Universal
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Annual Financial Report
2023
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CONTENTS
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PRESENTATION OF THE
CARREFOUR GROUP
1.1 Group profile – executive summary
2023
1.2 Trends – global challenges and
development opportunities
1.3 Strategy & progress – the Carrefour
2026 plan
1.4 Business model – stakeholders and
activities
1.5 Performance
1.6 Simplified legal chart
CORPORATE SOCIAL
RESPONSIBILITY
AND PERFORMANCE
NFPS
2.1 Non‑financial policies, action plans and
performance
2.2 Carrefour’s Duty of Care Plan
2.3 Green taxonomy
APPENDIX: Regulatory templates
2.4 Reporting methodology and verification
of information
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CORPORATE GOVERNANCE
AFR
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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
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BUSINESS REVIEW
AS OF DECEMBER 31, 2023
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, 2023
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, 2023
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 Performance Statement are identified using the pictogram NFPS
www.carrefour.com
Universal
Registration
Document
2023 Annual Financial Report
The French language version of this Document d'Enregistrement Universel (Universal Registration Document) was filed on
April 28, 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 Universal Registration Document may be used for the purposes of an offer to the public 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 Universal
Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.
This Universal Registration Document, including the annual financial report, is a reproduction of the official version which has been
prepared in ESEF format and is available on the issuer’s website, www.carrefour.com.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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2023 WAS A YEAR OF ACCELERATION FOR CARREFOUR.
Amid intense pressure on purchasing power,
We also stepped up the consolidation of our
both in Europe and in Latin America, our
new businesses, both in energy, with the roll-
Group managed to step up its strategic plan
out of our solar panels, and in real estate, thanks
on all fronts, pursuing its growth trajectory in
to our partnership in France with Nexity, to reap
its key economies. Reflecting this commercial
the full value of our assets.
momentum, our Carrefour-branded products
continued to grow in popularity, and customer
satisfaction rose by 4 points at Group level.
Lastly, 2023 saw faster progress on our corporate
social responsibility plan, with our CSR index
reaching 110%. We placed particular emphasis
At the same time, our digital transformation took
on our initiatives for people with disabilities
on a new dimension, with e-commerce growing
among both employees and customers, on
by 26%, well ahead of the market, and with
women’s health in the workplace, and on
particularly strong performances in Brazil and
France. 2023 also saw the launch of Unlimitail,
our retail media joint venture with Publicis, and
witnessed the JV’s first commercial successes,
signalling our European leadership in this fast-
growing segment and our determination to take
advantage of new business opportunities.
2 0 2 3 m a r k e d a m a j o r m i l e s t o n e f o r
strengthening the Group’s local roots in Brazil,
with the integration of Grupo Big, making
Carrefour the undisputed leader in this key
market. Our targeted acquisition strategy also
resulted in the first major acquisition in France
for over 20 years, that of the Cora and Match
diversity of origins, so as to continue making
Carrefour a more united and inclusive group.
In this respect, the successful launch of our
first employee share ownership plan, Carrefour
Invest, attests to our employees’ support for the
Group’s project and our commitment to involve
them more closely in Carrefour’s value creation
and growth trajectory.
I would like to thank our employees and
franchise partners for their unwavering
commitment. Their passion and dedication have
been key to navigating the year’s challenges and
continuing to deliver exceptional service to our
customers.
banners, whose network and business model
These achievements reflect our ambition to
are highly complementary to our own and will
remain at the forefront of food retail, while
broaden our regional footprint and consolidate
being a responsible and committed player in
our commercial momentum.
the communities we serve.
Alexandre Bompard
Chairman and Chief Executive Officer
UNIVERSAL REGISTRATION DOCUMENT 2023
/ CARREFOUR
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PRESENTATION OF THE CARREFOUR
GROUP
1.1 Group profile – executive
summary 2023
1.1.1 Facts and figures
1.1.2 Business overview
1.1.3 Operating regions
1.1.4 History of the Group
1.1.5 Our raison d'être
1.1.6 Highlights
1.1.7 Carrefour, Premium Partner of the Paris
2024 Olympic and Paralympic Games
1.2 Trends – global challenges and
development opportunities
1.2.1 Ongoing inflation and impacts on
purchasing power
1.2.2 Developing alternative forms
of consumption
1.2.3 The transition to sustainable agriculture
1.2.4 Climate change and energy efficiency
1.2.5 The rise of digital commerce
1.2.6 Employment and inclusion
1.3 Strategy & progress –
the Carrefour 2026 plan
1.3.1 Making the best available
to all our customers
1.3.2 Building a cutting‑edge group
1.3.3 A competitive value‑creating model
1.4 Business model – stakeholders
and activities
1.4.1 Summary of the business model
1.4.2 Creating shared value
1.4.3 Description of our business
1.5 Performance
1.5.1 Summary of 2023 financial performance
1.5.2 Summary of 2023 stock
market performance
1.5.3 Summary of 2023 non‑financial
performance
1.6 Simplified legal chart
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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1
PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
1.1 Group profile – executive summary 2023
1.1.1
FACTS AND FIGURES
Operating an extensive multi‑format and omni‑channel network,
Carrefour is one of the world’s leading food retailers. Its
14,930 stores and e‑commerce sites welcome 80 million
customers every year.
The Group continued to develop franchising in France and set up
operations in three new countries through master franchise
agreements, in line with its objective of entering ten new markets
by 2026.
The Group, which has 305,333 employees in eight countries
(France, Spain, Italy, Belgium, Romania, Poland, Brazil and
Argentina), reported 92,614 million euros in gross sales in 2023,
an increase of 10.4% like‑for‑like (LFL). Recurring operating
income came to 2,264 million euros, a decrease of 4.7% at
current exchange rates, and up 9.8% at constant exchange rates
and comparable scope of consolidation and accounting
standards.
In an unprecedented
inflationary environment, Carrefour
confirmed the strength of its commercial strategy and the
attractiveness of its model, posting good performances in
Europe, particularly in France, Spain and Belgium, thanks to a
series of initiatives aimed at easing customers’ cost‑of‑living
constraints, including anti‑inflation baskets of essential goods at
fixed prices, targeted price reductions and more, and the
effective monitoring of its operations. Carrefour’s acquisition of
the 60 hypermarkets and 115 supermarkets under the Cora and
Match banners was its first major deal in France in more than
20 years and consolidated its leadership in the French food retail
market. In Spain, Carrefour also strengthened its position with
the acquisition of 47 supermarkets and convenience stores from
the El Corte Inglés group. Carrefour Brazil completed the
conversion of the Grupo BIG stores, which are ramping up
swiftly, despite the deflationary local environment. In the first
half, the Group completed the sale of its stake in Carrefour
Taiwan for approximately 1 billion euros.
The year was shaped by the implementation of the Carrefour
2026 strategic plan, reflected in very strong growth in own‑brand
sales, which now represent 36% of total food sales, the roll‑out of
the “Maxi” method in European hypermarkets and supermarkets,
and the launch of Eureca, the Group’s European purchasing
platform.
The Group’s digital model made significant progress thanks to
the launch with Publicis of the Unlimitail joint venture, which
aims to become a leader in European retail media. The Group’s
e‑commerce business saw further vigorous growth, with a 26%
increase in GMV, and its digital transformation continued, with
the growing use of tech, data and AI solutions.
The Group remains actively committed to its main CSR pillars,
particularly regarding waste, the climate, and diversity and
inclusion, and is giving focused attention to disability, a major
cause in the Carrefour 2026 strategic plan. Its CSR and Food
Transition Index, which reflects the rate of achievement of annual
targets in this area, came to 110% at the end of 2023.
2023 was a remarkable year in terms of cash flow generation,
with net free cash flow of 1,622 million euros Carrefour’s
strengthening of its balance sheet and liquidity since 2018 has
proved effective against the backdrop of macroeconomic
uncertainties and rapid changes in food retailing.
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
1.1.2
BUSINESS OVERVIEW
Present in more than 40 countries worldwide, Carrefour operates
directly in eight countries in Europe (France, Spain, Italy, Belgium,
Romania and Poland) and Latin America (Brazil and Argentina).
Together, France, Spain and Brazil account
for 80% of
consolidated gross sales. In these geographies, Carrefour is
developing its integrated store network while putting increasing
emphasis on franchising and lease management, two models
that Carrefour sees as underpinning its future development. In
Asia, the Middle East, Africa and other geographies, the Group
works with local partners who are managing and expanding a
network of stores under Carrefour banners.
In 2023,
the Group had 14,930 Carrefour‑banner stores
worldwide. 8,865 of them are franchised stores in the eight
countries in which it directly operates (of which 5,336 in France)
and 2,543 are managed by international partners, i,e., a total of
11,408 are operated by a third party.
formats,
from hypermarkets and supermarkets
The Carrefour group serves its customers through a full range of
retail
to
convenience stores, soft discount, cash & carry outlets and the
"club" format with the banner Sam’s Club. 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.
PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
In France, the Carrefour group had 6,035 stores under its banners
at year‑end 2023, of which 5,841 in mainland France and
194 through partners in overseas territories. They break down
into five formats: 253 Carrefour hypermarkets, 1,037 Carrefour
Market supermarkets, 4,561 convenience stores (Carrefour City,
Carrefour Contact, Carrefour Express, Bio c' Bon, etc.),
151 Promocash cash & carry outlets and 33 Supeco soft discount
stores.
In Europe (excluding France), Carrefour had 6,162 stores under
its banners at the end of 2023, (4,959 operated directly in the
five host countries and 1,203 through partners). They included
469 hypermarkets, 2,139 supermarkets, 3,445 convenience
stores, 12 cash & carry outlets and 97 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 223 hypermarkets, 212 supermarkets, 631
convenience stores, 387 cash & carry outlets and 83 Supeco soft
discount stores.
Carrefour also operates 1,146 stores with
local franchisee
partners in other regions around the world (Asia, the Middle East,
Africa, etc.).
1.1.3 OPERATING REGIONS
Carrefour group
14,930 stores
around the world
France
5,841
stores
*
Belgium
707
stores
Poland
841
stores
Romania
447
stores
Argentina
651
stores
Brazil
936
stores
Spain
1,474
stores
Italy
1,490
stores
Other
2,543
stores
Integrated countries/regions
Franchised countries/regions
Taiwan**
* Metropolitan France.
** On June 30, 2023, Carrefour announced that it had completed the sale of its 60% stake in Carrefour Taiwan to Uni-President.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
1.1.4 HISTORY OF THE 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.
1993
1996
The Group inaugurated
its first stores in Italy
and then, in 1995,
in China.
The first partnerships with Food
Banks were set up to redistribute
food approaching its use-by date to
those in need.
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.
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
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.
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.
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.
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.
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
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. Carrefour acquired the So. Bio banner and
launched a global advertising campaign of
unprecedented proportion: Act for Food.
2019
Carrefour celebrated its 60th anniversary.
Pursuant to the “Pacte” law adopted by the
French Parliament, the Group included a raison
d’être (see Section 1.1.5) in its Articles of
Association. 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.
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).
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.
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 2023 and the first quarter of 2024
are presented in Section 1.1.6 of this Universal
Registration Document.
2023
Carrefour celebrated the 60th anniversary
of the opening of its first hypermarket in
the southern Paris suburb southern Paris
suburb of Sainte-Geneviève-des-Bois,
a ground-breaking store format in France
at the time.
Carrefour signed an agreement to acquire
the Cora and Match stores by the summer
of 2024.
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
Our business model
Our challenges
digital technology Duty to provide affordable healthy food An evolving agricultural model
New eating behaviours Consumer behaviours transformed by
Limited natural resources More intense competitive pressure
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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PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
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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→ 14,930 stores and 2,623 Drive outlets
worldwide
→ Over 40 host countries (1)
→ €92,614 million in gross sales
→ €2,632 million in other income (finance
companies, real estate development, leases)
→ €198 million in financial income
→ €405 million in dividends paid to parent
company shareholders
→ €4,439 million of income and other taxes
→ €1,606 million in payroll taxes
→ €608 million in financial expenses
Shareholders/investors,
public authorities/
local governments
→ 305,333 employees worldwide (2)
→ 300 job families
→ Act for Change managerial programme
→ 1 worldwide e-commerce site
→ 45.2 million loyalty cardholders
→ 15 international partnerships
→ 2,593 production facilities in Europe
→ 46,000 partner producers
→ Strategic partnerships and alliances
→ €6,750 million budget allocated
by the Carrefour Foundation
→ €7,373 million in wages, salaries and
payroll taxes
→ Employee Net Promoter Score® (NPS®)
measured
→ 69% of employees accessing a training
session during the year
→ 1,161 social audits performed at our suppliers
→ 28% women in key, top-level positions
→ 33% under-30 youth employment rate
→ 4.3% employment of people with disabilities
→ 18.9 million fans on social media
→ 22,238 Net Promoter Score® (NPS®)
responses in 2023 (vs. 16,615 in 2022)
→ €72,420 million in purchased merchandise
and services
→ 16,872 CQL partner producers
→ €5.3 billion in sales of products certified
as sustainable
Employees
→ 48 million meals distributed to food
banks
→ 77 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
(1) including franchises
(2) at integrated stores
→ 38.3% reduction in CO2 emissions (vs. 2019)
→ 69.8% of store waste recovered
→ -35.7% reduction in food waste (vs. 2016)
→ 60.9% sales of fishery and aquaculture
controlled products and produced using
sustainable practices
→ 20,738 tonnes of packaging avoided
since 2017
Local
communities
and civil society
12
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
1.1.5 OUR RAISON D'ÊTRE
At the Shareholders’ Meeting of June 14, 2019, the Group
presented its raison d’être, a statement enshrined in its Articles of
Association that reasserts
leading the
transition for all by promoting healthier, more affordable food,
while supporting the agricultural transition and helping to
preserve the planet’s resources:
its commitment to
“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 our
broad territorial presence and to our ability to adapt to
sustainable production and consumption modes, our ambition is
to be the leader of the food transition for all.”
Alexandre Bompard, Chairman and Chief Executive Officer
March 1: Carrefour launched Potager City, its new fresh local
produce banner, and opened its first two stores in Paris.
Inflation and cost of living
1.1.6 HIGHLIGHTS
Highlights of 2023
Food transition
■
■
■
■
■
innovative commercial
February 1: Carrefour signed an
agreement with Bel Group to support the food and climate
transition. It contains a series of measures that is respectful of
the dairy sector and consistent with the climate transition and
1.5°C trajectory.
February 2: Carrefour France organised the first “Plant Tasting
Week” in its stores to promote the consumption of plant
proteins.
June 15: Carrefour organised the Le champs des rencontres
event which allows its customers to visit its Food Transition
Pact partners' farms.
September 6: Carrefour created an international coalition with
seven industrial partners to drive faster sales of plant‑based
alternatives.
Development and offers
■
■
■
■
■
■
February 17: Carrefour expanded into Mongolia with its partner
Altan Joloo, opening two stores – a hypermarket and a
supermarket – in Ulaanbaatar.
April 14: Carrefour and MoneyGram joined forces to extend
Carrefour’s financial offer to customers in the form of a money
transfer service in Europe and Latin America.
April 27: Carrefour announced the takeover of Cora’s activities
in Romania.
May 9: Carrefour expanded into Israel with the opening of
around 50 franchise stores.
July 6: Carrefour and Nexity joined forces on 76 sites in France
in a project to develop the Group’s real estate portfolio.
July 12: Carrefour announced the acquisition of the Cora and
Match banners, consolidating its leadership in food retailing in
France.
1
2
3
5
6
7
8
9
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■
■
■
September 20: Carrefour strengthened its position in Spain
with the acquisition of 47 supermarkets and convenience
stores in the Madrid, Catalonia, Andalusia and Valencia regions.
October 31: Carrefour completed the acquisition of 10 Cora
hypermarkets and 9 Cora Urban stores in Romania.
November 7: The Carrefour banner entered Bulgaria by
extending the partnership with Greek franchisee Retail & More.
4
November 21: Carrefour announced a new partnership with
the JIP Retail group in the Czech Republic.
November 30: Carrefour and Nexity created the Villes et
Commerces property venture.
■
■
■
■
January: Carrefour Belgium decreed a 100‑day price freeze on
100 products.
March 14: Carrefour France created an anti‑inflation basket of
200 products priced at an average of 2 euros in all stores.
September 29: Carrefour began a cost‑price fuel promotion in
its hypermarkets, running until the end of 2023.
December 4: Carrefour
the Purchasing Power
launched
Guarantee in partnership with CNP Assurances to help its
customers cope with unavoidable expenditure in the event of a
sudden loss of purchasing power.
Anti‑waste
■
■
■
March 29: Carrefour became the first French retailer to obtain
the national “anti‑food waste” label, awarded to its Montesson
hypermarket.
March 31: Carrefour launched the first recycling kiosks in
France, combining circular economy and purchasing power
support.
October 12: Carrefour Belgium reaffirmed its commitment to
the fight against food waste and the recovery of waste through
a new series of initiatives (awareness‑raising in stores, recovery
of expired products and waste, donations, etc.).
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
Inclusion and diversity
Teams and employees
■
■
■
■
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■
■
■
■
■
■
■
■
April 3: Carrefour announced plans to step up its support for
people on the autism spectrum on the occasion of World
Autism Awareness Day (April 2).
May 16: Carrefour France
programme to promote reading among children.
launched the Reading for All
June 15: The Carrefour group announced the three winners of
the Disability Innovation Challenge competition at VivaTech.
The winning solutions aim to improve the in‑store experience
for customers with disabilities.
■
■
■
January 30: In partnership with GymLib, Carrefour France
offered its employees free access to more than 300 sports and
wellness activities in over 4,000 partner facilities.
March 1: Carrefour launched Carrefour Invest, an international
employee share ownership plan open to employees in the
Group’s eight integrated countries.
April 19: Carrefour made a commitment to women’s health at
work, notably by granting 12 additional days’ leave each year to
women suffering from endometriosis.
June 23: Carrefour partnered with Fondation Le Refuge to
provide material support and help marginalised young LGBT+
people find jobs.
October 17: Carrefour stocked its shelves with products from
the Café Joyeux brand, which seeks to find employment for
people with Down syndrome or autism spectrum disorder in
mainstream workplaces.
December 14: The Group joined the Executive Committee of
the One In Three Women network, which works to eradicate
violence against women across Europe.
December 15: Carrefour opened its first store in France fully
accessible to people with disabilities, in the northern Paris
suburb of Villeneuve‑la‑Garenne. The brand has implemented
ten initiatives ranging from guide strips on the floor and special
trolleys to a bell in the bulk section and audio recordings of
ingredients to optimise the customer experience for people
with disabilities.
Solidarity
From January 11 to February 4: Carrefour took part in the
Pièces Jaunes (“Yellow Coins”) donation campaign
for
hospitalized children in France.
■
July 28: Carrefour enhanced the system designed to enable
volunteer firefighters among its employees to fight forest fires.
Digitalisation and artificial intelligence
■
■
■
■
■
March 14: Carrefour announced the opening of a new virtual
store on the Rakuten marketplace, allowing the two partners to
bolster their presence in the e‑commerce market.
April 17: Carrefour and Uber Eats bolstered their partnership
with the nationwide launch of a “full‑shop” service and the
chance to earn Carrefour loyalty points on Uber Eats.
June 8: Carrefour adopted OpenAI technologies and launched
a shopping experience using generative AI to make everyday
purchases easier for customers.
launched
June 15: The Carrefour and Publicis groups
Unlimitail, with 13 founding partners, to tap into the booming
retail media market.
October 17: Grocery delivery service Takeaway.com expanded
its grocery delivery service in partnership with the Carrefour
Belgium supermarket chain.
Energy and biodiversity
From January 17 to February 27: Carrefour supported the
Boîtes à bonheur (“Happy Boxes”) donation campaign in aid of
French non‑profit Secours Populaire.
From February 9 to February 20: Carrefour supported the
victims of the earthquakes in Turkey and Syria with the French
Red Cross and its partners in the international Red Cross and
Red Crescent movement.
From February 21 to March 12: Carrefour took part in the
Restos du Cœur national collection drive in France.
■
■
■
April 6: Carrefour Énergies reached the milestone of installing
100 electric vehicle charging points, setting the pace for
France’s network of charging points.
July 21: In terms of its new water‑saving plan, Carrefour
undertook to reduce water consumption in its stores in France
by 10% by 2025.
December 1: Carrefour teamed up with HysteCo, the European
leader in hydrogen mobility, to roll out hydrogen filling stations
in the Greater Paris region.
From June 13 to July 16: Carrefour
12th Boucles du Cœur collection drive in France.
took part
in
the
Governance
August 24: Carrefour joined forces with Secours Populaire for
its Journée des oubliés des vacances to give disadvantaged
children the chance to go on holiday.
September 14: Carrefour supported
earthquake
in Morocco
Alimentaire.
the
in partnership with the Banque
the victims of
■
■
March 23: The Board of Directors of the Carrefour group
aligned its governance with the Carrefour 2026 plan and
renewed Alexandre Bompard’s term of office ahead of term.
August 31: Alexandre de Palmas was appointed Executive
Director of Carrefour France and Elodie Perthuisot, Executive
Director of Carrefour Spain.
■
September 18: Carrefour launched the Carrefour Solidarity
employee engagement programme.
14
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PRESENTATION OF THE CARREFOUR GROUP
Group profile – executive summary 2023
■
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■
Highlights of first‑quarter 2024
1.1.7
January 15: The Group teamed up with Netflix to launch the
Carrefour Plus pilot subscription programme in Rouen and
Bordeaux. This is Netflix's first partnership with a retailer.
all
Subscribers
receive both
Carrefour‑branded products
Standard
subscription with ads.
10% discount on
a Netflix
and
a
CARREFOUR, PREMIUM
PARTNER OF THE PARIS 2024
OLYMPIC AND PARALYMPIC
GAMES
January 24: Carrefour announced the acquisition of 31 former
Casino stores in France. These stores represent 94,000 sq.m.,
or 0.3% of the food retail space in France.
January 26: Carrefour Énergies entered into a partnership with
Octopus Energy and pursued its initiatives to support the
energy
this
collaborative venture, Carrefour is able to offer its customers
electricity that is ultra‑competitive, green and French.
environmental
transition.
Through
and
For the first time in the history of the Games, a leading food
retailer is sponsoring the world’s premier sporting event. 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 event through its stores and e‑commerce sites, its
deep commitment to the Olympic values of dedication, team
spirit and self‑improvement, and its determination to make the
Games simple, sustainable and inclusive. The Group’s teams and
franchisees are all on board with this major corporate project.
March 5: Carrefour announced its action plan to promote
diversity of origins within the Group.
Under the slogan "Nourrir tous les espoirs" ("Feeding all hopes"),
the partnership involves:
March 13: Carrefour's Board of Directors changed
its
composition, in particular with the appointment of Eduardo
Rossi to replace Abilio Diniz and the recommendation to
appoint Marguerite Bérard at the Shareholders’ Meeting of May
24, 2024.
March 21: Carrefour launched "Restart", a project accelerator
in support of responsible consumption.
March 26: Carrefour announced that it had entered into an
agreement to buy back 25 million of its own shares -
representing around 3.5% of its capital - from Galfa, a
subsidiary of Motier. Following the transaction, Galfa's stake in
Carrefour will represent 7.71% of the capital and 13.3% of the
voting rights.
This share repurchase is part of Carrefour's 700 million euro
share buyback program for 2024. The Board of Directors of
Carrefour unanimously approved
transaction after
obtaining the opinion of Cabinet Finexsi on its fairness. The
(2)
will be paid over the next few
sale price of 365 million euros
days, and the repurchased shares will be delivered after the
ex‑dividend date, in the days following the Annual General
Meeting on May 24, 2024.
the
(1)
Galfa has indicated that there will be a six‑month lock‑up
period for its shares in Carrefour, subject to customary
exceptions, and that it has decided to extend the maturity of
call options on 10 million Carrefour shares until December
2025.
■
■
■
a commitment to supplying fresh, organic produce to the
Athletes’ Village to prepare meals for the athletes, thereby
raising the profile of French products and promoting a more
sustainable diet;
a brand project leveraging the values of sport to promote
health through food, the value of work, social advancement
and inclusion;
a commercial project with a number of promotional highlights.
Carrefour is developing exclusive collections for a wide variety
of official product families under licence from Paris 2024
(textiles, stationery, back‑to‑school products, etc.).
The Carrefour Foundation
is also committed to providing
150,000 euros per year for two years to support the French
Paralympic and Sports Committee’s ESMS & Clubs programme,
which promotes sport for people with disabilities and aims to
increase the number of beneficiaries from 2,000 today to 3,500
by 2025 thanks to 150 additional projects.
To give meaning to and fully embody this partnership, Carrefour
has surrounded itself with a team of 17 athletes, including Gilles
Anthony Afoumba, a Carrefour employee who will be taking part
in the Paris 2024 Olympic and Paralympic Games with the
Congolese team. These top athletes all embody the banner's
values of performance, healthy eating and inclusion.
Internally, Carrefour has used the Olympic momentum to
promote sport among its employees. The banner has motivated
its employees by organising a Health in the Workplace Week and
a sports competition, the Grand Tournoi.
In addition, since January 2023, all Carrefour employees have
had free access to a wide range of sports and wellness activities
in the Gymlib network of fitness centres, without the limitations
and costs of annual subscriptions.
(1)
(2)
The directors concerned did not take part in the vote in accordance with the applicable legal provisions.
After deducting approximately 22 million euros corresponding to the dividends on shares sold.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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Trends – global challenges and development opportunities
1.2 Trends – global challenges and development
opportunities
Societal change, the pressure of environmental emergencies and
ongoing 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 due to the spate of crises
(health, geopolitical, energy) over the past five years. 2023 was
marked by the persistence of high inflation and tension on the
food supply chain caused by climate change. This has made
consumers keen to protect their purchasing power while at the
same time looking for food options that are simultaneously good
for their health, good for farmers and good for the planet. They
increasingly prefer to buy local. This makes it essential to
to
their changing behaviour and
understand and adapt
expectations in terms of affordable prices, new eating habits,
faster digital transformation of consumption patterns and
prioritising of short circuits. It has 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 demands. A global shift towards healthy diets from
sustainable food systems would protect the planet and improve
the health of billions of people . The food and climate
transitions are interconnected and are both major challenges of
the 21st century.
(1)
1.2.1 ONGOING INFLATION AND IMPACTS ON PURCHASING POWER
Reconciling the duty to provide healthy food with affordability is
a global issue. Access for all to quality food in sufficient quantities
has been undermined by the disorganisation of global supply
chains and the scarcity of resources due to the health and
geopolitical environment. Together, these factors sparked an
increase in food prices in the last two years. In 2023, 52% of
low‑income countries, 88% of lower‑middle‑income countries
and 81% of upper‑middle‑income countries recording rates
in the double digits. 67% of
above 5%, many of them
high‑income countries have also experienced high food price
inflation. In real terms, food price inflation exceeded overall
inflation in three‑quarters of the 166 countries studied by the
World Bank
(2)
.
2023 was shaped by particularly high inflation in Europe and
Argentina, with strong pressure on consumer purchasing power
and negative volumes in the Group's main markets. Europe
experienced record inflation in the first half, which peaked in the
second quarter. Inflation then eased across the board in the third
quarter, with consumer prices broadly stable from the start of the
summer
. 53% of Europeans, regardless of their income, look
for ways to save money when shopping (up from 41% in 2022)
(3)
and 36% want to buy more retailer own brands – with 84% of
people believing that they are of similar or better quality than
national brands. As a result, the market share of own brands in
(4)
Europe has increased by an average of 1.9% .
In France, households adjusted their purchasing behaviour,
turning more to own brands and promotions, but also having to
(5)
cut back on certain purchases
. They have also done more to
avoid food loss and waste. All sections of the population are
worried about inflation, even the wealthiest. Nearly nine out of
ten French people say they are feeling its effects in their daily
lives, and 69% believe that the change in their consumption
habits will be permanent, even once the period of high inflation is
over
(6)
.
The retail industry is playing an active role in the fight against the
high cost of living. In March 2023, after consultation with the
government, it undertook to launch an “anti‑inflation quarter”,
during which a range of everyday food products was sold at
preferential prices. This operation, which began in March, was
extended until December 2023.
(1)
(2)
(3)
(4)
(5)
(6)
Source: Summary report from the EAT‑Lancet Commission, “Healthy Diets from Sustainable Food Systems”, 2020.
Source: Food Security Update, World Bank, November 2023.
Source: Carrefour group financial publications
Source: The State of Grocery Retail 2023, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, March 2023.
Source: Les grandes surfaces alimentaires, Conjoncture et prévisions 2023‑2024 (Food retail: current situation and forecasts for 2023‑2024), Xerfi,
October 2023.
Source: L’inflation, et après ? (Inflation, what now?), Toluna & Harris Interactive, April 2023.
16
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PRESENTATION OF THE CARREFOUR GROUP
Trends – global challenges and development opportunities
1.2.2 DEVELOPING ALTERNATIVE FORMS OF CONSUMPTION
(1)
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. 735 million people
suffer from hunger worldwide, an increase of 122 million people
since 2019 . In total, almost half of the world’s population has a
nutrient‑deficient diet. Transitioning to the planetary health diet
(or a flexitarian diet, i.e., plant‑based supplemented with small
amounts of fish, meat and dairy foods) could prevent an
estimated 11 million premature deaths per year and unsustainable
is emerging as the most
environmental damage . Food
powerful way
to optimise both physical health and
environmental sustainability.
(2)
People have become highly aware of the 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
are expressing 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 in order to ensure adequate compensation for farmers,
and also concern for animal welfare.
Global surveys
show that recent crises have not changed these
trends. In fact, amid prevailing uncertainty, 63% of consumers
(3)
worldwide believe food consumption to be a socially conscious
act and a means of achieving social goals. A full 71% have
changed their eating habits, with 67% opting for a healthier diet
comprising healthy products that are all natural or free of
additives, colourings and preservatives. Other than health, 48% of
those surveyed place a priority on local ingredients and 36% on
environmental stewardship. Accordingly, 68% prefer to buy food
from their region or nearby, and 59% prioritise products with a
low carbon footprint. Almost 50% of consumers want to be
informed on what they eat and 56% say they cook more. More
than four out of ten consumers are concerned about animal
welfare; 39% have reduced their consumption of animal protein
or adopted a flexitarian diet since 2020.
In France, people say they are concerned about the impact of
their diet on their health. A total of 69% are concerned about the
presence of endocrine disruptors, and look for production
processes that safeguard the environment and animal welfare. In
terms of eating habits, 17% are flexitarians, 10% follow a “free”
diet (salt‑free, sugar‑free, gluten‑free, lactose‑free) and 7% avoid
. 18‑30
red meat (vegetarian, vegan, fruitarian, pescetarian)
year olds have embraced alternatives with even greater
enthusiasm: 25% of them are flexitarians, 6% pescetarians, 4%
vegans and 4% vegetarians. Some 65% would like to eat a more
plant‑based diet consisting primarily of fruit, vegetables and
pulses, which 78% believe would help prevent certain diseases
(5)
and be good for general public health .
(4)
1.2.3
THE TRANSITION TO SUSTAINABLE AGRICULTURE
The world’s food and agricultural systems face three major
challenges as the 21st century gets further under way.
(6)
First, demand for food is constantly increasing. UN projections
put the global population at around 8.5 billion in 2030 and
9.7 billion in 2050, an increase of 1.7 billion compared with
2022 . Due to this population growth and the effects of the
Covid‑19 pandemic, more than 3 billion people are unable to
. Second, intensive and industrial farming
afford a healthy diet
methods have reached their limits, squeezing the planet’s
resources. This issue includes freshwater use, soil depletion,
chemical fertilisers and greenhouse gas emissions. Today,
(7)
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
.
Using more land to produce food is therefore an impossible
solution. In fact, current farming methods deplete soil fertility,
and productivity decreases as a result. Third, farmers and
agricultural workers worldwide are grappling with economic
insecurity and vulnerability, especially in low- and middle‑income
countries.
(8)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
According to SOFI, the FAO (Food and Agriculture Organization of the United Nations) report on the state of food security and nutrition in the
world.
Source: Summary report from the EAT‑Lancet Commission, “Healthy Diets from Sustainable Food Systems”, 2020.
Source: SIAL Insights 2022 White paper, 2022.
Source: Baromètre des produits biologiques en France 2023 (Survey on organic products in France, 2023), Agence Bio and L’Observatoire Société
et Consommation, 2023.
Source: Les jeunes et la consommation de fruits et légumes (Young people and fruit and vegetable consumption), Survey for INTERFEL,
February 2023.
Source: World Population Prospects 2022: Summary of Results, 2022.
Source: The State of Food Security and Nutrition in the World, FAO, 2021.
Source: ELABE study, Quelle alimentation en 2049 (Which foods in 2049?), November 2019.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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Trends – global challenges and development opportunities
The objective is to provide an ever‑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 limited,
these techniques are now becoming increasingly widespread. In
2023, there were 3.7 million organic farmers (up from 200,000 in
1999)
in 191 countries. Together, they farmed a total of
76.4 million hectares (11 million in 1999), or 1.6% of the world’s
agricultural land . In France, 60,483 farms were dedicated to
organic farming by the end of 2022, representing 14% of farms
and 16% of agricultural jobs. As a result, 2.88 million hectares
were farmed organically, representing 10.7% of useful agricultural
(2)
land in France .
(1)
The organic market, worth 12.7 billion euros
in France
(124.8 billion euros worldwide), is in decline . While the number
(3)
of organic food consumers is decreasing, the real enthusiasts are
stepping up their purchases: organic products account for 75% of
the food consumed by nearly 25% of daily consumers of organic
food, an increase of 10 points compared with 2021. Price
remains the main barrier, with 94% of consumers believing that
organic products cost more. However, 82% of them also
recognise that organic farming contributes to preserving the
environment, soil quality and water resources.
The agricultural transition is supported by the people. The
Covid‑19 pandemic helped bring consumers and farmers closer
together. 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
traditional distribution channels,
(AMAP)
consumers are paying greater attention to the provenance of
their food, especially fruit and vegetables.
. And even
in
(4)
1.2.4 CLIMATE CHANGE AND ENERGY EFFICIENCY
(5)
Demographics, urbanisation and human activity are causing
large‑scale climate change that threatens the Earth’s natural
balance. The sixth Synthesis Report of the Intergovernmental
states that human‑induced
Panel on Climate Change (IPCC)
led to an unprecedented
greenhouse gas emissions have
warming of the climate: the global mean surface temperature
has increased by 1.1°C compared with pre‑industrial levels.
Socio‑economic scenarios show that global warming will reach
1.5°C by the early 2030s, regardless of immediate efforts to
reduce global CO emissions. In 2015, the Paris Agreement
sought to limit the increase in global temperatures to “well below
2°C by 2100”, with a global goal of less than 1.5°C. To limit global
warming to 1.5°C and 2°C, we need to achieve carbon neutrality
by 2050 and significantly reduce other greenhouse gas
emissions. The IPCC points out that any delay in reducing
emissions will exacerbate the negative impacts. Energy savings
and lifestyle changes are the key and complementary levers of
2
this transition. Today's 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 gas supply uncertainties stemming from the war in
Ukraine have contributed to this collective awareness of
environmental issues and the benefits of more responsible
consumption and lifestyles. Consumers are now working harder
to reduce their environmental footprint, prioritising short circuits
and adopting solutions offered by retailers, such as recyclable
packaging and sustainable products.
The environmental concerns of the French population were
3 points higher than in 2022, and their demand for greater action
by public authorities in support of the ecological transition has
also intensified. A full 82% of them believe that the fight against
global warming should mobilise as many resources as the
Covid‑19 crisis, and 71% want society to exclusively support
environmentally virtuous economic activities
(6)
.
1.2.5
THE RISE OF DIGITAL COMMERCE
food e‑commerce has slowed since
its
The growth of
unprecedented surge in the wake of the health crisis in 2020, but
remains an underlying trend. Between 2022 and 2027, it is
projected to grow by 8.6% worldwide, outpacing the 3.7% growth
forecast for in‑store sales. E‑commerce is expected to account
(7)
for 7.9% of the food market by 2027, up from 6.3% in 2022 .
Shopping has become an omni‑channel experience: consumers
shop both in‑store and online (using click & collect and/or
delivery services). E‑consumers also tend to frequent several
banners. Different formats and value propositions are thus
increasingly likely to co‑exist.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Source: The World of Organic Agriculture Statistics and Emerging Trends 2023, Research Institute of Organic Agriculture FiBL and IFOAM –
Organics International, 2023.
Source: https://www.agencebio.org/vos‑outils/les‑chiffres‑cles/observatoire‑de‑la‑production‑bio/.
Source: The World of Organic Agriculture Statistics and Emerging Trends 2023, Research Institute of Organic Agriculture FiBL and IFOAM –
Organics International, 2023.
Association pour le Maintien d’une Agriculture Paysanne (French cooperatives that protect small‑scale farming).
Source: Synthesis report of the sixth assessment report, IPCC, 2023.
Source: Sensibilité à l'environnement, action publique et fiscalité environnementale : l'opinion des Français en 2023 (Environmental awareness,
public action and taxation: French opinion in 2023), Ademe and Credoc, 2023.
Source: Food and Beverage Sector Report, Edge by Ascential, March 2023.
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In search of the best deals, consumers now fragment their
purchases, with food e‑commerce solutions generally used for
larger purchases. However, the click & collect option remains
attractive: 25% of French households buy groceries through this
channel every month. As the cost of living continues to rise,
low‑cost own brands have seen an increase in online sales
, and
smartphones are becoming an increasingly important tool for
managing household expenses. Some 54% of European
consumers now use them to compare prices in store, and 88%
are more likely to use them to find special offers and promotions
than to read customer reviews and comments
(2)
.
(1)
1.2.6
EMPLOYMENT AND INCLUSION
Diversity and inclusion have a central place in today's societies.
Inclusion refers to a company’s actions to prevent discrimination
on the basis of disability, age, origin, gender, sexual orientation,
physical appearance, health or social status. The aim is to enable
all employees to work in an open environment and to benefit
from
and promotion
opportunities, regardless of their profile. In France, discrimination
based on disability, physical appearance, perceived origin, sexual
orientation and gender identity are the most common forms of
discrimination, accounting for more than 80% of cases.
recruitment,
training
same
the
The French feel that action should be taken at all levels of society
(individuals, schools, families, companies and non‑profits) to
promote inclusion, but believe that it is primarily up to people,
public authorities and businesses to effect change. While
two‑thirds of employees consider their company to be inclusive,
a quarter claim to have experienced discrimination, an issue
which affects a full 34% of employees under 35 and 29% of
women. The 18‑24 age group is leading the call for companies to
play a role in inclusion. Companies do have a role to play in
PRESENTATION OF THE CARREFOUR GROUP
Trends – global challenges and development opportunities
Artificial intelligence is also having an impact on consumer
behaviour. Retailers are adopting generative AI technologies to
personalise
the online customer experience, with virtual
assistants and conversational chatbots to provide advice.
Automation continues to gain ground in warehouses and stores.
Essential to the digital transformation of food retail, the European
retail automation market is worth 2.5 billion euros and is
expected to grow by 13% per year in the coming years to reach
(3)
an estimated 6 billion euros by 2030 .
combating social discrimination and reducing inequality, but it is
also for their own good. Diversity and inclusion are perceived as
a key asset and a vector of innovation and financial performance
(4)
for any organisation .
Against this backdrop, diversity and inclusion departments are
being set up in major companies. 2022 marked a turning point
for Carrefour on D&I issues with the creation of a new Group
Diversity and
Inclusion Department, which reports to the
Engagement Department, a unit positioned at Executive
Committee level. It is tasked with implementing policies to
promote diversity, both in the workplace and throughout the
Group’s ecosystem, and to fight all forms of discrimination. A
prime example is the implementation of processes to combat
sexism
to
encourage the employment of people with disabilities and to
showcase their uniqueness within its teams. Its approach to
recruiting, integrating and retaining people with disabilities is a
fundamental part of the Group’s human resources policy and
overall strategy.
training. Carrefour also aims
through specific
(1)
(2)
(3)
(4)
Source:
https://www.fevad.com/nielseniq‑le‑e‑commerce‑alimentaire‑reste‑a‑un‑haut‑niveau‑en‑2023‑avec‑un‑univers‑concurrentiel‑
reconfigure/.
Source: 2023 Digital Trends, Retail in Focus, Econsultancy & Adobe 2023.
Source: The State of Grocery Retail 2023, Europe, McKinsey & Company, Eurocommerce for retail & wholesale, March 2023.
Source: Les Français et l’inclusion (The French and inclusion), OpinionWay for APICIL, March 2023.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
1.3 Strategy & progress – the Carrefour 2026 plan
The Carrefour 2026 strategic plan has propelled the Group into a
new stage of its transformation, rooted in its raison d’être, the
food transition for all, and its omni‑channel Digital Retail
Company model.
“Carrefour 2026 is a plan to be on the offensive in markets
marked by
its new
omni‑channel model, Carrefour is the best‑placed Group to
inflation and climate change. With
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
The Carrefour 2026 plan has two pillars:
1.
Commitment to making the best available to all our
customers
contributing to 4 billion euros in cost savings by 2026 (i.e.,
1 billion euros per year);
To help customers confronted by purchasing power issues
and to combat climate change, Carrefour is rolling out the
following initiatives:
■
■
■
■
■
placing the Carrefour own‑brand at the centre of the
retail model, set to account for 40% of food sales by 2026
(vs. 33% in 2022);
stepping up the development of discount store formats to
hold a total of more than 470 Atacadão stores in Brazil by
2026 (200 more than in 2022) while enhancing the appeal
of hypermarkets in Europe using the Maxi method;
supporting sustainable agriculture to generate 8 billion
euros in sales of certified sustainable products
by 2026
(40% more than in 2022),
(1)
supporting the Group’s top 100 suppliers in aligning with a
1.5°C trajectory by 2026, failing which Carrefour commits
to delisting them;
continuing with e‑commerce initiatives and the target of
10 billion euros in e‑commerce GMV (Gross Merchandise
Value) by 2026.
2.
Building a cutting‑edge Group
To further improve its performance, the Group is innovating
in terms of organisation, new businesses and social
initiatives:
■
operational processes are being transformed through
digital developments and an organisational redesign,
■
■
■
■
■
an ambitious energy policy is under way, targeting major
energy savings of 20% in 2026 vs. 2019 for the Group
(target already reached in France one year ahead of
schedule, with a 22% reduction by end‑2023), and the
generation of nearly 1 TWh of electricity per year from
2027 in France, Spain and Brazil;
a joint venture with Publicis, Unlimitail, is created with
the aim of making it 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;
inclusion approach
is being reaffirmed
the Group’s
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);
the Carrefour Invest employee share ownership plan,
open to all employees, has enabled more than 30,000 of
them to become shareholders in the Group. Of the funds
raised, 37 million euros will be used
finance
environmental and social projects.
to
In support of this new value‑creating ambition, the Group:
■
■
increased its annual investment budget to 2 billion euros
(from 1.7 billion euros);
has targeted net free cash flow above 1.7 billion euros by
2026.
1.3.1 MAKING THE BEST AVAILABLE TO ALL OUR CUSTOMERS
Customer satisfaction is the Group’s compass. It is measured
based on the three main pillars of trust, service and convenience,
which are reflected in Key Performance Indicators (KPIs) such as
increased by
the Net Promoter Score
4 points in 2023. Thanks to the commercial successes of recent
years, the Group has a loyal and rapidly expanding customer
base. This is a key reason for continuing our transformation,
anticipating new market trends and offering our customers
appropriate solutions.
(NPS ). The NPS
®
®
®
Given the inflationary environment and climate emergency,
consumers in 2023 were concerned with maintaining their
purchasing power without giving up on healthy and responsible
eating. Carrefour acts to shield its customers against crisis
conditions by developing its own brands and its discount formats
as well as targeted initiatives such as capped prices and
anti‑inflation baskets. The Group also seeks to lead the way in
responsible retailing, through stronger support for sustainable
production and commitments on climate and biodiversity.
(1)
Organic, Carrefour Quality Lines, agroecology, sustainable fishing (ASC/MSC), sustainable forest sourcing (FSC). See section 2.1 Biodiversity of the
Non‑Financial Statement.
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
It responds to present‑day challenges with concrete solutions,
helped 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 rationalised
offering, reflecting our raison d’être
has extended the use of the Nutri‑Score labelling system – which
classifies products according to their nutritional quality – across
its product portfolio. It is now used on 7,000 Carrefour‑branded
products in France and Europe, including the Carrefour Bio and
Carrefour Sensation Végétal ranges.
Stronger support for sustainable agriculture
Pride of place for own‑brand products
Carrefour 2026 objective
Own brands as a proportion of food sales: 40% in
2026, vs. 33% in 2022
The Group aims to make Carrefour‑branded products
its
commercial engine, and to increase their share to 40% of food
sales by 2026. Own brands respond to purchasing power
constraints while enabling consumers to continue to eat
healthily; they are a strategic lever for differentiation and
competitiveness. Recognised by customers for their quality,
which matches that of national brands, and for their competitive
prices, Carrefour’s own brands are growing in popularity. The
Group is constantly expanding their range to cover all needs.
In 2023, they accounted for 36% of the Group’s food sales (a gain
of 3 points vs. 2022). The Carrefour brand has been voted
favourite retailer own brand for the third consecutive year in
France and for the first time in Belgium. The Simpl low price
range, which features up to 500 essential everyday items, is also
popular.
To support purchasing power, Carrefour France offered an
anti‑inflation “essentials and nutrition” basket between March 15
and June 15, 2023 containing 200 products from its own brands
at capped prices: 100 Simpl brand everyday products (including
beauty and personal care products) at an average price of
1.50 euros and 100 healthy Nutri‑Score A or B products at an
average price of 2 euros.
Carrefour 2026 objective
50,000 partner producers by 2026
that are more respectful of
Because the activities involved in producing and distributing food
have a non‑negligible impact on the planet and its ecosystems
and climate, practices
the
environment and biodiversity are essential. Carrefour supports its
partners in transforming their production models to improve the
sustainability of its supplies. As part of its Act For Food
programme launched in 2018, Carrefour offers producers in its
Carrefour Quality Lines and its organic and agroecological lines
in France preferential contractual terms in exchange for more
responsible practices
(1)
.
Always listening to its customers, Carrefour is expanding the
scope of Act For Food. In 2018, the offer that best reflected
consumption trends was the organic range. The Group has
become a leader in this segment in the space of five years.
Today’s expectations go beyond organic food, extending to short
circuits, local sourcing and a host of other quality approaches
such as Reflets de France local products or Label Rouge quality
products. Carrefour has set itself the goal of increasing the
number of producers it supports in these areas to 50,000
(including 7,000 organic producers) by 2026, reasserting its
position as the leading partner of the agricultural world. In 2023,
the Group had 46,013 partner producers, 4,997 of whom were
organic in France, Romania and Argentina
(2)
.
The food transition for all
Carrefour 2026 objective
Carrefour 2026 objective
Reduction of 2,600 tonnes of sugar and
250 tonnes of salt in Carrefour‑branded
products by 2026 (vs. 2022)
€8bn
in sales of certified
sustainable products
by 2026 (up 40%
vs. 2022)
In addition, the Group is improving the composition of its
own‑brand products to optimise their nutritional profile in all its
host countries. Ahead of legislative and regulatory change,
Carrefour has been engaged since 2018 on a global campaign
aimed at eliminating controversial substances from its product
ingredients. Since 2022, 261 tonnes of sugar and 78 tonnes of
salt have been removed from the Group's Carrefour‑branded
products. This endeavour contributes to the goal of reducing
volumes of sugar by 2,600 tonnes and salt by 250 tonnes by
its customers with detailed
2026. Carrefour also provides
information per
nutritional
portion, fibre content, consumption frequency, etc. Since 2019, it
information about
its products:
The Group is continuing its endeavour on quality food for all by
expanding its fresh food offering, which is one of the priorities of
the Carrefour 2026 plan. By 2026, Carrefour plans to double its
supplies of fruit and vegetables from ultra‑short circuits (within
50 km of the store) in Europe. In addition, local stores opened
under the Potager City banner in city centres in France in 2023
(see 1.3.1.2). They offer city dwellers quality fresh products at the
right price, and up to 100 references on more than half of the
store’s sales area, a large part of which is reserved for seasonal
products.
(1)
(2)
See 2.4 Methodological note.
See 2.4 Methodological note.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
The Group aims to become the European leader in certified
sustainable products, by achieving sales of 8 billion euros in
certified sustainable products, 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.
Carrefour has already made progress: in 2023, sales of certified
products totalled 5.3 billion euros, an increase of 6% year‑on‑year
(5.1 billion euros in 2022)
(1)
.
®
In 1998, Carrefour also became the first retailer in France to sell
Malongo coffee, which is sourced from small producers and is a
benchmark for fair trade. Other Max Havelaar -certified brands –
including Alter Eco, Ethiquable and Lobodi – have gone on to
find a place on Carrefour shelves
international
partnerships. In 2023, sales of fair trade products totalled 123
million euros in Carrefour stores around the world. The fair trade
range generated more than 1.9 million euros in premiums for
cooperatives, on top of the fair purchase price paid to producers.
The proceeds were used to fund
initiatives ranging from
scholarships and water purifiers to schools and maternity clinics.
through
To measure progress in the food transition, Carrefour has set
itself the target of obtaining a minimum score of 75/100 in
customers’ responses to the question “Does Carrefour help you
eat better?” In 2023, the survey revealed a score of 63/100.
Support for more responsible consumption
trends
Carrefour 2026 objective
€650m in sales of plant‑based
alternatives by 2026
60% of consumers believe they can make a difference through
their purchasing choices. Echoing environmental concerns, the
Group empowers customers to shape the future for sustainable
consumption and healthy products by enabling them to join
active national communities (in Spain and in France since 2020).
Carrefour also
its e‑commerce
raises awareness among
customers throughout France by displaying the environmental
impact of their online orders in terms of the corresponding
volume of CO they represent. In addition, the annual Les
champs des rencontres event in France allows customers to visit
Food Transition Pact partner farms to learn about responsible
farming techniques. In 2023, four visits were organised to
vegetable and pulse farms in Aube and Haute‑Garonne, to a soy
farm near Toulouse and to a dairy farm in Mayenne.
2
95% of French people want businesses to become more involved
in recycling. In 2023, Carrefour France installed its first recycling
kiosks for products that are generally not recycled. Customers
who hand in used products receive vouchers ranging from
50 euro cents to 15 euros. All of the waste is then collected by
TerraCycle. This initiative, which is unique to Europe and jointly
led by five partner brands (BIC for pens, DIM for tights and
stockings, Hasbro for toys, Philips for razors and toothbrushes,
Tefal for frying pans and saucepans), provides a novel solution for
products that many people think are difficult to recycle.
Carrefour is also continuing to roll out its fully vegetarian own
brand. With over 100 products, Carrefour has
the most
comprehensive range of own‑brand vegetarian and vegan
products. Its range of “-free” products (gluten-, lactose-, etc.) is
In 2023, the Group's sales of plant‑based
also growing.
alternatives totalled 514 million euros in Europe, and the target is
650 million euros by 2026. To encourage as many partners as
possible to support this objective, Carrefour has formed a
coalition with seven major industrial partners (Danone, Unilever,
Bel, Andros, Bonduelle, Nutrition & Santé and Savencia)
committed to achieving 3 billion euros in sales of plant‑based
alternatives by 2026, through a set of joint initiatives. In order to
showcase products made with plant proteins and encourage
their consumption, Carrefour France held its first “Plant Tasting
Week” in February 2023, offering tastings and discount vouchers
in its stores.
Carrefour 2026 objective
€300m
in sales of bulk products
and goods sold in
reusable packaging
in 2026
To support customers wishing to reduce single‑use packaging,
Carrefour is rolling out bulk and reusable packaging extensively
in its stores, a solution that is winning over a growing number of
consumers.
In 2023, bulk and reusable packaging sales
represented 256 million euros.
1.3.1.2
Omni‑channel, a unique service
proposition
is stepping up
Carrefour had a global sales network of nearly 15,000 stores in
more than 40 countries at the end of 2023. The Carrefour 2026
plan
into a
the Group’s
benchmark‑level omni‑channel universe, enhancing the appeal of
its stores through the Maxi method, opening new discount
the network of convenience stores,
formats,
developing e‑commerce, filling out the service offering, and
developing integration between online and in‑store shopping.
transformation
tightening
(1)
Sales of national brand products with “sustainable fishing” and “sustainable forest” labels are not currently taken into account and will be added to
the calculations in 2024.
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formats, along with
The Group’s multiple
its digital
developments, form a unique ecosystem capable of delivering a
personalised customer experience. In addition to their traditional
in off‑the‑shelf self‑service shopping, stores are
function
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
various complementary ways, such as online ordering in different
store formats, online ordering for pick‑up from a Drive location
or home delivery, a simplified in‑store shopping experience
thanks to 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 purchasing situations, providing an efficient, accessible
shopping experience, a unique relationship and personalised
benefits.
Determined to develop this competitive advantage, Carrefour has
a goal of having 30% of its customers using omni‑channel
solutions by 2026 (up from 11% in 2021) and is enriching its
omni‑channel ecosystem with its apps, more personalised offers,
better consumption solutions and the digitisation of all services,
catalogues, receipts, coupons and vouchers.
Accelerated deployment of discount formats
time of high
At a
its
hypermarkets and supermarkets developing discount formats to
address today's purchasing power challenges.
inflation, Carrefour
is upgrading
Heightened appeal for hypermarkets and super
markets, through the Maxi method
in France
implemented
Carrefour intends to strengthen its role as a bulwark against
inflation by deploying the Maxi competitiveness and productivity
method gradually
its
hypermarkets and supermarkets. The method is based on better
operational efficiency, with an offer focused on defending
purchasing power and refocusing each store on the key needs of
customers in its catchment area. In 2023, the Maxi method was
rolled out
in a growing number of hypermarkets and
supermarkets, spurring productivity improvements in the stores
concerned.
in all of
The Maxi method is an adapted and simplified food offer, with a
data‑driven redefinition of product assortments, enhanced
visibility and availability for the Carrefour brand and entry‑level
prices, with suitable packaging. The aim of this measure is to
make the shelves easier to navigate, to encourage more
inventory
purchases and
logistics flows to simpler shelving, with
management and
products presented on pallets and more
“ready‑to‑sell”
packaging. In the In & Out areas, non‑food items will be
promoted through a range of trendy everyday products at very
affordable prices. In 2023, Carrefour had 1,328 In & Out spaces in
its hypermarkets. Its aim is to increase this number to 3,600 by
2026.
simplify operations,
from
to
PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
The number of European hypermarkets also increased with the
takeover of the Louis Delhaize group’s activities in Romania
(10 Cora hypermarkets and 9 Cora Urban stores integrated in
October 2023) and the announcement of the acquisition of the
Cora and Match banners in France (60 hypermarkets and
115 supermarkets). This major
transaction will consolidate
Carrefour’s leadership in food retailing in France at a time when
quality external growth opportunities are scarce. The Group also
announced the takeover of 31 former Casino stores in January
2024.
Accelerated expansion for Atacadão in Brazil
Carrefour 2026 objective
Over 470 Atacadão stores in Brazil in 2026
(200 more than in 2022)
The Brazilian cash & carry chain Atacadão is the Group's fastest
growing discount format in recent years. Atacadão offers a wide
range of food and non‑food products at wholesale prices,
presented 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 ongoing inflation, Atacadão offers concrete
answers to cost of living challenges. The Group is therefore
pushing ahead with its expansion, notably with plans to convert
40 hypermarkets to the Atacadão and Sam's Club banners by
2026 (20 in 2024). The conversion of BIG stores is also helping to
drive organic growth. By 2026, Carrefour aims to have more than
470 Atacadão stores in Brazil.
In 2023, the Group completed the conversion of Grupo BIG
stores six months ahead of schedule, adding 79 stores to the
Atacadão banner. The newly converted stores are growing
rapidly, and the Group aims to generate synergies of 2 billion
Brazilian reals by 2025.
Carrefour also plans to pilot the Atacadão banner in France, with
a first store due to open in Greater Paris in 2024.
Extension of Supeco in Europe
Carrefour is also investing in other discount formats with the
development of the Supeco banner, notably in Spain, based on
the soft discount supermarket model. The Supeco network
reached 130 stores at the end of 2023 with the aim of reaching
200 stores by 2026.
Supeco is committed to reducing the cost of living for all
customers. In 2023, the banner launched an ultra‑low‑cost offer
for students, giving them a 10% discount on presentation of their
student card, every day of the week and with no minimum
purchase. Supeco also provided them with a comprehensive
“basket” of quality food products for less than 20 euros,
equivalent to five days’ worth of groceries.
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
Closer reach for the local network
Unique e‑retailer offering and ecosystem
Carrefour 2026 objective
Carrefour 2026 objective
2,400
convenience store
openings by 2026 (vs. 2022)
€10bn
in e‑commerce GMV
(Gross Merchandise
Value) by 2026
Convenience formats are another source of Carrefour’s strength.
Between 2018 and 2022, they enjoyed rapid growth in all
operating countries, with nearly 3,500 openings over that period.
Given the growth potential of this format, Carrefour is continuing
expansion here, targeting 2,400 new convenience stores by 2026
(an average of 600 new stores per year), mainly through
franchising, with a focus on European countries.
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. In 2023, this
network was extended under the Potager City banner, a local
fresh produce format (see 1.3.1.1). The first three stores –
ultra‑specialists in fresh products but with standard supermarket
prices – opened in Paris in March 2023. In this way, Carrefour is
putting an emphasis on taste, providing a wide range of products,
ultra‑fresh produce and short circuit options purchased directly
from producers heading to or coming from Rungis.
In Spain, Carrefour has signed an agreement to acquire
the Madrid,
47 supermarkets and convenience stores
Catalonia, Andalusia and Valencia regions. It plans to convert
them to the Carrefour Market, Carrefour Express and Supeco
banners. The transaction should be completed before the end of
the first half of 2024, allowing the Group to consolidate its
position and diversify its store network in Spain.
in
The Group is also extending its local network in Eastern Europe.
In Romania, Carrefour completed the acquisition of nine Cora
Urban convenience stores as part of its agreement with the Louis
Delhaize group. The Group also announced the arrival of the
Carrefour brand and products in Bulgaria through the extension
of its partnership with Greek franchisee Retail & More: 20 stores
in the Bulgarian Parkmart network will be converted to the
Carrefour Market and Carrefour Express banners in 2024.
In addition to its multi‑format store network, Carrefour also seeks
market differentiation by strengthening its e‑commerce and
services offering.
E‑commerce activity remained dynamic in 2023, driven by Latin
America and France. Carrefour continued to win customers,
posting a total e‑commerce GMV of 5.3 billion euros (up 26% vs.
2022). E‑commerce recurring operating
improved
significantly in 2023 in line with the objectives set at the Digital
Day.
income
launched
In a reflection of the Group's digital and data‑driven culture,
solutions have been implemented to better serve customers. An
example
is the anti‑inflation button, which uses artificial
intelligence to suggest cheaper equivalent products than those
the Group has embraced
customers select.
In addition,
intelligence to enhance the customer
generative artificial
experience. Carrefour
“Hopla” chatbot on
carrefour.fr in June 2023, marking the first foray of ChatGPT's
technology on a retailer's website. Hopla’s role is to help
customers with their day‑to‑day shopping. It can help them put
together baskets of products to suit their budget or dietary
requirements, or come up with meal ideas. It also features
anti‑waste solutions. More than 5,000 Carrefour‑brand product
data sheets have also been enriched using OpenAI technology
and posted online on carrefour.fr in order to provide customers
with more
information. Eventually, Carrefour will use this
technology for all product sheets.
the
Home delivery services also expanded in every Group country in
2023. As the market leader in this segment, Carrefour offers a
diversified array of services to meet all use cases across the
consumer spectrum, whether on its own channels or on the best
marketplaces.
In France, Carrefour is consolidating its leading position in the
home delivery segment through its Carrefour Livré Chez Vous
and its Carrefour Livraison Express services, with a 31.6% share of
the market in 2023 (up 3.4% vs. 2022). Carrefour is staying one
step ahead on UberEats, Deliveroo and Jow, with more than
2,000 stores connected to at least one of these platforms.
Carrefour has also continued to develop new services in 2023:
non‑food partnership with Rakuten, Carrefour loyalty card and
launch of Carrefour XL on UberEats and click and collect via
Deliveroo.
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Internationally, Carrefour is also confirming its home delivery
expertise through its own services and with its long‑standing
partners (UberEats/Cornershop, Glovo, iFood, etc.) and more
recent ones (Mercado Libre in Latin America, Just Eat Takeaway
in Belgium and Italy). All the Group's host countries, both
integrated and managed under Master Franchise agreements,
now provide customers with an e‑commerce solution.
The Group also continues to innovate in a large number of other
areas: Catalogues have been digitised, direct‑to‑fridge delivery is
available, autonomous vehicles are now used for delivery, and
the Carrefour app has been upgraded to put “all of Carrefour
under one roof”, etc.
Non‑food e‑commerce has not been left out. Carrefour is
increasing the number of its marketplaces, specific features such
as payment in instalments and extended warranties, and sales
events around Black Friday. The offer combines major brands
and own brands, with a selection of exclusive products sold
directly or by third‑party vendors on the marketplace. The
experience is designed to be omni‑channel: customers can view
detailed information online, and select home delivery or in‑store
collection. Carrefour is also strengthening its digital business by
opening virtual stores on leading marketplaces, such as Mercado
Livre in Brazil and Rakuten in France.
The Group 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 and environmental responsibility approach. Carrefour is
aiming for carbon neutrality of its e‑commerce activities by 2030
(i.e., a neutral impact from click to delivery), ten years ahead of
(1)
the Group's overall target set for 2040 .
Fuller range of services
Carrefour is enriching its omni‑channel model with a range of
services (Drives, home delivery, express delivery) designed not
only to attract new customers but also to retain them. The Group
is extending this range using digital technology to integrate it into
the shopping process, leveraging customer data to better target
commercial operations and control the cost of risk.
To reach 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
through omni‑channel programmes and
customer cards
development of promotions and personalised advertising.
PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
Carrefour has introduced new services, such as the installation of
solar panels for individual customers and the supply of green
power contracts. Several second life initiatives have also been
launched, notably through the collection of multimedia products
in certain stores or online.
The Group will continue to develop its everyday services to step
up their growth.
Financial services are also part of Carrefour’s digital strategy, in
the B2C and B2B segments alike. New solutions were introduced
in 2023, including in‑store “buy now, pay later” offers and
products aimed at seniors. The Group has partnered with
MoneyGram, a world leader in peer‑to‑peer money transfers, to
open several hundred MoneyGram counters in stores in its main
host countries in Europe and Latin America. They allow Carrefour
customers to send money to their loved ones in more than 200
countries and territories, securely and almost instantly. In France,
Carrefour launched the Purchasing Power Guarantee, which
offers its customers four insurance packages to cover their
mandatory expenses in the event of an unforeseen loss of
income.
1.3.1.3
Carrefour, a leader in responsible
retailing
To combat global warming, Carrefour
is reaffirming and
intensifying its commitments in support of the climate transition.
Within its 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 process, visible in its
stores through its successful Act for Food programme. Its
Engagement department, formed
is tasked with
concrete pursuit of the Group’s ambitions on the environment,
inclusion and solidarity. As a result, Carrefour’s
diversity,
non‑financial ratings are among the best
industry
worldwide, with the integration of DJSI World, and a 3‑point
upgrade from Moody’s. Carrefour has also maintained its AA
rating from the MSCI agency and its Prime C+ rating from
Oekom ISS. The Carrefour 2026 plan intensifies the Group's
initiatives across the board to involve its entire ecosystem,
including suppliers.
in 2022,
in the
A stance against waste
The Group is helping to fight all forms of waste and promote the
circular economy.
Carrefour 2026 objective
50%
reduction in food waste by
2025 (vs. 2016)
(2)
Carrefour is committed to reducing in‑store food waste in line
with the Consumer Goods Forum’s goal of reducing food waste
by 50% by 2025 (vs. 2016). As well as 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
unsold products (Too Good To Go), etc. To avoid products being
thrown out when they are still consumable, the Group is working
with its suppliers to review or extend use‑by and minimum
(1)
(2)
The action plan is differentiated according to emission sources: emissions generated by products marketed through e‑commerce, emissions gene
rated by customers travelling to stores to pick up their Drive order, emissions generated by last‑mile transport, emissions generated by downstream
transport to supply e‑commerce sites. See 2.1.4 Climate.
See 2.4 Reporting methodology
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
durability dates. It also optimises food donations by partnering
with food banks in most of its host countries. The food donated
in 2023 represented the equivalent of 48 million meals. For
unsold food that can no longer be eaten, Carrefour uses
biomethane recycling channels.
In France, Carrefour aims for 80% of catalogues to be digital by
2024, and 100% by 2026. Carrefour is stepping up responsible
sourcing and developing collection, resale and rental services to
support the circular economy. In France, 130 stores have a
deposit system for returning containers.
In France, Carrefour was the first retailer to obtain the national
“anti‑food waste” label in March 2023, awarded for its Montesson
hypermarket. This
label, valid for three years, recognises
responsible practices in the sourcing and purchasing of food
from suppliers, the marketing of food
in stores and the
management of unsold items and donations. By the end of 2023,
ten hypermarkets and four supermarkets had obtained the
national “anti‑food waste” label.
Carrefour 2026 objective
Clear commitment on climate and biodiversity
Carrefour 2026 objective
50%
reduction in Scope 1 and 2
GHG emissions by 2030 and
70% reduction by 2040
(vs. 2019)
reusable, recyclable or
compostable packaging
by 2025
100%
20,000 tonnes of packaging
100%
of waste recycled
(1)
by 2025
avoided by 2025
(cumulative since 2017)
To lead the way in circular economy endeavours, Carrefour is
taking up more resource‑efficient practices, such as waste
recovery, ecodesign and recycling of plastic packaging, which is
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 ensuring
100% of its own‑brand product packaging is reusable, recyclable
or compostable. At the end of March 2023, Carrefour France
installed recycling kiosks in the car parks of six of its stores,
where customers can drop off used products that are not
considered recyclable (frying pans, tights, pens, toothbrushes) in
exchange for a voucher. The collected waste is taken care of by
TerraCycle. This solution, which combines circular economy and
purchasing power support, is a first in Europe.
Under its Zero Plastic Challenge, the Group has cut out
20,000 tonnes of packaging, reaching this target two years
ahead of schedule in 2023. 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 euro
cents) at checkouts, and widespread take‑up of bulk goods and
reusable packaging.
In line with the goals set in 2015 by the Paris Agreement (COP21),
Carrefour raised its objectives in 2021 to limit climate change,
setting itself the goal of achieving carbon‑neutral stores by 2040
(across Scopes 1 and 2) and achieving carbon‑neutral
e‑commerce activities by 2030. These targets for integrated
stores (Scopes 1 and 2) are aligned with a trajectory consistent
with a 1.5°C scenario. Taking into account direct and indirect
greenhouse gas (GHG) emissions across Scopes 1, 2 and 3
combined, the Group’s commitments are aligned with a
trajectory consistent with a “well below 2°C” scenario and have
been validated by the Science Based Targets initiative. This
objective was confirmed in 2023.
Ecosystem mobilisation against climate change
Carrefour 2026 objective
Top 100 suppliers aligned with a
1.5°C trajectory by 2026 and 20 mega
tonnes of CO emissions saved by 2030
2
(2)
is determined to extend
The Group
its climate transition
responsibility beyond its scope and involve its entire ecosystem
in this endeavour.
The Carrefour 2026 plan invited the Group’s 100 largest suppliers
to take 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. At the end of 2023, 44% of the
Group’s Top 100 suppliers were aligned with a 1.5°C trajectory
and 947,000 tonnes of CO had been avoided.
2
(1)
(2)
See 2.4 Methodological note.
See 2.4 Methodological note.
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
livestock
In March 2022, the Group announced the launch of a system of
full traceability for cattle 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 direct
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
international scale. Carrefour set up an
at national and
anti‑deforestation
fund, coupled with a 10 million euro
investment to finance projects that contribute to the preservation
of biodiversity.
located
farm
in
The Group also 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 diversity was performed (see Section 2.1.2
Biodiversity).
Carrefour is also committed to animal welfare. Reflecting this,
the Group has confirmed that all fresh eggs marketed (own
brand and national brand) will come from cage‑free hens in
2025, with 62.8% sourced in this way in 2023.
Social responsibility initiatives
Carrefour is asserting itself as a leader in responsible retailing,
through solidarity initiatives run at all its locations.
The Carrefour Foundation supports solidarity
in
mainland France and in French overseas departments and
territories and in the Group’s other host countries. In 2023, it
supported 77 projects, including ten through its Ensemble pour la
Transition Alimentaire (Together for the Food Transition) call for
projects, designed to provide local and regional support to
non‑profits.
initiatives
For the end of 2023 alone, the Group offered 1 million additional
meal equivalents to its partner organisations. Carrefour’s support
for them goes back a long way and includes:
■
■
■
donations of food from warehouses, in‑store collections. In
2023, the equivalent of 31.4 million meals were distributed in
France and 48 million at Group level;
donations of non‑food products. These amount
3,832 tonnes or 8,353,231 products;
to
financial patronage, through its Foundation, which notably
supports the purchase of essential products.
In 2024, Carrefour plans to continue its action in favour of food
for all and to focus the Carrefour Foundation on the fight against
food insecurity among the most vulnerable.
in
this
respect.
The Group is developing climate partnerships with its most
advanced suppliers
In 2023, Carrefour
strengthened its collaboration with Bel Group through an
to promote healthy and
unprecedented 360° agreement
sustainable food for all and to contribute to preserving the
climate. The agreement, which came into force on February 1,
includes both economic and environmental objectives, which
provide for monitoring the carbon footprint of Bel products at
Carrefour.
Carrefour 2026 objective
500
suppliers committed to the
Food Transition Pact
by 2030
(1)
Carrefour has also created the Food Transition Pact, which
commits the Group and its partner suppliers to the Food
Transition for All, in order to fundamentally transform the food
system on five priority issues: packaging, biodiversity, healthier
choices, healthier products and the climate. Open to all Group
suppliers, the Food Transition Pact provides a platform for
sharing best practices and discovering new opportunities for
working together. At the end of 2023, 306 suppliers were
members of the Food Transition Pact.
Combating deforestation and preserving
biodiversity
Carrefour 2026 objective
100%
of sensitive products with
regard to forests, animal
welfare, soils, marine re
sources and human rights
covered by a risk mitigation
(2)
plan by 2030
Carrefour leads the way in biodiversity protection, and for several
years now the Group has been running a wide‑reaching
programme targeting all sensitive raw materials
. Carrefour also
spearheads the fight against deforestation, as with the Group's
2010 commitment, at the Consumer Goods Forum (CGF), to the
goal of zero deforestation.
(3)
Carrefour put an end to the systematic printing of checkout
receipts in all stores back in 2021 and is continuing its work to
digitalise its catalogues. To help preserve the environment, the
Group offers its loyalty card or Pass card holders the option of
receiving their receipt directly on the Carrefour mobile app or in
their online customer space. This initiative is part of a broader
approach to combat deforestation, with customers already able
to consult promotions, catalogues, store vouchers and their
monetary rewards balance online.
(1)
(2)
(3)
See 2.4 Methodological note.
See 2.4 Methodological note.
Sensitive raw materials include palm oil, wood and paper, Brazilian beef, soy, cocoa, products from responsible fishing and aquaculture, and cer
tain textile raw materials (cotton, wool, cashmere).
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The Group & France Solidarity Unit works closely with the
Group's partner associations. Stores and employees get involved
in their initiatives and make philanthropic contributions in the
public interest.
initiatives such as
Through a variety of
food drives,
product‑sharing operations and in‑store donations, Carrefour's
support extends to food banks (in all countries), Action Against
Hunger (Italy), the Red Cross (Spain, Romania and Poland), Pink
Ribbon (Italy and Belgium), Açao da Cidadania (Brazil), and Unicef
(Argentina), etc.
In France, Carrefour launched a strengthened, multi‑channel
partnership in January 2023 for the Pièces Jaunes campaign,
which it has supported for 20 years. For the 16th consecutive
year, the Group also supported the Restos du Cœur national
collection in March and responded quickly to its appeal in early
September, with an exceptional donation of products.
Emergency aid
Supporting charities providing emergency relief represents a key
part of part of Carrefour’s international activity.
In 2023, following the earthquakes in Turkey and Syria, Carrefour
France launched a cash collection campaign for the French Red
Cross. In Morocco, Carrefour supported the victims of the
earthquake
in partnership with Banque Alimentaire. The
Carrefour Foundation also came to the aid of the victims, with an
exceptional donation for the purchase of essential foodstuffs.
1.3.2
BUILDING A CUTTING‑EDGE GROUP
Innovation has been a key feature of the Group’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
real‑estate assets, and materialising
its energy production
potential.
lines through the optimisation of
1.3.2.1
A simpler and more efficient
organisation
Carrefour 2026 objective
Transformation of operating processes to generate
cost savings of €4bn euros by 2026
(vs. 2022)
its sales and has approximately 12,197 and 1,587 stores
respectively. This geographical optimisation opens considerable
pooling potential, especially
in Europe. Carrefour’s new
organisation, operational since 2023, boosts 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.
Maximising operational synergies
Carrefour 2026 objectives
Pooling of purchases by 2026:
Over 50% in fast‑moving consumer goods (FMCG)
Over 30% in fresh produce
Over 70% in non‑food items
Working from its two key geographical regions of Europe and
Latin America, Carrefour will be building a simpler and more
efficient organisation capable of generating savings to enhance
innovation. Through the
its competitive performance and
in‑depth
its geographical organisation,
purchasing and processes, the Group aims to achieve savings of
4 billion euros by 2026.
transformation of
Optimised geographical footprint
The Group continues to rebalance its geographic footprint under
excellent conditions. In 2023, the Group finalised the sale of
Carrefour Taiwan to Uni‑President, the integration of Grupo BIG
in Brazil and the acquisition of the Louis Delhaize group’s
activities in Romania. Carrefour also announced the major
acquisition of the Cora and Match banners in France, which is
expected to close in the summer of 2024. Carrefour is refocusing
and strengthening its operations in its two key markets, Europe
and Latin America, where the Group generates 74% and 26% of
Carrefour began stepping up purchase pooling in Europe in
2023. The pooling of the Group’s direct purchasing has gained
momentum
in Europe with Eureca, the single European
purchasing agency for major international FMCG suppliers, now
fully operational and delivering its first optimisation benefits. The
four suppliers integrated in 2023 are fully operational, and a new
wave of around 15 additional suppliers is planned for 2024. The
objective is to bring on board around thirty suppliers by 2025 and
to reach more than 50% of bulk purchases by FMCG by 2026
(up 50 pts).
For fresh produce, the target is 30% of bulk purchases (up 20 pts)
by 2026, by strengthening the capacities of the Socomo central
purchasing unit for imported fresh produce.
Non‑food, own‑brand and national/international brand purchases
will also be optimised
through a centralised European
organisation and business model, targeting 70% of pooled
purchases by 2026 (a 50 pt increase).
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Purchases of goods not for resale are also pooled at European
scale on the basis of common specifications.
The pooling and digitalisation of expert and
support functions
Under the Carrefour 2026 plan, organisation is to be simplified
across the Group. In Europe, the Group’s expert and support
functions are pooled: the former (tech and 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, are being set up across
Europe, at the most appropriate locations (such as the Eureca
purchasing centre in Madrid), enabling country teams to focus on
their core business of commerce. This new organisation involves
head‑office staff
is
contributing. Headquarters will be refocused on core functions
such as brands, strategy and legal. In 2023, the pooling of central
functions at European level was implemented rapidly. Central
support functions continued to be reorganised and optimised,
particularly in France.
to which each country
reductions,
Carrefour is also continuing its overhaul of operational processes
using digital solutions. In business and support processes, all
internal
functions are concerned: assortment, pricing and
processes. More than 80% of the national FMCG assortment is
defined using automation. Systems using artificial intelligence are
in place for adapting the offer to the store’s catchment area and
for optimising promotional catalogues.
In 2023, Carrefour
stepped up the implementation of artificial intelligence (AI)
solutions, which had a positive impact on operations. The new
assortment builder solution leveraging AI helped to improve the
relevance of the number of assortments while
improving
profitability. The promo optimiser tool was launched in France
and enabled sales teams to use algorithms to optimise
promotions and their margins. Carrefour has also started to use
GenAI in its internal purchasing processes. A solution is being
developed to support the indirect purchasing teams in their
day‑to‑day tasks, such as comparing cost estimates and analysing
contracts.
The supply chain and store operations are also central focuses of
the digital transformation. We are making progress across the
entire chain, from supplier to store shelves, including warehouse
mechanisation, control of lorry loading rates, planning of delivery
rounds, automated forecasting and management of store orders
and inventories, etc. The “easy prep” application developed
in‑house modernises order preparation for our warehouse
pickers, using voice recognition together with an intuitive
interface. Some 3,700 pickers are already using this service in
around 30 warehouses.
The Group is also planning to set up innovative “tech centres” to
serve all the Group's geographies efficiently, starting with Europe.
PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
Lastly, via its Dastore venture capital fund, Carrefour has invested
in 13 start‑ups in four verticals: e‑commerce and future of
grocery, fintech, impact, and data and tech for operations. The
solutions of more than half of these start‑ups are being rolled out
at Carrefour, and the most recent among them are being tested.
Apart
the Dastore
ecosystem, Carrefour has set up a large number of partnerships
with start‑ups to develop new retail solutions around data,
cybersecurity,
artificial
environmental impact, omni‑channel customer experience and
internal processes.
in‑store operations,
investments and
intelligence,
leveraging
from
its
1.3.2.2
A central place for franchising
Carrefour 2026 objective
Entry into ten new markets by 2026
Franchising is at the heart of Carrefour’s economic model. They
benefit from the Group’s expertise in food and non‑food retailing,
its well‑known brands and banners, broad product assortment
and business methods, as well as its quality, health and safety
standards. There are two models: lease management contracts
and standard franchise contracts. Under lease management,
Carrefour owns the business and the managing tenant is
responsible for running it. This is the most common model for
hypermarkets and non‑integrated supermarkets. The second
model is the standard franchise, in which the franchisee owns
the business, either alone or in association with Carrefour. Lease
management contracts are renewed every year, while franchise
contracts have a longer term, averaging seven years. The bulk of
Carrefour's remuneration for these two types of contracts comes
from its activity as supplier to these shops, supplemented by the
collection of fees and, in the case of lease management, rent
paid for the business.
in
By the end of 2023, the Group will have 8,865 franchised stores
in the eight countries where Carrefour operates directly
(including 5,336 in France), representing 72% of stores in these
countries. Carrefour’s franchisees and managing tenants play a
key role
the Group’s development and performance.
Accordingly, it attaches particular importance to open dialogue
and to providing these partners with quality services and support.
The Group aims to strengthen this model by placing it at the
heart of its operations. Franchising represents a relevant solution
for all Carrefour formats, including certain hypermarkets, where
lease management has proven 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, and will continue converting stores into franchise and
lease management contracts, based on objective performance
criteria and an annual assessment.
In France, Carrefour
continued to transform the way its stores are operated; the
16 hypermarkets and 25 supermarkets planned for 2023 were
switched to franchise/lease management contracts. The Group
plans to convert a further 16 hypermarkets and 21 supermarkets
to lease management in 2024.
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The Group is also present in more than 30 other countries
through franchise partnerships. In 2023, the Group gained
footholds in three new markets, namely Mongolia, Israel, and
Bulgaria. A new partnership in the Czech Republic has been
announced for 2024. Between 2022 and 2026, the Group aims to
open 10 new markets through international partners, mainly in
Central Europe, Africa, the Middle East and Latin America.
Carrefour aims to strengthen dialogue, service and quality of
assistance to franchisees, whose contribution is constantly
increasing. The Group will be inventing its future with its
franchisees, drawing inspiration from the best practices they
develop and involving them more often in its strategic decisions,
especially with
to merchandise, marketing and
supply‑chain projects.
regard
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 to become European leader in retail
media
Carrefour’s valuable proprietary data, spanning 10 billion
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.
Following the success of Carrefour Links, the Group announced
its partnership with sector expert Publicis to create a joint
subsidiary, Unlimitail, 51% owned by Carrefour, which aims to
become a leader in European retail media. Leveraging both
Publicis’s advanced technologies and Carrefour’s knowledge and
expertise in retail media, Unlimitail aims to cover the entire retail
media value chain, from inventory creation to the comprehensive
marketing of solutions to advertisers and retail websites in
Europe and Latin America.
The Group is aiming to become an “Audience Hub” capable of
operating media services on behalf of other companies.
Unlimitail, whose launch was announced at VivaTech in June
2023, already had 13 business partners at that date representing
120 million customers and 1.5 billion page views per month
its first five media
worldwide. Unlimitail has announced
partnerships
(Le Figaro, JCDecaux, DOOH, M6, France
Télévisions and Brut), underlining its commitment to offering a
comprehensive and integrated approach to retail media. With
Unlimitail, Carrefour’s digital transformation has taken on a new
dimension, opening access to a market with very high growth
potential. This new initiative should help Carrefour to meet its
target of a 200 million euro increase in recurring operating
income by 2026 (vs. 2021).
Roll‑out of urban transformation projects
Carrefour 2026 objective
€500m
in value creation
through urban
transformation projects
in France by 2030
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 and
repositioning its commercial assets for the years to come, the
Group 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. As part of the Carrefour 2026 plan, the Group is
committed to completing 100 urban diversity programmes by
2026, including the creation of 25,000 housing units over a total
surface area of 1.5 million sq.m., creating 500 million euros'
worth of value by 2030. In 2023, the Group partnered with Nexity
for example to create the Villes et Commerces property venture
to unlock value from a total of 76 Carrefour sites across France.
These 76 sites represent approximately 800,000 sq.m.; their
development should allow for the creation of 12,000 housing
units, 120,000 sq.m. of retail space, including the reconstitution
of certain stores, 10,000 sq.m. of office and activity space, and
17,000 sq.m. of hospitality space. The conversion of the 76 sites
is expected ultimately to generate almost 70% of the target of
500 million euros in value creation. The property venture began
its operations with the contribution of a first group of 69 sites by
Carrefour. The remaining sites will be contributed over the first
half of 2024.
In Brazil, Carrefour intends to bring its Carrefour, Atacadão and
Grupo BIG real estate assets together within a private real estate
company. Carrefour plans to open its capital to minority real
estate partners to support its future development and seize
opportunities to create value.
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
An ambitious energy transition policy
Carrefour 2026 objective
Carrefour 2026 objective
Double investments between 2023 and 2026 to reduce
energy consumption
Minimum employer recommendation score of
7.5/10 awarded each year by teams
Reduce energy consumption by 20% by 2026 (vs. 2019)
Promoting diversity within the Group
■
■
One of the cornerstones of Carrefour 2026 is to extend the
Group’s operations to the energy sector to become a player in
the energy transition, and contribute to finding solutions to the
crisis. This ambition is twofold: to reduce the Group’s energy
consumption and to become a solar energy producer.
At a time when it is vital to save energy, Carrefour has doubled its
investments to reduce its energy consumption, increasing them
to 200 million euros per year from 2023 to 2026. The aim is to
achieve a reduction of 20% at Group level by 2026 – and in
France by 2024 (achieved in 2023) – in line with the targeted
27.5% reduction by 2030.
In 2023, in line with its 2022 commitment to energy savings with
the signing of the EcoWatt and Ecogaz Charters, Carrefour
undertook to reduce water consumption in its stores in France by
10% by 2025 – the equivalent of 40 Olympic swimming pools.
The Group is also offering new sustainable mobility options. It
has partnered with HysetCo, the European leader in hydrogen
mobility, to roll out five hydrogen refuelling stations in the
Greater Paris region by the summer of 2024. These stations,
which will be open to the public 24/7, will significantly expand
the Greater Paris hydrogen distribution network and provide fuel
for private and commercial vehicles.
The Group has also set itself the objective of bringing theoretical
generating capacity to 1 TWh per year from 2027 onwards in
France, Spain, and Brazil. Carrefour has selected a number of
partners to produce solar power in France and has also begun
the selection process to find operators in Spain.
1.3.2.4
Strengthening inclusion
To fulfil its ambitions, the Group counts on its employees
worldwide. As one of the largest private employers in many of
the countries where it operates, Carrefour bears a considerable
social and societal responsibility. The Group’s Engagement
department, formed in February 2022 to carry through its
societal ambitions, includes a Diversity and Inclusion unit.
In 2022, after
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.
the LGBT+
Commitment Charter with L’Autre Cercle, a leading non‑profit
working for the inclusion of LGBT+ people in the world of work,
Carrefour strengthened its commitment to LGBT+ inclusion in
2023 by signing a partnership with Fondation Le Refuge to help
and support young LGBT+ people excluded from employment.
The Group is also strengthening awareness‑raising activities
among its teams and customers to ensure that differences are
respected so that all can advance within the Company without
discrimination or prejudice, regardless of sexual orientation or
gender identity.
last year’s signing of
In March 2023, the Group also launched a unique survey in
France, asking its employees, on a completely anonymous and
voluntary basis, about their backgrounds and origins, in order to
gain an overview of the diversity of its workforce and to pursue a
proactive policy of promoting diversity of origins and minorities
in management positions. On the basis of this survey, to be
repeated in 2026, the Group announced the implementation of
an action plan in March 2024 to promote diversity of origin
within the Group, with the aim of changing the face of the
Company by 2026.
In the latest GEEIS Diversity audit conducted by Bureau Veritas,
the Group also achieved the maximum score of 5/5 at corporate
level, reflecting its commitment to diversity.
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Strategy & progress – the Carrefour 2026 plan
Disability
Carrefour 2026 objective
15,000 employees with a disability
on payroll by 2026
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 on
payroll with a disability from 13,358 in 2023 (4.3% of the
workforce) to over 15,000 by 2026.
In 2023, Carrefour intensified its initiatives for people with
disabilities. Two years after introducing quiet hours, i.e., times of
day when noise and visual disturbances are kept to a minimum in
stores, the Group reaffirmed its commitment to customers with
an autism spectrum disorder by equipping trolley handles in its
hypermarkets with store plans to help them find their way
around. A “quiet zone” to allow them to escape the hustle and
bustle at any time is being trialed in hypermarkets with fitting
rooms.
in France opened
Carrefour’s first accessible store
in
December 2023. The Group aims to extend this model to ten
French hypermarkets and around 50 convenience stores in Paris
by the summer of 2024. The accessible store in the Paris suburb
of Villeneuve‑La‑Garenne was designed to overcome the five
main barriers faced by customers with disabilities: checkout,
navigating the store, ease of purchase, digital accessibility and
the range of products adapted to their needs. Carrefour’s
include a disability reception desk to welcome
initiatives
customers as soon as they enter the store, adapted equipment to
optimise the shopping experience, guide strips on the floor to
make it easier for customers to get around, a range of non‑food
products adapted for customers with disabilities (learning toys to
develop motor skills, telephones with large buttons, audio books,
etc.). These initiatives complement existing measures such as
quiet hours, French sign language lessons and quiet areas. Each
store will be able to implement one or more initiatives based on
the needs identified by customers.
Carrefour has also organised a major innovation competition
with VivaTech to promote the inclusion of people with disabilities
in its stores. The accessible solutions proposed by the three
winning start‑ups are being tested in the laboratory hypermarket
before being rolled out in Villeneuve‑la‑Garenne. Carrefour has
also announced that more than 800 stores in France will soon be
stocking products from Café Joyeux, a supportive and inclusive
company that trains and employs people with cognitive or
mental disabilities. Lastly, the Group has announced its support
for the French Paralympic and Sports Committee, with the
creation of a partnership aimed at financing the ESMS & Clubs
programme, which helps to develop sporting activities for people
with disabilities throughout France.
Gender equality
Carrefour 2026 objective
Women to account for 35% of Top 200 managers
by 2025
(1)
(2)
At December 31, 2023, the Group employed 168,043 women,
together representing 55% 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
). 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
to increase the proportion of women in all management
positions. At the end of 2023, 29% of the Group’s Top 200
managers and more than 30% of the Group's Executive
Committee were women.
leadership
(individual
Carrefour France launched a major initiative for women’s health
in the workplace by granting 12 days of paid leave per year to
employees suffering from endometriosis, as well as three days
after a miscarriage and one day
for medically assisted
procreation. These measures came with an extensive internal
awareness campaign on women’s health.
1.3.2.5
Strengthening the Group’s cohesion
Social advancement
Carrefour 2026 objective
At least 50% of employees provided access
to training every year
Upward mobility through work is one of the values that has
driven Carrefour’s development since the outset. One in two new
managers in the Group started his or her career as an employee
before being promoted internally.
(1)
(2)
See 2.4 Methodological note.
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.
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
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
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
Academy, supported by Google. Since the programme’s launch,
240,000 employees have been trained. Beneficiaries include
store and warehouse employees in France, Italy and Spain with
the Tous Digital serious game, and head office staff with data
skills improvement programmes (data green belt).
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 was extended to Poland, Argentina and Brazil in 2023,
thereby covering all of the Group’s employees.
The 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
launched the Carrefour Invest employee share ownership plan
for its 335,000 employees on March 1, 2023.
This popular, secure and committed plan reflects Carrefour’s
desire to give its teams a stake in the Company’s performance on
special terms and to enable them to help the Company achieve
its CSR commitments by financing social and environmental
projects. The offer enabled more than 30,000 employees to
become shareholders in the eight countries where the Group
operates. In Brazil, over 3,000 employees participated in a
specific local offer of Carrefour Atacadão shares.
1.3.3
A COMPETITIVE VALUE‑CREATING MODEL
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 duration of the Carrefour 2026 plan, in order to ensure
steady 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 and achieved its annual cost savings objective of 1 billion
euros, with 1,060 million euros in 2023.
This growth dynamic, combined with an optimised business
model and the synergies expected from the integration of Grupo
BIG in Brazil (including an EBITDA target of 2 billion Brazilian
reals for 2025), continued in 2023 and will contribute to growth
in EBITDA and recurring operating income.
Increase in annual investments
To implement the Carrefour 2026 strategic plan, the Group is
increasing its annual investments objective to 2 billion euros per
year (from 1.7 billion euros). This capital expenditure (CapEx)
envelope is also doubling the amount allocated to energy
transition projects to 200 million euros (from 100 million euros
previously), and supporting roll‑out of the Maxi method in all
European stores (with approximately 50 million euros added to
the annual store remodelling budget). It also includes 600 million
euros allocated to the Group’s digital transformation, as
announced at the 2021 Digital Day. In 2023, the Group invested
1,850 million euros.
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PRESENTATION OF THE CARREFOUR GROUP
Strategy & progress – the Carrefour 2026 plan
A powerful and resilient profile
On completion of this strategic plan, Carrefour will have a more
powerful and resilient model, largely owing to:
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%. In 2023, this growth was
55%. At the same time, the Group is continuing its share buyback
policy initiated in 2021 with annual programmes. In 2023, the
programme of 800 million euros in share buybacks was achieved
as planned.
The Carrefour 2026 plan therefore stands as a value‑creation
plan for all the Group’s stakeholders, and in particular for its
shareholders, now also including employee shareholders who
have joined the Carrefour Invest plan.
■
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■
■
■
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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.
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PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
1.4 Business model – stakeholders and activities
1.4.1
SUMMARY OF THE BUSINESS MODEL
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. In 2023, Carrefour
was quick to adopt and implement the new opportunities offered
by generative artificial intelligence.
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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1
PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
1.4.2 CREATING SHARED VALUE
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. The Group’s objectives, particularly those
associated with its CSR and Food Transition Index, are aligned
with these priority SDGs.
1 - NO POVERTY
Contribution to the SDGs
→ Deploy food assistance
initiatives to avoid unsold food
going to waste and support food
banks and charities. In 2023,
the Group donated the
equivalent of 48 million meals.
→ Bring about a responsible
food transition through the
Carrefour Foundation.
Group targets
→ Help bring about a
responsible food transition by
harnessing sustainable and
responsible agriculture, waste
reduction initiatives and
community action (Carrefour
Foundation).
2 - ZERO HUNGER
Contribution to the SDGs
→ Reduce food waste by taking
action in three areas: in-store
actions (Too Good To Go),
collaboration with suppliers
(review of best before dates and
the longevity of over
400 Carrefour products) and
raising awareness among
consumers (“Zero waste” events).
Group targets
→ Halve 2016 levels of food
waste by 2025.
→ Generate €8 billion in sales
from products certified as
sustainable (up 40% since 2022) (1).
3 - GOOD HEALTH
AND WELL-BEING
Contribution to the SDGs
→ Ensure products sold in stores
are nutritional, displaying a
Nutri-Score label to help consumers
make healthy, balanced choices
regardless of their dietary
requirements.
→ Put in place a set of standards
and procedures to guarantee the
quality and conformity of
products sold.
→ Guarantee the well-being of
all employees in the workplace.
Group targets
→ Ensure the quality and safety
of all Carrefour products.
→ Deploy a Healthier Eating
action plan in 100% of operating
countries.
→ Remove 2,600 tonnes of
sugar, 250 tonnes of salt and an
additional 20 controversial
substances (bringing the total
to 120 overall since 2018).
4 - QUALITY EDUCATION
Contribution to the SDGs
→ Promote the recruitment of
interns and work-study students,
especially in disadvantaged
communities.
Group targets
→ Recruit 15,000 people with
disabilities by 2026 (up 50%
since 2022).
→ Train 100% of employees to
use digital technology by 2024
through the Digital Retail Academy.
5 -GENDER EQUALITY
Contribution to the SDGs
→ Promote diversity, in particular
by signing the Diversity Charter
in 2004. It formalises our pledge
to offer everyone, no matter
where they work, equal
opportunities related to career
development and recruitment.
Within this framework, the
Group promotes gender equality
and the integration of people
with disabilities and of all
ethnicities, combatting everyday
discrimination and bullying.
Group targets
→ Ensure that 35% of people in
the top 200 management
positions are female by 2025.
→ Maintain maturity levels in all
countries according to GEEIS
guidelines.
7 - AFFORDABLE
AND CLEAN ENERGY
Contribution to the SDGs
→ Improve stores' energy
efficiency and expand the use
of renewable energies.
→ Reduce greenhouse gas
emissions generated by the
Group’s operations and
encourage all stakeholders,
especially suppliers, to transition
to a low-carbon model.
Group targets
→ Achieve carbon neutrality for
stores by 2040 (% reduction in
greenhouse gas emissions -
scopes 1 and 2: 30% by 2025,
50% by 2030 and 70% by 2040).
→ Achieve carbon neutrality for
Group e-commerce activities
by 2030.
6 - CLEAN WATER
AND SANITATION
Contribution to the SDGs
→ Raise awareness among, train
and monitor suppliers in the textile
industry about the efficiency and
management of processes using
water and chemicals through the
“Clean water project” launched
in 2016.
→ Reduce the use of pesticides
(organic farming and
agroecology) and develop
products certified as
environmentally friendly
(EcoLabel).
Group targets
→ Onboard and train
100% of people working at
production facilities operated by
key textile suppliers to work on
improvement plans.
→ Engage 100% of Carrefour
Quality Lines in agroecology by
2025.
8 - DECENT WORK AND
ECONOMIC GROWTH
Contribution to the SDGs
→ Promote social and ethical
purchasing criteria through our
procurement policy and business
relations. Carrefour sets
procurement rules and
integrates social, environmental
and ethical standards in its
business relations. The Group
ensures human rights are upheld
at every step of its supply chains
and promotes fair pay for all,
through fair trade, long-term
partnerships and initiatives such
as C’est qui le patron ? (Who's
the Boss?).
→ Promote human and labour
rights, as well as the health and
safety of employees and
subcontractors.
Group targets
→ Carry out social audits on
100% of supplier facilities located
in high-risk countries.
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PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
9 - INDUSTRY,
INNOVATION AND
INFRASTRUCTURE
Contribution to the SDGs
→ Support our suppliers through
long-term, tripartite contracts
(organic suppliers and Carrefour
Quality Lines).
→ Promote innovation,
particularly related to the food
transition.
Group targets
→ Sign up 500 suppliers to the
Food Transition Pact by 2030.
10 - REDUCED
INEQUALITIES
Contribution to the SDGs
→ Make our products available
to as many people as possible.
→ Make organic, agroecology and
local products more accessible.
→ Participate in the food transition
by donating unsold goods.
→ Focus on food as a priority
through the initiatives carried out
by the Carrefour Foundation.
→ Promote the employment of
people with disabilities.
→ Develop a proactive policy to
promote diversity of origins.
Group targets
→ Generate 40% of sales
from Carrefour-brand products
by 2026 (vs. 33% in 2022).
11 - SUSTAINABLE CITIES
AND COMMUNITIES
Contribution to the SDGs
→ Use convenience stores to
promote integration in town
centres.
→ Deliver goods to large urban
areas using a fleet of trucks
powered by biofuel and obtain
vehicle noise certifications.
Group targets
→ Reduce CO2 emissions from
downstream transport by 20%
compared to 2019.
12 - RESPONSIBLE
CONSUMPTION
AND PRODUCTION
Contribution to the SDGs
→ Ensure products sold in store
bring about a food transition for
all by supporting local suppliers
and responsible policies (organic
farming and other environmental
certification) , as well as
guaranteeing transparency
for all consumers.
→ Reduce the volume of waste
produced by Group operations
and ensure its recovery.
Group targets
→ Halve 2016 levels of food waste
by 2025.
→ Generate €8 billion in sales from
products certified as sustainable
(up 40% since 2022)1.
→ Deploy 8 key animal well-being
objectives in all Group operating
countries by 2025.
→ Guarantee the transparency
and traceability of Carrefour
products.
→ Package 100% of Carrefour-brand
products using reusable, recyclable
or compostable material by 2025.
→ Recover 100% of waste from
stores by 2025.
→ Increase the number of partner
producers to 50,000
(up 11,000 since 2022).
→ Distribute 80% of catalogues in
France in a digital format by 2024.
13 - CLIMATE ACTION
Contribution to the SDGs
→ Reduce greenhouse gas
emissions generated by the Group’s
operations and encourage all
stakeholders, especially suppliers,
to transition to a low-carbon
model.
Group targets
→ The Group’s targets have been
approved by the Science Based
Target initiative:
• Halve greenhouse gas emissions
(scopes 1+2) by 2030 and achieve a
70% reduction by 2040 (since 2019).
• Cut greenhouse gas emissions
generated by products sold in
stores by 20 Mt compared to 2019.
→ Double the proportion of fruits
and vegetables sourced through
ultra-short supply chains in Europe.
→ Expand bulk sales and reuse (2)
to €300m by 2026.
→ Urge the top 100 Carrefour
suppliers to adopt a trajectory in
line with the 1.5°C scenario by
2026, otherwise they will be
delisted.
→ Reach €650m in sales of
plant-based alternatives.
14 - AQUATIC LIFE
Contribution to the SDGs
→ Help further sustainable fishing
practices by developing a more
sustainable range of seafood and
fish products.
Group targets
→ Source 50% of Carrefour-brand
fish sold from sustainable sources
by 2025 (Carrefour branded
products and national branded
products).
→ Eliminate 20,000 tonnes of
packaging by 2025 (since 2017)
including 15,000 tonnes of plastic.
15 - LIFE ON LAND
Contribution to the SDGs
→ Help expand sustainable
farming by developing a range of
organic and agroecological
products and supporting suppliers
through long-term partnerships.
→ Develop a risk mitigation plan
by 2030 for 100% of products that
affect forests, animal wellbeing,
land, marine resources and human
rights.
→ Reduce the environmental
impact of facilities.
Group targets
→ See goals 6 and 12.
→ Generate €8 billion in sales
from products certified as
sustainable by 2026 (up 40% since
2022).
→ Deploy a sustainable forest
action plan on products linked to
deforestation by 2026 (beef from
Brazil, palm oil, wood and paper,
soy, cacao, paper packaging,
textile fibres, etc.).
→ Ensure that zero deforestation
is caused by Brazilian beef by 2026
by withdrawing from high-risk
regions and delisting all farms
located in these areas.
→ Ensure zero deforestation is
caused by national-brand beef by
2030.
→ Obtain the BREEAM certification
for 100% of newbuild shopping
centres andexpansions exceeding
2,000 sq.m in France, Spain and Italy.
16 - PEACE, JUSTICE
AND STRONG
INSTITUTIONS
Contribution to the SDGs
→ Combat corruption.
Group targets
→ See goals 14 and 15.
17 - PARTNERSHIPS
TO ACHIEVE THE GOALS
Contribution to the SDGs
→ Carrefour works with its
stakeholders to develop all its
action plans. The Group is part
of the Consumer Goods Forum.
As such, it plays an active role in
coalitions focusing on soy, wood
and paper, palm oil, beef and
plastics.
Group targets
→ Sign up 500 suppliers to the
Food Transition Pact by 2030.
→ Increase the number of partner
producers to 50,000 (up 11,000
since 2022).
1 Organic, Carrefour Quality Lines,
agroecology, sustainable fishing
(ASC-MSC), sustainable forest
sourcing (FSC).
2 The target has been re-evaluated at
€300m of sales versus the original
€150m to take into account reuse
sales in addition to bulk sales.
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Business model – stakeholders and activities
1.4.3 DESCRIPTION OF OUR BUSINESS
1.4.3.1 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, 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 2023, Carrefour opened or acquired 1,347 stores under Group
banners, representing some 1,033,000 sq.m. of gross additional
sales area. As of the end of 2023, Carrefour had 14,930 stores
under its banners in more than 40 countries.
In 2023, Carrefour’s sales including VAT (before the impact of
IAS 29) amounted to 94.132 billion euros, an increase of 9.3% at
constant exchange rates. This increase is attributable to the
following:
a 10.4% increase in same‑store sales excluding petrol and
calendar effects;
a positive contribution of 1.6% from expansion and changes in
scope;
a negative 2.5% petrol effect;
a negative 0.2% calendar effect.
■
■
■
■
After taking into account a negative currency effect of 5.7%,
mainly due to the devaluation of the Argentine peso, sales at
current exchange rates were up by a total of 3.5%. Overall,
recurring operating income totalled 2,264 million euros and
represented 2.7% of net sales.
In 2023, cash flow from operations totalled 3.943 billion euros,
compared with 3.753 billion euros in 2022 . Investments (capex)
amounted
to 1.850 billion euros in 2023, compared with
1.861 billion euros in 2022. In 2023, net free cash flow amounted
to 1,622 million euros compared with 1,262 million euros in 2022.
