Universal
Registration
Document
2024
Annual Financial Report
The elements of the Annual Financial Report are identifi ed using the pictogram
The elements of the Sustainability Statement are identifi ed using the pictogram
AFR
AFR
AFR
AFR
CONTENTS
1
5
2
6
3
7
4
9
www.carrefour.com
SST
8
SST
GROUP OVERVIEW
5
1.1
Group profile – Executive summary
2024
6
1.2
Trends – Global challenges
and development opportunities
18
1.3
Strategy & progress – The Carrefour
2026 plan
23
1.4
Acquisition of the Cora and Match
banners
34
1.5
Act for Food part II
36
1.6
Our commitments to inclusion
39
1.7. Business model – Stakeholders
and activities
41
1.8. Performance
50
1.9
Simplified legal chart
56
SUSTAINABILITY STATEMENT
AND DUTY OF CARE PLAN
57
2.1
Sustainability Statement
58
Appendix: regulatory templates
165
2.2 Carrefour’s Duty of Care Plan
256
CORPORATE GOVERNANCE
301
Governance summary
302
3.1
A balanced governance structure
305
3.2 The Board of Directors
312
3.3 Group Executive Committee
341
3.4 Compensation and benefits granted
to Company Officers
347
3.5 “Comply or Explain” rule
of the AFEP‑MEDEF Code
359
3.6 Transactions in the Company’s shares
carried out by Company Officers
360
3.7
Related‑party agreements referred to in
Articles L. 225‑38 et seq. of the French
Commercial Code
361
2024 RISK MANAGEMENT
AND INTERNAL CONTROL
363
4.1
2024 risk management
364
4.2 Internal control system
382
4.3 Legal and arbitration proceedings
394
BUSINESS REVIEW AS
OF DECEMBER 31, 2024
395
5.1
Business review and consolidated
income analysis
396
5.2 Group financial position and cash flows
402
5.3 Outlook
407
5.4 Other information
408
5.5 Glossary of financial indicators
415
5.6 Parent company financial review
416
CONSOLIDATED FINANCIAL
STATEMENTS AS OF
DECEMBER 31, 2024
421
6.1
Consolidated income statement
422
6.2 Consolidated statement of
comprehensive income
423
6.3 Consolidated statement of financial
position
424
6.4 Consolidated statement of cash flows
426
6.5 Consolidated statement of changes
in shareholders’ equity
428
6.6 Notes to the consolidated financial
statements
429
6.7 Statutory Auditors’ report on the
consolidated financial statements
520
CARREFOUR SA FINANCIAL
STATEMENTS AS OF
DECEMBER 31, 2024
523
7.1
Income statement
524
7.2
Balance sheet
525
7.3
Statement of cash flows
526
7.4 Notes to the Company financial
statements
527
7.5
Statutory Auditors’ report on the
financial statements
548
INFORMATION ABOUT THE
COMPANY AND THE CAPITAL
551
8.1
Information about the Company
552
8.2 Information about the capital
555
8.3 Shareholders
562
ADDITIONAL INFORMATION
567
9.1
Publicly available documents
568
9.2 Person responsible
568
9.3 Person responsible for the financial
information
568
9.4 Persons responsible for auditing
the financial statements
569
9.5 Information incorporated by reference
569
9.6 Concordance tables
570
Universal
Registration
Document
2024 Annual Financial Report
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
The French language version of this Document d'Enregistrement Universel (Universal Registration Document) was filed on
March 27, 2025 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.
2
UNIVERSAL REGISTRATION DOCUMENT 2024
/ CARREFOUR
2024 WAS A YEAR OF GREAT TRANSFORMATION FOR CARREFOUR.
2024 was a year of great transformation for
Carrefour.
In an environment still impacted by pressure
on purchasing power, our Group maintained
its focus and continued to successfully roll out
its strategic plan.
Carrefour strengthened its commercial
momentum in key markets, thanks to an
increasingly competitive offering and continual
improvements in operational performance.
Our Carrefour-brand products enjoyed
sustained growth, our digital transformation
accelerated as we embraced the shift to
artificial intelligence, and customer satisfaction,
measured by the NPS index, improved by a
further 5 points at Group level.
In keeping with our raison d’être, the Food
Transition for All, we breathed new life into
our «Act for Food» programme with a view to
making healthy and sustainable products more
accessible.
2024 was also a year of major strategic
consolidation for Carrefour, with the successful
integration of the Cora and Match banners. This
acquisition, the most significant in more than
two decades, bolstered our network in France.
At the same time, our leading position in Latin
America was strengthened by the unparalleled
competitiveness of our business model. This
was especially true of Atacadão in Brazil,
which has now become the Group’s other core
market.
In 2024, we also stepped up our commitment to
social and environmental stewardship. Our CSR
index reached 111%, a mark of the progress we
have made on major issues such as inclusion,
diversity and the ecological transition.
This has all been possible thanks to the
commitment of all our stakeholders. I would
like to express my gratitude, particularly to all
our employees and franchise partners, who
throughout the year, demonstrated unfailing
commitment to serving our customers, and
who have enabled the Group to successfully
reach this new milestone in our Carrefour 2026
strategic plan.
Alexandre Bompard
Chairman and Chief Executive Officer
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
5
GROUP OVERVIEW
1.1
Group profile – Executive
summary 2024
6
1.1.1
Facts and figures
6
1.1.2 Business overview
7
1.1.3 A central place for lease management
and franchising
7
1.1.4 Our operating regions
8
1.1.5 History of the Group
9
1.1.6 Our business model
12
1.1.7 Our raison d’être
14
1.1.8 Highlights
14
1.2
Trends – Global challenges
and development opportunities
18
1.2.1 Ongoing impacts on purchasing power
18
1.2.2 Developing alternative forms
of consumption
19
1.2.3 Agriculture: a sector in transition
20
1.2.4 Climate change and energy efficiency
20
1.2.5 Employment and inclusion
21
1.2.6 Digital technology at the forefront
of consumer habits, professions
and operations
22
1.3
Strategy & progress – The Carrefour
2026 plan
23
1.3.1 Making the best available to all
our customers
23
1.3.2 Building a cutting‑edge group
29
1.3.3 A competitive value‑creating model
33
1.4
Acquisition of the Cora
and Match banners
34
1.4.1 A major acquisition for the Carrefour
group
34
1.4.2 The conversion of Cora stores to the
Carrefour banner
34
1.5
Act for Food part II
36
1.5.1 Act for Food, a hallmark of the Group’s
transformation since 2018
36
1.5.2 The six priorities of Act for Food Part II
37
1.6
Our commitments to inclusion
39
1.6.1 Our main actions in 2024
39
1.6.2 Our commitment to diversity of origin:
Carrefour, a pioneer
40
1.7. Business model – Stakeholders
and activities
41
1.7.1 Summary of the business model
41
1.7.2 Creating shared value
42
1.7.3 Description of our business
44
1.8. Performance
50
1.8.1 Summary of 2024 financial performance
50
1.8.2 Summary of 2024 stock market
performance
51
1.8.3 Summary of 2024 non‑financial
performance
53
1.9
Simplified legal chart
56
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Group profile – Executive summary 2024
6
1.1
Group profile – Executive summary 2024
This section references SBM‑1: market position, strategy, business model(s) and value chain, and SBM‑2: interests and views of
stakeholders.
1.1.1
FACTS AND FIGURES
Operating an extensive multiformat and omni‑channel network,
Carrefour is one of the world’s leading food retailers. Its
15,244 stores
and
e‑commerce
sites
welcome
80 million
customers every year.
The Group, which has 324,750 employees in eight countries
(France, Spain, Italy, Belgium, Romania, Poland, Brazil and
Argentina), reported 94,550 million euros in gross sales in 2024,
an increase of 9.9% like‑for‑like (LFL). Recurring operating income
came to 2,213 million euros, up 1.4% at constant exchange rates
and comparable scope of consolidation and accounting
standards.
In a mixed economic environment, with slower inflation but
continued pressure on purchasing power, Carrefour confirmed
the resilience of its commercial strategy and the attractiveness of
its model. In Europe, the Group stepped up its investments to
strengthen
its
competitiveness,
launching
price‑reduction
campaigns that helped drive trading and resulted in a significant
improvement
in
Carrefour’s
price
image
and
customer
satisfaction (5‑point increase in the Group NPS ). In France, the
rapid integration of 60 Cora hypermarkets and 115 Match
supermarkets, and the acquisition of 27 Casino supermarkets and
hypermarkets, cemented Carrefour’s leadership in its home
market and underpinned its favourable market share momentum.
In Spain, the Group strengthened its position by completing the
acquisition of 40 SuperCor supermarkets and convenience
stores. Brazil delivered a strong performance across all formats
and consolidated its leadership with the continued ramp‑up of
former Grupo BIG stores. To address the challenges of
purchasing power and food quality, the Group launched its Act
for Food Part II programme in six countries, focusing on the
affordability of healthy and sustainable products.
The year was also marked by the success of the Paris 2024
Olympic and Paralympic Games. As a premium partner, Carrefour
reaped tremendous benefits, both commercially and for its
image.
The
implementation
of
the
Carrefour
2026
strategic
transformation plan continued, notably with the continued
growth of private‑label products, which now represent 37% of
the Group’s food sales (up 1 point year on year), and the launch
of group purchasing through the Eureca European platform. The
Group continues to develop the franchising model, with the
opening of a record number of franchised stores in France and
the expansion into a new host community, Gibraltar, through
framework franchise agreements.
The Group’s digital model is taking shape, with the growth of
data and retail media activities through the development of
commercial partnerships with Unlimitail, the joint venture with
Publicis. Carrefour’s e‑commerce business continues to grow
strongly, with an 18% increase in GMV. The Group’s digital
transformation is gathering pace, with the increasing use of
technology, data and AI solutions.
The Group remains very focused on its key CSR pillars,
particularly climate, diversity and inclusion, with a focus on
diversity of origin and disability, two issues to which Carrefour is
particularly committed. The Group’s CSR and Food Transition
Index, which reflects the rate of achievement of annual targets in
this area, came to 111% at the end of 2024.
In terms of cash‑flow generation, 2024 was in line with the
trajectory of the Carrefour 2026 plan, with net free cash flow of
1,457 million euros. The Group achieved its share buyback target
of 705 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 2024 / CARREFOUR
GROUP OVERVIEW
Group profile – Executive summary 2024
7
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 81% of
consolidated gross sales. Carrefour continues to develop its store
base in these countries, either directly or, increasingly, through
franchising and lease management contracts (see 1.1.3). 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 2024, the Group had
15,244 Carrefour‑banner stores worldwide.
The Carrefour group serves its customers through a full range of
retail
formats,
from
hypermarkets
and
supermarkets
to
convenience stores, 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.
In France, the Carrefour group had 6,468 stores under its banners
at year‑end 2024, of which 6,261 in mainland France and
207 through partners in overseas territories. They break down
into five formats: 325 Carrefour hypermarkets (including the
60 Cora hypermarkets converted to the Carrefour banner in the
fourth quarter of 2024), 1,056 Carrefour Market supermarkets,
115 Match supermarkets, 4,784 convenience stores (Carrefour
City, Carrefour Contact, Carrefour Express, Bio c’Bon, etc.),
153 cash & carry stores (Promocash and Atacadão) and 35 soft
discount stores (Supeco).
In Europe (excluding France), Carrefour operated 6,083 stores
under its banners at end‑2024, including 467 hypermarkets,
2,251 supermarkets, 3,249 convenience stores, 12 cash & carry
stores and 104 soft discount stores (Supeco).
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 193 hypermarkets, 160 supermarkets,
627 convenience stores, 413 cash & carry outlets and 58 Sam’s
Club stores.
1.1.3
A CENTRAL PLACE FOR LEASE MANAGEMENT AND FRANCHISING
Lease management and franchising are core aspects of
Carrefour’s business model. Since 2018, 90% of shop openings in
Europe have been on a franchise basis. Franchisees play an
increasingly important role in the Group’s development and
performance. In return, Carrefour is committed to an open
dialogue and to providing these partners with quality services and
support.
Carrefour France had another record year in terms of local
network expansion, with the opening of 450 new stores in
France in 2024.
Carrefour has 8,834 franchised stores in the eight countries in
which it operates directly (5,610 in France, 3,222 in Europe
excluding France and two in Argentina) and 1,620 stores with
partners in France and Europe, i.e., a total of 10,454 stores
operated by third parties.
Carrefour also operates 1,242 stores with local franchisee
partners in other regions around the world (Asia, the Middle East,
Africa, etc.).
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Group profile – Executive summary 2024
8
1.1.4
OUR OPERATING REGIONS
Romania
stores
France
stores
Belgium
stores
Poland
stores
Argentina
stores
Brazil
stores
Other
stores
Spain
stores
Italy
stores
* Metropolitan France.
** On June 30, 2023, Carrefour announced that it had completed the sale of its 60% stake in Carrefour Taiwan to Uni-President.
Integrated countries/regions
Franchised countries/regions
Taiwan**
Carrefour group
15,244 stores
around the world
*
6,261
713
783
456
679
772
1,185
2,862
1,533
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Group profile – Executive summary 2024
9
1.1.5
HISTORY OF THE GROUP
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.
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
o 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
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.
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.
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.
1976
1992
1993
The Group inaugurated
its first stores in Italy
and then, in 1995, in
China.
1996
The first partnerships with Food Banks
were set up to redistribute food
approaching its use‑by date to those
in need.
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.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Group profile – Executive summary 2024
10
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 programme.
2008
2007
The Group
strengthened its
presence in many
countries between
2000 and 2010,
either through
controlled expansion
or targeted
acquisitions,
including France and
Romania (Hyparlo,
Artima, Penny
Market), Belgium
(GB), Poland (Ahold),
Italy (GS), Brazil
(Atacadão), Argentina
(Norte) and Spain
(Plus).
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.
1999
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.
2013
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.
2014
To gain more control over its
ecosystem, Carrefour and its
institutional partners created
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.
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
proceeded to the
acquisition of Rue du
Commerce and
Greenweez in France
and the launch of new
e-commerce operations
in China, Poland,
Argentina and Brazil.
2016
2018
Carrefour 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 Act for
Food, a global action plan for better nutrition.
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GROUP OVERVIEW
Group profile – Executive summary 2024
11
2019
Carrefour is celebrating its
60th anniversary. Pursuant to
the “Pacte” law adopted by
the French Parliament, the
Group has included a
purpose (raison d’être) (see
Section 1.1.6) 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.
+ The highlights of 2024 and the first
quarter of 2025 are presented in Section
1.1.8 of this Universal Registration
Document.
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 revitalizing
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 continued its policy of targeted and
value-creating acquisitions (acquisition of
Sorgente Natura, the Italian leader in organic
food, acquisition of a 49% stake in Ewally, a
Brazilian fintech company).
Carrefour is committed to becoming a
global leader in digital retailing by 2026
with a data-centric and digital first 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; digitization of financial
services; and transformation of traditional
retail operations through digital
technology. The new model will be an
accelerator of growth, market share and
financial performance for the Group.
Carrefour celebrated the 60th anniversary of
the opening of its first hypermarket in the
southern Paris suburb of Sainte-Geneviève-
des-Bois, a ground-breaking store format in
France at the time. Carrefour signed an
agreement to acquire Cora and Match stores.
• Carrefour acquired
27 Casino stores and finalised
the acquisition of 60 Cora
hypermarkets, all converted
to the Carrefour banner in
the fourth quarter, and
115 Match supermarkets.
• The Group contributed to
the success of the Paris
Olympic and Paralympic
Games as one of the event’s
premium partners.
• Carrefour launched Act for
Food Part II programme. The
approach places its raison
d’être, food transition for all,
at the heart of the Group’s activities.
Carrefour is stepping up its
transformation through the
new strategic plan, Carrefour
2026. Working from its raison
d’être, the food transition for
all, and its omni-channel
model as a Digital Retail Company, Carrefour is committed to
making the best available to all its customers, and to building a
cutting-edge Group (see Section 1.3 of this Universal Registration
Document).d’Enregistrement Universel).
2023
2024
2021
2022
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Group profile – Executive summary 2024
12
1.1.6
OUR BUSINESS MODEL
* Carrefour contributes to production by requiring partner producers to comply with certain specifications.
Logistics
Production*
Animal
husbandry
Farming
Production
facilities
Fishing
Processing
facilities
Warehouses
Order fulfillment
centers
Distribution & services
E-commerce
Carrefour.com, marketplace & Drive apps,
walk-in Drive, home delivery, express delivery,
quick commerce
Services
Stores
Convenience
stores
Specialty
banners
(organic, soft discount, etc.)
Cash & carry
Supermarkets
Hypermarkets
Banking and insurance, travel, vehicle hire,
package pick-up/drop-off, postal network
Our challenges
New eating behaviours Consumer behaviours transformed by
digital technology
An evolving agricultural model
Limited natural resources
More intense competitive pressure
Our business model
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GROUP OVERVIEW
Group profile – Executive summary 2024
13
Shareholders/investors,
public authorities/
local governments
Employees
Consumers/Professionals
Supply chain intermediaries
Service providers
Local
communities
and civil society
Our assets
Our skilled employees Responsible and multicultural approach
Broad geographic footprint Ability to adapt to production and consumption modes
Capital and
resources
Creating shared
value
for our
stakeholders
ECONOMIC & FINANCIAL
CAPITAL
HUMAN & INTELLECTUAL
CAPITAL
RELATIONAL CAPITAL
NATURAL AND
ENVIRONMENTAL CAPITAL
→ 15,244 shops worldwide and 3,238 Drives
worldwide
→ More than 40 countries(1)
→ €95,063 million in sales including VAT
→ 2,744 million in miscellaneous income
(finance companies, property development,
leasing)
→ €160 million in financial income
→ €600 million in dividends to the parent
company’s shareholders
→ €4,476 million in taxes borne by the Group
→ €919 million in financial expenses borne by
the Group
→ €1,659 million in social security charges
borne by the Group
→ 324,750 employees worldwide (2)
→ 300 professions
→ -48% reduction in CO2 emissions (vs. 2019)
→ 73% of shop waste recycled
→ -50% food waste (vs 2016)
→ 256 million in bulk sales and re-use
→ Fossil and renewable energies
→ Use of various materials (plastics,
cartons, etc. )
→ Use of natural resources from ecosystems:
oceans, forests, soil, etc.
→ Water consumption
→ 1 unique e-commerce site
→ 48 million loyalty inserts
→ 17 international partnerships
→ 2,965 supplier sites in Europe
→ 52,024 partner producers
→ Partnerships and strategic alliances
→ €6,750 million budget allocated
by the Carrefour Foundation
→ €7,648 million in wages and social security charges
→ Measuring employees’ Net Promoter Score®
(NPS®)
→ 69% of employees had access to training
during the year
→ 1,187 social audits of suppliers
→ 315,820 employees trained in digital
technologies by 2022
→ 30.5% of employees under 30 years of age
→ 14,201 disabled employees
→ eNPS score of 8.1/10
→ 74,386 million purchase of goods and
services
→ 6,947 organic farming partners
→ €6.2 billion in sales of certified
sustainable products
→ 60 million meals distributed to food aid
associations
→ 111 projects supported by the Carrefour
Foundation as part of the «Soutiens
ton Asso» call for tenders
→ 19 million fans on social networks
(1) franchise included
(2) employees of integrated shops
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Group profile – Executive summary 2024
14
1.1.7
OUR RAISON D’ÊTRE
At the Shareholders’ Meeting of June 14, 2019, the Group adopted a raison d’être, a statement enshrined in its Articles of Association
that reasserts its commitment to leading the food transition for all by promoting healthier, more affordable food, while supporting the
agricultural transition and helping to preserve the planet’s resources:
“Our mission is to provide our customers with quality services, products and food accessible to all across all distribution channels.
Thanks to the competence of our employees, to 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
The launch on October 8, 2024 of Act for Food Part II, the embodiment of the Group’s raison d’être, has given Carrefour new impetus
to support its customers amid continued pressure on purchasing power, by offering them solutions for healthy and sustainable food at
the best price.
1.1.8
HIGHLIGHTS
Highlights of 2024
Food transition
Development and offers
March 21:
Carrefour
launched
“Restart”,
a
responsible
consumption project accelerator enabling start‑ups and
project leaders to test their solutions in‑store.
■
March 29:
The
International
Food
Transition
Awards
recognised Carrefour’s best suppliers in terms of CSR.
■
May:
■
Carrefour Brazil joined the Brazilian Stock Exchange’s
Corporate Sustainability Index, which brings together
79 companies
recognised
for
their
commitment
to
sustainability.
■
Carrefour Italy published its first impact report.
■
Carrefour and fresh product specialist Marché Frais signed a
sourcing and banner licensing agreement.
■
June 5: Carrefour became the first Italian retailer to become a
mission‑led company.
■
June 25: Carrefour and Danone joined forces to reactivate rail
freight, with the creation of the first rail delivery channel to a
retail warehouse in Grans (Bouches‑du‑Rhône).
■
September 18: Carrefour won four prizes in the 2024 edition
of the La Conso s’engag” (LSA) trophies, which reward the best
CSR initiatives of major consumer goods companies.
■
October 8: Carrefour launched Act for Food Part II, its action
plan for the food transition, based on six priorities focusing on
taste and price.
■
November 12: Carrefour extended the Nutri‑Score label to all
food products sold in stores and asked its suppliers to display
the Nutri‑Score of their products on the carrefour.fr website.
■
November 19: For the first time in France, Carrefour organised
the Innovation Grand Prix, which rewards customers’ favourite
products from a selection of 300 new national brand product
references.
■
November 27: Carrefour confirmed its support for organic
farming in France by signing an agreement with La
Coopération Agricole, which brings together 2,100 agricultural
cooperatives, 800 of which are certified organic.
■
February 9: Carrefour Belgium was voted “2024 Retailer of the
Year”.
■
April 17: Carrefour Partenariat International announced a new
franchise and sourcing partnership with the Gibunco Group in
Gibraltar.
■
April 29: With more than 10 million members, El Club
Carrefour is the largest retailer loyalty programme in Spain.
■
June 20: The first Atacadão store opened in France, in
Aulnay‑sous‑Bois (Seine‑Saint‑Denis).
■
July 1: Carrefour finalised its acquisition of the Cora and Match
banners.
■
July 3: Carrefour won two tenders from Shell and
TotalEnergies to supply 117 additional outlets in service
stations.
■
September 9: Carrefour formed a strategic franchising
partnership with the Apparel Group, a specialist retailer, to
expand in India.
■
October 1: The rebranding of 60 Cora hypermarkets was
launched, and completed in mid‑November.
■
October 15: A proposal was made to reorganise the Cora head
office and close the Croissy‑Beaubourg site.
■
October 23: Sam’s Club reached the historic milestone of
3.5 million members in Brazil.
■
December 13: The French Competition Authority authorised
the Carrefour group to acquire 27 stores under the Casino
banner subject to the sale of two stores.
■
1
4
7
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Group profile – Executive summary 2024
15
Purchasing power
Inclusion and diversity
Digitalisation and artificial intelligence
Climate, energy and biodiversity
Solidarity & Foundation
January 2: Carrefour Belgium launched a first wave of price
reductions on over 1,000 products.
■
February 19: Carrefour Spain launched five waves of price
reductions on 1,000 to 3,000 products between February and
November.
■
March 15: Carrefour Spain further reduced prices on 1,500
products.
■
April 2: Carrefour France launched a new series of 10% price
reductions on 500 of the French public’s favourite products.
■
May 21: Carrefour Romania launched national price reductions
on over 1,200 products.
■
July 2: Carrefour Belgium reduced prices by up to 30% on a
selection of summer products.
■
March 5: Carrefour launched an action plan to promote
diversity of origins within the Group.
■
March 8: Carrefour joined forces with Règles Élémentaires, a
non‑profit organisation, to combat period poverty.
■
April 30: Carrefour Belgium was awarded the Diversity label for
its inclusive employment policy.
■
November 4: Carrefour France launched an unprecedented
action plan to support its employees struggling with illiteracy
or DYS disorders (dyslexia, dyscalculia, dysorthographia).
■
January 15: Carrefour and Netflix launched the pilot
subscription programme Carrefour Plus in Rouen and
Bordeaux.
■
February 7: Carrefour, Deliveroo and Jow launched a unique
and exclusive partnership in France to deliver recipes from the
Jow platform in 30 minutes on average.
■
August 13: Carrefour Belgium adopted artificial intelligence to
manage best‑before dates, working with food tech specialist
Deligate.
■
September 20: Unlimitail entered into a strategic partnership
with TF1 Pub to enable advertisers to optimise their segmented
TV campaigns using Carrefour data.
■
October 8: Carrefour Romania and Bringo launched the first
guaranteed packaging collection service for orders placed via
the online platform.
■
December 18: Carrefour launched Carrefour IA, a platform for
its employees.
■
January 10: Carrefour strengthened its renewable energy
performance with the signing of four direct power purchase
agreements in France.
■
May 22: Carrefour France teamed up with Bee Friendly, a
non‑profit organisation dedicated to protecting pollinating
insects, for its Quality Lines.
■
June 4: Carrefour France partnered with Ademe to support the
Group’s SME suppliers on their decarbonisation pathways
through the ACT programme.
■
June 4: Carrefour Brazil and Coca‑Cola joined forces to sell
drinks in returnable packaging in the chain’s hypermarkets.
■
July 15: Carrefour and GreenYellow, a leader in the
decentralised energy transition, launched a partnership to
produce photovoltaic energy in France.
■
July 16: Carrefour Brazil invested 28 million reals in forest
conservation projects through its Brazil Forest Fund.
■
August 8: Carrefour Spain signed a ten‑year renewable power
purchase agreement with Engie.
■
January 1: Carrefour Foundation launched its new 2024‑2026
engagement, refocusing its work on the fight against food
insecurity.
■
January 10: Carrefour took part in the 35th Pièces Jaunes
(Yellow Coins) donation campaign for hospitalised children in
France.
■
January 16: 18th edition of Boîtes à Bonheur (Boxes of
Happiness). Carrefour and Secours Populaire teamed up to
offer a day’s holiday to children from disadvantaged
backgrounds.
■
January 24: Ramdam Social, a mission‑driven company
committed to the fight against precariousness, started
operating out of nearly 80 Carrefour stores in Île‑de‑France.
This is a socially responsible consumption initiative with a
range of five products developed in close collaboration with
French SMEs to support three charities: Banques Alimentaires,
Secours Populaire and SAMU Social de Paris.
■
March 1: Carrefour worked with Restos du Cœur for their
national food drive.
■
May 1: 13 Boucles du Cœur collection drive. Carrefour
supported local charities working to combat food insecurity
and help vulnerable children.
■
th
May 28: Carrefour and Kellanova joined forces with Andès
solidarity grocery stores to combat food insecurity.
■
November 7: Carrefour and its Foundation signed a three‑year
partnership to provide Banques Alimentaires with financial
support and food donations.
■
November 18: Carrefour and Ramdam Social continued their
collaboration with the launch of solidarity products to combat
period poverty.
■
November 22 to 24: Carrefour took part in the Banques
Alimentaires national collection drive in France.
■
November 25: For the 18th consecutive year, Carrefour
supported the Telethon to raise funds for research into genetic
diseases.
■
December 15: Following the passage of Cyclone Chido, which
hit the island of Mayotte and its inhabitants, Carrefour, together
with its Indian Ocean partner GBH and the public authorities,
donated 100 tonnes of basic necessities (bottled water, rice,
pasta, etc.).
■
December 23: Carrefour and its Foundation financed the
equivalent of 780,000 meals from non‑profit organisations
working to combat food insecurity.
■
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
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GROUP OVERVIEW
Group profile – Executive summary 2024
16
Governance
Financing
Highlights of first‑quarter 2025
Paris 2024 Olympic and Paralympic Games
“Our partnership with Paris 2024 was a great sporting, human
and commercial success. This is a source of joy and great pride
for our Group, which will continue to spread the values of sport
and healthy eating, true to its commitment to the food transition
for all.”
Alexandre Bompard, Chairman and Chief Executive Officer
February 19: The Board of Directors paid tribute to Abilio Diniz,
who died on February 18, 2024. A major shareholder of the
Carrefour group since 2015, and an observer member of the
Board of Directors since May 17, 2016, Abilio Diniz was
Vice‑Chairman of the Strategic Committee.
■
March 13: The Board of Directors decided to co‑opt Eduardo
Rossi as a Director to replace Abilio Diniz for the remainder of
his term of office. This co‑optation was ratified at the
Shareholders’ Meeting of May 24, 2024. At the same
Shareholders’ Meeting, Marguerite Bérard was appointed as a
Director for a period of three years, until the end of the
Shareholders’ Meeting called to approve the financial
statements for the year ending December 31, 2026. She has
joined the Audit Committee as an Independent Director.
■
September
10:
Carrefour
successfully
placed
a
750‑million‑euro
mandatory
Sustainability‑Linked
Bond,
indexed to the Group's greenhouse gas emission reduction
targets and food waste reduction goals. With a coupon of
3.625% per year and a maturity date of 2032, it was almost four
times oversubscribed. The proceeds will be used to finance the
Group’s working capital requirements and to refinance existing
debt. The bond is rated BBB by Standard & Poor’s.
■
December 2: Carrefour refinanced its two credit lines with a
new
4‑billion‑euro
facility
incorporating
KPIs
on
decarbonisation and food waste. This facility, which matures in
2029, secures the Group’s financing without any earmarking of
the funds raised.
■
January 8: Carrefour renewed its support for the Pièces
Jaunes (Yellow Coins) campaign through multi‑channel
donations in its stores and online, on the Carrefour Spectacles
ticketing website.
■
January 13: The Group launched “Le Club Carrefour”, its new
loyalty programme, a simplified solution accessible in all
formats and designed to give customers back some purchasing
power.
■
January 14: Carrefour and PUIG & FILS signed a major
partnership bringing 92 stores in Occitanie under the Carrefour
City, Carrefour Express and Proxi banners.
■
January 17: Carrefour successfully placed a 500‑million‑euro
mandatory
Sustainability‑Linked
Bond,
indexed
to
the
reduction of greenhouse gas emissions. With a coupon of
3.25% per year and a maturity date of 2030, it was almost six
times oversubscribed. The proceeds will be used to finance the
Group’s working capital requirements and to refinance existing
debt. The bond is rated BBB by Standard & Poor’s.
■
January 20: Carrefour set itself a target of 1 billion euros in
sales of “-free” products (gluten-, lactose-, nitrite-, alcohol-)
by 2030.
■
January 23: Following a consultation on the opening of new
local services in railway stations, SNCF Gares & Connexions
appointed Carrefour and Lagardère Travel Retail to create food
stores in railway stations throughout France by 2030.
■
February 4: Carrefour announced the end of paper catalogues
from March 2025.
■
February 11:
■
Alexandre Bompard paid tribute to the memory of Ginette
Moulin, who left her mark on the history of Galeries Lafayette
and the French retail sector as a whole. The Carrefour group
commemorated the commitment and the unwavering
support she always gave it as a major shareholder.
■
The Group announced its intention to acquire the
outstanding shares held by minority shareholders in its
Brazilian subsidiary, Grupo Carrefour Brasil (“Carrefour
Brazil”), and delist it from the São Paulo Stock Exchange (B3)
through a share merger (Incorporação de Ações).
■
March 3: Carrefour, in collaboration with the consortium led
by Altarea Commerce and RATP Travel Retail was chosen to
roll out a new local commerce and services offering in 45 train
stations of lines 14 Sud, 15, 16, 17 and 18 of the Grand Paris
Express.
■
March 5: Carrefour launched a new service focused on home
care and personal assistance.
■
March 6: Carrefour partnered with Restos du Cœur for the
40 national food drive.
■
th
March 13: Carrefour took note of the decision of the French
Competition Authority, which definitively approved the
acquisition of the Cora and Match banners, as well as that of
the Provera central purchasing centre. In accordance with the
French Competition Authority’s conclusions, Carrefour will
enter into discussions with potential buyers to sell the eight
stores located in the areas identified by the Authority by the
end of 2025. These stores – 5 hypermarkets and 3
supermarkets – generated combined sales of just over 300
million euros in 2024. The employees of these stores and their
representatives will be informed of the Authority's decision.
The sale transactions may only take place after prior
consultation with their Works Councils. Following this decision,
Carrefour has confirmed the financial information related to
the acquisition of Cora and Match, and in particular the target
to achieve 130 million euros in synergies by 2027.
■
1
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Group profile – Executive summary 2024
17
As the first food retailer to become a premium partner of the
Olympic and Paralympic Games, Carrefour contributed to the
success of the world’s premier sporting event and reaped
positive image and commercial benefits. The second French
partner cited in spontaneous association with the Paris 2024
Games, Carrefour strengthened its reputation as a leading brand
in the food transition, under the tagline Nourrir tous les espoirs
(“Nourish all hopes”). The event also enabled the Group to
achieve its objectives in terms of employee engagement,
promoting the values of sport and accelerating the integration of
people with disabilities.
The Group made the Paris 2024 Games a popular celebration for
its customers by organising 170 events over the summer with
Team Carrefour athletes and exclusive events in its 6,000 stores,
from the Tour de France of Paris 2024 mascots to sport‑related
promotions and the broadcasting of events in car parks. A total of
8,000 tickets were offered exclusively to Carrefour customers.
Carrefour showcasing spaces were present on two emblematic
sites: the Paris Town Hall square and Club France, attracting
more than 17,000 and 500,000 visitors respectively. The
partnership generated several hundred million views on the main
social media.
Customers were delighted, with a 25% increase in sales in its
Parisian convenience stores and very good performances in cities
located close to venues. A record number of events with Paris
2024 partner suppliers was offered throughout the year, and
sales of their products outperformed in Carrefour stores. The 3,
2, 1 Frais ? Partez ! offer, which featured the same fresh products
as those available in the Athletes’ Village priced at 1, 2 or 3 euros,
was a great success: the operation was continued as part of Act
for Food Part II. The 400‑strong collection of products boasting
the Paris 2024 licence sold in Carrefour stores was a huge
success, with over 4.3 million sales, including 560,000 mascots.
One in three Paris 2024 mascots sold in France was bought in a
Carrefour store.
Carrefour helped feed the 15,000 Olympic and Paralympic
athletes by providing the Athletes’ Village with 900 tonnes of
products, including 300,000 bananas, 15 tonnes of potatoes,
36 tonnes of pasta and 20 tonnes of peaches and nectarines.
Some 80% of the products offered were of French origin, 30%
were organic products or products in conversion and 25% of its
supplies came from within 250 km of venues. All French regions
were represented on athletes’ plates. The partnership with Paris
2024 was therefore an exceptional showcase for the promotion
of healthy and environmentally friendly food and for the
promotion of Carrefour’s 30,000 partner producers.
The Group was the leading retailer on the Paris 2024 sites, with
three exclusive pop‑up convenience stores at the Athletes Village
in Saint‑Denis, the International Broadcast Centre in Le Bourget
and the Media Village in Dugny. They welcomed up to
35,000 visitors a week. Solutions for people with disabilities were
implemented in these stores: accessible signage, accessible
cabins, teams trained in the 10 basic gestures of French sign
language. The Paris 2024 partnership was an opportunity to
reinforce the Group’s commitment to disability, and June was
declared Disability Month. In its wake, 60 disabled‑accessible
stores were opened in France, 1 in Belgium and 1 in Spain.
Carrefour involved its teams in the event by promoting physical
and sporting activity and offering free training to all employees
through a partnership with Gymlib. Nearly 17,000 employees
have already signed up and 10,000 employees and franchisees
also took part in the major sports tournament organised by the
Group throughout France. Carrefour covered the leave and
accommodation costs of 500 employees who volunteered
during the Olympic Games. A further 30 employees were
torchbearers and 80 took part in the Marathon Pour Tous. Finally,
7,000 Paris 2024 tickets were offered internally. The Sports Clubs
programme, a solidarity initiative combining the promotion of
healthy eating and support for amateur sports clubs in France,
now benefits more than 10,000 clubs. It has already enabled
2,500 of them to receive more than 20,000 grants, and the
Group plans to extend this initiative.
The Paris 2024 Paralympic Games were also an opportunity for
the
Carrefour
Foundation
to
support
several
non‑profit
organisations promoting integration through sport for people
with disabilities or young people from priority neighbourhoods.
Projects run by the French Paralympic Sports Committee, Lames
de Joie and Sport dans la Ville were supported. A pre‑funded
donation campaign called “Difts”, launched with Captain Cause
(now renamed DIFT) also enabled Carrefour employees to
distribute grants to six non‑profits working to integrate people
with disabilities through sport.
Last but not least, the 17 Team Carrefour athletes won 9 medals
during the Olympics: 3 gold, 3 silver and 3 bronze. Their success
was celebrated on September 11 at Carrefour Drancy in a
ceremony attended by customers and store teams.
Among the Team Carrefour athletes, Guillaume Burger has
continued to wear the banner’s colours by joining the Carrefour
Belgium teams.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
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GROUP OVERVIEW
Trends – Global challenges and development opportunities
18
1.2
Trends – Global challenges and development
opportunities
Political uncertainties, societal change and the pressure of
environmental
emergencies
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 concurrent crises (health, geopolitical,
energy) over the past five years. 2024 was characterised by an
unstable global environment and continued pressure on
purchasing power. In developed countries, consumers remain
mindful of preserving their budgets, strained by price increases in
recent years, while continuing to look for food options that are
good for their health, good for farmers and good for the planet.
Understanding and adapting to the demand for affordable prices,
new eating habits, the search for local supply chains and the
digitalisation
of
consumption
patterns
are
fundamental
challenges. 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.
1.2.1
ONGOING IMPACTS ON PURCHASING POWER
Reconciling the duty to provide healthy food with affordability is
another global issue. Access for all to quality food in sufficient
quantities has been undermined by the disorganisation of global
supply chains, as well as resource scarcity and geopolitical
instability, which have driven up the cost of key food
commodities in recent years. In 2023, low‑income countries saw
a renewed risk of famine
, while high‑income countries
experienced high food inflation and consumers adapted their
purchasing behaviour accordingly. They turned to private label
brands, which are cheaper than national brands but considered
to be of similar or even higher quality, reduced their
consumption of certain product categories and embraced
promotions.
Inflation was brought back under control in Europe in 2024.
However, it remains the number one concern for consumers,
with 87% saying they are worried about the cost of living.
Household sentiment remains negative: 88% of people believe
that prices continue to rise, and 48% that their purchasing power
has fallen
. As a result, consumers are still keeping their food
spending on a tight rein: in 2024, more than 45% of European
people were looking for ways to save money when shopping
.
There is growing polarisation between the most affluent
households, which are gradually returning to their previous
purchasing habits, and the least affluent households, which
continue to shun the most expensive products: 55% of
low‑income European households have stopped buying meat
and fish, and 42% are cutting back on their food purchases to
stay within their budget
.
In France, 87.5% of consumers say they are impacted by higher
food prices; 23% consider themselves to be highly impacted.
Households use a variety of strategies to reduce their
expenditure:
reducing
purchases
of
expensive
products,
favouring staples (rice, pasta) or reducing the quantities
purchased. Value for money, price and quantity are the three
most important criteria when shopping. However, the search for
a healthy, tasty and balanced diet remains a major concern.
Although 90% of French people are concerned about the quality
of the products they consume, 70% believe that their income is
not sufficient to buy food that reflects the importance they
attach to it. Half of consumers cite a limited budget as the main
obstacle to changing their eating habits, while 30% say they
would change if they had a financial incentive to do so. Against
this backdrop, consumers have two main expectations of retail
banners: product quality (51%), and promotions and special offers
(47%)
.
(1)
(2)
(3)
(4)
(5)
(6)
Source: Summary report from the EAT‑Lancet Commission, “Healthy Diets from Sustainable Food Systems”, 2020.
Source: Food and Beverage Finance 2024, Key trends shaping opportunities in the food and beverage sector, KPMG, 2024.
Le Baromètre Observatoire Cetelem 2024 (2024 Consumer Survey), Cetelem, 2024.
Source: The State of Grocery Retail 2024, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, March 2024.
Le Baromètre Observatoire Cetelem 2024 (2024 Consumer Survey), Cetelem, 2024.
Source: Les Français et l’alimentation (The French and Food), Deloitte, September 2024.
(1)
(2)
(3)
(4)
(5)
(6)
1
4
7
2
5
8
3
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Trends – Global challenges and development opportunities
19
1.2.2
DEVELOPING ALTERNATIVE FORMS OF CONSUMPTION
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. Since 2000, the
proportion of undernourished people has fallen from 23% to 13%,
but the World Food Programme estimates that the number of
people experiencing acute food insecurity has doubled over the
same period
. 735 million people suffer from hunger worldwide,
an increase of 122 million people since 2019
. In total, around
half of the world’s population has a nutrient‑deficient diet.
Transitioning to the planetary health diet (or a flexitarian diet, i.e.,
essentially plant‑based supplemented with small amounts of fish,
meat and dairy foods) could prevent an estimated 11 million
premature deaths per year and unsustainable environmental
damage
. Food is emerging as the most powerful way to
optimise both physical health and environmental sustainability.
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 major trends. In 2024, the
desire to eat healthily and responsibly was evident in more than
just words. Consumers who say they have changed their eating
habits do so to eat more healthily (74%), to buy locally (53%) and/
or for environmental or ethical reasons (40%).
For example, 41% have taken steps to reduce their food waste.
They are also increasingly demanding and vigilant: three out of
four are concerned that consuming certain products could have
harmful effects on their health. They therefore pay close
attention to ingredients (44%), choose minimally processed
products (72%) and prefer local and seasonal products (53%).
Nutritional labelling (Nutri‑Score or other), consulted by one in
five people, is establishing itself as a guarantee of quality. Finally,
although the proportion of vegetarians remains below 5% of the
population in most countries, plant‑based diets are emerging as a
major consumer trend, driven by the growth of flexitarian diets,
which now account for 44% of consumers. In response to this
trend, the range of plant‑based alternatives to animal products is
expanding rapidly.
In France, 42% of consumers believe that eating well means
eating a healthy, balanced diet, avoiding foods that are too fatty
or too sweet. They are sensitive to the origin of products (28%)
and their composition (25%). In terms of eating habits, over 18.4%
say they are flexitarian, 2.7% follow a “-free” diet (gluten-,
lactose-, etc.) for medical reasons or because of intolerances or
allergies, 2.3% are vegetarian, 1.5% pescetarian (eating fish but
not meat) and 1% vegan (or vegetarian). Finally, 11% try to
maintain a rigorous diet with various health and fitness objectives
(sugar‑free, low‑calorie, etc.)
.
(1)
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Source: Food and Beverage Finance 2024, Key trends shaping opportunities in the food and beverage sector, KPMG, 2024.
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 2024 White paper, 2024.
Source: Les Français et l’alimentation (The French and Food), Deloitte, September 2024.
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Trends – Global challenges and development opportunities
20
1.2.3
AGRICULTURE: A SECTOR IN TRANSITION
The world’s food and agricultural systems face three major
challenges as the first quarter of the 21st century gets further
under way. 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
. Second, intensive and industrial agriculture is
reaching its limits, putting the planet under strain. According to
the United Nations Environment Programme, it is the biggest
threat to biodiversity, affecting 24,000 of the 28,000 species
threatened with extinction. It also accounts for 70% of freshwater
consumption, while pesticides and fertilisers are major sources of
water pollution
. Over 70% of the world’s ice‑free land is now
used for agriculture. One‑third of arable land is used to produce
livestock feed, and 60% of the world’s cereals are eaten by
animals; 80% of deforestation is attributable to agriculture, and
specifically the expansion of the areas cultivated with soybean for
livestock feed and palm oil
. Using more land to produce food
is therefore an impossible solution. Moreover, current farming
methods deplete soil fertility, and productivity decreases as a
result. Third, farmers and agricultural workers are grappling with
economic insecurity and vulnerability worldwide. According to
the UN Food and Agriculture Organization, their incomes would
need to rise by 57% in low‑income countries and 27% in
middle‑income countries to lift them above the poverty line
.
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 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 2024, there were 4.5 million organic farmers in 188 countries.
Together, they farmed a total of 96 million hectares (including
18.5 million hectares in Europe and 9.5 million hectares in Latin
America), or 2% of the world’s agricultural land. Their share is
growing on all continents. The growing world market for organic
products represents 135 billion euros, despite a recent decline in
some European countries
.
Surface area in the organic sector in France has doubled since
2015. The country is one of Europe’s leading organic producers
and markets, with 10.4% of its utilised agricultural area (UAA)
converted (i.e., 2.77 million hectares) and a total of 61,163 farms
(i.e., 14.4% of French farms). After declining between 2020 and
2022, the French organic market has stabilised at 12 billion euros
per year, representing 5.6% of household food consumption.
Despite the spike in inflation in recent years, organic food is
holding its own in France
.
The agricultural transition is supported by the people. Direct
sourcing and locally grown food continue to gain popularity, as a
portion of food consumption is now shifting towards local
products and short supply chains. In France, 72% of consumers
buy “farm‑to‑table” food products directly from producers, at
farmers’ markets, at the farm, online or via cooperatives that
protect small‑scale farming. Local products are also promoted in
traditional distribution channels, where consumers pay more
attention to where their food comes from, especially fruit and
vegetables. Origin, i.e., products made in France, is now the
number one factor in food buying decisions
.
1.2.4
CLIMATE CHANGE AND ENERGY EFFICIENCY
Demographics, urbanisation and human activity are causing
large‑scale climate change that threatens the Earth’s natural
balance. In particular, the agri‑food chain is inextricably linked to
global warming: in Europe, agricultural production generates
94% of ammonia emissions and 11% of greenhouse gas
emissions
. The sixth Synthesis Report of the Intergovernmental
Panel on Climate Change (IPCC)
states that human‑induced
greenhouse gas emissions have led to an unprecedented
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.
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2
Source: World Population Prospects 2022: Summary of Results, 2022.
Source: Food and Beverage Finance 2024, Key trends shaping opportunities in the food and beverage sector, KPMG, 2024.
Source: ELABE study, Quelle alimentation en 2049 (Which foods in 2049?), November 2019.
Source: The State of Food and Agriculture 2023, FAO, 2023.
Source: The World of Organic Agriculture Statistics and Emerging Trends 2024, Research Institute of Organic Agriculture FiBL and IFOAM – Orga
nics International, 2024.
Source: www.agencebio.org
Source: La France à table – Tensions et mutation autour de notre rapport à l’alimentation (The French and Food – Tensions and Changes in our
Relationship to our Diet), Fondation Jean Jaurès Éditions, September 2022.
Source: Food and Beverage Finance 2024, Key trends shaping opportunities in the food and beverage sector, KPMG, 2024.
Source: Synthesis report of the sixth assessment report, IPCC, 2023
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Trends – Global challenges and development opportunities
21
Energy savings and lifestyle changes are the key levers of this
transition. Today’s consumers better understand the impact of
human activity on the planet and call for a less wasteful model.
The Covid‑19 pandemic and gas supply difficulties stemming
from the war in Ukraine have contributed to this collective
awareness of environmental issues and the benefits of more
responsible lifestyles. Consumers are now more active in
reducing
their
ecological
footprint.
For
example,
the
second‑hand market, estimated at 5.7 billion euros, is growing at
a sustained pace in France
. In addition, 78% of French
consumers say that sustainability and ethical considerations
influence their food purchases
. They are attentive to the
solutions offered by retailers, such as recyclable packaging and
sustainable products. More broadly, they prefer companies that
have made progress in their decarbonisation and energy
efficiency strategies. The French also expect public authorities to
do more to support the environmental transition: 71% want
society only to support economic activities that are good for the
environment
.
1.2.5
EMPLOYMENT AND INCLUSION
Diversity
and
inclusion
challenges
are
key
issues
for
contemporary societies, as evidenced by movements like
#MeToo, #BlackLivesMatter and LGBT+. Inclusion is about giving
everyone a place in society. In the professional environment, it
reflects the actions taken by companies to prevent discrimination
based on 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
the
same
recruitment,
training
and
promotion
opportunities, regardless of their profile.
Nearly two‑thirds of French people (63%) believe that French
society is inclusive, although 97% see at least one area where
discrimination persists. The most frequently cited are disability,
physical appearance, perceived origin and age (over 81%),
followed by sexual orientation, gender identity and religion (79%).
At the same time, 77% of employees believe that their company is
inclusive, and 66% that it has an inclusion policy to combat
discrimination. The fear of being discriminated against persists,
with 28% of employees worrying that they will be a victim at
some point in their career. This concern is fuelled by the fact that
25% have witnessed discrimination and 23% have experienced it
first‑hand. It is more common among the younger generations
(33% of those under 35) and especially among young women
(42% of employed women under 35 report it). More than one in
two job seekers considers the recruiting organisation’s action on
inclusion to be an important selection criterion. Keeping older
workers in the workplace is the top priority (29%), followed by
anonymous CVs (24%), awareness‑raising among all employees
(23%) and human resources services (20%)
.
Against this backdrop, Diversity and Inclusion departments are
being set up in major companies. They are working to strengthen
diversity in the workplace and to combat all forms of
discrimination through a range of measures including more
inclusive recruitment processes, special attention to well‑being at
work (adapting working hours, equipment, etc.), gender equality
and the integration and retention of people with disabilities.
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(2)
(3)
(4)
Source: Economie circulaire (Circular economy), PwC Strategy, February 2024.
Source: Les Français et l’alimentation (The French and Food), Deloitte, September 2024.
Source: Sensibilité à l'environnement, action publique et fiscalité environnementale : l'opinion des Français en 2023 (Environmental awareness, pu
blic action and taxation: French opinion in 2023), Ademe and Credoc, 2023.
Source: Les Français et l’inclusion (The French and inclusion), OpinionWay for APICIL, April 2024.
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
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GROUP OVERVIEW
Trends – Global challenges and development opportunities
22
1.2.6
DIGITAL TECHNOLOGY AT THE FOREFRONT OF CONSUMER HABITS,
PROFESSIONS AND OPERATIONS
Food retailing is now growing faster online than in‑store:
between 2022 and 2027, projections point to global growth of
8.6% online, vs 3.7% offline. E‑commerce is expected to account
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. As a result, different formats and value propositions are
likely to coexist, with online purchases increasingly responding to
different expectations and reasoning than those at work in‑store.
Purchases and purchasing decisions are increasingly influenced
by digital interactions: worldwide, 87% of consumers use digital
functionalities to shop and pay, even when they are in a physical
point of sale, and 59% obtain information online before buying
in‑store. Social media is playing an increasingly important role in
product choice, especially for younger people: 25% of
Generation Z consumers (born between 1997 and 2012) say they
discover new food and drinks mainly on TikTok, and 19% on
YouTube
. Artificial intelligence is also having an impact on
consumer behaviour. Retailers are adopting generative AI
technologies to personalise and facilitate the online customer
experience, with virtual assistants and conversational chatbots or
agents to provide advice.
These solutions are said to account for 10‑20% of AI‑related value
creation for retailers, with the remaining 80‑90% coming from
advanced analytics and traditional AI solutions for optimising
product assortment, pricing and promotions
. The use of AI in
the retail sector could increase productivity by 59% by 2035
.
Warehouse and store automation continues as part of the digital
transformation of food retail in Europe, a market worth 2.5 billion
euros and expected to grow by 13% to 6 billion euros by 2030
.
The retail media sector continues to grow. It offers retailers the
opportunity to strengthen their business model and diversify their
revenues by securely sharing data to reach consumers online,
in‑store and via emerging channels such as connected TVs. In
Europe, the retail media market is worth 11 billion euros and is
expected to grow by 15% per year over the coming years
.
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(6)
Source: Food and Beverage Sector Report, Edge by Ascential, March 2023.
Source: Future Retail Disruption, Flywheel, March 2024.
Source: The State of Grocery Retail 2024, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, March 2024.
Source: Future Retail Disruption, Flywheel, March 2024.
Source: The State of Grocery Retail 2023, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, March 2023.
Source: The State of Grocery Retail 2024, Europe, McKinsey & Company, EuroCommerce for Retail & Wholesale, March 2024.
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Strategy & progress – The Carrefour 2026 plan
23
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.
The Carrefour 2026 plan has two pillars:
In support of this new value‑creating ambition, the Group:
With the launch of Act for Food Part II in 2024, the first pillar of
the “Carrefour 2026” plan “Committed to making the best
accessible to all our customers” is enjoying fresh momentum in
all aspects related to strengthening private labels, supporting
sustainable agriculture, developing plant‑based alternatives and
doing more on climate and biodiversity commitments.
1.3.1
MAKING THE BEST AVAILABLE TO ALL OUR CUSTOMERS
Customer satisfaction is Carrefour group’s compass. It is
measured based on the three main criteria of trust, service and
convenience, which are reflected in Key Performance Indicators
(KPIs) such as the Net Promoter Score
(NPS ). In 2024, the
NPS
increased by 5 points thanks to the Group’s increased
investment in competitiveness, which made it possible to reduce
prices throughout the year in Europe. This dovetailed with the
expectations of consumers, who want to preserve their
purchasing power in the face of continuing pressure, but without
compromising on their goal of eating healthily and responsibly.
Carrefour is positioning itself at their side by developing its
discount formats and its own brands, while strengthening its
support for sustainable production methods and its climate and
biodiversity commitments.
In 2025, the 14 million‑member Carrefour loyalty programme is
to become Le Club Carrefour, a simplified solution accessible to
everyone in all formats, strengthening the Group’s offers to meet
customer expectations and promote better eating.
Commitment to making the best available to all our
customers
1.
To help customers overcome purchasing power challenges
and to combat climate change, Carrefour has announced
the following initiatives:
placing the Carrefour own‑brand at the heart 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
with the aim of having a network of more than 470
Atacadão stores in Brazil by 2026 (200 more than in 2022),
■
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.
■
Building a cutting‑edge Group
2.
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,
■
contributing to cost savings of 4.2 billion euros by 2026
(compared to the initially planned 4.0 billion euros),
an ambitious energy policy is under way, as evidenced by
the major energy savings achieved, with a goal of reducing
consumption by 20% by 2026 vs. 2019 for the Group, 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,
■
the Group’s inclusion approach is being reaffirmed
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 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 to finance environmental and
social projects.
■
increased its annual investment budget;
■
has targeted net free cash flow above 1.7 billion euros by 2026.
■
®
®
®
Organic, Carrefour Quality Lines, agroecology, sustainable fishing (ASC/MSC), sustainable forest sourcing (FSC). See Section 2.1.2.4 Biodiversity and
ecosystems (ESRS E4) of the Sustainability Statement.
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
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GROUP OVERVIEW
Strategy & progress – The Carrefour 2026 plan
24
1.3.1.1
The Group remains at the forefront of responsible retailing,
providing practical responses to present‑day challenges, building
on the opportunities opened by the digital revolution. With Act
for Food Part II, Carrefour’s commitment to the food transition
for all is more closely aligned than ever with the concerns of its
customers and the changing face of society.
A distinctive and rationalised
offering, reflecting our raison d’être
Pride of place for own‑brand products
The Group aims to make Carrefour‑brand products the heart of
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 its range to cover all customer
needs.
Act for Food Part II builds on the success of Carrefour’s own
brands, which represent the best value and taste for money. This
is embodied in four ambassador brands: Carrefour Bio, Reflets de
France, Carrefour Quality Lines and Carrefour Sensation Végétal.
In France, the Group aims to make Carrefour Bio the cheapest
organic brand in the market, with the best products in terms of
taste, value for money and health benefits.
In 2024, Carrefour’s own brands continued to grow to represent
37% of the Group’s net sales (an increase of 1 point on 2023).
Their popularity is undeniable: the Carrefour brand has been
voted France’s favourite private label for four years running.
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 products. Since
2022, 1,336 tonnes of sugar and 252 tonnes of salt have been
removed from Carrefour‑brand products. The reformulation of
the composition of Carrefour‑brand products will be intensified
over the next two years to achieve the target of 2,600 tonnes less
sugar and 250 tonnes less salt by 2026.
Carrefour also provides its customers with detailed nutritional
information on its products: information per portion, fibre
content,
consumption
frequency,
etc.
In
2024,
2,935
Carrefour‑brand products had Nutri‑Scores of A or B. The same
year, the Group extended Nutri‑Score labelling to all food
products sold in its stores. Carrefour has asked all national brands
to display the Nutri‑Score label on their eligible products
(processed foods and soft drinks), failing which they will be
excluded from the alternative pour mieux manger (alternative for
better eating) tool on the carrefour.fr website.
Stronger support for sustainable agriculture
In 2024, faced with a major crisis in farming in France, Carrefour
reaffirmed its commitment to farmers. The Group has expressed
its support for legislative measures aimed at increasing
transparency in the relationship between farmers, industry and
retailers, and is in favour of including production costs in price
setting, provided that this approach is binding on all parties. It is
also in favour of price transparency and a mechanism for
monitoring
margins
and
prices
to
promote
a
better
understanding of how value is shared, again on the condition
that all players are subject to it.
In
addition,
Carrefour‑brand
and
fresh
products
are
predominantly of French origin: 100% for milk, eggs and poultry,
96% for meat (beef and pork), 84% for fruits and vegetables
(excluding exotic or out‑of‑season categories). The Group also
supports the Origin Info initiative, which aims to provide
consumers with more precise information on the origin of
products sold in large and medium‑sized stores and to better
promote French products.
As the leading partner of organic farmers in France, the Group
reflects its leadership through marketing a wide range of organic
products. Through its Act for Food programme, it is
strengthening its partnerships with farmers, and aims to double
its purchases from ultra‑short distribution channels.
In 2024, the Group had a total of 52,024 partner producers
worldwide, including 6,947 in organic farming. Carrefour
achieved its target of 50,000 partner producers by 2026, two
years in advance.
The food transition for all
The Group continues its fight for quality food accessible to all by
strengthening its produce offer. In Europe, Carrefour plans to
double its supplies of fruit and vegetables from ultra‑short
distribution channels (i.e., produced by suppliers located less
than 50 km from the store) by 2026.
The Group aims to become the European leader in certified
sustainable products, by achieving sales of 8 billion euros in that
category, which includes certified food and non‑food organic
products,
Carrefour
Quality
Lines
committed
to
an
agroecological approach, sustainable fishing (ASC‑MSC), paper
and wood products with PEFC and FSC certification, and
products with environmental certification such as EU Ecolabel.
Carrefour has made progress: in 2024, sales of certified products
totalled 6.2 billion euros, an increase of 18.2% year‑on‑year
(5.3 billion euros in 2023).
In 1998, Carrefour also became the first retail banner 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 through international
partnerships. In 2024, sales of fair trade products totalled
127 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.
To measure in‑store 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 2024, the survey revealed a score of 64/100.
®
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Strategy & progress – The Carrefour 2026 plan
25
1.3.1.2
Support for more responsible
consumption trends
Echoing
environmental
concerns,
the
Group
empowers
customers to shape the future for sustainable consumption by
enabling them to join active communities in Spain and France
since 2020. Carrefour raises awareness among its French
e‑commerce customers by displaying the environmental impact
of their online orders in terms of the corresponding volume of
CO they represent. The Group also organises Les Champs des
Rencontres, an annual event where customers can visit Food
Transition Pact partner farms to learn about responsible farming
techniques. In 2024, 13 visits were organised, including to
Panzani, Géant Vert and Les Délices de la Mer.
Almost all French people (95%) also want businesses to be more
involved in recycling. In 2023, Carrefour France launched the first
recycling kiosks in partnership with TerraCycle; and in 2024, it
launched “Restart”, a project accelerator for responsible
consumption. Its aim is to test and implement best practices for
more sustainable and inclusive stores in the areas of waste
reduction, packaging reduction, climate, second‑hand goods,
nutrition, accessibility and diversity.
As part of Act for Food Part II, the Group aims to become a
leader in new plant‑based consumption trends, offering the
widest range of vegetarian products and products adapted to
specific diets. Its ambition is to make the Carrefour Sensation
Végétal brand the leading plant‑based brand in France. With over
100 products, Carrefour Sensation Végétal already has the most
comprehensive range of own‑brand vegetarian and vegan
products. Carrefour’s range of “-free” products (gluten-, lactose-,
etc.) is also growing.
In 2024, sales of alternative plant‑based products increased
significantly to 621 million euros in Europe, on track to reach the
2026 target of 650 million euros. To encourage as many partners
as possible to support this objective, in 2023 Carrefour launched
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 its
strengthened
form,
the
19 partners
offer
more
than
200 plant‑based product references. Carrefour France took part
in Veganuary to promote plant‑based protein products and make
them more widely available. To mark the occasion, French
start‑up La Vie organised shop‑in‑shops dedicated to its vegan
products in seven Carrefour hypermarkets in Greater Paris from
January 6 to 12, 2025.
To support customers keen to reduce single‑use packaging, the
Group is rolling out bulk and reusable packaging extensively in its
stores, solutions that are attracting a growing number of
consumers wishing to choose their quantities and benefit from
more attractive prices. Carrefour is France’s leading retailer for
deposits on reusable packaging, with more than 200 stores
equipped.
In 2024, bulk and reuse sales rose sharply to 256 million euros, in
line with the target of 300 million euros by 2026.
Omni‑channel, a unique service
proposition
At the end of 2024, Carrefour had a global network of
15,244 stores in 43 countries, with direct operations in eight
countries (France, Spain, Italy, Belgium, Romania, Poland, Brasil
and Argentina). The Carrefour 2026 plan is stepping up the
Group’s transformation into a comprehensive benchmark‑level
omni‑channel
universe,
enhancing
the
appeal
of
the
hypermarkets, opening new discount formats, tightening the
network of convenience stores, developing e‑commerce, filling
out the service offering, and developing integration between
online and in‑store shopping.
The
Group’s
multiple
formats,
along
with
its
digital
developments, form a unique ecosystem capable of delivering a
personalised customer experience. In addition to their traditional
function in off‑the‑shelf shopping, stores are conceived as
keystones of an omni‑channel Carrefour universe, as preparation
centres and points for picking up goods, or, indeed, returning
them for reimbursement, etc. The aim is to offer customers a
seamless experience, enabling them to shop in 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.
This network allows the Group to interact with its customers
anywhere and anytime, to offer them an efficient shopping
experience, a unique relationship and personalised benefits.
Determined to maintain 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 offers 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
In an uncertain economic climate, Carrefour is developing
discount
formats
to
address
today’s
purchasing
power
challenges.
Accelerated expansion d’Atacadão in Brazil
The Brazilian cash & carry chain Atacadão has been 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.
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In a context of ongoing inflation, Atacadão offers concrete
answers to cost of living challenges. The Group is therefore
pressing ahead with its development, with 25 new Atacadão
stores set to open by 2026. The conversion of BIG stores is also
helping to drive organic growth. 87 stores were converted to
Atacadão and 10 to Sam’s Club between 2022 and 2024.
By 2026, Carrefour aims to have nearly 470 Atacadão stores in
Brazil.
In 2024, the Group converted 14 Carrefour hypermarkets to the
Atacadão and Sam’s Club formats. At the same time, the former
Grupo BIG stores, now operating under the Atacadão banner,
underwent a rapid ramp‑up and delivered a stellar performance,
with strong sales growth (+16% on a like‑for‑like basis). Synergies
from Grupo BIG reached more than 2.3 billion reals on an
annualised basis at the end of June 2024, exceeding the 2025
target of 2 billion reals. The target was raised to 3 billion reals. At
end‑December 2024, synergies amounted to 2.9 billion reals.
Carrefour has started to test the potential of Atacadão in Europe:
the first French Atacadão store opened on June 20 in
Aulnay‑sous‑Bois, Seine‑Saint‑Denis.
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 had
139 stores at the end of 2024, with the aim of reaching
200 stores by 2026.
Supeco is committed to reducing the cost of living for all
customers. In food aisles, the format offers low prices blocked
throughout the year on a selection of best‑sellers. Finally, in
2024, Supeco developed a test offer in several stores, offering
fruit and vegetables at cost price.
Closer reach for the local network
Convenience formats are another source of Carrefour’s strength.
Between 2018 and 2022, they enjoyed rapid growth in all
operating countries, with more than 5,000 openings over that
period. Given the growth potential of this format, Carrefour is
continuing expansion here, targeting 2,400 new convenience
stores by 2026 compared to 2022, (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 the Carrefour Market, Proxi and
Carrefour Contact banners give good local reach nationwide. In
2023, this network was extended under the Potager City banner,
a convenience format positioned as an ultra‑specialist in fresh
produce at non‑specialist prices. 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. The first
three Potager City stores opened in Paris in 2023. In 2024, nine
new city‑centre stores opened in Paris and its inner suburbs. In
2025, their number is set to increase to 20 in Paris and between
10 and 20 in western France.
A unique e‑commerce service offering
In addition to its multi‑format store network, Carrefour is seeking
to differentiate itself in the market by strengthening its
e‑commerce offer.
E‑commerce activity remained dynamic in 2024, driven by Latin
America and France. Carrefour continued to win customers,
posting a global e‑commerce GMV of 5.9 billion euros (up 18%
vs. 2023). E‑commerce recurring operating income improved in
2024 in line with the objectives set at the Digital Day.
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, posting a 33.2%
share of the market in 2024 (up 1.6% vs. 2023). In 2024, the
Group reached the milestone of 700 stores connected to
Carrefour Livré Chez Vous. It also maintained its position as one
of the major players in the Drive segment.
At the same time, Carrefour has continued to develop its services
on partner platforms. Carrefour has launched an exclusive
three‑way partnership with Jow and Deliveroo, allowing
customers to choose their menus for the week on the Jow app
and then receive a Carrefour shopping basket delivered by
Deliveroo within 30 minutes. Carrefour has also introduced a
loyalty scheme for orders placed with UberEats. Finally, the home
delivery option has been launched on the Carrefour Traiteur
service, with 343 stores now equipped.
Internationally, Carrefour is confirming its home delivery
expertise through its own services and with its long‑standing
partners (UberEats, Glovo, iFood, etc.) and more recent ones
(Mercado Livre in Latin America, Just Eat in Belgium, Spain and
Poland). All the Group’s host countries, both integrated and
managed
under
Framework
Franchise
agreements,
offer
e‑commerce services. In Brazil, the Carrefour app and website
underwent a major overhaul in 2024 and were voted “Best online
supermarket” by consumers.
In non‑food e‑commerce, Carrefour offers an omni‑channel
experience that allows customers to consult online offers and
choose between home delivery or in‑store collection, all
enhanced with services such as payment in instalments and
warranty extensions. Carrefour is also expanding its presence on
leading marketplaces such as Mercado Livre in Brazil and
Rakuten in France.
Carrefour is prioritising its apps to offer its customers a fully
omni‑channel and personalised experience. In Spain, the Mi
Carrefour app has been a tremendous success, with 4 million
monthly users, thanks to new features such as simplified
checkout and optimised coupon management. In France, the
app was the number 1 download in the fourth quarter of 2024. It
offers new features such as Price Checker, which allows users to
scan products in‑store to find out their price, plus a highly
personalised customer experience.
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1.3.1.3
The Group also continues to innovate in a large number of other
areas: it is working on the digitalisation and customisation of its
catalogues, integrating functionalities such as product leaflets
and direct addition to the basket. Carrefour was also a pioneer in
2023 with Hopla, the first retailer website chatbot to integrate
ChatGPT to help customers put together baskets adapted to their
budget and dietary restrictions.
Lastly, Carrefour’s e‑commerce strategy is 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 the Group’s 2040 target
.
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 its objective of 30% omni‑channel customers, Carrefour
will be using powerful personalisation and loyalty mechanisms,
along the lines of Carrefour Spain’s unique loyalty programme El
Club Carrefour, and its attractive subscription offer, which has
more than 10 million members and represents nearly 70% of
sales. Two of the Group’s key customer loyalty drivers are
customer
cards
through
omni‑channel
programmes
and
development of promotions and personalised advertising.
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. Several features were rolled out
in 2024. In France, the customer experience has been
modernised thanks to open banking and in‑store AI, particularly
via tablets with integrated OCR technology. In Brazil, the
customer experience is becoming more streamlined thanks to AI
optimising the collection process via WhatsApp. Finally, the
virtual card is now available in Argentina.
The Group has partnered with MoneyGram, a world leader in
peer‑to‑peer money transfers, to open MoneyGram counters in
stores in its main countries in Europe and Latin America (with
more than 400 opened in 2024). 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 has implemented the Purchasing Power
Guarantee, which offers its customers four insurance packages
to help them cover their mandatory expenses in the event of an
unforeseen loss of income.
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, Carrefour has built strong credibility on these
matters, as a forerunner in the development and rigorous and
transparent monitoring of a CSR and Food Transition process,
visible in its stores through its successful Act for Food
programme. Its Engagement department, formed in 2022, is
tasked with concrete pursuit of the Group’s ambitions on the
environment, diversity, inclusion and solidarity. The Carrefour
2026 plan and Act for Food Part II further intensify the Group’s
initiatives across the board to involve its entire ecosystem,
including suppliers.
A stance against waste
The Group is helping to fight all forms of waste and promote the
circular economy.
Carrefour is committed to reducing in‑store food waste by 50%
by 2025 (with respect to 2016), in accordance with the objective
of the Consumer Goods Forum. 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
durability dates. It also organises food donations by partnering
with food banks in most of its host countries. The food donated
in 2024 represented the equivalent of 61 million meals. For
unsold food that can no longer be eaten, Carrefour uses
biomethane recycling channels.
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 food and donations.
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 all of its in‑store waste through
recycling or the production of green energy, and to ensuring that
all of its own‑brand product packaging is reusable, recyclable or
compostable.
(1)
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 2.1.2.1 Climate change (ESRS E1).
(1)
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As part of its Zero Plastic Challenge, the Group achieved its goal
of avoiding a cumulative 20,000 tonnes of packaging in 2023
since 2017, two years ahead of schedule. 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.
Lastly, Carrefour is stepping up responsible sourcing and
developing collection, resale and rental services to support the
circular economy. In France, 223 reverse vending machines
(RVM) were installed in 2024 (up 214% on 2023).
Clear commitment on climate and biodiversity
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 target
was confirmed in 2024, with a 48% reduction in greenhouse gas
emissions from integrated stores (Scopes 1 and 2) over the year
compared to 2019.
Ecosystem mobilisation against climate change
The Group is determined to extend 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 join it in taking up the 1.5°C pathway for 2026, under penalty
of delisting, an unprecedented commitment in the retail sector.
At the end of 2024, 53 of the Group’s top 100 suppliers were on a
1.5°C trajectory.
Carrefour has also partnered with Ademe in France to engage its
smaller suppliers in a climate policy via the Act approach. Under
this partnership, 150 SME are eligible for financial support for
their climate strategy.
In July 2024, Carrefour also issued a call for applications for a
new type of commercial agreement incorporating CSR criteria, in
order to accelerate the transformation of its product offering,
reduce packaging and cut Scope 3 CO emissions.
The Group is also developing climate partnerships with its most
advanced suppliers in this respect. In 2024, it partnered with
Danone to promote rail freight in France, organising the first
channel offering delivery by train to a logistics site supplying
more than 130 stores in the Aix‑en‑Provence region every day.
Carrefour has created the Food Transition Pact, which commits
the
Group
and
its
partner
suppliers
to
fundamentally
transforming 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 2024,
393 suppliers were members of the Food Transition Pact (up
from 306 at the end of 2023).
The International Food Transition Awards, organised by
Carrefour, rewarded the most virtuous suppliers in terms of CSR:
26 winners were selected from 150 candidates thanks to the
votes of 250,000 customers.
Combating deforestation
and preserving biodiversity
Carrefour leads the way in biodiversity protection, and for several
years now the Group has been running a 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.
Carrefour put an end to the systematic printing of checkout
receipts in all stores back in 2021 and in January 2025
announced the end of paper catalogues from March 31, 2025. 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.
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‑brand beef from Brazil would be
guaranteed “deforestation free” by 2026. By this date, the Group
will have withdrawn from all at‑risk areas and will have delisted
any livestock farm located in these areas. This commitment will
be extended to other brands sold in Carrefour stores by 2030.
The Group has also announced the creation of a Forest
Committee in Brazil, made up of industry experts and Group
executives, to intensify its efforts to combat deforestation at
national
and
international
scale.
Carrefour
set
up
an
anti‑deforestation
fund,
coupled
with
a
10 million
euro
investment to finance projects that contribute to the preservation
of biodiversity. In 2024, the Brazil Forest Fund invested 28 million
reals in six projects led by organisations such as The Nature
Conservancy and Imaflora, which will benefit 230,000 farms and
cover 1.2 million hectares in the Amazon.
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 2.1.2.4
Biodiversity and ecosystems).
2
(1)
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).
(1)
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Social responsibility initiatives
Carrefour is also asserting itself as a leader in responsible
retailing, through solidarity initiatives run at all its locations.
The Carrefour Foundation supports solidarity initiatives in
mainland France and in French overseas departments and
territories and in the Group’s other host countries. Between 2018
and 2023, the Carrefour Foundation contributed to helping
nearly 4 million people improve their eating habits by eating
fresher, healthier food or more products from more sustainable
agriculture. In January 2024, the Carrefour Foundation embarked
on a new engagement, the fight against food insecurity, in
response to the growing needs expressed by food charities.
In 2024, it supported 111 projects, including 15 through its first
call for collaborative projects, Soutiens ton Asso (Support your
Association). This call for projects was designed to support
non‑profit organisations of which Carrefour store, warehouse
and/or headquarters employees are volunteers, beneficiaries or
supporters.
In 2024, the Group offered an additional 780,000 million meal
equivalents to its partner non‑profits. Carrefour supports them
through:
The Group and 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.
The Carrefour Solidarity skills sponsorship programme, launched
in France in September 2023, offers each Carrefour employee
the opportunity to volunteer during working hours, up to a
maximum of 2 days a year. By the end of 2024, in France,
2,000 employee accounts had been created on the Carrefour
Solidarity platform and 1,339 hours of volunteer work had been
carried out with non‑profits. In Spain, the Día de la Buena Gente
solidarity day on September 19 was an exceptional collective
event that brought together 1,200 employees.
Emergency aid
Supporting charities providing emergency relief represents a key
part of part of Carrefour’s international activity.
In response to Cyclone Chido, which hit the island of Mayotte
and its inhabitants in December 2024, the Carrefour group
reaffirmed its commitment to solidarity. In collaboration with
GBH, its partner in the Indian Ocean, and with the support of the
public authorities, the Group mobilised 100 tonnes of basic
necessities (bottled water, rice, pasta, etc.) to meet the urgent
needs of the victims of the disaster.
The Carrefour Foundation also supported Açao Da Cidadania in
Brazil following the storms in Rio de Janeiro and Rio Grande do
Sul, and provided emergency aid to Secours Populaire in France
and local Red Cross societies in Spain, Poland and Romania
following the torrential rains that caused flooding.
1.3.2
BUILDING A CUTTING‑EDGE GROUP
1.3.2.1
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 harnessing this pioneering spirit to simplify its
organisation and launch new transformation projects.
A simpler and more efficient
organisation
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
its competitive performance and innovation. Through the
in‑depth
transformation
of
its
geographical
organisation,
purchasing and processes, the Group aims to achieve savings of
4.2 billion euros by 2026.
Maximising operational synergies
Carrefour stepped up purchase pooling in Europe in 2024. The
pooling of the Group’s direct purchasing has gained momentum
with the continued development of Eureca, the single European
purchasing agency for major international FMCG suppliers.
For fresh products, the target is 35% of bulk purchases by 2026,
by strengthening the capacities of the Socomo central
purchasing unit for imported fresh products. The results are
already significant, with the threshold of 30% reached in 2024.
Indirect purchasing is also pooled at European scale on the basis
of common specifications.
Digitalisation of operational processes
In 2024, Carrefour stepped up the overhaul of its operational
processes and implemented a far‑reaching digital transformation
to modernise store operations. The Group has made several
major advances, particularly in mobility: Carrefour is rolling out
new solutions to facilitate the work of its in‑store teams, optimise
stock management and improve interaction with customers. It is
also speeding up in‑store digitalisation, making it possible to
better monitor product availability, optimise product location and
make processes more responsive.
donations of food from warehouses, in‑store collections. In
2024, these actions allowed the equivalent of 39.1 million
meals to be distributed in France and 61 million at the Group
level;
■
donations of non‑food products. These amounted to
3,679 tonnes or 6,346,123 products;
■
financial patronage, through its Foundation, which notably
supports the purchase of essential products.
■
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1.3.2.2
1.3.2.3
At the same time, the Group is continuing to scale up artificial
intelligence solutions for its core businesses. For example, AI
allows stores to adapt their product assortments via the store
adaptor solution, and to optimise their prices very quickly in line
with changes in the local competitive landscape. Carrefour has
also stepped up its efforts to personalise promotions by
controlling the entire coupon creation chain and innovating in
catalogue digitalisation. In purchasing, generative AI solutions are
used to identify price renegotiation opportunities or compare
tenders.
At the end of 2024, Carrefour also put generative AI in the hands
of its employees with the launch of the Carrefour IA platform.
The tool can be used to analyse documents and help write or
redraft texts. The solution, based on Google’s Gemini model, has
been tested by 2,000 employees. It will be available to all
employees in 2025.
Finally, the Group is continuing its innovation work through
various pilot projects, such as predictive maintenance to optimise
the energy consumption of refrigeration units and the use of AI in
the formulation of private label recipes to speed up innovation
cycles. Dastore, its venture capital fund, allows Carrefour to
strengthen its innovation work as an investor and to develop new
retail solutions around data, artificial intelligence, in‑store
operations, cybersecurity, environmental impact, omni‑channel
customer experience and internal processes.
A central place for franchising
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.
By the end of 2024, the Group will have 8,834 stores under
franchise or lease management contracts in the eight countries
where Carrefour operates directly (including 5,610 in France),
representing 71% of stores in these countries. Carrefour’s
franchisees and managing tenants play a key role in the Group’s
development
and
performance.
Accordingly,
it
attaches
particular importance to open dialogue and to providing these
partners with quality services and support. This model is central
to the way the Group operates. Franchising is an appropriate
solution for all Carrefour formats.
Since 2018, 90% of shop openings in Europe have been on a
franchise basis. The Group intends to maintain this pace of
expansion on the continent. Transfers to lease management will
continue, based on performance objectives and annual
evaluations. In France, Carrefour has continued to transform the
way its stores are operated: in 2024, 16 hypermarkets and
23 supermarkets were converted to franchise/lease management
contracts and 455 convenience stores joined the Group’s
franchise networks, a record number of franchise openings in a
single year. In 2025, the Group plans to convert a further
15 hypermarkets and 24 supermarkets to lease management and
expects to open 130 additional franchised convenience stores.
The Group is also present in more than 30 other countries
through franchise partnerships. In 2024, the Group moved into a
new market, Gibraltar. 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.
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 (with its Epsilon
technology) to create a joint subsidiary in 2023, Unlimitail, 51%
owned by Carrefour, which aims to become a retail media leader
in Europe, Brazil and Argentina. Leveraging both Publicis’s
advanced technologies and Carrefour’s knowledge and expertise
in retail media, Unlimitail aims to cover the entire 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.
In 2024, retail media activity grew rapidly: Unlimitail now has
33 commercial partners in 14 countries, representing 220 million
customers and 2 billion page views per month worldwide. After
signing its first five media partnerships in 2023, Unlimitail entered
into a strategic partnership in 2024 with the TF1 group in the field
of segmented TV, reinforcing its commitment to offering an
end‑to‑end 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. Together with the Carrefour group’s other data
monetisation and valorisation activities, this initiative should help
to generate an additional 200 million euros in recurring
operating income by 2026 (vs 2021).
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1.3.2.4
Roll‑out of urban transformation projects
With its extensive real estate portfolio, Carrefour has a high
profile in the urban fabric of the countries where it operates. As
well as seeking to maximise the value of these assets, it also has
an important role to play in urban planning.
In France, Carrefour has identified a hundred or so sites that
could be transformed into housing, offices, stores or leisure
areas. As part of the Carrefour 2026 plan, the Group is
committed to completing 100 urban diversity programmes,
including the creation of 25,000 housing units over a total
surface area of 1.5 million sq.m., generating 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 sites represent approximately 800,000 sq.m. and the
opportunity to create 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 these 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 provision of a first group of 69 sites by
Carrefour. The first applications for building permits were filed at
the end of December 2024; their pace will step up in 2025.
The Carrefour group also continues to explore the best
opportunities to enhance its real estate assets in Brazil.
An ambitious energy transition policy
One of the cornerstones of Carrefour 2026 plan is to extend the
Group’s operations to the energy sector to become a player in
the energy transition. This ambition is twofold: to reduce the
Group’s energy consumption and to become a solar energy
producer.
In a time of sobriety, Carrefour has doubled its investments to
reduce energy consumption: 200 million euros per year from
2023 to 2026, with a target to reduce consumption by 20%
Group‑wide by 2026, and by 20% for France by 2024 (goal
achieved in 2023). By 2030, Carrefour is targeting a 27.5%
reduction.
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.
Together with HysetCo, the European leader in hydrogen
mobility, it installed three refuelling stations in 2024, each with a
loading capacity of 500 kg/day or up to 200 refills for light
vehicles. Open to the public 24/7, these stations round out the
Greater Paris hydrogen distribution network, providing fuel for
private and commercial vehicles in the region to decarbonise
mobility and improve air quality. Carrefour has also been
marketing biodiesel (hvo100) since August in Athis‑Mons, and
November in Pontault‑Combault. This premium diesel emits 90%
less CO than conventional diesel. The performance of this new
offer will be evaluated before its extension is considered in 2025.
In 2024, Carrefour accelerated the introduction of green energy
contracts in all its geographies, in line with its target of 100%
renewable electricity by 2030. In France, in addition to launching
a partnership with Octopus Energy to offer customers highly
competitive French and green electricity, the Group has signed
an agreement with GreenYellow, a leader in the decentralised
energy transition, to install and operate shading systems
equipped with photovoltaic panels on almost 350 of its car parks,
generating around 450 GWh per year within three years, almost
half of the target of 1 TWh of theoretical electricity per year.
Carrefour France has also signed five long‑term renewable power
purchase agreements with VSB covering five wind and
photovoltaic farms intended to produce 44 GWh per year from
2025. This agreement complements the four major power
purchase agreements signed in France since 2023 for 100 GWh
per year from 2024, one in Spain for 187 GWh per year from
2026, which will allow Carrefour to cover almost 30% of its
consumption in that country thanks to solar and wind assets, and
one in Italy for 76 GWh per year from 2026.
Strengthening inclusion
To fulfil its ambitions, the Group counts on its 324,750 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 these
ambitions, includes a Diversity and Inclusion unit.
Promoting diversity within the Group
Since its creation, Carrefour has been committed to reflecting
and integrating diversity and social mix in its locations.
“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. In the most
recent audit conducted by Bureau Veritas in 2023, the Group
achieved the maximum score of 5/5 at company level and was
awarded the GEEIS Diversity label, reflecting its commitment to
diversity. This is a long‑standing commitment, as Carrefour
signed the Diversity Charter in 2004, aimed at giving everyone, in
every country, the same opportunities in career development and
hiring. In 2022, Carrefour confirmed its commitment to inclusion
by adopting the LGBT+ Charter of L’Autre Cercle, a leading
non‑profit organisation in the world of work. In 2023, this
commitment was reinforced by the signing of a partnership with
Fondation Le Refuge, which supports young LGBT+ people
facing exclusion and helps them find employment. Carrefour
continued these initiatives in 2024.
See Section 1.6.1 Our main actions in 2024.
The Group is also strengthening awareness‑raising activities
among its employees 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. The Diversity Cafés, launched in
September 2024 by the Inclusion and Diversity department, offer
employees a forum for discussion and thinking on these issues.
Role model‑ambassadors are present at each event to facilitate
discussion and convey a positive, caring message.
2
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Strategy & progress – The Carrefour 2026 plan
32
1.3.2.5
A proactive action plan to promote diversity of origin and
minorities
in
management
positions
was
launched
in
March 2024, inspired by the results of the March 2023 survey of
Carrefour employees in France on their career paths and origins.
The aim is to change the face of the Company by 2026.
See Section 1.6.2 Our commitment to diversity of origin:
Carrefour, a pioneer.
Disability
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. Across the
Group, Carrefour is aiming to increase the number of employees
with a disability from 14,201 in 2024 (4.4% of the workforce) to
over 15,000 by 2026.
Thanks to the impetus of the Paris 2024 Olympic and Paralympic
Games, 2024 was a year of progress in this area, with the
opening of stores accessible to people with disabilities in France,
Belgium and Spain, following the example of the first accessible
hypermarket, which opened in Villeneuve‑la Garenne in
December 2023. Carrefour is working to make all its stores,
websites and apps more accessible to people with visible or
invisible disabilities, in addition to the initiatives already
implemented in stores since 2021 (quiet hours, store maps on
shopping trolley handles and sign language training).
For the professional integration of people with disabilities, the
Group continued its partnership with Café Joyeux, a supportive
and inclusive company that trains and employs people with
cognitive or mental disabilities. Internally, Carrefour has launched
a new action plan intended to support its employees struggling
with a silent disability, namely illiteracy or DYS disorders (dyslexia,
dyscalculia, dysorthographia).
See Section 1.6.1 Our main actions in 2024.
Gender equality
At December 31, 2024, the Group employed 180,540 women,
together representing 55.6% of its workforce. Numerous systems
are accordingly in place to ensure gender equality. 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 leadership
programmes (individual coaching, 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 2024, 28% of
the Group’s Top 200 managers and 29% of the Group’s Executive
Committee were women.
See Section 1.6.1 Our main actions in 2024 and Section 1.6.2 Our
commitment to diversity of origin: Carrefour, a pioneer.
Strengthening the Group’s cohesion
Social advancement
Upward mobility through work is one of the values that has
driven Carrefour’s development since the outset. In 2024, one in
two new managers started their career as an employee before
being promoted internally.
The Leaders School, an internal training school for high‑potential
employees, illustrates Carrefour’s commitment to upward
mobility. The scheme was launched in Argentina and Spain in
2018 before being rolled out in France, Poland, Italy, Romania
and Belgium in 2021. 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
As part of the digital retail strategy based on a “data‑centric,
digital first” approach presented on Digital Day, all the Group’s
countries are developing programmes to give their employees a
better understanding of digital culture. To support everyone in
their transition to the jobs of the future and new ways of working,
nearly 100% of the Group’s employees received digital training
through the Digital Retail Academy, supported by Google.
To support the rollout of the new chapter of Act for Food, an
educational training is available to employees. This enables them
to fully embrace the programme, communicate it effectively to
customers, and become its best ambassadors.
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 directly involve all employees in the Group’s success and
value creation, Carrefour launched the Carrefour Invest
employee share ownership plan on March 1, 2023, offered to
nearly 335,000 employees in France and in seven countries.
This popular, secure plan reflects the Group’s desire to give its
employees a stake in the Company’s performance on special
terms and to enable them to help Carrefour achieve its CSR
commitments by financing social and environmental projects.
More than 30,000 employees in the Group’s eight countries have
become
shareholders.
In
Brazil,
over
3,000 employees
participated in a specific local offer of Carrefour Atacadão shares.
(1)
Work schedule pooling is a voluntary system offering employees the possibility of organising their own working hours, in consultation with their
colleagues and according to the workload plan prepared by their section manager. Since 2010, a collective agreement has offered the system to all
Carrefour hypermarket checkout staff, to support a better work‑life balance and serve customers’ best interests.
(1)
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Strategy & progress – The Carrefour 2026 plan
33
1.3.3
A COMPETITIVE VALUE‑CREATING MODEL
The Group’s objective is to continue to gain market share
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 raised its 2024 cost savings target to 1.2 billion
euros, from 1 billion euros previously.
This growth dynamic is combined with an optimised business
model and the synergies expected from the integration of Grupo
BIG in Brazil, with the target raised to 3 billion reals in EBITDA by
2025, contributing to the growth of the Group's EBITDA and
recurring operating income. By the end of 2024, the synergies
generated from the operation represented 2.9 billion reals in
EBITDA.
To implement the Carrefour 2026 strategic plan, the Group is
increasing its annual investments. In 2024, the Group invested
1,772 million euros.
A powerful and resilient profile
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 2024, the growth
recorded was 6%. At the same time, the Group is continuing its
share buyback policy initiated in 2021 with annual programmes.
In 2024, the programme of 705 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, also including employee shareholders who have
joined the Carrefour Invest plan.
On completion of this strategic plan, Carrefour will have a more
powerful and resilient model, largely owing to:
strong growth dynamic across the existing store base, and
expansion of discount formats;
■
competitive performance boosted by the reach of its digital
and omni‑channel model;
■
a business model built around powerful, recognised and
distinctive private label products;
■
a leading role in the food transition for all;
■
a presence in new adjacent businesses;
■
significant advances in terms of inclusion and cohesion;
■
a stronger financial profile thanks to strong increases in
recurring operating income and net free cash flow.
■
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GROUP OVERVIEW
Acquisition of the Cora and Match banners
34
1.4
Acquisition of the Cora and Match banners
1.4.1
A MAJOR ACQUISITION FOR THE CARREFOUR GROUP
The acquisition of the Cora and Match banners from the Louis
Delhaize group was completed on July 1, 2024, after receiving an
exemption from the French Competition Authority. On March 13,
2025, this same Authority definitively validated the acquisition of
the Cora and Match banners, as well as that of the Provera
central purchasing office, subject to the disposal of eight stores.
The Group will thus enter into discussions wth potential buyers
to sell eight stores by the end of 2025 - five hypermarkets and
three supermarkets - situated in zones identified by the Authority
responsible for maintaining a balance in competition at the local
level.
With the acquisition of 60 Cora hypermarkets and 115 Match
supermarkets, which employ a total of 22,000 employees,
Carrefour has completed its first major acquisition in France in
more than 20 years. The Group is consolidating its position in the
French food retail market, with a 2.4‑point increase in market
share. Due to the strong presence of the Cora and Match
banners in northern and eastern France – regions where
Carrefour has historically been less active – the Group is also
gaining complementary geographical coverage.
This operation is based on historic ties with the Louis Delhaize
group, an entrepreneurial culture and shared values, which place
the customer at the heart of all in‑store actions. Carrefour, Cora
and Match also share the same drive to promote good food for
everyone, every day and at the best price. Cora’s Fresh Goods
School, its emphasis on taste and fresh products, the Place du
Marché concept and Match’s “Good Food Power” project are
fully in line with the Carrefour group’s raison d’être and Act for
Food programme. Cora and Match provide the Group with
high‑quality, profitable assets, which will in turn benefit from the
reputation of Carrefour as a banner, the strength of its own brand
and its growth in e‑commerce.
It has an enterprise value of 1.05 billion euros. The potential for
synergies represents an additional contribution to EBITDA of
130 million euros on an annualised basis between now and 2027.
Half of these synergies will be generated by the accelerated sales
performance of stores, following commercial investments, the
introduction
of
the
Carrefour‑brand
product
range,
the
development of the omni‑channel model and the roll‑out of
financial and merchant services. The other half will come from
cost optimisation, through savings on direct and indirect
purchases, and economies of scale on marketing and advertising
costs. The associated integration costs, mainly spread between
2024 and 2025, are estimated at 250 million euros, including
approximately 150 million euros in operating costs and about
100 million euros in investments (CapEx). They include the costs
of converting Cora stores to the Carrefour banner. The
transaction was carried out 100% in cash. The deal will be
accretive to the Group’s adjusted earnings per share as of the
second half of 2025. This operation once again demonstrates
Carrefour’s ability to implement its virtuous and disciplined
external growth strategy, serving its customers, its employees, its
stakeholders, and the creation of value for its shareholders.
1.4.2
THE CONVERSION OF CORA STORES TO THE CARREFOUR BANNER
Carrefour has moved quickly to integrate Cora and Match stores
and distribution centres. Starting in September, Carrefour
products were available in the acquired stores. Carrefour has
differentiated its retail strategy between Cora and Match. The
Group is maintaining and strengthening the Match banner, which
enjoys a strong reputation in northeastern France, alongside
Carrefour Market. Carrefour plans to capitalise on Match’s key
advantages: its strength in fresh produce, its Place du Marché
concept and its expertise through the “Prepared by our pros”
offer. However, the Group has converted Cora hypermarkets to
the Carrefour banner so that they can leverage the power of the
Group’s business model and the reputation of its brand as a
retailer and of its own brands for products. Throughout this
change, Cora’s strengths have been upheld: fresh products, the
expertise of its teams and a customer‑oriented culture based on
the concept of “hyper convenience”, which emphasises close
customer relations, home delivery, innovations, and more.
The conversion of the 60 Cora hypermarkets to the Carrefour
banner
took
place
in
three
waves.
From
October
to
mid‑November, the store branding and signage were changed,
and staff began wearing new work clothes. At the same time,
product
assortments
were
updated,
adding
more
than
1,500 Carrefour‑brand products, on average 30% cheaper than
national brands, to store shelves. This offering will be expanded
to almost 6,000 Carrefour own‑brand products in 2025.
Commercial policies (prices, promotions) were gradually aligned,
with a message of a 10% price reduction on 3,000 products,
which applied to the entire Carrefour France network, as soon as
the transition was complete.
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Acquisition of the Cora and Match banners
35
Cora’s loyalty programme and ecosystem of merchant services
remained available until the end of 2024 and will be replaced
with Carrefour services and the Carrefour loyalty programme in
2025. Support measures have been put in place to guarantee that
customers do not lose any of the benefits of the Cora loyalty
programme. New services such as Carrefour Banque and
Carrefour Voyage will gradually be rolled out throughout 2025.
The online shopping and Drive services have remained
operational for customers and are being gradually renamed.
A comprehensive programme was implemented to guide Cora’s
17,000 employees through this change. In July, an integration
day was organised in Villiers‑en‑Bière, where Cora store
managers met the project teams and their Carrefour sponsor
store managers who supported them through each phase until
the end of 2024. Tools were introduced to facilitate the
transition, including a step‑by‑step guide, a management kit with
answers to potential questions from new employees, and training
on Carrefour’s own brand.
Meanwhile, the Cora support function teams have joined
Carrefour France’s Operations department. The entities remain
autonomous and retain their management team. Provera, Cora’s
purchasing centre, maintains its independence while reporting to
Carrefour France’s Merchandise department.
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GROUP OVERVIEW
Act for Food part II
36
1.5
Act for Food part II
Launched in 2018, Act for Food is one of the hallmarks of the Group’s transformation. In the space of six years, Carrefour has become
the leader in the food transition for all through this programme of real‑world initiatives to promote better eating. Building on this
success, the Group launched the second chapter of Act for Food in 2024 to respond to changing consumer expectations in the current
context of persistent pressure on purchasing power. This second phase of the Group’s strategy is based on a renewed ambition to
transform Carrefour, its partners and its millions of customers around the world.
1.5.1
ACT FOR FOOD, A HALLMARK OF THE GROUP’S TRANSFORMATION
SINCE 2018
Act for Food has embodied Carrefour’s raison d’être since 2018:
the food transition for all. Over the past six years, this programme
of real‑world initiatives, aimed at making better eating more
affordable, has been rolled out in stores in all countries where
the Group operates. Carrefour has in turn made measurable
progress on major social issues, including organic products, food
waste, the elimination of controversial substances, traceability
and animal welfare. Through this action, Carrefour has remained
true to its identity and ambition as a pioneering Group,
positioned at the forefront of consumer trends, paving the way
for changes in the retail sector and offering high‑quality,
sustainable food that is affordable for everyone.
In the first phase of Act for Food, Carrefour established itself as
the leader in the food transition for all through achievements that
have been extended and developed further in the Carrefour 2026
strategic plan:
Carrefour has become the leader in organic products in
France, with over 1,000 Carrefour Bio products and over
300 low‑price French organic products in its stores. With the
acquisition of specialist networks of stores in city centres (Bio
c’Bon) and in suburban areas (SO.bio), Carrefour is also the
only retailer to offer organic products in both its general and
specialised channels, in physical stores and via e‑commerce.
The Group has also set up organic agricultural supply chains
and supported hundreds of farms in switching to organic
methods, now working with 4,700 partner producers in
France;
■
as of 2018, the Group banned 100 controversial substances
from all of its own‑brand food products. As part of the
Carrefour 2026 strategic plan, the Group has committed to
eliminating 120 substances and additives: As of the end of
2024, 91 others had been phased out;
■
Carrefour has eliminated or reduced the use of antibiotics in
five of its Quality Lines: Auvergne free‑range chicken, Auvergne
■
free‑range poularde, chicken eggs, quail eggs and part of the
pork chain;
Carrefour has stepped up the development of its plant‑based
offering by doubling the number of vegetarian and vegan
products in its own‑brand vegetarian range: the Carrefour
Sensation Végétal range included 79 product references in
France in 2024, having grown from 40 in 2018 and 15 in 2015;
■
the Group guarantees a choice of certified responsible fishing
and aquaculture products, with a range of 365 own‑brand and
national brand products with a responsible approach (MSC,
ASC, CQL, organic, etc.);
■
Carrefour has been a pioneer in animal welfare. For example,
ovosexing was deployed for Carrefour Quality Line eggs as of
2020, three years before it became a legal requirement in
France;
■
Carrefour has intensified its fight against food waste, notably
by changing the best‑before dates on more than 500 products
sold on its shelves and by introducing anti‑waste baskets. As a
result, waste was reduced by 50% between 2016 and the end
of 2024. The objective was achieved a year ahead of schedule;
■
the Group achieved its plastic packaging reduction target two
years ahead of schedule, saving over 20,000 tonnes of
packaging between 2017 and the end of 2023;
■
to guarantee the transparent traceability of its products,
Carrefour applied blockchain technology on around 50 supply
chains, 100 partner producers and more than 1,000 EANs
(European Article Numbers);
■
in 2022, the Group was the first retailer worldwide to call on its
100 largest suppliers to align with a 1.5°C pathway by 2026 and
commit to delisting any supplier that did not meet this
condition.
■
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Act for Food part II
37
1.5.2
THE SIX PRIORITIES OF ACT FOR FOOD PART II
On October 8, 2024, Carrefour relaunched the Act for Food
programme to bring it back as a central focus of its activities and
in line with its customers’ new demands since the inflation crisis
of 2022‑2023. In three years, price became the number one
factor influencing buying decisions, taking on importance not
seen
for
40 years.
This
has
increased
polarisation
in
consumption. The social divide has become more visible in food
consumption patterns. The lowest‑income households have
been forced to give up healthy, sustainable foods for foods with
poorer nutritional value. But consumers have not given up on
quality; they are looking for new ways to eat better at a better
price.
To meet their expectations, the second phase of Act for Food
maintains and builds on the commitments of the first –
particularly regarding organic, vegetarian ranges and the fight
against food waste – while emphasising the importance of price
and taste in its endeavours. In stores, e‑commerce and
catalogues, healthy and sustainable products will be featured in
weekly promotions and an appropriate pricing strategy.
Carrefour’s loyalty programme was redesigned in January 2025
to better factor in the eating better component and to
strengthen existing loyalty rewards associated with this theme
(organic, fruit and vegetables). To give the programme greater
visibility and make it easier for customers to identify its products,
the Act for Food visual identity has been completely revamped.
Carrefour will also leverage the success of its own brands to roll
out the programme in stores.
The new chapter in Act for Food is built around six major
commitments: offer the least expensive organic brand on the
market, forge partnerships with the farming community while
maintaining affordable prices, promote local products, step up
commitments on the climate and biodiversity, become the leader
in plant‑based products and position the Carrefour brand the
store brand with the best balance between taste, price and
nutrition.
Organic products are one of the Group’s strengths: Carrefour Bio
is France’s leading organic brand. Thanks to the loyalty discount,
it is already, on average, the least expensive organic brand in the
country. To make it possible for anyone to enjoy organic food at
affordable prices on an everyday basis, the Group is committed
to establishing its Carrefour Bio brand as the least expensive
organic brand in the supermarket and hypermarket segment by
2026. To guarantee this commitment, the Group will invest in
prices, its loyalty programme and promotions.
Carrefour has built strong relationships with producers in its
Carrefour Quality Lines (CQLs). They produce food according to
strict specifications, guaranteeing high quality and decent pay for
producers, through the Group’s multi‑year commitment on order
volumes. Carrefour customers appreciate CQLs for their quality
and their transparency about where products come from and the
relationship with producers.
With this second phase of Act for Food, the Carrefour Quality
Lines, presenting their new visual identity, are a key component
in the Group’s commitment to affordable prices. As an
ambassador for the Act for Food programme, the lines figure
prominently thanks to CQL products priced at 1, 2 and 3 euros.
These featured products are available to customers each season
in the full 3,2,1 Frais Partez! (3, 2, 1 Fresh, Go!) menus, made only
with ingredients from France. These meals prepared with healthy
CQL products at affordable prices also aim to encourage
consumers to cook with and eat basic ingredients rather than
processed products.
The Group already prioritises local production in every country
where it operates. In France, for example, Carrefour is the leading
partner of the country’s farming community: 100% of the milk,
eggs and poultry and 96% of the meat (beef and pork) sold in
stores come from France.
With this second phase of Act for Food, the Group is committed
to developing its local offering and in‑store visibility. In‑store
teams have a target to double the volume of fruit and vegetables
produced within 50 km of the stores where they are sold.
Lastly, Reflets de France, a brand featuring products that reflect
France’s culinary heritage and are recognised by Carrefour
customers for their taste and authenticity, has been designated
an Act for Food ambassador brand. In this role, the line will be
promoted at in‑store sales events.
The second chapter of Act for Food upholds and deepens
Carrefour’s commitments on climate and biodiversity. The Group
has set a target for 2026 to recover 100% of its waste in its stores
by recycling or producing green energy. In terms of packaging,
the Group intends to step beyond the goal of reducing tonnes of
plastic and aims for 100% reusable or recyclable materials by
2025.
As a leader in the food transition, Carrefour hopes to bring its
entire supply chain, in particular its suppliers, on board with its
sustainable approach. For example, in its beef supply chain, the
Group is committed to excluding all high‑risk regions for its
brand as of 2026 and for all its suppliers by 2030.
In addition, 53% of Carrefour’s 100 largest suppliers had adopted
a 1.5°C pathway by the end of 2024, up from 27% in 2022, and
this trend is picking up pace.
Offer the least expensive organic brand on the market
1.
Reconcile farming sector partnerships with low prices
2.
Promote local products
3.
Step up commitments on the climate and biodiversity
4.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Act for Food part II
38
Carrefour intends to become the leading banner in new
consumer trends, offering the widest choice of vegetarian
products and products tailored to specific diets, aiming to
achieve 650 million euros in sales of plant‑based protein
products by 2026 in Europe – a 65% increase from 2022.
In September 2023, the Group formed an international coalition
to accelerate sales of plant‑based alternatives with seven partner
manufacturers (Danone, Unilever, Bel, Andros, Bonduelle,
Nutrition & Santé and Savencia), who committed to achieving
3 billion euros in sales from this segment by 2026, through a
series of joint actions. Several other industry manufacturers have
since joined the coalition, which now has 20 members.
With this new phase of Act for Food, the Group aims to make the
Carrefour Sensation Végétal brand the leading vegan brand in
France, by introducing product innovations and reformulations to
bring more taste and flavour, and by making the range more
affordable.
Carrefour’s own brands, the flagship lines of the Act for Food
raison d’être, play a key role in this new chapter of the
programme. Four iconic brands embody the food transition,
local production and regional products: Carrefour Bio, Carrefour
Quality Lines, Reflets de France and Carrefour Sensation Végétal.
Act for Food is also reflected in four other brands that customers
spontaneously describe as combining taste, enjoyment and
affordability: Carrefour Classic, Carrefour Extra, Carrefour
Sensation and Carrefour Original.
Carrefour has made its own brands the driving force behind its
growth: they have risen from 25% to 37% of its food sales in six
years. This trend stems from the appeal of their products, both in
terms of price and quality: 97% are rated 4 out of 5 or higher by
consumer panels. As part of Act for Food Part II, the Group is
picking up the pace of reformulating its own‑brand products,
with a pledge to systematically rework any products with a score
of less than 4. In addition to testing on 4,000 laboratory panels,
products will be rated by customers in real‑life tasting situations
at their home.
The Group is also launching a “satisfied or your money back”
taste guarantee on all Carrefour and Reflets de France brand
products (except Simpl’ and specific brands) for loyalty card
customers, on presentation of their proof of purchase
.
Staff in the Group’s host countries are working on the action plan
to implement the second chapter of Act for Food. Each of the six
European countries will adapt the six commitments to their own
procedures, timetables and strengths. For example, Italy will
highlight the advantages of its local offering: 100% of the fruit
and vegetables sold in Italian stores are grown locally. In Belgium,
the Carrefour Bio brand, which is the least expensive in the
country, will be promoted. In Brazil and Argentina, Act for Food
will take the form of supporting customers to eat better at
affordable prices, such as by offering healthy recipes at low
prices, personalised CRM to promote healthy products, and
anti‑waste initiatives.
Become the leader in plant‑based products and special
diets
5.
Position the Carrefour brand as the store brand with the
best balance between taste, price and nutrition on the
market
6.
(1)
Guarantee limited to one product per month per loyalty card. Reimbursement in the form of a voucher.
(1)
1
4
7
2
5
8
3
6
9
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GROUP OVERVIEW
Our commitments to inclusion
39
1.6
Our commitments to inclusion
1.6.1
OUR MAIN ACTIONS IN 2024
Carrefour is committed to promoting diversity and inclusion in all
eight countries where it operates. In 2024, the Group took steps
to promote equal opportunities, combat discrimination, advance
gender diversity, change the way people think about disability,
and provide its employees with an inclusive work environment.
Disability
The Paris 2024 Olympic and Paralympic Games enabled
Carrefour to accelerate the implementation of its commitments
around disability, a major cause in the Carrefour 2026 plan. In
June, the Group rolled out the programme to upgrade disability
access in 11 hypermarkets in the host cities of the Paris 2024
Games. Action was taken to raise public awareness about
disability with an exhibition on the disability access measures
implemented in its stores that stood on the forecourt of Paris
Hôtel de Ville from July 20 to September 8. More than
17,000 visitors have benefited from the solutions put in place in
these stores that are accessible to people with disabilities. By the
end of 2024, 11 hypermarkets and 48 convenience stores in
France, 1 hypermarket in Belgium and 1 supermarket in Spain had
upgraded their disability access solutions to better welcome
customers with disabilities. The Carrefour group’s Diversity Days
also took place during the Paralympic Games. Each of the
Group’s host countries has organised actions and events around
the theme of sport and one of the pillars of diversity of their
choice, such as disability, gender equality, generational groups,
the LGBT+ community or origin.
To take action against “invisible” disabilities, Carrefour has
launched its first ever action plan to support its employees
struggling with illiteracy or DYS disorders (dyslexia, dyscalculia,
dysorthographia). The first step in this plan is to raise awareness
of reading difficulties among all Group employees. Second, it
aims to identify any individuals concerned and refer them to their
local HR department. Third, Carrefour offers comprehensive
support for its employees in these situations. For illiteracy,
personalised training in basic skills will be rolled out over two
years for 2,000 employees. Employees with DYS disorders will
have the opportunity to take a speech and language assessment,
with up to 300 available every year. If a disability is recognised,
they can receive guidance in obtaining the official document
certifying their disability (RQTH). Moreover, the Group will adapt
its IT tools for employees with disabilities (e.g., speech‑to‑text
and text‑to‑speech converters, “OpenDys” typeface to make text
easier to read, keyboard adaptations for people with DYS
disorders, etc.). It will also launch an in‑house mutual aid network
made up of reading support volunteer employees in each store,
head office or warehouse.
Carrefour has set up IncluLine, a free and confidential service
used to inform and assist employees in obtaining official
recognition as a disabled worker (RQTH).
Lastly,
Carrefour
strengthened
its
commitment
to
the
professional integration of people with Down syndrome on
World Down Syndrome Day. The Carrefour Foundation donated
20,000 euros to support two years of training for a staff member
with a mental or cognitive disability, via the Émeraude Solidaire
Endowment Fund in partnership with Carrefour.
Gender equality and support for women
In addition to the mentorship programme – Revel@Her, in 2024
Carrefour launched Women Up, a programme to develop
inclusive management and promote gender equality at every
echelon of the Company. Offered to 170 talented women and
men in Carrefour’s eight host countries, the programme features
an application based on cognitive science that helps participants
to act inclusively on an everyday basis and designs action plans
adapted to professional environments, with a specific course for
women and another for men.
Carrefour took action against menstrual insecurity in November,
collecting
sanitary
products
for
the
non‑profit
Règles
Élémentaires in selected stores. As every year, the Group took
part in the fight against breast cancer with events for Pink
October: the Alex by Apgis platform from the complementary
healthcare insurance company APGIS shared information on
breast cancer, 150 employees participated in the Odyssea race,
and Carrefour organised a “Wear Pink Day”.
Diversity: LGBT+ commitment
As part of its ongoing action to promote LGBT+ inclusion, which
began in 2022 with the signing of the Charter of l’Autre Cercle
and continued in 2023 with the partnership signed with Le
Refuge, Carrefour took part in the major IFOP/L’Autre Cercle
national survey in January. The initiative aimed to measure the
state of inclusion of the LGBT+ community by French
companies. In June, the Group’s banners were decked out in
Pride colours in stores along the Paris Pride Walk. Carrefour also
took part in the Le Refuge Job Fair to promote the employment
of young LGBT+ people that have been estranged from their
families.
In July, the Group joined forces with the Pride House operated
by the non‑profit Fier‑Play and located at Rosa Bonheur sur
Seine. For the Paris 2024 Olympic and Paralympic Games, Pride
House proposed a festive, cultural and educational programme
highlighting inclusion in sport and the fight against LGBT+
discrimination. Carrefour took part with a stand in the middle of
the venue.
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GROUP OVERVIEW
Our commitments to inclusion
40
1.6.2
OUR COMMITMENT TO DIVERSITY OF ORIGIN: CARREFOUR, A PIONEER
As part of its Carrefour 2026 Strategic Plan, the Group has
pledged to initiate a proactive policy to promote diversity of
origin, the first of its kind in France, aimed at transforming the
face of the Company between now and 2026. In 2023, Carrefour
carried out a large‑scale, anonymous and voluntary survey of all
employees to better understand the diversity of origin of its staff.
With almost 20,000 respondents, the survey garnered a high
participation rate. Announced on March 5, 2024, the survey’s
results revealed a broadly positive perception of diversity of
origin within the Group. For example, 14% of Carrefour
employees were born abroad, a figure higher than the French
average (12.8% according to INSEE), and 78% of employees
consider that opportunities for development and progress within
the Group are equivalent, regardless of the employee’s origin.
The study also identified two areas for improvement:
the need to improve diversity of origin in managerial posts;
■
the need to focus on the specific situation of women from
diverse origins, who are confronted with a double glass ceiling
due to their gender and their origin. To meet these challenges,
Carrefour has launched an Action Plan based on the four
complementary pillars of training, awareness, promotion and
recruitment, with the following objectives:
■
provide face‑to‑face training for all Carrefour France
employees on non‑discrimination and the fight against
unconscious bias. By the end of 2024, 77% of employees had
received this training, which is led in person by the store or
warehouse Director, or a member of the human resources
team or management,
■
launch an internal and external awareness campaign
featuring Carrefour role models. As ambassadors for diversity
of origin, role models come together in an active community
on a Workplace discussion group and can share their
inspiring career success stories or speak out and reflect on
the Group’s diversity of origin,
■
further promote employees from diverse backgrounds, in
particular through a partnership with the Revel@Her
programme developed by the Club du 21
siècle, designed
to mentor Carrefour’s women employees from diverse
backgrounds.
Launched
in
September 2024
for
an
eight‑month period, the mentoring programme pairs
20 Carrefour
mentors
with
20 high‑potential
female
graduates with at least 5 to 8 years of work experience,
■
ème
recruit more candidates from diverse origins, both by
reaching out to candidates in universities where the Group
has not previously had a presence, and also by launching a
partnership with Les Déterminés, a non‑profit that promotes
the professional integration of young people from priority
and rural regions, to identify candidates from diverse origins
for positions in stores.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Business model – Stakeholders and activities
41
1.7. Business model – Stakeholders and activities
1.7.1
SUMMARY OF THE BUSINESS MODEL
Digital Retail Company
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 2024, Carrefour continued to adopt and implement the new
possibilities offered by generative artificial intelligence, while the
retail media business grew rapidly, with 33 partners in
14 countries for Unlimitail, the Group’s joint venture with Publicis.
Our business model
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 includes the direct or 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.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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GROUP OVERVIEW
Business model – Stakeholders and activities
42
1.7.2
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.
Contributions to the Sustainable Development Goals Update
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 all 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
→Train all 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.
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
→ Ensure that all production sites
of key integrated textile suppliers
are trained and working on
improvement plans.
→ Engage all Carrefour Quality
Lines in agroecology by 2025.
→ Increase the number of partner
producers to 50,000 by 2026.
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: 50% by 2030, and
70% by 2040 (vs. 2019).
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?).
Group targets
→Carry out social audits on all
supplier facilities located in
high-risk countries.
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 2024,
the Group donated the
equivalent of 61 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 euros in sales
from products certified as
sustainable (1).
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Business model – Stakeholders and activities
43
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, agroecological
and local products more affordable.
→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.
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 euros in sales
from products certified as
sustainable.
→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 by 2026.
→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 and 2) by 2030 and
achieve a 70% reduction by 2040
(vs. 2019).
→Cut greenhouse gas emissions
generated by products sold in
stores by 20 megatonnes
compared to 2019.
→Double the proportion of fruits
and vegetables sourced through
ultra-short supply chains in Europe.
→Expand sales of bulk products to
300 million euros by 2026.
→Require the Group’s top 100
suppliers to align with a 1.5°C
trajectory by 2026, failing which
they will be removed from the list
of referenced suppliers.
→Increase sales of plant-based
products by 650 million euros in
Europe by 2026.
-
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.
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
→Ensure that half of controlled
and national brand fishery and
aquaculture products sold are from
sustainable sources.
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 all products that affect
forests, animal wellbeing, land,
marine resources and human
rights.
→Reduce the environmental
impact of sites.
Group targets
→See goals 6 and 12.
→Generate 8 billion euros in sales
from products certified as
sustainable by 2026
→Deploy a sustainable forest
action plan on products linked to
deforestation by the end of 2025
(palm oil, wood and paper, soy,
cacao, paper packaging, textile
fibres, etc.).
→Ensure that zero deforestation
is caused by Brazilian beef by 2030
(own brands and national brands)
by withdrawing from high-risk
areas.
1 Organic, Carrefour Quality Lines,
agroecology, sustainable fishing
(ASC-MSC), sustainable forest
sourcing (FSC).
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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Business model – Stakeholders and activities
44
1.7.3
DESCRIPTION OF OUR BUSINESS
1.7.3.1
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 2024, Carrefour opened or
acquired 1,440 stores under Group banners, representing some
1,298,000 sq.m. of gross additional sales area. As of the end of
2024, Carrefour had 15,244 stores under its banners in more than
40 countries.
In 2024, Carrefour’s sales including VAT (before the impact of IAS
29) amounted to 94,550 million euros, an increase of 11.5% at
constant exchange rates. This increase is attributable to the
following:
After taking into account a negative currency effect of 11.1%,
mainly due to the depreciation of the Argentine peso and the
Brazilian real, sales at current exchange rates were up by a total
of 0.4%. Overall, recurring operating income totalled 2,213 million
euros and represented 2.6% of net sales.
In 2024, cash flow from operations totalled 3,369 million euros,
compared with 4,032 million euros in 2023. Investments (CapEx)
amounted to 1,772 million euros in 2024, compared with
1,850 million euros in 2023. In 2024, net free cash flow
amounted to 1,457 million euros, compared with 1,622 million
euros in 2023.
France
In France, the Carrefour group had 6,468 stores under its banners
at end‑2024, in five formats: 325 Carrefour hypermarkets
(including 205 integrated, 101 franchised and 19 via partners in
overseas
territories),
1,171 Carrefour
Market
supermarkets
(including 332 integrated, 786 franchised and 53 via partners),
4,784 convenience stores under banners such as Carrefour City,
Carrefour Contact, Carrefour Express, Bio c' Bon, etc. (including
114 integrated, 4,541 franchised and 129 via partners), 153 cash &
carry
stores
under
the
Promocash
banner
(including
147 franchised and 6 via partners) and 35 franchised soft discount
stores (Supeco).
In Metropolitan France, the share of franchised stores within the
network therefore represented 33% for hypermarkets, 70.3% for
supermarkets and 97.6% for convenience stores. Carrefour is also
present in the French overseas territories through long‑standing
partnerships. A total of 207 stores are operated under Group
banners in the French overseas territories. In 2024, Carrefour
France opened or acquired 685 stores under Group banners,
including 73 hypermarkets, 140 supermarkets, 467 convenience
stores, 4 cash & carry stores and 1 soft discount store,
representing a total of approximately 999,000 sq.m. of gross
sales area.
Net sales totalled 39.5 billion euros in France. Net sales declined
by 2.3% on a like‑for‑like basis, reflecting investments in
competitiveness in a market shaped by negative volumes. Over
the year, food sales were down by 1.6% LFL, and non‑food sales
by 8.1% LFL. Hypermarkets were down 4.2% in LFL sales
excluding petrol and the calendar effect, supermarkets saw a
1.4% LFL decrease and other formats (mainly convenience stores)
gained 0.7% LFL.
Recurring operating income increased by 5.5% (54 million euros)
to 1,042 million euros, for an operating margin that represented
2.6% of net sales, an increase of 5 bps on the 2023 figure. This
increase reflects the strong cost savings dynamic and the sound
execution of the initiatives of the Carrefour 2026 plan.
In France, operational investments amounted to 840 million
euros, representing 2.1% of sales.
Other European countries (excluding France)
In Europe (excluding France), Carrefour had 6,083 stores
operating under Group banners at the end of 2024. These
included
467 hypermarkets,
2,251 supermarkets,
3,249 convenience stores, 12 cash & carry stores and 104 soft
discount (Supeco) stores.
Carrefour operates stores in five integrated countries: Spain, Italy,
Belgium, Romania and Poland. In these countries, the integrated
store
network
comprises
1,448 stores
(423 hypermarkets,
612 supermarkets, 297 convenience stores, 12 cash & carry stores
and 104 soft discount (Supeco) stores), while 3,222 stores are
operated by franchises (15 hypermarkets, 565 supermarkets and
2,642 convenience stores). Finally, in Europe, Carrefour also
operates through franchise partnerships in Greece, Andorra,
Turkey, Georgia and Armenia, with a total of 1,413 stores under its
banners:
29 hypermarkets,
1,074 supermarkets
and
310 convenience stores.
Over the year, Carrefour opened or acquired 516 stores under
Group
banners,
gaining
approximately
an
additional
169,000 sq.m. of gross sales area. These included 1 hypermarket,
230 supermarkets, 277 convenience stores and 8 soft discount
stores.
Net sales in Europe totalled 23.6 billion euros in 2024, slightly
down at constant exchange rates. Like‑for‑like gross sales
excluding petrol and calendar effects were down by 0.9%.
Recurring operating income decreased to 397 million euros in
2024, compared with 604 million euros in 2023. Profitability was
negatively impacted by sluggish and competitive markets,
investments in competitiveness in all European geographies, and
inflation in certain costs. Belgium posted a sound increase in its
profitability.
Present in Spain since 1973, the Group had a local multi‑format
network
of
204 hypermarkets,
162 supermarkets,
1,097 convenience stores and 70 soft discount stores at the end
of 2024. Net sales totalled 10.8 billion euros for the year.
Like‑for‑like sales slightly decreased by 0.2% over the year.
a 9.9% increase in same‑store sales excluding petrol and
calendar effects;
■
a positive contribution of 2.7% from expansion and changes in
scope;
■
a negative 1.3% petrol effect;
■
a positive 0.2% calendar effect.
■
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5
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Present in Italy since 1993, Carrefour manages a local store base
comprising 41 hypermarkets, 323 supermarkets, 809 convenience
stores, and 12 cash & carry stores. Net sales totalled 3.7 billion
euros and like‑for‑like sales were down 2.6% in 2024, in a
competitive market, marked by strong promotional pressure.
In Belgium, Carrefour is the most multi‑format group, with
40 hypermarkets, 350 supermarkets and 323 convenience stores.
In 2024, net sales totalled 4.2 billion euros. Carrefour faced a very
high comparable base (+9.0% LFL in 2023) and posted a decrease
in LFL sales of only -1.6%. Commercial initiatives translated into
record levels of customer satisfaction in all formats.
In Romania, where Carrefour has been present since 2001, the
Group
operates
57 hypermarkets,
193 supermarkets,
179 convenience stores and 27 soft discount stores. In 2024, net
sales totalled 2.8 billion euros. Net sales maintained positive
momentum, up 1.2% like‑for‑like, spurred by the success of
commercial campaigns.
Carrefour has been operating in Poland since 1997, with
96 hypermarkets, 149 supermarkets, 531 convenience stores and
7 soft discount stores. Net sales totalled 2.1 billion euros in 2024,
down 3.0% LFL in a market environment shaped by intense
competitive pressure.
Operational investments in Europe (excluding France) totalled
441 million euros in 2024, 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
1,451 units,
including
193 hypermarkets,
160 supermarkets,
627 convenience stores, 413 cash & carry stores and 58 Sam’s
Club stores.
Net sales in Latin America totalled 22.3 billion euros, a LFL increase
of 38.1%. Recurring operating income rose by 15.2% at current
exchange rates to 879 million euros, compared with 763 million
euros in 2023 (up 26.0% at constant exchange rates). The
operating margin therefore stood at 3.9%. Recurring operating
income in Brazil rose by 14.4% to 764 million euros, compared with
668 million euros in 2023, up 23.4% at constant exchange rate. The
operating margin rose by 59 bps to 4.1%, driven by sound
commercial momentum, tight cost discipline and improved
profitability in the financial services business. Recurring operating
income in Argentina totalled a record 115 million euros (vs.
96 million euros in 2023), including a negative impact of 16 million
euros due to the application of IAS 29.
In Brazil, as of end 2024, Carrefour operated a network of
exclusively integrated stores: 112 hypermarkets, 80 supermarkets,
143 convenience stores, 379 cash & carry stores and 58 Sam’s
Club stores. Net sales in Brazil totalled 18.8 billion euros.
Like‑for‑like sales were up 4.9% in 2024.
Carrefour has been operating in Argentina since 1982 with a local
store base comprising mainly integrated stores: 81 hypermarkets,
80 supermarkets, 484 convenience stores, and 34 cash & carry
stores. Net sales totalled 3.5 billion euros. Like‑for‑like gross sales
rose by 176% excluding petrol and calendar effects, in a country
undergoing major economic change, marked by the gradual
stabilisation of inflation and strong pressure on purchasing power
and consumption.
Operational
investments
in
Latin
America
amounted
to
465 million euros in 2024, representing 2.1% of sales.
Other regions
In addition to the French overseas departments and territories,
Europe and Latin America, Carrefour also operates 1,242 stores
with franchisee partners elsewhere in the world (Asia, Middle
East, Maghreb, West Africa, Dominican Republic, Mauritius,
Madagascar, etc.).
Development of franchise partners
2024 was a year of strong development for Carrefour Partenariat
International despite, and amid increased competition and
tensions both internationally and in French overseas territories,
especially New Caledonia and Martinique.
Carrefour Partenariat International opened more than 500 stores
in 30 countries and, at the end of 2024, renewed its franchise
agreement with its long‑standing partner Majid Al Futtaim in
12 countries in the Middle East, Africa and Georgia.
The Group also moved into a new market, Gibraltar. Its
announced launch of the Carrefour banner in India is scheduled
for the third quarter of 2025, with Dubai‑based franchisee
Apparel.
Competitive environment
The competitive environment differs in each of Carrefour’s
markets. In France, the Group’s main market, representing 46% of
its sales, the competitive environment comprises seven other
major retailers: Aldi, Auchan, Casino, E.Leclerc, Intermarché, Lidl
and Coopérative U. With a market share of 22%, all formats
combined, the Carrefour group ranks among the market leaders.
In other European countries, Carrefour has solid positions and
primarily competes against local retailers. In Spain, Carrefour is
the country’s second‑largest grocery retailer and the leading
hypermarket operator. Its main competitors include Auchan, Dia,
Eroski, Lidl and Mercadona. In Italy, Carrefour is part of a
fragmented grocery market shared with Bennet, Conad, Coop,
Esselunga, Iper, Pam, etc. The Group holds strong regional
positions, particularly in the Aosta Valley and the Piedmont, Lazio
and Lombardy regions. In Belgium, Carrefour ranks among the
country’s top three retailers and is the leading multi‑format
group. Its main competitors include: Albert Heijn, Aldi, Colruyt,
Delhaize, Intermarché, Jumbo and Lidl. In Brazil, as in Argentina,
Carrefour is the leader in the food retail segment thanks to its
multi‑format presence.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Business model – Stakeholders and activities
46
1.7.3.2
Store and website operations
Store network at
December 31,
2024
Hyper-
markets
Super-
markets
Convenience
stores
Cash &
carry
stores
Soft
discount
Sam’s
Club
Total number
of stores
Total sales area
(in thousands of sq.m.)
2024
2023
2024
2023
France
306
1,118
4,655
147
35
-
6,261
5,841
6,443
5,519
French CPI
overseas
territories and
Dominican
Republic
19
53
129
6
-
-
207
194
189
179
Total France
325
1,171
4,784
153
35
-
6,468
6,035
6,632
5,697
Spain
204
162
1,097
-
70
-
1,533
1,474
2,204
2,164
Italy
41
323
809
12
-
-
1,185
1,490
818
998
Belgium
40
350
323
-
-
-
713
707
797
794
Romania
57
193
179
-
27
-
456
447
622
629
Poland
96
149
531
-
7
-
783
841
677
699
Other
29
1,074
310
-
-
-
1,413
1,203
715
654
Total Europe
(excl. France)
467
2,251
3,249
12
104
-
6,083
6,162
5,833
5,937
Argentina
81
80
484
34
-
-
679
651
683
664
Brazil
112
80
143
379
-
58
772
936
3,100
3,287
Total Latin
America
193
160
627
413
-
58
1,451
1,587
3,784
3,951
Total Other
235
719
239
49
-
-
1,242
1,146
2,156
2,113
TOTAL GROUP
1,220
4,301
8,899
627
139
58
15,244
14,930
18,405
17,698
(1)
Africa, Asia, Middle East, Dominican Republic.
(1)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Business model – Stakeholders and activities
47
At December 31, 2024
Integrated
Franchised
TOTAL
Stores
Total sales area
(in thousands
of sq.m.)
Stores
Total sales area
(in thousands
of sq.m.)
Stores
Total sales area
(in thousands
of sq.m.)
France
651
2,744
5,610
3,699
6,261
6,443
Spain
534
1,985
999
219
1,533
2,204
Italy
211
433
974
386
1,185
818
Belgium
84
377
629
420
713
797
Romania
422
615
34
7
456
622
Poland
197
572
586
105
783
677
Brazil
772
3,100
-
-
772
3,100
Argentina
677
683
2
0
679
683
Total – 8 integrated
countries
3,548
10,509
8,834
4,836
12,382
15,345
CPI France
-
-
207
189
207
189
CPI Europe
-
-
1,413
715
1,413
715
CPI Latam
-
-
-
-
-
-
CPI Other
-
-
1,242
2,156
1,242
2,156
Total – CPI
-
-
2,862
3,060
2,862
3,060
TOTAL
3,548
10,509
11,696
7,896
15,244
18,405
1.7.3.3
Carrefour is developing an omni‑channel universe in which its
online presence is closely integrated with its 15,244 physical
stores.
Carrefour provides its customers with the full range of retail
formats: hypermarkets, supermarkets, convenience stores, cash
& carry and “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 2024, the Group
operated
3,238 Drives
throughout
the
world
and
had
e‑commerce GMV of 5.9 billion euros.
In recent years, Carrefour has developed or acquired innovative
concepts
and
formats
aligned
with
major
social
and
environmental trends, such as Potager City (subscription and
online delivery of baskets of extra‑fresh seasonal fruits and
vegetables from short circuits). En 2023, the banner opened its
first Potager City stores in Paris. It continued its expansion in
2024 with nine new store openings in Paris and its inner suburbs.
In 2025, their number is set to increase to 20 in Paris and
between 10 and 20 in western France.
Merchandise
Products are the heart of Carrefour’s business. The offering is
typical of a general retailer that sells a wide range of consumer
goods and services at affordable prices, for the well‑being of
every shopper. Its success depends on the assortment’s
alignment with customer demand, the synergies between the
product and service offerings, the judicious use of digital
technologies, the clear and logical positioning of merchandise in
stores, compelling prices and promotions, the right purchasing
terms and conditions, and fast stock rotation.
To cater to the needs of customers around the globe, Carrefour
is constantly enhancing its merchandise offering, with a variety of
fresh produce, organic, locally sourced products, fast‑moving
consumer goods, essential non‑food products, the latest
innovations and convenient services.
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.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Business model – Stakeholders and activities
48
1.7.3.4
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‑brand 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‑brand 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‑brand products has
been strengthened at Group level since 2018 with the arrival of
agribusiness experts. At the end of 2024, there were more than
16,500 Carrefour own‑brand products including 1,137 under the
Carrefour Bio brand.
The Reflets de France brand, for example, was the first to
promote traditional products of all varieties that exemplify
France’s culinary heritage. It now has more than 400 products
sold in France, Belgium, Spain, Romania, Italy and Poland.
In 1992, Carrefour was the first mass‑retailer to sell an organic
product. It is now the leading organic grocer in France. In this
way, the Group’s banners are driving innovation and responding
to the perceived needs of their shoppers to help guide them
towards healthier diets.
Quality and safety
Carrefour is fully committed to ensuring quality and food safety
at every stage. Upstream, Carrefour teams certify and support
suppliers based on strict compliance with product specifications
and health standards. Through the supply chain, goods are
subject to a number of inspections and controls, with special
attention paid to fresh products.
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
transparency
in
the
form
of
highly
visible,
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 is also introducing 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.
Relations with suppliers and SMEs
Carrefour nurtures close relationships with a multitude of
stakeholders,
including
customers,
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
of its suppliers with an online sustainable development
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.
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 opened over
400 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.
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 11 European countries and processed a
volume of 3 billion transactions in 2024, representing 30 billion
euros in value and 180,000 terminals.
The Group has built up a strong presence in financial services
(banking and insurance) through its five joint ventures (in France,
Brazil,
Spain,
Belgium
and
Argentina)
and
commercial
agreements (Poland, Romania and Italy). As of end‑2024, these
activities represented 8.2 billion euros in oustanding consumer
loans, more than 10 million credit cards and more than 3.5
million active insurance contracts. They have already been, in
part, digitalised. As part of its digitalisation strategy, the Group
intends to capitalise on its bank in Brazil and its European
insurance brokerage subsidiary, which form 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
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Business model – Stakeholders and activities
49
1.7.3.5
1.7.3.6
Carrefour’s banking and insurance activities include benefits for
Carrefour customers in their value proposition, whether with the
Pass card or certain insurance products that incorporate the
advantages of the Carrefour Club loyalty programme, particularly
in France and Spain. Retail entities use customer knowledge to
simplify
the
financial
services
subscription
process
and
personalise proposals based on customers’ purchasing habits.
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.
Employees and service providers are there to serve the Group’s
various store formats and customers. They lead all the operations
involved in cross‑functionally managing the flow of goods and
information amongst all the links in the supply chain, including
ordering merchandise from suppliers, receiving, storing and
preparing the online or store‑bought items in warehouses and
then delivering them to point of sale and stocking them on store
shelves or delivering them directly to customers.
Carrefour uses advanced teams and estimation systems to
manage supplier orders, inventory, order preparation platforms
equipped with mechanised sorters, as well as the largest fleet of
non‑diesel trucks in France.
As part of its omni‑channel strategy, which provides for close
integration between e‑commerce and physical retail, Carrefour is
building a cutting‑edge industrial ecosystem to enhance the
efficiency and responsiveness of its supply chain and shorten
delivery times for online orders. It includes: automated order
fulfilment centres serving Drives and click & collect pick‑up
points; semi‑automated order fulfilment solutions in stores (“dark
stores”); and partnerships with operators specialised in last‑mile
logistics.
As of end‑2024, the Group had 147 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.
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,
friendly
shopping
experience,
while
sustainably
contributing to the appeal and vitality of each host city and
region.
In France, Carrefour has identified around 100 sites that could be
transformed into housing, offices or stores. 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. At
end‑2023, 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, 2024, the Group operated 18.4 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‑brand 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.
The Group can also rely on its 36.59%-owned property company
Carmila, created in 2014, which is dedicated to enhancing the
appeal of shopping centres adjacent to Carrefour 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. They assert 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.
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Performance
50
1.8. Performance
1.8.1
SUMMARY OF 2024 FINANCIAL PERFORMANCE
(in millions of euros)
2024
2023
2022
2021
Consolidated income statement
Gross sales
94,550
94,132
90,180
78,645
Net sales
85,445
83,270
81,385
70,462
Recurring operating income before depreciation and amortisation
4,637
4,559
4,613
4,307
Recurring operating income
2,213
2,264
2,377
2,194
Recurring operating income after net income from equity‑accounted
companies
2,276
2,308
2,427
2,206
Operating income
1,852
1,749
2,463
1,840
Net income/(loss) from continuing operations
790
900
1,564
1,210
Net income/(loss) from continuing operations, Group share
723
930
1,368
1,002
Net income/(loss)
790
1,642
1,566
1,301
Net income/(loss), Group share
723
1,659
1,348
1,072
Consolidated statement of cash flows
Cash flow from operations
3,369
4,032
3,968
3,796
Net cash from operating activities
4,200
4,650
4,219
3,661
Net cash from/(used in) investing activities
(2,372)
(739)
(2,134)
(1,334)
Net cash from/(used in) financing activities
(1,076)
(2,719)
(326)
(3,060)
Net change in cash and cash equivalents
275
838
1,748
(735)
Consolidated statement of financial position
Net debt
3,780
2,560
3,378
2,633
Total equity
12,484
13,387
13,186
11,830
Equity – Group share
10,820
11,539
11,144
10,251
(1)
(2)
(3)
Carrefour Taiwan is accounted for as discontinued operations, in accordance with IFRS 5.
(1)
Recurring Operating Income Before Depreciation and Amortization (EBITDA) also excludes depreciation and amortization from supply chain
activities which is booked in cost of goods sold.
(2)
Restated for IFRS 3.
(3)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Performance
51
1.8.2
SUMMARY OF 2024 STOCK MARKET PERFORMANCE
SHARE PRICE
Price high*
Price low*
Average closing
price*
Number of shares
traded
Amount of capital
traded*
January
16.79
15.61
16.28
30,897,178
500,571,200
February
16.48
14.95
15.58
41,620,209
652,693,499
March
16.09
15.36
15.75
33,896,860
532,792,961
April
16.14
15.51
15.84
34,606,611
548,202,810
May
16.80
14.98
16.01
43,510,703
688,295,864
June
15.39
13.20
14.31
52,809,914
747,131,977
July
14.69
13.40
14.10
40,725,570
572,752,136
August
14.61
13.49
14.05
30,646,057
431,643,145
September
16.03
14.61
15.28
45,838,265
704,374,689
October
15.65
14.44
15.01
52,841,660
791,745,585
November
15.08
14.40
14.71
49,725,803
734,051,431
December
14.42
13.39
13.84
40,959,196
566,640,133
* In euros.
SUMMARY OF STOCK MARKET INDICATORS
Closing price
(in euros)
2017
2018
2019
2020
2021
2022
2023
2024
High
23.64
19.62
18.14
16.89
17.54
21.17
18.94
16.80
Low
16.47
13.14
14.62
12.33
13.99
14.02
15.58
13.20
At Décember 31
18.04
14.91
14.95
14.03
16.11
15.64
16.57
13.73
Number of shares at
December 31
774,677,811
789,252,839
807,265,504
817,623,840
775,895,892
742,157,461
708,790,816
677,969,188
Market capitalisation at
December 31
(in billions of euros)
14.0
11.8
12.1
11.5
12.5
11.6
11.7
9.3
Average daily volume
3,310,080
3,723,706
2,394,148
3,218,500
3,253,806
2,655,042
1,890,982
1,945,617
Net dividend (in euros)
0.46
0.46
0.23
0.48
0.52
0.56
0.87
0.92
(1)
(1) (2)
(3)
Source : Euronext.
(1)
Average daily volume on Euronext.
(2)
Subject to approval by the Shareholders' Meeting.
(3)
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Performance
52
CARREFOUR SHARE PRICE
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0)1+',
0)1+',
241+',
241+',
241+',
241+',
241+',
0)4+',
0)4+',
0)4+',
0)4+',
0)4+',
(5*+',
(5*+',
(5*+',
(5*+',
(5*+',
(56+',
(56+',
(56+',
(56+',
(56+',
257+',
257+',
257+',
257+',
257+',
8.3+',
8.3+',
8.3+',
8.3+',
8.3+',
9:;+',
9:;+',
9:;+',
9:;+',
9:;+',
<=>+',
<=>+',
<=>+',
<=>+',
<=>+',
?.:+',
?.:+',
?.:+',
?.:+',
?.:+',
!"#$%#&'()*+
!"!#,-./0
1243%4%#,-./0
5&$6647#,-./0
!"#$%
!&#'%
()#)%
(*+#*%
BEFOODR Index
CAC Index
S600PDP Index
CA FP Equity
+6.5%
+9.0%
-17.1%
Jan. 24
Feb. 24
Mar. 24
Apr. 24
May 24
Jun. 24
Jul. 24
Aug. 24
Sept. 24
Oct. 24
Nov. 24
Dec. 24
-2.2%
75
80
85
90
95
100
105
110
115
120
BEFOODR Index
CAC Index
S600PDP Index
CA FP Equity
Jan. 24
Feb. 24
Mar. 24
Apr. 24
May 24
Jun. 24
Jul. 24
Aug. 24
Sept. 24
Oct. 24
Nov. 24
Dec. 24
Share capital and ownership structure
At December 31, 2024, the share capital amounted to
1,694,922,970.00 euros (one billion, six hundred ninety‑four
million, nine hundred twenty‑two thousand nine hundred and
seventy euros), divided into 677,969,188 shares with a par value
of 2.50 euros each. The number of voting rights at December 31,
2024 was 830,428,122. After deducting the voting rights that
cannot be exercised, the total number of voting rights was
798,157,432. To the Company’s knowledge, the breakdown of the
capital at December 31, 2024 was as follows:
20.6%
68.6%
4.7%
6.1%
Institutional
shareholders
Reference
shareholders
Individual
shareholders
Treasury shares and employees
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Performance
53
1.8.3
SUMMARY OF 2024 NON‑FINANCIAL PERFORMANCE
Carrefour has 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. Since 2019, the Group’s progress towards meeting these objectives has been included in
the criteria for executive compensation.
Results of the CSR and Food Transition Index for 2024
This performance can account for up to 20% of the variable
compensation of the Chairman and Chief Executive Officer and
all members of the Group and country Executive Committees.
This index is used to calculate 25% of executive compensation as
part of the long‑term incentive plan, which includes free share
grants subject to presence and performance conditions. This
plan concerns the two highest levels of management and the key
talent making a significant contribution to the Company’s
transformation.
For Group executives eligible for variable compensation, up to
20% of their variable compensation based on Carrefour’s
performance as measured by the CSR and Food Transition Index.
In 2024, this non‑financial performance directly influenced the
variable compensation of around 1,000 managers.
Compensation
Benefificiary
Number of people
concerned
Percentage of CSR index in
collective targets
Variable compensation
Chairman and Chief Executive Officer
1
up to 20%
Group managers
around 1,000
up to 20%
Managers in France
around 10,000
up to 20%
Long Term incentive plan
Executives
835
up to 25%
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. The CSR index and its integrated sub‑indicators and
targets form an integral part of the Sustainability Statement,
which is subject to a limited assurance report by the Statutory
Auditors. When the Carrefour 2026 strategic plan was unveiled in
November 2022, the Group strengthened its commitments to
sustainable
agriculture,
climate
action,
fighting
against
deforestation in Brazil, nutrition and inclusion. The new
commitments were integrated into the CSR and Food Transition
Index in 2023.
In 2024, Carrefour exceeded its non‑financial objectives, as
measured by its CSR and Food Transition Index, with a score of
111%. This performance reflects in particular the Group’s lead in
plant‑based alternatives, the climate (Scopes 1 and 2), nutrition
and health, as well as the commitment of employees.
Carrefour’s 2024 CSR
and Food Transition
Index
111%
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Performance
54
No.
Category
Objective
2024 Result
2024 Score
Products
104%
1.
Certified sustainable
products
8 billion euros in sales of certified sustainable products by 2026
€6.2bn
104%
2.
Plant‑based alternatives
650 million euros in sales of plant‑based proteins by 2026
€621m
119%
3.
Raw materials
Score for rolling out action plans to protect forests, animal
welfare, land, marine resources and human rights
88%
119%
4.
Packaging
Two Carrefour targets on packaging reduction, bulk, reuse, and
packaging recyclability implemented by 2026
95%
300 million euros in sales of bulk products and goods sold in
reusable packaging by 2026
€256m
100% reusable, recyclable or compostable items of packaging in
2025
56%
5.
Partner producers
50,000 partner producers by 2026
52,024
113%
Stores
108%
6.
Food waste
50% reduction in food waste (vs. 2016)
-50%
111%
7.
Waste
100% of waste recycled by 2025
73%
85%
8.
Climate Scopes 1 and 2
50% reduction in GHG emissions (Scopes 1 and 2) by 2030, and
70% reduction by 2040 (vs. 2019)
-48%
140%
9.
Climate Scope 3
Top 100 suppliers with a 1.5°C trajectory by 2026
53
88%
20 megatonnes avoided by 2030
1.644
103%
Customers
113%
10.
Nutrition and health
Elimination of 2,600 tonnes of sugar from Carrefour‑brand
products by 2026 (vs. 2022)
1,336
113%
Elimination of 250 tonnes of salt from Carrefour‑brand products
by 2026 (vs. 2022)
252
11.
Customer community
An active community of consumers of healthy and sustainable
products in each of the eight countries where the Group operates
8
100%
12.
Supplier commitments
500 suppliers committed to the Food Transition Pact by 2030
393
140%
13.
Act for Food
Minimum score of 75/100 for the question “Does Carrefour help
you eat better?”
64%
99%
Employees
118%
14.
Employee engagement
Minimum employer recommendation score of 75/100 awarded
annually to Carrefour by its employees
81
124%
15.
Gender equality
Women to account for 35% of Top 200 managers by 2025
28
88%
16.
Training
At least 50% of employees provided access to training every year
69
136%
17.
Disability
15,000 employees with a disability
on payroll by 2026
14,201
126%
(1)
(2)
(3)
(4)
(5)
(6)
See 2.1.1 General information.
(1)
This indicator measures sales of alternatives to products of animal origin (e.g., meat substitutes, plant‑based milks and yoghurt). Sales of legumes
were added to this indicator in 2023 (e.g., chickpeas, lentils).
(2)
Belgium, Atacadão and Sam’s Club in Brazil were covered by the reporting in 2024.
(3)
The Act for Food objective has been revised to map out a progressive trajectory to achieve the target by 2026.
(4)
Ipsos, December 2024 – 17,939 respondents out of a representative sample of the total consolidated workforce of 25,781 employees.
(5)
According to local or French regulations, i.e., employees meeting the criteria required to be included in the compulsory declaration of
employment of disabled workers (Déclaration obligatoire d'emploi des travailleurs handicapés – DOETH).
(6)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
GROUP OVERVIEW
Performance
55
This index is designed as an oversight tool for the various professions. It allows Carrefour to report externally on the implementation of
the Group’s CSR strategies. The table below cross‑references the CSR index objectives and the different sub‑sections presented in
Section 2 of this document.
Topics
CSR Index performance indicators
Average score - 2024
Climate change
ESRS E1 - Section 2.1.2.1
Five associated objectives
Objectives 2, 5, 6, 8 and 9
116%
Pollution
ESRS E2 - Section 2.1.2.2
Three associated objectives
Objectives 1, 5 and 12
119%
Water and marine resources
ESRS E3 - Section 2.1.2.3
One associated objective
Objective 3
88%
Biodiversity
ESRS E4 - Section 2.1.2.4
Six associated objectives
Objectives 1, 2, 3, 4, 5 and 7
101%
Circular economy
ESRS E5 - Section 2.1.2.5
Three associated objectives
Objectives 4, 6 and 7
97%
Employees
ESRS S1 - Section 2.1.3.1
Four associated objectives
Objectives 14, 15, 16 and 17
118%
Value chain workers
ESRS S2 - Section 2.1.3.2
One associated objective
Objective 3
88%
Affected Communities
ESRS S3 - Section 2.1.3.3
One associated objective
Objective 3
88%
Consumers and end‑users
ESRS S4 - Section 2.1.3.4
Three associated objectives
Objectives 10, 11 and 13
104%
Rating agency scores and awards in 2024
Carrefour regularly replies to questionnaires by ratings agencies to assess its performance based on business, social and governance
criteria. In 2024, Carrefour gained 2 points in the Moody’s (formerly Vigeo Eiris) questionnaire, scoring 78/100. The Group is also listed
in the Dow Jones Sustainability Index (DJSI) and obtained a score of 65/100 in 2024. For the second year running, Carrefour was ranked
number one in its sector by Moody’s and is included in the DJSI World index of the world’s top five companies in terms of ESG.
Ratings agency
2019
2020
2021
2022
2023
2024
ISS OEKOM
Prime C+
Prime C+
Prime C+
Prime C+
Prime C+
Prime C+
DJSI – S&P
73
73
72
69
67
65
MSCI
AA
AA
A
AA
AA
AA
Moody’s
67
67
64
73
76
78
WDI
-
-
-
75
70
77
In 2024, Carrefour won recognition from a number of
organisations:
gold for the Best Large Group Transformation Strategy,
awarded at the Sustainable Transformation Summit on June 6,
2024 ;
■
four awards from the French trade magazine La Conso
s’engage for the best initiatives and commitments made by
consumer goods companies in various CSR areas:
■
HR and management policy: Carrefour’s stores with disability
access,
■
French sovereignty: partnership between DURALEX, Slip
Français and Carrefour,
■
environmental protection: recycling kiosks,
■
global CSR commitments: the Carrefour group’s biodiversity
strategy.
■
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
1
www.carrefour.com
GROUP OVERVIEW
Simplified legal chart
56
1.9
Simplified legal chart
Greenweez
Carrefour Drive
Carrefour Supply Chain
Interdis
(Centrale d'achat alimentaire)
Maison Johanès Boubée
(Boissons)
Carrefour Property France
Carmila
Carrefour Banque
(Services financiers)
Carma
(Assurances)
Market Pay
(Monétique)
Carrefour Belgium
Centros Comerciales Carrefour
Carrefour Italia
Carrefour Polska
Fimaser
Servicios Financieros Carrefour
Carrefour Property España
Carrefour Property Italia
Eureca Mayoristas
Carmila España
Carmila Holding Italia
INC SA
Atacadão*
Banco de Servicios Financieros
Banco CSF
Adialea
UHD
Hypermarché LV / Maxi LV
Carrefoursa Carrefour Sabanci
Ticaret Merkezi*
France
Europe
Amérique latine
Afrique Subsaharienne
Argentine
Brésil
Tunisie / Algérie
Maroc
Turquie
Belgique
Espagne
Italie
Pologne
Afrique & Moyen-Orient
Cora
Supermarchés
Match
Carrefour
Hypermarchés
Société d'exploitation
Amidis et Compagnie
(Supermarchés intégrés)
Carrefour
Proximité France
Genedis
(cash & carry)
Provencia
Retail
E-Commerce
Logistics
Purchasing
Real Estate
Retail
Financial
Services
Retail
Retail
Financial
services
Real Estate
Financial
Services
Purchasing
* Listed company
100% owned
50% or more owned
Less than 50% owned
2
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
57
SUSTAINABILITY STATEMENT
AND DUTY OF CARE PLAN
2.1
Sustainability Statement
58
2.1.1 General disclosures [ESRS 2]
59
2.1.2 Environmental information
88
2.1.3 Social information
177
2.1.4 Governance information
232
2.1.5 Report on the certification of
sustainability information and verification
of the disclosure requirements under
Article 8 of Regulation (EU) 2020/852
of Carrefour SA
252
2.2
Carrefour’s Duty of Care Plan
256
2.2.1 Governance of the Duty of Care Plan
256
2.2.2 Risk mapping methodology
260
2.2.3 Risk mapping results and duty of care
266
2.2.4 Risk assessment measures
272
2.2.5 Presentation of prevention and mitigation
measures for identified risks
275
2.2.6 Whistleblowing facilities
288
2.2.7 Monitoring system for measures
implemented
291
2.2.8 Report on the 2024 Duty of Care Plan
292
2
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
58
2.1
Sustainability Statement
Introduction
This Sustainability Statement meets the requirements of the
Corporate Sustainability Reporting Directive (CSRD) and provides
a detailed overview of Carrefour’s environmental, social and
governance (ESG) disclosure requirements.
It includes general disclosures in accordance with ESRS 2,
outlining the basis for preparation of this Sustainability Statement,
the
Group’s
sustainability
governance,
consideration
of
stakeholder interests and views, processes to identify and assess
impacts, risks and opportunities, and the results of the double
materiality assessment.
A comprehensive analysis of the Group’s policies, actions and
performance metrics reflects its commitment to meeting
regulatory requirements and stakeholder expectations in terms of
sustainability.
It also includes details on the EU Green Taxonomy, as outlined in
Section 2.1.2.6, in compliance with Regulation (EU) 2020/852,
which came into effect on July 12, 2020. This regulation
establishes a common classification system for all European
Union countries to identify sustainable economic activities.
Information on Carrefour’s duty of care, as required under French
Law 2017‑399 of March 27, 2017 on risk identification and the
prevention of serious violations of human rights and fundamental
freedoms, health and safety of individuals and the environment,
is provided in Section 2.2.
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
59
2.1.1
GENERAL DISCLOSURES [ESRS 2]
2.1.1.1
2.1.1.1.1
General information
Strategy, business model and value chain [SBM‑1]:
The Group’s strategy, business model and value chain are
described in Chapter 1: Group overview, Section 1.1.6 Our
business model, Section 1.1 Group profile – Executive summary
2024 and Section 1.3 Strategy & progress – the “Carrefour 2026”
plan.
The description of the business model, stakeholders and activities
also covers the location of impacts, risks, and opportunities.
Corporate governance
The role of the administrative, management and supervisory
bodies [GOV‑1]
The Board of Directors, assisted by the Governance Committee,
ensures that the necessary skills are in place 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. [GOV‑1] – 20(b)
At December 31, 2024, the Board of Directors had 13 members
(excluding Directors representing employees), six or 46% of
whom were women and 62% 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. [GOV‑1]
– 21(a), 21(b), 21(d), 21(e), 20(b)
Of the 13 Board members (excluding the two employee
representatives), 11 have executive management experience, 10
have governance experience, 9 have financial expertise, 11 have
international experience, 7 have expertise in CSR, 8 in digital
transformation and innovation, and 7 in the retail sector. [GOV‑1]
– 21(c) The members of the CSR Committee have also received
training on climate change (2023) and biodiversity (2024).
The Board of Directors has set up specialised committees to
review any questions submitted to them by the Board itself or by
its Chairman. To reflect the nature and specific characteristics of
the Company’s operations, the Board of Directors has created
the following specialised committees:
The specialised Committees are made up of Directors appointed
by the Board of Directors for the period during which they are in
office. They report regularly to the Board of Directors on their
work and submit to it their observations, opinions, proposals and
recommendations. To this end, the Chairman of each specialised
committee (or, if they are unavailable, another member of the
same specialised committee) gives an oral summary of their work
to the Board of Directors at its upcoming meeting. [GOV‑1] –
22(a), 22(b), 22(c)
The management of Impacts, Risks and Opportunities (IROs) is
entrusted to the CSR Committee and the Audit Committee.
The Group Executive Committee, created and chaired by
Alexandre Bompard, Carrefour’s Chairman and Chief Executive
Officer (the only executive member of the Board of Directors –
[GOV‑1] – 20(a)), to strengthen oversight of the Group and
closely monitor its transformation plan, comprises Group
managers and individuals from other horizons who contribute
complementary expertise. At the time of its creation, the
Committee comprised 14 members, including one woman, i.e.,
7% [GOV‑1] – 21(d). At the date of this Sustainability Statement, it
had 14 members including four women, i.e., 29%. These changes
broadly reflect the policy encouraging women’s access to
positions of responsibility.
CSR governance
CSR governance is exercised by the Group Executive Committee,
under the supervision of the Board of Directors, mainly through
the Board's CSR Committee and Audit Committee.
Sustainability governance also involves a range of other Group
committees and departments, including:
The Board of Directors
■
the Audit Committee;
■
the Compensation Committee;
■
the Governance Committee (formerly the Appointments
Committee);
■
the CSR Committee;
■
the Strategic Committee.
■
The CSR Committee oversees the Group’s sustainability
performance and defines its ambitions in the various areas of
corporate social responsibility. In 2024, it focused particularly
on the CSRD, regulations on imported deforestation and
biodiversity. The CSR Committee also oversees the double
materiality assessment. [GOV‑1] – 22(d), 23(a), 23(b)
■
The Audit Committee oversees the reliability of the data
reporting
and
associated
internal
control
processes
implemented by the Group Finance department, thereby
ensuring the management of sustainability performance and
the processes enabling the Group to achieve its ambitions.
[GOV‑1] – 22(c)
■
The Group CSR and Food Transition Index Committee is
composed of selected members of the Executive Committee
and brings together the Group Management Control,
Marketing and Customer Relations, Merchandise, Human
Resources,
and
Strategy
departments.
This
committee
oversees the Group's performance by monitoring the CSR and
food transition index objectives and metrics, and determines
the priorities for action to ensure that results are achieved.
■
The CSR & Food Transition Index Committees that have been
set up within each Group country, and which perform the
same oversight role at country level.
■
2
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
60
Sustainability
matters
disclosed
and
addressed
by
the
administrative, management and supervisory bodies [GOV‑2 –
26(c)]
In 2024, the Group and country CSR and Food Transition Index
committees addressed all impacts, risks and opportunities
relating to the Group’s priorities, as defined in the CSR and Food
Transition
Index.
The
Food
Transition
Rules
Committee
specifically examined all impacts, risks and opportunities
concerning suppliers and goods marketed by the Group.
This governance is supported by the integration of sustainability
outcomes into the incentive systems. The compensation policy
for company officers is set by the Board of Directors, on the
recommendation of its Compensation Committee. It is submitted
annually to the Shareholders’ Meeting for approval. [GOV‑3]-29a.
Carrefour has established a CSR and Food Transition Index to
monitor the achievement of its objectives, assess its CSR
performance and motivate its internal teams. This index is
presented in Chapter 1, Section 1.8.3 Summary of 2024
non‑financial performance of this report. It consolidates
Carrefour’s priority sustainability objectives and measures the
Group’s performance against annual targets for each of these
objectives in the form of a single score.
In 2019, the Group’s performance in achieving these objectives
was incorporated into the executive compensation criteria to
provide a basis for calculating executive compensation under the
long‑term incentive plan (LTIP) and for the annual variable
compensation and LTIP of the Chairman and Chief Executive
Officer. Since 2021, the CSR index has been integrated into the
variable compensation of executives in integrated countries.
Under the 2024 compensation policy for the Chairman and Chief
Executive Officer:
Sustainability Statement governance
Since the entry into force of the CSRD, the Group has
strengthened its governance system to ensure that its
sustainability reporting is effective and that the related policies
and action plans are implemented.
Within the Board of Directors, the CSR Committee and the Audit
Committee
are
jointly
responsible
for
overseeing
the
Sustainability Statement:
The members of the Board of Directors receive CSRD training
during joint sessions of the Audit and CSR Committees. This
enables them to track the Group’s progress towards compliance
and to approve strategic decisions.
Within the Group Executive Committee, a CSRD and Duty of
Care Committee has been set up. This committee validates the
Group's double materiality assessment, and allocates the roles
and responsibilities within the Executive Committee and within
the various business lines for implementing the processes
necessary for the purpose of (i) preparing the Sustainability
Statement, and (ii) implementing the policies and action plans
required for improving the Group's performance. Each key CSRD
issue is placed under the responsibility of one or more members
of the Executive Committee, and an “owner” is appointed in each
of the Group’s business lines to ensure the reporting related to
that issue is effectively conducted and that the corresponding
action plans are carried out. The CSRD and Duty of Care
Committee oversees the preparation of the sustainability
statement.
Within the Executive Management team, the Group’s CSR
department and Financial Control department are jointly
responsible for ensuring compliance with the CSRD and for
verifying that integrated reporting has been used in the
preparation of the Sustainability Statement:
The Food Transition Rules Committee is co‑chaired by the
heads
of
the
Group’s
Merchandise
and
Engagement
departments, with its members comprising representatives
from the Group’s Audit & Risk, CSR, Own‑brand, Fresh
Produce, Legal Affairs, Quality, Franchise and Merchandise
departments. It reviews any controversies and ensuing
solutions,
and
validates
the
remedial
actions
to
be
implemented. This committee is responsible for the Group’s
purchasing rules and for making sure they are communicated
Group‑wide and are effectively applied. It also approves the
action
plans
required
to
achieve
the
Group’s
purchasing‑related objectives. This committee meets on a
quarterly basis.
