy and varied feeding, and so on.
Free-range chickens, and eggs produced
without antibiotics, are prime examples
of Carrefour’s approach. The product
lines support and promote exemplary
suppliers and help them expand their
practices while proving the economic
viability of agro-ecology.

Working in partnership
with all stakeholders
Carrefour strives to create local, national
and international dynamics with all of its
stakeholders, including suppliers, custo-
mers, public authorities, associations
and professional bodies in order to expand
the scope of its actions.
For suppliers, Carrefour gives preference to
multi-year partnerships which incorporate
environmental and social requirements
into efforts for constant improvement.
Carrefour also relies on long-term coope-
ration with NGOs and associations to
implement sound, sustainable pro-
grammes. For example, since 1997
the Group has been in partnership with the
International Federation of Human Rights
(FIDH) to draw up a Supplier Charter that
applies to all of its suppliers. Partnerships
with public authorities further advance
sustainable development. In keeping with
the French government’s national pact to
co
combat food waste, Carrefour and several

other retailers, communities, associations
and professional bodies are supporting a
set of eleven measures.
These partnerships are driven by the same
conviction: a company can best address
environmental and societal challenges
when it can mobilise a broad coalition of
experts and ambition.

OVER21,000

PRODUCERS PARTNERS OF CARREFOUR
QUALITY LINES WORLDWIDE

More information on
www.carrefour.com

Meet,
select,
purchase,
it’s…

A forward-thinking approach

Carrefour maintains an on-going
dialogue with its customers,
and monitors trends, technical
and technological developments
and consumption habits to better
anticipate demand in order to
offer the best products.

The right product, at the right

price, in the right place
Carrefour stores offer a wide selection
of quality products at attractive prices.
Development of the product mix,
which starts by carefully listening to
customers, involves many operational
and cross-functional skills: purchasing,
quality, pricing and logistics.
Each store, depending on format and
location, has an exclusive product mix,
selected to best address local needs.

A partnership-based approach

to suppliers
Carrefour works with its suppliers under
multi-year contracts with rigorous,
detailed specifications. The collaborative
approach gives long-term visibility
and enables on-going improvement
that benefits suppliers, the company
and consumers.

Responsible sourcing

Aware of its role and responsibilities
as an international player, Carrefour
is fully committed to a process that
combines quality with environmental,
social and societal requirements.

2014 annual activity and responsible commitment report –

STOCK Our teams monitor orders
and deliveries in real time to optimise
inventory levels in the warehouse
and manage stores to best match
customer demand.

ST OCK
TRAN SPORT
DIS PLAY

TRANSPORT We work
across the entire logistics
chain to simplify and streamline
our distribution channels
by optimising delivery runs
and by developing energy-
efﬁ cient transport methods.

DISPLAY In each store,
our teams make sure that our
products are visible, appealing
and consistent, using product
displays, promotions, special
events and clear labelling.

DOING OUR JOB WELL

STOCK

TRANSPORT

DISPLAY

Warehouse
jobs

The warehouses demand a wide range of skills,
from delivery managers to order processors
to quality controllers, working hand in hand
with the merchandise teams and stores.
Together, they ensure quick, responsive deliveries,
product quality and freshness, less kilometres
driven, and low CO2 emissions. Focus on several
jobs in the warehouse of Le Rheu (France).

1. Team leader
The team leader is in charge
of storage and preparation,
and ensures compliance
with health and safety
requirements, costs and
deadlines. The team leader
also makes sure that
warehouse operations are
efﬁ cient and sustainable.
2. Forklift truck operator
The operator handles
the stocking and unstocking
of merchandise in the warehouse.
3. Receiving
and certiﬁ er agent
The receiving agent checks
the conformity of in-coming
merchandise and allocates
loading docks. At the end
of the process, the shipping
certiﬁ er agent checks the
conformity of products to
be delivered to stores.

4. Order picker
Essential to a fast, smooth
delivery process, order pickers
prepare store orders and
makes sure the merchandise
arrives at the loading docks.
5. Quality controller
and approver
Quality controllers carry out
the necessary checks
and analyses to guarantee
merchandise quality
and safety.
6. Packaging operator
Packaging operators handle
the placement, assembly
and clamping of merchandise
for transport, and organise
the recycling of various types
of waste.
7. Delivery manager
Delivery managers plan
and optimise delivery runs
(upstream and downstream)
and oversee quality.

STOCK

TRANSPORT

DISPLAY

DATA

TRANSPORT
IN ALL
ITS FORMS
Carrefour takes action
at every level of its
logistical chain to reduce
its environmental
footprint while providing
better service to its
customers.

Rail

Road

River

Optimising logistics
Fewer lorries on the road means lower CO2
emissions. To achieve this, Carrefour acts at
many levels: improving delivery vehicle fill rates,
optimising lorry rotations, improving pallet
design, consolidating deliveries with suppliers,
and so on.

9,454 TONNES

OF CO2 SAVED THANKS
TO ROAD ALTERNATIVES
AND OPTIMISATION

1 TONNE

OF ORGANIC WASTE
ENABLES A HEAVY GOODS
VEHICLE TO TRAVEL ALMOST
250 KILOMETRES WITH
BIOMETHANE

Innovating in transport
Carrefour encourages the development of local
initiatives and is testing methods to convert organic
waste from its French hypermarkets into biomethane.
The fuel is then used to run delivery vehicles.
This laudable solution reduces CO2 emissions
by 90% with no fine particle emissions.

REDUCTION
IN THE NUMBER OF
KILOMETRES DRIVEN IN
FRANCE IN ONE YEAR

Developing
alternative solutions
The Group also develops energy-saving
solutions in its warehouses and multi-modal
transport solutions, using river and rail
in combination with road.
In Italy, 3,000 combined rail/road shipments
were already carried out during 2014.

13%

REDUCTION IN CO2 EMISSIONS
PER TRANSPORTED PACKAGE
IN FRANCE IN ONE YEAR

REDUCING NOISE IN CITIES

Carrefour has undertaken the Certibruit certiﬁ cation
process to minimise noise pollution from its delivery
vehicles in urban areas. So far, nearly 150 “quiet”
delivery lorries meeting Piek technical standards
are operating in France, reducing maximum noise
levels to less than 60 decibels – equivalent
to normal conversation.

LOGISTICS
IS THE
BEDROCK OF
CUSTOMER
SERVICE
In every country,
Carrefour adjusts its
logistics chain in order
to provide the best
product availability,
while ensuring flow,
responsiveness,
competitiveness
and environmental
efficiency.
Example in Spain.

1. A multi-format
approach
Fresh products, dried
foods and non-food
products are delivered
to hypermarkets,
supermarkets and
convenience stores
through a network
of 11 multi-format
platforms. The logistics
are designed to be as
close to stores as possible,
allowing greater ﬂ exibility,
responsiveness and
competitiveness.

Jaume Bonet Farras
Supply Chain and IT director
Carrefour Spain
“Our logistical system
is the bedrock of
customer service and
is based on three
principles: maximised
product availability
on shelves, optimised
inventory levels and
guaranteed supply-chain
efficiency.”

2. An optimised
supply chain
Carrefour focuses
its efforts on high
value-added tasks:
ﬂ ow management,
order management,
product quality control,
optimised delivery
rounds and delivery ﬁ ll
rates. These lead to
a three-fold beneﬁ t:
on-time delivery
to stores, optimised
inventory to ensure
product availability,
and minimised cost
and environmental
footprint.

3. Cutting-edge
technologies
A number of innovations
are being used by logistics
platform teams, including
an automated preparation
and extraction system,
radiofrequencies (RFID),
order preparation using
voice recognition software,
and so on. They improve
traceability of merchandise
and improve the supply
chain ﬂ ow and
responsiveness, allowing
rapid response to store
demands.

STOCK

TRANSPORT

DISPLAY

INTERVIEW

Bringing
our stores
to life

What makes a store’s product
mix appealing? Striking the
right balance between offering
quality and an effective display,
responds Jerzy Sieradzki,
fresh produce manager
at the Carrefour Wileńska
hypermarket in Warsaw (Poland).
Selected excerpts.

What are the keys
to a successful product
display?
Shelf placement is of
primary importance.
Above all, it depends on
effective management
of orders and deliveries.
As soon as the store
opens, the different
departments are fully
stocked and ready
to receive customers.
Along with the team,
we ensure that the
products are appealing
and well-presented,
emphasising their quality,
freshness and price.
In each department,
we try to make shopping
easier for our customers
by classifying products
according to their family
or use.

Jerzy Sieradzki
Carrefour Wileńska hypermarket
(Poland)
“I work on the presentation
of the products to emphasise
their quality, freshness
as well as their price.”

Then, we promote them
through attractive
product displays by
highlighting promotions,
special deals and
tastings of seasonal
products.

How do you attract
customers and build
loyalty?
Carrefour’s product mix
makes the difference!
Fresh-squeezed fruit
juices, organic
vegetables, bread baked
on-site and products
from the Carrefour
Quality Lines (Jakość z
Natury) are among
the new offerings we
successfully introduced
in 2014, to the delight
of our customers.
Of course, the display
must be accompanied
by a strong employee
presence to properly
inform and advise our
customers.

How do you anticipate
customer demand?
Quite simply, we talk to
them. These discussions
always give us new ideas
and important insights
into what they want. We
also have tools available,
such as consumer
panels, historical sales
data and the website
satysfakcja.carrefour.pl,
which gathers opinions
from thousands of
customers. I also go
to the local markets
at least once a week,
which is a great source
of inspiration.

MAKE
SHOPPING
EASIER!

Find items quickly,
learn about prices
and promotions,
taste some samples,
feel the urge to buy…
The arrangement
on store shelves,
the choice of display
units, events,
signage and
decorations are
some of the many
ways of highlighting
the quality and the
competitiveness of
the store offering.

Stock,
transport,
display,
it’s…

Logistics that serve customers

Carrefour constantly invests in
optimising its logistics chain to
achieve the best customer service in
all of its banners, with well-stocked
stores offering a wide selection,
guaranteed freshness and quality,
and low prices throughout the year.

More responsible transport
Optimising delivery runs and capacity
in its lorries, making use of rail and
river transport, developing lorries that
run on biomethane, etc. Carrefour
uses different means to maximise
energy efficiency in its logistics chain
and reduce its environmental
footprint.

Ever-increasing selection

in stores
The efficiency of logistics teams and
the location of warehouses near
stores enable Carrefour to respond
quickly to demand and ensure
smooth delivery of products.

A clear, lively oﬀ ering

Department managers and their
teams are not only responsible
for orders, inventory and restocking,
but also for displaying offers
and promotions, accurate and
comprehensive labelling, visibility
and events within the department.

2014 annual activity and responsible commitment report –

TRACK

TRACK We establish full
traceability throughout
the process up to the sale
so that customers are aware
so that customers are aware
of product origin, authenticity,
safety and quality of our
products.

of product origin, authenticity, GUAR ANTEE

PRO TECT

GUARANTEE Carrefour works
with its suppliers to develop
stringent, detailed speciﬁ cations
to provide customers with the
highest quality and freshness.
Compliance is ensured through
regular audits and comprehensive
quality controls.

PROTECT Purchasing, quality,
store management and transport.
The need to protect the environment
and biodiversity is integral to all
of our activities. We have implemented
measures to extend this requirement
to all of our suppliers.

DOING OUR JOB WELL

TRACK

GUARANTEE

PROTECT

Carrefour
Quality Lines
100% fresh,
100% guaranteed

Fresh, locally-produced
products, methods
that respect the environment,
fair prices and long-term
partnerships. These are
the commitments of
the Carrefour Quality Lines,
created in 1992, which today
offer more than 550 product
lines worldwide.

Cantal Entre-deux AOP, free-range
Auvergne chicken IGP, Bouzigues
oysters, Normandy beef, Guanxi Honey
pomelos in China, tomato varietals in
Argentina… Carrefour Quality Lines
combine authenticity, flavour, local
origins and quality. There are currently
552 Carrefour Quality Lines worldwide,
resulting from multi-year partnerships
with some 21,000 local farmers, breeders,
producers and fishermen, including
18,000 in France. The approach is encou-
raged year after year by the growing
interest and loyalty among our customers.

Strict speciﬁ cations
Each product line is subject to detailed
speciﬁ cations, which contain strict quali-
tative, social and environmental require-
ments. They apply to every professional
associated with the product line from

production to store, from processing to
packaging. Compliance with these
specifications is regularly checked by
independent bodies.

