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Universal
Registration
Document
Annual Financial Report
2022
CONTENTS
1
2
3
4
PRESENTATION
OF THE CARREFOUR GROUP
1.1 Group profile – Executive summary
1.2 Context: global challenges
and development opportunities
1.3 The Carrefour 2026 plan: renewed
ambition, faster trajectory
1.4 Breakdown of the Group’s businesses
1.5 The Carrefour group in 2022
1.6 Simplified legal chart at December 31,
2022
CORPORATE SOCIAL
RESPONSIBILITY
AND PERFORMANCE NFS
2.1 Non‑financial policies, action plans
and performance
2.2 Carrefour’s duty of care plan
2.3 Green taxonomy
2.4 Reporting methodology and verification
of information
2.5 SASB, GRI and TCFD concordance table
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6
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141
177
190
205
CORPORATE GOVERNANCE AFR
217
Governance summary
3.1 A balanced governance structure
3.2 The Board of Directors
3.3 Group Executive Committee
3.4 Compensation and benefits granted
to Company Officers
3.5 “Comply or Explain” rule
of the AFEP‑MEDEF Code
3.6 Transactions in the Company’s shares
carried out by Company Officers
3.7 Related‑party agreements referred to in
Articles L. 225‑38 et seq. of the French
Commercial Code
RISK MANAGEMENT
AND INTERNAL CONTROL
4.1 Risk management
4.2 Internal control system
4.3 Legal and arbitration proceedings
218
221
228
257
262
273
274
275
277
278
296
306
5
6
7
8
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BUSINESS REVIEW
AS OF DECEMBER 31, 2022
5.1 Business review and consolidated
income analysis
5.2 Group financial position and cash flows
5.3 Outlook
5.4 Other information
5.5 Glossary of financial indicators
5.6 Parent company financial review
CONSOLIDATED FINANCIAL
STATEMENTS
AS OF DECEMBER 31, 2022 AFR
6.1 Consolidated income statement
6.2 Consolidated statement
of comprehensive income
6.3 Consolidated statement of financial
position
6.4 Consolidated statement of cash flows
6.5 Consolidated statement of changes
in shareholders’ equity
6.6 Notes to the consolidated financial
statements
6.7 Statutory Auditors’ report on the
consolidated financial statements
CARREFOUR SA FINANCIAL
STATEMENTS
AS OF DECEMBER 31, 2022 AFR
7.1 Income statement
7.2 Balance sheet
7.3 Statement of cash flows
7.4 Notes to the Company financial
statements
7.5 Statutory Auditors' report on the
financial statements
INFORMATION ABOUT
THE COMPANY AND THE CAPITAL
8.1 Information about the Company
8.2 Information about the capital
8.3 Shareholders
ADDITIONAL INFORMATION
9.1 Publicly available documents
9.2 Person responsible
9.3 Person responsible for the financial
information
9.4 Persons responsible for auditing
the financial statements
9.5 Information incorporated by reference
9.6 Concordance tables
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The elements of the Annual Financial Report are identified using the pictogram AFR
The elements of the Non-Financial Information Statement are identified using the pictogram NFS
www.carrefour.com
Universal
Registration
Document
2022 Annual Financial Report
The French language version of this Document d'Enregistrement Universel (Universal Registration Document) was filed on April 6, 2023
with the Autorité des Marchés Financiers (AMF), as competent authority under Regulation (EU) 2017/1129, without prior approval
pursuant to Article 9 of said regulation.
This Document d'Enregistrement Universel
of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary
and any amendments to the Document d'Enregistrement Universel (Universal Registration Document). The whole is approved by the
AMF in accordance with Regulation (EU) 2017/1129.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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“I would like to underline the unwavering
commitment of our teams and our
franchisees, who gave their utmost
every day to offer quality service to our
customers. Their expertise, dedication
and ability to adapt enabled us to meet
the challenges that faced us in 2022.”
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DOCUMENT D’ENREGISTREMENT UNIVERSEL 2019 / CARREFOUR
W W W.C A R R E F O U R .C O M
2022 was a pivotal year for Carrefour
day to offer quality service to our customers.
Pivotal, firstly, in light of the unprecedented
conditions in which our Group managed
to operate. We achieved an outstanding
Their expertise, dedication and ability to
adapt enabled us to meet the challenges
that faced us in 2022.
performance in an environment shaped by
Together, we have demonstrated the strength
new global tensions and the resurgence
of the business model developed over the
of high inflation in Europe. While this
last five years. We have reached a new stage
environment continues to affect our
in our transformation, thanks to our constant
customers and our operations, Carrefour
and rigorous financial discipline, our digital
is moving forward on its growth trajectory
transformation, which is becoming more
and gaining further market share in its
ambitious every year, and our commitment
key economies, notably in France. With
to the food transition for all.
the acquisition of Grupo BIG last June,
Carrefour is now an uncontested leader in
Brazil. While maintaining profitability and
improving its non-financial performance,
the Group has also accelerated its digital
transformation, with strong growth in
its e-commerce activities and better use
of technology and data to enhance its
commercial offering and its performance.
In addition, the agreement for the sale of
our shares in Carrefour Taiwan was reached
under excellent conditions, representing a
key milestone on the journey to redefine our
Group’s geographical footprint.
I would like to underline the unwavering
commitment of our teams and our
franchisees, who gave their utmost every
Lastly, 2022 was pivotal because it opened
up a new chapter in our Carrefour 2026
strategic plan, which was developed
with employees and the support of our
Board of Directors. This plan will take our
transformation to a whole new level, making
the most of our brand and our diverse range
of formats, adding a new dimension to our
social and environmental commitment,
and reinventing the future of retail through
digital technology. In 2023, Carrefour will
increasingly grow, innovate and deliver high
performance.
Alexandre Bompard
Chairman and Chief Executive Officer
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
PRESENTATION
OF THE CARREFOUR GROUP
1.1 Group profile – Executive summary
1.1.1 Facts and figures
1.1.2 Business overview
1.1.3 Operating regions
1.1.4 History of the Carrefour group
1.1.5 Our raison d’être
1.1.6 Our business model, based on creating
shared value
1.1.7 Stakeholder dialogue
1.1.8 Carrefour 2022 plan – Review and results
1.1.9 Carrefour 2026 plan – Strategy and
objectives
1.2 Context: global challenges and
development opportunities
1.2.1 Accelerating inflation and impacts
on purchasing power
1.2.2 Unchanging major food trends
1.2.3 The rise of digital commerce
1.2.4 Transition to sustainable agriculture
1.2.5 Climate change and energy efficiency
1.2.6 Responsibility on inclusion
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1.3 The Carrefour 2026 plan: renewed
ambition, faster trajectory
1.3.1 Making the best available to all
our customers
1.3.2 Building a cutting‑edge group
1.3.3 A stronger competitive model that creates
more value
1.4 Breakdown of the Group’s businesses
1.4.1 An international omni‑channel retailer
1.4.2 Store and website operations
1.4.3 Merchandise
1.4.4 Financial and purchasing services
1.4.5 Logistics and supply chain operations
1.4.6 Property management
1.4.7 Retail media
1.5 The Carrefour group in 2022
1.5.1 Significant events of 2022
1.5.2 Highlights of first‑quarter 2023
1.5.3 Summary of financial performance
1.5.4 Summary of stock market performance
1.5.5 Summary of non‑financial performance
1.6 Simplified legal chart at December 31,
2022
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1 Group profile – Executive summary
1.1.1
FACTS AND FIGURES
With a multi‑format and omni‑channel network, Carrefour is one
of the world’s leading food retailers. Its nearly 14,350 stores and
e‑commerce sites welcome 80 million customers per year.
The Group, which has 335,000 employees in its eight integrated
countries (France, Spain, Italy, Belgium, Romania, Poland, Brazil
and Argentina), reported 90.8 billion euros in gross sales in 2022,
an increase of 8.5% like‑for‑like. Recurring operating income in
2022 came to 2,377 million euros, up 8.3%.
Against a backdrop of continuing inflation, Carrefour’s sustained
focus on customer satisfaction yielded very strong performance,
with ongoing gains in market share in all its key geographical
regions, most markedly in France, Spain and Brazil. The Group
addressed purchasing power challenges by strengthening its
discount formats (hypermarkets, cash & carry, soft discount),
developing its own brands (which now account for over 33% of
its sales), broadening its range of entry‑level products, and
running dynamic promotional operations. This competitive
commercial policy, coupled with rigorous cost control, enabled it
to protect its customers’ purchasing power while confirming the
strength of its business model.
to
rebalance
continued
geographically
Carrefour
by
strengthening the weight of its key markets in Europe and Latin
America through the rapid integration of Grupo BIG in Brazil and
the announcement of an agreement to dispose of Carrefour
Taiwan on the basis of an enterprise value of 2 billion euros. The
sale of Carrefour Taiwan, which was announced in 2022, will be
finalised in 2023. The Group is also stepping up its move towards
franchising and
lease management, important performance
drivers, and is aiming to open ten new markets through
international partnerships by 2026.
The Group’s digital model made significant progress in 2022,
with advances in Data & Retail Media operations, through the
Carrefour Links platform. It joined forces with Publicis to form a
joint venture targeting leadership in European Retail Media.
The Group also strengthened its CSR commitments, especially as
regards climate, energy and employee engagement. In 2022,
Carrefour again exceeded its targets, with a 109% score in its CSR
and Food Transition Index. This index, introduced in 2018,
its CSR
assesses Carrefour’s performance
commitments.
implementing
in
In terms of cash flow generation, the Group generated a record
amount of 1,262 million euros in 2022. Carrefour carried out
share buybacks of 750 million euros and successfully placed
2.35 billion euros worth of Sustainability‑Linked Bonds.
Carrefour’s significant strengthening of balance sheet and
liquidity since 2018 proved effective against the backdrop of
macroeconomic uncertainties and rapid changes
food
retailing.
in
Building on the success of the Carrefour 2022 plan, which
strengthened its position in the sector, the Group is readying for
further progress through the new Carrefour 2026 transformation
plan. Carrefour is targeting 40% of food sales for its own‑brand
products by 2026 and 8 billion euros in sales of certified and
sustainable products. It also reasserts its ambition on 10 billion
euros in GMV (Gross Merchandise Value) for e‑commerce. It aims
to develop its discount formats by strengthening the appeal of its
hypermarkets through the Maxi method, and accelerating the
expansion of Atacadão in Brazil, while continuing to improve its
overall performance through transformation of its operational
processes, targeting 4 billion euros in cost savings, or 1 billion
euros per year. Carrefour is seeking growth drivers in new
businesses, such as photovoltaic energy production, value
enhancement of real estate assets through the development of
mixed‑use real estate projects in France, and development of
South America’s largest private real estate operation, in Brazil. In
addition, the Group is strengthening its CSR commitments, with
particular regard to countering climate change, developing
energy efficiency, reducing packaging, and promoting diversity
and inclusion.
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1.2
BUSINESS OVERVIEW
Present in more than 40 countries worldwide, Carrefour operates
directly in eight countries throughout Europe (France, Spain, Italy,
Belgium, Poland and Romania) and Latin America (Brazil and
Argentina). Together, France, Spain and Brazil account for over
80% of consolidated gross sales. In these eight countries,
Carrefour is steadily deploying its store base, with outlets
operated either directly or, increasingly, through franchises and
lease management contracts. In the Middle East, Africa, Asia and
other geographies, the Group operates through local partners
who are managing and expanding a network of stores under
Carrefour banners.
Carrefour offers its customers all retail formats: hypermarkets,
supermarkets, convenience stores, cash & carry stores, and soft
discount. Its omni‑channel structure gives customers the option
of shopping in‑store, ordering online, having their shopping
home delivered or picking up their purchases from a sales outlet
or a Drive.
In France, Carrefour had 5,945 stores under its banners at
year‑end 2022, of which 5,755 in mainland France and 190
through partners in overseas territories. By format, they included:
253 Carrefour hypermarkets;
1,039 Carrefour Market
supermarkets; 4,472 convenience stores under banners such as
Carrefour City, Carrefour Contact, Carrefour Express, Bio c’ Bon
etc.; 148 Promocash cash & carry outlets; and 33 Supeco soft
discount stores. In Europe (excluding France), Carrefour had
6,117 stores under its banners at the end of 2022, of which 5,112
operated directly in the five host countries and 1,005 through
partners. They included 455 hypermarkets, 2,088 supermarkets,
3,471 convenience stores, 12 cash & carry outlets and 91 Supeco
soft discount stores. The Group is also a leading retailer in Latin
America, where its multi‑format store base in the two growth
markets of Argentina and Brazil comprises 252 hypermarkets,
246 supermarkets, 581 convenience stores, 356 cash & carry
outlets, 97 Todo Dia soft discount stores and 43 Sam’s Club
stores. Carrefour also operates 711 stores with local franchisee
partners in the rest of the world (Middle East, Africa, Asia, etc.).
1.1.3 OPERATING REGIONS
Carrefour group
14,348 stores
around the world
France
5,755*
stores
Belgium
794
stores
Poland
928
stores
Romania
403
stores
Argentina
622
stores
Brazil
953
stores
Spain
1,470
stores
Italy
1,517
stores
Other
1,906
stores
Integrated countries/regions
Franchised countries/regions
China**
Taiwan***
* Metropolitan France.
** The agreement for the disposal of Carrefour China signed in 2019 stipulated that the stores can remain under the Carrefour banner
during the transition period.
*** Carrefour announced on July 19, 2022 the signing of an agreement to sell its 60% ownership of Carrefour Taiwan to Uni-President.
The Taiwanese operations were accounted for as discontinued operations in 2022, in accordance with the IFRS 5 accounting standard.
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1.4 HISTORY OF THE CARREFOUR GROUP
1959
The Carrefour
Supermarchés
company was created
following
a meeting between
Marcel Fournier,
owner of a novelty
shop in Annecy, and
the Badin‑Defforey
business, a grocery
wholesaler
in Lagnieu.
1966
The Carrefour logo
was created to mark
the opening
of the hypermarket
in Vénissieux, near Lyon.
It depicted the first letter
of the word Carrefour
placed in the middle
of a diamond with the
left half coloured red
and the right half
coloured blue, with
black lines above
and below.
1970
To finance its growth,
Carrefour was listed
on the Paris Stock
Exchange, a first
for the retail sector.
1973
Carrefour expanded
internationally and
explored new markets,
opening its first stores
in Spain under the
Pryca banner, followed
by Brazil in 1975.
1963
France’s first hypermarket was opened at
Sainte‑Geneviève‑des‑Bois, in the Paris region.
The first of its kind, this 2,500 sq.m. self‑service
hypermarket offered a vast choice of products
at low prices and had 400 free parking spaces.
1976
To offer its customers more affordable products,
Carrefour reinvented its business and started to sell
its own products. This was the beginning of
produits libres (unbranded products) in plain
packaging that would go on to revolutionise the
consumer products business.
1981
Carrefour created
the PASS card, a credit
card and customer
loyalty card rolled
into one, which was
an immediate success.
Just three years
after its launch,
200,000 customers
had PASS cards and
had used them for
more than four million
transactions.
1982
Changes in legislation
and new consumer
habits encouraged
international
development, which
led to store openings
in Argentina and then,
in 1989, in Taiwan.
1992
Carrefour developed a new relationship with the
agricultural industry by creating a completely new
type of partnership, “Carrefour Quality Lines”. The
same year, Carrefour ushered in the era of organic
products in retail with its “Boule Bio” organic bread.
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1993
The Group inaugurated
its first stores in Italy
and then, in 1995,
in China.
1996
The first partnerships
with Food Banks were
set up to redistribute
food approaching
its use-by date to
those in need.
1998
As the 1990s drew
to a close, the Group
underwent significant
change and brought
together various banners.
After signing an
agreement in 1997 with
Guyenne & Gascogne,
Coop Atlantique
and the Chareton group,
Carrefour purchased
Comptoirs Modernes
in October 1998,
acquiring more than
700 stores operating
under the Stoc, Comod
and Marché Plus banners.
1997
Carrefour continued to
expand internationally,
opening its first stores
in Poland. At the same
time, the Group created
its “Reflets de France”
brand for products
based on traditional
French recipes.
2007
The Group
strengthened its
presence in many
countries between
2000 and 2010, either
through controlled
expansion or targeted
acquisitions, including
in France and Romania
(Hyparlo, Artima, Penny
Market), Belgium (GB),
Poland (Ahold), Italy
(GS), Brazil (Atacadão),
Argentina (Norte) and
Spain (Plus).
2008
Carrefour initiated a major renovation programme
in its stores, converting its Champion supermarkets,
for example, to the Carrefour Market banner.
In record time, the 1,000 French stores were
rebranded to offer a wider range of products and
services, a simplified customer path through the
aisles, and the benefits of the Carrefour loyalty
programme.
1999
On August 30, Carrefour submitted a friendly tender
offer for the shares of Promodès, a company founded
in 1961 by two Normandy families with a background
in wholesale trade, the Duval-Lemonniers and
the Halleys. The merger between Carrefour and
Promodès, authorised by the European Commission
in 2000, resulted in the creation of the world’s
second-largest retailer. The new Carrefour employed
240,000 people and had more than 9,000 stores
throughout the world.
2013
Carrefour joined forces with the CFAO group,
establishing a joint company to develop various
formats of Carrefour stores in West and Central
Africa. The same year, the Group launched
an asset modernisation programme. During
the programme's first year, 49 hypermarkets
and 83 supermarkets were renovated and
remodelled in France.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
2014
To gain more control over its
ecosystem, Carrefour partnered
with institutional investors to
create Carmila, a company
dedicated to revitalising the
shopping centres adjacent to its
hypermarkets in France, Spain
and Italy. The year was also
shaped by the acquisition of the
Dia network and the integration
of 128 Coop Alsace stores in
France, the acquisition of 53
Billa supermarkets and 17 Il
Centro stores in Italy and the
sale of a 10% stake in its Brazilian
subsidiary to Península,
designed to strengthen the
Group’s local roots in Brazil.
2016
Carrefour continued to
expand its network,
with the development
of its convenience
banners and the
acquisition of Billa
supermarkets in
Romania and Eroski
stores in Spain. In
addition, the Group
acquired Rue du
Commerce and
Greenweez in France
and launched new
e-commerce
operations in China,
Poland, Argentina and
Brazil.
2019
(see Section 1.1.5) in its Articles of Association.
Carrefour celebrated its 60th
anniversary. Pursuant to the “Pacte”
law adopted by the French
Parliament, the Group included a
raison d’être
This measure, adopted at the Shareholder’s Meeting on
June 14, 2019 on the recommendation of the Board of
Directors, was taken to support Carrefour in fully
embracing its ambition to become the world leader of the
food transition for all by 2022. The Group sold its
businesses in China.
2018Carrefour reinvented its business model
and started to implement the
Carrefour 2022 transformation plan
inspired by its ambition to become the
world leader in the food transition for all
by 2022. The idea is to enable everyone to
eat better at affordable prices by offering
healthy, safe, balanced foods produced
using sustainable and socially responsible
farming methods. To achieve its ambition,
Carrefour is creating an omni-channel
universe in which its online presence is
closely integrated with its physical store
network and the emphasis is on quality
food, available everywhere at any time. In July, Carrefour acquired the
So. Bio banner and launched a global advertising campaign of
unprecedented proportion: Act for Food.
2021 Carrefour set itself the goal of
becoming a global leader in digital retail by
2026, by placing digital and data at the heart
of its strategy. Its transformation into a digital
retail company will be based on four key
drivers, presented at the Group’s Digital Day
on November 9, 2021: acceleration of
e-commerce; ramp-up of data and retail media activities; digitisation of
financial services; and transformation of traditional retail operations
through digital. The new model will be a powerful accelerator of growth,
market share and financial performance for the Group.
2020 In response to
the Covid-19 epidemic,
the Group fulfilled its mission
as a food distributor while
protecting its employees and
customers. The health crisis
confirmed the relevance of
Carrefour’s strategic choices in favour of the food transition,
local purchasing, the link between food, health and the
environment, low prices and e-commerce. Carrefour also
adopted a new customer-oriented approach in 2020, with an
emphasis on revitalising customer traffic and driving
comparable growth, notably by deploying the 5/5/5 method,
which makes customer satisfaction central to all of the
Group’s initiatives. Lastly, Carrefour pursued its strategy of
making targeted,value-creating acquisitions (acquisitions of
Italy-based Sorgente Natura, leader in organic products, and
of a 49% stake in Ewally, a Brazilian fintech company).
.
2022
The Group launched its new strategic plan – Carrefour 2026. It aims to
give all its customers access to the very best and invent the Group of
tomorrow, drawing on its raison d’être, its commitment to the food
transition for all, and its digital-based omni-channel model (see Section 1.3
of this Universal Registration Document).
+
The highlights of 2022 and the first quarter of 2023 are
presented in Sections 1.5.1 and 1.5.2 of this Universal
Registration Document.
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1.5 OUR RAISON D’ÊTRE
At the Shareholders’ Meeting of June 14, 2019, the Group took up
a raison d’être, stated in its Articles of Association, that reasserts
its commitment to leading the transition for all by promoting
healthier, more affordable food, while supporting the agricultural
transition and helping to preserve the planet’s resources.
“Our mission is to provide our customers with quality services,
products and food accessible to all across all distribution
channels. Thanks to the competence of our employees, to a
responsible and multicultural approach, to our broad territorial
presence and to our ability to adapt to production and
consumption modes, our ambition is to be the leader of the
food transition for all.”
Alexandre Bompard, Chairman and Chief Executive Officer
1.1.6 OUR BUSINESS MODEL, BASED ON CREATING SHARED VALUE
Digital Retail Company
Our business model
Carrefour laid out its Digital Retail Company model at the Digital
Day event of November 9, 2021. This strategy, rooted in a
“data‑centric, digital first” approach, has four key focuses:
increasing e‑commerce activity, ramp‑up of Data & Retail Media
activities, digitalisation of financial services, and digital‑driven
transformation of traditional retail operations, contributing to
improved customer experience and heightened operational
efficiency, both at head offices and in‑store.
Through its physical and intellectual capital, Carrefour leverages
its business model to create value for its stakeholders and make a
positive contribution to society. Carrefour sells products and
services for consumers and food services professionals. In all its
host regions, this process
indirect
purchasing of products, definition of specifications for the
Group’s own‑brand lines, organisation of supply logistics and
management of physical and online stores.
includes the direct or
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
Our business model
Our challenges
digital technology Duty to provide affordable healthy food An evolving agricultural model
Limited natural resources More intense competitive pressure
New eating behaviours Consumer behaviours transformed by
Production
Animal
husbandry
Logistics
Processing
facilities
Farming
Production
facilities
Warehouses
Fishing
Order fulfillment
centers
Convenience
stores
Cash & carry
Stores
Specialty
banners
(organic, soft discount, etc.)
Distribution & services
Hypermarkets
Supermarkets
E-commerce
Carrefour.com, marketplace & Drive apps,
walk-in Drive, home delivery, express delivery,
quick commerce
Services
Banking and insurance, travel, vehicle hire,
package pick-up/drop-off, postal network
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
Our assets
Broad geographic footprint Ability to adapt to production and consumption modes
Our skilled employees Responsible and multicultural approach
Capital and
resources
Creating shared
value
for our
stakeholders
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→ 14,348 stores and 2,321 Drive outlets
worldwide
→ Over 40 host countries
→ €90.8 billion in gross sales
→ €2,546 million in other income (finance
companies, real estate development, leases)
→ €380 million in dividends paid to parent
company shareholders
→ More than €4 billion of income and other
taxes *
→ €1,608 million in payroll taxes
→ €644 million in financial expenses
→ €154 million in financial income
Shareholders/investors,
public authorities/
local governments
→ 334,640 employees worldwide
→ 300 job families
→ Worldwide agreement signed with UNI
Global Union
→ €7,337 million in wages, salaries and
payroll taxes
→ Employer recommendation indicator
→ 11.3 hours of annual training per employee
→ Act for Change managerial programme
→ 1,418 social audits performed at our suppliers
→ 26% women in the Top 200 management
positions
→ 35% under-30 youth employment rate
→ 3.7% employment of people with disabilities
Employees
→ 80 million customer households
→ 1 worldwide e-commerce site
→ 43.2 million loyalty cardholders
→ 14 international partnerships
→ 2,703 production facilities in Europe
→ 22,176 CQL partner producers
→ Strategic partnerships and alliances
→ €6.75 million budget allocated by the
Carrefour Foundation
→ 17 million fans on social media
→ 77% Net Promoter Score® (NPS®)
response rate in 2022 (vs. 71% in 2021)
→ €70,745 million in purchased merchandise
and services
→ 844 Carrefour Quality Lines products
→ 1,247 Carrefour organic product listings
→ 45.6 million meals donated to food aid
charities
→ 83 projects supported by the Carrefour
Foundation
Consumers/Professionals
Supply chain intermediaries
Service providers
→ Fossil and renewable energies
→ Use of different materials such as plastic,
cardboard, etc.
→ Use of natural resources from oceans,
forests, land and other ecosystems
→ Water consumption
→ 29% reduction in CO2 emissions (vs. 2019)
→ 75% of store waste recovered
→ 40% reduction in food waste (vs. 2016)
→ 50% of tested seafood products are from
sustainable sources
→ 16,390 tonnes of packaging avoided
since 2017
Local
communities
and civil society
* includes taxes on energy products, financial transactions, and excise duties
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
Contributions to the Sustainable Development Goals
Carrefour supports the 17 Sustainable Development Goals (SDGs) that were set by the United Nations at its conference in Rio de
Janeiro in 2012 to meet the urgent environmental, political and economic challenges facing the world. It is also a member of the UN
Global Compact.
Carrefour adheres in particular to ten priority SDGs to which it contributes by means of its various CSR policies and its food transition
for all strategy. The Group’s objectives, particularly those associated with its CSR and Food Transition Index, are aligned with these
priority SDGs.
→All Carrefour Quality Lines
products feature Agroecology
labels by 2025.
→50,000 partner producers by
2025, including organic producers
and agro-ecological producers.
07. AFFORDABLE AND
CLEAN ENERGY
Contribution to SDG
→Improve the energy efficiency of
stores and develop the use of
renewable energies.
→Reduce the greenhouse gas
emissions associated with the Group's
activities, and engage all stakeholders,
and more particularly suppliers, in the
low-carbon transition.
Group goal
→Carbon neutrality for stores by
2040 (reduce GHG emissions (scopes 1
and 2) by 30% by 2025, 50% by 2030
and 70% and by 70% by 2040).
→Carbon neutrality for the Group's
e-commerce activities by 2030.
01. NO POVERTY
Contribution to SDG
→Carry out food aid initiatives to
make the most of unsold items in
stores: support for food banks and
associations. The food donated by
Carrefour in 2022 represented the
equivalent of 45 million meals.
→Work towards the responsible
food transition with the Carrefour
Foundation.
Group goals
→Contribute to the responsible
food transition by leveraging
sustainable and responsible
agriculture, inclusive anti-waste
initiatives and a societal
commitment (Carrefour
Foundation).
02. ZERO HUNGER
Contribution to SDG
→Reduce food waste through
three focus areas: in-store
measures (e.g., Too Good To Go),
partnerships with suppliers (e.g.,
review of use-by and durability
dates of more than 400 Carrefour
products) and consumer awareness
(e.g., “Zero Gaspi” events).
Group goals
→50% reduction in food waste by
2025 vs. 2016.
→100% of countries implement an
annual Act For Food
communication programme.
03. GOOD HEALTH AND
WELL-BEING
Contribution to SDG
→Offer nutritional products in
stores and use the Nutri-Score
labelling system to help consumers
eat healthy, balanced meals
regardless of their dietary
requirements.
→Implement a set of
requirements and procedures to
guarantee the quality and
compliance of the products sold.
→Safeguard the health and
well-being of all employees.
Group goals
→Ensure the quality and safety of
Carrefour products.
→All countries to have rolled out
a Healthier Diet action plan.
→Remove 2,600 tonnes of sugar,
250 tonnes of salt and 20 new
controversial substances (120 in
total since 2018).
05. GENDER EQUALITY
Contribution to SDG
→Promote diversity, notably
through the Diversity Charter
signed in 2004, in a commitment
to give everyone in all countries
the same opportunities in terms of
career development and
recruitment. The day-to-day
actions taken as part of this
commitment include promoting
gender equality in the workplace,
integrating people from diverse
backgrounds and people with
disabilities, and combating all
forms of discrimination and
harassment.
Group goals
→35% women among the Top
200 managers by 2025.
→Maintain maturity levels in all
countries according to GEEIS
guidelines.
04. QUALITY EDUCATION
Contribution to SDG
→Promote the hiring of interns
and work-study trainees,
particularly in disadvantaged areas.
→Promote the employment of
people with disabilities.
→Develop a proactive policy to
promote diversity of backgrounds.
Group goals
→15,000 people with disabilities in
the workforce by 2026 (up 50% vs.
2022).
→All employees trained in digital
by 2024.
06. CLEAN WATER AND
SANITATION
Contribution to SDG
→Raise awareness, train and
monitor textile industry suppliers
on the management and efficiency
of processes that consume water
and chemicals through the Clean
Water Project launched in 2016.
→Reduce the use of pesticides
(organic farming and agroecology)
and develop more
environmentally-friendly certified
products (EcoLabel).
Group goals
→Teams at all the production sites
of key integrated textile suppliers
are trained and working on
corrective plans.
14
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
→Ensure that all new shopping
centre constructions and
expansions of over 2,000 sq.m. are
certified to BREEAM standards in
France, Spain and Italy.
16. PEACE, JUSTICE AND
STRONG INSTITUTIONS
Contribution to SDG
→Fight against illegal fishing.
→Tackle illegal deforestation.
→Apply international conventions
on working conditions in our supply
chain.
→Apply the European F-Gas
legislation (refrigerants) in all our
host countries.
Group goals
→See goals 14 and 15.
17. PARTNERSHIPS FOR
THE GOALS
Contribution to SDG
→Carrefour develops all of its
action plans in conjunction with its
stakeholders.
→Part of the Consumer Goods
Forum. As a member, the Group
actively participates in coalitions
on soy, wood and paper, palm oil,
beef and plastic.
→Alexandre Bompard now
co-leads the coalition to combat
deforestation.
Group goals
→600 suppliers committed to the
Food Transition Pact by 2030.
→50,000 local partner producers
in 2025.
Group goals
→Carrefour-branded products
accounting for 40% of sales by 2026.
11. SUSTAINABLE CITIES AND
COMMUNITIES
Contribution to SDG
→Contribute to integration in city
centres via our convenience formats.
→Use a fleet of biomethane
delivery vans in large urban areas
and obtain noise certifications.
Group goal
→ Reduce outbound transport
carbon emissions by 20%
compared with 2019.
12. RESPONSIBLE
CONSUMPTION AND
PRODUCTION
Contribution to SDG
→Offer products in stores that
contribute to the food transition for
all, while supporting local suppliers
and responsible practices (organic
farming, environmental
certifications, etc.) and ensuring
transparency for consumers.
→Reduce waste production and
guarantee its recovery.
Group goals
→15% of fresh food product sales
generated by organic or
agroecological products by 2025.
→Key objectives of our animal
welfare policy implemented in all
countries by 2025.
→Guarantee the transparency and
traceability of Carrefour products.
→100% reusable, recyclable and
compostable packaging for
Carrefour-branded products by
2025.
→Recover 100% of waste by 2025.
→50,000 local partners by 2025.
13. CLIMATE ACTION
Contribution to SDG
→Reduce the greenhouse gas
emissions associated with the
Group's activities, and engage all
stakeholders, and more particularly
suppliers, in the low-carbon
transition.
Group goals
The following objectives have been
approved by the Science Based
Targets initiative:
→Reduce GHG emissions (scopes 1
and 2) by 50% by 2030, and by 70%
by 2040, compared with 2019.
→Reduce product-related GHG
emissions by 20 Mt compared with
2019.
→Double fruit and vegetable
supplies from ultra-local producers
in Europe.
→Grow sales of non-packaged
products to €150 million by 2026.
14. LIFE BELOW WATER
Contribution to SDG
→Participate in the development
of sustainable fishing by developing
an offering of more responsible
seafood and aquaculture products.
Group goals
→50% of fish sold by Carrefour
sourced from sustainable fisheries
by 2025 (Carrefour-branded and
national-brand products).
→20,000 tonnes of packaging
avoided by 2025 (since 2016),
including 15,000 tonnes of plastic.
15. LIFE ON LAND
Contribution to SDG
→Participate in the development
of sustainable agriculture by
expanding the range of products
sourced from the organic farming
and agroecology segments and
supporting producers through long-
term partnerships.
→Fight against deforestation
linked to our sourcing, in particular
for our priority raw materials (beef,
palm oil, soy, cocoa, packaging and
textile fibres) .
→Reduce the environmental
impact of our sites.
Group goals
→See goals 6 and 12.
→Roll-out a Sustainable Forests
action plan on deforestation-linked
products by the end of 2025 (palm
oil, wood and paper, soy, cocoa,
packaging and textile fibres).
→Deforestation-free” beef by
2030.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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08. DECENT WORK AND
ECONOMIC GROWTH
Contribution to SDG
→Promote social and ethical
responsibility through our
purchasing policy and business
relationships. Carrefour has
specific purchasing rules and
integrates social, environmental
and ethical criteria into its business
relationships. The Group notably
ensures compliance with human
rights principles in its supply chains
and promotes fair compensation
for all parties, via fair trade
products, long-term partnerships
and initiatives like
patron ?
Group goal
→All of our supply plants located
in at-risk countries must undergo a
compliance audit.
(Who's the Boss?) .
C’est qui le
09. INDUSTRY, INNOVATION
AND INFRASTRUCTURE
Contribution to SDG
→Support our suppliers through
financing (crowdfunding, financing
entities) and three-way and/or
long-term contracts (e.g., organic
producers, CQL).
→Promote innovation relating to
the food transition, particularly
through the Food Transition Pact.
Group goals
→Help 3,000 producers in France
with organic farming, or with the
transition to organic production, by
2022.
→Ensure 600 organic suppliers
are signatories to the Food
Transition Pact by 2030.
10. REDUCED INEQUALITIES
Contribution to SDG
→Make our product range
accessible to as many people as
possible.
→Provide more affordable organic,
agroecological and local products.
→Participate in the food transition
by donating our unsold good.
→Priority focus on food through
the actions of the Carrefour
Foundation.
1
PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1.7
STAKEHOLDER DIALOGUE
Carrefour constantly engages in constructive dialogue with its
stakeholders, who play a key role in decisions about the Group’s
strategy and operations, and conducts a survey every two years.
Some 110 stakeholders (customers, suppliers, investors, trade
unions, institutions and employees) were consulted in 2021 on
an update to the Group’s materiality analysis. The resulting matrix
enables Carrefour to map and prioritise the issues associated
with its raison d’être, based on their importance to external
stakeholders and their impact on Carrefour’s performance.
The matrix below shows the 28 priority issues that emerged from the study conducted in 2021.
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3.9
3.8
3.7
3.6
3.5
3.4
3.3
3.2
3.1
3
3
Sustainable
relationships
and
partnerships
with suppliers
Packaging
Living wage
- supply chain
Food waste
Human rights
within supply
chains
Déforestation
Human rights among
our subcontractors
Sustainable
fishing
Sustainable
farming
Water
management
and quality
Diversity
and inclusion
Climate - transport
and e-commerce
Well-being
at work
Living wage
- Employees
Climate - stores and e-commerce
Ethics whistleblowing system
Zero waste
customer pathway
Transparency,
traceability and
guaranteeing
safe products
Food
insecurity and
associations
Health and nutrition
Animal welfare
Anti-corruption
Local
production
Inclusive customer
experience in stores
Local
action
Training
employees and
developing
their skills
Attracting and
retaining talent
Affordable,
high-quality products
3.2
3.4
Key challenges addressed with
the CSR and Food Transition Index
3.6
IMPACT ON BUSINESS
Key challenges addressed
in exercising duty of care
3.8
4
4.2
Emerging key challenges
16
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1.8 CARREFOUR 2022 PLAN – REVIEW AND RESULTS
Review and results
The Carrefour 2022 strategic transformation plan, implemented
in all the countries where the Group operates, put it in a strong
position in the global retail industry. Here are some of the key
aspects enacted from the transformation plan:
■
■
Act for Food campaigns brought strong take‑up for the Group’s
raison d’être within stores and teams;
The customer’s place at the centre of the Carrefour model was
through daily NPS® (Net Promoter Score®)
reasserted
monitoring at all levels of the organization;
■
Carrefour’s ambition on world leadership in digital retail was
asserted through:
■ development of the e‑commerce activity, whose GMV (Gross
Merchandise Value) has increased fourfold since 2017,
■ launch of the Data & Retail Media business through the
Carrefour Links platform, in 2021,
■ digitalisation of the Group’s financial services;
■
■
■
Corporate Social Responsibility – Stronger
commitments and results
In 2022, Carrefour again exceeded its CSR targets, with a 109%
score in its CSR and Food Transition Index. This index, introduced
in 2018, assesses Carrefour’s performance in implementing its
CSR commitments.
In 2022, the Group made particular progress on the following
commitments:
Food transition and partners:
204 suppliers involved in the Food Transition Pact (compared
to 114 in 2021);
3
11,945 local and regional partner producers in 2022 (2,104
more than in 2021);
85% of eggs sold within the Group (compared to 80% in 2021)
and 60% of eggs used in Carrefour product recipes in Europe
(compared to 51% in 2021) come from cage‑free production
facilities.
The business proposition has been redesigned through:
■
Reduction in packaging:
■ transformation of Carrefour own‑brand product lines, which
today account for 33% of food sales, 8 percentage points up
on the 2018 figure,
■ the redesign of non‑food categories and the launch of “In &
Out” spaces,
■
■
16,390 tonnes of packaging avoided since 2017, which is ahead
of target (50% more than in 2021);
is extending
Carrefour
reusable,
recyclable or compostable packaging rates. In France, Brazil,
Belgium and Romania, this rate climbed to 57% in 2022
(compared to 46% in France for 2021 only).
the measurement of
■ a more competitive commercial and promotional policy;
■
Geographical refocus on Europe and Latin America has
proved successful, with:
■ exit from Asia achieved on very favourable terms, fully
effective in the course of 2023,
■ acquisition of Grupo BIG, which makes Carrefour the
uncontested leader in Brazil,
■ an increase in the number of Group stores, with the opening
of more than 3,500 convenience stores and 130 Atacadão
stores since 2018;
■
A culture of financial and non‑‑financial performance has
enabled:
■ cost reduction of around 1 billion euros per year since
2018,
■ becoming a global leader in CSR;
■
The Group has raised its commercial, economic and financial
profile:
■ sustained momentum in market share gains across all key
countries,
■ acceleration of Net Free Cash Flow generation, which has
continually exceeded 1 billion euros per annum since 2020,
■ transformation in shareholder remuneration policy through
100% monetary payment of ordinary dividend (rather than
partial payment in shares) and regular share buybacks since
2021.
Reduction of CO2 emissions: 29% reduction in greenhouse gas
emissions from stores (Scopes 1 and 2) compared to 2019, ahead
of the target of a 50% reduction by 2030, and 70% by 2040
(compared to 2019), corresponding to a 1.5°C trajectory.
Carrefour confirms its objective of helping stores become carbon
neutral (Scopes 1 and 2) by 2040.
Human resources and inclusion
■
■
■
26% of Group senior managers (“C200”) were women at the
end of 2022 (1 percentage point higher than in 2021);
73% of employees received training in 2022 (81% in 2021)
against an annual target of 50%, with an average of 11 hours
training per employee;
3.7% of Carrefour employees
(or 11,281 people) were
recognised as having a disability in 2022 (compared to 3.4% in
2021). The target has been raised to 15,000 employees with
disabilities by 2026.
Carrefour maintained its leading position in CSR assessments.
The Group was awarded an “A” score from the Carbon Disclosure
Project (CDP) for its commitment to the fight against global
warming (it also got an A in 2021), putting it among the leaders
for the sixth year in a row. Carrefour is ranked second in the retail
sector by Moody’s (formerly Vigeo EIRIS) and its rating was 9
points higher than in 2021.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – Executive summary
1.1.9 CARREFOUR 2026 PLAN – STRATEGY AND OBJECTIVES
Strategy and objectives
Building a cutting‑‑edge Group
■
On November 8, 2022, the Group launched its new strategic
plan, Carrefour 2026, to accelerate its transformation. This new
plan draws upon its raison d’être, the food transition for all, and
its digital‑driven omni‑channel model. The Carrefour 2026 plan
has two pillars:
To further improve its performance, the Group is innovating in
terms of organization, new businesses and social initiatives:
■ Operational processes are being transformed through
redesigned,
digital developments,
contributing to 4 billion euros in cost savings by 2026,
and organization
■
Commitment to making the best available to all our
customers
■ The Group’s expert and support functions will be pooled at
centres of excellence across Europe,
To help customers confronted by purchasing power
challenges and to combat climate change, Carrefour
is
announcing the following initiatives:
■ Merchandise negotiations and procurement will be pooled
across Europe thanks to the creation of Eureca, a European
purchasing centre for major international suppliers,
■ Carrefour own‑‑brand lines take a central place in the
commercial model, set to account for 40% of food sales by
2026 (vs. 33% in 2022),
■ Development of discount shop formats is being stepped up,
targeting a total of more than 470 Atacadão stores in Brazil
by 2026 (200 more than in 2022), more than 200 Supeco
stores in Europe (80 more than in 2022), and enhanced
appeal for hypermarkets in Europe through the Maxi method,
■ Support for sustainable agriculture is being stepped up,
targeting 8 billion euros in sales of certified sustainable
products (1) by 2026 (40% more than in 2022),
■ The Group’s top 100 suppliers are being required to take up
a 1.5°C trajectory by 2026, failing which Carrefour commits
to delisting them,
■ The e‑‑commerce initiatives and the target of 10 billion euros
in e‑commerce GMV (Gross Merchandise Value) by 2026 are
confirmed, as announced at Digital Day in 2021;
in energy consumption
■ An ambitious energy policy is under way, targeting major
(of 20% by 2026
reductions
group‑wide, and by 2024 in France) and carpark generation
of photovoltaic energy, with 4.5 million sq.m. of solar panels
by 2026,
■ A joint venture with Publicis has been announced with the
aim of creating a leading European Retail media company,
■ Value enhancement for the Group’s real‑‑estate assets is
sought through the development of mixed‑use real‑estate
projects in France and the creation in Brazil of the largest
private property company in South America,
■ The Group’s inclusion approach is being strengthened
through a proactive policy to promote diversity of origins
plus a target of employing 15,000 employees with a
disability in 2026 (50% more than in 2022),
■ An employee shareholding plan open to the Group’s
335,000 employees is being launched in 2023, and will be
largely used to finance CSR projects.
In support of this new value‑creating ambition, the Group is:
increasing its annual investment rate to 2.0 billion euros (from
1.7 billion euros);
targeting net free cash flow above 1.7 billion euros by 2026.
■
■
(1) Organic, Carrefour Quality Lines, agroecology, sustainable fishing (ASC/MSC), sustainable forest sourcing (FSC).
18
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Context: global challenges and development opportunities
1.2 Context: global challenges and development
opportunities
Societal change, the pressure of environmental emergencies and
growing uncertainty are fuelling a sweeping transformation of
business models inherited from the 20th century. The food
retailing industry is being reshaped by numerous paradigm shifts,
which have been gaining momentum with the collective impact
of the spate of crises (health, geopolitical, energy) over the past
four years. 2022 marked the year inflation started to rise,
accentuated by the conflict in Ukraine and by tension on the
food chain caused by climate change. As a result, consumers are
concerned about protecting their purchasing power, while
continuing to look for food options that are good for their health,
for farmers and for the planet. They increasingly prefer to buy
local. It is crucial to understand and adapt to their demand for
the
society
agriculture,
affordable prices and short supply chains, their new eating
behaviours, and the accelerated digital transformation of their
is challenging
consumption habits. Worldwide,
production‑oriented
industrialisation of
harvesting and sourcing methods and product processing and
distribution, and the disregard for seasonality. It has therefore
become more urgent than ever to rethink the food industry
model in order to protect limited natural resources, encourage
energy efficiency and meet new consumer expectations. A global
shift towards healthy diets from sustainable food systems would
protect the planet and improve the health of billions of people (1).
The food and climate transitions are interconnected and are both
major challenges of the 21st century.
1.2.1
ACCELERATING INFLATION AND IMPACTS ON PURCHASING POWER
Reconciling the duty to provide healthy food with affordability is
a global issue. In a survey conducted in 28 countries across all
continents, access to healthy food and in adequate amounts for
all came out as the third and fourth priorities, respectively (2). This
twofold requirement has become a real challenge with the
acceleration of inflation in 2022: up 8.8% worldwide, up 14.1% in
Latin America, up 9.2% in the European Union and up 5.8% in
France (3). Globally, 38% of people now cite inflation as currently
the most worrying problem (4). Confirming that concern, the FAO
food price index (5) increased by 7.9% between August 2021 and
2022 (6).
In Europe, households are deeply concerned about rising prices.
The major trends affecting the food market in 2022 (7) include
rising inflation and increased price sensitivity: currently, 52% of
low‑income consumers and 42% of middle‑income consumers
look for ways to save money when shopping for food. This
situation threatens to deepen the food divide. If inflation remains
high, consumption of premium and sustainable products will
only continue to rise for high‑income earners, while low‑income
earners will have to put priority on the least expensive offerings.
In France, consumer prices rose by an average of 5.2% in 2022
due to global tensions affecting supplies, raw materials and
energy, amplified by the war in Ukraine (8). Twelve million
households became vulnerable in 2022 (7 million more than in
2021), forcing them to keep a tight rein on their spending (9). 73%
of French people feel their purchasing power has decreased (16%
more than one year ago) (9). The increase they fear most is in
food prices (88%), followed by energy (83%) and transport
(57%) (10). Food prices rose by 12.6% in the year to December 31,
2022. Increases in the price of fresh produce exceeded 15%, dairy
products were 17% more expensive, frozen meat prices jumped
32.2% and grocery prices grew on average by 12.9% (11). French
consumers’ income has fallen or will fall, and they are now more
careful with their spending. To cope with this situation, they are
adapting their behaviour: 35% compare more, 30% buy more
products on special offer, 25% try to avoid waste, 22% buy less
meat and fish, 19% choose more private‑label products and 17%
more seasonal products (12). The average baskets are smaller, as
people shop more frequently and opt more for the most
economical banners and channels. Sales of fresh, traditional and
organic products are declining. The lowest income households are
cutting back on these items more quickly, spending 8.9% less on
meat, 9.2% less on cheese and 16% less on fish compared to the
French average. A full 62% of product categories are seeing own
brands gain market shares. Prices have become a key factor in
choosing a shopping location for 68% of people (up 8 points), while
88% want to be informed about prices and promotions from
banners.
(1) Source: Summary report from the EAT‑Lancet Commission, “Healthy Diets from Sustainable Food Systems”, 2020.
(2) Source: “The challenge of our resources”, Elabe study for Véolia conducted in 2018 of 14,000 people in 28 countries, 2018.
(3) Source: International Monetary Fund, December 2022.
(4) Source: What Worries the World? Survey of 20,000 people conducted in 27 countries, Ipsos Game Changer, July 2022.
(5) Food and Agriculture Organization of the United Nations.
“Conjoncture : le commerce et son environnement”
(6) Source:
(7) Source: The State of Grocery Retail 2022: Europe, McKinsey & Company, EuroCommerce for retail & wholesale, March 2022.
(8)
(9) Source:
(10) Source:
(11) Source: Baromètre IRI Vision, https://www.lineaires.com/la distribution/inflation 2022 12 6 dans l alimentaire#.
(12)
“Les Français et l’inflation”
“Les Français, le pouvoir d’achat et les enjeux de l’alimentation”
‑
“Étude GSA : la préparation d’achat et le classement des enseignes alimentaires”
food retailers), Bonial, September 2022.
(An overview of recent inflation trends), INSEE blog, January 27, 2023.
(The French and inflation), Elabe, November 9, 2022.
Un retour sur l’évolution récente de l’inflation
‑ ‑ ‑
‑‑
‑
(The French, purchasing power and food issues), Harris Interactive, June 2022.
(Study of large food retailers: purchase preparation and ranking of
(Economy: retail and its environment), French Trade and Retail Federation, September 2022.
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1.2.2 UNCHANGING MAJOR FOOD TRENDS
At a global level, the dual objective of the food transition is to
meet strong growth in demand while providing the whole
population with access to a healthy diet. Today, more than 820
million people do not have access to enough food and 2.4 billion
over‑consume. In total, about half the world’s population has a
nutrient‑deficient diet. Transitioning to the planetary health diet
(or a flexitarian diet, i.e., mostly plant‑based supplemented with
small amounts of fish, meat and dairy foods) could prevent an
estimated 11 million premature deaths per year and unsustainable
environmental damage (1). Food emerges as the most powerful
way to optimise both health and environmental sustainability.
People have become highly aware of this imbalance. Over the
past few years, this awareness has brought about new behaviours
and an emphasis in developed countries on quality over quantity,
taste and authenticity, healthy, seasonal, pesticide‑free and
environmentally‑friendly products, as well as a rise in alternative
diets. In addition, through their purchasing decisions, shoppers
express a multitude of expectations that extend beyond health
issues to cover production conditions, including more local and
circular consumption to reduce waste, fair prices on products to
ensure adequate compensation for farmers, and also concern for
animal welfare.
Global studies (2) show that the crises of recent years have not
changed these major trends. In fact, amid global uncertainty, 63%
of consumers believe food to be a socially conscious act and a
means of achieving social goals. For example, 71% have changed
their behaviour over the past two years, with the vast majority
opting for a healthier diet (67%). Other reasons motivating
changes in eating habits are priority on local products (48%), care
in choosing ingredients and environmental impact (36%). Seven
out of 10 people are looking for healthy products that are all
natural or contain no additives, dyes or preservatives. Meanwhile,
68% prefer to buy food from their region or nearby, and 59%
favour products with a low carbon footprint. Almost 50% of
consumers actively seek information about what they eat and
56% say they cook more. More than 4 out of 10 consumers are
concerned about animal welfare; 39% have reduced their
consumption of animal protein or adopted a flexitarian diet since
2020.
that
In France, 45% of consumers say they are committed to the food
transition. For 49% of them, eating better is synonymous with a
is a growing
healthy, balanced diet. Home cooking
phenomenon: 75% prepare at least 7 out of 10 dishes eaten in
their household. 37% predict
their consumption of
home‑made products will increase over the next two years. In
France, 67% of the population, or 30.5 million people (3), grow or
make their own food (fruit, vegetables, herbs, preserves, etc.). In
addition, 35% are eating less meat (3 points higher than in
2021) (4), while sales of environmentally friendly, natural and
“free” (preservatives, nitrites) products soared with double digit
growth in 2022 (5). On supermarket shelves, the French would
like to see more local products (51%), products made in France
(49%), products with “free” mentions (30%), fair trade products
(22%), organic products (18%) and vegetarian products (9%) (6).
(1) Source: Summary report from the EAT‑Lancet Commission, “Healthy Diets from Sustainable Food Systems”, 2020.
(2) Source: SIAL Insights 2022 White paper, 2022.
(3) Source:
“La France à table – Tensions et mutation autour de notre rapport à l’alimentation”
(The French and Food – Tensions and Changes in our
Relationship to our Diet), Fondation Jean Jaurès Éditions, September 2022.
(4) Source: Webinar:
“Quelles perspectives pour la consommation alternative ?”
(What is the outlook for alternative consumption), NielsenIQ,
September 2022.
(5) Source:
“L’inflation s’accélère – Les Français s’adaptent pour limiter la facture”
(Accelerating inflation – The French adapt to spend less),
Kantar, 2022.
(6) Source:
“L’offre locale en grande distribution”
(The local offering in the retail industry), IRI Shopper Survey, IRI, 2021.
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PRESENTATION OF THE CARREFOUR GROUP
Context: global challenges and development opportunities
1.2.3
THE RISE OF DIGITAL COMMERCE
After a record surge in 2020 due to the pandemic, the share of
e‑commerce in the global food retail market continued to grow
in 2021, increasing 15%. Worldwide, e‑commerce accounts for
7.2% of total food sales, up from 6.3% in 2020 and 4.8% in
2019 (1).
In Europe, food e‑commerce is projected to exceed a 20%
market share by 2030 (2). Online consumers are multi‑banner
shoppers, with one‑third who regularly shop at three or more
retailers. As online markets mature, different formats and value
propositions are increasingly likely to coexist.
In France, food e‑commerce grew 11.3% in 2021 and 2% in
2022 (3). Home delivery, boosted by quick commerce, drove
growth in 2022, increasing 8.2% in value (4), while the more
mature Drive services segment stalled. Currently, 60% of French
Internet users buy food products online, mainly via retailer
websites and apps (42%) (5). For banners, e‑commerce plays an
important role in building consumer loyalty.
week. Omni‑channel consumers use physical stores with
traditional checkout when they want to see or touch products or
to benefit
from a wider selection and human contact.
Conversely, they shop online (including with a scan app or
scanner) to save time and for more convenience. For their online
experience, omni‑channel shoppers most often choose Drive
services, at 85% (40 percentage points more than the French
average), compared with 53% who use scanners, 55% delivery
and 54% walk‑in Drives. Omni‑channel consumers are taking
more control over their customer path, choosing the service that
best suits their needs when shopping, which 60% of them
perceive as an enjoyable experience. Consumers also want
transparency in the items they buy: 83% check the Nutri‑Score
label, 57% use the Yuka app, and 66% read customer reviews on
their smartphones. Additionally, 61% say they actively search for
promotions, with 78% choosing products and 66% choosing
where they shop based on this factor. Moreover, impulse buys
increased in online customer paths in 2022 (6).
Customer paths are diversifying. In 2022, 52% of French people
took an omni‑channel approach to food shopping, combining
physical stores (with traditional and/or self‑scanning checkout)
and online shopping (using Drive and/or delivery services) at least
once a year; 34% shopped online once a month, and 10% once a
A continuously growing number and wider variety of digital
shopping options and services are available online. Today, 10% of
French consumers shop via social networks, and 33% have used
online credit solutions: 27% paid in instalments and 19% used an
online deferred payment service (Buy Now Pay Later) (7).
1.2.4
TRANSITION TO SUSTAINABLE AGRICULTURE
The world’s food and agricultural systems face three major
challenges in this first quarter of the 21st century.
First, demand for food is constantly increasing. The UN has
forecast that the global population will reach around 8.5 billion
by 2030 and 9.7 billion by 2050, versus 8 billion in 2022. That
equates to a rise in population of 1.7 billion people over the next
28 years (8). Due to this population growth and the recent effects
of the Covid‑19 pandemic, more than 3 billion people cannot
afford a healthy diet (9).
Second, intensive and industrial farming methods have reached
their limits, squeezing the planet’s resources. This issue includes
freshwater use,
fertilisers and
soil depletion, chemical
greenhouse gas emissions. Today, humans use more than 70% of
the Earth’s ice‑free land. One‑third of arable land is used to grow
feed for livestock and 60% of the grains produced worldwide are
fed to animals. About 80% of deforestation is due to agriculture,
especially to clear land for soy cultivation (in order to feed
livestock) and for oil palm trees (10). Therefore using more land to
produce food is an impossible solution. In fact, current farming
methods deplete soil
therefore
decreases.
fertility, and productivity
Third, farmers and agricultural workers are grappling with
economic insecurity and vulnerability worldwide, especially in
low- and middle‑income countries.
The objective is to provide a growing world population with a
healthy diet based on fair and sustainable production systems. To
achieve that, a new agricultural revolution is needed, guided by
environmental science and systemic innovation, and offering
alternative production methods. For example, agroecological
practices extend land production potential. Even though their
contribution to global production remains relatively limited, these
techniques are now becoming increasingly widespread.
(1) Source:
“La part du e‑commerce dans le marché mondial de l’alimentaire continue à progresser”
(The share of e‑commerce in the global food
market continues to grow), Kantar, May 2022.
(2) Source: Navigating the market headwinds, The State of Grocery Retail 2022: Europe, McKinsey & Company, EuroCommerce for retail & wholesale,
March 2022.
(3) Source: NielsenIQ,
“Le e‑commerce alimentaire, toujours prometteur en 2022”
(Food e‑commerce, still going strong in 2022), 9th edition of the
FEVAD report, May 2022.
(4) Source: Publicis Commerce Morning 2022, 2022.
(5) Source:
(6) Source:
Achats alimentaires au sein du e‑commerce, Médiamétrie,
“Le consommateur omnicanal en grande distribution en 2022”
April 2022.
(The omni‑channel consumer in the retail industry in 2022), Harris Interactive
report, Budgetbox Sogec, 2022.
(7) Source:
“Commerce physique ou digital à l’ère post‑Covid ? Les tendances de consommation passées au crible”
(Physical or digital commerce
post‑Covid? Consumer trends examined), Access Panel France 2022.
(8) Source: World Population Prospects 2022: Summary of Results.
(9) Source: The State of Food Security and Nutrition in the World, FAO, 2021.
(10) Source: ELABE study, “Which foods in 2049?”, November 2019.
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For example, in France, 10.3% of useful agricultural land, i.e.,
2.78 million hectares, has been dedicated to organic farming,
which represents 58,413 farms (13.4% of French farms) and more
than 200,000 full‑time equivalent jobs (1). Organic farming, at all
stages of the production chain, is therefore becoming one of the
key sources of new jobs in host communities. The organic
market accounts for 13 billion euros and 6.6% of total household
food consumption (2). Although it slowed in 2022, the organic
industry remains on a strong long‑term growth trend. One
million more households have started buying organic since 2017.
With 98.7% of households now buyers, organic food has become
an integral part of French consumption (3).
The agricultural transition is supported by the people. The
Covid‑19 pandemic has helped bring consumers and farmers
closer together. Direct sourcing and locally grown food continue
to gain popularity, as a portion of food consumption is now
shifting towards local products and short supply chains. In
France, 72% of consumers buy “farm to table” food products
directly from producers, at farmers’ markets, at the farm, online
or via cooperatives that protect small‑scale farming. Local
products are also promoted in traditional distribution channels,
where consumers pay more attention to where their food comes
from, especially fruit and vegetables. Origin, i.e., products made
in France, is now the number one factor in food buying
decisions (4).
1.2.5 CLIMATE CHANGE AND ENERGY EFFICIENCY
Demographics, urbanisation and human activity are causing
large‑scale climate change that threatens the Earth’s natural
balance. The latest IPCC (Intergovernmental Panel on Climate
Change) report (5) states that the climate policies implemented so
far remain inadequate. If greenhouse gas emissions are not
drastically reduced before 2030, global warming will exceed
1.5°C. To meet the targets of the COP21 climate agreement to
limit the temperature rise to 1.5°C, greenhouse gas emissions
must peak between 2020 and 2025 at the latest and then
decrease until they are carbon neutral by 2050. Changing habits
and consuming less could reduce emissions by 40% to 70% by
2050. The IPCC stresses the need to transition from fossil fuels to
low‑carbon energy, with
lifestyle
changes being essential levers in supporting this transition.
lower consumption and
Fully aware of the urgency of the situation, most citizens across
the world agree that we need to act quickly and respond to these
environmental and energy challenges. Consumers better
understand the impact of human activity on the planet and call
for a less wasteful, more resource‑efficient and locally focused
model. The Covid‑19 pandemic and disrupted gas supplies due to
the conflict in Ukraine have increased this collective awareness
of more
of
environmental
benefits
issues,
the
responsible consumption and, in the longer term, a radical
transformation in the way we live. Since the health crisis, short
supply chains have been perceived even more positively by
consumers for various reasons, notably because they contribute
to reducing CO2 emissions.
In 2021, 10% of European consumers (compared to 6% in
2019) (6) say they are not only more aware of sustainability issues
but also more active in reducing their environmental footprint.
They are attentive to the solutions offered by retailers, such as
recyclable packaging and sustainable products.
In France, 88% of the population believe that society must be
reorganized to be more energy‑efficient, and 79% believe that
this is compatible with the idea of well‑being (7). Meanwhile, 43%
of French people say they feel they could do more to protect the
environment (8). Furthermore, 83% believe
reducing
packaging is important (9), and 60% sell or buy second‑hand and/
reconditioned products (10). Younger generations are
or
particularly sensitive to environmental
issues, with French
under‑25s more likely than average to limit their use of plastic
and packaging (43%) and fight global warming (29%) (11). In the
18‑34 age group, 57% have purchased second‑hand goods (12).
that
(1) Source: https://www.agencebio.org/vos‑outils/les‑chiffres‑cles/observatoire‑de‑la‑production‑bio/
(2) Source: https://www.agencebio.org/vos‑outils/les‑chiffres‑cles/observatoire‑de‑la‑consommation‑bio/
(3) Source: “
(4) Source:
Revitaliser le bio”
“La France à table – Tensions et mutation autour de notre rapport à l’alimentation”
(Revitalising organic), Kantar, 2022.
(The French and Food – Tensions and Changes in our
Relationship to our Diet), Fondation Jean Jaurès Éditions, September 2022.
(5) Source: Climate Change 2022, Mitigation of Climate Change, IPCC, 2022.
(6) Source: “Disruption & Uncertainty, The State of Grocery Retail 2021”, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, 2021.
(7) Source:
(8) Source: “
(9) Source: Webinar:
“Les Français et la sobriété énergétique
Les Français et la sobriété énergétique”
” (The French and energy efficiency), Le Printemps de l’économie, October 2022.
“Quelles perspectives pour la consommation alternative ?”
(The French and energy efficiency), Elabe, August 30, 2022.
(What is the outlook for alternative consumption), NielsenIQ,
September 2022.
(10) Source:
“Commerce physique ou digital à l’ère post‑Covid ? Les tendances de consommation passées au crible”
(Physical or digital commerce
post‑Covid? Consumer trends examined), Access Panel France 2022, l’Échangeur BNP Paribas.
(11) Source: “Disruption & Uncertainty, The State of Grocery Retail 2021”, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, 2021.
(12) Source:
“Next Leading Brands, la consommation des Français et leur rapport aux marques après la crise”
(Next Leading Brands: French Consumer
Spending and Brand Relationships after the Crisis), Babel, Stratégie et création, 2021.
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PRESENTATION OF THE CARREFOUR GROUP
Context: global challenges and development opportunities
1.2.6 RESPONSIBILITY ON INCLUSION
Diversity and inclusion challenges are key issues of contemporary
societies, as evidenced by the power of the #MeToo or
#BlackLivesMatter movements. Inclusion, which is the opposite
of discrimination, aims to give each individual a place in society,
(gender, culture, origin,
regardless of their characteristics
disability, etc.).
In France, discrimination against people with disabilities is the
most salient (83%), followed by discrimination against supposed
origin (82%), physical appearance (81%) and sexual orientation
and gender identity (80%). Younger generations are the most
sensitive to these issues: 49% of under‑35s believe that no area of
life is spared from discrimination, 15 percentage points higher
than the average French person.
French people feel that action should be taken at all levels of
society to improve inclusion and believe that the actors in the
best position to do so are citizens (86%), public authorities (85%),
schools (85%) and companies (82%). Companies have a role to
play in combating social discrimination and reducing inequality,
but they also benefit from this action. Diversity and inclusion are
perceived as a key asset and a vector of innovation and financial
performance for any organisation. However, only 56% of French
employees feel that their employer is committed to an inclusion
policy (1).
(1) Source: “Les Français et l’inclusion” (The French and inclusion), OpinionWay, March 2021.
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The Carrefour 2026 plan: Renewed ambition, faster trajectory
1.3 The Carrefour 2026 plan: Renewed ambition,
faster trajectory
The next stage in Carrefour’s transformation trajectory, following
on from the successful Carrefour 2022 plan, is the Carrefour
2026 plan, rooted in the Group’s raison d’être, the food transition
for all, and Carrefour’s omni‑channel model as a Digital Retail
Company.
“In the space of five years, we have deeply transformed
Carrefour, placed the customer at the heart of its model and
resumed profitable growth, serving our raison d’être, the food
transition for all. Starting today, we are opening a new chapter in
the Group’s transformation. Carrefour 2026 is a plan to be on the
offensive in markets marked by inflation and climate change.
With its new omni‑channel model, Carrefour is the best‑placed
group to address crises and meet consumers’ new expectations.
With Carrefour 2026, we are accelerating our transformation by
committing ourselves to giving all our customers access to the
best, building a cutting‑edge group and consolidating our
sustainable growth model.”
Alexandre Bompard, Chairman and Chief Executive Officer.
1.3.1 MAKING THE BEST AVAILABLE TO ALL OUR CUSTOMERS
The Carrefour model revolves around its 80 million customer
households worldwide.
Customer satisfaction is the Group’s compass. This stands on the
three main pillars of trust, service and convenience, which are
reflected in and measured by KPIs (Key Performance Indicators)
such as the Net Promoter Score® (NPS®). There was a big
increase in the NPS® between 2018 and 2022. This result,
coupled with the commercial successes of the last few years,
confirms the loyal and rapidly expanding customer base that
enables Carrefour to push ahead with
its transformation,
anticipate new market trends, and offer its customers optimum
solutions.
the context of
Given
inflation and climate emergency,
consumers in 2022 were concerned with maintaining their
purchasing power without giving up on healthy and responsible
eating. Through measures such as developing its own brands and
discount formats, Carrefour acts to shield its customers against
crisis conditions. The Group also seeks to lead the way in
responsible retailing, through stronger support for sustainable
production and commitments on climate and biodiversity.
It brings concrete responses to present‑day challenges, building
on the opportunities opened by the digital revolution. Carrefour’s
commitment on the food transition for all is attuned more
closely than ever to its customers’ concerns and the changing
shape of society.
1.3.1.1 A distinctive and rationalized offer,
reflecting our raison d’être
Pride of place for own‑brand products
Carrefour is stepping up own‑brand development under its
endeavour to ensure that all its customers have access to the
best. Customers appreciate Carrefour own‑brand products for
their quality, recognized as at least identical to that of national
brands, and competitive prices. By providing an effective
response to inflation while enabling consumers to continue to
eat healthily, Carrefour own‑brand products represent a strategic
lever for differentiation and competitiveness.
Carrefour has built up a strong range of own brands, under
constant expansion to span the full spectrum of its customers’
needs. In 2020, it created the least expensive brand on the
market, Simpl’, whose prices are lower on average than those of
hard‑discounters. By 2022, this was offering more than 500
essential everyday products. To address steepening inflation, the
Group continues to expand this range and extend it to all its
European geographies.
From 2018 to 2022, own brands grew from 25% to more than
33% of Carrefour’s total sales. Carrefour continues to develop
and promote its own‑brand products, with a view to them
becoming the core of its commercial engine. The aim is to
increase their share of total food sales to 40% by 2026, i.e.
almost one in two products sold in its shops.
The Group is improving the composition of its own‑brand
products to optimise their nutritional profile in all its host
countries. Ahead of new legislation and regulations, Carrefour
has deployed a worldwide programme to remove controversial
substances from its products, aligned with the situation in each
impacting human
geography. 100 controversial substances
health were withdrawn between 2018 and 2022. Carrefour is
committed to removing 2,600 tons of sugar, 250 tons of salt and
20 substances newly considered controversial (making 120 in all
since 2018) from its own‑brand products by 2026.
Carrefour also runs a programme on animal welfare improvement
throughout its supply chains. In 2019, it issued a ten‑point animal
welfare policy. Carrefour has confirmed that all the fresh eggs sold
under its own‑brand will be cage‑free by 2025. This programme is
also being extended to non‑food products, as with the commitment
on 100% quality traceability guaranteeing animal welfare for products
in Carrefour’s TEX textiles brand.
Stronger support for sustainable agriculture
Because the activities involved in producing and distributing food
have a non‑negligible impact on the planet and its ecosystems and
climate, a transition is needed towards practices that are more
respectful of the environment and biodiversity. Carrefour is
stepping up sustainable sourcing by helping its partners transform
their production models. Under its Act for Food programme
launched in 2018, the Group facilitates the implementation of
through preferential
more
farming practices
contractual conditions that safeguard the producers of
its
Carrefour Quality Lines and organic and agroecological lines.
responsible
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In 2022, the Group has nearly 38,000 partner producers,
including 3,637 that supply organic produce. It updates the Act
for Food programme, bringing deeper meaning to keep abreast
of customers’ changing expectations. In 2018, the offer that best
reflected emerging consumer trends was organic produce, and
the Group rose to leadership in this segment over a period of five
years. Customer expectations for healthy food are evolving,
going beyond organic food and extending to short circuits, local
farming and
sourcing, and produce
sustainable fishing. Carrefour has set itself the goal of increasing
the number of producers it supports to 50,000 by 2026,
reasserting its position as the leading partner of the agricultural
world.
from agroecological
Through these initiatives, the Group aims to become the
European leader in certified sustainable products, with sales of 8
billion euros by 2026 in this category, which includes certified
food and non‑food organic products, Carrefour Quality Lines
committed to an agroecological approach, sustainable fishing
(ASC‑MSC), paper and wood products with PEFC and FSC
certification, and products with environmental certification such
as EU Ecolabel.
The food transition for all
The Group is continuing its endeavour on quality food for all, by
strengthening its affordable fresh food offer, one of the priorities
of the Carrefour 2026 plan. By 2026, it plans to double its
supplies of fruit and vegetables from ultra‑short circuits (i.e.
produced by suppliers located less than 50 km from the shop) in
Europe. Another example of this local emphasis is the launch in
France of a local fresh produce format under the Potager City
(“City Vegetable Garden”) brand. These new city centre stores
carry a true ultra‑specialist fresh‑food proposition, but with
non‑specialist prices.
Then addressing the growing dietary preferences for lower meat
intake (flexitarian, vegetarian, etc.), Carrefour
is continuing
roll‑out of its own‑brand 100% vegetarian offering. With over 100
products, it is the most comprehensive range of private label
vegetarian and vegan products. In 2022, the Group’s sales of
meatless products reached 300 million euros in Europe, and the
target is 500 million euros by 2026 (+65%). Carrefour’s range of
“-free” products (gluten-, lactose-, etc.) is also growing.
its customers with detailed nutritional
Carrefour provides
information on its products: information per portion, fibre
content, consumption frequency, etc. In 2019, it took up product
labelling with the Nutri‑Score index of product nutritional quality
across its product lines. The Nutri‑Score label appears on 4,101
Carrefour‑branded products available in stores or online in
France and the rest of Europe, including the Carrefour Bio and
Carrefour Veggie lines.
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
Support for more responsible consumption
trends
60% of consumers believe they can make a difference through
their buying decisions (1). In line with its customers’ concerns on
environmental issues, Carrefour runs a number of measures
conducive to sustainable consumer behaviour.
Carrefour was the first European Retailer to use blockchain
technology to ensure product traceability through every stage in
the production process. In late 2022, this was operational in 69
Carrefour Quality Lines, covering 1,222 different products. It was
extended to 14 new lines during the year.
In France, Carrefour was the first major retail banner to sell a
fair‑trade product, Malongo brand coffee back in 1998, produced
by small farmers. Many Max Havelaar® certified products have
since been added to store shelves through brands such as Alter
Eco, Ethiquable, Lobodis, etc. Twenty‑two years later, Carrefour
and Max Havelaar® have signed a number of international
agreements. In 2022, 137 million euros worth of fair trade
products were sold in Carrefour stores worldwide, representing
an 8% increase from 2021. Product sales generated nearly 1.5
million euros in development bonuses for cooperatives, on top
of the fairer retail price paid to producers, which have financed
study grants, water purifiers, schools, a maternity unit, and more.
1.3.1.2 Omni‑channel, a unique service
proposition
At the end of 2022, Carrefour was fielding a worldwide network
of more than 14,000 stores in more than 40 countries. The
Carrefour 2026 plan accelerates the Group’s transformation into
a
full‑coverage benchmark‑level omni‑channel universe,
enhancing the appeal of hypermarkets through the Maxi method,
opening promising new discount formats, tightening the network
of convenience stores, developing e‑commerce, filling out the
service offer, and developing integration between online and
in‑store shopping.
formats, along with
The Group’s multiple
its digital
developments, form a unique ecosystem capable of offering a
personalized customer experience. In addition to their traditional
function
in off‑the‑shelf self‑service shopping, stores are
conceived as keystones of an omni‑channel Carrefour universe,
as preparation centres and points for picking up goods, or,
indeed, returning them for reimbursement, etc. The aim is to
offer customers a seamless experience, enabling them to shop in
a variety of different but complementary ways, with different
store formats, online ordering for pick‑up from a Drive location
or home delivery, in‑store shopping with useful and practical
digital services, development of merchant and financial services,
etc. By tying together physical stores with digital services,
Carrefour develops closer interaction with its customers in all
shopping situations, offering an efficient, accessible shopping
experience and developing customer loyalty through a unique
relationship. If they wish, Carrefour customers can be recognised
at every stage of the shopping experience, to benefit from
personalised advantages.
(1) Source: “Next Leading Brands, la consommation des Français et leur rapport aux marques après la crise” (Next Leading Brands: French Consumer
Spending and Brand Relationships after the Crisis), Babel, Stratégie et création, 2021.
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
Rollout of e‑commerce operations brings an increase in brand
loyalty. Customers who take up omni‑channel shopping tend to
shop more at Carrefour (+22% from the first year (1), +27% after
two years(1)) and have a higher retention rate (2) (97%) than
customers who only shop in‑store. This clearly demonstrates the
power of Carrefour’s omni‑channel model.
Determined to nurture this competitive advantage, Carrefour
confirms its target of 30% omni‑channel customers by 2026 (vs.
11% in 2021). To achieve this, Carrefour continues to enhance its
omni‑channel ecosystem (and its applications in particular)
through the provision of more personalized offers and consumer
advice, and the digitisation of all services, catalogues, receipts,
coupons and vouchers.
Accelerated deployment of discount formats
As
its
inflation worsens, Carrefour continues to transform
physical sales network by upgrading hypermarkets and stepping
up the development of discount formats to address the growing
challenges of purchasing power.
Heightened appeal for hypermarkets in Europe,
through the Maxi method
As the Group’s leading discount format, the hypermarket stands
as a bulwark against inflation. Carrefour intends to strengthen
this position by deploying the Maxi competitiveness and
productivity method across all its hypermarkets in Europe. This
method, which has been successfully tested in France since
2021, is based on improved operational efficiency. The resulting
offers are squarely focused on purchasing power capability, with
each shop realigned to the key needs of its customers, by
catchment area.
food offer, with data‑driven
The primary feature of the Maxi method is an adapted and
simplified
redefinition of
assortments, enhanced visibility and availability for the Carrefour
brand and entry‑level prices, adapted packaging, and
development of a full range of round‑the‑world products. Along
in
with simplification,
national‑brand food product assortments by 2026, for better
on‑shelf readability, pooled purchases, and simpler operations
(inventory management,
in
particular).
logistics flows and shelving
there will be a 20%
reduction
At the same time, the non‑‑food offer is being massified and
made more legible, to become a means of attracting new
customers. This offer is structured around own‑brand products,
with the aim of increasing this share to 50% by 2026. To improve
readability and boost seasonal products, the assortment of
permanent references will be reduced by 40%, and the in‑store
non‑food offer will also appear on the Group’s e‑commerce sites.
The “In & Out” spaces launched in 2020 liven up non‑food
operations by offering a range of everyday products at very
affordable prices (with items at less than 1 euro), in order to
attract bargain‑hunting customers. In 2022, there were 1,101 “In
& Out” spaces across Carrefour’s European stores. They will be
rolled out across the Group between now and 2026.
The Maxi method will be implemented in all hypermarkets, as
well as in supermarkets.
Accelerated expansion for Atacadão in Brazil
The Brazilian cash & carry chain Atacadão is the Group’s fastest
growing format over the last five years. Atacadão offers a limited
range of products at wholesale prices, presented directly on
palettes and sold either by the unit or in large packages, a
convenient and low‑cost model that addresses both trade
customers and individuals.
In a context of steep ongoing inflation, Atacadão offers concrete
answers to the challenges of purchasing power. The group is
therefore pushing ahead with the expansion of Atacadão, raising
its target of 20 to 30 new store openings per year in Brazil by
2026. Through this organic growth, plus the conversion of BIG
shops, Carrefour aims to have more than 470 Atacadão stores in
Brazil by 2026. The Group also plans to pilot the brand in France
with the opening of the first store.
Extension of Supeco in Europe
Carrefour is also pushing ahead with other discount formats. In
Europe, and Spain in particular, it is expanding the Supeco
banner, based on the soft discount supermarket model. From 6
stores in 2020, the banner grew to 120 in the Group by 2022, and
Carrefour targets a total of 200 stores by 2026.
Closer reach for the local network
Carrefour’s strength also lies in its convenience formats, which
give customers access to the best, right around the corner. For
example, in France, the Carrefour City and Express in‑town
banners make for highly convenient everyday shopping, even in
outlying urban districts, while in rural areas Carrefour’s Market,
Proxi and Contact banners give good local reach nationwide.
The Group’s convenience formats expanded rapidly during the
Carrefour 2022 plan, with more than 3,500 openings from 2018
to 2022 in all geographical areas, exceeding the target initially
set. Convenience shopping continues to be one of the Group’s
major growth drivers. Given
the substantial development
potential of this format, Carrefour is continuing expansion here,
targeting 2,400 new convenience stores by 2026 (600 shops per
year), mainly through franchising, with a focus on European
countries.
Unique e‑retailer offering and ecosystem
In addition to its multi‑format shop network, Carrefour also seeks
market differentiation by strengthening its e‑commerce and
services offering. Following on from its initial digital investment
plan, from 2018 to 2022, Carrefour stepped up its digital
technology spend with a new 3 billion‑euro plan for 2022 to
2026, presented at Digital Day.
In 2022, the e‑commerce activity stood up well against the tense
macroeconomic context. Carrefour continued to win customers,
posting a global GMV of 4.2 billion euros in e‑commerce (up 26%
on 2021). Numbers continue to grow in food (up 23% on 2021),
non‑food (up 38% on 2021).
(1) Presentation of the Carrefour 2026 strategic plan by Alexandre Bompard, November 2022.
(2) Percentage of active clients retained from one year to the next.
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
The Group is constantly innovating to strengthen its position in
the Drive market and its leadership in home deliveries. Carrefour
innovations are also appearing in many other areas: quick
commerce, the e‑commerce site (which features an anti‑inflation
button since November 2022), e‑catalogues, deliveries straight to
customers’ refrigerators, deliveries using autonomous vehicles,
and an application upgrade that puts all "Carrefour at the
customer’s fingertip".
Home delivery services also expanded in every Group country in
2022. Carrefour is the French market leader in this segment, with
a highly diversified array of services. In express delivery, in
addition to Carrefour Express delivery service in less than one
hour on carrefour.fr, Carrefour is also present on Uber Eats with
1,200 stores, and on Deliveroo with 380 stores for express home
grocery delivery in 30 minutes. Outside France, home delivery
services continue to grow in all our countries, both in our
own‑brand services and in our 20 partner marketplaces (Uber
Eats, Cornershop, Deliveroo, Glovo, Rappi, etc.). More
specifically, in quick commerce (i.e., everyday shopping in less
than 15 minutes), Carrefour has continued to grow its dedicated
Carrefour Sprint service in France which it launched in late 2021,
both through its convenience store network and its partners
Uber Eats and Flink (which acquired Cajoo in second‑quarter
2022 and in which Carrefour is a minority shareholder). By
end‑2022, this service was offering 15‑minute delivery of nearly
2,000 food and non‑food product references in 16 cities, making
Carrefour Sprint France’s most widely‑available quick commerce
brand. Carrefour Italy launched its own quick commerce service
in partnership with Deliveroo and their
in January 2022,
Carrefour x Deliveroo Hop service, first in Milan and then in
Rome. Carrefour Brazil
its Carrefour Ja quick
launched
commerce service in July 2022, in partnership with Cornershop
(an Uber Eats subsidiary).
in non‑food
is also continuing expansion
The Group
e‑commerce segments, chiefly through its marketplaces and live
shopping services. The product offering focuses on growth
segments such as previously‑owned merchandise, drop‑shipped
leading brand products and own‑brand non‑food products. In
2022, the carrefour.fr marketplace extended its offering to
non‑food categories, bringing in partners such as Miliboo and
Samsung.
Encouraged by these developments, Carrefour confirms its
objective, announced at Digital Day, of 10 billion euros in
e‑commerce GMV by 2026 and a 200 million euro increase in
recurring operating income from e‑commerce activities in 2026
versus 2021.
Carrefour’s digital strategy is also an integral part of the Group’s
social responsibility approach. Carrefour targets carbon neutrality
for its e‑commerce activities by 2030, ten years ahead of its
corporate target that sets this for 2040. This means that the
entire purchase process, from click to delivery, should be carbon
neutral by 2030.
Fuller range of services
Carrefour’s services offer enriches
its omni‑channel model
through its capabilities for attracting new customers and building
loyalty among existing ones. The Group is extending this offer by
digitalising it and improving its integration into the shopping
process, using customer data to better target commercial
operations and control the cost of risk.
Carrefour also introduced new subscription comparison services
(mobile phone plans,
Internet boxes, electricity/gas) and
partnered with Livecars, a multi‑service platform for car dealers
and manufacturers. Carrefour Occasion has also launched a new
circular economy offer, occasion.carrefour.fr, a platform for
buying back second‑hand products developed in partnership
with Cash Converters.
The Group will be continuing to develop its 30 everyday services
to step up growth.
Carrefour is also continuing with diversification and digitalisation
of its financial service offers, both B2C and B2B, addressing the
needs of all customers. New solutions introduced as early as
2023 will include in‑store “buy now pay later” offers and products
specifically aimed at seniors.
Despite a more difficult economic environment than in 2021,
Carrefour confirms that the digital strategy for financial services
should generate additional recurring operating income of 200
million euros in 2026 compared to 2021.
To reach its objective of 30% omni‑channel customers, Carrefour
will be using powerful personalisation and loyalty mechanisms,
along the lines of Carrefour Spain’s unique loyalty programme
and its attractive subscription offer, whose customers account
for almost 70% of sales. Two of the Group’s key customer loyalty
drivers are customer cards through omni‑channel programmes
and development of promotions and personalised advertising.
1.3.1.3 Carrefour, a major player
in responsible retailing
To address customer concern on the matter and contribute to
countering global warming, Carrefour is renewing and stepping
up its climate transition commitments. Within the retail sector,
the Group has built strong credibility on these matters, as a
forerunner in the development and rigorous monitoring of a CSR
and Food Transition approach, materialized in its shops by its
successful Act
Its Engagement
for Food programme.
Department, formed in 2022, is tasked with concrete pursuit of
the Group’s ambitions on the environment, diversity, inclusion
and solidarity. Carrefour has received some of the best
extra‑financial ratings in the sector on a global scale, including an
“A” score from the Carbon Disclosure Project (CDP) and a 9‑point
increase in its Moody’s rating in 2022 (second in the sector). As
climate challenges mount in intensity, the Carrefour 2026 plan
brings stronger initiatives, which will extend to involve the
Group’s ecosystem as a whole, including suppliers.
A stance against waste
The Group contributes to the combat against all forms of waste
and innovates to develop all forms of the circular economy.
Carrefour is also committed to reducing food waste from its
shops, taking up the Consumer Goods Forum goal of a 50%
reduction in food waste by 2025 with respect to 2016. As well as
measures on improving inventory management at its stores,
Carrefour also takes steps to limit the volume of unsold food
products: spotlighting items that are approaching their use‑by
date, transforming damaged fruit and vegetables for a second
life, partnering with start‑ups to sell products made from unsold
foods (Too Good To Go), etc. To avoid products being thrown
out unnecessarily, the Group has launched a joint initiative with
its suppliers to review or extend use‑by and minimum durability
dates. It also optimises its donations of unsold food products by
partnering with food banks in most of its host countries. The
food donated by Carrefour in 2022 represented the equivalent of
46 million meals. Unsold foods that cannot be donated are used
as biowaste for the production of biomethane.
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
To lead the way in circular economy endeavours, Carrefour is
taking up more resource‑efficient practices, such as waste
recovery, eco‑design and recycling of plastic packaging, which
has become a major source of marine pollution. By 2025, the
Group is committed to recovering 100% of its in‑store waste
through recycling or the production of green energy, and to
100% of its own‑brand product packaging being reusable,
recyclable or compostable. Under its Zero Plastic Challenge, the
Group is working to cut out 20,000 tonnes of packaging by
2025. The wide range of innovations here include brown paper
and organic cotton bags in the fruit and vegetable section, and
brown paper bags at cost price (9 eurocents) at checkouts. The
dispensers now appearing in Carrefour shops are appreciated by
to
the growing number of customers who prefer bulk
pre‑packaged products. Carrefour saw bulk product sales of 30
million euros in 2022, and targets a fivefold increase to 150
million euros by 2026.
In France, Carrefour is also targeting 80% digital catalogues by
2024 and 100% by 2026. To promote the circular economy,
Carrefour
responsible sourcing and
developing collection, resale and rental offers: Loop returnable
and reusable packaging solution in France, glass bottle deposit
system in Poland, etc.
is also stepping up
Clear commitment on climate
In line with the goals set in 2015 by the Paris Climate Agreement
(COP21), Carrefour raised its objectives to limit global warming in
2021, setting itself the goal of achieving carbon‑neutral stores by
2040
(Scopes 1 and 2) and achieving carbon‑neutral
e‑commerce activities by 2030. These targets are aligned with a
1.5°C trajectory and they were reaffirmed in 2022.
Carrefour has also committed to cutting its indirect emissions
(Scope 3), with a goal of 29% by 2030 (compared to 2019),
including a 20‑megatonne reduction in its product footprint. This
trajectory was approved in 2020 by the Science Based Targets
initiative for its alignment on a trajectory below 2°C.
Ecosystem mobilization against climate change
is determined to extend
The Group
its climate transition
responsibility beyond its own perimeter, and involve its entire
ecosystem in this endeavour.
The Carrefour 2026 plan invites the Group’s 100 largest suppliers
to join it in taking up the 1.5°C trajectory for 2026. In what is an
unprecedented commitment for the retail sector, Carrefour
undertakes to delist suppliers who do not meet this condition by
the end of the announced period.
To spotlight suppliers offering healthy, sustainable products in
line with
its commitments on carbon neutrality and the
preservation of biodiversity, Carrefour ran the International Food
Transition Awards competition in October and November 2022,
rewarding the most virtuous suppliers in terms of CSR from a
customer viewpoint. More than 250 Carrefour partners took part
in the event, which awarded six international and nine local
prizes.
Combating deforestation and preserving
biodiversity
Carrefour leads the way in biodiversity protection, and for several
years now has been running a wide‑reaching programme
targeting all sensitive raw materials. It also spearheads the fight
against deforestation, as with its 2010 commitment, at the
Consumer Goods Forum (CGF), to the goal of zero deforestation.
In March 2022, the Group announced the launch of a system of
full traceability for livestock farming in Brazil, and committed to
ensuring that Carrefour‑branded beef from Brazil would be
guaranteed “deforestation free” by 2026. By this date, the Group
will have withdrawn from all at‑risk areas and will have delisted
any livestock farm located in these areas. This commitment will
be extended to other brands sold in Carrefour stores by 2030.
The Group has also announced the creation of a Forest
Committee in Brazil, made up of industry experts and Group
executives, to intensify its efforts to combat deforestation at
national and international scale. Carrefour is also setting up an
anti‑deforestation
fund, coupled with a 10 million euro
investment to finance projects that contribute to the preservation
of biodiversity.
The same year, the Group signed up to the Science Based
Targets for Nature programme, which guides organisations in
setting ambitious science‑based targets for climate and nature.
As part of this process, an initial mapping of the Group’s impacts
and dependencies on biodiversity was performed (see Section
2.1.2 Biodiversity).
Social responsibility initiatives
Alongside its commitments to the climate transition, Carrefour is
also asserting itself as a committed, long‑standing partner in
responsible retailing, through numerous social responsibility
initiatives organised throughout the world.
sustainable,
focused on
The Carrefour Foundation has more
than 20 years of
commitment to solidarity. Its public‑interest mission to promote
a responsible food transition is currently being pursued through
three programmes
responsible
agriculture, inclusive anti‑waste initiatives and a food‑related
societal commitment. With an annual budget of 6.75 million
euros over a three‑year period, the Foundation supports social
in France and French overseas
responsibility
departments and territories and the Group’s other host countries.
It co‑manages community‑based projects with the Group’s local
teams and foundations in all of the Group's host countries. In
2022, the Carrefour Foundation sponsored 83 projects through
its programmes and 27 calls for projects designed to provide
local and regional support to associations.
initiatives
In 2021, the Carrefour group created a Group & France Solidarity
Division, which works closely with
the Group’s partner
associations. Carrefour’s commitment to non‑profits therefore
means getting employees in the stores, warehouses and head
offices involved in making philanthropic contributions in the
public interest. The Division can report outreach initiatives to give
them a wider audience and measure their
impact more
accurately.
Every year, numerous social responsibility initiatives are organised
throughout the countries in many different forms including food
collections, product‑sharing operations and in‑store donations.
The initiatives supported by Carrefour include the Pièces Jaunes
campaign (France), food banks (in all countries), Action Against
Hunger (Italy), Red Cross (Spain, Romania and Poland), Pink
Ribbon (Italy), Açao da Cidadania (Brazil), and Unicef (Argentina).
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Emergency aid
Supporting charities providing emergency relief is a key part of
part of Carrefour’s international activity.
1.3.2
BUILDING A CUTTING‑EDGE GROUP
Innovation has been a key feature of Carrefour’s history and
culture since it was founded in 1959. With the Carrefour 2026
plan, the Group is building on this pioneering spirit to launch a
number of initiatives that are unprecedented in European Retail:
simplifying its organisation, extending franchising, stepping up
actions on social inclusion and upward mobility, developing new
its digital and
business
its energy production
real‑estate assets, and materialising
potential.
lines through the optimisation of
1.3.2.1 A simpler and more efficient
organisation
Working from its two key geographical regions of Europe
(including France) and Latin America, Carrefour will be building a
simpler and more efficient organisation capable of generating
savings to enhance its competitive performance and innovation.
its geographical
Through
organisation, purchasing and processes, the Group aims to
achieve savings of 4 billion euros by 2026.
transformation of
in‑depth
the
The Group has rebalanced its geographical footprint under
excellent conditions over the last four years. In 2022, with the
announcement of the sale of Carrefour Taiwan to Uni President
and the integration of Grupo BIG in Brazil, Carrefour has boosted
the weight of its key markets, Europe (including France) and Latin
America, where the Group generates 70% and 30% of its net sales
respectively,
from around 12,000 and 1,500 shops. This
geographical optimisation opens considerable pooling potential,
especially in Europe. Carrefour’s new organisation, operational
from 2023, will boost competitive performance in all of the
Group’s host countries, especially the smaller ones, which will be
reducing their head office costs and benefiting from a much
richer Group expertise, yielding considerable advantage over
local competitors.
Carrefour began stepping up purchases massification in Europe
from the end of 2022. The Group’s direct purchasing in Europe is
pooled through a single European purchasing centre for major
international FMCG (Fast Moving Consumer Goods) suppliers,
Eureca. The objective is to bring on board around thirty suppliers
by 2025 and to reach more than 50% of bulk purchases by FMCG
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
Beginning in February 2022, the Group’s European countries
began organising multiple donations and
food collection
in support of Ukrainian refugees. The Carrefour
initiatives
local associations with emergency
Foundation supported
purchases of basic necessities in Poland and Romania (Red Cross
Poland, FARA Foundation, etc.).
It also assisted food aid
organisations in all its countries of operation to cope with the
influx of people seeking help in the second‑half of the year. Since
its creation, it has given over 19 million euros worth of
emergency humanitarian aid.
by 2026. For fresh produce, the target is 30% of bulk purchases
(+20 pts) by 2026, by strengthening the capacities of the Somoco
central purchasing unit for imported fresh produce. Non‑food,
own‑brand and national/international purchases will also be
optimised through a centralised European organisation and
business model, targeting 70% by 2026 (+50 pts).
Purchases of goods not for resale will also be pooled at
European scale on the basis of common specifications
Under the Carrefour 2026 plan, organisation is to be simplified
across the group. In Europe, the Group’s expert and support
functions will be pooled: the former
(tech/data, financial
services) to win the talent war and strengthen the Group, and the
latter (human resources, finance) to optimise performance.
Expertise centres, to centralise talent, will be set up across
Europe (such as the Eureca purchasing centre in Madrid),
enabling country teams to focus on their core business of
commerce. This new organisation, under construction, will bring
head‑office staff reductions,
to which each country will
contribute. Head offices will refocus on their core functions:
brands, strategy, legal, etc.
Carrefour is also continuing its overhaul of operational processes
using digital solutions. In business and support processes, all
functions are concerned: assortment, pricing and
internal
processes.
In 2022, 80% of the food range was already
determined automatically. Systems using artificial intelligence are
in place for adapting the offer to the shop’s catchment area and
for optimising promotional catalogues. The Group plans to set
up a Global Tech Centre to unify the technological base used by
Tech teams in its various geographies.
The supply chain and shop operations are also central focuses of
the digital transformation. Throughout the supply chain, from
supplier to shop shelves, digital technology opens the way to
end‑to‑end management of
logistics flows: warehouse
mechanisation, control of lorry loading rates, planning of delivery
rounds, automated forecasting and management of orders and
stocks in shops, etc. Digital technology makes for increased
improved working
lower costs and
product availability,
conditions for the Group’s employees.
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
1.3.2.2 A central place for franchising
lease management has proven
Encouraged by the contribution made by franchisees and stores
under lease‑management to the Group’s development and
performance, especially through the Carrefour 2022 plan,
Carrefour wants to develop this model. Franchising has proved to
be a relevant solution for all Carrefour formats, including certain
hypermarkets, where
its
effectiveness. Since 2018, 90% of shop openings in Europe have
been on a franchise basis. The Group will be sustaining this
expansion in Europe, by continuing to transfer stores to franchise
and lease‑management, based on objective performance criteria
and annual assessment. Already present in more than 40
territories via international partners, the Group aims to open ten
new markets by 2026, primarily in Africa, the Middle East and
Latin America, and to step up the export of Carrefour‑branded
products.
Carrefour aims to strengthen dialogue, service and quality of
assistance to franchisees, whose share is constantly increasing.
The Group will be inventing its future with its franchisees, rapidly
drawing inspiration from the best practices they develop and
involving them more often in its strategic decisions, especially
with regard
to merchandise, marketing and supply‑chain
projects.
1.3.2.3 Development of new professions
Inventing the Group of tomorrow also means opening up to new
professions, to reap the full value of the Group’s assets: data, real
estate and energy production potential.
Ambition on European Retail media leadership
spanning 8 billion
Carrefour’s valuable proprietary data,
transactions and 80 million customers worldwide, stands as the
best Data & Retail Media offering in Europe. The Group was quick
to measure the potential of this activity, and to develop it,
launching in autumn 2021, the Carrefour Links platform, which
enables Carrefour’s partner companies to conduct marketing
campaigns throughout the Group’s online universe and to
measure their real impact from ad to purchase. The Group
expects Carrefour
additional
to
200 million euros in recurring operating income by 2026 (vs.
2021).
generate
Links
an
Following the success of Carrefour Links, which already had
more than 450 clients by the end of 2022, Carrefour announced
its partnership with an expert in the sector, Publicis, on creation
in 2023 of a joint subsidiary under 51% Carrefour ownership,
targeting leadership in the European Retail media sector. This
new entity will benefit from both Publicis’ advanced technologies
and Carrefour’s knowledge and expertise in retail media. It will
cover the entire Retail media value chain, from inventory creation
to the complete marketing of solutions to advertisers and
shopping sites, and will be active throughout continental Europe,
Brazil and Argentina. This joint venture will enable Carrefour to
move up the value chain and conquer new geographies in retail
media. It will market its solutions to a variety of customers (other
retailers in particular, whatever their sector), and to all service
sites and e‑commerce platforms with customer bases to be
developed. The Group will thus become a media solutions
platform, an “Audience Hub” capable of operating media services
on behalf of other companies. With this alliance, Carrefour’s
digital transformation takes on a new dimension, opening access
to a market with very high growth potential.
Maximising the value of the Group’s real estate
assets
With its extensive real‑estate portfolio, Carrefour has a high
profile in the urban fabric of the countries where it operates. As
well as seeking to maximise the value of these assets, it also has
an important role to play in urban planning.
In France, Carrefour has identified a hundred or so sites that
could be transformed into housing, offices, stores or leisure
areas. In November 2022, the Group announced the launch of
100 urban mix projects by 2026. It plans to carry out these
in partnership with
operations between now and 2030,
developers currently being selected. Overall, construction
operations cover a total surface area of 1.5 million sq.m. and will
create 500 million euros in value by 2030.
its real‑estate assets
intends to place
In Brazil, Carrefour
(Carrefour, Atacadão and BIG) in a private real estate company,
the largest of its kind in South America. Carrefour plans to open
its capital to minority real estate partners to support its future
development and seize opportunities to create value. At
this property company should receive around
inception,
BRL 1.5bn in annual rents.
An ambitious energy transition policy
Taking the Group into an active role in the energy transition,
contributing to solutions in a context of crisis, the Carrefour
2026 plan includes extension of the Group’s activities to the
energy sector. This ambition is twofold: to reduce the Group’s
energy consumption and to become a solar energy producer.
With energy sobriety taking on critical importance, Carrefour has
announced that it is doubling its investments aimed at reducing
its energy consumption, up to 200 million euros per year from
2023 to 2026. This will bring a 20% reduction in energy
consumption by 2026 group‑wide and by 2024 in France, on
track for the 2030 objective of 27.5%
In July 2022, Carrefour became the first retailer to partner with
the EcoWatt charter, undertaking
reduce electricity
consumption in its shops during periods of high demand on the
French grid during the winter of 2022‑2023. Carrefour also
signed the EcoGaz charter, undertaking to reduce its gas
consumption during high demand on the network
to
With a partner currently being selected, Carrefour will also begin
generating photovoltaic energy, the aim being to operate
4.5 million sq.m. of solar panels on carpark canopies in France,
Spain and Brazil. By 2027, the theoretical electricity output
generated by these panels will total 1 TWh per year, equivalent to
the consumption of a city of 400,000 inhabitants. Start‑up is
scheduled before the end of 2023.
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1.3.2.4 A labour relations project
on inclusion
To fulfil its ambitions, Carrefour counts on its 335,000 employees
worldwide. As one of the largest private employers in each of the
countries where it operates, Carrefour bears a considerable
social and societal
responsibility. Carrefour’s Engagement
Department, formed in February 2022 to carry through its
societal ambitions, includes a Diversity and Inclusion unit. Two
communication campaigns addressing the Group’s employees
#JeVeuxJepeux (“It’s my
were run in 2022:
Ma Rem & moi
chance & I’ll take it”) and
(“My pay & me”). The first
of these took the form of a series of 15 posters and videos
to diversity, upward
highlighting Carrefour’s commitment
mobility, equal opportunity
against
discrimination. The second aims to decipher the Group’s social
model and help its employees understand their remuneration
and welfare benefits
insurance, employee savings,
luncheon vouchers, etc.), to ensure everyone reaps full benefit.
Chacun sa chance
the combat
(health
and
Promotion of diversity within the Group
Since its creation, Carrefour has been committed to reflecting
and integrating the social diversity of the areas where it operates.
“Promoting diversity” is one of the three objectives of “Growing
and moving forward together”, the first pillar of Carrefour’s
managerial and cultural programme Act for Change. Carrefour
made an early commitment to promote diversity by signing a
Diversity Charter in 2004, aimed at giving everyone, in every
country, the same opportunities in career development and
hiring. In June 2022, Carrefour signed the LGBT+ commitment
charter with
leading
association working on inclusion of LGBT+ people in the
workplace. This reasserts the Group’s action on ensuring that
differences are respected so that all can advance within the
Company without discrimination or prejudice, regardless of
sexual orientation or gender identity.
(The Other Circle), a
l’Autre Cercle
innovative
In 2022, Carrefour announced an
initiative on
photographing its workforce under a proactive policy promoting
diversity of origins within its management functions. In March
2023, it will be launching a first‑ever survey in France, asking
employees about their backgrounds and origins, on a 100%
anonymous and voluntary basis, to obtain a picture of diversity
within its workforce. On the basis of this survey, to be repeated
every two years, the Group will run a wide‑reaching action plan
to promote diversity of origin within the Group, with the aim of
changing the face of the Company by 2026.
Gender equality
At December 31, 2022, the Group employed 184,817 women,
together representing 55.2% of its workforce. Numerous systems
are accordingly in place to ensure gender equality within the
Group. They include equal pay policies, access to training for all
and arrangements facilitating the work‑life balance (pooled work
schedules (1)). Carrefour gives priority attention to support and
training for all women employees and managers, through
specific
coaching,
programmes
mentorship), with a view to improving gender balance in all
Group management positions. This policy has enabled Carrefour
leadership
(individual
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
to increase the proportion of women in all management
positions. At the end of 2022, 26% of the Group’s top 200
managers and close to 30% of the Group’s Executive Committee
were women.
Employees and customers with disabilities
The Group has always taken a leading position on the question of
employment for people with disabilities. More than 20 years after
signing its first agreement on the employment of people with
disabilities in French hypermarkets, Carrefour remains committed
to this issue, and included disability as a major cause in its
Carrefour 2026 strategic plan. Carrefour has set the goal of
increasing the number of employees with disability from 11,000
in 2022 (3.7% of the workforce) to 15,000 by 2026, an increase of
50%. It also plans to bring in specific solutions for eradicating the
five main irritants experienced by customers with disabilities:
adapted trolleys, priority checkout and full digital accessibility for
its websites and mobile application. Partnership with the Paris
2024 Olympic and Paralympic Games will be an opportunity to
take these initiatives further, especially in the cities hosting
sporting events, and to highlight the values of commitment, team
spirit and surpassing oneself that Carrefour shares with the
Olympics.
A strong career opportunity focus
In‑house talent development
Upward mobility through work is one of the values that has
driven Carrefour’s development since the outset. In 2022, one in
two new managers in the Group started his or her career as an
employee before being promoted internally.
The Group’s Leaders School, an internal training school for
high‑potential employees, is a driving force for upward mobility.
The scheme was launched in Argentina and Spain in 2018 before
being rolled out to many of the Group’s countries in 2021:
France, Poland, Italy, Romania and Belgium. It promotes diversity
and professional equality at Carrefour, enabling employees to
progress to management positions, managers to become
divisional heads and divisional heads to become directors. To
accelerate access to management positions, in 2022, Carrefour
announced it would be doubling the number of graduates from
the School for Leaders, from which 5,000 new employees will
have graduated by 2026.
Training in digital culture
Carrefour is set on a world leading position in Digital Retail,
through a strategy based on a data‑centric, digital‑first approach,
presented at Digital Day. In all Group countries, programmes are
organised to help employees to understand and embrace digital
culture. To support everyone in their transition to the jobs of the
future and new ways of working, 100% of the Group’s employees
will receive digital training by 2024 through the Digital Retail
to
Academy, supported by Google. From October 17
November 5, 2022, all employees of Carrefour France’s shops,
warehouses and head offices attended the Tous Digital (“All
Digital”) training module to gain a better understanding of the
Company’s omni‑channel ecosystem. They can also refresh their
knowledge in the e‑learning area of the Digital Retail Academy.
(1) Work schedule pooling is a voluntary system offering employees the possibility of organising their own working hours, in consultation with their
colleagues and according to the workload plan prepared by their section manager. Since 2010, a collective agreement has offered the system to all
Carrefour hypermarket checkout staff, to support a better work‑life balance and serve customers’ best interests.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour 2026 plan: Renewed ambition, faster trajectory
The internal social network Workplace, launched in 2022, which
promotes Carrefour’s community spirit and the sharing of best
practices, has been rolled out in France, Belgium, Spain, Romania
and Italy. It will be extended to Poland, Argentina and Brazil in
2023.
The new employee share ownership plan
Carrefour has a strong employee relations model, which thrives
through a firmly rooted culture of dialogue and the existence of
agreements on all relevant matters, from working conditions to
pay. To further develop this model and directly involve all
employees in the Group’s success and value creation, Carrefour
Invest employee
launch of the Carrefour
announced the
shareholding plan, which will be offered to
its 335,000
employees in the first half of 2023. This popular, attractive,
secure and engaged plan will be adapted to the challenges of
tomorrow, with the funds raised being allocated to finance the
Group's CSR projects primarily.
1.3.3
A STRONGER COMPETITIVE MODEL THAT CREATES MORE VALUE
Continuing gains in market share
A powerful and resilient profile
Working from its strengthened business model and ambitious
development projects, Carrefour has set itself the objective of
continuing market share gains in its key geographies throughout
the Carrefour 2026 plan, in order to ensure regular growth. To
maintain this degree of competitive performance, the Group is
continuing with its savings plans. Carrefour has demonstrated its
ability to control its business model since 2018 and will be
maintaining this degree of discipline, achieving 4 billion euros of
savings from 2023 to 2026.
Steady growth in Recurring Operating
Income
This growth dynamic, combined with an optimised business
model and the synergies expected from the integration of Grupo
BIG in Brazil (BRL 2 billion of EBITDA expected in 2025), will
contribute to the growth of EBITDA and Recurring Operating
Income.
Increase in annual investments
To implement the Carrefour 2026 strategic plan, the Group is
increasing its annual investment rate to 2 billion euros per year
(from 1.7 billion euros previously). This CAPEX envelope will
cover finance for the the acceleration of Atacadão’s expansion in
Brazil (an additional 150 million euros approximately), to double
the envelope allocated to energy transition projects, to 200
million euros (from 100 million euros previously), and to support
rollout of the Maxi method
in all European shops (with
approximately 50 million euros added to the annual shop
remodelling budget). It will also include the 600 million euros
allocated to the Group’s digital transformation announced at the
2021 Digital Day.
Carrefour is able to generate EBITDA growth that is structurally
higher than the increase in CAPEX, thus contributing to regular
growth in net free cash flow with a target of over 1.7 billion euros
by 2026. The Group considers its strong balance sheet a key
asset given the current macroeconomic context and the changes
under way in the industry. It therefore wishes to maintain a Solid
Investment Grade credit rating for the duration of the plan.
The cash generated will enable a cash dividend to be paid each
year, with annual growth of at least 5%. At the same time, the
Group will continue its share buyback policy initiated in 2021
with annual programmes.
The Carrefour 2026 plan therefore stands as a value‑creation
plan for all the Group’s stakeholders, and in particular for its
shareholders, including employee shareholders.
On completion of this strategic plan, Carrefour will have a more
powerful and resilient model, largely owing to:
■
■
■
■
■
■
■
strong growth dynamic across the existing store base, and
expansion of discount formats;
competitive performance boosted by the reach of its digital
and omni‑channel model;
a business model built around powerful, recognised and
distinctive private label products;
a leading role in the food transition for all;
a presence in new adjacent businesses;
significant advances in terms of inclusion and cohesion;
a stronger financial profile thanks to strong increases in
Recurring Operating Income and Net Free Cash Flow.
32
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Breakdown of the Group’s businesses
1.4 Breakdown of the Group’s businesses
1.4.1
AN INTERNATIONAL OMNI‑CHANNEL RETAILER
Carrefour has been opening stores under its banners in France
and abroad for more than 60 years. It currently operates in
Metropolitan France and its overseas territories, as well as in
Europe, Asia, Latin America, Asia, the Middle East and Africa
through a network of integrated and franchised stores, and
stores that it runs with partner companies.
In 2022, Carrefour opened or acquired 1,490 stores under Group
banners, representing some 1,848,000 sq.m. of gross additional
sales area. As of the end of 2022, Carrefour had 14,348 stores
under its banners in more than 40 countries.
In 2022, Carrefour reported net sales of 81.4 billion euros, a
14.3% increase at constant exchange rates. 2022 sales including
VAT (before the impact of IAS 29) amounted to 90.9 billion euros,
an increase of 13.5% at constant exchange rates. This increase is
attributable to the following:
an 8.5% increase in like‑for‑like sales excluding petrol and
calendar effects, adjusted for the impact of construction/
renovation work;
a positive contribution of 3.2% for expansion and scope;
a 1.7% increase in petrol sales;
a favourable 0.1% calendar effect.
■
■
■
■
After taking into account a favourable currency effect of 2.6%,
mainly due to the appreciation of the Brazilian real, sales at
current exchange rates were up by a total of 16.1%. Including the
impact of IAS 29, total consolidated gross sales in 2022
amounted to 90.8 billion euros.
Recurring operating
representing 2.9% of net sales.
income came to 2,377 million euros,
Cash flow from operations stood at 3.8 billion euros in 2022
versus 3.6 billion euros in 2021 (1). Investments amounted to
1.9 billion euros in 2022, against 1.6 billion euros in 2021. Net free
cash flow came to 1,262 million euros compared to 1,227 million
euros in 2021.
France
In France, Carrefour had 5,945 stores under its banners at
end‑2022, in four formats: 253 Carrefour hypermarkets, 1,039
Carrefour Market supermarkets, 4,472 convenience stores
operating under the Carrefour City, Carrefour Contact, Carrefour
Express and So.Bio etc. banners, 148 Promocash cash & carry
outlets and 33 Supeco soft discount stores.
The Group’s integrated network included a total of 565 stores
including 166 hypermarkets, 255 supermarkets, and 144
convenience stores. In Metropolitan France, the proportion of
franchised stores within the network represented 29.1% for
hypermarkets, 74.3%
for
convenience stores.
supermarkets and 96.7%
for
Carrefour operates in Metropolitan France and, through a
number of long‑standing partnerships, in the French overseas
territories. A total of 190 stores are operated under Group
banners in the French overseas territories: 19 hypermarkets, 45
supermarkets, 121 convenience stores, and 5 cash & carry stores.
In 2022, Carrefour France opened or acquired 283 stores under
Group banners, including 3 supermarkets and 274 convenience
stores, 1 cash & carry store and 5 soft discount stores, representing a
total of approximately 68,000 sq.m. of gross sales area.
Net sales totalled 37.7 billion euros in France. Like‑for‑like gross
sales excluding petrol and calendar effects were up by 3.4%.
Hypermarkets were up 1.8% in like‑for‑like sales excluding the
calendar effect, whereas supermarkets enjoyed a 2.2% increase
and other formats (mainly convenience stores) gained 10.2%.
Recurring operating income totalled 834 million euros, an
increase of 10.2%, for an operating margin that represented 2.2%
of net sales. This increase reflects a strong sales performance
and excellent cost‑cutting dynamics in a highly inflationary
environment.
In France, operational investments amounted to 741 million
euros, representing 2% of sales.
Other European countries
In Europe (excluding France), Carrefour had 6,117 stores operating
under Group banners at the end of 2022. These included 455
hypermarkets, 2,088 supermarkets, 3,471 convenience stores, 12
cash & carry stores and 91 soft discount (Supeco) stores. Carrefour
operates stores in five integrated countries: Spain, Italy, Belgium,
Poland and Romania. Carrefour operates a total of 1,498 units on an
integrated store basis, of which 415 hypermarkets, 651 supermarkets,
329 convenience stores, 12 cash & carry stores and 91 soft discount
stores (Supeco).
Carrefour opened or acquired 664 stores under Group banners
during the year. These included 6 hypermarkets, 268 supermarkets,
377 convenience stores and 13 soft discount stores.
Net sales in Europe totalled 22.6 billion euros in 2022, an
increase of 6.2% at constant exchange rates. Like‑for‑like gross
sales excluding petrol and calendar effects were up by 4.9%.
Recurring operating income totalled 606 million euros for the
year, a decrease of 15.3% at constant exchange rates, for an
operating margin of 2.7%. Recurring operating income was held
back by Spain and Belgium, whereas the other countries reported
good performances. Italy reported improved profitability and its
recurring operating income continued its strong recovery.
of
205
Present in Spain since 1973, the Group had a local multi‑format
network
supermarkets,
hypermarkets,
1,050 convenience stores and 55 soft discount stores at the end
of 2022. In 2022, net sales totalled 10.4 billion euros. Like‑for‑like
gross sales rose by 5.4%, excluding petrol and calendar effects,
amid a rapid rise in inflation. Carrefour continued to gain market
shares in 2022, up 0.3 points.
160
(1) Restated for Carrefour Taiwan.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
33
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PRESENTATION OF THE CARREFOUR GROUP
Breakdown of the Group’s businesses
Present in Italy since 1993, Carrefour manages a local store base
comprising 42 hypermarkets, 439
1,024
convenience stores, and 12 cash & carry stores. In 2022, net sales
totalled 3.9 billion euros. Like‑for‑like gross sales rose by 4.2%
excluding petrol and calendar effects, driven by improved
customer
terms of price
competitiveness.
satisfaction, particularly
supermarkets,
in
In Belgium, Carrefour is the most multi‑format group, with 40
hypermarkets, 441 supermarkets and 313 convenience stores.
Net sales totalled 3.9 billion euros. Like‑for‑like gross sales
excluding petrol and calendar effects were down slightly by 0.9%
in a fiercely competitive environment.
Carrefour has been operating in Poland since 1997, with 94
hypermarkets, 155 supermarkets, 672 convenience stores and 7
soft discount stores under
its banners. Net sales totalled
2.1 billion euros in 2022. Like‑for‑like gross sales rose by 12.0%
excluding petrol and calendar effects. Carrefour maintained very
positive momentum in 2022.
In Romania, where Carrefour has been present since 2001, the
Group manages 43 hypermarkets, 189 supermarkets, 142
convenience stores and 29 soft discount stores. In 2022, net
sales totalled 2.3 billion euros. Like‑for‑like gross sales rose by
9.0% excluding petrol and calendar effects. Carrefour delivered a
very solid performance in highly inflationary environment.
the Group also operates
In Europe,
franchise
partnerships in Andorra, Armenia, Georgia, Greece and Turkey,
with a total of 1,005 stores under its banners: 3 hypermarkets,
704 supermarkets and 270 convenience stores.
through
Operational investments in Europe (excluding France) totalled
420 million euros in 2022, representing 1.9% of sales.
Latin America
Carrefour has been operating in Latin America since opening its
first store in Brazil in 1975 and has become one of the continent’s
leading retailers. Carrefour is expanding its banners in two
growth markets: Argentina and Brazil. The network comprises
1,575 units, including 252 hypermarkets, 246 supermarkets, 581
convenience stores, 356 cash & carry stores, 97 soft discount
stores (Supeco) and 43 Sam’s Club stores.
Carrefour completed the acquisition of Grupo BIG in Brazil,
which is included in consolidated financial statements as of
June 1, 2022. The 372 Grupo BIG stores comprised 72
hypermarkets, 98 supermarkets, 63 cash & carry stores, 97 soft
discount stores and 42 Sam’s Club stores.
Net sales in Latin America totalled 21 billion euros, an increase of
44.9% at constant exchange rates. Higher volumes in Brazil were
driven by the positive 21.6% contribution from openings and
acquisitions. Due to a favourable currency effect over the year,
sales increased by 51.4% at current exchange rates. Recurring
operating income came to 1,005 million euros in 2022, an
increase of 20.4% at constant exchange rates and an increase of
30.8% at current exchange rates. The operating margin therefore
stood at 4.8%. In Brazil, recurring operating income increased by
63 million euros at constant exchange rates to 914 million euros.
Recurring operating income in Argentina increased significantly
to 92 million euros, including a negative impact of 48 million
euros due to the application of IAS 29.
In Brazil, Carrefour operated a network of 170 hypermarkets, 151
supermarkets, 149 convenience stores, 343 cash & carry stores,
97 soft discount stores (Supeco) and 43 Sam’s Club stores as of
in Brazil totalled 18.1 billion euros.
end‑2022. Net sales
Like‑for‑like gross sales increased by 12.4% excluding petrol and
calendar effects. The Group confirmed its position as market
leader following the integration of Grupo BIG. ROI increased
across all segments. The margin declined due to the impact of
the integration of Grupo BIG. Excluding Grupo BIG, Brazil’s
operating margin remained virtually stable (down 6 bps). The
Group continued to deploy Atacadão’s aggressive commercial
strategy, helping it to gain customers and win market share.
Carrefour has been operating in Argentina since 1982 where it
manages a local store base comprising 82 hypermarkets, 95
supermarkets, 432 convenience stores, and 13 cash & carry
stores. Net sales totalled 3.0 billion euros in 2022. Like‑for‑like
gross sales rose by 84.3% excluding petrol and calendar effects.
ROI continued to improve significantly, thanks to excellent sales
momentum and continued cost discipline.
Operational
717 million euros in 2022, representing 3.4% of sales.
investments
in Latin America amounted
to
Asia
In July 2022, Carrefour announced the signing of an agreement
to sell its 60% stake in Carrefour Taiwan to the Uni‑President
group. This transaction values Carrefour Taiwan at an enterprise
value of 2 billion euros. Closing of the transaction is subject to
approval by Taiwanese competition authorities and other
customary conditions, it should be effective by mid‑2023.
The Taiwanese operations have been accounted
for as
discontinued operations in 2022 as from Carrefour’s third quarter
sales publication, in accordance with the IFRS 5 accounting
standard.
In Asia, Carrefour also operates through franchising in Uzbekistan
with 6 stores under
its banners: 2 hypermarkets and 4
supermarkets.
Other regions
In addition to the French overseas departments and territories,
Europe, Asia and Latin America, Carrefour also operates 705
stores with franchisee partners elsewhere in the world (Middle
East, Maghreb, West Africa, Dominican Republic, Mauritius,
Madagascar, etc.).
Development of franchise partners
In 2022, Carrefour continued to expand its banner base by
supporting its partners outside Europe and in the French
overseas territories, with a total of 201 new points of sale opened
during the year.
Operating primarily in the Middle East, the Majid Al Futtaim group
continued its multi‑format expansion with the opening of 43
stores in 2022.
The Carrefour banner continued to expand into new countries in
2022, setting up operations in Greece with local partner Retail &
More. The Group has also entered into a partnership with the
Electra Consumer Products group with a view to opening stores
under the Carrefour brand in Israel.
34
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Breakdown of the Group’s businesses
Competitive environment
The competitive environment differs in each of Carrefour’s
markets.
In France, the Group’s main market, representing 46% of its sales,
the competition is particularly intense with a playing field of
seven other major retailers: Aldi, Auchan, Casino, E.Leclerc,
Intermarché, Lidl and Système U. With a market share of 21.2% (1),
all formats combined, the Carrefour group ranks among the
market leaders.
In other European countries, Carrefour has solid positions and
primarily competes against local retailers.
1.4.2
STORE AND WEBSITE OPERATIONS
In Spain, Carrefour is the country’s second‑largest grocery
retailer and
Its main
competitors include Auchan, Dia, Eroski, Lidl and Mercadona.
leading hypermarket operator.
the
In Italy, Carrefour is part of a fragmented grocery market shared
with Bennet, Conad, Coop, Esselunga, Iper, Pam, etc. The Group
holds strong regional positions, particularly in the Aosta Valley
and the Piedmont, Lazio and Lombardy regions.
In Belgium, Carrefour ranks among the country’s top three
retailers and
Its main
competitors include: Ahold Delhaize, Aldi, Colruyt, Intermarché,
Jumbo and Lidl.
leading multi‑format group.
is the
In Brazil, as in Argentina, Carrefour is the leader in the food retail
segment thanks to its multi‑format presence.
SSttoorree nneettwwoorrkk aatt
DDeecceemmbbeerr 3311,, 22002222
HHyyppeerr
mmaarrkkeettss
SSuuppeerr
mmaarrkkeettss
CCoonnvvee
‑‑nniieennccee
ssttoorreess
CCaasshh &&
ccaarrrryy
ssttoorreess
SSoofftt
ddiissccoouunntt
SSaamm’’ss
CClluubb
France
234
994
4,351
143
33
French CPI overseas
territories and
Dominican Republic
TToottaall FFrraannccee
Belgium
Spain
Italy
Poland
Romania
Other
TToottaall EEuurrooppee ((eexxccll..
FFrraannccee))
Argentina
Brazil
TToottaall LLaattiinn AAmmeerriiccaa
Other
TToottaall AAssiiaa
Other (rest of the
world)
45
121
11,,003399
44,,447722
5
114488
19
225533
40
205
42
94
43
31
445555
82
170
225522
2
22
441
160
439
155
189
704
313
1,050
1,024
672
142
270
22,,008888
33,,447711
95
151
224466
4
44
432
149
558811
0
00
166
465
49
0
0
12
0
0
0
1122
13
343
335566
0
00
25
541
0
3333
0
55
0
7
29
0
9911
0
97
9977
0
00
0
Total number
of stores
Total sales area
(in thousands of sq.m.)
2022
5,755
22002211
5,619
2022
5,450
22002211
5,407
190
180
179
179
55,,994455
55,,779999
55,,662299
55,,558866
794
1,470
1,517
928
403
1,005
792
1,474
1,489
955
365
831
930
2,163
1,021
706
518
627
930
2,140
1,053
690
507
588
66,,111177
55,,990066
55,,996655
55,,990088
622
953
605
548
11,,557755
11,,115533
6
66
6
66
649
3,360
44,,001100
15
1155
649
2,141
22,,779900
8
88
705
688
1,623
1,543
0
0
00
0
0
0
0
0
0
00
0
43
4433
0
00
0
TOTAL GROUP
1,128
3,842
8,573
221
43
14,348
13,552
17,241
15,835
Carrefour is developing an omni‑channel universe in which its
online presence is closely integrated with its 14,348 physical
stores, and this universe was expanded in 2022.
its stores under
The Group operates
lease
management and integrated arrangements. Franchising is capital
efficient and allows the Group to draw on the engagement and
local market knowledge of its partners. Carrefour franchisees
benefit from the Group’s expertise in food and non‑food retailing,
and banners, broad product
its well‑known brands
franchise,
assortment and business methods, as well as its quality, health
and safety standards. Franchising and lease management are
developing rapidly across the Group, which plans to step up
these activities in its “Carrefour 2026” plan. Carrefour Italy
transferred more than 90 stores to franchised status in 2022. In
France,
transferred 16 hypermarkets and 26
supermarkets to lease management contracts in 2022. A new
programme has been announced
transfer 41 stores
(16 hypermarkets and 25 supermarkets).
the Group
to
(1) Market share in value – Nielsen Scantrack Panel – fast‑moving consumer goods + self‑service fresh products over a period of 52 weeks ending Ja
nuary 1, 2023, France scope (HM + SM + SDMP + Proxi + Drive).
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Breakdown of the Group’s businesses
Carrefour provides its customers with the full range of retail
formats: hypermarkets, supermarkets, convenience stores, soft
discount, cash & carry and hypercash stores, and e‑commerce. In
this way, it can meet the diverse needs and expectations of all
consumer profiles – individuals and businesses, families and
singles, urban and rural, and people of all ages and mobility levels
– by leveraging its expertise to offer the best quality products at
the best possible prices, everywhere and at any time, from the
weekly grocery shop to a one‑off purchase, from organic and
fresh products to banking services, as well as cash & carry.
To tailor its model even more closely to new consumer
behaviours, Carrefour is creating a multi‑channel customer
experience that offers maximum flexibility, a wide range of
services, extended hours, and solutions aligned with consumers’
needs and desires, whether they want to shop in‑store, order
online and pick up their purchases from a point of sale or a Drive,
or have their shopping home delivered. In 2022, the Group
operated 2,321 Drives throughout the world and had a GMV of
4.2 billion euros in e‑commerce.
In recent years, Carrefour has developed or acquired innovative
concepts and formats that are aligned with wider social and
environmental trends, such as Greenweez (France’s leading
online distributor of organic products) and Quitoque (the French
leader in home‑delivered meal kits). In 2020, the Group acquired
start‑ups Dejbox (meal delivery to offices) and Potager City
(delivery by online subscription of ultra‑fresh, seasonal fruit and
vegetable boxes from local distribution networks). The Group
also acquired Bio c’ Bon, a city centre chain specialising in the
distribution of organic products, as well as Bio Azur. With 33
stores at the end of 2022, Carrefour continues to roll out the
Supeco model in France, a discount supermarket aimed at the
general public and professionals.
1.4.3 MERCHANDISE
Products are the heart of Carrefour’s business. The offering is
typical of a general retailer that sells a wide range of consumer
goods and services at affordable prices, for the well‑being of
every shopper.
Its success depends on the assortment’s
alignment with customer demand, the synergies between the
product and service offerings, the judicious use of digital
technologies, the clear and logical positioning of merchandise in
stores, compelling prices and promotions, the right purchasing
terms and conditions, and fast stock rotation.
To cater to the needs of customers around the globe, Carrefour
is constantly enhancing its merchandise offering, with a variety of
fresh produce, organic, locally sourced products, fast‑moving
consumer goods, essential non‑food products,
latest
innovations and convenient services.
the
Fresh produce and local products
As a major challenge for a successful food transition, fresh
products demand all of the care and expertise of employees.
Carrefour offers a broad range of high‑quality fresh products in a
pleasant environment, with well‑stocked stalls, easy‑to‑reach
items, and regional products. Around the world, Carrefour is also
developing local, eco‑friendly supply channels, supported by
long‑standing partnerships with
farmers, breeders, and
producers.
In addition to major national‑brand products, the Group offers a
wide variety of own‑brand food products, which are popular with
its customers.
Carrefour‑branded products are at the core of the Group’s
strategy. They play a key role in achieving its objective regarding
the food transition for all, through renewed and extended
product ranges with greater price appeal. Carrefour is stepping
up initiatives to create own‑brand products that are original and
of high quality, in terms of both the ingredients used and the
recipes. Their packaging has also been given a makeover.
Carrefour‑branded products are set to become an ever‑greater
part of the assortment. The target for 2026 is to have Carrefour
brands representing 40% of sales.
this, the
management team dedicated to Carrefour‑branded products has
been strengthened at Group level since 2018 with the arrival of
agribusiness experts. At the end of 2022, there were 10,334
Carrefour‑branded products including 1,300 organic products
and 1,200 Carrefour Bio‑brand products.
In view of
The Reflets de France brand, for example, was the first to
promote traditional products of all varieties that exemplify
France’s culinary heritage.
than
600 product listings marketed in more than 30 countries.
It currently spans more
In 1992, Carrefour was the first mass‑retailer to sell an organic
product. It is now the leading organic grocer in France. In this
way, the Group’s banners are driving innovation and responding
to the perceived needs of their shoppers to help guide them
towards healthier diets.
Quality and safety
Carrefour is fully committed to ensuring quality and food safety
at every stage. Upstream, Carrefour teams certify and support
suppliers based on strict compliance with product specifications
and health standards. Through the supply chain, goods are
subject to a number of inspections and controls, with special
attention paid to fresh products.
in
transparency
form of highly
Downstream, the stores check the quality of their merchandise
every day and are themselves subject to a rigorous analysis and
audit process. This constant vigilance supports a commitment to
greater
visible,
the
easy‑to‑understand product information. Carrefour encourages
the development of new products and new supply channels that
deliver significant benefits to customers and the environment.
innovative practices to offer
Carrefour
agroecological farm products and non‑GMO or antibiotic‑free
meat, and implementing blockchain technology has helped to
boost the transparency and traceability of its products along the
entire production chain.
introducing
is also
Relations with suppliers and SMEs
Carrefour nurtures close relationships with a multitude of
including customers,
stakeholders,
suppliers, employees,
investors, universities, trade associations and
communities,
governments. These relationships are forged every day in a
climate of trust. Carrefour’s aim is to strengthen its partnerships
with suppliers, support their growth and contribute to improving
working conditions in countries where special vigilance is
initiatives and
needed. Carrefour has set up voluntary
partnerships with its own‑brand and national brand suppliers
focusing on a number of themes.
36
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
For example, it has provided all of its suppliers with an online
sustainable development self‑assessment test and helped roll out
retail sector. The
a self‑assessment
the entire
test
for
PRESENTATION OF THE CARREFOUR GROUP
Breakdown of the Group’s businesses
international purchasing team also organises annual meetings
with international suppliers to encourage them to roll out action
plans related to the food transition.
1.4.4
FINANCIAL AND PURCHASING SERVICES
While varying by country and local practices, Carrefour services
help satisfy customers with the same commitment to quality
products and services at the best price by enabling them to book
a trip or theatre tickets, rent a car, print photos, buy eyeglasses,
get their laundry dry‑cleaned or benefit from concierge services.
In 2022, Carrefour greatly expanded this offering, driven by an
eagerness to try out new services that reflect social and
environmental challenges. Around thirty pilot projects have been
conducted
in the Group’s various geographies: short‑term
equipment rental, support from a nutritionist in France, digital
service hub, etc. Tried and tested services have been replicated in
different countries based on their popularity with local people:
Carrefour Voyages in Belgium, Italy and Romania, gift cards or
vertical leisure offering in all countries.
In addition, all of the Group’s
integrated countries offer
customers financial services that cover a wide range of credit and
payment solutions. These affordable, high‑quality products are
designed to help customers carry out their projects and meet
their needs on a day‑to‑day basis. These services include
financing solutions and products that relate to the stores’
operations (consumer credit, specific purpose credit, insurance,
payment cards), as well as personal loans.
Market Pay, an international payment platform founded in 2016
to meet Carrefour’s omni‑channel retail challenges in its various
geographies, began marketing its payment services in France,
Belgium, Spain and Italy in May 2020. The FinTech company,
which targets both retailers and pure players to help them roll
out innovative and reliable payment solutions, has seen strong
growth. It now covers seven European countries and processed a
volume of 2.4 billion transactions in 2022, representing 29 billion
euros in value, 160,000 terminals and more than 5 million cards.
The Group has built up a strong presence in financial services
and insurance, including through its five financing entities (in
France, Brazil, Spain, Belgium and Argentina) and commercial
agreements. In 2022, these activities represented more than
12 million credit cards and more than 7 million outstanding
consumer and revolving loans. They have already been partly
digitised, with 31% of cardholders recruited through digital
channels and 40% of credit production coming from digital
technology. As part of its digitalisation strategy, the Group
intends to capitalise on its bank in Brazil, which is a centre of
expertise and innovation in the digitalisation of financial services,
to develop new financing and insurance products and services
for its B2C and B2B customers in all the Group’s countries. These
products and services will be fully integrated into the customer
path of physical and digital retail operations in order to develop
their
encourage
multi‑equipment. The digital strategy for financial services is
expected to generate an additional 200 million euros in recurring
operating income in 2026 compared to 2021.
and marketing
visibility
thus
and
1.4.5
LOGISTICS AND SUPPLY CHAIN OPERATIONS
The Company’s logistics and supply chain operations are a key
driver of its operational efficiency. Carrefour pays particular
attention to this, in all its geographical areas.
The various logistics units employ more than 20,000 people
worldwide. Employees and service providers are there to serve
the Group’s various store formats and customers. They lead all
the operations involved in cross‑functionally managing the flow
of goods and information amongst all the links in the supply
chain, including ordering merchandise from suppliers, receiving,
storing and preparing the online or store‑bought items in
warehouses and then delivering them to point of sale and
stocking them on store shelves or delivering them directly to
customers.
Carrefour uses advanced teams and estimation systems to
manage supplier orders, inventory, order preparation platforms
equipped with mechanised sorters, as well as the largest fleet of
non‑diesel trucks in France.
As part of its omni‑channel strategy, which provides for close
integration between e‑commerce and physical retail, Carrefour is
building a cutting‑edge industrial ecosystem to enhance the
efficiency and responsiveness of its supply chain and shorten
delivery times for online orders. It includes: automated order
fulfilment centres serving Drives and click & collect pick‑up
points; semi‑automated order fulfilment solutions in stores (“dark
stores”); and partnerships with operators specialised in last‑mile
logistics.
As of end‑2022, the Group had 139 warehouses and logistics
centres in its integrated countries, operated either on a full
ownership basis or by service providers, 15 of which are
specifically for e‑commerce.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
37
1
2
3
4
5
6
7
8
9
1
PRESENTATION OF THE CARREFOUR GROUP
Breakdown of the Group’s businesses
1.4.6
PROPERTY MANAGEMENT
Carrefour also enjoys extensive real estate expertise, which it
leverages to enhance store appeal and increase value, with the
goal of creating and operating aligned, well‑managed retail
environments. Its ambition is to design places conducive to a
sustainably
warm,
contributing to the appeal and vitality of each host city and
region. In France, Carrefour has identified around 100 sites that
could be transformed into housing, offices or stores.
shopping experience, while
friendly
Whether the stores are located in city centres or on the outskirts,
in historic shopping districts or in new neighbourhoods, this retail
vision requires solutions aligned with changing environments,
lifestyles and spending habits. The new formats and concepts
offered by Carrefour in these districts constitute new generation
shopping and lifestyle environments that act as sustainable
their host
sources of economic and social vitality
communities.
for
As of December 31, 2022, the Group operated 17.2 million sq.m.
of sales area under its banners, with property and equipment
being mainly comprised of sales areas operated by the Group.
The Group’s store ownership strategy depends on the country
and the format. More generally, the Group owns most of the
sales area under its banners, with ownership accounting for more
than 65% of hypermarket sales area and around 40% for its
supermarkets.
In France, Spain and Italy, hypermarket and supermarket real
estate is held by Carrefour Property, which manages nearly 1,200
proprietary Carrefour‑branded stores. The unit also possesses all
1.4.7
RETAIL MEDIA
Carrefour is ramping up its activities in the booming retail media
market. In 2021, the Group set up the Carrefour Links platform
designed
to provide partner companies with a detailed
understanding of what customers expect, to conduct their
marketing campaigns throughout the Group’s universe and to
measure their real impact from ad to in‑store purchase. Carrefour
Links combines Carrefour’s retail expertise with the best in
security, storage and data processing technology co‑developed
with global industry leaders (i.e., Criteo, Google and LiveRamp).
than
Carrefour
already
more
Links
had
of the Group’s real estate expertise in areas such as asset
management, multi‑product property management and design,
delegated project management, property management, rental
management and multi‑format expansion.
The Carrefour Property France teams also provide project
support services to other Carrefour group countries. In every
host country, the combination of property and retailing expertise
is making it possible to design and operate multi‑use complexes
aligned with shopper needs and aspirations.
Carrefour can also rely on the Carmila property company, in
which it owns a 36.02% stake. Carmila was set up in 2014 by
Carrefour with a mandate to enhance the appeal of shopping
centres adjacent to the Group’s hypermarkets in France, Spain
and Italy. To do this, Carmila is inventing new types of accessible
and evolving retail outlets in phase with current consumption
trends by combining the best of physical and digital retailing.
Carmila centres offer solutions that make day‑to‑day life easier
for customers and retailers in all regions. It is asserting the local
leadership of shopping centres through a transformation strategy
– comprising renovations, restructuring and extensions – and
the provision of a balanced retail offering that combines regular
brands, restaurants and “enjoyment” shopping.
Carmila’s strength resides in the synergies it has unlocked with
Carrefour, both
in day‑to‑day retail management and an
omni‑channel marketing strategy to attract new customers,
foster their loyalty and increase their satisfaction by optimising
the customer experience.
450 clients by the end of 2022. In light of this success, Carrefour
has announced plans to launch a joint venture with Publicis in
2023 that will target leadership of the European Retail media
sector. It will cover the entire Retail media value chain, from
inventory creation to the complete marketing of solutions to
advertisers and shopping sites, and will market its solutions to a
variety of customers throughout continental Europe, Brazil and
Argentina. The Group is aiming to become a media solutions
platform capable of operating media services on behalf of other
companies.
38
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
1.5 The Carrefour group in 2022
1.5.1
SIGNIFICANT EVENTS OF 2022
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
January 11: in partnership with Retail & More, a subsidiary of
TeleUnicom, Carrefour relaunches its brand in Greece by
announcing the opening of new franchised stores.
January 18: Carrefour becomes the biggest private investor in
the MiiMOSA transition #1 fund, supported by the leading
agricultural and food transition fundraising platform MiiMOSA.
January 20: An Engagement Department is created, which
reflects Carrefour’s commitment to raise its ambitions in the
areas of the environment, diversity, inclusion and solidarity.
February 1: Carrefour and Brut announce the creation of Brut
Shop, a joint venture whose aim is to become the leader on
the French social commerce (live shopping) market.
February 4: Carrefour and Système U, through the Envergure
joint purchasing centre, are taking action alongside all the
entities making up the Sodiaal Cooperative to increase the
price of milk in 2022 to protect the income of French farmers.
February 8: Carrefour is getting its suppliers involved in the
Food Transition Pact to reduce product‑related carbon
emissions by 20 megatonnes by 2030.
February 14: Carrefour and Everli are extending
their
partnership to 10 French cities (Paris, Lille, Lyon, Nice,
Toulouse, Bordeaux, Montpellier, Nantes, Grenoble and
Rennes) and their suburbs. Consumers in these cities will be
offered up to 25,000 products from over 140 of their local
shops, delivered the same day.
March 8: Carrefour announces a new franchise agreement in
Israel with Electra Consumer Products and its subsidiary Yenot
Bitan.
March 10: Carrefour France and the Syndicat des Jeunes
Agriculteurs (Young Farmers’ Union) sign a brand‑new charter
to promote local products and support new generations of
farmers.
March 11: Carrefour opens its first distribution hub dedicated
exclusively to dispatching online food orders in Getafe, near
Madrid.
March 24: With the Opération Carburant (Fuel Initiative),
Carrefour cuts 15 euro cents off the price of a litre of petrol
before the government measure is scheduled to come into
force.
March 30: Success of a Sustainability‑Linked Bond issue
indexed to the Group’s sustainable development goals, for a
total amount of 1.5 billion euros.
April 13: Carrefour is the first retailer to use blockchain
technology with its own‑brand organic products, providing
consumers with more transparency.
April 14: In partnership with IDH and CNA, Carrefour Brazil
Group launches a protocol for sustainable veal production.
May 3: Carrefour creates a new quality line for UHT cream,
ensuring fairer pay for its partner producers.
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
May 6: Carrefour celebrates the 30th anniversary since the
launch of its first organic product.
June 7: Carrefour Brazil completes the acquisition of Grupo
BIG, consolidating its strong leadership position across the
country.
June 22: The Group becomes a premium partner of the Paris
2024 Olympic and Paralympic Games.
June 24:
inclusivity and visibility by signing the l’Autre Cercle Charter.
its commitment to LGBT+
Carrefour bolsters
July 8: Carrefour creates 11 new French organic product lines
covered by multipartite, multi‑year and renewable contracts for
grocery products, fruit and vegetables.
July 18: Carrefour, the first retailer to sign up to the EcoWatt
Charter, is committed to reducing the electricity consumption
of its stores during periods when there is significant strain on
the power grid.
July 19: The Group announces the sale of Carrefour Taiwan to
Uni‑President group for an enterprise value of 2.0 billion euros.
August 3: Carrefour France is contributing 350,000 euros to a
plan to revitalise the rural economy by creating new regional
organic product lines, within the framework of an agreement
with the French government.
August 22: Carrefour France freezes prices on 100 of its
own‑brand products for 100 days at all Carrefour stores to
combat inflation.
September 5: Carrefour Brazil announces the creation of a
Forest Committee and invests 10 million euros in a new plan to
fight deforestation.
September 6: Carrefour Belgium freezes prices of 100
products for 100 days to shore up its customers’ purchasing
power.
September 9: Carrefour Spain is offering its customers a basic
list of 30 products for 30 euros to protect the purchasing
power of Spanish families.
October 4: Carrefour signs an agreement with the French
Handisport Federation to support inclusion through sport and
bolster its drive to recruit people with disabilities.
October 12: Success of a Sustainability‑Linked Bond issue
indexed to the Group’s sustainable development goals, for a
total amount of 500 million euros.
October 20: Carrefour continues to honour its commitment to
tackle stresses on the energy networks by signing the EcoGaz
Charter.
October 24: The second edition
the
International Food Transition Awards to reward the most
virtuous suppliers in terms of CSR.
launched of
is
October 25: The unprecedented
(Everybody
digital!) event trains all 85,000 of Carrefour’s employees in
France in the fundamentals of digital technologies.
“Tous digital!”
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
39
1
2
3
4
5
6
7
8
9
1
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
■
■
■
■
■
November 8: The Carrefour 2026 strategic plan is presented
and launched, aiming to accelerate the Group’s transformation
and increase its leadership.
November 8: Carrefour and Publicis join forces to create a
leader in retail media in Europe and Latin America.
November 28: Sustainability‑Linked Bond issue indexed to the
Group’s
in
October 2022 by 350 million euros.
sustainable development goals
increased
November 29: Carrefour France opens a new warehouse in
Rungis to develop its same‑day delivery services in the Paris
region.
December 5: Carrefour and Goggo Network team up to create
the future of autonomous delivery by trialling a mobile drive
service using a fully autonomous vehicle.
■
■
■
■
December 7: Carrefour
commerce experience that
Christmas gifts via WhatsApp.
launches an
innovative social
lets shoppers purchase their
its
December 8: Carrefour announces
International Food Transition Awards, which reward the most
virtuous suppliers in terms of CSR in the eyes of customers.
the winners of
December 16: Carrefour Brazil opens the first part of the Alto
da Nações real estate complex in São Paulo.
December 20: Carrefour France reasserts its support for
organic product lines by opposing the opening up of organic
certification to include salt production regardless of the
production method used.
1.5.2 HIGHLIGHTS OF FIRST‑QUARTER 2023
■
■
■
■
February 14: The Group announces the launch of a Carrefour
share buyback programme on the publication of its 2022
results, for a maximum amount of 800 million euros. The
Group intends to roll out the programme in 2023, subject to
market conditions.
March 1: Carrefour announces the opening of its first two
Potager City stores in Paris to meet city dwellers’ essential food
needs with a range of fresh quality products at the right price.
■
■
March 1: Carrefour launches Carrefour Invest, an international
employee shareholding offer.
March 14: Alexandre Bompard announces the creation of
"essential and
Carrefour's new anti‑inflation basket, an
nutritional" selection of 200 products at prices frozen at less
than 2 euros. The basket contains 100 low‑priced everyday
products, as well as 100 products with A and B nutriscore
ratings.
March 14: Carrefour announces the opening of a new virtual
store on the Rakuten marketplace in April 2023.
March 22: The Board of Directors proposes the renewal, ahead
of term, of Alexandre Bompard’s appointment to 2026, to
coincide with the end of the Carrefour 2026 strategic plan.
■
March 27: Carrefour becomes the first retailer to obtain
France's "anti‑food waste" label for its Montesson hypermarket.
40
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
1.5.3
SUMMARY OF FINANCIAL PERFORMANCE
1
(in millions of euros)
CONSOLIDATED INCOME STATEMENT
Gross sales
Net sales
Recurring operating income before depreciation
and amortisation(4)
Recurring operating income
Recurring operating income after net income/(loss) from
equity‑accounted companies
Operating income
Net income/(loss) from continuing operations
Net income/(loss) from continuing operations, Group share
Total net income/(loss)
Net income/(loss), Group share
CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flow from operating activities
Net cash from operating activities
Net cash from/(used in) investing activities
Net cash from/(used in) financing activities
Net change in cash and cash equivalents
Net free cash flow
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Net debt
Total equity
Equity – Group share
2022
22002211((1
1))
22002200((2
2))
22001199 rreessttaatteedd((3
3))
90,810
81,385
4,613
2,377
2,427
2,463
1,564
1,368
1,566
1,348
3,968
4,219
(2,134)
(326)
1,748
1,262
3,429
13,186
11,144
78,645
70,462
4,307
2,194
2,206
1,840
1,210
1,002
1,301
1,072
3,796
3,661
(1,334)
(3,060)
(735)
1,227
2,633
11,830
10,251
78,609
70,719
4,465
2,173(5)
2,160
1,686
853
663
831
641
3,408
3,395
(1,841)
(1,126)
(27)
1,056
2,616
11,609(6)
10,103(6)
80,672
72,397
2
4,417
2,099
2,101
1,071
216
29
1,308
1,126
3,400
3,247
(1,013)
(1,987)
166
324
2,615
11,673
9,937
(1) Carrefour Taiwan is accounted for as discontinued operations, in accordance with the IFRS 5 accounting standard.
(2) 2020 restated for the IFRS IC decision on IAS 19.
(3) 2019 restated for the IFRS IC decision on IFRS 16.
(4) Recurring operating income before amortisation (including supply chain depreciation).
(5) Recurring operating income for 2020 includes income expenses related to Covid‑19. Exceptional bonuses and similar benefits awarded to
employees (128 million euros at H1 2020) are reported under “Non‑recurring income” or “Non‑recurring expenses”.
(6) 2020 restated for the new IFRS 16.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
41
3
4
5
6
7
8
9
1
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
1.5.4
SUMMARY OF STOCK MARKET PERFORMANCE
SHARE PRICE
January
February
March
April
May
June
July
August
September
October
November
December
* In euros.
PPrriiccee HHiigghh**
PPrriiccee LLooww** AAvveerraaggee cclloossiinngg pprriiccee**
NNuummbbeerr ooff sshhaarreess
ttrraaddeedd
AAmmoouunntt ooff ccaappiittaall
ttrraaddeedd**
18.355
18.18
19.645
20.6
21.17
19.7
17.19
17.405
16.915
16.285
16.57
16.87
16.12
16.77
16.985
18.965
19.03
16.5
16.39
16.22
14.015
14.05
16.115
15.575
17.53
17.42
18.25
19.89
20.06
18.27
16.86
16.86
15.85
15.02
16.37
16.12
86,458,525
1,522,391,528
64,506,248
1,127,124,911
80,637,933
1,461,839,117
60,733,384
1,207,209,538
79,725,590
1,597,282,199
54,451,072
38,984,415
40,947,211
49,673,062
43,558,934
42,367,891
43,030,561
993,353,414
657,926,977
688,318,461
780,898,230
652,712,826
693,431,302
695,066,983
SUMMARY OF STOCK MARKET INDICATORS
CClloossiinngg pprriiccee
(in euros)((1
1))
High
Low
At December 31
Number of shares
at December 31
Market capitalisation
at December 31
(in billions of euros)
Average daily
volume(1)(2)
Net dividend
(in euros)
(1) Source: Euronext.
22001144
29.20
22.09
25.30
22001155
32.80
23.65
26.65
22001166
26.74
20.90
22.89
22001177
23.64
16.47
18.04
22001188
19.62
13.14
14.91
22001199
18.14
14.62
14.95
22002200
16.89
12.33
14.03
22002211
17.54
13.99
16.11
2022
21.17
14.02
15.64
734,913,909 738,470,794
756,235,154
774,677,811
789,252,839 807,265,504 817,623,840 775,895,892
742,157,461
18.6
19.7
17.3
14.0
11.8
12.1
11.5
12.5
11.6
2,985,228
3,064,488
3,167,915
3,310,080
3,723,706
2,394,148
3,218,500
3,253,806
2,655,042
0.68
0.70
0.70
0.46
0.46
0.23
0.48
0.52
0.56(3)
(2) Average daily volume on Euronext.
(3) Subject to approval by the Shareholders’ Meeting.
42
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
SHARE PRICE IN 2022 (100 BASE)
Carrefour share price in relation to the CAC 40, BEFOODR (1) and STOXX Europe 600 Personal Care Drug and Grocery Stores index (2)
140
130
120
110
100
90
80
70
60
-2.9%
-9.5%
-14.4%
-27.8%
Jan. 22
Feb. 22 Mar. 22
Apr. 22
May 22
Jun. 22
Jul. 22
Aug. 22
Sep. 22
Oct. 22
Nov. 22
Dec. 22
Carrefour
CAC 40
S600PDP Index
BEFOODR Index
SHARE CAPITAL AND OWNERSHIP STRUCTURE
the share capital amounted
At December 31, 2022,
to
1,855,393,652.50 euros (one billion, eight hundred fifty‑five
million, three hundred ninety‑three thousand, six hundred
fifty‑two euros and fifty cents), divided into 742,157,461 shares
with a par value of 2.50 euros each.
The number of voting rights at December 31, 2022 was
922,276,998. After deducting the voting rights that cannot be
exercised, the total number of voting rights is 910,732,128.
To the Company’s knowledge, the breakdown of the capital at
December 31, 2022 was as follows:
Treasury shares and employees
2.5%
Individual
shareholders
7.4%
Reference
shareholders
21.9%
Institutional
shareholders
68.2%
(1) BEFOODR: Ahold Delhaize, Carrefour, Colruyt, HelloFresh, Jeronimo Martins, Kesko, Ocado, Sainsbury's, Tesco.
(2) S600PDP: Ahold Delhaize, Axfood, Beiersdorf, Carrefour, Dino Polska, Essity, Galenica, Greggs, HelloFresh, Jeronimo Martins, Kesko, Ocado, Re
ckitt Benckiser, Sainsbury's, Tesco, Unilever.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
43
1
2
3
4
5
6
7
8
9
1
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
1.5.5
SUMMARY OF NON‑FINANCIAL PERFORMANCE
1.5.5.1 Results of the CSR and Food
Transition index for 2022
Carrefour deployed a CSR and Food Transition index in order to
monitor the achievement of its objectives, assess its CSR
performance and motivate its in‑house teams. In 2019, the
Group’s performance in meeting these objectives was included in
the criteria for executive compensation and serves as the basis
for calculating 25% of executive compensation as part of the
long‑term incentive plan, and 20% of the Chief Executive
Officer’s compensation. Since 2021, the CSR index has been
integrated into the variable compensation of executives in
integrated countries.
Designed to cover a period of several years, the index measures
CSR performance every year for each of the 15 indicators. The
Index’s overall score is a simple average of the score for the 15
indicators. With some targets coming to an end in 2020,
Carrefour has revised the CSR and Food Transition Index by
increasing some objectives and setting new ones for the
2021‑2025 period. For example, new objectives have been set for
sustainable farming, animal welfare, supplier commitments, local
action, employee engagement and training, and for the Act for
Food customer communication programme. The objectives that
had been set for raw materials, climate, the food transition in
stores and gender equality have been raised. In 2021, the CSR
and Food Transition Index was published for the first time on a
multi‑annual basis (at six‑month intervals). In 2022, Carrefour
exceeded its non‑financial objectives, as measured by its CSR &
Food Transition Index with a score of 109%. This performance
reflects in particular the progress made by the Group in reducing
its greenhouse gas emissions, reducing packaging, engaging
employees and deploying its training plan.
Carrefour’s 2022 CSR and
Food Transition Index =
109%
* 2021 data restated for Carrefour Taiwan. Atacadão is excluded for emissions related to refrigerants.
No. Status
Category
Objective
Products
Sustainable agriculture
15% of fresh food product sales generated by
organic or agroecological products by 2025
2021*
2022 22002222 SSccoorree
4.6%
4.8%
110033%%
91%
Raw materials
Packaging
100% of sensitive raw materials must be covered by
a risk reduction plan by 2025(1)
55%
61%
96%
20,000 tons of packaging avoided by 2025
(cumulative since 2017)
100% reusable, recyclable or compostable
packaging in 2025(2)
Animal welfare
Supplier commitment:
100% of our key animal welfare policy objectives
implemented in all countries by 2025(3)
300 suppliers committed to the Food Transition
Pact by 2025
Stores
Food waste
Waste
CO2 emissions
50% reduction in food waste (vs. 2016)
Recover 100% of waste by 2025
50% reduction in GHG emissions (Scopes 1 and 2)
by 2030, and 70% reduction by 2040, compared
with 2019
10,906
16,390
46%
56%
114%
54%
59%
101%
114
204
113%
-28%
68%
-25%
-40%
75%
-29%
111100%%
108%
99%
138%
Partner producers
45,000 local partner producers in 2025(4)
38,359
37,758
97%
44
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
No. Status
Category
Objective
Customers
Food transition in stores
Act For Food program
Employees
Employee engagement
Gender equality
Training
Disability
+30‑point improvement in the in‑store customer
survey on organic and local products, packaging
and food waste reduction, health and nutrition by
2026(5)
77% of our customers believe that Carrefour helps
them to eat healthier and more responsible food
that remains affordable by 2022(6)
Minimum employer recommendation score of
7.5/10 awarded to Carrefour every year by its
employees(7)
Women to account for 35% of the top 200
managers by 2025
At least 50% of employees undertook training
during the year
Employees with a disability to represent at least 4%
of the total workforce by 2025
2021*
2022 22002222 SSccoorree
+9
+11
110033%%
110%
75%
74%
96%
8.3
8.2
111188%%
128%
24%
26%
99%
81%
73%
146%
3.4%
3.7%
100%
(1) Three objectives concerning: fisheries resources, materials with a risk of deforestation (palm oil, Brazilian beef, soy, cocoa and trader traceability)
and textile materials (cotton, cashmere and viscose).
(2) Group objective. Scope extended in 2022: France, Belgium, Brazil and Romania.
(3) Four objectives concerning: the sale of cage‑free eggs, the use of cage‑free ingredient eggs, the conditions under which chickens are reared and
animal welfare audits in slaughterhouses.
(4) This objective includes organic farming partner producers and regional and local Carrefour Quality Lines.
(5) Target revised following the exit of consolidated entities from Taiwan. The survey measures customer satisfaction in stores on a scale of 0 to 200
for the following criteria: “Choice of organic products” (baseline 2020), “Choice of local products” (b. 2020), “Reduction of plastic packaging” (b.
2020), “Fight against food waste” (b. 2021) and “Quality of Carrefour brand products” (b. 2021). 4.4 million respondents in 2022.
(6) Target revised following the exit of consolidated entities from Taiwan. 1.2 million respondents in 2022. This objective includes organic farming
partner producers and regional and local Carrefour Quality Lines.
(7) Ipsos, March 2022; 17,000 respondents out of a representative sample of 265,000 employees surveyed.
This index is designed as an oversight tool for the various
professions. It also allows us to report externally on the roll‑out
of the Group’s CSR strategies, in particular with regard to climate,
biodiversity, health, partner and employee engagement. The
table below cross‑references the CSR index objectives presented
in Section 2.2.
TTooppiiccss
Biodiversity
Section 2.1.2
Climate:
Section 2.1.3
Health
Section 2.1.4
Customer and partner commitments
Section 2.1.5
Employees
Section 2.1.6
PPeerrffoorrmmaannccee iinnddiiccaattoorr ffrroomm tthhee CCSSRR iinnddeexx
Average score in 2022
7 associated objectives
Nos. 1, 2, 3, 5, 6, 7 and 9
8 associated objectives
Nos. 1, 2, 3, 5, 6, 7, 8 and 9
4 associated objectives
Nos. 1, 5, 10 and 11
4 associated objectives
Nos. 5, 9, 10 and 11
8 associated objectives
Nos. 12, 13, 14 and 15
102%
107%
102%
99%
118%
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
45
1
PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
1.5.5.2 Rating agency scores and awards in
2022
Carrefour regularly replies to questionnaires by ratings agencies
to assess
its performance based on business, social and
governance criteria. In 2022, for the second year in a row,
Carrefour was awarded an “A” score from the Carbon Disclosure
Project (CDP) for its commitment to the fight against global
warming, placing it among the 283 best performing companies,
only 24 of which are in France. Also in 2022, Carrefour was
ranked 2nd in the retail sector by Moody’s (formerly Vigeo EIRIS).
Carrefour’s score improved by 9 points, fitting recognition for the
Group’s commitment to these issues and the effectiveness of the
action plans deployed.
RRaattiinnggss aaggeennccyy
CDP – Carbon Disclosure Project
22001177
A-
22001188
A-
CDP Forest
Palm oil
Soy
Meat
■
■
■
Wood and paper
■
CDP Water
Oekom ISS
DJSI – ROBECOSAM
MSCI
Moody’s
A-
B
B
A-
-
B-
B-
C
B-
-
Prime C+
Prime C+
68
A
67
69
A
-
22001199
A
B
B
B-
B-
-
-
73
AA
A1+, 68
22002200
A-
B
B
B
B
A-
22002211
2022
A
B
B
B
B
A-
A
B
B
B
B
A-
Prime C+
Prime C+
Prime C+
73
AA
67
71
A
64
71
AA
73
In 2022, Carrefour won recognition
organisations:
from a number of
■
■
■
■
since 2018, the SIRIUS awards have recognised the best
collaborative practices between industry and retail that meet
societal and consumer expectations. At the 5th edition of the
SIRIUS Awards, organised by the
on
November 15, 2022, Carrefour won the SIRIUS for Sustainable
Collaboration along with Danone for the project entitled “
Lundi
c’est veggie”
(Monday is veggie), a collaborative in‑store and
digital initiative to encourage consumption of healthier and
more sustainable vegetarian recipes;
Institut du Commerce
in the second edition of the CSR
Index, compiled by
Universum, Carrefour was ranked 3rd most committed to CSR
out of 61 companies. More
than 1,200 students and
postgraduates with five years of higher education were
surveyed in September and October 2022;
Carrefour won the ESSEC Responsible Retail 2022 Grand Prize
for its overall CSR strategy. The Group also won an award in
the “Consumer services and Information” category for its
“committed consumers club” which brings together volunteers
with a passion for retailing;
Innovation Awards evening:
on December 7, 2022, Carrefour picked up several awards at
the LSA
the Carrefour
interchangeable
the hygiene and beauty
category, and
in the trend category, the organic dark
chocolate with coconut flower sugar and the Group’s new
Bulk experience both picked up awards. In the non‑food
category, Carrefour’s pop‑up toys received yet another award.
toothbrush
in
1.5.5.3 The CSR index in 2023
in
When the Carrefour 2026 strategic plan was unveiled
November 2022, the Group strengthened its commitments to
sustainable agriculture, climate action, reduction in packaging,
fighting against deforestation in Brazil, nutrition and inclusion.
The new commitments will be integrated into the CSR and Food
Transition Index from 2023. The CSR index has been adjusted to
factor in these new objectives and adapt the Group’s aims within
the framework of the Carrefour 2026 plan.
46
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PRESENTATION OF THE CARREFOUR GROUP
The Carrefour group in 2022
The table below presents the new CSR index together with the adjustments made.
Category
Objective
Products
Food transition
8 billion euros in sales of certified sustainable
products by 2026
Status
New
Food transition
Raw materials
Packaging
500 million euros in sales of plant‑based proteins by
2026
New
100% of sensitive productions for forest, animal
welfare, soils, marine resources and human rights
are covered by a risk mitigation plan by 2030
Three Carrefour targets on packaging reduction,
bulk and reuse, and packaging recyclability
implemented by 2026
Raised
Raised
Partner producers
50,000 partner producers by 2026
Raised
Stores
Food waste
50% reduction in food waste (vs. 2016)
Waste
100% of waste recycled by 2025
Climate (Scopes 1 and 2)
50% reduction in GHG emissions (Scopes 1 and 2) by
2030, and 70% reduction by 2040 (vs. 2019)
Confirmed
Confirmed
Confirmed
Climate (Scope 3)
Top 100 suppliers with a 1.5°C trajectory by 2026
and 20 megatonnes saved by 2030
New
Customers
Nutrition and health
Customer community
Supplier commitments
Withdrawal of 2,600 tons of sugar and 250 tons of
salt from Carrefour brand products by 2026 (vs.
2022)
New
An active community of consumers of healthy and
sustainable products in each country
New
500 suppliers committed to the Food Transition Pact
by 2030
Raised
Food transition in stores
Minimum score of 75/100 for the question Does
Carrefour help you eat better?
Revised
Employees
Employee engagement
Gender equality
Training
Disability
Minimum employer recommendation score of
75/100 awarded annually to Carrefour by its
employees
Women to account for 35% of Top 200 managers by
2025
At least 50% of employees provided access to
training every year
Confirmed
Confirmed
Confirmed
15,000 employees with a disability by 2026
Raised
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
PRESENTATION OF THE CARREFOUR GROUP
Simplified legal chart at December 31, 2022
1.6 Simplified legal chart at December 31, 2022
France
Retail
Carrefour Hypermarchés
Société d'exploitation
Amidis et Compagnie
(Integrated supermarkets)
Carrefour Proximité France
Genedis
(cash & carry)
Provencia
E-Commerce
Greenweez
Quitoque
Carrefour Drive
Dejbox
Potager City
Logistics
Carrefour Supply Chain
Purchasing
Real Estate
Financial
Services
Retail
Financial
Services
Real Estate
Purchasing
Retail
Financial
services
Interdis
(Central purchasing
centre for food)
Carrefour Property France
Carrefour Banque
(Financial services)
Maison Johanès Boubée
(Beverages)
Carmila**
Carma
(Insurance)
Belgium
Spain
Market Pay
(Payment)
Europe
Italy
Poland
Romania
Carrefour Belgium
Centros Comerciales Carrefour
Carrefour Italia
Carrefour Polska
Carrefour Romania
Fimaser
Servicios Financieros Carrefour
Carrefour Property España
Carrefour Property Italia
Carmila España
Carmila Holding Italia
Eureca Mayoristas
Latin America
Argentina
INC SA
Brazil
Atacadão *
Banco de Servicios Financieros
Banco CSF
Taiwan
Retail
PresiCarre Corporation **
Sub-Saharan Africa
Tunisia/Algeria
Morocco
Turkey
Retail
Adialea
UHD
Hypermarché LV/ Maxi LV
Carrefour SA Carrefour Sabanci
Ticaret Merkezi *
Africa & Middle East
* Listed company
** In the process of being sold
100% owned
50% or more owned
Less than 50% owned
48
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2
CORPORATE SOCIAL RESPONSIBILITY
AND PERFORMANCE
2.1 Non‑‑financial policies, action plans
2.3 Green taxonomy
and performance
2.1.1 CSR methodology and non‑financial risks
and performance
2.1.2 Biodiversity
2.1.3 Climate
2.1.4 Health and product quality
2.1.5 Business ethics and supply chains
2.1.6 Employees
2.2 Carrefour’s duty of care plan
2.2.1 Governance of the duty of care plan
2.2.2 Risk map
2.2.3 Assessment measures
2.2.4 Presentation of prevention and mitigation
measures for identified risks
2.2.5 Whistleblowing facilities
2.2.6 Monitoring system for measures
implemented
2.2.7 Report on the 2022 duty of care plan
52
52
60
82
94
103
120
141
141
146
150
154
166
168
168
2.3.1 Context
2.3.2 Results
2.3.3 Assessment and methodology
2.3.4 Outlook
2.4 Reporting methodology and
verification of information
2.4.1 Detailed reporting methodology for CSR
indicators
2.4.2 Report of the independent third‑party
on the verification of the consolidated
non‑financial statement included
in the Group management report
2.5 SASB, GRI and TCFD concordance
table
177
177
177
180
183
190
190
201
205
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
49
2
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Introduction
The following sections of the Universal Registration Document
present the components that underpin Carrefour’s Corporate
Responsibility strategy.
Chapter 1 presents Carrefour’s raison d’être and its ambition to
become the leader of the food transition for all. In line with this
ambition, this chapter also looks at projects developed by the
Group, as well as a materiality analysis that ensures the alignment
of these strategic priorities with stakeholder expectations, and an
analysis of Carrefour’s business model. Lastly, it reviews the
Group’s CSR performance summary and the achievement of its
objectives based on the CSR and Food Transition Index.
Chapter 2 details how CSR is structured within the Group, and
the method deployed for implementing the food transition for
all, creating more value for all stakeholders, and therefore
developing the positive impact of the organisation’s activities on
society. It describes the methodologies enabling Carrefour to
develop CSR policies in response to social, environmental and
societal risks it has identified in its business model and through
dialogue with stakeholders. It highlights these policies, action
plans and duty of care measures put into action to address
identified risks. Lastly, it transparently explains the Group’s CSR
performance through a set of key indicators. Chapter 2 also
contains information on the Non‑Financial Statement (NFS), the
EU Green Taxonomy, the duty of care and the main international
standards applied, in particular the Sustainability Accounting
Standards Board (SASB), the Task Force on Climate Disclosures
(TCFD) and the Global Reporting Initiative (GRI). Cross‑reference
tables specific to the Non‑Financial Statement, SASB‑B, TCFD and
GRI‑G4 appear in Section 9.6.
Alignment with applicable regulations
Non‑‑Financial Statement: this Universal Registration Document
complies with the requirements of French government order
no. 2017‑1180 of July 19, 2017 and decree no. 2017‑1265 of
August 9, 2017, providing for a Non‑Financial Statement as
stipulated notably under Articles L. 225‑102‑1 and R. 225‑105 et
seq. of the French Commercial Code (Code de commerce). This
information concerns the activities of Carrefour SA (the parent
company) and all the Group’s consolidated companies.
The Non‑Financial Statement consists of the following:
■
■
■
the business model, provided in Section 1.1.6;
the map of Group risks based on the business model, which
incorporates societal risks, presented in Section 4.1.2. The
methodology for identifying societal risks and their definition
are detailed in Section 2.1.1.2.1;
the policies and action plans that address societal risks,
described in Section 2.1. Thus, all the societal risk factors
encountered by the Group in its activities are subject to its CSR
policy. The CSR policy sections are structured as follows:
biodiversity (Section 2.1.2), climate (Section 2.1.3), health and
product quality (Section 2.1.4), business ethics and supply
chains (Section 2.1.5) and employees (Section 2.1.6);
■
the Group’s Key Performance Indicators in 2021 are detailed
for each policy in Section 2.1. Performance is summarised in
Section 2.4 and Section 2.4.1 provides details on the reporting
method;
■
lastly, Section 2.4.2 contains the independent third‑party report
on consolidated CSR information.
Duty of care: this section contains information on the Group’s
duty of care plan for identifying risks and preventing serious
violations of human rights and fundamental freedoms, the health
and safety of individuals, and the environment. It complies with
the requirements set out
law no. 2017‑399 of
March 27, 2017 with regard to the duty of care. As such, the
following items and information are covered:
in French
■
■
■
■
■
■
the map used to identify, analyse and classify risks (see
Section 2.2.2);
procedures used to regularly assess the position of subsidiaries,
subcontractors and suppliers with which the Group maintains
an established business relationship, based on the risk map
(see Section 2.2.3);
adapted actions for mitigating risks or preventing serious
threats (see Sections 2.2.3.1 and 2.2.3.2);
the whistleblowing and warning systems for reporting the
existence or materialisation of risks, established in cooperation
with the trade unions of said company (see Section 2.2.5);
the system for monitoring actions taken and measuring their
(see Section 2.2.6 and Sections 2.2.3.1 and
effectiveness
2.2.3.2);
the report on the implementation of the duty of care plan
covering
(see
Section 2.2.7).
the previous
reporting
financial
year
The information included in Carrefour’s duty of care plan is
presented in this section as follows:
■
■
■
■
governance of CSR, the food transition and the duty of care
plan is presented in Section 2.2.1;
procedures for dialogue and collaboration with stakeholders,
which can be used to set policy and to update and evaluate the
implementation of third‑party assessments and risk prevention
and mitigation measures are presented in Section 2.2.1.2;
the methodology used to map risks relating to human rights
and fundamental freedoms, health and safety, and the
environment is presented in Section 2.2.2.1. The main identified
risks and their sub‑factors are presented in Section 2.2.2.2;
risk prevention frameworks are presented in Section 2.2.4.1,
third‑party assessments are described in Section 2.2.3, risk
prevention and mitigation measures are presented
in
Section 2.2.4 and whistleblowing systems covered in the duty
of care plan are detailed in Section 2.2.5. The report on actions
implemented in 2022 as part of the duty of care plan is
available in Section 2.2.7;
■
a summary of Carrefour’s non‑financial reporting, which covers
all of the Group’s non‑financial performance indicators, is
presented in Sections 2.2.3.1 and 2.2.3.2.
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Green Taxonomy: Section 2.3 complies with Regulation (EU)
2020/852, the EU Green Taxonomy, which came into effect on
July 12, 2020 and establishes a common classification system for
all European Union countries to identify sustainable economic
activities. To date, the Taxonomy’s scope does not cover product
distribution in the Group’s stores. The regulation is applicable to
only some of the Group’s ancillary businesses, such as building
construction and vehicle rentals.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
51
2
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
2.1 Non‑financial policies, action plans
and performance
2.1.1 CSR METHODOLOGY AND NON‑FINANCIAL RISKS AND PERFORMANCE
2.1.1.1 Governance and CSR methodology
In conducting its business activities, Carrefour gives importance
to creating value for all its stakeholders. The Group has
implemented CSR governance, developed reporting methods
and continuously improved its decision‑making processes, tools
and strategies to increase its positive impact on society.
Since the transformation plan was launched in 2018 by its
Chairman and Chief Executive Officer, Alexandre Bompard, the
Group has accelerated
its actions to promote sustainable
development and the food transition for all. The Group’s raison
d’être, adopted at the Shareholders’ Meeting in June 2019 and
enshrined
in the preamble of the Company’s Articles of
Association, marks the starting point of this acceleration and the
transformations in progress (see Section 1.1.5).
its new transformation plan
In 2022, Carrefour adopted
“Carrefour 2026” (see Section 1.3), which marks a new stage in
the implementation of the food transition for all. Carrefour is
strengthening its CSR ambitions, in particular with regard to the
fight against climate change; the production of renewable
energy; the reduction of packaging and the development of bulk
sales;
the fight against
the preservation of biodiversity;
deforestation; healthy food; diversity and inclusion.
Figure 1 below shows the key events in Carrefour’s history and
their positive impact both on integrating CSR into the Group’s
improving production and
business operations and on
consumption modes.
The Group’s CSR approach has evolved significantly due to the
actions taken in implementing its raison d’être. The methodology
is based on the following principles:
■
■
in
long‑term goals
transparent goals with stakeholders supported at the highest
level of the organisation: Carrefour works with its partners in
setting specific, quantitative targets. The Group presents its
issues
short- and
identified with its stakeholders (the materiality matrix is detailed
in Section 1.1.7). The Group’s objectives associated with CSR
and the food transition are measured by a set of performance
indicators. The most strategic objectives are integrated into the
CSR & Food Transition Index. This index measures an annual
achievement
into management
compensation (see Section 1.5.3);
line with material
rate and
factored
is
dedicated governance:
In 2022, Carrefour created an
Engagement department positioned at the level of the Group’s
Executive Committee, responsible for embodying the Group’s
aims in relation to CSR (the environment, climate, fight against
food waste, etc.), Diversity and Inclusion (gender equality,
disability, diversity of origin, etc.), the Carrefour Foundation and
the Group & France Solidarity Unit. Governance bodies for CSR
and the food transition have been set up at every level in the
organisation (see Section 2.2.1.1). Internal Food Transition
Advisory Committees were set up at Group level and in
integrated countries and within the various professions
depending on the issues addressed;
52
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
Focus: The Carrefour group’s Engagement department
On February 1, 2022, the Group announced the creation of an Engagement department responsible for CSR strategy and for
translating the Group's social commitments into action. Carine Kraus, Director of Engagement, is General Delegate of the
Carrefour Foundation and a member of the Group Executive Committee. It coordinates and synchronises the deployment of the
CSR and food transition strategy in close collaboration with various Group departments, business lines, countries and external
stakeholders.
The Engagement department includes the Carrefour Foundation, the Group & France Solidarity Unit, the CSR department, the
Employer Brand department and the Diversity and Inclusion department.
The Group’s CSR department is responsible for implementing the CSR methodology and contributes to the definition and
management of Carrefour’s societal objectives. It is responsible for building a vision for Carrefour’s contribution to the UN
Sustainable Development Goals (SDGs) and reports on Group performance to its stakeholders based on international standards. In
addition to its contribution to Group strategy and with the help of Carrefour experts, the CSR department identifies emerging
trends and supports the various professions with the design and implementation of innovative, substantive projects. It works
together with the Legal, Risk, Merchandise and Human Resources departments to develop the Group’s duty of care plan.
The CSR department, responsible for implementing these missions, comprises about ten employees, who work with all the Group
professions and departments concerned, particularly the Merchandising, Quality, Marketing, Communication, Store and
E‑commerce departments. Every country where the Group operates has a CSR department.
The Diversity and Inclusion department is responsible for coordinating the approach at Group level in collaboration with all
countries.
The aim of the Employer Brand is to help the Group’s employees improve their skills, according to their profiles.
The Carrefour Foundation and the Group & France Solidarity Unit are responsible for supporting and coordinating sponsorship
activities in the countries where the Group operates.
■
actions integrated into products and stores for its customers:
the integration of actions tested by customers into stores is a
key marker of the methodology, as these actions embody the
Group’s long‑term objectives.
■
To achieve its mission of becoming the leader of the food
transition for all, the Group acts at all levels to participate in
transforming markets; directly engaging suppliers, partners, and
customers; and bringing innovative solutions that can reshape
production and consumption modes. Figure 2 below shows how
all actors are involved in the reduction of packaging within the
Group. Carrefour uses the following drivers to make this mission
a success:
■
in market
working towards a positive transformation
standards: Carrefour acts for progress in market standards
through initiatives supported by retail companies, suppliers and
stakeholders in the value chain, organisations and public
authorities;
innovations at a
implementing exclusive
local or
international level that serve as an industry benchmark and
can change consumer standards. Initiatives that have been
successful with consumers are applied industry‑wide and help
bring about transformation on the market. Campaigns include
C’est qui le patron ?
(Who’s the Boss?), “Bring your own
container”, returnable packaging, no‑waste boxes, and the
elimination of plastic from the fruit and vegetables section.
Carrefour and its partners work to identify innovative solutions
and support the implementation of these solutions in order to
suggest new ways of producing and using products;
■
getting direct suppliers and partners involved; Carrefour has
direct relationships with thousands of farmers, manufacturers
and service providers:
■ as part of its trade relations, especially with its suppliers of
Carrefour‑branded products, the Group includes standards in
line with CSR and the food transition. In 2020, Carrefour
updated its purchasing rules to support the food transition, in
particular by including criteria and requirements to respect
marine resources, protect forests, integrate ecodesign into
packaging and promote agroecology,
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■ Carrefour sets up collaborations with
its suppliers of
Carrefour‑branded products and national brands to initiate
the transformations necessary to bring about the food
transition for all. Carrefour also proposes joint projects with
its suppliers
innovation platforms and offers
technical support for supply lines. Lastly, the Group launched
the Food Transition Pact in 2019, which unites national brand
suppliers around common objectives on biodiversity,
transparency, health and nutrition, climate and packaging,
through
■ in order to boost its suppliers’ engagement, Carrefour
launched the first European Food Transition Awards in 2021,
a competition that rewards the most virtuous suppliers in
terms of CSR in the eyes of customers. Building on the
the
success of
International Food Transition Awards in 2022, allowing
suppliers from around the world to present their innovations,
first edition, Carrefour
launched
the
■ the announcement of the “Carrefour 2026” strategic plan in
2022 was an opportunity for the Group to confirm its
ambitions in the fight against global warming; Carrefour has
invited its major suppliers (Top 100) to adopt a 1.5°C
trajectory by 2026, and has committed to delisting them if
they do not meet this condition;
■
educating and engaging customers: to transform consumer
habits, Carrefour offers products and solutions in stores to
promote sustainable consumption. Carrefour aims to identify
and better meet customers’ emerging
societal and
environmental expectations. But the Group also hopes to
educate people about sustainability
issues and co‑build
solutions that everyone can adopt. Carrefour also established
customer consultation and engagement channels to define its
strategies (e.g., activist consumer groups in Spain and France).
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FIGURE 1: TIMELINE OF KEY EVENTS AND THEIR POSITIVE IMPACT BOTH ON INTEGRATING CSR INTO INTERNAL PRACTICES
AND ON IMPROVING PRODUCTION METHODS AND CONSUMER HABITS
1976
1987
1992
1997
1998
■ Launch of “produits
libres” (unbranded
products), the first
private-label products.
■ “Our Common Future”
report (Brundtland report)
and definition of the term
“sustainable development”.
■ Launch of an organic
grocery line and organic
baby food line under the
Carrefour Bio brand
name.
■ Launch of the WWF®
action plan.
■ Voluntary application of
the precautionary approach
to genetically modified
organisms (GMOs).
■ Rio Earth Summit.
■ Creation of Carrefour
Quality Lines (Filières Qualité
Carrefour – FQC), the first
tripartite agreements with
farmers to develop taste,
authenticity and
agroecology.
■ Launch of Boule Bio
organic bread, produced in
French hypermarkets.
2005
2004
2001
2000
■ Launch of a range of products
sourced from sustainable fisheries.
■ Signing of the Diversity Charter.
■ Adoption of a Code of Ethics.
■ Introduction of the Consume
Better Manifesto.
■ Adherence to the UN Global
Compact.
■ Formalisation of the sustainable
development policy agreement
with UNI Global Union in support
of workers’ rights and the
promotion of equal opportunity
(agreement updated in 2015).
■ Eight Millennium Development
Goals (MDGs) drafted by the
United Nations.
■ Launch of the human rights
programme in partnership with the
International Federation for
Human Rights (Fédération
internationale des ligues des droits
de l’homme – FIDH).
2013
2015
2017
2018
■ Initial ISO 26000 diagnostic.
■ UN Sustainable Development
Goals (SDGs).
■ Paris Agreement (COP21).
■ Commitment by Carrefour to
fight climate change through the
introduction of CO2 emissions
reduction targets.
■ Introduction of a CSR Index.
■ Joins the Dow Jones
Sustainability World Index.
■ Global Compact Advanced
Certification.
■ Announcement of the “Carrefour
2022” transformation plan designed to
help the Group achieve its ambition to
become the world leader of the food
transition for all.
■ Launch of the worldwide Act for
Food programme, which brings
Carrefour’s actions and their concrete
results to the fore in all the countries
where the Group operates.
■ Creation of the Food Transition
Advisory Committee with external
well-known figures and chaired by
Alexandre Bompard.
■ Launch of the first Food Transition
Store Challenge International which
involves in-store employees in the food
transition project.
2022
2021
2020
2019
■ Launch of the Food Transition
Pact with national brands.
■ Alexandre Bompard co-leads the
Forest Positive Coalition of the
Consumer Goods Forum.
■ Approval of new climate goals
by the Science Based Targets
initiative and inclusion of a target
to save 20 megatonnes of CO2 for
products sold.