■
Since 2022, the Group’s ambitions in the areas of CSR,
Diversity and Inclusion, the Carrefour Foundation and the
Group & France Solidarity Division have been managed by the
Engagement department.
■
The Group Risk Committee, created in late 2022, is an internal
cross‑functional executive risk governance body. Reporting to
the Group General Secretariat, it brings together seven
members of the Group Executive Committee, as well as the
Group Functional Directors (Internal Audit and Risk, Insurance,
Compliance, Internal Control, Cybersecurity, Legal Affairs and
Security). Its aim is to ensure that the organisation’s main risks
and opportunities are addressed, regardless of the topics
(including CSR matters) and geographies concerned (for more
details, see Chapter 4 of this document).
■
20% of the annual variable compensation of the executive
company officer is linked to the results of the CSR and Food
Transition Index;
■
25% of the variable LTIP compensation of the executive
company officer is dependent on the achievement of three
criteria, already tracked in the CSR and Food Transition index,
and which reflect the Group’s long‑term commitments to
combating climate change, namely (i) sensitive materials, (ii)
greenhouse gas emissions and (iii) supplier engagement.
■
The CSR Committee oversees the Group's double materiality
assessment
as
well
as
its
ESG
(Environment,
Social,
Governance) policies drawn up in order to address its material
impacts, risks and opportunities, and it monitors the related
performance metrics.
■
The Audit Committee oversees the processes for verifying the
compliance and reliability of the quantitative data in the
Sustainability Statement.
■
the Financial Control department uses dedicated procedures
to collect the data of the Group's countries and to verify the
quality and compliance of that data, within the required
timeframes;
■
the CSR department determines the Group's ESG issues and
objectives, analyses the related achievements, and monitors its
ESG performance and action plans.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
61
2.1.1.1.2
Within the Group's business lines, the sustainability reporting
project mobilised some 400 contributors from a range of
departments, in particular:
The Sustainability Statement is built on the work and involvement
of all of the Group's employees at all levels of the organisation,
via three main actions:
Thanks to this structured and collaborative governance system,
Carrefour can be sure that its sustainability strategy is firmly
embedded in all of the aspects of its organisation.
Risk management and internal controls over
sustainability reporting [GOV‑5]
The Internal Control department was involved in creating the
underlying procedures and risk analyses in order to ensure that
relevant control points were put in place at the various stages of
the process. A control matrix aimed at verifying CSRD reporting
information has been integrated into the systems for assessing
the level of maturity of internal control environments of
countries (e.g., self‑assessment questionnaire and quarterly
monitoring of remediation plans).
For more information on the risk management and internal
control process, see Chapter 4: Risk management and internal
control (4.1 Risk management and 4.2 Internal control system).
In order to guarantee the reliability of the qualitative data
contained in the Sustainability Statement, the leadership teams of
the Group’s business lines carry out a detailed review of the
policies, targets and action plans, and are subsequently
responsible for ensuring that the objectives set are achieved. This
review is formally documented. [MDR‑M.R.ESRS 2] – 77 (b)
The reliability of the quantitative data in the Sustainability
Statement is assured via a set of procedures, controls and
responsibilities that are clearly defined in the following
frameworks:
There are several tiers of control:
General elements of the CSR approach
Disclosures in relation to specific circumstances [BP‑2]
This Sustainability Statement was prepared for the first year of
application of the Corporate Sustainability Reporting Directive
(CSRD), as transposed into French law by Ordinance 2023‑1142
of December 6, 2023, and in accordance with European
Sustainability Reporting Standards (ESRS). This first year reflects
the uncertainties and challenges inherent in any initial phase of
application.
Main estimations and uncertainties relating to metrics:
Some metrics 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., metrics linked to purchasing quality, the logistics process,
stakeholders and consumer awareness).
In some cases, metrics may be calculated using estimated data
or subject to methodological simplifications. If necessary, BUs
are required to specify and justify the relevance of assumptions
used in making estimates. The calculation methodologies are
governed by the Group’s sustainability reporting manuals.
The main estimations concern:
the HR department, which oversees social issues;
■
the Internal Control department, which performs stringent
controls on sustainability data;
■
departments within the business lines (operations, purchasing,
quality, technical), which play a central role thanks to their
expertise in the field and their involvement in the action plans;
■
the Solidarity department, which provides information on the
Group's community‑outreach actions;
■
the Diversity and Inclusion department.
■
Training
and
awareness‑raising:
employee
training
and
awareness‑raising sessions were held to explain the objectives
of the CSRD and the key stages in the Group's CSRD
compliance process.
■
Participation in the double materiality assessment (DMA):
contributors from the Group's business lines took part in the
financial impact assessment process, thereby giving them a
greater understanding of the impacts, risks and opportunities
associated with their activities.
■
Contribution
to
drawing
up
the
sustainability
report:
employees’ expertise is essential for documenting policies,
action plans and future projects as it ensures the relevance and
credibility of the information disclosed.
■
the reporting manuals drawn up by the Group CSR
department, which give a clear definition of all the applicable
performance metrics, the data used to calculate them, and the
corresponding reporting scopes;
■
RACI
(Responsible,
Accountable,
Consulted,
Informed)
procedures, which specify the reporting coordinator within the
Finance Department for each country, as well as the roles and
responsibilities of the business‑line contributors for each
performance metric;
■
local reporting procedures, which are drawn up in order to
specify the methods for collecting each type of data via the
various business‑line applications, as well as relevant control
points for reliability assurance;
■
control points on the information reported, in accordance with
procedures.
■
tier 1 controls carried out by business‑line contributors
(completeness and accuracy);
■
tier 2 controls carried out by the country‑level reporting
coordinators (completeness and consistency);
■
tier 3 controls carried out by the Group's CSR department
during the consolidation process (consistency).
■
Scope 3 greenhouse gas emissions and energy consumption
metrics (ESRS E1 Disclosure requirement E1‑6)
■
Total tonnage and breakdown of waste (ESRS E5 §37)
■
Gender pay gap (ESRS S1 §97a)
■
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Information not disclosed with respect to 2024:
For this first year of application, and despite the efforts made, the
Group encountered difficulties in collecting, consolidating and
producing certain information within the deadlines set. Carrefour
is working hard to improve the availability of information required
under the CSRD. A two‑year action plan has been drawn up to
significantly improve the availability of the information required.
Information on resource inflows and outflows for products sold
(ESRS E5‑4 §31a, b, c and ESRS E5‑5 §33a, b, c), for which
Carrefour has chosen to prioritise the scope of single‑use
packaging,
Information on substances of concern and very high concern
contained in products sold (ESRS E2‑5 §34).
Scope of the Sustainability Statement:
The scope is described in BP‑1 below and in the topical chapters.
Some information is incomplete for recently acquired banners
(Cora and Match), or missing for certain geographies (waste).
General basis for preparation of the Sustainability
Statement [BP‑1]
Reporting period:
Reporting is conducted on a quarterly basis. Annual reporting is
used to prepare the Sustainability Statement. The period used for
annual reporting is the calendar year (January 1 to December 31,
2024), without modifying the data for previous years.
Data collection methods:
The system in place is based on dual information reporting that
allows for collection of qualitative and quantitative data from the
various countries and banners. From a qualitative point of view,
the best practices implemented in Group host countries are
reported through personalised interviews (in person if possible,
by videoconference if not), or by e‑mail.
From a quantitative perspective:
Automatic data checks are performed in the tool.
Environmental data control methods:
The EPM Cloud reporting application includes automatic
consistency checks to prevent data entry errors. It also allows the
insertion of explanatory comments to facilitate internal control
and audit. 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 metric. 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.
Regarding the equity ratio or the ratio of the annual total
compensation for the highest compensated individual to the
median annual total compensation for all employees (ESRS S1
S1‑16 §97b), Carrefour is not able to disclose this information as
it does not have a centralised system to calculate a Group‑wide
median salary. The Group discloses a median employee
compensation
ratio
based
on
Carrefour
Management
employees who have worked at the Group’s head office in
France for several years. This disclosure is made in Section
2.1.3.4 ESRS S1, Adequate wage for Carrefour employees).
■
Regarding payment practices (ESRS G1 G1‑6 §33a and b): the
information required is not available centrally at Group level,
but Carrefour makes every effort to comply with applicable
regulations and contracts with its suppliers in each of the
countries in which it operates. In this report, Carrefour
provides information on compliance with legal payment terms
in France, Brazil and Spain in Section 2.1.4.1.2 Developing a
responsible purchasing strategy across the value chain. This
scope accounts for 81% of Group sales. The consolidation of
these data at the Group level requires work to ensure its
reliability, as different entities and countries are involved, with
different definitions and time horizons for different product
categories. Methodologies still need to be standardised to
ensure the consistency of the consolidated data. Alignment
work is underway to consolidate this metric in the coming
months.
■
Regarding the percentage of sales derived from petroleum
products: over the last five years, the percentage of sales
derived from petroleum products has ranged between 7% and
11% of the Group’s consolidated sales. This figure is subject to
considerable volatility depending on price fluctuations and
applicable taxes. The Group reports the CO
emissions
associated with fuel sales, which are directly correlated with
the volumes and quality of fuel sold. This figure reflects the
reality of the Group’s energy transition, in line with its target of
reducing GHG emissions associated with the use of products
sold (fuel) by 27.5% by 2030.
■
2
Regarding the financial impact of the Group’s action plans as
part of the transition plan: For climate change mitigation, the
Group has established an investment trajectory to 2032 to
reduce its Scope 1 & 2 CO emissions (described in Section
2.1.2.1 Climate change). These data are estimated. It is also
subject to fluctuations related to market trends and economic
conditions during the year. Given the uncertainties inherent in
this forward‑looking information, it is not presented in this
report at this stage. The Group’s other action plans are all
driven mainly by the commitment of Group teams and
interaction with suppliers to promote innovation in value
chains. They therefore do not require significant investment by
■
2
the Group. They do, however, generate operating expenses. As
these are spread across CSR, business and store teams, it is
impossible to measure them accurately. Work is ongoing to
determine the right way for a retailer to report other metrics:
Environmental indicators have been reported through the EPM
Cloud application since 2022. This application is used in
conjunction with the one used by the Group for financial
consolidation and reporting.
■
Customer metrics are taken from the Group’s consumer
opinion review platform.
■
Social KPIs are reported through the Group’s Human
Resources reporting tool. Reporting liaison officers identified in
each country are responsible for coordinating environmental
and social reporting for their respective countries.
■
1
4
7
2
5
8
3
6
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63
Social data control methods:
Social data are checked locally 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.
Scope of consolidation – 5(a) and 5(b)i:
The basis for preparation of this Sustainability Statement is the
consolidated scope of the Carrefour group as presented in
Chapter 6 of the Universal Registration Document, with the
exceptions set out below. The publication of this Sustainability
Statement was authorised by the Board of Directors at its
meeting of February 19, 2025.
As new entities join the Group, a process is put in place to
gradually consolidate them in Carrefour’s sustainability reporting.
The first stage of this process involves drawing up estimates in
order to carry out an initial performance assessment, while the
newly‑consolidated entities are given time to build their
sustainability performance and gradually align their practices with
the Group's standards. For 2024, Cora and Match were acquired
on July 1. The Group has been able to consolidate social data,
but environmental data will not be consolidated until 2025. The
operations in question are immaterial at Group level.
Scope of policies, targets and action plans:
The Group policies, targets and action plans described in the
Sustainability Statement apply by default to the eight integrated
countries, namely Argentina, Belgium, Brazil, France, Italy,
Poland, Romania and Spain. When this is not the case, the scope
is specified directly in the chapter concerned.
For policies, targets and action plans that concern the Group's
direct activities, i.e., the activities of its sites (stores, warehouses,
head offices), the scope does not include franchised stores
unless specified otherwise in the related section of the report.
The scope may also differ between data specific to the Group
CSR Index, which has historically excluded warehouses, and the
Group’s consolidated data. Further details are provided in the
relevant sections.
For the performance metrics, the scope is indicated opposite
each metric in the metrics table (see BP‑2).
Coverage of the value chain – 5(c):
Carrefour plays a central role as a convergence point between
the various actors in the value chain: producers, suppliers,
employees, franchisee partners and consumers. Its double
materiality assessment covers all of the scopes along this chain
so that the key issues can be identified and prioritised. The Group
implements policies and action plans to address the issues
identified in relation to each of these stakeholders.
For policies, targets and action plans that concern the Group's
indirect activities upstream or downstream of its value chain, i.e.,
products sold by the Group, the scope includes own brands, and
in some cases, national brands. In the event of any exclusions
from the scope, the scope used is specified directly in the
corresponding chapter.
Choice of metrics:
Since 2003, Carrefour has used indicators (now referred to as
‘metrics’) for its strategic CSR priorities. These metrics, which are
revised over the years, are designed to monitor the commitments
and progress made in terms of its environmental and social
performance. Each metric is chosen for its relevance to risks and
societal challenges identified by the Group and with regard to its
CSR policies.
CSR and Food Transition Index:
The CSR and Food Transition index, introduced in 2018, assesses
Carrefour’s performance in implementing CSR commitments. It
is monitored quarterly and published twice a year. This index
covers four categories: (i) procurement and product design, (ii)
site operations, (iii) customer involvement and satisfaction with
the food transition and (iv) human resource management and
employee engagement. Each of these categories is associated
with several quantitative objectives and deadlines.
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 metric is calculated as the ratio of
the result to its target over the given reporting period, expressed
as a percentage. The “employee commitment” metric 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.
Change in the CSR and Food Transition Index:
In 2021, the Group revised the CSR index and drafted purchasing
rules on its priority environmental and social issues. Following
this work, new metrics were defined. In 2023, the index was
revised again in line with the new Carrefour 2026 strategic plan.
New metrics developed to meet ESRS requirements:
New metrics have been defined and added to the reporting
process in 2024 to meet the requirements of the various ESRSs.
For metrics 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 metrics apply
to Installations Classified for the Protection of the Environment
(ICPE) coming under the regulations of stores and other sites.
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 metrics, warehouses are
included, in which case this is specified with a note under the
tables of metrics (example: food waste). Any BUs that were sold
or closed during the reporting period are not included.
CSR metrics
■
Scope of environmental and social metrics
■
Store metrics
■
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For metrics 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 metrics apply
to Installations Classified for the Protection of the Environment
(ICPE) coming under the regulations of stores and other sites.
The scope covers products sold under the Group banner,
without distinguishing between franchises, integrated stores or
formats (stores, drives, online purchasing).
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 scope includes Carrefour Banque and Carrefour
Property Development, both housed within Carrefour SA (parent
company).
Definition of the CSR and Food Transition Index environmental
and social metrics:
Logistics: CO
emissions from the Group’s logistics activity
include CO emissions from downstream road transport. This
metric counts CO emissions related to the transport of goods
between warehouses and stores. The following CO emissions
are not taken into account:
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.
Pallets (transport units) used for backhauling are not included in
the total number of pallets used in downstream transport.
Energy: 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).
Refrigerants: any leaks that may have occurred prior to a change
of equipment are not quantified in the reporting. They
correspond
to
emissions
generated
between
the
last
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.
Waste: the chosen reporting scope includes entities 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 a methodology approved by the Group. Supermarkets in
Italy are excluded from the reporting scope because more than
90% of waste is collected by local municipalities and therefore
these data cannot be estimated reliably.
Food waste: to monitor the reduction in food waste, Carrefour
has decided to publish as a metric 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 defines food
waste as follows: “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. This change in definition
means changing the way this metric is calculated and restating
historical data.
Depending on the country, there are two possible methods for
monitoring the metric:
Merchandise metrics (organic products, Carrefour Quality
Lines, sustainable fishing, sustainable forest management,
textiles, packaging and animal welfare)
■
Regarding the organic product sales metrics, total food sales
only include sales by physical store or e‑commerce specialists
(e.g., Bio C Bon, So Bio);
■
Regarding the textile metrics, they are reported by the
purchasing centres (including, for example, the Global
Sourcing purchasing centre);
■
The tonnes of packaging avoided metric is calculated based on
the quantities of packaging purchased as reported by the
purchasing centres (including, for example, the Global
Sourcing purchasing centre), except for Brazil which calculates
the metric based on the quantities of packaging sold.
■
HR metrics
■
Environmental information:
■
2
2
2
2
emissions generated during the upstream transport of goods
to the warehouse;
■
emissions
generated
by
direct
deliveries
(direct
“producer‑to‑store” transport of goods without going through
a warehouse);
■
emissions generated by customer and employee journeys;
■
emissions generated by downstream maritime transport.
■
2
monitoring food markdowns directly in tonnes (Spain and
Argentina);
(i)
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.
(ii)
1
4
7
2
5
8
3
6
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65
In order to restate 2016 historical data in line with the new
definition, the method used for making estimates is as follows:
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 metric with the 2016 baseline, but
are however taken into account when calculating reductions in
food waste with a 2022 baseline.
Food donations: the ratio used to calculate the number of meal
equivalents donated to food aid associations in all Group
countries is 1 meal = 500g.
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‑based proteins are all products that are direct
substitutes for products whose main ingredients are animal
products, other vegetarian or vegan products identified by a
specific brand (e.g., Carrefour Sensation, formerly Carrefour
Veggie), label or certification (Veggie, Vegan), or whose
packaging refers to it, and all pulses (legumes with seeds edible
for humans) or vegetarian processed products containing at least
50% pulses (e.g., hummus).
CQL committed to an agroecological approach: this metric 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
species (responsible species), products from a sustainable
fishing/responsible farming approach whose credibility is
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).
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.
Soy: This metric 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 metric, based on a
contractual commitment made by the supplier.
Sustainable soy: certified deforestation‑free soy with full
traceability. Carrefour recognises the Proterra, RTRS at the
segregated level at 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.
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 abattoirs.
The supply chain for Brazilian beef is complex, involving up to
seven stages.
Traders: a trader is an upstream player in Carrefour’s value chain
who negotiates the purchase and sale of agricultural raw
materials.
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.
food waste intensity ratio calculated according to the old
method/intensity ratio calculated according to the new
method (for 2021 and 2022);
(i)
average of the ratios calculated over 2021 and 2022;
(ii)
average waste intensity for 2016 applied, calculated
according to the old method.
(iii)
Product information:
■
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This community meets in several ways: weekly meetings to share
information, monthly meetings to meet suppliers, in‑person
events (twice a year), WhatsApp thread.
Animal welfare – slaughterhouse audits: animal welfare audits
are performed in the case of lambs, cattle, hogs, calves and
poultry. Abattoir 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.
Packaging: Carrefour intends to reduce 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 metric.
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
removed in the new packaging compared with the old
packaging, or the difference between the weight before and after
packaging for other materials.
Partner producers: this metric 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:
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.
Act for Food: the metric tracks the percentage of consumers
who answer “yes” to the following question: “Does Carrefour
help you to eat healthily and responsibly?”. 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 metric tracks the reduction of salt and sugar
content in Carrefour‑brand 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%.
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 metric tracks the percentage of
women in the Group’s Top 200.
Training: this metric 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: Belgian student contract hires are not taken into account.
Organic Farming partner producers: multi‑year or tacitly
renewed contract, 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.
■
CQL partner producers: multi‑year or tacitly renewed contract,
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 geo‑located within a
short distance of the place 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
the
following
criteria:
volume
commitment,
price
commitment guaranteeing fair remuneration for the producer,
or multi‑year contract or tacit renewal.
■
Customer information:
■
Human resources information:
■
1
4
7
2
5
8
3
6
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2.1.1.2
Specific tools developed by the Group to work collaboratively with its stakeholders
Interests and views of stakeholders [SBM‑2]
Methods for changing practices based on taking into account
stakeholders’ interest and views
The Group's approach to achieving sustainability transformation
is rooted in close collaboration with its stakeholders and is
underpinned by the following principles:
To collaboratively work with and mobilise our stakeholders, the
Group has developed a suite of tools that are tailored to each
one of them. These tools span a range of sustainability matters
and are described in the various sections of the sustainability
report that cover the topics concerned.
Customer engagement tools:
Engaging customers is the main driver for transforming
consumer habits, but it is also the most complex to put into
action. To transform consumer habits, Carrefour offers products
and solutions in stores to promote sustainable consumption. For
several years, Carrefour has been working to roll out a CSR
strategy in its store network. 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 1.8.3).
Ways of engaging suppliers and service providers:
Carrefour has structured channels in place for engaging its
suppliers and partners, on a collective and individual basis, in
strengthening their social and environmental stewardship.
Transparent targets and results: transparent objectives with
stakeholder support at the highest level of the organisation:
Carrefour identifies key matters and needs, sets quantitative
targets and works closely with its partners to develop action
plans. These targets form an integral part of the Group’s
strategic plan (see Chapter 1, Presentation of the Carrefour
group). In addition, 17 of them are included in the CSR and
Food Transition index, which is used as a performance
measurement tool for all of the Group's business lines. The
Group also reports transparently on its sustainability progress
(see Section 1.5.3). Its policies are shared with stakeholders
through
a
range
of
published
documents
(Universal
Registration Document, Carrefour group thematic reports),
official documents circulated to stakeholders with which
Carrefour has an established business relationship (Code of
Ethics, Supplier Ethics Charter and working groups such as the
Food Transition Pact), and panels and conferences organised
on a regular basis. These policies are also available to the
Group’s
customers
and
can
be
consulted
on
the
Carrefour.com website. In the interests of transparency and
accessibility, documents can be consulted directly online and
are translated into English. Stakeholders responsible for
implementation, such as Carrefour group employees, can
access the information on the internal social network,
Workplace, which was launched in 2022 in all integrated
countries. Workplace is also where information is shared on
the Group's latest initiatives, and where users can find live
broadcasts of announcements made at launch events. To
ensure that the policies are easy to understand, the documents
are available in local languages in PDF format, and the videos
have been translated.
■
Consultation and listening to stakeholders: stakeholder
interests are taken into account when defining policies that
respond to impacts, risks and opportunities (IRO). Stakeholder
communication takes place through the following channels:
■
Specialist organisations: Group teams are in regular contact
with stakeholders who are specialists in CSR issues.
Carrefour organises bilateral consultations to define and
update action plans, as well as collective consultation
meetings on specific issues (health, packaging, fishing,
e‑commerce, etc.).
■
Investors: The Group regularly communicates with investors
through interviews and group meetings. Investors can also
report potential alerts or material issues that the Group takes
into account when drawing up its action plans.
■
Internal teams and employee representatives: Carrefour
presents its CSR action plans and results to its various
employee representative bodies at both country level and
international
level.
This
communication
–
which
is
conducted
within
the
framework
of
the
worldwide
agreement signed with UNI Global Union – helps to identify
areas that require attention.
■
Implementation of innovations at local and international
level in collaboration with partners (suppliers, start‑ups, SMEs,
non‑profits, etc.). By proposing new products, new services
and new packaging to our customers, Carrefour can test and
verify customer demand before rolling out solutions widely in
our stores. Examples include the "c'est qui le patron” brand, the
“Apporte ton contenant” initiative to reduce packaging and the
“Too Good To Go” solution.
■
Transformation of market norms and standards, through
collaborative work by retail companies, suppliers and
stakeholders in the value chain, and non‑profits and public
authorities. Widely deploying tried‑and‑tested innovations is a
particular example of how this can be achieved. We have
initiated the creation of cooperatives in a range of domains,
such as packaging, plant‑based proteins, and bulk and
returnable packaging, and we play an active role in our
industry's trade organisations (PERIFEM, FCD, CGF, ECR, etc.).
■
For example, the Group has a Supplier Ethics Charter which
forms an integral part of all purchase contracts in all countries.
This charter is based notably on Carrefour’s continued
compliance with and promotion of the Universal Declaration of
Human Rights, the eight fundamental conventions of the
International Labour Organization (ILO), the Guiding Principles
of
the
Organisation
for
Economic
Co‑operation
and
Development (OECD), the ten principles of the United Nations
Global Compact and the UN Guiding Principles on Business
and Human Rights. Its content, scope and changes are
described in Section 2.1.4.1. G1 Business conduct.
■
The Food Transition Pact has two key components for
encouraging supplier engagement: an international pact,
designed for suppliers operating in several Group geographies,
and national pacts, managed locally to involve suppliers in
issues specific to each particular country. Membership of the
international pact is voluntary and requires fulfilling at least two
of the four eligibility criteria (related to climate, packaging,
health/nutrition and biodiversity). Applications for membership,
which are submitted to the Carrefour CSR team, are analysed
by a panel of experts. This pact provides a strategic forum for
communication about CSR issues, with quarterly discussions
between members.
■
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Tools for deploying the Group's procurement requirements:
purchasing rules for the food transition
Carrefour has drawn up and deployed purchasing rules for food
transition in all of its geographies. These rules constitute a set of
preventive measures to be applied in procurement processes
with a view to mitigating social and environmental risks.
There are a total of 11 CSR and food transition purchasing rules in
place at Group level, which incorporate social, environmental
and ethical criteria as well as CSR objectives. These rules include:
Intended for the direct and indirect purchasing teams in the
Group’s integrated countries, the purchasing rules set the
framework for social and environmental compliance, in line with
the food transition objectives for existing and future products.
They therefore apply to:
These rules, and any changes to them, are submitted for approval
to the Committee on Purchasing Rules for the Food Transition.
Updated each year, they apply to all Group entities and all
production countries based on their level of risk. They form the
Group‑wide foundation for Carrefour's procurement processes
and are relayed within all of the Group's countries and translated
into all of its working languages. They form a common base for
Carrefour’s purchasing.
In each country, the Group's merchandise teams are responsible
for applying purchasing rules and implementing Carrefour's
policies. They define a deployment plan adapted to the local
environment and monitor its implementation. The Group and
local CSR teams support their implementation.
The Quality Departments in each country provide support,
expertise and the coordination needed to roll out the objectives.
On a day‑to‑day basis, they ensure compliance with purchasing
rules by verifying the compliance of Carrefour‑brand products,
and also ensure that purchasing practices comply with the
regulations in force, carried out jointly with the country's Legal
department.
Local sourcing teams are responsible for carrying out checks and
provide support for local suppliers. In particular, Carrefour has
local offices (Carrefour Global Sourcing) responsible for sourcing
non‑food products (textiles, small household goods, EPCS) in
at‑risk countries.
Tools to involve franchisees in the Group’s CSR and food
transition process
Franchised stores account for 77% of the Group's store network,
43% of its retail space under Group banners and 37% of its sales
under Group banners. They are mainly small‑format stores. There
are two types of franchised stores within the Group: franchised
stores in the eight countries in which the Group operates, and
franchised stores of international partners.
Specific coordination to align the CSR strategies of franchise
partners:
Carrefour Partenariat International (CPI) is responsible for
ensuring that the franchised stores of international partners are
committed to Carrefour's CSR process. In 2024, Carrefour
appointed a CSR Coordinator specifically dedicated to the
franchise sector, whose main task is to ensure smooth
coordination between Carrefour Partenariat International (CPI)
and
the
Group's
Engagement
department.
The
CSR
Coordinator’s role also entails providing help and guidance to
Carrefour's 18 international franchise partners with their CSR
strategies and projects. Carrefour has put in place the following
tools to encourage its international franchise partners to embed
CSR and the food transition into their activities:
A structured roadmap for sharing the same priorities:
A CSR roadmap has been drawn up comprising six shared
priorities for the international franchise partners:
In addition to collective approaches, Carrefour also puts in
place individual initiatives, such as SLBP (Sustainability‑Linked
Business
Partnership)
agreements.
These
non‑financial
agreements, signed between Carrefour and its suppliers, set
multi‑year targets based on three topics chosen by the supplier
and validated by Carrefour. Each target has a related action
plan, an annual pathway and science‑based performance
metrics. The SLBP process was launched in July 2024, with
applications closing in September and reviewed in October.
The agreements were signed at the end of 2024 and in the first
quarter of 2025. As from 2025, these agreements will include
quarterly ESG (non‑financial) performance reviews that will be
directly linked up with the quarterly financial performance
reviews.
■
the signature by suppliers of an Ethics Charter;
■
the process and compliance rules for social audits;
■
the appointment by the Group's purchasing entities of 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.
■
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).
■
Involving franchised stores in the countries where Carrefour
operates directly (8,834 stores representing 26% of retails
space under Group banners).
■
Carrefour has a network of franchise advisers to work with its
franchise partners in the eight countries in which the Group
operates directly. Through them, 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. Store‑level targets (e.g., climate, energy,
waste and food waste management) apply only to integrated
stores. Franchised stores are independent.
Involving international franchise partners (2,862 stores
representing 17% of retail space).
■
Animal welfare;
(i)
Tackling deforestation;
(ii)
1
4
7
2
5
8
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These topics are monitored individually for each partner via
discussions held every two months, and are reviewed annually.
The system is flexible enough to meet both the specific needs of
the franchise partners and the Group’s priorities. Annual strategic
reviews involve CPI and the CSR department, on the one hand,
and franchise partner managers, on the other, enabling strategic
priorities to be defined with each partner.
It should be noted that international partners define their own
CSR policies. They transmit data relating to store activity on a
voluntary basis.
Additional contractual commitments:
A collaborative approach: CSR Learning Expedition
Carrefour has created a network of CSR liaison officers within the
entities of its various international franchise partners. Through
this network, the Group shares rules, best practices, innovative
solutions, projects and concepts that franchisees can implement
on a voluntary basis. In 2023, Carrefour organised a seminar
called the "CSR Learning Expedition" for its international franchise
partners. Franchise partners from over seven countries took part
in the event, the aim of which was to:
Stakeholder panels and alert mechanisms
Carrefour works closely with stakeholders via various channels:
These various tools enable the Group to take stakeholder
interests into account when defining policies in response to
impacts, risks and opportunities (IROs). The Group's policies are
communicated to its stakeholders through a variety of publicly
available media (e.g., the Universal Registration Document,
Group thematic reports), official documents shared with
stakeholders with whom Carrefour has an established business
relationship (e.g., Supplier Ethics Charter, Code of Ethics, etc.),
working groups (e.g., the Food Transition Pact), panels and
conferences
organised
on
a
regular
basis.
Stakeholder
engagement in the development of policies and action plans in
response to IROs is specifically described in the Impacts, Risks
and Opportunities subsection of each thematic section of this
chapter.
Protecting endangered species;
(iii)
Reducing the use of plastic;
(iv)
Reducing greenhouse gas (GHG) emissions;
(v)
Respecting and protecting human rights.
(vi)
a CSR appendix is systematically included in new franchise
agreements. This appendix formally sets out Carrefour's CSR
vision as a franchisor, commitments related to duty of care,
whistleblowing and other alert systems, and the integration of
the CSR roadmap into the annual review processes. By signing
this appendix, each partner undertakes to co‑build a CSR
roadmap, aligned with the Group's CSR priorities and adapted
to the specific issues within the region concerned. Carrefour
also intends to include this appendix in the contracts of its
long‑standing partners by 2025 so that CSR commitments will
be harmonised across its entire network;
■
all of the Group's international franchise partners are required
to sign a Human Rights Charter. This charter is appended to
their franchise contracts and sets out a number of social
obligations. It describes the control methodology in place and
specifies the existence of an Advisory Committee;
■
to ensure that the Group's requirements for its international
franchisees are the same across the board, a review of the
documents applicable to them was carried out towards the
end of 2024 to bring all the requirements together in one
single document: the Franchisee Ethics Charter (set out in
Section 2.1.3.2 Workers in the value chain, ESRS S2).
■
train participants in key CSR topics;
■
help partners share best practices;
■
discuss the issues of energy efficiency, animal welfare and
waste management.
■
two‑way dialogue and long‑term partnerships: Group teams
are in daily contact with expert stakeholders on the various
sustainability issues facing the Group (investors, suppliers,
scientists, business experts, non‑governmental organisations
[NGOs], consultants, etc.). Carrefour identifies relevant players
with which it wishes to build close dialogue and regularly
organises two‑way discussions on drawing up and updating
action plans;
■
stakeholder panels and topic‑focused committees: several
times a year, Carrefour organises working sessions aimed at
drawing up practical recommendations about a specific CSR
topic. These sessions are attended by around 40 people
representing the Group, NGOs, government, customers,
investors and suppliers, who come together to share their
expertise or point of view on the subject in question. The
Group also forms committees of experts on specific topics
whenever necessary. This is particularly true in the fight against
deforestation: Carrefour has created a group of experts
dedicated to assist in building its action plans;
■
alert management through a dedicated mechanism: the
Carrefour group has strengthened its policies and prioritised
actions to be taken based on reported alerts. Reported alerts
are divided into the following categories:
■
trade union dialogue: a dispute management procedure is
incorporated in the UNI Global Union agreement,
■
the whistleblowing hotline, accessible to all employees and
partners: a telephone service that can be used by any
employee or partner to confidentially report any type of
situation or behaviour that contravenes Carrefour’s Code of
Ethics. The whistleblowing system is described in Section
2.1.4.1 Business conduct, ESRS G1.
■
Stakeholder dialogue, publications mentioning Carrefour and
alerts handled by the Food Transition Committee: the Group
has set up a task force to identify and manage the various
alerts related to CSR and due diligence. 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.
■
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2.1.1.3
Due diligence process [GOV‑4]
A due diligence process is triggered as soon as an alert is raised. The table below provides summary information of the due diligence
process.
Table 1: Statement on due diligence
Key drivers of the due diligence process
Section of the Sustainability Statement
Embedding due diligence in governance,
strategy and the business model
ESRS 2 GOV‑2: Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
ESRS 2 GOV‑3: Integration of sustainability‑related performance in incentive schemes
ESRS 2 SBM‑3: Material impacts, risks and opportunities and their interaction with
strategy and business model
Engaging with the stakeholders concerned
at all stages of the due diligence process
ESRS 2 GOV‑2: Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
ESRS 2 IRO‑1: see stakeholders section of ESRS E1, E2, E3, E4, E5, S1, S2, S3, S4 and G1.
ESRS 2 MDR‑P – SBM‑2: Interests and views of stakeholders + topical ESRSs: reflecting
the different stages and purposes of stakeholder engagement throughout the due
diligence process
Identifying and assessing negative impacts
ESRS 2 IRO‑1: See stakeholders section of ESRS E1, E2, E3, E4, E5, S1, S2, S3, S4 and G1.
ESRS 2 SBM‑3: Material impacts, risks and opportunities and their interaction with
strategy and business model
Taking action to address those negative
impacts
ESRS 2 MDR‑P and MDR‑A: See policies and actions of ESRS E1, E2, E3, E4, E5, S1, S2, S3,
S4 and G1.
Tracking the effectiveness of these efforts
and communicating
ESRS 2 MDR‑M and ESRS 2 MDR‑T: See sections on targets and metrics for ESRS E1, E2,
E3, E4, E5, S1, S2, S3, S4 and G1.
2.1.1.4
2.1.1.4.1
Carrefour uses analysis and dialogue tools to identify material
issues, and define its policies and action plans while taking a
continuous improvement approach. This approach also forms
part of our duty of care. The actions taken comply with both the
CSRD and the Group’s duty of care obligations (see Duty of Care
Plan, Section 2.2).
Analysis of impacts, risks
and opportunities
Description of the processes to
identify and assess impacts, risks
and opportunities [IRO‑1]
General process and governance
As a first step, the CSR, Risk and Finance departments defined the
Group's impact, risk and opportunity universe. Several workshops
were held to define the 42 issues resulting from the double
materiality assessment, taking into account the Group's risk
universe and duty of care risk map. These matters are listed in
Section 2.1.1.4.2 Results of the double materiality assessment
[IRO‑2].
As well as aligning the universe of these matters, we also aligned
the methods used for the three exercises (CSRD, duty of care and
Group risk analysis) for the purpose of consistency when
assigning a score to each matter. For each of these 42 matters,
impacts, risks and opportunities have been identified based on
input from internal and external experts, as well as knowledge
gained from previous studies and materiality assessments carried
out by the Group. This work is informed by Carrefour’s ongoing
dialogue with its stakeholders, which is described above.
As a second step, workshops were held for the CSR, Finance and
Operational departments to assign ratings to the associated
impacts, risks and opportunities.
The double materiality assessment was successively reviewed by
the following:
the Group Risk Committee (see description in Section 2.1.1.1.1
of this chapter);
■
the CSRD and Duty of Care Committee, comprising the
Executive Directors (members of the Group Executive
Committee) of the Engagement, Strategy, Finance, Human
Resources, Merchandise and Legal departments and the
General Secretariat;
■
the Audit and CSR Committees of the Board of Directors,
which are responsible for the final approval of the double
materiality assessment.
■
1
4
7
2
5
8
3
6
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Scope of the assessment
The double materiality assessment covers all consolidated
subsidiaries in the Carrefour group for each of the issues
included in the universe prepared for the CSRD. The assessment
accordingly focused on the risks and opportunities and the
positive and negative impacts in Carrefour's value chain
(upstream, own operations, franchises and downstream) and the
Company's stakeholders who may be directly or indirectly
affected by Carrefour's activities. The Group has taken into
account the time horizons defined below:
These time horizons apply to all information provided in the
Sustainability Statement [BP‑2].
Assessment methodology
The CSRD requires each issue to be assessed based on two types
of materiality:
The assessment methodology is based on the following criteria
and processes:
Financial materiality (for Carrefour): this was determined at rating
workshops with the Carrefour group's finance and CSR teams
and business experts. Where a study was available (e.g., climate
risk analysis), it was used as a basis for discussion with the
experts. The assessment grid used to rate financial materiality (in
terms of gross risks and opportunities) is the same as that used
by the Risk Department to assess Group risks (see Chapter 4). It
takes into account the following:
Impact materiality (for the external environment): this was
assessed with the assistance of an external consultancy, based
on external databases and scientific reports, as well as maps
already produced internally at Carrefour. This means that scores
are based mainly on external sources, to maximise the inclusion
of feedback from the Group’s stakeholders. The assessment grid
used to rate impact materiality was defined by the CSR
department. It takes into account the following:
Definition and management of material IROs
By rating all IROs, it was possible to identify those that were
material for the Group and as such to define the matters related
to those IROs that are accordingly material for the Group. These
matters are listed in the table below in Section 2.1.1.4.2 Results of
the double materiality assessment [IRO‑2].
The material IROs are presented in the list of material impacts,
risks and opportunities tables in each section of the report,
including their position in the value chain [SBM‑3]. The process
for identifying the IROs is described above.
Impact and risk management options are assessed with a view to
defining
appropriate
mitigation
measures.
Carrefour
also
assesses priority opportunities in order to identify the action
plans to be implemented.
To steer the action plans relating to the various identified
impacts, risks and opportunities, the Group has defined a number
of management priorities for which a specific governance
structure has been set up, involving the relevant departments.
The management axes correspond to the sections of the report
and are therefore presented in the list of material impacts, risks
and opportunities tables in each section of the Sustainability
Statement.
For all management priorities, Carrefour is setting up a
monitoring system to strengthen governance, define policies,
objectives,
action
plans
and
associated
resources,
and
performance metrics.
Short term: Carrefour analysed the immediate issues and
short‑term risks, such as regulatory changes, which could
affect its operations in the year in progress or subsequent
years;
1.
Medium term: The Group also identified medium‑term
trends and risks, over a period of three to five years. These
include changes in consumer behaviour, technological
developments and new legislation, in order to project the
opportunities and challenges that could arise in the coming
years.
2.
Long term: Lastly, Carrefour integrated long‑term issues into
its analysis, taking into account factors such as climate
change, the transformation of societies and changes in
natural resources. These risks and opportunities were
projected over timeframes of more than five years, for the
purpose of long‑term strategic management.
3.
financial materiality, assessed in terms of severity and
frequency;
■
impact materiality, assessed in terms of its severity, scale,
irremediable character and frequency.
■
severity, depending on the effects on the Group’s financial
results and image;
■
frequency: the rate at which the risk or opportunity arises.
■
the characterisation of the impact, which can be negative or
positive, actual or potential;
■
the severity, which is assessed according to three criteria:
■
the materiality of the impact on stakeholders,
■
the irremediable character of the impact,
■
the severity of the impact;
■
the frequency, the rate at which the impact occurs, and the
possibility that the impact exists permanently (maximum
frequency).
■
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2.1.1.4.2
Results of the double materiality assessment
Table 2: List of issues identified as material following the double materiality assessment
E1 – Climate change
Climate change mitigation
Material issue
Climate change adaptation
Material issue
Energy
Material issue
E2 – Pollution
Pollution of air
Material issue
Pollution of water
Material issue
Pollution of soil
Material issue
Pollution of living organisms and food resources
Material issue
Substances of concern and substances of very high concern
Material issue
Microplastics
Material issue
E3 – Water and marine resources
Water consumption
Material issue
Consumption of marine resources
Material issue
E4 – Biodiversity and ecosystems
Biodiversity loss and dependencies on ecosystems
Material issue
Deforestation and land‑use change
Material issue
Impacts on the state of species
Non‑material issue
E5 – Resource use and circular
economy
Eco‑design and resource circularity
Material issue
Waste and waste management
Material issue
S1 – Own workforce & S2 – Workers in
the value chain
Inadequate working conditions
Material issue
Adequate wages
Material issue
Internal social climate
Material issue
Occupational health and safety
Material issue
Equal treatment and opportunities for all
Material issue
Training and skills development
Material issue
Attracting employees
Non‑material issue
Child labour
Material issue
Forced labour
Material issue
Illegal work
Material issue
S3 – Afffected communities
Economic, social and cultural rights
Non‑material issue
Civil and political rights
Non‑material issue
Specific rights of indigenous peoples
Material issue
S4 – Consumers and end‑users
Consumer information
Material issue
Product quality, compliance and consumer safety
Material issue
Physical and moral integrity of customers
Material issue
Accessibility and social inclusion
Material issue
Access to quality food that is both nutritional and affordable
Material issue
G1 – Business conduct
Corporate culture and business conduct policies
Non‑material issue
Protection of whistleblowers
Non‑material issue
Animal welfare
Material issue
Political advocacy and lobbying activities
Material issue
Selection and management of relations with suppliers/franchisees Material issue
Corruption
Material issue
Privacy and personal data protection
Material issue
Fair business practices
Non‑material issue
1
4
7
2
5
8
3
6
9
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Disclosure requirements covered by the Sustainability Statement [IRO‑2]
Table 3: Disclosure requirements to which Carrefour is subject
Section of the report
ESRS 2
BP‑1: General basis for preparation of
sustainability statements
2.1.1.1 General information
2.1.1.1.2 General elements of the CSR approach
BP‑2: Disclosures in relation to specific
circumstances
2.1.1.1 General information
2.1.1.1.1 Corporate governance
2.1.1.1.2 General elements of the CSR approach
GOV‑1: The role of administrative,
management and supervisory bodies
2.1.1.1 General information
2.1.1.1.1 Corporate governance
GOV‑2: Information provided to and
sustainability matters addressed by the
undertaking’s administrative, management
and supervisory bodies
2.1.1.1 General information
2.1.1.1.1 Corporate governance
GOV‑3: Integration of sustainability‑related
performance in incentive schemes
Chapter 1: Group overview
1.8.3 Non‑financial performance
Chapter 2
2.1.1.1.1 Corporate governance
GOV‑4: Statement on due diligence
2.1.1.1 General information
2.1.1.3 Due diligence process
GOV‑5: Risk management and internal
controls over sustainability reporting
2.1.1.1 General information
2.1.1.1.1 Corporate governance
Chapter 4: Risk management and internal control
4.1 Risk management
4.2 Internal control system
SBM‑1: Strategy, business model and value
chain
Chapter 1: Group overview
1.1 Group profile – Executive summary
1.3 Strategy & progress – the Carrefour 2026 plan
1.4 Business model – stakeholders and activities
SBM‑2: Interests and views of stakeholders
Chapter 1
1.1.4 History of the Group
1.8.3 Summary of 2024 non‑financial performance
2.1.1.1 General information
2.1.1.1.2 General elements of the CSR approach
2.1.1.2 Specific tools developed by the Group to work collaboratively with its
stakeholders
SBM‑3: Material impacts, risks and
opportunities and their interaction with
strategy and business model
2.1.1.4 Analysis of impacts, risks and opportunities
2.1.1.4.2 Results of the double materiality assessment
IRO‑1: Description of the processes to
identify and assess material impacts, risks
and opportunities
2.1.1.4 Analysis of impacts, risks and opportunities
2.1.1.4.1 Processes to identify and assess impacts, risks and opportunities
IRO‑2: Disclosure Requirements in ESRS
covered by the undertaking’s sustainability
statement
2.1.1.4 Analysis of impacts, risks and opportunities
2.1.1.4.2 Results of the double materiality assessment
E1 – Climate change
E1‑1 – Transition plan for climate change
mitigation
2.1.2.1.2. Reduce greenhouse gas emissions of integrated stores (Scopes 1 & 2)
2.1.2.1.2.1 Policies and targets
2.1.2.1.3. Reducing Scope 3 greenhouse gas emissions
2.1.2.1.3.1 Policies and targets
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Section of the report
E1‑2 – Policies related to climate change
mitigation and adaptation
2.1.2.1.2. Reduce greenhouse gas emissions of integrated stores (Scopes 1 & 2)
2.1.2.1.2.1 Policies and targets
2.1.2.1.3. Reducing Scope 3 greenhouse gas emissions
2.1.2.1.3.1 Policies and targets
2.1.2.1.4. Adapting sites to climate change
2.1.2.1.4.1 Policies and targets
2.1.2.1.5. Adapting products and supply chains to climate change
2.1.2.1.5.1 Policies and targets
E1‑3 – Actions and resources in relation to
climate change policies
2.1.2.1.2. Reduce greenhouse gas emissions of integrated stores (Scopes 1 & 2)
2.1.2.1.2.3 Action plans
2.1.2.1.3. Reducing Scope 3 greenhouse gas emissions
2.1.2.1.3.3 Action plans
2.1.2.1.4. Adapting sites to climate change
2.1.2.1.4.3 Action plans
2.1.2.1.5. Adapting products and supply chains to climate change
2.1.2.1.5.3 Action plans
E1‑4 – Targets related to climate change
mitigation and adaptation
2.1.2.1.2. Reduce greenhouse gas emissions of integrated stores (Scopes 1 & 2)
2.1.2.1.2.1 Policies and targets
2.1.2.1.3. Reducing Scope 3 greenhouse gas emissions
2.1.2.1.3.1 Policies and targets
2.1.2.1.4. Adapting sites to climate change
2.1.2.1.4.1 Policies and targets
2.1.2.1.5. Adapting products and supply chains to climate change
2.1.2.1.5.1 Policies and targets
E1‑5 – Energy consumption and mix
2.1.2.1.2. Reduce greenhouse gas emissions of integrated stores (Scopes 1 & 2)
2.1.2.1.2.2 Metrics and performance
E1‑6 – Gross Scopes 1, 2, 3 and Total GHG
emissions
2.1.2.1.3. Reducing Scope 3 greenhouse gas emissions
2.1.2.1.3.2 Metrics and performance
E1‑7 – GHG removals and GHG mitigation
projects financed through carbon credits
N/A
E1‑8 – Internal carbon pricing
N/A
E1‑9 – Anticipated financial effects from
material physical and transition risks and
potential climate‑related opportunities
Phase‑in
E2 – Pollution
E2‑1 – Policies related to pollution
2.2.2.2.2 Reducing pollution associated with products sold
2.2.2.2.2.1 Policies and targets
2.2.2.2.3 Reducing pollution associated with fuel sales
2.2.2.2.3.1 Policies and targets
E2‑2 – Actions and resources related to
pollution
2.2.2.2.2 Reducing pollution associated with products sold
2.2.2.2.2.3 Action plans
2.2.2.2.3 Reducing pollution associated with fuel sales
2.2.2.2.3.3 Action plans
E2‑3 – Targets related to pollution
2.2.2.2.2 Reducing pollution associated with products sold
2.2.2.2.2.1 Policies and targets
2.2.2.2.3 Reducing pollution associated with fuel sales
2.2.2.2.3.1 Policies and targets
E2‑4 – Pollution of air, water and soil
2.2.2.2.2 Reducing pollution associated with products sold
2.2.2.2.2.2 Metrics and performance
2.2.2.2.3 Reducing pollution associated with fuel sales
2.2.2.2.3.2 Metrics and performance
1
4
7
2
5
8
3
6
9
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Section of the report
E2‑5 – Substances of concern and
substances of very high concern
2.2.2.2.2 Reducing pollution associated with products sold
2.2.2.2.2.2 Metrics and performance
E2‑6 – Anticipated financial effects from
material pollution‑related risks and
opportunities
Phase‑in
E3 – Water and marine resources
E3‑1 – Policies related to water and marine
resources
2.1.2.3.2 Limiting water consumption associated with products sold
2.1.2.3.2.1 Policies and targets
2.1.2.3.3 Promoting sustainable fishing and aquaculture
2.1.2.3.3.1 Policies and targets
E3‑2 – Actions and resources related to
water and marine resources
2.1.2.3.2 Limiting water consumption associated with products sold
2.1.2.3.2.3 Action plans
2.1.2.3.3 Promoting sustainable fishing and aquaculture
2.1.2.3.3.3 Action plans
E3‑3 – Targets related to water and marine
resources
2.1.2.3.2 Limiting water consumption associated with products sold
2.1.2.3.2.1 Policies and targets
2.1.2.3.3 Promoting sustainable fishing and aquaculture
2.1.2.3.3.1 Policies and targets
E4‑4 – Water consumption
2.1.2.3.2 Limiting water consumption associated with products sold
2.1.2.3.2.2 Metrics and performance
E4‑5 – Anticipated financial effects from
material biodiversity and ecosystem‑related
risks and opportunities
Phase‑in
E4 – Biodiversity and ecosystems
E4‑SBM3
E4‑IRO1
E4‑1 – Transition plan and consideration of
biodiversity and ecosystems in strategy and
business model
2.1.2.4.1 Issues relevant to the Carrefour group
2.1.2.4.1.2 Impacts, risks and opportunities
E4‑2 – Policies related to biodiversity and
ecosystems
2.1.2.4.2 Reducing the impact of operations on biodiversity
2.1.2.4.2.1 Policies and targets
2.1.2.4.3 Reducing the impact of the value chain on biodiversity
2.1.2.4.3.1 Policies and targets
E4‑3 – Actions and resources related to
biodiversity and ecosystems
2.1.2.4.2 Reducing the impact of operations on biodiversity
2.1.2.4.2.3 Action plans
2.1.2.4.3 Reducing the impact of the value chain on biodiversity
2.1.2.4.3.3 Action plans
E4‑4 – Targets related to biodiversity and
ecosystems
2.1.2.4.2 Reducing the impact of operations on biodiversity
2.1.2.4.2.1 Policies and targets
2.1.2.4.3 Reducing the impact of the value chain on biodiversity
2.1.2.4.3.1 Policies and targets
E4‑5 – Impact metrics related to
biodiversity and ecosystems change
2.1.2.4.2 Reducing the impact of operations on biodiversity
2.1.2.4.2.2 Metrics and performance
2.1.2.4.3 Reducing the impact of the value chain on biodiversity
2.1.2.4.3.2 Metrics and performance
E4‑6 – Anticipated financial effects from
material biodiversity and ecosystem‑related
risks and opportunities
Phase‑in
E5 – Circular economy
E5‑1 – Policies related to resource use and
circular economy
2.1.2.5.2 Developing the circular economy as part of our product and service offering
2.1.2.5.2.1 Policies and targets
2.1.2.5.3 Developing the circular economy as part of operations
2.1.2.5.3.1 Policies and targets
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Section of the report
E5‑2 – Actions and resources related to
resource use and circular economy
2.1.2.5.2 Developing the circular economy as part of our product and service offering
2.1.2.5.2.3 Action plans
2.1.2.5.3 Developing the circular economy as part of operations
2.1.2.5.3.3 Action plans
E5‑3 – Targets related to resource use and
circular economy
2.1.2.5.2 Developing the circular economy as part of our product and service offering
2.1.2.5.2.1 Policies and targets
2.1.2.5.3 Developing the circular economy as part of operations
2.1.2.5.3.1 Policies and targets
E5‑4 – Resource inflows
2.1.2.5.2 Developing the circular economy as part of our product and service offering
2.1.2.5.2.2 Metrics and performance
E5‑6 – Resource outflows
2.1.2.5.2 Developing the circular economy as part of our product and service offering
2.1.2.5.2.2 Metrics and performance
2.1.2.5.3 Developing the circular economy as part of operations
2.1.2.5.3.2 Metrics and performance
E5‑7 – Anticipated financial effects from
material resource use and circular
economy‑related risks and opportunities
Phase‑in
S1 – Own workforce
S1‑1 – Policies related to own workforce
2.1.3.1.2 Ensure appropriate working conditions and high‑quality social dialogue
2.1.3.1.2.1 Policies and targets
2.1.3.1.3 Ensure equal opportunities and diversity
2.1.3.1.3.1 Policies and targets
2.1.3.1.4 Ensure adequate wages for employees
2.1.3.1.4.1 Policies and targets
2.1.3.1.5 Ensure the occupational health and safety of workers
2.1.3.1.5.1 Policies and targets
2.1.3.1.6 Train employees and develop their skills
2.1.3.1.6.1 Policies and targets
2.1.3.1.7 Ensure respect for human rights and labour rights
2.1.3.1.7.1 Policies and targets
S1‑2 – Processes for engaging with own
workforce and workers’ representatives
about impacts
2.1.3.1.1 Issues relevant to the Carrefour group
2.1.3.1.1.3 Stakeholders, standards and regulations
S1‑3 – Processes to remediate negative
impacts and channels for own workforce to
raise concerns
2.1.3.1.2 Ensure appropriate working conditions and high‑quality social dialogue
2.1.3.1.2.1 Policies and targets
S1‑4 – Taking action on material impacts on
own workforce, and approaches to
managing material risks and pursuing
material opportunities related to own
workforce, and effectiveness of those
actions
2.1.3.1.7 Ensure respect for human rights and labour rights
2.1.3.1.7.2 Metrics and performance
S1‑5 – Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks and
opportunities
2.1.3.1.2 Ensure appropriate working conditions and high‑quality social dialogue
2.1.3.1.2.1 Policies and targets
2.1.3.1.3 Ensure equal opportunities and diversity
2.1.3.1.3.1 Policies and targets
2.1.3.1.4 Ensure adequate wages for employees
2.1.3.1.4.1 Policies and targets
2.1.3.1.5 Ensure the occupational health and safety of workers
2.1.3.1.5.1 Policies and targets
2.1.3.1.6 Train employees and develop their skills
2.1.3.1.6.1 Policies and targets
2.1.3.1.7 Ensure respect for human rights and labour rights
2.1.3.1.7.1 Policies and targets
1
4
7
2
5
8
3
6
9
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Section of the report
S1‑6 – Characteristics of the undertaking’s
employees
2.1.3.1.1 Issues relevant to the Carrefour group
2.1.3.1.1.1 Context and imperatives
S1‑7 – Characteristics of non‑employees in
the undertaking’s own workforce
N/A
S1‑8 – Collective bargaining coverage and
social dialogue
2.1.3.1.2 Ensure appropriate working conditions and high‑quality social dialogue
S1‑9 – Diversity metrics
2.1.3.1.3 Ensure equal opportunities and diversity
2.1.3.1.3.2 Metrics and performance
S1‑10 – Adequate wages
2.1.3.1.4 Ensure adequate wages for employees
S1‑11 – Social protection
2.1.3.1.2 Ensure appropriate working conditions and high‑quality social dialogue
2.1.3.1.2.2 Action plans and resources
S1‑12– Persons with disabilities
2.1.3.1.3 Ensure equal opportunities and diversity
S1‑13 – Training and skills development
metrics
2.1.3.1.6 Train employees and develop their skills
2.1.3.1.6.2 Metrics and performance
S1‑14 – Health and safety metrics
2.1.3.1.5 Ensure the occupational health and safety of workers
2.1.3.1.5.2 Metrics and performance
S1‑15 – Work‑life balance metrics
2.1.3.1.2 Ensure appropriate working conditions and high‑quality social dialogue
2.1.3.1.2.1 Policies and targets
S1‑16 – Remuneration metrics (pay gap and
total remuneration)
2.1.3.1.4 Ensure adequate wages for employees
S1‑17 – Incidents, complaints and severe
human rights impacts
2.1.3.1.7 Ensure respect for human rights and labour rights
2.1.3.1.7.3 Action plans and resources
S2 – Workers in the value chain
S2‑1 – Policies related to value chain
workers
2.1.3.2.2 Guaranteeing adequate working conditions and respect for human rights in
supply chains
2.1.3.2.2.1 Policies and targets
2.1.3.2.3 Guaranteeing adequate working conditions and respect for human rights at
franchisees
2.1.3.2.3.1 Policies and targets
S2‑2 – Processes for engaging with value
chain workers about impacts
2.1.3.2.1 Issues relevant to the Carrefour group
2.1.3.2.1.3 Stakeholders, standards and regulations
S2‑3 – Processes to remediate negative
impacts and channels for value chain
workers to raise concerns
2.1.3.2.2 Guaranteeing adequate working conditions and respect for human rights in
supply chains
2.1.3.2.2.3 Action plans
2.1.3.2.3 Guaranteeing adequate working conditions and respect for human rights at
franchisees
2.1.3.2.3.3 Action plans
S2‑4 – Taking action on material impacts
on value chain workers, and approaches to
managing material risks and pursuing
material opportunities related to value
chain workers, and effectiveness of those
actions
2.1.3.2.2 Guaranteeing adequate working conditions and respect for human rights in
supply chains
2.1.3.2.2.2 Metrics and performance
2.1.3.2.2.3 Action plans
2.1.3.2.3 Guaranteeing adequate working conditions and respect for human rights at
franchisees
2.1.3.2.3.2 Metrics and performance
2.1.3.2.3.3 Action plans
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S2‑5 – Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks and
opportunities
2.1.3.2.2 Guaranteeing adequate working conditions and respect for human rights in
supply chains
2.1.3.2.2.1 Policies and targets
2.1.3.2.3 Guaranteeing adequate working conditions and respect for human rights at
franchisees
2.1.3.2.3.1 Policies and targets
S3 – Afffected communities
S3‑1 – Policies related to affected
communities
2.1.3.3.2 Ensuring that the rights of indigenous peoples are respected throughout the
value chain
2.1.3.3.2.1 Policies and targets
2.1.3.3.3 Ensuring that indigenous peoples are respected during oil extraction
2.1.3.3.3.1 Policies and targets
S3‑2 – Processes for engaging with
affected communities about impacts
2.1.3.3.1 Issues relevant to the Carrefour group
2.1.3.3.1.3 Stakeholders
S3‑3 – Processes to remediate negative
impacts and channels for affected
communities to raise concerns
2.1.3.3.2 Ensuring that the rights of indigenous peoples are respected throughout the
value chain
2.1.3.3.2.3 Action plans
S3‑4 – Taking action on material impacts
on affected communities, and approaches
to managing material risks and pursuing
material opportunities related to affected
communities, and effectiveness of those
actions
2.1.3.3.2 Ensuring that the rights of indigenous peoples are respected throughout the
value chain
2.1.3.3.2.2 Metrics and performance
2.1.3.3.2.3 Action plans
S3‑5 – Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks and
opportunities
2.1.3.3.2 Ensuring that the rights of indigenous peoples are respected throughout the
value chain
2.1.3.3.2.1 Policies and targets
S4 – Consumers and end‑users
S4‑1 – Policies related to consumers and
end‑users
2.1.3.4.2 Ensuring that stores and services are inclusive and accessible to persons with
disabilities
2.1.3.4.2.1 Policies and targets
2.1.3.4.3 Safeguarding the health, safety and interests of consumers
2.1.3.4.3.1 Policies and targets
2.1.3.4.4 Communicating and guiding consumer choices responsibly
2.1.3.4.4.1 Policies and targets
2.1.3.4.5 Supporting customers with a range of financial and insurance products tailored
to their needs
2.1.3.4.5.1 Policies and targets
S4‑2 – Processes for engaging with
consumers and end‑users about impacts
2.1.3.4.1 Issues relevant to the Carrefour group
2.1.3.4.1.3 Stakeholders
S4‑3 – Processes to remediate negative
impacts and channels for consumers and
end‑users to raise concerns
2.1.3.4.2 Ensuring that stores and services are inclusive and accessible to persons with
disabilities
2.1.3.4.2.3 Action plans
2.1.3.4.3 Safeguarding the health, safety and interests of consumers
2.1.3.4.3.3 Action plans
2.1.3.4.4 Communicating and guiding consumer choices responsibly
2.1.3.4.4.3 Action plans
2.1.3.4.5 Supporting customers with a range of financial and insurance products tailored
to their needs
2.1.3.4.5.3 Action plans
1
4
7
2
5
8
3
6
9
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S4‑4 – Taking action on material impacts
on consumers and end‑users, and
approaches to managing material risks and
pursuing material opportunities related to
consumers and end‑users, and
effectiveness of those actions
2.1.3.4.2 Ensuring that stores and services are inclusive and accessible to persons with
disabilities
2.1.3.4.2.2 Metrics and performance
2.1.3.4.3 Safeguarding the health, safety and interests of consumers
2.1.3.4.3.2 Metrics and performance
2.1.3.4.4 Communicating and guiding consumer choices responsibly
2.1.3.4.4.2 Metrics and performance
S4‑5 – Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks and
opportunities
2.1.3.4.2 Ensuring that stores and services are inclusive and accessible to persons with
disabilities
2.1.3.4.2.1 Policies and targets
2.1.3.4.3 Safeguarding the health, safety and interests of consumers
2.1.3.4.3.1 Policies and targets
2.1.3.4.4 Communicating and guiding consumer choices responsibly
2.1.3.4.4.1 Policies and targets
2.1.3.4.5 Supporting customers with a range of financial and insurance products tailored
to their needs
2.1.3.4.5.1 Policies and targets
G1 – Business conduct
G1‑1– Business conduct policies and
corporate culture
2.1.4.1.2 Developing a responsible purchasing strategy across the value chain
2.1.4.1.2.1 Policies and targets
2.1.4.1.3 Guaranteeing animal welfare
2.1.4.1.3.1 Policies and targets
2.1.4.1.4 Ensuring business ethics
2.1.4.1.4.1 Policies and targets
2.1.4.1.5 Responsible lobbying
2.1.4.1.5.1 Policies and targets
2.1.4.1.6 Respecting privacy and protecting personal data
2.1.4.1.6.4 Action plans
G1‑2 – Management of relationships with
suppliers
2.1.4.2.1 Developing a responsible purchasing strategy across the value chain
G1‑3 – Prevention and detection of
corruption and bribery
2.1.4.1.4 Ensuring business ethics
G1‑4 – Incidents of corruption or bribery
2.1.4.1.4 Ensuring business ethics
G1‑5 – Political influence and lobbying
activities
2.1.4.1.5 Responsible lobbying
G1‑6 – Payment practices
2.1.4.1.2 Developing a responsible purchasing strategy across the value chain
2
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Table 4: Datapoints deriving from other EU legislation and provided by the company
Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS 2 GOV‑1 21 (d) Board’s
gender diversity
Indicator
number 13
Table #1 of
Annex I
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
2.1.1.1.1
Corporate
governance
ESRS 2 GOV‑1 21 (e) Percentage
of board members who are
independent
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
2.1.1.1.1
Corporate
governance
ESRS 2 GOV‑4 30 Statement on
due diligence
Indicator
number 10
Table #3 of
Annex I
-
-
2.1.1.3 Due
diligence
process
ESRS 2 SBM‑1 40 (d) i
Involvement in activities related
to fossil fuel activities
Indicator
number 4
Table #1 of
Annex I
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 (6), Table 1:
Qualitative information on
Environmental risk and Table 2:
Qualitative information on
Social risk
Commission Implementing
Regulation (EU) 2022/2453 (6),
Table 1: Qualitative information
on Environmental risk and Table
2: Qualitative information on
Social risk
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
2.1.1.1.2
General
elements of
the CSR
approach
ESRS 2 SBM‑1 40 (d) ii
Involvement in activities related
to chemical production
Indicator
number 9
Table #2 of
Annex I
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
N/A
ESRS 2 SBM‑1 40 (d) iii
Involvement in activities related
to controversial weapons
Indicator
number 14
Table #1 of
Annex I
-
Delegated
Regulation (EU)
2020/1818 (7),
Article 12(1),
Delegated
Regulation (EU)
2020/1816,
Annex II
N/A
ESRS 2 SBM‑1 40 (d) iv
Involvement in activities related
to the cultivation and
production of tobacco
-
Delegated
Regulation (EU)
2020/1818,
Article 12(1),
Delegated
Regulation (EU)
2020/1816,
Annex II
N/A
1
4
7
2
5
8
3
6
9
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81
Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS E1‑1 14 Transition plan to
achieve climate neutrality by
2050
-
Regulation (EU)
2021/1119,
Article 2(1)
2.1.2.1.2
Reducing
greenhouse
gas emissions
ESRS E1‑1 16 (g) Companies
excluded from Paris‑aligned
Benchmarks
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 Template 1: Banking
book – Climate change
transition risk: Credit quality of
exposures by sector, emissions
and residual maturity
Delegated
Regulation (EU)
2020/1818,
Article 12(1) (d)
to (g), and
Article 12(2)
-
2.1.2.1.2.2
Transition plan
for climate
change
mitigation
[E1‑1]
ESRS E1‑4 34 Group GHG
emission reduction targets
Indicator
number 4
Table #2 of
Annex I
Article 449a; Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 Template 3: Banking
book – Climate change
transition risk: alignment
metrics
Delegated
Regulation (EU)
2020/1818,
Article 6
-
2.1.2.1.2.2
Transition plan
for climate
change
mitigation
ESRS E1‑5 38 Energy
consumption from fossil
sources disaggregated by
sources (only high climate
impact sectors)
Indicator
number 5 Table
#1 and
Indicator
number 5 Table
#2 of Annex I
-
-
-
2.1.2.1.2.3
Metrics and
performance
ESRS E1‑5 37 Energy
consumption and mix
Indicator
number 5 Table
#1 of Annex I
-
-
-
2.1.2.1.2.3
Metrics and
performance
ESRS E1‑5 40‑43 Energy
intensity associated with
activities in high climate impact
sectors
Indicator
number 6
Table #1 of
Annex I
-
-
-
2.1.2.1.2.3
Metrics and
performance
ESRS E1‑6 44 Gross Scope 1, 2,
3 and Total GHG emissions
Indicators
number 1 and
2 Table #1 of
Annex I
Article 449a, Commission
Implementing Regulation (EU)
2022/2453 Template 1: Banking
book – Climate change
transition risk: Credit quality of
exposures by sector, emissions
and residual maturity
Delegated
Regulation (EU)
2020/1818,
Articles 5(1), 6
and 8(1)
-
2.1.2.1.2.3
Metrics and
performance
ESRS E1‑6 53‑55 Gross GHG
emissions intensity
Indicator
number 3 Table
#1 of Annex I
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 Template 3: Banking
book – Climate change
transition risk: alignment
metrics
Delegated
Regulation (EU)
2020/1818,
Article 8(1)
-
2.1.2.1.2.3
Metrics and
performance
ESRS E1‑7 56 GHG removals and
carbon credits
-
-
Regulation (EU)
2021/1119,
Article 2(1)
2.1.2.1.2.3
Metrics and
performance
2
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82
Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS E1‑9 66 Exposure of the
benchmark portfolio to
climate‑related physical risks
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
-
N/A
ESRS E1‑9 66 (a) Disaggregation
of monetary amounts by acute
and chronic physical risk
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 paragraphs 46 and
47; Template 5: Banking book –
Climate change physical risk:
Exposures subject to physical
risk
-
-
N/A
ESRS E1‑9 66 (c) Location of
significant assets at material
physical risk
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 paragraphs 46 and
47; Template 5: Banking book –
Climate change physical risk:
Exposures subject to physical
risk
-
-
N/A
ESRS E1‑9 67 (c) Breakdown of
the carrying value of the
undertaking’s real estate assets
by energy‑efficiency classes
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453 paragraph 34;
Template 2: Banking book –
Climate change transition risk:
Loans collateralised by
immovable property – Energy
efficiency of the collateral
--
-
N/A
ESRS E1‑9 69 Degree of
exposure of the portfolio to
climate‑related opportunities
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
N/A
ESRS E2‑4 28 Amount of each
pollutant listed in Annex II of the
E‑PRTR Regulation (European
Pollutant Release and Transfer
Register) emitted to air, water
and soil
Indicator
number 8
Table #1 of
Annex I;
Indicator
number 2 Table
#2 of Annex I;
Indicator
number 1 Table
#2 of Annex I;
Indicator
number 3 Table
#2 of Annex I
-
-
-
2.1.2.2.3.2
Metrics and
performance
ESRS E3‑1 9 Water and marine
resources
Indicator
number 7 Table
#2 of Annex I
-
-
-
2.1.2.3 Water
resources and
ecosystems
ESRS E3‑1 13 Dedicated policy
Indicator
number 8
Table #2 of
Annex I
-
-
-
2.1.2.3.2.1
Policies and
targets
1
4
7
2
5
8
3
6
9
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83
Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS E3‑1 14 Sustainable
oceans/seas practices or
policies
Indicator
number 12
Table #2 of
Annex I
-
-
-
2.1.2.3.2.3
Actions and
resources
related to
water
resources
2.1.2.3.3.3
Actions and
resources
related to
marine
resources
ESRS E3‑4 28 (c) Total water
recycled and reused
Indicator
number 6.2
Table #2 of
Annex I
-
-
-
2.1.2.4.2.2
Metrics and
performance
ESRS E3‑4 29 Total water
consumption in cu.m. per net
revenue on own operations
Indicator
number 6.1
Table #2 of
Annex I
-
-
-
2.1.2.4.2.2
Metrics and
performance
ESRS 2 SBM‑3 – E4 16 (a)
Indicator
number 7 Table
#1 of Annex I
-
-
-
2.1.2.4.1.2
Impacts, risks
and
opportunities
ESRS 2 SBM‑3 – E4 16 (b)
Indicator
number 10
Table #2 of
Annex I
-
-
-
2.1.2.4.1.2
Impacts, risks
and
opportunities
ESRS 2 SBM‑3 – E4 16 (c)
Indicator
number 14
Table #2 of
Annex I
-
-
-
2.1.2.4.1.2
Impacts, risks
and
opportunities
ESRS E4‑2 24 (b) Sustainable
land/agriculture practices or
policies
Indicator
number 11
Table #2 of
Annex I
-
-
-
2.1.2.2.2.1
Policies and
targets
ESRS E4‑2 24 (c) Sustainable
oceans/seas practices or
policies
Indicator
number 12
Table #2 of
Annex I
-
-
-
2.1.2.3.2.3
Actions and
resources
related to
water
resources
2.1.2.3.3.3
Actions and
resources
related to
marine
resources
ESRS E4‑2 24 (d) Policies to
address deforestation
Indicator
number 15
Table #2 of
Annex I
-
-
-
2.1.2.4.3.1
Policies and
targets
ESRS E5‑5 37 (d) Non‑recycled
waste
Indicator
number 13
Table #2 of
Annex I
-
-
-
2.1.2.5.3.2
Metrics and
performance
2
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Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS E5‑5 39 Hazardous waste
and radioactive waste
Indicator
number 9
Table #1 of
Annex I
-
-
-
2.1.2.5.3.2
Metrics and
performance
ESRS 2 SBM‑3 – S1 14 (f) Risk of
incidents of forced labour
Indicator
number 13
Table #3 of
Annex I
-
-
-
Non‑material
ESRS 2 SBM‑3 – S1 14 (g) Risk of
incidents of child labour
Indicator
number 12
Table #3 of
Annex I
-
-
-
Non‑material
ESRS S1‑1 20 Human rights
policy commitments
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1 of
Annex I
-
-
-
2.1.3.1.7 Ensure
respect for
human rights
and labour
rights
ESRS S1‑1 21 Due diligence
policies on issues addressed by
the fundamental International
Labour Organization
Conventions 1 to 8
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
-
2.1.3.1.7 Ensure
respect for
human rights
and labour
rights
ESRS S1‑1 22 Processes and
measures for preventing
trafficking in human beings
Indicator
number 11
Table #3 of
Annex I
-
-
-
2.1.3.1.7 Ensure
respect for
human rights
and labour
rights
ESRS S1‑1 23 Workplace
accident prevention policy or
management system
Indicator
number 1 Table
#3 of Annex I
-
-
-
2.1.3.1.5.1
Policies and
targets
ESRS S1‑3 32 (c) Grievance/
complaints handling
mechanisms
Indicator
number 5 Table
#3 of Annex I
-
-
-
2.1.3.1.7 Ensure
respect for
human rights
and labour
rights
ESRS S1‑14 88 (b) and (c)
Number of fatalities and number
and rate of work‑related
accidents
Indicator
number 2 Table
#3 of Annex I
-
Commission
Delegated
Regulation (EU)
2020/1816,
Annex II
2.1.3.1.5.2
Metrics and
performance
ESRS S1‑14 88 (e) Number of
days lost to injuries, accidents,
fatalities or illness
Indicator
number 3 Table
#3 of Annex I
-
-
-
2.1.3.1.5.2
Metrics and
performance
ESRS S1‑16 97 (a) Unadjusted
gender pay gap
Indicator
number 12
Table #1 of
Annex I
-
Commission
Delegated
Regulation (EU)
2020/1816
-
2.1.3.1.4.2
Metrics and
performance
ESRS S1‑16 97 (b) Excessive CEO
pay ratio
Indicator
number 8
Table #3 of
Annex I
-
-
-
2.1.3.1.4.2
Metrics and
performance
1
4
7
2
5
8
3
6
9
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Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS S1‑17 103 (a) Incidents of
discrimination
Indicator
number 7 Table
#3 of Annex I
-
-
-
2.1.3.1.7.2
Metrics and
performance
ESRS S1‑17 104 (a) Non‑respect
of UNGPs on Business and
Human Rights and OECD
guidelines
Indicator
number 10
Table #1 and
Indicator
number 14
Table #3 of
Annex I
-
Delegated
Regulation (EU)
2020/1816,
Annex II,
Delegated
Regulation (EU)
2020/1818
Article 12 (1)
-
2.1.3.1.7.2
Metrics and
performance
ESRS 2 SBM‑3 – S2 11 (b)
Significant risk of child labour or
forced labour in the value chain
Indicators
number 12 and
number 13
Table #3 of
Annex I
-
-
-
2.1.3.2.2.3
Action plans
2.1.3.2.3.3
Action plans
ESRS S2‑1 17 Human rights
policy commitments
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1 of
Annex I
-
-
-
2.1.3.2.2.3
Action plans
2.1.3.2.3.3
Action plans
ESRS S2‑1 18 Policies related to
value chain workers
Indicators
number 11 and
number 4
Table #3 of
Annex I
-
-
-
2.1.3.2.2.1
Policies and
targets
2.1.3.2.3.1
Policies and
targets
ESRS S2‑1 19 Non‑respect of
UNGPs on Business and Human
Rights and OECD guidelines
Indicator
number 10
Table #1 of
Annex I
-
Delegated
Regulation (EU)
2020/1816,
Annex II,
Delegated
Regulation (EU)
2020/1818
Article 12 (1)
-
2.1.3.2.2.2
Metrics and
performance
ESRS S2‑1 19 Due diligence
policies on issues addressed by
the fundamental International
Labour Organization
Conventions 1 to 8
-
-
Commission
Delegated
Regulation (EU)
2020/1816
2.1.1.3 Due
diligence
process
ESRS S2‑4 36 Human rights
issues and incidents connected
to its upstream and downstream
value chain
Indicator
number 14
Table #3 of
Annex I
-
-
-
2.1.3.2.2.2
Metrics and
performance
ESRS S3‑1 16 Human rights
policy commitments
Indicator
number 9
Table #3 of
Annex I and
Indicator
number 11
Table #1 of
Annex I
-
-
-
2.1.3.2.2.3
Action plans
2.1.3.2.3.3
Action plans
2
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86
Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS S3‑1 17 Non‑respect of
UNGPs on Business and Human
Rights, ILO principles and/or
OECD guidelines
Indicator
number 10
Table #1 of
Annex I
-
Delegated
Regulation (EU)
2020/1816,
Annex II,
Delegated
Regulation (EU)
2020/1818
Article 12 (1)
-
2.1.3.2.2.2
Metrics and
performance
ESRS S3‑4 36 Human rights
issues and incidents
Indicator
number 14
Table #3 of
Annex I
-
-
-
2.1.3.2.2.2
Metrics and
performance
ESRS S4‑1 16 Policies related to
consumers and end‑users
Indicator
number 9
Table #3 and
Indicator
number 11
Table #1 of
Annex I
-
-
-
2.1.3.4.2
Ensuring that
stores and
services are
inclusive and
accessible to
persons with
disabilities
2.1.3.4.3
Safeguarding
the health,
safety and
interests of
consumers
2.1.3.4.4
Communicating
and guiding
consumer
choices
responsibly
2.1.3.4.5
Supporting
customers with
a range of
financial and
insurance
products
tailored to their
needs
ESRS S4‑1 17 Non‑respect of
UNGPs on Business and Human
Rights and OECD guidelines
Indicator
number 10
Table #1 of
Annex I
-
Delegated
Regulation (EU)
2020/1816,
Annex II,
Delegated
Regulation (EU)
2020/1818
Article 12 (1)
-
N/A
1
4
7
2
5
8
3
6
9
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Datapoints deriving from other
EU legislation
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU climate law
reference
Section
ESRS S4‑4 35 Human rights
issues and incidents
Indicator
number 14
Table #3 of
Annex I
-
-
-
N/A
ESRS G1‑1 10 (b) United Nations
Convention against Corruption
Indicator
number 15
Table #3 of
Annex I
-
-
-
N/A
ESRS G1‑1 10 (d) Protection of
whistleblowers
Indicator
number 6
Table #3 of
Annex I
-
-
-
Non‑material
ESRS G1‑4 24 (a) Fines for
violation of anti‑corruption and
anti‑bribery laws
Indicator
number 17
Table #3 of
Annex I
-
Commission
Delegated
Regulation (EU)
2020/1816
-
2.1.4.1.4.2
Metrics and
performance
ESRS G1‑4 24 (b) Standards of
anti‑corruption and anti‑bribery
Indicator
number 16
Table #3 of
Annex I
-
-
-
2.1.4.1.4
Ensuring
business ethics
Table 5: List of acronyms used
Corporate Sustainability Reporting Directive
CSRD
Carrefour Quality Lines
CQL
Hypermarket
HM
Supermarket
SM
Convenience store
CO
Cash & carry
CC
Argentina
AR
Belgium
BE
Brazil Atacadão
BR AT
Brazil BIG
BR BIG
Brazil Carrefour
BR C
Brazil Sams
BR SAMS
Spain
ES
Italy
IT
Poland
PL
Romania
RO
Warehouses
WH
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2.1.2
ENVIRONMENTAL INFORMATION
2.1.2.1
2.1.2.1.1
2.1.2.1.1.1
2.1.2.1.1.2
Climate change (ESRS E1)
Issues relevant to the Carrefour group
Context and imperatives
The report issued by the IPCC
in 2021 warns of the irreversible
consequences of climate change. However, solutions exist to
combat climate change and contain global warming, such as
developing renewable energy and rethinking energy models.
In 2015, the Paris Climate Agreement that was adopted at the
COP21 set targets to hold “the increase in the global average
temperature to well below 2°C above pre‑industrial levels”, and
pursue efforts “to limit the temperature increase to 1.5°C above
pre‑industrial levels”. The fight against climate change is the
biggest challenge of the 21st century, with consumption and
food playing a crucial role. Carrefour has chosen to take part in
this combat by pledging to reduce its greenhouse gas (GHG)
emissions. At the same time, this action fits with the growing
demand of consumers and society in general for a transition to
sustainability.
Impacts, risks and opportunities
All the IROs are presented in the table below. Processes to
identify and assess the materiality of these IROs is described in
Section 2.1.1 General disclosures.
Table 1: List of material impacts, risks and opportunities related to climate change
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope 3
greenhouse gas
emissions
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope
3 greenhouse
gas emissions
Energy
consumption by
stores, upstream
and downstream
Energy consumption in stores,
upstream in the value chain
(agricultural production, product
processing, transport of goods)
and downstream (use by
customers of products sold)
generates greenhouse gas
emissions. These emissions
contribute to climate change,
impacting people and ecosystems.
Impact
Operations
Franchises
Upstream
Downstream
Short term
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope 3
greenhouse gas
emissions
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope
3 greenhouse
gas emissions
GHG emissions
generated by
stores, upstream
and downstream
Carrefour emits millions of tonnes
of CO , directly through the
activity of its stores and indirectly
through the production of goods
and services sold to customers
and their use by customers. These
emissions contribute to climate
change, impacting people and
ecosystems.
Impact
Operations
Franchises
Upstream
Downstream
Short term
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope 3
greenhouse gas
emissions
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope
3 greenhouse
gas emissions
Increased costs
and value chain
disruptions due
to energy
constraints and
resource scarcity
Energy shortages and the
increasing scarcity of raw
materials, exacerbated by climate
change, can disrupt supply
throughout the value chain.
Volatile and rising energy and raw
material prices have a direct
impact on store and product
operating expenses (OpEx).
Risk
Operations
Upstream
Medium
term
(1)
2
Climate change widespread, rapid, and intensifying – IPCC press release, August 9, 2021: https://www.ipcc.ch/site/assets/uploads/2021/08/
IPCC_WGI‑AR6‑Press‑Release_en.pdf
(1)
1
4
7
2
5
8
3
6
9
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89
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Loss of appeal
and penalties for
poor energy
management in
stores
Absence of low‑carbon equipment
in stores can make them less
attractive to customers and
franchisees. In addition, failure to
comply with regulations such as
the F‑Gas law on refrigerants
exposes the Group to compliance
costs and the risk of public
criticism.
Risk
Operations
Short
and
medium
term
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope 3
greenhouse gas
emissions
Reduce
greenhouse gas
emissions of
integrated stores
(Scopes 1 & 2)
Reducing Scope
3 greenhouse
gas emissions
Increased
resilience and
value creation
through
low‑carbon
initiatives
Investing in cleaner technologies
and on‑site energy production
improves the Group’s resilience
and energy autonomy. At the
same time, offering low‑carbon
products and optimising
production and distribution
processes can increase revenue
and enhance brand image.
Oppor
‑tunity
Operations
Downstream
Long term
Reducing Scope 3
greenhouse gas
emissions
Reducing Scope
3 greenhouse
gas emissions
Additional costs
and reputational
impact related to
CO₂ emissions
The Group could incur additional
operating expenses related to
low‑carbon transport and carbon
pricing regulations, as well as
reputational impacts from selling
energy‑intensive products.
Risk
Downstream
Upstream
Short term
Adapting sites to
climate change
Adapting sites to
climate change
Extreme weather
events affecting
sites
The Group's sites (stores,
warehouses and head offices) are
exposed to climate risks such as
extreme weather events and
temperature rises. These events
could affect staff productivity (e.g.,
heatwaves), cause damage to
buildings (e.g., storms or
hailstones) and/or disrupt business
(Sales/OpEx/Reputation).
Risk
Operations
Franchises
Short term
Adapting sites to
climate change
Adapting sites to
climate change
Impacts on
employee health
The Group's sites (stores,
warehouses and head offices) are
exposed to climate risks such as
extreme weather events and
temperature rises. These events
could damage the health of the
Group’s employees and adversely
affect their working conditions.
Impact
Operations
Franchises
Medium
term
Adapting
products and
supply chains to
climate change
Adapting
products and
supply chains to
climate change
Impact of
climate change
on human
health, welfare
and access to
food
The increased use of pesticides,
inadequate insurance against
climate risks and declining
agricultural yields are reducing
people’s access to quality,
affordable food, compromising
their health and exposing them to
greater financial risk following
extreme events.
Impact
Downstream
Upstream
Long term
2
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
90
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Adapting
products and
supply chains to
climate change
Adapting
products and
supply chains to
climate change
Lack of supply
chain climate
resilience
Climate change could lead to
lower agricultural output. A lack of
resilience in supply chains could
lead to higher prices and operating
costs due to the need to
reorganise the Group's supplies, as
well as to a loss of market share.
Risk
Upstream
Long term
Adapting
products and
supply chains to
climate change
Adapting
products and
supply chains to
climate change
Development of
and support for
a resilient
agricultural
model to secure
supply chains
Developing sustainable agricultural
production chains in partnership
with suppliers helps to secure
supplies, particularly in the event
of a climate crisis. Consumers
expect the Group to sell them
products derived from a farming
model that is resilient both for the
environment and for farmers, and
this is also an imperative of the
food transition (the raison d'être of
the Carrefour group).
Oppor
‑tunity
Upstream
Medium
term
ANALYSIS OF RISKS AND OPPORTUNITIES RELATED TO
CLIMATE CHANGE
Analysis of the Group’s risks
The Group Risk department – which is responsible for
coordinating the overall risk management system – draws up a
map of the Group's risks on an annual basis by consulting the
various departments of the main operating entities. Thirteen
major risks were identified, including three linked to climate
change: “Economic, political and social situation of countries”,
“Product availability in store or online” and “Control of movable
and immovable assets”. See Chapter 4.1 of this Universal
Registration Document for further information about risk
management.
Carrefour’s climate change‑related risks are factored into the
Group’s risk management procedures. Climate change mitigation
and adaptation have been identified as strategic issues for the
Group, and primarily concern the following:
Detailed analysis of the Carrefour group's climate‑related
impacts, risks and opportunities
Recognising the risk that climate change poses to its business, as
well as the potential opportunities it could represent, in 2021
Carrefour assessed the Group’s specific climate‑related risks and
opportunities, in line with the recommendations of the TCFD. In
2023, Carrefour updated this analysis based on the CSRD
requirements and the ESRS principles.
All of the commonly considered climate‑related risks and
opportunities within the TCFD framework were reviewed to
select those applicable to the Group’s activities over a given time
horizon (short term: 2 to 5 years; medium term: 5 to 10 years;
long term: more than 10 years). Physical risks comprise acute and
chronic risks related to climate change and cover both
operations and the supply chain. Transition risks comprise
political, legal, reputational, technological and market risks for
operations and, where relevant, for the supply chain. In order to
identify the risks and opportunities of climate change, Carrefour
took
into
account
social,
technological,
economic,
environmental and political aspects.
regulatory risk: the Group is subject to significant regulatory
constraints, particularly regarding application of (i) the EU’s
F‑Gas Regulation (relating to refrigeration systems used in its
stores), (ii) France’s "Tertiary sector decree" on reducing the
energy consumption of tertiary sector buildings, and (iii) laws
on anti‑waste measures and the circular economy (such as the
AGEC law in France);
■
market risk:
■
changes in consumer habits: the Group is subject to a risk
related to new consumer behaviour linked in varying degrees
to climate change: the reduction of internal combustion
vehicle use, local produce consumption, energy‑efficient
products, the reduction of animal protein consumption. All
these trends deeply impact the spending patterns of the
Group’s customers,
■
securing raw material supplies: the Group has identified
sensitive raw materials that contribute to climate change or
that are highly sensitive to the consequences of climate
change (e.g., drought). Carrefour may thus be exposed to a
risk of supply shortages for raw materials, or increases in raw
material prices,
■
securing energy supplies: energy supplies are also sensitive
to climate change. Consequently, the Group could see a
significant rise in energy prices as well as supply disruptions;
■
physical risks for stores: in the countries where it operates, the
Group may be exposed to natural disasters and uncertain
weather conditions, which have direct or indirect impacts on
its activities, assets, customers and employees, and which lead
to consequences regarding its financial situation. Actions to
mitigate the material impact on people affected are detailed in
Section 2.1.3.1.5.1 Ensure the occupational health and safety of
workers.
■
1
4
7
2
5
8
3
6
9
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Sustainability Statement
91
For the purpose of the analysis, Carrefour used the "Net Zero
Emissions" and "Stated Policies" scenarios issued by the
International Energy Agency (IEA). These scenarios were
supplemented by vulnerability and impact analyses, particularly
for energy markets and carbon pricing, as well as information
related to physical risks (flooding, water shut‑offs and restrictions,
extreme heat, drought and lower agricultural output) in the
regions where the Group operates.
On the basis of these analyses, Carrefour has adapted its energy
strategy by developing a policy to increase the use of renewable
energy, stepping up its measures to reduce its use of fossil fuels
for both stores and transport, and positioning itself as a positive
contributor to the energy independence of countries by adapting
its consumption to energy grid capacities.
In terms of food and non‑food supplies, Carrefour monitors the
availability of raw materials in the light of world events, and
especially climate change. These analyses enable the Group's
purchasers to adapt their sourcing strategy and to tailor the
Group's retail‑related procurement choices in conjunction with
its suppliers. In addition, Carrefour is making its sourcing more
resilient by developing its own product chains.
2.1.2.1.1.3
Stakeholders, standards and regulations
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Suppliers
Cooperation with
and commitment to
the Group's
transition
Working group
Food Transition Pact, Top 100
suppliers
Reducing Scope 3 greenhouse
gas emissions
Adapting products and supply
chains to climate change
Suppliers
Cooperation with
and commitment to
the Group's
transition
Panels and
conventions
Top 100 suppliers, goods
agreements
Reducing Scope 3 greenhouse
gas emissions
Adapting products and supply
chains to climate change
Suppliers
Roll‑out of
in‑the‑field projects
Regular one‑to‑one
dialogue
Top 100 international suppliers,
own‑brand and national‑brand
suppliers (via charters,
contracts and specifications)
Reducing Scope 3 greenhouse
gas emissions
Adapting products and supply
chains to climate change
Business coalitions
Definition of
industry‑level/
national strategies
Working group
Consumer Goods Forum, C3D,
Global Compact, National
Agreement on Plastic
Packaging
Reducing Scope 3 greenhouse
gas emissions
Adapting products and supply
chains to climate change
Scientific experts
and consultants
Definition of
industry‑level/
national strategies
Partnerships
EY, ICare Consulting, WWF,
GHG Protocol, SBTi, SBTs for
Nature
Reduce greenhouse gas
emissions of integrated stores
(Scopes 1 & 2)
Reducing Scope 3 greenhouse
gas emissions
Non‑profits and
NGOs
Setting of Group
targets
Partnerships
SBTi
All
Non‑profits and
NGOs
Assessment of
action plan
implementation
Questionnaires and
reference
frameworks
Climate Disclosure Project,
Task Force For Climate
Disclosure
All
Individual investors
and investor
coalitions
Assessment of
action plan
implementation
Questionnaires and
reference
frameworks
Climate Action 100+, Task
Force For Climate Disclosure
All
Industry
organisations
Roll‑out of
in‑the‑field projects
Mutual information
Perifem, FCD
All
Multi‑stakeholder
initiatives
Definition of
industry‑level/
national strategies
Working group
Business ambition for 1.5°C,
European Climate Pact, French
Business Climate Pledge
All
Trade unions
Definition of the
Group policy
Mutual information
European Consultation and
Information Committee (ECIC)
Reduce greenhouse gas
emissions of integrated stores
(Scopes 1 & 2)
Adapting sites to climate
change
STANDARDS AND REGULATIONS
TCFD: in line with the recommendations of the Task Force on
Climate‑related
Financial
Disclosures
(TCFD),
Carrefour
integrates climate‑related risks and opportunities into its
strategy, governance and financial communications.
■
GHG Protocol: Carrefour uses the Greenhouse Gas Protocol
("GHG Protocol") as its framework for calculating, managing
and reducing its GHG emissions in its operations and value
chain. The GHG Protocol is a global standard for accounting
for GHG emissions, enabling companies to quantify and
manage their emissions based on a structured and precise
methodology.
■
2
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Sustainability Statement
92
2.1.2.1.2
2.1.2.1.2.1
2.1.2.1.2.2
Reducing the Group’s greenhouse
gas emissions
Policies related to climate change
mitigation [E1‑2]
In line with the goals set in 2015 by the Paris Climate Agreement
(COP21) to limit global warming, Carrefour has set itself Scope 1,
2 & 3 targets aligned with a “well below 2°C” scenario and
validated by SBTi in 2020. Carrefour increased its climate
ambitions in 2021 and confirmed them in 2024, setting 2030
GHG emission reduction targets for its integrated stores (Scopes
1 & 2) and its value chain (Scope 3) aligned with a 1.5°C warming
scenario.
Transition plan for climate change
mitigation [E1‑1]
Carrefour
regularly
improves
the
transparency
of
its
climate‑related information. With the application of the CSRD,
Carrefour is progressively developing its transition plan for
climate change mitigation. The structure of the plan and the
elements already available are presented below. However, this
transition plan is incomplete within the meaning of the CSRD.
The missing elements include certain levers related to Scope 3
GHG emissions, representing 17% of emissions, and significant
investments and operating expenses to implement our action
plans.
The
Group
aims
to
progressively
improve
the
completeness and accuracy of its data in order to align its
reporting with regulatory expectations and industry best practice.
Targets related to climate change mitigation [E1‑4]
The Group’s climate transition plan is based on the following targets:
Table 1: Reduction targets for Scope 1 & 2 GHG emissions
Metric
Unit
Target value
Target year
Baseline
value
Baseline
year
Reduction in Scope 1 & 2 CO emissions
% (in tCO eq)
-30%
2025
2,284,827
2019
Reduction in Scope 1 & 2 CO emissions
% (in tCO eq)
-50%
2030
Reduction in Scope 1 & 2 CO emissions
% (in tCO eq)
-70%
2040
Proportion of renewable electricity out of total
electricity consumption
% (in MWh)
100%
2030
0%
2019
Reduction in energy use intensity
% (in kWh/sq.m.)
-20%
2026
528
2019
-27.5%
2030
Reduction in emissions from refrigerant use
% (in tCO )
-50%
2030
1,126,299
2019
These targets are in line with the “well below 2°C” scenario
validated by the SBTi.
Methodology
The targets are set using the market‑based method, i.e., based on
specific purchases and contractual choices and not on the
average emission factors of the electricity grid where the entity is
located (location‑based). The 2019 baseline was adjusted in 2023
to include the emissions of BIG stores and the refrigerants used
by Atacadão in order to enable meaningful comparisons between
the figures for 2019 and those for 2023.
Carrefour has not identified any locked‑in emissions. The
Carrefour group’s activities are not excluded from the
Paris‑aligned Benchmarks.
F‑Gas: Carrefour complies with the F‑Gas Regulation by
implementing measures to reduce and control the use of
fluorinated greenhouse gases in its installations, particularly in
its refrigeration systems. The European Union's F‑Gas
Regulation is aimed at reducing the use of fluorinated
greenhouse gases, such as hydrofluorocarbons (HFCs), which
are widely used in refrigeration and air‑conditioning equipment
but have a high global warming potential.
■
SBTi standards (e.g., FLAG): The Carrefour group meets the
standards of the Science Based Targets initiative (SBTi) by
setting GHG emission reduction targets aligned with the latest
scientific recommendations for limiting global warming.
■
ACT (Assessing Low Carbon Transition), developed by Ademe
and CDP: Carrefour uses ACT as a key tool for assessing its
climate strategy and aligning its targets with the low‑carbon
pathways in the Paris Agreement. By using the ACT
methodology, the Group can measure the extent to which its
climate pledges are in line with the needs of the energy
transition.
■
ISO 50001: in France, Italy and Belgium, Carrefour complies
with the ISO 50001 standard by using an energy management
system to continuously improve its energy efficiency and
reduce its energy consumption.
■
Duty of care: Carrefour has incorporated climate risks into its
Duty of Care Plan that it has drawn up in accordance with
French legislation. In connection with its statutory duty of care,
the Group has identified climate risks (by assessing the
potential impacts of its activities on the climate) and has
implemented measures to prevent and mitigate climate risks
(by taking action to limit these risks).
■
Directive (EU) 2023/2413 of the European Parliament and of
the Council of October 18, 2023 (Renewable Energy Directive
■
(RED) III): RED III introduces a stricter legislative framework to
align EU energy policies with climate and environmental
transition objectives by setting ambitious renewable energy
targets.
2
2
2
2
2
2
2
1
4
7
2
5
8
3
6
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Sustainability Statement
93
In 2019, Carrefour conducted a diagnostic of Scope 3 indirect
emissions related to the Group’s activities. It 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 sold products (18%)
and the transportation of goods (9%). Reducing Scope 3
emissions is a major challenge for the Group.
Carrefour has set itself the target of achieving a 32% reduction in
emissions deriving from its indirect activities (Scope 3) by 2030
compared with 2019. This overall Scope 3 commitment is broken
down into sub‑targets covering the main components of the
Group’s Scope 3 (90% of Scope 3 emissions): purchased goods
and services (FLAG and non‑FLAG), use of sold products,
franchises and downstream transportation and distribution. They
are supplemented by other objectives relating to the various
levers available to the Group (supplier engagement, fight against
deforestation in particular).
Table 2: Scope 3 GHG emission reduction targets
Target
Unit
Target value
Target year
Baseline
value
Baseline
year
Total reduction in Scope 3 GHG emissions
% (in tCO )
-32%
2030
136,816,011
2019
GHG emission reduction deriving from purchased
goods and services (non‑FLAG
)
% (in tCO )
-30%
2030
26,476,714
GHG emission reduction deriving from purchased
goods and services (FLAG
)
% (in tCO )
-33.3%
2030
79,453,725
Scope 3 GHG emission reduction related to the use of
sold products
% (in tCO )
-27.5%
2030
16,629,934
2019
Percentage of franchised stores equipped with
low‑carbon solutions
%
80%
2030
-
2019
GHG emission reduction deriving from downstream
transportation
% (in tCO )
-27.5%
2030
337,095
2023
Percentage of Top 100 suppliers committed to a 1.5°C
pathway
% (number)
100%
2026
34%
2022
Implementation by 2025 of an action plan to combat
deforestation for the Carrefour brands' sensitive raw
materials
Sales of certified sustainable products by 2026
Billions of euros
8
2026
5.3
2023
Number of suppliers committed to the Food Transition
Pact
Number
500
2030
26
2020
Number of partner producers
Number
50,000
2026
27,758
2019
Percentage of Carrefour Quality Lines products
committed to an agroecological approach
% (of sales)
100%
2025
-
2022
Percentage of Carrefour‑brand product packaging that
is reusable, recyclable or compostable
% (in tonnes of
packaging)
100%
2025
44%
2020
Percentage reduction in food waste (kg/sq.m)
compared to 2016
% reduction (in kg/
sq.m)
-50%
2025
-10%
2017
Percentage of store waste recovery
% (in tonnes)
100%
2025
67%
2018
Scope 3 targets:
■
(1)
2
12 (2)
2
13 (3)
2
(4)
2
(5)
(6)
2
This target covers the following categories: purchased goods and services, use of sold products, franchises and downstream transport. These cate
gories cover over 90% of the Group’s Scope 3 emissions.
The franchised stores in the eight countries where the Group operates are included in this target.
The franchised stores in the eight countries where the Group operates are included in this target.
The franchised stores in the eight countries where the Group operates are included in this target.
The franchised stores in the eight countries where the Group operates, as well as the franchisees of international partners, are included in this target.
The franchised stores in the eight countries where the Group operates are included in this target.
(1)
(2)
(3)
(4)
(5)
(6)
2
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
94
Decarbonisation levers of the transition plan
The transition plan is based on various decarbonisation levers:
In 2021, the Group set the target scenario for achieving its goal
of reducing the greenhouse gas emissions generated by its
stores. This scenario is based on a projection of the Group's
emissions to 2040, using current emissions and the Group's
estimated growth to 2040 (Business as Usual + Projected
Growth). It breaks down the different actions required for
achieving the Group's emission reduction targets aligned with a
1.5°C by 2040 pathway.
FIGURE 1: BREAKDOWN OF DECARBONISATION LEVERS
Décomposition du plan d'actions pour contribuer
à la neutralité carbone à travers les magasins d'ici 2040
1 000 000
T. de CO2
1 500 000
T. de CO2
2 000 000
T. de CO2
2 500 000
T. de CO2
500 000
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
Approvisionement en électricité
renouvelable au Brésil
Objectif de réduction 2030
aligné sur le scénario 1,5°C
Objectif de réduction 2040
aligné sur le scénario 1,5°C
Amélioration de l'efficacité énergétique
des magasins
Suppression des réfrigérants polluants
Rénovation des systèmes de
réfrigération des magasins
Production d'électricité solaire sur site
Approvisionnement en électricité
renouvelable en Europe
Approvisionnement en électricité
renouvelable à Taïwan et en Argentine
Projection des émissions de GES et scénario de base
2,500,000
tCO₂
2,000,000
tCO₂
1,500,000
tCO₂
1,000,000
tCO₂
500,000
tCO₂
Business-as-Usual + Projected Growth
Greening of the grid
Brazil DPPA
Store Energy Efficiency
Refrigeration Efficiency
On-Site Solar
Pan-European VPPA
100% RE for Taiwan and Argentina
2040 goal (1.5°C)
2030 goal (1.5°C)
HFC Refrigerant Phase Out
Breakdown of action plans designed to help achieve
carbon neutrality through stores by 2040
Scope 1 & 2 levers:
■
The use of 100% renewable electricity by 2030. To achieve
this, the Group will give priority to on‑site production for
self‑consumption or supplying the network, then the use of
PPAs (Power Purchase Agreements).
■
A 27.5% reduction in energy consumption by 2030 (vs.
2019), i.e., the equivalent of over 1 million MWh per year and
240,000 tonnes less CO equivalent.
■
2
Reducing emissions from the use of refrigerants by 50% by
2030 and by 80% by 2040, in particular by replacing
fluorinated refrigerants with new installations using CO , in
line with the EU F‑Gas Regulation.
■
2
Scope 3 levers:
■
Supplier commitment to following a 1.5°C pathway, as well
as their collaboration with the Group concerning the Food
Transition Pact and the 20 Megatonnes project. By the end
of 2024, 53% of Carrefour’s Top 100 suppliers had a 1.5°C
pathway, 393 were members of the Food Transition Pact and
93 were registered on the 20 Megatonnes platform.
■
Regenerative
agriculture
to
implement
low‑carbon
farming practices for the production of the Group’s priority
■
(1)
raw materials: meat, primarily beef and pork, dairy products,
cereals, especially wheat, and fruits and vegetables,
especially potatoes.
Combating deforestation with regards to priority raw
materials: palm oil, wood and paper, beef in Brazil, soy and
cocoa. The Group's incorporation of the FLAG standard is
helping drive its fight against deforestation, which will play a
significant role in reducing Scope 3 emissions.
■
Regenerative agriculture is a farming method aimed at improving soil health, biodiversity and ecosystems, while capturing carbon and making far
ming systems more resilient to climate change.
(1)
1
4
7
2
5
8
3
6
9
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
95
The Group is putting in place other decarbonisation levers, which
although individually may only represent a modest contribution
to reducing emissions, they demonstrate how it is seeking to be a
standard‑setter in conducting its activities. Examples of these
levers are as follows:
FIGURE 2: THE CARREFOUR GROUP'S SCOPE 3 DECARBONISATION ROADMAP, BROKEN DOWN BY DECARBONISATION LEVERS
0
20
40
60
80
100
120
140
160
2019 baseline
2024 emissions
Growth
2019-2026
Regenerative agriculture
Plant-based food
Fuel and green mobility
Zero deforestation
Zero deforestation
Projected emissions 2026
Organic growth
2026-2030
Regenerative agriculture
Plant-based food
Fuel and green mobility
Zero deforestation
Suppliers' commitment
Projected emissions 2030
Remaining emissions
2030 target
123
132
14
-4
-1
-2
-6
-10
123
4
-10
-5
-1
-4
-6
100
-17
84
Methodology: these figures factor in FLAG emissions deriving
from land‑use changes based on conservative assumptions (as
no traceability data are available, the "worst case scenario" was
used, resulting in a probable overestimation of the figures).
Assumptions:
Promoting more plant‑based diets, by increasing sales of
plant‑based products to 650 million euros by 2026 and
supporting the transition to more plant‑based proteins by
2030. At end‑2024, the Group’s sales of plant‑based proteins
amounted to 621 million euros. Carrefour has also launched
an international coalition to step up sales of plant‑based
alternatives, which included 19 manufacturer‑partners in
2024. Further details about this coalition are provided in the
action plans discussed below.
■
Developing green mobility to reduce emissions deriving
from the sale of fuel and the use of fuel by customers. By
the end of 2024, Carrefour had already reduced the
emissions deriving from its customers’ use of sold fuel by
26% compared with 2019. In addition, Carrefour intends to
■
play a pioneering role in alternative energy for mobility,
going beyond electric vehicles, by testing new solutions with
its customers.
reducing packaging and promoting zero waste consumption;
■
recovering waste and reducing food waste in stores;
■
reducing emissions deriving from downstream transportation;
■
developing short supply chains.
■
Supplier commitment: the commitment of the Top 100
suppliers does not generate double counting; the 20
■
Megatonnes project enables the identification of 10 additional
megatonnes of CO
emission reduction that would not
otherwise be achieved through other levers.
2
Plant‑based food: after an initial stage in 2026 (650 million
euros in sales in 2026), this figure is based on the assumption
that there will be a 30% shift from animal proteins to
plant‑based proteins by 2030.
■
2
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Table 3: Contributions of the Group's Scope 3 decarbonisation levers
Priority scope
Contribution
2030 vs.2019
Actions implemented
Commitments contributing to achieving targets
Supplier
commitment
-8%
Commitment of the Group's 100 largest
international suppliers to map out a 1.5°C
emissions‑reduction pathway.
Commitment of the 100 largest suppliers to a
1.5°C pathway by 2026 under penalty of being
removed from Carrefour's approved supplier list.
Collaborate with suppliers, both large and small,
to implement the food transition and promote
low‑carbon consumption patterns.
500 suppliers involved in the Food Transition
Pact and 20 megatonnes avoided by 2030.
Regenerative
agriculture
-8%
Decarbonise the production of the Group's
priority raw materials:
beef, pork and dairy products,
fruit and vegetables,
cereals.
Set up action plans per raw material, with the aim
of achieving a 32% reduction by 2030 (vs. 2019)
of the emissions deriving from purchased goods
and services.
Develop partnerships with producers to facilitate
the transition to low‑carbon practices.
50,000 partner producers by 2026.
Encourage the use of eco‑labels (Bleu Blanc
Coeur, Bio, Vergers EcoResponsables, Haute
Valeur Environnementale, etc.).
8 billion euros in sales of certified sustainable
products by 2026.
Zero
deforestation
(FLAG LUC
emissions)
-4%
Combat deforestation and develop alternatives
to soy for animal feed.
By 2025, implementation of an action plan to
combat deforestation for Carrefour brands'
sensitive raw materials, i.e., beef from Brazil,
wood and paper and derivatives, palm oil, soy
and cocoa.
By 2030, 100% of forest‑sensitive productions to
have a risk mitigation plan
Plant‑based
alternatives:
-3%
Engage stakeholders in the transition to a more
plant‑based diet (commercial operations, food
transition pact). Promote innovation and develop
a comprehensive offering.
Increase plant‑based protein sales in Europe to
650 million euros by 2026.
(1)
(2)
This action plan covers FLAG emissions related to agriculture, in particular emissions deriving from land‑use changes.
This estimate is based on an assumption that 30% of animal proteins will be replaced by plant‑based proteins by 2030.
(1)
(2)
1
4
7
2
5
8
3
6
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
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Priority scope
Contribution
2030 vs.2019
Actions implemented
Commitments contributing to achieving targets
Fuel and green
mobility:
-3%
Increase volumes of biofuels. Encourage soft
modes of transport and the use of electric
vehicles.
27.5% reduction by 2030 (vs. 2019) in GHG
emissions from the use of sold products
Installation of 5,000 electric charging stations in
France in 2026.
Other
actions
<1%
Improve downstream transportation efficiency.
Upgrade the fleet and develop a fleet of vehicles
running on biomethane.
27.5% reduction in GHG emissions from
downstream transportation by 2030 (vs. 2019).
Reduce waste production, ensure material
sorting for recycling and zero landfill.
Recover 100% of waste by 2025.
Take action at all levels to reduce food waste
within the value chain, in stores and among
consumers.
50% reduction in food waste by 2025.
Remaining
emissions
-
The Group intends to put in place other emissions‑reduction actions in the future and has identified
the following main levers for doing so:
calculating the impact of reduced packaging on the footprint of purchased goods and services:
100% of Carrefour‑brand packaging to be reusable, recyclable or compostable by 2025,
300 million euros in bulk sales and reuse by 2026,
action plans for non‑food products, particularly home appliances,
extending the low‑carbon agriculture approach to other raw materials.
The Group's Scope 1, 2 & 3 roadmap for 2030 is focused on
reducing emissions across all three scopes. The use of an
offsetting strategy or carbon credits, or taking into account
negative emissions, do not form part of the Group's strategy for
the short term (up to 2030). Over the longer term, the Group is
looking into creating carbon capture projects within its supply
chains in order to reduce the impact of its residual emissions.
Actions and resources in relation to climate change policies
[E1‑3]
The use of 100% renewable electricity by 2030:
The Group prioritises on‑site production for own consumption or
for the grid, followed by the use of power purchase agreements:
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. The Group is seeking to improve energy efficiency through
six priority actions 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 centralised
technical building management (focused on air conditioning,
ventilation and heating).
(1)
Scope 1 & 2 action plans:
■
Use of Power Purchase Agreements: in 2023, the Group
passed a major milestone by signing four renewable energy
Physical Power Purchase Agreements (PPAs) in France. The
green electricity produced under these PPAs is generated by
wind and solar farms and represents 100 GWh of electricity per
year – equivalent to the power used by 29 hypermarkets. The
Group pursued this momentum in 2024, signing five new PPAs
in France, Spain, Italy and Argentina, which are scheduled to
start up between 2025 and 2026. In total, through its PPAs the
Group has contracted cumulative renewable capacity of
almost 480 GWh per year. Going forward, it will continue to
put PPAs in place across all of its geographies.
■
Solar energy production: the Group has stepped up the
process to equip its stores (integrated and franchised) with
photovoltaic systems (161 in Spain, 16 in France, 13 in Poland,
11 in Brazil, seven in Belgium and three in Italy at December 31,
2024). It has also accelerated the pace of installing on‑site
green electricity production installations at its stores as part of
■
the objective of the Carrefour 2026 strategic plan to produce
almost one TWh of electricity per year as from 2027. In 2024,
Carrefour France signed a major partnership agreement with
GreenYellow to install solar power canopies at 350 sites,
Carrefour Spain continued its green energy roll‑out, equipping
a total of 161 stores with solar panels, and in the Group's other
countries contracts were signed for installing almost 80 solar
power facilities.
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 roughly 35% of the
sales area of the Group’s integrated hypermarkets and
supermarkets.
■
Each Group country organises employee training on how to
optimise energy use, informing them about best practices to
adopt both in‑store and at home. For example, efficient energy
management guidelines are given, both in relation to the stores
(such as for refrigeration units and bakery ovens), as well as for
employees in their homes, such as the right temperatures that
a house should be in winter and summer.
■
The table only shows the contribution of the most significant levers; the less significant levers are included in the “Other actions” category.
(1)
2
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
98
Reduction in emissions from refrigerant use:
Carrefour is committed to phasing out HFC refrigeration units
and phasing in installations using natural refrigerants (CO ),
which have much lower emission levels than fluorinated
refrigerants, by 2030 in Europe and 2040 in other geographies.
Each country has drawn up a roadmap for the renewal of its
installed refrigeration units, and at end‑2024, implementation
was in line with the targets set for 2030 in Europe.
In line with its aim to reduce its CO emissions as much as
possible across its value chain, Carrefour has put in place five key
initiatives that address the most significant categories of Scope 3
emissions:
Fuel and green mobility:
The Group's main levers for reducing emissions deriving from the
combustion of conventional fuels are (i) raising the proportion of
biofuels in the fossil fuel mix, (ii) switching to the use of electric
vehicles, and (iii) exogenous market contraction (reduction in the
number of internal combustion engine vehicles). To accelerate
this transition, Carrefour is taking action by making it easier for
consumers to charge up their electric vehicles by providing EV
charging stations in its store parking areas, and is also trialling a
range of solutions and new technologies to move towards
low‑carbon freight and passenger mobility.
In 2022, Carrefour launched Carrefour Energies, an electric
charging station service for all of its hypermarkets and
supermarkets in France. Carrefour is stepping up the installation
of electric vehicle charging infrastructure by progressively
equipping all of its hypermarket and Carrefour Market
supermarket properties. At end‑2024, more than 2,100 parking
spaces had been equipped with EV charging points, making
Carrefour France's first retailer to propose such a comprehensive
offering to encourage electric mobility. By 2026, 5,000 spaces
will be equipped with EV charging points, half of which will be
Enedis superchargers. On average, each hypermarket and
supermarket will respectively have 10 and 5 spaces reserved for
EV charging.
In 2023, Carrefour and Uber also announced a partnership to
improve the accessibility, cost and experience of recharging
electric vehicles for VTC drivers. Drivers have enjoyed preferential
rates on the Carrefour Energies network since January 2024 in
France.
In 2024, Carrefour and HysetCo – a European leader in hydrogen
mobility solutions – announced that they had entered into a
partnership to roll out five hydrogen refuelling stations in the
Greater Paris region by 2025. Three of these stations were
installed in 2024 and are now up and running. Each of them will
have a hydrogen distribution capacity of 500 kg/day, equivalent
to 100 to 200 fill‑ups per day for light vehicles, cars and utility
vehicles. 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.
This innovative partnership is a further commitment by Carrefour
to the energy transition and is in line with its aim of trialling new
sustainable mobility options.
Also in 2024, Carrefour was selected by ADEME to be one of the
12 organisations in France to finance the project for introducing
electric heavy goods vehicles as part of the country's energy
saving
certificate
(CEE)
e‑trans
programme.
Under
this
programme, Carrefour has agreed to finance 2.3 TWh of energy
savings, representing 16 million euros, over a four‑year period
commencing in 2025.
In 2024, Carrefour began selling HVO100 biodiesel at its
Athis‑Mons and Pontault Combault service stations. This
synthetic diesel, produced from waste and residues, is an
environmentally‑friendly alternative to
conventional diesel.
Compatible with most diesel engines, it can be used either on its
own or mixed with diesel fuel. HVO100 reduces CO emissions
by up to 90% and particulate matter (PM) by 25%. With a higher
cetane number and better lubrication, it also offers cleaner,
sulphur‑free combustion, and is low odour. This pilot is fully in
line with the Group’s drive to help its customers move to cleaner
energy. Two more service stations will offer it by the end of 2025.
All of these initiatives are also enabling the Group to keep a step
ahead in compliance with upcoming regulatory requirements,
such as the ban on internal combustion engines in new cars
which will become effective in 2035.
A more plant‑based diet:
Animal‑source foods, particularly red meat and dairy products,
are generally associated with the highest greenhouse gas
emissions. In contrast, plant‑based foods have a lower emission
intensity. This is why the greening of food is high on Carrefour’s
list of priorities. There is a strong expectation in society in general
about this aim, which is at the centre of a range of major climate
issues, as well as the preservation of biodiversity, the sharing of
resources at global level and important public health issues. This
expectation is already reflected in strong growth in demand,
which is impacting the markets. Carrefour is committed to
developing vegetarian product ranges with a view to offering an
alternative to the consumption of animal proteins. These
products are aimed at a wide variety of consumers, whether they
are vegans, vegetarians, those concerned about animal welfare
or flexitarians. Carrefour is attentive to the quality and nutritional
profile of these products.
As part of its Carrefour 2026 strategic plan, Carrefour announced
an ambitious new objective to increase plant‑based protein sales
in Europe to 650 million euros of sales by 2026 (an increase of
65% vs. 2022).
To achieve its objective, Carrefour is implementing a strategy
based on:
2
Scope 3 action plans:
■
2
2
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 and broadly
affordable. In 2024, the Carrefour Sensation brand had a range
of 150 vegetarian product references in Europe. Carrefour is
also developing a range of plant‑based proteins and meat
alternatives through its other brands.
■
1
4
7
2
5
8
3
6
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
99
Farming practices and regenerative agriculture:
The Group’s carbon footprint report shows that 67% of its Scope
3 emissions are linked to food products, and farming accounts
for the highest proportion of these emissions.
Agricultural production emits various types of GHGs – methane
(CH ), nitrous oxide (N O) and carbon dioxide (CO ) – which
means this sector is atypical compared with others. By improving
farming practices, GHG emissions could be reduced by 10‑20%,
and the Group has several levers it can use to reduce the carbon
impact of Scope 3 emissions from agriculture. Carrefour
supports its organic lines and CQL to facilitate deployment of
sustainable, environmentally‑friendly agricultural practices. In
particular, the Group is aiming for all of its CQL products to
derive from agroecological methods by 2025. Our suppliers who
are partnering us in this initiative have drawn up progress plans
designed to reduce the use of synthetic pesticides and nitrogen
fertilisers and improve soil structure and carbon storage, which
will help reduce emissions from agricultural production.
Carrefour is also working on an “Agriculture and Climate”
strategy. In November 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. The strategy is focused on five
priority raw materials: beef, pork, dairy products, fruit and
vegetables, and cereals.
In 2024 Carrefour launched a modelling process to assess the
reduction potential of its main action levers. The first stage of this
work led to an assessment of the potential levers to decarbonise
milk bottles in France by 2030. Also during the year, Carrefour
assessed the feasibility of putting these levers into practice,
focusing on two key areas:
Supplier commitment – the 20 Megatonnes project and the
Food Transition Pact:
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 2024, 93 suppliers were
involved in the 20 Megatonnes project. The 20 Megatonnes
platform is a collaborative online platform open to all Group
suppliers. It enables Carrefour to monitor the commitments and
progress of its suppliers in the fight against global warming and
to highlight their most innovative actions. This platform was
developed within the framework of the Climate Working Group
of the Food Transition Pact, co‑piloted by Pepsico and including
Johnson & Johnson, Essity, Beiersdorf, Mars, Danone, Soufflet,
Coca‑Cola, Kimberly Clark, Heineken, Reckitt, Innocent, L'Oréal,
Kellogg's, Andros and Savencia. Each supplier is able to
communicate its greenhouse gas emissions, its reduction
objectives and the achievement of its objectives year after year.
The method used is aligned with industry benchmarks
(Greenhouse Gas Protocol and Carbon Disclosure Project)
Supplier commitment – the Top 100 suppliers:
In November 2022, Alexandre Bompard announced Carrefour’s
commitment to ensure that its 100 largest suppliers have a 1.5°C
trajectory certified by a third party, failing which they will be
delisted. If all of these Top 100 suppliers adopt such a pathway,
the Group would be able to reduce its Scope 3 emissions by
about 6 megatonnes of CO , i.e., by 4.4%. As at the end of 2024,
53% of suppliers had adopted a 1.5°C pathway validated by the
SBTI.
In 2024, the Group recognised the ACT methodology as
equivalent to the SBTi approach for its suppliers. Suppliers can
therefore opt for either method.
To mobilise suppliers other than large companies, the Group has
partnered with the French Environment and Energy Management
Agency (ADEME) to engage 100 SMEs in an ACT assessment, and
to support 50 SMEs in adopting a decarbonisation trajectory
aligned with a 1.5°C scenario thanks to the ACT Step by Step
approach.
Collaboration with suppliers: in 2023, Carrefour set up a
coalition to promote the use of plant‑based alternatives and to
help the Group meet its target of generating 650 million euros
in sales of these products. "Plant‑based alternatives” include
meat substitutes, milk and egg substitutes and products
containing more than 50% pulses. Initially made up of seven
suppliers, the coalition now includes 19 partners in addition to
the Carrefour own‑brand, Carrefour Sensation Végétal (Nestlé,
Danone, Fleury Michon, Bel, Barilla, Olga, Happyvore, Nudj,
Labeyrie, Lsdh, La Vie, Accro, Nutrition & Santé, Aoste,
Hari&Co, Upfield, Bjorg, Andros and Bonduelle). Thanks to
collaborative work between the Group's Merchandise and CSR
teams and the supplier members of this coalition, we have
been able to identify a large number of issues specific to
plant‑based products. In 2024, the coalition organised
workshops dedicated to the topics of market trends, customer
expectations, and making plant‑based products more widely
available. In 2025, it will focus on implementing the action
plans created during these workshops.
■
Encouragement of the consumption of plant proteins through
promotions: during the promotional events it carries out
throughout the year, Carrefour takes care to integrate
plant‑based alternatives each time and clearly depict them via a
pictogram. In January 2025, Carrefour encouraged its
customers to take part in Veganuary, launching over 480
events and tastings in its stores, a competition on its website
and special offers on 250 products.
■
Showcasing plant‑based alternatives in‑store and online: to
promote plant‑based alternatives in its stores, in 2024
Carrefour introduced specific shelf marking to make the
products more visible to customers. In addition, Carrefour's
website has a "mieux manger" (eat better) function that
proposes healthy vegetarian and vegan alternatives to meat
and dairy where possible.
■
4
2
2
Developing
a
sourcing
strategy
that
prioritises
less
carbon‑intensive
supplies
(e.g.,
Bleu
Blanc
Coeur
eco‑methane). By increasing the proportion of milk traced as
coming from sources that follow such programmes, Carrefour
France would be able to reduce the carbon footprint of its milk
supplies.
■
Helping conventional dairy producers to implement less
carbon‑intensive farming practices. Carrefour Quality Lines
producers are key partners for the Group's implementation of
low‑carbon practices.
■
2
2
2
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
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Downstream transportation:
Carrefour aims to achieve a 27.5% reduction in outbound
transport‑related CO emissions by 2030 compared to 2019,
through optimisation of logistics models and development of
alternatives to diesel fuel. Supply chain teams in each country are
working with carriers to improve truck loading, optimise travel
distances and phase in alternative transport modes consistent
with Group policy.
To achieve this objective, the supply chain teams in each country
are working with hauliers to put in place tangible actions, such
as:
These actions are adapted and implemented locally in each
country, taking into account specific market conditions and the
hauliers concerned. In France, for example, the following actions
have been put in place:
Commitments made by franchised stores:
The framework for the commitments given by franchised stores
is described in Section 2.1.1.2 Specific tools developed by the
Group to work collaboratively with its stakeholders in this
chapter.
To reduce the emissions of its franchisees’ stores, Carrefour aims
to implement low‑carbon solutions that have proven their
effectiveness in its integrated store network. The reduction of
emissions from franchised stores is based on the implementation
of four key actions to reduce energy consumption and emissions
related to refrigerants:
In 2023, Carrefour presented its 2024 Energy Plan during its
"Learning Expedition", highlighting the practical measures taken
in its stores to reduce Scope 1 & 2 emissions. This seminar
provided an opportunity to deepen the collaborative work
between the Group and its partners as part of a collective
approach to reducing environmental and social impacts.
Transition plan resources:
Significant CapEx and OpEx for the implementation of the above
action plans fall into two categories:
The implementation of the Scope 3 action plan will not involve
significant OpEx or CapEx. The action plan is based on the
implementation of actions by the Group’s partners (notably
suppliers, agricultural producers, service providers and franchise
partners) and on changing consumer habits.
GOVERNANCE OF THE TRANSITION PLAN:
In order to achieve its goals, Carrefour has put in place a specific
governance structure for overseeing its climate pledges.
Governance of the Climate Plan is shared between the different
departments involved in the process, from risk definition to
implementing action plans to measuring their effectiveness and
performance, and is structured as follows:
2
improving truck fill‑rates;
■
optimising routes to reduce distances travelled;
■
promoting alternative means of transport.
■
Shifting to alternative fuels: Carrefour has pledged to use
diesel alternatives so it can phase out diesel‑fuelled deliveries
from 2030. In line with this commitment, it is expanding its
fleet of delivery vehicles that run on biomethane, a fuel
produced from non‑consumable organic waste from its stores.
Biomethane‑fuelled vehicles eradicate fine particle emissions
and bring an 80% reduction in CO emissions and a 50%
reduction in noise pollution. The proportion of these vehicles
in the Group’s fleet is increasing and is expected to reach 24%
by end‑2025 and 30% by end‑2030.
■
2
Upgrading the vehicle fleet: Carrefour is currently upgrading
its vehicle fleet, and by the end of 2024 it had 720
biomethane‑fuelled trucks, representing more than 60% of its
total truck fleet. These trucks are less polluting and 50% less
noisy than diesel trucks, and/or are certified as compliant with
the PIEK noise protection standard.
■
Optimising truck fill‑rates: In order to improve allocations
between different types of transportation vehicles, fill‑rates by
weight and volume are tracked on a monthly basis. By
maximising the fill‑rate of each truck, Carrefour reduces the
number of journeys made, and therefore decreases the related
CO emissions.
■
2
Environmental commitments and certification: Carrefour
France has renewed its pledge to the FRET 21 charter and is
also preparing to certify its downstream transport. This means
that the company has undertaken to reduce its GHG emissions
and air pollutants by at least 5% over three years. Carrefour was
one of the first signatories of the FRET 21 charter and is a
sponsor of the EVE programme.
■
LED lighting: replacing traditional lighting systems with LED
lighting, which is more energy efficient.
■
Closed refrigeration units: installation of refrigeration units
with doors to reduce energy loss.
■
Refrigeration equipment using environmentally friendly
fluids: use of new‑generation natural, hybrid or fluorinated
refrigerants that have a low climate impact.
■
Eco‑friendly
in‑store
behaviour:
establishing
daily
energy‑efficient practices (switching off equipment not in use,
regulating temperatures, etc.).
■
Cooling plant conversion: the Group has drawn up an
investment roadmap in line with its CO emission reduction
pathway for cooling plants running on fluorinated fluids. The
amount of investment needed to convert these plants is known
and the investment roadmap has been drawn up accordingly,
in line with the Group’s strategic plan. It runs from 2025 to
2032.
■
2
Installation of photovoltaic panels: the Group has set itself an
annual power and surface installation target in line with its
2030 targets. The Group’s strategy is to maintain constant
project development momentum to ensure that these targets
are met. Several projects are at different stages (study,
implementation and extension) in the Group’s various
countries. They are developed on an OpEx or CapEx basis,
depending on the opportunities offered by the economic
climate (fluctuations in energy costs), to ensure that
development objectives are met while guaranteeing their
profitability.
■
1
4
7
2
5
8
3
6
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
101
Strategic planning:
Table 4: Governance bodies responsible for overseeing the Carrefour group's strategic planning
Governance structure
Person(s) responsible
The Group Executive Committee defines CSR strategy, policies
and objectives, and measures performance.
The Executive Director of Engagement, Carine Kraus – a
member of the Group Executive Committee – is in charge of all of
the functions relating to the Group's social responsibility and is
General Delegate of the Carrefour Foundation. The Engagement
department is responsible for the Group's climate strategy and
translates the Group's social and environmental commitments
into concrete actions.
The Board of Directors approves the strategy drawn up by the
Executive Committee and evaluates its implementation. The
Board's CSR Committee reviews the Group's climate strategy and
performance annually.
The CSR Committee has five members, including its Chair, Aurore
Domont.
Technical and financial implementation of the climate strategy:
Table 5: Governance structures responsible for overseeing implementation of climate strategy within the Carrefour group
Governance structure and roles
Person(s) responsible
The Executive Committee of each country rolls the strategy out
at the local level. Each country's climate strategy is integrated into
their respective strategic plans.
The CEO of each country is in charge of implementing the
climate strategy.
An energy and climate technical committee, tasked with:
This committee is led by the Group's Energy department and the
Assets department and includes members from the country‑level
assets departments and the Group Risk department, CSR
department and Finance department.
The Group Investment Committee validates the Group's CapEx
projects. The Group has drawn up a CapEx pathway for
implementing GHG emission reduction initiatives through to
2030.
The Chairman and Chief Executive Officer, Alexandre Bompard,
the Group Chief Financial Officer, Matthieu Malige, and the Chief
Executive Officer of Carrefour Property, Jérôme Nanty, are
responsible for this committee.
2.1.2.1.2.3
In order to ensure that its climate goals are achieved and that it is
compliant with all the applicable regulatory requirements
(including the F‑Gas Regulation), the Group regularly updates its
CapEx pathway for implementing the GHG emission reduction
actions through to 2032. This roadmap is used to update an
annual projection of CapEx and OpEx requirements and related
gains up to 2032. The overall work in this area is steered by the
Group Investment Committee and is used for the financial
planning of Carrefour's Climate Plan, enabling budgets for
reducing energy consumption and CO emissions to be set for
each Group country.
Metrics and performance
Energy consumption and mix [E1‑5]:
It is estimated that the Group's greenhouse gas emissions across
all scopes totalled 147.5 million tonnes of CO equivalent in 2024
(for Scopes 1, 2 & 3), versus 92.5 million tonnes without FLAG
LUC. The Group's Scope 1 & 2 emissions derive from its
integrated stores and represent 1% of its total emissions. Scope 3
covers emissions deriving from activities that are upstream and
downstream of the Group’s activities and it accounts for 99% of
the total. Carrefour's impacts on the climate and biodiversity are
therefore mainly indirect. The high proportion of Scope 3
emissions within the Group's total emissions is inherent to the
retail industry. Overall in this industry, and particularly the food
sector, Scope 3 emissions make up 90% to 95% of GHG
emissions, unlike in other industries.
communicating about the energy and climate strategies and
pathways of the Group and its countries;
■
approving the energy and climate investments made in the
Group's countries;
■
working on topics related to climate change adaptation and the
risks associated with climate change.
■
2
2
2
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
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The table below shows total GHG emissions for Scopes 1, 2 & 3.
Table 6: Breakdown of the Carrefour group’s Scope 1, 2 & 3 GHG emissions and reduction targets
Gross Scopes 1, 2, 3 and Total GHG emissions [E1‑6]:
Retrospective
Targets and base years
Base year
(2019)
Comparative
data (2023)
Year Y (2024)
% Y/Y‑1
2025
2030
(2050)
Annual %
target/Base
year
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO eq.)
940,582
783,818
669,327
-15%
Percentage of Scope 1 GHG emissions
from regulated emission trading schemes
(%)
0%
0%
0%
0%
Scope 2 GHG emissions
Gross Scope 2 GHG emissions
(location‑based) (tCO eq)
946,258
748,564
751,252
+0.4%
Gross Scope 2 GHG emissions
(market‑based) (tCO eq)
1,027,176
629,053
555,813
-12%
Significant Scope 3 GHG emissions
Total gross indirect GHG emissions (Scope
3) (tCO eq)
136,816,011
149,324,454
146,308,870
-2%
-32%
1. Purchased goods and services
105,930,439
119,497,358
117,515,731
-2%
-33.3%
2. Capital goods
669,980
666,000
654,520
-2%
3. Fuel and energy‑related activities (not
included in Scope 1 or Scope 2)
3,335,925
2,959,485
2,954,085
0%
4. Upstream transportation and
distribution
7,959,463
9,060,155
8,808,050
-3%
5. Waste generated in operations
67,533
76,063
56,685
-25%
6. Business travel
5,681
6,838
5,714
-16%
7. Employee commuting
234,537
223,029
236,110
+6%
8. Upstream leased assets
0
0
0
-
9. Downstream transportation
337,095
393,175
340,897
-13%
10. Processing of sold products
0
0
0
-
11. Use of products sold
16,629,934
14,805,291
14,495,736
-2%
-27.5%
Of which use of products sold – Fuels
13,163,911
10,211,541
9,802,298
-4%
Of which use of products sold – Other
3,466,023
4,593,750
4,693,438
+2%
12. End‑of‑life treatment of sold products
151,152
152,485
149,784
-2%
13. Downstream leased assets
284,375
270,701
46,813
-83%
14. Franchises
1,068,437
1,086,443
919,681
-15%
15. Investments
141,461
127,433
125,063
-2%
Total GHG emissions
Total GHG emissions (location‑based)
(tCO eq)
138,073,664
150,856,836
147,729,448
-2%
Total GHG emissions (market‑based)
(tCO eq)
139,100,840
150,737,325
146,534,009
-3%
2
2
2
(1)
2
2
2
Data excluding FLAG estimates about land‑use change.
(1)
1
4
7
2
5
8
3
6
9
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103
Carrefour monitors several key performance indicators, shown in the tables below, to ensure that it is meeting its targets and
progressing with its Scope 1, 2 & 3 decarbonisation action plans.
Table 7: Tracking key performance metrics for the "Reduce greenhouse gas emissions of integrated stores (Scope 1 & 2)" management
priority
Metric
Unit
2024
2023
Change
Coverage rate
Exclusions
Scope 1 & 2 GHG emissions
Scope 1 & 2 GHG emissions (market based)
teqCO
1,225,139
1,412,871
-13%
100%
-
Scope 1 GHG emissions (location‑based)
teqCO
669,327
783,318
-14%
100%
-
Scope 2 GHG emissions (location‑based)
teqCO
751,252
748,564
0%
100%
-
Scope 2 GHG emissions (market‑based)
teqCO
555,813
629,053
-11%
100%
-
Scope 1 – Biogenic Scope 1 CO emissions from the
combustion or biodegradation of biomass
This indicator does not apply to Carrefour.
Scope 2 – Percentage and types of contractual
instruments for Scope 2 GHG emissions
This indicator does not apply to Carrefour.
Scope 2 – Percentage and types of contractual
instruments used for sale and purchase of bundled
energy attribute claims in relation to Scope 2 GHG
emissions
This indicator does not apply to Carrefour.
Scope 2 – Percentage and types of contractual
instruments used for sale and purchase of unbundled
energy attribute claims in relation to Scope 2 GHG
emissions
This indicator does not apply to Carrefour.
Scope 2 – Biogenic Scope 2 CO emissions from the
combustion or biodegradation of biomass
This indicator does not apply to Carrefour.
Reduction in Scope 1 & 2 GHG emissions vs. 2019 (in
CO eq., market‑based)
%
-48%
-38%
-10 pts
100%
WH
Reduction in Scope 1 GHG emissions vs. 2019 (in
CO eq., market‑based)
%
-48%
-38%
-10 pts
100%
WH
Reduction in Scope 2 GHG emissions vs. 2019 (in
CO eq., market‑based)
%
-48%
-38%
-10 pts
100%
Energy effi
fficiency of integrated stores
Total energy consumption
MWh
4,634,803
4,556,990
+2%
100%
-
Total fossil fuel energy consumption
MWh
1,444,142
New
-
100%
-
Total nuclear energy consumption
MWh
872,994
New
-
100%
-
- share of nuclear energy in total energy consumption
%
19%
New
-
100%
-
Energy intensity
kWh/sq.m.
450
459
-2%
100%
WH
Reduction in energy intensity vs. 2019
%
-15%
-21%
+6 pts
WH
Total emissions from energy consumption
teqCO
656,470
736,458
-11%
100%
-
- of which emissions from electricity consumption
(market‑based)
teqCO
555,813
629,053
-12%
100%
-
- of which emissions from heating oil consumption
teqCO
25,350
35,170
-28%
100%
-
- of which emissions from gas consumption
teqCO
75,308
72,135
+4%
100%
-
Intensity of emissions associated with energy
consumption
kg CO /sq.m.
63.7
73.9
-13%
100%
-
2
2
2
2
2
2
2
2
2
2
2
2
2
2
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SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
104
Metric
Unit
2024
2023
Change
Coverage rate
Exclusions
Renewable energy supply for integrated stores
Total renewable energy consumption
MWh
2,317,667
New
-
100%
-
- of which fuel consumption from renewable sources
MWh
0
0
0%
100%
-
- of which consumption of purchased or acquired
electricity, heat, steam, and cooling from renewable
sources
MWh
2,244,768
New
-
100%
-
- of which consumption of self‑generated non‑fuel
renewable energy
MWh
72,899
New
-
100%
-
- number of sites equipped with solar panels for
self‑consumption
Unit
188
New
-
100%
-
Proportion of renewable energy out of total energy
consumption
%
50%
New
-
100%
-
Energy
Fuel consumption from coal and coal products
MWh
0
New
-
100%
-
Consumption of crude oil and petroleum products
MWh
98,718
New
-
100%
-
Fuel consumption from natural gas and LPG
MWh
400,688
New
-
100%
-
Consumption of fuels from other fossil sources
MWh
0
New
-
100%
-
Consumption of purchased or acquired electricity,
heat, steam, or cooling from fossil sources
MWh
4,062,498
New
-
-
Percentage of fossil sources in total energy
consumption
%
31%
New
-
-
Production of non‑renewable energy
MWh
0
New
-
-
Renewable energy production
MWh
72,899
New
-
-
Use of refrigerants for integrated stores
Total emissions from refrigerants
teqCO
568,669
676,513
-16%
100%
-
Reduction in refrigerant emissions vs. 2019
%
-26%
-12%
-14 pts
100%
-
Emissions intensity from refrigerants
kgCO /sq.m.
47
68
-17%
100%
-
Consumption of CFC11 fluids
kg
0
0
0
100%
-
Consumption of HCFC fluids
kg
87,346
121,678
-28%
100%
-
Consumption of HFC fluids
kg
190,781
209,384
-9%
100%
-
Consumption of natural CO and HC fluids
kg
112,227
100,544
+12%
100%
-
Refrigerant consumption intensity (kg/1000)
kg/sq.m.
32
44
-26%
100%
-
Leakage rate
%
29
34
-5 pts
100%
-
Percentage of stores equipped with natural or hybrid
refrigeration systems
%
24
23
+1 pt
100%
-
2
2
2
1
4
7
2
5
8
3
6
9
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105
Table 8: Tracking key performance metrics for the "Reduce Scope 3 greenhouse gas emissions” management priority
Metric
Unit
2024
2023
Change
Coverage
rate
Exclusions
Scope 3 GHG emissions
Total Scope 3 GHG emissions
(tCO eq)
146,308,870
149,324,454
-2%
100%
-
Reduction in Scope 3 GHG emissions vs. 2019
(%
tCO eq)
7
9
-2 pts
100%
-
- of which Scope 3 GHG emission reduction
related to the use of sold products vs. 2019
(%
tCO eq)
-13
-11
-2 pts
100%
-
- of which reduction in downstream
transportation emissions vs. 2019
(%
tCO eq)
1
17
-16 pts
100%
-
Supplier engagement and farming practices
Number of suppliers committed to the Food
Transition Pact
No.
393
306
+28%
100%
-
Percentage of Top 100 suppliers committed to a
1.5°C pathway
%
53
44
+9 pts
100%
-
Number of partner producers
No.
52,024
46,013
+13%
100%
-
Percentage of fresh Carrefour Quality Lines
products committed to an agroecological
approach
%
34.4
28.4
+6%
95%
2024: AR
Percentage of sensitive raw materials covered by
an action plan
%
88
70
+17%
100%
Fuel and green mobility
Number of parking spaces equipped with
electric charging stations in France
No.
2,100
1,570
+34%
100%
Plant‑based alternatives
Sales from alternative plant‑based or legume
products
Millions
of euros
621
514
+21%
100%
Number of Carrefour Sensation‑brand (formerly
Carrefour Veggie) product references in
Europe:
No.
150
146
+3%
G6
AR, BR
Downstream transportation
Emissions related to downstream transportation
tCO eq.
340,897
393,175
-13%
100%
-
- of which downstream transportation emissions
– diesel
tCO eq.
320,333
264,926
+21%
100%
-
- of which emissions related to downstream
transportation – electricity
tCO eq.
145
4
+3,525%
100%
-
- of which emissions related to downstream
transportation – biofuel
tCO eq.
13,998
12,332
+14%
100%
-
Emissions intensity per pallet transported
tCO eq./
pallet
6.4
8.4
-24%
100%
-
Distance travelled
km
478,118,610
413,119,046
+16%
100%
-
2
2
2
2
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Sustainability Statement
106
Metric
Unit
2024
2023
Change
Coverage
rate
Exclusions
Other levers
Percentage of Carrefour‑brand product
packaging that is reusable, recyclable or
compostable
%
56
69
-13 pts
100%
-
Share of integrated recycled plastic in packaging
for Carrefour‑brand products
%
16
9
+7 pts
95%
AR
Reduction in the rate of food waste (kg/sq.m)
compared to 2016
%
-50
-36
-14 pts
100%
Percentage of store waste recovery
%
73
70
+3 pts
100%
GHG removals and GHG mitigation projects financed through
carbon credits [E1‑7]:
Carrefour does not use carbon credits to offset its GHG
emissions.
Internal carbon pricing [E1‑8]:
Carrefour no longer uses an internal carbon pricing system. This
type of system was used between 2017 and 2020 and helped the
Group determine the best available technologies that could be
deployed in all of its investment projects. Since 2020, the Group
Investment Committee has systematically analysed the climate
impact of projects by incorporating climate criteria into the
investment approval phase. A list has been drawn up of the
environmental criteria applicable to all new projects and major
renovations (e.g., low energy consumption, low emissions, etc.).
Carrefour uses these criteria in its investment decisions,
prioritising new store projects that comply with them. Projects
that are not compliant are encouraged to be changed so that
they become aligned with Carrefour's targets. By adopting this
method, the Group is sure that its investments are aligned with its
targets without having to systematically calculate a return on
investment that includes the price of carbon. In addition, the
Group's choices of technological solutions are regularly updated
by the technical teams and the Energy department.
COMMENTS ON PERFORMANCE
The Group’s Scope 1 & 2 GHG emissions decreased by 13% in
2024 compared with 2023. The reduction in Scope 1 & 2
emissions since 2019 is 48%. This brings the Group closer to its
target of a 50% reduction by 2030. Despite having increased the
scope of its emissions, Carrefour is therefore ahead of its CO
emission reduction trajectory. After the e‑commerce warehouses
in 2023, logistics warehouses were added in 2024. This
performance reflects the action plans implemented to ensure the
energy efficiency of stores, increase the share of renewable
energy, change refrigerants and reduce their leakage rate. In
addition, emission factors have changed favourably in some
countries.
Scope 3 CO emissions amounted to 146.3 million tonnes, vs.
149.3 million tonnes in 2023, a reduction of 3%. Note that the
calculation of the Scope 3 carbon footprint is now based on the
FLAG methodology, which increases emissions in relation to the
calculations of previous years.
This reduction is primarily due to the implementation of the
Group’s action plan to reduce food waste, to develop sales of
plant proteins and to reduce fuel‑related emissions.
Improvements in the methodologies used to calculate Scope 3
emissions are another factor. The Group has implemented a
system to measure the reliability of its Scope 3 emissions
calculations. Improvements in methodology and the accuracy of
the data used (data specific to the Group’s activity as opposed to
sector data) resulted in significant change in this measure in
2024.
As such, the Group is continuing the reduction in Scope 3
emissions that has been underway since 2023. In line with the
planned trajectory, this reduction, underway since 2022, should
offset the emissions resulting from the Group’s organic growth
between 2019 and 2022. This offsetting is planned from 2026 to
achieve the targets set for 2030.
Finally,
the
Group’s
carbon
intensity
across
all
scopes
(greenhouse gas emissions in gCO per euro of net sales) fell by
5% between 2023 and 2024, from 1.8 ktCO /€m to 1.7 ktCO /€m,
continuing the 10% reduction since 2019 and decoupling the
Group’s activities from their contribution to climate change.
Concerning the emission factors used to calculate the carbon
footprint:
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 metrics concerned are energy,
refrigerants and logistics. BUs may also use specific national
metrics.
Electricity: to calculate the CO emission equivalent caused by
the consumption of electrical energy, the emission factor from
the local energy supplier is ideally used (market‑based method).
In the absence of such a value, a default value is used that is
based on the most recent data provided by:
Concerning Scopes 1 & 2:
■
2
Concerning Scope 3:
■
2
2
2
2
2
2
the AIB’s European residual mix for European countries
(France, Belgium, Italy, Poland);
■
the Ministry of Science, Technology and Innovation of Brazil
for Brazil;
■
1
4
7
2
5
8
3
6
9
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Sustainability Statement
107
Natural gas, LPG and fuel: to calculate the CO
emission
equivalent caused by the consumption of natural gas, LPG and
fuel, the emission factors provided by DEFRA – UK Government
GHG Conversion Factors for Company Reporting are used:
Refrigerants: to calculate the CO emission equivalent caused by
the consumption of refrigerants, the global warming potential of
the refrigerants (GWP 100 years) is used, which is published in
the fifth evaluative report of the 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.
The methodology used to estimate Scope 3 emissions is shown in the table below:
Table 7: Methodology used for estimating Scope 3 emissions
Scope 3 categories
Calculation methodology
Details of scope
Purchases of goods and
services
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 (€) for 53 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 are 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.
It does not include products sold by international
partners, which represent 17% of sales areas under
Group banners worldwide.
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.
the report on climate transparency, based on CAMMESA data,
for Argentina.
■
2
2
2
2
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Scope 3 categories
Calculation methodology
Details of scope
Inbound transport
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.
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.
Waste generated during
operations
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).
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.
Employee commuting
Emissions are calculated using the number of
employees worldwide combined with an INSEE
emission factor for commuting.
Franchises not applicable.
Business travel
Emissions are provided by the agency responsible
for business travel in France. These emissions are
then extrapolated to the global scope via sales.
Business
travel
for
franchised
stores
and
international partners is not included.
Downstream
transportation
These data are calculated by means of operational
reporting carried out in all of the Group’s countries.
Outbound transport data are 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.
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.
Use of products sold –
Fuels
Emissions are calculated for France by multiplying
the volumes sold by fuel type by the Release for
Consumption and TIRUERT declaration emission
factors specific to each fuel type. Emissions are then
extrapolated to the global level via sales per country
per fuel type.
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.
Use of products sold –
Other
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
it
possible
to
calculate total consumption over the lifespan. This
consumption is linked to ADEME emission factors
for energy consumption.
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.
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
SUSTAINABILITY STATEMENT AND DUTY OF CARE PLAN
Sustainability Statement
109
Scope 3 categories
Calculation methodology
Details of scope
End of life of products
sold
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.
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.
Downstream leasing
Emissions are calculated on the basis of the surface
area leased by Carrefour combined with the Group’s
Scopes 1 & 2 on the square metres occupied by the
Group.
Franchises not applicable.
Franchises
Emissions are calculated by cross‑referencing the
franchised surface area, the non‑franchised surface
area and the Group’s Scope 1 & 2 emissions.
Scope 1 & 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.
Investments
Emissions are calculated using Carrefour Life
Insurance, Carma Assurance and personal loans
France & Worldwide data to which an ADEME
monetary emissions factor is applied.
Franchises not applicable.
2.1.2.1.4
2.1.2.1.4.1
2.1.2.1.4.2
Adapting sites to climate change
Policies and targets
Policies related to climate change adaptation [E1‑2]
Faced with the effects of climate change, Carrefour aims to
ensure the safety of people (customers, employees and service
providers) and improve the resilience of its sites. Its main
objectives are to ensure business continuity and to make
infrastructure sustainable and resistant to climate hazards, while
minimising the Group’s environmental footprint.
Climate change poses physical risks (acute or chronic) to assets,
with direct or indirect financial impacts. Financial performance
may be affected by business interruption, supply chain disruption
or significant repair costs.
We have launched a four‑phase climate risk adaptation plan to
identify, analyse and effectively protect sites against climate risks.
The four phases are:
Targets related to climate change adaptation [E1‑4]
A target relating to the adaptation of sites to climate change is
currently being defined.
Metrics and performance
Metrics relating to the adaptation of sites to climate change are
currently being defined.
Identifying and assessing climate risks,
■
Identifying and hierarchising risks and sites,
■
Drawing up a roadmap comprising action plans and related
budgets,
■
Implementing, reporting on and tracking the action plans.
■
2
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2.1.2.1.4.3
2.1.2.1.5
2.1.2.1.5.1
Actions and resources in relation to climate
change policies [E1‑3]
In 2023, Carrefour set up an internal working group on the
adaptation of its sites to climate change, under the aegis of the
Group Risk Committee, with the aim of mobilising the entire
organisation to meet this challenge and taking practical action to
prevent the effects of climate change across the Group’s various
geographies. This working group involves both the Group and
the entities, and is based on cross‑functional collaboration,
mainly
between
the
CSR,
Insurance,
Risk
and
Safety
Departments.
In 2023, an independent expert was commissioned to measure
the climate risks affecting the Group’s sites (integrated and
franchised), warehouses and headquarters in the eight countries
in which the Group operates directly. This external study, based
on climate models, was carried out in accordance with current
requirements, particularly in terms of time horizons and climate
scenarios. It assessed the exposure of the sites to eight climate
risks (see list below), based on three IPCC climate scenarios (RCP
2.6, 4.5 and 8.5) and over four time horizons (current, 2030, 2050
and 2100). These four time horizons were chosen because they
allow a holistic and proactive approach to climate risks,
integrating
both
immediate
challenges
and
long‑term
perspectives to maintain the resilience of the Group’s business
model. The eight climate risks analysed are marine submersion,
heavy precipitation, river flooding, heat wave, fire, drought,
winter storm and hailstorm (the latter two are only analysed over
a current time horizon).
In addition, landslide and clay shrink‑swell hazards depend on
several complex factors (soil type, humidity variability, human
activities, etc.) and need to be studied at the local level. They
were therefore not included in the study carried out in 2023,
which is based on a global statistical model. The aim is to
eventually include these two hazards in our analysis.
This study is a first step towards a more detailed understanding of
these risks, and as such towards more effective adaptation. It will
soon be complemented by:
Based on this study, the different stages of work currently
underway to adapt sites to climate change are as follows:
Adapting products and supply chains
to climate change
Policies and targets
Policies related to climate change adaptation [E1‑2]
Carrefour is working to adapt its products and supply chains to
the impacts of climate change in order to ensure the
sustainability and resilience of its offerings and its sourcing
systems. The first step in the adaptation plan for supply chains is
analysing the vulnerabilities of suppliers and geographical areas
to estimate the potential impact of extreme events (droughts,
storms, shortages), and the second step is taking action to
prevent and minimise the effects of climate change.
an analysis of the sensitivity of assets to climate risks;
■
prioritisation supplemented by financial criteria (e.g., sales).
■
analysing on a country‑by‑country basis the results of the study
of the external climate risks, which have been communicated
to the Group's entities in order to round out existing local
knowledge. This analysis has now been completed and the
main climate risks by country have been identified, as well as
the sites concerned;
■
identifying at‑risk sites by country and hierarchising them
based on various criteria (e.g., exposure score, claims
experience, human aspects and financial aspects).;Preparing
and carrying out short-, medium- and long‑term action plans,
drawing on best practices in the Group's countries and backed
by external expertise. Actions can be broken down as follows:
■
additional analyses (e.g., vulnerability studies), formalisation of
procedures
(e.g.,
reflex
sheets),
employee
training
or
renovation and refurbishment work;
monitoring deployment of the adaptation actions taken by the
Group's entities in accordance with the roadmap and
presenting them to the Group's governance bodies to be
harmonised and adapted if necessary.
■
Analysis of climate risks within supply chains: in partnership
with NGOs, the Group continuously monitors raw materials
that give rise to environmental and social risks. Among the risks
studied, global warming has been identified as one of the main
issues. Based on a materiality assessment, Carrefour prioritises
raw materials classified as “risk‑linked raw materials”, with
several objectives and action plans already in place for some of
them (for further details see Section 2.1.2.4.3 of this document,
Biodiversity and ecosystems, E4). To refine its analysis further,
Carrefour launched a review of its mapping of sensitive raw
materials in 2024. Based on the Group’s double materiality
assessment, Carrefour compared the material matters related
to supply with the raw materials marketed by the Group. This
work enabled the Group’s sensitive supplies to be relisted in
the light of the overall results of the double materiality
assessment, particularly in relation to the challenges of climate
change adaptation. Prioritisation was then carried out to select
15 high‑risk raw materials on which the Group will focus its
efforts. The next steps will be to develop and validate
roadmaps and action scenarios to reduce the risks and impacts
of these raw materials, and to quantify their contribution to the
Group’s climate and biodiversity objectives. The long‑term goal
is to define policies for these 15 priority raw materials, with
targets and monitoring metrics that will be integrated into the
Group’s purchasing rules.
■
Sustainable farming practices: the Group is aiming to
transform its sourcing practices and product range to make
them resilient in the face of climate challenges by supporting
the adoption of more sustainable farming practices, such as
agroecology and organic farming (for further details see
Section 2.1.2.2.2 of this report, Pollution, E2), and by narrowing
the carbon footprint of the production and transportation
chains (see Section 2.1.2.1.2 Reducing Scope 3 greenhouse gas
emissions).
■
1
4
7
2
5
8
3
6
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Targets related to climate change adaptation [E1‑4]
Table 10: Targets for adapting products and supply chains to climate change
Target
Unit Target value
Target year
Scope
Baseline
value
Baseline
year
Risk‑linked raw materials
Targets for risk‑linked raw materials are detailed in Section 2.1.2.2.2.1 (Pollution E2) of this report.
Sustainable farming practices
The targets for sustainable farming practices are detailed in Section 2.1.2.2.2 (Pollution, E2) of this report.
Sustainable partnerships with suppliers
Number of partner producers
No.
50,000
2026
Group
37,758
2022
2.1.2.1.5.2
Metrics and performance
Table 11: Tracking key performance metrics for adapting products and supply chains to climate change
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Risk‑linked raw materials
The metrics for risk‑linked raw materials are detailed in Section 2.1.2.4.3 of this document (Pollution, E2).
Sustainable farming practices
The metrics for sustainable farming practices are detailed in Section 2.1.2.2.2 of this document (Pollution, E2).
Sustainable partnerships with suppliers
Number of partner producers
No.
52,024
46,013
+13%
50,000
in 2026
100%
-
2.1.2.1.5.3
COMMENTS ON PERFORMANCE
The target of reaching 50,000 partner producers by 2026 was
exceeded in 2024 with 52,024 partners (+13% vs. 2023). In 2024,
the number of organic partner producers increased significantly
(+39%), as did the number of partner producers involved in
another collective approach (+3,341).
Action plans
Actions and resources in relation to climate change policies
[E1‑3]
Analysis of climate risks within supply chains
Working in cooperation or consultation with stakeholder NGOs,
the Group monitors raw materials that give rise to social and
environmental risks. Seven risks are taken into consideration
when analysing climate risks within supply chains, including the
risk of contributing to and/or being vulnerable to global warming,
as well as risks related to deforestation, land use and the impact
on biodiversity, water consumption and local pollution (soil, air,
water), human rights and working conditions, adequate wages,
and consumer health and safety. The raw materials that need to
be prioritised are selected based on a materiality assessment. An
action plan has been drawn up which currently covers around
ten raw materials that are associated with environmental risks
(see Section 3. Low‑carbon consumption). The Group's overall
approach is to jointly develop action plans with suppliers to
promote lower‑impact agri‑environmental measures and find
alternative raw materials that are less sensitive to climate risks,
while avoiding shifting supply pressures onto those raw materials.
Sustainable partnerships with suppliers: Carrefour is also
committed to working closely with its suppliers to develop
lower‑impact production solutions along the value chain. It is
building the resilience of its supply chains by fostering
■
long‑term relationships with its suppliers. The aim is to have
50,000 partner producers by 2026 in the organic farming and
Carrefour Quality Lines sectors (for further details see Section
2.1.2.2.2 of this document).
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2.1.2.2
2.1.2.2.1
2.1.2.2.1.1
Sustainable farming practices
Carrefour is developing sustainable farming practices, such as
agroecology and organic agriculture, within its supply chains. For
further details see Section 2.1.2.2.2 (Pollution, E2).
Additionally, working in partnership with producers and suppliers,
the Group encourages local initiatives designed to adapt
products to climate change. An example of this is the Cap'2ER
automated audit tool set up by Carrefour France in its beef
supply chains for Carrefour Quality Lines, which enables farmers
to assess the environmental performance of their activity. This
audit measures carbon footprint, consumption of natural
resources and other key metrics, enabling producers to gain a
better understanding of the environmental impact of their
practices and identify areas for improvement. By supporting
initiatives such as Cap'2ER, Carrefour France is promoting
practical actions adapted to local realities, thereby encouraging a
transition towards more sustainable and resilient farming
practices.
Sustainable partnerships with suppliers
Carrefour has put in place several actions to support local
producers and small and medium‑sized business, as well as
measures that promote sustainable farming practices. These
measures and initiatives are directly linked to the process of
adapting supply chains to climate change, and are mainly
focused on the following actions:
The Group contributes to the dynamics of the ecosystems and
regions in which it operates. Each store has the autonomy it
needs to adapt its product mix and services portfolio to local
needs. By working with 46,013 partner producers (organic farms,
Carrefour Quality Lines, regional and local producers) and setting
a target of increasing this number to 50,000 producers by 2026,
Carrefour is encouraging the diversification of this source of
supply. This strategy reduces the risks associated with climate
events and business disruption within specific geographical
areas.
Carrefour is reinforcing its partnerships with local businesses,
particularly VSEs and SMEs, by creating tailored action plans and
credit solutions via Finifac. Each Group country has put in place
specific communication processes and contracts to support
these collaborative working relationships. For example, in France,
we have set up a simplified ultra‑local contract for such
partnerships that guarantees fair prices, secure volumes and
faster payments. In 2024, Carrefour signed 855 ultra‑local
contracts with French producers, and at the same time
lengthened the time period of multi‑year agreements in order to
offer greater security to its partners. By offering multi‑year
partnerships to local producers and VSEs/SMEs, Carrefour is
giving these players financial and operational security. As a result
of these commitments given by the Group, producers can invest
in farming practices that are more resilient to climate risks, such
as agroecology and organic farming, which in turn makes the
Group's supply chains more robust.