A responsible approach
As part of these partnerships, some
exemplary initiatives are underway to
introduce best practices in agro-ecology,
protect biodiversity and offer quality
food, particularly with regard to a ban on
GMOs.
On one hand, Carrefour Quality Lines
offer authentic products, full traceability
and outstanding value for money to
consumers. On the other hand, local
producers beneﬁ t from a fair price and
the security of a sustainable partnership.

HOW DOES A
PRODUCT LINE
OPERATE?

Partnerships
with producers
and breeders

Carrefour
stores

Partnerships
with processors
Cheesemongers,
slaughterhouses,
packagers

NEW
PRODUCT
LINES FOR
2014

Argentina

Revival of Carrefour
Quality Lines
under the name
Huella natural
(natural footprint)
for a number of
tomato varietals:
beef, red cherry,
yellow cherry, cocktail
vine, plum, etc.

China

Launch of the
Carrefour Quality
Line for the
Guanxi Honey
pomelo, which has
been a resounding
success among
consumers.
Arborists are trained,
audited and listed
based on speciﬁ cations
that ensure full
traceability, strict
usage and control
of pesticides,
use of environmental
indicators and
harvesting at maturity.

Taiwan

Launch of a Carrefour
Quality Line for
Ji-Fong grapes,
grown by a farming
cooperative that
uses outstanding
agro-ecology
practices.

Poland

Rejuvenation of
Carrefour Quality
Lines under the name
Jakość z Natury
Carrefour (quality
from nature) and
expansion of the
offering with new
product lines:
traditional Osełka
butter and free-range
chicken. All Jakość z
Natury Carrefour
products are sourced
from small local
producers who
practice sustainable
farming.

Belgium

Launch of 6 new
traditional product
lines: Herve cheese,
abbey cheeses,
traditional pork,
braised ham, Blauwe
van Vlaanderen
meats, Zeeland
mussels.

EXAMPLE OF
CERTIFIED-ORIGIN
RAW HONEY
The Carrefour Quality Line of Corsican honey AOP,
launched in 2014, is fully incorporated into the
support plan for French beekeeping, and is
consistent with the Group’s approach to protecting
biodiversity. Carrefour’s commitment helps Corsi-
can beekeepers gain access to new markets, make
investments to continue their professional deve-
lopment and breed more bees. It also helps them
to protect the quality of the environment – a critical
factor in the health of their bees and the quality of
their honey.

Bastien Bizon
Beekeeper in Poicia Rossa
(southern Corsica)
“We practice a form
of transhumant,
pastoral beekeeping.
We only
work in naturally
flowering wild areas
that are pesticide-free.
To begin with, Carrefour
sells three
of our six varieties of
Corsican honey: Maquis
de Printemps,
Châtaigneraie and
Miellats du Maquis.
After they are harvested,
each of these varieties
is submitted for both
physico-chemical
analyses (pollen, water
content, sugar, etc.)
and sensory analysis,
all conducted
by France’s National
Institute for the
Designation of Quality
and Origins (INAO).
By supporting the
beekeeping sector
through this
partnership, Carrefour
also supports
biodiversity, which is
threatened
by bee mortality and
the drop in pollination.”

Watch the video on
www.carrefour.com

TRACK

GUARANTEE

PROTECT

Quality and safety
a question of
requirements

Product quality and safety are integral requirements at every stage
of a product’s lifecycle, from design to its arrival in stores.
Throughout the world, Carrefour teams guarantee the highest level
of quality, freshness and safety for its customers. Analysis.

Results are recorded in a single database,
allowing careful quality management and
ensuring continued improvement. All of
these actions are part of a comprehensive,
sustainable and pioneering strategy in a
number of areas. They follow the example
of own-brand products, which meet high
standards with respect to balanced nutri-
tion, the ban on GMOs, risky product ori-
gins, reduction or elimination of ﬂ avour
enhancers, reduction of certain artiﬁ cial
additives, prohibitions on ionisation and
hydrogenation, and the elimination of
phthalates in packaging. Customer health
and satisfaction are the sole objective.

Quality expertise is everywhere, in every
business, and lies at the heart of each
employee’s concerns. Upstream, Group
buyers work up with quality managers to
select, list and support suppliers, based
on strict speciﬁ cations on compliance,
health, safety and quality. Consumer
expectations and demands, as expressed
during panels, taste tests and user tests
are also documented.
Downstream, stores perform daily checks
on the quality of their merchandise and
are subject to rigorous reporting proce-
dures, analyses and audits. Across the
logistics chain, from supplier to store,
Carrefour has implemented comprehen-
sive quality controls, adapted to every
product family and range. For example,
for fresh produce, logistics teams check
the cold chain at every level: upstream
transport, delivery to the warehouse,
storage, order preparation and shipping.

WITH SUPPLIERS

IN WAREHOUSES

IN STORES

AMONG CUSTOMERS

At every warehouse, an external
independent body checks, twice a
year, that facilities and procedures
are in compliance. The quality team
ensures that every link in the logistics
chain is secure and optimised,
including transport, handling,
storage and the cold chain. Quality
controllers and approvers also
check compliance with speciﬁ cations
and labelling of fresh produce to
check their freshness, origin and
category. Using laboratories installed
in the warehouses, they conduct
physico-chemical analyses of
merchandise on a daily basis, in
accordance with a sampling plan,
to conﬁ rm sugar levels, product
colouring, pH levels of meat, etc.

For each department, Carrefour
stores have a quality and health
inspection programme that includes
speciﬁ c procedures for handled
products, employee training,
periodic product quality analysis
by independent laboratories and
centralised monitoring of the quality
track record for each listed product.
Carrefour also uses a highly
responsive monitoring system
that establishes links to the entire
logistics chain in each country.
If necessary, Carrefour can
immediately provide information
to all parties involved and
initiate a rapid recall procedure.

45IN-STORE LABORATORIES

SET UP IN CHINA FOR A DAILY
ANALYSIS OF THE QUALITY
OF FRESH PRODUCE

Customers’ perceptions and
opinions play an integral role in
Carrefour’s approach to quality
through a number of tools used
to communicate and listen to
customers. These include customer
service departments, round tables,
taste tests, use and performance
tests and qualitative studies. With
these, quality teams can better
identify customer requirements
before integrating them into the
offering and developing own-brand
products. Store customers also
take part in awareness campaigns
such as the national food security
week held at Chinese hypermarkets
in June, and receive information on
quality and nutrition through
Carrefour product packaging.

Prior to listing, Carrefour submits
each new supplier to a full
assessment to check its
compliance with quality, health
and safety standards (IFS, BRC)
as well as Carrefour’s speciﬁ c
requirements, which vary according
to the product range (such as
Carrefour Quality Lines, Carrefour
Bio, Reﬂ ets de France, etc.).
The requirements are the subject
of detailed speciﬁ cations
that incorporate all aspects
of quality, including origin of raw
materials, recipes, production
processes and procedures,
and product characteristics.
In countries classiﬁ ed as “sensitive”,
Carrefour conducts social audits
of its suppliers to ensure
respect for human rights and
labour rights. Following its listing,
the supplier is regularly audited
and its products are checked
in accordance with an annual plan.

1,508

SOCIAL AUDITS IN 2014
INCLUDING 46.6% FOLLOW-UP
AUDITS

2014 annual activity and responsible commitment report –

TRACK

GUARANTEE

PROTECT

From the
fish auction
to our stalls

To offer optimal freshness,
quality and selection, Carrefour
relies on short supply channels.
An example is the fish auction
in the port of Zeebrugge, which
Carrefour Belgium’s fish
specialist, Gilbert Vanderlinden,
attends three times a week to
supply the country’s stores with
the freshest products.

5:00 pm – After crisscrossing the north-
east Atlantic, trawlers reach the port of
Zeebrugge, their holds filled with rays,
sole, ﬂ ounder, prawns, plaice and dogﬁ sh.

10:00 pm-4:00 am – Handlers at the
auction prepare for the sale. In just a few
hours, several tonnes of fish are washed,
sorted, checked and stored in refrigerators.

5:00 am-6:45 am – Preparations are made
for the auction. Fish are displayed for
the buyers’ inspection. The quality of the
fish is checked once again.

10:00 pm-4:00 am

7:30 am-2:00 pm

8:00 am

5:00 pm

Gilbert Vanderlinden
Fish buyer (Belgium)
“I ensure that all Carrefour
stores in Belgium are stocked
with the highest quality
fresh ﬁ sh. I aim to please our
customers. Stores submit
their orders and I ﬁ ll them within
the deadline. If a store orders
ﬂ ounder and they are not
of the highest quality, I cancel
the order. Only the best ﬁ sh
are delivered to stores.”

5:00 am-6:45 am

6:45 am – The auctioneer is ready to start
the sale. With 30 years’ experience,
Gilbert Vanderlinden confidently exa-
mines the consignments of ﬁ sh laid on
beds of crushed ice. Here we go! The bids
roll across an electronic board. Battling
with a dozen wholesale fishmongers,
Gilbert Vanderlinden successfully bids
on a large consignment of ﬂ ounder. “Out-
standing quality. You can’t miss out on
one like that”.

7:30 am-2:00 pm – Once purchased at
auction, the ﬁ sh are packed on ice, then
loaded onto refrigerated trucks and
driven to a central warehouse. Upon
arrival, their quality is checked yet again
prior to transport to the stores.

8:00 am – The ﬁ sh reach the Carrefour
store stalls. Served fresh. “We buy
as many ﬁ sh in Belgium as possible, for
the shortest possible supply chain.
It’s essential for such a delicate product,”
concludes Gilbert Vanderlinden.

260 TONNES

OF FISH PURCHASED IN 2014
BY GILBERT VANDERLINDEN
AND HIS TEAM

2014 annual activity and responsible commitment report –

TRACK

GUARANTEE

PROTECT

Biodiversity is a priority

Carrefour plays an active role in initiatives that promote
responsible product lines, while better protecting ecosystems
and building value, together, over the long term.

Carrefour’s commitments are clear.
Actions are concrete. In every country
where it operates, Carrefour strives to
reduce its environmental footprint, inclu-
ding through sourcing. Carrefour relies
on its partners’ expertise, in particular the
WWF, with which the Group developed its
marine and forest conservation policies.

Protecting marine resources
When sourcing seafood products, Carre-
four considers the sustainability of marine
resources through, for example, its choice
of species or by relying on certiﬁ ed pro-
ducts that guarantee sustainable ﬁ shery.
The Group therefore decided to halt the
sale of certain deep sea ﬁ sh and deve-
loped fish products certified by the
MSC(1). Carrefour has also supported the
efforts of the From Nord ﬁ shery in France
to have its sole product line evaluated by
MSC. If successful, it will be the first
French sole ﬁ shery to become certiﬁ ed.

Fighting deforestation
A comprehensive policy has been gra-
dually implemented to reduce the supply
chain’s forest footprint, with the goal of
achieving zero deforestation by 2020.
The Group makes sure that its wood and
paper – most of which are FSC(2)-certiﬁ ed –
are fully traceable, ensuring sustainable
forestry management. It has also elimi-
nated the use of palm oil in more than
400 of its own-brand products and, where
elimination is not technically possible,
committed to the use of sustainable,
RSPO(3)-certiﬁ ed palm oil.

Protecting local biodiversity
To respect the diversity of local plant life,
the Group has established a landscape
charter for the layout of its stores, whose
goal is to transform them into biodiverse
areas. There are a growing number of
local initiatives to install beehives and
plants in car parks, on rooftops and in
areas around the stores. Gardening
products in stores now offer soil protection,
and Carrefour-brand products are
glyphosate-free.

CARREFOUR QUALITY
LINES, A LABORATORY
FOR AGRO-ECOLOGY

By forging special
relationships
with more than
21,000 farmers,
breeders,
ﬁ shermen and
producers
and relying on
their know-how,
Carrefour has
introduced
demanding
speciﬁ cations
to support the
development
of agro-ecological
practices:

protection
of biodiversity:
crop rotation,
no post-harvest
chemical
treatment of fruits
and vegetables,
no antibiotics;
feed quality:
no GMOs, ban
on animal proteins,
grazing of farm
animals;

animal welfare:
free-range farming
methods, transport
conditions, etc.

Track,
guarantee,
protect,
it’s…

An all-round approach to

quality and safety
Product quality and traceability
are guaranteed by Carrefour’s
all-round approach, from design
to shelf. It is based on exacting
partnerships with suppliers, with
certified processes and checks at
every phase of the product lifecycle.
An all-round approach that builds
customer loyalty.