■ Inclusion of a raison d’être in the
Group’s articles of association,
which aims to support Carrefour in
fully embracing its ambition to
become the world leader of the
food transition for all by 2022.
■ Launch of the Loop project to
promote returnable packaging
both in-store and online, the first
of its kind in the retail industry.
■ Announcement of the Carrefour
2026 strategic plan.
■ International Food Transition
Awards to reward suppliers for
their CSR performance.
■ Signing of an LGBT charter in
France.
■ Announcement of a plan to
combat deforestation in Brazil.
■ Launch of the "Plant-based
contest" to accelerate the
development of plant-based food.
■ Launch of the first European
Food Transition Awards to reward
suppliers for their CSR
performance.
■ Launch of Loop returnable
packaging in stores.
■ Commitment by Carrefour to
fight climate change with the
announcement of its target to
achieve carbon neutrality by 2040.
■ Setting of new targets for the
CSR and Food Transition Index and
inclusion in the compensation
criteria for country executives.
■ Commitment by Carrefour to
e-commerce.
■ markers of the integration of CSR into Group strategy
■ markers of Carrefour’s positive impact on production methods
and consumer habits
■ key events in CSR history
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FIGURE 2: EXAMPLE OF THE ACTION PLAN ON PACKAGING AND PLASTIC: HOW CAN EVERYDAY CONSUMER USE BE
TRANSFORMED INTO SOMETHING POSITIVE?
CSR
Index 2022
Save 20,000 tonnes of packaging by 2025
Participate in the market transformation
■ New Plastics Economy
■ Global Commitment
■ European Plastic Pact ■ French National Plastic Pact
■ Plastic Pact Poland
on Packaging
Get customers involved
Get suppliers and partners involved
Implement exclusive innovative
solutions locally and internationally
■ Zero plastic mission
■ Zero plastic challenge
■ Loop
■ (Re)set packaging
■ 16,390 tonnes of packaging avoided since 2022
■ Developing bulk groceries: more than 1,000 stores equipped
■ Possibility of bringing refillable containers to all stores (traditional foodstuff sections)
Carrefour uses analysis and dialogue tools to identify material
issues, and define its policies and action plans while taking a
continuous improvement approach. The Group implements the
following actions, which are detailed in other sections in this
document:
The Group’s general risks are then identified and analysed with all
departments concerned in each country. This helps refine the
assessment of risks detected in each region. This process is
detailed in Section 4.1 of this Universal Registration Document.
These risks are then ranked in order of their net criticality.
engaging with stakeholders and consumers on societal issues
(Section 1.1.7 “Stakeholder dialogue”);
defining policies and helping the business segments to deploy
them through action plans and objectives (Section 2.1);
This analysis highlights the main risks that could affect the
Group’s operations, financial position, reputation, results and
social responsibility. The analysis is updated annually, and results
are submitted to the Audit Committee, the Group Executive
Committee and the Board of Directors.
risk analysis (Sections 4.1.1 and 2.1.1.2) and materiality analysis
(Section 1.1.7);
evaluating non‑financial performance (Section 1.5.3).
2.1.1.2 Content of the Group’s map
of CSR risks
2.1.1.2.1 Methodology for analysing Group risks
relies on different
Carrefour
risk management
procedures to identify and assess the risks applicable to the
Group. These include risks of violations of human rights, health
and safety, and the environment relating to the Group’s business
operations.
internal
For the first step, the Group identifies the key risks that include
criteria relating to the Company’s corporate social responsibility.
■
The methodology for identifying risks includes:
■
■
■
international standards and guidelines (GRI G4, ISO 26000,
SASB‑B);
expectations expressed in ESG questionnaires to which the
Group responds every year;
the materiality analysis conducted with both internal and
external stakeholders, which is used to confirm the main
societal risks included in the analysis.
Carrefour then identifies which Group risks are CSR risks that
could lead specifically to violations of human rights, health and
safety, and the environment. This selection of key CSR risks
measures the impact on stakeholders (including customers,
suppliers, NGOs and civil society). Section 2 details the policies,
action plans and performance indicators related to these CSR
risks.
the
Non‑Financial Statement and the duty of care plan.
therefore contains
information
relating
to
It
2.1.1.2.2 Map of the Group’s CSR risks
The scope of the Non‑Financial Statement specifically addresses
the CSR risks identified by the Group’s risk analysis. Carrefour
rates each of these societal risks. These risks are assessed based
on the following criteria:
this
impact:
indicator measures
impact on
gross
stakeholders
suppliers,
organisations, etc.), as well as the financial and reputational
impacts. It is rated on a scale of 1 to 4;
(consumers,
employees,
the
■
gross probability: this criterion measures the risk’s probability
of occurrence, without taking the ability to control the risk into
account. The probability is assessed on a scale of 1 to 4.
■
■
■
■
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Non-financial policies, action plans and performance
Product
quality,
compliance
and safety
Lack of supply
chain resilience
Unsustainable product
offering and retail
model
Sensitive raw material
procurement
Failure to attract
and retain talent
Occupational health and
safety risks
4.0
3.5
3.0
2.5
2.0
E
C
N
E
R
R
U
C
C
O
F
O
Y
T
I
L
I
B
A
B
O
R
P
Failure to develop
and value skills
Contribution and
vulnerability to climate
change
Failure to respect
freedom of
association and the
right to collective
bargaining
Failure to respect the
principles of diversity and
to combat discrimination
and harassment
Non-compliance
with personal
data laws
Non-compliance
with anti-corruption
laws
Pollution and the impacts of
our operations on biodiversity
Non-financial
reporting
Failure to uphold
human rights and fair
pay across the entire
value chain
1.5
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
GROSS IMPACT
Environmental
impact of
operations
Human
resource
management
Supply chain
sustainability
Safety and security
of people
and property
Compliance
with laws
and regulations
Product offering,
quality and
retail model
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2
3
4
5
6
7
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Non‑financial policies, action plans and performance
2.1.1.2.3 Definition of the Group’s societal risks
and associated policies
This mapping initiative identifies non‑financial reporting risk
categories. The manner in which they are broken down and
defined throughout the Group is detailed in the table below.
These non‑financial reporting risk categories correspond to risks
identified by the Group Internal Audit and Risk department. The
significance of these risks has been confirmed by the materiality
analysis conducted with both internal and external stakeholders.
Section 2.1 presents the measures used to manage these risks,
which are covered in the last column of the table below.
TABLE 1: DEFINITION OF PRIORITY SOCIETAL RISKS USED FOR NON‑FINANCIAL REPORTING PURPOSES
NNFFSS rriisskkss
GGrroouupp rriisskk
DDeessccrriippttiioonn ooff tthhee nnoonn‑‑fifinnaanncciiaall rreeppoorrttiinngg rriisskk ccaatteeggoorryy
Sensitive raw
material
procurement
Use of raw materials
questioned for their
environmental, social
or ethical impact
Carrefour could stand accused of using raw materials whose value
chains could have an impact on deforestation, depletion of scarce
resources or human rights abuses (unpaid or poorly paid work,
child labour, etc.).
Occupational health
and safety risks
Psychosocial risks,
workplace accidents or
occupational illnesses
Contribution and
vulnerability to
climate change
Failure to control energy
consumption, refrigerants
and associated carbon
emissions
failure to take effective prevention measures against
increase in workplace
in
Any
psychosocial risks could
accidents, particularly
occupational illnesses among Group employees.
in stores and warehouses, or
lead to an
fail
to control
Carrefour may
its energy and refrigerant
consumption, particularly following the promulgation of EU F‑gas
and F‑gas II regulations, which will gradually prohibit
the
replacement and use of the most polluting refrigerants (e.g., Freon
gas) by 2030.
NNoonn‑‑fifinnaanncciiaall
rreeppoorrttiinngg
ppoolliicciieess,,
aaccttiioonn ppllaannss
aanndd
ppeerrffoorrmmaannccee
Section
2.1.2.3
Section
2.1.5.2
Section
2.1.5.3
Section
2.1.6.5
Section
2.1.3.3
Extreme weather events
Natural disasters (e.g., flooding, heavy snowfall, heatwaves, etc.)
interrupt business (plant closures, breakdowns, serious
may
damage) and endanger the
lives of Carrefour customers,
employees or suppliers.
Failure to attract
and retain talent
Inability or difficulties in
attracting and retaining key
employees
The Group could encounter difficulties in attracting, hiring or
retaining talent for key positions. This risk may arise in particular
due to departures from critical positions such as Directors and
Senior Directors.
Section
2.1.6.3
Failure to develop
and value skills
Failure to assess, develop
or value skills
Poor deployment of skills assessment, development and
recognition policy by managers and human resources is likely to
demotivate employees and result in lower productivity and
increased turnover.
Quality, compliance
and product safety
failure
Failure of the removal
and recall system
Malfunctions in the recall and withdrawal procedure for batches
of food products could have serious health impacts on customers.
Section
2.1.4.2
Serious breach of quality
and hygiene standards in
stores, warehouses or at
a logistics partner
Significant lack of quality
control, traceability and
product information
disclosed to customers
Serious breaches of quality and hygiene standards in stores,
warehouses or at a
logistics partner can have serious
consequences for the health of our customers.
Major deficiencies in product control and traceability could have
serious consequences for the health of our customers and not
meet consumer expectations regarding product origin. These
shortcomings
business
development and results.
impact Carrefour’s
could
also
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Non‑financial policies, action plans and performance
1
2
3
4
5
6
NNoonn‑‑fifinnaanncciiaall
rreeppoorrttiinngg
ppoolliicciieess,,
aaccttiioonn ppllaannss
aanndd
ppeerrffoorrmmaannccee
Section
2.1.5.2
Section
2.1.5.3
Section
2.1.6.2
Section
2.1.5.2
Section
2.1.5.3
Section
2.1.5.5
Section
2.1.6.4
Section
2.1.2.4
Section
2.1.3.4
NNFFSS rriisskkss
GGrroouupp rriisskk
DDeessccrriippttiioonn ooff tthhee nnoonn‑‑fifinnaanncciiaall rreeppoorrttiinngg rriisskk ccaatteeggoorryy
Lack of supply chain
resilience
Street demonstrations,
strikes or agricultural crises
Farming or industry crises could lead to supply shortages (e.g.,
milk or butter shortages in France). Supply chains can also be
disrupted by events related to economic or political crises.
Environmental and social crises can impact supply chains, raising
the price of raw materials and lowering the Group’s profits.
Failure to respect
freedom of
association and the
right to social
dialogue
Poor management or
degradation of the social
climate within Carrefour
Insufficient social dialogue can lead to demotivated employees.
These events are likely to result in loss of productivity and/or
revenue.
Failure to uphold
human rights and
fair pay across the
entire value chain
Carrefour or its suppliers are
accused of failing to comply
with labour law or human
rights
Carrefour strives to uphold human rights across the entire value
chain. Any instances of forced labour or exploitation of children,
or failure by a supplier to pay the minimum wage could have a
strong negative impact on the Group’s reputation.
Non‑‑compliance
with anti‑‑corruption
laws
Non‑compliance with
anti‑corruption laws
Non‑‑compliance
with personal data
laws
Non‑compliance with laws
on the protection of
personal data (e.g., GDPR,
LGPD)
Failure to comply with the
principles of diversity and
equality or failures to
combat discrimination and
harassment
Failure to respect
the principles of
diversity and to
battle
discrimination
and harassment
Unsustainable
product offering
and retail model
The Sapin II law on transparency, corruption and modernised
business practice requires French companies, such as Carrefour
and its subsidiaries, to set up a compliance programme to both
prevent and detect any corruption or use of undue influence both
inside or outside France. Carrefour may fail to comply with all of
the pillars and provisions of this legislation.
large volumes of personal data
for
Carrefour processes
customers, employees and suppliers. Data protection and privacy
legislation – e.g., the General Data Protection Regulation (GDPR)
in force since May 25, 2018 in the European Union in addition to
existing national legislation, and the “General Data Protection
law” (LGPD) which came into force in Brazil in September 2020 –
establish a new legal data protection framework with increased
protection for citizens’ rights and new legal obligations for
businesses. Carrefour must ensure that it complies with all of the
requirements of such legislation.
its
Carrefour may encounter difficulties
anti‑discrimination policy, particularly with regard to gender
diversity and equal pay or the employment of people with
disabilities.
in deploying
Commercial offer (excluding
product assortments) not
aligned with customers’
environmental and societal
expectations (e.g., reduction
of packaging, food waste)
Carrefour could be held liable for impacts related to food waste
and poor waste management. Product offerings and
the
management of store operations could be misaligned with
customers’ emerging societal expectations, such as selling local
products, promoting local distribution networks, or reducing
packaging and plastic in stores.
Pollution and the
impact of our
operations on
biodiversity
Deterioration of biodiversity
linked to real estate assets
(e.g., pollution from oil
products, deforestation)
Carrefour’s business operations may have a negative impact on
biodiversity, particularly due to pollution events. Ecosystems may
be destroyed by construction work, pollution from fuel retail
operations or poor waste management.
Section
2.1.2.5
7
Non‑‑financial
reporting
Increasing non‑financial
reporting requirements (e.g.,
Green Taxonomy in Europe)
The poor quality of the data reported could
assessment
performance.
impact the
the Group's non‑financial
analysis of
and
Section 2.1
Section 2.4
8
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Non‑financial policies, action plans and performance
2.1.2
BIODIVERSITY
2.1.2.1 Overview of objectives
Context The food industry is highly dependent on biodiversity, so preserving biodiversity is an industry imperative. However,
biodiversity is in an unprecedented (1) global decline caused by five main factors (2) significantly exacerbated by the food industry:
changes in how land is used;
water, soil and air pollution and the resulting reduction in water quality;
direct exploitation of certain organisms;
climate change;
the spread of invasive alien species.
■
■
■
■
■
As a key player in the food industry, Carrefour has a role to play in preserving biodiversity. Consumer behaviour is at a turning point, and
their expectations are constantly changing. They want more information, better quality products and greater transparency, and rightly
so.
Carrefour has therefore set a goal to provide its customers with food, products and services that respect biodiversity. While actions can
be taken at the level of Carrefour’s sites and operations, solutions that promote biodiversity must also be developed collectively
throughout the supply and production chains with all stakeholders. Carrefour therefore takes action to protect biodiversity in its
activities and operations, as well as upstream, in partnership with its suppliers, and downstream with its customers.
Intergovernmental Science‑Policy Platform on Biodiversity and Ecosystem Services (IPBES), 2019. Seventh IPBES Global Assessment report.
(1)
(2) World Business Council for Sustainable Development (WBCSD). Vision 2050.
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Risks and opportunities
Preserving biodiversity is a real challenge for the Group. It
offers Carrefour an opportunity to improve the quality of its
products and better meet consumer needs. However, its loss
threatens long‑term food production.
As part of its Science Based Targets for Nature engagement
programme, which guides organisations in setting ambitious
science‑based targets for climate and nature protection, the
Group mapped its impacts and dependencies on nature in
2022.
The overall approach draws on Science Based Target Network
(SBTN) methodology, and
is
calculated using the Corporate Biodiversity Footprint (CBF)
its biodiversity
footprint
loss
measurement tool. The preliminary macro‑analysis showed
that Carrefour impacts biodiversity in many diverse ways. The
Group’s activities contribute to each of the five main drivers of
biodiversity
Intergovernmental
Science‑Policy Platform on Biodiversity and Ecosystem
Services (IPBES). Most of these impacts occur upstream or
downstream from Carrefour’s direct operations. As a result,
Carrefour’s impacts must be assessed at the value chain level,
and cover all factors of biodiversity loss.
identified by
the
The figure below breaks down our dependencies and impacts
on nature across the entire value chain and by level of
associated risk:
Mapping the impacts and dependencies of Carrefour's activities on biodiversity
Level of impact
Very
high
High Medium
DIRECT IMPACTS -
UPSTREAM
DIRECT IMPACTS
INDIRECT IMPACTS -
DOWNSTREAM
Habitat
destruction
Agricultural production
of our products
Land use
of our sites
Pollution
Pollution associated with freight
Climate
change
Resource
exploitation
Invasive
species
and others
Emissions associated with
agricultural production of our
products
Overexploitation of certain
sensitive raw materials
Nuisances associated with
agricultural production,
invasive species associated
with long-distance freight
Solid waste
generated on
our sites
Water consumption
of the food-
processing industries
(distributor brand)
Nuisances associated
with our sites (e.g.,
car parks, etc.)
Solid waste associated with
sold products, pollution of
aquatic environments
associated with some products
Emissions associated with sold
products
Water consumption associated
with sold products
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Non‑financial policies, action plans and performance
The Group’s biodiversity footprint measurement confirms that
retail operations, especially food retail operations, have the
biggest impact on biodiversity out of all of Carrefour’s
operations (more than 95% of its total biodiversity impact). The
main contributor to biodiversity loss from among Carrefour’s
activities is its occupation and transformation of ecosystems,
which also contributes to the loss of water resources and local
in France and Brazil account for
pollution. Operations
two‑thirds of the Group’s biodiversity footprint.
Within food retail operations, animal products, particularly
beef, have the highest impact on biodiversity. The ten product
categories with the highest impact at Group level are: beef,
pork, vegetable oils, cheese, poultry, ready‑made meals,
biscuits/confectionery, coffee, pet food and eggs.
Our initiatives
Carrefour’s mission is to provide its customers with products
and services that meet their needs. Carrefour’s strategy is
based on four key areas:
■
■
promoting and developing
sustainable agriculture:
the
through organic
agro‑ecology
development of financing solutions that are more respectful
of health and nature;
farming,
and
protecting biodiversity for sensitive materials: One of
Carrefour’s goals is to limit its products’ impacts on
biodiversity
three key objectives: combating
deforestation (palm oil, wood and paper, Brazilian beef,
cocoa, soy, etc.), preserving
resources and
developing more sustainable textile supply chains;
through
fishery
Carrefour updated
(see
Section 1.1.7). Three biodiversity‑related issues were identified
as major issues for stakeholders:
its materiality analysis
in 2021
■
■
■
developing sustainable farming, mainly through organic
farming and agroecology (ranked first);
responsibly sourcing seafood and aquaculture products
(ranked second);
combating deforestation related to sourcing sensitive raw
materials (ranked eighth).
Finally, customers have particularly high expectations
regarding the following two issues: “Ecodesign of products
and a circular economy for packaging” (ranked first by
customers) and “Offering a customer experience and in‑store/
online process that makes it easier to buy healthier and
organic products
zero
plastics” (ranked second by customers).
zero waste
involving
and
■
■
developing ecodesign and a circular economy: The Group
seeks to limit the impact of its products by reducing the
amount of packaging it places on the market, improving the
use and ultimate disposal of products, managing the
amount of waste produced, etc.;
limiting the impact of our sites on biodiversity: Carrefour
aims to limit the environmental impact of its sites as much
as possible. Each store, warehouse or logistics hub must
monitor and optimise its water and energy consumption
and its waste management, and reduce its food waste, while
minimising its impact on the surrounding ecosystems and
biodiversity.
Coalitions and partnerships
Act For Nature
international
Science Based
Targets for Nature
engagement
program
Lab Capital Naturel
(WWF)
Forest Positive
Coalition
(Consumer Goods
Forum)
French
government
programme
Contributions to
the Sustainable
Development
Goals
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Non‑financial policies, action plans and performance
Our objectives
TOPIC
OBJECTIVE
DEADLINE
Promoting and
developing
sustainable
agriculture
Protecting
biodiversity for
sensitive raw
materials
Limiting the
environmental
impact of our sites
Water
management
Developing
ecodesign and a
circular economy
for packaging
(plastic)
15% of fresh food product sales generated by organic or agroecological products
by 2025
2025
All Carrefour Quality Lines must be committed to an agroecological approach
by 2025
€8 billion in sales in 2026 via certified sustainable products (40% more than
in 2022)
2025
2026
50,000 partner producers by 2026 (11,000 more than in 2022) of which 7,000 will
be organic (up by 2,000 from 2022)
2026
100% of sensitive raw materials must be covered by a risk reduction plan in 2025
2025
For targets by raw material, see Section 2.1.2.3 “Protecting biodiversity
for the responsible supply of raw materials”
100% Brazilian beef will be zero deforestation for Carrefour brands by 2026,
and for other brands by 2030
Recover 100% of retail waste by 2025
Reduce retail food waste by 50% by 2025 (when compared to 2016)
2026
2030
2025
2025
All new shopping centres exceeding 2,000 sq.m. and all expansion projects
certified to BREEAM (Building Research Establishment Environmental Assessment
Method) standards, 75% of existing shopping centres certified to BREEAM In‑Use
standards
-
100% BREEAM In‑Use certification of operational sites by 2025
Reduce water consumption per sq.m. of sales area
2025
-
100% reusable, recyclable or compostable packaging on Carrefour‑branded items
in 2025
2025
20,000 tonnes of packaging avoided, including 15,000 tonnes of plastic
packaging by 2025 (cumulative since 2017)
30% of packaging using recycled plastic by 2025
1,000 reusable packaging solutions available in‑store
500 stores must have a package re‑use system by 2025
€150 million in bulk sales and packaging deposits by 2026 (five times more than
in 2022)
2025
2025
2025
2025
2026
2025
50 new “bulk” experiences
Climate
See Section 2.1.3
1
2
3
4
5
6
7
8
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Non‑financial policies, action plans and performance
2.1.2.2 Supporting the transition to sustainable agriculture
Context and definition
An increasing number of consumers are changing their
consumption habits. They seek out products that are more
respectful of the environment and that are processed locally.
To meet their expectations, producers must adapt their
production methods by switching to more virtuous and
sustainable techniques, such as agroecology, organic farming
and soil conservation in agriculture.
Policy and performance
to
facilitate
deployment
Carrefour supports its organic lines and Carrefour Quality
sustainable,
Lines
environmentally‑friendly agricultural practices. The Group is
focusing on three areas to promote a more sustainable
agricultural transition: fairer terms with suppliers (including
long‑term pricing and volume commitments); developing and
showcasing a responsible product offering; and creating
financing solutions.
of
With food products representing more than 80% of its sales,
Carrefour
is committed to supporting the transition to
sustainable agriculture, in particular through its Carrefour
Quality Lines brand and the development of affordable
organic products. This commitment
involves developing
agroecology for the market and fresh product suppliers with
whom Carrefour has a direct relationship, as well as limiting
the use of at‑risk raw materials that can have a specific impact
on biodiversity.
Carrefour is focused on increasing its organic offering and
aims to generate 15% of sales from organic or agroecological
food products by 2025. In France, the targets for organic and
in‑conversion partner farmers were reached in 2022, with
3,637 French organic and in‑conversion partner farmers. Since
2018, Carrefour has supported 90 fruit and vegetable
producers and 35 producers in the wine‑making sector with
their conversion. At end‑2022, 12 producers were still in the
conversion process.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
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22002222 ttaarrggeett
Sales of organic products (1)
(1) Sales in the food, household and personal care sections.
€2.6 billion
€2.7 billion
-2.2%
€4.8 billion
IInnddiiccaattoorrss
Number of Carrefour‑branded organic product references
(2)
Number of organic farming producers (supported through sector‑based
contractual arrangements)
(2) In France.
2022
1,247
22002211
1,200
Change
+3.9%
3,637
3,538
+2.8%
Carrefour Quality Lines serve as Carrefour’s agroecology
laboratories: the objective is for all product lines to feature an
Agroecology label by 2025 (e.g., “fed on GMO‑free feed”, “fed
without antibiotics” and “grown without chemical treatment”).
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
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22002255 ttaarrggeett
Penetration rate of Carrefour’s quality channels in fresh products
(as a %)
Penetration rate of lines featuring an Agroecology label
within the Carrefour Quality Lines (in fresh produce)
(3)
(3) Indicator measured in France in 2022 and will be extended to all countries in 2023.
6.9%
6.5%
7.2%
-0.3 pt
10%
New
-
100%
Comments on 2022 performance. For the first time this year,
Carrefour is tracking the percentage of Carrefour Quality Lines
that feature an Agroecology label in France. This measure will
be rolled out to all countries categories in 2023.
IInnddiiccaattoorrss
Number of Carrefour Quality Lines products
Number of Carrefour Quality Lines partner producers
Gross sales of Carrefour Quality Lines products (in billions of euros)
2022
844
22002211
617
22,176
24,980
1.13
1.13
Change
+36.8%
-11.2%
+0.5%
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Non‑financial policies, action plans and performance
Comments on 2022 performance. Since 2020, Carrefour has
been working to streamline livestock chains in France (beef,
pork) by applying stricter specifications, specifically those
required to meet the criteria of agroecology labels, and by
scaling back its number of partners. France as a whole is
meanwhile experiencing a decline in its number of farms,
which has consequently shrunk Carrefour’s pool of partner
producers.
More generally, Carrefour is introducing responsible policies
for sourcing raw materials that are at risk from a social and
environmental perspective (see Section 2.1.5). Animal welfare
is also a strategic focus for developing sustainable agriculture
(see Section 2.1.5.6 Guaranteeing ethical farming).
Action plans
1. Developing an affordable organic offering
Carrefour is investing heavily in organic food to achieve its
objectives. This means activating three drivers: making the
organic offering affordable by developing production channels
based on support for producers; developing organic ranges that
fit with consumer expectations (i.e., bulk organic offering,
plastic‑free offering, local produce, etc.); and making organic
products accessible in‑store and online.
The Group offers its organic farming suppliers three- to five‑year
contracts that commit to volumes and purchase prices and take
account of production constraints. Carrefour also supports
producers who are in the process of transitioning to organic
farming through long‑term contracts – lasting three to five years
– which secure their investments through intermediate pricing
arrangements between conventional and organic farming prices
and offset the impact of lower productivity on their income.
These contracts are offered in France, Romania and Taiwan.
Since 2021, Carrefour has helped nearly 200 new farmers switch
to organic farming. As at end‑2022, the Group had 3,637 organic
partner producers and had sold 1,247 Carrefour Bio‑brand
product references (Carrefour Bio, Nextar of Bio, Baby Bio) in
France.
to
demand.
consumer
In its stores, Carrefour aims to offer a selection of organic
Under
products matched
Carrefour‑branded products and national brands, the Group
continues to adapt its product offering by adding vegan and raw
products, for example. Carrefour is prioritising the elimination of
plastic packaging in the Bio product range, while 80% of
Carrefour Bio‑brand packaging is already recyclable, reusable or
compostable. Since 2018, Carrefour has been developing
locally‑grown organic fruit and vegetable ranges, including
non‑packaged produce.
Carrefour is harnessing all store formats to achieve its ambition
(Carrefour Bio, So.bio,
by developing specialised stores
Biomonde), showcasing organic products in general stores (aisles
in hypermarkets dedicated to organic products, shop‑in‑shop in
supermarkets, organic sections in convenience stores) and the
creation of a benchmark omni‑channel model for organic
products (Carrefour.fr, Greenweez, Planeta Huerto, etc.). As of
end‑2022, the Group had 170 specialised organic stores in
France.
2. Promoting agroecology via Carrefour Quality Lines
(CQLs)
Carrefour has a unique tool for developing agroecology: the
Carrefour Quality Lines (CQLs). Each Carrefour Quality Line is a
partnership between the Group and partner producers. In
collaboration with these producers, Carrefour has drafted a
rigorous charter specific to each production chain. Since 2014,
Carrefour has been working with its producers while supporting
research and innovation in an effort to promote agroecology.
This approach to farming uses natural processes to protect
natural systems, while reducing the use of synthetic pesticides
and maintaining a high level of production. Since 2020, the
Carrefour Quality Lines specifications for fruit and vegetables
have been recognised as equivalent to the French Ministry of
Agriculture’s level 2 environmental certification.
Through its Carrefour Quality Lines, the Group establishes
multi‑year partnerships with a view to guaranteeing greater
visibility and more opportunities for producers. Under these
deals, Carrefour commits to guarantees on volume over several
years and fairer compensation through a jointly agreed purchase
price that takes into account three key factors: production costs,
the fluctuating market prices of agricultural products, and the
technical aspects
in meeting the higher quality
standards set out in the specifications of Carrefour Quality Line
products. The first contracts were signed in March 2021 with six
Carrefour Quality Lines (CQLs). All French CQLs were under
contract at end‑2022, covering 11,713 producers.
involved
Carrefour also supports its Carrefour Quality Lines suppliers by
developing pilot crops and implementing progress plans to
extend agroecological practices into various lines. Carrefour
provides suppliers with technical assistance and adapts the terms
of their agreement. The programme is reflected on the product,
which displays an agroecological label (1). In 2022, 6.5% of the
French Carrefour Quality Lines fresh products featured an
Agroecology label, and this measure will be rolled out to all
Group countries in 2023.
Traceability of food products from field to plate is a fundamental
element in the Carrefour Quality Lines approach. To ensure best
practices, Carrefour uses:
■
strict, monitored specifications: with verification by an
independent inspection body that checks compliance with the
specifications for each line;
■
blockchain technology, which provides information on the
product and its journey from farm to shelf.
There are currently 844 CQL products worldwide, involving
22,176 producers and offering market‑fresh produce that meets
strict traceability, quality and taste criteria. In 2022, CQL product
sales surpassed 1 billion euros and represented 7.2% of the
Group’s fresh product sales.
(1) Note that for a supply chain to be considered agroecological, the supplier must apply at least one agroecologically‑aligned practice (limiting the
use of antibiotics and pesticides, using local livestock feed, etc.). Similarly, products from a given supply chain are considered agroecological if at
least one of the producers in the chain is engaged in agroecological initiatives.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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Non‑financial policies, action plans and performance
3. Supporting suppliers
Carrefour contributes to local economic development and brings
vitality to the ecosystems and regions where the Group operates.
Each store has the independence necessary to adapt its product
assortment and services portfolio to local needs and build close
relationships with its customers. Carrefour has consequently
developed an objective to work with 50,000 organic, Carrefour
Quality Line, regional or local partner producers by 2026.
Carrefour continuously strengthens its partnerships with local
companies in all countries. For example, the Group promotes the
development of small- and medium‑sized enterprises through
the implementation of SME plans. The Group’s SME plan in
France aims to strengthen cooperation between Carrefour and
SMEs across all food and non‑food industries. In addition, the
Group’s financial services company, Finifac, has notably
developed credit solutions for SMEs and farmers.
Each country builds close relationships with SMEs and sets up
special contracts to develop business with them. In France, the
Group has introduced a simplified two‑page ultra‑local contract
template that all stores can use to facilitate these partnerships.
One of the guarantees of such contracts is fair pricing practices.
Partner producers enjoy a close relationship with Carrefour,
governed by a special multi‑year contract with commitments on
prices and volumes, a simplified 48‑hour listing process and
accelerated payments within seven days. In 2022, the Group
reasserted its commitment in France by signing more than
(representing
4,038 contracts with
to extend multi‑year
3,264 suppliers). Carrefour chose
agreements, which represented 50% of regional agreements in
France by 2022. These three‑year commitments bring added
security to all categories of suppliers.
local or regional SMEs
Carrefour also provides financial support for various organic and/
or agroecological projects. The crowdfunding platform
JeParticipe.carrefour.com was launched in 2019 in partnership
with MiiMOSA to finance agricultural food transition projects.
More than 230 projects had been financed as at end‑2022. A full
30 projects were listed and around 20 events held at Carrefour
stores for Zero Kilometre weeks (June and October 2022). In
total, 6.5 million euros was raised through this channel. In 2021,
Carrefour invested 5 million euros in the crowdfunding platform
to support the food transition. One year later, 29 projects had
been financed through MiiMOSA and 52% of these projects were
initiated by Group suppliers. Through this platform, Carrefour
became the fund’s biggest private investor, providing 10% of the
funding for all projects.
the overall budget).
The Carrefour Foundation, for its part, supports organisations
that promote agricultural practices such as agroecology, the
transition to organic farming and urban agriculture. In 2022,
24 sustainable and solidarity‑based agricultural projects were
funded by the Foundation for a total amount of 2,125,140 euros
(41% of
the Carrefour
Foundation, through three organisations (Farming for Climate,
Regenacterre and Farm for Good), supports advocacy and
training for actors in the Belgian farming industry that promote
regenerative agriculture. In Brazil, it supports IDH, which assists
veal producers that respect forest resources. In this way, the
Carrefour Foundation helps
fair and steady
compensation for producers.
In Belgium,
to create
Joint initiatives and partnerships
■ Farm for Good, Farming for Climate and Regenacterre
■ Cirad (a French agricultural research body focused on
international cooperation)
■ MiiMOSA
■ Open Agri Food
Find out more
✚
■ Carrefour.com: Guaranteeing ethical farming/CSR (see the
Business ethics and supply chains section)
■ Carrefour.com: Taking action to combat deforestation/CSR
(see the Biodiversity section)
■ Carrefour.com:
Protecting
biodiversity/CSR
(see
the
Biodiversity section)
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2.1.2.3 Protecting biodiversity for the supply of sensitive raw materials
Context and definition
The production of certain raw materials can have significant
consequences for biodiversity (deforestation, environmental
pollution, risks to species, etc.), and the globalisation of supply
chains makes it difficult to monitor and trace them. However,
everyone participating in these supply chains can work to
improve the practices used to produce these raw materials.
Civil society, which is increasingly aware of and informed
about these issues, is pushing for this change. In fact,
consumers are demanding more information, better quality
products and greater transparency.
Carrefour intends to play an active role in responding to this
demand. For example, it has categorised certain raw materials,
such as soy, palm oil, cotton and fishery products, as
“sensitive” and subject to closer scrutiny. Carrefour’s objective
is to limit the biodiversity impact of its store merchandise by
actively helping to improve farming practices, fishing and land
use methods and manufacturing processes. To do so,
Carrefour works in close cooperation with stakeholders such
as NGOs and certification bodies, and is setting up systems
that improve the traceability of certain products.
Policy and performance
This section presents the new targets set for each sensitive
raw material and the progress achieved to date. In 2022, the
Group
responsible sourcing of raw materials.
renewed and stepped up
its commitment
to
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
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Sensitive raw materials: progress made in rolling out action plans
on sensitive raw materials (as a %)
61%
55%
+6 pts
100% by
2025
(1) This composite indicator covers raw materials considered a priority in the fight against deforestation (palm oil, Brazilian beef, soy, cocoa and
trader traceability), protection of fishery resources and sensitive raw materials for textiles (cotton, cashmere and viscose).
Tackling deforestation
As part of its “Zero Deforestation” policy, the Group has
committed to the following targets:
1. palm oil: 100% of palm oil and palm kernel oil used as an
in Carrefour‑branded products must be
ingredient
RSPO‑certified under the “Segregated” system by 2022;
2.
soy:
100% of Carrefour Quality Lines and key
Carrefour‑branded products must use deforestation‑free
soy for livestock feed by 2025;
3. wood and paper: 100% of paper and cardboard packaging
for all certified products must comply with the sustainable
forests policy by 2025;
4. Brazilian beef:
All Brazilian beef suppliers
to be
geo‑monitored and compliant with the forest policy or
committed to ambitious policies to combat deforestation
by 2025 (this system aims to ensure that all farms that
supply slaughterhouses directly are geo‑monitored).
distributors
and warehouses.
Scope: direct suppliers of fresh, frozen and processed
meat,
Brazil,
Carrefour‑branded beef will be zero deforestation by
2026, by moving out of at‑risk areas and delisting any
farms located in these areas. This commitment will apply
in the same way to other brands sold in Carrefour stores
by 2030;
In
5.
6.
cocoa: 100% of Carrefour‑branded chocolate bars must
comply with our Sustainable Cocoa Charter by 2023 (in
France, Belgium, Spain and Italy);
traceability and assessment of traders: 100% of key
traders (intermediaries trading in agricultural commodities
near the beginning of the supply chain) must be assessed
and be making progress towards complying with the
forest policy (palm oil, soy, wood and paper, Brazilian
beef, cocoa) by 2025;
7.
textiles: 100% of wood‑based fibres (i.e., viscose, modal
and lyocell fibres) used in our TEX products must be
deforestation‑free by 2023.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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Non‑financial policies, action plans and performance
IInnddiiccaattoorr –– PPaallmm ooiill
((22))
2022
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Change
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Proportion of palm oil used in Carrefour‑branded products
that is certified sustainable and fully traced (RSPO segregated)
83.4%
82.1%
+1.3 pts
100% at
end‑2022
Percentage of palm oil used in Carrefour‑branded products
that is certified to RSPO or equivalent standards
99.9%
99.9%
0 pt
-
(2) Calculated based on weight of raw material contained in the products. Scope: 94% of 2022 consolidated gross sales. Non‑comparable BUs
(IT excl. in 2022).
Comments on 2022 performance. Since 2021, significant
work has been done to ensure almost all (99.9%) of the palm
oil used in Carrefour‑branded products was RSPO‑certified
(Segregated or Mass Balance). Efforts to certify and trace all
palm oil slowed in 2022 due to the crisis in Europe.
IInnddiiccaattoorr –– WWoooodd aanndd ppaappeerr
2022
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Carrefour‑branded products in ten priority categories sourced
from sustainable forests (in millions of euros)
Proportion of Carrefour‑branded products in ten priority categories
sourced from sustainable forests (as a %)
292
574
-49.4%
90.7%
80.2%
+10.5 pts
100%
Comments on 2022 performance. The Group is continuing to
roll out its sustainable forest policy across all ten of its priority
product families containing wood or paper (such as toilet
paper and wood furniture) in every country where the Group
operates. Furthermore, Carrefour is working on developing a
reporting methodology for compliant cardboard packaging.
IInnddiiccaattoorr –– BBrraazziilliiaann bbeeeeff
((55))
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Change
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% of Brazilian beef suppliers
with our forest policy or are committed to an ambitious policy
to combat deforestation
that are geo‑monitored and comply
(1)
Proportion of Carrefour‑branded Brazilian beef that is zero
deforestation (sourced outside at‑risk areas)
89.7%
86.9%
+2.8 pts
100% by
2025
New
100% in 2026
(5) Scope: Carrefour Brazil and Atacadão. Direct suppliers of fresh, frozen and processed meat, distributors and warehouses.
Comments on 2022 performance.
In 2021, Carrefour
expanded geo‑monitoring of its Brazilian beef supply chain for
Atacadão in Brazil. In 2022, Carrefour Brazil and Atacadão
used geo‑referencing to monitor more than 33,000 farms.
This growth is aligned with the target to use geo‑monitoring
with 100% of Brazilian beef suppliers that comply with our
forest policy or are committed to an ambitious policy to
combat deforestation by 2025.
IInnddiiccaattoorr –– SSooyy
((66))
2022
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Percentage of Carrefour Quality Lines and other key
Carrefour‑branded products that use zero‑deforestation soy
as animal feed
19.7%
2.9%
+16.8 pts
100% by
2025
(6) Carrefour Quality Lines products and key Carrefour‑branded products (excluding discount and no‑name products): the following
unprocessed fresh or frozen products (excluding deli meats) – chicken, turkey, pork, beef, veal, lamb, salmon, eggs, milk, minced meat.
Scope: Non‑comparable BUs (IT excl., BR C excl. and AR excl.) 83% of 2022 consolidated gross sales vs. 54% in 2021.
Comments on 2022 performance. In 2021, Carrefour defined
sourcing criteria for zero‑deforestation soy and for the first
time published the percentage of its key products that use
zero‑deforestation soy
In 2022, Carrefour
implemented this measure in other countries and published its
for France.
results for France, Spain, Belgium, Poland and Romania. As
part of an improvement policy, Carrefour aims to continue to
expand its coverage and include the remaining countries in
2023.
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IInnddiiccaattoorr –– CCooccooaa
((77))
2022
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Percentage of Carrefour‑branded chocolate bars that comply
with our Sustainable Cocoa Charter
31.4%
30.8%
+0.6 pts
100% by end-
2023
(7) Scope: BE, ES, FR, IT. Comparable BUs. 100% of 2022 consolidated gross sales.
Comments on 2022 performance.
After establishing a
Sustainable Cocoa Charter for its chocolate bars, for the first
time in 2021, the Group reported the proportion of cocoa
mass used for chocolate bars sold in Belgium, France, Italy
and Spain that complies with the charter. In 2022, the
percentage of sustainable cocoa mass was
lower than
targeted and will be the focus of an action plan in 2023.
IInnddiiccaattoorr –– TTrraacceeaabbiilliittyy aanndd aasssseessssmmeenntt ooff ttrraaddeerrss
((88))
2022
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Traceability and assessment of traders: 100% of key traders assessed by 2025
100%
100%
Traceability and assessment of traders: 100% of key traders making progress
towards complying with our policy by 2025
Assessed
based on
2022 data
100%
(8) Traders: intermediaries trading in agricultural raw materials near the beginning of the supply chain.
100% by
2025
Comments on 2022 performance. Work on traceability has
been initiated to identify intermediaries trading in at‑risk raw
materials near the beginning of the Group’s supply chain.
Carrefour worked with the Consumer Goods Forum to define
an anti‑deforestation policy assessment methodology for
traders in its supply chains. In 2022, 36 traders were assessed.
Efforts are going into improving the reliability of assessment
criteria so that traders’ progress can be measured by 2023.
Protecting fishery resources
Targets for end‑2025:
Carrefour has set a target to ensure that 50% of all fish sold
comes from sustainable sources by 2025 for all store sections
(national and private‑label products).
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Percentage of sales of fishery and aquaculture products, controlled
products, and national brands produced using sustainable
practices
(1)
Percentage of sales of controlled fishery and aquaculture products
produced using sustainable practices
(2)
34.5%
35.1%
-0.6 pts
50% by 2025
49.5%
52.8%
-3.3 pts
(1) Scope: 95% of 2022 consolidated gross sales. Non‑comparable BUs (BR C excl. in 2022). Sustainable fish sales comprise fish certified as
organic, MSC, ASC or from Carrefour Quality Lines, as well as fish sold under other responsible programmes. This ratio includes all
controlled products sourced from fishing or aquaculture and all national brand products across all product categories sourced from fishing
or aquaculture (scope extended in 2021).
(2) Scope: 95% of 2022 consolidated gross sales. Non‑comparable BUs (BR C excl. in 2022).
Comments on 2022 performance. Since 2021, Carrefour has
aimed to raise its targets and measure the share of sustainable
fishing for more national‑brand products and more product
categories. Efforts were made to expand scope coverage.
increase the
Further efforts are expected
percentage of sales of responsibly sourced fishery and
in 2023 to
aquaculture products, so as to meet the 50% target by 2025.
Developing more sustainable textile supply channels
In 2021, the Group committed to ensuring that 100% of its
(cotton, wood fibre,
natural raw materials
cashmere and wool) is sourced from suppliers that comply
with its TEX sustainability policy by 2025.
textiles
for
1
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Percentage of natural raw materials for textiles that comply
with our TEX sustainability policy
% of TEX products made with organic cotton
% of wood‑based fibres in our TEX products that are
deforestation‑free
Percentage of wool in our TEX products that guarantees sheep
welfare and protects soils and ecosystems
Percentage of cashmere used in our TEX products that guarantees
goat welfare and comes from land that incorporates strategies
to reduce desertification
46.4%
21%
71%
25%
41.6%
18%
+4.8 pts
100% by
2025
+3 pts
50% by 2025
40%
+31 pts
New
-
100% by
2023
100% by
2025
100%
100%
- 100% in 2021
Comments on 2022 performance.
In 2021, Carrefour
reported for the first time the proportion of responsible
textiles among its cotton, wood‑based fibres and cashmere
products. In 2022, these disclosures were extended to wool.
The percentage of these various natural, textile raw materials
that comply with our TEX sustainability policy is increasing.
Action plans
1. Tackling deforestation
Carrefour has established social and environmental compliance
guidelines for its retail and non‑retail purchases. These rules
apply to all controlled products purchased in all the Group’s
countries, and may also apply to national brand products as
appropriate. The Group has created a list of sensitive raw
materials that must be covered by action plans by 2025. The
following raw materials were included in the CSR index and were
the focus of specific action plans: palm oil, fish and seafood,
Brazilian beef, soy, cocoa, cotton, wool, cashmere and
wood‑based fibres.
in
Specific raw materials purchasing rules are drawn up
concertation with
(i.e., experts, NGOs,
the stakeholders
customers, suppliers, public authorities, etc.). Comprehensive
objectives and action plans are devised, deployed and monitored
by a dedicated project management team. The purchasing rules
for the food transition – including purchasing objectives and
criteria for at‑risk raw materials – were updated in 2021 and
circulated to all countries. Training courses were organised for
the Merchandise and Quality departments and the actions put in
place are brought to the attention of consumers.
To step up the Group’s commitment to forests and help drive
systemic changes with all market stakeholders, Alexandre
Bompard began co‑leading the Consumer Goods Forum’s Forest
Positive Coalition of Action in 2020, bringing together 20
companies who are eliminating deforestation in their supply
chains through concrete measures such as jointly assessing
traders’ policies and the degree to which they are implemented.
The coalition uses these assessments to get traders to apply
measures to combat deforestation across their own supply lines.
For individual traders, these assessments can serve as a basis for
dialogue and specific trade measures. This process has already
been adopted for soy and palm oil. Carrefour is currently working
on deploying a similar approach for beef.
the fight against deforestation
As part of its Carrefour 2026 strategic plan, the Group aims to
further. The Group
take
announced that all Carrefour‑branded beef from Brazil would be
guaranteed zero deforestation by 2026, by moving out of at‑risk
areas and delisting any farms located in these areas. This
commitment will be extended to brands sold by the Group by
2030.
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MONITORING DEPLOYMENT
KKeeyy iissssuuee
SSoolluuttiioonn ddeeppllooyyeedd//iiddeennttiififieedd
MMaatteerriiaall
Palm oil
Brazilian beef
Impact on biodiversity
and land use.
Social development.
Working conditions.
Impact on biodiversity
and land use.
Contribution to global
warming.
Wood and paper
Impact on biodiversity
and land use.
Cotton
Soy
Cocoa
Bananas
Impact on biodiversity
and land use.
Local pollution linked
to pesticides.
Water consumption.
Social development.
Working conditions.
Impact on biodiversity
and land use.
Local pollution.
Impact on biodiversity
and land use.
Sensitivity to global
warming.
Social development.
Working conditions.
Impact on biodiversity
and land use.
Sensitivity to global
warming.
Social development.
Working conditions.
Group‑level purchasing policy and rules devised for products containing palm oil:
the sourcing of palm oil complies with RSPO certification requirements. Collective
involvement of traders in the CGF and factoring outcomes into purchasing
decisions.
‑
Geo referencing platform that maps the location of beef suppliers, including direct
suppliers (slaughterhouses) and the farms that supply them directly. Pilot project to
monitor indirect suppliers. Collective involvement of traders in the CGF and
factoring outcomes into purchasing decisions. Investment in landscape approach
projects to ensure full traceability from veal production to stores. Initiatives to
educate and encourage Brazilian retailers to implement the unified boi na linha
protocol (https://www.boinalinha.org/) to monitor the beef supply chain across
Brazil.
Creation of a Forest Committee in Brazil made up of experts to guide it in its
actions to combat deforestation.
Group‑level purchasing policy and rules provide for the use of FSC and PEFC or
recycled wood and paper, or the performance of specific audits based on level of
risk. This policy applies to ten priority (1) product categories that account for more
than 80% of wood and paper supplies and for any development or replacement of
packaging.
Paper for commercial publications is FSC- or PEFC‑certified, or recycled.
Prohibiting sourcing from Uzbekistan and Turkmenistan.
Developing 100% traced organic cotton lines in India (see case study in
Section 2.1.5.3 Tracing production channels and communicating transparently).
Developing blockchain technology for baby products and household linens to
provide consumers with full farm‑to‑store traceability via QR code.
Certification (ProTerra) and development of local livestock feed chains that
guarantee zero deforestation in all countries.
Participation in local initiatives such as Moratoire amazonien sur le soja and
Cerrado Manifesto.
Signing of a Soy Manifesto by French industry players, insertion of non‑conversion/
non‑deforestation clauses into agreements with key suppliers.
Collective involvement of traders in the CGF and factoring outcomes into
purchasing decisions.
Transparence Cacao programme for Carrefour chocolate bars (Carrefour Sélection
& Carrefour Bio products) in France. Definition of a Cocoa Commitment Charter
that applies to all suppliers of Carrefour‑branded chocolate bars, with a focus on
combating deforestation, ensuring no child labour is used and securing better
compensation for growers.
In 2019, Carrefour joined the Retailer Cocoa Collaboration to participate in a
dialogue between retailers and cocoa suppliers, allowing for the collective
involvement of traders and for outcomes to be factored into purchasing decisions.
In 2021, Carrefour joined the French Sustainable Cocoa Initiative, which brings
together public authorities, NGOs, the Syndicat du chocolat (French chocolate
trade union), traders and scientists to develop a sustainable cocoa supply chain.
Development of agroecological and organic fair trade solutions.
Work on agroecological banana production in Africa and the French Antilles.
Investment in a field project in Peru for Carrefour‑branded organic fair trade
bananas with Max Havelaar.
(1) The ten priority controlled product families identified for G4 by the French teams are: toilet paper; paper towels; printing paper; nappies;
handkerchiefs; exercise books and notebooks; paper sheets; paper napkins and tablecloths; charcoal; incontinence and feminine sanitary towels;
wooden furniture.
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Non‑financial policies, action plans and performance
2. Protecting fishery resources
The Group has set itself the target of sustainably sourcing 50% of
its fish by 2025 (Carrefour brands and national brands for fresh
products).
With this in mind, Carrefour works closely with producers and
other players in the sector on the following points:
■
■
favouring the more abundant species, products certified by
MSC as being from sustainable sources, and fishing techniques
having the least impact on ecosystems. Carrefour has also
stopped selling vulnerable species;
supporting
the development of responsible aquaculture
practices through the promotion of best practices (limiting
industrial fishing, banning the use of antibiotics and,
if
applicable, practising GMO‑free feeding) and greater emphasis
on ASC‑certified products;
MONITORING DEPLOYMENT
supporting local sustainable fishing through local partnerships;
highlighting a broad range of sustainably sourced seafood
products in‑store;
promoting the combat against illegal fishing.
■
■
■
The Carrefour Foundation has also partnered with WWF France in
a research project on sharks and rays in the Mediterranean. This
initiative aims to identify an aggregation hotspot to learn more
and help in designing the future appropriate management
measures for pelagic sharks and rays. This project fosters ties
between fishermen and scientists in the form of at least one
working group to safeguard these species within at least two
fleets in the western Mediterranean.
MMaatteerriiaall
KKeeyy iissssuuee
SSoolluuttiioonn ddeeppllooyyeedd//iiddeennttiififieedd
Fish and seafood
Impact on biodiversity.
Working conditions.
Group‑wide shared purchasing policy and rules are in place for fishery
and aquaculture products: a range of solutions are used, including BIO,
MSC, ASC, Carrefour Quality Lines and other responsible approaches
(e.g., small‑scale fishing, fishing techniques that respect the marine
environment, and alternatives to using fishmeal in aquaculture fish feed).
3. Developing more sustainable textile supply channels
■
In 2019, Carrefour became a signatory of the Fashion Pact, a
global coalition of 56 companies representing approximately
250 brands in the fashion and textile industry. The Fashion Pact’s
goals are focused on three areas:
■
■
stopping global warming (reducing CO2 emissions);
restoring ecosystems and protecting key species
(by
supply chains: organic cotton,
promoting
sustainable cellulose fibre, animal fibres that respect animal
welfare, and land conservation);
sustainable
■
■
MONITORING DEPLOYMENT
protecting
reducing microplastic pollution).
the oceans
(phasing out single‑use plastics,
Carrefour plans to achieve these objectives through two major
initiatives:
responsible production of agricultural raw materials;
and plans for monitoring, assessing and
environmental performance of its suppliers.
improving the
MMaatteerriiaall
KKeeyy iissssuuee
SSoolluuttiioonn ddeeppllooyyeedd//iiddeennttiififieedd
Textiles: wool, cashmere
Animal welfare.
Impact on biodiversity
and land use.
Traceable supply lines, ensuring improved farming conditions and soil
recovery.
Textiles: recycled polyester
Local pollution.
Recycled material incorporated into the product manufacturing process.
Textiles: viscose
Impact on biodiversity
and land use.
Wood fibres used in FSC‑certified products.
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Non‑financial policies, action plans and performance
Joint initiatives and partnerships
■ Consumer Goods Forum
■ Round Table for Sustainable Palm Oil
■ Marine Stewardship Council
■ Retailer Cocoa Collaboration
■ WWF France
■ ICare
Find out more
✚
■ Carrefour.com:
Protecting
biodiversity/CSR
(see
the
Biodiversity section)
■ Carrefour.com: Ensuring animal welfare/CSR (see the Business
ethics and supply chains section)
■ Carrefour.com: Taking action to combat deforestation/CSR
(see the Biodiversity section)
2.1.2.4 Developing ecodesign and a circular economy
Context and definition
More than 350 million tonnes of plastic are produced each
year worldwide, with 40% for packaging. And the figure is
constantly on the rise. Plastics are harmful to the environment
Ineffective collection and recycling
and to biodiversity.
infrastructure in many countries can lead to plastic waste
“leaks” into the environment, where it remains unprocessed.
From there it can be carried away by winds and currents, and
end up contaminating marine environments. It is estimated
that around 250 kg of plastics (1) enter the world’s oceans
every second. This plastic waste will have various impacts on
biodiversity:
its components
(pesticides, lead, heavy metals, etc.), transport of invasive
species that cling to it, etc.
ingestion, pollution
from
The use of plastics is closely linked to the boom in large‑scale
retail: they solve transport, preservation and food safety issues.
Consequently, the retail sector has a key role to play in
changing practices and meeting the expectations of its
increasingly well‑informed about
consumers, who are
Policy and performance
In 2019, the Carrefour group was a founding signatory of
France’s National Pact on Plastic Packaging. Then,
in
March 2020, it joined the European Plastics Pact, which brings
together governments and companies that are pioneers in
reusing and
recycling single‑use plastic products and
packaging. The Group reaffirmed its targets set for 2025: to
reduce packaging by 20,000 tonnes, to incorporate recycled
into 30% of packaging, and to ensure that all
plastic
recyclable or
Carrefour‑branded packaging
reusable,
is
environmental issues. With this in mind, Carrefour wishes to
spearhead the sector’s transition towards a more reasonable,
measured and conscious consumption of the packaging in its
stores and used for its products. It aims to do so by working
alongside
the ecodesign
innovations of product and packaging suppliers, raising
consumer awareness on the matter, and partnering with
NGOs in the field.
its competitors
to promote
It calls upon its ecosystem of suppliers, customers and NGOs
to help it achieve these goals. Consumers are getting behind
the efforts undertaken: according to a comparative study by
Alkemics OpinionWay, although the health crisis has resulted
in a slight decline in the relative importance accorded to this
issue, it still remains highly relevant and topical. Despite the
impact of the health crisis, customers continue to express a
preference for recyclable or even reusable packaging across
many categories of food products.
compostable. With the adoption of the new strategic plan,
Carrefour 2026, these targets have been confirmed and a
new bulk development objective has been announced: sales
are set to reach 150 million euros by 2026 (i.e. a fivefold
increase compared to 2022). Carrefour’s policy therefore
seeks to reduce the quantity of packaging it places on the
market as well to improve the use and ultimate disposal of the
packaging that remains necessary, by guaranteeing, for
example, its re‑use or recycling.
(1) Surfrider Foundation.
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Cumulative reduction of packaging since 2017 (in tonnes)
16,390
10,906
+50%
by 2025
Percentage of Carrefour‑branded packaging that is reusable,
recyclable or compostable
(1)
Percentage of Carrefour‑branded packaging that uses recycled
plastic
(2)
57%
7.7%
46%
+11 pts
100%
by 2025
New
30% by 2025
(1) Scope: 71% of 2022 consolidated gross sales. Non‑comparable BUs (FR only in 2021; ES, IT, PL and AR excl. in 2022).
(2) Scope: 63% of 2022 consolidated gross sales. Non‑comparable BUs (FR only in 2021; BE, ES, IT, PL and AR excl. in 2022).
20,000 tonnes
Comments on 2022 performance. Carrefour is ahead of
schedule regarding its targets for reducing the amount of
packaging that it puts on the market, with significantly more
progress made in all Group countries since 2021. In 2021,
Carrefour published, for the first time, the percentage of its
packaging that is reusable, recyclable or compostable in
France. In 2022, the reporting methodology was applied in
Belgium, Romania and Brazil. Carrefour aims to extend its
scope to the remaining countries by 2023. Likewise, reporting
of the percentage of recycled plastics in packaging was
extended from France to cover Romania and Brazil in 2022
and will continue to be rolled out to the other countries in
2023.
Action plans
Carrefour’s commitments in each country form the basis for
action plans with the following focuses:
1. Transform the customer experience by developing
reusable packaging solutions
reusable
promote
packaging
Reusable packaging solutions in all formats appear in stores:
Carrefour was the first retailer to introduce a “bring your own
container” campaign in all European countries, where customers
would be able to use their own containers for products bought at
traditional foodstuff sections: fish & seafood, meats, delicatessen,
etc. In France, all bio‑plastic bags have been removed from store
shelves and replaced by brown paper bags and reusable organic
cotton bags. Carrefour is also developing e‑commerce solutions
to
short,
circular‑economy loop has been set up for all home delivery
bags used by Carrefour.fr: over 600,000 bags per year are
recovered and reused. With TerraCycle, Carrefour launched Loop
by Carrefour in 2019, making the Group one of the first French
retailers to
in
partnership with Loop. Loop is a system of returnable long‑life
containers that helps cut down on single‑use packaging. It
included more than 47 product references at end‑2022. This
initiative was also introduced into stores in October 2020 and
consumers are now able to return containers for certain
products in seven Paris convenience stores. By the end of 2022,
23 stores offered the Loop returnable packaging service.
introduce a returnable packaging solution
solutions. A
In 2022, four Carrefour stores in Brittany (1) tested the system of
reusable packaging. Together with the Distro cooperative, the
Brasserie de Bretagne and several beverage companies have
joined the returnable container initiative in the region. Customers
can find returnable bottles in a specific stand in the store. Some
bottles will require a minimum deposit, while others will not be
subject to a deposit in the store but a financial incentive in the
form of a voucher will reward customers who return their empty
bottles to the collection machines available.
2. Reducing and eliminating plastic packaging in stores
by adopting a customer perspective
Carrefour has established a number of priorities based on in‑store
surveys conducted in France and Spain to identify customers’
main concerns. Bio‑plastic bags were replaced with brown paper
bags for all organic fruits and vegetables in various French
hypermarkets and the Group continues its drive to replace
packaging with recyclable alternatives. For example, these
changes helped achieve reductions of 1,400 tonnes of plastic for
bags in fruit and vegetable stands. In 2022, the introduction of
the "Ephiphany bag" to replace plastic packaging on the
traditional cake eaten in France at that time for year (galette des
rois) resulted in a reduction of almost 75 tonnes of plastic.
Priority is given to non‑packaged items in all Carrefour organic
produce formats and sections. At end‑2022, nearly 250 product
references were available in non‑packaged form in France.
3. Ensuring the recyclability of packaging and making
it easier for consumers to collect and sort
Ecodesign initiatives are being rolled out in all countries to make
packaging more recyclable. In Brazil, a packaging recyclability
index has been introduced. All Carrefour own‑brand suppliers
underwent a recyclability diagnostic in 2019, resulting in the
replacement of non‑recyclable packaging
than
for more
initiative among
5.4 million products. To promote
consumers, a specific logo identifies all recycled, recyclable,
reusable and compostable products.
In France, Carrefour
supports (Re)Set Retail, a packaging innovation accelerator
working on new complex formats for biscuits, salads, etc.
this
Carrefour works with customers to improve collection and
sorting. Due to the positive results achieved, two additional RVMs
(Reverse Vending Machines) have been installed in the Chartres
and Rambouillet stores to collect bottles for recycling.
(1) Two Carrefour hypermarkets, in Plouzané and Saint Renant, as well as the Market in Milizac and the Carrefour Contact in Locmaria Plouzané.
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Non‑financial policies, action plans and performance
The Group is also getting its suppliers involved in the Food
Transition Pact network, which provides a platform for sharing
best practices and new opportunities for working together.
Participating suppliers sign up to an action plan that includes
eliminating unnecessary packaging, reducing packaging volumes
In 2022,
and providing clear
204 suppliers were members of
including
36 international suppliers.
information about recycling.
the pact,
Lastly, the Group is working with other companies to collectively
think about how to use less plastic and innovate to develop a
circular economy. The companies involved have made the
following commitments:
eliminate all problematic or redundant packaging;
develop non‑packaging and reusability solutions;
ecodesign and recyclability;
accelerate recycling;
include recycled plastic;
develop innovative solutions.
■
■
■
■
■
■
4. Include more recycled materials in our packaging
In 2021, the Group reaffirmed its commitment to use recycled
plastic for 30% of packaging by 2025.
Joint initiatives and partnerships
■ Global Declaration on Plastics & New Plastics Economy:
signed in December 2018
■ National Pact on Plastic Packaging for 2025: founding
signatory in 2019
■ (RE)SET: innovation accelerator on replacements for
(non‑recyclable
packaging
standards
problematic
plastics, nomad packaging, etc.)
■ Loop: launch of the Loop by Carrefour project in
cooperation with Carrefour own‑brand and national
brand suppliers
Find out more
✚
■ Carrefour.com:
Protecting
biodiversity/CSR
(see
the
Biodiversity section)
■ New
plastics
economy:
https://www.ellenmacarthur
foundation.org/our‑work/activities/new‑plastics‑economy
■ National Pact on Plastic Packaging:
https://www.ecologique‑solidaire.gouv.fr/sites/default/files/
2019.02.21_Pacte_National_emballages_plastiques.pdf
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2.1.2.5 Limiting the environmental impact of our sites
Context and definition
through
their GHG
Carrefour’s stores and warehouses can have an impact on the
environment
emissions, water
consumption, waste production, food waste, pollution linked
in particular to transport to and from sites, soil sealing, and
more. Limiting these
involves anticipating and
attempting to minimise them, first in site design and then
during everyday operations.
impacts
3,842 supermarkets,
With
8,573 convenience stores, 551 cash & carries, 140 warehouses
1,128 hypermarkets,
Policy and performance
(including 15 dedicated to serving the online business) and
logistics hubs worldwide, Carrefour is committed to limiting
the impact of its buildings on the ecosystem at a level greater
than what existing regulations require.
Consequently, each site can play its part by working with
regional stakeholders to take biodiversity‑positive actions that
are appropriate for its geographic location. This includes
ecodesigning its buildings and renovating them to be more
sustainable, taking action to reduce waste (including food
implementing
waste), managing water consumption and
measures to reduce the pollution associated with buildings.
Waste and food waste management. Carrefour is targeting minimum waste production and recovery of 100% of store waste by
2025. It also aims to reduce food waste in 2025 by 50% compared to 2016.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
Percentage of food waste recovered (by weight)
(1)
Reduction in food waste since 2016 (in kg/sq.m.)
(1)
2022
57.8%
-40%
22002211
53.2%
-28%
Change
+4.6 pts
TTaarrggeett
+12 pts -50% by 2025
(1) Scope: excluding ES (SM, C&C), IT (CO, C&C), BE (HM, SM) and BRAT (HM, C&C). Non‑comparable BUs (70.9% of 2022 consolidated gross
sales, vs. 90.2% in 2021).
IInnddiiccaattoorr
2022
22002211
Change
TTaarrggeett
Proportion of hypermarket and supermarket waste recovered
(1)
Total waste (in thousands of tonnes)
(2)
74.5%
587
68.5%
646
+6 pts
-9%
(1) Scope: Non‑comparable BUs (BE excl. and IT CO and CC excl.) (95% of 2022 consolidated gross sales vs. 94% in 2021).
(2) Scope: Non‑comparable BUs (BE excl. and IT CO and CC excl.) (95% of 2022 consolidated gross sales vs. 94% in 2021).
100% by
2025
-
Comments on 2022 performance. The reduction of food
waste is progressing with a reduction in unsold food and an
increase in the share of unsold food that is recovered. The
development of initiatives such as the sale of anti‑waste
baskets makes it possible to offer products at low prices while
reducing waste. The waste recovery and reuse rate increased
to 75% in 2022 from 68% the year before, led by the in‑store
initiatives.
is
Water management. Carrefour’s policy
focused on
promoting responsible water use, seeking to reduce water
consumption and
its
operations and downstream. It focuses on the direct impacts
of its business operations as well as the indirect impacts linked
to products sold in stores. In particular, Carrefour is working to
reduce water consumption per sq.m. of sales area.
impacts upstream, as well as
in
IInnddiiccaattoorrss
Water consumption per sq.m. of sales area (in cu.m./sq.m.)
Amount of water consumed (in millions of cu.m.)
2022
1.3
12.2
22002211
1.2
11.5
Change
+10%
+5.7%
Property management. In France, Spain and Italy, all new
shopping centre constructions and expansions larger than
2,000 sq.m. are BREEAM (Building Research Establishment
Environmental Assessment Method) certified. BREEAM In‑use
certification has been rolled out across 75% of sites, meaning
that Carrefour’s objective was achieved a year ahead of
schedule. BREEAM In‑Use certification is renewed every three
years further to an audit. In 2022, 21 new Carmila sites were
certified in Spain and France.
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Change
TTaarrggeett
Projects certified to BREEAM New Construction
standards (as a %)
(1)
Sites certified to BREEAM In‑Use standards
(as a % by value)
(1)
o/w Very Good (as a % by value)
■
o/w Good (as a % by value)
■
(1) Scope: sites managed by Carmila in France, Italy and Spain.
100%
100%
100%
-
100%
94.2%
90.6%
33%
59%
57%
30%
86%
75%
25%
+3.6 pts
-24 pts
+29 pts
-
-
-
Action plans
1. Manage waste and prevent food waste
In collaboration with its suppliers, Carrefour works to cut down
the production of waste packaging and point‑of‑sale advertising
materials at each store. This involves encouraging waste sorting
and recovery through
joint
collection rounds and biomethane and compost production
from organic waste.
innovative solutions such as
includes participating
Carrefour’s global strategy
the
development of sorting and recovery processes in countries
where these are covered by official regulations. This involves
joint work on the recovery of cardboard, plastic, organic waste
and wood, the aim being to transform the constraint of waste
management into financial opportunity. In countries without
regulations on the matter, Carrefour takes part in developing
these kinds of structures.
in
At the global level, nearly a third of gross agricultural production
is wasted or lost before consumption (1). According to ADEME
(French Environment & Energy Management Agency), the French
retail sector accounts for 14% of losses and waste by weight (2).
Aside from the related ethical and economic issues, this wasted
food, which is produced, processed, packaged and transported
before potentially being
likely causing
environmental impacts. These include the five main drivers of
biodiversity loss, since producing these products contributed to:
thrown away,
is
■
■
■
the use of agricultural land resulting in land artificialisation,
habitat degradation and fragmentation, soil degradation and
loss of soil function and biodiversity;
overexploitation of biological resources;
from nitrogen and
environmental pollution,
phosphorus used in agriculture or air pollutants emitted at
various stages;
such as
■
the spread of invasive alien species, especially for products
transported over long distances.
is wasted, all of
Due to its position at the end of the food value chain and as a
retailer, Carrefour has a role to play in combating food waste
(See also Section 2.3.1.4 Combating food waste). When a food
product
(agricultural
production, storage, processing, packaging and transport) and
their corresponding environmental impacts can be considered
wasted as well. In addition to reducing food waste on its own
sites, Carrefour endeavours to reduce food waste at other stages
of the value chain, especially with its suppliers. For example, it
the earlier stages
can suggest solutions
specifications for reasons unrelated to taste quality
differences between batches, colour, etc).
that do not meet
(size,
for products
Country‑specific initiatives
■
France: launch in 2022 of work on waste contracts to
improve the rate of sorting waste.
2. Saving water
Carrefour conducted an analysis of water consumption issues,
including direct and indirect depletion, direct and indirect
discharge of organic materials, pesticides, industrial discharge,
soil sealing, changes in land use, and deforestation. In 2021,
Carrefour updated an analysis of the physical water‑related risks
for all of its sites. An analysis of the water impact of the Group’s
supplies has also been also been carried out to assess the risks
associated with the products sold by the Group. This enabled the
Group to set priorities and draw up action plans designed to limit
the water footprint and impacts of its products and business
operations.
The Clean Water project is a good example of an action plan
deployed in sourcing operations. This worldwide programme
aims to identify the main global and regional environmental risks
for the textile industries, and to raise awareness, train and
monitor suppliers
the management and efficiency of
processes that consume water and chemical products.
in
Carrefour Quality Lines products are produced using enlightened
sustainable farming practices that comply with agroecology
principles. Reducing water consumption is therefore both a
production criterion and a quality driver.
Stores are gradually phasing in solutions to reduce their water
consumption,
including precise monitoring (with dedicated
meters), and new solutions. Given the nature of their business,
stores do not produce heavily polluted wastewater. Nevertheless,
wastewater
recycling systems have been
treatment and
introduced in some countries.
Country‑specific initiatives
■
Spain and Italy: installation of smart water meters to
improve the monitoring of water consumption and
detect potential water leaks.
(1) FAO, 2011, Global food losses and food waste – Extent, causes and prevention, Rome.
(2) ADEME, 2016, Food losses and waste – Inventory and management at each stage in the food chain.
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3. Protect biodiversity on our retail sites
construction policy
With regard to the real estate business of Carrefour Property and
Carmila in France, Italy and Spain, the Group has introduced a
aligned with BREEAM
sustainable
Construction certification standards, to ensure that buildings are
designed and built in line with a commitment to safeguarding the
environment, occupant health and safety, and preserving
biodiversity. Store architecture is planned from the outset to
optimise energy consumption (through the use of natural
materials and renewable energies) and ensure unobtrusive
integration in the natural or urban environment. For each
shopping mall construction and renovation project, measures are
taken to encourage shoppers to use environment‑friendly
transport solutions: agreements with bus companies on
additional stops, provision of car‑share areas, electric vehicle
charging stations, etc. Special provisions are made for local
wildlife, with the provision of habitats for insects and birds.
Ecological balance is also sought in the choice of plants. All
companies working on construction sites for Carrefour stores
have signed the Green Site Charter. Service stations managed by
the Group are equipped with systems
for preventing
environmental risks and odours. In addition, a precise log of
incoming and outgoing fuel volumes is kept to minimise the risk
of fuel leakage.
2.1.2.6 Case studies in 2022
Definition of Carrefour’s biodiversity strategy,
drawing on the SBTN methodology
A privileged partner of WWF France since 1998, Carrefour joined
the Natural Capital Lab when it was created in 2020. By taking
part in this group of pioneering companies led by WWF France,
Carrefour is supporting economic transition towards a model
that respects the planet's finite resources, an approach known as
strong sustainability.
In 2022, Carrefour deployed the SBTN (Science Based Targets for
Nature) methodology and joined the Corporate Engagement
Program of the Science Based Targets Network in order to
measure its impact on biodiversity loss and put in place
appropriate action plans. This is how Carrefour expresses its
commitment
and
dependencies on multiple environmental pressures.
scientifically
impacts
assess
its
to
A Biodiversity Charter was drawn up for all operational sites in the
summer of 2020.
for developing
biodiversity at shopping centres by focusing on four aspects:
It proposes solutions
improving knowledge of local biodiversity and managing green
spaces;
developing on‑site biodiversity;
managing green spaces with an ecological mindset and
limiting the impact of business operations on biodiversity;
raising awareness, communicating and showcasing initiatives.
■
■
■
■
Joint initiatives and partnerships
■
Too Good To Go pact: bringing together industry, retail,
NGOs, trade organisations and digital operators in the
fight against food waste
Find out more
✚
■ Carrefour.com:
Protecting
biodiversity/CSR
(see
the
Biodiversity section)
General methodology used by Carrefour
The overall approach draws on Science Based Target Network
(SBTN) methodology, and its biodiversity footprint is calculated
using the Corporate Biodiversity Footprint (CBF) measurement
tool. SBTN defines 5 steps to set SBTs for Nature: (1) assess,
(2) interpret and prioritise, (3) measure, set and disclose, (4) act,
(5) track.
These five steps make up SBTN’s methodological framework to
help companies set scientifically robust targets and guide them
towards an environmentally sustainable business model.
Calculating the biodiversity footprint involved three consecutive
steps as set out in the figure below. This loss of biodiversity is
expressed here in sq.km of MSA (Mean Species Abundance).
Representation of the biodiversity
footprint calculation
Carrefour's
activities
Contribution
to pressures
on biodiversity
Contribution
to biodiversity
loss
x Pressure
factors
x Damage
function
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(damage
This biodiversity footprint is based on data from Carrefour’s
activities, life cycle analysis databases (pressure factors) and
scientific publications on empirical, experimental and modelling
this
studies
biodiversity footprint takes into account factors such as the
occupation and transformation of ecosystems, the contribution
to environmental pollution (eutrophication and acidification
indicators),
the
contribution to the depletion of water resources.
to climate change and
terms of pressures,
the contribution
functions).
In
The scope of this diagnosis includes all the Group’s operations
and its value chain (food and non‑food retailing, fuel sales,
logistics activities, real estate activities and other services).
This assessment is supplemented with focus studies on specific
that have a particularly significant
products
impact on
biodiversity. These focus studies include an in‑depth impact
analysis that breaks down the pressures on biodiversity and their
location and compares them with indicators on the local
condition of nature (general or specific to a given pressure).
Presentation of the initial results
The main results of the preliminary macro‑analysis and the
Group’s biodiversity footprint are presented in Section 2.1.2.1 (see
to
“Impacts and dependencies”). The main contributor
biodiversity
its
is
occupation and transformation of ecosystems, which also
contributes to the loss of water resources and local pollution.
Operations in France and Brazil account for two‑thirds of the
Group’s biodiversity footprint.
from among Carrefour’s activities
loss
Representation of the Group's biodiversity footprint by country and type of pressure
- 22 514
sq.km.MSA.yr
-43% Brazil
-25% France
-10% Argentina
-7% Spain
-4% Italy
-4% Belgium
-3% Romania
-2% Poland
-2% Taiwan
-85% Change of land use
-7% Water stress
-6% Water pollution
-1% Air pollution
-1% Global warming
Several focus studies have been conducted or planned to examine those products’ impacts on particular locations and the affected
biodiversity there. One of these focus studies was carried out, for example, for beef sold by Carrefour France. The main results show
that this sector primarily impacts biodiversity through its land use, via agricultural production. These impacts are mainly located in the
centre and west of the country, where most cattle farms operate.
Breakdown of the impact of beef
products by life cycle stage
Single EF score (mPt/kg)
Contribution of the diff erent
pressures to biodiversity loss
Beef sold by Carrefour France
Impact on biodiversity (sq.km.MSA/kg)
2.5
2
1.5
1
0.5
0
0
-1
-2
-3
-4
-5
Farming
Processing
Packaging Transportation
Supermarket
and distribution
Consumption
Land use
Climate
change
Water
pollution
Air
pollution
Water
stress
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Next steps
In 2022, the SBTN roadmap enabled Carrefour to produce a
quantitative estimate of its impacts on nature and to locate the
key areas and issues in the Group’s business sectors worldwide:
real estate, retailing (food, non‑food, fuel), logistics and service.
Science‑based targets must be set to ensure that the Group’s
trajectory strictly complies with the renewal and assimilation
into account social
thresholds of ecosystems and takes
expectations for nature conservation.
Ten or so raw materials have been identified and are or will be
the subject of a focus study: beef, cotton, fishery products, oil
(including palm oil), soy, cane sugar, cocoa, nuts, corn, rice and
coffee. Carrefour aims to cover all commodities identified by
SBTN with the greatest impact on biodiversity by the end of
2023. This assessment will be used to prioritise biodiversity issues
and set specific targets. A dedicated action plan will also be
drawn up in 2023 to ensure that these targets are met.
Carrefour signs 11 new French organic lines
bring
opportunities,
For more than 30 years, Carrefour has been supporting French
producers, helping them to develop their organic farming
long‑term existence. Through
activities and ensuring their
multi‑party, multi‑year, renewable contracts with its French
agricultural partners,
the Group can offer high‑quality,
French‑produced organic products, while providing producers
with long‑term visibility. In 2022, the Group supported nearly
3,500 French organic producers through partnerships in a chain
linking all production participants, from processing to product
distribution. This initiative is designed to help meet consumers’
consistently high expectations of French organic products with
foods sourced from specialist organic producers in France. For
other actors in the French organic lines, these long‑term
partnerships
including Carrefour’s
commitment to minimum purchase volumes, and the contracts
with these partners guarantee for example fair pricing practices.
These 11 new lines include: organic einkorn and organic white
beans (Ekibio); organic strawberries (Bio Pays Landais); organic
apricots, nectarines and peaches (Fauriel Fruits); organic potatoes
(Ferme de la Motte); organic melons (Force Sud); organic vine
tomatoes (Rougeline); organic courgettes (SARL Masse); and
organic aubergines (Top Légumes). Carrefour’s commitment here
is twofold: on the one hand, it engages consumers by offering
thousands of organic products at its stores and Drive outlets,
1,200 of which fall under the Carrefour Bio brand; on the other
hand, it supports farmers, through organic contracts, as well as
through project financing solutions that support the food
transition, such as the crowdfunding platform #JeParticipe and
the MiiMOSA Transition #1 fund, in which Carrefour invests in up
to 10% of the funding for all financed projects.
Carrefour strengthens its commitment to fight
deforestation: Brazil in focus
In partnership with CNA (Brazilian Confederation of Agriculture
and Livestock) and IDH (Sustainable Trade Initiative), the Group
announced
launch of a protocol for
sustainable veal production. Developed in the field, within an
incubator that drives innovation and collaborative creation, the
protocol aims to transform the reality of Brazilian livestock
in March 2022 the
for 2022 was
farming by supporting the inclusion of breeders who need
technical and financial assistance. This
initiative provides
technological solutions to accelerate the adoption of more
sustainable models in the livestock chain and ensure that end
consumers are informed about the social and environmental
performance of products made from beef cattle. The protocol
was developed from the sustainable veal production programme,
which has developed
in Mato Grosso since 2019 with
investments of 1.9 million euros from Carrefour Brazil group and
the Carrefour Foundation and 1.6 million euros from IDH. The
goal
technical, financial and
environmental assistance to 557 producers and to cover more
than 190,000 head of cattle, 210,000 hectares of pasture and
nearly 188,000 hectares of protected land in the Amazon,
Cerrado and Pantanal biomes in Mato Grosso. To step up its
commitment, Carrefour Brazil announced a new plan to combat
deforestation in Brazil in 2022. The plan includes strengthened
governance with the creation of a Forest Committee, a reduction
in the amount of beef from critical areas of 50% by 2026 and
100% by 2030, a 10‑million euro investment, the mobilisation of a
local and international collective, and the set‑up of an open
platform to disclose results.
to provide
100% local and sustainable Carrefour Quality
Lines: Belgium in focus
Various Carrefour Quality Lines are showcased throughout the
year in Belgium. Such is the case with Carrefour Quality Line
breads in particular. Produced locally and exclusively in Belgium,
Carrefour Quality Line traditional breads are made using methods
that respect the environment. The delivery vehicles travel a short
distance,
limiting CO2 emissions from the production of
Carrefour Quality Line traditional bread. Carrefour offers more
than 40 types of breads ranging from basic to premium –
including classic, organic and CQL – at affordable prices starting
at 1.59 euro. Tomatoes were also highlighted, and like all CQL
brand references, these vine tomatoes are produced under
partnerships that respect the farmer, the product and the
environment. Near this tomato farm is the CQL omega bass fish
farm. The rainwater harvested from the tomato greenhouses is
used to fill the omega bass fish ponds. The heat produced by the
tomato greenhouses is used to heat the pond water, and the fish
are fed 100% plant‑based food.
New solutions to promote recycling and reuse
To celebrate World Recycling Day on March 18, 2022, Carrefour
France installed “eco checkouts” at all its hypermarkets and
supermarkets so that customers could have the option of leaving
their packaging at checkout. Other local measures were also
taken. In April 2021, a system was launched in Poland to collect
returnable bottles without a receipt. By October 2022, more than
3.2 million bottles had been returned to Carrefour stores,
reducing waste production by 900 tonnes in just six months (a
227% increase compared with 2021). In Brazil, actions are
implemented to encourage the collection of electronics.
Post‑consumer collection bins have been installed in stores in
Brazil. In Spain, Cash Converters and Carrefour have signed an
agreement to open Carrefour Occasion. Tested in Madrid, this
pilot project enables the purchase and sale of second‑hand
goods and promotes the circular economy and sustainable
consumption.
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Deployment of the Bulk experience
at Carrefour stores
For several years, Carrefour has been transforming the role of
packaging in its business model. This programme aims to
drastically reduce the packaging, especially plastic packaging,
used in its product offering. Carrefour wants to provide all
consumers with a zero waste experience, for example through
products available in returnable packaging or its selection of bulk
products. The bulk offering is being developed at all Carrefour
in France offer an
store formats. More than 1,100 stores
assortment of bulk dry goods featuring up to 250 product
references. Between 2017 and 2022, Carrefour France tripled its
sales in this segment. This prompted the Group to launch a pilot
project in Montesson, outside Paris, in 2022, where 90 product
references from leading brands are available in bulk format. The
strategy is strengthened by the displayed price per kilo, which is
lower for bulk goods compared to the shelf price for 90% of the
products. Nine categories are represented: rice, oats, pulses,
aperitif products, baking ingredients, confectionery, coffee, tea
and pet food.
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2.1.3 CLIMATE
2.1.3.1 Overview of objectives
Context In 2015, the COP21 Paris climate agreement set goals for limiting global warming, advocating reorientation of the world
economy toward a low‑carbon model and the phase‑out of fossil fuels.
A 2019 assessment of the Group’s greenhouse gas (GHG) emissions highlighted the following: 2% of the Group’s emissions come from
store operations (direct emissions and emissions related to energy consumption, i.e., Scopes 1 and 2) and 98% are indirect emissions
(Scope 3). Scope 1 and 2 emissions are related to the stores’ energy and refrigerant consumption. Seventy‑two percent of the Group’s
Scope 3 emissions are from products and packaging sold in stores, 12% from the use of fuel sold, 5% from the upstream transport of
products and packaging sold and, lastly, 5% from the use of non‑food products sold.
At its Shareholders’ Meeting of May 29, 2020, Carrefour announced a series of climate‑protection goals, approved by the Science Based
Targets initiative (SBTi), a partnership between the Carbon Disclosure Project (CDP), the UN Global Compact, the World Resources
Institute (WRI) and the WWF®. Carrefour has been certified, along with more than 800 other companies, in light of its commitment to
keeping the global temperature increase to below 2°C by 2100 compared to pre‑industrial temperatures. Carrefour has thus revised its
ambitions upward and, for the first time, has included emissions indirectly related to its activities, mainly from products sold.
In 2021 Carrefour again raised its targets for emissions directly related to its activities (Scopes 1 and 2) and announced its goal of
making its stores carbon neutral by 2040, with a reduction aligned with a 1.5°C trajectory of -30% by 2025, -50% by 2030 and -70% by
2040 (compared to 2019). Carrefour has also announced that its e‑commerce activities will be carbon neutral by 2030.
Risks and opportunities
is committed to fighting climate change by
Carrefour
reducing the Group’s GHG emissions and minimising the
climate risks to which its business is exposed. The risks
analysed for Carrefour in relation to climate change can be
broken down into the following four categories:
Carrefour’s climate change‑related risks are factored into the
Group’s risk management procedures (see Chapter 4.1). The
risks analysed concern both Carrefour’s contribution to
climate change and the more or less direct impacts of climate
change on Carrefour’s business.
■
■
■
■
in‑store physical risk: in the countries where it operates, the
Group may be exposed to natural disasters and uncertain
weather conditions, which have direct or indirect impacts
on its activities, assets, customers and employees (for
example, changes in temperature);
In addition, Carrefour updated its materiality analysis in 2021
(see Section 1.3.1.4). Three climate‑related issues have been
identified as major by the stakeholders within the framework
of the Group’s food transition strategy, and they are among
the ten priority issues:
regulatory risk: the Group is subject to significant regulatory
pressure, particularly with regard to the application of the
F‑Gas regulation concerning refrigeration systems used in
stores;
market risk: the Group is subject to a risk related to new
consumer behaviour which is linked in varying degrees to
climate change and which deeply impacts the spending
patterns of Carrefour’s customers: automobile use, local
produce consumption, energy‑efficient products, reduced
animal protein consumption;
securing raw material supplies: the Group has identified
sensitive materials that contribute to climate change or that
are highly sensitive to climate change. Carrefour may thus
be exposed to a risk of supply shortages for raw materials,
or increases in raw materials prices. This may undermine
Group suppliers, but also
the partnership
relationship established with them.
jeopardise
■
■
■
combating food waste (ranked third);
defining a product range favouring goods from the country
and regions in which we operate (ranked fourth);
reducing transport- and e‑commerce‑related CO2 emissions
(ranked seventh).
Lastly, customer expectations are particularly high for the
following three issues: “Eco‑design of products, packaging and
circular economy”, “Combating food waste” and “Offering a
customer experience and a store/online experience that
facilitates ‘zero waste’ purchases, zero plastic for organic
products and healthier products”.
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Our initiatives
Carrefour has several avenues to reduce its direct and indirect
emissions, and they can be implemented in its logistics chains,
stores and warehouses, supply chains and relations with its
stakeholders in order to transform the market:
■
■
at the plant and transport level, Carrefour strives tirelessly to
improve its operational management, in order to optimise
its activities and reduce GHG emissions associated with its
direct and indirect operations;
■
at the supply chain level and to transform the product offer
available in stores, Carrefour defines responsible sourcing
criteria for its own branded products, and selects the
Coalitions and partnerships
national brand offer
throughout the store;
to
reflect
the
food
transition
in order to engage market players and reduce its indirect
emissions, Carrefour works collectively through local and
global
its objectives with other
companies in the sector. Carrefour also collaborates with its
suppliers and service providers, in particular within the
framework of the Food Transition Pact;
to share
initiatives
■
lastly, Carrefour promotes low‑carbon consumption among
its customers through concrete initiatives in stores.
Business Ambition
to 1.5 – Our Only Future
Race to zero
European Climate
Pact
RE100 –
Validation in progress
Contributions to
the Sustainable
Development
Goals
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Non‑financial policies, action plans and performance
Direct emissions reduction trajectory
(Scopes 1 and 2) aligned with a 1.5°C SBTi scenario
2025
Reduce emissions by 30% by 2025 (vs. 2019)
Reduce emissions by 50% by 2030 (vs. 2019)
2030
2040
RENEWABLE ELECTRICITY
100% of electricity consumed from renewable sources
by 2030
ENERGY EFFICIENCY
Reduce energy consumed by 27.5% by 2030 (vs. 2019)
REFRIGERANTS
Reduce refrigerant‑related emissions by 50% by 2030
(vs. 2019)
Carbon neutrality of our direct operations by 2040, with a 70% reduction in emissions by 2040
(vs. 2019)
REFRIGERANTS
Reduce refrigerant‑related emissions by 80% by 2040
(vs. 2019)
Indirect emissions reduction trajectory
(Scope 3) aligned with a “below 2°C” SBTi scenario
Reduce indirect CO2 emissions by 29% by 2030 (vs. 2019)
PURCHASE OF GOODS AND SERVICES
2030
PRODUCT USE
DOWNSTREAM TRANSPORT
Reduce emissions from purchased goods and services by
30% (vs. 2019), i.e., the equivalent of 20 megatonnes of CO2,
in collaboration with our suppliers
Reduce emissions related to the use of our products
by 27.5%
Reduce our transport‑‑related CO2 emissions by 20%
(vs. 2019)
Detailed list of roadmap targets:
2024
2025
Catalogues
Food waste
Waste
Energy efficiency
Plant proteins
2026
Packaging
Deforestation
Supplier commitment
2027
2030
Renewable electricity
E‑‑commerce
80% of catalogues in France will be digital by 2024
Reduce food waste by 50% (vs. 2016)
Recover 100% of waste from stores by 2025
Reduce energy consumed by 20% by 2026 (vs. 2019),
with a 20% reduction in France by 2024
Increase sales of plant‑based products in Europe
to €500 million by 2026 (+65% vs. 2022)
100% of our key packaging policy targets to be implemented
by 2026 (see Section 2.1.2.4)
100% of key targets on sensitive raw materials
to be implemented by 2025 (see Section 2.1.2.3)
100% of the 100 biggest suppliers to be committed to a 1.5°C
trajectory by 2026
300 suppliers involved in the Food Transition Pact by 2025
4.5 million sq.m. of solar panels in operation on parking lots
in France, Spain and Brazil by 2027 (representing nearly
one TWh of theoretical producible electricity per year)
Carbon neutrality for the Group’s e‑commerce activities
by 2030
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2.1.3.2 Helping stores become carbon neutral (Scopes 1 and 2)
Context and targets
Carbon neutrality and the use of renewable energies are
strongly‑held expectations among citizens and consumers.
Aware of its leading role in distribution, the Carrefour group
has set itself the goal of achieving carbon‑neutral stores by
2040 (Scopes 1 and 2). Its action plan to achieve carbon
neutrality aims to reduce CO2 emissions from its activities as
much as possible at source.
The Group aims to reduce emissions from its stores (Scopes 1
and 2) by 30% by 2025, by 50% by 2030 (compared to 2019)
and by 70% by 2040 (compared to 2019), a target aligned
with the SBTi 1.5°C scenario.
To achieve this, Carrefour is taking the following initiatives:
■
use of 100% renewable electricity by 2030, with priority
given to on‑site production for self‑consumption or grid
feeding, followed by the adoption of Power Purchase
Agreements. As part of the “Carrefour 2026” plan, the Group
will begin producing photovoltaic energy by installing and
operating 4.5 million sq.m. of solar panels on car park
canopies in France, Spain and Brazil, representing around
one TWh of theoretical power generation per year by 2027;
■
a 27.5% reduction
in energy consumption by 2030
compared to 2019. Carrefour is doubling its investments to
reduce its energy consumption, to 200 million euros per
year from 2023 to 2026. The aim is to cut the Group's
consumption by 20% by 2026, including a 20% reduction in
France by 2024. The Group is seeking to improve energy
efficiency through five priority action and technology
recommendations for its stores: renovation of commercial
cooling systems to consume
less energy, doors for
refrigeration units operating at 0°C to 8°C, electronic speed
controllers (which help in particular to reduce peak power
consumption), sub‑metering systems and low‑consumption
LED lighting;
■
the reduction in emissions from refrigerant use. Carrefour
is committed to phasing out HFC refrigeration units and
phasing in systems using natural refrigerants (CO2), which
have much lower emission levels, by 2030 in Europe and
2040 in other geographies. Each country has drawn up a
roadmap for the renewal of its store base.
Performance
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
Scopes 1 and 2
2022
22002211
Change
TTaarrggeett
Scope 1 and 2 GHG emissions (in tCO eq.)
2
1,212,995
1,276,499.1
-5%
(30)% by
2025, (50)%
by 2030, and
(70)% by
2040, (vs.
2019)
% reduction in Scopes 1 and 2 GHG emissions (vs. 2019)
-29.1%
-25.4%
-3.6 pts
EEnneerrggyy
((11))
CO2 emissions related to energy consumption (in tCO eq.)
2
748,087
828,973
Energy consumption per sq.m. of sales area (kWh/sq.m.)
% reduction in energy consumption per sq.m. of sales area vs. 2019
In‑store renewable electricity consumption (kWh/sq.m. of sales area)
457
-9%
1.9
457
-9.2%
1.5
-10%
-
-0.2 pts
+22%
RReeffrriiggeerraannttss
((22))
Refrigerant‑related CO2 emissions
464,908
447,527
+4%
% reduction in refrigerant‑related GHG emissions compared
with 2019
-31%
-34%
-3 pts
Other indicator
CDP Climate rating
(1) Scope: non‑comparable BUs (BR C SM excl.) (99.5% of 2022 consolidated gross sales).
(2) Scope: Comparable BUs (77% of 2022 consolidated gross sales). – excl. BRAT.
Indicators subject to an audit providing reasonable assurance.
A
A-
-
Comments on 2022 performance. Carrefour reduced its Scopes 1 and 2 store emissions by 29% in 2022 versus 2021, and is well
on its way to meeting targeted reductions of 50% in 2030 and 70% in 2040.
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Action plans
In 2021, the Group defined the target scenario for achieving its
goal of reducing greenhouse gas emissions from its integrated
stores, in relation to their consumption of energy and refrigerants
(Scopes 1 and 2). This scenario is based on a projection of the
Group’s emissions to 2040, using current emissions and the
Group’s estimated growth
(Business‑as‑Usual
+ Projected Growth). This scenario breaks down the different
actions to be implemented to achieve carbon neutrality and the
reduction of GHG emissions associated with each action.
to 2040
2,500,000
2,000,000
B u s i n e s s - a s - U s u a l
+ P r o j e c t e d G r o w t h
1,500,000
1,000,000
500,000
0
1
2
3
4
5
6
7
8
9
1
0
2
0
2
0
2
0
2
1
2
0
2
2
2
0
2
3
2
0
2
4
2
0
2
5
2
0
2
6
2
0
2
7
2
0
2
8
2
0
2
9
2
3
0
2
0
1
3
0
2
3
0
2
2
3
0
2
3
4
3
0
2
5
3
0
2
6
7
3
0
2
3
0
2
8
3
0
2
9
0
2
0
4
3
0
2
1
5
Greening of the Grid
Brazil DPPA
2030 Goal (1.5°C)
2
6
Store Energy Efficiency
HFC Refrigerant Phase Out
3
7
Refrigeration Efficiency
On-Site Solar
4
8
Pan-European VPPA
100% RE for Taiwan
and Argentina
2040 Goal (1.5°C)
Climate plan governance
Carrefour has structured governance for its Climate Plan as
follows:
The Group Executive Committee defines strategy, policies and
objectives, and measures Group performance. Carrefour’s Board
of Directors, after a review by the Board’s CSR Committee and on
the advice of the latter, validates the strategy proposal and
is
assesses
consulted on
the
implementation of action plans via a “Say on Climate”.
implementation. The Shareholders’ Meeting
the climate change
strategy and
its
The Engagement department coordinates the implementation of
the climate strategy at Group level in collaboration with the
various departments concerned, namely Asset departments,
Indirect Purchasing department and Financial departments.
The Group Investment Committee approves investment projects.
To ensure that its climate goals are achieved, the Group has built
a CapEx trajectory for the implementation of GHG emission
reduction initiatives through to 2030. The committee analyses
the climate impact of projects by factoring specific criteria into
investment planning.
The Executive Committee in each country is responsible for
implementing the climate strategy, which is an integral part of
each country’s strategic plans and budgets.
CSR performance is monitored quarterly through non‑financial
reporting and the CSR and Food Transition index. This index,
created in 2018, is the management tool that enables the Group
to ensure that targets are met. It is a key part of non‑financial
communication and a compensation criterion for the Chairman
and Chief Executive Officer, executives, Country Executive
Committee members and top‑level Group function managers.
The reduction of greenhouse gas emissions from stores is also an
indicator used when issuing Sustainability‑Linked Bonds.
The use of renewable energy
launched
The Group’s priority is to develop on‑site electricity production
for self‑consumption or supplying the network. In France, the
is currently equipping
in 2020
Carsol project
seven hypermarkets with photovoltaic systems, covering 10% of
the energy consumption (21 GWh) of these stores. In 2022, 18
hypermarkets worldwide were equipped with photovoltaic
systems. As part of the “Carrefour 2026” plan, the Group is
accelerating the production of photovoltaic energy by installing
and operating 4.5 million sq.m. of solar panels on car park
canopies in France, Spain and Brazil, representing around 1 TWh
of theoretical power generation per year by 2027. In Brazil,
Atacadão has also embarked on a solar panel development plan,
with one store equipped in 2022 and several more set to follow
in 2023.
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In order to achieve its goal of 100% renewable electricity by
2030, Carrefour will also use PPAs (Power Purchase Agreements).
Reducing energy consumption
In 2013, Carrefour
launched a worldwide strategic plan
encouraging all Group entities to improve their energy efficiency.
Teams in Group host countries were issued a list of five priority
actions and technology recommendations for their stores: doors
for refrigeration units operating at 0°C to 8°C; electronic speed
controllers; low‑consumption LED lighting; submetering systems;
and phase‑out of high warming potential HFC refrigerants for
cooling systems. In Europe, Carrefour Belgium, Carrefour France
(Energy Management)
and Carrefour
(hypermarkets and
certification for their
supermarkets) as well as for their head offices and warehouses.
This represents 35% of the sales area of the Group’s integrated
hypermarkets and supermarkets.
ISO 50001
integrated stores
Italy hold
In France, to help ensure that everyone is supplied with electricity,
Carrefour has joined the signatories of the EcoWatt Charter, which
guides individuals, companies and local authorities in adopting
actions to limit electricity consumption during periods of peak
demand. A warning system indicates the days and times when
French people should reduce or defer their electricity consumption,
to avoid power cuts or shorten any that do occur. Carrefour is the
first major retailer to join such a scheme. The Company is
committed to reducing its energy consumption in the event of
spikes. For example, it could dim lighting and reduce heating in its
stores, thereby eliminating the consumption of between 2.1 MW
and 10 MW of electrical power, or contribute its production capacity
of over 60 MW of electrical power. Customers will be informed
whenever the system is triggered.
The reduction in emissions from refrigerant use
Carrefour is committed to phasing out HFC refrigeration units
and phasing in systems using natural refrigerants (CO2), which
have much lower emission levels, by 2030 in Europe and 2040 in
other geographies.
The roll‑out of the F‑gas regulation in Europe aims to gradually
phase out hydrofluorocarbon (HFC) refrigerant gases, in order to
replace them with lower‑emitting alternatives. Each of the
Group's operating countries has drawn up a roadmap for tackling
this issue.
When a CO2 plant is replaced, an additional energy gain is
expected. The new, more modern plants result in an estimated
8% reduction in electricity consumption for food refrigeration.
Efforts are also made to limit refrigerant leaks by stepping up
equipment maintenance and keeping it as leak‑free as possible in
all countries of operation.
Joint initiatives and partnerships
■ Race to Zero
■ Business Ambition for 1.5°C
■ Signatory to the French Business Climate Pledge
■ Consumer Goods Forum (CGF) network
■ Science Based Target initiative (SBTi)
■ Carbon Disclosure Project (CDP)
■ Food Transition Pact
Find out more
✚
■ Carrefour.com: Fighting and preparing for climate change/CSR
(see the Climate section)
■ CDP Climate: see the public response on the CDP website
2.1.3.3 Promoting low‑carbon consumption (Scope 3)
Context and targets
Carrefour has set the goal of achieving a 29% reduction in its
indirect GHG emissions (Scope 3) by 2030, compared with
2019. The Group’s ambition has been approved by the Science
Based Targets initiative for its alignment on a trajectory below
2°C. In view of its main indirect emissions drivers, Carrefour
has structured its Scope 3 Climate Action Plan around the
following indirect emission items that together account for
nearly 90% of Scope 3 emissions:
■
■
■
purchases of goods and services: reducing emissions from
goods and services purchased by 30% by 2030, compared
with 2019 (well below the 2°C scenario). This target implies
cutting 20 megatonnes of CO2 between 2030 and 2019;
reducing emissions
from product use
product use:
(especially for fuel and consumer electronics) by 27.5% by
2030, compared with 2019 (2°C scenario);
outbound transport: reducing CO2 emissions linked to
outbound transport by 20% by 2030, compared with 2019
(2°C scenario).
To achieve these objectives, Carrefour has several means of
promoting low‑carbon consumption, such as selecting the
products and packaging on the shelves, supplier commitment
to reduce emissions, defining responsible purchasing criteria,
promoting the circular economy and guiding customers in
their consumption choices. Carrefour has set the following
objectives:
■
■
supplier commitment: getting 600 suppliers to commit to
the Food Transition Pact by 2030; Carrefour’s 100 biggest
suppliers will be required to adopt a 1.5°C trajectory by 2026
or risk being delisted;
and
national
products:
local
partnering with
50,000 producers by 2026; doubling fruit and vegetable
supplies in ultra‑short circuits (suppliers located less than
50 km from stores) in Europe; launching a local fresh
produce format under the “Potager City” banner in France;
■
plant proteins: increasing plant‑based protein sales in
Europe to 500 million euros by 2026 (an increase of 65% vs.
2022);
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■
■
responsible production: 100% of products from Carrefour
Quality Lines committed to an agro‑ecological approach by
2025; 100% of sensitive raw materials covered by an action
plan to combat deforestation by 2025 (palm oil, Brazilian
beef, wood and paper, soy, cocoa);
packaging reduction and the circular economy: saving
20,000 tonnes of packaging, including 15,000 tonnes of
plastic packaging by 2025 (cumulative since 2017); 100%
reusable, recyclable or compostable packaging for our own
brands by 2025; 30% integration of recycled plastic in
packaging by 2025; 150 million euros
Group‑wide by 2026;
in bulk sales
waste and food waste management: reducing food waste
by 50% by 2025 (compared to 2016); 100% recovery of store
waste by 2025;
fight against deforestation: reducing the amount of beef
from critical areas by 50% by 2026 and 100% by 2030;
Carrefour‑branded beef not to pose any threat in terms of
deforestation by 2026.
■
■
Performance
IInnddiiccaattoorrss
Number of Food Transition Pact partner suppliers
Proportion of SBTi 1.5°C suppliers (France)
Number of suppliers involved in the 20 Megatonnes platform
2022
204
34%
51
22002211
114
New
New
Change
TTaarrggeett
+79% 300 by 2025
Number of partner producers (1)
37,758
38,359
-2%
Percentage of Carrefour Quality Lines products committed
to an agro‑ecological approach (fresh produce)
Sensitive raw materials – progress made in rolling out action plans
on sensitive raw materials (as a %) (2)
6.5%
New
61%
55%
+6 pts
50,000
by 2026
100%
by 2025
100%
by 2025
20,000 tonnes
Reduction in packaging since 2017 (in tonnes)
16,390
10,906
+50%
by 2025
Percentage of reusable, recyclable or compostable packaging
for Carrefour‑branded products (3)
Percentage of integrated recycled plastic in packaging
for Carrefour‑branded products (4)
Percentage of food waste avoided (in kg/sq.m.) compared
to 2016 (5)
57%
7.7%
46%
+11 pts
100%
by 2025
New
30% by 2025
-40%
-28%
+12 pts -50% by 2025
Percentage of store waste recovery (6)
(1) National partner producers in organic farming, Carrefour Quality Lines, regional and local producers listed directly by stores.
+6 pts
68.5%
74.5%
100%
by 2025
(2) This composite indicator covers raw materials that the Group considers a priority in the fight against deforestation (palm oil, beef, soy,
cocoa and trader traceability), protection of fishery resources and sensitive raw materials for textiles (cotton, cashmere, wool and
wood‑based fibres).
(3) Scope: 71% of 2022 consolidated gross sales. Non‑comparable BUs (FR only in 2021; ES, IT, PL and AR excl. in 2022).
(4) Scope: 63% of 2022 consolidated gross sales. Non‑comparable BUs (FR only in 2021; BE, ES, IT, PL, and AR excl. in 2022).
(5) Scope: excluding ES (SM, CO, C&C), IT (CO, C&C), BE (HM, SM), BRAT (HM, C&C) and PL (C&C). Non‑comparable BUs (70.9% of 2022
consolidated gross sales).
(6) Scope: Non‑comparable BUs (IT CO and CC excl. and BE excl.) (95.2% of 2022 consolidated gross sales vs. 94% in 2021).
In presenting its 2026 strategic plan, Carrefour announced an
unprecedented new target for getting suppliers involved in
reducing its indirect Scope 3 emissions, calling on its top 100
suppliers to commit to a 1.5°C pathway by 2026 or face
delisting.
Reduce Scope 3 emissions
Carrefour has put together a Scope 3 Climate Action Plan on
reducing the main indirect emissions arising primarily from the
products it sells. This action plan consists of:
1. Optimising the operation of plants and supply chains
and promoting the circular economy
Limiting food waste and recovering waste. According to a study
by ADEME (1), in France, 10 million tonnes of food are lost and
wasted every year throughout the value chain. Carrefour is
implementing action plans (detailed in Section 2.1.2.2) to reduce
food waste by 50% by 2025 (compared to 2016). Carrefour also
aims to have 100% of waste recycled by 2025 and to use
reusable, recyclable or compostable packaging for 100% of
own‑brand products by 2025 (Section 2.1.2.4).
Recovery, reuse and recycling of electrical products and
household appliances. The production of electrical and electronic
equipment generates significant CO2 emissions. For example, a
laptop is responsible for 169 kg of CO2 equivalent during its entire
life cycle, which is equivalent to a 600 km flight. In France, the
Carrefour group, in partnership with environmental organisations,
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recovers neon lights and batteries in each integrated store. The
Group’s hypermarkets collect small and large household appliances
and, since 2022, large furniture with no obligation to purchase. In
order to encourage consumers to bring back their equipment,
Carrefour launched initiatives to recover televisions and sound bars
in October in exchange for vouchers.
Throughout France and in partnership with Cash Converters,
Carrefour is opening “second‑hand” corners in its hypermarkets.
To date, 27 such corners have been opened in hypermarkets with
an average surface area of 100 sq.m., i.e., 11 more than in 2021.
These corners give a second life to telephone equipment, small
electrical appliances, computer equipment, but also books,
DVDs, games, jewellery and leather goods.
Develop packaging deposits and recyclability.
The Group
wishes to reduce the use of packaging through the development
of bulk sales, but also packaging deposits. For example, it has
introduced the use of returnable packaging in stores through a
system called Loop, with 23 stores now equipped with the
system. When it is impossible to eliminate packaging or reuse it,
Carrefour seeks to guarantee the effective recyclability or
biodegradability of the packaging, in line with the national
recycling channels (see Section 2.1.2.5).
Carrefour aims to achieve a 20%
Downstream transport.
reduction in outbound transport‑related CO2 emissions by 2030
compared to 2019, through optimisation of logistics models and
development of alternatives to diesel fuel. Supply chain teams in
each country are working closely with carriers to improve truck
in
loading practices, optimise travel distances and phase
alternative transport modes consistent with Group policy. In
France, Carrefour is modernising its fleet. At end‑2022, it had
710 PIEK‑certified trucks, which run on biomethane and generate
less pollution and noise (under 60 dB).
2. Transforming the range of products available
in stores and e‑commerce
Definition of purchasing rules
for controlled products:
Carrefour is implementing a set of action plans to develop
responsible sourcing and thus reduce the climate impact of its
own‑brand products. The Group is particularly committed to
combating deforestation, developing agro‑ecological practices
within
its Carrefour Quality Lines and sourcing fish from
responsible fishing (see Sections 2.1.2.2 and 2.1.2.3). Carrefour
aims for each of its Carrefour Quality Lines to feature an
Agroecological label by 2025. The products concerned provide a
benefit that is communicated to customers: “GMO‑free feed”,
“antibiotics free”, or “grown without chemical treatment”, etc.
Some of these practices reduce the CO2 emissions from
agricultural production, such as reducing the use of pesticides
and nitrogen fertilisers, and soil conservation in agriculture (see
Section 2.1.2.2). In addition, the Group is working on responsible
sourcing of its packaging and is aiming for 100% paper and
cardboard packaging of controlled products to comply with the
sustainable forests policy by 2025 and to include 30% recycled
plastic in its plastic packaging by 2025. Moreover, 99.5% of trade
publications are FSC® (Forest Stewardship Council®), PEFC®
(Programme for the Endorsement of Forest Certifications®)
certified, or made from recycled fibres.
for half of
is responsible
ADEME has calculated that meat
The greening of food.
production
food sector’s
the
greenhouse gas emissions. This is why the greening of food is
high on Carrefour’s list of priorities. There is indeed a strong
societal expectation at the heart of major climate issues, the
preservation of biodiversity, the sharing of resources at the global
level and major public health issues. This expectation is already
reflected in strong growth in demand, which is impacting the
is committed to developing vegetarian
markets. Carrefour
product ranges with a view to offering an alternative to the
consumption of animal proteins. These products are aimed at a
wide variety of consumers whether they are vegans, vegetarians,
those concerned about animal welfare or flexitarians. Carrefour is
attentive to the quality and nutritional profile of these products.
The first French retailer to launch a vegetarian range under its
own brand, Carrefour now has 115 products, i.e., the widest
vegetarian offer in supermarkets and hypermarkets. Since 2021,
Carrefour has continued its acceleration in the meat substitute
segment,
innovations to meet
consumer demand for “Eating better” and “Consuming better”.
For every type of meat or dairy product, there is a plant‑based
alternative. These alternative products are available
in all
European countries where the Group operates, and in all formats.
launching more than ten
As part of its commitment to the food transition for all, Carrefour
stepped up the development of plant‑based food in 2022. In
March, the Group launched a new international “Plant‑Based
Contest” for the most innovative start‑ups in the field of
plant‑based food. It attracted start‑ups from all over the world
which showcased their innovations in plant‑based food. When
the challenge comes to an end, ten innovations will be displayed
prominently on the shelves of Carrefour supermarkets and
hypermarkets, as well as on e‑commerce platforms, after being
tested by consumers. To further the development of plant‑based
food, Carrefour has partnered with Danone and the WWF to
co‑develop the “Lundi c’est veggie, mais aussi
le mardi,
mercredi...” (Monday is veggie, but so is Tuesday, Wednesday…)
promotion. The
is to promote the consumption of
plant‑based proteins and increase the number of vegan options
on people’s plates. It is being carried out as part of the Food
Transition Pact, a Carrefour initiative bringing together 38
international suppliers to implement practical projects devoted in
large part to the climate. Plant‑based food initiatives are also
being carried out locally. In Belgium, for example, the range
includes 179 vegetarian product references, and customers enjoy
a 20% discount on the entire vegetarian range in refrigerated
sections on Thursdays.
idea
Choosing local and seasonal vegetables. Choosing seasonal
vegetables is an obvious way for consumers to reduce their
carbon footprint. ADEME estimates that a tomato produced out
of season is responsible for 10 times more CO2 than a tomato
produced in season (i.e., not in a heated greenhouse). In line with
this, Carrefour offers its consumers a range of seasonal and local
products. In Spain, Carrefour promotes seasonal products while
contributing to the creation of regional jobs and the reduction of
greenhouse gases. Carrefour has business relationships worth
1.5 billion euros with over 1,000 Andalusian suppliers. To develop
this product range, the Group is committed to signing contracts
with 50,000 local or national partner producers by 2026.
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Non‑‑food products and fuel. In addition to its strategy for food
products, Carrefour has a similar objective to reduce Scope 3
emissions on non‑food products, particularly products that entail
high electricity use or fuel consumption. To act on GHG
emissions from combustion of traditional fuels, the Group is
developing its range of alternative fuels and is seeking to increase
their share in the mix and encourage consumers to choose
vehicles with green engines. For example, thanks to a partnership
with Meridiam, Carrefour Property, the Group’s real estate
company, enabled the installation of charging stations in the car
parks of 211 hypermarkets for a total investment of 117 million
euros in 2021. The Group plans to install 2,000 charging stations
by 2023. In order to encourage its customers to use electric
vehicles, Carrefour offers 1 hour of recharging per week to
loyalty card or pass card holders. These charging stations will be
powered by 100% renewable electricity.
In addition, free
recharging facilities for soft mobility (scooters, bicycles) will be
available in all hypermarkets and most supermarkets. Of the
215 shopping centre sites operated by Carmila, more than
200 are located less than 500 m from public transport.
Reducing the impact of packaging. According to ADEME, 1 kg of
plastic packaging results in the emission of 1 kg of CO2. This is
why the reduction and elimination of packaging is one of the
Group’s strategic priorities. Carrefour has undertaken to reduce
the weight of packaging of
its own‑brand products by
20,000 tonnes, including 15,000 tonnes of plastic packaging
(cumulatively since 2017) and to have 100% of its own‑brand
product packaging reusable, recyclable or compostable by 2025
(see Section 2.1.2.4).
3. Involving our partners
Food Transition Pact. Products sold by Carrefour and supplied by
major national brands get specific attention. Carrefour favours a
partnership approach for these products, with the development
of the Food Transition Pact.
The Pact provides a platform for these suppliers to discuss
matters and best practices, explore new opportunities for
collaboration with Carrefour, and
share progress with
consumers. It rests on four pillars: packaging, biodiversity,
climate, and health/nutrition. Food and non‑food supplier
candidates ready to join the Food Transition Pact must present an
ambitious action programme on at least three of the Pact’s four
pillars. This programme is approved by a panel of internal
experts, and suppliers are required to report on their progress
regularly. Working groups are organised throughout the year.
At the end of 2022, nearly 200 suppliers had committed to the
international pact and to local pacts. The Group’s objective is to
have 600 committed suppliers by 2030.
On the climate pillar, the “20 Megatonnes” project launched in
2020 aims to encourage suppliers to make commitments to
involve
reduce
their emissions, measure
their progress,
consumers and develop low‑carbon consumer habits. In 2021,
Carrefour launched a collaborative platform open to all its
suppliers on a dedicated website. This platform enables the
Carrefour group to monitor the commitments and progress of its
suppliers in the fight against global warming and to highlight
their most innovative actions. This platform was developed within
the framework of the Climate Working Group of the Food
Transition Pact, co‑piloted by Pepsico and including Johnson &
Johnson, Essity, Beiersdorf, Mars, Danone, Soufflet, Coca‑Cola,
Kimberly Clark, Heineken, Reckitt, Innocent, L’Oréal, Kellogg’s,
Andros and Savencia. Each supplier will be able to communicate
its greenhouse gas emissions, its reduction objectives and the
achievement of its objectives year after year. The method used is
aligned with industry benchmarks (Greenhouse Gas Protocol and
Carbon Disclosure Project).
In 2022, Carrefour called on its major suppliers (Top 100) to
adopt a 1.5°C trajectory by 2026, and is committed to delisting
them if they do not meet this condition.
4. Engaging with customers in their product choices
Carrefour aims to highlight the low‑carbon characteristics of its
products. In France, the eco‑score is provided on more than
40,000 products of all brands. Some products with an eco‑score
of A are highlighted by promotional prices. To showcase
low‑carbon vegetarian products in stores and online, Carrefour
has modified the display hierarchy (highlighting products with an
eco‑score of A) on e‑commerce sites and promoted such items
more prominently in stores.
In addition, Carrefour has pushed ahead with anti‑food waste
actions, which promote products having minor defects or close
to their use‑by date, while remaining as good and safe as the rest.
In 2020, the Group introduced a Zéro Gaspi (zero waste)
challenge, a cross‑functional tagging system designed to draw
customers’ attention to all of the initiatives deployed to cut down
on waste. Also in 2020, Carrefour signed, with 50 French players,
the National Pact to make use‑by and best‑before dates easier to
read.
A study is under way to determine to what extent the Group can
accelerate decarbonisation of the average consumer basket. The
aim is to make low‑carbon products accessible by enhancing
product range and marketing.
Joint initiatives and partnerships
■ Food Transition Pact, Climate Working Group co‑piloted
with Pepsico
■ Science Based Targets
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2.1.3.4 Combatting food waste
Context and definition
According to a report published by NGO WWF and Tesco, the
UK’s largest supermarket chain throws away 2.5 billion tonnes
of food each year worldwide. This is double the estimate
contained in the latest UN report on food waste (2011) (1).
Food waste accounted for 10% of greenhouse gas emissions
worldwide in 2021 (2). Of the 2.5 billion tonnes, 1.2 billion
tonnes of food was wasted on farms, particularly in Europe
and the US. And 931 million tonnes were thrown away by
retailers or consumers. The rest was lost during transportation,
storage, manufacturing and product processing. This waste
has many causes: overproduction, calibration criteria,
interruption in the cold chain, poor stock management and
supply‑demand mismatching, among others. At each step in
the farming and food chain, there are measures to be taken on
cutting down waste.
Carrefour has assessed food waste throughout the value
chain, from the farm to the consumer’s table, for five of its
best‑selling fresh products: avocados, cod, carrots, bread and
chicken. This assessment highlighted several solutions
throughout the value chain: crop growing and harvesting,
sorting, packaging and transport, quality control, distribution
and consumption. Cutting down on food waste is a major
its activities and for
challenge for Carrefour, both for shrinking the environmental
footprint of
improving operational
efficiency. Methods such as discount management (3) for
products nearing their sell‑by date and recovery of unsold
produce create opportunities to cut waste.
low‑income households.
This global issue took on a whole new dimension in 2020 as
the health crisis aggravated the difficulties of vulnerable
people and
It became more
important to cut down on the amount of perfectly safe and
nutritious food being wasted, so that it could be given to
those most in need. In 2022, community outreach initiatives
continued to be carried out.
Policy and performance
Carrefour shares the Consumer Goods Forum (CGF) (4) goal of
achieving a 50% reduction in food waste by 2025 (compared
to 2016). Carrefour’s global policy of cutting food waste has
three focus areas:
in‑store measures, cooperation with
suppliers, and improving consumer awareness. Carrefour’s
ambition is to ensure operational excellence in its own waste
reduction and
to catalyse action among stakeholders
(suppliers and consumers) throughout its business ecosystem.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
Percentage reduction in food waste (vs 2016)
(1)
Percentage of unsold food products recovered
2022
-40%
58%
22002211
-28%
53%
Change
22002255 ttaarrggeett
+12 pts
+5 pts
50%
-
(1) Scope: excluding ES (SM, CO, C&C), IT (CO, C&C), BE (HM, SM), BRAT (HM, C&C) and PL (C&C). Non‑comparable BUs (70.9% of 2022
consolidated gross sales).
IInnddiiccaattoorrss
Number of meal equivalents of unsold products donated to food aid associations
(in thousands of meals)
(1)
Weight of unsold products recovered through sale of food baskets in partnership
with Too Good To Go
(2)
2022
22002211
Change
45.6
44.1
+3.4%
3,437 tonnes 3,440 tonnes
-0.1%
(1) Scope: This figure includes food donations by stores in all of the Group’s integrated countries, as well as donations made by the Group’s
warehouses in France.
(2) Scope: BE, ESP, FR, IT, PO.
Comments on 2022 performance. Food waste was down 40%
versus 2016 in 2022 (compared with a 28% decline in 2021),
against a targeted 50% reduction by 2025. Food waste
in Europe and at
reduction
improvement
Carrefour Brazil. As part of a continuous
is making steady progress
process, a project will be undertaken in 2023 to extend the
scope of reporting to all the integrated countries. Lastly, the
amount of donations increased slightly from 44.1 million to
45.6 million meal equivalents donated worldwide in 2022.
(1) FAO 2012. Food loss and waste in the world – Extent, causes and prevention. Rome. https://www.fao.org/3/i2697f/i2697f.pdf
to
(2) Cirad.fr, 10% of global greenhouse gases
loss and waste, https://www.cirad.fr/les‑actualites‑du‑cirad/actualites/
linked
food
2021/10‑des‑gaz‑a‑effet‑de‑serre‑mondiaux‑lies‑aux‑pertes‑et‑gaspillages‑alimentaires
(3) Discounts correspond to foodstuffs lost by the Group, mainly due to product expiration dates.
(4) The CGF is an international network bringing together equal numbers of manufacturers and retailers of fast moving consumer goods. Its members
include CEOs and senior executives of consumer goods manufacturers and retailers, along with other key stakeholders, who are all committed to
promoting practices and standards around the world that drive positive change by meeting consumer expectations.
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Non‑financial policies, action plans and performance
Action plans
Carrefour’s action plan to combat food waste is implemented at
every stage of the product life cycle. From the selection and
ordering of a product by a store to its end of life, the Group
implements solutions to recover foodstuffs.
1. Reduce the number of markdowns in stores
To reduce in‑store markdowns, corresponding to products
withdrawn from sale, solutions are in place to:
■
■
■
improve stock and order management: to reduce the number
of products withdrawn from sale, store managers are issued
daily information on their waste figures, with a top‑40 ranking
of products by value or waste rate. Fresh produce line
managers rely on sale and production forecasts, adjusting
them to allow for weather and other factors;
promote short dates and sell products up to one month
beyond the best‑‑before date: Carrefour offers markdowns of
30% to 60% on short‑dated products. In dedicated and
specially‑marked endcap displays, Carrefour also markets a list
of products past their best‑by dates. Internal tools enable us to
go further: weekly alerts on items at risk of being wasted are
sent to all store directors and managers in order to trigger
initiatives to move such products in stores. These alerts exist
both for ultra‑fresh produce and for grocery and liquid
departments. Employees receive awareness training on waste
reduction and best practices on a day‑to‑day basis, via an
e‑learning module on Cap Formation, Carrefour’s in‑house
training tool available to all employees;
promote products that have been detached or that have
shape defects: in 2021, Carrefour France set up “zero waste
challenge” display cases in 30 of its stores: they collect
undamaged eggs from broken or soiled boxes and sell them in
bulk at a low price. In order not to lose healthy fruit and
vegetables packaged in trays, mesh or plastic bags and
withdrawn from sale due to the deterioration of one or two
products, “zero waste” repackaging in baskets has been set up
in all stores. In the same spirit, Carrefour Spain offers a 25%
reduction on the price of healthy but “ugly” vegetables. The
initiative limits waste while allowing customers to enjoy quality
products at a lower cost. In 2022, Carrefour Belgium launched
“Zero waste baskets”. Sold at a fixed price of 2.50 euros, they
comprise slightly damaged or very ripe – but still perfectly
edible – fruit and vegetables. In Italy, the Group aims to reduce
its food waste by 50% by 2025 through a strategy based on
four fundamental pillars: waste prevention, redistribution of
excess items, recycling and recovery of waste that is still
edible;
■
implement innovative solutions to avoid unsold food: since
2020, Carrefour has been developing the sale of baskets made
up of products nearing their use‑by date, in partnership with
the Too Good To Go app in France, Spain, Italy, Belgium and
Poland, in nearly 3,000 stores. In 2022, 2,212,039 baskets were
by
offering
30 exclusive
sold in France (total of 7,047,000 baskets since 2018). In
France, Carrefour has sought to usher in a new approach to
retailing
anti‑waste Nous
Anti‑Gaspi (1) brand products in its hypermarkets in Greater
Paris. Sold at a discount of up to 20%, the Nous Anti‑Gaspi
range includes many popular fresh products, some of which
are organic, and all of which are produced either in France or
in their historical region. Through this initiative, Carrefour is
playing its part to help ease cost‑of‑living concerns for its
customers, while seeking to revisit standards in the retail
industry.
2. Reuse unsold food in stores
When food is left unsold, solutions are in place to recover it:
■
of
and
organised
coordination
optimise donations to charities: the food donated by Carrefour
in 2022 represented the equivalent of more than 45 million
meals. Our stores work together with charities to facilitate the
regular
donations.
Internationally, the Group also combats waste through
partnerships between its stores and food charities (including
Banques Alimentaires and Restos du Coeur in France, Azione
Contro la Fame in Italy, the Red Cross in Spain, Romania and
Poland, and Caritas in Argentina). Depending on the number of
products collected, stores sort out products that can safely be
donated to charities without interrupting the cold chain. In
addition, in late 2022, the Carrefour Foundation responded to
the increase in food aid beneficiaries due to inflation in its
various countries by facilitating purchases of basic foodstuffs;
■
biowaste recovery: when products cannot be donated, they
are disposed of as biowaste, which is transformed into
biomethane that is then used in our delivery vehicles to
transport goods. One tonne of biomethane allows a truck to
travel 250 km.
Joint initiatives and partnerships
■ Consumer Goods Forum
■ Too Good To Go pact: bringing together industry, retail,
NGOs, trade organisations and digital operators in the
fight against food waste
Find out more
✚
■ Carrefour.com: Combating food waste/CSR (see the Climate
section)
■ See also Section 2.1.2.5 Limiting the environmental impact of
our sites
(1) An own‑brand dedicated to anti‑waste products, offered in partnership with 31 producers dedicated to reducing food waste in their production
lines by defining flexible specifications, without compromising final product quality.
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Non‑financial policies, action plans and performance
2.1.3.5 Case studies in 2022
The supply of electric vehicle charging stations
in France
the programme
In 2021, Carrefour became the first retail banner in France to
offer a complete range of charging stations for electric vehicles
in partnership with Meridiam, an investor that specialises in
essential infrastructure. In 2022, Carrefour stepped up the
installation of electric vehicle charging
infrastructure by
progressively equipping all of its hypermarket and Carrefour
Market supermarket properties. By 2025, 5,000 charging points
will be in service to facilitate customer mobility. Having initially
announced the gradual installation of 2,000 charging points in all
of its hypermarkets by 2023, Carrefour has stepped up the pace
to all Carrefour Market
and extended
supermarkets since
least
3,000 additional charging points, powered solely by green
energy, will be available by 2025, thereby forming France’s most
extensive electric charging network, with more
than
700 charging stations and 5,000 places, half of which supplied
with high‑performance power by ENEDIS. The first Carrefour
Energies recharging station has been open to customers in the
Troyes – La Chapelle Saint‑Luc hypermarket parking lot since
April 8, 2022. On average, hypermarkets and supermarkets will
each have 10 and 5 electrified spaces respectively. The service
will be accessible via the Carrefour Energies mobile app.
Carrefour is France’s first retailer to offer a comprehensive range
of electromobility products, from 22 kW to 300 kW, to meet
users’ differing needs.
the second half of 2022. At
Launch of the international Plant‑Based Contest
On March 31, 2022, Carrefour announced the launch of its new
international Plant‑Based Contest, a challenge for the most
innovative start‑ups in the field of plant‑based food. From
March 31 to May 8, 2022, start‑ups from around the world were
able to present their plant‑based food innovations by registering
on a dedicated platform. The panel, chaired by Carine Kraus,
Executive Director, Engagement for the Carrefour group, and
Guillaume de Colonges, Executive Director, Merchandise, also
featured representatives of suppliers and partners including the
BEL group, Unilever via The Vegetarian Butcher, Oatly, Proveg,
Daphni, Beyond Animal, Capital V and Unovis. The innovations
presented were evaluated based on a set of criteria including the
plant‑based protein product offer, the marketing concept and the
service offer. Over 250 start‑ups from several countries took part.
Fifteen made it through to the final, from which the panel
in Carrefour
selected
supermarkets and hypermarkets, as well as on its e‑commerce
platforms. The following start‑ups were awarded prizes: La Vie
to be displayed
innovations
ten
(France), Lapp (France), Libre Foods (Spain), Novish (Netherlands),
Pink Albatross (Spain), Rebl Eats Oy (Finland), Unlimeat (South
Korea), Väcka (Spain), Verdify (Netherlands) and VLY Food
(Germany). For Carrefour, the Plant‑Based Contest is an original
initiative that calls on the creativity of innovative start‑ups to
promote
and
a more plant‑based
environmentally‑friendly diet by a greater number of people.
take‑up of
the
Carrefour’s commitment to its local producers
the
First placed on shelves several years ago, products from local
distribution networks are an integral part of Carrefour’s strategy
of offering local produce sourced as close as possible to the
point of sale. In 2020, the Group announced the acquisition of
start‑up Potager City,
leading distributor of online
subscription‑based baskets of extra‑fresh and seasonal fruit and
vegetables sourced from local producers. In 2022, the Group
announced the launch of a local fresh produce format under the
“Potager City” banner in France, and several of the Group’s
countries reaffirmed their support for local producers and their
commitment to promoting products from local distribution
networks. In Belgium, such products are sourced from small
producers located within 40 kilometres of each store. Carrefour
Belgium’s commitment to producers is based on a charter laying
down the rules governing the direct relationship, volumes in line
with the pace set by the producer, the fair purchase price and
quick payment terms, and no exclusivity clauses. This makes
local food companies a key part of Carrefour’s business model. In
Spain, Carrefour has business relationships with more than 240
suppliers in the Murcia region, representing 262.5 million euros in
purchases. These partnerships reward the work of local SMEs in
the food market.
Carrefour goes out to meet its producers
As part of the Food Transition Pact, Carrefour organised and
facilitated farm meetings between producers and consumers in
2022. Bringing Carrefour, its suppliers, farmers and customers
together enabled the Group to raise awareness of responsible
farming practices and the role they play in promoting purchases
of local products using sustainable practices. Farmers were able
to present their initiatives and answer questions. The events took
place on three farms. In the Pas‑de‑Calais department, a potato
producer who has been practising no‑till farming for more than
20 years shared his profound understanding of regenerative
agriculture. The Group also visited a pea, broccoli and butternut
squash field, an immersive experience geared towards finding
out more about agro‑ecological practices in a fun way. The “Field
Encounters” ended on a dairy farm, where an end‑to‑end process
from cattle feeding to soil injection reduces the farm’s CO2
emissions by 18%.
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2.1.4 HEALTH AND PRODUCT QUALITY
2.1.4.1 Overview of objectives
Context The Group’s raison d’être is to provide customers with quality services, products and food accessible to all across all
distribution channels. Thanks to the competence of our employees, to a responsible and multicultural approach, to our broad territorial
presence and to our ability to adapt to production and consumption modes, our ambition is to be the leader of the food transition for
all. Guided by this goal to align with consumer expectations as closely as possible, the Group launched its five‑year “Carrefour 2022”
transformation plan in January 2018, at the initiative of Alexandre Bompard. The aim of this transformation is to enable the Group to
effectively meet customers’ expectations and support them during the food transition, while also helping producers transition to
virtuous farming methods and contributing to the preservation of the world’s natural resources.
Understanding and adapting to consumers’ new behaviour and to their demands for just and fair prices is crucial. That is why Carrefour
has identified three major trends that structure its approach:
■
■
■
new eating behaviours: meeting growing demand and providing the world population with access to a healthy diet;
accessibility requirements: reconciling the duty to provide healthy food with affordability is a global issue;
consumption habits transformed by digital technology: implementing new technology to bring about new promises for consumers,
saving them time and delivering a smoother, more transparent and more personalised experience. As the ubiquity of digital
technology grows, consumers demand more transparency about the products they buy. Blockchain technology is therefore being
rolled out to provide stronger guarantees on food safety and traceability.
Risks and opportunities
Risks related to the quality, compliance and safety of products
for Carrefour are
the Company’s risk
management process (see Chapter 4.1). The risks analysed
annually primarily concern the Group’s quality processes, the
design of specifications and product traceability, compliance
with hygiene standards and emergency measures:
integrated
into
■
■
■
lack of product control and traceability: major deficiencies
in product control and traceability could have serious
consequences for the health of our customers and fall short
of consumer expectations regarding product origin. These
impact Carrefour’s business
shortcomings could also
development and results;
deficiency in the development or compliance with the
specifications of MDC products: the specifications of an
MDC product include an error or omission which would
make it impossible to market;
failure to meet quality and hygiene standards in the store or
warehouse: in the case of a supermarket where inspectors
find that spoiled or overripe produce is still available on the
shelves following an audit, this could lead to sanctions;
Our initiatives
The Group uses several initiatives to guarantee consumer
health and product quality. Its action plan is based on three
pillars:
■
failure of the removal and recall device: malfunctions in the
recall and withdrawal procedure for batches of food
products could have serious health
for
customers.
implications
In addition, Carrefour updated its materiality analysis in 2021
(see Section 1.3.1.4). Four issues related to product quality and
health are identified as important by stakeholders in the
context of the Group’s food transition strategy and are among
the twenty priority issues:
developing the range of accessible healthy products,
informing customers on health and nutrition
(ranked
eleventh);
combatting
food
associations (ranked eighteenth);
insecurity and supporting
food aid
transparency, traceability and guaranteeing product safety
(ranked
expectations
particularly high on this issue;
nineteenth), with
customers’
development of accessible and quality products,
particular thanks to the banner’s own brand
eleventh).
in
(ranked
Taking action to improve food quality and safety.
Making quality accessible at a fair price.
Playing a collective role in the food transition.
■
■
■
■
■
■
■
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Coalitions and partnerships
Collaboration
for healthier lives
(The Consumer
Goods Forum)
As part of the Group's reflection on health and nutrition, in January 2022,
a panel brought together various stakeholders (customers, suppliers,
associations, start-ups, Carrefour teams and experts) dedicated to health
and nutrition in the presence of Carrefour's General Secretary and the
Executive Director of Marketing and Customers.
Contributions to
the Sustainable
Development
Goals
Our objectives
TOPIC
OBJECTIVE
Food security
Undertake a quality audit on 100% of the supplier base
DEADLINE
Permanent
Traceability/blockchain Deploy blockchain technology on 100 Carrefour Quality Lines
2023
Nutrition
Eliminate controversial substances from Carrefour‑branded products (1):
eliminate 20 new controversial substances (120 in total since 2018) from
Carrefour‑branded products by 2026
Provide an optimised nutritional profile on the Carrefour product offer:
eliminate 2,600 tonnes of sugar and 250 tonnes of salt from
Carrefour‑branded products by 2026
Provide clear and transparent nutritional information to the consumer: feature 2022
the Nutri‑Score on 7,000 products in Europe
2026
2026
Carrefour Quality Lines
products
Achieve 10% penetration of CQLs in fresh products
2025
All Carrefour Quality Lines committed to an agroecological approach by 2025 2025
(1) The establishment of the list of controversial substances is the result of a continuous monitoring process that allows the initial list to be
constantly updated with new controversial substances.
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Non‑financial policies, action plans and performance
2.1.4.2 Taking action to improve food quality and safety
Context and definition
Improving food quality and safety is a key issue for the Group.
To guarantee the quality and compliance of its products,
implemented a set of requirements and
Carrefour has
procedures, such as certifications and/or food quality/safety
audits for all of its suppliers' manufacturing sites. In addition to
guaranteeing high quality standards, the Group promotes the
its products thanks to
transparency and traceability of
blockchain technology.
Policy and performance
Carrefour has implemented quality, compliance and product
safety processes for controlled products and national brands
in stores in all host countries that meet three objectives:
■
ensure the quality and safety of Carrefour‑controlled
products via product specifications, quality control plans,
in‑store quality processes and alert and withdrawal systems;
■
guarantee the transparency and traceability of Carrefour
products through the use of blockchain technology, which
enables the complete traceability of food products (while
guaranteeing the protection of recorded data and the
history of product information in the chain, and third‑party
certifications);
■
remove substances that are controversial in health and
environmental terms from Carrefour products, right from
the start of their production, by reducing the use of
pesticides and excluding GMOs.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
((11))
Number of suppliers – sites
(1)
Number of inspections performed – analyses
Number of inspections performed – panels
% of plants certified to IFS or BRC standards
(1)
% of plants audited by Carrefour
(1)
, o/w:
% of audit ratings ranging between A and B
(1)
■
% of audit ratings ranging between C and D
■
% of plants audited by Bureau Veritas
(1)
Number of products withdrawn
(2)
% of Carrefour‑‑branded products withdrawn
Number of products recalled
% of Carrefour‑‑branded products recalled
2022
2,703
49,723
4,074
78%
8%
96%
4%
11%
564
50.2%
330
18.5%
22002211
3,040
49,002
4,084
89%
11%
95%
4.3%
0%
533
53%
452
18%
Change
-11%
+1.47%
-0.24%
-11 pts
-3 pts
+1 pt
-0.3 pts
+5.8%
-2.8 pts
-27%
+0.5 pt
(1) Scope: suppliers of Carrefour‑branded products purchased by the European purchasing centre.
(2) Sales in the food, household and personal care sections.
Comments on 2022 performance. Carrefour implements a
series of requirements and procedures to guarantee the
quality and compliance of the products it sells. All plants
producing Carrefour own‑brand products are certified to
International Featured Standard or British Retail
either
Consortium standards (78% in 2022), or are audited by
Carrefour (8% in 2022) or by Bureau Veritas (11% in 2022).
Carrefour’s control plans also include consumer focus groups
and warehouse and in‑store checks of product freshness and
origin.
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KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
Number of products equipped with blockchain technology and a visible
QR code
Number of sectors equipped with blockchain technology
Sales of organic products (in billions of euros)
(1)
Penetration rate of lines featuring an Agroecology label within the Carrefour
Quality Lines (in fresh produce)
(2)
(1) Carrefour‑branded products and national‑brand products.
(2) Indicator measured in France in 2022, to be extended to other countries in 2023.
2022
1,222
69
2.6
6.5%
22002211
Change
478
55
2.7
New
+155.6%
+25.4%
-3.7%
-
Comments on 2022 performance. The Group guarantees the
transparency and traceability of its Carrefour Quality Lines
(CQLs) in France using blockchain technology. The Group
continues to develop blockchain as a priority for Carrefour
Quality Lines. Carrefour is also working on identifying and
eliminating controversial substances in its own‑brand products
and on reducing pesticides by supporting the development of
organic farming and agroecology.
Action plans
1. Ensuring the quality and safety of Carrefour
products
The Group’s Quality department develops standards and tools
(including purchasing rules), charters and quality guidelines,
which it circulates in all of the Group’s host countries. The
Country Quality departments are brought together in a network
to exchange and share best practices in order to guarantee the
consistency of approaches. The Group has also launched a major
employee training programme and regularly communicates with
customers about food safety.
QUALITY PROCEDURES AND POLICIES
Carrefour works constantly with stakeholders to ensure the
quality and safety of its own‑brand products in all of the Group’s
host countries, operating a five‑pronged policy: supplier
compliance with
product
specifications, quality control plans and customer opinion
surveys, in‑house expertise, and traceability and data tracking.
standards,
product
quality
The Group seeks stakeholder feedback to continuously improve
the safety and quality at each stage of the product’s life cycle. For
example, Carrefour encourages suppliers to adopt its quality,
social practices, health and safety criteria in their production
chain. This collaboration implies a lasting relationship of trust, as
evidenced by the number of suppliers with more than five years
of seniority at Carrefour: 76% in 2022 and 87% with more than
two years of seniority. Carrefour also collaborates with civil
society organisations (experts, associations, scientists, NGOs,
consumer associations, public authorities) in order to take their
expectations into account.
CRISIS MANAGEMENT, ALERT AND PRODUCT RECALL
The quality system includes a procedure for swiftly removing any
potentially dangerous product from stocks and shelves. In order
to guarantee that a non‑compliant product
longer
accessible to the end consumer, Internet platforms for the
transmission of the information have been developed. This
facilitates transmission of the data necessary for the withdrawal
by the manufacturer concerned, and the listing and alerting of
warehouses and stores likely to have received batches of
non‑compliant products to ensure effective removal. The EAN
barcode of recalled products is blocked at checkout.
is no
Carrefour has an alert system called AlertNet to inform all stores
as quickly as possible if they must withdraw or recall a product. It
is available online at all times and access is free for suppliers. In
the event of an alert, Carrefour immediately withdraws the
products and checks that the withdrawal has been completed
within 24 hours.
2. Guaranteeing the transparency and traceability
of Carrefour‑branded products
BLOCKCHAIN TECHNOLOGY
To ensure complete traceability and transparency for consumers,
Carrefour is the first European retailer to use blockchain, a
technology for storing and transmitting information that cannot
be falsified and that operates in shared mode. This allows all
players
in the value chain – producers, processors and
distributors – to provide traceability information for the same
batch of products. By scanning the QR code on the product label
with a smartphone, the customer has
instant access to
information on the product and its journey from farm to store
shelf.
Carrefour France launched the first food blockchain in Europe in
2018 on Carrefour Quality Lines for free‑range chickens in
Auvergne. As of end‑2022, it had been deployed in 69 Carrefour
Quality Lines (CQLs). In 2021, all the Group’s countries benefited
from blockchain and Carrefour joined the IBM Food Trust
platform, the objective of which is precisely to create an
international standard for food traceability. In 2019, the platform
integrated a wider range of products traced thanks to blockchain
with the arrival of manufacturers such as Nestlé or Unilever. In
2021, Majid Al Futtaim, the pioneer and leader in shopping
centres, local and regional authorities, retail and leisure in the
Middle East, Africa and Asia, turned to IBM Food Trust to ensure
the traceability of food distributed in Carrefour‑banner stores.
In 2022, Carrefour extended blockchain technology beyond its
Quality Lines to its own‑brand organic products. This initiative
aims to meet consumers’ growing demand for transparency of
the origin and production methods employed for organic
products. The Carrefour Bio navel orange, sourced in Spain and
packaged in a four‑piece tray, became the first product reference
to feature the technology, before blockchain started being
deployed for other Carrefour Bio products.
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CERTIFICATES, LABELS AND CLAIMS
Carrefour uses
third‑party certifications which provide a
guarantee on complex supply chains, for which full traceability of
raw materials is not always available. In order to apply the label to
its products, the supplier must meet certain specifications that
are verified and validated by a third party before obtaining the
certification. Certified products attest to their superior quality and
provide consumers with
information about their certified
characteristics.
Certification can also be a means of reducing the environmental
and social impacts related to procuring sensitive raw materials.
However, it has its limitations, as market transformation is not
always rapid. This is why Carrefour is seeking to diversify
solutions to improve the traceability of raw materials. For
example, to ensure that the origin of the beef distributed in Brazil
does not contribute to deforestation, Carrefour relies on a
geo‑monitoring tool that surveys breeding plots via satellite.
guarantee,
Whereas certification results
geo‑monitoring
the
specifications defined by Carrefour. The Group is studying the
use of these tools for other types of agricultural production.
real‑time compliance with
in an a posteriori
verifies
3. Cutting out controversial substances
REMOVING CONTROVERSIAL FOOD ADDITIVES FROM
CARREFOUR‑BRANDED PRODUCTS
Ahead of
legislative and regulatory change, Carrefour has
embarked on a global campaign aimed at eliminating
controversial substances from its product ingredients. A list of
undesirable substances and ingredients (such as flavouring
agents and certain additives) that applies stricter standards than
regulatory limits has been established. Authorised additives are
examined to establish a continually updated classification divided
into four categories:
black: substance already absent from all Carrefour‑branded
product categories;
red: substance authorised only in certain product categories
(such as certain alcohol colourants);
orange: substance authorised, but to be replaced if possible;
green: substance authorised without restriction.
■
■
■
■
Carrefour has eliminated any controversial substances that could
be categorised as “black”. When substitute solutions for certain
substances classified as “black” are not available, Carrefour first
chooses to reduce their levels and works to identify satisfactory
substitute solutions in the short term.
target was set with
the new
A new
Carrefour 2026 strategic plan. The Group planned to eliminate
20 new substances from its own‑brand products by 2022 (1). Until
the adoption of
then, each country defined its own list of 100 controversial
substances, although the list was relatively similar from one
country to the next. From now on, Carrefour wants to apply the
same list to all Group countries (G6), adding the 20 new
controversial substances.
REDUCE THE USE OF PESTICIDES AND REMOVE GMOS
Carrefour invests in organic farming and enlightened sustainable
farming practices through the deployment of agroecological
practices. Carrefour is aiming to generate 15% of fresh food
product sales through organic or agroecological products by
2025. For the Group, helping farmers to convert to organic
farming reflects its social responsibility, contractualised by a
commitment lasting 5‑7 years. The banner wants to support
hundreds of producers in this profound change in crop and
livestock
farming. At the end of 2022, the Group had
3,530 partner producers in organic farming. In France, Carrefour
has also decided to eliminate some chemical pesticides by
developing agroecology for its Carrefour Quality Lines (CQLs)
and Reflets de France ranges. Carrefour has made a commitment
with its partner producers that 100% of its Carrefour Quality Lines
products will be agroecological by 2025 and that CQL products
will represent 10% of its fresh produce range. In concrete terms
in the store, it is possible to find strawberries without synthetic
pesticides once they bloom, as well as kiwis, frozen broccoli,
pasta and lentils without insecticides.
livestock used
In 1998, Carrefour brought in a policy of excluding GMOs and
their derivatives from its own‑brand products and from the feed
its Carrefour Quality Lines. All
for
Carrefour‑branded
of
genetically‑modified ingredients since 1999. This policy extends
to the cultivation of non‑GMO soybeans. The Group developed a
first GMO‑free soy livestock feed line for Carrefour Quality Lines
products in Brazil in 2000, as well as a French line in 2017.
in
products
been
have
free
Joint initiatives and partnerships
IBM Food Trust
■
Find out more
✚
■ Carrefour.com: Product nutrition, quality, compliance and
safety/CSR (see the Health and product quality section)
■ Carrefour.com and CSR report: Protecting biodiversity/CSR
(see the Biodiversity section)
(1) Scope: G6.
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2.1.4.3 Providing a quality offer accessible to all
Context and definition
Consumers have high expectations regarding the nutritional
quality of the products they buy, even in the current context
of purchasing power sensitivity. Today, 77% of French people
say they are influenced by the composition of products, 57%
by the Nutri‑Score and 45% by reviews and scores from
nutrition apps (1). As such, Carrefour has a duty to continuously
improve its offer by reformulating its existing product lines, by
providing additional nutritional information on products, and
by offering quality food that is accessible to all, particularly
thanks to its own brand.
Policy and performance
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
2022
22002211
Change
TTaarrggeett
Number of products that display the Nutri‑Score
4,101
New
Reduction of 2,500 tonnes of sugar in Carrefour‑branded products
Reduction of 250 tonnes of salt in Carrefour‑branded products
New
New
-
-
7,000
by 2022
2,500
by 2026
250 in 2026
-
-
-
Comments on 2022 performance. Carrefour continues to
enhance transparency to provide consumers with clear and
transparent nutritional
In 2022, more than
information.
4,000 products displayed the Nutri‑Score. As part of the
Carrefour 2026 plan,
2,600 tonnes of sugar and 250 tonnes of salt
Carrefour‑branded products by 2026 (from 2022 levels).
the Group pledged
to eliminate
from
Action plan
1. Reformulating existing product lines
Carrefour has redesigned all its own brands to embody the food
transition. Since 2018, the Group has taken further strides to
reformulate and optimise the nutritional profile of its products, in
all countries where it operates. For example, it has worked on
reducing sugar levels in sweet beverages and salt levels in tinned
vegetables and on eliminating other substances, such as
colourants, flavourings and disruptors. Since 2019, almost
400 recipes have been reformulated to improve their nutritional
profile or composition.
the adoption of
the Carrefour 2026 strategic plan,
With
quantitative objectives were set for the nutritional value of
products. The Group has thus pledged to eliminate 2,600 tonnes
of sugar and 250 tonnes of salt from Carrefour‑branded
products.
2. Providing additional nutritional information on
products
Carrefour has made the choice to provide its customers with
clear nutritional information. The Nutri‑Score label, which has
gradually been rolled out on the packaging of Carrefour brand
products and the carrefour.fr website, reflects this choice.
Developed by the French government, this logo shows a
product’s nutritional value. Its five‑letter scale, from A (products
with the highest nutritional value) to E (products with the lowest
nutritional value), and colour grading from green to red displays,
in a glance, the nutritional profile of products.
The algorithm developed to produce the Nutri‑Score takes into
account more nutritious ingredients (fibre, protein, fruit and
vegetables, legumes, nuts, and olive, walnut and rapeseed oils)
and factors to avoid (calories, salt, sugar and saturated fats).
As at the end of 2022, the Nutri‑Score had been deployed in
Belgium, Spain, France and Poland.
3. Providing quality food that is accessible to all
Carrefour intends to make healthier, high‑quality foods available
at fair prices to as many people as possible in all its host
communities and under all circumstances, thanks to the
mobilisation of its teams. Carrefour’s commitment to the food
transition for all is also a commitment to bridging the food divide.
Carrefour refuses to let certain categories of the population, or
certain communities, be excluded from the progress being made
in nutritional quality, simply because of price or physical
accessibility.
The development of Carrefour Quality Lines, which offer
consumers affordable, high‑quality mid‑market products, serves
as the foundation for this shift. Carrefour products play a central
role in this commitment, as development goes not only into
improving product quality, origin, composition and sustainability
but also into making products more affordable.
One example of this is the page dedicated to the “Eating better”
programme initiated by Carrefour which gives tips for low‑cost
meals. Organic own brands offer organic quality for competitive
prices. With products priced at an average of 20% less than
leading organic brands, own brands are helping to democratise
organic products, which remain on average 60% more expensive
than conventional products.
In its efforts to take a holistic approach in contributing to the
solidarity food transition, the Carrefour Foundation supports
medical research into the causal links between food and health
(AFM Telethon, Foundation
for Medical Research, Nantes
University Hospital). For instance, the Foundation is backing the
application of new therapies to combat insulin resistance and
type 2 diabetes at the ICAN University Hospital Institute in France.
(1)
Infopro Digital Studies for Imediacenter and LSA. “Sustainable Brands: les Français et les marques, une relation durable?” (Sustainable Brands: the
French and brands, a sustainable relationship?) 2022.
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2.1.4.4 Training employees and guiding consumers towards a balanced diet
Context and definition
Producers, employees,
industry players, elected officials,
associations, NGOs and consumers all have a role to play in
the food transition. In this mindset, Carrefour endeavours to
build collaboration with different partners that promotes a
shift towards better nutrition. The Group also trains its
employees and pledges to help consumers change their
habits.
Policy and performance
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
2022
22002211
Change
TTaarrggeett
Number of employees trained in the food transition and organic
products (in‑person)
Number of employees trained in the food transition and organic
products (e‑learning)
10,040
8,483
+18%
8,520
2,806
+204%
-
-
Comments on 2022 performance. In 2022, the number of employees trained in the food transition and organic products
increased by 24% for in‑person sessions and by 204% for e‑learning modules. This reflects the Group’s commitment to engage its
staff in the food transition by accelerating the use of digital technology and promoting remote learning programmes.
Action plan
1. Communicating and encouraging customers to join
the eating better movement
Carrefour is at the centre of the food transformation with its Act
For Food programme. In France, Carrefour offers nutritional
recipes on its website carrefour.fr, which also features a section
dedicated to special diets (gluten‑free, lactose‑free, sugar‑free,
reduced salt, vegetarian and vegan). In Spain, in 2022, Carrefour
became the first company to launch an exclusive edition of
Monopoly dedicated to food and eating. Hasbro’s iconic board
game was revamped to incorporate Carrefour’s image, the values
of the food transition for all and the “Food for All” campaign
created to encourage healthy lifestyles.
In Romania, Carrefour has set up a food education programme
where young people can learn about the basic principles of
nutrition, good food combinations, where our food comes from,
vegetable growing methods, and more. On top of this classroom
learning, practical sessions will be available where programme
participants can get started on developing healthy habits. Parents
were also given the opportunity to learn about healthy eating
practices. Currently, 220 students are enrolled in the programme.
2. Communicating and encouraging employees to join
the eating better movement
Training is a priority for Carrefour. The key areas covered in
training programmes line up with the major themes of the
“Carrefour 2022” transformation plan: promoting the food
transition and advocating good practices for better eating. In
2022, 10,540 employees were trained face‑to‑face and 8,520 by
e‑learning on key topics such as the market for organic products
and fresh produce.
In Spain, a Chair of food and nutrition was created as part of the
ACT for Food programme. The initiative aims to provide a
training programme for the Group’s food buyers. The Healthy
Nutrition e‑learning course was used to teach buyers the basics
of a healthy diet, with in‑depth content available on nutrition. A
total of 72 employees were trained in 2022 thanks to this Chair,
which has been place since 2018, and some 35,000 people took
the Healthy Nutrition e‑learning course.
Carrefour is mobilising its employees around the challenges
stemming from its transformation plan and its raison d’être. The
Group has rolled out the “Act For Food Super Heroes”
programme to showcase the work of employees who are most
committed to the food transition programme and encourage
them to share their best practices. This programme harnesses
the enthusiasm of Carrefour employees to get involved in the
food transition. It is part of a new managerial strategy developed
by Act For Change which strengthens employee leadership skills.
As part of an “intrapreneurial” mindset, everyone is able to deploy
a project or an initiative that serves the Group’s mission. In 2022,
more than 2,000 food transition “Super Heroes” were identified
across the Group.
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Non‑financial policies, action plans and performance
Joint initiatives and partnerships
■ IBM Food Trust
■ WWF France
■ Consumer Goods Forum
■ ICAN University Hospital
Institute, Nantes University
Hospital, Foundation for Medical Research (FRM), AFM
Telethon
■ The Health and Nutrition Panel which brought together
various stakeholders on the subject of health and
nutrition, with the presence of the Group’s Secretary
the Executive Director of Marketing and
General,
Customers
2.1.4.5 Case studies in 2022
International Food Transition Awards: spotlight
on virtuous suppliers in terms of CSR
Launched in 2021, the European Food Transition Awards is an
online competition among Carrefour’s leading international and
local suppliers. The initiative comes under the Food Transition
Pact, a mutual commitment established
in 2019 between
Carrefour and its partners. The first edition of the competition
was open to the six European countries where the Group
operates (France, Belgium, Spain, Italy, Poland and Romania).
Pursuing its ambition to be the leader of the food transition for
all, and building on the success of the European Food Transition
Awards, in 2022 Carrefour launched a new edition in partnership
with RTL, the
International Food Transition Awards. This
competition rewards the most virtuous suppliers in terms of CSR
in the eyes of consumers. The international edition was opened
to Argentina, Brazil and Taiwan, for a total of nine participating
countries
integrated countries). Carrefour
launched a call for projects from suppliers in the summer, and
those whose products were
their
commitments on five key themes of the food transition: health
and nutrition, packaging, sustainable and organic agriculture,
responsible communication and transparency. One prize was
awarded in each of the nine product categories, along with two
national awards for each country participating in the competition
(one national brand product and one Carrefour private‑label
product). Customers voted to shortlist three finalists in each
category, and the winners were chosen in December 2022 by a
jury of ten international CSR experts. Winning products enjoy
significant visibility in stores and online for one year. For the 2022
for
competition, more
250 international and local suppliers and 300 products.
than 570,000 votes were cast
selected presented
(all the Group’s
Overview of the Group’s lines featuring block
chain technology
Blockchain technology brings numerous benefits to the food
industry. It meets consumers’ increasing need for transparency;
for breeders, it is a means to showcase what they produce and
their expertise; and it enables Carrefour to share a secure
database with all of its partners and guarantee higher food safety
standards for its customers. Carrefour was the first French retailer
to apply blockchain technology. In 2019, Carrefour began
Find out more
✚
■
Carrefour.com: Product nutrition, quality, compliance and
safety/CSR (see the Health and product quality section)
gradually integrating blockchain technology into the Carrefour
Quality Lines
(Auvergne chicken, Cauralina tomato, Loué
free‑range eggs, Rocamadour AOC cheese, Norwegian
salmon, etc.). In 2021, blockchain traceability was extended to
TEX brand textile products. In 2022, more than 500 products
across 69 lines were equipped with the technology. The Group
decided to extend blockchain technology beyond its Quality
Lines in 2022 and apply it to its own‑brand organic products. In
April 2022, the Carrefour Bio navel orange, sourced in Spain and
packaged in a four‑piece tray, became the first product reference
to feature the technology, before blockchain started being
deployed for other Carrefour Bio products. This means that by
scanning the QR code on the label, consumers can access
additional product information, i.e., the entire product life cycle
(origin, transport, quality and organic certification). Carrefour is
the first retailer to apply blockchain technology to its own‑brand
organic products.
Food transition and purchasing power: providing
healthy and affordable food in times of crisis
In June 2022, Carrefour launched the anti‑inflation challenge,
offering a selection of 30 essential products for under 30 euros
throughout July, as well as the “prix serrés” (knockdown prices),
campaign which
initiative covers
is still under way. The
200 national‑brand products for which Carrefour pledges to
reduce its margins. The idea is to avoid passing on price
increases to consumers as much as possible, if at all. In France
and Spain, Carrefour offered its customers a list of 30 products
for 30 euros. In Belgium, Carrefour announced on August 30,
2022 its campaign to offer 1,000 products for less than 1 euro,
from both Carrefour brands and national brands (bananas, brie,
white bread, and more). Taking an active role in the food
transition, Carrefour continues to encourage its customers to eat
better, even in times of crisis. Eating fruit and vegetables is
essential for good health, which is why Carrefour launched the
campaign to promote five fruits and vegetables for less than
1 euro in France and Belgium in 2022. This concrete initiative
helps boost its customers’ purchasing power while providing
them with healthy food options. Carrefour France has taken
further steps by offering a selection of organic products for less
than 2 euros as part of its anti‑inflation challenge.
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Non‑financial policies, action plans and performance
Promoting better eating at the best price
Carrefour supports its customers in their transition to healthier,
higher quality and accessible foods. The Group uses new
technologies to guide consumers in their in‑store choices. In
Brazil, for example, Carrefour has launched a new feature on its
My Carrefour application: the Nutri Choice tool. Based on an
algorithm that analyses the purchase history of each customer,
list of suggestions, personalised
Nutri Choice offers, via a
alternatives that are both more balanced and more economical.
Carrefour Brazil’s Cybercook online platform also offers an
the My Carrefour
interactive cookbook, downloadable via
in hard copy:
application, which
“ComerEmCasa: the best recipes for a simple and healthier life”.
Through 81 recipes, the book explains how to cook healthy food
while saving money. Each recipe has a QR code that directs the
reader to the preparation and special pages that provide more
general information on the ingredients and their costs.
is available
in stores
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2.1.5
BUSINESS ETHICS AND SUPPLY CHAINS
2.1.5.1 Overview of objectives
Context As a retailer, Carrefour is in direct contact with numerous stakeholders and has a duty to maintain high‑quality relations
with its suppliers, producers, trade union representatives, public authorities, investors, NGOs, associations and customers. In 2021, the
Group surveyed its customers when it updated its materiality analysis. They expressed high expectations in terms of respect for human
rights, creating sustainable relationships and fair distribution of the value created within supply chains. Respect for animal welfare and
guaranteed ethical farming were also identified by customers as a priority issue for the food transition.
More broadly, under its duty of care, the Group has a responsibility to its direct and indirect stakeholders to guarantee respect for
human health and safety, human rights and the environment. Carrefour aims to act beyond reproach in its relations with its partners at
all levels, especially in its business relations, in compliance with applicable regulations such as the General Data Protection Regulation
(GDPR) and the Sapin II law on corruption.
Carrefour has been successful in building long‑term relationships with its partners. The wide range of partnerships with local economies
and producers helped secure supplies, especially in the fruit and vegetable supply chain. Additionally, Carrefour continued to honour its
commitments to its suppliers, a key factor in sustaining the local economy in the host communities where it sources products.
Risks and opportunities
In its analysis of Group risks, Carrefour identified three main
risks involving relations with partners and stakeholders:
■
“Carrefour and its suppliers accused of failing to comply
with labour law, human rights and/or fair remuneration”. To
identify those countries where risk of non‑compliance with
the charter is the highest, Carrefour has established a
country‑by‑country risk map, which was revised in 2018 in
line with the duty of care plan. The list of countries at risk in
terms of this social component
is derived from the
country‑by‑country risk classification defined by amfori BSCI
and on the ITUC Global Rights Index. The classification also
takes into account recommendations from the International
Federation for Human Rights and from Carrefour’s local
teams. A new mapping exercise was launched in 2022, with
results expected during 2023;
■
“non‑compliance with anti‑corruption legislation (Sapin II
law)”. The corruption risk‑mapping process was updated in
2021 for each main business sector (retail, Property, Banking
and Insurance). 576 employees were interviewed in the
course of sessions organised throughout the Group. This
update was used to redefine corruption risk scenarios for
each managerial and operational process and rank any
action plans for more effective risk management and
analysis of existing controls;
■
“non‑compliance with data protection legislation (GDPR,
LGPD, etc.)”.
1
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Our initiatives
Carrefour’s responsibility to its stakeholders is manifold. The
main issues identified are:
■
■
■
support for the local economy: thanks to its global network
of 14,348 integrated and
franchised stores, Carrefour
provides its customers with convenient local retail options
its countries of operation. Each store has the
in all
independence necessary to adapt its product assortment
and services portfolio to local needs and build close
relationships with its customers. Prominent display of local
products is notably encouraged, with the development of
brands such as Reflets de France and Terra d’Italia. Through
its partnerships with local producers of organic products,
Carrefour Quality Lines and local SMEs, the Group supports
local economic development;
working with
respect for health, safety and human rights within the
supply chain:
its various stakeholders
(investors, consumers, NGOs, etc.), Carrefour anticipates
risks relating to its activities upstream of its distribution
operations, via their supply chain. In this regard, Carrefour is
committed to constantly improving working conditions and
protecting human rights and the environment among its
suppliers. To meet its commitments, Carrefour puts risk
assessment and prevention at the heart of its management
system. Carrefour endeavours to assess the social and
environmental compliance of its suppliers worldwide and to
promote CSR practices throughout its value chain;
■
■
guaranteeing ethical breeding: for the past few years,
Carrefour has been deploying a programme aimed at
improving animal welfare
In
collaboration with its stakeholders and NGOs specialising in
its supply chains.
in
animal welfare, Carrefour has defined its criteria and ensures
they are included in the specifications of its own-brand
products. Progress plans and monitoring tools have also
been developed
transformation of
production methods;
to support
the
supporting fair trade and promoting decent wages:
Carrefour is committed to ensuring adequate compensation
for its employees and within its supply chains to provide
them with an adequate standard of
is
recognised by the United Nations and the International
Labour Organization as a human right. Work is therefore
undertaken to guarantee a decent wage across Carrefour’s
employee population and supply chain network. Through its
purchases, Carrefour has been developing and supporting
fair trade for more than 20 years, and
in doing so
contributes to improving the living conditions of producers
and the long-term development of communities;
living, which
as
business
development
guaranteeing fair practices and personal data protection in
business relationships: corruption can take several forms in
Carrefour’s normal course of business. Bribery, gifts and
favouritism can be linked to the purchasing functions, as
well
official
authorisations. The commitment of Carrefour’s governing
bodies should give local teams a better understanding of the
fight against corruption and accelerate global compliance.
Data protection is also a vital challenge for Carrefour.
Compliance on this issue is an opportunity for the Group to
strengthen
trust with Carrefour
customers, employees and partners as part of a more
comprehensive approach to digitising the Company.
relationship of
requiring
the
Coalitions and partnerships
Institute of Public
and Environmental
Affairs (IPE)
Fashion Pact
Initiative for
Compliance and
Sustainability (ICS)
Business Social
Compliance Initiative
(BSCI)
Leather Working Group
Laboratoire d’Innovation
Territorial Ouest
Territoires d'Élevage
(LIT Ouesterel)
Association
Étiquette Bien-Être
Animal (AEBEA)
Other animal welfare
organisations: World
Animal Protection,
Welfarm, OABA, CIWF
Contributions to
the Sustainable
Development
Goals
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Our objectives
TOPIC
Suppliers
Local action
OBJECTIVE
500 suppliers involved in the Food Transition Pact
DEADLINE
2030
2026
50,000 partner producers in all Group countries by 2026 (organic producers,
Carrefour Quality Lines, regional and local)
Supply chain
Raw materials
Social audits performed on all supplier factories of controlled products located
in high‑risk or risk countries
Only sustainable and traceable raw materials used in TEX products by 2030
Permanent
2030
Personal data
protection
Establishment of an organisation, rules and procedures for the protection
of personal data
Permanent
Animal welfare
Eight key objectives of our animal welfare policy implemented in all Group
countries by 2025
2025
1
2
3
4
5
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2.1.5.2 Respect for human rights and labour rights
Context and definition
Business activities impact human rights in host countries and
beyond, whether through their own operations, within their
sphere of influence or via their value chain. In respect of their
duty of care, companies have in recent years made progress in
taking the social and environmental impacts of their internal
and purchasing processes into account. They have worked to
define objectives and monitor indicators to disseminate best
practices among their teams and suppliers and, where
necessary, to rectify their practices.
Carrefour’s policy and performance
issues: compliance with
The Group aims to promote respect for human rights by all of
its employees and the employees of its franchisees. Drawing
on the key recognised international standards and guidelines
on human rights, Carrefour has set targets in line with the
regional
following
legislation and regulations on labour law and human rights in
general; combating child labour, forced labour, slavery and
human trafficking; respecting working hours; protecting
employee health and safety; ensuring decent pay and
employee benefits; fighting against all forms of harassment
and discrimination; promoting social dialogue, collective
bargaining rights, freedom of expression and association; and
local and
Carrefour pledges to promote, respect, enforce and protect
human rights in its sector of activity and within its sphere of
international,
influence. Carrefour’s policies draw on
universally recognised instruments upholding human rights:
the Universal Declaration of Human Rights, the International
Labour Organization (ILO), Declaration on Rights at Work, and
other relevant ILO conventions. The Group, which works with
thousands of suppliers around the world, also measures the
risks inherent to its supply chains, assesses the social and
environmental compliance of its suppliers, and promotes CSR
best practices throughout its value chain.
respecting privacy and personal data.
is also committed to
Carrefour
its suppliers’
working conditions and respect for human rights and it puts in
place tools and procedures for monitoring and supporting its
suppliers. In accordance with Carrefour’s purchasing rules, the
Group has made the following commitments:
improving
■
■
compliance audits performed on all supplier factories
located in high‑risk or risk countries;
only sustainable and traceable natural raw materials used in
TEX products by 2030.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
((11))
Percentage of audits with alerts (potential production plants)
Of which alerts related to working hours
Of which alerts related to compensation, working conditions and benefits
Of which alerts related to health and safety
■
■
■
IInnddiiccaattoorrss
((22))
Number of social audits (potential production plants)
Of which Bangladesh
Of which China
Of which India
Of which Turkey
■
■
■
■
Other
■
(1) Audits carried out according to the ICS standard only.
2022
17%
28%
24%
30%
2022
1,418
54
907
77
102
278
22002211
Change
14%
27%
22%
38%
+3 pts
+1 pt
+2 pts
-8 pts
22002211
Change
918
51
576
59
63
169
+54.5%
+5.9%
+57.5%
+30.5%
+61.9%
+64.5%
(2) Audits conducted under ICS standards (number of audits carried out at Carrefour’s request) and BSCI standards (number of audits carried
out at Carrefour’s plants).
Comments on 2022. The number of social audits increased in
2022, reflecting both their frequency and the rescheduling
during 2022 of certain audits that had been postponed in 2021
due to Covid‑19 travel restrictions.
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
Action plans
1. Protecting Group employees
its
the past 20 years, Carrefour has demonstrated
For
commitment to the protection of human rights, health and
safety, and the environment, in particular through partnerships
with major NGOs working in these areas, notably the WWF® for
environmental protection (1998), UNI Global Union for working
the
conditions and
International Federation for Human Rights (FIDH) (2000‑2018).
The Group has been a signatory of the United Nations Global
Compact since 2001, and all integrated Group host countries are
members of the ILO.
(2001), and
fundamental
freedoms
First distributed in 2016, Carrefour’s Principles of Ethics provide
employees with a set of guidelines on how to conduct
themselves in the workplace on a daily basis. These principles
mainly cover respecting diversity, contributing to a safe and
healthy working environment, promoting social dialogue,
banning all forms of harassment and discrimination, ensuring the
safety of people and property, and acting with integrity, both
individually and collectively.
To make sure the principles are applied properly, Carrefour has
set up its own ethics whistleblowing system that can be used by
Group employees or stakeholders to report any situations or
behaviour that do not comply with its Principles of Ethics (see
also Sections 2.2.5, 2.2.7.2 and 2.2.7.3).
Carrefour also provides its employees at Group level and
throughout France with e‑learning courses on human rights to
educate them about these issues.
Carrefour also takes steps to ensure that its international
franchisees respect human rights by systematically attaching a
Human Rights Protection Charter to their contracts, requiring
them to comply with international labour rights standards.
Franchisees also agree to ensure that all employees, suppliers,
sub‑licensees, subcontractors and sub‑franchisees comply with
these commitments.
2. Protecting Carrefour’s suppliers and value chain
Carrefour is committed to improving working conditions and
protecting human rights among its suppliers, by implementing
purchasing rules, tools and procedures to verify its suppliers’
compliance and assist them in the compliance process.
The purchasing rules provide the framework for the social and
environmental compliance of purchases of certified products,
which meet specifications defined by Carrefour and undergo
specific quality checks. These rules apply to all Group entities and
all production countries based on their risk level. Disseminated in
all countries where the Group operates, the rules specify that
suppliers must sign a Commitment Charter; the process and
compliance rules for social audits; the Group’s purchasing
entities must appoint a person
in charge of social and
environmental compliance; and an action plan to bring sensitive
production phases and raw materials into compliance with
specific purchasing rules.
An integral part of all purchasing contracts in all countries, the
Supplier Commitment Charter essentially extends Carrefour’s
respect for and promotion of human rights to a broader scope.
The charter takes up the Group’s Principles of Ethics and
stipulates that suppliers agree to comply with its standards on
human rights, ethics and the environment. It prohibits any
concealed or unreported subcontracting, and requires, as a
knock‑on effect, Group suppliers to apply the same social
compliance standards to their own suppliers.
MAPPING SUPPLIERS AND VALUE CHAIN
is
To identify those countries where risk of non‑compliance with
the charter
the highest, Carrefour has established a
country‑by‑country risk map, which was revised in 2018 in line
with the duty of care plan. Procurement potential and purchasing
rules therefore depend on the risk rating assigned to each
country:
severe risk: production and supply are suspended in these
countries;
high risk: authorisation at Group level is required for any
production in these countries. Once the country is approved,
Carrefour teams working in the country inspect and monitor
plants;
moderate risk: the plant is selected in strict application of the
Group’s purchasing rules;
low risk: purchasing rules apply, but an audit is not required.
■
■
■
■
SECTOR‑BASED APPROACHES AND SENSITIVE MATERIALS
Since 2018, Carrefour has also kept an up‑to‑date list of
“sensitive” production phases that may present human rights and
environmental risks. These phases may either take place during
the manufacturing processes of Carrefour suppliers or further
upstream in the value chain. The Group also identified the raw
materials associated with social and/or environmental risks
throughout their value chain. These raw materials have been
prioritised based on their risk level and materiality for Carrefour.
SUPPORTING AND TRAINING EMPLOYEES AND SUPPLIERS
To reinforce the protection of human and labour rights, training
is provided on specific social issues. Courses on purchasing rules
and the BSCI programme was provided for staff in France and
Spain. Since 2019, some 80 purchasing and quality staff
members have been trained, along with more than 250 people
from Global Sourcing teams (Shanghai, Hong Kong, Bangladesh,
India, Turkey, Cambodia and Vietnam).
to
its suppliers
Carrefour also supports
improve CSR
performance within the supply chain outside its direct scope, in
collaboration with consultants and local NGOs. All suppliers of
the Global Sourcing entity must assess their own tier 1 suppliers
identified as being high‑risk (tier 2 suppliers for Carrefour) based
on ESG criteria using a framework/application provided by
Carrefour, which reduces non‑compliance risk upstream. In 2019,
Carrefour provided training at the plants of its tier 1 suppliers in
Bangladesh, Pakistan and India, along with other tools to deal
with identified risks. The project has been deployed since 2020 in
the following countries: India (242 tier 2), Bangladesh (309 tier 2),
Pakistan (57 tier 2), Cambodia (8 tier 2), Vietnam (4 tier 2), Burma
(3 tier 2) and Sri Lanka (15 tier 2).
training document distributed
Carrefour has also drawn up the Good Factory Standard, a
practical
factory
representatives. Featuring a breakdown by sector and/or by type
of product (bazaar, clothing, wood, leather, etc.), the Standard
offers a set of basic requirements to follow and lists good and
bad practices.
to all
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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Non‑financial policies, action plans and performance
DEVELOP CONTROL PROCEDURES
Initiative
In accordance with Carrefour’s purchasing rules for controlled
products, all supply plants located in high‑risk or risk countries
must undergo a social audit conducted under Initiative for
Compliance and Sustainability
(ICS) and Business Social
Compliance
(BSCI) standards. To be accredited,
suppliers are subject to several checks, including a pre‑audit, a
technical audit, a social audit and an environmental audit. Social
audits are mandatory for suppliers located in countries classified
as risk countries, for all plants manufacturing products under
Carrefour brands with a required rating of A or B grade (C, D and
E ratings do not qualify). For suppliers located in low‑risk
countries, the inspection system is adapted to the business, local
problems and on‑site practices, as external audits are not
performed systematically.
In addition to the audits, Global Sourcing’s quality teams visit
sites according to an inspection schedule set by Carrefour to
check product quality compliance and offer on‑site surveillance
during production. All textile plants are systematically inspected
at least once a year to ensure that quality procedures and the
factory standard are in line with the Carrefour Good Factory
Standard.
Since 2019, clothing supplier assessments have incorporated a
CSR score in addition to the usual commercial, quality, and
delivery (supply) scores. This CSR assessment includes the results
of social audits, environmental assessments and alerts,
management of suppliers
for Carrefour),
component traceability, supplier certifications and good CSR
practices (aside from mandatory compliance).
(tier 2 suppliers
Joint initiatives and partnerships
■ Initiative for Compliance and Sustainability (ICS)
■ Business Social Compliance Initiative (BSCI)
■ Bangladesh Transition Accord
Find out more
✚
■ Supplier Commitment Charter
■ Principles of Ethics
■ Duty of care (see Section 2.2 of this chapter)
■ Ethics hotline
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
2.1.5.3 Fair compensation and decent wages
Context and definition
The Group's employees are its key asset. In its day‑to‑day
business, the Group seeks to protect and develop its human
capital and that of the community in which it operates.
It focuses on achieving this by providing favourable working
conditions, fair compensation and decent wages.
As part of the “Acting with simplicity” commitment of its “Act
for Change” programme, which aims to provide a secure and
positive professional environment for its employees, Carrefour
pledges to respect the human rights and fundamental
freedoms of its employees. Consequently, the Group is
committed to ensuring that each employee receives an
Policy and performance
1. Among Carrefour suppliers
Each host country sets its own compensation policy, in line
with local standards. However, the Group has defined the
following global compensation goals applicable to all its host
countries, which aim to guarantee decent wages for all its
employees:
■
■
compliance with local or regional laws and regulations
concerning wages in all Carrefour and franchisee countries;
compliance with sectoral collective bargaining agreements
on compensation (in particular by enforcing the minimum
wage set by the country or province) in all countries where
Carrefour, the Group’s directly operated entities and its
franchisees operate;
adequate living wage to achieve a suitable standard of living,
which is recognised by the UN and by the International Labour
Organization (ILO) as a human right. This basic right is covered
by the global framework agreement, which was renewed and
strengthened on October 5, 2022 with UNI, to promote social
dialogue, diversity and fundamental labour rights within the
Group. Carrefour also pays close attention to recognising its
employees’ work. To retain its talent, it rewards its employees’
performance and skills
fair and satisfactory
compensation.
through
efficient payroll management;
fair definition of compensation;
performance assessments relating to pay and decent wages.
■
■
■
2. Among local, national and SME suppliers
Carrefour has set a target to partner with 50,000 organic
farmers, Carrefour Quality Lines, regional and local producers
into
the guarantees
by 2026. One of
agreements with these partners is fair pricing practices. The
Group is also introducing SME Plans in all countries to develop
business with SMEs. Lastly, Carrefour supports local industries
through various crises (for example, the milk crisis in France,
health crisis in Spain, etc.).
from entering
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
2022
22002211
Change
TTaarrggeett
Number of organic farmers, CQLs, regional and local producers
22,176
24,980
-11%
50,000
by 2026
3. Among Carrefour suppliers and throughout
the supply chain
Through its Carrefour Supplier Commitment Charter on
human rights, Carrefour pledges to provide workers with
satisfactory compensation to meet their basic needs and
those of their family members who depend directly on them.
In accordance with Carrefour’s purchasing rules, all supply
plants located in high‑risk or risk countries must undergo a
social audit, including assessments on the minimum wage for
employees of these suppliers. The audits are conducted under
Initiative for Compliance and Sustainability (ICS) and Business
Social Compliance Initiative (BSCI) standards.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
Number of social audits performed
Of which alerts related to compensation, working conditions and benefits
■
Percentage of audits with alerts (potential production plants)
2022
1,418
24%
17%
22002211
918
22%
14%
Change
+54.5%
+2 pts
+3 pts
Carrefour also provides training, implements regional projects and supports fair trade to help its suppliers promote CSR within its
supply chains and foster development in host communities where it sources products
IInnddiiccaattoorrss
2022
22002211
Change
Sales (incl. VAT) of fair trade products (own brand and national brand)
(in thousands of euros)
(1)
137,167
126,855
+8.1%
(1) Scope: BR and ES excl., non‑comparable BUs (81% of 2022 consolidated gross sales vs. 100% in 2021).
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2
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
Action plans
1. For our employees
The Group enforces a sustainable compensation policy, which
takes into account the issues of purchasing power within each
country. Compensation levels most often exceed the local legal
minimum wage and are usually supplemented with profit‑sharing
plans, social protection and employee benefit schemes. The
employee compensation policy is defined by country, with
consideration for the local context, practices and issues, and in
line with the Group’s goals that apply in all host countries. Signed
by Carrefour with UNI Global Union in 2001 and strengthened in
2015, 2018 and again in October 2022, the global framework
agreement incorporates the UN Guiding Principles and ILO Core
Conventions on decent wages and ensures that workers’ rights
to decent wages are recognised. The working time monitoring
systems, implemented at all Carrefour and franchisee sites,
optimise payroll management and ensure that employees receive
fair compensation, aligned with actual working hours and at
regular intervals. Each country uses individual and collective
performance assessment systems to adjust compensation and
bonuses accordingly.
2. Among our local, national and SME suppliers
Carrefour’s goal is to bring together 50,000 organic, regional and
local Carrefour Quality Lines partners. A partner producer is a
producer or supplier with which Carrefour has a close
relationship, governed by a specific contract
(multi‑year
commitment, commitment on price, commitment on volumes,
simplified listing process, accelerated payment, SME contract,
other). The partnerships between Carrefour and its local and
national suppliers are bound under contractual terms to
guarantee fair compensation.
Each country where the Group operates has introduced an SME
plan to build close relationships with small- and medium‑sized
companies (including direct contact, setting up of clubs, awards
programmes to foster innovation, etc.) and a “Carrefour SME
contract”, set for a specific duration and offering a dual
ombudsmen system, a system to ease cash flow for SMEs, a
specific e‑mail address, and contract signing on December 31.