Pollution (ESRS E2)
Issues relevant to the Carrefour group
Context and imperatives
Amid growing global awareness of environmental issues,
businesses have a key role to play in the transition to more
sustainable
practices.
Retail
banners
face
the
following
challenges related to pollution:
Aware of the environmental challenges posed by pollution,
Carrefour has positioned itself as a committed player in
environmental protection, by acting both on its own operations
(see Section 2.1.2.2.3 “Reducing pollution from fuel sales”) and
throughout its value chain alongside its partners (see Section
2.1.2.2.2 “Reducing pollution from products sold”).
Carrefour's policies and action plans are having a positive impact
on several types of pollution: the table below shows the different
types of pollution that are being addressed for each focus area in
Carrefour's sustainability strategy. In addition, as the issue of
pollution cuts across the topics of climate, biodiversity and the
circular economy, certain policies, together with their action
plans, are described in the corresponding sections.
Diversifying and securing sources of supply
■
Supply chain resilience
■
Pollution of air: fuel sold at service stations and the transport of
goods, which are essential for supplying multiple points of sale,
contribute to harmful emissions released into the air;
■
Pollution of water: food production consumes around 70% of
the world’s freshwater
. and the use of pesticides and
fertilisers involved in this agricultural activity also contributes to
water pollution;
■
(1)
Pollution of soil: Soil is being degraded by the use of chemicals
in certain farming practices, leading to reduced fertility and
increased erosion;
■
Pollution of living organisms: substances of concern and
microplastics have a direct impact on the health of living
organisms.
■
Report of the United Nations Food and Agriculture Organisation (FAO).
(1)
1
4
7
2
5
8
3
6
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STRATEGIC AREAS
SECTION OF
THE SUSTAINABILITY
REPORT
AIR
WATERLAND LIVING
ORGANISMS
SUBSTANCES OF
CONCERN AND
SUBSTANCES
OF VERY HIGH
CONCERN
MICROPLASTICS
Protecting biodiversity
for the supply of
sensitive raw materials
2.1.2.4 Biodiversity and
ecosystems (ESRS E4)
X
X
X
X
Supporting the transition
to sustainable
agriculture
2.1.2.2 Pollution (ESRS
E2)
X
X
X
X
X
Guaranteeing
responsible water
consumption
2.1.2.3 Aquatic
resources and
ecosystems (ESRS E3)
X
X
Limiting the
environmental impact of
our sites
2.1.2.5 The circular
economy (ESRS E5)
X
X
Circular economy
2.1.2.5 The circular
economy (ESRS E5)
X
X
X
Climate
2.1.2.1 Climate change
(ESRS E1)
X
X
X
2.1.2.2.1.2 Impacts, risks and opportunities
All the IROs are presented in the Table below. The process for identifying the IROs is described in Section 2.1.1 General disclosures.
Table 1: List of material impacts, risks and opportunities related to air, soil and water pollution, as well as substances of concern
and microplastics
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Reducing
pollution
associated with
products sold
Limiting the
release of
microplastics into
the environment
Emissions of
microplastics into
nature upstream
and downstream
in the value chain
Microplastics from production
processes are dispersed into the
environment at various stages of
the value chain, such as farming
and upstream transport, or the wear
and tear of products such as textiles
downstream, and can harm both
human health and the environment.
Impact
Upstream
Downstream
Long term
Reducing
pollution
associated with
products sold
Limiting the
release of
microplastics into
the environment
Risks relating to
compliance and
the Group’s
image in the
event of the
release of
microplastics
Failure to comply with regulations
on plastic packaging, such as
France’s anti‑waste law for a circular
economy (AGEC) or the PPWR,
could expose the Group to fines,
compliance costs and the risk of
public condemnation. In addition,
pollution from packaging litter and
the release of microplastics could
lead to legal action, thereby
damaging the Group’s image.
Risk
Upstream
Downstream
Medium
term
Reducing
pollution
associated with
products sold
Promoting and
developing
sustainable
agriculture
Protecting the
environment for
sensitive textile
materials
Pollution of
water, air, soil
and living
organisms
throughout the
value chain
Pollution of air, water and soil from
upstream activities (farming,
processing, transport) or
downstream activities (misuse, poor
end‑of‑life management of
products and packaging) can have
chronic effects on human health
and the environment. These
pollutants can damage natural
habitats, agricultural soils and food
resources.
Impact
Upstream
Downstream
Medium
and long
term
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Reducing
pollution
associated with
products sold
Reducing
pollution
associated with
products sold
Increased
environmental
compliance costs
for suppliers and
for transport
Switching suppliers to equipment
that complies with air pollution
regulations, as well as adapting to
quotas and regulations on road
transport and large imports, may
require significant investment. This
could lead to increases in
production and transport costs,
with a direct impact on purchasing
prices for the Group.
Risk
Upstream
Medium
term
Reducing
pollution
associated with
products sold
Reducing
consumer
exposure to
substances of
concern
Health and
environmental
impacts of
substances of
concern in the
value chain
The release of substances of
concern into the environment
through agriculture, industrial
processes or the use and end‑of‑life
of products containing them can
have chronic effects on human
health and the environment.
Impact
Upstream
Downstream
Long term
Reducing
pollution
associated with
fuel sales
Reducing
pollution
associated with
fuel sales
Pollution of air,
water and soil
associated with
fuel sales
Leaking storage tanks at service
stations or the combustion of fossil
fuels resulting from the use of fuels
sold to consumers can lead to local
pollution of air, water and soil,
posing risks to public health and
ecosystems.
Impact
Operations
Downstream
Short term
Reducing
pollution
associated with
fuel sales
Reducing
pollution
associated with
fuel sales
Pollution of
water and soil at
service stations
The Group may be held liable for
pollution of water and soil at its
service stations, resulting in the
payment of fines, damage to the
Group’s reputation and the inability
to operate at these sites.
Risk
Operations
Short term
2.1.2.2.1.3
Stakeholders, standards and regulations
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE
EXAMPLES OF
STAKEHOLDERS
SECTIONS CONCERNED
Suppliers
Cooperation with and
commitment to the
Group's transition
Working group
Food Transition Pact
Reducing pollution
associated with products
sold
Non‑profits and
NGOs
Cooperation with and
commitment to the
Group's transition
Regular one‑to‑one
dialogue
WWF
Reducing pollution
associated with products
sold
Suppliers
Cooperation with and
commitment to the
Group's transition
Talks and ad hoc
consultations
CIRAD, FQC suppliers
Reducing pollution
associated with products
sold
Suppliers
Roll‑out of in‑the‑field
projects
Regular one‑to‑one
dialogue
Top 100 international
suppliers, own‑brand and
national‑brand suppliers
(via charters, contracts and
specifications)
Reducing pollution
associated with products
sold
1
4
7
2
5
8
3
6
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115
2.2.2.2.1.4
2.1.2.2.2
2.1.2.2.2.1
STANDARDS AND REGULATIONS
Pollution standards and regulations applicable to products
sold by the Group
Standards and regulations for pollution associated with the
sale of fuel at service stations
Corporate governance
The implementation of the policies described in this section is
overseen at the highest level by the Group's Engagement
Director and Merchandise Director, in cooperation with the
relevant departments within the Group. Information on general
CSR governance is provided in Section 2.1.1 General disclosures.
Reducing pollution associated with
products sold
Policies and targets
POLICIES RELATED TO POLLUTION [E2‑1]
Carrefour aims to limit and reduce emissions and harmful and
polluting substances across its value chain. To achieve this, the
Group is developing and promoting more responsible and
environmentally friendly production methods and products,
aimed at preserving the quality of air, water and soil. Carrefour’s
strategy to reduce its impact on pollution is based on four main
focus areas:
1. Promoting sustainable agriculture
Food has a major impact on the environment. The food transition
involves
conversion
to
organic,
agroecological
or
soil
conservation farming. Sustainable agricultural practices, such as
organic farming and agroecology, help to reduce pollutants in
the air and water (such as nitrates, phosphates, glyphosates, etc.)
by drawing on the inherent benefits of ecosystems and
biodiversity to lessen or even eliminate synthetic chemical
fertilisers. They protect soil from degradation by promoting soil
cover through biodiversity, and improve water infiltration into the
soil as well as its natural fertility. Carrefour aims to develop and
promote these practices. With its organic production chains and
CQL, Carrefour is promoting a sustainable agricultural transition
through fairer terms with suppliers and by developing and
showcasing a responsible product offering.
The Group's organic farming policy complies with European and
French national legal standards for organic certification, but
Carrefour
exceeds
these
requirements
by
implementing
additional initiatives to promote sustainability and support
producers. These initiatives are detailed in this chapter in Section
2.1.2.2.2.2.3 Actions and resources related to pollution.
2. Protecting the environment for sensitive textile materials
Certain raw materials, such as cotton, wool and viscose, have
been classified as 'sensitive' by the Company and are given
focused attention. For these raw materials, Carrefour has defined
a responsible TEX policy which aims to reduce the environmental
impact of Carrefour TEX brand products while supporting fair pay
for producers and ensuring compliance with the strictest social
and environmental standards.
The following standards are recognised by the Group as
sustainable agriculture: Organic Farming (French and EU
regulations), Carrefour Quality Lines (Carrefour internal
standards co‑developed with producers), High Environmental
Value option A (French regulation), Eco Responsible Orchards,
Zero Pesticide Residues (a Collectif Nouveaux Champs
initiative), Terra Vitis (wine labels). The implementation of these
standards will result in a tangible reduction in pollutant
emissions into water and soil, and in impacts on living
organisms.
■
The following standards are recognised by the Group as
sustainable textiles: Global Organic Textile Standard (GOTS) for
organic products, Global Recycled Standard (GRS) for recycled
materials, Leather Working Group (LWG) for leather and
Responsible Wool Standard (RWS) for sustainable wool. The
implementation of these standards will result in a tangible
reduction in pollutant emissions into water and soil, and in
impacts on living organisms.
■
In terms of reducing plastics, the Group adheres to the
approach initiated by the Ellen Macarthur Foundation as part of
the Global Commitment on plastics. Carrefour produces
reports in accordance with the guidelines drawn up by the
foundation. This approach is also rolled out nationwide
through the National Pact on Plastic Packaging in France. In
terms of recyclability, the Group complies with the Golden
Design Rules of the Consumer Goods Forum (CGF) The Group
is working with national environmental organisations to ensure
that its packaging is recyclable. Implementing the Global
Commitment on plastics is a practical way to reduce emissions
of plastic pollutants into water and soil and their impact on
living organisms.
■
Carrefour follows various regulations to limit the impact of
hazardous substances in its non‑food products. These include
the Registration, Evaluation, Authorisation, and Restriction of
Chemicals (REACH), Restriction of Hazardous Substances
(ROHS) and Persistent Organic Pollutants (POP) regulations.
■
Carrefour France applies categories 1435 and 4734 of the
nomenclature for Installations Classified for the Protection of
the Environment (ICPEs) to secure fuel‑related facilities and
prevent the risks of fire, explosion and pollution.
■
Carrefour France also applies Articles L. 511‑1, L. 512‑7 to L.
512‑21, R. 512‑46‑1 et seq. (Registration), R. 512‑47 et seq.
(Declaration) of the French Environmental Code (Code de
l’environnement) relating to ICPEs, in order to prevent facilities’
environmental impacts.
■
Cotton textiles: Carrefour is committed to ensuring that half of
TEX cotton products are sourced from organic farming by
2027. This initiative aims to encourage environmentally‑friendly
farming practices, through reducing the use of chemicals and
preserving soil quality.
●
Wool textiles: Carrefour is committed to ensuring that, by
2025, all TEX wool products are sourced from traceable quality
production chains that guarantee not only animal welfare but
also farming practices that preserve soil. This approach helps to
combat soil desertification while ensuring the full traceability of
the production chain.
●
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3. Limiting the release of microplastics into the environment
Carrefour has identified the following sources of microplastics:
To reduce the emission of microplastics, Carrefour has defined a
policy to reduce the use of plastics in the packaging of its
own‑brand products. This policy is detailed in Section 2.1.2.5 The
circular economy (ESRS E5). For marginal sources, Carrefour
ensures compliance with existing regulations. As a result,
products containing microplastics sold by Carrefour in Europe
(own and national brands), including detergents and cosmetics,
comply strictly with the legal requirements. The few products still
containing micro‑encapsulated fragrances, such as liquid
detergents and fabric softeners, will be biodegradable by 2026 at
the latest.
4. Reducing consumer exposure to substances of concern
To reduce exposure to substances of concern, Carrefour is
committed to improving the composition of the products it sells
under its own brands in Europe. For non‑food, household,
perfume and hygiene products in particular, as well as for
packaging in Europe, the Group asks its suppliers to replace
substances of very high concern
(SVHC), as well as certain
substances of concern (CMR 1A and 1B) wherever technically
possible.
Carrefour communicates its requirements to suppliers right from
the tendering process. These requirements are then reinforced
through official documents, such as the annually distributed
Textile Charter, which sets compliance standards for textiles, or
the Chemical Compliance Declaration, applied in Europe, and
sent regularly to suppliers in the small household goods and
home equipment (household appliances, cultural and leisure
products) sectors. These documents formalise the distributor's
expectations in terms of chemical safety, while at the same time
providing a framework and encouraging suppliers to replace
high‑risk substances.
Reducing workers’ exposure to substances of concern
The corresponding objectives and action plans are set out in the
following sections:
Reducing the impact associated with the use and end‑of‑life of
products marketed by the Group
To reduce the impacts associated with the use and end‑of‑life of
the products it markets, the Group strictly complies with
applicable
regulations
on
consumer
information
and
supplements these obligations with voluntary information.
Mandatory information includes product composition, hazard
warnings associated with the various products, information on
the correct use of the products and instructions to ensure the
correct management of product and packaging waste.
The Group also complies with the extended producer
responsibility obligations in Europe and contributes to the
establishment of waste management systems in all the regions in
which it operates, so that waste arising from the use of the
products it markets and their packaging can be properly
managed. For more details on packaging, see Section E5. Circular
economy, of this chapter.
Reducing the risks and impacts associated with pollution of air by
suppliers
The Group helps its suppliers of Carrefour‑brand non‑food
products to ensure that their production sites comply with
environmental regulations. Non‑food products represent the
most significant risks for the Group because of where they are
produced and how they are manufactured. The monitoring of
non‑food suppliers for environmental compliance covers
products selected by the Group’s Global Sourcing teams. It helps
to reduce water and air pollution and impacts related to waste
management.
Wood fibre textiles (viscose): since 2023, Carrefour has been
committed to ensuring that all TEX viscose products made
from wood fibre are sourced from sustainably managed, Forest
Stewardship Council (FSC) certified forests. This initiative aims
to ensure that the raw materials used come from responsible
sources, thereby helping to preserve forest ecosystems and
promote sustainable forest management practices.
●
Main source: Fragmentation of plastic packaging. The plastic
packaging used for food products, household items and other
goods sold by Carrefour can degrade into microplastics over
time.
■
Marginal sources:
■
Marketing
of
products
whose
use
can
generate
microplastics. Carrefour sells textile products (clothing,
household linen). The fibres used to manufacture the
Group's own‑brand textile products are cotton‑based.
However, some products (around 30%) may be made from
so‑called synthetic, plastic fibres. During washing and use,
microplastics can become detached and pass into the
washing machine wastewater if they are not properly filtered.
This is considered a marginal source.
■
Marketing of products containing microplastics. Certain
hygiene, beauty and cleaning products sold by Carrefour
may contain microplastics. The presence of microplastics in
substances and mixtures is regulated by Regulation (EU)
2023/2055, amending Regulation (EU) 1907/2006 (REACH)
according to a timetable running from October 2023 to
October 2035.
■
(1)
Sustainable agriculture in this section;
■
Protecting the environment for sensitive textile materials in this
section;
■
2.1.3.2.2.3 Action plans for Section 2.1.3.2 Workers in the value
chain (ESRS S2);
■
ESRS E2. Pollution.
■
Substances of very high concern (SVHC) include CMRs (carcinogenic, mutagenic, reprotoxic), PBTs (persistent, bioaccumulative, toxic), vPvBs (very
persistent and very bioaccumulative) and endocrine disruptors.
(1)
1
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7
2
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TARGETS RELATED TO POLLUTION [E2‑3]
Table 2: Reducing pollution associated with products sold
To set its targets for sustainable agriculture and sensitive textile raw materials, Carrefour has rigorously selected standards that address
the impacts, risks and opportunities identified by the Group. Carrefour also relies on internal standards agreed upon with stakeholders
to meet the Group’s challenges: Carrefour consulted its stakeholders (experts, NGOs, farmers) to develop its agroecology standards.
Finally, the targets are designed to be sufficiently ambitious to transform the market, while taking into account current maturity levels in
the various sectors. Carrefour’s targets are demanding.
Target
Target value
Target year
Baseline value
Baseline year
Promoting sustainable consumption and agriculture
Sales of certified sustainable products
8 billion euros
2026
5.3
2023
Number of partner producers
50,000
2026
37,758
2022
Percentage of sales of fresh food products sourced from organic or
agroecological farmers
15%
2025
-
2019
Percentage of Carrefour Quality Lines products committed to an
agroecological approach
100%
2025
726
2019
Protecting the environment for sensitive textile materials
Percentage of natural textile raw materials which comply with our
responsible TEX policy (cotton, wood fibres, wool)
100%
2025
42%
2021
Cotton: percentage of TEX products made from organic cotton and
whose producers are paid fairly
50%
2027
18%
2021
Wood fibre: percentage of viscose TEX products made from wood
fibre sourced from sustainably managed, FSC (Forest Stewardship
Council) certified forests
100%
Permanent
-
-
Wool: percentage of wool TEX products sourced from traceable
quality production chains that guarantee animal welfare and prevent
desertification
100%
2025
-
-
Limiting the release of microplastics into the environment
The targets for reduced use of plastics are detailed in Section 2.1.2.5.1 Policies and targets related to ESRS E3 Circular economy
(2.1.2.5).
Regarding substances of concern, Carrefour will continue to monitor changes in the regulatory framework and best practices in the
sector in order to adapt its actions progressively and to explore opportunities that could enhance its commitments in the future.
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2.1.2.2.2.2 Metrics and performance
Table 3: Monitoring key performance metrics to reduce pollution associated with products sold
Topic
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Promoting
responsible
consumption
Sales of certifified sustainable products
€bn
6.2
5.3
+18.2%
€8bn
by 2026
100%
-
of which sales of organic products
€bn
2.5
2.5
-
-
100%
-
Gross sales of Carrefour Quality Lines
products
€bn
1.1
1.1
-
-
100%
-
of which sales of products that comply
with our sustainable forestry policy
€bn
1.6
0.9
+83.3%
-
100%
-
of which sales of products that comply
with our sustainable fishing policy –
excluding organic and Carrefour Quality
Lines
€bn
0.8
0.7
+9.6%
-
100%
-
of which sales of products with other
environmental certifications
€bn
0.3
0.1
+33.2%
-
79%
BR
Promoting
sustainable
agriculture
Percentage of sales of fresh food
products sourced from organic or
agroecological farmers
%
6.7
6.5
+0.1 pt
15%
by 2025
95%
AR
Percentage of sales of products sourced
from organic farmers
%
5.9
10.9
-5 pts
-
94%
AR & ES
National
Brand
Number of Carrefour‑brand organic
product references
No.
1,100
1,163
-5 pts
-
100%
France
Percentage of fresh Carrefour Quality
Lines products committed to an
agroecological approach
%
34.3
28.4
+6 pts
100%
by 2025
95%
AR
Market penetration rate of Carrefour
Quality Lines in fresh produce
%
7
7
-
-
95%
AR
Number of partner producers
No.
50,024
46,013
+13%
50,000
in 2026
100%
-
of which number of organic farming
producers (supported through
sector‑based contractual arrangements)
No.
6,947
4,997
+39%
-
100%
of which Carrefour Quality Lines partner
producers
No.
16,608
16,872
-2%
-
100%
-
of which regional or ultra‑local partner
producers
No.
12,340
11,838
+4%
-
100%
-
of which producers who are partners in
other collective initiatives
No.
16,129
12,306
+31%
-
100%
-
(1)
Sustainable agriculture includes practices such as agroecology, organic farming, permaculture and agroforestry to ensure resilient farming in the
face of climatic and social challenges.
(1)
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Topic
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Protecting the
environment
for sensitive
textile materials
Percentage of natural textile raw materials
which comply with our responsible TEX
policy (cotton, wood fibres, wool)
%
75.5
52.3
+23.3
pts
100%
by 2025
100%
-
%
36.2
20.6
+16 pts
50%
by 2027
100%
-
%
97
96.3
+0.7 pts
100%
100%
-
%
61.8
58.7
+3.1 pts
100% by
2027
100%
-
Limiting the
release of
microplastics
into the
environment
See details of metrics relating to the reduction of plastic in Section 2.1.2.5.5.2 Metrics and performance under
Section 2.1.2.5 The circular economy
2.1.2.2.2.3
COMMENTS ON PERFORMANCE
Carrefour increased its sales of certified sustainable products
from 5.3 billion euros in 2023 to 6.2 billion euros in 2024 (18.2%).
A notable factor behind this increase was the work done to
better identify and promote certified sustainable national brand
products in France. In 2024, Carrefour also recognised new
standards guaranteeing a responsible approach (e.g., Label
Rouge, Bleu Blanc Coeur). Sales of organic products decreased
by 1.5%, in line with the organic food market in France.
The target of reaching 50,000 partner producers by 2026 was
exceeded in 2024 with 52,024 partners (13% vs. 2023). In 2024,
the number of organic partner producers increased significantly
(39%), as did the number of partner producers involved in
another collective approach (3,341).
Actions and resources related to pollution
[E2‑2]
The details of the action plans to achieve each of the objectives
defined above are described below:
DEVELOPING A RANGE OF AFFORDABLE
ORGANIC PRODUCTS
Developing organic production and supporting producers
Carrefour actively supports the development of organic
production chains in France for its own brands by forging solid
partnerships with producers. A dedicated team works to secure
relationships with producers through three‑year contracts,
guaranteeing a stable volume and factoring in production
requirements. Carrefour also works on the ground with local
farming organisations to develop organic supply chains. In 2024,
Carrefour strengthened its links by joining seven of the eight
regional organic trade associations in France. In the same year,
Carrefour worked with 6,947 organic producers, contributing to
an increase of 39% compared to 2023. Carrefour exceeds
regulatory requirements by guaranteeing practices such as the
non‑use of heated greenhouses to grow organic fruit and
vegetables, the ban on post‑harvest treatments for French fruit
and vegetables, and achieving zero air transport for fresh organic
produce.
Developing organic ranges consistent with consumer
expectations
Carrefour is adapting its organic offer to meet consumer
expectations. Since 2018, Carrefour has developed a wide range
of nationally sourced organic fruit and vegetables, with 80% of its
Carrefour Bio products being made in France. The range is also
being extended to other categories, including grocery products,
with the Carrefour Bio Filière range launched in 2020. This range
ensures fair payment for producers and includes around 40
grocery products such as pasta, linseed and honey. Carrefour
also places special emphasis on the regional origin of its
products, with a local organic range available in Belgium,
comprising over 90 products of Belgian origin listed in the
organic grocery section, and in Poland, with a range of over 60
organic products of Polish origin.
PROMOTING AGROECOLOGY VIA CARREFOUR
QUALITY LINES
Carrefour actively promotes agroecology by transforming
conventional production based on the agroecological model.
The Group contributes to the development of agroecological
practices through its CQL offering, created in 1992, by working
with its partners to encourage innovative agricultural practices.
The related action plan is as follows:
Key initiatives defined to promote agroecology
Cotton: percentage of TEX products
made from organic cotton and whose
producers are paid fairly
■
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
production
chains
that
guarantee
animal
welfare
and
prevent
desertification
■
Protecting pollinators: installing beehives and setting aside land
for apiculture, eliminating substances that are harmful to bees.
■
Reducting the use of chemical pesticides: growing crops
without chemical treatments and boosting plant immunity with
natural products.
■
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Working with producers
The Group has signed three- to five‑year contracts with producer
partners who implement these progress plans. Carrefour sets
demanding guidelines for each product, including production
methods,
taste
criteria
and
environmental
protection
requirements.
Supporting and monitoring suppliers
To continue developing these virtuous practices, Carrefour
supports its CQL suppliers by developing pilot crop launches and
implementing progress plans with the aim of extending
agroecology practices into various sectors. The Group also
encourages the exchange of best practices throughout the
country through producer clubs and meetings.
DEVELOPING MORE RESPONSIBLE TEXTILE SOURCING
The textile industry poses a risk of water and soil pollution,
mainly due to the intensive use of chemicals to grow raw
materials such as cotton, process fabrics and tan leather. To
reduce this impact, Carrefour promotes sustainable practices in
its supply chains through collaboration with its own‑brand
suppliers, rigorous control plans and the adoption of certified
standards.
Carrefour has implemented specific action plans for three textile
raw materials identified as at risk due to their environmental
impact, namely cotton, wool and leather.
Local animal feed: using 100% local plants and pasture rearing
practices.
■
Improving
soil
life:
enriching
the
soil
with
organic
improvement products, crop rotation and limiting ploughing.
■
Animal welfare: free‑range farming, no castration of pigs and
alternative treatments for animals, including phytotherapy.
■
Boosting biodiversity: planting hedges and trees, and installing
insect hotels and ponds.
■
Commitment and purchasing rules: Carrefour has established a
Supplier Ethics Charter and specific purchasing rules for
production phases and raw materials considered to be
sensitive. These documents are appended to the purchasing
rules governing social and environmental compliance for all
purchases of products controlled by Carrefour. For more
details on purchasing rules, see Section 2.1.1. General
information.
■
Supplier evaluation and support: Carrefour works with
specialised partners to assess the performance of its suppliers.
These collaborations make it possible to measure and control
the main sources of pollution, such as waste water discharges,
greenhouse gas emissions and the use of chemicals.
■
Cooperation with the Institute of Public & Environmental
Affairs (IPE): the IPE is a non‑governmental organisation
based in China, which plays a key role in monitoring and
reducing industrial pollution. The IPE collects, analyses and
publishes data on environmental offences committed by
businesses in China. Since 2015, Carrefour has been working
with the IPE to collect environmental data from its suppliers
and
identify
any
non‑compliance
with
local
legal
requirements
(documentary
checks
such
as
the
“environmental permit”, and air and water pollution levels).
Carrefour publishes a list of its textile suppliers on the IPE
platform every year and collects environmental data from its
■
subcontractors
to
identify
potential
environmental
non‑compliance. These are followed by corrective action
plans. In 2024, 598 assembly units, i.e., around 80% of
Chinese production plants in the textile and hardline sectors,
were audited against the IPE benchmark. A total of 33 key
textile dye houses were also audited and added to the IPE
database. Six alerts were identified in all, representing
approximately 1% of sites audited.
Cooperation with the Higg platform: since 2023, Carrefour
Global Sourcing has been a member of the Sustainable
Apparel Coalition in order to roll out an environmental
assessment recorded on the Higg platform. This assessment
covers the management of chemicals, water and CO
emissions. By 2024, 60% of Carrefour Global Sourcing textile
suppliers had already been audited using this assessment. To
support the textile suppliers being assessed, Carrefour Global
Sourcing organised training sessions in 2023 on how to
record data for chemical products, pollution of water and
CO emissions on the Higg platform.
■
2
2
Organic cotton: unlike some conventional cotton practices,
organic cotton is grown without chemical pesticides,
herbicides or synthetic fertilisers. This helps to preserve soil
quality, limit groundwater pollution and protect surrounding
ecosystems. These practices also reduce health risks to
farmers by limiting their exposure to toxic substances.
■
Since 2019, the Group has been a member of the Fashion Pact,
a global coalition that aims to promote responsible practices in
the production of cotton and other textile fibres.Since 2019, in
partnership with Cotton Connect, Carrefour has been working
with more than 8,000 small cotton farmers in India (Madhya
Pradesh and Maharashtra) to improve the quality of organic
cotton and ensure fair payment for producers. Through this
partnership, Carrefour ensures the complete traceability of the
cotton, from the seed to the final TEX BIO product, and
ensures
that
producers
receive
higher
pay
than
for
conventional cotton. Since 2022, Carrefour has also been
partnering with Indian group ASA to help a further 11,000
farmers switch from conventional to organic farming.
Certified wool: unlike certain practices associated with
“conventional” wool, RWS‑certified wool comes from farms
that manage their pastures responsibly. These practices aim to
reduce the use of chemical fertilisers and pesticides to limit
their impact on soil and water. Carrefour will require all its
suppliers of Tex branded products to be RWS‑certified by 2025.
■
Certified leather: unlike some conventional leather practices,
Leather Working Group (LWG) certified leather comes from
audited tanneries that apply rigorous standards to limit their
environmental impact. These tanneries implement advanced
practices to reduce water pollution, notably through optimised
wastewater treatment and the recovery of chemicals used in
tanning. Carrefour requires its leather suppliers to source only
from Leather Working Group (LWG) certified tanneries,
guaranteeing the responsible management of the sensitive
stages of production.
■
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2.1.2.2.3
2.1.2.2.3.1
REDUCING MICROPLASTIC EMISSIONS
The anti‑microplastics action plan is based entirely on the plastic
packaging reduction plan, as reducing the use and production of
plastics is the main lever of the Group's policy to limit
microplastics in the environment. This action plan can be found
in Section 2.1.2.5.2.3 Actions and resources related to resource
use and circular economy.
MONITORING SUBSTANCES OF CONCERN AND VERY HIGH
CONCERN IN PRODUCTS
Improving the composition of products
Carrefour requests that its suppliers replace substances of very
high concern (SVHC) and substances of concern (CMR 1A and
1B) in non‑food (household, perfume and hygiene) products and
packaging as soon as technically possible. Clear instructions are
given to suppliers to guide these substitutions in line with
regulatory requirements and the Group's environmental targets.
Implementation of a control plan
The Group entities tasked with developing Carrefour‑brand
products carry out checks to identify the presence or absence of
substances of concern, such as phthalates. Work focuses on the
substances most likely to be found in products or packaging,
prioritising analyses on the highest risk categories.
Managing technical obstacles and regulatory compliance
When technical obstacles prevent the immediate elimination of
certain substances, Carrefour applies the provisions of the
European regulations in force. The substances concerned are
declared in the Substances of Concern in Products (SCIP)
database, in accordance with legal requirements.
Information and transparency for consumers
Carrefour informs consumers on the possible presence of
substances of concern via its Carrefour.fr website, ensuring
transparent access to product data.
Reducing pollution associated with
fuel sales
Policies and targets
POLICIES RELATED TO POLLUTION [E2‑1]
Carrefour ensures strict compliance with the regulations
applicable to its service stations in the various countries in which
it operates, in terms of both the design and maintenance of the
facilities.
In France, service stations are designated as ICPEs. As such, they
are subject to strict regulations designed to protect the
environment. Carrefour has a policy for designing and
maintaining its service station network which enables the Group
to comply with these requirements and, consequently, to ensure
the sustainability and environmental safety of its operations. The
regulations governing ICPEs and the inspection of these facilities
are aimed in particular at protecting the various components of
the environment (water, air, soil, landscape, etc.) and preserving
biodiversity.
This policy concerns Carrefour France’s integrated sites, as
France accounts for 83% of the Carrefour group's GHG emissions
associated with fuel sales.
TARGETS RELATED TO POLLUTION [E2‑3]
Carrefour France is committed to carrying out 100% of inspections within the timeframe required by the ICPE regulations and to
addressing 100% of major non‑compliance within the timeframe set. These objectives reflect Carrefour’s commitment to respecting
environmental standards and guaranteeing the safety and sustainability of its facilities.
Table 4: Targets for reducing pollution from fuel sales
Target
Target
value
Target year
Scope
Baseline
value
Baseline
year
% of inspections carried out in
France at the frequency
required by the ICPE
legislation
100%
Permanent
Service stations operated by integrated
Carrefour stores in France.
100%
2024
% of major non‑conformities
as defined by the ICPE
legislation dealt with in France
within set deadlines
100%
Permanent
Service stations operated by integrated
Carrefour stores in France.
100%
2024
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2.1.2.2.3.2 Metrics and performance
Pollution of air, water and soil [E2‑4]
Table 5: Monitoring key performance metrics to reduce pollution associated with fuel sales
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Emissions of pollutants
Emissions into air by pollutant
T
0
New
-
-
80%
IT, ES, BR,
BE, AR, PO,
PL
Emissions into water by pollutant
T
0
New
-
-
80%
IT, ES, BR,
BE, AR, PO,
PL
Emissions into soil by pollutant
T
0
New
-
-
80%
IT, ES, BR,
BE, AR, PO,
PL
Environmental and regulatory compliance
% of inspections carried out in France at the
frequency required by the ICPE legislation
%
100
New
100%
100% in
France
-
% of major non‑conformities as defined by the ICPE
legislation dealt with in France within set deadlines
%
100
New
100%
100% in
France
-
2.1.2.2.3.3
COMMENTS ON PERFORMANCE
In accordance with the CSRD (ESRS E2, DR E2‑4), Carrefour
reports pollutant emissions to air, water and soil from its service
stations based on Annex II of the E‑PRTR Regulation (EC
166/2006). Carrefour service stations must comply with local
regulations and monitor pollutant emissions. The declaration is
based on the following principles:
They must also report the total number of pollution incidents.
Any data on other pollutants listed in the European Pollutant
Release and Transfer Register (E‑PRTR) or on pollutants not listed
must also be reported if they are considered significant. Service
stations located outside the European Union must follow the
same methodology for pollution incidents.
Actions and resources related to pollution
[E2‑2]
KEY MITIGATION MEASURES ADOPTED BY THE GROUP
Risk mitigation measures to maintain the quality of the Group’s
assets are set out in Chapter 4 (Risk mitigation measures to
maintain asset quality).
Regulatory compliance of fuel distribution facilities is ensured at
the level of each host country.
In France, each store is responsible for managing the compliance
of Carrefour service stations with ICPE regulations. The results of
the checks are reported to the Technical department via an
internal exchange tool called Mondays. As a support unit, the
Technical department monitors these checks and assists stores in
dealing with any instances of non‑compliance. In addition, the
Technical department has drawn up two separate sets of
guidelines: one for the construction and the other for the
maintenance and servicing of service stations. These documents
are incorporated into the contracts signed with companies
designing and maintaining the Carrefour station network. In
particular, they set out specific requirements for quality, safety
and performance.
If a service station complies with all current regulations, has a
pollution prevention and monitoring system and has not
reported any incidents during the year, emissions are
considered to be zero.
■
In the event of a pollution incident (defined as a spill of more
than 100 litres of fuel), the country concerned must report
total emissions by pollutant and by environmental component
(air, water, land). In that case, the countries must report the
emissions associated with the main pollutants identified in the
specifications of the fuels distributed by Carrefour, namely
BTEX (benzene, toluene, ethylbenzene, xylenes), polycyclic
aromatic hydrocarbons (PAHs), lead and its compounds (as
Pb).
■
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2.1.2.3
2.1.2.3.1
2.1.2.3.1.1
Aquatic resources and ecosystems
(ESRS E3)
Issues relevant to the Carrefour group
Context and imperatives
The retail industry's impact on water quality and consumption, as
well as on marine resources, materialises not only at the level of
stores, but also across the entire value chain and, in particular,
upstream where (increasingly imported) goods are produced.
The Group's action plans cover its sourcing strategy and take into
account all of the issues associated with water and marine
resources.
The impact of supply chains on water quality and consumption is
a challenge in the context of the Group's corporate social
responsibility and a risk to be taken into account, particularly in
countries subject to water stress or with low water quality
standards.
In addition, according to the WWF, 31% of fish stocks are
overexploited globally and as much as 93% in the Mediterranean
alone. Illegal and unregulated fishing are major causes of this
phenomenon: in the short term, they could account for 26
million tonnes of fish a year, or more than 30% of fishing
worldwide. Developing and promoting more responsible fishing
is therefore one of the major challenges in protecting aquatic
and marine environments, which is why Carrefour has developed
a sustainable fishing policy governing its supplies.
2.1.2.3.1.2
Impacts, risks and opportunities
All the IROs are presented in the Table below. The process for identifying the IROs is described in Section 2.1.1 General disclosures.
Table 1: List of material impacts, risks and opportunities related to aquatic resources and ecosystems
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Limiting water
consumption
associated with
products sold
Promoting and
developing
sustainable
agriculture
Tackling
deforestation
Water
consumption in
water‑stressed
production areas
Making and processing the
products sold in stores involves
consuming water in areas where it
is scarce. This exacerbates
groundwater depletion, which can
lead to shortages during periods of
drought, thereby impacting the
environment and local populations.
Impact
Upstream
Long term
Promoting
sustainable
fishing and
aquaculture
Promoting
sustainable
fishing and
aquaculture
Fishing practices
that destroy
habitats, flora
and fauna
The sourcing of seafood products
involves the risk of fishing practices
that could affect ecosystems and
damage fauna, flora and natural
habitats (e.g., electric fishing,
bycatch, etc.).
Impact
Upstream
Long term
Promoting
sustainable
fishing and
aquaculture
Promoting
sustainable
fishing and
aquaculture
Supply
disruptions or
shortages of
certain products
due to the
increasing
scarcity of
marine resources
The Group can face supply
disruptions due to the scarcity and
non‑renewal of marine resources,
leading to a shortage of products in
stores and an increase in purchase
prices for the Group.
Risk
Upstream
Long term
Promoting
sustainable
fishing and
aquaculture
Promoting
sustainable
fishing and
aquaculture
Accusations
against Carrefour
for the sale of
seafood from
non‑sustainable
fishing methods
The Group may stand accused of
selling seafood and aquaculture
products that have a negative
impact on the environment and
biodiversity (e.g., fishing stocks in
poor condition). This may have a
negative impact on the Group's
brand image and reputation.
Risk
Upstream
Short term
Carrefour has analysed its impact on water using the SBTN
methodology, cross‑referencing different types of data to
prioritise areas at risk. The analysis integrated the location of
pressures from the Group’s activities, notably through water
consumption data linked to raw materials, with the level of
ecological vulnerability assessed through water stress indicators.
This cross‑referencing made it possible to identify the regions
most at risk of water resource depletion and to assign them a
priority level for action. This work was carried out on the 15
priority raw materials defined by Carrefour when it first measured
its biodiversity footprint, covering all its activities and its entire
value chain. For more details on the work carried out through the
SBTN on biodiversity, including pressure on water, see Section
2.1.2.4 Biodiversity and ecosystems (ESRS E4).
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2.1.2.3.1.3 Stakeholders, standards and regulations
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Certifications
Cooperation with and
commitment to the Group's
transition
Regular one‑to‑one
dialogue
MSC, ASC, Bureau
Veritas
Promoting sustainable fishing
and aquaculture
Non‑profits and
NGOs
Cooperation with and
commitment to the Group's
transition
Regular one‑to‑one
dialogue
WWF, Ethic Ocean
Promoting sustainable fishing
and aquaculture
Non‑profits and
NGOs
Definition of methodologies
and frameworks
Talks and ad hoc
consultations
International
Seafood
Sustainability
Foundation (ISSF)
Promoting sustainable fishing
and aquaculture
Business coalitions
Definition of industry‑level/
national strategies
Regular one‑to‑one
dialogue
Global Tuna Alliance
(GTA)
Promoting sustainable fishing
and aquaculture
Scientific experts
and consultants
Definition of methodologies
and frameworks
Working group
CIRAD
Limiting water consumption
associated with products sold
Suppliers
Cooperation with and
commitment to the Group's
transition
Talks and ad hoc
consultations
CIRAD + FQC
suppliers
Limiting water consumption
associated with products sold
Scientific experts
and consultants
Definition of methodologies
and frameworks
Working group
University of
Valencia
Limiting water consumption
associated with products sold
2.1.2.3.1.4
2.1.2.3.2
2.1.2.3.2.1
STANDARDS AND REGULATIONS
Corporate governance
The implementation of the policies described in this chapter is
monitored at the highest level by the Group Merchandise
Director, in conjunction with the relevant departments within the
Group. Information on general CSR governance is provided in
Section 2.1.1 General disclosures.
Limiting water consumption associa
ted with products sold
Policies and targets
POLICIES RELATED TO WATER RESOURCES [E3‑1]
To avoid the impacts and risks associated with the use of water to
produce the products it sells, Carrefour has developed various
solutions to improve the resilience of its production systems in all
geographies. This approach makes it possible to address all areas,
including those subject to water stress. This policy is focused on
promoting responsible water use, seeking to reduce water
consumption and impacts upstream of its operations. The
Group’s policy is based on the following objectives:
Carrefour uses standards to define sustainable agriculture
practices. These standards are presented in Section 2.1.2.2.1.3
Stakeholders, standards and regulations of Section 2.1.2.2
Pollution. These standards include water‑efficient irrigation
requirements.
■
Carrefour also uses various guidelines and standards to
implement its sustainable fishing policy: species classified
according to condition of their stocks (scientific assessments
from NGOs, public authorities, CITES), MSC and ASC standards,
CQL, as well as the Group's own guidelines drawn up in
collaboration with various stakeholders (e.g., tuna sourcing
policy). These guidelines prioritise certain fishing techniques
that have less impact on the environment.
■
Reduce water consumption and increase the resilience of
production systems through sustainable agriculture, thanks to:
■
the promotion of organic farming: organic farming protects
water by limiting water pollution from chemical fertilisers,
improving soil health and encouraging more environmentally
friendly water management through practices such as
reducing intensive irrigation;
■
CQL products based on production methods inspired by
agroecology: Carrefour is developing agroecology through
its CQL. Carrefour's specifications include practices that
safeguard water resources, such as eliminating the use of
authorised synthetic pesticides, monitoring the quality of the
water used and promoting methods and equipment that
optimise irrigation;
■
the implementation of a zero deforestation policy (with
priority given to the following raw materials: palm oil, soy,
Brazilian beef, wood and paper, cocoa). Forests contribute to
regulating the water cycle (absorbing rainwater, maintaining
soil moisture levels, recharging the water table, etc.).
Deforestation therefore affects this cycle and, by extension,
the products derived from deforestation have a greater
indirect impact on water resources;
■
the development of specific approaches for areas and crops
affected by water stress: the Group has carried out an initial
analysis of water consumption for irrigation of agricultural
crops by country in Europe and their exposure to water
stress. This analysis led the Group to launch a pilot project in
Spain. Finally, Carrefour is currently working to map the risks
associated with its supplies in relation to climate risks. This
work will enable the Group to better prioritise raw materials
and geographies in the future.
■
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TARGETS RELATED TO WATER RESOURCES [E3‑3]
Table 2: Targets for limiting water consumption associated with products sold
Target
Target value
Target year
Baseline value
Baseline year
Promoting sustainable consumption and agriculture
The targets for promoting sustainable consumption and agriculture are set out in Section 2.1.2.2.2.1 Policies and targets related to
ESRS E2 Pollution.
Raw materials associated with a risk of deforestation
The targets for raw materials associated with a risk of deforestation are set out in Section 2.1.2.4.3.1 Policies and targets related to
ESRS E4 Biodiveristy and ecosystems.
2.1.2.3.2.2 Metrics and performance
Water consumption [E3‑4]
Table 3: Monitoring key performance metrics to limit water consumption associated with products
Metric
Y
Y‑1
Change
Target
Coverage rate
Exclusions
Promoting sustainable consumption and agriculture
Metrics relating to the promotion of sustainable consumption and agriculture are set out in Section 2.1.2.2.2.2 Metrics and
performance of ESRS E4 Biodiversity and ecosystems.
Raw materials associated with a risk of deforestation
Metrics concerning raw materials associated with a risk of deforestation are set out in Section 2.1.2.4.3.2 Metrics and performance of
ESRS E4 Biodiversity and ecosystems.
2.1.2.3.2.3 Actions and resources related to water
resources [E3‑2]
SUPPORTING CQL SUPPLIERS IN WATER MANAGEMENT
Carrefour works closely with its CQL suppliers to improve their
water management practices. The Group's support for CQL is set
out in Section 2.1.2.2.2.3 Actions and resources related to
pollution (ESRS E2 Pollution).
In its vegetable CQL, Carrefour has set specific requirements to
encourage responsible water use. CQL suppliers must also carry
out risk analyses of irrigation water and identify and prevent the
risks of environmental pollution, water resource loss and various
types of pollution (chemical, organic, etc.). CQL suppliers also
carry out physical, chemical and microbiological analyses of
irrigation and process water, using criteria that depend on the
risks involved.
In order to optimise the quantity of water used for irrigation, the
CQL specifications include additional criteria such as monitoring
irrigation water use, setting up an irrigation plan, using
decision‑making tools (humidity and other sensors, weather
stations, etc.) to adjust water quantities, using water‑optimising
equipment
(micro‑irrigation,
drip
irrigation,
etc.),
training
employees in the tools and issues involved, and promoting the
use of alternative resources (rainwater, re‑use of treated
wastewater, etc.). In addition, 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.
For agricultural production, the emphasis is usually on assessing
local conditions and available resources. In addition to other
initiatives to promote more sustainable farming, focused
attention is given to water consumption and quality:
Develop the sale of certain labels for non‑food products, such
as the "European Ecolabel", which covers many categories of
products sold by Carrefour such as detergents, all‑purpose
cleaners, textiles, cosmetics, etc. The products and services
bearing
the
European
Ecolabel
have,
among
other
characteristics, the virtue of reducing water and energy
consumption, and waste production during their manufacture.
■
Develop a referencing and responsible purchasing policy with
suppliers: Carrefour promotes and develops practices with a
low environmental impact, guarantees specific supplier
management for high‑risk sectors or geographies (project with
IPE in China, certification of tanneries via the Leather Working
Group) and includes an environmental section in its supplier
audit processes.
■
restoration plans take into account regulatory compliance and
the water balance to adjust the water supply; drip irrigation is
preferred over surface irrigation;
■
smart farming practices are also encouraged, such as crop
rotation (to avoid compaction and erosion), sprayer control,
registration of agricultural treatments, storage cover, retention;
■
promoting grazing for livestock protects soil from erosion and
compaction. The water distribution network and potability are
monitored.
■
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2.1.2.3.3
2.1.2.3.3.1
PILOT PROJECT IN SPAIN
In Spain, one of the Group's host countries identified as the most
vulnerable to water issues, a pilot action plan is currently being
rolled out. This plan will enable the Group to adopt a more
comprehensive approach to water issues. The action plan
includes the mapping of CQL supplier risks, training for all
Carrefour‑brand suppliers and the drafting of best practices to
achieve water savings.
INTERNATIONAL COMMITMENT AND COOPERATION
As part of COP21, Carrefour has committed to a business alliance
for water and climate change aimed at ensuring sustainable
management of water resources. Thirty‑two companies involved
in the Alliance have worked to ensure that this issue is reflected
in a global climate agreement. The Alliance is supported by
public authorities and co‑led by the CDP, the United Nations
Global Compact (UNGC) and the World Business Council for
Sustainable Development (WBCSD). The Alliance has three levels
of ambition:
RESPONSIBLE INVESTMENT VIA CARREFOUR BANQUE
In June 2017, Carrefour Banque launched a new unit‑linked
product in its Carrefour Horizons life insurance contract. This
enables customers to save in the BNPP Aqua account, thereby
investing in companies that are active across the entire water
value chain (water treatment and purification technologies;
installation, upkeep and renovation of water supply networks).
Promoting sustainable fishing
and aquaculture
Policies and targets
POLICIES RELATED TO MARINE RESOURCES [E3‑1]
Carrefour's approach aims to reduce the impact of fishing and
aquaculture on fish stocks. The Group’s policy is summed up in
the following principles:
The sustainable fishing policy and purchasing rules apply to all
purchases of raw or minimally processed products containing at
least 50% aquatic products (wild or farmed), under the Carrefour
brand (fresh, frozen and canned sections) or national brands.
TARGETS RELATED TO MARINE RESOURCES [E3‑3]
Table 4: Targets for responsible fishing and aquaculture
Target
Unit
Target value
Target year
Baseline
value
Baseline year
Percentage of sales of fishery and aquaculture products,
controlled products and national brands produced using
sustainable practices(1)
% (in sales)
50%
2025
35%
2021
Aquaculture suppliers are selected taking into account water
basin characteristics and the local geographical environment.
■
analyse
and
share
water‑related
risks
to
implement
collaborative response strategies;
a.
measure water footprint with existing standards;
b.
reduce impacts on water availability and quality in direct
operations and all along the value chain.
c.
Favour the most abundant species depending on the
geography and the state of stocks: Carrefour can suspend the
sale of vulnerable species as necessary and give preference to
species whose stocks have been assessed as being in good
condition (using the MSC label or analyses carried out by
partners (“species on the green list”)).
■
Favour fishing techniques that have less impact: Carrefour
excludes seafood products from certain fishing techniques (for
example, deep‑sea fishing has a particular impact on
slow‑reproducing species: several deep‑sea species have been
excluded from the range in France) in certain areas of its
business.
■
Support the development of responsible aquaculture practices
through the promotion of best practices (e.g., limiting the use
of non‑responsible industrial fishing for food products,
reasonable use of antibiotics or banning of such use, using
GMO‑free feeding) and placing greater emphasis on ASC- or
Bio‑certified products (Group countries can choose from
among the certifications selected by the Group according to
their market);
■
Support local sustainable fishing through local partnerships;
■
Highlight a broad range of responsibly sourced seafood
products in‑store;
■
Comply with regulations to combat illegal fishing.
■
Responsible fishing: fishing of abundant species with techniques that have the lowest impact on ecosystems while supporting local fishing.
(1)
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Methodology:
The target is demanding and aims to:
2.1.2.3.3.2 Metrics and performance
Table 5: Monitoring key responsible fishing and aquaculture performance metrics
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Sales of products that comply with our sustainable
fishing policy – excluding organic products and
Carrefour Quality Lines (in billions of euros)
€bn
775
707
+9.6%
-
100%
-
Percentage of sales of fishery and aquaculture
products, controlled products and national brands
produced using sustainable practices
%
35.2
57.1
-21.8 pts
50% by
2025
98%
AR national
brand
of which percentage of sales of fishery and
aquaculture products, controlled products only,
produced using sustainable practices
%
49.7
60.9
-11.3 pts
50% by
2025
100%
2.1.2.3.3.3
COMMENTS ON PERFORMANCE
Sales of fishery and aquaculture products are increasing at Group
level. However, their share of total seafood sales is declining. In
2024, Carrefour extended its reporting scope to Spain and to the
Atacadão and Sam’s entities in Brazil, where the share of
responsibly sourced seafood is short of expectations (10% in
Spain, 18% in Brazil), in a less mature market environment.
Actions and resources related to marine
resources [E3‑2]
The following action plans are being implemented on an
ongoing basis by the Carrefour group to ensure that its
sustainable fishing metrics are maintained and improved.
DEPLOYMENT OF CARREFOUR QUALITY LINES
In order to guarantee a range of products from ever more
responsible fishing and aquaculture, the Carrefour group is
expanding its CQL, which are selected and traced back to the
boat and/or farming enclosure. CQL enable more demanding
specifications to be developed in partnership with suppliers.
Third‑party inspection bodies monitor application of the
specifications.
FACTORING SPECIES SUSTAINABILITY INTO
COMMERCIAL DECISIONS
Exclusion of the most endangered species across the Group
Under the purchasing rules applied by all the Group's buyers,
Carrefour excludes species listed in Appendices I and II of the
CITES Convention. These lists include certain sharks, the
European eel and the Western European sturgeon (wild).
Sustainability analysis of marketed species
In addition to this work at Group level, Carrefour analyses the
sustainability of the species marketed in its countries to guide
procurement decisions. A list of the main non‑certified supplies
according to their level of sustainability (stock status, impact of
fishing gear) using a colour system has been drawn up and made
available to the various countries where the Group operates. On
this basis, they can orient their procurement decisions towards
abundant species and suspend other supplies. Carrefour France
has gradually suspended several vulnerable species including
orange roughy, blue ling, shark (except small catsharks), wild
sturgeon, forkbeards, macrouridae, largehead hairtail, cusk, eel,
red seabream, skate and bluefin tuna (bluefin tuna caught by
small boat (<16m) with handline, rod, longline (or “madrague”
tuna trap in the Mediterranean) is authorised in the seafood
section).
Use of the MSC label
Carrefour uses the MSC label to guarantee that seafood products
are obtained from more sustainable fishing. In addition to the
other areas of its policy (e.g., suspension of species or selection
of certain fishing techniques), this label guarantees the status of
the stocks from which the seafood products are obtained, a
controlled impact of fishing on the environment and the proper
management of fisheries (documentation of catches and
traceability in particular). It is used in all the Group’s countries.
Specific policy for certain species
Based on the analysis of the various species, associated risks and
volumes concerned, Carrefour has drawn up a specific
procurement policy for certain species across all its host
countries. This is the case in particular for canned tuna.
ensure Carrefour’s leading position on the sustainability of
seafood products in each of the markets in which the Group
operates;
■
achieve an ambitious target likely to bring about a change in
market practices (the offer of sustainable seafood was very
limited in most of the Group’s markets at the time of the
commitment) and ensure good visibility on the shelf;
■
ensure the operational feasibility of the trajectory with the
Group’s suppliers.
■
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LESS IMPACTFUL FISHING PRACTICES
Carrefour develops its purchasing policy on the basis of
sustainable fishing practices. In this way, the Group excludes
certain fishing techniques for some of its supplies. The Group's
own‑brand products are subject to a ban on electric fishing,
deep‑sea fishing by excluding certain deep‑sea species, and
long‑line and gill‑net fishing for canned tuna.
Certain fishing techniques are also subject to restrictions, while
others are encouraged because they are more selective. In the
canned food section, the Group is limiting fishing with
fish‑aggregation devices (FADs) for canned tuna and is
developing FAD‑free and line fishing. In addition, in the seafood
section in France, an “Exceptional Products” campaign has been
introduced (along with a focus on local fishing) to help promote
small‑scale fishing. Products from small‑scale coastal fishing are
indicated as such in stores, based on compliance with specific
technical criteria (type of boat, length of fishing and freshness of
the product). For “Exceptional products”, sales in 2024 amounted
to 2.7 million euros. Carrefour stores have around 30 references
available on their order schedules, with Monaco, Antibes,
Montesson and Nice TNL as the leading stores.
MORE RESPONSIBLE AQUACULTURE PRACTICES
To develop more responsible forms of aquaculture, Carrefour
works closely with producers and other players in the sector by
selecting farms that promote best practices. In this regard, it:
Measures are in place to reduce the proportion of aquafeed
sourced from industrial fishing, which accounts for nearly 20% of
global wild fish capture.
Carrefour is a member of the Sustainable Aquafeed Initiative, led
by Earthworm Foundation. This pre‑competitive working group
defines collective objectives on aquafeed sustainability by
bringing together several companies linked to the aquaculture
sector (distributors, wholesalers, processors, farmers, feed
suppliers, etc.). These objectives aim to limit the ecological and
social impact of aquaculture ingredients, in particular by reducing
the use of fish meal and fish oil from forage fish (through the
integration of by‑products from the fish trade, algal oil or insect
meal), improving the management of fisheries and ensuring that
soy does not derive from deforestation or conversion.
MONITORING PRACTICES THROUGHOUT
OUR SUPPLY CHAIN
Sensitive supply chain phases
Carrefour is working on identifying human‑rights sensitive
sectors by country and region that require risk reduction
measures. Against this backdrop, Carrefour has identified certain
phases in the production of seafood products, upstream of its
suppliers, as being more sensitive in terms of human rights. In
this case, Carrefour introduces specific audits or measures to
mitigate these risks, in particular:
2.1.2.4 Biodiversity and ecosystems (ESRS E4)
2.1.2.4.1
2.1.2.4.1.1
2.1.2.4.1.2
Issues relevant to the Carrefour group
Context and imperatives
Biodiversity, the protection of which is essential for the
agriculture and food sectors, is in a global decline due to five
main factors involving the food industry:
The retail industry contributes to biodiversity loss through the
manufacture, use and end‑of‑life of the products sold.
Carrefour is working to preserve biodiversity in its activities and
operations (see Section 2.1.2.4.2 Reducing the impact of
operations on biodiversity) as well as upstream, throughout its
supply chains, in partnership with its suppliers (see Section
2.1.2.4.3 Reducing the impact of the value chain on biodiversity).
To this end, the Group seeks to promote more sustainable,
organic or agroecological farming, support sustainable fishing,
and adopt policies to combat deforestation in its supply chains.
Impacts, risks and opportunities
All the IROs are presented in the Table below. The process for
identifying the IROs is described in Section 2.1.1 General
disclosures.
bans illegal, unreported and unregulated fishing ingredients
from all Carrefour brand products;
■
bans GMOs in foods that make up CQL products;
■
prohibits the use of antibiotic treatments in CQL where this is
technically possible without jeopardising the viability of the
businesses, and limits their use by requiring monitoring in other
sectors;
■
works actively to improve aquafeed.
■
audits for prawn processing in certain countries;
■
a ban on pre‑processing tuna into loins before canning, and on
at‑sea transhipment (European central purchasing centre);
■
a ban on supplies of canned tuna from vessels flagged to an
EU yellow card country (see Section 5.3).
■
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.
■
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Table 1: List of material impacts, risks and opportunities related to biodiversity
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Reducing the
impact of
operations on
biodiversity
Managing site
location
sustainably
Land take for
property
development
(stores, service
stations)
The construction of stores, car
parks and service stations may lead
to the destruction of natural
habitats or agricultural land and
impact local biodiversity (flora and
fauna).
Impact
Operations
Franchises
Medium
term
Reducing the
impact of
operations on
biodiversity
Managing site
location
sustainably
Regulations
limiting land take
for new sites
The Group's ability to modify or
create new sites may be limited by
failure to obtain the necessary
permits, due to regulations aimed at
limiting land take.
Risk
Operations
Medium
term
Reducing the
impact of the
value chain on
biodiversity
Tackling
deforestation
Promoting
sustainable
fishing and
aquaculture
Developing
sustainable textile
production
chains
Deforestation
and conversion
of ecosystems
associated with
the supply of raw
materials
The production of raw materials
used in products sold, such as
cocoa and palm oil, may lead to
deforestation, biodiversity loss and
CO emissions, and may have an
impact on indigenous peoples.
Impact
Upstream
Long term
Reducing the
impact of the
value chain on
biodiversity
Tackling
deforestation
Risks associated
with
deforestation in
the supply chain
Suppliers may face additional costs
to comply with environmental
requirements related to the fight
against deforestation (traceability,
audits, monitoring). There is also a
risk that Carrefour could be
implicated in the use of raw
materials derived from
deforestation, which could lead to
regulatory non‑compliance and
damage the Group’s image and
reputation.
Risk
Upstream
Long term
Reducing the
impact of the
value chain on
biodiversity
Tackling
deforestation
Promoting
sustainable
fishing and
aquaculture
Developing
sustainable textile
production
chains
Impacts
associated with
the loss of
biodiversity and
dependency on
ecosystems
Consolidation of other issues: E1 –
Climate change (all issues)/E2 –
Pollution/E3 – Water and marine
resources/E4 – Biodiversity
(Deforestation and land use change
and exploitation & state of species)/
E5 – Ecodesign and circularity of
resources
Impact
Risk
All
Short and
long term
As the “loss of biodiversity and dependency on ecosystems” issue consolidates the issues already presented in the sections on the other
environmental ESRSs, the material impacts and risks relating to this issue are dealt with directly in the other chapters relating to climate
change (ESRS E1), pollution (ESRS E2), water and marine resources (ESRS E3) and the circular economy (ESRS E5).
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ANALYSIS OF THE CARREFOUR GROUP'S POTENTIAL IMPACT
AND DEPENDENCIES ON BIODIVERSITY
In 2022 the Group mapped the potential impacts and
dependencies on nature of its activities throughout its value
chain and the associated level of prioritisation (see Figure 1:
Mapping and prioritisation of Carrefour's potential impacts on
biodiversity and Figure 2: Mapping and prioritisation of
Carrefour's potential biodiversity‑related dependencies). The first
map illustrates the link between the Group’s operations and 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 potential impacts occur
upstream or downstream of Carrefour’s direct operations. These
maps highlight “raw” impacts and dependencies, based on
published research and generic data rather than business data.
They provide an initial analysis of the Group’s potential impacts
and dependencies, and confirm that its policies are focused on
the upstream end of the value chain. Policies and action plans to
reduce potential upstream impacts are described in Section
2.1.2.4.3 Reducing the impact of the value chain on biodiversity.
FIGURE 1: MAPPING AND PRIORITISATION OF CARREFOUR'S POTENTIAL IMPACTS ON BIODIVERSITY
Priority 1 potential impact
Priority 2 potential impact
Priority 3 potential impact
Habitat
destruction
Pollution
Climate
change
Resource
exploitation
Invasive
species
and others
Agricultural production
of our products
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
Pollution associated with freight
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
UPSTREAM
DIRECT IMPACTS
DOWNSTREAM
Land use
at our sites
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.)
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FIGURE 2: MAPPING AND PRIORITISATION OF CARREFOUR'S POTENTIAL BIODIVERSITY‑RELATED DEPENDENCIES
The second map links the group's activities to their potential dependence on each of the three types of ecosystem services:
provisioning services, supporting services, and regulating services. Upstream, agricultural production and product processing are also
the segments that are potentially most dependent on ecosystem services and are therefore prioritised in the policies and action plans
cited.
Priority 1 potential dependency
Priority 2 potential dependency
Priority 3 potential dependency
(1) Resources provided by ecosystems/biodiversity
(2) Natural processes regulated by ecosystems/biodiversity
(3) Functions that help to maintain other ecosystem services
Supply
services (1)
Support
services (2)
Regulation
services (3)
Source : ENCORE tool and expert opinons
80% of products depend on biodiversity systems
• Surface and groundwater supply
• Supply of plant and animal commodities
• Production of cardboard packaging
No ecosystem
service
provided
No ecosystem
service
provided
No ecosystem
service
provided
• Erosion control
• Climate regulation
• Water quality regulation
• Flood and storm
protection
• Water cycle maintenance
• Water quality
• Homes and other buildings
• Water supply
• Pollination
• Soil quality
• Water quality
• Water cycle maintenance
• Natural habitats
• Climate regulation
• Water quality regulation
• Pest and disease control
• Flood and storm protection
• Erosion control
No ecosystem
service
provided
No ecosystem
service
provided
No ecosystem
service
provided
Agricultural production and
product processing
Transport
DIRECT
IMPACTS
DIRECT IMPACTS - UPSTREAM
DIRECT IMPACTS -
DOWNSTREAM
These two maps confirm the major matters (impacts and
dependencies) already identified by the Group in relation to
biodiversity through stakeholder engagement. They also confirm
the scientific relevance of the Group’s biodiversity action plan:
the key potential impacts and dependencies identified by these
analyses are all covered by the Group’s structured action plan.
CALCULATING THE GROUP'S BIODIVERSITY FOOTPRINT
To effectively understand its impact on biodiversity, the Group
calculated its biodiversity footprint for the first time in 2022,
using the Corporate Biodiversity Footprint (CBF) tool. This tool
illustrates how the Group's operations contribute to the main
drivers
of biodiversity loss identified by the IPBES. The CBF
provides an impact value in sq.km.MSA.year (the metric used to
assess impacts on biodiversity) for each type of pressure exerted
by an undertaking, which makes it possible to characterise the
impacts and their relative weight in the value chain.
In 2024, the Group updated its footprint based on 2023 data,
using the same tool. The key findings are presented below:
(1)
The Carrefour group's impacts on biodiversity are mainly
indirect, occurring upstream in the value chain. These impacts
primarily relate to the production of the food products sold
(94% of the total impact), and among them, most are animal
products (meat and dairy);
■
The sale of fuel is the second‑largest source of impact on
biodiversity (4% of total impact), related to the production
(upstream) and combustion (downstream) of fuels;
■
Carrefour's main direct impacts are related to property,
corresponding to land cover by stores, warehouses and other
sites, and to their energy consumption. In total, they account
for 0.4% of Carrefour's total impact.
■
The factors studied by the CBF are land cover, land‑use change, climate change, pollution and water stress.
(1)
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FIGURE 3: REPRESENTATION OF THE GROUP'S BIODIVERSITY FOOTPRINT BY COUNTRY AND TYPE OF PRESSURE
Representation of the Group's biodiversity footprint by country and type of pressure
61% Land use
5%
Pollution
2%
Water stress
23% Land-use change
8%
Climate change
-25% France
-12% Argentina
-3% Belgium
-7% Spain
-3% Romania
-2% Poland
-3% Italy
-45% Brazil
- 29,103
sq.km.MSA.yr
IN‑DEPTH ANALYSIS OF RAW MATERIAL IMPACTS
ON BIODIVERSITY
As most potential and calculated impacts are mainly caused by
the production of food products sold, Carrefour has gone a step
further by analysing the impacts of around 15 raw materials
at
every stage of the value chain in France. This work is in line with
Carrefour’s commitment to the Science Based Targets (SBTs) for
Nature programme, which guides organisations in setting
ambitious and science‑based targets for the climate and nature
protection. Certain raw materials are classified as “sensitive” due
to their potential socio‑environmental impacts and their relative
weight in the business.
Note that the models used to calculate this footprint are at this
stage based on generic data and do not take into account the
action plans implemented by the Group to reduce the risks of
deforestation, for example.
The results of this study drew attention to five materials which
have a high impact on deforestation and land‑use change.
The Group’s biodiversity footprint calculated using the
Corporate Biodiversity Footprint tool based on 2023 data is
-29,103 sq.km.MSA.year.
■
Note that the models used to calculate this footprint are at this
stage based on generic data and do not take into account the
action plans implemented by the Group to reduce the risks of
deforestation, for example.
■
Brazil is the host country with the most impacts on biodiversity
(45% of Carrefour's impacts, excluding banking and insurance).
This situation is due to its food product mix, production
models (extensive production with risks of deforestation) and
the fact that Brazil is home to a wealth of biodiversity, which is
more vulnerable to pressures. France is the second‑most
impactful country, accounting for 25% of total impacts, due to
the large volumes sold there.
■
Land cover (reduction in biodiversity due to the presence of
crops and other activities) and changes in land cover
(destruction of natural habitats) are the most material
pressures, representing 84% of the overall impact. This
highlights the importance of integrating these priorities into
the Group’s policies and action plans. Carrefour renewed and
■
stepped up its commitments in 2022 to combat deforestation
(see Section 2.1.2.4.3 Reducing the impact of the value chain
on biodiversity).
(1)
The 15 raw materials studied in the SBTN work are palm oil, soy, beef, cocoa, seafood, aquaculture, cotton, coffee, nuts, pork, milk, dairy products,
eggs, rice and poultry.
(1)
1
4
7
2
5
8
3
6
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FIGURE 4: PRIORITISATION OF BIODIVERSITY IMPACTS OF RAW MATERIALS SOLD BY CARREFOUR IN FRANCE
Change in
use of land
and sea
Climate
change
Pollution
Invasive
species
Palm oil
Soy
Beef
Cocoa
Fishery
products
Aquaculture
products
Cotton
Biological
degradation
Pollution
of air
Pollution
of water
Pollution
of soil
N/A
GHG
emissions
Overexploitation
of resources
Priority No. 1: impact higher than 95% of food products
Priority No. 2: impact above the food product median
Priority No. 3: impact lower than the food product median
Based on this prioritisation, we have been able to work on the most sensitive raw materials in terms of biodiversity. This analysis
confirms the choices made by the Group in defining its action plans.
2.1.2.4.1.3 Stakeholders, standards and regulations
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE
EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Scientific experts and
consultants
Definition of the
Group policy
Partnerships
ICare
Reducing the impact of the value
chain on biodiversity
Reducing the impact of
operations on biodiversity
Scientific experts and
consultants
Definition of the
Group policy
Partnerships
Bureau Veritas
Reducing the impact of the value
chain on biodiversity
Scientific
organisations and
reference standards
Definition of
methodologies and
frameworks
Talks and ad hoc
consultations
Science Based
Targets, Task Force for
Nature
Reducing the impact of the value
chain on biodiversity
Reducing the impact of
operations on biodiversity
Scientific experts and
consultants
Cooperation with and
commitment to the
Group's transition
Working group
Expert committees on
deforestation in Brazil
Reducing the impact of the value
chain on biodiversity
Multi‑stakeholder
initiatives
Performance
assessment and
benchmarking
Partnerships
Consumer Goods
Forum
Reducing the impact of the value
chain on biodiversity
Non‑profits and
NGOs
Setting of Group
targets
Partnerships
WWF
Reducing the impact of the value
chain on biodiversity
Reducing the impact of
operations on biodiversity
Multi‑stakeholder
initiatives
Definition of
industry‑level/national
strategies
Monthly/bimonthly
meetings, etc.
Consumer Goods
Forum, Lab Capital
Naturel, Act for Nature
International, Race to
Zero
Reducing the impact of the value
chain on biodiversity
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TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE
EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Non‑profits and
NGOs
Roll‑out of in‑the‑field
projects
Talks and ad hoc
consultations
IDH in Brazil
Reducing the impact of the value
chain on biodiversity
Suppliers
Cooperation with and
commitment to the
Group's transition
Monthly/bimonthly
meetings, etc.
Partner producers
Reducing the impact of the value
chain on biodiversity
Public authorities
Definition of
industry‑level/national
strategies
Talks and ad hoc
consultations
Manifeste Soja
(France), SNDI
(France), Manifeste
Cacao (France)
Reducing the impact of the value
chain on biodiversity
Certifications
Definition of
methodologies and
frameworks
Regular one‑to‑one
dialogue
RTRS, RSPO, PEFC,
FSC, MSC, Max
Havelaar
Reducing the impact of the value
chain on biodiversity
Multi‑stakeholder
initiatives
Definition of the
Group policy
Working group
Multi‑stakeholder
meetings (i.e.,
involving consumers,
suppliers,
governments,
investors, experts,
etc.)
Reducing the impact of the value
chain on biodiversity
Trade unions
Performance
assessment and
benchmarking
Talks and ad hoc
consultations
Works Council,
International
European
Consultation
Committee
Reducing the impact of the value
chain on biodiversity
Non‑profits and
NGOs
Assessment of action
plan implementation
Regular one‑to‑one
dialogue
Mighty Earth,
Canopée
Reducing the impact of the value
chain on biodiversity
Suppliers
Assessment of action
plan implementation
Talks and ad hoc
consultations
Worker Voice, Elevate
Reducing the impact of the value
chain on biodiversity
Non‑profits and
NGOs
Assessment of action
plan implementation
Regular one‑to‑one
dialogue
Climate Action
Network, Greenpeace
Reducing the impact of the value
chain on biodiversity
Scientific
organisations and
reference standards
Performance
assessment and
benchmarking
Talks and ad hoc
consultations
Carbon Disclosure
Project
Reducing the impact of the value
chain on biodiversity
Individual investors
and investor
coalitions
Performance
assessment and
benchmarking
Talks and ad hoc
consultations
Responsible
Investment Forum
(FIR), FAIRR
Reducing the impact of the value
chain on biodiversity
Certifications
Performance
assessment and
benchmarking
Talks and ad hoc
consultations
AMF, independent
third‑party verification
body
Reducing the impact of the value
chain on biodiversity
Reducing the impact of
operations on biodiversity
STANDARDS AND REGULATIONS
As well as referring to the SBTN criteria and recommendations
for mapping the biodiversity impacts of its various priority raw
materials, the Group engages in various other initiatives,
coalitions, certifications and partnerships through its specific
action plans for each of the priority raw materials relating to
deforestation and land‑use change; see Table 2: Initiatives,
coalitions, certifications and partnerships to which Carrefour is
committed, by priority raw material.
1
4
7
2
5
8
3
6
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Table 2: Initiatives, coalitions
, certifications and partnerships to which Carrefour is committed, by priority raw material
Palm oil
Soy
Wood/paper (products,
packaging, fifibres)
Brazilian beef
Cocoa
2.1.2.4.1.4
2.1.2.4.2
2.1.2.4.2.1
Corporate governance
The roll‑out of the policies described in this chapter is overseen
at the highest level by the Group's Director of Engagement,
Merchandise Director, General Secretary and the Expansion
Director for the Group and France, in cooperation with the
relevant departments in the Group. Information on general CSR
governance is provided in Section 2.1.1 General disclosures.
Reducing the impact of operations
on biodiversity
Policies and targets
POLICIES RELATED TO BIODIVERSITY AND ECOSYSTEMS
[E4‑2]
Carrefour aims to minimise the impact of its sites on biodiversity
by integrating sustainable practices into site development and
management.
To limit the impact on biodiversity, the pressures exerted on it
need to be reduced. Such pressures include land‑use change,
land cover, pollution, water use and climate change. Carrefour's
policy is comprised of four levers designed to address these
different pressures.
(1)
The Consumer Goods Forum’s (CGF) Palm Oil Coalition of Action
■
Roundtable on Sustainable Palm Oil (RSPO)
■
Palm Oil Transparency Coalition (POTC)
■
The CGF’s Soy Coalition
■
The French National Strategy to Combat Imported Deforestation (SNDI)
■
Round Table on Responsible Soy (RTRS)
■
The Amazon Soy Moratorium, supported since its creation in 2006, Brazilian working group on soy (GTS)
and working group for the Cerrado (GTC)
■
Statement of Support for the Cerrado Manifesto (SoS Cerrado Manifesto) Soy Transparency Coalition
(STC)
■
The CGF’s Wood, Paper and Packaging Coalition
■
Forest Stewardship Council (FSC)
■
The CGF’s Beef Coalition
■
The French National Strategy to Combat Imported Deforestation (SNDI)
■
Collaboration for Forests and Agriculture (CFA): an initiative resulting from collaboration between the
World Wildlife Fund (WWF®), The Nature Conservancy (TNC) and the National Wildlife Federation (NWF),
funded by the Gordon & Betty Moore Foundation. Through the CFA, Carrefour Brazil participates in
applying the CFA Operational Guidance, which helps businesses implement deforestation- and
conversion‑free (DCF) commitments for beef and soy in the Amazonia, Cerrado and Chaco biomes
■
Brazilian working group on sustainable cattle (GTPS) since its creation in 2007
■
Brazilian working group on indirect suppliers (GTFI) since 2017
■
Brazil Climate, Forests, and Agriculture Coalition
■
Cerrado Protocol Coalition
■
Beef on track Protocol
■
Brazilian Business Council for Sustainable Development (CEBDS)
■
Retailer Cocoa Collaboration (RCC)
■
French Initiative for Sustainable Cocoa (IFCD)
■
Improving site energy efficiency: to reduce the impact on
climate change. This policy is set out in Section 2.1.2.1 Climate
change (ESRS E1).
■
Optimising waste management: to prevent soil contamination
by toxic or non‑biodegradable materials, thereby reducing the
risk of pollution. This policy is set out in Section 2.1.2.5 The
circular economy (ESRS E5).
■
Reducing food waste: to reduce the need to expand
agriculture, thereby helping to limit land‑use changes. This
policy is set out in Section 2.1.2.5 The circular economy (ESRS
E5).
■
Reducing site water consumption: to reduce pressure on
water resources. Water consumption at the Group’s sites does
not represent significant use, and this matter is not considered
material for the sites according to the Group’s double
materiality assessment. However, Carrefour has adopted a
policy of closely monitoring its water consumption in all
countries where it operates. This mandatory monitoring is
complemented by country policies in France and Spain. These
policies are monitored by the Technical department and aim to
reduce site water consumption. The corresponding objectives
and action plans are set out in the following sections.
■
The coalitions referred to in this table are groups of different stakeholders, including businesses, NGOs and governments, working together to
achieve common sustainability and environmental responsibility objectives. They differ from initiatives and certifications in that they represent col
lective collaboration rather than specific actions or standards.
(1)
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TARGETS RELATED TO BIODIVERSITY AND ECOSYSTEMS [E4‑4]
Table 3: Targets for reducing the impact of operations on biodiversity
Target
Target value
Target year
Baseline value
Baseline year
Scope
Improving the energy efficiency of our sites
The targets for site energy efficiency are set out in Section 2.1.2.1.2.2 Transition plan for climate change mitigation (ESRS E1 Climate
change).
Optimising waste management
The targets for waste management are set out in Section 2.1.2.5.2.1 Policy and targets related to resource use and circular economy
(ESRS E5 Circular economy).
Reducing food waste
The targets for food waste reduction are set out in Section 2.1.2.5.3.1 Policy and targets related to resource use and circular economy
(ESRS E5 Circular economy).
2.1.2.4.2.2 Metrics and performance
Impact metrics related to biodiversity and ecosystems change [E4‑5]
Table 4: Monitoring key performance metrics for reducing the impact of operations on biodiversity
Metric
Unit
2024
2023
Change
Coverage
rate
Exclusions
Managing site location sustainably
Number of sites owned, leased or managed in or near
protected areas or key biodiversity areas that have a
negative impact on the Company
No.
3,041
New
-
100%
-
Surface area of sites owned, leased or managed in or near
protected areas or key biodiversity areas on which the
Company has a negative impact
ha
1,764
New
-
100%
-
Improving the energy efficiency of our sites
See details of site energy efficiency metrics in Section 2.1.2.1.2.3 Metrics and performance (ESRS E1 Climate change).
Optimising waste management
See details of waste‑related metrics in Section 2.1.2.5.2.2 Metrics and performance and 2.1.2.5.3.2 Metrics and performance (ESRS E5
The circular economy).
Reducing food waste
See details of food waste‑related metrics in Section 2.1.2.5.3.2 Metrics and performance (ESRS E5 The circular economy).
Reducing site water consumption
Water withdrawal per m. of sales area
cu.m./
sq.m.
0.99
1.27
-21%
93%
AR
excluding
C&C, BR
Amount of water withdrawn
million
cu.m.
10.9
8.2
+43%
93%
AR
excluding
C&C, BR
Managing site location sustainably: to reduce the impact on
land cover and land‑use change. Site location covers the issues
of site expansion, development and construction. As a first
step, in 2024, Carrefour conducted an in‑depth study of the
impact and dependency on nature of its sites, details of which
■
can be found in this chapter under Section 2.1.2.4.2.3 Action
and resources related to biodiversity and ecosystems, to
understand its site location impacts. Carrefour plans to
subsequently adjust its site development and construction
policy.
1
4
7
2
5
8
3
6
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2.1.2.4.2.3
COMMENTS ON PERFORMANCE
The amount of water withdrawn by the Group in 2024 increased
in 2024 (compared with 2023) due to the inclusion of Brazil in
this metric.
According to the 2024 study, 3,041 of the more than 10,000 sites
owned, leased or managed by the Group are located in or near
protected areas (of which Natura 2000 sites are just one
example) or key biodiversity areas. To identify these sites, and as a
precautionary measure, the Group has established a buffer zone
of one kilometre around each site to represent its potential
biodiversity impact area. If there is even one intersection
between the site’s potential biodiversity impact area and at least
one protected area or key biodiversity area, the Carrefour site in
question is considered to be in or near a protected area or key
biodiversity area. The study accordingly provides a broader view
of the sites that could potentially have a direct or indirect impact
on biodiversity. This analysis is an estimate of the areas
potentially affected without taking into account Carrefour’s
action plans and actual impacts.
Actions and resources related to
biodiversity and ecosystems [E4‑3]
Improving site energy efficiency: the action plan is set out in
Section 2.1.2.1.2.2 Transition plan for climate change mitigation
(ESRS E1 Climate change).
Optimising waste management: the action plan is set out in
Section 2.1.2.5.3.3 Actions and resources related to resource use
and circular economy (ESRS E5 Circular economy).
Reducing food waste: the action plan is set out in Section
2.1.2.5.3.3 Actions and resources related to resource use and
circular economy (ESRS E5 Circular economy).
Reducing water consumption by sites: Carrefour stores in
France consume just over 1 million cubic metres of water:
739,000 cu.m. of water per year for hypermarkets and 421,000
cu.m. for supermarkets. This is why Carrefour France is
increasing its water‑saving target and stepping up its actions by
rolling out initiatives to reduce wastage:
This action plan comes in addition to the internal communication
campaign launched in stores in July 2023 to raise awareness of
environmental habits that reduce water consumption.
SUSTAINABLE SITE MANAGEMENT
In France, a charter for enlightened management of green
spaces has been introduced, listing best practices to foster
biodiversity (e.g., using alternatives to conventional crop
protection agents, preserving biodiversity with reduced intensity
mowing, etc.). This charter is presented to suppliers and is
integrated into the contract signed with the supplier selected in a
landscaping call for tenders.
As regards construction
, in France, each new extension
project managed directly by Carrefour Property complies with
the new regulatory requirements in force (French Climate and
Resilience Law, Zero Net Artificialisation Act), a green space
coefficient, zero land‑take outdoor areas on‑site and the
unsealing or greening of part of the parking areas for retail space
covering more than 500 sq.m. On‑site rainwater management is
now preferred for all newly developed sites, notably through
rainwater infiltration via drainage paving stones and outdoor
basins.
In mid‑2024, Carrefour and Nexity joined forces to create Villes et
Commerces with the aim of developing mixed‑use urban
projects on 76 Carrefour sites in France. As part of these projects,
Carrefour and Nexity have undertaken to obtain the BiodiverCity
label for all projects and to integrate biodiversity and climate
issues into their programmes.
A STUDY TO IMPROVE UNDERSTANDING OF IMPACTS AND
DEPENDENCIES ON NATURE
In 2024, Carrefour carried out an in‑depth study of its sites’
impact and dependency on nature. This study was informed by
an analysis of the state of nature on and around its sites, covering
the scope of its direct operations. Based on the Integrated
Biodiversity Assessment Tool (IBAT), this work provides a solid
inventory of the current situation, which can enhance Carrefour's
strategy for reducing the pressure of its sites on nature.
All sites (stores, head offices, warehouses) in the eight integrated
countries (Argentina, Belgium, Brazil, France, Italy, Poland,
Romania and Spain) owned (whether or not operated or
managed), co‑owned or leased by Carrefour Property were
included in the analysis. Together, they represent a total of 10,613
sites. The study covers water consumption, the state of nature on
and around the sites (sensitive areas, threatened species, land‑use
changes, etc.), the impact of the sites and operations (impacted
biodiversity and ecosystems, affected communities, mitigation
measures, etc.), site dependencies on nature and the associated
physical risks. The study's methodology is described below:
installing water‑saving devices in sanitary facilities;
■
introducing a closed cooling circuit for cooling systems;
■
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.).
■
(1)
with regard to water, the Group has consolidated water
consumption data for its sites and identified sites located in
areas exposed to water risks using QGIS mapping software and
the SBTN Water data map;
■
to analyse the state of nature on and around the sites, the IBAT
tool (integrating the World Database on Protected Areas, World
Database of Key Biodiversity Areas and IUCN Red List of
Threatened Species) and the SBTN Natural Lands data map
were used;
■
In terms of construction, Carrefour Property focuses solely on small store extensions. Buildings are constructed under leases, which means that
Carrefour is not directly responsible for them.
(1)
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2.1.2.4.3
2.1.2.4.3.1
The main findings of the study are as follows:
The Group draws on this to adjust its overall strategy on site
biodiversity, focusing on sites close to sensitive areas and on
large sites.
Reducing the impact of the value chain
on biodiversity
Policies and targets
POLICIES RELATED TO BIODIVERSITY AND ECOSYSTEMS
[E4‑2]
Carrefour is striving to combat the decline in biodiversity. As a
reminder, the Group's impacts on biodiversity are mainly indirect
and are concentrated upstream of its value chain, being
associated mainly with food product production. In addition, land
cover and land‑use change, mainly associated with deforestation,
account for 84% of the overall impact. To reduce the impacts of
its value chain on biodiversity, the Group has drawn up policies
and action plans for each of the raw materials identified as
priorities in the fight against deforestation and the conversion of
remarkable ecosystems based on risk analyses (see Figure 4:
Prioritisation of biodiversity impacts of raw materials sold by
Carrefour in France in Section 2.1.2.4.1.2 Impacts, risks and
opportunities of this Section).
Carrefour aims to limit the impact of its products on biodiversity
through three main actions:
to identify the impacts of its sites and operations, the Group
has drawn on surface data and the GLOBIO mean species
abundance metric to map biodiversity vulnerability around its
sites;
■
to identify site dependencies and the associated physical risks,
the Group has used the ENCORE (Exploring Natural Capital
Opportunities, Risks and Exposure) tool.
■
12.5% of sites are located in areas subject to very high levels of
water stress, mainly in France, Brazil and Spain. The action plan
to reduce water consumption in these regions is set out below;
■
the Carrefour group owns, leases or manages 3,041 sites in or
near a biodiversity sensitive area (Key Biodiversity Areas,
Protected Areas), covering 1,764 hectares in total (total surface
area of the sites concerned). These sites have a higher risk of
contributing to ecosystem disruption;
■
larger sites (warehouses, hypermarkets and cash & carry stores)
tend to have a greater impact on biodiversity (due to land‑use
changes);
■
the dependencies of Carrefour and Carrefour Property’s direct
operations on ecosystem services varies according to the type
of site. For example, warehouses rely primarily on soil and
sediment
retention
services
to
mitigate
landslides
for
warehouse buildings and infrastructure. Head offices, on the
other hand, rely mainly on local climate control services to
regulate the microclimate around office buildings and improve
working conditions.
■
Tackling
deforestation:
Carrefour
is
committed
to
combating deforestation by limiting at‑risk sourcing of raw
materials deemed vulnerable by the Group, in particular soy,
beef, palm oil, cocoa and wood and paper. For each of these
raw materials, a specific objective and action plan have been
defined and are set out in the following sections. The Forest
Committee, created as part of the new plan on combating
deforestation in Brazil, is responsible for this policy. This
five‑member committee is chaired by two members of
Carrefour's Executive Committee. The committee has the
following responsibilities: to give an opinion on the
effectiveness
of
the
actions
taken,
to
make
recommendations to Carrefour on the priorities for action,
to give an opinion on financed projects and to report on
action plan progress to Executive Management.
1.
Preserving fishery resources by guaranteeing sustainable
fishing methods: impacts related to the seas and oceans and
the associated policy are covered in Chapter E3 (Promoting
responsible fishing and aquaculture).
2.
Developing more responsible textile production chains:
textile‑related impacts and the associated policy are covered
in Chapter E2 (Reducing pollution from products sold).
3.
1
4
7
2
5
8
3
6
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TARGETS RELATED TO BIODIVERSITY AND ECOSYSTEMS [E4‑4]
Table 5: Targets for reducing the impact of the value chain on biodiversity
Target
Scope
Target
value
Target
year
Baseline
value
Baseline
year
Raw materials associated with a risk of deforestation
Palm oil: all palm oil and palm kernel oil
used in Carrefour‑brand products has been
certified as sourced through the RSPO’s
“Segregated” system since 2022
Carrefour‑brand FMCG and TFP food products
(e.g., biscuits and pastries) and non‑food
products (e.g., candles and soap) containing
palm oil.
100%
Permanent
54.6%
2020
Wood and paper – Products: all Carrefour
own‑brand products in ten priority
categories sourced from sustainable
forests
Ten priority categories representing more than
80% of the wood and paper used in Carrefour
products (e.g., toilet paper, stationery, garden
furniture, etc.).
100%
Permanent
48.8%
2019
Wood and paper – Packaging: all paper
and cardboard packaging for controlled
products must comply with the sustainable
forestry policy
Three scopes of application:
1. Controlled products;
2. Packaging of items sold at traditional
counters/in‑house (e.g., fruit and vegetable
bags, deli containers). Indirect purchasing;
3. E‑commerce sales and delivery packaging.
100%
2025
-
-
Wood and paper – Wood fibre:
Percentage of viscose TEX products made
from wood fibre sourced from sustainably
managed, FSC (Forest Stewardship
Council) certified forests
Carrefour TEX brand products.
100%
Permanent
40%
2021
Soy: all Carrefour Quality Lines and key
Carrefour‑brand products must use
deforestation‑free soy for livestock feed
Carrefour Quality Lines products and key
Carrefour‑brand products: the following
unprocessed fresh or frozen products
(excluding deli meats) – chicken, turkey, pork,
beef, veal, lamb, salmon, eggs, milk, minced
meat.
100%
2025
2.9%
2021
Cocoa: all Carrefour‑brand chocolate bars
must comply with our Sustainable Cocoa
Charter
France, Belgium, Spain and Italy.
Carrefour‑brand chocolate bars.
100%
Permanent
-
2020
Brazilian beef: all Brazilian beef must be
deforestation‑free for Carrefour brands by
2026, and for other brands by 2030
Carrefour Brazil, Sam’s Club and Atacadão.
100%
2030
-
-
Brazilian beef: all tier 2 Brazilian beef
suppliers must be geo‑monitored and
compliant with the forest policy or
committed to ambitious deforestation
policies
Beef suppliers, including tier 1 suppliers
(abattoirs) and tier 2 supplier farms supplying
fresh, frozen and processed meat.
Carrefour Brazil and Atacadão.
100%
2025
72%
2020
Preserving fishery resources
Targets for preserving fishery resources are set out in Section 2.1.2.3.3.1 Policies and targets related to ESRS E3 Water and marine
resources.
Developing more sustainable textile production chains
The targets for the development of more sustainable textile production chains are detailed in Section 2.1.2.2.2.1 Policies and targets
related to ESRS E2 Pollution.
(1)
The target relates to beef only, beef cattle feed is excluded.
(1)
2
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Methodology:
The following steps were taken to define the above targets:
In addition, for each of the targets set, the Group conducted an
in‑depth dialogue with its stakeholders. This involved the Group’s
competitors, relevant NGOs, suppliers and scientific experts.
The indicator relating to the proportion of sensitive raw materials
covered by a risk reduction plan is based on the aggregation of
five
criteria:
implementation
of
governance,
training
of
employees in Carrefour purchasing rules, communication of our
commitments to our suppliers, performance of raw materials and
completeness of reporting.
Finally, for beef in Brazil, Carrefour has validated the following
solutions to guarantee the absence of deforestation:
Selection of raw materials most at risk in terms of deforestation
through stakeholder dialogue and risk analysis based on
available research;
■
Selection of standards and tools recognised by the Group,
based on their robustness, audit methodology and market
recognition;
■
Definition
of
a
relevant
scope
to
ensure
reliable
implementation and a significant reduction in risk;
■
Definition of cut‑off dates in line with market standards and an
implementation deadline to ensure the preservation of
ecosystems while allowing implementation by the Group’s
suppliers;
■
For targets related to upstream actors (traders), the target is
defined based on an analysis of those that have the relevant
levers and for which the risks and impacts associated with raw
materials are most material.
■
Closed‑loop or full‑cycle model: this model involves
sourcing from closed‑loop farms, where all stages of the
animal’s life, from birth to fattening, take place on the same
property or with traceability to previous farms. Full‑cycle
farms
do
not
involve
intermediate
farms,
thereby
guaranteeing a clear and controlled supply chain.
(i)
Risk assessment methodology for intermediate farms: in
cases where intermediate farms are not known, a risk
assessment methodology has been developed in agreement
with the Forest Committee. Carrefour considers that beef
does not involve deforestation if it is not sourced from a
high‑risk area or, if a risk is identified, by requesting full
traceability
from
the
supplier.
The
risk
assessment
methodology includes the following steps:
(ii)
Identification of communities in Brazil considered to be at
greatest risk of deforestation (using public sources to
assess both past deforestation – Alerta MapBiomas,
PRODES, Imazon – and the potential for future
deforestation, as well as data on CO emissions from the
agricultural sector and changes in land and forest use).
■
2
Analysis of the location of slaughterhouses supplying beef
to the Carrefour group and definition of a radius of
influence for these slaughterhouses and their direct farms.
■
Cross‑referencing of zones of influence with the mapping
of communities at risk of deforestation and the location of
indigenous lands and protected areas.
■
Defining priority areas by cross‑referencing the size of the
supply volumes of each abattoir, the number of farms
supplying them and the percentage of farms located in the
at‑risk areas. It is these priority areas on which the Group is
focusing in terms of full traceability, both for its own
brands and its national brands.
■
1
4
7
2
5
8
3
6
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2.1.2.4.3.2 Metrics and performance
Impact metrics related to biodiversity and ecosystems change [E4‑5]
Table 6: Monitoring key performance metrics for the "Reducing the impact of the value chain on biodiversity" management priority
Topic
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Sensitive raw
materials
Percentage of sensitive raw materials
covered by a risk reduction plan (sensitive
raw materials associated with
deforestation, fisheries, aquaculture and
textiles)
%
87.5
70.5
+17 pts
100%
by
2026
100%
-
Raw materials associated with a risk of deforestation
Sustainable
forestry policy
Sales of products that comply with our
sustainable forestry policy*
Millions
of euros
1,596
871
+83%
-
100%
-
Palm oil
Percentage of palm oil used in
Carrefour‑brand products certified RSPO
or equivalent
%
100
100
0
100%
98%
MDC Light
BR
Palm oil
Percentage of palm oil used in
Carrefour‑brand products that is fully
traced (RSPO Segregated certified)
%
95.1
95.3
-0.2 pts
-
98%
MDC Light
BR
Wood and
paper
Percentage of Carrefour own‑brand
products in ten priority categories sourced
from sustainable forests
%
98
96.3
+1.8 pts
100%
100%
-
Wood and
paper
Percentage of paper and cardboard
packaging complying with the sustainable
forestry policy
%
56.8
53.8
+3.1 pts
-
99%
AR
non‑food
CRF brand
Wood and
paper
Percentage of viscose TEX products made
from wood fibre sourced from sustainably
managed, FSC certified forests (in units)
%
97
96.3
+0.7 pts
-
100%
-
Soy
Percentage of Carrefour Quality Lines and
other key Carrefour‑brand products using
deforestation‑free soy for animal feed
%
27.9
21.7
+6.1 pts
100%
by
2025
93%
BR C,
Sam’s Club
Cocoa
Percentage of Carrefour‑brand chocolate
bars that comply with our Sustainable
Cocoa Charter
%
33.2
31.6
+1.6 pts
100%
by
2023
100%
xx
Brazilian beef
Percentage of deforestation‑free Brazilian
beef sold under Carrefour brands
%
91
29
+62 pts
100%
100%
-
Brazilian beef
Percentage of deforestation‑free Brazilian
beef (national brands)
%
3
0
+3 pts
-
100%
-
Brazilian beef
Percentage of tier 2 Brazilian beef suppliers
that are geo‑monitored and comply with
our forestry policy or are committed to an
ambitious policy to combat deforestation
%
100
100
0
100%
by
2025
100%
-
(1)
The scope of this metric and target is Brazil only. The solutions adopted by the Group to validate zero deforestation are closed‑loop production or
full traceability in the case of sourcing from a high‑risk area (see methodology section).
(1)
2
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Topic
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Preserving fishery resources
The metrics relating to the preservation of fishery resources are set out in Section 2.1.2.3.3.2 Metrics and performance related to ESRS
E3 Water and marine resources.
Developing more sustainable textile production chains
The metrics concerning the development of more sustainable textile production chains are set out in Section 2.1.2.2.2.2 Metrics and
performance related to ESRS E2 Pollution.
2.1.2.4.3.3
COMMENTS ON PERFORMANCE
Carrefour improved its performance in terms of the proportion of
sensitive raw materials covered by a risk reduction plan in 2024.
The governance in place to monitor these raw materials and the
commitment of the Group’s suppliers remain exemplary. There
has also been a significant improvement in the training of
relevant employees on purchasing rules.
The Group has a high (between 95% and 100%) and stable
performance in terms of the percentage of wood, paper and
palm oil not derived from deforestation. Carrefour Brazil
recorded a sharp increase in the proportion of Carrefour‑brand
beef not involving deforestation (from 29% to 91%) thanks to the
gradual implementation of traceability at all stages of production,
paving the way for the target to be met in 2026. However, the
Group is encountering difficulties in its trajectories for cocoa
(stable at 33%) and soy (up 6 points at 28%).
Carrefour intends to pursue its action plans in 2025 to achieve its
targets, in line with the implementation of the EUDR in Europe.
Actions and resources related to
biodiversity and ecosystems [E4‑3]
In connection with its policy to combat deforestation for the
various materials deemed a priority by the Group, Carrefour has
set up specific action plans for each of these materials.
PALM OIL
Since 2010, Carrefour's policy has been to replace palm oil in its
own‑brand products when this improves the product's nutritional
quality or meets consumer expectations. For Carrefour‑brand
products containing palm oil, the Group guarantees that the oil
used is sustainably produced.
In its supply chains
Roundtable on Sustainable Palm Oil
(RSPO) certification is
applied as a minimum standard for the palm oil contained in
Carrefour‑brand products. The Group prefers RSPO‑certified
segregated palm oil: this ensures the physical traceability of the
palm oil and therefore guarantees that the palm oil contained in
finished products has not contributed to deforestation.
Engagement of upstream intermediaries
In order to change practices upstream of its supply chain,
Carrefour engages in dialogue with the main palm oil importers
at various levels through its involvement in collective initiatives as
well as bilateral discussions to share its ambition to achieve zero
deforestation across the entire supply chain. As part of the
Consumer Goods Forum's Forest Positive Coalition, Carrefour
supports the implementation of higher standards for traders.
Through the Palm Oil Transparency Coalition (POTC), a shared
assessment system has been developed to monitor and engage
with traders and allow companies to source their supplies from
the most responsible traders. In 2021, all key palm oil importers
connected to Carrefour's supply chain were assessed and
engaged with via the POTC.
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 supply chains
The
Group
uses
its
CQL
to
develop
"Zero
Deforestation"
livestock production chains in each country in
which it operates. To offer an alternative to animal proteins,
Carrefour is also developing vegetarian and vegan ranges in
every country.
To meet its commitment for all key products to use
deforestation‑free soy for livestock feed by 2025, the following
actions have been rolled out:
Engagement of upstream intermediaries
As with palm oil, Carrefour is contributing to dialogue within the
sector to bring about changes in traders’ practices. In 2023, to
gain better visibility into the origin of soy in its supply chain,
Carrefour conducted surveys of its direct suppliers to obtain
more precise information on the sources of integrated soy and to
determine the proportion of traceable soy that is not associated
with deforestation.
Carrefour has also distributed to its suppliers a list of soy
importers
ranked
based
on
an
assessment
of
their
anti‑deforestation policy.
(1)
(2)
soy replaced by alternative proteins;
■
use of soy sourced from a local, deforestation‑free farm;
■
use of soy certified as deforestation‑free with full traceability;
■
sourcing from a region with no deforestation or conversion
risk;
■
sourcing from a field project with a landscape approach.
■
https://rspo.org/
A “zero deforestation” livestock sector is one in which animals are fed with soy not derived from deforestation.
(1)
(2)
1
4
7
2
5
8
3
6
9
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To carry out this assessment, Carrefour developed its own
system
for
evaluating
key
traders
using
the
following
multi‑criteria methodology:
In 2024, all key soy importers connected to Carrefour's supply
chain were assessed and engaged with via the STC, webinars and
bilateral discussions.
WOOD AND PAPER
In its supply chains
To define its action plan, the Group analysed the risks associated
with the supply of wood for its Carrefour‑brand products
depending on:
As a result, Carrefour has decided to use certification for certain
supplies considered more sensitive due to their origin (tropical
wood for garden furniture, coal) and for the main volumes of
wood and paper in the 10 priority product categories. Carrefour
uses several certification systems to ensure that its supplies
comply with its policy and to promote sustainable forest
management: FSC® "100%", "Mixed" or "Recycled" certification
for the highest‑risk areas, and PEFC® certification for the
lowest‑risk areas. Carrefour also uses the European Ecolabel to
ensure best practices during product manufacture.
In practical terms:
BRAZILIAN BEEF
Brazil is the host country with the greatest risk of deforestation;
Carrefour's beef policy consequently focuses on Brazilian beef.
Creation of a dedicated internal governance system
Carrefour has set up a dedicated internal governance system
with weekly monitoring of the compliance dashboard by
suppliers, involving the purchasing departments of the various
banners in Brazil and the Group's CSR department.
Pre‑approval of suppliers
Carrefour Brazil has implemented a pre‑approval process for its
beef suppliers. The Group requires that all meat suppliers meet
the following conditions:
If they do not comply, penalties may be applied or the Group
may stop using them as a supplier, depending on the seriousness
of the non‑compliance.
Geo‑monitoring of farms supplying Carrefour's abattoir
suppliers in Brazil
The Group’s suppliers are subject to a rigorous approval process
that includes a commitment to monitor and not tolerate
practices
such
as
deforestation,
slave
or
child
labour,
environmental embargoes or invasions of indigenous and
quilombola
lands
or
protected
areas.
To
combat
the
deforestation associated with meat production, Carrefour has set
up
a
farm
assessment
process
based
on
social
and
environmental criteria approved by the Brazilian Public Ministry
under the Boi na Linha protocol, as well as additional criteria
defined by Carrefour. To be sold in the Group's stores in Brazil,
beef must not come from farms:
Assessment with respect to France’s “Manifesto committing
French
supermarkets
to
fight
soy‑driven
imported
deforestation”,
■
Assessment of the French National Strategy to Combat
Imported Deforestation (SNDI),
■
Consultation with the Group’s expert committee on combating
deforestation in Brazil,
■
Soy Transparency Coalition,
■
Global Canopy’s Forest 500.
■
volume: product categories consuming the highest wood
equivalent tonnages;
■
species: type of wood used, to guarantee the absence of
species at high risk or banned by the Carrefour Charter (such
as those appearing on the IUCN red list of threatened species);
■
origin: level of risk associated with the wood's country or
region of origin.
■
All of the wood charcoal sold in France is FSC® or PEFC®-
certified or made from wood of French origin.
■
All tropical wood (acacia and eucalyptus) garden furniture from
Carrefour's international purchasing centre is FSC®-certified.
■
All toilet paper for sale in France, Spain, Italy and Belgium is
FSC®-certified as "Mixed” or “Recycled”.
■
The articles in Carrefour's EcoPlanet stationery range are made
from 100% FSC recycled paper.
■
95% of the printing paper used at the Group's French offices is
certified, and 90% is certified to FSC® or Blue Angel standards.
■
More than 99% of the paper used by the Carrefour group for
marketing publications is recycled or certified.
■
All paper and cardboard packaging used for TEX textile
products is FSC®-certified.
■
suppliers must comply with the Boi na Linha protocol;
■
they must have a geo‑monitoring tool, regardless of the
geographical location of their facilities;
■
they must be signatories to the Conduct Adjustment
Agreement (Termo de Ajustamento de Conducta – TAC) set up
by the Brazilian authorities for beef in the states concerned
(Amazonas);
■
factories must have a Federal Inspection Service (SIF) seal;
■
suppliers must allow all the farms to be re‑analysed by
Carrefour's geo‑monitoring system and provide all necessary
data;
■
all farms must have active registration (Federal CAR) and
environmental licences (where applicable).
■
Since 2024, the Group has been completing official
deforestation data (Prodes) with data from Mapbiomas (a
collective of NGOs, universities, laboratories and technology
start‑ups that map land occupation and use) to obtain real‑time
information for the whole of Brazil. Carrefour is also the only
retailer to analyse deforestation data for the entire country and
for all Brazilian biomes.
■
concerned by deforestation or conversion;
■
under environmental embargo;
■
located in protected areas;
■
2
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2.1.2.5
2.1.2.5.1
2.1.2.5.1.1
To ensure compliance with these various exclusions, Carrefour
has set up a geo‑monitoring system covering its tier 1 suppliers
(abattoirs) and tier 2 suppliers (last farm before the abattoir).In
practical terms, on a weekly basis the Group re‑analyses the
farms supplying the abattoirs that then supply the Group, using a
geo‑spatial analysis developed by a specialist third party, and
checks compliance with the protocol criteria. To date, all the
farms supplying Carrefour's supplier abattoirs are monitored by
Carrefour's tools in Brazil, i.e., almost 30,000 farms a year. As
suppliers are themselves required to have a geo‑monitoring
system, the beef marketed by Carrefour in Brazil is checked at
two stages in the supply chain.
Checking abattoir supplies over test periods
Carrefour is
working to
check
past
supplies
from its
slaughterhouses, over periods prior to the strengthening of the
Group’s monitoring tools. This additional level of checks is
inspired by the Group's experience in the State of Rondônia. It
allows the Group to check all farms that have supplied an
abattoir, whether or not the goods are intended for Carrefour.
This means that monitoring extends beyond the farms that
currently supply Carrefour, and helps to improve compliance
among suppliers beyond what they supply to the Group. In 2024,
100% of the 18 meat‑packing suppliers were compliant with the
company’s policy of screening meat and double‑checking each
batch delivered. In 2024, the Group analysed a total of
24,631,945 hectares on 31,802 farms, compared with 28,983
farms analysed in 2023. Eleven meat suppliers remain blocked
because they do not meet the Group’s purchasing criteria.
Management of indirect farms and at‑risk areas: to achieve its
commitment of 100% deforestation‑free beef for Carrefour‑brand
products by 2026 and for national brands by 2030, Carrefour has
defined several solutions to validate the absence of deforestation,
in agreement with the Forest Committee.
COCOA
In its supply chains
Carrefour is helping its own‑brand chocolate bar suppliers to
achieve this objective with the Cocoa Commitment Charter,
which sets out requirements based on:
To meet the expectations set out in its charter, the Group uses
various levers such as certifications (Fairtrade, Max Havelaar,
UTZ/RFA, organic farming), robust voluntary programmes
(Transparence Cacao, Cocoa Horizons, etc.) and the results of
trader assessments conducted through the Retailer Cocoa
Collaboration.
In addition, Carrefour is a founding partner of the CEMOI
Transparence Cacao programme, now used in the production of
33 Carrefour‑brand chocolate bars, including 14 organic bars.
The programme helps fight deforestation while improving the
living and working conditions of cocoa farmers. The cocoa paste
obtained from beans grown in this way ensures complete
traceability from planter to consumer.
Engagement of upstream intermediaries
Carrefour is also working with the Retailer Cocoa Collaboration
to involve stakeholders further up the supply chain. Since 2019,
this distributor platform has been fostering dialogue between
retailers and cocoa traders to promote transparency and
progress towards sustainable cocoa production. The annual
assessment programme is a way to:
Collaboration with stakeholders to establish common rules
In 2021, Carrefour joined the French Initiative for Sustainable
Cocoa (IFCD), which concerns chocolate produced, consumed
or marketed in France. The French Sustainable Cocoa Initiative
covers cocoa from the main supply countries for the French
cocoa and chocolate industry, primarily Côte d'Ivoire, Ghana,
Nigeria and Cameroon, but also countries in Latin America and
Asia. This partnership includes international players from both the
private and public sectors, starting with governments and
government agencies, as well as cocoa farmer organisations,
local sellers and other partners in the cocoa production chain in
cocoa‑producing countries, who must therefore work together
effectively. This platform has set collective objectives in line with
those of the Group. It will enable the Group to accelerate the
implementation of its action plan by mobilising the entire sector.
Carrefour’s participation in this working group has also enabled it
to support a field project aimed at promoting sustainable cocoa
production in the areas adjacent to the Mabi‑Yaya Nature
Reserve, encouraging local development and improving the
income
of
cocoa
farmers
and
their
families
through
diversification and the emancipation of women.
The circular economy (ESRS E5)
Issues relevant to the Carrefour group
Context and imperatives
Given the nature of its operations, Carrefour generates 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. Depending on how it is managed, this waste can cause
pollution and make resources scarcer. It can also pose a risk to a
company’s image and generate additional costs. Waste from
single‑use plastic packaging is a key issue for the Group. The
retail industry has a role to play in innovating, changing practices
and meeting the demands of consumers. Plastic pollution is an
issue of concern for many consumers, and therefore changes in
practices need to be further supported and facilitated. The policy,
objectives and action plan relating to packaging can be found in
Section 2.1.2.5.2 Developing the circular economy as part of our
product and service offering.
on land belonging to indigenous or quilombola peoples or
using illegal labour (in particular child labour and forced
labour).
■
tackling deforestation;
■
combating child labour;
■
compensating growers more fairly;
■
ensuring traceability and transparency.
■
measure the progress of cocoa traders with respect to the
eight core principles of the Cocoa and Forests Initiative (CFI);
■
ensure that retailers all use the same assessment method;
■
enable retailers to make more informed decisions about cocoa
sourcing.
■
1
4
7
2
5
8
3
6
9
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Similarly, food waste is a concern that spans the entire supply
chain, from production lines, warehouses and stores to
consumers. It makes resources scarcer. Waste of this kind has
many causes, including overproduction, calibration criteria, cold
chain interruptions, poor inventory management, supply‑demand
mismatching and consumer habits. Solutions have been put in
place at every stage of the value chain. The policy, objectives and
action plan relating to waste management and food waste are
detailed in Section 2.1.2.5.3. Developing the circular economy as
part of operations.
2.1.2.5.1.2 Impacts, risks and opportunities
Table 1: List of material impacts, risks and opportunities related to the circular economy
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Developing the
circular
economy as
part of our
product and
service offering
Optimising waste
management
Pollution caused
by poor waste
management in
upstream and
downstream
operations
Inadequate waste management,
whether in the Group’s own
operations (sorting in stores), or
upstream (production, processing or
transport), or downstream (disposal
by consumers and communities),
can have negative effects on the
environment (soil and water
contamination) and health.
Impact
Upstream
Downstream
Operations
Long term
Developing the
circular
economy as
part of
operations
Reducing food
waste
Food waste at
site level and
within the value
chain
Losses of raw materials and food
waste can occur during production,
processing and transport, or due to
poor stock and promotion
management in stores. These
unnecessary losses have an
environmental impact and an
impact on consumers’ purchasing
power.
Impact
Upstream
Operations
Franchises
Downstream
Long term
Developing the
circular
economy as
part of our
product and
service offering
Developing the
circular
economy as
part of
operations
Optimising waste
management
Developing the
circular
economy as part
of our product
and service
offering
Accusations
against Carrefour
regarding waste
in natural spaces
Inadequate waste management,
whether by the factories producing
the products, by consumers using
Carrefour products or by franchise
partners, can lead to local pollution.
These situations expose the Group
to reputational risks that could
damage its brand image.
Risk
Upstream
Downstream
Franchises
Short term
Developing the
circular
economy as
part of our
product and
service offering
Developing the
circular
economy as
part of
operations
Optimising waste
management
Developing the
circular
economy as part
of our product
and service
offering
Increased costs
associated with
waste
management
and the scarcity
of resources
Poor waste management in stores
and warehouses can lead to higher
operational costs (e.g., treatment
costs) and an increase in
eco‑contributions, particularly in the
event of non‑compliance with
regulations (e.g., REP). In addition,
the depletion of natural resources
and increasingly demanding
eco‑design requirements may lead
to higher supply and production
costs for suppliers, with a direct
impact on the Group’s costs.
Risk
Upstream
Operations
Short and
long term
Developing the
circular
economy as
part of our
product and
service offering
Developing the
circular
economy as part
of our product
and service
offering
Depletion of
resources
associated with
the manufacture
of products and
packaging sold
The production and processing of
products and packaging sold involve
the consumption of agricultural
commodities and natural resources
(e.g., water, wood, silica). Managing
the production of these raw
materials may contribute to the
depletion of natural resources.
Impact
Upstream
Long term
(1)
This impact is specific to Carrefour’s activities.
(1)
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Sustainability Statement
146
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Developing the
circular
economy as
part of our
product and
service offering
Developing the
circular
economy as part
of our product
and service
offering
Integrating the
circular
economy into
our services and
offers.
The insurance business and the
development of new offers linked to
the circular economy foster more
sustainable practices by reducing
environmental impact. Such
initiatives help optimise costs and
preserve natural resources.
Oppor-
tunity
Positive
impact
Downstream Short term
Developing the
circular
economy as
part of our
product and
service offering
Developing the
circular
economy as part
of our product
and service
offering
Economic and
reputational
challenges of
circular
economy
integration
Achieving long‑term profitability
from services centred on circularity
and repairability requires significant
investment, which can represent a
cost for the Group. Furthermore,
consumer perception of a lack of
commitment to the circular
economy (with excessive use of
packaging for instance) could
undermine the Group’s appeal and
weaken its brand image.
Risk
Upstream &
downstream
Short and
medium
term
Due to its single use and volume, primary packaging is
Carrefour’s priority in terms of circular economy. An analysis of
the packaging of Carrefour‑brand products sold in France in
2024 (on a scope representing 56% of the sales volume of
Carrefour‑brand products) shows the following breakdown: 40%
plastic, 27% glass, 26% fibrous materials, 8% metal and 32% other
materials. Plastic packaging is a priority in the Group’s policies
and action plans because of the fossil resources used to produce
it, its lower recyclability rate compared with other materials and
its impact on the environment (systemic pollution).
In 2022, the Carrefour group 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. Based on the findings of
this macro‑analysis, the Group decided to make reducing plastic
packaging a priority in its circular economy policy.
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FIGURE 1: MACRO‑ANALYSIS OF THE IMPACT OF PLASTICS
Upstream
Transport
and logistics
Stores
and visitors
Products
e.g., fi shing nets,
garden tarps
e.g., plastic foil,
bubble wrap
e.g., POS, plastic bags,
gloves, bins
e.g., primary/secondary
products and packaging
Carrefour's
value chain
Visual representation of the amount of plastic
present at each stage of the value chain
Plastic-related risks identified by Carrefour
Products sold make up for an estimated 90% of the plastic manufactured and used as part of the Group’s activities,
and 80% of this plastic comes from packaging.
The main impacts linked to the manufacture of plastics include soil and water pollution during oil extraction and energy consumption and GHG emissions during
its transformation into plastic as well as polluting emissions in the air.
End-of-life plastics
When it comes to end-of-life plastics, processing and recycling capacities in the countries in which the Group operates and
the quantity of plastic involved in each country determine the risks. An estimated 20% of the plastic manufactured and used
throughout the value chain is recycled, 38% is incinerated, 56% is sent to landfi lls, and 6% is uncollected. Indeed, the recycling
rate of plastic, especially plastic not derived from household waste, varies from country to country, from 1% in Brazil to 26% in
France and 47% in Spain. These three priority countries for the Group together represent more than 3/4 of the volume of
plastics produced.
The main impacts related to end-of-life plastics include air pollution and GHG emissions when the end-of-life plastic is incinerated at the end of its life
or soil and water pollution in the event 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.
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.
due to
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Sustainability Statement
148
2.1.2.5.1.3
Stakeholders, standards and regulations
TYPE OF
STAKEHOLDER
ROLE
TYPE OF
DIALOGUE
EXAMPLES OF STAKEHOLDERS
RELEVANT POLICIES
Suppliers
Roll‑out of
in‑the‑field
projects
Working group
Food Transition Pact
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Suppliers
Roll‑out of
in‑the‑field
projects
Regular
one‑to‑one
dialogue
Suppliers of food products (R&D to
extend use‑by dates)
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Suppliers
Roll‑out of
in‑the‑field
projects
Regular
one‑to‑one
dialogue
Packaging suppliers
Developing the circular economy as
part of our product and service
offering
Suppliers
Roll‑out of
in‑the‑field
projects
Partnerships
Solutions providers: Too Good To
Go, Terracycle, Loop, Nous
Anti‑Gaspi, Phenix, Hop Hop food
Developing the circular economy as
part of our product and service
offering
Non‑profits and
NGOs
Roll‑out of
in‑the‑field
projects
Partnerships
Restos du Coeur
Developing the circular economy as
part of operations
Non‑profits and
NGOs
Setting of Group
targets
Stakeholder
panels
Surfrider Foundation Europe, Zero
Waste France, Tara Oceans, WWF,
No Plastic In My Sea
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Industry
organisations
Definition of
industry‑level/
national
strategies
Talks and ad hoc
consultations
French Trade and Retail Federation
– Fédération du Commerce et de la
Distribution
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Customers
Roll‑out of
in‑the‑field
projects
Mutual
information
Consumers encouraged to use their
own reusable containers in stores,
Club Consommateurs Engagés
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Multi
‑stakeholder
initiatives
Setting of Group
targets
Talks and ad hoc
consultations
Ellen MacArthur Foundation (Global
Commitment, New Plastics
Economy)
Developing the circular economy as
part of our product and service
offering
Multi
‑stakeholder
initiatives
Roll‑out of
in‑the‑field
projects
Working group
En avant Vrac
Developing the circular economy as
part of our product and service
offering
Business
coalitions
Setting of Group
targets
Working group
French National Plastics Pact
Developing the circular economy as
part of our product and service
offering
Business
coalitions
Definition of
industry‑level/
national
strategies
Talks and ad hoc
consultations
Réseau Vrac et réemploi
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Multi
‑stakeholder
initiatives
Roll‑out of
in‑the‑field
projects
Working group
BeMed network
Developing the circular economy as
part of our product and service
offering
Developing the circular economy as
part of operations
Industry
organisations
Definition of
methodologies
and frameworks
Working group
Coalition of Action on Plastic Waste
(Consumer Goods Forum)
Developing the circular economy as
part of our product and service
offering
Scientific
experts and
consultants
Cooperation with
and commitment
to the Group's
transition
Talks and ad hoc
consultations
(RE)SET, ICare, ConsultantSeas,
InOff, Arnaud Le Berrigaud, etc.
Developing the circular economy as
part of our product and service
offering
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149
2.1.2.5.1.4
2.1.2.5.2
2.1.2.5.2.1
STANDARDS AND REGULATIONS
The Carrefour group follows various standards, coalitions and
partnerships relating to the fight against food waste, as set out
below:
Concerning waste and plastics:
Corporate governance
The implementation of the circular economy policy within the
range of products and services is overseen at the highest level by
the Engagement Department, the Merchandise Department and
the Merchant Services Department.
The Group Packaging Committee specifically supervises the
implementation of Carrefour's packaging objectives. It facilitates
concerted decision‑making on the Group’s objectives and
strategies in this area and monitors projects. It is co‑chaired by
the Group Merchandise Department and the Engagement
Department, and brings together all departments involved in
packaging (Supply Chain, IT, Non‑Merchandise Purchasing, Own
Brand, CSR, Quality, etc.).
The implementation of the circular economy policies as part of
operations is overseen at the highest level of the Group by the
Director of Engagement and the Director of Strategy &
Transformation, in cooperation with the relevant departments
across the Group. Information on general CSR governance is
provided in Section 2.1.1 General disclosures.
Developing the circular economy
as part of our product
and service offering
Policy and targets
POLICIES RELATED TO RESOURCE USE AND CIRCULAR
ECONOMY [E5‑1]
Circular economy within the product offering: the Group sees
reducing packaging, particularly plastic packaging, as a global
issue to be addressed in collaboration with its suppliers, partners
and customers. The transition to less plastic means transforming
the Carrefour group, particularly its food systems and distribution
model. The Group's CSR ambitions require it to review the use of
packaging in its operations, reinventing the customer experience
to meet these challenges.
Carrefour's policy on packaging is based on the four principles of
Refuse, Reduce, Reuse, Recycle. To implement these principles,
Carrefour has set ambitious targets aimed at:
The circular economy as part of our service offering: Carma,
Carrefour's insurance subsidy, has built its strategy around the
"repair first" principle, which is based on repairing equipment
covered by an insurance contract or extended warranty before
replacing it altogether. These insurance products cover
programmes for household appliances, in particular household
appliances and audiovisual equipment.
Reducing the risks and impacts associated with environmental
non‑compliance at suppliers’ sites: see the dedicated discussion
in Section 2.1.2.2.2 Reducing pollution associated with products
sold, concerning waste management upstream of the Group’s
activities.
TARGETS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY [E5‑3]
Table 2: Targets for developing the circular economy as part of our product and service offering
Target
Unit
Target value
Target year
Scope
Baseline
value
Baseline
year
Quantity of packaging avoided (cumulative)
T
20,000 including
15,000 in plastic
2025
Group
-
2017
Reusable, recyclable or compostable packaging
on own‑brand items
%
100%
2025
Group
-
-
Integration of recycled plastic in packaging
%
30%
2025
Group
-
-
Sales of bulk and goods in returnable packaging
€m
300
2026
Group
-
2022
Consumer Goods Forum;
■
Too Good To Go Pact, which brings together industry, retail,
NGOs, trade organisations and digital operators to commit to
reducing food waste;
■
Eco Slow Wasting (the Monaco‑based equivalent of Too Good
To Go);
■
FLWP.
■
Waste treatment hierarchy;
■
European Plastics Pact;
■
Ellen MacArthur Foundation Global Plastic Commitment;
■
Recycling standards set by environmental organisations in
European countries;
■
Consumer Goods Forum Golden Design Rules.
■
eliminating all problematic or redundant packaging;
■
promoting recyclability and recycling;
■
increasing the proportion of recycled plastic in packaging.
■
(1)(2)
(3)
This commitment was met in 2023, two years ahead of schedule. Further to achieving this commitment, new commitments concerning the use
of single‑use plastic packaging are currently being defined within the Carrefour group.
(1)
The weight of packaging avoided is calculated based on the weight of plastic removed in the new packaging compared with the old packaging,
or the difference between the weight before and after packaging for other materials.
(2)
The sales target has been adjusted from 150 million to 300 million euros to take into account sales of returnable packaging as well as sales of
bulk.
(3)
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150
2.1.2.5.2.2 Metrics and performance
Table 3: Monitoring key performance metrics to develop the circular economy as part of our product and service offering
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Total quantity of organic packaging materials (t)
T
47,507
New
-
100%
Quantity of organic packaging materials – from
certified sustainable sources (t)
T
16,246
New
-
95%
AR
Share of certified biosourced plastic in total
biosourced plastic packaging (%)
%
0
New
-
91%
IT & PL
Share of certified biosourced plastic in total plastic
packaging (%)
%
0
New
-
91%
IT & PL
Share of organic packaging materials of sustainable
origin in total packaging (%)
%
4.6
New
-
95%
AR
Share of recycled plastic packaging in total plastic
packaging (%)
%
23.6
New
-
100%
Share of fibrous packaging materials from certified
sustainable sources (%)
%
4.6
New
-
95%
2024: AR
Share of fibrous packaging materials from recycled
materials (%)
%
18.8
New
-
81% 2024: ES &
AR
Share of recycled packaging materials in total
packaging (%)
%
15.3
New
-
100%
-
Share of recycled plastic in plastic packaging
%
16.4
8.6%
+7.6%
-
95%
2024: AR
Absolute weight of reused or recycled secondary
components, secondary intermediate products and
secondary materials used in the manufacture of the
company’s products and services (including
packaging)
53,674
New
-
-
Share of compostable packaging (%)
%
2
New
-
-
100%
Total reusable, recyclable and compostable packaging
(t)
T
199,890
162,940
+23%
-
100%
-
-
Share of recyclable packaging (%)
%
55
New
-
-
100%
Share of recyclable plastic packaging (%)
%
53.1
New
-
-
100%
-
Recycled glass material (t)
T
216,089
New
-
-
81%
ES & AR
Recycled metallic material (t)
T
4,530
New
-
-
81%
ES & AR
Other packaging materials made from recycled
materials (t)
T
153
New
-
-
81%
ES 1 AAR
Sales of bulk and goods in returnable packaging
€m
256
195
+31%
€300m by
2026
91%
2024: ES
deposit
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151
2.1.2.5.2.3
Scope: the above metrics refer to Carrefour brand packaging and
therefore exclude national brand packaging.
COMMENTS ON PERFORMANCE
In 2023, Carrefour achieved its target of a cumulative reduction
of 20,000 tonnes of packaging by 2025. The Group has now
developed a methodology to measure its packaging footprint in
different materials, an innovative initiative in the sector, and is
continuing its policy of reducing packaging.
The Group has achieved 56% recyclable and compostable
packaging, which is below the trajectory envisaged. This figure
reflects the technical difficulty of recycling certain types of
packaging such as tubing, the difficulty of collecting data from
smaller suppliers and the uneven performance of sorting and
recycling systems in the countries where the Group operates.
Total bulk and reuse sales amounted to 256 million euros in
2024, an increase of 31% compared with 2023, reflecting the
Group’s efforts to develop these models and the inclusion of new
product categories.
Actions and resources related to resource
use and circular economy [E5‑2]
An international packaging working group has been established
to implement the Group’s commitments in all countries. It brings
together the International Merchandise Department, the Quality
Department, the CSR Department and packaging liaison officers
from each country.
Resources have been made available to countries to help them
implement the packaging trajectories:
This governance and these tools allow the following actions to
be implemented in each country:
ELIMINATING ALL PROBLEMATIC OR REDUNDANT
PACKAGING
Carrefour is developing plastic‑free options in its stores.
By 2023, 20,738 tonnes of primary packaging had been avoided
across all integrated countries since 2017. Carrefour has thus
achieved its goal, two years ahead of its target. The main
reductions in 2023 relate to practical projects. Since 2017, each
country has been phasing out plastic on a product‑by‑product
basis. The largest single‑use plastic elimination projects involved:
In June 2023, Carrefour took part in drawing up the roadmap on
industrial and commercial plastic packaging with RE(SET),
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.
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. The initiative is being
promoted among consumers using a logo placed on all recycled,
recyclable, reusable or compostable Carrefour‑brand products.
To encourage recycling, Carrefour is working to improve
collection and sorting. In 2024, Carrefour France had 223 RVMs
installed.
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.
Quarterly two‑way calls are organised with each country to
review progress on packaging roadmaps and to work on
methods to coordinate the approach at country level and
improve the collection of packaging data.
■
Collective discussions are held to promote commitments and
share best practices between countries. For example, in 2024,
the packaging working group enabled Italy, France and
Argentina
to
share
their
feedback
on
data‑driven
decision‑making to define a national trajectory, on the use of a
prioritisation matrix for plastic reduction projects and on
communication with customers.
■
the packaging purchasing rules within the food transition
purchasing rules, which set out the rules for recyclability and
the operational procedures for implementing the reduction
commitments,
■
the “Top Emballages” resource bank distributed to country
coordinators, which lists the best packaging practices already
existing in the Private Label or National Brand market, across all
product categories, to help buyers make their choices.
■
To give countries a clearer picture of the types of packaging
they put on the market, around thirty new indicators were
added to their reporting in 2024. This gives the Group a
comprehensive view of the types of packaging being put on
the market in its various countries and enables it to take
appropriate action.
■
The replacement of single‑use plastic packaging in various
non‑food areas with paper packaging: plastic has been almost
completely eliminated from packaging for batteries, light bulbs,
stationery and tools in all the Group’s integrated countries.
■
The total replacement of plastic boxes for chicken with bags in
France and the introduction of brown cardboard boxes for
pastries in Spain.
■
In France, work carried out on fruit and vegetables means that
80% of products in this section are now sold without
packaging.
■
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.
■
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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. 685 stores in France
provide an assortment of bulk dry goods featuring 85 product
references.
In all its integrated countries 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. The
Group is encouraging the use of reusable packaging across all of
its geographies. France, Belgium and Poland are particularly
advanced or innovative in terms of reusing packaging.
Since the end of 2023, all the Group’s hypermarkets and
supermarkets have been promoting the “Bring your container”
campaign to encourage consumers to reduce the use of
packaging for products purchased in the fresh food departments
(fishmonger, butcher, deli, etc.). To go further, Carrefour France
offers a 10 cent discount on every product purchased in a
customer’s own container if that customer has a loyalty card.
Carrefour Spain has also introduced airtight stainless steel
packaging as part of its Carrefour Home household products
range.
In France, in partnership with TerraCycle, Carrefour is positioning
itself as a pioneer in reuse with the development 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, the initiative was effective
in 204 stores on 33 references by the end of 2024 and was
launched this year in the Toulouse region. To intensify the
development of reuse in France, Carrefour also launched the La
Consigne par Carrefour project at the end of 2023. It is currently
in place in 150 convenience stores in Paris and will be extended
to the South‑East of France in 2025. Finally, since 2023, Carrefour
has been working with CITEO to set up ReUse, a multi‑distributor
and multi‑supplier reuse initiative intended to structure an
interoperable deposit system for standard and iconic packaging,
which will be launched in May 2025 in Western and Northern
France. 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 France, the Group is working with (RE)SET to develop new
reuse solutions for complex packaging formats such as biscuits
and salads. As part of the 3Rs roadmap (Reduction, Reuse,
Recycling), (RE)SET member companies have collectively
undertaken to replace EPS 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.
In Belgium, Carrefour continues to innovate within the Reusable
Packaging Coalition, in addition to the reusability already
available for beer references.
In Poland, Carrefour offers a deposit on beer bottles and
encourages the return of glass sparkling water bottles, being the
first retailer in the market to offer sparkling water in 1 litre glass
bottles.
CONTRIBUTING TO THE CIRCULAR ECONOMY THROUGH
INSURANCE PRODUCTS
The insurance products that Carma offers its customers take
three main aspects of the circular economy into account:
Carma’s key initiatives are as follows:
Repair rates;
■
Rates of second‑hand parts;
■
Rates of reconditioned equipment.
■
The "repair first" principle: Carma now offers to repair its
customers’ products before renewing them.
■
Partner commitment: when subcontracting the management
of claims, partners must respect the "repair first" principle by
systematically offering to repair customers products before
offering to replace them. A dedicated team is responsible for
maintaining active communication with partners, sharing
details of Carma’s strategy and ensuring that partners are
aligned with this approach. Checks are also carried out to
verify that partners are properly applying this strategy.
■
In order to meet growing customer expectations and extend
Carma’s contribution to the circular economy, new products
are being offered to customers, such as:
insurance for environmentally‑friendly modes of transport,
bicycles and personal electric vehicles;
■
home insurance cover for renewable energy equipment and
technologies.
■
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2.1.2.5.3
2.1.2.5.3.1
Developing the circular economy
as part of operations
Policy and targets
POLICIES RELATED TO RESOURCE USE AND CIRCULAR
ECONOMY [E5‑1]
As a major player in the mass retail sector, the Group recognises
that responsible management of waste and food waste is not
only essential to reducing its ecological impact, but also to
meeting the expectations of consumers and stakeholders in
terms of sustainable development. To this end, the Group's policy
is to prevent the production of waste, by combating food waste,
and to recycle waste from its stores.
For Carrefour, food waste is an issue which is closely linked to
the operational efficiency of its activities. Managing markdowns
(for unsold products generated in stores related to inventory
management, product conservation, etc.) helps to limit the loss
of sales associated with wasted products, while the recovery of
unsold food and products that have been rejected for sale
represents an opportunity to reduce the associated losses.
For better management of food and non‑food waste, Carrefour
participates in the development of sorting and recovery systems
in countries where these are covered by official regulations. To
optimise its waste management, Carrefour works with waste
recovery companies for items such as cardboard, plastic and
organic waste, and implements the following principles
depending on its geographical location and partnerships:
With regard to managing waste and combating food waste in
stores, performance is monitored at Group level. In each country,
national committees meet every month to monitor markdowns
in stores. These committees bring together supply chain teams,
executive management, and the finance and organisational
departments of the various formats. At store level, the Group has
introduced the position of "anti‑waste officer" with the aim of
assigning a specific person to the cause in every store in France.
This approach, which is an integral part of the anti‑waste officers’
role, has now been incorporated into the Cap Formation tool
used to train them. The anti‑waste initiatives are being extended
to partner franchisees in France as well as to the Group’s stores,
underlining a collective commitment to reducing food waste at
every level of the organisation.
Generally speaking, waste management and the reduction of food waste are part of the roadmap that the Group intends to discuss with
its partners in the coming months.
TARGETS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY [E5‑3]
The objective of recovering 100% of store waste by 2025 reflects Carrefour’s commitment to optimising waste management in
accordance with local regulations. By actively contributing to the development of recycling channels, Carrefour aims to reduce the
environmental impact of its activities and promote a circular economy.
Table 4: Targets for developing the circular economy as part of operations
Target
Unit
Target
value
Target year
Scope
Baseline value
Baseline year
Reduction in food waste
%
50%
2025
Group, integrated
stores
-
2016
Recovery of waste from stores
%
100%
2025
Stores excluding
franchises
67%
2020
Methodology: the target is set in accordance with the waste
treatment standards hierarchy. This hierarchy, defined at
European level for waste management, states that disposal
should be avoided wherever possible. Reuse, recycling and other
forms of recovery must therefore be given priority. The Group’s
target reflects this. The target for food waste has been set at a
level that allows for an ambitious change in practices, while still
being achievable by the Group’s stores.
regular
audits:
carrying
out
waste
audits
to
identify
opportunities for improvement in waste management and
performance;
■
measurable objectives: defining and monitoring quantified
waste reduction targets;
■
innovation and R&D: investing in research, development and
innovation to design sustainable solutions that reduce waste;
■
awareness‑raising and training: training employees in best
practices around waste reduction and management;
■
more efficient recycling: integrating recycling programmes to
reduce waste going to landfill;
■
independent
certification:
having
waste
management
processes certified by an independent body to ensure
compliance and efficiency.
■
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2.1.2.5.3.2 Metrics and performance
Table 5: Monitoring key performance metrics to develop the circular economy as part of operations
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
% reduction in food waste
%
(49.7)
(33.8)
-15.9 pts
-50% by
2025
100%
-
Share of store waste recovered (% by
weight)
%
73
70
+3 pts
100% by
2025
100%
-
Total weight of waste produced
T
681,043
671,100
+6%
-
93%
2024: RO
Hazardous waste diverted from disposal
T
1,839
New
-
-
93%
2024: RO
Hazardous waste diverted from disposal
through preparation for reuse
T
0
New
-
-
93%
2024: RO
Hazardous waste diverted from disposal
through recycling
T
727
New
-
-
93%
2024: RO
Hazardous waste diverted from disposal
through other recovery operations
T
1,112
New
-
-
93%
2024: RO
Non‑hazardous waste diverted from
disposal
T
544,705
New
-
-
93%
2024: RO
Non‑hazardous waste diverted from
disposal through preparation for reuse
T
125,870
New
-
-
93%
2024: RO
Non‑hazardous waste diverted from
disposal through recycling
T
450,311
New
-
-
93%
2024: RO
Non‑hazardous waste diverted from
disposal through other recovery
operations
T
81,807
New
-
-
93%
2024: RO
Hazardous waste intended for disposal
T
530
New
-
-
93%
2024: RO
Hazardous waste intended for disposal
through incineration
T
35
New
-
-
93%
2024: RO
Hazardous waste intended for disposal
through landfill
T
301
New
-
-
93%
2024: RO
Hazardous waste intended for disposal
through other disposal operations
T
194
New
-
-
93%
2024: RO
Non‑hazardous waste intended for
disposal
T
133,969
New
-
-
93%
2024: RO
Non‑hazardous waste intended for
disposal through incineration
T
1,833
New
-
-
93%
2024: RO
Non‑hazardous waste intended for
disposal through landfill
T
127,269
New
-
-
93%
2024: RO
Non‑hazardous waste intended for
disposal through other disposal
operations
T
48,672
New
-
-
93%
2024: RO
Percentage of waste not recycled
%
34%
New
-
-
93%
2024: RO
Total quantity of hazardous waste
T
2,369
New
-
-
93%
2024: RO
1
4
7
2
5
8
3
6
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155
2.1.2.5.3.3
COMMENTS ON PERFORMANCE
The methodology for calculating food waste was revised in 2023
and all Carrefour group entities are now included. Results are
improving in almost all countries thanks to the implementation of
action plans, bringing Carrefour closer to its target of a 50%
reduction.
The recovery rate is rising, but more slowly than expected.
Spain and Romania do not currently have the necessary
perspective to break down all or part of their waste in line with
the new CSRD categories. The total quantity of waste not
included for these two countries is 68,134 tonnes (100% for
Romania, i.e., 56,525 t, 11% for Spain, i.e., 11,609 t), or 9.1% of the
Group’s total waste.
Actions and resources related to resource
use and circular economy [E5‑2]
REDUCING SHRINK LOSS IN STORES
In order to reduce shrink loss in stores corresponding to
products withdrawn from sale, solutions are being implemented
to improve inventory and order management, to promote short
shelf life and sell products beyond their best‑before date, and to
promote damaged products:
improving inventory and order management: store managers
have daily information on markdowns, with a top‑40 ranking of
products by value or wastage rate. Fresh produce line
managers rely on sale and production forecasts
that they
can adjust according to the weather and other factors. In this
way, stores can tailor their orders to meet demand as closely
as possible, with as little shrinkage as possible. This means they
reduce the amount of unsold food that is potentially wasted.
■
(1)
Carrefour has also introduced new digital tools to improve
inventory management
:
(2)
Carrefour France: the DEAVA application, for example, is
improving the way expiry dates are managed. Initially
launched in hypermarkets in France in 2022, the app has
been successfully tested on self‑service shelves, offering an
efficient,
centralised
solution.
DEAVA
incorporates
a
freshness chart for each product, replacing traditional visual
checks with a secure, digital process. In 2024, it will be
extended to other sectors, including the deli, fish and meat
counters. The aim is to gradually roll out the application to
all food aisles, enhancing the effective management of
expiry dates and helping to reduce food waste on a large
scale,
■
Carrefour Brazil: The introduction of the ClicData solution at
Carrefour's Brazilian subsidiary has improved inventory
management and helped to significantly reduce food waste.
With over 1,200 stores across the country and more than
440 major suppliers, Carrefour was faced with a data
management challenge. Thanks to ClicData, Carrefour has
been able to provide its suppliers with a detailed overview of
sales performance and inventory levels so that they can plan
their restocking more effectively. In this way, the group has
minimised stockouts and the costs associated with surpluses,
while contributing to the fight against food waste.
■
Lastly,
to
combat
food
waste
through
its
inventory
management, since 2023 the Group has implemented a
strategic initiative to extend the best‑before dates of its
products. The approach aims to reduce waste by allowing
consumers to use products for longer without compromising
their quality or safety. With this initiative, Carrefour has
extended the 30‑day period to 90 days for certain essential
products such as liquids, groceries, frozen foods and kitchen
accessories, thereby offering consumers greater flexibility.
Similarly, the best‑before date for bottled fruit juices, fruit
nectars and mixed fruit drinks has been extended from 30 days
to 60 days, resulting in better inventory management and a
significant reduction in wastage;
promoting short‑dated products and selling products until at
least beyond the best‑before date: in stores, Carrefour offers
markdowns of 30% to 60% on short‑dated products. A specific
process that uses ZEBRA barcode scanners (devices which are
used for inventory management) makes it possible to print
labels in‑store and promote stock clearance. In dedicated and
specially‑marked endcap displays, Carrefour also markets a list
of products past their best‑by dates that are still consumable.
The project has been rolled out in all hypermarkets and
supermarkets in France since 2020. Internal tools enable us to
go further: weekly alerts on items at risk of being wasted are
sent to all store directors and managers in order to prevent the
risk and trigger initiatives to move such products in stores.
These alerts exist both for ultra‑fresh produce and for grocery
and liquid departments. Store employees receive training in
cutting down on waste and best practices to use on a
day‑to‑day basis via Cap Formation;
■
promoting Zéro Gaspi (“Zero Waste”) baskets: Carrefour has
also extended the roll‑out of its Zero Waste baskets in fruit and
vegetable sections. These baskets contain fruit and vegetables
that do not meet the usual aesthetic or display standards (for
example, produce that is slightly bruised, irregular in size or
overstocked) but which are still perfectly safe to eat. These
baskets aim to reduce food waste by making it possible for
consumers to buy produce at a reduced price. In addition, this
initiative helps to raise customer awareness on the importance
of combating food waste and accepting products that are
perfectly good to eat, even if they don't necessarily meet the
standards of appearance often demanded by traditional
supermarkets. Furthermore, Carrefour has continued to take
action via the Too Good To Go application, offering baskets of
unsold food products at low prices. In 2024, 3,558,313 Zero
Waste baskets were sold in Europe;
■
A planning tool for forecasting and monitoring changes in sales over a given period.
An example of this in Brazil (article in French): https://www.clicdata.com/fr/blog/carrefour‑bresil‑optimise‑la‑gestion‑de‑stocks‑grace‑la‑
(1)
(2)
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FINDING INNOVATIVE SOLUTIONS WITH OUR SUPPLIERS TO
REDUCE THE AMOUNT OF UNSOLD FOOD
RECOVERING FOOD WASTE
The Group's priority is to reduce unsold inventory so as to
minimise waste production. When unsold food cannot be
avoided, the Group rolls out solutions to recover it:
RECOVERING NON‑FOOD WASTE
In collaboration with its suppliers, Carrefour works to cut down
the production of waste packaging and point‑of‑sale advertising
materials at each store operated by the Group. This involves
encouraging waste sorting and recovery through innovative
solutions such as:
promoting damaged but edible produce: since 2021, Carrefour
France has been installing “zero waste challenge” furniture
units in 30 of its stores: they are used to display unbroken eggs
from damaged or soiled boxes, sold loose at low prices. In
order not to lose healthy fruit and/or vegetables, packed in
trays, nets or sachets, and withdrawn from sale due to just one
or two spoiled products, products in all stores can now be
repackaged in zero waste baskets.
■
Similarly, Carrefour Spain is offering a 25% discount on the
price of bruised but still edible vegetables. The initiative limits
waste while allowing customers to enjoy quality products
offering unrivalled taste at a lower cost.
Thanks to partnerships with innovative suppliers:
■
NOUS Anti‑Gaspi: in France, Carrefour has sought to usher in
a new approach to retailing by offering exclusive anti‑waste
NOUS Anti‑Gaspi brand products in its hypermarkets. Sold at
a discount of up to 20%, the NOUS Anti‑Gaspi range includes
many popular fresh products, some of which are organic,
and all of which are produced either in France or in their
historical region. 35 product references are sold in over 1,114
stores. In 2024, over 930,969 products were sold. With this
initiative, Carrefour intends to bolster its customers'
purchasing power, while at the same time changing the way
things are done in retail;
■
Helios: 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.
■
optimising donations to charities: the amount of meal
equivalents donated worldwide rose to around 61 million in
2024. Donations were distributed to food aid charities such as
Banque alimentaire and Restos du Cœur in France. To this end,
every morning the store teams sort the products taken off the
shelves to direct the unsold products that are safe to eat and
authorised for donation to local food aid charities;
■
recovering bio‑waste: in France, unsold food items that cannot
be donated to charities are transformed into biomethane
(renewable
gas
produced
from
waste)
used
by
biomethane‑fuelled Carrefour delivery vehicles to transport
goods. One tonne of biomethane allows a truck to travel 250
kilometres.
■
joint collection rounds from various sorting systems;
■
reducing over‑packaging through reuse;
■
pooling new recycling and reuse systems;
■
digitalising customer communication.
■
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2.1.2.6 Green Taxonomy
2.1.2.6.1
2.1.2.6.1.1
2.1.2.6.1.2
Context
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 undertakings to
disclose the portion of their turnover (i.e., sales), capital
expenditure (CapEx) and operating expenditure (OpEx) that
contributes
substantially
to
one
of
the
following
six
environmental objectives:
Since 2021, companies have been required to declare their
activities eligible for the first two climate objectives; since 2022,
they have also had to declare activities aligned with those two
objectives, i.e., activities meeting the technical sustainability
criteria. In 2023, eligibility reporting was extended to the other
four environmental objectives, followed by alignment reporting
for the other objectives in 2024.
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 and Tax departments, together with the
operational teams. The identification of eligible activities and the
assessment of their degree of alignment with the Taxonomy were
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.
An activity is deemed to be “aligned” when it complies with all
the
relevant
technical
assessment
criteria
(substantial
contribution and DNSH) and the Group meets the minimum
safeguard requirements.
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 and sale, building
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 & 2 activities that have a
strong potential for transformation and for helping to reduce
greenhouse gas emissions. For the other four environmental
objectives, the Commission has initially selected sectors that
have 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 Taxonomy Regulation does not therefore currently allow for
full reporting on the initiatives implemented by 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
food
transition
in
general.
At
present,
outsourced
Taxonomy‑eligible activities only concern transport (vehicle fleet,
installation of charging stations for electric vehicles) or energy
(installation of solar photovoltaic panels at retail sites).
climate change mitigation;
■
climate change adaptation;
■
sustainable use and protection of water and marine resources;
■
transition to a circular economy;
■
pollution prevention and control;
■
protection and restoration of biodiversity and ecosystems.
■
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2.1.2.6.2
2.1.2.6.2.1
Results
Taxonomy‑eligible and non‑eligible
activities
The scope of eligible activities to date is relatively limited and not
material. The eligibility guidelines for 2024 were updated and
now include the following:
The scope of eligibility in 2024 was substantially the same as in
2023, with one new activity included in the scope:
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 2024, the Group took into account
the acquisition of Cora and Match in France, which was
completed on July 1, 2024. Due to the current lack of visibility
on the types of green investments that could be included in
Taxonomy reporting, new assets included on Carrefour's
balance
sheet
were
not
analysed
as
part
of
the
■
Taxonomy‑alignment assessment, with the exception of
certain clearly identified Sales and CapEx items on activities for
which the substantial contribution by nature includes the name
of the activities (charging stations for electric vehicles,
renewable energies). The Cora and Match data included in the
eligibility and alignment data only cover the second half of
2024;
the financial data are taken from the consolidated financial
statements for the year ended December 31, 2024; the
reconciliation and breakdown of the denominators of sales
and capital expenditure are presented below.
■
activity 4.1 Provision of IT/OT data‑driven solutions from the
circular economy objective has been included to account for
investments made in software solutions for the circular
economy.
■
1
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5
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CLIMATE CHANGE MITIGATION
CIRCULAR ECONOMY
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.
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 —
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.
Water supply, sewerage,
waste management
and remediation
5.5 —
Recycling and reusing plastic and cardboard.
Manufacturing
1.2 —
Capital expenditure on IT hardware.
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.
Scope of eligible activities
Installation, maintenance and repair of energy
Manufacture of electrical and electronic
equipment
Collection and transport of non-hazardous waste
in source segregated fractions
Information and
communication
4.1 — Providing IT/operational solutions based on data.
Sale of second-hand goods
Sale of used goods.
5.4 —
Services
Carrefour Banque Taxonomy reporting
To support its retailing activities, the Group has developed a
banking and insurance business for its customers, mainly in
France, Spain and Brazil. The Group’s financial services
companies provide their customers with Carrefour‑brand
payment cards that can be used in the Group’s stores and
elsewhere, consumer credit (revolving and instalment loans) and
savings products (life insurance, savings accounts, etc.).
As such, in addition to the eligible scope of the Group’s retail
activities, Carrefour holds financial assets that may finance
Taxonomy‑eligible activities. However, it is difficult to precisely
qualify the sustainability of such financing, and work is underway
to refine the evaluation of these assets. Due to the current lack of
transparency and changes in analysis methods, this qualification
is still uncertain. As a result, the alignment ratio of the Group’s
financial services activities appears low at this stage. However,
information on the scope of Carrefour Banque France’s activities
will be included in its report, thus providing a first insight into the
application of the Taxonomy within the Group’s banking
activities.
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2.1.2.6.2.2 Eligibility and alignment results in 2024
Carrefour’s eligibility and alignment results in 2024 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
Sales
(in millions of euros)
Share of sales
CapEx
(in millions of euros)
Share of CapEx
2024
Aligned activities
32
0.04%
57
1.2%
Eligible activities
145
0.17%
1,702
36.6%
TOTAL
85,445
100%
4,651
100%
2023
Aligned activities
23
0.03%
179
5.4%
Eligible activities
148
0.2%
1,886
57.1%
TOTAL
83,270
100%
3,305
100%
2022
Aligned activities
43
0.1%
51
1.0%
Eligible activities
211
0.3%
1,689
31.6%
TOTAL
81,385
100%
5,345
100%
2.1.2.6.2.3
Alignment rates for the Group in 2024 are in line with the results
of previous years, with nominal Taxonomy‑aligned sales in 2024
slightly higher than in 2023, and nominal Taxonomy‑aligned
CapEx in 2024 similar to 2022. These rates only concern the
climate change mitigation objective. In terms of sales, the
identified opportunities for alignment still mainly concerned the
waste collection activity (5.5). Taxonomy‑aligned CapEx also
concerned the waste collection activity (5.5), as well as the
energy efficiency equipment (7.3), charging stations for electric
vehicles (7.4), instruments and devices for controlling building
energy performance (7.5), renewable energy equipment (7.6) and
acquisition and ownership of buildings (7.7) activities.
The low overall rate of alignment is mainly related to the leasing,
construction and building renovation activities (7.1, 7.2 and 7.7).
They accounted for the bulk of CapEx in 2024, but had achieved
very low or zero alignment. There are several reasons for this:
Work has been undertaken since 2022 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:
Changes from the previous year
Taxonomy‑eligible sales were stable in 2024 compared with
2023, and Taxonomy‑aligned sales were up in 2024 compared
with 2023, as the previous year was marked by unfavourable raw
material prices for cardboard and plastics, which reduced the
value of sales of these materials. Taxonomy‑eligible CapEx was
lower in 2024 than in 2023 due to lower investments in building
construction and renovation, building energy efficiency systems
and photovoltaic facilities in 2024 than in 2023, although the
Group continues to pursue numerous projects in these areas.
Taxonomy‑alignment with CapEx is also down in absolute terms,
for the reasons outlined above.
the Taxonomy criteria require dealing with types of information
that can be difficult to collect. Firstly, the very nature of the
data to be collected and the criteria to be assessed poses a
difficulty. In addition, generally, the required information
cannot be readily retrieved from the information systems.
Finally, because the applicable criteria are cumulative, these
activities generally give rise to zero or a very low level of
alignment. However, in 2024, some alignment was identified as
a result of continuing to cross‑reference the accounting data
and 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.
■
in the area of waste collection, Carrefour’s goal is to recover all
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 it a priority to reduce energy
consumption in the years ahead, which should bring about a
continuation in the amounts of investment associated with
activities 7.3 and 7.5;
■
Carrefour’s goal of using 100% renewable electricity by 2030
means that the amount of CapEx associated with activity 7.6
could change in the coming years.
■
1
4
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5
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2.1.2.6.3
2.1.2.6.3.1
Assessment and methodology
A reminder of the indicators and
reconciliation with the financial statements
2.1.2.6.3.1.1 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 2024
amounts to only 0.17% of the total consolidated sales figure of
85.4 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 0.04% and concerns the collection of waste for
re‑use and recycling and the installation of charging stations for
electric vehicles.
Definitions
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
from
products
or
services
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.
Reconciliation
Consolidated sales are presented in the consolidated income
statement under “Total revenue” (see Chapter 6 of this Universal
Registration Document).
2.1.2.6.3.1.2 ELIGIBLE CAPITAL EXPENDITURE AND
OPERATING EXPENDITURE REPORTED ON INDIVIDUAL
MEASURES
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 I 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). In addition, the Group
does not have a CapEx plan within the meaning of point 1.1.2.2
(b) of the same Annex.
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 2024 amounts to 36.6% out of a total of
4,650.7 million euros (see reconciliation below). These expenses
primarily refer to acquisitions and an increase in right‑of‑use
buildings and vehicles 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
1.22% 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:
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.
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 low‑carbon or to 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).
■
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Sustainability Statement
162
Reconciliation
The CapEx denominator may be reconciled with the consolidated financial statements as follows:
(in millions of euros)
2023
2024 Reconciliation with the fifinancial statements
Intangible assets, property and equipment,
investment property
1,864
3,170
Statement of changes in intangible assets (Note 6.1), property
and equipment (Note 6.2) and investment property (Note 6.4)
Acquisitions
1,850
1,772 Under “Increases”
Business combinations
14
1,399 Under “Changes in scope”
Right‑of‑use assets (IFRS 16)
1,440
1,480 Statement of changes in right‑of‑use assets (Note 7.1)
New contracts and renewals
1,336
1,233 Under “Increases”
Business combinations
104
248 Under “Changes in scope”
TOTAL
3,305
4,651
OpEx
The operating expenditure exemption ratio, which corresponds
to the OpEx eligible for the Taxonomy (numerator) divided by
Group consolidated OpEx (denominator), came to 6.8% in the
2024 financial year.
Compared to total Group OpEx of 14.8 billion euros, the share of
Taxonomy‑aligned OpEx is insignificant (see notes to the
consolidated accounts). Consequently, it was decided to apply
the exemption from publishing the OpEx ratio in 2024.
Definitions
The operating expenditure items covered by the Taxonomy are
defined as direct non‑capitalisable costs and include research
and development costs, building renovation costs, maintenance
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.
Reconciliation
The calculation of the OpEx exemption ratio is presented below:
(in millions of euros)
2024
Taxonomy OpEx denominator
1,001
Total Group OpEx
14,722
OPEX KPI
6.8%
(1) Includes maintenance and repair expenses and short‑term lease expenses (non‑IFRS 16). Employee benefits expense corresponding to employee
maintenance costs could not be separated out and was therefore not taken into account in determining the amount of Taxonomy‑eligible OpEx.
(2) Includes all operating expenses except non‑recurring expenses.
2.1.2.6.3.2 Methodology for assessing activities
against the technical review criteria
METHODOLOGY FOR ASSESSING ELIGIBILITY
In 2024, 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.
METHODOLOGY FOR ASSESSING ALIGNMENT: SUBSTANTIAL
CONTRIBUTION, DNSH CRITERIA AND MINIMUM
SAFEGUARDS
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.
(1)
(2)
1
4
7
2
5
8
3
6
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Sustainability Statement
163
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 CapEx associated with activity 7.3 was deemed to be aligned
if related to equipment with a class A energy label. 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:
Only leased buildings constructed before December 31, 2020
were concerned by the alignment in 2024. 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.
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 I 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.
Generic DNSH criteria
The generic DNSH criteria are mentioned in appendices A, B, C
and D to the Annexes of the Taxonomy Regulation. 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 2024.
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). This study is detailed in Section 2.1.2.1
Climate Change (ESRS E1).
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
in the climate model: drought, fire (weather conditions
particularly conducive to fires), heat stress (heat waves),
precipitation, river flooding (with defence systems), river flooding
(without defence systems), sea level rise, tropical cyclones.
Based on this assessment, adaptation plans are being 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, Carrefour meets all of the criteria listed in
Appendix A for its eligible activities to be considered aligned.
Methodology for checking if minimum safeguards are met
The scope of topics covered by the Minimum Safeguards (MS)
was clarified in the European Platform on Sustainable Finance’s
Final Report on Minimum Safeguards (October 2022), 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 2024, 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 2024.
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.
■
the final energy consumption of the building in 2024,
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.
■
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164
2.1.2.6.4
2.1.2.6.4.1
2.1.2.6.4.2
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 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
the
remaining
non‑alignment
criteria,
summarised below:
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:
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 2024 final energy
consumption and conversion factors. These calculations were
used to determine whether certain buildings were aligned.
Outlook
Improvement of KPIs
In the coming years, CapEx will be incurred in connection with
the roadmaps to achieve various climate strategy goals: carbon
neutral stores by 2040; carbon neutral e‑commerce sites by
2030; a 1.5°C pathway for the Group’s direct emissions; a
reduction of the Group’s energy consumption, 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 through the plan’s following
initiatives:
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
sustainability 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
for
identifying
corruption
risks,
prevention policies and whistleblowing processes, which is
deployed across all of the Group’s activities in France and
abroad and described in Section 2.1.4 of this document;
■
in the area of taxation, the Group has notably introduced
special training in every Group country and implemented
corrective mechanisms where required (see Section 2.1.4);
■
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, a system for monitoring legal
issues in every Legal department and whistleblowing and
alert facilities (see Section 2.1.4);
■
Carrefour was not found guilty in 2022, 2023 or 2024 of any
illegal conduct for concerted practices, infringement of merger
control rules or abuse of a dominant position.
■
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 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.
■
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 pathway by 2026, failing which they will be
removed from the list of referenced suppliers;
■
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).
■
1
4
7
2
5
8
3
6
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Appendix: regulatory templates
165
Appendix: regulatory templates
TEMPLATE 1 – NUCLEAR ENERGY RELATED ACTIVITIES
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of
innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the
fuel cycle.
NO
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations
to produce electricity or process heat, including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available technologies.
NO
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen
production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities
that produce electricity using fossil gaseous fuels.
NO
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined
heat/cool and power generation facilities using fossil gaseous fuels.
NO
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
NO
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PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY‑ALIGNED ECONOMIC
ACTIVITIES – DISCLOSURE COVERING 2024
(in millions of euros)
2024
Substantial contribution criteria
Economic activities (1)
Code
(2)
Turnover
(3)
Proportion
of turnover,
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)
Collection and transport of
non‑hazardous waste in source
segregated fractions
CCM 5.5
29.62
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)
CCM 7.4
1.74
0.00%
YES
NO
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair
of renewable energy technologies
CCM 7.6
0.62
0.00%
YES
NO
N/EL
N/EL
N/EL
N/EL
Turnover of environmentally sustainable
activities (Taxonomy‑aligned) (A.1.)