(1)
France
In France, Carrefour group had 6,035 stores under its banners at
end‑2023, in five formats: 253 Carrefour hypermarkets (including
150 integrated, 84 franchised and 19 via partners in overseas
territories), 1,037 Carrefour Market supermarkets
(including
via partners),
232 integrated,
4,561 convenience stores under banners such as Carrefour City,
Carrefour Contact, Carrefour Express, Bio c' Bon, etc. (including
123 integrated, 4,315 franchised and 123 via partners), 151 cash &
carry
(including
145 franchised and 6 via partners) and 33 franchised soft discount
stores (Supeco).
the Promocash banner
stores under
franchised
and 46
759
In Metropolitan France, the share of franchised stores within the
network therefore represented 35.9% for hypermarkets, 76.6% for
supermarkets and 97.2% for convenience stores. Carrefour is also
present in the French overseas territories through long‑standing
partnerships. A total of 194 stores are operated under Group
banners in the French overseas territories.
In 2023, Carrefour opened or acquired 288 stores under Group
banners in France, including two supermarkets, 276 convenience
stores, seven cash & carry stores and three soft discount stores,
representing a total of approximately 60,000 sq.m. of gross sales
area.
Net sales totalled 38.2 billion euros in France. Like‑for‑like growth
was 4.7%, including a 6.0% LFL improvement in food and a 4.9%
decline in non‑food. Hypermarkets were up 4.1% in like‑for‑like
sales excluding petrol and
the calendar effect, whereas
supermarkets enjoyed a 4.7% LFL increase and other formats
(mainly convenience stores) gained 6.5% LFL.
Recurring operating income increased by 18.5% (154 million
euros) to 988 million euros, for an operating margin that
represented 2.6% of net sales, an increase of 37 bps on the 2022
figure. This increase reflects a strong sales performance and
excellent cost‑cutting dynamics
inflationary
environment.
in a highly
In France, operational investments amounted to 724 million
euros, representing 1.9% of sales.
Other European countries
In Europe
(excluding France), Carrefour had 6,162 stores
operating under Group banners at the end of 2023. These
included
supermarkets,
3,445 convenience stores, 12 cash & carry stores and 97 soft
discount (Supeco) stores.
hypermarkets,
2,139
469
store
network
comprises
Carrefour operates stores in five integrated countries: Belgium,
Spain, Italy, Romania and Poland. In these countries, the
integrated
stores
(426 hypermarkets, 617 supermarkets, 280 convenience stores,
12 cash & carry stores and 97 soft discount stores (Supeco)),
while 3,527 stores are operated by franchises (12 hypermarkets,
649 supermarkets and 2,866 convenience stores). Finally, in
Europe, Carrefour also operates through franchise partnerships
in Greece, Andorra, Turkey, Georgia and Armenia, with a total of
1,203
hypermarkets,
873 supermarkets and 299 convenience stores.
banners:
stores
under
1,432
31
its
banners,
Over the year, Carrefour opened or acquired 508 stores under
additional
Group
229,000 sq.m. of
included
sales
19 hypermarkets, 217 supermarkets, 264 convenience stores and
8 soft discount stores.
gaining
gross
an
These
approximately
area.
Net sales in Europe totalled 23.7 billion euros in 2023, an increase
of 4.2% at constant exchange rates. Like‑for‑like gross sales
excluding petrol and calendar effects were up by 5.5%.
Recurring operating income remained stable at 604 million euros
for the year, compared with 606 million euros in 2022, for an
operating margin of 2.6%. Spain posted growth of 14%, while
operating profit in Italy, Belgium and Romania was close to the
2022 level, while Poland recorded a decline in profitability.
(1)
Restated for Carrefour Taiwan.
38
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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of
204
Present in Spain since 1973, the Group had a local multi‑format
network
supermarkets,
hypermarkets,
1,054 convenience stores and 63 soft discount stores at the end
of 2023. In 2023, net sales totalled 10.9 billion euros. Like‑for‑like
sales were up 5.8% over the year, with strong growth in all
formats.
153
42
hypermarkets,
Present in Italy since 1993, Carrefour manages a local store base
comprising
supermarkets,
1,018 convenience stores, and 12 cash & carry stores. In 2023, net
sales totalled 3.9 billion euros. Italy reported like‑for‑like growth
of 3.1% for 2023, driven by improved customer satisfaction,
particularly in terms of price competitiveness.
418
In Belgium, Carrefour is the most multi‑format group, with
40 hypermarkets, 349 supermarkets and 318 convenience stores.
In 2023, net sales totalled 4.2 billion euros. After a difficult year in
2022, Carrefour is reaping the rewards of its recovery strategy,
with a strong NPS increase, market share gains and volume
growth. Driven by these factors, like‑for‑like gross sales increased
by 9.0% LFL.
56
In Romania, where Carrefour has been present since 2001, the
Group operates
supermarkets,
171 convenience stores and 28 soft discount stores. In 2023, net
sales totalled 2.6 billion euros. Net sales maintained positive
momentum, up 7.0% like‑for‑like, spurred by the success of
commercial campaigns.
hypermarkets,
192
Carrefour has been operating
in Poland since 1997, with
96 hypermarkets, 154 supermarkets, 585 convenience stores and
6 soft discount stores. Net sales totalled 2.1 billion euros in 2023.
Net sales edged down 0.6% like for like, amid strong pressure on
consumer purchasing power and a high comparison basis owing
to the war in Ukraine.
Operational investments in Europe (excluding France) totalled
439 million euros in 2023, 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
1,587 stores,
including 223 hypermarkets, 212 supermarkets,
631 convenience stores, 387 cash & carry stores, 83 soft discount
stores (Supeco) and 51 Sam’s Club stores.
Net sales in Latin America totalled 21.4 billion euros, an increase
of 23.5% like‑for‑like, driven by inflation in Argentina. Recurring
operating income totalled 763 million euros in 2023, compared
with 1,005 million euros in 2022 (down 24.1% at current
exchange rates and up 10.3% at constant exchange rates), mainly
due to the integration of Grupo BIG in Brazil. The operating
margin therefore stood at 3.6%. Recurring operating income in
Brazil fell by 26.9% to 668 million euros. This decline was mainly
integration of Grupo BIG, with non‑recurring
due to the
integration costs of around 80 million euros, and the loss of
around 110 million euros realised by converted stores in the
months following their reopening. Converted stores traditionally
make a loss during the ramp‑up phase. Recurring operating
PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
income in Argentina totalled 96 million euros (vs 92 million euros
in 2022), including a negative impact of 92 million euros due to
the application of IAS 29.
stores:
integrated
In Brazil as of end‑2023, Carrefour operated a network of
exclusively
hypermarkets,
124 supermarkets, 174 convenience stores, 361 cash & carry
stores, 83 soft discount stores (Supeco) and 51 Sam’s Club stores.
Net sales in Brazil totalled 19.3 billion euros. Like‑for‑like sales
were slightly down, by 1.3%, in a difficult market environment
shaped by food deflation in the second half of the year.
143
Carrefour has been operating in Argentina since 1982 with a local
store base comprising mainly integrated stores: 80 hypermarkets,
88 supermarkets, 457 convenience stores, and 26 cash & carry
stores. Net sales totalled 2.1 billion euros. Like‑for‑like gross sales
rose by 151.9%, excluding petrol and calendar effects, reflecting a
further rise in volumes and significant market share gains in a
hyperinflationary environment. Recurring operating income and
operating margin also improved, on the back of excellent sales
momentum and continued cost discipline. The recurring
operating margin increased by 138 bps to 4.5%.
Operational
683 million euros in 2023, representing 3.2% of sales.
in Latin America amounted
investments
to
Asia
On June 30, 2023, Carrefour announced the completion of the
sale of its 60% stake in Carrefour Taiwan to Uni‑President for
approximately 1 billion euros. This operation completes the
Group's refocusing on its two key markets, Europe and Latin
America.
Other regions
In addition to the French overseas departments and territories,
Europe and Latin America, Carrefour also operates 1,146 stores
with franchisee partners elsewhere in the world (Asia, Middle
East, Maghreb, West Africa, Dominican Republic, Mauritius,
Madagascar, etc.).
Development of franchise partners
In 2023, Carrefour continued to expand its banner base by
supporting its partners outside Europe and in the French
overseas territories, with a total of 184 new points of sale opened
during the year.
In 2023, the Group gained a foothold in new markets: in
Mongolia, with the opening of four stores in Ulaanbaatar thanks
to its new partnership with Altan Joloo; and in Bulgaria, thanks to
the extension of the partnership with Greek franchisee Retail &
More. In late November, Carrefour also announced a new
partnership in the Czech Republic with the JIP Retail group,
which plans to introduce Carrefour brands in the Czech group’s
local network in 2024.
Operating primarily in the Near and Middle East, Majid Al Futtaim,
Carrefour’s
its
franchisee, continued
multi‑format expansion with the opening of 50 stores in 2023.
international
largest
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
the Palestinian
In Israel, Carrefour also opened 50 stores with the Electra
Consumer Products group. This franchised partner, which signed
a contract prohibiting it from developing Carrefour‑banner stores
territories, caused controversy when
in
photographs were circulated on social media showing
employees giving food parcels to soldiers. The Group is not
accountable for these individual initiatives and the photographs
were immediately removed. Carrefour has a strict political
the
neutrality stance and
Israeli‑Palestinian conflict.
in no way
involved
in
is
Competitive environment
The competitive environment differs in each of Carrefour’s
markets.
In France, the Group’s main market, representing 45% of its sales,
the competitive environment comprises seven other major
retailers: Aldi, Auchan, Casino, E.Leclerc, Intermarché, Lidl and
Système U. With a market share of 20.9% , all formats
(1)
1.4.3.2 Store and website operations
combined, the Carrefour group ranks among the market leaders.
In other European countries, Carrefour has solid positions and
primarily competes against local retailers.
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
Its main
retailers and
leading multi‑format group.
competitors
include: Albert Heijn, Aldi, Colruyt, Delhaize,
Intermarché, Jumbo and Lidl.
is the
In Brazil, as in Argentina, Carrefour is the leader in the food retail
segment thanks to its multi‑format presence.
Store network at
December 31,
2023
Hyper-
markets
Super-
markets
Conve-
nience
stores
Cash &
carry
stores
Soft
discount
Sam’s
Club
234
991
4,438
145
33
19
46
123
6
0
France
French CPI
overseas
territories and
Dominican
Republic
Total France
Belgium
Spain
Italy
Romania
Poland
Other
1,037
4,561
151
253
40
204
42
56
96
31
349
153
418
192
154
873
318
1,054
1,018
171
585
299
33
0
63
0
28
6
0
97
0
83
83
0
213
0
0
12
0
0
0
12
26
361
387
34
584
Total Europe (excl.
France)
469
2,139
3,445
Argentina
Brazil
Total Latin
America
Total Other
(1)
80
143
223
237
88
124
212
758
457
174
631
117
TOTAL GROUP
1,182
4,146
8,754
(1) Africa, Asia, Middle East, Dominican Republic.
Total number
of stores
Total sales area
(in thousands of sq.m.)
2023
2022
2023
2022
5,841
5,755
5,519
5,450
194
190
179
179
6,035
5,945
5,697
5,629
707
794
794
1,474
1,470
2,164
1,490
1,517
447
841
403
928
1,203
1,005
998
629
699
654
930
2,163
1,021
518
706
627
6,162
6,117
5,937
5,965
651
936
622
953
664
649
3,287
3,360
1,587
1,575
3,951
4,010
1,146
711
2,113
1,638
14,930
14,348
17,698
17,241
0
0
0
0
0
0
0
0
0
0
0
51
51
0
51
(1)
Market shares based on NielsenIQ RMS data for fast‑moving consumer goods + self‑service fresh products, excluding wine, for the 52 weeks en
ding December 24, 2023 for the Carrefour Group vs total French retail market (Copyright © 2023, NielsenIQ).
40
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
Integrated
Franchised
Total
At December 31,
2023
Stores
Thousands of
sq.m
France
Spain
Italy
Belgium
Romania
Poland
Brazil
Argentina
505
492
234
84
416
206
936
649
2,054
1,950
471
376
623
593
3,287
664
Total 8 integrated
countries
3,522
10,018
CPI France
CPI Europe
CPI Latam
CPI Other
Total CPI
TOTAL
-
-
-
-
-
-
-
-
-
-
3,522
10,018
11,408
Stores
5,336
982
1,256
623
31
635
-
2
8,865
194
1,203
-
1,146
2,543
Thousands of
sq.m
3,464
214
527
418
6
106
-
0
Stores
5,841
1,474
1,490
707
447
841
936
651
Thousands of
sq.m
5,519
2,164
998
794
629
699
3,287
664
4,736
12,387
14,753
179
654
-
2,113
2,945
7,681
194
1,203
-
1,146
2,543
14,930
179
654
-
2,113
2,945
17,698
Carrefour is developing an omni‑channel universe in which its
online presence is closely integrated with its 14,930 physical
stores.
Carrefour provides its customers with the full range of retail
formats: hypermarkets, supermarkets, convenience stores, cash
& carry, "club" format 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 2023, the Group
operated 2,623 Drives throughout the world and had a GMV of
5.3 billion euros in e‑commerce.
(1)
formats aligned with major
In recent years, Carrefour has developed or acquired innovative
concepts and
social and
environmental trends, such as Greenweez (France’s leading
online retailer of organic products), Dejbox (office meal delivery)
and Potager City (subscription and online delivery of baskets of
extra‑fresh seasonal fruits and vegetables from short circuits). In
2023, Carrefour France launched the local fresh produce brand
Potager City, opening three city centre stores in Paris. Carrefour
continues to roll out the Supeco model, a discount supermarket
aimed at the general public and professionals.
(1)
GMV: gross merchandise value.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
1.4.3.3
Merchandise
Quality and safety
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 also 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.
In view of this, the
management team dedicated to Carrefour‑branded products has
been strengthened at Group level since 2018 with the arrival of
agribusiness experts. At
there were
10,672 Carrefour own‑brand products including 1,263 organic
products and more than 1,100 Carrefour Bio‑brand products.
the end of 2023,
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.
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.
Carrefour
innovative practices to offer
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,
communities,
investors, universities, trade associations and
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
needed. Carrefour has set up voluntary
initiatives and
partnerships with its own‑brand and national brand suppliers
focusing on a number of themes. For example, it has provided all
its suppliers with an online sustainable development
of
self‑assessment test and helped roll out a self‑assessment test for
the entire retail sector. The international purchasing team also
organises annual meetings with
international suppliers to
encourage them to roll out action plans related to the food
transition.
1.4.3.4
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 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. In 2023, the Group
partnered with MoneyGram, one of the world’s leading providers
of peer‑to‑peer money transfers, to expand its range of high
value‑added financial services. In 2024, it plans to open over
500 MoneyGram counters in stores in its main countries to offer
a money transfer service to all Carrefour customers
in
hypermarkets and supermarkets around the world.
42
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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 2023, representing 29 billion
euros in value, 160,000 terminals and more than 5 million cards.
loans and 3.5 million
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. As of end‑2023, these activities represented more
than 10 million credit cards, almost 8 billion outstanding
consumer
insurance contracts sold
annually. They have already been partly digitised, with a quarter
of new cardholders recruited through digital channels and 71% of
customers active in 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 visibility and marketing and
thus encourage multi‑equipment.
1.4.3.5
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 18,000 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
PRESENTATION OF THE CARREFOUR GROUP
Business model – stakeholders and activities
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‑2023, the Group had 138 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.
1.4.3.6
Real estate
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
warm,
sustainably
contributing to the appeal and vitality of each host city and
region.
shopping experience, while
friendly
In France, Carrefour has identified around 100 sites that could be
transformed into housing, offices or stores. 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 sources of
economic and social vitality for their host communities. In 2023,
projects aimed at adding value to the Group’s real estate
portfolio and assets were all launched. The Villes et Commerces
property venture, 80% owned by Carrefour and 20% by Nexity,
was created to extract value from 76 sites in France representing
approximately 800,000 sq.m.; their development should enable
the creation of 12,000 housing units, 120,000 sq.m. of retail
space, 10,000 sq.m. of office and activity space, and 17,000 sq.m.
of hospitality space.
As of December 31, 2023, the Group operated 17.7 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.
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 has all
of the real estate expertise needed to lead the Group’s real estate
projects:
in areas such as asset management, project
management and design, delegated project management,
property development, leasing, etc.
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.
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Business model – stakeholders and activities
The Group can also rely on its 36.43%-owned property company
Carmila, which is dedicated to enhancing the appeal of shopping
centres adjacent to Carrefour hypermarkets in France, Spain and
Italy. 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.
1.4.3.7
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).
Carrefour Links had more than 450 clients in early 2023. On the
heels of this success, the joint subsidiary Ulimitail was launched
with Publicis to tap into the booming retail media market in the
first half of 2023 (see 1.3.2.3). This joint venture, which covers the
entire retail media value chain, will market its solutions to
customers with a wide range of profiles in Europe and Latin
America. The Group is aiming to become a media solutions
platform capable of operating media services on behalf of other
companies.
44
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Performance
1.5 Performance
1.5.1
SUMMARY OF 2023 FINANCIAL PERFORMANCE
(in millions of euros)
CONSOLIDATED INCOME STATEMENT
Gross sales
Net sales
Recurring operating income before depreciation
and amortisation
(3)
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
2023
2022
2021
(1)
2020
(2)
94,132
83,270
90,180
81,385
4,559
2,264
2,308
1,749
900
930
1,642
1,659
4,032
4,650
(739)
(2,719)
838
1,622
2,560
13,387
11,539
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
3,378
(5)
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
(4)
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)
(1)
(2)
(3)
(4)
(5)
(6)
Carrefour Taiwan is accounted for as discontinued operations, in accordance with the IFRS 5 accounting standard.
2020 restated for the IFRS IC decision on IAS 19.
Recurring operating income before depreciation and amortisation (including supply chain depreciation).
Recurring operating income for 2020 includes income expenses related to Covid‑19. Exceptional bonuses and other similar benefits awarded to
employees (128 million euros in first‑half 2020) are reported under “Non‑recurring income” or “Non‑recurring expenses”.
Restated for IFRS 3.
2020 restated for the new IFRS 16.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
45
1
PRESENTATION OF THE CARREFOUR GROUP
Performance
1.5.2
SUMMARY OF 2023 STOCK MARKET PERFORMANCE
SHARE PRICE
January
February
March
April
May
June
July
August
September
October
November
December
* In euros
Price high*
Price low*
Average closing
price*
Number of
shares traded
Amount of
capital traded*
17.54
18.71
18.63
18.94
18.565
17.355
18.54
18.4
17.285
16.675
17.405
17.32
15.725
16.095
17.305
18.38
17.185
16.155
16.795
17.405
16.19
15.58
16.84
16.12
16.88
17.51
17.96
18.68
17.90
16.67
17.44
18.09
16.77
16.01
17.16
16.78
38,981,667
657,436,915
57,673,790
1,010,462,262
57,335,914
1,028,640,110
36,222,581
676,936,099
36,713,108
654,720,370
45,926,184
771,047,152
35,619,478
623,644,484
33,748,317
608,371,635
37,289,113
627,704,340
39,005,573
628,027,561
34,560,048
592,950,138
29,124,628
486,107,777
SUMMARY OF STOCK MARKET INDICATORS
Closing price
(in euros)
(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)
2017
23.64
16.47
18.04
2018
19.62
13.14
14.91
2019
18.14
14.62
14.95
2020
16.89
12.33
14.03
2021
17.54
13.99
16.11
2022
21.17
14.02
15.64
2023
18.94
15.58
16.57
774,677,811
789,252,839
807,265,504
817,623,840
775,895,892
742,157,461
708,790,816
14.0
11.8
12.1
11.5
12.5
11.6
11.7
3,310,080
3,723,706
2,394,148
3,218,500
3,253,806
2,655,042
1,890,982
0.46
0.46
0.23
0.48
0.52
0.56
0.87
(3)
(1)
(2)
(3)
Source: Euronext.
Average daily volume on Euronext.
Subject to approval by the Shareholders’ Meeting.
46
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Performance
SHARE PRICE IN 2023 (BASE 100)
Carrefour share price in relation to the CAC 40, BEFOODR and STOXX Europe 600 Personal Care Drug and Grocery Stores index
(1)
(2)
130
120
110
100
90
+16.5%
+14.7%
+5.9%
+2.5%
Jan. 23
Feb. 23 Mar. 23
Apr. 23 May 23
Jun. 23
Jul. 23
Aug. 23
Sept. 23 Oct. 23
Nov. 23 Dec. 23
CA FP Equity
CAC Index
S600PDP Index
BEFOODR Index
1
2
3
4
SHARE CAPITAL AND OWNERSHIP STRUCTURE
At December 31, 2023, Carrefour’s share capital stood at
1,771,977,040.00 euros (one billion seven hundred seventy‑one
million nine hundred seventy‑seven thousand forty euros),
divided into 708,790,816 shares with a par value of 2.50 euros
each. The number of voting rights at December 31, 2023 was
886,612,205. After deducting the voting rights that cannot be
exercised, the total number of voting rights was 869,002,680.
To the Company’s knowledge, the breakdown of the capital at
December 31, 2023 was as follows:
5
Treasury shares and employees
3.7%
Individual
shareholders
4.5%
Reference
shareholders
23.2%
Institutional
shareholders
68.6%
(1)
(2)
BEFOODR: Ahold Delhaize, Carrefour, Greggs, HelloFresh, Jeronimo Martins, Kesko, Marks & Spencer, Ocado, Sainsbury and Tesco.
S600PDP: Ahold Delhaize, Axfood, Beiersdorf, Carrefour, Dino Polska, Essity, Galenica, Greggs, HelloFresh Jeronimo Martins, Kesko, Ocado, Re
ckitt Benckiser, Sainsbury, Tesco and Unilever.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
47
6
7
8
9
1
PRESENTATION OF THE CARREFOUR GROUP
Performance
1.5.3
SUMMARY OF 2023 NON‑FINANCIAL PERFORMANCE
Results of the CSR and Food Transition Index
for 2023
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. In 2023, the “CSR and Food Transition
index” criterion was integrated into the collective portion of the
in France,
annual variable compensation of employees
representing between 4% and 12% of the bonus depending on
the scope and level of the employee. This compensation
criterion concerns 10,000 people in France.
Designed to cover a period of several years, the index measures
CSR performance every year for each of the 17 indicators. The
Index’s overall score is a simple average of the score for the
17 indicators. When the Carrefour 2026 strategic plan was
its
unveiled
commitments
sustainable agriculture, climate action,
reduction in packaging, fighting against deforestation in Brazil,
nutrition and inclusion. The new commitments are integrated
into the CSR and Food Transition Index from 2023.
the Group strengthened
in November 2022,
to
In 2023, Carrefour exceeded its non‑financial objectives, as
measured by its CSR and Food Transition Index with a score of
110%. 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 2023 CSR
and Food Transition
Index =
110%
48
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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PRESENTATION OF THE CARREFOUR GROUP
Performance
No.
Category
Objective
2023 Result
2023 Score
(6)
Products
Certified sustainable products
8 billion euros in sales of certified sustainable products by
2026
Plant‑based alternatives
650 million euros in sales of plant‑based products by 2026
(2)
100% of sensitive products with regard to forests, animal
welfare, soils, marine resources and human rights to be
covered by a risk mitigation plan by 2030
3 Carrefour targets on packaging reduction, bulk and reuse,
and packaging recyclability implemented by 2026:
(1)
5.3
514
70%
111%
93%
103%
117%
136%
1. 20,000 tonnes of packaging avoided by 2025 (cumulative
vs. 2017)
20,738
116%
2. 300 million euros in sales of bulk products and goods in
(3)
reusable packaging by 2026
3. 100 million reusable, recyclable or compostable items of
packaging in 2025
Raw materials
Packaging
Partner producers
50,000 partner producers by 2026
Stores
Food waste
Waste
50% reduction in food waste (vs. 2016)
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)
Top 100 suppliers with a 1.5°C trajectory and 20 megatonnes
avoided
Top 100 suppliers with a 1.5°C trajectory by 2026
9
Climate (Scope 3)
20 megatonnes avoided by 2030
Customers
Elimination of 2,600 tonnes of sugar from Carrefour‑branded
products by 2026 (vs. 2022)
10
Nutrition and health
Elimination of 250 tonnes of salt from Carrefour‑branded
products by 2026 (vs. 2022)
Customer community
An active community of consumers of healthy and sustainable
products in each of the eight countries where the Group
operates
Supplier commitments
500 suppliers committed to the Food Transition Pact by 2030
Act for Food
Employees
Minimum score of 75/100 for the question "Does Carrefour
help you eat better?"
Employee engagement
Minimum employer recommendation score of 75/100
awarded annually to Carrefour by its employees
(5)
Gender equality
Women to account for 35% of Top 200 managers by 2025
256
69%
46,013
-36%
70%
-38%
44%
947,000
261
78
(4)
3
306
63
83
29%
69%
200%
92%
105%
105%
92%
92%
121%
117%
115%
118%
105%
101%
100%
133%
85%
119%
132%
99%
138%
109%
Training
Disability
At least 50% of employees provided access to training every
year
15,000 employees with a disability by 2026
13,358
Sales of national brand products with “sustainable fishing” and “sustainable forest” labels are not currently taken into account and will be added to
the calculations in 2024.
This indicator measures sales of alternatives to products of animal origin (e.g., meat substitutes, plant‑based milks and yoghurt). Sales of legumes
have been added to this indicator in 2023 (e.g., chickpeas, lentils).
The sales target has been raised to 300 million euros against 150 million euros initially, to take into account sales in reusable packaging on top of
bulk sales.
France, Spain, Belgium.
Ipsos, July 2023 - 25,917 respondents out of a representative sample of 265,000 employees surveyed.
See 2.4 Reporting methodology.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
49
1
2
3
4
5
6
7
8
11
12
13
14
15
16
17
(1)
(2)
(3)
(4)
(5)
(6)
1
2
3
4
5
6
7
8
9
1
PRESENTATION OF THE CARREFOUR GROUP
Performance
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, circular economy, health, partner and employee engagement. The table
below cross‑references the CSR Index objectives presented in Section 2.2.
Performance indicator from the CSR Index
Average score in 2023
Topics
Biodiversity
Section 2.1.2
Circular economy
Section 2.1.3
Climate
Section 2.1.4
Health
Section 2.1.5
6 associated objectives
Objectives 1, 2, 3, 4, 5 and 7
3 associated objectives
Objectives 4, 6 and 7
5 associated objectives
Objectives 2, 5, 6, 8 and 9
1 associated objective
Objective 10
Customer and partner commitments
Sections 2.1.2, 2.1.3, 2.1.4
4 associated objectives
Objectives 5, 11, 12 and 13
Employees
Section 2.1.7
4 associated objectives (14 to 17)
108%
107%
108%
101%
106%
119%
50
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
PRESENTATION OF THE CARREFOUR GROUP
Performance
Rating agency scores and awards in 2023
Carrefour regularly replies to questionnaires by ratings agencies to assess its performance based on business, social and governance
criteria. In 2023, Carrefour gained 3 points in the Moody’s (formerly Vigeo Eiris) questionnaire, scoring 76/100. Carrefour also is one of
the seven members of DJSI World, which brings together the best companies in terms of ESG performance.
Ratings agency
CDP Climate – Carbon
disclosure project
ISS OEKOM
DJSI – S&P
MSCI
Moody’s VIGEO
CDP – Forest
Palm oil
Soy
Beef
Wood and paper
■
■
■
■
CDP Water
2018
A-
2019
A
2020
A-
2021
A
2022
A
2023
A-
Prime C+
Prime C+
Prime C+
Prime C+
Prime C+
Prime C+
69
A
(1)
A1+
68
B-
B-
C
B-
-
73
AA
67
B
B
B-
B-
-
73
AA
67
B
B
B
B
A-
72
A
64
B
B
B
B
A-
69
AA
73
B
B
B
B
A-
67
AA
76
B
B
B-
B-
B
(1) The Carrefour group requested an additional rating to the standard rating.
In 2023, Carrefour won recognition
organisations:
from a number of
■
on December 5, 2023, Carrefour won the Data for Impact
Award at the HUB Awards Impact event. This category
recognises organisations that have
implemented tangible
data‑driven
initiatives to drive sustainable transition. The
carrefour.fr website was recognised for its use of data to help
customers eat better;
■
in 2023, Carrefour picked up several awards at the LSA
Innovation Awards evening: The Group won the “Food Trends
Innovation” prize for extending its private label range of
organic and French cereals and pulses to include einkorn and
white beans. The Group was also rewarded for its reusable
stainless steel packaging. The Group also received an award in
the Diversity category for its women’s health programme;
■
For the third year running, Carrefour is one of the top three
companies preferred by young people
its CSR
commitment. Universum's CSR Index was produced by means
of a questionnaire submitted to 1,215 students and young
professionals (with a maximum of five years' experience),
having completed up to five years of higher education,
between October and December 2023.
for
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
51
1
PRESENTATION OF THE CARREFOUR GROUP
Simplified legal chart
1.6 Simplified legal chart
France
Retail
Carrefour Hypermarchés
Société d'exploitation
Amidis et Compagnie
(integrated supermarkets)
Carrefour Proximité France
E-Commerce
Greenweez
Carrefour Drive
Dejbox
Logistics
Purchasing
Carrefour Supply Chain
Interdis
(Central purchasing
centre for food)
Real Estate
Carrefour Property France
Financial
Services
Carrefour Banque
(Financial services)
Maison Johanès Boubée
(Beverages)
Carmila
Carma
(Insurance)
Belgium
Spain
Market Pay
(Payment)
Europe
Italy
Genedis
(cash & carry)
Provencia
Poland
Romania
Retail
Financial
Services
Real Estate
Purchasing
Retail
Financial
services
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
Sub-Saharan Africa
Tunisia/Algeria
Morocco
Turkey
Retail
Adialea
UHD
Hypermarché LV / Maxi LV
Carrefoursa Carrefour Sabanci
Ticaret Merkezi *
Africa & Middle East
* Listed company
100% owned
50% or more owned
Less than 50% owned
52
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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2
CORPORATE SOCIAL RESPONSIBILITY
AND PERFORMANCE
2.1 Non‑‑financial policies, action plans
2.3 Green taxonomy
2.3.1 Context
2.3.2 Results
2.3.3 Assessment and methodology
2.3.4 Outlook
APPENDIX: Regulatory templates
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
and performance
2.1.1 CSR methodology and non‑financial risks
and performance
2.1.2 Biodiversity
2.1.3 Circular economy
2.1.4 Climate
2.1.5 Health and product quality
2.1.6 Trade practices
2.1.7 Employees
2.1.8 Workers in our value chain
2.2 Carrefour’s Duty of Care Plan
2.2.1 Governance of the Duty of Care Plan
2.2.2 Stakeholder dialogue
2.2.3 Risk map
2.2.4 Risk assessment measures
2.2.5 Presentation of prevention and mitigation
measures for identified risks
2.2.6 Whistleblowing facilities
2.2.7 Monitoring system for measures
implemented
2.2.8 Report on the 2023 Duty of Care Plan
56
56
63
75
82
95
99
107
114
121
121
125
127
137
141
160
162
162
168
168
169
172
177
178
184
184
199
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
53
2
CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Introduction
The following sections of the Universal Registration Document
present the components that underpin Carrefour’s Corporate
Social 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 thus
contains information relating to the Non‑Financial Statement, the
EU Green Taxonomy and the duty of care plan.
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 1.4.1;
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 2023 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.
The scope of reporting is limited to the Group's retail operations,
(see
solely taking into account its eight integrated countries
Section 2.4 Methodological note). For indicators with a different
scope, details are provided in the footnotes.
(1)
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 policies and to update and evaluate
implementation of third‑party assessments and risk
the
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;
(1)
Excluding franchisees.
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■
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.
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 a few of the Group’s ancillary businesses, such as building
construction and vehicle rentals.
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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 CSR governance and 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.
its new transformation plan
In 2022, Carrefour adopted
“Carrefour 2026”, which marks a new
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.
stage
in
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:
■
transparent goals with stakeholders supported at the highest
level of the organisation: Carrefour identifies material issues
and imperatives, sets quantitative targets and works closely
with its partners on drawing up action plans. The most
strategic objectives are integrated into the CSR & Food
Transition Index. This index measures an annual achievement
rate and is factored into management compensation (see
Section 1.5.3);
■
In 2022, Carrefour created an
dedicated governance:
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 or strengthened at
every level in the organisation (see Section 2.2.1.1);
■
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.
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Focus N°1: 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 comprises the CSR Department,
the Carrefour
the Diversity and
Foundation and the Group & France Solidarity unit.
Inclusion Department,
The Group’s CSR department is responsible for implementing
the CSR methodology and contributes to the definition and
is
management of Carrefour’s societal objectives.
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
the various
identifies emerging
trends and supports
It
professions with the design and implementation of innovative,
substantive projects. It works together with the Legal, Risk,
Merchandise and Human Resources departments to roll out
the Group’s Duty of Care Plan.
The CSR department, responsible for implementing these
projects, 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,
made up of local teams.
The Diversity and Inclusion department is responsible for
defining and driving the diversity and inclusion policy at Group
level in collaboration with all countries. It deals, for example,
with gender equality and disability issues, combating all forms
of discrimination.
are
The Carrefour Foundation and the Group & France Solidarity
Unit
for supporting and coordinating
sponsorship activities in the countries where the Group
operates.
responsible
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.
■
■
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;
implementing exclusive innovations at 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;
■
involved:
getting direct suppliers and service providers
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,
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,
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
called on its largest suppliers (the Top 100) to align with a
1.5°C trajectory by 2026, and has committed to delisting
them if they do not meet this condition;
■
involving franchisees in the Group’s CSR and food transition
process: Carrefour works closely with franchised stores, both
in the eight integrated countries and through international
partnerships.
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Focus N°2: Roll‑out of the CSR strategy to franchisees
There are two types of franchise within the Group:
■
■
franchised stores in the eight countries in which the Group
operates directly: 8,865 stores representing 27% of all retail
space under the banner.
franchised stores of
Partenariat
International): more
representing 17% of the sales area under the banner.
international partners
than
(Carrefour
2,543 stores
Carrefour works to
franchises in various ways:
integrate the CSR strategy
into
its
■
them,
Carrefour has a network of franchise advisers to work with
its franchise partners in the eight countries in which the
Group operates directly. Through
the Group
supports franchisees on an individual basis, sharing rules,
best practices, innovative solutions, projects and concepts
that franchisees can implement on a voluntary basis. The
Group also provides services, such as green energy
purchasing at a preferential rate and waste contracts,
thereby involving its partners in the transformations under
way in the Group. Lastly, the Group’s targets for goods sold
and distributed by Carrefour apply to all franchised stores in
the eight integrated countries, meaning goods sold by
franchised stores comply with the same rules as the
Carrefour group. However, store‑related
(e.g.,
climate, energy, waste and food waste management) only
apply
stores are
independent.
stores. Franchised
integrated
targets
to
■
Carrefour Partenariat International (CPI) is responsible for
ensuring
international
the franchised stores of
partners are committed to the food transition for all. This
commitment is underpinned by the following levers:
that
■
■
franchise partners: appended
The Human Rights Charter signed by all the Group’s
international
the
franchise partner contracts, the charter sets forth a
number of social obligations. It describes the control
methodology in place and specifies the existence of an
Advisory Committee.
to
The CSR appendix now included in all new contracts since
2022: by signing this appendix, each partner undertakes to
define quantified and time‑bound commitments aligned
with the Carrefour group’s CSR priorities.
■
The annual strategic review: involving CPI and the CSR
department, on the one hand, and franchise partner
managers, on the other, the review enables strategic
priorities to be defined with each partner.
■
The franchise partner CSR manager network: through this
network, the Group shares rules, best practices, innovative
solutions, projects and concepts that franchisees can
implement on a voluntary basis. For example, a learning
expedition was conducted in 2023 to share best practices,
discuss key CSR challenges and visit Carrefour stores
involved in innovative initiatives. Franchise partners from
over ten countries took part in the event.
It should be noted that international partners define their
own CSR policies. They transmit data relating to store
activity on a voluntary basis. Carrefour’s CSR objectives do
not apply to international franchisees.
Carrefour and franchisee climate targets
■
■
■
As regards emissions from energy consumption and the use
of refrigerants for all franchised stores (Scopes 1 and 2 of
franchised stores), these account for 37% of the total
emissions (Scopes 1 and 2) of Carrefour‑banner stores
worldwide and
less than 1% of the Group’s Scope 3
emissions. This scope is not included in our commitments
to date, since it is not among the most material Scope 3
emissions categories for the Group. However, Carrefour
includes all Scope 1 and 2 emissions of its franchisees and
international partnerships in its climate footprint.
For emissions associated with purchases of goods and
services
(representing 65% of the Group’s Scope 3),
Carrefour includes in its climate diagnosis the emissions
related to the production of products sold by its franchised
stores in the Group’s eight integrated countries. As an
represent
indication,
in those eight
approximately 30% of total net sales
countries. The Group’s
to emissions
associated with purchases of goods and services in these
eight countries, for both integrated and franchised stores.
sales made under
franchises
targets
relate
for Scope 1 and 2 emissions
At the 2023 Shareholders’ Meeting, Carrefour committed to
setting a target
from
franchisees in 2024. It has undertaken to reduce emissions
from the purchase of goods and services and the use of
products sold. This objective takes
into account the
purchase of goods and services of all integrated and
franchised stores under the Carrefour banner in the eight
countries where the Group operates directly. These sales
are taken into account in our Scope 3 estimates and across
the scope of our targets.
■
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
issues and co‑build
educate people about sustainability
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).
In particular, the Group aims to develop an active community
of consumers in each country. This objective is included in the
Group’s CSR and Food Transition Index (see Section 1.5.3). In
2023, consumer communities were established in France,
Spain and Belgium.
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Carrefour uses analysis and dialogue tools to identify material
issues, and define its policies and action plans while taking a
continuous improvement approach. See Section 2.2 Duty of Care
Plan.
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 associated
with its retail business that include criteria relating to its
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.
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.
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.
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). When a Group risk is classified
as a CSR risk, the risk is reformulated, and in some cases risks are
grouped together (e.g., the Group risk “Use of raw materials
questioned for their environmental, social or ethical impact”
its
becomes “Sourcing of sensitive raw materials” under
classification as a CSR risk).
Section 2 details the policies, action plans and performance
indicators related to these CSR risks. It therefore contains
information relating to the Non‑Financial Statement and the Duty
of Care Plan.
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:
■
■
frequency: this criterion takes into account the probability of
the dangerous event occurring. The frequency is assessed on a
(1)
scale of 1 to 4 ;
impact: this
gross
indicator measures the financial and
reputational impacts, as well as the impact on stakeholders
(consumers, employees, suppliers, organisations, etc.).
(1)
1: every 5 years or more, 2: every 1 to 5 years, 3: annually, 4: several times a year or permanent.
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Non‑financial policies, action plans and performance
3.5
3.0
2.5
2.0
Y
C
N
E
U
Q
E
R
F
1.5
3.5
Failure to attract and
retain talent
Failure to assess, develop
and value skills
Contribution and
vulnerability to
climate change
Lack of supply chain
resilience
Occupational health
and safety risks
Product quality
compliance
and safety
Failure to respect freedom of
association and the right to
collective bargaining
Non-compliance
with personal data
protection laws
Sensitive raw material
procurement
Defining and fulfilling
CSR commitments
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
Non-compliance with
anti-corruption laws
4.5
5.5
6.5
7.5
8.5
GROSS CRITICALITY
Human
resources
management
Environmental
impact
of operations
Value
chain
Safety and security
of property
and people
Failure to comply with
regulations
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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.
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
NFS risks
Group risk
Description of the non‑financial reporting risk category
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
Any failure to take effective prevention measures against
psychosocial risks could lead to an increase in workplace
accidents, particularly in stores and warehouses, or in
occupational illnesses among Group employees.
Contribution and
vulnerability to
climate change
Failure to control energy
consumption,
refrigerants and
associated carbon
emissions
Carrefour may fail to control 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.
Extreme weather events Natural disasters (e.g., flooding, heavy snowfall, heatwaves, etc.)
may interrupt business (plant closures, breakdowns, serious
damage) and endanger the lives of Carrefour customers,
employees or suppliers.
Non‑financial
reporting
policies, action
plans and
performance
Section 2.1.2
Section 2.1.8
Section 2.1.7
Section 2.1.8
Section 2.1.4
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 2.1.7
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 2.1.5
Serious breach of quality
and hygiene standards in
stores, warehouses or at
a logistics partner
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.
Failure to manage the
product reference guide
and/or product
information disclosed to
consumers
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 could also impact Carrefour’s business
development and results.
Defining and fulfilling
CSR commitments
Failure to define and
fulfil corporate social
responsibility
commitments
A misalignment between the Group’s strategy and CSR
objectives or poor definition of its objectives and ambitions in
relation to market expectations could negatively impact the
Group’s non‑financial performance. Carrefour could be accused
of failing to respect its commitments for defining unclear or
insufficiently ambitious goals.
Section 2.1.1.1
Section 2.2.1.2
1
2
3
4
5
6
7
8
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Non‑financial policies, action plans and performance
NFS risks
Group risk
Description of the non‑financial reporting risk category
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.
Non‑financial
reporting
policies, action
plans and
performance
Section 2.1.8
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.
Section 2.1.7
Section 2.1.8
Section 2.1.6
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)
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,
inside or outside France. Carrefour may fail to comply with all of
the pillars and provisions of this legislation.
Carrefour processes large volumes of personal data for
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.
Failure to respect the
principles of diversity
and to battle
discrimination and
harassment
Failure to comply with
the principles of diversity
and equality or failures
to combat discrimination
and harassment
Carrefour may encounter difficulties in deploying its
anti‑discrimination policy, particularly with regard to gender
diversity and equal pay or the employment of people with
disabilities.
Section 2.1.7
Pollution and the
impact of our
operations on
biodiversity
Non‑financial
reporting
Deterioration of
biodiversity linked to real
estate assets (e.g.,
pollution from oil
products, deforestation)
Increasing non‑financial
reporting requirements
(e.g., Green Taxonomy in
Europe)
*The Group stopped assessing this risk in 2023.
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
The poor quality of the data reported could impact the
assessment and analysis of the Group’s non‑financial
performance.
Section 2.1
Section 2.4
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2.1.2
BIODIVERSITY
2.1.2.1 Our objectives and outcomes
Overview
The food industry is highly dependent on biodiversity, which is
is crucial for the food and
why biodiversity conservation
is
agriculture
an
in
unprecedented global
five main
factors
sectors. However,
decline
significantly exacerbated by the food industry:
biodiversity
by
caused
(2)
(1)
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 and reducing pollution. The Group’s
actions in this area also respond to consumers’ justified demands
for more
information, better quality products and greater
transparency.
While actions can be taken at the level of Carrefour’s sites and
operations, solutions that promote biodiversity and reduce
pollution must also be developed collectively throughout the
supply and production chains with all stakeholders. Carrefour
FIGURE 1: CARREFOUR'S BIODIVERSITY IMPACTS
therefore takes action to protect biodiversity and reduce
pollution in its activities and operations, as well as upstream, in
its
partnership with
customers.
its suppliers, and downstream with
Impacts, risks and opportunities
The retail industry is a major contributor to the loss of
biodiversity through the manufacture, use and end‑of‑life of
products sold. They collectively contribute to the five key
pressures on biodiversity. To a lesser but still significant extent,
the Group adds to these pressures through its operations and
those of its franchisees. The industry depends on ecosystems to
source its products, obtain the energy they require and treat the
effluents they generate both when in use and at the time of their
disposal.
In 2022, Carrefour conducted a macro‑analysis of its impacts and
dependencies on nature across the entire value chain and by
level of associated risk. Going a step further in 2023, it analysed
the impacts of around 15 raw materials at each step of the value
chain in France. These initiatives are in line with Carrefour’s
commitment to the Science Based Targets for Nature (SBTN)
programme, which guides organisations in setting ambitious and
science‑based targets for climate and nature protection. The
Group also assessed its biodiversity footprint using the Corporate
Biodiversity Footprint (CBF) measurement tool.
Representation of the Group's biodiversity footprint by country and type of pressure
-26,667
sq.km.MSA.yr
-52% Brazil
-22% France
-10% Argentina
-6% Spain
-3% Italy
-3% Belgium
-2% Romania
-2% Poland
-86% Change of land use
-6% Water stress
-6% Water pollution
-1% Air pollution
-1% Global warming
The map illustrates how the Group’s operations contribute to each of the five main drivers of biodiversity loss identified by the
Intergovernmental Science‑Policy Platform on Biodiversity and Ecosystem Services (IPBES). Most of the impacts occur upstream or
downstream from Carrefour’s direct operations.
(1)
(2)
Intergovernmental Science‑Policy Platform on Biodiversity and Ecosystem Services (IPBES), 2019. Seventh IPBES Global Assessment report.
World Business Council for Sustainable Development (WBCSD). Vision 2050.
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Non‑financial policies, action plans and performance
FIGURE 2: MAP OF CARREFOUR'S IMPACTS
Mapping the impacts and dependencies of Carrefour's activities on biodiversity
Level of impact
Very
high
High Medium
UPSTREAM
DIRECT IMPACTS
DOWNSTREAM
Habitat
destruction
Agricultural production
of our products
Land use
at 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
(own 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
FIGURE 3: MAP OF CARREFOUR DEPENDENCIES
DIRECT IMPACTS - UPSTREAM
DIRECT
IMPACTS
DIRECT IMPACTS -
DOWNSTREAM
Level of
dependency
High Medium
Very
high
Agricultural production and
product processing
Transport
Supply
services (1)
Support
services (2)
Regulation
services (3)
• Surface and groundwater supply
• Supply of plant and animal commodities
• Production of cardboard packaging
No ecosystem
service
provided
• Water supply
No ecosystem
service
provided
• Pollination
• Soil quality
• Water quality
• Water cycle maintenance
• Natural habitats
• Climate regulation
• Water quality regulation
• Pest and desease control
• Flood and storm protection
• Erosion control
No ecosystem
service
provided
• Water cycle maintenance
• Water quality
• Homes and other buildings
No ecosystem
service
provided
No ecosystem
service
provided
• Erosion control
• Climate regulation
• Water quality regulation
• Flood and storm
protection
No ecosystem
service
provided
80% of products depend on biodiversity systems
(1) Resources provided by ecosystems/biodiversity
(2) Natural processes regulated by ecosystems/biodiversity
(3) Functions that help to maintain other ecosystem services
Source : ENCORE tool and expert opinons
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Non‑financial policies, action plans and performance
MAP OF BIODIVERSITY IMPACTS BY PRIORITY RAW MATERIAL
(1)
The table below summarises part of the work carried out in 2023. It shows the pressures exerted on biodiversity by several raw
materials identified as high impact by Science Based Targets for Nature:
The impact of solid waste, as well as noise, light, odour and physical disturbances associated with human activity, resulting in disruption
to species, were not examined under the SBTN approach due to insufficient knowledge about these pressures
. The products taken
into account are consumer food products
(2)
(3)
.
Change in
use of land
and sea
Overexploitation
of resources
Climate
change
Pollution
Invasive
species
GHG
emissions
Air
pollution
Water
pollution
Soil
pollution
Biological
degradation
Palm oil
Soy
Beef
Cocoa
Fishery
products
Aquaculture
products
Cotton
N/A
Average impact: below the food product median
High impact: above the food product median
Very high impact: higher than 95% of food products
POLLUTION‑RELATED RISKS AND OPPORTUNITIES FOR CARREFOUR
Based on the various biodiversity analyses carried out, the major risks that Carrefour has identified related to the preservation of
biodiversity are: "Pollution of living organisms and food resources", "Air, water and soil pollution", "Emission of substances of concern
and very high concern", "Microplastics". The risks and opportunities are presented in the table below:
(1)
(2)
(3)
A selection of seven priority raw materials out of a total of around 15 examined under the Science Based Target for Nature project. The other
materials studied are coffee, nuts, pork, milk, dairy products, eggs, rice and poultry.
The impact is assessed according to: the 50% of food products with the lowest impact, the 50% of food products with the highest impact
(excluding the top five with the highest impact), and the 5% of food products with the highest impact of all food products.
Source: Agribalyse.
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Non‑financial policies, action plans and performance
TYPE OF RISK
VALUE CHAIN
RISK
Upstream
Pollution of air,
water, soil, living
organisms and
food resources
An increase in product prices due to the technological
transition within the supply sector and/or the payment
of penalties for pollution offences
Declining availability and inflation of raw materials due
to environmental degradation, lower yields and the
pollution of resources (degradation of ecosystem
services)
Carrefour accused of using suppliers that contribute
to pollution (textile industry)
OPPORTUNITIES
Securing supplies through organic
or agroecological production
chains to reduce pesticides,
fertilisers and antibiotics
Development of local non‑GMO
(soy) animal feed chains
Operations
Carrefour accused of non‑compliance with pollution
regulations (stores, warehouses, service stations)
Downstream
Major investments to bring the Group’s stores in line
with F‑Gas regulations
Carrefour accused of using unsafe ingredients in its
products and distributing products that emit polluting
substances during their use (cosmetics, textiles, etc.)
Increase in the recall of products contaminated by
crop protection agents, pesticides or health disasters
Upstream
Increasing scarcity and non‑renewal of marine
resources: higher prices and more limited store
offerings
Development of alternative fuels,
green mobility solutions and
low‑carbon delivery services (soft
mobility, electric vehicles, etc.)
Development of a range of natural
products (free of controversial or
potentially harmful substances) that
respond to customer requirements
(organic, bulk, pesticide‑free, zero
antibiotics, etc.)
Consumption of
marine resources
and degradation
of marine
ecosystems
Downstream
Microplastics
Upstream/
Operations
Reorganisation of animal production chains
dependent on marine resources (animal feed), leading
to supply disruptions and/or increased costs for these
products
Loss of attractiveness of certain non‑sustainable
products (lack of MSC, ASC or organic certification,
use of non‑selective fishing techniques, lack of
sustainable aquaculture practices)
Legal action started against Carrefour for the sale of
non‑sustainable seafood
Additional costs for using alternatives to plastic
products and packaging due to the phasing out of
plastic and growing demand for alternative materials
Substances of
high and very
high concern
Downstream
Loss of attractiveness of certain products when
over‑packaged in plastic (fruit and vegetables)
Carrefour accused of releasing microplastics from
products and packaging into the food supply and the
environment
Upstream
Need to review product specifications and modify
product composition and production processes
Operations
Increased operational costs for managing hazardous
waste and taxes expenses related to ecological
organistaions
Downstream
Increased withdrawals and recalls out of precaution
A health and/or environmental scandal involving a
product containing substances of concern
Offer plastic‑free products and
packaging in the face of consumer
concern
Offer plastic‑free products and
packaging in the face of consumer
concern
Anticipate the removal of
substances of concern and very
high concern to speed the
introduction of new solutions
Anticipate the removal of
substances of concern and very
high concern in order to
differentiate the offering
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Coalitions
and partnerships
ADEME's
“Entreprises et
biodiversité” working
group in France
Entreprises
engagées pour la
nature
Science-Based
Targets network
(SBTn)
Task Force for
Nature Disclosure
(TNFD)
WWF France
WWF France
Lab Capital
Naturel
Act for Nature
International
Forest Positive
Coalition
(Consumer Goods
Forum)
Contributions to the Sustainable Development Goals
1
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6
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SUMMARY OF OUR OBJECTIVES AND OUTCOMES
Topic
Objective
2023 Result
2022 Result
Change
Target
Promoting responsible consumption
Promoting the
consumption of
certified sustainable
products
Sales of certified sustainable products
euros)
(1)
(in millions of
5,282
5,142
+2.7% €8 billion by
2026
of which sales of organic products (in millions of
euros)
(2)
2,531
2,616
-3.2%
of which sales of Carrefour Quality Lines products (in
millions of euros)
(3)
1,108
1,132
-2.1%
of which sales of products that comply with our
sustainable forestry policy (in millions of euros)
(4)
of which sales of products that comply with our
sustainable fishing policy – excluding organic
products and Carrefour Quality Lines (in millions of
euros)
(6)
(5)
871
707
871
0%
492
+43.8%
of which sales of products with other environmental
certifications (in millions of euros)
(7)
57
31
+82.3%
Promoting sustainable agriculture
Promoting
sustainable
agriculture
Percentage of sales of fresh food products sourced
from organic or agroecological farmers
(8)
Number of Carrefour‑branded organic product
references
Percentage of sales of Carrefour Quality Lines fresh
products committed to an agroecological
approach (share of sales, as a %)
(9)
Market penetration rate of Carrefour Quality Lines in
fresh produce (%)
(10)
6.5%
4.8%
+1.8 pts
1,163
1,247
-6.7
28.4%
6.5%
+21.9 pts
7%
6.9%
+0.1 pts
Number of partner producers
(11)
46,013
37,758
+21.9%
+15% by
2025
100% by
2025
50,000 by
2026
of which organic farming partner producers
(supported through sector‑based contractual
arrangements)
(12)
4,997
3,637
+37.4%
of which Carrefour Quality Lines partner producers
(13)
16,872
22,176
-23.9%
of which regional or ultra‑local partner producers
(14)
11,838
11,945
-0.8%
of which producers who are partners in other
(15)(16)
collective initiatives
12,306
New
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Non‑financial policies, action plans and performance
Topic
Objective
Sensitive raw materials
2023 Result
2022 Result
Change
Target
Raw materials
associated with a risk
of deforestation
Palm oil: Percentage of palm oil used in
Carrefour‑branded products that is fully traced (RSPO
Segregated certified)
(17)
95.3%
83.7%
+11.6 pts
100%
Palm oil: Percentage of palm oil used in
Carrefour‑branded products certified RSPO or
equivalent
Wood and paper: Percentage of Carrefour‑branded
products in ten priority categories sourced from
sustainable forests
(18)
Soy: Percentage of Carrefour Quality Lines and other
key Carrefour‑branded products that use
(19)
zero‑deforestation soy as animal feed
Cocoa: Percentage of Carrefour‑branded chocolate
bars that comply with our Sustainable Cocoa
Charter
(20)
100.0%
99.9%
+0.1 pts
100%
96.3%
90.7%
+5.6 pts
100%
21.7%
19.7%
+2.1 pts
31.6%
31.4%
+0.2 pts
Traceability and assessment of traders: Percentage of
key traders assessed
100%
100%
Traceability and assessment of traders: Percentage of
key traders making progress towards complying with
our policy
33%
Assessed
based on
2022 data
(21)
: 100% Brazilian beef will be zero
Brazilian beef
deforestation for Carrefour brands by 2026, and for
other brands by 2030
Brazilian beef: Percentage of Brazilian beef suppliers
that are geo‑monitored and comply with our forest
policy or are committed to an ambitious policy to
combat deforestation
Sourcing responsible
textile raw materials
Percentage of natural textile raw materials which
comply with our responsible TEX policy
wood fibres, wool, cashmere)
(22)
(cotton,
Methodology currently
under development
100%
89.70%
+10.3 pts
52.3%
46.40%
+5.8 pts
Cotton: Percentage of TEX products made from
organic cotton and whose producers are paid fairly
20.6%
21%
-0.4 pts
Wood fibre: Percentage of viscose TEX products made
from wood fibre sourced from sustainably managed,
FSC (Forest Stewardship Council) certified forests
Wool: Percentage of wool TEX products sourced from
traceable quality lines that guarantee animal welfare
and prevent desertification
Cashmere: Percentage of cashmere TEX products
sourced from traceable quality lines that guarantee
animal welfare and prevent desertification
96.3%
70.9%
+25.4 pts
58.7%
25.1%
+33.6 pts
100%
100%
0 pts
100% by
2025
100% by
2023
100% by
2025
100% by
2025
100% by
2030
100% by
2025
100% by
2025
50% by
2027
100% by
2023
100% by
2025
100% by
2021
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Topic
Objective
2023 Result
2022 Result
Change
Target
Supporting
sustainable fishing
and aquaculture
Percentage of sales of fishery and aquaculture
products, controlled products, and national brands
produced using sustainable practices
(23)
57.1%
34.50%
+22.6 pts
50% by
2025
60.9%
49.50%
+11.4 pts
50%
Percentage of sales of controlled fishery and
aquaculture products produced using sustainable
practices
(24)
Preventing the impact of different types of pollution on biodiversity
Preventing the
impact of different
types of pollution on
biodiversity
Methodology currently under development
For objectives relating to packaging and plastic
management, see Section 2.1.3 Circular economy
For objectives relating to the impact of farming
practices, see the objectives below on promoting
sustainable agriculture
Limiting the environmental impact of our sites
Limiting the
environmental
impact of our sites
- New projects certified to BREEAM (BRE Environmental
Method) New Construction standards (in %)
(25)
(26)
0
100%
100%
- Shopping malls certified to BREEAM In‑Use standards
(as a % of asset value)
95.8%
94%
+1.8 pts
* of which Very Good (as a % of asset value)
31%
For objectives relating to waste management and food
waste, see Section 2.1.3 Circular economy
-2 pts
33%
-
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Topic
Objective
2023 Result
2022 Result
Change
Target
Promoting responsible water consumption
Promoting more
responsible water
consumption
Water consumption per sq.m. of sales area (cu.m.)
(27)
Amount of water consumed (in millions of cu.m)
(28)
1.27
8.2
1.32
12.2
-4%
-32%
For objectives relating to water quality, see the
objectives below on responsible consumption and
sustainable agriculture
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Certified sustainable products: The products considered here are organic products, Carrefour Quality Lines, certified wood and paper products,
certified seafood products and other products with environmental certification (e.g., Blue Angel, NF Environnement, Ecolabel Européen).
Scope: 99.8% of 2023 consolidated net sales Non‑comparable BUs (BR SAMS excl. in 2023; BR AT, BR SAMS excl. in 2022).
Scope: 100% of 2023 consolidated net sales. Comparable BUs.
Through its sustainable forestry policy, the Carrefour group aims to move towards zero deforestation. Any wood, wood pulp, paper, and their
derivatives sourced for both commercial and non‑commercial goods must not only guarantee compliance with the law, but also go well beyond
it by respecting the criteria set out in the suppliers' Wood Charter. Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (MN FR, IT,
RO, BR incl. in 2023. Change in scope and reporting methodology. Data reported in 2022 = 272.
Products that comply with our sustainable fishing policy: ASC, MSC, organic and Carrefour Quality Lines products, species on the green list,
products from a sustainable fishing/confirmed responsible farming approach or from fisheries that have set up a local improvement project.
Organic and CQL are reported in the dedicated categories.
Scope: 98% of 2023 consolidated net sales. Non‑comparable BUs (BR C ES (MN) excl. in 2022).
European Ecolabel and other equivalent responsible approaches. Scope: 95% of 2023 consolidated net sales. Non‑comparable BUs (BR & MN (IT
& AR) excl. in 2023).
Scope: 84% of 2023 consolidated net sales. Non‑comparable BUs (ES, BR AT & BR SAMS excl. in 2023 and only excl. PL and BR C for
agroecology; in 2022 agroecology only concerned France).
Scope: 91% of 2023 consolidated net sales. Non‑comparable BUs (PL, BR excl. in 2023; FR only in 2022).
(9)
(10) Scope: 86% of 2023 consolidated net sales. Non‑comparable BUs (ES excl. in 2023; AR excl. in 2022).
(10) National partner producers in organic farming, Carrefour Quality Lines, regional and local producers from other collective approaches. Scope: 95% of
2023 consolidated net sales. Non‑comparable BUs (BR, ES organic, IT organic excl. in 2023; BR incl., excl. partners from other approaches in 2022).
(11) Scope: 86% of 2023 consolidated net sales. Non‑comparable BUs (ES, IT excl. in 2023).
(12) Scope: 98% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023).
(13) Scope: 96% of 2023 consolidated net sales. Non‑comparable BUs (BR only in 2023; AR ultra‑local excl. in 2023).
(14) Scope: 100% of 2023 consolidated net sales. FR only in 2023.
(15) Partner producer whose agricultural production method is sustainable and covered by an official quality label, a quality label covered by local
legislation or a private label whose specifications are public and controlled by an independent inspection body.
(16) Scope: 100% of 2023 consolidated net sales. Comparable BUs.
(17) Scope: 100% of 2023 consolidated net sales. Comparable BUs. The certifications recognised here are POIG, RSPO IP, RSPO Segregated and RSPO
Mass Balance. Palm oil derivatives used in household, perfume and hygiene products are not included in this indicator due to a lack of traceability.
(18) Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR C excl. in 2023; AR, BR C, IT excl. in 2022)
(19) 95% of 2023 consolidated net sales. Non‑comparable BUs (BR C excl. in 2023; AR, BR, C, IT excl. in 2022).
(20) Cocoa (paste) is considered to be sustainable and traceable, guaranteeing zero deforestation, fair compensation for producers and the absence
of child labour. Scope: BE, ES, FR, IT. Comparable BUs. 100% of 2023 consolidated gross sales.
(21) Scope: Carrefour Brazil and Atacadão. Direct supplier of fresh, frozen and processed meat, distributor and warehouses.
(22) Textile sector with ambitious targets for the sustainability of materials, reduction of environmental impacts and supply chain transparency.
(23) Responsible fishing: fishing of abundant species with techniques that have the lowest impact on ecosystems while supporting local fishing.
Scope: 87% of 2023 consolidated net sales. Non‑comparable BUs (ES, BR AT, BR SAMS excl. in 2023; BR excl. in 2022).
(24) Scope: 62% of 2023 consolidated net sales. Non‑comparable BUs (FR, ES, AR excl. in 2023; BR excl. in 2022).
(25) Scope: sites managed by Carmila in Spain, France and Italy.
(26) No new shopping mall projects in 2023.
(27) Scope: 68% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023).
(28) Scope: 68% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023).
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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Non‑financial policies, action plans and performance
2.1.2.2
Our action plans
1.
Promoting responsible consumption
and more sustainable agriculture
Responsible consumption
Customer expectations of more sustainable food are evolving,
going beyond organic food and extending to short circuits, local
sourcing and sustainable agriculture products. To meet
consumer requirements, the Group is aiming for 8 billion euros in
sales from certified sustainable products by 2026 (vs. 5.1 billion
euros in 2022). This target takes into account certified organic
Lines, more
farming
environmentally‑friendly fishing products
(MSC, ASC, other
responsible approaches), wood and paper products (FSC, PEFC,
recycled) and Ecolabel certified products.
Carrefour Quality
products,
Developing an affordable organic offering
The Group activates three drivers to develop its organic offering:
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.
In the majority of countries where it operates, the Group offers
its organic farming suppliers multi‑year contracts that commit to
volumes or purchase prices and take account of production
constraints. Where national laws allow, 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 in
particular. In 2023, Carrefour partnered with 4,997 organic
producers.
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.
Promoting practices inspired by agroecology
via Carrefour Quality Lines (CQLs)
(1)
Carrefour has a unique tool for developing agroecology : the
Carrefour Quality Lines (CQLs). 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”). 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. In 2023, 7.4% of Carrefour Quality
Lines had an agroecological label (compared to 6.5% in 2022).
Carrefour 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. Customers are invited to learn about this
programme through an agroecological label displayed on the
product.
Through its Carrefour Quality Lines, the Group establishes
multi‑year partnerships with a view to guaranteeing greater
visibility and more opportunities for producers. Carrefour thus
provides volume guarantees to take account of production
requirements and constraints and/or price guarantees to ensure
for the producer and to finance the
fair compensation
constraints of
In 2023,
16,872 producers around the world partnered with Carrefour
Quality Lines.
the Carrefour
specifications.
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.
Supporting suppliers
Carrefour supports its lines to facilitate the deployment of
sustainable, environmentally‑friendly agricultural practices. The
Group is focusing on three areas to promote a more sustainable
agricultural transition: fairer terms with suppliers; developing and
showcasing a responsible product offering; and creating
financing solutions. Carrefour has set an objective to work with
50,000 organic, Carrefour Quality Line, regional or local partner
producers and other collective initiatives bound by specifications
by 2026. In 2023, Carrefour had 46,013 partner producers
worldwide.
Carrefour is harnessing all store formats to achieve its ambition
by developing specialised stores
(Carrefour Bio, SO.bio,
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‑2023, the Group had 138 specialised organic stores in
France.
(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.
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Non‑financial policies, action plans and performance
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. To expand
business with SMEs, each country develops a system of close ties
and sets up special contracts that guarantee fair pricing and
shorter payment terms.
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 250 projects have been financed via this platform, and
Carrefour paid out more than 100,000 euros to project winners
at end 2023.
In addition to providing support via sector‑based contractual
arrangements, Carrefour supports the localisation of supply
chains, such as organic raspberry and blueberry production,
sustainable and
through
In 2023, 29
the
funded by
solidarity‑based agricultural projects were
Foundation for a total amount of 2,246,740 euros (29% of the
overall budget). In this way, the Carrefour Foundation helps to
create fair and steady compensation for producers.
foundation.
its
2.
Protecting biodiversity in the
procurement of sensitive raw materials
to
Following a Group‑wide risk analysis, certain raw materials are
classified as being
their potential
‘sensitive’ due
socio‑environmental impact and their relative weight in the
business. These raw materials are subject to closer scrutiny, with
action plans and objectives drawn up. The sensitive raw materials
and action plans are outlined in in the Duty of Care Plan (see
Section 2.2 of this document). The objectives relating to the
sensitive raw materials have been integrated into the Group’s
CSR index (see Section 1.5.3 Summary of 2023 non‑financial
performance).
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 2023 and
circulated to all countries. Training courses were organised for
the Merchandise and Quality departments.
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. The reliability of the
assessment criteria was improved in 2023 so that progress made
by traders could be measured.
3.
Preventing the impact of different types of pollution on biodiversity
Pollution control is managed cross‑functionally via climate, biodiversity and circular economy action plans, among others. The policies
and action plans have a positive impact on reducing water and land pollution by striving to increase the proportion of sustainable and
organic farming. The table below shows the different types of pollution that are being addressed for each of Carrefour’s sustainability
strategy focuses:
AIR
WATER
LAND
LIVING
ORGANISMS
SUBSTANCES OF HIGH
AND VERY HIGH
CONCERN
Protecting biodiversity for the supply of
sensitive raw materials
Supporting the transition to sustainable
agriculture
Guaranteeing responsible water consumption
Limiting the environmental impact of our sites
Circular economy
Climate
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
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4.
Limiting the environmental impact of
our sites
5.
Guaranteeing responsible water
consumption
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. All new shopping malls are BREEAM New construction
certified. BREEAM In‑Use certification is renewed every three
years further to an audit.
construction policy
With regard to the real estate business of Carrefour Property and
Carmila in France, Italy and Spain, the Group has introduced a
sustainable
aligned with BREEAM
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
for preventing
the Group are equipped with systems
environmental risks and odours. In addition, a precise log of
incoming and outgoing fuel volumes is kept to minimise the risk
of fuel leakage.
A Biodiversity Charter regulates the operational sites. It proposes
solutions for developing biodiversity at shopping centres by
focusing on four aspects:
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.
■
■
■
■
The objectives and action plans relating to waste management
and food waste are detailed in Section 2.1.3. "Circular economy".
In 2021, Carrefour updated an analysis of the climate‑related
physical risks for all its sites, notably including the risk of drought
or flooding. An analysis of the water impact of the Group’s
supplies has 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.
Carrefour’s policy is focused on promoting responsible water
use, seeking to reduce water consumption and
impacts
upstream, as well as in its operations and downstream. Given the
nature of their business, stores do not produce heavily polluted
wastewater.
Carrefour is working to reduce water consumption per sq.m. of
sales area. Stores are gradually phasing in solutions to reduce
their water consumption, including precise monitoring (with
In 2023, Carrefour
dedicated meters), and new solutions.
committed to reducing the water consumption of its French
stores by 10% by 2025. To achieve this, it is introducing a new set
of waste‑reducing initiatives:
■
■
■
■
producing just the right amount of ice and installing units with
white walls at the fish counters;
deploying water‑saving guns across the cold water network so
that flow can be adjusted to meet needs;
installing ovens with steam cleaning systems when the time
comes to replace equipment;
investing so as to optimise the way in which the internal
network is managed, and adopting best practices in this regard
(diagnostics to tackle water leaks, etc.).
In the procurement process, Carrefour seeks to limit the water
footprint and impact of its products. After identifying priority
product categories, Carrefour made a commitment to increase
the procurement of products made using sustainable practices
(see section on "Promoting responsible consumption and
sustainable agriculture") and put in place a supplier listing and
responsible purchasing policy (see section on the "Procurement
of sensitive raw materials").
In this regard, it helps suppliers manage water through initiatives
that have similar requirements to those imposed on Carrefour
Quality Lines products. For example, within the CQLs, gravity‑fed
irrigation is prohibited. If a supplier uses this type of irrigation, a
progress plan is set up to help it switch to another method. The
textile supply chains were identified by Carrefour as being a
major water pollution risk. The Group has developed Clean Water
Project, a programme designed to raise awareness, train and
audit textile suppliers in the management and efficiency of water
and chemical consuming processes.
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2.1.3 CIRCULAR ECONOMY
2.1.3.1 Our objectives and outcomes
Overview
Given the nature of its operations, Carrefour generates a
significant volume of waste in its stores, logistics centres and
throughout its supply chain. The manner of handling this waste
varies depending on regulations and consumer purchasing habits
in each of the Group’s host countries. Significant disparities exist
between countries, such as the plastic recycling rate and,
especially, the non‑household plastic waste rate, which ranges
(1)
from 1% in Brazil to 26% in France and 47% in Spain .
The retail industry has a decisive role to play in innovating,
changing practices and meeting the demands of consumers,
who are already committed to the cause of recyclable or
reusable packaging.
from production
lines, warehouses and stores
Similarly, food waste is a concern that spans the entire supply
chain,
to
consumers. In 2023, the UN outlined that 13% of the world’s food
is lost between harvest and sale, and 17% of the world’s total
in
food production
restaurants and in retail. This waste, which has multiple causes
(overproduction, calibration criteria, cold chain interruptions,
poor inventory management, supply‑demand mismatching, etc.),
occurs at all stages, from farm to fork. Each link in the chain
therefore has a role to play in limiting losses.
individual consumers,
is wasted by
Impact of plastics
Carrefour conducted a macro‑analysis of the impacts of plastic
associated with its partners’ operations in key stages of the
supply chain, taking into account the treatment capacity of the
Group’s integrated countries. The main plastic risks are identified
at the various stages of the product life cycle, presented in the
first part of the analysis.
(1)
Data taken from the plastics risk map drawn up by the Group.
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Carrefour's
value chain
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., fishing 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 landfills, 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
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.
due to
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.
packaging into food.
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The major risks identified in relation to the circular economy are “Waste and waste management” and “Ecodesign and resource
circularity”. These risks are present upstream, within operations and downstream as detailed below:
TYPE OF RISK VALUE CHAIN RISK
OPPORTUNITIES
Increased production costs due to additional
waste management costs incurred by suppliers
Development of new anti‑waste production
standards to reduce costs
Upstream
waste and
waste
management
Upstream
Operations
Increased costs for the treatment of
non‑recycled waste
Fines for non‑compliance with regulations on
the treatment of waste and food waste
Downstream Loss of attractiveness of the retail model due to
poor waste and food waste management
Economic gains from the sale of recoverable or
recyclable materials
Improved operational efficiency (inventory
management, markdowns, waste treatment)
and increased store revenue
Increase in the Group’s sales capacity through
differentiated prices based on use‑by dates
Development of an anti‑waste, second‑hand or
reusable offering, or another concept related to
the circular economy
Ecodesign and
resource
circularity
Upstream
Operations
Increase in raw material sourcing costs due to
resource depletion
Decrease in sourcing costs through reduced
material/packaging quantities and ecodesign
Loss of attractiveness and questioning of the
retail model related the poor use of certain
resources
Development of guidelines for the proper use
and recovery of resources and reduction of
product costs
Downstream Heightened environmental expectations
among consumers relating to packaging,
plastics and the circular economy
Development of bulk products and services
based on circularity and reparability
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SUMMARY OF OUR OBJECTIVES AND OUTCOMES
Topic
Waste
Objective
Percentage of hypermarket and supermarket
waste recovered (in terms of weight)
(1)
Total weight of waste produced by stores (in
tonnes)
(2)
2023
69.8%
2022
74.5%
Change
Target
-4.7% 100% by 2025
671
587
+14.3%
Food waste
Percentage of food waste avoided in stores
compared to 2016
(3)
-35.7%
-39.9%
+4.2% -50% by 2025
vs. 2016
Percentage of food waste avoided in stores
compared to 2022
(4)
Weight of unsold products recovered through
sale of food baskets in partnership with Too
Good To Go (in tonnes)
Number of meal equivalents of unsold products
donated to food aid associations (in millions of
meals)
2.1%
New
New
3,904
3,437
+13.6%
48.7
45.7
+6.6%
Packaging
Sales of bulk products and goods sold in
returnable packaging (in thousands of euros)
of which bulk products (in thousands of euros)
of which goods sold in returnable packaging (in
thousands of euros)
Percentage of Carrefour‑branded packaging that
is reusable, recyclable or compostable
(5)
256
42
214
69%
New
New
New
New
New
New
€300m by
2026
57%
+12 pts
100% by 2025
Reduction in packaging since 2017 (in tonnes)
20,738
16,390
+26.5%
20,000 by
2025
of which plastic packaging avoided since 2017 (in
tonnes)
Percentage of Carrefour‑branded packaging
made with recycled plastic
(6)
19,021
15,140
+25.6% 15,000 by 2025
8.6%
7.70%
+0.9%
30% by 2025
(1)
(2)
(3)
(4)
(5)
(6)
Scope: 97% of 2023 consolidated gross sales. Non‑comparable BUs (IT (SM, CO, CC), ES (CO) excl. in 2023; BE (HM, SM), IT (CO, CC), ES (CO),
RO (CO), BRC (CO) excl. in 2022).
Scope: 97% of 2023 consolidated net sales. Non‑comparable BUs (IT (SM), excl. in 2023, BE excl. in 2022.
Scope: 72% of 2023 consolidated gross sales. Non‑comparable BUs (ES (SM CO) excl. in 2022). The scope of the 2016 baseline excludes BE, BR
AT and BR SAMS. Warehouses are included for RO. The Grupo BIG stores were consolidated in 2023.
Scope: 76% of 2023 consolidated net sales. Methodology adjusted in 2023 in relation to the reference standards (see Section 2.4.1.).
Scope: Composting not monitored to date. Scope: 100% of 2023 consolidated gross sales. Non‑comparable BUs (ES, IT, PL and AR excl. in 2022).
Scope: 96% of 2023 consolidated gross sales. Non‑comparable BUs (BE excl. in 2023; BE, ES, IT, PL excl. in 2022).
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Coalitions and
partnerships
Consumer Goods
Forum (CGF)
Ellen MacArthur
Foundation
Global Declaration
on Plastics & New
Plastics Economy
France's National
Pact on Plastic
Packaging (PNEP)
European Plastics
Pact
Food Transition
Pact
(RE)SET
Contributions to the Sustainable Development Goals
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2.1.3.2
Our action plans
1.
Recovering store waste
(1)
Carrefour is targeting minimum waste production and the
recovery of all store waste by 2025. 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
innovative solutions such as
joint collection rounds and
biomethane and compost production from organic waste. At
Group level, 69.8% of waste was recovered in 2023, including
33,420 tonnes of plastic and 295,245 tonnes of cardboard. In
France, unsold food items that cannot be donated to charities
are transformed into biomethane (renewable gas produced from
waste) used by Carrefour delivery vehicles to transport goods.
One tonne of biomethane allows a truck to travel 250 kilometres.
In 2023, the Group processed nearly 43,908 tonnes of organic
waste.
On a global scale, Carrefour participates in 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.
2.
Combating food waste
Carrefour shares the Consumer Goods Forum (CGF) goal of
achieving a 50% reduction in non‑recovered food waste by 2025
(compared to 2016). In 2023, Carrefour became the first retailer
to obtain France’s “anti‑food waste” label for its Montesson
hypermarket. This label was awarded by Bureau Veritas following
a successful audit of the Montesson store and the Group’s head
office. It rewards the banner’s long‑standing commitments in the
fight against food waste.
For several years, solutions have been implemented in stores to
improve inventory and order management, promote short‑dated
products, offer certain products after their best‑before date (BBD)
and recover damaged products to limit the overall quantity of
markdowns. Carrefour offers discounts of 30% to 60% on
short‑dated products and sells a list of specific products past
their BBD in a dedicated endcap with clear signage.
Carrefour has also expanded its Zero Waste baskets in fruit and
vegetable sections. The cardboard baskets contain 2 kg of unsold
products to combat food waste.
Carrefour continues to take action via the Too Good To Go
application during the year, offering baskets of unsold food
products at low prices. In 2023, 3,903,888 baskets were sold in
Europe.
They are particularly popular among customers when inflation is
high, as they enable them to buy quality products at reduced
prices.
A process developed in close collaboration with charities is now
in place both in France and worldwide for food items that have
been withdrawn from sale: every morning, teams sort through
products on shelves and donate healthy and acceptable unsold
items to local food aid charities, without interrupting the cold
chain. The amount of meal equivalents donated worldwide rose
from 45 million in 2022 to 48 million in 2023 (a year‑on‑year
increase of 3 million). Donations were distributed to food aid
charities such as Banque alimentaire and Restos du Cœur in
France. In Spain, Carrefour has launched a new product to
combat food waste: jam made from overripe but still good
quality fruit. This is a pioneering measure for the sector carried
out in cooperation with Helios as part of the Zero Food Waste
policy. Carrefour also continues to support various food aid
charities such as Restos du Cœur, which it has now been
supporting for 16 consecutive years.
3.
Promoting ecodesign and reducing the
use of plastic packaging
The Group’s action plans revolve around four main themes:
■
■
■
■
eliminating problematic or unnecessary packaging, with the
goal of avoiding 20,000 tonnes of packaging by 2025
(cumulative since 2017);
developing bulk sales and reuse, with the goal of generating
300 million euros in sales of bulk and reuse by 2026;
promoting recyclability and recycling, with the goal of 100%
reusable,
for
Carrefour‑branded products by 2025;
compostable packaging
recyclable or
increasing the proportion of recycled plastic in packaging, with
the goal of integrating 30% recycled plastic into packaging for
Carrefour‑branded products by 2025.
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. In
2023, 306 suppliers were members of the Pact. The target is to
increase their number to 500 by 2030. They are committed to an
action plan that includes eliminating unnecessary packaging,
reducing packaging volumes and providing clear information
about recycling.
(1)
Excluding franchised stores.
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Eliminating all problematic or redundant packaging
Carrefour is developing plastic‑free options in its stores. For
example, bioplastic bags have been replaced by brown paper
bags in the fruit and vegetable sections of several hypermarkets
around France. The Group is also continuing its drive to replace
plastic with recyclable alternatives. By 2023, 20,738 tonnes of
primary packaging had been avoided since 2017 . Carrefour has
thus achieved its goal, two years ahead of its target. The main
reductions in 2023 are attributable to concrete projects, such as
the total replacement of plastic boxes for chicken with bags in
France and the introduction of brown cardboard boxes for
pastries in Spain. The search for more eco‑friendly packaging
extends to grocery, household, perfume and personal hygiene
products, and as such the Soft Green range has been extended
with a shampoo and a solid soap. Plastic is being phased out on a
product‑by‑product basis, such as for razors, nappies and school
supplies.
(1)
In June 2023, Carrefour took part in drawing up the roadmap on
industrial and commercial plastic packaging with RESET, Perifem
and the French Federation of Commerce and Distribution (FCD).
The Group has decided to take practical initiatives, such as
optimising the thickness of pallet films based on product/palette
requirements, reducing the number of product references,
expanding the use of pre‑stretched film, and replacing films and
covers.
Developing non‑packaging and reusability solutions
Sharing the common objectives of the National Pact on Plastic
Packaging, Carrefour aims to test and develop reusable,
returnable and bulk sale business models for product families still
not covered by these concepts by 2025. Carrefour wants to
provide all consumers with the zero waste option, for example by
making products available in returnable packaging or providing a
selection of bulk products. The bulk offering is in fact being
developed at all Carrefour store formats. More than 1,100 stores
in France provide an assortment of bulk dry goods featuring up
to 250 product references.
In 2023, Carrefour achieved
256 million euros in sales of bulk products or goods sold in
returnable packaging, which is ahead of its target. The sales
target has been adjusted to 300 million euros in bulk and reuse
by 2026, to take into account the development of reuse.
Through the “Bring Your Own Container” campaign, the Group
seeks to raise customer awareness and encourage the use of
reusable packaging for products purchased in fresh produce
sections (seafood, meat, deli, etc.). Carrefour has also launched a
stainless steel container initiative. To start with, customers
purchase a stainless steel container in‑store. Then, the next time
they make a purchase and reuse the container, they receive a
10 euro cent discount if they are a loyalty cardholder. This
campaign has been up and running in all hypermarkets and
supermarkets in France since late 2023. Carrefour Spain has also
introduced airtight stainless steel packaging as part of its
Carrefour Home household products range.
In partnership with TerraCycle, Carrefour is positioning itself as a
pioneer in reuse with the launch of Loop by Carrefour. This
system allows consumers to return reusable containers. Once
washed, containers are sent back to suppliers for reuse.
Launched in October 2020, this initiative had been rolled out in
130 stores by the end of 2023. Carrefour also introduced
returnable Drive bags in 2023. When customers collect their
Drive orders, they are offered a returnable bag for 35 cents. To
get their 35 cents back, they simply need to return the bags
when they pick up their next Drive order. In Poland, Carrefour
encourages the return of glass sparkling water bottles and has
become the first retailer in the market to provide sparkling water
in 1 litre glass bottles.
In France, the Group is in discussions with (RE)SET to create new
reuse solutions for complex packaging formats, for biscuits,
salads, etc. As part of the 3Rs roadmap (Reduction, Reuse,
Recycling),
(RE)SET member companies have collectively
undertaken to replace PSE and Plastarch Material (PSM) trays
used for meat and seafood products with PP, PE and PET
recyclable materials. Lastly, the Group has launched a campaign
to reuse e‑commerce delivery bags.
Promoting ecodesign, recyclability and recycling
Where reducing the quantity of packaging and the number of
products containing plastic
is very challenging, Carrefour
optimises the use and end‑of‑life of the plastics in question by
ensuring their reuse and recyclability. Ecodesign is a way of
increasing the recyclability of packaging. In Brazil, a recyclability
diagnostic was performed on all the local Carrefour‑brand
suppliers, resulting in the replacement of more than 11 million
types of packaging and non‑recyclable products since 2020. The
initiative is being promoted among consumers using a logo
placed on all recycled, recyclable, reusable or compostable
Carrefour‑branded products.
is working to
improve
To encourage recycling, Carrefour
collection and sorting. Following promising
two
additional Reverse Vending Machines (RVM) have been installed,
one in the Chartres store and the other in Rambouillet, to collect
PET bottles for recycling. In 2023, Carrefour France had 71 RVMs
installed.
results,
The Group is also considering more responsible practices for
indirect purchasing. In line with the EIC roadmap developed with
(RE)SET, Carrefour plans to test new solutions such as stretch
films and covers made of recyclable resins (LDPE). A working
group involving other banners is planning to draw up a list of
products requiring opaque films and covers, and to share best
practices in the area. If tests are conclusive, the sector could
move towards fully recyclable resin stretch films and pallet
covers by 2025.
(1)
see Section 2.4 Methodological note
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Integration of recycled plastic in packaging
incorporate 30% recycled plastics
Carrefour aims to
into
own‑brand packaging through work in two priority areas: offering
consumers bottles made from recycled plastic and reducing the
use of virgin plastic for cleaning products.
Carrefour was the first retailer in the French market to sell milk in
fully recycled opaque PET bottles in a closed loop. The Group
estimates that this initiative allows nearly 143 tonnes of virgin
plastic to be avoided every year. Additionally, Carrefour Bio is the
first private‑label brand to allow customers to purchase 100%
RPET and 100% recyclable bottles for its fruit nectars. This
initiative avoids the use of 12 tonnes of virgin plastic each year.
The Group’s commitment has also been extended to cleaning
product ranges. Bottles of all Carrefour‑branded dishwashing
liquids are made from 50% recycled plastic, avoiding the use of
171 tonnes of virgin plastic each year.
2.1.4 CLIMATE
2.1.4.1 Overview of objectives
The fight against climate change is a major challenge of our
century, with consumption and food playing an essential role. In
2015, the COP21 Paris 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. Aware of its
impact, Carrefour aims to play a significant role in the fight
against climate change through strong climate commitments
and by engaging its stakeholders across the entire value chain
from upstream to downstream.
(1)
The retail industry has a significant impact on the climate
through the production, use and end‑of‑life of its products. The
global food system was responsible for 34% of greenhouse gas
emissions (GHG) worldwide in 2021
. For Carrefour as a whole,
98% of greenhouse gas emissions are upstream and downstream
of its operations (Scope 3) – mainly relating to the food and
textile products that are sold. Emissions associated with
operations are much lower, but still significant in absolute terms.
In summary, they consist of Carrefour’s Scope 1 and 2 emissions
(due to energy consumption and refrigerant leaks from stores
and sites operated by the Group). Lastly, franchisees contribute
little to emissions through their stores (1% of Scope 3); however,
they distribute the Group’s products and are therefore included
in
(see
Section 2.1.1.1 CSR governance and methodology).
footprint and action plans
the Group’s carbon
Adapting to climate change is also a key challenge for Carrefour
in addressing the risks of business disruptions throughout its
value chain, which could hamper the availability of healthy and
affordable food. Some raw materials, such as cocoa and coffee,
are sensitive to climate change, drought and rising temperatures.
Failure to adapt stores and product offerings to climate change
could also pose a significant risk to Carrefour’s operations.
Impacts, risks and opportunities
The risks related to climate change concern both Carrefour’s
contribution to climate change and the direct and indirect
impacts of climate change on Carrefour’s business. Four
categories of risks are therefore analysed in the Group’s scenario
analysis:
■
■
■
■
in‑store physical risk: the Group’s activities may be exposed to
natural disasters and extreme weather conditions;
regulatory risk, such as non‑compliance with the F‑Gas
regulation applicable to refrigeration systems;
market risk
production, reduced consumption of animal proteins, etc.;
induced by new consumer patterns:
local
risk of raw material supply chain disruption or increased raw
material prices: close attention
is paid to securing raw
materials, especially those that are responsible for or are
themselves sensitive to climate change. This phenomenon may
also undermine the Group’s suppliers and jeopardise the
partnership relationships established with them.
(1)
Source: JRChttps://www.nature.com/articles/s43016‑021‑00225-9
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The main climate‑related risks identified by the Group are “Climate change mitigation”, “Climate change adaptation” and “Energy”. These
risks are defined in the table below.
TYPE OF RISK VALUE CHAIN RISK
OPPORTUNITIES
Climate
change
mitigation
Upstream
In‑house
operations
Increased product costs due to inflation, and
resource and raw material scarcity
Development of and support for a resilient
agricultural model to secure supply chains
Additional costs for goods transport due to
higher carbon prices
Fines and penalties for non‑compliance with
regulations, especially F‑Gas
Reduced costs through greater operational
efficiency for supply chains and the
management of in‑store refrigeration systems
Downstream Reduced attractiveness of products that exceed
energy consumption and/or greenhouse gas
emission standards
Development of product lines with low‑carbon
in‑use profiles
Climate
change
adaptation
Loss of market attractiveness and stakeholder
interest in the absence of ambitious mitigation
plans
Upstream
Climate events affecting yields and the quality
of raw materials
-
In‑house
operations
Irregular availability of products for consumers
Climate events affecting employees
Climate events causing material damage to
buildings
Downstream A product portfolio poorly adapted to climate
change
Development of an offering adapted to climate
change (revised seasonality, new products, etc.)
Climate events impacting personnel and
productivity, as well as consumers
Energy
Upstream
Increased energy costs across the production
chain
Cost control through energy resilience linked
to the supply of low‑carbon energy for
production and processing
Competition for land use between energy
production, organic farming, animal farming
and farming for human consumption
Energy shortages, disruption of activities
leading to supply chain disruptions and
customer dissatisfaction
In‑house
operations
Greater scarcity of fossil resources, increasing
and volatile energy prices
Energy shortage, disruption of activities leading
to interruptions in the cold chain and perishing
of goods
Energy resilience/autonomy through the
development of low‑carbon processes and
on‑site energy production
Development of an energy sales business:
installation of solar panels, photovoltaic panels,
heat pumps, green roofs, etc.
Downstream Loss of market attractiveness and stakeholder
-
interest in the absence of energy efficiency
plans
1
2
3
4
5
6
7
8
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Coalitions and
partnerships
Business Ambition
for 1.5°C
International
Sustainability
Standards Board
(ISSB)
European Climate
Pact
Science Based
Target Initiative
(SBTi)
Consumer Goods
Forum (CGF)
French Business
Climate Pledge
Food Transition
Pact
Contributions to the Sustainable Development Goals
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OUR OBJECTIVES/OUR OUTCOMES
Topic
Indicators
Scopes 1 & 2: Help integrated stores become carbon neutral by 2040
2
2
Scope 1 GHG emissions (in tCO eq.)
(1)
Scope 2 GHG emissions (in tCO eq., market based)
(1)
Scope 1 + 2 GHG emissions (in tCO eq., market based)
2
(1)
Reduction of Scope 1 + 2 GHG emissions vs. 2019
(in tCO eq., market based)
(2)
2
2023
Result
2022
Result
Change
Target
782,709
581,593
+34.6%
626,321
631,402
-0.8%
1,409,030
1,212,995
+16.2%
-38.3%
-29.1%
-9.2 pts
-30% by 2026
-50% by 2030
-70% by 2040
Scope 1 & 2
GHG emissions
Renewable
electricity
supply for
integrated
stores
Reduction of Scope 1 GHG emissions vs. 2019
(in tCO eq., market based)
2
Reduction of Scope 2 GHG emissions vs. 2019
(in tCO eq., market based)
2
-37.8%
-29.3%
-8.5 pts
-39.0%
-39.0%
0 pts
Percentage of renewable electricity in total electricity
consumed (%)
3.7%
0.5%
+3.2 pts
100% by 2030
Consumption of renewable electricity (MWh)
148,715
17,396
+754.9%
Number of sites equipped with solar panels for
self‑consumption (units)
137
18
+660%
Square metres of solar panels deployed in car parks and
stores (sq.m.)
262,075
New
Number of Power Purchase Agreements (PPA) signed
(units)
Renewable energy supply through Power Purchase
Agreements (in MWh by 2030 based on PPAs already
signed)
4
New
100
New
4.5 million by
2026
-
-
-
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2
3
4
5
6
7
8
9
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Non‑financial policies, action plans and performance
Topic
Indicators
Energy
efficiency of
integrated
stores
Emissions from gas consumption (tCO eq.)
2
Emissions from fuel consumption (tCO eq.)
2
Emissions from electricity consumption (tCO eq.,
market based)
2
Total emissions related to energy consumption
(tCO eq.)
2
(3)
2023
Result
71,761
2022
Result
Change
Target
80,487
-10.8%
35,170
36,198
626,321
631,402
-2.8%
-0.8%
733,252
748,087
-2.0%
Total energy consumption (MWh)
(3)
4,556,990
4,087,417
+11.5%
Emissions
related to the
use of
refrigerants for
integrated
stores
Emissions intensity related to energy consumption
(kgCO eq./sq.m.)
(4)
2
Energy intensity (kgCO /sq.m.)
2
(4)
Reduction in energy intensity vs.2019 (in %)
(5)
Total emissions from refrigerants (tCO eq.)
2
(6)
Reduction in refrigerant‑related emissions compared
with 2019 (in %)
(7)
Emissions intensity from refrigerants (kgCO /sq.m.)
2
(8)
Refrigerant consumption intensity (kg/1,000)
(9)
Leakage rate (%)
Percentage of stores equipped with natural or hybrid
refrigeration systems (%)
Number of stores equipped with natural refrigeration
systems (units)
Number of stores equipped with hybrid refrigeration
systems (units)
Consumption of HFC fluids (kg)
(10)
Consumption of HCFC fluids (kg)
(11)
Consumption of CFC11 fluids (kg)
(11)
Consumption of natural CO and HC fluids (kg)
2
(11)
73.9
83.7
-11.7%
459.5
-21%
457.2
+0.5%
-14%
-7.4 pts
-27.5% by 2030
675,777
464,908
+39.0%
-40%
-34%
+6 pts
50% by 2030
80% by 2040
68.6
43.7
35%
20%
247
234
62
39.6
20%
20%
+11%
+10%
+15 pts
0 pts
227
+9%
298
-21%
209,089
170,485
+23%
121,678
68,298
+78.2%
0
0
100,037
58,170
+72%
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2023
Result
2022
Result
Change
Target
See comprehensive diagnosis of the
Scope 3 emissions below
265,280
294,193
-10%
-21.3%
-12.7%
-8.6 pts
-20% by 2030
Topic
Indicators
Scope 3: Reduce Scope 3 emissions by 29% by 2030
Total Scope 3 GHG emissions from (tCO eq.)
2
Emissions related to downstream transport (tCO eq.)
2
(12)
Reduction of emissions related to downstream transport
vs.2019 (% tCO eq.)
(12)
2
Scope 3 GHG
emissions
(Greenhouse
Gas Protocol
categories)
*estimated data
Supplier
commitment
and farming
(1)
practices
Number of suppliers committed to the Food Transition
Pact
Percentage of the 100 biggest suppliers committed to a
1.5°C trajectory (%)
306
204
+50.0%
500 by 2030
44%
27%
+17 pts
100% by 2026
Number of partner producers (units)
(13)
46,013
37,758
+21.9% 50,000 by 2026
Percentage of sales of Carrefour Quality Lines products
committed to an agroecological approach (share of
sales, as a %)
(14)
Percentage of sensitive raw materials covered by an
action plan (in terms of action plans deployed)
(15)
Fuel and green
mobility
Number of parking spaces equipped with electric
charging stations in France (units)
Plant‑based
food
Sales from plant‑based alternatives (in thousands of
euros)
Number of Carrefour Sensation‑brand (formerly
Carrefour Veggie) product references in Europe
28.4%
6.5%
+21.9 pts
100% by 2026
70.5%
New
100% by 2026
1,570
New
5,000 by 2025
514
146
115
+27%
€650 million by
2026
1
2
3
4
5
6
7
8
(1)
Carrefour believes that certain farming practices can reduce the carbon footprint of agriculture. Since 67% of the impact of food currently comes
from agriculture, Carrefour's suppliers have committed to better agricultural practices.
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Topic
Indicators
Downstream
(12)
transport
Emissions related to downstream transport – diesel
(tCO eq.)
2
2023
Result
2022
Result
Change
Target
253,127
281,758
-10%
Emissions related to downstream transport – electricity
(tCO eq.)
2
Emissions related to downstream transport – biofuel
(tCO eq.)
2
Emissions related to downstream transport – rail and
boat (tCO eq.)
2
Emission intensity per pallet transported
(tCO eq./pallet)
2
0
1
-100%
12,153
12,197
0%
0
5.7
237
-100.0%
5.7
0%
Distance travelled (in km)
376,467,626 410,072,990
-8%
Other levers
Reduction in packaging since 2017 (in tonnes)
(16)
20,738
16,390
+27%
20,000 tonnes
by 2025
Percentage of Carrefour‑branded product packaging that
is reusable, recyclable or compostable (%)
(17)
69%
57%
+12 pts
100% by 2025
Percentage of integrated recycled plastic content in
packaging for Carrefour‑branded products (%)
(18)
Percentage of food waste avoided (in kg/sq.m.)
compared to 2016
(19)
8.6%
7.7%
+0.9 pts
30% by 2025
-35.7%
-39.9%
+4.2 pts
-50% by 2025
Percentage of store waste recovery
(20)
69.8%
74.5%
-4.6 pts
100% by 2025
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR BIG; BR AT, RO (CO) refrigerants excl. in 2022).
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs in 2023 and 2022. The 2019 baseline and 2023 data include BIG, Atacadão
refrigerants and Romania (CO).
Scope: Energy consumption includes heating oil, electricity and gas.
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR BIG, RO (CO) excl. in 2022).
Scope: 68% of 2023 consolidated net sales. Comparable Bus. BR excl. in 2022 and 2023.
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (77% of 2022 consolidated net sales excl. BR AT).
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (excl. ES (SM, CO), IT (CO), RO (warehouse), AR (C&C) in 2022). The 2019
baseline was adjusted in 2023 to include emissions from BIG stores and Atacadão refrigerants. The reduction in 2023 has been calculated by
reference to this new baseline.
(8) Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023; BR BIG, BR AT excl. in 2022).
(9) Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023; BR BIG, BR AT excl. in 2022 and 2019).
(10) Scope: 69% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023; BR BIG, BR AT excl. in 2022).
(11) Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (77% of consolidated sales in 2022, excl. BR AT).
(12) Scope: 69% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023; BIR BIG, BR AT excl. in 2022 and 2019).
(13) Scope: 95% of 2023 consolidated net sales. Non‑comparable BUs (BR, ES organic, IT organic excl. in 2023; BR included, excluding partners from
other approaches in 2022).
(14) Scope: 91% of 2023 consolidated net sales. Non‑comparable BUs (PL, BR C excl. in 2023; FR only in 2022).
(15) Scope: 100% of 2023 consolidated net sales. New indicator. RO excluded in 2023..
(16) Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR AT, BR SAMS excl. in 2022).
(17) Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (FR, BE, RO, BR C only in 2022).
(18) Scope: 96% of 2023 consolidated net sales. Non‑comparable BUs (BE excl. in 2023; FR, RO, BR C only in 2022).
(19) Scope: 72% of 2023 consolidated net sales. Non‑comparable BUs (BE, BR AT, BR SAMS excl. in 2023; BE, ES (SM, CO), IT (CO), BR AT, BR SAMS
excl. in 2022).
(20) Scope: 97% of 2023 consolidated net sales. Non‑comparable BUs (IT (SM, CO, CC), ES (CO) excl. in 2023; BE (HM, SM), IT (CO, CC), ES (CO), RO
(CO), BRC (CO) excl. in 2022).
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2.1.4.2 Our action plans
The Carrefour group has implemented a climate change strategy
based on assessing its CO emissions, shaped by a dual process
of climate change mitigation and adaptation.
2
Climate Plan governance: The Climate Plan involves all levels of
the Group: the Executive Committee defines the strategy; the
Board of Directors approves it; and the CSR Committee of the
Board of Directors reviews the climate strategy and performance
annually. Country managers implement the climate strategy
locally, and technical, asset management, merchandise and other
key departments implement the roadmaps. The CSR teams
within the Group’s Engagement department coordinate the
implementation of
the
supervision of the Engagement Director
(member of the
Executive Committee).
the Group’s climate plan under
The following committees play a steering role:
■
■
the Group Investment Committee (GIC) oversees the roll‑out
of the store carbon neutrality roadmap. An international
committee comprising
from all countries meets
teams
regularly to monitor the implementation of this roadmap;
a Group committee bringing together asset, CSR and real
estate teams from all operating countries was created in 2023
to ensure that the physical risks associated with climate
change are taken into account for sites. This committee is
responsible for ensuring the adaptation of sites to climate
change;
■
the Food Transition Pact allows commitments
to be
implemented with the Group’s suppliers internationally and in
the various countries.
Carrefour deployed a CSR and Food Transition index (see section
1.5.3 Non‑financial performance)
in order to monitor the
achievement of its objectives, assess its CSR performance and
motivate its in‑house teams. More than half of the targets of this
index are directly or indirectly climate‑related (Scopes 1, 2 or 3).
In total, 55% of the CSR index score depends on the Group’s
climate performance. The Group’s performance in meeting these
targets is factored into the compensation of the Chairman and
Chief Executive Officer and all members of the Group Executive
Committee and national Executive Committees (20%); into the
calculation of the compensation of senior managers as part of a
long‑term incentive plan (approximately 700 recipients) (25%);
into the collective portion of the annual variable compensation
of employees in France (between 4% and 12% of bonuses for
about 10,000 people); and into the variable compensation of
managers in the Group entity (over 600 people) (10%).
Diagnostic of the Carrefour group’s GHG emissions: In 2019,
Carrefour conducted a diagnostic of indirect emissions related to
the Group’s activities.
is updated annually to fine‑tune
measurement of the impact. The 2022 diagnostic showed that
over 98% of the Group’s GHG emissions are linked to indirect
activities, with the main sources being the production of
products sold in stores (69%), the use of products sold (18%) and
goods transport (9%)
(1)
.
It
(1)
The Carrefour group’s Scope 3 data constitute the best possible estimates using methodologies available to date, particularly regarding the impact
of products sold. Carrefour continues to strive to improve the related disclosures in cooperation with experts and its suppliers. At this stage, the da
ta available do not allow for a detailed account of the actions implemented by the Group or its suppliers (e.g., combating deforestation, agricultural
practices, reducing packaging, etc.). These data therefore cannot be used as a performance indicator, although they do provide a more accurate
view of the Group’s footprint.
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1
2
3
4
5
6
7
8
9
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
COMPREHENSIVE SUMMARY OF THE CARREFOUR GROUP’S SCOPE 3 EMISSIONS
(1)
CATEGORY
% IN 2022
CHANGE,
2022 VS. 2021
CHANGE,
2022 VS. 2019
2022
2021
2019
Total Scope 3 GHG emissions
(tCO eq.)
2
100%
+3%
(4)%
+4%
+4%
+3%
(5)%
+6%
+6%
96,221,746
93,127,603
93,720,243
10.5
10.9
11.0
66,101,437
63,642,943
62,378,357
47,460,832
45,695,633
44,787,660
-
68.7%
43.9%
Scope 3 GHG emissions
intensity (gCO /€)
2
Purchases of goods and
services
of which purchases of goods
and services – integrated
stores
of which purchases of goods
and services – franchised
stores*
Use of products sold
of which use of products sold
– fuels
of which use of products sold
– other
Inbound transport
Franchises
Investments
Purchases of fixed assets
Waste generated during
operations
End of life of products sold
Downstream transport
Downstream leasing
Employee commuting
Upstream energy emissions
Business travel
Upstream leasing
Treatment of products sold
Customer travel
Purchases of goods and
services from international
franchise partners
19.4%
+4%
+6%
18,640,605
17,947,310
17,590,697
18.1%
15.3%
2.9%
9.2%
0.9%
0.8%
0.6%
0.4%
0.3%
0.3%
0.2%
0.2%
0.2%
0%
N/A
N/A
+1%
+1%
+1%
+3%
+7%
0%
+39%
(8)%
+27%
(4)%
+13%
(3)%
(6)%
(3)%
-
-
(8)%
(10)%
+3%
+7%
(15)%
0%
(7)%
(4)%
+28%
(13)%
(17)%
(3)%
(13)%
(3)%
-
-
17,422,277
17,303,528
18,984,841
14,679,629
15,088,180
16,321,586
2,742,648
2,215,348
2,663,255
8,874,671
8,611,858
8,270,488
849,512
807,300
621,000
428,516
308,826
294,193
208,421
155,301
144,801
796,022
807,300
446,760
464,083
243,588
306,872
184,668
159,783
154,548
998,995
810,000
669,960
444,410
240,736
337,095
252,611
160,642
166,427
5,492
5,650
5,681
0
0
0
0
0
0
Not integrated to date
Not integrated to date
*excluding international franchise/partners.