This action plan also includes training for buyers on specific
issues related to business relations with SMEs and ensuring
compliance with Carrefour’s Code of Ethics (e.g., displaying the
Code of Professional Conduct in the booths where negotiations
take place). To develop business with these smaller entities, local
listing and payment processes can be accelerated. In France, in
2022, Carrefour implemented multiple local initiatives to support
supply lines and reasserted its commitment to SMEs by signing
contracts with more than 4,038 local and regional SMEs.
Finally, Carrefour supports local industries in meeting challenges
identified in the various host countries, particularly since 2020 in
response to the health crisis. For example, for the third
consecutive year in France, Carrefour and Système U signed
agreements in 2021 with SODIAAL, Yoplait, Lactalis Fromages,
Lactalis Nestlé Ultra Frais, Savencia and Eurial, to raise the price
paid to milk producers. In 2022, in accordance with France’s new
EGalim 2 law, passed to protect the income of French farmers,
Carrefour and Système U renewed their agreements signed in
2021. The price of milk will be raised by 25 euros per 1,000 litres
for 10,000 farms. The new terms have struck a balance with
Sodiaal to help producers, in the current context of inflation,
cope with higher prices on many items used in the production
process. This factor will enable the cooperative to continue
supporting farmers, while pursuing its investment strategy.
Mapping tier 2 suppliers in high‑risk countries
The Global Sourcing entity began mapping tier 2 suppliers in
2022 to have visibility of the various stakeholders involved across
the production and supply chain and then to better identify
specific social issues, including fair compensation. Compensation
is an identified social risk already covered by the audit criteria for
the Group’s tier 1 suppliers. For the clothing sector, this consists
of identifying the suppliers of the suppliers involved in the
following stages: cloth manufacture (spinning, knitting, dyeing),
product assembly, etc.
Tracing supply lines and communicating transparently
As an example, in 2022, Carrefour worked with over 4,000 small
cotton producers in the Madhya Pradesh and Maharashtra
regions in India on a project aimed at combining quality organic
cotton, decent pay for producers and traceability starting from
the seed. Thanks to its partner, Cotton Connect, Carrefour
ensures that its Indian organic cotton suppliers receive a higher
rate than conventional cotton producers. The first 100%
“sustainable cotton” collection is a direct result of this approach,
comprising home
textiles, undergarments, babywear and
children’s clothing under the TEX BIO brand. This collection has
been sold in all of Carrefour’s French and Spanish hypermarkets
since spring‑summer 2019.
SUPPLIERS’ SOCIAL PERFORMANCE WITH RESPECT
TO COMPENSATION
Carrefour has three levers in its supply chains to advance on the
issue of decent wages: fair trade products, social audits and
implementing additional services to supplement compensation.
Principles of social audits covering our suppliers with respect
to their workers’ compensation policy
In relation to decent wages, Carrefour’s purchasing rules include
audits in compliance with minimum wage, legal overtime pay
requirements and freedom of association. Specific roadmaps
covering these three themes were defined at the local level. The
social performance of suppliers is regularly monitored and
checked through social audits. Corrective action plans are
systematically implemented and progress monitored over time.
In addition to social audits, Carrefour develops local projects to
meet specific needs of its suppliers. More than 80% of cases of
non‑compliance identified in plants in high‑risk countries each
year relate to the following three categories: “Compensation,
benefits and conditions”, “health and safety” or “working hours”.
Social compliance of suppliers with respect to workers’ pay
In 2022, 1,418 social audits covered the Group’s potential
production sites, 54% more than in 2021. This increase is due to
the frequency of audits and the impact of the Covid‑19 pandemic
on audits in previous years. An alert is raised for any critical point
of non‑compliance identified during the audit. When alerts apply
to accredited suppliers, immediate action is required, after which
Carrefour only retains suppliers once they have been cleared by a
pre‑audit within a three‑month period. The main occurrences of
non‑compliance discovered among Carrefour suppliers related
to working hours, compensation levels and workers’ health and
safety. In 2022, 15% of audits conducted on potential production
plants generated one or more alerts.
Supporting fair trade
In France, Carrefour was the first major retail banner to sell a fair
trade product, the Malongo brand coffee back in 1998, produced
by small farmers. Many Max Havelaar® certified products have
since been added to store shelves through brands such as Alter
international
Eco, Ethiquable, Lobodis, etc., with
agreements signed twenty years later between Carrefour and
Max Havelaar®.
several
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
in Carrefour stores worldwide
In 2022, more than 137 million euros in fair trade products were
sold
from 2021).
Carrefour’s own‑brand organic range, launched in partnership
with Max Havelaar® now has many product references in five
product categories: bananas, coffee, chocolate, honey and tea.
In 2022, 993 fair trade products were available in Carrefour
stores worldwide.
(up 8%
4. Among franchisees
Charter for the protection of human rights for international
franchisees
Carrefour is working to ensure that its international franchisees
respect human rights by systematically attaching to their
contracts a charter for the protection of human rights. The
charter binds franchisees to provide workers with compensation
2.1.5.4 Personal data protection
Context and definition
that meets their basic needs. Such compensation must at least
correspond to the minimum wage set by the national legislation
of the country concerned or, in the absence of regulations, it
must facilitate decent living conditions for workers. By signing
this charter, franchisees agree to ensure that all employees,
suppliers, sub‑licensees, subcontractors or sub‑franchisees, as
the case may be, comply with these commitments. Franchisees
are also bound to introduce checks to ensure that commitments
are met, such as visits to observe suppliers’ practices relating to
working conditions. Findings are compiled in dedicated reports
to assess compliance with the charter. If necessary, corrective
action plans are implemented and follow‑up visits planned.
Franchisees must also authorise the Carrefour group, or any
person authorised under the Group’s internal and external
monitoring system, to carry out unannounced visits to check
compliance with the charter’s commitments.
Personal data protection is a vital challenge for Carrefour.
Compliance on this issue is an opportunity for the Group to
strengthen the relationship of trust with Carrefour customers,
employees and partners as part of a more comprehensive
approach to digitising the Company, in compliance with the
regulations in effect. Non‑compliance constitutes a potential
threat to its image with consumers and a regulatory risk
representing 2% to 4% of its sales (under the GDPR).
Policy and performance
Carrefour has deployed a plan to comply with the General
Data Protection Regulation (GDPR). The plan applies to all of
regular
the Group’s
integrated countries and
involves
communication between
the different Data Protection
Officers (DPO) to harmonise practices and comply with local
legislation and specific local needs.
IInnddiiccaattoorrss
Number of countries/entities with a DPO
(1)
2022
8/8
22002211
8/8
Change
-
(1) New indicator in 2020. Excl. AR because the nomination of a DPO is not required under local regulations.
Action plans
Carrefour has developed a continuous monitoring plan covering
all the key issues relating to the GDPR to ensure proper
compliance and, if necessary, take continuous remedial action.
The compliance programme covers:
application of general data protection policy;
consent management;
creation and updating of data processing records;
creation of a data rights management process for providing
responses within legal deadlines;
implementation of a training programme;
■
■
■
■
■
■
■
■
■
data conservation policy;
deployment of a network of data protection officers in
accordance with the recommendations of the French Data
Protection Authority (CNIL);
a DPO in each country to deal with data protection issues and
support the country business segments;
incidents and personal data breaches
a register of
in
accordance with the GDPR for tracking different incidents,
qualifying them from a legal standpoint to self‑assess the
appropriateness of notifying the French Data Protection
Authority and/or disclosing them to the persons concerned;
■
reporting tools for integrated countries or BUs to report to
Group level.
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Non‑financial policies, action plans and performance
2.1.5.5 Fair practices
Context and definition
Corruption is a criminal offence subject to national laws,
international conventions and laws with extraterritorial scope,
such as the American Foreign Corrupt Practices Act (FCPA),
the UK Bribery Act (UKBA) and the French Criminal Code.
France’s Sapin II
law of December 9, 2016, which
strengthened the country’s anti‑corruption system, requires
large companies to adopt measures to prevent corruption.
Corruption can take several forms in Carrefour’s normal
course of business. Bribery, gifts and favouritism can be linked
to the purchasing and business development functions, as
well as activities requiring official authorisations.
Carrefour complies with several rules and regulations for its
business, including competition law and those relating to
Policy and performance
Carrefour contributes to the fight against corruption, money
laundering and the financing of terrorism by eschewing all
forms of corruption and enforcing the applicable laws. The
Group promotes a culture of trust and integrity, which it
shares with its stakeholders, enabling each of its employees
and outside third parties to report any violation of the law
anonymously.
Carrefour is committed to the rules of fair competition in its
business relations with its different partners (franchisees,
suppliers, service providers, etc.). It is very careful to maintain
high‑quality, transparent and loyal relations with its different
trade and industry. Competition law encompasses all laws and
regulations aimed at enforcing compliance with the principles
of free and fair trade and industry. Competition policy helps to
stimulate productivity, give consumers a wider choice, and
improve the quality of goods and services at the most
competitive prices. In EU countries, competition law is based
on EU law. This harmonisation provides legal certainty within a
single legal framework and basic rules applicable in each EU
country.
Lastly, from a tax perspective, the Group’s policy is one of
transparency and the payment of appropriate taxation
wherever it creates value.
commercial partners and to negotiate balanced agreements
that comply with applicable laws and regulations, especially
competition
information
law. The confidentiality of all
exchanged is also strictly respected and managed.
The Group ensures compliance with the applicable rules in all
the countries where it operates, including those aimed at
fighting tax evasion. No Carrefour entity is located in a country
listed on
lists of
the French or European Union
non‑cooperative jurisdictions for tax purposes (e.g., the EU
“blacklist” published by the Council of the European Union).
IInnddiiccaattoorrss
2022
22002211
Amount paid by all Group entities in respect of their tax obligations
€975 million
€948 million
Social security contributions borne by the Group
€1,608 million
€1,613 million
% of at‑risk employees trained on anti‑corruption topics
(1)
95.6%
98.6%
Change
+2.85%
-0.31%
-3 pts
(1) New indicator in 2020. Scope: excl. e‑learning data in France and excl. PO BE.
Action plans
1. Fighting corruption, money laundering
and terrorism financing
GOVERNANCE, ETHICS AND COMPLIANCE
As part of its responsible business conduct policy, Carrefour
ensures compliance with the rules applicable to the transactions
it carries out in all the countries where it operates or conducts its
business, mainly by developing an ethics and compliance
network comprised of representatives in various roles and from
different levels within the organisation. This network notably
includes:
■
■
a Group Ethics Committee, made up of the Group General
Secretary, Group Human Resources Director, Group Legal
Director and Group Ethics and Compliance Director. This
committee met four times in 2022;
an Ethics and Compliance department, which reports to the
France and Group Legal departments, overseeing compliance
for the Carrefour group and coordinating the ethics and
compliance network across different countries;
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■
Ethics and Compliance Officers from each integrated country
and BU, who are responsible for ensuring the compliance of
their respective entities with industry and local regulations as
well as any other special requirements, and for reporting any
useful information to the Group about the local deployment of
the programme. These members of the ethics and compliance
network also lead the local ethics and compliance committees
set up in each integrated country and BU, which comprise the
CEO, the CFO, the Human Resources Director, the Legal
Director and the Head of Ethics and Compliance of the
country or BU concerned;
■
all employees with key roles in compliance, so that Carrefour
group can collectively comply with ethics and compliance
regulations.
In addition, Compliance staff work closely with Security and
Internal Control staff and with operations teams, to continuously
improve reporting and management.
ETHICS AND COMPLIANCE PROGRAMME
The Group’s governing bodies are fully committed to ethics and
compliance and enforce a zero tolerance policy for any unethical
behaviour and practices, such as corruption and influence
peddling. In recent years, this commitment was demonstrated by
Alexandre Bompard and Laurent Vallée speaking to all Group
countries on International Anti‑Corruption Day on December 9,
2021. To mark International Anti‑Corruption Day in 2022, new
videos were released in all countries featuring Group Executive
Committee members, along with videos of each country Director
addressing viewers in the local language.
To enforce its policy and respect all applicable laws, Carrefour
has built its ethics and compliance programme around the
following pillars:
■
■
corruption risk map: the corruption risk mapping process for
the Carrefour group was completely overhauled in 2020 and is
updated regularly for each main business sector (retail,
Property, Banking and Insurance) and in all of the Group’s
integrated countries. The scope of the risk map was also
expanded in 2022 to cover new Group activities;
policies and procedures: Carrefour has drafted an “Anti‑bribery
and Corruption Policy”, providing practical illustrations of
concepts. This policy establishes the frame of reference in
which employees must all perform their duties on a daily basis,
in all of Carrefour’s subsidiaries and integrated countries. Other
policies and procedures round out this overarching policy,
giving employees practical tools to guide them in carrying out
their operations and projects. These include the gifts and
invitations policy, the Responsible Lobbying Charter, the
Carrefour Foundation’s rules and principles applicable to
sponsorship campaigns and emergency aid operations. In
addition, all employees involved in a purchasing or selection
process are required to sign a declaration of independence
each year, with the aim of informing Carrefour of any conflicts
of interest in order to handle them better;
■
training and awareness actions:
a global training and
awareness‑raising plan was developed and deployed for the
functions with the highest exposure (in‑person or online
meetings), along with an e‑learning programme for functions
with less exposure. At end‑2022, 95.59% of the employees
identified in 2022 as most exposed to risks of corruption have
for
received
training. The e‑learning courses available
■
■
■
employees with a lower risk of corruption were taken by more
than 80,000 employees in 2022 (24% of the Group's total
employees);
in the Group’s
third‑‑party assessment procedure: the Group developed a
global third‑party assessment solution, which was deployed in
2022 for all activities in France. This solution is also being
deployed
integrated countries. This due
diligence is carried out for all third parties with which the
Group intends to engage in business activities (suppliers,
consultants, franchisees, acquisition targets, etc.). The extent of
required verification is determined by the third party’s risk
profile and any specific risks identified during the assessment
of that third party. In some cases, additional information may
be requested from third parties, so that further due diligence
can be conducted based on the
information provided.
Carrefour works with an external service provider specialised in
third‑party assessments
to assist operational staff and
compliance officers likely to assess third parties. Suppliers also
receive the Ethical Standards for Suppliers Charter, which is
appended to commercial contracts;
whistleblowing system: an outsourced global whistleblowing
system was set up in all countries in 2016, available 24/7 via the
Internet (ethique.carrefour.com) or by telephone. This system
provides all Group employees and external partners (mainly
suppliers and customers) with a channel for reporting any
including discrimination,
suspicion of unethical practices,
corruption,
harassment, health,
misappropriation of
interest, and
environmental damage. In 2022, 5,909 alerts were received by
the Group, the majority of which concerned HR issues
(excluding discrimination and harassment).
safety,
funds, conflicts of
fraud,
theft,
control procedures: corruption risks are mitigated by a series
Internal
of accounting control procedures. For example,
Control and Internal Audit staff conduct annual verifications
the Group’s compliance
and audits on
programme
formulate
in
recommendations and action plans to improve Carrefour’s
ethics and compliance programme.
the pillars of
all
countries. They
then
2. Competition law
Carrefour has set up and deployed processes that comprise the
following:
■
specific training in competition law compliance is regularly
provided by the Legal Affairs departments in each country,
mainly for those employees who are most exposed.
In France:
■
■
■
■
new hires in functions on the front lines have compulsory
training that includes a specific module on Purchasing law.
Some of the training is organised in the form of role‑play;
more specific and
targeted
purchasing alliances are formed;
training
is provided when
each employee must adhere to a Code of Professional
Conduct covering
the principles of confidentiality and
compliance with competition law inter alia;
these principles are sent to the Group’s commercial partners,
in particular in the Carrefour Ethical Standards for Suppliers
Charter, which they are asked to sign;
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■
contract templates drafted and circulated by the Legal
departments of each country include clauses on compliance
with applicable laws and regulations, including competition
law. These contract templates are updated regularly to reflect
changes in these rules and regulations. Each Legal department
provides tailored and secure contractual solutions for the
different operational departments;
■
in each country monitor
the Legal departments
legal
developments to anticipate any changes in the regulatory
framework in which Carrefour conducts its business and to
inform the departments concerned in order to mitigate their
impacts.
3. Tax strategy
Carrefour applies a tax compliance and transparency policy,
guaranteed by its well‑trained expert tax team, aligned with the
latest tax reforms. In its host countries, the Group cultivates
long‑term relationships of trust with tax authorities, providing
them with the information they need within a reasonable time. It
ensures the compliance of its operations with tax regulations,
aiming to pay an appropriate amount of tax according to where
value is created in the normal course of its commercial activity,
without artificially transferring value to low‑tax jurisdictions. The
Group does not use opaque structures or entities in tax havens to
conceal information useful to tax authorities. It applies the arm’s
length principle for transfer pricing, and does not use transfer
pricing as a tax planning tool. As the Group’s organisation is
decentralised, its intra‑group transactions are not significant,
representing less than 5% of total trade sales. The Group applies
an intra‑group flow policy in line with OECD principles and
guarantees transparency, notably through Country‑by‑Country
Reporting (CBCR).
The ethics hotline can be used by Carrefour employees, suppliers
or service providers to report – in confidence – any situations or
behaviour that do not comply with the Group’s Principles of
Ethics, including for tax matters.
Joint initiatives and partnerships
■ Member of Transparency International (France) since
2009
■ Participation in the work of the Companies in Society
Commission of the French section of the International
Chamber of Commerce (ICC France)
Find out more
✚
■ Carrefour.com: Our Principles of Ethics
■ Carrefour.com: Anti‑corruption policy
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2.1.5.6 Guaranteeing ethical farming
Context and definition
Throughout the world every year, 70 billion animals are reared
to feed humans with meat, milk or eggs. Without a
fundamental change in our food patterns, global demand will
increase by 25% between 2015 and 2030. The response to this
growing demand is mainly provided by intensive livestock
farming, which accounts
livestock
production.
for 70% of world
In this context, respect for animals and their sensitivity is a
growing concern among the general public. According to the
United Nations Food and Agriculture Organisation (FAO),
Carrefour’s policy and performance
For the past few years, Carrefour has been deploying a
programme aimed at improving animal welfare in its supply
chains. This programme is based on the “five fundamental
freedoms” of animal welfare, adapted to different livestock
farming methods: physiological freedom (absence of hunger,
thirst or malnutrition), environmental
(adapted
housing, absence of climatic or physical stress), health‑related
freedom (absence of pain, injury or disease), behavioural
freedom
to exhibit normal, species‑specific
behaviour) and psychological freedom (absence of fear or
anxiety). Carrefour developed an animal welfare policy in
2019, based on ten priority areas that are shared within its
relevant animal product lines:
(possibility
freedom
1.
combating antibiotic resistance and banning antibiotics
and growth hormones;
2. banning cloning and genetically modified animals and
researching genetic biodiversity;
3.
4.
5.
6.
7.
switching to cage‑free farming and keeping animal
confinement to a minimum;
keeping stress during transport and slaughter to a
minimum;
limiting controversial practices and
optimising pain management;
systematically
insisting on proper nutrition;
carrying out health monitoring;
8. banning animal testing (cosmetics, personal care and
household products);
9. banning materials of animal origin not derived from
livestock whose primary purpose is to produce food;
10.
improving habitats.
animal welfare is a common good that forms an integral part
of the livestock sector’s sustainable development. It is linked
to food safety and quality, human and animal health, and rural
development. In several countries, and especially in Europe,
new consumer habits are emerging, such as reducing the
quantity of meat consumed, choosing to replace meat with
plant proteins, or turning to products made using more
sustainable and more animal‑friendly farming methods. These
changes are happening fast, and farming practices must be
adapted accordingly.
In 2020, the eight integrated countries defined progress plans
for these ten priority areas, broken down according to species
and product category. Since 2021, Carrefour has measured its
performance in achieving the eight targets using indicators
common to all Group countries concerned:
■
■
■
■
■
■
■
shell eggs: 100% of shell eggs sold for certified and
national‑brand products must be from cage‑free production
facilities by 2025 (or 2028 depending on the country);
eggs as ingredients: 100% of eggs used as ingredients in
Carrefour‑branded products must be
from cage‑free
production facilities by 2025;
cage‑free farming: the sale of products from other animals
(rabbits and quails) raised in cages for Carrefour‑branded
products must be discontinued by 2025;
chickens: 50% of Carrefour‑branded chicken sales must
guarantee
animal
welfare (1) criteria by 2026 (Better Chicken Commitment
criteria);
compliance
improved
with
pigs: 100% of organic and Carrefour Quality Lines pork
products must guarantee compliance with improved animal
welfare criteria by 2025;
horses: 100% of horse meat sources must be independently
audited or from EU producers by 2025;
animal slaughter: 100% of slaughterhouses that deliver
unprocessed products certified by Carrefour must be
audited for compliance with animal welfare standards by
2025;
■
transparency: each country must implement a system to
inform consumers about
for
Carrefour‑branded products by 2025.
farming methods used
(1) The animal welfare guarantees are in line with the Better Chicken Commitment criteria.
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PPeerrffoorrmmaannccee iinnddiiccaattoorrss
2022
22002211
Change
TTaarrggeett
Shell eggs – Percentage of gross sales of controlled and
national‑brand products from cage‑free production facilities
Eggs as ingredients – Percentage of Carrefour‑branded products
containing cage‑free eggs used as ingredients (1)
Cage‑‑free farming – Percentage of gross sales of animals (rabbits
and quails) in certified products raised cage‑free
Chickens – Percentage of gross sales of certified products that
guarantee compliance with animal welfare criteria
Pigs – Percentage of gross sales of Carrefour organic and
Carrefour Quality Lines pork products that guarantee compliance
with improved animal welfare criteria (2)
Horse meat – Percentage of gross sales of horse meat in
independently audited, certified and national‑brand products or
from EU producers (3)
Slaughter – Percentage of Carrefour supplier slaughterhouses
audited for compliance with animal welfare standards (4)
Transparency – Percentage of species raised using transparent
farming methods, for Carrefour‑branded products
(1) Scope: Belgium, Spain, France, Italy, Poland and Romania.
(2) Scope: 31% of 2022 net sales.
80.3%
80.1%
0.2 pts
60.2%
51.2%
9 pts
52.7%
New
-
100% by
2025 (2028
depending
on the
country)
100% by
2025
100% by
2025
35.9%
36.4%
-0.5 pts 50% by 2026
12.2%
New
68.7%
New
-
-
39.2%
46.8%
-7.6 pts
20.8%
New
-
100% by
2025
100% by
2025
100% by
2025
100% by
2025
(3) Scope: 31% of 2022 net sales.
(4) Scope: Non‑comparable BUs. 100% of 2022 net sales vs. 92% of 2021 net sales, excluding BE.
The performance of our animal welfare policy is measured using the Business Benchmark on Farm Animal Welfare (BBFAW). In
2020, Carrefour ranked in tier 3 on the benchmark, whose tiers run from 1 (best) to 6 (worst).
IInnddiiccaattoorr
Business Benchmark on Farm Animal Welfare (BBFAW) ranking
2022
(1)
22002211
Change
3
-
Action plans
1. Combating antibiotic resistance
For 30 years, the Group has been working with its suppliers to
create lines of products made from “animals reared without
antibiotics” in all of its nine integrated countries. The Group
encourages responsible use of therapeutic antibiotics throughout
its supply chains to limit antibiotic resistance. It therefore bans
growth hormones and antibiotics which diminish animals’
physiological capacity and contribute to antibiotic resistance. It
systematises prevention (rural animals, limiting density, etc.),
vaccines and self‑vaccines and sets up
“antibiotic‑free”
production lines. Carrefour is supporting its commercial partners
in all integrated countries by implementing pilot projects in order
to sell an increasingly complete range of products made from
“animals reared without antibiotics” by 2025. In France, for
example, by the end of 2022, Carrefour had more than
185 products labelled “raised without antibiotics” for all or part of
the rearing period. These products include chicken (free range
and indoor), guinea fowl, pork, veal, laying hens, quail, salmon
In Brazil and Poland, Carrefour already sells
and shrimp.
Carrefour Quality Lines chicken raised without antibiotic
treatment.
2. Banning cloning and genetically modified animals
Carrefour supports current regulation which in effect excludes
genetically modified clones and animals from its supply chain.
The Group pays careful attention to the choice of breeds and
strains in terms of growth rate, resistance and origin.
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3. Switching to cage‑free farming and keeping animal
confinement to a minimum
In liaison with its suppliers, Carrefour has launched a global
transformation project to ensure that all of its Carrefour‑branded
eggs are sourced from alternative cage‑free farms. The project is
already in progress in Italy, Belgium and France. It will take effect
in Brazil, Argentina, Taiwan, Poland, Spain and Romania in 2025.
The commitment will then be extended to all eggs sold in
Carrefour stores – all own brands and national brands, and to
processed products from G6 countries. Carrefour France has
also committed to phasing out the purchase of quail eggs from
farms that use cage‑rearing methods for its Carrefour brand by
the end of 2021.
4. Keeping stress during transport and slaughter
to a minimum
Carrefour’s animal welfare policy stipulates that animals must be
slaughtered after minimal transport time and in satisfactory
conditions (e.g., density, temperature, transfer methods). In the
specifications of the Carrefour Quality Lines and in the AEBEA
poultry specifications (for 90% of Carrefour brand chickens),
transport time is limited and controlled. The best available
techniques and technologies should be implemented to limit
stress and avoid pain during transport and slaughter. Stunning
and checks before slaughter guarantee a painless death and must
be applied to the majority of sources for our own‑brand
products. Audits and video surveillance are to be implemented at
the Group’s partner slaughterhouses as two priorities for the
coming years.
5. Limiting controversial practices and optimising pain
management
Carrefour agrees, with its partners, to systematically seek an
acceptable technically and economically viable alternative to
mutilation practices, in particular: castration, dehorning, tail
docking and debeaking. If these practices are maintained, pain
management must be comprehensive (anaesthesia or analgesia).
For pig farming, Carrefour encourages its suppliers to test
alternatives to surgical castration, such as raising uncastrated
males and performing immunocastration.
6. Requesting proper nutrition
Animals should have access to fresh, clean water. They should be
provided with plenty of healthy food, adapted to their species,
age and nutritional needs. Their diet must aim to keep them
healthy and vigorous. These issues are included in the minimum
requirements for products sold under the Carrefour Quality Lines
brand, and are therefore audited in all Group countries.
7. Requiring health monitoring
Farms must undergo regular veterinary health monitoring or
inspections. Any animal that appears sick or injured must be
treated immediately in line with regulations on drug use. Animals
must be euthanised following strict protocols to alleviate
irreversible suffering. Euthanising healthy animals is prohibited.
These
the
specifications of Carrefour Quality Lines products and will be
audited in all Group countries.
requirements will gradually be
included
in
8. Banning animal testing
In Europe, as required by regulations, Carrefour does not accept
any finished cosmetic product that has been tested on animals.
The Group hopes to extend this practice to all its integrated
countries for cosmetic, personal care and household products.
9. Banning materials of animal origin not derived
from livestock
Carrefour only buys products with leather, down, feathers and
wool that are a co‑product of the food
industry for all
Carrefour‑branded products sold in Group countries.
Carrefour‑branded textiles do not use animal fur or wool from
Angora rabbits.
The Group also bans feathers and down taken from live animals,
and the cashmere in TEX products is sourced from a traceable
quality chain that guarantees animal welfare.
Also, Carrefour does not sell zebra, kangaroo or crocodile meat,
all brands combined (Carrefour brands or national brands) in any
of the Group’s integrated countries.
10. Improving animal habitats
Carrefour encourages its lines to develop habitats that allow for
outdoor access or the open air. The Group also encourages its
partners to install features enabling animals to express their
natural behaviours in enhanced habitats (such as natural light
sources, roosting perches for chickens, manipulable materials for
pigs, outdoor access yards or winter gardens, chew objects for
rabbits, etc.).
In collaboration with World Animal Protection, Carrefour Brazil
has set up a differentiated production chain that is more
respectful of animals for three‑quarters of the pork sold in its
stores. Consequently, by December 2022, all sows had been
transferred into Group housing during gestation, limiting their
confinement in crates to 28 days, and ear tags used to identify
pigs will be banned. Immunocastration will replace surgical
castration by December 2025.
In early 2020, Carrefour announced that it had joined AEBEA
(Association Étiquette Bien-Être Animal) to provide consumers
with clear, systematic information on animal welfare and farming
methods for all its fresh chicken products under its brands. As a
result, all chickens sold under Carrefour brands are being raised
in environments that are gradually becoming more comfortable,
equipped with perches, anti‑pecking devices, natural light and
reduced density. This transformation has enabled ten million
chickens per year to enjoy living conditions that guarantee a
substantial improvement in animal welfare.
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Joint initiatives and partnerships
■ Oeuvre d’Assistance aux Bêtes d’Abattoirs (OABA)
■ Laboratoire d’Innovation Territorial Ouest Territoires
d’Élevage (LIT Ouesterel)
■ Association Étiquette Bien-Être Animal (AEBEA)
■ Welfarm
■ Compassion in World Farming (CIWF)
2.1.5.7 Case studies in 2022
Support for local and national producers
local or regional SMEs
The Group continues to support its local suppliers and partners in
implementing the food transition for all. In 2022, the Group
reasserted its commitment by signing more than 4,038 contracts
with
(representing 3,264 suppliers).
Carrefour chose to extend multi‑year agreements, which
represented 50% of regional agreements in France by 2022. In
Belgium, Carrefour organised walking tours to enable the
Group’s customers to meet local producers in their region.
Carrefour Belgium now works with more than 800 local
producers and offers more than 12,000 local products at all
Carrefour stores in Belgium. To ensure long‑term collaboration
with its producers, Carrefour Belgium has established a Local
Producers’ Charter, which guarantees a direct link between the
producer and the store and stipulates a non‑negotiable price set
by the producer. In Brazil, regional products are recognised for
their social and environmental benefits. The production of typical
items from Brazilian biomes that are sold by Carrefour Brazil,
such as the baru nut, contributes to the development of
communities and helps protect the country’s ecosystems. The
Carrado plant supplies Carrefour with a number of products
collected by extractivist farm communities in the Cerrado and
Caatinga regions in line with agroecological production methods
and solidarity economy principles. In 2022, Carrefour Brazil
joined the Local Brands Manifesto and, in doing so, restated its
commitment to promote regional and local products.
Supporting small farmers of organic, fair trade
bananas
Bananas are an essential source of employment and income for
4 million families in southern producer countries and are the
biggest selling item on Carrefour’s fruit and vegetable stands
(140,000 tonnes sold each year in France, Spain, Belgium, Italy,
Romania and Poland). However, the smallest farmers are not
always guaranteed a fair price, and banana production has a high
environmental footprint. To meet these challenges, Carrefour has
been offering organic and fair trade bananas in its shops since
2014.
In 2021, Carrefour contributed 300,000 euros to an
innovative one‑million‑euro project developed by the Fairtrade/
Max Havelaar movement and funded by the French Development
Agency (AFD), to support environmentally‑friendly practices and
promote gender equality across the organic, fair trade banana
sector. The three‑year initiative will benefit 10,000 people working
in 11 cooperatives in Peru and the Dominican Republic. The
project’s priorities are to sustainably improve revenue, empower
women and young people and implement measures to increase
resilience to climate change. Practical initiatives include building
micro‑factories
setting up
diversification field schools, training women and young people
through teaching modules, and bringing together producers and
cooperatives in both countries to discuss their experience.
to produce organic
inputs,
Find out more
✚
■ Carrefour.com: Ensuring animal welfare/CSR (see the Business
ethics and supply chains section)
In addition to this fair trade supply line, in 2020, the Group created
a new source of Caribbean Carrefour Quality Lines bananas, in
partnership with UGPBAN
(Union of banana producers of
Guadeloupe and Martinique) and Cirad (a French agricultural
research body focused on international cooperation). The aim is to
enable the production of agro‑ecological bananas in the French
West Indies without insecticides and, by 2022, without herbicides.
Carrefour will apply blockchain technology to this line to promote
it among consumers.
Traceability in organic cotton production in India
By 2030, Carrefour aims to ensure that all natural raw materials
used in its TEX products are sustainable and traceable. Since
2019, Carrefour has been working with over 4,500 small cotton
producers in the Madhya Pradesh region in central India on a
project to combine quality organic cotton, decent pay for
producers and traceability starting from the seed. The Carrefour
Foundation has helped build two organic pesticide production
units that enable 2,000 local producers to obtain better yields
and boost their income. This has made it possible to drill
100 wells to provide regular irrigation to cotton fields. A total of
1,000 farmers in 18 villages also received training in organic
farming techniques. Thanks to its partner, Cotton Connect,
Carrefour ensures that its Indian organic cotton suppliers receive
a higher rate than conventional cotton producers. The first 100%
“sustainable cotton” collection, comprising household linen,
undergarments, babyware and children’s clothing, is a direct
result of this approach. These products have been on sale under
the TEX BIO brand in all of Carrefour’s French and Spanish
hypermarkets since spring‑summer 2019. All phases – from seed
to finished product – are tracked and recorded to ensure
complete traceability of all TEX BIO products. Blockchain
technology introduced for textiles in 2020 now makes it possible
to include a QR code on the label that will enable customers to
track the cotton from the field to the store shelf. In 2021,
Carrefour promised that 50% of cotton TEX products will be
organic by 2025.
Control of animal protection in slaughterhouses
their protection
In France, audits are carried out every three years by qualified
independent auditors for all animal species, to ensure adequate
transport conditions
in
for animals and
slaughterhouses. Carrefour relies either on a methodology
co‑constructed with OABA (Oeuvre d’Assistance aux Bêtes
d’Abattoirs), a French body specialising in the protection of farm
for human consumption, or equivalent
animals
approaches with AEBEA (Association Étiquette Bien-Être Animal)
for
(French National
Interprofessional Livestock and Meat Association) for cattle.
Carrefour has asked all slaughterhouses to introduce a video
surveillance system at sensitive stages. In 2022, Carrefour worked
with 110 partner slaughterhouses, of which 59 are equipped with
a video surveillance system.
and with
INTERBEV
intended
chickens
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At Group level, each country prepared a progress plan in 2020
with the aim of having animal protection audit processes for CQL
slaughterhouses and Carrefour‑branded products up and running
by 2022 and 2025, respectively. The assessment methodology
will be based on that applied in France, adjusted if necessary with
local animal protection NGOs.
Carrefour takes action to promote a fairer deal
for its partner producers
In 2022, Carrefour continued its action to support French
producers and offer its customers quality products grown and
manufactured in France, by creating a new Carrefour Quality Line
for UHT cream. This move follows on from the partnership
initiated in January 2021 with the Saint‑Denis‑de‑l’Hôtel Dairy
(LSDH) and the Association des Producteurs Laitiers du Bassin
Centre collective (APLBC) to develop the Carrefour Quality Line
for UHT milk. The initiative is based on a three‑way agreement
between Carrefour, LSDH and APLBC. This partnership allows the
326 producers covered by the agreement greater visibility and a
more stable outlook, through guarantees on volume over a
three‑year period and fairer deal thanks to fair milk prices
Initially set at 390 euros for
certified by Bureau Veritas.
1,000 litres in 2021, the price was raised to 430 euros per
1,000 litres in 2022 for CQL milk and UHT cream. A pioneering
approach to supporting farmers in their transition to virtuous
farming methods, the Carrefour Quality Lines programme has
been working for 30 years to create better conditions for all,
while meeting strict standards of traceability, quality and taste.
Carrefour and Système U,
joint
purchasing centre, took action alongside all the entities making
up the Sodiaal Cooperative (Yoplait, Candia and Entremont) to
increase the price of milk paid to producers in 2022. These
agreements set the price of milk at 400 euros per 1,000 litres in
2022 for the three entities of the Sodiaal Cooperative. They aim
to continue the efforts over the past three years to provide a
fairer deal for French farmers.
the Envergure
through
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2.1.6
EMPLOYEES
2.1.6.1 Overview of objectives
Context A Group with a multi‑local, neighbourhood presence, Carrefour employs 334,640 people worldwide, 55.2% of whom are
women. It is the skills of all its employees that allow Carrefour to offer quality services, products and food for everyone through all
distribution channels – not only in the Group’s eight integrated countries, but also in the 40 countries that are home to international
franchises.
With the labour‑intensive nature of the retail sector, Carrefour faces major challenges in recruiting, retaining and engaging its
employees. To attract talent, recruit in the best possible conditions, retain employees despite the demands of the job and encourage
everyone to give their best every day, Carrefour fosters a unique, attractive and engaging promise to its employees. The Group
capitalises on an established equal opportunity culture that is built on two levels: diversity from the get go and a career advancement
strategy that offers unique opportunities for promotion to the most deserving employees.
Carrefour provides employment in more than 300 job families, many of which are open to everyone, with or without a diploma, and are
geared towards workers in our host regions regardless of their age, origin or social and professional background. This openness to all
candidates fosters the diversity of our teams. Welcoming all kinds of talent enables us to work more effectively on a day‑to‑day basis –
because we take into account the aspects of each individual that can help us to achieve our raison d’être – while also upholding social
justice.
In addition, through its training capabilities and a well‑established practice of merit‑based internal promotion, Carrefour offers
development and career opportunities to its most committed employees and gives everyone the chance to reach their full potential.
Mechanisms are in place to support this culture of developing all forms of talent and promoting employees internally while ensuring
that career advancement opportunities can be offered across the Board.
Risks and opportunities
Employee‑related risks are
in Carrefour’s risk
management process (see Section 4.1). The risks analysed
annually relate to employee skills, talent retention and diversity
and inclusion, more specifically:
included
■
■
■
failure to assess, develop and value skills: poor deployment
of skills assessment, development and recognition policy by
managers and human resources is likely to demotivate
employees and result in lower productivity and increased
turnover;
failure to attract and retain talent: the Group could
encounter difficulties in attracting, hiring or retaining talent
for key positions. This risk may arise in particular due to
departures from critical positions such as Directors and
Senior Directors;
to
failure
comply with principles of diversity,
discrimination and harassment: Carrefour may encounter
its anti‑discrimination policy,
difficulties
particularly with regard to gender diversity and equal pay or
the employment of people with disabilities;
in deploying
■
occupational health and safety risks: as one of the largest
private‑sector employers in France and one of the top 50
employers in the world, Carrefour has a duty to safeguard its
employees against workplace accidents, psychosocial risks
and occupational illnesses;
■
failure to respect employees’ freedom of association and
right to social dialogue: insufficient social dialogue may
demotivate employees. These events are likely to result in
loss of productivity and/or revenue.
In addition, Carrefour updated its materiality analysis in
2021 (1) (see Section 1.3.1.4). One employee‑related issue was
identified as a major issue for stakeholders in light of the
Group’s food transition strategy (i.e., ranked in the top 10),
while three others were
issues
(i.e., ranked in the top 20):
identified as
important
employee well‑being, satisfaction and motivation (ranked
4th);
attracting and retaining talent (ranked 12th);
diversity and inclusion in the workplace (ranked 15th);
training employees and developing their skills (ranked 20th).
■
■
■
■
(1) Updated every two years.
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Our initiatives
Employees play a key role in helping us achieve our objectives.
They allow Carrefour to offer quality services, products and
food for everyone on a daily basis, through all distribution
channels – in the Group’s nine integrated countries.
Carrefour supports this ambitious goal, in particular, by:
■
■
raising employee awareness and getting their buy--in:
Carrefour attaches great importance to upskilling teams;
reflecting the social diversity of its host communities:
Carrefour was very quick to commit to promoting diversity
through the signature in 2004 of a Diversity Charter aimed
at giving everyone, in all countries, the same career
development and recruitment opportunities;
■
protecting employees’ health: since 2020, all of the
Group’s host countries have an action plan on health, safety
and quality of life at work. Local teams are responsible for
setting the objectives, particularly in relation to workplace
accident frequency and severity, and for structuring the
action plan.
Coalitions
and partnerships
Arborus, creator of the
Gender Equality
European & International
Standard (GEEIS)
CEASE
1in3Women
National Committee for
UN Women, France
International Labour
Organization (ILO)
UNI Global Union
International Labour
Office (charter)
European Week for the
Employment of People
with Disabilities with
AGEFIPH (LADAPT)
Quality of Life at Work
Observatory
Parenting Charter
French Handisport
Federation (FFH)
French non-profit
L’Autre Cercle
French National
Federation for Solidarity
with Women (Fédération
Nationale Solidarité
Femmes)
French Association for
Diversity Management
Professionals (AFMD)
LEAD Network
Contributions to
the Sustainable
Development
Goals
Our objectives
TOPIC
OBJECTIVE
Gender equality
35% women executives (top 200) by 2025
Disability
Employees with a disability to represent 4% of the total workforce by 2025
15,000 employees with a disability in the Group by 2026
Training
At least 50% of employees have access to training every year
DEADLINE
2025
2025
2026
Annual
Employer
recommendation
Minimum employer recommendation score of 75/100 awarded annually to Carrefour
by its employees
Annual
1
2
3
4
5
6
7
8
9
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2.1.6.2 Employment at Carrefour and managerial transformation
Context and definition
store
its various
Across
formats, Carrefour employs
334,640 people in over 300 job families in its eight integrated
countries and the more than 30 countries that are home to
international franchises. The Group operates in two key
markets: Europe and Latin America. Since the launch of the
“Carrefour 2022” plan in 2018, Carrefour has been pursuing its
goal of becoming the leader of the food transition for all and
making healthy, fresh, organic and local foods available to
everyone – a goal enshrined in the Group’s raison d’être since
2019. By adopting the Digital Retail Company business model,
we have made digital technology and data central to our
operations and our value creation model, turning our raison
d’être into the veritable backbone of the Group’s operational
model. To rise to these changes, the Group rolled out its
international Act for Change programme in 2019. Its aim was
to align managerial behaviour with these objectives and to
give employees a central role in the Group’s transformation.
The programme is based on four key commitments: “Growing
and moving forward together”, “Serving the customer with
passion”,
in
transforming our profession”. The skills associated with these
“Acting with simplicity” and
“Taking pride
Carrefour’s policy
Employees are central to the Group’s transformation. The “Be
proud to change our business” pillar of the Act for Change
programme reflects three objectives, which are closely linked
to managers’ skills – open up to the outside world, bring
life within teams, and stimulate
Carrefour’s strategy to
innovation and experimentation. To that end, one of the
Group’s aims is to create Super Heroes – ambassadors for the
food transition and diversity and inclusion issues – among its
employees. These will be people capable of inspiring their
teams to embrace the challenge of inclusiveness for all in the
company and raising awareness among customers of what is
at stake in the food transition.
Since 2018, the Group has also sought tirelessly to simplify its
organisation in a bid to use energy‑pooling or digitalisation
opportunities arising from Digital Day initiatives or stemming
from the Carrefour 2026 plan to achieve even greater
efficiency. These changes are supported by giving priority to
negotiation, mobility, internal redeployment and training.
Carrefour aims to maintain robust, constructive and regular
social dialogue at national, European and international level,
covering all labour‑related topics and any other issues specific
to the local context.
FFoorrmmaatt
Total hypermarkets
Supermarkets
Total other formats and businesses
Scope: 100% of 2022 consolidated net sales.
challenges underpin the management model in place across
the entire Group. In addition to this management model, a
leadership model known as the 4Cs spells out Carrefour’s
expectations of its senior managers:
■
■
■
■
Courage: spur excellence through bold, targeted and
forward‑looking initiatives;
Change: facilitate change and transformation through
listening, openness and flexibility;
Customers: cultivate a passion for customers and increase
our impact on society;
Cooperation: grow and nurture cross‑sector collaboration,
commitment and team spirit.
Social dialogue, a key component of the Carrefour corporate
culture, is also being used to pick up the pace on the
transformation of Carrefour’s business
families, and
contributes to the Group’s performance, ensuring a positive
social environment in all its stores.
1. Employment at Carrefour
CHANGES IN HEADCOUNT
Carrefour’s global workforce increased from 319,565 in 2021
to 334,640 in 2022.
This reflects both the vitality of Carrefour’s operations
worldwide and changes to the scope of consolidation. In
2022, Carrefour notably integrated the Grupo BIG workforce
in Brazil. The impact was partly offset by the transfer of stores
to franchise and lease management arrangements and by the
removal of Taiwan, which represented 12,174 employees at
end‑2021, from the scope of reporting due to the ongoing
disposal of local operations.
BREAKDOWN BY STORE FORMAT
The employee breakdown by store format changed slightly
during 2022. However, hypermarkets still represent the vast
majority of the workforce, with over half of the total (68%) –
or 227,768 employees – working in this well‑established
Carrefour format.
2022
68%
16%
16%
22002211
Change
71%
15%
14%
-3 pts
+1 pt
+2 pts
Workforce by region
A pioneer in countries like Brazil, Carrefour has operations in
both Europe and Latin America. It is one of the largest private
employers in several countries, including France, where the
Group has its roots, but also Brazil, Argentina, Spain and
Romania.
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RReeggiioonn
Latin America
Europe
Asia
REGIONS TOTAL
Scope: 100% of 2022 consolidated net sales.
22002211
Change
% change
2022
159,949
174,319
372
115,310
191,707
12,548
+44,639
(17,388)
(12,176)
334,640
319,565
+15,075
+39%
-9%
-97%
+5%
Type of employment contract
The majority of Carrefour’s personnel works full time (78%), on permanent contracts (92%).
CCoonnttrraacctt
Permanent contracts
Fixed‑term contracts
% of part‑time employees
Scope: 100% of 2022 consolidated net sales.
2022
92%
7.6%
22.0%
22002211
91.5%
8.5%
26.4%
Change
+0.5 pts
-0.9 pts
-4.4 pts
Type of new hires
Employees are hired on permanent and fixed‑term contracts. The use of fixed‑term contracts helps deal with increased workloads
during busy seasons with high footfall.
NNuummbbeerr ooff nneeww hhiirreess
Permanent contracts
Fixed‑term contracts
TOTAL
Scope: 100% of 2022 consolidated net sales.
2022
87,725
74,910
22002211
68,358
75,425
162,635
143,783
Change
+28%
-1%
+13%
Departures
After a big drop in the number of permanent employees
leaving Carrefour, amid a stagnant job market resulting from
the health situation, things have gradually returned to normal.
In 2022, the labour market’s marked recovery and the growing
weight in the Group’s workforce in Brazil, a country where the
retail industry has structurally high staff turnover rates (54% of
the average number of permanent employees in 2022), were
behind a significant increase in the rate of departures of
employees on permanent contracts (102,174 departures).
Breakdown of jobs by status
CCaatteeggoorryy
Executive Directors
Senior Directors
Directors
Managers
Employees
TOTAL
Scope: 100% of 2022 consolidated net sales.
2022
0.04%
0.07%
0.5%
7.7%
91.6%
100.00%
22002211
0.04%
0.07%
0.5%
10%
89.4%
100%
Change
-
-
-
-2.2 pts
+2.2 pts
-
2. Act for Change programme
To support the transformation of its corporate culture, in 2019
Carrefour introduced the Employee Net Promoter Score®
(E‑NPS), an indicator of employee commitment measured via
to a representative sample of
an online survey sent
20,000 employees
the Group’s eight host
countries. Organised around five questions, one of which is an
overall recommendation, the survey assesses the effectiveness
of the programme’s implementation.
from across
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The fifth wave took place between February 28 and March 18,
2022. With 77% of responding employees saying that they feel
they have a role to play in the transformation – up from 71% in
2019 in the first survey – the results demonstrate the
involvement of employees in the strategic projects being
rolled out within the Group.
““II ffeeeell ppaarrtt ooff tthhee oonnggooiinngg ttrraannssffoorrmmaattiioonn ttaakkiinngg ppllaaccee wwiitthhiinn tthhee CCaarrrreeffoouurr ggrroouupp””
Response rate
Number of respondents
Score achieved by the Group in 2022 (% of employees agreeing)
Don’t know
Don’t agree
3. A culture of social dialogue
Social dialogue has led to the signing of collective agreements at either host country or entity level.
64%
16,615
77%
4%
18%
PPeerrffoorrmmaannccee iinnddiiccaattoorrss
% of employees covered by a collective bargaining agreement
Number of agreements signed
2022
99%
369
22002211
Change
91%
453
+8 pts
-18.5%
Our action plans
Act for Change programme
The Act for Change programme covers the managerial and
cultural aspects of the “Carrefour 2022” transformation plan.
Action plans have been developed for the programme’s four
pillars,
training opportunities, communication
initiatives and annual objectives for employees. Managers, both
at stores and warehouses, are responsible for ensuring that the
programme is effectively implemented across all the Group’s
operational sites.
resulting
in
cooperation
“Growing and moving forward together”. The first pillar of the
programme is about developing talent, fostering diversity and
various
encouraging
departments and store formats. The internal promotion and
management training programmes in each country and the
Carrefour University programmes have all been updated and
restructured with this commitment in mind.
the Group’s
among
“Serving the customer with passion”. To support the second
pillar of the Act for Change programme, in 2022, Carrefour
continued its roll‑out, in all Group host countries, of the
5/5/5 customer method, a simple solution
improving
customer satisfaction that has been implemented in Taiwan,
Argentina and Spain since 2018. The 5/5/5 method is based on
three principles – trust, service and experience – and is broken
down into 15 concrete commitments that make customers
central to stores’ concerns again.
for
“Acting with simplicity”. The third pillar corresponds to three
objectives: using resources appropriately and efficiently; acting
quickly and simply; and empowering yourself and others.
Carrefour is particularly committed to organising a variety of
initiatives to improve quality of life in the workplace, establishing
constructive and regular social dialogue, and implementing a
shared workplace health policy across all countries.
The “Taking pride in transforming our profession” pillar aims to
bring the Group’s strategy to
life within teams, stimulate
innovation and experimentation, and open Carrefour employees
up to the outside world. Carrefour puts a particular focus on the
development of the skills of its managers, for whom innovative
programmes are now in place.
Employees’ key role in the transformation process
farming;
the digital
Carrefour teams, in all of the Group’s host countries, work hard
every day to support the food transition. For example, the
Purchasing teams support partner farmers in their conversion to
organic
teams develop blockchain
technology to ensure the traceability of products from Carrefour
Quality Lines; and the store‑based teams advise customers,
promote local and organic ranges, and ensure the quality of
products prepared directly on site. Carrefour has a proactive
training policy, which is designed to enable employees to
develop in a stimulating environment and pursue diverse career
paths. It has also set an objective of training all employees in the
key issues related to the food transition.
Driving transformation
INVOLVING AND INSPIRING EMPLOYEES
Food transition “Super Heroes”
Carrefour is mobilising its employees around the challenges
stemming from its “Carrefour 2026” transformation plan. In 2018,
the Group
launched the “Food Transition Super Heroes”
programme on an international scale. It has been rolled out in all
the Group’s host countries to identify “local Super Heroes”
among committed store employees, who champion the food
transition among colleagues and customers. The programme’s
aim is to promote local initiatives in the field, in close proximity
to customers, and to spread them widely in each of the Group’s
host countries. In 2023, the programme was extended to cover
our commitments as a more inclusive company. Carrefour
wishes to give greater visibility to measures taken to foster
initiatives aimed at making the company more inclusive for our
customers and employees alike. The Super Heroes programme
allows teams to bring the food transition into their stores and
make it more meaningful for customers. The example set by
Super Heroes in the different countries can be an inspiration to
everyone.
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All over the world, the Super Heroes are devising and deploying
their projects in support of the food transition at the local level.
The solutions are highly diverse: promoting healthy products,
events focusing on healthier eating and cooking, initiatives to
reduce and combat waste, the learning of sign language and the
implementation of quiet hours in stores.
Internal and stakeholder panels
Several times a year, Carrefour arranges meetings in order to
issue functional recommendations on a specific CSR issue. These
meetings are attended by around 50 people representing the
Group, NGOs, governments, customers, investors and suppliers,
who come together to share their expertise or point of view.
Several of the Group’s host countries also conduct in‑store
communication or engagement campaigns on a range of CSR
topics, such as energy efficiency, sustainable fishing, biodiversity,
organic products, socially responsible recycling and waste.
Training employees in line with the Group’s transformation
to become
ambassadors of
Carrefour is committed to providing managers with the skills
necessary
the Group’s
transformation. Carrefour University’s role in this regard is to
create an open, disruptive learning ecosystem that encourages
experimentation, networking and knowledge sharing, thereby
giving members of Carrefour’s top management the opportunity
to develop both individually and as a team. In France, through
the “Manage for Change” and “Manage for Lead” programmes,
for example, managers learn to guide their teams’ performance
in accordance with Carrefour’s strategic priorities.
Digital innovation is also a core focus of the Group’s operating
model. Carrefour’s ambition is to be a world leader in digital retail
by 2026, with a strategy based on a “data‑centric, digital first”
approach stemming from the Group’s profound transformation
dating back to 2018. All countries where Carrefour operates are
developing programmes and tools to help employees better
understand digital environment and culture. To give each
employee the keys to become a stakeholder in this corporate
project, the Group’s employees will all be trained in digital
technology by 2024, or 100,000 people each year between 2022
and 2024. A Digital Retail Academy has been created to help
achieve this goal. In each of the Group’s host countries, it has
helped collate and enrich existing training courses, offering new
modules devoted to data, digital commerce, technology, and
innovative methods and approaches. The target was met easily in
2022, when more than 160,000 employees received digital
technology training across the Group’s various geographies.
Since 2018, the Group’s Leaders School, an internal training
school for high‑potential employees, has given structure to its
commitment – upheld since its founding – to be a driving force
for social mobility. Launched in Argentina and Spain, the system
is gradually being rolled out across the Group: after the two
founding countries, France, Poland, Italy, Belgium (under the
name “Carrefour Académie”) and Romania now all have Leaders
Schools. This multi‑format programme is open to anyone wishing
to take part, from non‑management employees to Executive
Directors, whether they work in hypermarkets and supermarkets
or in the Group’s head offices. At the end of their curriculum,
often conducted
in partnership with a higher education
institution (Paris Dauphine University in France), trainees have
access to jobs with greater responsibility. The scheme is set to
take on even greater importance in the years to come. A first
in 2023. To
launched
edition
in Brazil
is due
to be
help this powerful internal driver of career development to thrive,
the Carrefour 2026 strategic plan commits the company to
graduating 5,000 new employees by 2026.
To support the roll‑out of Act for Food, Carrefour is devoting
significant resources to training its employees in fresh produce
and the food transition. Employees are notably taught the
fundamentals of the food transition so they can embody
Carrefour’s raison d’être in their interactions with customers. In
Italy and Argentina, for example, “trade schools” support
employees from Traditional Fresh Products departments in their
efforts
through
certification training, sharing of best practices, experimentation
and the testing of innovative projects.
improve service quality
to continuously
A culture of social dialogue
INTERNATIONAL SOCIAL DIALOGUE
Carrefour and international union federation UNI Global Union
renewed their global framework agreement in October 2021. The
agreement aims to promote and encourage:
■
■
■
ongoing and constructive social dialogue and Carrefour’s
recognition of the importance of the role of trade unions and
staff representatives in raising or guaranteeing high standards
for the Group’s employees;
diversity and equal opportunity in the workplace via joint
initiatives, mainly relating to gender balance, discrimination
and violence against women;
defence of and respect for the basic human rights of workers –
freedom of association and collective bargaining – along with
their safety and working conditions at Carrefour and at supplier
and franchise sites.
Thanks to its participation in the Global Deal with the French
Ministry of Labour, Employment and Economic Inclusion since
2017, Carrefour has been identified as one of France’s most
active companies in terms of international agreements, helping
to protect the fundamental rights of employees around the
world.
EUROPEAN SOCIAL DIALOGUE
In 1996, Carrefour created its European Works Council, the
European Consultation and Information Committee (ECIC), by
way of an agreement signed with the FIET (part of the UNI). This
agreement was renewed and added to in 2011 with the
international union federation UNI Global Union. Thanks to the
quality of its work and of the dialogue between management and
employee representatives, the ECIC is now one of the most
recognised works councils in Europe. The main topics covered
are the organisation of work, promoting diversity, professional
training and employer health and safety policy, together with
CSR and basic rights. A plenary meeting is held annually. An
annual information and training seminar focuses on a specific
theme selected by the members of its Steering Committee,
which changes each year. Special committees also meet to
discuss issues relating to corporate social responsibility, diversity
and new technologies.
The frequency of ECIC meetings in 2021 and 2022 returned to
normal compared with 2020, which was particularly affected by
the health crisis. An Employment and Training Monitoring Group
was created within the ECIC in 2021; it met six times in 2022.
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Carrefour also plays an active role in sector‑wide social dialogue
meetings as part of European trade organisation Eurocommerce,
alongside the trade union delegation from UNI Europa.
LOCAL SOCIAL DIALOGUE
In each Group country, social dialogue is governed by local
collective bargaining agreements. These play a major part in the
Group’s economic performance but also in employees’ working
conditions and, more broadly, in quality of life in the workplace.
Carrefour is engaged in regular negotiations with employee
representatives in all of the countries where it operates. These
negotiations have resulted in numerous agreements that address
various topics and cover a range of issues, including labour rights
and the organisation of work. In 2022, Carrefour France signed
two new Group collective bargaining agreements, one on health,
prevention and quality of life and working conditions within
Carrefour France, and
the other addressing cost‑of‑living
concerns.
In Brazil, more than 250 collective bargaining agreements have
been signed for both Carrefour Brazil and Atacadão. In Spain,
seven collective bargaining agreements were signed or amended
in 2022,
including an agreement on the right to digital
disconnection policy.
RESPONSIBLE REORGANISATION
in France, Poland and
The Group has been adjusting its workforce since 2018, in
particular through reductions at its head offices or the sale and
Italy.
franchising of certain stores
Workforce reductions were implemented as part of a robust
social dialogue process, and came with a set of measures aimed
at helping employees relocate or find another job within or
outside the Group. These measures were notably put in place
pursuant to agreements negotiated and signed with employee
representatives. In France, two amendments were extended in
2022; one for the agreement on anticipating and supporting
social transformation and creating the Jobs, Skills and Social
Transformation Monitoring Group; the other for the agreement
adapting GPEC tools to the challenges of transforming the
Group’s headquarters and support functions.
Find out more
✚
Carrefour.com: Employment at Carrefour and managerial
transformation/CSR (see the Employees section)
2.1.6.3 Attracting, supporting and developing talent
Context and definition
The world of work is changing in the wake of societal,
the
technological and commercial developments, and
demands of the new generations joining the corporate world
are evolving. Younger employees want to take advantage of
new management and work methods. These upheavals
represent key challenges for Carrefour, which has developed
its approach to attracting, developing and retaining talent
accordingly.
To strengthen its customer‑centric culture, the Group is
focusing its training and recruitment efforts on the skills
required in the strategic areas of digital transformation, the
food transition and management. Carrefour puts particular
Carrefour’s policy
emphasis on developing the skills of its managers, for whom
innovative programmes are now in place. Special efforts are
being made to intensify the development of digital skills for all
employees, a central challenge in Carrefour’s transformation
into a Digital Retail Company.
The Group is also committed to promoting mobility within its
teams in order to prepare as effectively as possible for the
future of the retail sector, which is undergoing rapid and
wide‑reaching change. This objective
is central to the
“Growing and moving forward together” commitment, the first
of the four pillars of the Act for Change programme.
In line with the “Growing and moving forward together”
commitment, Carrefour’s policy is designed to:
■
■
talent
by strengthening
attract
recruitment and
development programmes, its promotion of work‑study and
work experience initiatives, and its partnerships with schools
and universities;
its
■
retain talent through a motivating career management and
compensation system;
Carrefour’s performance
develop employees’ skills by making training a key priority,
notably through new multi‑format and multi‑business
development programmes, and by investing heavily to
prepare its employees for the changes taking place in the
retail industry. Since 2019, Carrefour’s training policy has
been structured around the four key topics that underpin in
transition,
its
customer‑oriented culture, people management and the
digital transformation.
raison d’être and strategy:
food
the
1. Attracting talent
Employees are the ones who put the Group’s strategy into action, so Carrefour has always taken great care to attract the right
profiles for the right positions.
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PPeerrffoorrmmaannccee iinnddiiccaattoorrss
Number of new hires
2. Retaining talent
EMPLOYEE TURNOVER AND LENGTH OF SERVICE
PPeerrffoorrmmaannccee iinnddiiccaattoorrss
Attrition rate among Senior Directors and Executive Directors
(1)
Turnover
(2)
Voluntary turnover
(3)
Average seniority of employees
2022
22002211
Change
162,635
143,783
+13%
2022
4.5%
29.2%
22.2%
9
22002211
4.6%
22.9%
12.7%
9
Change
-0.1 pts
+6.3 pts
+9.5 pts
-
(1) Number of Director and Senior Director resignations as a percentage of the total population.
(2) Turnover of employees on permanent contracts, including new hires during the year, redundancies, resignations and completed trial
periods, and calculated based on the workforce.
(3) Voluntary turnover of employees on permanent contracts including resignations.
INTERNAL MOBILITY AND PROMOTION
As a result of all the initiatives and programmes in place across
the Group, 2,000 employees were promoted in 2022 (2,941 in
2021) and more than half the people appointed to a new
management or executive position were promoted from within.
IInnddiiccaattoorrss
Rate of internal promotion: total
Rate of internal promotion: manager
Rate of internal promotion: Director
Rate of internal promotion: Senior Director
Rate of internal promotion: Executive Director
(1)
(1) New job category created in 2021 from among Senior Directors.
In total, 51% of new managers, 62% of new Directors, 37% of
new Senior Directors and 20% of new Executive Directors
were promoted internally in 2022.
2022
22002211
Change
51%
51%
62%
37%
20%
50%
49%
60%
44%
44%
+1 pt
+2 pts
+2 pts
-7 pts
-24 pts
3. Developing employees’ skills
A personalised career management process has been
introduced for key talent to ensure that these employees
continue to enhance their skills and pursue appropriate career
paths. The Next Gen programmes offer those with high
potential the key tools needed to accelerate their promotion
to executive positions (C200). The Graduates programmes
help to boost the careers of young graduates.
By 2025, Carrefour aims for at least 50% of its employees to
receive a minimum of four hours of training each year,
regardless of their level or position in the company. This
objective has been included in the Group’s CSR and Food
Transition Index since 2020. After a big effort in 2021 to catch
up on training deferred due to the health crisis, 2022 saw
training volumes remain at high levels – more than 11 hours of
training per employee on average. A total of 73% of employees
accordingly received four or more hours’ training. The
implementation of the Digital Retail Academy training plan
resulted in more than 160,000 employees being trained in
digital technology and the related challenges.
IInnddiiccaattoorrss
Percentage of employees trained during the year (at least 4 hours of training)
Average number of training hours per employee
Total number of training hours over the year (in millions)
2022
22002211
Change
73%
11.3
3.5
81%
13.3
4.2
-8 pts
-15%
-17%
11.3 training hours on average per employee and 264 euros spent on average per FTE on training and development (Scope:
France. Including wages and ancillary costs).
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Non‑financial policies, action plans and performance
Action plans
1. Attracting talent
1.1. KEY RECRUITMENT‑RELATED OBJECTIVES
In line with its transformation and to keep up with developments
in the retail industry, one of Carrefour’s key objectives is to
strengthen its skills base, especially in digital technology, areas
associated with the food transition and specific professions, such
as those relating to food. To achieve this objective, all of the
Group’s host countries are taking initiatives aimed at:
■
■
■
■
■
strategies
Carrefour’s
recruitment
improving
and
modernising practices by better identifying recruitment needs
and issues, diversifying distribution channels according to
profiles, professions and locations, and widening the candidate
pool. In France, for example, nearly 27,500 job offers were
posted on
institutional partners and
associations in 2022, generating more than half a million
applications. Recruitment teams have innovated with the
launch of the first recruitment drive in the Metaverse to
promote Carrefour’s digital strategy and hiring goals;
the websites of
strengthening the visibility of the Group’s professions
through a strong employer brand and by regularly producing
targeted content showcasing the expertise of its employees.
The Group’s host countries make active use of LinkedIn,
Instagram, Facebook, Twitter and, since 2022, TikTok to
promote the Group’s professions and relay news about jobs at
Carrefour. In 2022, for the second year running, Carrefour
ranked in the top three in Universum’s CSR index, which asks
students and young graduates looking for work to rank the
companies they perceive as most committed to CSR issues;
forging numerous partnerships with key schools, such as
business, engineering and IT schools. Carrefour pursued this
strategy in 2022 with major target schools in France. Three
new agreements were signed with prestigious engineering
schools (Polytechnique, ENSAE and Centrale Supélec) to
attract more applicants for E‑Commerce and Data positions
and in anticipation of the opening of a new Data Graduates
programme planned for 2023;
in specialised areas where Carrefour
stepping up work‑‑study and work experience initiatives in all
countries to enhance the Group’s visibility and facilitate
recruitment
lacks
resources, such as food‑related professions and IT and digital
technology. In France, sponsored recruitment campaigns have
been carried out to enhance the Group’s attractiveness to
younger generations, focusing on professions where more
workers are needed or targeting particularly disadvantaged
geographical areas;
the implementation of several specific measures to attract
digital talent, such as an exclusive partnership with Albert
School, a new business and data school in France, where
students put their minds to solving practical problems provided
by Carrefour. To reinforce the Group’s visibility, a film night
was organised with Seekube. Digital talents had the chance to
take part in a job‑dating event with Carrefour data experts after
the film’s screening;
■
the Executive Management, Finance and
renewal of
Hypermarket Graduate Programmes that for 11 years have
served to attract and develop high‑level profiles internally,
based on a rigorous selection process targeting leading
business schools and a two‑year programme that includes at
least one year’s experience in a country where the Group
operates (other than France) for Management and Finance
graduates. The primary objective is succession planning for key
Executive Management and Finance positions at headquarters
or for the Group’s hypermarkets. The programmes were
enhanced in 2021, notably via a revision of the training plan. In
addition, new graduates will be sponsored by an Executive
Committee member and will enjoy their first opportunity to
acquire international experience at the end of the programme.
Lastly, the new Tremplin (Springboard) programme, launched
at the end of 2021, was extended this year. It dovetails with
Carrefour’s goal of promoting diversity among its teams and
offers graduates a new way into the company. An innovative
and inclusive approach, it enables a group of work‑study
students from disadvantaged areas to complete this specific
training. They receive training (with a strong focus on the
Carrefour
sessions and
mentoring from former graduates, with a view to allowing
them to join a Graduates Programme later on.
leadership model),
immersion
1.2. KEY TALENT STRATEGIC PLANNING
Executive Management
talent, which
from
In 2022, Carrefour maintained its strategy for identifying and
tracking key
includes Executive Directors,
Graduates
participants
Programmes, and high‑potential employees with skills that are
essential to the Group. A study was carried out to establish an
inventory of the skills available among key management staff and
those missing. The map of key positions was updated in order to
identify all management positions with a significant impact on
strategy at Group, country and business unit level and to ensure
that each of them exists in the Group’s main host countries. The
Group‑wide HRIS system rolled out in 2022 enables accurate
analyses of the gaps between available skills and those required
as a result of market trends. All of these elements guide the
Group’s internal and external recruitment processes.
2. Retaining talent
2.1. CARREFOUR’S CAREER MANAGEMENT SYSTEM
resources
teams, such as
Carrefour’s career management system is based on the initiatives
implemented by human
the
systematisation of annual performance reviews, the possibility of
internal mobility or promotion, and the training programmes
made available to employees. Twelve management practices
were defined in 2019 to enhance the annual performance review
process and inspire specific development plans. These practices
reflect the Group’s strategic commitments in relation to the four
pillars of its Act for Change programme. In addition to the
traditional performance review process, career development
meetings are also organised in all of the Group’s host countries.
A specific career management system has been set up for key
talent to ensure that the compensation packages, career
prospects and mobility opportunities offered to these employees
are in line with their aspirations. As a result, every Carrefour
employee identified as a key talent receives personalised support,
resulting in a customised career plan that includes both training
needs and mobility opportunities within the Group.
2.2. INTERNAL PROMOTION AND MOBILITY, A CORE ASPECT
OF THE CARREFOUR DEVELOPMENT MODEL
Carrefour is committed to developing internal promotion and
professional development programmes.
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Thanks to the Group’s policy of enhancing versatility, employees
can discover other professions by changing jobs or taking on
new responsibilities. In addition, Carrefour’s work‑based learning
programmes enable young employees to gain expertise in all
areas of the Group’s business. Priority is given to internal
promotion, notably thanks to the Leaders School, an in‑house
training institute that has gradually been deployed in several
countries and serves as a powerful springboard for social
advancement.
Carrefour also provides professional experiences that allow
employees to show initiative, enabling them to achieve personal
fulfilment while also contributing to the Group’s performance.
Some countries have also
launched non‑professional skills
development programmes to support employees in their internal
mobility. In France, skills sponsorship opportunities are offered to
employees to meet their desire for purpose and commitment
while enhancing their skills.
to
the Group’s
2.3. LONG‑TERM INCENTIVE SYSTEM
In 2019, Carrefour revived its long‑term retention programmes
for key contributors
transformation. The
programmes are based on the allocation of free shares subject to
presence and performance conditions, with the CSR and Food
Transition Index accounting for 25% of the performance criteria.
Initially restricted to the top two levels of management, the plans’
scope was expanded in 2021 to include all key contributors to
the Group’s transformation. More than 800 talented employees
benefited from the plan in 2022, a 16% increase from 700 in
2021. In addition, more than 80% of them were not senior
managers.
2.4. LISTENING TO EMPLOYEES
In 2021, Carrefour deployed a permanent listening platform at
Group level, in order to be able to more easily gather feedback
from employees on
its
responsiveness regarding the actions to be implemented. The
platform was used for the second round of the internal “all
managers” survey, providing insight into the priorities to be
addressed by each team.
issues and
increase
internal
3. Developing employees’ skills
3.1. MANAGEMENT TRAINING PLANS
In the digital age, the approach to creating value is changing
radically and management needs to be agile in this respect. With
this in mind, Carrefour has deployed innovative programmes to
help its managers acquire the necessary skills.
Carrefour University has expanded its training offer – aligning it
with the “Carrefour 2022” transformation plan – so that
managers can better understand technological and societal
changes and their impact on the retail industry and on the Group
and more fully grasp Carrefour’s strategy so they can integrate it
effectively
into their scope of action. Carrefour University
provides a stimulating, international environment for sharing
ideas and practices with leaders from all of the Group’s host
countries.
New programmes were
Carrefour’s managers, including:
introduced
in 2022
to develop
■
■
senior executive programmes for high‑‑potential managers,
like the Next Gen programme, which is designed to help future
Executive Directors develop strong leadership skills;
the multi‑‑format management courses, Manage for Change
first‑time and
for Lead, which provide
and Manage
experienced managers with the skills necessary to oversee
their teams’ performance;
■
individual coaching and mentoring programmes, available in
the employee’s own language.
3.2. TRAINING TO SUPPORT THE DIGITAL TRANSFORMATION
The Group’s ambition is to be a world leader in digital retail with
a strategy based on a “data‑centric, digital first” approach. All
countries where Carrefour operates are therefore developing
programmes and tools to help employees better understand
digital environment and culture. In 2019, the Group overhauled
its learning management system to ensure a multi‑format
approach. The content of e‑learning modules was completely
reworked to align employee training with the Group’s strategy,
the digital transformation and the food transition for all.
By 2024, all Group employees will be able to receive dedicated
digital training via the Digital Retail Academy, corresponding to
around 100,000 employees trained per year. This target was
easily met in 2022, with over 150,000 employees trained in digital
technology across all Group entities.
To facilitate interaction and encourage innovation, Carrefour also
gave all employees access to Workplace in 2022. Workplace is
the communication and collaboration tool developed by Meta
(formerly Facebook). It will be rolled out across all the Group’s
host countries in 2023.
3.3. TRAINING RELATING TO THE FOOD TRANSITION
AND FRESH PRODUCTS
Fresh products and the food transition are key topics in the
Group’s training strategy. Specific training modules on fresh
products has therefore been introduced in every country. In
Brazil, dedicated training in handling fresh products is provided
by experienced employees in each store. The Fresh Goods
School – an in‑house institute for training food service industry
professionals – continued its growth in Argentina in 2022, with
two editions to date. Carrefour Spain also has regional training
dedicated to fresh products, plus meat cutting training for
improved for greater
butchers, which was expanded and
efficiency in 2022.
Strong emphasis is also placed on strengthening skills that relate
to the food transition. For example, training courses and
webinars are held on organic food in Poland, while Spain boasts
a Chair of Food and Nutrition, a programme established in
collaboration with teachers from the University of San Pablo
CEU. The next step is to conduct a survey on the nutri‑economy
commissioned by Spain’s Ministry of Equity to determine how
best to offer healthy food to customers living on the smallest
budgets. In Italy, an academy set up with suppliers enables
learners to find out more about products and production
processes, specifically for Carrefour brand products and the
organic range. In France, numerous e‑learning modules are
available, particularly on the Carrefour Quality Chain, hygiene
and quality, and sustainable fishing.
3.4. TRAINING TO FOSTER A CUSTOMER‑ORIENTED
CULTURE
Carrefour’s customer strategy is built on the three cornerstones
of trust, service and convenience. It is supported by the rigorous
monitoring of Key Performance Indicators (KPIs), including the
Net Promoter Score® (NPS®), a tool for gauging customer
satisfaction that was widely deployed across the Group in 2019.
With customer satisfaction in mind, Carrefour has implemented
action plans to enhance the flexibility of its in‑store teams and
reduce the out‑of‑stock rate. It has also introduced procedures
for the detection, monitoring and rapid resolution of customer
complaints. As part of this approach, Carrefour has set up a
platform that allows all Group employees from integrated stores
and head offices to consult their NPS® and the associated
comments. The number of logins to the platform has increased
six‑fold in two years, a demonstration of Carrefour teams’
commitment to customer satisfaction. In addition, the NPS® was
incorporated into the variable compensation criteria for all
Carrefour senior executives in 2019 and for all managers in
France in 2020.
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Non‑financial policies, action plans and performance
training
Listening to and better understanding customers are also the
basis of other
the
5/5/5 approach, adopted in all Group countries since 2020.
Designed to meet customers’ expectations on a practical level, it
sets out 15 commitments to provide employees with a checklist
to ensure customer satisfaction, and that can be consulted at any
time.
programmes,
including
In Argentina, a new “customer school” was opened in 2022 to
train employees in customer service. It has already provided
training to over 13,000 employees.
Joint initiatives and partnerships
■ Partnership with the International Labour Organization
(ILO)
■ ILO Charter since 2015
■ CEASE
■ Orange Day with UN Women France, for the past six
years
■ International
agreement between Carrefour
and
UNI Global Union signed in October 2018
■ Diversity Charter
■ OneInThreeWomen Charter
Find out more
✚
■ ILO Charter
■ OneInThreeWomen Charter
■ Carrefour.com: Attracting, retaining and developing talent/CSR
(see the Employees section)
2.1.6.4 Encouraging diversity and inclusion and battling all forms of harassment
and discrimination
Context and definition
Carrefour employs 334,640 people worldwide, of whom
184,817 or 55.2% are women and 3.7% are disabled.
Since its creation, Carrefour has been committed to reflecting
and integrating the social diversity of the areas where it
operates. The Group firmly believes that representing all its
customers, in all their cultural diversity, represents a key
improving customer service and
competitive advantage
consequently performance. Social and cultural diversity also
help to retain employees, which is why diversity naturally
forms part of the Group’s human resources strategy. In
keeping with the ambitions of the Carrefour 2026 strategic
plan, a new Commitment department was created in 2022. It
is positioned at the level of the Group’s Executive Committee,
Carrefour’s policy
is one of the three objectives of
“Promoting diversity”
“Growing and moving forward together”, the first pillar of
Carrefour’s Act for Change programme. Carrefour was very
quick to commit to promoting diversity: it signed the Diversity
Charter in 2004, in which it pledges to give everyone, in all
terms of career
countries,
development and recruitment. It also makes sure that the
composition of its Board of Directors reflects the Group’s
diversity.
the same opportunities
in
Carrefour has been actively promoting gender equality in the
workplace, both internally and within its ecosystem, for many
years. Equal career opportunities for every employee, equal
pay and equal access to management positions for women
are all key Group commitments.
thereby demonstrating our determination to go even further
on these challenges, with a division dedicated to Diversity and
Inclusion. To make this ambition a practical reality, Carrefour
has developed a Diversity, Equity and Inclusion policy for the
entire Group. New guidelines will be implemented through an
organisation based on effective governance, performance
measurement and a listening strategy. Advisors have been
specially appointed
in each of our host countries to
implement the policy there. This “Diversity Column” will meet
every quarter through working groups to perform quantitative
reporting, exchange best practices and monitor the Group’s
performance.
Committed to disability inclusion for over 20 years, Carrefour
makes every effort to keep employees with disabilities in its
workforce. It also has an ambitious disability training and
awareness policy and is working to change the way people
view disabilities.
forms of harassment and
Inclusion and battling all
discrimination are also key commitments. In all its host
countries, Carrefour aims to promote equal opportunity for all
and foster a culture of respect, acceptance and inclusion that
is not only valued but also expressed through real‑world
initiatives.
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Non‑financial policies, action plans and performance
Carrefour’s performance
1. Gender equality
The Group’s gender equality objectives are aimed at helping
both its employees and the various players in its ecosystem.
They are based on the following priorities:
■
encourage an increase in the number of women on its
governing bodies, notably by:
■ strengthening internal development programmes, and
■ adding a resolute new commitment to gender equality to
the CSR and Food Transition Index;
■
■
■
adopt a fair compensation policy and ensure its proper
implementation;
strive for a better work‑life balance to ensure equal
opportunities for men and women;
promote gender equality within its organisation. To that
end, the Group has adopted and maintains the GEEIS
(Gender Equality European & International Standard) label
for professional equality in all its host countries;
■
leverage Carrefour’s resources for women exposed to
difficult situations, and above all to combat domestic
violence.
IInnddiiccaattoorrss
% of women appointed to key positions
% of women on the Board of Directors
% of women on the Group Executive Committee
(1)
% of women among Executive Directors
(2)
% of women among Senior Directors
% of women among Directors
% of women among managers
% of women among employees
GROUP TOTAL – % OF WOMEN IN THE WORKFORCE
% of management positions held by women
(1) At December 31, 2022.
2022
28.2%
46%
28.6%
25.7%
20.2%
25.3%
43.7%
56.4%
55.2%
42.3%
22002211
28.5%
46%
21%
24.7%
19.4%
25.2%
43.7%
57.1%
55.6%
42.5%
Change
-0.3 pts
-
+7.6 pts
+1 pt
+0.8 pts
+0.1 pts
-
-0.7 pts
-0.4 PTS
-0.2 pts
(2) New job category created from among Senior Directors. Indicator incorporated into the CSR and Food Transition Index.
While the workforce is moving towards a 50:50 split at Group
level, with a slight decline in the proportion of women at
Carrefour overall in 2022, the rate of women in management
was virtually unchanged compared with 2021. There has also
been a big increase in the proportion of women on the Group
Executive Committee, as well as among Directors, Senior
Directors and executives, despite the exit of Carrefour Taiwan,
which had one of the best rates of women in the Group’s
management bodies.
2. Employees and customers with disabilities
As part of its policy in favour of equality and diversity,
Carrefour has also set itself the goal of promoting the
employment of people with disabilities and promoting their
uniqueness within its teams. To improve the inclusion of
people with disabilities in our society, Carrefour has made
disability the “great cause” of the 2023‑2026 strategic plan and
is committed to two major objectives. The first concerns
employees. Carrefour has announced an objective of
welcoming 15,000 people with disabilities on to their payroll
by 2026. The second concerns our customers. Carrefour is
committed to eliminating the five
irritants that plague
customers with disabilities in stores and on digital formats by
opening priority checkouts, improving in‑store signage, easing
the customer path, promoting digital accessibility and offering
products adapted to the specific needs of disabled customers.
The Group has 11,281 employees with disabilities, making up
3.7% of its workforce at end‑2022. To help each country make
its contribution
the ambitious goal of having
15,000 disabled employees by 2026, country‑specific targets
and action plans have been laid down.
to
Both the proportion and the total number of employees with
disabilities increased during the year, due in particular to the
consolidation of Grupo BIG. In addition, the implementation
of a wide variety of measures to hire the disabled spurred an
increase in their proportion of the workforce in nearly every
host country.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
% of employees recognised as having a disability
Number of employees with a disability
2022
3.7%
11,281
22002211
3.4%
10,902
Change
+0.3 pts
+3.5%
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Non‑financial policies, action plans and performance
3. Inclusion and equal opportunity
people,
In late 2020, a commitment was made in France to hire
disadvantaged
half
15,000 young
neighbourhoods, and to take on 3,000 third‑year trainees from
in priority education zones. Ultimately, nearly
schools
18,000 young people accordingly
joined the Group on
work‑study and permanent contracts, 53% of whom came
from
from disadvantaged urban areas, while more
than
3,200 middle school students were able to come and discover
working with us. The recruitment drive targeting young people
from all backgrounds continued in 2022: by the end of
November, more than 15,000 young people aged under 30,
55% of whom came from disadvantaged urban areas, had
been hired.
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
% of employees under 30
% of employees between 30 and 50 (as a %)
% of employees over 50 (as a %)
2022
34.5%
47%
18.5%
22002211
Change
34%
48%
18%
+0.5 pts
-1 pts
+0.5 pts
4. Battling all forms of harassment
and discrimination
In 2022, 5,909 alerts were received through the ethics hotline,
which is available in all Group countries. Alerts concerning
discrimination and harassment accounted for 8% of total alerts
received. These alerts help the Group fine‑tune its action plan
and
forms of harassment and
discrimination.
initiatives to battle all
Action plans
1. Promoting diversity and gender equality
1.1. HELPING WOMEN TAKE UP LEADERSHIP POSITIONS
The Group employs 184,817 women, representing 55.2% of the
total workforce. Carrefour is actively supporting and training both
women employees and women managers through dedicated
leadership programmes. The goal is to increase the percentage
of women among Executive Directors from 22% in 2020 to 35%
by 2025. The Group develops individual coaching and mentoring
programmes designed for women so as to increase the number
of high‑potential female employees, including:
■
■
■
including
individual coaching,
internal programmes,
the Group has
the
Empowering Women Leaders programme, which yielded
stellar results when first held in a pilot edition in 2022 and will
be held again with eight women Directors in 2023. Based on
the
small group workshops and
programme enables participants to work on their approach to
leadership based on their own perceptions and obstacles, as
well as within the organisation. Many initiatives have also been
implemented at country level to improve gender diversity in
management and in certain job families. In Spain, Carrefour has
partnered with an
for
high‑potential female employees. Every year, the participants
compete in an inter‑company regatta, to help them get to
know each other better and encourage them to seek out new
challenges. An inter‑company mentoring programme has been
set up, with workshops set up for over 100 female managers to
discuss the obstacles and limits to their development within
the company. They also had the chance to take part in 360º
Feedback sessions and complete self‑coaching reports;
innovative coaching programme
the EVE programme initiated by Danone;
the
international Women Leaders programme, which
embodies several Group commitments inspired by the signing
in 2013 of the UN Women’s Empowerment Principles (WEP) by
the Chairman and Chief Executive Officer and the Executive
Directors for Spain, Argentina, Brazil and Belgium;
■
in all Group training programmes designed to facilitate internal
promotion, particular attention is paid to ensuring gender
diversity among graduating classes. The Leaders School plays a
in promoting gender equality at Carrefour, as
key role
illustrated by the diversity of its graduating classes, as does the
Next Gen 1 programme, in which 60% of participants are
women.
The Group also offers its employees numerous opportunities for
networking and sharing best practices, notably via its partnership
with the LEAD Network, a professional network dedicated to
gender equality in the retail and consumer goods industry in
Europe. The system has given rise to countless initiatives in the
various countries, such as the hosting of an event by the France
chapter at Carrefour’s head office to promote gender equality in
the workplace and the launch of a LEAD chapter aimed at
overcoming prejudices in Romania. In addition, a selection of
employees, including graduates and alumni, also had the chance
to take part in inclusive leadership training programmes and
inter‑company mentoring, and to attend the annual LEAD
Network event.
Carrefour’s commitment is also reflected in the Group’s CSR and
Food Transition Index, which tracks progress over time in two key
areas:
■
Gender Equality European & International Standard (GEEIS)
certification: to have external assurance about the effective
implementation of its gender equality policies while also
enhancing the visibility of its initiatives, Carrefour wanted to
adopt a standard that would be recognised worldwide. The
decision to use GEEIS was motivated by the Group’s desire to
have a single, external, auditable reference system, adapted to
our global presence and to the diversity of our social
legislation. GEEIS assessments – both qualitative and
quantitative – allow for clear reporting to management on the
progress made. In 2020, in keeping with the commitment
announced publicly in 2017, Carrefour achieved its objective of
obtaining GEEIS certification
its host countries.
Campaigns to audit our entities against the GEEIS continued
during 2022, with maturity levels maintained in all countries
and an extension of the certification scope in Carrefour Italy to
GEEIS Diversity;
in all
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■
increasing the number of women on governing bodies: in
2021, Carrefour’s Board of Directors made a new commitment,
which was incorporated into the CSR and Food Transition
Index – to have “35% women Executive Directors (C200) by
2025”. This has led to targets, by year and by country, which
are monitored at Group level. At end‑2022, this indicator was
25.7%at Group level, an increase of 3.3 points on 2020.
This policy enabled Carrefour to maintain the proportion of
women in management in 2022 despite a slight increase in the
proportion of men in the workforce as a whole (42% in 2022).
The percentage of women held steady among managers (44%,
the same as in 2021), Directors (25%, unchanged from 2021) and
Senior Directors (20%, compared with 19% in 2021).
At the end of 2022, the Executive Committee had 14 members,
including four women, i.e., 28.6% in 2022, compared with 7% in
2017. 46% of Board members are women.
1.2. COLLECTIVE AGREEMENTS ON PROFESSIONAL AND PAY
EQUALITY
In 2020, Carrefour’s management signed a new gender equality
agreement with trade unions that aims to facilitate career
advancement for women and allow men to play a larger role in
family life, with no judgement or worry about their careers. The
agreement covers recruitment, training, promotion, generous
compensation, working conditions and work‑life balance.
Together with the trade unions, the Group has defined objectives
and committed to implementing practical initiatives in each of
these areas.
Equal pay policies are also being implemented across the Group.
In France, for example, the new gender equality agreement
signed by Carrefour hypermarkets on March 9, 2020 includes a
system for monitoring pay equality at both the individual and
collective level.
1.3. PROTECTING WORK‑LIFE BALANCE AND SUPPORTING
PARENTS
Carrefour is strongly committed to promoting work‑life balance,
one of the four focus areas of the Women Leaders programme.
Measures benefiting both women and men have been
implemented. Indeed, employees can benefit from childcare
facilities. In France, for example, employees can use the crèche
at head office or receive financial assistance in the form of CESU
employer vouchers to which Carrefour contributes 50%.
At the same time, there are numerous initiatives in all the Group’s
host countries to help employees at every stage of parenthood.
In France and Romania, additional leave is granted to employees
involved in an assisted reproduction programme. In Brazil,
Carrefour joined the Corporate Citizenship programme a few
years ago, thereby extending maternity leave (to six months) and
paternity leave (to 20 days) and taking them both above the legal
minimum. The company also has a special health programme in
place for pregnant women and provides breastfeeding rooms in
some hypermarkets. Specific measures have also been
introduced at Carrefour Argentina, which grants maternity and
paternity leave that is more advantageous than that required by
local law, and where women leaders benefit from a specific
support programme on their return to work, including flexible
hours.
2. Employees and customers with disabilities
2.1. RECRUITING, INTEGRATING AND RETAINING PEOPLE
WITH DISABILITIES
Carrefour has made its approach to hiring and integrating people
with disabilities,
employment,
in
keeping
a fundamental part of its human resources policy.
them
and
The first agreement on the employment of people with
disabilities was signed in 1999 for the French hypermarkets. It has
since been renewed eight times. Its most recent renewal was in
2020, with the aim of securing career paths and keeping people
with occupational health problems
in employment. The
agreement also promotes the recruitment of people with
disabilities on work‑study contracts. Twenty years after this first
measure, Carrefour remains very committed on this issue.
Carrefour supports its employees with disabilities throughout
their careers. Disability Advisors are appointed within each format
to provide this support.
At Carrefour France, to facilitate the employability of people with
disabilities, an Inclusion Manifesto endorsed by the Ministry of
Solidarity and Health was signed in 2019. It contains ten concrete
commitments. In terms of recruitment, all positions are open to
all, with the promise that selection is systematically based solely
on skills, motivation and suitability for the position. Carrefour also
renewed its participation in Hello Handicap, a dedicated job fair,
in 2022. The role of the Disability Advisors and the Human
Resources departments is to support the onboarding process,
notably by identifying the employee’s needs so as to adapt their
work environment accordingly, as well as the administrative
recognition of their disability by helping employees draw up their
recognition files (RQTH). Employees also benefit from specific
measures provided for in collective bargaining agreements, such
as authorised days of absence or financial assistance.
Additionally, the Group works to maintain employment when a
person becomes disabled during their working life. Jobs can be
adapted in organisational, material or human terms to help
preserve the skills and improve the working conditions of the
employees concerned. Measures are also taken to train and raise
the awareness of all stakeholders in the company on this subject.
For example, recruiters are
in non‑discrimination,
disability advisors have access to a dedicated programme and
managers receive training to combat preconceptions. In 2022,
Carrefour made a commitment to the French Handisport
Federation. Our partnership aims to promote the employment of
people with disabilities and to raise the awareness of our
employees on the subject. Special arrangements for deaf and
hearing‑impaired employees are also in place.
trained
2.2. CHANGING THE WAY PEOPLE VIEW DISABILITIES
In its efforts to change the way people view disability, Carrefour
supports and takes part in several events to raise awareness
about disability and embrace difference within its teams.
Carrefour is a partner of the Paris 2024 Olympic and Paralympic
Games and wishes to use the Paralympic Games to promote
inclusion. These games are an opportunity to make our services
more accessible to customers with disabilities, to showcase the
performance of our employees with disabilities and to raise
awareness of disability among our employees and customers.
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In October 2022, Carrefour held its first #PARAmourdusport
week in France. It was a week devoted to raising awareness
among our employees and customers about disability through
sports. A total of 245 employees participated in events during the
week, eight stores and three head offices took awareness‑raising
initiatives, and internal and external communication on disability
reached 32 million people over the week.
In November 2022, Carrefour continued its awareness‑raising
initiatives by once again taking an active part in European
Disability Employment Week, which has been organised for the
past 24 years by ADAPT, a French organisation that promotes the
social and professional integration of people with disabilities.
Carrefour France and Carrefour Belgium
their
commitment to Duo Day, a European operation in which France
has been taking part since 2018. The idea is to pair up employees
in the public or private sector and people with disabilities. The
“duos” spend a work day together, either in person or online.
renewed
In Spain, the INCLUYE programme aims to promote the inclusion
and visibility of employees with disabilities through meetings,
tutors and initiatives organised by the human resources teams
and the employees themselves. Another programme gives
Carrefour employees the chance to volunteer their services to
provide training to people with intellectual disabilities. In Brazil,
September 21 is National Day of Support for People with
Disabilities. In 2022, various disability inclusion initiatives were
organised throughout the week,
for both managers and
employees. Conversation circles were also organised to discuss
issues relating to inclusion and the careers of people with
disabilities.
Another Group initiative taken in 2021 was the roll‑out and
widespread take‑up of a “quiet hour for all” adapted to people
with autism spectrum disorders. In France, for instance, the lights
in more than 1,240 stores are dimmed, and music and
announcements are muted for four hours every day. Similar
initiatives also exist in Group countries including Poland, Spain
and Argentina. In addition, to mark the International Day of
Awareness of French Sign Language (LSF), Alexandre Bompard
launched an initiative together with the Ministry of Solidarity and
Health to teach store employees ten signs to give a proper
welcome to deaf or hearing‑impaired people. In partnership with
the Red Cross, Carrefour Argentina aired a sign language training
video for checkout staff in its stores.
In Spain, Carrefour has also been working for several years to
improve accessibility for deaf or hearing‑impaired people in some
of its hypermarkets through “SVIsual”, a video‑interpretation
service for people using sign language.
3. Inclusion and equal opportunity
Establishing an inclusive corporate culture that promotes equal
opportunity within its organisation is a key priority for Carrefour.
Inclusion and equal opportunity have therefore been integrated
into the strategy for listening to employees. In the most recent
survey, carried out in 2021, all of the Group’s managers (over
16,000 respondents) were asked about their feeling of belonging
to the Group and their opinion on the level of acceptance,
authenticity and equal opportunity at Carrefour. The results
showed that a culture of inclusion and equal opportunity is seen
as one of the Group’s key strengths.
3.1. INCLUSION FOR ALL
Measures for young people
With a commitment to an active approach to recruiting and
training young people going back years, the Group undertook at
the end of 2020 to hire 15,000 young people in 2021, 50% of
whom from disadvantaged urban areas, and to take on
3,000 third‑year trainees from schools in priority education
zones. Ultimately, nearly 18,000 young people joined us on
work‑study programmes and permanent contracts, 53% of whom
from disadvantaged areas, and more than 3,200 secondary
school students were able to come and learn about a job with us.
This dynamic recruitment of young people from all backgrounds
continued in 2022: by the end of November 2022, more than
15,000 young people aged under 30, 55% of whom from
disadvantaged neighbourhoods, had been hired.
invested
to offer
resources have been
Significant
them
high‑quality courses earning them certificates or diplomas. As a
the Employer Brand and
result, Carrefour was awarded
Recruitment Trophy at the eighth edition of France’s Human
Capital Leaders Awards in 2021. These various initiatives are a
testimony to the Group’s commitment to promoting equal
opportunity at a time when younger generations are reeling from
the effects of a crisis that makes it more difficult for them to find
sustainable job opportunities.
In addition,
the new Tremplin (Springboard) programme
launched at the end of 2021 was extended this year. It reflects
Carrefour’s aim of promoting diversity in its teams, and opens up
a new way to join Graduate Programmes. An innovative, inclusive
approach, it enables a group of work‑study students from
disadvantaged neighbourhoods to follow a dedicated curriculum.
They benefit from training (with a strong focus on the Carrefour
leadership model), immersion sessions and mentoring from
joining a Graduates
former graduates, with
Programme later on.
the aim of
Measures promoting diversity at Carrefour
As part of its 2026 strategic plan, Carrefour has reaffirmed the
importance of equal opportunity, diversity and upward mobility.
These objectives form the core of our recruitment, skills
development and internal promotion policies. To promote access
to job opportunities for all types of talent, Carrefour has formed
numerous national and regional partnerships with non‑profits
and institutions involved in employment and integration.
In 2022, Carrefour strengthened its commitment to diversity and
inclusion by becoming one of the signatories of the charter of
L’Autre Cercle, a non‑profit that seeks to promote the inclusion
of LGBTQ+ people in the workplace. In order to address the
difficulties that transgender people can face in their professional
integration, 2022 saw Carrefour Brazil organise a webinar to
mark Trans Day of Visibility in January, take part in a fair
dedicated to the employment of transgender people and confirm
the “Transforma” skills development programme specifically
targeting this demographic. Action is also being taken to
promote the employment of older people. One example is the
Group’s partnership with “Hire 45+”, a non‑profit organisation in
Romania that aims to encourage the recruitment of people over
45. In Spain, Carrefour partnered with the Red Cross and signed
an agreement on employment and social integration.
Carrefour regularly organises events aimed at facilitating the
recruitment, integration and inclusion of diverse profiles. Every
year, a whole day is dedicated to diversity at Carrefour in order to
promote
the acceptance of others among employees.
International Diversity Day 2022 was marked by the production
of an educational video created and distributed internally to
highlight work aimed at promoting diversity and inclusion at
Carrefour in all of our host countries. It included a spotlight on
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stereotypes and was designed to raise awareness among
employees in all our host countries and encourage them to think
about what they can do to contribute to a more inclusive
working environment.
Lastly, an extensive communication campaign entitled Chacun sa
chance #jeveuxjepeux (Give everyone a chance #yesIcan) was
rolled out in 2022 to highlight the full range of HR measures
supporting equal opportunity at Carrefour France. It is embodied
by committed and active employees who talk about their career
paths and the HR measures that have helped them along the
way. The campaign’s posters and videos were organised around
five main themes: gender equality in the workplace, disability,
profiles from priority urban areas, the LGBTQ+ community and
educational level.
3.2. PROMOTING EQUAL OPPORTUNITY THROUGH
THE LEADERS SCHOOL
An in‑house training school, the Leaders School is designed to
facilitate internal promotion, which plays a key role in supporting
diversity and equality at Carrefour. This is illustrated both by the
gender diversity of the graduating classes and by the inclusion of
specific modules dedicated to diversity and equal opportunity. To
accelerate
its
strategic plan that the number of graduates from the Leaders
School programme would be doubled, so that a total of
5,000 employees will graduate by 2026.
internal promotion, Carrefour announced
in
4. Battling all forms of harassment and discrimination
4.1. INITIATIVES TO COMBAT DISCRIMINATION
Carrefour stores and entities promote diversity within their teams
and the Carrefour Code of Professional Conduct is sent to all
suppliers, who must pledge to adhere to the Group’s ten
Principles of Ethics. Since October 2016, these principles relate
to respecting diversity, contributing to a safe and healthy working
environment, promoting social dialogue, banning all forms of
harassment and ensuring the safety of people and property.
4.2. INITIATIVES TO COMBAT VIOLENCE AND HARASSMENT
The Group’s various host countries are firmly committed to
combating sexual harassment and casual sexism. On March 8,
International Women’s Day, various awareness‑raising initiatives
were organised for employees. Brazil communicated internally,
asking people to reflect on sexist behaviour and how to change
initiative to support
mentalities.
employability organised by the Women’s Secretariat of the São
Paulo Trade Union. In France, the Group has had sexual
harassment and sexism liaison officers since 2019 (around
300 drawn
the Works Council and 300 Carrefour
employees). These liaison officers have received training that
enables them to apply regulations to real‑life situations of sexism
It also took part
in the
from
or harassment, detect risky situations and identify means of
prevention. E‑learning modules on sexism and harassment have
also been made available to both managers and employees.
Carrefour is also actively engaged in the fight against all forms of
discrimination and racial violence. Carrefour Brazil has taken firm
action and performed a comprehensive review of training
policies for employees and subcontractors in terms of safety,
respect for diversity and values of tolerance. The Carrefour Brazil
group has a plan against racism. It features eight public
commitments, which break down into more than 70 actions
including ones focused on the internship and apprenticeship
programme, plus awareness‑raising on the fight against racism
for all employees. In 2022, a documentary was also made to
highlight the main thrusts of this plan and show some of its
practical
initiatives was
recognised in 2021 by the GEEIS Diversity certification awarded
to Carrefour Brazil.
importance of these
impacts. The
Joint initiatives and partnerships
■ Partnership with the International Labour Organization
(ILO)
■ ILO Charter since 2015
■ CEASE project (FACE)
■ Orange Day with UN Women France, for the past seven
years
■ International agreement between Carrefour and UNI
Global Union renewed in 2021
■ AFMD (French Association of Diversity Managers)
■ ARBORUS (GEEIS)
■ Quality of Life at Work Observatory (formerly OPE)
■ French Handisport Federation (FFH)
■ L’Autre Cercle
Find out more
✚
■
Carrefour.com: Encouraging diversity and
inclusion and
battling all forms of harassment and discrimination/CSR (see
the Employees section)
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2.1.6.5 Protecting employee health, safety and quality of life
Context and definition
As part of the third commitment of its Act for Change
programme, “Acting with simplicity”, Carrefour allows its
secure and positive
334,640 employees
professional environment. The Group pays particular attention
to protecting employees’ health and their quality of life at
work.
It has notably taken resolute action to prevent
musculoskeletal disorders (MSD), which are the cause of 45%
to enjoy a
of workplace accidents and occupational illnesses, as well as
to prevent stress and psychosocial risks and more generally to
protect employees’ mental health. Carrefour strives to
improve quality of life at work by implementing initiatives that
encourage employees to exercise, roll out remote working
arrangements and enhance work‑life balance.
Carrefour’s policy
The “Acting with simplicity” pillar of the Act for Change
programme is built around three objectives: using resources
appropriately and efficiently; acting quickly and simply; and
empowering yourself and others. In practical terms, Carrefour
is committed to protecting employee health, reducing the risk
of workplace accidents in all its locations and implementing
innovative initiatives to improve quality of life at work.
Since end‑2020, all of the Group’s host countries have an
in
action plan on health, safety and quality of life in the
workplace. Integrated local teams are responsible for setting
targets, particularly
to workplace accident
relation
frequency and severity. These teams are required to structure
an action plan covering topics such as the prevention of
accidents in the workplace and at home; occupational
illnesses; work‑related stress; improving work‑life balance; and
training on conflict management in the workplace.
Performance
1. Protecting employee health and preventing workplace accidents
KKeeyy PPeerrffoorrmmaannccee IInnddiiccaattoorrss
2022
22002211
Change
Workplace accident frequency rate (number of accidents/millions of hours
worked)
Workplace accident severity rate (number of days absent due to workplace
accident/1,000 work hours)
(1) Scope: excluding AT and BR.
(2) Scope: 100% of 2022 consolidated net sales.
IInnddiiccaattoorrss
((11))
Rate of absence due to workplace and travel‑related accidents
Absenteeism rate: illness
Absenteeism rate: workplace accident
Absenteeism rate: travel‑related accident
25.7
1.01
2022
0.43%
6.34%
0.38%
0.05%
25.3
+0.36 pts
0.90
+0.11 pts
22002211
0.66%
5.17%
0.61%
0.05%
Change
-0.23
+1.17
-0.23
-
(1) Hours absent (depending on the reason) as percentage of hours worked. Scope: excluding Carrefour Brazil and AT.
2. Listening to employees to ensure quality of life in the workplace
See Section 2.1.6.3.
Action plans
1. Protecting employee health and safety
1.1. ASSESSING RISKS TO FACILITATE PREVENTION
To reduce the number and severity of workplace accidents,
Carrefour puts risk assessment and prevention at the heart of its
health and safety management system. The Group’s prevention
teams have
safety hazards of around
60 workstations, as well as appropriate preventive measures, so
that each site can devise, implement and update their own action
plans. Carrefour’s health and safety risks primarily concern
employees who work in its stores and warehouses. The main
identified
the
causes of accidents in stores relate to the use of machines, such
as ham slicers, bone saws and kneading machines. For the
logistics side of operations, the main risks are associated with
access to loading docks.
Workplace accident prevention begins on day one of the
employee orientation process. In all Group’s host countries, new
hires receive training as soon as they arrive so that they know
what professional
their work
environment, how to protect themselves against these risks and
who to notify in the event of a malfunction or a hazardous
situation.
risks are associated with
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Workplace health and safety remains a top training priority
throughout the careers of Carrefour employees, who participate
regularly in sessions on first aid, the prevention of risks related to
manual handling and the prevention of work‑related accidents.
1.2. ELIMINATING MUSCULOSKELETAL DISORDERS
illnesses. Carrefour
Musculoskeletal disorders are a major cause of workplace
accidents and occupational
invests
continuously to ensure that its employees have access to suitable
handling assistance equipment, such as electric pallet trucks,
shelving tables and pallet destackers. The Group’s various host
countries seek to innovate and offer technical solutions adapted
to employees’ work environments and suited to the specificities
of their businesses (reduced shelving depth to limit postural
constraints, warm‑ups before starting work,
installation of
mechanical gripping devices for lifting certain items, etc.).
In France, Carrefour has a unit dedicated to preventing
occupational risks. At the end of 2021, a dedicated Risk
Prevention and Health department was created. In recent years,
the network has pooled its efforts to address a key issue,
musculoskeletal disorders, or MSDs.
To reduce the risk of MSDs, Carrefour has invested in handling
assistance equipment. The company is involved in an in‑depth
study of workstation ergonomics. Analysis of workstation studies
allows for developing new store furniture designs, thereby
addressing issues at their source, so as to sustainably reduce
employee exposure to musculoskeletal disorders.
In Poland, an extensive two‑year work programme on personal
protective equipment got under way in 2021. The process began
with thorough testing of a wide range of safety shoe models and
suppliers among in‑store employees, taking quality and comfort
into account. A new supplier was selected based on the findings
of the test phase, with the possibility of ordering the new
equipment from 2022.
At Carrefour Argentina, a specialist in ergonomics and workplace
health and safety was brought on board in 2021 to update the
ergonomics programme already in place.
1.3. PREVENTING STRESS AND MANAGING PSYCHOSOCIAL
RISKS
The Carrefour group’s preventive approach aims to assess the
main psychosocial risk factors and develop appropriate action
to prevent stress and
plans. Many
psychosocial risks are adopted locally, at the initiative of a single
country or entity. Examples include stress management training
and free hotlines and psychological support.
initiatives designed
In France, psychosocial risk prevention training has been offered
to managers for a number of formats. The aim is to make
managers aware of the risks and signs of stress, helping them
monitor and support their teams. The Wittyfit tool has been
tested in all formats in order to help identify risk factors and
enable employees to suggest initiatives to be included in the
Group’s action plans.
1.4. ENSURING AN APPROPRIATE WORK ENVIRONMENT
AND WORKING HOURS
Carrefour is committed to ensuring that the Group’s entities and
its franchisees fully comply with local and regional legislation and
regulations, as well as with sectoral collective bargaining
agreements on working hours, overtime, rest periods and leave.
Since end‑2020, all of the Group’s host countries have an action
plan on health, safety and quality of life in the workplace that
includes
initiatives related to working hours. To support
employees required to work remotely during the health crisis, the
countries have conducted awareness‑raising programmes on the
best practices to follow to preserve work‑life balance, including
such materials as webinars, guides and managerial support.
1.5. ENSURING ADEQUATE SOCIAL PROTECTION
FOR EMPLOYEES
Carrefour France harmonised all its death & disability and
healthcare insurance schemes via an agreement signed with
trade unions in 2014. A responsible employer, Carrefour France
has decided to offer all employees the same high level of social
protection regardless of contract type (permanent, fixed‑term,
apprenticeship or professional training) and after just three
months of service for non‑management employees. Aligned with
the Group’s HR policies, this commitment enables Carrefour
France employees and their families to benefit from quality social
protection by pooling the needs of a large population. In 2021,
new medical cover arrangements were introduced in other
Group countries, such as Poland and Romania.
1.6. PROTECTING THE HEALTH AND SAFETY
OF FRANCHISEES AND TEMPORARY WORKERS
The French franchisee network benefits from a number of
initiatives
implemented by Carrefour to reduce workplace
accidents, such as workplace health and safety assessments and
a dedicated crisis unit. Franchisees in France receive all the
Group’s procedures and communications relating to the health
crisis, for example. They also have access to the internal
Carrefour hotline, and their orders for protective equipment
(hand sanitiser, gloves, masks) were pooled with those of other
Carrefour stores at the beginning of the pandemic, when there
was a shortage of supplies. In addition, in order to minimise the
risk of accidents among temporary workers, Carrefour France
has invested heavily to improve their safety training.
2. Innovating to enhance quality of life
in the workplace
2.1. OFFERING FLEXIBLE WORK ARRANGEMENTS
to accelerate
there were opportunities
Before the health crisis began, plans were already in place to
support the cultural transformation required by the organisation
of work. The vast majority of the Group’s countries already
offered employees in compatible jobs the opportunity to work
from home or remotely some of the time. After the first
lockdown,
this
transformation and bring new dimensions to the working model
in place within the Group – “smart ways of working” – by
capitalising on the lessons learned during this period. In France,
the agreement on remote working arrangements was renewed
and extended in 2021, and comprehensive support was provided
to managers to facilitate its implementation. A dedicated website
gives employees access to a wide range of resources to help
them adapt to the new organisation of work, including working
patterns, information and reference documents. Training and
webinars were also organised for this purpose. The Group also
encourages the use of technology to increase flexibility and limit
travel. Since 2018, employees have had access to the new
G Suite solutions, which ensure flexibility by facilitating sharing,
collaboration and remote working through tools such as Google
Drive, video conferencing and shared calendars.
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2.2. TAKING STEPS TO PROTECT EMPLOYEES’ WORK‑LIFE
BALANCE
To ensure that all employees thrive in their work, Carrefour is
committed to promoting work‑life balance. Carrefour France is a
signatory to the Parenting Charter, which upholds a healthy
work‑life balance for employees with children and encourages
the Group to take concrete action in this regard. It is also a
the Quality of Life at Work Observatory’s
signatory of
in
15 commitments on work‑life balance, which stipulate
particular that employers must avoid contacting their employees
at the weekend, in the evenings and during leave periods, except
under exceptional circumstances, and take action to limit the
emails sent outside office hours and on weekends. In the same
vein, the agreement signed in 2017 and renewed in 2021
reaffirms employees’ right to disconnect outside working hours
and the need to be vigilant about the risk of overload. The new
agreement on remote working signed
in 2021
specifically extends this “right to disconnect” to include remote
working arrangements. Lastly, in 2021, the Quality of Life at Work
Observatory
the new Parenting Charter, which
reinforces the inclusive approach of the original 2008 version.
in France
launched
2.3. DEVELOPING EXERCISE PROGRAMMES TO IMPROVE
EMPLOYEE HEALTH
Carrefour’s Act for Food transformation project features a new
tag line: “We are all entitled to the best”. Going forward with that
philosophy, programmes to promote employee health focusing
on healthy lifestyle and eating habits – particularly by promoting
exercise – have been rolled out in the Group’s host countries.
Argentina, Belgium, Brazil, Italy, Poland and Romania have all
established
in partnership with
professionals. Programmes to discourage smoking, excess
weight and sun exposure are also available to employees.
exercise programmes,
In 2022, the Carrefour group became a premium partner of the
Paris 2024 Olympic and Paralympic Games. Central to this
partnership are Carrefour’s raison d’être, the food transition for
all, the Group’s unique ability to involve all French people in this
formidable celebration of sport through its 5,000 stores and
e‑commerce sites, as well as the Group’s deep commitment to
franchisees
through measures
the values of Paris 2024 and the quest to deliver energy‑efficient,
sustainable and inclusive Olympic and Paralympic Games. Under
the slogan Nourrir tous les espoirs (Feeding all hopes), the
involving all our
partnership features a corporate project
employees and
including
awareness‑raising programmes on disability, nutrition, and health
at work through sport. Above all, Carrefour was able to offer
more than 500 employees the opportunity to be selected as
“volunteers” for the Paris 2024 Games. Events and challenges
have been organised with top sportspeople within the company
to promote sport and healthy practices. An employee
community has been created on Workplace to bring together the
employees most excited about
this global event. Since
January 2023, a solution has offered every employee in France
access to 4,000 sports facilities around the country.
Joint initiatives and partnerships
■ Global framework agreement with UNI Global Union
■ World Alliance – UNI Global Union
■ Group Global Deal with the French Ministry of Labour
■ Agreement establishing the European Works Council with
the FIET
■ European social dialogue meetings, Eurocommerce
Find out more
✚
■ Carrefour.com: Protecting employee health, safety and quality
of life in the workplace/CSR (see the Employees section)
■ The Group’s Principles of Ethics
■ Ethics hotline
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2.1.6.6 Case studies in 2022
Facilitating access to our stores for highly
sensitive people
In France, around one in seven adults, or 4.3 million people, live
with a functional disorder and/or a perceived disability. Carrefour
celebrated the second year of its “quiet hour” in 2022, developed
in collaboration with Autisme France and launched to coincide
with International Autism Awareness Day in April 2021. More than
270,000 quiet hours were organised in the Group’s various host
countries. Quiet hours are designed to limit the noise and visual
disturbances that can disrupt the experience
for autistic
shoppers: the store’s lighting is dimmed, and music and radio
announcements are muted. Cleaning equipment is not used
during quiet hours. Initially held weekly, quiet hours were
gradually expanded to become a daily event, and then twice‑daily
in March 2022.
Raising employees’ awareness about inclusion
for people with disabilities
As a supportive and responsible employer, Carrefour has
reaffirmed its commitment to inclusion by signing an agreement
with the French Handisport Federation to support inclusion
through sport and increase recruitment and employment for
people with disabilities. As a premium partner of the Paris 2024
Olympic and Paralympic Games, Carrefour played a role in the
first Paralympic Day on October 8, 2022. During the week,
Carrefour organised several events to promote the Paralympic
Games and raise awareness of disability through sport.
Employing people with disabilities has been one of the Group’s
key human resources policies for more than 20 years. Carrefour
teams in France and Belgium took up the cause to mark
European Disability Employment Week (November 2022). On
November 17, 2022, they participated in Duo Day, an initiative
that gives employees the opportunity to pair up with someone
with a disability to share and explain their work day. In Brazil,
from March 21 to 25, 2022, the Group organised an initiative
aimed at hiring people with disabilities. Carrefour Brazil then
went on to partner with the Institute of Social Opportunity (ISO)
to open vocational training courses for people with disabilities in
São Paulo, Rio de Janeiro and Porto Alegre.
Supporting the fight against breast cancer
Carrefour Belgium has been supporting the international breast
cancer awareness non‑profit organisation Pink Ribbon for seven
years, notably by bringing the non‑profit’s various initiatives to
customers in its stores throughout the year but also thanks to the
commitment of its employees. This year, Carrefour Belgium once
again gave its support to Pink Ribbon, notably through the charity
rounding‑up scheme. From October 3 to 6, 2022, Carrefour
customers could opt to round their docket up to the next euro to
help fund the fight against breast cancer. A total of over
120,000 euros was raised. In Italy, the initiative promoted by
Procter & Gamble in support of the Prevention Caravan resulted
in over 1,250 breast cancer screenings. On the strength of this,
Carrefour reiterated the event in March 2022. In France, a
collaborative inter‑company challenge ran from October 10
to 21, 2022. Over two weeks, the Carrefour France teams took
on countless challenges and travelled no fewer than 32,500
kilometres, propelling Carrefour
the
community ranking. This is a compelling demonstration of
Carrefour’s resolute commitment to breast cancer prevention.
top spot
the
to
in
Carrefour’s digitalisation
Carrefour aims to be a world leader in Digital Retail. This vision,
which was set out at Digital Day 2021, grew from the belief that a
Digital Retail company is one where all employees and all
functions seek to promote the digital transformation at their
respective level, and to make it a part of their day‑to‑day work.
This means that digital aspects cannot be confined to a specific
business line, but that they are truly part of Carrefour’s DNA and
the core business of each team. Two commitments were
announced with that in mind at Digital Day:
■
bring digital technology into the daily lives of all employees by
rolling out Workplace, Meta’s digital platform; it was launched
in France and Belgium in the first half, and in Italy, Spain and
Romania in the second half. To date, 175,000 employees and
guests have access to Workplace, and half of them are already
active users. The roll‑out will be extended to the rest of the
Group in 2023. The aim is to enable employees to build
work‑related communities and capitalise on the familiar
features of social networks in their daily working lives. By
removing silos and promoting direct communication between
all employees, regardless of their position in the Group, their
entity or their host country, Workplace will help free up time to
enable Carrefour teams to be more present in the field, serving
customers;
■
in digital technology by 2024,
i.e.,
train all employees
100,000 people per year, with the creation of a Digital Retail
Academy. 152,000 Group employees received digital training
during this first year.
Several programmes were developed and rolled out during the
year. Together with HEC, Carrefour University trained all of the
Group’s Top 200 executives in data. Tech profiles took part in a
global competition hosted by Google, receiving training on GCP.
Head office employees received training in data and AI.
As a pilot for the Group in France, the Digital Retail Academy has
launched Tous Digital !, a cross‑functional and fast‑track training
course aimed at bringing all Carrefour employees up to speed
with digital technology. Held over a three‑week period from
mid‑October, Tous Digital ! was unprecedented in terms of its
breadth, form and ambition. A year after the Digital Day
announcements,
to gain an
understanding of how the digital transformation is key for
Carrefour’s future and how everyone has a role to play. Tous
Digital ! is not a classic training course. It is actually more like a
digital serious game, offering a fun and innovative experience in a
virtual world. This 45’ experience was designed to offer our
employees a striking and engaging experience.
it allowed each employee
Over 60,000 employees completed the training during the three
weeks. Similar courses are under development in the Group’s
other countries.
In April 2022, Carrefour and Albert School, a school of excellence
in the field of data, embarked on a unique partnership. To train
people capable of grasping, exploiting and enhancing the value
of data, Albert School builds its teaching around what it terms
“Business Deep Dives”. The “Dives” are three‑week sequences
devoted to analysis of business models and challenges ranging
from economics and finance to marketing, retail and data.
Carrefour launched the first Business Deep Dive, sharing practical
cases of data use and calling on its employees to give courses.
The partnership also includes funding by Carrefour of three
scholarships for students who entered the Albert School’s
Bachelor’s programme at the start of the 2022 academic year.
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Non‑financial policies, action plans and performance
Carrefour’s commitment for refugees
2022 was indelibly marked by the crisis that had been sweeping
over Eastern Europe for several months. Our commitment for
refugees was illustrated by the Group’s partnership with national
and European humanitarian aid bodies including the European
Food Banks Federation and Médecins sans Frontières. The
Group’s various host countries expressed their solidarity in their
its
individual ways. For example, Carrefour Belgium gave
customers the chance to come to the aid of Ukrainian refugees
by rounding up their dockets from March 4 to 20, 2022. A total of
270,440 euros was raised and passed on to the Belgian Red
Cross. A similar initiative was organised in Italy. To support NGO
Terres des Hommes, customers could donate 2, 6 or 10 euros (or
more) at the checkout. The money raised was combined with
donations from staff to help distribute the supplies needed to
ensure the continuity of emergency and paediatric services in
Ukrainian hospitals. To go further, three lorries from Italy
containing more than 25 tonnes of food and basic necessities
were donated by Carrefour to meet the urgent needs of
reception centres in Poland. Poland and Romania, which both
neighbour Ukraine, have also taken countless measures to
support the refugees arriving on their soil, including collection
drives, food distributions and even recruitment in stores. In both
countries, the Carrefour Foundation also contributed to the
purchase of basic necessities for refugees by partnering with
FARA Foundation, Ocalenie Foundation and the Polish and
Romanian Red Cross.
More broadly, the Group is committed to inclusion and the
promotion of diversity. In Brazil, an initiative focused exclusively
on the hiring of refugees took place on February 15, 2022. With
several editions throughout the year, the “D‑Days”, held by
Carrefour Brazil since 2018, consist of special dates aimed at
hiring professionals from minority groups. Over 250 refugees are
currently working at Carrefour, 150 of whom were hired in 2021.
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2.2 Carrefour’s duty of care plan
2.2.1 GOVERNANCE OF THE DUTY OF CARE PLAN
2.2.1.1 Governance organisation and structure
Governance of the duty of care plan is shared between the
different departments involved in the process, from risk definition
to implementing action plans to measuring their effectiveness
and performance. Within
shared
governance is in place for the duty of care plan, CSR and the
food transition. This means that the same bodies, departments
and entities are all involved in the various stages of implementing
CSR and duty of care. Duty of care and CSR objectives are
integral to the operations of the various departments, business
lines and stores, at all levels.
the Carrefour group,
Governing bodies. Governance of duty of care and CSR is
exercised jointly by the Group Executive Committee, the Board
of Directors and the Shareholders’ Meeting (see Figure 1). In
2022, the Board of Directors’ CSR Committee (Section 3.2.3.4)
issued opinions on the creation of the Engagement department,
the food transition and cost‑of‑living concerns, the monitoring of
to combat
supply chain‑related alerts,
deforestation, the responsible e‑commerce strategy and the
Carrefour 2026 strategic plan. The committee annually reviews
the Group’s performance with respect to the Non‑Financial
Statement and the duty of care plan.
the action plan
Defining the duty of care plan and the CSR strategy. The
Engagement department oversees the Group’s CSR strategy and
translates social and environmental commitments into practical
initiatives. It coordinates the preparation of the CSR and duty of
care strategies in close collaboration with the various Group
departments (see Figure 1), especially the Strategy, Finance,
General Secretariat and Human Resources departments.
The governance bodies described below play a key role in
defining the duty of care plan:
■
the Committee on Purchasing Rules for the Food Transition
analyses risks and threats
involving Carrefour’s sourcing
practices, and defines sourcing strategy and objectives to
implement. This committee ensures that the business lines
concerned implement purchasing rules for the food transition
within the Group. It holds bimonthly meetings chaired by the
Group Executive Director, Merchandise and Formats, which are
attended by
following departments: Merchandise,
Engagement, Quality, CSR, Strategy, Audit and Risk, Legal,
the
■
■
Carrefour Brand, International Partnerships, Communication
and Global Sourcing (Carrefour’s non‑food sourcing entity
since 1994, whose head office is in Shanghai);
the alert management task force. A task force has been set up
to identify and address the various alerts related to the
Carrefour group’s operations. It comprises representatives
from the Commitment, CSR, Purchasing, Quality, Risk, Safety,
Human Resources, Communication
and Compliance
departments. The task force is in charge of investigating
reported alerts and ensuring that appropriate corrective action
plans are implemented when necessary;
the International European Consultation Committee. The
duty of care plan and risk mapping process relating to human
rights and employee health and safety are devised
in
conjunction with, and submitted on a regular basis to, the
European Information and Consultation Committee (ECIC). In
2022, the duty of care was addressed in five specific agenda
items. All alerts identified by the Group in relation to health and
safety, the environment and human rights are systematically
presented.
Roll‑‑out of the duty of care plan and the CSR strategy. All
Carrefour departments and employees play a
in
implementing the food transition for all within their scope of
responsibility. The business lines are in charge of implementing
CSR targets and the duty of care plan, which are defined
collectively with the teams involved, along with the drive and
support of the Engagement department. Committees covering
several departments are tasked with monitoring progress towards
Group and country targets on CSR issues and the duty of care.
role
In each country, the Group’s policies are implemented by the
local CSR departments. Each country has its own correspondents
responsible for coordinating and implementing CSR projects and
contacts within the various professions (human resources,
quality, goods, assets, etc.).
Lastly, the CSR policy is also deployed in each individual store,
where the actions planned and commitments made are
assimilated and
implemented. Stores are also where the
CSR strategy and the food transition are most visible.
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FIGURE 1: GOVERNANCE OF THE DUTY OF CARE PLAN AND CSR
Governing
bodies
BOARD OF
DIRECTORS
→ Validates the strategy established by the Executive Committee.
→ Evaluates the implementation of action plans.
→ The various committees deal with ESG policies, e.g., the CSR
Committee, the Audit Committee, etc.
SHAREHOLDERS'
MEETING
→ Gives an opinion on the Group's strategy to combat climate change
(Say on Climate).
→ Validates the compensation of corporate offi cers (Say on Pay).
GROUP EXECUTIVE
COMMITTEE AND
COUNTRY EXECUTIVE
COMMITTEES
→ The Group Executive Committee defi nes the strategy,
policies and objectives and evaluates performance.
→ The Country Executive Committees implement the food transition
for all strategy.
Decision
Proposition
Defi nition of
the duty of
care plan
and the
CSR strategy
THE GROUP ENGAGEMENT DEPARTMENT
→ Defi nes the Group's CSR strategy in collaboration with the key departments.
→ Monitors the alerts raised through the various channels.
→ Coordinates the defi nition of the duty of care plan.
→ Ensures dialogue with the various stakeholders.
In collaboration with
The Strategy Department
→ Ensures that CSR objectives are integrated into the Group's strategy.
→ Reviews the annual strategic plans at country level.
→ Carries out regular performance reviews on the objectives of Carrefour's 2026 strategic plan.
The Financial Department
→ Makes decisions on capital allocation.
→ Annually validates budgets for all countries.
→ Integrates CSR criteria into the fi nancial strategy (e.g., Sustainability-Linked Bond) and investor
communication.
The General Secretary
→ Produces the Group's annual risk map.
→ Audits the proper implementation of action plans in the countries.
→ Works to ensure the Group's compliance with the main regulations.
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
The Human Resources Department
→ Integrates diversity and inclusion objectives into the Group's HR strategy and agreements.
→ Manages social dialogue at the Group level.
→ Leads and steers performance in the countries.
Food Transition Rules Committee
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
→ Monitors alerts in relation to products and supplies.
→ Defi nes action plans, monitors the implementation of the duty of care plan and evaluates performance.
→ Ensures crisis management in the event of an alert.
Deployment of the CSR strategy and the duty of care plan: the departments responsible for store formats
(hypermarkets, supermarkets, etc.) and business lines (merchandise, assets, quality, etc.) at Group level and in the countries
implement the food transition for all, the CSR action plans and the duty of care plan.
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
Guarantors of the implementation of the
CSR index and food transition (Chapter 1,
Section 1.5.3.), including the objectives of
the climate plan.
Guarantors of the
implementation of the duty
of care and alerts follow-up.
Committees
and bodies
Divisions and
departments
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Deployment
of the duty
of care plan
and the CSR
strategy
THE ENGAGEMENT DEPARTMENT
→ Supports the business lines in the implementation of policies and action plans.
→ Innovates in CSR to transform the business lines.
→ Monitors and evaluates non-fi nancial performance.
→ Assesses risks and monitors alerts.
Organisation:
→ A team of approximately 20 people at Group level.
→ Correspondents in all integrated and franchised countries.
In collaboration with
BUSINESS LINES AND STORES
COUNTRIES
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
The Country Executive Committees
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
→ Defi ne the food transition for all strategy
→ Defi ne the action plans and budgets for
the implementation of the CSR and food
transition.
→ Guarantee the monitoring of the non-fi nancial
performance.
CSR
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
→ Coordinates the CSR approach
and supports the business lines in
implementing the action plans.
→ Ensures alert follow-up and the
implementation of corrective action plans.
→ Ensures the monitoring of non-fi nancial
performance.
Business lines and stores
Deploy the CSR strategy and ensure
performance monitoring.
Product merchandise and quality
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
→ Implements the rules for the food transition and monitors them.
→ Tracks alerts in supply chains, implements corrective action plans
and risk mitigation.
→ Collaborates with suppliers.
Assets and real estate
→ Implements the transition plan towards stores' carbon
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
neutrality.
Human resources
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
→ Implements diversity and inclusion policies.
→ Ensures the development of skills, health and well-being
at work, payment of a living wage in all countries.
→ Guarantees quality social dialogue.
→ Promotes employee engagement through the Act For Change
programme.
Marketing and communication
→ Increases visibility of our food transition actions through the
Act For Food programme in stores.
→ Measures customer satisfaction on CSR actions.
→ Disseminates the objectives and good practices internally.
Formats and stores
→ Deploy concrete actions in stores.
→ Highlight and communicate actions to customers.
Management control and internal control
→ Supports the reporting of non-fi nancial data.
→ Promotes the reconciliation of fi nancial and non-fi nancial
processes.
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
In collaboration with
EMPLOYEES
NETWORKS OF COMMITTED
AMBASSADORS ON THE GROUND
Roles and responsibilities:
→ Carrying the values of food transition into the fi eld.
→ Implementing concrete actions in stores.
Organisation and bodies:
→ "Clubs" of ambassadors in all countries.
→ Annual international meetings.
C S R
A N D F O O D
T R A N S I T I O N
I N D E X
EMPLOYEE REPRESENTATIVES
Roles and responsibilities:
→ Ensure continuous social dialogue.
→ Identify alerts on the ground.
Organisation and bodies:
→ Regular local social dialogue.
→ Meeting of the European Information and Consultation
Committee every two months.
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2.2.1.2 Co‑construction of the duty of care plan with stakeholders
■
■
Carrefour works closely with its stakeholders to co‑construct all
stages of its duty of care plan, from risk mapping to assessing the
effectiveness of measures (see Figure 2). The dialogue processes
contribute to the continuous improvement of the Group’s duty
of care plan.
Carrefour has established a range of dialogue mechanisms to
enable this co‑construction of its duty of care plan. They include:
■
■
bilateral dialogue and long‑‑term partnerships. Group teams
are in daily contact with expert stakeholders on issues relating
to human rights, the environment, and health and safety. For
all risks defined as a priority under the duty of care, Carrefour
identifies the relevant actors with which special dialogue
should be maintained. Carrefour organises regular bilateral
consultation processes to define and implement action plans;
meetings with national brand supplier partners. Every year,
the international purchasing team meets with international
supplier partners to involve them in rolling out actions related
to the food transition, especially the reduction of greenhouse
gas emissions
(GHG). National brand supplier partners
comprise the Group’s 50 largest suppliers;
the “food transition for all” pact: getting the national brands
on board. After making commitments in relation to its
own‑brand products, Carrefour is now rallying its suppliers
around a pact for the food transition for all. The aim is to
encourage Carrefour suppliers to provide products and in‑store
tests
transition
commitments in terms of packaging, biodiversity, climate,
traceability and responsible products;
that comply with
the Group’s
food
representing
stakeholder panels and themed committees. Several times a
year, Carrefour arranges meetings in order to formulate
functional recommendations on a specific CSR issue and/or
the duty of care plan. These meetings are attended by around
40 people
the Group, NGOs, government,
customers, investors and suppliers, who come together to
share their expertise or point of view on the subject in
question. The Group also forms committees of experts
dedicated to topics when this is necessary. One such topic is
the fight against deforestation: Carrefour has created a group
of experts dedicated to assisting it with constructing its action
plans.
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FIGURE 2: STAKEHOLDER MAPPING OF THE CARREFOUR GROUP’S DUTY OF CARE PLAN
Type of stakeholders
Role
Example of stakeholders
RISK MAPPING
→ Scientific organisations
and reference standards
Definition of methodologies and frameworks
for risk analysis
Science Based Targets, Task Force For Climate
Disclosure
→
Social dialogue
Prioritisation and risk assessment
UNI Global Union
→
Service providers and experts
Prioritisation and risk assessment
Expert Committee on Deforestation in Brazil
REGULAR EVALUATION PROCEDURES
→
Social audit standards
Audit of suppliers at risk
Initiative for Compliance and Sustainability,
Business Social Compliance Program (BSCI)
→
Quality audit standards
Audit of stores and warehouses, audit of
specifications
International Featured Standard, British Retail
Consortium
→
Certifiers
Evaluation of the implementation of action plans
and progress plans
GEEIS Diversity
→
Stakeholder coalitions
Shared assessments (e.g., traders)
Consumer Goods Forum
ACTIONS TO PREVENT RISKS AND MITIGATE SERIOUS HARM
→
NGOs and associations
Definition of action plans, implementation of
concrete projects
WWF
→
Stakeholder coalitions
Collective work to align with market expectations
→
Stakeholders and local partners
Implementation of local projects, consultation with
players on the ground
Consumer Goods Forum, Lab Capital Naturel,
Act For Nature International, Race To Zero
The Sustainable Trade Initiative in Brazil
→
Suppliers and value chain
Construction of value chains, transformation of
production methods
Partner producers
→
Governments
Stakeholder meeting around common objectives
→
Regulators and certifiers
Definition of common requirements, verification,
traceability and transparency
→
Stakeholders panel
Co-construction of policies and action plans
→ Trade unions
Information, consultation and dialogue
Soy Manifesto (France), SNDI (France), Cacao
Manifesto (France)
RTRS, RSPO, PEFC, FSC, MSC, Max Havelaar
Multi-stakeholder meetings (customers, suppliers,
governments, investors, experts, etc.)
Social and Economic Committee (SCE), European
Consultation and Information Committee (ECIC)
ALERT AND REPORTING MECHANISM
→
NGOs
→
Rating agencies
Identification of alerts and public appeals
Mighty Earth, Canopée
Identification of controversies
Moody’s ESG, Sustainalytics, ISS
→
Suppliers and local partners
Daily dialogue and alerts from Carrefour's teams
Worker Voice, Elevate
→
Employees and trade unions
Process for managing alerts from employees via
social dialogue, the ethics alert line or through the
hierarchy
UNI Global Union, employee representatives
PLAN FOR MONITORING MEASURES AND EVALUATING THEIR EFFECTIVENESS
→
NGOs
→
Rating agencies
Answering questionnaires and regular dialogue on
progress
Performance measuring and identification of best
practices
Réseau Action Climat, Greenpeace
Carbon Disclosure Project
→
Individual investors and coalitions
Performance evaluation and dialogue around measure
monitoring
Forum for Responsible Investment (FRI),
FAIRR, Platform Living Wage Financials
→
Regulators and auditors
Publishing and verification of performance indicators
French financial markets authority (AMF),
Independant Third-Party Verification Body
→
Social dialogue
→
Certifiers
Information and concertation
UNI Global Union, employee representatives
Progress evaluation
GEEIS Diversity
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2.2.2 RISK MAP
2.2.2.1 Risk mapping methodology
2.2.2.1.1
Identification of the main risk factors associated with the environment, human rights,
and health and safety
Carrefour applies a step‑by‑step risk analysis methodology
drawing on mechanisms already in place within the Group. By
combining different internal procedures, Carrefour identifies and
assesses risks adapted to the Group’s activity and size. The
following three steps shown in Figure 3 are implemented:
generic analysis highlights the main risk factors that could affect
the Group’s operations, financial position, reputation, corporate
social responsibility and results. The analysis
is updated
annually, and results are submitted to the Audit Committee, the
Group Executive Committee and the Board of Directors;
1. definition of the Group’s risk universe: for the first step, the
Group carries out an overall identification of general risk
factors that include criteria relating to the Company’s
corporate social responsibility. The Group’s risk universe is
updated annually to take into account any changes in
international ESG norms and standards;
3.
2. Group risk analysis campaign (see Section 4.1): these general
risk factors are then analysed by all the departments concerned
in each country, which helps better refine the assessment of
the risks detected in each region. This process is detailed in
Section 4.1 of this Universal Registration Document. This first
selection of risks analysed as part of the duty of care:
Carrefour identifies which Group risk factors could lead
specifically to violations of human rights, health and safety,
the environment. This selection of societal risk
and
sub‑factors primarily measures the impact on stakeholders
(including customers, suppliers, NGOs and civil society).
Chapter 2 details the analysis methods, action plans and
assessment processes applied specifically for these risks,
and therefore contains information relating to the duty of
care.
FIGURE 3: PROCESS FOR IDENTIFYING THE MAIN RISK FACTORS ASSOCIATED WITH THE ENVIRONMENT, HUMAN RIGHTS,
AND HEALTH AND SAFETY
Risk identifi cation methodology
RISK IDENTIFICATION
FRAMEWORK
Based in particular on:
→ International standards and guidelines
→ Expectations expressed in ESG questionnaires from ratings agencies
→ Materiality analysis conducted with both internal and external stakeholders
GROUP'S
ANNUAL RISK
ANALYSIS
CAMPAIGN
Risk analysis with all relevant departments in all countries.
This enables the identifi cation of priority risks that may aff ect:
→ The business
→ The fi nancial situation
→ The reputation
→ The Group's results
SELECTION OF RISKS THAT MAY INCREASE VIOLATIONS TO HUMAN RIGHTS,
HEALTH AND SAFETY AND THE ENVIRONMENT.
The selection takes into account the impact on stakeholders.
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2.2.2.1.2 Detailed analysis of risks associated with the environment, human rights, and health
and safety
After putting together a list of risks relating to health and safety,
human rights, and the environment, Carrefour deepens the detail
and granularity of its analyses by combining several approaches
summarised in the diagram below:
■
■
breakdown of risks for the different professions at Carrefour;
breakdown of risks for the different business segments at
Carrefour and the third parties with which a business
relationship is in place;
■
breakdown of risks for the geographical areas where Carrefour
operates and where third parties with which a business
relationship is in place operate;
■
risk analysis specific to the materials used by Carrefour or
contained in the products sold by Carrefour.
BUSINESS PROCESS
APPROACH
BUSINESS SECTOR
APPROACH
GEOGRAPHICAL
APPROACH
PROCESS
MAPPING
SECTOR
CLASSIFICATION
COUNTRY
LIST
THIRD-PARTY
DATABASE
RISK
DATABASE
INTERNAL
DATA
EXTERNAL
INDICATORS
SENSITIVE
PROCESSES
SECTOR
EXPOSURES
GEOGRAPHICAL
EXPOSURES
Sensitive
raw
materials
Internal databases built
for the approach
Data that can be exploited
for the approach
In order to analyse the risks related to the duty of care plan by
business line, segment and geography, the Group uses its own or
shared standards and benchmarks, for example:
■
■
ILO conventions, the amfori‑BSCI Country Risk Classification
and the ITUC Global Rights Index;
internationally recognised standards defining human rights,
including the Universal Declaration of Human Rights, the
guiding principles of the OECD, the United Nations Global
Compact and the global framework agreement with UNI
Global Union;
■
recommendations developed by
Climate‑related Financial Disclosures;
the Task Force on
Accountability Framework
eliminating deforestation and ecosystem conversion;
initiative
(AFi) principles
for
stakeholder and Group process maps.
■
■
Identified supply chain risks are considered specific risks and
must be managed differently. That is why the Carrefour group
has implemented specific tools to analyse and manage risks
associated with the duty of care. These tools chiefly include
specific and separate maps, which can be used for an
increasingly refined assessment of the level of risk.
As part of a continuous improvement process aligned with its
ongoing stakeholder dialogue, the Group has begun to rework its
risk map to prioritise the identified risk sub‑factors.
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TABLE 1: EXAMPLE OF DETAILED MAPS IMPLEMENTED TO ANALYSE SUPPLY CHAIN MANAGEMENT RISKS
GGrroouupp rriisskk ssuubb‑‑ffaaccttoorr
EExxaammpplleess ooff ddeettaaiilleedd mmaappss uusseedd ffoorr ccaassee‑‑bbyy‑‑ccaassee aannaallyyssiiss
Failure to uphold labour laws, human rights
and/or fair pay standards
Use of raw materials whose value chain is
questioned for its environmental, social and/
or ethical impact
Damage to biodiversity caused by business
operations
Mapping of geographical areas at risk in relation to human rights issues. Example of
an identified risk: forced labour in Xinjiang
Mapping of high‑risk sectors and production phases. Example of an identified risk:
failure to pay fair wages in textile spinning mills
Map of high‑risk raw materials (based on the following factors: respect for the
environment, impact on biodiversity, resilience to climate change, respect for human
rights, workers’ health and safety)
Example of an identified risk: contribution of Brazilian beef farming to deforestation
Mapping of sectors and production stages at risk. Example of an identified risk:
chemical pollution from dyeing factories
Development of the Science Based Targets for Nature methodology in order to
identify the Group’s impact and dependency on biodiversity. An example of the
footprint measurement tools used: The Corporate Biodiversity Footprint, ENCORE
2.2.2.2 Risk mapping results
The identified risks are categorised according to the materiality of their impact on health and safety, human rights, and the
environment, but they may have other impacts or may impact several categories.
RRiisskk ffaaccttoorrss
Risks to the health
and safety of people
Occupational health and safety risks
Physical and mental harm
Quality, compliance and product safety failure
Pandemic
Risk of human
rights violations
Sourcing sensitive raw materials
Lack of supply chain resilience
Failure to respect the principles of diversity
and to battle discrimination and harassment
Failure to respect freedom of association
and the right to social dialogue
Failure to uphold human rights and fair pay
across the entire value chain
Risks of environmental
damage
Sourcing sensitive raw materials
RRiisskk ssuubb‑‑ffaaccttoorr((11))
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
Workplace accidents and occupational illnesses
Musculoskeletal disorders
Psychosocial risks
Violent, racist or discriminatory behaviour towards third parties (customers, service
providers, suppliers)
Significant lack of product control and traceability
Failure to develop or comply with the specifications for Carrefour own‑brand
products
Public health impact of products sold by Carrefour (e.g., forms of pollution, such
as pesticides, that have health consequences)
Serious breach of hygiene standards in stores or warehouses
Failure to remove or recall
Rapid and massive spread of a deadly virus threatening the health of Carrefour
customers and employees
Use of raw materials whose value chain is questioned for its social and/or ethical
impact
Riots, street demonstrations, strikes, social movements and agricultural crises
Breach of the Group’s diversity and equality principles
Breach of anti‑discrimination and anti‑harassment principles
Poor management or degradation of the social climate within Carrefour
Failure by the Group and its suppliers to comply with the regulations and principles
defined by Carrefour in terms of human rights and/or fair compensation
■
Use of raw materials whose value chain is questioned for its environmental impact
(e.g., deforestation)
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RRiisskk ffaaccttoorrss
RRiisskk ssuubb‑‑ffaaccttoorr((11))
Contribution and vulnerability to climate
change
Pollution and the impact of our operations
on biodiversity
Failure to control energy and refrigerant consumption and contribution to climate
change
Inefficient use of resources, especially food waste
Natural disasters and climate change
Soil contamination by petroleum products from our service stations
Non‑efficient management of store waste
Production of solid waste, especially from packaging and plastics
Plastic pollution(2)
■
■
■
■
■
■
■
(1) The list of sub‑factors is not exhaustive. Major risk sub‑factors are mentioned. For the purposes of clarity, the risk sub‑factors are broken down into
three categories: health and safety risks, human rights risks and environmental risks. It should be noted that some sub‑factors fall into several
categories.
(2) For details on the risk of plastic pollution, see Section 2.2.7.3.2.
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2.2.3
ASSESSMENT MEASURES
After identifying the risks to health and safety, human rights and the environment, Carrefour regularly assesses the management of such
risks in its subsidiaries and at subcontractors and suppliers with which it has established business relationships.
2.2.3.1 Assessment measures in place for our own operations
RRiisskk aasssseessssmmeenntt
mmeeaassuurreess
AAccttiioonnss ttaakkeenn
FFrreeqquueennccyy
Measures for assessing risks to the health and safety of people
Human health and safety
audits
Audits relating to the health and safety of employees in stores and warehouses are
carried out by the internal control team. The purpose of these audits is to monitor the
implementation of procedures concerning health and safety at work and the use of
best practices, as well as compliance with regulatory requirements.
Store audits:
two per year
Health and safety risks are assessed in each work unit, in particular through the
analyses conducted with prevention teams in recent years, which have identified safety
hazards and related preventive measures. They have also shown that workplace
accidents at Carrefour are most likely to occur in the stores and warehouses.
Annual
Measures for assessing risks of human rights violations
Social certifications
All of the countries in which the Group operates obtained Gender Equality European
and International Standard (GEEIS) certification in 2020. In 2021, all entities concerned
by the mid‑term audit conducted every two years maintained their certification; Brazil
and Romania improved their overall performance. Campaigns to audit entities
continued during 2022, with maturity levels maintained in all countries and an
extension of the certification scope in Carrefour Italy to GEEIS Diversity.
Every two years
Measures for assessing risks of environmental damage
HR reporting
Regular impact
and dependency
assessments
Certifications
Quarterly reporting is carried out to assess the impact of the Group’s sites on climate
(emissions linked to refrigerants, energy consumption) and waste (monitoring of
markdowns that may generate food waste, the waste recovery rate, etc.). Audits are
performed annually by an independent third party to verify the true and fair nature of
the consolidated Group data.
Quarterly
In 2022, the Group launched the SBTN Corporate Engagement Programme, which
enabled it to perform initial mapping of its biodiversity impacts and dependencies,
based on its activities. This mapping helped us hone in on certain commodities that
have a greater impact on biodiversity than others. It should eventually serve as a basis
for drafting an action plan based on science‑based targets. Going forward, biodiversity
impacts and dependencies will be assessed on a regular basis.
-
In Europe, Carrefour Belgium, Carrefour France and Carrefour Italy hold ISO 50001
certification for their integrated stores (hypermarkets and supermarkets) as well as for
their head offices and warehouses. This represents 35% of the sales area of the Group’s
integrated hypermarkets and supermarkets.
Renewed every
three years with
an audit
All new Carrefour group shopping centre constructions and expansions are certified to
BREEAM standards and BREEAM In‑Use certification will be earned by every French site
by 2025.
Renewed every
three years with
an audit
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2.2.3.2 Assessment measures in place among our suppliers
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Measures for assessing risks to the health and safety of people
Quality and safety audits
of non‑‑food suppliers
For suppliers of non‑food products in at‑risk countries, Global Sourcing’s quality teams
visit sites according to an inspection schedule set out by Carrefour in order to check
product quality compliance and provide on‑site surveillance during production.
At least once
a year
All textile plants are systematically inspected to ensure that quality procedures and the
factory standard comply with Carrefour’s proprietary Good Factory Standard, which
lays out a set of basic requirements a facility must meet to be in compliance. Adapted
to different industries and products, the Standard illustrates good and bad practices
simply, with illustrations, to facilitate understanding and support more effective
supplier training.
See also the detailed action plan on the Group’s textile sourcing, with a regional focus
on Tamil Nadu and Xinjiang, in Section 2.2.7.3.3 Prevention of forced labour in the
textile supply chain.
Every factory producing Carrefour own‑brand food products is audited in line with
either International Featured Standards (IFS) or British Retail Consortium Global
Standards (78% in 2022) or is audited by Bureau Veritas (11% in 2022) or by Carrefour
(8% in 2022). After suppliers are listed, regular audits are performed on their premises.
If any non‑compliance is detected, corrective action plans are implemented, failing
which the supplier may be delisted (depending on the type of non‑compliance and its
seriousness).
Annual
Quality and safety audits
of food production sites
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AAccttiioonnss ttaakkeenn
Measures for assessing risks of human rights violations
Social audits of suppliers
of certified products
External social audits of direct suppliers of certified products are performed on the
basis of the supplier’s identified risk level. Audits may also be required for indirect
suppliers depending on the circumstances. Identifying a supplier’s level of risk involves
several levels of analysis, the first one being the map of high‑risk regions:
■
■
■
■
in countries where a risk has been identified, Carrefour’s ultimate aim is to perform
social audits on all production facilities that manufacture Carrefour‑brand products;
for suppliers located in low‑risk countries, the inspection system is adapted to the
business, local problems and on‑site practices, as external audits are not performed
systematically;
for subsidiaries identified as high risk following a raw material and production
process analysis, additional guarantees are required. If the supplier is identified as
being at risk, a social audit is performed;
if the sector is not at risk, the supplier must at the very least sign the Supplier
Commitment Charter (see Section 2.1.5.3). Social audits may be requested by
Carrefour teams on a case‑by‑case basis.
These audits are performed by third parties in line with ICS or BSCI standards. The
process comprises several steps:
1.
a preliminary review by Carrefour of the facility’s compliance with social,
environmental and basic quality requirements;
2.
an initial audit, preferably unannounced, performed by an independent firm
selected by Carrefour, based on a standard shared with other brands, to determine
whether the facility can be listed;
3. unannounced follow‑up audits performed periodically by an independent firm to
validate actions taken;
4.
specific audits performed by an external company or by partners to review specific
or one‑off incidents involving the facility or the audit firms’ practices and
procedures.
The main occurrences of non‑compliance identified in the Carrefour supplier network
related to working hours, compensation levels and workers’ health and safety.
Independent audits and inspections of supplier premises give rise to action plans
designed to remedy any breaches observed, regardless of their severity. The supplier is
required to implement the action plan before a specified deadline. Implementation is
monitored through follow‑up audits.
If a supplier audit report contains a critical non‑compliance issue, Carrefour will be
informed within 48 hours. These issues mainly concern child labour, forced labour,
disciplinary measures, attempted corruption, document falsification and safety
conditions threatening the lives of workers. Action is then taken by Carrefour and/or
the supplier.
Training or specific support may be provided by Carrefour’s teams to suppliers where
warranted by non‑compliance issues. Health and safety issues and water treatment are
covered by Carrefour’s social compliance audit process.
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Measures for assessing risks of environmental damage
Textile supplier audits
The Clean Water Project is a programme primarily aimed at water‑consuming textile
industries that use water and chemicals in their production processes. Designed by
Carrefour Global Sourcing’s sustainable development teams, it seeks to raise
awareness, train and audit suppliers in the management and efficiency of water and
chemical consuming processes.
The Project includes a training and audit programme in chemical management, an
environmental programme in China in collaboration with the Institute of Public &
Environmental Affairs (IPE) and a tannery certification programme. It has already been
carried out in India and Bangladesh, with support from chemical audits, and in China
with support from the IPE.
FFrreeqquueennccyy
Annual
CSR ratings of suppliers
in the clothing sector
Environmental audits
and certifications
in factories. Compliance
In Bangladesh and India, Carrefour Global Sourcing has issued the Carrefour Chemical
Guidebook, which sets out guidelines for purchasing, storing, using and disposing of
is encouraged with training and annual
chemicals
unannounced inspections of treatment plant water quality, chemicals management
and the proper application of the Business for Social Responsibility (BSR) standard.
Suppliers are monitored on the basis of a third‑party chemical audit covering
chemicals management, chemicals handling, wastewater
treatment, sediment
management and efficient water use management. The monitored suppliers are the
integrated suppliers involved in dyeing and washing operations.
Annual
Since 2019, clothing supplier assessments have incorporated a CSR rating in addition
to the usual commercial, quality, and delivery (supply chain) ratings. This CSR rating
includes the results of social audits, environmental assessments and alerts,
management of suppliers’ suppliers, component traceability, supplier certifications and
good CSR practices (aside from mandatory compliance). Carrefour’s local teams meet
with the evaluated suppliers to share best practices and areas for improvement and
they take this rating into account when selecting suppliers.
Frequency
Regular on‑site environmental audits are commissioned at suppliers manufacturing
labelled or certified Carrefour‑brand products and where certain key facilities or
processes may present environmental risks (raw material certifications such as RSPO,
FSC, MSC, PEFC, ASC and organic labels; audits of the specifications of Carrefour
Quality Lines products).
Annual
A climate accounting system on supply chains to determine the highest‑emission
items and sources was introduced in 2019. The Group is working with suppliers to
fine‑tune the system as part of the Food Transition Pact (see Section 2.1.3.3).
Annual
The annual Retailer Cocoa Collaboration assessment programme:
Annual
■
■
measures the progress of cocoa traders with respect to the eight core principles of
the Cocoa and Forests Initiative (CFI);
ensures that retailers all use the same assessment method;
enables retailers to make more informed decisions about cocoa sourcing.
increasing number of sustainable products that require
■
The Group sells an
environmental and social certification.
Examples include (i) organic cotton, whose supply chain must be certified by the
Global Organic Textile Standard (GOTS), which is renewable only after an audit report,
or by the OEKO TEX Standard 100 label; and (ii) tanneries, which must be certified by
the Leather Working group (LWG).
GOTS
certification:
Annual
OEKO TEX label:
Annual
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2.2.4 PRESENTATION OF PREVENTION AND MITIGATION MEASURES
FOR IDENTIFIED RISKS
2.2.4.1 General framework
The Carrefour group, works with thousands of suppliers around
the world, measures the risks inherent to its supply chains,
assesses the social and environmental compliance of
its
suppliers, and promotes CSR best practices throughout its value
chain. For this purpose, the Group has put in place a set of
purchasing rules, tools and procedures for monitoring
its
suppliers and helping them achieve compliance.
Carrefour’s Principles of Ethics: Code
of Professional Conduct
All employees are given a copy of the Principles of Ethics, which
new employees are asked to sign. The purpose is to establish the
ethical framework governing the day‑to‑day activities of all
employees.
These principles – which every employee must know and
comply with – are based on commitments contained in the
Universal Declaration of Human Rights, the eight fundamental
conventions of the International Labour Organization (ILO), the
guiding principles of the OECD, the United Nations Global
Compact and the renewed international agreement with the UNI
Global Union.
The Principles of Ethics are as follows:
Respect diversity
Select and treat suppliers with objectivity and loyalty
Contribute to a safe and healthy working environment
Cultivate transparent business relationships
Promote social dialogue
Honour commitments to our partners
Ban all forms of harassment or discrimination
Refrain from all unfair agreements and practices
Ensure the safety of people and property
Act with integrity, both individually and collectively
Safeguard the company’s resources and assets
Provide reliable and accurate reporting
Guarantee confidentiality
Protect the environment
Avoid conflicts of interests
Refuse all forms of corruption
Source: https://secure.ethicspoint.eu/domain/media/fr/gui/102586/code.pdf
Purchasing Rules
To better reflect its CSR policy and its raison d’être in its
purchasing, Carrefour has drafted and rolled out purchasing rules
for the food transition in all countries where it operates. These
rules form a set of preventive measures on certain raw materials
to limit social and environmental risks through certifications or
support for its value chain.
The purchasing rules provide a framework for the social and
environmental compliance of purchases of controlled products.
A total of 11 CSR and food transition purchasing rules applied at
Group level incorporate social, environmental and ethical criteria
as well as CSR objectives. They supplement the various initiatives
already in place in each country and specifically include:
■
the signature by suppliers of a Commitment Charter (see next
section);
the process and compliance rules for social audits;
that the Group’s purchasing entities must appoint a person in
charge of social and environmental compliance;
an action plan to bring production phases into compliance
with specific purchasing rules; and
sensitive raw materials.
■
■
■
■
In 2021, the purchasing rules for the food transition were
updated. The purchasing rules are subject to internal controls.
The Internal Audit department verifies the quality of the overall
system implemented by Carrefour to achieve its objectives,
notably
the existence of dedicated rules, good
knowledge and management by the merchandise teams, or the
existence of control procedures for the quality teams. In 2022,
training on this issue was given in various countries.
through
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The Supplier and Service Provider Commitment
Charter
The Supplier and Service Provider Commitment Charter, updated
in 2018, forms an integral part of all purchase contracts in all
countries for certified products and non‑commercial purchases.
It also forms the basis for charters aimed at other partners such
as suppliers of own‑brand and national brand products and
franchisees.
The Supplier Commitment Charter has been drawn up with
Carrefour’s partners
international
fundamental principles (see Principles of Ethics above). It consists
of nine chapters focusing on human rights, ethics and the
compliance with
in
environment: prohibition of forced or compulsory
labour,
prohibition of child labour, freedom of association and effective
recognition of the right to collective bargaining, prohibition of all
forms of discrimination, harassment and violence, workers’
health and safety, decent wages, benefits and conditions of
employment, working hours, Principles of Ethics, and respect for
the environment.
The charter prohibits clandestine or undeclared subcontracting,
and has a cascade effect by requiring suppliers to demand the
same social compliance standards of their own suppliers. In a
spirit of reciprocal commitment, the charter does not allow
Carrefour to impose any conditions on suppliers that would
prevent them from complying with the charter.
2.2.4.2 Prevention and mitigation measures implemented in our own operations
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Risks to the health and safety of people
Occupational
health and safety
risks
illnesses:
Prevention of workplace accidents and occupational
compliance with existing regulations, anticipation of changes in regulatory
requirements, implementation of strict procedures, roll‑out of preventive
training in subjects such as in‑store safety and in movements and posture,
awareness campaigns, etc. In France, a dedicated body for occupational
health and safety has existed since 2012 and a Health and Quality of Life in
the Workplace agreement has been signed. A Workplace Health and Safety
management training programme has been set up for site managers and
the Es@nté tool promotes the occupational risk prevention approach and
facilitates administrative management of workplace accidents and
occupational illnesses.
Workplace accident frequency rate
(number of accidents/millions of
hours worked) (1):
2022: 25.69
2021: 25.33
Change: +0.36 pts
Workplace accident severity rate
(number of days absent due to
workplace accident/1,000 work
hours) (2):
2022: 0.71%
2021: 0.90%
Change: -21 pts
Physical and
mental harm
Prevention of musculoskeletal disorders: massive investment in handling
assistance equipment (automatic pallet wrapping machines, stocking
carts, etc.), in‑depth studies on workstation ergonomics, alterations to
furniture, and gym sessions to prepare employees before they start work.
Prevention of stress and psychosocial risks: stress management training
and free hotlines and remote psychological support, etc. In France,
employees have had toll‑free access to a support line since 2015.
Violent, racist and/or discriminatory behaviour towards others:
Organisation of awareness‑raising activities such as the Diversity Day or
unconscious bias workshops. Organisation of country‑led initiatives (e.g.,
Trans Visibility Day in Brazil).
Intensified action plans are being deployed in Brazil, where the death of a
customer in Porto Alegre highlighted this risk:
■
■
Carrefour Brazil immediately conducted an audit. Policies on training for
employees and subcontractors in terms of safety, respect for diversity
and values of tolerance were reinforced;
an action plan has been prepared with an external committee for
freedom of expression in diversity and inclusiveness, appointed to advise
Carrefour Brazil in an independent manner on the measures to be taken
to combat racism in its stores. This plan will reinforce the measures
already taken several years ago by Carrefour Brazil to combat racism.
(1) Scope: Excluding BRAT + BR.
(2) Scope: Excluding BRAT + BR.
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Quality,
compliance and
product safety
failure
Significant lack of product control and traceability:
Rolling out blockchain technology, particularly for new food products in
the Carrefour Quality Lines, to ensure full traceability and guarantee total
transparency for consumers about where the products have come from.
All data
is recorded, processed and tracked using business apps
(TraceOne, the TBQ quality dashboard, sales tracking, supply chain
tracking, etc.).
Number of quality lines equipped
with blockchain:
2022: 69
2021: 55
Change: +25.4%
Failure to develop or comply with the specifications for Carrefour -
own‑‑brand products: the substances contained in the products are
constantly monitored. Based on scientific evidence, a detailed risk map is
drawn up by category and level of criticality. Information regarding
stakeholders’ concerns and expectations is gathered (informal contacts
with independent scientific experts by topic, monitoring of the food
industry, interviews with government departments in high‑risk countries,
monitoring of
health
authorities, etc.).
contacts with
publications,
laboratory
Public health: eliminating substances with controversial health and -
environmental effects: Carrefour conducts ongoing oversight to identify
and eliminate the presence of controversial substances in its products,
reduce the use of pesticides and remove GMOs.
Improving communication flows about product withdrawal and recall
procedures, particularly through messaging apps.
Implementing a blocking system for withdrawn or recalled products at
checkout.
Developing the quality culture in the Group through employee training
and awareness‑raising, regular monitoring of performance indicators,
on‑site audits and laboratory analysis of products.
Roll‑out in 2022 of the DEAVA project to detect short‑dated products and
optimise their end‑of‑life.
Hygiene standards in stores and/or warehouses: training is offered in -
food safety and Carrefour quality procedures.
A Hygiene and Quality Charter, distributed in the stores, presents
guidelines for food quality (cold chain management, training in hygiene
and quality best practices, etc.) and food safety (implementation of
remedial actions following standards compliance inspections).
Withdrawals and recalls: Redefining product withdrawal and recall
procedures and tools using systems such as Alertnet, which warns store
managers of non‑compliant products and blocks them at checkout.
Improving communication flows about product withdrawal and recall
procedures, particularly through messaging apps.
Implementing a blocking system for withdrawn or recalled products at
checkout.
Number of products withdrawn(1):
2022: 564
2021: 533
Change: +5.8%
% of Carrefour‑brand products
withdrawn:
2022: 50.2%
2021: 53%
Change: -5.3 pts
Number products recalled:
2022: 330
2021: 452
Change: -27%
% of Carrefour‑brand products
recalled:
2022: 18.5%
2021: 18%
Change: +2.8 pts
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Ratification of the joint declaration on preventive measures to protect
workers and consumers in the food retail industry during the Covid‑19
pandemic.
-
In September 2020, the Carrefour group launched labelling programmes,
for example for AFNOR certification in France and DNV GL in Brazil. These
programmes consist in checking and monitoring the Covid‑19 health
measures implemented at its stores, warehouses and across its supply
chain. The verification process mainly involves reminders of protective
measures, mask requirements, availability of hand sanitiser, installation of
plexiglass barriers, social distancing floor markers, and more frequent
cleaning and disinfection of equipment surfaces (basket handles, cart
handles, scanners, cash registers, etc.) and store space.
Risk of human rights violations
Failure to respect
the principles
of diversity and
to battle
discrimination
and harassment
Failure to respect
freedom of
association and
the right to social
dialogue
Signature in 2020 by Carrefour management and the trade unions of a
new gender equality in the workplace agreement covering operations in
France, in a commitment to facilitating the career development of
women.
Undertaking by Carrefour to foster diversity and inclusion by upholding
the charter of L’Autre Cercle, a non‑profit that advocates for the inclusion
of LGBT+ people in the workplace.
Deployment of the dedicated Empowering Women Leaders programme
aimed at increasing the percentage of women among Executive Directors,
which was renewed in 2023 with eight women executives.
Creation of an Engagement department in February 2022 to execute the
Group’s social responsibility vision, including a Diversity and Inclusion
section.
Preparation of a Diversity Policy in 2022, for deployment in all the Group’s
integrated countries in 2023.
Negotiations and collective bargaining agreements:
■
■
■
■
at the international level: agreement with international union federation
UNI Global Union guaranteeing basic rights in the workplace renewed
for three years in 2022;
at the European level: agreement to create the European Works
Council, the European Consultation and Information Committee (ECIC)
signed with the FIET (part of UNI Global Union since 2011). On
October 14, 2020, Carrefour presented its non‑financial information at a
meeting held by videoconference and attended by 50 representatives
worldwide;
at the national level: local collective bargaining agreements that frame
social dialogue;
discussions and consultations with employee and
representatives that go beyond legislative requirements and standards;
presence of staff representatives in the Group’s business activities.
trade union
■
In 2022, the ECIC met six times.
Percentage of women among
Executive Directors (top 200):
2022: 25%
2021: 24.7%
Change: +1 pt
% of management positions held
by women:
2022: 42.3%
2021: 42.5%
Change: -0.2 pts
Percentage of employees
recognised as having a disability:
2022: 3.7%
2021: 3.4%
Change: +0.3 pts
Number of agreements signed:
2022: 369
2021: 453
Change: -18.5%
% of employees covered by a
collective bargaining agreement:
2022: 99%
2021: 91%
Change: +8 pts
Failure to uphold
human rights and
fair pay
Carrefour has formally defined its commitments with regard to
responsible compensation policies, taking into account each host
country’s specific issues and conditions. The Group has defined the
following compensation goals applicable to all its host countries, which
aim to guarantee decent wages for all its employees and temporary
workers, as well as for all employees and temporary workers of its
franchisees:
Launch in 2022 of:
1. human rights mapping;
-
2.
a study on the living wages of employees across the Group’s nine
integrated countries.
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Risks of environmental damage
Contribution
and vulnerability
to climate change
Combating food waste:
Implementation of a variety of solutions to:
■
■
■
■
improve stock and order management, with a top‑40 ranking of
products by value or breakage rate. Use forecast sales and production
schedules adjustable for weather and other external events;
promote short‑dated products, with 30% to 60% markdowns, and sell
products up to one month beyond the best‑before date. Internal tools
are put in place to enable us to go further: weekly alerts on items at risk
of being wasted are sent to all store directors and managers in order to
prevent the risk and trigger initiatives to move such products in stores;
donate or sell at a discount unsold products to food banks, partnership
with Too Good To Go, etc.;
recover products that cannot be sold or donated and reuse them as
biowaste.
Helping stores become carbon neutral:
1.
energy efficiency: teams in Group host countries were issued a list of
five priority actions and technology recommendations for their stores:
doors for refrigeration units operating at 0°C to 8°C; electronic speed
controllers; low‑consumption LED lighting; submetering systems; and
phase‑out of high warming potential HFC refrigerants for cooling
systems.
In France, Carrefour has joined the signatories of the EcoWatt Charter,
which offers actionable ways to lower electricity use during peak
demand;
2.
reducing refrigerant emissions: Teams in Group host countries have
been issued with a list of five priority in‑store action and technology
recommendations: phasing out high‑impact HFC refrigerants for
limit
cooling systems,
refrigerant leaks, and using electronic speed controllers, low‑power
LED lighting and sub‑metering systems. The Group is committed to
reducing refrigerant‑related CO2 emissions by 2025 (versus 2010) by
phasing out hydrofluorocarbon
limiting
refrigerant leakage;
installing doors for cooling systems to
(HFC) refrigerants and
3. using electricity from renewable sources: increasing the Group’s
on‑site production of renewable energies. 10% of the energy
consumption (21 GWh) of stores equipped with photovoltaic systems
will be covered by the initiative.
Integrated stores in France, Italy and Belgium have been certified
ISO 50001.
Percentage reduction in food waste
(vs. 2016):
2022: -39.9%
2021: -28%
Change: +11.9 pts
Percentage of food waste
recovered:
2022: 57.8%
2021: 53.2%
Change: +4.6 pts
Number of meal equivalents of
unsold products donated to food
aid associations (in millions of meals):
2022: 45.6
2021: 44.1
Change: +3.4%
Number of baskets sold with TGTG:
2022: 3,437.8
2021: 3,449.5
Change: -0.3%
Change in Scope 1 and Scope 2 CO2
emissions since 2019:
2022: -29%
2021: -25.4%
Change: +3.6 pts
Total GHG emissions by source (in
thousands of tonnes of CO2 equivalent):
2022: 1,507
2021: 1,583
Change: +4.1%
Scope 1 (refrigerants, gas and
heating oil) (in thousands of tonnes
of CO2 equivalent):
2022: 582
2021: 575
Change: +1%
Scope 2 (electricity) (in thousands
of tonnes of CO2 equivalent):
2022: 631
2021: 701
Change: -10%
In‑store renewable electricity
consumption (kWh per sq.m. of sales
area):
2022: 1.9
2021: 1.5
Change: +22%
Goods transport:
Optimising logistics arrangements, distribution activities and non‑retail
activities to limit their environmental impact.
In France, Carrefour is modernising its fleet and developing PIEK‑certified
trucks running on biomethane that generate less pollution and noise
(under 60 dB).
Number of trucks running
on biomethane:
2022: 710
2021: 600
Change: +18.3%
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Pollution and
the impact of our
operations on
biodiversity
Water consumption:
In‑store water consumption is monitored and optimised in order to limit
the impact of activities on water resources.
With regard to the real estate business of Carrefour Property and Carmila
in France, Italy and Spain, the Group has introduced a sustainable
construction policy aligned with BREEAM Construction certification
standards, to ensure that buildings are designed and built
in a
commitment to safeguarding the environment, occupant health and
safety, and preserving biodiversity.
Managing store waste:
Carrefour is targeting minimum waste production and the recovery of
100% of store waste by 2025. To reach this goal, in‑depth work is being
carried out with the store teams to identify and instil best practices, and to
analyse and resolve shortcomings. Carrefour is also working with waste
management service providers to develop and improve recovery and
reuse processes for each type of material.
information on
For more
Section 2.2.7.3.2 Plastic pollution in the Group’s supply chains.
the Group’s plastics action plan, see
Amount of water consumed
(in millions of cu.m.):
2022: 12.2
2021: 11.5
Change: +6%(2)
Proportion of hypermarket and
supermarket waste recovered:
2022: 74.5%
2021: 68.4%
Change: +6 pts
Reducing the impact of packaging:
To reduce the impact of packaging, Carrefour is implementing an action
plan with the following areas of focus:
■
■
■
eliminating and reducing the use of packaging at source;
developing reuse and transforming the customer experience, with bulk
sales and packaging deposits;
improving packaging recyclability in accordance with national recycling
capabilities (e.g., the availability of sorting processes) and developing
substitutes for hard‑to‑recycle plastics.
To find out more about our plastics risk action plan, see Section 2.2.7.3.2
Plastic pollution in the Group’s supply chains.
Cumulative reduction of packaging
since 2017 (in tonnes):
2022: 16,390
2021: 10,906
Change: +50%
Number of stores offering the Loop
service:
2022: 23
2021: -
Number of Loop‑compatible SKUs:
2022: 47
2021: 43
Change: +9.30%
Percentage of Carrefour‑brand
packaging that is reusable,
recyclable or compostable(3):
2022: 57%
2021: 46%
Change: +11 pts
Biodiversity footprint measurement
currently under development.
Proportion of projects certified
to BREEAM New Construction
standards(4):
2022: 100%
2021: 100%
Biodiversity strategy. In 2022, the Group launched the SBTN Corporate
Engagement Programme, which enabled it to perform initial mapping of
its biodiversity impacts and dependencies, based on its activities. This
mapping helped us hone in on certain commodities that have a greater
impact on biodiversity than others. It should eventually serve as a basis for
drafting an action plan based on science‑based targets.
In the case of Carrefour Property’s real estate business, the Group has
introduced a sustainable construction and operation policy in France, Italy
and Spain that provides a framework for applying environmental best
practices at each stage in a building’s lifecycle. The policy is aligned with
BREEAM Construction certification standards, to ensure that buildings are
designed and built to safeguard the environment and protect occupant
health and safety.
% of sites certified to BREEAM
In‑Use standards:
2022: 94.2%
2021: 90.6%
Change: +3.6 pts
(1) Sales in the food, household and personal care sections.
(2) Increase stemming from the Group’s expansion in Brazil (particularly at Atacadão).
(3) Scope: 71% of 2022 consolidated gross sales. Non‑comparable BUs (FR only in 2021; ES, IT, PL and AR excl. in 2022).
(4) Scope: sites managed by Carmila in France, Italy and Spain.
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Risks to the health and safety of people
Occupational
health and
safety risks
in accordance with one of
Social audit for plants located in high‑risk or at‑risk countries. This audit is
compliant with ICS or BSCI standards. The audit must be performed by
an external service provider
the
above‑mentioned standards, with a required rating of A or B grade (C, D
and E ratings do not qualify).
See Section 2.2.3 Assessment measures.
Special requirements for Bangladesh: suppliers must be part of the
Accord group to be listed. The Accord group brings together brands and
organises the additional safety inspections that are mandatory for any
supplier seeking to be listed.
Quality,
compliance and
product safety
failure
Guarantee the quality and safety of Carrefour‑brand products:
■
■
■
If any non‑compliance
inclusion on Carrefour’s suppliers list requires a full assessment of
compliance with quality, health and safety standards (IFS, BRC), and
Carrefour requirements. After inclusion, regular audits are performed
on the suppliers’ premises.
is detected,
corrective measures are implemented, failing which the supplier may
be delisted (depending on the type of non‑compliance and its
seriousness);
Carrefour‑brand products are made to specifications drawn up by its
Quality department. Product specifications are shared with the
suppliers and provide details such as the origin of the raw material, the
recipe, etc. The substances contained in the products are constantly
monitored. Based on scientific evidence, a detailed risk map is drawn
Information regarding
level of criticality.
up by category and
stakeholders’ concerns and expectations is gathered (informal contacts
with independent scientific experts by topic, monitoring of the food
industry,
in high‑risk
countries, monitoring of laboratory publications, contacts with health
authorities, etc.);
for non‑food products, Global Sourcing’s quality teams visit sites
according to an inspection schedule set out by Carrefour in order to
check product quality compliance and provide on‑site surveillance
during production.
interviews with government departments
Percentage of audits with alerts
(potential production plants):
2022: 17%
2021: 14%
Change: +3 pts
Of which alerts related to health
and safety
2022: 30%
2021: 38%
Change: -8 pts
Number of social audits (active
and potential production plants):
2022: 1,418
2021: 918
Change: +54.5%
% of plants certified to IFS or BRC
standards(1):
2022: 78%
2021: 89%
Change: -11 pts
% of plants audited by Carrefour:
2022: 8%
2021: 11%
Change: -3 pts
% of plants audited by Carrefour
and graded A or B:
2022: 96%
2021: 95%
Change: +1 pt
% of plants audited by Carrefour
and graded C or D:
2022: 4%
2021: 4.3%
Change: -0.3 pts
(1) Scope: suppliers of Carrefour‑brand products purchased by the European purchasing centre.
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Risk of human rights violations
See in this table actions relating to:
■
(three
risk of failure to uphold human rights and fair pay across the entire
value chain;
sourcing of sensitive raw materials in the environmental risks section.
to five years) contracts
■
Long term
that support capital
‑
improvements by setting prices midway between conventional and
organic prices to offset the impact of lower productivity on producer
income. These contracts are offered in France, Romania and Taiwan.
Through its Carrefour Quality Lines, the Group established a new
three‑year partnership
to guarantee greater visibility and more
opportunities for suppliers. Under these deals, Carrefour commits to
guarantees on volume over several years and fairer compensation
through a jointly agreed purchase price that takes into account three key
factors: production costs, the fluctuating market prices of agricultural
products, and the technical aspects involved in meeting the higher
quality standards set out in the specifications of Carrefour Quality Line
products.
Carrefour is also developing business with SMEs with a simplified, highly
localised agreement, which in particular guarantees fair pricing. Partner
producers enjoy a close relationship with Carrefour, governed by a
special multi‑year contract with commitments on prices and volumes, a
simplified 48‑hour listing process and accelerated payments within seven
days.
Signature of “0 kilometre” agreements with small local producers and
creation of local food transition pacts in five Group host countries.
Social audit for plants located in high‑risk or at‑risk countries. This audit is
compliant with ICS or BSCI standards. See Section 2.2.3 Assessment
measures.
Social audit for plants located in high‑risk or at‑risk countries. This audit is
compliant with ICS or BSCI standards. See Section 2.2.3 Assessment
measures.
Sourcing
sensitive raw
materials
Lack of supply
chain resilience
Failure to
respect the
principles
of diversity
and to battle
discrimination
and harassment
Failure to
respect
freedom of
association
and the right to
social dialogue
Number of local partner producers:
2022: 3,716
2021: 2,840
Change: +30.8%
Number of partner organic producers:
2022: 3,637
2021: 3,538
Number of Carrefour Quality Lines
partner producers:
2022: 22,176
2021: 24,980
Change: -11.2%
Penetration rate of lines featuring an
Agroecology label within the Carrefour
Quality Lines (in fresh produce):
2022: 6.5%
2021: New
Number of contracts signed with local
or regional SMEs and VSEs:
2022: 4,038
2021: 3,400
Change: +18.8%
Percentage of audits with alerts
(potential production plants):
2022: 17%
2021: 14%
Change: +3 pts
Of which alerts related to working hours:
2022: 28%
2021: 27%
Change: +1 pt
Of which alerts related to compensation,
working conditions and benefits:
2022: 24%
2021: 22%
Change: +2 pts
Number of social audits (active
and potential production plants):
2022: 1,418
2021: 918
Change: +54.5%
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Failure to
uphold human
rights and fair
pay across the
entire value
chain
Human Rights Charter appended to Franchise agreements.
Stakeholder consultations and panels. Consultation with experts on living
wages: non‑profits, coalitions and companies involved: FIDH, Achact,
Global Living Wage Coalition, Ethical Trading Initiative, Fair Wage
Network, Fairtrade International, Etam, Bureau Veritas and Tesco.
Percentage of audits with alerts
(potential production plants):
2022: 17%
2021: 14%
Change: +3 pts
Environmental and human rights violations caused by cotton
production: cotton from Uzbekistan and Turkmenistan is banned by
Group procedures. Carrefour created an organic cotton production line
in the Madhya Pradesh region combining quality organic cotton, decent
pay for producers and traceability starting from the seed. The Group aims
to increase the share of organic cotton in its total supply, while raising
the standards of conventional cotton. Carrefour also applies blockchain
technology to certain TEX BIO textile products. Using a QR code,
consumers can access information that tracks the product pathway from
organic cotton production to distribution.
See also Section 2.2.7.3.3 Prevention of forced labour in the textile supply
chain (Xinjiang, Tamil Nadu)
Of which alerts related to working hours:
2022: 28%
2021: 27%
Change: +1 pt
Of which alerts related to compensation,
working conditions and benefits:
2022: 24%
2021: 22%
Change: +2 pts
Number of social audits (active
and potential production plants):
2022: 1,418
2021: 918
Change: +54.5%
Human rights violations caused by fruit and vegetable production:
Bananas: bananas are the most popular fruit sold in stores, but they are
subject to threats concerning climate change issues and human rights
abuses on plantations. As the leader in organic, fair‑trade bananas in
France, Carrefour works with its suppliers to develop this type of banana
production in response to these challenges. The Group also launched
two new French banana lines, one organic and one agroecological,
featuring blockchain technology. These lines create direct and indirect
jobs in the French Antilles and provide consumers with transparent
information about the production process.
Human rights violations caused by textile production:
Local projects in high‑risk regions (own‑brand suppliers) include:
1.
incorporating environmental requirements into the Good Factory
Standard;
2. project with the Institute of Public and Environmental Affairs (IPE) to
assess the environmental performance of production plants in
China;
3. Clean Water Project in Asia to prevent or counteract industrial
pollution risks.
In 2022, the Group tested the Worker Voice system (an ethics, or
whistleblowing hotline, dedicated to the problem of forced labour)
directly with workers at Carrefour’s main spinners in the Tamil Nadu
region of India.
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Risks of environmental damage
Sourcing
sensitive raw
materials
Maps of high‑risk raw materials are created and regularly updated (see
Section 2.1.2.2.2). The Group has implemented specific raw material
purchasing rules in concertation with the stakeholders (i.e., experts,
NGOs, customers, suppliers, public authorities, etc.). Known as “CSR and
Food Transition Procurement Rules”, they are regularly updated.
Carrefour takes action in its supply chains by setting requirements for its
direct suppliers and being involved at different levels in stakeholder
coalitions (e.g., Consumer Goods Forum, SoS Cerrado Manifesto, French
Soya Manifesto).
The Group has made it a priority to address the following risks:
Deforestation for conversion of land for agriculture: Carrefour has
taken on the co‑leadership of the Consumer Goods Forum Forest
Positive Coalition for Action and is a member of the working groups on
palm oil, wood, paper, beef and soy. This platform aims to collectively
mobilise suppliers to drive systemic change across supply chains.
See also Section 2.2.7.3.1 Beef and soy‑related deforestation in Brazil.
Palm oil: Carrefour has implemented a gradual action plan with its direct
suppliers, based on RSPO certification, to protect this supply chain in all
of the Group’s integrated countries. The first step involved requiring its
suppliers to provide certified mass balance raw materials in 2020.
the stricter segregated
tightened
Standards are now being
certification, which ensures full traceability from plantation to consumer
by 2022. In addition, Carrefour substitutes palm oil in its own‑brand
products when doing so improves the nutritional value of a product or to
meet consumer expectations.
to
Wood and paper: Carrefour has implemented a supply inspection system
based on a risk analysis of production countries. Ten product categories
that use the largest volumes of wood and paper are defined as priority. In
these ten categories, different certification or guarantees are required
(recycled, FSC certification, PEFC
depending on product origin
certification or specific audit).