31.98
0.04%
0.04%
0.0%
0.0%
0.0%
0.0%
0.0%
Of which enabling
2.36
0.00%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Of which transitional
0.00
0.00%
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
1.11
0.00%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Transport by motorbikes, passenger
cars and light commercial vehicles
CCM 6.5
45.83
0.05%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction of new buildings
CCM 7.1
0.96
0.00%
EL
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)
CCM 7.4
and
CCA 7.4
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair
of renewable energy technologies
CCM 7.6
and
CCA 7.6
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of
buildings
CCM 7.7
50.16
0.06%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Sorting and material recovery of
non‑hazardous waste
CE 2.7
11.81
0.01%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Sale of second‑hand goods
CE 5.4
2.90
0.00%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Turnover of Taxonomy‑eligible but not
environmentally sustainable activities
(Taxonomy‑non‑aligned) (A.2.)
112.78
0.13%
0.11%
0.0%
0.0%
0.0%
0.0%
0.0%
A. Turnover of Taxonomy‑eligible activities (A.1.
+ A.2.)
144.76
0.17%
0.15%
0.0%
0.0%
0.0%
0.0%
0.0%
B. TAXONOMY‑NON‑ELIGIBLE ACTIVITIES
Turnover of Taxonomy‑non‑eligible activities
85,299.78
99.83%
TOTAL (A. + B.)
85,444.53
100.00%
1
4
7
2
5
8
3
6
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Do no signifificant harm criteria (“DNSH Criteria”)
Climate
change
mitigation
(11)
Climate
change
adaptation
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
Proportion of
Taxonomy
‑aligned (A.1.)
or -eligible
(A.2.) turnover,
prior year
(18)
Enabling
activity
category
(19)
Transitional
activity
category
(20)
YES
YES
YES
YES
YES
YES
YES
0.03%
YES
YES
YES
YES
YES
YES
YES
0.00%
H
YES
YES
YES
YES
YES
YES
YES
0.00%
H
YES
YES
YES
YES
YES
YES
YES
0.03%
YES
YES
YES
YES
YES
YES
YES
0.00%
H
YES
YES
YES
YES
YES
YES
YES
0.00%
T
0.00%
0.05%
0.00%
0.00%
0.00%
0.07%
0.00%
0.00%
0.13%
0.16%
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PROPORTION OF TURNOVER FROM TAXONOMY‑ELIGIBLE AND/OR -ALIGNED ECONOMIC ACTIVITIES PER ENVIRONMENTAL
OBJECTIVE – DISCLOSURE COVERING 2024
Proportion of turnover/Total turnover
Taxonomy‑aligned per objective
Taxonomy‑eligible per objective
CCM
0.04%
0.15%
CCA
0.00%
0.00%
WTR
0.00%
0.00%
CE
0.00%
0.02%
PPC
0.00%
0.00%
BIO
0.00%
0.00%
1
4
7
2
5
8
3
6
9
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PROPORTION OF CAPEX OF PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY‑ALIGNED ECONOMIC ACTIVITIES —
DISCLOSURE COVERING 2024
Reporting year
2024
Substantial contribution criteria
Economic activities (1)
Code
(2)
CapEx
(3)
Proportion
of CapEx,
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)
Collection and transport of
non‑hazardous waste in source
segregated fractions
CCM 5.5
0.36
0.01%
YES
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair
of energy efficiency equipment
CCM 7.3
2.18
0.05%
YES
NO
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)
CCM 7.4
2.38
0.05%
YES
NO
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair
of instruments and devices for
measuring, regulating and
controlling the energy performance
of buildings
CCM 7.5
5.89
0.13%
YES
NO
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair
of renewable energy technologies
CCM 7.6
12.84
0.28%
YES
NO
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of
buildings
CCM 7.7
33.31
0.72%
YES
N/EL
N/EL
N/EL
N/EL
N/EL
CapEx of environmentally sustainable activities
(Taxonomy‑aligned) (A.1.)
56.95
1.22%
1.2%
0%
0%
0%
0%
0%
Of which enabling
23.29
0.50%
0.5%
0%
0%
0%
0%
0%
Of which transitional
0.00
0.00%
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
0.27
0.01%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Transport by motorbikes, passenger
cars and light commercial vehicles
CCM 6.5
47.51
1.02%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Construction of new buildings
CCM 7.1
82.92
1.78%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Renovation of existing buildings
CCM 7.2
46.80
1.01%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair
of energy efficiency equipment
CCM 7.3
and
CCA 7.3
15.97
0.34%
EL
EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of
buildings
CCM 7.7
1,444.45
31.06%
EL
N/EL
N/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
WTR 1.1
0.16
0.00%
N/EL
N/EL
EL
N/EL
N/EL
N/EL
Manufacturing of electrical and
electronic equipment for industrial,
professional and consumer use
CE 1.2
5.41
0.12%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Sorting and material recovery of
non‑hazardous waste
CE 2.7
0.48
0.01%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Provision of IT/OT data‑driven
solutions
CE 4.1
1.12
0.02%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Sale of second‑hand goods
CE 5.4
0.12
0.00%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
CapEx of Taxonomy‑eligible but not
environmentally sustainable activities
(Taxonomy‑non‑aligned) (A.2.)
1,645.22
35.38%
35.2%
0%
0%
0%
0%
0%
A. CapEx of Taxonomy‑eligible activities (A.1 +
A.2)
1,702.18
36.60%
36.4%
0%
0%
0%
0%
0%
B. TAXONOMY‑ELIGIBLE AND NON‑ELIGIBLE ACTIVITIES
CapEx of Taxonomy‑eligible and non‑eligible
activities
2,948.56
63.40%
TOTAL (A. + B.)
4,650.73
100.00%
1
4
7
2
5
8
3
6
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Do no signifificant 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)
Proportion 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
0.0%
YES
YES
YES
YES
YES
YES
YES
1.1%
H
YES
YES
YES
YES
YES
YES
0.0%
H
YES
YES
YES
YES
YES
YES
YES
1.0%
H
YES
YES
YES
YES
YES
YES
YES
1.5%
H
YES
YES
YES
YES
YES
YES
YES
1.8%
YES
YES
YES
YES
YES
YES
YES
5.4%
YES
YES
YES
YES
YES
YES
YES
3.6%
H
YES
YES
YES
YES
YES
YES
YES
0.0%
T
0.0%
1.4%
4.0%
3.7%
0.3%
41.8%
0.0%
0.4%
0.0%
0.0%
0.0%
51.7%
57.1%
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PROPORTION OF CAPEX FROM TAXONOMY‑ELIGIBLE AND/OR -ALIGNED ECONOMIC ACTIVITIES PER ENVIRONMENTAL
OBJECTIVE – DISCLOSURE COVERING 2024
Proportion of CapEx/Total CapEx
Taxonomy‑aligned per objective
Taxonomy‑eligible per objective
CCM
1.2%
36.4%
CCA
0.0%
0.8%
WTR
0.0%
0.0%
CE
0.0%
0.2%
PPC
0.0%
0.0%
BIO
0.0%
0.0%
1
4
7
2
5
8
3
6
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PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY‑ALIGNED ECONOMIC ACTIVITIES —
DISCLOSURE COVERING 2024
Reporting year
2024
Substantial contribution criteria
Economic activities (1)
Code
(2)
OpEx
(3)
Proportion
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.)
0
0%
Of which enabling
0
0%
Of which transitional
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.)
0
0%
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
A. OpEx of Taxonomy‑eligible activities (A.1 + A.2)
0
0%
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
B. TAXONOMY‑ELIGIBLE AND NON‑ELIGIBLE ACTIVITIES
OpEx of Taxonomy‑eligible and non‑eligible
activities
1,000.7
100%
TOTAL (A. + B.)
1,000.7
100%
1
4
7
2
5
8
3
6
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Do no signifificant harm criteria (“DNSH Criteria”)
Climate
change
mitigation
(11)
Climate
change
adaptation
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
Proportion of
Taxonomy
‑aligned (A.1.)
or -eligible
(A.2.) OpEx,
prior year
(18)
Enabling
activity
category
(19)
Transitional
activity
category
(20)
0%
0%
E
0%
T
0%
0%
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PROPORTION OF OPEX FROM TAXONOMY‑ELIGIBLE AND/OR -ALIGNED ECONOMIC ACTIVITIES PER ENVIRONMENTAL
OBJECTIVE – DISCLOSURE CONCERNING 2024
Proportion of OpEx/Total OpEx
Taxonomy‑aligned per objective
Taxonomy‑eligible per objective
CCM
0%
0%
CCA
0%
0%
WTR
0%
0%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
Key
(a)
The code constitutes the abbreviation of the relevant objective to which the economic activity is eligible to make a
substantial contribution, as well as the Section number of the activity in the relevant Annex covering the objective, i.e.:
- Climate Change Mitigation: CCM
- Climate Change Adaptation: CCA
- Water and Marine Resources: WTR
- Circular Economy: CE
- Pollution Prevention and Control: PPC
- Biodiversity and ecosystems: BIO
For example, the code corresponding to the "Afforestation" activity will be as follows: CCM 1.1.
(b)
YES - Taxonomy‑eligible and Taxonomy‑aligned activity with the relevant environmental objective;
NO - Taxonomy‑eligible but not Taxonomy‑aligned activity with the relevant environmental objective;
N/EL - not eligible, Taxonomy non‑eligible activity for the relevant environmental objective.
(c)
Where an economic activity contributes substantially to multiple environmental objectives, non‑financial undertakings
shall indicate, in bold, the most relevant environmental objective for the purpose of computing the KPIs of financial
undertakings while avoiding double counting. In their respective KPIs, where the use of proceeds from the financing is not
known, financial undertakings shall compute the financing of economic activities contributing to multiple environmental
objectives under the most relevant environmental objective that is reported in bold in this template by non‑financial
undertakings. An environmental objective may only be reported in bold once in one row to avoid double counting of
economic activities in the KPIs of financial undertakings. This shall not apply to the computation of Taxonomy‑alignment
of economic activities for financial products defined in point 12 of Article 2 of Regulation (EU) 2019/2088.
Non‑financial undertakings shall also report the extent of eligibility and alignment per environmental objective, that
includes alignment with each of the environmental objectives for activities contributing substantially to several objectives,
by using the templates under the CA (Turnover) (2), CapEx (2) and OpEx (2) tabs.
(d)
The same activity may align with only one or more environmental objectives for which it is eligible.
(e)
The same activity may be eligible and not aligned with the relevant environmental objectives.
(f)
EL - Taxonomy‑eligible activity for the relevant objective;
N/EL - Taxonomy‑non‑eligible activity for the relevant objective.
(g)
Activities shall be reported in Section A.2 of this template only if they are not aligning to any environmental objective for
which they are eligible. Activities that align to at least one environmental objective shall be reported in Section A.1 of this
template.
(h)
For an activity to be reported in Section A.1, all DNSH criteria and minimum safeguards shall be met. For activities listed
under A.2, columns 5 to 17 may be filled in on a voluntary basis by non‑financial undertakings. Non‑financial undertakings
may indicate the substantial contribution and DNSH criteria that they meet or do not meet in Section A.2 by using:
a) for substantial contribution - YES/NO and N/EL codes instead of EL and N/EL; and
b) for DNSH – YES/NO codes.
1
4
7
2
5
8
3
6
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2.1.3
SOCIAL INFORMATION
2.1.3.1
Own workforce [ESRS S1]
2.1.3.1.1
2.1.3.1.1.1
Issues relevant to the Carrefour group
Context and imperatives
Carrefour draws on the skills of its 320,750 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.
The Group cultivates an employment model that aims to enable
everyone
to
express
their
potential
and
offers
career
development opportunities to all.
Information on Carrefour's own workforce is presented under
General information (see Section 2.1.1). Quantified metrics at the
end of 2024 include Cora and Match employees.
EMPLOYEES
Characteristics of the undertaking’s employees [S1‑6]
Table 1: characteristics of the undertaking's employees – breakdown by gender
Gender
Number of employees
(head count or average head count)
Male
180,580
Female
144,210
Other
-
Not reported
-
TOTAL NUMBER OF EMPLOYEES
324,750
Table 2: Characteristics of the undertaking's employees – breakdown by country
Countries in which the undertaking has 50 or more employees representing at least 10% of its total number of employees
Country
Number of employees
(head count or average head count)
France
92,898
Brazil
126,606
Spain
45,605
Romania
17,143
Italy
9,769
Poland
8,616
Argentina
16,251
Belgium
7,490
Other
372
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Table 3: Characteristics of the undertaking's employees – breakdown by type of contract and by gender
Employees are hired on permanent and fixed‑term contracts. The use of fixed‑term contracts helps to absorb increased workloads
during busy seasons with high levels of business.
Reporting period
Female
Male
Other
Not reported
Total
Number of employees (head count)
166,246
133,513
-
-
299,759
Number of temporary employees (head count)
14,294
10,697
-
-
24,991
Reporting period
Total
Number of departures
191,878
Average headcount
319,205
Turnover rate
60%
Methodology: specificities and limitations
Headcount at the end of the period: all Company personnel with
an employment contract (excluding interns, international
trainees, external workers and people on suspended contracts)
on December 31.
The annual turnover rate is the ratio of departures of people on
permanent and temporary contracts (CSRD requirement) to the
average headcount in each country (methodology chosen by the
Group).
In previous years, the calculation only included departures of
people on permanent contracts. This change in methodology
explains the variation between 2023 and 2024.
2.1.3.1.1.2
Impacts, risks and opportunities
Table 4: list of material impacts, risks and opportunities
SECTION OF
THE REPORT
POLICY
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Ensure
appropriate
working
conditions and
high‑quality
social dialogue
Ensure
appropriate
working
conditions and
high‑quality
social dialogue
Deterioration of
the internal social
climate
Employee dissatisfaction within the
Group can lead to a deterioration in
the quality of employees’ work, high
staff turnover and increased
industrial action, which in turn can
undermine the Group’s operational
efficiency.
Risk
Operations
Long term
Ensure
appropriate
working
conditions and
high‑quality
social dialogue
Ensure
appropriate
working
conditions and
high‑quality
social dialogue
Increased
employee
turnover
Unsatisfactory working and
management conditions for
employees, lack of training, career
development and well‑being at
work can lead to high employee
turnover, accompanied by a loss of
know‑how and disorganisation that
can undermine the Group's
operational efficiency.
Risk
Operations
Long term
Ensure
appropriate
working
conditions and
high‑quality
social dialogue
Ensure
appropriate
working
conditions and
high‑quality
social dialogue
Arduous work
and job insecurity
Poor working conditions (arduous
work with split shifts, night shifts,
stress, burn‑out) increase workers’
financial and social insecurity.
Impact
Operations
Long term
Ensure equal
opportunities
and diversity
Ensure equal
opportunities and
diversity
Unequal
treatment and
discrimination at
work
Discrimination creates a lack of
diversity that can lead to a reduced
sense of belonging to the Company,
lack of motivation and lower
productivity, increased social
tension, industrial action and
insecurity. Social inequalities and
the precariousness of discriminated
populations are exacerbated.
Impact
Operations
Long term
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4
7
2
5
8
3
6
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SECTION OF
THE REPORT
POLICY
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Train employees
and develop
their skills
Train employees
and develop their
skills
Failure to attract
and retain talent
Difficulties in recruiting and
retaining talent can lead to high
payroll costs, a drain on knowledge
and skills, and instability in the
Group’s plans and business. Certain
occupations, such as those related
to food (bakers, butchers,
fishmongers) or digital technology
and data, are particularly at risk.
Hiring difficulties in these areas
could have a direct impact on the
quality of our operations and hinder
the implementation of the Group's
strategy.
Risk
Operations
Long term
Train employees
and develop
their skills
Train employees
and develop their
skills
Lack of training
for workers
Lack of training and skills
development for workers can lead
to a deterioration in the employer
brand. If it leads to unsatisfactory
customer service or errors due to a
lack of qualified staff, it can also
undermine quality of service.
Risk
Operations
Long term
Train employees
and develop
their skills
Train employees
and develop their
skills
Lack of employee
training leading
to physical risks
A lack of training among the
Group's teams can lead to health
and safety risks for employees (e.g.,
failure to use personal protective
equipment, incorrect use of
handling or cutting equipment
which can lead to accidents and
injuries). A lack of training can also
lead to health risks, for example an
increased workload due to failure to
use tools effectively, difficulty in
carrying out the tasks required, etc.
Impact
Operations
Long term
Train employees
and develop
their skills
Train employees
and develop their
skills
Declining
employability of
workers
A lack of training and skills
development among Group
employees may reduce their
chances of finding a job outside the
Group, particularly in view of the
rapidly changing professional
environment (new technologies,
etc.).
Impact
Operations
Long term
Ensure adequate
wages for
employees
Ensure adequate
wages for
employees
Accusations
against Carrefour
regarding the
payment of an
adequate wage
to employees
A level of employee pay that is
deemed too low or indecent, or a
pay gap between employees that is
deemed too wide, can give rise to a
number of reputational risks.
Carrefour may be directly accused
of poor pay practices, which could
damage the Group's brand image. A
drop in employee satisfaction can
lead to a drop in employee
commitment, resulting in a loss of
efficiency, increased employee
turnover and a deterioration in the
social climate.
Risk
Operations
Long term
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SECTION OF
THE REPORT
POLICY
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Ensure adequate
wages for
employees
Ensure adequate
wages for
employees
Increase in job
insecurity and
poverty among
workers and
deterioration in
their living
conditions due to
non‑payment of
an adequate
wage
Failure to pay an adequate wage
results in increased job insecurity
and poverty for workers, poor living
conditions, mental health problems,
and negative impacts on families
and communities. and they remain
in a state of insecurity and poverty.
Impact
Operations
Long term
Ensure the
occupational
health and safety
of workers
Ensure the
occupational
health and safety
of workers
Work‑related
accidents and ill
health affecting
workers
A lack of safety at work leads to
work‑related accidents and ill
health, absences and increased
employee turnover, jeopardising the
continuity of the Company's
activities, its reputation, in‑house
knowledge and expertise and the
recruitment and retention of talent.
Risk
Operations
Long term
Ensure the
occupational
health and safety
of workers
Ensure the
occupational
health and safety
of workers
Physical harm of
workers
Handling heavy loads and carrying
out repetitive, arduous and painful
tasks in stores and warehouses can
have a negative impact on workers'
physical health. Lack of prevention
and monitoring can lead to
musculoskeletal disorders and
work‑related accidents.
Impact
Operations
Long term
Ensure respect
for human rights
and labour rights
Ensure respect
for human rights
and labour rights
Violations of
basic human
rights through
child labour
Child labour has a negative impact
on society. It perpetuates poverty,
hinders children's education and
development, increases health risks,
exacerbates social inequalities and
undermines economic and social
progress.
Impact
Operations
Long term
Ensure respect
for human rights
and labour rights
Ensure respect
for human rights
and labour rights
Negative impact
on the health and
well‑being of
child workers
Exposing children to dangerous
working environments, tasks
inappropriate to their age or
excessive working hours can
damage their health and endanger
their safety. Putting children to work
also deprives them of their
fundamental right to education,
thereby compromising their
development and their future.
Impact
Operations
Long term
Ensure respect
for human rights
and labour rights
Ensure respect
for human rights
and labour rights
Forced labour
supported by
ethnic and
cultural
discrimination
Practices such as forced or
compulsory labour, withholding and
non‑payment of wages, withholding
identity documents, and debt
bondage can violate human rights
and fuel ethnic and cultural
discrimination in stores, warehouses
and in the company.
Impact
Operations
Long term
1
4
7
2
5
8
3
6
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SECTION OF
THE REPORT
POLICY
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Ensure respect
for human rights
and labour rights
Ensure respect
for human rights
and labour rights
Negative impact
on the health of
forced workers
Forced labour damages workers'
health by exposing them to
hazardous working conditions,
causing overwork and fatigue,
limiting their access to adequate
nutrition and hydration, generating
intense psychological stress,
subjecting them to physical and
psychological abuse, and restricting
their access to healthcare.
Impact
Operations
Long term
Ensure respect
for human rights
and labour rights
Ensure respect
for human rights
and labour rights
Breaches of
labour rights and
illegal work
Illegal work (unpaid working hours,
absence of an employment
contract or contracts in a language
the worker does not understand),
has negative repercussions on
workers and society. It exposes
workers to precarious, dangerous
and exploitative conditions, while
depriving society of tax revenues
and weakening labour standards.
Impact
Operations
Long term
2.1.3.1.1.3
Stakeholders, standards and regulations
STAKEHOLDERS
TYPE OF STAKEHOLDER
ROLE
TYPE OF DIALOGUE
EXAMPLES OF
STAKEHOLDERS
Employees
Proposed action plans
Round tables with employees
Engagement surveys
Directors, Managers,
Employees
Trade unions and employee
representatives
Review of Group policies and
strategy, negotiation of
collective agreements
Annual consultation and ad
hoc working groups
Topic of discussion within the
European Consultation and
Information Committee (ECIC)
Social dialogue governed by
local collective bargaining
agreements
Trade union representatives
Employee representatives
ECIC member
UNI Global Union
NGOs, foundations
Identify best practices and
compare policies and results
with other companies
“Stakeholder” dialogue
FIDH, L’Autre Cercle, France
UN Committee
Investors
Allocate their investments to
companies that meet their
criteria
Interviews, written and oral
questions at the Shareholders’
Meeting
Socially responsible investment
funds, shareholders
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2.1.3.1.1.4
Since 2001, the Carrefour group and UNI Global Union have had
a global framework agreement on respect for fundamental rights
at work; it was renewed in 2021. The agreement aims to promote
and encourage:
Whistleblowing facilities
The Group’s various whistleblowing mechanisms are described in
Section 2.1.1 General information and in Section 2.1.4.1 Business
conduct (ESRS G1).
STANDARDS AND REGULATIONS
The various policies implemented by the Group are aligned with
international standards:
These commitments are set out in the Code of Ethics, which all
employees must be familiar with and comply with.
The Group has also formed partnerships with:
Corporate governance
GROUP HUMAN RESOURCES DEPARTMENT
At Carrefour, HR policies are the responsibility of each country
Human Resources department. These departments are members
of the country management committee and report to the
country CEO, who in turn reports to the Group Executive
Director, Human Resources, a member of the Group Executive
Committee.
CROSS‑FUNCTIONAL HR GOVERNANCE
The Group Human Resources department drives HR policies and
initiatives common to all countries in the Group.
These common guidelines have been brought together in the Act
for Change programme launched in 2019 to ensure consistency
between the Company's strategy, its internal culture and its HR
policies. The programme is based on four Group‑wide
commitments: growing and advancing together; providing our
customers with even better service; acting more efficiently and
straightforwardly; and, lastly, transforming what we do by
innovating
and
experimenting.
Progress
on
these
four
commitments is monitored using the eNPS survey mentioned in
Section 2.1.3.1.2.2.
Other cross‑functional HR initiatives have since been launched:
“smart ways of working” and the Group‑wide roll‑out of the
Leaders School at the end of the pandemic, the Digital Retail
Academy since 2021, an internal leadership model (the 4Cs)
which is being rolled out to all employees as part of the 2025
professional interview campaign, etc.
HR transformation objectives are supported by all the Group's
country Executive Committees: action plans are presented by
each country Executive Committee to the Group Human
Resources Executive Director. Their implementation is the
subject of a monthly review by the Human Resources Directors
of the various countries and the Group Human Resources
Executive Director, and is coordinated by the Group Human
Resources Transformation department.
continuous, constructive social dialogue;
■
diversity and equal opportunity in the workplace via joint
initiatives, mainly relating to gender balance, discrimination
and violence against women;
■
a specific onboarding policy for employees with disabilities;
■
defence of and respect for the basic human rights of workers –
freedom of association and collective bargaining – along with
their safety and working conditions at Carrefour and at supplier
and franchise sites.
■
in terms of basic labour rights (human rights, social dialogue,
diversity, responsible pay), the reference framework set out in
the international agreement signed with UNI Global Union and
renewed in 2021 includes the following commitments:
■
the United Nations' international commitments to protect
and defend human rights:
■
the International Bill of Human Rights;
- the Convention on the Elimination of All Forms of
Discrimination against Women,
- Women's Empowerment Principles defined by UN Women
(WEPs, for which Carrefour signed a statement of support on
November 28, 2013),
the Conventions of the International Labour Organization
(ILO) on:
■
- freedom of association and the protection of the right to
organise,
- the principles of collective bargaining,
- forced labour and the abolition of forced labour,
- prohibiting child labour (minimum age) and exploitation,
- preventing discrimination,
- equal compensation for women and men,
the principles of the UN Global Compact relating to human
rights and international labour standards,
■
the recommendations set out in the OECD Guidelines for
Multinational Enterprises on human rights and employment
and industrial relations,
■
the United Nations Guiding Principles on Business and
Human Rights,
■
the ILO Global Business and Disability Network Charter
signed by Carrefour on October 28, 2015,
■
the Sustainable Development Goals (SDGs) adopted by UN
member countries, in particular SDG 5 on gender equality,
■
the principles underlying the Global Deal, of which Carrefour
is a partner;
■
the Group implemented the Gender Equality European &
International Standard (GEEIS) label for gender equality in 2014
and has renewed it in all its host countries. This label is
■
awarded following an audit by a third‑party certifier based on a
standard defined by the Arborus endowment fund and is
renewed every four years, with an interim audit every two
years;
in France, Carrefour has been a signatory of the Parenting
Charter and the Quality of Life at Work Observatory’s 15
commitments on work/life balance since 2008;
■
the Group's diversity and inclusion policy is implemented at all
levels using a wide variety of levers, including programmes
developed under the aegis of international bodies (UN,
International Federation for Human Rights, International
Labour Organization) and cooperation in the field with NGOs
and non‑profits.
■
France UN Committee;
■
European Week for the Employment of People with Disabilities
with AGEFIPH;
■
Arborus, creator of the GEEIS label;
■
ILO;
■
L’Autre Cercle;
■
CEASE.
■
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2.1.3.1.2
2.1.3.1.2.1
ENGAGEMENT DEPARTMENT; DIVERSITY AND INCLUSION
The Engagement department, which is represented on the Group
Executive Committee, was set up in February 2022 to accelerate
the implementation of the Group's social ambitions. It includes a
Diversity and Inclusion unit which is committed to addressing the
issues of diversity and inclusion, equal opportunities and
promoting the employment of people with disabilities.
GOVERNANCE OF ADEQUATE WAGES
Under the dotted‑line supervision of the Group Human
Resources
Executive
Director,
the
Human
Resources
departments in each country are responsible for defining,
negotiating and implementing the compensation policy and
payroll
management
within
their
scope.
The
Group
Compensation and Benefits department provides guidance and
frameworks
for
certain
pay
components
(e.g.,
variable
compensation policy) and directly oversees the compensation of
top management. The Workforce and Compensation department
consolidates data from all Group entities for monitoring and
reporting purposes at Group level.
GOVERNANCE OF EMPLOYEE HEALTH
The Company’s various departments contribute to the health of
its employees. In addition, some of them play a key role in risk
management by helping to define new professions, concepts,
furniture, tools and technologies. As part of this process,
international coordination has been established, with bimonthly
exchanges to encourage the sharing of best practices and ensure
consistency in strategic orientations.
Depending on the country, either the Security or the Human
Resources department is responsible for defining the workplace
health and safety prevention strategy, which is implemented by
site management. The organisation's departments contribute to
the quality of the work environment. In addition, some of them
play a key role in risk management by helping to define new
professions, concepts, furniture, tools and technologies.
The guidelines are adapted and managed locally, according to
the specificities and needs of each country.
GOVERNANCE OF HUMAN RIGHTS
Local human resources teams are responsible for implementing
the Group's objectives in terms of basic labour rights and
commitments,
particularly
regarding
human
rights.
They
complement cross‑cutting initiatives with their own policies and
action plans, which are adapted to their local environment and
requirements. The Group's Labour Relations department is the
point of contact for UNI Global Union and the Group's trade
unions in the event of an alert related to this topic.
Ensure appropriate working conditions
and high‑quality social dialogue
Policies and targets
POLICIES
Policies related to own workforce [S1‑1]
Carrefour is committed to preventing the deterioration of the
social climate and maintaining employee engagement in order to
maintain the quality of work and reduce turnover. By focusing on
the quality of social dialogue, the Group also aims to reduce the
arduous nature of work and job insecurity by consolidating an
employment model that is among the best in the industry. The
Group’s Executive Director Human Resources is responsible for
implementing this policy. It enables Carrefour to meet employee
expectations and the requirements of the CSRD by combining
social performance and sustained engagement.
Carrefour recognises the importance of the role of trade unions
and employee representatives in defining high standards for its
staff. The role of trade unions in Carrefour's entities is a historical
reality and the Group opted very early on to foster positive and
proactive social dialogue, both nationally and internationally. An
essential part of the Group’s culture, it underpins the Company’s
performance and helps to maintain a positive social climate
across all its store formats. As a signatory to a framework
agreement with UNI Global Union, the Group is committed to
guaranteeing its employees freedom of association and respect
for the principles of collective bargaining in all its countries. The
ECIC, its European Works Council, is widely recognised for the
quality of its content and interactions between management and
employee representatives. Social dialogue is organised around
regular
exchanges
with
trade
unions
and
employee
representatives, meetings of representative bodies (monthly or
bimonthly depending on the body) and periodic negotiations
depending on the agreement (annual, triennial, etc.). These
interactions play a key role in defining the Group’s social strategy
and monitoring the commitments made, while ensuring a
balance between responsiveness and stability in social relations.
The Group Human Resources Department has operational
responsibility for this dialogue, ensuring its consistency and
effectiveness throughout the organisation.
In each of the Group’s host countries, social dialogue is governed
by local collective agreements, which contribute to the
Company’s economic performance, the quality of working
conditions and, more broadly, the quality of life in the workplace.
Fostering quality dialogue helps to prevent industrial action by
bringing together the points of view of stakeholders.
Providing teams with a safe and engaging working environment
also contributes to the quality of the social climate. The Group
also strives to promote a balance between employee's personal
and work life. Remote working policies and flexible working
hours for eligible positions contribute to this balance. As a
signatory of the Parenting Charter and the Quality of Life at Work
Observatory’s 15 commitments on work‑life balance in France,
Carrefour affirmed this commitment through the international
agreement signed with UNI Global Union. This is reflected in
practical actions such as the provision of a “Parenting Guide” to
all employees in France. All Carrefour group countries have
obtained GEEIS certification for their gender diversity policies,
which include actions to promote better work‑life balance.
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Lastly, to ensure that its policies on working conditions resonate
with employees and positively impact employee engagement,
the Group strategically listens to employees in the form of annual
engagement surveys addressed to all employees or targeted at
management or processes targeting psychosocial risks. A survey
was created when Act for Change was launched, and the
corresponding eNPS score is included in the CSR and Food
Transition Index. In addition, the Group monitors HR metrics on a
monthly basis. These may in part reflect a deterioration in
employees’ working conditions – in particular the number of
departures and the monitoring of absences.
The Group is committed to reducing the risks associated with
arduous working conditions, such as shift work, night work,
stress and exposure to cold. To that end, strict measures are in
place to govern atypical working hours and night work. These
include premium rates for night work above the legal minimum,
as well as adjustments to working hours or special arrangements
for the most vulnerable employees.
Attracting, supporting and developing employees
Carrefour is adapting its human resources strategy to limit staff
turnover by strengthening measures to attract, develop and
retain talent. Training, mobility and targeted recruitment are
enabling the Group to support its transformation while
promoting commitment and diversity within its teams. The
objectives of this pillar are as follows:
Recent policy developments in specific countries
On September 20, 2024, Carrefour Poland signed an agreement
on social dialogue with Solidarność, providing trade union
organisations with a legal framework and resources to
strengthen their role in leading social dialogue.
In
Romania,
trade
unions
have
been
recognised
as
representatives for the scope of the Cora acquisition in the
country and signed a first wage agreement in October 2024 for
this entity.
A premium partner of the 2024 Paris Olympic and Paralympic
Games, the Carrefour group capitalised on the event in 2024 to
ramp up its policies in support of the health and well‑being of its
employees, particularly in France, the organiser of the Games.
Scope
The policies cover all Group employees in the eight integrated
countries, excluding small companies and start‑ups, which
represent less than 1% of the Group’s total workforce, and
excluding Cora, Match and Provera, which were integrated in
France during the year and have their own social dialogue
policies.
TARGETS
Table 1: Targets related to preventing social climate
Topic
Target (+ unit)
Baseline year
Target year
Scope
Baseline value
Social climate
Employer recommendation
score awarded annually to
Carrefour by its employees of at
least 7.5/10
2019
Minimum score to be
achieved every year
until 2025
Group/
integrated
countries
7.5/10 (average score
for the sector
in the baseline year)
Methodology
In 2019, Carrefour introduced the Employee Net Promoter
Score® (eNPS), an employee engagement metric to monitor the
Company’s social climate and gain a clearer picture of
employees’ perceptions of working conditions. Engagement,
measured through the question “Would you recommend
Carrefour as an employer in your entourage?”, is a key lever for
analysing the factors influencing turnover.
A
high
engagement
score
reflects
a
positive
working
environment and overall employee satisfaction, thereby reducing
the risk of voluntary departures. Conversely, a low score can
signal problems that will tend to increase turnover. Carrefour
aims to achieve a score above 7.5/10 each year, a target based on
the average recommendation of retail employees in the
countries where it operates, which was 7.6/10 when the survey
was created.
The score is measured each year on a representative sample of
more than 20,000 employees from all Group entities and
countries. The raw results are adjusted by IPSOS to guarantee
their representativeness. The methodology has not changed
since 2019, ensuring continuity in the monitoring and analysis of
the data.
By incorporating the eNPS into the Group’s CSR and Food
Transition Index, Carrefour is targeting actions to improve
working conditions, strengthen employee engagement and
reduce turnover. These efforts help to limit the negative impact
of departures, such as recruitment and training costs, while
promoting talent retention.
In 2024, more than 20,000 Group employees in the eight
integrated countries took part in the survey.
Attract talent: Carrefour is enhancing its attractiveness by
modernising its recruitment programmes (graduates,
work‑study programmes, internships) and developing
partnerships with schools and universities. The Group is
diversifying its communication channels (LinkedIn, TikTok,
●
Metaverse, etc.) and recruiting profiles specialised in digital,
organic and food professions.
Retain employees: Carrefour has a career management system
featuring mobility and promotion opportunities, training and an
incentive pay system. An employee share ownership plan was
launched in March 2023, attracting 30,000 subscriptions.
●
Develop skills in line with changes in the sector through
dedicated programmes (food transition, digital, management).
●
(1)
Cora, Match and Provera employees were not part of the Group when the July 2024 survey was conducted. Non‑employees are not covered by
the survey.
(1)
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2.1.3.1.2.2 Metrics and performance
METRICS AND PERFORMANCE
Table 2: Metrics and performance related to preserving social climate
Metric
Y
Y‑1
Change
Target (+ unit)
Coverage rate
Exclusions
Percentage of employees
covered by a collective
bargaining agreement
100%
100%
0
100%
All Group/Integrated
countries
-
Employer recommendation
score (eNPS)
8.1
8.3
-2.4
7.5
All Group/Integrated
countries
-
Table 3: reporting template for collective bargaining coverage and social dialogue
Collective bargaining coverage
Social dialogue
Coverage rate
Employees – EEA (for countries with >50 empl.
representing >10% total empl.)
Workplace representation (EEA only) (for countries >50
empl. representing >10% of total empl.)
100%
France, Spain, Poland, Belgium, Romania, Italy
100%
2.1.3.1.2.3
COMMENTS ON PERFORMANCE
The eNPS was 8.1/10 in 2024 compared with 8.3 in 2023.
Although down very slightly year‑on‑year, the score shows that
Carrefour outperforms its sector: the average score provided by
Ipsos for Carrefour's geographies in the retail sector in 2024 was
7.1/10. It also exceeds the base value of 7.5/10.
RESOURCES
The costs and investments underlying social dialogue and
employee engagement initiatives and actions are financed by
Human Resources department budgets, not based on any
predefined budget.
Action plans and resources
Collective bargaining coverage and social dialogue [S1‑8]
A culture of social dialogue
Carrefour was very quick to opt for consensus‑building through
enhanced social dialogue under the functional supervision of the
Group’s Executive Director of Human Resources, both nationally
and at the international level.
International social dialogue
In 2021, the Carrefour group and UNI Global Union renewed
their global framework agreement for four years. Since 2017,
Carrefour has been participating in the Global Deal with the
French Ministry of Labour to help spread values related to
protecting the basic rights of workers around the world. UNI
Global Union also works with the various European Information
and Consultation Committees (ECIC), helping to strengthen
social dialogue within the Group.
European social dialogue
In 1996, Carrefour created its European Works Council, the
European Consultation and Information Committee (ECIC), by
way of an agreement signed with the International Federation of
Commercial, Clerical, Professional and Technical Employees
(FIET – now part of the UNI). This agreement was renewed and
added to in 2011 with UNI Global Union. Since then, it has gone
from strength to strength, and is recognised as one of the first of
its kind in Europe thanks to the quality of its work and dialogue
between employees and management. The frequency of ECIC
meetings in 2021 and 2022 returned to normal compared with
2020, which was particularly affected by the health crisis.
Communication and consultation within the European Works
Council takes many varied, innovative and complementary
forms:
Carrefour also plays an active role in European sector social
dialogue meetings within the European trade organisation,
Eurocommerce, alongside the trade union delegation from UNI
Europa.
an annual plenary meeting provides a platform to discuss many
themes relating to the Group's business, the economic climate,
competitors,
organisational
changes
and
developments,
diversity, etc. Carrefour’s Chairman and Chief Executive Officer
speaks at the meeting every year, paving the way for
discussions on the Group’s strategy;
■
an annual information and training seminar is held on a specific
topic defined in advance after discussion with the members of
the Steering Committee. This meeting is also an opportunity
for a Steering Committee expert to give a presentation on the
Group's economic and financial situation;
■
special committees meet to discuss issues relating to
sustainable development, diversity and new technologies;
■
An Intranet site keeps members of the Steering Committee
informed throughout the year. ECIC members are selected on
the basis of their expertise and knowledge of the subjects
covered. In 2024, the ECIC met six times (in plenary meetings,
Steering Committee and other ECIC committee meetings).
■
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Social dialogue in Group host countries: main collective
bargaining agreements.
Within each host country, social dialogue is governed by local
collective bargaining agreements. Social dialogue at Carrefour is
constructive: 97 collective bargaining agreements were signed
by Carrefour group companies in 2024.
Since 2018, the Group has been scaling down its headcount,
particularly at its headquarters, and has sold or placed on lease
management certain stores in France, Poland and Italy.
Workforce reduction plans have all been supported by a
sustained social dialogue process and a set of measures aimed at
helping employees relocate or find another job within or outside
the Group.
The impact on the employees concerned of transfers of
franchise or lease‑managed stores has been mitigated by
agreements providing guarantees positioned above statutory
minimums; in France, all employees are transferred and their
contracts are taken over with the “annual compensation
guarantee” and a “social clause” negotiated by Carrefour with its
trade unions and imposed on the buyer, which guarantees the
maintenance for an unlimited period of rights such as the level of
the supplementary health insurance guarantee, a welfare plan,
the allocation of meal vouchers, a discount on in‑store purchases
and the assurance that Sunday work will remain voluntary.
Measures to improve quality of life in the workplace
In order to provide a safe and engaging work‑life for its teams,
the Group makes a point of offering several solutions to enhance
quality of life for its employees:
Each of the Carrefour group’s integrated countries defines a local
action plan to promote health, prevention and better quality of
life at work, adapted to national specificities. In France, a
collective bargaining agreement on health, prevention and
quality of life and working conditions at Carrefour was signed in
November 2022. In Spain, each Group company has a prevention
plan that provides a framework for actions aimed at guaranteeing
the health and safety of employees while complying with the
regulations in force. In Poland, thematic and information
campaigns and regular twice‑yearly inspections help to improve
safety and reduce the number of accidents and dangerous
incidents. In Argentina, 21 safe work procedures cover activities
in stores.
Moving towards more flexible work arrangements
Following the health crisis, Carrefour launched the Group‑wide
"smart ways of working" initiative aimed at promoting greater
autonomy and flexibility, facilitating the use of remote working in
head offices and encouraging the use of technology to make
working methods more agile (Google collaborative suite,
corporate social network, etc.). Based on best practices and
feedback, resources have been created to support these
practices.
In 2023, Carrefour Belgium carried out an empirical study on the
well‑being of its head office employees and gathered their
impressions following the move and the introduction of new
working methods. With a participation rate of 57%, this study
gave the Group a clearer vision of the strengths and areas for
improvement implemented in 2024.
To facilitate keeping vulnerable people in work, Argentina,
Belgium, France, Italy, Romania and Spain have added extra
remote working days for certain groups, or provided paid leave
for medical care and appointments, or part‑time work for people
over the age of 60.
Taking steps to protect employees' work/life balance and support
women’s health
Employees can enjoy benefits facilitating childcare solutions. In
France, for example, employees can use the crèche at the head
office in Massy since 2015 or receive financial assistance in the
form of CESU employer vouchers to which Carrefour contributes
50%.
The work schedule pooling system enables all employees at
stores in Italy and check‑out assistants in France to plan their
work hours to suit their personal needs and simultaneously meet
the store’s needs based on its level of business. This concern for
work‑life balance is further reflected in initiatives tailored to the
specific needs of employees. In France, for example, Carrefour
provides parents with childcare support in the form of a common
minimum amount distributed according to the conditions
defined in the agreement.
An agreement reaffirming employees' right to disconnect outside
working hours and discouraging over working was first signed on
July 7, 2017 and renewed in 2021.
In 2024, Carrefour Italy introduced a new corporate well‑being
strategy based on four pillars: physical, mental, social and
financial well‑being. Several measures have been implemented as
a result:
In April 2023, the Carrefour group also strengthened its
commitment to promoting women's health in France by
introducing enhanced social protection scheme, accompanied
by an awareness‑raising campaign aimed at managers:
A responsible reorganisation through social dialogue:
■
providing easy access to digital solutions to simplify work
methods and arrangements;
■
rolling out remote working programmes in all Group countries;
■
protecting work/life balance;
■
developing exercise programmes to improve health for all.
■
a psychological support service set up for all employees and
new parents;
■
a parenting policy offering both parents services and financial
support that complements what is provided by current
legislation, during both the pre- and postnatal periods;
■
a policy on endometriosis, offering all employees with this
illness 12 days' paid leave per year.
■
12 days' authorised medical absence per year for women with
endometriosis;
■
three days’ authorised sick leave following a miscarriage;
■
one day’s leave authorised for women undergoing assisted
reproduction treatment, in addition to the legal provisions in
force.
■
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2.1.3.1.3
2.1.3.1.3.1
In the Group’s other countries, measures are also in place to
address women’s health issues:
Promoting employee well‑being and quality of life
Carrefour offers programmes dedicated to employee well‑being,
adapted to and rolled out within each country, aimed in
particular at improving lifestyles and eating habits (discouraging
smoking, overeating and sun exposure, for example).
As a premium partner of the 2024 Paris Olympic and Paralympic
Games, starting in 2022, in France, the Group rolled out a
corporate project mobilising all teams and franchisees on the
topics of nutrition and health. Since January 2023, Carrefour has
been providing all its French employees free access to over
4,000 sports facilities in France via Gymlib. Since 2022, Carrefour
France has also been offering sport licences to employees with
disabilities. In 2024, a major corporate tournament brought
together around 10,000 participants from Carrefour and its
franchise partners in France, including 4,000 athletes. The aim of
this Grand Tournament was to promote health for all, while also
promoting diversity and inclusion. Delegations competed in five
disciplines: indoor football, tennis, running, pétanque and boccia
at local level, regional finals and a grand national final. Prizes for
the winners of the various phases of the tournament included
2,500 tickets for Paris 2024 and 80 race registrations for the
Marathon pour Tous.
Lastly, in conjunction with the Olympic Games, Carrefour France
organised events to raise awareness of physical activity and sport
(Go for 30 challenge, in‑house broadcasts on sports and the
Games, mobilisation of Olympic Team athletes during health and
quality of life at work week, etc.).
Promoting the benefits of a balanced diet within teams
In line with the Group's raison d'être, Carrefour promotes a
balanced diet among its employees. In 2023, more than 4,500
employees received training on balanced nutrition (over 1,900 in
face‑to‑face sessions and 2,500 in e‑learning modules) on topics
such as the market for organic products and fresh produce. Since
2018, the Group has rolled out the Act for Food Super Heroes
programme to showcase the work of employees who are
committed to the food transition programme and encourage
them to share their best practices.
Examples of actions for seniors in France:
Initiatives include end‑of‑career adjustments enabling a smooth
transition between work and retirement. In particular, workers are
given options to reduce their working hours if they are over 54 or
concentrate their working hours over three or four days and be
compensated for the reduction in working hours with a bonus of
500 euros to 1,000 euros gross per year.
Improving social protection for employees
Carrefour France harmonised all its death & disability and
healthcare insurance schemes via an agreement signed with
trade unions in 2014. A responsible employer, Carrefour France
has decided to have all employees benefit from the same high
level of social protection regardless of contract type (permanent,
fixed‑term, apprenticeship or professional training) and after just
three months of service for non‑management employees.
Aligned with the Group's HR policies, this commitment enables
the families of all Carrefour France employees to benefit from
a high level of social protection by pooling the needs of a large
population. This helps build social cohesion. Through a majority
agreement signed on June 7, 2018 with its representative trade
unions, Carrefour agreed to maintain healthcare and insurance
cover for employees transferred in a lease management
transaction, at a level equivalent to that provided by Carrefour to
its employees, with 50% of the cost borne by the lease manager.
Remediation
The eNPS global survey enables us to identify populations or
areas where engagement is declining, and to work with Human
Resources departments to refine the diagnosis or take action.
The more in‑depth manager surveys are reported at team level:
the main opportunities identified in the survey are highlighted for
each team.
Information on resources is detailed in “General elements of the
CSR approach” (see Section 2.1.1.1.2.).
Ensure equal opportunities
and diversity
Policies and targets
POLICIES
Policies related to own workforce [S1‑1]
By opening up careers based on merit, Carrefour is delivering on
an employer promise that is reflected at two levels: a working
environment genuinely open to all and a career ladder that offers
everyone opportunities for promotion to the highest levels of the
Company.
In Argentina, an agreement on equity and equality covers the
dimension of women’s health.
■
In Romania, employees benefit from a local health insurance
plan that offers a range of services, such as a screening
package, including assisted reproduction and other services
related to women’s health.
■
In Spain, gender is taken into consideration in occupational risk
assessments and health protocols, which include gender‑based
violence among occupational risks.
■
Flexible working arrangements: employees 55 and over are
entitled, at their request, to two consecutive days off once
every two weeks and three weeks' paid holiday once per year,
and may ask to be transferred to day shifts if they are on night
shifts.
■
Early retirement time savings: an early retirement scheme
enables employees over 55 who so wish to save days of leave,
under specific terms and conditions relative to a time savings
account (TSA), with a view to anticipating the effective
cessation of their salaried activity prior to their departure or
retirement, up to a limit of 150 days. Under the terms of the
Company agreement, this scheme is funded by the transfer of
days saved in the TSA and continues to be funded under the
same conditions as that account. Employees may also
contribute their holiday bonus and end‑of‑year bonus (the
equivalent of 39 working days for managers and 33 working
days for employees and supervisors). Leave can be taken on a
part- or full‑time basis.
■
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Carrefour provides employment in more than 300 job families,
many of which are open to everyone, with or without a diploma,
and are geared towards workers in all its host regions regardless
of their age, origin or social and professional background. Being
open to all and training people internally makes it possible to
maintain diversity in the workforce and play a role in social justice
by welcoming individuals who are sometimes excluded from the
labour market, offering them a first professional experience or
helping to finance their studies. Welcoming all types of talent
enables Carrefour to be more effective every day by taking into
account all the individuals who can contribute to achieving its
raison d'être, without restrictions.
Carrefour also aims to ensure that its managers, senior
executives, members of the Board of Directors and its Executive
Committees are representative of society, particularly in terms of
diversity of origin, skills, professional experience, age and gender.
Carrefour recognises that discrimination in all its forms can have
serious repercussions on the social climate. Discriminatory
practices, whether based on origin, gender, age, sexual
orientation, disability or any other difference, can not only
compromise diversity but also lead to a lower standard of living
for the people concerned. To prevent such risks, the Group is
committed to actively promoting equal opportunities and
ensuring an inclusive working environment.
Measures are in place to detect and eliminate any discriminatory
behaviour, including training for all employees to raise awareness
on diversity issues and prevent any form of discrimination or bias.
Those targeted by discrimination can feel a weaker sense of
belonging to the Company, resulting in less motivation, lower
productivity and the risk of unwanted departures. To address the
issue, the Group is stepping up its efforts to promote inclusion,
ensuring that every employee feels respected and valued for their
skills, regardless of their differences.
Group
Management
is
committed
to
ensuring
equal
opportunities and diversity through key metrics including
employee feedback in engagement monitoring, turnover rates
and social dialogue. If a discriminatory incident is detected,
immediate corrective action is taken.
Numerous measures have also been introduced to encourage
and promote gender equality, combat violence against women,
discrimination and harassment, and promote the advancement
of people with disabilities.
Promoting diversity is part of the Carrefour 2026 strategy and the
Group's diversity, and inclusion policy has been signed by its
Chairman and Chief Executive Officer.
Gender equality
Carrefour has been actively promoting gender equality in the
workplace for many years. Equal career opportunities for every
employee, equal pay and equal access to management positions
for women are all historic Group commitments. Carrefour is also
committed to ending violence against women, as a member of
the European CEASE initiative and the 1in3Women network. In
2023, Carrefour joined this initiative’s Executive Committee.
The Group’s gender equality objectives are aimed at helping both
its employees and the various players in its ecosystem. They are
based on the following priorities:
Employees with disabilities
For more than 20 years, Carrefour has been committed to
helping people with disabilities and welcoming them into its
workforce, keeping people who develop a disability during their
career in employment and adapting their workstations. Carrefour
is also applying an ambitious policy to raise awareness and
provide training on the subject for all its employees. Lastly, the
Group is working to change the way people perceive disability by
taking part in European employment initiatives. The topic of
disability has been declared a central cause in the “Carrefour
2026” strategic plan.
Inclusion and equal opportunity
Along with diversity, inclusiveness is also among Carrefour’s core
values. Our goal is to develop an everyday culture of inclusion
that goes hand in hand with a culture of accepting differences. In
all countries where it operates, equal opportunities and a culture
of respect are fostered and translated into concrete initiatives.
Battling all forms of harassment and discrimination
Carrefour aims to strengthen its inclusive culture on a daily basis
and considers diversity to be an asset for the Company, an
essential performance lever that draws on the benefits provided
by a multicultural society. The Group is strongly committed to
combating all forms of discrimination and harassment.
Equal pay
In all the Group's countries, salaries – the vast majority of which
are categorised according to pre‑established scales – are
calculated based on objective criteria such as the employee's job
description, level of responsibility or experience; gender is not
considered in the calculation. In addition, each Group entity
ensures that its actual pay practices reflect this policy. In line with
Carrefour’s commitment to equal pay, 90% of the Group’s
employees are covered by pay scales that guarantee perfect
equality between men and women with equivalent skills and
positions. Aligned with the CSRD requirements, this approach
ensures transparency and reduces the risks of gender‑based pay
gaps.
contributing to an increase in the number of women on its
governing bodies, notably by ramping up internal development
programmes;
●
adopting a fair compensation policy and ensuring its proper
implementation;
●
striving for a better work/life balance to ensure equal
opportunities for women and men;
●
promoting gender equality within the organisation;
●
leveraging Carrefour’s resources for women exposed to
difficult situations, and above all, combating domestic violence.
●
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Scope
The ambitions cover the scope of the Group’s integrated entities,
taking into account the specificities of some entities in the
application of certain commitments or policies:
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities [S1‑5]
Since 2021, the CSR and Food Transition Index has tracked the
increase in the number of women in the Group's top
management, with the aim of increasing the proportion of
women among the Group's Executive Directors to 35% by the
end of 2025 (C200). This population corresponds to the Group's
top 200 and covers the Company's most visible management
levels, in particular the country Executive Committees.
Carrefour has made the topic of disability the central cause of its
2026 strategic plan and has set the goal of employing at least
15,000 employees with disabilities by 2026.
TARGETS
Table 1: Targets related to diversity and inclusion
Topic
Target
Target year
Scope
Baseline value
Baseline year
Gender equality
Women representing 35% of
executives (top 200)
2025
100% of the integrated
scope
22%
2020
Employees with
disabilities
15,000 employees with a
disability in the Group
2026
100% of the integrated
scope
10,902
2021
A pathway has been defined for each year based on these targets, and is monitored at Group level for the C200 and at the level of each
country for disability.
2.1.3.1.3.2
Methodology
Created in January 2021, the C200 category comprises positions
that have a major impact on determining the Group's strategy.
This community brings together just under 200 people with
Executive Director status. The category was defined following an
assessment taking into account the scope of management (sales,
headcount, geography, etc.) and seven main criteria (knowledge
of the business, leadership, type and extent of impact,
interpersonal skills, etc.). The number of women in the C200 is
measured at the end of the period.
The target for employees with a disability is based on the number
of employees recognised as having a disability and present at the
end of the reference period. An employee's disability is
determined according to the legislation in force in each country.
If no definition is in place in the country, an employee with a
disability will be considered to be any person, "whose prospects
of securing, retaining and advancing in suitable employment are
substantially reduced as a result of a duly recognised physical or
mental impairment". (See the International Labour Organization’s
convention C159). Each person with a disability counts as "one",
regardless of their degree of disability, age or the weekly working
hours set out in their employment contract. The target also
includes workers recognised as having a disability who are made
available by a third‑party subcontractor specialising in access to
employment for people with disabilities and working at Group
sites.
Metrics and performance
Taking action on material impacts, and approaches to
mitigating material risks and pursuing material opportunities
related to affected communities, and effectiveness of those
actions and approaches [S1‑4]
Carrefour's Chairman and Chief Executive Officer signed the
UN Women's Empowerment Principles (WEPs) in 2013, and the
Executive Directors of Carrefour Spain, Argentina, Brazil and
Belgium followed suit;
■
specific programmes in Brazil on the issue of coexistence
among people from different ethnic backgrounds related to
the challenges facing Brazilian society;
■
in France, a Group pilot project has been launched on diversity
of origin.
■
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Diversity metrics [S1‑9]
Table 2: Diversity metrics
Metric
Unit
2024
2023
Change
Target unit
Coverage rate
Exclusions
Percentage of women among executives
(C200*)
%
28
28.8
-0.8 pts
35% by
end‑2025
100% of the
integrated scope
-
Number of women executives
(C200*)
No.
45
46
-2.17%
-
100% of the
integrated scope
-
Number of male executives
(C200*)
No.
116
114
+1.75%
-
100% of the
integrated scope
-
Percentage of key positions held by women
%
31.2
28
3.2 pts
-
100% of the
integrated scope
-
Percentage of women among Board of
Director members
%
46
46
0 pts
-
100% of the
integrated scope
-
Percentage of women among Group
Executive Committee members
%
29
30.8
-1.8 pts
-
100% of the
integrated scope
-
Percentage of employees under 30
%
30.5
32.9
-2.9 pts
-
100% of the
integrated scope
-
Percentage of employees between 30 and
50
%
47.1
46.4
+0.7 pts
-
100% of the
integrated scope
-
Percentage of employees over 50
%
22.3
20.7
+1.5 pts
-
100% of the
integrated scope
-
Percentage of employees recognised as
having a disability
%
4.4
4.3
+0.1 pts
-
100% of the
integrated scope
-
Number of employees with a disability in
the Group
No.
14,201
13,358
+6.31%
15,000 in
2026
100% of the
integrated scope
-
* The Group's C200 is made up of Executive Directors.
2.1.3.1.3.3
COMMENTS ON PERFORMANCE
In 2024, Carrefour employed 14,201 people with disabilities,
ahead of the trajectory defined in the strategic plan. This takes
into account the impact of divestments and acquisitions, in
particular the sale of Taiwanese operations in 2023 and the
acquisition of Cora and Match in 2024.
Carrefour's diversity and inclusion policy led to an increase in the
number of women in management in 2024. At the end of 2024,
the Executive Committee had 14 members, including four
women, i.e., 29% in 2024, compared with 7% in 2017. 46% of
Board of Director members are women. Contrary to the Group’s
targets and despite the measures implemented, the proportion of
women in the C200 decreased slightly in 2024. Actions to
develop high‑potential women are in place to promote the
emergence of female leadership profiles internally – notably
through a gender‑balanced Talent Factory – and close attention
is paid to gender balance in external recruitment. However,
recent movements within the C200 have prevented the
continuation of the improvement achieved over the past four
years (22.2% of women in the C200 in 2020).
Data relating to incidents of discrimination, including harassment,
complaints filed, as well as the amounts of associated fines,
penalties and compensation, are detailed in “Ensure respect for
human rights and labour rights” (see Section 2.1.3.1.7.).
Action plans
As an early advocate for diversity, Carrefour signed the Diversity
Charter in 2004 to give all people, in all countries, the same
recruitment and advancement opportunities.
To bring these commitments to the highest level of the
Company, an Engagement department was set up and has been
integrated into the Executive Committee since 2022. It manages
and monitors all equal opportunity and diversity policies for the
Carrefour group.
GENDER EQUALITY EUROPEAN & INTERNATIONAL
STANDARD (GEEIS)
For several years Carrefour, has been committed to a proactive
approach of continuous improvement in terms of professional
equality. As a result, in 2014, the Group decided to apply a
globally recognised standard to obtain external assurance about
the effective implementation of its gender equality policies while
also enhancing the visibility of its initiatives.
The decision to use GEEIS was motivated by the Group’s desire
to have a single, external, auditable reference system, adapted to
its global presence and to the diversity of social legislation across
its different geographies. GEEIS assessments – both qualitative
and quantitative – allow for clear reporting to management on
the progress made. In 2020, in keeping with the commitment
announced in 2017, Carrefour achieved its objective of obtaining
GEEIS certification in all its host countries. Campaigns to audit
our entities against the GEEIS have been conducted regularly
since 2021, with the level of maturity maintained or improved in
all countries. In 2023, Carrefour integrated the GEEIS Diversity
label for the first time in Italy and Brazil. 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.
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In 2024, Carrefour Belgium renewed its GEEIS certification with
improvements in four of the nine criteria. Carrefour Belgium has
been recognised for promoting policies and implementing best
practices that ensure equality and equal opportunities, while
respecting and valuing diversity within its working environment.
GENDER EQUALITY
At end‑2024, the Group had 180,540 women among its
employees, representing 55.6% of the total workforce. Carrefour
has made it a priority to encourage all women, whether
employees or managers, to develop their skills and take on more
responsibilities. For more than a decade, the representation of
women at the management level has steadily increased,
demonstrating the impact of these policies.
Particular attention is paid to gender balance in the graduating
classes of all the Group’s training and internal development
programmes, such as the Leaders School.
To help women reach the highest levels of responsibility, the
Group develops individual coaching and mentoring programmes
designed to increase the number of high‑potential female
employees. The Talent Factory, which brings together and
develops the Group’s talents with the potential to become
Executive Directors, achieved perfect balance at the end of 2024
(91 women out of 180 high potential talents). In 2024, Carrefour
launched the Women Up programme to develop more inclusive
management within the Group. This is a programme for talented
and high‑potential employees, with equal numbers of men and
women, in the eight countries where the Group is present. The
programme aims to emphasise inclusion as a central pillar of
day‑to‑day management practices, using cognitive science
techniques. In Spain, Carrefour has partnered with an innovative
coaching programme for high‑potential women. The aim is to
get them to know themselves better and encourage them to
seek out new challenges. Specific career committees are in
place, particularly in Belgium, to foster the promotion and
visibility of women. In Argentina, the Carrefour Ellas programme
aims to promote equal opportunities by supporting women in
management positions. At the first edition of the programme, 19
women managers participated, with a second edition in
preparation.
The Group also offers its employees numerous opportunities for
networking and sharing best practices in this regard, notably
within the framework of its partnership with the LEAD Network,
a professional network dedicated to gender equality in the retail
and consumer goods industry in Europe. The system has given
rise to countless initiatives in the various countries, such as the
hosting of an event by the France chapter at Carrefour’s head
office to promote gender equality in the workplace and the
launch of a LEAD chapter aimed at overcoming prejudices in
Romania. In addition, a selection of employees, including
graduates and alumni, also had the chance to take part in
inclusive leadership training programmes and inter‑company
mentoring, and to attend the annual LEAD Network event.
In France, the internal network dubbed #UnEgalUn was launched
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 2020, Carrefour’s management signed a new gender equality
agreement with trade unions covering all of France that aims to
facilitate career advancement for women, even as they remain
central to their family unit, and allow men to play a larger role in
family life, with no judgement or worry about their careers. This
agreement provides for concrete actions to ensure that everyone
has equal opportunities to progress within the Group. It covers
key areas such as recruitment, training, promotion, generous pay,
working conditions and work/life balance. Together with trade
unions, the Group wishes to define objectives and commit to
implementing practical initiatives in each of these areas. With
regard to employees’ work‑life balance, this agreement provides
for support for women wishing to breastfeed by offering
dedicated time slots.
With regard to pay gaps, the risk is mitigated by calculating a
portion of wages using pay scales, which ensure that pay
differences are based solely on objective factors. For the rest of
the workforce, metrics are regularly monitored and analysed in
the Group's host countries to ensure equal pay for men and
women in similar positions. The agreement includes a two‑level
monitoring system:
at the collective level: during mandatory annual pay rounds, a
specific budget, known as the “Equality Booster”, is determined at
the level of each department to correct pay differences between
women and men through individual adjustments;
at the individual level: outside of mandatory annual pay rounds,
the legal entity to which the employee belongs remains
responsible for compliance with the principle of gender equality
in terms of pay, and requests for alignment must be investigated
and processed within the entity. Failing this, the matter may be
referred to the national joint committee responsible for
monitoring the agreement.
RECRUITING, INTEGRATING AND RETAINING PEOPLE WITH
DISABILITIES
People with disabilities [S1‑12]
Disability has been chosen as the central cause in the Carrefour
2026 strategic plan. As a central cause, the inclusion of people
with disabilities has become a strategic priority for the Group,
with respect to both employees and customers.
The first agreement on the employment of people with
disabilities was signed in 1999 for the French hypermarkets. The
purpose of the agreement is securing the career paths of people
struggling with their health and keep them in employment.
Disability Advisors are appointed within each format to provide
this support. An Inclusion Manifesto endorsed by the French
Ministry of Solidarity and Health was signed in 2019 and includes
ten
concrete
commitments
designed
to
facilitate
the
employability of persons with disabilities.
In France, IncluLine, a service offered to Carrefour employees for
any questions they may have about disability and recognition as a
disabled worker, was launched in the last quarter of 2023. Special
arrangements for our deaf and hearing‑impaired employees are
also in place.
In Spain, in October 2023, an employment forum was organised
in collaboration with the Madrid municipal employment agency
and ten organisations working with vulnerable groups, including
persons with disabilities.
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CHANGING THE WAY PEOPLE VIEW DISABILITIES
In 2024, Carrefour developed its awareness‑raising initiatives by
once again taking an active part in European Disability
Employment Week, which has been organised for the past 25
years by ADAPT, a French organisation that promotes the social
and professional integration of persons with disabilities, in
France, Spain and Belgium. To raise awareness about disability
among all teams, Carrefour participated in the Duo Day initiative.
Duo Day allows a job seeker with a disability to spend a day
alongside a Carrefour employee to learn about their job.
In Spain, the INCLUYE programme aims to promote the inclusion
and visibility of employees with disabilities through meetings,
tutors and initiatives organised by the human resources teams
and the employees themselves. Another programme gives
Carrefour employees the chance to volunteer their services to
provide training to people with intellectual disabilities.
In partnership with the Red Cross, Carrefour Argentina aired a
sign language training video for checkout staff in its stores.
INCLUSION FOR ALL
Action for young people: Carrefour has been actively recruiting
and training young people for many years. At the end of 2020,
during the health crisis, a commitment was made to recruit
15,000 young people, half of them from priority urban areas, and
to take on 3,000 third‑year trainees from schools in priority
educational areas. In 2023, more than 18,000 young people from
disadvantaged urban areas signed contracts with the 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. In 2024, the Group
joined forces with the French Ministry of Education to offer work
placements to third‑year students, an initiative that has been
extended this year to second‑year students, benefiting 1,000
participants.
Actions in support of diversity at Carrefour: as part of its 2026
strategic plan, the Group has reaffirmed the importance of equal
opportunity, diversity and upward mobility.
To promote access to opportunities for all types of talent,
Carrefour
has
formed
numerous
national
and
regional
partnerships with non‑profits and institutions involved in
employment and integration. Since 2022, Carrefour has been a
signatory of the Charter of l’Autre Cercle and has committed to
strengthening the inclusion and visibility of LGBT+ people at
Carrefour in four main areas:
Pro‑diversity and inclusiveness initiatives were also carried out at
the local level, by country.
PROMOTING DIVERSITY OF ORIGIN WITHIN
CARREFOUR'S TEAMS
Carrefour stores and entities act daily to promote diversity within
their teams, as a reflection the diversity of society, their
environment and their customers, in order to better understand
them and anticipate their needs. As part of its commitment to
developing a culture of trust and integrity at all levels of the
Company and with all its partners, the Group has incorporated
this openness to diversity into its Code of Ethics.
In 2023, Carrefour conducted a pilot study in France involving all
its employees. The study consisted of an anonymous and
voluntary survey to help us to gain a better understanding of the
diversity of the teams' backgrounds. The survey revealed a very
broadly positive perception of diversity of origin within the
Group, based on the 20,000 responses received:
14% of Carrefour employees were born outside of France: this
figure is higher than the French average (12.8% according to
INSEE).
78% of Carrefour employees consider that opportunities for
development and advancement within the Group are equivalent,
regardless of the employee's origin.
The study also identified two areas for improvement:
To meet these challenges, Carrefour launched an action plan
based on four pillars:
The IPSOS survey of all Carrefour employees in France will be
repeated in 2026 to measure the progress made.
In Brazil, Carrefour has joined the Zumbi dos Palmares
University's Zero Racism movement and announced the creation
of an Antiracism Executive Committee.
creating a caring and inclusive work environment for LGBT+
Carrefour employees;
■
respecting equal rights and treatment for all employees,
regardless of their sexual orientation or gender identity;
■
supporting employees who are victims of discriminatory
comments or acts;
■
assessing progress and sharing best practices with other
Charter signatories.
■
strengthening diversity of origin for managerial positions: while
12% of all Carrefour employees are managers, only 9% of
employees from diverse origins are managers;
■
focusing on the specific situation of women from diverse
origins, who are confronted with a double glass ceiling due to
their gender and their origin.
■
training employees in France on non‑discrimination and
combating unconscious bias: more than 50,000 employees
were trained in 2024;
■
creating a community of role models, who will share their
experiences both internally and externally, and help to
promote self‑confidence;
■
recruiting more candidates from diverse origins, both by
reaching out to candidates in universities where the Group has
not previously had a presence, and by launching a
first‑of‑its‑kind partnership in the retail sector with the
non‑profit Les Déterminés, to identify candidates from diverse
origins for positions in stores;
■
promoting more employees from diverse origins, notably
thanks to a partnership with Le Club du 21ème Siècle to
mentor Carrefour employees who are women. In 2024, each
member of Carrefour's Executive Committee also provided
support to a Group employee to help them "break the glass
ceiling".
■
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2.1.3.1.4
2.1.3.1.4.1
COMBATING VIOLENCE AND HARASSMENT
The Group’s various host countries are also firmly committed to
combating sexual harassment and casual sexism. Carrefour took
advantage of International Women’s Day to launch several
awareness‑raising initiatives.
Brazil communicated internally, asking people to reflect on sexist
behaviour and how to change mentalities. In particular, the
Group took part in the initiative to support employability
organised during Women’s Day by the Women’s Secretariat of
the São Paulo Trade Union.
In France, sexual harassment and sexism liaison officers have
been in place since 2019 (300 from among Works Council
members and 300 Carrefour employees). An internal procedure
for dealing with allegations of sexual harassment or sexism has
also been set up. The liaison officers received training during
2020 on how to apply regulations to real‑life situations of sexism
or harassment, detect at‑risk situations and identify means of
prevention. They were also given a kit to help raise general
awareness of these issues. E‑learning modules were also
provided for managers and employees to raise awareness of
sexism and sexual harassment.
Ensure adequate wages for employees
Adequate wages [S1‑10]
Policies and targets
POLICIES RELATED TO OWN WORKFORCE [S1‑1]
The Group’s ambition is to provide its employees with fair and
adequate wages to enable them to meet their basic needs. This
ambition is particularly visible in the international Act for Change
programme and its commitment to “Growing and moving
forward together”.
Carrefour is committed to ensuring that all its employees receive
an adequate wage, in accordance with international standards
such as those defined by the UN and in Directive (EU) 2022/2464.
By guaranteeing all its employees an adequate wage, Carrefour
helps to meet the expectations of its stakeholders.
Reducing the pay gap between men and women is also a key
challenge for equity and social sustainability. By measuring the
pay gap for all its employees, Carrefour can implement the
practical measures described in the previous chapter on gender
equality, particularly with regard to pay.
Scope
The Carrefour group's pay objectives apply to all the countries in
which it operates and to all its employees and temporary
workers.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE
IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S1‑5]
To date, Carrefour has not publicly formalised any targets in this
area. The Group decided to conduct a study to assess the
situation in each of the countries in which it operates.
Methodology
A study was carried out to check whether the countries where
the Group operates comply with a standard such as Directive
2022/2041, which guarantees that national or sector legal
minimum wages are at levels considered adequate within the
meaning of the Directive. In these countries, Carrefour ensured
that the lowest wage in its pay scales respects these “adequate”
intersectoral or sector minimums.
In countries where there is no adequate wage standard, an
internal audit was carried out to assess the gap between the
wages paid and the thresholds defined by international standards.
Identification of the lowest wages
Carrefour has implemented a methodology to identify the lowest
wages paid to its employees in each country around the world.
This approach includes the collection of basic wage data as well
as additional guaranteed components of fixed compensation,
such as transport allowances. The data was collected between
September 2024 and November 2024, and all guaranteed annual
compensation was taken into account to ensure an accurate
comparison. Carrefour included all full- and part‑time employees
in the scope of the study, making the necessary adjustments for
new hires by annualising compensation expressed in full‑time
equivalents. Trainees, apprentices and subcontracted workers
were excluded from the analysis so as to focus only on
employees with standard contracts.
Data reliability
To ensure the quality and accuracy of the data and a consistent
approach across countries and regions, Carrefour verified the
location of employees, the use of a consistent currency and the
presentation of wages in gross terms. In cases of uncertainty, the
countries concerned were asked specific questions to verify the
accuracy of the data. At the same time, the results of
benchmarking were discussed in meetings between Carrefour
and a third party, WTW. Carrefour’s central team also liaised with
local HR representatives, who were able to validate the data and
address areas requiring further review. This collaboration helped
to ensure that the data used for wage comparisons was not only
accurate, but also representative of market practices in each
region.
Choice of reference wage and benchmarking
Carrefour uses several sources to compare the lowest wages
with appropriate wage benchmarks, including legal minimum
wages, wages provided for in collective agreements and public
statistics.
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In the European Economic Area (EEA), five countries in which
Carrefour operates have transposed Directive 2022/2041, which
guarantees an adequate national minimum wage in relation to
international standards. Wages were assessed in relation to the
national minimum wage to ensure that Carrefour’s compensation
is
systematically
compliant.
In
Poland,
where
Directive
2022/2041 has not yet been transposed, the legal minimum
wage was used as the benchmark, as it represents more than
60% of the national median wage and 50% of the national
average wage.
For non‑EEA countries, comparisons were made against national
benchmarks for Argentina and state benchmarks for Brazil. The
national, regional or collective legal minimum wages applicable
to company wages were evaluated in relation to adequate
standards (60% of the country’s median wage and 50% of the
average wage) to ensure their adequacy.
Carrefour Argentina applies a minimum wage based on a
collective agreement. The analysis showed that Carrefour
employees in Argentina receive a wage equal to or higher than
the collective agreement applicable to them (banking and retail
sectors).
Carrefour Brazil applies a minimum wage based on a
Carrefour‑specific collective agreement, which takes into
account a national minimum wage. The analysis showed that
Carrefour employees in Brazil receive a wage equal to or higher
than the collective agreement applicable to them.
2.1.3.1.4.2 Metrics and performance
Metrics
Table 1: Metrics related to adequate wages
Metric
2024
2023
Change
Target (+unit)
Coverage rate
Exclusions
Percentage of employees covered by
Directive 2022/2041 [EEA]
5
0
+5
N/A
100%
-
Percentage of non‑EEA employees
covered by a collective agreement
2
2
-
N/A
100%
Global Sourcing
excluded from the
study (0.1% of
Group employees)
Percentage of employees covered by an
international benchmark (60% median –
50% average)
1
1
-
N/A
100%
-
Gender pay gap
16.8%
-
-
-
100% of the
integrated scope
-
Average compensation ratio
50
51
-
-
See methodological details below
Median compensation ratio
78
89
-
-
2.1.3.1.4.3
Methodology: specificities and limitations
Gender pay gap measurement: to measure the gender pay gap,
annual gross compensation was divided by the cumulative hours
paid to obtain a comparable hourly rate expressed in “full‑time
equivalent”. The calculation was made for each country and then
consolidated at Group level, taking into account the weighting of
the average headcount in each country.
The pay gap measures the average difference between the
wages of men and women across the board; comparison based
on equivalent positions may provide a more accurate measure of
the pay gap.
Pay ratios: the table above provides information on equity 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.
COMMENTS ON PERFORMANCE
The analysis confirms that all Carrefour employees received an
adequate wage in 2024. As most positions are paid on the basis
of a standardised scale that does not allow any difference
between men and women with equivalent positions and working
hours, the pay gap mainly reflects the differences in jobs
occupied. Corrective action is nevertheless being taken to close
the remaining gaps for equivalent jobs (Booster budgets, etc.).
Action plans and resources
Throughout the period of high inflation, Carrefour managed to
maintain constructive social dialogue on pay. This dialogue has
made it possible to maintain or even increase employees’
purchasing power, while maintaining a balance between the
need to preserve competitiveness in a rapidly changing sector
and a concrete sign of recognition of the commitment of our
teams on a daily basis. These agreements have made it possible
to raise minimum pay within the Company to a level equal to or
above very dynamic minimum wages, often indexed to prices.
1
4
7
2
5
8
3
6
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2.1.3.1.5
2.1.3.1.5.1
Ensure the occupational health
and safety of workers
Policies and targets
OWN WORKFORCE [S1‑1]
The Group strives to provide its teams with a safe environment,
to foster both their physical and mental health, and to prevent
the risk of work‑related accidents and ill health. 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.
Depending on the country, the prevention strategy with regard to
occupational health and safety is defined by the Safety or Human
Resources department in collaboration with local representatives
and site management. Other departments also contribute to the
quality of the working environment and risk management,
notably by helping to define new professions, concepts,
furniture, tools and technologies. The broad guidelines, although
generally uniform, are adjusted and implemented locally to meet
the specific needs of each country.
Assessing risks to facilitate prevention
To reduce the number and severity of workplace accidents,
Carrefour puts risk assessment and prevention at the heart of its
health and safety management system. A risk assessment
identified several objectives: the first is to maintain a high level of
physical, mental and social well‑being among employees; the
second is to prevent the risks to which employees are exposed in
the workplace and thus protect them from any harm; and lastly,
to keep employees in a job that is suited to their physical and
psychological abilities.
Eliminating musculoskeletal disorders
Musculoskeletal disorders (MSDs) are a major occupational
health problem. Although they are not the direct cause of
workplace accidents, they can result from such accidents, or
from unsuitable working postures. It is also important to note
that manual handling is the main cause of accidents at work in
France. By contrast, more than 86% of MSDs are clearly the
cause of occupational illness.
To limit physical constraints and prevent these problems,
Carrefour invests in handling equipment and tools such as
electric pallet trucks, shelving tables and pallet destackers.
Preventing stress and psychosocial risks
The Carrefour group’s preventive approach aims to assess the
main psychosocial risk factors and develop appropriate action
plans. As contact with the public presents particular psychosocial
risks concentrated on certain employees in direct contact with
customers (checkout personnel in particular), specific measures
targeting them are planned (such as training courses).
Mitigating risks relating to the arduous nature of retail
professions
Identifying and reducing the risks associated with heavy work is
essential to ensure the health and safety of employees,
particularly in a time of longer working lives. Key measures
include ergonomic adjustments to workstations, reducing
physical stress and improving the tools used. These actions aim
to limit repetitive efforts, restrictive postures and handling risks.
In this context, the Carrefour group pays particular attention to
changes in the packaging supplied by its partners, as some
suppliers are tending to increase the weight of their packaging.
To minimise the need to carry loads, Carrefour ensures that its
employees have the appropriate handling equipment, such as
electric pallet trucks, shelving tables and pallet destackers. These
initiatives make it possible to reduce physical constraints and
preserve employee health over the long term.
Recent developments
In 2024, Carrefour conducted diagnostic studies in its eight
integrated countries to identify best practices and compare local
policies and their results. Following this study, a "health and
safety in the workplace" network was set up at Group level to
bring together managers from the eight countries on a regular
basis: the first meeting took place in November 2024. The aim of
this network will be to define targets for 2025.
In Italy, Carrefour has renewed its health and safety organisation
and management system to strengthen its risk assessment
strategy and improve training (content and frequency) and
workplace health management (consistency with medical
assessments, also in view of the ageing population).
Scope
All of the Group's integrated countries are required to implement
these policies on health, safety and quality of life in the
workplace.
The
policies
apply
to
all
employees
and
self‑employed workers at Group entities.
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TARGETS
Table 1: Targets related to the health and safety of workers
Topic
Target (+unit)
Baseline year
Target year
Scope
Baseline
value
Change in workplace accidents
10% reduction compared with
year N‑1 (number of accidents
with and without lost time)
2022
2026
France excluding
Cora and Match
-8%
Methodology
Based on frequency rates, a target was set for France, where there is more scope for improvement than elsewhere, to commit the
country firmly to reducing the number of accidents. The target covers the total number of accidents, with or without lost time. It is
calculated on a like‑for‑like basis (comparing the number of accidents on the scope in N with the number of accidents in the same
scope in N‑1).
2.1.3.1.5.2
Metrics and performance
Health and safety metrics [S1‑14]
Table 2: Metrics related to the health and safety of workers
Metric
Y
Y‑1
Change
Target
(+unit)
Coverage rate
Exclusions
Workplace accident frequency rate
(number of accidents/millions of hours
worked)
16.5
31.4
-14.9 pts
-
100%
-
Change in occupational accidents with or
without lost time
-9.98%
-
-
-10%
France
Rest of the Group
Percentage of countries having
implemented an action plan on health,
safety and quality of life in the workplace
100
100
0 pts
-
100%
-
Percentage of people in its own workforce
who are covered by the undertaking's
health and safety management system
based on legal requirements and/or
recognised standards or guidelines
100%
-
-
-
Brazil and Romania
France, Belgium,
Spain, Italy, Poland,
Argentina
Number of fatalities as a result of
work‑related injuries and work‑related ill
health
5
1
+400%
-
100%
-
2.1.3.1.5.3
COMMENTS ON PERFORMANCE
France, a country with an improvement objective, achieved its
target of a 10% reduction in accidents with or without lost time
thanks to the continuation of the actions taken by its
Occupational Health and Safety Department (awareness‑raising,
training, securing of accident reporting and analysing processes).
Throughout the Group, the number of work‑related fatalities has
increased despite a significant reduction in the frequency rate: in
all such cases, in‑depth investigations are carried out to identify
the causes and responsibilities and, where appropriate, to
develop corrective measures.
Action plans and resources
All of the Group's entities are concerned by the implementation
of an action plan on health and safety in the workplace. Given
stringent local regulatory requirements, these action plans are
essentially managed at country level and implemented locally.
The various sites adapt their workplace health and safety policies
to their specific needs, analyse accidents and take corrective
action. These key actions are designed to have a lasting impact.
ASSESSING RISKS TO FACILITATE PREVENTION
Assessments show that the main risks are in stores and
warehouses. The main causes of accidents in stores relate to the
use of sharp tools, such as ham slicers, bone saws and kneading
machines. For logistics operations, the major risks concern
access to transshipment docks, handling electrical equipment
and loading and unloading trucks. Lastly, focused attention is
given to musculoskeletal disorders (MSDs), which account for a
significant proportion of work‑related illness.
In France, assessments are based on analyses carried out by
prevention teams: for around 60 workstations, they have
identified dangerous situations and the preventive measures to
be taken. Organisations can then manage, monitor and update
their action plans associated with the identified risks.
Initial risk assessments are supplemented by regular audits and
assessments, and even daily checks. By way of illustration,
Romania requires each site to carry out daily checks using
checklists, as well as annual audits. Italy carries out three audits
per year; Poland carries out an average of four visits per store
each year; and Brazil, in accordance with its regulations, visits
each store once a month.
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4
7
2
5
8
3
6
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EDUCATIONAL QUALIFICATIONS
Training all those involved in safety at work contributes to risk
prevention. Training is aimed at both prevention officers and
safety managers (training for prevention advisors at the various
sites in Belgium, compulsory training for occupational health and
safety representatives in France) and employees (initial training
before taking up a post in Poland, Argentina, Romania and
France, short compulsory training before taking up a post in
Brazil, when changing jobs in Spain, when returning from a
workplace accident in France, etc.).
Throughout our employees’ professional lives, workplace health
and safety are the cornerstone of training priorities. On top of the
regulatory requirements allowing employees to learn about and
master
safety
rules
for
operating
mechanical
handling
equipment, the safe use of machines and even how to fight fires,
employees take part in regular training designed to make
prevention a central focus in their work. They receive training in
first aid, the prevention of risks related to manual handling and
the prevention of accidents at work. Psychosocial risk prevention
training has also been offered to managers.
EMPLOYEE AWARENESS AND A CULTURE OF SAFETY
A culture of safety at work means that all employees are involved
in preventing these risks. Poland has developed an online game
on the topic and holds two related webinars a year. France
communicates the ten golden rules of safety through on‑site
posters. In Argentina, Company doctors are heavily involved in
the process. In 2024, France organised "Health and Safety"
challenges as part of Health in the Workplace Week, and a Road
Safety Week was held during the summer. France has also
launched a communication campaign on the golden rules of
prevention, one rule per month.
PREVENTION OF MUSCULOSKELETAL DISORDERS
Carrefour offers technical solutions adapted to employees’ work
environments and suited to the specificities of their business
(reduced shelving depth to limit postural constraints, warm‑ups
before starting work, installation of mechanical gripping devices
for lifting certain items, etc.). Ergonomic studies of workstations
are carried out to adapt equipment. Employees are encouraged
to participate in warm‑up sessions before they start work.
Furniture choices include ergonomic studies to prevent and limit
postural strain.
PREVENTING STRESS AND PSYCHOSOCIAL RISKS
Many initiatives are adopted locally, at the initiative of a single
country or entity. Examples include stress management training
and free hotlines and psychological support.
Psychosocial risks are the subject of ad hoc assessment
approaches: Spain follows a method for assessing psychosocial
risks developed by the National Institute for Health and Safety at
Work. France uses a digital platform, Wittyfit, developed in
partnership
with
occupational
health
experts
from
the
Clermont‑Ferrand University Hospital and human science
researchers from the CNRS, who followed a research protocol
validated by a French body authorised to assess the safety of
people who are the subject of research (Comité de Protection
des Personnes). The Wittyfit tool has been used in all formats
since 2022 in order to help identify psychosocial risk factors and
enable employees to suggest initiatives to be included in the
Group’s action plans. The risk assessment covered more than
15,000 employees in 2024, with more than 45,000 covered since
the tool was introduced. Carrefour France has had a free‑to‑call
social support service since 2015 to provide solutions suited to
the situations of individual employees. A team of social workers
helps employees with their personal or professional situations
(financial difficulties or changes of situation such as divorce,
separation,
move,
etc.).
This
system
complements
the
counselling service in place since 2012.
SAFEGUARDING THE HEALTH AND SAFETY OF TEMPORARY
WORKERS AT CARREFOUR SITES
To minimise the risk of accidents among temporary workers,
significant investments have been made in France, such as:
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
workplace health and safety procedures and the use of best
practices, as well as compliance with regulatory requirements to
ensure that working conditions are improved.
Examples in France
In 2023, commitments made in the Health Agreement were
implemented on priority risks (musculoskeletal disorders), road
risks and psychosocial risks.
The use of the Es@nté tool was extended to all formats and legal
entities of Carrefour France in 2022. This digital tool manages
and coordinates two procedures:
Es@nté facilitates the administrative management of workplace
accidents for the line manager or HR manager. Following any
workplace accident, the managers analyse the circumstances
using the 5M method, which examines the environment, method,
equipment, labour, materials. They then develop an action plan
to limit or remove the root cause.
Following the implementation of the 2022 French Health Law,
work was undertaken in all entities to overhaul the Uniform
Occupational Risk Assessment Document (Document unique
d’évaluation des risques professionnels).
enhanced safety training for temporary workers for all new
temporary workers hired by Carrefour;
■
the participation of temporary workers in daily or weekly
awareness‑raising activities;
■
an on‑site assessment of the causes of each workplace
accident, carried out with the management teams.
■
Assessment of occupational risks;
■
Administrative management and monitoring of work‑related
accidents and ill health.
■
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2.1.3.1.6
2.1.3.1.6.1
To prevent musculoskeletal disorders (MSDs), which account for
85% of work‑related illnesses, manual handling training is being
offered
to
identified
employees
in
hypermarkets
and
supermarkets in France and in logistics. The Company is also
involved in an in‑depth study of workstation ergonomics. Analysis
of workstation studies allows for developing new store furniture
designs, thereby addressing issues at their source, so as to
sustainably reduce employee exposure to musculoskeletal
disorders.
At various of Carrefour France stores, warm‑up exercises help
employees prepare and become more aware of their body
before they start work. This initiative is part of a drive to prevent
employee accidents within the first two hours after starting the
job. And it is beneficial in more ways than one. The warm‑up
sessions not only prepare the muscles better but also provide the
opportunity to build mindfulness and team cohesion.
Train employees and develop their
skills
Policies and targets
POLICIES RELATED TO OWN WORKFORCE [S1‑1]
Carrefour draws on the skills of its 324,750 employees to offer its
customers the best service: the Group has more than 300
professions, making it accessible with or without professional
qualifications or experience thanks to a recognised capacity for
professional and internal training. Skills development and
professional mobility are a cornerstone of the Group’s social
model: they are factors of attractiveness for which Carrefour is
known, and learning and career development opportunities are a
factor of employee engagement.
Human Resources departments are responsible for supporting
employees and working with managers to orient the careers and
professional development of their teams. In 2023, a Learning &
Development department was set up at Group level to steer the
Group's training policy and to act as a catalyst for our policies by
creating training modules and courses for all countries.
This department is also responsible for defining priority training
topics and leading cross‑functional training initiatives, such as
digital training for all employees through the Digital Retail
Academy and the roll‑out of “talent” programmes (Leaders
School for all employees, Carrefour University for senior
executives and high‑potential profiles). These initiatives reflect
Carrefour’s commitment to maintaining the employability of all
its employees by adapting their skills to the new challenges
facing the sector and supporting employees who demonstrate
the ability to take on more responsibility as part of their
development.
To assess this potential and facilitate the social model of internal
promotion, which is very strong in the sector and within the
company, the Group introduced the 5 box in 2024. This is a
simplified and shared tool designed to identify, through Career
Committee meetings, employees who are ready to step up to
meet the needs of the organisation and to implement training
and development actions to help them realise their potential.
The assessment of soft skills is also based on a common
reference framework: the 4 Cs (customer, cooperation, change,
courage), an internal skills model that defines the basic skills
expected in the organisation, regardless of the employee’s level
or profession.
Defining training plans
In addition to regulatory and mandatory training, the training
strategy covers the major themes of Carrefour’s transformation
plan: management, digital transformation, the food transition
(particularly fresh products) and, more broadly, sustainability and
customer‑oriented culture. A large part of the training is
dedicated to managers, to develop the skills required for their
role, promote the adoption of good leadership practices and
facilitate the handover to new generations. Finally, training and
awareness‑raising initiatives support the dissemination of an
inclusive culture in line with the Group’s diversity commitments.
Annual campaigns are used to identify the individual needs of
employees and management: information on training needs is
collected during annual interviews and reported by management
during
career
committee
meetings.
Consolidating
this
information enables us to draw up training plans for the following
year, within the limits of training budgets. The plans are adjusted
and supplemented during the year according to the wishes of
management and employees.
In addition to formal, structured training processes, the
Company's culture of knowledge transfer also encourages
exchange and sharing. Part of employees' skills development is
achieved
through
managerial
support
and
peer‑to‑peer
development.
In‑house training for internal promotion and the Leaders School
Upward mobility through work is a value that has driven
Carrefour’s development since the outset. In 2024, one in two
new managers in the Group started their career as an employee
before being promoted internally.
The Leaders School was created to support this trend.
Accelerating internal promotion and access to management
positions, the Leaders School offers its beneficiaries (employees
identified as having potential) the opportunity to progress to
team leader or management positions at the end of a demanding
training programme, often run in partnership with a higher
education establishment (Paris Dauphine University in France).
The Leaders School now exists in the Group's eight host
countries and provided training to 8,374 employees between
2019 and 2024. The strategic plan calls for 5,000 more to receive
training by 2026; 2,800 people were trained in 2024. This
programme is one of the main levers for promoting diversity and
gender equality at Carrefour.
Training to support the digital transformation
Training must also contribute to Carrefour's transformation into a
Digital Retail Company, a Company that places digital and data at
the heart of its operations and its value creation model. In order
to prepare its teams for the professions of the future and these
new ways of working, Carrefour undertakes in its Carrefour 2026
strategic plan to train all of its employees in digital technology by
2026. This is the role of the Digital Retail Academy, which
accelerates the development of Carrefour employees' digital
skills. Since the start of the programme, 315,820 employees have
been trained in digital skills.
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4
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2
5
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6
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All
countries
where
Carrefour
operates
are
developing
programmes and tools to help employees better understand the
digital environment and culture.
Training on the food transition for all and on fresh products
Specific training modules on fresh products have been
introduced in every country. The training modules linked to the
food transition are constantly evolving to ensure that they are as
closely aligned as possible with the challenges facing society and
the ambitions of the Carrefour group.
Strong emphasis is also placed on strengthening skills that relate
to the food transition.
To relaunch Act for Food, a training initiative will be rolled out in
France and then in all European countries from the end of 2024.
It focused in particular on knowledge of the five commitments of
the Act for Food approach and should enable employees to
explain the benefits of this approach to customers.
Training to foster a customer‑oriented culture
Listening to customers and anticipating their needs and the paths
they will take to meet those needs are priorities for all Carrefour
employees, regardless of their function. Achieving that requires
ongoing
training
and
information,
especially
in
today’s
multi‑channel environment and with the substantial changes
taking place in the retail industry.
Carrefour’s customer strategy is built on the three cornerstones
of trust, service and convenience and 15 rules (the “555"). It is
supported by the rigorous monitoring of key performance
metrics, including the Net Promoter Score® (NPS®), a tool for
gauging customer satisfaction that was widely deployed across
the Group in 2019.
The Group’s executive development programmes
The Group’s senior executives benefit from personalised support
from the Group Talent department. The training and career
development needs of each individual are determined during
individual development assessments (psychometric tests, etc.)
and then discussed with each executive. They are supported by
development programmes designed to accelerate the Group’s
transformation.
Scope
All of the Group's integrated entities are covered by these
policies. The policies apply to all employees. Certain mandatory
training courses are also provided for self‑employed workers.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S1‑5]
Table 1: Targets related to employees' skills development
Topic
Target (+unit)
Target year
Scope
Baseline value
Baseline year
Developing talent
50% of employees with access
to training in the year (at least
four hours of training)
2026
8 countries where the Group
operates for integrated stores.
-
-
Providing all Group
employees with dedicated
digital training courses
2026
8 countries where the Group
operates for integrated stores.
-
-
+5,000 employees graduated
from the Leaders School
2026
All of the Group's integrated
countries
2022
Methodology
Training management tools (Training Management Systems,
Learning Management Systems) are used to monitor training
metrics. A satisfaction measurement system (NPS) is in place to
gather feedback from participants on the methodology and
effectiveness of the training resources.
The targets were set using an approach based on current needs
in the retail sector and future forecasts for the business.
Carrefour used internal data from our analysis of skills and labour
market trends. The targets are aligned with national and
international policy.
2.1.3.1.6.2 Metrics and performance
TRAINING AND SKILLS DEVELOPMENT METRICS [S1‑13]
Table 2: Metrics and performance related to training and skills development
Metric
Y
Y‑1
Change
Target (+unit)
Coverage rate
Exclusions
Percentage of employees with access to
training in the year (at least four hours of
training)
66.7%
68.9%
-2.2 pts
50% - 2026
100%
-
Graduates of the Leaders School (cumulative)
6,340
3,527
+2,813
+5,000 by 2026
100%
-
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2.1.3.1.6.3
COMMENTS ON PERFORMANCE
2024 was a year of broad access to training – two‑thirds of the
workforce received more than four hours of training in any form
(e‑learning, face‑to‑face, internal or external), fulfilling the
promise of “Growing and moving forward together” by bringing
new skills to an extensive population.
The School of Leaders, which is currently being rolled out in all
of Carrefour’s integrated countries, including Brazil in 2023,
supports internal promotions throughout the Group; the target
of 5,000 graduates over the duration of the Carrefour 2026 plan
has already been largely exceeded. The number of graduates fell
in 2024, but was particularly high in Brazil in 2023 when the
system was launched; the Group’s objective is to keep the size of
graduating classes consistent with the annual number of internal
promotion opportunities.
Action plans and resources
DEFINING TRAINING PLANS
Annual campaigns are used to identify the individual needs of
employees and management: information on training needs is
collected during annual interviews and reported by management
during
career
committee
meetings.
Consolidating
this
information enables us to draw up training plans for the following
year, within the limits of training budgets. The plans are adjusted
and supplemented during the year according to the wishes of
management and employees.
In addition to formal, structured training processes, the
Company's culture of knowledge transfer also encourages
exchange and sharing. Part of employees' skills development is
achieved
through
managerial
support
and
peer‑to‑peer
development.
IN‑HOUSE TRAINING FOR INTERNAL PROMOTION
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 and Belgium,
Romania and Brazil now have Leaders Schools. By 2026, 5,000
employees will have graduated. In 2024, 2,800 employees
graduated. Open to all willing participants, this multi‑format
programme prepares students for greater responsibilities upon
completion of a course often run in partnership with a higher
education establishment (Paris Dauphine University in France).
The aim is to guide employees into management positions,
managers into positions of division manager and division
managers into positions of director.
TRAINING TO SUPPORT THE DIGITAL TRANSFORMATION
All
countries
where
Carrefour
operates
are
developing
programmes and tools to help employees better understand the
digital environment and culture. For example, in 2018, the Group
launched a partnership with Google and other major companies
to enhance the Group’s digital culture.
In all the countries where the Group operates, initiatives are in
place to raise employee awareness of digital culture. In order to
prepare its teams for the professions of the future and for new
ways of working, Carrefour has committed to training all of its
employees via the Digital Retail Academy. Since the programme
began, 315,820 employees have received training, including
employees from head offices, stores and warehouses in France,
Italy and Spain, using the Tous Digital serious game.
SPECIFIC TRAINING FOR MANAGEMENT
The Group's senior executives benefit from personalised support.
The training and skills needs of each individual are determined
during individual development assessments (psychometric tests,
etc.) and then discussed with each executive. There are other
ways of reporting training needs: as a group or individually (when
an employee turns directly to Carrefour University, for example).
New management development programmes, more specifically
for the Group's senior executives, have been put in place to
accelerate the Group's transformation:
Executive
management
programmes
for
high‑potential
managers. In particular, the Group University offers a training
programme for high‑potential managers called NextGen 1. It
aims to help high‑potential managers develop strong leadership
skills based on Carrefour's 4Cs model. By developing a growth
mindset, participants in this programme become full players in
their own development, while strengthening their understanding
of our key business challenges. Particular attention is paid to the
gender mix of the training programmes throughout the Group to
encourage internal promotion, such as the Leaders School and
the NextGen1 programme, 60% of whose participants are
women.
Best practice webinars, an international initiative that involves
bringing together senior executives from different countries once
a month to share best practices.
The Culture Manager programme was reworked in 2023 and
5,000 of the Company's operational and head office managers
were trained. The aim of this course is to train teams in the three
pillars of Carrefour's strategy: the customer, performance and
digital transformation, based on the 4Cs defined by the Group:
courage, cooperation, change and the customer.
1
4
7
2
5
8
3
6
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2.1.3.1.7
2.1.3.1.7.1
PROMOTING EQUAL OPPORTUNITY THROUGH THE
LEADERS SCHOOL
Upward mobility through work is one of the values that has
driven Carrefour’s development since the outset. The Leaders
School was created to support this trend. Accelerating internal
promotion and access to management positions, the Leaders
School offers its beneficiaries (employees identified as having
potential) the opportunity to progress to team leader or
management positions at the end of a demanding training
programme, often run in partnership with a higher education
establishment (Paris Dauphine University in France). The Leaders
School now exists in the Group's eight host countries and
provided training to 8,374 employees between 2019 and 2024.
The strategic plan calls for 5,000 more to receive training by
2026. This programme is one of the main levers for promoting
diversity and gender equality at Carrefour.
TRAINING ON THE FOOD TRANSITION FOR ALL AND ON
FRESH PRODUCTS
Specific training modules on fresh products have been
introduced in every country. In Brazil, dedicated training on
handling fresh products is provided by experienced employees in
each store. The training modules linked to the food transition are
constantly evolving to ensure that they are as closely aligned as
possible with the challenges facing society and the ambitions of
the Carrefour group. More than 90 new modules have been
created since 2023.
Strong emphasis is also placed on strengthening skills that relate
to the food transition. For example, training courses and
webinars are held on organic food in Poland. In Spain, e‑learning
modules on nutrition have been added to the training catalogue
available to employees for them to learn the principles of healthy
eating. In Italy, an academy set up with suppliers gives employees
a better understanding of the products they sell and the
associated production processes, particularly in relation to
Carrefour‑brand products and the organic range. In France,
employees have access to numerous e‑learning modules on
a variety of topics, including Carrefour Quality Lines, hygiene and
quality, and sustainable fishing. Romania also offers training, on
food quality and security.
TRAINING TO FOSTER A CUSTOMER‑ORIENTED CULTURE
Listening to customers and anticipating their needs and the paths
they will take to meet those needs are priorities for all Carrefour
employees, regardless of their function. Achieving that requires
ongoing
training
and
information,
especially
in
today’s
multi‑channel environment and with the substantial changes
taking place in the retail industry.
Carrefour’s customer strategy is built on the three cornerstones
of trust, service and convenience. It is supported by the rigorous
monitoring of key performance metrics, including the Net
Promoter Score® (NPS®), a tool for gauging customer
satisfaction that was widely deployed across the Group in 2019.
With customer satisfaction in mind, Carrefour has implemented
action plans to enhance the flexibility of its in‑store teams and
reduce the out‑of‑stock rate. It has also introduced procedures
for the detection, monitoring and rapid resolution of customer
complaints. In support of this approach to improving the quality
of service and customer satisfaction, Carrefour has set up a
platform that allows all Group employees from integrated stores
and head offices to consult their NPS® and the associated
comments.
Information on resources is detailed in “General elements of the
CSR approach” (see Section 2.1.1.1.2.).
Ensure respect for human rights and
labour rights
Policies and targets
POLICIES RELATED TO OWN WORKFORCE [S1‑1]
Carrefour
recognises
that
promoting
human
rights
is
fundamental to conducting its business responsibly and over the
long term. Carrefour aims to respect the rights of all of its
employees throughout the world and it has made a number of
commitments concerning human rights in relation to the
following issues:
The Carrefour group has put in place a series of measures to
prevent and remedy any human rights violations. In December
2024, the Group distributed its new Code of Ethics, providing
employees with a set of guidelines on how to conduct
themselves in the workplace on a daily basis.
compliance with local, national and international legislation
and regulations, as well as sectoral collective bargaining
agreements on labour law and human rights in general, in all
countries where Carrefour operates, for the Group's own
entities as well as for franchisees;
■
child labour: Carrefour is committed to complying with the
most stringent age requirements of local, national and
international
laws
and
regulations,
sectoral
collective
bargaining agreements and ILO Conventions C138 and C182;
■
the
recruitment
of
people
(Carrefour
employees
and
temporary staff, franchise employees and temporary staff)
under the age of 18 for jobs involving dangerous work is strictly
prohibited;
■
the
recruitment
of
people
(Carrefour
employees
and
temporary staff, franchise employees and temporary staff)
under the age of 15 is strictly prohibited, unless an exemption
is granted under ILO Convention C182;
■
forced labour, slavery and human trafficking: Carrefour
undertakes not to use forced or compulsory labour in any form
whatsoever – in accordance with the most stringent of local or
regional laws and regulations, sectoral collective bargaining
agreements and ILO Conventions C29 and C105. All forms of
human trafficking, whether directly or through service
providers, are strictly prohibited.
■
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To identify incidents, Carrefour has set up an ethics hotline to
report any breaches. This system is widely disseminated through
various channels, in particular the Code of Ethics, local
awareness campaigns and specific training, to ensure its
accessibility and appropriation by all employees. The Ethics and
Compliance department and the Group Security department are
responsible for carrying out investigations arising from reports, as
are the local and Group ethics committees. Local or Group
ethics committees analyse the cases reported and decide on the
measures to be taken, from classifying incidents to applying
sanctions or lodging complaints, ensuring that they are dealt with
quickly and effectively. Investigations and arbitrations are also
carried out in the event of an alert from an external authority, a
formal notice or a subpoena, in order to deal with any potential
violation in a transparent manner that complies with our
commitments. To protect whistleblowers, Carrefour applies the
laws in force (EU Directive 2019/1937, Waserman Law, Law
2/2023 in Spain, etc.). In addition, in 2024, the Ethics &
Compliance Department updated a procedure for collecting and
handling whistleblower reports, which lays out the entire
protection system.
These measures are part of a global approach aimed at
preventing, identifying and dealing with cases of human rights
violations, in line with regulatory requirements. The global
framework agreement signed with UNI Global Union covers the
defence of and respect for these basic rights.
Scope
Respect for human rights concerns all Carrefour employees
worldwide: the Code of Ethics is distributed to all employees in
integrated countries and signed by all new employees. The
framework agreement on basic labour rights covers all
employees in the Group's integrated and franchised countries.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S1‑5]
Table 1: Targets related to respecting human rights and working conditions
Metric
Y
Y‑1
Change
Target (+unit)
Coverage rate
Exclusions
Percentage of employees having received
an acknowledgement of receipt within
seven days on the ethics platform
100%
-
-
100%
All employees
-
Methodology
Launched in 2016, alert reporting takes place on the ethics
platform, which is accessible to all employees as well as to third
parties, and enables people to report concerning behaviour
securely and confidentially. Alerts can be sent directly via the
platform, by telephone, or by any other means (in particular to
HR), in which case the recipient ensures that they are centralised
on the ethics platform. Reporting can be done anonymously and
users are provided a file number and password for secure
tracking.
There are three categories of alert on the platform: internal
reports on internal acts, internal reports on external acts, and
external reports on internal acts. On receipt of each alert, the
handling process includes a preliminary examination, an
investigation where necessary and follow‑up until closure, with
feedback to the reporter where possible. This centralised system
track alerts and monitors key metrics, contributing to the
proactive detection of risks and the implementation of corrective
measures.
Carrefour’s ethics whistleblowing system is part of a broader
approach to preventing, identifying and handling human rights
violations. It is consistent with regulatory requirements and best
practice in corporate governance. All employees of the Group’s
integrated and franchised entities are made aware of this
approach, notably with the distribution of the Code of Ethics to
new employees when they arrive and the requirement that they
sign an acknowledgement of receipt. This allows Carrefour to
reaffirm its commitment to promoting an ethical, safe and
compliant working environment that respects the fundamental
principles of human rights.
1
4
7
2
5
8
3
6
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2.1.3.1.7.2
Metrics and performance
Table 2: Metrics and performance related to respecting human rights and working conditions
Metric
2024
2023
Change
Target
(+unit)
Coverage
rate
Exclusions
Number of alerts reported through the
ethics hotline
8,591
5,361
+60.2%
-
100%
-
Percentage of alerts that received an
acknowledgement
of
receipt
within
seven days on the ethics platform
100%
-
-
100%
100%
-
Total
number
of
incidents
of
discrimination, including harassment
1,089
839
+29.8%
-
100%
-
Number of complaints filed through
channels for own workforce to raise
concerns
328
-
-
-
100%
-
Number of complaints filed through the
National
Contact
Points
for
OECD
Multinational Enterprises
0
-
-
-
100%
-
Total amount of fines, penalties and
compensation for damages as a result of
incidents and complaints concerning
social and human rights matters
€4,816
(R$28,000)
€18,748
(R$109,000)
-74.3%
-
100%
-
Number
of
serious
human
rights
incidents
affecting
the
undertaking’s
workforce for non‑compliance with the
United Nations Guiding Principles on
Business and Human Rights or the OECD
Guidelines for Multinational Enterprises
0
-
-
-
100%
-
Total amount of fines, penalties, and
compensation for damages as a result of
serious human rights incidents affecting
the undertaking’s own workforce
€0
-
-
-
100%
-
2.1.3.1.7.3
COMMENTS ON PERFORMANCE
The Group kept its commitment to diligently collecting and
acknowledging
alerts:
100%
of
alerts
received
were
acknowledged within the allotted time – however, total
processing time depends on the severity of the alleged
misconduct.
Action plans and resources
In 2023, Carrefour updated its human rights risk map of its own
operations. The work enabled us to identify inherent risks, i.e., all
the situations constituting human rights violations that could
potentially arise in Carrefour's operations: these risks were
identified by taking into account its major business lines
(distribution, logistics, e‑commerce and head office activities)
and the countries in which the Group operates. The risk
assessment ranked the risks and highlighted four key risks:
Carrefour provides its employees with e‑learning courses on
human rights (gender equality, day‑to‑day social regulations, etc.)
at the corporate level and throughout France.
harassment, discrimination and failure to adhere to diversity
principles;
■
illegal work;
■
breaches of occupational health and safety;
■
deteriorated working conditions.
■
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ENSURING COMPLIANCE WITH INTERNATIONAL
STANDARDS
Our commitment is based on strict compliance with local,
national and international laws, and standards set by international
organisations. Each Carrefour store is required to comply with
the strictest of the standards applicable to it.
STRENGTHENING THE PROTECTION OF CHILDREN
In the fight against child labour, Carrefour follows the principles
of the International Labour Organization Conventions 138 and
182. In practice, this means that we strictly prohibit the
employment of anyone under the age of 15, subject to the
exceptions provided for by international standards, and under the
age of 18 for jobs considered dangerous.
COMBATING FORCED LABOUR
We take robust measures to prevent all forms of forced labour,
modern slavery and human trafficking. We have incorporated
specific charters into contracts with our business partners,
setting out clear commitments to respect human rights. Audits
carried out by specialised teams enable us to ensure compliance
by our partners.
TAKING ACTION THROUGH A DEDICATED
WHISTLEBLOWING LINE
To identify incidents and act quickly, Carrefour has set up a
whistleblowing system that is accessible to everyone. The system
guarantees whistleblowers’ anonymity and protects them from
any form of retaliation. Each report is analysed by local or global
ethics committees.
LEVERAGING GLOBAL PARTNERSHIPS TO INCREASE
CARREFOUR'S IMPACT
The global framework agreement signed with UNI Global Union
is a key pillar in ensuring respect for the fundamental rights of
employees within the Group. It formalises our commitment to
providing decent working conditions, protecting trade union
rights and promoting constructive social dialogue. Through this
collaboration, we have strengthened our ability to identify and
resolve local issues while aligning our actions with international
best practice. The agreement provides for an escalation
procedure in the event of a suspected breach of the principles
covered by the agreement at a Carrefour site, to bring the matter
to the attention of the Group and allow it to investigate and take
appropriate action.
Information on resources is detailed in “General elements of the
CSR approach” (see Section 2.1.1.1.2.).
2.1.3.2
Workers in the value chain [ESRS S2]
2.1.3.2.1
2.1.3.2.1.1
2.1.3.2.1.2
Issues relevant to the Carrefour group
Context and imperatives
As an international retailer, Carrefour sources its products from a
large number of suppliers around the world and has
implemented a set of documents applicable to its partners. The
Supplier Ethics Charter is designed to ensure that Carrefour
continues to uphold and remains compliant with:
The Charter for the Protection of Human Rights requires
compliance with 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.
The Group also has an Ethics Charter for Franchisees (applicable
to international franchisees), which refers to the principles
stipulated in the above‑mentioned standards and regulations,
apart from the fundamental conventions of the ILO, and adds
principles from the Code of Conduct of the Initiative for
Compliance and Sustainability (ICS).
Carrefour’s value chain workers include direct and indirect
suppliers as well as international franchisees.
Impacts, risks and opportunities
All the IROs are presented in the table below. The process for
identifying the IROs is described in Section 2.1.1. General
information.
the Universal Declaration of Human Rights;
■
the eight core conventions of the International Labour
Organization;
■
OECD Guidelines for Multinational Enterprises;
■
the UN’s Guiding Principles on Business and Human Rights.
■
1
4
7
2
5
8
3
6
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Table 1: List of material impacts, risks and opportunities
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Deteriorated
working
conditions when
stores convert to
franchises
Inadequate or precarious working
conditions at franchisees or
upstream in the value chain, such as
faulty equipment or staggered
working hours, can have physical
and mental impacts.
Impact
Franchises
Upstream
Short and
medium
term
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Unequal
treatment and
discrimination of
workers
upstream
Discrimination means less
diversified socialisation and a lower
standard of living among those
targeted.
Impact
Upstream
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Lack of training
for workers
upstream
Working and management
conditions do not provide a
conducive environment for
employees or the conditions they
need to develop their skills and
future employability. A lack of
training can also give rise to
dangerous behaviour (e.g., handling
equipment, handling of chemicals)
and jeopardise the health and safety
of workers.
Impact
Franchises
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Stakeholder
expectations and
upstream
regulations on
adequate wages
Increased societal pressure for
workers across the value chain to
receive an adequate wage may
generate higher purchasing costs
for the Group, which could disrupt
the profitability and commercial
development of certain activities.
Risk
Upstream
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Increasing
economic and
social
inequalities due
to failure by
franchisees or
upstream to pay
adequate wages
The lack of adequate wages for
workers at franchisees or upstream
can lead to a deterioration in their
living conditions and health, as well
as overall exposure to poverty and
psychosocial impacts.
Impact
Franchises
Upstream
Short term
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Increased
product costs for
supplier health
and safety
compliance
Increased product costs for supplier
health and safety compliance.
Risk
Upstream
Medium
term
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Accusations
against Carrefour
for child labour
upstream
A lack of transparency, upstream
knowledge and control over the
supply chain could harm vulnerable
local populations and cause moral,
economic and reputational damage.
The introduction of verification
systems and the elimination of child
labour can have costs for the
Company, such as an increase in the
price of the raw materials
concerned.
Risk
Upstream
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Ensuring decent
working
conditions and
respect for
human rights
among
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Violations of
children’s rights
and health in the
event of
non‑compliance
with standards at
franchisees or
upstream
Failure by franchisees or companies
upstream in the value chain to
respect children’s fundamental
rights, particularly by employing
children in hazardous or
substandard working conditions,
can result in serious physical and
mental harm. This includes
unsuitable working hours,
dangerous work or working
conditions that jeopardise their
safety and well‑being. Such
practices also compromise their
right to education and protection
from economic exploitation, in
violation of international standards
and national laws prohibiting child
labour.
Impact
Franchises
Upstream
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Accusations
against Carrefour
for forced labour
upstream
In the event of media scrutiny, legal
proceedings or identified
non‑compliance concerning forced
labour upstream in the value chain,
the company could incur both
image and legal risks. Depending on
the purchasing rules and
whistleblowing facilities
implemented by the company,
supplies may be disrupted while
irregularities are being resolved, and
product costs may increase at the
same time due to the additional
cost of remedying irregularities.
Risk
Upstream
Short term
1
4
7
2
5
8
3
6
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Violations of the
rights and health
of workers
subjected to
forced labour at
franchisees’ sites
or upstream
The use of forced labour in
franchise operations or upstream in
the value chain, accompanied by
practices such as withholding wages
or identity documents, debt
bondage or other violations of
fundamental rights, is a serious
human rights abuse. Such practices
exacerbate ethnic and cultural
discrimination, while affecting the
physical and mental health of
workers, particularly through
dangerous conditions, overwork,
stress, and limited access to proper
nutrition, hydration and care.
Impact
Franchises
Upstream
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Accusations
against Carrefour
for illegal work
upstream
In the event of scandals, legal
proceedings or identified
non‑compliance concerning illegal
work upstream of the company's
value chain, the company could
incur both media and legal risks.
Depending on the purchasing rules
and whistleblowing facilities
implemented by the company,
supplies may be disrupted while
irregularities are being resolved, and
product costs may increase at the
same time due to the additional
cost of remedying irregularities.
Risk
Upstream
Short term
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Guaranteeing
adequate
working
conditions and
respect for
human rights for
franchisees
Guaranteeing
adequate
working
conditions and
respect for
human rights in
supply chains
Violation of the
rights and
deterioration of
the working
conditions of
illegal workers in
franchises or
upstream
Illegal work practised by certain
franchisees or upstream in the value
chain can take the form of unpaid
working hours, the absence of an
employment contract or contracts
in a language the worker does not
understand, and is a violation of
labour rights. These practices
expose workers to precarious,
dangerous and exploitative
conditions that affect their physical
and mental health. Undeclared work
also harms society by depriving it of
tax revenues, while undermining
labour standards and social
protection.
Impact
Franchises
Upstream
Short term
The impacts identified in the table below are systemic negative impacts associated with the Carrefour group’s business relationships
due to the sourcing of certain raw materials (e.g., textiles, cotton, etc.) (S2 SBM‑3, 11a).
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2.1.3.2.1.3
Stakeholders, standards and regulations
Processes for engaging with value chain workers about impacts [S2‑2]
Carrefour engages in regular dialogue with its various stakeholders in order to define and evaluate its action plans and to incorporate
their opinions into its strategy.
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Non‑profits and
NGOs
Definition of the Group policy,
Setting Group targets,
Collaboration in and
engagement with the Group's
transition
Talks and ad hoc
consultations
FIDH
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
Trade unions
Cooperation with and
commitment to the Group's
transition
Partnerships
UNI Global Union
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
Trade unions
Definition of industry‑level/
national strategies
Partnerships
Agreement in
Bangladesh &
Pakistan
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
Public authorities
Definition of industry‑level/
national strategies
Working group
Group Global Deal
with the Ministry of
Labour
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
Auditors
Assessment of action plan
implementation
Audits
BSCI (Business
Social Compliance
Initiative)
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
Auditors
Assessment of action plan
implementation
Audits
Initiative for
Compliance and
Sustainability (ICS)
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
Non‑profits and
NGOs
Roll‑out of in‑the‑field projects Partnerships
ILO (RIAT project/
Bangladesh)
Guaranteeing adequate
working conditions and
respect for human rights in
supply chains
STANDARDS AND REGULATIONS
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.
2.1.3.2.1.4 Corporate governance
GOVERNANCE
STRUCTURE
STRATEGY/
IMPLEMENTATION
SCOPE
DUTIES
Food Transition Purchasing
Rules Committee
Strategy
Group
Drawing up action plans on human rights in the supply
chain.
Merchandise and quality
teams
Implementation
Group
Applying the purchasing rules and implementing
Carrefour's policies
with the support of the local CSR teams.
Local sourcing teams
Implementation
Local
Carrying out checks and supporting suppliers in the field.
Human resources team
Implementation
Local
Implementing the Group's human rights objectives at
local level.
1
4
7
2
5
8
3
6
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2.1.3.2.2
2.1.3.2.2.1
Guaranteeing adequate working
conditions and respect for human
rights in supply chains
Policies and targets
POLICIES RELATED TO VALUE CHAIN WORKERS [S2‑1]
To uphold human rights among its suppliers and in its value
chain, Carrefour is rolling out tools and procedures to support its
suppliers. Updated for the first time in 2018, the Supplier of
Certified Products Commitment Charter forms an integral part of
all purchase contracts in all countries. The Charter stipulates that
suppliers must comply with the Group's human rights and ethics
requirements and comprises nine sections:
From January 2025, a new Supplier Charter was drawn up in
2024, which now progressively applies equally to suppliers of
controlled products and national brand suppliers. This new
charter is structured around three key topics: upholding human
rights,
ethical
business
conduct,
and
respect
for
the
environment. By signing this charter, suppliers undertake to
respect its principles, to ensure compliance with local, national
and international legislation and conventions, and to make sure
that these principles are respected by their respective affiliates
and/or subcontractors throughout the supply chain. The new
charter is more comprehensive and more stringent than the
previous version, with the Group reserving the right to terminate
the supply contract if the supplier does not comply with its
principles. This charter has been approved by the Carrefour
Group Legal Director and will be presented in 2025 to the Group
Ethics Committee, of which the Group General Secretary and the
Group Human Resources Director (both members of the Group
Executive Committee) are members. MDR‑P 65
Carrefour puts risk assessment and prevention at the heart of its
management system. Carrefour endeavours to assess the social
compliance of its suppliers according to a specific risk analysis
and to promote CSR practices throughout its value chain.
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
based
on
local
conditions
and
supervises
its
proper
implementation. These rules set out in particular:
Scope
Until December 2024, the Controlled Products Supplier
Commitment Charter forms an integral part of purchasing
contracts in all countries and applies to all of the Group’s
countries of supply. The new Supplier Ethics Charter applies to
suppliers of controlled and national brand products. This charter
has applied to nearly 10,000 suppliers since January 1, 2025. By
the end of 2028, all Carrefour Group suppliers will have signed it.
Whistleblowing facilities
The Group's whistleblowing facility is described in Section 2.1.4.1
Business conduct (ESRS G1) in this chapter.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S2‑5]
The Group conducts social audits of 100% of factories producing products under its brands. This means that all factories in countries
classified as at risk or at high risk must be audited. The geographic areas concerned are determined each year through risk mapping,
and the countries in which the factories are located may vary from one year to the next. MDR‑T 80
Table 1: Targets related to the protection of value chain workers
Target
Unit
Target value
Target year
Scope
Baseline value
Baseline year
Perform social audits on all plants that
manufacture Carrefour‑brand products
%
100
Every year
Countries
identified
as at risk
N/A
0%
prohibition of forced or compulsory labour, in the form of
servitude, debt bondage or prison labour and human
trafficking;
■
prohibition of child labour;
■
respect for freedom of association and the right to collective
bargaining;
■
prohibition of all forms of discrimination, harassment and
violence;
■
health and safety;
■
adequate wages, benefits and working conditions;
■
working hours.
■
that suppliers must sign the Supplier Ethics Charter;
■
the process and compliance rules for social audits;
■
that the Group’s purchasing entities must appoint a person in
charge of social compliance;
■
an action plan to bring production phases into compliance
with specific purchasing rules; and
■
sensitive raw materials.
■
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2.1.3.2.2.2 Metrics and performance
Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness of those actions [S2‑4]
Table 2: Metrics and performance related to value chain workers
Metric
Unit 2024
2023
Change
Target
Coverage rate
Exclusions
Percentage of supplier plants of controlled
products located in high‑risk or risk countries
covered by a social audit
%
100
100
0 pt
100% per year
100%
-
Percentage of social audits with alerts (potential
production sites)
%
16
19
-3 pts
100%
-
* Of which alerts related to working hours
%
26
23
+3 pts
100%
-
* Of which alerts related to pay, working
conditions and benefits
%
21
21
-
100%
-
* Of which alerts related to health and safety
%
35
41
-6 pts
100%
-
Number of social audits (potential production
sites)
No. 1,187
1,161
+2%
100%
-
* Of which Bangladesh
No.
48
66
-27%
100%
-
* Of which China
No.
784
754
+4%
100%
-
* Of which India
No.
60
75
-20%
100%
-
* Of which Turkey
No.
39
64
-39%
100%
-
* Of which other countries
No.
256
202
+27.3%
100%
-
Number of units screened using the Sentinel
tool
No. 9,000
4,000
+125%
100%
-
Number of sites screened using the Sentinel
tool
No.
51
78
-35%
100%
-
Number of plants enabled with Worker Voice
No.
38
18
+111%
2.1.3.2.2.3
COMMENTS ON PERFORMANCE
The number of audits carried out is relatively stable from year to
year. The increase in the number of factories covered by Worker
Voice is explained by the deployment of this whistleblowing
mechanism in Bangladesh. At the end of 2024, Amnesty
International brought to Carrefour’s attention reports on MAF’s
activities
in
Saudi
Arabia,
concerning
compliance
with
international standards (UN Guiding Principles, OECD Guidelines
and ILO Core Conventions). S2‑1, 19
Action plans
Processes to remediate negative impacts and channels for
value chain workers to raise concerns [S2‑3]
Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness
of those actions [S2‑4]
MAPPING SUPPLIERS AND THE VALUE CHAIN
Mapping country risks
To identify those countries where risk of non‑compliance with
the charter is the highest, Carrefour has established a
country‑by‑country risk map. The list of countries at risk in
relation to social issues is based on the country‑by‑country risk
classification defined by amfori, which awards the BSCI
certification. The country classification also takes into account
recommendations from the International Federation for Human
Rights and from Carrefour’s local teams. Additional work has
been launched, not just by country, but also by sector and by
local region. For example, Tamil Nadu in India, which is exposed
to social risks, has been reclassified as "high risk", resulting in
additional controls by Carrefour's local teams.
Mapping tier 2 (indirect) suppliers in high‑risk countries
The Global Sourcing entity has begun mapping tier 2 Carrefour
suppliers. The aim is to identify the stakeholders involved across
the production and supply chain to better identify specific social
issues. The Group first initiated this mapping for the Textile
sector. There, it involves identifying suppliers involved in the
following stages: fabric manufacturing (spinning, knitting,
dyeing), product assembly, etc.
Sector‑based approaches and sensitive raw materials
The Group has identified the raw materials that are linked to
social risks throughout the value chain. These raw materials are
prioritised based on their risk level and materiality for Carrefour.
1
4
7
2
5
8
3
6
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DEVELOPING CONTROL PROCEDURES TO ENSURE SOCIAL
COMPLIANCE BY SUPPLIERS
Social audits of tier 1 suppliers
In accordance with Carrefour’s purchasing rules, all supplier
plants located in high‑risk or risk countries must undergo a
compliance audit. The audits are conducted under Initiative for
Compliance and Sustainability (ICS) and Business Social
Compliance Initiative (BSCI) standards. The required rating is A or
B (C, D and E ratings do not qualify).
For sectors 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.
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 example,
factories in France or Portugal (countries classified as low risk)
are not subject to social audits.
If the sector is not at risk, the supplier must at the very least sign
the Supplier Commitment Charter. Social audits may be
requested by Carrefour teams on a case‑by‑case basis.
The control process for a social audit is as follows:
If a supplier audit report contains a critical non‑compliance issue,
Carrefour will be informed within 48 hours. Non‑compliance
generally relates to child labour, forced labour, disciplinary
practices, 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.
A total of 1,187 compliance audits were completed in 2024. 16%
of these audits resulted in alerts and corrective action plans. The
main alerts related to working hours (26%), pay levels (21%) and
workers' health and safety (35%). Alerts received relating to
human rights in the supply chain are described in Section 2.2.8.3
Review of alerts received in 2024 (from 2.2 Duty of Care Plan).
Assessment of suppliers in the supply chain (tier 2, 3, etc.)
To produce a coherent and complete mapping of the textile
supply chain, the Global Sourcing teams worked with the ICS
(Initiative
for
Compliance
and
Sustainability)
and
ITC
(International Trade Centre) databases to obtain declarations
from tier 2 and 3 suppliers (and below where applicable). An alert
system was then set up, with the help of an independent firm, to
detect any social alerts concerning the Group's tier 2 and tier 3
suppliers. This system was implemented in 2023 with the help of
an independent third‑party to monitor social and environmental
alerts.
This system includes the following monitoring tools:
pre‑audit reviews: the local sourcing teams (Carrefour Global
Sourcing) verify on site the compliance of the identified factory
with initial social, safety and quality requirements (e.g.,
verification of the absence of child labour, presence of fire
extinguishers, or quality inspectors at key stages of production,
etc.). This is the first key stage in the process;
■
initial audit: an independent firm performs an unannounced
social audit. If the plant complies sufficiently with the standards
defined by ICS (Initiative for Compliance and Sustainability or
BSCI (Business Social Compliance Initiative) standards, it may
be added to the list of suppliers. A report and accompanying
action plan are issued systematically to correct any instances
of non‑compliance or to make improvements to any identified
areas of weakness. If the audit findings contain an alert, i.e., a
critical point of non‑compliance, the supplier will not be added
to the list in its current state. The alerts are defined by the ICS
methodology and mainly concern child labour, forced labour,
disciplinary
measures,
attempted
corruption,
document
falsification, non‑compliance with legal wages, excessive
working hours and safety conditions threatening the lives of
workers. The findings of the initial audits are rechecked via
additional audits – the frequency of which varies from every
few months up to no longer than every two years – for
suppliers that represent the lowest risks;
■
follow‑up audit: once added to the list of suppliers,
unannounced follow‑up audits are carried out periodically and
always by independent firms. These audits are performed at
least every two years and may be more frequent depending on
the criticality of any non‑compliance issues identified during
previous
audits.
Dedicated
Carrefour
teams
monitor
compliance and, in some cases, may inspect sites to assess
compliance with action plans. If the results of a follow‑up audit
indicate non‑compliance, the supplier must take immediate
corrective action. An inspection is then carried out within a
reasonable timeframe to ensure the corrective actions have
■
been taken. Action plans are thus systematically drawn up
following an audit, adapted in line with the non‑compliance
issues encountered. If critical non‑compliance is not corrected,
the supplier is delisted;
specific audit/inspection: Carrefour may hire an external firm
to check one‑off or specific items, as with the Bangladesh
Accord signed in 2013 by a coalition of international brands
and the biggest trade unions to promote fire safety and the
safety of buildings in the country.
■
Sentinel: collects potential alerts on the Group's supply chain
via social networks, the Internet, etc. More than 9,000 units
were checked, with 51 alerts identified in 2024.
■
Worker Voice: ethics hotline and targeted questionnaire on
forced labour, directly with workers at Carrefour’s main
spinners and at‑risk production factories in Tamil Nadu, India.
The ethics hotline puts the Group in direct contact with
employees and provides more reliable information about
breaches of its Ethics Charter. This practice goes further than
the auditing of labour standards and allows alerts made directly
by workers in the mills or other production units to be
identified. The whistleblowing mechanism includes site visits
by teams to inform workers of its existence. S2‑3, 28 In
addition, anonymous surveys are now conducted with a view
to improving our understanding of concerns about forced
labour, working hours and pay. This whistleblowing facility is
anonymous. Carrefour ensures that the facility is made
available via communication sessions on site provided by a
third party organisation as well as by Carrefour teams, to
ensure it operates effectively and remains accessible.
Developed in India (Tamil Nadu) since 2022, this system was
rolled out in Bangladesh in 2024.
■
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2.1.3.2.3
2.1.3.2.3.1
The Sentinel and Worker Voice tools have helped to increase the
number of alerts and anticipate potential violations in areas
particularly at risk within the Group’s supply chain.
In the event of a critical alert, a corrective action plan and
remediation actions are launched by the suppliers. If these
corrective action plans and remedial measures do not enable the
supplier to comply, Carrefour may terminate the business
relationship. This remains the exception, and the Group attaches
great importance to the sustainability of its business relationships,
particularly for social reasons. S2‑4, 35
Management of whistleblowing reports
In line with France’s Duty of Care law, Carrefour has deployed
whistleblowing and warning systems for reporting ethics risks or
suspected
violations,
designed
in
cooperation
with
its
representative trade unions (see Sections 2.1.4.1 Business
conduct, ESRS G1 and 2.2 Duty of Care Plan). In addition, the
global framework agreement between Carrefour and the UNI
Global Union includes a dispute management procedure. 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. S2‑3/27c
TRAINING, MOBILISATION AND ONGOING DIALOGUE WITH
SUPPLIERS
Carrefour supports its suppliers through ongoing dialogue that
takes various forms:
RESOURCES
The implementation of these action plans is the task of Carrefour
Global Sourcing, which has 10 local offices and is present in
more than 30 sourcing countries. S2‑4, 38
FAIR TRADE
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 2024, 127 million euros worth of fair trade products were sold
in Carrefour stores worldwide (up 3% versus 2023). Product sales
generated 1.9 million euros in development bonuses for
cooperatives, on top of the fairer retail price paid to producers,
which have financed study grants, water purifiers, schools,
maternity units, and more.
All the above factors contribute to promoting the Sustainable
Development Goals (SDGs), in particular SDG 8 "Decent work
and economic growth" and SDG 12 "Responsible consumption
and production".
Guaranteeing adequate working
conditions and respect for human
rights at franchisees
Policies and targets
POLICIES RELATED TO VALUE CHAIN WORKERS [S2‑1]
Carrefour is committed to actively promoting adequate working
conditions and protecting human rights throughout the supply
chain, including among its franchisees.
Its objectives are based on the following pillars:
Scope: see Section 2.1.1. General information.
Whistleblowing system: See the whistleblowing system described
in Section 2.2 Duty of Care Plan.
In addition to this Group ethics hotline, the franchisee must set
up a grievance mechanism and a whistleblowing facility for
stakeholders to voice their concerns about non‑compliance with
social, environmental, competition and ethics rules.
provision of a best practice guide: Carrefour has developed
the Good Factory Standard, a training document for its teams
and suppliers. which is broken down by industry and/or
product type (household goods, textiles, wood, leather, etc.)
and contains photographs to ensure that all factory workers
can understand it, regardless of their geographic location or
level of education;
■
thematic training: Carrefour is taking part in a "Women
empowerment" training initiative for Indian organic cotton
farms, through a partnership signed in 2022 with the ASA
group: the aim is to train suppliers in organic practices and to
promote women's access to management positions. Training is
also scheduled for other suppliers in Bangladesh in 2025,
particularly on how to protect workers from harassment or
other specific attacks on their rights. These actions are
designed to address the specific issues in the Indian
subcontinent;
■
questionnaires: a responsible sourcing questionnaire was sent
to the Group’s textile suppliers in 2024 (having been sent for
the first time in 2021). It is planned to send it again to all the
Group’s non‑food suppliers in 2025. The aim of these
questionnaires is to develop action plans to improve
purchasing practices.
■
the international standards referred to above in Section
2.1.3.2.1.3 Stakeholders, standards and regulations;
■
the signing of the Franchisee Ethics Charter in 2024, which
incorporates and extends the requirements set out in the CSR
appendix and in the Human Rights Charter. This charter has
been approved by the Director of Carrefour Partenariat
International and the Carrefour Group Legal Director and will
be presented in 2025 to the Group Ethics Committee, of which
the Group General Secretary and the Group Human Resources
Director (both members of the Group Executive Committee)
are members MDR‑P 65;
■
reporting system: Carrefour has systems in place to monitor
franchisee practices through audits and evaluations, and to
manage reports of potential violations through accessible
channels (such as the ethics whistleblowing facility).
■
1
4
7
2
5
8
3
6
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In the event of media or stakeholder alerts, the franchisee
implements an appropriate action plan to remedy any
non‑compliance and ensures transparent communications with
Carrefour. Depending on the case, the franchisee and Carrefour
then work together to draw up an action plan.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S2‑5]
Table 1: Targets related to the protection of franchise workers
Topic
Target
Unit
Baseline year
Target year
Scope
Baseline value
100% of international franchise contracts
include a human rights clause
%
2024
2028
Carrefour Partenariat
International
83%
2.1.3.2.3.2 Metrics and performance
Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness of those actions [S2‑4]
Table 2: Metrics and performance related to franchise workers
Metric
Unit
2024
2023
Change
Target
Coverage rate
Exclusions
Percentage of international
franchisees whose contracts
contain a human rights clause
%
83%
New
-
100% by 2028
100%
-
2.1.3.2.3.3
COMMENTS ON PERFORMANCE
Human rights clauses are added to existing contracts as they are
renewed. Carrefour has added a CSR appendix to its system to
ensure the implementation of the Group’s requirements
regardless of the contract renewal schedule.
Action plans
Processes to remediate negative impacts and channels for
value chain workers to raise concerns [S2‑3]
Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness
of those actions [S2‑4]
Carrefour works to integrate the CSR strategy into its franchises
in various ways (see Section 2.1.1 General information). The
action plan for franchisees is based on the signing of various
documents:
THE CHARTER FOR THE PROTECTION OF HUMAN RIGHTS
FOR INTERNATIONAL FRANCHISEES
Carrefour is working to ensure that its international franchisees
respect human rights by systematically attaching a Human Rights
Protection Charter to their contracts. This charter requires
compliance with 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. "Forced or compulsory labour" means any work or
service which is exacted from any person under the threat of
penalty and for which the said person has not offered himself
or herself voluntarily;
■
not allow children under the age of 15 to work, and to employ
children
under
the
age
of
18
only
for
production,
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;
■
guarantee good working conditions, particularly with regard to
working hours, safeguarding their health, safety, adequate
wages and moral integrity.
■
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2.1.3.3
2.1.3.3.1
2.1.3.3.1.1
By signing this charter, franchisees agree to ensure compliance
of these commitments among all their employees, suppliers,
subcontractors and/or sub‑franchisees, as appropriate. Carrefour
also encourages its franchisees to translate the charter into their
local language, to display it on their websites and to make it
available to their employees.
Furthermore, franchisees are bound by the charter to introduce
checks to ensure that commitments are met, such as visits to
observe suppliers’ practices relating to working conditions.
Findings are compiled in dedicated reports to assess compliance
with the charter. If required, corrective action plans are
implemented to address the results and follow‑up visits planned.
Franchisees must also authorise Carrefour, or any person
authorised under the Group’s internal and external monitoring
system, to carry out unannounced visits to check compliance
with the charter’s commitments.
THE CSR APPENDIX
In addition to the charter, the Group mobilises its international
franchise partners in a number of ways, and in particular via the
CSR appendix. A description of this appendix can be found in
Section 2.1.1. General information.
At the end of 2024, a new Franchisee Ethics Charter was drawn
up to replace the Human Rights Protection Charter for
international franchisees and the CSR appendix, to standardise
the regulatory framework. This charter will be included in all new
contracts and in existing ones as they are renewed. The objective
of this new charter is to establish a common set of human rights
measures and commitments applicable to all of the Group's
various international franchisees. It is structured around the
above‑described three key topics in the Supplier Charter and is
based on the same international standards.
Under this new Franchisee Ethics Charter, Carrefour passes on to
franchisees the risks and impacts identified in relation to its
business. On this basis, the franchisee undertakes to supplement
or adjust the map taking into account its specific knowledge and
insight. In addition, franchisees undertake to set up a complaints
and whistleblowing facility to enable third parties to report any
failure to comply with social rules, standards or regulations. If a
breach of the Partner Charter is identified, the franchisee
concerned must put in place an action plan to remedy any
non‑compliance. Lastly, franchisees must inform the Group as
soon as possible in the event of an alert that could have an
impact on Carrefour. This charter will be shared with Carrefour’s
partners in the first quarter of 2025 and all partners will have to
sign it by 2028.
MANAGEMENT OF WHISTLEBLOWING REPORTS
Amnesty International alerted Carrefour in May 2024 about
respect for human rights in the activities of Majid Al Futtaim
(MAF), the Group’s franchise partner in Saudi Arabia. The Group
immediately launched an investigation and asked its partner MAF
to conduct internal investigations among its employees and
subcontractors. At the same time, the Group responded by letter
to requests for information from Amnesty International.
Following the publication of Amnesty International’s report in
October 2024, Carrefour commissioned a social compliance
audit of all MAF Group stores in Saudi Arabia by an independent
expert. The completion of this audit (findings expected in 2025)
and discussions with Amnesty International will enable Carrefour
to re‑evaluate the contractual duty‑of‑care framework in its
relationships with franchisees.
Affected communities [ESRS S3]
Issues relevant to the Carrefour group
Context and imperatives
Affected communities are defined as "people or group(s) living or
working in the same area that have been or may be affected by
an undertaking’s operations or through its value chain. Affected
communities can range from those living adjacent to the
undertaking’s operations (local communities) to those living at a
distance. Affected communities include actually and potentially
affected
indigenous
peoples”
.
For
Carrefour,
affected
communities are indigenous people, mainly in Brazil, who may
be affected by deforestation, and people living near oil extraction
areas.
(1)
Definition provided by the ESRS S3 standard.
(1)
1
4
7
2
5
8
3
6
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2.1.3.3.1.2
Impacts, risks and opportunities
All the IROs are presented in the table below.
Table 1: List of material impacts, risks and opportunities related to affected communities
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Ensuring that
the rights of
indigenous
peoples are
respected
throughout the
value chain
Ensuring that the
rights of
indigenous
peoples are
respected
throughout the
value chain
Carrefour
accused of failing
to respect the
particular rights
of indigenous
peoples
upstream
In the event of media accusations,
legal proceedings, or identified
non‑compliance concerning its
suppliers' failure to respect the
specific rights of indigenous
peoples, the risks for the
undertaking are both reputational
and legal in nature.
Risk
Upstream
Medium
term
Ensuring that
the rights of
indigenous
peoples are
respected
throughout the
value chain
Ensuring that the
rights of
indigenous
peoples are
respected
throughout the
value chain
Failure to respect
the rights of
indigenous
peoples
upstream
If the undertaking works with
suppliers who occupy ancestral
lands, it has a negative impact on
indigenous peoples. This is because
monopolising the ancestral lands of
indigenous peoples leads to a
deterioration in the living conditions
and health of local indigenous
communities (habitat deterioration,
industrial waste, displacement, etc.).
Impact
Upstream
Medium
term
Ensuring that
the rights of
indigenous
peoples are
respected
during oil
extraction
Ensuring that the
rights of
indigenous
peoples are
respected during
oil extraction
Failure to respect
the rights of
indigenous
peoples due to
oil extraction
If the undertaking works with
suppliers who degrade the land of
indigenous peoples by extracting oil
or producing biofuel, it has a
negative impact on indigenous
communities. The degradation of
indigenous peoples’ land as a result
of oil extraction or biofuel
production undermines the
traditional rights of these
communities, their way of life and
their ability to maintain their cultural
practices.
Impact
Upstream
Medium
term
2.1.3.3.1.3
Stakeholders, standards and regulations
Processes for engaging with affected communities about
impacts [S3‑2]
To ensure that the rights of indigenous peoples are respected
throughout its value chain, Carrefour works with its stakeholders
and draws inspiration from major international standards and
regulations in force.
Indigenous peoples often live in or near tropical forests, which
are their ancestral lands. Deforestation, whether due to intensive
farming, logging or resource extraction, can lead to the
monopolisation or destruction of land. This is why Carrefour
applies certain voluntary certification standards to its raw
materials at risk of deforestation, focusing specifically on
combating deforestation or conversion. For example:
Other international frameworks and regulations implemented by
Carrefour:
Roundtable on Sustainable Palm Oil (RSPO);
■
Forest Stewardship Council (FSC) and the Programme for the
Endorsement of Forest Certification schemes (PEFC);
■
Roundtable on Responsible Soy (RTRS) and Proterra;
■
Beef on track Protocol: sector protocol in Brazil to ensure a
beef supply chain that is free of social and environmental
irregularities;
■
Cerrado Protocol: sector protocol in Brazil to ensure a beef
supply chain that is free of social and environmental
irregularities;
■
Carrefour Sustainable Cocoa Charter and French Initiative for
Sustainable Cocoa: Carrefour's own charter setting minimum
objectives for sustainable cocoa and a collective standard
drawn up jointly by the public authorities and cocoa
professionals in France to transform the industry.
■
The Paris Agreements: acknowledge the importance of
indigenous peoples' traditional knowledge and their key role in
fighting
climate
change,
and
encourages
their
active
participation in decision‑making processes;
■
the United Nations Declaration on the Rights of Indigenous
Peoples (UNDRIP – 2007): an international reference
framework for the protection of the rights of indigenous
peoples;
■
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Regarding the protection of people during oil extraction, the
Group’s biofuel suppliers comply with Directive 2009/29/EC (in
particular Articles 17 and 18).
Carrefour
maintains
close
dialogue
with
the
affected
communities. Carrefour Brazil has implemented an action plan
based on support for indigenous community initiatives. As part of
this action plan, Carrefour has initiated the dialogue described
below:
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE
EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Certifications
Assessment of action
plan implementation
Talks and ad hoc
consultations
RPSO, FSC, Rainforest
Alliance
Ensuring that the rights of
indigenous peoples are respected
throughout the value chain
Suppliers
Roll‑out of in‑the‑field
projects
Partnerships
Producers’ Club
Ensuring that the rights of
indigenous peoples are respected
throughout the value chain
Multi‑stakeholder
initiatives
Definition of
industry‑level/national
strategies
Working group
Global Compact
Ensuring that the rights of
indigenous peoples are respected
throughout the value chain
Non‑profits and
NGOs
Roll‑out of in‑the‑field
projects
Partnerships
Imaflora, Earthworm
Foundation
Ensuring that the rights of
indigenous peoples are respected
throughout the value chain
Trade unions
Whistleblowing
reports
Partnerships
UNI Global Union
Ensuring that the rights of
indigenous peoples are respected
throughout the value chain
Suppliers
Fuel and biofuel
supply
Business negotiations
Esso, TMF
Ensuring that the rights of
indigenous peoples affected by
service station operations are
respected
2.1.3.3.1.4
2.1.3.3.2
2.1.3.3.2.1
As combating deforestation is key to protecting indigenous
peoples, the stakeholders involved in forest protection are
identical to those involved in protecting affected communities
and are detailed in Section 2.1.2.4. Biodiversity and ecosystems
(ESRS E4).
Corporate governance
The governance system relating to indigenous peoples is
identical to that put in place for forest preservation (see Section
E4 Biodiversity). In particular, it includes the Forest Committee,
on which sit two members of the Group Executive Committee,
the CEO of Carrefour Brazil and the Director of Engagement. In
addition,
projects
to
support
indigenous
peoples
are
implemented directly in Brazil by the Carrefour Brazil teams.
Regarding oil extraction areas, policies and action plans are
defined by Carfuel, a Carrefour subsidiary.
Ensuring that the rights of indigenous
peoples are respected throughout the
value chain
Policies and targets
POLICIES RELATED TO AFFECTED COMMUNITIES [S3‑1]
Carrefour
recognises
that
promoting
human
rights
is
fundamental to conducting its business responsibly and over the
long term. With specific regard to indigenous and native peoples,
Carrefour has the following targets:
Carrefour Brazil has formalised a policy to protect indigenous
communities. Traditional communities are the custodians and
stewards of the Amazon rainforest and its biodiversity. By actively
supporting these communities, Carrefour not only contributes to
the protection of the environment, but also aligns itself with
global sustainable development goals. The policy developed by
Carrefour Brazil contributes not only to the protection of the
environment, but also to the empowerment and respect of these
communities.
Scope: Carrefour's commitments to protecting forests and
indigenous land apply to all eight integrated countries and all
formats. Projects to support indigenous and native peoples are
being implemented in Brazil.
the United Nations Guiding Principles on Business and
Human Rights (2011): principles which require undertakings to
respect human rights, including those of indigenous peoples,
in all their operations;
■
the Conventions of the International Labour Organization
(ILO): Carrefour adheres to the ILO standards on working
conditions, freedom of association and the elimination of
forced and child labour, particularly in those countries where it
sources raw materials;
■
France’s Duty of Care law: requires the implementation of a
duty of care plan to prevent human rights violations and
■
environmental damage, both in France and in the countries in
which undertakings operate.
ensure that the Group's forest protection sourcing rules
include criteria for the protection of indigenous and native
peoples (in particular the protection of their land and the
implementation of free, prior and informed consent);
■
support native and indigenous peoples in maintaining their
lifestyles and traditions through collaboration or field projects.
■
1
4
7
2
5
8
3
6
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2.1.3.3.2.2
2.1.3.3.2.3
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE
IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S3‑5]
Methodology:
The methodology relating to the targets for respecting the rights
of indigenous peoples is detailed in Section 2.1.2.4. Biodiversity
and ecosystems (ESRS E4) in this chapter.
Target:
The targets for respecting the rights of indigenous peoples in
Carrefour's value chain concern the following raw materials:
palm oil, wood, paper and cocoa. These targets are detailed in
Section 2.1.2.4. Biodiversity and ecosystems (ESRS E4).
Metrics and performance
Taking action on material impacts on affected communities,
and approaches to managing material risks and pursuing
material opportunities related to affected communities, and
effectiveness of those actions [S3‑4]
Metrics relating to respect for indigenous peoples are presented
in Section 2.1.2.4. Biodiversity and ecosystems (ESRS E4).
Associated comments are also provided in detail.
Action plans
Processes to remediate negative impacts and channels for
affected communities to raise concerns [S3‑3]
Taking action on material impacts, and approaches to
mitigating material risks and pursuing material opportunities
related to affected communities, and effectiveness of those
actions and approaches [S3‑4]
ROLL‑OUT OF CERTIFICATIONS
Carrefour ensures that its supply practices respect the rights of
affected communities, in particular by means of certification.
Depending on the Group's sensitive raw materials, certifications
are rolled out to ensure that the human, civil, political and
economic rights of affected communities are respected.
Raw materials that cause deforestation
Raw materials that can damage marine resources and
ecosystems
ASC certification provides that aquaculture farms must respect
the rights of indigenous and local peoples, in particular their right
of access to water, coastal land and natural resources. The ASC
ensures that aquaculture does not adversely affect the livelihoods
of indigenous peoples who depend on fishing or the gathering of
marine resources. This means protecting marine habitats and
water quality, which are essential to the survival of local
ecosystems on which these communities rely.
Sensitive textile raw materials
GOTS certification guarantees that products are manufactured in
an environmentally and socially responsible manner throughout
the supply chain. GOTS incorporates criteria for the protection of
human rights and ensures that land and resources involved in
textile production are used in a manner that upholds the rights of
local communities, including indigenous peoples.
SUPPORTING INDIGENOUS AND NATIVE PEOPLES THROUGH
BUSINESS PARTNERSHIPS
Floresta Faz Bem
In line with its commitment to lead the food systems transition in
Brazil and promote products attributable to social biodiversity,
Carrefour Brazil has launched the Floresta Faz Bem programme,
the first exclusive nationwide initiative to encourage the sale of
products
made
by
indigenous
peoples
and
traditional
communities. This programme has been designed by establishing
strategic partnerships with various intermediary partners, such as
the Institute for Forest and Agricultural Management and
Certification (Imaflora), a Brazilian organisation with 30 years'
experience in the promotion and sustainable use of natural
resources. The second key partner is the Institute for the
Conservation and Sustainable Development of the Amazon
(Idesam), an NGO that has been working in the Amazon for 20
years and that is recognised for the support it provides to local
communities and for promoting sustainable development
through innovative, low‑carbon solutions. The third partnership is
with the Sustainable Connections Institute (Conexsus), a
non‑profit organisation founded in 2018, which aims to
strengthen community social and environmental businesses
through innovative financial solutions, market connections and
strategies to protect ecosystems and generate rural income. It
aims to develop and include suppliers from indigenous
populations and traditional communities in the supplier network.
By the end of 2024, 11 suppliers were part of the programme,
contributing 25 products to the Floresta Faz Bem range. This
programme is currently being tested in three stores, with plans to
extend it to ten stores in 2025 and stores 50 in 2027.
Wood and paper: FSC certification guarantees forestry
practices that respect the environment, workers' rights and
local communities, including indigenous peoples. Principle 3 of
the FSC standard specifically upholds the rights of indigenous
peoples. It requires undertakings to respect property and
land‑use rights, as well as the free, prior and informed consent
(FPIC) of indigenous peoples.
■
Cocoa: a portion of Carrefour's cocoa is Rainforest Alliance
certified. This certification aims to promote sustainable
practices that safeguard the environment, workers' rights and
local communities. The Rainforest Alliance incorporates
specific criteria to protect indigenous peoples, particularly with
regard to land access and the preservation of traditional
knowledge. It also ensures that indigenous peoples are
included in decision‑making processes concerning the use of
their land.
■
Palm oil: RSPO certification aims to ensure that palm oil is
produced in a sustainable manner, taking into account its
environmental and social impact. Respecting the rights of
indigenous peoples, in particular their right to land, is one of
the key principles of the RSPO. Undertakings must obtain
indigenous peoples’ FPIC before any new plantation or
expansion. In addition, the RSPO requires producers to protect
areas that are of cultural or spiritual significance to these
communities.
■
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2.1.3.3.3
2.1.3.3.3.1
Selo Origens
In 2024, Carrefour Brazil joined the Selo Origens group, which
aims to protect forests and biodiversity while also empowering
indigenous communities. Selo Origens, a joint initiative of
Imaflora and ISA, promotes ethical and sustainable trade in the
Amazon by bringing together companies, producers and
indigenous peoples. It guarantees the origin and traceability of
products with a QR code, thereby supporting trade in forestry
products. This certification steps up the Group's commitment to
sustainable practices and direct, ethical trade with communities.
FINANCING CONSERVATION PROJECTS INVOLVING
INDIGENOUS AND NATIVE PEOPLES
Alongside the creation of the Forest Committee, the Group
implemented the Forest Fund, which aims to allocate 50 million
Brazilian reals by 2027 to landscape projects designed to
strengthen and sustainably develop the communities that protect
and live in the Amazon rainforest. In 2024, an investment of 5
million reals was made for all the selected projects, which should
receive 28 million reals over three years. These initiatives
promote sustainable land use, traceability and the restoration of
deforested areas, and foster the inclusion and strengthening of
indigenous communities. Carrefour Brazil estimates that these
projects will have impacted 1.2 million hectares by 2027,
benefiting more than 6,000 people and 230,000 properties in the
Amazon. In 2024, projects focusing on traditional communities
will receive 3 million Brazilian reals in funding and are expected
to impact more than 600,000 hectares and benefit more than
6,500 people.
PROJECTS TO PROMOTE INCLUSION, DEVELOP
COMMUNITIES AND COMBAT RACISM TOWARDS
INDIGENOUS PEOPLES
Quilombola communities emerged out of a history of social and
cultural resistance as former black slaves escaped forced labour
during the period of slavery in Brazil. These communities face
many challenges to their survival, especially land disputes and
inadequate access to healthcare, education and infrastructure.
The first related project set up by Carrefour and the non‑profit
organisation Koinonia aims to promote the social and economic
empowerment of Quilombola communities by supporting
agricultural and craft production and small businesses. This
project supports 20 Quilombola communities. The second
project aims to strengthen the institutional capabilities of social
organisations run by Black people. The target is to provide
financial support for initiatives that combat racism and work to
preserve black legacies, cultures and identities.
WHISTLEBLOWING SYSTEMS
The Group's whistleblowing facilities are described in Section
2.1.4.1 Business conduct (ESRS G1) of this chapter. For
accessibility purposes, the hotline and a telephone line are
available in Portuguese.
In addition, Carrefour Brazil has a specific whistleblowing hotline
through
which
local
affected
communities
can
report
environmental and social issues. It is mentioned in the relevant
clauses of the contracts concluded with these communities.
No serious human rights issues or incidents had been reported at
the end of 2024.
RESOURCES
Carrefour Brazil’s CSR teams are responsible for ensuring
compliance and implementing the above action plans.
Ensuring that the rights of indigenous
peoples are respected during oil ex
traction
Policies and targets
POLICIES RELATED TO AFFECTED COMMUNITIES [S3‑1]
Carrefour, as a fuel retailer through its subsidiary Carfuel, is not
directly involved in oil extraction. The Group also ensures that its
suppliers and partners respect the rights of indigenous peoples.
Carrefour requires all its biofuel suppliers to sign up to a
sustainability scheme, either French, voluntary European or local,
thus guaranteeing that all of the biofuels purchased by the Group
are certified as sustainable.
1
4
7
2
5
8
3
6
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TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S3‑5]
Target
Target value
Target year
Scope
Baseline value
Baseline year
100% of biofuel suppliers compliant with
regulations
100%
Permanent
Fuel purchase
agreements – France
100%
2024
2.1.3.3.3.2
2.1.3.3.3.3
2.1.3.4
2.1.3.4.1
2.1.3.4.1.1
Metrics and performance
TAKING ACTION ON MATERIAL IMPACTS, AND APPROACHES
TO MITIGATING MATERIAL RISKS AND PURSUING MATERIAL
OPPORTUNITIES RELATED TO AFFECTED COMMUNITIES,
AND EFFECTIVENESS OF THOSE ACTIONS AND APPROACHES
[S3‑4]
The Group has not defined any metrics in this area. Work is
underway to provide suppliers with a common charter that
includes a reference to respect for indigenous peoples. The
indicator will measure the percentage of Carrefour’s fuel and
biofuel suppliers that have signed the charter.
Action plans
Processes to remediate negative impacts and channels for
affected communities to raise concerns [S3‑3]
Taking action on material impacts, and approaches to
mitigating material risks and pursuing material opportunities
related to affected communities, and effectiveness of those
actions and approaches [S3‑4]
To ensure that indigenous peoples are respected during the oil
extraction process, the Group requires each of its suppliers to
have a charter or code of ethics to protect these populations.
In addition, Carrefour requires its biofuel suppliers to comply with
current sustainability regulations in their supply contracts and
purchasing processes, in particular:
Consumers and end‑users [ESRS S4]
Issues relevant to the Carrefour group
Context and imperatives
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. The “Carrefour
2026” strategic plan embodies the Group’s goal of placing health
and consumers at the heart of the food transition model and sets
forth ambitious objectives regarding nutrition.
As part of its raison d’être, to provide customers with quality
services, products and food accessible to all across all
distribution channels, the Carrefour group must promote all
facets of inclusion and accessibility. The Group is built on four
pillars:
Directive 2015/1513 on the limitation of indirect greenhouse
gas emissions from land use change associated with the
production of biofuels and bioliquids, which defines the list of
raw materials that allow the development of so‑called
“advanced” biofuels;
■
Directive 2018/2001 (EnR2), which aims to limit the impact of
land use change (including deforestation) by identifying the
raw materials most at risk, capping their incorporation and
then phasing them out by 2030.
■
making stores accessible for and inclusive of people with
disabilities: stores must have appropriate facilities to ensure
that all of the Group's customers can access its products and
services;
■
guarantee consumer health, integrity and safety: Carrefour
must be able to ensure a safe environment for its consumers,
■
communicating and guiding consumers responsibly: the Group
must enable its customers to make informed purchasing
decisions. It must therefore provide clear, precise and
accessible information;
■
support customers with a range of financial and insurance
products tailored to their needs: Carrefour must be able to
offer personalised solutions to ensure their satisfaction and
loyalty.
■
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2.1.3.4.1.2 Impacts, risks and opportunities
All IROs are presented in Table 1 below:
Table 1: List of material impacts, risks and opportunities related to consumers and/or end‑users
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Decline in sales
and market share
due to lack of
access to
healthy,
sustainable
products
Retailers who fail to adapt to
consumer demand for healthy,
sustainable products risk losing
competitiveness, damaging their
reputation, missing out on market
opportunities and coming under
regulatory pressure.
Risk
Downstream Medium
term
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Damage to
consumer health
due to the
distribution of
products of poor
nutritional quality
The distribution of products of low
nutritional quality contributes to an
increase in chronic diseases,
nutritional deficiencies,
gastrointestinal disorders and
developmental problems in children.
It can also affect mental health,
weaken the immune system and
have intergenerational impacts.
Impact
Downstream Short term
Safeguarding the
health, safety
and interests of
consumers
Ensuring that
stores and
services are
inclusive and
accessible to
persons with
disabilities
Accusations
against Carrefour
for harming
consumers’
moral integrity
and for
discriminatory
behaviour
If it fails to diversify its product
offering or convey clear information
about a product, Carrefour could
have a negative impact on the
health of consumers with special
diets.
Impact
Downstream Short term
Ensuring that
stores and
services are
inclusive and
accessible to
persons with
disabilities
Ensuring that
stores and
services are
inclusive and
accessible to
persons with
disabilities
Equal access to
products and
services for
persons with
disabilities
Failure to provide persons with
disabilities equal access to products
and services could have a negative
impact on consumers. It could harm
their quality of life, health and
well‑being, and it could also have a
negative financial impact on
business.
Risk
Downstream Short term
Ensuring that
stores and
services are
inclusive and
accessible to
persons with
disabilities
Communicating
and guiding
consumer
choices
responsibly
Accuracy of
information on
products sold
It is crucial to provide accurate
information on products sold in
order to maintain consumer
confidence, comply with current
legislation and protect the
undertaking's reputation. The risks
associated with inaccurate
information include financial
penalties, compliance costs,
damage to brand image, loss of
consumer confidence, traceability
issues and disruption to
relationships with partners.