Guaranteed freshness
Fresh products are essential in
our offerings, and are always
a focus of our attention. Quality
and temperature checks are carried
out in each country, every step
of the way (production, loading and
unloading, transport and display)
to guarantee cold chain compliance.

Protecting natural resources

Carrefour aims to fight against
the waste of resources and to protect
biodiversity through its purchasing
and sourcing policy and its quality-
safety-traceability approach. This is
in line with consumer expectations,
with clear objectives which are daily
supported by employees.

(1) Marine Stewardship Council. (2) Forest Stewardship Council. (3) Roundtable on Sustainable Palm Oil.

2014 annual activity and responsible commitment report –

OFFER CHOICE
OFFER CHOICE
We offer a wide and varied
We offer a wide and varied
selection in every product family
selection in every product family
so that every customer can
so that every customer can
ﬁ nd the item that suits their taste,
ﬁ nd the item that suits their taste,
budget, preferences and
budget, preferences and
current needs.
current needs.

OFF ER
CHOI CE

ADAPT Our stores develop product
and service offerings that suit local
customers’ expectations and today’s
changing lifestyles. Our teams
listen to customers, anticipate
their needs and adjust our store
shelves accordingly.

AD APT
INNO VATE

INNOVATE
In line with our retail mindset,
we invent, create and
test new products and
services, sales areas, sales
channels, concepts and
store formats every day.

DOING OUR JOB WELL

OFFER CHOICE

ADAPT

INNOVATE

A product
mix tailored
to local
expectations

Who better than store teams
to understand customers,
meet their expectations and
surprise them? They have
a lot of autonomy to develop
attractive and competitive
local offerings. Testimonials
by Gabriele Ghelli, manager
of the Carrefour market
in Bologna (Italy) and
Dan Nazarcu, director
of the Carrefour Colentina
hypermarket in
Bucharest (Romania).

JOINT
INTERVIEW

In your opinion, what are
the hallmarks of a store that
draws customers?
Gabriele Ghelli: In Italy, customers are
very attached to local culinary traditions,
fresh produce and local products. In
Bologna we still prefer la pasta fatta in
casa, home-made pasta. Our city-centre
supermarkets must be as inviting and
friendly as local neighbourhood mar-
kets. We regularly organise showcases
and tastings for wines, fresh pasta,
cured meats and cheeses, from Bologna
and other regions of Italy. These events,
organised by an enthusiastic team, give
life to the store.
Dan Nazarcu: Our hypermarket, located
in the northeast of Bucharest, caters to
the tastes of a very diverse clientele.
Given the cultural and religious diversity,
we need to offer products that reﬂ ect the
tastes of each community. In all sectors,
our customers want choice and low
prices. They are also looking for the latest
products. We organise events with
speciﬁ c decor and signage, along with
tastings and promotions. During 2014,
we organised 47 events in all of our
departments, including tomato, melon,
smoked ﬁ sh and cake fairs. We also have
large seasonal non-food departments
such as recreation, garden furniture,
gardening, plants and ﬂ owers.

How do you tailor your product mix?
G. G.: As the manager of a supermarket
in the city centre, I spend 90% of my
time in the store and know my custo-
mers personally. It’s a friendly atmos-
phere, and from time to time we even
go for a coffee together. It’s the best
way to understand their expectations,
which I then share with the section
manager and regional director. Our
responsiveness allows us to establish
new offerings in less than a month.
D. N.: Our fresh products department has
a strong regional character, especially
the bakery, the confectionery, the butcher
and the cheesemonger. For example,
in response to local customer tastes,

Gabriele Ghelli
Manager of the Carrefour market
in Bologna (Italy)
“Most of our customers shop
every day, so they build
close relationships
with store employees.”

What initiatives do you have
to reach customers?
G. G.: We regularly support sports clubs
and schools in Bologna. We provide
Carrefour-brand products for their
outings and events, which are always
greatly appreciated, and invite our local
suppliers to take part. This creates inte-
rest and curiosity about our store and
helps us attract and earn the loyalty of
new customers.
D. N.: Every team at Carrefour is involved.
We have formed working groups that
include both local and national teams to
drive innovation. The best ideas are tested
in one or two stores and, if the results are
promising, we expand them on a regional,
or even a national scale.

Dan Nazarcu
Director of the Carrefour Colentina
hypermarket (Romania)
“Our fresh products department
has a strong regional character,
especially the bakery,
the confectionery, the butcher
and the cheesemonger.”

we introduced a barbecue range that
includes around sixty different meat
specialties. All of these departments are
clearly marked with speciﬁ c signage that
provides information on product origin.

How do you select local products?
G. G.: When I want to add new listings in our
store, I talk with the teams in charge of
products and we contact local producers.
We currently work with nearly 850 suppliers.
D. N.: In Romania, Carrefour introduced a
national programme to help establish
contact between our buyers and farmers,
breeders and artisans. Last year, we sig-
ned over 200 contracts with Romanian
fruit and vegetable producers. We plan to
renew this campaign in 2015.

STORES
OFFERINGS

To satisfy customers
worldwide, Carrefour
relies on fundamental
principles: a wide
selection, the best
prices and impeccable
quality.

Fresh produce

Fruit and vegetables,
meat, cured meats,
cheeses, etc.,
fresh produce is
at the forefront,
available through
self-service or at
the counter, requiring
our employees’
full attention
and know-how.

Local products

Carrefour has
always preferred
local sourcing. In fact,
nearly 75% of all
Carrefour-brand food
products come
from local suppliers.

Consumer goods

From health and
beauty products
to beverages and
groceries, Carrefour’s
selection includes
both national brands
and Carrefour-brand
products.

Non-food products

Carrefour offers
products that meet
customers’ essential
needs: textiles, DIY,
bazaar, household
products and
appliances, and
multimedia.

OFFER CHOICE

ADAPT

INNOVATE

Throughout the year, our teams design, test and develop products
that meet customer expectations. Carrefour innovates in every sector
to offer quality products at the best prices.

Some examples
of innovation

GMO-free products
(Taiwan)

Carrefour has launched a new range
of GMO-free traditional snacks
to meet growing demand among
Taiwanese customers.

“Jakość z Natury”
Carrefour chicken
(Poland)

Launched at the end of 2014,
this free-range chicken meets
high quality standards
and strict speciﬁ cations,
including guaranteed traceability,
GMO and soy-free feed,
and slow maturation.

Tex natural range
(France)

Launched in partnership with the WWF,
this range of household linen made
from certiﬁ ed organic cotton
is hypoallergenic and free of dyes
or chemical processing.

Les Cosmétiques Design Paris
(France/Romania)

Sold exclusively in Carrefour stores,
Les Cosmétiques Design Paris
product line is now available in
Romania, and continues to expand
in France with the launch of
16 sunscreen products
and 3 product lines for men.

Tex
(France/China)

Carrefour is breaking new ground, offering
its ﬁ rst Tex Spring/Summer 2014 collection
to Chinese customers. The brand, which offers
the best value/design/price on the market,
is also expanding in France with the launch
of a Tex Sport line and capsule collections.

Carrefour products
(Argentina)

A new packaging
and a simple and effective
advertising slogan:
“The quality you want
at the price you want”.
A range of over
1,200 products and
innovations every day!

Organic fair-trade bananas
(France)

Grown organically, these bananas are also
a fair-trade product, sold under the
Fair Trade/Max Havelaar label.
A good way to support responsible production
while offering unparalleled ﬂ avour.

“Carrefour Quality Line“ eggs
(France)

Free-range chickens are raised
without antibiotics and exclusively fed
with GMO-free plants grown in France.
A new phase in the Carrefour Quality
Line approach, working with exemplary
French breeders who use
agro-ecological methods.

Bon app’
L’envie du jour
(France)

A fresh quality snack
with original recipes.
For delightful lunch breaks.
Food lovers take note!

Reﬂ ets de France
(International)

Over 30 new regional products in 2014,
such as Mogettes de Vendée IGP
(mojette beans). The success in France
has been joined by an enthusiastic response
in other Group countries where French cuisine
has been highlighted.

Viver fruit juices
(Brazil)

Viver, Carrefour Brazil’s range
of health foods has expanded its
product range to include delicious
peach, grape and guava juice
in different formats
(1 l, 1.5 l, 200 ml).

Design by Carrefour
ice cube tray
(France)

At last, a practical and ingenious ice cube tray!
Developed by Carrefour teams for splatter-free easy
ﬁ lling and with a space-saving design, it protects
ice cubes while allowing easy removal.

Discover
all the Design
by Carrefour
innovations

Mon Encas
(France/Belgium)

With the introduction of Mon Encas,
Carrefour is the ﬁ rst retailer to offer an
own-brand product in the new high-protein,
0% fat yoghurt segment. Available in
three ﬂ avours (strawberry, raspberry and
mango), Mon Encas is nutritious, delicious
and attractively-priced.

De Nuestra Tierra
(Spain)

This range of traditional and gourmet products
developed by local Spanish companies has been
revived. Authenticity and ﬂ avour join forces.

2014 annual activity and responsible commitment report –

OFFER CHOICE

ADAPT

INNOVATE

Low prices
for everyone

Guaranteed low prices
throughout the year on national
brand products, affordable
Carrefour brands, promotional
campaigns, loyalty card benefits…
Every day, Carrefour strives
to guarantee the best prices.

Throughout the world, Carrefour gua-
rantees competitive prices on all of its
products every day. The “Guaranteed
Lowest Price” runs in France, covering
500 everyday national brands of food,
hygiene, cleaning, perfume and cosmetic
products. During key events throughout
the year (holidays, back-to-school,
year-end celebrations, etc.), this commit-
ment also covers several hundred more
products, including school supplies, fuel,
games and toys. The commitment is
always the same: to refund twice the
difference if a customer ﬁ nds a lower
price elsewhere.

A wide, varied selection
In addition to its low price commitment
on national brand products, Carrefour
works hard to stretch customers’ bud-
gets by developing a wide, varied selec-
tion of own-brand products: Carrefour,
Carrefour Bio, Carrefour Kids, Reﬂ ets de
France, Terre d’Italia, etc. – a host of
low-priced product lines that meet the
banner’s quality commitments.

Throughout the year, customers of
the Group’s banners also beneﬁ t from
targeted promotions and exclusive loyalty
programmes. For example, in Argentina,
Carrefour celebrated its 32nd anniversary
with a major promotional event offering
massive discounts, publicised through a
large-scale advertising campaign.

The best selection
at the best price
Carrefour relies on its fundamentals
– long-standing supplier relationships,
listening to customers, control of costs
and the supply chain, commitments to
quality, safety and product origin – to offer
the best selection at the best price.
Stores have a certain degree of inde-
pendence to tailor their pricing policies to
the local market. They are a driving force
in establishing short supply lines and
long-term partnerships with regional
producers to offer fresh, local products at
the best price.

SAVINGS
THROUGHOUT THE YEAR

In Brazil, Carrefour
has publicly committed
to guarantee the lowest
prices on the market,
otherwise the difference is
immediately refunded at
check-out. A commitment
faithful to the banner’s
slogan: Faz a conta.
Faz Carrefour
(Do the sums. Come
to Carrefour).

The “Guaranteed

Lowest Price” in France
covers 500 national brand
products throughout
the year. It is periodically
extended to fuel, school
supplies during the back-
to-school season, and
games and toys during
the Christmas season.

In Taiwan, Carrefour

celebrated its
25th anniversary with
a series of exceptional
promotions, and
strengthened its emotional
bond with its customers
through a new campaign
focused on happiness.

Carrefour launched
a widespread campaign
in Spain, Todo cuenta
(Everything counts) to
highlight the banner’s
many advantages,
such as year-round low
prices, customer loyalty
programmes and
VAT refunds.

Customers in Belgium
are certain to ﬁ nd good
deals with the Le moins
cher (The least expensive)
label. It appears on a
selection of 400 everyday
products, sold at unbeatable
prices in their categories.

2014 annual activity and responsible commitment report –

OFFER CHOICE

ADAPT

INNOVATE

DATA

ALL CARREFOUR
IN ONE CLICK!
Thanks to the multi-channel
solutions offered by Carrefour,
customers can shop where
they want, when they want,
from their smartphone,
tablet or computer. A simple,
practical digital service that
gives full access to the store
in just one click.

Mobility
Practical and easy-to-use mobile applications
let customers shop, take advantage of
exclusive offers, access accounts or ﬁ nd
a store. A mobile version of Carrefour!

Social networks
Carrefour listens closely to its customers and
has expanded its social network presence
in a number of countries with one single aim:
be responsive, engage with, surprise and inform
customers.