Beef in Brazil: see the detailed action plans in Section 2.2.7.3.1 Beef and
soy‑related deforestation in Brazil.
Soy: See detailed action plans in Section 2.2.7.3.1.
A process initiated in Brazil, France, Italy and Romania in 2021 to raise
supplier awareness on soy‑related deforestation and conversion
challenges was continued in 2022. Training seminars and webinars with
in these countries, with the
local NGOs have been carried out
commodities and suppliers concerned, by type of product (milk, egg,
pork, etc.)
Sensitive raw materials:
Percent progress made in rolling out
action plans on sensitive raw materials:
2022: 61%
2021: 55%
Change: +6 pts
Sustainable forests:
Percentage of priority raw materials
committed to a risk reduction plan:
2022: 55%
2021: 50%
Change: +5 pts
Palm oil:
Percentage of palm oil used in
Carrefour‑brand products that is fully
traced (RSPO Segregated certified):
2022: 83.4%
2021: 82.1%
Change: +1.3 pts
Percentage of palm oil used in
Carrefour‑brand products certified RSPO
or equivalent:
2022: 99.9%
2021: 99.9%
Change: 0 pts
Wood and paper:
Percentage of Carrefour‑brand products
in ten priority categories sourced from
sustainable forests:
2022: 90.7%
2021: 80.2%
Change: +10.5 pts
Brazilian beef:
Percentage of Brazilian beef suppliers
that are geo‑monitored (system used
to monitor farms that supply
slaughterhouses directly) and comply
with the Group’s forest policy or are
committed to an ambitious
anti‑deforestation policy:
2022: 89.7%
2021: 86.9%
Change: +2.8 pts
Soy:
Percentage of Carrefour Quality Lines
and other key Carrefour‑brand products
that use zero‑deforestation soy as animal
feed:
2022: 19.7%
2021: 2.9%
Change: +16.8 pts
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Cocoa: Carrefour supports all its suppliers in meeting its objectives with a
Cocoa Commitment Charter describing its standards, in particular with
regards to deforestation prevention, traceability and transparency. The
Group is also a founding partner of the CEMOI Transparence Cacao
programme, which is helping to fight against deforestation while
improving the living and working conditions of cocoa farmers.
Cocoa:
Percentage of Carrefour‑brand
chocolate bars that comply with our
Sustainable Cocoa Charter:
2022: 31.4%
2021: 30.8%
Change: +0.6 pts
Biodiversity damage caused by the use of ocean resources and
aquaculture: Carrefour has implemented sourcing rules for seafood
products through a range of programmes. For example, Carrefour
Quality Lines were created to encourage the adherence of aquaculture
products to strict specifications. Certification, such as AB, MSC and ASC,
provides strict control of each step in the supply chain. And lastly,
low‑impact fishing techniques are promoted (no fish aggregating
devices, angling, etc.), and certain protected species including turtles and
sharks are prohibited from sale at Carrefour.
Traceability and assessment of traders:
Percentage of key traders assessed and
making progress towards complying with
our policy:
2022: 50%
2021: 50%
Change: 0 pts
Textiles: the Group has set several targets to ensure that the textile
fabrics and fibres used in its own‑brand products (e.g., lyocell, viscose) do
not contribute to deforestation and harm animal welfare.
In addition, in 2019, the Group joined the Fashion Pact, whose objectives,
based on scientific criteria, focus on three areas of action: halting global
warming, restoring ecosystems and protecting key species, and
protecting the oceans.
Sustainable fishing:
Percentage of controlled and
national‑brand products sourced from
sustainable fishing practices:
2022: 34.5%
2021: 35.1%
Change: -0.6 pts
Textiles:
Percentage of natural raw materials
for textiles that comply with our TEX
sustainability policy:
2022: 46.4%
2021: 41.6%
Change: +4.8 pts
Percentage of TEX products made
with organic cotton:
2022: 21%
2021: 18%
Change: +3 pts
Percentage of wood‑based fibres in our
TEX products that are deforestation‑free:
2022: 70.9%
2021: 40%
Change: +30.9 pts
Percentage of wool in our TEX products
that guarantees sheep welfare and
protects soils and ecosystems:
2022: 25.1%
2021: New
Percentage of cashmere used in our TEX
products that guarantees goat welfare
and comes from land that incorporates
strategies to reduce desertification:
2022: 100%
2021: 100%
Change: -
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Number of suppliers involved
in the 20 Megatonnes project:
2022: 51
2021: -
Number of suppliers committed
to the Food Transition Pact:
2022: 204
2021: 114
Change: +79%
Contribution
and
vulnerability to
climate change
Winning a commitment from own‑‑brand and national brand suppliers
to reduce their GHG emissions. Carrefour has set a target to reduce
emissions from goods and services purchased by 30% between 2019 and
2030. This target translates into savings of 20 megatonnes of CO2, in
collaboration with its suppliers. Carrefour is also targeting a reduction of
27.5% in its emissions from product use by 2030 (especially for fuel and
consumer electronics). To meet these targets, Carrefour will focus on:
■
■
■
encouraging the 100 biggest Carrefour suppliers to outline quantified
commitments to reduce CO2 in their direct scope and upstream.
Carrefour’s aim is for its 100 biggest suppliers to adopt a 1.5°C
trajectory consistent with the Science Based Targets initiative by 2026.
Carrefour has committed to delisting suppliers that fail to comply with
this condition;
reviewing the assortment of products available at Carrefour to reduce
the climate impact of the average basket;
reducing the climate impact of Carrefour‑brand products, by scaling
back packaging, combating deforestation and developing low‑carbon
farming practices.
Extension of the 20 Megatonnes project to European countries in 2022.
This project encourages suppliers to make commitments, measure CO2,
engage consumers and develop low‑carbon consumer habits.
Tackling deforestation:
See the section on the supply of sensitive raw materials in this table and
Section 2.2.7.3.1 Beef and soy‑related deforestation in Brazil.
Pollution and
biodiversity
impacts of
operations
with suppliers
Implementation of the Food Transition Pact to gain adherence from
national brand suppliers. The Food Transition Pact provides a platform for
exchanging information and best practices, developing opportunities for
collaboration with Carrefour and sharing progress with consumers. Its
key objectives are:
Number of suppliers committed
to the Food Transition Pact:
2022: 204
2021: 114
Change: +79%
■
■
■
packaging: limit the environmental impact of packaging by eliminating
unnecessary packaging, reducing packaging volumes and providing
clear information to consumers on how to recycle the packaging;
biodiversity: encourage environmentally friendly farming practices;
climate: guarantee a food system that is not harmful for the climate
and reduces the environmental impact.
See also Section 2.2.7.3.2 Plastic pollution in the Group’s supply chains.
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2.2.5 WHISTLEBLOWING FACILITIES
2.2.5.1 Description of whistleblowing
facilities
In 2022, the Group strengthened its policies and prioritised
actions to be taken based on reported alerts. Carrefour’s partners
and employees are all permanent conduits for raising the alert
when necessary. Reported alerts are divided into the following
categories:
trade union dialogue;
the ethics hotline, accessible to all employees and partners;
stakeholder dialogue and publications mentioning Carrefour;
alerts raised within the Food Transition Committee.
■
■
■
■
Alerts are analysed by various Group bodies depending on their
origin and processed by the relevant departments. Several
internally defined criteria are applied to prioritise alerts and
incident risks. Investigations are then conducted based on the
level of risk.
Alerts or incidents identified via the trade union dialogue. A
dispute management procedure is incorporated in the UNI
Global Union agreement. The procedure should be followed if a
dispute between a Carrefour entity and UNI Global Union relating
to the interpretation or application of the agreement cannot be
settled through dialogue. If breaches are confirmed, UNI Global
Union and its affiliated trade unions will ensure that the situation
is promptly remedied and that appropriate action is taken as
required by the situation.
The ethics hotline, accessible to all employees and partners. In
line with France’s Duty of Care law, Carrefour has deployed
whistleblowing and warning systems for reporting ethics risks or
suspected violations, designed
its
representative trade unions. In this way, any Group employee,
supplier or service provider can confidentially report situations or
behaviour that contravene Carrefour’s ethical principles. The
whistleblowing system is therefore one of the tools promoted
under the agreement between Carrefour and UNI Global Union.
in cooperation with
Confidentiality is assured at all stages of the process and
Carrefour has pledged not to take any disciplinary action against
an employee who reports an ethics issue in good faith. The
system helps Carrefour to prevent serious breaches of its
Principles of Ethics and to take the necessary measures when a
breach does take place.
identified by
All alerts
the Compliance departments are
processed and investigated, provided that a sufficient amount of
information is available. The country Ethics and Compliance
managers are responsible for relaying alerts to the appropriate
departments, depending on their nature. For example, alerts
related to fraud or theft are handled by the Security departments,
those related to corruption are processed by the Compliance
departments and alerts related to employee health and safety or
discrimination are handled by Human Resources. For serious
alerts, the alert is handled by the country Ethics Committees.
http://ethics.carrefour.com/
CCoouunnttrryy
Argentina
Belgium
Brazil
China
France
Italy
Poland
Romania
Spain
Taiwan
Cambodia
Hong Kong
India
Turkey
Vietnam
PPhhoonnee SStteepp 11
PPhhoonnee SStteepp 22
0 800 444 4744
0 800 100 10
855 409 0182
0 800 892 0708
400 601 365 2
0 800 90 85 62
800 78 32 10
00 800 151 0163
800 400 836
900 814 793
00 801 102 880
855 409 0182
1 800 209 354
800 96 1764
000 117
855 409 0182
0 811 288 0001
1 228 0288 or 1 201 0288
855 409 0182
855 409 0182
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Stakeholder dialogue, publications mentioning the Carrefour
group and alerts handled by the Food Transition Committee.
The Group has set up a task force to identify and deal with the
different alerts associated with Carrefour’s operations. Alerts may
involve any of Carrefour’s societal challenges (issues relating to
governance, compliance, and labour, ethical or environmental
problems). The task force is in charge of investigating reported
alerts and making sure that the most appropriate corrective
action plans are implemented if a breach is confirmed.
The alerts are identified by the task force through stakeholder
dialogue, publications mentioning the Carrefour group (thematic
rankings, reports, press articles) and industry‑related alerts. Task
force members keep a permanent watch on the alerts and
monitor any changes. Following the identification of an alert, the
relevant functions are tasked with conducting an investigation,
defining an appropriate response and specifying any action plans
or processes to be put in place to mitigate the risk. The duty of
care plan is regularly monitored by the various governance
bodies (see Section 2.2.1 Governance of the duty of care plan).
2.2.5.2 Types of alerts
Alerts reported through the ethics hotline. In 2022, 5,909 alerts were received, most of which were reported through the local alert
channels (82.3%). The remaining alerts were reported via hierarchical channels, e‑mail or post.
AAlleerrttss bbyy ccaatteeggoorryy iinn 22002222
PPeerrcceennttaaggee ooff aalleerrttss rreecceeiivveedd
Human resources (other than discrimination and harassment)
Other
Theft, fraud and misappropriation of funds
Discrimination or harassment
Corruption and conflict of interest
Health and safety
Antitrust and unfair trade practices
Environmental issues
TOTAL
62.9%
(1)
13.6%
(2)
13.1%
7.9%
1.2%
1.1%
0.1%
0.1%
100%
(1) Do not represent breaches of the Group’s Principles of Ethics.
(2) Alerts not within the scope of the categories in the table above, and which do not concern human rights or accountability, for which the
percentage of alerts received is 0%. Do not concern the consolidated scope or referred to customer services.
Alerts raised through stakeholder dialogue, publications
mentioning the Carrefour group and alerts handled by the Food
Transition Committee. The competent authorities – social
dialogue bodies, the committee on Purchasing Rules for the
Food Transition, and other bodies at the Group or country level,
depending on the case – are called upon to deal with the
reported alerts. In 2022, some 50 alerts on various matters
related to products sold or supply chains were handled by the
committee on Purchasing Rules for the Food Transition.
FIGURE 5: BREAKDOWN BY CATEGORY OF ALERTS HANDLED
BY THE COMMITTEE ON PURCHASING RULES FOR THE
FOOD TRANSITION
Animal welfare
17%
Environment
2%
Plastics
9%
Health
and quality
11%
Sustainable fishing
2%
Climate
2%
Deforestation
24%
Human rights
33%
In 2022, as in 2021, the alert categories most often handled by
the committee on Purchasing Rules for the Food Transition
concerned deforestation and human rights. Our action plans
addressing these issues are presented in detail in Section 2.2.7.3
Specific action plans related to recurring alerts in 2022.
For the other issues shown in the above chart for 2022, the alerts
that were handled are described in Section 2.2.7.2 Review of
alerts received in 2022.
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2.2.6 MONITORING SYSTEM FOR MEASURES IMPLEMENTED
The Duty of Care law requires companies to set up a system to track the measures undertaken and assess their effectiveness. Carrefour
has indicators in place to gauge the appropriateness and effectiveness of measures designed to prevent and mitigate risks of harm to
human health and safety, human rights and the environment. These indicators are described in Section 2.2.4 Presentation of prevention
and mitigation measures for identified risks.
2.2.7 REPORT ON THE 2022 DUTY OF CARE PLAN
2.2.7.1 Main measures implemented in 2022
TTyyppeess ooff rriisskkss
MMeeaassuurreess iimmpplleemmeenntteedd iinn 22002222
Risks to the health and safety of people
Quality, compliance and product safety failure
Risk of human rights violations
Failure to respect the principles of diversity and to battle
discrimination and harassment
Failure to respect freedom of association and the right to social
dialogue
Failure to uphold human rights and fair pay across the entire value
chain
Risks of environmental damage
Sourcing sensitive raw materials
Contribution and vulnerability to climate change
Pollution and the impact of our operations on biodiversity
■
Roll‑out of the DEAVA project to detect short‑dated products
and optimise their end‑of‑life
■
■
■
■
■
■
■
■
■
■
■
■
Publication of a Group Diversity Policy
Creation of an Engagement department for the Group
Renewal of the agreement between Carrefour and UNI Global
Union
Launch of human rights mapping
Launch of the Group’s Living Wage Assessment
Implementation of the Worker Voice ethics whistleblowing
system in spinning mills in India’s Tamil Nadu region.
New policy to combat deforestation in Brazil.
In 2022, Carrefour Brazil, IDH (Sustainable Trade Initiative) and
CNA (Brazilian Confederation of Agriculture and Livestock) have
developed a project, deployed in one store to date, ensuring
complete traceability of Brazilian livestock production, from the
birth of the calf to the end consumer, taking account of
inclusion, transparency and data protection. Based on this pilot,
a protocol was devised to enable other stakeholders to
implement the same practices.
Commitment of the Group’s largest suppliers to a 1.5°C
trajectory by 2026 under penalty of delisting
Extension of the 20 Megatonnes project to Europe
Launch of the Science Based Targets for Nature programme
Mapping of risks specific to plastic processing in the Group (see
Section 2.2.7.3.2 Plastic pollution in the Group’s supply chains).
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2.2.7.2 Review of alerts received in 2022
RRiisskkss
ccoovveerreedd
Human
rights
MMaanniiffeessttaattiioonn ooff rriisskk oorr
aalleerrttss iiddeennttiififieedd iinn 22002222
Working condition
requirements for tomato
production in Italy
(January 2022)
Human
rights
Condemnation of the
working conditions of
workers in the Tamil Nadu
region of India
(March 2022)
Health
and safety
Withdrawal of Buitoni,
Ferrero and Kinder brand
products from Carrefour’s
shelves (April 2022)
AAddddiittiioonnaall mmeeaassuurreess iinn 22002222 aanndd ddeevveellooppmmeenntt ooff eexxiissttiinngg aaccttiioonn ppllaannss
Alert issued by the Coop Nordics Group, which comprises four Northern European
distribution cooperatives, concerning the working conditions observed in Italian tomato
production.
A report by the CBL Dutch Food Retail Association revealed serious human rights abuses in
the Italian supply chain (the world’s third‑largest producer of tomatoes for processing).
All contracts between Carrefour and its suppliers include an Ethics Charter that, among
other things, addresses working conditions for staff. The Group is committed to helping its
suppliers with the implementation of the charter and the associated corrective action plans.
However, if one of the Group’s suppliers is found to be in breach of the law and the
principles of the charter, the business relationship may be terminated.
Alert issued by the Business & Human Rights Resource Centre (BHRRC) following the
publication of a research report drawn up on the basis of the testimonies of female
clothing‑industry workers employed in 31 Indian factories. These factories reportedly supply
international brands including Carrefour.
In 2021 and 2022, the Carrefour group strengthened its measures in sensitive supply regions
through more extensive mapping. These measures cover the entire value chain and are
reinforced locally in the highest‑risk areas, such as the Tamil Nadu region.
The Group has rolled out ambitious targets in these regions, for example, to ensure that all
tier 1 suppliers receive frequent visits from Carrefour’s local teams and are subject to
unannounced audits by interdependent bodies of their compliance with labour standards.
Also, all sourcing plants located in high‑risk or at‑risk countries must undergo a social audit
compliant with ICS or BSCI standards.
In 2022, a new whistleblowing channel was developed to help workers report their alerts
anonymously through the Worker Voice system in the Tamil Nadu region. This practice goes
further than the auditing of labour standards and allows alerts made directly by workers in
the mills to be identified. In addition, anonymous surveys are now conducted with a view to
improving our understanding of concerns about forced labour, working hours and pay.
For more information on Carrefour’s action plans addressing issues in its textile supply
chains, see Section 2.2.7.3.3 Prevention of forced labour in the textile supply chain.
In early 2022, the presence of E‑Coli bacteria was detected in frozen pizza dough from
Buitoni’s Fraich’Up range. Buitoni subsequently recalled all pizzas in its Fraich’Up range. A
few months later, Kinder brand products manufactured by Ferrero were withdrawn after
cases of salmonella were detected in Europe.
Whenever there is a product recall, Carrefour’s prime concern is to withdraw the products in
question from the market so that they can no longer be purchased by consumers in its
stores or online.
Notices are displayed in stores and information on all recalls is made available on the
Carrefour.fr website. In the event of major crises that could put consumer health or safety at
serious risk, text messages and/or emails are sent to Carrefour loyalty card holders. This
approach was taken for the Buitoni and Ferrero/Kinder crises in April 2022.
To verify the proper application of withdrawal/recall procedures, including the display of
notices at the customer service desk and in the relevant departments, independent bodies
audit the Group’s stores at least twice each year. If discrepancies are identified, the stores in
question must implement action plans to be monitored by the Quality department and line
management. The staff also receive regular training on the withdrawal/recall process. The
Quality department regularly conducts awareness‑raising in stores. E‑commerce customers
are automatically notified by e‑mail in the event of a product withdrawal/recall.
Lastly, if there is a major crisis, an alert banner is activated on the Carrefour.fr website.
In addition to these measures, Carrefour ensures the quality and safety of its own‑brand
products throughout the production and distribution chain by means of a comprehensive
action plan: checking Carrefour‑brand product specifications, auditing all Carrefour‑brand
product manufacturing sites (IFS, BRC or audited certification carried out by Carrefour),
implementing in‑store quality processes and alert and withdrawal systems.
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RRiisskkss
ccoovveerreedd
MMaanniiffeessttaattiioonn ooff rriisskk oorr
aalleerrttss iiddeennttiififieedd iinn 22002222
Environment Publication of two reports
by NGO Mighty Earth
linking Carrefour to
deforestation in Brazil
(September
and November 2022)
Environment Formal notice issued to
the Group on plastic
pollution
(September 2022)
Health
and safety
Labelling of products
associated with the crisis
in Ukraine (March 2022)
AAddddiittiioonnaall mmeeaassuurreess iinn 22002222 aanndd ddeevveellooppmmeenntt ooff eexxiissttiinngg aaccttiioonn ppllaannss
Publication of “Carrefour is smoking us out”, a report by NGO Mighty Earth concerning the
links between Carrefour and supplier JBS, frequently targeted for cases of illegal
deforestation in its supply chain.
Following release of the first report, the Group activated an internal whistleblowing
procedure. After the second report appeared, an investigation was launched to assess the
compliance of the accused suppliers. In addition, merchandise flows are being examined to
assess the functioning of the Group’s blocking procedures.
Carrefour Brazil has adopted a new Forest Plan including the establishment of measures for
areas at risk of deforestation, defined with stakeholders and experts on deforestation in
Brazil.
For more information on Carrefour’s action plans addressing cattle‑related deforestation in
Brazil, see Section 2.2.7.3.1 Beef and soy‑related deforestation in Brazil.
The Group has been issued with formal notice by the NGOs ClientEarth, Surfrider
Foundation Europe and Zero Waste France and France Nature Environnement, which are
calling for more ambitious action plans to identify risks and prevent plastic‑related damage.
Carrefour has been committed to reducing plastic packaging for several years. It has already
eliminated more than 16,000 tonnes of plastic since 2017 and aims to increase that volume
to a total of 20,000 tonnes by 2025. By signing the National Pact on Plastic Packaging,
Carrefour has pledged to implement measures to reduce plastic and promote a more
circular economy. In 2022, as part of the Group’s new strategic plan, Carrefour announced
its goal of switching to reusable, recyclable or compostable packaging for its entire
own‑brand product range by 2025.
To achieve its goals the Group can leverage several measures including reuse, reduction of
plastic packaging, facilitation of collection and recycling, and incorporation of more
recycled material.
To find out more about the Group’s plastics action plans, see Section 2.2.7.3.2 Plastic
pollution in the Group’s supply chains.
The crisis in Ukraine has highlighted the difficulty of sourcing certain products used to
manufacture foodstuffs. With that in mind, France’s Directorate‑General for Competition
Policy, Consumer Affairs and Fraud Control (DGCCRF) has introduced a scheme to promote
transparency in product labelling to ensure the best possible information is available to
consumers. Shortages of certain commodities (oil, lecithin, etc.) have made recipe changes
necessary, but it was not possible to print new packaging in time.
As a result, the DGCCRF has allowed several temporary exemptions for a maximum period
of six months. By the end of 2022, more than 250 exemptions had been granted for
Carrefour‑brand products (i.e., 5% of the total exemptions granted). The granting of these
temporary exemptions has now been extended for the avian influenza crisis in France,
where a measure of flexibility is now allowed in order to meet labelling requirements.
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2.2.7.3 Specific action plans related
to recurring alerts in 2022
2.2.7.3.1 Beef and soy‑related deforestation
in Brazil
1 Background
Carrefour is focusing in particular on raw materials with the
highest level of risk based on a Group analysis, engagement with
key stakeholders and the materiality of the products in its
supplies. Brazilian beef and soy have been designated as priority
raw materials as part of the Group’s policy to combat
deforestation and the conversion of ecosystems:
■
■
Brazilian beef is primarily sold in our stores in Brazil. More than
half is sold in unprocessed form, as fresh or frozen meat
(steaks, minced meat, etc.). Carrefour Brazil sells approximately
53,000 tonnes of unprocessed beef each year;
soy, in all its forms (sprouted soybeans, beans, soybean
oil, etc.), is a common ingredient in many foods. However,
almost three‑quarters of worldwide soybean production is
used as a source of protein in animal feed. Soy is thus used
indirectly in the production of dairy products, as well as in
poultry, eggs, pork, beef and farmed fish.
2 Group objectives
2.1 THE CARREFOUR GROUP’S COMMITMENTS
AND OBJECTIVES ON BRAZILIAN BEEF
The Group’s objectives are as follows:
■
■
■
all direct beef suppliers in Brazil are to be geo‑monitored by
2025. The scope of this objective covers suppliers of fresh,
frozen and processed meat, distributors, and Carrefour Brazil
and Atacadão warehouses. This system is designed to ensure
that all the ranches that directly supply Carrefour supplier
slaughterhouses are geo‑monitored;
all key traders are to be assessed and on track to be compliant
with the forest policy or committed to other ambitious
anti‑deforestation policies by 2025;
in Brazil, Carrefour‑branded beef will be zero deforestation by
2026, by moving out of at‑risk areas and delisting any farms
located in these areas. This commitment will apply in the same
way to other brands sold in Carrefour stores by 2030.
Through these objectives, Carrefour is committed to reducing
the risk of deforestation linked to “direct” ranches (i.e., that
directly supply the Group’s supplier slaughterhouses) and, in the
longer run, the risk of deforestation linked to “indirect” ranches,
in particular by phasing out the most at‑risk volumes.
2.2 THE CARREFOUR GROUP’S COMMITMENTS ON SOY
The Group’s first step in addressing the challenges of soy‑related
deforestation and conversion was to focus on the Carrefour
Quality Lines in each host country, with the goal of developing at
least one zero‑deforestation livestock chain per country by the
end of 2020. The objective was achieved in each country, and at
the end of 2020, the Group had a total of 20 soy‑based,
deforestation‑free supply lines. This made it possible to introduce
local supply lines and/or develop alternatives to soy in animal
feed. In 2021, the Group stepped up its ambition by setting the
following objectives:
■
■
traders
(intermediaries
all key
in agricultural
commodities near the beginning of the supply chain) must be
assessed and be making progress towards complying with
Group policy;
trading
all key products must use deforestation‑free soy for livestock
feed by 2025. The products concerned by the commitment are
Carrefour Quality Lines products and Carrefour‑brand products
for the following unprocessed fresh and frozen products:
chicken, turkey, pork, beef, veal, lamb, salmon, eggs, milk and
minced meat. To comply with the commitment, the soy
indirectly contained in animal feed products must meet one of
the following criteria:
■ soy replaced by alternative proteins,
■ soy sourced from a local, deforestation‑free farm,
■ soy certified deforestation‑free with full traceability,
■ sourced from a region with no deforestation or conversion
risk,
■ sourced from a field project with a landscape approach;
■
to offer an alternative to animal proteins, Carrefour is also
developing vegetarian and vegan ranges in every country. It
hopes to Increase sales of plant‑based products in Europe to
500 million euros by 2026, (65% more than in 2022).
As part of the Consumer Goods Forum, Carrefour is committed
to working collectively to fight soy‑related deforestation. The
Consumer Goods Forum’s (CGF) Forest Positive Coalition of
Action calls for member retailers to implement the following
requirements and assess the progress of upstream players
(suppliers and traders) towards compliance with them:
a public deforestation- and conversion‑free commitment
across the entire soy commodity business, including a public
time‑bound action plan with clear milestones;
a set process for continued action from and dialogue with
direct suppliers and traders;
a mechanism for identifying and responding to grievances;
support for initiatives delivering forest positive development;
regular reporting on the main Key Performance Indicators.
■
■
■
■
■
3/ Action plans
3.1 CARREFOUR’S ACTION PLAN FOR BRAZILIAN BEEF
The Forest Committee and investing to combat deforestation
To support deployment of its anti‑deforestation policy, in 2022,
Carrefour Brazil set up a Forest Committee and pledged to invest
10 million euros to combat deforestation. The Forest Committee
brings together a variety of experts in the field of combatting
deforestation in Brazil, whose role is to support Carrefour in
defining its anti‑deforestation strategy, by identifying priorities for
action and assessing the Group’s progress in meeting its
objectives. The committee is also helping to define funding
priorities for the investment in fighting against deforestation.
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Geo‑monitoring of Carrefour Brazil and Atacadão suppliers
To assess the compliance of ranches directly supplying its
supplier slaughterhouses in Brazil, Carrefour is deploying its
geo‑monitoring system to ensure that five priority procurement
criteria are met. Supplies must not originate in regions:
1.
affected by deforestation;
2. under environmental embargo;
3.
located in conservation units;
4. corresponding to land belonging to indigenous populations;
5. or where illegal work is practised.
terms,
is how Carrefour
the Group’s purchasing data are
In practical
cross‑checked in the tool against official deforestation maps (in
Amazonia and Cerrado), protected areas and indigenous lands.
This
its
anti‑deforestation policy and ensures the compliance of products
sold in stores. Carrefour works with its suppliers to identify any
cases of cattle rancher non‑compliance and can take appropriate
business decisions as needed.
suppliers
involves
its
in
In addition to geo‑monitoring, Carrefour conducts investigations
when alerts are received by stakeholders. In the event of
non‑compliance by a supplier, Carrefour has defined a series of
measures that include suspending supplies that do not offer the
requisite guarantees and transparency.
As part of a continuous improvement process, merchandise
flows are being examined to assess the functioning of the
Group’s banning procedures.
Securing the engagement of large meat producers and
reducing risks from indirect ranches
To underpin its policy, Carrefour Brazil has distributed a termo de
compromisso (engagement letter) among its Brazilian beef
suppliers inviting them to undertake a common commitment.
This document describes the rules that suppliers should observe
in their direct and indirect supply chain, the verification process
and the consequences of non‑compliance. Suppliers are asked
individually to sign the agreement.
to be 100% traceable, from birth to butcher. The product is sold
under the Carrefour Quality Lines brand at an affordable price in
the São Paulo region with a QR code that provides full
to
traceability. This first phase
demonstrate the feasibility of this type of supply chain. Based on
the pilot, a protocol was devised to enable other stakeholders to
implement the same practices.
in Brazil was designed
Local collective initiatives to galvanise the market
The Group is involved in numerous collective platforms at the
national level in France and Brazil, as well as at the international
level, as part of a joint effort to fight local or imported
deforestation. In Brazil, Carrefour is involved in the following
initiatives:
■
■
■
■
implementation of
for Forests and
the Collaboration
Agriculture (CFA) Operational Guidance – an initiative that is
the product of a collaboration between the World Wildlife
Fund (WWF®), The Nature Conservancy (TNC) and the National
Wildlife Federation (NWF), funded by the Gordon & Betty
Moore Foundation. This program helps businesses implement
deforestation- and conversion‑free (DCF) commitments for
beef and soy in the Amazonia, Cerrado and Chaco biomes;
member of the working group on sustainable cattle (GTPS)
since its creation in 2007;
the Amazonian Soy Moratorium, since the initial report was
published in 2006. This agreement has yielded positive results
for the protection of the Amazonian region, and Carrefour
encourages expanding it to other biomes;
Carrefour works with different states through various field
projects, such as the sustainable calf production programme in
Mato Grosso or the implementation of a state‑wide traceability
programme in Pará.
3.2 CARREFOUR’S ACTION PLAN FOR SOY
In order to reduce the impact of soy on forests and ecosystems,
Carrefour acts on several fronts to heighten market standards,
i.e., by focusing on its own supplies or working together with
supply chain intermediaries and key stakeholders. In procuring
supplies, the Group applies the following guidelines:
In addition to this individual approach, Carrefour is taking
collective action vis-à-vis beef producers: It supported the
establishment of a Beef Working Group within the Consumer
Goods Forum. One of the objectives of this coalition is to
leverage concrete, collective action to monitor indirect suppliers.
Carrefour’s aim is to assess the capacity of slaughterhouses to
implement solutions for controlling indirect suppliers.
■
■
■
■
use of traceable non‑GMO soy not linked to deforestation;
development of local non‑GMO soy chains;
use of ProTerra‑type certification with full traceability;
development of vegetarian/vegan ranges through Carrefour
Veggie products offering an alternative to animal proteins.
Carrefour Brazil is also working with the National Wildlife
Federation to initiate traceability with two of its suppliers in the
priority states of Mato Grosso and Pará. This is the only existing
pilot project concerning indirect supplier traceability.
Lastly, in 2022 the Carrefour Foundation initiated a field project
with the IDH Foundation – Sustainable Trade Initiative and the
Brazilian Agriculture and Livestock Confederation (CNA) to
support 450 calf‑supplier ranches in the state of Mato Grosso in
Amazonia. The project is aimed at changing practices in the early
stages of cattle production (i.e., the
indirect ranches) by
improving the productivity of a group of ranchers to combat
deforestation. Since 2019,
the Carrefour Foundation has
earmarked over 1.3 million euros for this project. After two years
of effort across various links of the supply chain (producer,
slaughterhouse, government authorities, non‑profits, etc.), the
project, which was launched in 2019, produced its first batch of
deforestation‑free beef in July 2021. Today, a portion of the
calves produced by these ranches is completely traceable right
to a given Carrefour store. The pilot programme
is a
breakthrough for the Brazilian beef industry: the meat is the first
Collaboration with stakeholders to establish common rules
At the international level, and in line with the Consumer Goods
Forum (CGF), Carrefour has committed to the goal of reaching zero
deforestation by 2020. To step up this commitment and help drive
systemic changes with all market stakeholders, the Group took the
co‑lead of the Consumer Goods Forum’s Forest Positive Coalition of
Action in 2020. The coalition’s objective is to speed up efforts to
eliminate deforestation from individual company supply chains and
to implement collective solutions. Through collective action, the
coalition aims to set higher standards, drive transformational change
in key host communities and report on progress transparently.
Carrefour and the other coalition member companies establish joint
requirements for reducing the risks of deforestation from their soy
business activities. The requirements not only include criteria for soy
at the production stage, but also requirements for members to
inform suppliers and assess their progress. Lastly, the coalition has
set out expectations for soy traders and adopted a method for
assessing their progress towards meeting them. A dialogue process
has also been set up to encourage traders to change their practices.
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In consumer markets, Carrefour’s goal is to develop common
practices with its entire ecosystem. The Group is part of the
National Strategy to Combat Imported Deforestation (SNDI) and
has participated in the Scientific and Technical Committee for
Forests (CST) dedicated to soy.
At the end of 2020, Carrefour joined with other French retailers
in a joint commitment to eliminate deforestation and ecosystem
conversion from their soy supply chains. This alignment of views
“committing French
led
supermarkets to fight against imported soy‑driven deforestation”.
Under the manifesto, Carrefour made a commitment to:
the signing of a manifesto
to
■
■
implement specifications for its own‑brand products, including
deforestation- and conversion‑free criteria across all products
(poultry, eggs, pork, beef, veal, fish, lamb, dairy products and
minced meat [fresh and frozen]);
request own‑brand suppliers
include a conversion/
deforestation‑free clause taking into account the January 1,
2020 deadline and urging national‑brand products to deploy
these commitments.
to
One year after the launch of the manifesto, Carrefour has
engaged with all of its suppliers through webinars, bilateral
meetings and official letters from the Group Merchandise
Director. Thanks to this engagement, 22% of the own‑brand
products covered by our action plan in France now come with a
guarantee of non‑deforestation. These volumes
include
Carrefour Quality Lines and key Carrefour‑brands of unprocessed
frozen and fresh chicken, turkey, pork, beef, veal, lamb, salmon,
eggs, milk and minced meat (excluding deli meats) from animals
fed with local soy, certified soy or soy with full traceability
guaranteeing deforestation‑free origin. In collaboration with key
stakeholders and the SNDI, Carrefour helped to develop and
launch a tool for assessing the risks of deforestation linked to soy
imports in France. Thanks to this tool, it is possible to assess the
sourcing risk in France based on the origin of the soy and the
importer.
the Group participates
In Brazilian production areas,
in
collective initiatives to develop synergies with all stakeholders
(suppliers, competing distributors, raw material traders, regional
and national governments, scientists, NGOs, data and service
providers), in particular the Cerrado Working group (GTC) and
the Amazonian Soy Moratorium.
Engaging traders to drive market change: In order to change
practices upstream to its supply chain, Carrefour engages in a
dialogue with the main soy importers at various levels via
involvement in collective initiatives as well as local bilateral
exchanges. As part of the Consumer Goods Forum forest
coalition, Carrefour supports the implementation of higher
standards for traders. A shared assessment system has been
developed to monitor and engage with traders and to allow
companies to source their supplies from the most responsible
traders. Following the resurgence of forest fires during the
summer, the CEO of Carrefour Brazil wrote to the CEOs of
Cargill, Bunge and the main beef manufacturers to reaffirm the
reducing deforestation. Bilateral
Group’s commitment
meetings are held on a regular basis, and the monitoring of each
Company’s action plans is carried out by a specific committee
that reports directly to the Executive Committee of Carrefour
Brazil.
to
2.2.7.3.2 Plastic pollution
1/ Context and recurring alerts
Plastics are at the crossroads of environmental and health issues.
Plastic pollution impacts both aquatic and terrestrial ecosystems.
In addition, some plastics can have an impact on human health,
particularly due to their additives content. The health impact of
plastic pollution, particularly microplastics, is being researched.
Plastics are used in many aspects of the business operations of
both the Group and its suppliers, for example, in products,
packaging (cups, trays, films), shipping packaging and sales
displays. To mitigate plastic pollution, Carrefour has prioritised
the actions to reduce, recover and reuse store waste and to
reduce, reuse and recycle plastic and other own‑brand product
packaging.
In 2019, the Carrefour group was a signatory of France’s National
Pact on Plastic Packaging. Then, in March 2020, it joined the
European Plastics Pact, which brings together governments and
companies that are pioneers in reusing and recycling single‑use
plastic products and packaging. With this in mind, in July 2021,
the Group reaffirmed the targets set in 2017 for the year 2025: to
avoid 20,000 tonnes of packaging, to incorporate 30% recycled
plastic into its packaging, and to ensure that all packaging is
reusable, recyclable or compostable. Carrefour’s policy therefore
seeks to reduce the quantity of packaging it places on the market
as well to improve the use and ultimate disposal of the packaging
that remains necessary, by guaranteeing, for example, its re‑use
or recycling.
In 2022, 6% of alerts handled by the committee on CSR
Purchasing Rules for the Food Transition concerned plastic
packaging. In September, four NGOs issued the Group with
formal notice under its duty of care plan on the risk linked to the
use of plastic. These NGOs argue that the Group’s size and
market
influence give Carrefour the capacity to positively
influence the food retail sector.
In 2022, Carrefour conducted a macro‑analysis of the impacts of
plastic directly related to Carrefour’s operations in key stages of
the supply chain, taking into account the treatment capacity in
countries where the Group operates. The results of the analysis
are presented in the figure below.
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Plastic risk mapping
Carrefour's
value chain
IDENTIFIED PLASTIC RISKS
Visual representation of the amount of plastic
present at each stage of the value chain
Upstream
Transport
and logistics
Stores
and visitors
Products
e.g., fi shing nets,
garden tarps
e.g., plastic foil,
bubble wrap
e.g., POS, plastic bags,
gloves, bins
e.g., primary/secondary
products and packaging
Plastic manufacturing
Products sold make up for an estimated 90% of the plastic manufactured and used as part of the Group’s activities,
and 80% of this plastic comes from packaging.
The main impacts linked to the manufacture of plastics include soil and water pollution during oil extraction and energy consumption and GHG emissions during
its transformation into plastic as well as polluting emissions in the air.
End-of-life plastics
When it comes to end-of-life plastics, processing and recycling capacities in the countries in which the Group operates and
the quantity of plastic involved in each country determine the risks. An estimated 20% of the plastic manufactured and used
throughout the value chain is recycled, 38% is incinerated, 56% is sent to landfi lls, and 6% is uncollected. Indeed, the recycling
rate of plastic, especially plastic not derived from household waste, varies from country to country, from 1% in Brazil to 26% in
France and 47% in Spain. These three priority countries for the Group together represent more than 3/4 of the volume of
plastics produced.
The main impacts related to end-of-life plastics include air pollution and GHG emissions when the end-of-life plastic is incinerated at the end of its life
or soil and water pollution in case of burial or discharge into nature.
Released microplastics
Microplastics can be released at diff erent stages of the value chain. They can be released into the air, by the use of
vehicles for the transport of goods or the movement of visitors. They can also be released into the water, for example
through the washing of clothes.
The main impacts linked to the release of microplastics include air, soil, and water pollution.
Migration of toxic substances
Prolonged interaction of plastics with liquid or moist food products may result in the migration of sensitive substances
into the food, particularly in connection with the presence of additives. Rare non-food products may present the same
risk of transfer.
The main impacts related to migration of toxic substances include adverse eff ects on human health through the migration of toxic substances from plastic
packaging into food.
2/ The Group’s commitments and objectives
50 new “bulk” experiences by 2025.
■
In 2021, when the first progress report of France’s National Pact
on Plastic Packaging was published, the Group reaffirmed its
commitment to achieve the targets set:
■
■
■
■
■
■
100% of Carrefour‑brand packaging that is reusable, recyclable
or compostable by 2025;
20,000 tonnes of packaging avoided, including 15,000 tonnes
of plastic packaging by 2025;
30% of packaging using recycled plastic by 2025;
150 million euros in bulk and returnable sales in 2026 (five‑fold
increase vs. 2022);
1,000 reusable packaging solutions available in‑store by 2025;
500 stores equipped with a reusable packaging system by
2025;
3/ Action plans
achieve
the abovementioned
To
is
implementing its commitments in each country through action
plans with the following focuses:
targets, Carrefour
■
reducing plastic packaging in every store aisle. In addition, the
Group has analysed irritants encountered during the shopper
experience in France and Spain. Based on the findings,
priorities have been set to eliminate the use of plastics, such as
fruit and vegetable
organic product packaging, plastic
wrapping, bakery and pastry packaging, and
individual
packaging;
■
encouraging reuse: the Group has been a pioneer in deploying
reusable packaging solutions, with several dozen stores already
equipped in every format;
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■
■
■
facilitating collection and recycling: ecodesign initiatives are
being rolled out in all countries to make packaging more easily
recyclable;
incorporating more recycled materials: Carrefour aims to use
recycled plastic for 30% of its packaging by 2025;
in 2022,
improving the collection of packaging data in collaboration
with suppliers:
the system developed and
implemented in France for reporting data on the recyclability
of own‑brand packaging was extended to Belgium, Romania
and Brazil. In addition, a diagnosis was performed on a sample
portion of the packaging used for Carrefour‑branded products
marketed in France, which represented 45% of own‑brand
sales in 2021. It estimated that by weight, plastic accounted for
40% of the sampled packaging, with glass, cellulose and metal
making up the rest. The resins used included mainly PET, PE/
PEBD/HDPE and PP, PS, laminates and PVC.
To meet these targets, Carrefour has also entered into several
collaborations and partnerships. In December 2018, Carrefour
signed the Global Declaration on Plastics, an initiative led by the
Ellen MacArthur Foundation, alongside international competitors,
major brands and NGOs, in order to make its goal a market
standard. This process has provided
for
knowledge‑sharing on the use of plastics. In 2019, Carrefour
became a signatory of the National Pact on Plastic Packaging for
2025. The practical actions undertaken as part of this initiative
will lead to more than 140 tonnes of plastic being avoided each
year. Carrefour is also a member of the “RE(SET)” innovation
accelerator in partnership with retailers and suppliers which
works to find substitutes for problematic packaging standards
(non‑recyclable plastics, nomad packaging, etc.).
forum
a
is progressively extending
Carrefour is stepping up the roll‑out of its action plans to combat
plastic pollution. The Group
its
reporting in all integrated countries, notably as regards the
proportion of reusable, recyclable or compostable packaging
used for Carrefour‑brand products. The Group is pursuing its
initiatives aimed at massively reducing single‑use plastics, in
particular by working with suppliers
to reduce shipping
packaging. Discussions are now also under way on the
importance of better addressing the risk of plastic pollution in the
Group’s supply chain.
2.2.7.3.3 Prevention of forced labour in the
textile supply chain (Xinjiang, Tamil
Nadu)
1/ Context and recurring alerts
Since 1995, Carrefour has been committed to promoting,
respecting, enforcing and protecting human rights in its business
sector and within its sphere of influence. Carrefour’s policies
draw on universally recognised
international human rights
instruments, the main international standards and benchmarks in
the field of human rights, such as the Universal Declaration of
Human Rights, the United Nations Global Compact, the OECD
guidelines and the ILO conventions.
In 2022, 33% of alerts dealt with by the committee on CSR
Purchasing Rules for the Food Transition concerned the human
rights protection in our value chain. The main issues concerned
cotton production in the Xinjiang region and human rights
abuses in production units in Tamil Nadu.
2/ The Group’s commitments and objectives
Carrefour pledges to promote, respect, enforce and protect
human rights in its sector of activity and within its sphere of
influence. The Group has also made the following commitments:
1
■
■
compliance audits performed on all supplier factories located
in high‑risk or risk countries;
only sustainable and traceable natural raw materials used in the
Group’s TEX products by 2030.
2
Teams dedicated to monitoring (quality, CSR) production units
are therefore present in various Carrefour Sourcing offices. Over
18,000 non‑food
in
32 sourcing countries and 900 factories.
items are sourced by Sourcing teams
In accordance with Carrefour’s purchasing rules, all supply plants
located in risk countries must undergo a compliance audit. The
audits are conducted under Initiative for Compliance and
Sustainability (ICS) and Business Social Compliance Initiative
(BSCI) standards. The audit is not an end in itself, but rather a tool
that paves the way for dialogue and the implementation of a
compliance plan to bring the supplier’s working conditions in line
with requirements. To identify those countries where risk of
non‑compliance with the charter is the highest, Carrefour has
established a country‑by‑country risk map, which was revised in
2018. The list of countries at risk from a social perspective is
based on the country‑by‑country risk classification defined by
amfori‑BSCI and on the ITUC Global Rights Index. The country
classification also takes into account recommendations from the
International Federation for Human Rights and from Carrefour’s
local teams. Procurement potential and purchasing rules depend
on the risk rating assigned to each country.
In 2021, the sustainable product textile targets were incorporated
into the purchasing rules. Certain areas requiring increased
vigilance (i.e., regions where forced labour is practised) are also
included in the purchasing rules.
3/ The Group’s action plans
3.1 THE GROUP’S ACTION PLANS FOR TEXTILE SUPPLY
CHAINS
Since 2001, Carrefour has introduced actions to protect its
supplier network by conducting social audits at its finished goods
production facilities. All facilities have now been audited, with the
support of independent auditing firms. The social performance of
suppliers is regularly monitored and checked through social
audits. Corrective action plans are systematically implemented
and progress monitored over time. Each year, more than 80% of
cases of non‑compliance identified in factories in risk countries
fall into one of three categories: “Compensation, benefits and
conditions”, “health and safety” or “working hours”.
To respond to these issues, factory capacity and production
schedules for Carrefour’s orders from its largest textile suppliers
(in terms of volume) are analysed and adjusted at a very early
stage, to limit problems with “working hours”. Carrefour is very
attentive to ensuring that at least the legal minimum wage is paid
across
the value chain. Carrefour’s Commitment Charter
includes a legal minimum wage commitment. It states that
“wages and other compensation for regular working hours
should cover the basic needs of workers and their families and
leave them with some discretionary income”.
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Carrefour’s duty of care plan
its supply chains. Carrefour trains
Carrefour provides training, implements regional projects and
supports fair trade to engage its suppliers and promote CSR
within
in
partnership with consultants or local NGOs. Carrefour’s Sourcing
teams roll out specific training programmes every year. The
Group has also drawn up the Good Factory Standard, a practical
training document featuring a breakdown by sector and/or by
type of product (bazaar, clothing, wood, leather, etc.).
its suppliers
Carrefour is working to improve the traceability of its supply
chains. For example, it has developed a fully traceable, organic
Indian cotton supply chain. Blockchain technology introduced
for textiles in 2020 now makes it possible to include a QR code
on the label that will enable customers to track the cotton from
the field to the store shelf.
Lastly, since 2021 the Group has published a list of textile
suppliers that is available on its website (see the "CSR Library" on
the carrefour.com website).
3.2 ACTION PLANS FOR THE PREVENTION OF FORCED
LABOUR ACROSS THE SUPPLY CHAIN
Carrefour has been working on a set of measures to better
identify and prevent any human rights violations in its supply
chain, and in particular to prevent any practices that are similar to
forced labour by:
■
■
■
■
reminding all
their contractual
commitments, in particular the obligation to have their own
suppliers and subcontractors respect human rights;
its suppliers
to meet
mapping supply chains for at‑risk raw materials, with a focus
on key suppliers;
sending our suppliers a list of units identified as being at risk
which should be banned in their supply chain;
developing alert systems through active monitoring of social
and environmental violations, implemented in early 2022 (see
example of Tamil Nadu below).
3.3 ACTION PLANS FOR ALERTS IN THE XINJIANG REGION
The Carrefour group does not source any products directly in the
Xinjiang region. Carrefour nevertheless monitors its sourcing to
ensure compliant working conditions for all materials that may
be produced in this region.
In view of the risk of forced labour in the cotton supply chain,
Carrefour requires all of its suppliers to be transparent about their
supply chain and to be able to trace cotton back to its origin. Any
dubious reports are investigated by asking the supplier for:
supporting documents for the transaction;
contracts;
■
■
■
certificates of origin to prove that the origin of the cotton is
not prohibited.
Mapping of the Group’s supply chain and alerts received from
identification of eight
various channels have enabled the
additional sources with suspicious links to Xinjiang Province.
Alternatives have been found to replace them.
In November 2021, the Laundering Cotton report issued by
Sheffield Hallam University cited four suppliers with which the
Group had relationships. In 2022, a third party was hired to carry
out “on‑site” checks of these suppliers’ warehouses and spinning
mills. These checks continued until the end of December 2022 to
confirm the suppliers’ declarations and ensure
follow‑up.
Carrefour has also launched spinning mill inspections with its
local teams, starting with key integrated suppliers (18 have been
completed with no alerts, 9 are still to be completed).
3.4 ACTION PLANS FOR ALERTS IN THE TAMIL NADU REGION
The NGO Transparentem published a report alerting 31 retailers,
including Carrefour, about human rights violations amounting to
forced labour in spinning mills located in Tamil Nadu, India.
Dialogue was initiated with Transparentem and all of the other
brands in order to work together on an action plan for the
relevant supplier. Following a second alert from NGOs SOMO
and Arisa, further work was undertaken and local solutions were
sought (dialogue with the brands and 42 meetings between 2020
and 2021).
As a result of this alert and collaborative efforts engaged in 2021,
Carrefour has set up a more systematic action plan for this
sourcing area, in particular by:
■
■
■
classifying the Tamil Nadu region as “high‑risk” by local Global
Sourcing teams in terms of social compliance and factory/
importer management;
mapping the spinning mills of the area in the “Sustainability
Map” platform of
for Compliance and
Sustainability (ICS) and evaluating their performance via an
audit and a specific questionnaire, with priority given to key
suppliers;
Initiative
the
implementation of a Worker Voice ethics hotline to ensure a
whistleblowing system at the local level. In 2022, the Group
rolled out an additional whistleblowing channel to give
workers an opportunity to make reports anonymously. This
new whistleblowing line was initially made available in the mills
of our main suppliers and it may be extended to tier 1 suppliers
if necessary. This practice, which goes beyond the scope of a
social audit, is intended to identify risks upstream and to
implement systematic corrective measures.
For all production facilities in the Tamil Nadu region, issues
related to social and environmental responsibility should be
managed by local Carrefour Global Sourcing teams. It should be
noted that spinning mills are particularly concerned by the
problem and that an Indian supplier whose garment factory is
located outside Tamil Nadu but who sources its yarn or material
in Tamil Nadu must also be monitored by Carrefour’s local Global
Sourcing teams.
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Green taxonomy
2.3 Green taxonomy
2.3.1 CONTEXT
2.3.1.1 Overview of the regulatory context
EU Regulation 2020/852 of June 18, 2020, commonly referred to
as the “EU Taxonomy”, provides a reference framework to
encourage sustainable investment by requiring companies to
(i.e., sales), capital
disclose the portion of their turnover
expenditure and operating expenditure
that contributes
substantially to one of the following six environmental objectives:
climate change mitigation;
climate change adaptation;
sustainable use and protection of water and marine resources;
transition to a circular economy;
pollution prevention and control;
protection and restoration of biodiversity and ecosystems.
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The European Commission has therefore defined a number of
technical criteria in order to establish a common language for
the concept of sustainability and, consequently, to direct the
allocation of capital towards activities contributing substantially
to the achievement of one of these six objectives.
In this context, since 2021, companies must report the portion of
their sales, capital expenditure and operating expenditure
associated with economic activities that are considered “eligible”,
i.e., classified in the EU Taxonomy. Since 2022, reporting must
also include the portion of sales, capital expenditure and
operating expenditure considered to be “sustainable” or “aligned”,
i.e., meets the sustainability criteria defined in the Taxonomy for
the first two objectives of climate change mitigation and
adaptation.
To meet these reporting obligations, a detailed assessment of all
the Group’s activities within the different consolidated entities
was carried out jointly by the Group and country finance, CSR,
Real Estate, Legal and Tax departments, together with the
operational teams. The identification of eligible activities and the
assessment of their degree of alignment with the Taxonomy was
carried out in accordance with the instructions and criteria of the
2.3.2 RESULTS
delegated acts. In particular, a verification was performed to
avoid double counting of eligible sales and CapEx.
An activity is deemed to be "aligned" when it complies with all the
relevant technical assessment criteria (substantial contribution
and DNSH) and the Group meets the minimum safeguard
requirements.
2.3.1.2 Connection to the Carrefour group’s
CSR strategy
Carrefour’s retail business, the Group’s main activity, is not
included in the list of activities defined to date by the EU
Taxonomy. The European Commission has prioritised the highest
emitting Scope 1 and 2 activities that have a strong potential to
transform and contribute to climate change mitigation and
adaptation and has not covered all sectors of the economy in the
first set of delegated regulations. Only the Group’s waste
collection, construction, real estate and vehicle rental activities
are included in this scope. At this stage, the Commission’s
classification system for economic activities only covers the first
two environmental objectives of the regulation: climate change
mitigation and adaptation. The same classifications and criteria
for the other four environmental objectives are being developed,
and reporting on their alignment is scheduled to begin in 2024.
As a result, the portion of the Group’s eligible sales and OpEx is
very small. The portion of eligible CapEx, on the other hand, is
significant, mainly due to the Group’s property investments.
Based on the Regulation’s current architecture, low overall
Taxonomy alignment is something that affects the entire retail
industry.
the
initiatives
implemented by
The Taxonomy Regulation does not currently allow for full
reporting on
the Group
concerning the product offer (responsible purchasing criteria and
requirements), the involvement of partners (suppliers, service
providers), or the issues related to the food transition in general.
At present, outsourced Taxonomy‑eligible activities only concern
transport (vehicle fleet, installation of charging stations for
electric vehicles) or energy (installation of solar photovoltaic
panels at retail sites).
2.3.2.1 Taxonomy‑eligible and non‑eligible
■
activities
The scope of eligible activities to date is relatively limited and not
material. The eligibility guidelines for 2021 were updated and
now include the following:
the sales, capital expenditure and operating expenditure data in
question cover all of the Group’s activities corresponding to
the scope of the companies under its control. Companies in
which the Group exercises joint control or significant influence
are excluded from the calculation of the proportions defined
by the delegated act corresponding to Article 8 of the
Taxonomy Regulation. In 2022, the Group therefore included
in its assessment the acquisition of Grupo BIG in Brazil – fully
consolidated since June 1, 2022 – and the sale agreement for
Carrefour Taiwan announced on July 19, 2022. Because
Carrefour Taiwan was classified as a discontinued operation in
accordance with IFRS 5 at December 31, 2022, its sales were
not included in the Group’s consolidated sales. Hence the
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decision to exclude Taiwan’s sales from the Taxonomy
assessment. Taiwan’s CapEx, on the other hand, was included
in the denominator, as specified by the Article 8 FAQs
published by the EU Commission on December 19, 2022.
Because the CapEx is insignificant in terms of the Group’s
materiality thresholds, it was excluded from the denominator
and the Taxonomy assessment;
■
the financial data is taken from the consolidated financial
statements for the year ended December 31, 2022; the
reconciliation and breakdown of the denominators of sales
and capital expenditure are presented below.
The assessment of eligible activities in 2022 did not bring about
any activity change concerning the Group’s eligibility guidelines
compared to 2021, as the identified activities contribute solely to
the objective of mitigating and adapting to climate change.
Scope of eligible activities
7 — Construction and real
estate activities
7.1 — Construction of new buildings
Real estate and commercial development
activities.
7.2 — Renovation of existing buildings
7.3 — Installation, maintenance and repair
of energy effi ciency equipment
LED, lighting installations.
7.5 — Installation, maintenance and repair of
charging stations for electric vehicles in
buildings
BMS systems, CTM, remote site control.
7.6 — Installation, maintenance and repair
of renewable energy technologies
Solar panels, heat pumps.
7.7 — Acquisition and ownership of buildings
Acquisition of buildings during the year.
Income from the ownership of a building:
rents received from the rental of shops,
spaces, buildings.
6 —Transport
6.5 — Transport by motorbikes, private cars
and light commercial vehicles
Rental of vans and utility vehicles
(Carrefour lessee).
Rental of vehicles (all types) to
customers (Carrefour lessor).
5 —Waste management
5.5 — Collection and transport of non-hazardous
waste in source segregated fractions
Recovery of cardboard streams.
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2.3.2.2 Eligibility and alignment results in 2022
Carrefour’s eligibility and alignment results in 2022 are presented below. As a reminder, given that OpEx aligned with the Taxonomy is
not material for the Group, Carrefour used the exemption allowing it not to publish the OpEx indicator.
BREAKDOWN OF ELIGIBLE AND ALIGNED ACTIVITIES
EEccoonnoommiicc aaccttiivviittyy
2022
Aligned activities
Eligible activities
TOTAL
2021
Eligible activities
TOTAL
SSaalleess
(in millions of euros)
SShhaarree ooff ssaalleess
CCaappEExx
(in millions of euros)
SShhaarree ooff CCaappEExx
43
211
83,089
137
74,286*
0.1%
0.3%
100%
0.2%
100%
51
1,689
5,345
1,286
2,891
1.0%
31.6%
100%
44.5%
100%
* As published in the consolidated financial statements for the year ended December 31, 2021.
The Group’s alignment rates in 2022 were low. In terms of sales,
the few identified opportunities for alignment mainly concerned
the waste collection activity (5.5). Taxonomy‑aligned CapEx also
concerned the waste collection activity (5.5), as well as the
energy efficiency equipment (7.3), instruments and devices for
controlling building energy performance (7.5) and renewable
energy equipment (7.6) activities.
The low overall rate of alignment is mainly related to the leasing,
construction and building renovation activities (7.1, 7.2 and 7.7).
They accounted for the bulk of CapEx in 2022, but none of them
achieved alignment. There are several reasons for this zero
alignment:
■
the Taxonomy criteria require dealing with new types of
information that can be difficult to collect. Firstly, the very
nature of the data to be collected and the criteria to be
assessed poses a difficulty. In addition, generally, the required
information cannot be readily retrieved from the information
systems;
■
the Taxonomy criteria are strict and cumulative; if sales and
CapEx do not meet a set of cumulative criteria, they cannot be
considered aligned. This is particularly the case for activities 7.1
and 7.2, which are subject to a multitude of criteria.
Efforts will be undertaken in 2023 to better pinpoint the technical
criteria necessary for alignment. There are also certain action
levers that should help to reinforce and improve the Taxonomy
results in the coming years, particularly in terms of alignment:
■
in the area of waste collection, Carrefour’s goal is to recover
100% of store waste by 2025, an objective included in the
Group’s CSR and food transition index, which would make it
possible to increase the Taxonomy‑aligned sales and CapEx for
activity 5.5 in the future;
■
the Group has made
to reduce energy
consumption in the years ahead, which should bring about an
increase in the amounts of CapEx associated with activities 7.3
and 7.5;
it a priority
■
Carrefour’s goal of using 100% renewable electricity by 2030
means that the amount of CapEx associated with activity 7.6 is
expected to increase in the coming years.
2.3.2.3 Changes from the previous year
The eligibility results in 2022 are in line with those of 2021, with
eligible sales and CapEx both up in absolute terms. The
percentage of eligible sales rose very slightly, which was not the
case for CapEx since the integration of BIG in 2022 contributed
to an increase in the CapEx denominator. Excluding the BIG
acquisition, the percentage of eligible CapEx would have been
42%, versus 45% in 2021.
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2.3.3
ASSESSMENT AND METHODOLOGY
2.3.3.1 A reminder of the indicators and
reconciliation with the financial
statements
2.3.3.1.1 Net sales
Carrefour is actively engaged in a food and ecological transition.
The initiatives undertaken in the agricultural sector for the
promotion of responsible consumption, the responsible sourcing
of raw materials and the fight against food waste are not covered
in the climate delegated act.
As a result, the portion of the Group’s eligible sales for 2022
amounts to only 0.3% of the total consolidated sales figure of
83.1 billion euros (see the consolidated income statement), and
mainly covers the property development and leasing, waste
collection and vehicle rental activities. The aligned portion of
sales amounts to 0.1% and solely concerns the collection of
waste for reuse and recycling activity.
DEFINITIONS
from
products or
The proportion of sales referred to in Article 8 of Regulation (EU)
2020/852 is calculated by dividing the share of the net sales
derived
associated with
Taxonomy‑eligible and -aligned economic activities (numerator)
by the net sales (denominator) as defined in Article 2, point (5) of
Directive 2013/34/EU. The sales cover the revenue recognised
pursuant
(IAS) 1,
paragraph 82 (a), as adopted by Commission Regulation (EC)
No. 1126/2008.
International Accounting
Standard
services
to
RECONCILIATION
Consolidated sales are presented in the consolidated income
statement under “Total revenue” (see Chapter 6 of this Universal
Registration Document).
2.3.3.1.2 Eligible capital expenditure and
operating expenditure reported
on individual measures
2.3.3.1.2.1 CapEx
The Group defers capital expenditure that can be associated with
eligible sales (turnover) of the activity or represents individual
capital expenditure that is not associated with an activity
intended to be marketed under Annex 1 to the delegated
regulation, Article 8, Sections 1.1.2.2 (a) and (c) and 1.1.3.2 (a)
and (c),
represents
respectively. Most capital expenditure
individual measures, as described under paragraph (c).
The Carrefour group’s eligible capital expenditure mainly
concerns real estate activities, such as the construction,
renovation and purchase of buildings, as well as expenses related
to energy efficiency equipment and renewable energy products
(solar panels, heat pumps, green roofs, re‑lamping, etc.). Capital
expenditure also includes an increase in right‑of‑use assets
related to property leasing and vehicle rental (from renewals and
new IFRS 16 contracts).
As a result, the proportion of the Group’s eligible capital
expenditure for 2022 amounts to 31.6% out of a total of
5,345.42 million euros (see reconciliation below). These expenses
primarily refer to acquisitions and an increase in right‑of‑use
buildings under IFRS 16, as well as spending for the construction
of new buildings. The aligned portion of capital expenditure
amounts to 1.0% and chiefly concerns the collection of waste for
re‑use and recycling, energy efficiency equipment, instruments
and devices for controlling building energy performance and
renewable energy equipment.
DEFINITIONS
Eligible and aligned numerators are equal to the part of the
capital expenditure included in the denominator that is any of the
following:
■
■
■
related to assets or processes that are associated with
Taxonomy‑eligible economic activities;
part of a plan to expand Taxonomy‑aligned economic activities
or to allow Taxonomy‑eligible economic activities to become
Taxonomy‑aligned;
related to the purchase of output from Taxonomy‑aligned
economic activities and individual measures enabling the
lead to
target activities to become
greenhouse gas
in
listed
reductions
points 7.3 to 7.6 of Annex I to the Climate Delegated Act, as
well as other economic activities listed in the delegated acts).
low‑carbon or
(notably activities
to
The denominator covers the current year’s additions to tangible
and intangible assets, before depreciation and amortisation and
before remeasurement, including remeasurement resulting from
revaluation and impairment, for the year in question, excluding
changes in fair value. It also includes additions to tangible and
intangible assets resulting from business combinations.
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RECONCILIATION
The CapEx denominator may be reconciled with the consolidated financial statements as follows:
(in millions of euros)
22002211
2022
RReeccoonncciilliiaattiioonn wwiitthh tthhee fifinnaanncciiaall ssttaatteemmeennttss
IInnttaannggiibbllee aasssseettss,, pprrooppeerrttyy aanndd
eeqquuiippmmeenntt,, iinnvveessttmmeenntt pprrooppeerrttyy
Acquisitions
Business combinations
RRiigghhtt‑‑ooff‑‑uussee aasssseettss ((IIFFRRSS 1166))
New contracts and renewals
Business combinations
11,,882266
1,653
173
11,,006655
880
184
33,,995544
1,882
2,072
11,,339911
906
485
SSttaatteemmeenntt ooff cchhaannggeess iinn iinnttaannggiibbllee aasssseettss ((NNoottee 77..11)),, pprrooppeerrttyy aanndd
eeqquuiippmmeenntt ((NNoottee 77..22)) aanndd iinnvveessttmmeenntt pprrooppeerrttyy ((NNoottee 77..44))
Under “Increases”
Included under “Changes in scope”
SSttaatteemmeenntt ooff cchhaannggeess iinn rriigghhtt‑‑ooff‑‑uussee aasssseettss ((NNoottee 88..11))
Under “Increases”
Under “Changes in scope”
TOTAL
2,891
5,345
2.3.3.1.2.2 OpEx
The operating expenditure exemption ratio, which corresponds
to the OpEx eligible for the Taxonomy (numerator) divided by
Group consolidated OpEx (denominator), came to 6.0% in the
2022 financial year.
Compared to total Group OpEx of 13.4 billion euros, the share of
Taxonomy‑aligned OpEx
(see notes to the
consolidated accounts). Consequently, it was decided to apply
the exemption from publishing the OpEx ratio in 2022.
insignificant
is
DEFINITIONS
The operating expenditure items covered by the Taxonomy are
defined as direct non‑capitalisable costs and include research
and development costs, building renovation costs, maintenance
(in millions of euros)
Taxonomy OpEx denominator
(1)
Total Group OpEx
(2)
OPEX KPI
and repair costs, rents presented in the income statement and
any other expenses related to the day‑to‑day maintenance of
assets. The definition of operating expenditure used for the
denominator and numerator does not include research and
development costs. Employee benefit expenses related to the
maintenance and
the
repair of assets are
denominator but not in the numerator. These specific types of
employee benefit expenses are not tracked separately in the
Group’s reporting.
included
in
Group consolidated OpEx is defined as all expenses included in
the operating result that are not financial or non‑recurring
expenses.
RECONCILIATION
The calculation of the OpEx exemption ratio is presented below:
2022
810
13,395
6.0%
(1) Includes maintenance and repair expenses and short‑term lease expenses (non‑IFRS 16). Employee benefits expense corresponding to employee
maintenance costs could not be separated out and was therefore not taken into account in determining the amount of Taxonomy‑eligible OpEx.
(2) Includes all operating expenses except non‑current expenses.
2.3.3.2 Methodology for assessing activities
against the technical review criteria
2.3.3.2.1 Methodology for assessing eligibility
In 2022, the eligible activity guidelines were updated based on
interviews with the different countries and an analysis of the
possibility of adding or removing certain activities, developing
new operations and discontinuing others.
2.3.3.2.2 Methodology for assessing alignment:
substantial contribution, DNSH criteria
and minimum guarantees
2.3.3.2.2.1 Methodology for checking if the
substantial contribution and specific DNSH
criteria are met
A workshop was held in each country to present the technical
review criteria. Each country then filled in a personalised
collection matrix for reporting eligibility data and analysing the
different criteria identified for alignment – project by project or
CapEx line by CapEx line. These matrices were then critically
reviewed. Lastly, the Group conducted three progress reviews
with the Statutory Auditors in order to validate the approach and
the results achieved.
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activity 5.5 Collection
Concerning
transport of
non‑hazardous waste in source segregated fractions, for which it
reported aligned sales and CapEx, the Group checked whether
the activity made a substantial contribution to the environmental
objectives and complied with specific DNSH criteria regarding:
and
the nature of the waste (in the case of Carrefour, only paper,
cardboard and plastic);
the separate collection of the waste and no mixing with other
types of waste;
the preparation of the waste for reuse or recycling.
■
■
■
CapEx associated with activity 7.3 was deemed to be aligned
when one of the following two conditions was met:
■
■
it was linked to the installation of LED lamps, which are
considered to be very energy efficient;
it was linked to equipment (lighting, heating, ventilation) with
proven energy efficiency.
The pollution screening criterion for building materials was not
deemed material for these types of CapEx. The CapEx related to
activities 7.4 Installation, maintenance and repair of charging
stations for electric vehicles inside buildings (and in car parks
attached to buildings), 7.5 Installation, maintenance and repair of
instruments and devices
regulating and
controlling the energy performance of buildings and 7.6
Installation, maintenance and repair of renewable energy
technologies was deemed to be automatically aligned since the
criterion of substantial contribution is explicitly referred to in the
description of each activity. As a result, Carrefour only focused
on verifying compliance with the DNSH adaptation criterion
(detailed below).
for measuring,
2.3.3.2.2.2 Methodology for checking if the generic
DNSH and minimum safeguard criteria
are met
Determining whether Carrefour’s eligible activities are aligned
also requires the carrying out of Group‑level assessments. To
establish the eligibility and alignment of activities, the Group
must meet the generic criteria for DNSH to climate change
adaptation presented in the appendices to Annex 1 of the
Taxonomy delegated act relating to the objective of climate
change mitigation. It must also comply with the minimum
safeguards (MS) described in the Platform on Sustainable Finance
(PSF) report published in October 2022. The Group has assessed
its business model for compliance with these two requirements.
2.3.3.2.2.3 Generic DNSH criteria
The generic DNSH criteria are mentioned in appendices A, B, C
and D to Annex 1 of the Taxonomy Regulation relative to the
climate change mitigation objective. They require a holistic
assessment at the Group
level rather than an economic
activity‑led approach.
The Group complies with the Taxonomy generic criteria set out
in Appendix A, which is the only generic DNSH criteria applicable
to the Group’s aligned activities in 2022.
APPENDIX A: GENERIC CRITERIA OF THE ‘DO NO
SIGNIFICANT HARM’ PRINCIPLE FOR CLIMATE CHANGE
ADAPTATION
To meet the DNSH criterion for the climate adaptation objective,
the Group conducted a physical climate risk assessment. It
evaluated the exposure of the Group’s real estate asset portfolio
to future climate change impacts (2030, 2050, 2100), and
according to different peak scenarios adopted by the IPPC
(RCP2.6, 4.5 and 8.5).
The assessment included a review of the Carrefour group’s asset
exposure to significant physical climate risks. Certain risks were
deemed to be irrelevant – either due to Carrefour’s business or
the geographical location of the sites analysed – and were
excluded from the assessment. The following risks were included
(weather conditions
in
particularly conducive to fires), heat stress
(heat waves),
precipitation, river flooding (with defence systems), river flooding
(without defence systems), sea level rise, tropical cyclones.
the climate model: drought, fire
Based on this assessment, adaptation plans will be developed for
the assets identified as most at risk and for the risks deemed to
be the most significant.
In conclusion, for this first year of disclosure, Carrefour meets all
of the criteria listed in Appendix A for its eligible activities to be
considered aligned.
2.3.3.2.3 Methodology for checking if minimum
safeguards are met
The scope of topics covered by the Minimum Safeguards (MS)
was clarified in the October 2022 report of the European
Platform on Sustainable Finance called Final Report on Minimum
Safeguards, which references a body of international human
rights regulations. Non‑alignment criteria need to be validated,
and the report has introduced reasonable due diligence steps in
the areas of human rights, corruption, taxation and competition
law.
The review of the minimum safeguards took place according to a
two‑stage process. First, the Group verified its compliance with
the non‑alignment criteria related to the four main topics
identified in the minimum safeguard report, an assessment that
included controversy screening. Second, the Group checked that
its human rights processes applied the six key steps to reasonable
human rights due diligence, in accordance with the UN Guiding
Principles on Business and Human Rights and the OECD
Guidelines for Multinational Enterprises. These assessments show
that the Carrefour group was aligned with these requirements in
2022.
Non‑alignment criteria
Controversy screening validated Carrefour’s alignment. There
were no cases of human rights violations, corruption charges or
tax crimes. With regard to human rights, none of the OECD
National Contact Points (NCP) received a referral, and the Group
responded to the two allegations published on the Business and
Human Rights Resource Centre (BHRRC) website. In the course
of its business, the Group can be sanctioned for restrictive
practices deemed to be anti‑competitive. However, as Carrefour
has already paid the penalties that have been imposed on it in
relation to this issue, this does not prevent the Group from
considering its activities to be compliant with the minimum
safeguards,
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Procedures and reasonable diligence
2.3.3.2.4 Main trade‑offs and proxies
The Group implements the necessary processes to ensure
compliance with
remaining non‑alignment criteria,
summarised below:
the
■
■
■
■
to meet the minimum human rights safeguards, the Group
relies on a dedicated policy for managing human rights issues,
which may be found on the carrefour.com website in the
Non‑Financial Statement (see Section 2.1) and the Duty of Care
Plan (see Section 2.2);
in the area of corruption, and in accordance with the
law, Carrefour relies on a
requirements of the Sapin II
comprehensive system
risks,
identifying corruption
prevention policies and whistleblowing processes, which is
deployed across all of the Group’s activities in France and
abroad and described in section 2.1.5.5 of this document;
for
in the area of taxation, the Group has notably introduced
special training in every Group country and implemented
corrective mechanisms where required (see section 2.1.5.5);
in the area of competition law:
■ the Group relies on several means to ensure compliance:
compulsory training, including a course on competition law;
the preparation of contract models, which are drafted and
distributed by the Legal departments and contain clauses on
competition law compliance, and a system for monitoring
legal issues in every Legal department (see section 2.1.5.5);
■ Carrefour was not found guilty in 2021 or 2022 of any illegal
conduct for concerted practices, infringement of merger
control rules or abuse of a dominant position.
2.3.4 OUTLOOK
2.3.4.1 Improvement of KPIs
In the coming years, CapEx will be incurred in connection with
the roadmaps to achieve various climate strategy goals: carbon
neutral stores by 2040; carbon neutral e‑commerce sites by
2030; a 1.5°C pathway for the Group’s direct emissions; a
reduction of the Group’s energy consumption by up to
200 million euros per year from 2023 to 2026, and the launch of
one or more ambitious photovoltaic energy production
partnership(s). This climate‑related CapEx should help to improve
the eligibility and alignment indicators in the years ahead,
following an in‑depth assessment of the CapEx against the
Taxonomy criteria.
Given the breadth of the eligibility and alignment assessment
conducted across the Group and its entities, it was inevitable to
use several trade‑offs and certain proxies. Carrefour made it a
point, however, to apply a principle of prudence when making
choices and selecting alternatives.
Concerning the eligibility of the activities:
■
■
Taxonomy‑eligible real estate activities include air‑conditioning
equipment but not refrigeration. As Carrefour’s retail activities
have not yet been provided for by the Regulation, CapEx related
to cooling systems such as central refrigeration units, cold
cabinets and doors has not been included in the eligibility
analysis;
in terms of materiality, the alignment assessment of eligible
projects has been done in such a way as to cover a minimum
of 70% of the amount of eligible turnover or CapEx. The
remaining eligible projects that were not assessed were
considered to be non‑aligned as a matter of prudence.
Concerning alignment assessment:
■
for buildings leased under IFRS 16 that do not have an energy
performance certificate or a real estate label, calculations were
carried out to determine their primary energy demand (PED)
based on 2022 final energy consumption and conversion
factors. The calculations were not conclusive and could not be
used to assess alignment;
■
on the occasion of the first‑time consolidation of Grupo BIG in
2022, eligible CapEx resulting from the application of IFRS 16
was identified. However, the alignment of this CapEx was not
assessed given the recent integration of the entity.
2.3.4.2 Integrating the Taxonomy into
the Carrefour group’s strategy
and performance
Although the retail operations are excluded from the list of
eligible activities for the time being, the ambition of the
Regulation
the new
Carrefour 2026 strategic plan, notably through the plan’s
following initiatives:
the philosophy of
line with
in
is
■
■
■
first, increased support for sustainable agriculture with 8 billion
euros of sales in 2026 via certified sustainable products (+40%
vs. 2022);
second, an obligation for the Group’s top 100 suppliers to
adopt a 1.5°C trajectory by 2026, failing which they will be
delisted;
third, an ambitious energy policy, embodied by a sharp
reduction in energy consumption (-20% by 2026 and in France
by 2024) and the use of car parks for the production of
photovoltaic energy (4.5 million sq.m. of solar panels by 2026).
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APPENDIX: REGULATORY TEMPLATES
TURNOVER
In millions of euros
SSuubbssttaannttiiaall ccoonnttrriibbuuttiioonn ccrriitteerriiaa
DDNNSSHH ccrriitteerriiaa ((DDooeess NNoott SSiiggnniifificcaannttllyy HHaarrmm))
EEccoonnoommiicc aaccttiivviittiieess ((11))
AAbbssoolluuttee
ttuurrnnoovveerr
((33))
PPrrooppoorrttiioonn
ooff
ttuurrnnoovveerr
((44))
CClliimmaattee
cchhaannggee
mmiittiiggaattiioonn
((55))
CClliimmaattee
cchhaannggee
aaddaappttaattiioonn
((66))
CCooddee((ss))
((22))
WWaatteerr
aanndd
mmaarriinnee
rreessoouurrcceess
((77))
CCiirrccuullaarr
eeccoonnoommyy
((88))
PPoolllluuttiioonn
((99))
BBiiooddiivveerrssiittyy
aanndd
eeccoossyysstteemmss
((1100))
A. TAXONOMY ELIGIBLE ACTIVITIES
‑
CClliimmaattee
cchhaannggee
mmiittiiggaattiioonn
((1111))
CClliimmaattee
cchhaannggee
aaddaappttaattiioonn
((1122))
WWaatteerr aanndd
mmaarriinnee
rreessoouurrcceess
((1133))
CCiirrccuullaarr
eeccoonnoommyy
((1144))
PPoolllluuttiioonn
((1155))
BBiiooddiivveerrssiittyy
aanndd
eeccoossyysstteemmss
((1166))
MMiinniimmuumm
gguuaarraanntteeeess
((1177))
TTaaxxoonnoommyy
‑‑aalliiggnneedd
pprrooppoorrttiioonn
ooff
ttuurrnnoovveerr,,
yyeeaarr YY
((1188))
TTaaxxoonnoommyy
‑‑aalliiggnneedd
pprrooppoorrttiioonn
ooff
ttuurrnnoovveerr,,
yyeeaarr YY‑‑11
((1199))
CCaatteeggoorryy
((eennaabblliinngg
aaccttiivviittyy))
((2200))
CCaatteeggoorryy
((ttrraannssiittiioonnaall
aaccttiivviittyy))
((2211))
A.1. Environmentally sustainable activities (Taxonomy‑aligned)
5.5 Collection and transport of
source‑separated non‑hazardous
waste
43.49
5.5
0.1%
100%
N/A
N/A
N/A
N/A
N/A
N/A
YES
N/A
YES
N/A
N/A
YES
0.1%
N/A
N/A
N/A
TTuurrnnoovveerr ooff eennvviirroonnmmeennttaallllyy
ssuussttaaiinnaabbllee aaccttiivviittiieess
((TTaaxxoonnoommyy‑‑aalliiggnneedd)) ((AA..11..))
NN//AA
4433..4499
00..11%%
110000%%
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
YYEESS
00..11%%
NN//AA
NN//AA
NN//AA
A.2. Taxonomy‑eligible but not environmentally sustainable activities (not Taxonomy‑aligned activities)
5.5 Collection and transport of
source‑separated non‑hazardous
waste
0.0%
0.02
5.5
6.5 Transport by motorbikes,
passenger cars and commercial
vehicles
7.1 New building construction
7.7 Building acquisition
and ownership
TTuurrnnoovveerr ooff TTaaxxoonnoommyy‑‑eelliiggiibbllee
bbuutt nnoott eennvviirroonnmmeennttaallllyy
ssuussttaaiinnaabbllee aaccttiivviittiieess ((nnoott
TTaaxxoonnoommyy‑‑aalliiggnneedd aaccttiivviittiieess))
((AA..22..))
TOTAL (A.1. + A.2.)
6.5
7.1
7.7
60.06
9.15
0.1%
0.0%
98.52
0.1%
NN//AA
N/A
116677..7755
211.24
00..22%%
0.3%
B. TAXONOMY‑NON‑ELIGIBLE ACTIVITIES
TTuurrnnoovveerr ooff
TTaaxxoonnoommyy‑‑nnoonn‑‑eelliiggiibbllee aaccttiivviittiieess
((BB..))
NN//AA
8822,,887777..5522
9999..77%%
TOTAL (A. + B.)
N/A
83,088.75 100.0%
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CAPEX
In millions of euros
SSuubbssttaannttiiaall ccoonnttrriibbuuttiioonn ccrriitteerriiaa
DDNNSSHH ccrriitteerriiaa ((DDooeess NNoott SSiiggnniifificcaannttllyy HHaarrmm))
EEccoonnoommiicc aaccttiivviittiieess ((11))
AAbbssoolluuttee
ttuurrnnoovveerr
((33))
PPrrooppoorrttiioonn
ooff
ttuurrnnoovveerr
((44))
CClliimmaattee
cchhaannggee
mmiittiiggaattiioonn
((55))
CClliimmaattee
cchhaannggee
aaddaappttaattiioonn
((66))
CCooddee((ss))
((22))
WWaatteerr
aanndd
mmaarriinnee
rreessoouurrcceess
((77))
CCiirrccuullaarr
eeccoonnoommyy
((88))
PPoolllluuttiioonn
((99))
BBiiooddiivveerrssiittyy
aanndd
eeccoossyysstteemmss
((1100))
CClliimmaattee
cchhaannggee
mmiittiiggaattiioonn
((1111))
CClliimmaattee
cchhaannggee
aaddaappttaattiioonn
((1122))
WWaatteerr aanndd
mmaarriinnee
rreessoouurrcceess
((1133))
CCiirrccuullaarr
eeccoonnoommyy
((1144))
PPoolllluuttiioonn
((1155))
BBiiooddiivveerrssiittyy
aanndd
eeccoossyysstteemmss
((1166))
MMiinniimmuumm
gguuaarraanntteeeess
((1177))
TTaaxxoonnoommyy
‑‑aalliiggnneedd
pprrooppoorrttiioonn
ooff
ttuurrnnoovveerr,,
yyeeaarr YY
((1188))
TTaaxxoonnoommyy
‑‑aalliiggnneedd
pprrooppoorrttiioonn
ooff
ttuurrnnoovveerr,,
yyeeaarr YY‑‑11
((1199))
CCaatteeggoorryy
((eennaabblliinngg
aaccttiivviittyy))
((2200))
CCaatteeggoorryy
((ttrraannssiittiioonnaall
aaccttiivviittyy))
((2211))
A. TAXONOMY‑ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy‑aligned)
5.5 Collection and transport of
source‑separated non‑hazardous
waste
7.3 Installation maintenance and
repair of energy efficiency
equipment
7.4 Installation, maintenance and
repair of charging stations for
electric vehicles inside buildings
(and in parking lots attached
to buildings)
7.5 Installation, maintenance and
repair of instruments and devices
for measuring, regulating and
controlling the energy
performance of buildings
7.6 Installation, maintenance
and repair of renewable energy
technologies
CCaappEExx ooff eennvviirroonnmmeennttaallllyy
ssuussttaaiinnaabbllee aaccttiivviittiieess
((TTaaxxoonnoommyy‑‑aalliiggnneedd)) ((AA..11..))
5.5
4.55
0.1%
100%
N/A
N/A
N/A
N/A
N/A
N/A
YES
N/A
YES
N/A
N/A
YES
0.1%
N/A
N/A
N/A
7.3
30.71
0.6%
100%
N/A
N/A
N/A
N/A
N/A
N/A
YES
N/A
N/A
N/A
N/A
YES
0.6%
N/A
H
N/A
7.4
0.13
0.0%
100%
N/A
N/A
N/A
N/A
N/A
N/A
YES
N/A
N/A
N/A
N/A
YES
0.0%
N/A
H
N/A
7.5
7.71
0.1%
100%
N/A
N/A
N/A
N/A
N/A
N/A
YES
N/A
N/A
N/A
N/A
YES
0.1%
N/A
7.6
8.22
0.2%
100%
N/A
N/A
N/A
N/A
N/A
N/A
YES
N/A
N/A
N/A
N/A
YES
0.2%
N/A
H
H
N/A
N/A
NN//AA
5511..3322
11..00%%
110000%%
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
YYEESS
11..00%%
NN//AA
NN//AA
NN//AA
A.2. Taxonomy‑eligible but not environmentally sustainable activities (not Taxonomy‑aligned activities)
6.5 Transport by motorbikes,
passenger cars and commercial
vehicles
6.5
22.24
7.1 New building construction
195.17
0.4%
3.7%
7.2 Renovation of existing
buildings
7.3 Installation maintenance
and repair of energy efficiency
equipment
7.7 Building acquisition
and ownership
CCaappEExx ooff TTaaxxoonnoommyy‑‑eelliiggiibbllee bbuutt
nnoott eennvviirroonnmmeennttaallllyy ssuussttaaiinnaabbllee
aaccttiivviittiieess ((nnoott TTaaxxoonnoommyy‑‑aalliiggnneedd
aaccttiivviittiieess)) ((AA..22..))
7.2
0.32
0.0%
7.3
59.52
1.1%
7.7
1,360.69
25.5%
NN//AA
11,,663377..9933
3300..66%%
TOTAL (A.1. + A.2.)
N/A 1,689.26
31.6%
B. TAXONOMY‑NON‑ELIGIBLE ACTIVITIES
TTuurrnnoovveerr ooff
TTaaxxoonnoommyy‑‑nnoonn‑‑aalliiggnneedd‑‑eelliiggiibbllee
aaccttiivviittiieess ((BB))
TOTAL (A. + B.)
NN//AA 33,,665566..1166
6688..44%%
N/A 5,345.42
100.0%
1
2
3
4
5
6
7
8
9
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Green taxonomy
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Green taxonomy
OPEX
In millions of euros
SSuubbssttaannttiiaall ccoonnttrriibbuuttiioonn ccrriitteerriiaa
DDNNSSHH ccrriitteerriiaa ((DDooeess NNoott SSiiggnniifificcaannttllyy HHaarrmm))
EEccoonnoommiicc aaccttiivviittiieess ((11))
AAbbssoolluuttee
ttuurrnnoovveerr
((33))
PPrrooppoorrttiioonn
ooff
ttuurrnnoovveerr
((44))
CClliimmaattee
cchhaannggee
mmiittiiggaattiioonn
((55))
CClliimmaattee
cchhaannggee
aaddaappttaattiioonn
((66))
CCooddee((ss))
((22))
WWaatteerr
aanndd
mmaarriinnee
rreessoouurrcceess
((77))
CCiirrccuullaarr
eeccoonnoommyy
((88))
PPoolllluuttiioonn
((99))
BBiiooddiivveerrssiittyy
aanndd
eeccoossyysstteemmss
((1100))
CClliimmaattee
cchhaannggee
mmiittiiggaattiioonn
((1111))
CClliimmaattee
cchhaannggee
aaddaappttaattiioonn
((1122))
WWaatteerr aanndd
mmaarriinnee
rreessoouurrcceess
((1133))
CCiirrccuullaarr
eeccoonnoommyy
((1144))
PPoolllluuttiioonn
((1155))
BBiiooddiivveerrssiittyy
aanndd
eeccoossyysstteemmss
((1166))
MMiinniimmuumm
gguuaarraanntteeeess
((1177))
A. TAXONOMY‑ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy‑aligned)
TTaaxxoonnoommyy
‑‑aalliiggnneedd
pprrooppoorrttiioonn
ooff
ttuurrnnoovveerr,,
yyeeaarr NN
((1188))
TTaaxxoonnoommyy
‑‑aalliiggnneedd
pprrooppoorrttiioonn
ooff
ttuurrnnoovveerr,,
yyeeaarr
NN‑‑11
((1199))
CCaatteeggoorryy
((eennaabblliinngg
aaccttiivviittyy))
((2200))
CCaatteeggoorryy
((ttrraannssiittiioonnaall
aaccttiivviittyy))
((2211))
OOppEExx ooff eennvviirroonnmmeennttaallllyy
ssuussttaaiinnaabbllee aaccttiivviittiieess
((TTaaxxoonnoommyy‑‑aalliiggnneedd)) ((AA..11..))
NN//AA
00..0000
00..00%%
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
NN//AA
00..00%%
NN//AA
NN//AA
NN//AA
A.2. Taxonomy‑Eligible but not environmentally sustainable activities (not Taxonomy‑aligned activities)
OOppEExx ooff TTaaxxoonnoommyy‑‑EElliiggiibbllee bbuutt
nnoott eennvviirroonnmmeennttaallllyy ssuussttaaiinnaabbllee
aaccttiivviittiieess ((nnoott TTaaxxoonnoommyy‑‑aalliiggnneedd
aaccttiivviittiieess)) ((AA..22..))
TOTAL (A.1. + A.2.)
NN//AA
N/A
00..0000
0.00
00..00%%
0.0%
B. TAXONOMY‑NON‑ELIGIBLE ACTIVITIES
TTuurrnnoovveerr ooff
TTaaxxoonnoommyy‑‑nnoonn‑‑eelliiggiibbllee aaccttiivviittiieess
((BB..))
TOTAL (A. + B.)
NN//AA
880099..5522
110000..00%%
N/A
809.52
100.0%
1
2
3
4
5
6
7
8
9
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
2.4 Reporting methodology and verification
of information
2.4.1
DETAILED REPORTING METHODOLOGY FOR CSR INDICATORS
the preparation of
For
the 2022 Universal Registration
Document, the CSR department mobilises the relevant Group
departments
(Quality, Human Resources, Legal, Marketing,
Assets, Sales and Merchandise, and Logistics) and country
representatives.
Principles for drawing up the CSR report
The Carrefour group’s Universal Registration Document adheres
to the following principles:
■
■
■
■
■
impact and materiality: through a risk mapping exercise, the
Group identifies the most significant non‑financial risks for its
business and the Company, which are reviewed every year and
validated by the governance bodies. Only the main risks are
presented
report. The Non‑Financial Statement
therefore focuses on the most relevant social, economic and
environmental issues and risks for the Group’s business;
this
in
CSR context: Carrefour places its own performance within the
context of the social, economic and environmental constraints
that weigh upon the Group, and puts the resulting data into
perspective;
stakeholders
(customers, employees,
stakeholders’ involvement: by maintaining an ongoing dialogue
with
franchisees,
suppliers, local communities and shareholders), the Carrefour
group can anticipate and meet the expectations of its target
audiences and prevent risks. Its transparent commitments, and
the involvement of its stakeholders in carrying them out, mean
it can envisage
the
engagement of all those concerned. This dialogue and these
partnerships are maintained either at the Group level by the
CSR department, or at the local level by the countries, banners
and stores;
long‑term solutions and ensure
frequency: since 2001, Carrefour has produced and published
a non‑financial report every year. Since 2012, it has been
integrated into the Group’s management report;
clarity: the Carrefour group endeavours to present information
that can be easily understood by the greatest number of
people with an appropriate level of detail.
Scope of reporting
Principles applied
Continuous improvement of transparency. Thirty‑five categories
of indicators were published in 2022, with indicators grouped
together by stores and operations, products and employees. As
part of an ongoing effort to improve its reporting quality,
Carrefour is increasing the number of indicators it reports on
from year to year. The goal is to (i) provide information on new
(ii) meet stakeholder expectations and
strategic priorities,
level of transparency to
standards and (iii) ensure a high
anticipate potential regulatory changes. The new indicators
added to this document each year are subject to a three‑year
performance review to ensure that the information provided is
reliable and complete.
Comprehensiveness. The Group strives to be as comprehensive
as possible. Its CSR reporting process covers implementation of
its policies
in the eight integrated countries, but excludes
franchised operations. All the objectives announced by the
Group concern the eight integrated countries, except in certain
cases whose the scope is explained in this document. The
published performance indicators aim for 100% coverage of the
integrated countries concerned. With this in mind, we apply a
three‑year threshold:
■
■
indicators that have been published for three years or more
should be published with a 100% coverage rate. Lower
coverage rates are an irregularity and are subject to an
immediate corrective action plan with the country in question;
the new indicators are published starting from the first year to
ensure transparency. A performance review is implemented to
achieve 100% coverage within three years. Since the action
plans are rolled out across the countries on a gradual basis, the
new indicators can be published on a limited scale during the
first two years.
Indicators published less than three years ago are marked with
the symbol ** in the tables below.
Comparability. When the scope of reporting is not exhaustive,
the scope is clearly explained next to each graph and BUs
excluded from the scope are indicated. For figures and changes
presented over several years, the report indicates whether
calculations are based on comparable Business Units (BUs). If
non‑comparable BUs are included in the calculation, the items
included or excluded compared to the previous year are
specified.
Scope of environmental and social indicators
Change of scope
In 2022, following the disposal of the Taiwanese activities, the
Business Unit was removed from the reporting scope, which now
consists of eight integrated countries. In order to have a
comparable scope between 2022 and 2021, the 2021 data and
objectives have been restated with the exclusion of Taiwan. This
principle was also applied to past years that were used as
reference years for some indicators. For example, for the climate
indicator “Percentage reduction in Scope 1 and Scope 2 GHG
emissions since 2019”, the 2019 data was recalculated excluding
Taiwan.
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Reporting methodology and verification of information
Store indicators (waste management, food waste,
greenhouse gas emissions, water)
The scope covers all integrated stores open and operating under
a Group banner for the entire reporting period. The scope
excludes consumption related to non‑Group activities, transport
of people, warehouses, franchised stores, head offices and other
administrative offices. For some indicators, warehouses are
included, in which case this is specified with a note under the
tables of indicators (example: food waste). Any BUs that were
sold or closed during the reporting period are not included. In
2021, Carrefour sold its controlling interest in 16 Carrefour stores
to Super Nosso in Brazil. These 16 stores are being rebranded
under the Super Nosso banner and are no longer managed by
Carrefour. They are therefore excluded from the 2021 reporting
scope.
For indicators on non‑commercial purchases (e.g., sales and
marketing publications), the consumption level of stores opened
during the year, as well as that of franchised stores may be
included.
The number of square metres of sales area includes all stores
open during the entire reporting period and does not include
storage areas, food preparation areas or the adjacent shopping
mall, if applicable.
The same rules regarding scope and environmental indicators
apply to
Installations Classified for the Protection of the
Environment (ICPE) coming under the regulations of stores and
other sites.
IInnddiiccaattoorrss
EEnneerrggyy
WWaatteerr
FFoooodd wwaassttee
WWaassttee
RReeffrriiggeerraannttss
DDoowwnnssttrreeaamm ttrraannssppoorrtt
Scope 2022
(% of gross sales)
2022 exclusions
SSccooppee 22002211
(% of gross sales)
SSccooppee 22002200
(% of gross sales)
99.5%
100%
70.9%
95.2%
77%
77%
BR (SM)
-
ES (SM, CC), IT (CO,
CC), BE (HM, SM),
BRAT (HM, CC)
IT (CO, CC), BE (HM,
SM)
BRAT (HM, CC)
BRAT (HM, CC)
100%
100%
88.4%
94%
82.9%
82.5%
99.9%
98.9%
93.8%
81.3%
84.1%
84.3%
Merchandise indicators (organic products, Carrefour
Quality Lines, sustainable fishing, sustainable forest
management, textiles, packaging, animal welfare)
The scope covers products sold under the Group banner,
without distinguishing between franchises, integrated stores or
formats (stores, drives, online purchasing).
■
■
■
Regarding the organic product sales indicators, total food sales
only include sales by physical store or e‑commerce specialists
(e.g., Bio C Bon, So Bio). The market penetration indicator for
organic products among fresh products does not take into
account specialised networks.
Regarding the textile indicators, they are reported by the
the Global
purchasing centres
Sourcing purchasing centre).
for example,
(including,
The tonnes of packaging avoided indicator is calculated based
on the quantities of packaging purchased as reported by the
the Global
purchasing centres
Sourcing purchasing centre), with the exception of Brazil
which calculates the indicator based on the quantities of
packaging sold.
for example,
(including,
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
191
1
2
3
4
5
6
7
8
9
2
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
IInnddiiccaattoorrss
OOrrggaanniicc pprroodduuccttss
RReessppoonnssiibbllee PPrroodduuccttss –– ffaaiirr ttrraaddee
RReessppoonnssiibbllee PPrroodduuccttss –– FFSSCC
RReessppoonnssiibbllee PPrroodduuccttss –– PPEEFFCC
RReessppoonnssiibbllee PPrroodduuccttss –– eeccoollaabbeellss
CCaarrrreeffoouurr QQuuaalliittyy LLiinneess
CCaarrrreeffoouurr QQuuaalliittyy LLiinneess ccoommmmiitttteedd
ttoo aann aaggrrooeeccoollooggiiccaall aapppprrooaacchh****
PPaarrttnneerr pprroodduucceerrss****
DDeeffoorreessttaattiioonn –– ppaallmm ooiill
Scope 2022
(% of gross sales)
2022 exclusions
SSccooppee 22002211
(% of gross sales)
SSccooppee 22002200
(% of gross sales)
100%
81%
100%
77%
81%
100%
100%
100%
94%
BR, ES
BR, ES, RO
BR, ES
Only FR
IT
100%
100%
89.5%
100%
100%
100%
100%
100%
100%
100%
100%
96.8%
100%
96.8%
100%
100%
100%
96.9%
DDeeffoorreessttaattiioonn –– bbeeeeff
100.0% (BR & BRAT)
100.0% (BR & BRAT)
31% (BR)
DDeeffoorreessttaattiioonn –– wwoooodd//ppaappeerr//ppuullpp
DDeeffoorreessttaattiioonn –– ssooyy****
DDeeffoorreessttaattiioonn –– ccooccooaa****
SSuussttaaiinnaabbllee fifisshhiinngg
RReessppoonnssiibbllee tteexxttiillee****
AAnniimmaall wweellffaarree –– sshheellll eeggggss****
IT, BR C, AR.
Includes FR, BE, IT,
ES only
BR C
100%
83%
100%
95%
100%
100%
AAnniimmaall wweellffaarree –– eegggg iinnggrreeddiieennttss****
100% Includes Europe only
AAnniimmaall wweellffaarree –– cchhiicckkeennss****
AAnniimmaall wweellffaarree –– ssllaauugghhtteerrhhoouusseess****
PPaacckkaaggiinngg –– ttoonnnneess
PPaacckkaaggiinngg –– rreeccyyccllaabbllee,, rreeuussaabbllee
aanndd ccoommppoossttaabbllee****
** Indicators published for less than three years.
100%
100%
100%
71%
ES, IT, PL, AR
100%
54.3%
100%
100%
100%
100%
100%
100%
91.7%
100%
54.3%
96.8%
New
New
96.9%
84%
New
New
New
100%
New
HR indicators
The scope covers all of the Group’s BUs and headquarters. Any
BUs that were sold or closed during the reporting period are not
included.
The Non‑Financial Statement presented
this chapter
encompasses Carrefour Banque and Carrefour Property
Development, both of which are covered by Carrefour SA (the
parent company).
in
IInnddiiccaattoorrss
HHeeaaddccoouunntt
PPaarrtt‑‑ttiimmee eemmppllooyyeeeess
HHiirreess ((fifixxeedd‑‑tteerrmm//ppeerrmmaanneenntt))
PPeerrmmaanneenntt eemmppllooyyeeee ttuurrnnoovveerr
AAcccciiddeennttss
WWoommeenn mmaannaaggeerrss
DDiissaabblleedd wwoorrkkeerrss
TTrraaiinniinngg
2022 scope
(% of gross sales)
2022 exclusions
SSccooppee 22002211
(% of gross sales)
SSccooppee 22002200
(% of gross sales)
100%
100%
100%
100%
86%
100%
100%
100%
BRAT
100%
100%
100%
100%
89.6%
100%
100%
100%
100%
100%
100%
100%
90.3%
100%
100%
100%
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
CSR indicators
Principles applied
CSR reporting adheres to the following principles:
■
■
accuracy: the Carrefour group strives to ensure the accuracy
of published data by stepping up the number of manual and
automatic internal controls;
comparability: the Group strives to maintain consistency
throughout its reports. Figures presented for several years
apply the same definition.
Choice of indicators
Since 2003, Carrefour has used indicators associated with its
strategic priorities for CSR. These indicators, which are revised
over the years, are designed to monitor the commitments and
its environmental and social
progress made
performance. Each indicator is chosen for its relevance to risks
and societal challenges identified by the Group and with regard
to its CSR policies. In 2021, the Group revised the CSR index and
drafted purchasing rules on its priority environmental and social
topics. Following this work, new indicators were defined.
in terms of
References used
The information detailed in this section complies with the
requirements of French government order no. 2017‑1180 of
July 19, 2017 and decree no. 2017‑1265 of August 9, 2017,
providing for a Non‑Financial Statement as stipulated notably
under Articles L. 225‑102‑1 and R. 225‑105 et seq. of the French
Commercial Code (Code de commerce). This
information
concerns the activities of Carrefour SA (the parent company) and
all
the Group’s consolidated companies. Carrefour SA’s
Non‑Financial Statement notably covers Carrefour Banque, with
risks relating to the banking sector integrated into the risk
analysis presented in Section 2.1.
The information contained in Section 2.2 meets the requirements
provided for by French law no. 2017‑399 of March 27, 2017 with
regard to the duty of care of parent companies and contracting
companies (also called the duty of care law), namely: risk
mapping, procedures for regularly assessing the situation of
subsidiaries, subcontractors and suppliers with which the Group
has an established commercial relationship, appropriate actions
to mitigate risks or prevent serious harm, a whistleblowing and
alert system, as well as a system for tracking the measures
implemented and evaluating their effectiveness.
Section 2.3 of this document is provided in response to (EU)
Regulation 2020/852 of the European Parliament and of the
Council of June 18, 2020 on the establishment of a framework to
promote sustainable investments. The latter establishes criteria to
distinguish “green” investments from other investments, in a
totally transparent manner.
The 2022 Universal Registration Document adheres to the
guidelines of the main international standards of reference, in
particular the Sustainability Accounting Standards Board (SAS‑B),
the Task Force on Climate Disclosure (TCFD) and the Global
Reporting Initiative (GRI), the guiding principles of the OECD and
the Global Compact’s recommendations for “Communication on
Progress” (CoP). Carrefour’s CoP is published yearly on the
United Nations website (https://www.unglobalcompact.org/) and
is certified as “Advanced” (since 2014) following a peer review
under the aegis of Global Compact France.
A CSR reporting manual stipulating the Group’s collection,
calculation and consolidation rules is updated each reporting
period and distributed to all CSR reporting managers.
Methodology: specificities and limitations
Some indicators may have methodology constraints arising from
a lack of uniformity between national and international laws and
definitions (e.g., regarding work‑related accidents) and/or from
the qualitative, and therefore subjective, nature of certain data
(e.g., indicators linked to purchasing quality, the logistics process,
stakeholders and consumer awareness).
In some cases, KPIs may involve an estimation (as with the
energy and water consumption indicators, which are calculated
on the amount billed at an average price per kWh or cubic
metre). If necessary, BUs are required to specify and justify the
relevance of assumptions used in making estimates. Estimation
methodologies are regulated by the Group’s non‑financial
reporting manual.
CO emission factors
2
Emission factors are used to calculate CO2 emissions based on
site energy consumption, refrigerant consumption, and fuel
consumption for downstream transportation. The emission
factors in question are suggested by international organisations
such as the DEFRA GHG Conversion Factors, the
IPCC
(Intergovernmental Panel on Climate Change), and the UNEP
(United Nations Environment Programme). The
indicators
concerned are energy, refrigerants and logistics. BUs may also
use specific national indicators.
Electricity: to calculate the CO2 emission equivalent caused by
the consumption of electrical energy, the emission factor from
the local energy supplier is ideally used (market‑based method).
In the absence of such a value, a default value is used that is
based on the most recent data provided by:
■
■
■
the AIB’s European residual mix for European countries;
the Ministry of Science, Technology and Innovation of Brazil
for Brazil;
the report on climate transparency, based on CAMMESA data,
for Argentina.
Natural gas: to calculate the CO2 emission equivalent caused by
the consumption of natural gas, the emission factor provided by
DEFRA – UK Government GHG Conversion Factors for Company
Reporting is used: 2022 = 0.18397 kgCO2e/kWh (gross CV).
LPG: to calculate the CO2 emission equivalent caused by the
consumption of LPG, the emission factor provided by DEFRA –
UK Government GHG Conversion Factors
for Company
Reporting is used: 2022 = 0.21449 kgCO2e/kWh (gross CV).
Fuel: to calculate the CO2 emission equivalent caused by the
consumption of fuel, the emission factor provided by DEFRA –
for Company
UK Government GHG Conversion Factors
Reporting is used: 2022 = 2.7586 kgCO2e/litre (gross CV medium
gas oil).
Refrigerants: to calculate the CO2 emission equivalent caused by
the consumption of refrigerants, the global warming potential of
the refrigerants (GWP 100 years) is used, which is published in
the fifth evaluative report of the GIEC, “Climate Change 2013:
The Physical Science Basis” Appendix 8.a
(notwithstanding
certain “natural” refrigerants, for which the PRG 100 years is
taken from UNEP Ozonaction, and a value of 4 PRG 100 years is
used for Isopentane).
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Fuel used for transport: to calculate the CO2 emission equivalent
caused by Carrefour’s logistics, the national emission factors
recorded locally are used. Failing that, a default value based on
the most recent data provided by DEFRA – UK Government GHG
Conversion Factors for Company Reporting is used instead as
follows (2022 conversion factors):
a.
for diesel consumption: 2.70553 kgCO2e/litre (100% mineral
diesel);
b.
for biofuel consumption:
i. biodiesel: 0.16751 kgCO2e/litre,
ii. bioethanol: 0.00901 kgCO2e/litre,
iii. biomethane: 0.10625 kgCO2e/GJ,
iv. BioGNC: 0.61 kgCO2e/kg;
c.
d.
for rail transport: 0.02782 kgCO2e/tonne.km;
for river transport: 0.03681 kgCO2e/tonne.km (load capacity
up to 999 TEU).
Environmental information
In calculating the logistics KPI, CO2 emissions from the Group’s
logistics activity
from outbound road
transport. This indicator counts CO2 emissions related to the
transport of goods between warehouses and stores. The
following CO2 emissions are not taken into account:
includes emissions
emissions generated during the inbound transport of goods to
the warehouse;
generated
(direct
emissions
“producer‑to‑store” transportation of goods without going
through a warehouse);
deliveries
direct
by
emissions generated by customer and employee journeys;
emissions generated by outbound maritime transport.
■
■
■
■
Note that “store/warehouse” return trips are only taken into
account for fleets hired for Carrefour’s exclusive use.
In the vast majority of cases, CO2 emissions related to the
transport of goods are calculated on the basis of distance
travelled since there is no actual data on service providers’ fuel
consumption and average consumption by type of vehicle.
Pallets (transport units) used for backhauling are not included in
the total number of pallets used in outbound transport.
Energy KPI: the quantity of energy reported corresponds to the
quantity purchased and not the quantity actually consumed for
heating oil and gas (15% of the energy consumed by the stores).
Water KPI: the quantity of water reported corresponds mainly to
the quantity of water purchased. Depending on the country,
water collected by some stores through drilling may not be
counted when there is no charge for its withdrawal. In addition,
in some cases, there
insignificant overvaluation of
consumption (consumption of water for the shopping centre,
costs related to and indissociable from the costs of water
consumption).
is an
Refrigerants KPI: any leaks that may have occurred prior to a
change of equipment are not quantified in the reporting. They
correspond
last
to emissions generated between
maintenance operation and replacement of the unit. The impact
is insignificant at Group level thanks to both regular monitoring
of the units and the staggered timetable for their replacement.
Note that the mass balances are not systematically carried out
each time the fluid is reloaded or at year‑end. Some BUs
purchase and store refrigerants in advance and may include
refrigerants still stored in containers in consumption figures for
the year of purchase.
the
Waste KPI: the chosen reporting scope includes BUs that use
waste collection companies which provide information about the
tonnage of waste removed. Generally speaking, when waste is
collected directly by local authorities, information is not available
(the case at present in Spain, Italy and France). The tonnages of
waste evacuated by local authorities can therefore be estimated
using an estimation methodology approved by the Group (case
of Italy). In the absence of an approved methodology, the stores
concerned have been excluded.
Food waste KPI: Carrefour has developed an in‑store food waste
monitoring tool which enables
it to compare percentage
reductions in food waste with 2016, the base year. The indicator
is calculated on the basis of the Food Loss and Waste Accounting
and Reporting Standard (FLW Standard). In‑store food waste over
the given reporting period is calculated based on quantities of
unsold products
food donations, converted
biowaste, and animal waste. In 2022, the KPI was manually
recalculated.
(shrinkage),
Food donations KPI: the ratio used to calculate the number of
meal equivalents donated to food aid associations in all Group
countries is 1 meal = 500 g.
Considering the methodological limitations outlined above and
the difficulties in gathering data, the reporting scope may vary
depending on the indicator. For each indicator that pertains to a
limited scope, the scope is specified.
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Product information
Number of listed organic Carrefour food products: the number
of listed organic products reported pertains to the number of
organic products labelled by outside third parties found among
retailer‑branded products whose sales during the year were not
zero. The number of Group listed products corresponds to the
number of listed organic Carrefour products sold by the Group.
Number of Carrefour Quality Lines products: the calculation
methodology was adjusted in 2019. The number of CQL
products corresponds to the sum of all products
in the
assortment that customers can identify throughout the year as
being offered under the CQL programme. The following rules
apply: a given product packaged in different ways is only counted
once; in the meat and fish sections, a given product presented in
different cuts is only counted once; if the offering is segmented
by breed or variety, that breed or variety corresponds to one
product.
Carrefour Quality Lines committed to an agroecological
approach: this indicator was reported for the first time in 2022
for France only. Reporting methodology being rolled out in other
countries. A Carrefour Quality Line
is considered to be
committed to an agroecological approach if all of the suppliers in
the line are committed. A Carrefour Quality Line supplier is
considered to be committed to an agroecological approach if at
least one pilot producer using an agroecological approach is
included. An agroecological line features a specific message for
customers, "cultivated without -ides". It commits suppliers not
only to eliminating all or part of the synthetic pesticides used in
cultivation, but also to working on soil conservation and
biodiversity.
Soy: This indicator concerns soy contained in unprocessed fresh
and frozen products (excluding deli meats) in the following
categories: chicken, turkey, pork, beef, veal, lamb, salmon, eggs,
milk and minced meat. It is a means indicator, based on a
contractual commitment made by the supplier.
Brazilian beef: the percentage of geo‑referenced tier 2 Brazilian
beef is calculated using the number of tier 2 geo‑referenced
suppliers. The tier 2 suppliers correspond to farms that supply the
slaughterhouses.
Suppliers – Food Transition Pact: there is an international Food
Transition Pact and national pacts. National pacts were launched
in France, Spain, Belgium, Poland and Romania in 2021 and in
Italy in 2022.
Animal welfare – slaughterhouse audits: animal welfare audits
are performed in the case of lambs, cattle, hogs, calves and
poultry. Slaughterhouse audits can be performed either (i) by
Carrefour quality managers trained in animal welfare issues,
based on a Group checklist of animal welfare criteria, or (ii) by a
third‑party organisation, based on animal welfare certification
standards or the Group checklist.
Customer information
Customer research is carried out in all the Group’s countries and
formats by an internal Carrefour group research unit, present in
all countries. These studies are carried out monthly on
representative customer sample groups.
in stores:
Food transition
indicator tracks customer
the
satisfaction in five areas: the reduction of packaging, the fight
against food waste, local products, organic products and the
quality of Carrefour‑brand products. Performance in these five
categories is monitored in stores using a customer survey. In this
way, the indicator reports the progress points between years Y
and Y‑1 of the customer survey.
Act for Food: the indicator tracks the percentage of consumers
answering yes to the following question: “Does Carrefour help
you eat healthy and responsible food that remains affordable?”
Human resources information
Gender equality: Executive Directors are a new job category
created in 2021 from among the Senior Directors and make up
the Group’s Top 200. This indicator tracks the percentage of
women in the Group’s Top 200.
Training: this indicator takes into account the average number of
employees who have completed at least four hours of training
during the year as a proportion of the average group workforce.
Disability: number of employees with a disability recognised in
accordance with the legislation in force in each country, as a
proportion of the total workforce
Headcount at the end of the period: all Company personnel
with an employment contract (excluding interns, international
trainees, temporary workers and people on suspended contracts)
on December 31.
Work‑‑related accidents: since 2020, the frequency and severity
rates are calculated by the number of hours actually worked (and
no longer by theoretical hours).
Hiring: Belgium student contract hires are not taken into
account.
Limitations linked to current legislation: the definition of certain
indicators (work‑related accidents, absenteeism, and employees
declared as disabled workers) is defined by the laws in effect in
each country, which may cause discrepancies in the method
used.
Methods of data collection, consolidation
and control
Reporting period
Reporting is conducted on a quarterly basis. Reporting is carried
out once a year for the Universal Registration Document
submitted to the Board of Directors for approval.
Starting in 2012, to meet the requirements of Article 225 of
Grenelle II,
the stores,
indicators corresponding
merchandise and logistics were calculated over a 12‑month,
year‑on‑year period running from October to September.
the
to
Since 2019, to ensure greater collaboration within the Group, all
indicators corresponding to the stores, merchandise and logistics
are now calculated over a 12‑month period running from
January 1 to December 31.
In order to make reporting more efficient and precise, the
environmental Key Performance Indicators integrated in the CSR
and Food Transition
Index have been calculated on a
three‑month basis (per trimester) since 2020.
The period used for annual reporting is the calendar year
(January 1 to December 31), without modifying the data for
previous years.
Data collection methods
The system in place is based on dual information reporting that
allows for collection of qualitative and quantitative data from the
various countries and banners. From a qualitative point of view,
the best practices implemented in Group countries are reported
through personalised
if possible, by
videoconference if not), or by e‑mail.
interviews (in person
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CSR and Food Transition Index
Composition of the CSR and Food Transition
Index
The CSR and Food Transition index, introduced in 2018, assesses
Carrefour’s performance in implementing CSR commitments. It
is monitored quarterly and published twice a year. This index
covers four categories: (i) procurement and product design,
(ii) site operations, (iii) customer involvement and satisfaction
with the food transition and (iv) human resource management
and employee engagement. Each of these categories
is
associated with several quantitative objectives and deadlines.
the basis
In 2019, the Group’s performance in meeting these objectives
was included in the criteria for executive compensation and
serves as
for calculating 25% of executive
compensation as part of the long‑term incentive plan, and 20%
of the Chief Executive Officer’s compensation. Since 2021, the
CSR index has been integrated into the variable compensation of
executives in integrated countries.
The 2021 CSR and Food Transition Index is made up of
15 indicators.
the
From a quantitative point of view,
reporting and
consolidation of Key Performance Indicators has been carried
out since 2014 using the BFC application. In 2022, the Group
implemented a new EPM Cloud application for reporting
environmental indicators. This application is used in conjunction
with the one used by the Group for financial consolidation and
reporting Customer indicators are taken from the Group’s
consumer opinion review platform.
Key social performance indicators are reported through the
Group’s Human Resources reporting tool. Reporting liaisons
identified in each country are responsible for coordinating
environmental and social reporting for their respective countries.
Environmental data control methods
The EPM Cloud reporting application
features automatic
consistency checks to prevent data entry errors. It also allows
users to insert explanatory comments, which makes auditing and
internal control easier. Each reporting manager verifies the data
entered before it is consolidated at Group level, with the help of
a checklist and control tips that are explained in the definition
sheet for each indicator. The Group’s CSR department carries out
a second level of data control. Inconsistencies and errors that are
found are reviewed together with the countries and corrected as
needed.
Social data control methods
Social data are locally checked before being entered in the
Group human resources tool. The Group’s Human Resources
department carries out a second
level of data control.
Inconsistencies and errors that are found are reviewed together
with the countries and corrected as needed.
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TTooppiicc
IInnddiiccaattoorrss
UUnniitt
SSccooppee ooff tthhee oobbjjeeccttiivveess
PPRROODDUUCCTTSS –– RReessppoonnssiibbllee ssoouurrcciinngg
Sustainable agriculture
Penetration of certified organic
products in fresh produce
Penetration of agroecological
Carrefour Quality Lines products
in fresh produce
Percentage
of sales
(including VAT)
Scope: certified products and
national‑brand products, eight integrated
countries, excluding Atacadão.
Raw materials at risk –
sustainable fishing
Raw materials at risk –
deforestation
Scope of organic sales: Group.
Scope of agroecological sales: France
only, reporting methodology now being
rolled out across the Group.
Scope: certified products and national
brands, all products (fresh, frozen,
canned, groceries, etc.) in the Group’s
eight integrated countries, excluding
Atacadão.
Percentage of sales of fishery
and aquaculture products,
Carrefour‑brand products, and
national brands produced using
sustainable practices
Percentage
of sales
(including VAT)
Proportion of palm oil used in
Carrefour‑brand products that is
certified sustainable and fully traced
(RSPO segregated)
Percentage
of tonnes
Scope: Carrefour‑brand products
(excluding value products), eight
integrated countries, excluding
Atacadão.
Proportion of paper and cardboard
packaging for all certified products
that comply with our
zero‑deforestation forest policy
Percentage
of tonnes
% of Brazilian beef suppliers that are
geo‑monitored and comply with our
forest policy or are committed to an
ambitious policy to combat
deforestation
Percentage
of suppliers
Percentage of Carrefour Quality
Lines and other key Carrefour‑brand
products that use zero‑deforestation
soy as animal feed
Percentage
of sales
Raw materials at risk –
deforestation
Percentage of sustainable cocoa
mass in Carrefour‑brand chocolate
bars by 2023
Percentage
of tonnes
Percentage of key raw materials
traders at risk assessed
Percentage of key raw material
traders at risk making progress
towards complying with our policy
Percentage
of traders
Scope: certified products, eight
integrated countries, excluding
Atacadão. Reporting methodology
currently under development. First
results in 2022.
Scope: Scope: direct suppliers of fresh,
frozen and processed meat, retail
suppliers and meatpackers. The indicator
for Brazilian beef suppliers is solely
reported by Brazil (Carrefour and
Atacadão).
Scope: Carrefour Quality Lines products
and key Carrefour‑brand products
(excluding discount and no‑name
products): the following unprocessed
fresh or frozen products (excluding deli
meats) – chicken, turkey, pork, beef,
veal, lamb, salmon, eggs, milk, minced
meat.
Scope: Scope: Carrefour‑brand
chocolate bars (excluding discount and
no‑name products). Countries involved:
France, Belgium, Spain and Italy.
Traders assessed in 2022.
The reliability of assessment criteria is
being improved so that traders’ progress
can be measured by 2023.
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TTooppiicc
IInnddiiccaattoorrss
UUnniitt
SSccooppee ooff tthhee oobbjjeeccttiivveess
Raw materials at risk – textiles
% of TEX products made with
organic cotton
% of wood‑based fibres in our TEX
products that are deforestation‑free
Percentage of wool in our TEX
products that guarantees sheep
welfare and protects soils and
ecosystems
% of cashmere used in our TEX
products that guarantees goat
welfare and comes from land that
incorporates strategies to reduce
desertification
Percentage
of units
purchased
Percentage
of units
purchased
Percentage
of units
purchased
TEX is Carrefour’s textile brand. Cotton is
the main raw material for our clothes.
This indicator accounts for 80% of the
final textiles score.
TEX is Carrefour’s textile brand.
Wood‑based fibres account for 12% of
the final textiles score.
TEX is Carrefour’s textile brand.
Cashmere accounts for 5% of the
indicator.
Percentage
of units
purchased
TEX is Carrefour’s textile brand.
Cashmere accounts for 3% of the
indicator.
Packaging
Cumulative reduction of packaging
since 2017 (in tonnes)
Tonnes
Percentage of Carrefour‑brand
packaging that is reusable,
recyclable or compostable
Percentage
of tonnes
Animal welfare
Eggs – Percentage of sales of
certified national‑brand products
from cage‑free production facilities
Percentage
of sales
(including VAT)
Scope: eight integrated countries,
excluding Atacadão.
Monitoring indicator since 2017.
New indicator calculated for the first
time in 2021 for France only, then for
Belgium, Romania and Brazil in 2022.
The reporting methodology will be
rolled out in the remaining countries in
2023.
Scope: certified national‑brands
products (including no‑name products),
eight integrated countries, excluding
Atacadão.
Eggs as ingredients – Percentage of
Carrefour‑brand products
containing cage‑free eggs used as
ingredients
Percentage
of tonnes
Scope: certified products (excluding
no‑name products). Target concerning
only France, Belgium, Italy, Spain, Poland
and Romania.
Chickens – Percentage of gross
sales of certified products that
guarantee compliance with animal
welfare criteria
Percentage
of sales
(including VAT)
Scope: raw products only, certified
products (excluding no‑name products),
eight integrated countries, excluding
Atacadão.
Slaughterhouses – Percentage of
Carrefour supplier slaughterhouses
audited for compliance with animal
welfare standards
Percentage of
slaughterhouses
Scope: certified products (no‑name
products excluded).
Fresh, unprocessed products only.
Seafood products excluded. Eight
integrated countries, excluding
Atacadão.
Suppliers – Pact
Number of suppliers committed to
the food transition pact
Number
Scope: eight integrated countries,
excluding Atacadão.
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TTooppiicc
IInnddiiccaattoorrss
UUnniitt
Scope ooff tthhee oobbjjeeccttiivveess
SSTTOORREESS –– SSiittee aaccttiivviittyy
Food waste
Store waste
Climate
Partner producers
CCUUSSTTOOMMEERRSS –– CCuussttoommeerr
iinnvvoollvveemmeenntt aanndd ssaattiissffaaccttiioonn
wwiitthh tthhee ffoooodd ttrraannssiittiioonn
Food transition in stores
Act for Food
EEMMPPLLOOYYEEEESS –– HHuummaann rreessoouurrccee
mmaannaaggeemmeenntt aanndd eemmppllooyyeeee
eennggaaggeemmeenntt
Employer recommendation
Gender equality
Training
Disability
Percentage reduction in food waste
(vs. 2016)
Percentage
of tonnes
Percentage of waste recovered
(including food donations)
% change in Scope 1 and Scope 2
CO2 emissions since 2019
Percentage
of tonnes
Percentage
of tonnes
Number of partner producers
(Carrefour Bio partners, regional and
local Carrefour Quality Lines)
Number
Food waste is calculated as the ratio of
bio‑waste, food donations and animal
waste to the amount of food waste.
Scope: eight integrated countries.
Scope: eight integrated countries.
CO2 emissions from Scopes 1 and 2 are
the emissions linked to the use of
electricity, gas, fuel and refrigerants in
stores. Scope:
Scope: eight integrated countries.
Scope: eight integrated countries,
excluding Atacadão.
Number of improvement points (vs.
2020) in the in‑store customer
survey on organic and local
products, quality of Carrefour‑brand
products, packaging and food waste
reduction
Proportion of consumers who think
that Carrefour helps them eat
healthy and responsible food that
remains affordable
Number
Scope: eight integrated countries,
excluding Atacadão.
4.4 million survey respondents in 2022.
Percentage
of consumers
Scope: eight integrated countries,
excluding Atacadão.
1.2 million survey respondents in 2022.
Employer recommendation score
awarded annually to Carrefour by its
employees
Percentage
(score/100)
Scope: eight integrated countries.
Annual survey conducted on a randomly
selected sample of 26,000 employees
across the Group.
Percentage of women among
Executive Directors (top 200)
Percentage
of women
Scope: Executive Directors from the
entire Group.
Percentage of employees who have
access to training every year
Percentage
of employees
Percentage of employees
recognised as having a disability
Percentage
of employees
Scope: eight integrated countries.
Scope: eight integrated countries.
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Methodology for calculating the CSR and Food
Transition Index
The CSR and Food Transition Index calculates a final score that
aggregates 15 objectives in four categories (products, stores,
consumers, and human resources). The final score for each
category is calculated as an unweighted average of the four
categories. The score for each indicator is calculated as the ratio
of the result to its target over the given reporting period,
expressed as a percentage. The “employee commitment”
indicator is an exception as its score uses the following rule: for
each point of deviation from the target of 75/100 (up or down),
the index score varies by plus or minus 4 points. The data and
related calculation are reviewed by external auditors.
External audit
Quantified data are produced, consolidated, analysed and
published. Selected data are subject to verification by an outside
third party.
External audit
The reporting procedures have been verified by the external
Statutory Auditor, Mazars, appointed as an independent third
party. For the Key Performance Indicators and information
considered most significant, substantive
tests have been
conducted on the data. Indicators identified with the symbol √
have been reviewed with reasonable assurance.
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2.4.2 REPORT OF THE INDEPENDENT THIRD‑PARTY ON THE VERIFICATION
OF THE CONSOLIDATED NON‑FINANCIAL STATEMENT INCLUDED
IN THE GROUP MANAGEMENT REPORT
For the year ended December 31, 2022
Conclusion
This is a free translation into English of the Independent
third‑party organization’s report issued in French and is provided
solely for the convenience of English‑speaking readers. This
report should be read in conjunction with, and construed in
accordance with, French
law and professional standards
applicable in France.
To shareholders,
of
and
available
information
accreditation
accredited
(scope
by COFRAC Inspection
As Independent third‑party organization, member of Mazars
Group
under
on
number 3‑1058
www.cofrac.fr), we have performed work to provide a reasoned
opinion that expresses a limited level of assurance on the
historical
the
consolidated extra‑financial performance statement, prepared in
the
the entity’s procedures
accordance with
“Statement") for the financial year ended December 31, 2022
(hereinafter respectively the "Information" and the "Statement"),
presented in the management report of the group, in application
of
the provisions of Articles L. 225‑102‑1, R. 225‑105 and
R. 225‑105‑1 of the Commercial Code.
(observed and extrapolated) of
(hereinafter
Conclusion
Based on the procedures we performed, as described in the
"Nature and scope of our work” and the evidence we collected,
nothing has come to our attention that causes us to believe that
the consolidated non‑financial statement is not presented in
accordance with the applicable regulatory requirements and that
the Information, taken as a whole, is not presented fairly in
accordance with the Guidelines, in all material respects.
Comment
Without calling into question the conclusion expressed above
and in accordance with the provisions of Article A. 225‑3 of the
French Commercial Code, we make the following comment:
The key performance indicators relating to absenteeism rates,
frequency rates and severity rates are published on a limited
scope, i.e., 63% of the Group's average workforce due to the fact
that the Group's activities in Brazil are not taken into account.
The reporting perimeters, which vary according to the indicators,
are set out in the Non‑financial performance statement in the
tables presenting the data for the year.
Reasonable assurance report on selected
information
For the information selected by the Company and identified by
the sign √, we have carried out, at the Company’s request and on
a voluntary basis, work of the same nature as that described in
the paragraph "Nature and scope of the work" above for the key
performance indicators and for the other quantitative results that
we considered to be the most important. This work was carried
out in greater depth, particularly in terms of the number of tests.
The selected sample thus represents between 66% and 85% of
the environmental information identified by the sign √.
We are convinced that this work allows us to express reasonable
assurance on the information selected by the Company and
identified by the sign √.
In our opinion, the information selected by the Company and
identified by the sign √ has been established, in all material
respects, in accordance with the Standards.
Preparation of the non‑financial
performance statement
The lack of a commonly used framework or established practice
on which to base the assessment and evaluation of information
allows for the use of alternative accepted methodologies that
may affect comparability between entities and over time.
The Statement has been prepared in accordance with the entity’s
procedures (hereinafter the “Guidelines”), the main elements of
which are presented in the Statement.
Restrictions due to the preparation
of the Information
As mentioned in the Statement, the Information may contain
inherent uncertainty about the state of scientific or economic
knowledge and the quality of external data used. Some of the
Information
is dependent on the methodological choices,
assumptions and/or estimates made in preparing the information
and presented in the Statement.
The entity’s responsibility
The Board of Directors is responsible for:
■
■
selecting or setting appropriate criteria for the provision of the
Information;
preparing the Statement with reference to legal and regulatory
requirements, including a presentation of the business model,
a description of the principal non‑financial risks, a presentation
of the policies implemented considering those risks and the
outcomes of said policies,
including key performance
indicators and also, the Information required by Article 8 of
Regulation (EU) 2020/852 (EU Taxonomy);
■
implementing
and
internal control procedures deemed
necessary to preparation of information, free from material
misstatement, whether due to fraud or error.
The Statement has been prepared by applying the Company’s
Guidelines as referred to above.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
201
1
2
3
4
5
6
7
8
9
2
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
Responsibility of the Independent third‑party
organization
Based on our work, our responsibility is to provide a report
expressing a limited assurance conclusion on:
■
■
the compliance of the Statement with the requirements of
article R. 225‑105 of the French Commercial Code;
the fairness of the Information provided in accordance with
article R. 225‑105 I, 3° and II of the French Commercial Code,
i.e., the outcomes, including key performance indicators, and
the measures implemented considering the principal risks
(hereinafter the “Information”).
However, it is not our responsibility to comment on the entity’s
compliance with other applicable
regulatory
requirements, in particular the French duty of care law and
anti‑corruption and tax avoidance
legislation nor on the
compliance of products and services with the applicable
regulations.
legal and
This is not our responsibility to express an opinion on:
■
■
■
the entity’s compliance with other applicable
legal and
regulatory requirements (in particular, where applicable, with
regard to the Information required by Article 8 of Regulation
(EU) 2020/852 (green taxonomy), the due diligence plan and
the fight against corruption and tax evasion);
the truthfulness of the Information provided for in Article 8 of
Regulation (EU) 2020/852 (EU Taxonomy);
the compliance of products and services with applicable
regulations.
Regulatory provisions and applicable
professional standards
The work described below was performed with reference to the
provisions of articles A. 225‑1 et seq. of the French Commercial
Code, as well as with the professional guidance of the French
Institute of Statutory Auditors (“CNCC”) applicable to such
engagements and with ISAE 3000.
Independence and quality control
the
independence
is defined by
Our
requirements of
article L. 822‑11 of the French Commercial Code and the French
Code of Ethics (Code de déontologie) of our profession. In
addition, we have implemented a system of quality control
regarding
including documented policies and procedures
compliance with applicable legal and regulatory requirements,
the ethical requirements and French professional.
Means and resources
Our work was carried out by a team of 8 people between
October 2022 and February 2023 and took a total of 18 weeks.
We called on our sustainable development and social
responsibility specialists to assist us in our work. We conducted
50 interviews with the people responsible for preparing the
in particular CSR, controlling, risk
Statement, representing
management, compliance, human resources.
Nature and scope of our work
We planned and performed our work considering the risks of
significant misstatement of the Information.
■
We are convinced that the procedures we have carried out in
the exercise of our professional judgment enable us to provide
a limited assurance conclusion:
■ we obtained an understanding of all the consolidated
entities’ activities and the description of the principal risks
associated;
■ we assessed the suitability of the criteria of the Guidelines
with respect to their relevance, completeness, reliability,
neutrality and understandability, with due consideration of
industry best practices, where appropriate;
and environmental
■ we verified that the Statement includes each category of
in
social
article L. 225‑102‑1 III as well as
information regarding
compliance with human rights and anti‑corruption and tax
avoidance legislation;
information
set out
article R. 225‑105 II of
■ we verified that the Statement provides the Information
French
required under
Commercial Code, where relevant with respect to the
principal risks, and includes, where applicable, an explanation
for
required under
article L. 225‑102‑1 III, paragraph 2 of the French Commercial
Code;
the absence of
Information
the
the
■ we verified that the Statement presents the business model
and a description of principal risks associated with all the
consolidated entities’ activities, including where relevant and
proportionate, the risks associated with their business
relationships, their products or services, as well as their
policies, measures and the outcomes thereof, including key
performance indicators associated to the principal risks;
■ we referred to documentary sources and conducted
interviews to:
information
in Appendix 1; concerning certain
assess the process used to identify and confirm the principal
risks as well as the consistency of the outcomes, including
the key performance indicators used, with respect to the
principal risks and the policies presented, and;
corroborate the qualitative
(measures and
outcomes) that we considered to be the most important
presented
risks
(Work‑related accidents, psychosocial risks or occupational
illnesses, Significant lack of product control and traceability,
Failure of the removal and recall device,
Inability or
difficulties in attracting and retaining key employees, Riots,
popular demonstrations, strikes, social movements and
agricultural crises, Carrefour and its suppliers accused of
failing to comply with labour law, human rights and/or fair
remuneration, Failure to comply with the principles of
diversity and equality and failures to combat discrimination
and harassment, Poor management or degradation of the
social climate within Carrefour, Non‑compliance with laws
on the protection of personal data (RGPD, LGPD, etc.),
(Sapin 2),
Non‑compliance with
Commercial offer not aligned with the environmental and
societal expectations of customers (local products, reduction
food waste, etc.), our work was
of packaging,
anti‑corruption
laws
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Reporting methodology and verification of information
carried out on the consolidating entity, for the others risks,
our work was carried out on the consolidating entity;
■ we verified that the Statement covers the scope of
consolidation, i.e., all the consolidated entities in accordance
with article L. 233‑16 of the French Commercial Code if
applicable: within the limitations set out in the Statement;
■ we obtained an understanding of internal control and risk
management procedures the entity has put in place and
assessed
the
completeness and fairness of the Information;
the data collection process
to ensure
■ for the key performance indicators and other quantitative
outcomes that we considered to be the most important
presented in Appendix 1, we implemented:
analytical procedures to verify the proper consolidation of the
data collected and the consistency of any changes in those data;
tests of details, using sampling techniques, in order to verify
the proper application of the definitions and procedures and
reconcile the data with the supporting documents. This work
was carried out on a selection of contributing entities and
covers between 28% and 100% of the consolidated data
relating to the key performance indicators and outcomes
selected for these tests;
■ we assessed the overall consistency of the Statement based on
our knowledge of all the consolidated entities.
for a moderate assurance
The procedures performed
engagement are
less extensive than those required for a
reasonable assurance engagement performed in accordance
with the professional doctrine of the Compagnie nationale des
commissaires aux comptes. Indeed, the procedures performed
for
required more comprehensive
verification work.
reasonable assurance
Paris La Défense, February 21, 2023
The Independent third‑party organization,
MAZARS SAS
Edwige REY
CSR & Sustainable Development Partner
1
2
3
4
5
6
7
8
9
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
Appendix 1: list of qualitative and quantitative information, including key performance
indicators and contributing entities
Quantitative information (actions and results) relating to the main risks
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
Percentage of food waste avoided (vs. 2016)
(9)
Total waste (1) (2) (7)
Share of waste
recovered (including food donations) (1) (2) (7)
from hypermarkets and supermarkets
Cumulative reduction of packaging since 2017 (in tonnes) (1)
Percentage of packaging in Carrefour‑branded products that is
reusable, recyclable or compostable (1)
Percentage of integration of recycled plastic in packaging (1)
Sales of organic products (1)
Market penetration rate of Carrefour Quality Lines in fresh
produce (1)
Number of partner producers (Carrefour Bio partners, regional
and local Carrefour Quality Lines) (1)
Percentage of palm oil used in controlled products that is fully
traced (RSPO Segregated certified) (1) (2) (5) (7)
Percentage of Carrefour own‑brand products in ten priority
categories sourced from sustainable forests (5)
Percentage of suppliers are geo‑monitored and in compliance
with our forest policy or committed to an ambitious policy to
combat deforestation (3) (4)
Percentage of Carrefour seafood products sold come from
responsible fishing (2) (5)
Eggs – Percentage of sales of certified national‑brand products
from cage‑free production facilities (1) (2) (5) (7)
Eggs as ingredients – Percentage of Carrefour‑brand products
containing cage‑free eggs used as ingredients (1) (2) (5) (7)
Chickens – Percentage of gross sales of certified products that
guarantee compliance with animal welfare criteria (1) (2) (5) (7)
Agroecology (1)
Slaughterhouses – Percentage of Carrefour
supplier
slaughterhouses audited for compliance with animal welfare
standards (1) (2) (5) (7)
Percentage of Carrefour’s quality channels
and key Carrefour branded products use non‑deforested soy
for animal feed (1) (3) (4) (5) (8)
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
Percentage of sustainable cocoa mass in Carrefour‑brand
chocolate bars (1)
Percentage of natural textile raw materials comply with our
responsible TEX policy
fibers, wool,
cashmere) (9)
(cotton, wood
Percentage of key traders (intermediaries trading in agricultural
commodities near the beginning of the supply chain) assessed
and making progress towards complying with Group policy (9)
Percentage of social audits with alerts (9)
Number of suppliers committed to the Food Transition Pact (5)
Proportion of consumers who think that Carrefour helps them
eat healthy and responsible food that remains affordable (9)
Share of customers who identified in‑store food transition (9)
Percentage of IFS or BRC certified suppliers (9)
Percentage of sites audited by Carrefour (9) of which:
■ Percentage of audit scores between A and B
■ Percentage of audit scores between C and D
Number of improvement points in the in‑store customer
survey on organic and local products, nutrition, packaging and
food waste reduction (9)
Headcount (4)
Frequency rate (4)
Severity rate (4)
Percentage of women appointed to key positions (9)
Percentage of persons with disabilities (4)
Average number of training hours per employee (4)
Employer recommendation (9)
Number of agreements signed (9)
Key Talent Attraction Rate (4)
Percentage of at‑risk personnel trained on anti‑corruption
topics (9)
Percentage of countries/entities with a DPO (9)
We have selected a list of Business Units on which we performed our tests of details. These Business Units are:
(1) France HM and SM
(2) Belgium HM and SM
(3) Brazil HM et SM
(4) Brazil Atacadão
(5) Spain HM and SM
(6) Argentina HM and SM
(7)
Italy HM and SM
(8) Poland HM and SM
(9) Group
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SASB, GRI and TCFD concordance table
2.5 SASB, GRI and TCFD concordance table
Carrefour established its strategy and reporting in accordance with the principles of the SASB (Sustainability Accounting Standards
Board), the GRI (Global Reporting Initiative), and the TCFD (Task Force on Climate‑related Financial Disclosures) to ensure its
completeness. The concordance table below cross‑references the key principles of these three frameworks (2022 update) with the CSR
report.
SASB –
Sustainability disclosure URD URD
Fleet Fuel Management
Air Emissions from
refrigeration
Energy Management
2.1.3 Climate
2.1.3.1 Overview of objectives and
performance
2.1.3 Climate
2.1.3.1 Overview of objectives and
performance
2.1.3 Climate
2.1.3.1 Overview of objectives and
performance
Food Waste Management
2.1.3.4 Combatting food waste
Website
https://www.carrefour.com/en/csr/
climat‑commitments
Data Security
Food Safety
2.1.5.4 Personal data protection
4.1.1.1 Strategy, governance and business
environment - Personal data protection
-
2.1.4.3 Providing a quality offer accessible to
all
https://www.carrefour.com/en/
health‑quality‑and‑nutrition
Product Health & Nutrition
2.1.4.3 Providing a quality offer accessible to
all
2.2.2.1 Risk mapping methodology
-
Other sources
CDP Climate:
C4.1a, C12.1d
CDP Climate:
C2.2a, C2.3
CDP Climate:
C8.2a
CDP Climate:
C12.1b
-
-
-
-
Product Labelling
&Marketing
Labor Practices
Management of
environmental & social
impacts in the supply chain
https://www.carrefour.com/en/
employees‑commitments
https://www.carrefour.com/en/
biodiversity‑commitments
CDP Forests:
F2, F4
2.1.6.3 Attracting, supporting and developing
talent
2.1.6.5 Protecting employee health, safety
and quality of life
2.1.2.2 Supporting the transition to
sustainable agriculture
2.1.2.3 Protecting biodiversity for the supply
of sensitive raw materials
2.1.2.4 Developing ecodesign and a circular
economy for packaging
2.1.5.2 Respect for human rights and labour
rights
SASB - Activity Metric
Number of (1) retail locations
and (2) distribution centres
1.1.3 Operating regions
1.4 Breakdown of the Group’s businesses
https://www.carrefour.com/en/
carrefour‑group‑locations
Total area of (1) retail space
and (2) distribution centres
1.1.2 Business overview
1.3.1.1 A distinctive and rationalized offer,
reflecting our raison d’être
1.4 Breakdown of the Group’s businesses
Number of vehicles in
commercial fleet
Unavailable
Ton‑miles travelled
Unavailable
-
-
-
-
-
CDP – Climate:
C4.3b
-
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No.
GRI disclosure
URD
Website
GRI 100
GRI 102 – General disclosures
Organizational profile
Name of the organization
8.1.1 Goodwill
102‑1
102‑2
Activities, brands, products,
and services
https://
www.carrefour.com/en/
group
102‑3
Location of headquarters
102‑4
Location of operations
102‑5
Ownership and legal form
1.1.1 Facts and figures
1.1.2 Business overview
1.4 Breakdown of the Group’s businesses
1.1.3 Operating regions
1.4.1 An international omni‑channel retailer
1.1.3 Operating regions
1.4 Breakdown of the Group’s businesses
1.5.3 Summary of stock market performance
8.3 Shareholders
102‑6
Markets served
1.4 Breakdown of the Group’s businesses
102‑7
Scale of the organization
1.1.1 Facts and figures
1.1.2 Business overview
1.4 Breakdown of the Group’s businesses
102‑8
Information on employees
and other workers
1.1.1 Facts and figures
2.1.6 Employees
102‑9
Supply chain
1.1.6 Our business model, based on creating shared value
102‑10
Significant changes to the
organization and its supply chain
1.5 The Carrefour group in 2022
102‑11
Precautionary principle or approach 4. Risk management and internal control
102‑12
External initiatives
102‑13 Membership of associations
Strategy
102‑14
Statement from senior
decision‑maker
102‑15
Key impacts, risks and opportunities
2.2 The Carrefour group’s duty of care plan
2.1 Non‑financial policies, action plans and performance
2.2 The Carrefour group’s duty of care plan
1.3 The Carrefour 2026 plan: Renewed ambition, faster
trajectory
2.1 Non‑financial policies, action plans and performance
Annual report editorial
1.2 Context: global challenges and development
opportunities
4.1.2 Main risks
-
-
Ethics and integrity
102‑16
Values, principles, standards,
and norms of behaviour
102‑17 Mechanisms for advice and
concerns about ethics
Governance
102‑18 Governance structure
102‑19 Delegating authority
1.1.5 Our raison d'être
2.1.5.5 Fair practices
2.2 The Carrefour group’s duty of care plan
2.1.5.5 Fair practices
2.2 The Carrefour group’s duty of care plan
4.1.1.1 Strategy, governance and business environment –
Corruption/Sapin II law
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
https://
www.carrefour.com/en/
group/governance
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors'
work
3.3 Executive Management and Group Executive
Committee
−
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102‑20 Executive‑level responsibility
for economic, environmental,
and social topics
102‑21 Consulting stakeholders on
economic, environmental,
and social topics
102‑22 Composition of the highest
governance body and its
committees
102‑23 Chair of the highest governance
body
102‑24 Nominating and selecting the
highest governance body
2.2.1 CSR and duty of care plan governance and
methodology
1.1.7 Stakeholder dialogue
2.2.1 CSR and duty of care plan governance and
methodology
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
3.3 Executive Management and Group Executive
Committee
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
3.3 Executive Management and Group Executive
Committee
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors'
work
3.3 Executive Management and Group Executive
Committee
102‑25 Conflicts of interest
2.1.5.5 Fair practices
102‑26 Role of highest governance body
102‑27 Collective knowledge of highest
governance body
102‑28 Evaluating the highest governance
body's performance
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
3.3 Executive Management and Group Executive
Committee
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors'
work
3.3 Executive Management and Group Executive
Committee
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
3.3 Executive Management and Group Executive
Committee
102‑29
Identifying and managing economic,
environmental, and social impacts
performance
2.1.1 CSR methodology and non‑financial risks and
102‑30 Effectiveness of risk management
2.1 Non‑financial policies, action plans and performance
processes
102‑31
Review of economic, environmental,
and social topics
2.2.1 Governance of the duty of care plan
102‑32 Highest governance body's role in
2.2.1 Governance of the duty of care plan
sustainability reporting
102‑33 Communicating critical concerns
2.2.1 Governance of the duty of care plan
102‑34 Nature and total number of critical
2.2.1 Governance of the duty of care plan
concerns
102‑35 Remuneration policies
3.4 Compensation and benefits granted to Company
Officers
102‑36
Process for determining
remuneration
3.4 Compensation and benefits granted to Company
Officers
102‑37
Stakeholders’ involvement in
remuneration
3.4 Compensation and benefits granted to Company
Officers
https://
www.carrefour.com/en/
csr/policy
https://
www.carrefour.com/en/
csr/policy
−
−
−
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
−
−
−
https://
www.carrefour.com/en/
csr/policy
https://
www.carrefour.com/en/
csr/csr‑commitment
https://
www.carrefour.com/en/
csr/policy
https://
www.carrefour.com/en/
csr/policy
−
−
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
−
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102‑38 Annual total compensation ratio
3.4 Compensation and benefits granted to Company
Officers
Website
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
chain
‑
102‑39
Percentage increase in annual total
compensation ratio
Stakeholder engagement
102‑40 List of stakeholder groups
102‑41 Collective bargaining agreements
102‑42
Identifying and selecting
stakeholders
3.4 Compensation and benefits granted to Company
−
Officers
1.1.7 Stakeholder dialogue
1.3 The Carrefour 2026 plan: Renewed ambition, faster
trajectory
2.2.1 Governance of the duty of care plan
2.2.4 Measures for preventing and mitigating identified
risks
1.1.7 Stakeholder dialogue
2.2.1 Governance of the duty of care plan and CSR
4.1.1 Principal risk factors
https://
www.carrefour.com/en/
csr/
102‑43 Approach to stakeholder
engagement
1.1.7 Stakeholder dialogue
2.2.1 Governance of the duty of care plan
102‑44 Key topics and concerns raised
1.1.7 Stakeholder dialogue
2.2.1 Governance of the duty of care plan
Reporting practice
102‑45
Entities included in the consolidated
financial statements
6.6 List of consolidated companies
102‑46 Defining reporting content and topic
2.1 Non‑financial policies, action plans and performance
boudaries
102‑47
List of material topics
2.1 Non‑financial policies, action plans and performance
102‑48 Restatements of information
N/A
102‑49 Changes in reporting
2.4.1 Detailed reporting methodology for CSR indicators
102‑51
Reporting period
2.4.1 Detailed reporting methodology for CSR indicators
102‑52 Date of the most recent report
April 2022
102‑53 Contact point for questions
regarding the report
investisseurs@carrefour.com
102‑54 Claims of the reporting in
Core
accordance with CRI standards
102‑55 GRI content index
2.5 Concordance tables
102‑56
External assurance
GRI 200
GRI 201 - Economic performance
2.4.2 Report of the independent third‑party on the
verification of the consolidated non‑financial statement
included in the Group management report
201‑1
201‑2
Direct economic value generated
and distributed
5. Business review as of December 31, 2022
Financial implications and other risks
and opportunities due to climate
change
Unavailable
201‑3
Defined benefit plan obligations and
other retirement plans
1.2.6. Responsibilities on inclusion
3.4 Compensation and benefits granted to Company
Officers
201‑4
Financial assistance received from
government
N/A
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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GRI 202 - Market presence
202‑1
Ratios of standard entry level
by gender compared to local
minimum wage
Unavailable
202‑2
Proportion of senior management
hired from the local community
Unavailable
GRI 203 - Indirect economic impacts
203‑1
203‑2
Infrastructure investments
and services supported
Significant indirect economic
impacts
GRI 204 - Procurement practices
N/A
N/A
204‑1
Proportion of spending local
supplier
1.3.1.1 A differentiated and streamlined offer, reflecting
our raison d'être
GRI 205 - Anti‑corruption
205‑1
Operation assessed for risks related
to corruption
2.1.5.5 Fair practices
4.1.1.1 Strategy, governance and business environment –
Corruption/Sapin II law
205‑2
Communication and training about
anti‑corruption policies and
procedures
2.1.5.5 Fair practices
4.1.1.1 Strategy, governance and business environment –
Corruption/Sapin II law
205‑3
Confirmed incidents of corruption
and actions taken
2.1.5.5 Fair practices
GRI 206 - Anti‑competitive behaviour
206‑1
Legal actions for anti‑competitive
behaviour, anti‑trust, and monopoly
practices
2.1.5.5 Fair practices
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
https://
www.carrefour.com/en/
employees‑commitments
-
-
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
GRI 207 - Tax
207‑1
Approach to tax
207‑2
207‑3
Tax governance, control and risk
management
Stakeholder engagement and
management of concerns related
to tax
207‑4
Country‑by‑country reporting
GRI 300
GRI 301 - Materials
301‑1
Materials used by weight or volume
301‑2
Recycled input material used
2.1.5.5 Fair practices
4.1.1.1 Strategy, governance and business environment
6.6 Income tax expense
7.4.5 Tax receivables and payables
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.2.4 Developing ecodesign and a circular economy for
packaging
https://
www.carrefour.com/en/
biodiversity‑commitments
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.2.4 Developing ecodesign and a circular economy for
packaging
2.1.2.5 Limiting the environmental impact of our plants
301‑3
Reclaimed products and their
packaging materials
2.1.2.4 Developing ecodesign and a circular economy for
packaging
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2.1.3.2 Helping stores become carbon neutral
https://
www.carrefour.com/en/
csr/commitment/
reducing‑ghg‑emissions
GRI 302 - Energy
302‑1
302‑2
Energy consumption
within the organization
Energy consumption outside
of the organization
302‑3
Energy intensity
302‑4
302‑5
Reduction of energy consumption
Reductions in energy requirements
of products and services
GRI 303 - Water and effluents
303‑1
Interactions with water as a shared
resource
Unavailable
303‑2 Management of water
Unavailable
discharge‑related impacts
303‑3 Water withdrawal
2.1.2.5 Limiting the environmental impact of our plants
303‑4
Reduction of energy consumption
Unavailable
303‑5 Water consumption
2.1.2.5 Limiting the environmental impact of our plants
GRI 304 - Biodiversity
304‑1
Operational sites owned, leased,
managed in, or adjacent to
protected areas and areas of high
biodiversity value outside protected
areas
Unavailable
304‑2
Significant impacts of activities,
products, and services on
biodiversity
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.2.5 Limiting the environmental impact of our plants
304‑3
Habitats protected or restored
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.2.5 Limiting the environmental impact of our plants
304‑4
IUCN Red List species and national
conservation list species with
habitats in areas affected by
operations
Unavailable
GRI 305 - Emissions
305‑1
305‑2
305‑3
Direct (Scope 1) GHG emissions
Energy indirect (Scope 3à GHG
emissions
Other indirect (Scope 3) GHG
emissions
305‑4
GHG emissions intensity
2.1.3.2 Helping stores become carbon neutral
2.1.3.3 Promoting low carbon consumption
305‑5
305‑6
305‑7
Reduction of GHG emissions
Emissions of ozone‑depleting
substances (ODS)
Nitrogen oxides (NOX), sulfur oxides
(SOX), and other significant air
emissions
Unavailable
Unavailable
https://
www.carrefour.com/en /
csr/commitment/
responsible-
water‑consumption
https://
www.carrefour.com/en/
biodiversity‑commitments
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
https://
www.carrefour.com/en/
csr/commitment/
protect‑forests
https://
www.carrefour.com/en/
csr/climat‑commitments
Unavailable
Unavailable
210
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
SASB, GRI and TCFD concordance table
No.
GRI disclosure
URD
Website
GRI 306 - Waste
306‑1 Waste generation and significant
waste‑related impacts
2.1.3.4 Combating food waste
2.1.2.5 Limiting the environmental impact of our plants
306‑2 Management of significant
waste‑related impacts
306‑3 Waste generated
306‑4 Waste diverted from disposal
306‑5 Waste directed to disposal
GRI 307 - Environmental policies
307‑1
Non‑compliance with
environmental laws and regulations
2.1.2.5 Limiting the environmental impact of our plants
GRI 308 - Supplier environment assessment
308‑1
New suppliers that were screened
using environmental criteria
2.2.3 Assessment measures
2.2.4 Presentation of prevention and mitigation measures
for identified risks
308‑2
Negative environmental impacts in
the supply chain and actions taken
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
https://
www.carrefour.com/en/
biodiversity‑commitments
https://
www.carrefour.com/en/
csr/climat‑commitments
https://
www.carrefour.com/en/
biodiversity‑commitments
-
https://
www.carrefour.com/en/
biodiversity‑commitments
GRI 400
GRI 401 - Employment
401‑1
New employee hires and employee
turnover
2.1.6.2 Employment at Carrefour and managerial
transformation
2.1.6.3 Attracting, supporting and developing talent
https://
www.carrefour.com/en/
employees‑commitments
401‑2
Benefits provided to full‑time
employees that are not provided to
temporary or part‑time employees
Unavailable
401‑3
Parental leave
2.1.6.4 Encouraging diversity and inclusion and battling all
forms of harassment and discrimination
GRI 402 - Labour/management relations
402‑1 Minimum notice periods regarding
Unavailable
operational changes
Unavailable
211
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
SASB, GRI and TCFD concordance table
No.
GRI disclosure
URD
GRI 403 - Occupational health and safety
403‑1
403‑2
Occupational health and safety
management system
2.1.6.5 Protecting employee health, safety and quality
of life
Hazard identification, risk
assessment, and incident
investigation
Website
https://
www.carrefour.com/en/
employees‑commitments
403‑3
Occupational health services
403‑4 Worker participation, consultation
and communication on
occupational health and safety
403‑5 Worker training on occupational
health and safety
403‑6
Promotion of worker health
403‑7
Prevention and mitigation of
occupational health and safety
403‑8 Workers covered by an occupational
health and safety management
system
403 9‑
Work‑related injuries
403‑10 Work related ill health
‑
GRI 404 - Training and education
404‑1
404‑2
404‑3
Average hours of training per year
per employee
Programs for upgrading employee
skills and transition assistance
programs
2.1.6.3 Attracting, supporting and developing talent
2.1.6.2 Employment at Carrefour and managerial
transformation
https://
www.carrefour.com/en/
employees‑commitments
Percentage of employees receiving
regular performance and career
development reviews
Unavailable
GRI 405 - Diversity and equal opportunity
405‑1
Diversity of governance bodies and
employees
3.2 Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
2.1.6.4 Encouraging diversity and inclusion and battling all
forms of harassment and discrimination
https://
www.carrefour.com/en/
employees‑commitments
405‑2
Ratio of basic salary and
remuneration of women to men
Unavailable
GRI 406 - Non‑discrimination
406‑1
Incidents of discrimination and
corrective actions taken
2.2.4 Presentation of prevention and mitigation measures
for identified risks
2.2.5 Whistleblowing facilities
-
-
GRI 407 - Freedom of association and collective bargaining
407‑1 Operations and suppliers in which
the right to freedom of association
and collective bargaining may be at
risk
2.1.5.2 Respect for human rights and labour rights
2.2.3 Assessment measures
2.2.4 Presentation of prevention and mitigation measures
for identified risks
2.2 The Carrefour group’s duty of care plan
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
GRI 408 - Child labour
408‑1
Operations and suppliers at
significant risk for incidents of child
labour
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.5.2 Respect for human rights and labour rights
2.1.5.3 Fair compensation and decent wages
2.2 The Carrefour group’s duty of care plan
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
212
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
SASB, GRI and TCFD concordance table
No.
GRI disclosure
URD
Website
GRI 409 - Forced or compulsory labour
409‑1
Operations and suppliers at
significant risk for incidents of
forced or compulsory labour
GRI 410 - Security practices
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.5.2 Respect for human rights and labour rights
2.1.5.3 Fair compensation and decent wages
2.2 The Carrefour group’s duty of care plan
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
410‑1
Security personnel trained in human
rights policies or procedures
2.1.5.2 Respect for human rights and labour rights
2.2 The Carrefour group’s duty of care plan
GRI 411 - Rights of indigenous peoples
411‑1
Incidents of violations involving
rights of indigenous peoples
N/A
GRI 412 - Human rights assessment
412‑1
412‑2
412‑3
Operations that have been subject
to human rights reviews or impact
assessments
2.1.5.2 Respect for human rights and labour rights
2.1.5.3 Fair compensation and decent wages
2.2 The Carrefour group’s duty of care plan
Employee training on human rights
policies or procedures
2.1.5.2 Respect for human rights and labour rights
2.1.5.5 Fair practices
2.2 The Carrefour group’s duty of care plan
Significant investment agreements
and contracts that include human
rights clauses or that underwent
human rights screening
Unavailable
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
N/A
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
-
GRI 413 - Local communities
413‑1
413‑2
Operations with local community
engagement, impact assessments,
and development programs
2.1.5.2 Respect for human rights and labour rights
2.2.3 Assessment measures
2.2.4 Presentation of prevention and mitigation measures
for identified risks
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
Operations with significant actual
and potential negative impacts on
local communities
Unavailable
-
GRI 414 - Supplier social assessment
414‑1
New suppliers that were screening
using social criteria
2.1.5.2 Respect for human rights and labour rights
2.2.3 Assessment measures
2.2.4 Presentation of prevention and mitigation measures
for identified risks
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
414‑2
Negative social impacts in the
supply chain and action taken
2.1.2.3 Protecting biodiversity for the supply of sensitive
raw materials
2.1.5.2 Respect for human rights and labour rights
2.2 The Carrefour group’s duty of care plan
GRI 415 - Public policy
415‑1
Political contributions
N/A
GRI 416 - Customer health and safety
https://
www.carrefour.com/en/
buisness‑ethics‑and‑supply
‑chain
https://
www.carrefour.com/en/
biodiversity‑commitments
N/A
416‑1
416‑2
Assessment of the health and safety
impacts of product and service
categories
2.1.4.2 Guarantee the safety of our customers and the
quality of our products
4.1.1.3 Operations – Product quality, compliance and
safety
https://www.carrefour.com/
en/
health‑quality‑and‑nutrition
Incidents of non‑compliance
concerning the health and safety
impacts of products and services
2.2.5 Whistleblowing facilities
−
213
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
SASB, GRI and TCFD concordance table
No.
GRI disclosure
URD
Website
GRI 417 - Marketing and labelling
417‑1
Requirements for product and
service information and labelling
2.1.4.2 Guarantee the safety of our customers and the
quality of our products
4.1.1.3 Operations – Product quality, compliance and
safety
https://www.carrefour.com/
en/
health‑quality‑and‑nutrition
417‑2
417‑3
Incidents of non‑compliance
concerning product and service
information and labelling
2.2.3 Assessment measures
2.2.4 Presentation of prevention and mitigation measures
for identified risks
Incidents of non‑compliance
concerning marketing
communications
GRI 418 - Customer privacy
418‑1
Substantiated complaints
concerning breaches of customer
privacy and losses of customer data
2.1.5.4 Personal data protection
4.1.2.2 Governance, laws and regulations
GRI 419 - Socioeconomic compliance
419‑1
Non‑compliance with laws and
regulations in the social and
economic area
4.1.2.2 Governance, laws and regulations
4.1.2.3 Operations
-
-
-
-
214
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
SASB, GRI and TCFD concordance table
TCFD
recommendations
Governance
Disclose the
organization's
governance around
climate‑related risks
and opportunities.
Strategy
Disclose the actual
and potential
impacts of
climate‑related risks
and opportunities
on the
organization's
businesses, strategy,
and financial
planning where
such information is
material.
Risk management
Disclose how the
organization
identifies, assesses,
and manages
climate‑related risks.
TCFD subcategories
URD
Website
Other
sources
a) Describe the board's
oversight of climate‑related
risks and opportunities.
2.2.1 Governance of the duty of care
plan
2.1.3.1 Overview of objectives
https://
www.carrefour.com/en/
csr/climat‑commitments
CDP – Climate:
C1.1a, C1.1.b
b) Describe management's
role in assessing and
managing climate‑related
risks and opportunities.
1.1.7 Stakeholder dialogue
2.2.1 Governance of the duty of care
plan
CDP – Climate:
C1.2, C1.2a
a) Describe the
climate‑related risks and
opportunities the
organization has identified
over the short, medium, and
long term.
b) Describe the impact of
climate‑related risks and
opportunities on the
organization's businesses,
strategy, and financial
planning.
c) Describe the resilience of
the organization’s strategy,
taking into consideration
different climate‑related
scenarios, including a 2°C
or lower scenario.
a) Describe the
organization’s processes for
identifying and assessing
climate‑related risks.
b) Describe the
organization’s processes for
managing climate‑related
risks.
1.1.7 Stakeholder dialogue
2.1.1.2 Content of the Group’s map
of CSR risks
1.2.5 Climate change and energy
efficiency
1.2 Context: global challenges
and development opportunities
2.1.3 Climate
2.1.1.2.2 Map of the Group’s CSR risks
2.1.3 Climate
1.1.7 Stakeholder dialogue
2.1.1 CSR methodology and
non‑financial risks and performance
2.1.3.1 Overview of objectives
2.2.2 Risk map
2.1.1 CSR methodology and
non‑financial risks and performance
2.1.1.2.2 Map of the Group’s CSR risks
2.1.3 Climate
2.2.3 Assessment measures
2.2.4 Presentation of prevention and
mitigation measures for identified
risks
c) Describe how processes
for identifying, assessing, and
managing climate‑related
risks are integrated into the
organization's overall risk
management.
2.1.1.2 Content of the Group’s map
of CSR risks
2.2.3 Assessment measures
2.2.4 Presentation of prevention and
mitigation measures for identified
risks
https://
www.carrefour.com/en/
csr/climat‑commitments
CDP – Climate:
C2.1a,
C2.1b, C2.2a
CDP – Climate:
C2.2a,
C2.3a, C2.4a
CDP – Climate:
C3.1b,
C3.1d, C3.1e
CDP – Climate:
C2.1a, C2.1b,
C2.2
https://
www.carrefour.com/en/
csr/climat‑commitments
CDP – Climate:
C2.2a
CDP – Climate:
2.2
215
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
SASB, GRI and TCFD concordance table
TCFD
recommendations
Metrics and targets
Disclose the metrics
and targets used to
assess and manage
relevant
climate‑related risks
and opportunities
where such
information is
material.
TCFD subcategories
URD
Website
Other
sources
a) Disclose the metrics used
by the organization to assess
climate‑related risks and
opportunities in line with its
strategy and risk
management process.
1.1.8 Carrefour 2022 Plan – Review
and results, see section Corporate
social responsibility – stronger
commitments and results
1.5.3 Summary of non‑financial
performance
2.1.3 Climate
https://
www.carrefour.com/en/
csr/climat‑commitments
https://
www.carrefour.com/en/
biodiversity‑commitments
CDP – Climate:
C4.1a, C4.1b,
C4.3a, C4.3c,
C8., C11.3a
CDP – Water:
W8
b) Disclose Scope 1, Scope 2,
and, if appropriate, Scope 3
greenhouse gas (GHG)
emissions, and the related
risks.
2.1.3 Climate
2.2.4 Presentation of prevention and
mitigation measures for identified
risks
2.4 Reporting methodology and
verification of information
c) Describe the targets used
by the organization to
manage climate‑related risks
and opportunities and
performance against targets.
1.5.3 Summary of non‑financial
performance
2.1.3 Climate
2.2.4 Measures for preventing and
mitigating identified risks
https://
www.carrefour.com/en/
csr/climat‑commitments
CDP – Climate:
C4.1a, C4.1b,
C5, C6, C7
https://
www.carrefour.com/en/
csr/climat‑commitments
https://
www.carrefour.com/en/
biodiversity‑commitments
CDP – Climate:
C4.1a, C4.1b
CDP – Water:
W8
216
3
CORPORATE GOVERNANCE
Governance summary
218
3.4 Compensation and benefits granted
Participants in the governance system
Recent changes in corporate governance
Carrefour governance – key figures
(December 31, 2022)
3.1 A balanced governance structure
3.1.1 Balance of powers
3.1.2 Balanced composition of the Board
of Directors
3.2 The Board of Directors
3.2.1 Composition of the Board of Directors
3.2.2 Operation of the Board of Directors
3.2.3 Board of Directors’ specialised
committees
3.3 Group Executive Committee
3.3.1 Composition of the Group Executive
Committee
3.3.2 Balanced composition of the Group
Executive Committee
3.3.3 Biographies of the members of the Group
Executive Committee
218
219
220
221
221
223
228
228
246
249
257
257
257
258
to Company Officers
3.4.1 Process for determining and
implementing compensation policies
for Company Officers
3.4.2 Directors’ compensation
3.4.3 Compensation of Executive Officers
3.4.4 Breakdown of compensation and benefits
granted to Executive Officers
3.5 “Comply or Explain” rule
of the AFEP‑‑MEDEF Code
3.6 Transactions in the Company’s shares
carried out by Company Officers
3.7 Related‑‑party agreements referred
to in Articles L. 225‑‑38 et seq.
of the French Commercial Code
Authorisation procedure for arm’s length
and related‑party agreements
Agreements referred to in
Articles L. 225‑38 et seq. of the French
Commercial Code
Statutory Auditors’ special report
on regulated agreements
262
262
262
264
271
273
274
275
275
275
275
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
217
3
CORPORATE GOVERNANCE
Governance summary
The Board of Directors implements a balanced and appropriate
governance structure, in line with best practices.
As part of this work, the Board of Directors relies on the
recommendations of the Governance Committee. The Board
refers to the AFEP‑MEDEF corporate governance code for listed
companies (AFEP‑MEDEF Code), as amended in December 2022,
which may be consulted at the Company’s head office, on the
AFEP website (www.afep.com) and on the MEDEF website
(www.medef.com) and takes into account the recommendations
set out in the implementing guidelines of the AFEP‑MEDEF Code,
the recommendations of the High Commission on Corporate
Governance (Haut Comité de Gouvernement d’entreprise) and of
the AMF, ongoing dialogue with shareholders and voting results
of the Shareholders’ Meetings, as well as the recommendations
of proxy advisory firms and non‑financial rating agencies.
Governance summary
PARTICIPANTS IN THE GOVERNANCE SYSTEM
SHAREHOLDERS’ MEETING
BOARD OF DIRECTORS
AND ITS SPECIALISED
COMMITTEES
Audit Committee *
Compensation Committee *
Governance Committee *
CSR Committee *
Strategic Committee
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
VICE-CHAIRMAN
LEAD DIRECTOR
EXECUTIVE COMMITTEE
* Committee chaired by an Independent Director
218
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
Governance summary
COMPOSITION OF THE BOARD OF DIRECTORS
Philippe Houzé
Vice-Chairman
Alexandre Bompard
Chairman and Chief
Executive Officer
Stéphane Israël *
Lead Director
Cláudia Almeida e Silva *
15 Directors
Flavia
Buarque de Almeida
Stéphane
Courbit *
Mathilde
Lemoine *
Thierry Faraut
Representing
employees
Charles
Edelstenne *
Aurore
Domont *
Abilio Diniz
Marie-Laure
Sauty de Chalon *
Martine
Saint-Cricq
Representing
employees
Arthur Sadoun *
Patricia
Moulin Lemoine
* Independent Director.
RECENT CHANGES IN CORPORATE GOVERNANCE
In light of dialogue with shareholders, Shareholders’ Meeting
voting results and best practices in the market, the Board of
Directors has discussed possible changes to the Company’s
governance.
Following this work, on the recommendation of the Governance
Committee, in 2022, the Board of Directors decided to appoint
Thierry Faraut, a Director representing employees, as a member
of the Compensation Committee with effect from April 20, 2022,
in line with AFEP-MEDEF recommendations. The Board of
Directors also decided to make the following recommendations
to the Shareholders’ Meeting held on June 3, 2022, which were
approved:
■
■
ratification of
Director; and
the appointment of Arthur Sadoun as
■
renewal of the terms of office of three Directors: Flavia
Buarque de Almeida, Abilio Diniz and Charles Edelstenne.
At its meeting on March 22, 2023, the Board of Directors, on the
recommendation of the Governance Committee, decided to
change the composition of the Committees as follows:
■
Audit Committee: Stéphane Israël (Chairman, Independent
Director), Claudia Almeida e Silva (Independent Director),
Philippe Houzé and Marie-Laure Sauty de Chalon (Independent
Director);
■
Governance Committee: Charles Edelstenne
(Chairman,
Independent Director), Flavia Buarque de Almeida, Aurore
Domont
(Independent Director), Philippe Houzé, Arthur
Sadoun (Independent Director) and Thierry Faraut (Director
representing employees);
(Chairman,
Compensation Committee: Stéphane Courbit
Independent Director), Charles Edelstenne
(Independent
Director), Stéphane Israël (Independent Director) and Thierry
Faraut (Director representing employees);
CSR Committee: Aurore Domont (Chair, Independent director),
Claudia Almeida e Silva (Independent Director), Patricia Moulin
Lemoine and Martine Saint-Cricq
representing
employees); and
(Director
Strategic Committee: Alexandre Bompard (Chairman), Abilio
(Vice-Chairman), Philippe Houzé, Stéphane Courbit
Diniz
(Independent Director) and Stéphane
(Independent
Director).
Israël
Accordingly, as of the date of this Universal Registration
Document:
the independence rate of the Audit Committee is 75%;
the independence rate of the Governance Committee is
60% (1);
the independence rate of the Compensation Committee is
100%(1); and
the independence rate of the CSR Committee is 67%(1).
■
■
■
■
■
■
(1)
In accordance with the AFEP-MEDEF Code and the law, the Director representing employees is not included in this calculation.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
219
1
2
3
4
5
6
7
8
9
3
CORPORATE GOVERNANCE
Governance summary
CARREFOUR GOVERNANCE – KEY FIGURES (DECEMBER 31, 2022)
61%
15
Directors including
2 representing employees
Independence rate*
46%
women*
5
specialised Committees
4 of which are chaired
by Independent Directors
and 2 chaired by women
98%
100%
10
Board meetings in 2022
Attendance rate at
Board meetings
16
Committee
meetings in 2022
Attendance rate at
Committee meetings
* In accordance with the AFEP-MEDEF Code and the law, Directors representing employees are not included in the calculation of the above percentages.
220
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
A balanced governance structure
3.1 A balanced governance structure
3.1.1
BALANCE OF POWERS
The Board of Directors regularly reviews whether the Company
has a suitably balanced governance structure.
3.1.1.1 Executive Management structure
There is no preferred Executive Management structure under the
French legislation in force.
It is the Board of Directors’ responsibility to choose between the
two possible Executive Management methods (separate or
combined), as provided by Article 3.2 of the AFEP‑MEDEF Code,
according to the Company’s specific requirements.
Upon the appointment of Alexandre Bompard as Chairman and
Chief Executive Officer on July 18, 2017, the Board of Directors
decided to maintain the joint nature of the offices of Chairman
and Chief Executive Officer to simplify the decision‑making
process and enhance the efficiency and responsiveness of the
Company’s governance. The ratification and renewal of his
directorship were approved by the Shareholders’ Meeting of
June 15, 2018.
The Shareholders’ Meeting of May 21, 2021 renewed the term of
office of Alexandre Bompard as Director. Following this renewal,
the Board of Directors
in
Alexandre Bompard by renewing his appointment as Chairman
and Chief Executive Officer.
its confidence
reiterated
The Board of Directors regularly examines its composition and
operation and seeks to implement a balanced governance
structure that is appropriate and capable of dealing with the
circumstances and challenges of the Carrefour group. The Board
of Directors considers
the governance measures
implemented in the Company provide a suitable balance of
powers in line with best practices and offer the guarantees
required
to operate a combined management structure,
particularly in light of:
that
■
■
the presence of a majority of Independent Directors as
members of the Board of Directors and two Directors
representing employees;
the existence of the Board of Directors’ five specialised
Committees with different duties and responsibilities in the
areas of audit, compensation, governance, CSR and strategy
(see Section 3.2.3 of this Universal Registration Document on
the role and composition of these Committees);
■
■
■
■
the Chairmanship by an Independent Director of the Audit
Committee,
Compensation
Committee and CSR Committee;
Governance
Committee,
the presence of an independent Lead Director with specific
responsibilities and duties that have been extended in 2020
and 2021 (see Section 3.1.1.3 of this Universal Registration
Document);
the appointment, in 2020, of a Vice‑Chairman of the Board of
Directors, a position held by a Director representing an early
shareholder of the Company (see Section 3.1.1.4 of this
Universal Registration Document); and
limitations to the powers of the Chairman and Chief Executive
Officer under the Board of Directors’ Internal Rules, providing
for the Board of Directors’ prior approval on certain major
strategic decisions or likely to have a material adverse effect on
the Company (see below).
The Board of Directors noted the efficiency of the combination
of the duties of Chairman and Chief Executive Officer and was
satisfied with the balance of powers existing between the
Chairman and Chief Executive Officer and the Directors.
According to the external assessment of the Board of Directors’
work, conducted at the end of 2022, all the Board members
appreciate the quality of governance implemented and confirm
the relevance of the Executive Management structure which
promotes a close relationship based on trust between the
Chairman and Chief Executive Officer and the Directors. The
Board of Directors considered that the consolidation of the
duties of Chairman and Chief Executive Officer, at a time of
profound
the Group, allowed greater
efficiency and responsiveness in the Group’s management
enabling the Directors to perform their duties. The Board of
Directors noted that this organisation promoted a transparent
and dynamic dialogue between the Executive Management and
the Board of Directors, in particular with a view to implementing
a leaner, prompt and effective “Carrefour 2026” strategic plan.
This
recently
demonstrated its relevance in the midst of an unprecedented
involvement and
health crisis demanding a high
responsiveness from the Directors and Executive Management.
Executive Management
transformation
structure
level of
also
for
1
2
3
4
5
6
7
8
9
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3
CORPORATE GOVERNANCE
A balanced governance structure
3.1.1.2 Limitations of powers of the
3.1.1.4 Independent Lead Director
Chairman and Chief Executive
Officer
Given the decision to combine the duties of Chairman and Chief
Executive Officer, the Board of Directors’ Internal Rules have
included restrictions on the powers of the Chairman and Chief
Executive Officer. The Chairman and Chief Executive Officer
therefore cannot carry out the following transactions or actions
in the name and on behalf of the Company without the Board of
Directors’ prior consent:
■
■
■
■
■
investment and divestment transactions under consideration
by the Group, in particular acquisitions and disposals of assets
or holdings, subscriptions to any issues of shares, partnership
interests or bonds and the conclusion of partnerships and
joint‑venture agreements, as well as any transaction likely to
affect
in an amount exceeding
250 million euros per investment/divestment on behalf of the
Group;
the Group’s strategy,
financial transactions, regardless of their conditions, in an
amount exceeding 2 billion euros; the Chairman and Chief
Executive Officer must report to the Board of Directors for
transactions below this amount;
decision to directly establish overseas sites through the
creation of a branch, a direct or indirect affiliate, or the
acquisition of an interest or the withdrawal from these sites;
any merger, spin‑off or asset transfer for net asset transfer
values in excess of 250 million euros, excluding any internal
restructuring;
the total or partial sale of non‑financial assets not valued in the
statement of financial position, including brands, particularly
the Carrefour brand and customer data;
■
in the event of a dispute, any transaction or settlement in an
amount greater than 100 million euros per case.
3.1.1.3 Vice‑Chairman of the Board
of Directors
On April 20, 2020, the Board of Directors decided, following the
appointment of Stéphane Israël as Lead Director, to appoint
Philippe Houzé, a recognised player
industry,
involved in the development of the omni‑channel, responsible
and innovative business, and representing one of the Group’s
main shareholders, as Vice‑Chairman of the Board of Directors.
in the retail
According to the Board of Directors’ Internal Rules, the role of
the Vice‑Chairman of the Board of Directors is to chair the Board
of Directors’ meetings in the absence of the Chairman and to
assist the Chairman of the Board of Directors in his duties to
ensure that the Company’s governance bodies are operating
correctly.
At its meeting on June 21, 2011, the Board of Directors decided
to combine the duties of Chairman and Chief Executive Officer
and create the role of Lead Director.
to
and
take
certain
in order
The external assessment, carried out at the end of 2019,
highlighted the investment and the skills of the Lead Director.
Nevertheless, as part of the Company’s ongoing dialogue with
shareholders,
recent
governance‑related changes into account, the Board of Directors
requested that the Governance Committee explore possible
improvements to the Company’s governance system ahead of
the next Shareholders’ Meeting. Following this work, on the
recommendation of the Governance Committee, the Board of
Directors at its meeting on April 20, 2020 decided to appoint
Stéphane Israël, an Independent Director, as Lead Director,
replacing Philippe Houzé, who was appointed Vice‑Chairman of
the Board of Directors.
Duties
According to the Board of Directors’ Internal Rules, the role of
the Lead Director is to assist the Chairman of the Board of
Directors in his duties to ensure that the Company’s governance
bodies are operating correctly. He has particular responsibility for
examining situations where there is a real or potential conflict of
interest, which could affect Directors or the Chairman of the
Board of Directors in respect of the interests of the business,
strategic
whether
management or specific agreements. He reports to the Board of
Directors on his work.
to operational projects,
relates
this
to
In line with the work and discussions on the improvements that
the Company’s governance, on
could be made
February 17, 2021 and March 22, 2023, the Board of Directors
decided, on
the Governance
recommendation of
Committee, to adapt its Internal Rules to extend the Lead
Director’s duties and specify the resources available for the
performance of his duties.
the
A key intermediary for the Directors, the Lead Director approves
the agenda for Board meetings, can propose specific items for
inclusion in the agenda and may be consulted on the schedule of
Board meetings. The Lead Director is also responsible for
organising two meetings per year without the Executive Officers
in attendance (executive sessions).
Within the scope of his responsibilities, the Lead Director has
access to all the documents and information that he deems
necessary to the performance of his tasks. He can request
external studies at the Company’s expense or require the
assistance of the Group Secretary General in the performance of
his duties.
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CORPORATE GOVERNANCE
A balanced governance structure
2022 principal activities
In 2022, the Lead Director:
■
■
■
had regular discussions with the members of the Board and its
various committees about the practices and procedures of the
Company’s governance bodies, making him a key intermediary
for the Independent Directors and the Chairman and Chief
Executive Officer;
supervised the external assessment of the Board of Directors
and met individually with each of the Directors;
ensured that the governance rules were applied within the
Board and its committees;
■
■
■
■
was involved in the work of the Strategic Committee;
was not required to deal with any conflicts of interest within
the Board of Directors;
discussed the agendas of the Board meetings with the
Chairman of the Board of Directors; and
analysed the potential conflict of interest within the Board of
Directors in the context of the partnership project with
Publicis, given that Arthur Sadoun
is Chairman of the
Management Board of Publicis.