Helping stores become carbon neutral (Scopes 1
and 2)
Carrefour has committed to reducing its CO emissions for
Scopes 1 and 2 by 30% by 2025, 50% by 2030 and 70% by 2040
(compared to 2019). These targets for integrated stores (Scopes 1
and 2) are aligned with a greenhouse gas (GHG) emissions
reduction trajectory consistent with a “below 1.5°C” scenario.
2
It should be noted that taking into account direct and indirect
GHG emissions across Scopes 1, 2 and 3 combined, the Group’s
targets are aligned with a trajectory consistent with a “well below
2°C” scenario and have been validated by the Science Based
Targets initiative.
(1)
Scope: Following the sale of the Taiwan BU in 2022, the relevant data have been removed from the scope for all years since 2019. Following the
acquisition of Grupo BIG in Brazil in 2022, the data have been reprocessed going back to 2019 to account for emissions associated with Grupo
BIG’s operations for the following material categories: purchases of goods and services, upstream transport, use of products sold, end‑of‑life of
products sold and purchases of fixed assets. Franchised stores taken into account.
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The 2040 store decarbonisation action plan includes the following initiatives:
Décomposition du plan d'actions pour contribuer
Breakdown of action plans designed to help achieve
carbon neutrality through stores by 2040
à la neutralité carbone à travers les magasins d'ici 2040
Projection des émissions de GES et scénario de base
Business-as-Usual + Projected Growth
2 500 000
2,500,000
tCO₂
T. de CO2
2 000 000
2,000,000
tCO₂
T. de CO2
1 500 000
1,500,000
tCO₂
T. de CO2
1 000 000
1,000,000
T. de CO2
tCO₂
500,000
500 000
tCO₂
T. de CO2
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Verdissement du mix énergétique
Greening of the grid
Amélioration de l'efficacité énergétique
Store Energy Efficiency
des magasins
Rénovation des systèmes de
Refrigeration Efficiency
réfrigération des magasins
Approvisionneme nt en électricité
Pan-European VPPA
renouvelable en Europe
Approvisionement en électricité
Brazil DPPA
renouvelable au Brésil
Suppression des réfrigérants polluants
HFC Refrigerant Phase Out
Production d'électricité solaire sur site
On-Site Solar
Approvisionneme nt en électricité
100% RE for Taiwan and Argentina
renouvelable à Taïwan et en Argentine
2030 goal (1.5°C)
Objectif de réduction 2030
aligné sur le scénario 1,5°C
2040 goal (1.5°C)
Objectif de réduction 2040
aligné sur le scénario 1,5°C
To do this, the Group aims to reduce the CO emissions
produced by its operations at source as much as possible,
through three initiatives:
2
■
■
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:
■
■
The Group is therefore stepping up the process to equip its
stores with photovoltaic systems (94 in Spain, 14 in France,
13 in Poland, nine in Brazil, six in Belgium and one in Italy at
December 31, 2023). In 2023, the Group signed four Physical
Power Purchase Agreements (covering wind and solar farms)
in France, which will produce around 100 GWh per year from
2024,
by
the
29 hypermarkets. The Group aims to continue increasing the
pace of the implementation of these green energy contracts
across all of its geographies.
consumed
equivalent
power
to
In addition, as part of the objective under the Carrefour 2026
strategic plan to produce almost one TWh of electricity per
year from 2027 onwards
in France, Spain and Brazil,
Carrefour has selected a number of partners to produce
solar power at more than 500 sites in France and has also
begun the selection process to find operators in Spain. The
first half of 2024 will be dedicated to finalising contractual
frameworks for these partnerships.
A 27.5% reduction in energy consumption by 2030 (2019
baseline): The investments made (in the form of operating and
capital expenditure) will enable Carrefour to reduce energy
consumption across the Group by 20% by 2026 and 27.5% by
2030. Carrefour in France achieved its target of a 20%
reduction by 2023. 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, low consumption
LED lighting and technical building management (focused on
air conditioning, ventilation and heating).
six priority actions and
through
■
The reduction in emissions from refrigerant use: Carrefour is
committed to phasing out HFC refrigeration units and phasing
in systems using natural refrigerants (CO ), 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: by the end of 2023, implementation
was in line with the targets set for 2030 in Europe.
2
■
Offsetting residual emissions: To combat the impact of
emissions that could not be reduced, the Group plans to
contribute over the long term to the fight against climate
change through an offsetting strategy, prioritising projects in its
supply chains.
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Non‑financial policies, action plans and performance
Promoting low‑carbon consumption (Scope 3)
Carrefour aims to reduce the main components of its Scope 3
greenhouse gas emissions by 29% by 2030 vs. 2019. The Group’s
ambition has been validated by the Science Based Targets
initiative for
its alignment with a “below 2°C” trajectory.
Specifically, the Group has committed to three main areas
covering over 80% of Scope 3 emissions, with the following
targets:
■
■
■
30% reduction in emissions from purchases of products and
services by 2030 (vs. 2019);
27.5% reduction in emissions from product use by 2030 (vs.
2019);
20% reduction in emissions from downstream transport by
2030 (vs. 2019).
Carrefour has put together a Scope 3 Climate Action Plan on
reducing the main indirect emissions arising primarily from the
products it sells. The levers identified to contribute to the
reduction of Scope 3 emissions are as follows:
Roadmap to achieve a 29% reduction
in Scope 3 emissions by 2030 vs. 2019
-10%
0
-10
-20
-30
-9%
-29%
-7%
-3%
Other
Total
Supplier
commitment and
agricultural
practices
Fuel and
green
mobility
A more
plant-based
diet
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The actions implemented and commitments related to each category are as follows:
PRIORITY SCOPE
CONTRIBUTION
2030 VS.2019
Supplier
commitment and
farming practices
-10%
Fuel and green
mobility
-9%
A more plant‑based
diet
-7%
-3%
Optimising supply
chains and
promoting the
circular economy
ACTIONS IMPLEMENTED
EXISTING OBJECTIVE
Encourage suppliers to reduce their
GHG emissions by committing to SBTi
trajectories.
Commitment of the 100 largest
suppliers to a 1.5°C trajectory by 2026
under penalty of delisting
Collaborate with suppliers, large and
small, to implement the food transition
and promote low‑carbon consumption
patterns.
Develop partnerships with producers to
facilitate the transition to low‑carbon
practices.
500 suppliers involved in the Food
Transition Pact and 20 megatonnes
avoided by 2030
50,000 partner producers by 2026
Encourage the use of eco‑labels
(organic, FSC, PEFC, etc.).
8 billion euros in sales of certified
sustainable products by 2026
Combat deforestation and develop
alternatives to soy for animal feed.
100% of forest‑sensitive production to
have a risk mitigation plan by 2030
Develop regenerative agriculture and
agroecology within the Carrefour
Quality Lines.
100% of Carrefour Quality Lines
products to feature agroecology labels
by 2025
Increase volumes of biofuels.
Encourage soft modes of transport and
the use of electric vehicles.
Engage stakeholders in the transition to
a more plant‑based diet (commercial
operations, food transition pact).
Promote innovation and develop a
comprehensive offering.
Improve downstream transport
efficiency. Modernise the fleet and
develop a fleet of vehicles running on
biomethane.
Reduce waste production, ensure
material sorting for recycling and zero
landfill.
Take action at all levels to reduce food
waste within the value chain, in stores
and among consumers.
Reduce the quantity of packaging
marketed, promote reuse and recycling.
Installation of 2,000 electric charging
stations in France in 2023
Increase plant‑based protein sales in
Europe to 650 million euros by 2026
20% reduction in greenhouse gas
emissions from downstream transport
by 2030 (vs.2019)
Recover 100% of waste by 2025
50% reduction in food waste by 2025
(compared with 2016)
100% of Carrefour‑branded packaging
to be reusable, recyclable or
compostable by 2025; 20,000 tonnes
of packaging to be avoided, including
15,000 tonnes of plastic packaging by
2025 (cumulative since 2017);
300 million euros in bulk and reuse
sales in 2026
TOTAL
-29%
* Possible reductions for an ambitious scenario (example calculation assumptions: kilometres travelled with electric vehicles represent as many
kilometres as avoided with internal combustion vehicles; plant proteins consumed are as many as animal proteins avoided). Note that the various
objectives may overlap; the contribution of each objective cannot simply be summed up (there may be double counting between each
objective).
1
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Non‑financial policies, action plans and performance
■
■
2
Supplier commitment: At the end of 2023, 306 suppliers had
committed to the Food Transition Pact and to local pacts. The
Group’s objective is to have 500 committed suppliers by 2030.
With regards to the climate, the “20 Megatonnes” project
launched in 2020 aims to encourage suppliers to make
commitments to reduce their emissions, measure their
progress and involve consumers by offering them alternatives
emitting less CO . In 2022, Carrefour called on its Top 100
suppliers to adopt a 1.5°C trajectory by 2026, and committed
to delisting them if they did not meet this condition. In 2023, a
Road to 1.5°C convention was organised to inspire and build
momentum around the Top 100 supplier objective. The aim of
the convention was to give suppliers an overview of the key
steps required to achieve a 1.5°C trajectory, and to identify best
practices in the sector. The Group’s Merchandise department
also received training on climate change and supplier
commitment. The training provided knowledge tools for all
merchandise managers so that they can better manage future
discussions with the Group’s main partners. As of the end of
2023, 44 suppliers had adopted a 1.5°C trajectory validated by
the SBTi.
Low‑carbon agriculture: Carrefour is developing responsible
sourcing to reduce the climate impact of its own‑brand
products. The Group is committed to combating deforestation,
developing agroecological practices within
its Carrefour
Quality Lines and sourcing fish from responsible fishing (see
Section 2.1.2. Biodiversity). All Carrefour Quality Lines will be
committed to an agroecological approach by 2025. Products
from this initiative are highlighted to customers through labels
such as “grown without chemical treatment”. These practices
– reducing pesticides and nitrogen fertilisers, soil conservation
techniques, etc. – often help to reduce CO emissions linked
to agricultural production. Carrefour
is working on an
“Agriculture and Climate” strategy. In 2023, a stakeholder panel
was organised, bringing together around 60 internal staff,
suppliers, banks and insurance companies, non‑profits and
consumers to work collectively on this strategy.
2
Lastly, the Group is developing initiatives to promote the
consumption of local products. For example, Carrefour has
launched the 0 km project, which encourages stores to list and
display a range of products from less than 30 km away, and the
local festival in all Carrefour formats in France, which promotes
local products and know‑how through events and tastings in
stores.
■
Fuel and green mobility: The Group continued to roll out
electric vehicle charging infrastructure in its hypermarket and
supermarket car parks in France. By the end of 2023, more
than 1,500 locations had been equipped with electric charging
stations, making Carrefour the first French retailer to offer a
complete range of electromobility solutions. By 2025, 5,000
locations will be equipped with such stations, half of which will
be high‑powered by Enedis. On average, hypermarkets and
supermarkets will each have ten and five electrified spaces
respectively. Carrefour is also rolling out hydrogen stations in
the Greater Paris region through a partnership between
Carrefour and HysetCo. Five distribution stations should be
deployed in the Greater Paris region by summer 2024 under
the partnership. In 2023, Carrefour and Uber also announced a
partnership to improve the accessibility, cost and experience of
recharging
EV
for private‑hire drivers, who will enjoy
preferential rates on the Carrefour Energies network from
January 2024 in France.
■
Plant‑based alternatives: ADEME has calculated that meat
production
is responsible for half of the food sector’s
greenhouse gas emissions. In 2022, as part of its Carrefour
2026 strategic plan, Carrefour announced an ambitious new
objective to increase plant‑based alternative sales in Europe to
650 million euros by 2026. To achieve its objective, Carrefour
is implementing a strategy based on:
■
■
■
■
a comprehensive and innovative product range: Carrefour
has begun to develop its range of plant‑based alternatives
and pulses through its Carrefour Sensation brand (formerly
Carrefour Veggie), which is 100% vegetarian, V‑Label certified
and broadly affordable. In 2023, 146 product references (vs
115 in 2022) were offered under the Carrefour Sensation
brand in Europe. Carrefour is also developing a range of
plant‑based proteins and meat alternatives through its other
brands. In 2023, for example, Carrefour received an LSA
award for expanding its Carrefour Bio brand offering of
organic and French pulses with white beans;
collaboration with suppliers: In 2023, Carrefour launched an
international coalition to accelerate sales of plant‑based
alternatives with seven manufacturers (Danone, Unilever, Bel,
Andros, Bonduelle, Nutrition & Santé, Savencia). The
coalition is committed to achieving sales of 3 billion euros
from plant‑based alternatives by 2026, using a series of joint
initiatives;
a promotional mechanism to encourage the consumption of
plant‑based proteins: in 2022, Carrefour teamed up with
Danone to roll out the “Lundi c’est veggie, mais aussi le
mardi, mercredi…” campaign (Monday is veggie day, but so is
Tuesday, Wednesday…). The aim of this campaign is to
promote healthy (Nutri‑Score of A or B) vegetarian or vegan
eating;
promotion in stores and via e‑commerce: to highlight
low‑carbon vegetarian products in stores and on the website,
Carrefour has modified the display hierarchy on the
e‑commerce site and made such products easier to identify
in stores. In March 2023, Carrefour Belgium supported the
Veggie Challenge, which aims to encourage consumers to
eat more plant‑based products for 20 days. Throughout
March, Carrefour offered veggie recipes to customers on its
social networks. In France, in partnership with the WWF,
low‑carbon vegetarian
Carrefour France
recipes.
https://
at
available
www.carrefour.fr/recettes/manger‑durable.
is promoting
recipes
These
are
■
Optimising
logistics chains and promoting the circular
economy (see 2.1.4.6): Carrefour aims to achieve a 20%
reduction in outbound transport‑related CO emissions by
2030 compared to 2019, through optimisation of existing
models and development of alternatives to diesel fuel. Supply
chain teams in each country are working closely with carriers
to improve truck loading practices, optimise travel distances
and phase in alternative transport modes consistent with
Group policy. In France, by the end of 2023, Carrefour had
switched its fleet of 750 trucks to biomethane, making them
less polluting, 60 dB‑quieter and Piek‑certified.
2
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Non‑financial policies, action plans and performance
To reduce its indirect emission sources, mainly from the products
it markets, the Group is taking action:
■
against food waste and for waste recovery (see 2.1.3 Circular
economy);
■
for the recovery, reuse and recycling of electrical products
(fluorescent lights and batteries), small and large household
appliances and large furniture (see 2.1.3 Circular economy).
2.1.5 HEALTH AND PRODUCT QUALITY
2.1.5.1 Overview
Access to healthy food is very beneficial for health . Agricultural
production conditions, product composition, sanitary production
conditions, access to a balanced diet and consumption habits are
all important for consumer health. Today’s consumers are
demanding greater transparency about the quality of the
products they buy, and are increasingly challenged by cost of
(1)
living issues and the lifestyle factors that encourage sedentary
behaviour. Against this backdrop, Carrefour is advocating and
promoting the food transition to transform the way food is
produced, distributed and consumed to support healthy and
balanced food for all. In 2022, the Carrefour 2026 strategic plan
embodied the Group’s goal of placing consumer health at the
heart of the food transition model and announced highly
ambitious objectives regarding nutrition.
Risks and opportunities
The Group identified the major downstream risks in our value chain relating to consumer information, product quality, compliance and
consumer safety, and access to quality food that is both affordable and nutritious:
NATURE AND
LEVEL OF RISK
RISK
Consumer information Erroneous or exaggerated claims misleading consumers
Product quality,
compliance and
consumer safety
Access to quality food
that is both nutritional
and affordable
Carrefour being accused by consumers, NGOs and/or regulatory authorities
of regulatory non‑compliance regarding product information
Shortcomings in terms of control and traceability or defects in product
specifications leading to serious health and commercial consequences
A breach of quality and hygiene standards in stores or warehouses
Carrefour being accused by consumers and NGOs of insufficient quality,
non‑compliance and/or endangerment of customer safety
A failing in the product withdrawal and recall procedure potentially leading
to a health crisis
Decline in the brand and value proposition due to perceived poor value for
money or an offering out of step with consumer expectations
Criticism of Carrefour for the poor nutritional profile of the products sold
and the promotion of unhealthy eating (fat, sugar, alcohol, etc.)
OPPORTUNITIES
Development of the sale
of a range of certified
products and nutritional
labelling
Becoming a leader for
the food transition and
developing healthier
offerings and product
ranges
(1)
Health through food, 27/09/2023, Ministry of Health and Prevention:https://sante.gouv.fr/systeme‑de‑sante/strategie‑nationale‑de‑sante/
priorite‑prevention‑rester‑en‑bonne‑sante‑tout‑au‑long‑de‑sa‑vie‑11031/priorite‑prevention‑les‑mesures‑phares‑detaillees/article/
la‑sante‑par‑l‑alimentation
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Non‑financial policies, action plans and performance
Coalitions
and partnerships
Collaboration for
healthier lives
(CHL)
WWF France
Projet SNAC
(Vivons en Forme,
Sport dans la ville,
Fête le mur, Elior)
Contributions to the Sustainable Development Goals
OUR OBJECTIVES/OUR OUTCOMES
Topic
Objective
2023 Result
2022 Result
Change
Consumer
health
Number of products that display the
Nutri‑Score
(1)
8,989
4,101
+4.1%
Target
-
Reduction in tonnes of sugar in
Carrefour‑branded products
(2)
Reduction in tonnes of salt in Carrefour‑branded
products
(3)
Percentage of fresh Carrefour Quality Lines
products committed to an agroecological
approach
(4)
Market penetration rate of Carrefour Quality
Lines in fresh produce (%)
(5)
Sales of organic products (in billions
of euros)
(6)
261
78
New
New
-
-
2,500 by 2026
250 by 2026
28.4%
6.50%
+21.9 pts
100%
7%
2.5
6.90%
+0.1 pts
10% by 2025
2.6
-3%
8 billion by 2026
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Non‑financial policies, action plans and performance
Product
quality and
safety
Percentage of suppliers audited according to a
quality standard
Percentage of sites certified to IFS, BRC or
FSCC22000 standards
(7)
Percentage of sites audited by Carrefour, o/w:
Percentage of audit scores between A and B
Percentage of audit scores between C and D
Percentage of plants audited by Bureau Veritas
6.5%
96%
4%
8%
96%
4%
11%
100%
100%
0 pt
100%
79.5%
78%
+1.5 pts
Number of suppliers/sites
2,593
2,703
Number of inspections performed – analyses
49,397
49,723
Number of inspections performed – panels
3,764
4,074
Number of products withdrawn
Percentage of Carrefour‑branded products
withdrawn
Number products recalled
Percentage of Carrefour‑branded products
recalled
587
58%
328
21%
564
50%
330
19%
-1.5 pts
0 pt
0 pt
-4.1%
-0.7%
-7.6%
+4.1%
+8 pts
-0.6%
+8 pts
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Number of products sold on Carrefour.fr with the Nutri‑Score displayed. Scope: Controlled products only (AR, IT excl. in 2023; FR only in
2022).
Scope: 90% of 2023 consolidated net sales. New indicator, BR C not included in 2023.
Scope: 90% of 2023 consolidated net sales. New indicator, BR C not included in 2023.
Scope: 91% of 2023 consolidated net sales. Non‑comparable BUs (PL, BR C, PL excl. in 2023; FR only in 2022).
Scope: The 86% of 2023 consolidated net sales. Non‑comparable BUs (ES excl. in 2023, AR excl. in 2022).
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (BR SAMS excl. in 2023, BR AT & SAMS excl. in 2022).
The International Featured Standard (IFS) sets product safety and quality standards. BRC (British Retail Consortium) certification accredits
compliance for food processing and packaging companies. FSSC (Food Safety System Certification) 22000 certifies food safety
management systems.
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Non‑financial policies, action plans and performance
2.1.5.2 Our action plans
The Group’s Quality Department contributes to developing
standards and tools (including purchasing rules), charters and
quality guidelines, which it circulates in all of the Group’s
integrated 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 an employee training programme
and regularly communicates with customers about food quality
and safety.
Ensuring the quality and safety of Carrefour
products
The policy ensuring the quality and safety of Carrefour‑branded
products is based on the following pillars: certifications, labels
and claims, specifications, second‑level control plans
for
controlled products, the quality alert system, and traceability.
Certifications, labels, and claims: All manufacturing sites for
Carrefour‑branded products are audited for quality and safety. In
order to apply the “Carrefour” brand to its products, the supplier
must meet certain specifications that are verified and validated by
the Quality department. This form of collaboration implies a
lasting relationship of trust, as evidenced by the Group’s enduring
relationship with many of its suppliers: in 2023, 70% had more
than five years of seniority, and 89% more than two years.
Certification, labels and claims are also an effective means of
combating food counterfeiting. Suppliers are audited on the
existence and implementation of a plan to reduce food fraud.
Specifications and quality departments: All Carrefour‑branded
products are subject to specifications that strictly define the
product’s characteristics. In all integrated countries, Carrefour’s
quality teams ensure compliance with these requirements.
Monitoring plans for controlled products: Controlled products
are analysed for quality, performance and compliance. Carrefour
has commissioned an
laboratory to conduct
independent
analyses and, in some cases, additional product tests to ensure
compliance. To ensure
that products meet consumer
expectations, tests may also be conducted with consumer panels
or by experts. Monitoring commissioned by Carrefour
complements the supplier’s self‑monitoring, with the primary aim
of regularly verifying the compliance of Carrefour‑branded
products with applicable laws and specific provisions integrated
into the contracts of controlled products. Risk analysis takes
many factors into account, including the identification of dangers
and
risk
characterisation, control measures, degree of certainty,
population sensitivity and probability of occurrence.
characteristics,
assessment,
exposure
their
Quality alert system: The quality system includes AlertNet, a
procedure that informs stores as quickly as possible if they need
to 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. The EAN barcode of recalled
(1)
products is blocked at checkout
.
Traceability: Carrefour has developed specific traceability tools
for certain raw materials. For its Brazilian beef supplies, it has
implemented geo‑monitoring. Satellite surveillance of breeding
pastures reduces the risk of destruction to the Amazon rainforest
and biodiversity, and also prevents the use of land belonging to
indigenous tribes. Monitoring an entire host region in this way
helps to control the sourcing of beef sold in Brazil.
In‑store safety and quality: Specific rules governing food quality
and safety have been implemented in stores. They allow
employees to become acquainted with best practices in the
fields of
food quality and safety. Action plans can be
implemented following administrative checks and standard
reference inspections.
Providing quality products accessible to all
Improving the nutritional composition of products: Since 2018,
the Group has reformulated and optimised the nutritional profile
of its products, in all countries where it operates. Since 2019,
nearly 400 recipes have been reformulated, especially to reduce
their sugar and salt content (sweetened drinks and tinned
vegetables respectively). With the adoption of the Carrefour
2026 strategic plan, the Group has pledged to eliminate a total of
2,600
from
Carrefour‑branded products. In 2023, 261 tonnes of sugar and 78
tonnes of salt were eliminated in France.
tonnes of sugar and 250
tonnes of salt
Cutting out controversial substances: Ahead of legislative and
regulatory change, Carrefour has actively embarked on a global
campaign aimed at eliminating controversial substances (such as
artificial flavours, certain additives and certain ingredients). Their
list, common to all Group countries, is updated continuously.
These substances fall into four categories:
■
■
■
■
black: substance already absent from all Carrefour‑branded
product categories or slated for full discontinuation;
red: controversial substance (such as alcohol colourants)
authorised only in certain product categories or brands;
purple: controversial substance under surveillance, involving
alignment with market practices;
orange: non‑controversial substance that is authorised but
would preferably be substituted
label
approach.
in a broad clean
When substitutes for substances classified as “black” are not
immediately available, Carrefour reduces their quantity and works
to identify satisfactory substitution solutions in the short term.
Over 100 substances have been removed in this way from the
composition of Carrefour‑branded products. As part of the
2026 strategic plan, Carrefour has committed to eliminating a
further 20 controversial substances from its products by 2026.
(1)
EAN (European Article Number) is an 8- or 13‑digit barcode used to identify individual products. It is used in retailing and manufacturing.
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Non‑financial policies, action plans and performance
Developing products using fewer pesticides and excluding
GMOs: To promote less pesticide‑intensive farming and thereby
protect the health of consumers and the environment, Carrefour
invests in the development of organic farming as well as
agroecology through the adoption of responsible practices. See
Section 2.1.2 Biodiversity.
Developing plant‑based products and products catering to
specific diets: The Group continues to step up its presence in the
meat substitute segment to meet demand for “Eating better” and
“Consuming better” from certain consumers and to reduce
greenhouse gas emissions (see 2.1.3). 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. Carrefour promotes nutritional
recipes on its website, which also features a section dedicated to
special diets (gluten‑free, lactose‑free, sugar‑free, reduced salt,
vegetarian and vegan).
Guiding consumers towards a more balanced
diet
Informing consumers with the Nutri‑Score: The Group has
continued the widespread roll‑out of the Nutri‑Score on the
packaging of Carrefour‑branded products and on the carrefour.fr
website. This optional logo was developed by the French
government to provide a clear
indication of a product’s
nutritional quality. As of end‑2023, the Nutri‑Score had been
deployed in Belgium, Spain, France and Poland. Despite the
tightening of Nutri‑Score criteria from January 1, 2024, Carrefour
is maintaining its commitment. In 2024 and 2025, the Group will
update the Nutri‑Score classification on a third of the products
featuring this nutritional rating.
Using promotional and loyalty tools to guide consumer
choices:
loyalty
In 2023, the Group decided to reward
cardholders who purchase Carrefour Classic Nutri‑Score A
products, both online and in‑store, with a 10% discount – and
15% for those paying with the Pass card. Whenever a Drive order
is placed, an algorithm suggests alternative products with a
better Nutri‑Score.
Offering products made using the best agricultural practices at
the best price: Through its own brands, Carrefour makes
less‑processed products accessible to more people, even during
periods of high cost‑of‑living constraints. The Quality Lines are
spearheading this approach. Carrefour also offers a range of
organic products costing on average 20% less than major brands
in the sector.
Training Group employees: Carrefour is mobilising its employees
in this quest for a balanced diet. Promoting the food transition
for all is one of the major themes of the Carrefour 2026 strategic
plan, and is a focus of training. In 2023, over 4,500 employees
participated in training (over 1,900 in face‑to‑face sessions and
2,500 by e‑learning) on key topics such as the market for organic
products and fresh produce. 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.
2.1.6
TRADE PRACTICES
2.1.6.1 Our objectives and outcomes
Overview
As a retailer, Carrefour is in direct contact with numerous
stakeholders and has a duty to maintain high‑quality relations
with its suppliers, producers, public authorities, NGOs, investors,
non‑profits and customers.
The loyalty and integrity of Carrefour’s trade practices enable it
to establish and sustain its relationships with stakeholders. The
Group is committed to acting beyond reproach in its relations
with
its business
relationships, in compliance with applicable regulations such as
the General Data Protection Regulation (GDPR) and France’s
Sapin II law on corruption.
its partners at all
levels, especially
in
Alongside compliance with the applicable regulations, respect for
animals and their sensitivity is a growing concern among the
general public. 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.
Risks and opportunities
The Group has identified the following significant risks related to
the conduct of its business: protection of whistleblowers,
political advocacy and lobbying activities, supplier selection and
security and protection,
management, corruption, data
contribution to host communities, unfair trade practices, and
animal welfare.
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Non‑financial policies, action plans and performance
TYPE OF RISK
RISK
OPPORTUNITIES
Supplier
selection and
relationships
Conflictual relations with suppliers and loss of trust in
the business relationship
Accusations against Carrefour and/or fines for abusive
practices towards suppliers and non‑compliance with
supplier relationship regulations (negotiation
timeframes, payment deadlines, excessively low
prices, etc.)
Securing and sustaining the supplier relationship
through fair contractual conditions and conditions
conducive to collaboration (partnerships, dialogue,
etc.)
Supplier selection and commitment processes to
ensure product and service quality
Poor selection of Group suppliers resulting in
non‑compliance by suppliers with ethical, quality,
environmental, or social practices
Contribution to
host
communities
Damage to the Group’s image among consumers and
local governments, loss of local tenders and market
share due to a lack of local roots and insufficient
economic contribution to host communities
Protecting
whistleblowers
Failure to protect whistleblowers leading to criticism
of Carrefour, destabilisation of labour relations,
increased turnover rates and a deterioration of the
employer brand
Stores with local roots developing a range of local
goods, products and services meeting customer
expectations
Effective system for collecting and protecting
whistleblowers, preventing risks and quickly
identifying cases
Political
advocacy and
lobbying
activities
Data security
Carrefour’s implication in lobbying practices
compromising the company’s credibility with
customers and stakeholders
Strengthened dialogue with national and local
governments and civil society stakeholders
A cyber attack shutting down information systems,
disrupting production, logistics and stores, resulting in
costs related to IT security
Data protection Non‑compliance with regulations on the protection of
personal data
Corruption and
fair competition
Instances of corruption or anti‑competitive practices
leading to a deterioration of relations with
stakeholders, risks of exposure to sanctions, and
damage to the Group’s image
Animal welfare
Accusations of animal welfare violations and lack of
transparency towards consumers regarding farming
conditions against Carrefour and its suppliers
Promoting new consumption habits to replace meat
with plant‑based proteins and supporting extensive
livestock farming with animal welfare in mind
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Non‑financial policies, action plans and performance
Coalitions and
partnerships
Laboratoire
d’Innovation
Territorial Ouest
Territoires d'Elevage
(LIT Ouesterel)
Oeuvre
d’Assistance aux
Bêtes d’Abattoirs
(OABA)
Association
Étiquette
Bien-Être Animal
(AEBEA)
CIWF
World Animal
Protection
Welfarm
Contributions to the Sustainable Development Goals
OUR OBJECTIVES/OUR OUTCOMES
Topic
Objectives
Managing
relations with
suppliers/
Exercising
responsibility
in host
countries
Number of suppliers involved in the Food
Transition Pact
(1)
Number of organic farming partner producers,
CQLs, regional and local producers and
partners in other collective initiatives
(2)
2023
306
2022
204
Change
Target
+50%
500 by 2023
46,013
37,756
+22%
50,000 by
2026
Fair practices
Taxes borne by the Group (in millions of euros)
€4,239 million
€975 million
Social security costs borne by the Group (in
millions of euros)
€1,606 million €1,608 million
-4.1%
-0.1%
69.6%
95.6%
-26%
-
-
-
Percentage of at‑risk employees trained on
anti‑corruption topics
Number of countries/entities with a DPO (Data
Protection Officer)
Data security
and
protection
8/8
8/8
-
8/8
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Non‑financial policies, action plans and performance
Topic
Animal
welfare
Objectives
Shell eggs – Percentage of gross sales of
controlled and national‑brand products from
cage‑free production facilities
(3)
2023
62.8%
2022
80.3%
Change
Target
-17.5 pts
100% by
2025 (2028
depending on
the country)
Eggs as ingredients – Percentage of
Carrefour‑branded products containing
cage‑free eggs used as ingredients
(4)
Cage‑free farming – Percentage of gross sales
of animals (rabbits and quails) in controlled
products raised cage‑free
(5)
Chickens – Percentage of gross sales of
controlled products that guarantee compliance
with animal welfare criteria
(6)
Pigs – Percentage of gross sales of Carrefour
organic and Carrefour Quality Lines pork
products that guarantee compliance with
improved animal welfare criteria
(7)
Horse meat – Percentage of gross sales of
horse meat in independently audited
controlled and national‑brand products or
from EU producers
(8)
Slaughter – Percentage of Carrefour supplier
slaughterhouses audited for compliance with
animal welfare standards
(9)
Transparency – Percentage of species raised
using transparent farming methods, for
Carrefour‑brand products
(10)
77.2%
60.2%
+17 pts
100% by 2025
19.8%
52.7%
-32.9 pts
100% by 2025
30.2%
35.9%
-5.7 pts
50% by 2026
26.1%
12.2%
+15 pts
100% by 2025
41.3%
68.7%
-27.4 pts
100% by 2025
69.3%
39.2%
+30.1 pts
100% by 2025
16.7%
20.8%
-4.1 pts
100% by 2025
(1)
(2)
(3)
(4)
(5)
Scope: 99.8% of 2023 consolidated net sales. Comparable BUs (approach not yet deployed at BR in 2023 and 2022).
Scope: 95% of 2023 consolidated net sales. Non‑comparable BUs (BR, ES organic, IT organic excl. in 2023; BR incl., excluding partners
from other approaches in 2022).
Scope: 99.7% of 2023 consolidated net sales. Non‑comparable BUs (BU SAMS excl. in 2023; BR AT excl. in 2022). 82.8% in 2023 excl. BR
AT.
Scope: 99.7% of 2023 consolidated net sales. Comparable BUs for Europe only (FR, ES, IT, PL, RO, BE).
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (Only applicable in FR, BE, RO, AR in 2023; applicable in FR, BE, ES, RO,
AR in 2022).
Scope: 87% of 2023 consolidated net sales. Non‑comparable BUs (BR C excl. in 2023; excl. AR in 2023 and 2022).
Scope: 63% of 2023 consolidated net sales. Non‑comparable BUs (FR excl. in 2023; BE, IT and PL only in 2022).
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (only applicable in FR, BE, IT in 2023. Only BE, IT in 2022).
Scope: 100% of 2023 consolidated net sales. Comparable BUs.
(6)
(7)
(8)
(9)
(10) Scope: 96% of 2023 consolidated net sales. Non‑comparable BUs (excl. BR C in 2023).
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Non‑financial policies, action plans and performance
2.1.6.2 Our action plans
Managing relationships with suppliers and
implementing a responsible purchasing policy
Supplier Commitment Charter
The Supplier and Service Provider Commitment Charter forms an
integral part of all purchase contracts in all countries. Its primary
objective is to ensure that subcontractors comply with the
ethical principles laid down by Carrefour or to bring them into
compliance.
This charter is based notably on Carrefour’s respect for and
promotion of the Universal Declaration of Human Rights, the
eight fundamental conventions of the ILO, the OECD Guidelines
for Multinational Enterprises, the ten principles of the UN Global
Compact, the UN Guiding Principles on Business and Human
Rights and the international agreement signed with UNI Global
Union.
The charter prohibits clandestine or undeclared subcontracting,
and requires 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.
Food transition purchasing rules
To align its ethical principles with its purchasing practices,
Carrefour has
food transition
laid down rules governing
purchases for all of its host countries. Eleven rules incorporate
the social, environmental and ethical requirements of CSR
objectives. They are
indirect
integrated countries, which are
purchasing teams
responsible for their proper application. The rules provide a
framework for social and environmental compliance consistent
with food transition objectives for existing and prospective
products. The purchasing rules therefore apply to:
intended for the direct and
in the
■
■
controlled products, national brand products and non‑retail
products;
food products (fresh produce and consumer goods), non‑food
products (small household goods, EPCS and textiles), and
out‑of‑home catering products
(e.g., Promocash, Maxi,
Atacadão).
(1)
Each country team prepares its own plan based on local
conditions and supervises its proper implementation. There are
rules governing textile purchases, sourcing from local suppliers
and SMEs, nutrition and controversial substances, packaging,
produce sourced from organic farming, agroecology products,
aquatic animal products, items whose production may impact
forests and wild species, animal welfare and plant‑based proteins.
Regarding audit and risk management, Carrefour’s governance
system features a Committee on Purchasing Rules for the Food
Transition. It analyses risks and sourcing‑related alerts, and lays
out the strategy to be implemented (see 2.2 Duty of Care Plan,
structure).
Section 2.2.1.1 Governance organisation
Purchasing rules are subject to internal control to verify the
quality of the overall system that Carrefour has put in place. They
are updated annually and
for
merchandise teams.
is also provided
training
and
Establishing a responsible contractual framework
Carrefour adheres to established national regulatory frameworks
when contracting with suppliers, and goes further by adopting
additional responsible practices. For example, regarding payment
terms, Carrefour complies with the minimum legal terms set
nationally, ensuring
the absence of abusive practices.
Accordingly, payments are generally made within 30 days in
France. The Group has implemented a system of ultra‑local
contracts for small suppliers: a simplified two‑page contract for
referencing in just 48 hours, committing Carrefour to payment
within seven days. In 2023, 1,855 French producers, mainly
greengrocers, fish farmers and grocery product suppliers,
benefited from ultra‑local contracts.
In the Group’s integrated countries, contracts systematically
include clauses on competition law, which are subject to internal
training provided by local legal departments. In France, new hires
in relevant departments and positions are automatically enrolled.
More specific and targeted training can also be provided to
support the implementation of purchasing alliances formed with
other retailers.
Being responsible in our host communities
Providing convenient local retail options
Through its global network of 15,000 stores in 2023, the Group
aligns its formats with the specific needs and expectations of its
host countries and regions. Each store offers products and a
range of services based on local needs to align with their
customer base.
(1)
EPCS: Electronics, Photography, Cinema, Sound.
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Non‑financial policies, action plans and performance
Developing the sale of local products and partnerships
with SMEs
In its Carrefour 2026 strategy, the Group has set itself a series of
objectives to encourage sustainable and local farming:
■
■
increasing the number of partner producers to 50,000 (up
11,000 on 2022), including local and regional producers;
in
doubling the volume of fruit and vegetable supplies
ultra‑short circuits (suppliers located less than 50 km from
stores) in Europe. In France, putting down local roots in this
manner led to the launch of the Potager City fresh local
produce banner, in early 2023. This new chain of city centre
stores carries a large proportion of seasonal products at
optimal prices;
■
increase sales of plant‑based products in Europe to 650 million
euros by 2026 (up 65% vs. 2022).
Doing business in a spirit of solidarity
For Carrefour, solidarity means providing day‑to‑day support for
communities in its host countries. As a retailer integrated into
local communities, Carrefour engages with stakeholders with
very different activities and interests, on local, national and/or
international
social
Participating
responsibility initiatives, Carrefour is one of the largest private
donors in France, donating 31.4 million meal equivalents in 2023.
numerous
issues.
in
The Carrefour Foundation is the Group’s ally in its food transition,
supporting players in the social and solidarity economy working
to broaden access to healthier, more balanced and diversified
food worldwide.
Particularly sensitive to the challenges faced by vulnerable
people and the challenges of food insecurity, Carrefour set aside
6.75 million euros in 2023 to support 77 projects in the fields of
sustainable and socially responsible agriculture, the fight against
waste and societal commitment, all in relation to food.
Fair practices
Fighting corruption, money laundering and terrorism financing
Governance, Ethics and Compliance
As part of its responsible business conduct policy, Carrefour
ensures compliance with
the
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:
rules applicable
to
■
■
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;
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
■
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 the
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
to
continuously improve reporting and management.
teams,
on
International
Alexandre Bompard and Laurent Vallée speaking to all Group
on
countries
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.
Anti‑Corruption Day
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Non‑financial policies, action plans and performance
To enforce its policy and comply with 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
Hospitality 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‑2023, 69.6% of the employees
identified in 2023 as most exposed to risks of corruption had
received
for
employees with a lower risk of corruption were taken by more
than 73,617 employees in 2023 (24% of the Group’s total
employees);
training. The e‑learning courses available
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
integrated countries. The due
deployed
diligence process 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
to assist operational staff and
third‑party assessments
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,
suspected unethical practices,
corruption,
harassment, health,
misappropriation of
interest, and
environmental damage. In 2023, 5,361 alerts were received by
safety,
funds, conflicts of
fraud,
theft,
the Group, the majority of which concerned HR issues
(excluding discrimination and harassment);
■
controls:
corruption risks are mitigated by a series of
accounting control procedures. For example, Internal Control
and Internal Audit staff conduct annual verifications and audits
on the pillars of the Group’s compliance programme in all
countries. They then formulate recommendations and action
plans
improve Carrefour’s ethics and compliance
programme.
to
Fair competition policy
Carrefour is very careful to maintain high‑quality, transparent and
loyal relations with its different commercial partners and to
negotiate balanced agreements that comply with competition
law. The Code of Professional Conduct, applicable to all
employees, highlights the principle of “developing fair and
transparent trade practices”: “Carrefour upholds competition law.
All Group suppliers and service providers must be selected and
treated objectively and fairly, as part of a policy of transparent
trade practices and
in accordance with commitments.
Employees are prohibited from taking part in cartels or any unfair
practice that may hinder fair competition.” The Legal department
in each integrated country is made of teams of experts, including
specialists in competition law.
Tax ethics
Tax ethics and transparency are the pillars on which the
Carrefour group's tax policy is based. The Carrefour group
adopts responsible tax conduct and promotes a culture of tax
competence. To meet these objectives, the Carrefour group
complies with tax regulations in all the countries where the
Group operates, in accordance with applicable national and
international laws and regulations. In addition, the Carrefour
group fulfils its tax reporting obligations and pays its taxes in
accordance with local regulations.
The Carrefour group's strategic locations are based on economic
considerations. The Carrefour group has adopted a strict policy
towards tax havens and has no presence in any of the countries
on France's official list of non‑cooperative states and territories
(NCCTs). In terms of transfer pricing, the Carrefour group
rigorously applies the arm's length principle, in line with OECD
recommendations, and does not use transfer pricing for tax
planning purposes. In its relations with tax authorities, the
Carrefour group places a premium on trust and the quality of
dialogue. The Carrefour group's commitment to responsible and
transparent tax management
its respectful
relationship with public authorities
is reflected
in
importance on
the
The Carrefour group places great
transparency of its tax policy and its implementation. In this
respect, the Carrefour group regularly publishes its tax strategy
and the reconciliation between the theoretical tax rate and the
effective tax rate in its Universal Registration Document. The
Group also fully complies with its Country by Country Reporting
(CBCR) obligations. Lastly, the Group's ethics hotline can be used
by Carrefour group employees, suppliers and service providers to
anonymously report any situation or behaviour that does not
comply with the Group's Principles of Ethics, including in tax
matters.
In 2023, Carrefour entities paid a total of 4,239 million euros in
incurred tax obligations. In addition, the Group’s annual payroll
taxes amounted to approximately 1,606 million euros for all its
employees.
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Non‑financial policies, action plans and performance
Information system security and data protection
Carrefour has deployed a plan common to the various integrated
countries to comply with the General Data Protection Regulation
(GDPR). A continuous monitoring plan covers all key GDPR issues
(implementation of the general data rights management policy,
consent management, processing registers, handling requests to
exercise rights, etc.), and ensures ongoing monitoring and, where
necessary, corrective measures.
Improving animal welfare
to
According
the United Nations Food and Agriculture
Organisation (FAO), animal welfare is a social responsibility that
forms an integral part of the livestock sector’s sustainable
development. 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 freedom (adapted shelter,
absence of climatic or physical stress), health‑related freedom
injury or disease), behavioural freedom
(absence of pain,
(possibility to exhibit normal, species‑specific behaviour) and
psychological freedom (absence of fear or anxiety).
In 2019, Carrefour established an animal welfare policy focused
on ten priorities shared with stakeholders in the relevant sectors,
reaffirmed in 2023. These priorities are combating antibiotic
resistance, banning cloning and genetically modified animals,
switching to cage‑free farming and keeping animal confinement
to a minimum, keeping stress during transport and slaughter to a
limiting controversial practices, optimising pain
minimum,
management, insisting on proper nutrition, carrying out health
monitoring, banning animal testing, banning materials of animal
origin not derived from livestock and improving habitats.
Animal welfare is one of the indicators in the CSR index,
measuring CSR policy performance over several years. The
Carrefour 2026 strategic plan, released in November 2022, puts
greater emphasis on the Group’s ambitions in respect of animal
welfare. As a result, all production processes in which animal
welfare is a sensitive issue must be covered by a risk mitigation
plan by 2030.
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2.1.7
EMPLOYEES
2.1.7.1 Our objectives and outcomes
Overview
Carrefour draws on the skills of its 305,333 employees to offer
quality services, products and affordable food for everyone. With
over 300 job families, many positions are open to anyone in
Carrefour’s host communities, regardless of their experience,
age, origin, political opinions or health status.
To retain talented candidates, the Group gives everyone the
chance to express their potential by offering professional growth
prospects, especially through skills development programmes.
The Group ensures that its teams have a safe and pleasant
working environment synonymous with physical health and the
prevention of stress and psychosocial risks so as to foster
employees’ mental well‑being (developing exercise programmes,
remote working, work‑life balance).
Risks and opportunities
The Group has identified the following risks concerning its
employees: adequate working conditions, decent wages, internal
social climate, health and safety at work, equal treatment and
opportunities for all, training and skills development, and
employee attraction and retention.
TYPE OF RISK
RISK
OPPORTUNITIES
Health, safety
and working
conditions
Non‑compliance with regulations on working
conditions, health and safety in stores and
warehouses
Good quality working conditions fostering employee
engagement, talent attraction and retention, and a
positive brand image
Loss of productivity due to absences, sick leave, poor
employee engagement and/or significant turnover
(reduced activity, loss of know‑how, increased training
costs)
Attraction and retention issues among Carrefour
banners due to poor health and safety practices
Decent wages
Exposure to media controversy, loss of attractiveness
and difficulty in recruiting/retaining employees
Work stoppages/strikes
Internal social
climate
Reduced employee productivity and work quality,
industrial action, strikes, resignations and recruitment
difficulties
Negative image and disagreement with unions leading
to regulatory sanctions
Equal treatment
and
opportunities for
all
Discriminatory recruitment practices or inequalities
among Carrefour employees leading to increased
turnover, loss of skills and a negative image for the
Group
Accusations against the Carrefour group with regard
to discriminatory behaviour compromising the
physical or moral safety of employees or customers
Criminal liability and fines for discrimination or
non‑compliance with thresholds for workers with
disabilities or gender balance
Improvement in mental health and work efficiency
Strong employee engagement, increased motivation,
talent retention and productivity
Quality social dialogue fostering employee support for
the company’s strategy
Social dialogue process to prevent social risks and
identify alerts
Attracting talent and building a positive brand image
through an ambitious inclusion and diversity policy
Performance and creativity of the work collective
through the diversity of profiles and opportunities
within the company
Appeal among customers, supported by staff
embodying the Group’s image
Training,
attracting and
retaining talent
Poor‑quality services and products due to lack of
training and skills, lack of innovation leading to market
share losses
Improvement in productivity and operational
excellence enabled by trained
and skilled employees
Loss of know‑how and skills due to
non‑renewal of skills, discontinuation of
specific activities
Acceleration of strategic and managerial
transformations driven by effective and targeted
employee training (digital transformation, food
transition)
Recruitment difficulties due to a lack of understanding
of the current job market issues and challenges facing
young employees
Uninspiring career advancement prospects within the
Group: significant turnover, additional HR costs, talent
drain
1
2
3
4
5
6
7
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Non‑financial policies, action plans and performance
Coalitions and
partnerships
UN France
Committee
European Week for
the Employment
of People with
Disabilities, with
Agefiph (LADAPT)
Arborus, creator of the
Gender Equality
European &
International
Standard (GEEIS)
International
Labour
Organization (ILO)
L’Autre Cercle
CEASE
Contributions to the Sustainable Development Goals
SUMMARY OF OUR OBJECTIVES AND OUTCOMES
Topic
Objective
2023 Result 2022 Result
Change
Target
Promoting employment at Carrefour and managerial transformation
Act for Change
programme
Minimum employer recommendation score awarded
annually to Carrefour by its employees
8.3/10
8.2/10
+0.1 pts Minimum of
7.5/10 per
year
Response rate in the “I feel part of the ongoing
transformation taking place within the Carrefour
group” internal survey
86%
64%
+22 pts
Number of respondents to the survey
22,238
16,615
+33.8%
Percentage of Group employees responding "Agree"
to the statement “I feel part of the ongoing
transformation taking place within the Carrefour
group”
Percentage of Group employees responding “Don’t
know” to the statement “I feel part of the ongoing
transformation taking place within the Carrefour
group”
Percentage of Group employees responding
“Disagree” to the statement “I feel part of the ongoing
transformation taking place within the Carrefour
group”
Breakdown of
jobs by format
Percentage of jobs in hypermarkets
Percentage of jobs in supermarkets
Total other formats and businesses
Workforce by
region
Latin America
Europe
Total Asia
REGIONS TOTAL
80%
77%
+3 pts
4%
4%
0 pts
17%
18%
-1 pt
68%
15%
17%
68%
16%
16%
0 pts
-1 pt
+1 pt
141,261
159,949
-11.7%
163,695
174,319
377
372
305,333
334,640
-6.1%
+1.3%
-8.8%
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Topic
Objective
2023 Result 2022 Result
Change
Target
Type of
employment
contract
Type of new
hires
Percentage of employees on permanent contracts
Percentage of fixed‑term contracts
Percentage of part‑time employees
92%
8%
22.5%
92%
8%
22%
0 pts
0 pts
+0.5 pts
Number of permanent contracts
88,764
87,725
+1.2%
Number of fixed‑term contracts
TOTAL
Departures
Percentage of departures within the Executive
Director category
Percentage of departures within the Senior Director
category
Percentage of departures within the Director category
Percentage of departures within the Manager
category
Percentage of departures within the Employee
category
65,252
74,910
-12.9%
154,016
162,635
-5.3%
0.05%
0.04%
+0.01 pts
0.08%
0.07%
+0.01 pts
0.56%
8.67%
0.5%
+0.06 pts
7.7%
+0.97 pts
90.6%
91.6%
-1 pt
TOTAL
100%
100%
0 pts
Attracting, supporting and developing talent
Percentage of employees with access to training in
the year (at least four hours of training)
(1)
68.9%
77.6%
-8.7 pts At least 50%
per year
Average number of training hours per employee
Total number of training hours over the year (in
millions)
9.2%
3.5%
11.3%
-2.1 pts
3.5%
0 pts
Attracting talent Number of new hires
154,018
162,635
-5.3%
Attrition rate among Senior Directors and Executive
Directors
3.4%
4.5%
-1.1 pts
Employee
turnover and
length of
(2)
service
Staff turnover rate
Voluntary staff turnover rate
Average seniority of employees (in years)
Internal mobility
and promotion
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
29.7%
15.8%
9
53%
50%
83%
36%
12%
29.2%
+0.5 pts
15.9%
-0.1 pt
9
51%
51%
62%
37%
20%
0 pt
+2 pts
-1 pt
+21 pts
-1 pt
-8 pts
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Non‑financial policies, action plans and performance
Topic
Objective
2023 Result 2022 Result
Change
Target
Encouraging diversity and inclusion and battling all forms of harassment and discrimination
Gender
equality
(3)
Percentage of women leaders (top 200)
28.8%
25.7%
+3.1 pts
35% by
2025
Percentage of women appointed to key positions
Percentage of women on the Board of Directors
Percentage of women on the Group Executive
Committee
Percentage of women among Executive Directors
Percentage of women among Senior Directors
Percentage of women among Directors
Percentage of women among managers
Percentage of women among employees
28%
46%
28.20%
-0.2 pts
46%
0 pts
30.8%
28.6%
+2.2 pts
28.8%
22.5%
25.7%
43.9%
56.3%
25.7%
+3.1 pts
20.2%
+2.3 pts
25.3%
+0.4 pts
43.7%
+0.2 pts
56.4%
-0.1 pts
GROUP TOTAL – PERCENTAGE OF WOMEN IN THE
WORKFORCE
55%
55.2%
-0.2 pts
Percentage of management positions held by women
42.6%
42.3%
+0.3 pts
Gender equality index in France
97/100
93/100
+4 pts
Number of employees with a disability in the Group
13,358
11,281
+18%
Percentage of employees recognised as having a
disability
Percentage of employees under 30
Percentage of employees between 30 and 50 (as a %)
Percentage of employees over 50 (as a %)
4.3%
3.7%
-0.6 pts
32.9%
46.4%
20.7%
34.5%
-1.6 pts
47%
-0.6 pts
18.5%
+2.2 pts
15,000 by
2026
Employees and
customers with
disabilities
(4)
Inclusion and
equal
opportunity
(5)
Protecting team health, safety and quality of life
Protecting
employee health
and preventing
workplace
accidents
(6)
Workplace accident frequency rate (number of
accidents/millions of hours worked)
31.4%
25.7%
+6.1 pts
Workplace accident severity rate (number of days
absent due to workplace accidents/1,000 work hours)
2.1%
1%
+1.1 pt
Rate of absence due to workplace and travel‑related
accidents
0.77%
0.43%
-0.2 pts
Absenteeism rate: illness
Absenteeism rate: workplace accident
5.8%
0.7%
6.34%
-0.5 pts
0.4%
-0.3 pts
Absenteeism rate: travel‑related accident
0.08%
0.05%
-0.02 pts
Guaranteeing social dialogue
Guaranteeing
social dialogue
Percentage of employees covered by a collective
bargaining agreement
100%
99%
+1 pt
Number of collective bargaining agreements signed in
France
78
77
+1.3%
(1) Scope: 100% of 2023 consolidated net sales.
(2) Scope: 100% of 2023 consolidated net sales.
(3) Scope: 100% of 2023 consolidated net sales.
(4) Scope: 100% of 2023 consolidated net sales.
(5) Scope: 100% of 2023 consolidated net sales.
(6) Scope: 89.6% of consolidated net sales. Excluding BRAT + BR.
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2.1.7.2 Our action plans
Encouraging diversity and inclusion and battling
all forms of harassment and discrimination
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,
thereby demonstrating our determination to go even further on
these challenges, with a division dedicated to Diversity and
Inclusion. To turn this ambition into tangible actions, Carrefour
has adopted a Group Diversity and Inclusion policy, signed by its
Chairman and Chief Executive Officer, Alexandre Bompard.
Gender equality
The Group employs 167,920 women, representing 55% of the
total workforce. Carrefour remains actively committed to
diversity. Equal career opportunities, equal pay and equal access
to management positions for women are all Group HR policy
priorities. The Group aims for women to represent 35% of its
C200 by 2025. At the end of 2023, this indicator was 29%. This
goal
individual coaching and mentoring
programmes:
is backed up by
■
■
■
at Group and country levels, such as Empowering Women
Leaders, followed by 16 directors since its launch in 2021;
the EVE intercompany programme initiated by Danone;
the Women Leaders development programme is a certification
scheme that has benefited nearly 200 women since its launch.
Several new programmes were launched in 2023. These included
Women empower Women in Romania, which brought together
110 mentors and mentees, and Carrefour Ellas in Argentina and
Brazil, which provided support through 30 hours of training and
mentoring for 2,250 women employees during the year.
Since 2020, Carrefour has had International GEEIS certification in
each of its host countries, attesting to the Group’s proactive
stance on gender equality. In 2023, Carrefour integrated the
GEEIS Diversity label for the first time. The latest assessment by
Bureau Veritas shows significant progress since 2014, with the
Group now at the maximum maturity level of 5 out of 5 on the
GEEIS scale.
Carrefour launched the internal network dubbed #UnEgalUne on
International Women’s Day in March 2023. This fully digital
community, accessible to all Carrefour France employees, is
dedicated to gender equality. It provides a space for members to
stay informed, draw inspiration from role models, participate in
events and voice their opinions on topics of interest to them.
In April 2023, the Group made a commitment to women’s health
in the workplace and introduced an enhanced social protection
system comprising:
■
■
■
12 days’ authorised sick leave per year for women suffering
from endometriosis and who have a document certifying their
disability recognised by the company (Reconnaissance de la
Qualité de Travailleur Handicapé – RQTH), inclusion card or
disability certificate
issued by the French social security
agency, CPAM);
3 days’ authorised sick leave following a miscarriage;
1 day’s leave for women undergoing assisted reproduction
treatment, at the time of an embryo transfer, in addition to the
legal provisions in force.
accompanied
three measures were
These
an
awareness‑raising campaign aimed at managers to share best
practices in addressing the various challenges that women may
encounter over the course of their career in relation to their
health. This
involved the distribution of a guide and an
audiovisual campaign highlighting behaviours to avoid.
by
As part of its annual initiatives, the Group offered its employees
the chance to participate in a range of activities to raise
awareness about breast cancer prevention, from a charity run to
self‑examination workshops.
Carrefour is also committed to ending violence against women,
initiative and the
as a member of the European CEASE
1in3Women network. In 2023, Carrefour joined the initiative’s
Executive Committee, allowing it to play a more active role in this
fight by participating directly in the network’s management and
strategy. To mark this year’s Orange Day, a product‑sharing
campaign for UN Femmes France was organised on mesh bags
for oranges in all French hypermarkets and supermarkets. A
prevention message and the victim helpline number were printed
on checkout receipts on November 25. In‑store employees were
also encouraged to wear orange clothing or accessories to show
their support for the cause.
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Inclusion and equal opportunity
Disability
(1)
The Group is working to develop an inclusive culture based on
the acceptance of differences. In 2023, 18,000 young people
signed contracts with the
from disadvantaged urban areas
Group. Partnerships with specialised non‑profits, such as Sport
dans la Ville, enable Carrefour to support the employment of
these young people through financial donations, introductions to
the Group’s professions and coaching events. Other initiatives
encourage the employment of seniors, with 20.7% of employees
aged over 50. Each year, the Group organises a day dedicated to
diversity and the acceptance of differences. In 2023, all of the
Group’s integrated countries took part in this day, focusing on
the topic of disability. In France, virtual reality awareness‑raising
In Belgium, Executive
was offered
Committee members created an immersive in‑store experience
to better meet the expectations of disabled customers.
to head office staff.
During Pride Month, the Group ran initiatives to raise awareness
inclusion of LGBT+ people and a communication
of the
campaign promoting the visibility of role models from this
community. Carrefour also supported specialised non‑profits, as
a major sponsor of the Rural Pride March. Additionally,
Alexandre Bompard signed a partnership with Fondation
Le Refuge (a non‑profit founded to help young LGBT+ people
cast off by their families), involving non‑food donations and the
distribution of personal care kits to young people in shelters. The
Group is also committed to facilitating the employment of the
Foundation’s young beneficiaries.
To promote employee engagement, the Group supports its
volunteer firefighter employees by providing them with up to
20 days’ leave. Carrefour also supports the French National
Federation of Firefighters through contributions to first aid
training in its stores and the employment of members.
Battling all forms of harassment and discrimination
its teams
involves all of
Carrefour
in the fight against
discrimination and harassment: every employment contract
requires new hires to sign Carrefour’s Code of Ethics, which is
also sent to all suppliers (see Section 2.1.8 Workers in the value
chain).
teams.
Carrefour France conducted its first anonymous and voluntary
“Diversity, Equity and Inclusion” survey to assess the adequate
representation of diverse origins throughout the company.
E‑learning modules have been rolled out by the Group to raise
awareness among
In Brazil, PODER, a diversity
programme for people of colour has been introduced. It brought
together 1,000 participants in 2023, providing four training
modules. 78% of participants expressed satisfaction with the
training provided. In 2023, Carrefour Brazil also announced the
result of a call for proposals for 68 million Brazilian reals in
scholarships for current or future students of colour. A total of
883 scholarships will be awarded in Brazil to students from
public and private institutions, breaking down as follows: 305 for
undergraduate courses, 223 for specialist courses, 304 for
Master’s degrees and 51 for doctorates.
Carrefour has made the topic of disability the central cause of its
2026 strategic plan and has set the goal of employing at least
In 2023,
15,000 employees with disabilities by that date.
Carrefour employed 13,358 people with disabilities. Within the
Human Resources Department, Mission Handicap focuses on
three major areas:
■
■
recruitment: all jobs within the Group are open to individuals
with disabilities, regardless of the type of contract (permanent,
temporary,
internship, apprenticeship), provided that the
disability and the job requirements are compatible;
(working
integration: Carrefour guarantees decent working conditions
for employees with disabilities and makes the necessary
adjustments
hours, organisation, workplace
adaptation, purchase of equipment, pre‑employment medical
check‑up, etc.). When a new employee joins the company, a
member of staff becomes their mentor and key contact
throughout their professional journey;
■
keeping vulnerable people in work: Carrefour implements
adapted work‑from‑home days or paid leave for medical care
and examinations, part‑time work for people over the age of
60, or support from Mission Handicap for extended absences.
To raise awareness about disability among all teams, Carrefour
participated in the Duo Day initiative in 2023. Duo Day allows a
job seeker with a disability to spend a day alongside a Carrefour
employee to learn about their job.
IncluLine CARREFOUR was launched in the last quarter. It is a
service offered to Carrefour employees for any questions about
disability and recognition as a disabled worker.
For several years, Carrefour has been improving accessibility for
people with disabilities in its stores. Since 2021, the Group has
rolled out and popularised the take‑up of a “quiet hour for all”
adapted to people with autism spectrum disorders. Similar
initiatives also exist in Group host countries such as Poland, Spain
and Argentina.
Using the “SVIsual” tool, a video interpretation service for sign
language users, Carrefour facilitates access to its stores for deaf
and hearing‑impaired people. In 2023, seeking to build on this
momentum, the Group organised a start‑up competition to
improve the experience of customers with disabilities. Three
participants won awards: Handivisible (to make checkout visits
easier for customers with disabilities), OOrion (to help our visually
impaired customers find their way around the store) and
Atypik’Baby (with pyjamas adapted for children with disabilities).
(1)
Disadvantaged urban areas (quartiers prioritaires de la politique de la ville – QPV) are the poorest urban areas in France where the public authorities
apply special support policies.
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Practical measures were also taken with the launch of Quiet
Spaces in stores and the continuation of the “Yes to all our deaf
and hearing‑impaired customers” programme, with a webinar to
raise awareness of French sign language in music.
In 2023, Carrefour undertook to support the employment of
people with disabilities in mainstream environments. Four “Café
Joyeux” product references were sold in over 800 stores (in the
convenience and hypermarket segments).
In December, the first inclusive store opened in the Paris suburb
of Villeneuve‑la‑Garenne. Ten initiatives have been implemented
to improve the reception of customers with disabilities, including
carts suited to people with reduced mobility, and an easier
checkout process. With a special badge, customers with
disabilities can be assisted throughout their shopping journey.
Tactile Braille maps are available at store receptions for the blind
and visually impaired customers, and guide strips on the floor
make it easier for them to find their way around.
Protecting health, safety and quality of life
in the workplace
Carrefour works actively to preserve the health of its employees
and reduce the risk of workplace accidents. Since 2020, local
teams in all of the Carrefour group’s integrated countries have
deployed action plans on health, safety and quality of life in the
workplace, along with associated objectives.
Protecting health and safety
To prevent musculoskeletal disorders
(MSDs), which are
responsible for 45% of workplace accidents and occupational
illnesses, training
is offered to 6,000
identified hypermarket and supermarket employees in France. To
act sustainably, Carrefour France invested over 7 million euros on
manual handling equipment in 2023.
in manual handling
Focus has been given to risk assessment, and action plans have
been drawn up for each store and warehouse. In 2023,
commitments made in the Health Agreement were implemented
on priority risks (musculoskeletal disorders), road risks and
psychosocial risks. The psychosocial risk assessment was
conducted this year, with more than 15,000 participants.
As a premium partner of the Paris 2024 Olympic and Paralympic
Games under the slogan “Nourrir tous les espoirs” (Feeding all
hopes), the Group is rolling out a corporate project that mobilises
all teams and franchisees on the themes of nutrition and health.
Through its partnership with Gymlib (sport and well‑being),
Carrefour has been providing its teams with free access to over
4,000 sporting facilities in France since January 2023.
Innovating to enhance quality of life in the workplace
facilitates work‑from‑home
Carrefour
and
encourages the use of technology to increase flexibility and limit
travel. Examples include G Suite, Drive, videoconferencing,
shared calendars and Workplace, an enterprise social network
allowing teams to exchange simply, without geographical or
hierarchical barriers.
arrangements
As a signatory of the Parenting Charter and the Quality of Life at
Work Observatory’s 15 commitments on work‑life balance,
Carrefour also aims to promote a balance between personal and
professional life.
Promoting employment and managerial
transformation
its 2026 strategic plan, the Group
Carrefour aims to become a leader in the food transition for all.
Through
is seeking to
accelerate its transformation in line with societal changes. To
achieve
programmes,
communication plans and annual objectives are in place, with
managers acting as the key drivers.
transformation,
training
this
Carrefour strives to motivate its teams on digital innovation,
which is central to its operating model. The Group’s goal is to
become a global leader in digital retail by 2026. To achieve this,
all countries where Carrefour operates are developing
programmes and tools to enable employees to grasp these
challenges, and to train accordingly. The Group’s objective is to
train all of its employees in digital skills by 2024, with a pace of
100,000 employees trained per year between 2022 and 2024.
Since it was launched, 2,000 employees received training at the
Digital Retail Academy.
Attracting, supporting and developing talent
Attracting talent
All of the Group’s countries are improving their recruitment
strategies and modernising their practices as a means of
attracting new talent, especially in high‑demand specialities
including food‑related professions, IT and digital technology. This
issues,
involves better analysis of recruitment needs and
diversified communication channels by profile, occupation and
location, and the use of innovative recruitment techniques on
social media (e.g., Metaverse, LinkedIn, Instagram, Facebook, X
and TikTok). Lastly, Carrefour is now collaborating with several
and
non‑profits
employment-
institutions, as well as business, engineering and IT schools.
integration‑focused
and
Retaining talent
Employee retention is closely linked to the career management
system led by Human Resources, including the systematic
organisation of annual appraisal interviews, opportunities for
mobility and
training
programmes. In addition, career development interviews have
been introduced in all countries.
internal promotion, and employee
®
®
Carrefour listens to its teams and uses the Employee Net
Promoter Score (eNPS ), a metric that measures employee
engagement
In 2023, over
22,000 employees participated in the survey; the score of 86%
achieved puts Carrefour above the industry average (Ipsos
survey).
through an online survey.
In order to allow all employees to share in the Group’s success,
an employee share ownership plan, Carrefour Invest, was offered
to the Group’s 334,640 employees in the first half of 2023. This
initiative resulted in employees subscribing for approximately
75 million euros in Carrefour SA shares. Carrefour Invest is
sending out a strong signal, as the Group has undertaken to use
at least half of the total amount subscribed (the highest
percentage in the CAC 40), i.e., more than 37 million euros, to
fund or provide further funding for environmental or social
projects internally. One third of the funding had already been
earmarked by the end of 2023. Projects eligible for funding via
Carrefour Invest cover the following four areas of action:
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Non‑financial policies, action plans and performance
■
■
■
■
renewable energy (including solar panels);
pollution prevention and control (including refrigeration units);
products, technologies and production processes adapted to
the circular economy (including bulk, deposits, collection);
access to essential services (including accessible shopping
carts, accessibility of e‑commerce sites, etc.).
These projects are funded in all integrated countries and
contribute to the achievement of the Group’s strategic plan and
its CSR ambitions.
Developing team skills
In order to accelerate access to management positions,
Carrefour is doubling the number of graduates from the Leaders
School and ensuring its gradual expansion throughout the entire
Group. After Argentina, Spain, France, Poland, Italy, Belgium,
Romania and Brazil now have Leaders Schools. 5,000 employees
will graduate by 2026. Open to all willing employees, this
programme allows access to more senior responsibilities, often
following a course conducted in partnership with a higher
education institution (such as Paris Dauphine University in
France).
Guaranteeing human rights and labour rights
Carrefour is committed to promoting human rights and labour
rights in its operations, ensuring that each worker receives
compensation guaranteeing a decent standard of living. In 2023,
Carrefour updated
its own
operations. The result is a comprehensive universe of human
rights and health and safety risks identifying all situations
potentially arising in Carrefour’s operations and among its
franchisees. The risk assessment was conducted based on
its human rights risk map of
2.1.8 WORKERS IN OUR VALUE CHAIN
Carrefour’s professions and operating countries. The retail (in
integrated and franchised countries), logistics and e‑commerce
professions are exposed to the same four key risks:
harassment, discrimination and failure to adhere to diversity
principles,
illegal work,
occupational health and safety risks,
deteriorated working conditions.
■
■
■
■
Guaranteeing social dialogue
Carrefour promotes and encourages social dialogue globally, as
well as at the European and local levels. As a signatory to a
framework agreement with UNI Global Union, the Group
recognises the importance of trade unions and employee
representation. It guarantees freedom of association and respect
for the principles of collective bargaining.
The ECIC, its European Works Council, is one of the most widely
recognised such bodies for the quality of its content and
interactions
employee
representatives. In 2023, the ECIC met 12 times.
between management
and
In each Group host 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.
In 2023, 78 collective bargaining agreements were signed by
Carrefour group companies.
In Brazil, the Group has a team specialising in trade union
relations, which is responsible for social dialogue wherever
necessary.
2.1.8.1 Our objectives and outcomes
Overview
As an international retailer, Carrefour sources its products from a
large number of suppliers around the world. Since 1995, the
Group’s approach to human rights has been based on
international recommendations and standards such as the
Universal Declaration of Human Rights, the United Nations
Global Compact, the Declaration on Fundamental Principles and
Rights at Work and the Fundamental Conventions of the
International Labour Organization (ILO), the Organisation for
Economic Co‑operation and Development (OECD) Guidelines for
Multinational Enterprises, and the United Nations Guiding
Principles on Business and Human Rights.
The Group has committed to defining objectives, monitoring
indicators and implementing corrective measures to ensure best
practices among its suppliers and among those with whom they
do business. Carrefour also measures the risks inherent to its
supply chains and the social and environmental compliance of its
suppliers, and promotes CSR best practices.
Risks and opportunities
The Group identified the following risk categories relating to
workers in the value chain: adequate working conditions, decent
wages, internal social climate, health and safety at work, equal
treatment and opportunities
training and skills
development, attracting and retaining employees.
for all,
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TYPE OF RISK
RISK
OPPORTUNITY
Working
conditions,
workers’ health
and safety,
discrimination
and training
Inadequate working conditions at suppliers, resulting
in Carrefour being challenged for failing to respect
human rights or jeopardising people’s health and
safety
Risk management and appropriate duty of care
measures with a positive impact on the Group’s
reputation and the quality of the products sold
Innovative partnerships with suppliers to provide new
products, develop new techniques and step up
transitions
Complaints against Carrefour or its suppliers
concerning discriminatory recruitment practices or
inequalities between employees at suppliers
Increase in product costs due to loss of skills/expertise
among suppliers’ employees
Reduced product quality due to high staff turnover
and loss of supplier expertise
Decent wages
Regulatory pressure for a fairer distribution of value
along the production chain (e.g., AgroALIM law),
leading to higher product purchase prices
Supply chain resilience through the establishment of
partnerships with producers, for example
guaranteeing fair prices
Agricultural crisis, disruption of supply and complaints
that the retail industry poorly compensates farmers in
the value chain (e.g., the milk and pork crises in
France)
Internal social
climate
Increased staff turnover among suppliers, loss of skills,
lower product quality leading to higher costs for
Carrefour or the need to change suppliers
1
2
3
4
5
6
7
8
9
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Coalitions and
partnerships
Global framework
agreement with
UNI Global Union
UNI Global Union
worldwide
alliance
"Group Deal" with
the French Ministry
of Labour
European social
dialogue meetings,
Eurocommerce
Initiative for
Compliance and
Sustainability
(ICS) standards
Business Social
Compliance
Initiative
(BSCI) standard
Agreement
establishing the
European Works
Council with
the FIET
Agreement with
Bangladesh
(in transition with
the RSC-RMG
Sustainability Council)
Contributions
to the Sustainable
Development Goals
SUMMARY OF OUR OBJECTIVES AND OUTCOMES
Topic
Objective
2023 Result 2022 Result
Change
Target
Respect for human rights and labour rights
Promoting
respect for
human rights and
labour rights
Percentage of supplier factories of controlled products
located in high‑risk or risk countries covered by a social
audit
100%
100%
0 pts
100% per
year
Percentage of social 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
Number of social audits (potential production plants)
* Of which Bangladesh
* Of which China
* Of which India
* Of which Turkey
* Of which Other countries
19%
17%
+2 pts
23%
21%
41%
1,161
66
754
75
64
202
28%
24%
-5 pts
-3 pts
30%
+11 pts
1,418
-18.1%
54
907
77
102
278
+22.2%
-16.9%
-2.6%
-37.5%
-27.3%
Number of units screened using the Sentinel tool
4,000
3,873
+3.3%
Number of sites screened using the Sentinel tool with
alerts
78
105
-25.7%
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Non‑financial policies, action plans and performance
Topic
Objective
2023 Result 2022 Result
Change
Target
Ensuring fair
compensation
and decent
wages
Number of partner producers in organic farming, CQLs,
regional and local producers and partners embracing
other approaches
46,013
37,758
+21.9%
For indicators relating to social audits, see the indicators mentioned above under “Guaranteeing human
rights and labour rights
Sales (incl. VAT) of fair trade products (own brand and
national brand) (in thousands of euros)
(1)
122,515
137,167
-10.7%
Protecting the health, safety and quality of life of workers in the value chain
For indicators relating to social audits, see the indicators mentioned above under “Guaranteeing human
rights and labour rights”
Protecting the
health, safety and
quality of life of
workers in the
value chain
(1)
Scope : France only.
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Non‑financial policies, action plans and performance
2.1.8.2 Our action plans
Respect for human rights and labour rights
Purchasing governance and organisation
Purchasing has the major responsibility of both securing supply
chains and ensuring that ethics principles and purchasing rules
for the food transition are applied. The Food Transition
Committee defines the strategic guidelines and the Group
Merchandise department sets out the CSR and food transition
objectives relating to responsible purchasing. This department
coordinates the national offices which are responsible for rolling
implementing the purchasing rules for the food
out and
transition in each country. These rules are aimed in particular at
suppliers of various purchasing centres or, as the case may be,
local producers. For example, Global Sourcing is the purchasing
centre for non‑food products (textiles and small household
goods), and Socomo, a Carrefour entity in Spain, is the Group’s
purchasing centre for fruit and vegetables.
Upholding human rights among our suppliers and in
our value chain
To ensure compliance with this commitment, Carrefour is rolling
out tools and procedures to support its suppliers. The Supplier
and Service Provider Commitment Charter forms an integral part
of all purchasing contracts. It contains nine chapters on human
rights, ethics and the environment, including respect for health,
safety and human rights within supply chains. In this regard,
improving working
Carrefour
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
the social and
environmental compliance of its suppliers worldwide and to
promote CSR practices throughout its value chain.
is committed
to constantly
to assess
Based on the main international benchmarks and standards in
this area, Carrefour has set itself commitments to combat child
labour, forced labour, illegal labour, slavery and human trafficking
(see 2.2 Duty of Care Plan).
The Group’s social purchasing rules set out the actions to be
implemented for all purchases of controlled products by the
Group in all countries. Each country team prepares its own plan
its proper
based on
implementation. These rules set out in particular:
local conditions and
supervises
■
■
that suppliers must sign the Commitment Charter;
the compliance process and rules applicable for social audits
(see Section 2.1.8., Workers in our value chain);
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 accordance with Carrefour’s purchasing rules, all supply plants
located in risk or high‑risk countries must undergo a social audit.
The audits are conducted under Initiative for Compliance and
Sustainability (ICS) and Business Social Compliance Initiative
(BSCI) standards. They serve to pave the way for dialogue and
bring the supplier’s working conditions in line with requirements.
A total of 1,161 compliance audits were completed in 2023. 19%
of these audits resulted in alerts and corrective action plans. The
main alerts related to working hours (23%).
Whistleblowing systems and measures specific
to forced labour
In addition to compliance audits, Carrefour uses various
whistleblowing systems to detect situations that could lead to
human rights violations such as forced labour. These systems
have been rolled out in particularly high‑risk areas of the Group’s
supply chain, such as the Tamil Nadu region (India) and the
Xingjiang region (China). The Sentinel and Worker Voice tools
have been implemented in these regions since 2022:
■
■
Sentinel (Xingjiang region): collects potential alerts on the
Group’s supply chain via social networks, the Internet, etc.
More than 4,000 alerts were identified in 2023;
Worker voice: ethics hotline and targeted questionnaire on
forced labour, directly with workers at Carrefour’s main
spinners in Tamil Nadu, India.
Commitments and measures specific to textiles in Carrefour’s
supply chains are also in place (see 2.2 Duty of Care Plan,
Section 2.2.7.3.3 Prevention of forced labour in the textile supply
chain).
Mapping tier 2 suppliers in high‑risk countries
The Global Sourcing entity began mapping tier 2 suppliers in
2022. The aim was to identify the stakeholders involved across
the production and supply chain to better identify specific social
issues, including fair compensation. Compensation is covered by
the audit criteria for the Group’s tier 1 suppliers. For the textiles
sector, this consists of identifying the suppliers involved in several
stages: cloth manufacture (spinning, knitting, dyeing), product
assembly, etc.
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Non‑financial policies, action plans and performance
Fair compensation and decent wages
Contractual conditions and compliance audits
for suppliers in high‑risk countries
Carrefour is committed, through its Commitment Charter on
Human Rights, to ensuring that each employee receives
sufficient compensation to achieve a decent standard of living
and that the minimum wage is applied in its supply chain.
In relation to decent wages, Carrefour’s purchasing rules include
audits on compliance with the 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 the 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” and “working hours”.
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.
Fair compensation for producers
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 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.
Developing fair trade products
Social and stakeholder dialogue
Through its purchases, Carrefour has been developing and
promoting 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. In 2023, 123 million
euros worth of fair trade products were sold in Carrefour stores
worldwide (down 10.7% versus 2022). Product sales generated
1,900,290 million
for
cooperatives, on top of the fairer retail price paid to producers,
which have financed study grants, water purifiers, schools,
maternity units, and more.
development
bonuses
euros
in
Tracing supply lines and communicating transparently
Carrefour aims for “all natural raw materials used in TEX products
to be sustainable and traceable” by 2030. To this end, it supports
its direct and
improving their social
performance. In this regard, it has developed a methodology to
identify its tier 2 suppliers, trace supply lines and as a result
ensure fair compensation throughout the value chain.
indirect suppliers
in
Thanks to its partner, Cotton Connect, Carrefour ensures that
producers in its Indian organic cotton supply line working in
Madhya Pradesh and Maharashtra 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
since
Carrefour’s
spring‑summer 2019. Blockchain technology introduced for
hypermarkets
Spanish
French
and
For many years, Carrefour has maintained ongoing dialogue with
its stakeholders. This enables the Group to ensure that its CSR
strategy stays relevant, that new commitments are in line with
the strategy, and that suitable action plans are drawn up. Several
times a year, Carrefour arranges meetings in order to draw up
functional recommendations on a specific CSR issue. These
meetings are attended by around 50 people representing the
Group, NGOs, government, customers, investors and suppliers,
who come together to share their expertise and point of view on
the subject in question. Carrefour also leads several long‑term
action plans in conjunction with various non‑profits, such as the
WWF since 1998.
®
Carrefour views its partners and employees as key players in the
Group’s duty of care, contributing to the reporting of alerts. In
this regard, Carrefour signed a global framework agreement,
which was renewed in 2021, with the trade union organisation
UNI Global Union, with the aim of maintaining ongoing social
dialogue. This agreement aims in particular to promote the
defence of and respect for workers’ basic human rights (freedom
of association and collective bargaining, in addition to safety and
working conditions at Carrefour and at suppliers and franchises).
A dispute management procedure
in the
framework agreement, enabling complaints reported to a trade
union representative or Carrefour’s teams to be passed onto the
UNI and Carrefour’s management, with assurance that the matter
will be dealt with.
incorporated
is
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Non‑financial policies, action plans and performance
Franchisees
this charter,
On an international level, Carrefour requires that its franchisees
respect human rights by systematically attaching to their
contracts its Charter for the Protection of Human Rights.
Through
to compliance with
they commit
international labour rights standards, the Universal Declaration of
Human Rights and several ILO conventions, including those on
child labour, forced labour and freedom of association. In line
with the commitments made at Group level, the charter requires
franchisees to:
■
■
not engage in slavery, debt bondage or forced or compulsory
labour;
not allow children under the age of 15 to work, and to employ
children under
for production,
the age of 18 only
manufacturing and assembly tasks under conditions that do
not endanger their health, safety or moral integrity, and that do
not harm their physical, mental, spiritual, moral or social
development;
■
■
ensure that workers have the right to organise freely in trade
unions and be represented by organisations of their choice for
the purpose of collective bargaining;
offer good working conditions, particularly with regard to
working hours, safeguarding their health, safety and moral
integrity.
all
their
suppliers,
employees,
By signing this charter, franchisees agree to ensure compliance
among
sub‑licensees,
subcontractors and/or sub‑franchisees, as appropriate. They
ensure that these principles are applied, by organising checks
such as observation visits, which are followed up by dedicated
reports and, where necessary, by corrective action plans, as well
as follow‑up visits where appropriate. Lastly, they authorise the
Carrefour group or any authorised person to carry out
unannounced compliance checks relating to the charter's
commitments.
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Carrefour’s Duty of Care Plan
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
A shared governance system is in place within the Carrefour group 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.
Management of the Duty of Care Plan and CSR is exercised jointly by the Group Executive Committee under the supervision of the
Board of Directors (see Figure 1), mainly through its CSR Committee. The CSR Committee annually reviews the Group’s performance
with respect to the Non‑Financial Statement and the Duty of Care Plan.
The Engagement, Finance and Strategy departments, the General Secretariat (in particular the Internal Audit and Risk department, the
Legal department and the Ethics and Compliance department) and the Human Resources department are responsible for defining the
Duty of Care Plan and monitoring its implementation, with the support of a number of dedicated internal committees.
Duty of care and CSR objectives have been implemented by the various business lines and stores at all levels (Figure 3).
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Carrefour’s Duty of Care Plan
FIGURE 1: DUTY OF CARE PLAN GOVERNING BODIES AND COMMITTEES
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-financial 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
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
→ Define the food transition for all strategy.
rofstegdubdnasnalpnoitcaehtenfieD
→
the implementation of the CSR and food
transition.
laicnanfi-nonehtfognirotinomehteetnarauG
performance.
→
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
CSR
→ 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-financial
performance.
Business lines and stores
Deploy the CSR strategy and ensure
performance monitoring.
Product merchandise and quality
→ Implements the rules for the food transition and monitors them.
→ Tracks alerts in supply chains, implements corrective action plans
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
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
→
→
→
→
.seicilopnoisulcnidnaytisrevidstnemelpmI
gnieb-llewdnahtlaeh,slliksfotnempolevedehtserusnE
at work, payment of a living wage in all countries.
.eugolaidlaicosytilauqseetnarauG
egnahCroFtcAehthguorhttnemegagneeeyolpmesetomorP
programme.
Marketing and communication
ehthguorhtsnoitcanoitisnartdoofruofoytilibisivsesaercnI
Act For Food programme in stores.
.snoitcaRSCnonoitcafsitasremotsucserusaeM
.yllanretnisecitcarpdoogdnasevitcejboehtsetanimessiD
→
→
→
Formats and stores
.serotsnisnoitcaetercnocyolpeD
.sremotsucotsnoitcaetacinummocdnathgilhgiH
→
→
Management control and internal control
→
→
.atadlaicnanfi-nonfognitroperehtstroppuS
laicnanfi-nondnalaicnanfifonoitailicnocerehtsetomorP
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 field.
→ 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.
→
noitatlusnoCdnanoitamrofnInaeporuEehtfogniteeM
Committee every two months.
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Carrefour’s Duty of Care Plan
FIGURE 2: DEFINING THE GROUP’S DUTY OF CARE PLAN
Governing
bodies
BOARD OF
DIRECTORS
SHAREHOLDERS
MEETING
GROUP EXECUTIVE
COMMITTEE AND
COUNTRY EXECUTIVE
COMMITTEES
→
→
→
→
→
→
→
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. (see Section 3.2.3).
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
Gives an opinion on the Group's strategy to combat climate change
(Say on Climate).
(Say on Pay).
The Group Executive Committee defines the strategy,
policies and objectives and evaluates performance.
The Country Executive Committees implement the food
transition for all strategy.
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
committees
the Merchandise, Quality, Risk, CSR, Legal and Communication departments
Food Transition Rules Committee:
Membership:
Responsibilities:
→ Monitor alerts in relation to products and supplies.
→
→
Define action plans, monitor implementation of the duty of care plan and evaluate performance.
Ensure crisis management in the event of an alert.
Alert Management TaskForce:
Membership:
and Communications departments
Responsibilities:
the CSR, Legal, Merchandise, Quality, Risk, Human Resources, International Partnerships
Identify and address alerts that arisewithin the Group and ensure the most appropriate corrective action plans are
implemented.
Cover the Engagement, CSR, Purchasing, HR, Safety, Risk, Quality, Communications and Compliance departments.
→
→
Group Risk Committee:
Membership: Executive Directors (members of the Group Executive Committee), and the Engagement,
Strategic, Finance, Communications, Human Resources and Merchandise departments
Responsibilities:
→
Approve the Group's risk map, and analyse the ESG (double materialty) and duty of care risk maps.
European Consultation and Information Committee (ECIC):
Membership: trade union delegations representing France, Belgiqum, Italy, Spain, Romania and Poland.
Responsibilities:
Assemble the main European trade union organisations.
Regularly review the duty of care plan, alerts and the risk map.
→
→
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FIGURE 3: DEPLOYMENT OF THE DUTY OF CARE PLAN AND CSR STRATEGY BY BUSINESS LINES, COUNTRIES AND EMPLOYEES
Definition of
Definition of
the Duty of
Care Plan
and the
CSR
strategy
THE GROUP ENGAGEMENT DEPARTMENT
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 the alerts raised through the various channels.
→ Defines the Group's CSR strategy in collaboration with the key departments.
→
→ Coordinates the definition 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 Finance Department
→ Makes decisions on capital allocation.
→ Annually validates budgets for all countries.
→ Integrates CSR criteria into the financial strategy (e.g., Sustainability-Linked Bonds) and
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
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.
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.
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
Guarantors of the implementation
of the CSR and Food Transition Index
(Chapter 1, Section 1.5.3.), including
the objectives ofthe 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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Carrefour’s Duty of Care Plan
2.2.2
STAKEHOLDER DIALOGUE
Carrefour works closely with its stakeholders to shape its duty of
care every step of the way, from risk mapping to assessing the
effectiveness of measures (see Figure 2). 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 the drawing up of its Duty of Care Plan:
■
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 players with which special dialogue
should be maintained. Carrefour organises regular bilateral
consultation processes to define and implement action plans.
The Group also maintains regular dialogue with investors, who
are likely to raise potential alerts that the Group would take
into account as part of its Duty of Care Plan.
■
meetings with national‑brand supplier partners. Every year,
the Group’s CSR and Merchandise departments meet 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. 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 that comply
with the Group’s food transition commitments in terms of
packaging, biodiversity, climate, traceability and responsible
products.
■
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
the Group, NGOs, government,
40 people
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 on
specific topics whenever necessary. One such topic is the fight
against deforestation: Carrefour has created a group of experts
dedicated to assisting it with building its action plans.
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FIGURE 2: STAKEHOLDER RISK MAP
Type of stakeholders
Role
Example of stakeholders
RISK MAPPING
(cid:31) Scientific organisations
and reference standards
Definition of methodologies and frameworks
for risk analysis
Science Based Targets for Climate and for Nature,
Task Force For Climate Disclosure, Task Force For
Nature Disclosure
(cid:31) Social dialogue
Prioritisation and risk assessment
UNI Global Union
(cid:31) Service providers and experts
Prioritisation and risk assessment
Expert Committee on Deforestation in Brazil
REGULAR EVALUATION PROCEDURES
(cid:31) Social audit standards
Audit of suppliers at risk
Initiative for Compliance and Sustainability,
Business Social Compliance Program (BSCI)
(cid:31) Quality audit standards
Audit of stores and warehouses, audit of
specifications
International Featured Standard, British Retail
Consortium
(cid:31) Certifiers
Evaluation of the implementation of action plans
and progress plans
GEEIS Diversity
(cid:31) Stakeholder coalitions
Shared assessments (e.g., traders)
Consumer Goods Forum
ACTIONS TO PREVENT RISKS AND MITIGATE SERIOUS HARM
(cid:31) NGOs and associations
Definition of action plans, implementation of
concrete projects
WWF, l’Autre Cercle
(cid:31) Stakeholder coalitions
Collective work to align with market expectations
Consumer Goods Forum, Lab Capital Naturel, Act For
Nature International, Target Setting Group (SBTn)
(cid:31) Stakeholders and local partners
Implementation of local projects, consultation with
players on the ground
The Sustainable Trade Initiative in Brazil
(cid:31) Suppliers and value chain
Construction of value chains, transformation of
production methods
Partner producers
(cid:31) Governments
Stakeholder meeting around common objectives
(cid:31) Regulators and certifiers
Definition of common requirements, verification,
traceability and transparency
(cid:31) Stakeholders panel
Co-construction of policies and action plans
(cid:31) 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
(cid:31) NGOs
(cid:31) Rating agencies
Identification of alerts and public appeals
Mighty Earth, Canopée
Identification of controversies
CDP (formerly Carbon Disclosure Project)
(cid:31) Suppliers and local partners
Daily dialogue and alerts from Carrefour's teams
Worker Voice, Elevate
(cid:31) Employees and trade unions
Process for managing alerts from employees via
social dialogue, the ethics hotline or through the
hierarchy
UNI Global Union, employee representatives
PLAN FOR MONITORING MEASURES AND EVALUATING THEIR EFFECTIVENESS
(cid:31) NGOs
(cid:31) Rating agencies
Answering questionnaires and regular dialogue on
progress
Réseau Action Climat, Greenpeace
Performance measuring and identification of best
practices
Carbon Disclosure Project
(cid:31) Individual investors and coalitions
Performance evaluation and dialogue around measure
monitoring
Forum for Responsible Investment (FRI),
FAIRR, Platform Living Wage Financials
(cid:31) Regulators and auditors
Publishing and verification of performance indicators
French financial markets authority (AMF),
Independant Third-Party Verification Body
(cid:31) Social dialogue
(cid:31) Certifiers
Information and concertation
UNI Global Union, employee representatives
Progress evaluation
GEEIS Diversity
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2.2.3 RISK MAP
2.2.3.1 Risk mapping methodology
Aligning the duty of care risk map
with the Group’s other risk maps
The Carrefour group developed a specific ESG risk map in 2023
to comply with duty of care regulations and in anticipation of the
Corporate Sustainability Reporting Directive (CSRD) and adopted
new specific mapping of environmental, social and governance
(ESG) challenges in 2023. The ESG map analyses the materiality
of the internal and external impacts of these challenges.
The ESG map is based on the Carrefour group’s risk management
methodology, and
its scope of analysis the
in
specificities of the Duty of Care Plan. Its alignment with the
Group risk map is based on:
includes
■
the overlap between the two risk universes: from 2024, the
Group’s risk universe will present a consolidated view of the
risks covered by the ESG map;
■
consistent rating scales, particularly for measuring financial
impact.
The Group’s environmental, social and governance risk universe
comprises a total of 43 identified risks. Among the 31 risks
relating to the duty of care, 22 have been identified as priorities
for preventing serious harm to the environment, human rights, or
health and safety. These 22 risks are broken down in detail as part
of the Group’s duty of care, both upstream and in its own
operations.
Risks associated with the duty of care are included in the ESG
map. As a result, the assessment process and method used are
identical to those used for ESG mapping.
The map is updated annually and takes into account any possible
controversies and alerts identified in the media and through
dialogue with stakeholders. The methodology was reviewed in
depth in 2023 as part of a continuous improvement process in
line with regulatory developments and best practices.
FIGURE 3: RELATIONSHIP BETWEEN THE GROUP’S VARIOUS RISK ANALYSIS MAPS
Risk rating methodology
GROUP RISK MAP
Risk universe:
56 risks,
including 16 ESG risks
→ Materiality for Carrefour
→ Assessed based on gross and net criticality (average impact
x frequency)
Scope of assessment: operations
Short-term time horizon (1-2 years)
→
→
ESG ISSUES MAP (DOUBLE MATERIALITY)
Universe of ESG issues:
43 ESG issues broken
down in detail
based on the 16 ESG risks
in the Group's risk map,
including 31 issues
associated with the duty
of care
→ Materiality for Carrefour and external materiality
→
→
→
Assessed based on gross criticality (average impact x frequency)
Scope of assessment: upstream, operations, and downstream
Time horizon: short (1-2 years), medium (2-5 years) and long
term (>5 years)
MAP OF RISKS ASSOCIATED WITH THE DUTY OF CARE
Financial impact
x reputational impact
Frequency
External materiality
Criticality = impact on stakeholders
(magnitude x irremediability x extent)
x frequency
Materiality for Carrefour
Criticality = maximum impact
(financial or reputational)
x frequency
Risk universe:
31 risks associated with the
duty of care, 22 of which
considered a priority
(environment, health,
safety and human rights)
→ External materiality
→
→
→
Assessed based on gross criticality (average impact x frequency)
Scope of assessment: upstream and operations
Time horizon: short (1-2 years), medium (2-5 years) and long
term (>5 years)
External impact =
magnitude x irremediability x extent
Frequency
* From 2024, the Group's risk universe will present a consolidated view of the risks covered by ESG mapping.
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Governance of duty of care risk mapping
The mapping of ESG issues and of risks related to the duty of
care are carried out by the CSR team in close cooperation with
the Group Risk department, the Finance department and the
Group Legal and Compliance department.
The risk map is reviewed and approved by the Group Risk
Committee, made up of Executive members, and by the Board’s
CSR Committee. The Group Risk Committee gave its opinion on
the assessment of the various risks. In early 2024, the map of the
risks associated with the duty of care will be submitted to the
Committee on Purchasing Rules for the Food Transition, which
includes the merchandise and quality teams responsible for
monitoring and deploying the Duty of Care Plan for products and
raw materials, and to the European Works Council (Comité
d'information et de concertation européen Carrefour), which
includes employee representatives at European level.
Scope of risk assessment
As part of a comprehensive company risk management
approach, and in order to take account of the specific nature of
the risks associated with the Duty of Care Plan, these risks are
assessed solely in terms of Carrefour’s external impact, i.e., its
impact on the environment, human rights, health and safety.
Definitions:
■
upstream of the Carrefour value chain: risks of serious
violations of human rights and fundamental freedoms, the
health and safety of people and the environment resulting
the activities of suppliers, subcontractors and
from
Defining and updating the duty of care risk uni
verse
The Group uses standards and benchmarks to define the duty of
care risk universe, for example:
■
■
■
the issues identified under the CSRD;
the core conventions of the International Labour Organization
(ILO);
internationally recognised standards defining human rights,
including the Universal Declaration of Human Rights, the
guiding principles of
for Economic
Cooperation and Development (OECD), the United Nations
Global Compact, the International Covenant on Civil and
Political Rights, the International Covenant on Economic,
Social and Cultural Rights and
framework
agreement with UNI Global Union;
the Organisation
the global
■
non‑financial reference standards such as the Global Reporting
Initiative (GRI) and the Sustainability Accounting Standards
Board (SASB),
Consequently, this method excludes the assessment of the
impact (financial or reputational) of these risks on Carrefour.
In line with France’s duty of care law, risk analysis covers both
upstream aspects and Carrefour’s own operations. A specific
rating for these two areas is given for each risk in order to
prioritise the identified impacts and the related action plans.
In addition, the scope of assessment follows different time
horizons, with a time horizon being assigned to each risk to
assess the most relevant time scale:
■
■
an initial short‑term horizon (0‑2 years) to deal with immediate
risks and align them with the Group Risk department’s annual
monitoring programme. Examples include the internal social
energy
climate,
consumption;
adequate working
conditions
and
a second, medium‑term time horizon (2‑5 years) to deal with
more complex risks, such as greenhouse gas emissions,
microplastic pollution of ecosystems or the consumption and
degradation of marine resources. This time horizon is aligned
with that of the Carrefour 2026 strategic plan.
■
lastly, a long‑term horizon (>5 years) allows the Group to
integrate longer‑term risks into its strategic vision, as well as its
raison d’être. It covers long‑term risks such as the depletion of
water resources.
subsidiaries with which Carrefour has an established
commercial relationship.
■
own operations: risks of serious violations of human rights
and fundamental freedoms, the health and safety of people
and the environment resulting from Carrefour’s activities.
■
questionnaires from non‑financial rating agencies used each
year to assess the Group’s performance, controversies and
risks
Index,
(Moody's Vigeo, Dow Jones Sustainability
Sustainalytics, ISS, Carbon Disclosure Project, etc).
The Group’s CSR team monitors practices on an ongoing basis
based on the standards and benchmarks mentioned above, as
well as any controversies and alerts identified in the media or
through dialogue with stakeholders. This enables us to identify
any new risks within the universe of risks covered by the duty of
care. The ESG risk universe is updated every year to incorporate
any of these new risks, and also to take better account of current
events and strategic priorities that may change over time.
Documentation and independence of analyses
carried out
The mapping exercise is based on the expertise of the various
business lines and external experts. The entire process is
coordinated and approved by Ernst & Young, in consultation with
experts in specific fields (such as ICare and WWF France for
biodiversity risks).
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To ensure that the ratings are robust, the impact on stakeholders
is assessed based on detailed risk analyses that provide a detailed
understanding of the impacts, risks and opportunities associated
with each of the risks in question. These analyses are based on
reference standards specific to each risk (for example: Science
Based Targets for Nature, Task Force For Nature Disclosure, Task
Force For Climate Disclosure for climate and biodiversity; the
principles of the Accountability Framework Initiative (AFI) on
combating deforestation and ecosystem conversion). Reference
databases and
risk analyses were also used, such as
AMFORI‑BSCI’s list of risk countries or ITUC’s Global Rights Index
to assess human rights risks. The assessments are determined in
line with other available maps (see Table 1).
TABLE 1: EXAMPLES OF AVAILABLE ANALYSES OF RISKS, OPPORTUNITIES AND IMPACTS, USED TO DOCUMENT RISK
ASSESSMENTS BASED ON EXPERT OPINION
TYPE OF RISK
VALUE CHAIN
EXAMPLE OF IMPACT, RISK AND OPPORTUNITY ANALYSES TO ASSESS THE RISKS
ASSOCIATED WITH THE DUTY OF CARE
Human rights,
Health and safety
Human rights,
Environment
Human rights
Environment
Health and safety
Environment
Upstream
Upstream
Upstream
Mapping of geographical areas at risk with regard to human rights issues (based on
the AMFORI‑BSCI list and the ITUC Global Rights Index).
Mapping of high‑risk sectors and production phases. Example of an identified risk:
failure to pay fair wages in textile spinning mills, water pollution in textile dyeing
factories.
Mapping of at‑risk raw materials. The following factors are taken into account:
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.
Upstream,
Operations and
Downstream
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.
Human rights risks Operations
Mapping of gross human rights risks relating to the Group’s own operations. Example
of risk identified: harassment, discrimination and non‑compliance with diversity
principles in Brazil.
1
2
3
4
Risk assessment methodology
Risks are assessed in terms of their frequency and impact on stakeholders and the environment on a scale from 1 (low risk) to 4 (very
high risk).
5
FIGURE 4: METHODOLOGY FOR ASSESSING RISKS ASSOCIATED WITH THE DUTY OF CARE
Assessment of risk criticality
External impact
(stakeholders or
the environment)
Average of the
following criteria
1-4
Frequency
1-4
Magnitude
of the impact
1-4
Irremediability
1-4
Extent
of the impact
1-4
6
7
8
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Carrefour’s external impact is assessed using the average of the
following three criteria:
■
extent of the risk: a very high risk level means a potential
impact on society as a whole, at the global level.
■
■
magnitude of the risk: a very high risk level corresponds to the
possibility that an event will lead to death, the total loss of
psychological well‑being, the destruction of fauna, flora or the
environment, or the intensification of climate change;
irremediability of the risk: a very high risk level corresponds to
the possibility of damage that cannot be remedied without
significant side effects or after‑effects, or that is difficult to
compensate;
Frequency is assessed on a scale of 1 (every five years or less) to
4 (permanent risk).
The frequency and external impact are assessed independently
of the action plans put in place by the Group (gross assessment).
The risks analysed are therefore the gross risks.
2.2.3.2 Risk mapping results and duty of care
The results of the mapping exercise for gross risks* relating to the duty of care are presented in Figure 2 below.
FIGURE 2: DUTY OF CARE GROSS RISK MAP
j
r
o
a
M
4
-
3
t
n
a
c
fi
n
g
S
i
i
3
-
2
Consumption of marine resources
and degredation of marine
ecosystems
Deforestation and contribution
to land-use change
Inadequate working conditions
Occupational health
and safety risks
Forced labour
Failure to pay
decent wages
Emissions of pollutants impacting
organisms and resources
Illegal labour
Inequality and
discrimination
(operations)
T
C
A
P
M
I
L
A
N
R
E
T
X
E
Occupational health and
safety risks (operations)
Consumer health and safety violations
(quality, compliance or product safety failure)
e
t
a
r
e
d
o
M
2
-
1
GHG emissions
(upstream)
Waste and waste
management
GHG emissions
(operations)
Waste and waste
management
(operations)
Microplastics
(upstream)
Inequality and
discrimination
(upstream)
Water consumption
(upstream)
Energy consumption
(operations)
Microplastics
(operations)
Energy consumption
(upstream)
Water
consumption
(operations)
Average frequency
High frequency
Very high frequency
Constant
Economic environment
Human rights
Health and safety
FREQUENCY
* The frequency of risk assessment and risk criticality are evaluated independently of the action plans implemented by Carrefour (gross
risks).