Impact
Downstream Medium
term
Supporting
customers with a
range of
financial and
insurance
products tailored
to their needs
Supporting
customers with a
range of financial
and insurance
products tailored
to their needs
Credit risk due to
a customer’s
inability to pay
their debt
The inability of a customer to pay
their debt presents significant
financial risks for a bank, ranging
from direct losses due to
non‑performing loans and payment
delays, to reduced interest income
and increased collection costs.
Risk
Downstream Medium
term
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4
7
2
5
8
3
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Supporting
customers with a
range of
financial and
insurance
products tailored
to their needs
Supporting
customers with a
range of financial
and insurance
products tailored
to their needs
Financial
difficulties for
households
caused by
insurance and
financial
products
Financial difficulties for households
that have taken out insurance can
have significant impacts. Causes
include signing up for financial
products that are irrelevant or
ill‑suited to their needs, or a lack of
information. The impacts include
direct financial losses, increased
spending, financial planning
problems, increased financial stress,
loss of confidence, problem‑solving
difficulties and regulatory risks.
Impact
Downstream Medium
term
Supporting
customers with a
range of
financial and
insurance
products tailored
to their needs
Supporting
customers with a
range of financial
and insurance
products tailored
to their needs
Customer
dissatisfaction
with their
insurance
process
The risk of customer dissatisfaction
with the insurance process could
lead to a drop in sales.
Complications along the customer
journey and a lack of customer
support from the undertaking entail
the risk of losing customers and
potential customers because of the
image associated with the service.
Risk
Downstream Medium
term
Supporting
customers with a
range of
financial and
insurance
products tailored
to their needs
Supporting
customers with a
range of financial
and insurance
products tailored
to their needs
Risk of
non‑compliant
communications
on financial and
insurance
products
Non‑compliant communications on
financial and insurance products
present a number of risks for an
undertaking. These risks include
regulatory fines and sanctions,
financial losses due to reduced
income and compliance costs,
reputational damage, loss of
consumer confidence, disruption to
operations and increased risk of
future non‑compliance.
Risk
Downstream Medium
term
Supporting
customers with a
range of
financial and
insurance
products tailored
to their needs
Supporting
customers with a
range of financial
and insurance
products tailored
to their needs
Building
customer loyalty
through payment
facilities
Facilitating payment solutions for
customers helps to give the
company a competitive advantage
while aligning with the wide variety
of user needs, thereby increasing
the chances of retaining or
attracting customers.
Opportunity
Downstream Medium
term
Communicating
and guiding
consumer
choices
responsibly
Communicating
and guiding
consumer
choices
responsibly
Damage to
consumer health
and the
environment
through the
promotion of
controversial
products/
substances
Promoting controversial products/
substances can negatively impact
both consumer health and the
environment. Health risks include
exposure to controversial
substances, chronic health problems
and adverse effects on vulnerable
population groups.
Impact
Downstream Medium
term
Communicating
and guiding
consumer
choices
responsibly
Communicating
and guiding
consumer
choices
responsibly
Promoting
healthy,
sustainable
products
Failing to promote healthy,
sustainable products and advertising
that encourages mindful
consumption or reduces
environmental impact could be
detrimental to the environment and
society. It could discourage
consumers from adopting
responsible purchasing behaviour.
Impact
Downstream Medium
term
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Accusations
against Carrefour
for causing
physical or
mental harm to
consumers in
stores
The financial risks to a store that are
associated with causing physical or
mental harm to consumers include
significant legal costs, regulatory
fines and sanctions, loss of
reputation, reduced sales and
market share, and compliance and
remediation costs. These risks can
also disrupt operations and impact
relationships with business partners.
Risk
Downstream Medium
term
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Physical and
mental harm
caused to
customers in
stores
Several factors could have a
negative impact on consumer
well‑being and safety, including
unsafe conditions, inadequate
health and safety practices,
inappropriate staff behaviour and
insufficient emergency
preparedness. In extreme cases,
these problems could lead to
serious accidents or even death.
Impact
Downstream Medium
term
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Issues with
product health
safety and
compliance
Products with health safety or
compliance issues could endanger
customer safety. The risks for an
undertaking include legal and
compensation costs, regulatory
fines and sanctions, product recall
and replacement costs, as well as
negative impacts on reputation,
sales and relationships with partners.
Risk
Downstream Medium
term
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Damage to
consumer health
caused by poor
quality products
or health safety
issues
The sale of poor quality or unsafe
products could cause damage to
consumer health through food
contamination, allergic reactions,
nutritional deficiencies, exposure to
toxic substances or injuries resulting
from the use of a defective
non‑food product. These issues may
have immediate impacts, such as
food poisoning and skin reactions,
or long‑term impacts, such as
chronic illnesses and developmental
problems.
Impact
Downstream Medium
term
Safeguarding the
health, safety
and interests of
consumers
Safeguarding the
health, safety
and interests of
consumers
Damage to
consumer health
caused by poor
health standards
in stores
Poor health standards in stores
could seriously damage consumer
health through a variety of causes:
the spread of pathogens on
surfaces, equipment and employees'
hands, pest infestations that
contaminate food with pathogens,
respiratory problems caused by
mould and poorly managed
chemicals, and transmission of
illness by employees who are unwell
or do not follow hygiene practices.
Impact
Downstream Medium
term
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2.1.3.4.1.3 Stakeholders, standards and regulations
Processes for engaging with consumers and end‑users about
impacts [S4‑2]
To achieve the food transition for all, Carrefour follows a number
of standards and regulations
.
Carrefour adheres to the following standards:
In terms of health compliance, Carrefour observes the following
key regulations and standards:
Carrefour engages with its stakeholders when drawing up,
monitoring and assessing policies and action plans as described
below.
RELEVANT POLICIES
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE EXAMPLES OF
STAKEHOLDERS
Ensuring that stores and services are
inclusive and accessible to persons with
disabilities
Suppliers
Roll‑out of
in‑the‑field projects
Talks and ad hoc
consultations
Food Transition Pact
Solutions suppliers:
Handivisible,
OOrion, Atypik’Baby
Safeguarding the health, safety and
interests of consumers
Trade unions
Assessment of
action plan
implementation
Talks and ad hoc
consultations
CSE, CICE, UNI
Global Union
Safeguarding the health, safety and
interests of consumers
Multi‑stakeholder
initiatives
Roll‑out of
in‑the‑field projects
Partnerships
Collaboration for
Healthier Lives
(CHL)
Communicating and guiding consumer
choices responsibly
Multi‑stakeholder
initiatives
Roll‑out of
in‑the‑field projects
Partnerships
WWF
Ensuring that stores and services are
inclusive and accessible to persons with
disabilities
Non‑profits and
NGOs
Roll‑out of
in‑the‑field projects
Partnerships
Autisme France,
Union Nationale des
Aveugles et
Déficients Visuels
(UNADEV),
Fédération Française
Handisport
Safeguarding the health, safety and
interests of consumers
Certifications
Assessment of
action plan
implementation
Talks and ad hoc
consultations
IFS, BRC, FSCC
22000
Safeguarding the health, safety and
interests of consumers
Auditors
Venue inspections
Talks and ad hoc
consultations
Bureau Veritas
(1)
ISO 26000, which covers, in particular, consumer health and
safety issues;
■
Sustainable Development Goals (SDGs): it contributes to SDG 3
– Good health and well‑being, SDG 10 – Reduced inequalities
and SDG 12 – Responsible consumption and production;
■
Nutri‑Score:
a
European
system
of
labelling
products
according to their nutritional value.
■
on food safety:
■
Regulation (EC) No. 178/2022, which lays down the basic
principles of food legislation. It establishes a general
framework, the requirement to trace products at all stages of
the production, processing and distribution chain, and
operator responsibility,
■
International Featured Standards (IFS), an auditing standard
that assesses private‑label food suppliers,
■
Brand Reputation through Compliance of Global Standards
(BRCGS), a certification program that evaluates food
processing operations,
■
Food Safety System Certification (FSSC) 22000, based on ISO
22000, which sets out the requirements for food safety
management systems;
■
on product labelling: Regulation (EC) No. 1169/2011 on
consumer information;
■
on the hygiene of foodstuffs: Regulation (EC) No. 852/2004,
which lays down general hygiene requirements for all
operators in the food industry, and introduces the obligation to
set up systems based on Hazard Analysis and Critical Control
Points (HACCP);
■
on consumer information: Regulation (EC) 1169/2011 defines
strict rules for food product labelling, particularly with regard
to allergens, ingredients, origin, nutritional value and use‑by
dates.
■
The following list is not exhaustive.
(1)
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2.1.3.4.1.4
2.1.3.4.2
2.1.3.4.2.1
Corporate governance
In 2022, Carrefour set up an Engagement Department, which is
presented in Section 2.1.1, General information The Engagement
and Assets departments are responsible for making sure
Carrefour stores and sites are accessible to all consumers.
Created in 2023, the Food Health Committee works in a
concerted fashion to set the Group's health, nutrition and food
objectives, as well as the associated policy. It comprises the
Brand, Quality, Marketing, Sales and CSR departments. The
committee is headed by the Brand department, with the CSR
department serving as secretariat, and it meets three times a year.
Ensuring that stores and services are
inclusive and accessible to persons
with disabilities
Policies and targets
Policies related to consumers and end‑users [S4‑1]
Carrefour has made disability the central cause of its 2026
strategic plan and has vowed to eliminate the obstacles disabled
customers encounter when shopping either in store or online
(websites and apps).
Carrefour's goal is to offer its customers a more inclusive
experience. The Group is committed to improving the in‑store
shopping experience for people with disabilities. As part of its
digital transformation, Carrefour also aims to make its websites
and apps more accessible. The Group has identified and based its
action plan on five main barriers faced by customers with
disabilities: checkout, navigating the store, ease of purchase,
digital accessibility and the range of products suited to their
needs.
Carrefour regularly consults its customers by holding round
tables and conducting written surveys, with a view to
encouraging
innovation
and
better
understanding
and
responding to customer expectations.
The Group Diversity and Inclusion policy is the subject of regular
and extensive reporting on key metrics that measure the impact
of Carrefour's actions. The metrics reported by the countries are
consolidated by the Group Human Resources department.
Several diversity and inclusion metrics have been included in the
Group’s CSR and Food Transition Index.
In general, Carrefour’s policies on consumers and end‑users are
inspired by the major international standards defined above
(United Nations Guiding Principles, OECD Guidelines and ILO
Core Conventions). S4‑1, 17
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities [S4‑5]
To follow through on its ambition, Carrefour has set itself the following targets:
Table 1: Targets related to store accessibility
Target
Baseline year
Scope
Target year
Baseline value
100% of hypermarkets equipped
with PRM trolleys in France
2024
France (integrated
hypermarkets)
2026
1.8%
Ensuring that stores and services are inclusive and accessible
to persons with disabilities
■
Safeguarding the health, safety and interests of consumers
■
The Group’s Quality department contributes to developing
standards and tools (including the “Controlled Products”
Quality Policy and relevant industry frameworks), charters and
quality guidelines, which it circulates in all of the Group’s
integrated countries. The Group’s Quality department’s main
tasks are:
monitoring 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;
■
verifying
that
products
conform
to
Carrefour’s
commitments.
■
Communicating and guiding consumer choices responsibly
■
Supporting customers with a range of financial and insurance
products tailored to their needs.
■
This topic is handled by the Group subsidiary Carrefour Banque
et Assurances. The subsidiary comprises:
a Credit Risk Executive Committee and a Compliance &
Internal Control Executive Committee,
■
Carrefour Banque’s Risk Committee,
■
and a Board of Directors.
■
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2.1.3.4.2.2 Metrics and performance
Taking action on material impacts on consumers and end‑users, and approaches to managing material risks and pursuing material
opportunities related to consumers and end‑users, and effectiveness of those actions [S4‑4]
Table 2: Metrics and performance related to store accessibility
Metric
Unit
2024
2023
Change
Target
Coverage rate
Exclusions
Percentage of hypermarkets with
PRM trolleys
%
100%
New
-
100%
France
2.1.3.4.2.3
COMMENTS ON PERFORMANCE
In 2024, Carrefour made a commitment to equip all its
hypermarkets in France with PRM trolleys. By the end of 2024, all
integrated hypermarkets were equipped with two PRM trolleys.
The target, set and implemented by the Group in February 2024,
was achieved two years earlier than planned.
Action plans
Processes to remediate negative impacts and channels for
consumers and end‑users to raise concerns [S4‑3]
IMPROVING ACCESS TO PHYSICAL STORES
ENHANCING DIGITAL ACCESSIBILITY
Carrefour is also enhancing the digital accessibility of its websites
and applications so customers with disabilities can shop with
ease, either in store or digitally. Carrefour set a goal of achieving
70% compliance for its carrefour.fr e‑commerce site by the time
of the Paris 2024 Games. In June 2023, the overall compliance
rate was 51.43%. A year later, following optimisation, the rate had
reached 71.21% across all criteria outlined in France’s RGAA
(Référentiel général d’amélioration de l’accessibilité) accessibility
guidelines. Carrefour has also improved the accessibility of its
mobile apps with compliance rates of 56.67% on Android and
53.33% on iOS.
The FACIL'iti digital inclusion solution, which enables users with
specific impairments or disorders (dyslexia, tremors, epilepsy,
visual fatigue, colour blindness, etc.) to customise website display
settings, was rolled out on the carrefour.fr e‑commerce site in
August 2024. This solution is now available on four Carrefour
websites (envie de bouger, carrefour recrute, carrefour.fr and
carrefour.com).
Quiet hours: 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. During these hours,
the store radio is turned off, the use of cleaning equipment is
prohibited
and
lighting
is
dimmed.
All
the
Group's
hypermarkets and supermarkets in France now offer four hours
of quiet time per day. Similar initiatives also exist in Group host
countries such as Poland, Spain and Argentina. 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.
■
Accessible stores: The first fully accessible store opened in the
Paris suburb of Villeneuve‑la‑Garenne in December 2023. Ten
initiatives were adopted to more effectively accommodate
customers with disabilities and overcome the five main barriers
they encounter when shopping:
■
a disability reception desk to welcome customers when they
enter the store (a special badge for people requiring
assistance while they shop, tactile Braille floor plans located
at the entrance for people who are blind or visually impaired,
easier checkout);
■
special equipment to optimise the shopping experience
(trolleys for people with reduced mobility);
■
a range of non‑food products tailored to customers with
disabilities (learning toys to develop motor skills, big‑button
phones, audio books, hearing aid batteries, grab bars, etc.).
■
By the end of 2024, 11 hypermarkets in France were fully
accessible to people with disabilities, and almost 50
convenience stores featured at least some of these
accessibility solutions. In addition, all French Carrefour
hypermarkets have trolleys specially designed for wheelchair
users.
Sign language training: In 2021, Carrefour launched the "Yes to
all our deaf and hearing‑impaired customers” programme. The
objective is to familiarise all customer‑facing employees with
French sign language to improve their interaction with disabled
customers. Carrefour store employees in France (integrated
hypermarkets and supermarkets) are taught 10 basic signs for
communicating with deaf or hard‑of‑hearing customers (hello,
goodbye, yes, do you need help, loyalty card, checkout receipt,
etc.). A reminder sheet with the ten signs is available at the
checkout counters. There is also a tutorial video that
employees can watch to learn the ten signs easily. A one‑day
class entitled "Training in French sign language and interacting
with deaf customers" is available in the training catalogue, and
employees wishing to go further can take a five‑day class
called "Introduction to sign language level 1".
■
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2.1.3.4.3
2.1.3.4.3.1
DEVELOPING INNOVATIONS WITH PARTNERS
To improve the inclusion of persons with disabilities, Carrefour
works alongside start‑ups and dedicated firms to develop
innovative solutions.
Safeguarding the health, safety and in
terests of consumers
Policy and targets
POLICIES RELATING TO CONSUMERS AND END USERS [S4‑1]
Carrefour has a number of levers at its disposal for protecting the
health, safety and interests of consumers. In particular, these are
built on a policy with three focus areas:
The Carrefour quality, compliance and safety policies described
below are applied in all the countries where the Group operates:
In addition, the Group’s policies require that 100% of suppliers of
Carrefour‑brand products must undergo a health compliance
audit, that 100% of Carrefour‑brand products must have a
monitoring plan validated by the Group, and that all
Carrefour‑brand products must have specifications or a technical
sheet validated by the Group.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S4‑5]
Table 1: Targets related to the health of consumers and product quality
Target
Baseline year
Target year
Scope
Baseline
value
Providing quality products accessible to all
2,600‑tonne reduction in sugar
2022
2026
Europe: 6 countries where the Group
operates for integrated stores.
347 t
250‑tonne reduction in salt
2022
2026
Europe: 6 countries where the Group
operates for integrated stores.
108 t
Cutting out controversial substances:
eliminate 20 new controversial substances
(120 since 2018) from Carrefour‑brand
products by 2026.
2018
2026
Europe: 6 countries where the Group
operates for integrated stores.
-
10% penetration rate of Carrefour Quality
Lines in fresh produce.
2021
2025
8 countries where the Group operates for
integrated stores.
7.2%
15% of sales of fresh food products sourced
from organic or agroecological farmers.
2021
2026
8 countries where the Group operates for
integrated stores.
4.6%
All Carrefour Quality Lines fresh products
committed to an agroecological approach
2022
2026
8 countries where the Group operates for
integrated stores.
-
€650 million in sales of plant‑based
products
2022
2026
8 countries where the Group operates for
integrated stores.
-
In June 2023, 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). The accessible solutions proposed by the three
winning start‑ups are being tested in Carrefour’s first accessible
store in Villeneuve‑la‑Garenne. In June 2024, Handivisible and
OOrion's
solutions
were
introduced
in
11
accessible
hypermarkets. Atypik'Baby pyjamas designed for disabled
children are sold at the Toulouse Purpan accessible
hypermarket located opposite the Purpan hospital.
■
taking action to improve product quality and safety by verifying
the compliance of Carrefour‑brand products and ensuring that
best practices are applied in stores;
■
providing quality products accessible to all;
■
leveraging consumer feedback to improve products;
■
protecting store customers’ physical and moral integrity.
■
on all products inspected for product specifications;
■
in all integrated and franchised stores for in‑store policies and
procedures (controls, in‑store collection, etc.).
■
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2.1.3.4.3.2 Metrics and performance
Taking action on material impacts on consumers and end‑users, and approaches to managing material risks and pursuing material
opportunities related to consumers and end‑users, and effectiveness of those actions [S4‑4]
Metric
Unit
2024
2023
Change
Target
Coverage rate
Exclusions
Providing quality products accessible to all
Number of products with a Nutri‑Score of A or B
No.
2,395
New
-
-
93%
Excl.: BE
Sales from alternative plant‑based or legume
products
€ millions
621
514
+21%
€650
million
100%
-
Cumulative tonnes of salt reduction since 2022
T
252
108
+133%
250 T by
2026
100%
-
Cumulative tonnes of sugar reduction since
2022
T
1,336
347
+285%
2,600 T
by 2026
100%
-
Ensuring the quality and safety of Carrefour products
Number of suppliers – site
No.
2,965
2,593
+14%
-
81% of sales
from private
label purchases
-
Number of inspections performed – analyses
No.
48,927
49,397
-1%
-
81% of sales
from private
label purchases
-
Number of inspections performed – external
panels
No.
4,136
3,764
+10%
-
81% of sales
from private
label purchases
-
Percentage of IFS or BRC certified suppliers
%
76%
79.5%
-2.5 pts
-
81% of sales
from private
label purchases
-
Percentage of sites audited by Carrefour of
which:
%
8%
6.5%
+1.5 pts -
81% of sales
from private
label purchases
-
Percentage of audit scores between A and B
%
3%
4%
-1 pts -
81% of sales
from private
label purchases
-
Percentage of audit scores between C and D
%
97%
96%
+1 pt -
81% of sales
from private
label purchases
-
Number of products withdrawn
No.
521
587
-11%
-
Food and
non‑food
France all
formats (HM,
SM, Proxi,
Cash&Carry,
e‑commerce,
Carautoroute
AR, BR, ES, IT,
RO, PO, BE
Percentage of Carrefour‑brand products
withdrawn
%
56%
58%
-2 pts
-
Number products recalled
No.
346
328
+5%
-
Percentage of Carrefour‑brand products recalled
%
24%
21%
-3 pts
-
COMMENTS ON PERFORMANCE
In 2024, the Group significantly stepped up its reformulations, with 143 tonnes of salt and 989 tonnes of sugar withdrawn from
Carrefour‑brand products, bringing the cumulative totals to 252 tonnes of salt and 1,336 tonnes of sugar by the end of 2024. The salt
target was achieved two years earlier than planned.
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2.1.3.4.3.3 Action plans
Processes to remediate negative impacts and channels for
consumers and end‑users to raise concerns [S4‑3]
ENSURING THE QUALITY AND SAFETY OF CARREFOUR
PRODUCTS
The policy ensuring the quality and safety of Carrefour‑brand
products is based on the following pillars: certifications, labels
and claims, specifications, control plans for controlled products,
the quality alert system, and traceability.
Carrefour’s monitoring plans also include consumer focus
groups, microbiological, physical and chemical analyses, and
warehouse and in‑store checks of product freshness and origin.
PROVIDING QUALITY PRODUCTS ACCESSIBLE TO ALL
Certifications, labels and claims: manufacturing sites for
Carrefour‑brand products are audited for quality and safety. All
plants producing Carrefour‑brand products are certified to
either International Featured Standard or British Retail
Consortium standards (76% in 2024), or audited by Carrefour
(8% in 2024). 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: 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 collaboration implies a lasting
relationship of trust, as evidenced by the seniority of a large
number of its suppliers.
■
Monitoring plans for controlled products: controlled products
are analysed for quality, performance and compliance.
Carrefour commissions independent laboratories 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 self‑monitoring, with the primary
aim of regularly verifying the compliance of Carrefour‑brand
products with applicable laws and specific provisions
integrated into the contracts 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 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 products is blocked at checkout.
■
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.
■
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).
■
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‑brand
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 in a broad clean label
approach.
■
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‑brand products. As part of
the 2026 strategic plan, Carrefour has committed to
eliminating a further 20 controversial substances from its
products by 2026.
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 2.1.2.2, Pollution (ESRS E2) of this
chapter).
■
Developing plant‑based offers for 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. 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).
■
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2.1.3.4.4
2.1.3.4.4.1
LEVERAGING CONSUMER FEEDBACK TO IMPROVE
PRODUCTS
In order to involve customers and leverage their input, channels
for sharing information, listening to their concerns and feedback
and raising their awareness have been established:
Customer complaints are handled by the Customer Service
department. These complaints are entered into the quality
management tool (TBQ) and processed by the Quality managers.
When a return is requested, the Customer Service department
assesses the Quality manager's feedback and writes a response
to the customer. The Customer Service department has weekly
discussions with the quality teams on complaints in progress, as
well as a monthly review to work on improving processes.
All customer feedback is taken into account and contributes to
continuous product improvements. Some customer feedback
may also require urgent action, such as a product withdrawal.
LIMITING RISKS TO CONSUMER HEALTH AND SAFETY
Carrefour monitors regulatory and scientific developments to
identify new health risks. Each risk is identified and assessed by
an internal committee, which proposes ways to strengthen the
Group’s commitment to consumer health. For example, the
committee can:
Communicating and guiding consumer
choices responsibly
Policy and targets
POLICIES RELATED TO CONSUMERS AND END‑USERS [S4‑1]
The Group seeks to leverage each of its sales performance
drivers to encourage consumers to adopt a healthier diet.
Through marketing initiatives, the Act for Food campaign,
in‑store displays, promotions and loyalty care benefits, it nudges
customers towards more balanced and responsible eating habits.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S4‑5]
Target
Target year
Scope
Baseline value
Baseline year
Minimum score of 75/100 for the question
“Does Carrefour help you eat better?”
2026
Group
75/100
2023
2.1.3.4.4.2 Metrics and performance
Taking action on material impacts on consumers and end‑users, and approaches to managing material risks and pursuing material
opportunities related to consumers and end‑users, and effectiveness of those actions [S4‑4]
Metric
Unit
Y
Y‑1
Change
Target Coverage rate
Exclusions
Act for Food – total respondents
No.
1,659,896 470,183
+253%
-
100%
-
Act for Food – total respondents (weighted
average sales)
%
64.1%
63.5%
+0.6 pts
75% by
2026
100%
-
Act for Food – Number of positive respondents
No.
1,195,238
327,345
+265%
-
100%
-
COMMENTS ON PERFORMANCE
64.1% of customers surveyed believe that Carrefour helps them
to eat healthily and responsibly. Our customers’ perception of
the food transition in stores was in line with the Group’s
expectations for 2024, although still short of the final target of
75%. Only surveys conducted in the last quarter of 2023 were
counted for 2023. This reflects the introduction of the new
survey methodology. It was renewed in 2024. The number of
respondents in 2023 The new Act for Food communication
campaign was launched at the end of 2024 to ensure progress in
2025 and 2026.
customer focus groups: more than 4,100 customer focus
groups were organised in 2024 to test recipes,
■
customer service: every year, an independent organisation runs
a survey of customers to make sure their requests are being
processed and identify the corrective actions needed;
■
information and awareness‑raising campaigns on product
quality and nutrition are made available online, on Carrefour
product packaging, and in guides on responsible consumption
and recycling.
■
revise the list of controversial substances to be eliminated and
the Group’s private label products are then reformulated,
■
reduce the use of plastics to limit microplastic pollution,
■
promote agroecology and the reduction of chemical
treatments.
■
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2.1.3.4.4.3 Action plans
Processes to remediate negative impacts and channels for
consumers and end‑users to raise concerns [S4‑3]
Carrefour has a number of initiatives in place for communicating
and guiding consumer choices responsibly:
INFORMING CONSUMERS
Carrefour uses clear, transparent labelling to help consumers
make informed choices about its products. This includes
information on product origin, traceability and composition, and
environmental and social certifications (organic, fair trade).
Whenever local regulations allow, products sold under the main
Carrefour brands include Nutri‑Score labelling. More than 3,000
Carrefour‑brand products display an A or B Nutri‑Score rating on
their packaging. Following changes to the Nutri‑Score algorithm
in 2024, Carrefour conducted a review of its products to ensure
compliance with the new formula and make any labelling
changes
if
necessary.
The
Group
believes
that
these
improvements contribute to making consumers better informed.
In November 2024, Carrefour announced that it wanted to
systematically include nutritional value labelling on products sold
on the Carrefour website and mobile app (which corresponds to
5.6% of Group sales). If a supplier refuses to affix the Nutri‑Score
label as requested, Carrefour will calculate the nutritional score
itself and inform consumers of its refusal. More than 550
suppliers are concerned by the initiative.
COMMUNICATING AND ENCOURAGING CUSTOMERS TO
JOIN THE EAT BETTER MOVEMENT
For six years, the Act for Food programme has embodied
Carrefour's purpose to lead "the food transition for all”. The first
chapter of Act for Food enabled Carrefour to pursue the
following priorities:
In October 2024, Carrefour launched the second chapter of Act
for Food based on six new priorities. It will be rolled out in each
host country according to specific local conditions.
USING PROMOTIONAL AND LOYALTY TOOLS TO GUIDE
CONSUMER CHOICES
Carrefour uses promotional and loyalty mechanisms to help
people eat better and save money every day. In France, for
example, Carrefour offers two loyalty bonuses (Carrefour Card
and Pass Card): Customers who purchase organic products with
the Carrefour card receive a 10% discount, while those with a
Pass card get 15% off. In addition, Carrefour has introduced
Prime Bio, a loyalty programme that promotes the consumption
of
organic
products
and
supports
farmers
who
adopt
environmentally‑friendly practices. It’s a way of making products
more affordable and encouraging consumers to make more
sustainable food choices. In 2024, 5.8 million consumers were
members of the Prime Bio programme.
Promoting products in stores and through different formats:
Carrefour is harnessing all store formats to achieve its ambition in
the organic farming market by developing specialised stores (130
specialised organic stores including 70 So.Bio and 60 Bio c’bon),
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.).
become the leader in the organic market,
■
improve the quality of the Carrefour brand through the
removal of 100 controversial substances;
■
undertake commitments on responsible fishing, pesticide use,
GMO‑free products and plant‑based substitutes:
■
be a pioneer in animal welfare;
■
combating food waste,
■
eliminate over 20,000 tonnes of product packaging.
■
Offer customers the cheapest organic brand on the market:
The goal is to lower the prices of France’s leading organic
brand, which covers over 1,000 products, 80% of which are
made in France. Carrefour Bio brings together 4,700 partner
farmers from across the country and includes all fruit and
vegetables (excluding exotic and citrus fruit), meat, milk and
eggs produced or grown in France.
■
Reconcile partnerships with the agricultural world and low
prices: Carrefour has built strong, long‑standing relationships
with 50,000 producers, including 30,000 in France. This
cooperation is exemplified by the Carrefour Quality Lines
(CQL), a fresh produce range that meets strict requirements in
terms of traceability, quality, taste and sustainable practices.
The CQL brand has more than 3,400 products.
■
Promote French or locally manufactured products: Carrefour
aims to strengthen the presence of its own local brands
(Reflets de France and Terre d’Italia, etc.) in product
assortments and of local producers in stores. It also intends to
double the amount of fruit and vegetables sourced from
ultra‑short circuits (suppliers located less than 50 km from
stores).
■
Step up Carrefour’s climate and biodiversity commitments: the
Group's commitments are described in Sections 2.1.2.1 Climate
change (ESRS E1) and 2.1.2.4 Biodiversity and ecosystems
(ESRS E4).
■
Become the leader in plant‑based and specific diets:
Carrefour's goal is to lead the vegetarian and food health
markets by 2026 and generate 650 million euros in sales from
plant‑based alternatives. A total of 1,341 items in this product
category are currently sold in stores and on the e‑commerce
site.
■
Position the Carrefour brand as the market leader under the
tagline "good nutrition, good taste, low prices": The Carrefour
brand, which is recognised by customers for its quality and
competitive prices, is a strategic lever for differentiation and
competitiveness. To continue its upmarket shift and compete
with the top national brands, the Group will tighten the criteria
used by its consumer panel for testing products prior to their
launch. Each product that scores less than 4 out of 5 will have
to have its recipe reformulated. In addition to 4,000 test panels
carried out in the laboratory, products will be rated by
customers in real‑life tasting situations.
■
1
4
7
2
5
8
3
6
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2.1.3.4.5
2.1.3.4.5.1
2.1.3.4.5.2
2.1.3.4.5.3
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 covered by special training. In 2024, 3,624 employees
benefitted from face‑to‑face training and 2,699 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.
Supporting customers with a range of
financial and insurance products tailo
red to their needs
Policy and targets
POLICIES RELATED TO CONSUMERS AND END‑USERS [S4‑1]
For over 40 years, Carrefour Banque et Assurances has offered a
wide range of accessible, high‑performance products tailored to
the needs of customers and consumers. These include bank
accounts, bank cards, consumer loans, savings and investment
products and various insurance options.
Carrefour Banque operates in a highly regulated sector. To meet
all its regulatory requirements and mitigate the risks of
non‑compliance and operational risk, Carrefour has both a
Compliance Policy and a Customer Interest Protection (CIP)
Policy.
The latter enables Carrefour Banque to address in particular:
This set of policies is accessible to all Carrefour Banque
employees or intermediaries acting on behalf of Carrefour
Banque. It is updated regularly (at least every 36 months) unless
there are changes to the process(es) and/or product(s), or
regulatory changes.
TARGETS RELATED TO MANAGING MATERIAL NEGATIVE
IMPACTS, ADVANCING POSITIVE IMPACTS, AND MANAGING
MATERIAL RISKS AND OPPORTUNITIES [S4‑5]
To date, Carrefour has not publicly formalised any targets in this
area.
Metrics and performance
Taking action on material impacts on consumers and end‑users,
and
approaches
to
managing
material
risks
and
pursuing material opportunities related to consumers and
end‑users, and effectiveness of those actions [S4‑4]
To date, Carrefour has not publicly formalised any performance
metrics in this area.
Action plans
Processes to remediate negative impacts and channels for
consumers and end‑users to raise concerns [S4‑3]
Taking action on material impacts on consumers and end‑users,
and approaches to managing material risks and pursuing
material opportunities related to consumers and end‑users, and
effectiveness of those actions [S4‑4]
Carrefour strives to make its financial and insurance services
accessible and easy to use via:
Carrefour also addresses customer needs in terms of financial
responsibility, particularly with regard to consumer credit. This
covers:
Carrefour is committed to ensuring that its financial and
insurance products are explained in a clear and transparent
manner. Customers are informed about the terms and conditions
of service, contract terms and costs. Carrefour strives to ensure
that information is understandable for all customers, particularly
those who are unfamiliar with banking and insurance products.
The Legal department monitors and approves advertising
displays and letters/emails to customers to ensure that they are
not misleading and that they comply with compulsory legal
requirements.
Lastly, to ensure that its Customer Interest Protection (CIP) rules
are properly applied, CIP is included in the advisers’ induction
training, and at least one compulsory annual e‑learning module
has been included in ongoing training since 2024. Following
customer complaints, the internal control teams may request the
implementation of compliance measures and action plans.
any lack of information among customer advisers (in Carrefour
Banque branches, Carrefour hypermarkets or call centres),
which can negatively impact their ability to meet customers'
financing, savings or protection needs effectively;
■
the risk of non‑compliance in terms of promotional displays
and catalogue updates, which could lead to fines in the event
of inspections;
■
the reputational risk associated with a discrepancy between
the product presented by the adviser to a prospect or
customer and the product actually underwritten.
■
online banking: customers can open an account or purchase
financial and insurance products directly online, whether it is to
take out a loan or buy insurance.
■
in‑store services: dedicated financial and insurance service
areas allow customers to meet with an adviser or ask questions
about the products they are interested in;
■
mobile application: Carrefour’s mobile apps offer enhanced
flexibility and autonomy by allowing customers to remotely
manage their accounts, loans and insurance policies.
■
responsible loans: Carrefour makes sure customers are well
informed about their ability to repay before taking out a loan
by
recommending
that
they
adopt
responsible
credit
management practices.
■
budget management assistance: Carrefour provides customers
with advice on how to manage their budget and avoid taking
on too much debt, especially when they are interested in a
consumer loan or a purchase‑related financing solution.
■
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2.1.4
GOVERNANCE INFORMATION
2.1.4.1
2.1.4.1.1
2.1.4.1.1.1
Business conduct [ESRS G1]
Issues relevant to the Carrefour group
Context and imperatives
The fairness and integrity of its business practices enable
Carrefour to consolidate and sustain its relations with
stakeholders. The Group is committed to promoting these values
in its relations with its partners at all levels, particularly in its
business relationships, and to ensuring strict compliance with the
applicable regulations.
Animal welfare is also an integral part of ethical business conduct
within the Group, in line with the growing importance society is
placing on treating animals and their sensitivity with respect. 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. This is why
Carrefour is rolling out an animal welfare policy in its supply
chains.
The management of business conduct issues is described under
"General information, CSR governance and materiality" (see
Section 2.1.1 General information).
2.1.4.1.1.2
Impacts, risks and opportunities
Table 1: List of material impacts, risks and opportunities related to business conduct
SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Guaranteeing
animal welfare
Animal welfare
Animal abuse
and neglect on
farms
Animal abuse and neglect on farms
can cause physical and
psychological suffering to animals,
increase the risk of zoonotic
diseases, and contribute to
environmental pollution, while also
leading to economic losses and
sanctions for farmers.
Impact
Upstream
Short term
Ensuring
business ethics
Fighting
corruption,
money
laundering and
terrorism
financing
Non‑compliance
with the Sapin II
law and other
regulations
relating to
corruption and
business ethics
Corrupt or unethical acts within the
Carrefour group could lead to
significant legal and reputational
risks. Failure to comply with
regulations could result in severe
financial sanctions that could
jeopardise the Group's future and/or
lead to imprisonment.
Risk
Operations
Short term
Ensuring
business ethics
Fighting
corruption,
money
laundering and
terrorism
financing
Human resource
fraud
Human resources fraud has
complex repercussions that go
beyond mere financial losses for
companies. It affects the working
environment, public confidence and
general economic stability.
Impact
Operations
and
franchises
Medium
term
Ensuring
business ethics
Fighting
corruption,
money
laundering and
terrorism
financing
Financing of
terrorism or
money
laundering
Money laundering or the financing
of terrorist activities represent a
critical breach of the law. These
offences seriously undermine the
safety and well‑being of people and
social harmony, threaten the safety
and stability of societies, lead to
economic disruption and
misappropriation of resources,
distort business relations, weaken
institutions, exacerbate inequalities
and affect international relations.
Impact
Operations
and
franchises
Medium
term
1
4
7
2
5
8
3
6
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Responsible
lobbying
Responsible
lobbying
Bad lobbying
practices
Bad lobbying practices can erode
democratic transparency, create
power inequalities and influence
public policy to the detriment of the
public interest. They can also
damage the economy and the
environment, and undermine public
confidence. Failure to comply with
existing regulations may result in
financial sanctions that could
jeopardise the Group's future and its
reputation.
Impact
Operations
Medium
term
Respecting
privacy and
protecting
personal data
Cybersecurity
Theft of strategic
data
In the event of a cyber attack
involving data theft, Carrefour could
be subject to legal sanctions (GDPR,
NIS 2, DORA) and would have to
respond to complaints from its
customers, partners and suppliers.
Taking protective measures against
cyber attacks also entails costs for
the Group.
Risk
Operations
Short term
Respecting
privacy and
protecting
personal data
Personal data
Improper
handling of
personal banking
data
Failure to comply with regulations
on personal data protection may
result in reputational and legal risks
for Carrefour as well as a loss of
customer confidence and numbers.
Carrefour may also be subject to
civil and/or criminal penalties for
non‑compliance.
Risk
Operations
Short term
Respecting
privacy and
protecting
personal data
Personal data
Infringement of
customer privacy
Carrefour may be accused of
leaking its customers' personal
information, including bank details.
This could result in a loss of
customer confidence, a negative
impact on the Group's image and a
significant legal risk.
Risk
Operations
Short term
Respecting
privacy and
protecting
personal data
Personal data
Infringement of
the privacy of
employees and
customers
Using personal data obtained when
customers purchase goods or via
loyalty cards heightens the risk of
customer privacy breaches,
especially the leakage of personal
data. Its leakage could lead to
identity theft, fraud, theft of bank
details and legal proceedings against
the Group.
Impact
Operations
Short term
Respecting
privacy and
protecting
personal data
Personal data
Infringement of
the privacy of
employees and
customers
through the use
of personal data
held by
Carrefour
Banque
If personal and banking data are
used, there is a risk that customers'
privacy may be violated, particularly
if the leaked data is considered to be
sensitive. Leakage of this data can
lead to identity theft, fraud and theft
of bank details.
Impact
Operations
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Developing a
responsible
purchasing
strategy across
the value chain
Developing a
responsible
purchasing
strategy
Accusations
against Carrefour
for the poor
environmental,
social and ethical
practices of its
suppliers (direct
purchasing)
Carrefour could be accused of
enabling poor social, environmental
and ethical practices among its
direct and indirect suppliers of
products and raw materials. These
practices can have an impact on the
Group's brand image and reputation,
lead to customer boycotts or even a
formal notice in terms of its legal
duty of care. They may also result in
additional costs for the Company
through the implementation of due
diligence mechanisms (e.g.,
monitoring, audit and team training
systems) to prevent risks.
Risk
Upstream
Medium
term
Developing a
responsible
purchasing
strategy across
the value chain
Developing a
responsible
purchasing
strategy
Accusations
against Carrefour
for the poor
environmental,
social and ethical
practices of its
suppliers and
service providers
as part of
operations
(indirect
purchasing)
Carrefour could be accused of
enabling poor social, environmental
and ethical practices among its
suppliers and non‑market
purchasing and service providers
(e.g., suppliers of in‑store
equipment, energy, security or
maintenance professionals, home
delivery service providers), or any
other third party with which the
Group has a business relationship.
These practices can have an impact
on the Group's brand image and
reputation, leading to customer
boycotts, major controversies with
investors, receipt of a formal notice
to comply with its duty of care, or
sanctions for non‑compliance with
the Sapin II law. They also lead the
undertaking to incur additional costs
to implement duty of care processes
(e.g., ethical charters, monitoring,
audit and team training systems) to
prevent risks.
Risk
Operations
Medium
term
Developing a
responsible
purchasing
strategy across
the value chain
Developing a
responsible
purchasing
strategy
Violations of
human rights,
health or safety
or of the
environment in
the supply chain
(direct
purchasing)
A lack of procedures for selecting
and dealing with direct suppliers, or
for verifying and engaging suppliers
in the value chain, can lead to
practices that do not comply with
Carrefour's standards on human
rights, health and safety. Such
practices can have a negative
impact on people and the
environment.
Impact
Upstream
Medium
term
Developing a
responsible
purchasing
strategy across
the value chain
Developing a
responsible
purchasing
strategy
Violations of
human rights,
health or safety
or of the
environment by
franchisees
A lack of procedures for recruiting,
selecting and dealing with
franchisees may lead to practices
that do not comply with Carrefour's
standards on human rights, health
and safety. Such practices can have
a negative impact on people and the
environment.
Impact
Franchises
Medium
term
1
4
7
2
5
8
3
6
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SECTION OF
THE REPORT
POLICIES
NAME OF IRO
DEFINITION OF IRO
TYPE
STAGE OF
THE VALUE
CHAIN
TIME
HORIZON
Developing a
responsible
purchasing
strategy across
the value chain
Developing a
responsible
purchasing
strategy
Violations of
human rights,
health or safety
or of the
environment by
suppliers and
service providers
as part of
operations
(indirect
purchasing)
A lack of procedures for selecting
and dealing with indirect suppliers
may lead to practices that do not
comply with Carrefour's standards
on human rights, health and safety.
Such practices can have a negative
impact on people and the
environment.
Impact
Operations
Medium
term
2.1.4.1.1.3
Stakeholders, standards and regulations
TYPE OF
STAKEHOLDER
ROLE
TYPE OF DIALOGUE
EXAMPLES OF
STAKEHOLDERS
RELEVANT POLICIES
Non‑profits and NGOs
Definition of
methodologies and
frameworks
Talks and ad hoc
consultations
Oeuvre d’Assistance aux
Bêtes d’Abattoirs (OABA)
Guaranteeing animal
welfare
Non‑profits and NGOs
Definition of
methodologies and
frameworks
Monthly/bimonthly
meetings, etc.
Association Étiquette
Bien-Être Animal
(AEBEA)
Guaranteeing animal
welfare
Non‑profits and NGOs
Cooperation with and
commitment to the
Group's transition
Talks and ad hoc
consultations
CIWF, Welfarm
Guaranteeing animal
welfare
Industry organisations
Roll‑out of in‑the‑field
projects
Monthly/bimonthly
meetings, etc.
Laboratoire d’Innovation
Territorial Ouest
Territoires d'Élevage (LIT
Ouesterel)
Guaranteeing animal
welfare
Non‑profits and NGOs
Definition of the Group
policy
Talks and ad hoc
consultations
World Animal Protection Guaranteeing animal
welfare
Non‑profits and NGOs
Assessment of action
plan implementation
Regular one‑to‑one
dialogue
L214, Equitas, Peta
Guaranteeing animal
welfare
Individual investors and
investor coalitions
Performance
assessment and
benchmarking
Talks and ad hoc
consultations
BBFAW
Guaranteeing animal
welfare
Trade unions
Definition of
industry‑level/national
strategies
Working group
INAPORC, ANVOL,
CNIEL, INTERBEV
Guaranteeing animal
welfare
Certifications
Assessment of action
plan implementation
Talks and ad hoc
consultations
Bureau Veritas, SDBF
Guaranteeing animal
welfare
Suppliers
Setting of Group targets
Talks and ad hoc
consultations
Own‑brand suppliers
Guaranteeing animal
welfare
Public authorities
Assessment of action
plan implementation
Talks and ad hoc
consultations
French Anti‑Corruption
Agency
Ensuring business ethics
Industry organisations
Cooperation with and
commitment to the
Group's transition
Monthly/bimonthly
meetings, etc.
Eurocommerce, FCD
(Fédération du
commerce et de la
distribution), Perifem
Responsible lobbying
Industry organisations
Cooperation with and
commitment to the
Group's transition
Monthly/bimonthly
meetings, etc.
UDM (Union des
marques)
Responsible lobbying
Industry organisations
Cooperation with and
commitment to the
Group's transition
Monthly/bimonthly
meetings, etc.
AFEP, FEVAD, ARPP,
France Logistique, FACT
Responsible lobbying
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2.1.4.1.1.4
STANDARDS AND REGULATIONS
Animal welfare
Carrefour complies with the following international binding
documents:
The WOAH (World Organisation for Animal Health) also provides
guidelines for animal welfare standards in member states.
In France, the Rural and Maritime Fisheries Code sets out animal
welfare standards, including for livestock farming, transport and
slaughter conditions. Specific regulations also exist, especially
concerning animal welfare labelling (including voluntary labels,
such as Label Rouge, or at the level of certain supply chains).
Business ethics
Corporate governance
Governance of the Group's business ethics policy is organised
around several key areas:
RESPONSIBLE PURCHASING
Responsible purchasing at Carrefour is overseen by the following
committee and departments:
ANIMAL WELFARE
European Regulation (EC) No. 1/2005 on the protection of
animals during transport;
■
European Regulation (EC) No. 1099/2009 on the protection of
animals at the time of killing;
■
the various specific directives on the welfare of farm animals;
■
Œuvre d'Assistance aux Bêtes d'Abattoirs (OABA) and the
Association Étiquette Bien-être Animal (AEBA), which provide
guidelines for animal welfare labelling;
■
Business Benchmark on Farm Animal Welfare (bBFAW)
recommendations.
■
Responsible purchasing:
■
Articles 101 to 105 of the Treaty on the Functioning of the
European Union (TFEU),
■
the
relevant
international
standards
(the
Universal
Declaration of Human Rights, the eight fundamental
conventions of the International Labour Organization (ILO),
the guiding principles of the OECD, the United Nations
Global Compact and the international agreement with the
UNI renewed in 2021);
■
Responsible lobbying: the Carrefour group complies with the
various French laws relating to the representation of interests,
in particular those laid down by:
■
French law 2016‑1691 of December 9, 2016 on transparency,
anti‑corruption and modernisation of economic life, in
particular Article 25 on the requirement to declare any
actions representing interests with French public officials on
the digital directory of France’s High Authority for
Transparency in Public Life (HATVP),
■
French law 2013‑907 of October 11, 2013 on transparency in
public life,
■
the Decree of May 9, 2017 on the digital directory of interest
representatives amending Article 18 of French law 2013‑907
of October 11, 2013 on transparency in public life;
■
Data privacy and protection: Carrefour has deployed a plan to
comply with the General Data Protection Regulation (GDPR).
■
the Food Transition Committee, described in Section 2.1.1.
General information:
■
the Group Merchandise department which sets out the CSR
and
food
transition
objectives
relating
to
responsible
purchasing;
■
the Merchandise departments of the Group's countries and the
CSR Quality Departments, which are in charge of deploying the
responsible purchasing policy.
■
Overseeing animal welfare is one of the responsibilities of the
Food Transition Committee,
whose roles,
membership
structure and frequency of meetings are set out in Section
2.1.1. General information.
■
Performance metrics on animal welfare are defined at Group
level. Additional metrics are defined at country level to support
implementation of the progress plans.
■
An animal welfare expert, working under the quality
management of scientific and regulatory affairs, is responsible
for supporting the operational teams and for engaging with
external and particularly inter‑vocational stakeholders (such as
the LIT, Anvol, Inaporc, INAO, Interbev). Information is shared
with international teams.
■
To support these changes, animal welfare liaison officers have
been appointed in the teams for each of Carrefour group's
integrated countries and working groups have been set up.
Quality managers have been trained in this area and Carrefour
encourages all stakeholders at every stage in the production
chain to gradually follow suit. The Group is also introducing
animal welfare issues into audits. Carrefour also supports the
self‑assessment initiatives put in place by its suppliers.
■
It is important for Carrefour to raise employees’ awareness of
the importance of good animal welfare practices. In 2024, a
new series of training sessions was carried out for all of the
Group's procurement structures, which are headed up by the
purchasing directors of the product categories.
■
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2.1.4.1.2
2.1.4.1.2.1
BUSINESS ETHICS
The Carrefour group's Ethics and Compliance department has a
network made up of various players at different levels of the
Company. This network notably includes:
RESPONSIBLE LOBBYING
Within the Carrefour group, lobbying activities are the
responsibility of the Group's General Secretary (Executive
Committee member).
PRIVACY AND PERSONAL DATA PROTECTION
The Personal Data Protection department manages and oversees
the unit for the exercise of rights under the GDPR. It also
coordinates dialogue between the various Data Protection
Officers (DPO) within the Group to harmonise practices and
ensure
compliance
with
specific
local
legislation
and
requirements.
The
Information
Systems
department
is
responsible
for
developing
and
rolling
out
across
the
organisation's high‑performance IT tools tailored to our business.
This department is a vital component of the Group as it enables it
to carry out fundamental activities such as delivering goods to
stores, operating cash registers, calculating prices and running
loyalty programmes. The Group Information Systems Security
department, which is led by the Cybersecurity and Information
Systems Officer (CISO), implements and monitors the Carrefour
group's cybersecurity strategy. This strategy is overseen by the
Group's General Secretary, who is a member of the Executive
Committee, as well as by the Group's Head of Digital
Transformation, who is a member of the Security Committee.
Developing a responsible purchasing
strategy across the value chain
Policies and targets
BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
[G1‑1]
Purchases made by Carrefour can be divided into two categories:
The Group's responsible purchasing policy is an integral part of
its overall business strategy and is driven by the following
principles:
TARGETS
Table 1: Targets related to the Group's responsible purchasing strategy
Target
Unit
Target value
Target year
Scope
Baseline year
Baseline
value
€8bn in sales of sustainable products
euros
€8bn
2026
Group
2022
2.6
Roll‑out of action plans for protecting forests,
animal welfare, land, marine resources and
human rights
%
100%
2026
Group
-
-
50,000 partner producers
No.
50,000
2026
Group
2022
37,758
Number of suppliers involved in the
Food Transition Pact
No.
500
2026
Group
2020
26
a Group Ethics Committee, made up of the Group General
Secretary (member of the Executive Committee), Group
Human Resources Director (member of the Executive
Committee), Group Legal Director and Group Ethics and
Compliance Director. This committee met four times in 2024;
■
an Ethics and Compliance Department, which reports to the
France and Group Legal departments, responsible for defining
the Carrefour group’s ethics and compliance framework, and
for implementing, overseeing and coordinating the system
across the different countries;
■
a network of Ethics and Compliance Officers from each
integrated country and BU, who are responsible for ensuring
the compliance of their respective entities with industry and/or
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 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, Ethics and Compliance
staff work closely with Security and Internal Control staff and in
operations teams, to continuously improve reporting and
management;
■
The Group Legal department plays a central role in monitoring
and ensuring compliance with laws and regulations, which are
also ensured at country level by the local legal departments.
■
direct purchases, which are sold in‑store to Carrefour
customers;
■
indirect purchases, which are intended for the running of the
Group's stores and offices.
■
developing
a
general
framework
and
procedures
for
responsible purchasing;
■
sourcing sustainable raw materials and products;
■
ensuring the environmental and social compliance of
suppliers;
■
building up relations of trust with suppliers.
■
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2.1.4.1.2.2 Metrics and performance
Table 2: Metrics and performance related to the Group's responsible purchasing strategy
Metrics
Unit
2024
2023
Change
Target Coverage rate
Exclusions
Sales of sustainable products
€bn
6.2
5.3
-
€8bn by 2026
100%
-
Number of partner producers
No.
52,024
46,013
+13%
50,000 in 2026
100%
-
Number of suppliers committed to the
Food Transition Pact
No.
393
306
+28%
500 by 2026
100%
Number of legal proceedings still
outstanding for late payments
(No.)
95
New
-
-
100%
-
2.1.4.1.2.3
COMMENTS ON PERFORMANCE
The number of ongoing legal proceedings reflects both the
number
of
disputes
and
the
number
of
investigations
(pre‑litigation) carried out by the authorities. It reflects the level of
supervision to which the Group is subject, and is relatively
immaterial given the volume of invoices paid annually by the
Group, approximately 30 million per year, and the number of
suppliers concerned.
Action plans
Management of relationships with suppliers [G1‑2]
Payment practices [G1‑6]
DEVELOPING A GENERAL FRAMEWORK AND PROCEDURES
FOR RESPONSIBLE PURCHASING
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 are described in Section 2.1.1, General information.
To ensure that suppliers and service providers are committed to
complying with the Group’s policies, the Controlled Products
Supplier Commitment Charter forms an integral part of
purchasing contracts in all of the Group's countries. Its content,
and any updates and developments are described in Section
2.1.3.2 Workers in the value chain (ESRS S2).
SOURCING RESPONSIBLE RAW MATERIALS
Carrefour closely monitors raw materials that are subject to
controversy and/or give rise to risks with regard to social and
environmental issues. The Group has identified its main
risk‑linked raw materials, which include soy, cotton and certain
fishery products. An analysis was carried out in 2022 to
determine the exact level of risk based on six criteria: (i)
contribution and vulnerability to global warming, (ii) impact on
soil biodiversity, (iii) water consumption and local pollution, (iv)
deforestation, (v) human rights and working conditions, and (vi)
adequate wages and consumer health and safety. An action plan
was then drawn up by combining the calculated level of risk with
the volume of purchases of the raw materials concerned. The
plan includes measures such as:
A new analysis was launched at the end of 2024 to update the list
of risk‑linked raw materials.
ESTABLISHING RELATIONS OF TRUST WITH SUPPLIERS
Fair practices
In order to align its ethics principles with its purchasing practices,
in 2016 Carrefour adopted a Code of Professional Conduct,
revised and renamed Code of Ethics in 2024, which every Group
employee is required to respect. This Code of Ethics sets out
Carrefour's ethics principles, which include the fair and objective
selection and treatment of suppliers, transparency in business
relations, respect for commitments given to partners, and the
prohibition of any unfair agreements or practices. It also provides
the contact details and operation of the ethics hotline for
employees identifying any breaches of the Code. The Group's
ethics principles are communicated to its business partners and
are included in the Supplier Ethics Charter which partner
suppliers are required to sign.
Payment terms
Carrefour endeavours to comply with the regulations in force in
each of the countries in which it operates.
These three countries account for 81% of Group sales.
prohibiting products from certain locations from being
included in the approved product list;
■
a ban on listing certain products due to what they are (such as
banning the sale of clothing containing fur);
■
requiring external certifications;
■
Carrefour or its suppliers developing internal programmes
focused on risk‑linked raw materials (e.g., for cocoa, Carrefour
accepts products from the Transparence Cacao programme
developed by Cémoi, a Group supplier, which works directly
with planters to guide them towards sustainable and profitable
production);
■
criteria for reducing the use of certain raw materials (e.g.,
reducing the use of virgin plastic in the packaging of Carrefour
brand products).
■
In France, supplier payment terms range from 0 to 60 days.
■
In Brazil, they are determined by contracts specific to each
supplier. The average payment period was around 48 days at
31 December 2024.
■
Finally, in Spain, suppliers’ payment terms depend on the type
of goods they provide. Payment terms are 0 to 30 days for
fresh produce, 0 to 90 days for other foodstuffs and
determined by contracts specific to each supplier for non‑food
products.
■
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2.1.4.1.3
2.1.4.1.3.1
Supply shortages and breach of contract. To remain loyal and
responsible towards its suppliers, Carrefour avoids applying
systematic penalties for supply shortages or breach of contract.
When a supplier does not fulfil its contract, a dialogue process is
initiated to look at the facts and find an appropriate solution that
suits both parties. Given the recent shortages of raw materials
due to armed conflict in Ukraine and health crises, Carrefour has
undertaken not to apply penalties to suppliers who are affected
by these situations.
Despite the actions taken by Carrefour and its suppliers, a
contract can still be breached. In this case, in France, the legal
terms apply, under the aegis of the Legal department. The terms
can range from a few months to a few years, and depend on the
length of the business relationship with the supplier and the
extent of their economic dependence. Carrefour undertakes to
ensure that the supplier is not placed in excessive difficulty by the
breach and that it has time to find alternatives. Furthermore,
following this logic and in order to mitigate its suppliers’
economic dependence, Carrefour ensures that it does not make
up more than 20% of a supplier's outlets. To this end, the Group
asks each supplier to declare, in an appendix to the contract, the
proportion of its sales corresponding to its activities with
Carrefour.
DEVELOPING PARTNERSHIPS WITHIN SUPPLY CHAINS
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
2024, 393 suppliers were members of the Pact. The target is to
increase their number to 500 by 2030. Through this Pact,
suppliers undertake to take part in four webinars during the year,
and also to participate in working groups (coalitions) created to
accelerate the company’s transformation. There are four of these
coalitions. Their aim is to propose practical actions to be rolled
out in stores and aimed at customers.
Furthermore, Carrefour supports its supply chains to facilitate the
deployment of sustainable, environmentally friendly agricultural
practices. The Group is focusing on three levers to promote a
more sustainable agricultural transition: fairer terms with
suppliers; developing and showcasing a responsible product
offering; and creating financing solutions.
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 France and Romania in particular.
Lastly, through its CQL, the Group has established a new
three‑year partnership to guarantee greater visibility and more
opportunities for suppliers. Accordingly, Carrefour provides:
As part of its “Carrefour 2026” strategic plan, the Group is
committed to increasing the number of its partner producers to
50,000 by 2026 in organic farming, CQL, and regional and local
production. In 2024, Carrefour had 52,024 partner producers
around the world, reaching its target two years earlier than
planned.
Guaranteeing animal welfare
Policies and targets
BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
[G1‑1]
In order to get the Group and its suppliers of own‑brand
products involved in meeting targeted guidelines and objectives,
Carrefour has defined an animal welfare policy. Carrefour
believes that livestock farming merits special attention. Animals
are sentient beings – they can experience emotions such as fear,
and can feel pain. Carrefour's approach to improving animal
welfare is based in particular on the "five fundamental freedoms"
of animals, adapted to the different livestock farming methods:
Carrefour established an animal welfare policy focused on ten
priorities shared with stakeholders in the relevant sectors,
reaffirmed in 2024:
guaranteed volumes over several years;
■
fairer pay through a jointly agreed purchase price that takes
into account three key factors: production costs, the
fluctuating market prices of agricultural products, and the
technical aspects involved in meeting the higher quality
standards set out in Carrefour Quality Lines product
specifications.
■
physiological
freedom:
absence
of
hunger,
thirst
or
malnutrition. Animals must have access to fresh water and
adequate food so as to maintain good health and vigour;
■
environmental freedom: suitable accommodation, absence of
climatic or physical stress. Animals must have an appropriate
environment including comfortable shelter and resting areas;
■
health‑related freedom: absence of pain, injury or disease.
Animals must benefit from prevention and have access to rapid
diagnosis and appropriate treatment;
■
behavioural freedom: the possibility to exhibit normal,
species‑specific behaviour. Animals must be provided with
enough space, an environment appropriate to their needs, and
be in contact with other animals;
■
psychological freedom: absence of fear or anxiety. Farming
conditions and practices must not induce psychological
suffering in the animals.
■
combating antibiotic resistance and banning antibiotic growth
promoters and growth hormones;
■
banning cloning and genetically modified animals and
researching biological diversity;
■
switching
to
cage‑free
farming
and
keeping
animal
confinement to a minimum;
■
keeping stress to a minimum during transport and slaughter;
■
limiting controversial practices and systematically optimising
pain management;
■
requesting proper nutrition;
■
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Through this animal welfare policy, the Carrefour group is
seeking to respond as effectively as possible to the expectations
that
society
has
regarding
animal
product
lines.
This
improvement
process
is
delivered
through
continuous
improvement in partnership with all stakeholders involved in
these issues, a list of which can be found in Section 2.1.4.1.1.3
Stakeholders. In all the areas in which work is being done on the
animal welfare policy, Carrefour regularly sets up working groups
with stakeholders, NGOs, customers and suppliers to share its
animal welfare vision and action plans.
Scope
The areas underpinning the animal welfare policy involve all of
the Group's eight integrated countries (Argentina, Belgium, Brazil,
Spain, France, Italy, Poland and Romania).
Methodology
The performance of the Group's animal welfare policy is
measured using the Business Benchmark on Farm Animal Welfare
(BBFAW), which is a tool used for gauging how well world food
leaders comply with animal welfare standards. Each year, the
BBFAW publishes a report
ranking companies according to six
levels. In the 2024 report, which was based on the results for
2023, the Group was given a level 4 rating, making Carrefour one
of the two best‑rated French retailers.
TARGETS
Table 1: Targets related to animal welfare
Target
Target value
Target year
Scope
Baseline year
Baseline value
Shell eggs – Percentage of gross sales of
controlled and national‑brand products
from cage‑free production facilities
100%
2025 (2028 for
Argentina and
Brazil)
Group
-
-
Eggs as ingredients – Percentage of
Carrefour‑brand
products
containing
cage‑free eggs used as ingredients
100%
2025
FR, ES, BE, IT,
PL, RO (G6)
-
-
Cage‑free farming – Percentage of gross
sales of animals (rabbits and quails) in
controlled products raised cage‑free
100%
2025
FR, ES, BE, PL
-
-
Chickens – Percentage of gross sales of
controlled
products
that
guarantee
compliance with animal farming and
welfare criteria
50%
2026
G6
-
-
Pigs – Percentage of gross sales of
Carrefour organic and Carrefour Quality
Lines pork products that guarantee
compliance
with
improved
animal
welfare criteria
100%
2025
AR, BR, FR, ES,
BE, IT, PL
-
-
Horse meat – Percentage of gross sales
of horse meat in independently audited,
controlled and national‑brand products
or from EU producers
100%
2025
FR, BE, IT
-
-
Slaughter – Percentage of Carrefour
supplier slaughterhouses audited for
compliance
with
animal
welfare
standards
100%
2025
Group
-
-
Transparency – Percentage of species
raised
using
transparent
farming
methods, for Carrefour‑brand products
100%
2025
Group
-
-
Wool: % of wool TEX products sourced
from traceable quality production chains
that guarantee animal welfare and
prevent desertification
100%
2025
-
-
requiring health monitoring;
■
banning animal testing (for cosmetics, personal care and
household products);
■
banning materials of animal origin not derived from livestock
farming whose primary purpose is to produce food;
■
improving habitats to enhance comfort.
■
(1)
bbfaw‑report‑2021.pdf (agrociwf.fr).
(1)
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4
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2
5
8
3
6
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2.1.4.1.3.2 Metrics and performance
METRICS
Table 2: Metrics and performance related to animal welfare
Topic
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Shell eggs
Percentage
of
egg
sales
corresponding to cage‑free hens
%
41.4
38.8
+2.6 pts
100% by
2025 or
2028
depending
on the
country
100%
2023: AT
Percentage of sales of controlled
products and national brands from
cage farming
%
64.8
62.8
+2 pts
-
100%
-
Eggs as
ingredients
Percentage of monitored product
references
containing
egg
ingredients from cage‑free hens
%
82.2
77.2
+5%
100% by
2025
100%
G6
Abattoirs
Percentage of supplier abattoirs
audited
%
78.6
69.3
+9.3 pts
100% by
2025
100%
-
Pigs
Percentage of gross sales of
Carrefour organic and Carrefour
Quality Lines pork products that
guarantee
compliance
with
improved animal welfare criteria
%
24.4
26.1
-1.7 pts
100% by
2025
100%
-
Chickens:
Percentage of gross sales of
controlled
products
that
guarantee compliance with animal
welfare criteria
%
31.9
30.2
+1.7 pts
50% by
2026
100%
G6
Horse meat
Percentage of gross sales of horse
meat in independently audited,
controlled
and
national‑brand
products or from EU producers
%
53.7
41.3
+12.3 pts
100% by
2025
100%
-
Rabbits and
quail
Percentage of sales of controlled
products
from
cage‑free
production facilities
%
17.9
19.8
-1.8 pts
100% by
2025
100%
-
Wool
Percentage of wool TEX products
sourced from traceable quality
production chains that guarantee
animal
welfare
and
prevent
desertification
%
61.8
58.7
+3.1 pts
100% by
2027
100%
_
Transparency
Percentage of species reared with
transparent farming methods
%
16.7
16.7
-
100% by
2025
75% AR, ES, BR C,
BR S
Animal welfare
policy
Percent deployment of the main
objectives of the animal welfare
policy
%
49
47
+2 pts
-
100%
-
Percent deployment of four key
objectives of the animal welfare
policy
%
71
67
+4 pts
-
100%
-
COMMENTS ON PERFORMANCE
The performance of several animal welfare metrics was poor in
2023, mainly due to pressure on purchasing power. In 2024, we
observed an end to this decline or even an upturn on several
metrics (percentage of cage‑free and free‑range eggs marketed,
share of controlled products containing eggs from cage‑free
farms, share of chicken sales respecting animal welfare criteria,
share of horse meat subject to an audit or of European origin,
deployment of the animal welfare policy). Action plans are in
place to accelerate these trends in 2025 and bring the Group
closer to the targets set, in a context of difficulties besetting the
agricultural world in several of the Group’s countries.
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2.1.4.1.3.3 Action plans
COMBATING ANTIBIOTIC RESISTANCE AND BANNING
ANTIBIOTIC GROWTH PROMOTERS AND GROWTH
HORMONES
For 30 years, the Carrefour group has been working in
partnership with its suppliers to create lines of products made
from “animals reared without antibiotics” in all of its eight
integrated countries. The Group encourages responsible use of
therapeutic antibiotics throughout its supply chains to limit
antibiotic resistance, notably by:
Carrefour is supporting its commercial partners in all integrated
countries by implementing pilot projects in order to sell an
increasingly complete range of products made from “animals
reared without antibiotics” by 2025.
BANNING CLONING AND GENETICALLY MODIFIED ANIMALS
AND RESEARCHING BIOLOGICAL DIVERSITY
Carrefour supports current European regulation which in effect
excludes genetically modified clones and animals from its supply
chain. The Group pays careful attention to the choice of
appropriate breeds and strains in terms of growth rates,
resistance and origin and encourages other integrated countries
to align with this regulation.
SWITCHING TO CAGE‑FREE FARMING AND KEEPING ANIMAL
CONFINEMENT TO A MINIMUM
Carrefour has launched a global transformation project, in liaison
with its suppliers, to ensure that all of its Carrefour‑brand eggs
are sourced from alternative cage‑free farms. This project is
already under way in Italy, Belgium and France, and will be rolled
out in Brazil, Argentina, Poland, Spain and Romania during 2025.
It will then be extended to all eggs sold in Carrefour stores – all
own brands and national brands – and to processed products
from G6 countries.
Carrefour’s international franchise partners – who have signed a
CSR Charter – are also participating in this transformation
project. Animal welfare is an integral part of the CSR roadmap of
the department responsible for managing international franchise
partners (Carrefour Partenariat International – CPI). Four of our
international franchise partners have already undertaken to
source cage‑free eggs:
These commitments cover around 74% of the international
franchised store base.
In addition, within its CQL and own‑brand product chains,
Carrefour
is
developing
various
practices
to
limit
the
confinement and containment of animals. For example:
KEEPING STRESS TO A MINIMUM DURING TRANSPORT AND
SLAUGHTER
Carrefour’s animal welfare policy stipulates that animals must be
slaughtered after minimal transport time and in satisfactory
conditions (density, temperature, transfer methods, etc.). The
best
available
techniques
and
technologies
should
be
implemented to limit stress and avoid pain during transport and
slaughter.
Audits
The introduction of audits in the Group's partner abattoirs is a
major target for the coming years. A corrective action plan is put
in place if any non‑compliance is identified. The Group may
decide to terminate its business relations with a supplier who
refuses to take the necessary action.
In France, audits are carried out periodically for all animal species
(one to three times a year depending on the species) by
independent qualified auditors, to ensure the protection of
animals at abattoirs and proper transport conditions. Carrefour
draws either on a methodology co‑developed with OABA, a
French body specialising in the protection of farm animals
intended for human consumption, or equivalent approaches with
AEBEA (a French animal welfare label association) for chickens
and the INTERBEV and INAPORC diagnostic for cattle and pigs.
In Argentina: all abattoirs producing Carrefour brand beef are
audited against animal welfare criteria by independent auditors.
In Spain, all suppliers of fresh meat sold under Carrefour Spain
brands are audited every three years at each stage of the supply
chain (rearing, transport, slaughter) by independent qualified
auditors.
banning growth hormones and antibiotic growth promoters
which diminish animals’ physiological capacity and contribute
to antibiotic resistance;
■
systematising prevention (rural animals, limiting densities, etc.),
vaccines and self‑vaccines;
■
using alternative medicines (phytotherapy, aromatherapy, etc.);
■
banning the use of human or next‑generation antibiotics and
using antibiogram targeting;
■
setting up "antibiotic‑free” product lines.
■
Carrefour MAF: 100% cage‑free eggs by 2032;
■
Carrefour SA Sabanci: 100% cage‑free eggs by 2030;
■
Carrefour Retail & More: 100% cage‑free eggs by 2028;
■
Carrefour Taiwan: 100% cage‑free eggs by 2025 and 100%
cage‑free eggs used as ingredients in its own‑brand products
by 2028.
■
in relation to cow's milk, Carrefour has banned cattle tethering
for its CQL range in France, Belgium and Italy;
■
Carrefour France has put in place specifications for ensuring
outdoor access for chickens, including for those that are not
free range;
■
In
November
2024,
Carrefour
Argentina
launched
Carrefour‑brand CQL cage‑free eggs.
■
1
4
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Video surveillance
Video surveillance in abattoirs is another tool that the Group
encourages in order to ensure best practices.
In France, Carrefour has asked all abattoirs to introduce video
surveillance at sensitive stages. From now on, new abattoirs must
have video surveillance systems in place before they can be listed
as referenced suppliers.
In Spain: Carrefour is the first food retailer in Spain to have
requested its suppliers to have cameras installed in their
abattoirs. At end‑2024, Carrefour worked with 23 abattoirs, all of
which are equipped with video surveillance.
Stunning before slaughter
Stunning and checks before slaughter guarantee a painless death
and must be applied to the majority of sources for the Group's
own‑brand products. Meat sold in France under the Carrefour
Quality Lines, Reflets de France and Carrefour organic brands
comes from animals slaughtered after systematic stunning. At the
end of 2022, mandatory stunning was imposed for all
Carrefour‑brand meat products of all animal species in France.
For the Carrefour Halal brand in France, reversible stunning or
relief from suffering is used for chicken, rabbit, turkey and beef.
Norwegian salmon sold under the Carrefour Quality Lines brand
in all European countries is slaughtered after systematic stunning.
Transport to abattoirs
In France, the CQL specifications also include obligations to
safeguard animals during transport to abattoirs. As all of this meat
is sourced from within France, the majority of animals are
transported to the abattoir in under eight hours.
In Belgium, CQL chickens and pigs are transported to the
abattoir in less than two hours.
LIMITING CONTROVERSIAL PRACTICES AND
SYSTEMATICALLY OPTIMISING PAIN MANAGEMENT
Carrefour agrees, with its partners, to systematically seek an
acceptable technically and economically viable alternative to
mutilation practices, in particular: castration, dehorning, tail
docking and debeaking. If these practices are maintained, pain
management must be comprehensive (anaesthesia or analgesia).
For pig farming, Carrefour encourages its suppliers to test various
alternatives to surgical castration, such as raising uncastrated
males and performing immunocastration.
In May 2020, for the first time in France, spectrophotometry
(analysis of colours) was used for in‑ovo sexing to select
prospective laying Carrefour Quality Line hens, in partnership
with Loué. Since January 1, 2023, the culling of male chicks has
been banned in France. Now, from 2024 onwards, all
Carrefour‑brand eggs will come from "in‑ovo‑sexed" hens.
As regards the castration of piglets, the ratio of non‑castrated
pigs was 32.6% in 2024 (vs. 32% in 2023), at Carrefour group
level.
REQUESTING PROPER NUTRITION
Animals should have access to fresh, clean water. They should
enjoy non‑competitive access to healthy food adapted to their
species, age and nutritional needs. Their diet must aim to keep
them healthy and vigorous. These issues are included in the
minimum requirements for products sold under the CQL brand,
and are therefore audited in all Group countries every year.
REQUIRING HEALTH MONITORING
Farms must undergo regular veterinary health monitoring and/or
inspections. Any animal that appears sick or injured must be
treated immediately in line with drug‑use regulations. Animals
must be euthanised following strict protocols to alleviate
irreversible suffering. Euthanising healthy animals is prohibited.
These
requirements
will
gradually
be
included
in
the
specifications of CQL products and will be audited in all Group
countries.
BANNING ANIMAL TESTING (FOR COSMETICS, PERSONAL
CARE AND HOUSEHOLD PRODUCTS)
In Europe, as required by regulations, Carrefour does not accept
any finished cosmetic product that has been tested on animals.
The Group hopes to extend this practice to all its integrated
countries for cosmetics, personal care and household products
as far as possible.
In Brazil, cosmetics and household products sold under the
Carrefour brand are not tested on animals. In Argentina,
suppliers’ animal welfare practices are analysed to make sure that
they meet this objective. A number of vegan products sold under
the Carrefour brand will also be developed in 2025, including
solid shampoos and conditioners, savon noir and toothpaste.
BANNING MATERIALS OF ANIMAL ORIGIN NOT DERIVED
FROM LIVESTOCK FARMING WHOSE PRIMARY PURPOSE IS
TO PRODUCE FOOD
Carrefour only buys products with leather, down, feathers and
wool that are a by‑product of the food industry for all
Carrefour‑brand products sold in Group host countries.
Carrefour‑brand textiles therefore do not use animal fur
(exceptions allowed by the quality department if the fur comes
from animals reared and consumed in the country of sale) or
wool from Angora rabbits. The Group prohibits the collection of
feathers and down from live animals. The cashmere in TEX‑brand
products comes from a traceable quality line that guarantees
animal welfare.
Also, Carrefour does not sell zebra, kangaroo or crocodile meat
under any Carrefour brands or national brands, in any of the
Group’s integrated countries.
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IMPROVING HABITATS
Carrefour encourages its supply chains to develop habitats that
allow animals access to the outdoors or open air. The Group also
encourages its partners to install features enabling animals to
express their natural behaviours in enhanced habitats (such as
natural light sources, roosting perches for chickens, movable
materials for pigs, outdoor access yards or winter gardens, chew
objects for rabbits, etc.).
Better Chicken Commitment (BCC):
Commitment to AEBEA:
TRANSPARENCY
Each country has set up a system by 2025 to inform consumers
about animal farming methods used for Carrefour‑brand
products.
In France:
In France, the Group undertakes to meet all criteria
by 2026
for all own‑brand products sold in France – including low‑price
chicken;
■
(1)
In May 2021, Carrefour Poland was the first Polish retail chain
to join the European Chicken Commitment;
■
In Spain and Italy, by 2026, all own‑brand products (fresh
chicken, frozen chicken and products containing more than
50% chicken) will meet all the criteria of the European Chicken
Commitment;
■
In Belgium, by 2026, 100% of the fresh and frozen chicken
meat offered by Carrefour Belgium will meet the animal
welfare criteria of the Better Chicken Commitment.
■
In France, and as part of Carrefour’s commitment to AEBEA, all
chickens sold under Carrefour brands are being raised in
environments that are gradually becoming more comfortable,
with the addition of perches, anti‑pecking devices, natural light
and reduced density;
■
In addition to Group‑level reporting, specific reports are
produced at country level. In 2023, Carrefour France, Spain,
Italy and Poland reported on the headway they had made in
meeting the Better Chicken Commitment criteria.
■
By the end of 2024, AEBEA animal welfare labelling was rolled
out on chickens and chicken pieces:
■
all Carrefour free‑range and organic chicken (grade A or B),
■
Carrefour Oui au Mieux chicken (grade C/best grade of
non‑free‑range
chicken),
chicken
meeting
BCC
requirements;
■
Regarding GMO, the Group offers a range of products that
guarantee non‑GMO animal feed, such as FQC pork, FQC
chicken, Reflets de France chicken and Carrefour Oui au Mieux
chicken;
■
Carrefour supports the animal welfare labelling developed by
the AEBEA. Created in 2017 by a group of NGOs (CIWF, LFDA
and OABA) and retailers, this labelling scheme is designed to
offer a solution to inform consumers about the living
conditions of the animals from which in‑store products derive,
from birth to slaughter, including rearing and transportation.
The ultimate goal is to help implement a harmonised animal
welfare and protection labelling system at national level in the
medium term and at European level in the longer term;
■
Five levels of assessment have been defined:
■
three levels (A, B and C) recognise initiatives that
demonstrate significant improvements in terms of animal
welfare,
■
two levels, D and E, enable stakeholders to gradually adopt
the approach.
■
https://betterchickencommitment.com/en/policy/
(1)
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2.1.4.1.4
2.1.4.1.4.1
Ensuring business ethics
Policies and targets
BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
[G1‑1]
As a retailer, Carrefour is in direct contact with numerous
stakeholders and has a duty to maintain high‑quality relations
with suppliers, producers, trade union representatives, public
authorities, NGOs, investors, non‑profits and customers. More
generally, as part of its duty of care, the Group has a
responsibility towards its direct and indirect stakeholders.
Carrefour wants to have exemplary relationships with its partners
at all levels.
To ensure ethical business conduct, Carrefour has defined
policies on:
The Carrefour group's commitments are covered by the Code of
Ethics, as well as by the Supplier Ethics Charter. With these
documents, Carrefour provides an anti‑corruption framework for
the activities of employees, suppliers and subsidiaries. The Code
of Ethics was revised in 2024 and has been approved by
Carrefour’s various employee representative bodies. It is divided
into three chapters, addressing issues such as illegal work, unfair
and anti‑competitive practices, environmental protection and
respect for human rights. The new Code of Ethics sets out
Carrefour's standards and expectations in terms of ethical
behaviour and responsible commercial practices. It is designed to
help Group employees and any other people who fall within its
scope to make the right decisions in all circumstances. It also
provides answers to employees’ questions thanks to practical
information sheets containing illustrative examples and advice.
This Code was the subject of an information and consultation
process with the various employee representative bodies and will
be appended to all the Group’s internal rules.
Scope:
The general scope of the commitments given by Carrefour is
described in Section 2.1.1 General information.
TARGETS
To date, Carrefour has not publicly formalised any targets in this
area.
2.1.4.1.4.2 Metrics and performance
INCIDENTS OF CORRUPTION OR BRIBERY [G1‑4]
Table 2: Metrics and performance related to incidents of corruption
Metric
Unit
2024
2023
Change
Target
Coverage
rate
Exclusions
Number of
convictions for
breaches of
anti‑corruption and anti‑bribery laws
(No.)
0
New
-
0
100%
-
Amount of fines for breaches of anti‑corruption
and anti‑bribery laws
(€)
0
New
-
-
100%
-
Percentage of at‑risk functions covered by
training programmes
(%)
58
69.6
-11.6 pts
-
100%
-
Number of employees least at risk trained via
e‑learning
No.
102,642
73,617
+39%
-
100%
-
Number of confirmed incidents relating to
contracts with business partners that were
terminated
or
not
renewed
due
to
corruption‑related offences.
(No.)
0
New
-
-
100%
-
2.1.4.1.4.3
COMMENTS ON PERFORMANCE
Controversy screening confirmed that Carrefour had not been
found guilty of corruption.
Action plans
Incidents of corruption or bribery [G1‑4]
To underpin the above business ethics policies and rules,
Carrefour has defined action plans on the following subjects:
fighting corruption, money laundering and terrorism financing;
■
limiting gifts and hospitality;
■
managing conflicts of interest.
■
fighting corruption, money laundering and terrorism financing;
■
gifts and hospitality;
■
conflicts of interest.
■
2
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FIGHTING CORRUPTION, MONEY LAUNDERING AND
TERRORISM FINANCING
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 features in an annual review
for each main business sector (retail, property, banking and
insurance) and in all of the Group’s integrated countries
.
Policies and procedures
Carrefour has a Code of Ethics providing practical illustrations of
concepts. The code 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 conflict of interest each year,
with the aim of informing Carrefour of any conflicts of interest in
order to handle them better.
Training and awareness actions
A comprehensive training and awareness‑raising plan was drawn
up in 2021, with roll‑out over a four‑year period within the Group.
In the most exposed functions
, employees receive specific,
compulsory training divided into three modules: an online or
in‑person module, e‑learning and a graded quiz, requiring a
minimum score to complete the course. Employees in less
exposed functions are required to take a two‑level e‑learning
course. The first level is identical for everyone and covers
corruption, influence peddling, conflicts of interest, gifts and
hospitality, as well as the regulatory framework of the Sapin II
law. The second level is tailored to the risks identified for each
department and features practical case studies. In addition,
Carrefour's Executive Committee is trained in anti‑corruption
challenges. In 2024, all new hires were trained in fighting
corruption.
Third‑party assessment procedure
The Group has developed a global third‑party assessment
solution, which was deployed in 2022 for all activities in France
and in all integrated countries in 2024. The due diligence process
is carried out for all third parties with which the Group intends to
engage in or renew business activities (suppliers, consultants,
franchisees, acquisition targets, etc.). The higher the level of risk
of the third party (whether inherent to its type or due to a specific
risk identified during investigations), the higher the level of due
diligence. Due diligence is conducted at four levels: public
databases, shareholder chain, identification of possible national
or international sanctions and on‑site investigations if necessary.
The Ethics and Compliance Department can potentially call in
specialist external service providers. Suppliers also receive the
Ethical Standards for Suppliers Charter, which is appended to
commercial contracts.
Controls
Corruption risks are mitigated mainly through a series of
accounting controls and procedures. In particular, checks can be
performed to determine whether bribes, facilitation payments or
money laundering are taking place within the Group. 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 to improve the Carrefour
group’s ethics and compliance programme, with a view to
continuous improvement of the system. In the event of
corruption, in addition to an internal investigation carried out
jointly by the Ethics & Compliance and Security departments,
internal audits are systematically launched, and Internal Control
carries out checks to ensure that the Group has not breached
any existing procedures. If the audit reveals that the Group has
not
correctly
applied
existing
procedures,
measures
to
strengthen and correct the system are put in place.
The system applies in a consistent manner to all employees in all
countries in which the Group operates (France, Spain, Italy,
Belgium, Poland, Romania, Argentina and Brazil), as well as to its
franchisees.
The remedial action is taken over the long term. Any established
incident of corruption would result in an update of the Group's
risk mapping and consolidation of its control system.
Alert system and management
In the event of a breach of the Code of Ethics, an ethics hotline is
available to all Carrefour group employees, suppliers and service
providers. In line with France’s Sapin II law and Duty of Care law,
Carrefour has deployed whistleblowing and warning systems for
reporting ethics risks or suspected violations, designed in
cooperation with its representative trade unions. These facilities
mean that any employee, supplier or service provider of the
Group or any other external third party, can confidentially report
situations or behaviour that breach Carrefour’s Code of Ethics.
The whistleblowing facility is therefore one of the tools
promoted under the agreement between Carrefour and UNI
Global Union.
(1)
(2)
France, Spain, Italy, Belgium, Poland, Romania, Argentina and Brazil.
The employees most exposed to the risks of corruption and bribes are (i) the members of the Executive Committee, (ii) people whose jobs bring
them into contact with public officials, local elected representatives, government agencies and/or certification bodies, and (iii) procurement staff.
People holding other positions may also be considered as being exposed to these risks, such as those with roles in Public and Regional Affairs, Car
refour Partenariat International (CPI), Digital Factory/IT, the Carrefour Foundation, and Human Resources (recruitment).
(1)
(2)
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4
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5
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The confidentiality of information and the anonymity of the
author of the report are guaranteed at all stages of the process
and Carrefour has pledged not to take any disciplinary action
against an employee who, in good faith, reports a breach of the
Code of Ethics. The system helps Carrefour to prevent serious
breaches of its Code of Ethics and to take the necessary
measures when a breach does take place.
All reports received by the Ethics and Compliance departments
are processed and investigated, provided that the level and
quality of the information present in the alert are sufficient. The
country Ethics and Compliance managers are responsible for
relaying alerts to the appropriate departments, depending on
their nature. For example, alerts relating to corruption are
handled by the Ethics and Compliance departments. Serious
alerts are handled under the oversight of the country‑level Ethics
Committees. Link: http: //ethics.carrefour.com/
The related investigation is conducted jointly by the Ethics and
Compliance department and the Group Security department of
the scope concerned, and not by the Management involved. If an
employee of the Ethics and Compliance department or the
Security department has ties to a person involved in the
investigation, that employee will not participate and will not be
kept informed of developments in the investigation. For complex
investigations, the assistance of an external service provider may
be required.
A variety of stakeholders have been taken into account in
defining the Group's policies on business ethics. In particular, the
Carrefour Code of Ethics includes clear rules in line with the
recommendations of the French Anti‑Corruption Agency (AFA)
and Transparency International. In addition, its discussions and
meetings with its peers helps the Group to align its business
ethics policies with market practices (e.g., MEDEF, France’s
largest employer federation).
In 2024, 8,594 alerts were received by the Group, the majority of
which
concerned
Human
Resources
issues
(excluding
discrimination and harassment). At the end of 2024, 58% of the
employees most at risk of corruption had been identified.
Furthermore, the e‑learning courses available to employees with
a lower risk of corruption were taken by 102,642 employees in
2024 (32% of the Group’s total employees).
GIFTS AND HOSPITALITY
Carrefour has a strict policy regarding gifts and hospitality, aimed
at respecting the principles of transparency, moderation and
compliance (in particular compliance with France’s Sapin II
anti‑corruption law). This policy is underpinned by the following
measures:
Regular, low‑value gifts over a given period can have the same
effect as a single, higher‑value gift. Given the risk that such a
situation presents, any Carrefour group employee who receives a
second gift or invitation from the same third party within a
12‑month period must obtain the approval of line management,
regardless of the value of the gift or hospitality.
CONFLICTS OF INTEREST
A conflict of interest is not an offence in itself, but in some cases
may lead to one being committed. The Carrefour group has put
in place a system to identify and manage conflicts of interest
where required by the situation. The Code of Ethics states that
each employee must "inform their line manager of any personal
or professional relationship which could affect the impartial
performance of their duties in the interests of Carrefour" and not
"interfere in Carrefour's relationships with the third party in
question, if a conflict of interest has been reported and/or
identified and an action plan providing for their withdrawal from
the case concerned has been agreed".
If a company employee is concerned, the situation must be
examined by their line manager in conjunction with the human
resources manager. If an employee with SD or expatriate status is
concerned, the situation must be examined by the relevant Ethics
Committee.
Measures should be taken in consultation with the person
concerned, based on their profile, applying common sense,
pragmatism, impartiality and proportionality. Possible measures
include:
Each and every person is responsible for managing conflicts of
interest to ensure that conduct in the workplace and
decision‑making throughout the Carrefour group are not subject
to the influence of conflicting interests.
The application of these rules complies with the principles of the
Code of Ethics:
Compliance with the applicable laws and ethics rules;
■
Compliance with the Group’s internal policy on gifts and
hospitality (available on the carrefour.com website);
■
Transparency and traceability: gifts or hospitality received or
offered are generally recorded in an internal register so that
traceability can be guaranteed and practices in this area
verified. In particular, this prevents any behaviour that could be
perceived as an attempt at corruption, by ensuring that each
gift or hospitality received/offered complies with ethical
standards and legal requirements;
■
Employee awareness‑raising and training: employees are given
training on how to identify problematic situations and act
responsibly;
■
Monitoring and controls: an ethics committee (or a dedicated
manager) makes sure that the gifts and hospitality policy is
respected within Carrefour. Audits may also be carried out to
ensure that the rules are being properly applied and to detect
any breaches. Internal sanctions may be imposed if any breach
is detected.
■
restricting a person's involvement (for example, excluding
them from the decision‑making process in relation to the third
party causing the conflict of interest);
■
transferring functions associated with the conflict to another
person or to a third party;
■
requiring a person to renounce their private interests. In the
event of a serious conflict, the person in question may choose
to give up their private interests, such as board membership in
another organisation causing the conflict;
■
requiring the person to resign from office.
■
by providing clear answers to conflict situations;
■
by assessing whether the act, which tends to be for personal
gain, gives the person concerned an advantage and is
prejudicial to Carrefour;
■
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2.1.4.1.5
2.1.4.1.5.1
Everyone is required to assess for themselves whether their
situation is likely to place them in a conflict of interest, especially
as this is an ever‑changing concept. They must therefore:
In order to ensure a consistent approach across the Group, these
measures apply to all employees in all of the Group’s integrated
countries (France, Spain, Italy, Belgium, Poland, Romania,
Argentina and Brazil), as well as to their franchisees.
Responsible lobbying
Policies and targets
BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
[G1‑1]
The commitment of the Carrefour group and its governing
bodies to promote responsible lobbying is based on four pillars:
integrity and transparency, ethical principles, total political
neutrality and ongoing stakeholder engagement.
INTEGRITY AND TRANSPARENCY
The Carrefour group employees and governing body members
acting as interest representatives to public authorities are
identified in a dedicated internal register that is regularly updated.
They expressly agree to speak on behalf of the company when
engaging with their institutional contacts.
On an annual basis, the Carrefour group's interest representatives
declare any communication initiatives they have taken to
influence public officials at the national level at France’s High
Authority for Transparency in Public Life (HATVP). The Carrefour
group
keeps
a
register
of
meetings
between
interest
representatives and public officials.
The Carrefour group is also a signatory to the Code of Conduct
of the EU Transparency Register. Two entities are registered with
France’s HATVP: Carrefour SA and Carrefour Management. These
two entities act as agents for Carrefour France. The Carrefour
group is listed in the European Union Transparency Register: its
registration number is 118080510828‑42.
Employees who represent interests at the national or local level
must inform their line managers of any actual or potential
conflict of interest that could affect the relationship between the
Carrefour group and public decision‑makers who are involved in
making decisions regarding public policy.
The Carrefour group complies with the obligations arising from
the codes of conduct of the professional and trade organisations
of which it is a member. The Carrefour group promotes the
adoption of best practices in lobbying within the professional
associations in which it participates.
Anyone who is aware of a situation or behaviour that does not
comply with the Carrefour group Code of Ethics can report it
confidentially, 24/7, via the whistleblowing system http://
ethique.carrefour.com. The Carrefour group undertakes to treat
all reports received in accordance with the law.
ETHICAL PRINCIPLES AND FIGHTING CORRUPTION
In its Code of Ethics, the Carrefour group has defined a set of
guidelines for its employees on how to conduct themselves in
the workplace on a daily basis.
RELATIONSHIP WITH PUBLIC AUTHORITIES
The Carrefour group engages with the public authorities in the
countries where it operates, in compliance with local legislation.
The Carrefour group does not make any contributions to political
parties, politicians or related institutions raising political funds.
DIALOGUE
The Carrefour group encourages dialogue with national and local
governments and civil society stakeholders (trade unions, NGOs,
citizen associations, etc.). Dialogue is conducted openly without
any giving or receiving of consideration for the interactions it
may involve. In addition, the Group has drawn up a Responsible
Lobbying Charter for the people concerned, drawn up jointly by
the Ethics and Compliance department and the Public Affairs
department. The charter is publicly accessible to all stakeholders.
It should be noted that Carrefour is not legally obliged to be a
member of a chamber of commerce or other organisation that
represents its interests.
The Carrefour group has introduced a Responsible Lobbying
Charter to:
In addition, the Carrefour group does not provide training on
responsible lobbying.
Scope
These commitments apply to all employees of the Carrefour
group, and in particular to those who are required to act as
interest representatives in dealings with public authorities. They
formally undertake to carry out their activities with integrity and
to respect the following principles of transparency and ethics.
Targets
Carrefour has not formalised any public targets in relation to
responsible lobbying.
by restating to the person concerned the need, where
appropriate, to refrain from any interference in the relationship,
negotiations or decision.
■
be familiar with the principles of preventing and managing
conflicts of interest;
■
report any conflicts of interest of which they are aware;
■
respect and implement decisions to resolve conflicts of
interest;
■
disclose any material change in their situation that may give
rise to a conflict of interest.
■
avoid any contradiction with public international conventions
such as those of the UN, the ILO and the OECD. The charter is
similar to the Group's Ethics Code and therefore shares the
same frame of reference,
■
not misrepresent themselves in order to mislead third parties
and/or public authority staff;
■
not incite public authority staff to infringe the rules of conduct
applicable to them;
■
if the company employs former public authority staff, respect
their obligation to observe confidentiality.
■
1
4
7
2
5
8
3
6
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2.1.4.1.5.2 Metrics and performance
METRICS
Table 1: Carrefour's internal expenditure on lobbying activities in 2024
Names of member
organisations
Unit
Total amount of
contributions
Percentage allocated to
interest representation
Amount in euros allocated to
interest representation
FCD
(€)
2,000,000
11%
220,000
UDM
(€)
58,000 (excl. tax)
4.35%
2,523
AFEP
(€)
77,000
22%
16,940
FEVAD
(€)
27,000
14.35%
3,874.5
ARPP
(€)
18,000
3.25%
585
Perifem
(€)
34,000
10%
3,400
France Logistique
(€)
10,000
27%
2,700
FACT (formerly CNCC)
(€)
2,000
10%
200
Total
250,222.5
These figures are estimates based on prior‑year results. 2024 data is currently being consolidated.
Table 2: Carrefour's political contributions
Metric
Unit
Y
Y‑1
Change
Target
Coverage rate
Exclusions
Monetary political contributions
(€)
0
0
0
-
100% of gross sales
-
In‑kind political contributions
(€)
0
0
0
-
100% of gross sales
-
2.1.4.1.5.3
Carrefour does not make any direct or indirect political
contributions to local, regional or national political campaigns,
organisations or candidates.
Action plans
Political influence and lobbying activities [G1‑5]
PREVENTING RISKS AND IMPACTS RELATED TO LOBBYING
Carrefour's actions to ensure responsible lobbying activities can
be summarised as follows:
TRANSPARENT AND COLLABORATIVE DIALOGUE IN ORDER
TO IMPLEMENT THE FOOD TRANSITION FOR ALL
Coordinated action by governments and businesses is needed to
speed up the transition to a low‑carbon economy. From a
lobbying perspective, Carrefour contributes to transforming
market standards by:
Examples of the various transformational projects supported by
Carrefour are:
Relationships with public officials:
■
gifts and offers of hospitality to public officials are prohibited
without prior authorisation from the Legal department and
are capped in accordance with the established gifts and
hospitality policy;
■
Facilitation payments that could help ensure or speed up
routine legal or government procedures (permits, licences,
visas, customs clearance, etc.) are strictly prohibited, no
matter their value. Regular facilitation payments can
encourage solicitation and abuse of power. Their prohibition
also applies where local laws allow this type of payment. An
accounting audit is carried out to verify compliance with the
prohibition.
■
Participation in public life:
■
all employees must refrain from involving the Group or any
of its entities morally or financially in their associative or
political activities;
■
any employee who participates in State, public authority or
local authority decisions as part of their political or elective
activities must refrain from taking part in any decision
affecting the Group or one of its entities (awarding permits,
authorisations or contracts, etc.).
■
making public commitments and applying them in the Group's
activities,
■
taking public positions, often within coalitions, to encourage
companies to adopt a common base for action.
■
the United Nations’ Paris Agreement and the goal to limit the
increase in temperature to less than 1.5°C, and its practical
translation into the Group's climate objectives;
■
the adoption of a United Nations treaty on plastics aimed at
reducing the production of virgin plastics;
■
the adoption of ambitious European regulations to combat
imported deforestation.
■
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2.1.4.1.6
2.1.4.1.6.2
Within the federations and industry‑specific organisations of
which the Group is a member, Carrefour initiates and supports
collective actions to facilitate the retail industry's transformation.
This is particularly the case when it comes to reusable packaging
(see France’s National Pact on Plastic Packaging, collective
initiatives on returnable packaging) and reducing greenhouse gas
emissions (supporting the 1.5°C strategy with the retail sector
and suppliers participating in Perifem).
Carrefour also generally engages with its peers to share its vision
and discuss the necessary industry developments.
Respecting privacy and protecting per
sonal data
Policies and targets
BUSINESS CONDUCT POLICIES AND CORPORATE CULTURE
[G1.1]
Personal data comprises any information relating to individuals
with whom the Carrefour group interacts. This includes future or
current customers of stores or websites as well as future or
current employees of subsidiaries of the Carrefour group or, to a
lesser extent, its partners. The information is collected and used
at the various stages of the Group’s relationship with these
individuals: creation of customer accounts, subscription to a
loyalty card, recruitment, training, pay, purchase of products or
supply of services, deliveries, management of grievances, etc.
Personal data is collected transparently and then used fairly and
lawfully only for as long as necessary. Naturally, the Carrefour
group implements appropriate security measures to preserve the
integrity of personal data and prevent risks of infringement of the
rights and freedoms of the persons concerned.
Individuals may contact the Group to exercise their personal data
rights in accordance with the law, through the various
communication channels specifically dedicated to this purpose.
Data Protection Officers (DPO) regularly communicate with one
another across the Group to harmonise practices and comply
with local legislation and specific local needs.
Scope:
Carrefour's commitments concern all the Group's relevant
stakeholders, the "data subjects" within the meaning of the GDRP,
i.e., consumers, employees, job applicants and prospective
customers. In addition to the Group's consumers, the users of
Carrefour's website and members of the "My Carrefour Card"
loyalty programme are also concerned by Carrefour's data
processing activities. This plan has been implemented in all the
Group's integrated countries, service lines and activities, and
extends to franchisees.
TARGETS
Table 1: Data protection targets
Topic
Target
Unit
Target
value
Target
year
Scope
Baseline
year
Baseline
value
Group
Number of countries/entities with a
Data Protection Officer (DPO)
Number
8/8 Permanent
Group
-
-
Banking
and
insurance
Processing time for each request to
exercise right to unsubscribe or
right to erasure
Days
30 days
max.
2025
Single request to
unsubscribe or for
erasure
N.C.
N.C.
Banking
and
insurance
Processing time for each request to
exercise right of access
Days
30 days
max.
2025
Single request for right
of access
N.C.
N.C.
2.1.4.1.6.3 Metrics and performance
Table 2: Data protection metrics and performance
Metric
Unit
2024
2023
Change
Target
Coverage rate
Exclusions
Processing of requests for the right to
object
Number of requests
received
99
147
-48
100%
100%
N.C.
Processing of requests for right of
access
Number of requests
received
228
189
+39
100%
100%
N.C.
Processing of requests for the right to
erasure
Number of requests
received
242
238
+4
100%
100%
N.C.
Average processing time for requests
to exercise rights (objection, access
and erasure)
Days
2.6
2.5
+0.1
30 days
max
N.C.
N.C.
COMMENTS ON PERFORMANCE
In 2024, Carrefour Banque in France received 99 data protection requests, 48 fewer than in 2023. This means that Carrefour Banque
customers are informed and have a clear view of how their personal data is processed and used.
1
4
7
2
5
8
3
6
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2.1.4.1.6.4 Action plans
GENERAL DATA PROTECTION REGULATION (GDPR)
Description
Carrefour has developed a continuous monitoring plan covering
all the key issues relating to the GDPR to ensure proper
compliance and, if necessary, take continuous remedial action.
The compliance programme covers:
Audits are carried out by external third parties every two years to
check the compliance of Carrefour websites and applications
with the GDPR. Audits are also carried out on the Group's service
providers to ensure their compliance with regulations and
Carrefour's requirements in terms of data security.
When collecting and processing consumers' personal data,
Carrefour France highly values the following principles:
DATA CONFIDENTIALITY WITHIN THE GROUP
Carrefour's actions to strengthen data confidentiality can be
summarised as follows:
application of the GDPR: all Carrefour group websites and
applications have a transparency and data protection policy
suited to their content;
■
consent
management,
creation
and
updating
of
data
processing records;
■
the creation of a data rights management process for providing
responses within legal deadlines;
■
the implementation of a training programme;
■
data storage policy. At the end of the storage period, the
personal data of all third parties (employees, customers,
candidates and prospects) is automatically erased;
■
the deployment of a network of data protection officers in
accordance with the recommendations of the French Data
Protection Authority (CNIL);
■
a DPO in each country to deal with data protection issues and
support the country business segments;
■
a register of incidents and personal data breaches in
accordance with the GDPR for tracking different incidents,
qualifying them from a legal standpoint to self‑assess the
appropriateness of notifying the French Data Protection
Authority and/or disclosing them to the persons concerned;
■
reporting tools for integrated countries or BUs to report to
Group level;
■
the introduction of a third‑party selection process, including an
evaluation grid focusing on data protection and cyber risk.
■
lawfulness: consumers' personal data is collected for specified,
explicit and legitimate purposes and on an appropriate legal
basis;
■
transparency: consumers are informed of every processing
operation the Group carries out and the nature of these
operations by means of information notices, and their data is
never processed without their knowledge;
■
minimisation: the Group undertakes to collect and process
consumers' personal data only when strictly necessary for the
purpose at hand and to update the data regularly;
■
data protection by design and by default: when developing,
designing, configuring and using applications, services and
products that rely on the processing of personal data,
Carrefour takes into account the right to personal data
protection and checks with its partners that they comply with
legal requirements and effectively ensure the protection of the
personal data that will be processed;
■
personal data security: Carrefour has put in place technical and
organisational measures, adapted to the degree of sensitivity of
the personal data collected, to ensure the integrity and
confidentiality of personal data and to protect it against any
malicious
intrusion,
loss,
alteration
or
disclosure
to
unauthorised third parties. In particular, the Group uses
encryption and/or pseudonymisation for consumers' personal
data whenever possible, useful or necessary;
■
commitments of our service providers and partners: the Group
chooses its subcontractors, service providers and partners
carefully, and requires them to: (a) ensure a level of protection
of consumers' personal data equivalent to that of the Group,
(b) use consumers' personal data only to the extent necessary
to provide the services that Carrefour has entrusted to them,
(c) comply with the GDPR, by automatically deleting the
personal data collected at the end of the conservation period.
■
compliance is required with the rules and procedures in force
within the Group relating to the distribution, storage,
reproduction
and
destruction
of
documents
and/or
information media;
■
compliance is required with IT security rules;
■
exchanges of confidential or sensitive information are
restricted to professional contexts;
■
the disclosure of confidential or sensitive information to third
parties outside the Group is prohibited, including after one
leaves the Group for any reason whatsoever;
■
the use of personal email accounts for business purposes is
prohibited, as is the use of document sharing platforms other
than those accepted by Carrefour to share documents, and the
use of unapproved or public file‑sharing websites;
■
any conversation in a public or private place where an
uninvolved third party is likely to overhear must be restricted to
what is strictly necessary, and confidential or sensitive
information must not be communicated;
■
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2.1.5
REPORT ON THE CERTIFICATION OF SUSTAINABILITY INFORMATION AND
VERIFICATION OF THE DISCLOSURE REQUIREMENTS UNDER ARTICLE 8 OF
REGULATION (EU) 2020/852 OF CARREFOUR SA
Year ended December 31, 2024
This is a translation into English of the statutory auditors’ report on the certification of sustainability information and verification of the
disclosure requirements under Article 8 of Regulation (EU) 2020/852 of the Company 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 the H2A guidelines on “Limited
assurance engagement - Certification of sustainability reporting and verification of disclosure requirements set out in Article 8 of
Regulation (EU) 2020/852
To the Shareholder’s Meeting of Carrefour SA
This report is issued in our capacity as statutory auditor of
Carrefour SA. It covers the sustainability information and the
information required by Article 8 of Regulation (EU) 2020/852,
relating to the year ended December 31, 2024 and included in
the chapter “Sustainability statement” of the group management
report.(hereinafter referred to the “Sustainability statement”).
Pursuant to Article L. 233‑28‑4 of the French Commercial Code,
Carrefour
is
required
to
include
the
above‑mentioned
information in a separate section of the Group management
report. This information has been prepared in the context of the
first‑time application of the aforementioned articles, a context
characterized by uncertainties regarding the interpretation of the
laws and regulations, the use of significant estimates, the
absence of established practices and frameworks in particular for
the double‑materiality assessment, and an evolving internal
control system. It enables an understanding of the impact of the
activity of the group on sustainability matters, as well as the way
in which these matters influence the development of the
business
of
the
group,
its
performance
and
position.
Sustainability
matters
include
environmental,
social
and
corporate governance matters.
Pursuant to Article L.821‑54 paragraph II of the aforementioned
Code our responsibility is to carry out the procedures necessary
to issue a conclusion, expressing limited assurance, on:
This engagement is carried out in compliance with the ethical
rules, including independence, and quality control rules
prescribed by the French Commercial Code.
It is also governed by the H2A guidelines on “Limited assurance
engagement - Certification of sustainability reporting and
verification of disclosure requirements set out in Article 8 of
Regulation (EU) 2020/852".
In the three separate sections of the report that follow, we
present, for each of the sections of our engagement, the nature
of the procedures that we carried out, the conclusions that we
drew from these procedures and, in support of these
conclusions, the elements to which we paid particular attention
and the procedures that we carried out with regard to these
elements. We draw your attention to the fact that we do not
express a conclusion on any of these elements taken individually
and that the procedures described should be considered in the
overall context of the formation of the conclusions issued in
respect of each of the three sections of our engagement.
Finally, where deemed necessary to draw your attention to one
or more disclosures of sustainability information provided by
Carrefour in the group management report, we have included an
emphasis of matter paragraph hereafter.
Limits of our engagement
As the purpose of our engagement is to express limited
assurance, the nature (choice of control techniques), extent
(scope) and timing of the procedures are less than those required
to obtain reasonable assurance.
documents (any medium, including paper, electronic, etc.)
containing confidential or sensitive information may not be left
in a public or private place where this information could be
read or discovered;
■
consultation and access to confidential or sensitive information
on laptops are restricted to private and isolated areas and one
must avoid inadvertently communicating confidential or
sensitive information;
■
a privacy filter must be used on the screen when using the
laptop in a public place;
■
the communication or use of confidential or sensitive
information for personal gain or advantage or otherwise than
in the course of one's duties within the Group is prohibited;
■
the Legal department must be consulted on whether a
confidentiality
agreement
must
be
signed
before
any
confidential or sensitive information is communicated to a
third party;
■
the relevant compliance officer must be informed in the event
of disclosure, inappropriate handling or loss of confidential or
sensitive information.
■
compliance with the sustainability reporting standards adopted
pursuant to Article 29 ter of Directive (EU) 2013/34 of the
European Parliament and of the Council of 14 December 2022
(hereinafter ESRS for European Sustainability Reporting
Standards) of the process implemented by CARREFOUR to
determine the information reported, and compliance with the
requirement to consult the social and economic committee
provided for in the Article L. 2312‑17 of the French Labour Code;
■
compliance of the sustainability information included in
Sustainability
statement
with
the
requirements
of
Article L. 233‑28‑4 of the French Commercial Code, including
ESRS; and
■
compliance with the reporting requirements set out in Article 8
of Regulation (EU) 2020/852.
■
1
4
7
2
5
8
3
6
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Furthermore, this engagement does not provide guarantee
regarding the viability or the quality of the management of
Carrefour, in particular it does not provide an assessment, of the
relevance of the choices made by CARREFOUR in terms of action
plans, targets, policies, scenario analyses and transition plans,
which would go beyond compliance with the ESRS reporting
requirements.
It does, however, allow us to express conclusions regarding the
process for determining the sustainability information to be
reported, the sustainability information itself, and the information
reported pursuant to Article 8 of Regulation (EU) 2020/852, as to
the absence of identification or, on the contrary, the identification
of errors, omissions or inconsistencies of such importance that
they would be likely to influence the decisions that readers of the
information subject to this engagement might make.
Any comparative information that would be included is not
covered by our engagement.
Compliance with the ESRS of the process imple
mented by Carrefour to determine the informa
tion reported, and compliance with the require
ment to consult the social and economic com
mittee provided for in the sixth paragraph of
Article L. 2312‑17 of the French Labour Code
Nature of the procedures carried out
Our procedures consisted in verifying that:
We also checked the compliance with the requirement to
consult the social and economic committee.
Conclusion of the procedures carried out
On the basis of the procedures we have carried out, we have not
identified any material errors, omissions or inconsistencies
regarding the compliance of the process implemented by
Carrefour with the ESRS.
With regard to the consultation of the social and economic
committee provided for in the sixth paragraph of Article L. 2312‑17
of the French Labour Code we inform you that as of the date of this
report, this consultation has not yet been held.
Elements that received particular attention
We present hereafter the elements that have been the subject of
particular attention in relation to our assessment of compliance
with the ESRS of the process implemented by Carrefour to
determine the information reported.
Concerning the identification of stakeholders
Information on the identification of stakeholders is set out in
note 2.1.1.2 “Specific tools developed by the Group to work
collaboratively with its stakeholders” of the Sustainability
Statement included in the group management report.
We have examined the analysis carried out by Carrefour to
identify:
We interviewed the persons we considered appropriate and
examined the available documentation. Our work consisted in
particular in:
Concerning
the
identification
of
impacts,
risks
and
opportunities (“IRO”)
Information on the identification of impacts, risks and
opportunities is provided in note 2.1.1.4.1 “Description of
processes to identify and assess material impacts, risks and
opportunities [IRO‑1] “of the Sustainability Statement.
We obtained an understanding of the process implemented by
Carrefour to identify actual or potential impacts – both negative
and positive – risks and opportunities (IROs), in relation to the
sustainability matters mentioned in paragraph AR 16 of the
“Application requirements” of ESRS 1. These issues are presented
in the summary table in note 2.1.1.4.2 ‘Results of the double
materiality assessment’ of the Sustainability Statement.
In particular, we assessed the approach taken by the Group to
determine its impacts and dependencies, which may be a source
of risks or opportunities.
We have also exercised our professional judgment to assess the
acceptability of the exclusions relating to the recent acquisition
of the Cora/Match perimeter, as presented in note 2.1.1.1.2
“General elements of the CSR approach”.
We also assessed the completeness of the activities included in
the scope used to identify IROs
We obtained an understanding of the Group’s mapping of identified
IROs, including a description of their distribution within the Group’s
own operations and its value chain, as well as their time horizon
(short, medium or long term), and assessed the consistency of this
mapping with our knowledge of the Group and, where applicable,
with the risk analyses conducted by the Group.
In particular, we have:
the process defined and implemented by Carrefour has
enabled it, in accordance with the ESRS, to identify and assess
its impacts, risks and opportunities related to sustainability
matters, and to identify the material impacts, risks and
opportunities, that lead to the publication of information
disclosed in the Sustainability Statement of the group, and
■
the information provided on this process also complies with
the ESRS.
■
the stakeholders who may affect the entities in the scope of
the information or may be affected by them, through their
■
activities and direct or indirect business relationships in the
value chain,
the main users of the sustainability statements (including the
main users of the financial statements).
■
assessing the consistency of the main stakeholders identified
by Carrefour with the nature of its activities and its
geographical location, considering its business relationships
and value chain,
■
assessing the appropriateness of the description given in
note 2.1.1.2 “Specific tools developed by the Group to work
collaboratively with its stakeholders” of the Sustainability
Statement, particularly regarding the procedures implemented
by Carrefour for dialogue with stakeholders and engagements
takenby Carrefour.
■
assessed the consistency of the actual and potential impacts,
risks and opportunities identified by the entity with the
available sector analyses;
■
assessed how the entity has taken into consideration the
different time horizons, particularly with regard to climate
issues;
■
assessed whether Carrefour has taken into account the risks
and opportunities that may arise from both past and future
events as a result of its own activities or business relationships,
including the actions taken to manage certain impacts or risks;
■
assessed whether Carrefour has taken into account its
dependence on natural, human and/or social resources in
identifying risks and opportunities.
■
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Concerning the assessment of impact materiality and financial
materiality
Information on the assessment of impact materiality and financial
materiality is provided in note 2.1.1.4.1 “Description of processes
for identifying and assessing material impacts, risks and
opportunities” and 2.1.1.4.2 “Results of the double materiality
assessment [IRO2]” of the Sustainability Statement.
Through interviews with management and inspection of available
documentation, we obtained an understanding of the process
implemented by the Group to assess impact materiality and
financial materiality and assessed its compliance with the criteria
defined in ESRS 1.
In particular, we assessed the way in which the Group established
and applied the materiality criteria defined in ESRS 1, including
those relating to the setting of thresholds, in order to determine
material information reported for metrics relating to material
IROs identified in accordance with the relevant ESRS standards;
Compliance of the sustainability information in
cluded in the Sustainability statement included in
the group management report with the require
ments of Article L.233‑28‑4 of the French Com
mercial Code, including the ESRS
Nature of procedures carried out
Our procedures consisted in verifying that, in accordance with
legal and regulatory requirements, including the ESRS:
Conclusion of the procedures carried out
Based on the procedures we have carried out, we have not
identified material errors, omissions or inconsistencies regarding
the compliance of the sustainability information included in the
Sustainability Statement of the group management report, with
the requirements of Article L.233‑28‑4 of the French Commercial
Code, including the ESRS.
Emphasis of matter
Without qualifying the conclusion expressed above, we draw
your attention to the information contained in paragraph
“Disclosures in relation to specific circumstances [BP‑2]””
included in the note 2.1.1.1.2 “General elements of CSR
approach” of the Sustainability Statement, describing the limits
induced by the inherent uncertainties of the first year of
application of Article L.233‑28‑4 of the French Commercial Code,
and the methodological choices made by the Carrefour as a
result and in particular:
Elements that received particular attention
The information published with regard to climate change (ESRS
E1) is mentioned in note 2.1.2.1 "Climate Change" of the
Sustainability Statement included in the Group’s management
report.
We present below the items that received particular attention
from us regarding the ESRS compliance of this information.
Our procedures primarily consisted in:
Regarding the information disclosed relating to the greenhouse
gas emissions statement, our work consisted primarily in:
the disclosures provided enable an understanding of the
general basis for the preparation and governance of the
sustainability
information
included
in
the
Sustainability
statement of the group, including the basis for determining the
information relating to the value chain and the exemptions
from disclosures used;
■
the presentation of this information ensures its readability and
understandability;
■
the scope chosen by Carrefour for providing this information is
appropriate; and
■
on the basis of a selection, based on our analysis of the risks of
non‑compliance of the information provided and the
expectations of users, that this information does not contain
any material errors, omissions or inconsistencies, i.e. that are
likely to influence the judgement or decisions of users of this
information.
■
the
methodological
choices
made
by
the
Carrefour
concerning the ratio between the remuneration of its highest
paid
individual
and
the
median
remuneration
for
its
employees.;
■
the
limitations
faced
by
Carrefour
in
collecting
and
consolidating information on payment practices”.
■
Assessing, based on interviews conducted with management
or the individuals concerned, in particular, the "Risk" and "CSR"
departments, whether the description of the policies, actions,
and targets implemented by the entity covers the following
areas: climate change mitigation, climate change adaptation,
and energy;
■
Assessing the appropriateness of the information presented in
note 2.1.2.1 "Climate Change" of the Sustainability Statement
included in the Group’s management report and its overall
consistency with our knowledge of the entity.
■
assessing the consistency of the scope considered for the
assessment of the greenhouse gas emissions report with the
scope of the consolidated financial statements, the activities
under operational control, and the upstream and downstream
value chain;
■
reviewing the greenhouse gas emissions inventory preparation
protocol used by the entity to prepare the greenhouse gas
emissions report and assessing its application methods, across
a selection of emission categories and sites, for Scope 1 and
Scope 2;
■
assessing, regarding Scope 3 emissions:
■
the justification for inclusions and exclusions of the various
categories and the transparency of the information provided
in this regard;
■
the information collection process;
■
assessing the appropriateness of the emission factors used
and the calculation of the related conversions, as well as the
calculation and extrapolation assumptions, taking into
account the uncertainty inherent in the state of scientific or
economic knowledge and the quality of the external data
used;
■
reconciling, for physical data (such as energy consumption),
on a sample basis, the underlying data used to prepare the
greenhouse
gas
emissions
balance
with
supporting
documentation;
■
implementing analytical procedures;
■
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4
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Compliance with the reporting requirements set
out in Article 8 of Regulation (EU) 2020/852
Nature of procedures carried out
Our procedures consisted in verifying the process implemented
by Carrefour to determine the eligible and aligned nature of the
activities of the entities included in the consolidation.
They also involved verifying the information reported pursuant to
Article 8 of Regulation (EU) 2020/852, which involves checking:
Conclusion of the procedures carried out
Based on the procedures we have carried out, we have not
identified any material errors, omissions or inconsistencies
relating to compliance with the requirements of Article 8 of
Regulation (EU) 2020/852.
Elements that received particular attention
We determined that there were no such elements to disclose in
our report.
Courbevoie et Paris‑La Défense, March 5, 2025
The statutory auditors
French original signed by
Forvis Mazars
Jérôme de Pastors
Deloitte & Associés
Olivier Broissand
Julie Mary
with regard to the estimates that we considered to be
structuring and used by the entity in preparing its greenhouse
gas emissions statement:
■
by interviewing management, we were informed of the
methodology used to calculate the estimated data and the
sources of information on which these estimates are based,
■
we assessed whether the methods had been applied
consistently and, in the case of information affected by
changes since the previous period, whether these changes
were appropriate.
■
the compliance with the rules applicable to the presentation of
this
information
to
ensure
that
it
is
readable
and
understandable;
■
on the basis of a selection, the absence of material errors,
omissions or inconsistencies in the information provided, i.e.
information likely to influence the judgement or decisions of
users of this information.
■
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256
2.2
Carrefour’s Duty of Care Plan
2.2.1
GOVERNANCE OF THE DUTY OF CARE PLAN
A shared governance system is in place within the Carrefour
group for the Duty of Care Plan and CSR to ensure that there is a
consistent approach across the Group both for identifying risks
and for deploying the resources designed to prevent and mitigate
them.
Management of the Duty of Care Plan is exercised 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 Sustainability Statement and the Duty of Care Plan.
In 2024, a CSRD and Duty of Care Plan steering committee was
set up. It includes a selection of members of the Group Executive
Committee and is tasked with validating the risk map and
monitoring any alerts affecting the Group.
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 (Figure 3).
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FIGURE 1: DUTY OF CARE PLAN GOVERNING BODIES AND COMMITTEES
The
committees
BOARD OF
DIRECTORS
SHAREHOLDERS
MEETING
GROUP EXECUTIVE
COMMITTEE AND
COUNTRY EXECUTIVE
COMMITTEES
→
→
→
→
→
→
→
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
Food Transition Rules Committee:
the Merchandise, Quality, Risk, CSR, Legal and Communication departments
→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.
Responsibilities:
Membership:
→
→
CSR
AND FOOD
TRANSITION
INDEX
Alert Management Task Force:
the CSR, Legal, Merchandise, Quality, Risk, Human Resources, International Partnerships
Membership: chaired by the Group’s General Secretary and comprised of seven Group Executive Committee
members as well as Group Functional Directors (Internal Audit and Risk, Insurance, Compliance, Internal
Control, Cybersecurity, Legal Affairs, and Safety).
Responsibilities:
Ensure the organisation's main risks and opportunities are addressed, across all topics (including CSR matters)
and geographies concerned.
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.
→
→
→
Group Risk Committee:
European Consultation and Information Committee (ECIC):
→
→
Membership: Members of the Group Executive Committee, the CSR and Legal departments.
Responsibilities:
Monitor the development of the CSRD and the Duty of Care Plan
Approve the Group's risk map and Duty of Care Plan
Stay informed of alerts and formal notices affecting the Group as part of the Duty of Care Plan
CSRD and Duty of Care Committee:
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 Chapter 3 Corporate governance).
Gives an opinion on the Group's strategy to combat climate change
(Say on Climate).
Validates the compensation of corporate officers
(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.
Membership:
Responsibilities:
and Communications departments
Identify and address alerts that arise within 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.
Governing
bodies
→
→
→
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FIGURE 2: DEFINITION OF THE DUTY OF CARE PLAN AND CSR STRATEGY BY BUSINESS LINES, COUNTRIES AND EMPLOYEES
Definition of
the Duty of
Care Plan
and the
CSR
strategy
f
THE GROUP ENGAGEMENT DEPARTMENT
→Defines the Group's CSR strategy in collaboration with the key departments.
Monitors the alerts raised through the various channels.
Ensures dialogue with the various stakeholders.
→
→Coordinates the definition of Duty of Care Plan.
→
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
investor communication.
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.
Committees
and bodies
Guarantors of the implementation
of the CSR and Food Transition Index
(Chapter 1, Section 1.5.3.), including
the objectives of the climate plan.
Guarantors of the
implementation of the duty
of care and alerts follow-up.
Divisions and
departments
In collaboration with
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
The Audit and Risk department
→Draws up the Group’s annual risk map (Enterprise Risk Management).
→Ensures that the risk map is consistent with the Group’s other risk sub-maps (e.g., CSRD, Duty of Care, etc.).
→Audits the process for drawing up the Duty of Care Plan.
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
The Legal department
→ Ensures that alerts raised through the ethics hotline are effectively managed.
→Participates in drawing up the Duty of Care Plan and monitoring its implementation.
CSR
AND FOOD
TRANSITION
INDEX
1
4
7
2
5
8
3
6
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FIGURE 3: DEPLOYING THE GROUP’S DUTY OF CARE PLAN
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.
Productmerchandiseandquality
→Implements the rules for the food transition and monitors them.
→Tracks alerts in supply chains, implements corrective action plans
and risk mitigation.
→Collaborates with suppliers.
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.
EMPLOYEE REPRESENTATIVES
Roles and responsibilities:
→Ensure continuous social dialogue.
→Identify alerts on the ground.
Organisation and bodies:
→Regular local social dialogue.
→
n
o
it
a
tl
u
s
n
o
C
d
n
a
n
o
it
a
m
r
o
f
n
I
n
a
e
p
o
r
u
E
e
h
t
f
o
g
n
it
e
e
M
Committee every two months.
Human resources
→
.s
eicil
o
p
n
o
is
u
lc
n
i
d
n
a
y
tisr
e
vi
d
st
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e
m
el
p
m
I
→
g
n
ie
b
-lle
w
d
n
a
h
tla
e
h
,sllik
s
f
o
t
n
e
m
p
o
le
v
e
d
e
h
t
s
e
r
u
s
n
E
at work, payment of adequate wages in all countries.
→
.e
u
g
o
lai
d
laic
o
s
y
tila
u
q
s
e
e
t
n
a
r
a
u
G
→
e
g
n
a
h
C
r
o
F
t
c
A
e
h
t
h
g
u
o
r
h
t
t
n
e
m
e
g
a
g
n
e
e
e
y
o
l
p
m
e
s
e
t
o
m
o
r
P
programme.
Marketing and communication
→
e
h
t
h
g
u
o
r
h
t
s
n
o
it
c
a
n
o
itis
n
a
rt
d
o
o
f
r
u
o
f
o
y
tili
b
isiv
s
e
s
a
e
r
c
n
I
Act For Food
Disseminates objectives and best practices internally.
programme in stores.
→
.s
n
o
it
c
a
R
S
C
n
o
n
o
it
c
a
fsit
a
s
r
e
m
o
ts
u
c
s
e
r
u
s
a
e
M
→
Formats and stores
→
.s
e
r
o
ts
n
i
s
n
o
it
c
a
e
t
e
r
c
n
o
c
y
o
l
p
e
D
→
.sr
e
m
o
ts
u
c
o
t
s
n
o
it
c
a
e
t
a
ci
n
u
m
m
o
c
d
n
a
t
h
g
il
h
g
i
H
Management control and internal control
→
→
Assets and real estate
→Implements the transition plan towards stores' carbon
neutrality.
BUSINESS LINES AND STORES
COUNTRIES
EMPLOYEES
The Country Executive Committees
→Define the food transition for all strategy.
→
r
o
f
st
e
g
d
u
b
d
n
a
s
n
al
p
n
o
it
c
a
e
h
t
e
n
fi
e
D
the implementation of the CSR and food
transition.
Guarantee the monitoring of non-financial
performance.
→
Business lines and stores
Deploy the CSR strategy and ensure
Support the reporting of non-financial data.
Promote the reconciliation of financial and non-financial
processes.
performance monitoring.
In collaboration with
In collaboration with
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
CSR
AND FOOD
TRANSITION
INDEX
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2.2.2
RISK MAPPING METHODOLOGY
2.2.2.1
Stakeholder engagement
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 4). 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:
The Group also forms committees of experts on specific topics
whenever necessary. This is particularly true in the fight against
deforestation: Carrefour has created a group of experts
dedicated to assisting it with building its action plans;
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 regularly dialogues with investors about
various issues identified in 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;
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 sessions are attended by around
40 people representing the Group, NGOs, government,
customers, investors and suppliers, who come together to
share their expertise or point of view on the subject in
question.
In
2024,
Carrefour
organised
a
stakeholder
consultation on the topic of duty of care, bringing together
specialists from the Group's different businesses and its
external stakeholders to discuss the risks identified in the risk
map and the prevention and mitigation measures put in place.
■
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FIGURE 4: STAKEHOLDER MAP
Type of stakeholders
Role
Example of stakeholders
RISK MAPPING
REGULAR EVALUATION PROCEDURES
ALERT AND REPORTING MECHANISM
PLAN FOR MONITORING MEASURES AND EVALUATING THEIR EFFECTIVENESS
ACTIONS TO PREVENT RISKS AND MITIGATE SERIOUS HARM
→ Scientific organisations
and reference standards
Definition of methodologies and frameworks
for risk analysis
→ Social dialogue
Prioritisation and risk assessment
UNI Global Union
→ Service providers and experts
Prioritisation and risk assessment
Expert Committee on Deforestation in Brazil
→ NGOs and non-profit organisations
Prioritisation and risk assessment
International Federation for Human Rights, WWF,
Forum pour l’Investissement Responsable (FIR)
→ Social audit standards
Audit of suppliers at risk
Initiative for Compliance and Sustainability,
Business Social Compliance Program (BSCI)
→ Quality audit standards
Audit of stores and warehouses, audit of
specifications
International Featured Standard, British Retail
Consortium
→ Certifiers
Evaluation of the implementation of action plans
and progress plans
GEEIS Diversity
→ Stakeholder coalitions
Shared assessments (e.g., traders)
Consumer Goods Forum
→ NGOs
Identification of alerts and public appeals
Mighty Earth, Canopée, Bloom, Surfrider Foundation,
Amnesty International
→ Rating agencies
Identification of controversies
→ Suppliers and local partners
Daily dialogue and alerts from Carrefour's teams
→ Employees and trade unions
Process for managing alerts from employees via
UNI Global Union, employee representatives
Worker Voice, Elevate
→ NGOs
Answering questionnaires and regular dialogue on
progress
Réseau Action Climat
→ Rating agencies
Performance measuring and identification of best
practices
CDP, S&P, Moody's, Sustainalytics, MSCI, Bloomberg,
etc.
→ Individual investors and coalitions
Performance evaluation and dialogue around measure
monitoring
Forum for Responsible Investment (FRI),
FAIRR, Platform Living Wage Financials
→ Regulators and auditors
Publishing and verification of performance indicators
French financial markets authority (AMF),
Independant Third-Party Verification Body
→ Social dialogue
Information and concertation
UNI Global Union, employee representatives
→ Certifiers
Progress evaluation
GEEIS Diversity
→ NGOs and associations
Definition of action plans, implementation of
concrete projects
→ Stakeholder coalitions
Collective work to align with market expectations
→ Stakeholders and local partners
Implementation of local projects, consultation with
players on the ground
Conservation International, National Wildlife Federation,
The Sustainable Trade Initiative (IDH), International
Institute of Education of Brazil, Terra Maré
→ Suppliers and value chain
Construction of value chains, transformation of
production methods
Partner producers
→ Governments
Stakeholder meeting around common objectives
Soy Manifesto (France), SNDI (France), Cacao
Manifesto (France)
→ Regulators and certifiers
Definition of common requirements, verification,
traceability and transparency
RTRS, RSPO, PEFC, FSC, MSC, Max Havelaar
→ Stakeholders panel
Co-construction of policies and action plans
Multi-stakeholder meetings (customers, suppliers,
governments, investors, experts, etc.)
→ Trade unions
Information, consultation and dialogue
Social and Economic Committee (SCE), European
Consultation and Information Committee (ECIC)
Science Based Targets for Climate and for Nature,
Task Force For Climate Disclosure, Task Force For
Nature Disclosure
Moody’s ESG, Sustainalytics, ISS, S&P, MSCI
social dialogue, the ethics hotline or through
management
WWF, l’Autre Cercle, International Federation for Human
Rights, Ellen MacArthur Foundation, Forum pour
l'investissement Responsable (FIR)
Consumer Goods Forum, Lab Capital Naturel, Act For
Nature International, Target Setting Group (SBTN)
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2.2.2.2 Risk mapping process
Aligning the duty of care risk map with the
Group’s other risk maps
The Group's duty‑of‑care compliance work and the construction
of its risk universe first entails establishing that universe and
drawing up a double materiality matrix in accordance with the
CSRD (Corporate Sustainability Reporting Directive). Connecting
the Group’s different maps is essential for ensuring that the
methodologies used are consistent and that the analyses
performed are aligned with one another.
The Group’s risk universe summarises the risks weighing on
Carrefour’s business, including the ESG matters that form the
basis for the double materiality assessment (materiality for
Carrefour and the Group’s external materiality).
The universe of duty of care risks is in turn made up of a
selection of risks identified as priorities in terms of serious harm
to the environment, workers’ health and safety, and human
rights. This mapping of duty of care risks only takes external
materiality into account.
The Group’s total risk universe contains 59 risks, of which 19 are
ESG‑related. These 19 ESG risks have been broken down into 42
ESG matters that form the universe for the double materiality
assessment, including 22 priority matters that fall under the duty
of care. These 22 risks are thus analysed as part of the Group’s
duty of care, both for upstream activities and in its own
operations.
FIGURE 5: RELATIONSHIP BETWEEN THE GROUP’S VARIOUS RISK ANALYSIS MAPS
Risk rating methodology
→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)
→
→
→Materiality for Carrefour and external materiality
→
→
→
→External materiality
→
→
→
GROUP RISK MAP
ESG ISSUES MAP (DOUBLE MATERIALITY)
MAP OF RISKS ASSOCIATED WITH THE DUTY OF CARE
Risk universe:
59 risks,
including 19 ESG risks
Universe of ESG issues:
42 ESG issues broken
down in detail
based on the 19 ESG risks
in the Group's risk map
Risk universe:
22 considered a priority
Financial impact
x reputational impact
External materiality
Criticality = impact on stakeholders
(magnitude x irremediability x extent)
and frequency
External impact =
magnitude x irremediability x extent
Materiality for Carrefour
Criticality = maximum impact
(financial or reputational)
and frequency
Frequency
Frequency
Each 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)
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)
1
4
7
2
5
8
3
6
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Details of the methodology used to draw up the
duty‑of‑care risk map
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.
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).
FIGURE 6: 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
Magnitude
of the impact
1-4
Irremediability
1-4
Extent
of the impact
1-4
Frequency
1-4
Carrefour’s external impact is assessed using the average of the
following three criteria:
Frequency is assessed on a scale of 1 (moderate) to 4
(permanent). The frequency scale used in the double materiality
assessment is the same as that used for the Duty of Care Plan.
However, the Duty of Care Plan only takes into account the
frequencies classified as moderate‑to‑high or permanent when
plotting the double materiality matrix, so that the Duty of Care
Plan risks can be more widely spread.
FIGURE 7: RISK FREQUENCY ASSESSMENT SCALE FOR THE DUTY OF CARE PLAN
1
2
3
4
Frequency rating scale
Moderate frequency
High frequency
Very high frequency
Permanent
Frequency
Every year
Every quarter
Every month
Every week
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.
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:
(1)
magnitude of 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.
■
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.
■
extent of the risk: a very high risk level means a potential
impact on society as a whole, at the global level.
■
an initial short‑term horizon (0‑2 years) is used to address
immediate risks in line with the Group Risk Department’s
annual
campaign,
such
as
failure
to
consider
the
environmental impact of the way products are marketed,
non‑compliance with labour law or human rights, or energy
consumption;
■
Carrefour's upstream activities correspond to the activities of Carrefour's subsidiaries, suppliers and subcontractors with whom it has an establi
shed commercial relationship. Own operations correspond to Carrefour's activities.
(1)
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Governance of the duty of care risk map and up
dating process
The map of Duty of Care Plan risks is updated annually and takes
into account any possible controversies and alerts identified in
the
media
and
through
stakeholder
engagement.
The
methodology used was reviewed in depth in 2023 and enhanced
again in 2024, as part of a continuous improvement process
carried out in line with regulatory developments and best
practices.
The Group uses standards and benchmarks to update the Duty of
Care Plan risk map, for example:
Carrefour monitors its duty of care practices based on the
above‑mentioned standards and benchmarks, and taking into
consideration any controversies and/or alerts identified in the
media, as well as through stakeholder engagement and via the
Group’s whistleblowing hotlines. This enables it 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.
Governance of risk mapping
The mapping of ESG issues (or double materiality) 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, the Legal department and the business lines
supported by external experts.
The risk map is reviewed and approved each year by the Group
Risk Committee, made up of Executive members, the CSRD and
Duty of Care Committee 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 was 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.
Additional specific risk analyses
In addition to mapping due diligence risks, Carrefour uses
detailed risk analyses to gain an in‑depth understanding of risks
based on more specific parameters such as geography and
business sector. These analyses are based on benchmark
standards specific to each risk (e.g., Science‑Based Targets for
Nature, Task Force on Nature‑related Financial Disclosures, Task
Force on Climate‑related Financial Disclosures; 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). These more precise risk analyses are
necessary for defining prevention and mitigation measures.
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.
■
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
the
Organisation
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 the global framework
agreement with UNI Global Union;
■
non‑financial reference standards such as the Global Reporting
Initiative (GRI) and the Sustainability Accounting Standards
Board (SASB);
■
questionnaires from non‑financial rating agencies used each
year to assess the Group’s performance, controversies and
risks (Moody’s Vigeo, Dow Jones Sustainability Index,
Sustainalytics, ISS, Carbon Disclosure Project, etc.).
■
1
4
7
2
5
8
3
6
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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
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).
Human rights,
Environment
Upstream
Mapping of high‑risk sectors and production phases. Example of an
identified risk: failure to pay adequate wages in textile spinning mills,
water pollution in textile dyeing factories.
Human rights,
Environment,
Health and safety
Upstream
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.
Environment
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: Corporate
Biodiversity Footprint, ENCORE.
Human rights
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.
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2.2.3
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 8 below.
FIGURE 8: DUTY OF CARE GROSS RISK RESULTS
EXTERNAL IMPACT
FREQUENCY
Average frequency
Moderate
1-2
1
2
3
4
Significant
2-3
Major
3-4
High frequency
Very high frequency
Constant
Risks to human rights
Risks to the environment
Risks to health and safety
2-Waste and poor
waste management
(upstream)
7-Deforestation and
conversion of ecosystems
(upstream)
11-Consumption and
degradation of marine
resources (upstream)
11-Failure to pay
adequate wages
(upstream)
13-Unequal treatment and
discrimination (upstream)
14-Unequal treatment and
discrimination (own operations)
10-Occupational health and
safety risks (upstream)
11-Occupational health and
safety risks (own operations)
11-Consumer health and safety
violations (consumers)
8-Forced labour (upstream)
11-Specific rights of indigenous
communities (upstream)
13-Illegal labour
(upstream)
9-Emissions of pollutants
impacting living organisms and
food resources (upstream)
9 -Inadequate working
conditions (upstream)
4-Waste and poor
waste management
(own operations)
3-Contribution to
climate change (own
operations)
1-Contribution to
climate change
(upstream)
14-Water consumption
(upstream)
5-Energy consumption
(upstream-own operations)
12-Water consumption
(own operations)
6-Microplastic
emissions
(upstream)
* The frequency of risk assessment and risk criticality are evaluated independently of the action plans implemented by Carrefour
(gross risks).
1
4
7
2
5
8
3
6
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Table 2: detailed 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
Contribution to climate change
Upstream
Medium term
Environment,
Health and safety
2
Waste and poor waste management
Upstream
Short term
Environment
3
Contribution to climate change
Own operations
Medium term
Environment,
Health and safety
4
Waste and poor waste management
Own operations
Short term
Environment
5
Energy consumption
Upstream
Own operations
Short term
Environment
6
Microplastic emissions
Upstream
Medium term
Environment,
Health
7
Deforestation and ecosystem conversion
Upstream
Short term
Environment,
Specific rights of indigenous
peoples
8
Forced labour
Upstream
Short term
Human rights,
Health and safety
9
Emissions of pollutants impacting living
organisms and food resources
Upstream
Long term
Environment,
Health and safety
-
Inadequate working conditions
Upstream
Short term
Human rights,
Health and safety
10 Occupational health and safety violations
Upstream
Short term
Health and safety
11
Consumption and degradation of marine
resources
Upstream
Medium term
Environment,
Human rights
-
Failure to pay adequate wages
Upstream
Short term
Human rights
-
Occupational health and safety violations
Own operations
Short term
Health and safety
-
Specific rights of indigenous peoples
Upstream
Short term
Human rights,
Environment
-
Consumer health and safety violations
Consumers
Short term
Health and safety
12
Water consumption
Own operations
Long term
Environment
13
Unequal treatment and discrimination
Upstream
Short term
Human rights
-
Illegal work
Upstream
Short term
Human rights
14 Water consumption
Upstream
Long term
Environment
-
Unequal treatment and discrimination
Own operations
Short term
Human rights
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.
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.
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2.2.3.1
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.
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 cooling systems (air
conditioning, refrigeration units and cold storage rooms)
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 can significantly
impact marine habitats by depleting resources and degrading ecosystems. Food companies depend on marine ecosystems and their
ecosystem services such as climate regulation, food production and raw materials.
UPSTREAM risks
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 undertaking 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
Food and non‑food waste in the production chain (waste of
resources, products discarded on farms and in processing plants).
Production of waste in the supply chain due to irregularities in the
cold chain, poor management of inventories and deliveries,
product withdrawals/recalls, etc.
Excessive production and a lack of waste sorting by warehouses,
stores or in property management/development (construction
and renovation)
On‑site food and non‑food waste due to poor management of
inventories, promotions and unsold items
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
2
4
2
1
4
7
2
5
8
3
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Microplastic emissions
Definition: Microplastics refer to plastic particles generated or used during production processes. They may leave the undertaking’s
installations 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 plastic waste or synthetic textiles, become worn, or they can be deliberately manufactured and
added to products for specific purposes.
UPSTREAM risks
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
Discarding polluting materials and substances into the ocean, in particular plastics used in product and package processing
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 for agricultural
production, product processing and product transport
Failure to develop renewable energy supply chains
Excessive energy consumption by stores and dependence on
carbon‑based energy
Promotion of fossil fuels and lack of contribution to the
low‑carbon mobility transition (electric vehicles, soft mobility, etc.)
Emissions of pollutants impacting living organisms and food resources
Definition: Pollution destroys natural habitats and their biodiversity by degrading food resources.
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
Water consumption for agricultural production
Excessive water consumption for stores and warehouses
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2.2.3.2 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 respect well‑being at work, failure to provide good working conditions (hygienic premises and toilets and washing facilities,
access to drinking water), poor work organisation (working hours, night work, impact of restructuring), work‑life imbalance, 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
Failure to pay adequate 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
1
4
7
2
5
8
3
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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
Risks relating to GROUP OPERATIONS
Gender inequality, pay inequality
Refusal to employ and/or failure to integrate persons with
disabilities among suppliers
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
Gender inequality, particularly with regards to pay and parity in
management and executive positions
Refusal to employ and/or failure to integrate persons 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
2.2.3.3 Analysis of identified health and safety risks
Occupational health and safety violations
Definition: Health and safety at work have a number of specific objectives, designed to protect employees. 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 maintenance of buildings, resulting in the risk of accidents
(faulty emergency systems, risk of building collapse, etc.)
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
psychosocial risks (PSR)
Intentional injuries caused by a third party (abuse, theft,
holdups, etc.)
Poor management of epidemics and pandemics
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
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: The risk of harming consumer health due to product quality, compliance or safety issues as a result of the products not
meeting the required standards, therefore leading to adverse effects on health and/or safety. This may include contaminated products
or consumer items that expose people to physical danger.
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
FREQUENCY
Measures for assessing risks to health and safety
At Carrefour
Occupational
health and safety
audits
Audits relating to the health and safety of employees in stores and warehouses are carried out
by the Internal Audit department. 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
Certififications,
labels and claims
Carrefour uses third‑party certifications which provide a guarantee on complex supply chains,
for which full traceability of raw materials is not always available. In order to apply the label to its
products, the supplier must meet certain specifications that are verified and validated by a third
party before obtaining the certification. Certified products attest to their superior quality and
provide consumers with information about their certified characteristics.
Certification can also be a means of reducing the environmental and social impacts related to
procuring sensitive raw materials. However, it has its limitations, as market transformation is not
always rapid. This is why Carrefour is seeking to diversify solutions to improve the traceability of
raw materials. 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.
Geo‑monitoring verifies in real time that Carrefour's specifications are being complied with.
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:
-
Measures for assessing risks of human rights violations
At Carrefour
Social
certififications
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.
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
FREQUENCY
Within the value chain
Social audits of
suppliers of
certifified
products
External social audits of 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:
These audits are performed by third parties in line with ICS or BSCI standards. The process
comprises several steps:
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.
Annual
Measures for assessing risks of environmental damage
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 (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. 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.
-
in countries where a risk has been identified, Carrefour’s ultimate aim is to perform social
audits on all plants that manufacture Carrefour‑brand products;
■
for suppliers located in low‑risk countries, the inspection system is adapted to the business,
local problems and on‑site practices, as external audits are not performed systematically;
■
for sectors 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.
■
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.
■
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RISK
ASSESSMENT
MEASURES
ACTIONS TAKEN
FREQUENCY
Certififications
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
Environmental
assessment
Since 2023, Carrefour Global Sourcing has been a member of the Sustainable Apparel Coalition
in order to roll out an environmental assessment recorded on the Higg platform. This
assessment covers the management of chemicals, water and CO emissions. In 2024, a full 60%
of textile suppliers have already been audited using this assessment.
In 2023, Carrefour Global Sourcing also organised training on the registration of chemicals,
water pollution and CO emissions on the Higg platform to support textile suppliers undergoing
assessment.
Finally, since 2015, Carrefour has been working with the IPE to collect environmental data from
its suppliers and identify any non‑compliance with local legal requirements. In 2024, all 610 tier
1 production units (direct assembly plants) in the softline and hardline sectors were checked
against the IPE database, and 33 tier 2 units (textile dyeing plants) were examined and listed in
the IPE database. A total of six alerts were detected, representing approximately 1% of the
audited sites.
Annual
Carrefour Chemical Guidebook: 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,
chemical handling, wastewater treatment, sediment management and efficient water
consumption management. The monitored suppliers are the integrated suppliers involved in
dyeing and washing operations.
Annual
CSR ratings of
suppliers in the
textile sector
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.
Annual
Environmental
audits and
certififications
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. The Group is working with suppliers to fine‑tune the system as part of
the Food Transition Pact.
Annual
The annual Retailer Cocoa Collaboration assessment programme:
Annual
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
2
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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.
■
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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
inherent to its supply chains, assesses the social and
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
DUDH
Carrefour’s Code of
Ethics
X
X
X
X
X
X
Carrefour Purchasing
Rules
X
X
X
X
X
X
Carrefour Supplier and
Service Provider
Commitment Charter
X
X
X
X
X
X
Carrefour’s Code of Ethics
All of Carrefour's employees are given a copy of the Code of
Ethics, the purpose of which is to establish the ethical framework
governing their day‑to‑day professional activities.
The Code of Ethics is based on three fundamental pillars:
Carrefour – a responsible employer, Carrefour – a responsible
business partner, and Carrefour – an environmentally and
socially responsible organisation.
Source:
https://secure.ethicspoint.eu/domain/media/en/gui/
102586/code.pdf
Purchasing Rules
To better reflect its CSR policy and its raison d’être in its
purchasing, Carrefour has drafted and rolled out purchasing rules
for the food transition in all countries where it operates. These
rules form a set of preventive measures on certain raw materials
to limit social and environmental risks through certifications or
support for its value chain.
The purchasing rules provide a framework for the social and
environmental compliance of purchases of controlled products.
A total of 11 CSR and food transition purchasing rules applied at
Group level incorporate social, environmental and ethical criteria
as well as CSR objectives. They supplement the various initiatives
already in place in each country and specifically include:
The 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 Ethics Charter
Carrefour's approach to social responsibility is rooted in three
main principles:
The Group’s suppliers are required to buy into this approach by
signing up to the Supplier Ethics Charter and agreeing to comply
with the principles stipulated in the following reference
documents:
(1)
Universal Declaration of Human Rights.
(1)
the signature by suppliers of an Ethical Standards 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.
■
respect for human rights;
■
ethical business conduct;
■
environmental responsibility.
■
the Universal Declaration of Human Rights;
■
the United Nations (UN) Guiding Principles on Business and
Human Rights;
■
the fundamental conventions of the International Labour
Organization (ILO);
■
the OECD Guidelines for Multinational Enterprises.
■
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The Supplier Ethics 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. It applies to all suppliers of products or services to the
Carrefour group.
2.2.5.2 Prevention and mitigation measures in place
The table below sets out the action plans and performance metrics for the priority risks based on the risk map (see Section 2.2.3 Risk
mapping results).
RISK
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Environment
Upstream
greenhouse gas
emissions
At Carrefour:
Reduction of 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:
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 asked its Top 100 suppliers to put in place a 1.5°C pathway by 2026. In 2024, 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 informed all merchandise managers so that they can better
manage future discussions with the Group’s main partners. The Group also enters into partnerships to help
SMEs with their emissions reduction processes, particularly in France.
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 – reduction of pesticides and nitrogen fertilisers,
soil conservation techniques, etc. – very often reduce the CO emissions associated with agricultural
production. Carrefour is working on an “Agriculture and Climate” strategy. Lastly, the Group is developing
initiatives to promote the consumption of local products.
Plant‑based alternatives: 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:
substitution of high‑heating hydrofluorocarbons (HFCs) for commercial 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;
●
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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
alternatives by 2026, using a series of joint initiatives.
●
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Consumption of
marine resources
As part of its sustainable fishing strategy, Carrefour has developed a policy based on the following priorities:
Under this policy, Carrefour is seeking to increase the proportion of its supplies that come from more
responsible fishing or aquaculture. Among the various solutions available on the market, Carrefour recognises
the following tools for guaranteeing more responsible fishing and aquaculture:
Waste and poor
waste management
Carrefour has implemented an action plan to combat waste and poor waste management:
favour the most abundant species depending on the geography and the state of stocks: Carrefour can
suspend the sale of vulnerable species as necessary and give preference to species whose stocks have been
assessed as being in good condition;
●
prioritise lower‑impact fishing techniques: this means that Carrefour can ban the sale of seafood caught
using certain fishing techniques;
●
contribute to the development of responsible aquaculture by selecting fish farms that apply best practices
and prioritising products that are certified as organic or carry the ASC responsible aquaculture label;
●
support local sustainable fishing through local partnerships;
●
highlight a broad range of responsibly sourced seafood products in‑store;
●
promote the combat against illegal fishing.
●
the Carrefour Quality Lines (CQL) which ensure selected supply chains that are traced back to the boat and/
or fish farm;
●
the Aquaculture Stewardship Council (ASC) label for responsible aquaculture, which ensures compliance
with good environmental practices and the monitoring of fish farmers' working conditions,
●
the Marine Stewardship Council (MSC) label for sustainable fishing, which guarantees healthy fish stocks,
minimised impacts on the marine environment and an effective management system;
●
the organic farming label, which distinguishes products from more environmentally friendly farms;
●
fishing techniques that limit the by‑catch of other species (such as dolphins or turtles), such as pole and line
fishing and fishing without Fish Aggregating Devices (FADs).
●
reduction of in‑store markdowns: to reduce shrink loss in stores, solutions are being implemented to
improve inventory and order management, to promote short shelf life and sell products beyond their
best‑before date, and to promote damaged products;
●
innovation with the Group’s suppliers to reduce unsold food: in particular thanks to the joint work of
Carrefour and its suppliers to extend or eliminate use‑by dates;
●
recovery of food waste: when unsold food cannot be avoided, the Group rolls out solutions to recover it,
such as optimising donations to charities or recovering biowaste;
●
recovery of non‑food waste: in collaboration with its suppliers, Carrefour works to cut down the production
of waste packaging and point‑of‑sale advertising materials at each store. The Group promotes sorting and
recovery through innovative solutions such as joint collection rounds from different sorting systems, the
reduction of excess packaging through reuse, the pooling of new recycling and reuse streams, and the
digitalisation of customer communications.
●
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Deforestation and
contribution to
land‑use change
Carrefour has identified several key raw materials used in its supplies, whose production can have significant
impacts on biodiversity. These raw materials – wood, paper, soy, beef, palm oil and cocoa – have been
classified by the Group as sensitive and are therefore examined attentively. In order to reduce the risks and
impacts on forests associated with production of these raw materials, the Group:
Carrefour has taken specific actions, detailed below, to address the risks linked to the sensitive raw materials
identified.
ensures that the production of each sensitive raw material and ingredient used in Carrefour products does
not contribute to deforestation, by applying traceability systems and strict production criteria;
●
provides leadership within its industry to transform practices collaboratively and create new standards;
●
finances on‑the‑ground projects to directly support changes in farming practices;
●
assesses the policies of suppliers and key traders within Carrefour's supply chains;
●
makes sure that the Group communicates transparently about its progress and challenges;
●
promptly deals with alerts from the Group's stakeholders in order to secure its processes.
●
Palm oil: Carrefour has put in place a policy of gradually replacing palm oil in its own‑brand products.
Roundtable on Sustainable Palm Oil (RSPO) certification is applied as a minimum standard for the palm oil
contained in Carrefour‑brand products. Carrefour also endeavours to ensure that it sources from suppliers
capable of providing physically traceable and sustainable palm oil.
●
Wood and paper: the Group uses risk analysis tools to assess suppliers' wood supplies according to the
following criteria:
●
volume: product categories consuming the highest wood equivalent tonnages,
●
species: the type of wood used, to make sure that there is no use of species at high risk or species
prohibited by our Charter,
●
origin: level of risk associated with the wood's country or region of origin.
●
Based on the findings, Carrefour guides its suppliers to help them set up audit and certification measures or
opt for supplies from a different region. Carrefour uses several certifications to ensure that its supplies
comply with its policy and to promote sustainable forest management: FSC 100%, Mixed or Recycled
certification for the highest‑risk areas, and PEFC certification for the lowest‑risk areas. Carrefour also uses
the European Ecolabel to ensure best practices during product manufacture.
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Deforestation and
contribution to
land‑use change
To make sure that the charter is effectively implemented, the Group uses various tools such as certifications,
robust voluntary programmes put in place by suppliers, and the results of trader assessments conducted
through the Retailer Cocoa Collaboration. For example, the Carrefour group is a founding partner of the
CEMOI Transparence Cacao programme, now used in the production of 27 Carrefour‑brand chocolate bars,
including eight organic bars. The programme helps fight deforestation while improving the living and working
conditions of cocoa farmers. The cocoa paste obtained from beans grown in this way ensures complete
traceability from planter to consumer.
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.
Soy: in order to gain greater visibility of the provenance of the soy used within its supply chain, Carrefour
has carried out surveys with its direct suppliers to obtain more precise information about the sources of
integrated soy and determine the proportion of traceable soy not linked to deforestation. Carrefour has also
distributed to its suppliers a list of soy importers ranked based on an assessment of their anti‑deforestation
policy. To carry out this assessment, Carrefour developed its own system for evaluating key traders using the
following multi‑criteria methodology:
●
the French “Soy Manifesto” – a joint undertaking by stakeholders to ensure that imported soy is linked
neither to deforestation nor to the conversion of natural ecosystems,
●
the French National Strategy Against Imported Deforestation (SNDI),
●
a consultation with the anti‑deforestation committee in Brazil,
●
the Soy Transparency Coalition,
●
the Global Canopy’s Forest 500.
●
Lastly, Carrefour uses certification (RTRS, Proterra) and traceability (guarantee of risk‑free origin) to ensure
that the production of soy used for its own‑brand products is not linked to deforestation.
Beef in Brazil: Carrefour has set up a specific governance system relating to Brazilian beef. A High‑Level
Forest Committee – which includes independent specialists – was created in 2022. This committee met
twice in 2024 to discuss geo‑monitoring, establish a methodology for achieving the Group’s goal of only
sourcing beef from zero‑deforestation risk areas, and review various local anti‑deforestation projects. An
ambitious action plan has also been deployed for Brazilian beef based on the following:
●
pre‑approval of suppliers: Carrefour Brazil has introduced a pre‑approval process for its beef suppliers
which includes various rules that suppliers are required to comply with. If they do not comply, penalties
may be applied or the Group may stop using them as a supplier, depending on the seriousness of the
non‑compliance,
●
geo‑monitoring of farms supplying Carrefour's abattoir suppliers in Brazil: Carrefour has set up a farm
assessment process based on social and environmental criteria approved by the Public Ministry of Brazil.
The farms that supply the abattoirs which supply Carrefour are reassessed every week using a geospatial
analysis carried out by a specialist independent party, with a compliance check to ensure that the
applicable standards are being respected. This system means that compliance risks can be checked by
cross‑referencing farm location data with an analysis of public data. If there is a suspected case of
non‑compliance, the Group temporarily suspends the supplies until documentation proving compliance is
submitted. If the documentation is not accepted or not submitted, the supplies are permanently stopped.
Farms whose compliance documents are accepted are reinstated as suppliers,
●
checking Carrefour’s supplies from abattoirs during the period when the monitoring programme was
being trialled: Carrefour has launched a programme to check past supplies, over given periods of time,
which took place before the Group's monitoring tools were strengthened.
●
Cacao: Carrefour has drawn up a “Cocoa Commitment Charter” to help its suppliers source sustainable
cocoa. This charter contains requirements related to:
●
tackling deforestation,
●
combating child labour,
●
compensating growers more fairly,
●
traceability and transparency.
●
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Microplastic
emissions
Carrefour has conducted an 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 shows that 90% of the plastic manufactured and then used for the Group’s activities are
associated with the products sold, and that 80% of this plastic come from packaging.
This is why Carrefour has drawn up a specific action plan for plastic packaging which focuses on the
following areas:
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 ÉcoWatt Charter,
which offers actionable ways to lower electricity use during peak demand.
Renewable electricity: Carrefour continues to increase the pace of the implementation of green energy
contracts across all of its geographies. In September 2024, it signed two long‑term renewable electricity
supply contracts with VSB in France. Under these contracts, five wind and solar farms will generate 44 GWh
per year as from 2025. They round out the contracts and agreements previously put in place, namely (i) four
Physical Power Purchase Agreements in France for wind and solar farms that will produce 100 GWh per year
from 2024, (ii) a contract in Spain for the production of 187 GWh per year as from 2026, and (iii) a contract in
Italy for a solar farm that will produce 76 GWh per year from 2026.
The Group has also signed an agreement with Green Yellow to build solar‑power canopies in the car parks of
350 Carrefour France hypermarkets and supermarkets by 2027. Under this programme, almost 450 GWh of
clean, local energy will be produced per year.
reducing plastic packaging: the Group is reducing plastic packaging in every store. Various 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;
●
using more recycled materials and improving the collection of data on packaging in collaboration with
suppliers: Carrefour is developing tools to report on the recyclability of its packaging.
●
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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 help to offset the impact of lower productivity on their income.
These contracts are offered in France and Romania in particular. In 2024, Carrefour partnered with 6,947
organic producers (up 39% vs. 2023).
Promoting agroecology via Carrefour Quality Lines: the Carrefour Quality Lines represent a unique tool for
Carrefour to develop agroecological practices. 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 sectors guarantee a product “fed GMO‑free”, “raised without
antibiotics” or “grown without chemical treatment”. In 2024, 34.4% of Carrefour Quality Lines were
agroecological (up 6 points vs. 2023). 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 2024, 16,608 producers around the world partnered with Carrefour Quality Lines.
Biodiversity impact of Carrefour sites: the sustainable construction policy is implemented via the “BREEAM
New Construction” certification process. Its aim is to design and construct buildings in a manner that is
respectful of 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 installations designed to prevent
environmental risks and odours. The Group continuously monitors the regulatory compliance of its
installations. This compliance monitoring covers the operation of vapour recovery systems, tank wall leak
detection systems and fuel input/output reports, which are all used to control leakage and odour risks at
service stations. 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:
In addition, Carrefour has chosen to apply the SBTN methodology to measure and locate the impact that its
sites have on biodiversity (head offices, stores and warehouses). Following the site analysis in France,
Carrefour drew up a list of priority stores that exert greater pressure on land and freshwater ecosystems. This
analysis is currently being rolled out Group‑wide.
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.
●
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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 New 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.