E-commerce
The Group’s various e-commerce sites provide
access to all of Carrefour’s products at highly
competitive prices. They offer discounts,
great deals and on-line services such as loyalty
programmes, banking, travel and show bookings.

+55%

VISITS ON CARREFOUR
MOBILE APPLICATIONS
IN FRANCE DURING 2014
(VS 2013)

CARREFOUR.FR

5th

MOST FREQUENTLY
VISITED E-COMMERCE
WEBSITE IN FRANCE(1)

WHICH APP
IS RIGHT FOR YOU?

Carrefour has developed a wide
range of mobile apps that offer real
beneﬁ ts to customers. They make
shopping easier and enable
customers to place orders for
pick-up at a drive, manage
accounts, watch ﬁ lms and TV
series and even choose a wine.
To each his app!

1,370,828

ME GUSTA (LIKE) ON THE
CARREFOUR ARGENTINA
FACEBOOK™ PAGE

88,400

FOLLOWERS ON CARREFOUR
SPAIN’S TWITTER™ ACCOUNT

MORE THAN 10 MILLION

FANS ON THE CARREFOUR CHINA
WEIBO™ ACCOUNT

(1) Source: October-November 2014 scorecard © Médiamétrie//Netratings, Fevad.

hypermarket,
supermarket or
convenience store.
Customers
can choose
from 8,000 toys,
multimedia
products, household
appliances and
video games
with free collection
within 48 hours.
By the end of 2014,
over 600 stores
already offered this
pick-up service!

A SIMPLE,
EFFICIENT
AND FREE
SERVICE!

Since October
2014, Carrefour has
further expanded
its click & collect
service, allowing
customers who
order through
carrefouronline.fr
to collect their
non-food
purchases at
the nearest

OVER 600

CLICK & COLLECT
PICK-UP POINTS

Order
on-line,
pick up at
the store!

In addition to its home
delivery service, Carrefour
continues to expand
its click & collect service,
where customers can
pick up their on-line orders
in stores.

Carrefour has developed a range of sales
channels to provide the highest level of
service to customers so they can optimise
their time and budget. As part of this
cross-channel approach, the Group com-
bines Carrefour’s expansive store
network with the responsiveness of
the Internet. Customers can shop on-line
and have their order delivered, or collect
it at the store or at a drive pick-up point.
In France, Carrefour offers grocery
collection at nearly 440 drive pick-up
points, most of them in stores so that
customers can make additional pur-
chases if need be. Belgian and Italian
customers can also use this service at
certain stores.
In the same vein, Carrefour has intro-
duced new digital solutions to offer better
service to its customers. For example,
they can pre-book holidays on-line and
rely on the expertise of Carrefour Voyages
in-store travel agents. The same applies
to show bookings, insurance policies or
catering services.

2014 annual activity and responsible commitment report –

Offer choice,
adapt,
innovate,
it’s…

An adapted product selection
Carrefour offers its customers a wide
selection of products and services,
combining top quality with the best
price. From essentials to the latest
products, Carrefour has something
for everyone, regardless of profile
or consumption habits.

Regional heritage

Each store has the independence
to tailor its product mix to suit
customer needs and expectations.
This can be seen by the offering
of local products, all produced by
farmers, breeders and small
and medium-sized businesses
in the region.

Low price commitment
Carrefour promises its customers
attractive prices throughout the year
on all of its products. The policy is
reinforced in each country through
specific programmes and actions.

E-retailer

Carrefour invests in the research
and testing of new services and
solutions in response to changing
consumption habits. The Group
is developing innovative e-commerce
websites and services that are
economical, practical and easy to use.

Touch screens
Intelligent and interactive
touch screens have been
installed in many Carrefour
store departments to
expand, clarify and simplify
customer choice.
Selecting a wine based
on the food to be served?
Choosing accessories
that ﬁ t your car?
Want to see a household
appliance in real size?
Just touch the screen and
let it lead the way.

Scan’Phone Market
Tested in several
supermarkets, the
Scan’Phone Market mobile
app enables customers
to scan products with
their phone. They can
accurately track the list
and price of their purchases
and pay directly at a
dedicated check-out,
without having to unload
their shopping onto
the conveyor belt.
A fantastic time saver!

C-où
The Carrefour Villeneuve-
la-Garenne hypermarket
in France invites customers
to download the C-où
(Where is it?) app.
The shopping aid is ideal,
with an integrated navigator
that guides customers to
the products they are
looking for, optimises their
path according to their
shopping list, suggests
recipes, and locates
the necessary ingredients
within the store.

Smart mirror
Carrefour is testing
smart mirror in certain
hypermarkets. Installed in
the clothing department,
this giant interactive screen
give customers a 360° view,
allowing them to try on
clothes virtually. They can
even post photos of their
ﬁ ttings on Facebook®
or Twitter® to gather their
friends’ opinions.

Be connected.
Click and try!

Carrefour is developing, testing and launching innovative
digital solutions in its stores to make shopping easier,
more practical and more enjoyable.

This app is available
on App Store and
Google Play.
Download with
this QR code.

2014 annual activity and responsible commitment report –

WELCOME Accessible and
practical car parks, stores that are
inviting, modern and well-lit,
friendly employees, smooth trafﬁ c
ﬂ ow, clear signage and minimal
waiting times at check-out.
We make every effort to make
shopping easy and enjoyable.

WELC OME
ADV ISE
BUILD LOYALTY

ADVISE Information desk
clerks, department managers,
advisers, etc. The experience,
expertise and enthusiasm of all
Carrefour employees beneﬁ t
our customers. Employees are
available to share knowledge,
inform and advise our customers.

BUILD LOYALTY We strive to offer
a wide range of quality products at
the best prices and have easy-to-use
customer loyalty programmes with great
beneﬁ ts, so that customers want to return.

DOING OUR JOB WELL

6
6
6

WELCOME

ADVISE

BUILD LOYALTY

Experts
mobilised for
customers

Whether it is to select a flat screen TV,
take out a car insurance policy, or book a holiday, Carrefour helps
its customers with the advice and support of professionals.

In all areas, Carrefour makes professionals
available to customers to advise, explain
and find the product that suits their
needs, budget and preferences. Several
thousand professionals, specialised
advisers and department managers work
every day to design an attractive offering,
share their expertise and meet customer
demand.
Carrefour has a wide range of services
carried out by qualiﬁ ed specialists at the

store welcome areas or in dedicated
areas such as travel agencies, after-sales
services, ﬁ nancial and insurance services,
ticket sales, fuel delivery, vehicle hire,
parapharmacy, petrol stations, package
pick-up points, key copying and photo
services. Each store offers some or all of
these services, depending on its size and
customer expectations.
Synergy between the Internet, mobile
apps and stores improve the quality of

services and the customer experience.
Prepare a draft insurance policy on-line
then ﬁ nalise it with a Carrefour Banque
adviser, book a holiday through Carrefour
Voyages and receive reservations on
mobile phone, order prints of Instagram™
photos at the hypermarket… Carrefour
provides even greater satisfaction, service
and convenience to customers through
its digital solutions.

Julie Hallier
Banking and insurance adviser,
Carrefour Toulon Grand Var
hypermarket (France)
“Credit, savings, insurance,
PASS card… The diversity,
synergy and performance
of our products and
services enable me to oﬀ er
customised solutions
to my customers, building
loyalty to the banner.”

Tomasz Ługowski
Sales adviser for household appliances,
photography, cinema and audio,
Carrefour Łódź Kolumny hypermarket (Poland)
“For most of our customers,
a television or touchscreen tablet
is a significant investment.
So, together we take
the time to assess their actual needs,
comparing price and
performance until we find
the right product.”

Rebeca Oliveira Preto
Pharmacy assistant,
Carrefour Sorocaba
hypermarket (Brazil)
“Our team is made up
of professionals in health,
care and beauty products.
We provide our customers
with comprehensive advice,
based on their preferences,
their physiological and
dermatological characteristics.”

Claudio Avendaño
Cheesemonger,
Carrefour San Fernando hypermarket,
Buenos Aires (Argentina)
“One of my favourite moments
is when a customer asks me
for advice for a cheese platter.
We prepare it together based on
the number of guests, the season
and the type of meal, then we talk
about how to present it and which
wine should accompany it.”

Ana María Cabezas Luque
Manager of the travel agency Carrefour Viajes,
Carrefour El Pinar hypermarket,
Madrid (Spain)
“Hotels, packages, flights,
car hire, trains, promotions,
last minute deals…
I browse through
thousands of options
to find the holiday that
corresponds to my customers’
wishes and budget.”

Steven Chen
Fruit and vegetable manager,
Carrefour Gubei hypermarket (China)
“Our clients are very att ached
to the feel of traditional markets.
We strive to recreate their
inviting, family-friendly spirit
with plentiful stalls, lots of variety
and freshness in every product
family, along with tastings,
advice and recipe ideas for fruit
and vegetables.”

WELCOME

ADVISE

BUILD LOYALTY

DATA

A WARM
RECEPTION,
SERVICE
INCLUDED
The quality of customer
reception depends
on 4 key factors:
clear and effective signage
both inside and outside
the stores, business
hours tailored to
lifestyles, convenience
services in stores,
and employee availability.

Welcome
to Carrefour

Listening to customers
Regardless of their position and level of responsibility,
Carrefour employees receive speciﬁ c training on
welcoming, serving and listening to our customers
with, for example, a training programme called “Tous
acteurs, tous clients” (All actors, all clients), so they
can quickly and fully respond to customer requests.

Convenience services
After-sales support, in-home IT support, banking,
show tickets, gift cards and gift sets, vehicle hire,
key copying, package pick-up, fuel oil delivery,
petrol stations, travel… Many of these services
are found in stores.

Optimised stores
Choosing Carrefour means being sure
that you’ll ﬁ nd quality products at the best
prices, plus having Carrefour’s expert teams
designing and operating its stores.

OVER 100

MILLION HOUSEHOLDS
WELCOMED EACH YEAR

Aft er-sales services

Package pick-up

Vehicle hire

12.5

MILLION CHECK-OUT
TRANSACTIONS EVERY DAY

Thomas Letellier
Director
of Carrefour market,
rue Demours in Paris
“The Wine Fair
is an event that brings
people together.
It energises the store
and builds
close ties with
our customers.”

Advisers
to make
the right
choice

Every day around the world,
Carrefour teams strive to use
their knowledge and expertise
for customers’ benefit.
Interview with Thomas Letellier,
director of Carrefour market
on rue Demours in Paris,
and Pascal Maurice, wine expert
and Carrefour adviser, who explain
how they transformed the Wine
Fair into an event that has won
praise from customers.

JOINT
INTERVIEW

What are
the ingredients
of a successful
Wine Fair?
Thomas Letellier: Above
all, you need to know
your customers well.
At this store, we have a
lot of very knowledgeable
wine lovers as customers.
Some of them come with
their list and know exactly
what they want. Others
are more open to impulse
buys. This means that
I need a good selection
of basic products, key
vintages, along with
some surprises,
always at unbeatable
value for money.
Pascal Maurice: It is
beautifully staged, with
high visibility through
its presentation and
labelling, such as tasting
notes from the Revue
du Vin de France, an
important French wine
publication. It is vital
to create an inviting
atmosphere and offer
good advice.

How is the event
organised?
P. M.: The Wine Fair is
developed upstream,
at a trade show that
brings together French
supermarket directors
and merchandise teams.
It is a key event as it is
an opportunity to present
the entire wine catalogue,
the result of work by
Carrefour teams that
spend many months
visiting producers
to unearth excellent
vintages at very
affordable prices.
T. L.: We hosted
a preview event at the
store last September.
We invited over 150 loyal
customers to take part
in a tasting of wines
selected by me.
The event involves
the entire team, bringing
everyone together to
create a real bond with
our customers.

Pascal Maurice
Wine expert
“It’s important to
explain the wines’
background to
customers, to offer
guidance and make
them want
to taste and buy.”

In every store, the Wine
Fair involves the store
director, the department
manager, advisers and
wine experts, who are
there to talk with
customers, help them
select wines and share
their knowledge in a
festive environment.
We try to explain
the wine’s background
to our customers.

2014 annual activity and responsible commitment report –

WELCOME

ADVISE

BUILD LOYALTY

In every store, Carrefour women and men strive to offer
a wide selection of attractive products, welcome and advise
customers, and provide them with useful and innovative
services. A daily commitment and the basis of a long-term
customer relationships built on trust.