3.1.2
BALANCED COMPOSITION OF THE BOARD OF DIRECTORS
3.1.2.1 Diversity policy
As part of promoting the Directors’ diverse backgrounds and in
accordance with paragraph 2 of Article L. 22‑10‑10 of the French
Commercial
and
recommendation 6.2 set out in the AFEP‑MEDEF Code, the Board
of Directors regularly examines whether the Board and its
specialised Committees have a suitably balanced membership
structure.
commerce)
(Code
Code
de
Targets
The Board of Directors, assisted by the Governance Committee,
ensures that all the necessary skills are used to implement the
Company’s strategic plan. It seeks to ensure that the Directors’
skills are balanced, relevant and complementary in light of the
Carrefour group strategy so that their areas of expertise evenly
cover knowledge of the retail sector, Executive Management
experience, governance, finance, international experience, digital
transformation and innovation, as well as corporate social
responsibility.
The Board of Directors also aims to maintain an appropriate
global degree of independence in light of the Company’s
governance structure, shareholder base and gender balance, and
strives to promote a diverse and adequate representation of
Directors, in terms of experience, age, nationality and culture.
Implementation and monitoring
The Governance Committee regularly examines the adequacy of
the composition of the Board of Directors and its specialised
Committees and reports to the Board of Directors on its work.
It identifies, in accordance with the main objectives set out above
and, more generally, with corporate governance best practices,
the guidelines to be followed to ensure the best possible balance
on the basis of its diversity policy. As part of this work, it also
endeavours to take into account the recommendations that
result from dialogue with shareholders.
The review of the implementation and the monitoring of the
Board of Directors’ diversity policy are conducted annually, as
part of the Board of Directors’ assessment process supervised by
the Lead Director. The Board of Directors must devote one
agenda item each year to discussing the conclusions of this
assessment.
Since the 2019 financial year, the Board of Directors has
established a Directors’ skill matrix to facilitate the follow up of its
diversity policy. This matrix, presented below,
is updated
annually, and allows the precise mapping of each Director’s areas
of expertise.
In 2022, the Board of Directors considered that its composition
was appropriate based on the diversity criteria examined.
However, it pays close attention to any potential changes that
could be consistent with
the Group’s development and
dynamism.
Results
Since 2017, the Board of Directors’ implementation of the policy
has resulted in the continuous renewal of its composition in
order to achieve equal representation, particularly in terms of
its
independence, gender, expertise, age and seniority of
members.
The addition in 2017 of two new, younger Directors of different
nationalities and with different skills and experience has made
the Board more international and expanded its entrepreneurial
and digital expertise. Since 2020, on the recommendation of the
Governance Committee, and in accordance with the requests of
the Company’s shareholders, the Board of Directors has also
decided to reduce its size.
The appointment of Arthur Sadoun as an Independent Director
also strengthened the independence of the Board, and added an
international profile, experience in business transformation and
digital expertise.
The result is a leaner Board of Directors, comprising 13 members
(other than Directors representing employees), with gender
balance and a degree of independence in line with best
governance practices.
At December 31, 2022, the Board of Directors had 13 members in
total, six or 46% of whom were women and 61% of whom were
independent
include the two
Directors representing employees). Three of the Directors were
non‑French.
In addition, four committees are chaired by
Independent Directors, of which half are chaired by women.
(these percentages do not
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
2
3
4
5
6
7
8
9
3
CORPORATE GOVERNANCE
A balanced governance structure
The Board of Directors benefits from the diversity of its Directors’
backgrounds, their complementary experience (including retail,
financial, industrial, economic, sales, digital and innovation
expertise) and, in some cases, their in‑depth experience and
knowledge of the Group’s business, industry and environment
both in France and abroad.
CCrriitteerriiaa
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Composition of the
Board of Directors
Gender equality on the Board
of Directors
Build up the necessary skills to
implement the Company’s strategic
plan
41%
44%
43%
46%
46%
2018
2019
2020
2021
2022
In accordance with AFEP‑MEDEF Code recommendations, the above
percentages do not include Directors representing employees.
High-level management experience
0
Governance
0
Finance
0
International
0
CSR
0
Digital transformation
& Innovation
0
Retail
0
7
7
8
11
10
9
12
13
13
13
13
13
13
13
Appointment of two Directors
representing employees
2
Directors representing employees
Designated by the
Group Committee
for France
Designated by
the European Works
Council
The terms of the two Directors representing employees which expired
in 2020 were renewed for a three‑year period in October and
December 2020, respectively.
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CORPORATE GOVERNANCE
A balanced governance structure
CCrriitteerriiaa
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Directors’
independence
50% of Independent Directors, in
compliance with the AFEP‑MEDEF
Code for widely‑held corporations
without controlling shareholders
39%
Non-independent
Directors
61%
Independent
Directors
In accordance with AFEP‑MEDEF Code recommendations, the above
percentages do not include Directors representing employees.
Age of Directors
No more than one‑third of Directors
over the age of 75
8
4
2
1
40 - 50
50 - 60
60 - 75
>75
Average tenure of
Board members
2018
59 years
1
Average age:
61 years
2020
58 years
2021
60 years
2019
58 years
6
4
2022
61 years
2
0 - 2
2 - 5
5 - 10
10 - 15
Average tenure
6 years
Directors are active and committed, which contributes to the quality of the Board of Directors’ deliberations with respect to the
decisions it takes. Directors’ profiles and their levels of experience and expertise are described in their biographies in Section 3.2.1.3 of
this Universal Registration Document.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
2
3
4
5
6
7
8
9
3
CORPORATE GOVERNANCE
A balanced governance structure
3.1.2.2 Directors representing employees
The Board of Directors referred to the following AFEP‑MEDEF
Code criteria in determining a Director’s independence:
Article 11 of the Company’s Articles of Association specifies that
“When the Company falls within the scope of Article L. 225‑27‑1
of the French Commercial Code, the Board of Directors shall also
include one or more Directors representing employees of which
the number and conditions of appointment are set by the
applicable legal provisions of these Articles of Association. When
only one Director representing employees is to be appointed, he/
she is appointed by the Group Committee (Comité de Groupe
français Carrefour). When two Directors representing employees
are to be appointed, the second is appointed by the European
Works Council
(Comité d’information et de concertation
européen Carrefour).
At its October 4, 2017 meeting, the European Consultation and
Information Committee (ECIC) appointed Martine Saint‑Cricq as
a Director representing employees and she joined the Board of
Directors on October 18, 2017. She was reappointed by the
European Works Council at its meeting of October 7, 2020.
At
its November 23, 2017 meeting, the Group Committee
appointed Thierry Faraut in the same capacity and he joined the
Board of Directors on January 17, 2018. He was reappointed by
the Group Committee at its meeting of December 8, 2020.
Their biographies are presented
in Section 3.2.1.3 of this
Universal Registration Document. As required by law, they have
both resigned from their positions as trade union employee
representatives.
The Directors representing employees have the same status,
rights and responsibilities as the other Directors.
They received compensation in 2022 on the same basis as other
Directors.
not to be or have been over the past five years:
■
■ an employee or Executive Officer of the Company,
■ an employee, Executive Officer or Director of a company
that the Company consolidates,
■ an employee, Executive Officer or Director of the Company’s
parent company or a company that the latter consolidates;
■
not to be an Executive Officer of a company in which the
Company directly or indirectly holds a directorship or in which
an employee appointed as such or an Executive Officer of the
Company (currently in office or having held such office over
the past five years) is a Director;
■
not to be a customer, supplier,
commercial banker:
investment banker or
■ that is material for the Company or its Group, or
■ for which the Company or its Group represents a significant
proportion of business;
not to be related by close family ties to a Company Officer;
not to have been a Statutory Auditor of the Company over the
past five years;
not to have been a Director of the Company for more than 12
years.
■
■
■
non‑executive Company Officer
A
variable
compensation in cash or securities or any compensation linked
to the performance of the Company or the Group cannot be
considered independent.
receiving
The Board of Directors granted Directors
representing
employees 20 hours of training per year and 15 hours of
preparation time per meeting. They received internal training to
familiarise them with the role of and rules pertaining to Directors,
as well as their rights, obligations and responsibilities in that
capacity. Martine Saint‑Cricq also received training provided by
the French
(Institut Français des
Administrateurs – IFA) paid for by the Group.
Institute of Directors
Directors representing main shareholders of the Company may
be regarded as independent if the relevant shareholder does not
exercise any control over the Company. However, beyond a
threshold of 10% of the share capital or voting rights, the Board
of Directors will, on the recommendation of the Governance
Committee, review the Director’s independence taking into
account the Company’s ownership structure and the existence of
any potential conflicts of interest.
the Board of Directors offered
Furthermore,
the
opportunity to participate in an integration programme designed
to enhance their knowledge of the Group’s business and
organisation. To this end, they have had interviews with Group
Senior managers.
them
Review of Directors’ independence
The Board of Directors’ Internal Rules require that it conduct an
annual review, on the recommendation of the Governance
Committee, of each Director’s independence.
3.1.2.3 Directors’ independence
In accordance with the AFEP‑MEDEF Code, applied by the
Company, “the Independent Directors should account for half
the members of the Board in widely held corporations without
controlling shareholders”.
Independence criteria
According to the AFEP‑MEDEF Code, Directors are independent if
they have no relationship of any kind with the Company, its
Group or its Management that could compromise their freedom
of judgement. Thus, an Independent Director must not only be a
Non‑Executive Director,
i.e., one not performing any
management duties within the Company or its Group, but must
also be free of any particular vested interest (as a significant
shareholder, employee, or otherwise) in the Company or its
Group.
In accordance with the AFEP‑MEDEF Code, and on the
recommendation of the Governance Committee, the Board of
Directors conducted the annual assessment of the Directors’
independence on March 22, 2023. From among its members,
eight directors are deemed to be Independent, i.e., 61%, in
the
accordance with
AFEP‑MEDEF Code (this proportion does not include Directors
representing employees).
recommendation set out
the
in
Cláudia Almeida e Silva, Aurore Domont, Mathilde Lemoine and
Marie‑Laure Sauty de Chalon, as well as Stéphane Courbit,
Charles Edelstenne, Stéphane Israël and Arthur Sadoun, qualify as
Independent Directors.
On the recommendation of the Governance Committee, the
Board of Directors determined that none of the Independent
Directors have any material business relationships with the
Group, directly or indirectly, that could create a conflict of
interests from the point of view of either the Group or the
Director concerned. Several criteria were used to determine the
materiality of business relationships: the precedence and history
226
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CORPORATE GOVERNANCE
A balanced governance structure
Charles Edelstenne’s qualities and in‑depth knowledge of the
Group were considered essential given the radical change in the
composition of the Board since 2018 and its reduced size,
making him a highly valuable contributor to the Board’s strategic
decisions.
Given this assessment, the Board of Directors considered that the
length of directorship criterion defined in the AFEP‑MEDEF Code
among eight other criteria was not
for
Charles Edelstenne to automatically lose his independent status,
and that there was no other reason to prevent him from
continuing in office as an Independent Director.
itself sufficient
In accordance with the Board of Directors’ Internal Rules,
Directors express their opinions freely and commit to preserving
in all circumstances their independence of analysis, judgement,
decision‑making and actions. They also undertake to reject any
pressure, whether direct or indirect, that could be exerted upon
them from other Directors, specific groups of shareholders,
creditors, suppliers or any other third party. Each Director shall
refrain from seeking or accepting from the Company or its
affiliates, directly or indirectly, any advantages that could be
considered likely to compromise his or her independence.
1
2
3
of the contractual relationship between the Group and the group
within which a Company Director holds a Company office or has
executive duties; the existence of arm’s length conditions in the
contractual relationship; the absence of economic dependence
or exclusivity; and the non‑material nature of the proportion of
sales resulting from business relationships between the group
concerned and the Carrefour group.
On the recommendation of the Governance Committee, the
Board of Directors re‑examined the status of Charles Edelstenne.
In July 2020, Charles Edelstenne exceeded the maximum 12
years of service recommended by the AFEP‑MEDEF Code.
the Board of Directors
Accordingly,
into account
Charles Edelstenne’s reputation, professional experience, the
objectivity he has consistently demonstrated during Board
meetings, his critical judgement and his ability to make sound
decisions in all situations, in particular as regards Executive
Management.
took
The Board of Directors also took into account the change to the
management team that took place in 2017, which meant that
close ties could not be formed with the current team given the
duration of his term.
The table below shows the position of each Director (except for the Directors representing employees), based on the independence
criteria set out in the AFEP‑MEDEF Code:
4
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X
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
X
✓
X
✓
✓
✓
X
✓
✓
Director
(1)
Alexandre Bompard
Chairman and Chief Executive
Officer
Philippe Houzé
Vice‑Chairman
Stéphane Israël*
Lead Director
Cláudia Almeida e Silva*
Flavia Buarque de Almeida
Stéphane Courbit*
Abilio Diniz
Aurore Domont*
Charles Edelstenne*(2)
Mathilde Lemoine*
Patricia Moulin Lemoine
Arthur Sadoun
Marie‑‑Laure Sauty de Chalon*
(1) In the table:
signifies an independence criterion that has been met.
✓
X signifies an independence criterion that has not been met.
* Independent Directors.
(2) At its meeting on April 20, 2022, the Board of Directors considered that the duration of Charles Edelstenne’s term, which exceeded 12 years from the date of the 2020
Shareholders’ Meeting, does not compromise his independence.
5
6
7
8
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3
CORPORATE GOVERNANCE
The Board of Directors
CORPORATE GOVERNANCE
The Board of Directors
3.2 The Board of Directors
3.2.1 COMPOSITION OF THE BOARD OF DIRECTORS
3.2.1.1 Composition of the Board of Directors at December 31, 2022
On December 31, 2022, the Board of Directors has 15 members including two Directors representing employees. The composition of
the Board of Directors and its specialised Committees is presented in the following table:
DDiirreeccttoorr
Nationality
AAggee Gender
IInnddeeppeennddeenntt
Appointment
MMoosstt rreecceenntt
aappppooiinnttmmeenntt
End of term(1)
OOtthheerr ccoorrppoorraattee
ooffifficceess((22))
Audit Committee
CCoommppeennssaattiioonn
CCoommmmiitttteeee
Governance
Committee
CCSSRR CCoommmmiitttteeee
Strategic
Committee
Duration of appointment
Board of Directors’ specialised Committees
Alexandre Bompard
Chairman and Chief Executive
Officer
Philippe Houzé
Vice‑Chairman
Stéphane Israël
Lead Director
French
French
French
Cláudia Almeida e Silva
Portuguese
Flavia Buarque de Almeida
Stéphane Courbit
Abilio Diniz
Aurore Domont
Charles Edelstenne
Thierry Faraut (4)
Mathilde Lemoine
Patricia Moulin‑Lemoine
Arthur Sadoun
Martine Saint‑Cricq (4)
Marie‑Laure Sauty de Chalon
Brazilian
French
Brazilian
French
French
French
French
French
French
French
French
50
75
52
49
55
57
86
54
84
52
53
73
51
64
60
M
M
M
F
F
M
M
F
M
M
F
F
H
F
F
07/18/2017
05/21/2021
06/11/2015
05/21/2021
06/15/2018
05/21/2021
01/22/2019(3)
05/21/2021
04/12/2017
06/03/2022
06/15/2018
05/21/2021
05/17/2016
06/03/2022
06/15/2018
05/21/2021
07/28/2008
06/03/2022
11/23/2017
12/08/2020
05/20/2011
05/21/2021
06/11/2015
05/21/2021
09/07/2021(5)
-
10/04/2017
10/07/2020
06/15/2017
05/29/2020
X
X
X
X
X
X
X
X
(1) Date of the Annual Shareholders’ Meeting called to approve the financial statements for the previous year.
(2) Other corporate offices held within listed companies (outside the Carrefour group). When several corporate offices are held within listed
companies of the same group, they are identified as one sole corporate office.
(3) Date of appointment; ratified by the 2019 Shareholders’ Meeting.
(4) Director representing employees.
(5) Date of appointment; ratified by the 2022 Shareholders’ Meeting.
1
-
-
-
2
-
1
-
3
-
-
-
1
-
2
2024 AGM
2024 AGM
2024 AGM
2024 AGM
2025 AGM
2024 AGM
2025 AGM
2024 AGM
2025 AGM
12/08/2023
2024 AGM
2024 AGM
2024 AGM
10/07/2023
2023 AGM
Chair.
Vice‑Chair.
Member.
◆
■
●
●
◆
●
●
●
●
●
◆
●
●
●
◆
●
◆
●
●
■
●
◆
●
●
●
Directors, except Directors representing employees, are appointed by the Ordinary Shareholders’ Meeting upon proposal of the Board
of Directors on the recommendation of the Governance Committee. They are appointed for a term of three years.
1
2
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4
5
6
7
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CORPORATE GOVERNANCE
The Board of Directors
3.2.1.2 Changes in the composition of the Board of Directors
Changes in the composition of the Board of Directors in 2022 are summarised in the following table:
DDeeppaarrttuurreess
AAppppooiinnttmmeennttss
RReenneewwaallss
Board of Directors
-
-
Flavia Buarque de Almeida
Abilio Diniz
Charles Edelstenne(1)
(1) Independent Director.
The Shareholders’ Meeting of June 3, 2022 renewed the terms of
office of Flavia Buarque de Almeida, Abilio Diniz and Charles
Edelstenne as Directors. It also ratified the appointment of Arthur
Sadoun as Director, whose term is due to expire at the end of the
Shareholders’ Meeting called to approve the financial statements
for the year ending December 31, 2023.
In addition, recent changes in the composition of the Board of
Directors are detailed
in
corporate governance” at the beginning of Chapter 3 of this
Universal Registration Document.
in the section “Recent changes
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The Board of Directors
3.2.1.3 Directors’ biographies
Alexandre Bompard
CHAIRMAN AND CHIEF EXECUTIVE OFFICER / Chairman of the Strategic Committee
YEARS IN OFFICE: 5 YEARS
ATTENDANCE RATE: 100%
Alexandre Bompard is a graduate of Institut d’études politiques de Paris, with a degree in Public
law and a postgraduate degree in Economics. He is also a graduate of École Nationale de
l’Administration (ENA) (Cyrano de Bergerac class). After graduating from ENA, Alexandre Bompard
joined the French General Inspectorate of Finance (1999‑2002). He went on to become the
technical advisor to François Fillon, then Minister for Social Affairs, Labour and Solidarity
(April‑December 2003). From 2004 to 2008, he held several positions within the Canal+ group,
notably as Chief of Staff for Chairman Bertrand Méheut (2004‑2005) and Director of Sport and
Public Affairs (June 2005‑June 2008). In June 2008, he was appointed Chairman and Chief
Executive Officer of Europe 1 and Europe 1 Sport. In January 2011, Alexandre Bompard joined the
Fnac group where he was appointed Chairman and Chief Executive Officer. On June 20, 2013,
he also launched Fnac’s IPO. In the fall of 2015, Fnac offered to take over the Darty group and on
July 20, 2016 Alexandre Bompard became Chairman and Chief Executive Officer of the new
entity Fnac Darty. He is a Chevalier de l’Ordre des Arts et des Lettres (France). Since July 18, 2017,
Alexandre Bompard has been Chairman and Chief Executive Officer of Carrefour. In addition, he
has chaired the Carrefour Foundation since September 8, 2017.
BORN ON: October 4, 1972
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
713,488
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: July 18, 2017
RATIFICATION OF THE APPOINTMENT BY THE
SHAREHOLDERS’ MEETING: June 15, 2018
DATE OF LAST RENEWAL: May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
Chairman of the Board of Directors of the Carrefour Foundation
(Carrefour group)
Director of Orange*
Member of the Board of Directors of Le Siècle (an independent
organisation under French law 1901)
Member of the Fondation Nationale des Sciences Politiques
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* Listed company.
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Chairman and Chief Executive Officer (Expiry of term: 2017), Director
and member of the Corporate, Environmental and Social
Responsibility Committee of Fnac Darty*
Chairman and Chief Executive Officer of Fnac Darty Participations et
Services (Expiry of term: 2017)
Member of the Supervisory Committee of Banijay Group Holding
(Expiry of term: 2018)
Member of the Strategic Committee of Lov Banijay (Expiry of term:
2018)
Member of the Board of Directors of Le Siècle (an independent
organisation under French law 1901) (Expiry of term: 2019)
Abroad:
Director of Darty Ltd (United Kingdom) (Expiry of term: 2017)
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CORPORATE GOVERNANCE
The Board of Directors
Philippe Houzé
VICE‑CHAIRMAN / Member of the Audit Committee, Governance Committee and Strategic Committee
YEARS IN OFFICE: 7 YEARS
ATTENDANCE RATE: 100%
BORN ON: November 27, 1947
NATIONALITY: French
NUMBER OF COMPANY SHARES
OWNED: 2,250
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: June 11, 2015
DATE OF LAST RENEWAL:
May 21, 2021
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2023
Philippe Houzé is Chairman of the Executive Board at Galeries Lafayette, a family‑owned group with
125 years of history in fashion, business and retail with brands such as Galeries Lafayette, BHV/MARAIS,
La Redoute, Louis Pion, Galeries Lafayette‑Royal Quartz Paris, Mauboussin and BazarChic.
After graduating from INSEAD Business School, Philippe Houzé began his career with Monoprix in
1969. He was appointed Chief Executive Officer of Monoprix in 1982 and Chairman and Chief
Executive Officer in 1994, holding the position until November 2012. He was Co‑Chairman of the
Galeries Lafayette group from 1998 to 2004 and became Chairman of the Executive Board in 2005.
Philippe Houzé is currently Chairman and Chief Executive Officer of the Galeries Lafayette group,
France’s largest chain of department stores. With his sales, marketing and fashion industry expertise, he
used innovative concepts to transform Monoprix, making it a leading local retailer in town and city
centres. As Chairman of the Executive Board of the Galeries Lafayette group, he played a role in
making Galeries Lafayette the leading department store in Europe, with the ambition of becoming a
benchmark for omni‑channel, responsible and innovative business, and promoting the French “Art of
Living”.
In 2014, Philippe Houzé orchestrated the acquisition of a significant stake in the Carrefour group on
behalf of Motier SAS, the Galeries Lafayette family holding company. In 2017, he led the acquisition of
51% of the share capital of La Redoute, with the goal of holding 100% of the shares by 2021. In 2015,
Philippe Houzé received the “International Retailer of the Year” award on behalf of Galeries Lafayette
from the National Retail Federation (NRF), a prestigious American retail trade association bringing
together key global industry players.
As a committed stakeholder in the French economy, Philippe Houzé has made a personal
commitment to sustainable development: he has been heavily involved in the regeneration of town
and city centres while taking into consideration the Galeries Lafayette group’s environmental and
social responsibilities. As outlined in his book, La vie s’invente en ville, he intends to continue working
on behalf of inner city areas and help build a brighter future for the next generations. Following in the
footsteps of the Group’s founders, Philippe Houzé continues to support Galeries Lafayette’s
commitment to contemporary art and creation.
He supported the launch of the Fondation d’entreprise Galeries Lafayette, of which he is a Director.
The Fondation held its grand opening in March 2018 in the heart of the Marais district in Paris, in a
building renovated by Pritzker Prize‑winning architect Rem Koolhaas.
He is a member of the Supervisory Committee of BHV, a Director of HSBC France, and was Lead
Director at Carrefour until April 20, 2020, when he became Vice‑Chairman of the Board of Directors.
He is also a member of the Carrefour group Audit Committee, Governance Committee and Strategic
Committee.
As part of his strong commitment to the student community, he is Chairman of the Board of ESCP
Business School, President of the INSEAD France Council, a member of the INSEAD Board of Directors
and Director of the Alliance Française. He is also a member and former Chairman of the Association
Internationale des Grands Magasins (AIGM), a former Director of the National Retail Federation (NRF) in
the United States, a member and former Chairman of the Union du Grand Commerce de Centre Ville
(UCV), an elected member of the Chamber of Commerce and Industry of Paris Île‑de‑France (CCIP), a
member of the Association Française des Entreprises Privées (AFEP), and a former Director of the
Institut Français de la Mode.
He is a member of the association Alliance 46.2 Entreprendre en France pour le Tourisme.
Philippe Houzé is Commandeur de la Légion d’Honneur, Chevalier de l’ordre des Arts et Lettres et des
Palmes Académiques et du Mérite Agricole.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
Chairman of the Executive Board of Galeries Lafayette
Chairman of the Supervisory Committee of La Redoute SAS
President of the INSEAD France Council
Vice‑Chairman and Chief Executive Officer of Motier SAS
Member of the association Alliance 46.2 Entreprendre en France
pour le Tourisme
Director of Lafayette Anticipation‑Fondation d’entreprise Galeries
Lafayette (Founder)
Member of the Supervisory Committee of BHV
Member of the Board of Directors of INSEAD
Member of the Union du Grand Commerce de Centre Ville (UCV)
Elected member at the Chamber of Commerce and Industry of Paris
Île‑de‑France (CCIP)
Chairman of the Board of ESCP Business School
Member of the Board of Directors of the Alliance Française
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* Listed company.
■
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Director of Institut Français de la Mode (IFM) (Expiry of term: 2019)
Chairman of Guérin Joaillerie SAS (Expiry of term: 2019)
Vice‑Chairman of the association Alliance 46.2 Entreprendre en
France pour le Tourisme (Expiry of term: 2020)
Chairman of Motier Domaines SAS (Expiry of term: 2020)
Director, Chairman of the Appointments Committee and Chairman of
the Compensation Committee of HSBC France* (Expiry of term: 2022)
Abroad:
None.
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The Board of Directors
Stéphane Israël
INDEPENDENT DIRECTOR AND LEAD DIRECTOR / Chairman of the Audit Committee and member of the Compensation Committee
and the Strategic Committee
BORN ON: January 3, 1971
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
1,500
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: June 15, 2018
DATE OF LAST RENEWAL:
May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
YEARS IN OFFICE: 4 YEARS
ATTENDANCE RATE: 100%
Following two years of preparatory literature courses at the prestigious Henri IV secondary
school in Paris, Stéphane Israël began his tertiary studies in 1991 at École Normale Supérieure
where he obtained postgraduate and teaching degrees in history (1993‑1995) before going on to
attend École Nationale d’Administration (ENA) in 1999.
He taught at Harvard University (1994‑1995) and Université de Valenciennes in northern France
(1997‑1998) and worked for the Chairman of the French National Assembly from 1997 to 1998.
In 2001, he joined the Cour des Comptes (second chamber), France’s Court of Accounts, as an
auditor and was appointed as a senior auditor. In 2004, he contributed to the report on
corporate tax competition published by France’s Taxation Board. From 2005 to 2007, he also
worked as an associate professor at École Normale Supérieure (ENS) in Paris and founded and
directed a joint programme with the school to prepare students for the ENA entrance exam.
In 2007, Stéphane Israël joined the Airbus group, where he served as advisor to Louis Gallois,
Executive Chairman of EADS (as the group was known at the time), before holding various
operational management positions in the group’s space division, including in budget and
programme control for the ballistic missile project management unit and in the services segment
of the European Global Monitoring for Environment and Safety (Copernicus) programme.
From 2012 to 2013, he was Chief of Staff to the French Minister for Productive Recovery (Ministry
in charge of industry).
In April 2013, he joined Arianespace SA as Chairman and Chief Executive Officer. In 2017, he
became Executive Chairman of Arianespace SAS and joined the Executive Committee of
ArianeGroup, a subsidiary of Airbus and Safran. He is also the Chairman of MEDEF International’s
France‑South Korea Business Club and was named a Chevalier de l’Ordre National de la Légion
d’Honneur.
Stéphane Israël brings the Board of Directors the skills and expertise he has acquired through his
extensive experience in the management of a multinational company, in business strategy and
innovation, and in the areas of accounting and finance. His skills and experience make him a
valuable member of the Board of Directors and its Audit Committee.
Stéphane Israël was also appointed Lead Director of the Carrefour group on April 20, 2020.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
Executive Chairman of Arianespace SAS
Chief Executive Officer of Arianespace Participation SA
Member of the Executive Committee of ArianeGroup
Chairman and Chief Executive Officer of Starsem SA
President of S3R
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* Listed company.
■
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■
■
Director and member of the Audit Committee of Havas SA (Expiry of
term: 2018)
Director of CDC International Capital
Chairman and Chief Executive Officer of Arianespace Participation SA
(Expiry of term: 2017)
Chairman and Chief Executive Officer of Arianespace SA (Expiry of
term: 2017)
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CORPORATE GOVERNANCE
The Board of Directors
Cláudia Almeida e Silva
INDEPENDENT DIRECTOR / Member of the Audit Committee and the CSR Committee
YEARS IN OFFICE: 4 YEARS
ATTENDANCE RATE: 100%
Cláudia Almeida e Silva is Managing Partner of Singularity Capital, an investment fund dedicated
to start‑ups, and an adviser within the Startup Lisboa incubator.
She began her career in 1997 as a consultant at Coopers & Lybrand in Portugal, then at
PricewaterhouseCoopers where she was appointed manager of the Customer Relationship
Management (CRM) practice in 1999.
In 2002, Cláudia Almeida e Silva joined the Conforama retail group in Portugal, where she served
as Commercial Director in charge of Marketing, Supply Chain and Product Management.
In 2005, she joined Fnac, where she became general manager of the Portuguese subsidiary
in 2008 and, from 2013, member of the Group Executive Committee in charge of supervising
Spain and Brazil.
She is a graduate of the Lisbon School of Business and Economics, of which she is now an
Executive in Residence.
Her in‑depth knowledge of the start‑up sector and retail experience in Southern Europe and
Brazil are valuable assets to support the Group’s transformation plan, “Carrefour 2026”.
BORN ON: September 24, 1973
NATIONALITY: Portuguese
NUMBER OF COMPANY SHARES OWNED:
1,100
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: January 22, 2019
RATIFICATION OF THE APPOINTMENT BY THE
SHAREHOLDERS’ MEETING: June 14, 2019
DATE OF LAST RENEWAL:
May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
Abroad:
Abroad:
Managing Director of Singularity Capital SA (Portugal)
Managing Director of Praça Hub Lda (Portugal)
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Legal manager of Fnac Portugal (Portugal)
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The Board of Directors
Flavia Buarque de Almeida
DIRECTOR / Member of the Governance Committee
BORN ON: August 4, 1967
NATIONALITY: Brazilian
NUMBER OF COMPANY SHARES OWNED:
1,069
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: April 12, 2017
DATE OF LAST RENEWAL:
June 3, 2022
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2024
YEARS IN OFFICE: 5 YEARS
ATTENDANCE RATE: 100%
Flavia Buarque de Almeida received her undergraduate degree from Fundaçao Getulio Vargas
(1989) and her MBA from Harvard University (1994).
From 1989 to 2003, she was a Consultant and Partner at McKinsey & Company. She also served
as an Independent Director of Lojas Renner and as a Director of the Grupo Camargo, which
includes Camargo Corrêa, Camargo Corrêa Cimentos (now Intercement), Construções e
Comércio Camargo Corrêa, Alpargatas, and Santista Têxtil. In addition, she was Director of
Harvard University’s Board of Overseers.
From November 2009 to April 2013, she was a Partner with the Monitor group, in charge of its
operations in South America. From May 2003 to September 2009, she served as the Managing
Director of Participações Morro Vermelho. She was a director of BRF SA from 2018 to 2022.
In July 2013, Flavia Buarque de Almeida joined the Península Group as head of the Private Equity
business.
3
She became Managing Director in January 2016 and then Partner at Península Capital later that
same year. In June 2019, she became CEO of Península Capital.
She has also been a Director of W2W e‑Commerce de Vinhos SA since August 2016 and of
Ultrapar Participações SA since May 2019.
Flavia Buarque de Almeida brings to the Board of Directors the benefit of her experience and
knowledge of the financial and banking markets, as well as her financial vision of shareholding
structures, her knowledge of the mass retail industry, strategy and corporate governance, and
her international experience. She also lends to the Board of Directors her experience in listed
companies and her experience as a Director of national and international listed companies.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In Brazil:
In Brazil:
Managing Director and Partner of Peninsula Capital Participações SA
Chief Executive Officer of the Península Group
Director of W2W E‑Commerce de Vinhos SA
Director of Ultrapar Participações SA*
Member of the Deliberating Council of Instituto Península
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Director of Harvard University’s Board of Overseers (Expiry of term:
2017)
Director of GAEC Educação (Expiry of term: 2017)
Managing Director of O3 Gestão de Recursos Ltda (Expiry of term:
2021)
Director of BRF SA* (Expiry of term : 2022)
Director of Vitamina Chile SPA (Expiry of term: 2022)
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* Listed company.
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CORPORATE GOVERNANCE
The Board of Directors
Stéphane Courbit
INDEPENDENT DIRECTOR / Chairman of the Compensation Committee and member of the Strategic Committee
YEARS IN OFFICE: 4 YEARS
ATTENDANCE RATE: 95%
Stéphane Courbit is the Chief Executive Officer of Lov Group, a company whose main activities
include audiovisual production (Banijay, world leader), online betting (Betclic), luxury hotels
(Airelles) and gastronomy (Ladurée).
Stéphane Courbit brings to the Board of Directors the benefit of his extensive experience gained
as an entrepreneur in the media and Internet sectors and as the leader of a global company, as
well as his skills and expertise in content production and digital media.
BORN ON: April 28, 1965
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
1,000
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: June 15, 2018
DATE OF LAST RENEWAL:
May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
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Chairman of Lov Group Invest (and member of the Supervisory Board)
Legal manager of SCI Parking La Garonne
Legal manager of SCI James & Co
Legal manager of SCI Gordita
Legal manager of SCI Blancs Mills
Legal manager of SCI Néva Thézillat
Legal manager of SARL 5 Thézillat
Legal manager of SCI Zust
Legal manager of SCI Les Zudistes
Legal manager of SCI 607
Legal manager of SCI 611
Legal manager of SCI Jaysal II
Legal manager of SCI Minos
Legal manager of SCI Roux Milly
Manager of SCI Courvalios
Legal manager of SCI ClemSC
■
AAss aa rreepprreesseennttaattiivvee ooff LLoovv GGrroouupp IInnvveesstt::
■
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Chairman of Banijay Holding SAS (Expiry of term: 2019)
Chairman of Betclic Everest Group (Expiry of term: 2020)
(and member of the Board of Directors)
Legal manager of EURL Zust (Expiry of term: 2021)
Legal manager of EURL Les Zudistes (Expiry of term: 2021)
Legal manager of SCI ST Le Phare (Expiry of term: 2021)
■
AAss aa rreepprreesseennttaattiivvee ooff LLoovv GGrroouupp IInnvveesstt::
Chairman of LG Industrie SAS (Expiry of term: 2018)
Chairman of ILR (Expiry of term: 2018)
Chairman of Chalet de Pierres SAS (Expiry of term: 2018)
Chairman of Betclic Group (Expiry of term: 2021)
Chairman of Mangas Lov (Expiry of term: 2022)
Chairman of LDH (Expiry of term: 2022) and member
of the Supervisory Committee
Chairman of Lov Banijay (Expiry of term: 2022)
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Chairman of Financière Lov (and member of the Supervisory Board)
Chairman of Banijay Group
Chairman of Banijay Group Holding (and member of the Supervisory
Board)
Chairman of Betclic Everest Group (and member of the Board of
Directors)
Chairman of Airelles
Chairman of Melezin
Chairman of Bastide de Gordes & Spa
Chairman of Hôtel Château de la Messardière
Manager of Solières
Chairman of Lov Sapineaux
Chairman of Lov Immo
Chairman of Estoublon Holding
Chairman and Chief Executive Officer of Lovestate
Chairman of Ormello
Chairman of Choucalov
Chairman of Fold Holding
Chairman of Lov Hotel Collection Holding (and member
of the Supervisory Board)
Chairman of Lov Hotel Collection
Chairman of Clos Bellevarde
Chairman of la Genevoise
Chairman of LHC Immo
Chairman of LHCH Venise
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* Listed company.
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The Board of Directors
Abilio Diniz
DIRECTOR / Vice‑Chairman of the Strategic Committee
YEARS IN OFFICE: 6 YEARS
ATTENDANCE RATE: 100%
A seasoned retail professional, Abilio Diniz co‑founded Grupo Pão de Açúcar with his father and
served as Chairman of the Board of Directors from 1993 to 2013.
He was a member of the Brazilian National Monetary Council between 1979 and 1989.
Abilio Diniz has a degree in Business Administration from Fundação Getúlio Vargas (FGV) and,
since 2010, has been teaching a course at FGV called “Leadership 360º”, which aims to train and
coach young leaders.
He was Chairman of the Board of Directors of BRF, the world’s largest animal protein exporter,
from 2013 to 2018 and is currently Chairman of the Board of Directors of the Península group,
his family’s group of investment companies.
Abilio Diniz brings to the Board of Directors the benefit of his experience and expertise in retail
and consumer goods, knowledge of retail business, global strategy, private equity and
governance, as well as his financial view of shareholding structures, international knowledge and
experience in listed companies and as a Director of national and international listed companies.
BORN ON: December 28, 1936
NATIONALITY: Brazilian
NUMBER OF COMPANY SHARES OWNED:
62,563,160
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: May 17, 2016
DATE OF LAST RENEWAL: June 3, 2022
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2024
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In Brazil:
In Brazil:
■
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Director of Atacadão SA* (Carrefour group)
Chairman and Director of Península Participações SA, Zabaleta
Participações Ltda and Paic Participações Ltda
Director of: Ciclade Participações Ltda., Papanicols Empreendimentos
e Participações Ltda., Santa Juliana Empreendimentos e
Participações Ltda., Ganesh Empreendimentos e Participações Ltda.,
Naidiá Empreendimentos e Participações Ltda., Ayann
Empreendimentos e Participações Ltda., Chapelco Empreendimentos
e Participações Ltda., Edgewood Real Estate LLC, Edgewood Realty
Holding Corporation and Plenae Comércio e Serviços Para o
Bem‑Estar EIRELI
* Listed company.
Chairman of the Board of Directors of BRF (Expiry of term: 2018)
Director of: Adams Avenue Real Estate LLC, Adams Avenue Realty
Holding Corporation (Expiry of term: 2020), Orca SARL, Peninsula
Europe SARL (Expiry of term: 2022)
Chairman and Director of Reco Master Empreendimentos
e Participações SA (Expiry of term: 2021)
Director of Onyx 2006 Participações Ltda (Expiry of term: 2021)
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CORPORATE GOVERNANCE
The Board of Directors
Aurore Domont
INDEPENDENT DIRECTOR / Chair of the CSR Committee and Member of the Governance Committee
YEARS IN OFFICE: 4 YEARS
ATTENDANCE RATE: 100%
Aurore Domont holds a Master’s degree in Business law from Paris I – Panthéon Sorbonne
University. She began her career at CEP Communication before joining the Lagardère Publicité
group in 1996, where she notably held the position of Deputy Chief Executive Officer in charge
of Radio and Press.
In January 2011, Aurore Domont was appointed Executive Director of Prisma Pub, the advertising
arm of the Prisma Media group. In August 2013, she became the President of FigaroMedias and a
member of the Executive Committee of the Figaro group.
Aurore Domont brings to the Board of Directors the benefit of her experience in global and
omni‑channel communication strategies and in the digital transformation of businesses. Her
work has also given her a solid understanding of various areas of digital technology, including
data management, social media, programming, mobile and video. Her skills and experience make
her a valuable member of the Board of Directors.
BORN ON: December 20, 1968
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
1,000
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: June 15, 2018
DATE OF LAST RENEWAL: May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
President of FigaroMedias
Director of Figaro Classified
Member of the Board of Directors of SRI
Member of the Supervisory Board of Mediasquare
Member of the Supervisory Board of Société du Figaro
Member of the Supervisory Board of Zebestof
Member of the Board of Directors of ACPM
Member of the Board of the Syndicat des Régies Publishers
■
■
■
■
■
■
■
■
* Listed company.
Member of the Board of Directors of Social & Stories (Expiry of term:
2020)
Member of the Board of Directors of Touchvibes (Expiry of term:
2020)
President of Social & Stories (Expiry of term: 2022)
■
■
■
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CORPORATE GOVERNANCE
The Board of Directors
Charles Edelstenne
INDEPENDENT DIRECTOR / Chairman of the Governance Committee and member of the Compensation Committee
YEARS IN OFFICE: 14 YEARS
ATTENDANCE RATE: 100%
A qualified chartered accountant (IFEC graduate), Charles Edelstenne joined Dassault Aviation
in 1960 as Head of the Financial Analysis Unit.
He went on to hold posts such as Deputy Secretary General, Secretary General and Executive
Deputy Chairman, Economic and Financial Affairs, before being appointed to the Board in 1989.
He was elected as Chairman and Chief Executive Officer in 2000, a role he held until January 8,
2013.
Founder, Chief Executive Officer and current Honorary Chairman of the Board of Directors of
Dassault Systèmes SE.
Charles Edelstenne brings to the Board of Directors the benefit of his experience as an executive
and Director of multinationals and listed companies, as well as his expertise in finance and his
knowledge of digital transformation and innovation.
BORN ON: January 9, 1938
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
1,000
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: July 28, 2008
DATE OF LAST RENEWAL: June 3, 2022
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2024
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
■
■
■
■
■
■
Chairman of the Board of Directors of Dassault Systèmes SE (Expiry
of term: 2023)
Chairman and Chief Executive Officer of Dassault Médias SAS (Expiry
of term: 2019)
Chairman of Rond‑Point Holding SAS (Expiry of term: 2019)
Director of Sogitec Industries SA (Expiry of term: 2019)
Member of the Supervisory Board of Groupe Industriel Marcel
Dassault SAS (Expiry of term: 2018)
Chief Executive Officer of Groupe Industriel Marcel Dassault (Expiry
of term: 2018)
Director and Honorary President of Dassault Aviation SA*
Director and Honorary Chairman of the Board of Directors of Dassault
Systèmes SE*
Honorary President of GIFAS (Groupement des Industries Françaises
Aéronautiques et Spatiales)
Chairman of Groupe Industriel Marcel Dassault SAS
Director of Thales SA*
Chairman of Dassault Médias SAS
Chairman of Groupe Figaro SASU
Chief Executive Officer of Dassault Wine Estates SASU
Chairman of Rond‑Point Immobilier SAS
Legal manager of Rond‑Point Investissement EURL
Chairman of Société du Figaro SAS
Manager of ARIE civil partnership
Manager of 2 civil partnership
Manager of NILI civil partnership
Manager of NILI 2 civil partnership
Manager of SCI Maison Rouge
Director of the mutual fund Monceau Dumas
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
Abroad:
Abroad:
Director of Dassault Falcon Jet Corporation (United States)
Chairman of the Board of Directors of Sitam Belgique SA
■
■
■
■
■
Director of Banque Lepercq de Neuflize & Co. Inc. (United States)
(Expiry of term: 2019)
Chairman of Dassault International Corp. (United States) (Expiry of
term: 2018)
Director of SABCA* (Société Anonyme Belge de Constructions
Aéronautiques) (Belgium) (Expiry of term: 2020)
* Listed company.
1
2
3
4
5
6
7
8
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3
CORPORATE GOVERNANCE
The Board of Directors
Thierry Faraut
DIRECTOR REPRESENTING EMPLOYEES / Member of the Governance Committee and of the Compensation Committee
BORN ON: May 15, 1970
NATIONALITY: French
DATE OF DESIGNATION BY THE GROUP
COMMITTEE: November 23, 2017
DATE OF INTEGRATION TO THE BOARD
OF DIRECTORS: January 17, 2018
DATE OF LAST RENEWAL: December 8, 2020
TERM OF OFFICE EXPIRES: December 8, 2023
YEARS IN OFFICE: 5 YEARS
ATTENDANCE RATE: 100%
Thierry Faraut joined the Carrefour group in 1996. After two years as an intern, he became a
Butchery department manager, first in Lyon, then in Marseille. In 2003, he was named central
trade union delegate for Continent France and later for Carrefour hypermarkets in 2006.
In 2010, he oversaw the French national trade union of Carrefour managers (Syndicat National de
l’Encadrement Carrefour – SNEC) and became trade union delegate for the Carrefour group.
With SNEC, he participated in partnerships with Carrefour and humanitarian organisations
working on behalf of underprivileged children in Senegal and Benin. In addition, he was a
member of the Group Committee.
He was elected Vice‑Chairman of the food industry section of the French federation of
management trade unions (Fédération CFE‑CGC) in November 2019.
Thierry Faraut brings to the Board of Directors the benefit of his experience working directly with
customers, his precise knowledge of the Group’s store formats and markets and his overall
understanding of the mass retail industry. His vision, which takes into account both economic
and labour issues, has been shaped by his experience working with trade unions.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
None.
■
In France:
■
■
Group delegate for SNEC CFE‑CGC (Expiry of term: 2017)
Trade union representative for SNEC CFE‑CGC on the Group
Committee (Expiry of term: 2017)
240
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CORPORATE GOVERNANCE
The Board of Directors
Mathilde Lemoine
INDEPENDENT DIRECTOR
BORN ON: September 27, 1969
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
2,982
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: May 20, 2011
DATE OF LAST RENEWAL: May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
YEARS IN OFFICE: 11 YEARS
ATTENDANCE RATE: 95%
With a PhD in economics, Mathilde Lemoine is an economist specialising in macroeconomic
issues and international trade.
She started her career as a teacher and researcher and subsequently held the position of
Economist and General Secretary of the Observatoire Français des Conjonctures Économiques
(OFCE). She then became a member of several ministerial offices where she contributed her
knowledge of international macro‑economic affairs, helped to prepare Ministerial Conferences at
the WTO and was responsible for advising the Prime Minister on tax matters. She was an external
examiner (rapporteur) for the Expert Conference on the Climate and Energy Contribution (2009)
and a member of the Commission for the Liberation of Growth, known as the Attali Commission
(2010). She participated in a government task force reporting on the competitiveness drivers of
French industry, and contributed her expertise on the French economy. She was a member of
the Conseil d’Analyse Économique and the Commission Économique de la Nation. In 2013, she
was appointed to the Haut Conseil des Finances Publiques (HCFP) for a five‑year renewable term,
in which role she analyses public finance in France and its consistency with European
commitments. From 2006 to 2015 she was Director of Economic Research and Market Strategy
at HSBC France and member of the Executive Committee and Senior Economist at HSBC Global
Research.
She is currently Group Chief Economist of Edmond de Rothschild. She joined the group to set up
an Economic Research department and lead a team of economists to perform structural
analyses, risk mapping and international macroeconomic forecasts and scenarios. At the same
time, she is continuing her work on human capital and its valuation. She has also been a
Professor at Sciences Po Paris since 1996.
Mathilde Lemoine has published numerous books and analyses on international macroeconomic
issues, monetary policy and financial issues. She recently published work on the investment in
human capital, employee mobility and the link between skills and competitiveness. She is an
editorialist for Les Échos (France), Expansión (Spain), L’Agefi (Switzerland) and L’Agefi Hebdo
(France). Her latest book is Les grandes questions d’économie et de finance internationales
(published by Boeck, 3rd edition, 2016).
Mathilde Lemoine brings to the Board of Directors the benefit of her experience as a director of
in
international organisations, her knowledge of financial markets and her expertise
macroeconomics and corporate social responsibility (human capital, the energy transition, etc.).
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
■
Director of CMA‑CGM, member of the Audit Committee and the
Appointments and Compensation Committee
■
■
■
Member of the Board of Directors of Dassault Aviation SA* (Expiry
of term: 2021)
Member of the Board of Directors of École Normale Supérieure
(Expiry of term: 2019)
Member of the Haut Conseil des Finances Publiques (Expiry of term:
2018)
* Listed company.
1
2
3
4
5
6
7
8
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3
CORPORATE GOVERNANCE
The Board of Directors
Patricia Moulin Lemoine
DIRECTOR / Member of the CSR Committee
YEARS IN OFFICE: 7 YEARS
ATTENDANCE RATE: 95%
After graduating from Institut d’études politiques de Paris in 1970 with a public service degree,
she was admitted as an attorney in 1971 and practised between 1972 and 2014 with expertise in
employment, commercial, intellectual property and family law.
In addition, she taught civil and insurance law to employees of Assurances Générales de France
(1977‑1994) and labour law at the University of Paris VIII’s Sociology department (1985‑1992).
Patricia Moulin Lemoine brings to the Board of Directors the benefit of her knowledge of the
retail sector, as well as experience in corporate governance and corporate social responsibility.
BORN ON: February 20, 1949
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
1,167
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: June 11, 2015
DATE OF LAST RENEWAL: May 21, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
Chief Executive Officer of Motier SAS
Member of the Supervisory Board of Motier SAS
Chair of the Supervisory Board of Galeries Lafayette SA
Chair of Grands Magasins Galeries Lafayette SAS
Member of the Supervisory Board of S2F Flexico
Vice‑Chair of the French‑American Foundation France
Member of the Supervisory Board of Banque Transantlantique
■
■
■
■
■
■
■
Director of Théatre Labruyère (Expiry of term: 2018)
Vice‑Chair of the Supervisory Committee of BHV Exploitation (SAS)
(Expiry of term: 2022)
President of Immobilière du Marais (SAS) (Expiry of term: 2022)
■
■
■
242
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CORPORATE GOVERNANCE
The Board of Directors
Arthur Sadoun
INDEPENDENT MEMBER / Member of the Governance Committee
BORN ON: May 23, 1971
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
1,000
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: September 7, 2021
RATIFICATION OF THE APPOINTMENT BY THE
SHAREHOLDERS’ MEETING: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2021
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2023
YEARS IN OFFICE: 1 YEAR
ATTENDANCE RATE: 100%
Arthur Sadoun, 50, is Chairman of the Management Board of Publicis Groupe, the world’s
third‑largest communications group.
He began his career in Chile, where he set up his own advertising agency, which he later sold to
BBDO/Chile.
Upon his return to France in 1997, he joined the TBWA network (Omnicom) as International
Director of Strategic Planning and became CEO of TBWA/Paris in 2003. Under his leadership and
for four consecutive years, TBWA/Paris was awarded Agency of the Year at the Cannes Lions
International Festival of Creativity.
At the end of 2006, Arthur Sadoun was appointed CEO of Publicis Conseil, the flagship of the
Group founded by Marcel Bleustein‑Blanchet and previously headed by Maurice Lévy.
In April 2011, Arthur Sadoun was appointed Managing Director of Publicis Worldwide, the Group’s
global network of creative agencies, before being appointed CEO in October 2013.
In December 2015, he was appointed CEO of Publicis Communications, the creative solutions
arm of Publicis Groupe comprising the networks of Leo Burnett, Saatchi & Saatchi, Publicis
Worldwide, BBH, MSLGROUP and Prodigious.
Arthur Sadoun took up his post as Chairman of the Group’s Management Board on June 1, 2017
and becomes the third head of Publicis Groupe in its 91‑year history, following in the footsteps of
Maurice Lévy and founder Marcel Bleustein‑Blanchet.
Since then, Arthur Sadoun has accelerated the digital transformation initiated by Maurice Lévy,
particularly by making the largest acquisition in the sector with Epsilon, a data and technology
leader. The group has won a series of major new contracts, putting Publicis at the top of the
industry rankings for the past three years. Arthur Sadoun is a graduate of the European Business
School and holds an MBA from INSEAD.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
Chairman of the Management Board of Publicis Groupe SA* (France)
Chairman and CEO of Publicis Conseil SA (France)
■
■
■
Independent Director and member of the Corporate, Environmental
and Social Responsibility Committee of Fnac Darty SA* (Ended in
May 2018)
Abroad:
Director of BBH Holdings Limited (UK)
Director of MMS USA Investments, Inc (USA)
Director of MMS USA Holdings, Inc (USA)
■
■
■
* Listed company.
1
2
3
4
5
6
7
8
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3
CORPORATE GOVERNANCE
The Board of Directors
Martine Saint‑‑Cricq
DIRECTOR REPRESENTING EMPLOYEES / Member of the CSR Committee
YEARS IN OFFICE: 5 YEARS
ATTENDANCE RATE: 100%
Martine Saint‑Cricq joined the Carrefour group in 1983 as an employee at the Carrefour Labège
store. In 1987, she was elected employee representative for the Force Ouvrière (FO) trade union.
After being elected to a variety of positions as representative within the Group, she held the
position of secretary to the Group Committee. She simultaneously held positions with UNI
Europa Commerce, UNI Europa (Women’s Conference) and UNI Global Union (World Congress).
Martine Saint‑Cricq has also served on the Board of Directors of the Carrefour Foundation since
January 19, 2009. She was a member of the UNI Europa and the UNI Global Union women’s
committees from 2007 to 2021. She was also a member of the UNI Europa Commerce Steering
Committee from June 2011 to November 2019. In addition, until June 2018 she acted as
secretary in charge of equality for FGTA FO, a federation of workers in the agriculture, food and
tobacco industries in France.
Martine Saint‑Cricq brings to the Board of Directors the benefit of her perspective as an
employee and her knowledge of the Group, its store formats and markets. Her experience
working with trade unions on a national and international level and especially her expertise in
equal rights allow her to make a valuable contribution to evaluating these subjects in a
multinational environment.
BORN ON: April 20, 1958
NATIONALITY: French
DATE OF DESIGNATION BY THE EUROPEAN
WORKS COUNCIL (COMITÉ D’INFORMATION
ET DE CONCERTATION EUROPÉEN
CARREFOUR), AND INFORMATION
COMMITTEE: October 4, 2017
DATE OF INTEGRATION TO THE BOARD
OF DIRECTORS: October 18, 2017
DATE OF LAST RENEWAL: October 7, 2020
TERM OF OFFICE EXPIRES: October 7, 2023
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
■
Director representing employees at the Carrefour Foundation
(Carrefour group)
■
■
■
Member of the Labège Store Committee (Expiry of term: 2017)
Member of the Group Committee for France (Expiry of term: 2017)
Member of the Carrefour European Consultation and Information
Committee (ECIC) (Expiry of term: 2017)
244
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CORPORATE GOVERNANCE
The Board of Directors
Marie‑‑Laure Sauty de Chalon
INDEPENDENT DIRECTOR / Member of the Audit Committee
YEARS IN OFFICE: 5 YEARS
ATTENDANCE RATE: 100%
Marie‑Laure Sauty de Chalon is a graduate of Institut d’études politiques de Paris and has a
degree in law. After working in print media and television, she founded Carat Interactive in 1997.
In 2001, she was Chair and Chief Executive Officer of Consodata North America. Following this
experience, in 2004, she became Head of Aegis Media France and Southern Europe.
Between 2010 and 2018, she held the position of Chair and Chief Executive Officer of Auféminin.
In July 2018, she founded Factor K, in which the NRJ group subsequently acquired a minority
holding. Marie‑Laure Sauty de Chalon has also been a member of the French competition
authority (Autorité de la concurrence) since 2014 and teaches at Institut d’études politiques de
Paris.
Marie‑Laure Sauty de Chalon brings to the Board of Directors the benefit of her digital expertise
and experience working internationally at companies blending online retail and content in order
to help the Group achieve its digital transformation.
BORN ON: September 17, 1962
NATIONALITY: French
NUMBER OF COMPANY SHARES OWNED:
2,000
DATE OF APPOINTMENT TO THE BOARD
OF DIRECTORS: June 15, 2017
DATE OF LAST RENEWAL: May 29, 2020
TERM OF OFFICE EXPIRES: Shareholders’
Meeting convened to approve the Financial
Statements for the year ending
December 31, 2022
OTHER POSITIONS HELD AS OF DECEMBER 31, 2022
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
Member of the Supervisory Board of JCDecaux SA*
Director and member of the Ethics and Sustainable Development
Committee of LVMH Moët Hennessy‑Louis Vuitton (SE)*
Member of the Board of the French competition authority (Autorité
de la concurrence)
Director of Coorpacademy
■
■
■
■
* Listed company.
■
■
■
■
■
■
Chair and Chief Executive Officer of Auféminin SA* (Expiry of term:
2018)
Managing Director of Auféminin.com Productions SARL (Expiry
of term: 2018)
Chair of Etoilecasting.com SAS (Expiry of term: 2018)
Chair of Les rencontres auféminin.com SAS (Expiry of term: 2018)
Chair of Marmiton SAS (Expiry of term: 2018)
Member of the Supervisory Board of My Little Paris SAS (Expiry
of term: 2018)
Abroad:
■
■
Co‑Managing Director of GoFeminin.de GmbH (Germany) (Expiry
of term: 2018)
Director of SoFeminin.co.uk Ltd (United Kingdom) (Expiry of term:
2018)
1
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6
7
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3
CORPORATE GOVERNANCE
The Board of Directors
3.2.2 OPERATION OF THE BOARD OF DIRECTORS
3.2.2.1 Conditions of preparation
and organisation of the Board
of Directors’ work
The Board of Directors’ Internal Rules stipulate that the Board of
Directors meet at least four times a year.
They set out the conditions under which the work of the Board
of Directors is prepared and organised. They supplement the
legal and statutory provisions and the recommendations of the
AFEP‑MEDEF Code to which the Company refers.
The Board of Directors’
three chapters, relating to:
Internal Rules are divided
into
the role, procedures and assessment of the Board of Directors,
as well as Directors’ compensation;
the specialised Committees of the Board of Directors and their
respective standard rules and guidelines, composition and
duties;
the Directors’ rights and responsibilities.
■
■
■
The Board of Directors’ Internal Rules aim to organise the work
of the Board of Directors and its specialised Committees, define
the powers of the Board of Directors and describe the Directors’
rights and responsibilities with respect
the corporate
governance best practices to which the Board of Directors refers.
The Internal Rules are updated by the Board of Directors in order
to take into account legal and regulatory changes and corporate
governance practices.
to
to
his
In 2022, the Board of Directors held discussions, without the
Chairman and Chief Executive Officer in attendance, on topics
related
accordance with
recommendation 18.3 of the AFEP‑MEDEF Code. The Directors
did not express the need to organise additional meetings without
the Chairman and Chief Executive Officer, who is the only
Executive Director among the Board of Directors’ 15 members.
compensation,
in
Each Director must adhere to the Directors’ Guide, which
includes the rules of conduct and responsibilities to which each
Director is bound, in accordance with the applicable legal and
regulatory provisions, the Board of Directors’ Internal Rules and
the recommendations in the AFEP‑MEDEF Code to which the
Company refers.
All Directors are required to independently perform their duties
with integrity, loyalty and professionalism. They must act in all
circumstances in the Company’s interest. When participating in
the Board of Directors’ deliberations and voting, they do so in
their capacity as representatives of the Company’s shareholders.
Stock market ethics
The Group has taken note of Regulation (EU) no. 596/2014 of
July 3, 2016 on market abuse, replacing the January 28, 2003
European directive, which establishes new rules and measures
applicable to listed companies and their Executive Officers and
Company officers regarding inside information.
Directors are affected in particular by the regulation regarding
the prevention of insider dealing and misconduct, both on a
personal level and as regards the duties they perform at
companies which are shareholders of the Company, and they
must also adhere to the Stock Market Ethics Charter put in place
by the Company. Information considered to be sensitive and
confidential, as well as information considered to be inside
information under the applicable regulation, must therefore be
kept confidential. Such information is no longer considered
confidential once it is published by the Company through a press
release,
information
communicated in this way is no longer considered to be
confidential. Directors are also required to refrain from carrying
out or attempting to carry out any transactions in Company
shares during closed periods, particularly those relating to the
publication of annual, half‑yearly and quarterly financial
information.
that only
it being
specified
the
Managing conflicts of interest
In accordance with the Board of Directors’ Internal Rules, the
Directors are also made aware of the rules relating to conflicts of
interest. A conflict of interest exists in situations in which a
Director or a member of his/her family could personally benefit
from how the Company’s business is run, or in which the
Director or his/her family member could have any type of
relationship or connection with the Company, its affiliates or its
management that could compromise his/her free exercise of
judgement.
Each Director shall endeavour to avoid any conflicts of interest
that may exist between his/her moral and material interests and
those of the Company.
As soon as they become aware of any situation involving a real or
potential conflict of interest with the Company and its affiliates,
Directors must
inform the Board of Directors, and more
specifically the Lead Director, and must refrain from participating
in such deliberations and from voting on the related resolution.
Directors must therefore promptly inform the Chairman of the
Board of Directors and the Lead Director of any agreement
which they or a company of which they are a Director, in which
they hold a significant stake, either directly or indirectly, or in
which they have a direct interest, entered into with the Company
or one of its affiliates, or which has been entered into through an
intermediary.
In 2022, the Lead Director, the Governance
Committee and the Board of Directors were informed of a
potential conflict of interest concerning a planned partnership
between the Carrefour and Publicis groups. Arthur Sadoun
abstained from participating in any discussions on the project.
The Chairman of the Board of Directors may at any time ask the
Directors to sign a statement certifying that they do not have any
conflicts of interest to declare. In addition, the Board of Directors
has not been asked to issue an opinion regarding any new
positions accepted by the Executive Officers in listed companies
outside the Group.
Company Officers’ statement
There are no family relationships between the Company Officers
(Directors, the Chairman and Chief Executive Officer), with the
exception of Patricia Moulin Lemoine and Philippe Houzé, who
are related by marriage (sister and brother‑in‑law).
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To the Company’s knowledge and as of the date this Universal
Registration Document was prepared, in the past five years no
Company Officers have been:
■
■
■
■
convicted of fraud;
involved in a case of bankruptcy, receivership or liquidation in
their capacity as a Company Officer;
subject to an official public sanction by statutory or regulatory
authorities (including designated professional bodies);
prevented by a court from acting as a member of a Board of
Directors or of a Management or Supervisory Board, or from
being
issuer’s management or business
operations.
involved
in an
To the Company’s knowledge and as of the date this Universal
Registration Document was prepared, no real or potential
conflict of interest has been identified between the duties of any
Company Officers (Directors, the Chairman and Chief Executive
Officer) with respect to the Company and their private interests
and/or other duties than those described
in the section,
“Managing conflicts of interest”, above.
To the Company’s knowledge and as of the date this Universal
Registration Document was prepared, there are no arrangements
or agreements in place with the main shareholders, customers,
suppliers or other parties whereby one of the Company Officers
has been selected as a member of one of their Boards of
Directors, Management or Supervisory Boards, or as a member of
their Executive Management.
To the Company’s knowledge and as of the date this Universal
Registration Document was prepared, none of the Company
Officers are bound to the Company or to one of its affiliates by a
service contract.
CORPORATE GOVERNANCE
The Board of Directors
3.2.2.2 Duties of the Board of Directors
The Board of Directors approves the Company’s business
strategy and oversees its implementation. It examines and
decides on major transactions. The Directors are kept informed
of changes in the markets and the competitive environment, as
well as the key issues that the Company faces, including those
related to social and environmental responsibility.
According to its Internal Rules, the Board of Directors’ duties
include, inter alia:
approving
implementation;
the Company’s strategy and overseeing
its
setting any necessary limits on the powers of the Chairman
and Chief Executive Officer;
in particular, it:
■
■
■
■ conducts any controls and audits it deems appropriate,
■ controls the Company’s management methods and verifies
the fairness of its financial statements,
■ examines and approves the financial statements, establishes
the agenda for Shareholders’ Meetings to which it reports on
its activities in the annual report and approves the various
statutory and regulatory reports,
■ examines related‑party agreements and gives prior approval;
■
ensuring that high‑quality financial information and relevant,
balanced and
information on the Company’s
strategy, development model and plans for addressing major
non‑financial issues are provided to shareholders and investors;
instructive
■
each year, on the recommendation of the Governance
Committee, drawing up the list of Directors qualified as
independent, with respect to AFEP‑MEDEF Code criteria;
■
examining the budget once a year and overseeing
implementation.
its
3.2.2.3 Work of the Board of Directors in 2022
Having considered the summaries prepared by the Audit, Governance, Compensation, CSR and Strategic Committees with respect to
their work, the Board of Directors mainly focused its work on the following areas:
AArreeaa
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Financial management
review of the work of the Audit Committee;
approval of the annual and half‑yearly company and consolidated financial statements and the related
reports and draft of press releases;
review of quarterly gross sales and draft of related press releases;
authorisation to implement a share buyback programme for a total amount of 750 million euros;
decision to cancel the shares bought back via two capital reductions;
approval of forecast management documents;
renewal of the annual authorisations granted to the Chairman and Chief Executive Officer with regard to
bond issues and guarantees;
review of the Group’s financing policy and commitments;
approval of the 2023 budget.
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CORPORATE GOVERNANCE
The Board of Directors
AArreeaa
WWoorrkk
Follow‑up on the Group’s
strategy, its activities and
its operations
Governance
Compensation
CSR
Shareholders’ Meeting
of June 3, 2022
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
regular updates on the progress of various projects relating to the Group’s transformation;
discussions about the partnership with the Paris 2024 Olympic Games;
approval of the acquisition of Grupo BIG in Brazil;
approval of the sale of Carrefour Taiwan;
validation of the new Carrefour 2026 strategic plan, after several meetings about the strategic review of
the Group’s assets;
information on the state of the economy (in particular the repercussions of the war in Ukraine on the
Group) and the competition, Carrefour’s stock market performance and financial ratings issues.
approval of the corporate governance report;
discussions about possible changes to the Company’s governance and proposal to renew the terms of
office of three Directors, Flavia Buarque de Almeida, Abilio Diniz and Charles Edelstenne, and to appoint
Arthur Sadoun as Director;
annual assessment of the independence of the Directors;
external assessment of the Board of Directors.
analysis of a potential conflict of interest concerning a partnership project between the Carrefour and
Publicis groups.
decision on the components of compensation and the compensation policy for the Chairman and Chief
Executive Officer for the 2022 financial year;
implementation of a new long‑term incentive plan for Alexandre Bompard comprising performance
share awards;
approval of the amount of the supplementary defined benefit pension plan for the 2021 financial year;
approval of the 2022 compensation policy for Directors;
implementation of an employee plan.
monitoring the work of the CSR Committee;
information on the 2022 CSR results, particularly as regards the “food transition” programmes in each
country and priority issues for Carrefour, grouped according to the following topics: healthy eating,
local, organic, children and babies, increasing fruit and vegetable consumption, transparency and
responsible pricing;
review of the Group’s gender equality policy;
approval of the Company’s ambition and targets in relation to the fight against global warming in the
context of the “Say on Climate” resolution approved by the Shareholders’ Meeting of June 3, 2022;
raising of the Group’s CSR objectives; and
adoption of the new CSR and Food Transition Index.
Notice of Meeting, agenda, draft resolutions and the Board of Directors’ report to the Shareholders’
Meeting;
setting of the dividend distribution policy;
annual review of the related‑party agreements entered into during the year;
submission for the approval of the Shareholders’ Meeting the information relating to the compensation
of the Company officers referred to in Article L. 22‑10‑9 I of the French Commercial Code, the
components of compensation due or awarded for the 2021 financial year to Alexandre Bompard,
Chairman and Chief Executive Officer, the 2022 compensation policy for the Chairman and Chief
Executive Officer and the 2022 compensation policy for Directors.
3.2.2.4 Assessment of the Board
of Directors
In accordance with its Internal Rules, the Board of Directors
frequently assesses its procedures and the fulfilment of its duties.
Accordingly, it reviews its operating procedures and the quality of
its decision‑making and
the
discussions, as well as each Director’s actual contribution to the
work of the Board of Directors and its specialised Committees.
information published and of
To this end, the Board of Directors has to dedicate an agenda
item to these procedures once a year.
For the 2022 financial year, the Board of Directors commissioned
a consultant to carry out a formal external assessment of the
Board’s procedures. This external assessment was conducted
during the second half of 2022 by means of questionnaires and
interviews with each of the Directors. A summary of the external
assessment results was presented to the Lead Director and the
Governance Committee, and then presented by the Chairman of
the Governance Committee to the Board of Directors.
The external assessment shows that the Directors are very
satisfied with the overall procedures of the Board of Directors
and its Committees, as well as their involvement in the Group’s
strategy. The Board members’ main observations related to the
proper execution of the Company’s strategic guidelines by the
management team, the complementary skills of the members of
the Board of Directors, the quality of interaction and dialogue
within the Board, as well as the efficiency of the Board of
Directors’ meetings (freedom of speech, transparency, relevance
of the subjects presented). These observations were taken into
account in 2022, notably with the organisation of ad hoc
sessions with operational executives during the year, particularly
as part of the process of preparing the “Carrefour 2026” strategic
plan, and in 2023 a seminar will be organized in Brazil as well as
an executive session.
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CORPORATE GOVERNANCE
The Board of Directors
3.2.2.5 Frequency of and attendance at Board of Directors and specialised Committee
meetings in 2022
The Board of Directors and its specialised committees met
26 times in 2022, with an average attendance rate of 99%.
The Board of Directors met ten times in 2022, with an average
attendance rate of 98%.
26 meetings
99%
attendance rate
15 members
10 meetings 98%
attendance rate
DDiirreeccttoorr
Alexandre Bompard
Chairman and Chief Executive
Officer
Stéphane Israël
Lead Director
Philippe Houzé
Vice‑Chairman
Cláudia Almeida e Silva
Flavia Buarque de Almeida
Stéphane Courbit
Abilio Diniz
Aurore Domont
Charles Edelstenne
Thierry Faraut
Mathilde Lemoine
Patricia Moulin Lemoine
Arthur Sadoun
Martine Saint‑‑Cricq
Marie‑‑Laure Sauty de Chalon
BBooaarrdd ooff
DDiirreeccttoorrss
AAuuddiitt
CCoommmmiitttteeee
CCoommppeennssaattiioonn
CCoommmmiitttteeee
GGoovveerrnnaannccee
CCoommmmiitttteeee
CCSSRR
CCoommmmiitttteeee
SSttrraatteeggiicc
CCoommmmiitttteeee
100%
-
100%
100%
100%
100%
100%
90%
100%
100%
100%
100%
90%
90%
100%
100%
100%
100%
100%
-
-
-
-
-
-
100%
-
-
-
-
-
-
-
-
-
100%
-
-
100%
-
100%
-
-
-
-
-
-
100%
-
100%
-
-
100%
100%
100%
-
-
-
-
-
-
-
-
100%
-
-
-
100%
-
-
-
100%
-
100%
100%
100%
-
100%
-
-
100%
100%
-
-
-
-
-
-
-
-
3.2.3 BOARD OF DIRECTORS’ SPECIALISED COMMITTEES
The Board of Directors has set up specialised Committees that
review any questions submitted to them for their opinion by the
Board of Directors or the Chairman of the Board of Directors.
appoint Thierry Faraut as a member of the Compensation
Committee. The composition of the specialised Committees did
not change following the Shareholders’ Meeting of June 3, 2022.
To take into account the nature and specific characteristics of the
Company’s operations, the Board of Directors created the
following specialised Committees:
the Audit Committee;
the Compensation Committee;
the Governance Committee
Committee);
the CSR Committee;
the Strategic Committee.
■
■
■
■
■
(formerly
Appointments
The specialised Committees are made up of Directors appointed
by the Board of Directors for the period during which they are in
office. At its meeting on April 20, 2022, the Board of Directors, on
the recommendation of the Governance Committee, decided to
These specialised committees regularly report to the Board of
Directors on their work and also submit their observations,
opinions, proposals or recommendations to the Board. To this
end, the Chair of each specialised Committee (or, if they are
specialised
unavailable, another member of
Committee) gives an oral summary of their work to the Board of
Directors at its upcoming meeting.
same
the
Duties of these specialised Committees have not been set up to
be delegated powers that have been conferred to the Board of
Directors in accordance with legal provisions or the Articles of
Association. The specialised Committees have consultative
power and conduct their work under the responsibility of the
Board of Directors, which alone has statutory decision making
power and which remains collectively responsible for the
fulfilment of its duties.
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CORPORATE GOVERNANCE
The Board of Directors
The Chairman of the Board of Directors ensures that the number,
duties, composition and operation of the specialised Committees
are adapted to the needs of the Board of Directors and best
corporate governance practices at all times.
Each specialised Committee, except for the Strategic Committee,
is chaired by an Independent Director appointed from among its
members.
The secretary of each specialised Committee is an individual
selected by its Chair.
These specialised Committees meet as often as necessary on the
invitation of their Chair, or at the request of one‑half of their
members. They may call upon external experts where needed.
The Chair of a specialised Committee may ask the Chairman of
the Board of Directors to interview any of the Group’s senior
executives
the specialised
Committees’ scope, as defined by the Board of Directors’ Internal
Rules.
falling within
regarding
issues
Changes in the composition of the Board of Directors’ specialised Committees in 2022 are summarised in the following table:
Audit Committee
Compensation Committee
Governance Committee
CSR Committee
Strategic Committee
DDeeppaarrttuurreess
-
-
-
-
-
3.2.3.1 The Audit Committee
The Audit Committee meets at least four times a year.
Composition
On December 31, 2022, 75% of the Audit Committee members
qualified as Independent Directors within the meaning of the
AFEP‑MEDEF Code (which recommends that at least two‑thirds
of members be independent). In addition, the Committee is
chaired by an Independent Director.
AAppppooiinnttmmeennttss
-
Thierry Faraut
-
-
-
As of March 22, 2023, the composition of the Audit Committee is
as follows: Stéphane Israël (Chairman, Independent Director),
Claudia Almeida e Silva (Independent Director), Philippe Houzé
and Marie‑Laure Sauty de Chalon (Independent Director), i.e., a
75% independence rate.
Duties
4 members
5 meetings
100%
attendance rate
The Audit Committee monitors issues relating to the preparation
and verification of accounting and financial information. Its main
duties are as follows:
At December 31, 2022, the composition of the Appointments
Committee was as follows:
■
Chairman: Stéphane Israël(1);
Members: Cláudia Almeida e Silva(1), Philippe Houzé and
Mathilde Lemoine(1).
(1) Independent Director.
In accordance with Article L. 823‑19 of the French Commercial
Code and the AFEP‑MEDEF Code, the members of the Audit
Committee must have expertise in finance and accounting. In
addition to his experience with the French Court of Accounts, the
Chairman of
the Audit Committee, Stéphane Israël, an
Independent Director, has sufficient professional experience in
management and direction of
international groups to be
considered an expert in finance, as described in his biography in
Section 3.2.1.3 of this Universal Registration Document. The
other members
particular
Mathilde Lemoine, Independent Director, also have finance skills
derived from their experience, professional background and
training as described
this Universal
Registration Document.
in Section 3.2.1.3 of
the Committee,
of
in
in respect of the review of the financial statements:
■ it ensures that the accounting methods adopted to prepare
the Company and consolidated financial statements are
relevant and consistent before they are submitted to the
Board of Directors; it monitors the procedures used to
prepare the financial statements and assesses the validity of
the methods used to present material transactions; it ensures
that the time frame for providing the financial statements
and reviewing them is adequate,
■ it monitors the process for preparing financial information
and, where applicable, makes recommendations to ensure
the integrity of such information; it is provided with the main
financial communication documents,
■ it monitors the effectiveness of the internal control, risk
management and, where applicable, Group internal audit
systems relating to the preparation and processing of
accounting and financial information, without compromising
its independence; it ensures that such systems are in place
that corrective measures are
and
undertaken in the event that any significant failings or
anomalies are identified. To this end, the Statutory Auditors
and the Group internal audit and risk control managers
submit their main findings to the Committee,
implemented, and
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■ it consults the Group
internal audit and risk control
managers and issues its opinion on the organisation of their
services. It must be kept informed about the Group internal
audit programme and must be provided with the Group
internal audit reports or a regular summary of these reports,
■ it examines
the risks and material off‑balance sheet
commitments, assesses the significance of any malfunctions
or failings of which it is informed and notifies the Board of
Directors thereof; to this end, the review of the financial
statements must be accompanied by a presentation
prepared by Executive Management describing
the
Company’s risk exposure and its material off‑balance sheet
commitments, as well as a presentation prepared by the
Statutory Auditors highlighting both the key findings of their
statutory audit,
including any audit adjustments and
significant internal control failings identified during their
engagement, and accounting options applied; it examines
the section of the management report presented to
Shareholders’ Meeting covering internal control and risk
management procedures,
■ it regularly reviews the mapping of the Group’s main risks
that may be reflected in the accounts or which have been
identified by Executive Management and may have an impact
on the financial statements; it takes note of the main
characteristics of the risk management systems and the
results of their operations, drawing in particular on the work
of the internal audit and risk control managers and the
Statutory Auditors,
■ it examines
the scope of consolidation and, where
applicable, the reasons why certain companies are not
included in said scope;
in respect of relations with the Statutory Auditors:
■
The Statutory Auditors must submit to the Audit Committee:
■ their general work programme and the sampling procedures
used,
■ their proposed amendments to the financial statements or
the
their comments on
accounting documents and
assessment methods used,
■ any irregularities or inaccuracies they have identified,
■ the conclusions of the comments and amendments with
regard to the results of the period compared with those of
the previous period,
■ an additional audit report prepared in accordance with the
regulations in force setting out the findings of the statutory
audit, by no later than the date of submission of the audit
report.
■ the Committee consults with the Statutory Auditors, in
particular during the meetings covering the review of the
process for preparing the financial information and reviewing
the financial statements, to enable them to report on the
performance and
their engagement. The
Statutory Auditors accordingly inform the Committee of the
main areas of risk or uncertainty regarding the financial
statements they have identified, their audit approach and any
difficulties they encountered during their engagement.
findings of
■ the Statutory Auditors also inform the Committee of any
significant internal control failings they have identified during
their engagement concerning the procedures relating to the
preparation and processing of accounting and financial
information;
CORPORATE GOVERNANCE
The Board of Directors
■
in respect of the rules governing the independence and
objectivity of the Statutory Auditors:
the specifications and choice of
■ it recommends the Statutory Auditor selection process to the
Board of Directors and oversees said process. If a tendering
procedure is used, the Committee supervises the procedure
and validates
firms
consulted; it submits a recommendation to the Board of
Directors on the Statutory Auditor(s) proposed by the
Shareholders’ Meeting and also submits a recommendation
to the Board of Directors at the time when the terms of
office of the Statutory Auditor(s) are to be renewed, in
accordance with the regulations in force,
■ it monitors the performance of the Statutory Auditors’
engagement; it considers the findings and conclusions of the
French High Council of Statutory Auditors (Haut Conseil du
Commissariat aux Comptes) following the audits carried out
in accordance with the regulations applicable to Statutory
Auditors,
in
■ it ensures that the Statutory Auditors comply with the
independence conditions set out
the applicable
regulations; it analyses, alongside the Statutory Auditors, the
risks to their independence, including those relating to the
amount and breakdown of their fees and the measures taken
in order to protect against and mitigate these risks; it also
ensures that the Statutory Auditors comply with the
conditions relating to the acceptance or the performance of
their engagement and obtains from the Statutory Auditors an
independence and
annual statement attesting to their
detailing the amount and breakdown, by category of
engagement, of the fees paid to them during the financial
year,
■ it approves the provision of any non‑prohibited non‑audit
services by the Statutory Auditors, such as those provided for
in the applicable regulations,
■ the Committee regularly reports to the Board of Directors on
the performance of its duties. It also reports to the Board of
Directors on the findings of the Statutory Audit engagement,
how this engagement has contributed to the integrity of the
financial information and the role it has played in this
process, and immediately informs it of any difficulties
encountered;
interviews:
■
■ for all issues related to the performance of its duties, the
Audit Committee may interview the Group’s finance and
accounting managers, as well as the Group treasury, internal
audit and risk control managers without any other members
of the Company’s Executive Management in attendance, if it
deems
it appropriate. The Chairman of the Board of
Directors must be informed of this in advance,
■ the Audit Committee may call on external experts as
necessary.
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CORPORATE GOVERNANCE
The Board of Directors
2022 principal activities
During the course of the meetings of the Audit Committee,
the following main topics were reviewed:
in respect of the review of the financial statements:
■
■ review of the draft Company and Consolidated Financial
Statements for the financial year ended December 31,
2021 and related reports,
■ review of the half‑yearly consolidated financial statements
and the related report,
■ review of disputes and risks as part of the analysis of
provisions,
■ results of goodwill impairment tests,
■ activity and results of the Group in 2021,
■ dividend recommendation for 2021,
■ hard‑close procedures,
■ consolidation of Grupo BIG,
■ review of the sections of the management report on
internal control and risk management procedures and the
processing of accounting and financial information for the
year ended December 31, 2021;
in respect of internal control:
■
■ follow‑up on the Group Internal Audit department’s tasks,
■ the Group’s 2022‑2023 financing policy and credit rating,
■
■
■ review of risk mapping,
■ review of cyber security risks;
in respect of compliance with regulations:
■ review of the work done to ensure compliance of internal
procedures with the law on transparency, the fight against
corruption and the modernisation of economic life,
known as “Sapin II”;
in respect of relations with the Statutory Auditors:
■ follow‑up on the Statutory Auditors’ audit process,
■ review of non‑audit services provided by the Statutory
Auditors, as governed by the applicable regulations,
■ selection of a Statutory Auditor, via a tendering procedure,
for recommendation to serve for the 2023‑2028 term.
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CORPORATE GOVERNANCE
The Board of Directors
3.2.3.2 The Compensation Committee
The Compensation Committee meets as often as necessary.
Composition
Duties
A majority of the members of the Compensation Committee
qualify as
in accordance with the
Independent Directors,
provisions of the AFEP‑MEDEF Code.
4 members
3 meetings
100%
attendance rate
At December 31, 2022, the composition of the Compensation
Committee was as follows:
Chairman: Mathilde Lemoine(1);
Members: Charles Edelstenne(1), Stéphane Courbit(1)
and Thierry Faraut (Director representing employees).
(1) Independent Director.
follows: Stéphane Courbit
At March 22, 2023, the composition of the Compensation
Committee was as
(Chairman,
Independent Director), Charles Edelstenne
(Independent
Director), Stéphane Israël (Independent Director) and Thierry
100%
(Director
Faraut
independence rate.
representing employees),
i.e., a
The Compensation Committee is responsible for formulating
proposals on the various components of compensation paid to
Directors (in particular with regard to the total amount of
Directors’ compensation and the allocation procedures) and to
Executive Officers.
It is responsible for reviewing all issues relating to the personal
status of the Executive Officers, including compensation, pension
and death & disability benefits, benefits in kind and the provisions
governing the termination of their term of office.
It is mainly in charge of formulating proposals on decisions to
grant stock options (to subscribe and/or purchase Company
shares) to Executive Officers and all or some of the salaried
employees of the Company and its affiliates in accordance with
the Shareholders’ Meeting authorisations.
It examines the conditions under which options are granted and
provides a list of beneficiaries of options and the number of
options allocated to each of them. It formulates proposals
determining
the
subscription and/or purchase price of shares, their duration, any
applicable conditions on the exercise of the options and the
relevant procedures.
the characteristics of options, such as
It is also responsible for formulating proposals on the free
allocation of existing or new shares in accordance with the
Shareholders’ Meeting authorisations. It proposes the names of
beneficiaries of the share allocations and any conditions
specifically related to the length of vesting and lock‑up periods
and criteria for share allocations.
It is informed of the compensation policy for top executives who
are not Company Officers.
2022 principal activities
Over the course of the Compensation Committee’s meetings,
the following main topics were reviewed:
compensation of Executive Officers:
■
employee share ownership plan;
Shareholders’ Meeting of June 3, 2022:
■
■
■ review
of
the
compensation
policy
for
■ definition of the 2022 compensation policy for Alexandre
Alexandre Bompard,
Bompard,
of
■ setting
2021 variable
compensation; setting of Alexandre Bompard’s long‑term
compensation,
Bompard’s
Alexandre
■ setting the amount of the supplementary defined benefit
pension plan for the year 2021,
■ definition of the 2022 compensation policy for Directors,
■ grant of performance shares to key managers,
■ review of the presentation of compensation components
for Alexandre Bompard in the 2021 Universal Registration
Document and components that must be submitted to an
advisory vote and for the approval of the Shareholders’
in accordance with AFEP‑MEDEF Code
Meeting,
recommendations and the French Commercial Code
(“Say on Pay”).
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CORPORATE GOVERNANCE
The Board of Directors
3.2.3.3 The Governance Committee
The Governance Committee meets as often as necessary.
Composition
Duties
At December 31, 2022, a majority of the members of the
Governance Committee qualified as Independent Directors and
there were no Executive Officers, in accordance with the
provisions of the AFEP‑MEDEF Code.
5 members
1 meeting
100%
attendance rate
At December 31, 2022, the composition
of the Governance Committee was as follows:
Chairman: Charles Edelstenne(1);
Members: Flavia Buarque de Almeida, Philippe Houzé,
Aurore Domont(1) and Thierry Faraut (Director representing
employees).
(1) Independent Director.
At March 22, 2023, the composition of the Governance
Committee was as follows: Charles Edelstenne (Chairman,
Independent Director), Flavia Buarque de Almeida, Aurore
Domont (Independent Director), Philippe Houzé, Arthur Sadoun
(Independent Director) and Thierry Faraut (Director representing
employees), i.e., a 60% independence rate.
The Governance Committee reviews and formulates an opinion
on any candidate being considered for Director or Executive
Officer positions. It submits proposals to the Board of Directors
after an in‑depth examination of all the factors to be taken into
account in its decision‑making process, particularly in light of the
composition of and changes to the Company’s shareholder base
to ensure a well‑balanced Board of Directors. It also assesses the
appropriateness of the renewal of terms of office.
It organises the procedure for selecting future Directors.
Independent Director qualification criteria are discussed by the
Governance Committee and reviewed each year by the Board of
Directors prior to the publication of the annual report.
It is also responsible for assessing Directors’ independence and
reporting its findings to the Board of Directors. If necessary, the
Governance Committee reviews situations caused by a Director’s
repeated absence.
The Committee makes recommendations to the Board of
Directors on
the appointment of specialised Committee
members when their terms are up for renewal.
It also assists the Board of Directors in adapting the Company’s
corporate governance practices and assessing their composition
and efficiency.
It reviews solutions to ensure that good corporate governance
practices remain in place.
It reviews the diversity policy in the Company’s governance
bodies, particularly in terms of gender balance.
It reviews all matters related to the conduct of Directors and, at
the request of the Lead Director, any potential conflict of interest
involving the Directors.
It reviews the Chairman’s draft report on corporate governance
and any other document required by law or regulations.
2022 principal activities
Over the course of the Governance Committee’s meetings,
the following main topics were reviewed:
■
governance:
■
■ changes in the composition of the Board of Directors and
its specialised Committees with a view to appointing or
renewing the terms of Directors,
■ oversight, with the Lead Director, of the Board of
■
Directors’ annual assessment;
■ analysis of a potential conflict of interest concerning a
partnership project between the Carrefour and Publicis
groups;
Shareholders’ Meeting of June 3, 2022:
■ annual review of certain Directors’ independence,
■ review of the report on corporate governance,
■ changes in the composition of the Board of Directors:
renewal of terms of office for the Shareholders’ Meeting;
Board of Directors’ specialised Committees:
■ changes in the composition of the Board of Directors’
specialised committees.
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3.2.3.4 The CSR Committee
The CSR Committee meets as often as necessary.
Composition
As at December 31, 2022, a majority of the members of the CSR
Committee qualify as Independent Directors within the meaning
of the AFEP‑MEDEF code.
5 members
4 meetings
100%
attendance rate
At December 31, 2022, the composition of the CSR
Committee was as follows:
Chair: Aurore Domont(1);
Members: Cláudia Almeida e Silva(1), Patricia Moulin
Lemoine, Marie‑‑Laure Sauty de Chalon(1) and Martine
Saint‑‑Cricq (Director representing employees).
(1) Independent Director.
At March 22, 2023, the composition of the CSR Committee was
as follows: Aurore Domont (Chair, Independent Director), Claudia
Almeida e Silva (Independent Director), Patricia Moulin Lemoine
and Martine Saint‑Cricq (Director representing employees), i.e., a
67% independence rate.
2022 principal activities
During the course of the meetings of the CSR Committee, the
following main topics were reviewed:
review of the Non‑Financial Statement and the CSR report
included in the 2021 Universal Registration Document;
discussions about the Group’s action plans and priority
initiatives as regards the food transition and CSR;
raising the Group’s CSR objectives and adopting the new
Carrefour CSR & Food Transition Index;
report on social innovation programmes;
■
■
■
■
CORPORATE GOVERNANCE
The Board of Directors
1
Duties
The CSR Committee:
■
■
■
■
■
■
■
■
■
■
■
■
reviews the Group’s CSR strategy and the roll‑out of the related
CSR initiatives;
2
verifies that the Group’s CSR commitments are integrated in
light of the challenges specific to the Group’s business and
objectives;
assesses risks, identifies new opportunities and takes account
of the impact of the CSR policy in terms of business
performance;
reviews the annual report on non‑financial performance;
reviews the summary of ratings awarded to the Group by
ratings agencies and in non‑financial analysis.
discussions about the “Say on Climate” commitment and
the Company’s ambition and targets in relation to the fight
against global warming;
discussions about the links between CSR and digital;
setting of
“Carrefour 2026” strategic plan;
the CSR
recommendations
for
the
energy savings plan;
recommendation to include disability as an important cause
under the 2023‑2026 strategic plan;
initiative relating to the diversity of backgrounds;
action plan to tackle deforestation in Brazil.
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The Board of Directors
3.2.3.5 The Strategic Committee
The Strategic Committee meets as often as necessary.
Composition
4 members
3 meetings
100%
attendance rate
At December 31, 2022, the composition of the Strategic
Committee was as follows:
Chairman: Alexandre Bompard;
Vice‑‑Chairman: Abilio Diniz;
Members: Philippe Houzé and Stéphane Courbit(1).
(1) Independent Director.
In 2022, the Lead Director participated in all Strategic Committee
meetings.
At March 22, 2023, the composition of the Strategic Committee
was as follows: Alexandre Bompard (Chairman), Abilio Diniz
(Vice‑Chairman), Philippe Houzé, Stéphane Courbit (Independent
Director) and Stéphane Israël (Independent Director).
Duties
The Strategic Committee prepares the Board of Directors’ work
on the Group’s strategic objectives and the key topics of interest,
including:
development priorities and opportunities for diversifying the
Group’s operations;
strategic investments and significant partnership projects.
■
■
2022 principal activities
The members of the Strategic Committee were primarily called upon to carry out a strategic review of the Group’s assets, in
particular with regard to the sale of Carrefour Taiwan the partnership project with Publicis, and contributed to drawing up the
“Carrefour 2026” strategic plan.
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Group Executive Committee
3.3 Group Executive Committee
3.3.1 COMPOSITION OF THE GROUP EXECUTIVE COMMITTEE
The Group Executive Committee comprises Group managers and individuals from other horizons who contribute complementary
expertise.
Chaired by the Chairman and Chief Executive Officer, the Group Executive Committee is comprised of 14 members:
Alexandre Bompard
Rami Baitiéh
Guillaume de Colonges
Caroline Dassié
Charles Hufnagel
Carine Kraus
Matthieu Malige
Stéphane Maquaire
Jérôme Nanty
Alexandre de Palmas
Elodie Perthuisot
Christophe Rabatel
Alice Rault
Laurent Vallée
MMaaiinn ppoossiittiioonn hheelldd wwiitthhiinn tthhee GGrroouupp
Chairman and Chief Executive Officer
Executive Director, France
Executive Director, Merchandise, Supply and Formats
Executive Director, Marketing and Customers for the Group and France
Executive Director, Communication for the Group and France
Executive Director, Engagement
Chief Financial Officer
Executive Director, Latin America (Brazil and Argentina)
Executive Director, Human Resources and Assets for the Group and France
Executive Director, E‑Commerce, Data and Digital Transformation
Executive Director, Spain
Executive Director, Italy
Director, Strategy & Transformation
Secretary General and Executive Director, Northern Europe
3.3.2 BALANCED COMPOSITION OF THE GROUP EXECUTIVE COMMITTEE
In accordance with paragraph 4 of Article L. 22‑10‑10 of the
French Commercial Code, the Board of Directors ensures the
monitoring of the Group policy, which has been focused on
gender equality within the Group Executive Committee for a
number of years, as well as in the 10% of positions at the highest
levels of responsibility.
The Group Executive Committee, created and chaired by
Alexandre Bompard, Carrefour’s Chairman and Chief Executive
Officer, to strengthen oversight of the Group and closely monitor
its
transformation plan, comprises Group managers and
individuals from other horizons who contribute complementary
expertise.
the
time of
its creation,
At
the Committee comprised
14 members, including one woman, i.e., 7%. At the date of this
Universal Registration Document, the Board of Directors has
14 members including four women, i.e., 28%. These changes
broadly reflect the policy encouraging women’s access to
positions of responsibility. While the workforce
is moving
towards a 50:50 split at Group level, with a slight decline in the
proportion of women at Carrefour overall in 2022, the rate of
women in management was virtually unchanged compared with
2021. There has also been a big increase in the proportion of
women on the Group Executive Committee, as well as among
directors, Senior Directors and executives, despite the exit of
Carrefour Taiwan, which had one of the best rates of women in
the Group’s management bodies. From within the broader
category of Senior Directors, a new job category was created in
2021 for Executive Directors (who make up the Group’s top 200).
Among these positions, the percentage occupied by women has
increased from 22.3% to 25.7% since year‑end 2020. This
indicator is now a part of Carrefour’s CSR and Food Transition
Index, with the objective of achieving a 35% rate of women in the
top 200 by 2025. These achievements can be explained primarily
by Group policy, which has been focused on gender equality for
a number of years (detailed in Section 2.1.3 of this Universal
Registration Document), particularly with regards to diversity in
international
leadership positions. Carrefour
Women Leaders programme in 2011 and signed the UN’s
Women’s Empowerment Principles in 2013 to increase the
number of women in leadership positions. The Group has also
put in place development, individual coaching and mentorship
programmes for women, as well as partnerships dedicated to
gender equality in order to promote gender parity at Carrefour
and help women build their knowledge and networks.
introduced the
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3.3.3
BIOGRAPHIES OF THE MEMBERS OF THE GROUP EXECUTIVE COMMITTEE
ALEXANDRE BOMPARD
Information on Alexandre Bompard’s educational background and work experience is described in
Section 3.2.1.3 of this Universal Registration Document.
RAMI BAITIÉH
GUILLAUME DE COLONGES
CAROLINE DASSIÉ
Rami Baitiéh is a graduate of École supérieure de commerce de Compiègne. He holds two
MBAs from the University of Quebec and the Warsaw Central Business School.
He began his career with Carrefour in 1995, holding various positions, first in the stores and
then in the Merchandise, IT and Supply Chain departments in France, Romania and Poland. He
was appointed Chief Executive Officer of Carrefour Taiwan in February 2015 and Chief
Executive Officer of Carrefour Argentina in January 2018. In May 2019, he was appointed
Executive Director of Carrefour Spain, then of Carrefour France in July 2020.
Guillaume de Colonges holds a university degree in Economics and completed an advanced
management course at Harvard Business School in the United States.
He began his career as a floor manager at Carrefour Anglet in 1992, before taking on various
operational posts in hypermarkets in France and Poland. Subsequently, he acquired operational
experience as Commercial and Supply Chain Director, and from 2000 to 2008 as Director of
supermarket and hypermarket operations in Turkey and Taiwan. He then became Chief Executive
Officer of Carrefour in Asia and Malaysia before taking on the same post in Singapore in 2009 and
at Carrefour Turkey in 2011. In 2014, Guillaume de Colonges became Executive Director Poland.
On October 2, 2017, he became Executive Director, Northern and Eastern Europe (Belgium, Poland
and Romania). He directly oversees the operations of Carrefour Belgium. In 2019, he was appointed
Executive Director, Merchandise, Supply and Formats. He is also responsible for supervising
Carrefour Taiwan.
Caroline Dassié began her career in 1994 with the Danone group, first with Lu, then with Blédina,
where she held various sales and marketing positions.
In 2004, she joined Danone Eaux France and became Sales and E‑commerce Director in 2014.
In 2015, she was appointed International Food Executive Officer at Intermarché.
Caroline Dassié joined Carrefour France in 2018 as Executive Director of Supermarkets, then as
Executive Director of Marketing and Clients for the Carrefour group from September 1, 2021.
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CHARLES HUFNAGEL
CARINE KRAUS
MATTHIEU MALIGE
STÉPHANE MAQUAIRE
CORPORATE GOVERNANCE
Group Executive Committee
Charles Hufnagel is a graduate of the Paris Institute of Political Studies.
He began his career in the EDF press office in 1998. He joined the Areva group when it was created
in 2001. He held the position of head of the press office and then of deputy Director of
communication. From 2007 to 2010, he served as Director of Areva Abu Dhabi and then of Areva
South‑Korea.
From 2010 to 2012, he was communications advisor to Alain Juppé, Minister of Defence and then
Minister of Foreign Affairs.
From 2012 to 2015, he served as Director of Communications for Areva. In 2016, he was appointed
Director of Communications for Compagnie de Saint‑Gobain.
From 2017 to 2020, he served as Communications Advisor to the Prime Minister, Édouard Philippe.
Charles Hufnagel joined the Carrefour group on September 1, 2020 as Executive Director,
Communications for the Group and France.
A graduate of Essec and Sciences‑Po Paris, and a former student of ENA, Carine Kraus began her
career at the French Ministry of Economy and Finance before joining Veolia in 2012, where she was
notably Chief Executive Officer of Veolia Energie France. From 2020 onwards, she was in charge of
Sustainable Development for the Group.
Matthieu Malige is a graduate of HEC Business School and École des Travaux Publics and holds a
Master of Science degree from UCLA.
He started his career at Lazard Frères.
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From 2003 to 2011, he held various positions within the Carrefour group: Director of Strategy and
Development, Chief Financial Officer of Carrefour Belgium and Chief Financial Officer of Carrefour
France. In 2011, he joined the Fnac group as Chief Financial Officer and on July 20, 2016, following
the company’s acquisition of Darty, he became Chief Financial Officer of Fnac Darty.
On October 16, 2017, Matthieu Malige took up the position of Chief Financial Officer of the
Carrefour group.
6
Stéphane Maquaire is a graduate of Ponts et Chaussées. He started his career in 1997 at Arthur
Andersen. In 2004, he joined Unibail‑Rodamco as Chief Financial Officer of Exposium and then
Director of Operations for shopping centres in France. In 2008, he joined the Monoprix Group as
Finance and Development Director, and in 2010 was appointed Chairman and Chief Executive
Officer. Subsequently, Stéphane served as CEO of Vivarte in France and of Manor in Switzerland. He
joined the Carrefour group
in 2019 as Executive Director of Carrefour Argentina. Since
September 2021, he has been Executive Director of Carrefour Brazil.
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Group Executive Committee
JÉRÔME NANTY
ALEXANDRE DE PALMAS
ÉLODIE PERTHUISOT
CHRISTOPHE RABATEL
Jérôme Nanty is a graduate of Institut d’études politiques de Paris and has a Master’s degree in
public law.
He began his career in 1986 at Société Générale before joining the capital markets division of
Crédit Lyonnais bank in 1989, first as a bond market operator and subsequently as a manager of a
portfolio of bond issuers. In 1998, he joined the bank’s Human Resources department as manager
of employment policy and later labour relations. From 2001 to 2004, he served as Director of
Labour and Social Relations for the Crédit Lyonnais group. From 2003 onwards, he held the same
position at the Crédit Agricole group. As such, he was in charge of the labour aspect of the merger
of Crédit Lyonnais and Crédit Agricole. He was appointed as Director of Human Resources at LCL
in 2005 and at the Caisse des Dépôts group in 2008. From 2013 to 2016, he was General Secretary
of the Transdev group. Since July 2016, he has served as General Secretary and Director of Human
Resources of the Air France‑KLM group.
On October 2, 2017, Jérôme Nanty joined the Carrefour group as Executive Director, Human
Resources for the Group and France. In June 2019 he was appointed Executive Director, Human
Resources and Assets for the Group and France.
Alexandre de Palmas is a graduate of Institut d’études politiques de Paris and École Nationale de
l’Administration (ENA).
He began his career in retail property with the Casino Group and subsequently held senior
management positions at Clear Channel, Gallimard‑Flammarion and then Elior. He joined the
Carrefour group in August 2018 as Executive Director, Convenience and cash & carry France. He
was appointed Chairman and Chief Executive Officer of Carmila in July 2019. In July 2020, he was
appointed Executive Director of Carrefour Spain.
Élodie Perthuisot joined Carrefour as Chief Marketing Officer 2018.
She then held the position of Executive Director E‑commerce and Marketing before being
appointed Director of E‑commerce and E‑commerce supply chain France in 2020.
In March 2021, she was named Chief E‑commerce, Digital Transformation and Data Officer for the
Carrefour group.
Prior to joining Carrefour, Élodie Perthuisot was Commercial Director at Fnac then Fnac Darty for
some six years.
Christophe Rabatel is a graduate of the ICN Business School in Nancy and holds an MBA from
Indiana University of Pennsylvania.
Christophe Rabatel joined the Carrefour group in 2004. He held various financial positions across
Europe, was appointed CFO and Director of Carrefour Turkey, then Director of Finance, Expansion
& Organisation for Carrefour Market in France.
He then took on a number of operational responsibilities with Carrefour Proximité in France, first as
in
Regional Director, before being appointed Executive Director for Carrefour Proximité
March 2015.
Executive Director for Carrefour Poland since July 2018, he has been Executive Director for
Carrefour Italy since September 1.
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ALICE RAULT
LAURENT VALLÉE
CORPORATE GOVERNANCE
Group Executive Committee
Alice Rault was appointed Director of Strategy and Transformation, member of the Group Executive
Committee, on March 1, 2022. Alice Rault is a graduate of HEC business school and began her
career working in consultancy and investment. She joined the Imerys group in 2014 as Director of
Strategy and Development, before taking on a number of operational responsibilities. In 2019, Alice
Rault was appointed Chief Transformation Officer for the Suez group.
Laurent Vallée is a graduate of ESSEC Business School, Institut d’études politiques de Paris and
École Nationale de l’Administration (ENA).
He began his career at the Conseil d’État, France’s administrative Supreme Court, where he served
in particular as Government Commissioner and Constitutional Advisor to the Government’s
Secretary General. From 2008 to 2010, Laurent Vallée was a lawyer with the Clifford Chance law
firm, before being appointed Director of Civil Affairs at the Ministry of Justice in April 2010. He was
then General Corporate Secretary of the Canal+ group from 2013 to 2015. Since March 2015, he
has served as Secretary General of the Conseil Constitutionnel, France’s constitutional council.
On August 30, 2017, Laurent Vallée joined the Executive Management team as General Secretary of
the Carrefour group.
He is also in charge of Carrefour Partenariats International (CPI).
On July 4, 2022, he was appointed Executive Director of Northern Europe.
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Compensation and benefits granted to Company Officers
3.4 Compensation and benefits granted
to Company Officers
3.4.1
PROCESS FOR DETERMINING AND IMPLEMENTING COMPENSATION
POLICIES FOR COMPANY OFFICERS
for Company Officers have been
Compensation policies
amended in order to comply with the provisions of French
government order no. 2019‑1234 of November 27, 2019 and its
implementing decree.
Compensation policy for Directors
The compensation policy is decided by the Board of Directors
after consulting with the Compensation Committee.
A majority of the members of the Compensation Committee
qualify as
in accordance with the
provisions of the AFEP‑MEDEF Code. The Committee meets as
often as necessary.
Independent Directors,
Compensation policy for the Chairman
and Chief Executive Officer
The Board of Directors, after consulting the Compensation
Committee, approves the principles and rules for determining the
compensation of the Chairman and Chief Executive Officer, as
well as the criteria for determining, allocating and awarding
components of compensation of any kind.
The Board of Directors periodically reviews the performance
criteria and conditions applicable to the variable components of
compensation to ensure that they reflect the Group’s ambitions.
Achievement of the performance conditions is assessed annually
by
the Compensation
Committee.
the Board after consulting with
3.4.2 DIRECTORS’ COMPENSATION
3.4.2.1 Compensation policy for Directors pursuant to Article L. 22‑10‑8 of the French
Commercial Code
The maximum annual amount of compensation allocated to
Directors in respect of their directorship for the current period
and future periods is 1,280,000 euros.
The Board of Directors may allocate exceptional compensation
to its members in respect of the engagements or duties
entrusted to them. This type of compensation is subject to the
provisions of Articles L. 225‑38 to L. 225‑42 of the French
Commercial Code.
Since 2020, Directors’ compensation has been aligned with the
calendar year, i.e., for the period from January 1 to December 31.
The compensation due in respect of 2021 was paid in 2022 and
the compensation due in respect of 2022 will be paid in 2023.
The two Directors representing employees have an employment
contract within the Group and are therefore compensated for
this
work unrelated
compensation is disclosed.
their directorship. Consequently,
to
At its meeting on April 11, 2018, the Board of Directors decided to
amend the allocation procedures for compensation paid to
Directors for attendance at Board meetings. This allocation,
which has remained unchanged, is as follows:
■
■
■
■
■
■
■
Chairman of the Board of Directors: 10,000 euros;
Vice‑Chairman of the Board of Directors: 40,000 euros;
Lead Director: 40,000 euros;
Director: 45,000 euros comprising:
■ a variable portion of 25,000 euros,
■ a fixed portion of 20,000 euros;
Chair of the Audit Committee: 30,000 euros;
Chair of the Compensation Committee, the Governance
Committee, the CRS Committee and the Strategic Committee:
10,000 euros;
members of specialised Committees: compensation of 10,000
euros for belonging to one or more specialised Committees,
based on the Committee member’s frequency of attendance.
The variable portion of the compensation is paid in proportion to
the number of Board of Directors’ and/or specialised Committee
meetings attended by the members (100% of the variable portion
will be allocated for attendance at all meetings).
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
3.4.2.2 Compensation allocated or paid to Directors
In 2021 and 2022, the Directors received the following amounts:
(in euros)
Alexandre Bompard
Philippe Houzé
Stéphane Israël
Cláudia Almeida e Silva
Alexandre Arnault
(6)
Nicolas Bazire
(6)
Jean‑Laurent Bonnafé
(7)
Flavia Buarque de Almeida
Stéphane Courbit
Abilio Diniz
Aurore Domont
Charles Edelstenne
Thierry Faraut
Mathilde Lemoine
Patricia Moulin‑Lemoine
Arthur Sadoun
(8)
Martine Saint‑Cricq
Marie‑Laure Sauty de Chalon
Lan Yan
(7)
TOTAL
AAmmoouunntt ooff ccoommppeennssaattiioonn rreecceeiivveedd((11))
2022
22002211
Amount allocated
(2)
Amount paid
(3)
AAmmoouunntt aallllooccaatteedd((44))
AAmmoouunntt ppaaiidd((55))
75,000
115,000
135,000
65,000
N/A
N/A
N/A
55,000
62,500
55,000
75,000
75,000
65,000
72,500
52,500
45,000
55,000
55,000
N/A
75,000
115,000
135,000
65,000
35,833
70,000
N/A
55,000
61,875
55,000
75,000
75,000
55,000
75,000
55,000
27,500
55,000
55,000
N/A
75,000
115,000
135,000
65,000
35,833
70,000
N/A
55,000
61,875
55,000
75,000
75,000
55,000
75,000
55,000
27,500
55,000
55,000
N/A
56,250
86,250
74,659
48,750
32,045
56,250
22,689
41,250
43,636
39,545
56,250
56,250
41,250
56,250
41,250
N/A
41,250
41,250
38,523
1,057,500
1,140,208
1,140,208
873,598
(1) Gross amounts before withholding tax for non‑French residents and payroll tax for French residents.
(2) Amounts due based on actual attendance in 2022, i.e., from January 1 to December 31, 2022.
(3) Amounts paid in 2022 for the period from January 1 to December 31, 2021.
(4) Amounts due based on actual attendance in 2021, i.e., from January 1 to December 31, 2021.
(5) Amounts paid in 2021 for the period from January 1 to December 31, 2020.
(6) Directors until September 6, 2021.
(7) Directors until May 21, 2020.
(8) Director since September 7, 2021.
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Compensation and benefits granted to Company Officers
3.4.3 COMPENSATION OF EXECUTIVE OFFICERS
3.4.3.1 Compensation policy for Executive Officers pursuant to Article L. 22‑10‑8
of the French Commercial Code
I/ Principles for determining the compensation
of the Chairman and Chief Executive Officer
The rules and principles used in determining the compensation
and other benefits of the Chairman and Chief Executive Officer
are approved by the Board of Directors on the recommendation
of the Compensation Committee, with the Board of Directors
referring in particular to the AFEP‑MEDEF Code.
The principles used in determining the compensation of the
Chairman and Chief Executive Officer, ensuring that this
compensation is in line with the Company’s best interests,
business strategy development and continuity, are as follows:
Balance and measurement
The Board of Directors ensures that no component of
compensation is disproportionate, taking various internal and
external factors into consideration such as market practices, the
Group’s development, and the Chairman and Chief Executive
Officer’s performance. It also ensures that each component of
compensation is relevant to the Company’s interests.
Consistency and completeness
The compensation policy for the Chairman and Chief Executive
Officer is established following extensive deliberation and taking
into consideration the compensation of the Group’s other
executives and employees.
Performance
The Chairman and Chief Executive Officer’s compensation is
closely linked to the Group’s operating performance, the purpose
being to reward him for his performance and progress made, in
particular through annual variable compensation and a long‑term
incentive plan.
set by
The Chairman and Chief Executive Officer’s
variable
compensation is subject to the fulfilment of certain performance
the
conditions
recommendation of the Compensation Committee, which
include quantitative financial and non‑financial objectives, as well
as qualitative objectives that are precise, simple, measurable and
rigorous.
the Board of Directors, on
The Board of Directors may periodically review these objectives
and amend them accordingly to better reflect the Group’s
strategic ambitions. The Board also ensures their relevance.
Moreover, to get the Chairman and Chief Executive Officer
actively involved in the Group’s growth over the long term and to
be more closely aligned with
interests,
compensation may also include Company performance shares.
shareholders’
The fulfilment of performance conditions is assessed on a yearly
basis by the Board of Directors after consulting with the
Compensation Committee, taking into consideration the Group’s
financial and non‑financial performance for the year and the
Chairman and Chief Executive Officer’s individual performance
based on the targets set by the Board of Directors.
Comparability
The Chairman and Chief Executive Officer’s compensation must
be competitive in order to attract, motivate and retain talent at
the highest levels of the Group.
II/ Criteria for determining, allocating and
awarding the components of compensation
of the Chairman and Chief Executive Officer
Alexandre Bompard was appointed Chairman and Chief
Executive Officer on July 18, 2017. On June 15, 2018 and again
on May 21, 2021, his term of office was renewed for three years.
At its meeting on March 22, 2023, the Board of Directors decided
to propose to the Shareholders’ Meeting of May 26, 2023 the
renewal, ahead of term, of his office as Director, to align it with
the Carrefour 2026 strategic plan. If the shareholders approve
this renewal, the Board of Directors also intends to re‑appoint
Alexandre Bompard as Chairman and Chief Executive Officer.
The Board of Directors can revoke this term of office at any time
in accordance with the applicable legal provisions.
At its meeting on March 22, 2023, and on the recommendation
of the Compensation Committee, the Board of Directors set the
components of the Chairman and Chief Executive Officer’s
compensation policy for 2023 (detailed in Section 3.4.3.2 of this
Universal Registration Document). The compensation policy is
submitted
the Shareholders’ Meeting of
May 26, 2023.
for approval
to
Annual fixed and variable compensation
Annual compensation comprises a fixed portion and a variable
portion. This compensation
responsibilities,
experience and skills of the Chairman and Chief Executive
Officer, as well as market practices.
reflects
the
ANNUAL FIXED COMPENSATION
The annual fixed compensation of the Chairman and Chief
Executive Officer was set at 1,500,000 euros upon his
appointment in 2017 and has not changed since. Under the
particular circumstances of the renewal, ahead of term, of his
appointment, in accordance with the compensation policy,
which stipulates that fixed compensation is reviewed at relatively
long intervals, and specifically in the context of a renewal of a
term of office, given current inflation levels, the Board of
Directors decided to
increase his fixed compensation to
1,600,000 euros for 2023.
ANNUAL VARIABLE COMPENSATION
Annual variable compensation may not exceed a maximum
amount expressed as a percentage of reference annual fixed
compensation (referred to above).
Annual variable compensation may not exceed 200% of the
Chairman and Chief Executive Officer’s annual fixed
compensation.
For 2023, the Board of Directors set the maximum annual
variable compensation at 190% of the Chairman and Chief
Executive Officer’s annual fixed compensation.
Annual variable compensation is subject to the fulfilment of
performance conditions based on achieving quantitative financial
and non‑financial objectives, as well as individual qualitative
objectives. The performance conditions are based, for 80% of
annual variable compensation, on achieving quantitative financial
and non‑financial objectives and, for the remaining 20%, on
achieving individual qualitative objectives as defined by the Board
of Directors, on the recommendation of the Compensation
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Committee. The expected level of achievement of the objectives
used to determine annual variable compensation is established
precisely by the Board of Directors, in line with the Group’s
strategic plan and objectives, but is not made public ex ante for
confidentiality reasons.
These criteria can be used to assess both the individual
performance of the Chairman and Chief Executive Officer and
the Company’s performance. The Chairman and Chief Executive
Officer’s variable compensation is linked to the Company’s
overall earnings.
The annual variable compensation
in
accordance with Article L. 22‑10‑34 II of the French Commercial
Code, be paid unless approved by the Ordinary Shareholders’
Meeting called to approve the financial statements for the year
ending December 31, 2023.
for 2023 may not,
Long‑term incentive plan
The
performance shares or a cash payout.
incentive plan may
long‑term
include stock options,
The long‑term incentive plan may not exceed 60% of the gross
maximum compensation.
Benefits accrue under the plan subject to the fulfilment of
predominantly quantitative performance conditions, as set by the
Board of Directors on the recommendation of the Compensation
Committee, over a multi‑year period, and subject to continuing
service at the end of the financial years considered (except
measures to the contrary in the plan rules applicable to all
beneficiaries).
If stock options or performance shares are granted, the Board of
Directors will set the number of shares that the Chairman and
Chief Executive Officer is required to hold until the termination of
his term of office, in accordance with the provisions of the
French Commercial Code.
The Chairman and Chief Executive Officer is not permitted to
hedge any stock options or performance shares held or any
shares obtained upon the exercise of stock options held, and this
rule applies throughout the entire term of the holding period set
by the Board of Directors.
Awarding variable compensation in the form of shares gives the
Chairman and Chief Executive Officer a stake in the Company’s
earnings and share price performance, creating a stronger
relationship with shareholders.
Benefits in kind
At the Board of Directors’ discretion and on the recommendation
of the Compensation Committee, the Chairman and Chief
Executive Officer may receive benefits in kind. The award of
benefits in kind is determined in view of the nature of the
position held.
Accordingly, the Chairman and Chief Executive Officer has a
company car and voluntary job loss insurance.
Other benefits in kind may be provided for in specific situations.
Compensation paid in respect of his directorship
receives
The Chairman
compensation in his capacity as Director, Chairman of the Board
of Directors and specialised Committee member.
and Chief Executive Officer
The compensation allocated in respect of his directorship is paid
in accordance with the compensation policy for Directors as
in Section 3.4.2.1 of this Universal Registration
described
Document. It is comprised of a fixed portion and a variable
portion based on his attendance at meetings of the Board of
Directors and of its specialised Committees.
CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
Exceptional compensation
In certain special circumstances, the Board of Directors may
decide to award exceptional compensation to the Chairman and
Chief Executive Officer. The special circumstances in which this
exceptional compensation may be granted by the Board of
Directors include the completion of an operation offering
significant transformative potential for the organisation.
Payment of such compensation must be properly justified and
based on a specific triggering event.
Under no circumstances can the exceptional compensation
exceed 100% of the Chairman and Chief Executive Officer’s
annual fixed compensation.
It may take the form of stock options, performance shares or a
cash payout.
In the event of a cash payout, the exceptional compensation may
not, in accordance with Article L. 22‑10‑34 II of the French
Commercial Code, be paid unless approved by the Ordinary
Shareholders’ Meeting called to approve the financial statements
for the year during which the decision was made to grant
exceptional compensation.
Compensation or benefits due or likely to be due upon
taking office
In accordance with the comparability principle described above,
the Board of Directors may, on the recommendation of the
Compensation Committee, award compensation related to the
act of taking of office.
It may take the form of stock options, performance shares or a
cash payout. It must be explained, and its amount published,
when the compensation is fixed.
Supplementary defined benefit pension plan
the
legal
regime applicable
In accordance with French government order no. 2019‑697 of
July 3, 2019 amending
to
supplementary defined benefit pension plans such as the plan in
force within the Carrefour group, the Board of Directors, on the
recommendation of the Chairman and Chief Executive Officer,
and after consultation with the Compensation Committee,
decided to cancel the plan applicable to the Chairman and Chief
Executive Officer from January 1, 2020. Accordingly, all the rights
that had previously accrued before January 1, 2020 were lost.
With effect from January 1, 2020, the Board of Directors decided
to set up a new “top‑up” defined benefit plan that meets the new
requirements of Article L. 137‑11‑2 of the French Social Security
Code (Code de la sécurité sociale). The main characteristics of
the new plan are as follows:
■
■
beneficiaries will retain the annual rights accrued in the event
that they leave the Company;
the rights accrued in a given year will be calculated based on
the compensation for that year (reference compensation),
without exceeding 60 times the annual social security ceiling.
To determine the reference compensation, only the annual
fixed compensation of the beneficiary and the annual variable
compensation paid are considered, to the exclusion of any
other direct or indirect form of compensation;
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
2
3
4
5
6
7
8
9
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
■
rights will accrue subject
to more stringent annual
performance conditions and based on some of the same
criteria as those used to determine the Chairman and Chief
Executive Officer’s variable compensation: three quantitative
financial criteria (sales, recurring operating income and free
cash flow) and one non‑financial CSR criterion (Carrefour CSR
and Food Transition Index). The average of the achievement
rates for the four equally‑weighted criteria will be used to
determine the amount of rights that accrue for a given year.
The criteria are designed to reflect the performances of the
Group and the Chairman and Chief Executive Officer insofar as
they are proportionate to the responsibilities of the latter and
relevant to the interests and long‑term strategy of the Company.
The annual accrual rate under the plan will vary depending on
the achievement rates for the performance criteria, as follows:
1.75% of reference compensation for an average achievement
rate of 75% or more;
2.25% for an average achievement rate of 100% or more
(central target rate);
2.75% for an average achievement rate of 125% or more.
■
■
■
The supplementary pension rights obtained under the plan as
described above accrue to the beneficiary.
The aggregate percentages applied for a given beneficiary, all
employers combined, will be capped at 30%.
Termination payment
As announced at the Shareholders’ Meeting of June 15, 2018, the
Chairman and Chief Executive Officer informed the Board of
Directors of his decision to waive the benefit of the termination
payment agreed by the Board on July 18, 2017. He is therefore no
longer eligible for any termination payment.
Non‑compete commitment
The Board of Directors may also decide to enter into a
non‑compete commitment with the Chairman and Chief
Executive Officer.
The non‑compete commitment entered into upon Alexandre
Bompard’s appointment as Chairman and Chief Executive Officer
was amended by the Board of Directors on July 26, 2018 to bring
it into line with the new AFEP‑MEDEF recommendations. The
amended commitment was approved by the Shareholders’
Meeting of June 14, 2019 (13th resolution).
The purpose of the commitment is to prohibit the Chairman and
Chief Executive Officer from working for a competitor, within a
number of specified businesses operating in the retail food
industry, for a period of 24 months from the end of his term.
The corresponding non‑compete payment must be integrated
into the compensation policy pursuant to French government
order no. 2019‑1234 of November 27, 2019. Pursuant to these
line with the agreement approved on
provisions, and
in
July 26, 2018, the Board of Directors confirmed that this
payment would be set at 12 months’ maximum annual fixed and
variable compensation. The payment will be applicable during
said 24‑month period and will be made in instalments.
The Board of Directors may waive the implementation of the
non‑compete commitment upon the Chief Executive Officer’s
termination.
The commitment also provides that the non‑compete payment
will not be made if the Chief Executive Officer has claimed his
pension benefits. No payment will be made after the age of 65.
Policy for holding shares applicable to the Executive
Officers
In addition to the requirement for Directors (other than Directors
representing employees) to hold at least 1,000 shares during
their term of office, the Board has established a strict policy
requiring the Chairman and Chief Executive Officer to hold at
least 200,000 shares in registered form throughout his term of
office, corresponding to about two years’ of fixed compensation
at the last date on which his term was renewed.
The Chairman and Chief Executive Officer has five years from the
date of his first appointment to comply with this minimum
holding requirement.
At the date of this document, Alexandre Bompard holds
713,488 Carrefour shares.
Exceptional deviations from the compensation policy
In accordance with paragraph 2 of Article L. 22‑10‑8, III of the
French Commercial Code, under certain circumstances, the
Board of Directors may deviate from the compensation policy,
provided such deviation is temporary, if it is in the Company’s
best interest and is necessary to ensure the continued existence
or viability of the Company. Exceptional circumstances that
could give rise to the use of this possibility include, for example, a
transforming acquisition or suspension of significant operations,
a change in accounting policy, or a major event affecting markets
generally and/or more specifically Carrefour group’s business.
Compensation components affected by this policy include
annual and long‑term variable compensation. Deviations could
also be used to change performance conditions for all or some
of the compensation components
increases or
decreases to one or more criteria parameters (weight, thresholds
and values). A deviation of this kind could only be implemented
on the proposal of the Compensation Committee or,
if
necessary, other specialised committees, it being specified that
any change to the compensation policy would be made public,
and motivated and aligned in particular with the corporate
purpose of the Company and the interests of shareholders.
Variable compensation components remain subject to a binding
vote by the Shareholders’ Meeting and may not be paid except in
the event of a positive vote in accordance with Articles L. 22‑10‑8
and L. 22‑10‑34 II of the French Commercial Code.
including
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
3.4.3.2 Components of compensation allocated to the Chairman and Chief Executive
Officer, Alexandre Bompard, in respect of 2023
The Board of Directors set the structure of Chairman and Chief Executive Officer, Alexandre Bompard’s, 2023 compensation as follows:
Fixed compensation
1,600,000 euros
PPrreesseennttaattiioonn
At its meeting on March 22, 2023, the Board of Directors decided to increase the annual fixed
compensation of the Chairman and Chief Executive Officer to 1,600,000 euros, on the renewal of
his term of office. His annual fixed compensation had not changed since he was appointed in 2017.
This comes out to a 6.6% increase in six years.
Annual variable
compensation
Up to 190% of fixed
compensation
Annual variable compensation could represent up to 190% of the reference annual fixed
compensation(1) if overall performance is greater than or equal to 140%.
Type of criteria
Weighting
Comments
Quantitative criteria
(financial and
non‑‑financial)
Sales
Recurring operating
income
Net free cash flow
NPS®
CSR
15%
20%
15%
10%
20%
Qualitative criteria
Quality of corporate
governance
20%
TOTAL
100%
LLoonngg‑‑tteerrmm iinncceennttiivvee
ppllaann ((ppeerrffoorrmmaannccee
sshhaarreess))
Value representing 55%
of the gross maximum
compensation (fixed
annual, maximum annua
variable and long‑term
variable)
l
BBeenneefifittss iinn kkiinndd
CCoommppeennssaattiioonn ppaaiidd
iinn rreessppeecctt ooff hhiiss
ddiirreeccttoorrsshhiipp
(1) As set by the Board of Directors on March 22, 2023.
Annual variable compensation is subject to the fulfilment of quantitative financial and non‑financial
objectives, for 80%, and a qualitative objective, for 20%. These objectives were defined by the Board
of Directors on March 22, 2023.
Quantitative criteria set by the Board of Directors include sales, recurring operating income, net free
cash flow, Group NPS® and CSR. The CSR criterion is based on the in‑house Carrefour CSR & Food
Transition Index which is audited externally. This index is comprehensive and aligned with the
Group’s strategic priorities. See Section 1.5.5 of this Universal Registration Document for details on
the composition of and change in this index.
The qualitative criterion relates to the overall quality of governance, operational management and
the management of the transformation. It mainly covers:
■
■
■
the creation and management of governance bodies, as well as the relationship with
shareholders and stakeholders;
the quality and leadership of management teams and the attention paid to Talent management;
strategic thinking, particularly as regards its digital aspects, its implementation and the conditions
for its rollout.
The expected level of achievement of the objectives used to determine annual variable
compensation is established precisely by the Board of Directors, in line with the Group’s strategic
plan and objectives. However, it cannot be made public ex ante for confidentiality reasons.
On February 14, 2023, the Board of Directors decided to award this compensation in the form of
performance shares. This award was set at a value representing 55% of his gross maximum
compensation to give the Chairman and Chief Executive Officer an even more important stake in
the Company’s earnings and share price performance, creating a stronger relationship with
shareholders.
This award is made under the 29th resolution adopted by the Shareholders’ Meeting of May 21,
2021.
The shares are entirely subject to performance conditions.
The shares will vest on February 14, 2026 subject to the achievement of the performance
conditions to be assessed over a period of three years and to continuing service with the Company.
The Chairman and Chief Executive Officer shall be required to retain 30% of his vested shares in an
amount not exceeding a share portfolio representing 150% of his annual fixed compensation.
The Board of Directors set out the following performance criteria: recurring operating income, net
free cash flow, Total Shareholder Return (based on a panel comprised of the following companies:
Casino, Ahold Delhaize, Colruyt, Jeronimo Martins, Marks & Spencer, Metro, Tesco and Sainsbury’s)
and corporate social responsibility (based on the Carrefour CSR and Food Transition Index).
Each criterion has a weighting of 25%. The related objectives are set for each criterion by the Board
of Directors, in line with the Group’s strategic plan and public objectives. The performance
measured for each criterion determines the vesting rate of the shares corresponding to that
criterion. The acquisition rates per criterion are between 50% and 130% in order to limit the
possibility of redistribution between the different criteria. The vesting rate will increase on a
straight‑line basis between the minimum and maximum. Below 50%, no shares will vest with respect
to the relevant criterion. With regard to the TSR criterion, the minimum threshold corresponds to
the median of the panel, with no shares vesting below this level (the vesting rate will be 130% for
first place in the panel, 110% for second place, 90% for third place, 70% for fourth place and 50% for
the median). The final vesting rate will be the average of the vesting rates of the four criteria, within
the limit of the number of shares granted by the Board of Directors, i.e., with an overall vesting rate
capped at 100%.
The Chairman and Chief Executive Officer has a company car and
voluntary job loss insurance.
The compensation allocated in respect of his directorship is paid in accordance with the
compensation policy for Directors as described in Section 3.4.2.1 of this Universal Registration
Document.
1
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3
4
5
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
2023 COMPENSATION STRUCTURE
2023 ANNUAL VARIABLE COMPENSATION
Compensation
with performance
conditions
84.5%
Compensation without
performance
conditions
Fixed
compensation
15.5%
15.5%
Long-term
incentive*
55%
Annual variable
compensation
29.5%
* Based on the long-term incentive plan granted on February 14, 2023.
Non-financial
objectives
30%
Individual
qualitative
objectives
20%
20% qualitative
objectives
80% quantitative
objectives
Financial
objectives
50%
Net
Promoter
Score®
(NPS®)
10%
Sales
15%
CSR
20%
Quality of
corporate
governance
20%
Recurring
operating
income
20%
Free
cash flow
15%
3.4.3.3 Compensation allocated or paid to the Chairman and Chief Executive Officer,
Alexandre Bompard, in respect of 2022
The Shareholders’ Meeting of June 3, 2022 approved the
principles and criteria for determining, allocating and awarding
the fixed, variable and exceptional components of the total
compensation and benefits in kind that may be awarded to the
Chairman and Chief Executive Officer, Alexandre Bompard, in
accordance with Article L. 22‑10‑8 of the French Commercial
Code.
The table below summarises the components of compensation
allocated or paid to Alexandre Bompard in respect of 2022 in his
capacity as Chairman and Chief Executive Officer.
The payment of the variable and exceptional components of
compensation due in respect of the 2022 financial year is subject
to the approval of the Shareholders’ Meeting of May 26, 2023, in
accordance with Article L. 22‑10‑34 II of the French Commercial
Code.
(in euros)
AAmmoouunntt aallllooccaatteedd
AAmmoouunntt ppaaiidd
Amount allocated
Amount paid
22002211
2022
Alexandre Bompard
Chairman and Chief Executive Officer
Fixed compensation
Variable compensation
Long‑term incentive plan
Termination payment
Compensation paid in respect of his directorship
(1)
Benefits in kind
(2)
TOTAL
(1) See section 3.4.2.2 of this Universal Registration Document.
(2) Company car and voluntary unemployment insurance.
1,500,000
2,850,000
N/A
N/A
75,000
3,822
1,500,000
2,475,000
N/A
N/A
56,250
3,822
1,500,000
2,850,000
1,500,000
2,850,000
N/A
N/A
75,000
9,052
N/A
N/A
75,000
9,052
4,428,822
4,035,072
4,434,052
4,434,052
The components of compensation allocated or paid to the
Chairman and Chief Executive Officer, Alexandre Bompard,
in 2022 are as follows:
Annual fixed compensation
In 2022, Alexandre Bompard was paid an annual fixed
compensation of 1,500,000 euros.
Annual compensation
Annual variable compensation
Alexandre Bompard received annual compensation comprising a
fixed portion and a variable portion.
The achievement of Alexandre Bompard’s objectives at 100%
would entitle him to annual variable compensation amounting to
100% of his annual fixed compensation. The achievement of his
objectives at 140% would entitle him to annual variable
compensation amounting
to 190% of his annual fixed
compensation. Between the lower and upper targets, variable
compensation increases on a straight‑line basis.
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The performance objectives for his annual variable compensation
were based, for 80%, on achieving quantitative objectives (sales,
recurring operating income, net free cash flow, NPS®, and the
Carrefour CSR and Food Transition Index), and, for the remaining
20%, on achieving qualitative objectives (quality of governance).
These criteria are weighted at 20% for recurring operating
income, 15% for sales, 15% for net free cash flow, 10% for NPS®,
20% for the Carrefour CSR & Food Transition Index and 20% for
corporate governance quality.
At its meeting on March 22, 2023, the Board of Directors
reviewed the performance level achieved for each target:
■
Quantitative financial criteria (sales, recurring operating
income and net free cash flow)
The Board of Directors noted a sharp increase in like‑for‑like sales
in 2022, up 8.5%, with market share gains in all key countries. The
performance level for the criterion stood at 200%, with 8%
growth versus a target of 3%.
Net free cash flow continued to grow rapidly in 2022, leading to
performance level for the criterion of 165%, with cash generation
of 1,235 million euros versus a target of 1,040 million euros.
The performance level for the recurring operating income
criterion, at constant exchange rates in 2022, represented 76%,
with recurring operating income of 2,304 million euros versus a
target of 2,400 million euros.
■
Non‑‑financial quantitative criterion (NPS® and Carrefour CSR
and Food Transition Index)
The CSR criterion is based on the in‑house Carrefour CSR and
Food Transition Index which is audited externally. This index is
comprehensive and aligned with the Group’s strategic priorities.
The achievement rate stood at 109% in 2022. See Section 1.5.5 of
the
this Universal Registration Document
composition of and change in this index.
for details on
Carrefour has maintained its leading position in non‑financial
ratings. Carrefour
its
commitment to fighting global warming (as in 2021). Carrefour is
ranked second in the retail sector by Moody’s, with a rating of
73/100 (up 9 points from 2021).
is recognised on CDP’s
‘A‑list’
for
The performance level for the CSR criterion came to 145% versus
a target of 100%.
The score for the NPS® criterion came to 47. The performance
level for this criterion was 62.5% given a target of 50.
Qualitative criterion (Quality of governance)
■
Given the quality of the relationships between the governance
bodies, management leadership, as well as the year’s results, the
Board of Directors decided, on the recommendation of the
Compensation Committee, to set the achievement rate for
corporate governance quality at 200%. In its assessment, the
the Company’s exceptional
Board of Directors noted
performance in light of the extraordinary logistical, retail and
inflationary challenges.
CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
The overall performance on all criteria therefore comes to
145.2%, capped at 140%. The annual variable compensation of
the Chairman and Chief Executive Officer, Alexandre Bompard, is
set at 190% of his annual fixed compensation, i.e., 2,850,000
euros. This sum may not be paid until approved by the
Shareholders’ Meeting called to approve the financial statements
for the year ended December 31, 2022.
Long‑term incentive plan (performance shares)
long‑term
On February 16, 2022, the Board of Directors decided to award
the
incentive plan to the Chairman and Chief
Executive Officer in the form of performance shares, for a value
representing 52.50% of his gross maximum compensation
(i.e., 4,807,894 euros) (1).
on
February 16, 2025 if the performance conditions are met and if
Alexandre Bompard is with the Company at that date.
shares will
These
vest
The shares are all subject to performance conditions to be
assessed on February 16, 2025.
The Board of Directors set out the following performance
criteria: recurring operating income, net free cash flow, Total
Shareholder Return
(based on a panel of distribution
companies (2)) and corporate social responsibility (based on the
Carrefour CSR and Food Transition Index).
Each criterion has a weighting of 25%. The related objectives are
set by the Board of Directors, but they are not disclosed ex ante
for confidentiality reasons. The performance measured for each
criterion determines the vesting rate of the shares corresponding
to that criterion. The acquisition rates per criterion are between
50% and 130% in order to limit the possibility of redistribution
between the different criteria. The vesting rate will increase on a
straight‑line basis between the minimum and maximum. Below
50%, no shares will vest with respect to the relevant criterion.
With regard to the TSR criterion, the minimum threshold
corresponds to the median of the panel, with no shares vesting
below this level (the vesting rate will be 130% for first place in the
panel, 110% for second place, 90% for third place, 70% for fourth
place and 50% for the median). The final vesting rate will be the
average of the vesting rates of the four criteria, within the limit of
the number of shares granted by the Board of Directors, i.e., with
an overall vesting rate capped at 100%.
Furthermore, Alexandre Bompard has taken the decision not to
use hedging instruments.
Benefits in kind
Alexandre Bompard has a company car and voluntary job loss
represents
insurance. The corresponding financial benefit
9,052 euros.
Compensation or benefits due or likely to be due
upon taking office
None.
Information presented in Section 8.2 of this Universal Registration Document.
(1)
(2) Same panel as described in Section 3.4.3.2, concerning the 2023 long‑term incentive plan (performance shares).
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
Compensation paid in respect of his directorship
of
amount
compensation
The
to
Alexandre Bompard in his capacity as Chairman of the Board of
Directors, Director and Chairman of the Strategic Committee is
determined according to the policy described in Section 3.4.2.2
of this Universal Registration Document.
It amounted to
75,000 euros for the period January 1 to December 31, 2021.
2022
paid
in
Compensation paid by a company
within the scope of consolidation
Alexandre Bompard has not received any compensation due or
paid by any company within Carrefour’s scope of consolidation.
Supplementary defined benefit pension plan
As the French government order no. 2019‑697 of July 3, 2019
amended the legal regime applicable to supplementary defined
benefit pension plans with conditional rights such as the plan in
force within the Carrefour group, the Board of Directors, acting
on the recommendation of the Compensation Committee,
decided to modify the plan applicable to the Chairman and Chief
Executive Officer.
Acting on the Chairman and Chief Executive Officer’s proposal
and on the recommendation of the Compensation Committee,
the Board of Directors decided on April 3, 2020 to therefore
cancel the plan applicable to the Chairman and Chief Executive
Officer until December 31, 2019. Accordingly, all the conditional
supplementary pension rights that had accrued to the Chairman
and Chief Executive Officer since his arrival in the Carrefour
group (corresponding to an estimated gross annual annuity of
200,594 euros) were lost.
At its meeting of April 3, 2020, the Board of Directors decided to
set up a new “top‑up” defined benefit plan, applicable from
January 1, 2020,
requirements of
Article L. 137‑11‑2 of the French Social Security Code. The main
characteristics of the new plan are described in Section 3.4.3.1 of
this Universal Registration Document.
that meets
the new
The implementation of the Chairman and Chief Executive
Officer’s plan follows from a decision by the Board of Directors,
taken after consultation with the Compensation Committee. This
new plan allows for the grant, subject to performance conditions,
of supplementary pension rights, expressed and guaranteed in
the form of an annual annuity. Rights can only be settled from
the age of 64, provided that the pension has been settled in a
compulsory old‑age insurance plan.
The rights accrued will be calculated based on the 2022
compensation (reference compensation), capped at 60 times the
annual social security ceiling. To determine the reference
compensation, only the annual fixed compensation of the
beneficiary and the variable compensation paid are considered,
to the exclusion of any other direct or indirect form of
compensation.
Rights will accrue subject to the same four annual performance
criteria used to determine the Chairman and Chief Executive
Officer’s variable compensation: three quantitative financial
criteria (sales, recurring operating income and net free cash flow)
and one non‑financial CSR criterion (Carrefour CSR and Food
Transition Index).
In accordance with the annual vesting rates under the plan and
on the basis the performance level achieved for each criterion (1),
the Board of Directors meeting of March 22, 2023 noted an
average performance level of 147%, i.e., more than 125%, thus
entitling the Chairman and Chief Executive Officer to a vesting
rate of 2.75% for 2022.
The gross annual annuity accrued by the Chairman and Chief
Executive Officer for 2022 therefore came to 67,874 euros, or a
cumulative annuity of 203,622 euros since the start of the plan.
The contributions paid to the insurer are excluded from social
security contributions, in return for the payment of an employer’s
contribution of 29.7%.
Termination payment
Alexandre Bompard, Chairman and Chief Executive Officer, is not
entitled to any termination payment.
Non‑compete commitment
commitment
non‑compete
The
upon
Alexandre Bompard’s appointment as Chief Executive Officer was
amended by the Board of Directors on July 26, 2018 to bring it
into line with the new AFEP‑MEDEF recommendations, and was
approved by the Shareholders’ Meeting of June 14, 2019.
entered
into
The terms and conditions of this commitment are described in
Section 3.4.3.1 of this Universal Registration Document.
No amount is due or was paid in this respect in 2022.
Total compensation compliance with the
compensation policy
and
fixed,
variable
exceptional
The
components of
compensation and benefits in kind paid or awarded to Alexandre
Bompard in his capacity as Chairman and Chief Executive Officer
in respect of 2022 comply with the compensation policy decided
by the Board of Directors acting on the Compensation
Committee’s proposal.
total compensation
Alexandre Bompard’s
the
Company’s long‑term strategy and allows the Chairman and
Chief Executive Officer’s interests to be aligned with those of the
Company and the shareholders.
is part of
The Company has not diverged from the compensation policy in
any respect.
Application of the last vote by the Shareholders’
Meeting
The Shareholders’ Meeting of June 3, 2022 approved the fixed,
variable and exceptional components of total compensation and
benefits
the year ended
December 31, 2021 to Alexandre Bompard, Chairman and Chief
Executive Officer.
in kind due or paid during
(1) The respective performances of these criteria for the 2022 annual variable compensation are presented in Section 3.4.3.3.
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
Pay ratios and changes in compensation
In accordance with paragraphs 6 and 7 of Article L. 22‑10‑9‑I of
the French Commercial Code, the table below presents
information for the last five years on the changes in the
compensation of the Chairman and Chief Executive Officer and
employees and for the pay ratios based on the average and
median compensation of employees.
The calculation methods were defined taking into consideration
the AFEP‑MEDEF guidelines on compensation multiples. The
scope used for this analysis has been widened to include
Carrefour Management’s employees working at the Group’s head
office in France.
Average compensation ratio
Median compensation ratio
Change in the compensation of the Chairman and Chief
Executive Officer
Change in the average compensation of employees
Net free cash flow (in millions of euros)
Carrefour CSR and Food Transition Index
22001188
22001199
22002200
22002211
2022
45
74
+4%
+9%
363
104%
42
72
+5%
+12%
324
114%
42
76
+4%
+4%
1,056
115%
47
80
+6%
-6%
1,228
111%
49
87
7.7%
3%
1,262
109%
3.4.4 BREAKDOWN OF COMPENSATION AND BENEFITS GRANTED TO EXECUTIVE
OFFICERS
The tables summarising the compensation paid to Executive Officers during the year may be found in Section 3.4.3 of this Universal
Registration Document.
Compensation allocated in respect of their directorship
Table presented in Section 3.4.2 of this Universal Registration Document.
Stock options granted during the financial year to each Executive Officer by the issuer
or a Group company
None.
Stock options exercised during the financial year by each Executive Officer
None.
Performance shares granted to each Executive Officer by the issuer or a Group company
Information presented in Section 8.2 of this Universal Registration Document.
Performance shares which became available during the financial year for each Executive
Officer
Information presented in Section 8.2 of this Universal Registration Document.
Historical information on stock option plans
None.
1
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4
5
6
7
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3
CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
Multi‑annual variable compensation of each Executive Officer
NNaammee aanndd ppoossiittiioonn ooff tthhee EExxeeccuuttiivvee OOffifficceerr
Alexandre Bompard
Chairman and Chief Executive Officer
PPllaann
Cash compensation
plan
22002211
N/A
2022
N/A
EEmmppllooyymmeenntt
ccoonnttrraacctt
SSuupppplleemmeennttaarryy
ppeennssiioonn ppllaann((11))
CCoommppeennssaattiioonn oorr bbeenneefifittss
dduuee oorr lliikkeellyy ttoo bbee dduuee uuppoonn
tteerrmmiinnaattiioonn oorr aa cchhaannggee
iinn ppoossiittiioonn((11))
CCoommppeennssaattiioonn rreellaatteedd
ttoo aa nnoonn‑‑ccoommppeettee
ccllaauussee((11))((22))
YYeess
NNoo
YYeess
NNoo
YYeess
NNoo
YYeess
NNoo
Monsieur Alexandre Bompard
Chairman and Chief Executive
Officer
X
X
X
X
(1) These components of compensation are detailed in Sections 3.4.3.1 and 3.4.3.3 of this Universal Registration Document.
(2) The Chairman and Chief Executive Officer may, in consideration for his non‑compete commitment, receive a non‑compete payment capped at
the equivalent of 12 months’ maximum fixed and variable annual compensation. The non‑compete commitment is described in Section 3.4.3.1 of
this Universal Registration Document.
272
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CORPORATE GOVERNANCE
“Comply or Explain” rule of the AFEP‑MEDEF Code
3.5 “Comply or Explain” rule of the AFEP‑MEDEF
Code
In accordance with the “Comply or Explain” rule of the AFEP‑MEDEF Code, the Company indicates in this section the provisions of the
Code that it did not apply in 2022.
RReeccoommmmeennddaattiioonnss
ooff tthhee AAFFEEPP‑‑MMEEDDEEFF CCooddee
Length of directorship is a
criterion to be analysed by the
Committee and the Board to
assess the independence of a
Director (Article 9.5.6 of the Code)
GGrroouupp pprraaccttiiccee aanndd eexxppllaannaattiioonn
On the recommendation of the Governance Committee, the Board of Directors closely
examined the status of Charles Edelstenne.
Charles Edelstenne, whose term was renewed at the Shareholders’ Meeting called to approve the
financial statements for the year ended December 31, 2022, had, as of July 2020, been a Director
for longer than the maximum period of 12 years recommended by the AFEP‑MEDEF Code.
Accordingly, the Board of Directors took
into account Charles Edelstenne’s reputation,
professional experience, the objectivity he has consistently demonstrated during Board meetings,
his critical judgement and his ability to make sound decisions in all situations, in particular as
regards Executive Management.
The Board of Directors also took into account the change to the management team that took
place in 2017, which meant that close ties could not be formed with the current team given the
duration of his term.
Charles Edelstenne’s qualities and in‑depth knowledge of the Group were considered essential
given the radical change in the composition of the Board since 2018 and its reduced size, making
him a highly valuable contributor to the Board’s strategic decisions.
Given this assessment, the Board of Directors considered that the length of directorship criterion
defined in the AFEP‑MEDEF Code among five other criteria was not itself sufficient for
Charles Edelstenne to automatically lose his independent status, and that there was no other
reason to prevent him from continuing in office as an Independent Director.
1
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3
CORPORATE GOVERNANCE
Transactions in the Company’s shares carried out by Company Officers
3.6 Transactions in the Company’s shares carried out
by Company Officers
In accordance with Article 223‑26 of the AMF’s General Regulations, we hereby inform you that the following transactions were carried
out during the 2022 financial year by persons referred to in Article L. 621‑18‑2 of the French Monetary and Financial Code (Code
monétaire et financier):
Transaction
date
01/11/2022
FFiirrsstt nnaammee//llaasstt
nnaammee oorr
ccoorrppoorraattee nnaammee
OOffifficcee hheelldd aatt tthhee
CCoommppaannyy oonn tthhee
ttrraannssaaccttiioonn ddaattee
Peninsula Europe
SARL
A legal entity linked
to Abilio Dos Santos
Diniz, Director
TTrraannssaaccttiioonn ttyyppee
Amendment to structured
financing
01/14/2022
Peninsula Europe
SARL
A legal entity linked to
Abilio Dos Santos
Diniz, Director
Amendment to structured
financing
01/17/2022
Peninsula Europe
SARL
A legal entity linked to
Abilio Dos Santos
Diniz, Director
Amendment to structured
financing
FFiinnaanncciiaall
iinnssttrruummeenntt
PPrriiccee ppeerr
sshhaarree
(in euros)
TTrraannssaaccttiioonn
aammoouunntt
(in euros)
Equities
N/A
N/A
Equities
N/A
N/A
Equities
N/A
N/A
02/21/2022
Peninsula Europe
SARL
A legal entity linked to
Abilio Dos Santos
Diniz, Director
Amendment to structured
Equities
N/A
N/A
financing
02/28/2022
Alexandre
Bompard
Director and
Chairman and Chief
Executive Officer
Delivery of the 2019
performance share plan
(2019 LTI Plan)
Shares
N/A
N/A
02/28/2022 Matthieu Malige
Chief Financial Officer Delivery of the 2019
Shares
N/A
N/A
performance share plan
(2019 LTI Plan)
11/22/2022
Peninsula Europe
SARL
A legal entity linked to
Abilio Dos Santos
Diniz, Director
Amendment to structured
Equities
N/A
N/A
financing
11/22/2022
Peninsula Europe
SARL
A legal entity linked to
Abilio Dos Santos
Diniz, Director
Amendment to structured
financing
Equities
N/A
N/A
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CORPORATE GOVERNANCE
Related‑party agreements referred to in Articles L. 225‑38 et seq. of the French Commercial Code
3.7 Related‑party agreements referred
to in Articles L. 225‑38 et seq. of the French
Commercial Code
AUTHORISATION PROCEDURE FOR ARM’S LENGTH AND RELATED‑PARTY
AGREEMENTS
The Board of Directors adopted an internal procedure for
related‑party
identifying and obtaining authorisation
agreements, and
routine
them
agreements entered into on an arm’s length basis.
for distinguishing
from
for
In addition to the regulatory framework governing the various
potential types of agreements, the procedure also requires the
Company to regularly review the terms of all routine agreements
entered into within the Group. The parties directly or indirectly
involved in such an agreement may not take part in the review.
AGREEMENTS REFERRED TO IN ARTICLES L. 225‑38 ET SEQ. OF THE FRENCH
COMMERCIAL CODE
No new agreements were authorised by the Board of Directors
during the year ended December 31, 2022.
In addition, no agreements entered into and authorised in
previous years were continued in the year 2022.
STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS
Shareholders’ Meeting held to approve the financial statements
for the year ended December 31, 2022
This is a free translation into English of the Statutory Auditors’
report on regulated agreements with third parties issued in
French and it is provided solely for the convenience of English
speaking users. This report should be read in conjunction with,
and construed in accordance with, French law and professional
auditing standards applicable in France.
To the Carrefour Shareholders’ Meeting,
In our capacity as Statutory Auditors of your Company, we
hereby report to you on the regulated agreements.
the course of our audit, as well as the reasons justifying that such
agreements are in the Company’s interest, without expressing an
opinion on their usefulness and appropriateness or identifying
such other agreements, if any. It is your responsibility, pursuant
to Article R.225‑31 of the French Commercial Code (Code de
commerce), to assess the interest of the conclusion of these
agreements for the purpose of approving them.
In addition, it is our responsibility, where appropriate, to provide
you with the information stipulated in Article R.225‑31 of the
French Commercial Code (Code de commerce) relating to the
implementation during the year of the agreements previously
approved at the Shareholders’ Meeting, if any.
It is our responsibility to inform you, on the basis of the
information provided to us, of the principal terms and conditions
and the purpose and benefits to the Company of the agreements
brought to our attention or which we may have identified during
We conducted the procedures we deemed necessary
in
accordance with the professional guidelines of the French
National Institute of Statutory Auditors (Compagnie Nationale des
Commissaires aux comptes) relating to this engagement.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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2
3
4
5
6
7
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CORPORATE GOVERNANCE
Related‑party agreements referred to in Articles L. 225‑38 et seq. of the French Commercial Code
AGREEMENTS SUBMITTED TO THE
APPROVAL OF THE SHAREHOLDERS’
MEETING
Agreements authorized and concluded during
the year
We hereby inform you that we have not been advised of any
agreement authorized and concluded during the year to be
submitted to the approval of the Shareholders’ Meeting pursuant
to Article L. 225‑38 of the French Commercial Code.
Agreements already approved
by the shareholder's meeting
Agreements approved in previous years
and having continuing effect during the year
We hereby inform you that we have not been advised of any
agreement authorized in previous years by the Shareholders’
Meeting and having continuing effect during the year.
The Statutory Auditors
Courbevoie and Paris‑La Défense, April 5, 2023
French original signed by
MAZARS
Jérôme de PASTORS
Marc BIASIBETTI
DELOITTE & ASSOCIÉS
Bertrand BOISSELIER
Olivier BROISSAND
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4
RISK MANAGEMENT
AND INTERNAL CONTROL
4.1 Risk management
278
4.2 Internal control system
4.1.1 Risk prevention and management system
4.1.2 Main risks
4.1.3 Insurance
278
278
295
4.2.1 Definition and objectives of the internal
control system
4.2.2 Internal control organisation and parties
involved
4.2.3 Monitoring system
4.2.4 Internal accounting and financial control
296
296
297
302
303
4.3 Legal and arbitration proceedings
306
4.3.1 Proceedings in connection with the
Group’s recurring operations
4.3.2 Other proceedings
306
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RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
4.1 Risk management
In an uncertain, constantly changing environment,
risk
management is essential to ensuring the long‑term viability of the
Group’s business operations.
The Group’s 14 key risks in 2022 are described in this Universal
Registration Document in accordance with the requirements of
Regulation (EU) No. 2017/1129 of the European Parliament (4.1.2).
The Group Risk department is responsible for overseeing the risk
management system. This system relies on identifying, assessing,
analysing and addressing risks likely to affect people, assets, the
environment and the Group’s objectives. It leads to preventive or
corrective measures designed to protect the Group’s value and
reputation (4.1.1).
To ensure that these risks are fully addressed, the Group also
implements solutions
insurance
transfer
market (4.1.3).
risks
the
to
to
4.1.1
RISK PREVENTION AND MANAGEMENT SYSTEM
The main objective of the risk prevention and management
system is to protect Carrefour’s assets and reputation by
providing Executive Management with a clear view of the main
threats and opportunities to assist in making decisions and
managing the business.
Its objective is also to foster a risk management culture and a
shared vision of the major risks among all employees.
The Executive Management teams of the main operating entities
(including countries):
perform
impacts;
regulatory monitoring and
recognise potential
take measures to prevent from risks occurring and mitigate
their impacts;
manage incidents and take corrective measures;
■
■
■
4.1.2 MAIN RISKS
Methodology
In association with the management of the main business units
and all Functional departments, the Group Risk department has
upgraded the risk database and evaluated 58 risks related to the
Group’s business operations, including the main CSR issues. The
evaluation is performed on a dedicated digital platform, launched
in 2022.
For each risk, it is necessary to:
describe related past or feared events;
rank on a scale defined at Group level:
■ probable financial impact (excluding insurance),
■ reputational impact (TV, press, social media coverage, etc.),
■ frequency of occurrence,
■ ability to control the risk and measures taken to detect,
frequency of
impact and
its
prevent and mitigate
occurrence;
identify the action plans that exist or need to be implemented.
■
■
■
■
inform the Group’s Executive Management and Functional
departments of any significant events.
The Group’s Functional departments are responsible for defining
and communicating the risk management rules applicable to
their function. They support the business units in implementing
these rules to ensure optimum management of the business.
Each year, the Group Risk department maps the key risks based
on discussions with the management of the main business units
to measure the net criticality level and consolidate the associated
action plans. It also reviews certain risks and assists the Group's
functional departments in their risk mapping process.
review of
the evaluations by
After
the business units'
management, the mapping of the Group’s main risks was
presented to the Group Executive Committee, as well as to the
new Group Risk Committee (internal body) set up at the end of
2022 and to the Audit Committee.
This led to the identification of 14 key risks that could, at the date
of this Universal Registration Document, have a material impact
on the Group’s operations, financial position, reputation, results
or outlook. In accordance with the provisions of Article 16 of
Regulation (EU) 2017/1129 of the European Parliament and of the
Council, these 14 key risks are divided into three categories:
economic, political and social environment;
governance, laws and regulations;
operations.
■
■
■
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Risk management
A number of other risks, which were analysed as part of the
Group’s risk mapping process but which do not meet the
materiality or specificity criteria adopted in compliance with
Article 16 of Regulation (EU) 2017/1129 of the European
Parliament and of the Council, are nevertheless presented as
required as part of the Non‑Financial Statement or the
management report, and can be found in Chapters 2 (2.1.1.2)
and 6 (Note 14.7 to the 2022 consolidated financial statements),
respectively, of this Universal Registration Document.
The table and risk map below summarise the 14 key risks
identified and their historical trend since the 2021 risk map.
Non‑financial risks disclosed in the Non‑Financial Statement (see
Chapter 2 of this Universal Registration Document) are identified
in the table below by the “Δ” symbol.
As part of the risk mapping process described above, these risks
are ranked and presented here in decreasing order of importance
within each category (and in no particular order of importance
between categories), based on three net scores (i.e., gross score,
less the effectiveness of the related control):
net financial impact;
net reputational impact;
net frequency.
■
■
■
The net score is calculated on the same basis as in previous years
to ensure comparability of results.
The impacts of climate change on the Group and its activities are
included within different risks in the map, some of which are
included in this chapter. They are indicated by the
symbol in
the table below. Others impacts such as extreme weather events
and deterioration of movable and immovable assets are not
included as they are not part of the Group’s major risks.
♣
Category
Risk
Change
vs. 2021
Financial
impact
Reputatio-
nal impact
Net pro-
bability
Economic,
political
and social
environment
Governance,
laws and
regulations
Inflationary environment ♣
Economic, political and social situation
in the countries
Competitive pressure t
Regulations applicable to the retail industry
Pressure and instability of tax and
social security legislation
Appropriateness of the retail model
Carrefour’s image
Product availability in store or online ♣
Appropriateness of the financial
services model
Operations
Securing the growth of e-commerce
IS underperformance and cybercrime
Attracting and retaining talent t
Product quality, compliance and safety
Ensuring the sustainability of
the supply chain ♣
↗
~
🡖
🡖
~
~
🡖
↗
↗
↗
~
~
~
~
★★★
★★★
★★
★★
★★★
★★
★★
★
★★★
★★★ ★★★
★
★
★★
★★
★★
★★
★★★
★
★★★
★★
★★
★★
★
★★
★
★
★
★★
★★
★★
★★
★
★
★★★
★★
★★
★
★★★
★★
★★
★
Moderate★ High ★★ Very High ★★★
↗ ~ 🡖
Increase Stable Decrease
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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2
3
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RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
★★★
Regulations applicable
to the retail industry
Pressure and instability of tax
and social security legislation
Inflationary
environment ♣
Economic, political and
social situation in the countries
Carrefour’s image
Product availability
in store or online ♣
Appropriateness of the retail
model
Appropriateness
of the financial services model
T
C
A
P
M
I
T
E
N
★★
★
IS underperformance
and cybercrime
Securing the growth
of e-commerce
Competitive pressure
Ensuring the sustainability
of the supply chain ♣
Product quality,
compliance and safety
Attracting and
retaining talent
★
★★
★★★
Economic, political and social environment
Governance, laws and regulations
Operations
NET PROBABILITY
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RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
4.1.2.1 Economic, political and social environment
Inflationary environment
♣
Description of the risk
2022 was shaped by the return of global inflation, reaching levels not seen for several decades. At the end of the year, inflation was
running at 8.8%(1) globally and 8.4%(2) in the eurozone and was even higher for food. Among the Group’s geographies, Argentina had
an inflation rate of 95%(3) in December 2022, but the country has faced an inflationary climate for several years.
Triggered mainly by the post‑Covid recovery in 2021 and the impact of bad weather on crops, inflationary pressure was exacerbated
by the Ukrainian conflict from March 2022, with a major impact mainly on energy prices. It could persist for years to come, depending
on global economic, geopolitical and health trends and developments.
Inflation could weigh on the Group’s results through the pressure it exerts on consumer purchasing power, company purchasing costs
and employee salaries. The challenge for the Group is to minimise the increase in costs and its impact on sales prices in order to
safeguard consumers’ purchasing power. The ability to pass on cost increases to sales prices depends on the economic situation and
the competitive environment.
Inflationary pressure could also impact Carrefour Financial Services, due to the combined increase in customer insolvency (unpaid
bills) and in the cost of financing for the Company (the increase in key rates not offset by an increase in the usury rate).
However, inflation can also represent an opportunity for the Group to adapt and provide innovative solutions to gain efficiency and
encourage more virtuous behaviour (e.g., switching paper catalogues to digital, developing energy savings plans), with a positive
long‑term impact. Expertise in anticipating and controlling inflation (e.g., Argentina) can be a competitive advantage.
Potential impacts of the risk
a drop in consumption as a result of the reduction in consumers’ purchasing power;
a deterioration in profitability due to higher purchasing costs and employee salaries, if there is a gap between costs and selling
prices;
a deterioration in the price image in the event of price actions lagging behind the competition;
a deterioration in the social and business climate.
■
■
■
■
Key mitigation measures
sharing best practices from Argentina and Brazil;
monitoring the change in costs of direct and indirect purchases;
(re)negotiation with suppliers;
pooling purchases, particularly at the European level;
seeking alternative sources and opportunity buying;
monitoring the reactions of the competition;
anticipating inflation in the preparation of budgets;
savings plans (including energy savings);
adjusting the price‑promotion‑loyalty equation;
a range of measures to promote purchasing power (e.g., “prices of 100 products frozen for 100 days” in France);
adapting the conditions for granting consumer credit.
■
■
■
■
■
■
■
■
■
■
■
(1) IMF, World Economic Outlook, October 25, 2022.
(2) Eurostat publication, February 7, 2023.
(3) Trading Economics, February 7, 2023.
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4
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
Economic, political and social situation in the countries
Description of the risk
The economic situation in countries where the Group operates has a significant influence on demand, spending levels and the
consumer habits of the Group’s customers. A deterioration in the macroeconomic environment (recession, unemployment, inflation,
currency devaluation, etc.) in which the Group operates could have a negative impact on its operations and results.
The slowdown in the economic environment in 2022 could continue in 2023, according to IMF projections(1). A combination of
different factors contributed to the slowdown, in particular the war in Ukraine, the energy crisis, widespread hikes in key rates to
contain inflation and further lockdowns in China.
Coupled with high inflation, the economic slowdown is leading to a decrease in consumers’ purchasing power, forcing the retail
industry to adapt gradually to the new landscape.
It could also lead to a deterioration in the political and social climate in certain countries, with the possible emergence of political and
social unrest that could affect the business climate.
Potential impacts of the risk
■
■
■
■
increased consumer price sensitivity in a climate of declining purchasing power;
a decline in the average consumer basket causing a fall in sales;
unfavourable developments in the legislative and regulatory framework, such as price freezes on basic necessities (e.g., Argentina);
risk in respect of the translation of financial statements into euros in some countries, mainly related to a depreciation of the
functional currency in those countries, and in particular Brazil.
Key mitigation measures
■
■
■
■
■
■
■
a range of measures to promote purchasing power (e.g., “prices of 100 products frozen for 100 days” in France);
working on the price‑promotion‑loyalty equation, mainly by optimising the promotional strategy and focusing on Carrefour‑branded
and value products;
stepping up the roll‑out of the Supeco format in Europe and continuing to expand the Atacadão cash & carry format in Brazil and in
France (with the launch of a pilot scheme scheduled for 2023);
monitoring the changing economic climate and future outlook in the countries where it operates, specifically through performance
reviews;
tracking key economic indicators in host countries on a monthly basis with a view to defining and updating strategic plans;
promotion and defence of the Group’s interests with the competent local, regional and national authorities;
a global monitoring system and country‑specific risk mapping for the most vulnerable countries, which take into account a number
of indicators. This will be updated regularly and monitored prospectively.
These tools are regularly updated and provide a forward‑looking method of tracking in order to support decision making in the
context of the Group’s international growth.
(1) IMF, World Economic Outlook, October 25, 2022.
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Risk management
Competitive pressure
Description of the risk
Retailers are subject to intense competitive pressure. The sector is highly exposed to changing consumer behaviour in a climate of
technological disruption and high inflation that is increasing pressure on purchasing power worldwide. It has reached saturation point
in Europe, particularly in France, leading to severe pressure on margins.
Intense competitive pressure in the retail industry is reflected in:
■
■
■
a historically very price‑competitive market;
traditional retailers from the physical retail world (including specialists in fresh or organic products) are broadening their footprint in
e‑commerce (via Drive, home delivery and click & collect solutions), with some players like Carrefour developing an omni‑channel
strategy in order to differentiate themselves;
digital‑only banners competing with historical operators by offering an innovative range of products and services (e.g., quick
commerce) and increasingly establishing a physical presence, particularly through partnerships or acquisitions.
Franchising is a key area of development for the Group. The challenge is to build a profitable franchise model with an appropriately
balanced relationship between the players. The banners may find themselves in competition to recruit the best franchisee candidates.
Potential impacts of the risk
a deterioration in the price image in the face of aggressive competition;
a decline in the proportion of customer spending captured by the Group’s stores (i.e., the banner’s market share of total customer
spending);
a deterioration in Carrefour’s image in terms of the adequacy of its product and service offer;
a decline in the attractiveness of the Carrefour banner for existing or potential franchisees;
a fall in market share;
a fall in sales.
■
■
■
■
■
■
Key mitigation measures
setting objectives focused on customer satisfaction, particularly through the Net Promoter Score®, and working on operational
excellence (e.g., the 5/5/5 method);
continuously adjusting the price‑promotion‑loyalty equation, with price investments, especially Carrefour‑branded products, and
more effective promotions, driven by better cost control;
stepping up the roll‑out of the Supeco and Atacadão formats;
deploying the Maxi method in hypermarkets and supermarkets, which refocuses shops on the key needs of their customers
according to each catchment area, with an adapted and simplified food offer and a massive and more readable non‑food offer;
enhancing the value lines, mainly through the launch of SIMPL and roll‑out of the “In & Out” bargain basement concept;
freezing prices of basic products in some countries;
continued commitment to the food transition through the global Act for Food programme;
further accelerating the development of e‑commerce and omni‑channel retailing;
improving franchisee recruitment processes (e.g., digitalisation, financial guarantees).
■
■
■
■
■
■
■
■
■
1
2
3
4
5
6
7
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RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
4.1.2.2 Governance, laws and regulations
Regulations applicable to the retail industry
Description of the risk
The Group’s business operations are guided by a legislative and regulatory framework that aims to reconcile freedom of trade with the
objectives of protecting the free play of competition (competition law and restrictive practices law) and protecting consumers
(consumer law).
The framework is extremely restrictive in European countries where the Group operates (France, Belgium, Spain, Italy, Poland and
Romania). It also applies to pooled bargaining structures. Such commercial practices are increasingly regulated, in particular by the
European directive on unfair trading practices (2019) in business‑to‑business relationships in the agri‑food sector. The transposition
and implementation of the directive required the existing regulatory framework in each country to be adapted.
This relates in particular to the “EGalim” (2018) and “EGalim 2” (2021) laws in France, which aim to promote balanced trade relations
with the agricultural sector and healthy and sustainable food. Reinforcing the initial “EGalim” law, “EGalim 2” mainly focuses on taking
better account of farmers’ production costs. In the future, we may see a “EGalim 3”.
The risk of non‑compliance with the legislative and regulatory framework could occur as a result of:
anti‑competitive practices, such as cartels with competitors or with suppliers, which would distort the free play of competition;
restrictive competitive practices, such as financial negotiations with suppliers with either no or disproportionate consideration
(creating a significant imbalance in the rights or obligations of the parties) and the sudden termination of business relations;
unfair or misleading commercial practices, such as false or misleading advertising.
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Potential impacts of the risk
financial sanctions for anti‑competitive practices;
financial sanctions for restrictive competitive practices;
criminal and financial sanctions for unfair or misleading commercial practices;
a reduction in the negotiation margin with suppliers;
harm to the Group’s image.
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Key mitigation measures
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a framework of strict procedures and rules governing each practice (purchases, rebates, managing promotions, pricing, etc.);
regular employee training and awareness‑raising sessions on the regulations applicable to the retail industry;
legal intelligence and monitoring of obligations;
taking regulatory change into consideration in business operations, in particular in managing the price‑promotion‑loyalty equation
(e.g., price reduction policy and promoting the loyalty programme).
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Risk management
Pressure and instability of tax and social security legislation
Description of the risk
Due to the nature of its operations, the Group pays large amounts of tax and social security contributions in the countries where it
operates.
It is subject to a large number of different taxes and other levies, in particular:
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in France, with almost 80 different levies, heavily weighted to production taxes and social security contributions;
in Brazil, with complex tax rules including a state tax on goods and services (ICMS) and federal contributions to the social integration
programme and to the financing of the social security system (Pis‑Cofins).
The instability of the tax and social security legislation in some countries also leads to risks and uncertainties in the Group’s operations
in these geographies. The Group could experience difficulties in managing and anticipating changes in the applicable tax and social
security legislation.
In practice, the worsening economic situation could prompt governments to seek new tax and social security revenues to cover
public deficits.
More specifically, risks related to tax regulations could occur in particular as a result of:
increased tax pressure and reporting obligations (e.g., mandatory SAF‑T reporting from 2022 in Romania and e‑invoicing and
e‑reporting in France from July 2024);
the complexity of and changes in tax systems, particularly in Brazil (in the context of the integration of Grupo BIG).
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Increased pressure from social security regulations on Carrefour could result in an increase in:
the minimum wage;
social charges.
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Potential impacts of the risk
Poor anticipation or assessment of changes in the tax and social security environment could have an adverse impact on the Group’s
financial performance and operations. It could also jeopardise business continuity in some regions.
The main impacts of the occurrence of this risk would be:
a deterioration in attractiveness and competitiveness, mainly due to price image if the cost increase is passed on in selling prices;
a deterioration in profitability due to the increase in tax and social security costs, if not sufficiently passed on in selling prices;
harm to the Group’s image;
business continuity potentially in jeopardy in some countries;
sanctions for poor application or interpretation of the applicable legislation.
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Key mitigation measures
To mitigate this risk, regulatory change is monitored and taken into account by the relevant functional departments, including:
the Finance department, and in particular the Tax department, as regards changes in tax legislation;
the Legal and Human Resources departments, as regards changes in social security legislation.
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The following measures have also been implemented:
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ongoing monitoring and mapping of tax and social security changes in each country;
employee training in the various reforms, with the appointment of dedicated experts where necessary;
a plan for the digitalisation of tools (e.g., processes, databases);
an integration plan for Grupo BIG in Brazil;
promotion and defence of the Group’s interests with the competent authorities (e.g., Chamber of Commerce, Government);
tax and social risk analysis to make sure that adequate provisions are taken;
operating discipline to control the cost structure and limit the amount of new tax and social security costs passed on in selling
prices.
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Risk management
4.1.2.3 Operations
Appropriateness of the retail model
Description of the risk
The macroeconomic environment is impacting customers’ purchasing power and competition, accentuating the challenges faced by
the Group in defining and adapting its business model and its offer could be inadequate in the following areas:
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the price‑promotion‑loyalty equation: price levels, promotions and the generosity of the loyalty programme to recruit and build
customers' loyalty while preserving their purchasing power, in particular through the development of Carrefour‑branded products –
the main lever for the price image;
the extent to which the commercial offer (products and services offered) meets customers’ expectations, with CSR as a
differentiating factor in a very competitive environment;
the balance between the different distribution channels, both digital and physical (hypermarkets, supermarkets, convenience stores
and cash & carry), with regard to the consumption habits of the different countries.
Potential impacts of the risk
difficulties in winning customers or retaining their loyalty;
a deterioration in the price image;
a decline in footfall in the Group’s stores;
a decline in the proportion of customer spending captured by the Group’s stores (i.e., the banner’s market share of total customer
spending);
a loss of market share;
a deterioration in profitability.
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Key mitigation measures
tracking and analysing market share by format, price indexes, competition and changes in consumer preferences;
adapting the offer to the catchment area in a more targeted way;
deploying the Maxi method in hypermarkets and supermarkets, which refocuses shops on the key needs of their customers
according to each catchment area, with an adapted and simplified food offer, and a pooled and more legible non‑food offer;
stepping up the roll‑out of the Supeco format in Europe and continuing to expand the Atacadão cash & carry format in Brazil and in
France (with the launch of a pilot scheme scheduled for 2023);
accelerating measures to reduce plastic packaging and combat food waste;
monitoring external growth opportunities to improve the format mix and gain market share;
expanding the convenience format through franchising in countries where there is demand;
continued cost cutting to provide the headroom to invest in the marketing drive;
continued roll‑out of the SIMPL value line and measures to promote purchasing power;
optimising the promotional strategy for Carrefour‑branded products in conjunction with national brands;
launching subscription packages (e.g., “Mi abono Carrefour +” in Spain) giving access to additional discounts.
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Risk management
Carrefour’s image
Description of the risk
Just as with financial and human capital, the Group’s image and reputation are a strategic asset for the Group.
Its image is formed by all of Carrefour’s actions as a player in society, as a retailer and as an employer, at a time of severe pressure on
purchasing power and increased market pressure in terms of environmental, social and governance responsibility.
The challenge for the Group is to manage its image in a harmonised way across all its distribution channels (physical and digital) and
modes of communication (social networks, customer services, traditional media, etc.).
In this context, the growth of social networks, in terms of resonance and influence, is an essential parameter to take into account.
Beyond the risk, optimal management of social networks represents an opportunity for Carrefour to effectively manage its reputation.
Failure in the management of the Group’s image could occur in the following ways:
an inadequate communication strategy, in its definition or execution, which is not differentiated from the competition or which is
not aligned with the different media or distribution channels (e.g., integrated and franchised stores, websites);
a late or inappropriate response to a crisis relayed by social media and traditional media (e.g., disinformation campaign, food
scandal, accident in a store, etc.);
a lack of alignment among responses to consumers across different customer service channels (e.g., email, web, phone, etc.).
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Potential impacts of the risk
a deterioration in the business climate for the Group (e.g., difficulties in forging new strategic partnerships or negotiating with
suppliers);
a drop in the number of visits to Carrefour stores and websites;
a deterioration in market share against certain competitors;
difficulty in attracting and retaining employees.
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Key mitigation measures
a crisis management policy at the Group, country and business unit levels;
media monitoring (including social networks);
creation of dedicated teams in certain countries (e.g., press relations);
better management of communication, particularly via social networks;
continuous improvement of customer service;
continuous reinforcement of quality processes and safety of people and property;
developing measures to promote diversity and inclusion in the Group;
training and support for store employees (including franchisees) and third parties (e.g., suppliers, security providers).
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Risk management
Product availability in shop or online
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Description of the risk
Carrefour may be faced with unavailability or shortages of food or non‑food products, in its shops or on its e‑commerce sites, which
can be a major irritant for customers.
Unavailability or shortages are caused by disruptions in the supply chain, of varying duration, occurring at different stages and
originating from different sources.
2022 was shaped by a combination of events, such as: the post‑Covid recovery in demand, further lockdowns in China, the impact of
bad weather on crops and the war in Ukraine. Such events created tension in supply chains, including:
global short‑term food shortages (e.g., mustard, wheat, sunflower oil), with a direct impact on store shelves;
a deterioration in service rates due to driver shortages (especially in Europe);
tensions – aggravated by inflation – in commercial relations with suppliers and logistics providers.
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The challenge for the Group is to minimise the impact of the disruptions on product availability across all its distribution channels,
both physical and digital, through the following actions:
anticipating fluctuations in supply in terms of price and available volumes;
anticipating fluctuations in consumer demand (precautionary buying);
continuously adapting the entire supply chain to maximise service rates (in warehouses and in stores).
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On a more structural level, Carrefour’s aim is to ensure the operational efficiency of all its supply chain management processes, from
sales forecasting to the placement of products on shop shelves.
Potential impacts of the risk
harm to Carrefour’s image;
a decline in customer satisfaction;
a drop in the number of visits to Carrefour stores and e‑commerce sites;
a fall in market share;
a fall in sales.
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Key mitigation measures
continuous monitoring of service rates and on‑shelf availability rates;
performance monitoring of logistics providers;
supply chain optimisation (costs and productivity);
automation through digitalisation of forecasting and ordering processes;
active communication with suppliers to anticipate shortages;
seeking alternative ingredients, products and suppliers;
opportunity purchases and buffer stocks (especially for certain sensitive products);
preparing and implementing business continuity plans in the event of partial or total failure of one or more warehouses;
setting up sourcing crisis units.
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Risk management
Appropriateness of the financial services model
Description of the risk
The Group’s financial services consist of two business lines:
banking activities (France, Spain, Belgium, Brazil, Argentina) which are mainly based on the granting of consumer credit (e.g., credit
card – carte Pass in France);
insurance activities (insurance and brokerage in France, brokerage in other geographies).
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In an economic context shaped by inflation and slowing growth, the challenge for Financial Services is to diversify its offer to
effectively meet the full range of customer needs and reduce dependency on certain products. An insufficient or delayed increase in
the usury rate in relation to changes in key rates could also weigh on the profitability of Financial Services.
A poorly diversified offer could, moreover, be undermined by new regulations which could make it more difficult to market and
negatively affect its profitability. This offer must, in any case, take into account the multiple, complex and sometimes divergent legal or
regulatory requirements applicable in the various countries. These requirements exacerbate the risk of misinterpretation and
non‑compliance.
In order to meet the challenges of a market driven by customer expectations for digital solutions and the growth of digital players
(e.g., online banks), Financial Services must also invest and innovate to digitalise its offering and operations.
The challenge will also be to adapt its Financial Services organisation to optimise coordination between the different distribution
channels: Carrefour stores, bank branches, website and dedicated applications.
Potential impacts of the risk
sanctions by a supervisory authority;
financial redress – individual or collective – for the benefit of customers (e.g., class action in Spain and Argentina);
harm to the Group’s image;
difficulties in winning customers or retaining their loyalty;
a loss of competitiveness;
a loss of market share;
a narrowing of margins;
a decrease in net banking income.
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Key mitigation measures
a significant increase in digital investments (organisation and commercial offer);
the development of new growth opportunities (e.g., new products or services);
continued development of synergies between the financial services and retail activities (e.g., Atacadão);
monitoring at the Group level of investment diversification in Group countries;
the application of continuous improvement models for better adaptation to market developments;
legal and regulatory monitoring with a view to bringing the offer into compliance (if necessary);
monitoring the market (competition and customer expectations) to identify growth areas;
sharing of best practices between countries (in terms of products, services or organisation).
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Risk management
Securing the growth of e‑commerce
Description of the risk
Exacerbated by the health crisis, the strong growth in e‑commerce (particularly in food) has pushed players from the physical retail
sector, such as Carrefour, to accelerate the development of their digital offer (home delivery, drive, click & collect). Against this
backdrop, the Group has put the development of e‑commerce and omni‑channel retailing at the heart of its digital strategy, with a
target for 10 billion euros in e‑commerce GMV in 2026.
Historical operators are competing with digital‑only banners who offer an innovative product and service range and who could
establish a physical presence, particularly through partnerships or acquisitions.
To achieve its objectives, the Group must continue to adjust its supply chain and its store and warehouse operations, in order to
guarantee a high quality of service and the best possible customer experience for all online shoppers. In addition, the Group must
continuously adapt to market demand by optimising its business model and production facilities in response to changing needs.
Customers could find that the range of products and their availability online is not as good as in the stores, and that prices are too
high. They could also decide that the quality of digital services is not good enough, for example a poor order conformity rate, too
limited a choice of delivery or pick‑up times, or inadequate customer service.
Potential impacts of the risk
mismatch between demand and online order picking and preparation and delivery capacities;
harm to Carrefour’s image;
a decline in customer satisfaction;
a loss of market share and capture of growth in e‑commerce sales;
a deterioration in profitability of online operations;
a correlated decline in physical sales to omni‑channel customers.
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Key mitigation measures
monitoring and analysis of customer satisfaction with the e‑commerce offer;
digital upskilling of employees;
adapting the e‑commerce product and service offer to market developments (e.g., competitors, customers);
sustaining partnerships with food e‑commerce operators (e.g., Uber Eats, Stuart, Glovo, Rappi);
monitoring the order conformity rate by country;
implementing specialised logistics tools to improve the conformity rate;
improving picking model processes (hybrid, in‑store picking and in‑warehouse picking) to improve the quality of service (conformity
rate and compliance with delivery or pick‑up times);
improving the productivity of picking models to boost their profitability;
rolling out the hybrid model to increase picking capacity with a high order conformity rate;
developing the non‑food e‑commerce offer;
sharing best practices between countries to improve the customer experience and pathway (e.g., the 5/5/5 order picking method).