Human rights
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 rules stipulate:
The commitment of suppliers of Carrefour‑brand products to human rights is reflected first and foremost
through their signature of the Ethical Standards for Suppliers 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 Code of Ethics, which provides a
set of guidelines for fair and transparent business practices, and shares these principles of action with
suppliers. It also stipulates that suppliers must agree to comply with the Group's requirements related to
human rights, ethical conduct and the environment. These requirements are set out in five different chapters
(respect for human rights and working conditions; ethical and responsible business conduct; respect for the
environment; whistleblowing and protection of whistleblowers; and access to information and controls).
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. 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.
that suppliers must sign an Ethical Standards Charter (described below);
●
the compliance process and rules for social audits of sectors at risk (see Section 2.2.4, Assessment measures
– 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 and sensitive raw materials into compliance with specific
purchasing rules.
●
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Inadequate working
conditions
Forced labour
Illegal work
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 chain 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:
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:
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 checks of these suppliers’ warehouses and spinning mills to
verify the suppliers’ disclosures and carry out follow‑up monitoring procedures. 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:
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. Moreover, spinning mills are particularly
concerned by the problem and 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.
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.
●
supporting documents for the transaction;
●
contracts;
●
certificates of origin to prove that the origin of the cotton is not prohibited.
●
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 facility 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.
●
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Inadequate working
conditions
Human rights violations associated with banana production:
Bananas are the most popular fruit sold in stores. 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 production chains, one organic and one agroecological.
They 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: Carrefour conducts compliance audits of its direct
suppliers located in at‑risk areas and expects them to require the same level of compliance from their own
suppliers. These audits are performed in accordance with strict standards (ICS, BSCI and SA8000) and serve as
assurance that the main standards related to human rights and workers' rights are being respected. Among the
issues checked are that there is no forced labour, child labour or any form of harassment or discrimination,
and that employees have decent working hours.
Carrefour is working on identifying human‑rights sensitive sectors by country and region that require risk
reduction measures. Against this backdrop, Carrefour has identified certain phases in the production of
seafood products, upstream of its suppliers, as being more sensitive in terms of human rights. In this case,
Carrefour introduces specific audits or measures to mitigate these risks, in particular:
In order to combat illegal practices and ensure better traceability, thus helping to prevent the risk of human
rights violations, Carrefour is gradually implementing the following measures for its own‑brand canned tuna:
To combat slavery, the Group prohibits transshipment. These criteria require boats to disembark regularly at
the port for registration/port control.
Failure to pay
adequate wages
In relation to adequate wages, Carrefour’s purchasing rules include audits on compliance with the minimum
wage, legal overtime pay requirements and freedom of association. 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 one of the following three categories: “compensation, benefits and
conditions”, “health and safety” and “working hours”.
In 2023, the Group launched an adequate wage survey among its employees across the three integrated
countries.
audits for prawn processing in certain countries;
●
a ban on pre‑processing tuna into loins before canning, and on at‑sea transhipment (European central
purchasing centre);
●
a ban on the supply of canned tuna from vessels flying the flag of a country that has received a “yellow card”
from the European Union.
●
prohibit the use of vessels on the IUU (Illegal, Unreported, Unregulated) fishing blacklists, suspected of illegal
activities, or flying the flag of a country subject to a yellow card from the European Union;
●
require the use of vessels registered and authorised by fisheries management organisations (RFMOs);
●
require that purse seiners have an IMO or UVI registration number from the competent authorities;
●
require adherence to the ISSF PVR programme, where possible; prohibit transhipment, unless it is supervised
according to ISSF criteria;
●
require extensive traceability right down to the fishing vessel; Carrefour ensures extensive traceability right
down to the fishing vessel in the specifications of its European purchasing centre. The complete list of
vessels authorised to supply the Group is included in the specifications of each supplier. The Group thus
verifies that the vessels are registered in the ISSF's PVR programme (ProActive Vessel Register of the
International Seafood Sustainability Foundation) and that they are not on the blacklists of IUU (Illegal,
Unreported, Unregulated) fishing, suspected of illegal activities or flying the flag of a country subject to an
EU yellow card.
●
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Specifific rights of
indigenous peoples
The Carrefour group has implemented various prevention and risk mitigation measures to prevent violations of
the specific rights of indigenous communities. These include:
the roll‑out of certifications: depending on the Group's sensitive raw materials, certifications are rolled out to
ensure that the human, civil, political and economic rights of affected communities are respected (FSC,
RainForest Alliance, RSPO, ASC, GOTS);
●
support for indigenous and native communities through business partnerships: as part of the investment
fund dedicated to combating deforestation in Brazil, a number of projects have been supported to protect
indigenous populations:
●
Floresta Faz Bem: an exclusive nationwide initiative to encourage the sale of products made by indigenous
people and traditional communities,
●
Selo Origens: this joint initiative of Imaflora and ISA promotes ethical and sustainable trade in the Amazon
by bringing together companies, producers and indigenous peoples;
●
funding for conservation projects involving indigenous and native populations: in 2024, an investment of
R$3 million was made for projects focusing on traditional communities. This investment will impact more
than 600,000 hectares and is expected to benefit more than 6,500 people;
●
projects promoting inclusion, community development and the fight against racism towards indigenous
populations: Carrefour and non‑profit organisation Koinonia have launched a project to promote the
socio‑economic empowerment of Quilomba communities by supporting agricultural and artisanal
production and their small businesses. This project supports 20 Quilombola communities.
●
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RISK
PREVENTION AND MITIGATION MEASURES IN PLACE
Unequal treatment
and discrimination
Carrefour aims to strengthen its inclusive culture day by day, and sees diversity as a performance driver. The
Group is strongly committed to combating all forms of discrimination and harassment. In 2023, Carrefour
conducted a pilot study in France involving all its employees. The study consisted of an anonymous and
voluntary survey to help us to gain a better understanding of the diversity of the teams' backgrounds. The
survey revealed a very broadly positive perception of diversity of origin within the Group, based on the 20,000
responses received. Following this study, Carrefour launched an action plan based on four pillars:
Inclusion and diversity in Brazil: the Group worked intensively in 2024 to ensure that all interactions take
place in a safe environment, free from prejudice and racism. This is an ongoing process that involves profound
changes in the Company’s ecosystem. It represents a profound cultural and institutional transformation and is
based on four pillars:
provide training on non‑discrimination and the fight against unconscious bias;
●
build a community of role models;
●
hire more people from diverse backgrounds;
●
promote more employees from diverse backgrounds.
●
inclusive education: through training programmes that invest in capacity building and the creation of a
culture of inclusion and active non‑discrimination. This training is mandatory for 100% of employees;
●
humanised safety policies and consequences: acting with the necessary rigour to ensure that no fault goes
unpunished. The Code of Ethics, the Code of Conduct, Diversity and Human Rights policies and Zero
Tolerance policies on racism and discrimination have been put in place to strengthen Carrefour Brazil’s
position with regard to racism, ill‑treatment or any form of physical or moral violence;
●
transparency: by assuming its responsibilities and maintaining dialogue with society. A specific mechanism
for reporting cases of prejudice and discrimination has been put in place, including the possibility of audits
and internal controls;
●
and positive action: promotion of racial equity inside and outside the Company to create a racism‑free and
more equitable environment. A Committee for Racial Equity has been created to guide strategies to combat
discrimination and racism and to support racial and social equality causes.
●
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PREVENTION AND MITIGATION MEASURES IN PLACE
Health and safety
Occupational
health and safety
violations
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:
Prevention of workplace accidents and occupational illnesses: compliance with existing regulations,
anticipation of changes in regulatory requirements, implementation of strict procedures, roll‑out of preventive
training in subjects such as in‑store safety and in movements and posture, awareness campaigns, etc. 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 toll‑free access to a support line.
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. The required rating is A or B (C, D and E ratings do not qualify). See Section 2.2.4
Risk 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.
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: to make sure that non‑compliant products cannot reach the
end consumer, for example, 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 quantity of products concerned follows within three working days of the
withdrawal order.
Monitoring plans for controlled products: controlled products are analysed for quality, performance and
compliance. Carrefour commissions independent laboratories 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 self‑monitoring, with the primary aim of regularly verifying the compliance of
Carrefour‑brand products with applicable laws and specific provisions integrated into the contracts 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.
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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:
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.
The ethics hotline, accessible to all employees, partners and
customers.
In accordance with (i) France's duty of care law, (ii) the “Sapin II”
French law on anti‑corruption compliance, as well as EU
Directive 2019/1937 on the protection of persons reporting
breaches of European Union law and its transposition into
national laws, Carrefour has set up whistleblowing and alert
facilities for reporting the existence, or materialisation of, ethics
risks. These facilities mean that any Group employee, supplier or
service provider, or any other third party, can confidentially
report situations or behaviour that violate the applicable laws and
regulations or breach Carrefour’s Code of Ethics. The
whistleblowing facility is therefore one of the tools promoted
under the agreement between Carrefour and UNI Global Union.
Confidentiality and anonymity are guaranteed at all stages of the
whistleblowing process. Carrefour has pledged not to take any
disciplinary action against any employee who, in good faith,
reports a breach of the Principles of Ethics. The system helps
Carrefour to prevent serious breaches of its Code of Ethics and
to take the necessary corrective measures when a breach does
take place.
All alerts identified by the Ethics and Compliance departments
are processed and investigated, provided that a sufficient amount
of information is available. The country/business line 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 Ethics and Compliance departments and alerts related to
employee health and safety or discrimination are handled by the
Human Resources departments. The handling of serious alerts is
overseen by country‑level ethics committees or the Group Ethics
Committee.
http://ethics.carrefour.com/
trade union dialogue;
■
the ethics hotline, accessible to all employees, partners and
customers;
■
stakeholder dialogue and publications mentioning Carrefour;
■
alerts identified by the media.
■
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Country
Phone hotline 1
Phone hotline 2
Argentina
0 800 444 4744
Belgium
0 800 100 10
0 800 127 21
855 409 0182
Brazil
0 800 892 0708
China
400 601 365 2
France
0 800 90 85 62
Italy
800 78 32 10
Netherlands
0 800 022 27 09
Poland
00 800 151 0163
Romania
800 400 836
Spain
900 814 793
Cambodia
1 800 209 354
Hong Kong
800 96 1764
India
000 117
855 409 0182
Turkey
0 811 288 0001
855 409 0182
Vietnam
1 228 0288 or 1 201
0288
855 409 0182
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. The Group Ethics &
Compliance department and the Group Security department
are notified of all alerts.
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 that whistleblowing alerts are handled effectively and
comprehensively and that remedial measures are put in place
when necessary.
A designated officer is assigned to each alert. The officer's role
is to:
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
engagement,
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).
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;
■
make sure the information gathered remains confidential
throughout the report processing;
■
ensure and guarantee the anonymity of the whistleblower if
they wish to remain anonymous;
■
liaise, where necessary, with the relevant Ethics &
Compliance Committee or, in the case of human resources
issues (harassment, discrimination, health and safety, etc.),
with the relevant internal bodies;
■
be the contact person for the person reporting the incident.
■
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2.2.6.2 Types of alerts
Alerts reported through the ethics hotline. In 2024, 8,594 alerts were received, of which the majority were reported through local
ethics hotlines and the remainder via line management channels, e‑mail or post.
Alerts by category in 2023
Percentage of alerts
received
Human resources (other than discrimination and harassment)
59.16%
Other
7.57%
Theft, fraud and misappropriation of funds
17.33%
Discrimination or harassment
11.98%
Corruption and conflict of interest
1.25%
Health and safety
2.23%
Antitrust and unfair trade practices
0.19%
Environmental issues
0.29%
TOTAL
100%
Alerts notified through stakeholder engagement, publications
mentioning the Carrefour group and alerts handled by the Food
Transition Committee. In 2024, more than 30 alerts on various
matters related to products sold or supply chains were handled
by the committee on Purchasing Rules for the Food Transition.
FIGURE 9: BREAKDOWN BY CATEGORY OF ALERTS HANDLED BY THE COMMITTEE ON PURCHASING RULES FOR THE FOOD
TRANSITION
Climate
Deforestation
Plastic pollution
Inadequate
working conditions
35%
Fishing
15%
25%
10%
5%
Animal welfare
10%
In 2024, the main alert categories handled by the Committee on Purchasing Rules for the Food Transition concerned deforestation,
inadequate working conditions, animal welfare and consumption of marine resources.
(1)
(2)
Do not represent breaches of the Group’s Code of Ethics.
(1)
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.
(2)
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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 metrics in place on human health and safety, human rights and the environment. Collected using
the Group’s reporting tools, audits and other mechanisms, these metrics are used to evaluate the relevance and
effectiveness of company measures.
See Section 2.2.5.2 Prevention and mitigation measures in place.
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2.2.8
REPORT ON THE 2024 DUTY OF CARE PLAN
2.2.8.1 Effectiveness of the measures put in place
RISK
HR METRICS
Risks of environmental damage
Contribution to climate change
(upstream)
Number of suppliers committed to the Food Transition Pact:
2024: 393
2023: 306
Change: +28%
Scope: Group
Number of Top 100 suppliers certified 1.5°C by SBTi:
2024: 53%
2023: 44%
Change: +9 points
Scope: Group
Number of suppliers involved in the 20 Megatonnes project:
2024: 93
2023: 78
Change: +19%
Scope: Group
Number of partner products:
2024: 52,024
2023: 46,013
Change: +13%
Scope: Group
Consumption and degradation
of marine resources (upstream)
Percentage of controlled and national‑brand products from suppliers engaged in sustainable
practices:
2024: 35.2%
2023: 57.1%
Change: -21.8 points
Scope: Excluding AR. national brand.
Percentage of sales of controlled fishery and aquaculture products produced using sustainable
practices
:
2024: 49.7%
2023: 60.9%
Change: -11.3 points
Scope: Group
(1)
The percentage of sales of seafood products is falling. Carrefour extended its reporting scope in 2024 to include Spain and the Atacadao and Sam's
entities in Brazil, where the proportion of responsibly sourced seafood products is below expectations in a less mature market.
(1)
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RISK
HR METRICS
Waste and poor waste
management (upstream)
Percentage of food waste avoided in stores compared to 2016:
2024: -49.7%
2023: -33.8%
Change: -15.9 points
Scope: Group
Number of meal equivalents of unsold products donated to food aid associations (in millions of
meals):
2024: 61
2023: 48.7
Change: +25%
Number of Too Good To Go food bags sold (in millions):
2024: 3,558
2023: 3,904
Change -9%
Scope: France, Belgium, Spain, Italy, Poland
Proportion of hypermarket and supermarket waste recovered:
2024: 73%
2023: 70%
Change: +3 points
Scope: Group
Number of stores offering the Loop service:
2024: 204
2023: 130
Change: +57%
Scope: France
Percentage of Carrefour‑brand packaging that is reusable, recyclable or compostable:
2024: 56%
2023: 69%
Change: -13 points
Scope: Group
Percentage of food waste avoided in stores compared to 2016:
2024: -49.7%
2023: -33.8%
Change: -15.9 points
Scope: Group
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RISK
HR METRICS
Deforestation
Palm oil:
Percentage of palm oil used in Carrefour‑brand products that is fully traced (RSPO Segregated
certified):
2024: 95.1%
2023: 95.3%
Change: -0.2 points
Scope: 98% excluding MDC Light BR
Percentage of palm oil used in Carrefour‑brand products certified RSPO or equivalent:
2024: 100%
2023: 100%
Change:
Scope: 98% excluding MDC Light BR
Wood and paper:
Percentage of Carrefour own‑brand products in ten priority categories sourced from sustainable
forests:
2024: 98%
2023: 96.3%
Change: +1.7 points
Scope: 100%
Soy:
Percentage of Carrefour Quality Lines and other key Carrefour‑brand products that use
zero‑deforestation soy as animal feed:
2024: 27.9%
2023: 21.7%
Change: +6.1 points
Scope: 93% Excluding BR C, Sam’s
Brazilian beef:
Percentage of Brazilian beef suppliers that are geo‑monitored and comply with the Group’s
forest policy or are committed to an ambitious policy to combat deforestation:
2024: 100%
2023: 100%
Change:
Scope: Brazil
Cocoa:
Percentage of Carrefour‑brand chocolate bars that comply with the Group’s sustainable cocoa
policy:
2024: 33.2%
2023: 31.6%
Change: +1.6 points
Scope: Group
Textiles:
Percentage of natural raw materials for textiles that comply with our responsible TEX policy:
2024: 75.5%
2023: 52.3%
Change: +23.3 points
Scope: Group
Percentage of TEX products made with organic cotton:
2024: 36.2%
2023: 20.6%
Change: +16%
Scope: Group
Percentage of wood‑based fibres in the Group's TEX products that are deforestation‑free:
2024: 97%
2023: 96.3%
Change: +0.7 points
Scope: Group
Percentage of wool in our TEX products that guarantees sheep welfare and protects soils and
ecosystems:
2024: 61.8%
2023: 58.7%
Change: +3.1 points
Scope: Group
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RISK
HR METRICS
Microplastic emissions
(upstream)
Percentage of Carrefour‑brand packaging made with recycled plastic:
2024: 16.4%
2023: 8.6%
Change: +7.6%
Scope: Group excluding AR
Consumption of energy
resources
Number of hypermarkets equipped with photovoltaic systems:
2024: 211
2023: 137
Change: +54%
Scope: FR, ES, BR, IT, PL, BE
Number of PPAs signed:
2024: 9
2023: 4
Change: +125%
Scope: Group
Emissions of pollutants
impacting living organisms and
food resources
Number of suppliers committed to the Food Transition Pact:
2024:393
2023: 306
Change: +28%
Scope: Group
Number of organic farming producers (supported through sector‑based contractual
arrangements):
2024: 6,947
2023: 4,997
Change: +39%
Scope: Group
Water consumption
Amount of water consumed (in millions of cu.m.):
2024: 10.9
2023: 8.2
Change: +43%
Scope: 93% AR excluding C&C, BR
Risk of human rights violations
Forced labour
Illegal work
Inadequate working conditions
Percentage of audits with alerts (potential production sites):
2024: 16%
2023: 19%
Change: -3 points
Scope: Global Sourcing
2024: 26%
2023: 23%
Change: +3%
Scope: Global Sourcing
Number of social audits (active and potential production sites):
2024: 1,187
2023: 1,161
Change: +2%
Scope: Global Sourcing
Number of plants screened with Sentinel:
2024: 9,000
2023: 4,000
Change: +125%
Scope: India, Bangladesh
Number of sites screened using the Sentinel tool:
2024: 51
2023: 78
Change -35%
Scope: Global Sourcing
Of which alerts related to working hours:
■
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RISK
HR METRICS
Failure to pay adequate wages
Percentage of audits with alerts (potential production sites):
2024: 16%
2023: 19%
Change: -3 points
Scope: Global Sourcing
2024: 21%
2023: 21%
Change: -
Scope: Global Sourcing
Unequal treatment and
discrimination
Percentage of women among Executive Directors (top 200):
2024: 28%
2023: 28.8%
Change: -0.8 points
Scope: Group
Percentage of women on the Board of Directors:
2024: 46%
2023: 46%
Change:
Scope: Group
Percentage of employees recognised as having a disability:
2024: 4.4%
2023: 4.3%
Change: +0.1 points
Scope: Group
Specifific rights of indigenous
peoples
Sales of fair trade products:
Number of fair trade products:
2024: 127
2023: 123
Change: +3%
Scope: Group
Risks to the health and safety of people
Occupational health and safety
violations
Workplace accident frequency rate (number of accidents/millions of hours worked):
2024: 16.5%
2023: 31.4%
Change: -14.9 points
Scope: Group
Number of fatalities as a result of work‑related injuries and work‑related illness:
2024: 5
2023: 1
Change: +400%
Scope: Group
Percentage of audits with alerts (potential production sites):
2024: 16%
2023: 19%
Change: -3 points
Scope: Global Sourcing
2024: 35%
2023: 41%
Change: -6 points
Scope: Global Sourcing
Number of social audits (active and potential production sites):
2024: 1,187
2023: 1,161
Change: +2%
Scope: Global Sourcing
Of which alerts related to compensation, working conditions and benefits:
■
Of which alerts related to health and safety:
■
1
4
7
2
5
8
3
6
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2.2.8.2 Main measures implemented in 2024
TYPES OF RISKS
MEASURES IMPLEMENTED IN 2024
Risks of environmental damage
Upstream greenhouse gas
emissions
In 2024, Carrefour signed a partnership agreement with the French non‑profit organisation, Pour une
Agriculture Du Vivant (PADV), to take part in a project to study the financial mechanisms for
decarbonising agricultural production of five raw materials in France. The aim of the project is to
develop a new model for commercial relations between the various players in the chain in order to
factor in the financial impacts of introducing regenerative farming practices. The project
encompasses technical and financial support for farmers as well as contractual commitments.
In order to step up its efforts to decarbonise its value chain, Carrefour has joined forces with ADEME
to encourage its smallest suppliers in France to put in place a climate policy based on the ACT
methodology. Under this partnership, 150 SME suppliers will be able to receive financial support from
ADEME for their climate strategy.
Consumption of marine
resources
In July 2024, Carrefour joined the Global Tuna Alliance (GTA) with a view to playing an active role in
improving the sustainability of tuna supply chains. Under this partnership, the Group is applying a
dual approach focused on improving the regulation and management of tuna fishing and ensuring
that best practices are applied on all of its suppliers’ ships.
Waste and poor waste
management
As part of its partnership with the Paris 2024 Olympic and Paralympic Games, Carrefour supported
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.
Deforestation and land‑use
change
In 2023 and 2024, Carrefour rolled out the Visipec tool to guarantee the traceability of indirect
meat‑packer suppliers in Brazil. This tool can be used to map supply chains and carry out
assessments in relation to deforestation, forced labour, protected areas and the involvement of
smallholders. The Visipec project led to the analysis of 2,701 direct farms and 14,036 indirect farms,
covering 117 municipalities in the state of Paré, and involving five abattoirs.
Also during 2024, a specific methodology was introduced for all brands (own brands and national
brands) to identify areas that are at risk of deforestation. This methodology consists of four stages:
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
On July 15, 2024, the Group signed a partnership agreement with GreenYellow for the installation
and operation of canopies fitted with solar panels in almost 350 of its car parks in France. These
panels will generate around 450 GWh of electricity annually over a period of three years, i.e., almost
half of the 1 TWh target set in the Carrefour 2026 strategic plan. Also in 2024, the Group signed a
major new Power Purchase Agreement in Spain. Scheduled to start up in 2026, this PPA will cover
almost 30% of Carrefour's Spanish electricity consumption through solar and wind power.
Emissions of pollutants
impacting living organisms and
food resources
For the first year, Carrefour Global Sourcing evaluated its suppliers via the Higg platform, which
integrates the management of chemicals, water and CO emissions.
Water consumption
Carrefour Spain, one of the Group’s countries identified as being the most sensitive to water stress,
has implemented a pilot action plan to support Carrefour in a more comprehensive approach to
water issues. The action plan includes the mapping of CQL supplier risks, training for all
Carrefour‑brand suppliers and the drafting of best practices to achieve water savings.
Stage 1: A list was drawn up of the Brazilian municipalities considered to be at the greatest risk of
deforestation.
■
Stage 2: The results of the analysis of the abattoirs that supply beef to the Carrefour group were
incorporated (with geo‑location of the abattoirs themselves and of their supplier farms).
■
Stage 3: These "areas of influence" were then cross‑referenced with the mapping of municipalities
at risk of deforestation, the location of indigenous lands and protected areas.
■
Stage 4: Priority areas were identified by cross‑referencing the size of the supply volumes of each
abattoir, the number of farms supplying them and the percentage of farms located in the
above‑described at‑risk areas. It is these priority areas on which the Group is focusing in terms of
full traceability, both for its own brands and its national brands.
■
2
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TYPES OF RISKS
MEASURES IMPLEMENTED IN 2024
Risk of human rights violations
Inadequate working conditions
Forced labour
Illegal work
Failure to pay adequate wages
In 2024, the Group updated its Ethical Standards for Suppliers Charter, which now applies to
suppliers of both Carrefour brands and national brands. This charter draws on the following
reference framework:
Chapter 1 of the Charter covers human rights and working conditions and therefore addresses the
issues of forced labour, human trafficking and adequate wages.
Specifific rights of indigenous
peoples
In Brazil, Carrefour supports a project run by Imaflora aimed at helping the indigenous peoples of the
Amazon region by putting in place systems to promote and market their products. The initiatives
launched under this project include drawing up the underlying rules of these systems, paying
community organisations directly, raising funds from other financial sponsors, and drafting reports
on the progress made and results achieved.
Another project the Group is taking part in for indigenous peoples is Floresta faz Bem in Brazil. The
aim of this project is to enable products made by indigenous peoples to be sold in Carrefour Brazil
stores, with dedicated communication channels and in‑store promotion.
Unequal treatment and
discrimination
As mentioned above, the Group’s Ethics Charter addresses the issues of discrimination, harassment
and abuse.
Risks to the health and safety of people
Occupational health and safety
violations
The aforementioned Supplier Ethics Charter also requires suppliers to respect the health and safety
of their workers.
2.2.8.3 Review of alerts received in 2024
RISKS COVERED
MANIFESTATION
OF RISK OR ALERTS
IDENTIFIED IN 2024
DATE
ADDITIONAL MEASURES IN 2024 AND DEVELOPMENT OF
EXISTING ACTION PLANS
Greenhouse gas
emissions
Global warming
September 2024
In September 2024, Carrefour was questioned by the French
environmental non‑profit organisation, Notre Affaire à Tous, about
"our legal obligations with regard to the climate". Carrefour
responded by reaffirming the importance it places on combating
global warming and reducing its GHG emissions. The Group has
been taking various actions for several years now to prevent and
mitigate its GHG emissions. Examples include:
Carrefour considers that the above actions correspond to due
diligence measures that enable it to meet its obligations under
France’s duty of care law.
the Universal Declaration of Human Rights;
■
the United Nations Guiding Principles on Business and Human Rights;
■
the fundamental conventions of the International Labour Organization (ILO); and
■
the OECD Guidelines for Multinational Enterprises.
■
reducing
the
use
of
refrigerants
and
lowering
energy
consumption in stores;
■
obtaining commitments from own‑brand and national brand
suppliers to reduce their GHG emissions;
■
developing responsible sourcing to reduce the climate impact of
its own‑brand products;
■
accelerating the development of plant‑based foods;
■
rolling out electric‑vehicle recharging infrastructure.
■
1
4
7
2
5
8
3
6
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RISKS COVERED
MANIFESTATION
OF RISK OR ALERTS
IDENTIFIED IN 2024
DATE
ADDITIONAL MEASURES IN 2024 AND DEVELOPMENT OF
EXISTING ACTION PLANS
Deforestation
Specific rights of
indigenous peoples
October 2024
Carrefour was queried in October 2024 over the due diligence
procedures carried out in the State of Mato Grosso in Brazil,
particularly concerning indigenous peoples. The Group pointed
out that all of its suppliers are checked against the forced labour
blacklist issued by the Brazilian federal government's labour
ministry, and checks are also carried out into whether they have
ever been issued with any sanctions. Meat‑producing farms that
straddle indigenous lands or conservation areas or which are
involved in deforestation cannot be included in Carrefour's supply
chain. The Group is a member of coalitions and working groups
with a view to engaging its entire supply chain and external
stakeholders in preventing conversion of natural ecosystems and
protecting indigenous peoples (Sustainable Beef Roundtable, Beef
on Track Protocol, Inpacto, etc.).
Deforestation
Deforestation
related to soy
production in Brazil
September 2024
The NGO Earthsight accused Carrefour of working with soy
suppliers in Brazil that are involved in deforestation. Carrefour
immediately launched an investigation, in accordance with its due
diligence process. The measures that we will take will depend on
the outcome of the investigation, which is still ongoing. However,
at the time of the accusation Carrefour:
Consumption of
marine resources
Formal notice
served on Carrefour
by the Bloom NGO
regarding its tuna
supplies
April 2024
Carrefour was given formal notice on two occasions by NGOs, first
by Bloom and then by Bloom and Foodwatch, about the risks
associated with its tuna supplies. Carrefour responded to these
two formal notices and put in place an action plan to address the
main points raised. In particular, it has:
reaffirmed its commitment to combating deforestation in its
supply chain, focusing on the main sensitive raw materials,
including soy. As part of this commitment, 21% of the soy used
in animal feed for the Group's own‑brand products in 2024 was
guaranteed as being zero‑deforestation soy;
■
stated that it assesses the policies of the main traders in its
supply chain and encourages its suppliers to prioritise those
whose practices are most in line with the Group's policies and
objectives.
■
updated its risk‑mapping process for the Duty of Care Plan;
■
conducted
a
stakeholder
consultation
with
a
view
to
continuously improving its Duty of Care Plan;
■
increased the transparency of its tuna sourcing policy by
specifically publishing the policies it has put in place in relation
to this species and the results achieved;
■
improved the sustainability of private label offer stocks
depending on the state of the species and the fishing areas and
techniques used;
■
amended its Ethics Charter in order for it to apply to both
national‑brand and own‑brand suppliers in the same way;
■
published a specific report dedicated to sustainable fishing, to
include as much information as possible on the Group's tuna
supply chain.
■
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301
CORPORATE GOVERNANCE
Governance summary
302
Participants in the governance system
302
Recent changes in corporate governance
303
Carrefour governance – key figures
(December 31, 2024)
304
3.1
A balanced governance structure
305
3.1.1 Balance of powers
305
3.1.2 Balanced composition of the Board of
Directors
307
3.2
The Board of Directors
312
3.2.1 Composition of the Board of Directors
312
3.2.2 Operation of the Board of Directors
330
3.2.3 Board of Directors’ specialised
Committees
333
3.3
Group Executive Committee
341
3.3.1 Composition of the Group Executive
Committee
341
3.3.2 Balanced composition of the Group
Executive Committee
342
3.3.3 Biographies of the members of the Group
Executive Committee
343
3.4
Compensation and benefits granted
to Company Officers
347
3.4.1 Process for determining and
implementing compensation
policies for Company Officers
347
3.4.2 Directors’ compensation
347
3.4.3 Compensation of Executive Officers
349
3.4.4 Breakdown of compensation and benefits
granted to Executive Officers
358
3.5
“Comply or Explain” rule
of the AFEP‑MEDEF Code
359
3.6
Transactions in the Company’s shares
carried out by Company Officers
360
3.7
Related‑party agreements referred
to in Articles L. 225‑38 et seq. of the
French Commercial Code
361
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Governance summary
302
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
EXECUTIVE COMMITTEE
VICE-CHAIRMAN
LEAD DIRECTOR
* Committee chaired by an Independent Director
Governance Committee *
Compensation Committee *
Audit Committee *
Strategic Committee
CSR Committee *
BOARD OF DIRECTORS
AND ITS SPECIALISED
COMMITTEES
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
1
4
7
2
5
8
3
6
9
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Governance summary
303
Alexandre Bompard
Philippe Houzé
Chairman and Chief
Executive Officer
Eduardo
Rossi
Flavia
Buarque de Almeida
Cláudia Almeida e Silva *
Patricia
Moulin Lemoine
Stéphane
Courbit *
15 Directors
Stéphane Israël *
Frédéric Barrault
* Independent Director.
Vice-Chairman
Representing
employees
Lead Director
Aurore
Domont *
Marie-Laure
Sauty de Chalon *
Sylvie Dubois
Representing
employees
Charles
Edelstenne *
Marguerite
Bérard *
COMPOSITION OF THE BOARD OF DIRECTORS AT DECEMBER 31, 2024
Arthur Sadoun *
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 to ask the
Shareholders’ Meeting of May 24, 2024 for its approval, which
was given:
Lastly, Mathilde Lemoine’s term of office, which expired, was not
renewed.
In 2024, the composition of the committees changed as follows:
Lastly, Stéphane Israël resigned from his duties as Director as
from January 6, 2025.
On the recommendation of the Governance Committee, the
Board of Directors decided on February 19, 2025 to appoint
Marie‑Laure Sauty de Chalon, Independent Director, as Chair of
the Audit Committee and Independent Lead Director.
to renew the appointment of the following seven Directors:
Cláudia
Almeida
e
Silva,
Aurore
Domont,
Patricia Moulin‑Lemoine, Philippe Houzé, Stéphane Israël,
Stéphane Courbit and Arthur Sadoun; and
■
to ratify the appointment of Eduardo Rossi as Director; and
■
to appoint Marguerite Bérard as an Independent Director and
member of the Audit Committee.
■
Audit Committee: Stéphane Israël (Chairman, Independent
Lead Director), Cláudia Almeida e Silva (Independent Director),
Philippe Houzé, Marie‑Laure Sauty de Chalon (Independent
Director) and Marguerite Bérard (Independent Director);
■
Governance
Committee:
Charles
Edelstenne
(Chairman,
Independent
Director),
Flavia
Buarque
de
Almeida,
Philippe Houzé, Aurore Domont (Independent Director) and
Arthur Sadoun (Independent Director);
■
Compensation Committee: Stéphane Courbit (Chairman,
Independent Director), Stéphane Israël (Independent Lead
Director), Charles Edelstenne (Independent Director) and
Frédéric Barrault (Director representing employees);
■
CSR
Committee:
Aurore
Domont
(Chair,
Independent
Director), Patricia Moulin Lemoine, Cláudia Almeida e Silva
(Independent
Director)
and
Sylvie
Dubois
(Director
representing employees);
■
Strategic
Committee:
Alexandre
Bompard
(Chairman),
Flavia Buarque de Almeida, Philippe Houzé, Stéphane Courbit
(Independent Director) and Stéphane Israël (Independent Lead
Director).
■
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304
On the recommendation of the Governance Committee, the
Board of Directors decided on March 13, 2025 to change the
composition of its committees as follows:
At the same meeting, the Board of Directors also decided to ask
to the Shareholders’ Meeting of May 28, 2025 to reappoint
Flavia Buarque de Almeida, Eduardo Rossi and Charles Edelstenne
for three‑year terms.
In view of his tenure as a Board Member, and for this reason
alone, the Board of Directors decided that Charles Edelstenne no
longer qualifies, as of the next Shareholders' Meeting, as an
Independent Director within the meaning of the governance
rules set out in particular by the AFEP‑MEDEF code and the
French financial markets authority (AMF).
At the date of this Universal Registration Document, the Board of
Directors had 14 members including two Directors representing
employees.
CARREFOUR GOVERNANCE – KEY FIGURES (DECEMBER 31, 2024)
* In accordance with the AFEP-MEDEF Code and the law, Directors representing employees are not included in the calculation of the above percentages.
15
Directors including
2 representing employees
Attendance rate at
Board meetings
100%
Attendance rate at
Committee meetings
100%
5
specialised Committees
of which 4 are chaired
by Independent Directors
and 1 by a woman
46%
women*
7
Board meetings in 2024
Independence rate*
62%
Charles Edelstenne has left the Governance Committee and
joined the Strategic Committee;
■
Aurore Domont was appointed Chair of the Governance
Committee;
■
Claudia Almeida e Silva was appointed Chair of the CSR
Committee.
■
1
4
7
2
5
8
3
6
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A balanced governance structure
305
3.1
A balanced governance structure
3.1.1
BALANCE OF POWERS
3.1.1.1
The Board of Directors regularly reviews whether the Company
has a suitably balanced governance structure.
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
reiterated
its
confidence
in
Alexandre Bompard by renewing his appointment as Chairman
and Chief Executive Officer.
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
that
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:
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 2024, all the Board members appreciate
the quality of governance implemented and confirm the
relevance of the Executive Management structure which
promotes a close relationship based on trust between the
Chairman and Chief Executive Officer and the Directors. The
Board of Directors considered that the consolidation of the
duties of Chairman and Chief Executive Officer, at a time of
profound transformation for 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.
(1)
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,
Governance
Committee,
Compensation
Committee and CSR Committee;
■
the presence of an independent Lead Director with specific
responsibilities and duties that were extended in 2020
and 2021 (see Section 3.1.1.4 of this Universal Registration
Document);
■
the appointment, in 2020, of a Vice‑Chairman of the Board of
Directors, a position held by a Director representing an early
shareholder of the Company (see Section 3.1.1.3 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).
■
This section refers to GOV‑1: The role of the administrative, management and supervisory bodies.
(1)
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A balanced governance structure
306
3.1.1.2
3.1.1.3
3.1.1.4
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:
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 in the retail 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.
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.
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. This role is performed by an
Independent Director.
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
this
relates
to
operational
projects,
strategic
management or specific agreements. He reports to the Board of
Directors on his work.
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.
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 the Group’s strategy, in an amount exceeding
250 million euros per investment/divestment on behalf of the
Group;
■
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.
■
1
4
7
2
5
8
3
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2024 principal activities
In 2024, the Lead Director:
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
Code
(Code
de
commerce)
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.
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 2024, the Board of Directors considered that its composition
was appropriate based on the diversity criteria examined.
However, it pays close attention to any potential changes that
could be consistent with the Group’s development and
dynamism.
Results
Since 2017, the Board of Directors’ implementation of the policy
has resulted in the continuous renewal of its composition in
order to achieve equal representation, particularly in terms of
independence, gender, expertise, age and seniority of its
members.
At December 31, 2024, the Board of Directors had 13 members
(excluding Directors representing employees), six or 46% of
whom were women and 62% 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.
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.
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 self‑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;
and
■
attended meetings of the Audit, Compensation and Strategic
Committees.
■
3
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Criteria
Targets
Implementation and results obtained in 2024
Composition of the
Board of Directors
Gender equality on the Board of Directors
46%
women*
* In accordance with AFEP-MEDEF Code recommendations, the above
percentage does not include Directors representing employees.
Build up the necessary skills to implement
the Company’s strategic plan
13
9
Finance
0
13
10
Governance
0
13
7
CSR
0
13
Retail
0
13
8
Digital transformation
and innovation
0
13
International
0
13
High-level management experience
0
7
11
11
Appointment of two Directors representing
employees
Designated by the
Group Committee
for France
Designated by
the European Works
Council
2
Directors representing employees
1
4
7
2
5
8
3
6
9
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309
Criteria
Targets
Implementation and results obtained in 2024
Directors’
independence
50% of Independent Directors,
in compliance with the AFEP‑MEDEF
Code for widely‑held corporations without
controlling shareholders
62%
Independent
Directors
38%
Non-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
Average age
60 years
40 - 50
50 - 60
60 - 75
1
10
3
1
>75
2020
58 years
2021
60 years
2022
61 years
2023
62 years
2024
60 years
Average tenure of
Board members
Average tenure
5.5 years
0 - 2
2 - 5
5 - 10
10 - 20
4
1
1
9
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.
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3.1.2.2
3.1.2.3
Directors representing employees
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.
Their biographies are presented in Section 3.2.1.3 of this
Universal Registration Document. As required by law, they have
both resigned from their positions as trade union employee
representatives.
The Directors representing employees have the same status,
rights and responsibilities as the other Directors.
They received compensation in 2024 on the same basis as other
Directors.
The
Board
of
Directors
granted
Directors
representing
employees 20 hours of training per year and 15 hours of
preparation time per meeting. They received internal training to
familiarise them with the role of and rules pertaining to Directors,
as well as their rights, obligations and responsibilities in that
capacity. In early 2024, they received training provided by the
French Institute of Directors (Institut Français des Administrateurs
– IFA) and paid for by the Group.
Furthermore, the Board of Directors offered them 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.
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.
The Board of Directors referred to the following AFEP‑MEDEF
Code criteria in determining a Director’s independence:
A
non‑executive
Company
Officer
receiving
variable
compensation in cash or securities or any compensation linked
to the performance of the Company or the Group cannot be
considered independent.
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 2024 assessment of the Directors’
independence on March 13, 2025. From among its members,
eight directors are deemed to be Independent, i.e., 62%, in
accordance
with
the
recommendation
set
out
in
the
AFEP‑MEDEF Code (this proportion does not include Directors
representing employees).
Cláudia Almeida e Silva, Aurore Domont, Marie‑Laure Sauty de
Chalon and Marguerite Bérard, as well as Stéphane Courbit,
Charles Edelstenne, Stéphane Israël and Arthur Sadoun, qualify as
Independent Directors.
not to be or have been over the past five years:
■
an employee or Executive Officer of the Company,
■
an employee, Executive Officer or Director of a company
that the Company consolidates,
■
an employee, Executive Officer or Director of the Company’s
parent company or a company that the latter consolidates;
■
not to be an Executive Officer of a company in which the
Company directly or indirectly holds a directorship or in which
an employee appointed as such or an Executive Officer of the
Company (currently in office or having held such office over
the past five years) is a Director;
■
not to be a customer, supplier, investment banker or
commercial banker:
■
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.
■
1
4
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5
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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 view of his tenure as a Board Member, and for this reason
alone, the Board of Directors has decided that Charles
Edelstenne no longer qualifies, as of the Shareholders' Meeting of
May 28, 2025, as an Independent Director within the meaning of
the governance rules set out in particular by the AFEP‑MEDEF
code and the French financial markets authority (AMF).
The table below shows the position of each Director (except for the Directors representing employees) at December 31, 2024, based on
the independence criteria set out in the AFEP‑MEDEF Code:
Director
Criterion 1
Employee or
Company
offi
fficer in the
past 5 years
Criterion 2
Cross
‑directorships
Criterion 3
Signifificant
business
relationships
Criterion 4
Family ties
Criterion 5
Statutory
Auditors
Criterion 6
In offi
ffice for
more than
12 years
Criterion 7
Non‑executive
Company
offi
fficer
Criterion 8
Main
shareholder
Alexandre Bompard
Chairman and Chief Executive
Officer
X
✓
✓
✓
✓
✓
✓
✓
Philippe Houzé
Vice‑Chairman
✓
✓
✓
X
✓
✓
✓
X
Stéphane Israël*
Lead Director
✓
✓
✓
✓
✓
✓
✓
✓
Cláudia Almeida e Silva*
✓
✓
✓
✓
✓
✓
✓
✓
Flavia Buarque de Almeida
✓
✓
✓
✓
✓
✓
✓
X
Stéphane Courbit*
✓
✓
✓
✓
✓
✓
✓
✓
Eduardo Rossi
✓
✓
✓
✓
✓
✓
✓
X
Aurore Domont*
✓
✓
✓
✓
✓
✓
✓
✓
Charles Edelstenne*
✓
✓
✓
✓
✓
✓
✓
✓
Marguerite Bérard*
✓
✓
✓
✓
✓
✓
✓
✓
Patricia Moulin Lemoine
✓
✓
✓
X
✓
✓
✓
X
Arthur Sadoun*
✓
✓
✓
✓
✓
✓
✓
✓
Marie‑Laure Sauty de Chalon*
✓
✓
✓
✓
✓
✓
✓
✓
✓ signifies an independence criterion that has been met.
X signifies an independence criterion that has not been met.
* Independent Directors.
(1)
In the table:
(1)
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The Board of Directors
312
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, 2024
On December 31, 2024, 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
Duration of appointment
Appointment
Most recent
appointment
Alexandre Bompard
Chairman and Chief Executive
Officer
French
52
M
July 18, 2017
May 26, 2023
Philippe Houzé
Vice‑Chairman
French
77
M
June 11, 2015
May 24, 2024
Stéphane Israël
Lead Director
French
53
M
X
June 15, 2018
May 24, 2024
Cláudia Almeida e Silva
Portuguese
51
F
X
January 22,
2019
May 24, 2024
Flavia Buarque de Almeida
Brazilian
57
F
April 12, 2017
June 3, 2022
Stéphane Courbit
French
59
M
X
June 15, 2018
May 24, 2024
Eduardo Rossi
Brazilian
53
M
March 13, 2024
-
Aurore Domont
French
56
F
X
June 15, 2018
May 24, 2024
Charles Edelstenne
French
86
M
X
July 28, 2008
June 3, 2022
Frédéric Barrault
French
59
M
December 7,
2023
-
Marguerite Bérard
French
47
F
May 24, 2024
-
Patricia Moulin Lemoine
French
75
F
June 11, 2015
May 24, 2024
Arthur Sadoun
French
53
M
X
September 7,
2021
May 24, 2024
Sylvie Dubois
French
59
F
October 18, 2023
-
Marie‑Laure Sauty de Chalon
French
62
F
X
June 15, 2017
May 26, 2023
(1)
(3)
(6)
(4)
(5)
(4)
Date of the Annual Shareholders’ Meeting called to approve the financial statements for the previous year ending December 31.
(1)
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.
(2)
Date of appointment; ratified by the 2019 Shareholders’ Meeting.
(3)
Director representing employees.
(4)
Date of appointment; ratified by the 2022 Shareholders’ Meeting.
(5)
Date of appointment; ratified by the 2024 Shareholders’ Meeting.
(6)
This section refers to GOV‑1: The role of the administrative, management and supervisory bodies.
(1)
1
4
7
2
5
8
3
6
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The Board of Directors
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Other
corporate
offi
ffices
Board of Directors’ specialised Committees
End of term
Audit
Committee
Compensation
Committee
Governance
Committee
CSR
Committee
Strategic
Committee
2026 AGM
1
◆
2024 AGM
-
●
●
●
2024 AGM
-
◆
●
●
2024 AGM
-
●
●
2025 AGM
1
●
2024 AGM
-
◆
■
2025 AGM
1
2024 AGM
-
●
◆
2025 AGM
3
●
◆
December 7,
2026
-
2027 AGM
-
●
2024 AGM
-
●
2024 AGM
1
●
October 18,
2026
-
2026 AGM
2
●
◆ Chair.
■ Vice‑Chair.
● Member.
Directors, except Directors representing employees, are appointed by the Ordinary Shareholders’ Meeting upon proposal of the Board
of Directors on the recommendation of the Governance Committee. They are appointed for a term of three years.
(2)
(1)
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314
3.2.1.2
Changes in the composition of the Board of Directors
Changes in the composition of the Board of Directors in 2024 are summarised in the following table:
Departures
Appointments
Renewals
Board of Directors
Abilio Diniz
Mathilde Lemoine
Eduardo Rossi
Marguerite Bérard
Cláudia Almeida e Silva
Aurore Domont
Patricia Moulin Lemoine
Philippe Houzé
Stéphane Israël
Stéphane Courbit
Arthur Sadoun
The Shareholders’ Meeting of May 24, 2024:
Recent changes in the composition of the Board of Directors are
detailed
in
the
Section
“Recent
changes
in
corporate
governance” at the beginning of Chapter 3 of this Universal
Registration Document.
renewed the appointment of seven Directors: Cláudia Almeida
e Silva, Aurore Domont and Patricia Moulin‑Lemoine, Philippe
Houzé, Stéphane Israël, Stéphane Courbit and Arthur Sadoun;
■
ratified the appointment of Eduardo Rossi as Director; and
■
appointed Marguerite Bérard as Independent Director and
member of the Audit Committee.
■
1
4
7
2
5
8
3
6
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3.2.1.3
Directors’ biographies at December 31, 2024
Alexandre Bompard
Chairman and Chief Executive Officer / Chairman of the Strategic Committee
BORN ON: October 4, 1972
NATIONALITY: French
NUMBER OF COMPANY SHARES
OWNED: 1,282,219
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
YEARS IN OFFICE: 7 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.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
Abroad
None.
* Listed company.
(1) At the date of this Universal Registration Document.
(1)
Chairman of the Board of Directors of the Carrefour Foundation
(Carrefour group);
■
Director of Orange*;
■
Member of the Fondation Nationale des Sciences Politiques;
■
Chairman of the French Federation of Commerce and Retail;
■
Director of the French Association of Private Companies (Afep).
■
Member of the Board of Directors of Le Siècle (an independent
organisation under French law 1901).
■
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Philippe Houzé
Vice‑Chairman / Member of the Audit Committee, Governance Committee and Strategic Committee
BORN ON: November 27, 1947
NATIONALITY: French
NUMBER OF COMPANY SHARES
OWNED: 3,250
DATE OF APPOINTMENT TO THE
BOARD OF DIRECTORS: June 11,
2015
LAST REAPPOINTED:
May 24, 2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened
to approve the Financial
Statements for the year ending
December 31, 2026
YEARS IN OFFICE: 9 YEARS
ATTENDANCE RATE: 100%
Philippe Houzé is Chairman of Motier, the Moulin family's holding company and Vice‑Chairman of the
Supervisory Board at the Galeries Lafayette group, 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 group's Executive Board in 2005, serving in this capacity
until 2024.
With his sales, marketing and fashion industry expertise, Philippe Houzé 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 the family holding company, Motier. In 2017, he led the acquisition of 51% of the share capital of La
Redoute on behalf of the group, followed by all of the remaining shares in 2022. In 2015, Philippe Houzé
received the “International Retailer of the Year” award 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. Up until 2024, he was also 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, Chevalier
de l’ordre des Palmes Académiques and Chevalier de l’ordre du Mérite Agricole.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
Abroad
None.
* Listed company.
Chairman of Motier (SAS);
■
Chairman of the Supervisory Board of Motier (SAS);
■
Chairman of the Strategy and Investment Committee of Motier (SAS);
■
Vice‑Chairman of the Supervisory Board of Galeries Lafayette (SA);
■
Chairman of La Redoute (SAS);
■
Director of Lafayette Anticipation‑Fondation d’entreprise Galeries
Lafayette (Founder);
■
Member of the Alliance France Tourisme association;
■
Director and Chairman of the Board of Directors of ESCP Business
School (EESC ESCP Europe);
■
Elected member at the Chamber of Commerce and Industry of Paris
Île‑de‑France (CCIP);
■
Member of the Steering Committee of Union du Grand Commerce de
Centre Ville (UCV);
■
Member of the Board of Directors of the Alliance du Commerce;
■
Member of IADS (International Association of Department Stores);
■
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.
■
Director of IFM (Institut Français de la Mode) (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);
■
Chairman of the Executive Board of the Galeries Lafayette group
(Expiry of term: 2024);
■
Vice‑Chairman and Chief Executive Officer of Motier (SAS) (Expiry of
term: 2024);
■
President of the Board of Directors of INSEAD (Expiry of term: 2024);
■
Member of the Board of Directors of the Alliance Française Paris
Île‑de‑France (Exopiry of term: 2024).
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CORPORATE GOVERNANCE
The Board of Directors
317
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 24, 2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2026
YEARS IN OFFICE: 6 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, holding these positions until December 31, 2024. He is also 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 benefit of the skills and
expertise that 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, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
* Listed company.
Executive Chairman of Arianespace SAS (resigned on December 31,
2024);
■
Chief Executive Officer of Arianespace Participation (resigned on
December 31, 2024);
■
Member of the Executive Committee of ArianeGroup (departed on
December 31, 2024);
■
Chairman and Chief Executive Officer of Starsem SA (resigned on
December 17, 2024);
■
Chairman of S3R (resigned on December 17, 2024).
■
None.
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
The Board of Directors
318
Cláudia Almeida e Silva
Independent Director / Member of the Audit Committee and the CSR Committee
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 24, 2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2026
YEARS IN OFFICE: 6 YEARS
ATTENDANCE RATE: 100%
Cláudia Almeida e Silva is Managing Partner of Singularity Capital, an investment fund dedicated to early
stage 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 Catholic 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”.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
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);
■
Independent member of the Board of Directors of PGalp Energie S.A.
■
Legal manager of Fnac Portugal (Portugal).
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CORPORATE GOVERNANCE
The Board of Directors
319
Flavia Buarque de Almeida
DIRECTOR / Member of the Governance Committee and the Strategic 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: 7 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, a position which she held up until December
2024. She is currently a member of the Board of Directors of Peninsula.
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, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In Brazil:
In Brazil:
* Listed company.
Director of Peninsula Capital Participações SA;
■
Director of W2W E‑Commerce de Vinhos SA;
■
Director of Ultrapar Participações SA*;
■
Member of the Deliberating Council of Instituto Península.
■
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);
■
Managing Director and Partner of Peninsula Capital Participações SA;
(Expiry of term: 2024);
■
Chief Executive Officer of the Península Group (Expiry of term: 2024).
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
The Board of Directors
320
Stéphane Courbit
Independent Director / Chairman of the Compensation Committee and member of the Strategic Committee
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 24, 2024
TERM OF OFFICE EXPIRES: Shareholders’ Meeting convened to approve
the Financial Statements for the year ending December 31, 2026
YEARS IN OFFICE: 6 YEARS
ATTENDANCE RATE: 100%
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.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
In France
As a representative of Lov Group Invest:
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
As a representative of Lov Group Invest:
* Listed company.
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;
■
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;
■
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 Cap Taillat;
■
Chairman of Cédric Grollet & Airelles;
■
Chairman of Le Quesnay Hospitality;
■
Chairman of Samovar Immo;
■
Legal manager of SCI 2CJA.
■
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).
■
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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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CORPORATE GOVERNANCE
The Board of Directors
321
Eduardo Rossi
DIRECTOR
BORN ON: December 8, 1971
NATIONALITY: Brazilian
NUMBER OF COMPANY SHARES
OWNED: 1,000
DATE OF APPOINTMENT TO THE
BOARD OF DIRECTORS: March 13,
2024
RATIFICATION OF THE
APPOINTMENT BY THE
SHAREHOLDERS’ MEETING:
Shareholders’ Meeting of May 24,
2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2024
YEARS IN OFFICE: 9 MONTHS
ATTENDANCE RATE: 100%
Eduardo Rossi is Chairman of the Board of Directors at Península, an investment firm owned by the
family of Abilio Diniz. He is also Chairman of the Board of Instituto Península, the company’s social arm
dedicated to supporting the advancement of Education and Sports in Brazil.
In 2014, while Chairman and CEO of Península, he co‑led the company’s acquisition of a stake in the
Carrefour group. The following year, he joined the Board of Directors of Carrefour Brazil, a position he
still holds to this day.
With over 20 years of experience in managing family businesses, asset management, mergers, and
acquisitions, Rossi was formerly the Vice President at JP Morgan in New York and has held positions at
other significant global financial institutions.
He holds a Bachelor’s degree in Business Administration and Marketing from Fundação Getulio Vargas
(FGV) and an MBA from Columbia University. He was also a member of the Advisory Board of Columbia
University’s Global Family Enterprise Program from 2018 to 2023.
Eduardo Rossi brings to the Board of Directors the benefit of his business acumen and his vast
experience in banking, asset management and CSR, as well as his in‑depth knowledge of the retail sector
in Brazil.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In Brazil:
In Brazil:
* Listed company.
Chairman of the Board at Peninsula Participacoes;
■
Chairman of the Board at Instituto Peninsula;
■
Director of the Board at Atacadão SA*;
■
Director of the Board of Crianca Segura;
■
Director of the Board of O3 Capital;
■
Director at Aria Consultoria Ltda.
■
Member of Advisory Board of Columbia University Global Family
Enterprise Program (Expiry of term: 2023).
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
The Board of Directors
322
Aurore Domont
Independent Director / Chair of the CSR Committee and Member of the Governance Committee
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 24, 2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2026
YEARS IN OFFICE: 6 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.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
* Listed company.
President of FigaroMedias;
■
Director of Figaro Classified;
■
Member of the Board of Directors of SRI;
■
Member of the Supervisory Board of Mediasquare;
■
Member of the Supervisory Board of Société du Figaro;
■
Member of the Supervisory Board of Zebestof;
■
Member of the Board of Directors of ACPM;
■
Member of the Board of the Syndicat des Régies Publishers.
■
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 2024 / CARREFOUR
CORPORATE GOVERNANCE
The Board of Directors
323
Charles Edelstenne
Independent Director / Chairman of the Governance Committee and member of the Compensation Committee
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
YEARS IN OFFICE: 16 YEARS
ATTENDANCE RATE: 100%
A qualified chartered accountant (IFEC graduate), Charles Edelstenne joined Dassault Aviation in 1960 as
Head of the Financial Analysis Unit.
He went on to hold posts such as Deputy Secretary General, Secretary General and Executive Deputy
Chairman, Economic and Financial Affairs, before being appointed to the Board in 1989. He was elected
as Chairman and Chief Executive Officer in 2000, a role he held until January 8, 2013.
Founder 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.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
Abroad
Abroad
* Listed company.
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 mutual fund Monceau Dumas.
■
Chairman of the Board of Directors of Dassault Systèmes SE (Expiry
of term: 2023);
■
Chairman of Rond‑Point Holding SAS (Expiry of term: 2020);
■
Legal manager of real estate company Maison Rouge (Expiry of term:
2022).
■
Director of Dassault Falcon Jet Corporation (United States);
■
Chairman of the Board of Directors of Sitam Belgique SA (Belgium).
■
Director of SABCA* (Société Anonyme Belge de Constructions
Aéronautiques) (Belgium) (Expiry of term: 2020).
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CORPORATE GOVERNANCE
The Board of Directors
324
Frédéric Barrault
DIRECTOR REPRESENTING EMPLOYEES / Member of the Compensation Committee
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
YEARS IN OFFICE: 1 YEAR
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.
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, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
None.
In France
Head of communications for the food industry section of the French
federation of management trade unions (Fédération CFE‑CGC) (Expiry
of term: 2023).
■
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CORPORATE GOVERNANCE
The Board of Directors
325
Marguerite Bérard
DIRECTOR / Member of the Audit Committee
BORN ON: December 31, 1977
NATIONALITY: French
NUMBER OF COMPANY SHARES
OWNED: 1,000
DATE OF APPOINTMENT TO THE
BOARD OF DIRECTORS: May 24,
2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2026
YEARS IN OFFICE: 7 MONTHS
ATTENDANCE RATE: 100%
Marguerite Bérard was Head of Commercial Banking in France and a member of the Executive
Committee of BNP Paribas from January 2019 to March 2024. These activities include corporate, private
and retail banking.
Marguerite Bérard joined BPCE (Banques Populaires, Caisses d’Epargne, Natixis) in 2012, heading up
finance, strategy, legal affairs, compliance and the general secretariat of the Board of Directors as from
2016.
After graduating from the École Nationale d’Administration in 2004, Marguerite Bérard was initially a
finance inspector, and subsequently served as advisor on labour issues to the Office of the President of
France from 2007 to 2010, before becoming chief of staff for Xavier Bertrand, Minister for Labour,
Employment and Health (2011‑2012).
Marguerite Bérard was an Independent Director on the Scor and Havas Boards of Directors and a
Non‑Independent Director on the Boards of Natixis, Nexity and Coface.
She is a member of the Institut Montaigne Executive Board, and the Board of the Domaine de Chantilly.
Marguerite Bérard will bring to the Board of Directors her experience in banking, retail, audit, legal and
corporate affairs.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
* Listed company.
Independent Director and Vice‑Chairman of the Board of Directors
of Solocal (*).
■
Non‑independent Director of BNP Paribas Cardif (Expiry of term: March
2024);
■
Independent Director of Scor (*) (Expiry of term: June 2020).
■
3
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CORPORATE GOVERNANCE
The Board of Directors
326
Patricia Moulin Lemoine
DIRECTOR / Member of the CSR Committee
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 24, 2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2026
YEARS IN OFFICE: 9 YEARS
ATTENDANCE RATE: 100%
After graduating from Institut d’études politiques de Paris in 1970 with a public service degree,
Patricia Moulin Lemoine 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.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
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.
■
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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The Board of Directors
327
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
LAST REAPPOINTED: May 24, 2024
TERM OF OFFICE EXPIRES:
Shareholders’ Meeting convened to
approve the Financial Statements for
the year ending December 31, 2026
YEARS IN OFFICE: 3 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, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
None.
Abroad
* Listed company.
Chairman of the Management Board of Publicis Groupe SA* (France).
■
Director of MMS USA Holdings, Inc (USA).
■
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328
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: 1 YEAR
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, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
Member of the Aube branch of the Union Départementale Force
Ouvrière Executive Commission (Expiry of term: October 2027);
■
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).
■
Staff representative and member of the La Chapelle‑Saint‑Luc Store
Committee (Expiry of term: 2023);
■
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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329
Marie‑Laure Sauty de Chalon
Independent Director/Member of the Audit Committee
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
YEARS IN OFFICE: 7 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. She
has been Chairman of the Board of Directors of the Institut pour le financement du cinéma et des
industries culturelles (IFCIC) since 2023. Marie‑Laure Sauty de Chalon has also been a member of the
French competition authority (Autorité de la concurrence) 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.
OTHER POSITIONS HELD AS OF DECEMBER 31, 2024
POSITIONS HELD IN THE LAST FIVE YEARS THAT EXPIRED
In France
In France
* Listed company.
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).
■
Member of the Board of the French competition authority (Autorité
de la concurrence) (Expiry of term: 2023);
■
Director of Coorpacademy (Expiry of term: 2023).
■
3
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CORPORATE GOVERNANCE
The Board of Directors
330
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’ Internal Rules are divided into
three chapters, relating to:
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 to 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.
In 2024, the Board of Directors held discussions without the
Chairman and Chief Executive Officer in attendance, notably on
topics related to his compensation, in accordance with
recommendation 18.3 of the AFEP‑MEDEF Code.
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
confidential once it is published by the Company through a press
release,
it
being
specified
that
only
the
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.
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:
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.
■
convicted of fraud;
■
involved in a case of bankruptcy, receivership or liquidation in
their capacity as a Company Officer;
■
subject to an accusation and/or an official public sanction by
statutory or regulatory authorities (including designated
professional bodies);
■
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3.2.2.2
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.
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:
3.2.2.3 Work of the Board of Directors in 2024
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
Follow‑up on the Group’s
strategy, its activities and its
operations
prevented by a court from acting as a member of a Board of
Directors or of a Management or Supervisory Board, or from
being involved in an issuer’s management or business
operations.
■
approving the Company’s strategy and overseeing its
implementation;
■
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 instructive information on the Company’s
strategy, development model and plans for addressing major
non‑financial issues are provided to shareholders and investors;
■
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 its
implementation.
■
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 700 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 2025 budget.
■
regular updates on the progress of various projects relating to the Group’s transformation;
■
monitoring the acquisition of the Cora and Match banners in France;
■
approval of Carrefour’s buyback of 25 million shares from Galfa;
■
monitoring the premium partnership with the Paris 2024 Olympic and Paralympic Games;
■
information on the economic and competitive climate, the market performance of the Carrefour
share and financial rating issues.
■
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CORPORATE GOVERNANCE
The Board of Directors
332
Area
Work
Governance
Compensation
CSR
Shareholders’ Meeting
of May 24, 2024
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 information published and of 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.
To this end, the Board of Directors has to dedicate an agenda
item to these procedures once a year.
For the 2024 financial year, the Board of Directors conducted a
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, 2025.
The external assessment shows that the Directors are very
satisfied with the overall procedures of the Board of Directors
and its Committees, as well as their involvement in the Group’s
strategy. The Board members’ main observations related to the
proper execution of the Company’s strategic guidelines by the
management team, the complementary skills of the members of
the Board of Directors, the quality of interaction and dialogue
within the Board, as well as the efficiency of the Board of
Directors’ meetings (freedom of speech, transparency, relevance
of the subjects presented). Board members’ observations were
taken into consideration and continued to be taken into account
in 2024, notably with the organisation of strategic sessions and
ad hoc meetings with the Group’s operational executives,
particularly
as
part
of
the
monitoring
of
the
Carrefour 2026 strategic plan, with the organisation of a strategic
seminar in Brazil in 2023 and in Spain in 2024 and Board
discussions, led by the Independent Lead Director and held
without the presence of the Executive Officer.
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:
Cláudia
Almeida
e
Silva,
Aurore
Domont,
Patricia Moulin‑Lemoine, Philippe Houzé, Stéphane Israël, Stéphane Courbit and Arthur Sadoun;
■
discussions on the ratification of the appointment of Eduardo Rossi as Director;
■
discussions on the appointment of Marguerite Bérard as a Director and member of the Audit
Committee as an Independent Director;
■
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 2024 financial year;
■
approval of the 2024 compensation policy for Directors.
■
monitoring the work of the CSR Committee;
■
information on the 2024 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;
■
reviewing the Group’s gender equality policy;
■
increasing the Group’s CSR objectives, particularly relating to climate;
■
presenting the Group’s new Code of Conduct;
■
relaunching the Act For Food program;
■
implementing the CSRD;
■
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 2024 compensation policy for the
Chairman and Chief Executive Officer and the 2024 compensation policy for Directors.
■
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333
3.2.2.5 Frequency of and attendance at Board of Directors and specialised Committee
meetings in 2024
The Board of Directors and its specialised committees met
22 times in 2024, with an average attendance rate of 100%.
The Board of Directors met seven times in 2024, with an average
attendance rate of 100%.
22 meetings
100%
average attendance rate
15 members
7 meetings
100%
attendance rate
Director
Board of
Directors
Audit
Committee
Compensation
Committee
Governance
Committee
CSR
Committee
Strategic
Committee
Alexandre Bompard
Chairman and Chief Executive Officer
100%
-
-
-
-
100%
Stéphane Israël
Lead Director
100%
100%
100%
-
-
100%
Philippe Houzé
Vice‑Chairman
100%
100%
-
100%
-
100%
Cláudia Almeida e Silva
100%
100%
-
-
100%
-
Marguerite Bérard
100%
100%
-
-
-
-
Flavia Buarque de Almeida
100%
-
-
100%
-
-
Stéphane Courbit
100%
-
100%
-
-
100%
Aurore Domont
100%
-
-
100%
100%
-
Charles Edelstenne
100%
-
100%
100%
-
-
Frédéric Barrault
-
-
-
-
-
-
Mathilde Lemoine
100%
-
-
-
-
-
Patricia Moulin Lemoine
100%
-
-
-
100%
-
Arthur Sadoun
100%
-
-
100%
-
-
Sylvie Dubois
100%
-
-
-
100%
-
Marie‑Laure Sauty de Chalon
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:
The specialised Committees are made up of Directors appointed
by the Board of Directors for the period during which they are in
office.
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
the
same
specialised
Committee) gives an oral summary of their work to the Board of
Directors at its upcoming meeting.
the Audit Committee;
■
the Compensation Committee;
■
the
Governance
Committee
(formerly
Appointments
Committee);
■
the CSR Committee;
■
the Strategic Committee.
■
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Duties of these specialised Committees have not been set up to
be delegated powers that have been conferred to the Board of
Directors in accordance with legal provisions or the Articles of
Association. The specialised Committees have consultative
power and conduct their work under the responsibility of the
Board of Directors, which alone has statutory decision making
power and which remains collectively responsible for the
fulfilment of its duties.
The Chairman of the Board of Directors ensures that the number,
duties, composition and operation of the specialised Committees
are adapted to the needs of the Board of Directors and best
corporate governance practices at all times.
Each specialised Committee, except for the Strategic Committee,
is chaired by an Independent Director appointed from among its
members.
The secretary of each specialised Committee is an individual
selected by its Chair.
These specialised Committees meet as often as necessary on the
invitation of their Chair, or at the request of one‑half of their
members. They may call upon external experts where needed.
The Chair of a specialised Committee may ask the Chairman of
the Board of Directors to interview any of the Group’s senior
executives regarding issues falling within the specialised
Committees’ scope, as defined by the Board of Directors’ Internal
Rules.
Changes in the composition of the Board of Directors’ specialised Committees in 2024 are summarised in the following table:
Departures
Appointments
Audit Committee
Marguerite Bérard
Compensation Committee
Frédéric Barrault
Governance Committee
CSR Committee
Sylvie Dubois
Strategic Committee
Abilio Diniz
Flavia Buarque de Almeida
3.2.3.1
The Audit Committee
The Audit Committee meets at least four times a year.
Composition
On December 31, 2024, 80% 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.
5 members
6 meetings
100%
attendance rate
At December 31, 2024, the composition of the Audit Committee
was as follows:
Chairman: Stéphane Israël
;
Members: Cláudia Almeida e Silva
, Philippe Houzé,
Marie‑Laure Sauty de Chalon
and Marguerite Bérard
.
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.
At February 19, 2025, the composition of the Audit Committee
was as follows: Marie‑Laure Sauty de Chalon (Chair and
Independent
Lead
Director),
Cláudia
Almeida
e
Silva
(Independent Director), Philippe Houzé and Marguerite Bérard
(Independent Director).
Duties
The Audit Committee monitors issues relating to the preparation
and verification of accounting and financial information. Its main
duties are as follows:
(1)
(1)
(1)
(1)
Independent Director.
(1)
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,
■
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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 implemented, 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,
■
it consults the Group internal audit and risk control
managers and issues its opinion on the organisation of their
services. It must be kept informed about the Group internal
audit programme and must be provided with the Group
internal audit reports or a regular summary of these reports,
■
it examines the risks and material off‑balance sheet
commitments, assesses the significance of any malfunctions
or failings of which it is informed and notifies the Board of
Directors thereof; to this end, the review of the financial
statements must be accompanied by a presentation
prepared
by
Executive
Management
describing
the
Company’s risk exposure and its material off‑balance sheet
commitments, as well as a presentation prepared by the
Statutory Auditors highlighting both the key findings of their
statutory audit, including any audit adjustments and
significant internal control failings identified during their
engagement, and accounting options applied; it examines
the section of the management report presented to
Shareholders’ Meeting covering internal control and risk
management procedures,
■
it regularly reviews the mapping of the Group’s main risks
that may be reflected in the accounts or which have been
identified by Executive Management and may have an impact
on the financial statements; it takes note of the main
characteristics of the risk management systems and the
results of their operations, drawing in particular on the work
of the internal audit and risk control managers and the
Statutory Auditors,
■
it examines the scope of consolidation and, where
applicable, the reasons why certain companies are not
included in said scope;
■
in respect of relations with the Statutory Auditors:
■
The Statutory Auditors must submit to the Audit Committee:
their general work programme and the sampling procedures
used,
■
their proposed amendments to the financial statements or
accounting documents and their comments on the
assessment methods used,
■
any irregularities or inaccuracies they have identified,
■
the conclusions of the comments and amendments with
regard to the results of the period compared with those of
the previous period,
an additional audit report prepared in accordance with the
regulations in force setting out the findings of the statutory
audit, by no later than the date of submission of the audit
report,
■
the Committee consults with the Statutory Auditors, in
particular during the meetings covering the review of the
process for preparing the financial information and reviewing
the financial statements, to enable them to report on the
■
performance and findings of their engagement. The
Statutory Auditors accordingly inform the Committee of the
main areas of risk or uncertainty regarding the financial
statements they have identified, their audit approach and any
difficulties they encountered during their engagement,
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;
■
in respect of the rules governing the independence and
objectivity of the Statutory Auditors:
■
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 the specifications and choice of 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,
■
it ensures that the Statutory Auditors comply with the
independence
conditions
set
out
in
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
annual statement attesting to their independence and
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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2024 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,
2023 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 2023,
■
dividend recommendation for 2023,
■
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, 2023;
■
in respect of internal control:
■
follow‑up on the Group Internal Audit department’s tasks,
■
the Group’s 2024‑2025 financing policy and credit rating,
■
review
of
risk
mapping
(including
social
and
environmental risks),
■
review of cyber security risks;
■
in respect of compliance with regulations:
■
follow‑up on compliance programmes;
■
supervision, jointly with the CSR Committee, of the
reporting process for quantitative data in the sustainability
report, in accordance with the new CSRD standard,
■
monitoring of the 2025 Finance Bill in France;
■
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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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 Independent Directors, in accordance with the
provisions of the AFEP‑MEDEF Code.
4 members
2 meetings
100%
attendance rate
At December 31, 2024, the composition of the Compensation
Committee was as follows:
Chairman: Stéphane Courbit
;
Members: Charles Edelstenne
, Stéphane Israël
and Frédéric
Barrault
.
At January 6, 2025, the composition of the Compensation
Committee was as follows: Stéphane Courbit (Chair and
Independent
Director),
Charles
Edelstenne
(Independent
Director)
and
Frédéric
Barrault
(Director
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.
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 characteristics of options, such as the
subscription and/or purchase price of shares, their duration, any
applicable conditions on the exercise of the options and the
relevant procedures.
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.
2024 principal activities
Over the course of the Compensation Committee’s meetings,
the following main topics were reviewed:
(1)
(1)
(1)
(2)
Independent Director.
(1)
Director representing employees.
(2)
compensation of Executive Officers:
■
definition of the 2024 compensation policy for Alexandre
Bompard,
■
setting
of
Alexandre
Bompard’s
2023 variable
compensation; setting of Alexandre Bompard’s long‑term
compensation,
■
setting the amount of the supplementary defined benefit
pension plan for the year 2023,
■
definition of the 2024 compensation policy for Directors,
■
grant of performance shares to key managers;
■
employee share ownership plan;
■
Shareholders’ Meeting of May 24, 2024:
■
review
of
the
compensation
policy
for
Alexandre Bompard,
■
review of the presentation of compensation components
for Alexandre Bompard in the 2023 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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3.2.3.3 The Governance Committee
The Governance Committee meets as often as necessary.
Composition
At December 31, 2024, a majority of the members of the
Governance Committee qualified as Independent Directors and
there were no Executive Officers, in accordance with the
provisions of the AFEP‑MEDEF Code.
5 members
1 meeting
100%
attendance rate
At December 31, 2024, the composition
of the Governance Committee was as follows:
Chairman: Charles Edelstenne
;
Members: Flavia Buarque de Almeida, Philippe Houzé,
Aurore Domont
and Arthur Sadoun.
At March 13, 2025, the composition of the Governance
Committee was as follows: Aurore Domont (Chair and
Independent Director), Flavia Buarque de Almeida, Philippe
Houzé and Arthur Sadoun (Independent Director).
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 organises the procedure for selecting future Directors.
Independent Director qualification criteria are discussed by the
Governance Committee and reviewed each year by the Board of
Directors prior to the publication of the annual report.
It is also responsible for assessing Directors’ independence and
reporting its findings to the Board of Directors. If necessary, the
Governance Committee reviews situations caused by a Director’s
repeated absence.
The Committee makes recommendations to the Board of
Directors on the appointment of specialised Committee
members when their terms are up for renewal.
It also assists the Board of Directors in adapting the Company’s
corporate governance practices and assessing their composition
and efficiency.
It reviews solutions to ensure that good corporate governance
practices remain in place, and succession plans for Executive
Officers and the management team.
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.
2024 principal activities
Over the course of the Governance Committee’s meetings,
the following main topics were reviewed:
(1)
(1)
Independent Director.
(1)
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,
■
oversight, with the Lead Director, of the Board of
Directors’ annual assessment;
■
Shareholders’ Meeting of May 24, 2024:
■
annual review of certain Directors’ independence,
■
review of the report on corporate governance,
■
changes in the composition of the Board of Directors:
renewal and ratification of appointments 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, 2024, a majority of the members of the CSR
Committee qualified as Independent Directors within the
meaning of the AFEP‑MEDEF code.
4 members
4 meetings
100%
attendance rate
At December 31, 2024, the composition of the CSR Committee
was as follows:
Chair: Aurore Domont
;
Members: Cláudia Almeida e Silva
, Patricia Moulin Lemoine
and Sylvie Dubois
.
At March 13, 2025, the composition of the CSR Committee was
as follows: Cláudia Almeida e Silva (Chair and Independent
Director), Aurore Domont (Independent Director), Patricia Moulin
Lemoine and Sylvie Dubois (Director representing employees).
Duties
The CSR Committee:
2024 principal activities
During the course of the meetings of the CSR Committee, the
following main topics were reviewed:
(1)
(1)
(2)
Independent Director.
(1)
Director representing employees.
(2)
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 Non‑Financial Statement and the CSR report
included in the 2023 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;
■
review of the CSR index for 2023;
■
discussions about regulatory developments, in particular the
CSRD
directive
and
the
regulation
on
imported
deforestation;
■
in‑depth study of how to reduce the Group’s CO emissions;
■
2
presenting the Group’s new Code of Conduct;
■
supervision, jointly with the Audit Committee, of the
reporting process for quantitative data in the sustainability
report, in accordance with the new CSRD standard;
■
relaunching the Act For Food program;
■
the Group’s diversity and inclusion policy.
■
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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, 2024, the composition of the Strategic
Committee was as follows:
Chair: Alexandre Bompard;
Members: Philippe Houzé, Stéphane Courbit
, Stéphane
Israël
and Flavia Buarque de Almeida.
At January 6, 2025, the composition of the Strategic Committee
was as follows: Alexandre Bompard (Chair), Flavia Buarque de
Almeida, Philippe Houzé and Stéphane Courbit (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:
2024 principal activities
The members of the Strategic Committee were asked, in particular, to monitor the Group's development strategy, especially in
Brazil and Spain.
(1)
(1)
Independent Director.
(1)
development priorities and opportunities for diversifying the
Group’s operations;
■
strategic investments and significant partnership projects.
■
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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:
Main position held within the Group
Alexandre Bompard
Chairman and Chief Executive Officer
Alexandre de Palmas
Executive Director, France
Hervé Daudin
Executive Director, Merchandise
Caroline Dassié
Executive Director, Marketing and Customers for the Group and France
Emmanuel Grenier
Executive Director, E‑Commerce, Data and Digital Transformation
Charles Hufnagel
Executive Director, Communication for the Group and France
Carine Kraus
Executive Director, Engagement
Matthieu Malige
Chief Financial Officer
Stéphane Maquaire
Executive Director, Latin America (Brazil and Argentina)
Jérôme Nanty
Executive Director, Human Resources and Assets for the Group and France
Élodie Perthuisot
Executive Director Carrefour Spain
Christophe Rabatel
Executive Director, Italy
Alice Rault
Executive Director, Strategy and Transformation
Laurent Vallée
Secretary General and Executive Director, Northern Europe
(1)
This section refers to GOV‑1: the role of the administrative, management and supervisory bodies.
(1)
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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.
At the time of its creation, the Committee comprised
14 members, including one woman, i.e., 7%. At the date of this
Universal Registration Document, the Board of Directors has
14 members including four women, i.e., 29%. These changes
broadly reflect the policy encouraging women’s access to
positions of responsibility. While the workforce is moving
towards a 50:50 split at Group level, a slight decline was noted in
the proportion of women at Carrefour overall in 2024. There has
also been a slight decline in the proportion of women on the
Group Executive Committee. 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% since year‑end 2020. This indicator
is a part of Carrefour’s CSR and Food Transition Index, with the
objective of achieving 35% women in the top 200 by 2025. These
achievements can be explained primarily by Group policy, which
has been focused on gender equality for a number of years
(detailed in Section 2.1.3.1.3 of this Universal Registration
Document), particularly with regards to diversity in leadership
positions. Carrefour has been developing the international
Women Leaders programme since 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.
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3.3.3
BIOGRAPHIES OF THE MEMBERS OF THE GROUP EXECUTIVE COMMITTEE
ALEXANDRE BOMPARD
Information on Alexandre Bompard’s educational background and work experience is described in
Section 3.2.1.3 of this Universal Registration Document.
ALEXANDRE DE PALMAS
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.
HERVE DAUDIN
A former student of the École Normale Supérieure and engineer with the Corps des Ponts et
Chaussées, Hervé Daudin began his career at the Ministry of the Economy and Finance, before
joining the Casino group in 2002.
He was initially Director of Strategy and Planning, before taking on responsibilities in upstream
functions (logistics, supply, IT). Since 2009, he has been Merchandise Director, President of AMC
(the Casino Group central purchasing office) and member of the Executive Committee.
Hervé Daudin was appointed Group Executive Director, Merchandise on November 4, 2024.
CAROLINE DASSIÉ
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
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
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.
CARINE KRAUS
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
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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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 the Carrefour group in 2019 as Executive Director of Carrefour Argentina. In
September 2021, he became Executive Director of Carrefour Brazil. He is currently Executive
Director, Latin America (Brazil and Argentina).
JÉRÔME NANTY
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
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
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
Regional Director, before being appointed Executive Director for Carrefour Proximité in March 2015.
Executive Director for Carrefour Poland since July 2018, he is now Executive Director for Carrefour
Italy.
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ALICE RAULT
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
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.
On July 4, 2022, he was appointed Executive Director of Northern Europe.
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3.4 Compensation and benefits granted
to Company Officers
3.4.1
PROCESS FOR DETERMINING AND IMPLEMENTING COMPENSATION
POLICIES FOR COMPANY OFFICERS
Compensation policies for Company Officers have been
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 Independent Directors, in accordance with the
provisions of the AFEP‑MEDEF Code. The Committee meets as
often as necessary.
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 Board after consulting with the Compensation
Committee.
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).
The maximum annual amount of compensation allocated to
Directors in respect of their directorship for the current period
and future periods is 1,280,000 euros.
The Board of Directors may allocate exceptional compensation
to its members in respect of the engagements or duties
entrusted to them. This type of compensation is subject to the
provisions of Articles L. 225‑38 to L. 225‑42 of the French
Commercial Code.
Since 2020, Directors’ compensation has been aligned with the
calendar year, i.e., for the period from January 1 to December 31.
The compensation due in respect of 2023 was paid in 2024 and
the compensation due in respect of 2024 will be paid in 2025.
The two Directors representing employees have an employment
contract within the Group and are therefore compensated for
work unrelated to their directorship. Consequently, this
compensation is disclosed.
Chairman of the Board of Directors: 10,000 euros;
■
Vice‑Chairman of the Board of Directors: 40,000 euros;
■
Lead Director: 40,000 euros;
■
Director: 45,000 euros comprising:
■
a variable portion of 25,000 euros,
■
a fixed portion of 20,000 euros;
■
Chair of the Audit Committee: 30,000 euros;
■
Chair of the Compensation Committee, the Governance
Committee, the CRS Committee and the Strategic Committee:
10,000 euros;
■
members of specialised Committees: compensation of
10,000 euros for belonging to one or more specialised
Committees, based on the Committee member’s frequency of
attendance.
■
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3.4.2.2 Compensation allocated or paid to Directors
In 2023 and 2024, the Directors received the following amounts:
(in euros)
Amount of compensation received
2024
2023
Amount allocated
Amount paid
Amount allocated
Amount paid
Alexandre Bompard
75,000
75,000
75,000
75,000
Philippe Houzé
115,000
115,000
115,000
115,000
Stéphane Israël
145,000
135,000
135,000
135,000
Cláudia Almeida e Silva
65,000
65,000
65,000
65,000
Eduardo Rossi
32,143
N/A
N/A
N/A
Marguerite Bérard
22,857
N/A
N/A
N/A
Flavia Buarque de Almeida
65,000
55,000
55,000
55,000
Stéphane Courbit
75,000
64,444
64,444
62,500
Abilio Diniz
N/A
55,000
55,000
55,000
Aurore Domont
75,000
75,000
75,000
75,000
Sylvie Dubois
55,000
10,000
10,000
N/A
Charles Edelstenne
75,000
72,222
72,222
75,000
Thierry Faraut
N/A
60,992
60,992
65,000
Mathilde Lemoine
32,143
64,000
64,000
72,500
Patricia Moulin Lemoine
55,000
55,000
55,000
52,500
Arthur Sadoun
55,000
45,000
45,000
45,000
Martine Saint‑Cricq
N/A
46,709
46,709
55,000
Marie‑Laure Sauty de Chalon
55,000
55,000
55,000
55,000
Frédéric Barrault
45,000
5,000
5,000
N/A
TOTAL
1,042,143
1,053,367
1,053,367
1,057,500
(10) Director since December 7, 2023.
(11) Director until March 13, 2024.
(12) Director appointed at the Shareholders' Meeting of May 24, 2024.
(1)
(2)
(3)
(4)
(5)
(11)
(12)
(6)
(10)
(7)
(8)
(9)
Gross amounts before withholding tax for non‑French residents and payroll tax for French residents.
(1)
Amounts due based on actual attendance in 2024, i.e., from January 1 to December 31, 2024.
(2)
Amounts paid in 2024 for the period from January 1 to December 31, 2023.
(3)
Amounts due based on actual attendance in 2023, i.e., from January 1 to December 31, 2023.
(4)
Amounts paid in 2023 for the period from January 1 to December 31, 2022.
(5)
Director since October 18, 2023.
(6)
Director since September 7, 2021.
(7)
Director since October 18, 2023.
(8)
Director since December 7, 2023.
(9)
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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.
The
Chairman
and
Chief
Executive
Officer’s
variable
compensation is subject to the fulfilment of certain performance
conditions
set
by
the
Board
of
Directors,
on
the
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 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
shareholders’
interests,
compensation may also include Company performance shares.
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 March 22, 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.
Discussions were initiated ahead of the 2024 Shareholders’
Meeting with the Company’s main shareholders and the proxy
advisors regarding changes that could be made to the structure
of the Chairman and Chief Executive Officer’s compensation
package. This work resulted in significant changes implemented
as of 2024:
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
structure
designed
to
respond
to
the
shareholders’ main concerns.
At its meeting on March 13, 2025, 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 2025 (detailed in Section 3.4.3.2 of this
Universal Registration Document), incorporating new changes
aimed
at
meeting
the
expectations
expressed
by
the
shareholders and proxy advisors more fully. These changes relate
to (i) the overall level of performance required to achieve the
maximum annual variable compensation, (ii) the maximum
performance level of each criterion, and (iii) the long‑term
variable compensation ceiling.
The amended compensation policy will be submitted for
approval to the Shareholders’ Meeting of May 28, 2025.
reduction of the number of performance criteria underlying
the annual variable compensation through the elimination of
the NPS (Net Promoter Score) criterion;
■
elimination of any offsetting between the achievement rates of
performance
criteria
applicable
to
long‑term
variable
compensation;
■
creation of an operational and managerial performance criterion
(to replace that relating to quality of governance) itself based on
four precisely defined qualitative criteria (governance and
relations with shareholders, Group representation and image,
operations transformation, development and expansion);
■
introduction of a new CSR criterion in long‑term variable
compensation, separate from the criterion used for annual
variable compensation, based on three indicators reflecting the
Carrefour group's long‑term commitments to help combat
global warming, namely sensitive materials, greenhouse gas
emissions and supplier commitments.
■
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Annual fixed and variable compensation
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 2025, unchanged from 2024. Since his appointment, this
amount has only been increased once by 6.66% when his term of
office was renewed in 2023.
ANNUAL VARIABLE COMPENSATION
Annual variable compensation may not exceed a maximum
amount expressed as a percentage of reference annual fixed
compensation (referred to above).
Annual variable compensation 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.
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.
Annual variable compensation may not exceed 200% of annual
fixed compensation.
For 2025, the Board of Directors has maintained the ceiling for
annual variable compensation at 190%, unchanged from 2024
and below the maximum amount set by the compensation
policy.
In order to limit the possibility of offsetting between the various
criteria, the Board of Directors decided on March 13, 2025 to
lower the maximum achievement rate for each criterion from
200% to 190%, and to raise the performance level for entitlement
to maximum annual variable compensation from 140% to 145%.
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.
The annual variable compensation for 2025 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
ending December 31, 2025.
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.
The long‑term incentive plan may include stock options,
performance shares or a cash payout.
The
Chairman
and
Chief
Executive
Officer's
long‑term
compensation could not previously exceed 60% of the gross
maximum compensation. The Board of Directions, on the
recommendation of the Compensation Committee, has decided
to lower this ceiling to 55% of the gross maximum compensation
to align with market practices.
Benefits accrue under the plan subject to the fulfilment of
predominantly quantitative performance conditions, as set by the
Board of Directors on the recommendation of the Compensation
Committee, over a multi‑year period, and subject to continuing
service at the end of the financial years considered (except
measures to the contrary in the plan rules applicable to all
beneficiaries).
If stock options or performance shares are granted, the Board of
Directors will set the number of shares that the Chairman and
Chief Executive Officer is required to hold until the termination of
his term of office, in accordance with the provisions of the
French Commercial Code.
The Chairman and Chief Executive Officer is not permitted to
hedge any stock options or performance shares held or any
shares obtained upon the exercise of stock options held, and this
rule applies throughout the entire term of the holding period set
by the Board of Directors.
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
and
Chief
Executive
Officer
receives
compensation in his capacity as Director, Chairman of the Board
of Directors and specialised Committee member.
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. 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.
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.
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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
July 3,
2019
amending
the
legal
regime
applicable
to
supplementary defined benefit pension plans such as the plan in
force within the Carrefour group, the Board of Directors, on the
recommendation of the Chairman and Chief Executive Officer,
and after consultation with the Compensation Committee,
decided to cancel the plan applicable to the Chairman and Chief
Executive Officer from January 1, 2020. Accordingly, all the rights
that had previously accrued before January 1, 2020 were lost.
With effect from January 1, 2020, the Board of Directors decided
to set up a new “top‑up” defined benefit plan that meets the new
requirements of Article L. 137‑11‑2 of the French Social Security
Code (Code de la sécurité sociale). The main characteristics of
the new plan are as follows:
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:
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 the Chief
Executive Officer’s appointment 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 (13th resolution).
The purpose of the commitment is to prohibit the Chairman and
Chief Executive Officer from working for a competitor, within a
number of specified businesses operating in the retail food
industry, for a period of 24 months from the end of his term.
The corresponding non‑compete payment must be integrated
into the compensation policy pursuant to French government
order no. 2019‑1234 of November 27, 2019. Pursuant to these
provisions, and in 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.
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.
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 will be considered, to the exclusion of any
other direct or indirect form of compensation;
■
Rights will accrue subject to four strengthened annual
performance criteria based on some of the criteria used to
determine the Chairman and Chief Executive Officer’s annual
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.
■
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.
■
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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
1,282,219 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 including 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.
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3.4.3.2 Components of compensation allocated to the Chairman and Chief Executive
Officer, Alexandre Bompard, in respect of 2025
The Board of Directors set the structure of Chairman and Chief Executive Officer, Alexandre Bompard’s, 2025 compensation as follows:
Presentation
Fixed compensation
1,600,000 euros
At its meeting on March 13, 2025, the Board of Directors set the Chairman and Chief Executive
Officer’s annual fixed compensation at 1,600,000 euros.
Annual variable
compensation
Up to 190% of fixed
compensation
At its meeting on March 13, 2025, the Board of Directors changed the level of performance to be
achieved for the maximum amount of annual variable compensation to be applied. Annual variable
compensation could represent up to 190% of the reference annual fixed compensation if overall
performance is greater than or equal to 145%.
Type of criteria
Weighting
Comments
Quantitative criteria
(financial and
non‑financial)
Sales
Recurring operating
income
Net free cash flow
CSR
15%
25%
20%
20%
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, 2025. The quantitative criteria set by the Board of Directors are sales,
recurring operating income net free cash flow and CSR. 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. See Section 1.5.5 of this Universal Registration Document
for details on the composition of and changes in this index.
The qualitative criterion is based on operational and managerial performance and comprises four
elements, which are aligned with the Group’s strategic priorities set out in the Carrefour 2026 plan:
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.
Qualitative criteria
Operational
and managerial
performance
20%
TOTAL
100%
Long‑term incentive
plan (performance
shares)
Value representing 55%
of the gross maximum
compensation (fixed
annual, maximum
annual variable and
long‑term variable)
On February 19, 2025, 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 22
resolution adopted at the
Shareholders’ Meeting of May 26, 2023.
The shares are entirely subject to performance conditions.
The shares will vest on February 19, 2028 subject to the achievement of the applicable 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%. The vesting rate increases 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 vested below this 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.
Benefifits in kind
The Chairman and Chief Executive Officer has a company car and voluntary job loss insurance.
Compensation
paid in respect of
his directorship
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)
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.
■
nd
As set by the Board of Directors on March 13, 2025.
(1)
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Compensation and benefits granted to Company Officers
354
2025 COMPENSATION STRUCTURE
Compensation without
performance
conditions
15.5%
Compensation
with performance
conditions
84.5%
Fixed
compensation
15.5%
Annual variable
compensation
29.5%
Long-term
incentive*
55%
* Based on the long-term incentive plan granted on February 19, 2025.
2025 ANNUAL VARIABLE COMPENSATION
Net free
cash flow
20%
Non-financial
objectives
Sales
15%
Recurring
operating
income
25%
Operational
and managerial
performance
20%
CSR
20%
80% quantitative
objectives
20%
20%
60%
20%
Financial
objectives
Individual
qualitative
objectives
qualitative objectives
3.4.3.3 Compensation allocated or paid to the Chairman and Chief Executive Officer,
Alexandre Bompard, in respect of 2024
The Shareholders’ Meeting of May 24, 2024 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 2024 in his
capacity as Chairman and Chief Executive Officer.
The payment of the variable and exceptional components of
compensation due in respect of the 2024 financial year is subject
to the approval of the Shareholders’ Meeting of May 28, 2025, in
accordance with Article L. 22‑10‑34 II of the French Commercial
Code.
(in euros)
2023
2024
Amount paid
Amount allocated
Amount paid
Amount allocated
Alexandre Bompard
Chairman and Chief Executive Officer
Fixed compensation
1,600,000
1,600,000
1,600,000
1,600,000
Variable compensation
2,850,000
2,849,128
2,849,128
1,682,200
Long‑term incentive plan
N/A
N/A
N/A
N/A
Termination payment
N/A
N/A
N/A
N/A
Compensation paid in respect of his
directorship
75,000
75,000
75,000
75,000
Benefits in kind
16,772
16,772
17,870
17,870
TOTAL
4,541,772
4,540,900
4,541,998
3,375,070
(3)
(4)
(5)
(6)
(1)
(2)
Information presented in Section 3.4.2.2 of this Universal Registration Document.
(1)
Company car and voluntary unemployment insurance.
(2)
Variable compensation: amount paid in 2023 for the period from January 1 to December 31, 2022.
(3)
Variable compensation: amount allocated for the period from January 1 to December 31, 2023.
(4)
Variable compensation: amount paid in 2024 for the period from January 1 to December 31, 2023.
(5)
Variable compensation: amount allocated for the period from January 1 to December 31, 2024 (subject to the approval of the Shareholders’
Meeting of May 28, 2025).
(6)
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Compensation and benefits granted to Company Officers
355
The components of compensation allocated or paid to the
Chairman and Chief Executive Officer, Alexandre Bompard,
in 2024 are as follows:
Annual compensation
Alexandre Bompard received annual compensation comprising a
fixed portion and a variable portion.
Annual fixed compensation
In 2024, 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
compensation amounting to 190% of his annual fixed
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, and the
Carrefour CSR and Food Transition Index), and, for the remaining
20%, on achieving an operational and managerial performance
qualitative objective. These criteria are weighted at 25% for
recurring operating income, 15% for sales, 20% for net free cash
flow, 20% for the Carrefour CSR & Food Transition Index and 20%
for operational and managerial performance.
At its meeting on March 13, 2025, the Board of Directors
reviewed the performance level achieved for each target.
The performance level for the sales criterion (like‑for‑like)
represented 84%, with actual sales up 9.9% versus a target of
10.3%.
The performance level for net free cash flow represented 79.7%
in 2024, with actual net free cash flow of 1,439 million
euros
versus a target of 1,500 million euros.
The performance level for the recurring operating income
criterion, at constant exchange rates in 2024, represented 27%,
with actual recurring operating income of 2,258 million euros
versus a target of 2,550 million euros.
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 111% in 2024. See Section 1.5.3 of
this Universal Registration Document for details on the
composition of and change in this index.
The performance level for the CSR criterion came to 155% versus
a target of 100%.
In 2024, Carrefour gained 2 points in the Moody’s rating agency's
questionnaire, achieving a score of 78/100. Furthermore, for the
second year running, Carrefour is also a member of DJSI World,
an index which brings together the top five companies in terms
of ESG performance in 2024.
The Board of Directors has decided to set the achievement rate
for the "operational and managerial performance” qualitative
criterion at 180%, in order to recognise the results obtained for
the various aspects of this criterion:
The overall performance level for all the criteria was therefore
102.3%. The annual variable compensation of the Chairman and
Chief Executive Officer, Alexandre Bompard, was set at 105.1% of
his annual fixed compensation, i.e., 1,682,200 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, 2024.
Quantitative financial criteria (sales, recurring operating
income and net free cash flow)
■
(1)
Non‑financial quantitative criterion (Carrefour CSR and Food
Transition Index)
■
Qualitative
criterion
(operational
and
managerial
performance)
■
Quality of governance. Against a backdrop of significant
shareholder changes, relations with major shareholders
continue to be characterised by a high level of trust and
support for the management team. Dialogue with minority
shareholders and other stakeholders has been fostered. The
work of the Board of Directors and its Committees has been
maintained at a high level of frequency and depth of coverage.
A strategic seminar was held in Madrid in October;
■
Group representation. Alexandre Bompard spoke for Carrefour
but also for the industry, as Chairman of the French Trade and
Retail Federation – Fédération du Commerce et de la
Distribution, in whose work he convinced independent
banners to participate. In a complex political environment, he
addressed topics related to inflation and relations with farmers
and suppliers. For Carrefour, the highlight of 2024 was
definitely the premium partnership with the Paris 2024
Olympic Games, which generated considerable commercial
and media spin‑offs (second most associated French brand,
8,000 customers and 7,000 employees invited), far exceeding
expectations;
■
Operations transformation. The Group has implemented
savings plans totalling €1.2 billion, enabling it to finance price
investments. The simplification and downsizing of head offices
has been ongoing in all countries, particularly Brazil. In‑store
operational excellence has been strengthened, leading to an
increase in NPS. The management team continued to be
renewed and strengthened, with the arrival of experienced
individuals with recognised expertise in franchising, digital retail
and goods.
■
Development. In France, 2024 was marked by the acquisition
of around thirty former Casino stores and the successful
integration of Cora (which came fully under the Carrefour
banner) and Match. In Brazil, the operational component of the
acquisition of BIG has been completed. Expansion continued
in all countries at a faster pace than in previous years, both
through the opening of new convenience stores, particularly in
European countries, and a very active policy of bringing
franchisees under the Group banner, particularly in France.
■
Adjusted for scopes not included in the budget and for the gap between the budgeted rate and the actual rate.
(1)
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Compensation and benefits granted to Company Officers
356
Long‑term incentive plan (performance shares)
On February 20, 2024, the Board of Directors decided to award
the long‑term incentive plan to the Chairman and Chief
Executive Officer in the form of performance shares, for a value
representing
55%
of
his
gross
maximum
compensation
(i.e., 5,671,111 euros)
.
These
shares
will
vest
on
February 20, 2027 if the performance conditions are met and if
Alexandre Bompard is with the Company at that date.
The shares are all subject to performance conditions to be
assessed on February 20, 2027.
The Board of Directors set out the following performance
criteria: recurring operating income, net free cash flow, Total
Shareholder
Return
(based
on
a
panel
of
distribution
companies
) and a CSR criterion (comprised of three indicators
that are representative of the 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 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 100%. 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 100% for first to the fourth place in the panel,
75% for the fifth place and 50% for the median). The final vesting
rate will be the average of the vesting rates of the four criteria,
within the limit of the number of shares granted by the Board of
Directors, i.e., with an overall vesting rate capped at 100%.
Furthermore, Alexandre Bompard has taken the decision not to
use hedging instruments.
Benefits in kind
Alexandre Bompard has a company car and voluntary job loss
insurance. The corresponding financial benefit represents
17,870 euros.
Compensation or benefits due or likely to be due
upon taking office
None.
Compensation paid in respect of his directorship
The
amount
of
compensation
paid
in
2024
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, 2023.
Compensation paid by a company
within the scope of consolidation
Alexandre Bompard has not received any compensation due or
paid by any company within Carrefour’s scope of consolidation.
Supplementary defined benefit pension plan
As the French government order no. 2019‑697 of July 3, 2019
amended the legal regime applicable to supplementary defined
benefit pension plans with conditional rights such as the plan in
force within the Carrefour group, the Board of Directors, acting
on the recommendation of the Compensation Committee,
decided to modify the plan applicable to the Chairman and Chief
Executive Officer.
Acting on the Chairman and Chief Executive Officer’s proposal
and on the recommendation of the Compensation Committee,
the Board of Directors decided on April 3, 2020 to therefore
cancel the plan applicable to the Chairman and Chief Executive
Officer until December 31, 2019. Accordingly, all the conditional
supplementary pension rights that had accrued to the Chairman
and Chief Executive Officer since his arrival in the Carrefour
group (corresponding to an estimated gross annual annuity of
200,594 euros) were lost.
At its meeting of April 3, 2020, the Board of Directors decided to
set up a new “top‑up” defined benefit plan, applicable from
January 1,
2020,
that
meets
the
new
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.
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.
(1)
(2)
Information presented in Section 8.2 of this Universal Registration Document.
Ahold Delhaize, Colruyt, Dia, Dino, Jeronimo Martins, Kesko, Marks & Spencer, Metro, Tesco, et Sainsbury’s.
(1)
(2)
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Compensation and benefits granted to Company Officers
357
The rights accrued will be calculated based on the 2024
compensation (reference compensation), capped at 60 times the
annual social security ceiling. To determine the reference
compensation, only the annual fixed compensation of the
beneficiary and the variable compensation paid are considered,
to the exclusion of any other direct or indirect form of
compensation.
Rights will accrue subject to the same four annual performance
criteria used to determine the Chairman and Chief Executive
Officer’s variable compensation: three quantitative financial
criteria (sales, recurring operating income and net free cash flow)
and one non‑financial CSR criterion (Carrefour CSR and Food
Transition Index).
In accordance with the annual vesting rates under the plan and
on the basis the performance level achieved for each criterion
,
the Board of Directors meeting of March 13, 2025 noted an
average performance level of 86.4%, i.e., a performance level
between 75% and 100%, thus entitling the Chairman and Chief
Executive Officer to a vesting rate of 1.75% for 2024.
The gross annual annuity accrued by the Chairman and Chief
Executive Officer for 2024 therefore came out to 48,686 euros,
or a cumulative annuity of 324,895 euros since the start of the
plan.
The contributions paid to the insurer are excluded from social
security contributions, in return for the payment of an employer’s
contribution of 29.7%.
Termination payment
Alexandre Bompard, Chairman and Chief Executive Officer, is not
entitled to any termination payment.
Non‑compete commitment
The
non‑compete
commitment
entered
into
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.
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 2024.
Total compensation compliance
with the compensation policy
The
fixed,
variable
and
exceptional
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 2024 comply with the compensation policy decided
by the Board of Directors acting on the Compensation
Committee’s proposal.
Alexandre Bompard’s
total
compensation
is
part
of
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.
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 24, 2024 approved the fixed,
variable and exceptional components of total compensation and
benefits in kind due or paid during the year ended
December 31, 2023 to Alexandre Bompard, Chairman and Chief
Executive Officer.
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.
2020
2021
2022
2023
2024
Average compensation ratio
42
47
49
51
50
Median compensation ratio
76
80
87
89
78
Change in the compensation of the Chairman and Chief
Executive Officer
+4%
+6%
7.7%
6.6%
-8.6%
Change in the average compensation of employees
+4%
-6%
+3%
+3%
-5.1%
Net free cash flow (in millions of euros)
1,056
1,228
1,262
1,622
1,457
Carrefour CSR and Food Transition Index
115%
111%
109%
110%
111%
(1)
The respective performances of these criteria for the 2024 annual variable compensation are presented in Section 3.4.3.3.
(1)
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Compensation and benefits granted to Company Officers
358
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.
Multi‑annual variable compensation of each Executive Officer
Name and position of the Executive Offi
fficer
Plan
2023
2024
Alexandre Bompard
Chairman and Chief Executive Officer
Cash compensation plan
N/A
N/A
Employment contract
Supplementary
pension plan
Compensation or
benefifits due or likely
to be due upon
termination or a change
in position
Compensation related
to a non‑compete
clause
Yes
No
Yes
No
Yes
No
Yes
No
Alexandre Bompard
Chairman and Chief
Executive Officer
X
X
X
X
(1)
(1)
(1)(2)
These components of compensation are detailed in Sections 3.4.3.1 and 3.4.3.3 of this Universal Registration Document.
(1)
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.
(2)
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“Comply or Explain” rule of the AFEP‑MEDEF Code
359
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 2024.
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 2022 Shareholders’ Meeting, 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.
However, in view of his tenure as a Board Member, and for this reason alone, the Board
of Directors decided that Charles Edelstenne no longer qualifies, as of the Shareholders'
Meeting of May 28, 2025, as an Independent Director within the meaning of the
governance rules set out in particular by the AFEP‑MEDEF code and the French financial
markets authority (AMF).
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Transactions in the Company’s shares carried out by Company Officers
360
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 2024 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
Offi
ffice held at the
Company on the
transaction date
Transaction type
Financial
instrument
Price per share
(in euros)
Transaction
amount
(in euros)
February 19, 2024
Alexandre
Bompard
Director and
Chairman and
Chief Executive
Officer
Delivery of the
2021
performance
share plan
(2021 LTI Plan)
Shares
N/A
N/A
February 19, 2024
Matthieu Malige
Chief Financial
Officer
Delivery of the
2021
performance
share plan
(2021 LTI Plan)
Shares
N/A
N/A
March 26, 2024
Galfa SAS
Legal entity
Director
Sale
Shares
14.6035
365,087,500
September 6, 2024
Eduardo Rossi
Director
Acquisition
Shares
14.7850
14,785
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CORPORATE GOVERNANCE
Related‑party agreements referred to in Articles L. 225‑38 et seq. of the French Commercial Code
361
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 has adopted an internal procedure for
identifying
and
obtaining
authorisation
for
related‑party
agreements,
and
for
distinguishing
them
from
routine
agreements entered into on an arm’s length basis.
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
As its meeting on March 26, 2024, the Board of Directors
authorised the buyback of 25 million of its own shares from
Galfa, for a total amount of 365 million euros. Patricia Moulin
Lemoine and Philippe Houzé did not take part in the Board of
Directors’ deliberations, or vote, as they were considered to be
interested parties within the meaning of the applicable
regulations.
In addition, no agreements entered into and authorised in
previous years were continued in the year 2024.
STATUTORY AUDITORS’ SPECIAL REPORT ON REGULATED AGREEMENTS
Shareholders’
Meeting
held
to
approve
the
financial
statementsfor the year ended December 31, 2024
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 Shareholders’ Meeting of Carrefour,
In our capacity as Statutory Auditors of your Company, we
hereby report to you on the regulated agreements.
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
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 relating to the
implementation during the year of the agreements previously
approved at the Shareholders’ Meeting, if any.
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. These
procedures consisted in verifying that the information provided
to us is consistent with the relevant source documents.
3
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CORPORATE GOVERNANCE
Related‑party agreements referred to in Articles L. 225‑38 et seq. of the French Commercial Code
362
AGREEMENTS SUBMITTED TO THE APPROVAL OF THE SHAREHOLDERS’ MEETING
Agreements authorised and concluded during
the year
Pursuant to Article L. 225‑40 of the French Commercial Code,
we have been notified of the following agreement entered into
during the past year, which has been the subject of prior
authorization by your Board of Directors:
Agreement with Galeries Lafayette Group ("Galfa") for the
acquisition by Carrefour of 25 million of its own shares
Affected people:
- Galfa, a shareholder holding more than 10% of the Company’s
voting rights;
- Mrs. Patricia Moulin‑Lemoine and Mr. Philippe Houzé, Directors
of the Company, affliliated with Galerie Lafayette Group.
Nature and purpose:
At its meeting on March 26, 2024, the Board of Directors of the
Company authorized the redemption of 25 million of its own
shares from Galfa for a total amount of EUR 365 million, or
14.60 euros per redeemed share; the repurchase agreement was
signed on March 26, 2024.
The sale price was paid within days of the conclusion of the
contract and the redeemed shares were delivered after the
annual dividend was released, within days of the General Meeting
of May 24, 2024.
Terms and reasons justifying interest to the Company:
The Board of Directors, in particular with regard to the opinion of
Finexsi Cabinet on the fairness of the transaction, considered that
the conclusion of this agreement was in the interests of the
Company to the extent that the transaction, which is part of the
Company's share repurchase program for 2024, accelerated
share buybacks on favorable terms for all stakeholders, including
at a lower price per share at the closing price the day before the
agreement was reached.
Agreements already approved by the
shareholder’s meeting
We hereby inform you that we have not been advised of any
agreement authorized in previous years by the Shareholders’
Meeting and having continuing effect during the year.
Courbevoie and Paris La Défense, March 26, 2025
The Statutory Auditors
French original signed by
Forvis Mazars
Jérôme de PASTORS
Deloitte & Associates
Bertrand BOISSELIER
Olivier BROISSAND
4
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
363
2024 RISK MANAGEMENT
AND INTERNAL CONTROL
4.1
2024 risk management
364
4.1.1 Risk prevention and management system
364
4.1.2 Main risks
365
4.1.3 Insurance
381
4.2
Internal control system
382
4.2.1 Definition and objectives of the internal
control system
382
4.2.2 Internal control organisation
and parties involved
383
4.2.3 Monitoring system
389
4.2.4 Internal accounting and financial control
391
4.3
Legal and arbitration proceedings
394
4.3.1 Proceedings in connection with
the Group’s recurring operations
394
4.3.2 Other proceedings
394
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4.1
2024 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 key risks in 2024, within the universe of 59 risks at
the Group level, 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.
Carrefour’s risk prevention and management system has been
developed in accordance with the relevant 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.
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):
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
2021
■
■
■
2022
All risk categories
All regions
All activities
Creation of the Group Risk
Committee, the Group's
cross-functional risk
governance body
■
■
■
■
■
■
Linking the Internal Control
framework to the Group’s
risk universe
Managing and digitising the
self-assessment campaign
Expansion of Argos to
include a module dedicated
to Internal Control to
improve the links between the
respective systems
■
■
■
2023
■
■
2024
Risk universe
Risk assessment methodology
Reporting
Overhaul of the Group risk
management system
Automation
Scalability
Security
Implementation of Argos,
the internal digital system
for mapping the Group’s risks
Controlling risks
Seizing opportunities
Roll-out of
Carrefour's 2030
emerging risk radar
to anticipate the challenges
of tomorrow
Monitoring all action plans
(1)
perform regulatory monitoring and recognise potential impacts;
■
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.
■
This section refers to GOV‑5: Risk management and internal controls over sustainability reporting.
(1)
1
4
7
2
5
8
3
6
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365
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 59 risks that could
have a material impact on the Group’s operations or
performance, including the main ESG issues. The evaluation is
performed on Argos, a dedicated digital platform launched in
2021.
For each risk, it is necessary to:
Once the evaluations are reviewed by the business units’
management, the map of the Group’s main risks is approved by
the Group Risk Committee, then presented to the Group
Executive Committee and the Audit Committee. Created in late
2022, the Group Risk Committee is an internal cross‑functional
executive risk governance body. Reporting to the Group General
Secretariat, it brings together seven members of the Group
Executive Committee as well as the Group Functional Directors
(Internal Audit and Risk, Insurance, Compliance, Internal Control,
Legal Affairs and Security).
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
Regulation (EU) 2017/1129 of the European Parliament and of the
Council, these 13 key risks are divided into three categories:
As part of the risk mapping process described above, these risks
are ranked and presented here in decreasing order of importance
within each category, based on three net scores (i.e., gross score,
less the effectiveness of the related control):
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
addressed 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 sustainability report or the management
report, and can be found in Chapters 2 (2.1.1.2) and 6 (Note 13.7
to the 2024 consolidated financial statements), respectively, of
this Universal Registration Document.
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
its
impact
and
frequency
of
occurrence;
■
identify the action plans that exist or need to be implemented.
■
economic, political and social environment;
■
governance, laws and regulations;
■
operations.
■
net financial impact;
■
net reputational impact;
■
net frequency.
■
4
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The table and risk map below summarise the 13 key risks identified and their historical trend since the 2023 risk map. Detailed risks
disclosed in the sustainability report (see Chapter 2 of this Universal Registration Document) are identified in the table below by the “Δ”
symbol.
Category
Risk
Change
vs. 2023
Financial
impact
Reputational
impact
Net fre-
quency
Economic,
political and
social
environment
Competitive pressure
ä
«««
«
«««
Economic, political and social situation
in the countries ♣
~
««
«
««
Governance, laws
and regulations
Pressure and instability of tax and social
security legislation
ä
«««
««
««
Stricter regulations applicable
to the retail industry
~
««
««
«
Personal data protection
ä
«
«««
«
Operations
Appropriateness of the retail model
~
««
«
««
Cybersecurity
ä
«
«««
«
Availability of products in store and online ♣
~
«
«
««
Carrefour’s image
~
«
«««
««
Information system performance
ä
««
«
««
Control of real estate assets ♣
ä
««
«
«
Attracting and retaining talent
~
«
«
««
Product quality, compliance and safety
~
«
«
««
«Moderate ««High «««Very high
♣Increased exposure
to climate change
Risk described in detail
in the Sustainability Report
ä Increase ~ Stable æ Decrease
1
4
7
2
5
8
3
6
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NET IMPACT
NET FREQUENCY
★
★★
★★★
Governance, laws and regulations
Economic, political and social environment
Operations
★
★★★
★★
Carrefour's image
Pressure and instability
of tax and social security legislation
Stricter regulations applicable
to the retail industry
Competitive pressure
Appropriateness of the retail model
Product availability
in store or online ♣
Information system
performance
Attracting and
retaining talent
Cybersecurity
Control of moveable and
immoveable assets ♣
Personal data protection
Product quality, compliance
and safety
Economic, political and social
situation in the countries ♣
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Competitive pressure
Stand out from the competition by offering quality food accessible to all at the best price
Description of the risk:
Retailers are subject to intense competitive pressure against the backdrop of:
Intense competitive pressure in the retail industry is reflected in:
Inadequate consideration of competitive pressures could lead to an inappropriate retail model, particularly in the following areas (for
more details, see “Suitability of the retail model” below):
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:
Key mitigation measures adopted by the Group:
embedded inflation that remains high despite a slowdown, with purchasing power still under pressure at global level;
■
saturation in Europe, particularly in France, leading to severe pressure on margins;
■
restructuring of the competitive landscape in France, with the sale of Casino hypermarkets in particular;
■
technological changes, such as Artificial Intelligence, which need to be leveraged wisely to better meet consumer expectations and
stand out from the competition.
■
a historically very price‑competitive market with a resurgence of aggressive pricing in 2024;
■
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.
■
the price‑promotion‑loyalty equation: price levels, the generosity of promotions and the loyalty programme;
■
the extent to which the commercial offer (products and services offered) meets customer expectations, particularly via
e‑commerce;
■
the balance and interplay between the various formats and retail channels (digital and physical) in terms of consumer trends;
■
the choice between franchised and integrated management methods, taking into account the competition between various
banners to recruit the best franchisee candidates.
■
decline in customer satisfaction;
■
decline in the proportion of customer spending captured by the Group’s stores (the banner’s market share of total customer
spending);
■
deterioration in Carrefour’s image in terms of the adequacy of its product and service offer;
■
decline in the attractiveness of the Carrefour banner for existing or potential franchisees;
■
fall in market shares;
■
fall in revenue;
■
fall in profitability.
■
investment in permanent pricing, and generous promotions and loyalty programmes to attract and retain customers while
preserving their purchasing power;
■
targeting objectives focused on customer satisfaction, particularly through the Net Promoter Score ;
■
®
stepped‑up innovation, with around 500 new fast‑moving consumer goods (FMCG) launched under the Carrefour brand in France
in 2024 ;
■
the launch in 2024 of the Act II of the Act for Food programme, which embodies the Carrefour group’s raison d’être, “the food
transition for all” and is accompanied by a global advertising campaign;
■
for the rest of the key measures, see “Suitability of the retail model” below.
■
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Economic, political and social situation in the countries ♣
Preserving purchasing power that is still being squeezed despite global disinflation
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.
Global inflation remains high (5.8% in 2024 vs. 6.7% in 2023)
despite a slowdown compared to 2023. The situation varies, however,
across Group geographies, particularly in Brazil, where interest rates were raised by the country’s Central Bank three times in 2024,
reaching 12.25% in December 2024, putting an end to a cycle of seven consecutive cuts, and where the currency (Brazilian real)
depreciated by 16.9% against the euro in 2024. Argentina still faces hyperinflation, despite signs of a slowdown. These situations could
continue in the coming years, depending in particular on climate developments, geopolitics and the global health situation. The
ecological and energy transition towards carbon neutrality could also exacerbate inflationary pressure.
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 (risks of
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 linked to inflation and
recruitment difficulties in a tense labour market.
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
These tools support decision‑making in the context of the Group’s international growth.
(1)
increasingly price‑sensitive consumers, favouring entry‑level products and discount models;
■
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;
■
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.
■
a policy of price investment in regions where the Group needs to improve its price positioning;
■
working on the price‑promotion‑loyalty equation, mainly by optimising the promotional strategy and working on Carrefour‑brand
and value products;
■
a range of measures to promote purchasing power (e.g., a 10% price cut on 500 everyday products in France);
■
continuing 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;
■
monitoring the pricing policies of the competition;
■
pooling purchases, particularly at the European level;
■
monitoring the change in costs of direct and indirect purchases;
■
price (re)negotiation with suppliers;
■
seeking alternative sources and opportunity buying;
■
anticipating inflation in the preparation of budgets;
■
savings plans (including energy savings);
■
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.
■
IMF, World Economic Outlook, October 2024.
(1)
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Pressure and instability of tax and social security legislation
Anticipating and complying with tax and social security regulations while maintaining economic balance
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:
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:
Increased pressure from social security regulations on Carrefour could result in an increase in:
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:
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 following measures have also been implemented:
in France, with almost 114 different levies, 81 of which are applicable, 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). A reform designed to simplify the consumption tax
system – with two new local and federal taxes replacing the five previous taxes (IPI, ISS, ICMS, PIS and Cofins) will take effect from
2026, with a transition period running until 2033.
■
an increase in tax pressure on businesses;
■
increased reporting obligations (e.g., e‑invoicing in Romania in 2024);
■
complexity of and changes in tax systems, particularly in Brazil.
■
the minimum wage;
■
social security contributions.
■
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.
■
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.
■
ongoing monitoring and mapping of tax and social security changes in each country, in particular regarding the tax reform in Brazil;
■
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., politicians, Chamber of Commerce, Government);
■
tax and social risk analysis to make sure that adequate provisions are taken;
■
operating discipline to control the cost structure and limit the amount of new tax and social security costs passed on in selling
prices.
■
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Stricter 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 (e.g., Eureca), which are increasingly regulated, in particular by the European
directive on unfair trading practices in business‑to‑business relationships in the agri‑food sector (Unfair Trading Practices – 2019). 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. In force since April 2023, the “EGalim 3” law extends the scope of restrictions defined by
“EGalim 2” and reinforces some of its mechanisms that are already in force (e.g., the Descrozaille law, which caps promotions for
products in the HPC sector at 34% of their value). This system is set to be supplemented by an “EGalim 4” law prompted by the French
agricultural trade union, Fédération nationale des syndicats d’exploitants agricoles (FNSEA). It was the subject of a parliamentary
commission (Babault/Izard) launched in February 2024 by Prime Minister Gabriel Attal, the report on which was submitted to the
Minister of Agriculture in October 2024.
The risk of non‑compliance with the legislative and regulatory framework could occur as a result of:
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
anti‑competitive practices, such as cartels with competitors or with suppliers, which would distort the free play of competition;
■
restrictive competitive practices, such as negotiations of commercial terms with suppliers in exchange for no or disproportionate
consideration (creating a significant imbalance in the rights or obligations of the parties), breach of formal obligations in the
negotiation of annual contracts with suppliers or the sudden termination of business relations;
■
unfair or misleading commercial practices, such as false or misleading advertising.
■
financial sanctions for anti‑competitive or restrictive competitive practices;
■
criminal and financial sanctions for unfair or misleading commercial practices;
■
limiting the Group’s room for manoeuvre on promotions;
■
a reduction in the negotiation margin with suppliers;
■
harm to the Group’s image.
■
a framework of strict procedures and rules governing each practice (purchases, rebates, 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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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, imposing new obligations on
companies as well as for heightened financial penalties.
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:
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
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.
■
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 if they consider that the Group is not complying with regulations;
■
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).
■
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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Appropriateness of the retail model
Optimising the retail model to meet changing customer expectations and stand out from the competition
Description of the risk:
The macroeconomic environment and changes in consumption behaviour are impacting customers’ purchasing power and
competitive pressure, accentuating the challenges faced by the Group in defining and adapting its business model. and its offer could
be inadequate in the following areas:
Franchising is a key area of development for the Group. The challenge is to build an attractive franchise model that ensures created
value is shared equally between the players. The commitment of franchisees to the Group’s business model and strategy is also a key
success factor.
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
the price‑promotion‑loyalty equation: price levels, the generosity of promotions and the loyalty programme to recruit and build
customers’ loyalty while preserving their purchasing power, both in store and online;
■
e‑commerce service quality: this is based on the performance of the supply chain and operations (stores and warehouses) in order
to meet customer shopping experience expectations, including during peak periods;
■
the balance between the various retail channels, both digital and physical (hypermarkets, supermarkets, convenience stores and
cash & carry;
■
coordination between digital and physical retail channels via an omni‑channel model;
■
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.
■
deterioration of the price image in the face of aggressive competition;
■
deterioration in Carrefour’s image because of a mismatch between its product and service offer and consumer trends;
■
mismatch between demand and online order picking and preparation and delivery capacities (e.g., saturation of Drives);
■
failure to capture growth in e‑commerce sales;
■
deterioration in profitability of online operations;
■
a correlated decline in physical sales to omni‑channel customers;
■
difficulties in winning and satisfying customers or retaining their loyalty;
■
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 decline in market share and sales;
■
difficulties in recruiting and retaining franchisees due to a decline in the banner’s appeal to customers or prospective franchisees;
■
a lack of management and support for franchised partners.
■
optimising the promotional strategy, in particular, for Carrefour‑brand products in conjunction with national brands;
■
ongoing reflection on the loyalty programme;
■
continued cost cutting to provide the headroom to invest in the marketing drive;
■
adapting the offering to the catchment area in a more targeted way;
■
acquisition in France of the Cora and Match banners;
■
monitoring external growth opportunities to improve the format mix;
■
analysis of the changes in customer expectations and targeting objectives focused on customer satisfaction, particularly through
the Net Promoter Score ;
■
®
accelerating measures to reduce plastic packaging and combat food waste;
■
opening the first Atacadão pilot in France in June 2024;
■
reinforcing e‑commerce partnerships (e.g., Uber Eats, Takeaway.com, Rakuten);
■
integrating OpenAI technologies on the Carrefour website with the launch of Hopla, a shopping experience that uses generative AI;
■
implementing specialised logistics tools to improve the conformity rate of e‑commerce orders;
■
improving picking model processes (hybrid, in‑store picking and in‑warehouse picking) to improve the productivity and the quality
of service (conformity rate and compliance with delivery or pick‑up times);
■
adapting the e‑commerce product and service offer to market developments (e.g., competitors, customers);
■
more innovation, with 600 new products launched in France in 2024, including 150 Carrefour‑brand products;
■
the launch in 2024 of Act II of Act for Food, which embodies the Carrefour group’s raison d’être, “the food transition for all”, and is
accompanied by a global advertising campaign;
■
the expansion of franchising in various formats;
■
improving recruitment processes (e.g., digitalisation, financial guarantees) and supporting franchisees;
■
co‑construction of sales initiatives with franchisees.
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Cybersecurity
Preventing cyber attacks targeting Carrefour, its customers, employees and partners
Description of the risk:
The Group’s exposure to cyber attacks stems from the following factors:
A partial or total shutdown of the Group’s IT tools could disrupt its 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 cyber crimes (such as ransomware, distributed denial‑of‑service attacks, etc.). The
impact of these cyber attacks could be amplified by the obsolescence of certain tools and the complexity of interconnected systems
(including with suppliers or partners). Their frequency could also be increased by the new AI capabilities.
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.
As a result, protection against cyber crime, in all its forms, is vital to safeguarding the company’s economic performance and image.
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
a general increase in the cyber threat to businesses and institutions;
■
the diversity of its activities (physical and digital retail, real estate, financial services, retail media, etc.);
■
its geographical presence in a large number of countries where it operates directly or through its partners;
■
its many information systems, developed and managed both internally and externally, particularly in view of the increasing
digitalisation of its operations;
■
its many partners (suppliers, logistics and IT service providers, etc.);
■
its high profile as a major economic player.
■
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;
■
a competitive disadvantage that could lead to a fall in market share;
■
harm to the Group’s image.
■
the Group’s Data Security Committee, which includes the Group General Secretary, the Executive Director in charge of
E‑Commerce, Data and Digital Transformation, the France and Group Chief Digital Technology Officer, the Chief Information
Security Officer (CISO) and the Data Protection Officer (DPO), is responsible for overseeing the system, supported by a local country
network;
■
a cyber security governance based on the National Institute of Standards and Technology (NIST) cyber security framework,
including external audits;
■
a global Security Operation Centre (SOC) to detect security incidents and a programme to standardise cyber security incident
management;
■
a global Vulnerability Operation Centre (VOC) to standardise the identification and mitigation of software vulnerability;
■
an application security centre of expertise;
■
a cyber centre for AI;
■
the migration of information systems to the Cloud to improve security, accessibility and scalability, with a dedicated Cloud
protection programme;
■
a software vulnerability identification and mitigation programme;
■
a programme to strengthen critical IT infrastructure;
■
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;
■
introducing an obsolescence and renewal management plan (IT roadmap);
■
strengthening the regular data backup processes.
■
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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.
The following tensions were observed in 2024 in the supply chain for certain products, linked in particular to the conflicts in Ukraine
and the Middle East, as well as climate contingencies:
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:
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:
Key mitigation measures adopted by the Group:
temporary global food shortages have already occurred and remain a possibility;
■
a deterioration in service rates due to driver shortages (especially in Europe);
■
disruption to sea freight (costs and delays);
■
industrial action.
■
anticipating fluctuations in supply in terms of price and available volumes;
■
anticipating fluctuations in consumer demand;
■
continuously adapting the entire supply chain to maximise service rates (in warehouses and in stores).
■
harm to Carrefour’s image;
■
a decline in customer satisfaction;
■
a drop in the number of visits to Carrefour stores and e‑commerce sites;
■
fall in market shares;
■
a fall in sales.
■
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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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,
in force since January 1, 2024) and Corporate Sustainability Due Diligence Directive (CS3D, to be transposed before July 2026).
The challenge for the Group is to manage its image in a harmonised way across all its distribution (physical and digital) and
communication channels (social networks, customer services, traditional media, etc.). This challenge is exacerbated by the diversity
and specific features of Carrefour’s activities, which are mainly consumer‑focused (physical and digital retail, real estate, financial
services, retail media, etc.), and by its global presence (integrated or franchised).
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:
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
an inadequately defined or executed communications strategy that fails to differentiate the company from the competition;
■
a lack of strategic alignment between the various 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, boycotts etc.);
■
a lack of alignment among responses to consumers across different customer service channels (e.g., email, web, phone, etc.).
■
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;
■
difficulty in attracting or retaining employees.
■
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, particularly via a site climate change adaptation
project;
■
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);
■
the launch in 2024 of Act II of the Act for Food programme to enable all our customers to eat better, at the best price.
■
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Information system performance
Optimising the performance of information systems to achieve strategic objectives
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. The IT tools used by Carrefour include hardware and software in warehouses (e.g., storage and supply
management), head offices (e.g., servers, PCs) and stores (e.g., checkout management systems, electronic scales and labels).
Accordingly, Carrefour always strives to preserve and 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.
Carrefour, in particular, 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 and solutions, and then combine the right investments to address these issues,
which are at the heart of the Company’s development. It must also minimise the risk of dependency on key IT partners, which could
result in business disruption or major cost overruns.
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:
Key mitigation measures adopted by the Group:
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 deterioration of employee access to the IT tools required for them to do their jobs;
■
areas of operational inefficiency leading to a deterioration in productivity and competitiveness;
■
decline in customer satisfaction;
■
a decline in bargaining power in contract renewals;
■
operational dependency on key IT partners or service providers.
■
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;
■
establishing business continuity and resumption plans in the event of an incident;
■
monitoring of IT solutions and service providers.
■
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Control of movable and immovable assets ♣ Δ
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, particularly in terms of how modern its stores are.
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:
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):
The measures taken by the Group to mitigate the risk related to its activity as lessor of shopping centre premises include:
a decline in customer footfall in its stores due to a deterioration in the customer experience;
■
a threat to the safety of people and property;
■
a devaluation of its assets;
■
additional costs if maintenance or renovation operations are not anticipated;
■
financial or administrative sanctions (e.g., closure of a site) by the authorities due to non‑compliance;
■
breakdowns or interruptions disrupting business continuity;
■
the gradual obsolescence of equipment, impacting their performance (e.g., cooling systems);
■
contamination of the ground with hydrocarbons due to failure to maintain the service stations.
■
(1)
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 continuation 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);
■
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.
■
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.
■
This section refers to DR E2‑2: Actions and resources related to pollution.
(1)
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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 324,750 employees working under Carrefour banners, the Group was one of the world’s top 50 private employers in
2024. In a tight labour market (in which the unemployment rate has been at its lowest level since 2005: 4.9% in the OECD at
mid‑2024 ) – 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.
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
possible and work‑life balance.
Potential impacts of the risk on the Group:
Key mitigation measures adopted by the Group:
(1)
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.
■
developing the employer brand (e.g., communication campaigns, presence in target schools and at professional events, graduate
programmes for promising recent graduates, co‑founding of 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 programme for onboarding new employees as acquisitions are made (e.g., Grupo BIG, Cora/Match);
■
a remote working scheme at all head offices;
■
digital recruitment tools (e.g., the launch of the new recruitment site in France) making it possible to reach more candidates and
improve the recruitment process;
■
defining succession plans to better anticipate departures/mobility;
■
strengthening training programmes for shop operatives and central functions, in particular on digital acculturation (e.g., e‑learning,
internal schools/workshops offered by specialists in the relevant fields);
■
setting up an employee share ownership programme.
■
OECD – December 11, 2024. https://www.oecd.org/fr/data/insights/statistical‑releases/2024/12/unemployment‑rates‑updated‑december-2024.html
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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‑brand products and complying with health standards (not only across the entire
supply chain, but also in stores) are major issues. These issues are strengthened by the Act for Food programme (launched in
September 2018 and strengthened in 2024) 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‑brand 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:
Potential impacts of the risk on the Group:
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:
a problem in defining the specifications for Carrefour‑brand products (in particular with regard to compliance with commitments to
the food transition for all);
■
a defect in the manufacture of Carrefour‑brand products;
■
a failure to comply with safety requirements for imported products (excluding Carrefour‑brand products);
■
a breach of quality and health standards in the stores or warehouses (Carrefour‑brand products or national brands);
■
significant shortcomings in product controls and traceability (Carrefour‑brand products or national brands);
■
failings in the withdrawal and recall procedure for non‑compliant products (Carrefour‑brand products or national brands).
■
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‑brand products;
■
financial losses linked to withdrawal and recall procedures for Carrefour‑brand products;
■
a fall in sales, particularly in Carrefour‑brand products;
■
deterioration of image;
■
a decline in customer satisfaction;
■
a fall in market share.
■
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;
■
a quality framework updated each year to incorporate best practice in relation to new concepts and regulatory developments;
■
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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4.1.3
INSURANCE
4.1.3.1
4.1.3.2
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.
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 to
non‑policy coverage.
Prevention policy
The Group’s insurance policy requires that risk prevention
measures be monitored by the Group Security department in
coordination with local Group liaisons in each country, as well as
with the Group’s insurers.
Transfer of insurable risk and self‑insurance
of some risks
In order to optimise insurance costs and better manage risk, and
in line with its insurance policy, the Group transfers identified
insurable risks to the insurance market and has a policy of
maintaining certain high‑frequency risks within property damage
and business interruption, civil liability and goods transportation
through its 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.
Information concerning the main
insurance programmes
The following is provided for information purposes only in order
to illustrate the scope of action in 2024. 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 interrup
tion 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.
Limits and exclusions in force for this policy comply with market
practices. Deductibles vary from country to country.
The civil liability policy also covers risks related to environmental
damage.
Mandatory insurance
The Group takes out different insurance programmes in
accordance with local law, including:
auto insurance;
■
construction insurance (building defects, ten‑year builder
liability, etc.);
■
professional liability insurance related to its activities:
■
banking,
■
insurance,
■
travel.
■
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4.2 Internal control system
4.2.1
DEFINITION AND OBJECTIVES OF THE INTERNAL CONTROL SYSTEM
4.2.1.1
4.2.1.2
4.2.1.3
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
management
and
internal
control
systems,
comprehensively 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 international 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, in line with the best
international standards and practices in risk management and
internal control.
The Group’s banking and insurance activities, both in France and
internationally, are governed by specific regulatory internal
control systems. In France, banking and insurance activities are
subject to the decree of November 3, 2014 (amended by the
decree of July 28, 2021) on internal control in companies in the
banking, payment services and investment services sector. They
are also governed by Directive 2009/138/EC, (the “Solvency II
Directive”), on risk governance and management in insurance
companies. These activities are also supervised by the French
prudential supervision and resolution authority (Autorité de
contrôle prudentiel et de résolution – ACPR).
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:
More specifically, the internal control system is designed to
ensure that:
Scope and limitations of the internal
control system
The internal control system presented in this report 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 assessment of the Group’s entities, while
classifying their internal control environments according to a
standardised maturity scale, according to the methodology
adopted by the Group Internal Control department. This
approach
provides
a
comparative
perspective
on
the
management of activities within the Group’s various entities,
while highlighting key areas where improvements could be
considered.
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
the
AMF
reference
framework
underscores, no matter how well designed and properly applied,
an internal control system cannot fully guarantee that the
Group’s objectives will be achieved. There are inherent
limitations in all internal control systems, which arise, in
particular, from uncertainties in the outside world, the exercise of
judgement or problems that may occur due to technical or
human failure, or simple error.
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.
■
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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4.2.2
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:
The centralised framework of Group internal control rules was
expanded this year to include both the Sapin II controls
framework, previously managed separately, and the new CSRD
controls framework, while retaining the Company’s essential
rules that made up the initial framework. This change is designed
to standardise internal control maturity analyses while facilitating
the roll‑out of a shared methodology. Designed and managed by
the Group Internal Control department, this centralised
framework is deployed in all significant Company entities. It
provides the main tools for evaluating and monitoring the design
and effectiveness of each entity’s internal control systems, which
are also subject to testing by the Group.
Comprising more than 280 rules, this reference framework
contains the fundamental rules that must be adopted, deployed
and applied in all entities and across all countries where the
Company is present. Its main objective is to cover:
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
Internal
Investment
Committees
is
required
for
some
transactions. Delegations of powers and responsibilities are
established at country and Group level in accordance with
hierarchical and functional organisational charts. This structure
complies with the principle of the separation of duties.
The Group internal control system described above is rolled out
across the Group’s entities in the form of shared guidelines, and
is implemented in the various countries through precise
operational procedures, defined control activities, periodic
assessment exercises and control tests.
In 2024, this campaign was fully automated by integrating a
dedicated Internal Control module into Argos, the digital
platform deployed by the Group Risk department. This is a
significant step forward, enabling real‑time reporting, more
in‑depth
analysis,
information
traceability
and
the
implementation of an approval workflow that strengthens the
accountability of the first line of defence. The framework
controls are supervised more precisely and efficiently, while
remaining connected to the Group’s risk universe. The Argos
Internal Control module also allows for centralised monitoring of
all Group action plans.
Ultimately, this digital transformation strengthens the synergies
between the internal control systems and the Group’s risk
universe. It also allows for centralised monitoring of all action
plans, while ensuring the smooth and efficient integration of
processes.
Finally, the Group ensures that guidelines for managing critical
financial processes are circulated, and that relevant 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:
Similarly, the internal controllers within the entities 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.
a centralised framework of internal control rules, including,
among other controls, a Sapin II controls framework and a
CSRD 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 for
managing critical
financial processes; and
■
various
control
activities,
procedures
and
measures
implemented by the country‑level teams under the Group’s
supervision.
■
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, influence peddling and money
laundering risks;
■
Sapin II
risks,
ensuring
compliance
with
regulatory
requirements;
■
CSRD‑related risks, ensuring compliance with regulatory
requirements.
■
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.
■
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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
control, Carrefour has created a Group Internal Control
department, which reports to the Group Finance department and
is responsible for leading and coordinating the system at Group
level. The Group Internal Control department is thus supported
by a network of local internal control officers in the Group’s 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 this, 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.
Local internal controllers support the entity‑level Finance
Director by:
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.
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.
■
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4.2.2.3 Parties involved in internal control
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
EXECUTIVE MANAGEMENT
AUDIT COMMITTEE
Conduct of operations
Risk management and internal control
See Section 4.2.2.3.2
EXTERNAL AUDIT
REGULATORS
Reporting, accountability
Steering, supervision, delegation, resources
Collaboration
1st line of defence
3rd line of defence
2nd line of defence
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
Internal audit
See Section 4.2.2.3.3
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).
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
presented 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;
■
monitor the process for preparing financial information and,
where applicable, make recommendations to ensure the
integrity of such information;
■
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The Group’s Executive Management sets the reference
framework for the Group’s internal control system, by
consolidating
the
control
environment.
The
Executive
Management’s
role
is
to
design,
coordinate,
lead
and
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.
Moreover, Executive Management is responsible for the internal
control systems. As such, it is tasked with designing,
implementing and overseeing the internal control systems suited
to the size of the Group, its activity and its organisation.
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.
monitor the effectiveness of the 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;
■
review risks and material off‑balance sheet commitments,
assess the significance of any malfunctions or weaknesses
reported to it, and inform the Board of Directors where
appropriate. As such, the review of the financial statements
must be accompanied by a presentation prepared by Group
Executive
Management
describing
the
Company’s
risk
exposure and its material off‑balance sheet commitments, as
well as a presentation prepared by the Statutory Auditors
highlighting both the key findings of their statutory audit,
including any audit adjustments and significant internal control
failings identified during their engagement, and accounting
options applied. The Audit Committee is also responsible for
examining and analysing the information on internal control
and risk management included in the management report;
■
regularly review the mapping of the Group’s main risks that
may be reflected in the financial statements or which have
been identified by Group Executive Management and may have
an impact on the financial statements. It takes note of the main
characteristics of the risk management systems and the results
of their operations, drawing in particular on the work of the
internal audit and internal control managers and the Statutory
Auditors.
■
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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
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
drawing up and updating the internal control reference framework, including the Sapin II framework, the
CSRD framework and the Group’s essential rules, in line 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 entity 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.
■
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
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:
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,
●
coordinates 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.
■
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
and
making
any
necessary
recommendations to improve these systems.
■
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4.2.3
MONITORING SYSTEM
4.2.3.1
4.2.3.2
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.
Periodic monitoring
Parties involved in periodic monitoring
The Group risk management and internal control system
provides for periodic monitoring by managers, operatives,
internal controllers, compliance officers, internal auditors and the
Statutory Auditors:
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
Internal
Control,
which
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 to lead internal control within their
departments and with the aim of further developing Group rules.
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
and
reviewing
the
consistency
of
the
self‑assessment and are responsible for monitoring the action
plans.
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.
After the self‑assessment process, 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
reported to Executive Management. In addition, the main
Country Finance Directors present the summary of the
self‑assessment to the Group Finance department.
At the annual close, the Country Executive Directors and Country
Finance Directors also sign a letter of representation for Group
Executive Management on the following:
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
supervision of the local Finance Director. In turn, 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;
■
the Ethics and Compliance function ensures compliance with
and
effective
implementation
of
the
anti‑corruption
compliance programme and reports information on alerts and
fraud to the Operations, Legal, Internal Control and Internal
Audit departments;
■
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.
■
compliance with laws and internal procedures, in particular
ethics principles;
■
confidentiality and security of information systems;
■
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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.
In the interests of efficiency and accuracy, the annual internal
control self‑assessment campaign was fully automated this year.
This automation streamlines the process by centralising data
collection and analysis, while guaranteeing real‑time reporting.
Thanks to this technological advance, the self‑assessment results
can be analysed immediately, making it easier to identify areas
requiring corrective action and improving the responsiveness of
entities. The integration of an approval workflow reinforces
stakeholder accountability and ensures the rigorous monitoring
of action plans, thereby providing greater traceability and process
reliability. In addition, automation enables smooth coordination
between the Group’s various entities, while guaranteeing data
consistency across the various levels of the organisation. This
system not only helps improve internal control management, but
also strengthens the control culture within the Group.
Monitoring of action plans
Guidance and supervision of the internal control system involve
the monitoring, by the country internal controllers, of the action
plans relating to the internal control self‑assessment and risk
mapping processes, and of internal audit, external auditor or any
other control body recommendations.
Group internal control presents a summary of action plan
monitoring work to the Audit Committee. In addition, each
country is required to present progress on its action plans to the
Group Finance department.
Action plan monitoring was also fully automated this year,
resulting in significant optimisation of the guidance and
supervision process. Thanks to this automation, country Internal
Controllers can now monitor the progress of each action plan in
real time, whether it stems from the internal control
self‑assessment, risk mapping, or recommendations from Internal
Audit, external auditors or other control bodies. This automation
enables corrective actions to be managed more fluidly and with
shorter response times, while ensuring greater traceability and
transparency.
Reports
on
the
progress
of
action
plans are generated automatically and can be consulted at any
time, making it easier to present the results to the Audit
Committee and the Group Finance department. This digitised
process thus ensures rigorous monitoring, speeds up action
times and guarantees better coordination between the various
stakeholders.
Monitoring of fraud and internal control incidents
Fraud and other internal control incidents relating to ethics are
carefully monitored by the Country Ethics Committees, and
depending on their materiality, by the Group Ethics Committee.
The following events must be reported to the Group:
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:
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.
■
accounting misstatements and alterations harming the integrity
of
the
financial
information,
whether
favourable
or
unfavourable to the Company or the Group;
■
misappropriation or endangerment of tangible or intangible
assets;
■
events liable to constitute passive or active corruption or
influence peddling;
■
breaches of laws and regulations;
■
other significant breaches of the ethics principles and
compliance programme.
■
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.
■
1
4
7
2
5
8
3
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4.2.4
INTERNAL ACCOUNTING AND FINANCIAL CONTROL
4.2.4.1
4.2.4.2
General organisational principles
of accounting and financial control
Internal accounting and financial control aims to ensure:
Risks related to the production of accounting and financial
information can be classified into two categories:
The internal control system described in the following
paragraphs incorporates this risk approach.
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.
Management of the accounting
and finance organisation
Organisation of the finance function
The finance function is mainly based on a two‑level organisation:
The Group 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
department,
which
alone
can
provide
interpretations and clarifications.
The country‑level Finance Directors meet regularly to discuss
new changes to the IFRS accounting principles applicable to
Carrefour and any application issues encountered.
Tools and operating methods
The Group continues to standardise the accounting systems
used in the various countries, in particular through its finance
tool transformation programme. In particular, this has enabled
the standardisation and documentation of procedures in the
various countries and an adequate separation of duties.
The Group uses a consolidation and reporting tool to detail,
make reliable and facilitate the transmission of data, controls and
consolidation operations.
Accounting and financial information systems are subject to the
same security requirements as all other systems.
the compliance of reported accounting information with the
applicable rules (IFRS international accounting standards);
■
the application of instructions and strategic objectives
established by the Group;
■
the prevention and detection of fraud and accounting and
financial irregularities;
■
the
presentation
and
reliability
of
published
financial
information.
■
those related to the accounting of recurring operations in the
Group’s host countries, whose control systems must be set as
close as possible to decentralised operations;
■
those related to the accounting of non‑recurring operations
that may have a material impact on the Group’s financial
statements.
■
the Group Financial Control department defines the IFRS
accounting principles applicable to Carrefour and provides
leadership and oversight of the production of consolidated
financial
statements
and
management
reports.
This
department
includes
a
Reporting
and
Consolidation
department and a Performance Analysis department:
■
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
prepares
the
consolidated
accounting
and
financial
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
requests explanations from the country‑level Finance
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.
■
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4.2.4.3
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.
Oversight of the internal control system for
accounting and financial reporting procedures
Oversight of the internal control system is mainly based on:
Oversight also involves assessing the information provided by the
Statutory Auditors as part of their in‑country operations. The role
of the Statutory Auditors includes, but is not 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.
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.
Control over financial
communications
Role and purpose of financial communications
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.
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 incorporates tasks to review internal
accounting and financial control.
■
1
4
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2
5
8
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In organisational terms:
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
issues.
All
press
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.
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.
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 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.
■
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Legal and arbitration proceedings
394
4.3 Legal and arbitration proceedings
4.3.1
PROCEEDINGS IN CONNECTION WITH THE GROUP’S
RECURRING OPERATIONS
In the normal course of its operations, the Carrefour group is
involved
in
various
arbitration,
legal
and
administrative
proceedings.
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 (Note 11.2 to the 2024 consolidated financial
statements) of this Universal Registration Document.
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.
4.3.2
OTHER PROCEEDINGS
4.3.2.1
4.3.2.3
4.3.2.4
4.3.2.5
France
As stated in submissions dated June 11, 2024, the French Minister
for the Economy intervened in the proceedings initiated on
December 26, 2023 before the Rennes Commercial Court by the
Association
des
Franchisés
Carrefour
(AFC)
against
the
companies Carrefour Proximité France, CSF, Selima and Profidis,
with a view to determining the alleged imbalanced nature of the
contractual relationship with their franchisees.
The intervention by the Minister for the Economy follows on
from an investigation carried out by the DREETS (French regional
body for the economy, employment, work and solidarity) in
Normandy between 2019 and 2022 into the commercial
relationships between the Carrefour group and its franchisees
operating a convenience store in France.
In said intervention, the Minister for the Economy is mainly
asking the Court to (i) find that there is a contractual imbalance
between the franchisor and its franchisees, (ii) declare (y) the
disputed clauses null and void and (z) put an end to the restrictive
practices and (iii) order the payment of a civil fine of 200 million
euros. The Prosecution also made oral submissions in support of
the Minister for the Economy's requests.
At this stage of proceedings, Carrefour considers that AFC’s
requests and the involvement of the Minister for the Economy
raise serious issues concerning jurisdiction and admissibility,
which must be examined before any consideration of the merits
of the case. A decision on the jurisdiction and admissibility of the
case is expected by mid‑2025.
On October 11, 2024, several French subsidiaries of the
Company, like other players in the specialised distribution of
organic products, received a statement of objection from the
French competition authority, in which they were accused of
having coordinated, from November 2016, to implement a
collective
strategy
aimed
at
artificially
segmenting
the
distribution of organic products, depending on the brand,
between
the
specialised
distribution
channel
and
the
conventional distribution channel.
Brazil
On May 25, 2021, the municipality of São Paulo initiated an
administrative proceeding against Atacadão SA in connection
with the renewal of operating licences for its head office and one
of its stores.
These proceedings were commenced following the initiation of
criminal proceedings against public officials and company
employees, to which Atacadão SA is not party.
By decision dated June 6, 2023 (which became final on
July 28, 2023), the employees of Atacadão SA were acquitted.
Poland
On September 11, 2023, the Chairman of the Office for
Competition
and
Consumer
Protection
(UOKIK)
opened
investigation proceedings against Carrefour Poland for alleged
unfair commercial practices in connection with the invoicing of
logistics costs for the transport of goods between warehouses
and stores.
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
“Suitability 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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BUSINESS REVIEW
AS OF DECEMBER 31, 2024
5.1
Business review and consolidated
income analysis
396
5.1.1 Main income statement indicators
396
5.1.2 Analysis of the main income
statement items
397
5.2
Group financial position
and cash flows
402
5.2.1 Shareholders’ equity
402
5.2.2 Net debt
402
5.2.3 Statement of cash flows
404
5.2.4 Financing and liquidity resources
405
5.2.5 Restrictions on the use
of capital resources
406
5.2.6 Expected sources of funding
406
5.3
Outlook
407
5.4
Other information
408
5.4.1 Accounting principles
408
5.4.2 Significant events of the year
408
5.4.3 Climate change
412
5.4.4 Main related‑party transactions
413
5.4.5 Subsequent events
413
5.4.6 Risk factors
414
5.5
Glossary of financial indicators
415
5.6
Parent company financial review
416
5.6.1 Business and financial review
416
5.6.2 Investments in subsidiaries and affiliates
418
5.6.3 Income appropriation
418
5.6.4 Research and development
418
5.6.5 Recent developments
419
5.6.6 Company earnings performance
in the last five financial years
419
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5.1
Business review and consolidated
income analysis
5.1.1
MAIN INCOME STATEMENT INDICATORS
Argentina is classified as a hyperinflationary economy within the meaning of IAS 29 – Financial Reporting in Hyperinflationary
Economies, which is therefore applicable to the consolidated financial statements for the year ended December 31, 2024. Comparative
data for 2023 have been adjusted accordingly for inflation.
(in millions of euros)
2024
2023
% change
% change at
constant
exchange
rates
Net sales
85,445
83,270
2.6%
5.1%
Gross margin from recurring operations
16,968
16,630
2.0%
4.8%
in % of net sales
19.9%
20.0%
Sales, general and administrative expenses, depreciation
and amortisation
(14,755)
(14,367)
2.7%
5.3%
Recurring operating income
2,213
2,264
(2.2)%
1.4%
Recurring operating income before depreciation and amortisation
4,637
4,559
1.7%
4.4%
Recurring operating income after net income
from equity‑accounted companies
2,276
2,308
(1.4)%
2.2%
Non‑recurring income and expenses, net
(424)
(558)
(24.1)%
(23.2)%
Operating income
1,852
1,749
5.9%
10.4%
Finance costs and other financial income and expenses, net
(759)
(410)
85.1%
103.3%
Income tax expense
(303)
(439)
(30.9)%
(33.5)%
Net income/(loss) from continuing operations – Group share
723
930
(22.2)%
(21.5)%
Net income/(loss) from discontinued operations – Group share
0
729
(100.0)%
(100.0)%
NET INCOME/(LOSS) – GROUP SHARE
723
1,659
(56.4)%
(56.0)%
FREE CASH‑FLOW
3,097
3,138
NET FREE CASH‑FLOW
1,457
1,622
NET DEBT
3,780
2,560
Net sales totalled 85.4 billion euros in 2024, an increase of 5.1%
at constant exchange rates.
The Group’s recurring operating income before depreciation and
amortisation came in at 4,637 million euros, up 1.7% at current
exchange rates and 4.4% at constant exchange rates.
Recurring operating income came to 2,213 million euros, down
2.2% at current exchange rates, and up 1.4% at constant
exchange rates.
Non‑recurring operating income and expenses represented a net
expense of 424 million euros, versus a net expense of
558 million euros in 2023. This expense includes impairment
recognised against Italian goodwill for 45 million euros (see
Note 6.3
to
the
consolidated
financial
statements),
the
derecognition of a portion of Belgian and Brazilian goodwill
following asset
disposals, impairment recognised
against
underperforming Bompreço and Nacional stores in Brazil that
were formerly part of Grupo BIG and were in the process of
being closed, and the costs associated with these closures (see
Note 4.2.1.2). It also includes restructuring costs following
measures implemented at headquarters and stores in Spain, Italy,
Belgium and Brazil, and following the announcement that the
headquarters of the Cora and Provera subsidiaries would be
closing in France. The line also includes provisions for tax and
legal risks in some of the Group’s geographies.
(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 requirement, less net cash from/(used in) investing activities.
(1)
Net free cash flow corresponds to free cash flow after net finance costs and net lease payments.
(2)
Net debt does not include liabilities and assets related to leases (see Note 2.2).
(3)
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2
5
8
3
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This expense was partially offset by (i) gains and losses on the
sale and lease back of 15 Atacadão cash & carry stores in Brazil,
six hypermarkets in Spain and 16 supermarkets in France (the real
estate of 17 supermarkets was sold, and that of 16 was then
leased back – see Note 4.2.1.3), (ii) reversals of provisions,
especially in Brazil for tax risks relating to ICMS tax credits
following the expiry of statutory limitation periods or further
relief under tax amnesty programmes, and (iii) recognition of
PIS‑COFINS tax credits in Brazil following a favourable court
ruling.
Finance costs and other financial income and expenses
represented a net expense of 759 million euros, a decrease of
349 million euros on the 2023 figure, mainly reflecting the higher
cost of net debt and the deterioration in other financial income
in Argentina (see Note 1.2).
The income tax expense for 2024 amounted to 303 million
euros, compared with 439 million euros for 2023. The decrease
was due in particular to the recognition of deferred tax assets on
the former Grupo BIG cash & carry subsidiary as a result of
operating gains.
Net income from continuing operations – Group share, totalled
723 million euros, a 207 million euro decline on 2023.
The Group share of net income from discontinued operations
amounting to 729 million euros in 2023 corresponded almost
exclusively to the gain realised on the disposal of the subsidiary
Carrefour Taiwan on June 30, 2023.
In view of the above, net income – Group share came to
723 million euros, versus 1,659 million euros in 2023.
Free cash flow amounted to 3,097 million euros, versus
3,138 million euros
for
2023.
Net
free
cash
flow
was
1,457 million euros, compared with 1,622 million euros for 2023.
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)
2024
2023
% change
% change at
constant
exchange rates
France
39,540
38,220
3.5%
3.5%
Europe (excluding France)
23,632
23,650
(0.1)%
(0.5)%
Latin America
22,272
21,399
4.1%
14.1%
TOTAL
85,445
83,270
2.6%
5.1%
The Carrefour group reported net sales of 85.4 billion euros, up
by 5.1% at constant exchange rates and by 9.8% restated for the
application of IAS 29.
In France, net sales rose by 3.5% in 2024; on a like‑for‑like
basis
, they were down 2.3%, driven by investments in
competitiveness, in an environment shaped by negative
volumes. Over the year, food sales were down by 1.6% LFL, and
non‑food sales by 8.1% LFL.
■
(1)
In Europe (excluding France), net sales were down by 0.5%
versus
2023
at
constant
exchange
rates
and
by
0.9% like‑for‑like. Spain posted a slight fall of (0.2)% LFL,
impacted in particular by a 0.7% LFL decrease in food sales
when food sales remained stable. The Group significantly
invested in its competitiveness through the year. Italy saw a
decline of (2.6)% LFL over the year, in a competitive market,
shaped by strong promotional pressure. In Belgium, net sales
were down by only 1.6% LFL, against a very high basis of
comparison in 2023 (up 9.0% LFL). Commercial initiatives
■
translated into record levels of customer satisfaction in all
formats, reflecting improvement in price perception. Romania
posted positive performance, with growth of 1.2% LFL. In
Poland, net sales fell by 3.0% LFL and were part of an
environment
shaped
by
highly
competitive
pressure.
Improvement in purchasing power had no impact on volumes
as customers allocated greater portion of their income to
savings.
In Latin America, net sales in 2024 rose by 14.1% versus 2023 at
constant exchange rates and by 38.1% like‑for‑like. In Brazil, net
sales rose by 5.3% at constant exchange rates and 4.9% LFL, in
an environment shaped by accelerating food inflation
throughout the year. In Argentina, revenue continue to grow
strongly (176.0% on a like‑for‑like basis), on the back of
151.9% growth in 2023, in a country undergoing significant
economic transformation marked by the gradual stabilisation
of inflation and strong pressure on purchasing power and
consumption.
■
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.
(1)
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Business review and consolidated income analysis
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NET SALES BY REGION – CONTRIBUTION TO THE CONSOLIDATED TOTAL
(in %)
2024
2023
France
45.2%
45.9%
Europe (excluding France)
26.9%
28.4%
Latin America
27.9%
25.7%
TOTAL
100%
100%
At constant exchange rates, the portion of sales generated outside France continued to rise, representing 54.8% in 2024 versus 54.1% in
2023.
RECURRING OPERATING INCOME BY REGION
(in millions of euros)
2024
2023
% change
% change at
constant
exchange rates
France
1,042
988
5.5%
5.5%
Europe (excluding France)
397
604
(34.3)%
(34.2)%
Latin America
879
763
15.2%
26.0%
Global functions
(105)
(91)
(15.0)%
(14.9)%
TOTAL
2,213
2,264
(2.2)%
1.4%
Recurring operating income totalled 2,213 million euros in 2024,
a decrease of 51 million euros (representing a 1.4% increase at
constant exchange rates).
In France, recurring operating income was 1,042 million euros in
2024, up 5.5% on 2023. Despite the Group’s aggressive price
investment policy, strong cost savings dynamic enabled to
protect operating margin, which stood at 2.6% (up 5 bps
compared with 2023). Operating margin in France thus improved
for the sixth consecutive year. The various initiatives carried out
under the Carrefour 2026 plan continued to pay off, such as
growth in private labels sales, store transfers to franchise and
lease management and the improvement in profitability of digital
activities.
In Europe (excluding France), recurring operating income stood
at 397 million euros in 2024, versus 604 million euros in 2023, a
decrease of 34.2% at constant exchange rates. Profitability was
negatively impacted by sluggish and competitive markets,
investments in competitiveness in all European geographies and
inflation of certain costs. Belgium posted a sound increase in its
profitability. In Spain, recurring operating income was impacted
by price investments and the financial services activity in
particular.
In
Latin
America,
recurring
operating
income
totalled
879 million euros in 2024, representing an increase of 26.0% at
constant exchange rates.
In Brazil, recurring operating income was up 23.4% at constant
exchange rates to 764 million euros. The operating margin was
up 59 bps to 4.1% (versus 3.5% in 2023), driven by the sound
commercial momentum, a strong cost discipline and the
improvement in profitability of the financial services activity. The
year was also shaped by the optimization of the stores portfolio
in the Retail segment where 136 stores were closed (notably
under Nacional, Bompreço and Todo Dia banners). The first wave
of conversion of 22 Carrefour hypermarkets and supermarkets to
the Atacadão and Sam’s Club formats proceeded to plan.
In Argentina, recurring operating income totalled a record level
of 115 million euros, compared with 96 million euros in 2023,
notably thanks to good commercial momentum and strong cost
discipline.