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TABLE 2: PRESENTATION OF THE GROSS RISKS IDENTIFIED FOR RISK MAPPING IN ORDER OF PRIORITY (ASSESSMENT
OUTCOME – IMPACT ON STAKEHOLDERS AND ENVIRONMENT X FREQUENCY)
RISKS RELATING TO THE DUTY OF CARE
VALUE CHAIN
TIME HORIZON
RISK CATEGORY
1
Upstream greenhouse gas emissions
2 Waste and poor waste management
Upstream
Upstream
Short term
Medium term
Environment, Health
6
7
8
3
4
Greenhouse gas emissions
Own operations
Medium term
Deforestation and contribution to land‑use change
Upstream
Short term
5 Waste and poor waste management
Own operations
Short term
Inadequate working conditions
Upstream
Short term
Occupational health and safety risks
Forced labour
9 Microplastic emissions
Upstream
Upstream
Upstream
Short term
Short term
Medium term
10 Consumption of marine resources and degradation of
Upstream
Medium term
marine ecosystems
Failure to pay decent wages
Illegal work
11
12
13 Consumption of energy resources
14 Unequal treatment and discrimination
Upstream
Upstream
Upstream
Upstream
Short term
Short term
Short term
Short term
15 Microplastic emissions
Own operations
Medium term
16 Emissions of pollutants impacting living organisms and
Upstream
Long term
food resources
17 Water consumption
Upstream
Long term
18 Unequal treatment and discrimination
Own operations
Short term
19 Consumption of energy resources
20 Water consumption
Own operations
Short term
Own operations
Long term
21 Occupational health and safety risks
Own operations
Short term
22 Consumer health and safety violations due to quality,
Consumers
Short term
compliance or product safety failure
Environment
Environment
Health
Environment
Human rights
Environment
Human rights
Health
Health and safety
Human rights
Environment
Health
Environment
Human rights
Human rights
Human rights
Environment
Human rights
Environment
Health
Environment
Health
Environment
Human rights
Environment
Environment
Health and safety
Health and safety
The identified risks are categorised according to the materiality of their main impact on health and safety, human rights, and the
environment, but they may have other impacts or may impact several categories.
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2.2.3.3 Analysis of risks identified in the risk map
The risks and sub‑risks taken into account are documented in the light of existing risk, impact and opportunity analyses and any alerts
identified over the last three years.
2.2.3.3.1 Analysis of identified environmental risks
Greenhouse gas emissions
Definition: The company emits greenhouse gases (GHG) as part of its operations. These mainly include carbon dioxide (CO ),
methane (CH ), nitrous oxide (N O) and fluorinated gases used in particular for refrigeration systems.
2
4
2
UPSTREAM risks
Risks relating to GROUP OPERATIONS
GHG emissions associated with the production of goods and
services (agricultural production, land‑use change and product
processing)
GHG emissions from transporting goods (by rail, road and air)
Excessive energy use and leaks of refrigerants in the cold chain
and in product production
Leaks of refrigerant gases used in store refrigeration systems (air
conditioning and fridges)
Excessive consumption of carbon‑based energy to run stores and
warehouses
Consumption of marine resources and degradation of marine ecosystems
Definition: Overexploitation of marine resources, degradation of the seabed and pollution of the seas and oceans (particularly from
plastic) can significantly impact marine habitats by depleting resources and degrading ecosystems. Food companies depend on
marine ecosystems and their ecosystem contributions such as climate regulation, food production and raw materials.
UPSTREAM risks
Discarding polluting materials and substances into the ocean, in particular plastics used in product and package processing
Extracting, using and overexploiting marine resources for fishing
Destroying habitats through fishing techniques (e.g., trawling)
Waste and poor waste management
Definition: Waste is defined as any substance or object that the company holding said substance or object discards or intends or is
required to discard (including food waste). Disposing of waste can have a negative impact on the environment and human health due
to excessive exploitation of natural resources, pollution caused by non‑recyclable waste or poor waste management, food waste and
greenhouse gas emissions.
UPSTREAM risks
Risks relating to GROUP OPERATIONS
Excessive production and a lack of waste sorting in the agricultural
sector and in the processing of raw materials, products and
packaging
Excessive production and a lack of waste sorting by warehouses,
stores or in property management/development (construction
and renovation)
Food and non‑food waste in the production chain (waste of
resources, products discarded on farms and in processing plants)
On‑site food and non‑food waste due to poor management of
inventories, promotions and unsold items
Production of waste in the supply chain due to irregularities in the
cold chain, poor management of inventories and deliveries,
product withdrawals/recalls, etc.
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Deforestation and contribution to land‑use change
Definition: Deforestation means reducing forest areas to free up land for other activities or to use forest resources directly. Land‑use
change is, more broadly, the process of replacing a type of soil or vegetation to meet human needs such as farming or urbanisation.
These two processes contribute significantly to climate change and biodiversity loss as natural habitats are destroyed.
UPSTREAM issues
Deforestation associated with the supply of sensitive raw materials (cocoa, palm oil, wood and paper, beef in Brazil, etc.)
Indirect deforestation associated with the production of certain products, in particular animal products using soy for animal feed
Conversion of ecosystems associated with the agricultural production of certain sensitive raw materials, in particular soy used for
animal feed
Microplastic emissions
Definition: Microplastics refer to plastic particles generated or used during production processes. They may leave company facilities in
the form of emissions, products or parts of products or services. These microplastics can be produced unintentionally when larger
pieces of plastic, such as car tyres or synthetic textiles, become worn, or they can be deliberately manufactured and added to
products for specific purposes.
UPSTREAM risks
Risks relating to GROUP OPERATIONS
Emission of microplastics during agricultural production or
product processing (plastic sheeting, etc.)
Emission of microplastics by tyres during goods transport
Excessive use of plastics in the composition of products and
packaging (textiles, etc.) which generates microplastics
Consumption of energy resources
Definition: Energy refers to all types of energy production and consumption, whether renewable (including biogas and biomass) or
non‑renewable. Excessive energy use and promotion of high‑carbon energy sources have a major impact on greenhouse gas
emissions. Buying green energy – energy that comes solely from renewable sources (hydro, wind, solar, geothermal, etc.) – is a major
challenge in the energy transition.
UPSTREAM risks
Risks relating to GROUP OPERATIONS
Excessive consumption of carbon energy
production, product processing and product transport
for agricultural
Excessive energy consumption by stores and dependence on
carbon‑based energy
Failure to develop renewable energy supply chains
Promotion of fossil fuels and
lack of contribution to the
low‑carbon mobility transition (electric vehicles, soft mobility, etc.)
1
2
3
4
5
6
7
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Emissions of pollutants impacting living organisms and food resources
Definition: Pollution destroys natural habitats and their biodiversity by degrading food resources. There are two types of pollution: (1)
accidental pollution caused by the handling and storage of environmentally hazardous products (minor/major leaks) and (2) historical
pollution, which is the risk of pollution associated with the historical activities of sites that could have generated pollution.
UPSTREAM risks
Use of pesticides and fertilisers, management of agricultural effluents, use of antibiotics in livestock farming
Release of GMOs into the environment, escape of farmed species and release of their diseases into the environment
Processing of raw materials, products and packaging using polluting substances (e.g., textile factories, tanneries, polluting industrial
processes)
Pollution associated with goods transport (by road, air, etc.)
Water consumption
Definition: Water use in the company and within the value chain includes the sum of (1) all water withdrawn at the company or on
farms for any use, (2) the quantity of water withdrawn that was not discharged into the water environment or to a third party during
the year, (3) and the total quantity of water withdrawn at its source.
UPSTREAM issues
Issues relating to GROUP OPERATIONS
Water consumption for processing raw materials, products and
packaging
Excessive water consumption for stores and warehouses
Water consumption for agricultural production
2.2.3.3.2 Analysis of identified human rights risks
Inadequate working conditions
Definition: Working conditions refer to all the factors that contribute to ensuring a just and fair working environment for each and
every worker by promoting safety, physical and mental integrity and well‑being at work. Inadequate working conditions exist in various
forms, such as working hours that are too long or not respected, an unsuitable working environment that puts workers’ health and
safety at risk, an insecure employment contract and a lack of work‑life balance.
UPSTREAM risks
Failure to safeguard well‑being at work, work organisation (working hours, night work, impact of restructuring) and work‑life balance,
and risk of stress
Insecure employment contracts and insufficient employee benefits (contract termination due to illness, disability, retirement or family
commitments)
Deteriorating work environment: unhealthy, arduous work, extreme temperatures, lack of ergonomics
Forced labour
Definition: Forced labour corresponds to work performed under duress. It arises in situations where individuals are forced to work,
whether through the use of violence, intimidation, manipulation in situations of indebtedness, confiscation of identity documents or
threats of being reported to the immigration authorities, or by more subtle means.
UPSTREAM risks
Forced or compulsory labour
Withholding identity documents, threats against illegal immigrants
Withholding or non‑payment of wages, debt bondage
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Failure to pay decent wages
Definition: Failure to pay a decent wage means: (1) failure to pay the minimum wage set by local regulations, (2) a deterioration in the
living conditions of the worker and their family, particularly in terms of food, water, housing, education, health care, transport, clothing
and other essential needs, including preparation for unforeseen events.
UPSTREAM risks
Poor living conditions for workers and their families
Pay below the poverty line and/or the minimum wage, lack of benefits or bonuses for workers
Poor distribution of value among the various players in the supply chain, particularly farmers and farm workers
Illegal work
Definition: Illegal work is work carried out outside the law. It may for example be characterised by unpaid working hours, the absence
of employment contracts, undeclared employees, contracts written in a language that is not understood, and the employment of
undocumented foreign nationals.
UPSTREAM risks
Unpaid working hours
Lack of employment contracts, contracts in a language that is not understood
Undeclared workers, work by undocumented foreign nationals
Unequal treatment and discrimination
Definition: Unequal treatment refers to situations in which people are treated without dignity or respect, on grounds of race, skin
colour, religion, sex, sexual orientation, age, disability, political opinion, national or social origin, or any other personal characteristic.
This means that not all individuals enjoy the same rights and opportunities, and they are not all subject to the same rules and
conditions, which is discrimination.
UPSTREAM risks
Gender inequality, pay inequality
Refusal to employ and/or failure to
disabilities among suppliers
integrate people with
Violence, sexual harassment, bullying and discrimination in the
workplace
Poor inclusion and cultural, social, economic and generational
diversity, lack of respect for political opinions, religions and sexual
orientations of employees and customers
Risks relating to GROUP OPERATIONS
Gender inequality, particularly with regards to pay and parity in
management and executive positions
Refusal to employ and/or failure to
integrate people with
disabilities into the workforce, inadequate store accessibility for
customers with disabilities
Poor inclusion and representation of cultural, social, economic
and generational diversity, lack of respect for political opinions,
religions or sexual orientations of employees and customers
Racism in the workforce and towards customers (particularly in
Brazil), harassment and discrimination
1
2
3
4
5
6
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2.2.3.3.3 Analysis of identified health and safety
risks
Occupational health and safety risks
Definition: Health and safety at work have a number of specific objectives, designed to protect employees' best interests. The first
objective is to maintain a high level of physical, mental and social well‑being among employees. The second challenge of
occupational health is to prevent the risks to which employees are exposed in the workplace and accordingly protect them from
harm. The final objective is to keep employees in a job that is suited to their physiological and psychological abilities.
UPSTREAM risks
Risks relating to GROUP OPERATIONS
Poor management of employees’ tasks in high‑risk industries
(textiles, construction, steelworks) and other suppliers to the retail
sector (repetitive handling, staggered working hours, exposure to
pollution), exposing them to musculoskeletal disorders (MSD) and
pyschosocial risks (PSR)
Poor management of employees’ tasks (repetitive handling,
staggered working hours, exposure to pollution and/or cold)
making them vulnerable to MSDs and PSR or situations of
hardship
Intentional injuries caused by a third party (abuse, theft, holdups,
etc.)
Poor management of epidemics and pandemics
Intentional injuries caused by a third party (abuse, theft, holdups,
etc.).
Poor management of epidemics and pandemics
In‑store workplace accidents related to risky operations: handling
electrical equipment, loading and unloading trucks, handling
sharp tools, exposure to burns and oil splashes when cooking
Warehouse workplace accidents: storing pallets at height,
crossings between moving equipment and pedestrians, handling
electrical equipment
Consumer health and safety violations due to quality, compliance or product safety failure
Definition: Health and safety at work have a number of specific objectives, designed to protect employees' best interests. The first
objective is to maintain a high level of physical, mental and social well‑being among employees. The second challenge of
occupational health is to prevent the risks to which employees are exposed in the workplace and accordingly protect them from
harm. The final objective is to keep employees in a job that is suited to their physiological and psychological abilities.
Risks for CONSUMERS
Ineffective controls in place to guarantee product quality and conformity
Poor management of epidemics and pandemics
Deficiencies in the recall system leading to poor management of alerts
Lack of quality and hygiene in stores (poor management of the cold chain and expiry dates in particular)
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2.2.4 RISK 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.
RISK
ASSESSMENT
MEASURES
ACTIONS TAKEN
Measures for assessing risks to health and safety
At Carrefour
FREQUENCY
Occupational
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:
Twice a 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
Among consumers
Certifications,
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
their certified
characteristics.
information about
-
Certification can also be a means of reducing the environmental and social impacts related
limitations, as market
to procuring sensitive raw materials. However,
transformation is not always rapid. This is why Carrefour is seeking to diversify solutions to
improve the traceability of raw materials. 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. Where certification results in an a posteriori guarantee,
geo‑monitoring verifies real‑time compliance with the specifications defined by Carrefour.
The Group is studying the use of these tools for other types of agricultural production.
it has
its
Certification,
labels and claims are also an effective means of combating food
counterfeiting. The Group has therefore used these various means of evidence to deploy
anti‑food counterfeiting measures. Within the framework of certification standards
recognised by Carrefour, suppliers are indeed audited on the existence and implementation
of a plan to reduce food fraud. The process must define requirements on when, where and
how to reduce fraudulent activities identified by a food fraud vulnerability assessment. The
resulting plan defines the measures and controls required to effectively reduce identified
risks. The control measures to be implemented may vary depending on the:
type of food fraud (substitution, mislabelling, adulteration or counterfeiting);
detection method;
type of oversight (inspection, audit, analytical, product certification);
source of raw materials and packaging materials.
■
■
■
■
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RISK
ASSESSMENT
MEASURES
ACTIONS TAKEN
Measures for assessing risks of human rights violations
FREQUENCY
At Carrefour
Social
certifications
The GEEIS international label evaluates and promotes organisations that take a proactive
approach to gender equality. The Carrefour group’s integrated countries are audited by
Bureau Veritas with regard to the GEEIS. All Carrefour group host countries have been
GEEIS‑certified since 2022.
Follow‑up audit:
every two years
Renewal audit:
every four years.
Within the value chain
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:
Annual
■
■
■
■
in countries where a risk has been identified, Carrefour’s ultimate aim is to perform social
audits on all production facilities that manufacture Carrefour‑branded 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:
■
■
■
■
a preliminary review by Carrefour of the facility’s compliance with social, environmental
and basic quality requirements;
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;
unannounced follow‑up audits performed periodically by an independent firm to validate
actions taken;
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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RISK
ASSESSMENT
MEASURES
ACTIONS TAKEN
Measures for assessing risks of environmental damage
FREQUENCY
At Carrefour
Reporting
Quarterly reporting is carried out to assess the impact of the Group’s sites in terms of the
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
Regular impact
and dependency
assessments
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. The mapping exercise helped to 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.
-
Certifications
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
Within the value chain
Textile supplier
audits
Clean Water Project: a global programme set up to reduce the environmental impact of
Carrefour supplier factories. This programme is primarily aimed at water‑consuming textile
industries that use water and chemicals for their production processes. It is designed by
Carrefour Global Sourcing’s sustainable development teams and seeks to raise awareness,
train and audit suppliers in the management and efficiency of water and chemical
consuming processes. The Clean Water Project includes in particular a training and audit
programme
in
in chemical management, an environmental programme
collaboration with the Institute of Public & Environmental Affairs (IPE) and a tannery
certification programme.
in China
Annual
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.
In Bangladesh and India, Carrefour Global Sourcing has issued the Carrefour Chemical
Guidebook, which sets out guidelines for purchasing, storing, using and disposing of
chemicals in factories. Compliance is encouraged with training and annual 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
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RISK
ASSESSMENT
MEASURES
CSR ratings of
suppliers in the
textile sector
ACTIONS TAKEN
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
Annual
Environmental
audits and
certifications
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 2.1.8 Workers in the value chain).
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.
■
The Group sells an increasing number of sustainable products that require 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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2.2.5
PRESENTATION OF PREVENTION AND MITIGATION MEASURES
FOR IDENTIFIED RISKS
2.2.5.1 General framework
The Carrefour group, which works with thousands of suppliers
and service providers around the world, measures the risks
the social and
inherent
its supply chains, assesses
to
environmental compliance of its suppliers and service providers,
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.
Each of the tools is designed to comply with international CSR standards.
TABLE 4 – CONCORDANCE OF GENERAL FRAMEWORKS
WITH INTERNATIONAL STANDARDS
UNITED
NATIONS
GUIDING
PRINCIPLES
OECD GUIDING
PRINCIPLES
ILO CORE
CONVENTIONS
UN GLOBAL
COMPACT
INTERNATIONAL
AGREEMENT
WITH UNI
GLOBAL UNION
UDHR
(1)
Carrefour Principles of
Ethics
Carrefour Code of
Conduct
Carrefour Purchasing
Rules
Carrefour Supplier and
Service Provider
Commitment Charter
X
X
X
X
(1)
Universal Declaration of Human Rights.
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
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.
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/en/gui/102586/code.pdf
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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.
■
■
■
■
■
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
through a set of dedicated rules, good knowledge and
management by the merchandise teams and a set of control
procedures for the quality teams.
The Supplier and Service Provider Commitment
Charter
The Supplier and Service Provider Commitment Charter forms an
integral part of all purchase contracts in all countries for certified
products and non‑commercial purchases. It consists of nine
chapters focusing on human rights, ethics and the 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.
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2.2.5.2 Prevention and mitigation measures in place
The table below sets out the action plans and performance indicators for the priority risks based on the risk map (see Section 2.2.2.2
Risk mapping results).
RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
RESULT
(1)
Environment
Upstream
greenhouse gas
emissions
Number of suppliers
committed to the Food
Transition Pact:
2023: 306
2022: 204
Change: +50%
Number of TOP 100
suppliers certified 1.5°C
by SBTi:
2023: 44%
2022: 27%
Change: +17 pts
Number of suppliers
involved in the 20
Megatonnes project:
2023: 78
2022: 51
Change: +53%
Number of partner
(2)
products :
2023: 46,013
2022: 37,756
Change: +22%
■
At Carrefour:
Reducing emissions associated with refrigerants and energy consumption in
stores: Carrefour has issued the eight integrated countries a list of five priority
initiatives and technologies recommended in their stores:
substitution of high‑heating hydrofluorocarbons
refrigeration;
installation of closed doors on refrigeration units operating at 0°C to 8°C to
limit refrigerant leaks;
use of electronic speed controllers;
use of sub‑metering systems and low‑energy LED lighting;
reduction
hydrofluorocarbon (HFC) refrigerants and limiting refrigerant leakage.
refrigerant‑related CO emissions by phasing out of
for commercial
(HFCs)
in
■
■
■
■
2
2
Within the value chain:
Commitments from own‑brand and national‑brand suppliers to reduce their
GHG emissions: The “20 Megatonnes” project launched in 2020 aims to
encourage suppliers to make commitments to reduce their emissions, measure
their progress and involve consumers by offering them alternatives emitting less
CO . The Group has invited its Top 100 suppliers to align with a 1.5°C trajectory
by 2026 and has committed to delisting them if they do not meet this condition.
In 2023, a Road to 1.5°C convention was organised to inspire and build
momentum around the top 100 supplier objective. The aim of the convention
was to give suppliers an overview of the key steps required to achieve a 1.5°C
trajectory, and to identify best practices in the sector. The Group’s Merchandise
department also received training on climate change and supplier commitment.
The training provided knowledge tools for all merchandise managers so that they
can better manage future discussions with the Group’s main partners.
Low‑carbon agriculture: Carrefour is developing responsible sourcing to reduce
the climate impact of its own‑brand products. The Group is committed to
combating deforestation and developing agroecological practices within its
Carrefour Quality Lines. These practices – reducing the use of pesticides and
nitrogen fertilisers, adopting soil conservation techniques, etc. – very often help
to reduce the CO emissions linked to agricultural production. Carrefour is
working on an “Agriculture and Climate” strategy. Lastly, the Group is developing
initiatives to promote the consumption of local products. For example, Carrefour
has launched the 0 km project, which encourages stores to list and display a
range of products from less than 30 km away, and the local festival in all
Carrefour formats in France, which promotes local products and know‑how
through events and tastings in stores.
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RESULT
(1)
Fuel and green mobility: The Group continued to roll out electric vehicle
charging infrastructure in its hypermarket and supermarket car parks in France.
Carrefour is also rolling out hydrogen stations in the Greater Paris region through
a partnership between Carrefour and HysetCo. Five distribution stations should be
deployed in the Greater Paris region by summer 2024 under the partnership. In
2023, Carrefour and Uber also announced a partnership to improve the
accessibility, cost and experience of EV recharging for private‑hire drivers, who
will enjoy preferential rates on the Carrefour Energies network from January 2024
in France.
Plant‑based food: As part of its commitment to the food transition for all,
Carrefour stepped up the development of plant‑based food.
Carrefour is deploying a strategy based on:
■
■
■
■
a comprehensive and innovative product range: Carrefour has begun to
develop its range of plant‑based alternatives and pulses through its Carrefour
Veggie brand, which
is 100% vegetarian, V‑Label certified and broadly
affordable. Carrefour is also developing a range of plant‑based proteins and
meat alternatives through its other brands.
collaboration with suppliers: Carrefour has launched an international coalition
to accelerate sales of plant‑based alternatives with seven manufacturers
(Danone, Unilever, Bel, Andros, Bonduelle, Nutrition & Santé and Savencia). The
coalition is committed to achieving sales of 3 billion euros from plant‑based
meat alternatives by 2026, using a series of joint initiatives.
a promotional campaign to encourage people to eat plant proteins: Carrefour
has teamed up with Danone to roll out the “Lundi c’est veggie, mais aussi le
mardi, mercredi…” campaign (Monday is veggie day, but so is Tuesday,
Wednesday…). The aim of the campaign is to promote healthy (Nutri‑Score A or
B), vegetarian or vegan eating.
promotion in stores and via e‑commerce: to highlight low‑carbon vegetarian
products in stores and on the website, Carrefour has modified the display
hierarchy on the e‑commerce site and made such products easier to identify in
stores. In March 2023, Carrefour Belgium supported the Veggie Challenge, a
contest encouraging consumers to eat more plant‑based products for 20 days.
Throughout March, Carrefour posted veggie recipes for customers on social
media. In France, in partnership with the WWF, Carrefour France is promoting
low‑carbon vegetarian recipes. These recipes are available at https://
www.carrefour.fr/recettes/manger‑durable.
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RESULT
(1)
Sustainable fishing:
Percentage of controlled
and national‑brand
products from suppliers
engaged in sustainable
(3)
practices :
2023: 57.1%
2022: 34.5%
Change: +22.6 pts
Percentage of sales of
controlled fishery and
aquaculture products
produced using
sustainable practices :
2023: 60.9%
2022: 49.5%
Change: +11.4%
(4)
RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Consumption of
marine resources
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.
Carrefour has therefore defined an action plan based on five major challenges:
■
■
■
deployment of Carrefour’s Quality Lines (CQL): the Group is building its range
of CQL products, which are selected and traceable back to the boat and/or
farm community; CQL sourcing channels enable more demanding
specifications to be developed in partnership with suppliers;
suspended sourcing of sensitive species: for several years, Carrefour has
gradually suspended the sale of sensitive species such as wild sturgeon,
scabbardfish, red seabream and skate (non‑exhaustive list);
less impactful fishing practices: Carrefour is in favour of applying the principle
of precaution with regard to electric fishing. All Carrefour France suppliers have
confirmed that they exclude the practice, for all fish sold in the fresh and frozen
sections under the Carrefour brand.
This means, for example, that Carrefour France sells several canned tuna items
caught by alternative means such as pole fishing and fishing without the use of
fish aggregating devices. In addition, “coastal products” campaign has been
introduced to help promote small‑scale fishing. Products from small‑scale coastal
fishing are indicated as such on in stores, based on compliance with specific
technical criteria:
■
■
more responsible aquaculture practices: in this regard, Carrefour prohibits the
use of ingredients from illegal, unreported or unregulated fishing sources in all
its Carrefour‑branded products; prohibits the GMOs in its CQL products;
reduces (or even ends) the use of antibiotics in its CQL products; and is actively
working on the feed given to farmed fish;
Carrefour conducts compliance audits of its direct suppliers and expects them
to require the same level of compliance from their own suppliers. These audits
are carried out in accordance with strict standards (i.e., ICS, BSCI and SA 8000).
If they fail to meet these standards, supplier countries risk being carded, which
means their fish could be banned from the EU market. To combat illegal
practices, Carrefour prohibits the use of fishing vessels from countries that have
received a yellow or red card from the European Union.
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Waste and poor
waste management
Carrefour generates a significant volume of waste in its stores, logistics centres
and throughout its supply chain. Similarly, food waste is a concern that spans the
entire value chain (production, warehouses, stores and consumers).
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.
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 reusability solutions 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.
RESULT
(1)
Percentage reduction in
food waste from stores
(5)
:
(vs. 2016)
2023: -35.7%
2022: -39.9%
Change: +4.2 pts
Number of meal
equivalents of unsold
products donated to
food aid associations (in
millions of meals):
2023: 48.7
2022: 45.7
Change: +3
Number of baskets sold
(6)
with TGTG :
2023: 3,904
2022: 3,437
Change: 13.6%
Proportion of
hypermarket and
supermarket waste
recovered:
2023: 69.8%
2022: 74.5%
Change: -4.7%
Cumulative reduction of
packaging since 2017 (in
tonnes):
2023: 20,738
2022: 16,390
Change: +26.5%
Number of stores
offering the Loop
(7)
service :
2023: 130
2022: 65
Change: +100%
Percentage of
Carrefour‑brand
packaging that is
reusable, recyclable or
(8)
compostable :
2023: 69%
2022: 57%
Change: +12 pts
Number of suppliers
committed to the Food
Transition Pact:
2023: 306
2022: 204
Change: 50%
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Deforestation and
contribution to
land‑use change
In 2022, the Group launched the SBTN (Science Based Target for Nature)
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.
Maps of high‑risk raw materials are created and regularly updated. 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 Soy Manifesto). In
2023, specific action plans were put in place in connection with the new forestry
plan (notably a programme for exiting areas at risk of deforestation as defined in
concert with stakeholders and deforestation experts in Brazil).
The Group has made it a priority to address the following risks:
Deforestation for conversion of land for agriculture: Carrefour has defined
specific purchasing rules for sensitive raw materials in its supply chain.
■
■
■
Carrefour has
implemented a gradual action plan with
Palm oil:
its
Carrefour‑brand product 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.
Standards are now being tightened to the stricter segregated 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.
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 depending on
product origin (recycled, FSC certification, PEFC certification or specific
audit).
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 its own sourcing, the Group implements the following
solutions: use of non‑GMO soy whose geographical origin is traceable and not
affected by deforestation; development of local, non‑GMO soy channels; use of
Proterra certification; development of vegetarian/vegan ranges through
Carrefour Veggie products offering an alternative to animal proteins.
(12)
(13)
RESULT
(1)
Palm oil:
Percentage of palm oil
used in
Carrefour‑branded
products that is fully
traced (RSPO
Segregated certified)
2023: 95.3%
2022: 83.7%
Change: +11.6 pts
(9)
:
Percentage of palm oil
used in
Carrefour‑branded
products certified RSPO
or equivalent
2023: 100%
2022: 99.9%
Change: +0.1 pt
(10)
:
Wood and paper:
Percentage of Carrefour
own‑brand products in
ten priority categories
sourced from
sustainable forests
2023: 96.3%
2022: 90.7%
Change: +5.6 pts
(11)
Soy:
Percentage of Carrefour
Quality Lines and other
key Carrefour‑branded
products that use
zero‑deforestation soy
as animal feed
2023: 21.7%
2022: 19.7%
Change: +2.1 pts
(14)
:
1
2
3
4
5
6
7
8
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■
■
Beef in Brazil: 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 on combating 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.
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 be sourced from production
areas that are affected by deforestation, under environmental embargo, in
conservation units, on land belonging to indigenous populations, or using
illegal labour. In practical terms, the Group’s purchasing data are cross‑checked
in the tool against official deforestation maps (in Amazonia and Cerrado),
protected areas and indigenous lands. Carrefour involves its suppliers in 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. 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 Group’s banning procedures.
RESULT
(1)
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:
2023: 100%
2022: 89.7%
Change: +10.3 pts
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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. In addition to this individual approach,
Carrefour is taking collective action vis-à-vis beef producers, for example by
supporting the establishment of a Beef Working Group as part of 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. 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.
■
■
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.
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 or 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.
To help create international standards against deforestation and instil best
practices, 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, beef and soy. This platform aims to collectively mobilise suppliers to
drive systemic change across supply chains.
RESULT
(1)
Cocoa:
Percentage of
Carrefour‑branded
chocolate bars that
comply with our
Sustainable Cocoa
(15)
Charter
:
2023: 31.6%
2022: 31.4%
Change: +0.3 pts
Traceability and
assessment of traders:
Percentage of key
traders assessed and
making progress
towards complying with
our policy:
2023: 100%
2022: 100%
Change: -
Percentage of key
traders making progress
towards complying with
our policy:
2023: 33%
2022: Assessed based
on 2022 data
Textiles:
Percentage of natural
raw materials for textiles
that comply with our
TEX
sustainability policy
2023: 52.3%
2022: 46.4%
Change: +5.8 pts
(16)
:
Percentage of TEX
products made with
organic cotton:
2023: 20.6%
2022: 21%
Change: -0.4 pts
Percentage of
wood‑based fibres in our
TEX products that are
deforestation‑free:
2023: 96.3%
2022: 70.9%
Change: +25.4 pts
Percentage of wool in
our TEX products that
guarantees sheep
welfare and protects
soils and ecosystems:
2023: 58.7%
2022: 25.1%
Change: +33.6 pts
Percentage of cashmere
used in our TEX
products that
guarantees goat welfare
and comes from land
that incorporates
strategies to reduce
desertification:
2023: 100%
2022: 100%
Change: 0
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Microplastic
emissions
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. For this reason, Carrefour has 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 analysis showed that 90% of the plastic
manufactured and then used for the Group's activities was associated with the
products sold, and that 80% of this plastic came from packaging.
This is why Carrefour has drawn up a specific action plan for plastic packaging
which focuses on the following areas:
■
■
■
■
■
reducing plastic packaging in every store: 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
organic product packaging, plastic fruit and vegetable 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;
facilitating collection and recycling: ecodesign initiatives are being rolled out
in all countries to make packaging more easily recyclable;
incorporating more recycled materials:
improving the collection of packaging data in collaboration with suppliers: in
2022, 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.
RESULT
(1)
Reduction in packaging
since 2017 (in tonnes)
(17)
:
2023: 20,738
2022: 16,930
Change: +26.5%
Plastic packaging
avoided since 2017 (in
tonnes)
2023: 19,021
2022: 15,140
Change: +25.6%
Percentage of
Carrefour‑branded
packaging made with
recycled plastic
2023: 8.6%
2022: 7.7%
Change: +0.9 pts
(18)
:
Consumption of
energy resources
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.
Number of
hypermarkets equipped
with photovoltaic
systems:
2023: 137
2022: 18
Change: +660%
Use of renewable energy: In 2023, the Group stepped up the production of
photovoltaic energy, with priority given to self‑consumption and injection into the
grid. In 2023, 137 stores were equipped with photovoltaic systems. Carrefour is
also strengthening its supply of electricity from renewable sources with the
signing of four direct electricity purchase contracts in 2023. These agreements
with Voltalia and VSB énergies nouvelles, which run for 15 years or more, provide
long‑term visibility on the electricity purchase price and enable the company to
obtain guarantees of origin for its production methods. They relate to solar and
wind
Burgundy‑Franche‑Comté,
Auvergne‑Rhône‑Alpes and Occitanie. From 2024, they will produce 104,000
MWh/year, equivalent to the power consumption of 29 hypermarkets.
Brittany,
located
power
assets
in
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RESULT
(1)
Number of suppliers
committed to the Food
Transition Pact:
2023: 306
2022: 204
Change: +50%
Number of organic
farming producers
(supported through
sector‑based contractual
arrangements)
2023: 4,997
2022: 3,637
Change: 37.4%
(19)
:
Shopping malls certified
to BREEAM In‑Use
standards (as a % of
asset value):
2023: 95.8%
2022: 94%
Change: +1.8 pts
RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Emissions of
pollutants
impacting living
organisms and
food resources
The production of certain raw materials can have consequences for biodiversity,
and the globalisation of supply chains makes it difficult to monitor and trace
them. For this reason, Carrefour is offering more sustainable raw materials, in
particular by developing organic farming and its Carrefour Quality Lines.
Developing the organic offering: The Group offers its organic farming suppliers
multi‑year contracts that commit to volumes or 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
particular in France and Romania. In 2023, Carrefour partnered with 4,997 organic
producers.
Developing agroecology via Carrefour Quality Lines: Carrefour has a unique tool
for developing agroecology: the Carrefour Quality Lines. 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. These chains guarantee a product that is “fed on GMO‑free
feed”, or “fed without antibiotics” or “grown without chemical treatment”, etc. In
2023, 28.4% of Carrefour Quality Lines were agroecological (compared with 6.5%
in 2022). Through its Carrefour Quality Lines, the Group sets up multi‑year
partnerships with a view to guaranteeing greater visibility and more opportunities
for producers. Carrefour thus provides volume guarantees to take account of
production requirements and limitations and/or price guarantees to ensure fair
compensation for the producer and to finance the constraints of the Carrefour
specifications. In 2023, 16,872 producers around the world partnered with
Carrefour Quality Lines.
Impact of Carrefour sites on biodiversity: BREEAM Construction certification
requires that buildings be designed and built with respect for the environment
and occupant health and safety. The shopping mall renovation programme
undertaken by the Carrefour group with the real‑estate companies Carmila and
Carrefour Property specifies the use of environmentally sound solutions. In
addition, landscaping improvements are incorporated into renovated sites
through planting local species.
In addition, service stations managed by Carrefour are equipped with facilities
designed to prevent environmental risks and odours. The Group constantly
monitors the regulatory compliance of its facilities and closely tracks fuel inputs
and outputs to control the risk of leakage. In 2020, a Biodiversity Charter was
drawn up for all operational sites. It proposes solutions for developing biodiversity
at shopping centres by leveraging four focus areas:
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.
■
■
■
■
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 line with a commitment to safeguarding the
environment, occupant health and safety, and preserving biodiversity.
Amount of water
consumed (in millions of
(20)
:
cu.m.)
2023: 8.2
2022: 12.2
Change: -32%
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RESULT
(1)
Human rights
Forced labour
Illegal work
Inadequate
working conditions
Carrefour recognises that promoting human rights is fundamental to conducting
its business responsibly and over the long term. The purchasing rules provide a
framework for the social and environmental compliance of purchases of
controlled products. These products meet specifications defined by Carrefour
and are subject to specific quality control. The purchasing rules provide a
framework for the social and environmental compliance of purchases of
controlled products. These rules stipulate:
■
■
■
■
that suppliers must sign a Commitment Charter (described below);
the compliance process and rules for social audits of sectors at‑risk (see Section
2.2.4 Risk assessment measures);
that the Group’s purchasing entities must appoint a person in charge of social
and environmental compliance;
an action plan to bring production phases and sensitive raw materials into
compliance with specific purchasing rules.
The commitment of suppliers of Carrefour‑brand products to human rights is
reflected first and foremost through their signature of a Supplier Commitment
Charter, which is an integral part of all purchasing contracts in all Group host
countries. This charter includes the provision of an ethics hotline, available 24/7 in
all of the Group’s languages, via the internet or by phone. The charter is designed
to ensure that Carrefour continues to uphold and comply with human rights: It
reiterates Carrefour's Ethics Principles, which provide a set of guidelines for fair
and transparent business practices, and shares these principles of action with
suppliers. It also requires a commitment from suppliers to comply with the
Group’s requirements on human rights, ethics and the environment set out in a
total of nine chapters (prohibition of all forms of forced, bonded, debt‑bonded or
penal 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, ethical working hours, and
principles of ethics).
The charter prohibits clandestine or undeclared subcontracting, and has a
cascade effect by asking suppliers to demand the same social compliance
standards of their own suppliers. Based on reciprocity, the charter does not allow
Carrefour to impose any conditions on suppliers that would prevent them from
complying with the charter. Moreover, Carrefour undertakes to support its
suppliers as much as possible in implementing these social principles, specifically
by deploying corrective measures in the event of non‑compliance.
Percentage of audits
with alerts (potential
production plants)
2023: 19%
2022: 17%
Change: +2 pts
Of which alerts related
to working hours:
2023: 23%
2022: 28%
Change: -5 pts
Number of social audits
(active and potential
production plants):
2023: 1,161
2022: 1,418
Change: -18.1%
Number of plants
screened with Sentinel:
2023: 4,000
2022: 3,873
Change: +3.3%
Number of units
screened using the
Sentinel tool:
2023: 78
2022: 105
Change: -25.7%
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RESULT
(1)
Special cases:
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 proportion of
organic cotton in its total supply, while raising the standards for 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 the organic cotton farm to the point of sale.
■
Human rights violations caused by textile production: local projects in high‑risk
regions (own‑brand suppliers) include:
incorporating environmental requirements into the Good Factory Standard;
project with the Institute of Public and Environmental Affairs (IPE) to assess the
environmental performance of production plants in China;
Clean Water Project in Asia to prevent or counteract industrial pollution risks.
■
Monthly screening of the supply chain is carried out using the Sentinel tool via
social media/internet, etc.
■
■
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.
●
●
●
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RESULT
(1)
Mapping of the Group’s supply chain and alerts received from various channels
have led to the identification of eight additional sources with suspicious links to
Xinjiang Province. Alternatives have been found to replace them. 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 launched
spinning mill inspections with its local teams, starting with key integrated
suppliers.
■
Action plan relating to alerts in the Tamil Nadu region: collective work began in
2021 for this sourcing area in:
●
●
●
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
the Initiative for Compliance and Sustainability (ICS) and evaluating their
performance via an audit and a specific questionnaire, with priority given to
key suppliers;
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. The 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.
Human rights violations associated with fruit and vegetable production:
Bananas: bananas are the most popular fruit sold in stores, but they are sensitive
to the effects of climate change and the subject of widespread reports on human
rights abuses. 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 in the supply of seafood products: in order to combat
illegal practices and ensure better traceability, which helps prevent the risk of
human rights violations, Carrefour has implemented a series of measures:
■
■
■
■
■
prohibit the use of vessels blacklisted for Illegal, Unreported, Unregulated (IUU)
fishing, suspected of illegal activities, or flying the flag of a country subject to an
EU yellow card;
require the use of boats registered and authorised by regional fisheries
management organisations (RFMOs);
require boats to have an IMO or UVI registration number with the relevant
authorities;
require membership of the ISSF PVR programme, where possible;
prohibit transshipment, unless managed in accordance with ISSF criteria;
demand full traceability back to the fishing boat.
■
Carrefour ensures extensive traceability right back to the fishing boat in the
specifications of its European purchasing centre. The full list of boats authorised
to supply the Group is provided in each suppliers' specifications. The Group
checks that the boats are registered with the ISSF PVR programme (ProActive
Vessel Register of the International Seafood Sustainability Foundation) and that
they are not on the blacklists of IUU fishing, etc.), suspected of illegal activity or
flagged to an EU yellow card country. To combat slavery, the Group prohibits
transshipment. These criteria require boats to disembark regularly at the port for
registration/port control.
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RESULT
(1)
Percentage of audits
with alerts (potential
production plants)
2023: 19%
2022: 17%
Change: +2%
Of which alerts related
to compensation,
working conditions and
benefits:
2023: 21%
2022: 24%
Change: -3 pts
Percentage of women
among Executive
Directors (top 200)
2023: 28.8%
2022: 25.7%
Change: 3.1 pts
(21)
:
Percentage of
management positions
held by women
2023: 42.6%
2022: 42.3%
Change: +0.3 pts
(22)
:
Percentage of
employees recognised
(23)
:
as having a disability
2023: 4.3%
2022: 3.7%
Change: +0.6 pts
RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Failure to pay
decent wages
Unequal treatment
and discrimination
In this regard, Carrefour is committed to constantly improving working conditions
and protecting human rights and the environment among its suppliers, as set out
in its Commitment Charter on human rights. In particular, Carrefour pledges in
the charter to provide workers with satisfactory compensation to meet their basic
needs and those of their family members who depend directly on them.
Carrefour’s Commitment Charter includes a decent wage commitment (item 6). 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” (item 6.3).
In relation to decent wages, Carrefour’s purchasing rules include audits on
compliance with the 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 the 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” and “working hours”.
In 2023, the Group launched a decent wage survey among its employees across
the three integrated countries.
In all countries where it operates, the Group embraces equal opportunity,
promotes diversity and prohibits all forms of discrimination – a policy that sets it
apart from its peers. The Group is involved in practical initiatives, including Group
and nationwide agreements entered into with unions, programmes developed
under the aegis of international organisations, and cooperation in the field with
NGOs in most Group countries.
Along with the trade unions, the Group has signed an agreement regarding
gender equality in the workplace across France, in a commitment to facilitating
the career development of women.
The Group is also committed to diversity and inclusion and has joined the
signatories of the Charter of L’Autre Cercle, a non‑profit that advocates for the
inclusion of LGBT+ people in the workplace.
The Group also created an Engagement department to execute the Group’s
social responsibility vision, including a Diversity and Inclusion section. The Group
established a Diversity Policy which has been deployed in all the Group’s
integrated countries.
Inclusion and diversity in Brazil: Respect for all people is one of the guiding
principles of the Carrefour Brazil community. By respecting diversity and fostering
peaceful coexistence, the Group endeavours to establish quality relationships
with all stakeholders
(employees, customers, service providers, suppliers,
representatives or third parties), regardless of their differences. These principles
are set out in the Code of Ethics and the Group’s Diversity Policy published in
2023. To reinforce and ensure compliance with these principles, the Group has
created a diversity and inclusion platform. As part of the platform, a Strategic
Diversity Committee and a Steering Committee on diversity and affinity groups
have been set up. These employee‑led committees foster debate on policies and
actions for greater inclusion and visibility of minority groups within the
organisation. Four main topics are discussed during monthly meetings: race,
gender, sexual orientation and disability.
Specific measures have been taken to promote human diversity and inclusion:
■
■
a zero tolerance policy on racism and discrimination on the basis of race and
ethnicity, community of origin, social class, gender, sexual orientation, age,
disability or religion, throughout the Carrefour Brazil group and its supply chain.
An anti‑racism clause will be included in all supplier contracts and proven
failure to comply will result in termination of the contract;
clear, visible and permanent implementation of a zero tolerance policy against
all forms of discrimination, with training for all employees in all Carrefour units;
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
RESULT
(1)
Unequal treatment
and discrimination
■
■
■
■
a differentiated skills training program every year for 100 Black men and
women to accelerate their careers within Carrefour and speed their access to
management positions. Annual training and career development targets will be
set for Black employees within the different Carrefour units, including specific
targets for management positions. Specific measures will also be put in place
for hiring Black health and psychology professionals to support the
development of Black trainees, apprentices and people in leadership positions;
support for educational institutions throughout the country for the vocational
training of young Black men and women. Carrefour Brazil has invested in three
impact areas – education, jobs and entrepreneurship – for the Black
population, especially women and young people;
recruitment of approximately 20,000 new employees per year on a gross basis,
respecting the racial representation of the population of each state in the
country, but with a minimum percentage of 50% Black people among new
hires. Carrefour will also support racial literacy to ensure that the Brazilian
population census is correctly implemented;
introduction of a digital platform for reporting, with guaranteed anonymity,
domestic violence or racist acts against women on the website and Carrefour
apps for subsequent referral to the competent entities.
To best achieve all these objectives, Carrefour Brazil has established strong
partnerships and made trusted contacts. In particular, Carrefour Brazil has taken
part in job fairs conducted by the Zumbi dos Palmares University, which aim to
attract Black professionals, both women and men, to the job market. The Group
also has partnerships with institutions that help Black applicants find jobs, such as
Empregue Afro. Internally, the recruitment teams frequently organise internship
programme workshops focused on removing barriers that prevent the hiring of
certain categories of people.
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
RESULT
(1)
Health and safety
Occupational
health and safety
risks
All of the Carrefour group's host countries have an action plan on health, safety
and quality of life in the workplace. Accordingly, each country has undertaken to
implement and manage an action plan for health and safety at work, aimed above
all at preventing workplace accidents and occupational illnesses.
At Carrefour:
Workplace accidents and occupational illnesses: compliance with existing
regulations, anticipation of changes in regulatory requirements, implementation
of strict procedures, preventive training on subjects such as in‑store safety,
posture and movements, employee awareness campaigns, etc. In France, a
dedicated body for workplace 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, the Es@nté tool promotes the occupational risk prevention
approach and facilitates administrative management of workplace accidents and
occupational illnesses, and the Wittyfit tool focuses on psychosocial risk
prevention.
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.
Within the value chain:
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 in accordance with one of 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.
Workplace accident
frequency rate (number
of accidents/millions of
hours worked)
2023: 31.4%
2022: 25.3%
Change: +6.1 pts
(24)
:
Workplace accident
severity rate (number of
days absent due to
workplace accident/
(25)
:
1,000 work hours)
2023: 2.1%
2022: 1%
Change: +1.1 pt
Percentage of audits
with alerts (potential
production plants):
2023: 19%
2022: 17%
Change: +2 pts
Of which alerts related
to health and safety:
2023: 41%
2022: 30%
Change: +11%
Number of social audits
(active and potential
production plants):
2023: 1,161
2022: 1,418
Change: -18.1%
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
RESULT
(1)
Health and safety
Consumer health
and safety
violations due to
quality, compliance
or product safety
failure
Carrefour implements a series of requirements and procedures to guarantee the
quality and compliance of the products it sells. Carrefour’s control plans also
include consumer focus groups and warehouse and in‑store checks of product
freshness and origin.
Crisis management, alert and product recall: For example, to make sure that
non‑compliant products cannot reach the end consumer, online information
platforms have been developed to help the relevant supplier provide the data
required for product recall. The platforms are also used to identify and warn the
warehouses and stores likely to have received batches of non‑compliant
products, for more effective recall. As a further precaution, the EAN barcode of
recalled products is also blocked at checkout.
Carrefour has an alert system called AlertNet to inform all stores as quickly as
possible if they must withdraw or recall a product. The system is available online
at all times and access is free for suppliers. In the event of an alert, Carrefour
immediately withdraws the products concerned. Verification of effective
withdrawal proceeds within 24 hours, and feedback on the product quantities
concerned follows within three working days of the withdrawal order. In 2023,
this system will be deployed in five of the Group's integrated countries.
Control plans for controlled products: Controlled products include products
marketed under Carrefour group brands as well as products imported by
Carrefour from third‑party countries which comply with specifications defined by
Carrefour. Certified products are analysed for quality, performance and
compliance. Carrefour has commissioned an independent laboratory to conduct
analyses and, in some cases, additional product tests to ensure compliance.
To ensure that products meet consumer expectations, tests may also be
conducted with consumer panels or by experts. Monitoring commissioned by
Carrefour complements the supplier’s own monitoring plan, with the primary aim
of regularly verifying the compliance of own‑brand products with applicable laws
and specific provisions integrated into the CGF of controlled products. Analysis
takes many factors into account, including the identification of dangers and their
characteristics, exposure assessment, risk characterisation, control measures,
degree of certainty, population sensitivity and probability of occurrence.
Quality procedures and policies: Carrefour works 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 quality standards, product
specifications, quality control plans and customer opinion surveys, in‑house
expertise, and traceability and data tracking.
Geo‑monitoring and regional surveillance: To ensure that its beef supplies
distributed in Brazil do not contribute to deforestation, Carrefour makes use of a
geo‑monitoring tool. Satellite surveillance of breeding pastures makes it possible
to reduce the risk of destruction to the Amazon rain forest and biodiversity, and
also prevent the use of land belonging to indigenous tribes. Monitoring an entire
host region in this way helps to control the sourcing of beef sold in Brazil.
Carrefour is studying the use of these tools for other types of commodities.
Where certification results in an a posteriori guarantee, geo‑monitoring verifies
real‑time compliance with the specifications defined by Carrefour.
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(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
The coverage rates are identical to the coverage rates given above in the numerous tables provided for that purpose.
Scope: 95% of 2023 consolidated net sales. Non‑comparable BUs (BR, ES organic, IT organic excl. in 2023; BR incl., excluding partners from other
approaches in 2022).
Responsible fishing: fishing of abundant species with techniques that have the lowest impact on ecosystems while supporting local fishing.
Scope: 87% of 2023 consolidated net sales. Non‑comparable BUs (ES, BR AT, BR SAMS excl. in 2023; BR excl. in 2022).
Scope: 62% of 2023 consolidated net sales. Non‑comparable BUs (FR, ES, AR excl. in 2023; BR C excl. in 2022).
Scope: 72% of 2023 consolidated net sales. Non‑comparable BUs (BE, BR AT, BR SAMS excl. in 2023; ES (SM, CO) excl. in 2022). The scope of the
2016 baseline excludes BE, BR AT and BR SAMS. Warehouses are included for RO. The Grupo BIG stores were consolidated in 2023.
Scope: 97% of 2023 consolidated net sales. Non‑comparable BUs (IT (SM, CO, CC), ES (CO) excl. in 2023; BE (HM, SM), IT (CO, CC), ES (CO), RO
(CO), BRC (CO) excl. in 2022).
In France.
Scope: 100% of 2023 consolidated net sales. Non‑comparable BUs (ES, IT, PL and AR excl. in 2022).
Scope: 100% of 2023 consolidated net sales. Comparable BUs. Palm oil derivatives used in household, perfume and hygiene products are not
included in this indicator due to a lack of traceability. Segregated RSPO certification guarantees that products made from RSPO‑certified oil palm
come exclusively from RSPO‑certified plantations, but without it being possible to identify those plantations. Mass Balance certification allows
certified claims to be transferred from an RSPO product to a conventionally grown product. This can be done either physically, by blending the
two products, or administratively.
Scope: 100% of 2023 consolidated net sales. Comparable BUs. The certifications recognised here are POIG, RSPO IP, RSPO Segregated and
RSPO Mass Balance. Palm oil derivatives used in household, perfume and hygiene products are not included in this indicator due to a lack of
traceability.
Scope: 100% of 2023 consolidated net sales. Comparable BUs.
Forest Stewardship Council.
Programme for the Endorsement of Forest Certification.
Scope: 95% of 2023 consolidated net sales. Non‑comparable BUs (BR C excl. in 2023; AR, BR C, IT excl. in 2022).
Cocoa (paste) is considered to be sustainable and traceable, guaranteeing zero deforestation, fair compensation for producers and the absence
of child labour. Scope: BE, ES, FR, IT. Comparable BUs. 100% of 2023 consolidated net sales.
Textile sector with ambitious targets for the sustainability of materials, reduction of environmental impacts and supply chain transparency.
Composting not monitored to date. Scope: 100% of 2023 consolidated gross sales. Non‑comparable BUs (ES, IT, PL and AR excl. in 2022).
Scope: 96% of 2023 consolidated gross sales. Non‑comparable BUs (BE excl. in 2023; BE, ES, IT, PL, AR excl. in 2022).
Scope: 86% of 2023 consolidated net sales. Non‑comparable BUs (ES, IT, BE, BR excl. in 2023).
Scope: 68% of 2023 consolidated net sales. Non‑comparable BUs (BR excl. in 2023).
Scope: 100% of 2023 consolidated net sales.
Scope: 100% of 2023 consolidated net sales.
Scope: 100% of 2023 consolidated net sales.
Scope: 89.6% of 2023 consolidated net sales. Excluding BRAT + BR.
Scope: 89.6% of 2023 consolidated net sales. Excluding BRAT + BR.
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2.2.6 WHISTLEBLOWING FACILITIES
2.2.6.1 Description of whistleblowing
facilities
In 2023, 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 ensure that the situation is
promptly remedied and that appropriate action is taken as
required by the situation.
Country
Argentina
Belgium
Brazil
China
France
Italy
Poland
Romania
Spain
Cambodia
Hong Kong
India
Turkey
Vietnam
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 handling of the alert is overseen by the Country Ethics
Committees.
http://ethics.carrefour.com/
Phone Step 1
Phone Step 2
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
1 800 209 354
800 96 1 764
000 117
855 409 0182
0 811 288 0001
855 409 0182
1 228 0288 or
1 201 0288
855 409 0182
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Governance of the ethics hotline:
The ethics hotline is managed by the Carrefour group’s Ethics
and Compliance department, which collects and processes
alerts, either directly or through the Country/Business Line
Ethics and Compliance departments. All alerts are transferred
to the Group Ethics and Compliance department and the
Group Security department.
The Country/Business Line or Group Ethics and Compliance
Committee: where competent, this committee oversees the
handling of whistleblowing within its area of responsibility. It
ensures
these alerts are handled properly and
comprehensively.
that
A designated officer is assigned to each alert. The officer’s role
is to:
■
deal with reports received through the Carrefour ethics
hotline;
coordinate the actions of the people likely to be involved in
handling the report, and where appropriate ensure that
there is no conflict of interest;
ensure the
throughout the report processing;
information gathered remains confidential
liaise, where necessary, with
relevant Ethics &
Compliance Committee or, in the case of human resources
issues (harassment, discrimination, health & safety, etc.),
with the relevant internal bodies;
the
be the contact person for the person reporting the incident.
■
■
■
■
The number of people responsible for handling alerts is limited
and they are subject to a strict confidentiality requirement.
They have been trained to handle reports and conduct internal
investigations, and have been made aware of the requirements
for protecting personal data.
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 related to CSR and duty of care. 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 either through
stakeholder dialogue or through monitoring of publications
mentioning the Carrefour group (thematic rankings, reports,
press articles) and industry‑related alerts. Task force members
monitor any changes in these alerts. 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).
2.2.6.2 Types of alerts
Alerts reported through the ethics hotline. In 2023, 5,361 alerts were received, most of which were reported through the local
whistleblowing channels (92.6%). The remaining alerts were reported via hierarchical channels, e‑mail or post.
Alerts by category in 2023
Percentage of alerts received
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)
(2)
Do not represent breaches of the Group’s Principles of Ethics.
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.
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FIGURE 5: BREAKDOWN BY CATEGORY OF ALERTS HANDLED BY THE COMMITTEE ON PURCHASING RULES FOR THE FOOD
TRANSITION
Human rights
15.2%
Waste and poor
waste management
3%
Pollutant
emissions
3%
Unequal
treatment
6.1%
Animal well-being
15.2%
Plastics
9.1%
Contribution to
climate
change
6.1%
Consumer
health
3%
Marine
resources
12.1%
Deforestation
27.3%
In 2023, the main alert categories most often handled by the
Committee on Purchasing Rules
for the Food Transition
concerned deforestation, human rights, animal welfare and
consumption of marine resources.
2.2.7 MONITORING SYSTEM FOR MEASURES IMPLEMENTED
France’s duty of care law requires companies to set up a system to track the measures they have taken and assess their effectiveness.
Qualitative monitoring
Qualitative monitoring of company measures is carried out regularly through interviews with the
operational business teams, informed by alerts reported via the various channels and an annual
questionnaire sent to the Group’s eight integrated countries.
Quantitative monitoring Carrefour has indicators in place on human health and safety, human rights and the environment.
Collected using the Group’s reporting tools, audits and other mechanisms, these indicators are used to
evaluate the relevance and effectiveness of company measures.
See 2.2.4.2 Prevention and mitigation measures in place.
2.2.8 REPORT ON THE 2023 DUTY OF CARE PLAN
2.2.8.1 Main measures implemented in 2023
TYPES OF RISKS
MEASURES IMPLEMENTED IN 2023
Risks of environmental damage
Upstream greenhouse
gas emissions
Consumption of marine
resources
Waste and poor waste
management
In 2023, Carrefour formed a coalition with seven major manufacturers (Danone, Unilever, Bel, Andros,
Bonduelle, Nutrition & Santé and Savencia), who committed to achieving 3 billion euros in sales from
plant‑based meat alternatives by 2026, through a series of joint actions.
In 2023, a stakeholder panel was organised, bringing together around 60 internal staff, suppliers, banks
and insurance companies, non‑profits and consumers to work collectively on the “Agriculture and
Climate” strategy.
In 2023, Carrefour received an LSA award for expanding its Carrefour Bio brand offering of organic
and French pulses with white beans.
In May 2023, an analysis of the pressures and impacts on fishery products was carried out. Its aim was
to thoroughly identify the biodiversity impacts associated with the fish products sold by Carrefour. This
involved documenting the types of pressure in question, their location and the players involved, as
well as comparing the different methods of capture and identifying possible courses of action to
mitigate the impacts.
In 2023, Carrefour deployed DEAVA, an application to help manage expiry dates. It allows you to list
perishable products, quickly check the list of short‑dated products, suggest a promotion rate and
create short‑date labels. DEAVA reduced shrinkage by 15% in 2023.
As part of its partnership with the Paris 2024 Olympic and Paralympic Games, Carrefour is supporting
Procter & Gamble and Paris 2024 in the manufacture of the podiums by organising an event in
Montesson with its customers to collect rubbish abandoned in nature.
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TYPES OF RISKS
MEASURES IMPLEMENTED IN 2023
Deforestation and
land‑use change
In May 2023, the Group joined the SBTN’s Target Setting Group: Carrefour is one of 17 global
companies to have joined this working group on biodiversity preservation, due to set their first targets
in the first half of 2024.
In 2023, the Group invested 10 million euros in six projects to preserve Brazilian biomes. The majority
of these projects will last three years, and four have already been launched.
Microplastic emissions As part of the process to redefine Carrefour’s objectives on plastics, a consultation was organised on
December 18, 2023, in the presence of the Carrefour group’s Director of Engagement. This event
brought together the Group’s internal teams, as well as NGOs, experts, suppliers, customers and
investors to define a compelling ambition for the Group.
Consumption of energy
resources
Emissions of pollutants
impacting living
organisms and food
resources
Water consumption
Carrefour aims to secure its supply of renewable electricity and in 2023 approached Voltalia to sign a
power purchase agreement (PPA). The agreement took effect on January 1, 2024 and will run for 17
years.
In 2023, Carrefour passed the milestone of 100 EV charging stations, making it the leading network of
charging stations in France, with more than 850 charging points across the country, half of them
high‑power (up to 300kW). Carrefour is also rolling out hydrogen stations in the Greater Paris region
through a partnership between Carrefour and HysetCo. Five distribution stations are to be deployed in
the Greater Paris region by summer 2024 under the partnership. In 2023, Carrefour and Uber also
announced a partnership to improve the accessibility, cost and experience of recharging electric
vehicles for VTC drivers. who will enjoy preferential rates on the Carrefour Energies network from
January 2024 in France.
In May 2023, the Group joined the SBTN’s Target Setting Group: Carrefour is one of 17 global
companies to have joined this working group on biodiversity preservation, due to set their first targets
in the first half of 2024.
Carrefour adopted a new energy sobriety plan in 2023: Carrefour is committed to water efficiency,
with a target of reducing water consumption in its French stores by 10% by 2025.
Risk of human rights violations
Inadequate working
conditions
Forced labour
Illegal work
In 2023, the Group completed its new human rights map for its own operations. The map highlights
the human rights risks that are inherent in its operations.
The Group has continued to deploy its various whistleblowing mechanisms in supply chains at risk of
human rights violations. The Sentinel and Worker Voice tools have helped to increase the number of
alerts and anticipate potential violations.
Failure to pay decent
wages
In 2023, the Group launched a survey on decent wages for Group employees in three of its integrated
countries.
Unequal treatment and
discrimination
To mark Pride Month in June 2023, the Carrefour group announced an unprecedented partnership
with the Le Refuge Foundation. This involves:
■
■
■
support from the Foundation for young LGBT+ people in their search for employment, consisting of
job presentations, store visits, workshops to help them write CVs and cover letters, job search
assistance and e‑reputation awareness‑raising. They also organise mock interviews and career
discovery courses and facilitate access to employment, giving focused attention to applications at
Carrefour from young people supported by Le Refuge;
a welcome kit given to beneficiaries of the Le Refuge Foundation, including basic hygiene products;
a bi‑annual non‑food donation that includes bed linen, crockery, clothes, suitcases and small
electrical appliances;
financial support for the Foundation’s initiatives.
■
In 2023, Carrefour announced the launch of an international “Disability Innovation Challenge” that will
run until May 19 under the patronage of Geneviève Darrieussecq, Minister of State for Solidarity,
Autonomy and People for Disabilities, responsible for the People with Disabilities.
Companies from all over the world wishing to present their innovations for a more inclusive society
will be able to register on a dedicated platform to be selected by a panel of leading figures committed
to the inclusion of people with disabilities.
Carrefour has announced its support for the French Paralympic and Sports Committee via its ESMS &
Clubs programme, which helps to develop athletics for people with disabilities throughout France.
Carrefour has reaffirmed its commitment to people with autism spectrum disorders. Carrefour has
installed a store map on its trolley bars to make it easier for people with physical or mental disabilities
to find their way around.
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TYPES OF RISKS
MEASURES IMPLEMENTED IN 2023
Risks to the health and safety of people
Occupational health
and safety risks
Carrefour has put in place a reinforced social protection system which includes:
■
■
■
12 days’ authorised sick leave per year for women suffering from endometriosis and who have a
document certifying their disability recognised by the company (Reconnaissance de la Qualité de
Travailleur Handicapé – RQTH), inclusion card or disability certificate issued by the French social
security agency, CPAM);
3 days’ authorised sick leave following a miscarriage;
1 day’s leave for women undergoing assisted reproduction treatment, at the time of an embryo
transfer, in addition to the legal provisions in force.
These days of leave, which until now required doctor’s notes and could result in up to several days’
absence, will now be supported and financed by Carrefour France for all its women employees.
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2.2.8.2 Review of alerts received in 2023
RISKS COVERED
Biodiversity
MANIFESTATION OF
RISK OR ALERTS
IDENTIFIED IN 2023
DATE
Presence of
pesticides in cereal
production
May 4, 2023
Biodiversity
Deforestation in
Brazil due to soy
farming
June 2, 2023
ADDITIONAL MEASURES IN 2023 AND DEVELOPMENT OF
EXISTING ACTION PLANS
A report issued by the NGO, Foodwatch, raised an alert about the
presence of pesticides in cereal production and highlighted the
impact this could have on the environment and human health.
Carrefour reaffirms that the objective of the Carrefour Quality
Lines is to encourage fruit growing and vegetable farming
processes that do not use synthetic chemical pesticides, while
maintaining the level of agricultural output. Pilot tests have been
set up to help each line meet this objective. The overall approach
is iterative and progressive: as soon as a type of pesticide is
eliminated, the line concerned is promoted through the Carrefour
Quality Lines system. As at December 31, 2023, four Carrefour
Quality Lines had launched a process for reducing the use of
synthetic chemical pesticides:
■
■
The durum wheat line, via an initiative launched in 2014 in
partnership with Alpina Savoie, for the wheat used to make
pasta and couscous. The wheat is grown without synthetic
insecticides from farm to fork (including storage). Consumers
are informed directly about this on the packaging through a
corresponding agroecology statement.
The soft wheat, rye and spelt lines, in a project launched in
2021 in partnership with Moulin Degrange for the ingredients
used to make baguettes in Carrefour stores. Pilot tests to
eliminate the use of pesticides are currently being carried out
with the producers’ cooperative, co‑financed by Carrefour. To
date, the two years of tests have not been conclusive, and the
Group is working on a new protocol for 2024.
Mighty Earth alerted the Group about cases of deforestation
related to soy farming in the Cerrado involving the Bunge group.
Carrefour launched an investigation into this case.
The Group has put in place guarantees concerning the sourcing
of raw materials used in Carrefour products (signature of France’s
Soy Manifesto
for almost all Carrefour‑branded products
concerned, and implementation of zero‑deforestation guarantees
for 21.7% of volumes vs. 19.7% in 2022). These measures are in
line with the Group’s objective that all Carrefour Quality Lines and
key Carrefour‑branded products will be using deforestation‑free
soy for livestock feed by 2025.
Carrefour also publishes a list of the main soy traders linked to its
supplies of Carrefour‑branded animal products sold in France (see
the Group’s report on combating deforestation).
In addition to the actions and measures it is carrying out in
relation to the raw materials used in its products, the Group firmly
believes that soy traders need to play their part in fighting
deforestation. Carrefour therefore assesses the practices of the
traders in its supply chains. The Group also takes part in various
collective initiatives aimed at making these types of assessments
available to all market players in order to guide them in their
procurement decisions.
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RISKS COVERED
MANIFESTATION OF
RISK OR ALERTS
IDENTIFIED IN 2023
DATE
ADDITIONAL MEASURES IN 2023 AND DEVELOPMENT OF
EXISTING ACTION PLANS
Biodiversity
Deforestation in
Brazil
Human rights/
Health and safety
Human rights at
pineapple farms in
Kenya
September 9, 2023 The magazine, Repórter Brasil, reported that Frialto Meatpacker
had bought cattle from Bruno Heller, a cattle rancher who has
been arrested for appropriating public land and “fraudulent
fragmentation” of land. Bruno Heller is also accused of illegally
setting fire to 1,218 hectares of indigenous vegetation without
authorisation and of appropriating indigenous land in the state of
Para. Following the alert raised by Repórter Brasil, Carrefour Brazil
immediately launched an investigation. No farm belonging to
Bruno Heller or any other person with the same surname
(including Tatiana Heller or others) appears on the list of farms
that supply the group. Carrefour Brazil carried out its investigation
based on the information available in the database of the 33,000
geo‑monitored farms that supply Carrefour in Brazil, as well as on
interviews with Frialto, which supplies less than 1% of the meat
sold by Carrefour Brazil.
In 2022, Carrefour reaffirmed and stepped up its commitments to
combating deforestation, and became the first retailer to put in
place a global deforestation‑free beef supply chain plan. This plan
comprises:
■
■
■
■
a geo‑monitoring system for 33,000 farms in Brazil;
the creation of a 10 million euro fund to fight deforestation;
the creation of a committee of specialists made up of NGOs
and scientists to advise Carrefour Brazil on its actions to
combat deforestation;
a pledge that by 2026, no beef sold under the Carrefour brand
will be sourced from areas that are at the highest risk of
deforestation, with this pledge extended to other brands sold in
Carrefour stores by 2030.
October 12, 2023 An article in The Guardian newspaper in the UK raised serious
concerns about violations of human rights at the farms of one of
Carrefour’s pineapple suppliers (Del Monte) in Kenya. Kenya’s
National Commission on Human Rights (KNCHR) has launched an
investigation into allegations of killings and assaults carried out by
security guards at a Del Monte pineapple farm in Thika.
Del Monte supplies Carrefour with several fruit‑in‑syrup products,
including pineapples from its factory in Kenya. Audits were carried
out at this factory based on the BSCI standard in June 2023 and it
was rated "A". Del Monte also commissioned a PartnersAfrica
audit. However, as soon Carrefour received the alert, it put in
place specific action plans:
an HRIA (Human Rights Impact Assessment) team was set up;
a platform was created for collecting witness statements in
English and Swahili;
meetings were organised with community leaders to discuss
new complaints;
security guards were trained in how to make arrests and use the
minimum amount of force;
a direct link was set up with the police.
■
■
■
■
■
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RISKS COVERED
Human rights
Biodiversity
Health and safety
MANIFESTATION OF
RISK OR ALERTS
IDENTIFIED IN 2023
Formal notice served
on Carrefour by the
Bloom NGO
regarding the
Group’s tuna
supplies
DATE
ADDITIONAL MEASURES IN 2023 AND DEVELOPMENT OF
EXISTING ACTION PLANS
November 8, 2023 The Bloom NGO served formal notice on the Carrefour group,
alleging that it bears a major responsibility for the collapse of
marine biodiversity and for countless human rights violations
documented throughout the tuna “value” chain, from capture to
marketing.
Human rights
Racism In Brazil
May 2023
The Group’s policy relating to fishery resources for its own‑brand
products is one of the most exacting in the market. It is based on
selecting tuna species that are more abundant and which are
caught in areas that are not overfished, and using fishing
techniques that respect the marine environment. It also imposes
strict criteria in terms of traceability and identification of fishing
boats, which are more restrictive than general market practices, in
particular to ensure compliance with the Group’s human rights
rules.
Carrefour canned tuna that comes from alternative fishing
methods accounts for 55% of its overall tuna volumes (51% fished
without Fish Aggregating Devices and 4% with lines or rods).
Detailed action plans have been drawn up by the Group for the
remaining 45%, but the changes will be gradual as they require
fishing companies to introduce major new practices.
The financial rating agency Standard & Poor’s (S&P) alerted the
Carrefour group to a case of racism in a Carrefour store in
Salvador, Bahia (Brazil).
Following an investigation carried out by the Group, it emerged
that no direct Carrefour employees were involved in the incident,
but Carrefour did note the involvement of security professionals
from a third‑party company who were working in the area.
The Group nevertheless took the following measures:
■
■
■
■
It handed over security camera footage to the relevant
authorities;
It cancelled of the contract with the company in question;
It provided support to victims according to their needs;
It extended the use of cameras for prevention teams in all
stores.
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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
disclose the portion of their turnover
(i.e., sales), capital
expenditure (CapEx) and operating expenditure (OpEx) that
contributes
six
environmental objectives:
to one of
substantially
following
the
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.
■
■
■
■
■
■
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.
Accordingly, since 2021, companies have been required to 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, with
respect to the first two objectives of climate change mitigation
and adaptation. Since 2022, reporting must also include the
portion of sales, capital expenditure and operating expenditure
considered to be “sustainable” or “aligned”, i.e., meeting the
sustainability criteria defined in the Taxonomy for the first two
climate objectives. In 2023, Taxonomy reporting was extended to
the last four environmental objectives (sustainable use and
protection of water and marine resources, transition to a circular
economy, pollution prevention and control, and protection and
restoration of biodiversity and ecosystems), in regards to which
companies will have to report the portion of their sales, CapEx
and OpEx that are “eligible”.
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‑level 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
delegated acts. In particular, a verification was performed to
avoid double counting of eligible sales and CapEx.
relevant
An activity is deemed to be “aligned” when it complies with all
the
(substantial
contribution and DNSH) and the Group meets the minimum
safeguard requirements.
assessment
technical
criteria
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. Only the Group’s waste collection, construction, real
estate, vehicle rental and sale of second‑hand goods activities are
included in this scope. As regards mitigating and adapting to
climate change, the European Commission has prioritised the
highest emitting Scope 1 and 2 activities that have a strong
potential for transformation and for helping to reduce emissions.
For the other four environmental objectives, the Commission has
initially selected sectors that have a significant positive or
negative environmental impacts for each objective. At this stage,
many sectors of the economy are not yet covered by the
delegated regulations with regard to the six environmental
objectives.
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
alignment with the Taxonomy is something that concerns 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, circular economy for packaging), the involvement
of partners (suppliers, service providers), or the issues related to
the
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).
transition
food
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2.3.2 RESULTS
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 2023 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 2023, the Group accounted for the
agreement to sell Carrefour Taiwan, which was finalised on
June 30, 2023, and the acquisition of Cora in Romania, which
was finalised on October 31, 2023. Due to delays and the low
materiality of the acquisition during the year, the assets
entering Carrefour’s balance sheet were not analysed as part of
the alignment assessment;
■
the financial data is taken from the consolidated financial
statements for the year ended December 31, 2023; the
reconciliation and breakdown of the denominators of sales
and capital expenditure are presented below.
Following an analysis of the last four objectives of the Taxonomy
in force for 2023, the Group updated its 2022 eligibility guidelines
and added four more eligible activities, one of which contributes
to the water objective and the three others to the circular
economy objective:
■
■
■
Activity 1.1 – Manufacture, installation and associated services
for leakage control technologies enabling leakage reduction
and prevention in water supply systems has been added for the
purpose of reporting CapEx related to reducing water wastage;
Activity 1.2 – Manufacture of electrical and electronic
equipment has been added to the circular economy objective
to report the Group’s IT CapEx;
Activity 2.7 – Sorting and recovery of non‑hazardous waste has
been included to reflect the sales and CapEx generated by the
Group’s use of Reverse Vending Machines (RVM), which enable
consumers to return their used bottles;
■
The circular economy objective corresponding to activity 5.4 –
Sale of second‑hand goods has been included to account for
proceeds from the sale of used products.
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4
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Scope of eligible activities
CLIMATE CHANGE MITIGATION
CIRCULAR ECONOMY
1 — Manufacturing
1.2 —
Manufacture of electrical and electronic
equipment
Capital expenditure on IT hardware.
2 — Water supply, sewerage,
waste management
and remediation activities
2.7 — Sorting and material recovery of non-hazardous waste
The Group's use of Reverse Vending Machines (RVM)
which give a second-life to containers returned
by customers.
5 — Services
5.4 — Sale of second-hand goods
Sale of used goods.
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
LED, lighting installations, reflective paint for roofs.
7.4 — Installation, maintenance and repair of charging
stations for electric vehicules in buildings
(and parking spaces attached to buildings)
Charging stations for electric vehicles.
7.5 — Installation, maintenance and repair of instruments
and devices for measuring, regulating and controlling
energy performance of buildings
CTM, BMS, remote site control systems.
7.6 — Installation, maintenance and repair of renewable
energy technologies
Solar panels.
7.7 — Acquisition and ownership of buildings
Income from the ownership of a building (rents received
from the leasing of stores, spaces and buildings) as
well as Carrefour property leases recognised
under IFRS 16.
5 — Water supply, sewerage,
waste management
and remediation
Collection and transport of non-hazardous waste
in source segregated fractions
Recycling and reusing plastic and cardboard.
5.5 —
6 — Transport
6.5 — Transport by motorbikes, passenger cars
and light commercial vehicles
Leasing of van and utility vehicles by Carrefour.
Leasing of vehicles (all types) to customers.
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2.3.2.2 Eligibility and alignment results in 2023
Carrefour’s eligibility and alignment results in 2023 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
Economic activity
2023
Aligned activities
Eligible activities
TOTAL
2022
Aligned activities
Eligible activities
TOTAL
Sales
(in millions of euros)
Share of sales
CapEx
(in millions of euros)
Share of CapEx
23
148
83,270
43
211
83,089
0.03%
0.2%
100%
0.1%
0.3%
100%
179
1,886
3,305
51
1,689
5,345
5.4%
57.1%
100%
1.0%
31.6%
100%
Alignment rates for the Group remain low in 2023, even though
the CapEx alignment rate has increased to 5.46% in 2023,
compared with 1.0% in 2022, due to the alignment achieved on
certain leased buildings. These rates only concern the climate
change mitigation objective. In terms of sales, the identified
opportunities
the waste
for alignment mainly concerned
collection activity (5.5). Taxonomy‑aligned CapEx also concerned
the waste collection activity (5.5), as well as the energy efficiency
equipment (7.3), charging stations for electric vehicles (7.4),
for controlling building energy
instruments and devices
performance
(7.6) and
acquisition and ownership of buildings (7.7) activities.
(7.5), renewable energy equipment
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 2023, but had achieved
very low or zero alignment. There are several reasons for this:
■
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 therefore pose a difficulty. In addition, generally, the
required information cannot be readily retrieved from the
information systems. Finally, because the applicable criteria are
cumulative, these activities generally give rise to zero or a very
low level of alignment. However, in 2023, some alignment was
identified as a result of cross‑references between
the
accounting data and the technical and energy data relating to
a number of leased buildings;
■
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.
Work was undertaken in 2023 to better pinpoint the technical
criteria necessary for alignment. This work will continue in the
coming years. 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/a stabilisation 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 change increase stabilise in the coming years.
2.3.2.3
Changes from the previous year
Taxonomy‑eligible and -aligned sales in 2023 were lower than in
2022 due to unfavourable raw material prices for cardboard and
plastics, which reduced the value of sales of these materials.
Taxonomy‑eligible CapEx in 2023 increased compared to 2022
due to investments in building renovation, energy efficiency
systems
installations.
and
Taxonomy‑aligned CapEx was also up, driven by similar
investments in energy efficiency and renewable energy.
photovoltaic
buildings
in
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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
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 circular economy for
packaging, 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 2023
amounts to only 0.2% of the total consolidated sales figure of
83.3 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 0.03% and concerns the collection of waste for
re‑use and recycling, the installation of charging stations for
electric vehicles and the
installation of renewable energy
equipment.
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, item (5) of
Directive 2013/34/EU. The sales figure includes the revenue
recognised pursuant to International Accounting Standard (IAS) 1,
paragraph 82 (a), as adopted by Commission Regulation (EC)
No. 1126/2008.
services
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 reports capital expenditure that can be associated
with the eligible sales of an activity or that represents individual
capital expenditure. Such individual capital expenditure is not
associated with an economic activity as set out in Annex 1 to the
delegated regulation, Article 8, Section 1.1.2.2, items (a) and (c),
respectively. Most capital expenditure represents
individual
measures, as described under item (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, roofs with reflective paint, 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 2023 amounts to 57.16% out of a total of 3,211.33
304.6 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 and renovation of existing buildings. The aligned
portion of capital expenditure amounts to 5.46% and chiefly
concerns the collection of waste for re‑use and recycling, energy
efficiency equipment, instruments and devices for controlling
building energy performance, renewable energy equipment and
building rentals.
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
target activities to become
lead to
greenhouse gas reductions (notably activities listed in 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
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)
2022
2023 Reconciliation with the financial statements
Intangible assets, property and
equipment, investment property
Acquisitions
Business combinations
Right‑of‑use assets (IFRS 16)
New contracts and renewals
Business combinations
3,954
1,882
2,072
1,391
906
485
Statement of changes in intangible assets (Note 7.1), property
and equipment (Note 7.2) and investment property (Note 7.4)
1,860
1,846 Under “Increases”
14 Included under “Changes in scope”
1,440 Statement of changes in right‑of‑use assets (Note 8.1)
1,336 Under “Increases”
104 Under “Changes in scope”
TOTAL
5,345
3,305
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 6.3% in the
2023 financial year.
Compared to total Group OpEx of 14.4 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 2023.
insignificant
is
DEFINITIONS
The operating expenditure items covered by the Taxonomy are
defined as direct non‑capitalisable costs and include research
RECONCILIATION
The calculation of the OpEx exemption ratio is presented below:
(in millions of euros)
Taxonomy OpEx denominator
(1)
Total Group OpEx
(2)
OPEX KPI
and development costs, building renovation costs, maintenance
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, as the Group has not implemented a
research and development policy. Employee benefit expenses
related to the maintenance and repair of assets are included in
the denominator but not in the numerator. These specific types
of employee benefit expenses are not tracked separately in the
Group’s reporting.
Group consolidated OpEx is defined as all expenses included in
the operating result that are not financial or non‑recurring
expenses.
2023
900
14,369
6.3%
(1)
(2)
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.
Includes all operating expenses except non‑recurring expenses.
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1
2
3
4
5
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2.3.3.2
Methodology for assessing activities
against the technical review criteria
2.3.3.2.1
Methodology for assessing eligibility
In 2023, 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 safeguards
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 two progress reviews with
the Statutory Auditors in order to validate the approach and the
results achieved.
Concerning activity 5.5 – Collection and
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:
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 for measuring, 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 solely focused
on verifying compliance with the DNSH adaptation criterion
(detailed below).
CapEx associated with activity 7.7 was deemed to be aligned
when:
■
the final energy consumption of the building
in 2023,
converted into primary energy and related to the building’s
surface area, resulted in a primary energy demand below the
top 15% defined by the OID for large food retailers (491 kWh
per sq.m. per year);
■
the building had an energy performance contract in place or a
building automation and control system.
Only leased buildings constructed before December 31, 2020
were concerned by the alignment in 2023. These buildings are
therefore assessed based solely on the screening criteria above,
and do not have to undergo testing for air tightness or thermal
integrity or life cycle analyses.
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
Generic DNSH are the criteria mentioned in appendices A, B, C
and D to the annexes of the Taxonomy Regulation relative to the
climate change mitigation and adaptation 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 2023.
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Green taxonomy
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 are being developed
and rolled out for the assets identified as most at risk in each
country and for the risks deemed to be the most significant.
In conclusion, for this second 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.
In 2023 and 2022, 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 2023.
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.
Procedures and reasonable diligence
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
requirements of the Sapin II law, Carrefour relies on a
comprehensive system
risks,
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;
identifying corruption
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 2022 or 2023 of any illegal
conduct for concerted practices, infringement of merger
control rules or abuse of a dominant position.
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2.3.3.2.4 Main trade‑offs and proxies
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/
maximum 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 the 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 2023 final energy
consumption and conversion factors. These calculations were
used to determine whether certain buildings were aligned.
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2.3.4 OUTLOOK
2.3.4.1
Improvement of KPIs
2.3.4.2
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.
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 is in line with the philosophy of the new Carrefour
2026 strategic plan, notably
following
initiatives:
the plan’s
through
■
■
■
first, stronger support for sustainable agriculture, with 8 billion
euros in sales in 2026 via certified sustainable products (40%
more than in 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 (of 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
APPENDIX: Regulatory templates
SHARE OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY‑ALIGNED ECONOMIC ACTIVITIES –
INFORMATION FOR 2023
(in millions of euros)
2023 financial year
Substantial contribution criteria
Economic activities (1)
Code (2) Turnover (3)
Share of
Turnover,
reporting
year (4)
Climate
change
mitiga-
tion (5)
Climate
change
adapta-
tion (6)
Water
(7)
Pollu-
tion (8)
Circular
eco-
nomy
(9)
Bio-
diversity
(10)
A. TAXONOMY‑ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy‑aligned)
Collection and transport of non‑hazardous waste in
source segregated fractions
CCM 5.5
22.22
0.03%
YES
N/EL N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and parking
spaces attached to buildings)
Turnover of environmentally sustainable activities
(Taxonomy‑aligned) (A.1.)
Of which enabling
Of which transitional
CCM 7.4
0.99
0.00%
YES
NO N/EL
N/EL
N/EL
N/EL
23.21
0.99
0.00
0.03%
0.00%
0.00%
0.03%
0.0% 0.0%
0.0%
0.0%
0.0% 0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
A.2. Taxonomy‑eligible but not environmentally sustainable activities (Taxonomy‑non‑aligned)
Collection and transport of non‑hazardous waste in
source segregated fractions
CCM 5.5
0.00%
0.10
Transport by motorbikes, passenger cars and light
commercial vehicles
Construction of new buildings
Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and parking
spaces attached to buildings)
Acquisition and ownership of buildings
Sorting and material recovery of non‑hazardous
waste
Sale of second‑hand goods
Turnover of Taxonomy‑eligible but not environmentally
sustainable activities (Taxonomy‑non‑aligned) (A.2.)
A. Turnover of Taxonomy‑eligible activities (A.1. + A.2.)
TAXONOMY‑NON‑ELIGIBLE ACTIVITIES
A. Turnover of Taxonomy‑non‑eligible activities
TOTAL (A. + B.)
CCM 6.5
CCM 7.1
CCM 7.4
and CCA
7.4
CCM 7.7
CE 2.7
CE 5.4
41.74
2.12
0.05%
0.00%
0.01
61.38
1.18
1.09
107.63
130.84
0.00%
0.07%
0.00%
0.00%
0.13%
0.16%
83,138.77
99.84%
83,269.61
100.00%
EL
EL
EL
EL
EL
N/EL
N/EL
0.13%
0.15%
N/EL N/EL
N/EL
N/EL
N/EL
N/EL N/EL
N/EL N/EL
N/EL
N/EL
N/EL
N/EL
EL N/EL
N/EL N/EL
N/EL N/EL
N/EL N/EL
0.0% 0.0%
0.0% 0.0%
N/EL
N/EL
N/EL
N/EL
0.0%
0.0%
N/EL
N/EL
EL
EL
0.0%
0.0%
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.0%
0.0%
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APPENDIX: Regulatory templates
Do no significant harm criteria (“DNSH Criteria”)
Climate
change
mitigation (11)
Climate
change
adaptation
(12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity
(16)
Share of
Taxonomy
‑aligned (A.1.)
or -eligible
(A.2.)
Turnover,
prior year (18)
Minimum
safeguards
(17)
Enabling
activity
category (19)
Transitional
activity
category (20)
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
E
E
T
0.1%
0.0%
0.1%
0.0%
0.0%
0.0%
0.1%
0.0%
0.0%
0.1%
0.0%
0.0%
0.2%
0.3%
1
2
3
4
5
6
7
8
9
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APPENDIX: Regulatory templates
SHARE OF CAPEX OF PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY‑ALIGNED ECONOMIC ACTIVITIES —
INFORMATION FOR 2023
Reporting year
2023
Substantial contribution criteria
Economic activities (1)
Code (2)
CapEx (3)
Share of
CapEx,
reporting
year (4)
Climate
change
mitiga-
tion (5)
Climate
change
adapta-
tion (6)
Water
(7)
Pollu-
tion (8)
Circular
eco-
nomy
(9)
Bio-
diversity
(10)
CCM 7.3
37.21
1.1%
YES
YES
N/EL N/EL
N/EL
N/EL
N/EL
NO N/EL
N/EL
N/EL
N/EL
CCM 7.4
0.13
0.0%
YES
NO N/EL
N/EL
N/EL
N/EL
A. TAXONOMY‑ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy‑aligned)
Collection and transport of non‑hazardous waste in
source segregated fractions
CCM 5.5
0.87
0.0%
Installation, maintenance and repair of energy
efficiency equipment
Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and parking
spaces attached to buildings)
Installation, maintenance and repair of instruments
and devices for measuring, regulating and
controlling the energy performance of buildings
Installation, maintenance and repair of renewable
energy technologies
Acquisition and ownership of buildings
CapEx of environmentally sustainable activities
(Taxonomy‑aligned) (A.1.)
Of which enabling
Of which transitional
CCM 7.5
32.37
1.0%
CCM 7.6
CCM 7.7
48.59
59.52
178.69
118.30
0.00
1.5%
1.8%
5.4%
3.6%
0.0%
A.2. Taxonomy‑eligible but not environmentally sustainable activities (not Taxonomy‑aligned)
Transport by motorbikes, passenger cars and light
commercial vehicles
CCM 6.5
47.55
1.4%
Construction of new buildings
Renovation of existing buildings
Installation, maintenance and repair of energy
efficiency equipment
CCM 7.1
CCM 7.2
CCM 7.3
and CCA
7.3
Acquisition and ownership of buildings
CCM 7.7
1,380.79
131.56
122.82
4.0%
3.7%
9.37
0.3%
41.8%
YES
YES
YES
5.4%
3.6%
0.0%
EL
EL
EL
EL
EL
NO N/EL
N/EL
N/EL
N/EL
NO N/EL
N/EL N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
0%
0%
0%
0%
0%
0%
N/EL N/EL
N/EL N/EL
N/EL N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
EL N/EL
N/EL N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0%
0%
N/EL
N/EL
N/EL
N/EL
N/EL
WTR 1.1
0.10
0.0%
N/EL
N/EL
EL
N/EL
N/EL
N/EL
Manufacture, installation and associated services for
leakage control technologies enabling leakage
reduction and prevention in water supply systems
Manufacturing of electrical and electronic
equipment for industrial, professional and consumer
use
Sorting and material recovery of non‑hazardous
waste
CE 1.2
14.63
0.4%
N/EL
N/EL N/EL
N/EL
CE 2.7
0.05
0.0%
N/EL
N/EL N/EL
N/EL
CapEx of Taxonomy‑eligible but not environmentally sustainable
activities (Taxonomy‑non‑aligned) (A.2.)
A. CapEx of Taxonomy‑eligible activities (A.1 + A.2)
B. TAXONOMY‑ELIGIBLE AND NON‑ELIGIBLE ACTIVITIES
CapEx of Taxonomy‑eligible and non‑eligible activities
TOTAL (A. + B.)
1,706.86
1,885.55
51.7%
57.1%
51.2%
56.6%
0%
0%
0%
0%
0%
0%
1,419.05
3,304.60
42.9%
100%
EL
EL
0%
0%
N/EL
N/EL
0%
0%
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Do no significant harm criteria (“DNSH Criteria”)
Climate
change
mitigation (11)
Climate
change
adaptation
(12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity
and
ecosystems
(16)
Minimum
safeguards
(17)
Share of
Taxonomy
‑aligned (A.1.)
or -eligible
(A.2.) CapEx,
prior year (18)
Enabling
activity
category (19)
Transitional
activity
category (20)
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
YES
E
E
E
E
E
T
0.1%
0.6%
0.0%
0.1%
0.2%
0.0%
1.0%
0.9%
0.0%
0.4%
3.7%
0.0%
1.1%
25.5%
0.0%
0.0%
0.0%
30.6%
31.6%
1
2
3
4
5
6
7
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SHARE OF OPEX OF PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY‑ALIGNED ECONOMIC ACTIVITIES —
INFORMATION FOR 2023
Financial year
2023
Substantial contribution criteria
Economic activities (1)
Code (2)
OpEx (3)
Share of
OpEx,
reporting
year (4)
Climate
change
mitigation
(5)
Climate
change
adaptation
(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
A. TAXONOMY‑ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy‑aligned)
OpEx of environmentally sustainable activities
(Taxonomy‑aligned) (A.1.)
Of which enabling
Of which transitional
0
0
0
0%
0%
0%
A.2. Taxonomy‑eligible but not environmentally sustainable activities (Taxonomy‑non‑aligned)
OpEx of Taxonomy‑eligible but not environmentally sustainable
activities (Taxonomy‑non‑aligned) (A.2.)
A. OpEx of Taxonomy‑eligible activities (A.1 + A.2)
B. TAXONOMY‑ELIGIBLE AND NON‑ELIGIBLE ACTIVITIES
OpEx of Taxonomy‑eligible and non‑eligible activities
TOTAL (A. + B.)
900.2
100%
900.2
100%
0%
0%
0
0
N/EL
N/EL
N/EL N/EL
N/EL N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
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APPENDIX: Regulatory templates
Do no significant harm criteria (“DNSH Criteria”)
Climate
change
mitigation (11)
Climate
change
adaptation
(12)
Water (13)
Pollution (14)
Circular
economy (15)
Biodiversity
(16)
Proportion of
Taxonomy
‑aligned (A.1.)
or -eligible
(A.2.) OpEx,
prior year (18)
Minimum
safeguards
(17)
Enabling
activity
category (19)
Transitional
activity
category (20)
E
T
0%
0%
0%
0%
0%
1
2
3
4
5
6
7
8
9
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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 2023 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
improvement of transparency.
As part of an
Continuous
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 strategic
priorities, (ii) meet stakeholder expectations and standards and
(iii) ensure a high level of transparency to 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. In
2023, six new indicators were published (8 billion sales of
certified sustainable products by 2026, 50 million euros in sales
of plant‑based proteins by 2026, 150 million euros in bulk and
reusable packaging sales by 2026, top 100 suppliers aligned with
a 1.5°C trajectory by 2026 and 20 megatonnes of CO emissions
avoided by 2030, 2,600 tonnes of sugar and 250 tonnes of salt
eliminated from Carrefour‑branded products by 2026, an active
community of consumers of healthy and sustainable products in
every host country). Nine indicators have been published within
the last three years, six of which still cover a limited scope.
2
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HM
SM
CO
CC
AR
BE
BR AT
BR BIG
BR C
BR SAMS
ES
IT
PL
RO
Hypermarket
Supermarket
Convenience Store
Cash & Carry
Argentina
Belgium
Brazil Atacadão
Brazil BIG
Brazil Carrefour
Brazil Sams
Spain
Italy
Poland
Romania
Comprehensiveness. The Group strives to be as comprehensive
as possible. Its CSR reporting covers implementation of its policy
in the eight integrated countries. All the objectives announced by
the Group concern the eight integrated countries, except in
certain cases where 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 operating countries on a
gradual basis, the new indicators may be published for a
limited scope during the first two years.
Indicators published less than three years ago are marked with
the symbol ** in this chapter.
Scope of indicators published as a % of consolidated net sales.
This information provides an indication of the representativeness
(comprehensiveness) of the data reported. It is calculated by
comparing the sales of consolidated countries with the sales of
all countries covered by the indicator.
1
2
3
4
5
6
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Franchises. Franchised stores are not included in the “stores”
indicators (see below). Sales of products by franchised stores in
the eight countries in which the Group operates are taken into
indicators (see below). The
account
headcount and human resources indicators only take into
account the Group’s own employees
(the employees of
franchisees are not included in the reporting scope).
in the “merchandise”
Comparability. When the scope of reporting is not exhaustive,
the scope is clearly explained next to each graph and Business
Units (BUs) excluded from the scope are indicated. For figures
and changes presented over several years, the report indicates
that calculations are based on comparable 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 calculated excluding
Taiwan.
Conversely, following the completion of the integration of Grupo
BIG into the Carrefour group during 2022, BIG will be included in
the scope of consolidation in 2023. Work has been undertaken to
recalculate the baseline for the Food Waste (baseline: 2016) and
Climate Scope 1 and 2 indicators (baseline: 2019).
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.
For indicators on indirect 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.
COVERAGE RATE AND EXCLUSIONS FROM STORES INDICATORS
Indicators published less than three years ago are marked with the symbol ** in this chapter.
Indicators
Energy
Water
Food waste
Baseline 2016
Baseline 2022
■
■
Waste
Refrigerants
Outbound transport
Climate (Scope 3) – Top 100
suppliers**
Climate (Scope 3) – 20
megatonnes**
2023 scope
(% of gross sales)
2023 exclusions
2022 scope
(% of gross sales)
2021 scope
(% of gross sales)
100%
100%
72%
76%
97%
100%
69%
100%
100%
-
-
BE, BR AT, BR SAMS
BR AT, BR SAMS
IT (SM, CO, CC)
-
BR
-
-
99.5%
100%
70.9%
New
95.2%
77%
77%
100%
100%
88.4%
New
94%
82.9%
82.5%
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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).
Regarding the textile indicators, they are reported by the
purchasing centres
the Global
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
purchasing centres
the Global
Sourcing purchasing centre), with the exception of Brazil
which calculates the indicator based on the quantities of
packaging sold.
for example,
(including,
COVERAGE RATE AND EXCLUSIONS FROM MERCHANDISE INDICATORS
Indicators published less than three years ago are marked with the symbol ** in this chapter.
2023 scope
(% of gross sales)
99.8%
100%
98%
100%
95%
100%
100%
100%
2023 exclusions
BR SAMS
-
BR AT, BR SAMS
BR
-
-
-
2022 scope
(% of gross sales)
2021 scope
(% of gross sales)
100%
100%
95%
100%
81%
100%
94%
100%
100%
100%
100%
100%
100%
100%
100.0% (BR C, BR &
BRAT, SAMS)
100.0% (BR & BRAT)
100.0% (BR & BRAT)
Indicators
Organic products
Carrefour Quality Lines
Sustainable fishing
(1)
Responsible textile**
Responsible products –
ecolabels**
Plant‑based alternatives**
Deforestation – wood/paper/pulp
Deforestation – palm oil
Deforestation – beef
Deforestation – soy**
Deforestation – cocoa**
Carrefour Quality Lines committed
to an agroecological approach**
Partner producers
Animal welfare – shell eggs
95%
BR C
100%
Includes FR, BE, IT, ES
only
91%
95%
99.7%
BR C, PL
BR
BR, SAMS
Animal welfare – egg ingredients
100%
Includes Europe only
Animal welfare – chickens
Animal welfare – slaughterhouses
Animal welfare – pigs**
Animal welfare – horses**
Animal welfare – rabbits and
quail**
Animal welfare – transparency**
Packaging – tonnes
Packaging – recyclable, reusable
and compostable
Packaging – bulk products and
reusable **
87%
100%
63%
100%
100%
96%
100%
100%
97%
BR C, AR
-
FR
BR C
-
-
BR, PL
(1) The Sustainable Fishing indicator excludes MSC, ASC, Organic
and FQC.
83%
100%
100%
100%
100%
100%
100%
100%
100%
71%
54.3%
100%
100%
100%
100%
100%
100%
91.7%
100%
54.3%
1
2
3
4
5
6
7
8
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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 in this chapter
encompasses Carrefour Banque and Carrefour Property
Development, both of which are covered by Carrefour SA (the
parent company).
COVERAGE RATE AND EXCLUSIONS FROM HUMAN RESOURCES INDICATORS
Indicators published less than three years ago are marked with the symbol ** in this chapter
2023 scope
(% of gross sales)
2023 exclusions
2022 scope
(% of gross sales)
2021 scope
(% of gross sales)
100%
100%
100%
100%
89.6%
100%
100%
100%
-
-
-
-
BRAT & BR
-
-
-
100%
100%
100%
100%
86%
100%
100%
100%
100%
100%
100%
100%
89.6%
100%
100%
100%
Indicators
Headcount
Part‑time employees
Hires (fixed‑term/permanent)
Permanent employee
turnover
Accidents
Women managers
Disabled workers
Training
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
in terms of
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
progress made
its environmental and social
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 2023,
the index was revised again in line with the new Carrefour
2026 strategic plan.
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.
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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 (SASB),
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
has been 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
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 CO emission equivalent caused by
2
the consumption of natural gas, the emission factor provided by
DEFRA – UK Government GHG Conversion Factors for Company
Reporting is used: 2022 = 0.18397 kgCO e/kWh (gross CV).
2
LPG: to calculate the CO 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 kgCO e/kWh (gross CV).
2
2
2
Fuel: to calculate the CO emission equivalent caused by the
consumption of fuel, the emission factor provided by DEFRA –
UK Government GHG Conversion Factors
for Company
Reporting is used: 2022 = 2.7586 kgCO e/litre (gross CV medium
gas oil).
2
Refrigerants: to calculate the CO emission equivalent caused by
2
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 IPCC, “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).
Fuel used for transport: to calculate the CO 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):
2
2
Emission factors are used to calculate CO emissions based on
site energy consumption, refrigerant consumption, and fuel
consumption for downstream transport. The emission factors in
question are suggested by international organisations such as the
DEFRA GHG Conversion Factors, the Intergovernmental Panel on
Climate Change (IPCC), and the United Nations Environment
Programme (UNEP). The
indicators concerned are energy,
refrigerants and logistics. BUs may also use specific national
indicators.
Electricity: to calculate the CO emission equivalent caused by
2
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
■
■
■
■
for diesel consumption: 2.70553 kgCO e/litre (100% mineral
diesel);
2
for biofuel consumption:
(i)
(ii)
biodiesel: 0.16751 kgCO e/litre,
2
bioethanol: 0.00901 kgCO e/litre,
2
(iii)
biomethane: 0.10625 kgCO e/GJ,
2
(iv)
BioGNC: 0.61 kgCO e/kg;
2
for rail transport: 0.02782 kgCO e/tonne.km;
2
for river transport: 0.03681 kgCO e/tonne.km (load capacity
up to 999 TEU).
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Environmental information
2
2
Logistics KPI: CO emissions from the Group’s logistics activity
includes CO emissions from downstream road transport. This
indicator counts CO emissions related to the transport of goods
between warehouses and stores. The following CO emissions
are not taken into account:
2
2
emissions generated during the upstream transport of goods
to the warehouse;
generated
emissions
(direct
“producer‑to‑store” transport of goods without going through
a warehouse);
deliveries
direct
by
emissions generated by customer and employee journeys;
emissions generated by downstream 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, CO 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.
2
Pallets (transport units) used for backhauling are not included in
the total number of pallets used in downstream 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,
insignificant overvaluation of
in some cases, there
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 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.
Supermarkets in Italy are excluded from the reporting scope
because more than 90% of waste
local
municipalities and therefore this data cannot be estimated
reliably.
is collected by
Food waste KPI: To monitor the reduction in food waste,
Carrefour has decided to publish as an indicator the percent
reduction in food waste intensity in a given year compared to
2016 (in kg/sq.m.). The food waste intensity ratio corresponds to
quantity of food waste (in kg) divided by surface area (in sq.m.).
The surface areas used for the calculation are sales areas.
In 2023, Carrefour changed the definition of food waste to take
into account the definition recommended by ADEME (Agence de
la transition écologique – Bilan du GT 1 du Pacte National de
Lutte contre le Gaspillage Alimentaire, 2019) which considers
food waste to be: “All food intended for human consumption
that is lost, thrown away or spoiled, regardless of its value”. In
Carrefour stores, food waste corresponds to the known amount
by which foods are marked down. Biowaste recovered for energy
or animal feed is now considered to be food waste.
This change in definition means changing the way this indicator
is calculated and restating historical data.
Depending on the country, there are two possible methods for
monitoring the indicator:
(i)
(ii)
monitoring food markdowns directly in tonnes (Spain and
Argentina);
monitoring food markdowns in monetary units (euros, etc.)
and then converting them into tonne equivalents (see
below). The Group uses a euro/tonne conversion factor,
calculated annually on the basis of data for Spain. This
conversion factor is calculated per format and adjusted for
annual inflation per country. In 2023, this method was used
for all countries except Spain and Argentina. Its use is
provisional. All countries are working to
improve the
reliability of markdown monitoring in tonnes.
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In order to restate 2016 historical data in line with the new
definition, the method used for making estimates is as follows:
(i)
food waste intensity ratio calculated according to the old
method/Intensity ratio calculated according to the new
method (for 2021 and 2022);
(ii)
average of the ratios calculated over 2021 and 2022;
(iii)
average waste
according to the old method.
intensity
for 2016 applied, calculated
This method was used accordingly to recalculate the 2016
baseline data to reflect the impact of the change in definition of
food waste. The average difference between the new and old
methodologies is -22%, reflecting the exclusion of energy
recovery (anaerobic digestion) and the increased reliability of
data on the reasons for markdowns.
Note that data for Belgium, Atacadão in Brazil and Sam’s Club in
Brazil are not available for the 2016 baseline. As such, they are
not included in the reduction indicator with the 2016 baseline,
but are however taken into account when calculating reductions
in food waste with a 2022 baseline.
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 = 500g.
Carrefour Quality Lines committed to an agroecological
approach: this indicator was reported for the first time in 2022
for France only. The reporting methodology is 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.
Sustainable fishing: sustainable fishing products identified as
“responsible” are as follows: ASC (Aquaculture Stewardship
Council) products, MSC (Marine Stewardship Council) products,
organic products, Carrefour Quality Line products, Green List
(responsible species), products from a sustainable
species
is
fishing/responsible
confirmed by stakeholders and validated by the Group CSR
Department, products from fisheries that have implemented a
Fisheries Improvement Project (FIP) assessed as credible (tuna
excluded) in Annex 7. For tinned tuna, the sustainability criteria
are listed in Annex 6 (MSC without fish aggregation devices and
caught with pole and line).
farming approach whose credibility
Top 100: Carrefour’s Top 100 suppliers must commit to a 1.5°C
trajectory to reduce their carbon emissions. In 2023, the Top 100
included 96 suppliers. From 2024, this monitoring will be
extended to an increasing number of suppliers
Sustainable agriculture: Carrefour’s strategy for developing
sustainable agriculture is based on two pillars: the development
of its organic range and the development of agroecology
through its Carrefour Quality Lines.