Earning
customer loyalty
each day

everyday ambassadors to thousands of
customers. In Romania for example,
Carrefour launched a major multimedia
campaign (TV, press and digital) to
highlight their work and their crucial role
in customer relations. Loyalty at Carrefour
is more than a programme; it’s the spirit
that drives our teams, every day and in
every store.

In Argentina,
as in other
Group countries,
store teams
“join forces for
the customer”.

Customer loyalty is rooted in Carrefour’s
fundamental principles: a wide selection
of top-quality products and services at the
best price; stores and shopping centres
that are welcoming, inviting, comfortable
and modern; practical and well-located
car parks; and a friendly environment.
A multi-disciplinary team – which includes
department managers, customer service
assistants, check-out assistants and
managers – is on hand to serve our cus-
tomers and highlight the offer. They all
share the satisfaction of a job well done,
take pleasure in their work and enjoy
contact with customers, whether it is a
butcher recommending a cut of meat, a
hygiene and beauty department manager
providing information on a new product
line or a receptionist quickly exchanging
a product.
Loyalty is established at every moment
of the relationship, and is renewed every
day. This is why our teams are involved
at all levels of customer relations. For
example, new services have been added
at the check-out (such as single lines and
self-scanning) to minimise waiting times.
At the same time, the Group is investing
in professional training and development
for its check-out assistants, who are

Liang
Customer at
the Guangzhou Xinshi
hypermarket (China)
“I’ve been coming to
this store for 4 years.
The prices are always
very good, with
excellent quality
and traditional
products that
I can’t find
anywhere else.”

Cristina
Customer at the Express
Luján store in
Buenos Aires (Argentina)
“I always come here
because there is
plenty of choice,
nice employees
and new services.
They have just
changed the
check-out system
and now
it’s much faster.”

Marion
Customer at the
Épinay-sur-Orge Market
supermarket (France)
“I’ve been shopping
at this store since
it opened. A year ago,
along with some
other customers,
the management
asked me for ideas
on how to change
the store. I suggested
that they display
all promotions
in a single place.
And surprise
– they did it!”

2014 annual activity and responsible commitment report –

Welcome,
advise,
build loyalty,
it’s…

Giving 100% to customers

Carrefour’s teams devote all
of their know-how and effort
to satisfy customers. Welcoming,
informing, advising, supporting
customers and finding solutions:
this is the heart of the retail
profession as we understand it.
For even more effective service,
each store tailors its product
selection, its opening hours
and its range of convenience
solutions (such as delivery, vehicle
hires and package pick-up) to its
customers’ specific requirements.

Service included

Carrefour stores offer a wide array of
services, from travel bookings to ticket
sales, along with a range of banking
and convenience services.

Aiming to build loyalty

Carrefour’s greatest pride – and the
best way to ensure its sustainability –
is the loyalty of its customers. It earns
this loyalty each day through its wide
selection of attractive products,
its inviting and friendly service,
and its appealing stores. It also offers
straightforward customer loyalty
programmes with significant benefits.

ARGENTINA
Exclusive benefits
Carrefour cardholders
can beneﬁ t from exclusive
offers each month,
in additional to their
everyday discounts.
For example, they receive
a 15% discount for any
purchases made on
Tuesdays, added savings
on certain promotions,
and easy payment.

SPAIN
Free VAT!
After introducing cards
for people over 65 and
large families, Carrefour
has launched a card in Spain
for people aged 18-30.
Valid in all stores and
on all e-commerce websites,
this card offers younger
customers a discount equal
to VAT on 4,000 items
of fresh produce, along
with reduced rates on
telephony, travel and petrol.

FRANCE
Rendez-vous
at Market
The latest programme
introduced in French
supermarkets invites
customers to different
loyalty rendez-vous.
Carrefour cardholders
receive a 10% discount
in a different department
every day of the week,
in addition to the banner’s
customer loyalty
programme. On Mondays,
–10% on all products
in the Reﬂ ets de France
range; on Saturdays,
–10% in the butchery
department.

ITALY
Payback
programme
Carrefour customers
can now take full
advantage of the Payback
programme, which includes
the banners’ leading
partners (including Esso,
Alitalia and American
Express). With the points
they earn with their purchases
from the different partners,
customers can choose
items from an extensive
gift catalogue or receive
immediate discounts
at check-out.

À la carte advantages

Carrefour has launched easy-to-use loyalty programmes worldwide,
with exclusive offers and a wide range of benefits for customers.
Focus on 2014 initiatives.

Discover or rediscover PASS card
beneﬁ ts in France: www.carrefour.fr

2014 annual activity and responsible commitment report –

DEVELOP Bakers,
cheesemongers, fruit
and vegetable managers,
ﬁ shmo
ﬁ shmongers, butchers…
Our
Our professionals ply
their
their trades, to knead, chop,
asse
assemble, scale or debone…
and se
and serve customers.
For ul
For ultimate ﬂ avour, quality
and fr
and freshness.

ELA BORATE

PREPA RE

TR AIN

PREPARE Each day,
Carrefour teams work hard
to delight customers. Whether
introducing new products
to the shelves or developing
a catering recipe, they combine
expert skills with a passion
for their work.

TRAIN Continuous
investment in the recruitment
and training of apprentices
means our professionals
can pass on their experience,
knowledge and enjoyment
of customer contact to the
next generation.

DOING OUR JOB WELL 7

ELABORATE

PREPARE

TRAIN

With their expertise, dexterity, creativity and sense of service,
Carrefour’s professionals contribute to our outstanding fresh produce offering.
Original recipe ideas, a combination of taste and flavour, highlighting products’
character and authenticity… A report with food professionals.

Professional
know-how
every day

6. Prepared and
tied in advance
by our professional
butchers, roasts
are ready for
display on shelves.
7-8. Bakers knead
dough by hand,
resulting in fresh,
crusty, delicious
traditional bread.
9. Fruit and
vegetable managers
organise tastings
and offer advice
and recipe ideas
to promote
products’ freshness
and quality.

1. In stores,
cheesemongers
offer advice to
customers and
cut cheeses
in front of them
for maximum
freshness and
made-to-order
cheese platters.
2. In China,
traditional
specialities in
stores have
found tremendous
success among
customers.
3. Properly slicing
Iberian ham to suit
customers’ taste
is an art form, fully
mastered by pork
butchers.
4-5. Trimming
and deboning a
salmon: meticulous
work performed
by ﬁ shmongers
before their
customers’ eyes.

ELABORATE

PREPARE

TRAIN

“Home-made”
pastries

In Mollem, Belgium,
nearly 120 enthusiastic
pastry chefs prepare cakes,
tarts and biscuits for all
the stores. The recipe
for success: local sourcing,
traditional know-how
and short delivery times
for maximum freshness.
Guided tour.

Every day, almost 25,000 tarts and cakes
leave the Éclair pastry shop, bound for
Carrefour stores. A formidable achieve-
ment by the workshop’s team. “Most
are trained pastry chefs. Despite the
quantities produced, the workshop is very
close-knit and has kept its qualities of
craftsmanship,” emphasises Christian
Bouhon, sales and R&D manager, himself
a baker and pastry chef.

Hand-made using
local products
Éclair’s greatest strength is that most of
the work is performed by hand, from
stemming strawberries to filling tarts
and cakes. “Pastries, creams, biscuits,
mousse, etc., everything is made from
scratch here.” The pastry chefs are free
to express their talents, their creativity
and their personal touch.

Such freedom is essential when baking
made-to-order cakes for customers at
Carrefour stores. The Éclair pastry shop
uses high-quality local and/or typically
Belgian products such as ﬂ our from Bruges,
Tirlemont sugar, eggs from Antwerp and
crème fraîche from Brabant.

Products that suit the taste
of Belgian customers
As a standard bearer of the ﬂ avours and
colours of Belgian pastries, Éclair has
developed a number of traditional recipes,
including Malmedy baisers and Jonagold
cakes, which have become national best-
sellers. The list of home-made pastries
includes more than 80 exclusive and
traditional recipes – regularly enhanced
by new products – with nearly 300 pro-
ducts created speciﬁ cally for holidays
(Halloween, Christmas, Carnival and
Valentine’s Day), not to mention the many
adaptations developed at the stores’
requests, based on customer purchases
and expectations. “We prepare smaller
nougatine tarts for our Market supermarkets,
since there are fewer family customers
among their customers than at the hyper-
markets,” remarks Christian Bouhon.

Commitments to quality
Each week, the quality and freshness of
products are checked. They must meet
standards that exceed the requirements
of Belgian and EU legislation. “Checks
are carried out at our suppliers, in the
workshop and in stores. At the ﬁ rst sign of
imperfection, everything is stopped or
recalled from sale.” Éclair tolerates no
discrepancies when it comes to customer
satisfaction and the love of good food.

120EMPLOYEES
6 million

ÉCLAIRS PRODUCED IN 2014

25,000 PASTRIES

PREPARED EACH DAY

2 tonnes

OF STRAWBERRIES ARE CUT
BY HAND EVERY DAY IN SEASON

1982

CREATION OF THE ÉCLAIR
PASTRY SHOP

MADE-
TO-ORDER
CAKES

Whether for a
birthday, a party or
for pure enjoyment,
customers can
order a unique,
made-to-order
cake from the
pastry shop at
their supermarket
or hypermarket,
prepared with care
by one of our in-
house pastry chefs.

2014 annual activity and responsible commitment report –

ELABORATE

PREPARE

TRAIN

Melvin Zamoum
Butchery apprentice,
Carrefour Auteuil
hypermarket (France)
“I’ve learned to respect
and enhance
the product, from
the raw product until
it is sold. I’m
encouraged to strive
further each and
every day.”

How do you envision
your future?
R. G.: I am fully
committed to training
future Carrefour
butchers, to ensure that
our knowledge lives on.
I manage a team of
13 people in the store.
Former apprentices have
now become butchers
and work alongside me.
The company supports
them if they want to
advance within the Group
and become managers.
M. Z.: I was not mistaken
– I love this job. After
I complete my CAP
(vocational certiﬁ cate),
I plan to continue my
training here and earn
an additional qualiﬁ cation,
my brevet professionnel
(professional certiﬁ cate).
For me at Carrefour,
there are real opportunities
for training and career
advancement.

5,000

APPRENTICES
TRAINED IN FRANCE
IN 2014

What are the demands
of your job at Carrefour?
Richard Guelton:
I started my career as
a butcher at the age of
14, and joined Carrefour
when I was 18 years old.
Here, we work according
to traditional methods.
Melvin is learning
the trade just as I learned
it 30 years ago. He is
learning to debone,
skin and properly display
meats in the department.
He is also expanding
his knowledge of culinary
arts, and each day
he gains a little more
conﬁ dence in his
customer relations skills.
Melvin Zamoum: I’ve
been working here
since August 2014 after
applying for training
through the Carrefour
website. At ﬁ rst I was

Richard Guelton
Butchery manager,
Carrefour Auteuil
hypermarket (France)
“Our customers
are demanding.
They want quality,
of course, but
they also want recipe
ideas and advice
on cooking methods.
Training apprentices
allows us to pass
on this technical
and culinary
knowledge.”

assigned simple tasks:
make the department
look nice, debone the
chicken, etc., but, little by
little, my job is becoming
more complex and needs
a lot of concentration.
It’s important to ensure
the quality of the meat
and to always be
available to customers.

Passing on
the passion
for the trade

Knowledge of the food trade
is an invaluable legacy that
the company strives to maintain.
Each year, experienced employees
train young apprentices, which
may lead to a hiring and further
career development.

JOINT
INTERVIEW

Elaborate,
prepare,
train,
it’s…

Traditional crafts

Butchers, bakers, cheesemongers,
fruit and vegetable managers,
fishmongers… Carrefour employs
several thousand professionals
who use their knowledge and skills
each day to benefit customers.
They select products and suppliers,
develop original recipes, bake and
prepare products in stores, advise
customers, and create an offering
with flavour and character.

In search of authenticity
Carrefour’s professionals are driven
by curiosity. In every region, they seek
out small-and medium-sized businesses,
farmers and local producers. They
establish distribution partnerships
to bring local flavours and know-how
into nearby stores.

Cultivate high standards

and expertise
Carrefour employees have a passion
for their work and a desire to share.
Each year, they serve as mentors,
passing on their expertise and experience
to several thousand apprentices.
In this way, Carrefour ensures that
its operational excellence will live on.