Depreciation and amortisation
Depreciation and amortisation of property and equipment,
intangible assets and investment property amounted to
1,361 million euros in 2024 compared with 1,304 million euros in
2023.
Depreciation of right‑of‑use assets (IFRS 16) relating to property
and
equipment
and
investment
property
totalled
780 million euros in 2024 compared with 728 million euros in
2023.
Including depreciation and amortisation 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
2,424 million euros was recognised in the consolidated income
statement
for
2024,
compared
with
an
expense
of
2,295 million euros for 2023.
(1)
At constant exchange rates.
(1)
1
4
7
2
5
8
3
6
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399
Net income from equity‑accounted companies
Net income from equity‑accounted companies amounted to
63 million euros in 2024, versus 44 million euros in 2023.
In 2024, it included the negative goodwill of 155 million euros at
100% recognised by Carmila with the acquisition on July 1, 2024
of 93% of Galimmo SCA’s capital for a total price of
272 million euros. Galimmo SCA owns Louis Delhaize’s shopping
malls in France. Galimmo SCA’s 52 assets were acquired at the
same time as Carrefour’s acquisition of Cora and Match.
Net income from equity‑accounted companies was partially
offset by losses recorded in 2024, notably on Market Pay in
France and Ewally in Brazil.
As a reminder, the share of net income for 2023 included various
capital
gains
on
disposals
by
Carmila
totalling
around
45 million euros at 100%.
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 accounting estimates provided for in prior periods, based
on information that became available to the Group during the
reporting period.
Non‑recurring items represented a net expense of 424 million euros in 2024, and the detailed breakdown is as follows:
(in millions of euros)
2024
2023
Gains and losses on disposals of assets
112
66
Restructuring costs
(186)
(352)
Other non‑recurring income and expenses
(51)
25
Non‑recurring income and expenses, net before asset impairments
and write‑offfs
(125)
(261)
Asset impairments and write‑offs
(299)
(297)
of which Impairments and write‑offs of goodwill
(96)
(1)
of which Impairments and write‑offs of property and equipment, intangible assets and others
(203)
(295)
NON‑RECURRING INCOME AND EXPENSES, NET
(424)
(558)
of which:
Non‑recurring income
482
476
Non‑recurring expense
(906)
(1,034)
Gains and losses on disposals of assets
Gains and losses on disposals of fixed assets mainly comprise
gains and losses on the sale and leaseback of the real estate of
15 Atacadão cash & carry stores in Brazil, six hypermarkets in
Spain and 16 supermarkets in France (the real estate of
17 supermarkets were sold and that of 16 was then re‑let – see
Note 4.2.1.3). It also includes gains and losses arising on various
asset disposals (store premises, land and businesses), in particular
in Brazil and to franchisees in France. Net disposal gains were
partially offset by the capital loss incurred on the disposal of
Refectory in France.
Restructuring costs
Restructuring costs recognised in 2024 mainly relate to
restructuring measures implemented at headquarters and stores
in Spain, Italy, Belgium and Brazil. They also include costs related
to the restructuring plan following the announcement in
October 2024 of the closure of the head offices of the Cora and
Provera subsidiaries in France.
Other non‑recurring income and expenses
Other non‑recurring income and expenses recorded in 2024
chiefly comprise provisions for tax risks, litigation and claims in
some of the Group’s geographies, along with costs related to the
decision to close underperforming former Grupo BIG Bompreço
and Nacional stores in Brazil at the end of 2024 (see
Note 4.2.1.2). These non‑recurring expenses were partially offset
by (i) reversals of provisions, especially in Brazil for tax risks
relating to ICMS tax credits following the expiry of statutory
limitation
periods
or
further
relief
under
tax
amnesty
programmes, and (ii) recognition of PIS‑COFINS tax credits in
Brazil following a favourable court ruling.
Asset impairments and write‑offs
Asset impairments and write‑offs recorded in 2024 include the
impairment of Italian goodwill for 45 million euros (see Note 6.3
to the consolidated financial statements), along with the
derecognition of a portion of Belgian goodwill following the
disposal of seven former Alma store businesses and Brazilian
goodwill
following
the
disposal
of
the
real
estate
of
underperforming stores which were closed during the year (see
Note 4.2.1.2).
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Impairments also include write‑downs of fixed assets, reflecting
the challenging situation of certain stores in Italy, Belgium and
Poland, as well as the retirement of various assets relating to
stores and to IT in France, Spain and Brazil.
Impairments were also recognised against underperforming
former Grupo BIG stores in Brazil that were in the process of
being closed (Bompreço and Nacional stores) in 2024 in a total
amount of approximately 37 million euros (see Note 4.2.1.2).
Main non‑recurring items in 2023
Gains and losses on disposals of non‑current assets resulted from
gains and losses on the sale and leaseback of five stores and
four warehouses in Brazil and six hypermarkets in Spain as well as
the gains and losses on the disposal of Carrefour Brazil’s
headquarters building.
The restructuring costs recognised in 2023 related primarily to
severance paid or accrued within the scope of the voluntary
redundancy plan put in place at headquarters in France, involving
a maximum of 979 jobs, and, secondarily, to the measures
implemented in headquarters and stores in Brazil, Spain and Italy.
Other non‑recurring income and expenses recorded in 2023
primarily comprised 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 in Brazil (see
below).
Impairments were mainly recognised against underperforming
former Grupo BIG stores in Brazil which were closed in 2023
(mainly stores under the Maxxi banner) or in the process of being
closed as of December 31, 2023 (Todo Dia, Bompreço and
Nacional stores and some stores that had been converted to
Carrefour) for a total of approximately 120 million euros.
Operating income
Operating income amounted to 1,852 million euros in 2024,
versus 1,749 million euros in 2023.
Finance costs and other financial income and expenses
Finance costs and other financial income and expenses represented a net expense of 759 million euros in 2024, corresponding to a
negative 0.9% of sales versus a negative 0.5% in 2023.
(in millions of euros)
2024
2023
Finance costs, net
(399)
(258)
Net interests related to leases
(222)
(208)
Other financial income and expenses, net
(138)
56
TOTAL
(759)
(410)
Finance costs, net amounted to 399 million euros, an increase of
141 million euros compared with 2023. This increase is mainly
due to a significant deterioration in Argentina owing to
investments made at interest rates well below the inflation rates
recorded in the country in 2024, as well as higher finance costs
(for bonds in particular) incurred by holding companies. The
increase was somewhat offset by improved finance costs in
Brazil, due notably to the fall in CDI (Certificado de Depósito
Interbancário) interest rates recorded between August 2023 and
September 2024.
In accordance with IFRS 16, finance costs and other financial
income and expenses also include interest expenses on leases
along with interest income on subleasing arrangements. The
increase in net interest expenses on leases notably reflects the
impact of the sale and leaseback transaction carried out in
France in April 2024, the full‑year impact of the sale and
leaseback transactions carried out in 2023 in Brazil (June 2023)
and in Spain (December 2023), and the impact of the
consolidation of Cora and Match in France as from July 2024.
The increase was slightly offset by the closure of a number of
retail stores in Brazil in 2024 (see Note 4.2.1.2).
Other financial income and expenses consist for the most part of
the impacts of hyperinflation in Argentina (IAS 29), taxes on
financial transactions in Latin America, late interest payments on
tax and labour disputes (mainly in Brazil) and interest expense on
defined benefit obligations.
The sharp deterioration in 2024 reflects (i) a significant increase
in the hyperinflation adjustment charge in counterpart of
hyperinflation income recognised in shareholders’ equity, which
sharply increased owing to profits generated by the Argentine
subsidiary in recent years, and (ii) a financial expense relating to
the purchase/sale of financial securities to enable the payment of
dividends in US dollars by the same subsidiary.
Income tax expense
The
income
tax
expense
for
2024
amounted
to
303 million euros, i.e., an effective tax rate of 27.8%, compared
with the 439 million euro expense recorded in 2023, which
corresponded to an effective tax rate of 32.8%.
The 2024 effective tax rate was favourably impacted by the
recognition of deferred tax assets on the former Grupo BIG cash
& carry subsidiary in Brazil, partially offset by the non‑recognition
of deferred tax assets mainly in Brazil (at the other former
Grupo BIG subsidiaries), in Italy and at Carrefour Banque in
France. Conversely, the effective tax rate for 2024 was adversely
impacted by the absence of any tax effect relating to disposals
and goodwill impairment recorded during the year (see
“Non‑recurring income and expenses” below).
Apart from these factors, the 2024 effective tax rate reflects the
geographical breakdown of income before tax, with no other
items significantly distorting the tax proof.
1
4
7
2
5
8
3
6
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401
Net income attributable
to non‑controlling interests
Net income attributable to non‑controlling interests came to
66 million euros 2024, versus a negative 17 million euros in 2023,
reflecting improved results in Brazil.
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
723 million euros in 2024, a decline of 207 million euros
compared to the 2023 figure.
Net income/(loss) from discontinued
operations – Group share
The Group share of net income from discontinued operations
amounting to 729 million euros in 2023 corresponded almost
exclusively to the gain realised on the disposal of the subsidiary
Carrefour Taiwan on June 30, 2023.
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Group financial position and cash flows
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5.2
Group financial position and cash flows
5.2.1
SHAREHOLDERS’ EQUITY
As of December 31, 2024, shareholder’s equity stood at
12,484 million euros, compared to 13,387 million euros as of
December 31,
2023,
representing
a
decrease
of
903 million euros.
The decrease mainly reflects:
5.2.2
NET DEBT
Consolidated net debt as of December 31, 2024 amounted to 3,780 million euros compared to 2,560 million euros as of
December 31, 2023. The Group’s net debt breaks down as follows:
(in millions of euros)
December 31, 2024
December 31, 2023
Bonds and notes
8,107
8,077
Other borrowings
1,712
1,226
Commercial paper
991
122
Total borrowings excluding derivative instruments recorded in liabilities
10,811
9,425
Derivative instruments recorded in liabilities
7
63
TOTAL BORROWINGS
10,818
9,487
of which borrowings due in more than one year
7,589
7,264
of which borrowings due in less than one year
3,229
2,224
Other current financial assets
474
638
Cash and cash equivalents
6,564
6,290
TOTAL CURRENT FINANCIAL ASSETS
7,038
6,928
NET DEBT
3,780
2,560
net income for the year of 790 million euros;
■
other comprehensive loss, net of tax, amounting to
447 million euros, largely reflecting the unfavourable exchange
differences following the significant decrease in the value of
the Brazilian real compared with December 31, 2023, partially
offset by income arising on the adjustment for hyperinflation in
Argentina;
■
2023
dividends
distributed
in
a
total
amount
of
645 million euros,
of
which
600 million euros
paid
to
■
Carrefour SA
shareholders
(entirely
in
cash)
and
45 million euros to non‑controlling shareholders, relating to
the Spanish and Brazilian subsidiaries;
share buybacks totalling 700 million euros, breaking down as
an initial share buyback mandate of 63 million euros which
ended on March 19, 2024, followed by the buyback of
25 million
shares
from
Galfa
for
365 million euros
on
June 3, 2024, then a second share buyback mandate for a total
of 135 million euros which ended on September 16, 2024, and
lastly a third share buyback mandate for a total of
137 million euros which ended on December 3, 2024;
■
capital increases subscribed by non‑controlling shareholders in
Unlimitail (Publicis) and Carrefour Banque (BNP Paris Personal
Finance) during the year.
■
(1)
This item does not include the current portion of amounts receivable from finance subleasing arrangements (see Note 13.2.5 to the consolidated
financial statements).
(1)
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
BUSINESS REVIEW AS OF DECEMBER 31, 2024
Group financial position and cash flows
403
Long- and short‑term borrowings (excluding derivatives) mature at different dates, through 2032 for the longest tranche of bond debt,
leading to balanced repayment obligations in the coming years, as shown below:
(in millions of euros)
December 31, 2024
December 31, 2023
Due within 1 year
3,222
2,161
Due in 1 to 2 years
1,709
1,179
Due in 2 to 5 years
3,836
4,087
Due beyond 5 years
2,044
1,998
TOTAL BORROWINGS
(EXCLUDING DERIVATIVE INSTRUMENTS RECORDED IN LIABILITIES)
10,811
9,425
Cash and cash equivalents totalled 6,564 million euros as of December 31, 2024 compared to 6,290 million euros as of
December 31, 2023, representing an increase of 275 million euros.
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Group financial position and cash flows
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5.2.3
STATEMENT OF CASH FLOWS
Net debt increased by 1,220 million euros in 2024, after decreasing by 818 million euros in 2023. The change is analysed in the Group’s
simplified statement of cash flows presented below:
(in millions of euros)
2024
2023
Variation
OPENING NET DEBT
(2,560)
(3,378)
818
Cash flow from operations before income tax paid
4,069
4,375
(306)
Income tax paid
(606)
(343)
(263)
Cash flow from operations
3,464
4,032
(569)
Change in working capital requirement
799
775
24
Change in consumer credit granted by the financial services companies
32
(104)
135
Impact of discontinued operations
−
(54)
54
Net cash (used in)/from operating activities – total
4,294
4,650
(356)
Acquisitions of property and equipment and intangible assets
(1,772)
(1,850)
78
Proceeds from the disposal of property and equipment and intangible assets
– Business‑related
599
473
125
Change in amounts receivable from disposals of non‑current assets and due
to suppliers of non‑current assets
(24)
(124)
100
Impact of discontinued operations
−
(11)
11
Free cash‑flflow
3,097
3,138
(41)
Payments related to leases (principal and interest) net of subleases
payments received
(1,241)
(1,161)
(80)
Finance costs, net
(399)
(310)
(89)
Impact of discontinued operations
−
(45)
45
Net free cash‑flflow
1,457
1,622
(165)
Acquisitions of investments
(1,509)
(27)
(1,482)
Disposal of investments
24
1,078
(1,054)
Change in treasury stock and other equity instruments
(222)
(118)
(104)
Decrease in capital of Carrefour SA
(483)
(609)
127
Proceeds from share issues to non‑controlling interests
42
47
(5)
Dividends paid
(626)
(481)
(146)
Other (including effect of changes in exchange rates)
111
(479)
589
Impact of discontinued operations
(14)
(216)
202
Decrease/(Increase) in net debt
(1,220)
818
(2,038)
CLOSING NET DEBT
(3,780)
(2,560)
(1,220)
(1)
(1)
(1)
(2)
(1)
The 606 million euros in tax paid in 2024 does not include the 95 million euros paid in December 2024 by the fiscal unity of Delparef (holding
company for Cora and Match) before its dissolution on December 31, 2024. The 95 million euros correspond to tax on capital gains that in the
past had been neutralised within the Delparef fiscal unity (see Note 2.1.1 to the consolidated financial statements) and were taken into account in
determining the acquisition price. The 95 million euro expense is presented accordingly in “Financial investments” with the provisional acquisition
price for Cora and Match and the Provera purchasing centre. The sub‑totals “Cash flow from operations” and “Net cash (used in)/from operating
activities – total”, as presented in the table above, do not include the 95 million euro expense as a result.
(1)
In 2023, 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 the year.
(2)
1
4
7
2
5
8
3
6
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Group financial position and cash flows
405
In 2024, net free cash flow came to 1,457 million euros,
(compared with 1,622 million euros in 2023). The 165 million euro
decrease reflects the following main factors:
5.2.4
FINANCING AND LIQUIDITY RESOURCES
The Group’s main measures for strengthening its overall liquidity
consist of:
The main transactions in 2024 were as follows:
In a post balance sheet event, on January 17, 2025, the Group
carried out a new 500 million euro Sustainability‑Linked Bond
issue maturing in 5.5 years (due in June 2030) and paying a
coupon of 3.25%. This bond is indexed to two greenhouse gas
emission reduction targets: one relating to Scopes 1 and 2, and
the other to Scope 3 purchases of goods and services.
Other financing transactions were carried out by Brazilian
subsidiary Atacadão in 2024. These transactions are described in
Note 4.2.2.
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, 2024, in line with the average
maturity as of December 31, 2023.
cash
flow
from
operations
down
569 million
euros
year‑on‑year. This decrease mainly reflects the increase in tax
paid in an amount of 263 million euros owing to the use of
former tax credits by the Brazilian subsidiary Atacadão, and tax
credits and losses carried forward by the French fiscal unity in
2023. The negative 194 million euro change in other financial
income and expenses also contributed to this decline (see
Note 1.2);
■
(1)
the 135 million euro increase in outstanding consumer credit
was largely due to the Brazilian bank CSF, reflecting a
favourable basis of comparison in 2024; the bank had sought
less refinancing in 2023 given the significant level of
refinancing at the end of 2022;
■
proceeds from the disposal of property and equipment and
intangible assets, up 125 million euros, mainly due to the
disposal of the real estate of underperforming stores in Brazil
that were closed during the first half of 2024 (see Note 4.2.1.2);
■
discontinued operations, which represented negative net free
cash flow of 110 million euros in 2023 and related to Carrefour
Taiwan’s operations until its disposal on June 30, 2023.
■
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 filed in
Paris 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. As of
December 31, 2024, the Group had one undrawn syndicated
line of credit obtained from a pool of leading banks, for a total
of 4 billion euros, due in November 2029. This credit facility
replaced the Group’s two previous syndicated lines of credit
totalling 3.9 billion euros at the end of November 2024 and
due to expire in June 2026 (see Note 4.2.2). The new facility
includes two one‑year extension options that have not been
exercised to date. Like its predecessors, it also includes a
Corporate Social Responsibility (CSR) component. 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 redemption of 500 million US dollars’ worth of convertible,
non‑dilutive 0% six‑year bonds;
■
the redemption of 750 million euros’ worth of 0.750%
eight‑year bonds;
■
a 750 million euro Sustainability‑Linked Bond issue indexed to
two targets related to greenhouse gas emissions (Scopes 1
and 2) and food waste, maturing in eight years (due in
October 2032) and paying a coupon of 3.625%.
■
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5.2.5
RESTRICTIONS ON THE USE OF CAPITAL RESOURCES
There are no material restrictions on the Group’s ability to
recover or use the assets and settle the liabilities of foreign
operations, except for those resulting from local regulations in its
host countries. The local supervisory authorities may require
banking subsidiaries to comply with certain capital, liquidity and
other ratios and to limit their exposure to other Group parties.
As of December 31, 2024, 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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5.3
Outlook
The Group’s objectives for 2026, as well as the situations at the end of 2024 and at end of 2023, are detailed below:
Operational objectives
End of 2023
End of 2024
2026 objective
Carrefour‑brand products
36% of food sales
37% of food sales
40% of food sales
Convenience store openings
+653 vs. 2022
+1,556 vs. 2022
+2,400 vs. 2022
Atacadão store openings
+92 vs. 2022
+110 vs. 2022
>+200 vs. 2022
Reduction in energy consumption
-13%
-15%
-27.5% in 2026 vs.
2019 (at Group level)
-22%
-25%
-20% in 2024 vs. 2019
(France)
ESG objectives
End of 2023
End of 2024
2026 objective
Sales of certified sustainable products
€5.3bn
€6.2bn
€8bn
Top 100 suppliers to adopt a 1.5°C trajectory
44%
53%
100%
Employees with disabilities
13,358
14,290
15,000
Financial objectives
End of 2023
End of 2024
2026 objective
E‑commerce GMV
€5.3bn
€5.9bn
€10bn
Cost savings
€1,060m
€1,240m
€4.2bn
(cumul.
2023‑2026)
Net free cash flow
€1,622m
€1,457m
>€1.7bn
Capital expenditure
€1,850m
€1,772m
€2.0bn/year
Cash dividend growth
€0.87 (+55%)
€0.92 (+6%)
>+5%/year
(1)
(2)
(3)
(4)
(5)
Brazil data included following recalculation of the 2019 baseline for the Grupo BIG scope. In 2023, energy consumption per sq.m. of sales area
was 459.5 kWh for the Group.
(1)
The Group’s energy consumption per sq.m. of sales area was 449.6 kWh for the Group.
(2)
Sales of national brand products with “sustainable fishing” and “sustainable forest” labels were not taken into account in 2023.
(3)
Target for 2024 revised to €1.2bn (from €1.0bn initially).
(4)
Net free cash flow corresponds to free cash flow after net finance costs and net lease payments. It includes cash‑out for exceptional expenses.
(5)
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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, 2024 are
the same as those used for the 2023 consolidated financial
statements, except for the following amendments whose
application is mandatory as of January 1, 2024:
The application of these amendments had no material impact on
the Group’s consolidated financial statements. The amendments
to IAS 7/IFRS 7 gave rise to additional disclosures, included in
Note 5.4.4 to the consolidated financial statements.
ADOPTED BY THE EUROPEAN UNION BUT NOT YET APPLICABLE
Standards, amendments and interpretations
Effective date
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
January 1, 2025
An analysis of the impacts of applying the IAS 21 amendments is ongoing.
NOT YET ADOPTED BY THE EUROPEAN UNION
Standards, amendments and interpretations
Effective date
Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial
Instruments: Power Purchase Agreements
January 1, 2026
IFRS 18 – Presentation and Disclosure in Financial Statements
January 1, 2027
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
January 1, 2027
The impacts of IFRS 18 (published by the IASB on April 9, 2024) and the amendments to IFRS 9 and IFRS 7 (published by the IASB on
May 30, 2024 and December 18, 2024) have not yet been analysed.
IFRS 19 is not applicable to the Group.
5.4.2
SIGNIFICANT EVENTS OF THE YEAR
5.4.2.1
5.4.2.1.1
Main changes in scope
of consolidation
Main acquisitions completed in 2024
CORA AND MATCH AND THE PROVERA PURCHASING
CENTRE (FRANCE)
On July 12, 2023, Carrefour announced that it had entered into
an agreement with the Louis Delhaize group to acquire its Cora
and Match retail units along with the Provera purchasing centre
in France. Cora and Match operate 60 hypermarkets and
115 supermarkets, respectively, and employ some 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.
The transaction was carried out based on an enterprise value of
1.05 billion euros and included the purchase of the real estate of
55 hypermarkets and 77 supermarkets.
On June 6, 2024, the French competition authority granted
Carrefour an exemption from the suspensive effect of merger
control, allowing Cora and Match to be acquired without waiting
for the outcome of its review, which is expected to be finalised
by the end of first‑quarter 2025. Following this exemption, the
acquisition closed on July 1, 2024. The transaction was carried
out through acquisition of the shares of the two parent
companies (Delparef and Provera) which wholly own Cora and
Match in France.
The shares were paid for in full in cash on July 1, 2024 for a
provisional amount of 1,180 million euros.
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;
■
Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 –
Financial
instruments:
Disclosures:
Supplier
Finance
Arrangements.
■
(1)
Subject to adoption by the European Union.
(1)
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5.4.2.1.2
The preliminary opening balance sheet for Cora and Match as of
July 1, 2024, as included in the Group’s consolidated financial
statements, is presented in Note 2.1.1 to the consolidated
financial statements.
CASINO/INTERMARCHÉ STORES (FRANCE)
On January 25, 2024, the Group announced that it had entered
into exclusive negotiations with the Intermarché group to
acquire, directly from Intermarché and/or, by acting as a
substitute for Intermarché, from Casino Guichard‑Perrachon and
its subsidiaries, 31 stores (with adjacent petrol stations if
applicable). These stores generated around 400 million euros in
sales in 2023.
Under the terms of this agreement, on February 8, 2024 the
Group acted as a substitute for Intermarché for the purchase of
25 stores directly from Casino Guichard‑Perrachon and its
subsidiaries. The other six stores are to be purchased directly
from Intermarché.
To date, 27 stores have been acquired, including 24 from Casino
and three directly from Intermarché, for a provisional purchase
price of 41 million euros (including inventories taken over).
Conditions are still not met for three of the four remaining
transactions, (one with Casino and two with Intermarché). The
fourth transaction (with Intermarché) will not proceed.
As a reminder, on March 19, 2024, the French competition
authority granted Carrefour France an exemption from the
suspensive effect of merger control, allowing Casino stores to be
acquired without waiting for the outcome of its review, which
was finally handed down on December 13, 2024. In this decision,
the authority authorised the purchase of 25 stores from Casino,
subject to Carrefour divesting two other stores.
No competition concerns were identified by the competition
authority in relation to the acquisition of the first three stores
from Intermarché; however, a decision is still pending on the
remaining two stores to be acquired from Intermarché.
In accordance with IFRS 3, following the Group’s preliminary
measurement of the assets acquired and liabilities assumed at the
acquisition date of the various stores, provisional goodwill of
40 million euros was recognised in the consolidated statement
of financial position as of December 31, 2024 in respect of the
acquisition of the first 27 stores, all of which are leased. This
amount includes, in particular, right‑of‑use assets recognised for
less than the associated lease liabilities, given that the leases
were
acquired
in
unfavourable
conditions,
i.e.,
at
higher‑than‑market rent levels.
SUPERCOR STORES (SPAIN)
On September 20, 2023, Carrefour Spain reached an agreement
with El Corte Inglés to acquire 47 Supercor supermarkets and
convenience stores employing around 850 people.
The acquisition was completed on April 9, 2024 for a price of
50 million euros, the total number of stores acquired having
been reduced from 47 to 40. The stores, which are all leased,
were integrated into the Spanish store network in five waves,
between April 9 and July 4, 2024.
In accordance with IFRS 3, following the Group’s preliminary
measurement of the assets acquired and liabilities assumed at
their respective acquisition dates, provisional goodwill of
35 million euros was recognised in the consolidated statement of
financial position as of December 31, 2024 in respect of the
acquisition of the 40 stores.
STORES OWNED BY THE ALMA FRANCHISEE (BELGIUM)
On February 1, 2024, Carrefour Belgium completed the
acquisition of the Alma franchise group, which operates
eight Carrefour Market stores, for approximately 70 million euros.
This transaction values the net assets acquired on the basis of an
enterprise value of 52 million euros including 18 million euros in
cash acquired.
In accordance with IFRS 3, following the Group’s preliminary
measurement of the assets acquired and liabilities assumed at the
acquisition date, provisional goodwill of 35 million euros was
recorded in the consolidated statement of financial position as of
December 31, 2024 with the Alma acquisition, in particular taking
into account the value of seven businesses sold to other
franchisees for 19 million euros over the period, of which four
were sold in February and the last was in the process of being
sold as of December 31, 2024.
Closure of underperforming former
Grupo BIG stores (Brazil) further
to decisions made in 2023 and 2024
CLOSURE OF UNDERPERFORMING FORMER GRUPO BIG
STORES FURTHER TO DECISIONS MADE AT THE END
OF 2023, AND SALE OF STORE REAL ESTATE OWNED
BY THE COMPANY
In December 2023, the Group decided to close 123 stores due to
underperformance. These stores were reclassified as “Assets held
for sale” based on their estimated fair value less costs to sell as of
December 31, 2023 (see Note 2.1.4 to the 2023 consolidated
financial statements), leading to the recognition in non‑recurring
items
for
2023
of
(i) an
impairment
loss
of
around
540 million Brazilian reals
(around
100 million
euros)
and
(ii) other costs associated with these closures amounting to
310 million Brazilian reals (around 60 million euros).
The 123 stores, acquired in 2022 at the time of the Grupo BIG
acquisition, break down as follows:
The vast majority of the assets of owned stores, which
represented around half of the network, were sold during the
first half of 2024 to various buyers for a total price of around
680 million Brazilian reals (around 117 million euros), of which
490 million Brazilian reals (around 84 million euros) had already
been received as of December 31, 2024 (not including the
100 million Brazilian reals, around 15 million euros, received for
stores closed in second‑half 2023).
As sale prices were broadly in line with the fair value of the assets
as of December 31, 2023, the impact on non‑recurring income
and expenses for 2024 was immaterial.
CLOSURE OF UNDERPERFORMING FORMER GRUPO BIG
STORES FURTHER TO DECISIONS MADE AT THE END
OF 2024 AND SALE OF STORE REAL ESTATE OWNED
BY THE COMPANY
In December 2024, the Group decided to close 64 Bompreço
and Nacional supermarkets (acquired in 2022 upon the purchase
of Grupo BIG) due to underperformance (47 Nacional and
17 Bompreço
supermarkets).
The
real
estate
of
the
11 directly‑owned stores is in the process of being sold to various
buyers. The operations of some stores are in the process of being
sold to other food retailers.
94 Todo Dia soft discount stores;
■
16 hypermarkets converted to Carrefour stores; and
■
13 Bompreço and Nacional supermarkets.
■
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5.4.2.1.3
5.4.2.1.4
5.4.2.2
In accordance with IFRS 5 – Non‑current Assets Held for Sale
and Discontinued Operations, the assets and liabilities of these
stores were reclassified as assets held for sale as of
December 31, 2024, and measured at the lower of their net
carrying amount and estimated fair value less costs to sell. As a
result, the Group recorded an impairment loss in non‑recurring
items
of
around
150 million
Brazilian
reals
(around
26 million euros) in 2024 to adjust for the estimated fair value of
property and equipment. As all Bompreço and Nacional stores
will no longer be operated, the two associated brands were also
written
down
by
60 million
Brazilian
reals
(around
10 million euros).
In accordance with Group accounting policies, other costs
associated with these closures were also recognised in 2024 in
non‑recurring items for approximately 220 million Brazilian reals
(approximately 38 million euros).
Sale and leaseback transactions
in 2024
SALE AND LEASEBACK TRANSACTIONS (FRANCE)
On April 26, 2024, the real estate of 17 Carrefour Market
supermarkets was sold to a London‑based investment fund,
Supermarket Income REIT, with disposal proceeds net of
transaction costs representing around 75 million euros.
With negotiations on the agreements finalised and the other
conditions precedent satisfied, 16 of these assets have been
leased back to Carrefour since April 26, 2024 (closing date of the
transaction and signing of the leases for a term of 12 years, of
which a fixed 10 years, with two renewal options at Carrefour’s
initiative).
This
transaction
led
to
the
recognition
of
23 million euros in non‑recurring income in 2024.
SALE AND LEASEBACK TRANSACTION (SPAIN)
On December 12, 2024, the real estate of six Spanish
hypermarkets was sold to the property company Realty Income,
for around 100 million euros net of transaction costs.
With negotiations on the agreements finalised and other
conditions satisfied, these assets have been leased to Carrefour
since December 12, 2024 (closing date of the transaction and
signing of the leases for fixed 10‑year terms, with three five‑year
renewal options exercisable at Carrefour’s initiative). This
transaction led to the recognition of 14 million euros in
non‑recurring income in 2024.
As a reminder, the real estate of 22 other Spanish hypermarkets
had previously been sold and subsequently leased back to the
same buyer (Realty Income) as from 2020 as part of regular sale
and leaseback arrangements.
SALE AND LEASEBACK TRANSACTION (BRAZIL)
On October 22, 2024, Carrefour Brazil announced the sale of the
real estate of 15 Atacadão stores to Guardian Real Estate, a
property investment fund, for 725 million Brazilian reals, or
around 125 million euros net of transaction costs.
CADE, the Brazilian competition authority, approved the
transaction on December 18, 2024.
With negotiations on the agreements finalised and the other
conditions precedent satisfied, these assets have been leased to
Carrefour since December 18, 2024 (closing date of the
transaction and signing of the leases for fixed 13‑year terms, with
two five‑year renewal options exercisable at Carrefour’s initiative).
This transaction led to the recognition of approximately
19 million euros in non‑recurring income in 2024.
Other main transactions in 2024
LAUNCH OF UNLIMITAIL WITH PUBLICIS GROUPE
On November 8, 2022, the Group and Publicis announced their
intention to create an 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 Group’s financial statements since that date.
Unlimitail partners with retailers and brands, bringing retail media
expertise and connectivity potential to these regions. Unlimitail
combines one of Publicis’ most advanced technologies,
“CitrusAd powered by Epsilon”, with Carrefour Links’ in‑depth
knowledge of retail media.
Contributions to Unlimitail were made by both shareholders in
the first half of 2024, with Carrefour contributing the Carrefour
Links retail media business and Publicis granting an exclusive
right to use its technology as well as a cash payment of
24 million euros.
DISPOSAL OF THE ENTITY REFECTORY (FRANCE)
Carrefour’s stake in Refectory (formerly known as Dejbox), an
online canteen solution for company employees, was sold to
RMM,
a
business
and
management
consultancy,
on
September 30, 2024. Refectory had been acquired by Carrefour
in 2020 following the purchase of a 68% stake, increased to an
86% stake in 2021 following purchases of additional shares from
non‑controlling shareholders. The disposal loss net of transaction
costs amounted to 24 million euros and was recognised in
non‑recurring expenses for 2024.
ACQUISITION OF EWALLY (BRAZIL)
Carrefour Brazil, which owned a 49% stake in Brazil’s Ewally
(previously accounted for by the equity method), acquired a
further 43% of its shares in October 2024, leading the company
to be fully consolidated as from that date. Expenses of
approximately
40 million
Brazilian
reals
(approximately
7 million euros) were recognised as non‑recurring items in 2024
as a result of this takeover, which was accounted for in
accordance with IFRS 3 and IAS 28.
Securing the Group’s
long‑term financing
On March 27, 2024, the Group redeemed 500 million US dollars’
worth of convertible, non‑dilutive 0% six‑year bonds. On
April 26, 2024, the Group also redeemed 750 million euros’ worth
of 0.750% eight‑year bonds.
Conversely, on September 10, 2024, the Group carried out a new
Sustainability‑Linked Bond issue indexed to two targets related to
greenhouse gas emissions (Scopes 1 and 2) and food waste, for a
total of 750 million euros, maturing in eight years (due in
October 2032) and paying a coupon of 3.625%.
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This bond was 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.
The average maturity of Carrefour SA’s bond debt was therefore
3.8 years at year‑end 2024, unchanged compared to 2023.
As a subsequent event, on January 17, 2025, the Group issued a
new 500 million euro Sustainability‑Linked Bond maturing in
5.5 years (due in June 2030) and paying a coupon of 3.25%. This
bond is indexed to two greenhouse gas emission reduction
targets: one relating to Scopes 1 and 2, and the other to
purchases of goods and services (Scope 3).
In addition, on November 29, 2024, Carrefour successfully
replaced its two undrawn syndicated credit lines totalling
3.9 billion euros maturing in June 2026 with a 4 billion euro
credit facility. Like its predecessors, this facility incorporates a
Corporate Social Responsibility (CSR) component, in particular
two Key Performance Indicators focused on decarbonisation and
food waste. The new facility, financed by a syndicate of 22 banks,
expires in November 2029 and provides for two one‑year
extension options. The Group currently does not intend to draw
on the facility, which purpose is to secure general financing.
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.
As of December 31, 2024, the Group was rated BBB with a stable
outlook by Standard & Poor’s.
FINANCING OF THE BRAZILIAN SUBSIDIARY ATACADÃO
Following on from previous years’ transactions, Carrefour’s
Brazilian subsidiary Atacadão has set up financing arrangements
in 2024 enabling it to secure its medium- and long‑term needs.
a. Bonds and notes
On January 8, 2024, the Brazilian subsidiary Atacadão issued
debentures
for
an
amount
of
1.5 billion Brazilian reals
(approximately 233 million euros at the December 31, 2024
exchange rate) in two tranches:
In addition, 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 155 million euros at the
December 31, 2024 exchange rate) in five tranches:
Conversely,
on
June 18,
2024,
Atacadão
redeemed
debenture‑type debt representing 350 million Brazilian reals
(approximately 54 million euros at the December 31, 2024
exchange rate) maturing in five years and paying a coupon of
CDI +0.55%.
Lastly, on December 12, 2024, Atacadão issued debenture‑type
debt representing 1.5 billion Brazilian reals (approximately
233 million euros at the December 31, 2024 exchange rate)
maturing in three years and paying a coupon of CDI +0.6%.
b. Bank loans covered by Brazil’s law 4131/1962
Two bank loans maturing on September 16, 2024 were repaid for
an amount of 1,410 million Brazilian reals (approximately
219 million euros at the December 31, 2024 exchange rate).
The Group entered into a USD/Brazilian reals currency swap on
December 19, 2024 for a total of 1,500 million Brazilian reals
(approximately 233 million euros at the December 31, 2024
exchange rate), with maturities ranging between 12 to
24 months. This financing replaced three other bank facilities that
matured on December 19, 2024 for 779 million Brazilian reals
(approximately 121 million euros at the December 31, 2024
exchange rate).
c. Inter‑company financing
As a reminder, in 2022 and 2023, two inter‑company financing
lines were set up between Carrefour Finance and Atacadão:
During the first half of 2024, the annual interest rates on the first
and second RCFs were reduced to 10.25% and 11.10%
respectively. These rates will be reviewed in 2025.
These intra‑group RCF loans, totalling 8.2 billion Brazilian reals as
of December 31, 2024, are qualified as net investments in foreign
operations and are therefore remeasured at fair value through
other comprehensive income. They are hedged in an amount of
5.7 billion Brazilian reals by derivatives classified as net
investment hedges.
an initial tranche for 650 million Brazilian reals, with a coupon
of CDI (Certificado de Depósito Interbancário) +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.
■
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
ranging 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
ranging between 110.80% and 111.20% of the CDI (after
hedging) and a maturity of seven years.
■
on May 25, 2022, an initial revolving credit facility (RCF) for
1.9 billion Brazilian reals, bearing annual interest at 14.25% and
maturing in three years;
■
on May 2, 2023, a second RCF for 6.3 billion Brazilian reals,
bearing annual interest at 14.95% and maturing in three years
(2.3 billion Brazilian reals drawn down in the first half of 2023
and the remaining 4 billion Brazilian reals in July 2023,
replacing an RCF for an identical amount which was maturing).
■
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5.4.2.3
5.4.2.4
Payment of the 2023 dividend
in cash
At the Shareholders’ Meeting held on May 24, 2024, the
shareholders decided to set the 2023 dividend at 0.87 euro per
share to be paid entirely in cash.
On May 30, 2024, the dividend was paid out in an amount of
600 million euros.
Share buyback programme
As part of its share capital allocation policy, the Group
commissioned investment services providers to buy back shares
up to a maximum amount of 700 million euros for 2024, as
authorised by the Shareholders’ Meetings of May 26, 2023 and
May 24, 2024. The objective of the share buybacks is to allow the
Group to hold the shares with a view to cancelling them
subsequently.
A first share buyback mandate began on March 4, 2024 and
ended on March 19, 2024, with 4,041,471 shares acquired at an
average price of 15.68 euros per share for a total amount of
63 million euros.
On March 26, 2024, the Group entered into an agreement with
Galfa to buy back 25,000,000 shares, representing 3.5% of
Carrefour SA’s share capital. These shares were acquired at an
average price of 14.60 euros per share for a total amount of
365 million euros (not including the 22 million euros in dividends
to be paid for the year 2023). The shares were held in escrow
until the dividend was paid. Share ownership was transferred on
June 3, 2024.
In addition, pursuant to the authorisation granted by the
Extraordinary Shareholders’ Meeting of May 26, 2023, the Board
of Directors decided on April 24, 2024, to reduce the share
capital of Carrefour SA by cancelling 16,844,310 treasury shares
representing approximately 2.4% of the share capital. These
shares were cancelled on that day.
Additionally, pursuant to the authorisation granted by the
Extraordinary Shareholders’ Meeting of May 24, 2024, the Board
of Directors decided on June 3, 2024 to reduce the share capital
of Carrefour SA by cancelling 13,977,318 treasury shares
representing approximately 2% of the share capital. These shares
were cancelled on that day.
Following
cancellation
of
the
shares,
Carrefour SA
had
677,969,188 shares
outstanding
and,
consequently,
13,417,968 shares in treasury, representing approximately 2% of
the share capital.
A second share buyback mandate began on June 18, 2024 and
ended on September 16, 2024, with 9,477,732 shares acquired at
an average price of 14.24 euros per share for a total amount of
135 million euros.
A third share buyback mandate began on September 18, 2024
and ended on December 3, 2024, with 9,132,256 shares acquired
at an average price of 14.95 euros per share for a total amount of
137 million euros.
As of December 31, 2024, Carrefour SA had 677,969,188 shares
outstanding and, consequently, a total of 32,195,690 treasury
shares, representing 4.7% of the share capital (see Note 12.2 to
the consolidated financial statements).
5.4.3
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 6.2 to the consolidated
financial statements) and performing goodwill impairment tests
(see Note 6.3 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.
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
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 long‑term power purchase
agreements:
■
as part of its Carrefour 2026 objective of producing almost
one TWh of green electricity per year from 2027 across all its
geographies, Carrefour has stepped up the installation of
green power production equipment at its stores. In 2024,
Carrefour France entered into a major partnership with
GreenYellow to install photovoltaic shade structures at
350 sites, Carrefour Spain continued to fit solar panels in its
stores, while the Group’s other countries signed contracts
for the future installation of almost 80 solar power systems.
As of December 31, 2024, 161 stores had been equipped with
solar power systems in Spain, 16 in France, 13 in Poland, 11 in
Brazil, seven in Belgium and three in Italy,
■
1
4
7
2
5
8
3
6
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Other information
413
5.4.4
MAIN RELATED‑PARTY TRANSACTIONS
The main related‑party transactions are disclosed in Note 8.3 to the consolidated financial statements.
5.4.5
SUBSEQUENT EVENTS
SALE AND LEASEBACK TRANSACTION (FRANCE)
On January 9, 2025, the real estate of eight Carrefour Market
supermarkets was sold to Supermarket Income REIT for around
34 million euros net of transaction costs. This London investment
fund had already acquired a portfolio of 17 Carrefour Market
supermarkets in April 2024 (16 of which were leased back to
Carrefour – see Note 5.4.2.1.3).
With negotiations on the agreements finalised and other
conditions satisfied, these assets have been leased back to
Carrefour since January 9, 2025 (closing date of the transaction
and signing of the leases for a term of 12 years, of which a fixed
10 years, with one renewal option at Carrefour’s initiative). This
transaction will lead to the recognition of a capital gain in
non‑recurring income in 2025.
BOND ISSUE
On January 17, 2025, the Group issued a new 500 million euro
Sustainability‑Linked Bond maturing in 5.5 years (due in
June 2030) and paying a coupon of 3.25%. This bond is indexed
to two greenhouse gas emission reduction targets: one relating
to Scopes 1 and 2, and the other to purchases of goods and
services (Scope 3).
This bond was 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.
SPECIAL TAX IN FRANCE ON CAPITAL REDUCTIONS
CARRIED OUT BY CANCELLING SHARES
In France, the 2025 Finance Act adopted by Parliament on
February 6, 2025 introduced a special tax on capital reductions
carried out by cancelling shares between March 1, 2024 and
February 28, 2025 and resulting from share buybacks by
companies with net sales in excess of 1 billion euros.
Having cancelled a total of 30,821,628 treasury shares in April
and June 2024, the Carrefour group is subject to this tax. The
Group expects to pay around 60 million euros in 2025.
PLAN TO ACQUIRE ALL OUTSTANDING SHARES
IN CARREFOUR BRAZIL
On February 11, 2025, the Group announced its intention to
acquire the outstanding shares held by minority shareholders in
its Brazilian subsidiary, Grupo Carrefour Brasil (“Carrefour Brazil”),
and delist it from the São Paulo Stock Exchange through a share
merger (Incorporação de Ações).
The
Carrefour
group,
which
currently
owns
67.4%
of
Carrefour Brazil, has decided to increase its investment to 100%,
reflecting its confidence in the subsidiary’s growth trajectory and
its potential for value creation. The delisting will allow for more
agile management and enhanced focus on execution. With this
transaction, Carrefour is reaffirming its commitment to Brazil and
will continue to invest in the growth and development of its
activities there.
in 2023, the Group signed four physical Power Purchase
Agreements (covering wind and solar farms) in France, which
produced 100 GWh in 2024, equivalent to the power
consumed by 29 hypermarkets. The Group maintained this
momentum in 2024, signing five new Power Purchase
Agreements, including three physical agreements (two in
France and one in Argentina) and two virtual agreements
(one in Spain and one in Italy). These agreements will come
into force between 2025 and 2026. Through these nine
Power Purchase Agreements, the Group has contracted
almost 480 GWh of cumulative renewable power per year in
total. The Group will continue to implement these green
energy contracts across all its geographies;
■
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 is seeking to 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‑energy LED lighting solutions 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 2032 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 2024, implementation
was in line with the targets set for 2032 in Europe.
■
2
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The Board of Directors of Carrefour Brazil has unanimously
recommended the offer. Minority shareholders will be given
three options in exchange for their shares:
Minority shareholders who decide to receive Carrefour Group
shares may choose to do so in the form of Brazilian Depositary
Receipts (BDRs), listed in São Paulo.
The Carrefour SA shares to be delivered in exchange will be
issued under existing financial authorisations. In this regard, the
transaction will require the appointment of a contribution auditor
in France.
The transaction’s completion remains subject, in particular, to the
approval of Carrefour Brazil’s minority shareholders holding the
free float. They will vote at an Extraordinary Meeting of
Carrefour Brazil shareholders in the second quarter of 2025. If
approved, the transaction is expected to close before the end of
second‑quarter 2025.
5.4.6
RISK FACTORS
The risk factors are the same as those set out in Chapter 4 Risk Management of the 2024 Universal Registration Document.
7.70 Brazilian reals in cash for every Carrefour Brazil share;
■
one Carrefour SA share for every 11 Carrefour Brazil shares;
■
a combination of the above two options, i.e., 3.85 reals in cash
for every Carrefour Brazil share plus one Carrefour SA share for
every 22 Carrefour Brazil shares.
■
1
4
7
2
5
8
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Glossary of financial indicators
415
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
commitment, 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 (LFL)
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
months, including temporary store closures, at constant
exchange rates.
Gross margin
Gross margin corresponds to the sum of net sales and other
income, reduced by loyalty program costs and cost of goods
sold. Cost of sales comprise 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 corresponds to the gross margin
lowered
by
sales,
general
and
administrative
expenses,
depreciation and amortization.
Recurring
Operating
Income
Before
Depreciation
and
Amortization (EBITDA)
Recurring
Operating
Income
Before
Depreciation
and
Amortization
(EBITDA)
also
excludes
depreciation
and
amortization from supply chain activities which is booked in cost
of goods sold.
Operating Income (EBIT)
Operating Income (EBIT) corresponds to the recurring operating
income after income from associates and joint ventures and
non‑recurring income and expenses. This latter classification is
applied to certain material items of income and expense that are
unusual in terms of their nature and frequency, such as
impairment of non‑current assets, gains and losses on sales of
non‑current assets, restructuring costs and provisions 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.
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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 2024, operating income amounted to 191 million euros (in line
with 2023) and essentially comprised costs rebilled to other
Group entities. The operating loss recorded in 2024 came to
69 million euros, versus 81 million euros in 2023.
Net financial income of 33 million euros was reported in 2024,
down from the net financial income of 1,314 million euros
recognised in 2023.
The 1,282 million euro decrease in net financial income is mainly
due to (i) the 729 million euro decrease in dividends received,
mainly due to the absence of a dividend payment from CNBV
(dividend payment of 704 million euros in 2023), and (ii) the
364 million euro charge for impairment of shares and losses
recorded in 2024, compared with a net reversal of 64 million
euros in 2023.
Net non‑recurring income for 2024 represented 1 million euros,
compared with 4 million euros in 2023.
Net income for the year amounted to 297 million euros,
including a tax benefit of 333 million euros.
Other transactions
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 700 million
euros, as authorised by the Shareholders’ Meetings of May 26,
2023 and May 24, 2024:
In addition, and in accordance with the authorisation granted by
the Shareholders’ Meeting of May 24, 2024 and the Board of
Directors’ decision of October 23, 2024, Carrefour SA purchased
92,734 additional shares at an average price of 14.26 euros.
These shares, together with other shares currently held in
treasury and not earmarked for cancellation, were intended to
cover the maximum allocation of shares that could be used for
the delivery of the 2022 performance share plan to Group
employees in February 2025.
Implementation of a liquidity agreement
On
September 2,
2024,
Carrefour
announced
the
implementation of a liquidity agreement for its ordinary shares.
The purpose of the agreement is for Rothschild Martin Maurel to
act as market maker for Carrefour shares on the Euronext Paris
regulated market to promote their liquidity and stabilise the
Carrefour share price.
This agreement is for an initial period of 12 months and is
automatically renewable for successive 12‑month periods.
Under the liquidity agreement, in 2024, Carrefour SA purchased
6,986,420 shares and sold 6,911,420 shares at an average unit
price of €14.69.
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:
Following cancellation of these shares, the share capital was
reduced by 77 million euros and premiums were reduced by
404 million
euros.
Carrefour SA
therefore
had
677,969,188 treasury shares.
Following the share buybacks and cancellations, Carrefour SA
had 32,195,690 treasury shares, representing approximately 4.7%
of the share capital.
Financing transactions
On March 27, 2024, the Company redeemed 500 million dollars’
worth of convertible, non‑dilutive 0% six‑year bonds.
On April 26, 2024, Carrefour SA also redeemed 750 million euros’
worth of 0.750% eight‑year bonds.
the first tranche of the share buyback programme began on
March 4, 2024 and ended on March 19, 2024, with
4,041,471 shares acquired at an average price of 15.67 euros
per share for a total amount of 63 million euros;
(i)
on March 26, 2024, 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. On
June 3, 2024, after the ex‑dividend date, Carrefour received
the repurchased shares for an amount of 365 million euros;
(ii)
a second tranche of the share buyback programme began
on June 18, 2024 and ended on September 16, 2024, with
9,477,732 shares acquired at an average price of 14.24 euros
per share for a total amount of 135 million euros;
(iii)
a third and final tranche of the share buyback programme
began on September 17, 2024 and ended on December 3,
2024, with 9,132,256 shares acquired at an average price of
14.95 euros per share for a total amount of 137 million euros.
(iv)
an initial capital reduction in April 2024 involving the
cancellation of 16,844,310 shares;
(i)
a second capital reduction in June 2024 involving the
cancellation of 13,977,318 shares.
(ii)
1
4
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2
5
8
3
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In addition, on September 10, 2024, the Company carried out a
new Sustainability‑Linked Bond issue indexed to its two goals
related to greenhouse gas emissions, for a total of 750 million
euros, maturing in eight years (due in October 2032) and paying
a coupon of 3.625%.
This bond was 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.
The average maturity of Carrefour SA’s bond debt was therefore
3.8 years at end‑December 2024, identical to the maturity at
end‑December 2023.
On November 29, 2024, Carrefour SA successfully replaced its
two undrawn syndicated lines of credit of 3.9 billion euros
maturing in June 2026 with a 4 billion euro credit facility.
Like its predecessors, this facility incorporates a Corporate Social
Responsibility
(CSR)
component,
in
particular
two
key
performance indicators focused on decarbonisation and food
waste. This new facility, financed by a syndicate of 22 banks,
expires in November 2029 and provides for two one‑year
extension options. The Group currently does not intend to draw
on the facility, whose purpose is to secure general financing.
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,
2024
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)
(A) BY AGEING CATEGORY
Number of
invoices
11
17
1
2
44
64
38
1
0
0
7
8
Total amount
(including
VAT) of the
invoices
365,025
177,866
5,190
21,365
67,441
271,862
72,689,068
645
0
0 273,248
273,892
Percentage of
total amount
of purchases
(including
VAT) over the
period
0%
0%
0%
0%
0%
0%
Percentage of
sales
(including
VAT) over the
period
52%
0%
0%
0%
0%
0%
(B) INVOICES EXCLUDED FROM (A) RELATING TO DOUBTFUL OR UNRECOGNISED PAYABLES AND RECEIVABLES
Number of
invoices
excluded
none
none
Total amount
of invoices
excluded
0
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
X Contractual deadlines: (specify)
X Contractual deadlines: (specify)
Legal deadlines: (specify)
Legal deadlines: (specify)
The contractual deadlines applied fall
within a 20- to 60‑day period.
The contractual deadlines applied fall
within a 20- to 60‑day period.
(1)
(1)
(1)
(1)
Mainly correspond to intragroup invoices.
(1)
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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 Banque’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
€296,971,734.17
Allocation to the legal reserve
€-
Retained earnings at December 31, 2024
€3,726,115,496.33
Income available for distribution
€4,023,087,230.50
2024 dividends paid out of distributable profifit
€744,180,618.16
Balance of retained earnings after allocation
€3,278,906,612.34
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 677,969,188 shares comprising the
share capital at December 31, 2024, 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 744,180,618.16 euros, which represents
a dividend of 1.15 euros per share eligible for dividends at the
date of this report (after deduction of 32,120,690 treasury shares
at December 31, 2024) before payroll taxes and the mandatory
flat‑rate withholding tax (prélèvement forfaitaire obligatoire non
libératoire) provided for in Article 117 quater of the French
General Tax Code (Code général des impôts), qualifies, for
individuals who are resident in France for tax purposes, for the
40% tax relief described in section 2 of paragraph 3 of Article 158
of the French General Tax Code, if the taxpayer elects to be taxed
at the progressive income tax rate.
The dividend to be distributed will be allocated on May 30, 2025
and will become payable on June 3, 2025.
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
2021
€0.52
€0.52
-
2022
€0.56
€0.56
-
2023
€0.87
€0.87
-
5.6.4
RESEARCH AND DEVELOPMENT
The Company does not implement any research and development policy.
(1)
Calculated based on a dividend of 0.92 euros per share on shares carrying dividend rights, i.e., after deducting treasury shares held at
December 31, 2024, plus an special dividend totalling 150 million euros, i.e., 0.23 euros per share at the date of this report.
(1)
1
4
7
2
5
8
3
6
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5.6.5
RECENT DEVELOPMENTS
See the Group’s management report at December 31, 2024 for information on the 2025 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)
2024
2023
2022
2021
2020
I - Capital at year‑end
Share capital
1,695
1,772
1,855
1,940
2,044
Issue and merger premiums
15,089
15,493
16,017
16,587
17,183
Number of existing ordinary shares
677,969,188
708,790,816
742,157,461
775,895,892
817,623,840
II - Results of operations for the financial year
Net income before tax, employee profit‑sharing
and depreciation, amortisation and provisions
429
1,215
1,158
474
565
Income tax
333
546
375
319
102
Employee profit‑sharing payable for the financial year
Net income after tax, employee profit‑sharing
and depreciation, amortisation and provisions
297
1,783
223
837
550
Distributed income
744
601
405
380
383
III – Net income per share
Net income after tax and employee profit‑sharing
but before depreciation, amortisation and provisions
1.12
2.48
2.07
1.02
0.82
Net income after tax, employee profit‑sharing
and depreciation, amortisation and provisions
0.44
2.52
0.30
1.08
0.67
Net dividend allocated to each share
1.15
0.87
0.56
0.52
0.48
IV - Employees
Average number of employees
during the financial year
5
5
5
4
5
Amount of payroll for the financial year
9
11
9
9
13
Amount paid as employee benefits for the
financial year (social security, social services)
4
3
2
2
3
(1)
(1)
(2)
(2)
Set by the Board of Directors and to be submitted for approval to the Ordinary Shareholders’ Meeting.
(1)
Excluding expenses related to the performance share plan.
(2)
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CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024
6.1
Consolidated income statement
422
6.2
Consolidated statement
of comprehensive income
423
6.3
Consolidated statement of financial
position
424
6.4
Consolidated statement of cash flows
426
6.5
Consolidated statement of changes
in shareholders’ equity
428
6.6
Notes to the consolidated financial
statements
429
6.7
Statutory Auditors’ report on the
consolidated financial statements
520
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated income statement
422
Argentina is classified as a hyperinflationary economy within the
meaning of IAS 29 – Financial Reporting in Hyperinflationary
Economies, which is therefore applicable to the consolidated
financial statements for the year ended December 31, 2024.
Comparative data for 2023 have been adjusted accordingly for
inflation.
The consolidated financial statements are presented in millions
of euros. Due to rounding to the nearest million, amounts may
not add up precisely to the totals provided.
6.1
Consolidated income statement
(in millions of euros)
Notes
2024
2023
% change
Net sales
5.1
85,445
83,270
2.6%
Loyalty programme costs
(918)
(993)
(7.5)%
Net sales net of loyalty programme costs
84,526
82,276
2.7%
Other revenue
5.1
2,744
2,632
4.3%
Total revenue
87,270
84,908
2.8%
Cost of sales
5.2
(70,302)
(68,278)
3.0%
Gross margin from recurring operations
16,968
16,630
2.0%
Sales, general and administrative expenses, depreciation and
amortisation
5.2
(14,755)
(14,367)
2.7%
Recurring operating income
2,213
2,264
(2.2)%
Net income/(loss) from equity‑accounted companies
8
63
44
44.7%
Recurring operating income after net income from equity‑accounted
companies
2,276
2,308
(1.4)%
Non‑recurring income and expenses, net
5.3
(424)
(558)
(24.1)%
Operating income
1,852
1,749
5.9%
Finance costs and other financial income and expenses, net
13.6
(759)
(410)
85.1%
Finance costs, net
(399)
(258)
54.8%
Net interests related to leases
(222)
(208)
6.6%
Other financial income and expenses, net
(138)
56
(347.3)%
Income before taxes
1,093
1,339
(18.4)%
Income tax expense
9.1
(303)
(439)
(30.9)%
Net income/(loss) from continuing operations
790
900
(12.3)%
Net income/(loss) from discontinued operations
0
742
(100.0)%
NET INCOME/(LOSS) FOR THE YEAR
790
1,642
(51.9)%
Group share
723
1,659
(56.4)%
of which net income/(loss) from continuing operations – Group
share
723
930
(22.2)%
of which net income/(loss) from discontinued operations – Group
share
0
729
(100.0)%
Attributable to non‑controlling interests
66
(17)
480.8%
of which net income/(loss) from continuing operations – attributable
to non‑controlling interests
66
(30)
319.7%
of which net income/(loss) from discontinued operations –
attributable to non‑controlling interests
−
13
(100.0)%
1
4
7
2
5
8
3
6
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated statement of comprehensive income
423
Basic earnings per share (in euros)
Notes
2024
2023
% change
Net income/(loss) from continuing operations – Group share – per share
12.6
1.08
1.30
(17.1)%
Net income/(loss) from discontinued operations – Group share – per share
12.6
0.00
1.02
(100.0)%
Net income/(loss) – Group share – per share
12.6
1.08
2.32
(53.5)%
Diluted earnings per share (in euros)
Notes
2024
2023
% change
Net income/(loss) from continuing operations – Group share – per share
12.6
1.07
1.29
(16.9)%
Net income/(loss) from discontinued operations – Group share – per share
12.6
0.00
1.01
(100.0)%
Net income/(loss) – Group share – per share
12.6
1.07
2.31
(53.4)%
6.2 Consolidated statement of comprehensive
income
(in millions of euros)
Notes
2024
2023
Net income/(loss) – Group share
723
1,659
Net income – Attributable to non‑controlling interests
66
(17)
Net income/(loss) for the year
790
1,642
Effective portion of changes in the fair value of cash flow hedges
12.4
14
(93)
Changes in debt instruments at fair value through other comprehensive income
12.4
(6)
(29)
Exchange differences on translation of intercompany loans qualifying as net
investment of foreign operations, net of hedge effect
12.4
(135)
(6)
Exchange differences on translating foreign operations
12.4
(334)
9
Items that may be reclassifified subsequently to profifit or loss
(460)
(119)
Remeasurements of defined benefit plans obligation
11.1/12.4
13
(29)
Changes in the fair value of equity instruments through other
comprehensive income
12.4
0
0
Items that will not be reclassifified subsequently to profifit or loss
13
(28)
Other comprehensive income/(loss) after tax
(447)
(147)
TOTAL COMPREHENSIVE INCOME/(LOSS)
342
1,495
Group share
533
1,463
Attributable to non‑controlling interests
(191)
32
These items are presented net of the tax effect (see Note 12.4).
(1)
(2)
(3)
(4)
This item includes changes in the fair value of interest rate and currency hedging instruments. To a lesser extent, this item also includes changes
in swaps in Spain, Italy and France taken out to hedge the risk of unfavourable changes in energy prices (electricity or biomethane).
As a reminder, 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 the 2023 consolidated financial statements).
(1)
In May 2023, Carrefour Finance granted an additional intra‑group revolving credit facility (RCF) to the Brazilian subsidiary Atacadão for
2.3 billion Brazilian reals, bringing the total amount of RCFs granted to 8.2 billion Brazilian reals at the end of 2023. This amount remained
unchanged in 2024. 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). There was a significant decline in the value of the Brazilian real in 2024.
(2)
This item includes the restatement of Carrefour Argentina’s reserves to adjust for hyperinflation, in accordance with our accounting principles
(see Note 3.1 – Translation of the financial statements of foreign operations).
In 2024, exchange differences on translating foreign operations mainly reflect the significant decline in the value of the Brazilian real over the
year, partially offset by gains in Argentina resulting from adjustments for hyperinflation.
Exchange differences recognised on translating foreign operations in 2023 masked 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.
(3)
Remeasurement of the net defined benefit obligation recognised in 2024 was not affected by any change in the discount rate applied for the
eurozone, which stood at 3.20% at both end‑December 2024 and end‑December 2023 (see Note 11.1). In 2023, these discount rates had
decreased, from 3.80% at end‑December 2022 to 3.20% at end‑December 2023.
(4)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated statement of financial position
424
6.3 Consolidated statement of financial position
ASSETS
(in millions of euros)
Notes
December 31,
2024
December 31,
2023
Goodwill
6.1
8,946
8,712
Other intangible assets
6.1
1,566
1,552
Property and equipment
6.2
13,011
12,360
Investment property
6.4
218
262
Right‑of‑use assets
7.1
4,522
4,464
Investments in companies accounted for by the equity method
8.1
1,120
1,142
Other non‑current financial assets
13.5
1,138
1,229
Consumer credit granted by the financial services companies – portion due in
more than one year
5.5
1,846
1,911
Deferred tax assets
9.2
566
395
Other non‑current assets
5.4
623
697
Non‑current assets
33,557
32,723
Inventories
5.4
6,709
6,544
Trade receivables
5.4
3,305
3,269
Consumer credit granted by the financial services companies – portion due in less
than one year
5.5
4,567
4,644
Other current financial assets
13.2
523
685
Tax receivables
5.4
969
824
Other current assets
5.4
1,084
1,008
Cash and cash equivalents
13.2
6,564
6,290
Assets held for sale
84
184
Current assets
23,807
23,448
TOTAL ASSETS
57,363
56,171
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated statement of financial position
425
SHAREHOLDERS’ EQUITY AND LIABILITIES
(in millions of euros)
Notes
December 31,
2024
December 31,
2023
Share capital
12.2
1,695
1,772
Consolidated reserves (including net income)
9,125
9,767
Shareholders’ equity, Group share
10,820
11,539
Shareholders’ equity attributable to non‑controlling interests
12.5
1,665
1,848
Total shareholders’ equity
12,484
13,387
Borrowings – portion due in more than one year
13.2
7,589
7,264
Lease liabilities – portion due in more than one year
7.2
3,976
3,894
Provisions
10
3,511
4,012
Consumer credit financing – portion due in more than one year
5.5
2,113
1,931
Deferred tax liabilities
9.2
494
300
Tax payables – portion due in more than one year
5.4
53
57
Non‑current liabilities
17,736
17,458
Borrowings – portion due in less than one year
13.2
3,229
2,224
Lease liabilities – portion due in less than one year
7.2
1,093
1,007
Suppliers and other creditors
5.4
14,997
14,242
Consumer credit financing – portion due in less than one year
5.5
3,533
3,771
Tax payables – portion due in less than one year
5.4
1,358
1,222
Other current payables
5.4
2,931
2,860
Current liabilities
27,143
25,326
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
57,363
56,171
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated statement of cash flows
426
6.4 Consolidated statement of cash flows
(in millions of euros)
2024
2023
Income before taxes
1,093
1,339
OPERATING ACTIVITIES
Income tax paid
(700)
(343)
Depreciation and amortisation expense
2,424
2,295
Gains and losses on disposal of assets and other
(73)
55
Change in provisions and impairment
(20)
93
Finance costs, net
399
258
Net interests related to leases
222
208
Share of profit and dividends received from equity‑accounted companies
25
38
Impact of discontinued operations
(1)
89
Cash flflow from operations
3,369
4,032
Change in working capital
799
775
Impact of discontinued operations
−
(54)
Net cash (used in)/from operating activities
(excluding fifinancial services companies)
4,168
4,754
Change in consumer credit granted by the financial services companies
32
(104)
Net cash (used in)/from operating activities – total
4,200
4,650
INVESTING ACTIVITIES
Acquisitions of property and equipment and intangible assets
(1,772)
(1,850)
Acquisitions of non‑current financial assets
(36)
(21)
Acquisitions of subsidiaries and investments in associates
(1,378)
(6)
Proceeds from the disposal of subsidiaries and investments in associates
13
1,067
Proceeds from the disposal of property and equipment and intangible assets
599
474
Proceeds from the disposal of non‑current financial assets
11
10
Change in amounts receivable from disposals of non‑current assets and due to suppliers
of non‑current assets
(24)
(124)
Investments net of disposals – subtotal
(2,587)
(450)
Other cash flows from investing activities
215
(64)
Impact of discontinued operations
−
(225)
Net cash (used in)/from investing activities – total
(2,372)
(739)
(1)
(2)
(1)
(3)
(4)
(5)
(6)
(3)
(1)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated statement of cash flows
427
(in millions of euros)
2024
2023
FINANCING ACTIVITIES
Carrefour SA capital increase/(decrease)
(483)
(609)
Proceeds from share issues to non‑controlling interests
42
47
Dividends paid by Carrefour SA
(600)
(405)
Dividends paid to non‑controlling interests
(26)
(76)
Change in treasury stock and other equity instruments
(222)
(118)
Change in current financial assets
358
69
Issuance of bonds
1,459
1,425
Repayments of bonds
(1,271)
(1,053)
Net financial interests paid
(314)
(184)
Other changes in borrowings
1,289
(563)
Payments related to leases (principal)
(1,074)
(1,000)
Net interests paid related to leases
(221)
(209)
Impact of discontinued operations
(14)
(45)
Net cash (used in)/from fifinancing activities – total
(1,076)
(2,719)
Net change in cash and cash equivalents before the efffect of changes in exchange rates
752
1,192
Effect of changes in exchange rates
(477)
(353)
NET CHANGE IN CASH AND CASH EQUIVALENTS
275
838
Cash and cash equivalents at beginning of year
6,290
5,451
Cash and cash equivalents at end of year
6,564
6,290
(7) (8)
(9)
(8)
(10)
(10)
(10)
(10)
(11)
(11)
(1)
(12)
In 2023, in accordance with IFRS 5, this item included almost exclusively the reclassification as discontinued operations of Carrefour Taiwan sold
as of June 30, 2023.
(1)
The change in working capital is set out in Note 5.4.
(2)
Acquisitions include operational investments in growth formats and the Group’s digitalisation. In 2024, they also include investments relating to
the conversion of Cora stores in France. In 2023, they included those investments relating to the conversion of Grupo BIG stores in Brazil.
(3)
This amount mainly relates to the acquisition of Cora and Match and the Provera purchasing centre in France, of some Casino/
Intermarché (France) and Supercor stores (Spain), and of stores owned by the Alma franchisee (Belgium), see Note 2.1.1.
(4)
In 2023, this item related to the disposal of Carrefour Taiwan for 1.0 billion euros.
(5)
This item mainly relates to the sale of underperforming stores in Brazil (see Note 2.1.2) and the sale and leaseback transactions in France, Spain
and Brazil (see Note 2.1.3). As of December 31, 2023, this line mainly corresponded to the sale and leaseback transactions in Brazil and Spain and
the sale of store real estate and businesses to franchisees in France.
(6)
In 2023, Carrefour SA’s capital was increased by 75 million euros following the implementation of the “Carrefour Invest” plan.
(7)
These lines correspond to the 700 million euro share buyback programme launched in 2024, organised as three buyback mandates totalling
335 million euros and a 365 million euro share buyback from Galfa (see Note 2.4). In accordance with decisions by the Board of Directors,
483 million euros’ worth of shares (including associated costs) were cancelled on April 24, 2024 and June 3, 2024. The shares corresponding to
the 2024 programme, which were still held in treasury as of December 31, 2024, are presented within “Change in treasury stock and other equity
instruments”.
As of December 31, 2023, these lines corresponded to the 800 million euro share buyback programme implemented in 2023 in four
200 million euro buyback mandates. In accordance with 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. The shares corresponding to the 2023 programme, which were still
held in treasury as of December 31, 2023, were presented within “Change in treasury stock and other equity instruments”.
(8)
The dividend approved by the Shareholders’ Meeting of May 24, 2024 was paid entirely in cash on May 30, 2024 for an amount of
600 million euros (see Note 2.3). In 2023, the dividend was paid entirely in cash on June 8, 2023 for 405 million euros.
(9)
Note 13.2 provides a breakdown of net debt. Changes in liabilities arising from financing activities are detailed in Note 13.4. In 2023, changes in
current financial assets mainly reflected the 900 million Brazilian real (approximately 145 million euro) reduction in the firm price received for
Grupo BIG, partially offset by the purchase of dollar- and inflation‑linked investments in Argentina. Almost all of these Argentine investments
matured in 2024, as did the unwinding of the currency swap hedging the 500 million US dollar non‑dilutive convertible bond, which was repaid in
March 2024.
(10)
In accordance with IFRS 16, payments under leases along with any related interest are shown in financing cash flows.
(11)
Exchange differences in 2024 mainly relate to the significant decline in the value of the Brazilian real during the year, and of the Argentine peso to
a lesser extent. In 2023, they mainly concerned the major devaluation of the Argentine peso.
(12)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Consolidated statement of changes in shareholders’ equity
428
6.5 Consolidated statement of changes
in shareholders’ equity
(in millions of euros)
Shareholders’ equity, Group share
Total
Shareholders’
equity, Group
share
Total Non-
controlling
interests
Total
Shareholders’
equity
Share
capital
Foreign
exchange
translation
reserve
Fair value
reserve
Other
consolidated
reserves and
net income
Shareholders’ equity at December 31, 2022
1,855
(1,670)
78
10,881
11,144
2,042
13,186
Net income/(loss) for the year 2023
−
−
−
1,659
1,659
(17)
1,642
Other comprehensive income/(loss) after tax
−
(48)
(120)
(28)
(196)
49
(147)
Total comprehensive income/(loss) 2023
−
(48)
(120)
1,631
1,463
32
1,495
Share‑based payments
−
−
−
52
52
1
53
Treasury stock (net of tax)
−
−
−
(118)
(118)
−
(118)
2022 dividend payment
−
−
−
(405)
(405)
(70)
(475)
Change in capital and additional paid‑in capital
(83)
−
−
(524)
(607)
8
(599)
Effect of changes in scope of consolidation and
other movements
−
(1)
−
11
10
(165)
(155)
Shareholders’ equity at December 31, 2023
1,772
(1,719)
(42)
11,528
11,539
1,848
13,387
Net income/(loss) for the year 2024
−
−
−
723
723
66
790
Other comprehensive income/(loss) after tax
−
(79)
(125)
13
(191)
(257)
(447)
Total comprehensive income/(loss) 2024
−
(79)
(125)
737
533
(191)
342
Share‑based payments
−
−
−
38
38
0
38
Treasury stock (net of tax)
−
−
−
(220)
(220)
−
(220)
2023 dividend payment
−
−
−
(600)
(600)
(45)
(645)
Change in capital and additional paid‑in capital
(77)
−
−
(404)
(481)
−
(481)
Effect of changes in scope of consolidation and
other movements
−
0
−
11
11
52
63
Shareholders’ equity at December 31, 2024
1,695
(1,798)
(166)
11,089
10,820
1,665
12,484
(1)
(2)
(3)
(3)
(5)
(4)
(5) (6)
(7)
(3)
(5)
(4)
(5)
(7)
As of December 31, 2024, the share capital was made up of 677,969,188 ordinary shares (see Note 12.2.1).
(1)
This item includes the restatement of Carrefour Argentina’s reserves to adjust for hyperinflation, in accordance with our accounting principles
(see Note 3.1 – Translation of the financial statements of foreign operations).
In 2024, the Group’s share of exchange differences recognised on translating foreign operations mainly reflect the significant decline in the value
of the Brazilian real compared with December 31, 2023, partially offset by gains in Argentina resulting from adjustments for hyperinflation.
In 2023, the Group’s share of exchange differences recognised on translating foreign operations mainly reflected 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 as of
June 30, 2023, partially offset by the slight increase in the value of the Brazilian real and Polish zloty versus December 31, 2022.
(2)
This item comprises:
(3)
the hedge reserve (effective portion of changes in the fair value of cash flow hedges);
-
the fair value reserve (changes in the fair value of financial assets carried at fair value through other comprehensive income);
-
exchange differences on translation of intra‑group loans qualifying as net investment of foreign operations, net of hedging.
-
The 2023 dividend distributed by Carrefour SA, totalling 600 million euros, was paid entirely in cash.
The 2022 dividend distributed by Carrefour SA, totalling 405 million euros, was also paid entirely in cash.
Dividends paid to non‑controlling interests mainly relate to the Spanish and Brazilian subsidiaries for an amount of 45 million euros in 2024, and
70 million euros in 2023.
(4)
The 700 million euro share buyback programme authorised by the Shareholders’ Meetings of May 26, 2023 and May 24, 2024 was completed,
corresponding to a total of 47,651,459 shares. Carrefour SA’s share capital was reduced by cancelling 30,821,628 shares, including
16,844,310 shares on April 24, 2024 and 13,977,318 shares on June 3, 2024, representing a total of 481 million euros (see Note 2.4). Following
cancellation of the shares, Carrefour SA had 32,195,690 treasury shares, representing approximately 4.7% of the share capital as of
December 31, 2024.
In 2023, an 800 million euro share buyback programme was launched in the form of four 200 million euro buyback mandates, corresponding to
a total of 46,197,844 shares. Carrefour SA’s share capital was subsequently reduced by cancelling 38,080,380 shares. Following cancellation of
the shares, Carrefour SA had 17,609,525 treasury shares, representing approximately 2.5% of the share capital as of December 31, 2023.
(5)
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 to the 2023 consolidated financial statements).
(6)
In 2024, the effect of changes in the scope of consolidation and other movements mainly corresponds to the capital increases subscribed by
non‑controlling shareholders of Unlimitail (Publicis) and Carrefour Banque (BNP Paribas Personal Finance).
In 2023, the effect of changes in the scope of consolidation and other movements mainly corresponded 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 to the 2023 consolidated financial
statements).
(7)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
429
6.6 Notes to the consolidated financial statements
NOTE 1
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL
STATEMENTS
430
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
433
NOTE 3
SCOPE OF CONSOLIDATION
439
NOTE 4
SEGMENT INFORMATION
442
NOTE 5
OPERATING ITEMS
444
NOTE 6
INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT
PROPERTY
455
NOTE 7
LEASES
463
NOTE 8
INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY
METHOD
466
NOTE 9
INCOME TAX EXPENSE
469
NOTE 10 PROVISIONS AND CONTINGENT LIABILITIES
472
NOTE 11 NUMBER OF EMPLOYEES, EMPLOYEE COMPENSATION AND
BENEFITS
474
NOTE 12 EQUITY AND EARNINGS PER SHARE
486
NOTE 13 FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER
FINANCIAL INCOME AND EXPENSES
490
NOTE 14 OFF‑BALANCE SHEET COMMITMENTS
507
NOTE 15 SUBSEQUENT EVENTS
508
NOTE 16 AUDITORS’ FEES
509
NOTE 17 LIST OF CONSOLIDATED COMPANIES
510
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
430
NOTE 1
BASIS OF PREPARATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
1.1
1.2
The consolidated financial statements for the year ended
December 31, 2024 were approved for publication by the Board
of Directors on February 19, 2025. They will be submitted for final
approval at the Annual Shareholders’ Meeting.
Carrefour SA (the “Company”) is domiciled in France at 93,
avenue de Paris, 91300 Massy.
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 Carrefour stores. The Group also offers
financial services to its customers in France, Spain, Belgium,
Brazil and Argentina (consumer credit and insurance).
The consolidated financial statements for the year ended
December 31, 2024 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.
Statement of compliance
In accordance with European Regulation (EC) 1606/2002 dated
July 19, 2002, the 2024 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, 2024 and applicable at that date, with
2023 comparative information prepared using the same
standards.
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.
As of December 31, 2024, 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.
Changes in accounting policies
The accounting policies used to prepare the consolidated
financial statements for the year ended December 31, 2024 are
the same as those used for the 2023 consolidated financial
statements, except for the following amendments whose
application is mandatory as of January 1, 2024:
The application of these amendments had no material impact on
the Group’s consolidated financial statements. Additional
disclosures required by the amendments to IAS 7/IFRS 7 are
presented in Note 5.4.4.
ADOPTED BY THE EUROPEAN UNION BUT NOT YET APPLICABLE
Standards, amendments and interpretations
Effective date
Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates:
Lack of Exchangeability
January 1, 2025
An analysis of the impacts of applying the IAS 21 amendments is ongoing.
NOT YET ADOPTED BY THE EUROPEAN UNION
Standards, amendments and interpretations
Effective date
Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial
Instruments: Power Purchase Agreements
January 1, 2026
IFRS 18 – Presentation and Disclosure in Financial Statements
January 1, 2027
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
January 1, 2027
The impacts of IFRS 18 (published by the IASB on April 9, 2024) and the amendments to IFRS 9 and IFRS 7 (published by the IASB on
May 30, 2024 and December 18, 2024) have not yet been analysed.
IFRS 19 is not applicable to the Group.
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;
■
Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 –
Financial
instruments:
Disclosures:
Supplier
Finance
Arrangements.
■
(1)
Subject to adoption by the European Union.
(1)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
431
1.3
1.3.1
1.3.2
1.4
1.5
1.6
Other regulatory developments
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 as from January 1,
2024. The overall impact on the Group is not material given the
tax rates in the jurisdictions where the Group operates.
Accrual of paid leave during a period of
absence from work in France
Concerning the accrual of paid leave during a period of absence
from work in France, further to three rulings handed down by the
French Supreme Court (Cour de cassation) on September 13,
2023 (which overturn French legal provisions on paid leave and
absence from work and confirm the principle that European
Union (EU) law takes precedence over national law), a provision
was recognised as of December 31, 2023 based on a retroactive
period of three years, with an offsetting adjustment to
non‑recurring income and expenses for prior years (2019 to
2022), and to recurring operating income for the portion relating
to 2023 (see Note 1.3.3 to the 2023 consolidated financial
statements).
Since June 30, 2024, amendments to the French Labour Code
(Code du travail) introduced for compliance purposes by
Article 37 of the DDADUE law (effective from April 24, 2024) led
the Group to update the provision for previous years with the
assistance of its advisors.
Use of estimates and judgement
The preparation of consolidated financial statements requires
Management to make a number of estimates and judgements
that affect the reported amount of assets and liabilities, income
and expenses and the disclosures contained in the notes. These
estimates and assumptions are reviewed on an ongoing basis by
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:
Seasonality
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.
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 markets of these countries is not
deemed to be material. The Group is not materially affected by
the trade restrictions and sanctions imposed by certain
governments on Russia.
The Group is closely monitoring the development of the conflict
and
its
macroeconomic
and
potentially
operational
consequences, particularly in its integrated countries bordering
Ukraine (Poland and Romania).
measurement of rebates and commercial income (see
Note 5.2.1);
■
useful lives of operating assets (see Note 6);
■
definition of cash‑generating units (CGUs) for the purpose of
impairment tests on non‑current assets other than goodwill
(see Note 6.3);
■
measurement of the recoverable amount of goodwill, other
intangible assets and property and equipment (see Note 6.3);
■
measurement of right‑of‑use assets and lease liabilities in
accordance with IFRS 16 – Leases (see Note 7);
■
measurement of impairment of loans granted by the financial
services companies (see Notes 5.5.1 and 13.7.4.2) as well as
provisions for credit risk on loan commitments (see Note 10.1);
■
measurement of fair value of identifiable assets acquired and
liabilities assumed in business combinations (see Note 3.1);
■
recoverability of deferred tax assets and some tax credits
(see Note 9) and determination of uncertainties in income taxes
under IFRIC 23;
■
measurement of provisions for contingencies and other
business‑related provisions (see Note 10);
■
assumptions used to determine defined benefit obligations and
other long term post‑employment benefit obligations (see
Note 11.1);
■
determination of the level of control or influence exercised by
the Group over investees (see Notes 3 and 8).
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
432
1.7
1.8
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 6.2) and performing
goodwill impairment tests (see Note 6.3).
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.
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:
Measurement bases
The consolidated financial statements have been prepared using
the historical cost convention, except for:
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:
Argentina is classified as a hyperinflationary economy within the
meaning of IAS 29 – Financial Reporting in Hyperinflationary
Economies, which is therefore applicable to the consolidated
financial statements for the year ended December 31, 2024; data
for the comparative period presented have also been adjusted.
2
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 long‑term power purchase
agreements:
■
as part of its Carrefour 2026 objective of producing almost
one TWh of green electricity per year from 2027 across all its
geographies, Carrefour has stepped up the installation of
green power production equipment at its stores. In 2024,
Carrefour France entered into a major partnership with
GreenYellow to install photovoltaic shade structures at
350 sites, Carrefour Spain continued to fit solar panels in its
stores, while the Group’s other countries signed contracts
for the future installation of almost 80 solar power systems.
As of December 31, 2024, 161 stores had been equipped with
solar power systems in Spain, 16 in France, 13 in Poland, 11 in
Brazil, seven in Belgium and three in Italy,
■
in 2023, the Group signed four physical Power Purchase
Agreements (covering wind and solar farms) in France, which
produced 100 GWh in 2024, equivalent to the power
consumed by 29 hypermarkets. The Group maintained this
momentum in 2024, signing five new Power Purchase
Agreements, including three physical agreements (two in
France and one in Argentina) and two virtual agreements
(one in Spain and one in Italy). These agreements will come
into force between 2025 and 2026. Through these nine
Power Purchase Agreements, the Group has contracted
almost 480 GWh of cumulative renewable power per year in
total. The Group will continue to implement these green
energy contracts across all its geographies;
■
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 is seeking to 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‑energy LED lighting solutions 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 2032 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 2024, implementation
was in line with the targets set for 2032 in Europe.
■
2
certain financial assets and liabilities measured using the fair
value model (see Note 13);
■
assets
acquired
and
liabilities
assumed
in
business
combinations, measured using the fair value model (see
Note 3.1);
■
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 6.2 and 6.4);
■
non‑current assets held for sale, measured at the lower of their
carrying amount or fair value less costs to sell.
■
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.
■
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
433
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
2.1
Main changes in scope of consolidation
2.1.1
Main acquisitions completed in 2024
CORA AND MATCH AND THE PROVERA PURCHASING
CENTRE (FRANCE)
On July 12, 2023, Carrefour announced that it had entered into
an agreement with the Louis Delhaize group to acquire its Cora
and Match retail units along with the Provera purchasing centre
in France. Cora and Match operate 60 hypermarkets and
115 supermarkets, respectively, and employ some 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.
The transaction was carried out based on an enterprise value of
1.05 billion euros and included the purchase of the real estate of
55 hypermarkets and 77 supermarkets.
On June 6, 2024, the French competition authority granted
Carrefour an exemption from the suspensive effect of merger
control, allowing Cora and Match to be acquired without waiting
for the outcome of its review, which is expected to be finalised
by the end of first‑quarter 2025. Following this exemption, the
acquisition closed on July 1, 2024. The transaction was carried
out through acquisition of the shares of the two parent
companies (Delparef and Provera) which wholly own Cora and
Match in France.
The shares were paid for in full in cash on July 1, 2024 for a
provisional amount of 1,180 million euros.
The preliminary opening balance sheet of Cora and Match at
July 1, 2024, as included in the Group’s consolidated financial
statements, is as follows:
ASSETS
(in millions of euros)
Reference
Opening balance sheet
preliminary (Fair Value)
Goodwill
(a)
232
Other intangible assets
(b)
78
Property and equipment
(c)
1,249
Right‑of‑use assets
(d)
160
Other non‑current financial assets
(h)
4
Deferred tax assets
(e)
0
Non‑current assets
1,723
Inventories
(h)
390
Trade receivables
(h)
207
Tax receivables
(h)
70
Other current assets
(h)
43
Cash and cash equivalents
(h)
154
Current assets
864
TOTAL ASSETS
2,588
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
434
SHAREHOLDERS’ EQUITY AND LIABILITIES
(in millions of euros)
Reference
Opening balance
sheet preliminary
(Fair Value)
Total shareholders’ equity
1,180
Borrowings – portion due in more than one year
(h)
7
Lease liabilities – portion due in more than one year
(d)
127
Provisions
(f)
123
Deferred tax liabilities
(e)
200
Non‑current liabilities
456
Borrowings – portion due in less than one year
(h)
0
Lease liabilities – portion due in less than one year
(d)
30
Suppliers and other creditors
(h)
557
Tax payables – portion due in less than one year
(g)
175
Other current payables
(h)
188
Current liabilities
951
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
2,588
Changes in the period (i.e., operations carried out by Cora, Match
and the Provera purchasing centre from July to December 2024)
are included in the consolidated income statement and
statement of cash flows for 2024. Between July and
December 2024, net sales and operating income for the acquired
entities amounted to 2,530 million euros and 10 million euros,
respectively.
As part of the purchase price allocation stipulated in IFRS 3 –
Business
Combinations,
the
Group
recorded
provisional
goodwill (a) of 232 million euros in the 2024 consolidated
financial statements.
This preliminary purchase price allocation process will continue
in first‑half 2025. As the purchase price allocation process is still
ongoing, the fair value adjustments may differ as of June 30,
2025 from those included in the 2024 consolidated financial
statements.
In the 2024 consolidated financial statements, the preliminary
opening balance sheet consists of the following items:
(b) recognition and measurement of the acquired Match brand
and its indefinite useful life. The fair value of the right to use the
Cora brand is considered immaterial and is not recognised;
(c) fair value measurement of the land and premises of stores
owned by the Group (as determined by independent valuers
using the capitalisation method), and of other property and
equipment;
(d) measurement of right‑of‑use assets and related lease liabilities
of the stores, taking into account the reasonably certain term of
the leases in application of the rules defined by the Group (see
Note 7 for further details);
(e) measurement of deferred tax relating to fair value adjustments
to assets and liabilities, corresponding mainly to remeasurements
of property and equipment and intangible assets, and to a lesser
extent the measurement of provisions;
(f) increase in provisions (notably provisions for social risks)
following analyses of litigation and contingent liabilities
(recognised in accordance with IFRS 3) by Carrefour and its
advisors in the second half of 2024. This item also includes
provisions for employee benefit obligations (recognised in
accordance with IAS 19);
(g) recognition of an additional tax liability corresponding to
taxable capital gains that had been neutralised in the past
because they arose within the Delparef fiscal unity. This group
was terminated upon Carrefour’s acquisition of Delparef, the
Cora and Match holding company;
(h) maintenance of the net carrying amount of other assets and
liabilities (including inventories, trade and tax receivables, cash
and cash equivalents, other current assets and other non‑current
financial assets, borrowings, trade payables, and other current
liabilities) or immaterial fair value adjustments.
CASINO/INTERMARCHÉ STORES (FRANCE)
On January 25, 2024, the Group announced that it had entered
into exclusive negotiations with the Intermarché group to
acquire, directly from Intermarché and/or, by acting as a
substitute for Intermarché, from Casino Guichard‑Perrachon and
its subsidiaries, 31 stores (with adjacent petrol stations if
applicable). These stores generated around 400 million euros in
sales in 2023.
Under the terms of this agreement, on February 8, 2024 the
Group acted as a substitute for Intermarché for the purchase of
25 stores directly from Casino Guichard‑Perrachon and its
subsidiaries. The other six stores are to be purchased directly
from Intermarché.
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
435
2.1.2
To date, 27 stores have been acquired, including 24 from Casino
and three directly from Intermarché, for a provisional purchase
price of 41 million euros (including inventories taken over).
Conditions are still not met for three of the four remaining
transactions, (one with Casino and two with Intermarché). The
fourth transaction (with Intermarché) will not proceed.
As a reminder, on March 19, 2024, the French competition
authority granted Carrefour France an exemption from the
suspensive effect of merger control, allowing Casino stores to be
acquired without waiting for the outcome of its review, which
was finally handed down on December 13, 2024. In this decision,
the authority authorised the purchase of 25 stores from Casino,
subject to Carrefour divesting two other stores.
No competition concerns were identified by the competition
authority in relation to the acquisition of the first three stores
from Intermarché; however, a decision is still pending on the
remaining two stores to be acquired from Intermarché.
In accordance with IFRS 3, following the Group’s preliminary
measurement of the assets acquired and liabilities assumed at the
acquisition date of the various stores, provisional goodwill of
40 million euros was recognised in the consolidated statement
of financial position as of December 31, 2024 in respect of the
acquisition of the first 27 stores, all of which are leased. This
amount includes, in particular, right‑of‑use assets recognised for
less than the associated lease liabilities, given that the leases
were
acquired
in
unfavourable
conditions,
i.e.,
at
higher‑than‑market rent levels.
SUPERCOR STORES (SPAIN)
On September 20, 2023, Carrefour Spain reached an agreement
with El Corte Inglés to acquire 47 Supercor supermarkets and
convenience stores employing around 850 people.
The acquisition was completed on April 9, 2024 for a price of
50 million euros, the total number of stores acquired having
been reduced from 47 to 40. The stores, which are all leased,
were integrated into the Spanish store network in five waves,
between April 9 and July 4, 2024.
In accordance with IFRS 3, following the Group’s preliminary
measurement of the assets acquired and liabilities assumed at
their respective acquisition dates, provisional goodwill of
35 million euros was recognised in the consolidated statement of
financial position as of December 31, 2024 in respect of the
acquisition of the 40 stores.
STORES OWNED BY THE ALMA FRANCHISEE (BELGIUM)
On February 1, 2024, Carrefour Belgium completed the
acquisition of the Alma franchise group, which operates eight
Carrefour Market stores, for approximately 70 million euros. This
transaction values the net assets acquired on the basis of an
enterprise value of 52 million euros including 18 million euros in
cash acquired.
In accordance with IFRS 3, following the Group’s preliminary
measurement of the assets acquired and liabilities assumed at the
acquisition date, provisional goodwill of 35 million euros was
recorded in the consolidated statement of financial position as of
December 31, 2024 with the Alma acquisition, in particular taking
into account the value of seven businesses sold to other
franchisees for 19 million euros over the period, of which four
were sold in February and the last was in the process of being
sold as of December 31, 2024.
Closure of underperforming former
Grupo BIG stores (Brazil) further
to decisions made in 2023 and 2024
CLOSURE OF UNDERPERFORMING FORMER GRUPO BIG
STORES FURTHER TO DECISIONS MADE AT THE END OF
2023, AND SALE OF STORE REAL ESTATE OWNED BY THE
COMPANY
In December 2023, the Group decided to close 123 stores due to
underperformance. These stores were reclassified as “Assets held
for sale” based on their estimated fair value less costs to sell as of
December 31, 2023 (see Note 2.1.4 to the 2023 consolidated
financial statements), leading to the recognition in non‑recurring
items
for
2023
of
(i) an
impairment
loss
of
around
540 million Brazilian reals
(around
100 million
euros)
and
(ii) other costs associated with these closures amounting to
310 million Brazilian reals (around 60 million euros).
The 123 stores, acquired in 2022 at the time of the Grupo BIG
acquisition, break down as follows:
The vast majority of the assets of owned stores, which
represented around half of the network, were sold during the first
half of 2024 to various buyers for a total price of around
680 million Brazilian reals (around 117 million euros), of which
490 million Brazilian reals (around 84 million euros) had already
been received as of December 31, 2024 (not including the
100 million Brazilian reals, around 15 million euros, received for
stores closed in second‑half 2023).
As sale prices were broadly in line with the fair value of the assets
as of December 31, 2023, the impact on non‑recurring income
and expenses for 2024 was immaterial.
CLOSURE OF UNDERPERFORMING FORMER GRUPO BIG
STORES FURTHER TO DECISIONS MADE AT THE END OF
2024 AND SALE OF STORE REAL ESTATE OWNED BY THE
COMPANY
In December 2024, the Group decided to close 64 Bompreço
and Nacional supermarkets (acquired in 2022 upon the purchase
of Grupo BIG) due to underperformance (47 Nacional and
17 Bompreço
supermarkets).
The
real
estate
of
the
11 directly‑owned stores is in the process of being sold to various
buyers. The operations of some stores are in the process of being
sold to other food retailers.
In accordance with IFRS 5 – Non‑current Assets Held for Sale
and Discontinued Operations, the assets and liabilities of these
stores were reclassified as assets held for sale as of
December 31, 2024, and measured at the lower of their net
carrying amount and estimated fair value less costs to sell. As a
result, the Group recorded an impairment loss in non‑recurring
items of around 150 million Brazilian reals (around 26 million
euros) in 2024 to adjust for the estimated fair value of property
and equipment. As all Bompreço and Nacional stores will no
longer be operated, the two associated brands were also written
down by 60 million Brazilian reals (around 10 million euros).
In accordance with Group accounting policies, other costs
associated with these closures were also recognised in 2024 in
non‑recurring items for approximately 220 million Brazilian reals
(approximately 38 million euros).
94 Todo Dia soft discount stores;
■
16 hypermarkets converted to Carrefour stores; and
■
13 Bompreço and Nacional supermarkets.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
436
2.1.3
2.1.4
2.2
Sale and leaseback transactions in 2024
SALE AND LEASEBACK TRANSACTION (FRANCE)
On April 26, 2024, the real estate of 17 Carrefour Market
supermarkets was sold to a London‑based investment fund,
Supermarket Income REIT, with disposal proceeds net of
transaction costs representing around 75 million euros.
With negotiations on the agreements finalised and the other
conditions precedent satisfied, 16 of these assets have been
leased back to Carrefour since April 26, 2024 (closing date of the
transaction and signing of the leases for a term of 12 years, of
which a fixed 10 years, with two renewal options at Carrefour’s
initiative). This transaction led to the recognition of 23 million
euros in non‑recurring income in 2024.
SALE AND LEASEBACK TRANSACTION (SPAIN)
On December 12, 2024, the real estate of six Spanish
hypermarkets was sold to the property company Realty Income,
for around 100 million euros net of transaction costs.
With negotiations on the agreements finalised and other
conditions satisfied, these assets have been leased to Carrefour
since December 12, 2024 (closing date of the transaction and
signing of the leases for fixed 10‑year terms, with three five‑year
renewal options exercisable at Carrefour’s initiative). This
transaction led to the recognition of 14 million euros in
non‑recurring income in 2024.
As a reminder, the real estate of 22 other Spanish hypermarkets
had previously been sold and subsequently leased back to the
same buyer (Realty Income) as from 2020 as part of regular sale
and leaseback arrangements.
SALE AND LEASEBACK TRANSACTION (BRAZIL)
On October 22, 2024, Carrefour Brazil announced the sale of the
real estate of 15 Atacadão stores to Guardian Real Estate, a
property investment fund, for 725 million Brazilian reals, or
around 125 million euros net of transaction costs.
CADE, the Brazilian competition authority, approved the
transaction on December 18, 2024.
With negotiations on the agreements finalised and the other
conditions precedent satisfied, these assets have been leased to
Carrefour since December 18, 2024 (closing date of the
transaction and signing of the leases for fixed 13‑year terms, with
two five‑year renewal options exercisable at Carrefour’s initiative).
This transaction led to the recognition of approximately
19 million euros in non‑recurring income in 2024.
Other main transactions in 2024
LAUNCH OF UNLIMITAIL WITH PUBLICIS GROUPE
On November 8, 2022, the Group and Publicis announced their
intention to create an 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 Group’s financial statements since that date.
Unlimitail partners with retailers and brands, bringing retail media
expertise and connectivity potential to these regions. Unlimitail
combines one of Publicis’ most advanced technologies,
“CitrusAd powered by Epsilon”, with Carrefour Links’ in‑depth
knowledge of retail media.
Contributions to Unlimitail were made by both shareholders in
the first half of 2024, with Carrefour contributing the Carrefour
Links retail media business and Publicis granting an exclusive
right to use its technology as well as a cash payment of
24 million euros.
DISPOSAL OF THE ENTITY REFECTORY (FRANCE)
Carrefour’s stake in Refectory (formerly known as Dejbox), an
online canteen solution for company employees, was sold to
RMM,
a
business
and
management
consultancy,
on
September 30, 2024. Refectory had been acquired by Carrefour
in 2020 following the purchase of a 68% stake, increased to an
86% stake in 2021 following purchases of additional shares from
non‑controlling shareholders. The disposal loss net of transaction
costs amounted to 24 million euros and was recognised in
non‑recurring expenses for 2024.
ACQUISITION OF EWALLY (BRAZIL)
Carrefour Brazil, which owned a 49% stake in Brazil’s Ewally
(previously accounted for by the equity method), acquired a
further 43% of its shares in October 2024, leading the company
to be fully consolidated as from that date. Expenses of
approximately 40 million Brazilian reals (approximately 7 million
euros) were recognised as non‑recurring items in 2024 as a result
of this takeover, which was accounted for in accordance with
IFRS 3 and IAS 28.
Securing the Group’s long‑term
financing
On March 27, 2024, the Group redeemed 500 million US dollars’
worth of convertible, non‑dilutive 0% six‑year bonds. On
April 26, 2024, the Group also redeemed 750 million euros’ worth
of 0.750% eight‑year bonds.
Conversely, on September 10, 2024, the Group carried out a new
Sustainability‑Linked Bond issue indexed to two targets related to
greenhouse gas emissions (Scopes 1 and 2) and food waste, for a
total of 750 million euros, maturing in eight years (due in
October 2032) and paying a coupon of 3.625%.
This bond was 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.
The average maturity of Carrefour SA’s bond debt was therefore
3.8 years at year‑end 2024, unchanged compared to 2023.
As a subsequent event, on January 17, 2025, the Group issued a
new 500 million euro Sustainability‑Linked Bond maturing in
5.5 years (due in June 2030) and paying a coupon of 3.25%. This
bond is indexed to two greenhouse gas emission reduction
targets: one relating to Scopes 1 and 2, and the other to
purchases of goods and services (Scope 3).
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
437
2.3
2.4
In addition, on November 29, 2024, Carrefour successfully
replaced its two undrawn syndicated credit lines totalling
3.9 billion euros maturing in June 2026 with a 4 billion euro
credit facility. Like its predecessors, this facility incorporates a
Corporate Social Responsibility (CSR) component, in particular
two Key Performance Indicators focused on decarbonisation and
food waste. The new facility, financed by a syndicate of 22 banks,
expires in November 2029 and provides for two one‑year
extension options. The Group currently does not intend to draw
on the facility, which purpose is to secure general financing.
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.
As of December 31, 2024, the Group was rated BBB with a stable
outlook by Standard & Poor’s.
FINANCING OF THE BRAZILIAN SUBSIDIARY ATACADÃO
Following on from previous years’ transactions, Carrefour’s
Brazilian subsidiary Atacadão has set up financing arrangements
in 2024 enabling it to secure its medium- and long‑term needs.
a. Bonds and notes
On January 8, 2024, the Brazilian subsidiary Atacadão issued
debentures
for
an
amount
of
1.5 billion Brazilian reals
(approximately 233 million euros at the December 31, 2024
exchange rate) in two tranches:
In addition, 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 155 million euros at the
December 31, 2024 exchange rate) in five tranches:
Conversely,
on
June 18,
2024,
Atacadão
redeemed
debenture‑type debt representing 350 million Brazilian reals
(approximately 54 million euros at the December 31, 2024
exchange rate) maturing in five years and paying a coupon of
CDI +0.55%.
Lastly, on December 12, 2024, Atacadão issued debenture‑type
debt
representing
1.5 billion Brazilian reals
(approximately
233 million euros at the December 31, 2024 exchange rate)
maturing in three years and paying a coupon of CDI +0.6%.
b. Bank loans covered by Brazil’s law 4131/1962
Two bank loans maturing on September 16, 2024 were repaid for
an
amount
of
1,410 million Brazilian reals
(approximately
219 million euros at the December 31, 2024 exchange rate).
The Group entered into a USD/Brazilian reals currency swap on
December 19, 2024 for a total of 1,500 million Brazilian reals
(approximately 233 million euros at the December 31, 2024
exchange rate), with maturities ranging between 12 to
24 months. This financing replaced three other bank facilities that
matured on December 19, 2024 for 779 million Brazilian reals
(approximately 121 million euros at the December 31, 2024
exchange rate).
c. Inter‑company financing
As a reminder, in 2022 and 2023, two inter‑company financing
lines were set up between Carrefour Finance and Atacadão:
During the first half of 2024, the annual interest rates on the first
and second RCFs were reduced to 10.25% and 11.10%
respectively. These rates will be reviewed in 2025.
These intra‑group RCF loans, totalling 8.2 billion Brazilian reals as
of December 31, 2024, are qualified as net investments in foreign
operations and are therefore remeasured at fair value through
other comprehensive income. They are hedged in an amount of
5.7 billion Brazilian reals by derivatives classified as net
investment hedges.
Payment of the 2023 dividend in cash
At the Shareholders’ Meeting held on May 24, 2024, the
shareholders decided to set the 2023 dividend at 0.87 euro per
share to be paid entirely in cash.
On May 30, 2024, the dividend was paid out in an amount of
600 million euros.
Share buyback programme
As part of its share capital allocation policy, the Group
commissioned investment services providers to buy back shares
up to a maximum amount of 700 million euros for 2024, as
authorised by the Shareholders’ Meetings of May 26, 2023 and
May 24, 2024. The objective of the share buybacks is to allow the
Group to hold the shares with a view to cancelling them
subsequently.
A first share buyback mandate began on March 4, 2024 and
ended on March 19, 2024, with 4,041,471 shares acquired at an
average price of 15.68 euros per share for a total amount of
63 million euros.
an initial tranche for 650 million Brazilian reals, with a coupon
of CDI (Certificado de Depósito Interbancário) +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.
■
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
ranging 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
ranging between 110.80% and 111.20% of the CDI (after
hedging) and a maturity of seven years.
■
on May 25, 2022, an initial revolving credit facility (RCF) for
1.9 billion Brazilian reals, bearing annual interest at 14.25% and
maturing in three years;
■
on May 2, 2023, a second RCF for 6.3 billion Brazilian reals,
bearing annual interest at 14.95% and maturing in three years
(2.3 billion Brazilian reals drawn down in the first half of 2023
and the remaining 4 billion Brazilian reals in July 2023,
replacing an RCF for an identical amount which was maturing).
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
438
On March 26, 2024, the Group entered into an agreement with
Galfa to buy back 25,000,000 shares, representing 3.5% of
Carrefour SA’s share capital. These shares were acquired at an
average price of 14.60 euros per share for a total amount of
365 million euros (not including the 22 million euros in dividends
to be paid for the year 2023). The shares were held in escrow
until the dividend was paid. Share ownership was transferred on
June 3, 2024.
In addition, pursuant to the authorisation granted by the
Extraordinary Shareholders’ Meeting of May 26, 2023, the Board
of Directors decided on April 24, 2024, to reduce the share
capital of Carrefour SA by cancelling 16,844,310 treasury shares
representing approximately 2.4% of the share capital. These
shares were cancelled on that day.
Additionally, pursuant to the authorisation granted by the
Extraordinary Shareholders’ Meeting of May 24, 2024, the Board
of Directors decided on June 3, 2024 to reduce the share capital
of Carrefour SA by cancelling 13,977,318 treasury shares
representing approximately 2% of the share capital. These shares
were cancelled on that day.
Following
cancellation
of
the
shares,
Carrefour SA
had
677,969,188 shares
outstanding
and,
consequently,
13,417,968 shares in treasury, representing approximately 2% of
the share capital.
A second share buyback mandate began on June 18, 2024 and
ended on September 16, 2024, with 9,477,732 shares acquired at
an average price of 14.24 euros per share for a total amount of
135 million euros.
A third share buyback mandate began on September 18, 2024
and ended on December 3, 2024, with 9,132,256 shares acquired
at an average price of 14.95 euros per share for a total amount of
137 million euros.
As of December 31, 2024, Carrefour SA had 677,969,188 shares
outstanding and, consequently, a total of 32,195,690 treasury
shares, representing 4.7% of the share capital (see Note 12.2).
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
439
NOTE 3
SCOPE OF CONSOLIDATION
3.1
Accounting principles
Basis of consolidation
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.
Intra‑group
transactions
and
assets
and
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 8
“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.
(iii) Other investments
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 13 “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 shall 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 deal.
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
directly in the statement of financial position of the
acquiree, in the latter’s functional currency, and is
subsequently tested for impairment at the level of the
operating segment to which the acquiree belongs, by the
method described in Note 6.3. Any gain from a bargain
purchase (i.e., negative goodwill) is recognised directly in
profit or loss.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
440
The method used is determined on a transaction‑by‑transaction
basis.
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:
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:
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
denominated in foreign currency are translated at the
period‑end closing rate and the resulting exchange gain or
loss is recorded in the income statement.
Intra‑group loans to certain foreign operations are treated as
part of the net investment in that operation if settlement of
the loan is neither planned nor likely to occur. The gain or loss
arising from translation of the loan at each successive
period‑end is recorded directly in “Other comprehensive
income” in accordance with IAS 21 – The Effects of Changes
in Foreign Exchange Rates.
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 the business combination is allocated to
non‑controlling interests (“full goodwill” method), or
■
the proportionate share of the acquiree’s identifiable net
assets, such that only the goodwill attributable to the
Group is recognised (“partial goodwill” method).
■
The provisional amounts recognised 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.
■
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
weighted average rate for the period unless the rate on the
transaction date is materially different.
■
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;
■
the restatement of reserves for the indexation of
Argentinean equity items is presented in exchange
differences on translating foreign operations in the
statement of comprehensive income and in the translation
reserve in the statement of changes in consolidated equity;
■
items in the statement of cash flows are translated at the
weighted average rate for the period unless the rate on the
transaction date is materially different (see Note 5.4).
■
1
4
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2
5
8
3
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9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
441
Non‑current assets and disposal groups held for sale
and discontinued operations
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 –
Non‑current
Assets
Held
for
Sale
and
Discontinued
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.
A discontinued operation is a component of an entity that has
been either disposed of or classified as held for sale, and:
A component is a cash‑generating unit or a group of
cash‑generating units when held for use.
It is classified as a discontinued operation at the time of sale or
earlier if its assets and 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.
3.2
3.2.1
3.2.2
3.3
Main changes in scope
of consolidation
Changes in 2024
The main transactions carried out in 2024 are detailed in
Note 2.1: acquisition of Cora and Match and the Provera
purchasing centre in France, acquisition of some Casino/
Intermarché stores in France and Supercor stores in Spain,
acquisition of stores owned by the Alma franchisee in Belgium,
closure of underperforming former Grupo BIG Bompreço and
Nacional stores in Brazil and sale of real estate owned by the
company, and sale and leaseback transactions in France, Spain
and Brazil.
In addition, in March 2024, the Group and its partner BNP Paribas
Personal Finance participated in French subsidiary Carrefour
Banque’s 50 million euro capital increase, contributing in
proportion to their respective interests.
Lastly, the Group acquired a 45% stake in franchisee RH Aulnay
for 5 million euros, which opened an Atacadão store in France in
June 2024.
Changes in 2023
The following main transactions were carried out in 2023: the
disposals of Carrefour Taiwan and Quitoque in France, the
acquisition of Cora in Romania, the creation of fully consolidated
companies in partnership with Publicis Groupe and Nexity, the
closure of underperforming former Grupo BIG stores in Brazil,
and sale and leaseback transactions in Brazil and Spain.
Scope of consolidation
as of December 31, 2024
The list of consolidated companies (subsidiaries and associates) is
presented in Note 17.
The Group regularly reviews the subsidiaries in which it is not the
sole investor, in light of changes in facts and circumstances
during the year, and particularly those transactions described in
Note 2.1. Based on its review, there were no changes in the type
of control exercised over these subsidiaries.
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.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
442
NOTE 4
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 its integrated store
network, as each country’s results are reviewed monthly by
the Group’s Chairman and 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:
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”.
Segment assets include goodwill, other intangible assets,
property and equipment, investment property, right‑of‑use
assets and “other segment assets”, corresponding to
inventories, trade receivables, consumer credit granted by the
financial services companies and other receivables. Segment
liabilities comprise lease liabilities, 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.
4.1
Reportable segments
2024 (in millions of euros)
Group total
France
Europe
Latin
America
Global
Functions
Net sales
85,445
39,540
23,632
22,272
−
Other revenue
2,744
845
651
1,176
71
Recurring operating income before depreciation and
amortisation
4,637
2,166
1,272
1,298
(98)
Recurring operating income
2,213
1,042
397
879
(105)
Capital expenditure
1,772
842
457
465
8
Depreciation and amortisation expense
(2,424)
(1,123)
(875)
(419)
(8)
2023 (in millions of euros)
Group total
France
Europe
Latin
America
Global
Functions
Net sales
83,270
38,220
23,650
21,399
−
Other revenue
2,632
798
623
1,144
66
Recurring operating income before depreciation
and amortisation
4,559
2,010
1,454
1,181
(86)
Recurring operating income
2,264
988
604
763
(91)
Capital expenditure
1,850
724
439
683
5
Depreciation and amortisation expense
(2,295)
(1,022)
(850)
(418)
(5)
France;
■
Europe (excluding France): Spain, Italy, Belgium, Poland and
Romania;
■
Latin America: Brazil and Argentina.
■
(1)
Including the depreciation and amortisation relating to logistics equipment included in the cost of sales.
(1)
(1)
Including the depreciation and amortisation relating to logistics equipment included in the cost of sales.
(1)
1
4
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2
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3
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9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
443
4.2
Segment assets and liabilities
December 31, 2024
(in millions of euros)
Group total
France
Europe
Latin
America
Global
Functions
ASSETS
Goodwill
8,946
5,625
2,410
910
1
Other intangible assets
1,566
675
638
224
29
Property and equipment
13,011
5,796
2,662
4,551
2
Investment property
218
12
113
93
−
Right‑of‑use assets
4,522
1,849
1,920
750
3
Other segment assets
19,103
7,490
4,090
6,962
561
Total segment assets
47,367
21,447
11,833
13,490
596
Unallocated assets
9,997
TOTAL ASSETS
57,363
LIABILITIES (excluding equity)
Segment liabilities
30,002
12,412
9,013
8,166
411
Unallocated liabilities
14,877
TOTAL LIABILITIES
44,879
December 31, 2023
(in millions of euros)
Group total
France
Europe
Latin
America
Global
Functions
ASSETS
Goodwill
8,712
5,193
2,393
1,125
1
Other intangible assets
1,552
667
619
258
8
Property and equipment
12,360
4,537
2,651
5,170
2
Investment property
262
10
115
137
−
Right‑of‑use assets
4,464
1,566
2,043
854
1
Other segment assets
18,896
7,829
3,360
7,160
548
Total segment assets
46,247
19,801
11,180
14,705
561
Unallocated assets
9,924
TOTAL ASSETS
56,171
LIABILITIES (excluding equity)
Segment liabilities
28,927
11,958
8,171
8,445
354
Unallocated liabilities
13,857
TOTAL LIABILITIES
42,784
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
444
NOTE 5
OPERATING ITEMS
5.1
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 petrol stations (to end customers) and
warehouse sales (to franchisees).
Other revenue includes 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) Revenue recognition
Revenue from sales in stores and petrol stations, which
represents the majority of the Group’s net sales, is recorded
when control over the goods and services is transferred to the
customers at the check‑out, pursuant to IFRS 15, 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 only relates
to 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 revenue 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 its e‑commerce sites. Revenue from direct sales is
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 websites 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 represents the
commission billed to the third‑party suppliers of the goods
when it is earned.
Revenue from sales to franchisees is recorded when the
goods are delivered (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.
Revenue from franchise fees is recorded in accordance with
the specific provisions of IFRS 15 covering intellectual property
licences (dynamic 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 on an accrual
basis. The accounting treatment of lease management 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 relates 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
two
separate
performance
obligations:
Revenue is allocated based on the relative stand‑alone selling
price of these two performance obligations.
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.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
445
5.1.1
Net sales
(in millions of euros)
2024
2023
% change
Net sales
85,445
83,270
2.6%
At constant exchange rates, 2024 net sales would have amounted to 87,500 million euros versus 83,270 million euros in 2023, an
increase of 5.1%. Changes in exchange rates reduced net sales by 2.1 billion euros in 2024, almost exclusively attributable to the Latin
America region. Restated for IAS 29 in Argentina, consolidated net sales for 2024 would have increased by 9.8% at constant exchange
rates.
NET SALES BY COUNTRY
(in millions of euros)
2024
2023
France
39,540
38,220
Europe (excluding France)
23,632
23,650
Spain
10,807
10,860
Belgium
4,163
4,209
Italy
3,739
3,926
Romania
2,804
2,569
Poland
2,118
2,085
Latin America
22,272
21,399
Brazil
18,801
19,258
Argentina
3,471
2,141
TOTAL NET SALES
85,445
83,270
The increase in net sales in France mainly reflects sales by Cora and Match, which have been fully consolidated since July 1, 2024 (see
Note 2.1.1).
5.1.2
Other revenue
(in millions of euros)
2024
2023
% change
Financing fees and commissions
1,445
1,426
1.4%
Franchise and lease management fees
463
420
10.4%
Revenue from rental and sub‑leases
212
200
6.0%
Property development revenue
4
31
(85.4)%
Other revenue
619
556
11.3%
TOTAL OTHER REVENUE
2,744
2,632
4.3%
Financing fees and commissions recorded in 2024 rose slightly,
notably reflecting strong sales momentum in Brazil – although
this was largely masked by the decline in the value of the
Brazilian real relative to 2023 – and the slight decrease in
refinancing costs in Europe.
Similarly, franchise and lease management fees continued to
increase in France, and to a lesser extent in Italy and Belgium.
(1)
Substantially all revenue is recognised at a point in time. Revenue recognised over time is not material at Group level.
(1)
(1)
(2)
(3)
Including net banking revenue and net insurance revenue generated by the Group’s financial services and insurance companies.
(1)
Sale price of properties developed by the Group for resale. Taking into account development costs recorded in “Cost of sales”, the property
development margin was virtually equal to zero for 2024, versus 8 million euros for 2023.
(2)
Other revenue notably includes revenue generated by retail media and merchant services, as well as commission received from suppliers in
exchange for services and commission from marketplace sales.
(3)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
446
Lastly, revenue from merchant services (including Cora and Match merchant services revenue since July 1, 2024), including ticketing
and travel, and revenue generated from Sam’s Club customer membership contributions in Brazil, continued to grow in 2024.
5.2
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 5.3).
5.2.1
Cost of sales
Accounting principles
Cost of sales includes the cost of purchases net of rebates and
commercial income, changes in inventories (including
impairment), early payment discounts, 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:
Commercial
income
includes
income
from
services
performed by Carrefour for and on behalf of 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.
5.2.2
Sales, general and administrative expenses, depreciation and amortisation
(in millions of euros)
2024
2023
% change
Sales, general and administrative expenses
(12,614)
(12,335)
2.3%
Depreciation of property and equipment and of investment property, and
amortisation of intangible assets
(1,361)
(1,304)
4.4%
Depreciation of right‑of‑use asset – property and equipment and
investment property
(780)
(728)
7.2%
TOTAL SG&A EXPENSES AND DEPRECIATION AND AMORTISATION
(14,755)
(14,367)
2.7%
unconditional, i.e., proportionate to total purchases and
subject to no other conditions; or
■
conditional, i.e., dependent on meeting certain discrete
conditions (e.g., growth in the supplier’s net sales with the
Group).
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
447
SALES, GENERAL AND ADMINISTRATIVE EXPENSES
Sales, general and administrative expenses are as follows:
(in millions of euros)
2024
2023
% change
Employee benefits expense
(7,648)
(7,373)
3.7%
Fees
(912)
(904)
0.9%
Maintenance and repair costs
(848)
(778)
9.1%
Energy and electricity
(708)
(903)
(21.6)%
Advertising expense
(673)
(682)
(1.3)%
Taxes other than on income
(593)
(521)
13.8%
Property rentals (excl. IFRS 16)
(97)
(82)
18.7%
Other SG&A expenses
(1,135)
(1,094)
3.8%
TOTAL SG&A EXPENSES
(12,614)
(12,335)
2.3%
The relative stability of sales, general and administrative expenses despite the integration of Cora and Match in France as from
July 1, 2024 reflects a step‑up in the Group’s competitiveness drive as well as a fall in energy costs, which peaked in 2023.
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 (2,424) million euros in 2024 (versus (2,295) million euros in 2023),
as follows:
(in millions of euros)
2024
2023
% change
Property and equipment
(1,077)
(1,037)
3.9%
Intangible assets
(273)
(255)
7.1%
Investment property
(10)
(12)
(11.9)%
Depreciation of property and equipment and of investment property, and
amortisation of intangible assets
(1,361)
(1,304)
4.4%
Depreciation of right‑of‑use asset – property and equipment and
investment property
(780)
(728)
7.2%
Depreciation and amortisation of supply chain
(68)
(63)
8.3%
Depreciation of right‑of‑use asset – supply chain
(216)
(201)
7.5%
TOTAL DEPRECIATION AND AMORTISATION
(2,424)
(2,295)
5.6%
5.3
Non‑recurring income and expenses
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”.
(1)
In 2023 and 2024, lease expenses under property leases do not include lease expenses under contracts accounted for in accordance with IFRS 16
(see Note 7), which would have amounted to 991 million euros in 2023, and 1,098 million euros in 2024 had IFRS 16 not been applied.
(1)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
448
Non‑recurring items represented a net expense of (424) million euros in 2024, and the detailed breakdown is as follows:
(in millions of euros)
2024
2023
Gains and losses on disposals of assets
112
66
Restructuring costs
(186)
(352)
Other non‑recurring income and expenses
(51)
25
Non‑recurring income and expenses, net before asset impairments
and write‑offfs
(125)
(261)
Asset impairments and write‑offs
(299)
(297)
of which Impairments and write‑offs of goodwill
(96)
(1)
of which Impairments and write‑offs of property and equipment, intangible
assets and others
(203)
(295)
NON‑RECURRING INCOME AND EXPENSES, NET
(424)
(558)
of which:
Non‑recurring income
482
476
Non‑recurring expense
(906)
(1,034)
GAINS AND LOSSES ON DISPOSALS OF ASSETS
Gains and losses on disposals of fixed assets mainly include gains
and losses on the sale and leaseback of the real estate of
15 Atacadão cash & carry stores in Brazil, six hypermarkets in
Spain and 16 supermarkets in France (the real estate of
17 supermarkets was sold and that of 16 was then re‑let – see
Note 2.1.3). It also includes gains and losses arising on various
asset disposals (store premises, land and businesses), in particular
in Brazil and to franchisees in France. Net disposal gains were
partially offset by the capital loss incurred on the disposal of
Refectory in France.
RESTRUCTURING COSTS
Restructuring costs recognised in 2024 mainly relate to
restructuring measures implemented at headquarters and stores
in Spain, Italy, Belgium and Brazil. They also include costs related
to the restructuring plan following the announcement in
October 2024 of the closure of the head offices of the Cora and
Provera subsidiaries in France.
OTHER NON‑RECURRING INCOME AND EXPENSES
Other non‑recurring income and expenses recorded in 2024
chiefly comprise provisions for tax risks, litigation and claims in
some of the Group’s geographies, along with costs related to the
decision to close underperforming former Grupo BIG Bompreço
and
Nacional
stores
in
Brazil
(see
Note 2.1.2).
These
non‑recurring expenses were partially offset by (i) reversals of
provisions, especially in Brazil for tax risks relating to ICMS tax
credits following the expiry of statutory limitation periods or
further relief under tax amnesty programmes, and (ii) recognition
of PIS‑COFINS tax credits in Brazil following a favourable court
ruling.
ASSET IMPAIRMENTS AND WRITE‑OFFS
Asset impairments and write‑offs recorded in 2024 include the
impairment of Italian goodwill for 45 million euros (see Note 6.3),
along with the derecognition of a portion of Belgian goodwill
following the disposal of seven former Alma store businesses and
Brazilian goodwill following the disposal of the real estate of
underperforming stores which were closed during the year
(see Note 6.1).
Impairments also include write‑downs of fixed assets, reflecting
the challenging situation of certain stores in Italy, Belgium and
Poland, as well as the retirement of various assets relating to
stores and to IT in France, Spain and Brazil.
Impairments were also recognised against underperforming
former Grupo BIG stores in Brazil that were in the process of
being closed (Bompreço and Nacional stores) in 2024 in a total
amount of approximately 37 million euros (see Note 2.1.2).
Main non‑recurring items in 2023
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 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.
The restructuring costs recognised in 2023 related primarily to
severance paid or payable within the scope of the voluntary
redundancy plan put in place at headquarters in France, involving
a maximum of 979 jobs, and, secondarily, to the measures
implemented in headquarters and stores in Brazil, Spain and Italy.
Other non‑recurring income and expenses recorded in 2023
primarily comprised 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 in Brazil (see
below).
Asset impairments (other than goodwill) and write‑offs in 2023
included 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. Impairments were
also recognised against underperforming former Grupo BIG
stores in Brazil which were closed in 2023 (mainly stores under
the Maxxi banner) or in the process of being closed as of
December 31, 2023 (Todo Dia, Bompreço and Nacional stores
and some stores that had been converted to Carrefour) for a
total of approximately 120 million euros. The caption also
includes the partial write‑down of brands recognised in Grupo
BIG’s opening balance sheet for approximately 38 million euros
(see Note 2.1.2).
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
449
5.4
Working capital
5.4.1
Change in working capital
The change in working capital reported in the consolidated statement of cash flows under “Net cash (used in)/from operating activities”
breaks down as follows:
(in millions of euros)
2024
2023
Change
Change in inventories
(167)
(6)
(161)
Change in trade receivables
221
(75)
296
Change in trade payables
750
662
88
Change in loyalty programme liabilities
(14)
10
(23)
Change in trade working capital
791
591
200
Change in other receivables and payables
8
185
(177)
CHANGE IN WORKING CAPITAL
799
775
24
These items, like all other items in the statement of cash flows, are translated at the average rate for the year.
As a reminder, 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.
5.4.2
Inventories
Accounting principles
In accordance with IAS 2 – Inventories, goods inventories and
the inventories of the property development business
(properties under construction) are measured at the lower of
cost or net realisable value.
The cost of goods inventories includes the latest purchase
price plus all directly related expenses, or the weighted
average cost. Considering inventory turnover, the Group does
not believe that applying those two methods would 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) minus 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)
December 31, 2024
December 31, 2023
Inventories at cost
6,899
6,752
Impairment
(190)
(208)
INVENTORIES, NET
6,709
6,544
Note that the same impairment methods were applied as in previous reporting periods.
The inventories recognised as of December 31, 2024 include those held by Cora and Match (see Note 2.1.1).
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
450
5.4.3
Other debtors and trade receivables
Accounting principles
Other debtors correspond for the most part to rebates and
commercial income receivable from suppliers.
Trade receivables relate to receivables from franchisees and
receivables of the property development business.
Trade receivables are financial assets measured at amortised
cost (see Note 13). They are recognised for the initial invoice
amount and a loss allowance is recorded taking into account
expected credit losses based on the simplified approach
defined in IFRS 9 – Financial Instruments (see Note 13.7.4).
Some Group subsidiaries have entered into factoring
agreements. In accordance with IFRS 9, receivables sold under
these programmes are only 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)
December 31, 2024
December 31, 2023
Receivables from clients
2,299
2,457
Impairment
(276)
(234)
Receivables from clients, net
2,022
2,223
Receivables from suppliers
1,283
1,046
TOTAL TRADE RECEIVABLES
3,305
3,269
Note that the same impairment methods were applied as in previous reporting periods.
5.4.4
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 13). 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)
December 31, 2024
December 31, 2023
Suppliers and other creditors
14,997
14,242
Of which suppliers have already received payment from the finance providers
1,853
1,998
Payables covered by a reverse factoring programme mainly
concern France, Spain, Belgium and Brazil.
In France and Belgium, payment times for amounts owed to
suppliers range from 0 to 60 days, and are similar for suppliers
participating
in
reverse
factoring
programmes
and
non‑participating suppliers.
In Brazil, payment times for amounts owed to suppliers are
determined on a contract‑by‑contract basis specific to each
supplier and are similar for suppliers participating in reverse
factoring programmes and non‑participating suppliers. The
average
payment
period
was
around
80 days
at
December 31, 2024.
Lastly, in Spain, payment times for amounts owed to suppliers
depend on the nature of the goods purchased, and are similar for
suppliers participating in reverse factoring programmes and
non‑participating suppliers. Payment terms are 0 to 30 days for
fresh produce, 0 to 90 days for other foodstuffs and determined
by contracts specific to each supplier for non‑food products.
Suppliers
and
other
creditors
recognised
as
of
December 31, 2024 include those of Cora, Match and Provera
(see Note 2.1.1).
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
451
5.4.5
Tax receivables and payables
BREAKDOWN OF TAX RECEIVABLES
(in millions of euros)
December 31, 2024
December 31, 2023
VAT and sales tax receivables
720
590
Other tax (other than on income) receivables
60
60
Current tax receivables
189
173
TOTAL TAX RECEIVABLES
969
824
BREAKDOWN OF TAX PAYABLES
(in millions of euros)
December 31, 2024
December 31, 2023
VAT and sales tax payables
629
485
Other tax (other than on income) payables
583
498
Current tax payables
147
239
TOTAL TAX PAYABLES – PORTION DUE IN LESS THAN ONE YEAR
1,358
1,222
TOTAL TAX PAYABLES – PORTION DUE IN MORE THAN ONE YEAR
53
57
5.4.6
Other assets and payables
BREAKDOWN OF OTHER ASSETS
(in millions of euros)
December 31, 2024
December 31, 2023
Prepaid expenses
471
443
Receivables from real estate activity
102
89
Proceeds receivable from disposals of non‑current assets
55
28
Employee advances
11
14
Other operating receivables, net
445
434
TOTAL OTHER CURRENT ASSETS
1,084
1,008
Prepaid expenses – portion due in more than one year
2
2
Tax receivables – portion due in more than one year
621
694
TOTAL OTHER NON‑CURRENT ASSETS
623
697
BREAKDOWN OF OTHER CURRENT PAYABLES
(in millions of euros)
December 31, 2024
December 31, 2023
Accrued employee benefits expense
1,615
1,532
Payables to suppliers of non‑current assets
592
567
Deferred revenue
140
147
Other payables
583
614
TOTAL OTHER CURRENT PAYABLES
2,931
2,860
(1)
These correspond to ICMS and PIS‑COFINS tax credits expected to be collected in over 12 months. As of December 31, 2024, the total gross
amount of the Brazilian ICMS tax credits, mainly attributable to favourable rulings handed down by the Brazilian Supreme Court, represented
848 million euros (versus 1,080 million euros as of December 31, 2023). This amount has been written down by 317 million euros (resulting in a
net receivable of 531 million euros versus 654 million euros as of December 31, 2023) 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)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
452
5.5
Banking and insurance businesses
Accounting principles
To support its core retailing business, the Group offers banking
and insurance services to customers, mainly in France, Spain
and Brazil.
The
Group’s
financial
services
companies
offer
their
customers “Carrefour” bank cards that can be used in the
Group’s stores and elsewhere, consumer credit and loans
(revolving credit facilities and loans), and savings products (life
savings insurance, 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:
5.5.1
Consumer credit granted by the financial services companies
As of December 31, 2024, consumer credit granted by the financial services companies totalled 6,413 million euros (versus
6,554 million euros as of December 31, 2023), as follows:
(in millions of euros)
December 31, 2024
December 31, 2023
Payment card receivables
6,618
6,650
Loans
1,460
1,501
Consumer credit (linked to in‑store purchases)
32
53
Other financing
164
163
Impairment
(1,860)
(1,813)
TOTAL CONSUMER CREDIT GRANTED BY THE FINANCIAL SERVICES COMPANIES
6,413
6,554
Portion due in less than one year
4,567
4,644
Portion due in more than one year
1,846
1,911
Consumer credit granted by the financial services companies
corresponds to customer receivables (credit card debt, personal
loans, etc.).
The gross value of consumer credit decreased by approximately
100 million euros compared with December 31, 2023, particularly
in Brazil and France. The decline in Brazil, which reflected the
decreased
value
of
the
Brazilian
real
compared
with
December 31, 2023, masked the very strong commercial
momentum demonstrated by Banco CSF in 2024. In France, the
fall in gross consumer credit reflects the tougher conditions for
granting personal loans. Gross consumer credit in Spain
remained virtually stable, as the development of its personal loan
solutions offset the sale of consumer credit (classified as
category 3) in June 2024. In Argentina, on the other hand, gross
consumer credit increased due to business growth and the
impact of hyperinflation.
As of December 31, 2024, 69% of the gross value of consumer
credit granted by the financial services companies was classified
in category 1, 7% in category 2 and 24% in category 3. As of
December 31, 2023, categories 1, 2 and 3 represented 70%, 7%
and 23%, 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
0.8%
compared
with
December 31, 2023, reflecting expected credit losses in Brazil
and France.
The amount of impairment for consumer credit was estimated
according to the rules and principles described below.
consumer
credit
granted
by
the
financial
services
companies (payment card receivables, personal loans, etc.)
is presented in the statement of financial position under
“Consumer credit granted by the financial services
companies – Portion due in more than one year” and
“Consumer credit granted by the financial services
■
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”.
■
(1)
Other financing corresponds mainly to restructured loans and credit facilities.
(1)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
453
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 CONSUMER CREDIT
Consumer credit is divided into three categories, based on an
analysis of potentially significant increases in credit risk:
(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:
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 is objective evidence of
impairment if any of the following criteria are met:
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:
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.
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.
■
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.
■
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.
■
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.
■
decision‑making aids such as credit scoring applications,
income/debt
simulation
tools,
credit
history
checking
procedures and open banking;
■
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.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
454
5.5.2
Consumer credit financing
The related consumer credit financing amounted to 5,646 million euros as of December 31, 2024 (versus 5,702 million euros as of
December 31, 2023), as follows:
(in millions of euros)
December 31, 2024
December 31, 2023
Bonds and notes
991
950
Debt securities (Neu CP and Neu MTN)
491
1,530
Bank borrowings
1,434
654
Customer saving accounts
390
276
Securitisations
297
287
Other refinancing debt to financial institutions
2,028
1,966
Other
15
38
TOTAL CONSUMER CREDIT FINANCING
5,646
5,702
Portion due in less than one year
3,533
3,771
Portion due in more than one year
2,113
1,931
(1) (2)
(2)
(3)
Debt securities mainly comprised Negotiable EUropean Commercial Paper (NEU CP) and Negotiable EUropean Medium‑Term Notes (NEU MTN)
issued by Carrefour Banque.
(1)
As of December 31, 2023, “Bank borrowings” mainly included the 320 million euro refinancing operation with the European Central Bank, which
was redeemed at maturity in March 2024. The corresponding loan was replaced by new refinancing arrangements with two banks for a total
amount of 367 million euros during the first half of 2024. In addition, new bank loans of around 800 million euros were taken out in Spain in
2024, leading to the reduction of debt securities over the year.
(2)
This item relates to the Master Credit Cards Pass reloadable revolving 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 kept as of December 31, 2024 with a balance of 297 million euros.
(3)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
455
NOTE 6
INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT,
INVESTMENT PROPERTY
6.1
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,
using the method described in Note 6.3.
OTHER INTANGIBLE ASSETS
Intangible assets consist mainly of software and other
intangible assets related to 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 on a straight‑line basis over periods
ranging from one to eight years, barring exceptions.
Software as a Service (SaaS) arrangements
A SaaS arrangement allows an entity to access, using an
Internet connection and for a defined period of time, software
functions hosted on infrastructure operated by an external
provider. If the Group does not control the 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)
December 31, 2024
December 31, 2023
Goodwill
8,946
8,712
Other intangible assets
1,566
1,552
TOTAL INTANGIBLE ASSETS
10,512
10,264
6.1.1
Goodwill
The carrying amount of goodwill is monitored at the level of the
operating segments corresponding to the countries in which the
Group conducts its business through its integrated store
networks.
The
234‑million‑euro
increase
in
goodwill
relative
to
December 31, 2023 mainly reflects the following:
completion of the acquisition of Cora and Match and the
Provera purchasing centre in France (see Note 2.1.1), including
provisional goodwill recognised for 232 million euros;
■
completion of the acquisition of 27 Casino/Intermarché stores
in France (see Note 2.1.1) including the recognition of
provisional goodwill in the amount of 40 million euros;
■
completion of the acquisition of eight convenience stores from
a franchisee in France, including the recognition of provisional
goodwill in the amount of 26 million euros;
■
completion of the acquisition of 40 Supercor stores in Spain
(see Note 2.1.1) including the recognition of provisional
goodwill in the amount of 35 million euros;
■
completion of the acquisition of the Alma franchise group,
which operates eight supermarkets in Belgium (see Note 2.1.1),
including the recognition of provisional goodwill in the amount
of 35 million euros. To date, seven businesses were sold to
other franchisees, of which four were sold in February and the
last was in the process of being sold as of December 31, 2024,
resulting in the derecognition of 14 million euros of Belgian
goodwill (see Note 5.3);
■
various acquisitions of store businesses in France for
33 million euros;
■
the reclassification within goodwill of unamortised store
businesses in France, historically recognised within intangible
assets at the time of acquisition, for an amount of around
100 million euros;
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
456
(in millions of euros)
December 31,
2023
Acquisitions
Disposals
Impairment
Other
movements
Exchange
diffferences
December 31,
2024
France
5,193
331
(8)
−
109
−
5,625
Spain
1,031
37
−
−
−
−
1,068
Belgium
950
35
(14)
−
−
−
971
Brazil
1,124
−
(28)
−
−
(187)
909
Poland
242
−
−
−
−
4
246
Romania
102
(1)
−
−
−
0
101
Italy
67
4
−
(48)
−
−
24
Argentina
1
−
−
−
−
(0)
1
Global Functions
1
−
−
−
−
−
1
TOTAL
8,712
406
(49)
(48)
109
(184)
8,946
In 2023, the 68 million euro increase in goodwill compared to the end‑2022 figure as restated for IFRS 3 primarily reflected a
57 million euro positive translation adjustment resulting from the slight increase in the value of the Brazilian real and Polish zloty at the
end of the year. To a lesser extent, the increase in goodwill also resulted from various acquisitions in France and from the Cora
acquisition in Romania.
(in millions of euros)
December 31,
2022 IFRS 3
restated
Acquisitions
Disposals
Impairment
Other
movements
Exchange
diffferences
December 31,
2023
France
5,184
9
−
−
−
−
5,193
Brazil
1,080
−
−
−
−
44
1,124
Spain
1,031
−
−
−
−
−
1,031
Belgium
950
−
−
(0)
−
−
950
Poland
225
−
−
−
−
18
242
Romania
99
3
−
−
−
(1)
102
Italy
69
−
−
(1)
−
−
67
Argentina
5
−
−
−
−
(4)
1
Global Functions
1
−
−
−
−
−
1
TOTAL
8,644
12
−
(2)
−
57
8,712
partial goodwill impairment of 45 million euros in Italy (see
Note 6.3);
■
the derecognition of 28 million euros of Brazilian goodwill
following to the disposal of underperforming stores which
were closed during the year (see Note 2.1.2);
■
an unfavourable 184 million euro effect of changes in foreign
exchange rates, including 187 million euros linked to the
decrease in the value of the Brazilian real compared with
December 31, 2023.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
457
6.1.2
Other intangible assets
(in millions of euros)
December 31, 2024
December 31, 2023
Other intangible assets, at cost
4,194
3,956
Amortisation
(2,789)
(2,681)
Impairment
(74)
(85)
Intangible assets in progress
235
362
TOTAL OTHER INTANGIBLE ASSETS, NET
1,566
1,552
CHANGES IN OTHER INTANGIBLE ASSETS
(in millions of euros)
Gross carrying
amount
Amortisation
and impairment
Net carrying
amount
At December 31, 2022
4,060
(2,561)
1,499
Acquisitions
385
−
385
Disposals
(130)
90
(40)
Amortisation
−
(255)
(255)
Impairment
−
(38)
(38)
Exchange differences
(27)
20
(7)
Changes in scope of consolidation, transfers and other movements
30
(22)
8
At December 31, 2023
4,318
(2,766)
1,552
Acquisitions
355
−
355
Disposals
(191)
151
(40)
Amortisation
−
(273)
(273)
Impairment
−
(13)
(13)
Exchange differences
(106)
64
(42)
Changes in scope of consolidation
108
1
109
Transfers and other movements
(55)
(27)
(82)
At December 31, 2024
4,428
(2,863)
1,566
(1)
(1)
(2)
(3)
(4)
In 2023 and 2024, this item corresponds to the full write‑down of brands recognised at the time of the Grupo BIG acquisition in Brazil
(see Note 2.1.2), namely Todo Dia, Bompreço and Nacional.
(1)
In 2024, exchange differences mainly arise on the decline in the value of the Brazilian real at year‑end.
(2)
In 2024, this line corresponds mainly to the intangible assets of Cora and Match in France (particularly Match), following their acquisition on
July 1, 2024 (see Note 2.1.1).
(3)
In 2024, this item primarily includes the reclassification within goodwill of unamortised store businesses in France, historically recognised within
intangible assets at the time of acquisition, representing a negative impact of approximately 100 million euros. To a lesser extent, it also includes
the hyperinflation effect applied to intangible assets held in Argentina, in accordance with IAS 29.
(4)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
458
6.2
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
identified impairment losses (if any).
USEFUL LIVES
Depreciation of property and equipment begins when the
asset is available for its intended 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 on a straight‑line basis over the following
estimated useful lives:
Constructions
40 years
10 to 20 years
6 to 10 years
Equipment, fixtures and fittings
4 to 25 years
Other
3 to 10 years
In light of the nature of its business, the Group considers that
its property and equipment have no residual value.
Depreciation periods are reviewed at each year‑end and,
where applicable, adjusted prospectively in accordance with
IAS 8 – Accounting Policies, Changes in Accounting Estimates
and Errors.
As part of its plan to reduce CO emissions from its activities,
the Group acquired new types of equipment – in particular
photovoltaic
power
plants
for
self‑consumption
and
refrigeration plants running on natural fluid (CO ) with much
lower emissions. The Group determined the useful lives of
these facilities in 2023.
As of December 31, 2024, the Group had not identified any
significant factors related to climate change that would lead to
a revision of the useful lives applied.
(in millions of euros)
December 31, 2024
Gross carrying
amount
Depreciation
Impairment
Net carrying
amount
Land
3,513
−
(53)
3,460
Buildings
11,883
(6,119)
(155)
5,609
Equipment, fixtures and fittings
14,905
(11,428)
(287)
3,190
Other fixed assets
1,001
(783)
(6)
211
Assets under construction
541
−
−
541
TOTAL PROPERTY AND EQUIPMENT
31,843
(18,330)
(502)
13,011
Buildings
■
Site improvements
■
Car parks
■
2
2
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
459
(in millions of euros)
December 31, 2023
Gross carrying
amount
Depreciation
Impairment
Net carrying
amount
Land
3,248
−
(57)
3,190
Buildings
11,606
(6,006)
(155)
5,446
Equipment, fixtures and fittings
14,435
(11,215)
(299)
2,921
Other fixed assets
1,002
(777)
(3)
222
Assets under construction
581
−
−
581
TOTAL PROPERTY AND EQUIPMENT
30,872
(17,997)
(515)
12,360
CHANGES IN PROPERTY AND EQUIPMENT
(in millions of euros)
Gross carrying
amount
Depreciation and
impairment
Net carrying
amount
At December 31, 2022
31,277
(18,666)
12,612
Acquisitions
1,461
−
1,461
Disposals
(1,567)
1,132
(435)
Depreciation
−
(1,100)
(1,100)
Impairment
−
(97)
(97)
Exchange differences
(577)
477
(99)
Changes in scope of consolidation, transfers and other movements
277
(259)
17
At December 31, 2023
30,872
(18,512)
12,360
Acquisitions
1,411
−
1,411
Disposals
(1,395)
1,098
(297)
Depreciation
−
(1,145)
(1,145)
Impairment
−
(45)
(45)
Exchange differences
(1,223)
370
(853)
Changes in scope of consolidation
1,274
4
1,278
Transfers and other movements
904
(601)
303
At December 31, 2024
31,843
(18,832)
13,011
(1)
(2)
(3)
(4)
(1)
(2)
(3)
(5)
(4)
In 2024, this item includes the sale and leaseback of the real estate of 15 Atacadão cash & carry stores in Brazil for around 125 million euros,
six hypermarkets in Spain for around 100 million euros, and 17 supermarkets in France (16 of which were subsequently re‑let) for 75 million euros
(see Note 2.1.3). To a lesser extent, it also includes various disposals of store premises and land in France.
In 2023, this item corresponded 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. It also included the sale of Carrefour Brazil’s headquarters building,
various sales of store premises and land in France, and the retirement of fully depreciated property and equipment in France.
(1)
In 2024, this item includes approximately 37 million euros in impairment of the property and equipment of 64 underperforming Bompreço and
Nacional stores in Brazil that were formerly part of Grupo BIG and were in the process of being closed as of December 31 (see Note 2.1.2), prior
to their reclassification as assets held for sale (see below).
In 2023, this item included approximately 85 million euros in impairment of the property and equipment of the former Grupo BIG’s
122 underperforming Brazilian stores (in the process of being closed) as of December 31, prior to their reclassification as assets held for sale (see
below).
(2)
In 2024, exchange differences primarily reflect the significant decline in the value of the Brazilian real at year‑end.
In 2023, exchange differences mainly reflected 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.
(3)
In 2023 and 2024, this item corresponds mainly to the hyperinflation effect applied to property and equipment held in Argentina, in accordance
with IAS 29. In 2024, it was reduced by the reclassification of the assets of 64 Bompreço and Nacional stores (former Grupo BIG) as held for sale
(see Note 2.1.2). Similarly, in 2023 it was reduced by the reclassification of the assets of the former Grupo BIG’s 122 stores as held for sale.
(4)
In 2024, changes in the scope of consolidation include the fair value of Cora and Match property and equipment in France, the 27 Casino/
Intermarché stores in France and the 40 Supercor stores in Spain following their respective acquisitions (see Note 2.1.1).
(5)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
460
6.3
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
goodwill) and property and equipment are tested for
impairment whenever there is an 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.
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.
The Group is analysing the recoverable amount of goodwill at
country level. The choice of this level is based on a
combination of organisational and strategic criteria. In
particular,
operations
in
each
country
(hypermarkets,
supermarkets, etc.) use shared resources (country‑level
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 2024 were estimated based on
the business plan defined by the management teams at
country level and approved by the Group’s Management.
These future cash flows take into account the best estimate of
the impact of climate change to date, including the expected
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 date when a
potential impairment trigger is identified. The main impairment
indicators used by the Group are as follows:
Impairment losses recognised on goodwill are irreversible,
including those recorded at an interim period‑end.
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 indicators: a material increase in the
discount
rate
and/or
a
severe
downgrade
in
the
International Monetary Fund (IMF) gross domestic product
(GDP) growth forecast.
■
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
461
6.3.1
Impairment of goodwill and sensitivity analysis
6.3.1.1
6.3.1.2
6.3.1.3
Based on the impairment tests carried out in 2024, the Group
recognised a 45 million‑euro impairment loss against Italian
goodwill. Impairment losses were not recognised against
goodwill in 2023.
Countries for which goodwill impairment
was recognised in 2024
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 as of 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. As of December 31, 2023 and
December 31, 2022, no additional impairment was required
against Italian goodwill.
The multi‑criteria approach was used again to test Italian
goodwill for impairment as of December 31, 2024. It showed that
value in use was lower than as of December 31, 2023, reflecting
lower net sales, profitability and real estate asset market value
compared to the previous year. The resulting fair value
represented Management’s best estimate and led to the partial
impairment of Italian goodwill in an amount of 45 million euros.
Further to this impairment loss, the net amount of Italian
goodwill as of December 31, 2024 stood at 24 million euros.
Country for which the recoverable amount of
goodwill was close to the carrying amount
POLAND
As a reminder, the Group carried out an in‑depth analysis to
determine
the
Polish
operations’
fair
value
as
of
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. As of December 31, 2023, no additional impairment was
required against Polish goodwill.
The multi‑criteria approach was used again to test Polish
goodwill for impairment as of December 31, 2024. The analysis
revealed that the value in use of Polish operations was higher
than their net carrying amount. The resulting fair value
represented Management’s best estimate and confirmed that the
246 million euro carrying amount of Polish goodwill as of
December 31, 2024 was reasonable.
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.
6.3.1.4
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 2024 and 2023 are presented below by CGU:
Country
2024
2023
After‑tax
discount rate
Perpetual
growth rate
After‑tax
discount rate
Perpetual
growth rate
France
6.8%
1.8%
7.0%
1.6%
Spain
6.8%
2.0%
7.6%
1.7%
Italy
7.2%
2.0%
8.6%
2.0%
Belgium
6.7%
1.9%
7.1%
2.0%
Poland
8.7%
2.5%
9.0%
2.5%
Romania
10.0%
3.0%
10.2%
2.5%
Brazil
10.5%
3.0%
11.3%
3.0%
Argentina
27.3%
8.9%
58.2%
32.5%
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
462
6.4
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
straight‑line
basis
over
the
same
period
as
owner‑occupied property (see Note 6.2).
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 5.1).
The fair value of investment property is measured once a year:
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, 2024
December 31, 2023
Investment property (gross carrying amount)
439
493
Depreciation and impairment
(221)
(231)
TOTAL INVESTMENT PROPERTY, NET
218
262
CHANGES IN INVESTMENT PROPERTY
(in millions of euros)
Net carrying amount
At December 31, 2022
279
Acquisitions
4
Disposals
(0)
Depreciation
(12)
Exchange differences
(26)
Transfers and other movements
18
At December 31, 2023
262
Acquisitions
5
Disposals
(26)
Depreciation
(10)
Exchange differences
(22)
Transfers and other movements
9
At December 31, 2024
218
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.
■
(1)
(2)
(3)
(1)
(2)
In 2024, exchange differences mainly correspond to the decline in the value of the Brazilian real at year‑end.
(1)
In 2023, exchange differences mainly reflected 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.
In 2023 and 2024, transfers and other movements correspond mainly to the hyperinflation effect applied to investment property held in
Argentina, in accordance with IAS 29.
(2)
In 2024, this item corresponds to the sale of the Terrazas de Mayo shopping mall in Argentina.
(3)
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
463
Rental revenue generated by investment property, reported in the
income
statement
under
“Other
revenue”,
totalled
50 million euros in 2024 versus 46 million euros in 2023.
Operating costs directly attributable to the properties amounted
to 14 million euros in both 2024 and 2023.
The estimated fair value of investment property as of
December 31,
2024
was
627 million
euros
versus
691 million euros at December 31, 2023. This decrease reflects in
particular the sale of the Terrazas de Mayo shopping mall in
Argentina at the end of 2024, as well as the decline in the value
of the Brazilian real at year‑end.
NOTE 7
LEASES
Accounting principles
The Group’s leases include:
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 liability 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 interest and repayments of the lease liability,
impact financing cash flows.
DETERMINATION OF LEASE LIABILITY AT INCEPTION
Amounts taken into account in the initial measurement of the
lease liability are:
Lease payments are discounted at the implicit interest rate of
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 liability.
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.
This lease liability is subsequently measured at amortised cost
using the effective interest method.
The lease liability 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:
Right‑of‑use assets are then depreciated on a straight‑line
basis over the lease term used to measure the lease liability.
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. In the event the lease 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 liability will be included in
non‑recurring items.
property assets, both used directly by the Group and sublet
to third parties, such as store real estate sublet to
franchisees and retail units located in shopping malls and
shopping centres;
■
to a lesser extent, vehicles; as well as
■
warehouses, IT and storage units with a lease component.
■
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.
■
the amount of the initial measurement of the lease liability;
■
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.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
464
When the lease contracts provide for initial payment of
leasehold rights to the former lessee of the real estate, 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 6.3.
LEASE TERM
The Group defines the lease term as the non‑cancellable
period of a lease, adjusted to reflect:
The leased assets’ reasonably certain period of use is
determined based on:
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 resulting from the main 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.
If the sublease is classified as a finance lease:
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 liability.
Year‑on‑year increases in right‑of‑use assets and lease liabilities in 2024 mainly reflect the inclusion of those recognised following (i) the
acquisition of the 43 leased Cora/Match stores in France, the 27 leased Casino/Intermarché stores in France and the 40 leased
Supercor stores in Spain (see Note 2.1.1), (ii) the sale and leaseback of the real estate of 15 Atacadão cash & carry stores in Brazil and
six hypermarkets in Spain, and of 16 supermarkets in France (see Note 2.1.3). The increase was partially offset by depreciation and lease
payments for the year, respectively, and by a negative translation adjustment following the decrease in the value of the Brazilian real at
the reporting date.
7.1
Right‑of‑use assets
(in millions of euros)
December 31, 2024
December 31, 2023
Gross
carrying
amount
Depre-
ciation
Impair-
ment
Net
carrying
amount
Gross
carrying
amount
Depre-
ciation
Impair-
ment
Net
carrying
amount
Land & Buildings
9,026
(4,558)
(111)
4,357
8,206
(3,784)
(81)
4,342
Equipment, fixtures and fittings
194
(29)
−
165
147
(24)
−
123
TOTAL RIGHT‑OF‑USE ASSET
9,220
(4,588)
(111)
4,522
8,354
(3,808)
(81)
4,464
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.
■
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 real estate, 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.
■
right‑of‑use assets resulting from the main lease are
de‑recognised;
■
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 liability (in respect of the main lease) is maintained
in liabilities.
■
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
465
CHANGE IN RIGHT‑OF‑USE ASSETS
(in millions of euros)
Gross carrying
amount
Depreciation and
impairment
Net carrying
amount
At December 31, 2022
7,297
(3,108)
4,190
Increase
1,336
−
1,336
Decrease
(369)
160
(210)
Depreciation
−
(928)
(928)
Impairment
−
(43)
(43)
Exchange differences
38
(5)
34
Changes in scope of consolidation
98
3
101
Other movements
(47)
31
(15)
At December 31, 2023
8,354
(3,889)
4,464
Increase
1,233
−
1,233
Decrease
(439)
186
(253)
Depreciation
−
(997)
(997)
Impairment
−
(32)
(32)
Exchange differences
(178)
37
(141)
Changes in scope of consolidation
240
3
243
Other movements
11
(6)
5
At December 31, 2024
9,220
(4,699)
4,522
7.2
Lease liabilities
Lease liabilities by maturity
(in millions of euros)
December 31, 2024
December 31, 2023
Due within 1 year
1,093
1,007
Due in 1 to 2 years
923
857
Due in 2 to 5 years
1,529
1,510
Due beyond 5 years
1,524
1,526
TOTAL LEASE LIABILITIES
5,069
4,901
(1)
(2)
(3)
(1)
(2)
(3)
In 2024, increases notably include the right‑of‑use assets booked following the sale and leaseback of the real estate of 15 cash & carry Atacadão
stores in Brazil for 34 million euros and six hypermarkets in Spain for 37 million euros, along with 16 supermarkets in France for 14 million euros
(see Note 2.1.3).
(1)
In 2023, this item notably included 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.
In 2024, exchange differences mainly correspond to the sharp decline in the value of the Brazilian real at year‑end.
(2)
In 2023, this item primarily reflected 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.
In 2024, changes in the scope of consolidation include the right‑of‑use assets of the 43 leased Cora/Match stores in France for 160 million euros,
the 27 leased Casino/Intermarché stores in France for 51 million euros, and the 40 leased Supercor stores in Spain for 36 million euros, following
their respective acquisitions (see Note 2.1.1).
(3)
In 2023, they mainly reflected the inclusion of the right‑of‑use assets of the stores leased by Cora in Romania for 104 million euros.
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
466
NOTE 8
INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY
METHOD
Accounting principles
The consolidated statement of financial position includes the
Group’s share of the change in the net assets of companies
accounted for by the equity method (associates and joint
ventures), as adjusted to comply with Group accounting
policies, from the date when significant influence or joint
control is acquired until the date when it is lost.
Companies accounted for by the equity method are an
integral part of the Group’s operations and the Group’s share
of their net profit or loss is therefore reported as a separate
component of recurring operating income (“Net income/(loss)
of
equity‑accounted
companies”),
in
accordance
with
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 6.3.
8.1
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, 2022
1,197
Acquisitions and capital increases
2
Disposals
−
Dividends
(82)
Share of net income
44
Exchange differences and other movements
(20)
At December 31, 2023
1,142
Acquisitions and capital increases
8
Disposals
(3)
Dividends
(88)
Share of net income
63
Exchange differences and other movements
(2)
At December 31, 2024
1,120
The Group share of net income from equity‑accounted
companies for 2024 includes the negative goodwill of
155 million euros at 100% recognised by Carmila with the
acquisition on July 1, 2024 of 93% of Galimmo SCA’s capital for a
total price of 272 million euros. Galimmo SCA owns Louis
Delhaize’s shopping malls in France. Galimmo SCA’s 52 assets
were acquired at the same time as Carrefour’s acquisition of Cora
and Match.
Net income from equity‑accounted companies was partially
offset by losses recorded in 2024, notably on Market Pay in
France and Ewally in Brazil.
As a reminder, the share of net income for 2023 included various
capital
gains
on
disposals
by
Carmila
totalling
around
45 million euros at 100%.
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
467
8.2
Information about associates
The following table shows key financial data for associates:
(in millions of euros)
% interest
Total assets
Shareholders’
equity
Non‑current
assets
Net sales/
Revenues
Net income/
(loss)
Carmila (France)
37%
5,341
2,145
4,982
404
171
Provencia (France)
50%
471
292
287
921
19
Market Pay (France)
35%
864
155
441
142
(24)
Showroomprive.com (France)
9%
433
203
214
677
0
Ulysse (Tunisia)
25%
135
101
120
375
5
Costasol (Spain)
34%
108
53
52
188
9
Carrefour SA (Turkey)
32%
592
158
324
1,358
37
Other companies
N/A
1,149
336
676
2,235
15
As of December 31, 2024, the two main associates were Carmila
with a carrying amount of 704 million euros (December 31, 2023:
707 million euros) and Provencia with a carrying amount of
132 million euros (December 31, 2023: 137 million euros). These
two associates represented 75% of the total value of
equity‑accounted companies at the end of 2024.
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 2024
Carmila (France)
In second‑half 2024, Carmila carried out two share buyback
programmes followed by cancellation of the shares, representing
approximately 0.6% of the share capital. This led to an increase in
Carrefour’s interest in the company, from 36.4% as of
December 31, 2023 to 36.6% as of December 31, 2024.
RH Aulnay (France)
On November 8, 2022, the Carrefour group announced its
intention to step up the development of discount store formats
with the opening of its first Atacadão store in France. On
July 3, 2023, Carrefour France and Retail Holding Europe
(LabelVie group) announced that they had reached an agreement
for Carrefour France to acquire a minority stake (i.e., 45%) in the
company RH Aulnay. This entity is controlled exclusively by
LabelVie and is 55%-owned. RH Aulnay acquired the business of
the Aulnay‑sous‑Bois store from the Carrefour group. It has been
operating this site as Atacadão since June 2024, with a retail
surface area of around 9,000 sq.m. Since March 2024, RH Aulnay
has been consolidated using the equity method.
Ewally (Brazil)
Carrefour Brazil, which owned a 49% stake in Brazil’s Ewally
(previously accounted for by the equity method), acquired a
further 43% of its shares in October 2024, leading the company
to be fully consolidated as from that date. Expenses of
approximately
40 million
Brazilian
reals
(approximately
7 million euros) were recognised within non‑recurring items in
2024 as a result of this takeover, which was accounted for in
accordance with IFRS 3 and IAS 28.
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 using the equity method
because the governance rules established with the co‑investors
allow Carrefour to exercise significant influence.
(1)
(1)
(2)
Financial data published for the year 2023.
(1)
Corresponding to a total of 233 companies, none of which is individually material.
(2)
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
468
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 Group is not represented by a majority on
the Board of Directors (comprising 12 members, of which
eight independent from Carrefour and four appointed by
Carrefour as of December 31, 2024). 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.
The following table presents key financial data for Carmila as of December 31, 2024 and 2023 (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 3,698 million euros as of
December 31, 2024.
(in millions of euros)
2024
2023
Revenue (rental income)
404
369
Operating income before fair value adjustment of assets
455
292
Operating income
420
85
Net income/(loss) from continuing operations
316
9
Total non‑current assets
6,398
5,686
Total current assets
345
1,045
of which cash and cash equivalents
154
860
Total non‑current liabilities
3,040
2,703
Total current liabilities
283
734
% interest held by Carrefour
36.6%
36.4%
Carrefour - Value of Carmila’s shares accounted for by the equity method
704
707
Carrefour - Cash dividends received from Carmila
62
61
8.3
Transactions with associates (related parties)
The following table presents the main related‑party transactions carried out in 2024 with companies over which the Group exercises
significant influence:
(in millions of euros)
Carmila
(France)
Provencia
(France)
Market Pay
(France)
Ulysse
(Tunisia)
Costasol
(Spain)
Carrefour SA
(Turkey)
Net sales (sales of goods)
−
619
−
3
111
−
Franchise fees
−
8
−
2
9
4
Property development revenue
7
−
−
−
−
−
Sales of services
20
−
−
−
0
−
Fees and other operating expenses
(8)
−
(128)
−
(7)
−
Receivables at closing
3
23
0
2
10
1
Payables at closing
(7)
−
(8)
−
(9)
(1)
(1)
(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.