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 Carrefour Bio organic 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.
Certified sustainable products: certified sustainable products
claim a verified link with environmental and/or social protection.
This category includes organic food and non‑food products,
products from Carrefour Quality Lines, responsible fishing,
responsible wood and paper, responsible textiles (recycled,
cashmere, wool and viscose) and European Ecolabel products.
Plant Based: plant proteins are all products that are direct
substitutes for products whose main ingredients are derived from
animal products, other vegetarian or vegan products identified by
a specific brand (e.g., Carrefour Veggie), label or certification
(Veggie, Vegan), or whose packaging refers to it, and finally all
pulses (legumes with seeds that are edible for humans) or
vegetarian processed products with at least 50% pulses (e.g.,
hummus)
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.
level at
soy certified deforestation‑free with
Sustainable soy:
full
traceability. Carrefour recognises the Proterra, RTRS at the
segregated
least, Danau Soy and Europe Soy
certifications. Soy from local, non‑deforested production (e.g.,
Sojalim suppliers in France, local soy production in Europe, etc.).
Soy from a region where there is no risk of deforestation (see
food transition purchasing rules). Soy from a high‑risk region
where a progress plan has been contracted with producers
through a field project, such as the Cerrado Compensation
Mechanism, and validated by stakeholders.
Palm oil: Carrefour guarantees that 100% of its palm oil supplies
comply with its Responsible Forestry commitments (i.e., POIG,
RSPO IP, RSPO Segregated or RSPO Mass Balance). Palm oil
derivatives used in household, perfume and hygiene products are
excluded from the scope.
Sustainable cocoa: cocoa paste is sustainable if it is certified (see
list of accepted certifications/labels below) or if its trader is
evaluated by the Retailer Cocoa Collaboration (RCC) and scores
more than 80% (the score is provided by the Group).
List of accepted certifications/labels with full traceability (at
least segregated): Fairtrade – Max Havelaar (Sustainable); UTZ –
(Sustainable); Symbol of Peasant
Rainforest minima SG
Producers
(Sustainable); World Fair Trade Organization
(Sustainable); Transparence Cacao (Sustainable); Cocoa Horizon
(Sustainable); Fair for Life (Sustainable).
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Brazilian beef: the percentage of geo‑referenced Brazilian beef is
calculated using the number of tier 2 geo‑referenced suppliers.
The tier 2 suppliers correspond to farms that supply the
slaughterhouses.
Traders: a trader is an upstream player in Carrefour's value chain
who negotiates the purchase and sale of agricultural raw
materials.
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. A supplier may operate in several countries, for
example through different subsidiaries. It may appear in several
Pacts where separate partnerships are involved.
The Food Transition Pact is a reciprocal commitment between
Carrefour and partner suppliers committed to the food transition
for all.
Through this pact, suppliers undertake to take part in four
webinars during the year, and also to participate in working
groups
the company’s
transformation. There are four of these coalitions. Their aim is to
propose practical initiatives to be rolled out in stores and aimed
at customers.
(coalitions) created
to accelerate
A supplier can only participate in one coalition, which meets
approximately every six weeks.
Customer community: a customer community is a group of
engaged consumers who can exchange ideas, share initiatives
identified in‑store (Carrefour and competitors), monitor food
transition issues and within which we can communicate our
initiatives, collect consumer expectations and feedback.
This community meets in several ways:
weekly meetings to share information;
monthly meetings with suppliers;
physical events (twice a year);
conversation thread on WhatsApp.
■
■
■
■
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.
Transparency: number of species for which a system is in place
to inform consumers about farming methods. The species
concerned are veal, pork, beef (meat), beef (milk), eggs and
chicken.
intends
Carrefour
to reduce
Packaging:
the amount of
packaging it uses by 20,000 tonnes, including at least 15,000
tonnes of plastic, by 2025. For Carrefour, the elimination of
plastic packaging is a priority when calculating this indicator.
Carrefour is also committed to eliminating single‑use plastics, as
recommended by the EU’s Directive on single‑use plastics
(https://eur‑lex.europa.eu/eli/dir/2019/904/oj). The weight of
packaging avoided is calculated based on the weight of plastic
in the new packaging compared with the old
removed
packaging, or the difference between the weight before and after
packaging for other materials.
Partner producers: this indicator shows the number of partner
producers (or suppliers where producer traceability is not
available) with which Carrefour has a specific contract. Carrefour
lists its partner producers in Organic Farming, Carrefour Quality
Lines, its regional partner producers, its local partner producers
and partner producers from other collective initiatives. Several
criteria must be met, depending on the type of partnership:
■
■
■
■
■
Organic Farming partner producers: multi‑year contract or with
tacit renewal, commitment on volumes and purchase price
reflecting production needs and constraints, specific support
during the conversion period. At least one of these criteria
must be met.
Carrefour Quality Line partner producers: multi‑year contract
or with tacit renewal, commitment on volumes and purchase
price reflecting production needs and constraints, price
commitment guaranteeing fair remuneration for the producer.
At least one of these criteria must be met.
Regional partner producers: they must be located in the same
administrative region as the place of sale of the product, and
production must also take place in the same administrative
region; delivery must be direct between the producer and the
store or via a warehouse; the contract must guarantee a fair
price to the producer; the region of origin must be visible and
easily identifiable by the customer.
Local partner producers: they must be geolocated within a
short distance of the plaee where their products are sold.
Referencing can be done directly by the store without going
through the central purchasing unit. The contract with the
local partner producer guarantees the producer a fair price, a
simplified contract and short payment terms. Finally, the
product is known locally and sold in a dedicated space in the
store.
Partner producers of other collective approaches: the partner
must respect the specifications of a sustainable agricultural
production method covered by an official quality label, a
quality label covered by local legislation or possibly a private
label whose specifications are public and controlled by an
independent inspection body. It must also respect at least two
of
following criteria: volume commitment, price
commitment guaranteeing fair remuneration for the producer,
or multi‑year contract or tacit renewal.
the
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Customer information
Human resources 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.
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.
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?” This question was
updated in September 2023. Therefore, exceptionally in 2023,
the results will cover four months (September to December)
rather than a full year. Full‑year results will be reported from
2024. The results come from a consumer panel survey. The
results are averaged in proportion to the responses obtained on
sales by format/country. In 2023 the scope corresponds to 99%
of consolidated sales, excluding Supermarkets in Poland.
Nutrition: the indicator tracks the reduction of salt and sugar
content in Carrefour‑branded products. Reductions relating to a
recipe reformulation are only recorded in the year Y in which the
recipe was reformulated. This means that all volumes for year Y
are taken into account when calculating the reduction for year Y,
regardless of the date of reformulation. Savings recorded locally
in salt and sugar thanks to products imported from France are
deliberately reduced by approximately 40%.
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 and employees declared as
disabled workers) is defined by the laws in effect in each country,
which may cause discrepancies in the method used.
Methodology used for estimating Scope 3 emissions:
Scope 3 categories
Calculation methodology
Details of scope
(€)
for 53
Food: emission calculations begin with France.
Within this scope, it is possible to determine the
tonnage of products as well as the corresponding
sales figures excluding VAT
food
categories. Combined with this base, the use of
Agribalyse emission factors (agricultural, processing
and packaging stages) gives the carbon footprint for
France for these 53 product categories. These
results are then used to determine monetary
emission factors for the 53 food categories. This
new base of emission factors, adjusted by country
on the basis of purchasing power parity, makes it
possible to calculate the carbon footprint of all of
the Group’s countries of operation (Brazil, Spain,
Belgium, Italy, Romania, Argentina, Poland).
Non‑food: emission calculations begin with France.
For this scope, data is provided in units sold, linked
to net sales (€), for 45 categories. Combined with
this base, the use of emission factors from the
ADEME carbon footprint database (excluding
transport) makes it possible to obtain the carbon
footprint for France for these 45 product categories.
These results are then used to determine monetary
emission factors for the 45 product categories. This
new base of emission factors, adjusted by country
on the basis of purchasing power parity, makes it
possible to calculate the carbon footprint of all of
the Group’s countries of operation (Brazil, Spain,
Belgium, Italy, Romania, Argentina, Poland).
All products sold under a Group banner (integrated
and franchised stores) in the eight countries where
the Group operates are included in the Group’s
carbon footprint. This scope represents 83% of all
sales areas under Group banners worldwide.
Products sold by international partners are excluded,
and represent 17% of sales areas under Group
banners worldwide.
Purchases of goods
and services
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Scope 3 categories
Calculation methodology
Details of scope
Purchases of fixed assets
Emissions are calculated on the basis of total
operational investments, associated with ADEME
monetary emission factors.
Franchises not applicable.
Upstream energy
emissions
Emissions are calculated on the basis of the Group’s
energy consumption associated with the upstream
and line loss components of the ADEME energy
emission factors.
Energy consumption only includes integrated stores
in the eight countries where the Group operates.
Integrated stores account for 66% of sales areas
worldwide.
Food: emissions are calculated on the basis of data
covering purchases of goods and services (in
volume where possible, otherwise in euros of sales)
associated with the “Inbound Transport” part of the
Agribalyse emission factors.
Non‑food: emissions are calculated on the basis of
data covering purchases of goods and services (in
units sold) associated with the “Inbound transport”
part of the emission factors in the ADEME carbon
footprint database.
Emissions are calculated using data concerning
waste generated during operations at the global
level, associated with emission factors from the
ADEME carbon footprint database corresponding to
the different types of waste and Ecoinvent 3.4 (other
waste).
Emissions are calculated using the number of
employees worldwide combined with an ADEME
emission factor for commuting.
Emissions are provided by the agency responsible
for business travel in France. These emissions are
then extrapolated to the global scope via sales.
transport data
This data is calculated by means of operational
reporting carried out in all of the Group’s countries.
Outbound
is calculated using
operational data for the entire Group. Data on litres
consumed (L) OR, failing that, data on distances
travelled (km) x national emission factor or one
provided by the transport supplier or, failing that,
DEFRA (Department for Environment, Food & Rural
Affairs – UK) standard emission factors.
Data is calculated for France by combining the
volumes sold by fuel type with the ADEME emission
factor corresponding to the fuel type. Emissions are
then extrapolated to the global level via sales per
country per fuel type.
Travel agency: emissions are calculated using
Carrefour travel agency sales in France combined
with an ADEME monetary emission factor for air
travel.
Use of home equipment: emissions are calculated
using net sales, broken down into 14 categories.
Each category (e.g., camera, speaker, refrigerator) is
associated with an average lifespan in years and an
average consumption, making
to
calculate total consumption over the lifespan. This
consumption is linked to ADEME emission factors
for energy consumption.
it possible
All products sold under a Group banner (integrated
and franchised stores) in the eight countries where
the Group operates are included in the Group’s
carbon footprint. This scope represents 73% of all
sales areas under Group banners worldwide.
Products sold by international partners are excluded,
and represent 17% of sales areas under Group
banners worldwide.
Waste generated by the business only includes
integrated stores in the eight countries where the
Group operates. Integrated stores account for 66%
of sales areas worldwide.
Franchises not applicable.
Business travel for franchise stores and international
partners is not included.
All products sold under a Group banner (integrated
and franchised stores) in the eight countries where
the Group operates are included in the Group’s
carbon footprint. This scope represents 73% of all
sales areas under Group banners worldwide.
Products sold by international partners are excluded,
and represent 17% of sales areas under Group
banners worldwide.
All petrol stations operated under the Carrefour
banner in the eight countries where the Group
operates directly are included. This scope represents
73% of all sales areas under Group banners
worldwide.
It does not include the stations of international
partners, which represent 17% of the total retail sales
area worldwide.
All products sold under a Group banner (integrated
and franchised stores) in the eight countries where
the Group operates are included in the Group’s
carbon footprint. This scope represents 73% of all
sales areas under Group banners worldwide.
It does not include products sold by international
partners, which represent 17% of sales areas under
Group banners worldwide.
Inbound transport
Waste generated during
operations
Employee commuting
Business travel
Outbound transport
Use of products sold –
Fuels
Use of products sold –
Other
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Scope 3 categories
Calculation methodology
Details of scope
Packaging and home equipment placed on the
market: emissions are first calculated for the France
2022 scope using the CITEO declaration, for which
packaging quantities are associated with emission
factors from the ADEME carbon footprint database
by packaging type. These emissions are then
extrapolated to the French scope using net sales in
2021, 2020 and 2019, and then to the global scope.
Food waste: a quantity of food waste is calculated
for the French scope using data on purchases of
goods and services combined with UN data on
household food waste. These tonnages are then
associated with an emission factor from the ADEME
database (putrescible waste) and then extrapolated
globally based on net sales.
Emissions are calculated on the basis of the surface
area leased by Carrefour combined with the group’s
Scopes 1 and 2 on the square metres occupied by
the Group.
End of life of products
sold
Downstream leasing
Franchises
Investments
Emissions are calculated by cross‑referencing the
franchised surface area, the non‑franchised surface
area and the Group’s Scope 1 and 2 emissions.
Emissions are calculated using Carrefour Life
Insurance data combined with an ADEME monetary
emissions factor.
All products sold under a Group banner (integrated
and franchised stores) in the eight countries where
the Group operates are included in the Group’s
carbon footprint. This scope represents 73% of all
sales areas under Group banners worldwide.
It does not include products sold by international
partners, which represent 17% of sales areas under
Group banners worldwide.
Franchises not applicable.
Scope 1 and 2 emissions (energy and refrigerant
consumption) are taken into account for all stores
under a Group banner in the eight countries in
which it operates. International partner stores are
also included. 100% of all sales areas under Group
banners worldwide are covered.
Franchises not applicable.
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
France’s Grenelle II law, the indicators corresponding to stores,
merchandise and logistics were calculated over a 12‑month,
year‑on‑year period running from October to September.
Since 2019, to ensure greater collaboration within the Group, all
indicators corresponding to 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.
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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 host countries are
reported through personalised interviews (in person if possible,
by videoconference if not), or by e‑mail.
the
reporting and
From a quantitative point of view,
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.
CSR and Food Transition Index
Composition of the CSR and Food Transition In
dex
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.
Topic
Indicators
Unit
Scope of the objectives
Products
Certified
sustainable
products
8 billion euros in sales of certified sustainable
products by 2026
In thousands of
euros
Food transition
500 million euros in sales of plant‑based
proteins by 2026
in thousands of
euros
Raw materials
(1)
100% of sensitive products with regard to
forests, animal welfare, soils, marine resources
and human rights covered by a risk mitigation
plan by 2030
%
Packaging
Three Carrefour targets on packaging
reduction, bulk and reuse, and packaging
recyclability implemented by 2026
Packaging – 1
100% reusable, recyclable or compostable
packaging in 2025
%
Packaging – 2
20,000 tonnes of packaging avoided, including
15,000 tonnes of plastic packaging by 2025
(cumulative since 2017)
Tonnes
Controlled and national‑brand products.
8 integrated countries, sales generated under
banners (integrated and franchised stores).
Controlled and national‑brand food products
Integrated countries in Europe, sales
generated under banners (integrated and
franchised stores).
8 integrated countries, sales generated under
banners (integrated and franchised stores).
Carrefour‑branded products. Excluding
discount (Simpl), no‑name products and
own‑brand Lighting products
8 integrated countries, sales generated under
banners (integrated and franchised stores).
Controlled products and national‑brand
products. Packaging of items sold at traditional
counters/in‑house (e.g., fruit and vegetable
bags, deli containers, indirect purchases)
8 integrated countries, sales generated under
banners (integrated and franchised stores).
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Topic
Indicators
Unit
Scope of the objectives
Packaging – 3
150 million euros in bulk and reusable
packaging sales in 2026 (five‑fold increase vs.
2022)
In thousands of
euros
50,000 partner producers by 2026
Number
Partner
producers
Stores
Food waste
50% reduction in food waste (vs. 2016)
%
Waste
100% of waste recovered from stores 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)
%
Controlled products and national‑brand
products.
8 integrated countries, sales generated under
banners (integrated and franchised stores).
CQL, organic, regional and local producers
and other stakeholders supporting collective
approaches.
8 integrated countries, sales generated under
banners (integrated and franchised stores).
Integrated stores for major formats and
warehouses.
8 integrated countries, integrated stores only.
Integrated stores for major formats and
warehouses.
8 integrated countries, integrated stores only.
Integrated stores for major formats and
e‑commerce warehouses.
8 integrated countries, integrated stores only.
Climate (Scope 3) Top 100 suppliers aligned with a 1.5°C
trajectory by 2026 and 20 megatonnes
avoided by 2030
Number
Suppliers of controlled products and
national‑brand products.
8 countries in which the Group operates.
Climate (Scope 3)
– 1
20 megatonne reduction in CO emissions
relating to products sold in‑store by 2030 (vs.
2019)
2
Tonnes
Climate (Scope 3)
– 2
100% of the Top 100 suppliers to be
committed to a 1.5°C trajectory by 2026
%
Customers
Nutrition and
health
Elimination of 2,600 tonnes of sugar and 250
tonnes of salt from Carrefour‑branded
products by 2026 (vs. 2022)
Tonnes
Controlled products and own‑brand Lighting
products
8 integrated countries, sales generated under
banners (integrated and franchised stores).
Customer
community
An active community of consumers of healthy
and sustainable products in each country
Number
8 countries in which the Group operates.
Supplier
commitments
500 suppliers involved in the Food Transition
Pact by 2030
Number
Suppliers of controlled products and
national‑brand products.
8 countries in which the Group operates.
Act for Food
Employees
Employee
engagement
Minimum score of 75/100 for the question
“Does Carrefour help you eat better?”
Number
8 countries in which the Group operates.
Minimum employer recommendation score of
75/100 awarded annually to Carrefour by its
employees
Number
8 integrated countries, integrated operations
only.
Gender equality
35% women executives (Top 200) by 2025
Training
At least 50% of employees provided access to
training every year
%
%
Disability
15,000 employees with a disability by 2026
Number
8 integrated countries, integrated operations
only.
8 integrated countries, integrated operations
only.
8 integrated countries, integrated operations
only.
(1) This KPI is a set of three sub‑KPIs (governance, employee training, supplier engagement). Further sub‑KPIs may be added in 2024. Each sub‑KPI has
the same weight in the final calculation.
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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 17 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 7.5/10 (i.e., 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, Deloitte, 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
Report of one of the Statutory Auditors, appointed as independent third party, on the verification of the consolidated non‑financial
performance statement
Year ended December 31, 2023
This is a free English translation of the report by one of the Statutory Auditors 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 the Shareholders’ Meeting,
In our capacity as Statutory Auditor of Carrefour SA (hereinafter the “Company”), appointed as independent third party (“third party”) and
accredited by the French Accreditation Committee (Cofrac), under number 3‑1886 (Cofrac Inspection Accreditation, scope available at
www.cofrac.fr), we have conducted procedures to express a limited assurance conclusion on the historical information (observed or
extrapolated) in the consolidated non‑financial performance statement, prepared in accordance with the Company’s procedures
(hereinafter the “Guidelines”), for the year ended December 31, 2023 (hereinafter the “Information” and the “Statement”, respectively),
presented in the Group management report pursuant to the legal and regulatory provisions of Articles L. 225‑102‑1, R. 225‑105 and
R. 225‑105‑1 of the French Commercial Code (code de commerce).
Conclusion
Based on our procedures as described in the section “Nature and scope of procedures” and the evidence we have obtained, no material
misstatements have come to our attention that cause us to believe that the non‑financial performance statement does not comply with
the applicable regulatory provisions and that the Information, taken as a whole, is not fairly presented in accordance with the
Guidelines.
Comments
Without qualifying the conclusion expressed above, and in accordance with the provisions of Article A. 225‑3 of the French Commercial
Code, we make the following comments:
The scopes of reporting vary from one indicator to another and are detailed in the non‑financial performance statement in the tables
within the Detailed Reporting Methodology section.
1
2
3
4
5
6
Preparation of the non‑financial performance statement
The absence of a generally accepted and commonly used reference framework or established practices on which to base the
assessment and measurement of the Information enables the use of different but acceptable measurement techniques that may impact
comparability between entities and over time.
Accordingly, the Information must be read and interpreted with reference to the Guidelines, summarised in the Statement and available
on the Company’s website or on request from its headquarters.
7
Limits inherent in the preparation of the information relating to the Statement
The Information may be subject to uncertainty inherent to the state of scientific and economic knowledge and the quality of external
data used. Some information is sensitive to the choice of methodology and the assumptions or estimates used for its preparation and
presented in the Statement.
Responsibility of the Company
Management is responsible for:
■
■
selecting or determining the appropriate criteria for the preparation of the Information
preparing a Statement pursuant to legal and regulatory provisions, including a presentation of the business model, a description of
the main non‑financial risks, a presentation of the policies implemented with respect to these risks as well as the outcomes of these
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policies, including key performance indicators and the information set‑out in Article 8 of Regulation (EU) 2020/852 (Green
taxonomy);
■
implementing such internal control as it determines is necessary to enable the preparation of Information that is free from material
misstatement, whether due to fraud or error.
The Statement has been prepared by the board of directors.
Responsibility of the Statutory Auditor appointed as independent third party
Based on our work, our responsibility is to express 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 pursuant to part 3 of sections I and II of Article R. 225‑105 of the French Commercial Code,
i.e. the outcomes of policies, including key performance indicators, and measures relating to the main risks, hereinafter the
“Information.”
As it is our responsibility to issue an independent conclusion on the information prepared by management, we are not authorised to
participate in the preparation of the Information, as this could compromise our independence.
It is not our responsibility to provide a conclusion on:
the Company’s compliance with other applicable legal and regulatory provisions (particularly with regard to the information set‑out in
Article 8 of Regulation (EU) 2020/852 (Green taxonomy), the fight against corruption and tax evasion;
the fairness of information set‑out in Article 8 of Regulation (EU) 2020/852 (Green taxonomy);
the compliance of products and services with the applicable regulations.
■
■
■
Applicable regulatory provisions and professional guidance
We performed the work described below in accordance with our audit verification programme in application of Articles A. 225‑1 et seq.
of the French Commercial Code, the professional guidance issued by the French Institute of Statutory Auditors (Compagnie Nationale
des Commissaires aux Comptes) relating to this engagement and with the international standard ISAE 3000 (revised - Assurance
engagements other than audits or reviews of historical financial information).
Independence and quality control
Our independence is defined by Article L. 821‑28 of the French Commercial Code and French Code of Ethics for Statutory Auditors
(Code de déontologie). In addition, we have implemented a system of quality control including documented policies and procedures
aimed at ensuring compliance with applicable legal and regulatory requirements, ethical requirements and the professional guidance
issued by the French Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) relating to this engagement.
Means and resources
Our work engaged the skills of twelve people between July 2023 and February 2024 for a total of thirty‑two weeks.
To assist us in conducting our work, we referred to our corporate social responsibility and sustainable development experts. We
conducted around sixty interviews with people responsible for preparing the Statement.
Nature and scope of procedures
We planned and performed our work taking account of the risk of material misstatement of the Information.
We consider that the procedures conducted in exercising our professional judgement enable us to express a limited assurance
conclusion:
■
■
■
■
We familiarized ourselves with the activities of all companies in the consolidation scope and the description of the principal risks.
We assessed the suitability of the Guidelines with respect to their relevance, completeness, reliability, neutrality and clarity, taking into
account, where appropriate, best practices within the sector.
We verified that the Statement covers each category of information stipulated in section III of Article L. 225‑102‑1 governing social
and environmental affairs, respect for human rights and the fight against corruption and tax evasion.
We verified that the Statement provides the information required under Article R.225‑105 of the French Commercial Code where
relevant with respect to the principal risks,
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
We verified that the Statement presents the business model and a description of the principal risks associated with the activities of all
the consolidated entities, 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.
Where applicable, we verified that the Statement entail an clear and motivated explanation for the absence of policies related to one
or several risks as required under Article R.225‑105.
We referred to documentary sources and conducted interviews to:
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 information (measures and outcomes) that we considered to be the most important
(1)
.
■
■
We verified that the Statement covers the consolidated scope, i.e. all companies within the consolidation scope in accordance with
Article L. 233‑16, with the limits specified in the Statement.
We obtained an understanding of internal control and risk management procedures implemented by the Company and assessed the
data collection process aimed at ensuring the completeness and fairness of the Information.
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 that consisted in verifying the correct consolidation of collected data as well as the consistency of changes
thereto;
substantive tests, on a sample basis and using other selection methods, that consisted in verifying the proper application of
definitions and procedures and reconciling data with supporting documents. These procedures were conducted for a selection of
contributing entities and covered between 25% and 100% of the consolidated data selected for these tests.
We assessed the overall consistency of the Statement in relation to our knowledge of the entire Company.
■
■
■
■
■
■
■
The procedures conducted in a limited assurance review are substantially less in scope than those required to issue a reasonable
assurance opinion in accordance with the professional guidelines of the French National Institute of Statutory Auditors (Compagnie
Nationale des Commissaires aux Comptes); a higher level of assurance would have required us to carry out more extensive procedures.
Paris‑La Défense, March 4, 2024
One of the Statutory Auditors,
Deloitte & Associés
Bertrand Boisselier
Partner, Audit
Julie Mary
Director, Sustainability Services
1
2
3
4
5
6
7
8
(1)
Selected qualitative information: Existence of a climate plan, of a biodiversity strategy, of an animal welfare policy, of a health and food safety poli
cy.
9
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CORPORATE SOCIAL RESPONSIBILITY AND PERFORMANCE
Reporting methodology and verification of information
Appendix 1: Information considered most
important.
Quantitative information (actions and results)
relating to the main risks:
Climate scope 1 & 2: Percentage reduction in GHG emissions
linked to scope 1 and 2 by 2030
(1) (2) (3) (4) (5) (6) (7)
Climate scope 3: Reduction of 20 megatons of CO² in
emissions linked to products sold in stores by 2030 (compared
to 2019)*
Climate scope 3: Percentage of Top 100 suppliers committed
to a 1.5°C trajectory by 2026*
Percentage of waste recycled by 2025
1 3 6 (8)
Percentage of reduction in food waste (kg/sq.m.) compared to
2016
1 2 6
Percentage of reusable, recyclable or compostable packaging
for Carrefour‑branded products (%)
1 6 8
Cumulative tons of packaging saved since 2017
1 2 6
Bulk sales and reuse in 2026 multiplied by 5 vs 2022
1 2 4 8
Tonnage of certified and fully traced palm oil from Carrefour
product sales
1 2 6
Sales (€) from products using Zero Deforestation soybeans
1 2
Sales (€) from sales of Zero deforestation cocoa (butter and
pasta)
1 2
Sales (€) from sales of cage‑free shell egg
1 6
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
■
Sales (€) from certified responsible products
1 2 6
Sales (€) from plant‑based protein products
1 2 3
Number of products containing cage‑free egg ingredients
1 2
Number of supplier slaughterhouses audited
1 2 6
Total raw materials sourcing score*
Number of partner producers by 2025
1 2 3
Number of suppliers committed to the food transition pact by
2030
1 2 *
Number of active consumer communities for healthy and
sustainable products in each country
1 2
Percentage of consumers answering yes to the question:
"Does Carrefour help you eat healthily and responsibly?
*(9)
Nutrition & Health: Reduction of tons of sugar and salt in
Carrefour‑branded products by 2026 (vs 2022)
1
1
Workforce
Absenteeism rate
1 *
Severity rate
1 *
Frequency rate
1 *
*
Percentage of women appointed to key positions
Employer
*
Carrefour by its employees
recommendation score awarded annually
to
Percentage of employees with a disability
1 2
Average number of training hours per employee
1 2 8
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
We have selected a list of business units for detailed testing. These business units are:
France
Spain
Italy
Poland
Romania
Brazil
Argentina
Belgium
* Group
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CORPORATE GOVERNANCE
Governance summary
204
3.4 Compensation and benefits granted to
Participants in the governance system
Recent changes in corporate governance
Carrefour governance – key figures
(December 31, 2023)
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
204
205
206
207
207
209
214
214
232
235
243
243
243
244
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
248
248
248
250
259
261
262
263
263
263
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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
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Governance summary
COMPOSITION OF THE BOARD OF DIRECTORS AT DECEMBER 31, 2023
Marie-Laure
Sauty de Chalon *
Philippe Houzé
Vice-Chairman
Alexandre Bompard
Chairman and Chief
Executive Officer
Stéphane Israël *
Lead Director
Cláudia Almeida e Silva *
Sylvie Dubois
Representing
employees
Arthur Sadoun *
Patricia
Moulin Lemoine
Mathilde
Lemoine
* Independent Director.
Flavia
Buarque de Almeida
Stéphane
Courbit *
15 Directors
Frédéric Barrault
Representing
employees
Charles
Edelstenne *
Aurore
Domont *
Abilio Diniz
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, the Board of Directors decided on March 22, 2023 to
change the composition of its Committees, in particular to
improve their degree of independence (see Section 3.2.3 of this
Universal Registration Document).
Also on the recommendation of the Governance Committee, the
Board of Directors decided to ask the Shareholders’ Meeting of
May 26, 2023 for its approval, which was given, to reappoint the
following two Directors: Alexandre Bompard and Marie‑Laure
Sauty de Chalon. On May 26 2023, the Board of Directors also
decided to reappoint Alexandre Bompard as Chairman and Chief
Executive Officer.
In addition, following the meeting of the European Works
Council (Comité d’Information et de Concertation Européen
Carrefour) on October 18, 2023 designating Sylvie Dubois as a
Director representing employees, she joined the Board of
Directors on October 25, 2023.
On the recommendation of the Governance Committee, the
Board of Directors decided, at its meeting on March 13, 2024, to
appoint Eduardo Rossi to replace Mr Diniz. At the May 24, 2024
Shareholders’ Meeting, the shareholders will be asked to ratify
this appointment and to renew the directorships of Cláudia
Almeida e Silva, Aurore Domont, Patricia Moulin‑Lemoine,
Philippe Houzé, Stéphane
Israël, Stéphane Courbit and
Arthur Sadoun.
At that same Meeting, the Board of Directors will also invite the
shareholders to appoint Marguerite Bérard as a Director. If
Marguerite Bérard is appointed by the shareholders, she will join
the Audit Committee as an independent Director.
The Board of Directors also changed the composition of its
committees as follows:
■
■
■
Sylvie Dubois, Director representing employees, joined the CSR
Committee;
Frédéric Barrault, Director representing employees, joined the
Compensation Committee;
Flavia Buarque de Almeida, Director, joined the Strategy
Committee.
At
its December 7, 2023 meeting, the Group Committee
appointed Frédéric Barrault in the same capacity and he joined
the Board of Directors on December 15, 2023.
At the date of this Universal Registration Document, the Board of
Directors had 15 members including two Directors representing
employees.
At its meeting on 20 February 2024, the Board of Directors noted
with deep sadness the death of Mr Diniz, who had been a
Director of the Company since May 17, 2016.
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CORPORATE GOVERNANCE
Governance summary
CARREFOUR GOVERNANCE – KEY FIGURES (DECEMBER 31, 2023)
54%
15
Directors including
2 representing employees
Independence rate*
46%
women*
5
specialised Committees
of which 4 are chaired
by Independent Directors
and 1 by a woman
98%
100%
9
Board meetings in 2023
Attendance rate at
Board meetings
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.
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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 26, 2023 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
in 2020
and 2021 (see Section 3.1.1.4 of this Universal Registration
Document);
that were extended
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 3.1.1.3 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 of certain decisions
of major strategic importance 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 self‑assessment of the Board of Directors’ work,
conducted at the end of 2023, all the Board members appreciate
implemented and confirm the
the quality of governance
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
Executive Management structure also recently demonstrated its
relevance in the midst of an unprecedented health crisis
demanding a high level of involvement and responsiveness from
the Directors and Executive Management.
transformation
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3
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5
6
7
8
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3
CORPORATE GOVERNANCE
A balanced governance structure
3.1.1.2
Limitations of powers of the
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.
3.1.1.4
Independent Lead Director
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.
On the recommendation of the Governance Committee, the
Board of Directors at its meeting on April 20, 2020 decided to
Independent Director, as Lead
appoint Stéphane Israël, an
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,
whether
strategic
management or specific agreements. He reports to the Board of
Directors on his work.
to operational projects,
relates
this
In line with the work and discussions on the improvements that
could be made to the Company’s governance, on February 17,
2021 and March 22, 2023, the Board of Directors decided, on the
recommendation of the Governance Committee, to adapt its
Internal Rules to extend the Lead Director’s duties and specify
the resources available for the performance of his duties.
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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A balanced governance structure
2023 principal activities
In 2023, 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;
held discussions with the Board of Directors, without the
Executive Officer in attendance, on the composition of the
Board of Directors, the agenda of Board meetings and the
main items to be included on the agenda;
contributed to dialogue with shareholders and signed a letter
addressed to shareholders ahead of the Shareholders’ Meeting;
attended meetings of the Audit, Compensation and Strategic
Committees.
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 2023, 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
the Group’s development and
could be consistent with
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
independence, gender, expertise, age and seniority of
its
members.
The addition since 2017 of 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. In 2020, on the recommendation of the
Governance Committee, and in accordance with the requests of
the Company’s shareholders, the Board of Directors 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, with gender balance and
a degree of independence in line with best governance practices.
At December 31, 2023, the Board of Directors had 13 members
(excluding Directors representing employees), six or 46% of
whom were women and 54% of whom were independent (these
percentages do not include the two Directors representing
employees). Three of the Directors were non‑French. In addition,
four committees are chaired by Independent Directors.
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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.
Criteria
Targets
Implementation and results obtained in 2023
Composition of the
Board of Directors
Gender equality on the Board of Directors
44%
43%
46%
46%
46%
2019
2020
2021
2022
2023
In accordance with AFEP‑MEDEF Code recommendations, the
above percentages do not include Directors representing
employees.
Build up the necessary skills to implement
the Company’s strategic plan
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
Two new Directors representing employees were appointed in
October and December 2023, for a three‑year term.
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CORPORATE GOVERNANCE
A balanced governance structure
Criteria
Targets
Implementation and results obtained in 2023
Directors’
independence
50% of Independent Directors, in
compliance with the AFEP‑MEDEF Code for
widely‑held corporations without
controlling shareholders
46%
Non-independent
Directors
54%
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
10
Average tenure of
Board members
1
2
3
40 - 50
50 - 60
60 - 75
>75
Average age
62 years
2019
58 years
2020
58 years
2021
60 years
2022
61 years
2023
62 years
10
1
2
2
0 - 2
2 - 5
5 - 10
10 - 15
Average tenure
7 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.
1
2
3
4
5
6
7
8
9
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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).”
Following the meeting of the European Works Council (Comité
d’Information et de Concertation Européen Carrefour) on
October 18, 2023 designating Sylvie Dubois as a Director
representing employees, she joined the Board of Directors on
October 25, 2023.
At
its December 7, 2023 meeting, the Group Committee
appointed Frédéric Barrault in the same capacity and he joined
the Board of Directors on December 15, 2023.
in Section 3.2.1.3 of this
Their biographies are presented
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 2023 on the same basis as other
Directors.
representing
The Board of Directors granted Directors
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. In early 2024, they received training provided by the
French Institute of Directors (Institut Français des Administrateurs
– IFA) and paid for by the Group.
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
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.
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
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.
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.
In accordance with the AFEP‑MEDEF Code, and on the
recommendation of the Governance Committee, the Board of
Directors conducted the 2023 assessment of the Directors’
independence on March 13, 2024. From among its members,
seven directors are deemed to be Independent, i.e., 54%, 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 and Marie‑Laure Sauty
de Chalon, as well as Stéphane Courbit, Charles Edelstenne,
Stéphane Israël and Arthur Sadoun, qualify as Independent
Directors.
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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
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
12 years of service recommended by the AFEP‑MEDEF Code.
the maximum
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
CORPORATE GOVERNANCE
A balanced governance structure
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 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.
The table below shows the position of each Director (except for the Directors representing employees) at December 31, 2023, based on
the independence criteria set out in the AFEP‑MEDEF Code:
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
(*)
Mathilde Lemoine
Patricia Moulin Lemoine
Arthur Sadoun
(*)
Marie‑Laure Sauty de Chalon
(1)
In the table:
(*)
Criterion 1
Employee or
Company
officer in the
past 5 years
Criterion 2
Cross-
directorships
Criterion 3
Significant
business
relationships
Criterion 4
Family ties
Criterion 5
Statutory
Auditors
Criterion 6
In office for
more than
12 years
Criterion 7
Non-
executive
Company
officer
Criterion 8
Main
shareholder
X
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
X
✓
✓
X
✓
X
✓
✓
✓
X
✓
✓
signifies an independence criterion that has been met.
✓
X signifies an independence criterion that has not been met.
(*) Independent Directors.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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1
2
3
4
5
6
7
8
9
3
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, 2023
On December 31, 2023, the Board of Directors had 15 members including two Directors representing employees. The composition of
the Board of Directors and its specialised Committees is presented in the following table:
Director
Nationality
Age Gender
Independent
Appointment
Most recent
appointment
Duration of appointment
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
Frédéric Barrault
(4)
Mathilde Lemoine
Patricia Moulin Lemoine
Arthur Sadoun
Sylvie Dubois
(4)
Marie‑Laure Sauty de Chalon
Brazilian
French
Brazilian
French
French
French
French
French
French
French
French
51
76
52
50
56
58
87
55
85
58
54
74
52
58
61
M
M
M
F
F
M
M
F
M
M
F
F
H
F
F
07/18/2017
05/26/2023
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
12/07/2023
-
05/20/2011
05/21/2021
06/11/2015
05/21/2021
09/07/2021
(5)
10/18/2023
-
-
06/15/2017
05/26/2023
X
X
X
X
X
X
X
(1)
(2)
(3)
(4)
(5)
Date of the Annual Shareholders’ Meeting called to approve the financial statements for the previous year.
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.
Date of appointment; ratified by the 2019 Shareholders’ Meeting.
Director representing employees.
Date of appointment; ratified by the 2022 Shareholders’ Meeting.
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CORPORATE GOVERNANCE
The Board of Directors
1
2
3
4
5
6
7
8
9
End of term
(1)
Other corporate
(2)
offices
Audit Committee
Compensation
Committee
Governance
Committee
CSR Committee
Strategic
Committee
Board of Directors’ specialised Committees
2026 AGM
2024 AGM
2024 AGM
2024 AGM
2025 AGM
2024 AGM
2025 AGM
2024 AGM
2025 AGM
12/07/2026
2024 AGM
2024 AGM
2024 AGM
10/18/2026
2026 AGM
Chair.
Vice‑Chair.
Member.
◆
■
●
1
-
-
-
1
-
1
-
3
-
-
-
1
-
2
●
◆
●
●
◆
●
●
●
■
●
◆
●
●
●
●
◆
●
●
◆
●
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.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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3
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 2023 are summarised in the following table:
Departures
Appointments
Renewals
Board of Directors
Martine Saint‑Cricq
Thierry Faraut
Sylvie Dubois
Frédéric Barrault
Alexandre Bompard
Marie‑Laure Sauty de Chalon
The Shareholders’ Meeting of May 26, 2023, renewed the terms
of Alexandre Bompard and Marie‑Laure Sauty de Chalon as
Directors. Following the meeting of the European Works Council
(Comité d’Information et de Concertation Européen Carrefour)
on October 18, 2023 designating Sylvie Dubois as a Director
representing employees, she joined the Board of Directors on
October 25, 2023.
At
its December 7, 2023 meeting, the Group Committee
appointed Frédéric Barrault in the same capacity and he joined
the Board of Directors on December 15, 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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CORPORATE GOVERNANCE
The Board of Directors
3.2.1.3 Directors’ biographies at December 31, 2023
Alexandre Bompard
CHAIRMAN AND CHIEF EXECUTIVE OFFICER / Chairman of the Strategic Committee
YEARS IN OFFICE: 6 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: 1,028,818
DATE OF APPOINTMENT TO THE Board
of Directors: July 18, 2017
RATIFICATION OF THE APPOINTMENT
BY THE Shareholders’ Meeting:
June 15, 2018
LAST REAPPOINTED: May 26, 2023
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2025
OTHER POSITIONS HELD AS OF DECEMBER 31, 2023
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.
■
■
■
■
(*) Listed company.
■
■
■
■
■
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).
■
1
2
3
4
5
6
7
8
9
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3
CORPORATE GOVERNANCE
The Board of Directors
Philippe Houzé
VICE‑CHAIRMAN / Member of the Audit Committee, Governance Committee and Strategic Committee
YEARS IN OFFICE: 8 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
LAST REAPPOINTED: 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
130 years of history in fashion, business and retail with brands such as Galeries Lafayette, 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. He led the acquisition of 51% of
the share capital of La Redoute in 2017 followed by all of the remaining shares in 2022. 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 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 ESCP Business
School Board of Directors, a member of the INSEAD Board of Directors and Director of the Alliance
Française. He is an elected member at the Chamber of Commerce and Industry of Paris (CCIP).
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, 2023
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
■
■
■
■
■
■
■
■
■
■
■
■
■
Chairman of the Executive Board of Galeries Lafayette;
Chairman of La Redoute (SAS);
Vice‑Chairman and Chief Executive Officer of Motier (SAS);
Member of the Supervisory Board of Motier (SAS);
Director of Lafayette Anticipation‑Fondation d’entreprise Galeries
Lafayette (Founder);
Member of the Alliance France Tourisme association;
Member of the Board of Directors of INSEAD;
Director and Chairman of the Board of Directors of ESCP Business
School (EESC ESCP Europe);
Member of the Board of Directors of the Alliance Française Paris
Île‑de‑France;
Elected member at the Chamber of Commerce and Industry of Paris
Île‑de‑France (CCIP);
Member of the Union du Grand Commerce de Centre Ville (UCV);
Member of the Board of Directors of the Maison de la Culture du
Japon in Paris;
Member of the Council (Grand Conseil) of the Cercle de l’Union
Interalliée.
(*) Listed company.
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 Alliance 46.2 Entreprendre en France pour le
Tourisme association (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);
Chairman of the Supervisory Board of La Redoute SAS (Expiry of term:
2022);
Member of the Supervisory Committee of BHV Exploitation (Expiry of
term: 2021);
President of the INSEAD France Council.
■
■
■
■
■
■
■
■
Abroad:
None.
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CORPORATE GOVERNANCE
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
LAST REAPPOINTED: 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: 5 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 to 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, 2023
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.
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);
Director and member of the Audit Committee of Havas SA (Expiry of
term: 2018);
Director of CDC International Capital (Expiry of term: 2018).
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6
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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: 5 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
LAST REAPPOINTED: 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, 2023
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).
■
220
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
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
LAST REAPPOINTED: 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: 6 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.
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. The Board of Directors will also benefit from her experience in listed
companies and her experience as a Director of national and international listed companies.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2023
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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(*) Listed company.
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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3
CORPORATE GOVERNANCE
The Board of Directors
Stéphane Courbit
INDEPENDENT DIRECTOR / Chairman of the Compensation Committee and member of the Strategic Committee
YEARS IN OFFICE: 5 YEARS
ATTENDANCE RATE: 78%
Stéphane Courbit is the Chief Executive Officer of Lov Group, a company whose main activities
include audiovisual production (Banijay), online betting (Betclic), luxury hotels (Airelles) and
gastronomy (Ladurée).
Stéphane Courbit brings to the Board of Directors his extensive experience gained as an entrepreneur
in the media and Internet sectors and as the head 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
LAST REAPPOINTED: 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, 2023
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;
Legal manager of SCI Courvalios;
Legal manager of SCI ClemSC;
■
As a representative of Lov Group Invest:
Chairman of Financière Lov (and member of the Supervisory Committee);
Chairman of Banijay Group;
Chairman of Banijay Group Holding (and member of the Supervisory
Committee);
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;
Legal manager of Solières;
Chairman of Lov Sapineaux;
Chairman of Lov Immo;
Chairman of Estoublon Holding;
Chairman and Chief Executive Officer of Lovestate;
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POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
■
■
■
■
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);
■
As a representative of Lov Group Invest:
Chairman of Ormello;
Chairman of Choucalov;
Chairman of Fold Holding;
Chairman of Lov Hotel Collection Holding (and member
of the Supervisory Committee);
Chairman of Lov Hotel Collection;
Chairman of Clos Bellevarde;
Chairman of la Genevoise;
Chairman of LHC Immo;
Chairman of Chalet Val d’Isère;
Chairman of Estoublon PGA;
Chairman of FL Lifestyle;
Chairman of Fontaine Basse;
Chairman of Fouquet;
Chairman of Le Quesnay;
Chairman of Le Quesnay Immo;
Chairman of LHCH Venice;
Chairman of Lov Cosmetics;
Chairman of Lov & Co;
Chairman of Lov & Food;
Chairman of Lov & Lices;
Chairman of Lov & SPB;
Chairman of Lov & Z;
Chairman of Lov Eggo;
Chairman of Lov Habitat;
Chairman of Résidence du Roy;
Chairman of Schuss;
Chairman of Taillat Holding;
Chairman of Taillat Immo;
Chairman of Tropezina Beach Development;
Chairman of Tropezina Holding.
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 LG Industrie SAS (Expiry of term: 2018);
■
(*) Listed company.
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CORPORATE GOVERNANCE
The Board of Directors
Abilio Diniz
DIRECTOR / Vice‑Chairman of the Strategic Committee
YEARS IN OFFICE: 7 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 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 (directly and
indirectly)
DATE OF APPOINTMENT TO THE Board
of Directors: May 17, 2016
LAST REAPPOINTED: 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, 2023
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In Brazil:
In Brazil:
■
■
■
(*)
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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4
5
6
7
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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: 5 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 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
LAST REAPPOINTED: 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, 2023
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 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.
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(*) 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 2023 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
The Board of Directors
Charles Edelstenne
INDEPENDENT DIRECTOR / Chairman of the Governance Committee and member of the Compensation Committee
YEARS IN OFFICE: 15 YEARS
ATTENDANCE RATE: 89%
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 and Legal manager, Chief Executive Officer and current Honorary Chairman of the Board of
Directors of Dassault Systèmes SA.
Charles Edelstenne brings to the Board of Directors 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
LAST REAPPOINTED: 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, 2023
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
■
■
■
■
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■
■
Chairman of the Board of Directors of Dassault Systèmes SE (Expiry
of term: 2023);
Chairman and Chief Executive Officer of Dassault Médias SA (Expiry
of term: 2019);
Chairman of Rond‑Point Holding SAS (Expiry of term: 2020);
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);
Legal manager of real estate company Maison Rouge (Expiry of term:
2022).
(*)
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, member of the Strategy Committee and member of the CSR
(*)
Committee of Thales SA ;
President and Chairman of the Board of Directors of Dassault
Médias SAS;
President and Chairman of the Board of Directors 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;
Legal manager of ARIE;
Legal manager of ARIE 2;
Legal manager of NILI;
Legal manager of NILI 2;
Legal manager of SCI Maison Rouge;
Director of the Monceau Dumas mutual fund.
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Abroad:
Abroad:
Director of Dassault Falcon Jet Corporation (United States);
Chairman of the Board of Directors of Sitam Belgique SA (Belgium).
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Director of Banque Lepercq de Neuflize & Co. Inc. (United States)
(Expiry of term: 2019);
Director 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.
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CORPORATE GOVERNANCE
The Board of Directors
Frédéric Barrault
DIRECTOR REPRESENTING EMPLOYEES
YEARS IN OFFICE: 1 MONTH
ATTENDANCE RATE: 100%
In 1987, Frédéric Barrault began his career in the retail industry when he joined the Montlaur group as
manager of a store in Lattes, near Montpellier. He joined the Carrefour group in 1992 following its
acquisition of Montlaur, becoming manager of the Saint‑Jean‑de‑Vedas hypermarket.
Elected union delegate in the Toulouse Purpan shop in 2006, he became a Central Works Council
member at Sogara and then at Carrefour hypermarkets. He was also a member of the Group
Committee for eight years.
BORN ON: July 25, 1965
NATIONALITY: French
DATE OF DESIGNATION BY THE GROUP
COMMITTEE: December 7, 2023
DATE OF INTEGRATION TO THE Board of
Directors: December 15, 2023
TERM OF OFFICE EXPIRES: December 7,
2026
From 2012 to 2019, Frédéric Barrault was secretary in charge of the food retail section of the French
federation of management trade unions (Fédération CFE‑CGC). Then, from 2020 to November 2023,
he was head of communications for the same federation.
Frédéric Barrault brings to the Board of Directors his knowledge of the 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, 2023
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
None.
In France:
■
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Trade union delegate for Carrefour Toulouse Purpan (Expiry of term:
2014)
Member of the Sogara Works Council (Expiry of term: 2013);
Member of the Carrefour hypermarkets Works Council (Expiry of
term: 2019);
Member of the Group Committee (Expiry of term: 2018);
Secretary in charge of the food retail section of the French federation
of management trade unions (Fédération CFE‑CGC) (Expiry of term:
2019);
Head of communications for the food industry section of the French
federation of management trade unions (Fédération CFE‑CGC) (Expiry
of term: 2023).
226
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
The Board of Directors
Mathilde Lemoine
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
LAST REAPPOINTED: 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: 12 YEARS
ATTENDANCE RATE: 100%
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 analysed 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 her experience as a director of international
organisations, her knowledge of financial markets and her expertise in macroeconomics and
corporate social responsibility (human capital, the energy transition, etc.).
OTHER POSITIONS HELD AS OF DECEMBER 31, 2023
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 Supervisory Board of Eurazeo.
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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.
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CORPORATE GOVERNANCE
The Board of Directors
Patricia Moulin Lemoine
DIRECTOR / Member of the CSR Committee
YEARS IN OFFICE: 8 YEARS
ATTENDANCE RATE: 100%
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 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
LAST REAPPOINTED: 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, 2023
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.
■
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■
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).
■
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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: 2 YEARS
ATTENDANCE RATE: 100%
Arthur Sadoun, 52, is Chairman of the Management Board of Publicis Groupe, the world’s
second‑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
became 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, 2023
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
Chairman of the Management Board of Publicis Groupe SA (France);
Chairman and CEO of Publicis Conseil SA (France);
(*)
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In France:
None.
Abroad:
Director of BBH Holdings Limited (UK);
Director of MMS USA Investments, Inc (USA);
Director of MMS USA Holdings, Inc (USA).
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(*) Listed company.
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CORPORATE GOVERNANCE
The Board of Directors
Sylvie Dubois
DIRECTOR REPRESENTING EMPLOYEES
BORN ON: July 4, 1965
NATIONALITY: French
DATE OF DESIGNATION BY THE
EUROPEAN WORKS COUNCIL (COMITÉ
D’INFORMATION ET DE CONCERTATION
EUROPÉEN CARREFOUR), AND
INFORMATION COMMITTEE:
October 18, 2023
DATE OF INTEGRATION TO THE Board of
Directors: October 25, 2023
TERM OF OFFICE EXPIRES: October 18,
2026
YEARS IN OFFICE: 2 MONTHS
ATTENDANCE RATE: 100%
Sylvie Dubois started working in the retail industry in 1984 as a member of the checkout staff at a
Catteau group supermarket in Aire‑sur‑la Lys, France. Following the Promodès group’s takeover of the
Catteau group and the merger between the Promodès and the Carrefour groups in 2000, the banner
changed its name from Continent to Carrefour.
Sylvie Dubois has held a variety of positions as representative within the Group. From 2002 to 2010,
she was an employee representative and member of the Aire‑sur‑la Lys Store Committee. In July 2010,
she joined the Carrefour La Chapelle‑Saint‑Luc hypermarket as a self‑service employee, and was
elected in its staff elections in July 2011. At the same time, Sylvie Dubois was also elected to the Works
Council and the Carrefour SAS Central Works Council.
In 2012, she became a member of the Carrefour Solidarity Fund Commission and then, in 2017, a
member of the APGIS social security fund.
Sylvie Dubois became Deputy Secretary of the Aube branch of the Union Départementale Force
Ouvrière and a member of the Troyes labour tribunal (Conseil de prud’hommes) in 2018.
In 2019, she joined the Group Committee.
Over the period 2018 to 2021, she was a permanent member then an alternate member of the Board
of Directors of the Aube social benefits office (Caisse d’allocations familiales), where she participated
in the social affairs and the dispute resolutions commissions.
Sylvie Dubois brings to the Board of Directors her experience working directly with customers and her
precise knowledge of the Group’s formats and markets.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2023
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France:
In France:
■
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Deputy Secretary of the Aube branch of the Union Départementale
Force Ouvrière (Expiry of term: October 2024);
Member of the Troyes labour tribunal (Expiry of term:
December 2025);
Alternate member of the Board of Directors of the Aube social
benefits office (Expiry of term: December 2025).
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Staff representative and member of the Aire‑sur‑la Lys Store
Committee (Expiry of term: 2010);
Staff representative and member of the La Chapelle‑Saint‑Luc Store
Committee (Expiry of term: 2023);
Member of the Continent 2001 Central Works Council (Expiry of term:
December 2013);
Member of the Carrefour SAS Central Works Council (Expiry of term:
May 2023);
Member of the Carrefour Solidarity Fund Commission (Expiry of term:
May 2023);
Member of the APGIS social security fund (Expiry of term: May 2023);
Member of the Group Committee (Expiry of term: May 2023);
Permanent member of the Board of Directors of Aube social benefits
office (Expiry of term: 2021).
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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: 6 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 her digital expertise and experience
working internationally at companies blending online retail and content, which will 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
LAST REAPPOINTED: May 29, 2020
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2025
OTHER POSITIONS HELD AS OF DECEMBER 31, 2023
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 and the Performance Audit Committee of LVMH Moët
Hennessy‑Louis Vuitton (SE)
Chair of the Board of Directors, Institut pour le financement du
cinéma et des industries culturelles (IFCIC).
(*)
;
(*) 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);
Member of the Board of the French competition authority (Autorité
de la concurrence) (Expiry of term: 2023);
Director of Coorpacademy (Expiry of term: 2023).
■
■
■
■
■
■
■
■
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).
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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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
In 2023, the Board of Directors held discussions without the
Chairman and Chief Executive Officer in attendance, notably on
topics related
in accordance with
recommendation 18.3 of the AFEP‑MEDEF Code.
to his compensation,
Each new 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
specified
it being
that only
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.
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.
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‑in‑law and brother‑in‑law).
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
232
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CORPORATE GOVERNANCE
The Board of Directors
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.
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 2023
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:
Area
Work
Financial management
Monitoring of the Group’s
strategy, its activities and its
operations
Governance
Compensation
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 800 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 2024 budget.
regular updates on the progress of various projects relating to the Group’s transformation;
approval of the acquisition of the Cora and Match banners in France;
information on the economic and competitive climate, the market performance of the Carrefour
share and financial rating issues.
monitoring the work of the Governance Committee;
approval of the corporate governance report;
discussions about possible changes to the Company’s governance and proposal to renew the
terms of office of the following Directors: Alexandre Bompard and Marie‑Laure Sauty de Chalon;
annual assessment of the independence of the Directors;
annual assessment of the Board of Directors.
monitoring the work of the Compensation Committee;
decision on the components of compensation and the compensation policy for the Chairman and
Chief Executive Officer for the 2023 financial year;
approval of the 2023 compensation policy for Directors;
implementation of an employee plan.
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CORPORATE GOVERNANCE
The Board of Directors
Area
CSR
Shareholders’ Meeting
of May 26, 2023
Work
■
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■
■
■
■
■
monitoring the work of the CSR Committee;
information on the 2023 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; clarification of the Company’s targets in relation to
the fight against global warming under the 24th resolution on the quantification of the Company’s
various Scope 3 initiatives approved by the Shareholders’ Meeting of May 26, 2023;
raising of the Group’s CSR objectives; and
monitoring of the 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 2022 financial year
to Alexandre Bompard, Chairman and Chief Executive Officer, the 2023 compensation policy for
the Chairman and Chief Executive Officer and the 2023 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
the
its decision‑making and
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 2023 financial year, the Board of Directors conducted an
annual self‑assessment. For this purpose, a questionnaire was
prepared and sent to each Director. A summary of the
self‑assessment results was prepared by the Chairman of the
Governance Committee and the Lead Director and was
presented to the Board of Directors on March 13, 2024.
the Company’s strategic guidelines by
The 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
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). Board members’ observations were
taken into consideration in 2023 and will continue to be taken
into account in 2024, notably with the organisation of strategic
sessions and ad hoc meetings with operational executives during
the year, particularly as part of the process of preparing the
Carrefour 2026 strategic plan, and starting in 2023, with a
seminar organized in Brazil and Board discussions, led by the
Independent Lead Director, held without the presence of the
Executive Officer.
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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 2023
The Board of Directors and its specialised Committees met
23 times in 2023, with an average attendance rate of 99%.
The Board of Directors met nine times in 2023, with an average
attendance rate of 98%.
24 meetings
99%
average attendance rate
15 members
9 meetings 98%
attendance rate
Director
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
Frédéric Barrault
Mathilde Lemoine
Patricia Moulin Lemoine
Arthur Sadoun
Sylvie Dubois
Marie‑Laure Sauty de Chalon
Board of
Directors
Audit
Committee
Compensation
Committee
Governance
Committee
CSR
Committee
Strategic
Committee
100%
-
-
100%
100%
100%
100%
100%
100%
78%
100%
100%
89%
-
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.
To take into account the nature and specific characteristics of the
Company’s operations, the Board of Directors created the
following specialised Committees:
on the recommendation of the Governance Committee, decided
to appoint Stéphane Courbit as Chairman of the Compensation
Committee, Marie‑Laure Sauty de Chalon as a member of the
Audit Committee, Arthur Sadoun as a member of
the
Governance Committee and Stéphane Israël, Independent Lead
Director and member of the Audit Committee, to the Strategic
and Compensation Committees.
the Audit Committee;
the Compensation Committee;
the Governance Committee (formerly Appointments Committee);
the CSR Committee;
the Strategic Committee.
■
■
■
■
■
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
unavailable, another member of
specialised
Committee) gives an oral summary of their work to the Board of
Directors at its upcoming meeting.
same
the
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 March 22, 2023, the Board of Directors,
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
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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The Board of Directors
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.
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
the specialised
executives
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 2023 are summarised in the following table:
Audit Committee
Compensation Committee
Departures
Mathilde Lemoine
Mathilde Lemoine
Thierry Faraut
Appointments
Marie‑Laure Sauty de Chalon
Stéphane Israël
Governance Committee
Thierry Faraut
Arthur Sadoun
CSR Committee
Marie‑Laure Sauty de Chalon
Martine Saint‑Cricq
Strategic Committee
-
Stéphane Israël
3.2.3.1 The Audit Committee
The Audit Committee meets at least four times a year.
Composition
On December 31, 2023, 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.
4 members 5 meetings
100%
attendance rate
At December 31, 2023, the composition of the Audit
Committee was as follows:
(1)
;
Chairman: Stéphane Israël
Members: Cláudia Almeida e Silva , Philippe Houzé and
(1)
Marie‑Laure Sauty de Chalon .
(1)
(1)
Independent Director.
At March 13, 2024, the composition of the Audit Committee was
as follows: Stéphane Israël (Chairman and Independent Director),
Cláudia Almeida e Silva (Independent Director), Philipe Houzé,
Marie‑Laure Sauty de Chalon
(Independent Director) and
Marguerite Bérard (Independent Director) subject to approval by
the Shareholders' Meeting i.e., an 80% independence rate.
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 of the
Committee also have finance skills derived from their experience,
professional background and training as described in Section 3.2.1.3
of this Universal Registration Document.
Duties
The Audit Committee monitors issues relating to the preparation
and verification of accounting and financial information. Its main
duties are as follows:
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
and
that corrective measures are
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
internal audit
informed about the Group
programme and must be provided with the Group internal
audit reports or a regular summary of these reports,
■
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.
the
it examines
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
accounting documents and
the
assessment methods used,
their comments on
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
their engagement. The
performance and
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
■
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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The Board of Directors
2023 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,
2022 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 2022,
dividend recommendation for 2022,
hard‑close procedures,
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, 2022;
in respect of internal control:
■
follow‑up on the Group Internal Audit department’s tasks,
the Group’s 2023‑2024 financing policy and credit rating,
review of
environmental risks),
risk mapping
review of cyber security risks;
(including
social
and
■
■
■
■
in respect of compliance with regulations:
follow‑up on compliance programmes;
■
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.
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The Board of Directors
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.
3.2.3.2 The Compensation Committee
The Compensation Committee meets as often as necessary.
Composition
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 2 meetings
100%
attendance rate
At December 31, 2023, the composition of the Compensation
Committee was as follows:
Chairman: Stéphane Courbit
Members: Charles Edelstenne , Stéphane Israël and
Thierry Faraut
;
(1)
(1)
(2)
.
(1)
(1)
(2)
Independent Director.
Director representing employees. Member of the Compensation
Committee until December 7, 2023.
At March 13, 2024, the composition of the Compensation
Committee was as follows: Stéphane Courbit (Chairman and
Independent Director), Charles Edelstenne
(Independent
Director), Stéphane Israël (Independent Director) and Frédéric
Barrault
i.e., a 100%
(Director
independence rate.
representing employees),
Duties
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.
2023 principal activities
Over the course of the Compensation Committee’s meetings,
the following main topics were reviewed:
■
■
■
compensation of Executive Officers:
■
definition of the 2023 compensation policy for Alexandre
Bompard,
setting of Alexandre Bompard’s 2022 variable compensation;
setting of Alexandre Bompard’s long‑term compensation,
setting the amount of the supplementary defined benefit
pension plan for the year 2022,
definition of the 2023 compensation policy for Directors,
grant of performance shares to key managers,
employee share ownership plan;
■
■
■
■
■
■
Shareholders’ Meeting of May 26, 2023:
review
Alexandre Bompard,
of
the
compensation
policy
for
review of the presentation of compensation components
for Alexandre Bompard in the 2022 Universal Registration
Document and components that must be submitted to an
advisory vote and for the approval of the Shareholders’
Meeting,
in accordance with AFEP‑MEDEF Code
recommendations and the French Commercial Code
(“Say on Pay”).
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The Board of Directors
3.2.3.3 The Governance Committee
The Governance Committee meets as often as necessary.
Composition
At December 31, 2023, 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.
6 members 2 meetings
100%
attendance rate
At December 31, 2023, the composition
of the Governance Committee was as follows:
(1)
Chairman: Charles Edelstenne ;
Members: Flavia Buarque de Almeida, Philippe Houzé,
(2)
.
Aurore Domont
, Arthur Sadoun and Thierry Faraut
(1)
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.
(1)
(2)
Independent Director.
Director representing employees. Member of the Governance
Committee until December 7, 2023.
It reviews solutions to ensure that good corporate governance
practices remain in place, and succession plans for Executive
Officers and the management team.
At March 13, 2024, the composition of the Governance
Committee was as follows: Charles Edelstenne (Chairman and
Independent Director), Flavia Buarque de Almeida, Aurore
Domont (Independent Director), Philippe Houzé and Arthur
Sadoun (Independent Director), i.e., a 60% independence rate.
Duties
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 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.
2023 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’
specialised Committees. To this end, it has proposed
changes to the composition of the Board’s committees, in
particular to improve the independence rate,
review of succession plans for management. In this
respect, it proposed the renewal, ahead of term, of
Alexandre Bompard’s appointment in order to align with
the Carrefour 2026 strategic plan,
■
oversight, with the Lead Director, of the Board of
Directors’ annual assessment;
Shareholders’ Meeting of May 26, 2023:
■
■
■
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:
■
■
review of 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
At December 31, 2023, a majority of the members of the CSR
Committee qualified as
Independent Directors within the
meaning of the AFEP‑MEDEF code.
At March 13, 2024, the composition of the CSR Committee was
as follows: Aurore Domont (Chair and Independent Director),
Claudia Almeida e Silva (Independent Director), Patricia Moulin
Lemoine and Sylvie Dubois (Director representing employees),
i.e., a 67% independence rate.
4 members 4 meetings
100%
attendance rate
Duties
The CSR Committee:
At December 31, 2023, the composition of the CSR
Committee was as follows:
Chair: Aurore Domont
Members: Cláudia Almeida e Silva , Patricia Moulin
(2)
Lemoine and Martine Saint‑Cricq .
(1)
(1)
;
(1)
(2)
Independent Director.
Director representing employees. Member of the CSR Committee
until October 18, 2023.
2023 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 2022 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;
■
■
■
■
■
■
■
■
■
reviews the Group’s CSR strategy and the roll‑out of the related
CSR initiatives;
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.
review of the CSR index for 2022;
discussions about regulatory developments, in particular the
CSRD directive and
imported
deforestation;
regulation on
the
in‑depth study of how to reduce the Group’s CO emissions;
2
the Group’s diversity and inclusion policy.
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The Board of Directors
3.2.3.5 The Strategic Committee
The Strategic Committee meets as often as necessary.
Composition
5 members 2 meetings
100%
attendance rate
At December 31, 2023, the composition of the Strategic
Committee was as follows:
Chairman: Alexandre Bompard;
Vice‑Chairman: Abilio Diniz;
Members: Philippe Houzé, Stéphane Courbit
Israël
(1)
.
(1)
(1)
Independent Director.
2023 principal activities
At March 13, 2024, the composition of the Strategic Committee
was as follows: Alexandre Bompard (Chairman), Flavia Buarque
de Almeida, 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:
and Stéphane
■
■
development priorities and opportunities for diversifying the
Group’s operations;
strategic investments and significant partnership projects.
The members of the Strategic Committee were asked to
review the proposed takeover of Cora and Match in France, as
well as other strategic acquisition opportunities.
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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
Alexandre de Palmas
Guillaume de Colonges
Caroline Dassié
Emmanuel Grenier
Charles Hufnagel
Carine Kraus
Matthieu Malige
Stéphane Maquaire
Jérôme Nanty
Élodie Perthuisot
Christophe Rabatel
Alice Rault
Laurent Vallée
Main position held within the Group
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, E‑Commerce, Data and Digital Transformation
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 Carrefour Spain
Executive Director, Italy
Executive Director, Strategy and 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,
the Committee comprised
At
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., 29%. These changes
broadly reflect the policy encouraging women’s access to
is moving
positions of responsibility. While the workforce
towards a 50:50 split at Group level, with a slight decline in the
proportion of women at Carrefour overall in 2023, the rate of
women in management increased compared with 2022. 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. 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 28.8% since year‑end 2020. This
indicator is 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 2.1.7 of this Universal
Registration Document), particularly with regards to diversity in
leadership positions. Carrefour
international
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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Group Executive Committee
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.
ALEXANDRE DE PALMAS
GUILLAUME DE COLONGES
CAROLINE DASSIÉ
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. In September 2023, he
became Executive Director, France.
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.
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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EMMANUEL GRENIER
CHARLES HUFNAGEL
CARINE KRAUS
MATTHIEU MALIGE
CORPORATE GOVERNANCE
Group Executive Committee
Emmanuel Grenier has spent his entire career with Casino Group, initially holding various Supply
Chain & IT positions in Poland and then in France, before heading Cdiscount from 2008 to early
2023.
He becomes the Carrefour group’s Director of E‑commerce, Data and Digital Transformation from
February 1, 2024.
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. In January 2022, she was appointed Executive Director, Engagement for
the Carrefour 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.
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.
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CORPORATE GOVERNANCE
Group Executive Committee
STÉPHANE MAQUAIRE
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
In
September 2021, he became Executive Director of Carrefour Brazil. He is currently Executive
Director, Latin America (Brazil and Argentina).
in 2019 as Executive Director of Carrefour Argentina.
the Carrefour group
JÉRÔME NANTY
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.
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 and in September 2023, she became Executive Director of Carrefour Spain.
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 is now Executive Director for Carrefour
Italy.
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ALICE RAULT
LAURENT VALLÉE
CORPORATE GOVERNANCE
Group Executive Committee
On March 1, 2022, Alice Rault was appointed Executive Director of Strategy and Transformation.
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
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:
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).
■
■
■
■
■
■
■
Chairman of the Board of Directors: 10,000 euros;
Vice‑Chairman of the Board of Directors: 40,000 euros;
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.
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 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 2022 was paid in 2023 and
the compensation due in respect of 2023 will be paid in 2024.
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
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
3.4.2.2 Compensation allocated or paid to Directors
In 2022 and 2023, the Directors received the following amounts:
(in euros)
Alexandre Bompard
Philippe Houzé
Stéphane Israël
Cláudia Almeida e Silva
Alexandre Arnault
(6)
Nicolas Bazire
(6)
Flavia Buarque de Almeida
Stéphane Courbit
Abilio Diniz
Aurore Domont
Sylvie Dubois
(7)
Charles Edelstenne
Thierry Faraut
(11)
Mathilde Lemoine
Patricia Moulin Lemoine
Arthur Sadoun
(8)
Martine Saint‑Cricq
(9)
Marie‑Laure Sauty de Chalon
Frédéric Barrault
(10)
TOTAL
Amount of compensation received
(1)
2023
2022
Amount allocated
(2)
Amount paid
(3)
Amount allocated
(4)
Amount paid
(5)
75,000
115,000
135,000
65,000
N/A
N/A
55,000
64,444
55,000
75,000
10,000
72,222
60,992
64,000
55,000
45,000
46,709
55,000
5,000
75,000
115,000
135,000
65,000
N/A
N/A
55,000
62,500
55,000
75,000
N/A
75,000
65,000
72,500
52,500
45,000
55,000
55,000
N/A
75,000
115,000
135,000
65,000
N/A
N/A
55,000
62,500
55,000
75,000
N/A
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
55,000
61,875
55,000
75,000
N/A
75,000
55,000
75,000
55,000
27,500
55,000
55,000
N/A
1,053,367
1,057,500
1,057,500
1,140,208
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
Gross amounts before withholding tax for non‑French residents and payroll tax for French residents.
Amounts due based on actual attendance in 2023, i.e., from January 1 to December 31, 2023.
Amounts paid in 2023 for the period from January 1 to December 31, 2022.
Amounts due based on actual attendance in 2022, i.e., from January 1 to December 31, 2022.
Amounts paid in 2022 for the period from January 1 to December 31, 2021.
Directors until September 6, 2021.
Director since October 18, 2023.
Director since September 7, 2021.
Director until October 18, 2023.
Director since December 7, 2023.
Director until December 7, 2023.
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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.
The Shareholders’ Meeting of May 26, 2023, on
the
recommendation of the Board of Directors from 22 March 2023,
decided to renew, ahead of term, his directorship to align it with
the Carrefour 2026 strategic plan. He was also reappointed 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.
Facing intense competition in its main markets and operating in a
highly uncertain macroeconomic and regulatory environment,
the Group has achieved very satisfactory results over the past six
years.
In this context, the Board of Directors wishes to ensure that the
compensation awarded takes into account the expectations of all
the Group's stakeholders and also reflects the Chairman and
Chief Executive Officer's commitment
its
transformation.
to accelerating
The voting results of the 2023 Shareholders’ Meeting revealed an
expectation for change and a need for further explanatory details
on the Chairman and Chief Executive Officer’s compensation
package.
In response to the voting results, the Board decided to further
deepen its dialogue with the Company’s main shareholders and
the proxy advisors. The Company’s top 20 shareholders were
therefore contacted
feedback and
comments on the 2023 votes and discuss changes that could be
made to the structure of the Chairman and Chief Executive
Officer’s compensation package.
in order to get their
In summary, the main points of potential change that emerged
from this shareholder dialogue related to:
■
■
■
the number of criteria underlying the Chairman and Chief
Executive Officer’s annual variable compensation and their
suitability, with the shareholders saying they would like the
financial criteria to have a predominant weighting;
elimination of offsetting between the criteria applicable to
long‑term compensation in order to more closely align this
compensation with performance;
greater transparency, particularly regarding the qualitative
assessment carried out by the Board of Directors for setting
the Chairman and Chief Executive Officer’s annual variable
compensation;
■
less overlap between the criteria underlying short‑term
compensation and those underlying long‑term compensation.
On the basis of this feedback, and with input from the Lead
Director who took active part in the shareholder dialogue, the
Compensation Committee and the Board of Directors worked
together to put forward to the 2024 Shareholders’ Meeting a
compensation
the
shareholders’ main concerns.
structure designed
respond
to
to
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At its meeting on March 13, 2024, 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 2024 (detailed in Section 3.4.3.2 of this
Universal Registration Document), incorporating a number of
significant changes as a result of
the above‑mentioned
collaborative work. These changes relate to (i) the nature,
weighting and content of the criteria underlying the Chairman
and Chief Executive Officer’s annual variable compensation, and
(ii) the definition of the TSR and CSR criteria, as well as the
elimination of all forms of offsetting between the different criteria
underlying his long‑term variable compensation.
The amended compensation policy will be submitted for
approval to the Shareholders’ Meeting of May 24, 2024.
Annual fixed and variable compensation
and Chief Executive Officer's
The Chairman
annual
compensation comprises a fixed portion and a variable portion.
This compensation reflects the responsibilities, experience and
skills of the Chairman and Chief Executive Officer, as well as
market practices.
ANNUAL FIXED COMPENSATION
The Board of Directors decided to keep the Chairman and Chief
Executive Officer’s annual fixed compensation at 1,600,000 euros
for 2024, unchanged from 2023.
ANNUAL VARIABLE COMPENSATION
The Chairman and Chief Executive Officer's annual variable
compensation may not exceed a maximum amount expressed as
a percentage of his reference annual fixed compensation (as
referred to above).
This maximum percentage may not exceed 200% of his annual
fixed compensation.
For 2024, the Board of Directors decided to keep the Chairman
and Chief Executive Officer’s maximum annual variable
compensation at 190% of his annual fixed compensation,
unchanged from 2023.
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
Committee.
The Board of Directors decided to reduce the number of criteria
– by removing the NPS criterion – and to increase the
weighting of the financial objectives from 50% to 60% as from
2024: 15% based on sales, 25% based on recurring operating
income (versus 20% previously) and 20% based on net free cash
flow (versus 15% previously).
(1)
In order to ensure greater variability and transparency in setting
and assessing the qualitative objective, the Board of Directors
decided to replace the quality of governance criterion with an
operational and managerial performance criterion comprising
four elements: quality of governance (relations with the Board of
Directors and the shareholders), representation of the Group
(image, external communications, public relations, market
positioning), operations transformation (management methods,
CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
steering operations, digitalisation) and business development
policy (external growth, expansion).
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.
in
The annual variable compensation
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, 2024.
for 2024 may not,
Long‑term incentive plan
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.
long‑term
The
performance shares or a cash payout.
incentive plan may
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).
The Board of Directors decided to make three significant
changes to the performance criteria for the Chairman and Chief
Executive Officer’s long‑term variable compensation and the
method used to assess their achievement, with effect from 2024:
■
■
■
In order to remove any possibility of offsetting between the
performance of the various criteria, the maximum performance
threshold per criterion has been lowered from 130% to 100%,
which aligns it with the target performance.
The panel for the TSR criterion has been increased to eleven
companies in order to include as many of Europe's listed
retailers as possible. Dia, Dino and Kesko have been added to
the panel, and Casino has been removed.
A new CSR objective has been introduced, separate from the
objective used for the Chairman and Chief Executive Officer’s
annual variable compensation. This objective is based on three
criteria that are already tracked in the Carrefour CSR and Food
Transition
Index and are representative of the Group's
long‑term commitments to help combat global warming –
sensitive materials, greenhouse gas emissions and supplier
commitments. These criteria will no longer be used in the CSR
and Food Transition Index for determining the Chairman and
Chief Executive Officer’s annual variable compensation.
If stock options or performance shares are granted, the Board of
Directors will set the number of shares that the Chairman and
(1)
NPS is a non‑financial criterion that was introduced in 2020 at a time when it was an absolute priority for the Group to focus on customer satisfac
tion. The rise in this score since then shows that this objective has for the most part been achieved. By removing this criterion – only for the Chair
man and Chief Executive Officer as it will remain in place for other members of the management team – the number of criteria can be reduced
while at the same time increasing the weighting of the financial criteria, in line with the shareholders’ wishes.
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Compensation and benefits granted to Company Officers
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.
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
The Chairman
receives
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
described
this Universal Registration
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.
in Section 3.4.2.1 of
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
In accordance with French government order no. 2019‑697 of
to
July 3, 2019 amending
regime applicable
legal
the
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;
to more stringent annual
rights will accrue subject
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 net 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).
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Compensation and benefits granted to Company Officers
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
provisions, and
line with the agreement approved on
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.
in
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 had 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
1,028,818 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 2024
The Board of Directors set the structure of Chairman and Chief Executive Officer, Alexandre Bompard’s, 2024 compensation as follows:
Fixed compensation
1,600,000 euros
Presentation
At its meeting on March 13, 2024, the Board of Directors set the Chairman and Chief Executive
Officer’s annual fixed compensation at 1,600,000 euros.
Annual variable
compensation
Type of criteria
Quantitative criteria
(financial and
non‑financial)
Sales
Recurring operating
income
Net free cash flow
CSR
Up to 190% of fixed
compensation
Annual variable compensation could represent up to 190% of the reference annual fixed
compensation if overall performance is greater than or equal to 140%.
(1)
Weighting
15%
25%
20%
20%
Comments
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 13, 2024.
The Board of Directors decided to reduce the number of criteria – by removing the NPS criterion –
and to increase the weighting of the financial objectives from 50% to 60% as from 2024: 15% based
on sales, 25% based on recurring operating income (versus 20% previously) and 20% based on net free
cash flow (versus 15% previously). The weighting of the CSR criterion, based on the in‑house Carrefour
CSR and Food Transition Index which is audited externally, is 20%. This index is comprehensive and
aligned with the Group’s strategic priorities. See Section 1.5.5 of this Universal Registration
Document
The qualitative criterion is now based on operational and managerial performance (20% weighting)
instead of quality of governance. It comprises four elements, which are aligned with the Group's
strategic priorities set out in the Carrefour 2026 plan:
for details on the composition of and changes in this index.
(2)
Qualitative criteria
Operational and
managerial
performance
20%
■
■
■
TOTAL
Long‑term incentive
plan (performance
shares)
100%
Value representing 55%
of the gross maximum
compensation (fixed
annual, maximum
annual variable and
long‑term variable)
Benefits in kind
Compensation paid
in respect of his
directorship
Quality of governance, particularly through relations with the Board of Directors and shareholders.
Representation of the Group, particularly through managing its image, external communications,
public relations and market positioning.
Operations transformation, particularly through ensuring balanced management methods, steering
store and warehouse operations and digitalisation.
Business development policy, through external growth and expansion projects.
■
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 20, 2024, the Board of Directors decided to award this compensation in the form of
performance shares, for a value representing 55% of the Chairman and Chief Executive Officer’s gross
maximum compensation.
The shares were granted using the authorisation given in the 22nd resolution adopted at the
Shareholders’ Meeting of May 26, 2023, and they are all subject to performance conditions.
The shares will vest on February 20, 2027, subject to the achievement of the underlying performance
conditions (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 performance conditions set by the Board of Directors are based on the following criteria:
recurring operating income, net free cash flow and Total Shareholder Return (based on a larger panel
comprising the following companies: Ahold Delhaize, Colruyt, Dia, Dino, Jeronimo Martins, Kesko,
Marks & Spencer, Metro, Tesco and Sainsbury's) and CSR, on the basis of three indicators reflecting the
Carrefour Group's long‑term commitments to help combat global warming, namely sensitive
materials, greenhouse gas emissions and supplier commitments.
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 vesting
rates for each criterion range from 50% to 100% (as the achievement rate corresponding to maximum
performance has been lowered from 130% to 100%). The vesting rate will increase on a straight‑line
basis between minimum and maximum performance. If the achievement level of a criterion is below
50%, no shares will vest in relation to that criterion. With regard to the TSR criterion, the minimum
threshold corresponds to the median of the panel, with no shares vesting below that level. The vesting
rate will be 100% from first to fourth place in the panel, 75% for fifth place and 50% for the median.
The final vesting rate of the shares will be based on the average of the rates for these four criteria.
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)
(2)
As set by the Board of Directors on March 13, 2024.
As indicated in Section 3.4.3.1 of this Universal Registration Document, the index will be adjusted for the three indicators that reflect the Group's
long‑term commitments to combat global warming and that are specifically used to evaluate performance with respect to the long‑term variable
component.
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
2024 COMPENSATION STRUCTURE
2024 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 20, 2024.
20% qualitative
objectives
Individual
qualitative
objectives
20%
Non-financial
objectives
20%
Quality of
corporate
governance
20%
CSR
20%
Sales
15%
Recurring
operating
income
25%
Net free
cash flow
20%
Financial
objectives
60%
80% quantitative
objectives
3.4.3.3 Compensation allocated or paid to the Chairman and Chief Executive Officer,
Alexandre Bompard, in respect of 2023
The Shareholders’ Meeting of May 26, 2023 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 2023 in his
capacity as Chairman and Chief Executive Officer.
The payment of the variable and exceptional components of
compensation due in respect of the 2023 financial year is subject
to the approval of the Shareholders’ Meeting of May 24, 2024, in
accordance with Article L. 22‑10‑34 II of the French Commercial
Code.
(in euros)
Amount allocated
(3)
Amount paid
(4)
Amount allocated
(5)
Amount paid
(6)
2022
2023
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
1,500,000
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
1,600,000
2,849,128
N/A
N/A
75,000
16,772
1,600,000
2,850,000
N/A
N/A
75,000
16,772
4,434,052
4,434,052
4,540,900
4,541,772
(1)
(2)
(3)
(4)
(5)
(6)
See Section 3.4.2.2 of this Universal Registration Document.
Company car and voluntary unemployment insurance.
Variable compensation: amount allocated for the period from January 1 to December 31, 2022.
Variable compensation: amount paid in 2022 for the period from January 1 to December 31, 2021.
Variable compensation: amount allocated for the period from January 1 to December 31, 2023 (subject to the approval of the Shareholders’
Meeting of May 24, 2024).
Variable compensation: amount paid in 2023 for the period from January 1 to December 31, 2022.
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
The components of compensation allocated or paid to the
Chairman and Chief Executive Officer, Alexandre Bompard,
in 2023 are as follows:
Net free cash flow rose sharply once again in 2023, resulting in a
200% performance level for this criterion, with cash generation
of 1,622 million euros versus a target of 1,200 million euros.
The performance level for the recurring operating income
criterion, at constant exchange rates in 2023, represented 54.3%,
with actual recurring operating income of 2,220 million euros
versus a target of 2,403 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 110% in 2023. See Section 1.5.3 of
this Universal Registration Document
the
composition of and change in this index.
for details on
In 2023, Carrefour gained 3 points in the Moody’s (formerly
Vigeo Eiris) questionnaire, achieving a score of 76/100. Carrefour
is also one of the seven members of DJSI World, which brings
together the best companies in terms of ESG performance.
The performance level for the CSR criterion came to 150% versus
a target of 100%.
The score for the NPS criterion was 51. The performance level
for this criterion was therefore 112.5% given a target of 50.
®
Qualitative criterion (Quality of governance)
■
his
underlying
criterion
(1)
In view of the planned changes to the Chairman and Chief
Executive Officer’s compensation policy for 2024 regarding the
qualitative
variable
compensation , the Board of Directors decided to assess the
2023 performance relating to the quality of governance criterion
in a more differentiated way by incorporating the components of
the new operational and managerial performance criterion. The
Board’s aim in doing this was also to meet the expectations of
the shareholders, by providing a better description of the reasons
for its assessment of the qualitative criterion.
annual
Applying to the 2023 compensation the analysis matrix it is
proposing for 2024, the Board of Directors based its assessment
on the following elements.
The quality of the Board's operations and its relations with
shareholders improved again in 2023, as demonstrated by the
renewal in advance of term of the Chairman and Chief Executive
Officer’s term of office. The members of the Board consider that
the quality and balance of dialogue within the Board of Directors,
as well as the extent to which directors' expectations are taken
into account, the organisation of strategy sessions and meetings
with members of the Executive Committee, and the greater
involvement of the Lead Director in the organisation of the
Board's work and executive sessions, all illustrate the quality of
the Company’s governance led by the Chairman and Chief
Executive Officer.
Annual compensation
Alexandre Bompard received annual compensation comprising a
fixed portion and a variable portion.
Annual fixed compensation
In 2023, Alexandre Bompard was paid an annual fixed
compensation of 1,600,000 euros.
Annual variable compensation
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
to 190% of his annual fixed
compensation amounting
compensation. Between the lower and upper targets, variable
compensation increases on a straight‑line basis.
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 13, 2024, the Board of Directors
reviewed the performance level achieved for each target.
As part of a proactive approach, shareholder feedback was taken
into account via:
(i)
(ii)
the adjustment explained by the exceptional circumstances
surrounding the impact of a financial criterion, which had the
effect of significantly reducing the performance
level
compared with what should have been applied;
the early adoption of the qualitative operational and
managerial performance criterion to better explain the
Board's assessment, which had the effect of reducing the
performance level compared with previous years.
■
Quantitative financial criteria (sales, recurring operating
income and net free cash flow)
The Board of Directors noted an increase in like‑for‑like sales in
2023, with strong growth for Carrefour‑branded products and
e‑commerce GMV. However, as an exceptional measure, it
decided to revise downwards the performance level of this
criterion by neutralising the impact of the difference between the
inflation rate that was initially forecast for Argentina and the rate
that was actually recorded at the end of the year. The Board’s aim
with this adjustment was to use a quantitative factor that more
accurately reflects the Group's performance for the purpose of
determining the components of the Chairman & Chief Executive
Officer’s compensation. The adjustment also responds to certain
observations by shareholders who had noted that inflation could
lead to a temporary or one‑off distortion of performance. The
adjustment had the effect of reducing the performance level for
this criterion from 200% to 137.3%, corresponding to growth of
8.4% versus a target of 7.5%.
(1)
See Sections 3.4.3.1 and 3.4.3.2 of this Universal Registration Document.
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The Group's image and influence were heightened in 2023,
particularly through the partnership with the Paris 2024 Olympic
Games and the election of Carrefour's Chairman and Chief
Executive Officer as President of the French Retail Federation
(FCD). The Chairman and Chief Executive Officer also has a
personal commitment to helping people with disabilities, which
is at the heart of the Carrefour 2026 plan. For example in 2023,
he supported the French Paralympic and Sports Committee and
announced a range of innovations to improve the customer
experience for people with disabilities. His personal involvement
in the commitment to women's health in the workplace –
including 12 days' leave a year given to women suffering from
endometriosis – confirmed Carrefour's pioneering role in relation
to this issue. Lastly, the Chairman and Chief Executive Officer
co‑chaired the Forest Positive Coalition of the Consumer Goods
Forum, which brings together major global players to define a
collective
for combating deforestation, a key
climate‑related challenge.
strategy
The transformation of the Group’s operational and commercial
model continued in line with the planned schedule in 2023, as
demonstrated by the ongoing transition to lease management
and franchising – operating models which now account for 50%
of sales in France – the continuing roll‑out of the Maxi method in
all of Carrefour’s geographies. The Group's digital transformation
picked up pace in 2023, with Carrefour integrating OpenAI
technologies and
launching a shopping experience with
Generative AI, forging new partnerships with foreign start‑ups
and teaming up with Rakuten.
The Group's business development was particularly impressive in
2023, as illustrated by the announcement of the acquisition of
Cora, Match and Provera – which is the largest transaction in
France’s retail sector in the last twenty years – as well as the
launch of Unlimitail with Publicis and 13 initial partners to
leverage the retail media market in Europe, and the extension of
international franchising to more countries during the year.
CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
Long‑term incentive plan (performance shares)
long‑term
On February 14, 2023, the Board of Directors decided to award
incentive plan to the Chairman and Chief
the
Executive Officer in the form of performance shares, for a value
representing 55% of his gross maximum compensation
(i.e., 5,316,667 euros)
on
February 14, 2026 if the performance conditions are met and if
Alexandre Bompard is with the Company at that date.
shares will
These
vest
(1)
.
The shares are all subject to performance conditions to be
assessed on February 14, 2026.
The Board of Directors set out the following performance
criteria: recurring operating income, net free cash flow, Total
(based on a panel of distribution
Shareholder Return
companies
) and corporate social responsibility (based on the
Carrefour CSR and Food Transition Index).
(2)
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%. 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.
In view of all of these factors, the Board of Directors set the
performance level for this criterion at 160%.
Benefits in kind
The overall performance level for all the criteria was therefore
134.7%. The annual variable compensation of the Chairman and
Chief Executive Officer, Alexandre Bompard, was set at 178.1% of
his annual fixed compensation, i.e., 2,849,128 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, 2023.
Alexandre Bompard has a company car and voluntary job loss
insurance. The corresponding financial benefit
represents
16,772 euros.
Compensation or benefits due or likely to be due
upon taking office
None.
(1)
(2)
Information presented in Section 8.2 of this Universal Registration Document.
Casino, Ahold Delhaize, Colruyt, Jeronimo Martins, Marks & Spencer, Metro, Tesco and Sainsbury's.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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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, 2022.
2023
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.
In accordance with the annual vesting rates under the plan and
on the basis the performance level achieved for each criterion ,
the Board of Directors meeting of March 13, 2024 noted an
average performance level of 135.4%, i.e., more than 125%, thus
entitling the Chairman and Chief Executive Officer to a vesting
rate of 2.75% for 2023.
(1)
The gross annual annuity accrued by the Chairman and Chief
Executive Officer for 2023 therefore came out to 72,587 euros,
or a cumulative annuity of 276,209 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%.
Supplementary defined benefit pension plan
Termination payment
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 2023
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).
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 2023.
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 2023 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 May 26, 2023 approved the fixed,
variable and exceptional components of total compensation and
benefits
the year ended
December 31, 2022 to Alexandre Bompard, Chairman and Chief
Executive Officer.
in kind due or paid during
(1)
The respective performances of these criteria for the 2023 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
2019
2020
2021
2022
2023
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%
51
89
6.6%
1.6%
1,622
110%
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.
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CORPORATE GOVERNANCE
Compensation and benefits granted to Company Officers
Multi‑annual variable compensation of each Executive Officer
Name and position of the Executive Officer
Plan
Alexandre Bompard
Chairman and Chief Executive Officer
Cash compensation plan
2022
N/A
2023
N/A
Employment
contract
Supplementary
(1)
pension plan
Compensation or benefits due or
likely to be due upon termination
or a change in position
(1)
Compensation related to
(1)(2)
a non‑compete clause
Yes
No
Yes
No
Yes
Alexandre Bompard
Chairman and Chief Executive
Officer
X
X
No
X
Yes
X
No
(1)
(2)
These components of compensation are detailed in Sections 3.4.3.1 and 3.4.3.3 of this Universal Registration Document.
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.
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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 2023.
Recommendations of the AFEP‑MEDEF Code Group practice and explanation
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)
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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4
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6
7
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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 2023 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
First name/last name
or corporate name
02/27/2023
Alexandre Bompard
Office held at the
Company on the
transaction date
Transaction type
Financial
instrument
Price per
share (in euros)
Transaction
amount
(in euros)
Director and
Chairman and Chief
Executive Officer
Delivery of the 2020
performance share
plan (2020 LTI Plan)
Shares
N/A
N/A
02/27/2023
Matthieu Malige
Chief Financial Officer Delivery of the 2020
Shares
N/A
N/A
performance share
plan (2020 LTI Plan)
04/27/2023
Matthieu Malige
Chief Financial Officer Sale
11/16/2023
Peninsula Europe SA.
A legal entity linked
to Abilio Dos Santos
Diniz, Director
Amendment to
structured financing
Shares
Shares
19.00
N/A
285,000
N/A
11/22/2023
Alexandre Bompard
Chairman and Chief
Executive Officer
Sale
Shares
17.1757
343,514
11/23/2023
Peninsula Europe SA.
A legal entity linked
to Abilio Dos Santos
Diniz, Director
Amendment to
structured financing
Shares
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, 2023.
In addition, no agreements entered into and authorised in
previous years were continued in the year 2023.
STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS
Shareholders’ Meeting to approve the Financial Statements for
the year ending December 31, 2023
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 2023 / CARREFOUR
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2
3
4
5
6
7
8
9
3
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 already approved
by the Shareholders' Meeting
Agreements authorised and concluded during
the year
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 authorised 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.
We hereby inform you that we have not been advised of any
agreement authorised in previous years by the Shareholders’
Meeting and having continuing effect during the year.
Statutory Auditors
Courbevoie and Paris‑La Défense, March 27, 2024
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
266
4.3 Legal and arbitration proceedings
294
4.3.1 Proceedings in connection with the
Group’s recurring operations
4.3.2 Other proceedings
294
294
4.1.1 Risk prevention and management system
4.1.2 Main risks
4.1.3 Insurance
4.2 Internal control system
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
266
267
283
284
284
285
290
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Risk management
4.1 Risk management
In a constantly changing environment, risk management is
essential to ensuring the long‑term viability of the Group’s
business operations. A risk is the possibility that an event may
occur and impact Carrefour’s strategy, assets and reputation, as
well as the environment and stakeholders (e.g., employees,
customers, suppliers, the community).
The Group Risk department is responsible for overseeing the risk
management system. This system is based on the identification,
assessment, analysis, and treatment of the Group’s risks. It leads
to preventive or corrective measures designed to protect the
Group’s value and reputation (4.1.1).
The Group’s 13 key risks in 2023 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).
To ensure that these risks are fully addressed, the Group also
implements solutions to transfer risks to the insurance market
(4.1.3).
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.
in accordance with
Carrefour’s risk prevention and management system has been
developed
international
standards, such as those of the Committee of Sponsoring
Organizations (COSO) of the Treadway Commission, the French
financial markets authority (Autorité des marchés financiers –
AMF) and the ISO 31000 risk management standard.
relevant
the
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 risks from occurring and mitigate
their impacts;
manage incidents and take corrective measures;
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.
2019 - 2020
2022
Overhaul of the Group risk
management system
■
■
■
Risk universe
Risk assessment methodology
Reporting
Creation of the Group
Risk Committee,
the Group's cross-functional
risk governance body
■
■
■
All categories of risks
All geographies
All activities
2021
2023
Implementation of Argos,
the Group's internal
digital risk management
system
■
■
■
Automation
Scalability
Security
Roll-out of
Carrefour's 2030
emerging risk radar
to anticipate the challenges
of tomorrow
■
■
Controlling risks
Seizing opportunities
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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 56 risks that could
have a material
the Group’s operations or
performance, including the main ESG issues. The evaluation is
performed on Argos, a dedicated digital platform launched in
2021.
impact on
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,
prevent and mitigate
frequency of
occurrence;
impact and
its
identify the action plans that exist or need to be implemented.
■
■
■
review of
the evaluations by
the business units’
After
management, the map of the Group’s main risks was presented
to the Group Executive Committee, the Audit Committee and the
new Group Risk Committee. Created in late 2022, the Group Risk
Committee
risk
governance body. Reporting to the Group General Secretariat, it
brings together six members of the Group Executive Committee
as well as the Group Functional Directors (Internal Audit and Risk,
Legal Affairs, Internal Control, Insurance and Security).
internal cross‑functional executive
is an
This led to the identification of 13 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
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
Regulation (EU) 2017/1129 of the European Parliament and of the
Council, these 13 key risks are divided into three categories:
economic, political and social environment;
governance, laws and regulations;
operations.
■
■
■
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 the raw
materials value chain are not included as they are not part of the
Group’s major risks.
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 2023 consolidated financial statements),
respectively, of this Universal Registration Document.
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RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
The table and risk map below summarise the 13 key risks identified and their historical trend since the 2022 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.
Category
Risk
Change
vs. 2022
Financial
impact
Reputational
impact
Net
probability
Economic,
political
and social
environment
Governance,
laws and
regulations
Economic, political and social situation
in the countries ♣
Competitive pressure
Regulations applicable to the retail industry
Pressure and instability of tax and
social security legislation
Personal data protection
Appropriateness of the retail model
Product availability in store or online ♣
Carrefour’s image
Operations
Control of movable and immovable assets ♣
Securing the growth of e-commerce
Attracting and retaining talent
IS underperformance and cyber security
Product quality, compliance and safety
ä
ä
ä
ä
~
~
~
æ
ä
~
~
~
~
«««
««
«««
«««
«
«««
««« «««
««
«««
««
««
«
«««
«
««
««
««
««
«
«««
«««
«
««
«
«
«
«
««
«
«««
««
««
««
««
«««
«
««
««
«Moderate ««High «««Very High
ä Increase ~ Stable æ Decrease
♣ Increased exposure
to climate change
Non-financial
performance risk
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RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
★★★
T
C
A
P
M
I
T
E
N
★★
★
Regulations applicable
to the retail industry
Economic, political and social situation
in the countries ♣
Pressure and instability of tax
and social security legislation
Personal data
protection
Carrefour’s image
Appropriateness
of the retail model
Competitive pressure
IS underperformance
and cyber security
Control of movable
and immovable assets ♣
Product availability
in store or online ♣
Securing the growth
of e-commerce
★
Product quality,
compliance and safety
★★
NET FREQUENCY
Attracting and
retaining talent
★★★
Economic, political and social environment
Governance, laws and regulations
Operations
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4
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
Economic, political and social situation in the countries
♣
Safeguarding consumer purchasing power and the Group’s profitability in the face of slowing but still high inflation
Description of the risk:
The economic situation in the Group’s operating countries has a significant influence on its cost base (direct purchasing, indirect
purchasing and employee salaries) and household demand (spending levels and consumer habits). 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 global economic environment in 2023 could continue in 2024, according to IMF projections . This is due to a
combination of factors, in particular: the war in Ukraine, the energy crisis and widespread hikes in key interest rates to contain inflation.
(1)
Global inflation does remain high (6.9% in 2023 vs. 8.7% in 2022)
and above the forecasts set by central banks, despite a slowdown
from the record levels of 2022. The situation varies however based on geography, particularly in Brazil, which is currently in a
deflationary trend, and Argentina, which is still facing hyperinflation. These issues could continue for years, depending on geopolitical
developments, as well as health and climate conditions around the world. The ecological and energy transition towards carbon
neutrality could also exacerbate inflationary pressure.
(1)
Inflation decreases consumer purchasing power, forcing the retail industry to adapt to the new landscape. In order to safeguard
consumers’ purchasing power, one of the Group’s objectives is to optimise its costs and their impact on sales prices.
Inflationary pressure could also impact Carrefour Financial Services, due to the combined increase in customer insolvency (unpaid
bills) and in the cost of financing (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 also be a competitive advantage.
The political and social climate in the operating countries could also deteriorate, possibly leading to political and social unrest that
could affect the business climate. In particular, social tensions could arise as a result of pressure on wages caused by inflation and
recruitment difficulties in a tense labour market.
Potential impacts of the risk on the Group:
increased consumer price sensitivity or a shift in purchasing towards entry‑level products or discount models, as a result of reduced
purchasing power;
a decline in consumption leading to a fall in sales;
a deterioration in profitability due to higher purchasing costs and employee salaries;
a deterioration in the price image in the event of price actions lagging behind the competition;
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 decline in value of the
functional currency in those countries, in particular Argentina;
a deterioration in the social and business climate.
■
■
■
■
■
■
■
Key mitigation measures adopted by the Group:
■
■
■
■
■
■
■
■
■
■
■
■
■
■
sharing best practices on managing inflation;
monitoring the change in costs of direct and indirect purchases;
price (re)negotiation with suppliers;
pooling purchases, particularly at the European level;
seeking alternative sources and opportunity buying;
monitoring the pricing policies of the competition;
anticipating inflation in the preparation of budgets;
savings plans (including energy savings);
working on the price‑promotion‑loyalty equation, mainly by optimising the promotional strategy and focusing on Carrefour‑branded
and value products;
a range of measures to promote purchasing power (e.g., Anti‑inflation Basket – 200 products at an average price of 2 euros in France);
stepping up the roll‑out of the Supeco format, mainly in Spain, and continuing to expand the Atacadão cash & carry format in Brazil,
with the launch of a pilot scheme in France also scheduled for 2024;
adapting the conditions for granting consumer credit;
monitoring the changing economic climate and future outlook in the operating countries, especially through performance reviews
aimed at defining and updating strategic plans;
a global monitoring system and risk mapping for the most vulnerable countries, taking into account a large number of indicators,
with regular updates and a forward‑looking tracking method.
These tools support decision‑making in the context of the Group’s international growth.
(1)
IMF, World Economic Outlook, October 2023.
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Risk management
Competitive pressure
Providing quality food that is accessible to all as a way to differentiate
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 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 franchise model that ensures created value is
shared equally between the players. The banners may also find themselves in competition to recruit the best franchisee candidates.
In response to this competitive pressure, Carrefour has built a solution based on a commitment to provide high quality products and
food which are accessible to all across all distribution channels.
Potential impacts of the risk on the Group:
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 adopted by the Group:
®
setting objectives focused on customer satisfaction, particularly through the Net Promoter Score , and working on operational
excellence;
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 concept, mainly in Spain;
opening the first Atacadão pilot in France, scheduled for 2024;
consolidating the Group’s market share in key countries: acquiring the Cora and Match banners in France, 47 SuperCor
supermarkets and convenience stores in Spain and Cora operations in Romania;
in France, launching Potager City, a local fresh produce convenience store banner;
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 offering and a more comprehensible, cross‑cutting
non‑food offering;
enhancing the value lines, mainly through SIMPL and the “In & Out” bargain basement concept;
freezing prices of basic products in some countries;
sustaining the commitment to the food transition through the global Act for Food programme;
continuing to accelerate the development of e‑commerce and omni‑channel retailing;
improving recruitment processes (e.g., digitalisation, financial guarantees) and supporting franchisees.
■
■
■
■
■
■
■
■
■
■
■
■
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4
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management
Regulations applicable to the retail industry
Adapting to stricter local regulations
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 (e.g., in Romania).
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. Coming into force in April 2023, the “EGalim 3” law extends the scope of restrictions
defined by “EGalim 2” and reinforces some of its mechanisms.
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.
■
■
■
Potential impacts of the risk on the Group:
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.
■
■
■
■
■
Key mitigation measures adopted by the Group:
■
■
■
■
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 (with the scope of these
sessions being continuously expanded);
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 AND INTERNAL CONTROL
Risk management
Pressure and instability of tax and social security legislation
Maintaining economic balance in an unstable economic and social climate
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). Nevertheless, the Brazilian Congress approved a tax
reform on December 15, 2023 aimed at simplifying its consumption tax system by creating two value added taxes (VAT), a federal
contribution (CBS) and a local contribution (IBS), replacing the five previous taxes (IPI, ISS, ICMS, PIS, COFINS). This reform will apply
from 2026, with a transition period running until 2033.