2014 annual activity and responsible commitment report –

COMMIT Through our initiatives and
everyday commitment, we help to provide
more sustainable and responsible trade
for everyone’s beneﬁ t, including employees,
customers, suppliers, society and
the environment.

COM MIT
GET INV OLVED

GET INVOLVED
With deep ties to the local
community, stores support
businesses and growth
of their territories. We take
a wide range of actions to
promote employment
and professional integration,
environmental protection,
community life and the local
economy.

HELP

HELP With the company’s
support, Carrefour
employees take part
in socially-responsible
initiatives to reduce
exclusion at local, national
and international levels.

DOING OUR JOB WELL

COMMIT

GET INVOLVED

HELP

The Carrefour spirit
is flourishing!

Training, internal promotion, remuneration and employee benefits, management
of working hours and social gatherings. Carrefour has many ways to promote
employees’ professional and personal development, expand their knowledge
and increase the stores’ independence and initiative. Examples.

Spain
FRESH PRODUCE SCHOOLS

France
CARREFOUR DES CHEFS(1)

Argentina
Argentina
VIVIR MEJOR(1)

Carrefour has established fresh produce
schools open to both employees and
jobseekers under the age of 30. They
provide comprehensive training for careers
in all fresh produce departments, including
butchery, bakery, delicatessen, pastries and
ﬁ sh. They enable Carrefour employees to
expand or diversify their skills and increase
their career prospects. Plus, they provide
the qualiﬁ cations that young people need
to ﬁ nd employment.

721YOUNG PEOPLE HAVE BEEN

RECRUITED SO FAR,
INCLUDING 118 IN 2014

Based on popular TV shows, Carrefour
has organised a major competition in
France open to all employees. The
“Carrefour des Chefs” competition was
a huge success, with more than one
thousand people taking part in all regions.
Teams created a variety of dishes using
Carrefour Quality Line products and then
presented them to a panel of chefs. It was
an opportunity to showcase Carrefour-
brand products, renew relationships, and
meet colleagues from throughout France.

In Argentina, Carrefour has established
an employee programme that offers a
wide range of services and social activities,
including sports tournaments, fitness
coaching, nutritional advice and massage
and relaxation sessions. They aim to build
team spirit and cohesion by promoting
social interaction outside the workplace
and integrating new employees. They
also raise employee awareness of
the beneﬁ ts of healthy nutrition, regular
exercise and a good work/life balance.

(1) Chefs at Carrefour.

(1) Live better.

Diversity at
the heart of
Carrefour’s
social model

Carrefour actively promotes
diversity and equal opportunity
in every country, through a variety
of initiatives such as company-
wide agreements, partnerships
with associations and public
authorities, recruitment, training
and career advancement
programmes.

Employment and equal
opportunity
Young people without qualiﬁ cations, older
workers and people from disadvantaged
areas… Carrefour promotes local
employment and serves as a professional
and social ladder by helping to hire and
train those excluded from the workplace.
Among the actions taken in 2014:

roll-out of the Jovenes con futuro(1) and
Yo trabajo( 2) programmes in Argentina to
promote employment of unqualified
young people and those over the age of
40 who are excluded from the workplace;
recruitment of 5,000 young people under
apprenticeship and professionalisation
contracts in France;

extension of the Conexão Varejo(3)
programme in Brazil to train and support
employment of people from disadvan-
taged areas.

(1) Youth with a future.
(2) I work.
(3) Retail connection.

Gender equality
Carrefour’s Women Leaders programme
has promoted gender equality at all levels
since 2011 (recruitment, advancement,
remuneration). It has been expanded
each year with many initiatives carried out
in all countries. Speciﬁ cally in 2014:

signing of a partnership agreement
with the UN’s French Women’s committee
to promote the Women Empowerment
Principles, of which Carrefour was the ﬁ rst
signatory in the retail and distribution sector;

obtention of the AFNOR Professional
Equality label by Carrefour market, reco-
gnising the banner’s policy in France to
promote diversity and equality;

development of a mentoring programme
in Argentina, France and Italy which offers
female employees personalised support
to further their career development.

Access to employment
for the disabled
Carrefour constantly works to integrate
a growing number of people with disabi-
lities into the workplace. Its policy centres
on three priorities: recruitment/integration,
training and retention. At the end of
2014, Carrefour employed more than
11,200 people with disabilities, an increase
of 21.3% over 4 years. Among other ini-
tiatives in 2014:

hypermarkets signed the 6th Mission
Handicap agreement, which covers career
development opportunities, work/study
arrangements and long-term employment
for disabled people in France;

continuation of the Eu pratico a inclusão(1)
programme, through which 287 people
with disabilities were recruited in Brazil
during 2014.

(1) I practice inclusion.

Fight against discrimination
In every country where it operates, Carrefour
works to banish all forms of discrimination,
through training, internal awareness cam-
paigns, action plans to tackle local issues,
and partnerships with associations and
NGOs. The policy also includes:

development of an awareness campaign
in Poland, in partnership with the Ministry
of Labour;

involvement of French teams in nearly
150 employment and diversity forums;
diversity training for employees at the

Group’s head ofﬁ ce;

extension of the A diversidade é nossa
cara(1) awareness campaign that involves
the work of in-store ambassadors/repre-
sentatives and provides training sessions
to Brazilian employees.

(1) We are the face of diversity.

2014 annual activity and responsible commitment report –

COMMIT

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Work
efficiently
and tackle
waste

Reducing food waste and
packaging, recovering waste,
controlling energy costs,
optimising delivery rounds…
Carrefour makes every effort
to fight all forms of waste.
Employees implement
this policy in cooperation
with suppliers, customers
and NGOs to develop practical,
effective and sustainable
solutions. Overview.

Carrefour has developed a comprehensive
plan to ﬁ ght waste that drives the com-
pany towards a more efficient use
of resources. In addition to actions taken
to optimise the supply chain (see
pages 34-35), employees aim to reduce
the company’s carbon footprint, reduce
water, energy and paper consumption,
use fewer cardboard boxes, raise custo-
mer awareness and encourage innova-
tion in their own business function.

Reducing food waste
Carrefour stores work each day to reduce
breakage and unsold stock. Product by
product, teams ensure that orders and
inventories match customer demand, a key
step in reducing costs and eliminating
waste. In addition, Carrefour relies on a
broad network of food aid organisations,
such as social grocery stores, Food Banks
and local associations, to distribute products
withdrawn from sale – though still per-
fectly edible – to people in need. The Group
cooperates closely with its suppliers to

eliminate best-before dates and extend
use-by dates of certain products whenever
possible without affecting quality. Carrefour
supports and encourages its suppliers, and
annually awards those who are most active
in the ﬁ ght against food waste.

Reducing consumption
For many years, Carrefour has worked to
reduce the company’s carbon footprint.
In 10 years, store energy consumption(1)
has fallen by 31.1%, due to continued
investment in asset renovations such as
closed refrigeration units and energy-
efﬁ cient lighting. Carrefour was one of the
ﬁ rst to develop refrigeration units that run
on transcritical CO2, which is more energy-
efficient than conventional fluids.
Following the same logic, Carrefour has
also developed innovative solutions to
reduce water consumption, such as recy-
cling rainwater when drinkable water is
not required. From 2012 to 2014, water
consumption in stores fell by 8.9%.

(1) Consumption of electricity, fuel and gas in 2014 vs 2004
per sq. m. of sales area.

Reducing and recovering waste
Carrefour works with its suppliers to
reduce packaging at the source when it is
not needed to pack, transport, protect
or preserve the products. For example,
cardboard boxes used for transport are
gradually being replaced by reusable
plastic trays. Signiﬁ cant efforts have also
been made to reduce the use of paper,
check-out bags and plastic.
In every country, Carrefour’s teams look for
solutions based on a circular economic
model and local waste management, with
one clear objective: recover 100% of its
waste. The company takes an overall
approach, covering the entire life cycle and
all sources of waste, such as the methani-
sation of organic waste produced by
stores and the creation of partnerships
with eco-organism.

Raising customer awareness
In stores or at home, Carrefour provides
customers with waste reduction solutions.
These include promotions on non-standard
products and those with short use-by
dates, more loose product sales, transfor-
ming fruit and vegetables into soups,
events and dedicated websites to teach
customers how to effectively manage
their refrigerator, recipe suggestions for
leftovers, and incentives to sort and recycle
different products.

1/3OF GLOBAL FOOD PRODUCTION

INTENDED FOR HUMAN
CONSUMPTION IS WASTED
EVERY YEAR

Source: Food and Agriculture Organization (FAO).

DID YOU
KNOW?

Carrefour

is the ﬁ rst French
retailer to have
received
ISO 50001
certiﬁ cation.
The international
standard
recognises the
Group’s effective
energy policy.

Installation

of closed
refrigeration
units resulted
in an average
18% reduction
in energy
consumption
in a store.

The installation
of energy-efﬁ cient
lighting resulted
in a 50% to 80%
reduction in
associated energy
consumption.

Over 280,000

tonnes of
cardboard boxes
and paper were
recycled in 2014.

64.8% of store

waste was
recycled in 2014
(+10.7% vs 2012).

In 2014,
Carrefour
received the
Prix Anti-Gaspi
(anti-waste
award) from the
French Ministry
of Agriculture,
recognising the
Group’s efforts to
ﬁ ght food waste.

As a result of
the company’s
policy, energy
consumption at
Carrefour stores
fell 31.1% over
10 years (2014
vs 2004).

By 2017,
Carrefour
will deploy
200 delivery
lorries that
run on
biomethane
in large French
cities (Paris,
Lyon, Bordeaux,
Marseille and
Lille).

2014 annual activity and responsible commitment report –

COMMIT

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HELP

Food
solidarity

Employees are committed to social action programmes
aimed at helping those in greatest need.
Collect, redistribute, support, raise awareness, mobilise,
train, unite and assist. Carrefour shows its solidarity
through a flexible scheme where local, national and
international initiatives are mutually supportive.

At local level, store teams also
take part in local community
outreach projects in partnership
with associations and authorities
in their territories. The company,
its teams and infrastructures,
its customers and various
associations are all part of
a support network to help those
most in need.

As the cornerstone of this
scheme, the Carrefour
Foundation coordinates
all social action programmes
in countries where the Group
operates, focusing on food
exclusion and emergency
humanitarian aid.
During 2014, it funded
and managed 60 projects,
including the 2nd international
collection for the Food Banks.
The Carrefour Foundation’s
actions involve sponsorship
teams or local foundations
in each country. The teams
also run speciﬁ c social
programmes to address national
challenges and needs.

Discover the programmes supported
by the Carrefour Foundation on
www.fondation-carrefour.org

7. International
food collection
For the second year
running, the Carrefour
Foundation worked
with Food Banks in
10 countries to conduct
a food drive in over
2,300 Carrefour stores.
With the help of
customers, employees
and volunteers, the
equivalent of over
42 million meals were
donated, compared
with 9 million in 2013.
8. Support for partner
organisations
Carrefour
hypermarkets in
Belgium funded
equipment for 44 local
food aid organisations,
with donations ranging
from €2,000 to
€30,000. During
this campaign, known
as Clic Solidaire,
customers were invited
to vote on-line for the
project they found most
compelling.

1-2. Food donations
In 2014, Carrefour
donated the equivalent
of nearly 88 million
meals to various food
aid organisations:
Food Banks,
Secours Populaire,
Restos du Cœur,
social grocery stores
and others.
3. Emergency aid
The Carrefour
Foundation mobilises
the company’s
resources to assist
those in need of urgent
aid, as in July 2014,
when typhoon
Rammasun ravaged
the southern coast
of China, and in
August, following the
Zhaotong earthquake.
4-5. Professional
integration
In Brazil, the Carrefour
Foundation supports
Rede Cidadã, which
offers retail training
to at-risk youngsters
aged 16 to 30.
6. Local initiatives
For the 4th
consecutive year,
over 30,000 customers
and employees were
called to action in
France to support
children in difficult
circumstances through
the Les Boucles du
Cœur programme.
They raised a total of
€1.4 million for more
than 200 associations.

COMMIT

GET INVOLVED

HELP

DATA

ROOTED
IN THE LOCAL
COMMUNITY
Carrefour stores are deeply
involved in the life and growth
of their territories, with roots
in the neighbourhood, town
and region. Overview.

Territories

Supporting the local economy
Carrefour stores establish partnerships
with local producers, farmers, breeders
and artisans, and aim to promote local culinary
traditions. They support local product lines
which offer authenticity, ﬂ avour and freshness
to customers.