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Risk management
Information systems (IS) underperformance and cybercrime
Description of the risk
The Group’s broad range of business operations (physical and digital retailing, real estate and financial services, etc.) and processes
rely largely on the reliability and effectiveness of many information systems, developed or administered by internal or external
resources.
In this context, Carrefour needs to take regular stock of its tools and applications to prevent any obsolescence or underperformance.
The achievement of the Group’s strategic objectives, many of which are linked to digital technology, depends on the level of
performance of various information systems (e.g., procurement, HR, e‑commerce).
The Group must therefore identify the right partner, the right solution and combine the right investments to address these issues,
which are at the heart of the Company’s development.
The Company’s growing dependence on digital tools also places increasing demands on the management of the threat of cybercrime.
A partial or total shutdown of these tools could disrupt Group business operations, particularly in terms of supply, cash collection,
e‑commerce, financial oversight and financial statement preparation.
Such a shutdown could be caused by various acts of cybercrime (such as ransomware). The obsolescence of tools and/or the
complexity of interconnected systems (including with suppliers or partners) could amplify the impact of these acts.
Furthermore, information systems could be diverted from their normal use by malicious actors (e.g., use of Carrefour infrastructures to
host malicious sites).
Lastly, information systems process and store sensitive data (such as personal data). These data could be stolen during a cyber attack
and then possibly disclosed by the attackers.
Potential impacts of the risk
partial or total business disruption (stores, warehouses, websites and applications);
malfunctions in specific areas of its operations (e.g., order tracking, invoicing, cash collection);
loss or leaks of sensitive data (about the Company, its customers, employees or partners);
loss or deterioration of employee access to the IT tools required for them to do their jobs;
financial losses for the Group, its partners or customers;
sanctions imposed by regulatory authorities;
harm to its image.
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Key mitigation measures
monitoring of the performance of critical information systems (e.g., e‑commerce sites, logistics systems);
an obsolescence and renewal management plan (IT roadmap);
migration of information systems to the Cloud to improve security, accessibility and scalability;
management of the system by the Group Information Security Committee, supported by a local country network;
a software vulnerability identification and mitigation programme;
a programme to strengthen critical IT infrastructure;
a global or country Security Operation Centre (SOC) to detect security incidents and a programme to standardise cyber security
incident management;
establishing business continuity and resumption plans in the event of an incident;
automatic encryption of sensitive data using the DataSecure programme;
protecting access to information systems via a second authentication factor;
employee awareness‑raising and training.
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Risk management
Attracting and retaining talent Δ
Description of the risk
With more than 320,000 employees, the Group is one of the world’s top 50 private employers. In a highly competitive talent market –
where the image of the sector is a key factor – attracting and retaining the best candidates is a constant challenge in achieving the
Group’s strategic objectives. The quality of the services delivered to customers depends on the competence, commitment and
motivation of the employees.
The Group is undergoing a profound digital transformation, which is at the heart of its strategy. It is investing heavily in digital
innovation. Attracting digital‑savvy talent – who are in high demand in the market – is a real challenge. Tensions in recruitment are
also visible in some of the Group’s key operational functions.
The talent attraction and retention policy must balance the components of a complex equation: corporate culture, competitive
compensation, skills development, flexibility in work organisation and work‑life balance.
These challenges are being exacerbated in a tight labour market, where unemployment is low (4.9% in the OECD at the end of 2022,
the lowest level since 2001) and pressure on wages is being accentuated by the inflationary context.
Potential impacts of the risk
a delay in achieving the Group’s strategic objectives (particularly in terms of digital transformation);
a lack of operational efficiency and competitiveness;
demotivated employees;
a talent drain;
a loss of experience in and know‑how of key processes;
salary inflation in order to be able to recruit certain rare skills.
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Key mitigation measures
developing the employer brand (e.g., communication campaigns, presence in target schools and at professional events, graduate
programmes for promising recent graduates, Institut du Management Marcel Fournier leadership programme);
a talent retention programme (e.g., building career plans, skills development, Act for Change programme aimed at enhancing
corporate culture);
increasing flexibility in working methods, with remote working available to employees at all head offices;
digital recruitment tools that simplify the process for candidates and reach more candidates (e.g., Romania);
defining succession plans to better anticipate departures/mobility;
strengthening training programmes for shop employees and central functions, in particular on digital acclimatisation (e.g., e‑learning
modules, schools/internal workshops offered by specialists in the relevant fields);
improving the way annual interviews are conducted (e.g., mid‑year interview);
setting up an employee share ownership programme.
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Product quality, compliance and safety Δ
Description of the risk
Guaranteeing the quality and safety of Carrefour‑branded products and complying with health standards across the entire supply
chain and in stores are major issues. These issues are strengthened by the Act for Food programme (launched in September 2018),
and are in line with Carrefour’s raison d’être and ambition to be the leader in the food transition for all.
Non‑compliance with specifications, purchasing rules, a labelling problem or failure in logistics tracking (e.g., respect for the cold
chain) could lead to Carrefour selling non‑compliant products.
This risk could occur due to:
a problem in defining the specifications for Carrefour‑branded products (in particular with regard to compliance with Carrefour’s
commitments to the food transition for all);
a defect in the manufacture of Carrefour‑branded products;
a failure to comply with safety requirements for imported products (excluding Carrefour‑branded products);
a breach of quality and health standards in the stores or warehouses (Carrefour‑branded products or national brands);
significant shortcomings in product controls and traceability (Carrefour‑branded products or national brands);
failings in the withdrawal and recall procedure for non‑compliant products (Carrefour‑branded products or national brands).
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Potential impacts of the risk
a partial or total site closure due to non‑compliance with health standards in stores or warehouses;
financial and even criminal sanctions, especially in the case of incidents involving Carrefour‑branded products;
financial losses linked to withdrawal and recall procedures for Carrefour‑branded products;
harm to Carrefour’s image;
a decline in customer satisfaction;
a fall in market share;
a fall in sales.
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Key mitigation measures
The Group Quality department has developed a number of standards and tools, including Quality Charters, which are deployed in all
countries where the Group operates. The Country‑level Quality departments are also part of the Quality network, with regular
meetings and discussions aimed at sharing best practices and ensuring a consistent approach at Group level.
More specifically, the mitigation measures taken focus on the following issues:
implementing and strengthening purchasing rules at Group level, with commitments supporting the food transition and product
quality;
developing the quality culture in the Group through employee training and awareness‑raising, especially concerning product
withdrawal and recall procedures;
rolling out blockchain technology, particularly for new food products in the Carrefour Quality Lines, to ensure full traceability and
guarantee total transparency for consumers about where the products have come from;
regular monitoring of indicators, site audits and laboratory analysis of products;
digitalising procedures and withdrawal and recall tools (e.g., Alertnet) for non‑compliant products to warn store managers of
non‑compliant products and block those products at checkout;
improving communication flows about product withdrawal and recall procedures, particularly through messaging apps;
defining and implementing a crisis management policy.
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Risk management
Ensuring the sustainability of the supply chain Δ
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Description of the risk
Ensuring the sustainability of the supply chain and controlling the social, societal and environmental impact of our products and
suppliers are major issues. The Group could experience difficulties in adapting its value chain to take account of different stakeholder
requirements in this respect, particularly as regards the following issues:
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respect for human rights and working conditions and fair compensation for all parties involved in the supply chain (e.g., textiles and
fruit and vegetable picking);
use of environmentally- and animal welfare‑friendly agricultural products and production processes, particularly with regard to
deforestation (e.g., palm oil, timber and paper, Brazilian beef) and pollution (e.g., use of chemicals in the textile industry, use of
GMOs);
use of healthy and environmentally safe materials and ingredients (e.g., food additives, plastics);
developing sustainable relationships with suppliers and resilient supply chains (e.g., long‑term partnerships, local sourcing, adapting
to climate change).
Potential impacts of the risk
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social impacts: the Group could be held liable if it uses suppliers that do not respect human rights or comply with labour laws,
especially in the countries most at risk;
environmental or animal welfare impacts: the use of certain commodities or ingredients/raw materials could cause environmental
damage (e.g., deforestation, industrial pollution, etc.) or animal suffering;
reputational impacts: for example, due to negative comments on social media, campaigns led by NGOs and a poor perception of
the Group’s ambitions and commitments in terms of the food transition, which could lead to a decline in footfall and, therefore, the
Group’s market shares;
financial impacts: financial sanctions for non‑compliance with the applicable regulations and legislation, especially concerning
respect for the law on the duty of vigilance.
Key mitigation measures
The Group has established CSR and food transition purchasing rules, as well as policies setting out:
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the commitments made by suppliers through their signing of a commitment charter including the Group’s Principles of Ethics,
which is annexed to purchasing contracts;
compliance processes and rules for social audits of at‑risk sectors;
action plans to ensure compliance of sensitive production phases and raw materials with specific purchasing rules;
Carrefour’s key objectives in developing more sustainable production methods, mainly by developing organic farming and
agroecology.
Since 2018, a CSR and Food Transition Index has been calculated and tracked to measure the achievement of the Group’s CSR
objectives. This index measures the Group’s performance in implementing the food transition objectives. It is a compensation criterion
for the Chairman and Chief Executive Officer and all employees in country head offices and Group functions who receive annual
variable compensation.
Internal and external audits are performed regularly to ensure that these rules and objectives are properly applied in all relevant
countries and departments.
The Group focuses on the following issues:
implementing a duty of care plan for risks related to the environment, human health and safety, and respect of human rights in
supply chains;
deploying the solutions available to guarantee traceability through tools such as blockchain and supplier certification or
geomonitoring;
ensuring the compliance of the raw materials used for Carrefour‑branded products, mobilising the players upstream of our supplies
to transform their entire offer;
working collectively to develop new market standards and multi‑stakeholder initiatives in producer and consumer countries.
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The CSR department, in association with the professions (merchandise, quality, etc.), has set up procedures for dialogue with
stakeholders such as associations, NGOs, public authorities, suppliers and consumers, to guarantee continuous improvement in
control over these issues throughout the Group.
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Risk management
4.1.3
INSURANCE
For the past several years, the Group’s insurance strategy has
focused on providing the best possible protection for people and
assets.
4.1.3.2 Information concerning the main
insurance programmes
4.1.3.1 Group insurance policy
The Group’s insurance strategy is primarily based on identifying
insurable risks through a regular review of existing and emerging
risks, in close cooperation with operational managers, the various
Carrefour group departments involved, and external specialists.
Worldwide programmes
To cover the main identified risks, the Carrefour group has set up
comprehensive, worldwide programmes (especially for property
damage and business interruption, and civil liability policies) with
reputable international insurance companies, providing uniform
coverage, to the extent possible, for all formats (consolidated
stores only), wherever the stores are located (except in countries
where regulations prohibit this type of arrangement).
Thus, the Group has a solid understanding of the limits of the
coverage
insurance
programmes have been taken out with leading global insurers.
in place, and
the certainty
that
its
The following is provided for information purposes only in order
to illustrate the scope of action in 2022. This information should
not be regarded as unchanging, since the insurance market is
constantly evolving. The Group’s insurance strategy therefore
depends on and adapts to insurance market conditions.
Property damage and business
interruption coverage
This insurance protects the Group’s assets through an “all risks,
with exceptions” policy, on the basis of guarantees available on
the insurance market to cover the traditional risks for this type of
coverage, which include fire, lightning, theft, natural disaster and
the resulting operating losses.
The limits and exclusions of this property damage and business
interruption policy are consistent with market practices.
Deductibles are established as appropriate for the various store
formats.
Civil liability coverage
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4
Acquisitions during the year
The Carrefour group ensures that acquisitions carried out over
the course of the insurance year are quickly covered under its
comprehensive programmes, or, where applicable, benefit from
limits)
its DIC/DIL
coverage policies, in order to ensure solid control over existing
coverage and benefits.
in conditions/difference
(difference
in
Prevention policy
The Group’s insurance policy requires that risk prevention
measures be monitored by the Group Security department in
coordination with local Group liaisons in each country, as well as
with the Group’s insurers.
Transfer of insurable risk and self‑insurance of
some risks
In order to optimise insurance costs and better manage risk, and
in line with its insurance policy, the Group transfers identified
insurable risks to the insurance market and has a policy of
maintaining certain high‑frequency risks within property damage
and business interruption, civil liability and goods transportation
through its captive re‑insurance company. The results of this
captive company are consolidated in the Group’s financial
statements.
A stop‑loss provision per claim and per insurance year has been
established in order to protect the captive company’s interests
and limit its commitments.
This programme is intended to cover the Group’s activities
against the financial consequences of its civil liability in the event
that the Company may be held liable for resulting damage and/
or bodily harm caused to third parties.
Limits and exclusions in force for this policy comply with market
practices. Deductibles vary from country to country.
5
The Group is also covered against the risk of harming the
environment as part of its comprehensive, worldwide civil liability
insurance programme.
Mandatory insurance
The Group takes out different
accordance with local law, including:
insurance programmes
in
6
auto insurance;
construction
liability, etc.);
insurance (building defects, ten‑year builder
professional liability insurance related to its activities:
■
■
■
■ banking,
■ insurance,
■ travel.
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4.2 Internal control system
4.2.1 DEFINITION AND OBJECTIVES OF THE INTERNAL CONTROL SYSTEM
4.2.1.1 Introduction and applicable
reference framework
The Carrefour group’s internal control system is based on the
reference framework published by the French financial markets
authority (Autorité des marchés financiers – AMF) in 2007 and
updated on July 22, 2010, and its implementation guidance. The
AMF’s reference framework addresses the management of risk
and internal control systems as well as procedures relating to the
oversight and preparation of accounting and financial
information. It is consistent with the COSO (Committee of
Sponsoring Organizations of the Treadway Commission) internal
control framework.
The Group’s banking and insurance businesses in France have
their own system which complies with
the decree of
November 3, 2014 on internal control in companies in the
banking, payment services and investment services sector, and
with Directive 2009/138/EC (the “Solvency II Directive”) on risk
governance and management in insurance companies. These
businesses are supervised by the French prudential supervision
and resolution authority (Autorité de contrôle prudentiel et de
résolution – ACPR).
4.2.1.2 Objectives of the internal control
system
The internal control system comprises a set of permanent
resources, standards of conduct, procedures and actions
adapted to the individual characteristics of the Company and its
subsidiaries, which:
■
■
contribute to the control of its businesses, the efficiency of its
operations and the efficient use of its resources; and
enable it to deal appropriately with all major operational,
financial or compliance‑related risks.
More specifically, the internal control system is designed to
ensure that:
the Group’s economic and financial targets are achieved, in
accordance with laws and regulations applicable Group‑wide;
instructions and directional guidelines established by the
Group’s Executive Management for accounting and financial
matters are applied;
internal processes are working correctly, particularly those
contributing to the security of assets; and
published accounting and financial information is reliable.
■
■
■
■
4.2.1.3 Scope and limitations of the internal
control system
internal control system presented
The
is
implemented in the Company and all its fully‑consolidated
subsidiaries, and covers a larger scope than the procedures
relating to the preparation and processing of accounting and
financial information.
this report
in
By helping to prevent and control the risks that may prevent the
Group from achieving its objectives, the internal control system
plays a key role in the management and oversight of its activities.
However, as the AMF reference framework underscores, no
matter how well designed and properly applied, an internal
control system cannot fully guarantee that the Group’s objectives
will be achieved. There are inherent limitations in all internal
control systems, which arise, in particular, from uncertainties in
the outside world, the exercise of judgement or problems that
may occur due to technical or human failure, or simple error.
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4.2.2
INTERNAL CONTROL ORGANISATION AND PARTIES INVOLVED
4.2.2.1 Internal control environment
The Group’s internal control system is part of a system of values
driven by the governing bodies and Executive Management, and
conveyed to all staff as part of efforts to build a corporate culture
focused on integrity, ethics and awareness of risk control and
management.
The Group has set up a formal control environment through a
Group internal control system comprising:
■
■
■
■
■
internal control framework;
Sapin II controls framework;
a definition of the powers, responsibilities and objectives
assigned at each level of the organisation, according to the
principle of the separation of duties;
procedures containing guidelines
financial processes; and
for managing critical
various
implemented by the countries under the Group’s supervision.
activities, procedures
and measures
control
The internal control and Sapin II controls frameworks are
developed within the Group Internal Control department and are
the main tools with which each country conducts its internal
controls, which are themselves audited by the Group. Containing
around 250 rules that are mandatory for all countries, the
frameworks are deigned to cover:
■
■
■
■
■
■
general internal control risks such as delegations of power,
separation of duties, risk mapping, business continuity plans
and document archiving;
accounting and financial risks;
operational risks related to the main purchase, stock, sale or
property management transactions;
risks associated with the safety and security of property and
people;
risks to the continuity, integrity, confidentiality and security of
information systems;
compliance, corruption,
laundering risks.
influence peddling and money
The Group’s Executive Management has established rules of
governance limiting the powers of the Company officers of each
Group company. Prior approval by the Board of Directors or the
equivalent body of the Company concerned as well as the
Internal
some
transactions. Delegations of powers and responsibilities are
established at country and Group level in accordance with
hierarchical and functional organisational charts. This structure
complies with the principle of the separation of duties.
Investment Committees
required
for
is
The Group internal control system described above is reflected in
the countries by precise operational procedures, defined control
activities and periodic control assessment and testing exercises.
Furthermore, this structure is conveyed by a management
framework that is underpinned by medium‑term objectives
organised according to country and by the steering of activities
in line with annual budget targets and multi‑year plans rolled
down to individual level.
The Group ensures the guidelines for managing critical financial
reliable
processes are circulated, and
information
is disseminated and conveyed to the parties
concerned so that they can perform their duties in accordance
with Group standards and procedures:
relevant and
that
■
■
■
■
the Group’s functional departments participate in drawing up
Group rules for their area of activity and may, where
appropriate, apply these rules in procedures and best practices
for Group entities;
the Group’s regulatory framework is circulated to all Country
Executive Directors, Finance Directors and Internal Control
Directors during the self‑assessment campaign;
the Group’s accounting close instructions are sent to all
Finance Directors at the end of each month and quarter;
the Group Investment Committee’s governance rules are sent
to all Finance Directors.
Similarly, the countries make sure to relay relevant, reliable
information to the parties concerned so that they can perform
their duties in accordance with Group standards and procedures.
4.2.2.2 Internal control organisation
Internal control activities are designed to ensure that the
necessary measures are taken in order to reduce exposure to the
strategic, operational and asset risks
likely to affect the
achievement of the Group’s objectives. Control activities take
place throughout the organisation, at every level and in every
function, including prevention and detection controls, manual
and IT controls, and hierarchical controls.
As part of a continuous improvement approach to internal
control, Carrefour has created a Group
Internal Control
department, which reports to the Group Finance department and
is responsible for leading and coordinating the system at Group
level. The Group Internal Control department is thus supported
by a network of local internal control officers in the Group’s
countries and entities.
The Country Executive Director is responsible for setting up,
running and supervising the internal control system within his/
her scope of responsibility. To do this, the Country Executive
Management teams deploy procedures and operating methods,
including control activities required to cover all the strategic,
operational and asset risks relating to their businesses and
organisation. These procedures and operating methods include
and extend the key controls set out in the Group regulatory
framework.
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Local internal controllers support the Country Executive Director by:
■
■
helping to define the country
internal control system,
particularly by ensuring that the Group internal control system
is properly rolled out;
ensuring that procedures defined by the country and the
Group are properly applied, and, in the event of weaknesses,
assist operational and functional departments in implementing
remediation programmes.
Specialists in the functional departments, e.g., management,
information systems, human resources, digital technology,
purchasing and supply chain, support the operatives at all levels
of the organisation, which helps to spread best internal control
practices.
4.2.2.3 Parties involved in the internal control system
The various parties involved in the Group’s risk management and internal control are described below. They are organised in
accordance with a “three lines of defence” model as shown in the following diagram:
BOARD OF DIRECTORS
AUDIT COMMITTEE
EXECUTIVE MANAGEMENT
1st line of defence
2nd line of defence
Conduct of operations
Risk management and internal control
See Section 4.2.2.3.2
3rd line of defence
Internal audit
See Section 4.2.2.3.3
Functional departments
See Section 4.2.2.3.2
■ Finance
■ Legal
■ Ethics, Compliance
and Data Protection
■ Safety
■ Property Management
■ Quality
■ CSR
■ Human Resources
■ Information Systems
■ Insurance
Reporting, accountability
Steering, supervision, delegation, resources
Collaboration
T
I
D
U
A
L
A
N
R
E
T
X
E
S
R
O
T
A
L
U
G
E
R
First line of defence: the operational managers, responsible for evaluating, preventing and controlling risks, principally through an
appropriate control system covering all processes for which they are responsible. They thus assure the day‑to‑day management of
activities and operations using the most effective risk management practices at process level.
Second line of defence: risk management and internal control in coordination with the functional departments, which are responsible
for their area of expertise. The objective is to structure and maintain the system of control over the organisation’s business operations
(see Section 4.2.2.3.2).
Third line of defence: Internal Audit, operating independently from management to provide assurance and insight on the adequacy and
effectiveness of governance and the management of risks (see Section 4.2.2.3.3).
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The Board of Directors reports on the Group’s principal risks and
uncertainties in the management report, by assessing the main
features of internal controls.
■
Through its supervisory role, the Board is also involved in internal
control. It takes note of the process for preparing financial
information as well as the essential characteristics of the internal
control and risk management systems communicated by the
Audit Committee and the Group’s Executive Management. It also
takes note of the CSR risk prevention plan provided by the CSR
Committee.
The duties of the Audit Committee established by the Board of
Directors are to:
■
■
■
review the financial statements and ensure that the accounting
methods adopted to prepare the Company and consolidated
financial statements are relevant and consistent before they are
the
presented
procedures used to prepare the financial statements and
assesses the validity of the methods used to present material
transactions;
the Board of Directors.
It monitors
to
monitor the process for preparing financial information and,
where applicable, make recommendations to ensure the
integrity of such information;
the
the effectiveness of
monitor
internal control, risk
management and, where applicable, internal audit systems
relating to the preparation and processing of accounting and
financial information, without compromising its independence.
It ensures that such systems are in place and implemented, and
that corrective measures are undertaken in the event that any
failings or anomalies are identified. For this purpose, the
Statutory Auditors and the internal control and internal audit
managers submit their main findings to the Committee. It must
be kept informed about the internal audit programme and
must be provided with the internal audit reports or a regular
summary of these reports. It must also be informed of the
outcome of the self‑assessment questionnaires and the
internal control action plans;
■
monitor the work carried out by the Group Internal Audit and
Risk teams. It approves the internal audit plan and must be
provided with the Group internal audit reports or a regular
summary of these reports. It must also give its opinion on the
relevance of the work and organisation of the Internal Audit,
Risk and Internal Control departments;
RISK MANAGEMENT AND INTERNAL CONTROL
Internal control system
review risks and material off‑balance sheet commitments,
assess the significance of any malfunctions or weaknesses
reported to it, and inform the Board of Directors where
appropriate. As such, the review of the financial statements
must be accompanied by a presentation prepared by
Group Executive Management describing the Company’s risk
exposure and its material off‑balance sheet commitments, as
well as a presentation prepared by the Statutory Auditors
highlighting both the key findings of their statutory audit,
including any audit adjustments and significant internal control
failings identified during their engagement, and accounting
options applied. The Audit Committee is also responsible for
examining and analysing the information on internal control
and risk management included in the management report;
■
regularly review the mapping of the Group’s main risks that
may be reflected in the financial statements or which have
been identified by Group Executive Management and may have
an impact on the financial statements. It takes note of the main
characteristics of the risk management systems and the results
of their operations, drawing in particular on the work of the
internal audit and internal control managers and the Statutory
Auditors.
for
the
reference
The Group’s Executive Management sets
internal control system, by
framework
the Group’s
the control environment. The Executive
consolidating
lead and
to design, coordinate,
role
Management’s
continuously supervise internal control systems, and it has
defined a Group regulatory framework that covers all the
principles and standards applicable to all Group entities and
employees.
is
Moreover, Executive Management is responsible for the internal
control systems. As such,
tasked with designing,
it
implementing and overseeing the internal control systems suited
to the size of the Group, its activity and its organisation.
is
It initiates any corrective actions that are needed to rectify an
identified malfunction and to maintain a situation within the
limits of acceptable risk. It ensures that these actions are
successfully implemented.
The Executive Management’s duties in relation to the internal
control system also include defining the corresponding roles and
responsibilities in the Group.
Lastly, the CSR Committee, in verifying the application of the
Group’s CSR commitments, assessing CSR risks, and monitoring
the annual non‑financial performance report, also contributes to
the internal control system.
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4.2.2.3.2 Internal control, functional departments and risks
As part of the management of the internal control system, the Group’s Executive Management has set up the following organisation:
Second line of defence
Main role
Group Internal Control
department
Group Risk department
designing and maintaining the internal control and Sapin II frameworks in association with the
Group’s risk universe;
leading and consolidating the annual internal control self‑assessment process;
analysing incidents, self‑assessments and internal audit findings to propose changes to the internal
control framework and organisation;
monitoring the implementation of the resulting action plans;
communicating about and training in internal control and risk management;
functional management of the Country internal control teams;
monitoring regulatory developments and fraud types, to share with all entities;
the strategy for the development of the internal control function.
overseeing the Group risk assessment process with the countries and updating the risk map annually
(including emerging risks);
making risk owners aware of the results;
monitoring the implementation of the action plans.
■
■
■
■
■
■
■
■
■
■
■
Functional departments
Main role
Group Finance department
Group Legal department
Group Ethics, Compliance
and Data Protection
department
Group Security department
Group Property department
Group Quality department
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
ensuring that accounting and financial information is reliable;
managing risks that may be reflected in the financial statements and may have an impact on them;
measuring Group performance and budget control;
following Group investment procedures;
managing, updating and circulating all of the Group’s financial and accounting standards;
establishing policies for the Group’s financing, market risk control and banking relations;
monitoring compliance with all applicable tax regulations and legislation.
monitoring the Group’s main disputes;
monitoring compliance with governance rules within the Group’s governance bodies and main
subsidiaries;
monitoring the Group’s main legal risks;
implementing a Group‑wide market abuse prevention programme.
the construction, oversight and updating of compliance programmes (Sapin II, anti‑money laundering
and combating the financing of terrorism, fraud, protection of personal data), within the Group;
ensuring compliance with and the effective implementation of compliance procedures at Group level
as defined in the compliance programme;
coordinating the network of compliance officers in the subsidiaries;
drawing up and monitoring the Group’s map of corruption risks;
receiving and dealing with whistleblowing alerts.
identifying and preventing threats;
managing malicious attacks on people, values, physical assets and intangible assets, to contribute to
maintaining the Group’s business continuity;
coordinating the Group’s crisis management system;
risk management related to security and the operation of establishments open to the public;
managing risks related to international business travel;
the coordination of fraud investigations.
establishing the Group’s property policy.
establishing the product quality, health and safety policy within the Group;
managing security, quality, compliance and product safety risk;
coordinating crisis management relating to product safety risks;
ensuring that products conform to Carrefour’s commitments.
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Functional departments
Main role
Group Finance department
Group CSR department
Group Human Resources
department
Group Data Security
department
Group Insurance
department
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
ensuring that accounting and financial information is reliable;
managing risks that may be reflected in the financial statements and may have an impact on them;
measuring Group performance and budget control;
following Group investment procedures;
managing, updating and circulating all of the Group’s financial and accounting standards;
establishing policies for the Group’s financing, market risk control and banking relations;
monitoring compliance with all applicable tax regulations and legislation.
implementing policies and action plans and monitoring the Group’s objectives with respect to the
Non‑Financial Statement (see Chapter 2 of this Universal Registration Document), as well as
measuring and cross‑functionally monitoring the CSR and Food Transition Index, a criteria for
executive and Chairman and Chief Executive Officer compensation;
implementing a duty of care plan aimed at preventing serious violations of human rights and
fundamental freedoms, the health and safety of individuals and the environment;
upholding purchasing rules for the social and environmental compliance of purchases of all
controlled products. These rules stipulate:
● the requirement for all suppliers to sign a Commitment Charter, and the procedures and standards
for carrying out social audits,
● that all the Group’s purchasing entities must appoint a person in charge of social and environmental
compliance;
helping suppliers to achieve compliance, while raising awareness and providing training among
suppliers and sourcing teams;
complying with and updating purchasing rules for the food transition, including responsible sourcing
criteria to be introduced across all countries and the associated objectives.
establishing a human resources management policy within the Group that:
● ensures the proper availability level of resources, suitable for current and future business
requirements,
● monitors employees’ career development and commitment, while guaranteeing and complying
with principles of diversity,
● ensures high‑quality social dialogue,
● defines the framework for the compensation policy and employee benefits and guides the
associated commitments,
● helps to create a culture of collective development and performance,
● ensures compliance with labour law and all legal or contractual provisions regarding the Company’s
5
employees;
● coordinating social risk management.
defining the Group strategy on the security of information systems to manage the risks relating to the
continuity, integrity, confidentiality and traceability of data, and the risk of cyber‑attacks in particular;
coordinating the various Group entities and measuring the maturity of their information security
system.
setting up insurance to cover the Group’s insurable risks as effectively as possible, based on available
capacity on the market and the optimal methods for spreading risk – from transfer to the market to
self‑insurance – pursuant to Group insurance policies. In this regard, it works with the Group Audit
and Risk department.
4.2.2.3.3 Group Internal Audit department
The Group Internal Audit department has a solid‑line reporting
relationship with the Group Secretary General and reports to the
Audit Committee. It performs an independent assessment of the
effectiveness of internal control and risk management systems,
by identifying weak points and making recommendations for
improvements.
The Internal Audit department is tasked with:
■
assessing the operation of asset risk management and related
internal control systems by performing the tasks included in
the annual audit plan; and
■
regularly monitoring
recommendations to improve these systems.
and making
any
necessary
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4.2.3 MONITORING SYSTEM
4.2.3.1 Continuous monitoring
Continuous monitoring is organised so that incidents can be
pre‑empted or detected as rapidly as possible. Management plays
a long‑term daily role in the effective implementation of the
internal control system. Specifically, it establishes corrective
action plans and reports to the Group’s Executive Management
and Internal Control department on significant malfunctions
when necessary.
4.2.3.2 Periodic monitoring
Parties involved in periodic monitoring
Periodic monitoring is performed by managers, operatives,
internal controllers, compliance officers, internal auditors and the
Statutory Auditors:
■
■
■
■
■
managers and operatives check that the internal control
system is working effectively, identify the main risk incidents,
draw up action plans and ensure that the internal control
system is appropriate in view of the Group’s objectives;
the internal control function periodically checks that control
activities are being properly implemented and that they are
effective against risks. Control activities are defined and
implemented by process managers, and coordinated by
internal controllers who report to members of the Country
Executive Committee and to the Country Executive Director.
Coordination of the internal controllers by the Group Internal
Control department ensures consistency in control activity
methodology, guarantees comprehensive coverage of all risks
across all processes; and ensures that the relevant internal
control teams are competent and equipped with the resources
needed to establish a control environment;
the Ethics and Compliance function ensures compliance with
and effective
anti‑corruption
compliance programme and reports information on alerts and
fraud to the Operations, Legal, Internal Control and Internal
Audit departments;
implementation of
the
the Internal Audit department provides the Country Executive
Management teams, the Audit Committee and the Group’s
Executive Management with the findings of their engagement
and their recommendations;
during their audit work, the Statutory Auditors obtain an
understanding of the Group’s internal control systems as
regards accounting and financial reporting procedures. They
identify its strengths and weaknesses, evaluate the risk of
material misstatement, and make recommendations where
appropriate.
Main components of internal control system
oversight
Annual internal control self‑assessment campaign
The annual internal control self‑assessment is a mature process
in the Group, and is based on questionnaires completed by all
entities within the scope.
The questionnaires are consistent with existing frameworks and
based on an internal control risk analysis for each business and
on the identification of key control points. This process is
coordinated by Group
reviews,
consolidates and analyses the results of the questionnaires. A
summary is presented to the Audit Committee. Summaries are
also presented to the Group’s functional departments so that
they are equipped
their
departments and with the aim of further developing Group rules.
Internal Control, which
internal control within
lead
to
This system contributes to spreading the internal control culture
throughout the Group and also provides support in evaluating
the level of internal control and assessing how well operational
and functional risks are managed. The subsidiaries are required to
establish action plans to rectify any controls assessed as
ineffective. The local internal control officers are involved in
coordinating
the
self‑assessment and are responsible for monitoring the action
plans.
consistency of
reviewing
and
the
As part of its mission, and where applicable, the Internal Audit
department performs a review of self‑assessments carried out by
the Group’s subsidiaries during the annual internal control
self‑assessment campaign. Any discrepancies are reported in the
findings of the audit engagements and the conclusions are
shared with the Group Internal Control department. Monitoring
these divergences makes it possible to gauge the quality of the
audited subsidiaries’ internal‑control self‑assessment.
the self‑assessment process,
After
the Country Executive
Directors report to Group Executive Management on their level
of internal control through a letter of representation on the
internal control system, confirming that the core controls set out
in the Group’s rules have been properly performed, that the
action plans resulting from the self‑assessment have been
triggered and implemented within the agreed timeframe, and
that significant internal control and fraud incidents have been
In addition, the main
reported to Executive Management.
Country Finance Directors present
the
the summary of
self‑assessment to the Group Finance department.
At the annual close, the Country Executive Directors and Country
Finance Directors also sign a letter of representation for Group
Executive Management on the following:
■
■
■
■
■
■
■
compliance with laws and internal procedures, in particular
ethics principles;
confidentiality and security of information systems;
anti‑bribery and corruption measures;
personal data protection;
governance and delegations of power;
social responsibility;
trueness and fairness of the financial statements in relation to
the applicable accounting standards.
In addition to the annual self‑assessment process, thematic
control tests may be organised to ensure effective internal
control on a key topic. These targeted campaigns are developed
in conjunction with the relevant functional department(s). They
are presented to the Group’s Executive Management.
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All incidents may be reported using the Group or country ethics
hotline. Alerts raised are investigated to establish whether the
alleged events are true or not.
They are monitored by the Ethics, Compliance and Personal Data
Protection department using a single, centralised procedure
applicable to all Group subsidiaries. Employees who raise a
potential fraud alert in good faith may not be disciplined,
dismissed or subject to any direct or indirect discriminatory
measures.
Supervision by Executive Management
The Group’s Executive Management supervises the internal
control system by reviewing, in particular, the work and the
minutes of meetings of the following bodies:
■
■
■
■
■
■
Group and Country Ethics Committees;
Group Investment Committee;
Group Data Security Committee;
Group Risk Committee;
CSR and Food Transition Committee; and
any other ad hoc committee convened according to the needs
identified by the Group’s Executive Management.
Monitoring of action plans
Guidance and supervision of the internal control system involve
the monitoring, by the country internal controllers, of the action
plans relating to the internal control self‑assessment and risk
mapping processes, and of internal audit, external auditor or any
other control body recommendations.
Group internal control presents a summary of action plan
monitoring work to the Audit Committee. In addition, each
country is required to present progress on its action plans to the
Group Finance department.
Monitoring of fraud and internal control incidents
Fraud and other internal control incidents relating to ethics are
carefully monitored by the Country Ethics Committees, and
depending on their materiality, by the Group Ethics Committee.
The following events must be reported to the Group:
■
■
■
■
■
accounting misstatements and alterations harming the integrity
of
favourable or
unfavourable to the Company or the Group;
information, whether
financial
the
misappropriation or endangerment of tangible or intangible
assets;
events liable to constitute passive or active corruption or
influence peddling;
breaches of laws and regulations;
other significant breaches of the ethics principles and
compliance programme.
4.2.4 INTERNAL ACCOUNTING AND FINANCIAL CONTROL
internal control system described
The
paragraphs incorporates this risk approach.
in
the
following
Management within each country is responsible for identifying
risks that impact the preparation of financial and accounting
information as well as taking the necessary steps to adapt the
internal control system.
With regard to information that requires special attention given
its impact on the consolidated financial statements, the Group
Reporting and Consolidation department requests the necessary
explanations and may perform such controls itself. It can also
assign an external auditor to carry out such controls or submit a
request to the Chairman and Chief Executive Officer for the
Internal Audit department to intervene.
4.2.4.1 General organisational principles
of accounting and financial control
Internal accounting and financial control aims to ensure:
■
■
■
■
the compliance of reported accounting information with the
applicable rules (IFRS international accounting standards);
the application of
established by the Group;
instructions and strategic objectives
the prevention and detection of fraud and accounting and
financial irregularities;
the presentation and
information.
reliability of published
financial
Risks related to the production of accounting and financial
information can be classified into two categories:
■
■
those related to the accounting of recurring operations in the
Group’s host countries, whose control systems must be set as
close as possible to decentralised operations;
those related to the accounting of non‑recurring operations
that may have a material impact on the Group’s financial
statements.
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Internal control system
4.2.4.2 Management of the accounting
and finance organisation
Organisation of the finance function
The finance function is mainly based on a two‑level organisation:
■
the Group Financial Control department defines the IFRS
accounting principles applicable to Carrefour and provides
leadership and oversight of the production of consolidated
reports. This
financial
department
and Consolidation
department and a Performance Analysis department:
and management
a Reporting
statements
includes
■ the Reporting and Consolidation department monitors
standards, defines the Group accounting doctrine (“IFRS
accounting principles applicable to Carrefour”), produces
and analyses the consolidated financial statements, and
financial
the consolidated accounting and
prepares
information, and is the direct link to the Finance departments
at country level,
■ the Performance Analysis department analyses both
prospective and retrospective management reports.
It
the country‑level Finance
from
requests explanations
departments and alerts the Group’s Executive Management
to key issues and any potential impacts;
■
the country‑level Finance departments are responsible for the
production and control of the country‑level company and
consolidated financial statements. They are also responsible
for deploying an internal control system within their scope that
is adapted to their specific challenges and risks, taking into
account the Group’s recommendations and directives.
The Group Executive Director – Finance and Management
appoints the country‑level Finance Directors.
Accounting principles and procedures manuals
Group accounting principles are specified in a regularly updated
document that is communicated to all those involved in the
process.
The IFRS accounting principles applicable to Carrefour are
reviewed twice a year, before the end of each financial year and
six‑month period. They are defined and monitored by the
Accounting Standards department, which forms part of the
Group Reporting and Consolidation department, and are
presented to the Statutory Auditors. Material changes, additions
or deletions are presented to the Audit Committee.
The Group Financial Control Manual must be used by the
country‑level Finance departments. If necessary, country‑level
Finance departments can consult the Group Reporting and
Consolidation
provide
interpretations and clarifications.
department, which
alone
can
The country‑level Finance Directors meet regularly to discuss
new changes to the IFRS accounting principles applicable to
Carrefour and any application issues encountered.
Tools and operating methods
The Group continues to standardise the accounting systems
used in the various countries, in particular through its finance
tool transformation programme. In particular, this has enabled
the standardisation and documentation of procedures in the
various countries and an adequate separation of duties.
The Group uses a consolidation and reporting tool to detail,
make reliable and facilitate the transmission of data, controls and
consolidation operations.
Accounting and financial information systems are subject to the
same security requirements as all other systems.
Consolidation/reporting process and principal
controls
To assist the Group consolidation process, each country is
responsible for reporting its own financial data by legal entity and
for consolidating the financial statements at its own level.
The Group Reporting and Consolidation team leads this process
and is responsible for producing the Group’s consolidated
financial statements. Consolidation takes place monthly. The
Statutory Auditors audit the annual consolidated financial
statements and perform a review of the half‑yearly consolidated
financial statements. The half‑yearly and annual consolidated
financial statements are also published. The Group uses identical
tools, data and regional breakdowns for its management reports
and consolidated financial statements.
Subsidiaries prepare their own statutory financial statements as
well as the consolidated financial statements converted into
euros for their region. The Finance department in each country
makes use of controls in place in the consolidation tool. The
Reporting and Consolidation department checks for consistency
and performs a reconciliation and analysis at the end of each
month.
The main options and accounting estimates are subject to review
by the Group Reporting and Consolidation department and the
country‑level Finance Directors, including during meetings for
financial statement reporting options, organised before the
financial statements are reported at Group and country level in
cooperation with external auditors.
A hard‑close procedure was introduced by the Reporting and
Consolidation department in late May and late November to
anticipate, as far in advance as possible, any potentially sensitive
subjects relating to the six‑month and annual reporting period,
which is subject to a review by the Statutory Auditors.
Also, a review is carried out in late November by the Statutory
Auditors to assess the quality of the Group’s internal control
system and of the processes associated with measuring income
and expenses that, due to their nature and amount, have a
material impact on Group performance, so that any weaknesses
can be rectified before the financial year‑end.
In order to provide an opinion to the Board of Directors on the
draft financial statements, the Audit Committee reviews the
annual and half‑yearly financial statements and the findings of
the Statutory Auditors’ team concerning their work.
Accordingly, the Audit Committee meets regularly and as often
as necessary in order to monitor the process of preparing the
accounting and financial
information and ensure that the
principal accounting options applied are pertinent.
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Oversight of the internal control system for
accounting and financial reporting procedures
Oversight of the internal control system is mainly based on:
■
a self‑assessment campaign for the application and oversight
of the main rules defined by the Group concerning internal
accounting and financial control as well as additional control
tests. In this respect, action plans are defined at country level
where necessary and are subject to monitoring;
■
in‑country actions by the Group Internal Audit department. The
internal audit plan
internal
accounting and financial control.
incorporates tasks to review
Oversight also involves assessing the information provided by the
Statutory Auditors as part of their in‑country operations. The role
of the Statutory Auditors
limited to,
expressing an opinion as to whether the Company and
consolidated financial statements give a true and fair view of the
Group, and performing a review of the half‑yearly consolidated
financial statements.
includes, but
is not
At each annual close, Group Internal Control receives letters of
representation signed by the Country Executive Director and
country‑level Finance Director, certifying that the financial
information reported to the Group is reliable, fair and prepared in
accordance with the IFRS accounting principles applied by
Carrefour.
4.2.4.3 Control over financial
communications
RISK MANAGEMENT AND INTERNAL CONTROL
Internal control system
In organisational terms:
■
the Chairman and Chief Executive Officer and the Group
Executive Director – Finance and Management, as well as the
Financial Communications and Investor Relations departments,
are, except in certain cases, the sole contacts for analysts,
institutional investors and shareholders;
■
the Group Human Resources department, with support from
the Group Communications department, manages information
intended for employees;
■
the Group Communications department manages press
relations.
Procedures for controlling financial
communications
The Group Financial Control department is the exclusive source
of financial information.
Internal controls regarding the financial communications process
focus on compliance with the principle of shareholder equality,
among other
releases and significant
announcements are prepared by mutual agreement between the
Financial Communications department, which is part of the
Group Finance department, and the Group Communications
department.
issues. All press
Where appropriate, these departments are assisted (in particular,
as part of the market abuse prevention programme) by the Group
Legal department and the Legal department of Atacadão, the
listed Brazilian subsidiary controlled by the Group.
Role and purpose of financial communications
Financial communications policy
The Group Finance department defines and implements the
policy on disclosing financial results to the markets. The
Carrefour group discloses its sales on a quarterly basis and its
results on a half‑yearly basis. The Board of Director is informed of
all periodic publications and press releases on financial and
strategic operations, and makes comments as appropriate.
The Group Financial Communications department
is also
involved in coordinating the financial communications of the
Group and Atacadão.
The objective of financial communications is to provide the
entire financial community with clear information about the
Group’s strategy, business model and performance, by publishing
accurate, true and fair information while upholding the principle
of shareholder equality with regard to information.
Organisation of financial communications
Financial communications address a diverse audience, primarily
comprising financial analysts, institutional investors, individual
shareholders and employees. They are disseminated as required
by law (Shareholders’ Meeting) or the AMF’s regulations (periodic
publications, press releases). The Group also uses other channels
for its financial communications, including conference calls,
investor presentations on results or events (investors day),
meetings, conferences and roadshows for financial analysts and
investors, the Universal Registration Document and annual
report, and the corporate website.
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Legal and arbitration proceedings
4.3 Legal and arbitration proceedings
4.3.1
PROCEEDINGS IN CONNECTION WITH THE GROUP’S RECURRING
OPERATIONS
In the normal course of its operations, the Carrefour group is
involved
legal and administrative
proceedings.
in various arbitration,
A provision is recorded when, at the period‑end, the Group has a
present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation. A
description of provisions for claims and litigation can be found in
Chapter 6
the 2021 consolidated financial
to
statements) of this Universal Registration Document.
(Note 11.2
4.3.2 OTHER PROCEEDINGS
4.3.2.1 In France
Several French subsidiaries of Carrefour SA, along with some 100
companies and roughly 15 professional associations (including
the French Trade and Retail Federation – Fédération du
Commerce et de la Distribution) received a statement of
objections from the French competition authority (Autorité de la
concurrence) on October 5, 2021 as part of a simplified
procedure accusing them of having coordinated between
February 2012 and September 2015 to implement a collective
strategy aimed at:
((ii))
refraining from any reporting on the absence of Bisphenol A
(BPA) in metal containers in order to prevent any single
company from gaining a competitive advantage; and
((iiii)) agreeing to set the same dates for the marketing of BPA‑free
the discontinuation of marketing of
containers and
containers with BPA.
4.3.2.2 In Argentina
On October 1, 2019, INC SA (the Group’s subsidiary in Argentina)
and its former Chairman were referred back to a trial court
specialised in economic offences for complicity in unauthorised
financial intermediation, with regard to transactions carried out
and
with
December 2014, in a context of hyperinflation and in light of the
banking system’s inability to collect the liquid assets generated by
INC SA’s business activities.
cooperatives
July 2012
between
financial
On October 28, 2020, the Argentine government authority in
charge of supervising and sanctioning money laundering (Unidad
de Información Financiera) was included in the proceedings.
At the date of this Universal Registration Document, the
Company is not aware of any administrative, legal or arbitration
proceedings (including any pending or threatened proceedings
of which the Carrefour group is aware) that may have or have
had, during the last 12 months, significant effects on the financial
position or profitability of the Company and/or the Group.
On April 26, 2021, the Appellate Court with jurisdiction over
economic offences annulled the indictments made against
INC SA and its former Chairman on October 1, 2019 and referred
the case to the court of first instance.
On December 5, 2022, INC SA and its former Chairman were
acquitted. An appeal was lodged by Argentina’s Central Bank on
December 13, 2022.
4.3.2.3 In Brazil
On June 27, 2020 and May 25, 2021, the municipality of São
Paolo initiated two civil liability proceedings against Atacadão SA
in connection with the renewal of the operating licences for its
head office and two stores.
The civil proceedings were initiated following the initiation of the
criminal proceedings to which Atacadão SA is not party.
4.3.2.4 Financial services
The adoption by several countries of multiple and sometimes
divergent or contradictory legal or regulatory requirements
governing the provision of financial products, with a view to
protecting consumers in particular, may expose the Group’s
relevant entities to a risk of non‑compliance (see Section 4.1.2.3
“Appropriateness of the retail model” in this Universal Registration
Document) and, where applicable, to individual or collective
actions.
This is notably the case in Spain and Argentina, where consumer
associations – or a significant number of customers, as the case
may be – have questioned the interest rates and/or contracts for
revolving credit, consumer credit and deferred payment.
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5
BUSINESS REVIEW
AS OF DECEMBER 31, 2022
323
324
324
325
326
326
326
327
5.1 Business review and consolidated
5.5 Glossary of financial indicators
5.6 Parent company financial review
5.6.1 Business and financial review
5.6.2 Investments in subsidiaries and affiliates
5.6.3 Income appropriation
5.6.4 Research and development
5.6.5 Recent developments
5.6.6 Company earnings performance
in the last five financial years
income analysis
5.1.1 Main income statement indicators
5.1.2 Analysis of the main income statement
items
5.2 Group financial position and cash
flows
5.2.1 Shareholders’ equity
5.2.2 Net debt
5.2.3 Statement of cash flows
5.2.4 Financing and liquidity resources
5.2.5 Restrictions on the use of capital
resources
5.2.6 Expected sources of funding
5.3 Outlook
5.4 Other information
5.4.1 Accounting principles
5.4.2 Significant events of the year
5.4.3 Restatement of the 2021 consolidated
financial statements
5.4.4 Main related-party transactions
5.4.5 Subsequent events
5.4.6 Risk factors
308
308
309
314
314
314
315
316
316
316
317
318
318
319
321
322
322
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Business review and consolidated income analysis
5.1 Business review and consolidated income
analysis
5.1.1 MAIN INCOME STATEMENT INDICATORS
The comparative consolidated income and cash flow statement
information presented in this document has been restated to
reflect the classification of Carrefour Taiwan in discontinued
operations in accordance with IFRS 5 – Non-current Assets Held
for Sale and Discontinued Operations (see Note 4.3).
(in millions of euros)
NNeett ssaalleess
GGrroossss mmaarrggiinn ffrroomm rreeccuurrrriinngg ooppeerraattiioonnss
in % of net sales
Sales, general and administrative expenses, depreciation and
amortisation
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee
Recurring operating income before depreciation and
amortisation
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee aafftteerr nneett iinnccoommee ffrroomm
eeqquuiittyy--aaccccoouunntteedd ccoommppaanniieess
Non-recurring income and expenses, net
OOppeerraattiinngg iinnccoommee
Finance costs and other financial income and expenses, net
Income tax expense
NNeett iinnccoommee//((lloossss)) ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss –– GGrroouupp sshhaarree
Net income/(loss) from discontinued operations – Group share
NET INCOME/(LOSS) – GROUP SHARE
FREE CASH FLOW
(1)
NET FREE CASH FLOW
(2)
NET DEBT (INCLUDING DISCONTINUED OPERATIONS)
(3)
IFRS.
Argentina is classified as a hyperinflationary economy within the
in
meaning of
Hyperinflationary Economies is therefore applicable to the
consolidated financial
the year ended
statements
December 31, 2022. Comparative data for 2021 have also been
adjusted for inflation.
Financial Reporting
IAS 29 –
for
%% cchhaannggee aatt
ccoonnssttaanntt
eexxcchhaannggee rraatteess
1144..33%%
99..11%%
9.8%
44..66%%
4.9%
66..33%%
%% cchhaannggee
1155..55%%
99..55%%
9.7%
88..33%%
7.1%
1100..00%%
109.8%
106.7%
3333..88%%
81.3%
13.3%
3366..66%%
(129.6)%
25.7%
2288..88%%
48.8%
15.0%
3388..11%%
(131.9)%
27.0%
2022
8811,,338855
1166,,331133
20.0%
22002211
rreessttaatteedd IIFFRRSS 55
7700,,446622
1144,,889966
21.1%
(13,936)
(12,701)
22,,337777
4,613
22,,442277
36
22,,446633
(490)
(408)
11,,336688
(21)
1,348
2,756
1,262
3,429
22,,119944
4,307
22,,220066
(366)
11,,884400
(270)
(360)
11,,000022
70
1,072
2,435
1,227
2,633
(1) Free cash flow corresponds to cash flow from operating activities before net finance costs and net interest related to lease commitments, after the
change in working capital, less net cash from/(used in) investing activities.
(2) Net free cash flow corresponds to free cash flow after net finance costs and net lease payments.
(3) Net debt does not include lease commitments or right-of-use assets (see Note 2.2).
Net sales totalled 81.4 billion euros in 2022, an increase of 14.3%
at constant exchange rates.
Recurring operating
and
amortisation came in at 4,613 million euros, an improvement of
4.9% at constant exchange rates.
income before depreciation
Recurring operating income increased by 4.6% at constant
exchange rates, to 2,377 million euros.
Non-recurring operating income and expenses represented a net
income of 36 million euros, an improvement of 402 million euros
on the prior year as restated. The net non-recurring income for
the year chiefly reflects capital gains and losses on various asset
disposals (mainly in France, Italy and Spain) and gains on
disposals of equity-accounted
in
Belgium and Ploiesti Shopping City in Romania, together with
asset impairment (mainly store assets in France and Italy and
Showroomprivé shares due to the alignment with the stock
market share price at December 31, 2022).
in Mestdagh
investments
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Business review and consolidated income analysis
Finance costs and other financial
income and expenses
represented a net expense of 490 million euros, an increase of
220 million euros on the 2021 figure as restated, primarily
reflecting a rise in the cost of net debt and, to a lesser extent, in
net interest expense on leases.
The income tax expense for 2022 amounts to 408 million euros
(compared with 360 million euros for 2021 as restated).
Net income from continuing operations – Group share totalled
1,368 million euros, a 366-million-euro improvement on 2021 as
restated.
Discontinued operations represented a net loss – Group share of
21 million euros in 2022, versus net income of 70 million euros in
2021 as restated.
The Group ended 2022 with net income – Group share of
1,348 million euros, versus net income of 1,072 million euros in
2021 as restated.
Free cash flow came to 2,756 million euros, versus 2,435 million
euros in 2021. Net free cash flow came to 1,262 million euros,
versus 1,227 million euros in 2021 as restated.
5.1.2
ANALYSIS OF THE MAIN INCOME STATEMENT ITEMS
The Group’s operating segments consist of the countries in which it does business, combined by region, and “Global functions”,
corresponding to the holding companies and other administrative, finance and marketing support entities.
NET SALES BY REGION
(in millions of euros)
France
Europe (excluding France)
Latin America
TOTAL
The Carrefour group reported net sales of 81.4 billion euros in
2022, up 14.3% at constant exchange rates and up 13.3% restated
for the application of IAS 29.
■
■
■
In France, net sales rose by 6.9% in 2022. Like-for-like
growth (1) was 3.4%, including a 4.4% LFL improvement in food
and a 3.5% LFL decline in non-food. Once again, the Group
outperformed in all of its reference channels: hypermarkets,
supermarkets and convenience stores. E-commerce in France
grew by 13% in 2022.
In Europe (excluding France), net sales increased by 6.7% at
constant exchange rates and by 4.9% like-for-like. Spain
reported like-for-like growth of 5.4% over the year, amid a rapid
rise in inflation to particularly high levels, impacting household
purchasing power. Carrefour benefited from its competitive
offering and made further market share gains in 2022. Italy
confirmed its recovery in 2022, with like-for-like growth of
4.2% driven by improved customer satisfaction, particularly in
terms of price competitiveness. In Belgium, net sales declined
slightly (down 0.9% LFL) in a very competitive environment. In
Poland and Romania, the Group maintained very positive
momentum, with like-for-like growth of 12.0% and 9.0%
respectively.
22002211
rreessttaatteedd IIFFRRSS 55
%% cchhaannggee
%% cchhaannggee aatt
ccoonnssttaanntt
eexxcchhaannggee rraatteess
35,283
21,283
13,895
70,462
6.9%
6.4%
51.4%
15.5%
6.9%
6.7%
44.9%
14.3%
2022
37,706
22,643
21,036
81,385
Latin America delivered another year of strong sales growth in
2022, up 44.9% at constant exchange rates and 24.6%
like-for-like. In Brazil, net sales rose by 12.4% like-for-like and
32.3% at constant exchange rates, lifted by store openings and
acquisitions. Foreign exchange had a favourable effect of
23.7%. 2022 saw a return to growth in non-food sales (up
7.0% LFL) and further strong growth
(up
13.2% LFL). Progress on Grupo BIG store conversions was
faster than initially planned, with 59 stores converted to Group
banners by end-December (38 to Atacadão, 20 to Carrefour
hypermarkets and one to Sam’s Club), versus 35 as initially
planned. Synergies are being realised in accordance with the
initial trajectory.
In Argentina, net sales rose by 84.3%
like-for-like (pre-IAS 29), on the back of 50.0% like-for-like
in 2021. This excellent performance
growth
reflects increasing volumes and continued market share gains
in a highly inflationary environment.
in food sales
(pre-IAS 29)
(1) Like-for-like sales generated by stores open for at least 12 months, excluding temporary store closures, at constant exchange rates, excluding pe
trol and calendar effects and excluding the IAS 29 impact.
1
2
3
4
5
6
7
8
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Business review and consolidated income analysis
NET SALES BY REGION – CONTRIBUTION TO THE CONSOLIDATED TOTAL
(in %)
France
Europe (excluding France)
Latin America
TOTAL
(1) At constant exchange rates.
2022
(1)
46.8%
28.2%
25.0%
100%
22002211
rreessttaatteedd IIFFRRSS 55
50.1%
30.2%
19.7%
100%
At constant exchange rates, the portion of consolidated net sales generated outside France continued to rise, representing 53.2%,
compared with 49.9% in 2021 as restated.
RECURRING OPERATING INCOME BY REGION
(in millions of euros)
France
Europe (excluding France)
Latin America
Global functions
TOTAL
22002211
rreessttaatteedd IIFFRRSS 55
%% cchhaannggee
%% cchhaannggee aatt
ccoonnssttaanntt
eexxcchhaannggee rraatteess
757
718
768
(49)
2,194
10.2%
(15.6)%
30.8%
41.0%
8.3%
10.2%
(15.3)%
20.4%
46.9%
4.6%
2022
834
606
1,005
(69)
2,377
Recurring operating income represented 2,377 million euros in
2022, an increase of 182 million euros (up 4.6% at constant
exchange rates).
In France, recurring operating income was 834 million euros in
2022, up 10.2% on 2021. In a context of high inflation (particularly
in distribution costs), operating margin increased by 7 bps to
2.2% (versus 2.1% in 2021), led by a good sales performance and
strong cost0cutting dynamic. 2022 marks the fourth consecutive
year that operating margin has improved in France.
In Europe (excluding France), recurring operating income stood
at 606 million euros, versus 718 million euros in 2021, a decrease
of 15.3% at constant exchange rates. It was penalised by two
countries, Spain and Belgium. In Spain, Carrefour was notably
affected during the second half0year by a particularly sharp
increase in energy costs and by an increase in cost of risk in
In
financial services amid pressure on purchasing power.
Belgium, recurring operating income was impacted by the
persistently difficult competitive environment and logistic issues
during the first half0year. The other countries are performing well.
In particular, Italy continued its strong recovery.
In Latin America, recurring operating income rose by 20.4% at
constant exchange rates to 1,005 million euros in 2022. In Brazil,
recurring operating income rose by 28.0% at current exchange
rates (or 200 million euros) to 914 million euros, an increase of
8.8% at constant exchange rates. All segments contributed to the
growth. Operating margin in Brazil fell by 111 bps at current
exchange rates, notably due to the integration of Grupo BIG.
Excluding Grupo BIG, operating margin was roughly stabled
(-6 bps), reflecting customer and market share wins at Atacadão
driven by an aggressive commercial strategy. In Argentina,
recurring operating income continued to improve significantly,
rising to 92 million euros thanks to excellent sales momentum
and continued cost discipline. Operating margin improved by
72 bps to 3.1%, despite the 480million0euro negative impact of
adjustments relating to the application of IAS 29.
Depreciation and amortisation
Depreciation and amortisation of property and equipment,
intangible assets and
to
1,284 million euros in 2022 compared with 1,200 million euros in
2021 as restated.
investment property amounted
Depreciation of right0of0use assets (IFRS 16) relating to property
and equipment and investment property totalled 694 million
euros in 2022 compared with 664 million euros in 2021 as
restated.
Including depreciation of logistics equipment and of the related
IFRS 16 right0of0use assets included in the cost of sales, a total
depreciation and amortisation expense of 2,236 million euros
was recognised in the consolidated income statement for 2022,
compared with an expense of 2,112 million euros for 2021 as
restated.
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Net income/(loss) from equity-accounted
companies
income
from equity-accounted companies
Net
totalled
50 million euros in 2022, versus 12 million euros in 2021, notably
reflecting the improved operational performance of Carmila over
the year.
BUSINESS REVIEW AS OF DECEMBER 31, 2022
Business review and consolidated income analysis
Non-recurring income and expenses
This classification is applied to certain material items of income
and expense that are unusual in terms of their nature and
frequency, such as impairment charges of non-current assets,
gains and losses on disposals of non-current assets, restructuring
costs and provision charges and income recorded to reflect
revised estimates of risks provided for in prior periods, based on
information that came to the Group’s attention during the
reporting year.
Non-recurring items represented a net income of 36 million euros in 2022, and the detailed breakdown is as follows:
(in millions of euros)
Gains and losses on disposals of assets
Restructuring costs
Other non-recurring income and expenses
NNoonn--rreeccuurrrriinngg iinnccoommee aanndd eexxppeennsseess,, nneett bbeeffoorree aasssseett iimmppaaiirrmmeennttss
aanndd wwrriittee--ooffffss
Asset impairments and write-offs
of which impairments and write-offs of goodwill
of which impairments and write-offs of property and equipment, intangible assets
and others
NON--RECURRING INCOME AND EXPENSES, NET
of which:
Non-recurring income
Non-recurring expense
2022
212
(13)
(16)
118833
(147)
(1)
(146)
36
440
(404)
22002211
rreessttaatteedd IIFFRRSS 55
271
(383)
(40)
((115511))
(215)
(84)
(131)
(366)
514
(880)
Gains and losses on disposals of assets
Gains and losses on disposals of non-current assets comprise
gains and
losses arising on various asset disposals (store
premises, lands and businesses), notably in France and Italy. It
also includes the gain on the disposal of the nine hypermarkets
and five supermarkets in Spain through sale and leaseback
transactions (see Note 4.2.1). It also includes the gains on the
disposals of the equity-accounted investments in Mestdagh in
Belgium (see Note 4.2.1) and Ploiesti Shopping City in Romania
(see Note 3.2.1 to the consolidated financial statements).
Other non-recurring income and expenses
Other non-recurring income and expenses recorded in 2022
mainly included revised estimates of historical risks, mostly
tax-related, as well as the costs related to the acquisition of
Grupo BIG in Brazil (see Note 4.2.1).
Asset impairments and write-offs
include
in 2022
impairment
Impairment and write-offs of non-current assets other than
goodwill recorded
losses of
68 million euros, reflecting the difficulties experienced by certain
stores, particularly in France and Italy, as well as the retirement of
a variety of assets, in particular relating to IT in France for
15 million euros. In addition, the alignment of the net carrying
amount of Showroomprivé shares with the stock market share
price at December 31, 2022 represented a non-recurring expense
of 5 million euros (see Note 9.2 to the consolidated financial
statements).
Main non-recurring items in 2021
Gains and losses on disposals of assets in 2021 mainly included
the gain arising on the loss of control of Market Pay in France for
a net amount of around 230 million euros (see Note 2.3 to the
2021 consolidated financial statements). To a lesser extent, this
item also included the disposal of ten hypermarket properties in
Spain through sale and leaseback transactions (see Note 8 to the
2021 consolidated financial statements).
Restructuring costs in 2021 resulted from continued work
towards objectives to
improve operating performance and
organisational efficiency. The expense included in non-recurring
items related primarily to severance paid or payable within the
scope of the transformation plan concerning the headquarters in
France and, secondarily, to the measures implemented in Italy
and Spain.
Other non-recurring income and expenses in 2021 resulted
primarily from the following items in Brazil:
■
■
the impact of the Pinheiros real estate transaction, which
generated income of 81 million euros following an exchange
of assets in the city of São Paulo (see Note 2.3 to the 2021
consolidated financial statements);
provision reversals (net of costs) on ICMS credits notably
related to transfers between states on “basic products” were
recognised for around 35 million euros following expiry of the
limitation period for tax claims or further relief under tax
amnesty programmes introduced by certain Brazilian states
(see Note 6.3 to the 2020 consolidated financial statements);
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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Business review and consolidated income analysis
■
following the death of Mr Silveira Freitas, commitments were
made by Carrefour Brazil to public authorities and non-profit
organisations as part of a settlement agreement (“Termo de
ajustamento de Conduta”) signed on June 11, 2021. It led to
the recognition of a provision for 17 million euros (see
Note 11.3 to the 2021 consolidated financial statements).
Other non-recurring income and expenses in 2021 also included
revised estimates of historical risks in Spain and the impacts
related to the decision taken in May 2021 to discontinue
Carrefour Banque’s operations in Italy (see Note 2.3 to the
2021 consolidated financial statements).
In 2021, an impairment loss of 80 million euros was recognised
on goodwill in Italy (see Note 7.3 to the 2021 consolidated
financial statements).
Impairment of assets other than goodwill and write-offs in 2021
included the retirement of a variety of non-current assets, in
particular relating to IT in France for 28 million euros, as well as
impairment losses of 26 million euros against non-current assets,
to take account of the difficulties experienced by certain stores,
particularly in Italy and France. They also included the write-off of
configuration and customisation costs for SaaS solutions that can
no longer be capitalised as a result of the application of the final
IFRS IC decision published in April 2021 (see Note 1.2 to the
for approximately
2021 consolidated financial statements),
30 million euros. In addition, the alignment of the net carrying
value of Showroomprivé shares with the stock market share price
at December 31, 2021 represented a non-recurring expense of
10 million euros (see Note 9.2 to the 2021 consolidated financial
statements).
Operating income
Operating income amounted to 2,463 million euros in 2022,
versus 1,840 million euros in 2021 as restated.
Finance costs and other financial income
and expenses
income and expenses
Finance costs and other financial
represented a net expense of 490 million euros
in 2022,
corresponding to a negative 0.6% of sales versus a negative 0.4%
in 2021 as restated.
(in millions of euros)
Finance costs, net
Net interests, related to lease commitments
Other financial income and expenses, net
TOTAL
2022
(336)
(167)
13
(490)
22002211
rreessttaatteedd IIFFRRSS 55
(173)
(97)
(1)
(270)
Finance costs, net increased compared with 2021 as restated, up
164 million euros to 336 million euros. The change is mainly due
to the increase in bank borrowings relating to the acquisition of
Grupo BIG, the
in CDI (Certificado de Deposito
Interbancário) interest rates in Brazil, and the increase in the
value of the Brazilian real against the euro.
increase
From 2019, in accordance with IFRS 16, finance costs and other
financial income and expenses also include interest expenses on
leases along with
income on finance sub-leasing
arrangements. The year-on-year increase in finance costs reflects
an increase in the number of leased stores and higher discount
rates.
interest
Other financial income and expenses consist for the most part of
taxes on financial transactions, late interest payable on certain
liabilities and the effects of hyperinflation in Argentina, which
increased in 2022 in line with the rising inflation seen during the
year.
Income tax expense
The income tax expense for 2022 amounted to 408 million
euros, i.e., an effective tax rate of 20.7%, compared with the
360 million-euro expense recorded in 2021 as restated, which
corresponded to an effective tax rate of 23.0%.
Apart from those factors, the 2022 effective tax rate was
favourably impacted by the geographical breakdown of income
before tax, with an increased contribution from France due to a
lower statutory tax rate, the recognition of deferred tax assets
and tax credits in respect of prior years and reversals of
tax-related provisions following expiry of the limitation period for
tax claims, despite the impairment of deferred tax assets at
Grupo BIG and in Italy.
As a reminder, the effective tax rate for 2021 combined several
factors which:
■
■
decreased the rate, such as the low tax rates applied to capital
gains arising on disposal of 60% of Market Pay in France and on
the Pinheiros asset exchange in Brazil;
increased the rate, such as the rise in deferred tax liabilities
relating to the remeasurement of non-current assets
in
accordance with IAS 29 as a result of the increase in the
applicable tax rate in Argentina.
Net income attributable to non-controlling
interests
Net income attributable to non-controlling interests came to
218 million euros in 2022, versus 229 million euros in 2021.
The effective tax rates for 2022 and 2021 (restated) were
impacted by the recognition of the CVAE (local business tax) in
France and the absence of deferred tax assets in Italy.
Net income/(loss) from continuing
operations – Group share
As a result of the items described above, the Group share of net
income from continuing operations amounted to 1,368 million
euros in 2022, an improvement of 366 million euros compared
to the 2021 figure as restated.
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Business review and consolidated income analysis
Net income/(loss) from discontinued
operations – Group share
Discontinued operations represented a net loss – Group share of
21 million euros in 2022, versus net income of 70 million euros in
2021 as restated. The net loss for the year notably includes the
Group’s share in the net income of Carrefour Taiwan, which was
reclassified within discontinued operations in accordance with
IFRS 5 – Non-current Assets Held for Sale and Discontinued
Operations, together with the change in the value of a financial
receivable relating to the 20% stake in Carrefour China.
1
2
3
4
5
6
7
8
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Group financial position and cash flows
5.2 Group financial position and cash flows
5.2.1
SHAREHOLDERS’ EQUITY
At December 31, 2022,
stood at
13,186 million euros, compared with 11,830 million euros at
December 31, 2021, an increase of 1,357 million euros.
shareholder’s equity
The increase mainly reflects:
■
■
net income for the year of 1,566 million euros;
other comprehensive income amounting to 595 million euros,
including translation adjustments of 380 million euros relating
to the significant increase in the value of the Brazilian real
compared
to December 31, 2021 and, under other
consolidated reserves and net income, the remeasurement of
the net defined benefit liability for 131 million euros following
the sharp increase in discount rates applied for the eurozone;
■
2021 dividends paid in an amount of 507 million euros, of
which 380 million euros paid to Carrefour shareholders
(entirely in cash) and 127 million euros to non-controlling
shareholders, relating mainly to the Brazilian, Taiwanese and
Spanish subsidiaries;
■
the reduction of Carrefour SA’s share capital by cancelling
21,232,106 shares and then 12,506,325 shares, following the
share buyback carried out in 2022 in two tranches of
400 million euros and 350 million euros respectively;
■
the portion of the Grupo BIG acquisition paid for in newly
issued Carrefour Brazil shares for approximately 430 million
euros.
5.2.2 NET DEBT
Consolidated net debt (including discontinued operations) at December 31, 2022 amounted to 3,429 million euros compared to
2,633 million euros at December 31, 2021. The Group’s net debt breaks down as follows:
(in millions of euros)
Bonds and notes
Other borrowings
Commercial paper
TToottaall bboorrrroowwiinnggss eexxcclluuddiinngg ddeerriivvaattiivvee iinnssttrruummeennttss rreeccoorrddeedd iinn lliiaabbiilliittiieess
Derivative instruments recorded in liabilities
TOTAL BORROWINGS
of which borrowings due in more than one year
of which borrowings due in less than one year
Other current financial assets ¹
Cash and cash equivalents
TOTAL CURRENT FINANCIAL ASSETS
NET DEBT
Net debt of discontinued operations
NET DEBT INCLUDING DISCONTINUED OPERATIONS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
7,697
1,223
490
99,,441100
148
9,558
6,912
2,646
677
5,216
5,893
3,665
(236)
3,429
6,052
741
−
66,,779933
40
6,834
5,491
1,342
498
3,703
4,201
2,633
−
2,633
(1) This item does not include the current portion of amounts receivable from finance sub-leasing arrangements (see Note 14.2.5 to the consolidated financial statements).
Long- and short-term borrowings (excluding derivatives) mature at different dates, through 2029 for the longest tranche of bond debt,
as shown below:
(in millions of euros)
Due within 1 year
Due in 1 to 2 years
Due in 2 to 5 years
Due beyond 5 years
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS RECORDED
IN LIABILITIES)
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
2,498
1,514
3,799
1,599
9,410
1,302
1,259
2,731
1,502
6,793
Cash and cash equivalents totalled 5,216 million euros at December 31, 2022 compared with 3,703 million euros at December 31, 2021,
representing an increase of 1,513 million euros.
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Group financial position and cash flows
5.2.3
STATEMENT OF CASH FLOWS
Net debt increased by 797 million euros in 2022, after increasing by 16 million euros in 2021. The change is analysed in the simplified
statement of cash flows presented below:
22002211
rreessttaatteedd IIFFRRSS 55
VVaarriiaattiioonn
(in millions of euros)
OOppeenniinngg nneett ddeebbtt
Cash flow from operations
Change in working capital requirement
Change in consumer credit granted by the financial services companies
Impact of discontinued operations
NNeett ccaasshh ((uusseedd iinn))//ffrroomm ooppeerraattiinngg aaccttiivviittiieess –– ttoottaall
Acquisitions of property and equipment and intangible assets
(1)
Proceeds from the disposal of property and equipment and intangible
assets – Business-related
Change in amounts receivable from disposals of non-current assets and
due to suppliers of non-current assets
Impact of discontinued operations
FFrreeee ccaasshh flflooww
Payments related to leases (principal and interest) net of subleases
payments received
Finance costs, net
Impact of discontinued operations
NNeett FFrreeee ccaasshh flflooww
Acquisitions of investments
Disposal of investments
Change in treasury stock and other equity instruments
Decrease in capital of Carrefour SA
Proceeds from share issues to non-controlling interests
Dividends paid
Other including effect of changes in exchange rates
Impact of discontinued operations
DDeeccrreeaassee//((IInnccrreeaassee)) iinn nneett ddeebbtt
CLOSING NET DEBT
(2)
2022
((22,,663333))
3,968
108
135
8
44,,221199
(1,861)
379
55
(36)
22,,775566
(1,047)
(336)
(111)
11,,226622
(980)
100
(96)
(657)
3
(481)
81
(30)
((779977))
((22,,661166))
3,796
(82)
(104)
50
33,,666611
(1,558)
276
122
(67)
22,,443355
(931)
(173)
(104)
11,,222277
(331)
192
−
(702)
1
(533)
125
5
((1166))
((1166))
172
190
239
(42)
555599
(304)
103
(67)
31
332222
(116)
(164)
(7)
3355
(649)
(92)
(96)
45
2
53
(44)
(35)
((778800))
(797)
(3,429)
(2,633)
(1) Restated for the acquisition of Makro Atacadista shops in Brazil (acquisition of the 29th and last store on a full-ownership basis in 2022 versus three
in 2021).
(2) Including discontinued operations.
Free cash flow came to 2,756 million euros in 2022 (compared
with 2,435 million euros in 2021) and mainly comprised:
outflows, notably relating to a non-recurring tax expense
corresponding to Carrefour Banque in Brazil;
■
flow
from operations of 3,968 million euros, up
cash
in 2021. The
172 million euros from 3,796 million euros
increase is due to growth in recurring operating income before
depreciation and amortisation for 306 million euros, offset by a
135-million-euro increase in exceptional cash
■
the 108-million-euro positive change
in working capital
requirement compared with an 82-million-euro negative
change
improvement of
190 million euros that was mainly due to the increase in trade
payables resulting from inflation;
in 2021 as restated,
i.e., an
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Group financial position and cash flows
■
■
the 135-million-euro positive change
in consumer credit
compared with a 104-million-euro negative change in 2021,
i.e., an improvement of 239 million euros, mainly due to
consumer credit in Brazil;
operational investments in an amount of 1,861 million euros,
compared with 1,558 million euros in 2021 as restated. These
operational investments include land purchases and building
construction for approximatively 380 million euros, digital
investments, and maintenance, remodelling and equipment
expenditure;
■
Proceeds from the disposal of business-related property and
equipment and intangible assets include sales of businesses to
franchisees for approximatively 80 million euros, the sale and
(lands,
leaseback of assets and miscellaneous disposals
buildings and equipment).
5.2.4 FINANCING AND LIQUIDITY RESOURCES
The Group’s main measures for strengthening its overall liquidity
consist of:
■
■
■
■
promoting prudent financing strategies in order to ensure that
the Group’s credit rating allows it to raise funds on the bond
and commercial paper markets;
maintaining a presence in the debt market through regular
debt issuance programmes, mainly in euros, in order to create
a balanced maturity profile. The Group’s issuance capacity
under its Euro Medium-Term Notes (EMTN) programme totals
12 billion euros;
using the 5 billion-euro commercial paper programme on
Euronext Paris, described in a prospectus filed with the Banque
de France;
maintaining undrawn medium-term bank facilities that can be
drawn down at any time according to the Group’s needs. At
December 31, 2022, the Group had two undrawn syndicated
lines of credit obtained from a pool of leading banks, for a total
of 3.9 billion euros. In June 2019, Carrefour amended these
two credit facilities, incorporating an innovative Corporate
Social Responsibility (CSR) component in the first CSR-linked
In
credit
the European Retail sector.
transaction
in
May 2021, Carrefour exercised the option to extend its two
credit facilities from June 2025 to June 2026. The option has
been applied to more than 99% of the Group’s banking
facilities. Group policy consists of keeping these facilities on
stand-by to support the commercial paper programme. The
loan agreements for the syndicated lines of credit include the
usual commitment clauses,
including pari passu, negative
pledge, change of control and cross-default clauses and a
clause restricting substantial sales of assets. The pricing grid
may be adjusted up or down to reflect changes in the
long-term credit rating.
The main transactions in 2022 included two Sustainability-Linked
Bond issues indexed to the Group’s sustainability goals, for a total
amount of 2.35 billion euros, bonds redeemed ahead of maturity
for a total amount of 1 billion euros, and several financing
transactions by
the Brazilian subsidiary Atacadão. These
transactions are described in Note 4.2.3.
The Group considers that its liquidity position is robust. It has
sufficient cash reserves to meet its debt repayment obligations in
the coming year.
The Group’s debt profile is balanced, with no peak in refinancing
needs across the remaining life of bond debt, which averaged
3.6 years at December 31, 2022.
5.2.5 RESTRICTIONS ON THE USE OF CAPITAL RESOURCES
There are no material restrictions on the Group’s ability to
recover or use the assets and settle the liabilities of foreign
operations, except for those resulting from local regulations in its
host countries. The local supervisory authorities may require
banking subsidiaries to comply with certain capital, liquidity and
other ratios and to limit their exposure to other Group parties.
At December 31, 2022, as at December 31, 2021, there was no
restricted cash.
5.2.6
EXPECTED SOURCES OF FUNDING
To meet its commitments, Carrefour can use its free cash flow and raise debt capital using its EMTN and commercial paper
programmes, as well as its credit lines.
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Outlook
5.3 Outlook
The Group’s objectives for 2026, as well as the situation at the end of 2022, are detailed below:
OOppeerraattiioonnaall oobbjjeeccttiivveess
Private labels
Convenience store openings
Atacadão store openings
Reduction in energy consumption
EESSGG oobbjjeeccttiivveess
Sales of certified sustainable products
Top 100 suppliers to adopt a 1.5°C trajectory
Employees with disabilities
FFiinnaanncciiaallss oobbjjeeccttiivveess
E-commerce GMV
Cost savings
Net Free Cash Flow
(1)
Capital expenditure
Cash dividend growth
1
2
3
EEnndd ooff 22002222
22002266 oobbjjeeccttiivvee
33% of food sales
40% of food sales
-
-
-9%
+2,400 vs. 2022
>+200 vs. 2022
-20% in 2026 vs. 2019
(in 2024 in France)
EEnndd ooff 22002222
22002266 oobbjjeeccttiivvee
€5.4bn
27%
11,281
€8bn
100%
15,000
EEnndd ooff 22002222
22002266 oobbjjeeccttiivvee
€4.2bn
€1.0bn
€1,262m
€1,861m
€0.56 (+8%)
€10bn
4
€4bn (cumul. 2023-26)
>€1.7bn
€2bn/year
>+5%/year
(1) Net Free Cash Flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash-out for exceptional expenses.
5
6
7
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Other information
5.4 Other information
5.4.1
ACCOUNTING PRINCIPLES
The accounting policies used to prepare the 2022 consolidated
financial statements are the same as those used for the 2021
consolidated financial statements, except for the following
amendments whose application is mandatory as of January 1,
2022:
■
Amendments to IFRS 3 – Business Combinations, IAS 16 –
Property, Plant and Equipment, IAS 37 – Provisions, Contingent
Liabilities and Contingent Assets and Annual Improvements to
IFRSs – 2018-2020 cycle.
These amendments and annual improvements had no material
impact on the Group’s consolidated financial statements.
As a reminder, in the consolidated financial statements for the
year ended December 31, 2021, the Group applied the IFRS IC
decision published
recognition of
in April 2021 on
configuration and customisation costs in Software as a Service
(SaaS) arrangements, as well as the decision published in
May 2021 on attributing benefit to periods of service in the
calculation of the provision for employee benefits falling within
the scope of
IAS 19 (see Notes 1.2 and 4 to the 2021
consolidated financial statements).
the
ADOPTED BY THE EUROPEAN UNION BUT NOT YET APPLICABLE
SSttaannddaarrddss,, aammeennddmmeennttss aanndd iinntteerrpprreettaattiioonnss
IFRS 17 – Insurance Contracts
Amendments to IFRS 17 – Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative
Information
Amendments to IAS 1 – Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of
Accounting Policies
Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of
Accounting Estimates
Amendments to IAS 12 – Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
NOT YET ADOPTED BY THE EUROPEAN UNION
SSttaannddaarrddss,, aammeennddmmeennttss aanndd iinntteerrpprreettaattiioonnss
Amendments to IAS 1 – Presentation of Financial Statements: Classification of Liabilities as Current or
Non-current; Non-current Liabilities with Covenants
Amendments to IFRS 16 – Leases: Lease Liability in a Sale and Leaseback
(1) Subject to adoption by the European Union.
Effective date
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023
Effective date
(1)
January 1, 2024
January 1, 2024
With regards to IFRS 17 – Insurance Contracts, having estimated the impacts, the Group considers that this standard has no material
impact on the Group’s consolidated financial statements.
Carrefour does not expect the application of the other above-mentioned standards and amendments to have a material impact on its
consolidated financial statements.
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5.4.2
SIGNIFICANT EVENTS OF THE YEAR
5.4.2.1 Main acquisitions and disposals
in 2022
Carrefour Taiwan sale agreement
On July 19, 2022, the Group signed an agreement to sell its
entire interest in its Taiwanese subsidiary (i.e., 60%) to the
Uni-President group (holder of the remaining 40%). If the
conditions precedent are met, this agreement will result in loss of
control of the subsidiary. As an illustration, based on the
adjustment between the enterprise value and the equity value at
December 31, 2021, the transaction would be worth 100% of
Carrefour Taiwan’s equity at 48.3 billion New Taiwan dollars, or
approximately 1.6 billion euros
into account
currency hedging). The price may be adjusted at the transaction
date, notably based on changes in Carrefour Taiwan’s net debt
and working capital requirement.
taking
(after
Founded in 1987 through a joint venture between Carrefour and
Uni-President, Carrefour Taiwan has experienced strong growth
and significant value creation over the past 35 years. Today, the
entity manages an extensive network of 340 stores, including
68 hypermarkets and 272 convenience and premium stores, as
well as 129 shopping malls, with almost 15,000 employees.
Following the completion of the transaction, the Uni-President
group will own 100% of Carrefour Taiwan. The Uni-President
group is a diversified Taiwanese conglomerate with a strong
presence in Asia. It notably operates the 7-Eleven brand in
Taiwan. Carrefour Taiwan will continue to operate under the
Carrefour brand in the coming years. Closing of the transaction is
subject to approval by the Taiwanese competition authorities and
other customary conditions, and is expected by mid-2023.
As Carrefour Taiwan represents a separate major geographical
area of operations, it is treated as a discontinued operation in
accordance with
its disposal was
announced. For more details on the impacts of this ongoing sale
on the 2022 consolidated financial statements, see Note 4 to said
financial statements.
from the date
IFRS 5,
Acquisition of Grupo BIG (Brazil)
– Business combination
On March 24, 2021, Carrefour Brazil entered into an agreement
with Advent International and Walmart for the acquisition of
Grupo BIG, Brazil’s third biggest food retailer. The acquiree
reported net sales of around 20 billion Brazilian
reals
(approximately 3.1 billion euros)
in 2021 and operates a
multi-format network of 388 stores, including 181 stores owned
by the Group.
With Carrefour Brazil’s acquisition of Grupo BIG, the Company
can expand into regions where its penetration is limited, such as
the north-east and south of the country. This geographic fit will
enrich the Company’s ecosystem of products and services,
which currently serves over 45 million customers, and broaden
its customer base thanks to the addition of Grupo BIG
customers.
BUSINESS REVIEW AS OF DECEMBER 31, 2022
Other information
The acquisition will allow the Company to expand in its
traditional formats (mainly cash & carry and hypermarkets), while
extending its footprint in formats in which it has a more limited
presence, in particular supermarkets (98 Bompreço and Nacional
stores) and soft discounters (97 TodoDia stores). In addition,
Carrefour Brazil will operate in a new market segment with the
Sam’s Club format, through a license agreement with Walmart
Inc. This unique and highly profitable premium business model
for the B2C segment is based on a membership system, with
over two million members, and focuses mainly on private-label
products.
Carrefour Brazil’s Extraordinary Shareholders’ Meeting and CADE,
the Brazilian competition authority, approved this transaction on
May 19, 2022 and May 25, 2022, respectively (subject to the
disposal of 14 stores).
The acquisition was finalised on June 1, 2022, with payment
made on June 6, 2022.
The preliminary purchase price for the entire share capital of
Grupo BIG is 7,465 million Brazilian reals (1,471 million euros at
the exchange rate as of the transaction date), which breaks down
as follows:
■
■
a cash payment of 5,292 million Brazilian reals (approximately
1 billion euros), representing 70% of the baseline price plus
various preliminary earn-outs for 42 million Brazilian reals
(approximately 8 million euros), including 900 million Brazilian
reals (139 million euros) paid as part of a downpayment in
March 2021;
a share-based payment of 117 million new Carrefour Brazil
shares (representing 30% of the baseline price), with a fair value
of 2,173 million Brazilian reals
(approximately 430 million
euros) at June 6, 2022. As a result of this share-based payment,
the Carrefour group’s interest in Carrefour Brazil was 67.6%
compared to 71.6% at December 31, 2021.
As this was a transaction with minority shareholders, the impact
of paying for 30% of Grupo BIG in Carrefour Brazil shares was
recognised in consolidated equity for approximately 180 million
euros attributable to the Carrefour group and approximately
250 million euros attributable to non-controlling interests.
The agreement also provides for an earn-out that would have
been paid six months after completion of the transaction if the
Carrefour Brazil share price had exceeded the reference value of
19.26 Brazilian reals. No earn-out is due, as the price of the
Carrefour Brazil share was 15.10 Brazilian reals at December 6,
2022.
Grupo BIG’s preliminary opening balance sheet at June 1, 2022,
as included in the Group’s consolidated financial statements, is
presented in Note 2.1 to the consolidated financial statements.
1
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Other information
Sale and leaseback transactions (Spain)
It should be noted that two payments were already made by
insurers in the second half of 2022.
The property company Ofelia leased nine stores and a shopping
mall to Carrefour Spain. In February 2022, Carrefour Spain
exercised its pre-emptive right and acquired these assets for
approximately 40 million euros. In December 2022, eight stores
(three hypermarkets and five supermarkets) out of the nine
previously acquired were sold to a property company as part of a
sale and leaseback transaction for approximately 40 million
euros. This transaction led to the recognition of around 2 million
euros in non-recurring income. Negotiations are ongoing with
various operators for the sale of the remaining store and its
adjacent shopping mall.
in September 2022, six Spanish hypermarket
In addition,
premises were sold to another property company for 110 million
euros as part of a sale and leaseback transaction. This transaction
led to the recognition of 23 million euros in non-recurring
income.
As a reminder, in 2021, 10 Spanish hypermarket premises were
sold to a property company for 137 million euros as part of sale
and leaseback transactions.
Sale of the Group’s stake in Cajoo (France)
On May 16, 2022, Germany-based Flink, Europe’s leading quick
commerce company, announced the acquisition of Cajoo from
Carrefour and its founders in exchange for its own shares. This
acquisition was finalised on June 23, 2022. The gain on the
disposal of the Cajoo shares, amounting to 6 million euros, net of
fees, was recognised within non-recurring income for the year.
Also in June 2022, the Group contributed to Flink’s reserved
capital increase.
All Flink shares held by the Group at December 31, 2022 are
recognised as
in non-consolidated companies
measured at fair value through other comprehensive income (see
Note 14.5 to the consolidated financial statements).
investments
impacts are
These
from
discontinued operations, further to the announcement of the
Carrefour Taiwan disposal in July 2022 (see Note 4.2.1).
income/(loss)
recorded
in net
5.4.2.3 Securing the Group’s long-term
financing
On March 30, 2022, the Group issued its first Sustainability-Linked
Bond (SLB) indexed to its sustainable development goals. The
1.5-billion-euro
of
comprises
750 million euros each, with a maturity of 4.6 years (due in
October 2026) and 7.6 years (due in October 2029) respectively,
and paying a coupon of 1.88% and 2.38%.
tranches
bond
two
its second
On October 12, 2022, the Group carried out
Sustainability-Linked Bond
its sustainable
issue
development goals, for a total of 500 million euros, maturing in
six years (due in October 2028) and paying a coupon of 4.125%.
On November 28, 2022, the Group increased the amount of the
Sustainability-Linked Bond issue by 350 million euros, under the
same terms.
indexed to
These bonds were issued as part of a financing strategy aligned
with the Group’s CSR objectives and ambitions as well as the
Sustainability-Linked Bond Framework of its Euro Medium-Term
Notes (EMTN) programme published in June 2021, whose CSR
component was revised and enhanced in May 2022.
On June 8, 2022, the Group redeemed 1 billion euros worth of
1.75% 8-year bonds, ahead of their maturity (July 2022).
These transactions guarantee the Group’s liquidity over the short
and medium term in an unstable economic environment, and are
part of the strategy to ensure the necessary financing is in place
to meet Carrefour’s needs. The average maturity of Carrefour
SA’s bond debt was 3.6 years at end-December 2022, compared
with 3.1 years at end-December 2021.
Sale of the Group’s stake in Mestdagh (Belgium)
Financing of the Brazilian subsidiary Atacadão
In October 2022, the Group sold all of its shares in the Belgian
equity-accounted company Mestdagh (i.e., 25%) to the majority
shareholder for 41 million euros.
The gain on the disposal of the Cajoo shares, amounting to
approximately 24 million euros, net of fees, was recognised
within non-recurring items for the year.
5.4.2.2 Warehouse fire in Taiwan
On March 14, 2022, a fire broke out in a logistics centre leased by
Carrefour in the Yang Mei district of Taiwan. All employees were
evacuated immediately with no injuries or casualties and the fire
was brought under control on March 15, 2022.
incurred as a result of destroyed
A claim was submitted to the Group’s insurance companies in
this respect and was still being assessed at December 31, 2022.
Losses
inventories and
equipment were recorded in 2022 against the payout receivable
from insurers classified under other current assets. The same
applies to the estimated operating losses up to December 31,
2022.
Following on from the 2021 transactions, Carrefour’s Brazilian
subsidiary Atacadão has set up financing arrangements in 2022
enabling it to secure its medium- and long-term needs in
connection with the acquisition of Grupo BIG.
The US dollar bank financing
in
December 2021 were finalised on January 5, 2022, with a total of
2,942 million Brazilian reals (approximately 528 million euros at
the exchange rate of December 31, 2022) immediately swapped
for Brazilian reals with maturities of 16 to 17 months.
facilities put
in place
In addition, on May 20, 2022, the Brazilian subsidiary obtained
bank financing in euros and in US dollars, which was immediately
swapped for Brazilian reals, for 1,500 million reals (approximately
269 million euros at the December 31, 2022 exchange rate). This
facility, which had a six-month maturity, was replaced by the
financing facility described below.
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Other information
5.4.2.4 Payment of the 2021 dividend
in cash
At the Shareholders’ Meeting held on June 3, 2022, the
shareholders decided to set the 2021 dividend at 0.52 euros per
share to be paid entirely in cash.
On June 9, 2022, the dividend was paid out in an amount of
380 million euros.
In addition, on July 29, 2022, the Board of Directors of the
Brazilian subsidiary approved the issuance of simple unsecured,
non-convertible debentures (CRA) for an amount of 1,500 million
the
Brazilian
December 31, 2022 exchange rate). On September 16, 2022, the
debentures were issued in three series:
(approximately 269 million euros at
reals
an initial series for 467 million Brazilian reals, with a coupon of
CDI (Certificado de Deposito Interbancário rate) +0.55% and a
maturity of four years;
■
■
■
a second series for 188 million Brazilian reals, with a coupon of
CDI +0.60% and a maturity of five years;
5.4.2.5 Share buyback programme
a third series for 844 million Brazilian reals, with a coupon of
CDI +0.79% and a maturity of five years.
On December 8, 2022 (with a deferred start date in early
January 2023), Atacadão also obtained bank financing facilities in
US dollars that were immediately swapped for Brazilian reals, for
(representing
an amount of 2,300 million Brazilian
approximately 413 million euros at the exchange rate on
December 31, 2022), with 11 month maturities.
reals
Lastly, on January 6 and May 17, 2022, two inter-company
financing lines were set up between the companies Carrefour
Finance and Atacadão.
■
■
reals
The first revolving credit facility (RCF) for an amount of 4 billion
Brazilian
the
December 31, 2022 exchange rate), bearing annual interest at
12%, falls due in July 2023 and was fully drawn in first-half
2022.
(approximately 718 million euros at
The second RCF for 1.9 billion Brazilian reals (approximately
341 million euros at the exchange rate of December 31, 2022),
bearing annual interest at 14.25%, has a maturity of three years
and was fully drawn in second-half 2022.
These intra-group RCF loans are qualified as net investments in
foreign operations and are therefore remeasured at fair value
through equity. They are hedged in an amount of 2.95 billion
Brazilian reals by derivatives classified as net investment hedges.
As part of
its share capital allocation policy, the Group
commissioned an investment services provider to buy back
shares corresponding to a maximum amount of 750 million
euros, as authorised by the Shareholders’ Meeting of May 21,
2021.
and
The first tranche of the share buyback programme began on
March 7, 2022
ended on April 13, 2022, with
21,232,106 shares acquired at an average price of 18.84 euros per
share for a total amount of 400 million euros. These shares were
cancelled following a decision by the Board of Directors on
April 20, 2022 to reduce the share capital of Carrefour SA.
A second tranche of the share buyback programme began on
May 2, 2022 and ended on May 24, 2022, with 17,191,700 shares
acquired at an average price of 20.36 euros per share for a total
amount of 350 million euros. Of the shares bought back,
12,506,325 shares were cancelled following a decision by the
Board of Directors on June 3, 2022 to reduce the share capital of
Carrefour SA.
These shares were cancelled
the
authorisation granted by the Shareholders’ Meeting of May 21,
2021.
in accordance with
Following cancellation of these shares, Carrefour SA has
742,157,461
consequently,
outstanding
11,544,870 treasury shares, representing approximately 1.6% of
the share capital.
shares
and,
5.4.3 RESTATEMENT OF THE 2021 CONSOLIDATED FINANCIAL STATEMENTS
On July 19, 2022, the Group signed an agreement to sell its
entire interest in its Taiwanese subsidiary (i.e., 60%) to the
Uni-President group (holder of the remaining 40%). If the
conditions precedent are met, this agreement will result in loss of
control of the subsidiary (see Note 4.2.1).
Closing of the transaction is subject to approval by the Taiwanese
competition authority (TFTC) and other customary conditions,
and is expected by mid-2023. Following the completion of the
transaction, the Uni-President group will own 100% of Carrefour
Taiwan.
As Carrefour Taiwan represents a separate major geographical
area of operations, it is treated as a discontinued operation in
its disposal was
accordance with
announced.
from the date
IFRS 5,
This subsidiary’s assets and liabilities were therefore reclassified
as assets held for sale and related liabilities in the consolidated
statement of financial position at December 31, 2022 (see
Note 4.3 to the consolidated financial statements).
In addition, the net income and cash flows of this subsidiary were
reclassified within line items for discontinued operations in the
consolidated income statement and consolidated cash flow
statement for 2022. To allow for a meaningful comparison, the
net income and cash flows for the year 2021 have been
reclassified in these same lines (see Notes 4.1 and 4.2 to the
consolidated financial statements).
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
321
1
2
3
4
5
6
7
8
9
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Other information
Key consolidated income statement aggregates for Carrefour Taiwan for 2022 and 2021 are as follows:
(in millions of euros)
Net sales
Gross margin from recurring operations
Sales, general and administrative expenses, depreciation and amortisation
Recurring operating income
Operating income
Income before taxes
Income tax expense
Net income/(loss) for the year
Capital expenditure
2022
2,541
643
(569)
74
69
61
(16)
44
30
22002211
2,497
624
(546)
78
70
62
(12)
50
69
The impact of the Carrefour Taiwan IFRS 5 restatement on the consolidated income statement and statement of cash flows for 2021
and on the consolidated statement of financial position at December 31, 2022 is presented in Note 4 to the consolidated financial
statements.
5.4.4 MAIN RELATED-PARTY TRANSACTIONS
The main related-party transactions are disclosed in Note 9.3 to the consolidated financial statements.
5.4.5
SUBSEQUENT EVENTS
In early January 2023, the Brazilian subsidiary Atacadão obtained bank financing facilities in US dollars that were immediately swapped
for Brazilian reals. The post-swap debt totalled 2,300 million Brazilian reals (representing approximately 413 million euros at the
December 31, 2022 exchange rate), with a maturity of 11 months.
5.4.6 RISK FACTORS
The risk factors are the same as those set out in Chapter 4 Risk Management of the 2022 Universal Registration Document.
322
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Glossary of financial indicators
5.5 Glossary of financial indicators
Free cash flow
Free cash flow corresponds to cash flow from operating activities
before net finance costs and net interests related to lease
commitments, after the change in working capital, less net cash
from/(used in) investing activities.
Net free cash flow
Net Free Cash Flow corresponds to free cash flow after net
finance costs and net lease payments.
Like for like sales growth
Sales generated by stores opened for at least twelve months,
excluding temporary store closures, at constant exchange rates,
excluding petrol and calendar effects and excluding IAS 29
impact.
Organic sales growth
Like for like sales growth plus net openings over the past twelve
temporary store closures, at constant
months,
exchange rates.
including
Gross margin
Gross margin is the difference between the sum of net sales,
other income, reduced by loyalty programme costs and the cost
of goods sold. Cost of sales comprises purchase costs, changes
in inventory, the cost of products sold by the financial services
companies, discounting revenue and exchange rate gains and
losses on goods purchased.
Recurring Operating Income (ROI)
Recurring Operating Income is defined as the difference between
gross margin and sales, general and administrative expenses,
depreciation and amortisation and provisions.
Recurring Operating
Amortisation (EBITDA)
Income Before Depreciation and
Income Before Depreciation
Recurring Operating
and
Amortisation (EBITDA) excludes depreciation from supply chain
activities which is booked in cost of goods sold and excludes
non-recurring items as defined below.
Operating income (EBIT)
Operating income (EBIT) is defined as the difference between
gross margin and sales, general and administrative expenses,
depreciation, amortisation and non-recurring
items. This
classification is applied to certain material items of income and
expense that are unusual in terms of their nature and frequency,
such as impairment charges, restructuring costs and provision
charges recorded to reflect revised estimates of risks provided for
in prior periods, based on information that came to the Group’s
attention during the reporting year.
1
2
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Parent company financial review
5.6 Parent company financial review
5.6.1
BUSINESS AND FINANCIAL REVIEW
As the Group’s holding company, Carrefour (the Company)
manages a portfolio of shares in French and foreign subsidiaries
and affiliates.
In 2022, operating income amounted to 155 million euros (in line
with 2021) and essentially comprised costs rebilled to other
Group entities. The operating loss recorded in 2022 came to
89 million euros, versus 31 million euros in 2021.
Capital reductions
Following the share buybacks under the above-mentioned
buyback programme, Carrefour SA carried out two capital
reductions by cancelling the shares bought back:
((ii))
an
initial capital reduction
cancellation of 21,232,106 shares;
in April 2022
involving the
A net financial expense of 93 million euros was reported in 2022,
compared with net financial income of 284 million euros in 2021.
((iiii)) a second capital reduction in June 2022 involving the
cancellation of 12,506,325 shares.
Following cancellation of these shares, the share capital was
reduced by 84.3 million euros and premiums were reduced by
570.3 million euros. Carrefour SA therefore has 742,157,461
shares outstanding and, consequently, 11,544,870 treasury
shares, representing approximately 1.6% of the share capital.
Financing transactions
In 2022, Carrefour SA carried out two Sustainability-Linked Bond
issues, the first on March 30, 2022 for a total of 1.5 billion euros,
and the second on October 12, 2022 for an amount of
500 million euros, which was increased by 350 million euros on
November 28, 2022, under the same terms.
The 377-million-euro change is mainly explained by (i) the
1,290 million euros in impairment for shares in subsidiaries and
affiliates and deficits net of reversals for the year (compared to a
net charge of 218 million euros in 2021), partially offset by (ii) the
808-million-euro increase in dividends received from subsidiaries
during the year. Dividends totalled 1,325 million euros in 2022
compared with 517 million euros in 2021 (of which 724 million
euros received from Dutch company CNBV in 2022, which did
not distribute dividends in 2021).
Net non-recurring income for 2021 represented 264 million
euros, mainly comprising the gain (net of disposal costs) on the
sale of Market Pay for 242 million euros and net provision
reversals for 11 million euros.
income for the year amounted to 223 million euros,
Net
including a tax benefit of 375 million euros.
Other transactions
Share buyback programmes
As part of its share capital allocation policy, the Company
commissioned an investment services provider to buy back
shares corresponding to a maximum amount of 750 million
euros, as authorised by the Shareholders’ Meeting of May 21,
2021.
((ii)) The first tranche of the share buyback programme began on
March 7, 2022 and ended on April 13, 2022, with
21,232,106 shares acquired at an average price of 18.84
euros per share for a total amount of 400 million euros.
((iiii)) A second tranche of the share buyback programme began
on May 2, 2022 and ended on May 24, 2022, with
17,191,700 shares acquired at an average price of 20.36
euros per share for a total amount of 350 million euros.
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Parent company financial review
Payment cycles of suppliers and customers
In accordance with the disclosure requirements of Article L. 441-6-1 of the French Commercial Code (Code de commerce), the table
below shows the Company’s trade payables and trade receivables by due date.
PAYMENT CYCLES OF SUPPLIERS AND CUSTOMERS
AArrttiiccllee DD.. 444411 II--11:: UUnnppaaiidd aanndd oovveerrdduuee iinnccoommiinngg iinnvvooiicceess
aatt tthhee rreeppoorrttiinngg ddaattee
AArrttiiccllee DD.. 444411 II--22:: UUnnppaaiidd aanndd oovveerrdduuee oouuttggooiinngg iinnvvooiicceess
aatt tthhee rreeppoorrttiinngg ddaattee
YYeeaarr eennddeedd
DDeecceemmbbeerr 3311,, 22002222
(in thousands
of euros)
00 ddaayyss
11 -- 3300
ddaayyss
3311 -- 6600
ddaayyss
6611 -- 9900
ddaayyss
9911++
ddaayyss
Total
(1 day
or more)
00 ddaayyss
11 -- 3300
ddaayyss
3311 -- 6600
ddaayyss
6611 -- 9900
ddaayyss
9911++
ddaayyss
Total
(1 day
or more)
((AA)) BBYY AAGGEEIINNGG CCAATTEEGGOORRYY
Number
of invoices
Total amount
(including VAT)
of the invoices
Percentage of
total amount
of purchases
(including VAT)
over the period
Percentage of
sales (including
VAT) over the
period
41
27
12
872,888 4,889,316 254,792
0
0
47
(
)
86 *
30
7
6
0
3
(
16 *
)
60,221
5,204,330 * 36,095,665 4,328,584 (1,740,296)
(
)
0 308,019 2,896,306 (*)
0%
2%
0%
0%
0%
2%
29%
3%
(1)%
0%
0%
2%
((BB)) IINNVVOOIICCEESS EEXXCCLLUUDDEEDD FFRROOMM ((AA)) RREELLAATTIINNGG TTOO DDOOUUBBTTFFUULL OORR UUNNRREECCOOGGNNIISSEEDD PPAAYYAABBLLEESS AANNDD RREECCEEIIVVAABBLLEESS
Number
of invoices
excluded
Total amount
of invoices
excluded
none
0
none
0
((CC)) SSTTAANNDDAARRDD PPAAYYMMEENNTT DDEEAADDLLIINNEESS UUSSEEDD ((CCOONNTTRRAACCTTUUAALL OORR LLEEGGAALL DDEEAADDLLIINNEESS –– AARRTTIICCLLEE LL.. 444411--66 OORR AARRTTIICCLLEE LL.. 444433--11 OOFF TTHHEE FFRREENNCCHH
CCOOMMMMEERRCCIIAALL CCOODDEE))
Payment
deadlines used
to calculate late
payments
X Contractual deadlines
Legal deadlines
X Contractual deadlines
Legal deadlines
The contractual deadlines applied fall within
a 20- to 60- day period.
The contractual deadlines applied fall within
a 20- to 60- day period.
(*) Mainly correspond to intragroup invoices.
5.6.2
INVESTMENTS IN SUBSIDIARIES AND AFFILIATES
As part of its effort to manage its equity portfolio, during the year the Company subscribed to Carrefour Italy’s capital increase in the
amount of 45 million euros.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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BUSINESS REVIEW AS OF DECEMBER 31, 2022
Parent company financial review
5.6.3
INCOME APPROPRIATION
It is recommended that the Shareholders’ Meeting allocate distributable income as follows:
(in millions of euros)
NNeett iinnccoommee ffoorr tthhee yyeeaarr
Allocation to the legal reserve
Retained earnings at December 31, 2022
IInnccoommee aavvaaiillaabbllee ffoorr ddiissttrriibbuuttiioonn
22002222 ddiivviiddeennddss ppaaiidd oouutt ooff ddiissttrriibbuuttaabbllee pprroofifitt
((11))
BBaallaannccee ooff rreettaaiinneedd eeaarrnniinnggss aafftteerr aallllooccaattiioonn
€€222233,,223355,,114455..8855
€-
€2,724,833,589.72
€€22,,994488,,006688,,773355..5577
€€440099,,114433,,005500..9966
€€22,,553388,,992255,,668844..6611
(1) Calculated based on shares eligible for dividends after deduction of treasury shares at December 31, 2022.
The amount of retained earnings includes the dividends not paid
out on treasury shares.
In the event of a change in the number of shares eligible for
dividends with respect to the 742,157,461 shares comprising the
share capital at December 31, 2022, the total dividend amount
would be adjusted and the amount allocated to retained earnings
would be determined on the basis of the dividends actually paid.
It is specified, in accordance with current tax regulations, that the
total dividend amount of 409,143,050.96 euros, which represents
a dividend of 0.56 euro per share eligible for dividends (after
deduction of 11,544,870 treasury shares at December 31, 2022)
before payroll taxes and the mandatory flat-rate withholding tax
(prélèvement forfaitaire obligatoire non libératoire) provided for
in Article 117 quater of the French General Tax Code (Code
général des impôts), qualifies, for individuals who are resident in
France for tax purposes, for the 40% tax relief described in
Section 2 of paragraph 3 of Article 158 of the French General Tax
Code, if the taxpayer elects to be taxed at the progressive
income tax rate.
The dividend to be distributed will be allocated on June 6, 2023 and will become payable on June 8, 2023.
As required by law, the dividends paid per share for the three preceding financial years and the amounts eligible for tax relief under
Article 158-3-2 of the French General Tax Code are set out below:
FFiinnaanncciiaall yyeeaarr
2019
2020
2021
GGrroossss
ddiivviiddeenndd ppaaiidd
DDiivviiddeennddss eelliiggiibbllee ffoorr
4400%% ttaaxx rreelliieeff
€0.23
€0.48
€0.52
€0.23
€0.48
€0.52
DDiivviiddeennddss
nnoott eelliiggiibbllee ffoorr
4400%% ttaaxx rreelliieeff
-
-
5.6.4 RESEARCH AND DEVELOPMENT
The Company does not implement any research and development policy.
5.6.5 RECENT DEVELOPMENTS
See the Group’s management report at December 31, 2022 for information on the 2023 outlook for the entire Company, its subsidiaries
and the Group’s equity-accounted associates and joint ventures.
326
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
BUSINESS REVIEW AS OF DECEMBER 31, 2022
Parent company financial review
5.6.6 COMPANY EARNINGS PERFORMANCE IN THE LAST FIVE FINANCIAL YEARS
(in millions of euros)
II –– CCaappiittaall aatt yyeeaarr--eenndd
Share capital
Issue and merger premiums
2022
22002211
22002200
22001199
22001188
1,855
16,017
1,940
16,587
2,044
17,183
2,018
17,082
1,973
16,856
Number of existing ordinary shares
742,157,461
775,895,892
817,623,840
807,265,504
789,252,839
IIII –– RReessuullttss ooff ooppeerraattiioonnss ffoorr tthhee fifinnaanncciiaall yyeeaarr
Net income before tax, employee profit-sharing
and depreciation, amortisation and provisions
Income tax
Employee profit-sharing payable for the
financial year
Net income after tax and employee
profit-sharing and depreciation, amortisation
and provisions
Distributed income
(1)
IIIIII –– NNeett iinnccoommee ppeerr sshhaarree
Net income after tax and employee
profit-sharing but before depreciation,
amortisation and provisions
Net income after tax, employee profit-sharing
and depreciation, amortisation and provisions
Net dividend allocated to each share
(1)
IIVV –– EEmmppllooyyeeeess
Average number of employees during the
financial year
Amount of payroll for the financial year
(2)
Amount paid as employee benefits for the
financial year (social security, social services)
(2)
1,158
375
223
409
2.07
0.30
0.56
5
9
2
474
319
837
403
1.02
1.08
0.52
4
9
2
565
102
550
392
0.82
0.67
0.48
5
13
3
116
181
266
184
0.37
0.33
0.23
5
16
6
1,726
186
1,485
253
2.42
1.88
0.46
6
12
5
(1) Set by the Board of Directors and to be submitted for approval to the Ordinary Shareholders' Meeting.
(2) Excluding expenses related to the performance share plan.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
327
5
BUSINESS REVIEW AS OF DECEMBER 31, 2022
328
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
6
CONSOLIDATED FINANCIAL
STATEMENTS AS OF DECEMBER 31, 2022
6.1 Consolidated income statement
330
6.5 Consolidated statement of changes
6.2 Consolidated statement
of comprehensive income
in shareholders’ equity
331
6.6 Notes to the consolidated financial
6.3 Consolidated statement of financial
position
332
6.4 Consolidated statement of cash flows
334
statements
6.7 Statutory Auditors’ report on the
consolidated financial statements
336
337
426
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
329
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Consolidated income statement
The comparative consolidated income and cash flow statemen
information presented in this document has been restated t
reflect the classification of Carrefour Taiwan in discontinue
operations in accordance with IFRS 5 – Non-current Assets Hel
for Sale and Discontinued Operations. These restatements ar
described in Note 4.
t
o
d
d
e
Argentina is classified as a hyperinflationary economy within the
meaning of IFRS. IAS 29 – Financial Reporting in Hyperinflationary
Economies is therefore applicable to the consolidated financial
statements for the year ended December 31, 2022. Comparative
data for 2021 have also been adjusted for inflation.
The consolidated financial statements are presented in millions
of euros, rounded to the nearest million. As a result, there may be
rounding differences between the amounts reported in the
various statements.
6.1 Consolidated income statement
(in millions of euros)
Net sales
Loyalty program costs
NNeett ssaalleess nneett ooff llooyyaallttyy pprrooggrraamm ccoossttss
Other revenue
TToottaall rreevveennuuee
Cost of sales
GGrroossss mmaarrggiinn ffrroomm rreeccuurrrriinngg ooppeerraattiioonnss
Sales, general and administrative expenses, depreciation and
amortisation
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee
Net income/(loss) from equity-accounted companies
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee aafftteerr nneett iinnccoommee ffrroomm
eeqquuiittyy--aaccccoouunntteedd ccoommppaanniieess
Non-recurring income and expenses, net
OOppeerraattiinngg iinnccoommee
Finance costs and other financial income and expenses, net
Finance costs, net
Net interests related to lease commitments
Other financial income and expenses, net
IInnccoommee bbeeffoorree ttaaxxeess
Income tax expense
NNeett iinnccoommee//((lloossss)) ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss
Net income/(loss) from discontinued operations
NET INCOME/(LOSS) FOR THE YEAR
GGrroouupp sshhaarree
of which net income/(loss) from continuing operations – Group
share
of which net income/(loss) from discontinued operations –
Group share
AAttttrriibbuuttaabbllee ttoo nnoonn--ccoonnttrroolllliinngg iinntteerreessttss
of which net income/(loss) from continuing operations
– attributable to non-controlling interests
of which net income/(loss) from discontinued operations
– attributable to non-controlling interests
22002211
rreessttaatteedd IIFFRRSS 55
%% cchhaannggee
Notes
6.1
6.1
6.2
2022
81,385
(842)
8800,,554433
2,546
8833,,008899
(66,776)
1166,,331133
70,462
(792)
6699,,666699
2,091
7711,,776600
(56,865)
1144,,889966
6.2
(13,936)
(12,701)
9
6.3
14.6
10.1
22,,337777
50
22,,442277
36
22,,446633
(490)
(336)
(167)
13
11,,997733
(408)
11,,556644
1
1,566
11,,334488
22,,119944
12
22,,220066
(366)
11,,884400
(270)
(173)
(97)
(1)
11,,557700
(360)
11,,221100
92
1,301
11,,007722
15.5%
6.3%
1155..66%%
21.7%
1155..88%%
17.4%
99..55%%
9.7%
88..33%%
317.8%
1100..00%%
109.8%
3333..88%%
81.3%
95.0%
72.3%
1,343.3%
2255..66%%
13.3%
2299..33%%
(98.5)%
20.3%
2255..77%%
1,368
1,002
36.6%
(21)
221188
196
22
70
222299
208
22
(129.6)%
((44..99))%%
(5.7)%
2.8%
330
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Consolidated statement of comprehensive income
BBaassiicc eeaarrnniinnggss ppeerr sshhaarree (in euros)
Net income/(loss) from continuing operations – Group share – per share
Net income/(loss) from discontinued operations – Group share – per
share
Net income/(loss) – Group share – per share
DDiilluutteedd eeaarrnniinnggss ppeerr sshhaarree (in euros)
Net income/(loss) from continuing operations – Group share – per share
Net income/(loss) from discontinued operations – Group share – per
share
Net income/(loss) – Group share – per share
Notes
13.6
13.6
13.6
Notes
13.6
13.6
13.6
22002211
rreessttaatteedd IIFFRRSS 55
1.27
0.09
1.36
22002211
rreessttaatteedd IIFFRRSS 55
1.27
0.09
1.35
2022
1.85
(0.03)
1.82
2022
1.83
(0.03)
1.80
%% cchhaannggee
45.0%
(131.4)%
33.4%
%% cchhaannggee
44.8%
(131.4)%
33.2%
6.2 Consolidated statement of comprehensive
income
(in millions of euros)
Net income/(loss) – Group share
Net income – Attributable to non-controlling interests
NNeett iinnccoommee//((lloossss)) ffoorr tthhee yyeeaarr
Effective portion of changes in the fair value of cash flow hedges
(1)
Changes in the fair value of debt instruments through other
comprehensive income
Exchange differences on translation of intercompany loans
qualifying as net investment of foreign operations, net of hedge
effect
(2)
Exchange differences on translation of foreign operations
(3)
IItteemmss tthhaatt mmaayy bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
Remeasurements of defined benefit plans obligation
(4)
Changes in the fair value of equity instruments through other
comprehensive income
IItteemmss tthhaatt wwiillll nnoott bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
OOtthheerr ccoommpprreehheennssiivvee iinnccoommee//((lloossss)) aafftteerr ttaaxx
TOTAL COMPREHENSIVE INCOME/(LOSS)
Group share
Attributable to non-controlling interests
These items are presented net of the tax effect (see Note 13.4).
Notes
13.4
13.4
13.4
13.4
12.1/13.4
13.4
2022
1,348
218
11,,556666
115
(19)
(11)
380
446644
131
(0)
113311
559955
2,161
1,815
346
22002211
1,072
229
11,,330011
43
(8)
−
116
115511
28
(0)
2288
117799
1,481
1,224
256
(1) In 2022, the Group set up a currency swap eligible for cash flow hedge accounting in order to hedge the risk of unfavourable changes in the
New Taiwan dollar up to the amount of the Group’s share in the value of Carrefour Taiwan’s equity, i.e., approximately 29 billion New Taiwan
dollars (see Note 2.1).
(2) In 2022, Carrefour Finance granted two intra-group revolving credit facilities (RCF) to the Brazilian subsidiary Atacadão, treated as part of the net
investment in that operation. The derivatives contracted to hedge part of these loans were classified as a net investment hedge (see Note 2.3).
(3) Exchange differences recognised on translating foreign operations in 2022 mainly reflect the significant increase in the value of the Brazilian real.
Differences in 2021 mainly reflected the increase in value of the New Taiwan dollar and the very slight increase in value of the Brazilian real during
the year.
(4) Remeasurement of the net defined benefit liability recognised in 2022 reflects the sharp increase in discount rates applied for the eurozone, from
0.80% at end-December 2021 to 3.80% at end-December 2022. In 2021, these discount rates had increased, from 0.40% at end-December 2020
to 0.80% at end-December 2021.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
331
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Consolidated statement of financial position
6.3 Consolidated statement of financial position
ASSETS
(in millions of euros)
Goodwill
Other intangible assets
Property and equipment
Investment property
Right-of-use assets
Investments in companies accounted for by the equity method
Other non-current financial assets
Consumer credit granted by the financial services companies –
portion more than one year
Deferred tax assets
Other non-current assets
NNoonn--ccuurrrreenntt aasssseettss
Inventories
Trade receivables
Consumer credit granted by the financial services companies –
portion less than one year
Other current financial assets
Tax receivables
Other current assets
Cash and cash equivalents
Assets held for sale
CCuurrrreenntt aasssseettss
TOTAL ASSETS
Notes December 31, 2022 DDeecceemmbbeerr 3311,, 22002211
7.1
7.1
7.2
7.4
8.1
9
14.5
6.5
10.2
6.4
6.4
6.4
6.5
14.2
6.4
6.4
14.2
2.1/4.3
8,778
1,499
12,612
279
4,190
1,197
1,162
1,867
475
609
3322,,666677
6,893
3,330
4,111
720
948
1,025
5,216
1,641
2233,,888844
56,551
7,995
1,333
10,721
291
4,361
1,256
1,152
1,821
631
321
2299,,888833
5,858
2,581
3,473
532
675
943
3,703
20
1177,,778855
47,668
332
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
SHAREHOLDERS’ EQUITY AND LIABILITIES
(in millions of euros)
Share capital
Consolidated reserves (including net income)
Shareholders’ equity, Group share
Shareholders’ equity attributable to non-controlling interests
Total shareholders’ equity
Borrowings – portion more than one year
Lease commitments – portion more than one year
Provisions
Consumer credit financing – portion more than one year
Deferred tax liabilities
Tax payables – portion more than one year
NNoonn--ccuurrrreenntt lliiaabbiilliittiieess
Borrowings – portion less than one year
Lease commitments – portion less than one year
Suppliers and other creditors
Consumer credit financing – portion less than one year
Tax payables – portion less than one year
Other current payables
Liabilities related to assets held for sale
CCuurrrreenntt lliiaabbiilliittiieess
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
Notes December 31, 2022 DDeecceemmbbeerr 3311,, 22002211
13.2
13.5
14.2
8.2
11
6.5
10.2
6.4
14.2
8.2
6.4
6.5
6.4
6.4
4.3
1,855
9,289
11,144
2,042
13,186
6,912
3,574
3,974
1,550
364
85
1166,,445588
2,646
955
14,393
3,592
1,182
2,943
1,196
2266,,990077
56,551
1,940
8,311
10,251
1,579
11,830
5,491
3,602
2,455
1,573
374
193
1133,,668888
1,342
995
13,072
2,868
1,108
2,765
−
2222,,115500
47,668
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
333
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Consolidated statement of cash flows
6.4 Consolidated statement of cash flows
(in millions of euros)
IInnccoommee bbeeffoorree ttaaxxeess
OPERATING ACTIVITIES
Income tax paid
Depreciation and amortisation expense
Gains and losses on disposal of assets and other
Change in provisions and impairment
Finance costs, net
Net interests related to lease commitments
Share of profit and dividends received from equity-accounted companies
(1)
Impact of discontinued operations
CCaasshh flflooww ffrroomm ooppeerraattiioonnss
Change in working capital requirement
(2)
Impact of discontinued operations
(1)
NNeett ccaasshh ffrroomm//((uusseedd iinn)) ooppeerraattiinngg aaccttiivviittiieess ((eexxcclluuddiinngg fifinnaanncciiaall sseerrvviicceess ccoommppaanniieess))
Change in consumer credit granted by the financial services companies
NNeett ccaasshh ffrroomm//((uusseedd iinn)) ooppeerraattiinngg aaccttiivviittiieess –– ttoottaall
INVESTING ACTIVITIES
Acquisitions of property and equipment and intangible assets
(3)
Acquisitions of non-current financial assets
(4)
Acquisitions of subsidiaries and investments in associates
(5)
Proceeds from the disposal of subsidiaries and investments in associates
(6)
Proceeds from the disposal of property and equipment and intangible assets
(7)
Proceeds from the disposal of non-current financial assets
Change in amounts receivable from disposals of non-current assets
and due to suppliers of non-current assets
(3)
IInnvveessttmmeennttss nneett ooff ddiissppoossaallss –– ssuubbttoottaall
Other cash flows from investing activities
Impact of discontinued operations
(1)
NNeett ccaasshh ffrroomm//((uusseedd iinn)) iinnvveessttiinngg aaccttiivviittiieess –– ttoottaall
2022
11,,997733
(449)
2,236
(165)
(371)
336
167
26
215
33,,996688
108
8
44,,008855
135
44,,221199
(1,882)
(45)
(914)
94
380
6
55
((22,,330066))
207
(34)
((22,,113344))
22002211
rreessttaatteedd IIFFRRSS 55
11,,557700
(426)
2,112
(236)
259
173
97
43
205
33,,779966
(82)
50
33,,776644
(104)
33,,666611
(1,585)
(174)
(136)
185
282
7
122
((11,,229988))
4
(41)
((11,,333344))
334
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
(in millions of euros)
FINANCING ACTIVITIES
Carrefour SA capital increase/(decrease)
(8)
Proceeds from share issues to non-controlling interests
Dividends paid by Carrefour SA
(9)
Dividends paid to non-controlling interests
Change in treasury stock and other equity instruments
(8)
Change in current financial assets
(10)
Issuance of bonds
(10)
Repayments of bonds
(10)
Net financial interests paid
Other changes in borrowings
(10)
Payments related to leases (principal)
(11)
Net interest related to leases
(11)
Impact of discontinued operations
(1)
NNeett ccaasshh ffrroomm//((uusseedd iinn)) fifinnaanncciinngg aaccttiivviittiieess –– ttoottaall
NNeett cchhaannggee iinn ccaasshh aanndd ccaasshh eeqquuiivvaalleennttss bbeeffoorree tthhee eeffffeecctt ooff cchhaannggeess
iinn eexxcchhaannggee rraatteess
Effect of changes in exchange rates
NET CHANGE IN CASH AND CASH EQUIVALENTS
CCaasshh aanndd ccaasshh eeqquuiivvaalleennttss aatt bbeeggiinnnniinngg ooff yyeeaarr
CCaasshh aanndd ccaasshh eeqquuiivvaalleennttss aatt eenndd ooff yyeeaarr
of which cash and cash equivalents at end of period from continuing operations
of which cash and cash equivalents at end of period from discontinued operations
2022
(657)
3
(380)
(101)
(96)
(7)
2,633
(1,081)
(194)
774
(925)
(164)
(132)
)
((332266)
9
11,,77559
(11)
1,748
3
33,,77003
1
55,,44551
5,216
235
22002211
rreessttaatteedd IIFFRRSS 55
(702)
1
(383)
(150)
−
4
−
(871)
(158)
302
(872)
(94)
(135)
((33,,006600))
((773333))
(2)
(735)
44,,443399
33,,770033
3,495
209
(1) Restatements made to reflect the classification of cash flows relating to discontinued operations in accordance with IFRS 5 are detailed in Note 4.
They correspond almost exclusively to the disposal in progress of Carrefour Taiwan.
(2) The change in working capital requirement is set out in Note 6.4.
(3) Acquisitions include operational investments in growth formats, in particular those relating to the first Grupo BIG store conversions, the Group’s
digitalisation and the roll-out of a leading omni-channel offering.
(4) In 2021, this item mainly corresponded to the downpayment of 900 million Brazilian reals in March 2021 (approximately 139 million euros)
relating to the acquisition of Grupo BIG in Brazil (see Note 2.1).
(5) This line mainly corresponds to the cash payment in respect of the acquisition of Grupo BIG in Brazil (excluding the downpayment in March 2021,
see above) for 866 million euros (4,392 million Brazilian reals, see Note 2.1). In 2021, this line mainly corresponded to the acquisition of Supersol
franchise stores in Spain.
(6) This line mainly corresponds to the sale of the Group’s interest in a variety of equity-accounted companies, including Mestdagh in Belgium for
41 million euros, Ploiesti Shopping City in Romania for 30 million euros and CarrefourSA in Turkey for 14 million euros (see Note 9). In 2021, this
line corresponded to the 189 million-euro cash payment (before transaction costs) received on the sale of 60% of Market Pay.
(7) This line corresponds mainly to the sale and leaseback of 9 hypermarkets and 5 supermarkets in Spain (see Note 2.1) and the sale of store
premises and businesses to franchisees in France and Italy. In 2021, this item corresponded mainly to the sale and leaseback of ten hypermarkets
in Spain, the sale of the San Giuliano and Thiene hypermarkets in Italy, and the sale of businesses to franchisees in France.
(8) This item corresponds to the share buyback programme for 750 million euros (see Note 2.5) implemented between March and May 2022, of
which, following decisions by the Board of Directors, 401 million euros worth of shares (including associated costs) were cancelled on April 20,
2022 and another 256 million euros worth (including associated costs) were cancelled on June 3, 2022. The shares covered by this programme,
which were still held in treasury at December 31, 2022, are presented within “Change in treasury stock and other equity instruments”.
(9) The dividend approved by the Shareholders’ Meeting of June 3, 2022 was paid entirely in cash on June 9, 2022 for an amount of
380 million euros (see Note 2.4). In 2021, the dividend was paid entirely in cash on May 28, 2021 for 383 million euros.
(10) Note 14.2 provides a breakdown of net debt. Changes in liabilities arising from financing activities are detailed in Note 14.4.
(11) In accordance with IFRS 16, payments under leases along with any related interest are shown in financing cash flows.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
335
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Consolidated statement of changes in shareholders’ equity
6.5 Consolidated statement of changes
in shareholders’ equity
SShhaarreehhoollddeerrss’’ eeqquuiittyy,, GGrroouupp sshhaarree
(in millions of euros)
SShhaarreehhoollddeerrss’’ eeqquuiittyy aatt DDeecceemmbbeerr 3311,, 22002200
Net income/(loss) for the year 2021
Other comprehensive income/(loss) after tax
(3)
TToottaall ccoommpprreehheennssiivvee iinnccoommee//((lloossss)) 22002211
Share-based payments
2020 dividend payment
(4)
Change in capital and additional paid-in
capital
(5)
Effect of changes in scope of consolidation and
other movements
(6)
FFoorreeiiggnn
eexxcchhaannggee
ttrraannssllaattiioonn
rreesseerrvvee
((22,,007788))
SShhaarree
ccaappiittaall((11))
22,,004444
−
−
−−
−
−
(104)
−
−
88
8888
−
−
−
−
SShhaarreehhoollddeerrss’’ eeqquuiittyy aatt DDeecceemmbbeerr 3311,, 22002211
11,,994400
((11,,999900))
Net income/(loss) for the year 2022
Other comprehensive income/(loss) after tax
(3)
TToottaall ccoommpprreehheennssiivvee iinnccoommee//((lloossss)) 22002222
Share-based payments
Treasury stock (net of tax)
(4)
2021 dividend payment
(5)
Change in capital and additional paid-in
capital
(5)
Effect of changes in scope of consolidation and
other movements
(6)
−
−
−−
−
−
−
(84)
−
−
258
225588
−
−
−
−
62
OOtthheerr
ccoonnssoolliiddaatteedd
rreesseerrvveess aanndd
nneett iinnccoommee
Total
Shareholders’
equity,
Group share
FFaaiirr vvaalluuee
rreesseerrvvee((22))
Non
-controlling
interests
11,,550077
Total
Shareholders’
equity
1111,,660099
229
27
225566
1
(198)
1
13
1,301
179
11,,448811
26
(581)
(699)
(5)
1100,,117788
1,072
27
11,,009999
25
(383)
(596)
1100,,110033
1,072
153
11,,222244
25
(383)
(700)
(18)
(18)
1100,,330055
1100,,225511
11,,557799
1111,,883300
1,348
127
11,,447744
21
(96)
(380)
(570)
1,348
467
11,,881155
21
(96)
(380)
(655)
126
188
218
128
334466
1
−
(127)
3
241
1,566
595
22,,116611
22
(96)
(507)
(651)
429
((4422))
−
37
3377
−
−
−
−
((44))
−
83
8833
−
−
−
−
−
SShhaarreehhoollddeerrss’’ eeqquuiittyy aatt DDeecceemmbbeerr 3311,, 22002222
11,,885555
((11,,667700))
7788
1100,,888811
1111,,114444
22,,004422
1133,,118866
(1) At December 31, 2022, the share capital was made up of 742,157,461 ordinary shares (see Note 13.2.1).
(2) This item comprises:
• the hedge reserve (effective portion of changes in the fair value of cash flow hedges);
• the financial asset fair value reserve (changes in the fair value of financial assets carried at fair value through other comprehensive income);
• exchange differences on translation of intercompany loans qualifying as net investment of foreign operations, net of hedge effect.
(3) In 2022, other comprehensive income after tax reflects both the significant increase in the value of the Brazilian real compared to December 31, 2021 and, under other
consolidated reserves and net income, the remeasurement of the net defined benefit liability following the strong increase in discount rates applied for the eurozone.
In 2021, other comprehensive income after tax reflected both the increase in the value of the New Taiwan dollar and the more moderate increase in the value of the
Brazilian real compared to December 31, 2020 and, under other consolidated reserves and net income, the remeasurement of the net defined benefit liability following
the increase in discount rates applied for the eurozone.
(4) The 2021 dividend distributed by Carrefour SA, totalling 380 million euros, was paid entirely in cash.
The 2020 dividend distributed by Carrefour SA, totalling 383 million euros, was paid entirely in cash.
Dividends paid to non-controlling interests in 2021 and 2022 came to 198 million euros and 127 million euros respectively, related mainly to the Brazilian, Taiwanese and
Spanish subsidiaries.
(5) The 750-million-euro share buyback programme announced on February 16, 2022 was launched in 2022 in two tranches of 400 million euros and 350 million euros,
corresponding to 38,423,806 shares. Carrefour SA’s share capital was subsequently reduced by cancelling 33,738,431 shares (see Note 2.5). Following cancellation of
these shares, Carrefour SA has 11,544,870 treasury shares, representing approximately 1.6% of the share capital at December 31, 2022.
In 2021, two share buybacks were carried out for amounts of 500 million euros and 200 million euros respectively. Following these buybacks, Carrefour SA’s share capital
was reduced by cancelling 29,475,225 shares and then 12,252,723 shares (see Note 2.6 to the 2021 consolidated financial statements).
(6) The effect of changes in the scope of consolidation and other movements mainly corresponds to the acquisition of Grupo BIG for the portion paid in newly issued
Carrefour Brazil shares (see Note 2.1).
In 2021, this item mainly corresponded to the impact of acquiring the remaining non-controlling interest in the Belgian financial services company Fimaser (see Note 3.2
to the 2021 consolidated financial statements).
336
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.6 Notes to the consolidated financial statements
NOTE 1
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL
STATEMENTS
NOTE 2 SIGNIFICANT EVENTS OF THE YEAR
NOTE 3 SCOPE OF CONSOLIDATION
NOTE 4 RESTATEMENT OF THE 2021 CONSOLIDATED FINANCIAL
STATEMENTS
NOTE 5 SEGMENT INFORMATION
NOTE 6 OPERATING ITEMS
NOTE 7 INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT
PROPERTY
NOTE 8 LEASES
NOTE 9 INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY
METHOD
NOTE 10 INCOME TAX
NOTE 11 PROVISIONS AND CONTINGENT LIABILITIES
NOTE 12 NUMBER OF EMPLOYEES, EMPLOYEE
COMPENSATION AND BENEFITS
NOTE 13 EQUITY AND EARNINGS PER SHARE
NOTE 14 FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER
FINANCIAL INCOME AND EXPENSES
NOTE 15 OFF-BALANCE SHEET COMMITMENTS
NOTE 16 SUBSEQUENT EVENTS
NOTE 17 AUDITORS’ FEES
NOTE 18 LIST OF CONSOLIDATED COMPANIES
338
341
345
349
353
355
366
374
377
380
383
385
397
401
416
417
417
418
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 1
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL
STATEMENTS
The consolidated financial statements for the year ended
December 31, 2022 were approved for publication by the Board
of Directors on February 14, 2023. They will be submitted for final
approval at the Annual Shareholders’ Meeting.
At December 31, 2022, the standards and interpretations adopted
for use in the European Union were the same as those published
by the IASB and applicable at that date.
(the
“Company”)
is domiciled
Carrefour SA
in France at
93, avenue de Paris, 91300 Massy. The consolidated financial
statements for the year ended December 31, 2022 reflect the
financial position and results of operations of the Company and
its subsidiaries (together “Carrefour” or the “Group”), along with
the Group’s share of the profits and losses and net assets of
equity-accounted associates and joint ventures. The presentation
currency of the consolidated financial statements is the euro,
which is the Company’s functional currency.
1.1
Statement of compliance
In accordance with European Regulation (EC) 1606/2002 dated
July 19, 2002, the 2022 consolidated financial statements have
been prepared in compliance with the International Financial
Reporting Standards (IFRS) as adopted for use in the European
Union as of December 31, 2022 and applicable at that date, with
2021 comparative
the same
standards.
information prepared using
All of the standards and
interpretations endorsed by the
European Union are published in the Official Journal of the
European Union, which can be accessed in the EUR-Lex.
ADOPTED BY THE EUROPEAN UNION BUT NOT YET APPLICABLE
SSttaannddaarrddss,, aammeennddmmeennttss aanndd iinntteerrpprreettaattiioonnss
IFRS 17 – Insurance Contracts
1.2
Changes in accounting policies
The accounting policies used to prepare the 2022 consolidated
financial statements are the same as those used for the 2021
consolidated financial statements, except for the following
amendments whose application is mandatory as of January 1,
2022:
■
Amendments to IFRS 3 – Business Combinations, IAS 16 –
Property, Plant and Equipment, IAS 37 – Provisions, Contingent
Liabilities and Contingent Assets and Annual Improvements to
IFRSs – 2018-2020 cycle.
These amendments and annual improvements had no material
impact on the Group’s consolidated financial statements.
As a reminder, in the consolidated financial statements for the
year ended December 31, 2021, the Group applied the IFRS IC
recognition of
in April 2021 on
decision published
configuration and customisation costs in Software as a Service
(SaaS) arrangements, as well as the decision published in
May 2021 on attributing benefit to periods of service in the
calculation of the provision for employee benefits falling within
(see Notes 1.2 and 4 to the 2021
the scope of
consolidated financial statements).
IAS 19
the
Amendments to IFRS 17 – Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative
Information
Amendments to IAS 1 – Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of
Accounting Policies
Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors: Definition of
Accounting Estimates
Amendments to IAS 12 – Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
NOT YET ADOPTED BY THE EUROPEAN UNION
SSttaannddaarrddss,, aammeennddmmeennttss aanndd iinntteerrpprreettaattiioonnss
Amendments to IAS 1 – Presentation of Financial Statements: Classification of Liabilities as Current or
Non-current; Non-current Liabilities with Covenants
Amendments to IFRS 16 – Leases: Lease Liability in a Sale and Leaseback
(1) Subject to adoption by the European Union.
Effective date
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2023
Effective date
(1)
January 1, 2024
January 1, 2024
With regards to IFRS 17 – Insurance Contracts, having estimated
the impacts, the Group considers that this standard has no
material
the Group’s consolidated financial
statements.
impact on
Carrefour does not
the
above-mentioned amendments to have a material impact on its
consolidated financial statements.
application of
expect
the
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
1.3
Use of estimates and judgement
1.4
Seasonal fluctuations in business
Preparation of consolidated financial statements involves the use
of Group Management estimates and assumptions that may
affect the reported amounts of certain assets, liabilities, income
and expenses, as well as the disclosures contained in the notes.
These estimates and assumptions are reviewed at regular
intervals by Group management to ensure that they are
reasonable in light of past experience and the current economic
situation. Depending on changes in those assumptions, actual
results may differ from current estimates. In addition to using
estimates, Group management exercises its judgement when
determining the appropriate accounting treatment of certain
transactions and activities and how it should be applied.
The estimates and judgements applied for the preparation of
these consolidated financial statements mainly concern:
■
■
■
■
■
■
■
■
■
■
■
measurement of rebates and commercial
Note 6.2.1);
income
(see
useful lives of operating assets (see Note 7);
definition of cash-generating units (CGUs) for the purpose of
impairment tests on non-current assets other than goodwill
(see Note 7.3);
measurement of the recoverable amount of goodwill, other
intangible assets and property and equipment (see Note 7.3);
measurement of right-of-use assets and lease commitments in
accordance with IFRS 16 – Leases (see Note 8);
measurement of impairment of loans granted by the financial
services companies (see Notes 6.5.1 and 14.7.4.2) as well as
provisions for credit risk on loan commitments (see Note 11.1);
measurement of fair value of identifiable assets acquired and
liabilities assumed in business combinations (see Note 3.1);
recognition of deferred tax assets and some tax credits
(see Note 10) and determination of uncertainties in income
taxes under IFRIC 23;
measurement of provisions for contingencies and other
business-related provisions (see Note 11);
assumptions used
post-employment benefit obligations (see Note 12.1);
to calculate pension
and other
determination of the level of control or influence exercised by
the Group over investees (see Notes 3 and 9).
Like those of other retailers, Carrefour’s sales are subject to
significant seasonal fluctuations, with the result that comparisons
between the consolidated financial statements for the first and
second halves of the year are not particularly meaningful. This is
particularly the case for recurring operating income and cash
flow generation between the two periods.
The Group’s second-half sales are traditionally higher than those
for the first half, due to increased activity in December. Most of
the operating expenses on the other hand – such as payroll
costs, depreciation and amortisation – are spread more or less
evenly over the year. As a result, the Group’s recurring operating
income is generally lower in the first half than in the second.
Cash flows generated by the Group are also strongly impacted by
seasonal trends, with working capital requirement rising sharply
in the first half as a result of the large volume of supplier
payments due at the beginning of the year for the purchases
made ahead of the previous year’s peak selling period in
December.
1.5
Conflict in Ukraine
The Group does not do business in Ukraine, Russia or Belarus. It
does not hold any assets or interests in entities in these
countries, nor is it party to any franchise agreements. In addition,
the Group’s exposure to the Russian and Belarusian markets is
not deemed to be material. The Group is not materially affected
by the trade restrictions and sanctions imposed by certain
governments on Russia.
However, the Group is impacted to some extent by the
macro-economic consequences of the conflict, particularly due
to the resulting energy price fluctuations, which have led to the
recognition of higher energy costs in the financial statements.
and
potentially
its macroeconomic
The Group is closely monitoring the development of the conflict
and
operational
consequences, particularly in its integrated countries bordering
Ukraine (Poland and Romania). As expected, the inflationary
pressure that began in the second half of 2021 intensified in the
2022. In the current situation, Carrefour is committed to
preserving consumer purchasing power while continuing to
consolidate its business model. Carrefour did not encounter any
significant supply problems during the year, despite a few
localised, temporary shortages. However, in a tight supply
environment, the Group is fully mobilised to ensure a steady
supply of products, for example by increasing back-up inventory
in certain sensitive categories, in order to improve the availability
of products under favourable purchasing conditions.
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
1.6
Climate change
1.7
Measurement bases
The potential impacts of climate change are taken into account
in the Group’s strategic plan and risk management. In preparing
these consolidated financial statements, the Group took these
impacts into account in particular when reviewing the useful lives
of property and equipment (see Note 7.2) and performing
goodwill impairment tests (see Note 7.3).
In 2020, the Group aligned its direct emissions (Scope 1 and 2)
targets with a 1.5°C trajectory, with the goal of becoming carbon
neutral by 2040 (by 2030 for the e‑commerce business), by
reducing the CO2 emissions produced by its operations at source
as much as possible through three initiatives:
■
■
the
use of 100% renewable electricity by 2030, with priority given
to on‑site production for self‑consumption or grid feeding,
followed by
future adoption of power purchase
agreements. In view of this, the Group is pressing ahead with
equipping hypermarkets with photovoltaic systems (seven in
France, five in Poland, four in Belgium, one in Italy and one in
Brazil to date). In addition, alongside one or several partners
currently in the process of being selected, Carrefour will begin
producing photovoltaic energy by installing and operating
4.5 million sq.m. of solar panels on car park canopies in France,
Spain and Brazil, representing around one TWh of theoretical
power generation per year by 2027;
a 27.5% reduction in energy consumption by 2030 compared
to 2019. Carrefour is doubling its investments to 200 million
euros per year between 2023 and 2026 to reduce its energy
consumption. This will enable
its
consumption by 20% by 2026, including a 20% reduction in
France by 2024. The Group is seeking to improve energy
efficiency
technology
recommendations for its stores: renovation of commercial
cooling systems, doors for refrigeration units, use of electronic
speed controllers, use of divisional meters and
low
consumption LED lighting;
five priority action and
the Group
through
to cut
■
a reduction in emissions from refrigerant use. Carrefour is
committed to phasing out HFC refrigeration units and phasing
in systems using natural refrigerants (CO2), which have much
lower emission levels, by 2030 in Europe and 2040 in other
geographies. Each country has drawn up a roadmap for the
renewal of its store base.
The consolidated financial statements have been prepared using
the historical cost convention, except for:
■
■
■
certain financial assets and liabilities measured using the fair
value model (see Note 14);
assets acquired and
combinations, measured using
(see Note 3.1);
liabilities assumed
in business
fair value model
the
assets acquired through exchange, assessed at fair value if the
exchange has commercial substance and if it is possible to
reliably measure the fair value of the asset received or sold (see
Notes 7.2 and 7.4);
■
non‑current assets held for sale, measured at the lower of their
carrying amount and fair value less costs to sell.
Fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date. In accordance with
the hierarchy defined in IFRS 13 – Fair Value Measurement, there
are three levels of inputs:
■
■
■
level 1 inputs: unadjusted quoted prices in active markets for
identical assets or liabilities;
level 2 inputs: models that use inputs that are observable for
the asset or liability, either directly (i.e., prices) or indirectly (i.e.,
price‑based data);
level 3 inputs: inputs that are intrinsic to the asset or liability
and are not based on observable market data for the asset or
liability.
IFRS.
Argentina is classified as a hyperinflationary economy within the
meaning of
in
Hyperinflationary Economies is therefore applicable to the
consolidated financial
the year ended
statements
December 31, 2022; data for the comparative period presented
have also been adjusted for inflation.
Financial Reporting
IAS 29 –
for
340
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
2.1
Main acquisitions and disposals in 2022
CARREFOUR TAIWAN SALE AGREEMENT
On July 19, 2022, the Group signed an agreement to sell its
entire interest in its Taiwanese subsidiary (i.e., 60%) to the
Uni-President group (holder of the remaining 40%). If the
conditions precedent are met, this agreement will result in loss of
control of the subsidiary. As an illustration, based on the
adjustment between the enterprise value and the equity value at
December 31, 2021, the transaction would be worth 100% of
Carrefour Taiwan’s equity at 48.3 billion New Taiwan dollars, or
approximately 1.6 billion euros
into account
currency hedging). The price may be adjusted at the transaction
date, notably based on changes in Carrefour Taiwan’s net debt
and working capital requirement.
taking
(after
Founded in 1987 through a joint venture between Carrefour and
Uni-President, Carrefour Taiwan has experienced strong growth
and significant value creation over the past 35 years. Today, the
entity manages an extensive network of 340 stores, including 68
hypermarkets and 272 convenience and premium stores, as well
as 129 shopping malls, with almost 15,000 employees.
Following the completion of the transaction, the Uni-President
group will own 100% of Carrefour Taiwan. The Uni-President
group is a diversified Taiwanese conglomerate with a strong
presence in Asia. It notably operates the 7-Eleven brand in
Taiwan. Carrefour Taiwan will continue to operate under the
Carrefour brand in the coming years. Closing of the transaction is
subject to approval by the Taiwanese competition authorities and
other customary conditions, and is expected by mid-2023.
As Carrefour Taiwan represents a separate major geographical
area of operations, it is treated as a discontinued operation in
accordance with
its disposal was
announced. For more details on the impacts of this sale, which is
still in progress, on the 2022 consolidated financial statements,
see Note 4.
from the date
IFRS 5,
ACQUISITION OF GRUPO BIG (BRAZIL) – BUSINESS
COMBINATION
On March 24, 2021, Carrefour Brazil entered into an agreement
with Advent International and Walmart for the acquisition of
Grupo BIG, Brazil’s third biggest food retailer. The acquiree
reals
reported net sales of around 20 billion Brazilian
(approximately 3.1 billion euros)
in 2021 and operates a
multi-format network of 388 stores, including 181 stores owned
by the Group.
With Carrefour Brazil’s acquisition of Grupo BIG, the Company
can expand into regions where its penetration is limited, such as
the north-east and south of the country. This geographic fit will
enrich the Company’s ecosystem of products and services,
which currently serves over 45 million customers, and broaden
its customer base thanks to the addition of Grupo BIG
customers.
The acquisition will allow the Company to expand in its
traditional formats (mainly cash & carry and hypermarkets), while
extending its footprint in formats in which it has a more limited
presence, in particular supermarkets (98 Bompreço and Nacional
stores) and soft discounters (97 TodoDia stores). In addition,
Carrefour Brazil will operate in a new market segment with the
Sam’s Club format,
license agreement with
Walmart Inc. This unique and highly profitable premium business
model for the B2C segment is based on a membership system,
with over
focuses mainly on
private-label products.
two million members, and
through a
Carrefour Brazil’s Extraordinary Shareholders’ Meeting and CADE,
the Brazilian competition authority, approved this transaction on
May 19, 2022 and May 25, 2022, respectively (subject to the
disposal of 14 stores).
The acquisition was finalised on June 1, 2022, with payment
made on June 6, 2022.
The preliminary purchase price for the entire share capital of
Grupo BIG is 7,465 million Brazilian reals (1,471 million euros at
the exchange rate as of the transaction date), which breaks down
as follows:
■
■
a cash payment of 5,292 million Brazilian reals (approximately
1 billion euros), representing 70% of the baseline price plus
various preliminary earn-outs for 42 million Brazilian reals
(approximately 8 million euros), including 900 million Brazilian
reals (139 million euros) paid as part of a downpayment in
March 2021;
2,173 million
a share-based payment of 117 million new Carrefour Brazil
shares (representing 30% of the baseline price), with a fair value
of
(approximately
430 million euros) at June 6, 2022. As a result of this
interest
share-based payment, the Carrefour group’s
in
Carrefour Brazil was 67.6% compared
to 71.6% at
December 31, 2021.
Brazilian
reals
As this was a transaction with minority shareholders, the impact
of paying for 30% of Grupo BIG in Carrefour Brazil shares was
recognised in consolidated equity for approximately 180 million
euros attributable to the Carrefour group and approximately
250 million euros attributable to non-controlling interests.
The agreement also provided for an earn-out that would have
been paid six months after completion of the transaction if the
Carrefour Brazil share price had exceeded the reference value of
19.26 Brazilian reals. No earn-out is due, as the price of the
Carrefour Brazil share was 15.10 Brazilian reals at December 6,
2022.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
341
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Grupo BIG’s preliminary opening balance sheet at June 1, 2022, as included in the Group’s consolidated financial statements, is as follows:
ASSETS
(in millions of reals)
Goodwill
Other intangible assets
Property and equipment
Right-of-use assets
Other non-current financial assets
Deferred tax assets
Other non-current assets
NNoonn--ccuurrrreenntt aasssseettss
Inventories
Trade receivables
Other current financial assets
Tax receivables
Other current assets
Cash and cash equivalents
Assets held for sale
CCuurrrreenntt aasssseettss
TOTAL ASSETS
SHAREHOLDERS’ EQUITY AND LIABILITIES
(in millions of reals)
TToottaall sshhaarreehhoollddeerrss'' eeqquuiittyy
Lease commitments – portion more than one year
Provisions
Deferred tax liabilities
NNoonn--ccuurrrreenntt lliiaabbiilliittiieess
Borrowings – portion less than one year
Lease commitments – portion less than one year
Suppliers and other creditors
Tax payables – portion less than one year
Other current payables
CCuurrrreenntt lliiaabbiilliittiieess
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES
OOppeenniinngg
bbaallaannccee sshheeeett
((NNeett BBooookk
VVaalluuee))
FFaaiirr VVaalluuee
aaddjjuussttmmeennttss
OOppeenniinngg
bbaallaannccee sshheeeett
((FFaaiirr VVaalluuee))
Opening
balance sheet
(in millions of
euros)
RReeffeerreennccee
(a)
(e)
(c)
(b)
(f)
(g)
(h)
(j)
(l)
(l)
(l)
(k)
(l)
(i)
220
265
4,887
2,465
586
2,407
3,095
1133,,992255
2,955
702
77
513
204
317
−
44,,776699
18,694
4,556
263
5,033
(22)
(2,407)
(1,108)
66,,331155
(168)
(20)
323
113355
6,450
4,776
527
9,920
2,443
586
−
1,987
2200,,224400
2,787
702
77
513
184
317
323
44,,990044
25,144
942
104
1,955
481
116
−
392
33,,998899
549
138
15
101
36
62
64
996666
4,955
OOppeenniinngg
bbaallaannccee sshheeeett
((NNeett BBooookk
VVaalluuee))
FFaaiirr VVaalluuee
aaddjjuussttmmeennttss
OOppeenniinngg
bbaallaannccee sshheeeett
((FFaaiirr VVaalluuee))
Opening
balance sheet
(in millions of
euros)
RReeffeerreennccee
(b)
(d)
(g)
(l)
(b)
(k)
(l)
(l)
88,,885599
2,598
2,528
150
55,,227766
982
196
2,617
96
667
44,,555588
((11,,339944))
(292)
8,058
61
77,,882277
(124)
139
1155
77,,446655
2,306
10,586
211
1133,,110033
982
72
2,756
96
667
44,,557733
11,,447711
454
2,086
42
22,,558822
194
14
543
19
131
990011
18,694
6,450
25,144
4,955
Movements for the period (i.e., Grupo BIG operations carried out
from June to December 2022) are included in the consolidated
income statement and statement of cash flows for 2022.
Between June and December 2022, Grupo BIG’s net sales and
operating loss amounted to 2,168 million euros and 66 million
euros respectively.
The purchase price allocation process stipulated in IFRS 3 –
led to the
Business Combinations was
recognition of provisional goodwill (a)
in the amount of
942 million euros in the 2022 consolidated financial statements.
implemented and
342
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
This preliminary purchase price allocation process will continue
in first-half 2023.
As the purchase price allocation process is still ongoing, the fair
value adjustments may differ at June 30, 2023 from those
included in the 2022 consolidated financial statements.
In the 2022 financial statements, Grupo BIG’s preliminary
opening balance sheet has been prepared based on the
following:
(b) estimated right-of-use assets and related lease commitments
of the stores leased by Grupo BIG, taking into account the
reasonably certain term of the leases in application of the rules
defined by the Group (see Note 8 for more details);
approximately 40 million euros. In December 2022, eight stores
(three hypermarkets and five supermarkets) out of the nine
previously acquired were sold to a property company as part of a
sale and leaseback transaction for approximately 40 million
euros. This transaction led to the recognition of around 2 million
euros in non-recurring income. Negotiations are ongoing with
various operators for the sale of the remaining store and its
adjacent shopping mall.
in September 2022, six Spanish hypermarket
In addition,
premises were sold to another property company for 110 million
euros as part of a sale and leaseback transaction. This transaction
led to the recognition of 23 million euros in non-recurring
income.
(c) fair value measurement (determined on the basis of the
market value of similar assets) of land and store premises owned
by the company;
As a reminder, in 2021, 10 Spanish hypermarket premises were
sold to a property company for 137 million euros as part of sale
and leaseback transactions.
increase
(d) significant
in provisions following analyses of
litigation and contingent liabilities (recognised in accordance
with IFRS 3) by the Brazilian subsidiary and its advisors in 2022.
The increase provides, in particular, for tax and labour risks (see
Note 11 for more details).
(e) recognition and measurement of acquired brands (Maxxi, Big,
Bompreço, Nacional and TodoDia) and their indefinite useful
lives;
(f) continued recognition of other non-current financial assets at
their net carrying amount, mainly relating to legal deposits paid in
connection with disputes;
(g) impairment of all deferred tax assets (before deferred tax
effects relating to fair value adjustments to assets and liabilities)
of legal entities within Grupo BIG due to the lack of taxable
profits in recent years;
(h) partial impairment of other non-current assets, consisting
mainly of
ICMS and PIS-COFINS tax credits, following a
preliminary analysis of the possible future use and validity of the
credits;
(i) classification as assets held for sale of the 14 stores to be
disposed of in accordance with CADE’s decision. These stores
were in the process of being sold as of December 31, 2022;
(j) standardised accounting practices for inventories in order to
incorporate all components of the purchase cost of goods sold
and to take into account the rebates and commercial income
negotiated with suppliers in accordance with the rules defined by
the Group (see Note 6.4 for more details). A portion of the value
of inventories has also been written down in order to reflect their
fair value;
(k) standardised accounting practices for other current assets and
suppliers and other creditors.
(l) continued recognition of other assets and liabilities at their net
carrying amount (including trade receivables, other current
financial assets, cash and cash equivalents and borrowings, tax
receivables and payables).
SALE AND LEASEBACK TRANSACTIONS (SPAIN)
The property company Ofelia leased nine stores and a shopping
mall to Carrefour Spain. In February 2022, Carrefour Spain
exercised its pre-emptive right and acquired these assets for
SALE OF THE GROUP’S STAKE IN CAJOO (FRANCE)
On May 16, 2022, Germany-based Flink, Europe’s leading quick
commerce company, announced the acquisition of Cajoo from
Carrefour and its founders in exchange for its own shares. This
acquisition was finalised on June 23, 2022. The gain on the
disposal of the Cajoo shares, amounting to 6 million euros, net of
fees, was recognised within non-recurring income for the year.
Also in June 2022, the Group contributed to Flink’s reserved
capital increase.
All Flink shares held by the Group at December 31, 2022 are
recognised as
in non-consolidated companies
measured at fair value through other comprehensive income (see
Note 14.5).
investments
SALE OF THE GROUP’S STAKE IN MESTDAGH (BELGIUM)
In October 2022, the Group sold all of its shares in the Belgian
equity-accounted company Mestdagh (i.e., 25%) to the majority
shareholder for 41 million euros.
The gain on the disposal of the Mestdagh shares, amounting to
recognised within
24 million euros, net of
non-recurring items for the year.
fees, was
2.2
Warehouse fire in Taiwan
On March 14, 2022, a fire broke out in a logistics centre leased by
Carrefour in the Yang Mei district of Taiwan. All employees were
evacuated immediately with no injuries or casualties and the fire
was brought under control on March 15, 2022.
incurred as a result of destroyed
A claim was submitted to the Group’s insurance companies in
this respect and was still being assessed at December 31, 2022.
Losses
inventories and
equipment were recorded in 2022 against the payout receivable
from insurers classified under other current assets. The same
applies to the estimated operating losses up to December 31,
2022.
It should be noted that two payments were already made by
insurers in the second half of 2022.
impacts are
from
These
discontinued operations, further to the announcement of the
Carrefour Taiwan disposal in July 2022 (see Note 2.1).
income/(loss)
recorded
in net
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
2.3
Securing the Group’s long-term
financing
On March 30, 2022, the Group issued its first Sustainability-Linked
Bond (SLB) indexed to its sustainable development goals. The
1.5 billion-euro bond comprises two tranches of 750 million
euros each, with a maturity of 4.6 years (due in October 2026)
and 7.6 years (due in October 2029) respectively, and paying a
coupon of 1.88% and 2.38%.
On December 8, 2022 (with a deferred start date in early
January 2023), Atacadão also obtained bank financing facilities in
US dollars that were immediately swapped for Brazilian reals, for
(representing
an amount of 2,300 million Brazilian
approximately 413 million euros at the exchange rate on
December 31, 2022), with 11 month maturities.
reals
Lastly, on January 6 and May 17, 2022, two inter-company
financing lines were set up between the companies Carrefour
Finance and Atacadão.
its second
On October 12, 2022, the Group carried out
Sustainability-Linked Bond
its sustainable
issue
development goals, for a total of 500 million euros, maturing in
six years (due in October 2028) and paying a coupon of 4.125%.
On November 28, 2022, the Group increased the amount of the
Sustainability-Linked Bond issue by 350 million euros, under the
same terms.
indexed to
■
■
These bonds were issued as part of a financing strategy aligned
with the Group’s CSR objectives and ambitions as well as the
Sustainability-Linked Bond Framework of its Euro Medium-Term
Notes (EMTN) programme published in June 2021, whose CSR
component was revised and enhanced in May 2022.
On June 8, 2022, the Group redeemed 1 billion euros worth of
1.75% 8-year bonds, ahead of their maturity (July 2022).
These transactions guarantee the Group’s liquidity over the short
and medium term in an unstable economic environment, and are
part of the strategy to ensure the necessary financing is in place
to meet Carrefour’s needs. The average maturity of Carrefour
SA’s bond debt was 3.6 years at end-December 2022, compared
with 3.1 years at end-December 2021.
Financing of the Brazilian subsidiary Atacadão
Following on from the 2021 transactions, Carrefour’s Brazilian
subsidiary Atacadão has set up financing arrangements in 2022
enabling it to secure its medium- and long-term needs in
connection with the acquisition of Grupo BIG.
in
The US dollar bank financing
December 2021 were finalised on January 5, 2022, with a total of
2,942 million Brazilian reals (approximately 528 million euros at
the exchange rate of December 31, 2022) immediately swapped
for Brazilian reals with maturities of 16 to 17 months.
facilities put
in place
In addition, on May 20, 2022, the Brazilian subsidiary obtained
bank financing in euros and in US dollars, which was immediately
swapped for Brazilian reals, for 1,500 million reals (approximately
269 million euros at the December 31, 2022 exchange rate). This
facility, which had a six-month maturity, was replaced by the
financing facility described below.
In addition, on July 29, 2022, the Board of Directors of the
Brazilian subsidiary approved the issuance of simple unsecured,
non-convertible debentures (CRA) for an amount of 1,500 million
the
Brazilian
December 31, 2022 exchange rate). On September 16, 2022, the
debentures were issued in three series:
(approximately 269 million euros at
reals
■
■
■
an initial series for 467 million Brazilian reals, with a coupon of
CDI (Certificado de Deposito Interbancário rate) +0.55% and a
maturity of four years;
a second series for 188 million Brazilian reals, with a coupon of
CDI +0.60% and a maturity of five years;
a third series for 844 million Brazilian reals, with a coupon of
CDI +0.79% and a maturity of five years.
reals
The first revolving credit facility (RCF) for an amount of 4 billion
Brazilian
the
December 31, 2022 exchange rate), bearing annual interest at
12%, falls due in July 2023 and was fully drawn in first-half
2022.
(approximately 718 million euros at
The second RCF for 1.9 billion Brazilian reals (approximately
341 million euros at the exchange rate of December 31, 2022),
bearing annual interest at 14.25%, has a maturity of three years
and was fully drawn in second-half 2022.
These intra-group RCF loans are qualified as net investments in
foreign operations and are therefore remeasured at fair value
through equity. They are hedged in an amount of 2.95 billion
Brazilian reals by derivatives classified as net investment hedges.
2.4
Payment of the 2021 dividend in cash
At the Shareholders’ Meeting held on June 3, 2022, the
shareholders decided to set the 2021 dividend at 0.52 euros per
share to be paid entirely in cash.
On June 9, 2022, the dividend was paid out in an amount of
380 million euros.
2.5
Share buyback programme
As part of
its share capital allocation policy, the Group
commissioned an investment services provider to buy back
shares corresponding to a maximum amount of 750 million
euros, as authorised by the Shareholders’ Meeting of May 21,
2021.
and
The first tranche of the share buyback programme began on
March 7, 2022
ended on April 13, 2022, with
21,232,106 shares acquired at an average price of 18.84 euros per
share for a total amount of 400 million euros. These shares were
cancelled following a decision by the Board of Directors on
April 20, 2022 to reduce the share capital of Carrefour SA.
A second tranche of the share buyback programme began on
May 2, 2022 and ended on May 24, 2022, with 17,191,700 shares
acquired at an average price of 20.36 euros per share for a total
amount of 350 million euros. Of the shares bought back,
12,506,325 shares were cancelled following a decision by the
Board of Directors on June 3, 2022 to reduce the share capital of
Carrefour SA.
These shares were cancelled
the
authorisation granted by the Shareholders’ Meeting of May 21,
2021.
in accordance with
these shares, Carrefour SA has
Following cancellation of
742,157,461 shares outstanding and, consequently, 11,544,870
treasury shares, representing approximately 1.6% of the share
capital.
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Notes to the consolidated financial statements
NOTE 3
SCOPE OF CONSOLIDATION
3.1
Accounting principles
Basis of consolidation
(iii) Other investments
The consolidated financial statements include the financial
statements of subsidiaries from the date of acquisition (the
date when the Group gains control) up to the date when the
Group ceases to control the subsidiary, and the Group’s equity
in associates and joint ventures accounted for by the equity
method.
(i) Subsidiaries
A subsidiary is an entity over which the Group exercises
control, directly or indirectly. An entity is controlled when the
Group is exposed, or has rights, to variable returns from its
involvement with the entity and has the ability to affect those
returns through its power over the entity. The Group considers
all facts and circumstances when assessing whether
it
controls an investee, such as rights resulting from contractual
arrangements or substantial potential voting rights held by the
Group.
The profit or loss of subsidiaries acquired during the year is
included in the consolidated financial statements from the
date when control is acquired. The profit or loss of subsidiaries
sold during the year or that the Group ceases to control, is
included up to the date when control ceases.
transactions and assets and
Intra-group
liabilities are
eliminated in consolidation. Profits and losses on transactions
between a subsidiary and an associate or joint venture
accounted for by the equity method are included in the
consolidated financial statements to the extent of unrelated
investors’ interests in the associate or joint venture.
(ii) Associates and joint ventures
Entities in which the Group exercises significant influence
(associates), and entities over which the Group exercises joint
control and that meet the definition of a joint venture, are
accounted for by the equity method, as explained in Note 9
“Investments in equity-accounted companies”.
Significant influence is the power to participate in the financial
and operating policy decisions of the investee but is not
control or joint control of those policies.
Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the
parties sharing control.
Investments in companies where the Group does not exercise
control, joint control or significant influence over financial or
operating policy decisions are qualified as either financial
assets at fair value through other comprehensive income
(irrevocable option at initial recognition, which is usually
elected by the Group) or financial assets at fair value through
profit or loss. In all cases, they are reported under “Other
non-current financial assets”. The accounting treatment of
these investments is described in Note 14 “Financial assets and
liabilities, finance costs and other financial income and
expenses”.
Business combinations
Business combinations, where the set of activities and assets
acquired meets the definition of a business and where the
Group obtains control of them, are accounted for by the
purchase method.
As from January 1, 2020, to be considered a business, an
acquired set of activities and assets must include, at a
minimum, an input and a substantive process that together
significantly contribute to the ability to create outputs. The
Group may elect to apply a concentration test that permits a
simplified assessment of whether an acquired set of activities
and assets is not a business. The concentration test is met if
substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar
identifiable assets.
If the acquired set of activities and assets does not constitute a
business, the transaction is recognised as an asset acquisition.
Business combinations carried out since January 1, 2010 are
measured and recognised as described below, in accordance
with the revised IFRS 3 – Business Combinations.
■
■
As of the acquisition date, the identifiable assets acquired
and liabilities assumed are recognised and measured at fair
value.
Goodwill corresponds to the excess of (i) the sum of the
consideration transferred (i.e., the acquisition price) and the
amount of any non-controlling interest in the acquiree, over
(ii) the net of the acquisition-date amounts of the identifiable
assets acquired and the liabilities assumed. It is recorded
in the statement of financial position of the
directly
acquiree,
is
subsequently tested for impairment at the level of the
operating segment to which the acquiree belongs, by the
method described in Note 7.3. Any gain from a bargain
purchase (i.e., negative goodwill) is recognised directly in
profit or loss.
functional currency, and
latter’s
the
in
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
■
For each business combination on a less than 100% basis,
the acquisition date components of non-controlling
interests in the acquiree (i.e., interests that entitle their
holders to a proportionate share of the acquiree’s net
assets) are measured at either:
■ fair value, such that part of the goodwill recognised at the
to
time of
the business combination
non-controlling interests (“full goodwill” method), or
is allocated
■ the proportionate share of the acquiree’s identifiable net
assets, such that only the goodwill attributable to the
Group is recognised (“partial goodwill” method).
The method used is determined on a transaction-by-transaction
basis.
■
recognised
The provisional amounts
for a business
combination may be adjusted during a measurement period
that ends as soon as the Group receives the information it
needs at the latest 12 months from the acquisition date.
Adjustments during the measurement period to the fair
value of the identifiable assets acquired and liabilities
assumed or the consideration transferred are offset by a
corresponding adjustment to goodwill, provided they result
from facts and circumstances that existed as of the
acquisition date. Any adjustments
identified after the
12-month measurement period or not resulting from new
information about facts and circumstances that existed at
the acquisition date are recognised directly in profit or loss.
■
For a business combination achieved
in stages (step
acquisition), when control is acquired the previously held
equity interest is remeasured at fair value through profit or
loss. In the case of a reduction in the Group’s equity interest
resulting in a loss of control, the remaining interest is also
remeasured at fair value through profit or loss.
■
Transaction costs are recorded directly as an operating
expense for the period in which they are incurred.
At the IFRS transition date, the Group elected to maintain the
accounting treatment for business combinations applied
under previous accounting standards, in line with the option
available to first-time adopters under IFRS 1 – First-time
Adoption of International Financial Reporting Standards.
Changes in ownership interest not resulting in a
change of control
Any change in the Group’s ownership interest in a subsidiary
that does not result in control being acquired or lost is
qualified as a transaction with owners in their capacity as
owners and recorded directly in equity in accordance with
IFRS 10 – Consolidated Financial Statements. It is shown in
cash flows from financing activities in the statement of cash
flows.
Translation of the financial statements of foreign
operations
The consolidated financial statements are presented in euros.
An entity’s functional currency is the currency of the primary
economic environment in which the entity operates. The
functional currency of Group entities is the currency of their
home country.
The financial statements of entities whose functional currency
is not the euro and is not the currency of a hyperinflationary
economy are translated into euros as follows:
■
■
■
assets and liabilities are translated at the period-end closing
rate;
income and expenses are translated at the weighted
average exchange rate for the period;
all resulting exchange differences are recognised in other
comprehensive income and are taken into account in the
calculation of any gain or loss realised on the subsequent
disposal of the foreign operation;
■
items in the statement of cash flows are translated at the
average rate for the year unless the rate on the transaction
date is materially different.
Argentina has been classified as a hyperinflationary economy
within the meaning of IAS 29 – Financial Reporting in
Hyperinflationary Economies since 2018. In accordance with
this standard:
■
■
■
■
non-monetary assets and liabilities are restated by applying a
general price index;
all local currency items in the income statement and
statement of other comprehensive income are restated by
applying the change in the general price index from the
dates when the items of income and expenses were initially
recorded in the financial statements;
the statement of financial position, income statement and
statement of comprehensive income are translated into
euros at the closing rate for the reporting period;
reserves
restatement of
indexation of
the
in exchange
Argentinean equity
differences on
the
in
statement of comprehensive income and in the translation
reserve in the statement of changes in consolidated equity.
the
is presented
foreign operations
items
translating
for
Translation of foreign currency transactions
Transactions by Group entities in a currency other than their
functional currency are initially translated at the exchange rate
on the transaction date.
liabilities
At each period-end, monetary assets and
denominated
in foreign currency are translated at the
period-end closing rate and the resulting exchange gain or
loss is recorded in the income statement.
Intra-group loans to certain foreign operations are treated as
part of the net investment in that operation if settlement of
the loan is neither planned nor likely to occur. The gain or loss
arising from translation of the loan at each successive
period-end is recorded directly in “Other comprehensive
income” in accordance with IAS 21 – The Effects of Changes
in Foreign Exchange Rates.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Non-current assets and disposal groups held for sale
and discontinued operations
A discontinued operation is a component of an entity that has
been either disposed of or classified as held for sale, and:
If the Group expects to recover the carrying amount of a
non-current asset (or disposal group) principally through a sale
transaction rather than through continuing use, it is presented
separately in the consolidated statement of financial position
under “Assets held for sale” in accordance with IFRS 5 –
for Sale and Discontinued
Non-current Assets Held
Operations. Liabilities related to non-current assets held for
sale are also reported on a separate line of the consolidated
statement of financial position (under “Liabilities related to
assets held for sale”). Following their classification as held for
sale, the assets concerned are measured at the lower of their
carrying amount and fair value less costs to sell and they
cease to be depreciated or amortised.
All the assets and liabilities of the discontinued operation are
presented on separate lines on each side of the statement of
financial position after eliminating intra-group items.
3.2
Main changes in scope
of consolidation
3.2.1
Changes in 2022
The main transactions in 2022 are detailed in Note 2.1: the
acquisition of Grupo BIG in Brazil, the sale and leaseback
transactions in Spain, and the sale of the stakes in Cajoo in
France and Mestdagh in Belgium.
In addition, an agreement to sell Carrefour Taiwan was signed on
July 19, 2022 (see Note 2.1).
Furthermore, on April 1, 2022, the Group acquired the remaining
50% of shares in Cosmopolitano in Brazil, which has been fully
that date. Proceeds of approximately
consolidated since
80 million Brazilian reals (15 million euros) were recognised
within non-recurring items as a result of this takeover, which was
accounted for in accordance with IFRS 3 and IAS 28.
Lastly, on September 9, 2022, the Group sold its stake in the
equity-accounted company Ploiesti Shopping City in Romania.
This disposal led to the recognition of a gain of 32 million euros
within non-recurring items for the year.
3.2.2
Changes in 2021
ACQUISITION OF 172 STORES UNDER THE SUPERSOL
BANNER (SPAIN) – BUSINESS COMBINATION
In August 2020, the Group entered into an agreement to acquire
172 convenience stores and supermarkets under the Supersol
banner in Spain, located primarily in Andalucía and the Madrid
area.
At December 31, 2020, closing of the transaction was subject to
the customary conditions. After receiving clearance from the
local competition authority on January 12, 2021, the acquisition
was completed on March 11, 2021 for a final price of 81 million
euros.
represents a separate major line of business or geographical
area of operations;
is part of a single coordinated plan to dispose of a separate
major line of business or geographical area of operations; or
is a subsidiary acquired exclusively with a view to resale.
■
■
■
A component is a cash-generating unit or a group of
cash-generating units when held for use.
if
its assets and
It is classified as a discontinued operation at the time of sale or
earlier
liabilities meet the criteria for
classification as held for sale. When a component of an entity
is classified as a discontinued operation, comparative income
statement and cash flow information is restated as if the entity
had met the criteria for classification as a discontinued
operation on the first day of the comparative period.
The purchase price allocation process stipulated in IFRS 3 –
Business Combinations was
led to the
recognition of goodwill in the amount of 79 million euros as of
December 31, 2021 (see Note 7.1 to the 2021 consolidated
financial statements).
implemented and
Of the 172 Supersol stores, 127 (representing net sales of around
380 million euros in 2020) were converted to Carrefour formats
in 2021; 38 stores were sold and six were closed in the second
half of the year; the remaining store was ultimately not acquired.
CREATION OF A REAL ESTATE COMPANY (SCI) TOGETHER
WITH ARGAN FOR THE DEVELOPMENT OF WAREHOUSES
(FRANCE) – EQUITY METHOD INVESTMENT
In May 2021, Carrefour and Argan created the real estate
company Cargan--LOG, intended for developing future logistics
warehouses, some of which are to be leased to Carrefour. This
entity, which is 60%-owned by Argan and 40% by Carrefour
(through the contribution of three warehouses), has been
accounted for by the equity method in the consolidated financial
statements as from May 2021, for a total amount of 30 million
euros (see Note 9 to the 2021 consolidated financial statements).
ACQUISITION OF A NON-CONTROLLING INTEREST
IN CAJOO (FRANCE) – EQUITY METHOD INVESTMENT
On July 29, 2021, the Group acquired a non-controlling interest
in quick commerce. At
in Cajoo, a French
December 31, 2021, the Group owned 40% of the company,
which was accounted for by the equity method (see Note 9 to
the 2021 consolidated financial statements). This stake was sold
in 2022 in exchange for Flink shares, see Note 2.1.
trailblazer
PINHEIROS PROJECT (BRAZIL) – EXCHANGE OF ASSETS
As part of the Pinheiros project, Carrefour Brazil proceeded with
an exchange of assets with Wtorre in a transaction that took
effect in February 2021, following the issuance of a building
permit by the São Paulo city hall. With this transaction, Carrefour
exchanged land on which its store is currently located (on
Avenue of the United Nations in the south of the city), for a new
store, a shopping mall, a parking lot and offices in a new
corporate tower which are under construction by its partner.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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2
3
4
5
6
7
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
(see Note 6.3
The impacts of the transaction were defined in accordance with
IAS 16 – Property, Plant and Equipment and
led to the
recognition of a capital gain in non-recurring income for an
the 2021
amount of 81 million euros
consolidated financial statements). In line with the Group’s
intention regarding the use of these assets, the offices of the
corporate tower were recognised in work-in-progress inventories
(for an amount of 300 million Brazilian reals, or 47 million euros
at December 31, 2021), the store in assets under construction (65
Brazilian reals or 10 million euros at December 31, 2021) and the
shopping mall and parking lot in investment property (173 million
Brazilian reals, or 27 million euros at December 31, 2021).
to
DISPOSAL OF A CONTROLLING INTEREST IN MARKET PAY
(GLOBAL FUNCTIONS)
On October 30, 2020, the Group announced the sale of 60% of
its Market Pay payment platform to AnaCap Financial Partners, a
private equity firm focused on European financial services, with
the aim of accelerating the platform’s development and
diversification.
At December 31, 2020, in accordance with IFRS 5, Market Pay’s
assets and liabilities were classified within assets held for sale and
related liabilities and measured at their net carrying amount.
The transaction was completed on April 29, 2021 and a resulting
disposal gain of around 230 million euros (including a cash
payment of 189 million euros) was recorded in non-recurring
income (before tax) after taking into account the related costs
(see Note 6.3 to the 2021 consolidated financial statements).
The Group’s residual interest in Market Pay (around 40%) has
been accounted for by the equity method in the consolidated
financial statements as from April 29, 2021, for an amount of
73 million euros (see Note 9 to the 2021 consolidated financial
statements).
DISCONTINUATION OF THE BUSINESS OF CARREFOUR
BANCA (ITALIAN BRANCH OF CARREFOUR BANQUE)
In May 2021, the Board of Directors of Carrefour Banque decided
to discontinue the business of its Italian branch.
In light of this, the branch disposed of all of its consumer credit
portfolios in July and December 2021. As a result of this disposal,
and more generally
its
operations, a non-recurring expense was recorded in 2021 (see
Note 6.3 to the 2021 consolidated financial statements).
the definitive discontinuation of
3.3
Scope of consolidation
at December 31, 2022
The list of consolidated companies (subsidiaries and associates) is
presented in Note 18.
The Group reviewed its analyses of control over subsidiaries in
which it is not the sole investor, in light of changes in facts and
circumstances during
those
transactions described in Note 2.1. Based on its review, there
were no changes in the type of control exercised over these
subsidiaries.
the year, and particularly
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 4
RESTATEMENT OF THE 2021 CONSOLIDATED FINANCIAL STATEMENTS
On July 19, 2022, the Group signed an agreement to sell its
entire interest in its Taiwanese subsidiary (i.e., 60%) to the
Uni-President group (holder of the remaining 40%). If the
conditions precedent are met, this agreement will result in loss of
control of the subsidiary (see Note 2.1).
Closing of the transaction is subject to approval by the Taiwanese
competition authority (TFTC) and other customary conditions,
and is expected by mid-2023. Following the completion of the
transaction, the Uni-President group will own 100% of Carrefour
Taiwan.
This subsidiary’s assets and liabilities were therefore reclassified
as assets held for sale and related liabilities in the consolidated
statement of financial position at December 31, 2022 (see
Note 4.3).
In addition, the net income and cash flows of this subsidiary were
reclassified within line items for discontinued operations in the
consolidated income statement and consolidated cash flow
statement for 2022. To allow for a meaningful comparison, the
net income and cash flows for the year 2021 have been
reclassified in these same lines (see Notes 4.1 and 4.2).