The instability of tax and social security legislation in some countries creates risks and uncertainties in the Group’s operations in those
locations. 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:
an increase in tax pressure on businesses as a result of the slowdown in economic activity;
increased reporting obligations (e.g., e‑invoicing and e‑reporting in France from July 2024);
complexity of and changes in tax systems, particularly in Brazil.
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Increased pressure from social security regulations on Carrefour could result in an increase in:
the minimum wage;
social security contributions.
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Potential impacts of the risk on the Group:
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 adopted by the Group:
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, in particular regarding the tax reform currently
under discussion in the Brazilian Congress;
employee training in the various reforms, with the appointment of dedicated experts where necessary;
a plan for the digitalisation of tools and centralisation of data (e.g., processes, databases);
defence of the Group’s interests with the competent authorities (e.g., Government, Chamber of Commerce);
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
Personal data protection Δ
Maintaining and strengthening the control system
Description of the risk:
Personal data protection is governed by legislation such as the General Data Protection Regulation (GDPR), which came into effect in
the European Union on May 25, 2018, in addition to national legislation such as the General Data Protection law, which came into
effect in Brazil on September 18, 2020.
These regulations set out a legal framework for personal data protection, strengthening citizens’ rights and imposing new obligations
and financial penalties on companies.
The Group has adapted its organisation and processes, in particular by creating a Legal department dedicated to the protection of
personal data (headed by a Data Protection Officer – DPO) at head office and within operations. Given the large amount of customer,
employee and supplier data collected and managed by the Group, constantly evolving applicable regulations, the increasing number
and complexity of solutions and information systems and the Group’s commitment to digital technology, strict compliance with the
applicable regulations may not always be possible.
Potential cases of non‑compliance are as follows:
misuse of personal data in relation to the purposes outlined to data subjects at the time of collection (i.e., unlawful use);
the use of solutions and partners that do not offer the necessary guarantees on the protection of personal data;
a defect in the design of projects involving the processing of personal data (privacy by design) or making appropriate
recommendations;
inability or difficulties for data subjects to exercise their rights over their personal data (e.g., right to be forgotten, right of access and
right to data portability);
failure to provide data subjects with clear, concise information, particularly about data retention periods, profiling, their rights and
available remedies;
failure to protect personal data or to notify any breach of personal data to the control authorities and the relevant data subjects.
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Potential impacts of the risk on the Group:
The risk could have three kinds of consequences:
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financial: financial penalties (up to 4% of Group sales), investments imposed by the authorities to remedy any cases of
non‑compliance, or the Group being found financially liable in legal proceedings instigated by its partners or the individuals
concerned;
reputation: disengagement of customers, employees or partners should they consider that the Group is not complying with
regulations and that this has been detrimental to them;
operational: the inability to provide products and services in the event of a breach in the availability of personal data (e.g., accidental
deletion, external attack).
Key mitigation measures adopted by the Group:
The Group has taken the following actions to mitigate this risk:
follow‑up and reinforcement of a Group compliance system with support from the relevant departments in each country;
the coordination of this system by the Group Data Protection Officer (DPO) and their teams;
training and awareness‑raising of employees in personal data protection (and development of e‑learning to ensure training
continuity, with the scope of such training being continuously expanded);
drafting and sharing of a Group Privacy Policy;
the application of second and third level controls.
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Risk management
Appropriateness of the retail model
Meeting the expectations of Carrefour customers and anticipating changes in consumption patterns
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 on the Group:
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 adopted by the Group:
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tracking and analysing market share by format, price indexes, competition and changes in consumer preferences;
adapting the offering 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 offering, and a more comprehensible non‑food offering of
selectively promoted items;
stepping up the roll‑out of the Supeco format mainly in Spain and continuing to develop the Atacadão cash & carry format in Brazil
through the conversion of former Grupo BIG stores and in France with the first Atacadão pilot store due to open in 2024;
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;
introducing anti‑inflation measures (e.g., the anti‑inflation basket launched by Carrefour France, with 200 products sold at an
average price of 2 euros);
optimising the promotional strategy for Carrefour‑branded products in conjunction with national brands;
Carrefour launching an international coalition in September 2023 with seven industrial partners to accelerate sales of plant‑based
meat alternatives.
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Risk management
Product availability in store or online
♣
Ensuring product availability across all distribution channels despite disruptions in the supply chain
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.
2023 was marked by persistent inflation, the war in Ukraine and climatic events. Such events created tension in supply chains,
including:
global short‑term food shortages (e.g., 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;
occasional shortages due to precautionary stockpiling by customers.
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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 on the Group:
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 adopted by the Group:
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
Carrefour’s image
Preserving and nurturing the Carrefour group’s image around the globe
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 increasing demands from stakeholders, particularly in terms of environmental, social and governance
responsibility, which is supported by a range of European regulations such as the Corporate Sustainability Reporting Directive (CSRD,
already in force) and Corporate Sustainability Due Diligence Directive (CS3D, yet to come into force).
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 inadequately defined or executed communications strategy that fails to differentiate the company from the competition;
or which is not aligned between the different media or sales 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 on the Group:
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 or retaining employees.
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Key mitigation measures adopted by the Group:
a crisis management policy at the Group, country and business unit levels;
media monitoring (including social networks);
setting up a governance structure dedicated to ensuring compliance with European environmental, social and governance
regulations;
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;
the conclusion of a premium partnership agreement as part of the Paris 2024 Olympic and Paralympic Games;
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
Control of movable and immovable assets
♣
Securing and modernising the Group’s real‑estate assets and equipment to optimise the customer experience and energy performance
Description of the risk:
Quality of the Group’s assets is a major issue in terms of competitiveness and financial and operating performance. Their management
consists of making sure they can continue to operate (by conducting structural, performance and equipment audits, for example),
monitoring compliance with all applicable regulations such as fire standards and European F‑Gas regulations, while also ensuring the
quality of the customer experience.
Another fundamental challenge is enhancing the value of assets while remaining committed to environmental protection (e.g.,
reducing energy consumption, preserving resources and biodiversity, making assets resilient to climatic events) and customer
expectations.
In addition, due to the large number of stores that operate in rented premises with third‑party lessors, and the Group’s activity as a
lessor of shopping centre premises, its inability to negotiate or renew commercial leases on favourable terms could affect its financial
performance and the long‑term viability of certain stores. The same would apply in the event of poor management of relationships
with lessors and tenants of sites owned or operated by the Group.
Potential impacts of the risk on the Group:
Deterioration of the Group’s movable and immovable assets could lead to:
devaluation of its assets;
a decline in customer footfall in its stores due to a deterioration in the customer experience;
breakdowns or interruptions disrupting business continuity;
the gradual obsolescence of equipment, impacting their performance (e.g., cooling systems);
closure of a site by the authorities due to non‑compliance;
a threat to the safety of people and property;
contamination of the ground with hydrocarbons due to failure to maintain the service stations.
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Key mitigation measures adopted by the Group:
The Group has taken the following measures to manage movable (cooling systems) and immovable assets (shopping centres, stores,
warehouses and service stations):
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a dedicated Property, Technical and Expansion department, made up of business specialists and supported by approved service
providers;
legal and technical monitoring to ensure that assets comply with the latest applicable regulatory and safety standards;
monitoring of the criticality and degradation of its real estate assets by the asset managers, building managers, technical
departments and third‑party owners, who define and plan the necessary actions through multi‑year investment programmes;
the launch of the “Climate Assets” project, which involves measuring the exposure of sites to natural and climatic risks in order to
share best practices and implement appropriate safety measures;
regular preventive audits of sensitive facilities and installations (e.g., fire protection equipment);
a frequently reviewed crisis management procedure in the event of an incident;
a business continuity plan (list and analysis of critical functions and resources, arrangements for resuming business as usual after the
crisis);
conducting technical audits of service stations;
monitoring energy infrastructures and focusing on more energy‑efficient solutions;
the deployment of automated building management systems (Building Management Systems/Centralised Technical Management)
to optimise energy performance.
The measures taken by the Group to mitigate the risk related to its activity as lessor of shopping centre premises include:
a rental and asset management team, providing ongoing support to lessors and tenants;
a property management team, tasked with optimising asset operating costs;
a Legal Property department, responsible for analysing and drafting deeds (e.g., leases, amendments, protocols), joint ownership
regulations and regulatory and legal monitoring;
adopting measures and tools to support tenants;
monthly decision‑making committees, enabling precise monitoring of property assets and contractual deadlines.
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Risk management
Securing the growth of e‑commerce
Developing a benchmark‑level omni‑channel universe by bringing stores and e‑commerce closer together
Description of the risk:
The 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 offering (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.
Long‑standing traditional retailers 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
constantly adapt to changes in market demand (e.g., a peak in activity during the Covid‑19 pandemic) and customer expectations by
optimising its business model and production facilities.
Customers could find that the range of products and their availability online is not as good as in 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 on the Group:
mismatch between demand and online order picking and preparation and delivery capacities (e.g., saturation of Drives);
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 adopted by the Group:
monitoring and analysis of customer satisfaction with the e‑commerce offer;
digital upskilling of employees (e.g., the Digital Retail Academy in France to manage digital change and develop digital talent);
adapting the e‑commerce product and service offer to market developments (e.g., competitors, customers);
reinforcing partnerships with food e‑commerce operators (e.g., Uber Eats, Glovo, Rappi, Takeaway.com);
integrating OpenAI technologies on the Carrefour website with the launch of a shopping experience that uses generative AI;
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 offering (e.g., the Carrefour Marketplace on Rakuten);
sharing best practices between countries to improve the customer experience and pathway.
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Risk management
Attracting and retaining talent Δ
Attracting and retaining talent to offer customers the best quality of service in a tight labour market
Description of the risk:
With more than 335,000 employees working under Carrefour banners, the Group was one of the world’s top 50 private employers in
2023. In a tight labour market (in which the unemployment rate is at its lowest level since 2005: 4.9% in the OECD at mid‑2023 ) –
where the sector’s image plays a key role – attracting and retaining the best candidates is essential to achieving the Group’s strategic
objectives. The quality of the services offered to customers depends on the competence, commitment and motivation of the
employees.
(1)
The Group is pursuing its digital transformation, which is at the heart of its Carrefour 2026 strategy, with significant investment in
digital innovation. Attracting digital‑savvy talent – who are in particularly high demand in the market – is a real challenge. Tensions in
recruitment are also being noticed in some of the Group’s key operational functions.
The talent attraction and retention policy must balance multiple components that form a complex equation: an attractive social
model, an engaging corporate culture, competitive compensation, skills development, as much flexibility in work organisation as is
possible and work‑life balance.
Potential impacts of the risk on the Group:
deterioration of employer image;
a delay in achieving the Group’s strategic objectives (particularly in terms of digital transformation);
a lack of operational efficiency and competitiveness;
employee disengagement;
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 adopted by the Group:
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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 and employee engagement programme (e.g., developing dynamic career plans, skills development policy,
engagement survey, strengthening the corporate culture);
a remote working scheme at all head offices;
digital recruitment tools (e.g., launch of the new recruitment site in France) that improve the process for candidates and reach more
candidates;
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);
setting up an employee share ownership programme;
actions related to the Paris 2024 partnership for the benefit of employees (e.g., organisation of a sports tournament, social benefits
promoting access to sports facilities, raising awareness about physical activity).
(1)
OECD - October 12, 2023.
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Risk management
Information systems (IS) underperformance and cyber security
Ensuring information systems integrity and performance
Description of the risk:
The Group’s broad range of business operations (physical and digital retailing, real estate and financial services, retail media etc.) and
processes rely largely on the reliability and effectiveness of many information systems, developed or administered by internal or
external resources.
Accordingly, Carrefour strives to continuously improve its IT tools to enhance its performance, in particular to develop a
benchmark‑level omni‑channel universe through investment in innovative solutions. Carrefour’s competitiveness depends on its ability
to respond to ever‑changing consumer habits and expectations, particularly in relation to digital services.
As a first step, 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 partners, the right solutions 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 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 on the Group:
a competitive disadvantage that could lead to a fall in market share;
partial or total business disruption (stores, warehouses, websites and applications), particularly during periods of peak activity;
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.
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Key mitigation measures adopted by the Group:
investment in digitalisation and innovation;
digital upskilling of employees (e.g., the Digital Retail Academy to manage digital change and develop digital talent, training around
100,000 people each year);
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 global Vulnerability Operation Centre (VOC) to standardise cyber security incident management;
a software vulnerability identification and mitigation programme;
a programme to strengthen critical IT infrastructure;
a global 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
Product quality, compliance and safety Δ
Ensuring the quality of all products from manufacture to sale
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. The accelerated growth in the
contribution from Carrefour‑branded products (40% of food sales by 2026) means that quality requirements are even more pressing.
Non‑compliance with specifications, purchasing rules, a labelling problem or failure in logistics tracking (e.g., cold chain compliance)
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 on the Group:
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, particularly in Carrefour‑branded products.
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Key mitigation measures adopted by the Group:
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;
regular monitoring of indicators, site audits and laboratory analyses 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;
ongoing improvement to communication flows about product withdrawal and recall procedures;
defining and implementing a crisis management policy.
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Risk management
4.1.3
INSURANCE
The Group has a comprehensive insurance policy which provides
protection for assets and people, while also protecting against all
liabilities incurred by the Group in the course of its business.
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 consultants.
Worldwide programmes
In order to cover the main risks identified, Carrefour has set up
group insurance programmes worldwide (notably for property
damage and business interruption, civil liability, civil liability
coverage for Executive Officers, cyber risks, etc.) with renowned
international insurers, guaranteeing a uniform level of cover for
all its risks within the consolidated scope.
Acquisitions during the year
Automatic consolidation mechanisms and procedures are put in
place to consolidate acquisitions into Group programmes as
soon as risks are transferred.
Where applicable, Group policies are complementary
non‑policy coverage.
to
Prevention policy
The following is provided for information purposes only in order
to illustrate the scope of action in 2023. 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
This programme is intended to cover the Group 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.
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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.
Limits and exclusions in force for this policy comply with market
practices. Deductibles vary from country to country.
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The civil liability policy also covers risks related to environmental
damage.
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 internal re‑insurance company. The results of this
internal company are consolidated in the Group’s financial
statements.
The level of risk accepted by the internal re‑insurance company
is controlled and based on the limits of the coverage granted per
insurance year.
Mandatory insurance
The Group takes out different
accordance with local law, including:
insurance programmes
in
auto insurance;
construction
liability, etc.);
insurance (building defects, ten‑year builder
professional liability insurance related to its activities:
■
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banking,
insurance,
travel.
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Internal control system
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 risk
management and internal control system reference framework
published by the French financial markets authority (Autorité des
marchés financiers – AMF) in 2007 and updated on July 22, 2010.
The AMF’s reference framework covers the implementation of risk
internal control systems, comprehensively
management and
addressing procedures relating to the oversight and preparation of
accounting and financial information from an internal control
perspective, as well as risk management and internal control
practices.
It is consistent with the COSO (Committee of Sponsoring
Organizations of the Treadway Commission) internal control
framework. The Group’s compliance and alignment with these
standards and directives strengthen its internal control system,
while ensuring that the risks associated with its activities are
prudently and diligently managed. These established practices
illustrate the Group’s commitment to robust and transparent
corporate governance,
international
standards and practices in risk management and internal control.
line with the best
in
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.
■
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4.2.1.3
Scope and limitations of the internal
control system
in
this report
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. The main objective of the internal control
system is to provide an exhaustive assessment of the Group’s
entities, while classifying their internal control environments
according to a standardised maturity scale. This approach makes
it possible to compare management practices across different
parts of the company and makes it easier to identify important
areas for improvement.
the AMF
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 these
activities. However, as
framework
underscores, no matter how well designed and properly applied,
an internal control system cannot fully guarantee that the
inherent
Group’s objectives will be achieved. There are
limitations
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.
internal control systems, which arise,
reference
in all
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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
control
and measures
activities, procedures
various
implemented by the country‑level teams under the Group’s
supervision.
The Group internal control and Sapin II regulatory frameworks
are drawn up and managed by the Group Internal Control
department. These are the main tools used in each country to
assess and monitor the design and effectiveness of its internal
control systems, which are themselves audited by the Group.
Containing around 250 rules that are mandatory for all countries,
the frameworks are deigned to cover:
■
■
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■
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■
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
In addition, 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
some
Internal
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 rolled out
across the Group’s entities in the form of shared guidelines, and
is
in the various countries through precise
operational procedures, defined control activities and periodic
control assessment and testing exercises.
implemented
The Group ensures the guidelines for managing critical financial
processes are circulated, and
reliable
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 the Group’s
exposure to the strategic, operational and asset risks likely to
affect the achievement of its 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 and the separation of
duties.
As part of a continuous improvement approach to internal
Internal Control
control, Carrefour has created a Group
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 host
countries and entities. The local internal control managers, most
of whom hold management positions, report hierarchically to the
local Finance Director and functionally to the Group Internal
Control Director.
The entity‑level Finance Director is responsible for setting up,
running and supervising the internal control system within his/
her scope of responsibility. To do
the entity‑level
management teams, under the guidance of local internal control
officers, 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.
this,
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Local
Director by:
internal controllers support the entity‑level Finance
■
■
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 entity and the Group
are properly applied, and, in the event of weaknesses, assisting
Operational and Functional departments in implementing
remediation programmes.
4.2.2.3 Parties involved in internal control
In addition to local internal controllers, specialists within the
Functional departments support operatives at all levels of the
organisation, in compliance with the “three‑lines of defence”
model presented below, which helps spread best internal control
practices.
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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4.2.2.3.1 Internal control governing bodies
■
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
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;
the Company’s
■
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
Management’s
lead and
to design, coordinate,
role
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.
■
■
■
■
■
■
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■
■
■
■
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 CSR department
Group Human Resources
department
Group Data Security department
Group Insurance department
■
■
■
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 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
internal control system
The Group risk management and
provides for periodic monitoring by managers, operatives,
internal controllers, compliance officers, internal auditors and the
Statutory Auditors:
■
■
■
■
■
managers and operatives check that the first‑level controls are
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 controllers periodically check that control activities
are being properly implemented and that they are effective
against risks, by carrying out second‑level controls. Control
activities are defined and implemented by process managers,
and coordinated by
internal controllers who report to
members of the entity‑level Executive Committee, under the
In turn, the
supervision of the
coordination of the internal controllers by the Group Internal
Control department ensures consistency in control activity
methodology, guarantees comprehensive coverage of risks
across all processes, and ensures that the relevant entity‑level
internal control teams are competent and equipped with the
resources needed to establish a control environment;
local Finance Director.
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 carries out third‑level controls
and provides the Entity Executive Management teams, the
Audit Committee and the Group’s Executive Management with
the conclusions and findings of their engagement as well as
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.
the
the summary of
Country Finance Directors present
self‑assessment to the Group Finance department.
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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:
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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.
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.
RISK MANAGEMENT AND INTERNAL CONTROL
Internal control system
The following events must be reported to the Group:
1
■
■
■
■
■
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;
2
breaches of laws and regulations;
other significant breaches of the ethics principles and
compliance programme.
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 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.
■
■
■
■
■
■
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.
4.2.4 INTERNAL ACCOUNTING AND FINANCIAL CONTROL
4.2.4.1 General organisational principles
of accounting and financial control
■
those related to the accounting of non‑recurring operations
that may have a material impact on the Group’s financial
statements.
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;
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.
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3
4
5
6
7
8
9
4
RISK MANAGEMENT AND INTERNAL CONTROL
Internal control system
4.2.4.2 Management of the accounting and
Tools and operating methods
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.
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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1
2
3
4
5
6
7
8
9
4
RISK MANAGEMENT AND INTERNAL CONTROL
Legal and arbitration proceedings
4.3 Legal and arbitration proceedings
4.3.1
PROCEEDINGS IN CONNECTION WITH THE GROUP’S RECURRING
OPERATIONS
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.
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 2023 consolidated financial
to
statements) of this Universal Registration Document.
(Note 11.2
4.3.2 OTHER PROCEEDINGS
4.3.2.1
In France
INC SA and its former Chairman were acquitted in a judgement
from the Court of Appeal dated September 1, 2023.
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:
■
■
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
agreeing to set the same dates for the marketing of BPA‑free
containers and the discontinuation of marketing of containers
with BPA.
On December 29, 2023, the French Trade and Retail Federation,
Carrefour SA and its subsidiaries were acquitted.
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
in unauthorised financial
intermediation, with regard to transactions carried out with financial
cooperatives between July 2012 and 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.
for complicity
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.
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.
In a decision dated March 14, 2023 (made final on April 12, 2023),
Atacadão SA was acquitted in the proceedings brought against it
on June 27, 2020.
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, 2023
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 consolidated
statement of financial position at
December 31, 2022 to reflect the
reduction in the acquisition price of
Grupo BIG in Brazil
5.4.4 Climate change
5.4.5 Main related‑party transactions
5.4.6 Subsequent events
5.4.7 Risk factors
296
296
297
301
301
301
302
303
303
303
304
305
305
306
310
310
311
311
311
312
313
313
315
315
315
316
316
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
Business review and consolidated income analysis
5.1 Business review and consolidated
income analysis
5.1.1 MAIN INCOME STATEMENT INDICATORS
consolidated
statement of
The
at
December 31, 2022 has been restated in accordance with IFRS 3
– Business Combinations to reflect the changes affecting the
opening balance sheet of Grupo BIG in Brazil (see Notes 5.4.2.1.1
and 5.4.3).
financial position
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, 2023. Comparative data for 2022 have also been
adjusted for inflation.
Financial Reporting
IAS 29 –
for
(in millions of euros)
Net sales
Gross margin from recurring operations
in % of net sales
2023
83,270
16,630
20.0%
2022
81,385
16,313
20.0%
Sales, general and administrative expenses, depreciation and amortisation
(14,367)
(13,936)
Recurring operating income
Recurring operating income before depreciation and amortisation
Recurring operating income after net income from equity‑accounted
companies
Non‑recurring income and expenses, net
Operating income
Finance costs and other financial income and expenses, net
Income tax expense
Net income/(loss) from continuing operations - Group share
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 ACTIVITIES)
(3)
2,264
4,559
2,308
(558)
1,749
(410)
(439)
930
729
1,659
3,138
1,622
2,560
2,377
4,613
2,427
36
2,463
(490)
(408)
1,368
(21)
1,348
2,756
1,262
3,378
% change
2.3%
1.9%
3.1%
-4.7%
-1.2%
-4.9%
-1654.8%
-29.0%
-16.3%
7.6%
-32.0%
3614.4%
23.1%
(1)
(2)
(3)
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.
Net free cash flow corresponds to free cash flow after net finance costs and net lease payments.
Net debt does not include liabilities and assets related to leases (see Note 2.2). Closing net debt for 2022 was restated for the reduction in Grupo
BIG’s acquisition price, in accordance with IFRS 3.
Net sales totalled 83.3 billion euros in 2023, an increase of 2.3%
compared with 2022.
Recurring operating
and
amortisation came in at 4,559 million euros, a 1.2% decline on
2022.
income before depreciation
Recurring operating income was 2,264 million euros, a 4.7%
decline on 2022.
Non‑recurring operating income and expenses represented a net
expense of 558 million euros, versus net income of 36 million
euros in 2022. The 2023 figure primarily relates to severance paid
or payable within the scope of the collective contractual
in France, and
termination agreement (Rupture Conventionnelle Collective) put
the measures
in place at headquarters
implemented in stores and headquarters in Brazil, Spain and Italy.
It also includes impairment recognised against unprofitable
former Grupo BIG stores in Brazil that were closed in 2023 or are
in the process of being closed (see Note 5.4.2.1.4), as well as the
costs associated with these closures. These expenses were
partially offset by reversals of provisions for (i) PIS‑COFINS tax
credits following the expiry of statutory limitation periods or
favourable judgements and (ii) ICMS sales tax credits following
their sale. Expenses were also partially offset by capital gains
realised on various asset disposals.
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
Business review and consolidated income analysis
Finance costs and other financial
income and expenses
represented a net expense of 410 million euros, an improvement
of 80 million euros compared with 2022, primarily reflecting
lower net finance costs and an increase in other financial
income, partially offset by the increase in net interest expense on
leases.
The income tax expense for 2023 amounts to 439 million euros
(compared with 408 million euros for 2022). The tax expense
was increased by the fact that no deferred tax assets were
recognised by Grupo BIG in Brazil as a result of its operating
losses.
Net income from continuing operations – Group share, totalled
930 million euros, a 438 million euro decrease compared to
2022.
Discontinued operations represented net income – Group share
of 729 million euros in 2023, versus a net loss of 21 million euros
in 2022. It includes the gain on the disposal of Carrefour Taiwan
amounting to 0.75 billion euros (see Note 5.4.2.1.3).
The Group ended 2023 with net income – Group share of
1,659 million euros, versus net income of 1,348 million euros in
2022.
Free cash flow came to 3,138 million euros, versus 2,756 million
euros in 2022. Net free cash flow came to 1,622 million euros,
versus 1,262 million euros in 2022.
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 generated net sales of 83.3 billion euros, an
increase of 2.3% versus 2022.
■
■
(1)
In France, net sales rose by 1.4% in 2023. Like‑for‑like
growth was 4.7%, including a 6.0% LFL improvement in food
and a 4.9% LFL decline in non‑food. After more than two years
of market share gains, Carrefour saw a slowdown in its market
share momentum in value terms over the year, while market
share in volume terms remained broadly stable between 2022
and 2023 (source: Kantar).
In Europe (excluding France), net sales increased by 4.4% in
2023, up 5.5% like‑for‑like. Spain posted 5.8% like‑for‑like
growth in net sales over the year, with strong growth in all its
formats. Italy continued to enjoy good sales momentum in
2023, with like‑for‑like growth of 3.1% driven by improved
customer
terms of price
competitiveness. After a difficult 2022 in Belgium, net sales in
the country were up 9.0% like for like in 2023, lifted by its
revitalization strategy in an environment that remained fiercely
competitive. In Romania, the Group maintained its positive
momentum, posting like‑for‑like growth of 7.0%, spurred by
the success of its commercial campaigns. In Poland, net sales
satisfaction, particularly
in
2023
38,220
23,650
21,399
83,270
2022
% change
37,706
22,643
21,036
81,385
1.4%
4.4%
1.7%
2.3%
edged down 0.6% like for like, amid strong pressure on
consumer purchasing power and a high comparison basis
owing to the war in Ukraine.
■
In Latin America, net sales increased by 1.7% year on year. In
Brazil, net sales retreated 1.3% like for like in 2023. Amid
difficult market conditions shaped by food deflation in the
second half of the year, the Group proved resilient, thanks in
particular to its cash & carry format (down 1.1% like for like),
which is benefiting from its price leadership on the Brazilian
market, while Sam’s Club, whose subscription model is proving
a success, recorded like‑for‑like net sales growth of 5.0%. The
Retail segment, with a more premium positioning, was
understandably more affected by the challenging market
conditions, reporting a 2.8% decline in like‑for‑like net sales
over the year. Argentina saw further vigorous growth, with net
sales soaring 151.9% like for like (excluding the IAS 29 impact).
This increase reflects a further rise in volumes and significant
market share gains in a hyperinflationary environment (annual
inflation of 211% in 2023).
1
2
3
4
5
6
7
8
(1)
Like‑for‑like (LFL) sales generated by stores open for at least 12 months, excluding temporary store closures, at constant exchange rates, excluding
petrol and calendar effects and excluding the IAS 29 impact.
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
Business review and consolidated income analysis
NET SALES BY REGION – CONTRIBUTION TO THE CONSOLIDATED TOTAL
(in %)
France
Europe (excluding France)
Latin America
TOTAL
2023
45.9%
28.4%
25.7%
100%
2022
46.3%
27.8%
25.8%
100%
At current exchange rates, the portion of consolidated net sales generated outside France continued to rise, representing 54.1%,
compared with 53.7% in 2022.
RECURRING OPERATING INCOME BY REGION
(in millions of euros)
France
Europe (excluding France)
Latin America
Global functions
TOTAL
Recurring operating income represented 2,264 million euros in
2023, a decrease of 113 million euros, or 4.7%.
In France, recurring operating income was 988 million euros in
2023, up 18.5% on 2022. In a context of high inflation, operating
margin increased by 37 bps to 2.6% (versus 2.2% in 2022), led by
a good sales performance and strong cost‑cutting dynamic. 2023
marks the fifth consecutive year that operating margin has
improved in France. This performance notably reflects the
benefits of initiatives under the Carrefour 2026 plan, including
the increase in sales of own‑brand products, the transformation
of ownership strategies and the improved profitability of digital
activities.
(excluding France), recurring operating
in 2023,
stable, at 604 million euros
income
In Europe
remained
versus
606 million euros in 2022. Spain performed well, with recurring
operating income up 14% despite an unfavourable environment
for the financial services business. Poland, on the other hand,
reported a significant decline in profitability, on a high 2022 base
marked by the impact of the war in Ukraine. Recurring operating
income for Italy, Belgium and Romania was close to 2022 figures.
In Latin America, recurring operating income fell by 24.1% to
763 million euros in 2023.
came
income
recurring operating
In Brazil,
at
668 million euros, down 26.9% or 246 million euros. This decline
was mainly due to the costs of converting and integrating the
former Grupo BIG stores and to the losses incurred in the
months immediately after the stores reopened. The decline also
reflects a lower contribution from the Retail segment amid food
deflation in the country and from the financial services given high
interest rates and a higher cost of risk.
in
The stores that have converted to the Atacadão format
continued their fast‑paced ramp‑up. Furthermore, as announced
in November 2023, Carrefour Brazil has begun to rapidly
restructure structurally loss‑making stores of Retail segment. In
2023
2022
% change
988
604
763
(91)
2,264
834
606
1,005
(69)
2,377
18.5%
-0.4%
-24.1%
-32.6%
-4.7%
all, 104 stores have been closed or sold at the end of
January 2024, predominantly
in the supermarket and soft
discount formats (Bompreço, Nacional and Todo Dia banners).
Restructuring of the remaining 19 stores will be completed by the
end of the second quarter of 2024 (see Note 5.4.2.1.4). In
addition, the Group has undertaken to convert 40 hypermarkets
to the Atacadão and Sam’s Club formats, 20 of which are slated
for conversion in 2024. At the same time, Carrefour Brazil is
making rapid progress in implementing cost synergies, securing
synergies of 1.6 billion Brazilian reals on an annualised basis.
These cost synergies were offset by the adverse performance of
converted stores currently in the ramp‑up phase after having
recently reopened under their new banners.
In Argentina, recurring operating income and operating margin
improved on the back of excellent sales momentum and
continued cost discipline. Recurring operating income came to
96 million euros, versus 92 million euros in 2022, while the
recurring operating margin widened 138 bps to 4.5%.
Depreciation and amortisation
Depreciation and amortisation of property and equipment,
intangible assets and
to
1,304 million euros in 2023 compared with 1,284 million euros in
2022.
investment property amounted
equipment
Depreciation of right‑of‑use assets (IFRS 16) relating to property
and
totalled
728 million euros in 2023 compared with 694 million euros in
2022.
investment
property
and
Including depreciation of logistics equipment and of the related
IFRS 16 right‑of‑use assets included in the cost of sales, a total
depreciation and amortisation expense of 2,295 million euros
was recognised in the consolidated income statement for 2023,
compared with an expense of 2,236 million euros for 2022.
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Net income from equity‑accounted
companies
income
Net
44 million euros
reflecting a slightly lower contribution from Carmila.
from equity‑accounted companies
in 2023, versus 50 million euros
BUSINESS REVIEW AS OF DECEMBER 31, 2023
Business review and consolidated income analysis
totalled
in 2022,
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 expense of 558 million euros in 2023, 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
Non‑recurring income and expenses, net before asset impairments
and write‑offs
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
2023
66
(352)
25
(261)
(297)
(1)
(295)
(558)
476
(1,034)
2022
212
(13)
(16)
183
(147)
(1)
(146)
36
440
(404)
Gains and losses on disposals of assets
Other non‑recurring income and expenses
in Brazil and six hypermarkets
Gains and losses on disposals of non‑current assets result from
gains and losses on the sale and leaseback of five stores and four
warehouses
(see
Note 5.4.2.1.5) and on
the disposal of Carrefour Brazil’s
headquarters building. They also include capital gains on the
disposal of various assets (store premises, land and businesses),
mainly to franchisees in France. Net disposal gains were partially
offset by the capital loss incurred on the disposal of Quitoque in
France (see Note 5.4.2.1.3).
in Spain
Restructuring costs
Restructuring costs recognised in 2023 relate to the new
Carrefour 2026 strategic plan (see Note 5.4.2.2). This plan is
based on a project to transform the Group’s various headquarters
with a view to safeguarding its competitiveness over the long
term, boosting performance and agility, and simplifying its
organisation, all of which will benefit its stores. The expense
included in non‑recurring items relates primarily to severance
paid or payable within the scope of the Rupture Conventionnelle
Collective put in place at headquarters in France, involving a
maximum of 979 jobs, and, secondarily, to the measures
implemented in stores and headquarters in Italy, Spain and Brazil.
Other non‑recurring income and expenses recorded in 2023
primarily comprise reversals of provisions in Brazil i) for tax risks
relating to PIS‑COFINS tax credits following the expiry of
statutory limitation periods or favourable judgements, and ii) for
ICMS tax credits following their sale. These reversals were almost
entirely offset by costs related to store closures under way in
Brazil (see Note 5.4.2.1.4).
Asset impairments and write‑offs
Asset impairments (other than goodwill) and write‑offs in 2023
include
impairment recognised against non‑current assets,
reflecting the difficulties experienced by certain stores, as well as
the retirement of various assets relating to stores in France, Spain
and Belgium, and to IT in France and Belgium.
Impairment was also recognised against unprofitable former
Grupo BIG stores in Brazil which were closed in 2023 (mainly
stores under the Maxxi banner) or in the process of being closed
at December 31, 2023 (stores under the Todo Dia, Bompreço and
Nacional banners and some stores that had been converted to
the Carrefour banner) for a total of approximately 120 million
euros (see Note 5.4.2.1.4). The caption also includes the partial
in Grupo BIG’s opening
write‑down of banners recognised
balance
(see
Note 5.2.1.1.3 to the consolidated financial statements).
for approximately 38 million euros
sheet
Lastly, it includes write‑downs to bring the net carrying amount
of Showroomprivé shares in line with the stock market price at
December 31, 2023.
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Main non‑recurring items in 2022
Gains and losses on disposals of non‑current assets comprised
gains and losses arising on the sale of various assets (store
premises and businesses) to franchisees, notably in France and
Italy. It also included the gain on the disposal of the nine
hypermarkets and five supermarkets in Spain through sale and
leaseback
the
equity‑accounted investments in Mestdagh in Belgium and
Ploiesti Shopping City in Romania were also included in this
caption.
transactions. Gains on
the disposal of
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.
Asset impairments (other than goodwill) and write‑offs in 2022
included impairment recognised against non‑current assets,
the difficulties experienced by certain stores,
reflecting
(in millions of euros)
Finance costs, net
Net interests related to lease commitments
Other financial income and expenses, net
TOTAL
particularly in France and Italy, as well as the retirement of
various assets, in particular relating to IT in France. Asset
impairments also included write‑downs to bring the net carrying
amount of Showroomprivé shares into line with the stock market
share price at December 31, 2022.
Operating income
Operating income amounted to 1,749 million euros in 2023,
versus 2,463 million euros in 2022.
Finance costs and other financial income
and expenses
income and expenses
Finance costs and other financial
represented a net expense of 410 million euros
in 2023,
corresponding to a negative 0.5% of sales versus a negative 0.6%
in 2022.
2023
(258)
(208)
56
(410)
2022
(336)
(167)
13
(490)
Finance costs, net improved by 79 million euros compared with
2022, to 258 million euros. This improvement chiefly reflects the
sharp rise in short‑term investment income in Argentina, mainly
linked to the purchase of dollar- and inflation‑linked bonds.
interest
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 subleasing
arrangements. The increase in this item mainly results from the
effect of changes in the scope of consolidation following the
integration of Grupo BIG at June 1, 2022 (12 months in 2023
compared with seven months in 2022), as well as growth in the
number of leased stores.
Other financial income and expenses consist for the most part of
interest expense on defined benefit obligations, taxes on financial
transactions, late interest payable on certain liabilities and the
effects of hyperinflation in Argentina. In 2023, other financial
income and expenses also included interest income relating to
the reduction in the purchase price for Grupo BIG in Brazil (see
Note 5.4.2.1.1).
Income tax expense
The income tax expense for 2023 amounted to 439 million
euros, i.e., an effective tax rate of 32.8%, compared with the
408 million euro expense recorded in 2022, which corresponded
to an effective tax rate of 20.7%.
This 12‑point increase in the effective tax rate reflects (i) the
increase in unrecognised deferred tax assets at Grupo BIG in
Brazil in 2023 and (ii) the fact that the effective tax rate in 2022
had been very favourably impacted by the recognition of a tax
credit relating to prior fiscal years in Brazil and by reversals of tax
provisions following expiry of the statute of limitations.
In both years, the effective tax rate was improved by the
recognition of tax credits relating to prior years in France. Apart
from these factors, the 2023 effective tax rate reflects the
geographical breakdown of income before tax, with no other
items significantly distorting the tax proof.
Net income/(loss) attributable to
non‑controlling interests
The net loss attributable to non‑controlling interests came to
17 million euros in 2023, versus net income of 218 million euros
in 2022. This decrease mainly reflects the significant reduction in
net income in Brazil in 2023.
Net income from continuing operations –
Group share
As a result of the items described above, the Group share of net
income from continuing operations amounted to 930 million
euros in 2023, a decrease of 438 million euros compared to the
2022 figure.
Net income/(loss) from discontinued
operations – Group share
Discontinued operations represented net income – Group share
of 729 million euros in 2023, versus a net loss of 21 million euros
in 2022. This increase reflects the 0.75 billion euro disposal gain
recorded on the sale of the Carrefour Taiwan subsidiary on
June 30, 2023 (see Note 5.4.2.1.3).
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Group financial position and cash flows
5.2 Group financial position and cash flows
5.2.1
SHAREHOLDERS’ EQUITY
At December 31, 2023, shareholders’ equity stood at 13,387 million
euros, compared with 13,186 million euros at December 31, 2022,
representing an increase of 201 million euros.
The increase mainly reflects:
net income for the year of 1,642 million euros;
the purchase of own shares for 802 million euros, including
costs, in 2023, carried out in four tranches of 200 million euros
each;
■
■
■
■
■
the launch of the Carrefour Invest employee share ownership
plan on March 1, 2023, which resulted in a capital increase of
75 million euros by Carrefour SA;
the sale of Carrefour Taiwan on June 30, 2023, resulting in
(i) the unwinding of the EUR/TWD currency swap (negative
impact of 46 million euros net of tax), (ii) the reversal of
positive translation adjustments (negative impact of 52 million
euros) and (iii) the derecognition of non‑controlling interests
(negative impact of 185 million euros);
2022 dividends paid in an amount of 475 million euros, of
which 405 million euros to Carrefour SA shareholders and
70 million euros to non‑controlling shareholders, relating to
the Spanish and Brazilian subsidiaries;
■
positive translation adjustments of 63 million euros resulting
from the slight appreciation of the Brazilian real and the Polish
zloty versus end‑2022, partially offset by the major decrease in
the value of the Argentine peso.
5.2.2 NET DEBT
Consolidated net debt (including discontinued operations) amounted to 2,560 million euros at December 31, 2023 compared to
3,378 million euros at December 31, 2022, as restated for IFRS 3. This amount breaks down as follows:
(in millions of euros)
Bonds and notes
Other borrowings
Commercial paper
Total borrowings excluding derivative instruments recorded in liabilities
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, 2023
December 31, 2022
IFRS 3 restated
8,077
1,226
122
9,425
63
9,487
7,264
2,224
638
6,290
6,928
2,560
−
2,560
7,697
1,223
490
9,410
148
9,558
6,912
2,646
728
5,216
5,944
3,614
(236)
3,378
(1)
The current portion of amounts receivable from finance subleasing arrangements is not included in this caption (see Note 14.2.5 to the
consolidated financial statements).
Long- and short‑term borrowings (excluding derivatives) mature at different dates, through 2031 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, 2023
December 31, 2022
2,161
1,179
4,087
1,998
9,425
2,498
1,514
3,799
1,599
9,410
Cash and cash equivalents totalled 6,290 million euros at December 31, 2023 compared with 5,216 million euros at December 31, 2022,
representing 1,074 million euros.
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Group financial position and cash flows
5.2.3
STATEMENT OF CASH FLOWS
Net debt (including discontinued operations) decreased by 818 million euros in 2023, after increasing by 745 million euros in 2022 as
restated for IFRS 3. The change is analysed in the Group’s simplified statement of cash flows presented below:
2022
IFRS 3 restated
Variation
(in millions of euros)
OPENING NET DEBT
(1)
Cash flow from operations
Change in working capital requirement
Change in consumer credit granted by the financial services companies
Impact of discontinued operations
Net cash (used in)/from operating activities - total
Acquisitions of property and equipment and intangible assets
(2)
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
Free cash flow
2023
(3,378)
4,032
775
(104)
(54)
4,650
(1,850)
473
(124)
(11)
3,138
(2,633)
3,968
108
135
8
4,219
(1,861)
379
55
(36)
2,756
Payments related to leases (principal and interest) net of subleases
payments received
(1,161)
(1,047)
Finance costs, net
(3)
Impact of discontinued operations
Net free cash flow
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
Decrease/(Increase) in net debt
CLOSING NET DEBT
(1)
(310)
(45)
1,622
(27)
1,078
(118)
(609)
47
(481)
(479)
(216)
818
(336)
(111)
1,262
(980)
100
(96)
(657)
3
(481)
132
(30)
(745)
(2,560)
(3,378)
(745)
64
667
(239)
(62)
430
11
94
(179)
25
382
(114)
26
66
360
953
977
(23)
48
44
−
(611)
(186)
1,563
818
(1)
(2)
(3)
Closing net debt for 2022 and opening net debt for 2023 have been restated for the reduction in Grupo BIG’s acquisition price, in accordance
with IFRS 3.
In 2022, capital expenditure included the acquisition of the two last Makro Atacadista stores on a full ownership basis for 21 million euros,
bringing the total to 29 acquired stores at December 31, 2022.
This item was restated in an amount of 52 million euros for financial income on dollar- and inflation‑linked investments made by Carrefour
Argentina during 2023.
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Group financial position and cash flows
■
■
a 74 million euro increase in acquisitions of property, plant and
equipment and intangible assets, net of disposals, reflecting the
costs of converting Grupo BIG stores, partly offset by an
increase in asset disposals compared to 2022 (in particular the
sale and leaseback transaction in Brazil);
a 114 million euro increase in net payments related to leases,
reflecting (i) a scope effect due to the integration of Grupo BIG
in Brazil from June 1, 2022, (ii) the increase in the number of
leaseback
leased stores following the various sale and
transactions in Brazil and Spain, and (iii) the increase in rents
following price indexation.
In 2023, net free cash flow came to 1,622 million euros,
(compared with 1,262 million euros in 2022). The 360 million
euro increase reflects the following main factors:
■
■
a 64 million euro improvement in cash flow from operations,
reflecting a 106 million euro reduction in tax paid, due in
particular to the use of tax credits recognised in 2022 by the
Brazilian subsidiary Atacadão, partly offset by a 54 million euro
fall in recurring operating income before depreciation and
amortisation;
a 429 million euro improvement in the change in working
capital requirement (including consumer credit granted by the
financial services companies), reflecting better control of
inventories and payables in a hyperinflationary environment,
which led to a reduction of three days in the value of
inventories relative to cost of sales;
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, 2023, 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.
The main transactions in 2023 included two Sustainability‑Linked
Bond issues indexed to the Group’s two greenhouse gas
emissions goals, for a total amount of 1.25 billion euros, the
redemption of two bond issues for a total amount of 0.96 billion
euros, and several financing transactions by the Brazilian
subsidiary Atacadão. These
in
Note 5.4.2.3.
transactions are described
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
3.8 years as of December 31, 2023, compared with 3.6 years as of
December 31, 2022.
5.2.5 RESTRICTIONS ON THE USE OF CAPITAL RESOURCES
There are no material restriction 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, 2023, 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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Outlook
5.3 Outlook
The Group’s objectives for 2026, as well as the situations at end‑2023 and end‑2022, are detailed below:
Operational objectives
End of 2022
End of 2023
33% of food sales
36% of food sales
Carrefour‑brand products
Convenience store openings
Atacadão store openings
Reduction in energy consumption
-
-
-14%
(1)
-10%
+653
+92
-21%
(1)
2026 objective
40% of food sales
+2,400 vs. 2022
>+200 vs. 2022
-27.5% in 2026 vs. 2019
(at Group level)
-22%
-20% in 2024 vs. 2019 (France)
ESG objectives
End of 2022
End of 2023
2026 objective
Sales of certified sustainable products
€5.1bn
(2)
€5.3bn
(2)
Top 100 suppliers to adopt a 1.5°C
trajectory
Employees with disabilities
Financial objectives
E‑commerce GMV
Cost savings
Net free cash flow
(3)
Capital expenditure
Cash dividend growth
27%
11,281
44%
13,358
End of 2022
End of 2023
€4.2bn
€1,010m
€1,262m
€1,861m
€5.3bn
€1,060m
€1,622m
€1,850m
€0.56 (+8%)
€0.87 (+55%)
€8bn
100%
15,000
2026 objective
€10bn
€4bn (cumul. 2023‑2026)
>€1.7bn
€2.0bn/year
>+5%/year
(1)
(2)
(3)
These figures exclude Brazil. The 2019 baseline is currently being recalculated for the recently acquired Grupo BIG scope, so as to include Brazil
in this indicator in 2024. In 2023, energy consumption per sq.m. of sales area was 459.5 kWh for the Group (including Brazil).
Sales of national brand products with “sustainable fishing” and “sustainable forest” labels are not currently taken into account and will be added to
the calculations in 2024.
Net free cash flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash‑out for exceptional expenses.
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Other information
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;
International Tax Reform – Pillar Two Model Rules.
The application of IFRS 17 – Insurance Contracts had no impact
on
the Group’s consolidated financial statements. The
application of the amendments had no material impact on the
Group’s consolidated financial statements either.
5.4 Other information
5.4.1
ACCOUNTING PRINCIPLES
The accounting policies used to prepare the consolidated
financial statements for the year ended December 31, 2023 are
the same as those used for the 2022 consolidated financial
statements, except for the following standard and amendments
whose application is mandatory as of January 1, 2023:
■
■
■
■
■
IFRS 17 – Insurance Contracts;
Amendments
Application of IFRS 17 and IFRS 9 – Comparative Information;
Insurance Contracts:
IFRS 17 –
to
Initial
Amendments to IAS 1 – Presentation of Financial Statements
and IFRS Practice Statement 2: Disclosure of Accounting
Policies;
ADOPTED BY THE EUROPEAN UNION BUT NOT YET APPLICABLE
Standards, amendments and interpretations
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
NOT YET ADOPTED BY THE EUROPEAN UNION
Standards, amendments and interpretations
Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 – Financial instruments: Disclosures: Supplier
Finance Arrangements
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
(1)
Subject to adoption by the European Union.
Effective date
January 1, 2024
January 1, 2024
Effective date
(1)
January 1, 2024
January 1, 2025
Carrefour does not expect the application of the above amendments to have a material impact on its consolidated financial statements.
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Other information
5.4.2
SIGNIFICANT EVENTS OF THE YEAR
5.4.2.1
Main acquisitions and disposals
in 2023
5.4.2.1.1
Acquisitions in 2023
Main acquisitions completed in 2023
CORA BANNER (ROMANIA) – BUSINESS COMBINATION
In April 2023, Carrefour entered into an agreement with the Louis
Delhaize group to acquire its activities in Romania, including ten
Cora hypermarkets and nine Cora Urban stores, with almost
2,400 employees. This transaction will consolidate Carrefour’s
presence in Romania, with hypermarkets in prime locations that
will be converted to the Carrefour formats and banner.
After receiving clearance from the local competition authority,
the acquisition was completed on October 31, 2023
for
non‑material price.
In accordance with IFRS 3 – Business Combinations, following
the Group’s preliminary measurement of the assets acquired and
liabilities assumed at the acquisition date, provisional goodwill in
the
the amount of 3 million euros was
at
consolidated
December 31, 2023
in
Romania.
financial
in respect of the Cora acquisition
in
position
recognised
statement
of
Main acquisitions in progress at December 31, 2023
CORA AND MATCH BANNERS (FRANCE)
115 supermarkets
On July 12, 2023, Carrefour announced that it had entered into
an agreement with the Louis Delhaize group to acquire the Cora
and Match banners in France, which operate 60 hypermarkets
and
some
respectively,
24,000 people. This acquisition will enable the Group to reaffirm
its leadership in food retail in France, with the acquired stores
offering a very strong geographical fit with Carrefour, particularly
in the east and north of the country.
employ
and
The transaction values the acquired assets on the basis of an
enterprise value of 1.05 billion euros and will be paid entirely in
cash. Subject to certain customary conditions, particularly
approval by the French competition authority, the transaction is
expected to close in the summer of 2024.
STORES OPERATING UNDER THE SUPERCOR BANNER
(SPAIN)
On September 20, 2023, Carrefour Spain reached an agreement
with El Corte Inglés to acquire 47 supermarkets and convenience
stores under
the Supercor banner, employing around
850 people.
This transaction values the acquired assets on the basis of an
enterprise value of 60 million euros and is expected to be
completed by June 30, 2024.
Follow‑up to the acquisition of Grupo BIG (Brazil)
in 2022 – reduction in purchase price and final
opening balance sheet
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 owned stores.
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 which took effect before June 30, 2023).
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 was 7,465 million Brazilian reals (1,471 million euros at
the exchange rate as of the transaction date), which broke 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
(approximately
Brazilian
430 million euros) at June 6, 2022.
2,173 million
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 was paid in 2022, as the price
of the Carrefour Brazil share was 15.10 Brazilian reals at
December 6, 2022.
Developments in 2023
(Advent
Discussions between the sellers
International and
Walmart) and the buyer (Carrefour Brazil) under the terms of the
Grupo BIG acquisition contract led the parties to agree on a firm
price reduction of 900 million Brazilian reals (paid in two
instalments of 350 and 550 million Brazilian reals respectively)
and a potential further reduction of up to 100 million Brazilian
reals.
This agreement was signed on March 31, 2023 with the following
two conditions precedent:
■
■
immediate payment of the first tranche of 350 million Brazilian
reals (317 million Brazilian reals after minor adjustments);
provision by the sellers of a first demand guarantee from a
leading bank.
The agreement was finalised on April 11, 2023 following the
satisfaction of both conditions precedent.
to
In addition
reals paid on
the 350 million Brazilian
April 11, 2023, the agreement mainly provides for the following
price reductions:
■
a second tranche of 550 million reals was to be paid 60 days
after the publication of Carrefour Brazil’s 2023 annual
consolidated financial statements. The 550 million reals, which
bear interest at SELIC rates calculated as from April 11, 2023
were paid in full in August 2023;
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■
an additional variable receivable of up to 100 million Brazilian
reals, calculated using a metric agreed by the stakeholders.
This top‑up also bears interest at SELIC rates calculated as from
April 11, 2023.
The acquisition price for Grupo BIG is 6,687 million Brazilian reals
(or 1,318 million euros at the exchange rate on the transaction
date),
the
900 million Brazilian real price reduction at June 1, 2022.
discounting
present
value
after
to
Carrefour Brazil also increased the provisions set aside for labour
and tax risks (net of associated deferred tax) by a non‑material
amount of 33 million Brazilian reals.
In accordance with IFRS 3 – Business Combinations, the price
reduction and other adjustments occurring within 12 months of
the acquisition’s closing are recognised retrospectively
in
Grupo BIG’s opening balance sheet with an offsetting adjustment
to goodwill (see Note 4 to the consolidated financial statements
for more details on the restatement of the consolidated
statement of financial position at December 31, 2022).
Grupo BIG’s final opening balance sheet at June 1, 2022, as
included in the Group’s consolidated financial statements as
from June 30, 2023, is presented in Note 2.1.1.3 to the 2023
consolidated financial statements.
5.4.2.1.2
Partnerships in 2023
CREATION OF THE ENTITY UNLIMITAIL IN PARTNERSHIP
WITH PUBLICIS GROUPE
On November 8, 2022, the Carrefour group and Publicis Groupe
announced their intention to create a
joint entity in the
fast‑growing retail media market in continental Europe and
Latin America. On June 15, 2023, this intention became a reality
with the announcement of the launch of Unlimitail (51% owned
by Carrefour and 49% by Publicis). The company has been fully
consolidated in the Carrefour group’s financial statements since
that date.
Unlimitail will partner with retailers and brands, bringing retail
expertise and connectivity to these regions. Unlimitail combines
one of Publicis’ most advanced technologies, “CitrusAd powered
by Epsilon”, with Carrefour Links’ in‑depth knowledge of retail
media.
CREATION OF THE ENTITY VILLES ET COMMERCES IN
FRANCE IN PARTNERSHIP WITH NEXITY
One of the objectives of the Carrefour 2026 strategic plan is to
enhance the Group’s real estate assets in France through the
development of mixed‑use real estate projects. To that end, on
July 6, 2023, the Group announced that it has joined forces with
Nexity to develop 76 sites covering all Carrefour Retail formats
(hypermarkets, supermarkets and convenience stores). This
long‑term partnership will enable Carrefour and Nexity to
develop mixed‑use programmes with high environmental
performance for housing, serviced residences, retail outlets,
offices and hotels.
On November 30, 2023, the Villes et Commerces property
venture (80% owned by Carrefour and 20% by Nexity) was
created to hold the land following an initial contribution of
69 sites by Carrefour and 39 million euros in cash by Nexity. As
this was a transaction with a minority shareholder, its impact was
recognised in consolidated shareholders’ equity in an amount of
18 million euros net of transaction costs.
The remaining seven sites will be contributed to the venture in
2024.
BUSINESS REVIEW AS OF DECEMBER 31, 2023
Other information
5.4.2.1.3
Disposals effective in 2023
SALE OF CARREFOUR TAIWAN
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%). As the
applicable conditions precedent were met, particularly clearance
from the local competition authority obtained in May 2023, this
agreement resulted in loss of control of the subsidiary on
June 30, 2023.
The preliminary sale price is 31.1 billion New Taiwan dollars,
representing 1.0 billion euros (after taking account of currency
hedging). The disposal gain, amounting to approximately
0.75 billion euros, was recognised within net
income from
discontinued operations. This
is because Carrefour Taiwan
represents a separate major geographic area of operations and
has therefore been treated as a discontinued operation in
accordance with IFRS 5 – Non‑current Assets Held for Sale and
Discontinued Operations since the date
its disposal was
announced.
As a reminder, on March 14, 2022, a fire broke out in a logistics
centre leased by Carrefour in the Yang Mei district of Taiwan. A
claim was submitted to the Group’s insurance companies in this
respect. Losses incurred as a result of destroyed 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 for 2022 and first‑half
2023. In June 2023, further to their final conclusions, the Group’s
insurance companies paid the balance of the compensation
recognised for the damage incurred, after deducting the two
instalments already paid last year. The related impacts are
recorded in net income from discontinued operations for the
periods concerned.
DISPOSAL OF THE ENTITY QUITOQUE (FRANCE)
Quitoque, a specialist in home‑delivered meal kits acquired by
Carrefour Omnicanal in 2018, was sold to Terence Capital on
October 31, 2023. The disposal loss net of transaction costs
amounted
in
non‑recurring items for 2023.
to 13 million euros and was
recognised
5.4.2.1.4
Closure of unprofitable former Grupo
BIG stores (Brazil)
CLOSURE OF THE TODO DIA BANNER
In December 2023, the Group decided to close the 94 soft
discount stores operated under the Todo Dia banner (acquired in
2022 at the time of the Grupo BIG acquisition) due to
unprofitability. The assets of the directly‑owned stores (around
50% of the total) are in the process of being sold to various
buyers outside of the food retail sector.
CLOSURE OF HYPERMARKETS AND SUPERMARKETS
OPERATING UNDER THE BOMPREÇO AND NACIONAL
BANNERS
the Group also decided
In December 2023,
to close
16 hypermarkets (acquired in 2022 at the time of the Grupo BIG
acquisition and since converted to Carrefour stores) and
13 supermarkets (acquired in 2022 at the time of the Grupo BIG
acquisition and operated under the Bompreço and Nacional
banners) due to unprofitability. The assets of the directly‑owned
stores (around a third of the total) are in the process of being
sold to various buyers.
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CLASSIFICATION AS ASSETS HELD FOR SALE
IFRS 5,
the assets of 122 of
In accordance with
the
123 above‑mentioned stores were classified within assets held for
sale and related liabilities at December 31, 2023, and measured at
the lower of their net carrying amount and fair value less costs to
sell. An impairment loss of around 540 million Brazilian reals
(around 100 million euros) was recognised in non‑recurring items
in 2023 to bring the value of the assets into line with their
estimated market prices.
In accordance with Group accounting policies, other costs
associated with these closures have also been recognised in
non‑recurring items for approximately 310 million Brazilian reals
(approximately 60 million euros).
5.4.2.1.5
Sale and leaseback transactions
in 2023
SALE AND LEASEBACK TRANSACTION (BRAZIL)
On May 12, 2023, Carrefour Brazil announced that it had entered
into exclusive negotiations with Barzel, a real estate investment
and asset management company, with a view to the sale and
leaseback of five stores and four warehouses, for a total of
i.e., approximately
approximately 1.2 billion Brazilian
220 million euros.
reals
CADE,
transaction on June 12, 2023.
the Brazilian competition authority, approved
the
With negotiations on the agreements finalised and the other
conditions precedent satisfied, these assets have been leased to
Carrefour since June 30, 2023
(date of the transaction’s
completion and the signing of the leases for fixed 20‑year terms,
with a five‑year renewal option). This transaction led to the
recognition of around 10 million euros in non‑recurring income.
SALE AND LEASEBACK TRANSACTION (SPAIN)
On December 1, 2023, the premises of six Spanish hypermarkets
were sold to the property company Realty Income, with disposal
proceeds net of transaction costs representing 114 million euros.
With negotiations on the agreements finalised and the other
conditions precedent satisfied, these assets have been leased to
Carrefour since December 1, 2023 (date of the transaction’s
completion and the signing of the leases for fixed ten‑year terms,
with three five‑year renewal options). This transaction led to the
recognition of non‑recurring income in an amount that was
close to zero.
As a reminder, the premises of 16 other Spanish hypermarkets
had previously been sold and subsequently leased back to the
same buyer (Realty Income) as from 2020 as part of sale and
leaseback arrangements.
5.4.2.2
Simplification of the organisation as
part of the transformation plan
On November 8, 2022, the Group presented its new strategic
plan, Carrefour 2026, to accelerate its transformation, following
on from its previous strategic plan. The plan draws on the
Group’s raison d’être, its commitment to the food transition for
all, and its digital‑driven omni‑channel model.
The Carrefour 2026 plan has two pillars:
commitment to making the best accessible to all our
customers;
building a cutting‑edge Group.
■
■
The second pillar
structure
leveraging digitalisation.
in order to optimise our
involves transforming our organisational
internal operations by
In early June 2023, Carrefour France initiated a dialogue process
with its employee representatives concerning a transformation
project for its various French headquarters, with the aim of
safeguarding competitiveness over the long term, boosting
performance and agility and simplifying the organisation, all of
which will benefit our stores. The proposed new organisational
structure was presented to the employee representatives on
June 26, 2023. At that time, Carrefour confirmed that the
collective contractual termination agreement plan (Rupture
Conventionnelle Collective) currently under discussion with the
involve a maximum of
employee
979 departures, on a strictly voluntary basis. Following four
negotiation sessions, the Rupture Conventionnelle Collective was
signed on July 12, 2023 by the trade unions representing a large
majority of the employees concerned.
representatives will
The amount of the related provision recognised
in the
consolidated financial statements for the six‑month period ended
June 30, 2023 was calculated based on various assumptions and
represented the best estimate of the costs that the Group
expected to incur in relation to the plan (see Note 5.1.2). This
transformation plan was rolled out in the second half of 2023.
The related provision still to be recognised at December 31, 2023
will cover costs that will mostly be disbursed in 2024.
5.4.2.3
Securing the Group’s long‑term
financing
In 2023, the Group carried out two new Sustainability‑Linked
Bond issues, indexed to two greenhouse gas emission targets:
■
■
a 500 million euro issue on May 2, 2023, maturing in seven and
a half years (due in October 2030) and paying a coupon of
3.75%;
a 750 million euro issue on November 7, 2023, maturing in
eight years (due in November 2031) and paying a coupon of
4.375%.
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.
In addition, on June 12, 2023, the Group redeemed 500 million
euros’ worth of 0.88% five‑year bonds. On June 14, 2023, the
Group subsequently redeemed 500 million US dollars’ worth of
convertible, non‑dilutive 0% six‑year bonds.
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 3.8 years at end‑December 2023, compared
with 3.6 years at end‑December 2022.
FINANCING OF THE BRAZILIAN SUBSIDIARY ATACADÃO
Following on from the 2021 and 2022 transactions, Carrefour’s
Brazilian subsidiary Atacadão has set up financing arrangements
in 2023 enabling it to secure its medium- and long‑term needs.
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a. Bonds and notes
On April 27, 2023, Atacadão redeemed debenture‑type debt
representing 500 million Brazilian reals (approximately 93 million
euros at the December 31, 2023 exchange rate) maturing in
five years and paying a coupon of 105.75% of the CDI (Certificado
de Depósito Interbancário) rate.
Conversely, on June 2, 2023, the Brazilian subsidiary issued
simple unsecured, non‑convertible debentures (Certificado de
Recebíveis do Agronegócio – CRA) for an amount of 930 million
Brazilian
the
(approximately
December 31, 2023 exchange rate) in three series:
174 million euros at
reals
BUSINESS REVIEW AS OF DECEMBER 31, 2023
Other information
The remaining 4 billion Brazilian reals were drawn down in
July 2023 to refinance the first RCF, which fell due and was
repaid.
These intra‑group RCF loans, totalling 8.2 billion Brazilian reals at
December 31, 2023, are qualified as net investments in foreign
operations and are therefore remeasured at fair value through
equity. They are hedged in an amount of 4.1 billion Brazilian reals
by derivatives classified as net investment hedges.
At December 31, 2023, the Group was rated BBB with a stable
outlook by Standard & Poor’s and Baa1 with a stable outlook by
Moody’s.
an initial series for 330 million Brazilian reals, with a coupon of
CDI +0.95% and a maturity of three years;
5.4.2.4
Payment of the 2022 dividend
in cash
■
■
a second series for 468 million Brazilian reals, representing a
coupon of 111.20% of the CDI after hedging and a maturity of
four years;
■
a third series for 132 million Brazilian reals, with a coupon of
CDI +1.00% and a maturity of five years.
b. Bank loans covered by Brazil’s law 4131/1962
US dollar bank financing
facilities were finalised on
immediately swapped for a total of
January 10, 2023 and
2,293 million Brazilian reals. On December 20, 2023, Atacadão
repaid the financing falling due and, the same day, renewed
these euro and US dollar bank facilities, which were immediately
swapped for a total of 2,323 million Brazilian reals (approximately
434 million euros at the December 31, 2023 exchange rate), with
maturities ranging from 12 to 24 months.
On April 14, 2023, new euro- and US‑dollar bank financing
facilities with a two‑year maturity were put in place, immediately
swapped for a total of 744 million Brazilian reals, which enabled a
bank loan maturing on the same date to be repaid. The repaid
loan amounted to 750 million Brazilian reals.
Two bank loans matured in May 2023: one of 793 million Brazilian
reals on May 5 and one of 568 million Brazilian reals on May 8
the December 31, 2023
(approximately 254 million euros at
exchange rate). In June 2023, two other bank loans were repaid,
one on June 5 for an amount of 1,014 million Brazilian reals and
one on June 7 for an amount of 568 million Brazilian reals
(approximately 296 million euros at
the December 31, 2023
exchange rate). On September 20, 2023, two other bank financing
facilities were repaid in an amount of 527 million Brazilian reals
(approximately 99 million euros at
the December 31, 2023
exchange rate).
c. Inter‑company financing
As a reminder, in 2022, two inter‑company financing lines were
set up between the companies Carrefour Finance and Atacadão:
■
the first revolving credit facility (RCF) for an amount of 4 billion
Brazilian reals bearing annual interest at 12% falls due in
July 2023;
■
the second RCF for 1.9 billion Brazilian reals, bearing annual
interest at 14.25%, has a maturity of three years.
In 2023, another inter‑company financing line was set up
between the companies Carrefour Finance and Atacadão:
■
the third RCF for 6.3 billion Brazilian reals (approximately
1.2 billion euros at the December 31, 2023 exchange rate),
bearing annual interest at 14.95%, has a three‑year maturity and
was drawn for 2.3 billion Brazilian reals in the first half of 2023.
At the Shareholders’ Meeting held on May 26, 2023, the
shareholders decided to set the 2022 dividend at 0.56 euros per
share to be paid entirely in cash.
On June 8, 2023, the dividend was paid out in an amount of
405 million euros.
5.4.2.5
Share buyback program
As part of
its share capital allocation policy, the Group
commissioned investment services providers to buy back shares
corresponding to a maximum amount of 800 million euros for
the Shareholders’ Meetings of
2023, as authorised by
June 3, 2022, and May 26, 2023. The objective of the share
buybacks is to allow the Group to hold the shares with a view to
cancelling them subsequently.
The first share buyback mandate began on February 27, 2023 and
ended on March 31, 2023, with 11,099,084 shares acquired at an
average price of 18.02 euros per share for a total amount of
200 million euros.
The second share buyback mandate began on May 2, 2023 and
ended on July 21, 2023, with 11,687,580 shares acquired at an
average price of 17.11 euros per share for a total amount of
200 million euros.
On July 26, 2023, the Board of Directors, pursuant to the
authorisation granted by the Extraordinary Shareholders’ Meeting
of May 26, 2023, decided to decrease the share capital of
Carrefour SA by cancelling 26,887,362 treasury shares (including
the last shares not yet cancelled, i.e., 4,685,375 shares acquired
under
representing
approximately 3.6% of the share capital. These shares were
cancelled on July 28, 2023.
the 2022 share buyback programme),
The third share buyback mandate began on August 1, 2023 and
ended on September 12, 2023, with 11,370,337 shares acquired at
an average price of 17.59 euros per share for a total amount of
200 million euros.
The fourth share buyback mandate began on October 2, 2023
and ended on November 30, 2023, with 12,040,843 shares
acquired at an average price of 16.61 euros per share for a total
amount of 200 million euros.
On October 25, 2023, the Board of Directors, pursuant to the
authorisation granted by the Extraordinary Shareholders’ Meeting
of May 26, 2023, decided to decrease the share capital of
Carrefour SA by way of cancellation of 11,193,018 treasury shares
representing approximately 1.6% of the share capital. These
shares were cancelled on that day.
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Other information
At December 31, 2023, Carrefour SA had 708,790,816 shares
outstanding and, consequently, 17,609,525 treasury shares,
representing 2.5% of the share capital.
option chosen and/or their country of residence. Shareholders
must hold directly‑subscribed shares or FCPE units until
May 31, 2028 (inclusive), unless an early release event occurs.
5.4.2.6
Employee share ownership plan
On March 1, 2023, the Group launched Carrefour Invest, an
international employee share ownership plan. Two options were
offered: Carrefour Classic and Carrefour Secure. The reservation
period ran from March 1 to March 20, 2023 and the subscription/
revocation period from May 5 to May 9, 2023, with the shares
delivered on May 31, 2023. As part of the offer, beneficiaries
subscribed to Carrefour shares either directly or through a
the
Company mutual
depending
(FCPE),
fund
on
The offer entitled employees to a 15% discount on the share
price and an employer contribution. The reference price
communicated on May 3, 2023 was 18.67 euros (average of the
closing prices over the previous 20 days). After application of the
15% discount, the subscription price of the shares for both
options stood at 15.87 euros per share.
The operation resulted in a Carrefour SA capital increase of
75 million euros
(4,713,735 new ordinary shares) and the
recognition of an operating expense of approximately 30 million
euros in respect of the discount and the employer contribution.
5.4.3 RESTATEMENT OF THE CONSOLIDATED STATEMENT OF FINANCIAL
POSITION AT DECEMBER 31, 2022 TO REFLECT THE REDUCTION
IN THE ACQUISITION PRICE OF GRUPO BIG IN BRAZIL
On March 31, 2023, an agreement was signed with the sellers of
Grupo BIG, leading to a firm reduction in its price for a minimum
of 900 million Brazilian reals (see Note 5.4.2.1.1 for further
details). In accordance with IFRS 3 – Business Combinations, the
price reduction occurring within 12 months of the acquisition’s
closing is recognised retrospectively in Grupo BIG’s opening
balance sheet with an offsetting adjustment to goodwill.
The consolidated statement of financial position at December 31,
2022 has therefore been restated for this price reduction (on the
line “Other non‑current financial assets” for its long‑term portion
and on the line “Other current financial assets” for its short‑term
portion), as well as for other minor adjustments.
The impacts of this restatement are presented in Note 4 to the
consolidated financial statements.
5.4.4 CLIMATE CHANGE
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 to the consolidated
financial statements) and performing goodwill impairment tests
(see Note 7.3 to the consolidated financial statements).
In line with the goals set in 2015 by the Paris climate agreement
adopted by the 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.
2
Carrefour has committed to reducing its CO emissions for
Scopes 1 and 2 by 30% by 2025, 50% by 2030 and 70% by 2040
(compared to 2019). These targets for integrated stores (Scopes 1
and 2) are aligned with a greenhouse gas (GHG) emissions
reduction trajectory consistent with a “below 1.5°C” scenario. It
should be noted that taking into account direct and indirect GHG
emissions across Scopes 1, 2 and 3 combined, the Group’s
targets are aligned with a trajectory consistent with a “well below
2°C” scenario and have been validated by the Science Based
Targets initiative.
To do this, the Group aims to reduce the CO emissions
produced by its operations at source as much as possible,
through three initiatives:
2
■
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:
■
■
■
The Group is therefore stepping up the process to equip its
stores with photovoltaic systems (94 in Spain, 14 in France,
13 in Poland, nine in Brazil, six in Belgium and one in Italy at
December 31, 2023).
In 2023, the Group signed four physical power purchase
agreements (covering wind and solar farms) in France, which
will produce around 100 GWh per year
from 2024,
equivalent to the power consumed by 29 hypermarkets. The
Group will continue to accelerate the roll‑out of these green
energy contracts across all its geographies.
In addition, as part of the objective under the Carrefour
2026 strategic plan to produce almost one TWh of electricity
per year from 2027 onwards in France, Spain and Brazil,
Carrefour has selected a number of partners to produce
solar power at more than 500 sites in France and has also
begun the selection process to find operators in Spain. The
first half of 2024 will be dedicated to finalising contractual
frameworks for these partnerships.
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■
A reduction in emissions from refrigerant use. Carrefour is
committed to phasing out HFC refrigeration units and phasing
in systems using natural refrigerants (CO ), 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: by the end of 2023, implementation
was in line with the targets set for 2030 in Europe.
2
■
A 27.5% reduction in energy consumption by 2030 (2019
baseline). The investments made (in the form of operating and
capital expenditure) will enable Carrefour to reduce energy
consumption across the Group by 20% by 2026. Carrefour in
France achieved its target of a 20% reduction by 2023. The
Group
improve energy efficiency through
six priority action and technology recommendations for its
stores: renovation of commercial cooling systems, doors for
refrigeration units, use of electronic speed controllers, use of
divisional meters, low consumption LED lighting and technical
building management (focused on air conditioning, ventilation
and heating).
is seeking to
5.4.5 MAIN RELATED‑PARTY TRANSACTIONS
The main related‑party transactions are disclosed in Note 9.3 to the consolidated financial statements.
5.4.6
SUBSEQUENT EVENTS
On January 8, 2024, the Brazilian subsidiary Atacadão issued
debentures
reals
(approximately 280 million euros at the December 31, 2023
exchange rate) in two tranches:
for an amount of 1.5 billion Brazilian
■
■
an initial tranche for 650 million Brazilian reals, with a coupon
of CDI +1.2% and a maturity of two years;
a second tranche for 850 million Brazilian reals, with a coupon
of CDI +1.35% and a maturity of three years;
On February 5, 2024, the Brazilian subsidiary Atacadão issued
simple, unsecured non‑convertible debentures (Certificado de
Recebíveis do Agronegócio – CRA) for an amount of 1 billion
the
(approximately
Brazilian
December 31, 2023 exchange rate) in five tranches:
187 million euros at
reals
■
■
■
an initial tranche for 146 million Brazilian reals, with a coupon
of CDI +0.85% and a maturity of three years;
a second tranche for 61 million Brazilian reals, with a coupon
of CDI +0.95% and a maturity of five years;
a third tranche for 341 million Brazilian reals, with a coupon of
between 109.95% and 110.07% of the CDI (after hedging) and a
maturity of three years;
5.4.7 RISK FACTORS
■
■
a fourth tranche for 196 million Brazilian reals, with a coupon
of 110.10% of the CDI (after hedging) and a maturity of five
years;
a fifth tranche for 256 million Brazilian reals, with a coupon of
between 110.80% and 111.20% of the CDI (after hedging) and a
maturity of seven years.
On January 25, 2024, the Group announced that it had entered
into exclusive negotiations with the Intermarché group with a
view to acquiring 31 stores. These stores generated sales of
around 400 million euros in 2022. The amount of the acquisition
is not material.
Under the terms of this agreement, Carrefour will replace
Intermarché for the purchase of 25 stores from Casino (purchase
commitment signed on February 8, 2024), while the remaining
six stores will be acquired directly from Intermarché.
The Group has undertaken to maintain all employees working in
the stores along with their social benefits for a minimum period
of 15 months.
The transaction is subject to the usual conditions precedent,
notably the authorisation of the French competition authority.
The transaction is expected to be completed in April 2024 for the
stores acquired from Casino and in the second quarter of 2024
for the stores acquired from Intermarché.
The risk factors are the same as those set out in Chapter 4 Risk Management of the 2023 Universal Registration Document.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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1
2
3
4
5
6
7
8
9
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
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 income before depreciation and
amortisation (EBITDA)
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,
items. This
depreciation, amortisation and non‑recurring
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.
312
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
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 2023, operating income amounted to 191 million euros, up
36 million euros compared with 2022 and essentially comprised
costs rebilled to other Group entities. The operating loss
recorded in 2023 came to 81 million euros, versus 89 million
euros in 2022.
Net financial income of 1,314 million euros was reported in 2023,
improved from a net financial expense of 93 million euros
recognised in 2022.
The 1,407 million euro improvement 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 in 2022,
compared to net reversals of 64 million euros in 2023 and (ii) the
21 million euro increase in dividends received from subsidiaries
during the year. Dividends totalled 1,346 million euros in 2023
compared iwth 1,325 million euros in 2022.
Net non‑recurring income for 2023 represented 4 million euros,
compared with 26 million euros in 2022.
Net income for the year amounted to 1,783 million euros,
including a tax benefit of 546 million euros.
Other transactions
Capital increase following the employee share
ownership programme
On March 1, 2023, the Carrefour group launched Carrefour
Invest, an international employee share ownership plan. As part
of the offer, beneficiaries subscribed to Carrefour shares either
directly or through a Company mutual fund (FCPE), depending
on the option chosen and/or their country of residence.
The operation resulted in a Carrefour SA capital increase of 75
million euros (4,713,735 new ordinary shares), including 12 million
euros in capital and 63 million euros in premiums.
Share buyback programmes
As part of its share capital allocation policy, the Company
commissioned several investment services providers to buy back
shares corresponding to a maximum amount of 800 million
euros, as authorised by the Shareholders’ Meetings of June 3,
2022 and May 26, 2023.
(i)
The first tranche of the share buyback programme began on
February 27, 2023 and ended on March 31, 2023: with
11,099,084 shares acquired at an average price of
18.02 euros per share for a total amount of 200 million
euros.
(ii)
(iii)
(iv)
A second tranche of the share buyback programme began
on May 2, 2023 and ended on July 21, 2023: with 11,687,580
shares acquired at an average price of 17.11 euros per share
for a total amount of 200 million euros.
A third tranche of the share buyback programme began on
August 1, 2023 and ended on September 12, 2023: with
11,370,337 shares acquired at an average price of 17.59 euros
per share for a total amount of 200 million euros.
A fourth and final tranche of the share buyback programme
began on October 2, 2023 and ended on November 30,
2023: with 12,040,843 shares acquired at an average price of
16.61 euros per share for a total amount of 200 million
euros.
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:
(i)
(ii)
an initial capital reduction in July 2023 involving the
cancellation of 26,887,362 shares,
a second capital reduction in October 2023 involving the
cancellation of 11,193,018 shares.
Following cancellation of these shares, the share capital was
reduced by 95.2 million euros and premiums were reduced by
586.8 million
has
consequently,
708,790,816 shares
17,609,525 treasury shares, representing approximately 2.5% of
the share capital.
euros. Carrefour
outstanding
SA
and,
therefore
Financing transactions
In 2023, Carrefour SA carried out two Sustainability‑Linked Bond
issues:
(i)
(ii)
a 500 million euro issue on May 2, 2023, maturing in
seven and a half years (due in October 2030) and paying a
coupon of 3.75%;
a 750 million euro issue on November 7, 2023, maturing in
eight years (due in November 2031) and paying a coupon of
4.375%.
In addition, on June 12, 2023, Carrefour SA redeemed
500 million euros’ worth of 0.88% five‑year bonds. On June 14,
2023, Carrefour SA subsequently redeemed 500 million dollars’
worth of convertible, non‑dilutive 0% six‑year bonds.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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2
3
4
5
6
7
8
9
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
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.
Year ended
December 31,
2023
(in thousands of
euros)
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
Article D. 441 I‑1: Unpaid and overdue incoming invoices
at the reporting date
Article D. 441 I‑2: Unpaid and overdue outgoing invoices
at the reporting date
0 days
1‑30
days
31‑60
days
61‑90
days
91+ days
Total (1
day or
more)
0 days
1‑30
days
31‑60
days
61‑90
days
91+ days
Total (1 day
or more)
9
8
4
133,183 418,995
-20,585
1
5
49
(*)
62
24
4
78,839 477,254
(*)
46,373,584 -293,179
0
0
0
0
7
(*)
11
2,661,313
2,368,134
(*)
0%
0%
0%
0%
0%
0%
37%
0%
0%
0%
2%
2%
(B) INVOICES EXCLUDED FROM (A) RELATING TO DOUBTFUL OR UNRECOGNISED PAYABLES AND RECEIVABLES
Number of
invoices excluded
Total amount of
invoices excluded
none
0
none
0
(C) STANDARD PAYMENT DEADLINES USED (CONTRACTUAL OR LEGAL DEADLINES - ARTICLE L. 441‑6 OR ARTICLE L. 443‑1 OF THE FRENCH
COMMERCIAL CODE)
Payment
deadlines used
to calculate late
payments
The contractual deadlines applied fall
within a 20- to 60‑day period.
X Contractual deadlines et Legal deadlines.
The contractual deadlines applied fall
within a 20- to 60‑day period.
X Contractual deadlines et Legal deadlines.
(*) Mainly correspond to intragroup invoices.
314
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BUSINESS REVIEW AS OF DECEMBER 31, 2023
Parent company financial review
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 30 million euros.
5.6.3
INCOME APPROPRIATION
It is recommended that the Shareholders' Meeting allocate distributable income as follows:
(in millions of euros)
Net income for the year
Allocation to the legal reserve
Retained earnings at December 31, 2023
Income available for distribution
2023 dividends paid out of distributable profit
(1)
Balance of retained earnings after allocation
€1,782,775,148.32
-€
€2,543,249,909.41
€4,326,025,057.73
€601,327,723.17
€3,724,697,334.56
(1) Calculated based on shares eligible for dividends after deduction of treasury shares at December 31, 2023.
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 708,790,816 shares comprising the
share capital at December 31, 2023, 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 601,327,723.17 euros, which represents
a dividend of 0.87 euros per share eligible for dividends (after
deduction of 17,609,525 treasury shares at December 31, 2023)
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, 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 May 28, 2024
and will become payable on May 30, 2024.
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:
Financial year
Gross dividend paid
Dividends eligible for 40% tax relief Dividends not eligible for 40% tax relief
2019
2020
2021
2022
€0.23
€0.48
€0.52
€0.56
€0.23
€0.48
€0.52
€0.56
-
-
-
-
5.6.4 RESEARCH AND DEVELOPMENT
The Company does not implement any research and development policy.
1
2
3
4
5
6
7
8
9
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5
BUSINESS REVIEW AS OF DECEMBER 31, 2023
Parent company financial review
5.6.5 RECENT DEVELOPMENTS
See the Group's management report at December 31, 2023 for information on the 2024 outlook for the entire Company, its subsidiaries
and the Group's equity‑accounted associates and joint ventures.
5.6.6 COMPANY EARNINGS PERFORMANCE IN THE LAST FIVE FINANCIAL YEARS
(in millions of euros)
I - Capital at year‑end
Share capital
Issue and merger premiums
2023
2022
2021
2020
2019
1,772
15,493
1,855
16,017
1,940
16,587
2,044
17,183
2,018
17,082
Number of existing ordinary shares
708,790,816
742,157,461
775,895,892
817,623,840
807,265,504
II - Results of operations for the financial year
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, employee profit‑sharing and
depreciation, amortisation and provisions
Distributed income
III – Net income per share
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)
IV - Employees
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)
1,215
546
1,783
(1)
601
2.48
2.52
0.87
5
11
3
1,158
375
223
405
474
319
837
380
565
102
550
383
116
181
266
184
2.07
1.02
0.82
0.37
0.30
0.56
5
9
2
1.08
0.52
4
9
2
0.67
0.48
5
13
3
0.33
0.23
5
16
6
(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
316
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6
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2023
6.1 Consolidated income statement
318
6.5 Consolidated statement of changes
6.2 Consolidated statement
of comprehensive income
6.3 Consolidated statement
of financial position
6.4 Consolidated statement of cash flows
322
in shareholders’ equity
319
6.6 Notes to the consolidated financial
statements
320
6.7 Statutory Auditors’ report on the
consolidated financial statements
324
325
422
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Consolidated income statement
The consolidated statement of financial position at December 31,
2022 has been restated in accordance with IFRS 3 – Business
Combinations to reflect the changes affecting the opening
balance sheet of Grupo BIG in Brazil (see Notes 2.1.1.3 and 4).
Argentina is classified as a hyperinflationary economy within the
meaning of
in
Hyperinflationary Economies is therefore applicable to the
Financial Reporting
IAS 29 –
IFRS.
consolidated financial
the year ended
statements
December 31, 2023. Comparative data for 2022 have also been
adjusted for inflation.
for
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
Net sales net of loyalty program costs
Other revenue
Total revenue
Cost of sales
Gross margin from recurring operations
2023
2022
% change
Notes
6.1
83,270
81,385
(993)
(842)
82,276
80,543
6.1
2,632
2,546
84,908
83,089
6.2
(68,278)
(66,776)
16,630
16,313
2.3%
18.0%
2.2%
3.4%
2.2%
2.2%
1.9%
3.1%
Sales, general and administrative expenses, depreciation and amortisation
6.2
(14,367)
(13,936)
Recurring operating income
2,264
2,377
(4.7)%
Net income/(loss) from equity‑accounted companies
9
44
50
(12.6)%
Recurring operating income after net income from equity‑accounted
companies
2,308
2,427
(4.9)%
Non‑recurring income and expenses, net
Operating income
Finance costs and other financial income and expenses, net
Finance costs, net
Net interests related to leases
Other financial income and expenses, net
Income before taxes
Income tax expense
Net income/(loss) from continuing operations
Net income/(loss) from discontinued operations
NET INCOME/(LOSS) FOR THE YEAR
Group share
of which net income/(loss) from continuing operations – Group share
of which net income/(loss) from discontinued operations – Group share
Attributable to non‑controlling interests
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
6.3
14.6
10.1
2.1.3
(558)
1,749
(410)
(258)
(208)
56
1,339
(439)
900
742
1,642
1,659
930
729
(17)
(30)
13
36
(1654.8)%
2,463
(29.0)%
(490)
(336)
(167)
(16.3)%
(23.4)%
25.1%
13
331.8%
1,973
(408)
1,564
(32.1)%
7.6%
(42.5)%
1
53067.3%
1,566
1,348
1,368
(21)
218
196
4.9%
23.1%
(32.0)%
3614.4%
(108.0)%
(115.4)%
22
(42.5)%
318
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Consolidated statement of comprehensive income
Basic earnings per share (in euros)
Notes
2023
2022
% change
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
13.6
13.6
13.6
1.30
1.02
2.32
1.85
(29.4)%
(0.03)
3748.3%
1.82
27.8%
Diluted earnings per share (in euros)
Notes
2023
2022
% change
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
13.6
13.6
13.6
1.29
1.01
2.31
1.83
(29.4)%
(0.03)
3748.0%
1.80
27.8%
6.2 Consolidated statement of comprehensive
income
(in millions of euros)
Net income/(loss) – Group share
Net income – Attributable to non‑controlling interests
Net income/(loss) for the year
Effective portion of changes in the fair value of cash flow hedges
(1)
Changes in debt instruments 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
(2)
Exchange differences on translating foreign operations
(3)
Items that may be reclassified subsequently to profit or loss
Remeasurements of defined benefit plans obligation
(4)
Changes in the fair value of equity instruments through other
comprehensive income
Items that will not be reclassified subsequently to profit or loss
Other comprehensive income/(loss) after tax
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
2023
1,659
(17)
1,642
(93)
(29)
(6)
9
(119)
(29)
0
(28)
(147)
1,495
1,463
32
2022
1,348
218
1,566
115
(19)
(11)
380
464
131
0
131
595
2,161
1,815
346
(1)
(2)
(3)
(4)
The currency swap eligible for cash flow hedge accounting, set up by the Group in 2022 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, was settled when Carrefour Taiwan was sold,
generating an expense of 46 million euros net of tax (see Note 2.1.3). To a lesser extent, this item also includes swaps in Spain and France taken
out to hedge the risk of unfavourable changes in energy prices for electricity and biomethane, respectively (see Note 14.7.6).
In 2023 and 2022, Carrefour Finance granted two intra‑group revolving credit facilities (RCF) to the Brazilian subsidiary Atacadão for 2.3 billion
Brazilian reals and 5.9 billion Brazilian reals respectively. These facilities were treated as part of the net investment in that operation. The
derivatives contracted to hedge part of the facilities were classified as a net investment hedge (see Note 2.3).
Exchange differences recognised on translating foreign operations in 2023 result from contrasting movements, namely, exchange losses arising
on the major decrease in the value of the Argentine peso and on the reversal of positive translation adjustments recognised by Carrefour Taiwan
at the time of its sale, representing 52 million euros. These exchange losses were offset by the increase in the value of the Brazilian real and the
Polish zloty.
Exchange differences in 2022 mainly reflected the significant increase in the value of the Brazilian real.
Remeasurement of the net defined benefit liability recognised in 2023 reflects the decline in discount rates applied for the eurozone, from 3.80%
at end‑December 2022 to 3.20% at end‑December 2023 (see Note 12.1). In 2022, these discount rates had increased sharply, from 0.80% at
end‑December 2021 to 3.80% at end‑December 2022.
1
2
3
4
5
6
7
8
9
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 due in more than one year
Deferred tax assets
Other non‑current assets
Non‑current assets
Inventories
Trade receivables
Consumer credit granted by the financial services companies –
portion due in less than one year
Other current financial assets
Tax receivables
Other current assets
Cash and cash equivalents
Assets held for sale
Current assets
TOTAL ASSETS
Notes
December 31, 2023
December 31, 2022
IFRS 3 restated
7.1
7.1
7.2
7.4
8.1
9.1
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
8,712
1,552
12,360
262
4,464
1,142
1,229
1,911
395
697
32,723
6,544
3,269
4,644
685
824
1,008
6,290
184
23,448
56,171
8,644
1,499
12,612
279
4,190
1,197
1,251
1,867
475
609
32,622
6,893
3,330
4,111
771
948
1,025
5,216
1,641
23,935
56,558
320
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Consolidated statement of financial position
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 due in more than one year
Lease commitments – portion due in more than one year
Provisions
Consumer credit financing – portion due in more than one year
Deferred tax liabilities
Tax payables – portion due in more than one year
Non‑current liabilities
Borrowings – portion due in less than one year
Lease commitments – portion due in less than one year
Suppliers and other creditors
Consumer credit financing – portion due in less than one year
Tax payables – portion due in less than one year
Other current payables
Liabilities related to assets held for sale
Current liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
Notes
December 31,2023
December 31, 2022
IFRS 3 restated
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
1,772
9,767
11,539
1,848
13,387
7,264
3,894
4,012
1,931
300
57
17,458
2,224
1,007
14,242
3,771
1,222
2,860
−
25,326
56,171
1,855
9,289
11,144
2,042
13,186
6,912
3,574
3,979
1,550
365
85
16,464
2,646
955
14,393
3,592
1,182
2,943
1,196
26,907
56,558
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Consolidated statement of cash flows
6.4 Consolidated statement of cash flows
(in millions of euros)
Income before taxes
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 leases
Share of profit and dividends received from equity‑accounted companies
Impact of discontinued operations
(1)
Cash flow from operations
Change in working capital requirement
(2)
Impact of discontinued operations
(1)
Net cash (used in)/from operating activities (excluding financial services companies)
Change in consumer credit granted by the financial services companies
Net cash (used in)/from operating activities – total
INVESTING ACTIVITIES
2023
1,339
(343)
2,295
55
93
258
208
38
89
4,032
775
(54)
4,754
(104)
4,650
2022
1,973
(449)
2,236
(165)
(371)
336
167
26
215
3,968
108
8
4,085
135
4,219
Acquisitions of property and equipment and intangible assets
(3)
(1,850)
(1,882)
Acquisitions of non‑current financial assets
Acquisitions of subsidiaries and investments in associates
(4)
Proceeds from the disposal of subsidiaries and investments in associates
(5)
Proceeds from the disposal of property and equipment and intangible assets
(6)
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)
Investments net of disposals – subtotal
Other cash flows from investing activities
Impact of discontinued operations
(1)
Net cash (used in)/from investing activities – total
(21)
(6)
1,067
474
10
(124)
(450)
(64)
(225)
(739)
(45)
(914)
94
380
6
55
(2,306)
207
(34)
(2,134)
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Consolidated statement of cash flows
(in millions of euros)
FINANCING ACTIVITIES
Carrefour SA capital increase/(decrease)
(7)(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 interests paid related to leases
(11)
Impact of discontinued operations
(1)
Net cash (used in)/from financing activities – total
Net change in cash and cash equivalents before the effect of changes in exchange rates
Effect of changes in exchange rates
(12)
NET CHANGE IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
of which cash and cash equivalents at end of year from continuing operations
of which cash and cash equivalents at end of year from discontinued operations
2023
2022
(609)
47
(405)
(76)
(118)
69
1,425
(1,053)
(184)
(563)
(1,000)
(209)
(45)
(2,719)
1,192
(353)
838
5,451
6,290
6,290
−
(657)
3
(380)
(101)
(96)
(7)
2,633
(1,081)
(194)
774
(925)
(164)
(132)
(326)
1,759
(11)
1,748
3,703
5,451
5,216
235
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
This caption reflects the classification of cash flows relating to discontinued operations in accordance with IFRS 5. The reclassified cash flows
correspond almost exclusively to the disposal of Carrefour Taiwan, effective June 30, 2023 (see Note 2.1.3).
The change in working capital requirement is set out in Note 6.4.
Acquisitions include operational investments in growth formats, in particular those relating to the Grupo BIG store conversions and the Group’s
digitalisation.
In 2022, this line mainly corresponded to the cash payment in respect of the acquisition of the entire share capital of Grupo BIG in Brazil
(excluding the downpayment in March 2021) for 866 million euros (4,392 million Brazilian reals).
This item corresponds to the disposal of Carrefour Taiwan for a preliminary amount of 1.0 billion euros (see Note 2.1.3). In 2022, this item
corresponded mainly 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.
This line mainly corresponds to the sale and leaseback of five stores and four warehouses in Brazil and six hypermarkets in Spain (see Note 2.1.5)
and the sale of store premises and businesses to franchisees in France. In 2022, this line corresponded mainly to the sale and leaseback of
nine hypermarkets and five supermarkets in Spain and the sale of store premises and businesses to franchisees in France and Italy.
In 2023, Carrefour SA’s capital was increased by 75 million euros following the implementation of the “Carrefour Invest” plan (see Note 2.6).
These lines correspond to the 800 million euro share buyback programme (see Note 2.5) implemented in 2023 in four 200 million euro buyback
mandates. Following decisions by the Board of Directors, 682 million euros worth of shares (including associated costs) were cancelled on
July 28, 2023 and October 25, 2023 (including the 95 million euros worth of shares acquired under the 2022 share buyback programme and not
yet cancelled). The shares covered by the 2023 programme, which were still held in treasury at December 31, 2023, are presented within “Change
in treasury stock and other equity instruments”.
In 2022, this item corresponded to the share buyback programme for 750 million euros 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, were presented within “Change in treasury stock and other equity instruments”.
The dividend approved by the Shareholders’ Meeting of May 26, 2023 was paid entirely in cash on June 8, 2023 for an amount of
405 million euros (see Note 2.4). In 2022, the dividend was paid entirely in cash on June 9, 2022 for 380 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. In 2023, changes in
current financial assets mainly reflect the 900 million Brazilian real (approximately 145 million euro) reduction in the firm price received for
Grupo BIG (see Note 2.1.1.3), partially offset by the purchase of dollar- and inflation‑linked investments in Argentina.
(11) In accordance with IFRS 16, payments under leases along with any related interest are shown in financing cash flows.
(12) Exchange differences in 2023 mainly relate to the major devaluation of the Argentine peso during the year.
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Consolidated statement of changes in shareholders’ equity
6.5 Consolidated statement of changes in
shareholders’ equity
(in millions of euros)
Shareholders’ equity, Group share
Foreign
exchange
translation
reserve
Share
(1)
capital
Fair value
(2)
reserve
Other
consolidated
reserves and
net income
Total
Shareholders’
equity, Group
share
Total Non-
controlling
interests
Total
Shareholders’
equity
Shareholders’ equity at December 31, 2021
1,940
(1,990)
Net income/(loss) for the year 2022
Other comprehensive income/(loss) after tax
(3)
Total comprehensive income/(loss) 2022
Share‑based payments
Treasury stock (net of tax)
(4)
2021 dividend payment
(5)
Change in capital and additional paid‑in capital
Effect of changes in scope of consolidation and
other movements
(7)
(5)
−
−
−
−
−
−
(84)
−
−
258
258
−
−
−
−
62
Shareholders’ equity at December 31, 2022
1,855
(1,670)
Net income/(loss) for the year 2023
Other comprehensive income/(loss) after tax
(3)
Total comprehensive income/(loss) 2023
Share‑based payments
Treasury stock (net of tax)
(4)
2022 dividend payment
(5)
Change in capital and additional paid‑in capital
Effect of changes in scope of consolidation and
other movements
(7)
(5)(6)
−
−
−
−
−
−
(83)
−
−
(48)
(48)
−
−
−
−
(1)
(4)
−
83
83
−
−
−
−
−
78
−
(120)
(120)
−
−
−
−
−
10,305
10,251
1,579
11,830
1,348
127
1,474
21
(96)
(380)
(570)
126
1,348
467
1,815
21
(96)
(380)
(655)
188
218
128
346
1
−
(127)
3
241
1,566
595
2,161
22
(96)
(507)
(651)
429
10,881
11,144
2,042
13,186
1,659
(28)
1,631
52
(118)
(405)
(524)
11
1,659
(196)
1,463
52
(118)
(405)
(607)
10
(17)
49
32
1
−
(70)
8
(165)
1,848
1,642
(147)
1,495
53
(118)
(475)
(599)
(155)
13,387
Shareholders’ equity at December 31, 2023
1,772
(1,719)
(42)
11,528
11,539
(1)
(2)
(3)
(4)
(5)
(6)
(7)
At December 31, 2023, the share capital was made up of 708,790,816 ordinary shares (see Note 13.2.1).
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 investments in foreign operations, net of the hedge effect.
In 2023, this item includes the impact of unwinding the EUR/TWD currency swap following the disposal of Carrefour Taiwan, representing a
negative 46 million euros net of tax. This instrument had been set up in 2022 to hedge the risk of unfavourable fluctuations in the New Taiwan
dollar. This item also includes the 35 million euro decrease in the fair value of Flink shares.
In 2023, the Group’s share of exchange differences recognised on translating foreign operations mainly reflects the major decrease in the value
of the Argentine peso, as well as the reversal of the positive translation adjustments recognised by Carrefour Taiwan further to its disposal at
June 30 (see Note 2.1.3), partially offset by the slight increase in the value of the Brazilian real and Polish zloty versus December 31, 2022.
In 2022, other comprehensive income after tax reflected both the significant increase in the value of the Brazilian real 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.
The 2022 dividend distributed by Carrefour SA, totalling 405 million euros, was paid entirely in cash.
The 2021 dividend distributed by Carrefour SA, totalling 380 million euros, was paid entirely in cash.
Dividends paid to non‑controlling interests mainly concern the Spanish and Brazilian subsidiaries for an amount of 70 million euros in 2023, and
127 million euros in 2022.
The 800 million euro share buyback programme, authorised by the Shareholders’ Meetings of June 3, 2022 and May 26, 2023, was implemented
in 2023 in four 200 million euro buyback mandates, representing a total of 46,197,844 shares. Carrefour SA’s share capital was reduced by
cancelling 38,080,380 shares, including 26,887,362 shares on July 28, 2023 and 11,193,018 shares on October 25, 2023, representing a total of
682 million euros (see Note 2.5). Following cancellation of these shares, Carrefour SA has 17,609,525 treasury shares, representing approximately
2.5% of the share capital at December 31, 2023.
In 2022, a 750 million euro share buyback programme was launched in two tranches of 400 million euros and 350 million euros, corresponding
to a total of 38,423,806 shares. Carrefour SA’s share capital was subsequently reduced by cancelling 33,738,431 shares. Following cancellation of
these shares, Carrefour SA had 11,544,870 treasury shares, representing approximately 1.6% of the share capital at December 31, 2022.
On March 1, 2023, the Group launched Carrefour Invest, an international employee share ownership plan. The transaction resulted in a capital
increase of 75 million euros (4,713,735 new ordinary shares) by Carrefour SA (see Note 2.6).
In 2023, the effect of changes in the scope of consolidation and other movements mainly corresponds to the disposal of Carrefour Taiwan and
to the creation of the entity Villes et Commerce in France in partnership with Nexity (see Note 2.1.2).
In 2022, the effect of changes in the scope of consolidation and other movements related mainly to the acquisition of Grupo BIG for the portion
paid in newly issued Carrefour Brazil shares (see Note 2.1.1.3).
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 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
326
329
336
342
344
355
364
367
370
373
375
388
392
409
410
411
412
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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, 2023 were approved for publication by the Board
of Directors on February 20, 2024. They will be submitted for
final approval at the Annual Shareholders’ Meeting.
Carrefour SA
“Company”)
(the
93, avenue de Paris, 91300 Massy.
is domiciled
in France at
Carrefour is one of the world’s leading food retailers (in terms of
stores and e‑commerce), operating in over 40 countries with an
omni‑channel model. The Group operates directly in eight
countries, including six in Europe (France, Spain, Italy, Belgium,
Poland and Romania) and two in Latin America (Brazil and
Argentina), and has a network of integrated stores, stores under
lease management contracts and franchised stores in a variety of
formats (hypermarkets, supermarkets, convenience stores, club
stores, cash & carry and soft discount). In the other geographies
(especially the Middle East, Africa and Asia), the Group operates
through local partners who are managing and expanding a
network of stores under Carrefour banners. Carrefour also offers
financial services to its customers in France, Spain, Belgium and
Brazil (consumer credit and insurance).
The consolidated financial statements for the year ended
December 31, 2023 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 2023 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, 2023 and applicable at that date, with
2022 comparative
standards.
information prepared using
the same
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.
At December 31, 2023, the standards and interpretations adopted
for use in the European Union were the same as those published
by the International Accounting Standards Board (IASB) and
applicable at that date.
1.2
Changes in accounting policies
The accounting policies used to prepare the consolidated
financial statements for the year ended December 31, 2023 are
the same as those used for the 2022 consolidated financial
statements, except for the following standard and amendments
whose application is mandatory as of January 1, 2023:
■
■
■
■
■
IFRS 17 – Insurance Contracts;
Amendments
Application of IFRS 17 and IFRS 9 – Comparative Information;
Insurance Contracts:
IFRS 17 –
to
Initial
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;
International Tax Reform – Pillar Two Model Rules.
The application of IFRS 17 – Insurance Contracts had no impact
on
the Group’s consolidated financial statements. The
application of the amendments had no material impact on the
Group’s consolidated financial statements either.
ADOPTED BY THE EUROPEAN UNION BUT NOT YET APPLICABLE
Standards, amendments and interpretations
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
NOT YET ADOPTED BY THE EUROPEAN UNION
Standards, amendments and interpretations
Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 – Financial instruments: Disclosures: Supplier
Finance Arrangements
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
(1)
Subject to adoption by the European Union.
Effective date
January 1, 2024
January 1, 2024
Effective date
(1)
January 1, 2024
January 1, 2025
Carrefour does not expect the application of the above amendments to have a material impact on its consolidated financial statements.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
1.3
Other regulatory developments
1.3.1
International Tax Reform – Pillar Two
France has transposed the Pillar Two international tax reform into
its national law. As Carrefour SA is incorporated under French
law, the reform is applicable to all jurisdictions in which the
Group operates pursuant to Pillar Two rules. The impact of
applying the reform is currently being analysed. The overall
impact on the Group is not however thought to be material given
the tax rates in the jurisdictions where the Group operates.
1.3.2
Pension reform in France
Following the enactment of France’s amended social security
financing law no. 2023‑270 on April 15, 2023, the pension reform
has been taken into account in determining provisions for
defined benefit plans at December 31, 2023: the changes
brought about by this reform have been analysed as a plan
amendment within the meaning of IAS 19; the impact has been
treated accordingly as a past service cost and therefore
recognised in operating income.