Contributing to growth in territories
Promotion and showcasing of small- and medium-sized
businesses, cooperation with employment and professional
integration specialists, building of partnerships with communities,
businesses and schools… Store teams forge close relationships
with customers and suppliers and other local players to
encourage growth in their territories.

Getting involved
with the community
Carrefour sponsors clubs, sporting and
cultural events, and organises social events
and solidarity programmes. Each year,
Carrefour stores play an important role
in local communities.

4,000

EMPLOYEES VOLUNTEER
TO SHOWCASE LOCAL HERITAGE
DURING EACH STAGE
OF LA VUELTA IN SPAIN.

Local roots

Commit,
get involved,
help,
it’s…

Job satisfaction and a passion

for customer service
Satisfied employees mean loyal
customers, so Carrefour makes sure
that everyone in the company can
develop their skills, advance their
careers, feel comfortable at work
and get involved in the life of the
Group. In stores, employees’ expertise
and passion, and their autonomy,
all guarantee customer service.

Tackling social issues

With innovations to reduce store
energy consumption or a broad plan
to combat all types of waste,
Carrefour invests in changing its
business for the benefit of society.

United for solidarity

Carrefour is fully committed to
solidarity programmes led on a daily
basis by employees who strive to
create positive and enduring benefits
for those in need.

Involved in the local

community
Carrefour stores are involved
in the life and growth of their
communities. This can mean contracts
with local producers, recruitment
and professional integration,
sponsorships, and partnerships
with institutional, economic, social
and non-profit entities.

2014 annual activity and responsible commitment report –

2014

HIGH-
LIGHTS

Doing our job well.
More than 380,000 employees
around the world work each day to provide
inviting and friendly stores that meet
customers’ expectations. We owe special
thanks to those who have given their time
to talk about their experiences.
From supporting producers to logistics,
from shelf display to new product launches,
from sustainable development issues
to store renovations and from social action to
product traceability – we hope you now have a
bett er understanding of our diﬀ erent business
functions and the many ways we achieve
greater customer satisfaction each day.

2014 annual activity and responsible commitment report –

2014 HIGHLIGHTS

Financial
overview

Carrefour confirmed its growth momentum
in 2014 illustrated by an acceleration
of sales growth, with organic sales up 3.9%
(excluding petrol and excluding calendar).
Profits increased as well, both in Europe and
in emerging markets, with recurring operating
income up 10.6% at constant exchange rates.
In France, Carrefour posted further organic
sales growth excluding petrol (+1.2%),
highlighting the dynamism of its multi-format
model. Profitability rose in its other European
countries, notably in Spain.
In emerging markets, recurring operating income
increased by 14.9% at constant exchange rates.
Carrefour continued its programme to bring up to
standards, modernise and develop its store network,
with a total investment of €2.4 billion.
In 2014, Carrefour’s free cash flow amounted
to €306 million, up from €26 million in 2013.

More information
in the 2014 Registration Document
available on www.carrefour.com

€100.5 BILLION

SALES INCL. VAT
UNDER GROUP BANNERS

NET SALES
Net sales rose by 2.9% at constant
exchange rates compared with 2013
(–0.2% at current exchange rates) with
an increase both in France and interna-
tionally. Sales growth was primarily due
to higher like-for-like sales (excluding
petrol and calendar) of 2.8%, the best
performance recorded for over 7 years.
France recorded organic sales growth
of 1.2% excluding petrol (–0.3% on a
reported basis), on a strong comparable
basis of 1.0% excluding petrol in 2013.
All formats posted organic growth for
the second consecutive year.
Attractiveness improved across our
various activities, with consistently
improving price perception, a higher
number of check-out transactions,
and an increase in overall customer
satisfaction.
In other European countries, net sales
fell by 0.2% at constant exchange rates,
reflecting the continued recovery in
Spain and an improvement in sales
trends in Italy in the second half thanks
to the continued deployment of action
plans.
In Latin America, organic sales were up
by 18.1%, over what was already a high
basis of comparison in 2013. Carrefour
consolidated its leading position in food
retail in Brazil and Argentina.
In Asia, organic sales declined in 2014
(–1.8%), reflecting the frugal consumption
environment in China.

France
35,336

Asia
6,288

Latin
America
13,891

Net sales
by geographic region
(in €M)

Other
countries
in Europe
19,191

Net sales
(in €M)

74,888 74,706

2013

2014

NET INCOME, GROUP SHARE
Net income, Group share decreased by
1.5% compared with 2013 at constant
exchange rates (by 1.1% at current
exchange rates) to €1,249 million. Net
income from recurring operations, Group
share was €1,182 million, an increase of
24.6% compared with 2013.

1,263 1,249

NET DEBT
Net debt stood at €4,954 million in
2014. Net interest expense continued
to fall, and was down by €29 million
compared with 2013. The net debt
to EBITDA ratio was 1.3x (1.1x in 2013).

4,954

4,117

Net income,
Group share
(in €M)

Net debt
(in €M)

2013

2014

2013

2014

1,182

949

2013

2014

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

INVESTMENTS
Carrefour continued its investments in
2014, in line with its plans: investments
grew by 11.7% and reached €2.4 billion
in the year. The investments allow
Carrefour to continue store renovations
and maintenance work, notably in France
and Brazil, to rationalise IT systems and
to develop its multi-channel offer.

2,411

2,159

Investments
(in €M)

2013

2014

RECURRING
OPERATING INCOME
Recurring operating income rose by
10.6% at constant exchange rates
(+6.7% at current exchange rates) to
€2,387 million. This represented 3.2%
of sales, as compared to 3.0% in 2013.
In France, recurring operating income
continued to improve and was up 6.1%.
The gross margin continued to benefit
from a better balance between low
prices, promotions and loyalty pro-
gramme, as well as savings related to
reduced shrinkage and the implemen-
tation of the plan to revamp the supply
chain. Profits in the other European
countries increased by 9.6% at constant
exchange rates. Recurring operating
income in emerging markets was up by
14.9% at constant exchange rates.
Profitability continued to grow in Brazil
in each of the formats. In Argentina,
recurring operating income was stable,
demonstrating excellent resilience. In
Asia, the commercial margin held up
well in an environment marked by a fru-
gal consumption environment and a
drop in sales of shopping cards. Activity
in Taiwan was robust.

2,387

2,238

Recurring
operating income
(in €M)

Recurring
operating income
by geographic region
(in €M)

2013

2014

1,271

685

425

–92

Global
functions

Asia

Latin
America

Other
countries
in Europe

France

2014 annual activity and responsible commitment report –

2014 HIGHLIGHTS

Stock market
overview

At December 31, 2014, Carrefour ‘s share
was in 24th position in the CAC 40 index
in terms of market capitalisation,
with a weighting of 1.85%.

734,913,909

SHARES AT DECEMBER 31, 2014

€18.6 BILLION

OF MARKET CAPITALISATION

CAPITAL AND SHAREHOLDING

DIVIDEND

At December 31, 2014, the share capital was €1,837,284,772.50. It is divided into
734,913,909 shares of €2.50 each.
The number of voting rights at December 31, 2014 was 830,549,897.
After deducting the voting rights that cannot be exercised from this ﬁ gure, the total
number of voting rights is 820,268,424.

Shareholders

Blue Partners(1)

ColDevelopment SARL

Cervinia Europe

Groupe Arnault SAS(2)

Bunt(3)

Subtotal

Galfa(4)

Employee

Shares owned

Controlled shares

Public

TOTAL

Number
of shares

41,383,842

1,250,000

38,046,501

2,656,752

25,388,570

As a %

Number
of voting rights

5.63%

0.17%

5.18%

0.36%

3.45%

67,337,115

1,250,000

69,546,501

2,656,752

25,388,570

As a %

8.11%

0.15%

8.37%

0.32%

3.06%

108,725,665

14.79%

166,178,938

20.01%

69,817,000

7,783,462

10,281,473

9.50%

1.06%

1.40%

69,817,000

15,531,062

8.41%

1.87%

538,306,309

73.25%

579,022,897

69.72%

734,913,909

100.00%

830,549,897

100.00%

(1) Of which 5,000,000 lent by Blue Partners with right of recall at its sole initiative by virtue of L. 233-9 I, 6°
of the Commercial Code. (2) Held through assimilation of Carrefour shares that can be acquired under a call
option. (3) Of which 24,999,996 shares held through assimilation of Carrefour shares that can be acquired
under a call option. (4) Of which 14,316,725 shares via equity swap.
At December 31, 2014, Blue Partners and Cervinia Europe owned 57,453,273 shares granting double voting rights.

The Board of Directors decided to
propose to the Shareholders’ Meeting
of June 11, 2015 a dividend of €0.68
per share for ﬁ scal year 2014, 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 June 17, 2015. The period
of time within which shareholders can
opt for a dividend payment in cash or in
shares will run from June 17 until July 7,
2015 inclusive. The payment of the
dividend and the delivery of new shares
will take place on July 17, 2015. The
new shares will be distributed at a price
equal to 95% of the ﬁ rst 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.

CARREFOUR STOCK

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

Closing price: (in €)(1)

• highest

• lowest

• at December 31

Number of shares
at December 31

Market capitalisation
at December 31
(in billions of euros)

2010(2)

2011

2012

2013

2014

41.28

30.85

36.08(2)
31.52(3)

15.07

17.62

19.63

13.07

19.35

29.02

18.90

28.81

29.20

22.09

25.30

679,336,000

709,214,653

723,984,192

734,913,909

21.0

12.0

13.7

20.9

18.6

Average daily volume(1)(4)

2,874,196

3,935,400(2)

3,239,839

2,598,027

2,985,228

Net income from recurring
operations per share (in €)

Net dividend (in €)

Yield

0.56

1.08

3.50%

(3.35)

0.52

2.95%

0.17

0.58

1.37

0.62

3.00%

2.15%

1.67

0.68(5)

2.69%

(1) Source: NYSE Euronext. (2) Data not adjusted for the distribution-in-kind on July 5, 2011 (Dia). (3) Data
adjusted for distribution in kind on July 5, 2011 (Dia). (4) Average daily volume on Euronext. (5) Subject to
approval by the shareholders at the Shareholders’ Meeting on June 11, 2015.

STOCK MARKET PERFORMANCE OF CARREFOUR SHARE
IN 2014 (BASE 100)

Comparison between the CAC 40 index, the BEFOODR index(1) and the Stoxx
Europe 600 Retail index(2).

120

110

100

99.46
95.88

87.82

82.90

Jan.

Feb.

March

April

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Carrefour

CAC 40

BEFOODR

Stoxx Europe 600 Retail

Source Bloomberg
(1) Composition of Bloomberg Europe Food Retailers (BEFOODR) index: Ahold, Carrefour, Casino, Colruyt,
Delhaize, Dia, Ocado, ICA Gruppen, Sainsbury, Jeronimo Martins, Kesko OYJ, Metro, Morrison, Tesco.
(2) Composition of Stoxx Europe 600 Retail index: AA PLC, Ahold, Groupe Booker, Carrefour, Casino, Colruyt,
Debenhams, Delhaize, Dixons Retail, Dia, Dufry, Galenica, H&M, Home Retail, ICA Gruppen, Inchcape, Inditex,
Jeronimo Martins, Kering, Kesko, Kingfisher, Marks & Spencer, Metro, Morrison, Next, Ocado, Sainsbury, Sports
Direct International, Tesco.

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

Investors Relations
investisseurs@carrefour.com

Shareholders Relations
contact@actionnaires.carrefour.com

Shareholders Club
club@actionnaires.carrefour.com

Registered shareholders
Société Générale Securities Services
32, rue du Champ-de-Tir
CS 30812
44308 Nantes Cedex 3
Tel.: +33 (0)2 51 85 67 89
Fax: +33 (0)2 51 85 53 42

More information on
www.carrefour.com

2014 HIGHLIGHTS

CSR Overview

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 concrete 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 our job well” and aims to limit the use of resources by combating all forms
of waste, encourage to protect biodiversity and contribute to society by
supporting employees and company partners.

More information
in the 2014 Registration Document
available on www.carrefour.com

LIMITING THE USE OF RESOURCES
BY COMBATING ALL FORMS OF WASTE

58.5

61.3

64.8

582.6 572.2

552.0

18.3

16.0

Paper consumption

2012

2013

2014

Quantity of paper purchased for commercial publications
(in kg/sq. m. of sales area)
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
Carrefour is continuing its efforts to reduce the quantity
of paper purchased for its commercial publications,
with the goal of reaching 100% use of recycled or
certified paper (99.3% at the end of 2014).