As Carrefour Taiwan represents a separate major geographical
area of operations, it is treated as a discontinued operation in
accordance with
its disposal was
announced.
from the date
IFRS 5,
Key consolidated income statement aggregates for Carrefour Taiwan for 2022 and 2021 are as follows:
(in millions of euros)
Net sales
Gross margin from recurring operations
Sales, general and administrative expenses, depreciation and amortisation
Recurring operating income
Operating income
Income before taxes
Income tax expense
Net income/(loss) for the year
Capital expenditure
2022
2,541
643
(569)
74
69
61
(16)
44
30
22002211
2,497
624
(546)
78
70
62
(12)
50
69
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
349
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
4.1
Impact on the 2021 consolidated income statement of the IFRS 5 restatement applied
to Carrefour Taiwan
(in millions of euros)
Net sales
Loyalty program costs
NNeett ssaalleess nneett ooff llooyyaallttyy pprrooggrraamm ccoossttss
Other revenue
TToottaall rreevveennuuee
Cost of sales
GGrroossss mmaarrggiinn ffrroomm rreeccuurrrriinngg ooppeerraattiioonnss
Sales, general and administrative expenses, depreciation and amortisation
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee
Net income/(loss) from equity-accounted companies
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee aafftteerr nneett iinnccoommee ffrroomm eeqquuiittyy--aaccccoouunntteedd
ccoommppaanniieess
Non-recurring income and expenses, net
OOppeerraattiinngg iinnccoommee
Finance costs and other financial income and expenses, net
Finance costs, net
Net interest related to leases
Other financial income and expenses, net
IInnccoommee bbeeffoorree ttaaxxeess
Income tax expense
NNeett iinnccoommee//((lloossss)) ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss
Net income/(loss) from discontinued operations
NET INCOME/(LOSS) FOR THE YEAR
GGrroouupp sshhaarree
of which net income/(loss) from continuing operations – Group share
of which net income/(loss) from discontinued operations – Group share
AAttttrriibbuuttaabbllee ttoo nnoonn--ccoonnttrroolllliinngg iinntteerreessttss
of which net income/(loss) from continuing operations – attributable to
non-controlling interests
of which net income/(loss) from discontinued operations – attributable to
non-controlling interests
22002211
ppuubblliisshheedd
IIFFRRSS 55
RReeccllaassssiifificcaattiioonn
22002211
rreessttaatteedd IIFFRRSS 55
72,958
(853)
7722,,110055
2,181
7744,,228866
(58,766)
1155,,552200
(13,247)
22,,227722
12
22,,228844
(374)
11,,991111
(279)
(172)
(106)
(1)
11,,663322
(372)
11,,225599
42
1,301
11,,007722
1,030
42
222299
229
−
(2,497)
61
((22,,443355))
(90)
((22,,552266))
1,902
((662244))
546
((7788))
−
((7788))
8
((7700))
9
(0)
9
0
((6622))
12
((5500))
50
−
−−
(28)
28
−−
(22)
22
70,462
(792)
6699,,666699
2,091
7711,,776600
(56,865)
1144,,889966
(12,701)
22,,119944
12
22,,220066
(366)
11,,884400
(270)
(173)
(97)
(1)
11,,557700
(360)
11,,221100
92
1,301
11,,007722
1,002
70
222299
208
22
350
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
4.2
Impact on the 2021 consolidated cash flow statement of the IFRS 5 restatement
applied to Carrefour Taiwan
(in millions of euros)
IInnccoommee bbeeffoorree ttaaxxeess
OPERATING ACTIVITIES
Income tax paid
Depreciation and amortisation expense
Gains and losses on disposal of assets and other
Change in provisions and impairment
Finance costs, net
Net interests related to lease commitments
Share of profit and dividends received from equity-accounted companies
Impact of discontinued operations
CCaasshh flflooww ffrroomm ooppeerraattiioonnss
Change in working capital requirement
Impact of discontinued operations
NNeett ccaasshh ffrroomm//((uusseedd iinn)) ooppeerraattiinngg aaccttiivviittiieess ((eexxcclluuddiinngg fifinnaanncciiaall sseerrvviicceess ccoommppaanniieess))
Change in consumer credit granted by the financial services companies
NNeett ccaasshh ffrroomm//((uusseedd iinn)) ooppeerraattiinngg aaccttiivviittiieess –– ttoottaall
INVESTING ACTIVITIES
Acquisitions of property and equipment and intangible assets
Acquisitions of non-current financial assets
Acquisitions of subsidiaries and investments in associates
Proceeds from the disposal of subsidiaries and investments in associates
Proceeds from the disposal of property and equipment and intangible assets
Proceeds from the disposal of non-current financial assets
Change in amounts receivable from disposals of non-current assets and due to
suppliers of non-current assets
IInnvveessttmmeennttss nneett ooff ddiissppoossaallss –– ssuubbttoottaall
Other cash flows from investing activities
Impact of discontinued operations
NNeett ccaasshh ffrroomm//((uusseedd iinn)) iinnvveessttiinngg aaccttiivviittiieess –– ttoottaall
FINANCING ACTIVITIES
Carrefour SA capital increase/(decrease)
Proceeds from share issues to non-controlling interests
Dividends paid by Carrefour SA
Dividends paid to non-controlling interests
Change in current financial assets
Issuance of bonds
Repayments of bonds
Net financial interests paid
Other changes in borrowings
Payments related to leases (principal)
Net interest related to leases
Impact of discontinued operations
NNeett ccaasshh ffrroomm//((uusseedd iinn)) fifinnaanncciinngg aaccttiivviittiieess –– ttoottaall
NNeett cchhaannggee iinn ccaasshh aanndd ccaasshh eeqquuiivvaalleennttss bbeeffoorree tthhee eeffffeecctt ooff cchhaannggeess iinn eexxcchhaannggee
rraatteess
Effect of changes in exchange rates
NET CHANGE IN CASH AND CASH EQUIVALENTS
CCaasshh aanndd ccaasshh eeqquuiivvaalleennttss aatt bbeeggiinnnniinngg ooff yyeeaarr
CCaasshh aanndd ccaasshh eeqquuiivvaalleennttss aatt eenndd ooff yyeeaarr
22002211
ppuubblliisshheedd
11,,663322
(439)
2,277
(235)
256
172
106
43
(15)
33,,779966
(32)
−
33,,776644
(104)
33,,666611
(1,653)
(174)
(135)
185
282
7
124
((11,,336644))
30
−
((11,,333344))
(702)
1
(383)
(193)
14
−
(871)
(158)
302
(967)
(103)
−
((33,,006600))
((773333))
(2)
(735)
44,,443399
33,,770033
IIFFRRSS 55
RReeccllaassssiifificcaattiioonn
22002211
rreessttaatteedd IIFFRRSS 55
((6622))
13
(165)
(1)
3
0
(9)
−
220
−−
(50)
50
−−
−
−−
69
−
(0)
−
(0)
−
(2)
6677
(26)
(41)
−−
−
−
−
43
(11)
−
−
(0)
−
95
9
(135)
−−
−−
−
−
−−
−−
11,,557700
(426)
2,112
(236)
259
173
97
43
205
33,,779966
(82)
50
33,,776644
(104)
33,,666611
(1,585)
(174)
(136)
185
282
7
122
((11,,229988))
4
(41)
((11,,333344))
(702)
1
(383)
(150)
4
−
(871)
(158)
302
(872)
(94)
(135)
((33,,006600))
((773333))
(2)
(735)
44,,443399
33,,770033
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
351
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
4.3
Impact on the December 31, 2022 consolidated statement of financial position
of the IFRS 5 restatement applied to Carrefour Taiwan
ASSETS
(in millions of euros)
Goodwill
Other intangible assets
Property and equipment
Investment property
Right-of-use assets
Other non-current financial assets
Deferred tax assets
NNoonn--ccuurrrreenntt aasssseettss
Inventories
Trade receivables
Other current financial assets
Tax receivables
Other current assets
Cash and cash equivalents
CCuurrrreenntt aasssseettss
TOTAL ASSETS HELD FOR SALE
SHAREHOLDERS’ EQUITY AND LIABILITIES
(in millions of euros)
Lease commitments – portion more than one year
Provisions
Deferred tax liabilities
NNoonn--ccuurrrreenntt lliiaabbiilliittiieess
Lease commitments – portion less than one year
Suppliers and other creditors
Tax payables – portion less than one year
Other current payables
CCuurrrreenntt lliiaabbiilliittiieess
TOTAL LIABILITIES RELATED TO ASSETS HELD FOR SALE
IFRS 5 Reclassification
141
27
376
51
333
45
6
997799
270
48
1
1
47
235
660022
1,581
IFRS 5 Reclassification
238
40
9
228877
100
704
13
92
990099
1,196
352
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 5
SEGMENT INFORMATION
Accounting principles
IFRS 8 – Operating Segments requires the disclosure of
information about an entity’s operating segments derived from
the internal reporting system and used by the entity’s chief
operating decision-maker to make decisions about resources
to be allocated to the segment and assess its performance.
The Group’s operating segments consist of the countries in
which it conducts its business through the integrated store
network, as each country’s results are reviewed monthly by
the Group’s Chief Executive Officer who is the chief operating
decision-maker within the meaning of IFRS 8.
Countries located in the same region are considered to have
similar characteristics and have been combined such that the
Group reports on three geographical segments, as allowed by
IFRS 8. These segments are:
France;
Europe (excluding France): Spain, Italy, Belgium, Poland and
Romania;
Latin America: Brazil and Argentina.
■
■
■
The income and expenses of certain support entities are
allocated to the various countries proportionately to the
services provided to each, with any unallocated income and
expenses reported under “Global functions”.
“other segment assets”, corresponding
Segment assets include goodwill, other intangible assets,
property and equipment, investment property, right-of-use
assets and
to
inventories, trade receivables, consumer credit granted by the
financial services companies and other receivables. Segment
liabilities comprise lease commitments, suppliers and other
creditors, consumer credit financing and other payables.
Segment capital expenditure corresponds to the acquisitions
of property and equipment and intangible assets (other than
goodwill) reported in the statement of cash flows.
The disclosures in the tables below have been prepared using
the same accounting policies as those applied to prepare the
consolidated financial statements.
5.1
Segment results
22002222 (in millions of euros)
Group total
Net sales
Other revenue
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee bbeeffoorree ddeepprreecciiaattiioonn aanndd
aammoorrttiissaattiioonn
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee
Capital expenditure
(1)
81,385
2,546
44,,661133
22,,337777
1,882
FFrraannccee
37,706
809
11,,885577
883344
741
Depreciation and amortisation expense
(2)
(2,236)
(1,023)
22002211 rreessttaatteedd IIFFRRSS 55 (in millions of euros)
Group total
Net sales
Other revenue
70,462
2,091
FFrraannccee
35,283
759
EEuurrooppee LLaattiinn AAmmeerriiccaa
GGlloobbaall
FFuunnccttiioonnss
22,643
587
11,,445511
660066
420
(845)
21,036
1,078
11,,336677
11,,000055
717
(361)
EEuurrooppee LLaattiinn AAmmeerriiccaa
21,283
13,895
567
699
999933
776688
493
(224)
−
71
((6633))
((6699))
5
(6)
GGlloobbaall
FFuunnccttiioonnss
−
67
((4433))
((4499))
12
(6)
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee bbeeffoorree ddeepprreecciiaattiioonn aanndd
aammoorrttiissaattiioonn
RReeccuurrrriinngg ooppeerraattiinngg iinnccoommee
Capital expenditure
(1)
Depreciation and amortisation expense
(2)
44,,330077
11,,779977
11,,556600
22,,119944
1,585
(2,112)
775577
677
(1,040)
771188
403
(843)
(1) In 2021, capital expenditure included the acquisition of three additional Makro Atacadista stores on a full ownership basis in Brazil as well as
operational investments for the 25 acquired stores at end-2020. In 2022, the 29th and final store was acquired on a full ownership basis.
(2) Including the depreciation and amortisation relating to logistics equipment included in the cost of sales.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
353
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
The increase in Latin America’s segment earnings reflects the significant upturn in profitability, particularly in Brazil, in local currency
terms, further reinforced by the increase in the value of the Brazilian real in 2022. Segment results also reflect Grupo BIG’s contribution
since June 2022 (see Note 2.1).
5.2
Segment assets and liabilities
DDeecceemmbbeerr 3311,, 22002222 (in millions of euros)
Group total
FFrraannccee
EEuurrooppee
LLaattiinn
AAmmeerriiccaa
AAssiiaa
GGlloobbaall
FFuunnccttiioonnss
ASSETS
Goodwill
Other intangible assets
Property and equipment
Investment property
Right-of-use assets
Other segment assets
TToottaall sseeggmmeenntt aasssseettss
Unallocated assets
TOTAL ASSETS
LIABILITIES (excluding equity)
SSeeggmmeenntt lliiaabbiilliittiieess
Unallocated liabilities
TOTAL LIABILITIES
5,184
625
4,570
10
1,491
7,990
2,374
596
2,733
114
1,854
3,348
1,218
271
5,307
154
843
6,927
1199,,887700
1111,,001188
1144,,772200
8,778
1,499
12,612
279
4,190
18,783
4466,,114400
10,411
56,551
2288,,119900
1111,,999955
77,,771199
88,,112233
15,175
43,365
−
−
−
−
−
−
−−
−−
1
7
2
−
3
519
553322
335522
DDeecceemmbbeerr 3311,, 22002211 (in millions of euros)
Group total
FFrraannccee
EEuurrooppee
LLaattiinn
AAmmeerriiccaa
AAssiiaa
GGlloobbaall
FFuunnccttiioonnss
ASSETS
Goodwill
Other intangible assets
Property and equipment
Investment property
Right-of-use assets
Other segment assets
TToottaall sseeggmmeenntt aasssseettss
Unallocated assets
TOTAL ASSETS
LIABILITIES (excluding equity)
SSeeggmmeenntt lliiaabbiilliittiieess
Unallocated liabilities
TOTAL LIABILITIES
5,147
580
4,627
11
1,636
7,326
2,379
574
2,871
115
1,945
3,126
1199,,332277
1111,,000099
321
144
2,784
111
344
4,569
88,,227744
147
28
437
54
432
315
11,,441144
1
6
2
−
4
336
335500
7,995
1,333
10,721
291
4,361
15,672
4400,,337733
7,295
47,668
2255,,998833
1111,,661122
77,,449977
55,,227766
11,,222211
337777
9,856
35,839
In accordance with IFRS 5, the Carrefour group’s consolidated
balance sheet at December 31, 2021 has not been restated for
the assets and liabilities of Carrefour Taiwan.
In addition, the increase in assets and liabilities in the Latin
America
to
December 31, 2021 derives from Brazil and reflects two main
components:
at December 31, 2022 compared
region
the consolidation of Grupo BIG from June 1, 2022 (see
Note 2.1);
the increase in the value of the Brazilian real by 14%.
■
■
354
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 6
OPERATING ITEMS
6.1
Revenue
Accounting principles
Revenue (“Total revenue”) comprises net sales and other
revenue.
Net sales correspond to sales via the Group’s stores,
e-commerce sites and service stations (to end customers) and
warehouse sales (to franchisees).
Other revenue comprises revenue from the banking and
insurance businesses (including bank card fees, and arranging
fees for traditional and revolving credit facilities), property
development revenue, travel agency revenue, commissions on
e-commerce sales made on behalf of
third parties
(marketplaces), shopping mall rental income and franchise
fees (mainly in the form of royalties).
(i) Recognition of net sales and other revenue
Revenue from sales in stores and service stations, which
represents the bulk of the Group’s net sales, is recorded when
the customer pays at the check-out, pursuant to IFRS 15.
Control is transferred when the goods and services are
transferred to the customers, because the sales do not include
any other unsatisfied performance obligation at that date.
Some of the products on sale in the Group’s stores are sold
with a right of return. This concerns only certain specific
product categories and the return period is limited based on
local regulations in the countries concerned and/or the
Group’s general conditions of sale.
E-commerce sales correspond to sales on the Group’s
e-commerce sites (direct sales) and to commission on
e-commerce sales carried out on behalf of third parties
(marketplaces). The Group acts as the principal for direct sales
on
is
its e-commerce sites. Revenue from direct sales
recorded when the goods are delivered (corresponding to the
date when control of the goods is transferred). In the same
way as for in-store sales, certain products offered on the
Group’s e-commerce sites are sold with a time-limited right of
return. In the case of marketplace sales, the Group acts as an
agent and revenue from these sales corresponds to the
commission billed to the third-party suppliers of the goods
concerned.
Revenue from sales to franchisees is recorded when the
goods are delivered (corresponding to the date when control
of the goods is transferred).
Net banking revenue generated by the Group’s financial
services companies consists mainly of net interest revenue
that does not fall within the scope of IFRS 15 and is accounted
1
2
3
4
5
6
7
8
9
for in accordance with IFRS 9. IFRS 15 only applies to payment
card services that do not qualify as financing or credit
transactions (bank card fees, arranging fees for traditional and
revolving credit facilities). These fees are recognised over the
life of the underlying contracts.
licences
(dynamic
Revenue from franchise fees is accounted for in accordance
with the specific provisions of IFRS 15 concerning intellectual
property
licences). The remuneration
received in exchange for the right to use the Group’s brand
and expertise is calculated as a percentage of the net sales
generated by the franchise outlet and is recognised over time.
The accounting treatment of business lease fees is the same
as for franchise fees.
Revenue from leases and sub-leases where the Group is lessor
does not fall within the scope of IFRS 15 and is accounted for
in accordance with IFRS 16 (from January 1, 2019).
The property development business corresponds primarily to
the construction and extension of shopping centres adjacent
to Carrefour hypermarkets and their subsequent sale. It also
includes the speciality leasing business, corresponding to the
enhancement of space in the shopping centres’ common
areas for the sale or display of products during a limited
period. The property development business is conducted by
Carrefour Property, a wholly-owned subsidiary of the Group.
Generally speaking, revenue from property development
continues to be recognised at the date the built property is
delivered to the customer; only revenue relating to off-plan
sales is recognised over time (based on the percentage of
completion of the construction work, as measured based on
costs incurred), since control is transferred to the customer as
and when the work is completed by the Group.
(ii) Accounting treatment of customer loyalty programmes
When the purchase of goods or services entitles the customer
to award credits under a loyalty programme, the contract with
the customer comprises
separate performance
obligations:
two
■
■
the obligation to deliver the goods or services, which is
satisfied immediately; and
the obligation to subsequently supply goods or services at a
reduced price or free of charge.
two
The sale proceeds are allocated between
performance obligations proportionately to their respective
specific sale prices.
these
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
355
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.1.1
Net sales
(in millions of euros)
Net sales
2022
81,385
22002211
rreessttaatteedd IIFFRRSS 55
70,462
%% cchhaannggee
15.5%
At constant exchange rates, 2022 net sales amounted to
80,544 million euros compared with 70,462 million euros in
2021, as restated, an increase of 14.3%. Changes in exchange
rates increased net sales by 0.8 billion euros in 2022, almost
exclusively attributable to the Latin America region.
Restated for IAS 29 in Argentina, consolidated net sales for 2022
would have increased by 13.3% at constant exchange rates.
NET SALES BY COUNTRY(1)
(in millions of euros)
FFrraannccee
RReesstt ooff EEuurrooppee
Spain
Italy
Belgium
Poland
Romania
LLaattiinn AAmmeerriiccaa
Brazil
Argentina
2022
3377,,770066
2222,,664433
10,437
3,916
3,905
2,057
2,328
2211,,003366
18,064
2,972
22002211
rreessttaatteedd IIFFRRSS 55
3355,,228833
2211,,228833
9,471
3,941
3,940
1,838
2,092
1133,,889955
11,578
2,317
(1) Substantially all revenue is recognised on a specific date. Revenue recognised over time is not material at Group level.
6.1.2 Other revenue
(in millions of euros)
Financing fees and commissions
(1)
Franchise and lease management fees
Rental revenue
Revenue from sub-leases
Property development revenue
(2)
Other revenue
(3)
TOTAL OTHER REVENUE
2022
1,404
402
173
23
13
530
22002211
rreessttaatteedd IIFFRRSS 55
%% cchhaannggee
1,158
365
129
24
5
410
21.3%
10.1%
34.7%
(4.0)%
168.8%
29.1%
21.7%
2,546
2,091
(1) Including net banking revenue and net insurance revenue generated by the Group’s financial services and insurance companies.
(2) Corresponding to the sale price of properties developed by the Group for resale. Taking into account development costs recorded in “Cost of
sales”, the property development margin was equal to zero for 2022 versus 5 million euros for 2021.
(3) Other revenue notably includes sales commissions, commissions received from suppliers, revenue from ticket/travel agency sales and in-store
advertising fees.
Financing fees and commissions recognised in 2022 increased
sharply, particularly as a result of strong business momentum in
Brazil and following the end of restrictive measures linked to the
health crisis. In addition, growth observed in Brazil in local
currency was buoyed by its translation into euros, given a more
favourable average exchange rate in 2022 than in 2021.
For the same reasons, revenue from rentals as well as retail
services, including ticketing and travel and in-store advertising,
saw significant growth in 2022.
Lastly, franchise and lease management fees continued to
increase in France.
356
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.2
Recurring operating income
Accounting principles
Recurring operating income is an intermediate aggregate
disclosed in order to help users of the consolidated financial
statements to better understand the Group’s underlying
operating performance. It corresponds to operating income
(defined as earnings from continuing operations before
interest and tax) before material items that are unusual in
terms of their nature and frequency and are reported under
“Non-recurring
income” or “Non-recurring expenses” (see
Note 6.3).
6.2.1
Cost of sales
Accounting principles
Cost of sales corresponds to the cost of purchases net of
rebates and commercial income, changes in inventories
(including impairments), discounting revenue, exchange gains
and losses on goods purchases, logistics costs and other costs
(primarily the cost of products sold by the financial services
companies and the production costs of
the property
development business).
Rebates are calculated based on immediate or deferred
discount rates on purchases, as specified in the contractual
terms negotiated each year. Rebates can be:
■
■
unconditional, i.e., proportionate to total purchases and
subject to no other conditions; or
conditional, i.e., dependent on meeting certain conditions
(e.g., growth in the supplier’s net sales with the Group).
Commercial income corresponds to income from services
carried out by Carrefour for its suppliers.
Rebates and commercial income recognised in cost of sales
are measured based on the contractual terms specified in the
agreements signed with suppliers.
6.2.2
Sales, general and administrative expenses, depreciation and amortisation
(in millions of euros)
Sales, general and administrative expenses
Depreciation of property and equipment and of investment property, and
amortisation of intangible assets
Depreciation of right-of-use asset – property and equipment and
investment property
22002211
rreessttaatteedd IIFFRRSS 55
%% cchhaannggee
2022
(11,958)
(1,284)
(10,837)
(1,200)
(694)
(664)
TOTAL SG&A EXPENSES AND DEPRECIATION AND AMORTISATION
(13,936)
(12,701)
SALES, GENERAL AND ADMINISTRATIVE EXPENSES
Sales, general and administrative expenses break down as follows:
(in millions of euros)
Employee benefits expense
Fees
Maintenance and repair costs
Energy and electricity
Advertising expense
Taxes other than on income
Property rentals (excluding IFRS 16)
(1)
Other SG&A expenses
TOTAL SG&A EXPENSES
2022
(7,337)
(802)
(766)
(736)
(656)
(526)
(76)
(1,060)
(11,958)
22002211
rreessttaatteedd IIFFRRSS 55
(7,050)
(653)
(672)
(441)
(624)
(503)
(63)
(831)
(10,837)
10.3%
7.0%
4.6%
9.7%
%% PPrroogg..
4.1%
22.7%
13.9%
66.9%
5.2%
4.6%
20.0%
27.5%
10.3%
(1) In 2021 and 2022, lease expenses under property leases do not include lease expenses under contracts accounted for in accordance with IFRS 16
(see Note 8), which would have amounted to 784 million euros in 2021, as restated, and 898 million euros in 2022 had IFRS 16 not been applied.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
357
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
The increase in sales, general and administrative expenses reflects a combination of factors in 2022, including a significant increase in
energy costs (see Note 1.5), price inflation on certain purchased services, the consolidation of Grupo BIG from June 1, 2022 and the
increase in the value of the Brazilian real.
DEPRECIATION AND AMORTISATION
Including supply chain depreciation and amortisation recognised in cost of sales, total depreciation and amortisation expense
recognised in the consolidated income statement amounted to 2,236 million euros in 2022 (2,112 million euros in 2021 as restated), as
follows:
(in millions of euros)
Property and equipment
Intangible assets
Investment property
Depreciation of property and equipment and of investment property, and
amortisation of intangible assets
Depreciation of right-of-use asset – property and equipment and
investment property
Depreciation and amortisation of supply chain
Depreciation of right-of-use asset – supply chain
TOTAL DEPRECIATION AND AMORTISATION
6.3
Non-recurring income and expenses
22002211
rreessttaatteedd IIFFRRSS 55
%% cchhaannggee
2022
(1,025)
(247)
(12)
(1,284)
(694)
(60)
(198)
(954)
(238)
(9)
(1,200)
(664)
(56)
(192)
(2,236)
(2,112)
7.5%
3.6%
38.7%
7.0%
4.6%
6.9%
3.0%
5.9%
Accounting principles
In accordance with the French accounting standards setter
(ANC) recommendation no. 2020-01 dated March 6, 2020,
non-recurring
income and expenses are reported on a
separate line of the income statement. Non-recurring items
are defined as “items that are limited in number, clearly
identifiable and non-recurring that have a material impact on
consolidated results”.
This classification is applied to certain material items of
income and expense that are unusual in terms of their nature
and frequency, such as impairment charges of non-current
assets, gains and losses on disposals of non-current assets,
restructuring costs and provision charges and
income
recorded to reflect revised estimates of risks provided for in
prior periods, based on information that came to the Group’s
attention during the reporting year.
They are presented separately in the income statement to
“help users of the financial statements to better understand
the Group’s underlying operating performance and provide
them with useful information to assess the earnings outlook”.
Non-recurring items represented net income of 36 million euros in 2022, and the detailed breakdown is as follows:
(in millions of euros)
Gains and losses on disposals of assets
Restructuring costs
Other non-recurring income and expenses
NNoonn--rreeccuurrrriinngg iinnccoommee aanndd eexxppeennsseess,, nneett bbeeffoorree aasssseett iimmppaaiirrmmeennttss
aanndd wwrriittee--ooffffss
Asset impairments and write-offs
of which Impairments and write-offs of goodwill
of which Impairments and write-offs of property and equipment, intangible assets and
others
NON--RECURRING INCOME AND EXPENSES, NET
of which:
Non-recurring income
Non-recurring expense
2022
212
(13)
(16)
118833
(147)
(1)
(146)
36
440
(404)
22002211
rreessttaatteedd IIFFRRSS 55
271
(383)
(40)
((115511))
(215)
(84)
(131)
(366)
514
(880)
358
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
GAINS AND LOSSES ON DISPOSALS OF ASSETS
Gains and losses on disposals of non-current assets comprise
gains and
losses arising on various asset disposals (store
premises, lands and businesses), notably in France and Italy. It
also includes the gain on the disposal of the nine hypermarkets
and five supermarkets in Spain through sale and leaseback
transactions (see Note 2.1). It also includes the gains on the
disposals of the equity-accounted investments in Mestdagh in
Belgium (see Note 2.1) and Ploiesti Shopping City in Romania
(see Note 3.2.1).
OTHER NON-RECURRING INCOME AND EXPENSES
Other non-recurring income and expenses recorded in 2022
mainly included revised estimates of historical risks, mostly
tax-related, as well as the costs related to the acquisition of
Grupo BIG in Brazil (see Note 2.1).
ASSET IMPAIRMENTS AND WRITE-OFFS
Impairment and write-offs of non-current assets other than
goodwill recorded
losses of
68 million euros, reflecting the difficulties experienced by certain
stores, particularly in France and Italy, as well as the retirement of
a variety of assets, in particular relating to IT in France for
15 million euros.
impairment
in 2022
include
In addition, the alignment of the net carrying amount of
Showroomprivé shares with the stock market share price at
December 31, 2022 represented a non-recurring expense of
5 million euros (see Note 9.2).
Main non-recurring items in 2021
Gains and losses on disposals of assets in 2021 mainly included
the gain arising on the loss of control of Market Pay in France for
a net amount of around 230 million euros (see Note 2.3 to the
2021 consolidated financial statements). To a lesser extent, this
item also included the disposal of ten hypermarket properties in
Spain through sale and leaseback transactions (see Note 8 to the
2021 consolidated financial statements).
Restructuring costs in 2021 resulted from continued work
towards objectives to
improve operating performance and
organisational efficiency. The expense included in non-recurring
items related primarily to severance paid or payable within the
scope of the transformation plan concerning the headquarters in
France and, secondarily, to the measures implemented in Italy
and Spain.
Other non-recurring income and expenses in 2021 resulted
primarily from the following items in Brazil:
■
■
■
the impact of the Pinheiros real estate transaction, which
generated income of 81 million euros following an exchange
of assets in the city of São Paulo (see Note 2.3 to the
2021 consolidated financial statements);
provision reversals (net of costs) on ICMS credits notably
related to transfers between states on “basic products” were
recognised for around 35 million euros following expiry of the
limitation period for tax claims or further relief under tax
amnesty programmes introduced by certain Brazilian states
(see Note 6.3 to the 2020 consolidated financial statements);
following the death of Mr Silveira Freitas, commitments were
made by Carrefour Brazil to public authorities and non-profit
organisations as part of a settlement agreement (“Termo de
ajustamento de Conduta”) signed on June 11, 2021. It led to
the recognition of a provision for 17 million euros (see
Note 11.3 to the 2021 consolidated financial statements).
Other non-recurring income and expenses in 2021 also included
revised estimates of historical risks in Spain and the impacts
related to the decision taken in May 2021 to discontinue
Carrefour Banque’s operations in Italy (see Note 2.3 to the 2021
consolidated financial statements).
In 2021, an impairment loss of 80 million euros was recognised
on goodwill in Italy (see Note 7.3 to the 2021 consolidated
financial statements).
Impairment of assets other than goodwill and write-offs in 2021
included the retirement of a variety of non-current assets, in
particular relating to IT in France for 28 million euros, as well as
impairment losses of 26 million euros against non-current assets,
to take account of the difficulties experienced by certain stores,
particularly in Italy and France. They also included the write-off of
configuration and customisation costs for SaaS solutions that can
no longer be capitalised as a result of the application of the final
IFRS IC decision published in April 2021 (see Note 1.2 to the
for approximately
2021 consolidated financial statements),
30 million euros. In addition, the alignment of the net carrying
value of Showroomprivé shares with the stock market share price
at December 31, 2021 represented a non-recurring expense of
10 million euros (see Note 9.2 to the 2021 consolidated financial
statements).
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
359
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.4
Working capital requirement
6.4.1
Change in working capital requirement
The change in working capital requirement reported in the consolidated statement of cash flows under “Net cash from operating
activities” breaks down as follows:
(in millions of euros)
Change in inventories
Change in trade receivables
Change in trade payables
Change in loyalty program liabilities
CChhaannggee iinn ttrraaddee wwoorrkkiinngg ccaappiittaall rreeqquuiirreemmeenntt
Change in other receivables and payables
CHANGE IN WORKING CAPITAL REQUIREMENT
2022
(678)
(350)
1,044
43
5599
49
108
22002211
rreessttaatteedd IIFFRRSS 55
(384)
(94)
320
8
((114499))
67
(82)
CChhaannggee
(294)
(256)
723
35
220088
(18)
190
These items, like all other items in the statement of cash flows, are translated at the average rate for the year.
6.4.2
Inventories
Accounting principles
inventories of
In accordance with IAS 2 – Inventories, goods inventories and
the
the property development business
(properties under construction) are measured at the lower of
cost and net realisable value.
The cost of goods inventories corresponds to the latest
purchase price plus all related expenses, or the weighted
average cost. Given rapid inventory turnover, these two
methods do not lead to significant differences. The cost of
goods inventories includes all components of the purchase
cost of goods sold (with the exception of exchange gains and
losses) and takes into account the rebates and commercial
income negotiated with suppliers.
Net realisable value corresponds to the estimated selling price
in the ordinary course of business,
less the estimated
additional costs necessary to make the sale.
(in millions of euros)
Inventories at cost
Impairment
INVENTORIES, NET
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
7,088
(195)
6,893
6,024
(166)
5,858
Note that the same impairment methods were applied as in previous reporting periods.
The inventories booked at December 31, 2022 include those held by Grupo BIG (see Note 2.1) but no longer include those held by
Carrefour Taiwan (see Note 4.3).
6.4.3
Trade receivables
Accounting principles
Trade receivables correspond for the most part to rebates and
income receivable from suppliers, amounts
commercial
receivable from franchisees, shopping mall rental receivables
and receivables of the property development business.
Trade receivables are classified as financial assets measured at
amortised cost (see Note 14). They are recognised for the
initial invoice amount, less a loss allowance recorded in
accordance with the simplified impairment model based on
expected losses defined in IFRS 9 – Financial Instruments (see
Note 14.7.4).
Certain Group subsidiaries operate receivables discounting
programmes. In accordance with IFRS 9, receivables sold
under these programmes are derecognised when the related
risks and rewards (i.e., mainly default, late payment and
dilution risks) are substantially transferred to the buyer.
360
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
(in millions of euros)
Receivables from clients
Impairment
RReecceeiivvaabblleess ffrroomm cclliieennttss,, nneett
Receivables from suppliers
TOTAL TRADE RECEIVABLES
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
2,312
(190)
22,,112222
1,208
3,330
1,794
(162)
11,,663322
949
2,581
Note that the same impairment methods were applied as in previous reporting periods.
6.4.4
Suppliers and other creditors
Accounting principles
Suppliers and other creditors correspond primarily to trade
payables. They also include payables that suppliers have
transferred to financial institutions as part of reverse factoring
programmes. These programmes enable suppliers to receive
payment for the Group’s purchases in advance of the normal
payment terms. After conducting an analysis, the Group has
continued to classify these liabilities as trade payables, their
characteristics having not been substantially modified (in
particular, their contractual terms – including debt maturity –
have been maintained). Suppliers and other creditors at
December 31, 2022 included reverse factored payables for a
total of 2.3 billion euros (December 31, 2021: 2.2 billion euros).
Suppliers and other creditors are classified in the category of
“Financial liabilities measured at amortised cost”, as defined in
IFRS 9 – Financial Instruments (see Note 14). They are initially
recognised at their nominal amount, which represents a
reasonable estimate of fair value in light of their short
maturities.
6.4.5
Tax receivables and payables
BREAKDOWN OF TAX RECEIVABLES
(in millions of euros)
VAT and sales tax receivables
Other tax (other than on income) receivables
Current tax receivables
TOTAL TAX RECEIVABLES
BREAKDOWN OF TAX PAYABLES
(in millions of euros)
VAT and sales tax payables
Other tax (other than on income) payables
Current tax payables
TOTAL TAX PAYABLES – PORTION DUE IN LESS THAN ONE YEAR
TOTAL TAX PAYABLES – PORTION DUE IN MORE THAN ONE YEAR
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
684
98
167
948
542
58
75
675
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
462
510
210
1,182
85
350
541
218
1,108
193
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
361
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.4.6
Other assets and payables
BREAKDOWN OF OTHER ASSETS
(in millions of euros)
Prepaid expenses
(1)
Proceeds receivable from disposals of non-current assets
Employee advances
Other operating receivables, net
TOTAL OTHER CURRENT ASSETS
Prepaid expenses – portion due in more than one year
Tax receivables – portion due in more than one year
(2)
TOTAL OTHER NON--CURRENT ASSETS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
419
34
11
561
1,025
1
608
609
476
10
16
440
943
3
318
321
(1) At December 31, 2021, this item included the downpayment of 900 million Brazilian reals in March 2021 (approximately 139 million euros) relating
to the ongoing acquisition of Grupo BIG in Brazil (see Note 2.1).
(2) These correspond to ICMS and PIS-COFINS tax credits expected to be collected in over 12 months. At December 31, 2022, the total amount of
the Brazilian ICMS tax credits, mainly attributable to favourable rulings handed down by the Brazilian Supreme Court, represented
1,184 million euros (700 million euros at December 31, 2021). This amount has been written down by 479 million euros (resulting in a net
receivable of 705 million euros versus 453 million euros at December 31, 2021) to reflect the market value of the tax credits, which the Company
intends to use over a period not exceeding three years. The increase in the gross and net amount of ICMS and PIS-COFINS tax credits reflects the
inclusion of Grupo BIG from June 2022 (see Note 2.1). In the income statement, the total amount of the Brazilian ICMS tax credits for the year are
recorded in recurring operating income and those for prior years are recorded in non-recurring income.
BREAKDOWN OF OTHER CURRENT PAYABLES
(in millions of euros)
Accrued employee benefits expense
Payables to suppliers of non-current assets
Deferred revenue
Other payables
TOTAL OTHER CURRENT PAYABLES
6.5
Banking and insurance businesses
Accounting principles
To support its core retailing business, the Group offers banking
and insurance services to customers, mainly in France, Spain
and Brazil.
The Group’s financial services companies offer
their
customers “Carrefour” bank cards that can be used in the
Group’s stores and elsewhere, consumer credit (renewable
credit facilities and amortisable loans), and savings products
(life insurance, passbook savings accounts, etc.).
Due to its contribution to the Group’s total assets and liabilities
and its specific financial structure, this secondary business is
presented separately in the consolidated financial statements:
■
the
financial services
consumer credit granted by
companies (payment card receivables, personal loans, etc.)
is presented in the statement of financial position under
“Consumer credit granted by
financial services
companies – Portion due in more than one year” and
financial services
“Consumer credit granted by
companies – Portion due in less than one year”, depending
on their maturity;
the
the
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
1,531
714
131
567
2,943
1,505
648
105
507
2,765
■
■
■
■
financing for these loans is presented under “Consumer
credit financing – Portion due in more than one year” and
“Consumer credit financing – Portion due in less than one
year”, depending on their maturity;
the other assets and liabilities of the banking activities
(property and equipment, intangible assets, cash and cash
equivalents, tax and employee-related payables, etc.) are
presented on the corresponding lines of the statement of
financial position;
net revenues from banking activities are reported in the
income statement under “Other revenue”;
the change in the banking and insurance businesses’
working capital requirement is reported in the statement of
cash flows under “Change in consumer credit granted by
the financial services companies”.
362
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.5.1
Consumer credit granted by the financial services companies
As of December 31, 2022, consumer credit granted by the financial services companies totalled 5,978 million euros (compared with
5,294 million euros as of December 31, 2021), as follows:
(in millions of euros)
Payment card receivables
Loans
Consumer credit (on purchases made in Carrefour stores)
Other financing(1)
Impairment
TOTAL CONSUMER CREDIT GRANTED BY THE FINANCIAL SERVICES COMPANIES
Portion due in less than one year
Portion due in more than one year
(1) Other financing corresponds mainly to restructured loans and credit facilities.
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
5,583
1,448
59
245
(1,356)
5,978
4,111
1,867
4,474
1,549
44
254
(1,027)
5,294
3,473
1,821
Consumer credit granted by the financial services companies
corresponds to customer receivables (credit card debt, personal
loans, etc.).
The gross value of consumer credit increased by 1 billion euros
compared with December 31, 2021. This
reflects strong
momentum in the consumer credit business in Brazil, boosted by
the increase in the value of the Brazilian real in 2022. Gross
consumer credit in Spain and France was relatively stable, before
the impact of sales of mainly category 3 credit in both countries
in 2022.
The increase in the average impairment rate for consumer credit
at December 31, 2022 was primarily attributable to Brazil.
The amount of impairment for consumer credit was estimated
according to the rules and principles described below.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
363
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
CREDIT RISK MANAGEMENT AND IMPAIRMENT APPROACH
Accounting principles
The impairment model for consumer credit granted by the
financial services companies was adjusted in line with the
requirements of IFRS 9 – Financial Instruments using a
two-step process:
■
■
classification of outstanding loans in uniform risk categories
based on the probability of default; then
modelling of the probability of credit losses over a 12-month
period or at maturity (representing the remaining term of
the financial instrument), based on the classification of the
instrument.
CLASSIFICATION OF CONSUMER CREDIT
Consumer credit is divided into three categories, based on an
analysis of potentially significant increases in credit risk:
category 1: credit granted to consumers whose credit risk
has not significantly increased since the credit was initially
recognised;
category 2: credit granted to consumers whose financial
situation has worsened (significant increase in credit risk)
since the credit was initially recognised but for which no
objective evidence of impairment (default) of a specific
credit has yet been identified;
category 3: credit granted to consumers in default.
■
■
■
(i) Significant increase in credit risk
The main criteria applied by the Group to identify a significant
increase in credit risk since initial recognition and where
necessary, to reclassify category 1 assets within category 2, are
as follows:
■
■
late payment criterion: payments more than 30 days past
due (non-rebuttable presumption under IFRS 9);
renegotiation criterion: credit with renegotiated terms with
payment less than 30 days past due.
The Group determines whether there has been a significant
increase in credit risk for each of its contracts and applies the
“contagion” principle, whereby reclassification of a given
credit granted to a consumer will lead to all credit granted to
that consumer to be reclassified accordingly.
(ii) Objective evidence of impairment (default)
Carrefour considers that there
impairment if any of the following criteria are met:
is objective evidence of
■
■
■
■
late payment criterion: payments more than 90 days past
due (non-rebuttable presumption under IFRS 9);
renegotiation criterion: credit with renegotiated terms (not
considered substantial) owing to significant difficulties of the
debtor, with payment more than 30 days past due;
litigation criterion: credit in dispute at the reporting date;
“contagion” criterion:
if a given credit granted to a
consumer meets the aforementioned criteria, all credit
granted to that consumer is also deemed to meet those
criteria.
The consumer credit concerned is classified in category 3.
ESTIMATES OF EXPECTED CREDIT LOSSES
Calculation of the amount of expected credit losses is based
on four main inputs: probability of default, loss given default,
exposure at default and the discount rate. Each of these inputs
is calibrated according to the consumer credit segmentation
– itself based on the products distributed by each entity
(personal loans, credit cards/renewable facilities and credit
granted for a specific purpose) – based on historical data and
taking into account prospective factors. The methods used to
calibrate these inputs are consistent with those adopted to
meet regulatory and prudential requirements (particularly the
Basel Accord).
Expected credit losses are calculated over a 12-month period
for consumer credit classified in category 1 and over the life of
the credit for items classified in categories 2 and 3.
To protect against default by borrowers, the Group’s financial
services companies have set up systems to check the quality and
repayment capacity of their customers. These include:
decision-making aids such as credit scoring applications,
income/debt simulation tools and credit history checking
procedures;
interrogation of positive and negative credit history databases,
where they exist;
active management of collection and litigation processes;
solvency analyses at the contract anniversary date;
credit risk monitoring and control systems.
■
■
■
■
■
Within each credit company, a Credit Risk department is
responsible for all of these processes and a summary of the
Credit Risk Management Committees is systematically presented
to the company’s Board of Directors.
At December 31, 2022, 72% of the gross value of consumer credit
granted by the financial services companies was classified in
category 1, 9% in category 2 and 19% in category 3. At
December 31, 2021, categories 1, 2 and 3 represented 73%, 11%
and 16%, respectively, of the gross value of consumer credit
granted by the financial services companies.
364
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
6.5.2
Consumer credit financing
The related consumer credit financing amounted to 5,142 million euros at December 31, 2022 (December 31, 2021: 4,441 million
euros), as follows:
(in millions of euros)
Bonds and notes
(1)
Debt securities (Neu CP and Neu MTN)
(2)
Bank borrowings(3)
Customer passbook savings deposits
Securitisations(4)
Other refinancing debt to financial institutions
Other
TOTAL CONSUMER CREDIT FINANCING
Portion due in less than one year
Portion due in more than one year
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
824
1,553
572
279
297
1,577
41
5,142
3,592
1,550
1,202
866
498
304
369
1,202
0
4,441
2,868
1,573
(1) In March 2022, Carrefour Banque redeemed ahead of term the 400 million-euro bond issued in June 2021 with a fixed rate swapped for the
3-month Euribor (4 years – June 2025 maturity, 3-month Euribor coupon +49 bps).
(2) Debt securities mainly comprised negotiable European Commercial Paper (NEU CP) and negotiable European Medium-Term Notes (NEU MTN)
issued by Carrefour Banque.
(3) This item mainly includes the 320 million-euro refinancing operation with the European Central Bank (maturity March 2024) and drawdowns of
credit lines.
(4) This item corresponds to the “Master Credit Cards Pass” reloadable securitisation programme with compartments launched by Carrefour Banque
in November 2013 for an initial asset pool of 560 million euros. Proceeds from the securitisation amounted to 400 million euros. This vehicle was
maintained at December 31, 2022 with a balance of 297 million euros.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
365
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 7
INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT
PROPERTY
7.1
Intangible assets
Accounting principles
GOODWILL
Goodwill is initially recognised on business combinations as
explained in Note 3.1.
In accordance with IAS 36 – Impairment of Assets, goodwill
recognised on business combinations is not amortised but is
tested for impairment every year, or more frequently if there is
an indication that its carrying amount may not be recovered,
by the method described in Note 7.3.
OTHER INTANGIBLE ASSETS
Intangible assets consist mainly of software and other
intangible assets related to the stores.
Separately acquired intangible assets are initially recognised at
cost and intangible assets acquired in business combinations
are recognised at fair value (see Note 3.1).
SOFTWARE (EXCLUDING SAAS ARRANGEMENTS)
Internal and external costs directly incurred in the purchase or
development of software are recognised as intangible assets,
including subsequent improvements, when it is probable that
they will generate future economic benefits for the Group.
Software is amortised by the straight-line method over periods
ranging from, barring exceptions, one to eight years.
SOFTWARE AS A SERVICE (SAAS) ARRANGEMENTS
A SaaS arrangement allows an entity to access, using an
Internet connection and for a specified period of time,
software functions hosted on infrastructure operated by an
external provider. If the Group does not control a SaaS
solution, the related development costs (external and internal)
are recognised as follows: (a) as an expense as incurred for
internal costs and the costs of an integrator not related to the
SaaS publisher, and (b) as an expense over the term of the
SaaS arrangement for the costs of the SaaS publisher or its
subcontractor. If the Group controls a SaaS solution, costs are
capitalised if they meet the IAS 38 criteria, otherwise they are
expensed as incurred.
Goodwill, which constitutes the main intangible asset, is reported separately from other intangible assets in the statement of financial
position.
(in millions of euros)
Goodwill
Other intangible assets
INTANGIBLE ASSETS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
8,778
1,499
10,277
7,995
1,333
9,328
366
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
7.1.1
Goodwill
The carrying amount of goodwill is monitored at the level of the
operating segments corresponding to the countries in which the
Group conducts
integrated store
networks.
its business through
its
The 782-million-euro
December 31, 2021 reflects the following:
increase
in goodwill
relative
to
■
completion of the acquisition of Grupo BIG in Brazil (see
Note 2.1), including the recognition of provisional goodwill in
the amount of 942 million euros;
■
■
■
various acquisitions in France for a total of 37 million euros,
corresponding mainly to the Carré d’Or franchisee;
the derecognition of goodwill recorded by Carrefour Taiwan
for 147 million euros, reflecting the ongoing disposal of
operations there (see Note 4);
an unfavourable translation adjustment of 49 million euros,
mainly attributable to the decrease in value of the Brazilian real
since the consolidation of Grupo BIG on June 1, 2022.
(in millions of euros)
DDeecceemmbbeerr 3311,, 22002211 AAccqquuiissiittiioonnss DDiissppoossaallss
IImmppaaiirrmmeenntt
OOtthheerr
mmoovveemmeennttss
EExxcchhaannggee
ddiiffffeerreenncceess December 31, 2022
France
Spain
Belgium
Brazil
Poland
Taiwan
Romania
Italy
Argentina
Global Functions
TOTAL
5,147
1,031
950
314
229
147
99
69
8
1
37
−
−
942
−
−
−
−
−
−
−
−
−
−
−
(147)
−
−
−
−
7,995
979
(147)
−
−
−
−
−
−
−
(1)
−
−
(1)
−
−
−
−
−
−
−
−
−
−
−
−
−
−
(42)
(4)
−
(0)
−
(3)
−
5,184
1,031
950
1,214
225
−
99
69
5
1
(49)
8,778
In 2021, the total carrying amount of goodwill was slightly lower, impacted by the partial impairment of Italian goodwill and the
reduction of Taiwanese goodwill following the fair value adjustment of a warehouse owned by Wellcome, partially offset by the
acquisition of Supersol in Spain.
(in millions of euros)
DDeecceemmbbeerr 3311,, 22002200 AAccqquuiissiittiioonnss DDiissppoossaallss
IImmppaaiirrmmeenntt
OOtthheerr
mmoovveemmeennttss
EExxcchhaannggee
ddiiffffeerreenncceess DDeecceemmbbeerr 3311,, 22002211
France
Spain
Belgium
Brazil
Poland
Taiwan
Romania
Italy
Argentina
Global Functions
TOTAL
5,149
952
956
311
231
176
101
149
9
1
12
79
−
−
−
−
−
−
−
−
8,034
91
−
−
−
−
−
−
−
−
−
−
−
−
−
(4)
−
−
−
−
(80)
−
−
(15)
−
(1)
−
−
(43)
−
−
−
−
(84)
(59)
−
−
−
3
(2)
15
(2)
−
(1)
−
13
5,147
1,031
950
314
229
147
99
69
8
1
7,995
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
367
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
7.1.2
Other intangible assets
(in millions of euros)
Other intangible assets, at cost
Amortisation
Impairment
Intangible assets in progress
OTHER INTANGIBLE ASSETS, NET
CHANGES IN OTHER INTANGIBLE ASSETS
(in millions of euros)
AAtt DDeecceemmbbeerr 3311,, 22002200
Acquisitions
Disposals
Amortisation
Impairment
Exchange differences
Changes in scope of consolidation, transfers and other
movements
AAtt DDeecceemmbbeerr 3311,, 22002211
Disposal of Carrefour Taiwan in progress
(1)
Acquisitions
Other disposals
Amortisation
Impairment
Exchange differences
Changes in scope of consolidation
(2)
Transfers and other movements
AT DECEMBER 31, 2022
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
3,744
(2,510)
(51)
316
1,499
3,644
(2,496)
(67)
252
1,333
GGrroossss ccaarrrryyiinngg
aammoouunntt
AAmmoorrttiissaattiioonn
aanndd iimmppaaiirrmmeenntt NNeett ccaarrrryyiinngg aammoouunntt
33,,881122
334
(265)
−
−
2
14
33,,889955
(58)
376
(303)
−
−
14
105
31
((22,,448877))
−
187
(242)
(13)
(1)
(7)
((22,,556633))
29
−
264
(247)
(5)
(15)
−
(25)
11,,332255
334
(79)
(242)
(13)
1
7
11,,333333
(28)
376
(40)
(247)
(5)
(1)
105
6
4,060
(2,561)
1,499
(1) The amounts reported on this line relate to other intangible assets owned by Carrefour Taiwan (classified in discontinued operations in 2022 – see
Note 4) at January 1, 2022. Accordingly, other changes shown in this table for 2022 do not include amounts relating to Carrefour Taiwan in the
period.
(2) This item corresponds almost exclusively to the intangible assets of Grupo BIG, following its consolidation on June 1, 2022 (see Note 2.1).
368
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
7.2
Property and equipment
Accounting principles
Property and equipment mainly comprise buildings, store
fixtures and fittings, and land.
INITIAL RECOGNITION
In accordance with IAS 16 – Property, Plant and Equipment,
these items are stated at cost less accumulated depreciation
and any accumulated impairment losses. Borrowing costs that
are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalised as part of the
cost of the asset. Qualifying assets are defined in IAS 23 –
Borrowing Costs as assets that necessarily take a substantial
period of time to get ready for their intended use or sale,
corresponding in the Group’s case to investment properties,
hypermarkets and supermarkets for which the construction
period exceeds one year.
For property and equipment acquired in exchange for one or
more non-monetary assets or for a combination of monetary
and non-monetary assets, cost is measured at fair value unless
(a) the exchange transaction lacks commercial substance or
(b) the fair value of neither the asset received nor the asset
given up is reliably measurable, in which case its cost is
measured at the carrying amount of the asset given up.
Assets under construction are recognised at cost less any
identified impairment losses.
USEFUL LIVES
Depreciation of property and equipment begins when the
asset is available for use and ends when the asset is sold,
scrapped or reclassified as held for sale in accordance with
IFRS 5 – Non-current Assets Held for Sale and Discontinued
Operations.
Land is not depreciated. Other property and equipment are
depreciated by the straight-line method over the following
estimated useful lives:
Buildings
• Building
•
•
Site improvements
Cars parks
Equipment, fixtures and fittings
Other
40 years
10 to 20 years
6 to 10 years
4 to 8 years
3 to 10 years
In light of the nature of its business, the Group considers that
its property and equipment have no residual value.
Depreciation periods are reviewed at each year-end and,
where appropriate, adjusted prospectively in accordance with
IAS 8 – Accounting Policies, Changes in Accounting Estimates
and Errors. At December 31, 2022, the Group had not
identified any significant factors related to climate change that
would lead to a revision of the useful lives applied.
1
2
3
4
5
(in millions of euros)
Land
Buildings
Equipment, fixtures and fittings
Other fixed assets
Assets under construction
December 31, 2022
Gross carrying
amount
Depreciation
Impairment
Net carrying
amount
6
3,405
11,675
14,798
707
692
−
(5,894)
(11,771)
(455)
−
(68)
(175)
(299)
(3)
−
3,336
5,606
2,728
249
692
TOTAL PROPERTY AND EQUIPMENT
31,277
(18,120)
(546)
12,612
(in millions of euros)
Land
Buildings
Equipment, fixtures and fittings
Other fixed assets
Assets under construction
DDeecceemmbbeerr 3311,, 22002211
GGrroossss ccaarrrryyiinngg
aammoouunntt
DDeepprreecciiaattiioonn
IImmppaaiirrmmeenntt
NNeett ccaarrrryyiinngg
aammoouunntt
2,698
10,591
15,208
447
655
−
(5,860)
(12,091)
(326)
−
(72)
(205)
(321)
(4)
−
2,626
4,527
2,797
117
655
TOTAL PROPERTY AND EQUIPMENT
29,600
(18,277)
(602)
10,721
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
369
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
CHANGES IN PROPERTY AND EQUIPMENT
(in millions of euros)
AAtt DDeecceemmbbeerr 3311,, 22002200
Acquisitions
Disposals(1)
Depreciation
Impairment
Exchange differences
Changes in scope of consolidation, transfers and other movements
(2)
AAtt DDeecceemmbbeerr 3311,, 22002211
Disposal of Carrefour Taiwan in progress
(3)
Acquisitions
Other disposals(1)
Depreciation
Impairment
Exchange differences
Changes in scope of consolidation
(4)
Transfers and other movements
(2)
AT DECEMBER 31, 2022
GGrroossss ccaarrrryyiinngg
aammoouunntt
DDeepprreecciiaattiioonn
aanndd
iimmppaaiirrmmeenntt
NNeett ccaarrrryyiinngg
aammoouunntt
2288,,884400
((1188,,333355))
1,318
(978)
−
−
58
362
2299,,660000
(1,316)
1,504
(890)
−
−
(85)
1,967
498
−
750
(1,077)
(28)
(31)
(156)
1100,,550055
1,318
(228)
(1,077)
(28)
27
206
((1188,,887799))
1100,,772211
879
−
671
(437)
1,504
(218)
(1,086)
(1,086)
(25)
89
−
(316)
(25)
4
1,967
182
31,277
(18,666)
12,612
(1) In 2022, this item corresponds in particular to the sale and leaseback of the nine hypermarkets and five supermarkets in Spain for approximately
150 million euros, the disposal of a warehouse in the Campania region in Italy, as well as various sales of store premises and lands in France. In
2021, this item mainly corresponded to the sale and leaseback of ten hypermarket properties in Spain for 137 million euros, as well as various
disposals of store premises in Italy (including the Thiene and San Giuliano hypermarkets) and warehouses in France (creation of Cargan-LOG, see
Note 2.3 to the 2021 consolidated financial statements).
(2) In 2021 and 2022, this item corresponds mainly to the hyperinflation effect applied to property and equipment held in Argentina, in accordance
with IAS 29. In 2021, this item also included the fixed assets related to the acquisition of the companies Supersol in Spain (see Note 3.2.2) and
Wellcome in Taiwan.
(3) The amounts reported on this line relate to property and equipment owned by Carrefour Taiwan (classified in discontinued operations in 2022 –
see Note 4) at January 1, 2022. Accordingly, other changes shown in this table for 2022 do not include amounts relating to Carrefour Taiwan in
the period.
(4) This item corresponds almost exclusively to the property and equipment of Grupo BIG, following its consolidation on June 1, 2022 (see Note 2.1).
370
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
7.3
Impairment tests
Accounting principles
In accordance with IAS 36 – Impairment of Assets, intangible
assets and property and equipment are tested for impairment
whenever events or changes in the market environment
indicate that the recoverable amount of an individual asset
and/or a cash-generating unit (CGU) may be less than its
carrying amount. For assets with an indefinite useful life –
mainly goodwill in the case of the Carrefour group – the test
is performed at least once a year.
Individual assets or groups of assets are tested for impairment
by comparing their carrying amount to their recoverable
amount, defined as the higher of their fair value (less costs of
disposal) and their value in use. Value in use is the present
value of the future cash flows expected to be derived from the
asset.
If the recoverable amount is less than the carrying amount, an
impairment loss is recognised for the difference. Impairment
losses on property and equipment and intangible assets (other
than goodwill) may be reversed in future periods provided that
the asset’s increased carrying amount attributable to the
reversal does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, had no
impairment loss been recognised for the asset in prior years.
IMPAIRMENT OF ASSETS OTHER THAN GOODWILL
Impairment tests on property and equipment are performed at
the level of the individual stores (CGUs), for all formats.
In accordance with IAS 36, intangible assets (other than
for
goodwill) and property and equipment are tested
impairment whenever there
indication that their
recoverable amount may be less than their carrying amount.
All stores that report a recurring operating loss before
depreciation and amortisation in two consecutive years (after
the start-up period) are tested.
is an
Recoverable amount is defined as the higher of value in use
and fair value less the costs of disposal.
Value in use is considered to be equal to the store’s
discounted future cash flows over a period of up to five years
plus a terminal value. Fair value is estimated based on the
prices of recent transactions, industry practice, independent
valuations or the estimated price at which the store could be
sold to a competitor.
The perpetual growth rate and the discount rate formula
applied are the same as for impairment tests on goodwill.
GOODWILL IMPAIRMENT
IAS 36 requires impairment tests to be performed annually at
the level of each CGU or group of CGUs to which the
goodwill is allocated.
In accordance with this standard, goodwill is allocated to the
CGU or group of CGUs that is expected to benefit from the
synergies of the business combination. Each CGU or group of
CGUs to which the goodwill is allocated should represent the
lowest level within the entity at which the goodwill is
monitored for internal management purposes and should not
be larger than an operating segment as defined in IFRS 8 –
Operating Segments before aggregation.
level
level. The choice of this
The Group is analysing the recoverable amount of goodwill at
is based on a
country
combination of organisational and strategic criteria.
In
particular, operations within each country (hypermarkets,
(country-level
supermarkets, etc.) use shared resources
centralised purchasing organisation, marketing systems,
headquarters functions, etc.) that represent an essential
source of synergies between the various operations.
Value in use corresponds to the sum of discounted future
cash flows for a period generally not exceeding five years, with
a terminal value calculated by projecting data for the final year
at a perpetual growth rate. A specific discount rate by country
is used for the calculation. Future cash flows used in the
impairment tests carried out in 2022 were estimated based on
the Executive
trajectories defined by
the financial
Management teams at country level and approved by the
Group’s Executive Management. These future cash flows take
into account the best estimate of the impact of climate
change to date, including the level of planned investments.
The discount rate for each country corresponds to the
weighted average cost of equity and debt, determined using
the median gearing rate for the sector. Each country’s cost of
equity is determined based on local parameters (risk-free
interest rate and market premium). The cost of debt is
determined by applying the same logic.
Fair value is the price that would be received to sell the
operations in the country tested for impairment in an orderly
transaction between market participants. Fair value
is
measured using observable inputs where these exist (multiples
of net sales and/or EBITDA (recurring operating income before
depreciation and amortisation) for recent transactions, offers
received from potential buyers, stock market multiples for
comparable companies) or based on analyses performed by
internal or external experts.
Additional tests are performed at the interim period-end when
there is an indication of impairment. The main impairment
indicators used by the Group are as follows:
■
■
internal impairment indicator: a material deterioration in the
ratio of recurring operating income before depreciation and
amortisation to net revenues excluding petrol between the
budget and the most recent forecast;
external impairment indicator: a material increase in the
discount
the
rate and/or a severe downgrade
International Monetary Fund’s (IMF) gross domestic product
(GDP) growth forecast.
in
Impairment losses recognised on goodwill are irreversible,
including those recorded at an interim period-end.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
371
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
7.3.1
Impairment of goodwill and sensitivity analysis
The impairment tests performed in 2022 did not result in any
impairment losses being recorded against goodwill. In 2021,
partial impairment of Italian goodwill was recorded in an amount
of 80 million euros.
7.3.1.1 Countries for which the recoverable amount
of goodwill was close to the carrying amount
In the impairment tests carried out at December 31, 2022, the
recoverable amount of Italy CGUs was found to be close to – but
still greater than – the carrying amount. Accordingly, no
impairment loss was recognised on Italian goodwill.
As a reminder, an impairment loss of 700 million euros was
recorded against Italian goodwill in 2017 to reflect the significant
decline in the value in use of the Group’s operations in this
country. The indications of impairment prompted the Group to
carry out an in-depth analysis to determine the Italian operations’
fair value. This analysis adopted a multi-criteria valuation
approach which took into account multiples observed for
comparable companies in the retail sector in Europe, and the
market value of Italian real estate assets, determined based on
independent appraisals.
In the impairment tests carried out at December 31, 2021, partial
impairment of Italian goodwill was recorded in an amount of
80 million euros (in addition to the 104 million euro impairment
loss recognised at the end of 2020). This reflected a decrease in
net sales and the value of real estate assets in comparison with
end-2020.
CCoouunnttrryy
France
Spain
Italy
Belgium
Poland
Romania
Brazil
Argentina
The multi-criteria approach was used again to test Italian
goodwill for impairment at December 31, 2022. The resulting fair
value represented Executive Management’s best estimate and
confirmed that the 69-million-euro carrying amount of goodwill
at December 31, 2022 was reasonable.
7.3.1.2 Other countries
For the other countries where the Group conducts business, the
analysis of sensitivity to a simultaneous change in the key inputs
based on reasonably possible assumptions did not reveal any
probable scenario according to which the recoverable amount of
any of the groups of CGUs would be less than its carrying
amount.
7.3.1.3 Main financial assumptions used to estimate
value in use
The perpetual growth rates and discount rates (corresponding to
the weighted average cost of capital – WACC) applied for
impairment testing purposes in 2022 and 2021 are presented
below by CGU:
2022
22002211
After-tax
discount rate
Perpetual
growth rate
AAfftteerr--ttaaxx
ddiissccoouunntt rraattee
PPeerrppeettuuaall
ggrroowwtthh rraattee
6.3%
6.9%
8.2%
6.4%
8.4%
9.5%
10.6%
56.4%
1.6%
1.7%
2.0%
1.7%
2.5%
2.5%
3.0%
5.1%
5.6%
6.3%
5.1%
7.2%
8.1%
9.3%
1.3%
1.7%
1.4%
1.8%
2.5%
2.5%
3.1%
32.2%
33.4%
17.0%
372
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
7.4
Investment property
Accounting principles
IAS 40 – Investment Property defines investment property as
property (land or a building or both) held to earn rentals or for
capital appreciation or both. Based on this definition,
investment property held by the Group consists of shopping
malls (retail and service units located behind the stores’
check-out area) that are exclusively or jointly owned and
represent a surface area of at least 2,500 square metres. These
assets generate cash flows that are largely independent of the
cash flows generated by the Group’s other retail assets.
Investment property is recognised at cost and is depreciated
on a
same period as
the
owner-occupied property (see Note 7.2).
straight-line basis over
Rental revenue generated by investment property is reported
in the
income statement under “Other revenue” on a
straight-line basis over the lease term. The incentives granted
by the Group under its leases are an integral part of the net
rental revenue and are recognised over the lease term (see
Note 6.1).
The fair value of investment property is measured once a year:
■
■
by applying a multiple that is a function of (i) each shopping
mall’s profitability and (ii) a country-specific capitalisation
rate, to the gross annualised rental revenue generated by
each property; or
by obtaining independent valuations prepared using two
methods: the discounted cash flows method and the yield
method. Valuers generally also compare the results of
applying these methods to market values per square metre
and to recent transaction values.
In view of the limited external data available, particularly
concerning capitalisation rates, the complexity of the property
valuation process and the use of passing rents to value the
Group’s own properties, the fair value of investment property
is determined on the basis of level 3 inputs.
(in millions of euros)
Investment property (gross carrying amount)
Depreciation and impairment
TOTAL INVESTMENT PROPERTY, NET
CHANGES IN INVESTMENT PROPERTY
(in millions of euros)
AAtt DDeecceemmbbeerr 3311,, 22002200
Acquisitions
Disposals
Depreciation
Exchange differences
Transfers and other movements
(1)
AAtt DDeecceemmbbeerr 3311,, 22002211
Disposal of Carrefour Taiwan in progress
(2)
Acquisitions
Other disposals
Depreciation
Exchange differences
Transfers and other movements
(1)
AT DECEMBER 31, 2022
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
502
(223)
279
493
(202)
291
NNeett ccaarrrryyiinngg aammoouunntt
225599
2
(1)
(9)
3
38
229911
(54)
3
(0)
(12)
(0)
51
279
(1) In 2022, transfers and other movements correspond mainly to the hyperinflation effect applied to investment property held in Argentina, in accordance with IAS 29. In
2021, amounts posted to this line mainly related to the Pinheiros project in Brazil (see Note 3.2.2).
(2) The amounts reported on this line relate to investment property owned by Carrefour Taiwan (classified in discontinued operations in 2022 – see Note 4)
at January 1, 2022. Accordingly, other changes shown in this table for 2022 do not include amounts relating to Carrefour Taiwan in the period.
Rental revenue generated by investment property, reported in the
income statement under “Other revenue”, totalled 45 million
euros in 2022 versus 36 million euros in 2021, as restated.
Operating costs directly attributable to the properties amounted
to 11 million euros in 2022 and 9 million euros in 2021, as
restated.
of
fair
value
estimated
investment
The
property
at December 31, 2022 was 635 million euros, versus 567 million
euros at December 31, 2021 (excluding Taiwan). This slight
increase chiefly reflects the hyperinflation effect in Argentina in
accordance with IAS 29, as well as translation gains resulting
from the increase in the value of the Brazilian real as of the
reporting date.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
373
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 8
LEASES
Accounting principles
Leases concern:
■
■
■
mainly property assets, both used directly by the Group and
sub-let to third parties, such as store premises sub-let to
franchisees and retail units located in shopping malls and
shopping centres;
to a lesser extent, vehicles; as well as
a few warehousing, IT and storage contracts with a lease
component.
Since January 1, 2019, all leases (excluding the recognition
exemptions set out in IFRS 16 – see below) have been
included in the statement of financial position by recognising
a right-of-use asset and a lease commitment corresponding to
the present value of the lease payments due over the
reasonably certain term of the lease.
In the income statement, IFRS 16 provides for the recognition
of a depreciation charge in recurring operating expenses and
an interest charge in financial income and expenses.
In the statement of cash flows (lease payments, representing
payments of
lease
commitment, impact financing cash flows).
repayments of
interest and
the
RECOGNITION OF LEASE COMMITMENTS
Amounts taken into account in the initial measurement of the
lease commitment are:
■
■
■
■
■
fixed lease payments, less any lease incentives receivable
from the lessor;
variable lease payments that depend on an index or a rate;
amounts expected to be payable under residual value
guarantees;
the exercise price of a purchase option if the option is
reasonably certain to be exercised; and
penalties for terminating or not renewing the lease, if this is
reasonably certain.
Lease payments are discounted at the interest rate implicit in
the lease if this can be readily determined and otherwise at the
lessee’s incremental borrowing rate (case applied in practice).
The discount rate is tied to the weighted average date for
repayment of the outstanding lease commitment.
The discount rate is calculated for each country using a
risk-free yield curve and a spread (the same spread is applied
for all subsidiaries in a given country). The risk-free yield curve
is updated quarterly, while the spread and rating are updated
annually, except in the case of a significant event expected to
impact assessment of a subsidiary’s credit risk.
lease commitment
This
amortised cost using the effective interest method.
is subsequently measured at
The lease commitment may be adjusted if the lease has been
modified or the lease term has been changed, or in order to
take into account contractual changes in lease payments
resulting from a change in an index or a rate used to
determine those payments.
RECOGNITION OF RIGHT-OF-USE ASSETS
Right-of-use assets are measured at cost, which includes:
■
■
■
■
the amount of the
commitment;
initial measurement of the
lease
any prepaid lease payments made to the lessor;
any initial direct costs incurred;
an estimate of the costs to be incurred in dismantling the
underlying asset or restoring the underlying asset to the
condition required by the terms and conditions of the lease.
Right-of-use assets are then depreciated on a straight-line
basis over the
lease
commitment.
lease term used to measure the
The value of the right-of-use asset may be adjusted if the lease
has been modified or the lease term has been changed, or in
order to take into account contractual changes in lease
payments resulting from a change in an index or a rate used to
determine those payments.
is
terminated before the end of the lease term under IFRS 16, the
impact of derecognising the right-of-use asset (write-off of a
non-current asset) and lease commitment will be included
within non-recurring items.
In the event the
lease
When the lease contracts provide for initial payment of
leasehold rights to the former lessee of the premises, these
rights will be accounted for as a component of the
right-of-use asset.
Payments under short-term leases (12 months or less) or
under leases of a low-value underlying asset are recognised in
recurring operating expenses on a straight-line basis over the
lease term (IFRS 16 recognition exemptions).
The recoverable amount of the right-of-use asset is tested for
impairment whenever events or changes in the market
environment indicate that the asset may have suffered a loss
in value. Impairment testing procedures are identical to those
for property and equipment and intangible assets described in
Note 7.3.
374
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
LEASE TERM
The lease term to be used to determine the present value of
lease payments is the non-cancellable period of a lease,
adjusted to reflect:
■
■
periods covered by an option to extend the lease if the
Group is reasonably certain to exercise that option;
periods covered by an option to terminate the lease if the
Group is reasonably certain not to exercise that option.
leased assets’ reasonably certain period of use
The
determined based on:
is
■
the inherent characteristics of the different types of assets
(stores, logistics warehouses, administrative buildings) and
the country concerned by the lease. In the case of leased
store premises, the characteristics taken
into account
include the store’s profitability, the specificity of the format,
any recent capital expenditure in the store, the net carrying
amount of immovable assets for certain store formats
(supermarkets, hypermarkets and cash & carry stores), the
existence of significant termination penalties, and whether
the store is integrated or franchised;
■
a portfolio approach for
leased vehicles with similar
characteristics and periods of use. Four portfolios have been
identified, corresponding to company cars, cars for rental to
customers, trucks and light commercial vehicles.
ACCOUNTING TREATMENT FOR SUB-LEASING
ARRANGEMENTS
When the Group leases and then sub-lets a property, it
recognises the main lease, for which it is the lessee, and the
sublease, for which it is the lessor, as two different contracts.
If the sublease is classified as an operating lease, the
lease are
right-of-use assets
maintained under assets in the statement of financial position
and the proceeds from the sublease are recognised in
recurring income for the term of the sublease.
the main
resulting
from
If the sublease is classified as a finance lease:
■
■
■
right-of-use assets resulting from the main
de-recognised;
lease are
a receivable is recognised in an amount corresponding to
the net investment in the sublease is recognised;
any difference between the right-of-use assets and the net
investment in the sublease is recognised in financial income
and expenses;
■
the lease commitment (in respect of the main lease) is
maintained in liabilities.
INCOME TAX
Deferred tax is recognised based on the net amount of
temporary taxable and deductible differences.
Upon initial recognition of the right-of-use asset and lease
commitment, no deferred tax is recognised if the amount of
the asset equals the amount of the liability.
Net temporary differences that may result from subsequent
changes in the right-of-use asset and lease commitment give
rise to the recognition of deferred tax.
The relative stability of right-of-use assets and lease commitments compared to December 31, 2021 mainly reflects the consolidation of
those recognised by Grupo BIG (see Note 2.1) and the derecognition of those recognised by Carrefour Taiwan (see Note 4.3).
8.1
Right-of-use assets
(in millions of euros)
Land & Buildings
Equipment, fixtures and fittings
Investment property
(1)
RIGHT--OF--USE ASSET
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Gross
carrying
amount
Depre
-ciation
Impair
-ment
Net
carrying
amount
GGrroossss
ccaarrrryyiinngg
aammoouunntt
DDeepprree
--cciiaattiioonn
IImmppaaiirr
--mmeenntt
NNeett
ccaarrrryyiinngg
aammoouunntt
7,154
(3,036
)
(49)
4,068
6,917
(2,733)
(4)
4,180
143
−
(22
)
−
−
−
121
−
146
92
(24)
(34)
−
−
122
58
7,297
(3,058
)
(49)
4,190
7,155
(2,791)
(4)
4,361
(1) Carrefour Taiwan is the only Group entity that leases shopping malls. The related right-of-use assets have been reclassified as assets held for sale
in accordance with IFRS 5 (see Note 4.3).
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
375
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
CHANGE IN RIGHT-OF-USE ASSETS
(in millions of euros)
AAtt DDeecceemmbbeerr 3311,, 22002200
Increase
(1)
Decrease
Depreciation
Impairment
Exchange differences
Changes in scope of consolidation
(2)
Other movements
AAtt DDeecceemmbbeerr 3311,, 22002211
Disposal of Carrefour Taiwan in progress
(3)
Increase
(1)
Decrease
Depreciation
Impairment
Exchange differences
Changes in scope of consolidation
(2)
Other movements
AT DECEMBER 31, 2022
Gross carrying
amount
DDeepprreecciiaattiioonn
aanndd iimmppaaiirrmmeenntt
NNeett ccaarrrryyiinngg
aammoouunntt
66,,447799
880
(446)
−
−
70
184
(13)
77,,115555
(831)
906
(404)
−
−
(7)
485
(7)
((11,,997733))
−
158
(949)
(1)
(32)
(3)
5
((22,,779955))
399
−
222
(892)
(46)
(1)
−
5
44,,550066
880
(288)
(949)
(1)
39
182
(8)
44,,336611
(432)
906
(182)
(892)
(46)
(8)
485
(2)
7,297
(3,108)
4,190
(1) In 2022, the increases notably include the right-of-use assets booked following the sale and leaseback of nine hypermarkets and five supermarkets
in Spain, for an amount of 44 million euros. In 2021, the increases were linked to the sale and leaseback of ten hypermarkets in Spain for an
amount of 68 million euros.
(2) In 2022, changes in the scope of consolidation correspond mainly to the inclusion of the right-of-use assets of the stores leased by Grupo BIG
since June 1, 2022 (see Note 2.1). In 2021, changes in the scope of consolidation chiefly included the acquisition of stores leased by Supersol for
119 million euros and Wellcome for 67 million euros.
(3) The amounts reported on this line relate to right-of-use assets owned by Carrefour Taiwan (classified in discontinued operations in 2022 –
see Note 4) at January 1, 2022. Accordingly, other changes shown in this table for 2022 do not include amounts relating to Carrefour Taiwan in
the period.
8.2
Lease commitments
LEASE COMMITMENTS BY MATURITY
(in millions of euros)
Due within 1 year
Due in 1 to 2 years
Due in 2 to 5 years
Due beyond 5 years
TOTAL LEASE COMMITMENTS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
955
993
1,418
1,163
4,530
995
917
1,619
1,065
4,597
376
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 9
INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY
METHOD
Accounting principles
The consolidated statement of financial position includes the
Group’s share of the change in the net assets of companies
accounted for by the equity method (associates and joint
ventures), as adjusted to comply with Group accounting
policies, from the date when significant influence or joint
control is acquired until the date when it is lost.
Companies accounted for by the equity method are an
integral part of the Group’s operations and the Group’s share
of their net profit or loss is therefore reported as a separate
component of recurring operating income (“Net income/(loss)
of equity-accounted companies”), in accordance with the
recommendation no. 2020-01 of the French accounting
standards setter (ANC).
The carrying amount of investments in equity-accounted
companies is tested for impairment in line with the accounting
principles described in Note 7.3.
9.1
Changes in investments in equity-accounted companies
Changes in investments in equity-accounted companies can be analysed as follows:
(in millions of euros)
AAtt DDeecceemmbbeerr 3311,, 22002200
Acquisitions and capital increases
Disposals
Dividends
Share of net income
Exchange differences and other movements
AAtt DDeecceemmbbeerr 3311,, 22002211
Acquisitions and capital increases
Disposals
Dividends
Share of net income
Exchange differences and other movements
AT DECEMBER 31, 2022
11,,117722
134
(0)
(55)
12
(8)
11,,225566
15
(52)
(76)
50
5
1,197
9.2
Information about associates
The following table shows key financial data for associates:
(in millions of euros)
Carmila (France)
Provencia (France)
Market Pay (France)
Showroomprive.com (France)
(1)
Ulysse (Tunisia)
Costasol (Spain)
CarrefourSA (Turkey)
(1)
Other companies
(2)
%% iinntteerreesstt
TToottaall aasssseettss
SShhaarreehhoollddeerrss’’
eeqquuiittyy
NNoonn--ccuurrrreenntt
aasssseettss
NNeett ssaalleess//
RReevveennuueess
NNeett iinnccoommee//
((lloossss))
36%
50%
39%
9%
25%
34%
32%
N/A
5,185
2,316
4,577
436
494
437
133
99
323
992
296
164
205
96
48
(39)
367
272
358
217
119
53
155
495
357
851
156
724
376
171
893
1,751
79
24
(13)
27
9
9
(41)
33
(1) Financial data published for the year 2021.
(2) Corresponding to a total of 217 companies, none of which is individually material.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
377
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
At December 31, 2022, the two main associates were Carmila
with a carrying amount of 754 million euros (December 31, 2021:
749 million euros) and Provencia with a carrying amount of
134 million euros (December 31, 2021: 132 million euros). These
two associates
total value of
represented 74% of
equity-accounted companies at end-2022.
the
All of the summary financial data presented in the table above
have been taken from the financial statements of associates,
restated where necessary to reflect adjustments made to
harmonise accounting methods on application of equity
accounting. These data have not been adjusted for any changes
in fair value recognised at the time of the acquisition or for any
loss of control and elimination of the Group’s share of profit or
loss arising on asset disposals or acquisitions carried out between
the Group and the associate.
MAIN CHANGES IN INVESTMENTS IN EQUITY-ACCOUNTED
COMPANIES IN 2022
Carmila (France)
In first-half 2022, Carmila carried out two share buyback
programmes followed by cancellation of the shares, representing
approximately 1.4% of the share capital. This led to an increase in
Carrefour’s interest in Carmila, from 35.5% at December 31, 2021
to 36.0% at December 31, 2022.
CarrefourSA (Turkey)
In first-half 2022, the Group sold on the market around 5% of its
stake in the listed company CarrefourSA for 14 million euros,
leading to the recognition in non-recurring items of a capital gain
on disposal for the same amount. The remaining interest in
CarrefourSA is 32% at December 31, 2022, compared with 38% at
December 31, 2021.
Cosmopolitano (Brazil)
On April 1, 2022, the Group acquired the remaining 50% of
shares
in Brazil, which has been fully
in Cosmopolitano
consolidated since that date.
Proceeds of approximately 80 million Brazilian reals (15 million
euros) were recognised within non-recurring items as a result of
this takeover, which was accounted for in accordance with
IFRS 3 and IAS 28.
Cajoo (France)
In July 2021, the Group acquired a 40% non-controlling interest
in Cajoo, a French trailblazer in quick commerce, which has been
accounted for by the equity method in the Group’s consolidated
financial statements since that date.
On May 16, 2022, Germany-based Flink, Europe’s leading quick
commerce company, announced the acquisition of Cajoo from
Carrefour and its founders in exchange for its own shares. This
acquisition was finalised on June 23, 2022. The gain on the
disposal of the Cajoo shares, amounting to 6 million euros, net of
fees, was recognised within non-recurring items for the period.
Also in June 2022, the Group contributed to Flink’s reserved
increase. All Flink shares held by the Group at
capital
December 31, 2022
in
non-consolidated companies measured at fair value through
other comprehensive income (see Note 14.5).
investments
recognised
are
as
Showroomprivé (France)
In 2022, additional
impairment of 5 million euros on the
Showroomprivé shares was recognised against non-recurring
income and expenses in order to align their value with the
company’s share price at December 31, 2022.
Ploiesti Shopping City (Romania)
On September 9, 2022, the Group sold its 50% stake in the
to Nepi
equity-accounted company Ploiesti Shopping City
Rockcastle, which already owned the other 50% of the shares.
The disposal gain, amounting to 32 million euros, was recognised
within non-recurring items for the year.
Mestdagh (Belgium)
In October 2022, the Group sold all of its shares in the Belgian
equity-accounted company Mestdagh (i.e., 25%) to the majority
shareholder for 41 million euros.
The gain on the disposal of the Mestdagh shares, amounting to
24 million euros, net of
recognised within
non-recurring items for the year.
fees, was
FOCUS ON CARMILA
Carmila was set up in 2014 by the Group and its co-investment
partners. Its corporate purpose is to enhance the value of the
shopping centres adjacent to Carrefour hypermarkets in France,
Spain and Italy. Carmila is accounted for by the equity method
because the governance rules established with the co-investors
allows Carrefour to exercise significant influence over Carmila.
Up until its merger with Cardety on June 12, 2017, Carmila’s
governance was organised by a shareholders’ agreement
between Carrefour (which held a 42% stake in Carmila) and other
institutional investors (which held the remaining 58% stake). This
agreement specified the composition of the Board of Directors
and listed the decisions requiring the Board’s prior approval
(votes subject to a simple or qualified majority, depending on the
importance of the matters discussed).
In parallel with the merger of Carmila into Cardety, the corporate
governance rules were adjusted (restructuring of its governance
and management bodies, and amendments to its Articles of
Association and the Board of Directors’ Internal Rules). In light of
the amended corporate governance rules, the Group considers
that it has significant influence over Carmila, which is accounted
for using the equity method. The Group’s position is primarily
derived from the fact that the Carrefour group is not represented
by a majority on the Board of Directors (comprising 13 members,
of which nine independent from Carrefour and four appointed by
Carrefour as of December 31, 2022). Therefore, the Group does
not have the unilateral ability to direct decisions requiring the
Board’s prior consent, which concern a portion of the relevant
activities.
378
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
The following table presents key financial data for Carmila at December 31, 2022 and 2021 (as published in Carmila’s consolidated
financial statements). Carmila’s European Public Real Estate Association Net Tangible Assets (EPRA NTA), corresponding to net assets
excluding transfer costs, financial instruments at fair value and the deferred tax effect, amounted to 3,634 million euros at December 31,
2022.
(in millions of euros)
Revenue (rental income)
Operating income before fair value adjustment of assets
Operating income(1)
Net income/(loss) from continuing operations
Total non-current assets(1)
Total current assets
of which cash and cash equivalents
Total non-current liabilities
Total current liabilities
% interest held by Carrefour
Carrefour – Value of Carmila’s shares accounted for by the equity method
Carrefour – Cash dividends received from Carmila
2022
357
291
298
221
5,976
538
357
2,765
241
36.0%
754
52
22002211
352
239
234
192
5,967
404
238
2,611
380
35.5%
749
34
(1) Since Carmila opted to measure its investment properties using the fair value model, in accordance with the option provided in IAS 40, the figures
presented in the above table have been adjusted to reflect fair value adjustments to the property portfolio. Before being accounted for by the
equity method in the Group financial statements, Carmila’s consolidated financial statements are therefore restated to apply the cost model
applied by Carrefour.
9.3
Transactions with associates (related parties)
The following table presents the main related-party transactions carried out in 2022 with companies over which the Group exercises
significant influence:
(in millions of euros)
Net sales (sales of goods)
Franchise fees
Property development revenue
(1)
Sales of services
Fees and other operating expenses
Receivables at closing
Payables at closing
CCaarrmmiillaa
((FFrraannccee))
PPrroovveenncciiaa
((FFrraannccee))
MMaarrkkeett PPaayy
((FFrraannccee))
UUllyyssssee
((TTuunniissiiaa))
CCoossttaassooll
((SSppaaiinn))
CCaarrrreeffoouurrSSAA
((TTuurrkkeeyy))
−
−
14
18
(7)
3
(6)
608
8
−
−
−
25
−
−
−
−
(0)
(120)
−
(6)
7
2
−
−
−
2
−
106
2
−
0
(7)
13
(6)
−
3
−
−
−
1
(1)
(1) Amounts are presented before elimination of the Group’s share in the associate of revenues and proceeds arising on transactions carried out
between the Group and the associate.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
379
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 10 INCOME TAX
Accounting principles
Income tax expense comprises current taxes and deferred
taxes. It includes the Cotisation sur la Valeur Ajoutée des
Entreprises (CVAE), a local business tax in France assessed on
the value-added generated by the business, which is reported
under income tax expense because the Group considers that
it meets the definition of a tax on income contained in IAS 12
– Income Tax.
Deferred taxes are calculated on all temporary differences
between the carrying amount of assets and liabilities in the
consolidated statement of financial position and their tax basis
(except in the specific cases referred to in IAS 12), and
carried-forward tax losses. They are measured based on tax
rates and tax laws that have been enacted or substantively
enacted by the end of the reporting period. Deferred tax
assets and liabilities are not discounted and are classified in
the statement of financial position under non-current assets
and non-current liabilities.
The recoverability of deferred tax assets is assessed separately
for each tax entity, based on estimates of future taxable profits
contained in the business plan for the country concerned
(prepared as described in Note 7.3) and the amount of
deferred tax liabilities at the period-end. A valuation allowance
is recorded to write down deferred tax assets whose recovery
is not considered probable.
10.1
Income tax expense for the period
(in millions of euros)
Current income tax expense (including provisions)
Deferred income taxes
TOTAL INCOME TAX EXPENSE
2022
(362)
(46)
(408)
22002211
rreessttaatteedd IIFFRRSS 55
(432)
72
(360)
380
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
TAX PROOF
Theoretical income tax for 2022 and 2021 has been calculated by multiplying consolidated income before tax by the standard French
corporate income tax rate. For 2022, theoretical income tax expense amounted to 510 million euros compared with actual net income
tax expense of 408 million euros, as follows:
(in millions of euros)
Income before taxes
Standard French corporate income tax rate
TThheeoorreettiiccaall iinnccoommee ttaaxx eexxppeennssee
AAddjjuussttmmeennttss ttoo aarrrriivvee aatt eeffffeeccttiivvee iinnccoommee ttaaxx rraattee::
Differences between the standard French corporate income tax rate and overseas nominal taxation
rates
Effect of changes in applicable tax rates(1)
Tax expense and tax credits not based on the taxable income(2)
Tax effect of other permanent differences(3)
Deferred tax assets recognised on temporary differences and tax loss carryforwards of previous
years
(4)
Deferred tax assets not recognised on temporary differences and tax loss carryforwards arising in
the year(5)
Valuation allowances on deferred tax assets recognised in prior years(5)
Tax effect of net income from equity-accounted companies
Other differences
■
■
■
■
■
■
■
■
■
TOTAL INCOME TAX EXPENSE
EEffffeeccttiivvee TTaaxx RRaattee ((EETTRR))
2022
1,973
25.83%
((551100))
(51)
0
129
53
33
(71)
(4)
13
(1)
(408)
2200..77%%
22002211
rreessttaatteedd IIFFRRSS 55
1,570
28.41%
((444466))
(39)
(41)
35
79
157
(72)
(38)
3
1
(360)
2233..00%%
(1) This item mainly corresponded to the increase in the statutory rate in Argentina in 2021, leading to an increase in deferred tax liabilities related to
the application of IAS 29.
(2) The reported amount of taxes other than on income notably takes into account the CVAE local business tax in France, amounting to
37 million euros in 2022 (2021: 29 million euros), withholding taxes, tax credits and changes in provisions for tax risks. It also includes income of
52 million euros resulting from the decision of the Brazilian Supreme Court not to tax certain tax credits.
(3) In 2022, this item mainly corresponds to the tax saving related to the notional interest paid by the Brazilian subsidiary Atacadão. Besides the
notional interest paid in 2021, the partial impairment of Italian goodwill was more than offset by the low tax rate applied on the gains from the
disposal of Market Pay in France and the Pinheiros exchange of assets in Brazil.
(4) Deferred tax assets recognised in 2022 on prior years’ tax losses primarily concern France and Brazil. It also concerned Argentina in 2021.
(5) In 2022, unrecognised deferred tax assets and valuation allowances primarily concerned Italy, Belgium and Group BIG in Brazil (see Note 2.1). In
2021, they concerned Italy and Belgium.
10.2
Deferred tax assets and liabilities
The Group had a net deferred tax asset of 111 million euros at December 31, 2022, versus 257 million euros at December 31, 2021.
(in millions of euros)
Deferred tax assets (DTA)
Deferred tax liabilities (DTL)
NET DEFERRED TAX ASSETS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
475
(364)
111
631
(374)
257
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
381
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
The following table shows the main sources of deferred taxes:
IInnccoommee ttaaxx
oonn ootthheerr
ccoommpprreehheennssiivvee
iinnccoommee
((OOCCII))
DDeeffeerrrreedd
iinnccoommee
((eexxppeennssee)) ttaaxx
CChhaannggee
CChhaannggeess iinn
ccoonnssoolliiddaattiioonn
ssccooppee,,
ttrraannssllaattiioonn
aaddjjuussttmmeenntt,,
((11))
ootthheerr
DDeecceemmbbeerr 3311,, 22002211
December 31, 2022
940
108
626
286
20
103
156
112
22,,335522
(688)
11,,666644
(1,033)
663311
(395)
(333)
(112)
(12)
(10)
(47)
(154)
((11,,006622))
688
((337744))
257
6
16
(64)
54
(1)
14
(20)
32
3388
(2)
3366
(66)
((3311))
(25)
9
−
0
1
15
(18)
((1188))
2
((1166))
(46)
−
−
(39)
−
−
−
2
(0)
((3388))
(15)
((5533))
5
((4488))
−
−
−
−
−
(24)
1
((2233))
15
((88))
(56)
537
(46)
510
−
2
12
(124)
113
11,,000044
(79)
992255
(1,002)
((7788))
(4)
67
(1)
(1)
−
(5)
(100)
((4455))
79
3344
(43)
1,483
78
1,033
340
21
129
14
258
33,,335555
(784)
22,,557711
(2,097)
447755
(424)
(257)
(113)
(13)
(9)
(60)
(271)
((11,,114488))
784
((336644))
111
(in millions of euros)
Tax loss carryforwards
(2)
Property and equipment
Non-deductible provisions
(3)
Goodwill amortisation allowed
for tax purposes
Other intangible assets
Inventories
Financial instruments
(3)
Other temporary differences
(3)
DDeeffeerrrreedd ttaaxx aasssseettss bbeeffoorree nneettttiinngg
Effect of netting deferred tax assets
and liabilities
DDeeffeerrrreedd ttaaxx aasssseettss aafftteerr nneettttiinngg
Valuation allowances on deferred tax
assets
NNeett ddeeffeerrrreedd ttaaxx aasssseettss
Property and equipment
Provisions recorded solely for tax
purposes
Goodwill amortisation allowed for tax
purposes
Other intangible assets
Inventories
Financial instruments
Other temporary differences
DDeeffeerrrreedd ttaaxx lliiaabbiilliittiieess bbeeffoorree nneettttiinngg
Effect of netting deferred tax assets
and liabilities
DDeeffeerrrreedd ttaaxx lliiaabbiilliittiieess aafftteerr nneettttiinngg
NET DEFERRED TAXES
(1) Changes in the scope of consolidation mainly correspond to the inclusion of Grupo BIG (see Note 2.1) and, to a lesser extent, the removal of
Carrefour Taiwan (see Note 4.3).
(2) Utilised tax loss carryforwards concern France and Brazil.
(3) The deferred tax assets related to the first-time application of IFRS 9 in 2018 had been reported under financial instruments. These effects are
reclassified under non-deductible provisions and other temporary differences at December 31, 2022 (“other” column).
10.3
Unrecognised deferred tax assets
Unrecognised deferred tax assets amounted to 2,097 million euros at December 31, 2022 (December 31, 2021: 1,033 million euros),
including 1,282 million euros related to tax loss carryforwards (December 31, 2021: 614 million euros) and 816 million euros on
temporary differences (December 31, 2021: 419 million euros).
382
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 11 PROVISIONS AND CONTINGENT LIABILITIES
Accounting principles
In accordance with IAS 37 – Provisions, Contingent Liabilities
and Contingent Assets, a provision is recorded when, at the
period-end, the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be
required to settle the obligation, and a reliable estimate can be
made of the amount of the obligation. This obligation may be
legal, regulatory or contractual, or even implicit. The amount
of the provision is estimated based on the nature of the
obligation and the most probable assumptions. Provisions are
discounted when the effect of the time value of money is
material.
Contingent
statement of financial position, are defined as:
liabilities, which are not recognised
in the
■
■
possible obligations that arise from past events and whose
existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not
wholly within the control of the Group; or
present obligations that arise from past events but are not
recognised because it is not probable that an outflow of
resources embodying economic benefits will be required to
settle the obligation or the amount of the obligation cannot
be measured with sufficient reliability.
11.1
Changes in provisions
(in millions of euros)
Employee benefits
Claims and litigation
Tax litigations
Employee related
disputes
Legal disputes
Restructuring
Provisions related to
banking and insurance
businesses(1)
(2)
Other
TOTAL PROVISIONS
DDeecceemmbbeerr 3311,,
22002211
DDiissppoossaall ooff
CCaarrrreeffoouurr
TTaaiiwwaann iinn
pprrooggrreessss((33))
RReevveerrssaallss
ooff ssuurrpplluuss
pprroovviissiioonnss
UUttiilliissaattiioonnss
IInnccrreeaasseess
((44))
786
844
503
109
232
356
247
222
2,455
(29)
(2)
−
−
(2)
(1)
−
(22)
(54)
76
346
137
108
101
24
50
24
520
(10)
(164)
(84)
(30)
(51)
(55)
(8)
(43)
(281)
(58)
(195)
(46)
(80)
(70)
(185)
(16)
(21)
(475)
DDiissccoouunnttiinngg
aaddjjuussttmmeenntt
(161)
−
−
−
−
−
−
−
(161)
CChhaannggeess iinn
ssccooppee ooff
((55))
ccoonnssoolliiddaattiioonn
EExxcchhaannggee
ddiiffffeerreenncceess
((66))
aanndd ootthheerr
December 31,
2022
−
2,075
1,296
574
205
−
−
14
2,089
(67)
(137)
(68)
(53)
(16)
−
6
79
(119)
537
2,768
1,739
628
401
138
280
251
3,974
(1) Provisions relating to the banking and insurance businesses notably include provisions for credit risk on loan commitments (off-balance sheet) recognised in accordance
with IFRS 9, and provisions set aside to cover insurance underwriting risk.
(2) Other provisions notably include provisions for dismantling or restoring assets at the end of the property leases, provisions for employee benefits of stores transferred to
lease management contracts and provisions for onerous contracts.
(3) The amounts reported in column reflect provisions for contingencies and charges recognised by Carrefour Taiwan on January 1, 2022 (classified in discontinued
operations in 2022 – see Note 4). Accordingly, other changes shown in this table for 2022 do not include amounts relating to Carrefour Taiwan in the period.
(4) Increases in provisions relating to the banking and insurance businesses for 50 million euros correspond, for 32 million euros, to part of the estimated cost incurred due to
the fire that broke out in the Yang Mei logistics centre in Taiwan in March 2022. Payouts receivable from insurance companies in respect of this claim, net of this cost, are
recognised for an amount of 47 million euros (see Note 2.2).
(5) This item corresponds almost exclusively to provisions for contingencies and charges recorded at fair value in the preliminary opening balance sheet of Grupo BIG (see
Note 2.1).
(6) Translation adjustments mainly reflect the decrease in value of the Brazilian real since the acquisition of Grupo BIG on June 1, 2022. Other changes mainly correspond to
the reclassification of the provision for employee benefits to other provisions for 67 million euros (see Note 12.1) following the transfer of integrated stores to lease
management contracts in France in 2022.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
383
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
involved
Group companies are
in a certain number of
pre-litigation and litigation proceedings in the normal course of
business. They are also subject to tax audits that may result in
reassessments. The main claims and legal proceedings are
described below. In each case, the risk is assessed by Group
management and their advisors.
At December 31, 2022, claims and legal proceedings involving
the Group were covered by provisions totalling 2.8 billion euros,
compared with 844 million euros at December 31, 2021. This
very significant increase reflects the inclusion of Grupo BIG
provisions in the Group’s consolidated financial statements as
from its acquisition on June 1, 2022. No details are provided
because the Group considers that disclosure of the amount set
aside in each case could be seriously detrimental to its interests.
11.2
Claims and litigation
In the normal course of its operations in around ten different
countries, the Group is involved in claims and legal proceedings
of all kinds, particularly tax, employee-related and commercial
disputes.
11.2.1 Tax disputes (including disputes related
to corporate income tax classified in tax
payables)
Certain Group companies have been or are currently the subject
of tax audits conducted by their local tax authorities.
(determination of
In Brazil, tax audits are in progress covering, in particular, the tax
on the distribution of goods and services (ICMS), related tax
credits
the amounts claimable and
documentation of the claims), and federal contributions to the
social integration programme and to the financing of the social
security system (PIS-COFINS). The Group has challenged most of
the assessments, particularly the constitutionality of certain
legislative provisions on which they are based. The estimated risk
in each case is reviewed regularly with the Carrefour Brazil
group’s advisors and an appropriate provision is recorded. At
December 31, 2022,
totalled
1.6 billion euros (versus 479 million euros at December 31, 2021)
and legal deposits paid in connection with reassessments
contested by the Group – recorded in “Other non-current
financial assets” (see Note 14.5) – amounted to 393 million euros
(388 million euros at December 31, 2021). The very significant
increase in the level of provisions for tax risks in Brazil reflects the
inclusion of Grupo BIG provisions in the Group’s consolidated
financial statements as from its acquisition on June 1, 2022.
the corresponding provision
In France, as in 2021, the tax authorities challenged some of the
methods used to calculate tax on sales areas (TASCOM) from
past years. In addition, the tax authorities in several countries
have challenged a portion of headquarters expenses deducted at
country level, a challenge the Group contests.
11.2.2 Employee related disputes
As a major employer, the Group is regularly involved in disputes
with current or former employees.
In addition, disputes may also arise from time to time with a large
group of current or former employees. In Brazil, many former
employees have initiated legal proceedings against the Group,
notably claiming overtime pay that they allege is due to them.
11.2.3 Tax and commercial disputes
The Group is subject to regular audits by the authorities
responsible for overseeing compliance with the laws applicable
to the retail industry and by the competition authorities. As for
any company, disputes may also arise between the Group and its
co-contractors, particularly its franchisees, service providers or
suppliers.
11.3
Contingent liabilities
To the best of the Group’s knowledge, there are no contingent
liabilities that may be considered likely to have a material impact
on the Group’s results, financial position, assets and liabilities or
business.
In Brazil, due to the highly complex tax rules, especially those
applicable to retailers, the Group is exposed to tax risks which the
Group and its counsel consider are unlikely to lead to an outflow
of resources. The tax risks represented a total exposure of
1.7 billion euros at December 31, 2022
(an increase on
December 31, 2021 due notably to the increase in value of the
Brazilian real). The main tax risk concerns the deductibility for tax
purposes of the goodwill amortisation relating to the 2007
acquisition of Atacadão, representing a total exposure of
500 million euros (including costs) at December 31, 2022. The
Group continues to believe that the risk is unlikely to lead to an
outflow of resources.
The investigations launched in 2018 by the French competition
authority
the
predominantly food-based segment of the retail industry are still
pending.
cooperatives
purchasing
regarding
in
Along with some 100 companies and roughly 15 professional
associations (including the French Trade and Retail Federation –
Fédération du Commerce et de la Distribution), several French
subsidiaries of Carrefour SA received a statement of objections
from the French competition authority on October 5, 2021 as
part of a simplified procedure accusing them of having
coordinated between February 2012 and September 2015 to
implement a collective strategy aimed at:
((ii))
refraining from any reporting on the absence of Bisphenol A
(BPA) in metal containers in order to prevent any single
company from gaining a competitive advantage; and
((iiii)) agreeing to set the same dates for the marketing of BPA-free
the discontinuation of marketing of
containers and
containers with BPA.
In addition, the Court of Appeal for economic offences had
dismissed the indictment issued on October 1, 2019 against
Carrefour Argentina (INC SA) for complicity in unauthorised
financial intermediation for events which occurred between 2012
and 2015 in a context of hyperinflation. On December 5, 2022,
INC SA and its former Chief Executive Officer were acquitted.
This decision was appealed by Argentina’s Central Bank on
December 13, 2022.
announced
initiated by
In August 2019, Atacadão SA
two criminal
proceedings
the State of São Paolo’s public
(GEDEC) against public officials and company
prosecutor
employees concerning the conditions under which the operating
licences for the headquarters of Atacadão and two stores were
renewed. Atacadão SA is not party to these criminal proceedings
but the municipality of São Paolo initiated two civil proceedings
against the company on June 27, 2020 and May 25, 2021.
384
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 12 NUMBER OF EMPLOYEES, EMPLOYEE COMPENSATION AND BENEFITS
Accounting principles
Group employees receive short-term benefits (paid vacation,
paid sick
leave and statutory profit-sharing bonuses),
long-term benefits (such as long-service awards and seniority
bonuses)
as
length-of-service awards and supplementary pension benefits).
Post-employment benefits may correspond to either defined
contribution or defined benefit plans.
post-employment
benefits
(such
and
All of these benefits are accounted for in accordance with
IAS 19 – Employee Benefits. Short-term benefits (i.e., benefits
expected to be settled wholly before twelve months after the
end of the annual reporting period in which the employees
render the related services) are classified as current liabilities
(under “Other current payables”) and recorded as an expense
for the year in which the employees render the related
services (see Note 6.2.2). Post-employment benefits and other
long-term benefits are measured and recognised as described
in Note 12.1.
Two types of share-based payment plans have been set up for
management and selected employees – stock option plans
and performance share plans. These plans fall within the
scope of IFRS 2 – Share-based Payment and are accounted for
as described in Note 12.2.
12.1
Pension and other post-employment benefits
Accounting principles
Post-employment benefits are employee benefits that are
payable after the completion of employment. The Group’s
post-employment benefit plans
include both defined
contribution plans and defined benefit plans.
The discount rate corresponds to the interest rate observed at
the period-end for investment grade corporate bonds with a
maturity close to that of the defined benefit obligation. The
calculations are performed by a qualified actuary.
DEFINED CONTRIBUTION PLANS
Defined contribution plans are post-employment benefit plans
under which the Group pays regular contributions into a
separate entity that is responsible for the plan’s administrative
and financial management as well as for the payment of
benefits, such that the Group has no further obligation. These
plans
include government-sponsored pension schemes,
defined contribution supplementary pension plans and
defined contribution pension funds.
The contributions are recorded as an expense for the period in
which they become due.
DEFINED BENEFIT AND LONG-TERM BENEFIT PLANS
A liability is recognised for defined benefit obligations that are
determined by reference to the plan participants’ years of
service with the Group.
The defined benefit obligation is calculated annually using the
projected unit credit method, taking into account actuarial
assumptions such as future salary levels, retirement age,
mortality, staff turnover and the discount rate.
liability
recorded
The net
for defined benefit plans
corresponds to the present value of the defined benefit
obligation less the fair value of plan assets (if any). The cost
recognised in the income statement comprises:
■
■
current service cost, past service cost and the gain or loss
on plan amendments or settlements (if any), recorded in
operating expense;
interest expense on the defined benefit liability, net of
interest income on the plan assets, recorded in net financial
expense.
the net defined benefit
Remeasurements of
liability
(comprising actuarial gains and losses, the return on plan
assets and any change in the effect of the asset ceiling) are
recognised immediately in “Other comprehensive income”.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
385
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
12.1.1 Description of the main defined benefit plans
The main defined benefit plans concern supplementary pension
benefits paid annually in some countries to retired employees of
the Group, and
in
collective bargaining agreements that are paid to employees
upon retirement. The plans, which are presented below, mainly
concern France, Belgium and Italy.
length-of-service awards provided
for
French plans
Group employees in France are entitled to a length-of-service
award when they retire, determined in accordance with the law
and the applicable collective bargaining agreement. The award is
measured as a multiple of the individual’s monthly salary for the
last 12 months before retirement, determined by reference to his
or her years of service, and may be capped for certain plans in
place.
In this respect, the Group retrospectively applied the IFRS IC
decision of May 2021 relating to IAS 19, which resulted in a
restatement of the amount of provisions for the employees
concerned in the consolidated financial statements for the year
ended December 31, 2021
(see Note 4 to those financial
statements).
As a reminder, at its meeting of April 20, 2020, the Board of
Directors decided to set up a supplementary defined benefit
pension plan that meets the requirements of Article L. 137-11-2,
as amended, of the French Social Security Code (Code de la
sécurité sociale), effective from January 1, 2020. The main
characteristics of the plan are as follows:
■
■
■
beneficiaries will retain the annual rights accrued in the event
that they leave the Company;
the rights accrued in a given year will be calculated based on
the compensation for that year (reference compensation),
without exceeding 60 times the annual social security ceiling;
rights vest subject to the achievement of annual performance
conditions: the performance criteria and specified targets are
chosen among those used by the Board of Directors to
determine the annual variable component of the Executive
Officer’s compensation;
■
the annual vesting rate under the plan will vary depending on
the achievement rates for the performance criteria, and the
aggregate annual percentages applied for a given beneficiary,
all employers combined, will be capped at 30%.
The Group has externalised the plan’s management to an
insurance company, through a deferred annuity contract fully
invested in euro-denominated funds.
Belgian plans
The Group’s main commitments
“prepensions” and the “solidarity fund”.
in Belgium concern
for
The prepension scheme provides
the payment of
unemployment benefits during the period from the retirement
age proposed in the collective bargaining agreement to the
statutory retirement age. Carrefour is committed to topping up
the benefits paid by the Belgian State, so that the individuals
concerned receive 95% of their final net salary. The retirement
age under Belgian law, amended in 2015, is 65 (unless otherwise
provided). Under the collective bargaining agreement applicable
to Carrefour, employees are eligible for prepension benefits from
the age of 62 (unless otherwise provided).
The solidarity fund is a corporate supplementary pension plan
that offers participants the choice between a lump sum payment
on retirement or a monthly pension for the rest of their lives. The
plan was closed in 1994 and replaced by a defined contribution
plan. Consequently, the projected benefit obligation only
concerns pension rights that vested before 1994.
Furthermore, as of 2016, an additional provision has been
recorded for defined contribution plans with a minimum legal
guaranteed yield, in view of the current economic conditions.
Italian plans
The Group’s commitments
Italy primarily concern the
in
Trattemento di Fine Rapporto (TFR) deferred salary scheme. The
TFR scheme underwent a radical reform in 2007, with employers
now required to pay contributions to an independent pension
fund in full discharge of their liability. The Group’s obligation
therefore only concerns deferred salary rights that vested before
2007.
386
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
12.1.2 Net expense for the period
The expense recorded in the income statement is detailed as follows:
22002211 (in millions of euros)
Current service cost
Past service cost (plan amendments and curtailments)
Settlements and other
(1)
SSeerrvviiccee ccoosstt
Interest cost (discount effect)
Return on plan assets
Other items
EXPENSE (INCOME) FOR 2021
22002222 (in millions of euros)
Current service cost
Past service cost (plan amendments and curtailments)
Settlements and other
SSeerrvviiccee ccoosstt
Interest cost (discount effect)
Return on plan assets
Other items
EXPENSE (INCOME) FOR 2022
FFrraannccee
BBeellggiiuumm
IIttaallyy
ccoouunnttrriieess GGrroouupp ttoottaall
OOtthheerr
46
(6)
(23)
1177
2
(0)
(1)
18
18
−
−
1188
2
(1)
−
19
0
−
(1)
((11))
0
−
−
(0)
66
(6)
(23)
3366
5
(1)
(1)
39
1
(0)
−
11
1
(0)
(0)
2
OOtthheerr
FFrraannccee
BBeellggiiuumm
IIttaallyy
ccoouunnttrriieess Group total
44
(8)
(1)
3344
4
(0)
(5)
33
18
−
−
1188
4
(2)
(1)
19
0
−
1
11
1
−
−
1
1
−
−
11
1
−
(0)
2
63
(8)
(0)
5533
9
(2)
(6)
55
(1) In 2021, this line primarily included the impact of curtailments recognised following the remeasurement of commitments made under the
restructuring plans implemented in France (Note 2.2 to the 2021 consolidated financial statements) and recognised in non-recurring income.
The net expense for 2022 corresponds to 48 million euros recognised in employee benefits expense and 7 million euros recorded in
financial expense. In 2021, the net expense for the year was 39 million euros, of which less than 1 million euros related to Carrefour
Taiwan, which is now considered a discontinued operation (see Note 2.1).
12.1.3 Breakdown of the provision
(in millions of euros)
Defined benefit obligation
Fair value of plan assets
PPrroovviissiioonn aatt DDeecceemmbbeerr 3311,, 22002211
Defined benefit obligation
Fair value of plan assets
PPrroovviissiioonn aatt DDeecceemmbbeerr 3311,, 22002222
FFrraannccee
BBeellggiiuumm
IIttaallyy
OOtthheerr
((11))
ccoouunnttrriieess
Group total
465
(20)
444455
341
(28)
331133
442
(228)
221155
352
(197)
115544
88
−
8888
59
−
5599
60
(21)
3399
10
−
1100
1,055
(269)
778866
762
(225)
553377
(1) The decrease in the amounts reported for “Other countries” compared with December 31, 2021 mainly relates to the reclassification of the
amounts recognised by Carrefour Taiwan within liabilities related to assets held for sale (see Note 4.3).
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
387
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
12.1.4 Change in the provision
(in millions of euros)
PPrroovviissiioonn aatt JJaannuuaarryy 11,, 22002211
Movements recorded in the income statement
Benefits paid directly by the employer
Effect of changes in scope of consolidation
Change in actuarial gains and losses
(2)
Other
PPrroovviissiioonn aatt DDeecceemmbbeerr 3311,, 22002211
Movements recorded in the income statement
Benefits paid directly by the employer
Effect of changes in scope of consolidation
(1)
Change in actuarial gains and losses
(2)
Other
PPrroovviissiioonn aatt DDeecceemmbbeerr 3311,, 22002222
FFrraannccee
BBeellggiiuumm
IIttaallyy
ccoouunnttrriieess Group total
OOtthheerr
445599
18
(11)
(14)
(7)
1
444455
33
(14)
(67)
(84)
−
313
224433
19
(15)
−
(25)
(8)
221155
19
(13)
−
(59)
(7)
154
110066
(0)
(15)
−
(3)
−
8888
1
(13)
−
(17)
−
59
3333
2
(1)
7
1
(3)
3399
2
(1)
(29)
(1)
1
10
883399
39
(42)
(7)
(34)
(9)
778866
55
(40)
(96)
(161)
(6)
537
(1) The effect of changes in the scope of consolidation in France, which reduced the provision by 67 million euros, corresponds to the reclassification
of the provision for employee benefits to other provisions (see Note 11.1) following the transfer of integrated stores to lease management
contracts in France during first-half 2022. The amounts reported in the “Other countries” column correspond to the provisions recognised by
Carrefour Taiwan (classified in discontinued operations in 2022 – see Note 4.3) at January 1, 2022.
(2) This line breaks down as follows:
22002211 (in millions of euros)
FFrraannccee
BBeellggiiuumm
IIttaallyy
ccoouunnttrriieess GGrroouupp ttoottaall
OOtthheerr
Actuarial (gain)/loss due to experience
Actuarial (gain)/loss due to demographic assumption changes
Actuarial (gain)/loss due to financial assumption changes
(1)
Return on plan assets (greater)/less than discount rate
CChhaannggeess iinn aaccttuuaarriiaall ggaaiinnss aanndd lloosssseess 22002211
(1)
8
(14)
(0)
((77))
3
−
(16)
(13)
((2255))
(0)
(0)
(3)
−
((33))
3
9
(33)
(13)
((3344))
0
1
(1)
(0)
11
OOtthheerr
22002222 (in millions of euros)
FFrraannccee
BBeellggiiuumm
IIttaallyy
ccoouunnttrriieess Group total
Actuarial (gain)/loss due to experience
Actuarial (gain)/loss due to demographic assumption changes
Actuarial (gain)/loss due to financial assumption changes
(1)
Return on plan assets (greater)/less than discount rate
CChhaannggeess iinn aaccttuuaarriiaall ggaaiinnss aanndd lloosssseess 22002222
(2)
3
(84)
(0)
((8844))
0
−
(75)
16
((5599))
3
(1)
(19)
−
((1177))
(1)
0
(1)
−
((11))
0
2
(179)
16
((116611))
(1) Eurozone discount rates increased in 2021, from 0.40% at end-2020 to 0.80% at end-2021. These rates increased sharply in 2022 to represent
3.80% at the year-end.
388
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
12.1.5 Plan assets
(in millions of euros)
FFaaiirr vvaalluuee aatt DDeecceemmbbeerr 3311,, 22002200
Return on plan assets
Benefits paid out of plan assets
Actuarial gain/(loss)
Other
FFaaiirr vvaalluuee aatt DDeecceemmbbeerr 3311,, 22002211
Return on plan assets
Benefits paid out of plan assets
Actuarial gain/(loss)
Other
(1)
FFaaiirr vvaalluuee aatt DDeecceemmbbeerr 3311,, 22002222
FFrraannccee
BBeellggiiuumm
IIttaallyy
ccoouunnttrriieess Group total
OOtthheerr
1166
0
(0)
0
5
2200
0
(0)
0
8
2288
222277
1
(21)
13
8
222288
2
(24)
(16)
7
119977
−−
−
−
−
−
−−
−
−
−
−
−−
1122
0
(4)
0
12
2211
−
−
−
(21)
−−
225555
1
(25)
13
25
226699
2
(24)
(16)
(6)
222255
(1) The 21-million-euro expense reported in the “Other countries” column corresponds to the provision recognised by Carrefour Taiwan (classified in
discontinued operations in 2022 – see Note 4.3) at January 1, 2022.
Plan assets break down as follows by asset class:
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Bonds
Equities
Monetary
investments
Real estate
and other
BBoonnddss
EEqquuiittiieess
MMoonneettaarryy
iinnvveessttmmeennttss
RReeaall eessttaattee
aanndd ootthheerr
France
Belgique
8%
0%
1%
0%
91%
100%
0%
0%
10%
35%
1%
9%
88%
56%
1%
0%
All bonds and equities held in plan asset portfolios are listed securities.
At the end of 2022, the Belgian investment funds were liquidated and the funds transferred to an insurance company that will invest
them during 2023. At December 31, 2022, the entire amount of Belgian plan assets was provisionally invested in money market
instruments.
12.1.6 Actuarial assumptions and sensitivity analysis
The assumptions used to measure defined benefit obligations for length-of-service awards in the three main countries are as follows:
Retirement age
Rate of future salary increases
Inflation rate
Discount rate
2022
63-67
22002211
63-67
2.0% to 2.6%
2.0% to 2.6%
2.0%
3.80%
2.0%
0.80%
At December 31, 2022, a discount rate of 3.80% was used for
France, Belgium and Italy (December 31, 2021: 0.80%). The
discount rate is based on an index of AA-rated corporate bonds
with maturities that correspond to the expected cash outflows of
the plans.
In 2022, the average duration of the defined benefit obligation
under French, Belgian and Italian plans was 9.0 years, 6.7 years
and 8.6 years respectively
(versus 9.9 years, 9.2 years and
10.5 years in 2021).
Sensitivity tests show that:
■
■
a 25-bps increase in the discount rate would reduce the
defined benefit obligation under the French, Belgian and Italian
plans by around 12 million euros;
a 25-bps increase in the inflation rate would increase the
defined benefit obligation under the French, Belgian and Italian
plans by around 13 million euros.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
389
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
12.2
Share-based payments
Accounting principles
Two types of share-based payment plans have been set up for
members of management and selected employees – stock
option plans and performance share plans.
As the plans are equity-settled, the benefit represented by the
share-based payment
in employee benefits
is recorded
expense with a corresponding increase in shareholders’ equity
in accordance with IFRS 2 – Share-based Payment. The cost
recorded in employee benefits expense corresponds to the
fair value of the equity instruments on the grant date (i.e., the
date on which grantees are
the plan’s
characteristics and terms). Fair value is determined using the
informed of
Black-Scholes option pricing model for stock options and the
share price on the grant date for performance shares.
Performance conditions that are not based on market
conditions are not taken into account to estimate the fair
value of stock options and performance shares at the
measurement date. However, they are taken into account in
estimates of the number of shares that are expected to vest, as
updated at each period-end based on
the expected
achievement rate for the non-market performance conditions.
The cost calculated as described above is recognised on a
straight-line basis over the vesting period.
The cost of share-based payment plans for 2022 recorded under employee benefits expense in recurring operating income was
22 million euros, with a corresponding increase in equity (2021: 26 million euros).
Details of the stock option and performance share plans set up for Executive Management and selected employees are presented
below.
12.2.1 Stock option plans
There were no longer any Carrefour SA stock option plans
outstanding at December 31, 2022, since the 2010 plans based
on performance conditions and continued employment in the
Group expired in July 2017.
On March 21, 2017, the Board of Directors of Atacadão decided
to award options on existing or new Atacadão shares. This stock
option plan was approved by Atacadão’s Shareholders’ Meeting
held on the same date. Options awarded under this plan
represent a maximum number of 9,283,783 shares, or 0.47% of
Atacadão’s share capital. The options are subject to the following
vesting conditions:
■
■
■
one-third of the options vest at the date of the company’s IPO;
one-third of the options will vest 12 months after the date of
the IPO;
one-third of the options will vest 24 months after the date of
the IPO.
The options may be exercised up to March 21, 2023 at a price of
11.7 Brazilian reals.
The table below shows the main assumptions used to calculate the fair value of the options awarded in 2017.
FFaaiirr vvaalluuee ooff tthhee ooppttiioonnss aatt tthhee ggrraanntt ddaattee
Exercise price (in reals)
Estimated fair value of the share at the grant date (in reals)
Volatility (in %)
Dividend growth (in %)
Risk-free interest rate (in %)
Expected average life of share option (years)
Model
FFaaiirr vvaalluuee ooppttiioonn aatt ggrraanntt ddaattee ((iinn rreeaallss))
BBrraazziill 22001177 ““PPrree--IIPPOO”” PPllaann
11.7
11.7
29.02%
1.35%
10.25%
2.72
Binomial
33..7733
390
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Movements in the 2017 stock option plan were as follows:
OOppttiioonnss oouuttssttaannddiinngg aatt JJaannuuaarryy 11
Options granted during the year
Options exercised during the year
Options cancelled or that expired during the year
Recalculation of pending shares
OOppttiioonnss oouuttssttaannddiinngg aatt DDeecceemmbbeerr 3311
1
2022
22002211
22,,662266,,997711
11,,882222,,447722
−
−
(1,503,290)
(140,500)
−
−
11,,112233,,668811
−
2
944,999
22,,662266,,997711
On June 26, 2017, Atacadão’s Extraordinary Shareholders’
Meeting approved a regular stock option plan (“regular plan”)
providing for annual grants of stock options subject to the
following conditions:
■
■
■
■
vesting period: 36 months after the grant date;
maximum exercise period: end of the sixth year following the
date of the stock option plan;
maximum dilution: 2.5% of the total amount of ordinary shares
comprising the share capital;
exercise price: to be determined by the Board of Directors
when granting stock options. The price will take into account
the share price during a maximum of 30 days preceding the
date of grant.
On September 26, 2019, the Board of Directors of Atacadão decided to award the first options, as shown below:
Grant date
Number of options granted
Life of the options
Number of grantees
Exercise period
Number of options outstanding
Exercise price (in reals)
BBrraazziill 22001199 ““RReegguullaarr”” PPllaann
September 26, 2019
3,978,055
6 years
92
From September 26, 2022 to September 26, 2025
3,159,255
21.98
The table below shows the main assumptions used to calculate the fair value of the options awarded in 2019.
FFaaiirr vvaalluuee ooff tthhee ooppttiioonnss aatt tthhee ggrraanntt ddaattee
Exercise price (in reals)
Estimated fair value of the share at the grant date (in reals)
Volatility (in %)
Dividend growth (in %)
Risk-free interest rate (in %)
Expected average life of share option (years)
Model
FFaaiirr vvaalluuee ooppttiioonn aatt ggrraanntt ddaattee (in reals)
Movements in the 2019 stock option plan were as follows:
OOppttiioonnss oouuttssttaannddiinngg aatt JJaannuuaarryy 11
Options granted during the year
Options exercised during the year
Options cancelled or that expired during the year
Recalculation of pending shares
OOppttiioonnss oouuttssttaannddiinngg aatt DDeecceemmbbeerr 3311
BBrraazziill 22001199 ““RReegguullaarr”” PPllaann
21.98
21.98
27.20%
1.09%
5.57%
3
Binomial
55..2200
2022
22002211
33,,115599,,225555
33,,116633,,661177
−
−
−
−
33,,115599,,225555
−
−
(199,055)
194,693
33,,115599,,225555
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
391
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
12.2.2 Performance share plans
A. CARREFOUR SA PERFORMANCE SHARE PLANS
Under the 2019 performance share plan which expired on
February 27, 2022, the level of attainment achieved by the
Carrefour group was 100%. Accordingly, 2,592,746 shares were
delivered to the beneficiaries in accordance with the relevant
settlement terms.
In addition, 5,298 shares were also delivered to heirs of
employees under the ongoing 2020 and 2021 Performance
Plans.
On February 26, 2020, based on the Compensation Committee’s
recommendation, Carrefour SA’s Board of Directors decided to
use the authorisation given in the 25th resolution of the Annual
Shareholders’ Meeting held on June 14, 2019 to grant new or
existing performance shares. The plan provided for the grant of a
maximum of 2,604,597 shares (representing 0.32% of the share
capital). The shares will vest subject to a service condition and
several performance conditions.
Details of the 2020 performance share plan are presented below.
Shareholders’ Meeting date
Grant date
(1)
Vesting date
(2)
Total number of shares approved at the grant date
Number of grantees at the grant date
Fair value of each share (in euros)
(3)
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of four
performance conditions:
two conditions linked to financial performance (recurring
operating income growth for 25% and free cash flow growth
for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
22002200 PPeerrffoorrmmaannccee PPllaann
June 14, 2019
February 26, 2020
February 27, 2023
2,604,597
516
13.05
(1) Date of the Board of Directors’ decision to grant shares.
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
Movements in performance share grants related to the 2020 plan were as follows:
SShhaarreess aallllootttteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to the grantees during the year
(1)
Shares cancelled during the year
SShhaarreess aallllootttteedd aatt DDeecceemmbbeerr 3311
(1) Corresponds only to shares vested to heirs of employees.
On February 17, 2021, based on the Compensation Committee’s
recommendation, Carrefour SA’s Board of Directors decided to
use the authorisation given in the 25th resolution of the Annual
Shareholders’ Meeting held on June 14, 2019 to grant new or
existing performance shares. The plan provided for the grant of a
maximum of 3,000,000 shares (representing 0.37% of the share
capital). The shares will vest subject to a service condition and
several performance conditions.
2022
22002211
22,,334455,,442233
22,,552200,,226622
−
(1,198)
(238,700)
22,,110055,,552255
−
−
(174,839)
22,,334455,,442233
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of four
performance conditions:
two conditions linked to financial performance (recurring
operating income growth for 25% and net free cash flow
growth for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
392
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Details of the 2021 performance share plan are presented below.
Shareholders’ Meeting date
Grant date(1)
Vesting date
(2)
Total number of shares approved at the grant date
Number of grantees at the grant date
Fair value of each share (in euros)
(3)
22002211 PPeerrffoorrmmaannccee PPllaann
June 14, 2019
February 17, 2021
February 17, 2024
3,000,000
691
11.85
(1) Date of the Board of Directors’ decision to grant shares.
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
Movements in performance share grants related to the 2021 plan were as follows:
SShhaarreess aallllootttteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to the grantees during the year
(1)
Shares cancelled during the year
SShhaarreess aallllootttteedd aatt DDeecceemmbbeerr 3311
(1) Corresponds only to shares vested to heirs of employees.
2022
22,,992277,,660000
−
(4,100)
(260,700)
22,,666622,,880000
22002211
−−
3,000,000
−
(72,400)
22,,992277,,660000
On February 16, 2022, based on the Compensation Committee’s
recommendation, Carrefour SA’s Board of Directors decided to
use the authorisation given in the 29th resolution of the Annual
Shareholders’ Meeting held on May 21, 2021 to grant new or
existing performance shares. The plan provided for the grant of a
maximum of 3,104,000 shares (representing 0.40% of the share
capital at February 16, 2022). The shares will vest subject to a
service condition and several performance conditions.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of four
performance conditions:
two conditions linked to financial performance (recurring
operating income growth for 25% and net free cash flow
growth for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour SA share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
Details of the 2022 performance share plan are presented below.
Shareholders’ Meeting date
Grant date(1)
Vesting date
(2)
Total number of shares approved at the grant date
Number of grantees at the grant date
Fair value of each share (in euros)
(3)
22002222 PPeerrffoorrmmaannccee PPllaann
May 21, 2021
February 16, 2022
February 16, 2025
3,104,000
809
14.21
(1) Date of the Board of Directors’ decision to grant shares.
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
393
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Movements in performance share grants related to the 2022 plan were as follows:
SShhaarreess aallllootttteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
SShhaarreess aallllootttteedd aatt DDeecceemmbbeerr 3311
2022
−−
3,104,000
−
(156,055)
22,,994477,,994455
B. ATACADÃO PERFORMANCE SHARE PLANS
On November 10, 2020, the Board of Directors of Atacadão
decided to grant rights to existing or new Atacadão shares. This
plan was approved by Atacadão’s Shareholders’ Meeting held on
April 14, 2020.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of five
performance conditions:
■
■
■
■
two conditions linked to financial performance (recurring
operating income for 20% and free cash flow for 20%);
a condition linked to an external performance criterion (TSR),
benchmarking the Atacadão share price against a panel of
companies in the retail sector (for 20%);
a condition linked to the Company’s digital transformation for
20%;
a CSR-related condition for 20%.
Details of the 2020 performance share plan are presented below.
Shareholders’ Meeting date
Grant date(1)
Vesting date
(2)
Total number of shares approved at the grant date
Number of grantees at the grant date
Fair value of each share (in reals)
(3)
BBrraazziill 22002200 ““RReegguullaarr”” PPllaann
April 14, 2020
November 10, 2020
November 10, 2023
1,291,074
80
17.35
(1) Date of the Board of Directors’ decision to grant shares.
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
Movements in performance share grants under the Brazil 2020 “Regular plan” were as follows:
SShhaarreess aallllootttteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
SShhaarreess aallllootttteedd aatt DDeecceemmbbeerr 3311
2022
997777,,114400
−
−
−
997777,,114400
22002211
999999,,440033
29,965
−
(52,228)
997777,,114400
On August 25, 2021, the Board of Directors of Atacadão decided
to grant rights to existing or new Atacadão shares. This plan was
approved by Atacadão’s Shareholders’ Meeting held on April 14,
2020.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of five
performance conditions:
two conditions linked to financial performance (recurring
operating income for 20% and net free cash flow for 20%);
a condition linked to an external performance criterion (TSR),
benchmarking the Atacadão share price against a panel of
companies in the retail sector (for 20%);
a condition linked to the Company’s digital transformation for
20%;
a CSR-related condition for 20%.
■
■
■
■
394
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Details of the 2021 performance share plan are presented below.
Shareholders’ Meeting date
Grant date(1)
Vesting date
(2)
Total number of shares approved at the grant date
Number of grantees at the grant date
Fair value of each share (in reals)
(3)
BBrraazziill 22002211 ““RReegguullaarr”” PPllaann
April 14, 2020
August 25, 2021
August 25, 2024
1,832,230
124
14.56
(1) Date of the Board of Directors’ decision to grant shares.
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
Movements in performance share grants under the Brazil 2021 “Regular plan” were as follows:
SShhaarreess aallllootttteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
SShhaarreess aallllootttteedd aatt DDeecceemmbbeerr 3311
On May 5, 2022, the Board of Directors of Atacadão decided to
grant rights to existing or new Atacadão shares. This plan was
approved by Atacadão’s Shareholders’ Meeting held on April 14,
2020.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of five
performance conditions:
■
two conditions linked to financial performance (recurring
operating income for 20% and net free cash flow for 20%);
■
■
■
Details of the 2022 performance share plan are presented below.
Shareholders’ Meeting date
Grant date(1)
Vesting date
(2)
Total number of shares approved at the grant date
Number of grantees at the grant date
Fair value of each share (in reals)
(3)
2022
11,,552233,,223355
−
−
−
11,,552233,,223355
22002211
−−
1,556,541
−
(33,306)
11,,552233,,223355
a condition linked to an external performance criterion (TSR),
benchmarking the Atacadão share price against a panel of
companies in the retail sector (for 20%);
a condition linked to the Company’s digital transformation for
20%;
a CSR-related condition for 20%.
BBrraazziill 22002222 ““RReegguullaarr”” PPllaann
April 14, 2020
May 5, 2022
May 5, 2025
1,998,935
125
13.10
(1) Date of the Board of Directors’ decision to grant shares.
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
395
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Movements in performance share grants under the Brazil 2022 “Regular plan” were as follows:
SShhaarreess aallllootttteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
SShhaarreess aallllootttteedd aatt DDeecceemmbbeerr 3311
2022
−−
1,998,935
−
−
11,,999988,,993355
12.3 Management compensation (related parties)
The following table shows the compensation paid by the Carrefour group during the year to the Group’s key management personnel.
(in millions of euros)
Compensation for the year
Prior year bonus
Benefits in kind (accommodation and company car)
TToottaall ccoommppeennssaattiioonn ppaaiidd dduurriinngg tthhee yyeeaarr
Employer payroll taxes
Termination benefits
Other management benefit plans are as follows:
■
■
the supplementary defined benefit pension plan described in
Note 12.1;
performance shares: the serving members of the management
team at December 31, 2022 held 2,402,879 performance
shares (2,296,410 at December 31, 2021), for which the vesting
conditions are described in Note 12.2.2. The recognised cost of
share-based payment plans for members of the management
team was not material in either 2022 or 2021.
12.4 Number of employees
Senior Directors
Directors
Managers
Employees
AAvveerraaggee nnuummbbeerr ooff GGrroouupp eemmppllooyyeeeess
NNuummbbeerr ooff GGrroouupp eemmppllooyyeeeess aatt tthhee yyeeaarr--eenndd
((11))
2022
8.6
8.1
0.6
1177..44
6.2
−
22002211
8.4
8.3
0.4
1177..00
4.5
−
The compensation paid in 2022 to members of the Board of
Directors in respect of their duties amounted to 1.1 million euros
(0.9 million euros in 2021).
2022
376
1,798
27,086
293,417
332222,,667777
334466,,666666
22002211
365
1,761
32,395
284,500
331199,,002211
331199,,556655
(1) The number of Group employees at the year-end includes Carrefour Taiwan for 12,026 at December 31, 2022 and 12,174
at December 31, 2021.
396
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 13 EQUITY AND EARNINGS PER SHARE
In order to maintain or adjust its gearing, the Group may take on
new borrowings or retire existing borrowings, adjust the dividend
paid to shareholders, return capital to shareholders, issue new
shares, buy back shares or sell assets in order to use the
proceeds to pay down debt.
13.2
Share capital and treasury stock
13.2.1
Share capital
At December 31, 2022, the share capital was made up of
742,157,461 ordinary shares with a par value of 2.5 euros each, all
fully paid.
2022
777755,,889966
−
−
(33,738)
774422,,115577
OOff wwhhiicchh ttrreeaassuurryy
ssttoocckkss
99,,445588
(2,598)
38,424
(33,738)
1111,,554455
22002211
881177,,662244
−
−
(41,728)
777755,,889966
13.1
Capital management
The parent company, Carrefour SA, must have sufficient equity to
comply with the provisions of the French Commercial Code.
The Group owns interests in a certain number of financial
services companies
insurance companies). These
subsidiaries must have sufficient equity to comply with capital
adequacy ratios and the minimum capital rules set by their local
banking and insurance supervisors.
(banks,
Capital management objectives (equity and debt capital) are to:
■
■
■
ensure that the Group can continue operating as a going
concern, in particular by maintaining high levels of liquid
resources;
optimise shareholder returns;
keep gearing at an appropriate level, in order to minimise the
cost of capital and maintain the Group’s credit rating at a level
that allows it to access a wide range of financing sources and
instruments.
(in thousands of shares)
OOuuttssttaannddiinngg aatt JJaannuuaarryy 11
Shares distributed under the performance share plans
(1)
Share buyback program
(2)
Cancelled shares
(2)
OOuuttssttaannddiinngg aatt DDeecceemmbbeerr 3311
(1) See Note 12.2.2.a.
(2) See Note 2.5.
13.2.2 Treasury stock
Accounting principles
Treasury stock is recorded as a deduction from shareholders’ equity, at cost. Gains and losses from sales of treasury stock (and the
related tax effect) are recorded directly in equity without affecting net income for the year.
At December 31, 2022, a total of 11,544,870 shares were held in treasury.
Shares held in treasury are intended for the Group’s performance share plans.
All rights attached to these shares are suspended for as long as they are held in treasury.
13.3
Dividends
At the Shareholders’ Meeting held on June 3, 2022, the
shareholders decided to set the 2021 dividend at 0.52 euros per
share to be paid entirely in cash.
On June 9, 2022, the dividend was paid out in an amount of
380 million euros.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
397
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
13.4 Other comprehensive income
GGrroouupp sshhaarree (in millions of euros)
Pre-tax
Effective portion of changes in the fair value of cash flow hedges
(1)
Changes in the fair value of debt instruments through
other comprehensive income
Exchange differences on translation of intercompany loans
qualifying as net investment of foreign operations, net
of hedge effect
(2)
Exchange differences on translation of foreign operations
(3)
IItteemmss tthhaatt mmaayy bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
Remeasurements of defined benefit plans obligation
(4)
Changes in the fair value of equity instruments through other
comprehensive income
IItteemmss tthhaatt wwiillll nnoott bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS)
– GROUP SHARE
129
(13
)
(15
)
258
335599
163
0
116633
522
NNoonn--ccoonnttrroolllliinngg iinntteerreessttss (in millions of euros)
Pre-tax
Effective portion of changes in the fair value of cash flow hedges
Changes in the fair value of debt instruments through
other comprehensive income
Exchange differences on translation of foreign operations
(3)
IItteemmss tthhaatt mmaayy bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
Remeasurements of defined benefit plans obligation
(4)
Changes in the fair value of equity instruments through other
comprehensive income
IItteemmss tthhaatt wwiillll nnoott bbee rreeccllaassssiififieedd ssuubbsseeqquueennttllyy ttoo pprroofifitt oorr lloossss
TOTAL OTHER COMPREHENSIVE INCOME/(LOSS)
– NON--CONTROLLING INTERESTS
16
(13)
122
112255
5
0
55
130
2022
Tax
(26)
3
4
−
((1199))
(36)
(0)
((3366))
(55)
22002211
TTaaxx
(13)
1
−
−
((1111))
(6)
(0)
((66))
PPrree--ttaaxx
54
(5)
−
88
113377
33
0
3333
NNeett
41
(4)
−
88
112266
27
(0)
2277
170
(18)
153
Net
103
(9)
(11)
258
334400
127
0
112277
467
2022
22002211
Tax
(5)
3
−
((11))
(1)
(0)
((11))
(2)
Net
PPrree--ttaaxx
11
(9)
122
112244
4
0
44
3
(5)
28
2255
1
0
11
128
26
TTaaxx
(1)
1
−
00
0
(0)
00
0
NNeett
2
(4)
28
2266
1
(0)
11
27
(1) In 2022, the Group set up a currency swap eligible for cash flow hedge accounting in order to hedge the risk of unfavourable changes in the
New Taiwan dollar up to the amount of the Group’s share in the value of Carrefour Taiwan’s equity, i.e., approximately 29 billion New Taiwan
dollars (see Note 2.1).
(2) In 2022, Carrefour Finance granted two intra-group revolving credit facilities (RCF) to the Brazilian subsidiary Atacadão, treated as part of the net
investment in that operation. The derivatives contracted to hedge part of these loans were classified as a net investment hedge (see Note 2.3).
(3) Exchange differences recognised on translating foreign operations in 2022 mainly reflect the significant increase in the value of the Brazilian real.
Differences in 2021 mainly reflected the increase in value of the New Taiwan dollar and the very slight increase in value of the Brazilian real during
the year.
(4) Remeasurement of the net defined benefit liability recognised in 2022 reflects the sharp increase in discount rates applied for the eurozone, from
0.80% at end-December 2021 to 3.80% at end-December 2022. In 2021, these discount rates had increased, from 0.40% at end-December 2020
to 0.80% at end-December 2021. This item includes the remeasurement of Carrefour Taiwan’s net pre-tax liability for 4 million euros within net
income/ (loss) – Group share and 3 million euros within net income/ (loss) attributable to non-controlling interests.
398
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
13.5
Shareholders’ equity attributable to non-controlling interests
Non-controlling interests mainly concern:
■
the sub-group made up of Carrefour Banque SA and its
subsidiaries (part of the France operating segment), which is
60% owned by the Group;
■
the Grupo Carrefour Brasil sub-group made up of Atacadão SA
and its subsidiaries (part of the Latin America operating
segment) and covering all of Carrefour’s operations in Brazil,
which is 68% owned by the Group. In 2021 and until June 1,
2022, the date of the Grupo BIG acquisition, the Group held
72% of the stake in the Grupo Carrefour Brasil sub-group. It has
held 68% since the acquisition (see Note 2.1).
The following tables present the key information from the sub-groups’ consolidated financial statements:
CARREFOUR BANQUE SUB-GROUP
IInnccoommee ssttaatteemmeenntt (in millions of euros)
Revenue (Net Banking Revenue)
Net income
(1)
2022
184
33
22002211
228
49
SSttaatteemmeenntt ooff fifinnaanncciiaall ppoossiittiioonn (in millions of euros)
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Total assets
Total liabilities excluding shareholders’ equity
Dividends paid to non controlling interests
-
3,502
2,952
6
3,482
2,959
−
(1) The net income of the Carrefour Banque sub-group included the capital gain realised on the sale of the Belgian finance company Fimaser in 2021.
At the level of the Carrefour group, as the sale constituted a transaction with minority shareholders, it was recognised directly in consolidated
equity at December 31, 2021.
GRUPO CARREFOUR BRASIL SUB-GROUP
IInnccoommee ssttaatteemmeenntt (in millions of euros)
Total revenue
Net income
of which:
attributable to the Carrefour group
attributable to non-controlling interests
■
■
2022
19,030
370
322
48
22002211
12,214
529
494
35
SSttaatteemmeenntt ooff fifinnaanncciiaall ppoossiittiioonn (in millions of euros)
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Non-current assets
Current assets
Non-current liabilities (excluding shareholders’ equity)
Current liabilities
Dividends paid to non-controlling interests
8,899
7,677
4,274
8,392
12
4,444
4,880
1,812
4,601
35
As Carrefour SA owns 68% of Atacadão SA, the distribution of net
income is different at the level of the consolidated financial
statements of the Carrefour group:
■
2021 net profit of 529 million euros broke down
into
354 million euros attributable to the Carrefour group and
175 million euros attributable to non-controlling interests.
■
2022 net profit of 370 million euros breaks down
into
223 million euros attributable to the Carrefour group and
146 million euros attributable to non-controlling interests;
There are no individually material non-controlling interests in
other subsidiaries.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
399
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
13.6
Earnings per share (Group share)
Accounting principles
In accordance with IAS 33 – Earnings Per Share, basic
earnings per share is calculated by dividing net income, Group
share by the weighted average number of shares outstanding
during the period. Treasury stock is not considered to be
outstanding and is therefore deducted from the number of
shares used for the calculation. Contingently issuable shares
are treated as outstanding and included in the calculation only
when all necessary conditions are satisfied.
Diluted earnings per share is calculated by adjusting net
income, Group share and the weighted average number of
shares outstanding for the effects of all dilutive potential
ordinary shares. Dilutive potential ordinary shares correspond
exclusively to the stock options and performance shares
presented in Note 12.2. Their dilutive effect is calculated by
the treasury stock method provided for in IAS 33, which
consists in applying the proceeds that would be generated
from the exercise of stock options to the purchase of shares at
market price (defined as the average share price for the
period). In accordance with this method, stock options are
considered to be potentially dilutive if they are in the money
(the exercise price considered includes the fair value of the
services rendered by the grantee, in accordance with IFRS 2 –
Share-based Payment).
BBaassiicc eeaarrnniinnggss ppeerr sshhaarree
Net income/(loss) from continuing operations
Net income/(loss) from discontinued operations
NNeett iinnccoommee//((lloossss)) ffoorr tthhee yyeeaarr
2022
1,368
(21)
11,,334488
22002211
rreessttaatteedd IIFFRRSS 55
1,002
70
11,,007722
Weighted average number of shares outstanding
(1)
741,377,552
786,946,494
BBaassiicc iinnccoommee//((lloossss)) ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss –– ppeerr sshhaarree (in euros)
BBaassiicc iinnccoommee//((lloossss)) ffrroomm ddiissccoonnttiinnuueedd ooppeerraattiioonnss –– ppeerr sshhaarree (in euros)
BBaassiicc iinnccoommee//((lloossss)) –– ppeerr sshhaarree (in euros)
11..8855
((00..0033))
11..8822
11..2277
00..0099
11..3366
(1) In accordance with IAS 33, the weighted average number of shares used to calculate earnings per share for 2022 was adjusted to take into
account the impact of the two share buybacks carried out during the year (cf. Note 2.5).
DDiilluutteedd eeaarrnniinnggss ppeerr sshhaarree
Net income/(loss) from continuing operations
Net income/(loss) from discontinued operations
NNeett iinnccoommee//((lloossss)) ffoorr tthhee yyeeaarr
Weighted average number of shares outstanding, before dilution
Potential dilutive shares
Performance shares
DDiilluutteedd wweeiigghhtteedd aavveerraaggee nnuummbbeerr ooff sshhaarreess oouuttssttaannddiinngg
DDiilluutteedd iinnccoommee//((lloossss)) ffrroomm ccoonnttiinnuuiinngg ooppeerraattiioonnss –– ppeerr sshhaarree (in euros)
DDiilluutteedd iinnccoommee//((lloossss)) ffrroomm ddiissccoonnttiinnuueedd ooppeerraattiioonnss –– ppeerr sshhaarree (in euros)
DDiilluutteedd iinnccoommee//((lloossss)) –– ppeerr sshhaarree (in euros)
2022
1,368
(21)
11,,334488
22002211
rreessttaatteedd IIFFRRSS 55
1,002
70
11,,007722
741,377,552
786,946,494
5,245,147
5,245,147
4,462,264
4,462,264
774466,,662222,,669999
779911,,440088,,775588
11..8833
((00..0033))
11..8800
11..2277
00..0099
11..3355
400
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 14 FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER
FINANCIAL INCOME AND EXPENSES
Accounting principles
NON-DERIVATIVE FINANCIAL ASSETS
In accordance with IFRS 9 – Financial Instruments, the main
financial assets are classified in one of the following three
categories:
financial assets at amortised cost;
financial assets at fair value through other comprehensive
income (FVOCI);
financial assets at fair value through profit or loss (FVPL).
■
■
■
Their classification determines their accounting treatment.
Financial assets are classified by the Group upon initial
recognition, based on the characteristics of the contractual
cash flows and the objective behind the asset’s purchase
(business model).
Purchases and sales of financial assets are recognised on the
trade date, defined as the date on which the Group is
committed to buying or selling the asset.
(i) Financial assets at amortised cost
Financial assets at amortised cost are debt instruments (mainly
loans and receivables) that give rise to contractual cash flows
that are solely payments of principal and interest on the
principal amount outstanding and that are held within a
business model whose objective is to hold assets to collect
contractual cash flows.
They are initially recognised at fair value and are subsequently
measured at amortised cost by the effective interest method.
For short-term receivables with no specified interest rate, fair
value is considered to be equal to the original invoice amount.
This category also includes investments in equity instruments
(primarily shares) that the Group has irrevocably elected to
classify in this category. In this case, when the shares are sold,
the unrealised gains or losses previously carried in equity
(other comprehensive income) will not be reclassified to profit
or loss; only dividends will be transferred to the income
statement.
notably
category
This
in
non-consolidated companies which the Group has elected to
recognise at fair value through other comprehensive income
(an option generally chosen by the Group).
investments
includes
The fair value of listed securities corresponds to their market
price. For unlisted securities, fair value is determined first and
foremost by reference to recent transactions or by using
valuation techniques based on reliable and observable market
data. However, where there is no observable market data for
comparable companies, the fair value of unlisted securities is
usually measured based on the present value of future
estimated cash flows or on the revised net asset value, as
calculated by reference to internal inputs (level 3 of the fair
value hierarchy).
(iii) Financial assets at fair value through profit or loss
This category includes all debt instruments that are not eligible
to be classified as financial assets at amortised cost or at fair
value through other comprehensive income, as well as
investments in equity instruments such as shares which the
Group has chosen not to measure at fair value through other
comprehensive income.
They are measured at fair value with changes in fair value
recognised in the income statement, under financial income
or expense.
These assets are impaired as described below.
Impairment
Financial assets at amortised cost include trade receivables,
other loans and receivables (reported under other financial
assets), deposits and guarantees, and consumer credit granted
by the financial services companies.
(ii) Financial assets at
comprehensive income
fair
value
through other
Financial assets at fair value through other comprehensive
income are debt instruments that give rise to contractual cash
flows that are solely payments of principal and interest on the
principal amount outstanding and that are held within a
business model whose objective
is achieved by both
collecting contractual cash flows and selling underlying
financial assets. These financial assets are measured at fair
in other
value, with changes
comprehensive income, under “Changes in debt instruments
at fair value through other comprehensive income” until the
underlying assets are sold, at which time they are transferred
to the income statement.
in fair value recognised
Trade receivables and other current financial assets (other than
consumer credit granted by the financial services companies)
carried at amortised cost are impaired based on the total
lifetime expected losses resulting from a payment default,
pursuant to the simplified approach allowed under IFRS 9.
Impairment is calculated using a provision matrix, which is
applied to receivables past due and not yet past due (provision
rates based on the length of time past due, as calculated for
each country and each receivable with similar characteristics).
For consumer credit granted by the financial services
companies and other non-current financial assets carried at
amortised cost, impairment is determined using the general
approach available under IFRS 9 and corresponds:
■
■
on initial recognition of the asset, to expected losses over
the next 12 months;
when the credit risk significantly increases, to the total
lifetime expected losses resulting from default.
The approach applied to consumer credit granted by the
financial services companies is described in Note 6.5.1.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
401
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Non-derivative financial assets held by the Group
The main non-derivative financial assets held by the Group are
as follows:
Derivatives are initially recognised at fair value. They are
subsequently measured at fair value with the resulting
unrealised gains and losses recorded as explained below.
■
■
■
■
non-current financial assets: this line of the statement of
financial position mainly includes deposits and guarantees,
investments of insurance companies (corresponding mainly
to bonds and other debt securities) and of the Group’s other
financial services companies, along with investments in
non-consolidated companies;
trade receivables;
consumer credit granted by
companies (see Note 6.5.1);
the
financial services
other current financial assets: mainly debt securities held by
the financial services companies and measured at fair value,
along with short-term deposits.
NON-DERIVATIVE FINANCIAL LIABILITIES
Non-derivative financial liabilities are initially recognised at fair
value plus transaction costs and premiums directly attributable
to their issue. They are subsequently measured at amortised
cost.
Non-derivative financial liabilities held by the Group
The main non-derivative financial liabilities held by the Group
are as follows:
■
■
■
■
■
borrowings: “Borrowings – portion due in more than one
year” and “Borrowings – portion due in less than one year”
include bonds and notes issued by the Group, other bank
loans and overdrafts, and any financial liabilities related to
securitised receivables for which the credit risk is retained by
the Group;
lease commitments: these result from applying IFRS 16 from
lease
January 1, 2019
also
in
commitments
lease
accordance with
commitments;
recognised at December 31, 2018
IAS 17 and reclassified within
finance
include
and
suppliers and other creditors;
financing of consumer credit granted by the financial
services companies (see Note 6.5.2);
other payables: other payables classified in current liabilities
correspond to all other operating payables (mainly accrued
employee benefits expense and amounts due to suppliers of
non-current assets) and miscellaneous liabilities.
DERIVATIVE FINANCIAL INSTRUMENTS
The Group uses derivative financial instruments to hedge its
exposure to risks arising in the course of business, mainly
interest rate and currency risks. The Group may also hedge
the risk of changes in the prices of certain commodities,
including electricity, natural gas, and – exceptionally – oil.
(i) Derivatives designated as hedging instruments
Hedge accounting is applied if, and only if, the following
conditions are met:
■
■
■
the hedging instrument and hedged item forming the
hedging relationship are eligible for hedge accounting;
at the inception of the hedge, there is a clearly identified
and formally documented hedging relationship and the
effectiveness of the hedge can be demonstrated (qualitative
and prospective tests);
at the inception of the hedge, there is formal designation
and structured documentation of the hedging relationship
and the entity’s risk management objective and strategy for
undertaking the hedge.
The derivatives used by the Group may be qualified as cash
flow hedges, fair value hedges or hedges of net investment in
a foreign operation.
Cash flow hedges
For instruments qualified as cash flow hedges, the portion of
the change in fair value determined to be an effective hedge is
recognised in other comprehensive income and accumulated
in other comprehensive income until the hedged transaction
affects the Group’s profit. The ineffective portion of the
change in fair value is recognised in the income statement,
under financial income and expense.
The main cash flow hedges consist of interest rate options and
swaps that convert variable rate debt to fixed rate debt, and
forward purchases of foreign currencies that hedge future
goods purchases in foreign currency.
Fair value hedges
Changes in fair value of instruments qualified as fair value
hedges are recognised in the income statement, with the
effective portion offsetting changes in the fair value of the
hedged item.
liability
Swaps set up to convert fixed rate bonds and notes to variable
rate qualified as fair value hedge. The hedged portion of the
underlying financial
is remeasured at fair value.
Changes in fair value are recognised in the income statement
and are offset by the effective portion of symmetrical changes
in the fair value of the interest rate swaps. At December 31,
2022, as at December 31, 2021, the financing facilities
arranged for Brazilian subsidiary Atacadão in January 2022
and in September 2021, respectively, were subject to fair value
hedges (see Note 14.2.3).
402
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
Hedges of a net investment in a foreign operation
FAIR VALUE CALCULATION METHOD
When an instrument qualifies as a hedge of a net investment
in a foreign operation, the portion of the change in fair value
determined to be an effective hedge is recognised in other
comprehensive income, where it offsets changes in the fair
value of the hedged item. The ineffective portion of the
change in fair value is recognised in the income statement,
under financial income and expense.
Amounts recognised in other comprehensive income are
recognised in profit or loss on the date of (full or partial)
disposal, resulting in the deconsolidation or liquidation of the
investment.
(ii) Other derivative instruments
Other derivative instruments are measured at fair value, with
changes in fair value recognised in profit or loss. Derivative
instruments used by the Group include interest rate and
currency swaps and vanilla interest rate options.
The fair values of currency and interest rate instruments are
determined using market-recognised pricing models or prices
quoted by external financial institutions.
future cash flows
Values estimated using pricing models are based on
discounted
forward
contracts or, for options, the Black-Scholes option pricing
model. The models are calibrated using market data such as
yield curves and exchange rates obtained from recognised
financial data services.
futures and
for
The fair value of long-term borrowings is estimated based on
the quoted market price for bonds and notes or the value of
future cash flows discounted based on market conditions for
similar instruments (in terms of currency, maturity, type of
interest rate and other characteristics).
Fair value measurements of derivative financial instruments
incorporate counterparty risk in the case of instruments with a
positive fair value, and own credit risk for instruments with a
negative fair value. Credit risk
is measured using the
mathematical models commonly used by market analysts. At
December 31, 2022 and 2021, the effect of incorporating
these two types of risk was not material.
14.1
Financial instruments by category
BBrreeaakkddoowwnn bbyy ccaatteeggoorryy
FFaaiirr vvaalluuee
tthhrroouugghh
pprroofifitt
oorr lloossss
Carrying
amount
FFaaiirr vvaalluuee
tthhrroouugghh
OOCCII
AAmmoorrttiisseedd
ccoosstt
DDeerriivvaattiivvee
iinnssttrruummeennttss
nnoott
ddeessiiggnnaatteedd
aass hheeddggeess
DDeerriivvaattiivvee
iinnssttrruummeennttss
ddeessiiggnnaatteedd
aass hheeddggeess
FFaaiirr vvaalluuee
178
985
11,,116622
5,978
3,330
720
606
5,216
17,013
9,558
4,530
5,142
14,393
2,813
36,435
12
90
110022
−
−
1
−
5,216
5,319
−
−
−
−
−
−
166
152
331188
−
−
149
−
−
−
742
774422
5,978
3,330
245
606
−
467
10,901
−
−
−
−
−
−
9,410
4,530
5,089
14,393
2,813
36,235
−
−
−−
−
−
18
−
−
18
18
−
16
−
−
34
−
−
−−
−
−
307
−
−
307
130
−
37
−
−
178
985
11,,116622
5,978
3,330
720
606
5,216
17,013
9,212
4,530
5,142
14,393
2,813
167
36,089
AAtt DDeecceemmbbeerr 3311,, 22002222
(in millions of euros)
Investments in non-consolidated companies
Other long-term investments
OOtthheerr nnoonn--ccuurrrreenntt fifinnaanncciiaall aasssseettss
Consumer credit granted by the financial
services companies
Trade receivables
Other current financial assets
Other current assets
(1)
Cash and cash equivalents
ASSETS
Total borrowings
Total lease commitments
Total consumer credit financing
Suppliers and other creditors
Other current payables
(2)
LIABILITIES
(1) Excluding prepaid expenses.
(2) Excluding deferred revenue.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
403
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
BBrreeaakkddoowwnn bbyy ccaatteeggoorryy
FFaaiirr vvaalluuee
tthhrroouugghh
pprroofifitt
oorr lloossss
CCaarrrryyiinngg
aammoouunntt
FFaaiirr vvaalluuee
tthhrroouugghh
OOCCII
AAmmoorrttiisseedd
ccoosstt
DDeerriivvaattiivvee
iinnssttrruummeennttss
nnoott
ddeessiiggnnaatteedd
aass hheeddggeess
DDeerriivvaattiivvee
iinnssttrruummeennttss
ddeessiiggnnaatteedd
aass hheeddggeess
FFaaiirr vvaalluuee
126
1,026
11,,115522
5,294
2,581
532
467
3,703
13,729
6,834
4,597
4,441
13,072
2,660
31,604
14
159
117744
−
−
−
−
3,703
3,877
−
−
−
−
−
−
112
163
227744
−
−
79
−
−
−
704
770044
5,294
2,581
246
467
−
353
9,292
−
−
−
−
−
−
6,793
4,597
4,431
13,072
2,660
31,553
−
−
−−
−
−
24
−
−
24
22
−
1
−
−
−
−
−−
−
−
182
−
−
126
1,026
11,,115522
5,294
2,581
532
467
3,703
182
13,729
18
−
9
−
−
7,101
4,597
4,441
13,072
2,660
24
27
31,871
AAtt DDeecceemmbbeerr 3311,, 22002211
(in millions of euros)
Investments in non-consolidated companies
Other long-term investments
OOtthheerr nnoonn--ccuurrrreenntt fifinnaanncciiaall aasssseettss
Consumer credit granted by the financial
services companies
Trade receivables
Other current financial assets
Other current assets
(1)
Cash and cash equivalents
ASSETS
Total borrowings
Total lease commitments
Total consumer credit financing
Suppliers and other creditors
Other current payables
(2)
LIABILITIES
(1) Excluding prepaid expenses.
(2) Excluding deferred revenue.
ANALYSIS OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE
The table below shows assets and liabilities presented according to the fair value hierarchy provided for in IFRS 13 – Fair Value
Measurement (see Note 1.7):
DDeecceemmbbeerr 3311,, 22002222 (in millions of euros)
LLeevveell 11
LLeevveell 22
LLeevveell 33
Total
Investments in non-consolidated companies
Other long-term investments
Other current financial assets – Fair Value through OCI
Other current financial assets – Fair Value through profit or loss
Other current financial assets – Derivative instruments
Cash and cash equivalents
Consumer credit financing – Derivative instruments recorded in
liabilities
Borrowings – Derivative instruments recorded in liabilities
−
243
149
1
−
5,216
−
−
12
−
−
−
325
−
(53)
(148)
166
−
−
−
−
−
−
−
178
243
149
1
325
5,216
(53)
(148)
DDeecceemmbbeerr 3311,, 22002211 (in millions of euros)
LLeevveell 11
LLeevveell 22
LLeevveell 33
TToottaall
Investments in non-consolidated companies
Other long-term investments
Other current financial assets – Fair Value through OCI
Other current financial assets – Derivative instruments
Cash and cash equivalents
Consumer credit financing – Derivative instruments recorded in
liabilities
Borrowings – Derivative instruments recorded in liabilities
−
322
79
−
3,703
−
−
14
−
−
207
−
(11)
(40)
112
−
−
−
−
−
−
126
322
79
207
3,703
(11)
(40)
404
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
14.2 Net debt
14.2.1 Breakdown of net debt
Consolidated net debt (including discontinued operations) at December 31, 2022 amounted to 3,429 million euros compared to
2,633 million euros at December 31, 2021. This amount breaks down as follows:
(in millions of euros)
Bonds and notes
Other borrowings
Commercial paper
TToottaall bboorrrroowwiinnggss eexxcclluuddiinngg ddeerriivvaattiivvee iinnssttrruummeennttss rreeccoorrddeedd iinn lliiaabbiilliittiieess
Derivative instruments recorded in liabilities
TOTAL BORROWINGS
of which borrowings due in more than one year
of which borrowings due in less than one year
Other current financial assets
(1)
Cash and cash equivalents
TOTAL CURRENT FINANCIAL ASSETS
NET DEBT
Net debt of discontinued operations
NET DEBT INCLUDING DISCONTINUED OPERATIONS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
7,697
1,223
490
99,,441100
148
9,558
6,912
2,646
677
5,216
5,893
3,665
(236)
3,429
6,052
741
−
66,,779933
40
6,834
5,491
1,342
498
3,703
4,201
2,633
−
2,633
(1) The current portion of amounts receivable from finance sub-leasing arrangements is not included in this caption (see Note 14.2.5).
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
405
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
14.2.2 Breakdown of bond debt
(in millions of euros)
MMaattuurriittyy
22002211
IIssssuueess RReeppaayymmeennttss
PPuubblliicc ppllaacceemmeennttss bbyy CCaarrrreeffoouurr SSAA
55,,888833
22,,335500
((11,,000000))
DDeecceemmbbeerr 3311,,
FFaaccee vvaalluuee
EMTN, EUR, 8 years, 1.75%
Cash-settled convertible bonds, USD
500 million, 6 years, 0%
EMTN, EUR, 8 years, 0.750%
EMTN, EUR, 10 years, 1.25%
Cash-settled convertible bonds, USD
500 million, 6 years, 0%
EMTN, EUR, 5 years, 0.88%
EMTN, EUR, 7.5 years, 1.75%
EMTN, EUR, 8 years, 1.00%
EMTN, EUR, 7.5 years, 2.625%
EMTN, EUR, 4.6 years, 1.88%
EMTN, EUR, 6 years, 4.125%
EMTN, EUR, 7.6 years, 2.38%
PPllaacceemmeennttss bbyy AAttaaccaaddããoo SSAA
Debentures, BRL 500 million, 5 years,
105.75% CDI
Debentures, BRL 450 million, 3 years,
100% CDI+0.45%
Debentures, BRL 350 million, 5 years,
100% CDI+0.55%
Debentures, BRL 200 million, 7 years,
100% CDI+0.65%
Debentures (“CRA”), BRL 467 million, 4 years,
100% CDI+0.55%
Debentures (“CRA”), BRL 188 million, 5 years,
100% CDI+0.60%
Debentures (“CRA”), BRL 844 million, 5 years,
100% CDI+0.79%
2022
2023
2024
2025
2024
2023
2026
2027
2027
2026
2028
2029
2023
2022
2024
2026
2026
2027
2027
1,000
441
750
750
441
500
500
500
1,000
−
−
−
223377
79
71
55
32
−
−
−
−
−
−
−
−
−
−
−
−
750
850
750
228833
−
−
−
−
88
36
159
(1,000)
−
−
−
−
−
−
−
−
−
−
−
((8811))
−
(81)
−
−
−
−
−
TOTAL BONDS AND NOTES
6,120
2,633
(1,081)
Book value
of the debt
EExxcchhaannggee
ddiiffffeerreenncceess
DDeecceemmbbeerr 3311,,
22002222
December 31,
2022
5555
−
27
−
−
27
−
−
−
−
−
−
−
1188
11
10
7
4
(4)
(2)
(8)
73
77,,228888
77,,223399
−
469
750
750
469
500
500
500
1,000
750
850
750
445588
90
−
63
36
84
34
−
462
749
748
450
500
498
498
995
748
848
744
445588
90
−
63
36
84
34
152
152
7,746
7,697
On March 30, 2022, Carrefour SA issued 1.5 billion euros worth
of bonds. The issue consists of two Sustainability-Linked tranches
indexed to the Group’s sustainable development goals:
■
■
a fixed-rate tranche for 750 million euros maturing in 4.6 years
and paying a coupon of 1.88% per year;
a second fixed-rate tranche for 750 million euros maturing in
7.6 years and paying a coupon of 2.38% per year.
On June 8, 2022, Carrefour SA redeemed 1 billion euros worth of
1.75% 8-year bonds, ahead of their maturity (July 2022).
its second
On October 12, 2022, the Group carried out
Sustainability-Linked Bond
its sustainable
issue
development goals, for a total of 500 million euros, maturing in
six years (due in October 2028) and paying a coupon of 4.125%.
On November 28, 2022, the Group increased the amount of the
Sustainability-Linked Bond issue by 350 million euros, under the
same terms.
indexed to
liquidity were solid at
The Group’s financial position and
December 31, 2022. The average maturity of Carrefour SA’s bond
debt was 3.6 years at end-December 2022, compared with
3.1 years at end-December 2021.
406
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
non-convertible
In addition, on July 29, 2022, the Board of Directors of the
Brazilian subsidiary Atacadão approved the issuance of simple
(Certificado
unsecured,
de
for an amount of
Recebíveis do Agronegócio – CRA)
1,500 million Brazilian reals (approximately 269 million euros at
the December 31, 2022 exchange rate). On September 16, 2022,
the debentures were issued in three series:
debentures
■
■
■
an initial series for 467 million Brazilian reals, with a coupon of
CDI (Certificado de Deposito Interbancário rate) +0.55% and a
maturity of four years;
a second series for 188 million Brazilian reals, with a coupon of
CDI +0.60% and a maturity of five years;
a third series for 844 million Brazilian reals, with a coupon of
CDI +0.79% and a maturity of five years.
In accordance with IFRS 9 – Financial Instruments, conversion
options on the bonds qualify as derivatives and are accounted for
14.2.3 Breakdown of other borrowings
(in millions of euros)
Latin America borrowings
Other borrowings
Accrued interest(1)
Other financial liabilities
TOTAL OTHER BORROWINGS
(1) Accrued interest on total borrowings, including bonds and notes.
separately from inception. Subsequent changes in the fair value
of these options are recognised in income and set off against
changes in the fair value of the call options purchased on
Carrefour shares in parallel with the convertible bond issue. At
December 31, 2022, they had a positive fair value of 17 million
euros.
The bonds are recognised at amortised cost, excluding the
conversion feature.
Two EUR/USD cross-currency swaps for 250 million US dollars
were arranged at the inception of the transaction in 2018 for the
same maturity. The swaps have been accounted for as a cash
flow hedge and had a positive fair value of 105 million euros at
December 31, 2022.
The fair value in euros of the currency swap for 500 million US
dollars set up in 2017 to hedge bonds redeemable in cash issued
on June 7, 2017 (classified as a cash flow hedge for accounting
purposes) was a positive 69 million euros at December 31, 2022.
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
1,025
72
57
69
1,223
610
59
38
33
741
“Latin America borrowings” include USD and EUR financing
swapped into Brazilian reals by the Brazilian subsidiary Atacadão:
■
2,942 million Brazilian reals (approximately 528 million euros at
the December 31, 2022 exchange rate) in January 2022.
■
1,500 million Brazilian reals (approximately 269 million euros at
in April 2020,
the December 31, 2022 exchange
750 million Brazilian
(approximately
135 million euros at the December 31, 2022 exchange rate)
were repaid in April 2022;
rate)
reals of which
■
1,937 million Brazilian reals (approximately 348 million euros at
the December 31, 2022 exchange rate) in September 2021;
These euro- and US dollar-denominated facilities, which were
originally fixed-rate, were converted into Brazilian reals and
indexed to the Brazilian
interbank deposit (Certificado de
Deposito Interbancário – CDI) rate at the time of issue through
cross-currency swaps over the life of the borrowings. These
instruments are documented and recognised as hedges (Fair
Value Hedge).
14.2.4 Cash and cash equivalents
Accounting principles
Cash includes cash on hand and demand deposits.
Cash equivalents are highly liquid investments with an original maturity of less than three months that are readily convertible to a
known amount of cash and are subject to an insignificant risk of changes in value.
(in millions of euros)
Cash
Cash equivalents
TOTAL CASH AND CASH EQUIVALENTS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
1,420
3,796
5,216
1,108
2,596
3,703
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
407
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
There are no material restrictions on the Group’s ability to
recover or use the assets and settle the liabilities of foreign
operations, except for those resulting from local regulations in its
host countries. The local supervisory authorities may require
banking subsidiaries to comply with certain capital, liquidity and
other ratios and to limit their exposure to other Group parties.
At December 31, 2022, as at December 31, 2021, there was no
restricted cash.
14.2.5 Other current financial assets
(in millions of euros)
Derivative instruments
(1)
Financial receivable
(2)
Other current financial assets – Fair Value through OCI
Other current financial assets – Fair Value through profit or loss
Sub-lease receivable – less than one year
Deposits with maturities of more than three months
Other
TOTAL OTHER CURRENT FINANCIAL ASSETS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
325
136
149
1
43
64
1
720
207
162
79
0
34
40
10
532
(1) The 118 million-euro increase in this item compared to December 31, 2021 primarily reflects the new EUR/TWD currency hedge taken out in
connection with the ongoing sale of Carrefour Taiwan (mark-to-market of currency swaps for 64 million euros) and the 55-million-euro increase
in mark-to-market adjustments on the currency swaps hedging the US dollar-denominated convertible bonds (see Note 14.2.2), due to the
increase in value of the US dollar against the euro over the year.
(2) This amount represents the financial receivable relating to the 20% stake in Carrefour China. In accordance with the agreement signed with
Suning.com on September 26, 2019, the Carrefour group exercised its put option on the disposal of the remaining 20% interest in Carrefour
China. The 26-million-euro decrease in comparison with December 31, 2021 corresponds to payments received from Suning.com during 2022.
14.3
Analysis of borrowings (excluding derivative instruments recorded in liabilities)
14.3.1 Analysis by interest rate
(in millions of euros)
Fixed rate borrowings
Variable rate borrowings
TOTAL BORROWINGS (EXCLUDING DERIVATIVE
INSTRUMENTS RECORDED IN LIABILITIES)
14.3.2 Analysis by currency
(in millions of euros)
Euro
Brazilian real
Polish zloty
Romanian lei
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Before hedging
After hedging
BBeeffoorree hheeddggiinngg
AAfftteerr hheeddggiinngg
8,843
567
9,410
7,902
1,508
9,410
6,518
276
6,793
5,936
857
6,793
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
7,901
1,506
2
1
5,935
855
2
1
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS RECORDED IN
LIABILITIES)
9,410
6,793
The above analysis includes the effect of hedging.
Euro-denominated borrowings represented 84% of total borrowings (excluding derivative instruments recorded in liabilities) at
December 31, 2022 (87% at December 31, 2021).
408
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
14.3.3 Analysis by maturity
(in millions of euros)
Due within 1 year
Due in 1 to 2 years
Due in 2 to 5 years
Due beyond 5 years
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS RECORDED IN
LIABILITIES)
14.4
Changes in liabilities arising from financing activities
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
2,498
1,514
3,799
1,599
9,410
1,302
1,259
2,731
1,502
6,793
(in millions of euros)
AAtt DDeecceemmbbeerr 3311,, 22002211
CChhaannggeess ffrroomm fifinnaanncciinngg ccaasshh flfloowwss
Change in current financial assets
Issuance of bonds
Repayments of bonds
Net financial interests paid
Issuance of commercial paper
Other changes in borrowings
NNoonn--ccaasshh cchhaannggeess
Exchange differences
Effect of changes in scope of consolidation
Changes in fair values
Finance costs, net
Other movements
AAtt DDeecceemmbbeerr 3311,, 22002222
OOtthheerr ccuurrrreenntt
((11))
fifinnaanncciiaall aasssseettss
BBoorrrroowwiinnggss
TToottaall LLiiaabbiilliittiieess
aarriissiinngg ffrroomm
fifinnaanncciinngg aaccttiivviittiieess
((449988))
((5500))
(50)
−
−
−
−
−
((112299))
(13)
(13)
(113)
−
11
((667777))
66,,883344
22,,113333
−
2,633
(1,081)
(194)
490
285
559922
90
194
47
336
(75)
66,,333366
22,,008833
(50)
2,633
(1,081)
(194)
490
285
446622
76
181
(67)
336
(65)
99,,555588
88,,888811
(1) The current portion of amounts receivable from finance sub-leasing arrangements totalling 43 million euros is not included in this caption.
14.5 Other non-current financial assets
(in millions of euros)
Deposits and guarantees
(1)
Financial services companies’ portfolio of assets
Sub-lease receivable – more than one year
(2)
Investments in non-consolidated companies
(3)
Other
TOTAL OTHER NON--CURRENT FINANCIAL ASSETS
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
594
243
72
178
75
559
322
76
126
69
1,162
1,152
(1) Deposits and guarantees notably include legal deposits paid in Brazil in connection with the tax disputes presented in Notes 11.2 and 11.3 (relating
mainly to tax reassessments challenged by the Group) pending final court rulings, as well as security deposits paid to lessors under property
leases.
(2) Amounts receivable from finance sub-leasing arrangements are recognised in application of IFRS 16.
(3) The increase in investments in non-consolidated companies corresponds mainly to the Flink shares received in June 2022 in exchange for the
disposal of the Cajoo shares (see Note 9).
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
409
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
14.6
Finance costs and other financial income and expenses
Accounting principles
This item corresponds mainly to finance costs.
In accordance with IFRS 16, it also includes interest expenses on leases along with interest income on finance sub-leasing
arrangements (see Note 8).
Other financial income and expenses consist notably of discounting adjustments, taxes on financial transactions, late interest
payable on certain liabilities, or the effects of hyperinflation in Argentina.
This item breaks down as follows:
(in millions of euros)
IInntteerreesstt iinnccoommee ffrroomm llooaannss aanndd ccaasshh eeqquuiivvaalleennttss
Interest income from bank deposits
Interest income from loans
FFiinnaannccee ccoossttss
Interest expense on financial liabilities measured at amortised cost, adjusted for income
and expenses from interest rate instruments
Cost of receivables discounting in Brazil
FFiinnaannccee ccoossttss,, nneett
Interest charge related to lease commitments
Interest income related to financial sublease contracts
NNeett iinntteerreessttss rreellaatteedd ttoo lleeaassee ccoommmmiittmmeennttss
Interest expense on defined employee benefit debt
Interest income on pension plan assets
Financial transaction tax
Late interest due in connection with tax reassessments and employee-related litigation
Dividends received on financial assets at FVOCI
Gain on disposal of financial assets at FVOCI
Loss on disposal of financial assets at FVOCI
Exchange gains and losses
Cost of bond buybacks
Changes in the fair value of interest rate derivatives
Impact of hyperinflation in Argentina – application of IAS 29
Other
OOtthheerr fifinnaanncciiaall iinnccoommee aanndd eexxppeennsseess,, nneett
FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES, NET
Financial expenses
Financial income
14.7
Risk management
2022
2200
20
0
((335566))
(321)
(35)
((333366))
(167)
1
((116677))
(9)
2
(33)
(51)
5
8
(3)
(8)
(7)
(1)
119
(8)
1133
(490)
(644)
154
22002211
rreessttaatteedd IIFFRRSS 55
((22))
(2)
0
((117711))
(159)
(12)
((117733))
(97)
1
((9977))
(5)
1
(24)
(24)
3
7
(0)
5
(11)
(8)
56
(1)
((11))
(270)
(343)
73
The main risks associated with the financial instruments used by
the Group are liquidity, interest rate, currency, credit and equity
risks. The Group’s policy for managing these risks is described
below.
Due to the differing natures of the various businesses, financial
risks arising from the banking and insurance business (including
Carrefour Banque in particular) are managed separately from
those related to the retail business.
410
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
An organisation has been set up to track financial risks based on
a cash-pooling system managed by the Corporate Treasury and
Financing Department. A reporting system ensures that Group
the department’s
Executive Management can oversee
implementation of the approved management strategies.
■
a 500 million-euro Sustainability-Linked Bond issue indexed to
the Group’s sustainable development goals, maturing in six
years and paying a coupon of 4.125%. On November 21, 2022,
the Group increased the amount of the Sustainability-Linked
Bond issue by 350 million euros, under the same terms.
The risks associated with the financial services and insurance
businesses are managed and tracked directly by the entities
concerned. Corporate Treasury and Financing oversees the
proper implementation of the rules governing these businesses,
jointly with other investors. A reporting system exists between
local teams and Corporate Treasury and Financing.
■
the redemption of 1 billion euros worth of 1.75% 8-year bonds,
ahead of their maturity (July 2022).
Other financing transactions were carried out by Brazilian
subsidiary Atacadão in 2022; these are detailed in Notes 14.2.2
and 14.2.3.
14.7.1
Liquidity risk
14.7.1.1 Retail business
Liquidity risk is the risk that Carrefour will be unable to settle its
financial liabilities when they fall due.
The Group manages its liquidity risk by ensuring, to the extent
possible, that it has sufficient liquid assets at all times to settle its
liabilities when they fall due, whatever the conditions in the
market.
Liquidity risk is monitored by a Liquidity Committee which meets
at monthly intervals to check that the Group’s financing needs
are covered by its available resources.
Corporate Treasury and Financing’s
strategy consists of:
liquidity management
■
■
■
■
promoting prudent financing strategies in order to ensure that
the Group’s credit rating allows it to raise funds on the bond
and commercial paper markets;
maintaining a presence in the debt market through regular
debt issuance programmes, mainly in euros, in order to create
a balanced maturity profile. The Group’s issuance capacity
under its Euro Medium-Term Notes (EMTN) programme totals
12 billion euros;
using the 5 billion-euro commercial paper programme on
Euronext Paris, described in a prospectus filed with the Banque
de France;
maintaining undrawn medium-term bank facilities that can be
drawn down at any time according to the Group’s needs. At
December 31, 2022, the Group had two undrawn syndicated
lines of credit obtained from a pool of leading banks, for a total
of 3.9 billion euros. In June 2019, Carrefour amended these
two credit facilities, incorporating an innovative Corporate
Social Responsibility (CSR) component in the first CSR-linked
credit transaction in the European Retail sector. In May 2021,
Carrefour exercised the option to extend its two credit facilities
from June 2025 to June 2026. The option was applied to more
than 99% of the Group’s banking facilities. Group policy
consists of keeping these facilities on stand-by to support the
commercial paper programme. The loan agreements for the
syndicated lines of credit include the usual commitment
clauses, including pari passu, negative pledge, change of
control and cross-default clauses and a clause restricting
substantial sales of assets. The pricing grid may be adjusted up
or down to reflect changes in the long-term credit rating.
Lastly, as a reminder, the Group redeemed 871 million euros
worth of 3.875% 11-year bonds in April 2021.
The Group considers that its liquidity position is robust. It has
sufficient cash reserves to meet its debt repayment obligations in
the coming year.
The Group’s debt profile is balanced, with no peak in refinancing
needs across the remaining life of bond debt, which averages
3.6 years as of December 31, 2022.
14.7.1.2 Banking and insurance businesses
The liquidity risk of financial services companies is monitored
within the framework of an Executive Management-approved
liquidity strategy that is part of the Group’s overall strategy. Each
entity’s refinancing situation is assessed based on internal
standards and early warning indicators.
Liquidity risk management objectives are to:
diversify sources of
include central bank
programmes, bonds, securitisation programs for renewable
credit facilities, negotiable debt issues and repos;
financing
to
create a balanced banking relationship using credit facilities
granted by our local partners in addition to those granted by
our shareholders;
secure refinancing sources in accordance with internal and
external criteria (rating agencies and supervisory authorities);
ensure a balanced profile in terms of debt maturity and type;
comply with regulatory ratios.
■
■
■
■
■
In March 2022, Carrefour Banque redeemed 400 million euros
worth of bonds subscribed in 2021, ahead of their maturity (see
below).
Banco CSF (Brazil) issued several financial bills (Letra Financeira)
throughout 2022 and repaid several other Letra Financeira
outstanding at end-2021, for a total amount of 700 million
Brazilian
in
December 2022 it redeemed the collateralised financial bill (Letra
Financeira Garantida) subscribed in December 2021 (see below).
reals at December 31, 2022.