1.3.3
Accrual of paid leave during a period of
absence from work in France
Three rulings handed down by the French Supreme Court (Cour
de cassation) on September 13, 2023 overturn French provisions
on paid leave and absence from work, and confirm the principle
that European Union (EU) law takes precedence over national
law. These rulings improve employees’ rights to paid leave while
they are off work, and amendments are expected to the Labour
Code in order to bring it into line with EU law.
Following this ruling, a provision was recognised at December 31,
2023 based on a retroactive period of three years. This provision
was recorded in non‑recurring income and expenses for prior
years (2019 to 2022), and in recurring operating income for the
portion relating to 2023 (see Note 6.3).
1.4
Use of estimates and judgement
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).
1.5
Seasonal fluctuations in business
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.
1.6
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
since 2022.
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).
potentially
and
1
2
3
4
5
6
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
1.7
Climate change
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 line with the goals set in 2015 by the Paris Climate agreement
adopted by the 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.
2
Carrefour has committed to reducing its CO emissions for
Scopes 1 and 2 by 30% by 2025, 50% by 2030 and 70% by 2040
(compared to 2019). These targets for integrated stores (Scopes 1
and 2) are aligned with a greenhouse gas (GHG) emissions
reduction trajectory consistent with a “below 1.5°C” scenario. It
should be noted that taking into account direct and indirect GHG
emissions across Scopes 1, 2 and 3 combined, the Group’s
targets are aligned with a trajectory consistent with a “well below
2°C” scenario and have been validated by the Science Based
Targets initiative.
To do this, the Group aims to reduce the CO emissions
produced by its operations at source as much as possible,
through three initiatives:
2
■
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:
■
■
■
The Group is therefore stepping up the process to equip its
stores with photovoltaic systems (94 in Spain, 14 in France,
13 in Poland, nine in Brazil, six in Belgium and one in Italy at
December 31, 2023).
In 2023, the Group signed four Physical Power Purchase
Agreements (covering wind and solar farms) in France, which
from 2024,
will produce around 100 GWh per year
equivalent to the power consumed by 29 hypermarkets. The
Group will continue to accelerate the roll‑out of these green
energy contracts across all its geographies.
In addition, as part of the objective under the Carrefour
2026 strategic plan to produce almost one TWh of electricity
per year from 2027 onwards in France, Spain and Brazil,
Carrefour has selected a number of partners to produce
solar power at more than 500 sites in France and has also
begun the selection process to find operators in Spain. The
first half of 2024 will be dedicated to finalising contractual
frameworks for these partnerships.
■
a 27.5% reduction in energy consumption by 2030 (2019
baseline). The investments made (in the form of operating and
capital expenditure) will enable Carrefour to reduce energy
consumption across the Group by 20% by 2026. Carrefour in
is seeking to
France achieved its target of a 20% reduction by 2023. The
Group
improve energy efficiency through
six priority action and technology recommendations for its
stores: renovation of commercial cooling systems, doors for
refrigeration units, use of electronic speed controllers, use of
divisional meters, low consumption LED lighting and technical
building management (focused on air conditioning, ventilation
and heating);
■
a reduction in emissions from refrigerant use. Carrefour is
committed to phasing out HFC refrigeration units and phasing
in systems using natural refrigerants (CO ), 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: by the end of 2023, implementation
was in line with the targets set for 2030 in Europe.
2
1.8
Measurement bases
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, 2023; data for the comparative period presented
have also been adjusted for inflation.
Financial Reporting
IAS 29 –
for
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
2.1
Changes in scope of consolidation in 2023
2.1.1
Acquisitions in 2023
2.1.1.1
Main acquisitions completed in 2023
CORA BANNER (ROMANIA) – BUSINESS COMBINATION
In April 2023, Carrefour entered into an agreement with the Louis
Delhaize group to acquire its activities in Romania, including ten
Cora hypermarkets and nine Cora Urban stores, with almost
2,400 employees. This transaction will consolidate Carrefour’s
presence in Romania, with hypermarkets in prime locations that
will be converted to the Carrefour formats and banner.
After receiving clearance from the local competition authority,
the acquisition was completed on October 31, 2023
for
non‑material price.
In accordance with IFRS 3 – Business Combinations, following the
Group’s preliminary measurement of the assets acquired and
liabilities assumed at the acquisition date, provisional goodwill in
the amount of 3 million euros was recognised in the consolidated
statement of financial position at December 31, 2023 in respect of
the Cora acquisition in Romania.
2.1.1.2
Main acquisitions in progress
at December 31, 2023
CORA AND MATCH BANNERS (FRANCE)
reported net sales of around 20 billion Brazilian
(approximately 3.1 billion euros)
multi‑format network of 388 stores, including 181 owned stores.
reals
in 2021 and operates 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 which took effect before June 30, 2023).
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 was 7,465 million Brazilian reals (1,471 million euros at
the exchange rate as of the transaction date), which broke 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
(approximately
Brazilian
430 million euros) at June 6, 2022.
2,173 million
reals
115 supermarkets
On July 12, 2023, Carrefour announced that it had entered into
an agreement with the Louis Delhaize group to acquire the Cora
and Match banners in France, which operate 60 hypermarkets
and
some
respectively,
24,000 people. This acquisition will enable the Group to reaffirm
its leadership in food retail in France, with the acquired stores
offering a very strong geographical fit with Carrefour, particularly
in the east and north of the country.
employ
and
The transaction values the acquired assets on the basis of an
enterprise value of 1.05 billion euros and will be paid entirely in
cash. Subject to certain customary conditions, particularly
approval by the French competition authority, the transaction is
expected to close in the summer of 2024.
As this was a transaction with minority shareholders, the impact
of paying for 30% of Grupo BIG in Carrefour Brazil shares was
recognised
approximately
180 million euros attributable to the Carrefour group and
approximately 250 million euros attributable to non‑controlling
interests.
consolidated
equity
for
in
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 was paid in 2022, as the price
of the Carrefour Brazil share was 15.10 Brazilian reals at
December 6, 2022.
STORES OPERATING UNDER THE SUPERCOR BANNER (SPAIN)
Developments in 2023
On September 20, 2023, Carrefour Spain reached an agreement
with El Corte Inglés to acquire 47 supermarkets and convenience
stores under
the Supercor banner, employing around
850 people.
This transaction values the acquired assets on the basis of an
enterprise value of 60 million euros and is expected to be
completed by June 30, 2024.
2.1.1.3
Follow‑up to the acquisition of Grupo BIG
(Brazil) in 2022 – reduction in purchase price
and final opening balance sheet
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
(Advent
Discussions between the sellers
International and
Walmart) and the buyer (Carrefour Brazil) under the terms of the
Grupo BIG acquisition contract led the parties to agree on a firm
price reduction of 900 million Brazilian reals (paid in two
instalments of 350 and 550 million Brazilian reals respectively)
and a potential further reduction of up to 100 million Brazilian
reals.
This agreement was signed on March 31, 2023 with the following
two conditions precedent:
■
■
immediate payment of the first tranche of 350 million Brazilian
reals (317 million Brazilian reals after minor adjustments);
provision by the sellers of a first demand guarantee from a
leading bank.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The agreement was finalised on April 11, 2023 following the
satisfaction of both conditions precedent.
In addition to the 350 million Brazilian reals paid on April 11,
2023, the agreement mainly provides for the following price
reductions:
■
a second tranche of 550 million reals was to be paid 60 days
after the publication of Carrefour Brazil’s 2023 annual
consolidated financial statements. The 550 million reals, which
bear interest at SELIC rates calculated as from April 11, 2023
were paid in full in August 2023;
■
an additional variable receivable of up to 100 million Brazilian
reals, calculated using a metric agreed by the stakeholders.
This top‑up also bears interest at SELIC rates calculated as from
April 11, 2023.
The acquisition price for Grupo BIG is 6,687 million Brazilian reals
(or 1,318 million euros at the exchange rate on the transaction
date), after discounting to present value the 900 million Brazilian
real price reduction at June 1, 2022.
Carrefour Brazil also increased the provisions set aside for labour
and tax risks (net of associated deferred tax) by a non‑material
amount of 33 million Brazilian reals.
In accordance with IFRS 3 – Business Combinations, the price
reduction and other adjustments occurring within 12 months of
the acquisition’s closing are recognised retrospectively in Grupo
BIG’s opening balance sheet with an offsetting adjustment to
goodwill (see Note 4 for more details on the restatement of the
consolidated statement of financial position at December 31,
2022).
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Grupo BIG’s final opening balance sheet at June 1, 2022, as included in the Group’s consolidated financial statements as from
June 30, 2023, is as follows:
ASSETS
(in millions of reals)
Reference
Opening
balance sheet
(Net Book Value)
Fair Value
adjustments
Preliminary
opening balance
sheet (Fair Value)
Price reduction
and others
adjustments
Final opening
balance sheet
(Fair Value)
Final opening
balance sheet
(in millions
of euros)
Goodwill
Other intangible assets
Property and equipment
Right‑of‑use assets
Other non‑current financial assets
Deferred tax assets
Other non‑current assets
Non‑current assets
Inventories
Trade receivables
Other current financial assets
Tax receivables
Other current assets
Cash and cash equivalents
Assets held for sale
Current assets
TOTAL ASSETS
(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
13,925
2,955
702
77
513
204
317
−
4,769
18,694
4,556
263
5,033
(22)
(2,407)
(1,108)
6,315
(168)
(20)
323
135
6,450
4,776
527
9,920
2,443
586
−
1,987
20,240
2,787
702
77
513
184
317
323
(745)
(745)
4,031
527
9,920
2,443
586
-
1,987
19,495
2,787
702
77
513
184
317
323
4,904
25,144
−
(745)
4,904
24,399
SHAREHOLDERS’ EQUITY AND LIABILITIES
(in millions of reals)
Reference
Opening
balance sheet
(Net Book Value)
Fair Value
adjustments
Preliminary
opening balance
sheet (Fair Value)
Price reduction
and others
adjustments
Final opening
balance sheet
(Fair Value)
Total shareholders’ equity
Lease commitments – portion more
than one year
Provisions
Deferred tax liabilities
Non‑current liabilities
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
Current liabilities
TOTAL SHAREHOLDERS’ EQUITY
AND LIABILITIES
(b)
(d)
(g)
(l)
(b)
(k)
(l)
(k)
8,859
(1,394)
2,598
2,528
150
5,276
982
196
2,617
96
667
4,558
(292)
8,058
61
7,827
(124)
139
15
7,465
2,306
10,586
211
13,103
982
72
2,756
96
667
4,573
(778)
27
6
33
6,687
2,306
10,613
217
13,136
982
72
2,756
96
667
-
4,573
795
104
1,955
482
116
-
392
3,843
549
138
15
101
36
62
64
966
4,810
Final opening
balance sheet
(in millions
of euros)
1,318
454
2,092
43
2,589
194
14
543
19
131
901
18,694
6,450
25,144
(745)
24,399
4,810
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The purchase price allocation process stipulated in IFRS 3 was
implemented and led to the recognition of final goodwill (a) in an
amount of 795 million euros
in the consolidated financial
statements at December 31, 2023 (amount of goodwill finalised in
the half‑year consolidated financial statements at June 30, 2023).
Unlimitail will partner with retailers and brands, bringing retail
expertise and connectivity to these regions. Unlimitail combines
one of Publicis’ most advanced technologies, “CitrusAd powered
by Epsilon”, with Carrefour Links’ in‑depth knowledge of retail
media.
Grupo BIG’s final opening balance sheet has been prepared
based on the following:
CREATION OF THE ENTITY VILLES ET COMMERCES IN
FRANCE IN PARTNERSHIP WITH NEXITY
measurement of right‑of‑use assets and related
lease
(b)
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 to the 2022
consolidated financial statements);
(c) fair value measurement (determined on the basis of the
market value of similar assets) of land and store premises owned
by the company;
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 to the 2022 consolidated financial statements);
(e) recognition and measurement of acquired brands (Maxxi, BIG,
Bompreço, Nacional and Todo Dia) 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 an 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 sold in 2022 and first‑half 2023;
(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 to the 2022 consolidated financial
statements). 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/
liabilities 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).
2.1.2
Partnerships in 2023
CREATION OF THE ENTITY UNLIMITAIL IN PARTNERSHIP
WITH PUBLICIS GROUPE
On November 8, 2022, the Carrefour group and Publicis Groupe
announced their intention to create a
joint entity in the
fast‑growing retail media market in continental Europe and Latin
America. On June 15, 2023, this intention became a reality with
the announcement of the launch of Unlimitail (51% owned by
Carrefour and 49% by Publicis). The company has been fully
consolidated in the Carrefour group’s financial statements since
that date.
One of the objectives of the Carrefour 2026 strategic plan is to
enhance the Group’s real estate assets in France through the
development of mixed‑use real estate projects. To that end, on
July 6, 2023, the Group announced that it has joined forces with
Nexity to develop 76 sites covering all Carrefour Retail formats
(hypermarkets, supermarkets and convenience stores). This
long‑term partnership will enable Carrefour and Nexity to
develop mixed‑use programmes with high environmental
performance for housing, serviced residences, retail outlets,
offices and hotels.
On November 30, 2023, the Villes et Commerces property
venture (80% owned by Carrefour and 20% by Nexity) was
created to hold the land following an initial contribution of
69 sites by Carrefour and 39 million euros in cash by Nexity. As
this was a transaction with a minority shareholder, its impact was
recognised in consolidated shareholders’ equity in an amount of
18 million euros net of transaction costs.
The remaining seven sites will be contributed to the venture in
2024.
2.1.3
Disposals effective in 2023
SALE OF CARREFOUR TAIWAN
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%). As the
applicable conditions precedent were met, particularly clearance
from the local competition authority obtained in May 2023, this
agreement resulted in loss of control of the subsidiary on
June 30, 2023.
The preliminary sale price is 31.1 billion New Taiwan dollars,
representing 1.0 billion euros (after taking account of currency
hedging). The disposal gain, amounting to approximately
income from
0.75 billion euros, was recognised within net
is because Carrefour Taiwan
discontinued operations. This
represents a separate major geographic area of operations and
has therefore been treated as a discontinued operation in
accordance with IFRS 5 – Non‑current Assets Held for Sale and
Discontinued Operations since the date
its disposal was
announced.
As a reminder, on March 14, 2022, a fire broke out in a logistics
centre leased by Carrefour in the Yang Mei district of Taiwan. A
claim was submitted to the Group’s insurance companies in this
respect. Losses incurred as a result of destroyed 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 for 2022 and first‑half
2023. In June 2023, further to their final conclusions, the Group’s
insurance companies paid the balance of the compensation
recognised for the damage incurred, after deducting the two
instalments already paid last year. The related impacts are
recorded in net income from discontinued operations for the
periods concerned.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
DISPOSAL OF THE ENTITY QUITOQUE (FRANCE)
SALE AND LEASEBACK TRANSACTION (SPAIN)
Quitoque, a specialist in home‑delivered meal kits acquired by
Carrefour Omnicanal in 2018, was sold to Terence Capital on
October 31, 2023. The disposal loss net of transaction costs
amounted
in
non‑recurring items for 2023.
to 13 million euros and was
recognised
2.1.4
Closure of unprofitable former Grupo
BIG stores (Brazil)
CLOSURE OF THE TODO DIA BANNER
In December 2023, the Group decided to close the 94 soft
discount stores operated under the Todo Dia banner (acquired in
2022 at the time of the Grupo BIG acquisition) due to
unprofitability. The assets of the directly‑owned stores (around
50% of the total) are in the process of being sold to various
buyers outside of the food retail sector.
CLOSURE OF HYPERMARKETS AND SUPERMARKETS
OPERATING UNDER THE BOMPREÇO AND NACIONAL
BANNERS
In December 2023, the Group also decided to close 16
hypermarkets (acquired in 2022 at the time of the Grupo BIG
acquisition and since converted to Carrefour stores) and 13
supermarkets (acquired in 2022 at the time of the Grupo BIG
acquisition and operated under the Bompreço and Nacional
banners) due to unprofitability. The assets of the directly‑owned
stores (around a third of the total) are in the process of being
sold to various buyers.
CLASSIFICATION AS ASSETS HELD FOR SALE
In accordance with IFRS 5, at December 31, 2023 the assets of
122 of the above‑mentioned 123 stores were classified within
“Assets held for sale” and measured at the lower of their net
carrying amount and fair value less costs to sell. An impairment
loss of around 540 million Brazilian reals (around 100 million
euros) was recognised in non‑recurring items in 2023 to bring
the value of the assets into line with their estimated market
prices.
In accordance with Group accounting policies, other costs
associated with these closures have also been recognised in
non‑recurring items for approximately 310 million Brazilian reals
(approximately 60 million euros).
2.1.5
Sale and leaseback transactions in 2023
SALE AND LEASEBACK TRANSACTION (BRAZIL)
On May 12, 2023, Carrefour Brazil announced that it had entered
into exclusive negotiations with Barzel, a real estate investment
and asset management company, with a view to the sale and
leaseback of five stores and four warehouses, for a total of
approximately 1.2 billion Brazilian
i.e., approximately
220 million euros.
reals
CADE,
transaction on June 12, 2023.
the Brazilian competition authority, approved
the
With negotiations on the agreements finalised and the other
conditions precedent satisfied, these assets have been leased to
Carrefour since June 30, 2023
(date of the transaction’s
completion and the signing of the leases for fixed 20‑year terms,
with a five‑year renewal option). This transaction led to the
recognition of around 10 million euros in non‑recurring income.
On December 1, 2023, the premises of six Spanish hypermarkets
were sold to the property company Realty Income, with disposal
proceeds net of transaction costs representing 114 million euros.
With negotiations on the agreements finalised and the other
conditions precedent satisfied, these assets have been leased to
Carrefour since December 1, 2023 (date of the transaction’s
completion and the signing of the leases for fixed ten‑year terms,
with three five‑year renewal options). This transaction led to the
recognition of non‑recurring income in an amount that was
close to zero.
As a reminder, the premises of 16 other Spanish hypermarkets
had previously been sold and subsequently leased back to the
same buyer (Realty Income) as from 2020 as part of sale and
leaseback arrangements.
2.2
Simplification of the organisation as
part of the transformation plan
On November 8, 2022, the Group presented its new strategic
plan, Carrefour 2026, to accelerate its transformation, following
on from its previous strategic plan. The plan draws on the
Group’s raison d’être, its commitment to the food transition for
all, and its digital‑driven omni‑channel model. The Carrefour
2026 plan has two pillars:
commitment to making the best accessible to all our
customers;
building a cutting‑edge Group.
■
■
The second pillar
structure
leveraging digitalisation.
in order to optimise our
involves transforming our organisational
internal operations by
In early June 2023, Carrefour France initiated a dialogue process
with its employee representatives concerning a transformation
project for its various French headquarters, with the aim of
safeguarding competitiveness over the long term, boosting
performance and agility and simplifying the organisation, all of
which will benefit our stores. The proposed new organisational
structure was presented to the employee representatives on
June 26, 2023. At that time, Carrefour confirmed that the
collective
(Rupture
termination
Conventionnelle Collective) currently under discussion with the
involve a maximum of 979
employee representatives will
departures, on a strictly voluntary basis. Following
four
negotiation sessions, the Rupture Conventionnelle Collective was
signed on July 12, 2023 by the trade unions representing a large
majority of the employees concerned.
contractual
agreement
The amount of the related provision recognised
in the
consolidated financial statements for the six‑month period ended
June 30, 2023 was calculated based on various assumptions and
represented the best estimate of the costs that the Group
expected to incur in relation to the plan (see Note 6.3). This
transformation plan was rolled out in the second half of 2023.
The related provision still to be recognised at December 31, 2023
will cover costs that will mostly be disbursed in 2024.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
2.3
Securing the Group’s long‑term
financing
In 2023, the Group carried out two new Sustainability‑Linked
Bond issues, indexed to two greenhouse gas emission targets:
■
■
a 500 million euro issue on May 2, 2023, maturing in seven and
a half years (due in October 2030) and paying a coupon of
3.75%;
a 750 million euro issue on November 7, 2023, maturing in
eight years (due in November 2031) and paying a coupon of
4.375%.
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.
In addition, on June 12, 2023, the Group redeemed 500 million
euros worth of 0.88% five‑year bonds. On June 14, 2023, the
Group subsequently redeemed 500 million US dollars’ worth of
convertible, non‑dilutive 0% six‑year bonds.
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 3.8 years at end‑December 2023, compared
with 3.6 years at end‑December 2022.
On April 14, 2023, new euro- and US‑dollar bank financing
facilities with a two‑year maturity were put in place, immediately
swapped for a total of 744 million Brazilian reals, which enabled a
bank loan maturing on the same date to be repaid. The repaid
loan amounted to 750 million Brazilian reals.
8
euros
254 million
(approximately
Two bank loans matured in May 2023: one of 793 million
Brazilian reals on May 5 and one of 568 million Brazilian reals on
May
the
December 31, 2023 exchange rate). In June 2023, two other
bank loans were repaid, one on June 5 for an amount of
1,014 million Brazilian reals and one on June 7 for an amount of
568 million Brazilian reals (approximately 296 million euros at the
December 31, 2023 exchange rate). On September 20, 2023, two
other bank financing facilities were repaid in an amount of
527 million Brazilian reals (approximately 99 million euros at the
December 31, 2023 exchange rate).
at
c.
Inter‑company financing
As a reminder, in 2022, two inter‑company financing lines were
set up between the companies Carrefour Finance and Atacadão:
■
The first revolving credit facility (RCF) for an amount of 4 billion
Brazilian reals bearing annual interest at 12% fell due in
July 2023;
■
The second RCF for 1.9 billion Brazilian reals, bearing annual
interest at 14.25%, has a maturity of three years.
In 2023, another inter‑company financing line was set up
between the companies Carrefour Finance and Atacadão:
FINANCING OF THE BRAZILIAN SUBSIDIARY ATACADÃO
■
Following on from the 2021 and 2022 transactions, Carrefour’s
Brazilian subsidiary Atacadão has set up financing arrangements
in 2023 enabling it to secure its medium- and long‑term needs.
a.
Bonds and notes
On April 27, 2023, Atacadão redeemed debenture‑type debt
representing 500 million Brazilian reals (approximately 93 million
euros at the December 31, 2023 exchange rate) maturing in
five years and paying a coupon of 105.75% of the CDI (Certificado
de Depósito Interbancário) rate.
Conversely, on June 2, 2023, the Brazilian subsidiary issued
simple unsecured, non‑convertible debentures (Certificado de
Recebíveis do Agronegócio – CRA) for an amount of 930 million
Brazilian
the
(approximately
December 31, 2023 exchange rate) in three series:
174 million euros at
reals
■
■
an initial series for 330 million Brazilian reals, with a coupon of
CDI +0.95% and a maturity of three years;
a second series for 468 million Brazilian reals, representing a
coupon of 111.20% of the CDI after hedging and a maturity of
four years;
■
a third series for 132 million Brazilian reals, with a coupon of
CDI +1.00% and a maturity of five years.
b.
Bank loans covered by Brazil’s law 4131/1962
facilities were finalised on
US dollar bank financing
immediately swapped for a total of
January 10, 2023 and
2,293 million Brazilian reals. On December 20, 2023, Atacadão
repaid the financing falling due and, the same day, renewed
these euro and US dollar bank facilities, which were immediately
swapped for a total of 2,323 million Brazilian reals (approximately
434 million euros at the December 31, 2023 exchange rate), with
maturities ranging from 12 to 24 months.
The third RCF for 6.3 billion Brazilian reals (approximately
1.2 billion euros at the December 31, 2023 exchange rate),
bearing annual interest at 14.95%, has a three‑year maturity and
was drawn for 2.3 billion Brazilian reals in the first half of 2023.
The remaining 4 billion Brazilian reals were drawn down in
July 2023 to refinance the first RCF, which fell due and was
repaid.
These intra‑group RCF loans, totalling 8.2 billion Brazilian reals at
December 31, 2023, are qualified as net investments in foreign
operations and are therefore remeasured at fair value through
equity. They are hedged in an amount of 4.1 billion Brazilian reals
by derivatives classified as net investment hedges.
At December 31, 2023, the Group was rated BBB with a stable
outlook by Standard & Poor’s and Baa1 with a stable outlook by
Moody’s.
2.4
Payment of the 2022 dividend in cash
At the Shareholders’ Meeting held on May 26, 2023, the
shareholders decided to set the 2022 dividend at 0.56 euros per
share to be paid entirely in cash.
On June 8, 2023, the dividend was paid out in an amount of
405 million euros.
2.5
Share buyback program
As part of
its share capital allocation policy, the Group
commissioned investment services providers to buy back shares
corresponding to a maximum amount of 800 million euros for
2023, as authorised by the Shareholders’ Meetings of June 3,
2022, and May 26, 2023. The objective of the share buybacks is
to allow the Group to hold the shares with a view to cancelling
them subsequently.
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Notes to the consolidated financial statements
2.6
Employee share ownership plan
On March 1, 2023, the Group launched Carrefour Invest, an
international employee share ownership plan. Two options were
offered: Carrefour Classic and Carrefour Secure. The reservation
period ran from March 1 to March 20, 2023 and the subscription/
revocation period from May 5 to May 9, 2023, with the shares
delivered on May 31, 2023. As part of the offer, beneficiaries
subscribed to Carrefour shares either directly or through a
Company mutual fund (FCPE), depending on the option chosen
and/or their country of residence. Shareholders must hold
directly‑subscribed shares or FCPE units until May 31, 2028
(inclusive), unless an early release event occurs.
The offer entitled employees to a 15% discount on the share
price and an employer contribution. The reference price
communicated on May 3, 2023 was 18.67 euros (average of the
closing prices over the previous 20 days). After application of the
15% discount, the subscription price of the shares for both
options stood at 15.87 euros per share.
The operation resulted in a Carrefour SA capital increase of
75 million euros
(4,713,735 new ordinary shares) and the
recognition of an operating expense of approximately 30 million
euros in respect of the discount and the employer contribution.
The first share buyback mandate began on February 27, 2023 and
ended on March 31, 2023, with 11,099,084 shares acquired at an
average price of 18.02 euros per share for a total amount of
200 million euros.
The second share buyback mandate began on May 2, 2023 and
ended on July 21, 2023, with 11,687,580 shares acquired at an
average price of 17.11 euros per share for a total amount of
200 million euros.
On July 26, 2023, the Board of Directors, pursuant to the
authorisation granted by the Extraordinary Shareholders’ Meeting
of May 26, 2023, decided to decrease the share capital of
Carrefour SA by cancelling 26,887,362 treasury shares (including
the last shares not yet cancelled, i.e., 4,685,375 shares acquired
under
representing
approximately 3.6% of the share capital. These shares were
cancelled on July 28, 2023.
the 2022 share buyback programme),
The third share buyback mandate began on August 1, 2023 and
ended on September 12, 2023, with 11,370,337 shares acquired at
an average price of 17.59 euros per share for a total amount of
200 million euros.
The fourth share buyback mandate began on October 2, 2023
and ended on November 30, 2023, with 12,040,843 shares
acquired at an average price of 16.61 euros per share for a total
amount of 200 million euros.
On October 25, 2023, the Board of Directors, pursuant to the
authorisation granted by the Extraordinary Shareholders’ Meeting
of May 26, 2023, decided to decrease the share capital of
Carrefour SA by way of cancellation of 11,193,018 treasury shares
representing approximately 1.6% of the share capital. These
shares were cancelled on that day.
At December 31, 2023, Carrefour SA had 708,790,816 shares
outstanding and, consequently, 17,609,525 treasury shares,
representing 2.5% of the share capital.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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, 2023
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
time of
to
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).
method
is
The
transaction‑by‑transaction basis.
used
determined
on
a
■
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
■
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 (see Note 6.4).
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.
At each period‑end, monetary assets and
liabilities
in foreign currency are translated at the
denominated
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.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 2023
The main transactions in 2023 are detailed in Note 2.1 and
include the disposal of Carrefour Taiwan and Quitoque in France,
the acquisition of the Cora banner in Romania, the creation of
companies in partnership with Publicis Groupe and Nexity, the
closure of unprofitable former Grupo BIG stores in Brazil, and
sale and leaseback transactions in Brazil and Spain.
On July 12, 2023, Carrefour announced that it had entered into
an agreement with the Louis Delhaize group to acquire the Cora
and Match banners in France. This transaction is expected to
close in the summer of 2024.
Lastly, on September 20, 2023, Carrefour announced that it had
reached an agreement with El Corte Inglés to acquire 47 stores
operating under the Supercor banner in Spain. This transaction is
expected to close no later than June 30, 2024.
3.2.2
Changes in 2022
ACQUISITION OF GRUPO BIG (BRAZIL) – SEE NOTE 2.1.1.3
SALE AND LEASEBACK TRANSACTIONS (SPAIN)
The property company Ofelia leased the premises of nine stores
and a shopping mall to Carrefour Spain. In February 2022,
Carrefour Spain exercised its pre‑emptive right and acquired
these
In
December 2022, eight store premises (three hypermarkets and
five supermarkets) out of the nine previously acquired were sold
approximately 40 million
euros.
assets
for
represents a separate major line of business or geographical
area of operations; or
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.
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 in 2022.
The shopping mall and the ninth store were sold for 18 million
euros in 2023.
In addition,
in September 2022, six Spanish hypermarket
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 in 2022.
ACQUISITION OF COSMOPOLITANO (BRAZIL)
in Cosmopolitano
On April 1, 2022, the Group acquired the remaining 50% of
shares
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 in 2022 as a result of this takeover,
which was accounted for in accordance with IFRS 3 and IAS 28.
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, amounted to 6 million euros, net of
costs, and was recognised within non‑recurring items for the
year 2022.
Also in June 2022, the Group contributed to Flink’s reserved
capital increase.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
SALE OF THE GROUP’S STAKE IN PLOIESTI (ROMANIA)
On September 9, 2022, the Group sold
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 2022.
its stake
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, amounted to
24 million euros, net of costs, and was recognised within
non‑recurring items for the year 2022.
3.3
Scope of consolidation at
December 31, 2023
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
those
circumstances during
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, 2023
Notes to the consolidated financial statements
NOTE 4
RESTATEMENT OF THE CONSOLIDATED STATEMENT OF FINANCIAL
POSITION AT DECEMBER 31, 2022 TO REFLECT THE REDUCTION IN THE
ACQUISITION PRICE OF GRUPO BIG IN BRAZIL
On March 31, 2023, an agreement was signed with the sellers of
Grupo BIG, leading to a firm reduction in its price for a minimum
of 900 million Brazilian reals (see Note 2.1.1.3 for further details).
In accordance with IFRS 3 – Business Combinations, the price
reduction occurring within 12 months of the acquisition’s closing
is recognised retrospectively in Grupo BIG’s opening balance
sheet with an offsetting adjustment to goodwill.
The consolidated statement of financial position at December 31,
2022 has therefore been restated for this price reduction (on the
line “Other non‑current financial assets” for its long‑term portion
and on the line “Other current financial assets” for its short‑term
portion), as well as for other minor adjustments.
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
Non‑current assets
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
Current assets
TOTAL ASSETS
December 31, 2022
published
IFRS 3 restatement
December 31, 2022
IFRS 3 restated
8,778
1,499
12,612
279
4,190
1,197
1,162
1,867
475
609
32,667
6,893
3,330
4,111
720
948
1,025
5,216
1,641
23,884
56,551
(134)
-
-
-
-
-
88
-
-
-
(45)
-
-
-
51
-
-
-
-
51
6
8,644
1,499
12,612
279
4,190
1,197
1,251
1,867
475
609
32,622
6,893
3,330
4,111
771
948
1,025
5,216
1,641
23,935
56,558
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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
Non‑current liabilities
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
Current liabilities
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
December 31, 2022
published
IFRS 3 restatement
December 31, 2022
IFRS 3 restated
1,855
9,289
11,144
2,042
13,186
6,912
3,574
3,974
1,550
364
85
16,458
2,646
955
14,393
3,592
1,182
2,943
1,196
26,907
56,551
-
-
-
-
-
-
-
5
-
1
-
6
-
-
-
-
-
-
-
-
6
1,855
9,289
11,144
2,042
13,186
6,912
3,574
3,979
1,550
365
85
16,464
2,646
955
14,393
3,592
1,182
2,943
1,196
26,907
56,558
1
2
3
4
5
6
7
8
9
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
2023 (in millions of euros)
Group total
Net sales
Other revenue
Recurring operating income before depreciation
and amortisation
Recurring operating income
Capital expenditure
83,270
2,632
4,559
2,264
1,850
France
38,220
798
2,010
988
724
Depreciation and amortisation expense
(2)
(2,295)
(1,022)
2022 (in millions of euros)
Group total
Net sales
Other revenue
Recurring operating income before depreciation
and amortisation
Recurring operating income
Capital expenditure
(1)
81,385
2,546
4,613
2,377
1,882
France
37,706
809
1,857
834
741
Depreciation and amortisation expense
(2)
(2,236)
(1,023)
Europe
Latin America
Global
Functions
23,650
623
1,454
604
439
(850)
21,399
1,144
1,181
763
683
(418)
−
66
(86)
(91)
5
(5)
Europe
Latin America
Global
Functions
22,643
587
1,451
606
420
(845)
21,036
1,078
1,367
1,005
717
(361)
−
71
(63)
(69)
5
(6)
(1)
(2)
In 2022, capital expenditure included the acquisition of the two last Makro Atacadista stores on a full ownership basis for 21 million euros,
bringing the total to 29 acquired stores at December 31, 2022.
Including the depreciation and amortisation relating to logistics equipment included in the cost of sales.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Latin America’s segment earnings include Grupo BIG’s contribution over 12 months for 2023, versus seven months for 2022 (acquisition
of Grupo BIG effective June 1, 2022, see Note 2.1.1.3).
5.2
Segment assets and liabilities
December 31, 2023
(in millions of euros)
ASSETS
Goodwill
Other intangible assets
Property and equipment
Investment property
Right‑of‑use assets
Other segment assets
Total segment assets
Unallocated assets
TOTAL ASSETS
LIABILITIES (excluding equity)
Segment liabilities
Unallocated liabilities
TOTAL LIABILITIES
Group total
France
Europe
Latin America
Global
Functions
5,193
667
4,537
10
1,566
7,829
2,393
619
2,651
115
2,043
3,360
19,801
11,180
1,125
258
5,170
137
854
7,160
14,705
1
8
2
−
1
548
561
11,958
8,171
8,445
354
8,712
1,552
12,360
262
4,464
18,896
46,247
9,924
56,171
28,927
13,857
42,784
December 31, 2022 IFRS 3 restated
(in millions of euros)
Group total
France
Europe
Latin America
Global
Functions
ASSETS
Goodwill
Other intangible assets
Property and equipment
Investment property
Right‑of‑use assets
Other segment assets
Total segment assets
Unallocated assets
TOTAL ASSETS
LIABILITIES (excluding equity)
Segment liabilities
Unallocated liabilities
TOTAL LIABILITIES
5,184
625
4,570
10
1,491
7,990
2,374
596
2,733
114
1,854
3,348
19,870
11,018
1,085
271
5,307
154
843
6,927
14,587
1
7
2
−
3
519
532
11,995
7,719
8,123
352
8,644
1,499
12,612
279
4,190
18,783
46,007
10,551
56,558
28,190
15,182
43,371
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
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 subleases 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
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
6.1.1
Net sales
(in millions of euros)
Net sales
2023
83,270
2022
81,385
% change
2.3%
Factoring out Argentina, which saw a major devaluation of the peso during the year, net sales for 2023 at constant exchange rates
would have been virtually identical at current exchange rates.
NET SALES BY COUNTRY
(1)
(in millions of euros)
France
Europe (excluding France)
Spain
Belgium
Italy
Romania
Poland
Latin America
Brazil
Argentina
TOTAL NET SALES
2023
38,220
23,650
10,860
4,209
3,926
2,569
2,085
21,399
19,258
2,141
83,270
(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
2023
1,426
420
176
24
31
556
2022
1,404
402
173
23
13
530
2,632
2,546
2022
37,706
22,643
10,437
3,905
3,916
2,328
2,057
21,036
18,064
2,972
81,385
% change
1.5%
4.4%
1.8%
2.0%
144.9%
4.8%
3.4%
(1)
(2)
(3)
Including net banking revenue and net insurance revenue generated by the Group’s financial services and insurance companies.
Corresponding to the sale price of properties developed by the Group for resale. After deducting development costs recorded in “Cost of sales”,
the property development margin amounted to 8 million euros in 2023 compared with zero in 2022.
Other revenue notably includes commission from marketplace sales, commission received from suppliers, and revenue generated from retail
media and from merchant services.
Despite the significant rise in refinancing costs due to higher
interest rates, financing fees and commissions recognised in
2023 confirmed the rally begun in 2022, propelled by strong
sales momentum in Brazil and a return to growth in the French
business.
Similarly, property development revenue, revenue generated by
retail media and revenue from merchant services (including
ticketing and travel) continued to rise in 2023.
Franchise and lease management fees also climbed further in
France, Spain and Italy.
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 impairment), 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
2023
(12,335)
(11,958)
2022
% change
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
(1,304)
(1,284)
(728)
(694)
TOTAL SG&A EXPENSES AND DEPRECIATION AND AMORTISATION
(14,367)
(13,936)
SALES, GENERAL AND ADMINISTRATIVE EXPENSES
Sales, general and administrative expenses break down as follows:
(in millions of euros)
Employee benefits expense
Fees
Energy and electricity
Maintenance and repair costs
Advertising expense
Taxes other than on income
Property rentals (excl. IFRS 16)
(1)
Other SG&A expenses
TOTAL SG&A EXPENSES
2023
(7,373)
(904)
(903)
(778)
(682)
(521)
(82)
2022
(7,337)
(802)
(736)
(766)
(656)
(526)
(76)
(1,094)
(1,060)
(12,335)
(11,958)
3.2%
1.5%
4.8%
3.1%
% change
0.5%
12.8%
22.7%
1.6%
4.0%
(1.0)%
7.9%
3.2%
3.2%
(1)
In 2022 and 2023, 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 898 million euros in 2022, and 991 million euros in 2023 had IFRS 16 not been applied.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The increase in sales, general and administrative expenses in 2023 reflects the rise in energy costs, a higher price for certain purchased
services and the consolidation of Grupo BIG from June 1, 2022 (Grupo BIG contribution calculated over 12 months for 2023 compared
with seven months for 2022).
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 2,295 million euros in 2023 (versus 2,236 million euros in 2022), 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
2023
(1,037)
(255)
(12)
(1,304)
(728)
(63)
(201)
2022
(1,025)
(247)
(12)
(1,284)
(694)
(60)
(198)
(2,295)
(2,236)
% change
1.1%
3.3%
0.6%
1.5%
4.8%
4.0%
1.7%
2.6%
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 a net expense of 558 million euros in 2023, 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
Non‑recurring income and expenses, net before asset impairments
and write‑offs
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
2023
66
(352)
25
(261)
(297)
(1)
(295)
(558)
476
(1,034)
2022
212
(13)
(16)
183
(147)
(1)
(146)
36
440
(404)
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
GAINS AND LOSSES ON DISPOSALS OF ASSETS
Gains and losses on disposals of non‑current assets result from
gains and losses on the sale and leaseback of five stores and four
warehouses in Brazil and six hypermarkets in Spain (Note 2.1.5)
and on the disposal of Carrefour Brazil’s headquarters building.
They also include capital gains on the disposal of various assets
(store premises, land and businesses), mainly to franchisees in
France. Net disposal gains were partially offset by the capital loss
incurred on the disposal of Quitoque in France (see Note 2.1.3).
RESTRUCTURING COSTS
Restructuring costs recognised in 2023 relate to the new
Carrefour 2026 strategic plan (see Note 2.2). This plan is based
on a project to transform the Group’s various headquarters with
a view to safeguarding its competitiveness over the long term,
boosting performance and agility, and
its
organisation, all of which will benefit its stores. The expense
included in non‑recurring items relates primarily to severance
paid or payable within the scope of the Rupture Conventionnelle
Collective put in place at headquarters in France, involving a
maximum of 979 jobs, and, secondarily, to the measures
implemented in stores and headquarters in Italy, Spain and Brazil.
simplifying
OTHER NON‑RECURRING INCOME AND EXPENSES
Other non‑recurring income and expenses recorded in 2023
primarily comprise reversals of provisions in Brazil i) for tax risks
relating to PIS‑COFINS tax credits following the expiry of
statutory limitation periods or favourable judgements, and ii) for
ICMS tax credits following their sale. These reversals were almost
entirely offset by costs related to store closures under way in
Brazil (see Note 2.1.4).
ASSET IMPAIRMENTS AND WRITE‑OFFS
Asset impairments (other than goodwill) and write‑offs in 2023
impairment recognised against non‑current assets,
include
reflecting the difficulties experienced by certain stores, as well as
the retirement of various assets relating to stores in France, Spain
and Belgium, and to IT in France and Belgium.
Impairment was also recognised against unprofitable former
Grupo BIG stores in Brazil which were closed in 2023 (mainly
stores under the Maxxi banner) or in the process of being closed
at December 31, 2023 (stores under the Todo Dia, Bompreço and
Nacional banners and some stores that had been converted to
the Carrefour banner) for a total of approximately 120 million
euros
the partial
write‑down of brands recognised in Grupo BIG’s opening balance
sheet for approximately 38 million euros (Note 2.1.1.3).
(Note 2.1.4). The caption also
includes
Lastly, it includes write‑downs to bring the net carrying amount
of Showroomprivé shares in line with the stock market price at
December 31, 2023.
Main non‑recurring items in 2022
Gains and losses on disposals of non‑current assets comprised
gains and losses arising on the sale of various assets (store
premises and businesses) to franchisees, notably in France and
Italy. It also included the gain on the disposal of the nine
hypermarkets and five supermarkets in Spain through sale and
leaseback
the
equity‑accounted investments in Mestdagh in Belgium and
Ploiesti Shopping City in Romania were also included in this
caption.
transactions. Gains on
the disposal of
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.
Asset impairments (other than goodwill) and write‑offs in 2022
included impairment recognised against non‑current assets,
reflecting
the difficulties experienced by certain stores,
particularly in France and Italy, as well as the retirement of
various assets, in particular relating to IT in France. Asset
impairments also included write‑downs to bring the net carrying
amount of Showroomprivé shares into line with the stock market
share price at December 31, 2022.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
Change in trade working capital requirement
Change in other receivables and payables
CHANGE IN WORKING CAPITAL REQUIREMENT
2023
(6)
(75)
662
10
591
185
775
2022
(678)
(350)
1,044
43
59
49
108
Change
672
275
(382)
(33)
532
136
667
These items, like all other items in the statement of cash flows, are translated at the average rate for the year.
In light of the major devaluation of the Argentine peso on December 13, 2023, and in accordance with the accounting principles
described in Note 3.1, items in the Argentine cash flow statement for the month of December 2023 were translated at the average
exchange rate for that month, while items relating to the first 11 months of the year were translated at the average rate over that period
in order to reflect as closely as possible the rate existing at the time of the transactions.
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, 2023
December 31, 2022
6,752
(208)
6,544
7,088
(195)
6,893
Note that the same impairment methods were applied as in previous reporting periods.
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
6.4.3
Trade receivables
Accounting principles
Trade receivables correspond for the most part to rebates and
commercial
income receivable from suppliers, amounts
receivable from franchisees 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.
(in millions of euros)
Receivables from clients
Impairment
Receivables from clients, net
Receivables from suppliers
TOTAL TRADE RECEIVABLES
December 31, 2023
December 31, 2022
2,457
(234)
2,223
1,046
3,269
2,312
(190)
2,122
1,208
3,330
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 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.
(in millions of euros)
Suppliers and other creditors
Of which reverse factored payables
December 31, 2023
December 31, 2022
14,242
1,998
14,393
2,297
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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
6.4.6 Other assets and payables
BREAKDOWN OF OTHER ASSETS
(in millions of euros)
Prepaid expenses
Receivables from real estate activity
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
(1)
TOTAL OTHER NON‑CURRENT ASSETS
December 31, 2023
December 31, 2022
590
60
173
824
684
98
167
948
December 31, 2023
December 31, 2022
485
498
239
1,222
57
462
510
210
1,182
85
December 31, 2023
December 31, 2022
443
89
28
14
434
1,008
2
694
697
419
75
34
11
486
1,025
1
608
609
(1)
These correspond to ICMS and PIS‑COFINS tax credits expected to be collected in over 12 months. At December 31, 2023, the total gross
amount of the Brazilian ICMS tax credits, mainly attributable to favourable rulings handed down by the Brazilian Supreme Court, represented
1,080 million euros (1,184 million euros at December 31, 2022). This amount has been written down by 426 million euros (resulting in a net
receivable of 654 million euros versus 705 million euros at December 31, 2022) to reflect the market value of the tax credits, which the Company
intends to use over a period not exceeding three years. 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.
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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.
their
The Group’s financial services companies offer
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
consumer credit granted by
financial services
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
the
the
December 31, 2023
December 31, 2022
1,532
567
147
614
2,860
1,531
714
131
567
2,943
companies – Portion due in less than one year”, depending
on their maturity;
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”.
■
■
■
■
6.5.1
Consumer credit granted by the financial services companies
As of December 31, 2023, consumer credit granted by the financial services companies totalled 6,554 million euros (versus
5,978 million euros at December 31, 2022), as follows:
(in millions of euros)
Payment card receivables
Loans
Consumer credit (linked to in‑store purchases)
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, 2023
December 31, 2022
6,650
1,501
53
163
(1,813)
6,554
4,644
1,911
5,583
1,448
59
245
(1,356)
5,978
4,111
1,867
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 around 1 billion
euros compared with December 31, 2022. This reflects strong
momentum in the consumer credit business in Brazil, driven in
part by the acquisition of Grupo BIG customers who now use
payment solutions from the Brazilian bank (Banco CSF), and, to a
lesser extent, the upturn in France, particularly in digital channels.
Gross consumer credit in Spain remained relatively stable, before
the impact of sales of category 1 and 3 credit over the year.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
At December 31, 2023, 70% of the gross value of consumer
credit granted by the financial services companies was classified
in category 1, 7% in category 2 and 23% in category 3. At
December 31, 2022, categories 1, 2 and 3 represented 72%, 9%
and 19%, respectively, of the gross value of consumer credit
granted by the financial services companies.
As a result, the average impairment rate for consumer credit
increased by approximately 3.2% compared with December 31,
2022, reflecting expected credit losses in Brazil and Spain.
The amount of impairment for consumer credit was estimated
according to the rules and principles described below.
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.
1
2
3
4
5
6
7
8
9
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
6.5.2
Consumer credit financing
The related consumer credit financing amounted to 5,702 million euros at December 31, 2023 (December 31, 2022: 5,142 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, 2023
December 31, 2022
950
1,530
654
276
287
1,966
38
5,702
3,771
1,931
824
1,553
572
279
297
1,577
41
5,142
3,592
1,550
(1)
(2)
(3)
(4)
In May 2023, Carrefour Banque issued a new 500 million euro bond with a fixed rate swapped for the three‑month Euribor (four years maturing in
May 2027, three‑month Euribor coupon +95 basis points) and, in June 2023, redeemed ahead of term the 400 million euro floating‑rate bond
issued in September 2019 (four years maturing in September 2023, three‑month Euribor coupon +65 basis points).
Debt securities mainly comprised Negotiable EUropean Commercial Paper (NEU CP) and Negotiable EUropean Medium‑Term Notes (NEU MTN)
issued by Carrefour Banque.
This item mainly includes the 320 million euro refinancing operation with the European Central Bank (maturity March 2024) and drawdowns of
credit lines.
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, 2023 with a balance of 287 million euros.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
TOTAL INTANGIBLE ASSETS
December 31, 2023
December 31, 2022
IFRS 3 restated
8,712
1,552
10,264
8,644
1,499
10,143
1
2
3
4
5
6
7
8
9
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 68 million euro increase in goodwill compared to the
end‑2022 figure as restated for IFRS 3 primarily reflects a
57 million euro positive translation adjustment resulting from the
slight increase in the value of the Brazilian real and Polish zloty
during the period. To a lesser extent, the increase in goodwill also
results from various acquisitions in France and from the Cora
acquisition in Romania (see Note 2.1.1.1).
(in millions of euros)
December 31, 2022
IFRS 3 restated
Acquisitions
Disposals
Impairment
Other
movements
Exchange
differences
December 31,
2023
France
Brazil
Spain
Belgium
Poland
Romania
Italy
Argentina
Global Functions
TOTAL
5,184
1,080
1,031
950
225
99
69
5
1
9
−
−
−
−
3
−
−
−
8,644
12
−
−
−
−
−
−
−
−
−
−
−
−
−
(0)
−
−
(1)
−
−
(2)
−
−
−
−
−
−
−
−
−
−
−
44
−
−
18
(1)
−
(4)
−
57
5,193
1,124
1,031
950
242
102
67
1
1
8,712
At December 31, 2022 as restated for IFRS 3, the 649 million euro
increase in goodwill relative to December 31, 2021 reflected:
■
completion of the acquisition of Grupo BIG in Brazil, including
the recognition of final goodwill in the amount of 795 million
euros. In accordance with IFRS 3 – Business Combinations, the
price reduction and other adjustments occurring within
12 months of the acquisition’s closing were recognised
retrospectively in Grupo BIG’s opening balance sheet with an
offsetting adjustment to goodwill (see Note 2.1.1.3);
■
■
■
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 disposal of operations
there (see Note 2.1.3);
an unfavourable translation adjustment of 36 million euros,
mainly attributable to the decrease in the value of the Brazilian
real since the consolidation of Grupo BIG on June 1, 2022.
(in millions of euros)
December 31, 2021
Acquisitions
Disposals
Impairment
France
Brazil
Spain
Belgium
Poland
Romania
Italy
Argentina
Global Functions
Taiwan
TOTAL
5,147
314
1,031
950
229
99
69
8
1
147
7,995
37
795
−
−
−
−
−
−
−
−
832
−
−
−
−
−
−
−
−
−
(147)
(147)
−
−
−
−
−
−
(1)
−
−
−
(1)
Other
movements
Exchange
differences
December 31,
2022
IFRS 3
restated
−
−
−
−
−
−
−
−
−
−
−
−
(29)
−
−
(4)
(0)
−
(3)
−
−
5,184
1,080
1,031
950
225
99
69
5
1
−
(36)
8,644
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
TOTAL OTHER INTANGIBLE ASSETS, NET
CHANGES IN OTHER INTANGIBLE ASSETS
(in millions of euros)
At December 31, 2021
Disposal of Carrefour Taiwan
(1)
Acquisitions
Other disposals
Amortisation
Impairment
Exchange differences
Changes in scope of consolidation
(2)
Transfers and other movements
At December 31, 2022
Acquisitions
Disposals
Amortisation
Impairment
(3)
Exchange differences
Changes in scope of consolidation, transfers and other movements
December 31, 2023
December 31, 2022
3,956
(2,681)
(85)
362
1,552
3,744
(2,510)
(51)
316
1,499
Gross carrying
amount
Amortisation and
impairment
Net carrying
amount
3,895
(58)
376
(303)
−
−
14
105
31
4,060
385
(130)
−
−
(27)
30
(2,563)
29
−
264
(247)
(5)
(15)
−
(25)
(2,561)
−
90
(255)
(38)
20
(22)
1,333
(28)
376
(40)
(247)
(5)
(1)
105
6
1,499
385
(40)
(255)
(38)
(7)
8
1,552
At December 31, 2023
4,318
(2,766)
(1)
(2)
(3)
The amounts reported on this line related to other intangible assets owned by Carrefour Taiwan (classified in discontinued operations in 2022 –
see Note 2.1.3) at January 1, 2022. Accordingly, other changes shown in this table for 2022 did not include amounts relating to Carrefour Taiwan
in the period. Carrefour Taiwan was sold on June 30, 2023.
This item corresponded almost exclusively to the intangible assets of Grupo BIG, following its consolidation on June 1, 2022 (see Note 2.1.1.3).
In 2023, this item corresponds to the partial write‑down of brands recognised at the time of the Grupo BIG acquisition in Brazil (see Note 2.1.4).
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
357
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
buildings
site improvements
car parks
■
■
Equipment, fixtures and fittings
Other
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.
40 years
10 to 20 years
6 to 10 years
4 to 25 years
3 to 10 years
2
As part of its plan to reduce CO emissions from its activities,
the Group acquired new types of equipment – in particular
photovoltaic power plants
self‑consumption and
refrigeration plants running on natural fluid (CO ) with much
2
lower emissions. The Group determined the useful lives of
these facilities in 2023.
for
At December 31, 2023, the Group had not identified any
significant factors related to climate change that would lead to
a revision of the useful lives applied.
Gross carrying
amount
3,248
11,606
14,435
1,002
581
30,872
Gross carrying
amount
3,405
11,675
14,798
707
692
31,277
December 31, 2023
Depreciation
Impairment
Net carrying amount
−
(6,006)
(11,215)
(777)
−
(17,997)
(57)
(155)
(299)
(3)
−
(515)
3,190
5,446
2,921
222
581
12,360
December 31, 2022
Depreciation
Impairment
Net carrying amount
−
(5,894)
(11,771)
(455)
−
(18,120)
(68)
(175)
(299)
(3)
−
(546)
3,336
5,606
2,728
249
692
12,612
(in millions of euros)
Land
Buildings
Equipment, fixtures and fittings
Other fixed assets
Assets under construction
TOTAL PROPERTY AND EQUIPMENT
(in millions of euros)
Land
Buildings
Equipment, fixtures and fittings
Other fixed assets
Assets under construction
TOTAL PROPERTY AND EQUIPMENT
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
CHANGES IN PROPERTY AND EQUIPMENT
(in millions of euros)
At December 31, 2021
Disposal of Carrefour Taiwan
(1)
Acquisitions
Other disposals
(2)
Depreciation
Impairment
Exchange differences
Changes in scope of consolidation
(3)
Transfers and other movements
(4)
At December 31, 2022
Acquisitions
Disposals
(2)
Depreciation
Impairment
(4)
Exchange differences
(6)
Changes in scope of consolidation, transfers and other movements
(5)
Gross carrying
amount
Depreciation and
impairment
Net carrying
amount
29,600
(1,316)
1,504
(890)
−
−
(85)
1,967
498
31,277
1,461
(1,567)
−
−
(577)
277
(18,879)
879
−
671
(1,086)
(25)
89
−
(316)
(18,666)
−
1,132
(1,100)
(97)
477
(259)
10,721
(437)
1,504
(218)
(1,086)
(25)
4
1,967
182
12,612
1,461
(435)
(1,100)
(97)
(99)
17
At December 31, 2023
30,872
(18,512)
12,360
(1)
(2)
(3)
(4)
(5)
(6)
The amounts reported on this line related to property and equipment owned by Carrefour Taiwan (classified in discontinued operations in 2022 –
see Note 2.1.3) at January 1, 2022. Accordingly, other changes shown in this table for 2022 did not include amounts relating to Carrefour Taiwan
in the period. Carrefour Taiwan was sold on June 30, 2023.
In 2023, this item corresponds mainly to the sale and leaseback of the real estate of five stores and four warehouses in Brazil for around
220 million euros and of six hypermarkets in Spain for 114 million euros (see Note 2.1.5). It also includes the sale of Carrefour Brazil’s
headquarters building, various sales of store premises and lands in France, and the retirement of fully depreciated property, plant and equipment
in France.
In 2022, this item corresponded mainly to the sale and leaseback of the real estate of 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 2022, this item corresponded almost exclusively to the property and equipment of Grupo BIG, following its consolidation on June 1, 2022
(see Note 2.1.1.3).
In 2023, this item includes approximately 85 million euros in impairment of the property, plant and equipment of Grupo BIG’s 122 unprofitable
Brazilian stores (in the process of being closed) at December 31, prior to their reclassification as assets held for sale (see below).
In 2022 and 2023, this item corresponds mainly to the hyperinflation effect applied to property and equipment held in Argentina, in accordance
with IAS 29. In 2023, it was reduced by the reclassification of the assets of Grupo BIG’s 122 stores as held for sale (see Note 2.1.4).
In 2023, exchange differences mainly reflect the sharp decline in the value of the Argentine peso over the year, partially offset by the slight
increase in the value of the Brazilian real.
1
2
3
4
5
6
7
8
9
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
The Group is analysing the recoverable amount of goodwill at
is based on a
country level. The choice of this
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 2023 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.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
7.3.1
Impairment of goodwill and sensitivity analysis
The impairment tests performed in 2023 did not result in any
impairment losses being recorded against goodwill. Impairment
losses were also not recognised against goodwill in 2022.
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, 2023, the
recoverable amount of Italy and Poland CGUs were found to be
close to – but still greater than – the carrying amount.
Accordingly, no impairment loss was recognised on Italian or
Polish goodwill.
ITALY
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. At December 31, 2022, no additional impairment of
Italian goodwill was required.
The multi‑criteria approach was used again to test Italian
goodwill for impairment at December 31, 2023. The resulting fair
value represented Executive Management’s best estimate and
confirmed that the 67 million euro carrying amount of Italian
goodwill at December 31, 2023 was reasonable.
POLAND
The Group carried out an in‑depth analysis to determine the
Polish operations’ fair value at December 31, 2023. 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 Polish real estate
assets, determined based on independent appraisals.
This analysis revealed that the value in use of Polish operations
was higher than their net carrying amount. The resulting fair
value represented Executive Management’s best estimate and
confirmed that the 242 million euro carrying amount of Polish
goodwill at December 31, 2023 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 2023 and 2022 are presented below by CGU:
Country
France
Spain
Italy
Belgium
Poland
Romania
Brazil
Argentina
2023
2022
After‑tax
discount rate
Perpetual
growth rate
After‑tax
discount rate
Perpetual
growth rate
7.0%
7.6%
8.6%
7.1%
9.0%
10.2%
11.3%
58.2%
1.6%
1.7%
2.0%
2.0%
2.5%
2.5%
3.0%
32.5%
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%
32.2%
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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)
December 31, 2023
December 31, 2022
Investment property (gross carrying amount)
Depreciation and impairment
TOTAL INVESTMENT PROPERTY, NET
CHANGES IN INVESTMENT PROPERTY
(in millions of euros)
At December 31, 2021
Disposal of Carrefour Taiwan
(1)
Acquisitions
Other disposals
Depreciation
Exchange differences
Transfers and other movements
(2)
At December 31, 2022
Acquisitions
Disposals
Depreciation
Exchange differences
(3)
Transfers and other movements
(2)
At December 31, 2023
493
(231)
262
502
(223)
279
Net carrying amount
291
(54)
3
(0)
(12)
(0)
51
279
4
(0)
(12)
(26)
18
262
(1)
(2)
(3)
The amounts reported on this line related to investment property owned by Carrefour Taiwan (classified in discontinued operations in 2022 – see
Note 2.1.3) at January 1, 2022. Accordingly, other changes shown in this table for 2022 did not include amounts relating to Carrefour Taiwan in
the period. Carrefour Taiwan was sold on June 30, 2023.
In 2022 and 2023, transfers and other movements correspond mainly to the hyperinflation effect applied to investment property held in
Argentina, in accordance with IAS 29.
Exchange differences mainly reflect the sharp decline in the value of the Argentine peso at the reporting date, partially offset by the slight
increase in the value of the Polish zloty and Brazilian real.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Rental revenue generated by investment property, reported in the
income statement under “Other revenue”, totalled 53 million
euros in 2023 versus 45 million euros in 2022. Operating costs
directly attributable to the properties amounted to 14 million
euros in 2023 and 11 million euros in 2022.
fair
value of
The estimated
investment property at
December 31, 2023 was 691 million euros versus 729 million
euros at December 31, 2022 based on the independent appraisal
report drawn up in Argentina. The lower fair value essentially
reflects the sharp decline in the value of the Argentine peso at
the reporting date, partially offset by the effect of hyperinflation
in Argentina in application of IAS 29.
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
NOTE 8
LEASES
Accounting principles
Leases concern:
■
■
■
mainly property assets, both used directly by the Group and
sublet to third parties, such as store premises sublet 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
lease
basis over the
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.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 SUBLEASING
ARRANGEMENTS
When the Group leases and then sublets 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
right‑of‑use assets
lease are
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;
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.
SALE AND LEASEBACK TRANSACTIONS
When the Group enters into a sale and leaseback transaction
classified as a sale in accordance with IFRS 15, a right to use
the leased asset (right‑of‑use asset) is recognised as a portion
of the previous carrying amount of the underlying asset,
corresponding to the right of use granted in exchange for the
commitment to make lease payments, as defined by IFRS 16.
Gains and losses on these transactions are recognised in
non‑recurring income and expenses in proportion to the rights
effectively transferred to the buyer‑lessor.
INCOME TAX
Deferred tax is recognised based on the gross amount of
temporary taxable and deductible differences. Deferred tax is
recognised upon initial recognition of the right‑of‑use asset
and lease commitment.
The change in right‑of‑use assets and lease commitments compared to December 31, 2022 mainly reflects the consolidation of those
items recognised following the sale and leaseback of the real estate of five stores and four warehouses in Brazil and of six hypermarkets
in Spain (Note 2.1.5), along with the consolidation of the leases relating to Cora in Romania following the acquisition of 19 leased stores
(Note 2.1.1.1). The increase in right‑of‑use assets and lease commitments was partially offset by depreciation and lease payments made
during the year.
8.1
Right‑of‑use assets
(in millions of euros)
Land & Buildings
December 31, 2023
December 31, 2022
Gross
carrying
amount
Depre-
ciation
Impair-
ment
Net
carrying
amount
Gross
carrying
amount
Depre-
ciation
Impair-
ment
Net
carrying
amount
Equipment, fixtures and fittings
147
(24)
8,206
(3,784)
(81)
−
4,342
7,154
(3,036)
(49)
4,068
123
143
(22)
−
121
TOTAL RIGHT‑OF‑USE ASSET
8,354
(3,808)
(81)
4,464
7,297
(3,058)
(49)
4,190
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
365
1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
CHANGE IN RIGHT‑OF‑USE ASSETS
(in millions of euros)
At December 31, 2021
Disposal of Carrefour Taiwan
(1)
Increase
(2)
Decrease
Depreciation
Impairment
Exchange differences
Changes in scope of consolidation
(3)
Other movements
At December 31, 2022
Increase
(2)
Decrease
Depreciation
Impairment
Exchange differences
(4)
Changes in scope of consolidation
(3)
Other movements
At December 31, 2023
Gross carrying
amount
Depreciation and
impairment
Net carrying
amount
7,155
(831)
906
(404)
−
−
(7)
485
(7)
7,297
1,336
(369)
−
−
38
98
(47)
8,354
(2,795)
399
−
222
(892)
(46)
(1)
−
5
(3,108)
−
160
(928)
(43)
(5)
3
31
4,361
(432)
906
(182)
(892)
(46)
(8)
485
(2)
4,190
1,336
(210)
(928)
(43)
34
101
(15)
(3,889)
4,464
(1)
(2)
(3)
(4)
In 2022, the amounts reported on this line related to right‑of‑use assets held by Carrefour Taiwan (classified in discontinued operations in 2022 –
see Note 2.1.3) at January 1, 2022. Accordingly, other changes shown in this table for 2022 did not include amounts relating to Carrefour Taiwan
in the period. Carrefour Taiwan was sold on June 30, 2023.
In 2023, increases notably include the right‑of‑use assets booked following the sale and leaseback of the real estate of five stores and
four warehouses in Brazil for 105 million euros, and of six hypermarkets in Spain for 62 million euros (see Note 2.1.5). In 2022, the increases were
linked to the sale and leaseback of nine hypermarkets and five supermarkets in Spain for an amount of 44 million euros.
In 2023, changes in the scope of consolidation mainly reflect the inclusion of the right‑of‑use assets of the stores leased by Cora in Romania for
104 million euros (see Note 2.1.1.1). In 2022, changes in the scope of consolidation corresponded mainly to the inclusion of the right‑of‑use
assets of the stores leased by Grupo BIG since June 1, 2022 (see Note 2.1.1.3).
In 2023, exchange differences primarily reflect the increase in the value of the Brazilian real and the Polish zloty at the reporting date, partially
offset by the decline in the value of the Argentine peso.
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, 2023
December 31, 2022
1,007
857
1,510
1,526
4,901
955
794
1,432
1,349
4,530
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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)
in accordance with
of equity‑accounted companies”),
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)
At December 31, 2021
Acquisitions and capital increases
Disposals
Dividends
Share of net income
Exchange differences and other movements
At December 31, 2022
Acquisitions and capital increases
Disposals
Dividends
Share of net income
Exchange differences and other movements
At December 31, 2023
1,256
15
(52)
(76)
50
5
1,197
2
−
(82)
44
(20)
1,142
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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)
% interest
Total assets
Shareholders’
equity
Non‑current
assets
Net sales/
Revenues
Net income/
(loss)
36%
50%
35%
9%
25%
34%
32%
N/A
5,514
2,167
4,411
454
494
448
131
106
385
998
300
167
201
99
51
(39)
354
271
358
224
117
54
149
556
370
900
141
657
363
179
962
2,174
62
21
(13)
0
9
9
(9)
41
(1)
(2)
Financial data published for the year 2022.
Corresponding to a total of 225 companies, none of which is individually material.
At December 31, 2023, the two main associates were Carmila
with a carrying amount of 707 million euros (December 31, 2022:
754 million euros) and Provencia with a carrying amount of
137 million euros (December 31, 2022: 134 million euros). These
total value of
represented 74% of
two associates
equity‑accounted companies at end‑2023.
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 2023
Carmila (France)
In first‑half 2023, Carmila carried out a share buyback
programme followed by cancellation of the shares, representing
approximately 1.0% of the share capital. This led to an increase in
Carrefour’s interest in Carmila, from 36.0% at December 31, 2022
to 36.4% at December 31, 2023.
Market Pay (France)
In the second half of 2023, Market Pay finalised the acquisition of
Polish fintech Novelpay, notably through the issue of new shares.
This led to a decrease in Carrefour’s interest in Market Pay, from
38.6% at December 31, 2022 to 35.0% at December 31, 2023.
Showroomprivé (France)
Additional impairment of 7 million euros on the Showroomprivé
income and
shares was recognised against non‑recurring
expenses in order to align their value with the company’s share
price at December 31, 2023.
Adialéa (France)
In July 2023, Adialéa carried out a capital increase to which
Carrefour elected not to subscribe, leading to the dilution of the
at
Group’s
December 31, 2022 to 3.0% at December 31, 2023.
company,
interest
from
5.0%
that
in
The dilutive or accretive effects of the above transactions are not
material and were recognised in non‑recurring income and
expenses in accordance with the Group’s accounting principles.
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
allow 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. This 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, 2023). 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.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The following table presents key financial data for Carmila at December 31, 2023 and 2022 (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 3,443 million euros at December 31,
2023.
(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
2023
369
292
85
9
5,686
1,045
860
2,703
734
36.4%
707
61
2022
357
291
298
221
5,976
538
357
2,765
241
36.0%
754
52
(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 2023 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
Carmila
(France)
Provencia
(France)
Market Pay
(France)
Ulysse
(Tunisia)
Costasol
(Spain)
CarrefourSA
(Turkey)
−
−
30
19
(8)
7
(7)
623
8
−
−
−
22
−
−
−
−
−
(120)
2
(8)
4
2
−
−
−
1
−
107
8
−
0
(7)
20
(8)
−
4
−
−
−
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
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
2023
(341)
(98)
(439)
2022
(362)
(46)
(408)
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
TAX PROOF
Theoretical income tax for 2023 and 2022 has been calculated by multiplying consolidated income before tax by the standard French
corporate income tax rate. For 2023, theoretical income tax expense amounted to 346 million euros compared with actual net income
tax expense of 439 million euros, as follows:
(in millions of euros)
Income before taxes
Standard French corporate income tax rate
Theoretical income tax expense
Adjustments to arrive at effective income tax rate:
■
Differences between the standard French corporate income tax rate and overseas
nominal taxation rates
■
■
■
■
Effect of changes in applicable tax rates
Tax expense and tax credits not based on the taxable income
(1)
Tax effect of other permanent differences
(2)
Deferred tax assets recognised on temporary differences and tax loss carryforwards of
previous years
(3)
■
Deferred tax assets not recognised on temporary differences and tax
carryforwards arising in the year
(4)
loss
Valuation allowances on deferred tax assets recognised in prior years
(4)
Tax effect of net income from equity‑accounted companies
Other differences
■
■
■
TOTAL INCOME TAX EXPENSE
Effective tax rate (ETR)
2023
1,339
25.83%
(346)
(7)
−
97
(43)
7
(153)
(5)
11
(2)
(439)
32.8%
2022
1,973
25.83%
(510)
(51)
0
129
53
33
(71)
(4)
13
(1)
(408)
20.7%
(1)
(2)
(3)
(4)
The reported amount of taxes other than on income notably takes into account the CVAE local business tax in France, which fell to 19 million
euros in 2023 (2022: 37 million euros) due to the halving of the applied rate, as well as withholding taxes, tax credits and changes in provisions for
tax risks. In 2022, it also included income of 52 million euros resulting from the decision of the Brazilian Supreme Court not to tax certain tax
credits.
In 2023 and 2022, this item includes the tax saving relating to notional interest paid by the Brazilian subsidiary Atacadão, which dropped sharply
following the significant reduction in the amount paid in 2023.
In 2023, this item also includes non‑deductible expenses relating to the disposal of equity investments in France and losses incurred on the
conversion of Grupo BIG stores in Brazil.
In 2022, deferred tax assets recognised on prior years’ tax losses primarily concerned France and Brazil.
In 2023, unrecognised deferred tax assets and valuation allowances chiefly concerned Grupo BIG in Brazil, Italy and Belgium, and Carrefour
Banque in France. In 2022, they concerned to a lesser extent Grupo BIG in Brazil, Italy and Belgium.
10.2 Deferred tax assets and liabilities
The Group had a net deferred tax asset of 95 million euros at December 31, 2023, versus 110 million euros at December 31, 2022 as
restated for IFRS 3.
(in millions of euros)
Deferred tax assets (DTA)
Deferred tax liabilities (DTL)
NET DEFERRED TAX ASSETS
(1)
See Note 4.
December 31, 2023
December 31, 2022
(1)
IFRS 3 restated
395
(300)
95
475
(365)
110
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The following table shows the main sources of deferred taxes:
December 31,
2022 IFRS 3
restated &
(1)(2)
IAS 12
Deferred
income
(expense) tax
Change
Income tax on
other
comprehensive
income
(OCI)
Changes in
consolidation
scope,
translation
adjustment,
(3)
other
December 31,
2023
1,483
1,200
1,029
343
129
14
284
4,483
(1,912)
2,571
(2,097)
475
(1,129)
(424)
(257)
(113)
(60)
(294)
(2,277)
1,912
(365)
110
44
73
(80)
63
3
(8)
(10)
85
(46)
39
(118)
(79)
(45)
(47)
10
−
14
2
(65)
46
(19)
(98)
−
−
9
−
−
2
(0)
11
8
19
(2)
18
−
−
−
−
32
(0)
31
(8)
23
40
20
15
67
0
(11)
21
(86)
27
3
30
(48)
(18)
(15)
79
(0)
(5)
0
2
63
(3)
61
42
1,548
1,288
1,026
407
121
29
186
4,605
(1,947)
2,659
(2,264)
395
(1,188)
(391)
(247)
(118)
(14)
(290)
(2,247)
1,947
(300)
95
(in millions of euros)
Tax loss carryforwards
(4)
Lease commitments and restoring assets at the
end of the property leases
(2)
Non‑deductible provisions
(1)
Goodwill amortisation allowed for tax purposes
(1)
Inventories
Financial instruments
Other temporary differences
(2)
Deferred tax assets before netting
Effect of netting deferred tax assets and
liabilities
(1)(2)
Deferred tax assets after netting
Valuation allowances on deferred tax assets
Net deferred tax assets
Right‑of‑use assets and sub‑lease receivable
(2)
Property and equipment
Provisions recorded solely for tax purposes
Goodwill amortisation allowed for tax purposes
Financial instruments
Other temporary differences
Deferred tax liabilities before netting
Effect of netting deferred tax assets and
liabilities
(1)(2)
Deferred tax liabilities after netting
NET DEFERRED TAXES
(1)
(2)
(3)
(4)
Deferred tax assets and liabilities were retrospectively restated in Grupo BIG’s opening balance sheet in a negative amount of 1 million euros with
a corresponding adjustment to goodwill in accordance with IFRS 3 (see Note 4).
In accordance with the amendments to IAS 12 – Income Taxes, deferred tax relating to assets and liabilities arising from a single transaction are
presented prior to offsetting. The reversal of offsetting shown in the table above concerns right‑of‑use assets along with lease commitments and
provisions for the associated restoration costs.
The assets side of this column includes reclassifications of items in Brazil from the “Other temporary differences” line to the “Non‑deductible
provisions” and “Financial instruments” lines.
At December 31, 2023, the amount of deferred tax assets and write‑downs of deferred tax assets relating to tax loss carryforwards primarily
concerns Brazil and Italy.
10.3
Unrecognised deferred tax assets
Unrecognised deferred tax assets amounted to 2,264 million euros at December 31, 2023 (December 31, 2022: 2,097 million euros),
including 1,481 million euros related to tax loss carry forwards (December 31, 2022: 1,282 million euros) and 784 million euros to
temporary differences (December 31, 2022: 816 million euros).
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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
(1)
Provisions related to banking
and insurance businesses
(2)
Other
(3)
December 31,
2022 IFRS 3
(4)
restated
Reversals of
surplus
(5)
provisions
Increases
Utilisations
Discounting
adjustment
537
2,773
1,773
599
401
138
280
251
67
445
102
207
136
216
63
22
(35)
(333)
(126)
(131)
(76)
(13)
(22)
(35)
(49)
(238)
(41)
(142)
(56)
(104)
(46)
(19)
36
−
−
−
−
−
−
−
TOTAL PROVISIONS
3,979
814
(436)
(456)
36
Exchange
differences,
changes in
scope of
consolidation
(6)
and other
(11)
70
61
8
2
0
2
14
76
December 31,
2023
545
2,717
1,770
541
406
239
278
233
4,012
(1)
(2)
(3)
(4)
(5)
(6)
See Notes 2.2 and 6.3.
Provisions relating to the banking and insurance businesses notably include provisions for credit risks on loan commitments (off‑balance sheet)
recognised in accordance with IFRS 9, and provisions set aside to cover insurance underwriting risk.
Out of the provisions relating to the estimated cost of the claim arising from the fire that occurred in March 2022 in the Yang Mei logistics centre
in Taiwan, 24 million euros were reversed (utilised) during the period following payment by the Group’s insurance companies of the balance of
the compensation due (see Note 2.1.3).
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.
Provisions for tax and labour risks have been retrospectively restated in Grupo BIG’s opening balance sheet with a corresponding adjustment to
goodwill in accordance with IFRS 3 (see Notes 2.1.1.3 and 4).
Reversals of surplus provisions mainly concern Brazil and relate to tax and labour risks for which the statute of limitations has expired or for which
judgements were handed down in favour of the Group.
Exchange differences totalled 79 million euros, corresponding almost entirely to the slight increase in the value of the Brazilian real over the
period. Other changes mainly correspond to the reclassification of the provision for employee benefits to other provisions for 11 million euros
following the transfer of integrated stores to lease management contracts in France in 2023.
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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, 2023, claims and legal proceedings involving
the Group were covered by provisions totalling 2.72 billion euros,
compared with 2.77 billion euros at December 31, 2022, as
restated for IFRS 3. 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 eight integrated
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.
In Brazil, Carrefour is exposed to tax risks, in particular relating to
the tax on the distribution of goods and services (ICMS), related
tax credits
(determination of 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, 2023,
totalled
1,653 million euros (versus 1,651 million euros at December 31,
2022 as restated for IFRS 3) 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
444 million euros (393 million euros at December 31, 2022).
the corresponding provision
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 various authorities
responsible
for overseeing compliance with competition,
consumer and all other applicable laws. As for any company,
its
disputes may also arise between
co‑contractors, particularly its franchisees, service providers or
suppliers.
the Group and
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
2.1 billion euros at December 31, 2023
(an increase of
approximately 0.4 billion euros versus December 31, 2022, mainly
due to the fact that the reassessments notified in previous fiscal
years have been extended to new fiscal years, and to the slight
increase in the 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 616 million euros (including
costs) at December 31, 2023. The Group continues to believe
that the risk is unlikely to lead to an outflow of resources.
investigations
launched since 2018 by
The
the French
competition authority regarding purchasing cooperatives in the
predominantly food‑based segment of the retail industry are still
pending.
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:
(i)
(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
agreeing to set the same dates for the marketing of BPA‑free
the discontinuation of marketing of
containers and
containers with BPA.
On December 29, 2023, the French Trade and Retail Federation,
Carrefour SA and its subsidiaries were acquitted.
On October 1, 2019, Carrefour Argentina (INC SA) and its former
Chairman were accused of complicity in unauthorised financial
intermediation, with the alleged events occurring 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. INC SA and
its former Chairman were
acquitted by a final judgement dated September 1, 2023.
announced
initiated by
two criminal
In August 2019, Atacadão SA
the State of São Paolo’s public
proceedings
prosecutor
(GEDEC) against public officials and company
employees concerning the conditions under which the operating
licences for the headquarters of Atacadão and two stores were
renewed. Atacadão SA not being party to these criminal
proceedings, the municipality of São Paolo initiated two civil
proceedings against the company on June 27, 2020 and
May 25, 2021.
the
municipality of São Paulo dismissed Atacadão SA’s liability and
terminated the proceedings initiated on June 27, 2020. The
proceedings were effectively terminated on April 12, 2023.
In a decision dated March 14, 2023,
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 12 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.
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.
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.
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”.
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1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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.
Following the enactment of France’s amended social security
financing law no. 2023‑270 on April 15, 2023, the pension reform
has been taken into account in determining provisions for
defined benefit plans at December 31, 2023: the changes
brought about by this reform have been analysed as a plan
amendment within the meaning of IAS 19; the impact has been
treated accordingly as a past service cost and therefore
recognised in operating income.
Furthermore, as a reminder, the Board of Directors decided at its
April 20, 2020 meeting 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.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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:
2022 (in millions of euros)
Current service cost
Past service cost (plan amendments and curtailments)
Settlements and other
Service cost
Interest cost (discount effect)
Return on plan assets
Other items
EXPENSE (INCOME) FOR 2022
2023 (in millions of euros)
Current service cost
Past service cost (plan amendments and curtailments)
(1)
Settlements and other
(2)
Service cost
Interest cost (discount effect)
Return on plan assets
Other items
EXPENSE (INCOME) FOR 2023
France
Belgium
Italy
Other
countries
Group total
44
(8)
(1)
34
4
(0)
(5)
33
18
−
−
18
4
(2)
(1)
19
0
−
1
1
1
−
−
1
1
−
−
1
1
−
(0)
2
63
(8)
(0)
53
9
(2)
(6)
55
France
Belgium
Italy
Other
countries
Group total
29
(17)
(22)
(10)
13
(0)
0
3
14
−
−
14
13
(7)
0
20
0
−
0
0
2
−
−
2
1
0
−
1
1
−
0
2
44
(17)
(22)
5
29
(7)
0
27
(1)
(2)
This line includes income of 17 million euros recognised within employee benefits expense corresponding to the amendment to benefits granted
to beneficiaries following the enactment on April 15, 2023 of the French Amended Social Security Financing law (law no. 2023‑270). This law
provides for, among other things, a gradual increase in the statutory retirement age as from September 1, 2023 to 64 in 2030.
The line includes the impact of curtailments following the remeasurement of commitments resulting from the restructuring plan being
implemented in France (see Note 2.2), recognised in non‑recurring income for 14 million euros.
The net expense for 2023 corresponds to 19 million euros recognised in employee benefits expense, 14 million euros recognised in
non‑recurring income, and 22 million euros recorded in financial expense. The net expense for 2022 corresponded to 48 million euros
recognised in employee benefits expense and 7 million euros in financial expense.
12.1.3 Breakdown of the provision
(in millions of euros)
Defined benefit obligation
Fair value of plan assets
Provision at December 31, 2022
Defined benefit obligation
Fair value of plan assets
Provision at December 31, 2023
France
Belgium
Italy
Other
countries
Group total
341
(28)
313
353
(31)
321
352
(197)
154
341
(189)
153
59
−
59
58
−
58
10
−
10
13
−
13
762
(225)
537
765
(220)
545
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
12.1.4 Change in the provision
(in millions of euros)
Provision at January 1, 2022
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
Provision at December 31, 2022
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
Provision at December 31, 2023
France
Belgium
Italy
Other
countries
Group total
445
33
(14)
(67)
(84)
−
313
3
(16)
(11)
32
−
321
215
19
(13)
−
(59)
(7)
154
20
(11)
−
(4)
(7)
153
88
1
(13)
−
(17)
−
59
2
(10)
−
6
−
58
39
2
(1)
(29)
(1)
1
10
2
(1)
−
2
(0)
13
786
55
(40)
(96)
(161)
(6)
537
27
(37)
(11)
36
(7)
545
(1)
(2)
In 2022 and 2023, the effect of changes in the scope of consolidation in France, which reduced the provision by 67 million euros and
11 million euros, respectively, corresponded to the reclassification of the provision for employee benefits to other provisions following the
transfer of integrated stores to lease management contracts.
In 2022, the amount reported in the “Other countries” column corresponded to the provision recognised by Carrefour Taiwan (classified within
discontinued operations in 2022 – see Note 2.1.3) at January 1, 2022. Carrefour Taiwan was sold on June 30, 2023.
This line breaks down as follows:
2022 (in millions of euros)
France
Belgium
Italy
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
Changes in actuarial gains and losses 2022
(2)
3
(84)
(0)
(84)
0
−
(75)
16
(59)
3
(1)
(19)
−
(17)
Other
countries
Group total
0
2
(179)
16
(161)
(1)
0
(1)
−
(1)
Other
2023 (in millions of euros)
France
Belgium
Italy
countries 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
Changes in actuarial gains and losses 2023
13
4
15
(0)
32
(13)
−
9
0
(4)
3
(0)
3
−
6
0
(0)
2
−
2
3
4
29
0
36
(1)
Eurozone discount rates increased sharply in 2022, from 0.80% at end‑2021 to 3.80% at end‑2022. These rates decreased in 2023 to represent
3.20% at the year‑end.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
12.1.5 Plan assets
(in millions of euros)
Fair value at January 1, 2022
Return on plan assets
Benefits paid out of plan assets
Actuarial gain/(loss)
Other
(1)
Fair value at December 31, 2022
Return on plan assets
Benefits paid out of plan assets
Actuarial gain/(loss)
Other
Fair value at December 31, 2023
France
Belgium
Italy
countries Group total
Other
20
0
(0)
0
8
28
0
(2)
0
6
31
228
2
(24)
(16)
7
197
7
(23)
(0)
7
189
−
−
−
−
−
−
−
−
−
−
−
21
−
−
−
(21)
−
−
−
−
−
−
269
2
(24)
(16)
(6)
225
7
(25)
(0)
13
220
(1)
The 21 million euro expense reported in the “Other countries” column corresponded to the provision recognised by Carrefour Taiwan (classified
within discontinued operations in 2022 – see Note 2.1.3) at January 1, 2022. Carrefour Taiwan was sold on June 30, 2023.
Plan assets break down as follows by asset class:
December 31, 2023
December 31, 2022
Bonds
Equities
Monetary
investments
Real estate
and other
Bonds
Equities
Monetary
investments
Real estate
and other
France
Belgium
0%
0%
0%
0%
100%
100%
0%
0%
8%
0%
1%
0%
91%
100%
0%
0%
Hedging assets such as bonds and equities, which consisted solely of listed securities at the end of 2022, were used to settle benefits
due to employees who retired in 2023.
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
2023
64‑67
2022
63‑67
2% to 2.6%
2% to 2.6%
2.0%
3.20%
2.0%
3.80%
At December 31, 2023, a discount rate of 3.20% was used for
France, Belgium and Italy (December 31, 2022: 3.80%). 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 2023, the average duration of the defined benefit obligation
under French, Belgian and Italian plans was 8.4 years, 7.0 years
and 8.2 years respectively
(2022: 9.0 years, 6.7 years and
8.6 years respectively).
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 5 million euros.
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
the plan’s
date on which grantees are
informed of
characteristics and terms). Fair value is determined using the
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 2023 recorded under employee benefits expense in recurring operating income was
53 million euros, with a corresponding increase in equity (2022: 22 million euros). The increase reflects the employee share ownership
plan launched in May 2023 (see Note 2.6).
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, 2023, since the 2010 plans based
on performance conditions and continued employment in the
Group expired in July 2017.
a.
Brazil 2017 “Pre‑IPO” Plan
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
represented a maximum number of 9,283,783 shares, or 0.47% of
Atacadão’s share capital. The options were subject to the
following vesting conditions:
■
■
■
one‑third of the options vested at the date of the company’s
IPO;
one‑third of the options vested 12 months after the date of the
IPO;
one‑third of the options vested 24 months after the date of the
IPO.
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The table below shows the main assumptions used to calculate the fair value of the options awarded in 2017.
Fair value of the options at the grant date
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
Fair value option at grant date (in reals)
Movements in the 2017 stock option plan were as follows:
Options outstanding at January 1
Options granted during the year
Options exercised during the year
Options cancelled or that expired during the year
Options outstanding at December 31
Brazil 2017
“Pre‑IPO” Plan
11.7
11.7
29.02%
1.35%
10.25%
2.72
Binomial
3.73
2023
2022
1,123,681
2,626,971
−
−
(1,100,345)
(1,503,290)
(23,336)
−
−
1,123,681
1
2
3
4
The options were exercised up to March 21, 2023 at a price of 11.7 Brazilian reals.
b.
2019 “Regular” Plan in Brazil
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;
5
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)
Brazil 2019
“Regular” Plan
September 26, 2019
3,978,055
6 years
92
From September 26, 2022 to September 26, 2025
3,159,255
21.98
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The table below shows the main assumptions used to calculate the fair value of the options awarded in 2019.
Fair value of the options at the grant date
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
Fair value option at grant date (in reals)
Brazil 2019
“Regular” Plan
21.98
21.98
27.20%
1.09%
5.57%
3
Binomial
5.20
The number of options outstanding at December 31, 2023 under the 2019 stock option plan amounted to 3,159,255.
12.2.2 Performance share plans
a.
Carrefour SA performance share plans
Under the 2020 performance share plan which expired on
February 27, 2023, the level of attainment achieved by the
Carrefour group was 100%. Accordingly, 2,046,409 shares were
delivered to the beneficiaries in accordance with the relevant
settlement terms.
In addition, 6,400 shares were also delivered to heirs of
employees under the ongoing 2021 and 2022 Performance
Plans.
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
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)
maximum of 3,000,000 shares (representing 0.37% of the share
capital at February 17, 2021). 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 share price against a panel of
companies in the retail sector (for 25%);
a CSR‑related condition (for 25%).
■
■
■
2021 Performance Plan
June 14, 2019
February 17, 2021
February 17, 2024
3,000,000
691
11.85
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
The shares will vest subject to a service condition and several performance conditions.
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Movements in performance share grants related to the 2021 plan were as follows:
Shares allotted at January 1
Shares granted during the year
Shares delivered to the grantees during the year
(1)
Shares cancelled during the year
Shares allotted at December 31
(1)
Corresponds only to shares vested to heirs of employees.
2023
2022
2,662,800
2,927,600
−
(3,200)
(233,500)
2,426,100
−
(4,100)
(260,700)
2,662,800
Under the 2021 performance share plan which expired on
February 17, 2024, the level of attainment achieved by the
Carrefour group was 100%. Accordingly, 2,411,400 shares were
delivered to the beneficiaries in accordance with the relevant
settlement terms.
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 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)
2022 Performance Plan
May 21, 2021
February 16, 2022
February 16, 2025
3,104,000
809
14.21
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
The shares will vest subject to a service condition and several performance conditions.
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 2022 plan were as follows:
Shares allotted at January 1
Shares granted during the year
Shares delivered to the grantees during the year
(1)
Shares cancelled during the year
Shares allotted at December 31
(1)
Corresponds only to shares vested to heirs of employees.
2023
2,947,945
2022
−
−
3,104,000
(3,200)
(218,375)
2,726,370
−
(156,055)
2,947,945
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
On February 14, 2023, 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 2,833,260 shares (representing 0.38% of the share
capital at February 14, 2023). 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:
■
■
■
Details of the 2023 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)
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%.
2023 Performance Plan
May 21, 2021
February 14, 2023
February 14, 2026
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
The shares will vest subject to a service condition and several performance conditions.
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 2023 plan were as follows:
Shares allotted at January 1
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
Shares allotted at December 31
2,833,260
680
13.23
2023
−
2,833,260
−
(67,460)
2,765,800
b.
Atacadão performance share plans
The Atacadão 2020 performance share plan expired on
November 10, 2023. Accordingly, 529,780 shares were delivered
to the beneficiaries in accordance with the relevant settlement
terms.
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%.
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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)
Brazil 2021 “Regular” Plan
April 14, 2020
August 25, 2021
August 25, 2024
1,832,230
124
14.56
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
The shares will vest subject to a service condition and several performance conditions.
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:
Shares allotted at January 1
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
Shares allotted at December 31
2023
2022
1,523,235
1,523,235
−
−
(201,408)
1,321,827
−
−
−
1,523,235
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%);
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 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)
Brazil 2022 “Regular” Plan
April 14, 2020
May 5, 2022
May 5, 2025
1,998,935
125
13.10
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
The shares will vest subject to a service condition and several performance conditions.
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
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Movements in performance share grants under the Brazil 2022 “Regular plan” were as follows:
Shares allotted at January 1
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
Shares allotted at December 31
2023
1,998,935
−
−
(235,300)
1,763,635
2022
−
1,998,935
−
−
1,998,935
On June 1, 2023, 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 four
performance conditions:
■
■
■
two conditions linked to financial performance (recurring
operating income for 25% and net free cash flow for 25%);
a condition linked to an external performance criterion (TSR),
benchmarking the Atacadão share price against a panel of
companies in the retail sector (for 25%);
a CSR‑related condition for 25%.
Details of the 2023 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)
Brazil 2023 “Regular” Plan
April 14, 2020
June 1, 2023
June 1, 2026
2,063,975
117
14.38
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
The shares will vest subject to a service condition and several performance conditions.
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 2023 “Regular plan” were as follows:
Shares allotted at January 1
Shares granted during the year
Shares delivered to the grantees during the year
Shares cancelled during the year
Shares allotted at December 31
2023
−
2,063,975
−
(32,525)
2,031,450
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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)
Total compensation paid during the year
Employer payroll taxes
Termination benefits
Other management benefit plans are as follows:
■
■
the supplementary defined benefit pension plan described in
Note 12.1;
performance share rights: the serving members of the
management team at December 31, 2023 held 2,445,737
performance share rights across all plans
(2,402,879 at
December 31, 2022), for which the vesting conditions are
described in Note 12.2.2.
12.4 Number of employees
Senior Directors
Directors
Managers
Employees
Average number of Group employees
NUMBER OF GROUP EMPLOYEES AT THE YEAR‑END
2023
2022
8.2
8.3
0.7
17.2
6.8
−
8.6
8.1
0.6
17.4
6.2
−
The compensation paid in 2023 to members of the Board of
Directors in respect of their duties amounted to 1.1 million euros
(1.1 million euros in 2022).
2023
469
1,667
27,012
281,144
310,292
305,309
2022
361
1,710
25,478
283,052
310,601
334,640
The Group’s headcount as shown for 2023 and 2022 does not include employees of Carrefour Taiwan. The Group’s average headcount
includes the employees of Grupo BIG over 12 months in 2023 and seven months in 2022 (see Note 2.1.1.3).
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
NOTE 13 EQUITY AND EARNINGS PER SHARE
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,
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
Capital management objectives (equity and debt capital) are to:
13.2.1
Share capital
At December 31, 2023, the share capital was made up of
708,790,816 ordinary shares with a par value of 2.5 euros each,
all fully paid.
2023
Of which treasury stock
2022
742,157
4,714
−
−
(38,080)
708,791
11,545
775,896
−
(2,053)
46,198
−
−
−
(38,080)
(33,738)
17,610
742,157
■
■
■
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)
Outstanding at January 1
Issued for cash
(1)
Issued/(used) under performance share plans
(2)
Share buyback program
(3)
Cancelled shares
(3)
Outstanding at December 31
(1)
(2)
(3)
See Note 2.6.
See Note 12.2.2.a.
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, 2023, a total of 17,609,525 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.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
13.3
Dividends
At the Shareholders’ Meeting held on May 26, 2023, the
shareholders decided to set the 2022 dividend at 0.56 euros per
share to be paid entirely in cash.
On June 8, 2023, the dividend was paid out in an amount of
405 million euros.
13.4 Other comprehensive income
Group share (in millions of euros)
Effective portion of changes in the fair value of cash
flow hedges
(1)
Changes in debt instruments at fair value through other
comprehensive income
(2)
Exchange differences on translation of intercompany
loans qualifying as net investment of foreign
operations, net of hedge effect
(3)
Exchange differences on translating foreign
operations
(4)
Items that may be reclassified subsequently to profit or
loss
Remeasurements of defined benefit plans obligation
(5)
Changes in the fair value of equity instruments through
other comprehensive income
Items that will not be reclassified subsequently to
profit or loss
TOTAL GROUP SHARE
Non‑controlling interests (in millions of euros)
Effective portion of changes in the fair value of cash
flow hedges
Changes in debt instruments at fair value through other
comprehensive income
Exchange differences on translating foreign
operations
(4)
Items that may be reclassified subsequently to profit or
loss
Remeasurements of defined benefit plans obligation
(5)
Changes in the fair value of equity instruments through
other comprehensive income
Items that will not be reclassified subsequently to
profit or loss
TOTAL NON‑CONTROLLING INTERESTS SHARE
(1)
2023
Pre‑tax
(111)
(31)
(7)
(48)
(198)
(36)
0
(36)
(233)
2023
Pre‑tax
(15)
4
58
46
(0)
0
(0)
46
Tax
29
(1)
2
−
30
7
(0)
7
37
Tax
4
(1)
−
3
0
(0)
0
3
Net
(82)
(32)
(6)
(48)
(168)
(28)
0
(28)
(196)
Net
(11)
3
58
49
(0)
0
(0)
49
2022
Pre‑tax
129
(13)
(15)
258
359
163
0
163
522
2022
Pre‑tax
16
(13)
122
125
5
0
5
130
Tax
(26)
3
4
−
(19)
(36)
(0)
(36)
(55)
Tax
(5)
3
−
(1)
(1)
(0)
(1)
(2)
Net
103
(9)
(11)
258
340
127
0
127
467
Net
11
(9)
122
124
4
0
4
128
The currency swap eligible for cash flow hedge accounting, set up by the Group in 2022 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, was settled when Carrefour Taiwan was sold,
generating an expense of 46 million euros net of tax (see Note 2.1.3). To a lesser extent, this item also includes swaps in Spain and France taken
out to hedge the risk of unfavourable changes in energy prices for electricity and biomethane, respectively (see Note 14.7.6).
At December 31, 2023, the carrying amount of Flink shares was reduced by 35 million euros to align with their fair value (see Note 2.1 to the 2022
consolidated financial statements).
In 2023 and 2022, Carrefour Finance granted two intra‑group revolving credit facilities (RCF) to the Brazilian subsidiary Atacadão for 2.3 billion
Brazilian reals and 5.9 billion Brazilian reals respectively. These facilities were treated as part of the net investment in that operation. The
derivatives contracted to hedge part of the facilities were classified as a net investment hedge (see Note 2.3).
The Group’s share of exchange differences in 2023 mainly reflects the major decrease in the value of the Argentine peso, as well as the reversal
of positive translation adjustments recorded by Carrefour Taiwan in an amount of 52 million euros, partially offset by the increase in the value of
the Brazilian real and the Polish zloty.
The share of exchange differences attributable to non‑controlling interests in 2023 reflects the slight increase in the value of in the Brazilian real.
Exchange differences recognised in 2022 mainly resulted from the sharp increase in the value of the Brazilian real compared with
December 31, 2021.
Remeasurement of the net defined benefit liability recognised in 2023 reflects the decrease in discount rates applied for the eurozone, from
3.80% at end‑December 2022 to 3.20% at end‑December 2023. In 2022, these discount rates had increased sharply, from 0.80% at
end‑December 2021 to 3.80% at end‑December 2022.
(2)
(3)
(4)
(5)
1
2
3
4
5
6
7
8
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
13.5
Shareholder’s 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.
The following tables present the key information from the sub‑groups’ consolidated financial statements:
CARREFOUR BANQUE SUB‑GROUP
Income statement (in millions of euros)
Revenue (Net Banking Revenue)
Net income/(loss)
2023
167
(32)
2022
184
33
Statement of financial position (in millions of euros)
December 31, 2023
December 31, 2022
Total assets
Total liabilities excluding shareholders’ equity
Dividends paid to non‑controlling interests
GRUPO CARREFOUR BRASIL SUB‑GROUP
Income statement (in millions of euros)
Total revenue
Net income/(loss)
of which:
attributable to the Carrefour group
attributable to non‑controlling interests
■
■
3,672
3,168
−
2023
20,354
(118)
(147)
29
3,502
2,952
6
2022
19,030
370
322
48
Statement of financial position (in millions of euros)
December 31, 2023
December 31, 2022
IFRS 3 restated
Non‑current assets
Current assets
Non‑current liabilities (excluding shareholders’ equity)
Current liabilities
Dividends paid to non‑controlling interests
8,994
8,344
4,581
8,865
23
8,853
7,729
4,280
8,392
12
As Carrefour SA owns 68% of Atacadão SA, the breakdown of net
income is different at the level of the consolidated financial
statements of the Carrefour group:
■
2022 net income of 370 million euros broke down into
223 million euros attributable to the Carrefour group and
146 million euros attributable to non‑controlling interests.
■
2023 net loss of 118 million euros broke down into 99 million
euros attributable to the Carrefour group and 19 million euros
attributable to non‑controlling interests;
There are no individually material non‑controlling interests in
other subsidiaries.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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).
Basic earnings per share
Net income/(loss) from continuing operations
Net income/(loss) from discontinued operations
Net income/(loss) (in millions of euros)
Weighted average number of shares outstanding
(1)
Basic income/(loss) from continuing operations – per share (in euros)
Basic income/(loss) from discontinued operations – per share (in euros)
Basic income/(loss) – per share (in euros)
2023
930
729
1,659
2022
1,368
(21)
1,348
714,170,185
741,377,552
1.30
1.02
2.32
1.85
(0.03)
1.82
(1)
In accordance with IAS 33, the weighted average number of shares used to calculate earnings per share for 2023 was adjusted to take into
account the impact of the share buybacks carried out during the period (see Note 2.5).
Diluted earnings per share
Net income/(loss) from continuing operations
Net income/(loss) from discontinued operations
Net income/(loss) (in millions of euros)
2023
930
729
1,659
2022
1,368
(21)
1,348
Weighted average number of shares outstanding, before dilution
714,170,185
741,377,552
Potential dilutive shares
Performance shares
5,055,485
5,055,485
5,245,147
5,245,147
Diluted weighted average number of shares outstanding
719,225,670
746,622,699
Diluted income/(loss) from continuing operations – per share (in euros)
Diluted income/(loss) from discontinued operations – per share (in euros)
Diluted income/(loss) – per share (in euros)
1.29
1.01
2.31
1.83
(0.03)
1.80
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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.
These assets are impaired as described below.
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 fair value through other
comprehensive income (FVOCI)
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
value, with changes
in other
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
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
(FVPL)
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.
Impairment
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,
simplified approach allowed under
pursuant
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).
the
to
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.
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
The approach applied to consumer credit granted by the
financial services companies is described in Note 6.5.1.
Non‑derivative financial assets held by the Group
The main non‑derivative financial assets held by the Group are
as follows:
■
■
■
■
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
also
January 1, 2019
in
commitments
accordance with
lease
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.
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.
(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 testing);
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.
Carrefour uses
for accounting
purposes: cash flow hedges, fair value hedges and hedges of
net investment in a foreign operation.
types of hedges
three
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.
Swaps set up to convert fixed rate bonds and notes to variable
rate are qualified as fair value hedges. The hedged portion of
the underlying financial liability 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,
2023, the financing facilities arranged for Brazilian subsidiary
Atacadão in September 2021, April 2023 and December 2023,
respectively, were subject
(see
Note 14.2.3).
fair value hedges
to
Hedges of a net investment in a foreign operation
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.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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1
2
3
4
5
6
7
8
9
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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.
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.
(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/or vanilla interest rate options.
FAIR VALUE CALCULATION METHOD
The fair values of currency and interest rate instruments are
determined using market‑recognised pricing models or prices
quoted by external financial institutions.
Values estimated using pricing models are based on
forward
discounted
future cash flows
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, 2023 and 2022, the effect of incorporating
these two types of risk was not material.
14.1
Financial instruments by category
Breakdown by category
Fair value
through
profit
or loss
Carrying
amount
Fair value
through
OCI
Amortised
cost
Derivative
instruments
not
designated
as hedges
Derivative
instruments
designated
as hedges Fair value
154
1,074
1,229
6,554
3,269
685
564
20
79
99
−
−
191
−
6,290
6,290
134
185
319
−
−
176
−
−
−
810
810
6,554
3,269
204
564
−
18,592
6,580
495
11,402
9,487
4,901
5,702
14,242
2,713
37,045
−
−
−
−
−
−
−
−
−
−
−
−
9,425
4,901
5,652
14,242
2,713
36,933
−
−
−
−
−
1
−
−
1
5
−
12
−
−
17
−
−
−
−
−
114
−
−
154
1,074
1,229
6,554
3,269
685
564
6,290
114
18,592
58
−
38
−
−
9,416
4,901
5,702
14,242
2,713
96
36,973
At December 31, 2023
(in millions of euros)
Investments in non‑consolidated
companies
Other long‑term investments
Other non‑current financial assets
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.
394
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
At December 31, 2022
IFRS 3 restated
(in millions of euros)
Investments in non‑consolidated
companies
Other long‑term investments
Other non‑current financial assets
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)
(2)
Excluding prepaid expenses.
Excluding deferred revenue.