1.74

1.68

1.59

Water consumption

2012

2013

2014

Quantity of water consumed (in cubic m./sq. m. of sales area)
Data on a like-for-like BU basis (91% of 2014 consolidated net sales.
Excluding hypermarkets and supermarkets in Belgium and Argentina).
Within one year, additional water conservation of 5.8%
per sq. m. of sales area was achieved, with a total of
15.5 million cubic metres consumed in Group stores.
Stores around the world are gradually adopting solutions
to limit water consumption, such as motion-detection
taps and systems for collecting and recycling rainwater.

6.9

6.4

Waste recovery
from stores

Store energy
consumption

2012

2013

2014

2012

2013

2014

In % of total waste
Data on a like-for-like BU basis (92% of 2014 consolidated net sales.
Excluding hypermarkets in Argentina and supermarkets in Italy and Argentina).
Carrefour continues to develop solutions based on a
circular economic model and local waste management,
with the goal of recovering 100% of waste produced
in stores. In 2014, the waste recovery rate increased by
3.5 points (vs 2013) to reach nearly 65%, and the
percentage of recycled organic waste rose in conjunction
with the biomethanisation project (12% of waste
recycled in 2014, vs 9% in 2013).

Electricity, gas and fuel (in kWh/sq. m. of sales area)
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
At the end of 2014, energy consumption (electricity,
gas and fuel) for Group stores per sq. m. of sales area
fell by 3.5% vs 2013 and by 31.1% vs 2004. The
Group’s goal to achieve a 30% reduction by 2020 was
achieved 6 years earlier, thanks to a policy to reduce
kWh/sq. m. carried out at store level. Likewise, CO2
emissions per sq. m. in energy consumption fell by 0.5%
as compared with 2013.

CO2 emissions
per transported pallet

2012

2013

2014

CO2 emissions per transport unit (in kg CO2/pallet)
Data on a like-for-like BU basis (85% of 2014 consolidated net sales.
Excluding hypermarkets and supermarkets in Brazil).
The many initiatives launched by Carrefour (optimised
lorry loads, fewer empty returns, clean vehicles, etc.)
led to a 7% reduction in CO2 emissions per pallet
transported in 2014 (vs 2013).

50.8

47.7

48.7

Consumption of refrigerants

2012

2013

2014

Quantity of refrigerant refilled due to leakage
(in kg/1,000 sq. m. of sales area)
Data on a like-for-like BU basis (96% of 2014 consolidated net sales.
Excluding hypermarkets and supermarkets in Argentina).
With Carrefour’s commitment to halt the use of hydro-
fluorocarbons (HFCs) in new refrigeration systems
starting in 2015, the new fluids generated more leakage
(+2.1% in comparison to 2013). Nevertheless, CO2
emissions per sq. m. of sales area associated with
refrigerant consumption fell by 6.8% as compared with
2013, due to the new fluids’ lower impact on potential
global warming. Carrefour is also gradually replacing
its commercial cold production facilities with facilities
that use natural fluids.

3.60

3.58

Greenhouse gaz emissions

2013

2014

Total emissions (in millions of t. CO2 eq.)
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
In 2014, CO2 emissions fell by 0.6% vs 2013 with the
1/2/3 scope of distribution remaining stable, with
efforts to reduce CO2 consistent across the board. The
Group has set a goal to reduce its CO2 emissions by
40% by 2020, as compared with 2009 levels in four
European countries (France, Spain, Italy and Belgium,
representing 38% of the Group’s emissions). Initiatives
in place since 2009 have led to CO2 emissions falling
by 30.5%.

2014 annual activity and responsible commitment report –

115

112

Employees

2014 HIGHLIGHTS

ENCOURAGING
TO PROTECT BIODIVERSITY

SUPPORTING EMPLOYEES
AND COMPANY PARTNERS

Use of RSPO(1)-certified
sustainable palm oil
in Carrefour brand products

2013

2014

In % of total volume of palm oil
Consolidation of data from Argentina, Belgium, Brazil, France, Italy, Poland, Romania and Taiwan.
During 2014, the percentage of RSPO-certified palm oil used in Carrefour
brands rose by 11 points as compared with 2013, consistent with
Carrefour’s goal of using 100% certified sustainable palm oil in Carrefour
brand products by the end of 2015.
(1) Roundtable on Sustainable Palm Oil.

552

418

414

Number of own-brand
fair trade products

2012

2013

2014

Number of own-brand fair trade products
Data on a like-for-like BU basis
(100% of 2014 consolidated net sales).
During 2014, sales of own-brand fair trade products
rose by 15.9% as compared with 2013, and the
number of listed products increased by 25.8%.

Growth
of Carrefour Quality Lines

1,508

1,333

2012

2013

2014

In number of partnerships
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
Carrefour continued to expand its Carrefour Quality Lines, with 138 new
product lines during 2014 and one simple idea: offer local agricultural
products at a fair price, grown using environmentally-friendly methods
through long-standing relationships with over 21,000 partner suppliers.

Social audits

Europe
55.7%

Asia
18.9%

Managers
10.5%

Employees
88.8%

Directors
0.6%

Senior
directors
0.1%

Latin America
25.4%

Breakdown
by geographic region

Breakdown
by category

Employee distribution reflects
the multi-format and multi-
channel retail model deve-
loped in the 10 integrated
countries.

A significant majority of
Carrefour employees work in
stores, serving customers.
With an 88.8% ratio of
employees, the breakdown of
the workforce by category
reflects this organisation.

381,227

Training

363,989

1 5.5 HOURS

4.5MILLION

PROVIDED DURING 2014

OF TRAINING PER EMPLOYEE TRAINING HOURS
ON AVERAGE
Shared between the Group and country or entity levels,
the training plan focuses on two key areas: developing
Carrefour’s business function skills in order to provide
better customer service, and encouraging employees’
personal and managerial development.

2013

2014

Internal promotion

48%

RATE OF INTERNAL PROMOTION
By placing emphasis on internal promotions, Carrefour
acts as a social ladder for its employees. As an example,
store employees can rise to the position of department
manager or sector manager. The rate of internal promotion
reached 48% in 2014.

36.2

36.9

37.5

35.0

Gender equality

2011

2012

2013

2014

Percentage of women in management positions
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
In 2014, the Group continued to promote gender equality
and the promotion of women at all management and res-
ponsibility levels. The percentage of women in management
positions rose by 7.1% over 4 years. A number of initiatives
took place during 2014 in all countries where the Group
operates.

2.6

2.7

2.8

3.0

2,153

2,268

1,998

Number of social audits (including initial audits(1))
(1) Audits to check compliance with the social charter prior to listing.

2013

2014

Full time
76.8%

Permanent
contracts
92.2%

Number of own-brand organic
food products

2012

2013

2014

Number of controlled organic product listings
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
Sales of organically-grown foods grew by 12.2% in 2014 as compared
with 2013, and the number of listed products rose by 5.3%. In all areas of
consumption, Carrefour offers a wide range of organic foods, cosmetics
and textiles.

Part time
23.2%

Breakdown
by work schedules

Fixed-term
contracts
7.8%

Breakdown
by type of contract

Employees
with disabilities

Carrefour is committed to implementing organisational models
that ensure consistent quality of service while taking into account
employee expectations in compliance with local regulations.
Part-time work and fixed-term contracts address the need to
tailor store activities to customer flow.

2011

2012

2013

2014

Percentage of employees recognised as having a disability
Data on a like-for-like BU basis (100% of 2014 consolidated net sales).
At the end of 2014, Carrefour employed 11,218 employees
recognised as having a disability, up 21.3% over 4 years.

2014 annual activity and responsible commitment report –

GOVERNANCE

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 operating procedures are appropriate in order
to act in the Company’s interest and fulﬁ l 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
Appointment: May 23, 2012
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2014.

Georges Ralli
Vice-Chairman
Appointment: June 18, 2012
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2014.

Bernard Arnault*
Appointment: July 28, 2008
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2016.

Thomas J. Barrack Jr.*
Appointment: January 15, 2014
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2015.
Nicolas Bazire*
Appointment: July 28, 2008
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2014.

Jean-Laurent Bonnafé*
Appointment: July 28, 2008
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2016.

Thierry Breton
Appointment: July 28, 2008
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2015.

René Brillet
Appointment: April 20, 2005
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the fiscal year ending December 31, 2016.

Charles Edelstenne
Appointment: July 28, 2008
Term of ofﬁ ce expires: Shareholders’ Meeting
convened to approve the ﬁ nancial statements
for the ﬁ scal year ending December 31, 2015.

Diane Labruyère-Cuilleret
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
Appointment: May 20, 2011
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2014.

Bertrand de Montesquiou
Appointment: June 18, 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
Appointment: April 20, 2005
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2016.

Anne-Claire Taittinger
Appointment: April 20, 2005
Term of office expires: Shareholders’ Meeting
convened to approve the financial statements
for the fiscal year ending December 31, 2015.

Philippe Houzé
Observer
Appointment: October 15, 2014
Appointment as Director proposed during
the Shareholders’ Meeting convened
to approve the financial statements for the
fiscal year ending December 31, 2014.

* Non-independent Director.

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 REMUNERATION
COMMITTEE
Chairman:
Thierry Breton
Members:
René Brillet
Charles Edelstenne

THE APPOINTMENTS
COMMITTEE
Chairman:
Bertrand de Montesquiou
Members:
Nicolas Bazire*
Diane Labruyère-Cuilleret
Anne-Claire Taittinger

The
Management
team

Country and
Region
Management

Georges Plassat
Chairman and Chief Executive Ofﬁ cer

Noël Prioux
Executive Director France

Thierry Garnier
Executive Director China-Taiwan

Jérôme Bédier
General Secretary

Pierre-Jean Sivignon
Chief Financial Officer

Marie-Noëlle Brouaux
Executive Communications Director

Jacques Ehrmann
Executive Director,
Assets, Development and New Ventures

Anne Carron
Human Resources Director

Gérard Lavinay
Executive Director Northern Europe

Rami Baitieh
Executive Director Taiwan

Guillaume de Colonges
Executive Director Poland

Charles Desmartis
Executive Director Brazil

Jean-Baptiste Dernoncourt
Executive Director Romania

Daniel Fernandez
Executive Director Argentina

Stéphane Thouin
Executive Director
International Partnerships

François Melchior de Polignac
Executive Director Belgium

Pascal Clouzard
Executive Director Spain

Eric Uzan
Executive Director Italy

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

2014 annual activity and responsible commitment report –

ADDRESSES

Contacts

CARREFOUR GROUP

FRANCE

LATIN AMERICA

DISCOVER OUR OTHER PUBLICATIONS

Argentina
Cuyo 3367 – 1640 Martínez
Provincia de Buenos Aires
Tel.: +54 11 40 03 70 00

Brazil
Rua George Eastman, no. 213
CEP 05690-000 São Paulo
Tel.: +55 11 37 79 60 00

ASIA

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

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

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

93, avenue de Paris – BP 83
91300 Massy
Tel.: +33 (0)1 69 19 30 00

Investors Relations
investisseurs@carrefour.com

Shareholders Relations
contact@actionnaires.carrefour.com

Shareholders Club
Autorisation 19887
75443 Paris Cedex 09
Tel.: 0805 902 902
club@actionnaires.carrefour.com

Registered Shareholders
Société Générale Securities Services
(SGSS)
32, rue du Champ-de-Tir
CS 30812
44308 Nantes Cedex 3
Tel.: +33 (0)2 51 85 67 89
Fax: +33 (0)2 51 85 53 42

EUROPE

Belgium
20, avenue des Olympiades
1140 Bruxelles
Tel.: +32 2 729 21 11

Spain
Calle Campezo, 16
Polígono de las Mercedes
28022 Madrid
Tel.: +34 91 301 89 00

Italy
Via Caldera, 21
20153 Milano
Tel.: +39 02 48 251

Poland
Ul. Targowa 72
03-734 Warszawa
Tel.: +48 22 517 21 10

Romania
Blvd. Timisoara nr. 26z, sector 6
Cladirea Anchor Plaza – Etaj 8
061331 Bucure¸sti
Tel.: +40 21 206 74 00

100

GUIDE DE
L’ACTIONNAIRE
2015

2014 Registration Document

2014 Carrefour Foundation
annual report

hareholder’s guide
2015 Shareholder’s guide
(in French version)

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www.carrefour.com
Société anonyme with capital of €1,837,284,772.50
Head oﬃ ce: 33, avenue Émile-Zola – 92100 Boulogne-Billancourt – France
652 014 051 RCS Nanterre