In addition,
As a reminder, several structured financing operations were
carried out in 2021:
■
a 500 million euro bond was redeemed by Carrefour Banque in
April 2021 and a new 400-million-euro bond with a fixed rate
swapped to 3-month Euribor +49 basis points, maturing in
4 years was issued in June 2021;
The main transactions in 2022 were as follows (see Note 14.2.2):
■
■
a 1.5-billion-euro Sustainability-Linked Bond issue, indexed to
the Group’s sustainable development goals, divided into two
tranches: a first fixed-rate tranche for 750 million euros
maturing in 4.6 years and paying a coupon of 1.88% per year; a
second fixed-rate tranche for 750 million euros maturing in
7.6 years and paying a coupon of 2.38% per year;
(Brazil)
financial bills
Banco CSF
(Letra
issued several
Financeira) throughout the year for a total amount of
1,046 million Brazilian
In
December 2021,
the Letra Financeira
Garantida subscribed in December 2020 and issued another
collateralised financial bill through the Brazilian Central Bank
for an amount of 114 million Brazilian reals.
reals at December 31, 2021.
it also redeemed
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
411
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
The following tables analyse the cash outflows relating to the Group’s financial liabilities, by period and payment due date.
DDeecceemmbbeerr 3311,, 22002222 (in millions of euros)
Fair value hedged borrowings
(2)
Fixed rate borrowings
Unhedged borrowings
Derivative instruments
TToottaall BBoorrrroowwiinnggss
Suppliers and other creditors
Consumer credit financing
Other current payables
(1)
TOTAL FINANCIAL LIABILITIES
(1) Excluding deferred revenue.
Carrying
amount
CCoonnttrraaccttuuaall
ccaasshh flfloowwss
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11 ttoo
55 yyeeaarrss
DDuuee bbeeyyoonndd
55 yyeeaarrss
941
7,902
567
148
99,,555588
14,393
5,142
2,813
941
8,542
567
147
1100,,119977
14,393
5,142
2,813
699
1,733
198
128
22,,775588
14,393
3,592
2,813
31,906
32,545
23,556
242
5,142
370
17
55,,777700
−
1,550
−
7,320
−
1,667
−
1
11,,666688
−
−
−
1,668
(2) Borrowings hedged by fair value hedges include in particular the financing facilities in US dollars and euros set up and swapped for Brazilian reals
by Brazilian subsidiary Atacadão in April 2020, September 2021 and January 2022, for 1,500 million reals (of which 750 million reals were repaid in
April 2022), 1,937 million reals and 2,942 million reals, respectively (see Note 14.2.3).
DDeecceemmbbeerr 3311,, 22002211 (in millions of euros)
Fair value hedged borrowings
(2)
Fixed rate borrowings
Unhedged borrowings
Derivative instruments
TToottaall BBoorrrroowwiinnggss
Suppliers and other creditors
Consumer credit financing
Other current payables
(1)
TOTAL FINANCIAL LIABILITIES
(1) Excluding deferred revenue.
Carrying
amount
CCoonnttrraaccttuuaall
ccaasshh flfloowwss
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11 ttoo
55 yyeeaarrss
DDuuee bbeeyyoonndd
55 yyeeaarrss
581
5,936
276
40
66,,883344
13,072
4,441
2,660
27,007
581
6,285
276
43
77,,118855
13,072
4,441
2,660
135
1,149
94
17
11,,339944
13,072
2,868
2,660
27,358
19,995
446
3,599
95
26
44,,116666
−
1,573
−
5,739
−
1,538
87
−
11,,662255
−
−
−
1,625
(2) Borrowings hedged by fair value hedges included the financing facilities in US dollars and euros set up and swapped for Brazilian reals by Brazilian
subsidiary Atacadão in April 2020 and September 2021, for 1,500 million reals and 1,937 million reals, respectively (see Note 14.2.3).
The cash flows relating to the Group’s lease commitments (established based on reasonably certain lease terms within the meaning of
IFRS 16) are presented by maturity in Note 8.2.
14.7.2 Interest rate risk
Interest rate risk is the risk of a change in interest rates leading to
an increase in the Group’s net borrowing costs.
It is managed at head-office level by Corporate Treasury and
Financing, which reports monthly to an Interest Rate Risk
Committee responsible for recommending hedging strategies
and methods to be used to limit interest rate exposures and
optimise borrowing costs.
Long-term borrowings are generally at fixed rates of interest and
do not therefore give rise to any exposure to rising interest rates.
Various financial instruments are nonetheless used to hedge
borrowings against the risk of changes in interest rates. These are
mainly basic swaps and options. Hedge accounting is applied in
all cases where the required criteria are met.
Variable rate long-term borrowings are hedged using financial
instruments that cap rises in interest rates over all or part of the
life of the debt.
412
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
The following table shows the sensitivity of total borrowings to changes in interest rates over one year:
(in millions of euros)
(- = loss; + = gain)
Investments
Variable rate borrowings
Swaps qualified as cash flow hedges
Options qualified as cash flow hedges
TOTAL EFFECT
14.7.3 Foreign exchange risk
5500--bbppss ddeecclliinnee
5500--bbppss iinnccrreeaassee
IImmppaacctt oonn
sshhaarreehhoollddeerrss’’
eeqquuiittyy ((OOCCII))
IImmppaacctt
oonn iinnccoommee
ssttaatteemmeenntt
IImmppaacctt oonn
sshhaarreehhoollddeerrss’’
eeqquuiittyy ((OOCCII))
IImmppaacctt
oonn iinnccoommee
ssttaatteemmeenntt
−
−
(2)
(7)
(9)
(26)
8
−
−
(19)
−
−
2
7
9
26
(8)
−
−
19
Currency transaction risk is the risk of an unfavourable change in
exchange rates having an adverse effect on cash flows from
commercial transactions denominated in foreign currency.
international operations through
The Group conducts
in their home
subsidiaries that operate almost exclusively
country, such that purchases and sales are denominated in local
its
currency. As a result, the Group’s exposure to currency risk on
commercial transactions is naturally limited and mainly concerns
imported products. Currency risk on import transactions covered
by firm commitments (i.e., goods purchases billed in foreign
currencies) is hedged by forward purchases of the payment
currency. Currency hedges are generally for periods of less than
12 months.
The following table shows the effect of an increase/decrease in exchange rates on currency instruments:
(in millions of euros)
(- = loss; + = gain)
Position EUR/USD
Position EUR/PLN
Position EUR/HKD
Position BRL/EUR
Position USD/TWD
Position USD/RON
Position RON/EUR
Position CHF/EUR
Position CNY/EUR
TOTAL EFFECT
1100%% ddeeccrreeaassee
1100%% iinnccrreeaassee
IImmppaacctt oonn
sshhaarreehhoollddeerrss’’
eeqquuiittyy ((OOCCII))
IImmppaacctt
oonn iinnccoommee
ssttaatteemmeenntt
IImmppaacctt oonn
sshhaarreehhoollddeerrss’’
eeqquuiittyy ((OOCCII))
IImmppaacctt
oonn iinnccoommee
ssttaatteemmeenntt
−
−
−
(41)
−
−
−
−
−
(41)
63
13
0
−
(88)
(4)
(5)
(0)
(0)
(22)
−
−
−
45
−
−
−
−
−
45
(63)
(13)
(0)
−
88
4
5
0
0
22
Currency translation risk is the risk of an unfavourable change in
exchange rates reducing the value of the net assets of a
subsidiary whose functional currency is not the euro, after
conversion into euros for inclusion in the Group’s consolidated
statement of financial position.
The consolidated statement of financial position and income
statement are exposed
risk:
consolidated financial ratios are affected by changes in exchange
rates used to translate the income and net assets of foreign
subsidiaries operating outside the eurozone.
to a currency
translation
The translation risk on foreign operations outside the eurozone
mainly concerns the Brazilian real and Argentine peso. For
example, changes in the average exchange rates used in 2022
compared with those for 2021 increased consolidated net sales
by 841 million euros, or 1% of 2022 net sales, and recurring
operating income by 81 million euros, or 3.4% of 2022 recurring
operating income.
Lastly, any local financing is generally implemented in local
currency.
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
413
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
14.7.4 Credit risk
The Group’s estimated exposure to credit risk is presented below:
(in millions of euros)
Investments in non-consolidated companies
Other long-term investments
TToottaall OOtthheerr nnoonn--ccuurrrreenntt fifinnaanncciiaall aasssseettss
Consumer credit granted by the financial services companies
Trade receivables
Other current financial assets
Other current assets
(1)
Cash and cash equivalents
MAXIMUM EXPOSURE TO CREDIT RISK
(1) Excluding prepaid expenses.
14.7.4.1 Retail business
1) TRADE RECEIVABLES
Trade receivables correspond mainly to amounts receivable from
franchisees (for delivered goods and franchise fees), suppliers
(mainly rebates and commercial
income) and tenants of
shopping mall units (rent). Impairment losses are recognised
where necessary, based on an estimate of the debtor’s ability to
pay the amount due and the age of the receivable.
At December 31, 2022, trade receivables net of impairment
(excluding receivables from suppliers) amounted to 2,122 million
euros (see Note 6.4.3). At that date, past due receivables
amounted to a net 192 million euros, of which 56 million euros
were over 90 days past due (2.7% of total trade receivables net of
impairment excluding receivables from suppliers).
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
178
985
11,,116622
5,978
3,330
720
606
5,216
17,013
126
1,026
11,,115522
5,294
2,581
532
467
3,703
13,729
2) INVESTMENTS (CASH EQUIVALENTS AND OTHER
CURRENT FINANCIAL ASSETS)
The Group’s short-term cash management strategy focuses on
acquiring liquid investments that are easily convertible into cash
and are subject to an insignificant risk of changes in value.
Investments are made for the most part by Corporate Treasury
and Financing, in diversified instruments such as term deposits
with leading banks and mutual funds classified by the AMF as
“money market” and “short-term money market” funds without
any withdrawal restrictions. Investments made at the country
level are approved by Corporate Treasury and Financing.
Counterparty risk monitoring procedures are implemented to
track counterparties’ direct
investment strategies and the
underlying assets held by mutual funds in which the Group
invests. The Group’s objective is to never hold more than 5% of a
fund’s net assets and to never invest more than 250 million euros
in any single fund.
14.7.4.2 Banking and insurance businesses
A description of credit risk management processes and the method used to determine and record impairment losses in the banking and
insurance businesses is provided in Note 6.5.1.
ANALYSIS OF DUE AND NOT YET DUE CONSUMER LOANS
(in millions of euros)
Consumer credit granted by the financial
services companies
December 31,
2022
AAmmoouunnttss nnoott
yyeett dduuee aatt
tthhee
ppeerriioodd--eenndd
AAmmoouunnttss dduuee aatt tthhee ppeerriioodd--eenndd
00 ttoo
33 mmoonntthhss
33 ttoo
66 mmoonntthhss
66 mmoonntthhss
ttoo 11 yyeeaarr
MMoorree tthhaann
oonnee yyeeaarr
5,978
5,487
405
29
30
28
(in millions of euros)
Consumer credit granted by the financial
services companies
DDeecceemmbbeerr 3311,,
22002211
AAmmoouunnttss nnoott
yyeett dduuee aatt
tthhee
ppeerriioodd--eenndd
AAmmoouunnttss dduuee aatt tthhee ppeerriioodd--eenndd
00 ttoo
33 mmoonntthhss
33 ttoo
66 mmoonntthhss
66 mmoonntthhss
ttoo 11 yyeeaarr
MMoorree tthhaann
oonnee yyeeaarr
5,294
4,620
596
25
28
25
414
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
ANALYSIS OF CONSUMER LOANS BY MATURITY
(in millions of euros)
France
Belgium
Spain
Argentina
Brazil
TOTAL
(in millions of euros)
France
Belgium
Spain
Argentina
Brazil
TOTAL
14.7.5 Equity risk
December 31,
2022
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11
ttoo 55 yyeeaarrss
DDuuee bbeeyyoonndd
55 yyeeaarrss
1,254
153
2,053
71
2,447
5,978
538
4
1,187
71
2,311
4,111
624
124
340
0
136
1,224
92
25
527
−
0
643
DDeecceemmbbeerr 3311,,
22002211
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11 ttoo
55 yyeeaarrss
DDuuee bbeeyyoonndd
55 yyeeaarrss
1,263
139
2,033
46
1,812
5,294
552
2
1,138
46
1,736
3,473
643
118
353
0
77
1,191
69
18
542
−
0
630
Group policy is to avoid taking positions on its own shares or
those of other companies, except in response to particular
circumstances or needs.
Marketable securities portfolios and other financial investments
held by the Group consist for the most part of money market
instruments that do not expose the Group to any material equity
risk.
From time to time, the Group buys back its shares on the market
or purchases call options on its shares.
These shares are mainly used to cover stock option and
performance share plans. At December 31, 2022, shares held in
treasury by the Group covered its total commitments under
these plans.
risk associated with
The equity
the conversion options
embedded in the bonds issued by the Group in June 2017 and
March 2018 is fully hedged by symmetrical options contracted
with banks. The derivatives are recognised as assets and liabilities
in the statement of financial position in a total amount of
17 million euros.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
415
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 15 OFF-BALANCE SHEET COMMITMENTS
Accounting principles
Commitments given and received by the Group that are not recognised in the statement of financial position correspond to
contractual obligations whose performance depends on the occurrence of conditions or transactions after the period-end. There
are four types of off-balance sheet commitments, related to cash management transactions, retailing operations, purchases and
sales of securities, and leases.
CCoommmmiittmmeennttss ggiivveenn (in millions of euros)
Related to cash management transactions
Financial services companies
Other companies
Related to operations/real estate/expansion
Related to purchases and sales of securities
Related to leases
TOTAL
CCoommmmiittmmeennttss rreecceeiivveedd (in millions of euros)
Related to cash management transactions
Financial services companies
Other companies
Related to operations/real estate/expansion
Related to purchases and sales of securities
Related to leases
TOTAL
December 31,
2022
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11 ttoo
55 yyeeaarrss
DDuuee bbeeyyoonndd
55 yyeeaarrss
BByy mmaattuurriittyy
8,851
8,482
369
1,213
137
248
8,524
8,334
190
810
2
41
10,449
9,377
227
146
81
237
28
112
604
99
2
97
166
108
95
468
DDeecceemmbbeerr 3311,,
22002211
((11))
rreessttaatteedd
9,049
8,823
225
1,306
207
238
10,799
December 31,
2022
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11
ttoo 55 yyeeaarrss
DDuuee bbeeyyoonndd
55 yyeeaarrss
DDeecceemmbbeerr 3311,,
22002211
BByy mmaattuurriittyy
5,984
1,426
4,557
1,612
426
467
1,244
659
584
428
295
254
4,653
750
3,903
903
90
159
8,488
2,220
5,805
87
17
70
282
40
54
463
5,997
1,531
4,467
1,412
410
517
8,336
(1) The reported balance of commitments given relating to cash management transactions at the level of the financial services companies at
December 31, 2021 included personal loans pre-approved by the Brazilian subsidiary Banco CSF for an amount of 12 billion Brazilian reals (or
1.9 billion euros at the December 31, 2021 exchange rate). As the final approval of these loans is at the discretion of the Brazilian subsidiary, they
do not meet the definition of an off-balance sheet commitment and are therefore excluded from the above table at December 31, 2022. For
comparison purposes, the amount at December 31, 2021 has been restated.
Off-balance sheet commitments related to cash management
transactions include:
■
■
■
credit commitments given to customers by the Group’s
financial services companies in the course of their operating
activities, and credit commitments received from banks;
mortgages and other guarantees given or received, mainly in
connection with the Group’s real estate activities;
committed lines of credit available to the Group but not drawn
down at the period-end.
Off-balance sheet commitments related to operations mainly
include:
■
■
commitments to purchase land given in connection with the
Group’s expansion programmes;
miscellaneous commitments
contracts;
arising
from commercial
commitments given for construction work to be performed in
connection with the Group’s expansion programmes;
rent guarantees and guarantees from shopping mall operators;
guarantees for the payment of receivables.
■
■
■
Off-balance sheet commitments related to securities consist of
commitments to purchase and sell securities received from or
given to third parties:
■
■
for the most part in France, in connection with the Group’s
franchising activities;
including immediately exercisable put and call options and
sellers’ warranties given to third parties. No value is attributed
to sellers’ warranties received by the Group.
-
Off balance sheet commitments related to leases correspond to
minimum payments under non-cancellable leases qualifying for
the exemptions set out in IFRS 16 and also the IFRS 16 leases for
which the underlying assets have not been made available as of
December 31, 2022.
416
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 16 SUBSEQUENT EVENTS
In early January 2023, the Brazilian subsidiary Atacadão obtained bank financing facilities in US dollars that were immediately swapped
for Brazilian reals. The post-swap debt totalled 2,300 million Brazilian reals (representing approximately 413 million euros at the
December 31, 2022 exchange rate), with a maturity of 11 months.
NOTE 17 AUDITORS’ FEES
(in thousands euros)
FFiinnaanncciiaall ssttaatteemmeennttss cceerrttiifificcaattiioonn sseerrvviicceess
Carrefour SA – Issuer
Subsidiaries (controlled entities)
OOtthheerr sseerrvviicceess((22))
Carrefour SA – Issuer
Subsidiaries (controlled entities)
TOTAL
FFeeeess 22002222
DDeellooiittttee &&
AAssssoocciiééss((11))
NNeettwwoorrkk
Total
Deloitte
22,,445577
515
1,943
8888
47
41
33,,333300
−
3,330
660022
−
602
55,,778877
515
5,273
669900
47
643
MMaazzaarrss
((11))
NNeettwwoorrkk
22,,223399
11,,330099
428
1,811
112200
62
59
−
1,309
8822
−
82
Total
Mazars
33,,554488
428
3,121
220033
62
141
2,545
3,932
6,477
2,359
1,392
3,751
(1) Carrefour SA (parent company) Statutory Auditors (excluding services provided by their network).
(2) Including services that are to be provided by Statutory Auditors by law.
Non-audit services provided to the parent, Carrefour SA, and its subsidiaries by the Statutory Auditors include mainly services in relation
to the issuance of certificates and agreed-upon procedures on financial information and internal control or due-diligence in the context
of an acquisition or a disposal.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
417
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
NOTE 18 LIST OF CONSOLIDATED COMPANIES
18.1
Fully consolidated companies at December 31, 2022
FFRRAANNCCEE
ABREDIS
AMIDIS ET CIE
ANTIDIS
BELLEVUE DISTRIBUTION
BLO DISTRIBUTION
BRINGO FRANCE
BRINGO INTERNATIONAL
BRINGO TECH
BRUNIEDIS
C.DICAR
C.DIS
C.S.F
C.S.V
CANDIS
CARAUTOROUTES
CARDADEL
CARFIDIS
CARFUEL
CARGO INVEST
CARGO PROPERTY DEVELOPMENT
CARIMA
CARMA
CARMA VIE
CARRE D’OR DISTRIBUTION
CARREFOUR ADMINISTRATIF FRANCE
CARREFOUR BANQUE
CARREFOUR DEVELOPPEMENT URBAIN
CARREFOUR DRIVE
CARREFOUR FINANCE
CARREFOUR FRANCE
CARREFOUR FRANCE PARTICIPATION
CARREFOUR HYPERMARCHES
CARREFOUR IMPORT
CARREFOUR MANAGEMENT
CARREFOUR MARCHANDISES
INTERNATIONALES
CARREFOUR MONACO
CARREFOUR OMNICANAL
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
FFRRAANNCCEE
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
50
50
100
100
60
100
100
100
100
100
100
100
100
100
100
100
CARREFOUR PARTENARIAT INTERNATIONAL
CARREFOUR PROPERTY FRANCE
CARREFOUR PROPERTY GESTION
CARREFOUR PROXIMITE FRANCE
CARREFOUR REGIE PUBLICITAIRE
CARREFOUR SA
CARREFOUR SERVICES CLIENTS
CARREFOUR STATION SERVICE
CARREFOUR SUPPLY CHAIN
CARREFOUR SYSTEMES D’INFORMATION
CARREFOUR VOYAGES
CENTRE D’ACTIVITES DE DRAGUIGNAN
SALAMANDRIER
CENTRE DE FORMATION ET
COMPTETENCES
CL CV LOGISTIQUE
CLAIREFONTAINE
COFLEDIS
COMPAGNIE D’ACTIVITÉ ET DE COMMERCE
INTERNATIONAL
COMPTOIR SAVOYARD DE DISTRIBUTION
COVIAM 8
COVICAR 2
COVICAR 44
COVICAR 51
COVICAR 55
CRFP LOG INVEST
CRFP NANTES
CRFP SARTROUVILLE
CRFP13
CRFP20
CRFP22
CRFP23
CRFP24
CRFP25
CRFP8
CROQUETTELAND
CSD TRANSPORTS
DASTORE
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
74
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
74
100
418
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
FFRRAANNCCEE
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
FFRRAANNCCEE
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
DAUPHINOISE DE PARTICIPATIONS
100
NOOPART
DE LA FONTAINE
DEJBOX LAB
DEJBOX SERVICES
DES CALLOUETS
DIGITAL MEDIA SHOPPER
DISTRIVAL
DOREL
ENTREPOT PETROLIER DE LA GIRONDE
ETS LUCIEN LAPALUS ET FILS
FALDIS
FCT MASTER CREDIT CARD 2013
FINANCIERE RSV
FINIFAC
FONMARTOP
FORUM DEVELOPPEMENT
GAMACASH
GEILEROP
GENEDIS
GIE BREST BELLEVUE
GREENWEEZ
GREENWEEZ BELGIUM
GSMC
GUYENNE & GASCOGNE
GVTIMM
HYPARLO
HYPERADOUR
IMMO ARTEMARE
IMMOBILIERE CARREFOUR
IMMOBILIERE PROXI
IMMOCYPRIEN
IMMODIS
INTERDIS
LA CROIX VIGNON
LALAUDIS
LANN KERGUEN
LESCHENES
LOGIDIS
LYBERNET
MAISON JOHANES BOUBEE
MATOLIDIS
MONTEL DISTRIBUTION
NASOCA
51
86
86
51
100
100
100
66
100
100
60
100
100
100
100
100
100
100
80
100
100
100
100
51
100
100
51
100
100
51
100
100
51
99
51
100
100
50
100
100
100
100
NOSAEL
PARLITOP
PARSEVRES
PASDEL
PHIVETOL
PLANETA HUERTO
POTAGER CITY
PROFIDIS
PUECH ECO
QUITOQUE
QUITOQUE BELGIUM
SAFABE
SAFETY
SAINT HERMENTAIRE
SALACA
SAS LOUIS SEGUIN – ANGLET
SCI AVENUE
SCI AZIMMO
SCI DE SIAM
SCI IMMO BACQUEVILLE
SCI IMMOTOURNAY
SCI LEGERE
SCI LES HAUTS DE ROYA
SCI LES TASSEAUX
SCI LES VALLEES
SCI MAXIMOISE DE CREATION
SCI PROXALBY
SCI RESSONS
SCI SIGOULIM
SELIMA
SMARTECO
SO.BIO
SO.BIO SEVRES
SOCIETE D’ALIMENTATION MODERNE
SOCIETE DES HYPERMARCHES DE LA
VEZERE
SOCIETE DES NOUVEAUX HYPERMARCHES
SOCIETE LUDIS
SOCIETE MODERNE DE DISTRIBUTION
MAISON VIZET-FAVRE
SODIMODIS
SODISAL
100
51
100
100
100
100
100
88
100
100
100
100
100
100
100
100
100
52
100
51
51
51
100
100
51
51
51
74
51
51
100
100
100
100
100
50
100
100
81
100
100
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
419
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
FFRRAANNCCEE
SODITRIVE
SOFALINE
SOFIDIM
SORGENTE NATURA
SOVAL
STELAUR
STENN
SUPERADOUR
SUPERDIS
TIADIS
VAN-K
VEZERE DISTRIBUTION
VIZEGU
ZORMAT
GGEERRMMAANNYY
CARREFOUR PROCUREMENT
INTERNATIONAL BV & CO. KG
AARRGGEENNTTIINNAA
BANCO DE SERVICIOS FINANCIEROS SA
INC S.A.
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
BBEELLGGIIUUMM
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
99
100
100
100
100
100
97
100
100
50
90
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
BRUGGE RETAIL ASSOCIATE
CAPARBEL
CARREFOUR BELGIUM
CARUM
DRIVE 1
DRIVE 2
ÉCLAIR
FILUNIC
FIMASER
FIRST IN FRESH
GROSFRUIT
HALLE RETAIL ASSOCIATE
HEPPEN RETAIL ASSOCIATE
INTERDIS
MARKET A1 CBRA
MARKET B2 CBRA
MARKET C3 CBRA
MARKET D4 CBRA
MARKET E5 CBRA
MARKET F6 CBRA
ORTHROS
RETAIL SUPPORT SERVICES
88
100
ROB
SCHILCO
SHIP TO
SOUTH MED INVESTMENTS
STIGAM
VANDEN MEERSSCHE NV
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
420
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
BBRRAAZZIILL
ATACADÃO S.A
BANCO CSF
BARBAROSSA EMPREENDIMENTOS E
PARTICIPACOES
BOMPREÇO BAHIA
BOMPREÇO NORDESTE
BSF HOLDING
BULGE EMPREENDIMENTOS E
PARTICIPACOES
CARREFOUR COMMERCIO E INDUSTRIA
CCI IP PARTICIPAÇÕES
CCI RE SPCO DESENVOLVIMENTO
IMOBILIÁRIO OSASCO
CMBCI INVESTIMENTOS E PARTICIPAÇÕES
COMERCIAL DE ALIMENTOS CARREFOUR
COSMOPOLITANO SHOPPING
EMPREENDIMENTOS
COTABEST INFORMACOES E TECNOLOGIA
CSF ADMINISTRADORA E CORRETORA DE
SEGUROS EIRELI
E MIDIA INFORMACOES
FIDC
GIBRALTAR EMPREENDIMENTOS E
PARTICIPACOES
GRUPO BIG
IMOPAR PARTICIPCOES E
ADMINISTRACAO IMOBILIARIA
KHARKOV EMPREENDIMENTOS E
PARTICIPACOES
KURSK EMPREENDIMENTOS E
PARTICIPACOES
MIDWAY EMPREENDIMENTOS E
PARTICIPACOES
NOVA TROPI GESTÃO DE
EMPREENDIMENTOS
OVERLORD EMPREENDIMENTOS E
PARTICIPACOES
PACIFICO EMPREENDIMENTOS E
PARTICIPACOES
PANDORA PARTICIPACOES
RIO BONITO ASSESSORIA DE NEGOCIOS
SPE CENTRO-OESTE
SPE NORDESTE
SPE NORTE
SPE SUDESTE
SPE SUL
STALINGRADO EMPREENDIMENTOS E
PARTICIPACOES
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
BBRRAAZZIILL
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
TORCH EMPREENDIMENTOS E
PARTICIPACOES
TRANSPORTADORA
VALQUIRIA EMPREENDIMENTOS E
PARTICIPACOES
VERPARINVEST
WMB
WMS
CCHHIINNAA
SHANGHAI GLOBAL SOURCING
CONSULTING CO
SSPPAAIINN
CARREFOUR PROPERTY ESPANA
CENTROS COMERCIALES CARREFOUR
CORREDURIA DE SEGUROS CARREFOUR
EURECA
FINANZAS Y SEGUROS
GROUP SUPECO MAXOR
INVERSIONES PRYCA
NORFIN HOLDER
SERVICIOS FINANCIEROS CARREFOUR
SOCIEDAD DE COMPRAS MODERNAS
SUPERDISTRIBUCION CEUTA
SUPERMERCADOS CHAMPION
SUPERSOL SPAIN
VIAJES CARREFOUR
68
68
68
68
68
68
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
100
100
100
100
100
100
60
100
100
100
100
100
HHOONNGG KKOONNGG
CARREFOUR ASIA
CARREFOUR GLOBAL SOURCING ASIA
CARREFOUR TRADING ASIA (CTA)
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
100
68
34
68
68
68
34
68
68
68
68
68
68
68
34
34
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
68
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
421
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
IITTAALLYY
CARREFOUR ITALIA FINANCE SRL
CARREFOUR ITALIA SPA
CARREFOUR PROPERTY ITALIA SRL
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI BUROLO
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI GIUSSANO
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI MASSA
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI NICHELINO
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI PADERNO
DUGNANO
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI THIENE
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI TORINO
MONTECUCCO
CONSORZIO TRA I PROPRIETARI DEL
CENTRO COMMERCIALE DI VERCELLI
GS SPA
LLUUXXEEMMBBOOUURRGG
VELASQUEZ
NNEETTHHEERRLLAANNDDSS
CARREFOUR NEDERLAND BV
CARREFOUR PROPERTY BV
HYPER GERMANY BV
INTERNATIONAL MERCHANDISE
TRADING BV
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
100
89
77
54
64
PPOOLLAANNDD
CARREFOUR POLSKA
CPA WAW 1
RROOMMAANNIIAA
ALLIB ROM SRL
ARTIMA SA
BRINGO MAGAZIN
CARREFOUR PRODUCTIE SI DISTRIBUTIE
CARREFOUR ROUMANIE
53
COLUMBUS ACTIVE SRL
COLUMBUS OPERATIONAL SRL
MILITARI GALERIE COMERCIALA
SUPECO INVESTMENT SRL
SSWWIITTZZEERRLLAANNDD
CARREFOUR WORLD TRADE
58
87
84
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
TTAAIIWWAANN
100
CARREFOUR CONDOMINIUM MANAGEMENT
AND MAINTENANCE
CARREFOUR INSURANCE BROKER CO
CHARNG YANG DEVELOPMENT CO
PRESICARRE
WELLCOME
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
100
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
100
100
100
100
100
100
100
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
100
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
60
60
30
60
60
422
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
18.2
Equity-accounted companies at December 31, 2022
FFRRAANNCCEE
ADIALEA
ALEXANDRE
ALK DISTRI
ALTACAR OLLIOULES
ANGIDIS
ANTONINE
ARLOM DISTRIBUTION
AROBLIS
AUBINYC
AUDIST
BAMAZO
BELONDIS
BFM DISTRIBUTION
BIADIS
BLS RETRAIL
BOULOGNE POINT DU JOUR
BOURG SERVICES DISTRIBUTION
BRUT SHOP
CABDIS
CABDISTRI
CALODIAN DISTRIBUTION
CAMPI
CARDUTOT
CARMILA
CEMALIYA IMMOBILIER
CENTRALE ENVERGURE
CERBEL
CEVIDIS
CHAMNORD
CHERBOURG INVEST
CHRISTIA
CINQDIS 09
CJA DISTRIBUTION
CLOVIS
CLUNYDIS
CODINOG
COJEDIS
COROU
COSALCIA
CVP DISTRIBUTION
CYMUR
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
5
50
50
50
50
50
50
50
50
50
50
50
50
34
50
26
50
40
50
50
50
50
26
36
50
50
50
50
56
48
50
50
50
50
50
50
50
50
50
50
50
FFRRAANNCCEE
CZIMMO
D2C
DECODIS
DEPOT PETROLIER DE LYON
DIMATI
DIRIC
DISTRI AIX
DISTRI GIGNAC
DISTRI PALAVAS
DISTRIBERRE IMMO
DISTRIBOURG
DISTRICAB
DISTRIFLEURY
DISTRIONE
DOUDIS
EDENDIS
EDENMATHIMMO
ENTREPOT PETROLIER DE VALENCIENNES
FABCORJO
FALME
FIVER
FONCIERE BORDEROUGE
FONCIERE MARSEILLAN
FONCIERE PLANES
FRELUM
GALLDIS
GDCLE
GENIDIS
GGP DISTRIBUTION
GMARKET IMMO
GRANDI
GRDIS
GREGADIS
HBLP
IDEC
IMMO ST PIERRE EGLISE
J2B DISTRIBUTION
JEDEMA
JLEM
JMS74 DISTRIBUTION
JOSIM
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
50
50
26
50
50
50
50
50
50
50
50
50
50
50
50
50
50
34
50
50
50
50
50
50
50
50
48
48
50
50
50
50
50
25
50
50
50
50
50
50
34
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
423
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
FFRRAANNCCEE
JTDS MARKET
JUPILOU
KASAM
LA BEAUMETTE
LA CATALANE DE DISTRIBUTION
LA CLAIRETTE
LA CRAUDIS
LA GARDUERE IMMO
LB LE PLAN
LE CLAUZELS
LEHENBERRI
LES 4 CANAUX IMMO
LES OLIVIERS
LEZIDIS
LOVICHAM
LSODIS
LYEMMADIS
MADIS
MADIX
MAGODIS
MALISSOL
MARIDYS
MARITIMA DIS
MARLODIS
MASSEINE
MATCH OPCO (MARKET PAY)
MAVIC
MBD
MBD IMMO
MIMALI
NCL
NOUKAT
OLICOURS
OUISDIS
OULLIDIS
P.A.M.
PAS DE MENC
PFDIS
PHILODIS
PLAMIDIS
PLANE MARSEILLAN
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
50
50
50
49
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
39
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
FFRRAANNCCEE
PLANE PORT VENDRES
PONT D’ALLIER
PRIGONDIS
PRODIX
PROVENCIA
QUENDIDIS
RD2M
REBAIS DISTRIBUTION
RETAIL MARKET
RILLIDIS
RIMADIS
ROLLAND DISTRIBUTION
ROND POINT
ROSE BERGER
ROUET DISTRI
S.C.B
S.O.V.A.L.A.C.
SADEV
SAELI
SAINT JUERY DISTRIBUTION
SAINT PAUL DISTRIBUTION
SAS DF19
SAS NC DISTRIBUTION
SCGR DISTRIBUTION
SCI 2C
SCI 2F
SCI BRETEUIL
SCI CARGAN-LOG
SCI COLODOR
SCI DU MOULIN
SCI DU PARC NATIONAL
SCI FONCIERE DES ALBERES
SCI HALLE RASPAIL
SCI IMMODISC
SCI LATOUR
SCI LE PETIT BAILLY
SCI LE PLA
SCI LUMIMMO
SCI MARKET RIEC
SCOMONDIS
SEREDIS
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
50
50
50
50
50
50
50
50
50
48
50
50
50
26
50
26
50
26
50
50
50
50
50
50
50
50
50
40
50
50
50
50
50
50
60
50
50
51
50
50
26
424
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the consolidated financial statements
FFRRAANNCCEE
SERPRO
SIFO
SIXFOURSDIS
SOBRAMIC
SOCADIS
SOCIETE DES DEPOTS DE PETROLE COTIERS
SOCIETE DES MAGASINS ECONOMIQUES
SOCIETE DISTRIBUTION ALMENTAIRE
PYRENEES
SOCIETE DU DEPOT PETROLIER DE
NANTERRE
SOCIETE PETROLIERE DU VAL DE MARNE
SODIBAL
SODIBOR
SODICAB
SODIFAL
SODILIM
SODIMER
SODIOUIS
SODITIOL
SODYEN
SOLDIS
SOMADIS
SOQUIMDIS
SOVADIS
SOVALDIS
SPC DISTRI
SR2G
SRP GROUPE SA (SHOWROOMPRIVÉ.COM)
ST BONNET DISCOUNT
TEDALI
TURENNE
VALCRIS DISTRIBUTION
VALMENDIS
VICTURIS 2003
VICUN
VILAC
BBRRAAZZIILL
EWALLY
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
SSPPAAIINN
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
50
50
50
50
50
24
50
26
20
30
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
9
50
50
50
50
50
50
50
50
2012 ALVARO EFREN JIMENEZ
2012 CORDOBA RODRIGUEZ
2012 ERIK DAVID
2012 FLORES HERNANDEZ
2012 LIZANDA TORTAJADA
2013 CID OTERO
2013 SOBAS ROMERO
COSTASOL DE HIPERMERCADOS
DIAGONAL PARKING
GLORIAS PARKING
ILITURGITANA DE HIPERMERCADOS
JM MARMOL SUPERMERCADOS
LAREDO EXPRESS J.CARLOS VAZQUEZ
LUHERVASAN
SUPERMERCATS HEGERVIC MATARO
SUPERMERCATS SAGRADA FAMILIA
IITTAALLYY
CONSORZIO CENTRO COMMERCIALE
SHOPVILLE GRAN RENO
CONSORZIO OPERATORI CENTRO
COMMERCIALE LA ROMANINA
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE ASSAGO
CONSORZIO TRA I PROPRIETARI DEL PARCO
COMMERCIALE DI NICHELINO
PPOOLLAANNDD
C SERVICES
TTUUNNIISSIIAA
ULYSSE
TTUURRKKEEYY
26
26
26
26
26
26
26
34
58
50
34
26
26
26
26
26
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
39
46
50
30
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
30
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
25
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
1
2
3
4
5
6
7
PPeerrcceenntt
iinntteerreesstt uusseedd
iinn ccoonnssoolliiddaattiioonn
33
CARREFOUR SABANCI TICARET MERKEZI
(CARREFOURSA)
32
8
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statutory Auditors’ report on the consolidated financial statements
6.7 Statutory Auditors’ report on the consolidated
financial statements
For the year ended December 31, 2022
INDEPENDENCE
We conducted our audit engagement in compliance with
independence requirements of the French Commercial Code
(code de commerce) and the French Code of ethics (code de
déontologie) for statutory auditors, for the period from January 1,
2022 to the date of our report, and specifically we did not
provide any prohibited non-audit services referred to in Article 5
(1) of Regulation (EU) No 537/2014.
Justification of Assessments - Key Audit Matters
In accordance with the requirements of Articles L. 823-9 and
R. 823-7 of the French Commercial Code (code de commerce)
relating to the justification of our assessments, we inform you of
the key audit matters relating to risks of material misstatement
that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current
period, as well as how we addressed those risks.
These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, approved in the
conditions mentioned above, and
in forming our opinion
thereon, and we do not provide a separate opinion on specific
items of the consolidated financial statements.
To the Carrefour Shareholders’ Meeting
Opinion
In compliance with the engagement entrusted to us by your
Shareholders’ Meetings, we have audited the accompanying
consolidated financial statements of Carrefour for the year ended
December 31, 2022.
In our opinion, the consolidated financial statements give a true
and fair view of the assets and liabilities and of the financial
position of the Group as at December 31, 2022 and of the results
of its operations for the year then ended in accordance with
International Financial Reporting Standards as adopted by the
European Union.
The audit opinion expressed above is consistent with our report
to the Audit Committee.
Basis for Opinion
AUDIT FRAMEWORK
We conducted our audit
in accordance with professional
standards applicable in France. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Our responsibilities under those standards are further described
in the Statutory Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements section of our report.
Tax provisions of Brazilian subsidiaries: estimation of provisions, tax payables and contingent liabilities
(See notes 1.3, 11.1, 11.2.1 and 11.3 to the consolidated financial statements)
Key Audit Matters
In Brazil, the Group is involved in tax risks, in particular, on the
tax on the distribution of goods and services (ICMS) and to the
corresponding tax credits recorded, on the federal contributions
related to the social integration programme and to the financing
of the social security system (Pis-Cofins) and on the tax
amortization of goodwill recognised in 2007 in the context of
the acquisition of Atacadão.
The assessment of the risk related to each tax litigation is
regularly reviewed by the tax department of the Brazilian
subsidiaries, with the support of its external counsels for the
most significant tax litigations in order to determine the need of
recording a provision or not, and in the case where a provision
should be recorded, to estimate the amount of the provision.
We considered the tax risk of the Brazilian subsidiaries, for both
the estimation of the provisions and the information disclosed in
the financial statement as a key audit matter due to the amount
and the number of tax risks, to the complexity and the level of
management judgment in the assessment of the ongoing
litigations and the amount of the provision to be booked.
Responses as part of our audit
to
identify
tax risks
We have reviewed the internal controls implemented by the
Group
the Brazilian subsidiaries
(identification of risks, documentation of risk assessment,
engagement of external experts).
We also performed the following procedures, with the assistance
of our tax experts:
in
■
■
■
■
Interviews with the tax department of the Brazilian subsidiaries
in order to assess the current status of the identified risks and
ongoing litigations;
Review the opinions of the external counsels of the entities of
the Group, including the opinions the responses to our written
confirmation requests;
Analysis of
the estimates and positions adopted by
management to determine the need to record a provision and,
where this is necessary, to assess reasonable assurance on the
amount of provision to be recorded;
Assessment of the information disclosed in the notes 11.1,
11.2.1 et 11.3 of the consolidated financial statements.
426
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statutory Auditors’ report on the consolidated financial statements
Measurement and recognition of rebates and service agreement
(See notes 1.3 and 6.2.1 to the consolidated financial statements)
Key Audit Matters
The Group enters into a significant number of purchase
agreements with suppliers which include:
■
■
Commercial discounts based on the purchase volumes or on
other contractual terms such as the achievement of threshold
or the increase of purchase volumes (« rebates »);
Revenues from services provided to suppliers by the Group
(« service agreements »).
Rebates and service agreements received from suppliers by the
Group are estimated based on the contractual terms agreed in
the purchase agreement with suppliers and are recorded as a
reduction of cost of sales.
Given the significant number of agreements and the specificities
of each agreement, the correct measurement and recognition of
rebates and service agreements
in accordance with the
contractual terms and the purchases volumes represent a key
audit matter.
Specific Verifications
We have also performed, in accordance with professional
standards applicable in France, the specific verifications required
by laws and regulations of the information pertaining to the
Group presented in the management report of the Board of
Directors.
We have no matters to report as to its fair presentation and its
consistency with the consolidated financial statements.
We attest that the consolidated declaration of extra-financial
performance, required under Article L. 225-102-1 of the French
Commercial Code, is included in the information relating to the
group provided in the management report of the group, being
specified
the provisions of
Article L. 823-10 of this Code, we have not verified the fair
presentation and the consistency with the consolidated financial
statements of the information provided in this declaration. This
information should be reported on by an independent third party.
in accordance with
that,
Report on Other Legal and Regulatory Requirements
FORMAT OF PRESENTATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS INTENDED TO BE INCLUDED IN THE
ANNUAL FINANCIAL REPORT
We have also verified, in accordance with the professional
standard applicable
in France relating to the procedures
performed by the statutory auditor relating to the annual and
consolidated financial statements presented in the European
single electronic format defined in the European Delegated
Regulation No 2019/815 of December 17, 2018,
the
presentation of the financial statements intended to be included
in the annual financial report mentioned in Article L. 451-1-2, I of
the French Monetary and Financial Code, prepared under the
responsibility of the Chairman and Chief Executive Officer. Our
work includes verifying that the tagging of these consolidated
financial statements complies with the format defined in the
above delegated regulation.
that
Based on the work we have performed, we conclude that the
presentation of the financial statements intended to be included
in the annual financial report complies, in all material respects,
with the European single electronic format.
Responses as part of our audit
We have obtained an understanding on the internal controls
implemented by the Group on the measurement and the
recognition of rebates and service agreements. We assessed
their design and
their
effectiveness through a sample of agreements.
Our other procedures consisted mainly, for a sample of rebates
and service agreements of:
implementation and we
tested
■
■
■
■
Matching the data used for the calculations of rebates and
service agreements with
the commercial conditions
mentioned in the contracts signed with the suppliers;
Comparing last year’s estimates with actual figures in order to
assess the reliability of the rebates and service agreement
measurement’s process (review of the release of prior year’s
rebates);
Matching business volumes used for the calculation of the
expected rebates and service agreements for the year ended
December 31, 2022 with business volumes recorded in the
Group’s procurement system;
Performing substantive analytical procedures on the change in
rebates and service agreements.
Due to the technical limitations inherent to the block-tagging of
the consolidated financial statements according to the European
single electronic format, the content of certain tags of the notes
the accompanying
identically
may not be
consolidated financial statements.
rendered
to
responsibility
Moreover, we have no
the
consolidated financial statements that will ultimately be included
by your company in the annual financial report filed with the AMF
(Autorité des Marchés Financiers) are in agreement with those on
which we have performed our work.
to verify
that
APPOINTMENT OF THE STATUTORY AUDITORS
We were appointed as statutory auditors of Carrefour by the
Shareholders’ Meetings held on April 15, 2003 for Deloitte &
Associés, and on June 21, 2011 for Mazars.
As at December 31, 2022, Deloitte & Associés, and Mazars were
in
total uninterrupted
engagement.
the 20th year, and 12th year of
Responsibilities of Management and Those Charged
with Governance for the Consolidated Financial
Statements
for
is responsible
the preparation and
the consolidated financial statements
fair
Management
presentation of
in
accordance with International Financial Reporting Standards as
adopted by the European Union, and for such internal control as
management determines is necessary to enable the preparation
of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management
is responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting
unless it is expected to liquidate the Company or to cease
operations.
The Audit Committee is responsible for monitoring the financial
reporting process and the effectiveness of internal control and
risks management systems and where applicable, its internal
audit,
reporting
procedures.
the accounting and financial
regarding
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statutory Auditors’ report on the consolidated financial statements
The consolidated financial statements were approved by the
Board of Directors.
Statutory Auditors’ Responsibilities for the Audit of the
Consolidated Financial Statements
OBJECTIVES AND AUDIT APPROACH
Our role is to issue a report on the consolidated financial
statements. Our objective is to obtain reasonable assurance
about whether the consolidated financial statements as a whole
are free from material misstatement. Reasonable assurance is a
high level of assurance but is not a guarantee that an audit
conducted in accordance with professional standards will always
detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on
the basis of these consolidated financial statements.
As specified in Article L. 823-10-1 of the French Commercial
Code (code de commerce), our statutory audit does not include
assurance on the viability of the Company or the quality of
management of the affairs of the Company.
As part of an audit conducted in accordance with professional
standards applicable in France, the statutory auditor exercises
professional judgment throughout the audit and furthermore:
■
■
■
Identifies and assesses the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, designs and performs audit procedures responsive to
those risks, and obtains audit evidence considered to be
sufficient and appropriate to provide a basis for his opinion.
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud
may
intentional omissions,
misrepresentations, or the override of internal control;
involve collusion,
forgery,
Obtains an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the internal control.
Evaluates the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by management in the consolidated financial
statements.
■
Assesses the appropriateness of management’s use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. This
assessment is based on the audit evidence obtained up to the
date of his audit report. However, future events or conditions
may cause the Company to cease to continue as a going
concern. If the statutory auditor concludes that a material
uncertainty exists, there is a requirement to draw attention in
the audit report to the related disclosures in the consolidated
financial statements or, if such disclosures are not provided or
inadequate, to modify the opinion expressed therein.
Evaluates the overall presentation of the consolidated financial
statements and assesses whether these statements represent
the underlying transactions and events in a manner that
achieves fair presentation.
Obtains sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial
statements. The statutory auditor
is responsible for the
direction, supervision and performance of the audit of the
consolidated
the opinion
expressed on these consolidated financial statements.
financial statements and
for
■
■
REPORT TO THE AUDIT COMMITTEE
We submit to the Audit Committee a report which includes in
particular a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also
report, if any, significant deficiencies in internal control regarding
the accounting and financial reporting procedures that we have
identified.
Our report to the Audit Committee includes the risks of material
misstatement that, in our professional judgment, were of most
significance in the audit of the consolidated financial statements
of the current period and which are therefore the key audit
matters, that we are required to describe in this audit report.
We also provide the Audit Committee with the declaration
provided for
in Article 6 of Regulation (EU) N° 537/2014,
confirming our independence within the meaning of the rules
applicable in France such as they are set in particular by
Articles L.822-10 to L.822-14 of the French Commercial Code
and in the French Code of Ethics (code de déontologie) for
statutory auditors. Where appropriate, we discuss with the Audit
Committee the risks that may reasonably be thought to bear on
our independence, and the related safeguards.
French original signed by
Courbevoie and Paris-La Défense, February 21, 2023
The Statutory Auditors
MAZARS
DELOITTE & ASSOCIÉS
Jérôme de PASTORS
Marc BIASIBETTI
Bertrand BOISSELIER
Olivier BROISSAND
428
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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7
CARREFOUR SA FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2022
7.1 Income statement
430
7.4 Notes to the Company financial
7.2 Balance sheet
7.3 Statement of cash flows
431
432
statements
7.5 Statutory Auditors' report on the
financial statements
433
452
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
429
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Income statement
7.1 Income statement
(in millions of euros)
Note
2022
22002211
Reversals of impairment and provisions, and transferred charges
Other income
TToottaall ooppeerraattiinngg iinnccoommee
Other purchases and external charges
Wages and salaries, payroll taxes
Depreciation, amortisation, impairment and provision expense
Taxes other than on income, other operating expenses
TToottaall ooppeerraattiinngg eexxppeennsseess
OOppeerraattiinngg lloossss
Income from shares in subsidiaries and affiliates
Interest income, revenue from disposals of marketable securities
Reversals of impairment and provisions
TToottaall fifinnaanncciiaall iinnccoommee
Impairment and provision expense
Interest and other financial expenses
TToottaall fifinnaanncciiaall eexxppeennsseess
FFiinnaanncciiaall iinnccoommee,, nneett
RReeccuurrrriinngg iinnccoommee bbeeffoorree ttaaxx,, nneett
Reversals of impairment and provisions
Depreciation, amortisation, impairment and provision expense
Other non-recurring income and expenses
NNoonn--rreeccuurrrriinngg iinnccoommee,, nneett
EEmmppllooyyeeee pprroofifitt--sshhaarriinngg
IInnccoommee ttaaxx
NET INCOME
7
148
115555
(204)
(28)
(9)
(3)
((224444))
((8899))
1,325
18
280
11,,662233
(1,602)
(114)
((11,,771166))
((9933))
((118822))
14
-
16
3300
--
337755
223
88..
99..
8
147
115555
(154)
(20)
(10)
(2)
((118866))
((3311))
517
67
136
772200
(305)
(130)
((443355))
228844
225544
16
(5)
253
226644
--
331199
837
430
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Balance sheet
7.2 Balance sheet
ASSETS
(in millions of euros)
Intangible fixed assets
Tangible fixed assets
Financial investments
FFiixxeedd aasssseettss
Accounts receivable
Cash and marketable securities
CCuurrrreenntt aasssseettss
Prepayments and deferred charges
TOTAL ASSETS
EQUITY AND LIABILITIES
(in millions of euros)
Share capital
Issue and merger premiums
Legal reserve
Regulated reserves
Other reserves
Retained earnings
Net income for the year
Tax-driven provisions
SShhaarreehhoollddeerrss’’ eeqquuiittyy
PPrroovviissiioonn ffoorr ccoonnttiinnggeenncciieess aanndd cchhaarrggeess
Bonds and notes
Bank borrowings
Miscellaneous financial liabilities
FFiinnaanncciiaall lliiaabbiilliittiieess
Trade payables
Accrued taxes and payroll costs
OOppeerraattiinngg lliiaabbiilliittiieess
Other miscellaneous liabilities
MMiisscceellllaanneeoouuss lliiaabbiilliittiieess
TOTAL EQUITY AND LIABILITIES
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Note
Gross
Amortisation,
depreciation and
impairment
4.2
4.2
4.1
10.1
5.2
10.1
19
2
37,499
3377,,552200
2,081
249
22,,332299
159
(19)
(2)
(9,160)
((99,,118811))
(17)
(64)
((8811))
-
Net
0
0
28,339
2288,,333399
2,064
185
22,,224499
159
40,009
(9,261)
30,747
NNeett
1
0
29,580
2299,,558822
917
149
11,,006666
62
30,709
Note
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
7.1
7.2
7.3
7.3
7.3
7.3
7.3
77..33
66
55..11
10.2
10.2
1,855
16,017
204
378
39
2,725
223
-
2211,,444411
111155
7,323
490
0
77,,881133
10
254
226644
1,114
11,,111144
30,747
1,940
16,587
204
378
39
2,268
837
-
2222,,225522
112222
5,913
-
0
55,,991133
5
209
221144
2,207
22,,220077
30,709
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
431
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statement of cash flows
7.3 Statement of cash flows
(in millions of euros)
NNeett iinnccoommee
Depreciation and amortisation
Provisions and impairment of financial assets, net of reversals
Other changes
CCaasshh flflooww ffrroomm ooppeerraattiioonnss
Change in other receivables and payables
NNeett ccaasshh ffrroomm ooppeerraattiinngg aaccttiivviittiieess
Acquisitions of shares in subsidiaries and affiliates
Disposals of shares in subsidiaries and affiliates
Change in other financial investments
Other cash flows from investing activities
(1)
NNeett ccaasshh ffrroomm ((uusseedd iinn)) iinnvveessttiinngg aaccttiivviittiieess
Dividends paid
Share capital reduction
Net change in debt
Change in intra-group receivables and payables
NNeett ccaasshh uusseedd iinn fifinnaanncciinngg aaccttiivviittiieess
NNeett cchhaannggee iinn ccaasshh aanndd ccaasshh eeqquuiivvaalleennttss
Cash and cash equivalents at beginning of year
(1)
Cash and cash equivalents at end of year
(1)
NNeett cchhaannggee iinn ccaasshh aanndd ccaasshh eeqquuiivvaalleennttss
(1) Excluding treasury shares (recorded in assets, under marketable securities).
2022
222233
1
1,309
(63)
11,,447700
(94)
11,,337766
(45)
2
(6)
-
((4488))
(380)
(655)
1,900
(2,193)
((11,,332288))
00
0
0
--
22002211
883377
2
(44)
(37)
775577
(348)
440099
(345)
185
-
-
((116600))
(383)
(700)
(826)
1,659
((225511))
((11))
1
0
((11))
432
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
7.4 Notes to the Company financial statements
NOTE 1 DESCRIPTION OF THE COMPANY
NOTE 2 SIGNIFICANT EVENTS OF THE YEAR
NOTE 3 ACCOUNTING PRINCIPLES
NOTE 4 FIXED ASSETS
NOTE 5 FINANCING AND RISK MANAGEMENT
NOTE 6 PROVISIONS AND IMPAIRMENT
NOTE 7 SHAREHOLDERS’ EQUITY
NOTE 8 FINANCIAL INCOME, NET
NOTE 9 INCOME TAX
NOTE 10 OTHER INFORMATION
NOTE 11 SUBSEQUENT EVENTS
NOTE 12 SUBSIDIARIES AND AFFILIATES
434
434
435
435
438
442
445
446
447
448
450
450
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
433
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 1
DESCRIPTION OF THE COMPANY
Carrefour SA is the parent company of the Carrefour group.
It acts as a holding company through investments conferring
direct or indirect control over Group entities.
Carrefour SA is the head of a tax consolidation group comprising
the parent company and the major French subsidiaries.
It also conducts an external financing policy on behalf of the
Group on the banking and capital markets, designed to maintain
an appropriate level of liquidity and meet its commitments and
investment requirements.
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
2.1
Share buyback programmes
2.2
Capital reductions
As part of its share capital allocation policy, the Company
commissioned an investment services provider to buy back
shares corresponding to a maximum amount of 750 million
euros, as authorised by the Shareholders’ Meeting of May 21,
2021:
((ii))
(The first tranche of the share buyback programme began on
March 7, 2022 and ended on April 13, 2022, with
21,232,106 shares acquired at an average price of
18.84 euros per share for a total amount of 400 million
euros;
((iiii)) A second tranche of the share buyback programme began
on May 2, 2022 and ended on May 24, 2022, with
17,191,700 shares acquired at an average price of
20.36 euros per share for a total amount of 350 million
euros.
Following the share buybacks under the above-mentioned
buyback programme, Carrefour SA carried out
two capital
reductions by cancelling the shares bought back:
((ii))
an
initial capital reduction
cancellation of 21,232,106 shares;
in April 2022
involving the
((iiii)) a second capital reduction in June 2022 involving the
cancellation of 12,506,325 shares.
Following cancellation of these shares, the share capital was
reduced by 84.3 million euros and premiums were reduced by
570.3 million
has
742,157,461 shares
consequently,
11,544,870 treasury shares, representing approximately 1.6% of
the share capital.
Carrefour SA
outstanding
therefore
euros.
and,
2.3
Financing transactions
In 2022, Carrefour SA carried out two Sustainability-Linked Bond
issues, the first on March 30, 2022 for a total of 1.5 billion euros,
and the second on October 12, 2022 for an amount of
500 million euros, which was increased by 350 million euros on
November 28, 2022, under the same terms.
On June 8, 2022, Carrefour SA redeemed 1 billion euros worth of
1.75% eight-year bonds, ahead of their maturity (July 2022).
434
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 3
ACCOUNTING PRINCIPLES
3.1
Basis of preparation
3.2
Foreign currency translation
Income and expenses recorded
translated at the exchange rate in force on the transaction date.
in foreign currencies are
Receivables and payables denominated in foreign currency are
recorded in the balance sheet at the closing exchange rate. The
difference arising from the application of the year-end rate is
recorded in the balance sheet under “Prepayments and deferred
charges” or “Accruals and deferred revenue”. A provision is set
aside for the extent of unrealised losses at the reporting date.
The financial statements of the Company have been prepared
and are presented in accordance with the principles and policies
defined
(ANC)
Regulation 2014-03, approved by government order of
September 8, 2014 and amended by all subsequently published
Regulations.
in Autorité
comptables
normes
des
The Carrefour SA financial statements are presented in millions of
euros, rounded to the nearest million. As a result, there may be
rounding differences between the amounts reported in the
various statements.
Assets and liabilities are measured according to the historical
cost convention.
There were no changes
methods in 2022 compared with the previous year.
in measurement or presentation
The preparation of financial statements involves the use of
management estimates and assumptions that may affect the
reported amounts of certain assets, liabilities, income and
expenses. Due to the uncertainty inherent in any measurement
process, amounts reported in future financial statements may
differ from the currently estimated values.
NOTE 4
FIXED ASSETS
4.1
Financial investments
4.1.1
Accounting treatment and measurement
Value in use is estimated based on a range of criteria including:
Financial investments consist of shares in subsidiaries and
affiliates (including any allocated merger deficits), loans and
advances to subsidiaries and affiliates and other financial assets.
Shares in subsidiaries and affiliates are stated at cost.
■
■
■
At January 1, 2016, on the first-time application of ANC
Regulation 2015-06, merger deficits resulting mainly from the
merger of Carrefour-Promodès in 2000 were allocated to the
investments
in Carrefour France, Norfin Holder, Caparbel,
Carrefour Nederland BV and Hyparlo based on the respective
unrealised gains as at that date.
Shares in subsidiaries and affiliates are tested for impairment at
each year-end to confirm that their net carrying amount
(including the net carrying amount of any allocated merger
deficits) does not exceed their value in use.
the Company’s interest in the investee’s net assets;
projected future cash flows from the investment;
a fair value measurement of the net assets based on
reasonable business projections or observable data if they exist
(multiples of net sales and/or income statement aggregates for
recent transactions, offers received from buyers, stock market
multiples for comparable companies) or based on analyses
performed by internal or external experts, adjusted where
applicable for net debt.
An impairment loss is recorded when the net carrying amount
(including, where applicable, the net carrying amount of any
allocated merger deficit) exceeds value in use.
Impairment losses are recorded in net financial expense, along
with amounts written off on disposal of the interests concerned.
Gains and losses on disposal of shares in subsidiaries and
affiliates are recorded in non-recurring income or expenses.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
435
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
4.1.2
Changes in ownership interests over the year
(in millions of euros)
SShhaarreess iinn
ssuubbssiiddiiaarriieess
aanndd aaffiffilliiaatteess
DDeefificciittss aallllooccaatteedd
ttoo sshhaarreess iinn
ssuubbssiiddiiaarriieess aanndd
aaffiffilliiaatteess
OOtthheerr
fifinnaanncciiaall
aasssseettss
Financial
assets, net in
2022
FFiinnaanncciiaall
aasssseettss,, nneett iinn
22002211
GGrroossss aammoouunntt aatt JJaannuuaarryy 11
2266,,004444
1111,,440077
Capital increases and acquisitions
Capital reductions and disposals/liquidations
GGrroossss aammoouunntt aatt DDeecceemmbbeerr 3311 ((AA))
IImmppaaiirrmmeenntt aatt JJaannuuaarryy 11
Increases
(1)
Reversals
(1)
AAccccuummuullaatteedd iimmppaaiirrmmeenntt aatt DDeecceemmbbeerr 3311 ((BB))
NET TOTAL (A) - (B)
45
(2)
2266,,008866
((22,,886600))
(27)
2
((22,,888855))
23,201
1111,,440077
((55,,001100))
(1,542)
276
((66,,227766))
5,131
00
6
66
00
00
6
3377,,445511
3377,,225544
50
(2)
3377,,449999
((77,,887700))
(1,569)
279
((99,,116600))
28,339
418
(220)
3377,,445511
((77,,665522))
(241)
23
((77,,887700))
29,581
(1) Impairment of shares in subsidiaries and deficits recognised in 2022 mainly concerned France and Belgium, and were partially offset by a reversal
of impairment relating to Argentina.
Details of allocated shares in subsidiaries and deficits are presented in Note 12.
4.1.3
Carrefour France SAS
4.2
Tangible and intangible fixed assets
At December 31, 2022, the net carrying amount of the shares in
Carrefour France SAS including the allocated merger deficit
amounted to 5,224 million euros.
The tests performed as at December 31, 2022 on the deficit
allocated to the Carrefour France shares indicated the need to
recognise an additional
the financial
statements due a technical effect from the increase in the
after-tax discount rate.
impairment
loss
in
Value in use is estimated based on the sum of discounted future
cash flows for a period of four years, plus a terminal value
calculated by projecting data for the final year using a perpetuity
growth rate. A specific discount rate by country is used for the
calculation. Future cash flows used in the impairment tests were
estimated based on financial projections prepared by
country-level Executive Management teams and approved by the
Group’s Executive Management.
The main financial assumptions used for the purposes of
discounting Carrefour France SAS’s future cash flows were a
post-tax discount rate of 6.3% (5.1% in 2021), and a perpetuity
growth rate of 1.6% (1.3% in 2021).
Tangible fixed assets are stated at cost, corresponding to the
purchase price and ancillary expenses.
Intangible fixed assets are mainly composed of software, stated
at acquisition cost.
Intangible fixed assets are amortised and tangible fixed assets are
depreciated over their estimated useful lives, as follows:
software: 3 to 8 years;
computer equipment: 3 years;
building fixtures and fittings: 8 years;
other: 3 to 10 years.
■
■
■
■
If the net carrying amount of a tangible or intangible fixed asset is
not expected to be recovered through the future economic
benefits generated by the asset, an impairment loss is recognised
for the difference between its carrying amount and the higher of
value in use and fair value.
436
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
Movements in tangible and intangible fixed assets in 2022 were as follows:
(in millions of euros)
GGrroossss aammoouunntt aatt JJaannuuaarryy 11
Acquisitions
Disposals and scrap
GGrroossss aammoouunntt aatt DDeecceemmbbeerr 3311 ((AA))
DDeepprreecciiaattiioonn,, aammoorrttiissaattiioonn aanndd iimmppaaiirrmmeenntt aatt JJaannuuaarryy 11
Depreciation/amortisation for the year
Disposals and scrap
DDeepprreecciiaattiioonn//aammoorrttiissaattiioonn aanndd iimmppaaiirrmmeenntt aatt
DDeecceemmbbeerr 3311 ((BB))
NET TOTAL (A) - (B)
IInnttaannggiibbllee fifixxeedd
aasssseettss
TTaannggiibbllee fifixxeedd
aasssseettss
Total in 2022
TToottaall iinn 22002211
1199
-
-
1199
((1188))
(1)
((1199))
0
22
-
-
22
((22))
((22))
0
2211
-
-
2211
((2200))
(1)
-
((2211))
1
2211
-
-
2211
((1177))
(2)
-
((2200))
1
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
437
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 5
FINANCING AND RISK MANAGEMENT
5.1
Borrowings
At December 31, 2022, borrowings broke down as follows:
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
(in millions of euros)
Bonds and notes
Accrued interest
Commercial paper
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
969
35
490
4,719
-
1,600
FINANCIAL LIABILITIES
1,494
3,719
2,600
Total
7,288
35
490
7,813
TToottaall
5,883
30
-
5,913
Changes in bonds and notes in 2022 are set out below:
(in millions of euros)
EMTN, EUR, 8 years, 1.75%
Non-dilutive convertible bonds,
USD 500 million, 6 years, 0%
EMTN, EUR, 8 years, 0.750%
EMTN, EUR, 10 years, 1.25%
Non-dilutive convertible bonds, USD, 6 years,
0%
EMTN, EUR, 5 years, 0.88%
EMTN, EUR, 7.5 years, 1.75%
EMTN, EUR, 8 years, 1.00%
EMTN, EUR, 7 years, 2.625%
EMTN, EUR, 4 years, 1.875%
EMTN, EUR, 7 years, 2.375%
EMTN, EUR, 6 years, 4.125%
EMTN, EUR, 6 years, 4.125%
TToottaall bboonnddss aanndd nnootteess
December 31, 2021
IIssssuueess RReeppaayymmeennttss
aaddjjuussttmmeennttss December 31, 2022
FFaaccee VVaalluuee
TTrraannssllaattiioonn
1,000
441
750
750
442
500
500
500
1,000
55,,888833
-
-
-
-
-
-
-
(2)
750
(2)
750
(2)
500
(2)
350
22,,335500
(1,000)
(1)
-
-
-
-
-
-
-
28
-
-
27
-
-
-
((11,,000000))
5555
-
469
750
750
469
500
500
500
1,000
750
750
500
350
77,,228888
(1) On June 8, 2022, the Group redeemed 1 billion euros worth of 1.75% eight-year bonds, ahead of maturity.
(2) Two bond issues were carried out in 2022, the first on March 30, 2022 for a total of 1.5 billion euros, the second on October 12, 2022 for an
amount of 500 million euros, which was increased by 350 million euros on November 28, 2022 under the same terms.
438
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
5.2
Cash and marketable securities
(in millions of euros)
Treasury shares allocated to specific plans
(1)
Available treasury shares
(2)
Cash and cash equivalents
(3)
CASH AND MARKETABLE SECURITIES
Cash and marketable securities comprise:
December 31, 2022 DDeecceemmbbeerr 3311,, 22002211
GGrroossss
IImmppaaiirrmmeenntt
33
216
0
249
(64)
(64)
Net
33
152
0
185
NNeett
39
110
0
149
(1) Carrefour shares designated as being held for allocation to employees under stock option and performance share plans. They are stated at cost (or
at their net carrying amount at the reclassification date if they are reclassified from “Available treasury shares” to “Treasury shares allocated to
specific plans”). They are not written down to market value because they are intended to be allocated to employees and a provision is recorded in
liabilities as explained below in Note 6.1.
(2) Carrefour shares available for allocation to employees or to stabilise the share price. These shares are stated at the lower of cost and market value,
corresponding to the most recent share price.
(3) Cash at bank.
Initially, none of the treasury shares held by the Company were
allocated to specific plans. Accordingly, they were recognised
within “Cash and cash equivalents” as “Available treasury shares”
and written down if their carrying amount exceeded the most
recent share price.
At the end of 2022, the Company decided to use treasury shares
for the 2020 free share plan, which is expected to be delivered in
February 2023. The treasury shares earmarked for the plan have
therefore been reclassified from “Available treasury shares” to
“Treasury shares allocated to specific plans” for their net carrying
amount at the reclassification date (the previously recognised
impairment cannot be reversed), corresponding to 32.9 million
euros (gross amount of 48.1 million euros and previously
recognised impairment of 15.1 million euros). A provision for
contingencies and charges in the amount of 32.9 million euros
was recorded at December 31, 2022 in respect of the share
delivery expected in February 2023, offset by the recognition of
accrued income of 24.8 million euros corresponding to the
amount to be rebilled to subsidiaries in respect of the shares that
will be delivered to their employees.
At December 31, 2022, cash and marketable securities comprise
11,544,870 Carrefour shares, of which 2,105,505 shares have
been allocated to specific plans and 9,439,365 shares are
available, for a gross amount of 249 million euros.
(in millions of euros)
NNuummbbeerr ooff
sshhaarreess
GGrroossss
vvaalluuee
IImmppaaiirrmmeenntt
NNeett vvaalluuee
NNuummbbeerr
ooff sshhaarreess
GGrroossss
vvaalluuee
IImmppaaiirrmmeenntt NNeett vvaalluuee
AAvvaaiillaabbllee ttrreeaassuurryy sshhaarreess
TTrreeaassuurryy sshhaarreess aallllooccaatteedd ttoo ssppeecciifificc ppllaannss
AAmmoouunntt aatt JJaannuuaarryy 11,, 22002222
66,,882222,,999933
116688
((5588))
111100
22,,663344,,554466
(2,105,505)
(48)
15
(33)
2,105,505
(2,592,746)
(38)
41,800
1
1
(41,800)
(1)
3399
33
--
-
-
-
3399
33
(38)
(1)
(5,298)
4,685,375
(0)
95
(21)
(0)
95
(21)
152
2,105,505
33
-
33
AMOUNT AT DECEMBER 31, 2022
9,439,365
216
(64)
Carrefour shares held at December 31, 2022 and allocated to specific plans are measured based on the latest known quoted price, i.e.,
15.64 euros.
Reclassification to treasury shares
allocated to specific plans
Delivery of shares under the 2019 LTI
plan
Reclassification to available treasury
shares
Delivery of treasury shares to heirs
of deceased beneficiaries under the
2020 and 2021 LTI plans
Share buyback – May 2022
Net charge to/reversal of impairment
of available treasury shares
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
439
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
Movements in treasury shares in 2022 were as follows:
(in millions of euros)
AAmmoouunntt aatt DDeecceemmbbeerr 3311,, 22002211
NNuummbbeerr
ooff sshhaarreess
99,,445577,,553399
GGrroossss vvaalluuee
ooff mmaarrkkeettaabbllee
sseeccuurriittiieess
IImmppaaiirrmmeenntt
ooff mmaarrkkeettaabbllee
sseeccuurriittiieess
Net value
of marketable
securities
PPrroovviissiioonnss ffoorr
ppeerrffoorrmmaannccee
sshhaarree ppllaannss
220077
((5588))
114488
((3399))
Shares purchased to cover performance share plans
Delivery of performance shares allocated to specific
plans
(2,592,746)
Change in treasury stock and other equity instruments
38,423,806
Cancellation of treasury shares
(33,738,431)
Reclassification of available treasury shares to treasury
shares allocated to specific plans
Delivery of treasury shares to heirs of deceased
beneficiaries under the 2020 and 2021 LTI plans
(5,298)
Reversals of provisions for performance shares
allocated to specific plans
Additions to provisions for performance shares
allocated to specific plans
Impairment of shares not yet allocated to specific
plans
AMOUNT AT DECEMBER 31, 2022
11,544,870
249
(38)
750
(655)
(15)
(0)
(38)
750
(655)
(0)
15
39
(33)
(33)
(21)
(64)
(21)
185
5.3
Liquidity
5.3.1
Credit facilities
5.3.2
Financing programmes
At December 31, 2022, the Group had two undrawn syndicated
lines of credit obtained from a pool of leading banks, for a total
of 3.9 billion euros.
As a reminder, in May 2021, Carrefour exercised its option to
extend its two credit facilities totalling 3.9 billion euros, from
June 2025 to June 2026. This option has been applied to more
than 99% of the Group’s banking facilities. Group policy consists
of keeping these facilities on stand-by to support the commercial
paper programme.
The loan agreements for the syndicated lines of credit include
the usual commitment clauses, including pari passu, negative
pledge, change of control and cross-default clauses and a clause
restricting substantial sales of assets. The pricing grid may be
adjusted up or down to reflect changes in the long-term credit
rating.
Carrefour has 12 billion euros of available financing through its
Euro Medium Term Notes
(EMTN) programme, aimed at
maintaining a presence in the debt market through regular debt
issuance, mainly in euros, in order to create a balanced maturity
profile.
On March 30, 2022, the Group issued its first Sustainability-Linked
Bond (SLB) indexed to its sustainable development goals. The
1.5-billion-euro bond comprises two tranches of 750 million
euros each, with a maturity of 4.6 years (due in October 2026)
and 7.6 years (due in October 2029) respectively, and paying a
coupon of 1.88% and 2.38%.
440
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
its second
On October 12, 2022, the Group carried out
Sustainability-Linked Bond
its sustainable
issue
development goals, for a total of 500 million euros, maturing in
six years (due in October 2028) and paying a coupon of 4.125%.
On November 28, 2022, the Group increased the amount of the
Sustainability-Linked Bond issue by 350 million euros, under the
same terms.
indexed to
These bonds were issued as part of a financing strategy aligned
with the Group’s CSR objectives and ambitions as well as the
Sustainability-Linked Bond Framework of its Euro Medium-Term
Notes (EMTN) programme published in June 2021, whose CSR
component was revised and enhanced in May 2022.
On June 8, 2022, the Group redeemed 1 billion euros worth of
1.75% eight-year bonds, ahead of their maturity (July 2022).
Carrefour also has a 5-billion-euro commercial paper programme
described in a prospectus filed with the Banque de France.
These transactions guarantee the Carrefour group’s liquidity over
the short- and medium-term
in an unstable economic
environment, and are part of the strategy to ensure the necessary
financing is in place to meet Carrefour’s needs. The average
maturity of Carrefour SA’s bond debt was 3.6 years at
at
end-December 2022,
end-December 2021.
compared
3.1 years
with
5.4
Risk hedging
5.4.1
Interest rate risk
Interest rate risk is the risk of a change in interest rates leading to
an increase in the Group’s net borrowing costs.
Interest rate hedging is managed by Corporate Treasury and
Financing. The hedging strategy and methods used to limit
interest rate exposures and optimise borrowing costs are
updated on a monthly basis.
Long-term borrowings are generally at fixed rates of interest and
do not therefore give rise to any exposure to rising interest rates.
Financial instruments are nonetheless used to hedge borrowings
against the risk of changes in interest rates.
Interest rate hedging instruments are used mainly to limit the
in exchange rates on the Company’s
effects of changes
variable-rate borrowings. These are mainly basic swaps and
options.
Details of derivative instruments outstanding and their carrying
amounts are presented in Note 10.
5.4.2
Currency risk
Currency risk is the risk of an unfavourable change in exchange
rates having an adverse effect on cash flows from transactions
denominated in foreign currency.
As a holding company, Carrefour is exposed to currency risk on
specific transactions (capital increases or dividend payments)
with certain foreign subsidiaries whose functional currency is not
the euro. Currency risk on these transactions can in certain cases
be hedged by forward currency purchases.
On June 7, 2017, Carrefour issued 500 million US dollars’ worth
of six-year cash-settled convertible bonds
in
June 2023) to institutional investors. A EUR/USD cross-currency
swap for 500 million US dollars with the same maturity was
arranged in parallel to the bond issue in 2017.
(maturing
On March 22, 2018, Carrefour
issued another 500 million
US dollars’ worth of six-year cash-settled convertible bonds
(maturing in March 2024). As for the 2017 bond issue, two EUR/
USD cross-currency swaps for 250 million US dollars with the
same maturity were arranged in parallel to the bond issue.
These operations, for which a EUR/USD cross currency swap was
arranged in euros, provide the Company with the equivalent of
standard euro-denominated bond financing.
5.4.3
Equity risk
Company policy is to avoid taking positions on its own shares or
those of other companies, except in response to particular
circumstances or needs.
From time to time, the Company buys back its shares on the
market or purchases call options on its shares. These shares are
mainly used to cover stock option and performance share plans.
risk associated with
The equity
the conversion options
embedded in the bonds issued by the Group in June 2017 and
March 2018 is fully hedged by symmetrical options contracted
with banks.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
441
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 6
PROVISIONS AND IMPAIRMENT
A provision is recorded when (i) the Company has an obligation towards a third party, (ii) the amount of the obligation can be reliably
estimated, (iii) it is probable that an outflow of resources will be necessary to settle the obligation and (iv) no equivalent economic
benefit is expected to be received in return.
(in millions of euros)
DDeecceemmbbeerr 3311,, 22002211
IInnccrreeaasseess
UUsseedd
SSuurrpplluuss
mmoovveemmeennttss December 31, 2022
RReevveerrssaallss
OOtthheerr
Obligations to deliver shares
Pension obligations
Provisions for shares in subsidiaries
and affiliates
Disputes and miscellaneous risks
PPrroovviissiioonn ffoorr ccoonnttiinnggeenncciieess aanndd cchhaarrggeess
On financial assets
On accounts receivable
On other items (marketable securities)
IImmppaaiirrmmeenntt
TOTAL PROVISIONS AND IMPAIRMENT
39
0
25
58
112222
7,870
17
58
77,,994455
8,067
33
(39)
12
9
5544
1,569
0
21
11,,558899
1,644
(6)
((4455))
(2)
(16)
((1166))
(276)
((22))
(47)
((227766))
(293)
(15)
((1155))
(15)
33
0
38
44
111155
9,160
17
64
99,,224400
9,355
6.1
Provisions for share plans
receive equity-settled
Certain Carrefour group employees
share-based payments in the form of performance share and
stock option plans.
Plans settled by issuing new shares
The Company does not set aside a provision for these plans, in
accordance with the provisions of article 624-6 of the French
General Chart of Accounts (Plan comptable général).
Performance share and stock option plans settled in
existing shares
At the grant date, the Company does not recognise any expense
in payroll costs in respect of performance shares and stock
options, but on delivery of the performance shares or exercise of
the stock options.
A provision is recognised when (i) the Company decides to set up
a stock option or performance share plan, (ii) the Company has
an obligation to deliver existing shares to grantees and (iii) it is
probable or certain that an outflow of resources will be
necessary to settle the obligation without any equivalent
economic benefit being received in return.
When the vesting of performance shares or stock options is
explicitly subject to a service condition requiring the continued
presence at Carrefour for a specified future period, the provision
is recognised on a straight-line basis over the vesting period.
2019 Plan
in
the 14th resolution of
On February 27, 2019, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given
the Annual
Shareholders’ Meeting held on May 17, 2016 to grant new or
existing performance shares. This plan provided for the grant of a
maximum of 3,366,200 shares (excluding shares granted to the
Executive Officer), representing 0.43% of the share capital. The
shares vested subject to a service condition and several
performance conditions.
The vesting period was three years from the date of the Board of
Directors’ meeting at which the plan was decided.
The number of shares that vested depended on the achievement
of four performance conditions:
two conditions linked to financial performance (recurring
operating income growth for 25% and free cash flow growth
for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour SA share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
In February 2022, 2,592,746 treasury shares were delivered under
this plan.
442
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
2020 Plan
On February 26, 2020, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given in the Extraordinary Shareholders’ Meeting
held on June 14, 2019 to grant new or existing performance
shares. The plan provided for the grant of a maximum of
2,300,000 shares
the
to
Executive Officer), representing 0.28% of the share capital.
(excluding
granted
shares
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of four
performance conditions:
two conditions linked to financial performance (recurring
operating income growth for 25% and adjusted free cash flow
growth for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour SA share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
As mentioned in Note 5.2, the shares that will be delivered to the
grantees in February 2023 will be treasury shares held by the
Company.
2021 Plan
On February 17, 2021, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given in the Extraordinary Shareholders’ Meeting
held on June 14, 2019 to grant new or existing performance
shares. The plan provided for the grant of a maximum of
2,664,670 shares
the
Executive Officer (representing 0.33% of the share capital). The
shares will vest subject to a service condition and several
performance conditions.
excluding
granted
shares
to
two conditions linked to financial performance (recurring
operating income growth for 25% and adjusted free cash flow
growth for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour SA share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
2022 Plan
On February 16, 2022, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given in the Extraordinary Shareholders’ Meeting
held on June 14, 2019 to grant new or existing performance
shares. The plan provided for the grant of a maximum of
3,104,000 shares excluding shares granted the Executive Officer
(representing 0.4% of the share capital). The shares will vest
subject
to a service condition and several performance
conditions.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of four
performance conditions:
two conditions linked to financial performance (recurring
operating income growth for 25% and adjusted free cash flow
growth for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Carrefour SA share price against a panel of
companies in the retail sector (for 25%);
a CSR-related condition for 25%.
■
■
■
Characteristics
The main characteristics of the three performance share plans
outstanding are presented below.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vest will depend on the achievement of four
performance conditions:
22002200 PPllaann
22002211 PPllaann
2022 Plan
Shareholders’ Meeting date
June 14, 2019
June 14, 2019
May 21, 2021
Grant date(1)
Vesting date
(2)
February 26, 2020
February 17, 2021
February 16, 2022
February 25, 2023
February 16, 2024
February 16, 2025
Total number of shares approved at the grant date
2,604,597
3,000,000
3,104,000
Number of grantees at the grant date
Fair value of each share (in euros)
(3)
516
13.05
690
11.85
809
14.21
(1) Notification date (i.e., date on which grantees were notified of the plans’ characteristics and terms).
(2) The shares will vest subject to a service condition and several performance conditions.
(3) The Carrefour share price on the grant date (reference price) adjusted for dividends expected during the vesting period and the expected
achievement of market performance criteria.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
443
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
Changes in the year
Movements in shares under these plans were as follows in 2022:
NNuummbbeerr ooff ppeerrffoorrmmaannccee sshhaarreess ggrraanntteedd aatt JJaannuuaarryy 11
Shares granted during the year
Shares delivered to grantees during the year(1)
Shares cancelled during the year
(2)
NUMBER OF PERFORMANCE SHARES GRANTED AT DECEMBER 31
2022
77,,990077,,556699
3,104,000
(2,598,044)
(697,255)
7,716,270
22002211
55,,445533,,990088
3,000,000
-
(546,339)
7,907,569
(1) Of which 2,592,746 shares were delivered to heirs of employees under the 2019 plan, and 5,298 shares under the ongoing 2020 and 2021
Performance Plans.
(2) 41,800 shares were cancelled under the 2019 plan, 238,700 under the 2020 plan, 260,700 under the 2021 plan and 156,055 under the 2022 plan.
6.2
Provisions for pension benefit
obligations
Pension benefit obligations corresponding to amounts payable to
employees on retirement are measured using the projected unit
credit method. The main actuarial assumptions used to measure
the obligations are described below.
The assumptions used to calculate the provision are as follows:
6.2.1
Termination benefit obligations
Company employees in France are legally entitled to a lump-sum
payment on retirement, with all rights vested to the persons
concerned expensed during the year they are incurred.
AAssssuummppttiioonnss
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Rate of future salary increases
Payroll tax rate
Discount rate
Mortality table
Staff turnover rate (based on seniority):
0 to 5 years’ seniority
6 to 10 years’ seniority
11 to 15 years’ seniority
16 to 20 years’ seniority
21 to 25 years’ seniority
More than 26 years’ seniority
3%
36%
3.80%
2.84%
36%
0.80%
TH 2017-2019/TF 2017-2019
TV TD 2016-2018
Before age 55, average of the actual
turnover rates for headquarters staff over
the period 2020-2022; beyond age 55,
the turnover rate is nil
Before age 55, average of the actual
turnover rates for headquarters staff over
the period 2019-2021; beyond age 55,
the turnover rate is nil
8.45%
7.43%
2.57%
4.39%
3.68%
2.70%
8.46%
7.10%
3.04%
4.72%
2.96%
3.26%
The provision at December 31, 2022 reflects the full amount of the present value of pension benefit obligations (including actuarial
gains and losses and past service costs), net of plan assets. At December 31, 2022, the obligation net of plan assets corresponded to
177 thousand euros in assets.
6.2.2
Supplementary pension obligations
In 2009, Carrefour set up a supplementary defined benefit
pension plan, amended
in 2015. Following publication of
government order 2019-697 dated July 3, 2019 (on transposition
into French law of the European “Portability” Directive), the
supplementary pension plan was cancelled by decision of the
Board of Directors on April 20, 2020 and the provision carried in
the consolidated statement of financial position at December 31,
2019 was reversed in full.
444
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
In addition, at its meeting of April 20, 2020, the Board of
Directors decided to set up a new supplementary pension plan
that meets the requirements of Article L. 137-11-2, as amended, of
the French Social Security Code (Code de la sécurité sociale),
effective from January 1, 2020. The main characteristics of the
new plan are as follows:
■
■
beneficiaries will retain the annual rights accrued in the event
that they leave the Company;
the rights accrued in a given year will be calculated based on
the compensation for that year (reference compensation),
without exceeding 60 times the annual social security ceiling;
■
rights vest subject to the achievement of annual performance
conditions: the performance criteria and specified targets are
chosen among those used by the Board of Directors to
determine the annual variable component of the Executive
Officer’s compensation;
■
the annual vesting rate under the plan will vary depending on
the achievement rates for the performance criteria; and the
aggregate annual percentages applied for a given beneficiary,
all employers combined, will be capped at 30%.
The Group has externalised the plan’s management to an
insurance company.
NOTE 7
SHAREHOLDERS’ EQUITY
7.1
Share capital
7.2
Issue and merger premiums
At December 31, 2022, the share capital was made up of
742,157,461 ordinary shares with a par value of 2.50 euros each,
versus 775,895,892 shares at December 31, 2021.
Issue premiums represent the difference between the nominal
amount of shares issued and the amount, net of costs, of cash or
in-kind contributions received by Carrefour SA.
The change during the year corresponds to the shares cancelled
in connection with the capital reductions carried out in April and
June 2022.
7.3
Changes in shareholders’ equity
(in millions of euros)
SShhaarree ccaappiittaall
IIssssuuee aanndd
mmeerrggeerr
pprreemmiiuummss
OOtthheerr rreesseerrvveess,,
rreettaaiinneedd
eeaarrnniinnggss
Total
shareholders’
equity
NNeett iinnccoommee
SShhaarreehhoollddeerrss’’ eeqquuiittyy aatt DDeecceemmbbeerr 3311,, 22002211
11,,994400
1166,,558877
Appropriation of net income for 2021
Dividend distribution
Share capital reductions
Net income for 2022
(84)
(570)
22,,888899
837
(380)
SHAREHOLDERS’ EQUITY AT DECEMBER 31,
2022
1,855
16,017
3,346
883377
(837)
223
223
2222,,225522
-
(380)
(655)
223
21,441
At the Shareholders’ Meeting held on June 3, 2022, the
shareholders decided to set the 2021 dividend at 0.52 euro per
share to be paid entirely in cash.
On June 9, 2022, the dividend was paid out in an amount of
380 million euros.
Dividends not paid on Carrefour shares held in treasury on the
ex-dividend date, in the amount of 6 million euros, were credited
to retained earnings.
As mentioned in Note 2, further to buying back treasury shares
for a total amount of 750 million euros, the Company carried out
two capital reductions through the cancellation of shares: (i) an
initial capital reduction in April 2022 involving the cancellation of
21,232,106 shares, corresponding to a capital reduction of
53 million euros and an impact on premiums of 347 million
euros; (ii) a second capital reduction in June 2022 involving the
cancellation of 12,506,325 shares, corresponding to a capital
reduction of 31 million euros; and (iii) an impact on premiums of
223 million euros.
7.4
Treasury share reserve
At December 31, 2022, a total of 11,544,870 shares were held in
treasury.
Shares held in treasury are intended for the Group’s performance
share plans. All rights attached to these shares are suspended for
as long as they are held in treasury.
The net carrying amount of Carrefour shares held at
December 31, 2022 was 185 million euros (see Note 5.2). versus
148 million euros at December 31, 2021.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
445
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 8
FINANCIAL INCOME, NET
Net financial income breaks down as follows:
(in millions of euros)
Dividends
Interest and other financial expenses
Impairment and provisions
Reversals of impairment and provisions
Other financial income and expenses, net
FINANCIAL INCOME, NET
2022
1,325
(114)
(1,602)
280
18
(93)
22002211
517
(130)
(305)
136
67
284
In 2022, dividends received stood at 1,325 million euros, mainly
including:
724 million euros from Dutch subsidiary CNBV;
271 million euros from Spanish subsidiary Norfin Holder;
116 million euros from French subsidiary CRFP8;
61 million euros from Belgian subsidiary Caparbel;
43 million euros from Brazilian subsidiary Atacadão.
■
■
■
■
■
Interest expense was mainly attributable to bond and note issues.
Further to their remeasurement at December 31, 2022, the
Company recognised an increase of 1,290 million euros in the
net charge to impairment for shares in subsidiaries and affiliates
and deficits, and of 12 million euros in provisions for shares in
subsidiaries (see Note 6).
Movements for the year also include a reversal of impairment of
marketable securities for 21 million euros.
Other financial income and expenses include the deferral of
bond redemption premiums as well as exchange gains and
losses.
446
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 9
INCOME TAX
9.1
Breakdown of net income and corresponding tax
(in millions of euros)
Recurring income before profit-sharing
Non-recurring income, net
Group relief
2022 NET INCOME
2022
Before tax
Tax
After tax
(182)
30
(152)
(182)
30
375
223
375
375
The income tax benefit for 2022 mainly corresponds to income from tax consolidation.
Tax credits deductible from income tax expense are reported in the income statement under “Income tax”.
9.2
Tax consolidation
Carrefour SA is the head of a tax consolidation group.
Each company in the tax group records in its accounts the
income tax expense or benefit that it would have paid or received
if it had been taxed on a stand-alone basis.
The tax saving or additional tax charge corresponding to the
difference between the sum of the taxes payable by the
companies in the tax group and the tax expense or benefit
calculated on the basis of the tax group’s consolidated profit or
loss is recorded by Carrefour SA.
9.3
Unrecognised deferred taxes
The following table shows the impact of temporary differences between Carrefour SA’s taxable profit and accounting profit.
(in millions of euros)
11-- TTeemmppoorraarriillyy nnoonn--ddeedduuccttiibbllee eexxppeennsseess
Provisions for pension obligations
Provisions for contingencies and charges
Other
■
■
■
22-- TTeemmppoorraarriillyy nnoonn--ttaaxxaabbllee rreevveennuuee
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
Assets
Liabilities
AAsssseettss
LLiiaabbiilliittiieess
2
2
Capital gains on mergers and asset contributions qualifying for rollover relief
■
33-- TTaaxx lloossss ccaarrrryyffoorrwwaarrddss
TOTAL
113333
135
250
250
225566
258
250
250
The amount of 250 million euros recorded in liabilities corresponds to deferred taxes arising on share contribution transactions
qualifying for preferential tax treatment under Article 210B of the French General Tax Code (Code général des impôts).
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
447
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 10 OTHER INFORMATION
10.1
Accounts receivable and accrued assets
Accounts receivable mainly correspond to intra-group receivables related to the provision of services, in which case the receivables are
recognised when the service is provided.
They are recorded in the balance sheet at their nominal amount. An impairment loss is recorded when there is a risk that they may not
be recovered.
(in millions of euros)
Accounts receivable
(1)
SSuubbttoottaall aaccccoouunnttss rreecceeiivvaabbllee
Translation losses
Other accruals
(2)
SSuubbttoottaall aaccccrruuaallss
TOTAL
December 31, 2022
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11
ttoo 55 yyeeaarrss
DDuuee
bbeeyyoonndd
55 yyeeaarrss
DDeecceemmbbeerr 3311,, 22002211
2,081
22,,008811
159
115599
2,081
22,,008811
126
115599
2,240
2,240
33
934
993344
62
6622
996
(1) Accounts receivable correspond mainly to intra-group receivables and, to a lesser extent, tax receivables (tax or VAT credits).
(2) Other accruals mainly include translation adjustments, a prepaid expense relating to the Paris 2024 partnership, bond issuance premiums and
bond issuance costs which are deferred over the life of the corresponding bonds.
10.2
Accounts payable and accrued liabilities
The debt maturity schedule is as follows:
(in millions of euros)
Trade payables
Accrued taxes and payroll costs
Other liabilities
(1)
TOTAL
December 31, 2022
DDuuee wwiitthhiinn
11 yyeeaarr
DDuuee iinn
11 ttoo 55 yyeeaarrss
DDuuee
bbeeyyoonndd
55 yyeeaarrss
DDeecceemmbbeerr 3311,, 22002211
10
254
1,114
1,378
10
254
1,114
1,378
5
209
2,207
2,421
(1) Other liabilities essentially correspond to intra group payables.
-
10.3
Related parties
There were no material transactions with related parties other than wholly-owned subsidiaries that were not entered into on arm’s
length terms.
448
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
10.4 Off-balance sheet commitments
10.4.1 Derivative instruments
1
Derivative instruments used
(in millions of euros)
PPuurrcchhaasseedd ccaallllss
CCuurrrreennccyy sswwaappss
EUR/USD on convertible bonds
EUR/TWD
PPuurrcchhaasseedd iinntteerreesstt rraattee ooppttiioonnss ((ccaappss))
PPuurrcchhaasseedd sswwaappttiioonnss ((SSWWPP))
SSoolldd sswwaappttiioonnss ((SSWWRR))
IInntteerreesstt rraattee sswwaappss
TOTAL
Notional amount covered by maturity
Market value of derivatives
December 31
2022
DDuuee
wwiitthhiinn
11 yyeeaarr
DDuuee iinn 11
ttoo 55 yyeeaarrss
DDuuee
bbeeyyoonndd
55 yyeeaarrss
DDeecceemmbbeerr 3311
22002211
December 31
2022
DDeecceemmbbeerr 3311
22002211
2
993388
994488
938
11
00
227755
00
((7755))
446699
446699
469
446699
448800
469
11
220000
7755
((7755))
888833
888833
883
110000
557755
((225500))
1177
117755
174
1
00
4477
00
55
2,161
1,148
1,013
-
2,191
413
2222
120
0
00
88
((44))
00
146
(1) A EUR/USD cross-currency swap for 500 million US dollars was arranged in 2017 in parallel to and with the same maturity as a cash-settled
convertible bond issue on June 7, 2017.
Two EUR/USD cross-currency swaps for 250 million US dollars with the same maturity were arranged in March 2018 in parallel to a
500-million-US dollar cash-settled convertible bond issue.
3
4
10.4.2 Other commitments
(in millions of euros)
Guarantees(1)
CCoommmmiittmmeennttss ggiivveenn
Undrawn syndicated lines of credit(2)
CCoommmmiittmmeennttss rreecceeiivveedd
December 31, 2022
DDeecceemmbbeerr 3311,, 22002211
39
3399
3,900
33,,990000
34
3344
5
3,900
33,,990000
(1) Guarantees mainly relate to guarantees issued on behalf of the Group’s captive insurance company.
(2) At December 31, 2022, the Company had two undrawn syndicated lines of credit obtained from a pool of leading banks, for a total of 3.9 billion
euros. In 2020, Carrefour exercised the option to extend the two credit facilities from June 2025 to June 2026.
The first credit facility (“Club deal”) was negotiated with a syndicate of eight banks for a total of 1.4 billion euros. The second credit facility
(“Syndicated facility”) was negotiated with a syndicate of 21 banks for a total of 2.5 billion euros.
10.5
Employees and compensation
10.5.1 Average number of employees
Managerial
AVERAGE NUMBER OF EMPLOYEES
10.5.2 Compensation
Details of management compensation are provided in the management report.
2022
5
5
22002211
4
4
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
449
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
NOTE 11 SUBSEQUENT EVENTS
No events have occurred since the year-end that would have a material impact on the Company at December 31, 2022.
NOTE 12 SUBSIDIARIES AND AFFILIATES
RReesseerrvveess
aanndd
rreettaaiinneedd
eeaarrnniinnggss
SShhaarree
ccaappiittaall
%% iinntteerreesstt
IInnvveessttmmeenntt
aatt ccoosstt
IImmppaaiirrmmeenntt
ooff sshhaarreess
IInnvveessttmmeenntt,,
nneett
GGrroossss
aammoouunntt
ooff mmeerrggeerr
lloosssseess
aallllooccaatteedd
ttoo sshhaarreess
NNeett
aammoouunntt
ooff mmeerrggeerr
lloosssseess
aallllooccaatteedd
ttoo sshhaarreess
LLaasstt
ppuubblliisshheedd
iinnccoommee
LLaasstt
ppuubblliisshheedd
rreevveennuuee
DDiivviiddeennddss
rreecceeiivveedd
(in millions of euros)
A- Detailed information
11.. SSuubbssiiddiiaarriieess ((oovveerr 5500%% oowwnneedd))
FFrraannccee
CARMA
CARREFOUR
BANQUE
CARREFOUR FRANCE
CARREFOUR
MANAGEMENT
CARREFOUR
SYSTÈMES
D'INFORMATION
CRFP 8
GUYENNE ET
GASCOGNE
HYPARLO
TOTAL
IInntteerrnnaattiioonnaall
23
97
50.0%
44
101
1,995
367
(538)
60.0%
99.6%
124
3,979
0
6
100.0%
118
(117)
164
3,381
106
63
(190)
248
100.0%
74.8%
(34)
94
100.0%
100.0%
168
2,528
428
450
(168)
(189)
44
124
3,979
1
0
2,528
238
450
7,838
(474)
7,364
-
-
-
-
3
2
6,952
1,245
(543)
-
-
-
-
-
-
-
-
180
7,132
150
1,395
(3)
(4)
167
0
34
(343)
0
240
19
0
383
0
12
0
654
CARREFOUR ASIA
183
(179)
100.0%
190
(186)
4
CARREFOUR
NEDERLAND BV
NORFIN HOLDER
CAPARBEL
TOTAL
2,259
2
6,334
1,256
4,435
100.0%
79.9%
12
100.0%
3,603
3,177
6,334
3,603
3,177
6,334
13,304
(186)
13,119
767
2,872
636
4,275
767
2,872
97
3,736
0
0
1,057
0
9
0
0
0
116
0
0
125
0
724
271
61
450
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Notes to the Company financial statements
(in millions of euros)
RReesseerrvveess
aanndd
rreettaaiinneedd
eeaarrnniinnggss
SShhaarree
ccaappiittaall
22.. AAffiffilliiaatteess ((1100%%--5500%% oowwnneedd))
%% iinntteerreesstt
IInnvveessttmmeenntt
aatt ccoosstt
IImmppaaiirrmmeenntt
ooff sshhaarreess
IInnvveessttmmeenntt,,
nneett
GGrroossss
aammoouunntt
ooff mmeerrggeerr
lloosssseess
aallllooccaatteedd
ttoo sshhaarreess
NNeett
aammoouunntt
ooff mmeerrggeerr
lloosssseess
aallllooccaatteedd
ttoo sshhaarreess
LLaasstt
ppuubblliisshheedd
iinnccoommee
LLaasstt
ppuubblliisshheedd
rreevveennuuee
DDiivviiddeennddss
rreecceeiivveedd
6,823
863
719
506
25.0%
38.0%
1,213
1,289
1,494
(672)
30.97%
30.0%
FFrraannccee
CARREFOUR
FINANCE
CRFP 13
TOTAL
IInntteerrnnaattiioonnaall
ATACADÃO
CARREFOUR ITALIA
TOTAL
B- Aggregate information
11.. OOtthheerr ssuubbssiiddiiaarriieess
FFrraannccee
IInntteerrnnaattiioonnaall
22.. OOtthheerr iinnvveessttmmeennttss
FFrraannccee
IInntteerrnnaattiioonnaall
C- General information about investments
FFrreenncchh ssuubbssiiddiiaarriieess
((ttoottaall))
IInntteerrnnaattiioonnaall
ssuubbssiiddiiaarriieess ((ttoottaall))
FFrreenncchh aaffiffilliiaatteess
((ttoottaall))
IInntteerrnnaattiioonnaall
aaffiffilliiaatteess ((ttoottaall))
TOTAL
1,668
385
2,053
251
2,282
2,533
1111
00
9988
224488
(2,206)
(2,206)
00
00
((1111))
((88))
1,668
385
2,053
251
77
328
1111
00
8877
224400
-
-
0
-
-
0
00
00
00
00
-
-
0
-
-
0
00
00
00
00
77,,884499
((447744))
77,,337755
77,,113322
11,,339955
1133,,330044
((118866))
1133,,111199
44,,227755
33,,773366
22,,115511
((1111))
22,,114400
22,,778811
((22,,221144))
556688
00
00
00
00
26,086
(2,885)
23,201
11,407
5,131
86
52
138
0
0
0
582
9,913
582
9,913
0
10
10
43
0
43
4499
00
1100
3322
117755
11,,005577
2200
7744
1,325
Data in greyed out cells are not provided because their disclosure would be seriously prejudicial to the Company’s interests.
The columns “Share capital”, “Reserves and retained earnings”, “Last published income” and “Last published revenue” correspond to
information for 2021 since the 2022 data have not yet been authorised for issue by the appropriate governance bodies.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
451
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statutory Auditors' report on the financial statements
7.5 Statutory Auditors' report on the financial
statements
For the year ended December 31, 2022
This is a free translation into English of the statutory auditors’
report on the financial statements of the Company issued in
French and it is provided solely for the convenience of English
speaking users.
This statutory auditors’ report includes information required by
European regulation and French law, such as information about
the appointment of the statutory auditors or verification of the
management
to
shareholders.
report and other documents provided
This report should be read in conjunction with, and construed in
accordance with, French law and professional auditing standards
applicable in France.
To the Carrefour Shareholders’ Meeting,
Opinion
In compliance with the engagement entrusted to us by your
Shareholders’ Meeting, we have audited the accompanying
financial statements of Carrefour
the year ended
December 31, 2022.
for
In our opinion, the financial statements give a true and fair view
of the assets and liabilities and of the financial position of the
Company as of December 31, 2022 and of the results of its
operations for the year then ended in accordance with French
accounting principles.
The audit opinion expressed above is consistent with our report
to the Audit Committee.
Basis for Opinion
Audit Framework
We conducted our audit
in accordance with professional
standards applicable in France. We believe that the audit
evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Our responsibilities under those standards are further described
in the “Statutory Auditors’ Responsibilities for the Audit of the
Financial Statements” section of our report.
Independence
We conducted our audit engagement
in compliance with
independence requirements of rules required by the French
Commercial Code (code de commerce) and the French Code of
ethics (code de déontologie) for statutory auditors for the period
from January 1, 2022 to the date of our report, and specifically
we did not provide any prohibited non-audit services referred to
in Article 5 (1) of Regulation (EU) N° 537/2014.
Justification of Assessments - Key Audit
Matter
In accordance with the requirements of Articles L.823-9 and
R.823-7 of the French Commercial Code (code de commerce)
relating to the justification of our assessments, we inform you of
the key audit matters relating to risks of material misstatement
that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period, as well
as how we addressed those risks.
These matters were addressed in the context of our audit of the
financial statements as a whole and in forming our opinion
thereon, and we do not provide a separate opinion on specific
items of the financial statements.
Measurement of the value in use of the shares
in subsidiaries and affiliates
(See notes 4.1 and 12 to the financial statements)
Key Audit Matter
As of December 31, 2022, the net book value of the shares
including allocated merger losses amounted to € 28,332 million
and represents the most important item on the balance sheet.
The gross value of investments is recorded at acquisition cost. An
impairment loss is recognized when the value in use falls below
the net book value (including, where applicable, the net book
value of allocated merger losses)
As stated in Note 4.1 to the financial statements, shares in
subsidiaries and affiliates are subject to impairment tests at each
year-end in order to verify that their net carrying amount does
not exceed their value in use. Otherwise, an impairment loss is
recognized in the financial result.
As stated in Note 4.1 to the financial statements, the value in use
has been determined on the basis of several criteria, the main
ones being (i) the value of shareholders’ equity, (ii) projections of
future cash flows established, (iii) the valuation of the revalued
net assets estimated on the basis of reasonable operating
forecasts or on the basis of observable data when available
(multiples of sales and/or income statement aggregates of recent
transactions, offers received from buyers, multiples of stock
market values of comparable companies) or analyses carried out
by internal or external experts, adjusted, if necessary, for the net
debt of the tested entity.
Due to the significant net carrying amount of the shares,
uncertainties relating mainly to the probability of the realization
of the future cash flow forecasts used to measure the value in
use and sensitivity to changes of the financial data and
assumptions used, we considered the measurement of the value
in use of the shares to be a key audit matter.
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statutory Auditors' report on the financial statements
Responses as part of our audit
Other information
In order to estimate the value in use of the shares as determined
the
by management, our work consisted
appropriateness of the methodology used to determine the value
in use:
in assessing
In accordance with French law, we have verified that the required
information concerning the identity of the shareholders and
holders of the voting rights has been properly disclosed in the
management report.
analysing the consistency of the cash flow forecasts used with
our understanding of the group’s strategic outlook and
guidance;
Report on Other Legal and Regulatory
Requirements
comparing past forecasts with actual results to verify the
reliability of the forecasting process;
assessing the reasonableness of the financial parameters used
(discount and perpetual growth rates) with the assistance of
our specialists in financial valuation and relying particularly on
experts valuations;
■
assessing the reasonableness of the observable data provided
by the company insofar as they contribute to the estimation of
the value in use of the securities;
■
assessing the appropriateness of the disclosures in Notes 4.1,
and 12 to the financial statements.
Specific Verifications
Format of presentation of the financial state
ments included in the annual financial report
format,
We have also verified, in accordance with the professional
standard applicable
in France relating to the procedures
performed by the statutory auditor relating to the annual and
consolidated financial statements presented in the European
the
that
single electronic
consolidated financial statements included in the annual financial
report mentioned in Article L. 451-1-2, I of the French Monetary
and Financial Code (code monétaire et financier), prepared under
the responsibility of the Chairman and Chief Executive Officer
complies with the single electronic format defined in the
European Delegated Regulation No 2019/815 of December
17, 2018.
the presentation of
We have also performed, in accordance with professional
standards applicable in France, the specific verifications required
by French laws and regulations.
Information given in the management report and
in the other documents with respect to the finan
cial position and the financial statements provi
ded to shareholders
Based on the work we have performed, we conclude that the
presentation of the financial statements included in the annual
financial report complies, in all material respects, with the
European single electronic format.
We have no responsibility to verify that the financial statements
that will ultimately be included by your company in the annual
financial report filed with the AMF are in agreement with those
on which we have performed our work.
We have no matters to report as to the fair presentation and the
consistency with the financial statements of the information
given in the management report of the Board of Directors and in
the other documents with respect to the financial position and
the financial statements provided to shareholders.
In accordance with French law, we report to you that the
information relating to payment times referred to Article D.441-6
is fairly
of the French Commercial Code
presented and consistent with the financial statements.
(Code de commerce)
Report on corporate governance
We attest that the Board of Directors’ report on corporate
by
governance
Articles L.225-37-4, L. 22-10-10 et L.22-10-9 of the French
Commercial Code (Code de commerce).
information
required
sets
out
the
(code de commerce)
Concerning the information given in accordance with the
requirements of Article L. 22-10-9 of the French Commercial
Code
relating to remunerations and
benefits received by or allocated to the directors and any other
commitments made
its
consistency with the financial statements, or with the underlying
information used to prepare these financial statements and,
where applicable, with the
information obtained by your
Company from controlled companies that are included in the
scope of consolidation. Based on this work, we attest the
accuracy and fair presentation of this information.
in their favour, we have verified
Appointment of the Statutory Auditors
We were appointed as statutory auditors of Carrefour by the
Shareholders’ Meetings held on April 15, 2003 for Deloitte &
Associés, and on June 21, 2011 for Mazars.
As of December 31, 2022, Deloitte & Associés, and Mazars were
in the 20th, and 12th year of total uninterrupted engagement,
respectively.
Responsibilities of Management and Those
Charged with Governance for the Financial
Statements
for
is responsible
the preparation and
Management
fair
presentation of the financial statements in accordance with
French accounting principles and for such internal control as
management determines is necessary to enable the preparation
of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible
for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
it is expected to liquidate the Company or to cease operations.
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2022
Statutory Auditors' report on the financial statements
The Audit Committee is responsible for monitoring the financial
reporting process and the effectiveness of internal control and
risks management systems and, where applicable, its internal
reporting
audit,
procedures.
the accounting and financial
regarding
The financial statements were approved by the Board of
Directors.
Statutory Auditors’ Responsibilities
for the Audit of the Financial Statements
Objectives and audit approach
free
Our role is to issue a report on the financial statements. Our
objective is to obtain reasonable assurance about whether the
financial statements as a whole are
from material
misstatement. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
with professional standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial
statements.
As specified in Article L. 823-10-1 of the French Commercial
Code (code de commerce), our statutory audit does not include
assurance on the viability of the Company or the quality of
management of the Company’s affairs.
As part of an audit conducted in accordance with professional
standards applicable in France, the statutory auditor exercises
professional judgment throughout the audit and furthermore:
■
Identifies and assesses the risks of material misstatement of the
financial statements, whether due to fraud or error, designs
and performs audit procedures responsive to those risks, and
obtains audit evidence considered to be sufficient and
appropriate to provide a basis for his opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
■
Obtains an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the internal control.
■
■
■
Evaluates the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by management in the financial statements.
Assesses the appropriateness of management’s use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern. This
assessment is based on the audit evidence obtained up to the
date of his audit report. However, future events or conditions
may cause the Company to cease to continue as a going
concern. If the statutory auditor concludes that a material
uncertainty exists, there is a requirement to draw attention in
the audit report to the related disclosures in the financial
statements or,
if such disclosures are not provided or
inadequate, to modify the opinion expressed therein.
Evaluates the overall presentation of the financial statements
the
and assesses whether
underlying transactions and events in a manner that achieves
fair presentation.
these statements
represent
Report to the Audit Committee
We submit a report to the Audit Committee which includes in
particular a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also
report, if any, significant deficiencies in internal control regarding
the accounting and financial reporting procedures that we have
identified.
Our report to the Audit Committee includes the risks of material
misstatement that, in our professional judgment, were of most
significance in the audit of the financial statements of the current
period and which are therefore the key audit matter that we are
required to describe in this report.
We also provide the Audit Committee with the declaration
provided for
in Article 6 of Regulation (EU) No. 537/2014,
confirming our independence within the meaning of the rules
applicable in France such as they are set in particular by
Articles L. 822-10 to L. 822-14 of the French Commercial Code
(code de commerce) and in the French Code of Ethics (code de
déontologie) for statutory auditors. Where appropriate, we
discuss with the Audit Committee the risks that may reasonably
be thought to bear on our independence, and the related
safeguards.
Paris La Défense, and Courbevoie, April 5, 2023
The Statutory Auditors
DELOITTE & ASSOCIÉS
Bertrand BOISSELIER
Olivier BROISSAND
MAZARS
Jérôme de PASTORS
Marc BIASIBETTI
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INFORMATION ABOUT THE COMPANY
AND THE CAPITAL
8.1 Information about the Company
456
8.3 Shareholders
8.3.1 Main shareholders
8.3.2 Crossing of thresholds reported
to the Company in 2022
8.3.3 Information referred to in Article L. 233-13
of the French Commercial Code
8.3.4 Information referred to in
Article L. 22-10-11 of the French
Commercial Code
8.1.1 Corporate name, trade and companies
register and legal entity identification
number (LEI)
8.1.2 Head office, phone number and website
8.1.3 Legal form and term
8.1.4 Main provisions of the Articles
of Association
8.2 Information about the capital
8.2.1 Change in share capital
8.2.2 Summary of delegations of authority
and powers concerning capital increases
8.2.3 Change in the Company’s capital
8.2.4 Treasury share buybacks
8.2.5 Grant of options
8.2.6 Grant of shares
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
8.1 Information about the Company
8.1.1 CORPORATE NAME, TRADE AND COMPANIES REGISTER AND LEGAL ENTITY
IDENTIFICATION NUMBER (LEI)
Carrefour
Registered with the Évry Trade and Companies Register under no. 652 014 051
LEI: 549300B8P6MUJ1YWTS08
8.1.2 HEAD OFFICE, PHONE NUMBER AND WEBSITE
93, avenue de Paris, 91300 Massy, France
Phone: +33 (0)1 64 50 50 00
Website: http://www.carrefour.com (the information provided on the website does not form part of the Universal Registration
Document unless that information is incorporated by reference into the Universal Registration Document).
8.1.3
LEGAL FORM AND TERM
French public limited company (société anonyme) governed by
the provisions of the French Commercial Code (Code de
commerce).
By decision of the Shareholders’ Meeting of July 28, 2008, the
Company adopted the form of a société anonyme (public limited
company) with a Board of Directors. Following its deliberations
on June 21, 2011, the Board of Directors decided to combine the
duties of Chairman and Chief Executive Officer.
This Board of Directors’ decision to combine the duties of
Chairman and Chief Executive Officer met the objective to
simplify the decision-making process and enhance the efficiency
and
(see
Section 3.1.1 of this Universal Registration Document).
the Company’s governance
responsiveness of
The Company’s term, which began on July 11, 1959, will expire
on July 10, 2058, unless the Company is wound up in advance or
its term is extended.
8.1.4 MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION
8.1.4.1 Raison d’être (preamble)
Our mission is to provide our customers with quality services,
products and food accessible to all across all distribution
channels. Thanks to the competence of our employees, to a
responsible and multicultural approach, to our broad territorial
presence and to our ability to adapt to production and
consumption modes, our ambition is to be the leader of the food
transition for all.
■
■
purchase, manufacture, sell, represent and package the said
products, foodstuffs and merchandise;
in general, carry out all industrial, commercial, financial,
property and real estate operations relating directly or
indirectly to the said purpose, or which may facilitate the said
purpose or ensure its development.
8.1.4.2 Corporate purpose (Article 3)
The purpose of the Company is to:
■
create, acquire and operate, in France and abroad, stores for
the sale of all items, products, foodstuffs and merchandise and,
secondarily, provide within the said stores all services that may
be of interest to customers;
The Company may act, directly or indirectly, and conduct any
and all of the said operations in any country, on its own behalf or
on behalf of third parties, either alone or within partnerships,
alliances, groups or companies, with any other persons or
companies, and carry out and complete them in any manner
whatsoever.
The Company may also acquire any and all interests and stakes in
any French or foreign companies or businesses, regardless of
their purpose.
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
8.1.4.3 Board of Directors (Articles 11, 12, 13 and 14)
The Company is managed by a Board of Directors comprising
between three and eighteen members.
the Board of Directors’ deliberations, in accordance with the law
and this Article.
When the number of Directors appointed by the Ordinary
Shareholders’ Meeting exceeding 75 years of age is higher than
one-third of the Directors in office, the oldest Director is deemed
to have resigned; his/her term expires at the next Ordinary
Shareholders’ Meeting.
Each Director must own at least 1,000 shares during his/her term
of office, with the exception of the Directors representing
employees.
The members of the Board of Directors, including the Directors
representing employees, are appointed for a three-year term.
One-third (or an equivalent proportion) of the members of the
Board of Directors appointed by the Ordinary Shareholders’
Meeting is renewed every year. At the Board of Directors’
meeting following the initial appointments, the names of the
Directors exiting the Board at the end of their first and second
year are determined by drawing lots. Exiting Directors are eligible
for re-appointment.
The Directors cease to hold office at the end of the Ordinary
Shareholders’ Meeting called to approve the financial statements
for the previous year and held during the year in which their term
of office expires, with the exception of the Directors representing
employees, whose term of office ends on the anniversary date of
their appointment.
When the Company falls within the scope of Article L. 225-27-1 of
the French Commercial Code, the Board of Directors also
includes one or more Directors representing employees. The
their
number of such Directors and
appointment are set by the applicable legal provisions and the
Company’s Articles of Association.
the conditions of
When only one Director representing employees is to be
appointed, he/she is appointed by the Group Committee (Comité
de Groupe français Carrefour). When two Directors representing
employees are to be appointed, the second is appointed by the
European Works Council
(Comité d’information et de
concertation européen Carrefour).
The Director(s) representing employees are not taken into
account for the determination of the maximum number of
Directors provided for by the French Commercial Code, or for
the enforcement of Article L. 225-18-1 paragraph 1 of the
French Commercial Code.
The office of the Director(s) representing employees expires
before its term under the conditions provided for by law and this
Article, in particular in the case of the termination of his/her/their
employment agreement, except in the event of an intergroup
transfer. If the conditions provided for in Article L. 225-27-1 of the
French Commercial Code are not fulfilled at the end of a given
financial year,
representing
employees expires at the end of the meeting during which the
Board of Directors acknowledges that the Company is no longer
subject to the said legal requirement.
the Director(s)
the office of
In the event of a vacancy, for any reason, of the office of a
Director representing employees, the vacant seat
is filled
according to the conditions provided for in Article L. 225-34 of
the French Commercial Code. Until the date of replacement of
the Director representing employees, the Board of Directors may
validly meet and deliberate.
In addition to the provisions of Article L. 225-29 paragraph 2 of
the French Commercial Code, and for the avoidance of doubt, it
is specified that the failure of the committee(s) designated by the
Company’s Articles of Association to appoint a Director or
Directors representing employees does not affect the validity of
Subject to the provisions of this Article and to the applicable legal
provisions, the Director(s) representing employees have the same
status, rights and obligations as the other Directors.
The Board of Directors appoints a Chairman, from among its
members, who must be an individual. The age limit for the
position of Chairman is 75. The Chairman may perform his/her
duties until the Ordinary Shareholders’ Meeting called to approve
the financial statements for the previous year and held during the
year in which he/she reaches the age of 70.
The Chairman may be appointed for the entire duration of his/
her term of office as a Director.
temporary unavailability,
The Board of Directors appoints a Vice-Chairman, from among
its members, who is asked to replace the Chairman in case of
absence,
resignation, death or
non-renewal of his/her term of office. If the Chairman is
temporarily unavailable, the Vice-Chairman replaces him/her for
a defined period of time during such unavailability; otherwise the
Vice-Chairman acts as Chairman until a new Chairman is
appointed.
The Chairman organises and directs the Board of Directors’ work,
reporting thereon to the Shareholders’ Meeting.
The Chairman ensures the proper functioning of the Company’s
bodies and, in particular, that the Directors are able to perform
their duties.
The Board of Directors meets as often as required to serve the
Company’s interests, either at the head office or at any other
place indicated in the Notice of Meeting. Certain decisions
referred to in Article L. 225-37 of the French Commercial Code
may be the subject of written consultations of the Directors.
The Directors are called to meetings by the Chairman or, where
necessary, by the Vice-Chairman, by any means, including orally.
Board of Directors’ meetings are chaired by the Chairman of the
Board of Directors or, where necessary, by the Vice-Chairman.
Proceedings are conducted under the conditions of quorum and
majority prescribed by law.
The Board of Directors’ deliberations are recorded in minutes
kept in a special register in accordance with the applicable
legislation or Article R. 225-22 of the French Commercial Code,
in electronic format. In such a case, the minutes are signed using
an electronic signature that complies with the minimum
requirements of an advanced electronic signature provided for in
Article 26 of Regulation
the European
Parliament and of the Council of July 23, 2014 on electronic
identification and trusted services for electronic transactions
within the internal market. The Secretary of the Board of
Directors is authorised to certify copies and extracts of meeting
minutes.
(EU) 910/2014 of
The Board of Directors determines the Company’s business
strategy and oversees its implementation.
Subject to the powers expressly attributed to the Shareholders’
Meetings and within the scope of the corporate purpose, the
Board of Directors deals with all matters relating to the proper
management of the Company and, through its proceedings,
handles other matters concerning it.
The Board conducts the controls and audits that it deems
appropriate. The Directors receive all information needed to
perform their duties and may consult any documents that they
deem useful.
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
8.1.4.4 Management (Article 16)
As provided for by law, the management of the Company comes
under the responsibility of either the Chairman of the Board of
Directors or another individual appointed by the Board of
Directors and bearing the title of Chief Executive Officer.
Based on a majority vote of the Directors present or represented,
two
the Board of Directors chooses between
aforementioned management methods.
the
The Board of Directors appoints, from among its members or
otherwise, the Chief Executive Officer, an individual under the
age of 70, who has the broadest powers to act on the Company’s
behalf under all circumstances. The Chief Executive Officer
exercises his/her powers within the scope of the corporate
purpose and subject to the powers expressly attributed by law to
the Shareholders’ Meetings and the Board of Directors. The Chief
Executive Officer represents the Company in its dealings with
third parties.
The age limit for the position of Chief Executive Officer is 70. The
duties of a Chief Executive Officer who reaches the said age limit
cease following the Shareholders’ Meeting called to approve the
financial statements for the previous year and held during the
year in which the said age limit is reached.
When the Company is managed by the Chairman, the provisions
of the laws and regulations or the Company’s Articles of
Association relating to the Chief Executive Officer are applicable
to the Chairman. The Chairman assumes the title of Chairman
and Chief Executive Officer and may perform his/her duties until
the Ordinary Shareholders’ Meeting called to approve the
financial statements for the previous year and held during the
year in which he/she reaches the age of 70.
The Board of Directors may determine the areas in which the
Chief Executive Officer must consult the Board of Directors in
performing his/her duties.
8.1.4.5 Shareholder rights (Article 9)
Double voting rights are conferred on all fully paid up registered
shares that have been registered in the name of the same
shareholder for at least two years.
Double voting rights are cancelled for any shares converted into
bearer form or whose ownership is transferred, subject to any
exceptions provided for by law.
Solely the Extraordinary Shareholders’ Meeting is authorised to
modify shareholders’ rights, as provided for by law.
8.1.4.6 Shareholders’ Meetings
(Articles 20 to 23)
All shareholders are entitled to attend Shareholders’ Meetings in
person or by proxy, upon presentation of identification and
evidence of share ownership, in the form and at the place
indicated in the Notice of Meeting, in accordance with the
conditions provided for in the applicable regulations.
Every shareholder has the right to participate in Shareholders’
Meetings by way of a proxy granted to any other person or legal
entity of his/her choice, and may also vote by post, subject to the
conditions provided for in the applicable regulations.
Any shareholder may, if the Board of Directors so decides when
convening the Shareholders’ Meeting, also participate in and vote
at Shareholders’ Meetings via videoconference or any other
means of telecommunication
Internet) that
enables him/her to be identified under the conditions and
according to the procedures provided for in the applicable laws.
Shareholders are notified of such a decision in the Notice of
Meeting published in the French legal gazette (Bulletin des
annonces légales obligatoires).
(including the
Any shareholders who use, for such purpose and within the
required periods, the electronic voting form provided on the
website set up by the Shareholders’ Meeting organiser are
considered to be shareholders present or represented. The
electronic form may be completed and signed directly on the site
using a login and password, as provided for in the first sentence
of the second paragraph of Article 1316-4 of the French Civil
Code (Code civil).
The proxy or vote thus cast electronically prior to the
Shareholders’ Meeting, as well as the acknowledgement of
receipt provided, will be considered binding documents that are
enforceable against all persons, it being specified that, in the
event of a transfer of shares occurring prior to the date provided
for in the applicable laws and regulations, the Company will
invalidate or modify accordingly, depending on the situation, the
proxy or vote cast prior to said date.
Shareholders’ Meetings are convened by the Board of Directors
under the conditions and within the time limits prescribed by law.
They are held at the head office or at any other place indicated in
the Notice of Meeting.
The Shareholders’ Meeting is chaired by the Chairman of the
Board of Directors or, in his/her absence, by the Vice-Chairman
or a Director designated by the Board of Directors.
Vote teller duties are fulfilled by the two shareholders, present
and willing, who hold the greatest number of votes, either in their
own name or by proxy.
The Meeting Committee (Bureau) appoints a secretary, who does
not need to be a member of the Shareholders’ Meeting.
Ordinary and Extraordinary Shareholders’ Meetings voting under
the conditions of quorum and majority prescribed by law
exercise the powers attributed to them in accordance with the
law.
8.1.4.7 Provision of the issuer’s Articles
of Association that would delay,
postpone or prevent a change
in its control
None.
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
8.2 Information about the capital
8.2.1 CHANGE IN SHARE CAPITAL
Share capital reductions
Capital reduction on June 3, 2022
Capital reduction on April 20, 2022
Further to the implementation of its share buyback programme
and pursuant to the authorisation granted by the Shareholders’
Meeting of May 21, 2021 (21st resolution), the Board of Directors
decided to reduce the Company’s share capital by cancelling
shares purchased under the programme.
Accordingly, the Company’s share capital was reduced by a
nominal amount of 53,080,265 euros (fifty-three million, eighty
thousand,
the
cancellation of 21,232,106 Company shares.
two-hundred and sixty-five euros)
through
Following this reduction, the Company’s share capital amounted
to 1,886,659,465 euros (one billion, eight hundred and eighty-six
million, six hundred and fifty-nine thousand, four hundred and
sixty-five euros), divided into 754,663,786 shares with a par value
of 2.50 euros each.
Further to the implementation of its share buyback programme
and pursuant to the authorisation granted by the Shareholders’
Meeting of May 21, 2021 (21st resolution), the Board of Directors
decided to reduce the Company’s share capital by cancelling
shares purchased under the programme.
The Company’s share capital was accordingly reduced by a
nominal amount of 31,265,812.50 euros (thirty-one million, two
hundred and sixty-five thousand, eight hundred and twelve euros
and fifty cents) through the cancellation of 12,506,325 Company
shares.
Following this reduction, the share capital amounted to
1,855,393,652.50 euros (one billion, eight hundred and fifty-five
million, three hundred and ninety-three thousand, six hundred
and
into
742,157,461 shares with a par value of 2.50 euros each.
fifty-two
divided
cents),
euros
fifty
and
Shares not representing capital: number and primary
characteristics
None.
Amount of convertible or exchangeable securities
or securities with stock purchase warrants
None.
Information on the conditions governing any right
of acquisition and/or any obligation relating to unpaid
share capital, or on any undertaking to increase the
capital
None.
Information on the capital of any member of the
Group that is under option or subject to a conditional
or unconditional agreement to be put under option,
and the details of such options
None.
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
459
8
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
8.2.2
SUMMARY OF DELEGATIONS OF AUTHORITY AND POWERS CONCERNING
CAPITAL INCREASES
8.2.2.1 Delegations in force in 2022
TTyyppee
Issue of shares and/or marketable
securities with pre-emptive subscription rights
DDaattee ooff tthhee
AAnnnnuuaall
SShhaarreehhoollddeerrss’’
MMeeeettiinngg
GGuuaarraanntteeee
aammoouunntt
DDuurraattiioonn
EExxppiirryy ddaattee
UUssee dduurriinngg
22002222
Shares
€500 million
May 21, 2021
26 months
July 21, 2023
Other marketable securities
€4.5 billion
May 21, 2021
26 months
July 21, 2023
■
■
Issue of shares and/or marketable securities
without pre-emptive subscription rights as part
of a public tender or public exchange offer
made by the Company for another company
Shares
€175 million
May 21, 2021
26 months
July 21, 2023
Other marketable securities
€1.5 billion
May 21, 2021
26 months
July 21, 2023
■
■
Issue of shares and/or marketable securities
without pre-emptive subscription rights (private
placement)
Shares
€175 million
May 21, 2021
26 months
July 21, 2023
Other marketable securities
€1.5 billion
May 21, 2021
26 months
July 21, 2023
■
■
Issue of shares and/or marketable securities to
remunerate contributions-in-kind granted to the
Company in an amount of up to 10% of the
share capital
Capital increase by incorporation of reserves,
profits and premiums
Capital increase in favour of employees who are
members of a Company savings plan
(shareholder waiver of pre-emptive subscription
rights)
10%
May 21, 2021
26 months
July 21, 2023
€500 million
May 21, 2021
26 months
July 21, 2023
€35 million
May 21, 2021
26 months
July 21, 2023
-
-
-
-
-
-
-
-
-
Free allotment of new or existing Company
shares to salaried employees and officers of the
Company and its affiliates (shareholder waiver
of pre-emptive subscription rights)
0.8%
0.25% (Company
officers)
May 21, 2021
26 months
July 21, 2023 3,104,000 shares,
Transactions in Company shares
10% of the
Company’s
capital
May 21, 2021
18 months
November 21,
2022
Transactions in Company shares
10% of the
Company’s
capital
June 3, 2022
18 months
December 3,
2023
i.e.,
approximately
0.42% of the
Company’s
share capital at
December 31,
2022
38,423,806 shares,
i.e.,
approximately
5.18% of the
Company’s
share capital at
December 31,
2022
-
460
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
8.2.2.2 Delegations to be submitted to the Shareholders’ Meeting of May 26, 2023
for approval
TTyyppee
GGuuaarraanntteeee aammoouunntt
DDuurraattiioonn
EExxppiirryy ddaattee
Issue of shares and/or marketable securities with pre-emptive
subscription rights
Shares
Other marketable securities
■
■
Issue of shares and/or marketable securities without
pre-emptive subscription rights as part of a public tender or
public exchange offer made by the Company for another
company
Shares
Other marketable securities
■
■
Issue of shares and/or marketable securities without
pre-emptive subscription rights (private placement)
Shares
Other marketable securities
■
■
Issue of shares and/or marketable securities to remunerate
contributions-in-kind granted to the Company in an amount
of up to 10% of the share capital
Capital increase by incorporation of reserves, profits and
premiums
Capital increase in favour of employees who are members of
a Company savings plan (shareholder waiver of pre-emptive
subscription rights)
Free allotment of new or existing Company shares to salaried
employees and officers of the Company and its affiliates
(shareholder waiver of pre-emptive subscription rights)
Capital increases reserved for a named person (Carrefour
Invest/Italy plan)
Transactions in Company shares
€500 million
€4.5 billion
26 months
26 months
July 26, 2025
July 26, 2025
€175 million
€1.5 billion
26 months
26 months
July 26, 2025
July 26, 2025
€175 million
€1.5 billion
26 months
26 months
July 26, 2025
July 26, 2025
10%
26 months
July 26, 2025
€500 million
26 months
July 26, 2025
€35 million
26 months
July 26, 2025
performance
(of
1%
for
0.25%
With
conditions:
which
Company officers)
Without performance
(of
conditions:
which
for
Company officers)
0%
1%
26 months
July 26, 2025
€2.5 million
18 months
November 26, 2024
10% of the Company’s
capital
18 months
November 26, 2024
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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8
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
8.2.3 CHANGE IN THE COMPANY’S CAPITAL
EEvveenntt
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22001166
CChhaannggee iinn tthhee
nnuummbbeerr ooff sshhaarreess
CCaappiittaall
((iinn eeuurrooss))
775566,,223355,,115544
11,,889900,,558877,,888855..0000
Capital increase resulting from the option to pay the dividend in shares
18,442,657
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22001177
777744,,667777,,881111
11,,993366,,669944,,552277..5500
Capital increase resulting from the option to pay the dividend in shares
14,575,028
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22001188
778899,,225522,,883399
11,,997733,,113322,,009977..5500
Capital increase resulting from the option to pay the dividend in shares
Capital increase resulting from the vesting of performance shares issued under the 2016
long-term incentive plan
17,096,567
916,098
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22001199
880077,,226655,,550044
22,,001188,,116633,,776600..0000
Capital increase resulting from the option to pay the dividend in shares
10,358,336
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22002200
881177,,662233,,884400
22,,004444,,005599,,660000..0000
Capital reduction through cancellation of treasury shares
Capital reduction through cancellation of treasury shares
29,475,225
12,252,723
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22002211
777755,,889955,,889922
11,,993399,,773399,,773300..0000
Capital reduction through cancellation of treasury shares
Capital reduction through cancellation of treasury shares
21,232,106
12,506,325
PPoossiittiioonn aatt DDeecceemmbbeerr 3311,, 22002222
774422,,115577,,446611
11,,885555,,339933,,665522..5500
8.2.4 TREASURY SHARE BUYBACKS
Treasury shares
At December 31, 2022, the Company held 11,544,870 treasury
shares (i.e., 1.56% of the share capital).
The market value of treasury shares held at December 31, 2022,
based on the final quoted price known for the year of 15.64 euros
per share, was approximately 181 million euros.
Of these 11,544,870 treasury shares held by the Company at
December 31, 2022:
Share buyback programmes in effect
during 2022
Share buyback programme approved
by the Shareholders’ Meeting of May 21, 2021
The Shareholders’ Meeting of May 21, 2021, deliberating pursuant
to Article L. 22-10-62 of the French Commercial Code, authorised
the Board of Directors to purchase Company shares, enabling it
to use the option of dealing in treasury shares, to:
6,859,495 shares are used to cover stock option plans,
performance share plans and any other allocations of shares;
■
4,685,375 shares are earmarked for cancellation.
■
■
engage in market making activities in the secondary market or
ensure the liquidity of Company shares through an investment
services provider, under the terms of a liquidity agreement and
in accordance with the market practices accepted by the
French financial markets authority (Autorité des marchés
financiers – AMF);
■
implement any Company stock option plan or any similar plan,
in accordance with the provisions of Articles L. 225-177 et seq.
of the French Commercial Code;
462
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
■
■
■
■
■
■
allocate or transfer shares to employees for their investment in
the Company’s development and/or to implement any savings
plan as provided for by law, in particular Articles L. 3332-1
et seq. of the French Labour Code (Code du travail);
allocate performance shares under
Articles L. 225-197-1 et seq. of the French Commercial Code;
the provisions of
in general, meet all obligations relating to stock option plans or
other allocation of Company shares to employees and/or
Company officers of the Group or of related companies;
deliver shares upon the exercise of rights attached to securities
giving access to share capital by means of redemption,
conversion, exchange, exercise of a warrant or any other
means;
cancel some or all of the shares thus repurchased; or
engage in any market making activities that may be recognised
by law or the AMF.
The purchase, sale or transfer of shares may be carried out and
paid for by any means, on one or more occasions, on the open
market or through a private transaction, including the use of
option mechanisms, derivatives – in particular the purchase of
call options – or securities giving a right to shares of the
Company, under the terms set forth by the market authorities.
Moreover, the maximum portion of capital that can be
purchased, sold or transferred as blocks of securities may extend
to the entire share buyback programme.
The Company may not use the authority granted by the
Shareholders’ Meeting of May 21, 2021 and continue
to
implement its share buyback programme in the event of a public
offer involving shares or other securities issued or initiated by the
Company.
For each of the goals pursued by this programme, the number of
shares purchased as authorised above was as follows:
liquidity agreement: none;
stock option plan: none;
performance share plan: none;
separate
tranches,
cancellation: under a share buyback mandate conducted i
two
the Company bought bac
38,423,806 shares earmarked for cancellation. On April 2
2022
cancelle
21,232,106 and 12,506,325 shares respectively that had bee
purchased under this share buyback programme;
the Company
June 3,
2022,
and
n
k
0,
d
n
sale of treasury shares: none.
■
■
■
■
■
Maximum percentage of capital, maximum number and
characteristics of the shares the Company intends to purchase
and maximum purchase price:
■
the maximum purchase price per share is 25 euros and the
maximum number of shares that may be purchased is 10% of
the Company’s share capital on the date at which the
authorisation is used.
Term of the share buyback programme:
■
eighteen months
the
authorisation granted at the Shareholders’ Meeting, i.e., until
November 21, 2022.
from May 21, 2021 pursuant
to
Share buyback programme approved
by the Shareholders’ Meeting of June 3, 2022
The Shareholders’ Meeting of June 3, 2022, deliberating pursuant
to Article L. 22-10-62 of the French Commercial Code, authorised
the Board of Directors to purchase Company shares, enabling it
to use the option of dealing in treasury shares, to:
■
■
■
■
■
■
■
engage in market making activities in the secondary market or
ensure the liquidity of Company shares through an investment
services provider, under the terms of a liquidity agreement and
in accordance with the market practices accepted by the AMF;
implement any Company stock option plan or any similar plan,
in accordance with the provisions of Articles L. 225-177 et seq.
of the French Commercial Code;
allocate or transfer shares to employees for their investment in
the Company’s development and/or to implement any savings
plan as provided for by law, in particular Articles L. 3332-1
et seq. of the French Labour Code;
allocate performance shares under
Articles L. 225-197-1 et seq. of the French Commercial Code;
the provisions of
in general, meet all obligations relating to stock option plans or
other allocation of Company shares to employees and/or
Company officers of the Group or of related companies;
deliver shares upon the exercise of rights attached to securities
giving access to share capital by means of redemption,
conversion, exchange, exercise of a warrant or any other
means;
cancel some or all of the shares thus repurchased, provided
that the Board of Directors has a valid authorisation from the
Extraordinary Shareholders’ Meeting to reduce the share
capital by cancelling shares purchased as part of a share
buyback programme; or
■
engage in any market making activities that may be recognised
by law or the AMF.
The purchase, sale or transfer of shares may be carried out and
paid for by any means, on one or more occasions, on the open
market or through a private transaction, including the use of
option mechanisms, derivatives – in particular the purchase of
call options – or securities giving a right to shares of the
Company, under the terms set forth by the market authorities.
Moreover, the maximum portion of capital that can be
purchased, sold or transferred as blocks of securities may extend
to the entire share buyback programme.
The Company may not use the authority granted by the
Shareholders’ Meeting of June 3, 2022 and continue
to
implement its share buyback programme in the event of a public
offer involving shares or other securities issued or initiated by the
Company.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
463
8
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
For each of the goals pursued under this programme, the
number of shares purchased as authorised above was as follows:
liquidity agreement: none;
stock option plan: none;
performance share plan: none;
cancellation: none;
sale of treasury shares: none.
■
■
■
■
■
Maximum percentage of capital, maximum number and
characteristics of the shares the Company intends to purchase
and maximum purchase price:
■
the maximum purchase price per share is 30 euros and the
maximum number of shares that may be purchased is 10% of
the Company’s share capital on the date at which the
authorisation is used.
Term of the share buyback programme:
■
eighteen months
the
authorisation granted at the Shareholders’ Meeting, i.e., until
December 3, 2023.
from June 3, 2022 pursuant
to
Transactions carried out by way of purchase, sale or transfer under the buyback programmes
Percentage of capital held directly and indirectly by the Company (in shares and
as a percentage) at the beginning of the last programme on June 3, 2022
Number of shares cancelled over the past 24 months
Number of shares held at December 31, 2022 (in shares and as a percentage)
Gross book value of the portfolio (in euros)
Market value of the portfolio (in euros)
Number of shares purchased during the year
Number of shares sold during the year
Transaction costs (in euros)
Average purchase price (in euros)
Average sale price
(1) Number of shares purchased under the share buyback programme approved by the Shareholders’ Meeting of May 21, 2021.
11,544,870/1.56%
75,466,379
11,544,870/1.56%
248,664,435.50
180,561,766.80
38,423,806
(1)
-
140,000
19.60
-
8.2.5 GRANT OF OPTIONS
There were no longer any Carrefour stock option plans outstanding at December 31, 2022.
8.2.6 GRANT OF SHARES
On February 16, 2022, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given in the 29th resolution of the Shareholders’
Meeting held on May 21, 2021 to grant performance shares (new
or existing) to 809 Group employees. Shares granted under this
plan will vest only if the grantee remains with the Group until the
end of the vesting period and several performance conditions are
met.
The vesting period is three years from the date of the Board of
Directors’ meeting at which the rights were granted.
The number of shares that vest will depend on the achievement
of four performance conditions, each with a weighting of 25%:
two conditions linked to financial performance: recurring
operating income and net free cash flow;
one condition linked to share performance: total shareholder
return;
a CSR-related condition.
■
■
■
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
Details of the performance share plans in progress at December 31, 2022 are presented below.
Date of the Annual Shareholders’ Meeting
June 14, 2019
June 14, 2019
May 21, 2021
22002200
PPeerrffoorrmmaannccee PPllaann
22002211
PPeerrffoorrmmaannccee PPllaann
2022
Performance Plan
Grant date
Vesting date
(1)
Number of shares awarded at grant date
of which to Company Officers
Number of grantees at grant date
Fair value of one share (in euros)
(2)
Total number of shares delivered
February 26, 2020
February 17, 2021
February 16, 2022
February 26, 2023
February 17, 2024
February 16, 2025
2,604,597
304,597
516
13.05
2,047,607
3,000,000
335,330
691
11.85
N/A
3,104,000
338,345
809
14.21
N/A
(1) The shares will vest only if the grantee remains with the Group until the end of the vesting period and several performance conditions are met.
(2) The Carrefour share price on the grant date (reference price) adjusted for estimated dividends not received during the vesting period.
The 2020 performance share plan expired on February 26, 2023.
The Carrefour group’s performance with regard to this plan was
100% (effective performance of 118%, capped at 100%). The
in
corresponding shares were delivered
accordance with the terms of the relevant regulation.
the grantees
to
A total of 2,047,607 shares were delivered under this plan.
Movements in performance shares in 2022 were as follows:
NNuummbbeerr ooff ppeerrffoorrmmaannccee sshhaarreess ggrraanntteedd aatt JJaannuuaarryy 11
Shares granted during the year(1)(2)
Shares delivered to grantees during the year
Of which shares delivered to Company officers(3)
Shares cancelled during the year
(4)
the performance assessment period:
The performance achieved by the Group breaking down as
follows over
the
performance level achieved for the recurring operating income
criterion was 116% (1); the performance level achieved for the free
cash flow criterion was 150% (2); the performance level of the TSR
criterion was 75% (3); and the performance level achieved for the
CSR criterion was 129% (4).
22002211
2022
55,,337777,,330099
77,,990077,,556699
3,000,000
3,104,000
-
2,598,044
(469,740)
77,,990077,,556699
249,146
(766,309)
77,,664477,,221166
NNuummbbeerr ooff ppeerrffoorrmmaannccee sshhaarreess ggrraanntteedd aatt DDeecceemmbbeerr 3311
(1) 2021 performance share plan decided by the Board of Directors on February 17, 2021.
(2) 2022 performance share plan decided by the Board of Directors on February 16, 2022.
(3) Shares allocated by the Board of Directors on February 27, 2019. The performance achieved by the Group was 100% (actual performance 118%,
capped at 100%), breaking down as follows: the performance level achieved for the recurring operating income criterion was 136% (2,350
thousand euros compared with a target of 2,142 thousand euros); the performance level achieved for the free cash flow criterion was 150%
(1,930 thousand euros compared with a target of 1,200 thousand euros); the performance level of the TSR criterion was 50%, for a positioning at
the median of the panel of companies; and the performance level achieved for the CSR criterion was 136% (114.5% compared with a 100% target).
(4) Shares cancelled under the 2019, 2020, 2021 and 2022 performance share plans.
(1) ROI: average performance over three years 116.3% (in millions of euros). 2020: target 2,172 - result 2,324 - performance 125.3%. 2021: target 2,355
- result 2,481 - performance 121.0%. 2022: target 2,508 - result 2,524 - performance 102.7%.
(2) Net FCF: average performance over three years 150.0% (in millions of euros). 2020: target 1,250 – result 1,889 – performance 150.0%. 2021: target
1,351 – result 1,836 – performance 150.0%. 2022: target 1,505 – result 1,993 – performance 150.0%.
(3) For a positioning in fourth place of the panel of companies.
(4) CSR: average performance over three years 129.2%. 2020: target 100% – result 115% – performance 137.5%. 2021: target 100% – result 111% – per-
formance 127.5%. 2022: target 100% – result 109% – performance 122.5%.
1
2
3
4
5
6
7
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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8
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Shareholders
8.3 Shareholders
8.3.1 MAIN SHAREHOLDERS
the share capital amounted
At December 31, 2022,
to
1,855,393,652.50 euros (one billion, eight hundred and fifty-five
million, three hundred and ninety-three thousand, six hundred
and
into
742,157,461 shares with a par value of 2.50 euros each.
fifty-two
divided
cents).
euros
fifty
and
The Company is authorised to identify bearer shares.
The number of voting
is
922,276,998. After deducting the voting rights that cannot be
exercised, the total number of voting rights is 910,732,128.
rights at December 31, 2022
CAPITAL (AT DECEMBER 31, 2022)
To the Company’s knowledge, the breakdown of the capital and voting rights at December 31, 2022 was as follows:
SShhaarreehhoollddeerrss
Galfa
SSuubbttoottaall –– GGaallffaa
PPeenniinnssuullaa EEuurrooppee
((11))((22))
BBaannkk ooff AAmmeerriiccaa MMeerrrriillll LLyynncchh
Employees
Treasury shares
Public
TOTAL
NNuummbbeerr ooff
sshhaarreess CCaappiittaall ((iinn %%))
NNuummbbeerr ooff aaccttuuaall
vvoottiinngg rriigghhttss
AAccttuuaall vvoottiinngg
rriigghhttss ((iinn %%))
NNuummbbeerr
ooff tthheeoorreettiiccaall
vvoottiinngg rriigghhttss
TThheeoorreettiiccaall
vvoottiinngg rriigghhttss
((iinn %%))
79,624,212
10.73%
159,248,424
17.49%
159,248,424
22,291,101
(1)
3.00%
110011,,991155,,331133
1133..7733%%
115599,,224488,,442244
6622,,556633,,116600
4433,,888833,,884411
7,083,500
11,544,870
88..4433%%
55..9911%%
0.95%
1.56%
112255,,002222,,771111
4433,,888833,,884411
13,949,600
1177..4499%%
1133..7733%%
44..8822%%
1.53%
22,291,101
118811,,553399,,552255
112255,,002222,,771111
4433,,888833,,884411
13,949,600
-
-
11,544,870
17.27%
2.42%
1199..6688%%
1133..5566%%
44..7766%%
1.51%
1.25%
515,166,777
69.41%
568,627,552
62.44%
546,336,451
59.24%
742,157,461
100.00%
910,732,128
100.00%
922,276,998
100.00%
(1) Held via stock options.
(2) Including 24,809,568 registered shares held by Abilio Diniz.
(3) Shares pledged to banks under structured financing arrangements.
CAPITAL (AT DECEMBER 31, 2021)
To the Company’s knowledge, the breakdown of the capital and voting rights at December 31, 2021 was as follows:
SShhaarreehhoollddeerrss
Galfa
SSuubbttoottaall –– GGaallffaa
PPeenniinnssuullaa EEuurrooppee
Employees
Treasury shares
Public
TOTAL
NNuummbbeerr ooff
sshhaarreess CCaappiittaall ((iinn %%))
NNuummbbeerr ooff aaccttuuaall
vvoottiinngg rriigghhttss
AAccttuuaall vvoottiinngg
rriigghhttss ((iinn %%))
NNuummbbeerr ooff
tthheeoorreettiiccaall
vvoottiinngg rriigghhttss
TThheeoorreettiiccaall
vvoottiinngg rriigghhttss
((iinn %%))
79,624,212
10.26%
159,248,424
16.83%
159,248,424
22,291,101
(1)
2.87%
-
-
22,291,101
110011,,991155,,331133
1133..1144%%
115599,,224488,,442244
6622,,556633,,116600
((22))((33))
7,188,600
9,457,539
88..0066%%
66..2255%%
0.93%
1.22%
112222,,779977,,771111
4488,,551111,,772233
14,338,858
1166..8833%%
1122..9977%%
55..1133%%
1.52%
118811,,553399,,552255
112222,,779977,,771111
4488,,551111,,772233
14,338,858
-
-
9,457,539
16.66%
2.33%
1188..9999%%
1122..8855%%
55..0088%%
1.50%
0.99%
546,259,557
70.40%
601,526,891
63.56%
579,235,790
60.60%
775,895,892
100.00%
946,423,607
100.00%
955,881,146
100.00%
BBaannkk ooff AAmmeerriiccaa MMeerrrriillll LLyynncchh
4488,,551111,,772233
(1) Held via stock options.
(2) Including 24,809,568 shares held by Abilio Diniz.
(3) Shares pledged to banks under structured financing arrangements.
466
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Shareholders
CAPITAL (AT DECEMBER 31, 2020)
To the Company’s knowledge, the breakdown of the capital and voting rights at December 31, 2020 was as follows:
SShhaarreehhoollddeerrss
Galfa
SSuubbttoottaall –– GGaallffaa
PPeenniinnssuullaa EEuurrooppee
NNuummbbeerr ooff
sshhaarreess CCaappiittaall ((iinn %%))
NNuummbbeerr ooff aaccttuuaall
vvoottiinngg rriigghhttss
AAccttuuaall vvoottiinngg
rriigghhttss ((iinn %%))
NNuummbbeerr
ooff tthheeoorreettiiccaall
vvoottiinngg rriigghhttss
TThheeoorreettiiccaall
vvoottiinngg rriigghhttss
((iinn %%))
79,624,212
22,291,101
(1)
9.74%
2.73%
158,598,424
15.73%
158,598,424
15.25%
-
-
22,291,101
2.14%
110011,,991155,,331133
1122..4466%%
115588,,559988,,442244
1155..7733%%
118800,,888899,,552255
1177..4400%%
6622,,556633,,116600
((22))((33))
77..6655%%
112222,,664411,,889911
1122..1177%%
112222,,664411,,889911
1111..8800%%
BBaannkk ooff AAmmeerriiccaa MMeerrrriillll LLyynncchh
5533,,667700,,002222
Cervinia Europe
Groupe Arnault
SSuubbttoottaall –– GGrroouuppee AArrnnaauulltt
Employees
Treasury shares
Public
TOTAL
41,550,370
3,704,367
4455,,225544,,773377
7,402,518
9,457,539
66..5566%%
5.08%
0.45%
55..5533%%
0.91%
1.16%
5533,,667700,,002222
80,918,585
6,837,413
8877,,775555,,999988
14,552,776
55..3322%%
8.03%
0.68%
88..7711%%
1.44%
5533,,667700,,002222
80,918,585
6,837,413
8877,,775555,,999988
14,552,776
-
-
9,457,539
55..1166%%
7.78%
0.66%
88..4444%%
1.40%
0.91%
537,360,551
65.72%
570,749,083
56.62%
570,749,083
54.89%
817,623,840
100.00%
1,007,968,194
100.00%
1,039,716,834
100.00%
(1) Held via stock options.
(2) Including 24,809,568 shares held by Abilio Diniz.
(3) Shares pledged to banks under structured financing arrangements.
Carrefour shareholder agreement
There is no shareholder agreement at Carrefour.
Employee shareholding
At December 31, 2022, Group employees held 0.95% of the Company’s share capital through the Company mutual fund.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
467
8
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Shareholders
8.3.2 CROSSING OF THRESHOLDS REPORTED TO THE COMPANY IN 2022
To the Company’s knowledge, the crossing of the following statutory thresholds was reported by the shareholders to the Company and
the AMF in 2022:
SShhaarreehhoollddeerrss
DDaattee tthhrreesshhoolldd
wwaass ccrroosssseedd
UUppwwaarrdd oorr
ddoowwnnwwaarrdd
TThhrreesshhoolldd
ccrroosssseedd
PPeerrcceennttaaggee
ooff sshhaarree ccaappiittaall
hheelldd aatt tthhee
ddeeccllaarraattiioonn ddaattee
PPeerrcceennttaaggee
ooff vvoottiinngg rriigghhttss
hheelldd aatt tthhee
ddeeccllaarraattiioonn ddaattee
NNuummbbeerr
ooff sshhaarreess
Upward
5.00%
5.04%
4.09%
39,111,183
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
Galfa
BlackRock
BlackRock
BlackRock
February 9,
2022
February 18,
2022
Downward
June 3, 2022
Upward
June 6, 2022
Downward
July 13, 2022
Upward
July 14, 2022
Downward
July 26, 2022
Upward
August 1, 2022
Downward
August 3, 2022
Upward
Amendments to
two financial
instrument
contracts
August 9, 2022
August 12, 2022
Downward
August 22, 2022
Upward
August 30, 2022
Downward
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
-
5.00%
5.00%
5.00%
4.97%
5.05%
4.70%
5.02%
4.97%
5.01%
4.90%
5.06%
-
4.97%
5.03%
4.94%
4.04%
4.09%
3.80%
4.04%
4.00%
4.04%
3.95%
4.08%
-
4.01%
4.06%
3.98%
38,573,685
38,133,053
35,496,312
37,220,804
36,854,630
37,205,921
36,372,883
37,565,962
-
36,919,409
37,327,036
36,654,120
8.3.3
INFORMATION REFERRED TO IN ARTICLE L. 233-13 OF THE FRENCH
COMMERCIAL CODE
At the end of 2022:
■
■
Galfa, a simplified joint-stock company formed under French
law whose head office is located at 27, rue de la Chaussée
d’Antin, 75009 Paris, France, held more than one-tenth of the
share capital and more than three-twentieths of the voting
rights;
Peninsula Europe SARL, whose head office is located at
26, boulevard Royal, L-2449 Luxembourg, Grand Duchy of
Luxembourg, held more than one-twentieth of the share
capital and more than one-tenth of the voting rights;
■
Bank of America Merrill Lynch International Limited, whose
head office is located at 2, King Edward Street, London EC1A
1HQ, UK, held more than one-twentieth of the share capital
and less than one-twentieth of the voting rights.
8.3.4 INFORMATION REFERRED TO IN ARTICLE L. 22-10-11 OF THE FRENCH
COMMERCIAL CODE
To the Company’s knowledge, the composition of the share
capital is as shown in the table in Section 8.3.1 of this Universal
Registration Document.
To the Company’s knowledge, there is no agreement between its
principal shareholders that could result in a change of control of
the Company if implemented subsequently.
The summary table of current delegations of authority and
in
powers granted
Section 8.2.2 of this Universal Registration Document. Any
delegation whose implementation is likely to jeopardise a public
offer is suspended during the public offer period.
the Board of Directors appears
to
468
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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9
ADDITIONAL INFORMATION
9.1 Publicly available documents
470
9.5 Information incorporated by reference
471
9.2 Person responsible
470
9.6 Concordance tables
9.2.1 Person responsible for the Universal
9.6.1 Universal Registration Document
Registration Document and the annual
financial report
9.2.2 Declaration by the person responsible
for the Universal Registration Document
and the annual financial report
9.3 Person responsible for the financial
information
9.4 Persons responsible for auditing
the financial statements
470
470
470
471
concordance table
9.6.2 Annual financial report concordance table
9.6.3 Management report concordance table
9.6.4 Corporate governance report
concordance table
9.6.5 Non-financial performance concordance
table
472
472
474
475
477
478
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
469
9
ADDITIONAL INFORMATION
Publicly available documents
9.1 Publicly available documents
Documents concerning the Company and, in particular, its Articles of Association, financial statements and the reports presented to its
Shareholders’ Meetings by the Board of Directors and the Statutory Auditors may be consulted at the head office at 93, avenue de Paris,
91300 Massy, France.
These documents are also available on the Company’s website: www.carrefour.com.
9.2 Person responsible
9.2.1
PERSON RESPONSIBLE FOR THE UNIVERSAL REGISTRATION DOCUMENT
AND THE ANNUAL FINANCIAL REPORT
Alexandre Bompard, Chairman and Chief Executive Officer.
9.2.2 DECLARATION BY THE PERSON RESPONSIBLE FOR THE UNIVERSAL
REGISTRATION DOCUMENT AND THE ANNUAL FINANCIAL REPORT
“I hereby certify that the information contained in this Universal
Registration Document is, to the best of my knowledge, true and
correct, and that there are no omissions that are likely to affect
its import.
management report gives a true and fair view of the changes in
the business, results and financial position of the Company and
of all the consolidated companies, and that it describes the main
risks and uncertainties to which they are subject.”
I hereby certify that, to the best of my knowledge, the financial
statements were prepared
in accordance with applicable
accounting standards and give a true and fair view of the assets
and liabilities, financial position and results of operations of the
Company and of all the consolidated companies, and that the
April 5, 2023
Alexandre Bompard
Chairman and Chief Executive Officer
9.3 Person responsible for the financial information
Matthieu Malige
Chief Financial Officer
470
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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ADDITIONAL INFORMATION
Persons responsible for auditing the financial statements
9.4 Persons responsible for auditing the financial
statements
PRINCIPAL STATUTORY AUDITORS
Deloitte & Associés
6 place de la Pyramide, 92908 Paris la Défense Cedex, France
Signatories: Bertrand Boisselier and Olivier Broissand
Mazars
61, rue Henri-Régnault, 92400 Courbevoie, France
Signatories: Jérôme de Pastors and Marc Biasibetti
DDaattee ooff iinniittiiaall
aappppooiinnttmmeenntt
DDaattee ooff
llaasstt rreenneewwaall
TTeerrmm
((11))
ooff ooffifficcee
April 15, 2003
May 21, 2021
2027
June 21, 2011
June 15, 2017
2023
(1) Date of the Shareholders’ Meeting called to approve the financial statements for the previous year ended December 31.
9.5 Information incorporated by reference
In accordance with Article 19 of EU Regulation no. 2017/1129 of
June 14, 2017, as amended, this Universal Registration Document
includes by reference the following information, to which the
reader is invited to refer:
■
■
Auditors’
for the financial year ended December 31, 2021: consolidated
financial statements, Company financial statements and related
Statutory
the
reports
Universal Registration Document filed with the French financial
– AMF) on
markets authority
April 28, 2022 under number D. 22-0376, on pages 290 to 378,
379 to 382, 384 to 403 and 404 to 406 respectively;
(Autorité des marchés financiers
included
in
for the financial year ended December 31, 2020: consolidated
financial statements, Company financial statements and related
Statutory
the
reports
Universal Registration Document
the AMF on
April 8, 2021 under number D. 21-0275, on pages 247 to 340,
341 to 344, 345 to 365 and 366 to 368 respectively.
filed with
Auditors’
included
in
The information included in the abovementioned Universal
Registration Documents, other than that indicated above, is,
where applicable, superseded or updated by the information
this Universal Registration Document. The
included
abovementioned Universal Registration Documents are available
under the conditions described in Section 9.1 “Publicly available
documents” of this Universal Registration Document.
in
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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1
2
3
4
5
6
7
8
9
9
ADDITIONAL INFORMATION
Concordance tables
9.6 Concordance tables
9.6.1 UNIVERSAL REGISTRATION DOCUMENT CONCORDANCE TABLE
AAppppeennddiicceess II aanndd IIII ooff tthhee CCoommmmiissssiioonn DDeelleeggaatteedd RReegguullaattiioonn ((EEUU)) 22001199//998800 ooff MMaarrcchh 1144,, 22001199
Chapter/Section no.
11// PPeerrssoonnss rreessppoonnssiibbllee,, tthhiirrdd--ppaarrttyy iinnffoorrmmaattiioonn,, ssttaatteemmeennttss bbyy eexxppeerrttss aanndd aapppprroovvaall bbyy ccoommppeetteenntt
aauutthhoorriittiieess
1.1. Name and function of the person responsible
1.2. Declaration by the person responsible
1.3. Information on the expert report
1.4. Third-party information
1.5. Statement of filing without prior approval from the competent authority
22// SSttaattuuttoorryy AAuuddiittoorrss
2.1. Identity
2.2. Change, if any
33// RRiisskk ffaaccttoorrss
44// IInnffoorrmmaattiioonn ccoonncceerrnniinngg tthhee iissssuueerr
4.1. Corporate name and purpose
4.2. Place of registration, registration number and legal entity identification number (LEI)
4.3. Creation and term
4.4. Head office, legal form, applicable legislation, head office address and phone number, website
55// BBuussiinneessss oovveerrvviieeww
5.1. Principal activities
5.2. Principal markets
5.3. Key events in the issuer’s business development
5.4. Strategy and objectives
5.5. Issuer’s dependence
5.6. Competitive position
5.7. Investments
66// OOrrggaanniissaattiioonnaall ssttrruuccttuurree
6.1. Brief description of the Group
6.2. List of significant subsidiaries
77// RReevviieeww ooff fifinnaanncciiaall ppoossiittiioonn aanndd eeaarrnniinnggss
7.1. Financial position
7.2. Operating income
9.2-9.3
9.2
N/A
1
1st page
9.4
N/A
44..11
8.1.1
8.1.1-8.1.2
8.1.3
8.1.2-8.1.3
1.4
6.6 (Notes 6.1, 6.1.2 and
6.5)
1.1.2-1.1.3-1.2-1.4
5.1.2
6.6 (Notes 5.1 and 6.1.1)
1.5.1-1.5.2-1.5.3
5.3, 5.4.2, 5.4.5
6.6 (Notes 2, 3.2 and 16)
1.1.6
5.3, 5.4.2
6.6 (Notes 2 and 3)
6.6 (Note 14.7)
1.4.1
5.4.2, 5.4.5
6.6 (Notes 2 and 3.2)
1.1-1.6
6.6 (Note 18)
7.4 (Note 12)
5.2-5.6.6
5.1
472
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
www.carrefour.com
ADDITIONAL INFORMATION
Concordance tables
AAppppeennddiicceess II aanndd IIII ooff tthhee CCoommmmiissssiioonn DDeelleeggaatteedd RReegguullaattiioonn ((EEUU)) 22001199//998800 ooff MMaarrcchh 1144,, 22001199
Chapter/Section no.
88// CCaasshh aanndd ccaasshh eeqquuiivvaalleennttss aanndd ccaappiittaall
8.1. Information concerning capital resources
8.2. Cash flow
8.3. Borrowing requirements and funding structure
8.4. Restrictions on the use of capital resources
8.5. Anticipated sources of funds
99// RReegguullaattoorryy eennvviirroonnmmeenntt
1100// TTrreenndd iinnffoorrmmaattiioonn
10.1. Most significant trends since the end of the last financial year
10.2. Events reasonably likely to have a material effect on prospects
1111// PPrroofifitt ffoorreeccaassttss aanndd eessttiimmaatteess
1122// AAddmmiinniissttrraattiivvee,, mmaannaaggeemmeenntt aanndd ssuuppeerrvviissoorryy bbooddiieess aanndd EExxeeccuuttiivvee MMaannaaggeemmeenntt
12.1. Board of Directors and Executive Management
12.2. Conflicts of interest within the administrative, management and supervisory bodies and Executive
Management
1133// CCoommppeennssaattiioonn aanndd bbeenneefifittss
13.1. Compensation and benefits in kind
5.2.1-6.5
6.6 (Note 13) 7.4 (Note 7)
5.2.3
6.4
5.2.2-5.2.4
6.6 (Note 14)
5.2.5
6.6 (Note 14.2.4)
5.2.6
44..11..11
5.3, 5.4.5
5.3
NN//AA
3.2-3.3
3.2.2.1
3.4
13.2. Amounts provisioned or recorded for pensions, retirement benefits or other benefits
6.6 (Note 12.1)
1144// OOppeerraattiioonn ooff aaddmmiinniissttrraattiivvee aanndd mmaannaaggeemmeenntt bbooddiieess
14.1. Expiration of current terms of office
14.2. Service contracts
14.3. Information on the Audit Committee and Compensation Committee
3.2.1.1
3.1.2.3
3.2.3
14.4. Statement on compliance with the applicable corporate governance regime
Introduction of 3/3.5
14.5. Potential material impacts on corporate governance
1155// EEmmppllooyyeeeess
15.1. Number of employees and breakdown of the workforce
15.2. Director shareholdings and stock options
15.3. Arrangements for involving employees in the capital
1166// MMaaiinn sshhaarreehhoollddeerrss
16.1. Exceeding the threshold
16.2. Existence of different voting rights
16.3. Direct or indirect control
16.4. Arrangements that could result in a change of control if implemented
1177// RReellaatteedd--ppaarrttyy ttrraannssaaccttiioonnss
1188// FFiinnaanncciiaall iinnffoorrmmaattiioonn ccoonncceerrnniinngg tthhee iissssuueerr’’ss aasssseettss aanndd lliiaabbiilliittiieess,, fifinnaanncciiaall ppoossiittiioonn aanndd pprroofifittss aanndd
lloosssseess
18.1. Historical financial information
18.2. Interim and other financial information
N/A
2.1.6
3.2.1-3.4.3
8.2.4
2.1.6
3.4.4
8.3
8.3.1-8.3.2
8.1.4.3
8.3.1
8.1.4.3
33..77
66..66 ((NNoottee 99..33))
6
7
N/A
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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9
ADDITIONAL INFORMATION
Concordance tables
AAppppeennddiicceess II aanndd IIII ooff tthhee CCoommmmiissssiioonn DDeelleeggaatteedd RReegguullaattiioonn ((EEUU)) 22001199//998800 ooff MMaarrcchh 1144,, 22001199
Chapter/Section no.
18.3. Auditing of historical annual financial information
18.4. Pro forma financial information
18.5. Dividend policy
18.6. Legal and arbitration proceedings
18.7. Significant change in the issuer’s financial position
1199// AAddddiittiioonnaall iinnffoorrmmaattiioonn
19.1. Share capital
19.1.1. Subscribed share capital
19.1.2. Other shares
19.1.3. Treasury shares
19.1.4. Marketable securities
19.1.5. Vesting conditions
19.1.6. Options or agreements
19.1.7. History of share capital
19.2. Memorandum and Articles of Association
19.2.1. Corporate purpose
19.2.2. Rights and privileges of shares
19.2.3. Change in control
2200// MMaatteerriiaall ccoonnttrraaccttss
2211// DDooccuummeennttss aavvaaiillaabbllee
6.7
N/A
5.6.3
4.3
5.4.3
6.6 (Note 16)
8.2
8.2
8.2
8.2
8.2
8.2
8.2
8.1
8.1
8.1
NN//AA
99..11
9.6.2 ANNUAL FINANCIAL REPORT CONCORDANCE TABLE
SSeeccttiioonnss ooff AArrttiiccllee LL.. 445511--11--22 ooff tthhee FFrreenncchh MMoonneettaarryy aanndd FFiinnaanncciiaall CCooddee ((CCooddee mmoonnééttaaiirree eett fifinnaanncciieerr))
Chapter/Section no.
11// CCoommppaannyy fifinnaanncciiaall ssttaatteemmeennttss
22// CCoonnssoolliiddaatteedd fifinnaanncciiaall ssttaatteemmeennttss
33// MMaannaaggeemmeenntt rreeppoorrtt
Analysis of change in sales
Analysis of results
Analysis of financial position
Foreseeable changes in the situation of the Company and of the Group
Principal risks and uncertainties
Capital structure and factors that could have an impact in the event of a public offer
Treasury share buybacks carried out by the Company
44// DDeeccllaarraattiioonn ooff tthhee ppeerrssoonn rreessppoonnssiibbllee ffoorr tthhee aannnnuuaall fifinnaanncciiaall rreeppoorrtt
55// SSttaattuuttoorryy AAuuddiittoorrss’’ rreeppoorrttss oonn tthhee CCoommppaannyy fifinnaanncciiaall ssttaatteemmeennttss aanndd ccoonnssoolliiddaatteedd fifinnaanncciiaall ssttaatteemmeennttss
66// CCoorrppoorraattee ggoovveerrnnaannccee rreeppoorrtt
77..11 ttoo 77..44
66..11 ttoo 66..66
5.1
5.1
5.2
5.3
4.1.1
N/A
8.2.4
99..22..22
66..77
33 aanndd 88
474
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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ADDITIONAL INFORMATION
Concordance tables
9.6.3 MANAGEMENT REPORT CONCORDANCE TABLE
RReeffeerreennccee tteexxttss
French Commercial
Code (Code de
commerce)
L. 225-100-1, L. 232-1,
L. 233-6 and L. 233-26
French Commercial
Code
French Commercial
Code
L. 225-100-1
L. 233-6
CCoommmmeenntt oonn tthhee fifinnaanncciiaall yyeeaarr
Situation of the Company during the financial year and
objective, comprehensive analysis of changes in the
business, results and financial position of the Company
and of the Group
Key non-financial performance indicators relating to the
Company’s specific activity
Significant acquisitions during the financial year of
equity interests in companies whose head office is
located in France
French Commercial
Code
French Commercial
Code
French General Tax
Code (Code général
des impôts)
L. 232-1 and L. 233-26
Significant events between the financial year-end and
the report preparation date
L. 232-1 and L. 233-2
6
Foreseeable changes in the situation of the Company
and of the Group
243 bis
Dividends distributed for the three previous financial
years and amount of income distributed for these same
financial years eligible for the 40% tax reduction
French Commercial
Code
L. 441-6, L. 441-6-1
and D. 441-4
Information on the payment cycles of the Company’s
suppliers and customers
French Commercial
Code
French Commercial
Code
L. 225-100-1
L. 22-10-35
French Commercial
Code
L. 22-10-35
French Commercial
Code
L. 225-100-1
PPrreesseennttaattiioonn ooff tthhee GGrroouupp
Description of the principal risks and uncertainties to
which the Company is subject
Financial risks related to the impact of climate change
and presentation of the measures the Company has
taken to reduce said impact by implementing a
low-carbon strategy in all areas of its operations
Main characteristics of the internal control and risk
management procedures implemented by the
Company relating to the preparation and processing of
accounting and financial information
Details on the Company’s objectives and policy
concerning hedges in each main transaction category
for which hedge accounting is used
The Company’s exposure to price, credit, liquidity and
cash flow risks
French Commercial
Code
L. 225-102-1
Social and environmental consequences
of the business
French Commercial
Code
L. 225-102-2
Collective bargaining agreements entered into by the
Company and their impact on the Company’s financial
performance and employee working conditions
If the Company operates a facility of the type referred
to in Article L. 515-36 of the French Environmental
Code (Code de l’environnement):
■
■
description of risk prevention policy regarding technological
accidents;
report on civil liability insurance coverage for property and
people and details on how the Company plans to ensure that
victims are adequately compensated in the event of a
technological accident for which the Company is liable
(including “Seveso” facilities)
5.1 to 5.4 and 5.6
2.4.1
N/A
5.4.5
5.3
5.6.3
5.6.1
4.1.1
2.1.3
4.2
6.6 (Note 14.7.3)
4.1.2.3
2
2.1.6
N/A
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
475
9
ADDITIONAL INFORMATION
Concordance tables
RReeffeerreennccee tteexxttss
French Commercial
Code
L. 225-102-4
Duty of care plan enabling the Company to identify
risks and prevent serious violations as regards human
rights and fundamental freedoms, health, safety, and
the environment due to the Company’s operations and
those of its suppliers and subcontractors
French Commercial
Code
L. 232-1
Research and development activities
Information regarding corporate governance
French Monetary and
Financial Code
L. 621-18-2
Transactions involving the Company’s shares carried
out by executives and related persons
French Commercial
Code
L. 225-184
French Commercial
Code
L. 225-211
French Commercial
Code
R. 228-90
French Commercial
Code
L. 225-102
French Commercial
Code
French Commercial
Code
L. 464-2
L. 233-13
French Monetary and
Financial Code
L. 511-6
Options granted to or subscribed or purchased during
the financial year by the Company Officers and each of
the top ten employees who are not Company Officers,
and options granted to all employees, by category
IInnffoorrmmaattiioonn aabboouutt tthhee CCoommppaannyy aanndd ccaappiittaall
Details of purchases and sales of treasury shares during
the financial year
Information relating to treasury share buybacks carried
out by the Company with a view to allocating them to
employees and/or executives
Possible adjustments for securities giving access to the
capital in the event of buybacks of shares or financial
transactions
Report on employee profit-sharing as of the last day of
the financial year, and proportion of capital represented
by shares held by employees under the Company
savings plan and by current and former employees
under Company mutual funds
Injunctions or financial penalties for anti-competitive
practices
Identity of private individuals or legal entities holding,
directly or indirectly, more than one-twentieth,
one-tenth, three-twentieths, one-fifth, one-quarter,
one-third, one-half, two-thirds, eighteen-twentieths or
nineteen-twentieths of the share capital or voting rights
at Shareholders’ Meetings
The amount of loans due within less than two years
granted by the Company on an ancillary basis to
micro-enterprises, SMEs or middle-market companies
with which it has economic ties justifying such loans
IInnffoorrmmaattiioonn rreellaatteedd ttoo tthhee fifinnaanncciiaall ssttaatteemmeennttss
Possible changes in the presentation of the financial
statements and the valuation methods used
L. 232-6
French Commercial
Code
French General Tax
Code
French Commercial
Code
34.9 and 223 quater
Additional tax information
R. 225-102
Company earnings performance in the last five financial
years
2.2.1
5.6.4
3.6
8.2.4
8.2.4
8.2
N/A
8.3.1
N/A
8.3.1 and 8.3.3
N/A
N/A
N/A
5.6.6
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UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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ADDITIONAL INFORMATION
Concordance tables
9.6.4 CORPORATE GOVERNANCE REPORT CONCORDANCE TABLE
RReeffeerreennccee tteexxttss
French Commercial
Code
L. 22-10-8
CCoommppeennssaattiioonn
Compensation policy for Company Officers
French Commercial
Code
L. 22-10-9, L. 22-10-34 I,
R. 22-10-14
Information about the Company’s Executive
Management and general management
1
Chapter/Section no.
3.4.1, 3.4.2.1, 3.4.3.1
and 3.4.3.2
2
French Commercial
Code
L. 225-37-4
French Commercial
Code
L. 225-37-4
French Commercial
Code
French Commercial
Code
French Commercial
Code
L. 22-10-10
L. 225-37-4
L. 225-37-4
French Commercial
Code
L. 22-10-10
French Commercial
Code
French Commercial
Code
French Commercial
Code
French Commercial
Code
French Commercial
Code
French Commercial
Code
French Commercial
Code
French Commercial
Code
L. 22-10-10
L. 22-10-10
L. 22-10-10
L. 22-10-10
L. 22-10-11
L. 22-10-11
L. 225-185
L. 225-197-1
French Commercial
Code
L. 22-10-11
French Commercial
Code
L. 22-10-11
French Commercial
Code
French Commercial
Code
L. 22-10-11
L. 22-10-11
IInnffoorrmmaattiioonn aabboouutt ccoommppeennssaattiioonn
List of all the Company Officers’ positions and the
duties they performed in any company during the
financial year
Related-party agreements entered into between a
Company Officer or a shareholder holding more than
10% of the voting rights, and a subsidiary
Description of the authorisation procedure for routine
agreements entered into on an arm’s length basis
Executive Management’s choice of management
methods
Summary of outstanding delegations of authority and
powers granted by the Shareholders’ Meeting to the
Board of Directors concerning capital increases
Composition of the Board of Directors, conditions of
preparation and organisation of the Board of Directors’
work
Application of the principle of gender equality
Limitations of powers of the Chief Executive Officer
Reference to the Corporate Governance Code
Specific rules governing shareholders’ participation in
Shareholders’ Meetings
Rules applicable to the appointment and replacement
of members of the Board of Directors and to
amendments of the Company’s Articles of Association
Powers of the Board of Directors, including in particular
the issue or buyback of shares
3.1.1, 3.2.2 and 8.2.4
Conditions under which options may be exercised and
held by the Executive Officers
Conditions under which performance shares granted to
the Executive Officers may be held
IInnffoorrmmaattiioonn aabboouutt tthhee ccaappiittaall
Structure and change of the Company’s capital
FFaaccttoorrss tthhaatt ccoouulldd hhaavvee aann iimmppaacctt iinn tthhee eevveenntt ooff aa
ppuubblliicc ooffffeerr
Statutory restrictions about the exercise of voting rights
and share transfers or contractual clauses brought to
the Company’s knowledge
Direct or indirect interests in the Company’s capital
brought to the Company’s knowledge
List of holders of any security conferring special rights
of control and description of these securities
3.4.3
3.4.3
8.2, 8.3
NN//AA
N/A
8.3
N/A
UNIVERSAL REGISTRATION DOCUMENT 2022 / CARREFOUR
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3.4
3.2.1.3
3.7
3.7
3.1.1.1
8.2.2
3.2
3.1.2
3.1.1.2
3.1
8.1.4
8.1.4
3
4
5
6
7
8
9
9
ADDITIONAL INFORMATION
Concordance tables
RReeffeerreennccee tteexxttss
French Commercial
Code
L. 22-10-11
French Commercial
Code
L. 22-10-11
French Commercial
Code
L. 22-10-11
French Commercial
Code
L. 22-10-11
Control mechanisms provided under a possible
employee share ownership scheme when the rights of
control are not exercised by employees
Agreements between shareholders brought to the
Company’s knowledge and which may result in
restrictions on share transfers and the exercise of voting
rights
Agreements concluded by the Company that are
amended or terminated in the event of a change in
control of the Company, unless this disclosure would
seriously harm its interests (except in cases of a legal
obligation to disclose)
Agreements providing for compensation to members of
the Board of Directors or employees if they resign or
are dismissed without real and serious cause or if their
employment ends as a result of a public offer
9.6.5 NON-FINANCIAL PERFORMANCE CONCORDANCE TABLE
CCoommppoonneennttss ooff tthhee NNoonn--FFiinnaanncciiaall SSttaatteemmeenntt
Business model
Main non-financial risks
Duty of care policy and procedures
Publication of Key Performance Indicators
MMaannddaattoorryy ttooppiiccss rreeffeerrrreedd ttoo iinn AArrttiiccllee LL.. 222255--110022--11 ooff tthhee FFrreenncchh CCoommmmeerrcciiaall CCooddee
Social impacts of the business
Environmental impacts of the business
)
(
Respect for human rights *
)
(
Prevention of corruption *
)
(
Prevention of tax evasion *
Impact of the Company’s business on climate change and the use of goods and services it produces
Social commitment to promoting a circular economy
Collective bargaining agreements entered into by the Company and their impact on its financial
performance and employee working conditions
Social commitment to combating discrimination and promoting diversity
Measures taken to combat food waste
Measures taken to promote employment of the disabled
Social commitment to combating food insecurity
Social commitment to promoting animal welfare
Social commitment to promoting responsible, equitable and sustainable diets
Social commitment to sustainability
(*) For listed companies.
Chapter/Section no.
N/A
N/A
N/A
3.4
Chapter/Section no.
1.1.5
2.1.1.2/4.1.2
2.1.1.2/2.2
2.2/2.4.1
2.1.6/2.2.3
2.1.2/2.2.4.1/2.2.3
2.1.5.2/2.2.3
2.1.5.5
2.1.5.5
2.1.2.5/2.1.3
1.3.1.3/2.1.2.4
2.1.6.2
1.3.2.4/2.1.6.4/2.2.4.2
1.3.1.3/2.1.2.5/2.1.3.4
1.3.2.4/2.1.6.4
1.2.1/1.3.1.1/2.1.3.4
1.3.1.1/2.1.5.6
1.3.1/2.1.4.2
Chapter 2/1.3
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ADDITIONAL INFORMATION
1
2
3
4
5
6
7
8
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CONTACTS
Groupe Carrefour
Head Office
93 Avenue de Paris
TSA 55555
91889 Massy Cedex
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
Investor
relations
investisseurs@carrefour.com
Shareholder
relations
contact@actionnaires.carrefour.com
Shareholder’s Club
Autorisation 93261
92535 Levallois-Perret Cedex
Tel.: 0805 902 902
club@actionnaires.carrefour.com
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652 014 051 RCS Évry