Breakdown by category
Fair value
through
profit
or loss
Carrying
amount
Fair value
through
OCI
Amortised
cost
Derivative
instruments
not
designated
as hedges
Derivative
instruments
designated
as hedges Fair value
178
1,073
1,251
5,978
3,330
771
606
5,216
17,153
9,558
4,530
5,142
14,393
2,813
36,435
12
90
102
−
−
1
−
5,216
5,319
−
−
−
−
−
−
166
152
318
−
−
149
−
−
−
831
831
5,978
3,330
296
606
−
467
11,041
−
−
−
−
−
−
9,410
4,530
5,089
14,393
2,813
36,235
−
−
−
−
−
18
−
−
18
18
−
16
−
−
34
−
−
−
−
−
307
−
−
307
130
−
37
−
−
178
1,073
1,251
5,978
3,330
771
606
5,216
17,153
9,212
4,530
5,142
14,393
2,813
167
36,089
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 1.8):
December 31, 2023 (in millions of euros)
Level 1
Level 2
Level 3
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
−
264
176
191
−
6,290
−
−
20
−
−
−
115
−
(50)
(63)
134
−
−
−
−
−
−
−
154
264
176
191
115
6,290
(50)
(63)
December 31, 2022 (in millions of euros)
Level 1
Level 2
Level 3
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)
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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, 2023 amounted to 2,560 million euros compared to
3,378 million euros at December 31, 2022 as restated for IFRS 3. This amount breaks down as follows:
(in millions of euros)
Bonds and notes
Other borrowings
Commercial paper
Total borrowings excluding derivative instruments recorded in liabilities
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, 2023
December 31, 2022
IFRS 3 restated
8,077
1,226
122
9,425
63
9,487
7,264
2,224
638
6,290
6,928
2,560
−
2,560
7,697
1,223
490
9,410
148
9,558
6,912
2,646
728
5,216
5,944
3,614
(236)
3,378
(1)
The current portion of amounts receivable from finance subleasing arrangements is not included in this caption (see Note 14.2.5).
396
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
14.2.2 Breakdown of bond debt
(in millions of euros)
Public placements by Carrefour SA
Non‑dilutive convertible bonds, USD 500 million,
6 years, 0%
EMTN, EUR, 5 years, 0.88%
EMTN, EUR, 8 years, 0.750%
Non‑dilutive convertible bonds, USD 500 million,
6 years, 0%
EMTN, EUR, 10 years, 1.25%
EMTN, EUR, 7.5 years, 1.75%
EMTN, EUR, 4.6 years, 1.88%
EMTN, EUR, 8 years, 1.00%
EMTN, EUR, 7.5 years, 2.625%
EMTN, EUR, 6 years, 4.125%
EMTN, EUR, 7.6 years, 2.38%
EMTN, EUR, 7.5 years, 3.75%
EMTN, EUR, 8 years, 4.375%
Placements by Atacadão SA
Debentures, BRL 500 million, 5 years, 105.75% CDI
Debentures, BRL 350 million, 5 years,
100% CDI+0.55%
Debentures, BRL 200 million, 7 years,
100% CDI+0.65%
Debenture (“CRA”), BRL 467 million, 4 years,
100% CDI+0.55%
Debenture (“CRA”), BRL 330 million, 3 years,
100% CDI+0.95%
Debenture (“CRA”), BRL 188 million, 5 years,
100% CDI+0.60%
Debenture (“CRA”), BRL 844 million, 5 years,
100% CDI+0.79%
Debenture (“CRA”), BRL 468 million, 4 years,
11.87%
Debenture (“CRA”), BRL 132 million, 5 years,
100% CDI+1.00%
TOTAL BONDS AND NOTES
Face value
Maturity
December 31,
2022
Issues
Repayments
Exchange
differences
December 31,
2023
2023
2023
2024
2024
2025
2026
2026
2027
2027
2028
2029
2030
2031
2023
2024
2026
2026
2026
2027
2027
2027
2028
7,288
1,250
469
500
750
469
750
500
750
500
1,000
850
750
−
−
458
90
63
36
84
−
34
152
−
−
−
−
−
−
−
−
−
−
−
−
−
500
750
175
−
−
−
−
62
−
−
88
25
(963)
(463)
(500)
−
−
−
−
−
−
−
−
−
−
−
(90)
(90)
−
−
−
−
−
−
−
−
7,746
1,425
(1,053)
(22)
(6)
−
−
(16)
−
−
−
−
−
−
−
−
−
14
0
3
1
3
(0)
1
6
(1)
(0)
(8)
Book value
of the debt
December 31,
2023
7,520
−
−
750
445
749
499
748
498
996
848
745
497
744
557
−
65
37
87
62
35
158
87
25
7,552
−
−
750
452
750
500
750
500
1,000
850
750
500
750
557
−
65
37
87
62
35
158
87
25
8,109
8,077
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
397
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
2023, Carrefour SA
On May 2,
a new
Sustainability‑Linked Bond issue indexed to two goals related to
greenhouse gas emissions, for a total of 500 million euros,
maturing in seven and a half years (due in October 2030) and
paying a coupon of 3.75%.
carried out
On June 12, 2023, Carrefour SA redeemed 500 million euros
worth of 0.88% five‑year bonds.
On June 14, 2023, Carrefour SA redeemed 500 million dollars
worth of convertible, non‑dilutive 0% six‑year bonds.
Lastly, on November 7, 2023, Carrefour SA carried out a new
Sustainability‑Linked Bond issue indexed to two goals related to
greenhouse gas emissions, for a total of 750 million euros,
maturing in eight years (due in November 2031) and paying a
coupon of 4.375%.
The Group’s financial position and
liquidity were solid at
December 31, 2023. The average maturity of bond debt was
3.8 years at end‑December 2023, compared with 3.6 years at
end‑December 2022.
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.
“Latin America borrowings” correspond to USD and EUR
financing set up by the Brazilian subsidiary Atacadão. These
US‑dollar and euro‑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
instruments are
the borrowings. These
documented and recognised as fair value hedges.
life of
the
FINANCING OF THE BRAZILIAN SUBSIDIARY ATACADÃO
On April 27, 2023, Atacadão redeemed 500 million Brazilian reals
worth of debenture‑type debt maturing in five years and paying a
(Certificado de Depósito
coupon of 105.75% of the CDI
Interbancário) rate.
Conversely, on June 2, 2023, the Brazilian subsidiary issued
simple unsecured, non‑convertible debentures (Certificado de
Recebíveis do Agronegócio – CRA) for an amount of 930 million
Brazilian
the
(approximately
December 31, 2023 exchange rate) in three series:
174 million euros at
reals
■
■
an initial series for 330 million Brazilian reals, with a coupon of
CDI +0.95% and a maturity of three years;
a second series for 468 million Brazilian reals, with a coupon of
11.87% before hedging, representing 111.20% of the CDI after
hedging, and a maturity of four years;
■
a third series for 132 million Brazilian reals, with a coupon of
CDI +1.00% and a maturity of five years.
December 31, 2023
December 31, 2022
813
238
68
108
1,025
72
57
69
1,226
1,223
At December 31, 2023, this financing includes loans taken out:
■
■
■
in September 2021, for 1,410 million Brazilian reals;
in April 2023, for 744 million Brazilian reals;
in December 2023, for 2,323 million Brazilian reals, replacing a
loan of 2,293 million Brazilian reals taken out in January 2023
and maturing on the same date.
398
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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, 2023
December 31, 2022
1,778
4,512
6,290
1,420
3,796
5,216
There are no material restriction 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, 2023, 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
(3)
Sub‑lease receivable – less than one year
Deposits with maturities of more than three months
Other
TOTAL OTHER CURRENT FINANCIAL ASSETS
December 31, 2023
December 31, 2022
IFRS 3 restated
115
127
176
191
47
22
7
685
325
188
149
1
43
64
1
771
(1)
(2)
(3)
The 211 million euro decrease in this item compared to December 31, 2022 primarily reflects (i) the unwinding of the EUR/TWD currency swap –
for which mark‑to‑market value amounted to 64 million euros at end‑2022 – following the sale of Carrefour Taiwan on June 30, 2023, and (ii) the
unwinding of the currency swap hedging the non‑dilutive convertible bond – for which mark‑to‑market value amounted to 69 million euros at
end‑2022 – after the bond was redeemed in June 2023 (see Note 14.2.2), and (iii) the unwinding of the swaptions partially hedging the interest
rate on the two 2023 bond issues – for which mark‑to‑market value amounted to 40 million euros at end‑2022.
This amount represents the financial receivable relating to the 20% stake in Carrefour China. At December 31, 2022 as restated for IFRS 3, this
amount also included the current portion of the reduction in the purchase price for Grupo BIG in Brazil amounting to 51 million euros, which was
received in April 2023 (see Note 2.1.1.3).
This amount corresponds almost exclusively to dollar- and inflation‑linked investments made by Carrefour Argentina during 2023.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
399
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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 leu
December 31, 2023
December 31, 2022
Before hedging
After hedging Before hedging
After hedging
8,930
495
8,026
1,398
8,843
567
7,902
1,508
9,425
9,425
9,410
9,410
December 31, 2023
December 31, 2022
8,025
1,396
−
3
7,901
1,506
2
1
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS RECORDED IN
LIABILITIES)
9,425
9,410
The above analysis includes the effect of hedging.
Euro‑denominated borrowings represented 85% of total borrowings (excluding derivative instruments recorded in liabilities) at
December 31, 2023 (84% at December 31, 2022).
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)
December 31, 2023
December 31, 2022
2,161
1,179
4,087
1,998
9,425
2,498
1,514
3,799
1,599
9,410
400
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
14.4
Changes in liabilities arising from financing activities
(in millions of euros)
At December 31, 2022 IFRS 3 restated
Changes from financing cash flows
Change in current financial assets
Issuance of bonds
Repayments of bonds
Net financial interests paid
Net repayments of Commercial papers
Other changes in borrowings
Non‑cash changes
Exchange differences
Effect of changes in scope of consolidation
Changes in fair values
Finance costs, net
Other movements
At December 31, 2023
Other current
(1)
financial assets
(728)
21
21
−
−
−
−
−
69
125
0
7
(52)
(11)
(638)
Total Liabilities
arising from
financing activities,
net
Borrowings
9,558
(375)
−
1,425
(1,053)
(184)
(368)
(195)
304
(51)
12
6
310
28
8,830
(354)
21
1,425
(1,053)
(184)
(368)
(195)
373
74
12
13
258
17
9,487
8,849
(1)
This item does not include amounts receivable from finance subleasing arrangements and was restated in accordance with IFRS 3 (see Note 4).
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)
Financial receivable
(3)
Investments in non‑consolidated companies
(4)
Other
December 31, 2023
December 31, 2022
IFRS 3 restated
637
262
73
−
154
102
594
243
72
88
178
75
TOTAL OTHER NON‑CURRENT FINANCIAL ASSETS
1,229
1,251
(1)
(2)
(3)
(4)
Deposits and guarantees notably include legal deposits paid in Brazil in connection with tax reassessments challenged by the Group
(see Notes 11.2 and 11.3) pending final court rulings, as well as security deposits paid to lessors under property leases.
Amounts receivable from finance subleasing arrangements are recognised in application of IFRS 16.
The amount recognised under this line at December 31, 2022 included the long‑term portion of the financial receivable relating to the reduction
in the purchase price for Grupo BIG in Brazil for 88 million euros, received in August 2023 (see Note 2.1.1.3).
The decrease in investments in non‑consolidated companies in 2023 was mainly due to the change in the fair value of Flink shares.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
401
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 subleasing
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)
Interest income from loans and cash equivalents
Interest income from bank deposits
Interest income from investments
Finance costs
Interest expense on financial liabilities measured at amortised cost, adjusted for income
and expenses from interest rate instruments
Cost of receivables discounting in Brazil
Finance costs, net
Interest charge related to lease commitments
Interest income related to financial sublease contracts
Net interests related to lease commitments
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
(1)
Other financial income and expenses, net
FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES, NET
Financial expenses
Financial income
2023
168
116
52
(426)
(385)
(41)
(258)
(210)
1
(208)
(29)
7
(26)
(38)
7
10
(0)
12
−
0
104
8
56
(410)
(608)
198
2022
20
20
0
(356)
(321)
(35)
(336)
(167)
1
(167)
(9)
2
(33)
(51)
5
8
(3)
(8)
(7)
(1)
119
(8)
13
(490)
(644)
154
(1)
In 2023, this item includes 21 million euros in interest relating to the reduction in the purchase price for Grupo BIG in Brazil (see Note 2.1.1.3).
402
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
14.7
Risk management
The main risks associated with the financial instruments used by
the Group are liquidity, interest rate, currency, credit, commodity
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 are
managed separately from those related to the retail business.
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.
For financial services and insurance activities, risk management
and monitoring are overseen directly by the entities concerned,
under the aegis of the Corporate Treasury and Financing
department and the Group Financial and Merchant Services
department.
proper
implementation of the rules governing these businesses, jointly
with other investors. Periodic reports are sent to them by the
local teams.
departments
oversee
These
the
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, 2023, 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.
The main transactions in 2023 were as follows (see Note 14.2.2):
■
■
■
■
a 500 million euro Sustainability‑Linked Bond issue indexed to
two goals related to greenhouse gas emissions, maturing in
seven and a half years (due in October 2030) and paying a
coupon of 3.75%;
a 750 million euro Sustainability‑Linked Bond issue indexed to
two goals related to greenhouse gas emissions, maturing in
eight years (due in November 2031) and paying a coupon of
4.375%;
redemption of 500 million euros worth of 0.88% five‑year
bonds;
redemption of 500 million US dollars worth of convertible,
non‑dilutive 0% six‑year bonds.
Other financing transactions were carried out by Brazilian
subsidiary Atacadão in 2023; these are detailed in Notes 14.2.2
and 14.2.3.
As a reminder, in 2022, the Group redeemed 1 billion euros worth
of 1.75% eight‑year bonds ahead of their July 2022 maturity. It
also carried out two Sustainability‑Linked Bond issues, indexed to
the Group’s sustainable development goals. The first 1.5 billion
euro issue comprised a 750 million euro tranche with a maturity
of 4.6 years and a coupon of 1.88% per annum, and a second
750 million euro tranche with a maturity of 7.6 years and a
coupon of 2.38% per annum. The second issue was for an initial
amount of 500 million euros, a maturity of six years and a
coupon of 4.125% per annum. The issue was increased by
350 million euros offering the same terms in November 2022.
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
3.8 years as of December 31, 2023, compared with 3.6 years as of
December 31, 2022.
1
2
3
4
5
6
7
8
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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.
In May 2023, Carrefour Banque issued a new 500 million euro
bond with a four‑year maturity (due May 2027) with a fixed rate
swapped for the three‑month Euribor +95 basis points, and in
June 2023 redeemed ahead of term the 400 million euro bond
issued in September 2019 with a floating rate of three‑month
Euribor +65 basis points (initial maturity in September 2023).
Liquidity risk management objectives are to:
include central bank
diversify sources of
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.
■
■
■
■
■
Banco CSF (Brazil) issued several financial bills (Letra Financeira)
throughout 2023 for a total amount of 712 million Brazilian reals
and redeemed several others that were outstanding at end‑2022,
for an amount of 767 million Brazilian reals. As a result, the
balance
at
December 31, 2023.
1,962 million Brazilian
amounted
reals
to
As a reminder, several structured financing operations were
carried out in 2022:
■
■
a 400 million euro bond
Carrefour Banque in March 2022;
issue was redeemed early by
Banco CSF (Brazil) had issued several Letra Financeira for
700 million Brazilian reals and redeemed several others that
were outstanding at end‑2021, including the Letra Financeira
Garantida subscribed in December 2021 in an amount of
114 million Brazilian reals.
The following tables analyse the cash outflows relating to the Group’s financial liabilities, by period and payment due date.
December 31, 2023 (in millions of euros)
Fair value hedged borrowings
(2)
Fixed rate borrowings
Unhedged borrowings
Derivative instruments
Total Borrowings
Suppliers and other creditors
Consumer credit financing
Other current payables
(1)
Carrying
amount
Contractual
cash flows
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
813
8,117
495
63
9,487
14,242
5,702
2,713
813
9,002
494
61
10,371
14,242
5,702
2,713
390
1,857
90
42
2,380
14,173
3,771
2,713
423
4,991
404
16
5,834
43
1,931
−
7,808
−
2,154
−
3
2,157
26
−
−
2,183
TOTAL FINANCIAL LIABILITIES
32,145
33,028
23,038
(1)
(2)
Excluding deferred revenue.
Borrowings hedged by fair value hedges correspond to the financing facilities in US dollars and euros set up and swapped for Brazilian reals by
Brazilian subsidiary Atacadão in September 2021, April 2023 and December 2023, for 1,410 million reals (after repayment of 527 million reals in
March and June 2023), 744 million reals and 2,323 million reals, respectively (see Note 14.2.3).
404
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Carrying
amount
Contractual
cash flows
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
941
7,902
567
148
9,558
14,393
5,142
2,813
941
8,542
567
147
10,197
14,393
5,142
2,813
699
1,733
198
128
2,758
14,340
3,592
2,813
242
5,142
370
17
5,770
34
1,550
−
7,354
−
1,667
−
1
1,668
20
−
−
1,688
December 31, 2022 (in millions of euros)
Fair value hedged borrowings
(2)
Fixed rate borrowings
Unhedged borrowings
Derivative instruments
Total Borrowings
Suppliers and other creditors
Consumer credit financing
Other current payables
(1)
TOTAL FINANCIAL LIABILITIES
31,906
32,545
23,502
(1)
(2)
Excluding deferred revenue.
Borrowings hedged by fair value hedges corresponded to 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).
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.
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
50‑bps decline
50‑bps increase
Impact on
shareholders’
equity (OCI)
Impact
on income
statement
Impact on
shareholders’
equity (OCI)
Impact
on income
statement
−
−
−
(2)
(2)
(31)
7
−
−
(24)
−
−
−
3
3
31
(7)
−
−
24
14.7.3 Foreign exchange risk
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
subsidiaries that operate almost exclusively
in their home
country, such that purchases and sales are denominated in local
currency. As a result, the Group’s exposure to currency risk on
its
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.
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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/HKD
Position EUR/PLN
Position EUR/RON
Position USD/RON
Position CHF/EUR
Position BRL/EUR
TOTAL EFFECT
10% decrease
10% increase
Impact on
shareholders’
equity (OCI)
Impact on
income
statement
Impact on
shareholders’
equity (OCI)
−
−
−
−
−
−
(58)
(58)
84
−
9
3
(2)
−
−
95
−
−
−
−
−
−
68
68
Impact on
income
statement
(84)
−
(9)
(3)
2
−
−
(95)
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
risk:
statement are exposed
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
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
Total Other non‑current financial assets
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
The translation risk on foreign operations outside the euro zone
mainly concerns the Brazilian real and Argentine peso. Factoring
out Argentina, which saw a major devaluation of the peso during
the year, sales and recurring operating income for 2023 at
constant exchange rates would have been virtually identical at
current exchange rates.
Lastly, any local financing is generally implemented in local
currency.
December 31, 2023
December 31, 2022
IFRS 3 restated
154
1,074
1,229
6,554
3,269
685
564
6,290
18,592
178
1,073
1,251
5,978
3,330
771
606
5,216
17,153
Trade receivables correspond mainly to amounts receivable from
franchisees (for delivered goods and franchise fees) and suppliers
(mainly rebates and commercial income). 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, 2023, trade receivables net of impairment
(excluding receivables from suppliers) amounted to 2,223 million
euros (see Note 6.4.3). At that date, past due receivables
amounted to a net 271 million euros, of which 43 million euros
were over 90 days past due (1.9% of total trade receivables net of
impairment excluding receivables from suppliers).
406
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
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 French
financial markets authority (Autorité des marchés financiers –
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,
2023
Amounts not
yet due at the
period‑end
Amounts due and past due at the period‑end
0 to
3 months
3 to
6 months
6 months to
1 year
More than
one year
6,554
5,776
428
85
115
151
(in millions of euros)
Consumer credit granted by the financial
services companies
December 31,
2022
Amounts not
yet due at the
period‑end
Amounts due and past due at the period‑end
0 to
3 months
3 to
6 months
6 months to
1 year
More than
one year
5,978
5,181
523
76
93
105
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
December 31,
2023
Due within
1 year
Due in
1 to 5 years
Due beyond
5 years
1,490
172
1,816
49
3,027
6,554
622
5
1,128
49
2,840
4,644
759
136
258
0
188
1,341
109
31
429
−
0
570
December 31,
2022
Due within
1 year
Due in
1 to 5 years
Due beyond
5 years
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
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
14.7.5
Equity risk
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, 2023, shares held in
treasury by the Group covered its total commitments under
these plans.
The equity
the conversion options
embedded in the bonds issued by the Group in March 2018 is
risk associated with
At December 31, 2023, these contracts were valued as follows:
fully hedged by symmetrical options contracted with banks. The
derivatives are recognised as assets and
in the
statement of financial position
total amount of
0.7 million euros.
liabilities
in a
14.7.6
Commodity risk
Commodity risk is the risk that a change in the price of
commodities could have an adverse effect on the Group’s future
cash flows.
The Group’s exposure to commodity risk mainly results from
energy prices, and more specifically the cost of biomethane (in
the context of freight transport) and electricity. This risk is
the various
forward purchase contracts on
hedged by
underlyings, the maturities of which can exceed 12 months.
These forwards qualify as cash flow hedges for accounting
purposes.
(in millions of euros)
Face value
Fair value
Face value
Fair value
Forward contracts hedging biomethane exposure
Forward contracts hedging electricity provision
TOTAL
−
−
−
−
−
−
13
21
34
(4)
(6)
(10)
ASSETS
LIABILITIES
The calculation of the pre‑tax impact of a change in the value of derivatives due to an increase/decrease in prices is shown below:
(in millions of euros)
(- = loss; + = gain)
Forward contracts hedging biomethane exposure
Forward contracts hedging electricity provision
TOTAL EFFECT
In 2023, as part of its goal of achieving net‑zero carbon
emissions from its store operations by 2040, the Group signed
four Physical Power Purchase Agreements. These agreements
cover wind and solar farms in France, which will produce around
100 GWh per year from 2024, equivalent to the power consumed
by 29 hypermarkets. They are accounted for as executory
contracts (“own‑use” exemption as provided for by IFRS 9).
10% decrease
10% increase
Impact on
shareholders’
equity (OCI)
Impact on
income
statement
Impact on
shareholders’
equity (OCI)
Impact on
income
statement
(1)
(1)
(2)
−
−
−
1
1
2
−
−
−
The Group will continue to accelerate the implementation of
these green energy contracts across all of its geographies by
considering both Physical and Virtual Power Purchase
Agreements.
408
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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.
Commitments given (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
Commitments received (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,
2023
Due within
1 year
Due in
1 to 5 years
Due beyond
5 years
December 31,
(1)
2022
By maturity
8,819
8,525
294
2,934
157
269
8,025
7,964
62
1,756
18
59
692
558
134
984
37
126
102
4
99
194
102
85
9,264
8,895
369
1,213
137
248
12,180
9,858
1,838
484
10,862
December 31,
2023
Due within
1 year
Due in
1 to 5 years
Due beyond
5 years
December 31,
(1)
2022
By maturity
5,941
1,350
4,591
1,930
459
667
804
158
646
392
313
331
5,081
1,175
3,906
1,080
108
250
8,997
1,841
6,518
55
17
39
458
38
87
638
5,984
1,426
4,557
1,612
426
467
8,488
(1)
The reported balance of commitments given and received at December 31, 2022 did not include Grupo BIG commitments. Grupo BIG was
acquired in 2022 (see Note 2.1.1.3).
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 given for land purchases or construction work
to be performed in connection with the Group’s expansion
programmes;
■
miscellaneous commitments
contracts;
arising
from commercial
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 had not been made available as of
December 31, 2023.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
409
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
NOTE 16 SUBSEQUENT EVENTS
On January 8, 2024, the Brazilian subsidiary Atacadão issued
debentures
reals
(approximately 280 million euros at the December 31, 2023
exchange rate) in two tranches:
for an amount of 1.5 billion Brazilian
■
■
an initial tranche for 650 million Brazilian reals, with a coupon
of CDI +1.2% and a maturity of two years;
a second tranche for 850 million Brazilian reals, with a coupon
of CDI +1.35% and a maturity of three years;
On February 5, 2024, the Brazilian subsidiary Atacadão issued
simple, unsecured non‑convertible debentures (Certificado de
Recebíveis do Agronegócio – CRA)
for an amount of
1 billion Brazilian reals (approximately 187 million euros at the
December 31, 2023 exchange rate) in five tranches:
■
■
■
an initial tranche for 146 million Brazilian reals, with a coupon
of CDI +0.85% and a maturity of three years;
a second tranche for 61 million Brazilian reals, with a coupon
of CDI +0.95% and a maturity of five years;
a third tranche for 341 million Brazilian reals, with a coupon of
between 109.95% and 110.07% of the CDI (after hedging) and a
maturity of three years;
■
■
a fourth tranche for 196 million Brazilian reals, with a coupon
of 110.10% of the CDI (after hedging) and a maturity of five
years;
a fifth tranche for 256 million Brazilian reals, with a coupon of
between 110.80% and 111.20% of the CDI (after hedging) and a
maturity of seven years.
On January 25, 2024, the Group announced that it had entered
into exclusive negotiations with the Intermarché group with a
view to acquiring 31 stores. These stores generated sales of
around 400 million euros in 2022. The amount of the acquisition
is not material.
Under the terms of this agreement, Carrefour will replace
Intermarché for the purchase of 25 stores from Casino (purchase
commitment signed on February 8, 2024), while the remaining
six stores will be acquired directly from Intermarché.
The Group has undertaken to maintain all employees working in
the stores along with their social benefits for a minimum period
of 15 months.
The transaction is subject to the usual conditions precedent,
notably the authorisation of the French competition authority.
The transaction is expected to be completed in April 2024 for the
stores acquired from Casino and in the second quarter of 2024
for the stores acquired from Intermarché.
410
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
NOTE 17 AUDITORS’ FEES
Fees 2023
(in thousands euros)
Financial statements certification services
Carrefour SA – Issuer
Subsidiaries (controlled entities)
Other services
(2)
Carrefour SA – Issuer
Subsidiaries (controlled entities)
Deloitte &
(1)
Associés
2,498
496
2,002
352
274
78
Network Total Deloitte
Mazars
(1)
Network
Total Mazars
3,354
−
3,354
347
−
347
5,851
496
5,356
700
274
426
2,150
428
1,722
120
32
88
1,292
−
1,292
44
−
44
3,441
428
3,014
164
32
132
TOTAL
2,850
3,701
6,551
2,270
1,335
3,605
(1)
(2)
Carrefour SA (parent company) Statutory Auditors (excluding services provided by their network).
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 statements and reports on agreed‑upon procedures concerning 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 2023 / CARREFOUR
411
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
NOTE 18 LIST OF CONSOLIDATED COMPANIES
18.1
Fully consolidated companies at December 31, 2023
FRANCE
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 DÉVELOPPEMENT URBAIN
CARREFOUR DRIVE
CARREFOUR FINANCE
CARREFOUR FRANCE
CARREFOUR FRANCE PARTICIPATION
CARREFOUR HYPERMARCHÉS
Percent interest
used in
consolidation
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
FRANCE
CARREFOUR IMPORT
CARREFOUR MANAGEMENT
CARREFOUR MARCHANDISES
INTERNATIONALES
CARREFOUR MONACO
CARREFOUR OMNICANAL
CARREFOUR PARTENARIAT INTERNATIONAL
CARREFOUR PROPERTY FRANCE
CARREFOUR PROPERTY GESTION
CARREFOUR PROXIMITÉ FRANCE
CARREFOUR RÉGIE PUBLICITAIRE
CARREFOUR SA
CARREFOUR SERVICES CLIENTS
CARREFOUR SERVICES FACTORY
CARREFOUR STATION SERVICE
CARREFOUR SUPPLY CHAIN
CARREFOUR SYSTÈMES D’INFORMATION
CARREFOUR VOYAGES
CENTRE D’ACTIVITÉS DE DRAGUIGNAN
SALAMANDRIER
CENTRE DE FORMATION ET COMPÉTENCES
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
CRPF LOG INVEST
Percent interest
used in
consolidation
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
74
100
100
100
100
100
100
412
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
FRANCE
CRPF NANTES
CRPF SARTROUVILLE
CRFP VESTA PROPERTY
CRFP13
CRFP20
CRFP22
CRFP23
CRFP24
CRFP25 (UNLIMITAIL)
CRFP8
CORDIS
CROQUETTELAND
CSD TRANSPORTS
DASTORE
DAUPHINOISE DE PARTICIPATIONS
DE LA FONTAINE
DELMAS
DEJBOX LAB
DEJBOX SERVICES
DES CALLOUETS
DIGITAL MEDIA SHOPPER
DISTRIVAL
DOREL
ENTREPÔT PÉTROLIER DE LA GIRONDE
ETS LUCIEN LAPALUS ET FILS
FALDIS
FCT MASTER CREDIT CARD 2013
FINANCIÈRE RSV
FINIFAC
FONMARTOP
FORUM DÉVELOPPEMENT
GAMACASH
GEILEROP
GENEDIS
Percent interest
used in
consolidation
100
100
100
100
100
100
100
100
51
100
100
100
74
100
100
51
100
86
86
51
100
100
100
66
100
100
60
100
100
100
100
100
100
100
FRANCE
GIE BREST BELLEVUE
GREENWEEZ
GSMC
GUYENNE & GASCOGNE
GVTIMM
HYPARLO
HYPERADOUR
IMMO ARTEMARE
IMMOBILIÈRE CARREFOUR
IMMOBILIÈRE PROXI
IMMOCYPRIEN
IMMODIS
INTERDIS
LA CROIX VIGNON
LALAUDIS
LANN KERGUEN
LESCHENES
LOGIDIS
LOVADIS
LYBERNET
MAISON JOHANES BOUBEE
MATOLIDIS
MENHIR
MONTEL DISTRIBUTION
NASOCA
NOOPART
NOSAEL
PARLITOP
PARSEVRES
PASDEL
PHIVETOL
PLANETA HUERTO
POTAGER CITY
PROFIDIS
Percent interest
used in
consolidation
80
100
100
100
51
100
100
51
100
100
51
100
100
51
100
51
100
100
100
50
100
100
100
100
100
100
51
100
100
100
100
100
88
100
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
413
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
FRANCE
SORGENTE NATURA
SOVAL
STELAUR
STENN
SUPERADOUR
SUPERDIS
TIADIS
VAN‑K
VÉZÈRE DISTRIBUTION
VILLES ET COMMERCES
VIZEGU
ZORMAT
Percent interest
used in
consolidation
100
100
100
100
100
97
100
100
50
80
90
100
GERMANY
CARREFOUR PROCUREMENT
INTERNATIONAL BV & CO. KG
ARGENTINA
BANCO DE SERVICIOS FINANCIEROS SA
INC S.A.
Percent interest
used in
consolidation
100
Percent interest
used in
consolidation
92
100
FRANCE
PUECH ECO
ROYAL
SAFABE
SAFETY
SAINT HERMENTAIRE
SALACA
SAS LOUIS SEGUIN – ANGLET
SCI AZIMMO
SCI DE SIAM
SCI IMMO BAQUEVILLE
SCI IMMOTOURNAY
SCI LÉGÈRE
SCI LES HAUTS DE ROYA
SCI LES TASSEAUX
SCI LES VALLÉES
SCI MAXIMOISE DE CRÉATION
SCI PROXALBY
SCI RESSONS
SCI SIGOULIM
SELIMA
SMARTECO
SO.BIO
SO.BIO SÈVRES
SOCIÉTÉ D’ALIMENTATION MODERNE
SOCIÉTÉ DES HYPERMARCHÉS DE LA
VÉZÈRE
SOCIÉTÉ DES NOUVEAUX HYPERMARCHÉS
SOCIÉTÉ LUDIS
SOCIETE MODERNE DE DISTRIBUTION
MAISON VIZET‑FAVRE
SODIMODIS
SODISAL
SODITRIVE
SOFALINE
SOFIDIM
Percent interest
used in
consolidation
100
100
100
100
100
100
100
100
51
51
51
100
100
51
51
51
74
51
51
100
100
100
100
100
50
100
100
81
100
100
100
100
99
414
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
BELGIUM
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
ROB
SCHILCO
SHIP TO
SOUTH MED INVESTMENTS
STIGAM
VANDEN MEERSSCHE NV
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
Percent interest
used in
consolidation
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
BRAZIL
ATACADÃO S.A
BANCO CSF
BARBAROSSA EMPREENDIMENTOS E
PARTCIPACOES
BOMPRECO BAHIA
BOMPRECO NORDESTE
BSF HOLDING
BULGE EMPREENDIMENTOS E
PARTICIPACOES
CARREFOUR COMMERCIO E INDUSTRIA
CARREFOUR UNLIMITAIL PUBLICIDADE
CCI IP PARTICIPACOES
CCI RE SPCO DESENVOLMENTO
IMOBILIARIO 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
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 GESTAO DE
EMPREENDIMENTOS
OVERLORD EMPREENDIMENTOS E
PARTICIPACOES
PACIFICO EMPREENDIMENTOS E
PARTICIPACOES
PANDORA PARTICIPACOES
RIO BONITO ASSESSORIA DE NEGOCIOS
SPE CENTRO‑OESTE
SPE NORDESTE
Percent interest
used in
consolidation
67
34
67
67
67
34
67
67
67
67
67
67
67
67
34
34
67
67
67
67
67
67
67
67
67
67
67
67
67
67
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
415
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
BRAZIL
SPE NORTE
SPE SUDESTE
SPE SUL
STALINGRADO EMPREENDIMENTOS E
PARTICIPACOES
TORCH EMPREENDIMENTOS E
PARTICIPACOES
TRANSPORTADORA
VALQUIRIA EMPREENDIMENTOS E
PARTICIPACOES
VERPARINVEST
WMB
WMS
CHINA
SHANGHAI GLOBAL SOURCING
CONSULTING CO
SPAIN
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 AGENCIA DE
SEGUROS VINCULADA CARREFOUR
SOCIEDAD DE COMPRAS MODERNAS
SUPERDISTRIBUCION CEUTA
SUPERMERCADOS CHAMPION
SUPERSOL SPAIN
VIAJES CARREFOUR
Percent interest
used in
consolidation
67
67
67
67
67
67
67
67
67
67
Percent interest
used in
consolidation
100
Percent interest
used in
consolidation
100
100
100
100
100
100
100
100
60
100
100
100
100
100
100
HONG KONG
CARREFOUR ASIA
CARREFOUR GLOBAL SOURCING ASIA
CARREFOUR TRADING ASIA (CTA)
ITALY
CARREFOUR ITALIA FINANCE SRL
CARREFOUR ITALIA SPA
CARREFOUR PROPERTY ITALIA SRL
CONSORZIO TRA | PROPRIETARI DEL
CENTRO COMMERCIALE DI BUROLO
CONSORZIO TRA | PROPRIETARI DEL
CENTRO COMMERCIALE DI GUISSANO
CONSORZIO TRA | PROPRIETARI DEL
CENTRO COMMERCIALE DI MASSA
CONSORZIO TRA | PROPRIETARI DEL
CENTRO COMMERCIALE DI NICHELINO
CONSORZIO TRA | PROPRIETARI DEL
CENTRO COMMERCIALE DI PADERNO
DUGNANO
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE DI TORINO MONTECUCCO
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE DI VERCELLI
GS SPA
Percent interest
used in
consolidation
100
100
100
Percent interest
used in
consolidation
100
100
100
89
77
54
64
53
87
84
100
LUXEMBOURG
VELASQUEZ
NETHERLANDS
CARREFOUR NEDERLAND BV
HYPER GERMANY BV
INTERNATIONAL MERCHANDISE
TRADING BV
Percent interest
used in
consolidation
100
Percent interest
used in
consolidation
100
100
100
416
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
POLAND
CARREFOUR POLSKA
CPA WAW 1
ROMANIA
ALLIB ROM SRL
ARTIMA SA
BRINGO MAGAZIN
CARREFOUR PRODUCTIE SI DISTRIBUTIE
CARREFOUR ROUMANIE
Percent interest
used in
consolidation
100
100
ROMANIA
COLUMBUS ACTIVE SRL
COLUMBUS OPERATIONAL SRL
MILITARI GALERIE COMERCIALA
Percent interest
used in
consolidation
ROMANIA HYPERMARCHE SA
SUPECO INVESTMENT SRL
100
100
100
100
100
SWITZERLAND
CARREFOUR WORLD TRADE
1
2
Percent interest
used in
consolidation
100
100
100
100
100
Percent interest
used in
consolidation
100
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
417
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
18.2
Equity‑accounted companies at December 31, 2023
FRANCE
ADIALEA
ALEXANDRE
ALK DISTRI
ALTACAR NANTES
ALTACAR SARTROUVILLE
ANGIDIS
ANTONINE
ARLOM DISTRIBUTION
AROBLIS
AUBINYC
AUDIST
BAMAZO
BELONDIS
BIADIS
BFM DISTRIBUTION
BLS RETRAIL
BOULOGNE POINT DU JOUR
BOURG SERVICES DISTRIBUTION
CABDIS
CABDISTRI
CALODIAN DISTRIBUTION
CAMPI
CARDUTOT
CARMILA
CEMALIYA IMMOBILIER
CENTRALE ENVERGURE
CERBEL
CEVIDIS
CHAMNORD
CHERBOURG INVEST
CHRISTIA
CINQDIS 09
CLOVIS
CLUNYDIS
CODINOG
COJEDIS
COROU
Percent interest
used in
consolidation
3
50
50
40
40
50
50
50
50
50
50
50
50
34
50
50
26
50
50
50
50
50
26
36
50
50
50
50
56
48
50
50
50
50
50
50
50
FRANCE
COSALCIA
CVP DISTRIBUTION
CYMUR
CZIMMO
D2C
DECODIS
DÉPÔT PÉTROLIER DE LYON
DIMATI
DIRIC
DISTRI AIX
DISTRI GIGNAC
DISTRI PALAVAS
DISTRIBERRE IMMO
DISTRIBOURG
DISTRICAB
DISTRIFLEURY
DISTRIONE
DOLMEN
DOUDIS
ECUDIS
EDENDIS
EDENMATHIMMO
ENTREPÔT PÉTROLIER DE VALENCIENNES
FABCORJO
FALME
FAMYDIS
FIVER
FONCIÈRE BORDEROUGE
FONCIÈRE MARSEILLAN
FONCIÈRE PLANES
FRELUM
GALLDIS
GAMAX33
GDCLE
GENIDIS
GGP DISTRIBUTION
GMARKET IMMO
Percent interest
used in
consolidation
50
50
50
50
50
26
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
34
50
50
50
50
50
50
50
50
50
50
48
48
50
50
418
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
FRANCE
GRANDI
GRDIS
GREGADIS
HBLP
IDEC
IMMO ST PIERRE ÉGLISE
J2B DISTRIBUTION
JEDEMA
JLEM
JMS74 DISTRIBUTION
JOSIM
JTDS MARKET
JUPILOU
KASAM
KARAMONTDE
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
MACANOSA
MADIS
MADIX
MAGODIS
MALISSOL
MARIDYS
MARITIMA DIS
MARLODIS
MASSEINE
MATCH OPCO (MARKET PAY)
Percent interest
used in
consolidation
50
50
50
25
50
50
50
50
50
50
34
50
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
50
35
FRANCE
MAVIC
MBD
MBD IMMO
MIMALI
MEJE DISTRIBUTION
NCL
NOUKAT
OLICOURS
OUISDIS
OULLIDIS
P.A.M.
PAS DE MENC
PFDIS
PHILODIS
PLAMIDIS
PLANE MARSEILLAN
PLANE PORT VENDRES
PONT D’ALLIER
PRIGONDIS
PRODIX
PROVENCIA
QUENDIDIS
RD2M
REBAIS DISTRIBUTION
RETAIL MARKET
RILLIDIS
RIMADIS
ROJULDIS
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
Percent interest
used in
consolidation
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
50
48
50
50
50
50
26
50
26
50
26
50
50
50
50
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
419
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
FRANCE
SAS NC DISTRIBUTION
SCGR DISTRIBUTION
SCI 2C
SCI 2F
SCI BRETEUIL
SCI CARGAN‑LOG
SCI COLODOR
SCI DU MOULIN
SCI DU PARC NATIONAL
SCI FONCIÈRE DES ALBERES
SCI HALLE RASPAIL
SCI IMMODISC
SCI LATOUR
SCI LE PETIT BAILLY
SCI LE PLA
SCI LUMIMMO
SCI MARKET RIEC
SCOMONDIS
SEREDIS
SERPRO
SIFO
SIXFOURSDIS
SOBRAMIC
SOCADIS
SOCIÉTÉ DES DÉPÔTS DE PÉTROLE CÔTIERS
SOCIÉTÉ DES MAGASINS ÉCONOMIQUES
SOCIÉTÉ DISTRIBUTION ALMENTAIRE
PYRÉNÉES
SOCIÉTÉ DU DÉPÔT PÉTROLIER DE
NANTERRE
SOCIÉTÉ PÉTROLIÈRE DU VAL DE MARNE
SODIBAL
SODIBOR
SODICAB
SODIFAL
SODILIM
SODIMER
SODIOUIS
SODITIOL
SODYEN
Percent interest
used in
consolidation
50
50
50
50
50
40
50
50
50
50
50
50
60
50
50
51
50
50
26
50
50
50
50
50
24
50
26
20
30
50
50
50
50
50
50
50
50
50
FRANCE
SOLDIS
SOMADIS
SOQUIMDIS
SOROTIN
SOVADIS
SOVALDIS
SPC DISTRI
SR2G
SRP GROUPE SA (SHOWROOMPRIVE.COM)
ST BONNET DISCOUNT
TEDALI
TURENNE
VALCRIS DISTRIBUTION
VALMENDIS
VICTURIS 2003
VICUN
VILAC
YOUN MARKET
BRAZIL
EWALLY
SPAIN
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
Percent interest
used in
consolidation
50
50
50
50
50
50
50
50
9
50
50
50
50
50
50
50
50
50
Percent interest
used in
consolidation
33
Percent interest
used in
consolidation
26
26
26
26
26
26
26
34
58
50
34
26
26
26
420
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the consolidated financial statements
SPAIN
SUPERMERCATS HERGERVIC MATARO
SUPERMERCATS SAGRADA FAMILIA
ITALY
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE SHOPVILLE GRAN RENO
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE ASSAGO
CONSORZIO TRA I PROPRIETARI DEL PARCO
COMMERCIALE DI NICHELINO
Percent interest
used in
consolidation
26
26
POLAND
C SERVICES
Percent interest
used in
consolidation
TUNISIA
ULYSSE
39
50
30
TURKEY
CARREFOUR SABANCI TICARET MERKEZI
(CARREFOURSA)
Percent interest
used in
consolidation
30
Percent interest
used in
consolidation
25
Percent interest
used in
consolidation
32
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
421
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Statutory Auditors’ report on the consolidated financial statements
6.7 Statutory Auditors’ report on the consolidated
financial statements
For the year ended December 31, 2023
Independence
To the Shareholders’ Meeting of Carrefour S.A.,
Opinion
In compliance with the engagement entrusted to us by the
Shareholders’ Meeting, we have audited the accompanying
consolidated financial statements of Carrefour S.A. for the year
ended December 31, 2023.
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 of December 31, 2023 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.
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,
2023 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. 821‑53 and R.
821‑180 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.
Tax provisions of Brazilian subsidiaries: estimation of provisions, tax payables and contingent liabilities
(See notes 1.4, 11.1, 11.2.1 and 11.3 to the consolidated financial statements)
Key Audit Matter
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 departments 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.
Response as part of our audit
We have reviewed the internal controls implemented by the
Group to identify tax risks in 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:
■
■
■
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,
to our written
confirmation requests;
responses
including
the
the estimates and positions adopted by
Analysis of
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 to the consolidated financial statements.
422
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Statutory Auditors’ report on the consolidated financial statements
Measurement and recognition of rebates and service agreement
(See notes 1.4 and 6.2.1 to the consolidated financial statements)
Key Audit Matter
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 presented in the
Group management report.
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 Group management report,
being specified that, in accordance with 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. A report will be
issued on this information by an independent third party.
Report on Other Legal and Regulatory
Requirements
Format of presentation of the consolidated finan
cial statements intended to be included in the an
nual 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 17 December 2018, that 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.
Response 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 implementation and we tested their
effectiveness through a sample of agreements.
Our other procedures consisted mainly, for a sample of rebates
and service agreements of:
■
■
■
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, 2023 with business volumes recorded in the
Group’s procurement system;
■
Performing substantive analytical procedures on the change in
rebates and service agreements.
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.
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
may not be
the accompanying
identically
consolidated financial statements.
rendered
to
responsibility
the
Moreover, we have no
consolidated 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.
to verify
that
Appointment of the Statutory Auditors
We were appointed as statutory auditors of Carrefour S.A. by the
Shareholders’ Meetings held on April 15, 2003 for Deloitte &
Associés, and on June 21, 2011 for Mazars.
As at December 31, 2023, Deloitte & Associés, and Mazars were
in the 21st year and 13th year of total uninterrupted engagement.
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
in
presentation of
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.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
423
6
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Statutory Auditors’ report on the consolidated financial statements
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
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. 821‑55 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
intentional omissions,
may
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.821‑27 to L.821‑34 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.
Courbevoie and Paris‑La Défense, March 4, 2024
The Statutory Auditors
French original signed by
Mazars
Deloitte & Associés
Jérôme de PASTORS Marc BIASIBETTI
Bertrand BOISSELIER Olivier BROISSAND
424
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
7
CARREFOUR SA FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2023
7.1 Income statement
426
7.4 Notes to the Company financial
7.2 Balance sheet
7.3 Statement of cash flows
427
428
statements
7.5 Statutory Auditors' report
on the financial statements
429
448
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
425
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Income statement
7.1 Income statement
(in millions of euros)
Note
Reversals of impairment and provisions, and transferred charges
Other income
Total operating income
Other purchases and external charges
Wages and salaries, payroll taxes
Depreciation, amortisation, impairment and provisions
Taxes other than on income, other operating expenses
Total operating expenses
Operating loss
Income from shares in subsidiaries and affiliates
Interest receivable and related income
Reversals of impairment and provisions
Total financial income
Impairment and provision expense
Interest and other financial expenses
Total financial expenses
Financial income, net
Recurring income before tax, net
Reversals of impairment and provisions
Depreciation, amortisation, impairment and provisions
Other non‑recurring income and expenses
Non‑recurring income, net
Employee profit‑sharing
Income tax
NET INCOME
8.
9.
2023
9
182
191
(231)
(32)
(9)
(1)
(273)
(81)
1346
139
105
1,590
(98)
(177)
(275)
1,314
1,233
15
-
(11)
4
-
546
1,783
2022
7
148
155
(204)
(28)
(9)
(3)
(244)
(89)
1,325
18
280
1,623
(1,602)
(114)
(1,716)
(93)
(182)
14
-
16
30
-
375
223
426
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Balance sheet
7.2 Balance sheet
ASSETS
(in millions of euros)
Intangible assets
Property and equipment
Financial investments
Fixed assets
Accounts receivable
Cash and marketable securities
Current assets
Prepayments and deferred charges
TOTAL ASSETS
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
Shareholders’ equity
Provision for contingencies and charges
Bonds and notes
Bank borrowings
Miscellaneous financial liabilities
Financial liabilities
Trade payables
Accrued taxes and payroll costs
Operating liabilities
Other miscellaneous liabilities
Miscellaneous liabilities
TOTAL EQUITY AND LIABILITIES
1
2
3
4
5
6
7
8
9
December 31, 2023
Amortisation,
depreciation and
impairment
Note
Gross
4.2
4.2
4.1
10.1
5.2
10.1
19
2
37,591
37,612
2,798
99
2,897
106
(19)
(2)
(9,097)
(9,117)
(0)
(18)
(18)
-
December 31,
2022
Net
0
0
28,494
28,494
2,798
80
2,878
106
Net
0
0
28,339
28,339
2,064
185
2,249
159
40,615
(9,136)
31,479
30,747
Note
December 31,
2023
December 31,
2022
7.1
7.2
7.3
7.3
7.3
7.3
7.3
7.3
6
5.1
10.2
10.2
1,772
15,493
204
378
39
2,543
1,783
-
1,855
16,017
204
378
39
2,725
223
-
22,212
21,441
202
7,594
122
0
7,716
11
311
322
1,027
1,027
115
7,323
490
0
7,813
10
254
264
1,114
1,114
31,479
30,747
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
427
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Statement of cash flows
7.3 Statement of cash flows
(in millions of euros)
Net income
Depreciation and amortisation
Provisions and impairment of financial assets, net of reversals
Other changes
Cash flow from operations
Change in other receivables and payables
Net cash from operating activities
Acquisitions of shares in subsidiaries and affiliates
Disposals of shares in subsidiaries and affiliates
Change in other financial investments
(1)
Other cash flows from investing activities
(2)
Net cash from (used in) investing activities
Dividends paid
Share capital reduction/increase
Net change in debt
Change in intra‑group receivables and payables
Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
(1)
Cash and cash equivalents at the end of the year
(1)
Net change in cash and cash equivalents
(1)
(2)
Excluding treasury shares (in the process of being cancelled recorded in assets, under financial investments).
Excluding treasury shares (recorded in assets, under marketable securities).
2023
1,783
1
(24)
40
1,800
(215)
1,586
(30)
151
-
-
121
(405)
(725)
(97)
(480)
(1,707)
0
0
0
-
2022
223
1
1,309
(63)
1,470
(94)
1,376
(45)
2
(6)
-
(48)
(380)
(655)
1,900
(2,193)
(1,328)
0
0
0
-
428
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
430
430
431
431
434
438
441
442
443
444
446
446
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
429
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
NOTE 1
DESCRIPTION OF THE COMPANY
Carrefour SA is the parent company of the Carrefour group.
the parent company and the major French subsidiaries.
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
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
Capital increase following the
employee share ownership
programme
On March 1, 2023, the Carrefour group launched Carrefour
Invest, an international employee share ownership plan. As part
of the offer, beneficiaries subscribed to Carrefour shares either
directly or through a Company mutual fund (FCPE), depending
on the option chosen and/or their country of residence.
The operation resulted in a Carrefour SA capital increase of
including
75 million euros (4,713,735 new ordinary shares),
12 million euros
issue
in
in capital and 63 million euros
premiums.
2.2
Share buyback programmes
As part of its share capital allocation policy, the Company
commissioned several investment services providers to buy back
shares corresponding to a maximum amount of 800 million
euros, as authorised by the Shareholders’ Meetings of June 3,
2022 and May 26, 2023:
2.3
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:
■
■
initial capital
an
cancellation of 26,887,362 shares;
reduction
in July 2023
involving
the
a second capital reduction in October 2023 involving the
cancellation of 11,193,018 shares.
Following cancellation of these shares, the share capital was
reduced by 95.2 million euros and premiums were reduced by
has
586.8 million
708,790,816 shares
consequently,
17,609,525 treasury shares, representing approximately 2.5% of
the share capital.
Carrefour SA
outstanding
therefore
euros.
and,
2.4
Financing transactions
In 2023, Carrefour SA carried out two Sustainability‑Linked Bond
issues:
■
■
■
■
the first tranche of the share buyback programme began on
February 27, 2023 and ended on March 31, 2023, with
11,099,084 shares acquired at an average price of 18.02 euros
per share for a total amount of 200 million euros.
■
■
a second tranche of the share buyback programme began on
2023, with
ended on
May 2,
11,687,580 shares acquired at an average price of 17.11 euros
per share for a total amount of 200 million euros.
July 21,
2023
and
a third tranche of the share buyback programme began on
August 1, 2023 and ended on September 12, 2023, with
11,370,337 shares acquired at an average price of 17.59 euros
per share for a total amount of 200 million euros.
a fourth and final tranche of the share buyback programme
began on October 2, 2023 and ended on November 30, 2023,
with 12,040,843 shares acquired at an average price of
16.61 euros per share for a total amount of 200 million euros.
a 500 million euro issue on May 2, 2023, maturing in seven and
a half years (due in October 2030) and paying a coupon of
3.75%;
a 750 million euro issue on November 7, 2023, maturing in
eight years (due in November 2031) and paying a coupon of
4.375%.
In addition, on June 12, 2023, Carrefour SA
redeemed
500 million euros’ worth of 0.88% five‑year bonds. On June 14,
2023, Carrefour SA subsequently redeemed 500 million dollars’
worth of convertible, non‑dilutive 0% six‑year bonds.
430
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 in Autorité des normes comptables (ANC) Regulation
2014‑03, approved by government order of September 8, 2014
and amended by all subsequently published Regulations.
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 2023 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.
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
431
1
2
3
4
5
6
7
8
9
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
4.1.2
Changes in ownership interests over the year
(in millions of euros)
Shares in
subsidiaries and
affiliates
Deficits
allocated to
shares in
subsidiaries and
affiliates
Other financial
(3)
assets
Financial assets,
net in 2023
Financial assets,
net in 2022
Gross amount at January 1
26,086
11,407
Capital increases and acquisitions
Capital reductions and disposals/
liquidations
(1)
Gross amount at December 31 (A)
Impairment at January 1
Increases
(2)
Reversals
(2)
Accumulated impairment at December 31
(B)
NET TOTAL (A) - (B)
30
(151)
25,965
(2,885)
(1)
64
(2,821)
23,144
11,407
(6,276)
(6,276)
5,131
6
800
(587)
218
0
0
218
37,499
830
(738)
37,591
(9,160)
(1)
64
(9,097)
28,494
37,451
50
(2)
37,499
(7,870)
(1,569)
279
(9,160)
28,339
(1)
(2)
(3)
The “Capital reductions & disposals” line under investments corresponds mainly to the €150 million reduction in the capital of the Belgian entity
Caparbel.
Reversals of impairments of shares in subsidiaries and affiliates for 2023 mainly concerned Italy and the French entity Guyenne & Gascogne.
Details of allocated shares in subsidiaries and deficits are presented in Note 12.
Other financial assets mainly comprise treasury shares acquired with a view to their future cancellation. At December 31, 2023, this item includes
12,802,839 treasury shares in the process of being cancelled for a total of €213 million.
4.1.3
Carrefour France SAS
4.2
Tangible and intangible fixed assets
At December 31, 2023, 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, 2023 on the deficit
allocated to the Carrefour France shares did not indicate the
need to recognise an additional impairment loss or a reversal of
impairment recognised in 2017 and 2022.
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 7% (6.3% in 2022), and a perpetuity
growth rate of 1.6% (1.6% also in 2022).
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.
432
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
Movements in tangible and intangible fixed assets in 2023 were as follows:
(in millions of euros)
Gross amount at January 1
Acquisitions
Disposals and scrap
Gross amount at December 31 (A)
Depreciation, amortisation and impairment at January 1
Depreciation/amortisation for the year
Disposals and scrap
Depreciation, amortisation and impairment at December 31 (B)
NET TOTAL (A) - (B)
Intangible fixed
assets
Tangible fixed
assets
Total in
2023
Total in
2022
19
-
-
19
(18)
(1)
(19)
0
2
-
-
2
21
-
-
21
21
-
-
21
(2)
(20)
(20)
(1)
-
(1)
-
(2)
0
(21)
(21)
0
1
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
433
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
NOTE 5
FINANCING AND RISK MANAGEMENT
5.1
Borrowings
At December 31, 2023, borrowings broke down as follows:
December 31, 2023
December 31,
2022
(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
1,202
41
122
4,350
-
2,000
FINANCIAL LIABILITIES
1,366
4,350
2,000
Total
7,552
41
122
7716
Total
7,288
35
490
7,813
Changes in bonds and notes in 2023 are set out below:
(in millions of euros)
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%
EMTN, EUR, 7 years, 3.75%
EMTN, EUR, 8 years, 4.375%
Total bonds and notes
December 31,
2022
Issues
Repayments
Translation
adjustments
December 31,
2023
(469)
(2)
(500)
(1)
(16)
469
750
750
469
500
500
500
1,000
750
750
500
350
500
(3)
(3)
750
-
750
750
452
-
500
500
1,000
750
750
500
350
500
750
7,288
1,250
(3)
(969)
(16)
7,552
(1)
(2)
(3)
On June 12, 2023, the Group redeemed 500 million euros’ worth of 0.88% five‑year bonds.
On June 14, 2023, the Group redeemed 500 million US dollars’ worth of convertible, non‑dilutive 0% six‑year bonds.
Two bond issues were carried out in 2023, the first on May 2, 2023 for a total of 500 million euros, the second on November 7, 2023 for an
amount of 750 million euros.
434
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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, 2023
Gross
Impairment
40
58
0
99
(18)
(18)
December 31,
2022
Net
33
152
0
185
Net
40
40
0
80
(1)
(2)
(3)
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.
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.
Cash at bank.
The Company’s treasury shares recognised within “Cash and cash
equivalents” as “Available treasury shares” were not initially
allocated to specific plans and were written down if their carrying
amount exceeded the most recent share price.
At the end of 2023, the Company decided to use treasury shares
for the 2021 free share plan, which is expected to be delivered in
February 2024. 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 40.2 million
euros (gross amount of 59.3 million euros and previously
recognised impairment of 19.1 million euros). A provision for
contingencies and charges in the amount of 40.2 million euros
was recorded at December 31, 2023 in respect of the share
delivery expected in February 2024, offset by the recognition of
accrued income of 31.6 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, 2023, cash and marketable securities comprise
4,806,686 Carrefour shares, of which 2,426,100 shares have been
allocated to specific plans and 2,380,586 shares are available, for
a gross amount of 98 million euros.
(in millions of euros)
Number of
shares
Gross
value
Impair-
ment Net value
Number of
shares
Gross
value
Impair-
ment Net value
Available treasury shares
Treasury shares allocated to specific plans
Amount at January 1, 2023
9,439,365
216
(64)
152 2,105,505
Reclassification to treasury shares
allocated to specific plans
(2,426,100)
(63)
23
(40)
2,426,100
-
33
40
(32)
(2,046,409)
52,696
1
1
(52,696)
(1)
Delivery of shares under the 2020
LTI plan
Reclassification to available
treasury shares
Delivery of treasury shares to heirs
of deceased beneficiaries under the
2020 and 2021 LTI plans
Reclassification of treasury shares
(4,685,375)
(95)
Net charge to/reversal of
impairment of available treasury
shares
AMOUNT AT DECEMBER 31, 2023 2,380,586
58
23
(18)
(6,400)
(0)
(95)
23
40 2,426,100
40
-
40
33
40
(32)
(1)
(0)
Carrefour shares held at December 31, 2023 and allocated to specific plans are measured based on the latest known quoted price, i.e.,
16.57 euros.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
435
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
Movements in treasury shares classified as marketable securities in 2023 were as follows:
Number of
shares
11,544,870
(2,052,809)
(4,685,375)
(in millions of euros)
Amount at December 31, 2022
Delivery of performance shares allocated to
specific plans
Cancellation of treasury shares
Reclassification of available treasury shares to
treasury shares allocated to specific plans
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
Gross value of
marketable
securities
Impairment of
marketable
securities
Net value of
marketable
securities
Provisions for
performance
share plans
249
(32)
(95)
(23)
(64)
23
23
(18)
185
(32)
(95)
23
80
(33)
33
(40)
(40)
AMOUNT AT DECEMBER 31, 2023
4,806,686
98
5.3
Liquidity
5.3.1
Credit facilities
5.3.2
Financing programmes
At December 31, 2023, 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 2022, 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.
During 2023, Carrefour SA carried out two Sustainability‑Linked
Bond issues:
■
■
a 500 million euro issue on May 2, 2023, maturing in seven and
a half years (due in October 2030) and paying a coupon of
3.75%;
a 750 million euro issue on November 7, 2023, maturing in
eight years (due in November 2031) and paying a coupon of
4.375%.
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.
436
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
On June 12, 2023, Carrefour SA redeemed 500 million euros’
worth of 0.88% five‑year bonds. On June 14, 2023, Carrefour SA
subsequently redeemed 500 million dollars’ worth of convertible,
non‑dilutive 0% six‑year bonds.
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
in an unstable economic
the short- and medium‑term
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 3.8 years at
end‑December 2023,
at
end‑December 2022.
compared
3.6 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
effects of changes
in exchange rates on the Company’s
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. On June 14, 2023,
the Group redeemed this non‑dilutive convertible bond and
unwound the associated swap.
(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.
This operation, for which a EUR/USD cross currency swap was
arranged in euros, provides 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.
The Company regularly buys back its shares on the market or
purchases call options on its shares. The shares are mainly used
to cover stock option and performance share plans, or with a
view to cancelling them subsequently.
risk associated with
the conversion options
The equity
embedded in the bonds issued by Carrefour SA in March 2018 is
fully hedged by symmetrical options contracted with banks.
1
2
3
4
5
6
7
8
9
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
437
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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)
Obligations to deliver shares
Pension obligations
Provisions for shares in subsidiaries and
affiliates
(1)
Disputes and miscellaneous risks
Provision for contingencies and charges
On financial assets
On accounts receivable
On other items (marketable securities)
Impairment
TOTAL PROVISIONS AND IMPAIRMENT
December 31,
2022
Increases
Used
Surplus
Other
movements
December 31,
2023
Reversals
33
0
38
44
115
9,160
17
64
9,240
9,355
40
(33)
0
97
9
146
1
0
1
147
(11)
(44)
(64)
(64)
(108)
(15)
(15)
0
(17)
(23)
(39)
(54)
(23)
(23)
(23)
40
0
135
27
202
9,097
0
18
9,115
9,317
(1)
Impairment losses were recognised during the year to cover losses incurred by subsidiaries.
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 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 continued
presence at Carrefour for a specified future period, the provision
is recognised on a straight‑line basis over the vesting period.
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
Executive Officer), representing 0.28% of the share capital.
(excluding
granted
shares
to
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%.
■
■
■
In February 2023, 2,046,409 treasury shares were delivered under
this plan, and the provision of (33) million euros was reversed
against an expense of the same amount.
438
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
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
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%.
■
■
■
As the decision to deliver the 2021 plan with treasury shares was
taken in 2023, a provision of (40) million euros was recognised
during the year to cover the outflow of resources without
consideration.
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 May 21, 2021 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 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%.
■
■
■
No decision has yet been taken on how this plan will be delivered
(existing shares or issue of new shares).
2023 Plan
On February 14, 2023, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given in the Extraordinary Shareholders’ Meeting
held on May 21, 2021 to grant new or existing performance
shares. The plan provided for the grant of a maximum of
2,833,260 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 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%.
■
■
■
No decision has yet been taken on how this plan will be delivered
(existing shares or issue of new shares).
Characteristics
The main characteristics of the three performance share plans
outstanding are presented below.
2021 Plan
2022 Plan
2023 Plan
Shareholders’ Meeting date
June 14, 2019
May 21, 2021
May 21, 2021
Grant date
(1)
Vesting date
(2)
February 17, 2021
February 16, 2022
February 14, 2023
February 17, 2024
February 16, 2025
February 14, 2026
Total number of shares approved at the grant date
3,000,000
3,104,000
2,833,260
Number of grantees at the grant date
Fair value of each share (in euros)
(3)
691
11.85
809
14.21
680
13.23
(1)
(2)
(3)
Notification date (i.e., date on which grantees were notified of the plans’ characteristics and terms).
The shares will vest subject to a service condition and several performance conditions.
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 2023 / CARREFOUR
439
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
Changes in the year
Movements in shares under these plans were as follows in 2023:
Number of performance shares granted at January 1
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
2023
7,716,270
2,833,260
2022
7,907,569
3,104,000
(2,052,809)
(2,598,044)
(578,454)
7,918,267
(697,255)
7,716,270
(1)
(2)
Of which 2,046,409 shares were delivered to heirs of employees under the 2020 plan, and 6,400 under the ongoing 2021 and 2022 Performance
Plans.
In 2023, 59,119 shares were cancelled under the 2020 plan, 233,500 under the 2021 plan, 218,375 under the 2022 plan and 67,460 under the
2023 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.
Assumptions
December 31, 2023
December 31, 2022
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%
3.20%
3%
36%
3.80%
TH 2017‑2019/TF 2017‑2019
TH 2017‑2019/TF 2017‑2019
Before age 55, average of the actual
turnover rates for headquarters staff over
the period 2021‑2023; beyond age 55, the
turnover rate is nil
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
Executives: 10.22%, Managers: 10.99%,
Supervisors: 3.86%, employees: 7.09%
Executives: 7.30%, Executives: 6.81%,
Supervisors: 0.89%, employees: 3.88%
Executives: 3.08%, Managers: 3.4%,
Supervisors: 0.93%, employees: 6.19%
Executives: 5.01%, Managers: 1.56%,
Supervisors: 0%, employees: 1.15%
Executives: 3.37%, Managers: 0.37%,
Supervisors: 0%, employees: 0%
Executives 2.78%, Managers: 0.2%,
Supervisors: 0%, employees 0%
8.45%
7.43%
2.57%
4.39%
3.68%
2.70%
The provision at December 31, 2023 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, 2023, the obligation net of plan assets corresponded to
51 thousand euros in assets.
440
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
6.2.2
Supplementary pension obligations
In 2009, Carrefour set up a supplementary defined benefit
in 2015. Following publication of
pension plan, amended
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.
■
■
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;
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 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, 2023, the share capital was made up of
708,790,816 ordinary shares with a par value of 2.50 euros each,
versus 742,157,461 shares at December 31, 2022.
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 new shares
issued under the Group’s employee share ownership plan and
the shares cancelled in connection with the capital reductions
carried out in July and October 2023.
7.3
Changes in shareholders’ equity
(in millions of euros)
Shareholders’ equity at December 31, 2022
Appropriation of net income for 2022
Dividend distribution
Share capital reductions
Share capital increase
Net income for 2023
Share
capital
1,855
Issue and
merger
premiums
Other reserves,
retained
earnings
16,017
3,346
223
(405)
Net income
223
(223)
(95)
12
(587)
63
Total
shareholders’
equity
21,441
-
(405)
(682)
75
1,783
22,212
1,783
1,783
SHAREHOLDERS’ EQUITY AT DECEMBER 31, 2023
1,772
15,493
3,164
At the Shareholders’ Meeting held on May 26, 2023, the
shareholders decided to set the 2022 dividend at 0.56 euro per
share to be paid entirely in cash.
On June 8, 2023, the dividend was paid out in an amount of
405 million euros.
Dividends not paid on Carrefour shares held in treasury, in the
amount of 6.5 million euros, were credited to retained earnings.
As mentioned in Note 2, further to buying back treasury shares
for a total amount of 800 million euros, the Company carried out
two capital reductions through the cancellation of shares: (i) an
initial capital reduction in July 2023 involving the cancellation of
26,887,362 shares, corresponding to a capital reduction of
67 million euros and an impact on premiums of 418 million
euros; (ii) a second capital reduction in October 2023 involving
the cancellation of 11,193,018 shares, corresponding to a capital
reduction of 28 million euros and an impact on premiums of
169 million euros.
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
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7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
the
following
In addition,
Invest” employee
shareholding operation described in Section 2, there was a
capital increase of 75 million euros (4,713,735 new ordinary
shares), including 12 million euros in capital and 63 million euros
in share premium.
“Carrefour
7.4
Treasury share reserve
At December 31, 2023, a total of 17,609,525 shares were held in
treasury.
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
Treasury shares comprise:
■
■
12,802,839 shares held for cancellation, classified under other
long‑term investments,
2,380,586 shares not allocated
to specific plans and
2,426,100 shares allocated to cover free share allocation plans
classified as cash and cash equivalents. 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, 2023 was 294 million euros (see Notes 4.1.2 and
5.2).
2023
1,346
(177)
(98)
105
139
1,314
2022
1,325
(114)
(1,602)
280
18
(93)
In 2023, dividends received stood at 1,346 million euros, mainly
including:
704 million euros from Dutch subsidiary CNBV;
339 million euros from Spanish subsidiary Norfin Holder;
157 million euros from French subsidiary CRFP8;
35 million euros from French subsidiary CPI;
32 million euros from French subsidiary CRFP13.
■
■
■
■
■
Interest expense was mainly attributable to bond and note issues.
Further to their remeasurement at December 31, 2023, the
Company recognised a reversal of a 64 million euro impairment
loss on shares in subsidiaries and affiliates and deficits, and
97 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 23 million euros.
Other financial income and expenses include the deferral of
bond redemption premiums as well as exchange gains and
losses.
442
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
2023 NET INCOME
2023
Before tax
Tax
After tax
1,233
4
1,237
1,233
4
546
1,783
546
546
The income tax benefit for 2023 mainly corresponds to income
from tax consolidation and the recognition of tax credits against
income tax expense, reported in the income statement under
“Income tax”, from the utilisation of previously unrecognised tax
losses.
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)
Assets
Liabilities
Assets
Liabilities
December 31, 2023
December 31, 2022
1- Temporarily non‑deductible expenses
Provision for contingencies and charges
■
2- Temporarily non‑taxable revenue
2
2
■
Capital gains on mergers and asset contributions qualifying
for rollover relief
250
3- Other
tax loss carryforwards
■
TOTAL
2
250
133
135
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
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7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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
Subtotal accounts receivable
Other accruals
(1)
Subtotal accruals
TOTAL
December 31,
2023
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
December 31,
2022
2,798
2,798
106
106
2,798
2,798
106
106
2,904
2,904
2,081
2,081
159
159
2,240
(1)
(2)
Accounts receivable correspond mainly to intra‑group receivables and, to a lesser extent, tax receivables (tax or VAT credits).
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,
2023
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
December 31,
2022
11
311
1,027
1,349
11
311
1,027
1,349
10
254
1,114
1,378
(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.
444
UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
10.4 Off balance sheet commitments
10.4.1 Derivative instruments
Derivative
instruments used
(in millions of euros)
Purchased calls
Currency swaps
EUR/USD on
convertible bonds
(1)
EUR/TWD
Purchased interest
rate options (caps)
Purchased swaptions
(SWP)
Sold swaptions (SWR)
Interest rate swaps
Notional amount covered by maturity
Market value of derivatives
December 31,
2023
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
December 31,
2022
December 31,
2023
December 31,
2022
452
452
452
75
100
25
452
452
452
0
100
100
0
0
0.7
101
101
0
0.2
8
938
948
938
11
0
275
0
(75)
17
175
174
1
0
47
0
5
TOTAL
1,105
980
125
-
2,086
110
243
(1)
A EUR/USD cross‑currency swap for 500 million US dollars was arranged in 2017 upon subscription to the cash‑settled convertible bond issue on
June 7, 2017, and was unwound following the repayment of the bond issue on June 14, 2023.
In the same way, two EUR/USD cross‑currency swaps for 250 million US dollars were arranged in March 2018 in parallel to a 500 million US dollar
cash‑settled convertible bond issue.
10.4.2 Other commitments
(in millions of euros)
Guarantees
(1)
Commitments given
Undrawn syndicated lines of credit
(2)
Commitments received
December 31, 2023
December 31, 2022
40
40
3,900
3,900
39
39
3,900
3,900
(1)
(2)
Guarantees mainly relate to guarantees issued on behalf of the Group’s captive insurance company.
At December 31, 2023, 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.
2023
2022
5
5
5
5
1
2
3
4
5
6
7
8
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
445
7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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, 2023.
NOTE 12 SUBSIDIARIES AND AFFILIATES
Reserves
and
retained
earnings % interest
Investment
at cost
Impairment
of shares
Investment,
net
Gross
amount of
merger
losses
allocated
to shares
Net
amount of
merger
losses
allocated
to shares
Last
published
income
Last
published
revenue
Dividends
received
(in millions of
euros)
Share
capital
A- Detailed information
1. Subsidiaries (over 50% owned)
France
CARMA
Carrefour
Banque
Carrefour France
CARREFOUR
MANAGEMENT
CARREFOUR
SYSTEMES
D’INFORMATION
CRFP 8
GUYENNE ET
GASCOGNE
HYPARLO
TOTAL
International
CARREFOUR
ASIA
Carrefour
Nederland BV
NORFIN
HOLDER
CAPARBEL
TOTAL
23
103
50.0%
44
101
1,995
377
(1,231)
60.0%
99.6%
124
3,979
0
1
100.0%
118
(118)
164
3,381
106
63
(203)
314
(26)
108
100.0%
74.8%
100.0%
100.0%
168
2,528
428
450
(168)
(167)
44
124
3,979
0
0
2528
260
450
7,838
(453)
7,386
-
-
-
-
6,952
1,245
-
-
-
-
-
-
-
-
180
7,132
150
1,395
7
26
(693)
(5)
18
221
9
58
(360)
0
196
20
0
382
0
12
0
609
195
(190)
100.0%
190
(186)
4
2,259
919
100.0%
3,603
3,603
767
767
2
4,520
79.9%
6,334
13
100.0%
3,177
6,184
3,177
6,184
0
13,154
(186)
12,969
2,872
636
4,275
2,872
97
3,736
0
0
1,043
0
0
0
0
157
0
0
157
0
704
339
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UNIVERSAL REGISTRATION DOCUMENT 2023 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Notes to the Company financial statements
Reserves
and
retained
earnings % interest
Investment
at cost
Impairment
of shares
Investment,
net
Gross
amount of
merger
losses
allocated
to shares
Net
amount of
merger
losses
allocated
to shares
Last
published
income
Last
published
revenue
Dividends
received
(in millions of
euros)
Share
capital
2. Affiliates (10%-50% owned)
France
CARREFOUR
FINANCE
CRFP 13
TOTAL
International
Atacadão
CARREFOUR
ITALIA
TOTAL
6,823
863
850
571
25.0%
38.0%
1,668
385
2,053
1,759
1,836
30.90%
251
1,289
(684)
30.0%
2,312
2,563
(2,163)
(2,163)
B- Aggregate information
1. Other subsidiaries
France
International
2. Other investments
France
International
C- General information about investments
11
0
98
247
0
0
(11)
(8)
1,668
385
2,053
251
149
400
11
0
87
239
-
-
0
-
-
0
0
0
0
0
-
-
0
-
-
0
0
0
0
0
131
91
221
0
0
0
322
11,909
322
11,909
French
subsidiaries
(total)
International
subsidiaries
(total)
French affiliates
(total)
International
affiliates (total)
TOTAL
7,849
(453)
7,396
7,132
1,395
13,154
(186)
12,969
4,275
3,736
2,151
(11)
2,140
2,811
(2,171)
639
0
0
0
0
25,965
(2,821)
23,144
11,407
5,131
0
32
32
18
0
18
62
0
10
24
218
1,043
43
42
1,346
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 2022 since the 2023 data have not yet been authorised for issue by the appropriate governance bodies.
1
2
3
4
5
6
7
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7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
Statutory Auditors' report on the financial statements
7.5 Statutory Auditors' report on the financial
statements
For the year ended December 31, 2023
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, 2023.
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, 2023 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, 2023 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.821‑53 and
R.821‑180 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.
Key Audit Matter
Measurement of the value in use of the shares in
subsidiaries and affiliates
(See notes 4.1 and 12 to the financial statements)
As of December 31, 2023, the net book value of the shares
including allocated merger losses amounted to €28,276 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 recognised 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
recognised 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 realisation
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.
448
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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 4.1.1,
and 12 to the financial statements.
Specific Verifications
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
financial position and the financial statements
provided to shareholders.
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
of the French Commercial Code (Code de commerce) is fairly
presented and consistent with the financial statements.
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
Concerning the information given in accordance with the
requirements of Article L. 22‑10‑9 of the French Commercial
Code (Code de commerce) 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
Format of presentation of the financial
statements 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
single electronic
the
that
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
of
Regulation
17 December 2018.
the presentation of
Delegated
2019/815
N
o
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.
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, 2023, Deloitte & Associés, and Mazars were
in the 21 and 13 year of total uninterrupted engagement,
respectively.
th
th
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.
1
2
3
4
5
6
7
8
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7
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023
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.821‑55 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.
for
in Article 6 of Regulation
We also provide the Audit Committee with the declaration
provided
(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.821‑27 to L.821‑34 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, March 27, 2024
The Statutory Auditors
French original signed by
Les Commissaires aux comptes
Mazars Deloitte & Associés
Jérôme de PASTORS
Marc BIASIBETTI
Bertrand BOISSELIER
Olivier BROISSAND
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INFORMATION ABOUT
THE COMPANY AND
THE CAPITAL
8.1 Information about the Company
452
8.3 Shareholders
8.3.1 Main shareholders
8.3.2 Crossing of thresholds reported to the
Company in 2023
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
452
452
452
452
455
455
456
458
458
460
460
462
462
464
464
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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.
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;
■
■
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.
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
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.
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.
1
2
3
4
5
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
the Board of Directors’ deliberations, in accordance with the law
and this Article.
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.
6
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
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
The Board of Directors determines the Company’s business
strategy and oversees its implementation.
8.1.4.6
Shareholders’ Meetings (Articles 20
to 23)
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.
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,
the Board of Directors chooses between
two
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.
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
Capital increase on May 31, 2023
Capital reduction on October 25, 2023
Further to the implementation of the “Carrefour Invest” employee
(the “Employee Plan”) reserved for
share ownership plan
members of the Group savings plan (the “PEG”) and the
international Group savings plan (the “PEGI”), pursuant to the
28th resolution of the Combined Shareholders’ Meeting of
May 21, 2021, the Board of Directors decided to increase the
Company’s share capital by 11,365,697.50 euros through the
issue of 4,546,279 new 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 26, 2023 (13th 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 27,982,545 euros (twenty‑seven million, nine
hundred eighty‑two thousand, five hundred forty‑five euros)
through the cancellation of 11,193,018 Company shares.
In addition, following the implementation of the plan reserved for
Société Générale to cover the stock appreciation rights (SARs)
allocated to employees of Italian entities who are members of
the PEGI, pursuant to the 21st resolution of the Combined
Shareholders’ Meeting of May 26, 2023, the Board of Directors
decided
share capital by
418,640 euros through the issue of 167,456 new shares with a par
value of 2.50 euros each.
the Company’s
increase
to
Accordingly, the Company’s share capital was increased by a
nominal amount of 11,784,337.50 euros (eleven million, seven
hundred eighty‑four thousand, three hundred thirty‑seven euros
and fifty cents) through the issue of 4,713,735 Company shares.
this
increase,
the share capital amounted
to
Following
1,867,177,990 euros
(one billion, eight hundred sixty‑seven
million, one hundred seventy‑seven thousand, nine hundred
ninety euros), divided into 746,871,196 shares with a par value of
2.50 euros each.
Capital reduction on July 28, 2023
Further to the implementation of its share buyback programme
and pursuant to the authorisation granted by the Shareholders’
Meeting of June 3, 2022 (14th 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 67,218,405 euros (sixty‑seven million, two
hundred eighteen thousand, four hundred five euros) through
the cancellation of 26,887,362 Company shares.
the reduction,
the share capital amounted
Following
to
1,771,977,040 euros (one billion, seven hundred seventy‑one
million, nine hundred seventy‑seven thousand forty euros),
divided into 708,790,816 shares with a par value of 2.50 euros
each.
Shares not representing capital: number
and primary characteristics
None.
Amount of convertible or exchangeable
securities or securities with stock purchase war
rants
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
Following this reduction, the Company’s share capital amounted
to 1,799,959,585 euros (one billion, seven hundred ninety‑nine
million, nine hundred fifty‑nine thousand, five hundred eighty‑five
euros), divided into 719,983,834 shares with a par value of
2.50 euros each.
None.
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2
3
4
5
6
7
8
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
8.2.2
SUMMARY OF DELEGATIONS OF AUTHORITY AND POWERS CONCERNING
CAPITAL INCREASES
Type
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)
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)
Date of the
Annual
Shareholders’
Meeting
Guarantee
amount
Duration
Expiry date
Use during 2023
€500 million
May 26, 2023
26 months
July 26, 2025
€4.5 billion
May 26, 2023
26 months
July 26, 2025
€175 million
May 26, 2023
26 months
July 26, 2025
€1.5 billion
May 26, 2023
26 months
July 26, 2025
€175 million
May 26, 2023
26 months
July 26, 2025
€1.5 billion
May 26, 2023
26 months
July 26, 2025
10%
May 26, 2023
26 months
July 26, 2025
€500 million
May 26, 2023
26 months
July 26, 2025
-
-
-
-
-
-
-
-
€35 million
May 21, 2021
26 months
May 26, 2023
4,546,279 shares,
i.e., approximately
0.64% of the
Company’s share
capital at
December 31,
2023
€35 million
May 26, 2023
26 months
July 26, 2025
-
0.8%
0.25%
(Company
officers)
May 21, 2021
26 months
May 26, 2023
2,833,260 shares,
i.e., approximately
0.4% of the
Company’s share
capital at
December 31,
2023 (of which
0.05% for
Company officers)
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Type
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
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
Guarantee
amount
With
performance
conditions: 1%
(of which 0.25%
for Company
officers)
Without
performance
conditions: 1%
(of which 0% for
Company
officers)
Date of the
Annual
Shareholders’
Meeting
Duration
Expiry date
Use during 2023
May 26, 2023
26 months
July 26, 2025
-
€2.50 million
May 26, 2023
18 months
November 26,
2024
167,456 shares,
i.e., approximately
0.02% of the
Company’s share
capital at
December 31,
2023
46,197,844 shares
bought back in
2023, i.e.,
approximately
6.52% of the
Company’s share
capital at
December 31,
2023
Transactions in Company shares
10% of the
Company’s
capital
10% of the
Company’s
capital
June 3, 2022
18 months
May 26, 2023
May 26, 2023
18 months
November 26,
2024
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Information about the capital
8.2.3 CHANGE IN THE COMPANY’S CAPITAL
Event
Position at December 31, 2018
Change in the
number of shares
Capital
(in euros)
789,252,839
1,973,132,097.50
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
Position at December 31, 2019
807,265,504
2,018,163,760.00
Capital increase resulting from the option to pay the dividend in shares
10,358,336
Position at December 31, 2020
817,623,840
2,044,059,600.00
Capital reduction through cancellation of treasury shares
Capital reduction through cancellation of treasury shares
29,475,225
12,252,723
Position at December 31, 2021
775,895,892
1,939,739,730.00
Capital reduction through cancellation of treasury shares
Capital reduction through cancellation of treasury shares
Position at December 31, 2022
Capital increase reserved for employees
Capital reduction through cancellation of treasury shares
Capital reduction through cancellation of treasury shares
Position at December 31, 2023
8.2.4 TREASURY SHARE BUYBACKS
Treasury shares
At December 31, 2023, the Company held 17,609,525 treasury
shares (i.e., 2.48% of the share capital).
The market value of treasury shares held at December 31, 2023,
based on the final quoted price known for the year of 16.57 euros
per share, was approximately 292 million euros.
Of these 17,609,525 treasury shares held by the Company at
December 31, 2023:
4,806,686 shares are used to cover stock option plans,
performance share plans and any other allocations of shares;
12,802,839 shares are earmarked for cancellation.
■
■
21,232,106
12,506,325
742,157,461
1,855,393,652.50
746,871,196
1,867,177,990.00
719,983,834
1,799,959,585.00
708,790,816
1,771,977,040.00
708,790,816
1,771,977,040.00
Share buyback programmes in effect during
2023
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;
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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, 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
to
Shareholders’ Meeting of June 3, 2022 and continue
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 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:
■
the
eighteen months
authorisation granted at the Shareholders’ Meeting, i.e., until
December 3, 2023.
from June 3, 2022 pursuant
to
Share buyback programme approved
by the Shareholders’ Meeting of May 26, 2023
The Shareholders’ Meeting of May 26, 2023, 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; or
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. 3331‑1
et seq. of the French Labour Code; or
hedge exposure to financial contracts or cash settlement
options based on changes in the Company’s share price,
granted to employees and/or officers of the Company and/or
companies that are or will be related to the Company in
accordance with applicable legal conditions and procedures;
or
allocate performance shares under
the provisions of
Articles L. 225‑197‑1 et seq. of the French Commercial Code;
or
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; or
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; or
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 May 26, 2023 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.
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3
4
5
6
7
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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;
separate
tranches,
cancellation: under a share buyback mandate conducted in
the Company bought back
two
32,878,393 shares earmarked for cancellation. On July 28,
2023 and October 25, 2023,
the Company cancelled
26,887,362 and 11,193,018 shares respectively that had been
purchased under this share buyback programme;
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
November 26, 2024.
from May 26, 2023 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 May 26, 2023
Number of shares cancelled over the past 24 months
Number of shares held at December 31, 2023 (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
22,811,512/3.07%
71,818,811
17,609,525/2.48%
311,836,970.89
291,789,829.25
46,197,844
-
135,000
17.33
-
(1)
Number of shares purchased under the share buyback programme approved by the Shareholders’ Meetings of June 3, 2022 and May 26, 2023.
8.2.5 GRANT OF OPTIONS
There were no longer any Carrefour stock option plans outstanding at December 31, 2023.
8.2.6 GRANT OF SHARES
On February 14, 2023, 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 680 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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Information about the capital
Details of the performance share plans in progress at December 31, 2023 are presented below.
2021 Performance
Plan
2022 Performance
Plan
2023 Performance
Plan
Date of the Annual Shareholders’ Meeting
June 14, 2019
May 21, 2021
May 21, 2021
Grant date
Vesting date
(1)
February 17, 2021
February 16, 2022
February 14, 2023
February 17, 2024
February 16, 2025
February 14, 2026
Number of shares awarded at grant date
3,000,000
3,104,000
2,833,260
of which to Company Officers
Number of grantees at grant date
Fair value of one share (in euros)
(2)
Total number of shares delivered
335,330
338,345
401,862
691
11.85
2,418,700
809
14.21
N/A
680
13.23
N/A
(1)
(2)
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.
The Carrefour share price on the grant date (reference price) adjusted for estimated dividends not received during the vesting period.
The 2021 performance share plan expired on February 17, 2024.
The Carrefour group’s performance with regard to this plan was
100% (effective performance of 105%, capped at 100%). The
corresponding shares were delivered
in
accordance with the terms of the relevant regulation.
the grantees
to
A total of 2,418,700 shares were delivered under this plan.
Movements in performance shares in 2023 were as follows:
Number of performance shares granted at January 1
Shares granted during the year
(1) (2)
Shares delivered to grantees during the year
(3)
Of which shares delivered to Company officers
Shares cancelled during the year
(4)
Number of performance shares granted at December 31
the performance assessment period:
The performance achieved by the Group breaking down as
the
follows over
performance level achieved for the recurring operating income
criterion was 94.5% ; the performance level achieved for the
free cash flow criterion was 150% ; the performance level of the
TSR criterion was 50% ; and the performance level achieved for
(4)
the CSR criterion was 125% .
(2)
(3)
(1)
2022
7,907,569
3,104,000
2,598,044
249,146
(766,309)
7,647,216
2023
7,647,216
2,833,260
2,052,809
304,597
(534,557)
7,893,110
(1)
(2)
(3)
(4)
2022 performance share plan decided by the Board of Directors on February 16, 2022.
2023 performance share plan decided by the Board of Directors on February 14, 2023.
Shares allocated by the Board of Directors on February 26, 2020. The performance level achieved by the Carrefour group was 100% (actual
performance 118%, capped at 100%), breaking down as follows: the average performance level achieved for the recurring operating income
criterion was 116% (in millions of euros: 2020: target 2,172 – result 2,324 – performance 125.3%. 2021: target 2,355 – result 2,481 – performance
121%. 2022: target 2,508 - result 2,524 - performance 102.7%.); the performance level achieved for the free cash flow criterion was 150% (in
millions of euros: 2020: target 1,250 – result 1,889 – performance 150%. 2021: target 1,351 – result 1,836 – performance 150%. 2022: target
1,505 - result 1,993 - performance 150% ); the performance level of the TSR criterion was 75% (for a positioning in fourth place on the panel of
companies); the performance level achieved for the CSR criterion was 129.2% (2020: target 100% - result 115% - performance 137.5%. 2021:
target 100% – result 111% – performance 127.5%. 2022: target 100% – result 109% – performance 122.5%.)
Shares cancelled under the 2020, 2021, 2022 and 2023 performance share plans.
(1)
(2)
(3)
(4)
ROI: average performance over three years 94.5% (in millions of euros). 2021: target 2,182 – result 2,176 – performance 99%. 2022: target 2,300 –
result 2,227 – performance 87.8%. 2023: target 2,420 – result 2,400 – performance 96.7%.
Net FCF: average performance over three years 150% (in millions of euros). 2021: target 914 – result 1,127 – performance 150%. 2022: target 967 –
result 1,217 – performance 150%. 2023: target 1,029 – result 1,805 – performance 150%.
For a positioning in fifth place of the panel of companies.
CSR: average performance over three years 125%. 2021: target 100% – result 111% – performance 127.5%. 2022: target 100% – result 109% –
performance 122.5%. 2023: target 100% – result 110% – performance 125%.
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6
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Shareholders
8.3 Shareholders
8.3.1 MAIN SHAREHOLDERS
the share capital amounted
At December 31, 2023,
to
1,771,977,040 euros (one billion, seven hundred seventy‑one
million, nine hundred seventy‑seven thousand forty euros),
divided into 708,790,816 shares with a par value of 2.50 euros
each.
The Company is authorised to identify bearer shares.
The number of voting rights at December 31, 2023 was
886,612,205. After deducting the voting rights that cannot be
exercised, the total number of voting rights was 869,002,680.
CAPITAL (AT DECEMBER 31, 2023)
To the Company’s knowledge, the breakdown of the capital and voting rights at December 31, 2023 was as follows:
Shareholders
Galfa
Number of
shares
Capital (in %)
Number of
actual voting
rights
Actual voting
rights (in %)
Number of
theoretical
voting rights
Theoretical
voting rights
(in %)
79,624,212
11.23%
159,248,424
18.33%
159,248,424
22,291,101
(1)
3.14%
22,291,101
17.96%
2.51%
Subtotal – Galfa
101,915,313
14.38%
159,248,424
18.33%
181,539,525
20.48%
Peninsula Europe
(1)(2)
62,563,160
8.83%
125,126,320
14.40%
125,126,320
Bank of America Merrill Lynch
56,646,433
7.99%
56,646,433
6.52%
56,646,433
Employees (company mutual
fund)
8,945,850
1.26%
15,811,950
1.82%
15,811,950
Treasury shares
17,609,525
2.48%
-
-
17,609,525
14.11%
6.39%
1.78%
1.99%
Public
TOTAL
461,110,535
65.06%
512,169,553
58.94%
489,878,452
55.25%
708,790,816
100.00% 869,002,680
100.00% 886,612,205
100.00%
(1)
(2)
(3)
Held via stock options.
Including 24,809,568 registered shares held by Abilio Diniz.
Shares pledged to banks under structured financing arrangements.
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Shareholders
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:
Shareholders
Galfa
Number of
shares
Capital (in %)
Number of
actual voting
rights
Actual voting
rights (in %)
Number of
theoretical
voting rights
Theoretical
voting rights
(in %)
79,624,212
10.73%
159,248,424
17.49%
159,248,424
22,291,101
(1)
3.00%
22,291,101
Subtotal – Galfa
101,915,313
13.73%
159,248,424
17.49%
181,539,525
Peninsula Europe
(2)(3)
62,563,160
8.43%
125,022,711
13.73%
125,022,711
Bank of America Merrill Lynch
43,883,841
5.91%
43,883,841
4.82%
43,883,841
Employees (company mutual
fund)
7,083,500
0.95%
13,949,600
1.53%
13,949,600
Treasury shares
11,544,870
1.56%
-
-
11,544,870
Public
TOTAL
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)
(2)
(3)
Held via stock options.
Including 24,809,568 registered shares held by Abilio Diniz.
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:
Shareholders
Galfa
Subtotal – Galfa
Peninsula Europe
Employees
Treasury shares
Public
TOTAL
Number of
shares
Capital (in %)
Number of
actual voting
rights
Actual voting
rights (in %)
Number of
theoretical
voting rights
Theoretical
voting rights (in
%)
79,624,212
10.26%
159,248,424
16.83%
159,248,424
22,291,101
(1)
2.87%
-
-
22,291,101
101,915,313
13.14%
159,248,424
16.83%
181,539,525
62,563,160
(2)(3)
8.06%
122,797,711
12.97%
122,797,711
7,188,600
0.93%
14,338,858
1.52%
14,338,858
9,457,539
1.22%
-
-
9,457,539
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%
Bank of America Merrill Lynch
48,511,723
6.25%
48,511,723
5.13%
48,511,723
17.27%
2.42%
19.68%
13.56%
4.76%
1.51%
1.25%
16.66%
2.33%
18.99%
12.85%
5.08%
1.50%
0.99%
(1)
(2)
(3)
Held via stock options.
Including 24,809,568 shares held by Abilio Diniz.
Shares pledged to banks under structured financing arrangements.
Carrefour shareholder agreement
There is no shareholder agreement at Carrefour.
Employee shareholding
At December 31, 2023, Group employees held 1.26% of the Company’s share capital through the Company mutual fund.
1
2
3
4
5
6
7
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Shareholders
8.3.2 CROSSING OF THRESHOLDS REPORTED TO THE COMPANY IN 2023
To the Company’s knowledge, the crossing of the following statutory thresholds was reported by the shareholders to the Company and
the AMF in 2023:
Date threshold was
crossed
Upward or
downward
Threshold
crossed
Percentage of
share capital
held at the
declaration date
Percentage of
voting rights
held at the
declaration date
Shareholders
BlackRock
BlackRock
BlackRock
BlackRock
BlackRock
February 1, 2023
Upward
February 8, 2023
Downward
February 9, 2023
Upward
February 10, 2023
Downward
February 14, 2023
Upward
Upward
Bank of America
May 4, 2023
Bank of America
May 10, 2023
Downward
Bank of America
June 7, 2023
Downward
Bank of America
June 8, 2023
Upward
Bank of America
June 16, 2023
Downward
Bank of America
June 22, 2023
Upward
Bank of America
June 28, 2023
Downward
Bank of America
June 29, 2023
Upward
5.00%
5.00%
5.00%
5.00%
5.00%
10.00%
10.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.10%
4.98%
5.01%
4.99%
5.01%
10.13%
9.97%
6.06%
6.59%
6.19%
6.25%
6.17%
6.46%
4.10%
4.01%
4.03%
4.02%
4.03%
8.15%
8.03%
4.88%
5.31%
4.99%
5.04%
4.98%
5.21%
Number of
shares
37,840,829
36,984,481
37,201,059
37,034,155
37,176,291
75,170,866
74,013,527
45,233,367
49,221,755
46,240,406
46,671,283
46,108,503
48,239,557
8.3.3
INFORMATION REFERRED TO IN ARTICLE L. 233‑13 OF THE FRENCH
COMMERCIAL CODE
At the end of 2023:
■
■
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;
located at
Peninsula Europe SA, whose head office
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;
is
■
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
powers granted
in
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
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9
ADDITIONAL INFORMATION
9.1 Publicly available documents
466
9.5 Information incorporated by reference
467
9.2 Person responsible
466
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
466
466
466
467
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
468
468
471
471
474
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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
March 28, 2024
Alexandre Bompard
Chairman and Chief Executive Officer
9.3 Person responsible for the financial information
Matthieu Malige
Chief Financial Officer
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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
Date of initial
appointment
Date of last
reappointment
Term of office
(1)
April 15, 2003
May 21, 2021
2027
June 21, 2011
May 26, 2023
2028
(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
The information included in the abovementioned Universal
Registration Documents, other than that indicated above, is,
where applicable, superseded or updated by the information
included
this Universal Registration Document. The
abovementioned Universal Registration Documents are available
under the conditions described in Section 9.1 “Publicly available
documents” of this Universal Registration Document.
in
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, 2022: consolidated
financial statements, Company financial statements and related
Statutory
the
reports
Universal Registration Document filed with the French financial
markets authority (Autorité des marchés financiers – AMF) on
April 6, 2023 under number D. 23‑0252, on pages 329 to 425,
426 to 428, 429 to 451 and 452 to 454 respectively;
included
in
for the financial year ended December 31, 2021: consolidated
financial statements, Company financial statements and related
the
reports
Statutory
Universal Registration Document
the AMF on
April 28, 2022 under number D. 22‑0376, on pages 290 to 378,
379 to 382, 384 to 403 and 404 to 406 respectively.
filed with
Auditors’
included
in
1
2
3
4
5
6
7
8
9
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ADDITIONAL INFORMATION
Concordance tables
9.6 Concordance tables
9.6.1 UNIVERSAL REGISTRATION DOCUMENT CONCORDANCE TABLE
Appendices I and II of the Commission Delegated Regulation (EU) 2019/980 of March 14, 2019
Chapter/Section no.
1/ Persons responsible, third‑party information, statements by experts and approval by competent
authorities
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
2/ Statutory Auditors
2.1. Identity
2.2. Change, if any
3/ Risk factors
4/ Information concerning the issuer
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
5/ Business overview
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
6/ Organisational structure
6.1. Brief description of the Group
6.2. List of significant subsidiaries
9.2, 9.3
9.2
N/A
1
1st page
9.4
N/A
4.1
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, 5.4.6
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)
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ADDITIONAL INFORMATION
Concordance tables
Appendices I and II of the Commission Delegated Regulation (EU) 2019/980 of March 14, 2019
Chapter/Section no.
7/ Review of financial position and earnings
7.1. Financial position
7.2. Operating income
8/ Cash and cash equivalents and capital
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
9/ Regulatory environment
10/ Trend information
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
11/ Profit forecasts and estimates
12/ Administrative, management and supervisory bodies and Executive Management
12.1. Board of Directors and Executive Management
12.2. Conflicts of interest within the administrative, management and supervisory bodies and Executive
Management
13/ Compensation and benefits
13.1. Compensation and benefits in kind
5.2‑5.6.6
5.1
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
4.1.1
5.3, 5.4.5
5.3
N/A
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)
14/ Operation of administrative and management bodies
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
15/ Employees
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
N/A
2.1.7
3.2.1‑3.4.3
8.2.4
2.1.7
3.4.4
8.3
1
2
3
4
5
6
7
8
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ADDITIONAL INFORMATION
Concordance tables
Appendices I and II of the Commission Delegated Regulation (EU) 2019/980 of March 14, 2019
Chapter/Section no.
16/ Main shareholders
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
17/ Related‑party transactions
18/ Financial information concerning the issuer’s assets and liabilities, financial position
and profits and losses
18.1. Historical financial information
18.2. Interim and other financial information
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
19/ Additional information
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
20/ Material contracts
21/ Documents available
8.3.1‑8.3.2
8.1.4.5
8.3.1
8.1.4.3
3.7
6.6 (Note 9.3)
6
7
N/A
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
N/A
9.1
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ADDITIONAL INFORMATION
Concordance tables
9.6.2 ANNUAL FINANCIAL REPORT CONCORDANCE TABLE
Sections of Article L. 451‑1‑2 of the French Monetary and Financial Code (Code monétaire et financier)
Chapter/Section no.
1/ Company financial statements
2/ Consolidated financial statements
3/ Management report
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
4/ Declaration of the person responsible for the annual financial report
5/ Statutory Auditors’ reports on the Company financial statements and consolidated financial statements
6/ Corporate governance report
9.6.3 MANAGEMENT REPORT CONCORDANCE TABLE
Reference texts
French Commercial
Code (Code de
commerce)
L. 225‑100‑1, L. 232‑1,
L. 233‑6 and L. 233‑26
L. 225‑100‑1
L. 233‑6
French Commercial
Code
French Commercial
Code
French Commercial
Code
French Commercial
Code
Comment on the financial year
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
L. 232‑1 and L. 233‑26
Significant events between the financial year‑end
and the report preparation date
L. 232‑1 and L. 233‑26
Foreseeable changes in the situation of the
Company and of the Group
French General Tax Code
(Code général des
impôts)
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
7.1 to 7.4
6.1 to 6.6
5.1
5.1
5.2
5.3
4.1.1
N/A
8.2.4
9.2.2
6.7
3 and 8
Chapter/Section no.
5.1 to 5.4 and 5.6
2.4.1
N/A
5.4.6
5.3
5.6.3
5.6.1
1
2
3
4
5
6
7
8
9
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ADDITIONAL INFORMATION
Concordance tables
Reference texts
Chapter/Section no.
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
Presentation of the Group
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
French Commercial
Code
L. 225‑102‑4
French Commercial
Code
L. 232‑1
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).
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
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
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
4.1.1
2.1.3
4.2
6.6 (Note 14.7.3)
4.1.2
2
2.1.7.2
N/A
2.2.1
5.6.4
3.6
8.2.4
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ADDITIONAL INFORMATION
Concordance tables
Reference texts
Chapter/Section no.
French Commercial
Code
L. 225‑211
Details of purchases and sales of treasury shares
during the financial year
Information about the Company and capital
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
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
Information related to the financial statements
French Commercial
Code
L. 232‑6
Possible changes in the presentation of the financial
statements and the valuation methods used
French General Tax Code 34.9 and 223 quater
Additional tax information
French Commercial
Code
R. 225‑102
Company earnings performance in the last five
financial years
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
1
2
3
4
5
6
7
8
9
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ADDITIONAL INFORMATION
Concordance tables
9.6.4 CORPORATE GOVERNANCE REPORT CONCORDANCE TABLE
Reference texts
French Commercial
Code
L. 22‑10‑8
Compensation
Compensation policy for Company Officers
Chapter/Section no.
3.4.1, 3.4.2.1, 3.4.3.1 and
3.4.3.2
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
French Commercial
Code
L. 225‑37‑4
French Commercial
Code
L. 225‑37‑4
French Commercial
Code
L. 22‑10‑10
French Commercial
Code
French Commercial
Code
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
Information about compensation
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
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
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
3.4.3
3.4.3
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ADDITIONAL INFORMATION
Concordance tables
Reference texts
Chapter/Section no.
French Commercial
Code
L. 22‑10‑11
French Commercial
Code
L. 22‑10‑11
French Commercial
Code
French Commercial
Code
French Commercial
Code
L. 22‑10‑11
L. 22‑10‑11
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
Information about the capital
Structure and change of the Company’s capital
8.2, 8.3
Factors that could have an impact in the event of a
public offer
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
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
N/A
N/A
8.3
N/A
N/A
N/A
N/A
3.4
1
2
3
4
5
6
7
8
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9.6.5 NON‑FINANCIAL PERFORMANCE CONCORDANCE TABLE
Components of the Non‑Financial Statement
Chapter/Section no.
Business model
Main non‑financial risks
Duty of care policy and procedures
Publication of Key Performance Indicators
Mandatory topics referred to in Article L. 225‑102‑1 of the French Commercial Code
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.
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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Registered
shareholders
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Fax: +33 (0)2 51 85 53 42
Investor
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investisseurs@carrefour.com
Shareholder
relations
contact@actionnaires.carrefour.com
Shareholders’ Club
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Tel.: 0805 902 902
club@actionnaires.carrefour.com
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@GroupeCarrefour
Société anonyme with capital of 1,771,977,040.00 euros
Head office: 93, avenue de Paris — 91300 Massy
652 014 051 RCS Évry