(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)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
469
NOTE 9
INCOME TAX EXPENSE
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 tax
losses carried forward. 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 or fiscal unity, based on estimates of future
taxable profits contained in the business plan for the country
concerned (prepared as described in Note 6.3) 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.
9.1
Income tax expense for the period
(in millions of euros)
2024
2023
Current income tax expense (including provisions)
(543)
(341)
Deferred income taxes
239
(98)
TOTAL INCOME TAX EXPENSE
(303)
(439)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
470
TAX PROOF
Theoretical income tax for 2024 and 2023 has been calculated by multiplying consolidated income before tax by the standard French
corporate income tax rate. For 2024, theoretical income tax expense amounted to 282 million euros compared with actual net income
tax expense of 303 million euros, as follows:
(in millions of euros)
2024
2023
Income before taxes
1,093
1,339
Standard French corporate income tax rate
25.83%
25.83%
Theoretical income tax expense
(282)
(346)
Adjustments to arrive at efffective income tax rate:
(11)
(7)
−
−
(30)
97
(34)
(43)
221
7
(158)
(153)
(28)
(5)
16
11
2
(2)
TOTAL INCOME TAX EXPENSE
(303)
(439)
Efffective tax rate (ETR)
27.8%
32.8%
9.2
Deferred tax assets and liabilities
The Group had a net deferred tax asset of 72 million euros as of December 31, 2024, versus 95 million euros as of December 31, 2023.
(in millions of euros)
December 31, 2024
December 31, 2023
Deferred tax assets (DTA)
566
395
Deferred tax liabilities (DTL)
(494)
(300)
NET DEFERRED TAX ASSETS
72
95
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 loss
carryforwards arising in the year
■
(4)
Valuation allowances on deferred tax assets recognised in prior years
■
(4)
Tax effect of net income from equity‑accounted companies
■
Other differences
■
The reported amount of taxes other than on income notably takes into account the CVAE local business tax in France, which fell to
15 million euros in 2024 (2023: 19 million euros) due to the reduction of the applied rate, as well as withholding taxes, tax credits and changes in
provisions for tax risks.
(1)
In 2023, this item also included the recognition of tax credits relating to prior years in France.
In 2024 and 2023, this item mainly corresponds to the tax saving related to the notional interest paid by the Brazilian subsidiary Atacadão.
In 2024, this item was impacted by the absence of any tax effect relating to goodwill disposals and impairment recorded during the year
(see Note 6.1.1).
In 2023, this item included non‑deductible expenses relating to the disposal of equity investments in France and losses incurred on the
conversion of Grupo BIG stores in Brazil.
(2)
In 2024, the amount of deferred tax assets recognised on differences arising in prior years relates mainly to one of Grupo BIG’s former legal
entities in Brazil and to certain French subsidiaries.
(3)
In 2024, unrecognised deferred tax assets and valuation allowances chiefly concerned certain former Grupo BIG legal entities in Brazil and Italy,
and Carrefour Banque in France.
(4)
In 2023, they mainly concerned Grupo BIG in Brazil, Italy and Belgium, and Carrefour Banque in France.
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
471
The following table shows the main sources of deferred taxes:
(in millions of euros)
December 31,
2023
Change
December 31,
2024
Deferred
income
(expense) tax
Income tax on
other
comprehensive
income (OCI)
Changes in
consolidation
scope,
translation
adjustment,
other
Tax loss carryforwards
1,548
129
−
(178)
1,499
Lease liabilities and restoring assets at the end of
the property leases
1,288
129
−
(78)
1,340
Non‑deductible provisions
1,026
24
(6)
(89)
955
Goodwill amortisation allowed for tax purposes
407
2
−
(3)
405
Inventories
121
(1)
−
(9)
111
Financial instruments
29
12
2
1
44
Other temporary differences
186
52
−
(31)
209
Deferred tax assets before netting
4,605
347
(4)
(386)
4,562
Effect of netting deferred tax assets and liabilities
(1,947)
(136)
1
26
(2,055)
Deferred tax assets after netting
2,659
211
(3)
(360)
2,507
Valuation allowances on deferred tax assets
(2,264)
59
1
263
(1,941)
Net deferred tax assets
395
270
(2)
(97)
566
Right‑of‑use assets and sub‑lease receivable
(1,188)
(81)
−
63
(1,205)
Property and equipment
(391)
(58)
−
(174)
(622)
Provisions recorded solely for tax purposes
(247)
5
−
(35)
(277)
Goodwill amortisation allowed for tax purposes
(118)
(27)
−
22
(122)
Financial instruments
(14)
7
(6)
(1)
(14)
Other temporary differences
(290)
(13)
1
(7)
(309)
Deferred tax liabilities before netting
(2,247)
(166)
(5)
(131)
(2,549)
Effect of netting deferred tax assets and liabilities
1,947
136
(1)
(26)
2,055
Deferred tax liabilities after netting
(300)
(31)
(6)
(157)
(494)
NET DEFERRED TAXES
95
239
(9)
(254)
72
9.3
Unrecognised deferred tax assets
Unrecognised deferred tax assets amounted to 1,941 million euros as of December 31, 2024 (December 31, 2023: 2,264 million euros),
including 1,342 million euros related to tax loss carryforwards (December 31, 2023: 1,481 million euros) and 599 million euros to
temporary differences (December 31, 2023: 784 million euros).
(1)
(2)
Translation adjustments mainly correspond to the significant decline in the value of the Brazilian real. Changes in the scope of consolidation
primarily relate to the integration of Cora and Match as well as the Provera purchasing centre in France, and mainly concern remeasurements of
property and equipment (see Note 2.1.1).
(1)
As of December 31, 2024, gross deferred tax assets and write‑downs of deferred tax assets relating to tax loss carryforwards primarily concern
Brazil and Italy.
(2)
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
472
NOTE 10
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 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 liabilities, which are not recognised in the
statement of financial position, are defined as:
10.1
Changes in provisions
(in millions of euros)
December 31,
2023
Increases
Reversals
of surplus
provisions
Utilisations
Discounting
adjustment
Exchange
diffferences on
translating
foreign
operations
Changes in
scope of
consolidation
Other
December 31,
2024
Employee benefits
545
76
(30)
(47)
(19)
(1)
78
(13)
590
Claims and litigation
2,717
312
(277)
(208)
−
(372)
45
(10)
2,206
Tax litigations
1,770
58
(107)
(23)
−
(271)
1
1
1,427
Employee‑related
disputes
541
149
(74)
(127)
−
(69)
43
(11)
454
Legal disputes
406
105
(96)
(58)
−
(32)
−
(0)
325
Restructuring
239
83
(22)
(133)
−
(0)
2
−
168
Provisions related to
banking
and insurance
businesses
278
66
(9)
(23)
−
(12)
−
10
311
Other
233
57
(42)
(26)
−
(5)
6
14
238
TOTAL PROVISIONS
4,012
593
(380)
(438)
(19)
(390)
131
1
3,511
10.2
Group companies are involved in 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 Management and its advisors.
As of December 31, 2024, claims and legal proceedings involving
the Group were covered by provisions totalling 2.21 billion euros,
compared with 2.72 billion euros as of December 31, 2023. No
further details are provided because the Group considers that
disclosure of the amount set aside in each case could be
seriously detrimental to its interests.
Litigation and claims
As part of the normal course of its business in the
eight integrated countries, the Group is involved in claims and
legal proceedings of all kinds, particularly tax, employee‑related
and commercial disputes.
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.
■
(4)
(5)
(6)
(7)
(1)
(2)
(3)
(See Note 5.3.)
(1)
Provisions relating to the banking and insurance businesses 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.
(2)
Other provisions include provisions for dismantling or restoring assets at the end of the leases, provisions for employee benefits of stores transferred to lease
management contracts and provisions for onerous contracts.
(3)
Reversals of surplus provisions mainly relate to 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.
(4)
Unfavourable translation adjustments reflect the significant decline in the value of the Brazilian real over the year.
(5)
This item corresponds almost exclusively to provisions for employee benefit obligations and employee‑related disputes, recorded at fair value in the preliminary opening
balance sheet of Cora and Match (see Note 2.1.1).
(6)
Other changes mainly correspond to the reclassification of the provision for employee benefits to other provisions for 13 million euros following the transfer of integrated
stores to lease management contracts in France in 2024. The outstanding provision relating to the acquisition of paid leave during a period of absence from work in
France has been reclassified under other accrued employee benefits expenses (see Note 1.3.2).
(7)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
473
10.2.1
10.2.2
10.2.3
10.3
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. As of
December 31, 2024, the corresponding provision totalled
1,303 million
euros
(versus
1,653 million
euros
as
of
December 31, 2023) and legal deposits paid in connection with
reassessments contested by the Group – recorded in “Other
non‑current financial assets” (see Note 13.5) – amounted to
370 million euros (444 million euros as of December 31, 2023).
The decrease in provisions and legal deposits paid mainly reflects
the significant decline in the value of the Brazilian real in 2024
and a higher level of utilisations or reversals of surplus provisions
than of charges.
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.
Tax and commercial disputes
The Group is subject to regular audits by the authorities
responsible for overseeing compliance with the laws applicable
to the retail industry and by the competition authorities. As for
any company, disputes may also arise between the Group and its
co‑contractors, particularly its franchisees, service providers or
suppliers.
Contingent liabilities
The Group has not identified contingent liabilities 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 around
2 billion euros at December 31, 2024, compared with around
2.3 billion euros at December 31, 2023 (including risks related to
the exclusion of ICMS from the PIS‑COFINS credits calculation
basis). This decrease of around 0.3 billion euros is mainly due to
the fact that the reassessments notified in previous fiscal years
have been extended to new fiscal years, and to the decrease 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 543 million euros (including costs) as of December 31, 2024.
The Group continues to believe that the risk is unlikely to lead to
an outflow of resources.
In France, as stated in submissions dated June 11, 2024, the
French Minister for the Economy intervened in the proceedings
initiated on December 26, 2023 before the Rennes Commercial
Court by the Association des Franchisés Carrefour (AFC) against
the companies Carrefour Proximité France, CSF, Selima and
Profidis, with a view to establishing the alleged imbalanced
nature of the contractual relationship existing between said
entities of the Carrefour group, in their capacity as franchisor,
and their franchisees.
The intervention by the Minister for the Economy follows on
from an investigation carried out by the DREETS (French regional
body for the economy, employment, work and solidarity) in
Normandy between 2019 and 2022 into the commercial
relationships between the franchisor and franchisees operating a
Carrefour group convenience store. In said intervention, the
Minister for the Economy is mainly asking the Court to:
At this stage of the procedure, Carrefour considers that AFC’s
requests and the involvement of the Minister for the Economy
raise serious questions of jurisdiction and admissibility. No
decision on the merits of the case is expected in 2025.
In addition, the investigations launched in 2018 regarding
purchasing cooperatives in the predominantly food‑based
segment of the retail industry were brought to a close.
On October 11, 2024, several French subsidiaries of Carrefour SA,
like other players in the specialised distribution of organic
products, received a statement of objection from the French
competition authority, in which they were accused of having
coordinated, from November 2016, to implement a collective
strategy aimed at artificially segmenting the distribution of
organic products, depending on the brand, between the
specialised distribution channel and the conventional distribution
channel.
In
August 2019,
Atacadão SA
announced
one
criminal
proceeding initiated by the State of São Paulo’s public prosecutor
(GEDEC) against public officials and company employees
regarding the conditions under which the operating licences for
the headquarters of Atacadão and one store were renewed.
Atacadão SA not being party to this criminal proceeding, the
municipality of São Paulo initiated one civil proceeding against
the company on May 25, 2021, which is still pending. The
accused employees were definitively acquitted on June 6, 2023.
In Poland, on September 11, 2023, the Chairman of the Office for
Competition
and
Consumer
Protection
(UOKIK)
opened
investigation proceedings against Carrefour Poland for alleged
unfair commercial practices in connection with the invoicing of
logistics costs for the transport of goods between warehouses
and stores.
to find that there is a contractual imbalance between the
franchisor and its franchisees;
(i)
declare (y) the disputed clauses null and void and (z) put an
end to the restrictive practices; and
(ii)
order the payment of a civil fine of 200 million euros.
(iii)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
474
NOTE 11
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)
and
post‑employment
benefits
(such
as
length‑of‑service awards and supplementary pension benefits).
Post‑employment benefits may correspond to either defined
contribution or defined benefit plans.
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 5.2.2). Post‑employment benefits and other long‑term
benefits are measured and recognised as described in
Note 11.1.
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 11.2.
11.1
Pension and other long‑term 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.
The
net
liability
recorded
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:
Remeasurements
of
the
net
defined
benefit
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”.
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.
■
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
475
11.1.1
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 length‑of‑service awards provided for in
collective bargaining agreements that are paid to employees
upon retirement. The plans, which are presented below, mainly
concern France, Belgium and Italy.
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
was taken into account in determining provisions for defined
benefit plans as of December 31, 2023: the changes brought
about by this reform were analysed as a plan amendment within
the meaning of IAS 19; the impact was treated accordingly in
2023 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:
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
in
Belgium
concern
“prepensions” and the “solidarity fund”.
The
prepension
scheme
provides
for
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, was set at 65 in 2024
(unless otherwise provided), 66 in 2025 and 67 in 2030 (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 in Italy primarily concern the
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.
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%.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
476
11.1.2
Net expense for the period
The expense recorded in the income statement is detailed as follows:
2023 (in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Current service cost
29
14
0
1
44
Past service cost (plan amendments and curtailments)
(17)
−
−
0
(17)
Settlements and other
(22)
−
0
−
(22)
Service cost
(10)
14
0
1
5
Interest cost (discount effect)
13
13
2
1
29
Return on plan assets
(0)
(7)
−
−
(7)
Other items
0
0
−
0
0
EXPENSE (INCOME) FOR 2023
3
20
2
2
27
2024 (in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Current service cost
33
14
0
1
48
Past service cost (plan amendments and curtailments)
(13)
−
−
1
(12)
Settlements and other
(13)
−
0
−
(12)
Service cost
8
14
0
2
24
Interest cost (discount effect)
13
11
2
1
26
Return on plan assets
(0)
(6)
−
−
(6)
Other items
0
(0)
−
(0)
(0)
EXPENSE (INCOME) FOR 2024
21
19
2
3
44
The net expense for 2024 corresponds to 30 million euros recognised in employee benefits expense, 5 million euros recognised in
non‑recurring income, and 20 million euros recorded in financial expense. The net expense for 2023 corresponded 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.
11.1.3
Breakdown of the provision
(in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Defined benefit obligation
353
341
58
13
765
Fair value of plan assets
(31)
(189)
−
−
(220)
Provision at December 31, 2023
321
153
58
13
545
Defined benefit obligation
418
317
53
15
803
Fair value of plan assets
(31)
(182)
−
−
(213)
Provision at December 31, 2024
386
135
53
15
590
DBO: Defined obligations.
(1)
(2)
(1)
(2)
In 2024, this line includes income of 13 million euros corresponding to the change in retirement bonuses at certain companies in France. In 2023,
this line included income of 17 million euros recognised in 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.
(1)
The line includes the impact of curtailments following the remeasurement of commitments resulting from the restructuring plans being
implemented in France and are recognised in non‑recurring income for 5 million euros in 2024 and 14 million euros in 2023.
(2)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
477
11.1.4
Change in the provision
(in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Provision at January 1, 2023
313
154
59
10
537
Movements recorded in the income statement
3
20
2
2
27
Benefits paid directly by the employer
(16)
(11)
(10)
(1)
(37)
Effect of changes in scope of consolidation
(11)
−
−
−
(11)
Change in actuarial gains and losses
32
(4)
6
2
36
Other
−
(7)
−
(0)
(7)
Provision at December 31, 2023
321
153
58
13
545
Movements recorded in the income statement
21
19
2
3
44
Benefits paid directly by the employer
(21)
(8)
(8)
(1)
(37)
Effect of changes in scope of consolidation
63
−
−
−
63
Change in actuarial gains and losses
2
(22)
0
0
(19)
Other
−
(6)
−
(0)
(7)
Provision at December 31, 2024
386
135
53
15
590
2023 (in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Actuarial (gain)/loss due to experience
13
(13)
3
0
3
Actuarial (gain)/loss due to demographic assumption
changes
4
−
(0)
(0)
4
Actuarial (gain)/loss due to financial assumption changes
15
9
3
2
29
Return on plan assets (greater)/less than discount rate
(0)
0
−
−
0
Changes in actuarial gains and losses 2023
32
(4)
6
2
36
2024 (in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Actuarial (gain)/loss due to experience
0
(11)
0
1
(10)
Actuarial (gain)/loss due to demographic assumption
changes
(1)
(0)
(0)
0
(1)
Actuarial (gain)/loss due to financial assumption changes
3
(5)
−
(0)
(2)
Return on plan assets (greater)/less than discount rate
(0)
(6)
−
−
(6)
Changes in actuarial gains and losses 2024
2
(22)
0
0
(19)
(1)
(2)
(1)
(2)
In 2024, the amount shown in the “France” column mainly corresponds to the provision booked in respect of acquisitions carried out in the year,
including Cora and Match for 72 million euros and to a lesser extent, certain Casino/Intermarché stores (see Note 2.1.1).
(1)
In 2023 and 2024, the effect of changes in the scope of consolidation in France, which reduced the provision by 11 million euros and
13 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.
This line breaks down as follows:
(2)
(1)
(1)
Eurozone discount rates decreased in 2023, from 3.80% to 3.20%. The rates remained unchanged at 3.20% at end‑2024.
(1)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
478
11.1.5
Plan assets
(in millions of euros)
France
Belgium
Italy
Other
countries
Group total
Fair value at January 1, 2023
28
197
−
−
225
Return on plan assets
0
7
−
−
7
Benefits paid out of plan assets
(2)
(23)
−
−
(25)
Actuarial gain/(loss)
0
(0)
−
−
(0)
Other
6
7
−
−
13
Fair value at December 31, 2023
31
189
−
−
220
Return on plan assets
0
6
−
−
6
Benefits paid out of plan assets
−
(26)
−
−
(26)
Actuarial gain/(loss)
0
6
−
−
6
Other
−
6
−
−
6
Fair value at December 31, 2024
31
182
−
−
213
Plan assets break down as follows by asset class:
December 31, 2024
December 31, 2023
Bonds
Equities
Monetary
investments
Real estate
and other
Bonds
Equities
Monetary
investments
Real estate
and other
France
0%
0%
100%
0%
0%
0%
100%
0%
Belgium
32%
0%
68%
0%
0%
0%
100%
0%
11.1.6
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:
2024
2023
Retirement age
64‑67
64‑67
Rate of future salary increases
2% to 2.6%
2% to 2.6%
Inflation rate
2.0%
2.0%
Discount rate
3.20%
3.20%
A discount rate of 3.20% was used for France, Belgium and Italy.
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 2024, the average duration of the defined benefit obligation
under French, Belgian and Italian plans was 8.3 years, 7.2 years
and 8.2 years respectively (2023: 8.4 years, 7.0 years and
8.2 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 14 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 12 million euros.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
479
11.2
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 is recorded in employee benefits
expense with a corresponding increase in shareholders’ equity
in accordance with IFRS 2 – Share‑based Payment. The cost
recorded in employee benefits expense corresponds to the
fair value of the equity instruments on the grant date (i.e., the
date on which grantees are informed of the plan’s
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 2024 recorded under employee benefits expense in recurring operating income was
38 million euros, with a corresponding increase in equity (2023: 53 million euros). The decrease reflects the employee share ownership
plan that was implemented in May 2023 (see Note 2.6 to the 2023 consolidated financial statements).
Details of the stock option and performance share plans set up for executives and selected employees are presented below.
11.2.1
Stock option plans
There were no longer any Carrefour SA stock option plans
outstanding as of December 31, 2024, since the 2010 plans
based on performance conditions and continued employment in
the Group expired in July 2017.
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;
■
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.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
480
On September 26, 2019, the Board of Directors of Atacadão decided to award the first options, as shown below:
Brazil 2019 “Regular” Plan
Grant date
September 26, 2019
Number of options granted
3,978,055
Life of the options
6 years
Number of grantees
92
Exercise period
From September 26, 2022 to September 26, 2025
Number of options outstanding
−
Exercise price (in reals)
21.98
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
Brazil 2019 “Regular” Plan
Exercise price (in reals)
21.98
Estimated fair value of the share at the grant date (in reals)
21.98
Volatility (in %)
27.20%
Dividend growth (in %)
1.09%
Risk‑free interest rate (in %)
5.57%
Expected average life of share option (in years)
3
Model
Binomial
Fair value option at grant date (in reals)
5.20
The number of options outstanding as of December 31, 2024 under the 2019 stock option plan amounted to 3,159,255.
11.2.2
Performance share plans
a. Carrefour SA performance share plans
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, Total
Shareholder Return (TSR), benchmarking the Carrefour share
price against a panel of companies in the retail sector (for 25%);
■
a CSR‑related condition (for 25%).
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
481
Details of the 2022 performance share plan are presented below.
2022 Performance Plan
Shareholders’ Meeting date
May 21, 2021
Grant date
February 16, 2022
Vesting date
February 16, 2025
Total number of shares approved at the grant date
3,104,000
Number of grantees at the grant date
809
Fair value of each share (in euros)
14.21
Movements in performance share grants related to the 2022 plan were as follows:
2024
2023
Shares allotted at January 1
2,726,370
2,947,945
Shares granted during the year
−
−
Shares delivered to the grantees during the year
−
(3,200)
Shares cancelled during the year
(246,250)
(218,375)
Shares allotted at December 31
2,480,120
2,726,370
Under the 2022 performance share plan which expired on
February 16, 2025, the level of attainment achieved by the
Carrefour group was around 82%. Accordingly, 2,039,439 shares
were delivered to the beneficiaries in accordance with the
relevant settlement terms.
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.
2023 Performance Plan
Shareholders’ Meeting date
May 21, 2021
Grant date
February 14, 2023
Vesting date
February 14, 2026
Total number of shares approved at the grant date
2,833,260
Number of grantees at the grant date
680
Fair value of each share (in euros)
13.23
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
(3)
(1)
Corresponds only to shares vested to heirs of employees.
(1)
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, Total
Shareholder Return (TSR), benchmarking the Carrefour share
price against a panel of companies in the retail sector (for 25%);
■
a CSR‑related condition (for 25%).
■
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
(3)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
482
Movements in performance share grants related to the 2023 plan were as follows:
2024
2023
Shares allotted at January 1
2,765,800
−
Shares granted during the year
−
2,833,260
Shares delivered to the grantees during the year
−
−
Shares cancelled during the year
(251,800)
(67,460)
Shares allotted at December 31
2,514,000
2,765,800
On February 20, 2024, based on the Compensation Committee’s
recommendation, Carrefour SA’s Board of Directors decided to
use the authorisation given in the 22
resolution of the Annual
Shareholders’ Meeting held on May 26, 2023 to grant new or
existing performance shares. The plan provided for the grant of a
maximum of 3,350,000 shares (representing 0.47% of the share
capital at February 20, 2024). 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 2024 performance share plan are presented below.
2024 Performance Plan
Shareholders’ Meeting date
May 26, 2023
Grant date
February 20, 2024
Vesting date
February 20, 2027
Total number of shares approved at the grant date
3,350,000
Number of grantees at the grant date
835
Fair value of each share (in euros)
11.99
Movements in performance share grants related to the 2024 plan were as follows:
2024
Shares allotted at January 1
Shares granted during the year
3,350,000
Shares delivered to the grantees during the year
−
Shares cancelled during the year
(51,844)
Shares allotted at December 31
3,298,156
b. Atacadão performance share plans
The Atacadão 2021 performance share plan expired on
August 25, 2024. Accordingly, 1,044,804 shares were delivered to
the beneficiaries in accordance with the relevant settlement
terms.
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:
nd
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, Total
Shareholder Return (TSR), benchmarking the Carrefour share
price against a panel of companies in the retail sector (for 25%);
and
■
a CSR‑related condition (for 25%).
■
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
(3)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
483
Details of the 2022 performance share plan are presented below.
Brazil 2022 “Regular” Plan
Shareholders’ Meeting date
April 14, 2020
Grant date
May 5, 2022
Vesting date
May 5, 2025
Total number of shares approved at the grant date
1,998,935
Number of grantees at the grant date
125
Fair value of each share (in reals)
13.10
Movements in performance share grants under the Brazil 2022 “Regular plan” were as follows:
2024
2023
Shares allotted at January 1
1,763,635
1,998,935
Shares granted during the year
−
−
Shares delivered to the grantees during the year
−
−
Shares cancelled during the year
(539,512)
(235,300)
Shares allotted at December 31
1,224,123
1,763,635
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:
Details of the 2023 performance share plan are presented below.
Brazil 2023 “Regular” Plan
Shareholders’ Meeting date
April 14, 2020
Grant date
June 1, 2023
Vesting date
June 1, 2026
Total number of shares approved at the grant date
2,063,975
Number of grantees at the grant date
117
Fair value of each share (in reals)
14.38
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, Total
Shareholder Return (TSR), benchmarking the Atacadão share
price against a panel of companies in the retail sector (for 20%);
■
a condition linked to the digital transformation of the Company
(for 20%);
■
a CSR‑related condition (for 20%).
■
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
(3)
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, Total
Shareholder Return (TSR), benchmarking the Atacadão share price
against a panel of companies in the retail sector (for 25%);
■
a CSR‑related condition (for 25%).
■
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
(3)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
484
Movements in performance share grants under the Brazil 2023 “Regular plan” were as follows:
2024
2023
Shares allotted at January 1
2,031,450
−
Shares granted during the year
−
2,063,975
Shares delivered to the grantees during the year
−
−
Shares cancelled during the year
(400,185)
(32,525)
Shares allotted at December 31
1,631,265
2,031,450
On May 7, 2024, 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:
Details of the 2024 performance share plan are presented below.
Brazil 2024 “Regular” Plan
Shareholders’ Meeting date
April 14, 2020
Grant date
May 7, 2024
Vesting date
May 7, 2027
Total number of shares approved at the grant date
2,009,809
Number of grantees at the grant date
106
Fair value of each share (in reals)
11.28
Movements in performance share grants under the Brazil 2024 “Regular plan” were as follows:
2024
Shares allotted at January 1
−
Shares granted during the year
2,009,809
Shares delivered to the grantees during the year
−
Shares cancelled during the year
(206,829)
Shares allotted at December 31
1,802,980
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, Total
Shareholder Return (TSR), benchmarking the Atacadão share
price against a panel of companies in the retail sector (for 25%);
■
a CSR‑related condition (for 25%).
■
(1)
(2)
(3)
Date of the Board of Directors’ decision to grant shares.
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting period.
(3)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
485
11.3
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)
2024
2023
Compensation for the year
8.4
8.2
Prior year bonus
7.4
8.3
Benefits in kind (accommodation and company car)
0.7
0.7
Total compensation paid during the year
16.4
17.2
Employer payroll taxes
6.5
6.8
Termination benefits
−
−
Other management benefit plans are as follows:
The compensation paid in 2024 to members of the Board of
Directors in respect of their duties amounted to 1.1 million euros
(1.1 million euros in 2023).
11.4
Number of employees
2024
2023
Executive Directors
161
162
Directors
1,827
1,974
Managers
26,049
27,012
Employees
291,168
281,144
Average number of Group employees
319,205
310,292
NUMBER OF GROUP EMPLOYEES AT THE YEAR‑END
324,750
305,309
The Group’s average headcount includes the average headcount of Cora and Match over six months in 2024 (see Note 2.1.1).
the supplementary defined benefit pension plan described in
Note 11.1;
■
performance share rights: the serving members of the
management
team
as
of
December 31,
2024
held
2,658,383 performance
share
rights
across
all
plans
(2,445,737 as of December 31, 2023), for which the vesting
conditions are described in Note 11.2.2.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
486
NOTE 12
EQUITY AND EARNINGS PER SHARE
12.1
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 (banks, 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.
Capital management objectives (equity and debt capital) are to:
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.
12.2
Share capital and treasury stock
12.2.1
Share capital
As of December 31, 2024, the share capital was made up of 677,969,188 ordinary shares with a par value of 2.5 euros each, all fully paid.
(in thousands of shares)
2024
Of which
treasury stock
2023
Outstanding at January 1
708,791
17,610
742,157
Issued for cash
−
−
4,714
Shares distributed under the performance share plans
−
(2,411)
−
Share buyback programme
−
47,651
−
Other share buyback
−
168
−
Cancelled shares
(30,822)
(30,822)
(38,080)
Outstanding at December 31
677,969
32,196
708,791
12.2.2
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.
On
September 2,
2024,
the
Group
announced
the
implementation of a liquidity agreement for its ordinary shares.
The purpose of the agreement is for Rothschild Martin Maurel to
act as market maker for Carrefour shares on the Euronext Paris
regulated market to promote their liquidity and stabilise the
Carrefour share price. This agreement is for an initial period of
12 months and is automatically renewable for successive
12‑month periods. Under the liquidity agreement, in 2024, the
Company purchased 6,986,420 shares and sold 6,911,420 shares
at an average unit price of 14.69 euros.
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.
■
(1)
(2)
(3)
(4)
(3)
See Note 2.6 to the 2023 consolidated financial statements.
(1)
See Note 11.2.2.a.
(2)
See Note 2.4.
(3)
This line includes 92,734 shares bought back on December 6, 2024 at an average price of 14.26 euros. These shares may be used to deliver
shares under free share plans. This line also includes 75,000 shares bought back under the liquidity agreement with Rothschild Martin Maurel (see
Note 12.2.2).
(4)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
487
12.3
As of December 31, 2024, a total of 32,195,690 shares were held
in treasury.
The treasury shares include 32,120,690 are used to cover free
share plans and 75,000 shares held by the Company through the
liquidity agreement.
All rights attached to these shares are suspended for as long as
they are held in treasury.
Dividends
At the Shareholders’ Meeting held on May 24, 2024, the
shareholders decided to set the 2023 dividend at 0.87 euros per
share to be paid entirely in cash.
On May 30, 2024, the dividend was paid out in an amount of
600 million euros.
12.4
Other comprehensive income
Group share
(in millions of euros)
2024
2023
Pre‑tax
Tax
Net
Pre‑tax
Tax
Net
Effective portion of changes in the fair value of cash flow hedges
22
(5)
17
(111)
29
(82)
Changes in debt instruments at fair value through other
comprehensive income
(7)
(0)
(7)
(31)
(1)
(32)
Exchange differences on translation of intercompany loans qualifying
as net investment of foreign operations, net of hedge effect
(179)
44
(135)
(7)
2
(6)
Exchange differences on translating foreign operations
(79)
−
(79)
(48)
−
(48)
Items that may be reclassifified subsequently to profifit or loss
(243)
39
(204)
(198)
30
(168)
Remeasurements of defined benefit plans obligation
19
(5)
13
(36)
7
(28)
Changes in the fair value of equity instruments through other
comprehensive income
0
(0)
0
0
(0)
0
Items that will not be reclassifified subsequently to profifit or loss
19
(5)
14
(36)
7
(28)
TOTAL GROUP SHARE
(224)
34
(191)
(233)
37
(196)
Non‑controlling interests
(in millions of euros)
2024
2023
Pre‑tax
Tax
Net
Pre‑tax
Tax
Net
Effective portion of changes in the fair value of cash flow hedges
(4)
2
(2)
(15)
4
(11)
Changes in debt instruments at fair value through other
comprehensive income
1
(0)
1
4
(1)
3
Exchange differences on translating foreign operations
(254)
−
(254)
58
−
58
Items that may be reclassifified subsequently to profifit or loss
(257)
1
(256)
46
3
49
Remeasurements of defined benefit plans obligation
(1)
(0)
(1)
(0)
0
(0)
Changes in the fair value of equity instruments through other
comprehensive income
0
(0)
0
0
(0)
0
Items that will not be reclassifified subsequently to profifit or loss
(1)
(0)
(1)
(0)
0
(0)
TOTAL NON‑CONTROLLING INTERESTS SHARE
(258)
1
(257)
46
3
49
(1)
(2)
(3)
(4)
(5)
(4)
(5)
This item includes changes in the fair value of interest rate and currency hedging instruments. To a lesser extent, this item also includes changes
in swaps in Spain, Italy and France taken out to hedge the risk of unfavourable changes in energy prices (electricity or biomethane).
(1)
As a reminder, 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 the 2023 consolidated financial statements).
As of December 31, 2024, the carrying amount of Flink shares was reduced by 6 million euros to align with their fair value (see Note 2.1 to the
2022 consolidated financial statements). As of December 31, 2023, the carrying amount of Flink shares was reduced by 35 million euros.
(2)
In May 2023, Carrefour Finance granted an additional intra‑group revolving credit facility (RCF) to the Brazilian subsidiary Atacadão for
2.3 billion Brazilian reals, bringing the total amount of RCFs granted to 8.2 billion Brazilian reals at the end of 2023. This amount remained
unchanged in 2024. 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). There was a significant decline in the value of the Brazilian real in 2024.
(3)
This item includes the restatement of Carrefour Argentina’s reserves to adjust for hyperinflation, in accordance with our accounting principles
(see Note 3.1 – Translation of the financial statements of foreign operations).
(4)
In 2024, exchange differences on translating foreign operations mainly reflect the significant decline in the value of the Brazilian real over the
year, partially offset by gains in Argentina resulting from adjustments for hyperinflation.
Exchange differences recognised on translating foreign operations in 2023 masked 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.
Remeasurement of the net defined benefit obligation recognised in 2024 was not affected by any change in the discount rate applied for the
eurozone, which stood at 3.20% at both end‑December 2024 and end‑December 2023. In 2023, these discount rates had decreased, from 3.80%
at end‑December 2022 to 3.20% at end‑December 2023.
(5)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
488
12.5
Shareholders’ equity attributable to non‑controlling interests
Non‑controlling interests mainly concern:
The following tables present the key information from the sub‑groups’ consolidated financial statements:
CARREFOUR BANQUE SUB‑GROUP
Income statement (in millions of euros)
2024
2023
Revenue (Net Banking Revenue)
184
167
Net income/(loss)
(96)
(32)
Statement of fifinancial position (in millions of euros)
December 31, 2024
December 31, 2023
Total assets
3,258
3,672
Total liabilities excluding shareholders’ equity
2,811
3,168
Dividends paid to non‑controlling interests
−
−
GRUPO CARREFOUR BRASIL SUB‑GROUP
Income statement (in millions of euros)
2024
2023
Total revenue
19,865
20,354
Net income/(loss)
333
(118)
of which:
301
(147)
32
29
Statement of fifinancial position (in millions of euros)
December 31, 2024
December 31, 2023
Non‑current assets
7,611
8,994
Current assets
7,958
8,344
Non‑current liabilities (excluding shareholders’ equity)
4,087
4,581
Current liabilities
7,967
8,865
Dividends paid to non‑controlling interests
−
23
As Carrefour SA owns 67.4% of Atacadão SA, the breakdown of
net income is different at the level of the consolidated financial
statements of the Carrefour group:
There are no individually material non‑controlling interests in
other subsidiaries.
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 67.4% owned by the Group.
■
attributable to the Carrefour group
■
attributable to non‑controlling interests
■
the 2024 net loss of 333 million euros broke down into
203 million euros attributable to the Carrefour group and
130 million euros attributable to non‑controlling interests;
■
the 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.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
489
12.6
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 11.2. 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
2024
2023
Net income/(loss) from continuing operations
723
930
Net income/(loss) from discontinued operations
0
729
Net income/(loss) (in millions of euros)
723
1,659
Weighted average number of shares outstanding
669,712,548
714,170,185
Basic income/(loss) from continuing operations - per share (in euros)
1.08
1.30
Basic income/(loss) from discontinued operations - per share (in euros)
0.00
1.02
Basic income/(loss) - per share (in euros)
1.08
2.32
(1) In accordance with IAS 33, the weighted average number of shares used to calculate earnings per share for 2024 was adjusted to take into account
the impact of the share buybacks carried out during the period (see Note 2.4).
Diluted earnings per share
2024
2023
Net income/(loss) from continuing operations
723
930
Net income/(loss) from discontinued operations
0
729
Net income/(loss) (in millions of euros)
723
1,659
Weighted average number of shares outstanding, before dilution
669,712,548
714,170,185
Potential dilutive shares
3,785,374
5,055,485
Performance shares
3,785,374
5,055,485
Diluted weighted average number of shares outstanding
673,497,922
719,225,670
Diluted income/(loss) from continuing operations - per share (in euros)
1.07
1.29
Diluted income/(loss) from discontinued operations - per share (in euros)
0.00
1.01
Diluted income/(loss) - per share (in euros)
1.07
2.31
(1)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
490
NOTE 13
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:
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 fair value recognised 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.
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.
This
category
notably
includes
investments
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).
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,
pursuant
to
the
simplified
approach
allowed
under
IFRS 9. Impairment is calculated using a provision matrix,
which is applied to receivables past due and not yet past due
(provision rates based on the length of time past due, as
calculated for each country and each receivable with similar
characteristics).
For consumer credit granted by the financial services
companies and other non‑current financial assets carried at
amortised cost, impairment is determined using the general
approach available under IFRS 9 and corresponds:
The approach applied to consumer credit granted by the
financial services companies is described in Note 5.5.1.
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).
■
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.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
491
Non‑derivative financial assets held by the Group
The main non‑derivative financial assets held by the Group are
as follows:
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:
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:
Carrefour uses three types of hedges for accounting
purposes: cash flow hedges, fair value hedges and hedges of
net investment in a foreign operation.
Cash flow hedges
For instruments qualified as cash flow hedges, the portion of
the change in fair value determined to be an effective hedge is
recognised in other comprehensive income and accumulated
in other comprehensive income until the hedged transaction
affects the Group’s profit. The ineffective portion of the
change in fair value is recognised in the income statement.
The main cash flow hedges consist of interest rate options and
swaps that (i) convert variable rate debt to fixed rate debt,
(ii) hedge future goods purchases in foreign currency through
forward currency purchases, and (iii) relate to Virtual Power
Purchase Agreements for renewable energy.
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 loans 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. As of
December 31, 2024, the financing facilities arranged for
Brazilian subsidiary Atacadão in April 2023, December 2023
and December 2024, respectively, were subject to fair value
hedges (see Note 13.2.3).
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;
■
other debtors and trade receivables;
■
consumer
credit
granted
by
the
financial
services
companies (see Note 5.5.1);
■
other current financial assets: mainly debt securities held by
the financial services companies and measured at fair value,
along with short‑term deposits.
■
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 liabilities: these result from applying IFRS 16 from
January 1, 2019 and also include finance lease liabilities
recognised as of December 31, 2018 in accordance with
IAS 17 and reclassified as lease liabilities;
■
suppliers and other creditors;
■
financing of consumer credit granted by the financial
services companies (see Note 5.5.2);
■
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.
■
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.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
492
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.
Amounts recognised in other comprehensive income are
recognised in profit or loss on the date of (full or partial)
disposal, resulting in the deconsolidation or liquidation of the
investment.
(ii) Other derivative instruments
Other derivative instruments are measured at fair value, with
changes in fair value recognised in profit or loss. Derivative
instruments used by the Group include interest rate and
currency swaps and/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
discounted future cash flows for futures and forward
contracts or, for options, the Black‑Scholes option pricing
model. The models are calibrated using market data such as
yield curves and exchange rates obtained from recognised
financial data services.
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.
As of December 31, 2024 and 2023, the effect of incorporating
these two types of risk was not material.
13.1
Financial instruments by category
At December 31, 2024
(in millions of euros)
Breakdown by category
Fair value
Carrying
amount
Fair value
through
profifit or
loss
Fair value
through
OCI
Amortised
cost
Derivative
instruments
not
designated
as hedges
Derivative
instruments
designated
as hedges
Investments in non‑consolidated
companies
158
26
131
−
−
−
158
Other long‑term investments
980
70
179
731
−
−
980
Other non‑current fifinancial assets
1,138
97
310
731
−
−
1,138
Consumer credit granted by the financial
services companies
6,413
−
−
6,408
4
2
6,413
Trade receivables
3,305
−
−
3,305
−
−
3,305
Other current financial assets
523
13
144
215
1
150
523
Other current assets
613
−
−
613
−
−
613
Cash and cash equivalents
6,564
6,564
−
−
−
−
6,564
ASSETS
18,557
6,675
455
11,271
4
152
18,557
Total borrowings
10,818
−
−
10,811
2
5
10,850
Total lease liabilities
5,069
−
−
5,069
−
−
5,069
Total consumer credit financing
5,646
−
−
5,631
4
12
5,646
Suppliers and other creditors
14,997
−
−
14,997
−
−
14,997
Other current payables
2,791
−
−
2,791
−
−
2,791
LIABILITIES
39,322
−
−
39,299
6
17
39,354
(1)
(2)
Excluding prepaid expenses.
(1)
Excluding deferred revenue.
(2)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
493
At December 31, 2023
(in millions of euros)
Carrying
amount
Breakdown by category
Fair value
Fair value
through
profifit or
loss
Fair value
through
OCI
Amortised
cost
Derivative
instruments
not
designated
as hedges
Derivative
instruments
designated
as hedges
Investments in non‑consolidated
companies
154
20
134
−
−
−
154
Other long‑term investments
1,074
79
185
810
−
−
1,074
Other non‑current fifinancial assets
1,229
99
319
810
−
−
1,229
Consumer credit granted by the financial
services companies
6,554
−
−
6,554
−
−
6,554
Trade receivables
3,269
−
−
3,269
−
−
3,269
Other current financial assets
685
191
176
204
1
114
685
Other current assets
564
−
−
564
−
−
564
Cash and cash equivalents
6,290
6,290
−
−
−
−
6,290
ASSETS
18,592
6,580
495
11,402
1
114
18,592
Total borrowings
9,487
−
−
9,425
5
58
9,416
Total lease liabilities
4,901
−
−
4,901
−
−
4,901
Total consumer credit financing
5,702
−
−
5,652
12
38
5,702
Suppliers and other creditors
14,242
−
−
14,242
−
−
14,242
Other current payables
2,713
−
−
2,713
−
−
2,713
LIABILITIES
37,045
−
−
36,933
17
96
36,973
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, 2024 (in millions of euros)
Level 1
Level 2
Level 3
Total
Investments in non‑consolidated companies
−
26
131
158
Other long‑term investments
249
−
−
249
Consumer credit granted by the financial services companies - Derivative
instruments (assets)
−
6
−
6
Other current financial assets - Fair Value through OCI
144
−
−
144
Other current financial assets - Fair Value through profit or loss
13
−
−
13
Other current financial assets - Derivative instruments (assets)
−
151
−
151
Cash and cash equivalents
6,564
−
−
6,564
Total consumer credit financing - Derivative instruments (liabilities)
−
(15)
−
(15)
Borrowings - Derivative instruments (liabilities)
−
(7)
−
(7)
December 31, 2023 (in millions of euros)
Level 1
Level 2
Level 3
Total
Investments in non‑consolidated companies
−
20
134
154
Other long‑term investments
264
−
−
264
Other current financial assets - Fair Value through OCI
176
−
−
176
Other current financial assets - Fair Value through profit or loss
191
−
−
191
Other current financial assets - Derivative instruments (assets)
−
115
−
115
Cash and cash equivalents
6,290
−
−
6,290
Total consumer credit financing - Derivative instruments (liabilities)
−
(50)
−
(50)
Borrowings - Derivative instruments (liabilities)
−
(63)
−
(63)
(1)
(2)
Excluding prepaid expenses.
(1)
Excluding deferred revenue.
(2)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
494
13.2
Net debt
13.2.1
Breakdown of net debt
Consolidated net debt amounted to 3,780 million euros as of December 31, 2024 compared to 2,560 million euros as of
December 31, 2023. This amount breaks down as follows:
(in millions of euros)
December 31, 2024
December 31, 2023
Bonds and notes
8,107
8,077
Other borrowings
1,712
1,226
Commercial paper
991
122
Total borrowings excluding derivative instruments recorded in liabilities
10,811
9,425
Derivative instruments recorded in liabilities
7
63
TOTAL BORROWINGS
10,818
9,487
of which borrowings due in more than one year
7,589
7,264
of which borrowings due in less than one year
3,229
2,224
Other current financial assets
474
638
Cash and cash equivalents
6,564
6,290
TOTAL CURRENT FINANCIAL ASSETS
7,038
6,928
NET DEBT
3,780
2,560
(1)
The current portion of amounts receivable from finance subleasing arrangements is not included in this caption (see Note 13.2.5).
(1)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
495
13.2.2
Breakdown of bond debt
(in millions of euros)
Maturity
Face value
Book value
of the debt
December 31,
2024
December 31,
2023
Issues
Repayments
Exchange
diffferences
December 31,
2024
Public placements by Carrefour SA
7,552
750
(1,212)
10
7,100
7,077
EMTN, EUR, 8 years, 0.750%
2024
750
−
(750)
−
−
−
Non‑dilutive convertible bonds,
USD 500 million, 6 years, 0%
2024
452
−
(462)
10
−
−
EMTN, EUR, 10 years, 1.25%
2025
750
−
−
−
750
750
EMTN, EUR, 7.5 years, 1.75%
2026
500
−
−
−
500
499
EMTN, EUR, 4.6 years, 1.88%
2026
750
−
−
−
750
749
EMTN, EUR, 8 years, 1.00%
2027
500
−
−
−
500
499
EMTN, EUR, 7.5 years, 2.625%
2027
1,000
−
−
−
1,000
997
EMTN, EUR, 6 years, 4.125%
2028
850
−
−
−
850
849
EMTN, EUR, 7.6 years, 2.38%
2029
750
−
−
−
750
745
EMTN, EUR, 7.5 years, 3.75%
2030
500
−
−
−
500
497
EMTN, EUR, 8 years, 4.375%
2031
750
−
−
−
750
745
EMTN, EUR, 8 years, 3.625%
2032
−
750
−
−
750
747
Placements by Atacadão SA
557
709
(59)
(177)
1,030
1,030
Debentures, BRL 350 million, 5 years,
100% CDI+0.55%
2024
65
−
(59)
(7)
−
−
Debentures, BRL 200 million, 7 years,
100% CDI+0.65%
2026
37
−
−
(6)
31
31
Debenture (“CRA”), BRL 467 million,
4 years, 100% CDI+0.55%
2026
87
−
−
(15)
73
73
Debenture (“CRA”), BRL 330 million,
3 years, 100% CDI+0.95%
2026
62
−
−
(10)
51
51
Debenture (“CRA”), BRL 188 million,
5 years, 100% CDI+0.60%
2027
35
−
−
(6)
29
29
Debenture (“CRA”), BRL 844 million,
5 years, 100% CDI+0.79%
2027
158
−
−
(27)
131
131
Debenture (“CRA”), BRL 468 million,
4 years, 11.87%
2027
87
−
−
(15)
73
73
Debenture (“CRA”), BRL 132 million,
5 years, 100% CDI+1.00%
2028
25
−
−
(4)
21
21
Debenture, BRL 650 million, 2 years,
100% CDI+1.2%
2026
−
122
−
(21)
101
101
Debenture, BRL 850 million, 3 years,
100% CDI+1.35%
2027
−
160
−
(28)
132
132
Debenture (“CRA”), BRL 146 million,
3 years, 100% CDI+0.85%
2027
−
27
−
(5)
23
23
Debenture (“CRA”), BRL 61 million, 5 years,
100% CDI+0.95%
2029
−
11
−
(2)
9
9
Debenture (“CRA”), BRL 341 million,
3 years, 10.97%
2027
−
64
−
(11)
53
53
Debenture (“CRA”), BRL 196 million,
5 years, IPCA+6.45%
2029
−
37
−
(6)
30
30
Debenture (“CRA”), BRL 256 million,
7 years, IPCA+6.55%
2031
−
48
−
(8)
40
40
Debenture, BRL 1,500 million, 3 years,
100% CDI+0.6%
2027
−
239
−
(6)
233
233
TOTAL BONDS AND NOTES
8,109
1,459
(1,271)
(167)
8,130
8,107
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
496
On March 27, 2024, the Group redeemed 500 million US dollars’
worth of convertible, non‑dilutive 0% six‑year bonds.
On April 26, 2024, the Group redeemed 750 million euros’ worth
of 0.750% eight‑year bonds.
Conversely, on September 10, 2024, the Group issued a new
Sustainability‑Linked Bond indexed to two targets related to
greenhouse gas emissions (Scopes 1 and 2) and food waste, for a
total of 750 million euros, maturing in eight years (due in
October 2032) and paying a coupon of 3.625%.
The Group’s financial position and liquidity were solid at
end‑December 2024. The average maturity of bond debt was
3.8 years at year‑end 2024, unchanged compared to 2023.
FINANCING OF THE BRAZILIAN SUBSIDIARY ATACADÃO
On January 8, 2024, the Brazilian subsidiary Atacadão issued
debentures
for
an
amount
of
1.5 billion Brazilian reals
(approximately 233 million euros at the December 31, 2024
exchange rate) in two tranches:
In addition, 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 155 million euros at the
December 31, 2024 exchange rate) in five tranches:
Conversely,
on
June 18,
2024,
Atacadão
redeemed
debenture‑type debt representing 350 million Brazilian reals
(approximately 54 million euros at the December 31, 2024
exchange rate) maturing in five years and paying a coupon of
CDI +0.55%.
Lastly, on December 12, 2024, Atacadão issued debenture‑type
debt
representing
1.5 billion Brazilian
reals
(approximately
233 million euros at the December 31, 2024 exchange rate)
maturing in three years and paying a coupon of CDI +0.6%.
13.2.3
Breakdown of other borrowings
(in millions of euros)
December 31, 2024
December 31, 2023
Latin America borrowings
679
813
Other borrowings
823
238
Accrued interest
82
68
Other financial liabilities
128
108
TOTAL OTHER BORROWINGS
1,712
1,226
(1) Accrued interest on total borrowings, including bonds and notes.
LATIN AMERICA BORROWINGS
“Latin America borrowings” mainly correspond to USD and EUR
financing set up by the Brazilian subsidiary Atacadão, pursuant to
Brazil’s law 4131/1962. 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 Depósito Interbancário – CDI) rate at the time of
issue through cross‑currency swaps over the life of the
borrowings. These instruments are documented and recognised
as fair value hedges.
As of December 31, 2024, this financing includes loans taken out:
OTHER BORROWINGS
As of December 31, 2024, “Other borrowings” included the
temporary excess financing of the French banking subsidiary
Carrefour Banque further to the Spanish banking subsidiary’s
repayment in September of an intra‑group refinancing loan in
view of its ability to replace the loan with new external bank
borrowings (see Note 5.5.2).
an initial tranche for 650 million Brazilian reals, with a coupon
of CDI (Certificado de Depósito Interbancário) +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.
■
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
10.97% before hedging, ranging 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
before hedging indexed to the IPCA (Indice Nacional de Preços
ao Consumidor Amplo) inflation index +6.45%, amounting to
110.10% of the CDI after hedging, and a maturity of five years;
■
a fifth tranche for 256 million Brazilian reals, with a coupon
before hedging indexed to the IPCA +6.55%, ranging between
110.80% and 111.20% of the CDI after hedging, and a maturity
of seven years.
■
(1)
in April 2023, for 744 million Brazilian reals;
■
in December 2023 for 2,323 million Brazilian reals, of which
779 million reals were repaid in December 2024;
■
in December 2024, for 1,500 million Brazilian reals.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
497
13.2.4
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)
December 31, 2024
December 31, 2023
Cash
1,625
1,778
Cash equivalents
4,940
4,512
TOTAL CASH AND CASH EQUIVALENTS
6,564
6,290
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.
As of December 31, 2024, there was no restricted cash.
13.2.5
Other current financial assets
(in millions of euros)
December 31, 2024
December 31, 2023
Derivative instruments
151
115
Financial receivable
132
127
Other current financial assets - Fair Value through OCI
144
176
Other current financial assets - Fair Value through profit or loss
13
191
Sub‑lease receivable - less than one year
50
47
Deposits with maturities of more than three months
24
22
Other
9
7
TOTAL OTHER CURRENT FINANCIAL ASSETS
523
685
(1)
(2)
(3)
(4)
As of December 31, 2023, derivatives primarily included the currency swap hedging the non‑dilutive convertible bond – for which the
mark‑to‑market value was 101 million euros – which was unwound during the year after the bond was redeemed in March 2024 (see
Note 13.2.2). As of December 31, 2024, derivatives mainly include currency instruments hedging a portion of the intra‑group revolving credit
facilities (RCF) granted to the Brazilian subsidiary Atacadão (see Note 2.2) and the cross‑currency swaps hedging the bank loans under Brazil’s law
4131/1962 (see Note 13.2.3), which had a much higher mark‑to‑market value of 105 million euros following the decrease in the value of the
Brazilian real over the year.
(1)
This amount represents the financial receivable relating to the 20% stake in Carrefour China.
(2)
This item includes investments in government bonds made by the Brazilian bank CSF. Its amount fell in connection with the significant decline in
the value of the Brazilian real in 2024.
(3)
As of December 31, 2023, this amount corresponded almost exclusively to dollar- and inflation‑linked investments made by Carrefour Argentina
during 2023. Almost all of these investments reached maturity in 2024.
(4)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
498
13.3
Analysis of borrowings (excluding derivative instruments recorded in liabilities)
13.3.1
Analysis by interest rate
(in millions of euros)
December 31, 2024
December 31, 2023
Before hedging
After hedging
Before hedging
After hedging
Fixed rate borrowings
9,867
9,068
8,930
8,026
Variable rate borrowings
943
1,743
495
1,398
TOTAL BORROWINGS (EXCLUDING DERIVATIVE
INSTRUMENTS RECORDED IN LIABILITIES)
10,811
10,811
9,425
9,425
13.3.2
Analysis by currency
(in millions of euros)
December 31, 2024
December 31, 2023
Euro
9,060
8,025
Brazilian real
1,748
1,396
Romanian leu
3
3
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS
RECORDED IN LIABILITIES)
10,811
9,425
The above analysis includes the effect of hedging.
Euro‑denominated borrowings represented 84% of total borrowings (excluding derivative instruments recorded in liabilities) as of
December 31, 2024 (85% at December 31, 2023).
13.3.3
Analysis by maturity
(in millions of euros)
December 31, 2024
December 31, 2023
Due within 1 year
3,222
2,161
Due in 1 to 2 years
1,709
1,179
Due in 2 to 5 years
3,836
4,087
Due beyond 5 years
2,044
1,998
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS
RECORDED IN LIABILITIES)
10,811
9,425
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
499
13.4
Changes in liabilities arising from financing activities
(in millions of euros)
Other current
fifinancial assets
Borrowings
Total Liabilities arising
from fifinancing
activities, net
At December 31, 2023
(638)
9,487
8,849
Changes from fifinancing cash flflows
305
1,163
1,468
Change in current financial assets
305
−
305
Issuance of bonds
−
1,459
1,459
Repayments of bonds
−
(1,271)
(1,271)
Net financial interests paid
−
(314)
(314)
Issuance of Commercial papers
−
869
869
Other changes in borrowings
−
420
420
Non‑cash changes
(141)
168
27
Exchange differences
85
(133)
(48)
Effect of changes in scope of consolidation
2
17
19
Changes in fair values
(210)
(87)
(297)
Finance costs, net
32
367
399
Other movements
(49)
3
(45)
At December 31, 2024
(474)
10,818
10,344
13.5
Other non‑current financial assets
(in millions of euros)
December 31, 2024
December 31, 2023
Deposits and guarantees
561
637
Financial services companies’ portfolio of assets
249
262
Sub‑lease receivable - more than one year
93
73
Investments in non‑consolidated companies
158
154
Other
77
102
TOTAL OTHER NON‑CURRENT FINANCIAL ASSETS
1,138
1,229
(1)
Amounts receivable from finance subleasing arrangements are not included in this caption.
(1)
(1)
(2)
Deposits and guarantees notably include legal deposits paid in Brazil in connection with tax reassessments challenged by the Group
(see Notes 10.2 and 10.3) pending final court rulings, as well as security deposits paid to lessors under property leases. The decrease compared
with December 31, 2023 mainly reflects the significant decline in the value of the Brazilian real.
(1)
Amounts receivable from finance subleasing arrangements are recognised in application of IFRS 16.
(2)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
500
13.6
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 7).
Other financial income and expenses consist for the most part of the impacts of hyperinflation in Argentina (IAS 29), taxes on
financial transactions, late interest payments on tax and labour disputes and interest expense on defined benefit obligations.
This item breaks down as follows:
(in millions of euros)
2024
2023
Interest income from loans and cash equivalents
99
168
Interest income from bank deposits
130
116
Interest income from investments
(32)
52
Finance costs
(497)
(426)
Interest expense on financial liabilities measured at amortised cost, adjusted for income
and expenses from interest rate instruments
(432)
(385)
Cost of receivables discounting in Brazil
(65)
(41)
Finance costs, net
(399)
(258)
Interest charge related to leases
(225)
(210)
Interest income related to financial sublease contracts
3
1
Net interests related to leases
(222)
(208)
Interest expense on defined employee benefit debt
(26)
(29)
Interest income on pension plan assets
6
7
Financial transaction tax
(40)
(26)
Late interest payments on tax and labour disputes
(5)
(38)
Dividends received on financial assets at FVOCI
8
7
Gain on disposal of financial assets at FVOCI
18
10
Loss on disposal of financial assets at FVOCI
(5)
(0)
Exchange gains and losses
(8)
12
Changes in the fair value of interest rate derivatives
11
0
Impact of hyperinflation in Argentina - application of IAS 29
(26)
104
Other
(69)
8
Other fifinancial income and expenses, net
(138)
56
FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES, NET
(759)
(410)
Financial expenses
(919)
(608)
Financial income
160
198
(1)
(2)
(3)
(3) (4)
The negative interest income from investments for 2024 results from investments made by the Argentine subsidiary at interest rates well below
the inflation rates recorded in the country during the year. In contrast, in 2023, the purchase of dollar‑indexed bonds in the second half of the
year generated financial income as a result of the major devaluation of the peso in December 2023.
(1)
The reduction in late interest for tax and labour disputes reflects that more provision reversals were recognised in 2024 following the expiry of
statutory limitation periods, favourable judgements or further relief under several tax amnesty programmes during the year.
(2)
The sharp fall in both items in 2024 reflects (i) a significant increase in the hyperinflation adjustment charge, in counterpart of a hyperinflation
income recognised in shareholders’ equity, which sharply increased owing to profits generated by the subsidiary in recent years, and (ii) a
financial expense relating to the purchase/sale of financial securities to enable the payment of dividends in US dollars by the Argentine subsidiary.
(3)
In 2023, this item included approximately 21 million euros in interest relating to the reduction in the purchase price for Grupo BIG in Brazil
(see Note 2.1.1.3 to the 2023 consolidated financial statements).
(4)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
501
13.7
Risk management
13.7.1
13.7.1.1
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
Management can oversee the department’s 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 Services department. These
departments oversee the proper implementation of the rules
governing these businesses, jointly with other investors. Periodic
reports are sent to them by the local teams.
Liquidity risk
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 liquidity management
strategy consists of:
The main transactions in 2024 were as follows (see Note 13.2.2):
As a subsequent event, on January 17, 2025, the Group carried
out a new 500 million euro Sustainability‑Linked Bond issue
maturing in 5.5 years (due in June 2030) and paying a coupon
of 3.25%. This bond is indexed to two greenhouse gas emission
reduction targets: one relating to Scopes 1 and 2, and the other
to purchases of goods and services (Scope 3).
Other financing transactions were carried out by Brazilian
subsidiary Atacadão in 2024; these are detailed in Notes 13.2.2
and 13.2.3.
As a reminder, the Group had also carried out two
Sustainability‑Linked Bond issues in 2023, indexed to the Group’s
sustainable development goals. The first 500 million euro issue
has a 7.5‑year maturity and pays a coupon of 3.75%, while the
second for 750 million euros has an 8‑year maturity and pays a
coupon
of
4.375%.
In
contrast,
the
Group
redeemed
500 million euros’ worth of 0.88% five‑year bonds. It also
redeemed
500 million
US
dollars’
worth
of
convertible,
non‑dilutive 0% six‑year bonds.
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, 2024, similar to that of
December 31, 2023.
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 filed in
Paris 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. As of
December 31, 2024, the Group had one undrawn syndicated
line of credit obtained from a pool of leading banks, for a total
■
of 4 billion euros, due in November 2029. This credit facility
replaced the Group’s two previous syndicated lines of credit
totalling 3.9 billion euros at the end of November 2024 and
due to expire in June 2026 (see Note 2.2). The new facility
includes two one‑year extension options that have not been
exercised to date. Like its predecessors, it also includes a
Corporate Social Responsibility (CSR) component. 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 redemption of 500 million US dollars’ worth of convertible,
non‑dilutive 0% six‑year bonds;
■
the redemption of 750 million euros’ worth of 0.750%
eight‑year bonds;
■
a 750 million euro Sustainability‑Linked Bond issue indexed to
two targets related to greenhouse gas emissions (Scopes 1 and
2) and food waste, maturing in eight years (due in
October 2032) and paying a coupon of 3.625%;
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
502
13.7.1.2 Banking and insurance business
The liquidity risk of financial services companies is monitored
within the framework of an Executive Management‑approved
liquidity strategy that is part of the Group’s overall strategy. Each
entity’s refinancing situation is assessed based on internal
standards and early warning indicators.
Liquidity risk management objectives are to:
In March 2024, the Group and its partner BNP Paribas Personal
Finance participated in French subsidiary Carrefour Banque’s
50 million euro capital increase, contributing in proportion to
their respective interests.
Banco CSF (Brazil) issued several financial bills (Letra Financeira)
throughout 2024 for a total amount of 800 million Brazilian reals
and redeemed several others that were outstanding at end‑2023,
for an amount of 950 million Brazilian reals. As a result, the
balance
amounted
to
1,812 million Brazilian reals
as
of
December 31, 2024.
As a reminder, several structured financing operations were
carried out in 2023:
The following tables analyse the cash outflows relating to the Group’s financial liabilities (before hedging), by period and payment due
date.
December 31, 2024
(in millions of euros)
Carrying
amount
Contractual
cash flflows
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
Fair value hedged borrowings
674
705
499
206
−
Fixed rate borrowings
9,194
10,144
2,910
5,068
2,167
Unhedged borrowings
943
1,232
156
1,031
45
Derivative instruments
7
9
6
1
2
Total Borrowings
10,818
12,091
3,571
6,306
2,214
Suppliers and other creditors
14,997
14,997
14,938
45
15
Consumer credit financing
5,646
5,646
3,533
2,113
−
Other current payables
2,791
2,791
2,791
−
−
TOTAL FINANCIAL LIABILITIES
34,253
35,525
24,833
8,464
2,229
diversify sources of financing to include central bank
programmes, bonds, securitisation programmes for renewable
credit facilities and personal loans, negotiable debt issues and
repos, and the development of customer savings;
■
create a balanced banking relationship using credit facilities
granted by our local partners in addition to those granted by
our shareholders;
■
secure refinancing sources in accordance with internal and
external criteria (rating agencies and supervisory authorities);
■
ensure a balanced profile in terms of debt maturity and type;
■
comply with regulatory ratios.
■
in May 2023, Carrefour Banque issued a 500 million euro bond
with a four‑year maturity, and in June 2023 redeemed a
400 million euro bond ahead of term;
■
Banco CSF (Brazil) issued several financial bills (Letra
Financeira) for 712 million Brazilian reals and redeemed several
others
that
were
outstanding
at
end‑2022
for
767 million Brazilian reals.
■
(2)
(1)
Excluding deferred revenue.
(1)
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 April 2023, December 2023 and December 2024, for 744 million reals, 1,545 million reals (after repayment of
779 million reals in December 2024), and 1,500 million reals, respectively (see Note 13.2.3).
(2)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
503
December 31, 2023
(in millions of euros)
Carrying
amount
Contractual
cash flflows
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
Fair value hedged borrowings
813
813
390
423
−
Fixed rate borrowings
8,117
9,002
1,857
4,991
2,154
Unhedged borrowings
495
494
90
404
−
Derivative instruments
63
61
42
16
3
Total Borrowings
9,487
10,371
2,380
5,834
2,157
Suppliers and other creditors
14,242
14,242
14,173
43
26
Consumer credit financing
5,702
5,702
3,771
1,931
−
Other current payables
2,713
2,713
2,713
−
−
TOTAL FINANCIAL LIABILITIES
32,145
33,028
23,038
7,808
2,183
The cash flows relating to the Group’s lease liabilities (established based on reasonably certain lease terms within the meaning of
IFRS 16) are presented by maturity in Note 7.2.
13.7.2
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.
Carrefour SA’s 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.
Conversely, all of the long‑term debt of the Brazilian subsidiary
Atacadão, consisting of bonds (see Note 13.2.2) and loans under
Brazil’s law 4131/1962 (see Note 13.2.3), is entirely at variable
rates after hedging.
The following table shows the sensitivity of total borrowings to
changes in interest rates over one year:
(in millions of euros)
(- = loss; + = gain)
100‑bps decline
100‑bps increase
Impact on
shareholders’
equity (OCI)
Impact on income
statement
Impact on
shareholders’
equity (OCI)
Impact on income
statement
Investments
−
(66)
−
66
Variable rate borrowings
−
17
−
(17)
Market securities
(0)
−
0
−
Options qualified as cash flow hedges
(2)
−
4
−
TOTAL EFFECT
(2)
(48)
4
48
13.7.3
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.
The Group conducts its international operations through
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
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.
(2)
(1)
Excluding deferred revenue.
(1)
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 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 14.2.2 to the 2023 consolidated financial statements).
(2)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
504
The following table shows the effect of an increase/decrease in exchange rates on currency instruments:
(in millions of euros)
(- = loss; + = gain)
10% decrease
10% increase
Impact on
shareholders’
equity (OCI)
Impact on income
statement
Impact on
shareholders’
equity (OCI)
Impact on income
statement
Position EUR/USD
−
51
−
(51)
Position EUR/HKD
−
0
−
(0)
Position EUR/PLN
−
4
−
(4)
Position EUR/RON
−
6
−
(6)
Position USD/RON
−
(3)
−
4
Position BRL/EUR
(65)
−
82
−
TOTAL EFFECT
(65)
57
82
(57)
Currency translation risk is the risk of an unfavourable change in
exchange rates reducing the value of the net assets of a
subsidiary whose functional currency is not the euro, after
conversion into euros for inclusion in the Group’s consolidated
statement of financial position.
The consolidated statement of financial position and income
statement
are
exposed
to
a
currency
translation
risk:
consolidated financial ratios are affected by changes in exchange
rates used to translate the income and net assets of foreign
subsidiaries operating outside the eurozone.
The translation risk on foreign operations outside the euro zone
mainly concerns the Brazilian real and Argentine peso. At
constant exchange rates, 2024 net sales would have amounted
to 87,500 million euros versus 83,270 million euros in 2023, an
increase of 5.1%. Changes in exchange rates reduced net sales by
2.1 billion euros in 2024, almost exclusively attributable to the
Latin America region. Recurring operating income would have
increased by 1.4% to 2,296 million euros, compared with 2,264 in
2023. Changes in exchange rates reduced recurring operating
income by 83 million euros in 2024, also almost exclusively
attributable to the Latin America region.
Lastly, any local financing is generally implemented in local
currency.
13.7.4
Credit risk
The Group’s estimated exposure to credit risk is presented below:
(in millions of euros)
December 31, 2024
December 31, 2023
Investments in non‑consolidated companies
158
154
Other long‑term investments
980
1,074
Total Other non‑current fifinancial assets
1,138
1,229
Consumer credit granted by the financial services companies
6,413
6,554
Trade receivables
3,305
3,269
Other current financial assets
523
685
Other current assets
613
564
Cash and cash equivalents
6,564
6,290
MAXIMUM EXPOSURE TO CREDIT RISK
18,557
18,592
13.7.4.1 Retail business
1) OTHER DEBTORS AND TRADE RECEIVABLES
Other debtors and 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.
As of December 31, 2024, trade receivables net of impairment
(excluding
receivables
from
suppliers)
amounted
to
2,022 million euros (see Note 5.4.3). At that date, past due
receivables amounted to a net 293 million euros, of which
92 million euros were over 90 days past due (4.5% of total trade
receivables net of impairment excluding receivables from
suppliers).
(1)
Excluding prepaid expenses.
(1)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
505
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.
13.7.4.2 Banking and insurance business
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 5.5.1.
ANALYSIS OF DUE AND NOT YET DUE CONSUMER LOANS
(in millions of euros)
December 31,
2024
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
Consumer credit granted by the financial
services companies
6,413
5,608
462
76
112
155
(in millions of euros)
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
Consumer credit granted by the financial
services companies
6,554
5,776
428
85
115
151
ANALYSIS OF CONSUMER LOANS BY MATURITY
(in millions of euros)
December 31,
2024
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
France
1,368
570
684
114
Belgium
191
10
144
36
Spain
1,787
1,077
275
436
Argentina
163
162
1
−
Brazil
2,904
2,748
156
0
TOTAL
6,413
4,567
1,260
586
(in millions of euros)
December 31,
2023
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
France
1,490
622
759
109
Belgium
172
5
136
31
Spain
1,816
1,128
258
429
Argentina
49
49
0
−
Brazil
3,027
2,840
188
0
TOTAL
6,554
4,644
1,341
570
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
506
13.7.5
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.
On
September 2,
2024,
the
Group
announced
the
implementation of a liquidity agreement for its ordinary shares.
The purpose of the agreement is for Rothschild Martin Maurel to
act as market maker for Carrefour shares on the Euronext Paris
regulated market to promote their liquidity and stabilise the
Carrefour share price (see Note 12.2.2).
Apart from the liquidity agreement, purchased shares are
primarily used to cover free share plans. As of December 31,
2024, shares held in treasury by the Group covered its total
commitments under these plans.
13.7.6
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), gas and electricity. This risk is
hedged by forward purchase contracts on the various
underlyings, the maturities of which can exceed 12 months.
These forwards qualify as cash flow hedges for accounting
purposes.
In 2024, as part of its goal of achieving net‑zero carbon
emissions from its store operations by 2040, the Group signed
five new long‑term Power Purchase Agreements. Through the
nine Power Purchase Agreements signed to date, the Group has
contracted almost 480 GWh of cumulative renewable power per
year in total for France, Spain, Italy and Argentina (see Note 1.7).
These agreements cover wind and solar farms in France,
equivalent to the power consumed by 160 hypermarkets. The
seven physical Power Purchase Agreements are accounted for as
enforceable agreements (IFRS 9 “own‑use” exemption), while the
two virtual Power Purchase Agreements are classified as cash
flow hedge instruments, except for the certificates of origin
which are treated as enforceable agreements.
As of December 31, 2024, these contracts were valued as follows:
(in millions of euros)
ASSETS
LIABILITIES
Face value
Fair value
Face value
Fair value
Forward contracts hedging biomethane exposure
−
−
9
(1)
Forward contracts hedging gas exposure
8
1
0
−
Forward contracts hedging electricity provision
47
9
5
(1)
Virtual Power Purchase Agreements
85
7
80
(2)
TOTAL
140
16
94
(4)
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)
10% decrease
10% increase
Impact on
shareholders’
equity (OCI)
Impact on
income
statement
Impact on
shareholders’
equity (OCI)
Impact on
income
statement
Forward contracts hedging biomethane exposure
(1)
−
1
−
Forward contracts hedging gas exposure
(1)
−
1
−
Forward contracts hedging electricity provision
(6)
−
6
−
Virtual Power Purchase Agreements
(14)
−
14
−
TOTAL EFFECT
(22)
−
22
−
The Group will continue implementing these green energy
contracts across all of its geographies by considering both
Physical and Virtual Power Purchase Agreements.
At the same time, the Group has stepped up the on‑site
installation of green power production equipment connected to
its stores. In 2024, Carrefour France accordingly entered into a
major partnership with GreenYellow to install photovoltaic shade
structures at 350 sites, Carrefour Spain continued to fit solar
panels in its stores (in all, 161 stores were equipped by the end of
2024), while the Group’s other countries signed contracts for the
future installation of almost 80 photovoltaic systems.
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
507
NOTE 14
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 transactions, operations, acquisitions/disposals of securities, and
leases.
Commitments given (in millions of euros)
By maturity
December 31,
2023
December 31,
2024
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
Related to cash management transactions
9,336
8,861
360
115
8,819
Financial services companies
8,698
8,551
142
4
8,525
Other companies
639
310
218
111
294
Related to operations/real estate/expansion
3,093
1,723
1,193
177
2,934
Related to purchases and sales of securities
165
8
48
108
157
Related to leases
224
47
115
62
269
TOTAL
12,818
10,640
1,716
462
12,180
Commitments received (in millions of euros)
By maturity
December 31,
2023
December 31,
2024
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
Related to cash management transactions
5,998
963
5,002
33
5,941
Financial services companies
1,300
287
995
18
1,350
Other companies
4,699
676
4,007
15
4,591
Related to operations/real estate/expansion
2,048
423
1,069
557
1,930
Related to purchases and sales of securities
516
368
99
49
459
Related to leases
724
417
240
66
667
TOTAL
9,286
2,171
6,411
704
8,997
It should be noted that future energy purchases under the nine
Power Purchase Agreements (PPAs) signed in 2023 and 2024
(see Notes 1.7 and 13.7.6) represent a commitment of around
0.2 billion euros as of December 31, 2024 and will run until 2042
at the latest (average term of the nine PPAs of around 15 years).
In addition, on November 29, 2024, Carrefour successfully
replaced its two undrawn syndicated credit lines of 3.9 billion
euros maturing in June 2026 with a 4 billion euro credit facility.
Like its predecessors, this facility incorporates a Corporate Social
Responsibility
(CSR)
component,
in
particular
two
key
performance indicators focused on decarbonisation and food
waste. The new facility, financed by a syndicate of 22 banks,
expires in November 2029 and provides for two one‑year
extension options. The Group currently does not intend to draw
on the facility, as its purpose is to secure general financing.
Off‑balance sheet commitments related to cash management
transactions include:
Off‑balance sheet commitments related to operations mainly
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.
■
commitments given for land purchases or construction work
to be performed in connection with the Group’s expansion
programmes;
■
power purchase commitments, such as those arising under
Power Purchase Agreements;
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
508
Off‑balance sheet commitments related to securities consist of
commitments to purchase and sell securities received from or
given to third parties:
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, 2024.
NOTE 15
SUBSEQUENT EVENTS
SALE AND LEASEBACK TRANSACTION (FRANCE)
On January 9, 2025, the real estate of eight Carrefour Market
supermarkets was sold to Supermarket Income REIT for around
34 million euros net of transaction costs. This London investment
fund had already acquired a portfolio of 17 Carrefour Market
supermarkets in April 2024 (16 of which were leased back to
Carrefour – see Note 2.1.3).
With negotiations on the agreements finalised and other
conditions satisfied, these assets have been leased back to
Carrefour since January 9, 2025 (closing date of the transaction
and signing of the leases for a term of 12 years, of which a fixed
10 years, with one renewal option at Carrefour’s initiative). This
transaction will lead to the recognition of a capital gain in
non‑recurring income in 2025.
BOND ISSUE
On January 17, 2025, the Group issued a new 500 million euro
Sustainability‑Linked Bond maturing in 5.5 years (due in
June 2030) and paying a coupon of 3.25%. This bond is indexed
to two greenhouse gas emission reduction targets: one relating
to Scopes 1 and 2, and the other to purchases of goods and
services (Scope 3).
This bond was 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.
SPECIAL TAX IN FRANCE ON CAPITAL REDUCTIONS
CARRIED OUT BY CANCELLING SHARES
In France, the 2025 Finance Act adopted by Parliament on
February 6, 2025 introduced a special tax on capital reductions
carried out by cancelling shares between March 1, 2024 and
February 28, 2025 and resulting from share buybacks by
companies with net sales in excess of 1 billion euros.
Having cancelled a total of 30,821,628 treasury shares in April
and June 2024, the Carrefour group is subject to this tax. The
Group expects to pay around 60 million euros in 2025.
PLAN TO ACQUIRE ALL OUTSTANDING SHARES
IN CARREFOUR BRAZIL
On February 11, 2025, the Group announced its intention to
acquire the outstanding shares held by minority shareholders in
its Brazilian subsidiary, Grupo Carrefour Brasil (“Carrefour Brazil”),
and delist it from the São Paulo Stock Exchange by means of a
merger of shares (Incorporação de Ações).
The Carrefour group, which currently owns 67.4% of Carrefour
Brazil, has decided to increase its investment to 100%, reflecting
its confidence on the growth trajectory of the unit, and its firm
conviction on its value creation potential. The delisting will allow
for more agile management and enhanced focus on execution.
Furthermore, delisting the company will allow it to manage
operations with more agility and enhanced focus on execution.
Carrefour reaffirms its commitment to Brazil and will continue to
invest in its growth and development.
The Board of Directors of Carrefour Brazil unanimously
recommended the offer. Minority shareholders will be offered a
choice of consideration for their shares:
Minority shareholders who decide to receive Carrefour group
shares may choose to do so in the form of Brazilian Depositary
Receipts (BDRs), listed in São Paulo.
The Carrefour SA shares to be delivered in exchange will be
issued under existing financial authorisations. In this regard, the
transaction will require the appointment of a contribution auditor
in France.
Its completion remains subject, in particular, to the approval of
Carrefour Brazil’s minority shareholders holding the free float,
during an Extraordinary General Meeting of Carrefour Brazil’s
shareholders, to be held in the second quarter of 2025. If
approved, the transaction is expected to be finalized before the
end of the second quarter of 2025.
miscellaneous
commitments
arising
from
commercial
contracts;
■
rent guarantees and guarantees from shopping mall operators;
■
guarantees for the payment of receivables.
■
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.
■
7.70 Brazilian reals in cash for every Carrefour Brazil share;
■
one Carrefour SA share for every 11 Carrefour Brazil shares;
■
a 50‑50 mix of the two previous options, i.e., 3.85 reals in cash
for every Carrefour Brazil share plus one Carrefour SA share for
every 22 Carrefour Brazil shares.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
509
NOTE 16
AUDITORS’ FEES
(in thousands of euros)
Fees 2024
Deloitte &
Associés
Network
Total
Deloitte
Forvis
Mazars
Network
Total Forvis
Mazars
Financial statements certifification services
2,908
3,374
6,282
2,414
1,544
3,958
Carrefour SA - Issuer
571
−
571
505
−
505
Subsidiaries (controlled entities)
2,337
3,374
5,711
1,909
1,544
3,453
Sustainability certifification
568
24
592
568
−
568
Carrefour SA - Issuer
523
−
523
523
−
523
Subsidiaries (controlled entities)
45
24
69
45
−
45
Audit and non‑audit related services
113
525
638
69
29
98
Carrefour SA - Issuer
92
−
92
39
−
39
Subsidiaries (controlled entities)
21
525
546
30
29
59
TOTAL
3,589
3,923
7,512
3,051
1,573
4,624
Services provided by the Statutory Auditors to the parent, Carrefour SA, and its subsidiaries, other than the audit of the financial
statements and sustainability report, include mainly services related 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)
(1)
(2)
Carrefour SA (parent company) Statutory Auditors (excluding services provided by their network).
(1)
Including services that are to be provided by Statutory Auditors by law.
(2)
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
510
NOTE 17
LIST OF CONSOLIDATED COMPANIES
17.1
Fully consolidated companies as of December 31, 2024
FRANCE
Percent
interest
used in
consolidation
ABREDIS
100
AMIDIS ET CIE
100
ANTIDIS
100
AZC MARMIN
100
BEAUVAIS DIS
100
BELLEVUE DISTRIBUTION
100
BLO DISTRIBUTION
100
BRINGO FRANCE
100
BRINGO INTERNATIONAL
100
BRINGO TECH
100
BRUNIEDIS
100
C.DICAR
100
C.DIS
100
C.S.F
100
C.S.V
100
CANDIS
100
CARAUTOROUTES
100
CARDADEL
100
CARFIDIS
100
CARFUEL
100
CARGO INVEST
100
CARGO PROPERTY DEVELOPMENT
100
CARIMA
100
CARMA
50
CARMA VIE
50
CARRE D’OR DISTRIBUTION
100
CARREFOUR ADMINISTRATIF FRANCE
100
CARREFOUR BANQUE
60
CARREFOUR DEVELOPPEMENT URBAIN
100
CARREFOUR DRIVE
100
CARREFOUR EUROPE TRADING
100
CARREFOUR FINANCE
100
CARREFOUR FRANCE
100
CARREFOUR FRANCE PARTICIPATION
100
FRANCE
Percent
interest
used in
consolidation
CARREFOUR HYPERMARCHES
100
CARREFOUR IMPORT
100
CARREFOUR MANAGEMENT
100
CARREFOUR MARCHANDISES
INTERNATIONALES
100
CARREFOUR MONACO
100
CARREFOUR OMNICANAL
100
CARREFOUR PARTENARIAT INTERNATIONAL
100
CARREFOUR PROPERTY FRANCE
100
CARREFOUR PROPERTY GESTION
100
CARREFOUR PROXIMITE FRANCE
100
CARREFOUR SA
100
CARREFOUR SERVICES CLIENTS
100
CARREFOUR SERVICES FACTORY
100
CARREFOUR STATION SERVICE
100
CARREFOUR SUPPLY CHAIN
100
CARREFOUR SYSTEMES D’INFORMATION
100
CARREFOUR VOYAGES
100
CEDIS
100
CENTRE D’ACTIVITES DE DRAGUIGNAN
SALAMANDRIER
100
CENTRE DE FORMATION ET COMPETENCES
100
CL CV LOGISTIQUE
100
CLAIREFONTAINE
100
COFLEDIS
100
COMPAGNIE D’ACTIVITE ET DE COMMERCE
INTERNATIONAL
100
COMPTOIR SAVOYARD DE DISTRIBUTION
74
CORA
100
CORDIS
100
COSALCIA
100
COVIAM 8
100
COVICAR 2
100
COVICAR 44
100
COVICAR 55
100
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
511
FRANCE
Percent
interest
used in
consolidation
COVICAR 71
100
COVICAR 72
100
COVICAR 73
100
CRFP LOG INVEST
100
CRFP NANTES
100
CRFP SARTROUVILLE
100
CRFP VESTA PROPERTY
100
CRFP13
100
CRFP20
100
CRFP22
100
CRFP23
100
CRFP24
100
CRFP25 (UNLIMITAIL)
51
CSD TRANSPORTS
74
DASTORE
100
DAUPHINOISE DE PARTICIPATIONS
100
DE LA FONTAINE
51
DELMAS
100
DELPAREF
100
DES CALLOUETS
51
DISTRIVAL
100
DOREL
100
ENTREPOT PETROLIER DE LA GIRONDE
66
ETS LUCIEN LAPALUS ET FILS
100
FCT MASTER CREDIT CARD 2013
60
FINANCIERE RSV
100
FINIFAC
100
FONCIMAG
100
FONMARTOP
100
FORUM DEVELOPPEMENT
100
GAMACASH
100
GEILEROP
100
GENEDIS
100
GIE BREST BELLEVUE
80
GREENWEEZ
100
GSMC
100
GUYENNE & GASCOGNE
100
GVTIMM
51
FRANCE
Percent
interest
used in
consolidation
HYPARLO
100
HYPERADOUR
100
IMMO ARTEMARE
51
IMMOBILIERE CARREFOUR
100
IMMOBILIERE PROXI
100
IMMOCYPRIEN
51
IMMODIS
100
INTERDIS
100
JONO
100
LA CROIX VIGNON
51
LA GROSSE HAYE
100
LALAUDIS
100
LANN KERGUEN
51
LESCHENES
100
LOGIDIS
100
LOVADIS
100
LYBERNET
50
MAISON JOHANES BOUBEE
100
MATOLIDIS
100
MENHIR
100
MONTEL DISTRIBUTION
100
NASOCA
100
NOOPART
100
NOSAEL
51
PACALY
100
PARLITOP
100
PARSEVRES
100
PASDEL
100
PHIVETOL
100
PLANETA HUERTO
100
POTAGER CITY
100
PROFIDIS
100
PROVERA France
100
PROVERA MEDIA
100
PUECH ECO
100
REGA LOGISTIQUE
100
REGA TRANSPORTS SERVICES
100
ROYAL
100
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
512
FRANCE
Percent
interest
used in
consolidation
SAFABE
100
SAFETY
100
SAINT HERMENTAIRE
100
SALACA
100
SAS LOUIS SEGUIN - ANGLET
100
SCI AZIMMO
100
SCI CLAIRE PERTUS
100
SCI DE SIAM
51
SCI IMMOBACQUEVILLE
51
SCI IMMOTOURNAY
51
SCI LEGERE
100
SCI LES HAUTS DE ROYA
100
SCI LES TASSEAUX
100
SCI LES VALLEES
51
SCI MAXIMOISE DE CREATION
51
SCI PROXALBY
74
SCI RESSONS
51
SCI SIGOULIM
51
SELIMA
100
SMARTECO
100
SO.BIO
100
SO.BIO SEVRES
100
SOCIETE D’ALIMENTATION MODERNE SAM
100
SOCIETE DES NOUVEAUX HYPERMARCHES
100
SOCIETE LUDIS
100
SOCIETE MODERNE DE DISTRIBUTION
MAISON VIZET‑FAVRE
81
SODILIM
100
SODIMODIS
100
FRANCE
Percent
interest
used in
consolidation
SODISAL
100
SODITRIVE
100
SOFALINE
100
SOFIDIM
99
SOMONTDIS
100
SORGENTE NATURA
100
SOVAL
100
STELAUR
100
STENN
100
SUPERADOUR
100
SUPERDIS
97
SUPERMARCHES MATCH
100
TIADIS
100
UNLIMITAIL REGIE FRANCE
51
UNLIMITAIL DATA FRANCE
51
VAN‑K
100
VEZERE DISTRIBUTION
100
VILLES ET COMMERCES
80
VIZEGU
90
ZORMAT
100
GERMANY
Percent
interest
used in
consolidation
CARREFOUR PROCUREMENT
INTERNATIONAL BV & CO. KG
100
ARGENTINA
Percent
interest
used in
consolidation
BANCO DE SERVICIOS FINANCIEROS
92
INC
100
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
513
BELGIUM
Percent
interest
used in
consolidation
BRUGGE RETAIL ASSOCIATE
100
CAPARBEL
100
CARREFOUR BELGIUM
100
CARUM
100
DRIVE 1
100
DRIVE 2
100
ECLAIR
100
FILUNIC
100
FIMASER
100
FIRST IN FRESH
100
GROSFRUIT
100
HALLE RETAIL ASSOCIATE
100
HEPPEN RETAIL ASSOCIATE
100
INTERDIS
100
MARKET A1 CBRA
100
MARKET B2 CBRA
100
MARKET C3 CBRA
100
MARKET D4 CBRA
100
MARKET E5 CBRA
100
MARKET F6 CBRA
100
ALMA RESTORA
100
ALMA WARENHUIZEN
100
ORTHROS
100
RETAIL SUPPORT SERVICES
100
ROB
100
SCHILCO
100
SHIP TO
100
SOUTH MED INVESTMENTS
100
STIGAM
100
UNLIMITAIL BELGIUM
51
VANDEN MEERSSCHE NV
100
BRAZIL
Percent
interest
used in
consolidation
ATACADÃO SA
67
BANCO CSF
34
BARBAROSSA EMPREENDIMENTOS E
PARTCIPAÇÕES
67
BOMPREÇO BAHIA
67
BOMPREÇO NORDESTE
67
BSF HOLDING
34
BULGE EMPREENDIMENTOS E PARTICIPAÇÕES
67
CARREFOUR COMMERCIO E INDUSTRIA
67
CCI IP PARTICIPAÇÕES
67
CCI RE SPCO DESENVOLVIMENTO
IMOBILIARIO OSASCO
67
COMERCIAL DE ALIMENTOS CARREFOUR
67
COTABEST INFORMAÇÕES E TECNOLOGIA
67
CSF ADMINISTRADORA E CORRETORA DE
SEGUROS EIRELI
34
EWALLY INSTITUIÇÃO DE PAGAMENTO
62
GIBRALTAR EMPREENDIMENTOS E
PARTICIPAÇÕES
67
IMOPAR PARTICIPÇÕES E ADMINISTRACÃO
IMOBILIARIA
67
KHARKOV EMPREENDIMENTOS E
PARTICIPAÇÕES
67
KURSK EMPREENDIMENTOS E PARTICIPAÇÕES
67
MIDWAY EMPREENDIMENTOS E
PARTICIPAÇÕES
67
NOVA TROPI GESTÃO DE EMPREENDIMENTOS
67
OVERLORD EMPREENDIMENTOS E
PARTICIPAÇÕES
67
PACIFICO EMPREENDIMENTOS E
PARTICIPAÇÕES
67
PANDORA PARTICIPACOES
67
RIO BONITO ASSESSORIA DE NEGOCIOS
67
SPE CENTRO‑OESTE
67
SPE NORDESTE
67
SPE NORTE
67
SPE SUDESTE
67
SPE SUL
67
STALINGRADO EMPREENDIMENTOS E
PARTICIPAÇÕES
67
TORCH EMPREENDIMENTOS E PARTICIPAÇÕES
67
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
514
BRAZIL
Percent
interest
used in
consolidation
TRANSPORTADORA
67
UNLIMITAIL BRAZIL
51
VALQUIRIA EMPREENDIMENTOS E
PARTICIPAÇÕES
67
VERPARINVEST
67
WMB
67
WMS
67
CHINA
Percent
interest
used in
consolidation
SHANGAI GLOBAL SOURCING CONSULTING
CO
100
SPAIN
Percent
interest
used in
consolidation
CARREFOUR PROPERTY ESPANA
100
CENTROS COMERCIALES CARREFOUR
100
CORREDURIA DE SEGUROS CARREFOUR
100
EURECA
100
FINANZAS Y SEGUROS
100
GROUP SUPECO MAXOR
100
INVERSIONES PRYCA
100
NORFIN HOLDER
100
SERVICIOS FINANCIEROS CARREFOUR
60
SOCIEDAD DE AGENCIA DE
SEGUROS VINCULADA CARREFOUR
100
SOCIEDAD DE COMPRAS MODERNAS
100
SUPERDISTRIBUCION CEUTA
100
SUPERMERCADOS CHAMPION
100
SUPERSOL SPAIN
100
UNLIMITAIL SPAIN
51
VIAJES CARREFOUR
100
HONG KONG
Percent
interest
used in
consolidation
CARREFOUR ASIA LTD
100
CARREFOUR GLOBAL SOURCING ASIA
100
CARREFOUR TRADING ASIA LTD (CTA)
100
ITALY
Percent
interest
used in
consolidation
CARREFOUR ITALIA FINANCE
100
CARREFOUR ITALIA
100
CARREFOUR PROPERTY ITALIA
100
CONSORZIO TRA/PROPRIETARI DEL CENTRO
COMMERCIALE DI BUROLO
89
CONSORZIO TRA/PROPRIETARI DEL CENTRO
COMMERCIALE DI GUISSANO
77
CONSORZIO TRA/PROPRIETARI DEL CENTRO
COMMERCIALE DI MASSA
54
CONSORZIO TRA/PROPRIETARI DEL CENTRO
COMMERCIALE DI NICHELINO
64
CONSORZIO TRA/PROPRIETARI DEL CENTRO
COMMERCIALE DI PADERNO DUGNANO
53
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE DI TORINO MONTECUCCO
87
CONSORZIO PROPRIETARI CENTRO
COMMERCIALE DI VERCELLI
84
GS
100
UNLIMITAIL ITALY
51
LUXEMBOURG
Percent
interest
used in
consolidation
VELASQUEZ
100
NETHERLANDS
Percent
interest
used in
consolidation
CARREFOUR NEDERLAND BV
100
HYPER GERMANY BV
100
INTERNATIONAL MERCHANDISE TRADING BV
100
POLAND
Percent
interest
used in
consolidation
CARREFOUR POLSKA
100
CPA WAW 1
100
UNLIMITAIL POLAND
51
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
515
ROMANIA
Percent
interest
used in
consolidation
BRINGO MAGAZIN
100
CARREFOUR ROMANIA
100
COLUMBUS ACTIVE
100
ROMANIA HYPERMARCHE
100
SUPECO INVESTMENT
100
UNLIMITAIL ROMANIA
51
SWITZERLAND
Percent
interest
used in
consolidation
CARREFOUR WORLD TRADE
100
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
516
17.2
Equity‑accounted companies as of December 31, 2024
FRANCE
Percent
interest
used in
consolidation
ADIALEA
3
AGRIPPADIS
50
ALEXANDRE
50
ALK DISTRI
50
ALTACAR NANTES
40
ALTACAR SARTROUVILLE
40
ANGIDIS
50
ANTONINE
50
ARLOM DISTRIBUTION
50
AROBLIS
50
AUBINYC
50
AUDIST
50
BAMAZO
50
BELONDIS
50
BFM DISTRIBUTION
50
BIADIS
34
BJB SORGUES
50
BLS RETAIL
50
BOULOGNE POINT DU JOUR
26
BOURG SERVICES DISTRIBUTION
50
CABDIS
50
CABDISTRI
50
CALODIAN DISTRIBUTION
50
CAMPI
50
CARDUTOT
26
CARMILA
37
CEMALIYA IMMOBILIER
50
CENTRALE ENVERGURE
50
CEOR DISTRIBUTION
50
CERBEL
50
CEVIDIS
50
CHAMNORD
56
CHERBOURG INVEST
48
CHRISTIA
50
CINQDIS 09
50
CLOVIS
50
CLUNYDIS
50
CODINOG
50
FRANCE
Percent
interest
used in
consolidation
COJEDIS
50
COROU
50
CVP DISTRIBUTION
50
CYMUR
50
CZIMMO
50
D2C
50
DECODIS
26
DEPOT PETROLIER DE LYON
50
DIMATI
50
DIRIC
50
DISTRI AIX
50
DISTRI GIGNAC
50
DISTRI PALAVAS
50
DISTRI PROVENCE
50
DISTRIBERRE IMMO
50
DISTRIBOURG
50
DISTRICAB
50
DISTRIFLEURY
50
DISTRIONE
50
DOLMEN
50
DOUDIS
50
ECUDIS
50
EDENDIS
50
EDENMATHIMMO
50
ENTREPOT PETROLIER DE VALENCIENNES
34
ESDIS
50
FABCORJO
50
FALME
50
FAMYDIS
50
FIVER
50
FONCIERE BORDEROUGE
50
FONCIERE MARSEILLAN
50
FONCIERE PLANES
50
FRELUM
50
GALLDIS
50
GAMAX33
50
GDCLE
48
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
517
FRANCE
Percent
interest
used in
consolidation
GENIDIS
48
GGP DISTRI
50
GIGNAC
50
GMARKET IMMO
50
GRANDI
50
GRDIS
50
GREGADIS
50
HBLP
25
IBAI
50
IDEC
50
IMMO ST PIERRE EGLISE
50
J2B DISTRIBUTION
50
JEDEMA
50
JLEM
50
JMS74 DISTRIBUTION
50
JOSIM
34
JTDS MARKET
50
JUPILOU
50
KARAMONTDE
50
KASAM
50
LA BEAUMETTE
49
LA CATALANE DE DISTRIBUTION
50
LA CLAIRETTE
50
LA CRAU DIS
50
LA GARDUERE IMMO
50
LB LE PLAN
50
LB LES OLIVIERS
50
LEHENBERRI
50
LES 4 CANAUX IMMO
50
LEZIDIS
50
LOR DISTRIBUTION
50
LOVICHAM
50
LSODIS
50
LYEMMADIS
50
MACANOSA
50
MADIS
50
MADIX
50
MAGODIS
50
MALISSOL
50
MARIDYS
50
FRANCE
Percent
interest
used in
consolidation
MARITIMA DIS
50
MARLODIS
50
MASSEINE
50
MATCH TOPCO (MARKET PAY)
35
MAVIC
50
MBD
50
MBD IMMO
50
MEJE DISTRIBUTION
50
MIMALI
50
NCL
50
NOUKAT
50
OLICOURS
50
OUISDIS
50
OULLIDIS
50
P.A.M.
50
PAS DE MENC
50
PFDIS
50
PHILODIS
50
PHIMAPA
50
PLAMIDIS
50
PLANE MARSEILLAN
50
PLANE PORT VENDRES
50
PONT D’ALLIER
50
PRIGONDIS
50
PRODIX
50
QUENDIDIS
50
RD2M
50
REBAIS DISTRIBUTION
50
RETAIL MARKET
50
RH AULNAY
45
RILLIDIS
48
RIMADIS
50
ROJULDIS
50
ROLLAND DISTRIBUTION
50
ROND POINT
50
ROSE BERGER
26
ROUET DISTRI
50
S.C.B
26
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
518
FRANCE
Percent
interest
used in
consolidation
S.O.V.A.L.A.C.
50
SADEV
26
SAELI
50
SAINT JUERY DISTRIBUTION
50
SAINT PAUL DISTRIBUTION
50
SAS DF19
50
SAS NC DISTRIBUTION
50
SCGR DISTRIBUTION
50
SCI 2C
50
SCI 2F
50
SCI BRETEUIL
50
SCI CARGAN‑LOG
40
SCI COLODOR
50
SCI DU MOULIN
50
SCI DU PARC NATIONAL
50
SCI FONCIERE DES ALBERES
50
SCI HALLE RASPAIL
50
SCI IMMODISC
50
SCI LATOUR
60
SCI LE PETIT BAILLY
50
SCI LE PLA
50
SCI LUMIMMO
51
SCI MARKET RIEC
50
SCOMONDIS
50
SEREDIS
26
SERPRO
50
SHOWROOMPRIVE.COM
9
SIFO
50
SIXFOURSDIS
50
SOBRAMIC
50
SOCADIS BANYULS
50
SOCADIS CAVALAIRE
50
SOCIETE D’EXPLOITATION PROVENCIA
50
FRANCE
Percent
interest
used in
consolidation
SOCIETE DES DEPOTS DE PETROLE COTIERS
24
SOCIETE DES MAGASINS ECONOMIQUES
50
SOCIETE DISTRIBUTION ALIMENTAIRE
PYRENEES
26
SOCIETE DU DEPOT PETROLIER DE NANTERRE
20
SOCIETE PETROLIERE DU VAL DE MARNE
30
SODIBAL
50
SODIBOR
50
SODICAB
50
SODIFAL
50
SODIMER
50
SODIOUIS
50
SODITIOL
50
SODYEN
50
SOLDIS
50
SOMADIS
50
SOQUIMDIS
50
SOROTIN
50
SOVADIS
50
SOVALDIS
50
SPC DISTRI
50
SR2G
50
ST BONNET DISCOUNT
50
SUPERMARCHE LE CLAUZELS
50
TEDALI
50
TURENNE
50
VALCRIS DISTRIBUTION
50
VALMENDIS
50
VICTURIS 2003
50
VICUN
50
VILAC
50
VLJ DISTRI
50
YOUN MARKET
50
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the consolidated financial statements
519
SPAIN
Percent
interest
used in
consolidation
2012 ALVARO EFREN JIMENEZ
26
2012 CORDOBA RODRIGUEZ
26
2012 ERIK DAVID
26
2012 FLORES HERNANDEZ
26
2012 LIZANDA TORTAJADA
26
2013 CID OTERO
26
2013 SOBAS ROMERO
26
COSTASOL DE HIPERMERCADOS
34
DIAGONAL PARKING
58
GLORIAS PARKING
50
ILITURGITANA DE HIPERMERCADOS
34
JM MARMOL SUPERMERCADOS
26
LAREDO EXPRESS J.CARLOS VAZQUEZ
26
LUHERVASAN
26
SUPERMERCATS HERGERVIC MATARO
26
ITALY
Percent
interest
used in
consolidation
CARMILA THIENE
50
CONSORZIO CENTRO COMMERCIALE
SHOPVILLE GRAN RENO
39
CONSORZIO PROPRIETARI ASSAGO
50
CONSORZIO TRA I PROPRIETARI DEL PARCO
COMMERCIALE DI NICHELINO
30
POLAND
Percent
interest
used in
consolidation
C SERVICES
30
TUNISIA
Percent
interest
used in
consolidation
ULYSSE
25
TURKEY
Percent
interest
used in
consolidation
CARREFOUR SABANCI TICARET MERKEZI
(CARREFOUR SA)
32
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statutory Auditors’ report on the consolidated financial statements
520
6.7
Statutory Auditors’ report on the consolidated
financial statements
For the year ended December 31, 2024
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, 2024.
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, 2024 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.
Independence
We conducted our audit engagement in compliance with
independence requirements of the French Commercial Code
(code de commerce) and the French Code of ethics (code de
déontologie) for statutory auditors, for the period from January 1,
2024 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, 10.1, 10.2.1 and 10.3 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,
including
the
responses
to
our
written
confirmation requests;
■
Analysis of the estimates and positions adopted by
management to determine the need to record a provision
and, where this is necessary, to assess reasonable assurance
on the amount of provision to be recorded;
■
Assessment of the information disclosed in the notes 10.1,
10.2.1 and 10.3 to the consolidated financial statements.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statutory Auditors’ report on the consolidated financial statements
521
Measurement and recognition of rebates and service agreement
(See notes 1.4 and 5.2.1 to the consolidated financial statements)
Key Audit Matter
The Group enters into a significant number of purchase
agreements with suppliers which include:
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.
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:
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.
Report on Other Legal and Regulatory
Requirements
Format of presentation of the consolidated
financial statements intended to be included
in the annual financial report
We have also verified, in accordance with the professional
standard applicable in France relating to the procedures
performed by the statutory auditor relating to the annual and
consolidated financial statements presented in the European
single electronic format defined in the European Delegated
Regulation No 2019/815 of December 17, 2018, 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.
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.
We have no responsibility to verify that the 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.
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 Forvis Mazars.
As at December 31, 2024, Deloitte & Associés and Forvis Mazars
were in the 22nd year and the 14th year of total uninterrupted
engagement.
Responsibilities of Management and
Those Charged with Governance for
the Consolidated Financial Statements
Management is responsible for the preparation and fair
presentation of the consolidated financial statements in
accordance with International Financial Reporting Standards as
adopted by the European Union, and for such internal control as
management determines is necessary to enable the preparation
of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
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 »).
■
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, 2024 with business volumes recorded in the
Group’s procurement system;
■
Performing substantive analytical procedures on the change
in rebates and service agreements.
■
6
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statutory Auditors’ report on the consolidated financial statements
522
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,
regarding
the
accounting
and
financial
reporting
procedures.
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:
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 5, 2025
The Statutory Auditors
French original signed by
Forvis Mazars
Jérôme de PASTORS
Deloitte & Associés
Bertrand BOISSELIER Olivier BROISSAND
Identifies and assesses the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, designs and performs audit procedures responsive to
those risks, and obtains audit evidence considered to be
sufficient and appropriate to provide a basis for his opinion.
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud
may
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 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 financial statements and for the opinion
expressed on these consolidated financial statements.
■
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
523
CARREFOUR SA FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024
7.1
Income statement
524
7.2
Balance sheet
525
7.3
Statement of cash flows
526
7.4
Notes to the Company
financial statements
527
7.5
Statutory Auditors’ report
on the financial statements
548
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Income statement
524
7.1
Income statement
(in millions of euros)
Note
2024
2023
Reversals of impairment and provisions, and transferred charges
10
9
Other income
181
182
Total operating income
191
191
Other purchases and external charges
(225)
(231)
Wages and salaries, payroll taxes
(28)
(32)
Depreciation, amortisation, impairment and provisions
(5)
(9)
Taxes other than on income, other operating expenses
(2)
(1)
Total operating expenses
(260)
(273)
Operating loss
(69)
(81)
Income from shares in subsidiaries and affiliates
617
1,346
Interest receivable and related income
181
139
Reversals of impairment and provisions
2
105
Total fifinancial income
799
1,590
Impairment and provision expense
(475)
(98)
Interest and other financial expenses
(292)
(177)
Total fifinancial expenses
(767)
(275)
Financial income, net
8.
33
1,314
Recurring income before tax, net
(37)
1,233
Reversals of impairment and provisions
3
15
Depreciation, amortisation, impairment and provisions
-
-
Other non‑recurring income and expenses
(3)
(11)
Non‑recurring income, net
1
4
Employee profifit‑sharing
-
-
Income tax
9.
333
546
NET INCOME
297
1,783
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Balance sheet
525
7.2
Balance sheet
ASSETS
(in millions of euros)
Note
December 31, 2024
December 31, 2023
Gross
Amortisation, depreciation
and impairment
Net
Net
Intangible assets
4.2
19
(19)
0
0
Property and equipment
4.2
2
(2)
0
0
Financial investments
4.1
37,843
(9,459)
28,384
28,494
Fixed assets
37,864
(9,480)
28,384
28,494
Accounts receivable
10.1
2,871
0
2,871
2,798
Cash and marketable securities
5.2
38
(4)
34
80
Current assets
2,909
(4)
2,905
2,878
Prepayments and deferred charges
10.1
40
-
40
106
TOTAL ASSETS
40,813
(9,484)
31,329
31,479
LIABILITIES
(in millions of euros)
Note
December 31, 2024
December 31, 2023
Share capital
7.1
1,695
1,772
Issue and merger premiums
7.2
15,089
15,493
Legal reserve
7.3
204
204
Regulated reserves
7.3
378
378
Other reserves
7.3
39
39
Retained earnings
7.3
3,726
2,543
Net income for the year
7.3
297
1,783
Tax‑driven provisions
-
-
Shareholders’ equity
7.3
21,428
22,212
Provision for contingencies and charges
6
285
202
Bonds and notes
7,145
7,594
Bank borrowings
991
122
Miscellaneous financial liabilities
0
0
Financial liabilities
5.1
8,137
7,716
Trade payables
4
11
Accrued taxes and payroll costs
10.2
196
311
Operating liabilities
201
322
Other miscellaneous liabilities
10.2
1,279
1,027
Miscellaneous liabilities
1,279
1,027
TOTAL EQUITY AND LIABILITIES
31,329
31,479
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statement of cash flows
526
7.3
Statement of cash flows
(in millions of euros)
2024
2023
Net income
297
1,783
Depreciation and amortisation
-
1
Provisions and impairment of financial assets, net of reversals
465
(24)
Other changes
16
40
Cash flflow from operations
778
1,800
Change in other receivables and payables
395
(215)
Net cash from operating activities
1,173
1,586
Acquisitions of shares in subsidiaries and affiliates
(21)
(30)
Disposals of shares in subsidiaries and affiliates
0
151
Change in other financial investments
-
Other cash flows from investing activities
-
-
Net cash from (used in) investing activities
(21)
121
Dividends paid
(600)
(405)
Share capital reduction/increase
(702)
(725)
Net change in debt
421
(97)
Change in intra‑group receivables and payables
(270)
(480)
Net cash used in fifinancing activities
(1,152)
(1,707)
Net change in cash and cash equivalents
0
0
Cash and cash equivalents at the beginning of the year
0
0
Cash and cash equivalents at the end of the year
0
0
Net change in cash and cash equivalents
0
0
(1)
(2)
(1)
(1)
Excluding treasury shares (in the process of being cancelled recorded in assets, under financial investments).
(1)
Excluding treasury shares (recorded in assets, under marketable securities).
(2)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
527
7.4
Notes to the Company financial statements
NOTE 1
DESCRIPTION OF THE COMPANY
528
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
528
NOTE 3
ACCOUNTING PRINCIPLES
530
NOTE 4
FIXED ASSETS
530
NOTE 5
FINANCING AND RISK MANAGEMENT
533
NOTE 6
PROVISIONS AND IMPAIRMENT
537
NOTE 7
SHAREHOLDERS’ EQUITY
540
NOTE 8
FINANCIAL INCOME, NET
541
NOTE 9
INCOME TAX
542
NOTE 10 OTHER INFORMATION
543
NOTE 11 SUBSEQUENT EVENTS
545
NOTE 12 SUBSIDIARIES AND AFFILIATES
546
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
528
NOTE 1
DESCRIPTION OF THE COMPANY
Carrefour SA is the parent company of the Carrefour group.
It acts as a holding company through investments conferring
direct or indirect control over Group entities.
Carrefour SA is the head of a tax consolidation group comprising
the parent company and the major French subsidiaries.
It also conducts an external financing policy on behalf of the
Group on the banking and capital markets, designed to maintain
an appropriate level of liquidity and meet its commitments and
investment requirements.
NOTE 2
SIGNIFICANT EVENTS OF THE YEAR
2.1
2.2
2.3
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 700 million
euros, as authorised by the Shareholders’ Meetings of
May 26, 2023 and May 24, 2024:
In addition, and in accordance with the authorisation granted by
the Shareholders’ Meeting of May 24, 2024 and the Board of
Directors’ decision of October 23, 2024, Carrefour SA purchased
92,734 additional shares at an average price of 14.26 euros.
These shares, together with other shares currently held in
treasury and not earmarked for cancellation, were intended to
cover the maximum allocation of shares that could be used for
the delivery of the 2022 performance share plan to Group
employees in February 2025.
Implementation of
a liquidity agreement
On
September 2,
2024,
Carrefour
announced
the
implementation of a liquidity agreement for its ordinary shares.
The purpose of the agreement is for Rothschild Martin Maurel to
act as market maker for Carrefour shares on the Euronext Paris
regulated market to promote their liquidity and stabilise the
Carrefour share price.
This agreement is for an initial period of 12 months and is
automatically renewable for successive 12‑month periods.
Under the liquidity agreement, in 2024, Carrefour SA purchased
6,986,420 shares and sold 6,911,420 shares at an average unit
price of 14.69 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:
Following cancellation of these shares, the share capital was
reduced by 77 million euros and premiums were reduced by
404 million euros. Carrefour SA therefore had 677,969,188
treasury shares.
Following the share buybacks and cancellations, Carrefour SA
had 32,195,690 treasury shares, representing approximately 4.7%
of the share capital.
the first tranche of the share buyback programme began on
March 4,
2024
and
ended
on
March 19,
2024,
with
4,041,471 shares acquired at an average price of 15.67 euros
per share for a total amount of 63 million euros;
■
on March 26, 2024, 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. On
June 3, 2024, after the ex‑dividend date, Carrefour received
the repurchased shares for an amount of 365 million euros;
■
a second tranche of the share buyback programme began on
June 18, 2024 and ended on September 16, 2024, with
9,477,732 shares acquired at an average price of 14.24 euros
per share for a total amount of 135 million euros;
■
a third and final tranche of the share buyback programme
began
on
September 17,
2024
and
ended
on
December 3, 2024, with 9,132,256 shares acquired at an
average price of 14.95 euros per share for a total amount of
137 million euros.
■
an initial capital reduction in April 2024 involving the
cancellation of 16,844,310 shares;
■
a second capital reduction in June 2024 involving the
cancellation of 13,977,318 shares.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
529
2.4
Financing transactions
On March 27, 2024, the Company redeemed 500 million US
dollars’ worth of convertible, non‑dilutive 0% six‑year bonds.
On April 26, 2024, Carrefour SA also redeemed 750 million euros’
worth of 0.750% eight‑year bonds.
In addition, on September 10, 2024, the Company carried out a
new Sustainability‑Linked Bond issue indexed to its two goals
related to greenhouse gas emissions, for a total of 750 million
euros, maturing in eight years (due in October 2032) and paying
a coupon of 3.625%.
This bond was 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.
The average maturity of Carrefour SA’s bond debt was therefore
3.8 years at end‑December 2024, identical to the maturity at
end‑December 2023.
On November 29, 2024, Carrefour SA successfully replaced its
two undrawn syndicated lines of credit of 3.9 billion euros
maturing in June 2026 with a 4 billion euro credit facility.
Like its predecessors, this facility incorporates a Corporate Social
Responsibility
(CSR)
component,
in
particular
two
Key
Performance Indicators focused on decarbonisation and food
waste. The new facility, financed by a syndicate of 22 banks,
expires in November 2029 and provides for two one‑year
extension options. The Group currently does not intend to draw
on the facility, whose purpose is to secure general financing.
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
530
NOTE 3
ACCOUNTING PRINCIPLES
3.1
3.2
Basis of preparation
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 in measurement or presentation
methods in 2024 compared with the previous year.
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.
Foreign currency translation
Income and expenses recorded in foreign currencies are
translated at the exchange rate in force on the transaction date.
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.
NOTE 4
FIXED ASSETS
4.1
4.1.1
Financial investments
Accounting treatment and measurement
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.
Value in use is estimated based on a range of criteria including:
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.
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.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
531
4.1.2
Changes in ownership interests over the year
(in millions of euros)
Shares in
subsidiaries
and affi
ffiliates
Defificits allocated
to shares in
subsidiaries
and affi
ffiliates
Other fifinancial
assets
Financial assets,
net in 2024
Financial assets,
net in 2023
Gross amount at January 1
25,965
11,407
218
37,591
37,499
Capital increases and acquisitions
30
803
833
830
Capital reductions and disposals/
liquidations
(2)
(582)
(584)
(738)
Reclassifications/Other
4
4
Gross amount at December 31 (A)
25,994
11,407
443
37,843
37,591
Impairment at January 1
(2,821)
(6,276)
0
(9,097)
(9,160)
Increases
(231)
(133)
(364)
(1)
Reversals
2
2
64
Accumulated impairment at
December 31 (B)
(3,050)
(6,409)
0
(9,459)
(9,097)
NET TOTAL (A) - (B)
22,943
4,998
443
28,384
28,494
4.1.3
4.2
Carrefour France SAS
At December 31, 2024, 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, 2024 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 6.8% (7% in 2023), and a perpetuity
growth rate of 1.8% (1.6% in 2023).
Tangible and intangible fixed assets
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:
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.
(3)
(1)
(2)
The “Capital increases and acquisitions” line under “Shares in subsidiaries and associates” corresponds mainly to the Carrefour Banque capital
increase for 30 million euros, of which 21 million euros was paid on December 31, 2024.
(1)
Provisions for impairment of shares in subsidiaries and affiliates in 2024 mainly concerned Italy and the French entity Guyenne et Gascogne,
while the provision for deficits allocated to shares in subsidiaries and affiliates concerned Argentina and reflected the decrease in the value of its
currency, observed now for several years, which offset its good operating performance.
(2)
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, 2024, this item includes
29,632,670 treasury shares in the process of being cancelled for a total of 433 million euros. To a lesser extent, it also includes shares purchased
under the liquidity agreement and held at the balance sheet date in an amount of 1 million euros and cash related to the liquidity agreement
classified as “other long‑term receivables” in an amount of 4 million euros.
(3)
Software: 3 to 8 years;
■
Computer equipment: 3 years;
■
Building fixtures and fittings: 8 years;
■
Other: 3 to 10 years.
■
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
532
Movements in tangible and intangible fixed assets in 2024 were as follows:
(in millions of euros)
Intangible fifixed
assets
Tangible fifixed
assets
Total
December 31,
2024
Total in 2023
Gross amount at January 1
19
2
21
21
Acquisitions
-
-
-
-
Disposals and scrap
-
-
-
-
Gross amount at December 31 (A)
19
2
21
21
Depreciation, amortisation and impairment at January 1
(19)
(2)
(21)
(20)
Depreciation/amortisation for the year
-
-
-
(1)
Disposals and scrap
-
-
-
-
Depreciation, amortisation and impairment at December 31 (B)
(19)
(2)
(21)
(21)
NET TOTAL (A) - (B)
0
0
0
0
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
533
NOTE 5
FINANCING AND RISK MANAGEMENT
5.1
Borrowings
At December 31, 2024, borrowings broke down as follows:
(in millions of euros)
December 31, 2024
December 31, 2023
Due within 1 year
Due in 1 to 5 years
Due beyond
5 years
Total
Total
Bonds and notes
750
4,350
2,000
7,100
7,552
Accrued interest
45
45
41
Commercial paper
991
991
122
FINANCIAL LIABILITIES
1,787
4,350
2,000
8,137
7,716
Changes in bonds and notes in 2024 are set out below:
(in millions of euros)
December 31,
2023
Issues
Repayments
Translation
adjustments
December 31,
2024
Maturity
EMTN, EUR, 8 years, 0.750%
750
-
(750)
-
-
2024
Non‑dilutive convertible bonds, USD,
6 years, 0%
452
-
(462)
10
-
2024
EMTN, EUR, 10 years, 1.25%
750
-
-
-
750
2025
EMTN, EUR, 7.5 years, 1.75%
500
-
-
-
500
2026
EMTN, EUR, 8 years, 1.00%
500
-
-
500
2027
EMTN, EUR, 7 years, 2.625%
1,000
1,000
2027
EMTN, EUR, 4 years, 1.875%
750
750
2026
EMTN, EUR, 7 years, 2.375%
750
750
2029
EMTN, EUR, 6 years, 4.125%
500
500
2028
EMTN, EUR, 6 years, 4.125%
350
350
2028
EMTN, EUR, 7 years, 3.75%
500
500
2030
EMTN, EUR, 8 years, 4.375%
750
750
2031
EMTN, EUR, 8 years, 3.625%
750
750
2032
Total bonds and notes
7,552
750
(1,212)
10
7,100
(2)
(1)
(3)
On March 27, 2024, the Company redeemed 500 million US dollars’ worth of convertible, non‑dilutive 0% six‑year bonds.
(1)
On April 26, 2024, the Company redeemed 750 million euros’ worth of 0.750% eight‑year bonds.
(2)
Lastly, on September 10, 2024, the Company carried out a new Sustainability‑Linked Bond issue indexed to its two goals related to greenhouse
gas emissions, for a total of 750 million euros, maturing in eight years (due in October 2032) and paying a coupon of 3.625%.
(3)
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
534
5.2
Cash and marketable securities
(in millions of euros)
December 31, 2024
December 31, 2023
Gross
Impairment
Net
Net
Treasury shares allocated to specific plans
28
28
40
Available treasury shares
10
(4)
6
40
Cash and cash equivalents
0
0
0
CASH AND MARKETABLE SECURITIES
38
(4)
34
80
Cash and marketable securities comprise:
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 average share price for the month
preceding the reporting date.
At the end of 2024, the Company decided to use treasury shares
for the 2022 free share plan, which is expected to be delivered in
February 2025. 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 28.2 million
euros (gross amount of 50.2 million euros and previously
recognised impairment of 22 million euros). A provision for
contingencies and charges in the amount of 28.2 million euros
was recorded at December 31, 2024 in respect of the share
delivery expected in February 2025, offset by the recognition of
accrued income of 22.5 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, 2024, cash and marketable securities comprise
2,488,020 Carrefour shares, of which 2,052,745 shares have been
allocated to specific plans and 435,275 shares are available, for a
gross amount of 38 million euros.
(in millions of euros)
Available treasury shares
Treasury shares allocated to specifific plans
Number
of shares
Gross
value
Impair-
ment
Net
value
Number
of shares
Gross
value
Impair-
ment
Net
value
Amount at January 1, 2024
2,380,586
58
(18)
40
2,426,100
40
-
40
Reclassification to treasury shares
allocated to specific plans
(2,052,745)
(50)
22
(28)
2,052,745
28
28
Delivery of shares under
the 2021 LTI plan
(2,411,400)
(40)
(40)
Reclassification to available treasury
shares
14,700
0
0
(14,700)
0
0
Shares purchased to cover
performance share plans
92,734
1
1
Net charge to/reversal of
impairment of available treasury
shares
(7)
(7)
AMOUNT AT DECEMBER 31, 2024
435,275
10
(4)
6
2,052,745
28
-
28
Carrefour shares held at December 31, 2024 and allocated to specific plans are measured based on the latest known quoted price, i.e.,
13.73 euros per share.
(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;
(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;
(2)
Cash at bank.
(3)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
535
Movements in treasury shares classified as marketable securities in 2024 were as follows:
(in millions of euros)
Number
of shares
Gross
value
Impairment
Net value of
treasury shares
classified as
marketable
securities
Provisions for
performance
share plans
Amount at December 31, 2023
4,806,686
98
(18)
80
(40)
Shares purchased to cover performance
share plans
92,734
1
1
Delivery of performance shares allocated to
specific plans
(2,411,400)
(40)
(40)
Reclassification of available treasury shares
to treasury shares allocated to specific plans
(22)
22
-
Reversals of provisions for performance shares
allocated to specific plans
-
40
Additions to provisions for performance shares
allocated to specific plans
-
(28)
Impairment of shares not yet allocated
to specific plans
(7)
(7)
AMOUNT AT DECEMBER 31, 2024
2,488,020
38
(4)
34
(28)
5.3
Liquidity
5.3.1
5.3.2
Credit facilities
At December 31, 2024, the Group had one undrawn syndicated
line of credit obtained from a pool of leading banks, for a total of
4 billion euros, due in November 2029. This credit facility
replaced the Group’s two previous syndicated lines of credit
totalling 3.9 billion euros at the end of November 2024 and due
to expire in June 2026.
The new facility includes two one‑year extension options that
have not been exercised to date. Also like its predecessors, it
includes a Corporate Social Responsibility (CSR) component.
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.
Financing programmes
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.
In
2024,
Carrefour SA
carried
out
a
750 million
euro
Sustainability‑Linked Bond issue indexed to two goals related to
greenhouse gas emissions, maturing in eight years (due in
October 2032) and paying a coupon of 3.625%.
This bond was 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.
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
536
5.4
5.4.1
5.4.2
5.4.3
On March 27, 2024, the Company redeemed 500 million US
dollars’ worth of convertible, non‑dilutive 0% six‑year bonds.
Then, on April 26, 2024, the Company redeemed 750 million
euros’ worth of 0.750% eight‑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
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 2024,
identical
to
the
maturity
at
end‑December 2023.
Risk hedging
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.
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 March 22, 2018, Carrefour issued 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.
On March 27, 2024, the Company redeemed this non‑dilutive
convertible bond and unwound the related swap that was also
maturing on that date.
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.
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
537
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)
December 31,
2023
Increases
Reversals
Other
movements
Used
Surplus
December 31,
2024
Obligations to deliver shares
40
28
(40)
(0)
28
Pension obligations
0
0
Provisions for shares in subsidiaries
and affiliates
135
103
238
Disputes and miscellaneous risks
27
5
(11)
(3)
19
Provision for contingencies and charges
202
136
(51)
(3)
285
On financial assets
9,097
364
0
(2)
9,459
On accounts receivable
0
0
0
0
On other items (marketable securities)
18
7
0
(22)
4
Impairment
9,115
372
-
(2)
(22)
9,463
TOTAL PROVISIONS AND IMPAIRMENT
9,317
508
(51)
(5)
(22)
9,748
6.1
Provisions for share plans
Certain Carrefour group employees receive equity‑settled
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.
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 (representing 0.33% of the share capital). The
shares vested subject to a service condition and several
performance conditions.
The vesting period was three years from the date of the Board of
Directors’ meeting at which the rights were granted. The number
of shares that vested depended on the achievement of four
performance conditions:
In February 2024, 2,411,400 treasury shares were delivered under
this plan, and the provision of 40 million euros was reversed
against an expense of the same amount.
(1)
(2)
(3)
Provisions were recognised during the year to cover losses incurred by subsidiaries.
(1)
See Note 4.1.2.
(2)
Reclassification of available treasury shares to treasury shares allocated to specific plans (see Note 5.2).
(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 SA share price against a panel of
companies in the retail sector (for 25%);
■
a CSR‑related condition for 25%.
■
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
538
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 (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:
As the decision to deliver the 2022 plan with treasury shares was
taken in 2024, a provision of 28 million euros was recognised
during the year to cover the outflow of resources without
consideration.
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 (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:
No decision has yet been taken on how this plan will be delivered
(existing shares or issue of new shares).
2024 Plan
On February 20, 2024, 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 26, 2023 to grant new or existing performance
shares. The plan provided for the grant of a maximum of
3,350,000 shares (representing 0.5% 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:
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.
2022 Plan
2023 Plan
2024 Plan
Shareholders’ Meeting date
May 21, 2021
May 21, 2021
May 26, 2023
Grant date
February 16, 2022
February 14, 2023
February 20, 2024
Vesting date
February 16, 2025
February 14, 2026
February 20, 2027
Total number of shares approved at the grant date
3,104,000
2,833,260
3,350,000
Number of grantees at the grant date
809
680
835
Fair value of each share (in euros)
14.21
13.23
11.99
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%.
■
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%.
■
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%.
■
(1)
(2)
(3)
Notification date (i.e., date on which grantees were notified of the plans’ characteristics and terms).
(1)
The shares will vest subject to a service condition and several performance conditions.
(2)
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.
(3)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
539
Changes in the year
Movements in shares under these plans were as follows in 2024:
2024
2023
Number of performance shares granted at January 1
7,918,270
7,716,270
Shares granted during the year
3,350,000
2,833,260
Shares delivered to grantees during the year
(2,411,400)
(2,052,806)
Shares cancelled during the year
(564,594)
(578,454)
NUMBER OF PERFORMANCE SHARES GRANTED AT DECEMBER 31
8,292,276
7,918,270
6.2
6.2.1
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.
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.
The assumptions used to calculate the provision are as follows:
Assumptions
December 31, 2024
December 31, 2023
Rate of future salary increases
3%
3%
Payroll tax rate
36%
36%
Discount rate
3.20%
3.20%
Mortality table
TH 2017‑2019/TF 2017‑2019
TH 2017‑2019/TF 2017‑2019
Staff turnover rate (based
on seniority):
Before age 55, average of the actual turnover
rates for headquarters staff for 2022, 2023 and
2024; beyond age 55, the turnover rate is nil
Before age 55, average of the actual turnover
rates for headquarters staff for 2021, 2023 and
2024; beyond age 55, the turnover rate is nil
0 to 5 years’ seniority
Executives: 6.56%, Managers: 9.76%,
Supervisors: 1.39%, employees: 5.59%
Executives: 10.22%, Managers: 10.99%,
Supervisors: 3.86%, employees: 7.09%
6 to 10 years’ seniority
Executives: 5.76%, Managers: 5.70%,
Supervisors: 1.38%, employees: 2.96%
Executives: 7.30%, Managers: 6.81%,
Supervisors: 0.89%, employees: 3.88%
11 to 15 years’ seniority
Executives: 2.01%, Managers: 3%,
Supervisors: 0.93%, employees: 6.19%
Executives: 3.08%, Managers: 3.4%,
Supervisors: 0.93%, employees: 6.19%
16 to 20 years’ seniority
Executives: 4.16%, Managers: 1.63%,
Supervisors: 0%, employees: 1.15%
Executives: 5.01%, Managers: 1.56%,
Supervisors: 0%, employees: 1.15%
21 to 25 years’ seniority
Executives: 3.10%, Managers: 0.48%,
Supervisors: 0%, employees: 0%
Executives: 3.37%, Managers: 0.37%,
Supervisors: 0%, employees: 0%
More than 26 years’ seniority
Executives: 1.27%, Managers: 0.18%,
Supervisors: 0%, employees 0%
Executives: 2.78%, Managers: 0.2%,
Supervisors: 0%, employees 0%
The provision at December 31, 2024 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, 2024, the obligation net of plan assets corresponded to
39 thousand euros in assets.
(1)
(2)
Delivered under the 2021 plan.
(1)
As of December 31, 2024, 14,700 shares were cancelled under the 2021 plan, 246,250 under the 2022 plan, 251,800 under the 2023 plan and
51,844 under the 2024 plan.
(2)
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
540
6.2.2
Supplementary pension obligations
On 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:
The Group has externalised the plan’s management to an
insurance company.
NOTE 7
SHAREHOLDERS’ EQUITY
7.1
7.2
Share capital
At December 31, 2024, the share capital was made up of
677,969,188 ordinary shares with a par value of 2.50 euros each,
versus 708,790,816 shares at December 31, 2023.
The change during the year corresponds to the shares cancelled
in connection with the capital reductions carried out in April and
June 2024.
Issue and merger premiums
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.
7.3
Changes in shareholders’ equity
(in millions of euros)
Share capital
Issue and
merger
premiums
Other reserves,
retained
earnings
Net income
Total
shareholders’
equity
Shareholders’ equity at December 31, 2023
1,772
15,493
3,164
1,783
22,212
Appropriation of net income for 2023
1,783
(1,783)
-
Dividend distribution
(600)
(600)
Share capital reductions
(77)
(404)
(481)
Share capital increase
-
Net income for 2024
297
297
SHAREHOLDERS’ EQUITY AT DECEMBER 31,
2024
1,695
15,089
4,347
297
21,428
At the Shareholders’ Meeting held on May 24, 2024, the
shareholders decided to set the 2023 dividend at 0.87 euro per
share to be paid entirely in cash.
On May 30, 2024, the dividend was paid out in an amount of
600 million euros.
Dividends not paid on Carrefour shares held in treasury, in the
amount of 2.1 million euros, were credited to retained earnings.
As mentioned in Note 2, further to buying back treasury shares
for a total amount of 700 million euros, the Company carried out
two capital reductions through the cancellation of shares: (i) an
initial capital reduction in April 2024 involving the cancellation of
16,844,310 shares, corresponding to a capital reduction of
42 million
euros
and
an
impact
on
premiums
of
235 million euros; (ii) a second capital reduction in June 2024
involving the cancellation of 13,977,318 shares, corresponding to
a capital reduction of 35 million euros and an impact on
premiums of 169 million euros.
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%.
■
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
541
7.4
Treasury share reserve
At December 31, 2024, a total of 32,195,690 shares were held in
treasury.
Treasury shares comprise:
The net carrying amount of Carrefour shares held at
December 31, 2024 was 468 million euros (see Notes 4.1.2 and
5.2).
NOTE 8
FINANCIAL INCOME, NET
Net financial income breaks down as follows:
(in millions of euros)
2024
2023
Dividends
617
1,346
Interest and other financial expenses
(292)
(177)
Impairment and provisions
(475)
(98)
Reversals of impairment and provisions
2
105
Other financial income and expenses, net
181
139
FINANCIAL INCOME, NET
33
1,314
In 2024, dividends received stood at 617 million euros, mainly
including:
Interest expense was mainly attributable to bond and note issues.
Further to their remeasurement at December 31, 2024, the
Company recognised an increase of 364 million euros in the net
charge to impairment for shares in subsidiaries and affiliates and
deficits, and 103 million euros in provisions for shares in
subsidiaries (see Note 6).
Other financial income and expenses include the deferral of
bond redemption premiums as well as exchange gains, and
interest received on current accounts.
29,632,670 shares held for cancellation, classified under other
long‑term investments;
■
75,000 shares acquired under the liquidity agreement and
allocated to “market making”, classified under other long‑term
investments;
■
435,275 shares
not
allocated
to
specific
plans
and
2,052,745 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.
■
167 million euros from Spanish subsidiary Norfin Holder;
■
160 million euros from French subsidiary Carrefour Property;
■
100 million euros from French subsidiary Carrefour Finance;
■
68 million euros from French subsidiary Hyparlo;
■
37 million euros from French subsidiary Carrefour Partenariat
International;
■
29 million
euros
from
Spanish
subsidiary
Centros
Commerciales.
■
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
542
NOTE 9
INCOME TAX
9.1
Breakdown of net income and corresponding tax
(in millions of euros)
2024
Before tax
Tax
After tax
Recurring income before profit‑sharing
(37)
(37)
Non‑recurring income, net
1
1
Group relief
333
333
2024 NET INCOME
(36)
333
297
The income tax benefit for 2024 mainly corresponds to income from tax consolidation.
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)
December 31, 2024
December 31, 2023
Assets
Liabilities
Assets
Liabilities
1- Temporarily non‑deductible expenses
1
2
2- Temporarily non‑taxable revenue
306
306
3- Other
TOTAL
1
306
2
306
The amount of 306 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).
Provision for contingencies and charges
●
Capital gains on mergers and asset contributions
qualifying for rollover relief
●
Tax loss carryforwards
●
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
543
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)
December 31,
2024
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
December 31,
2023
Accounts receivable
2,871
2,871
2,798
Subtotal accounts receivable
2,871
2,871
2,798
Other accruals
40
40
106
Subtotal accruals
40
40
106
TOTAL
2,911
2,911
2,904
10.2
Accounts payable and accrued liabilities
The debt maturity schedule is as follows:
(in millions of euros)
December 31,
2024
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
December 31,
2023
Trade payables
4
4
11
Accrued taxes and payroll costs
196
196
311
Other liabilities
1,279
1,279
1,027
TOTAL
1,479
1,479
1,349
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.
(1)
(2)
Accounts receivable correspond mainly to intra‑group receivables and, to a lesser extent, tax receivables (tax or VAT credits).
(1)
Other accruals mainly include translation adjustments, bond issuance premiums and bond issuance costs which are deferred over the life of the
corresponding bonds.
(2)
(1)
Other liabilities essentially correspond to intra‑group payables.
(1)
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
544
10.4
Off balance sheet commitments
10.4.1
Derivative instruments
Derivative instruments used
(in millions of euros)
Notional amount covered by maturity
Market value of derivatives
December 31,
2024
Due within
1 year
Due in 1 to
5 years
Due beyond
5 years
December 31,
2023
December 31,
2024
December 31,
2023
Purchased calls
0
0
452
0
1
Currency swaps
0
0
452
0
101
Purchased interest rate
options (caps)
100
100
100
0
0
Purchased swaptions (SWP)
125
25
100
100
2
8
Interest rate swaps
0
0
TOTAL
225
125
100
-
1,105
2
110
10.4.2
Other commitments
(in millions of euros)
December 31, 2024
December 31, 2023
Guarantees
58
40
Commitments given
58
40
Undrawn syndicated lines of credit
4,000
3,900
Commitments received
4,000
3,900
10.5
Employees and compensation
10.5.1
Average number of employees
2024
2023
Managerial
5
5
AVERAGE NUMBER OF EMPLOYEES
5
5
10.5.2
Compensation
Details of management compensation are provided in the business review.
(1)
Two EUR/USD cross‑currency swaps for 250 million US dollars were arranged in March 2018 upon subscription to the cash‑settled convertible
bond issue. They were unwound following the redemption of the bond issue on March 27, 2024.
(1)
(1)
(2)
Guarantees mainly relate to guarantees issued on behalf of the Group’s captive insurance company.
(1)
At December 31, 2024, the Company had an undrawn syndicated line of credit obtained from a pool of 22 leading banks, for a total of
4 billion euros.
(2)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
545
NOTE 11
SUBSEQUENT EVENTS
No events have occurred since the year‑end that would have a
material impact on the Company at December 31, 2024.
Bond issue
On January 17, 2025, the Company placed a new 500 million
euro Sustainability‑Linked Bond maturing in 5.5 years (due in
June 2030) and paying a coupon of 3.25%. This bond is indexed
to two greenhouse gas emission reduction targets: one relating
to Scopes 1 and 2, and the other to Scope 3 purchases of goods
and services.
This bond was issued as part of a financing strategy aligned with
the Group’s Corporate Social Responsibility (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.
Special tax in France on capital reductions carried out
by cancelling shares
In France, the 2025 Finance Act adopted by Parliament on
February 6, 2025 introduced a special tax on capital reductions
carried out by cancelling shares between March 1, 2024 and
February 28, 2025 and resulting from share buybacks by
companies with net sales in excess of 1 billion euros.
Having cancelled a total of 30,821,628 treasury shares in April
and June 2024, Carrefour SA is subject to this tax, which is
estimated at around 60 million euros and is expected to be paid
in 2025.
Plan to acquire all outstanding shares
in Carrefour Brazil
On February 11, 2025, the Group announced its intention to
acquire the outstanding shares held by minority shareholders in
its Brazilian subsidiary, Grupo Carrefour Brasil (“Carrefour Brazil”),
and delist it from the São Paulo Stock Exchange through a share
merger (Incorporação de Ações).
The Carrefour group, which currently owns 67.4% of Carrefour
Brazil (of which 30.9% is held by Carrefour SA), has decided to
increase its investment to 100%, reflecting its confidence in the
subsidiary’s growth trajectory and its potential for value creation.
The delisting will allow for more agile management and
enhanced focus on execution. With this transaction, Carrefour is
reaffirming its commitment to Brazil and will continue to invest in
the growth and development of its activities there.
The Board of Directors of Carrefour Brazil has unanimously
recommended the offer. Minority shareholders will be given
three options in exchange for their shares:
Minority shareholders who decide to receive Carrefour Group
shares may choose to do so in the form of Brazilian Depositary
Receipts (BDRs), listed in São Paulo.
The Carrefour SA shares to be delivered in exchange will be
issued under existing financial authorisations. In this regard, the
transaction will require the appointment of a contribution auditor
in France.
The transaction’s completion remains subject, in particular, to the
approval of Carrefour Brazil’s minority shareholders holding the
free float. They will vote at an Extraordinary Meeting of Carrefour
Brazil shareholders in the second quarter of 2025. If approved,
the transaction is expected to close before the end of
second‑quarter 2025.
7.70 Brazilian reals in cash for every Carrefour Brazil share;
■
one Carrefour SA share for every 11 Carrefour Brazil shares;
■
a combination of the above two options, i.e., 3.85 reals in cash
for every Carrefour Brazil share plus one Carrefour SA share for
every 22 Carrefour Brazil shares.
■
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
www.carrefour.com
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
546
NOTE 12
SUBSIDIARIES AND AFFILIATES
(in millions
of euros)
Share
capital
Reserves
and
retained
earnings
% interest
Invest-
ment
at cost
Impair-
ment of
shares
Invest-
ment,
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
A- Detailed information
1. Subsidiaries (over 50% owned)
France
CARMA
23
103
50.0%
44
44
-
-
(4)
0
0
CARREFOUR
BANQUE
101
376
60.0%
154
154
-
-
(1)
186
0
CARREFOUR
FRANCE
1,995
(1,810)
99.6%
3,979
3,979
6,952
1,245
(579)
16
0
CARREFOUR
MANAGEMENT
0
(20)
100.0%
118
(118)
0
-
-
(21)
0
0
CARREFOUR
SYSTEMES
D’INFORMATION
164
(231)
100.0%
168
(168)
0
-
-
(9)
416
0
CARREFOUR
PROPERTY
FRANCE
2,457
633
74.8%
2,528
2,528
-
-
80
155
160
GUYENNE ET
GASCOGNE
106
(11)
100.0%
428
(250)
178
-
-
16
10
0
HYPARLO
63
220
100.0%
450
450
180
150
68
0
68
TOTAL
7,868
(535)
7,333
7,132
1,395
(449)
783
228
International
CARREFOUR ASIA
201
(196)
100.0%
190
(186)
4
0
0
0
CARREFOUR
NEDERLAND BV
2,259
1,076
100.0%
3,603
3,603
767
723
949
0
0
NORFIN HOLDER
2
4,364
79.9%
3,177
3,177
2,872
2783
268
0
167
CAPARBEL
6,184
12
100.0%
6,184
6,184
636
97
2
0
TOTAL
13,154
(186)
12,969
4,275
3,603
1,219
0
167
2. Affi
ffiliates (10%-50% owned)
France
CARREFOUR
FINANCE
6,823
1,207
25.0%
1,668
1,668
-
-
357
0
100
CRFP 13
863
490
38.0%
385
385
-
-
5
0
2
TOTAL
2,053
2,053
0
0
362
0
102
International
ATACADÃO
1,860
1,729
30.88%
251
251
-
-
(141)
11,902
10
CARREFOUR ITALIA
1,289
(602)
30.0%
2,312
(2,312)
0
-
-
NC
NC
0
TOTAL
2,563
(2,312)
251
0
0
(141)
11,902
10
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Notes to the Company financial statements
547
(in millions
of euros)
Share
capital
Reserves
and
retained
earnings
% interest
Invest-
ment
at cost
Impair-
ment of
shares
Invest-
ment,
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
B- Aggregate information
1. Other subsidiaries
France
11
0
11
0
0
74
International
0
0
0
0
0
0
2. Other investments
France
96
(9)
87
0
0
7
International
247
(8)
239
0
0
29
C- General information about investments
French subsidiaries
(total)
7,879
(535)
7,344
7,132
1,395
303
International
subsidiaries (total)
13,154
(186)
12,969
4,275
3,603
167
French affi
ffiliates
(total)
2,149
(9)
2,140
0
0
109
International
affi
ffiliates (total)
2,811
(2,320)
490
0
0
38
TOTAL
25,994
(3,050)
22,943
11,407
4,998
617
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 2023 since the 2024 data have not yet been authorised for issue by the appropriate governance bodies.
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statutory Auditors’ report on the financial statements
548
7.5
Statutory Auditors’ report
on the financial statements
For the year ended December 31, 2024
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 report and other documents provided to shareholders.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards
applicable in France.
To the Shareholders’ Meeting of Carrefour S.A.,
OPINION
In compliance with the engagement entrusted to us by your
Shareholders’ Meeting, we have audited the accompanying
financial statements of Carrefour S.A. for the year ended
December 31, 2024.
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, 2024 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, 2024 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, 2024, the net book value of the shares
including allocated merger losses amounted to € 27,942 million
and represents the most important item on the balance sheet.
The gross value of investments is recorded at acquisition cost. An
impairment loss is recognized when the value in use falls below
the net book value (including, where applicable, the net book
value of allocated merger losses)
As stated in Note 4.1 to the financial statements, shares in
subsidiaries and affiliates are subject to impairment tests at each
year‑end in order to verify that their net carrying amount does
not exceed their value in use. Otherwise, an impairment loss is
recognized in the financial result.
As stated in Note 4.1 to the financial statements, the value in use
has been determined on the basis of several criteria, the main
ones being (i) the value of shareholders’ equity, (ii) projections of
future cash flows established, (iii) the valuation of the revalued
net assets estimated on the basis of reasonable operating
forecasts or on the basis of observable data when available
(multiples of sales and/or income statement aggregates of recent
transactions, offers received from buyers, multiples of stock
market values of comparable companies) or analyses carried out
by internal or external experts, adjusted, if necessary, for the net
debt of the tested entity.
1
4
7
2
5
8
3
6
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statutory Auditors’ report on the financial statements
549
Due to the significant net carrying amount of the shares,
uncertainties relating mainly to the probability of the realization
of the future cash flow forecasts used to measure the value in
use and sensitivity to changes of the financial data and
assumptions used, we considered the measurement of the value
in use of the shares to be a key audit matter.
Responses as part of our audit
In order to estimate the value in use of the shares as determined
by
management,
our
work
consisted
in
assessing
the
appropriateness of the methodology used to determine the value
in use:
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
governance
sets
out
the
information
required
by
Articles L.225‑37‑4, L. 22‑10‑10 et L.22‑10‑9 of the French
Commercial Code (Code de commerce).
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 in their favour, we have verified 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.
Other information
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.
Report on Other Legal and Regulatory Requirements
Format of presentation of the financial statements intended to
be included in the annual financial report
We have also verified, in accordance with the professional
standard applicable in France relating to the procedures
performed by the statutory auditor relating to the annual and
consolidated financial statements presented in the European
single electronic format, 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 (Code monétaire et financier), prepared under the
responsibility of the Chairman and Chief Executive Officer
complies with the single electronic format defined in the
European Delegated Regulation N 2019/815 of December 17,
2018.
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.
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 Forvis Mazars.
As of December 31, 2024, Deloitte & Associés, and Forvis Mazars
were in the 22
year and the 14 year of total uninterrupted
engagement, respectively.
Responsibilities of Management and Those Charged with
Governance for the Financial Statements
Management is responsible for the preparation and 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.
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,
regarding
the
accounting
and
financial
reporting
procedures.
The financial statements were approved by the Board of
Directors.
analyzing the consistency of the cash flow forecasts used with
our understanding of the group’s strategic outlook and
guidance;
■
comparing past forecasts with actual results to verify the
reliability of the forecasting process;
■
assessing the reasonableness of the financial parameters used
(discount and perpetual growth rates) with the assistance of
our specialists in financial valuation and relying particularly on
experts valuations;
■
assessing the reasonableness of the observable data provided
by the Company insofar as they contribute to the estimation of
the value in use of the securities;
■
assessing the appropriateness of the disclosures in Notes 4.1
and 12 to the financial statements.
■
o
nd
th
7
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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CARREFOUR SA FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Statutory Auditors’ report on the financial statements
550
Statutory Auditors’ Responsibilities for the Audit of the
Financial Statements
Objectives and audit approach
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 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 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:
Report to the Audit Committee
We submit a report to the Audit Committee which includes in
particular a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also
report, if any, significant deficiencies in internal control regarding
the accounting and financial reporting procedures that we have
identified.
Our report to the Audit Committee includes the risks of material
misstatement that, in our professional judgment, were of most
significance in the audit of the financial statements of the current
period and which are therefore the key audit matter that we are
required to describe in this report.
We also provide the Audit Committee with the declaration
provided for in Article 6 of Regulation (EU) No. 537/2014,
confirming our independence within the meaning of the rules
applicable in France such as they are set in particular by
Articles L.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 26, 2025
The Statutory Auditors
French original signed by
Forvis Mazars
Jérôme de PASTORS
Deloitte & Associés
Bertrand BOISSELIER
Olivier BROISSAND
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
and assesses whether these statements represent the
underlying transactions and events in a manner that achieves
fair presentation.
■
8
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
551
INFORMATION ABOUT
THE COMPANY AND THE CAPITAL
8.1
Information about the Company
552
8.1.1 Corporate name, trade and companies
register and legal entity identification
number (LEI)
552
8.1.2 Head office, phone number and website
552
8.1.3 Legal form and term
552
8.1.4 Main provisions of the Articles
of Association
552
8.2
Information about the capital
555
8.2.1 Change in share capital
555
8.2.2 Summary of delegations of authority
and powers concerning capital increases
556
8.2.3 Change in the Company’s capital
558
8.2.4 Treasury share buybacks
558
8.2.5 Grant of options
560
8.2.6 Grant of shares
560
8.3
Shareholders
562
8.3.1 Main shareholders
562
8.3.2 Crossing of thresholds reported
to the Company in 2024
564
8.3.3 Information referred to in Article
L. 233‑13 of the French Commercial Code
564
8.3.4 Information referred to in Article
L. 22‑10‑11 of the French
Commercial Code
565
8
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
552
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
responsiveness of
the
Company’s governance (see
Section 3.1.1 of this Universal Registration Document).
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
8.1.4.2
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.
Corporate purpose (Article 3)
The purpose of the Company is to:
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.
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.
■
1
4
7
2
5
8
3
6
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UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
553
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
number of such Directors and the conditions of their
appointment are set by the applicable legal provisions and the
Company’s 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).
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, the office of the Director(s) 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.
In the event of a vacancy, for any reason, of the office of a
Director representing employees, the vacant seat is filled
according to the conditions provided for in Article L. 225‑34 of
the French Commercial Code. Until the date of replacement of
the Director representing employees, the Board of Directors may
validly meet and deliberate.
In addition to the provisions of Article L. 225‑29 paragraph 2 of
the French Commercial Code, and for the avoidance of doubt, it
is specified that the failure of the committee(s) designated by the
Company’s Articles of Association to appoint a Director or
Directors representing employees does not affect the validity of
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.
The Board of Directors appoints a Vice‑Chairman, from among
its members, who is asked to replace the Chairman in case of
absence,
temporary
unavailability,
resignation,
death
or
non‑renewal of his/her term of office. If the Chairman is
temporarily unavailable, the Vice‑Chairman replaces him/her for
a defined period of time during such unavailability; otherwise the
Vice‑Chairman acts as Chairman until a new Chairman is
appointed.
The Chairman organises and directs the Board of Directors’ work,
reporting thereon to the Shareholders’ Meeting.
The Chairman ensures the proper functioning of the Company’s
bodies and, in particular, that the Directors are able to perform
their duties.
The Board of Directors meets as often as required to serve the
Company’s interests, either at the head office or at any other
place indicated in the Notice of Meeting. Certain decisions
referred to in Article L. 225‑37 of the French Commercial Code
may be the subject of written consultations of the Directors.
The Directors are called to meetings by the Chairman or, where
necessary, by the Vice‑Chairman, by any means, including orally.
Board of Directors’ meetings are chaired by the Chairman of the
Board of Directors or, where necessary, by the Vice‑Chairman.
Proceedings are conducted under the conditions of quorum and
majority prescribed by law.
The Board of Directors’ deliberations are recorded in minutes
kept in a special register in accordance with the applicable
legislation or Article R. 225‑22 of the French Commercial Code,
in electronic format. In such a case, the minutes are signed using
an electronic signature that complies with the minimum
requirements of an advanced electronic signature provided for in
Article 26 of Regulation (EU) 910/2014 of 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.
8
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the Company
554
8.1.4.4
8.1.4.5
8.1.4.6
8.1.4.7
The Board of Directors determines the Company’s business
strategy and oversees its implementation.
Subject to the powers expressly attributed to the Shareholders’
Meetings and within the scope of the corporate purpose, the
Board of Directors deals with all matters relating to the proper
management of the Company and, through its proceedings,
handles other matters concerning it.
The Board conducts the controls and audits that it deems
appropriate. The Directors receive all information needed to
perform their duties and may consult any documents that they
deem useful.
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
the
two
aforementioned management methods.
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.
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.
Shareholders’ Meetings
(Articles 20 to 23)
All shareholders are entitled to attend Shareholders’ Meetings in
person or by proxy, upon presentation of identification and
evidence of share ownership, in the form and at the place
indicated in the Notice of Meeting, in accordance with the
conditions provided for in the applicable regulations.
Every shareholder has the right to participate in Shareholders’
Meetings by way of a proxy granted to any other person or legal
entity of his/her choice, and may also vote by post, subject to the
conditions provided for in the applicable regulations.
Any shareholder may, if the Board of Directors so decides when
convening the Shareholders’ Meeting, also participate in and vote
at Shareholders’ Meetings via videoconference or any other
means of telecommunication (including the 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).
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.
Provision of the issuer’s Articles
of Association that would delay,
postpone or prevent a change
in its control
None.
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8.2 Information about the capital
8.2.1
CHANGE IN SHARE CAPITAL
Capital reduction on April 24, 2024
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 42,110,775 euros (forty‑two million, one
hundred ten thousand, seven hundred seventy‑five euros)
through the cancellation of 16,844,310 Company shares.
Following this reduction, the Company’s share capital amounted
to 1,729,866,265 euros (one billion, seven hundred twenty‑nine
million, eight hundred sixty‑six thousand, two hundred sixty‑five
euros), divided into 691,946,506 shares with a par value of
2.50 euros each.
Capital reduction on June 3, 2024
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 34,943,295 euros (thirty‑four million, nine
hundred forty‑three thousand, two hundred ninety‑five euros)
through the cancellation of 13,977,318 Company shares.
Following this reduction, the Company’s share capital amounted
to 1,694,922,970 euros (one billion, six hundred ninety‑four
million, nine hundred twenty‑two thousand, nine hundred
seventy euros), divided into 677,969,188 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
warrants
None.
Information on the conditions governing any
right of acquisition and/or any obligation relating
to unpaid share capital, or on any undertaking
to increase the capital
None.
Information on the capital of any member
of the Group that is under option or subject
to a conditional or unconditional agreement
to be put under option, and the details
of such options
None.
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556
8.2.2
SUMMARY OF DELEGATIONS OF AUTHORITY AND POWERS
CONCERNING CAPITAL INCREASES
8.2.2.1 Delegations in force in 2024
Type
Guarantee amount
Date of
the Annual
Shareholders’
Meeting
Duration
Expiry date
Use during 2024
Issue of shares and/or marketable securities
with pre‑emptive subscription rights
€500 million May 26, 2023
26 months July 26, 2025
-
€4.5 billion May 26, 2023
26 months July 26, 2025
-
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
€175 million May 26, 2023
26 months July 26, 2025
-
€1.5 billion May 26, 2023
26 months July 26, 2025
-
Issue of shares and/or marketable securities
without pre‑emptive subscription rights
(private placement)
€175 million May 26, 2023
26 months July 26, 2025
-
€1.5 billion May 26, 2023
26 months July 26, 2025
-
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
10% May 26, 2023
26 months July 26, 2025
-
Capital
increase
by
incorporation
of reserves, profits and premiums
€500 million May 26, 2023
26 months July 26, 2025
-
Capital increase in favour of employees
who are members of a Company savings
plan (shareholder waiver of pre‑emptive
subscription rights)
€35 million May 26, 2023
26 months July 26, 2025
-
Shares
●
Other marketable securities
●
Shares
●
Other marketable securities
●
Shares
●
Other marketable securities
●
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Type
Guarantee amount
Date of
the Annual
Shareholders’
Meeting
Duration
Expiry date
Use during 2024
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)
With performance
conditions: 1% (of
which 0.25% for
Company Officers)
Without
performance
conditions: 1% (of
which 0% for
Company Officers) May 26, 2023
26 months July 26, 2025
3,350,000 shares,
i.e., approximately
0.47% of the
Company’s share
capital at
December 31, 2024
Transactions in Company shares
10% of the
Company’s capital May 26, 2023
18 months
November 26,
2024
47,744,193 shares,
i.e., 7.04% of the
Company’s share
capital at
December 31, 2024
Transactions in Company shares
10% of the
Company’s capital May 24, 2024
18 months
November 24,
2025
8.2.2.2 Delegations to be submitted to the Shareholders’ Meeting of May 28, 2025
for approval
Type
Guarantee amount
Duration
Expiry date
Issue of shares and/or marketable securities with pre‑emptive
subscription rights
€500 million
26 months
July 28, 2027
€4.5 billion
26 months
July 28, 2027
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
€160 million
26 months
July 28, 2027
€1.5 billion
26 months
July 28, 2027
Issue of shares and/or marketable securities without pre‑emptive
subscription rights (private placement)
€160 million
26 months
July 28, 2027
€1.5 billion
26 months
July 28, 2027
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
10%
26 months
July 28, 2027
Capital increase by incorporation of reserves, profits and premiums
€500 million
26 months
July 28, 2027
Capital increase in favour of employees who are members of a
Company savings plan (shareholder waiver of pre‑emptive
subscription rights)
€35 million
26 months
July 28, 2027
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)
With performance
conditions: 1%
(of which 0.25% for
Company officers)
Without performance
conditions: 1% (of which 0%
for Company officers)
26 months
July 28, 2027
Transactions in Company shares
10% of the Company’s
capital
18 months
November 28,
2026
Shares
●
Other marketable securities
●
Shares
●
Other marketable securities
●
Shares
●
Other marketable securities
●
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Information about the capital
558
8.2.3
CHANGE IN THE COMPANY’S CAPITAL
Event
Change in the number
of shares
Capital
(in euros)
Position at December 31, 2020
817,623,840
2,044,059,600.00
Capital reduction through cancellation of treasury shares
29,475,225
Capital reduction through cancellation of treasury shares
12,252,723
Position at December 31, 2021
775,895,892
1,939,739,730.00
Capital reduction through cancellation of treasury shares
21,232,106
Capital reduction through cancellation of treasury shares
12,506,325
Position at December 31, 2022
742,157,461
1,855,393,652.50
Capital increase reserved for employees
746,871,196
1,867,177,990.00
Capital reduction through cancellation of treasury shares
719,983,834
1,799,959,585.00
Capital reduction through cancellation of treasury shares
708,790,816
1,771,977,040.00
Position at December 31, 2023
708,790,816
1,771,977,040.00
Capital reduction through cancellation of treasury shares
691,946,506
1,729,866,265.00
Capital reduction through cancellation of treasury shares
677,969,188
1,694,922,970.00
Position at December 31, 2024
677,969,188
1,694,922,970.00
8.2.4
TREASURY SHARE BUYBACKS
Treasury shares
At December 31, 2024, the Company held 32,120,690 treasury
shares (i.e., 4.74% of the share capital).
The market value of treasury shares held at December 31, 2024,
based on the final quoted price known for the year of 13.73 euros
per share, was approximately 441 million euros.
Of these 32,120,690 treasury shares held by the Company at
December 31, 2024:
Share buyback programmes in effect
during 2024
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:
2,488,020 shares are used to cover stock option plans,
performance share plans and any other allocations of shares;
■
29,632,670 shares are earmarked for cancellation.
■
engage in market making activities in the secondary market or
ensure the liquidity of Company shares through an investment
services provider, under the terms of a liquidity agreement and
in accordance with the market practices accepted by the 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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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.
For each of the goals pursued under this programme, the
number of shares purchased as authorised above was as follows:
Maximum percentage of capital, maximum number and
characteristics of the shares the Company intends to purchase
and maximum purchase price:
Term of the share buyback programme:
Share buyback programme approved
by the Shareholders’ Meeting of May 24, 2024
The Shareholders’ Meeting of May 24, 2024, 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:
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 24, 2024 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.
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 (Code du travail);
■
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;
■
allocate
performance
shares
under
the
provisions
of
Articles L. 225‑197‑1 et seq. of the French Commercial Code;
■
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;
■
engage in any market making activities that may be recognised
by law or the AMF.
■
liquidity agreement: none;
■
stock option plan: none;
■
performance share plan: none;
■
cancellation: under a share buyback mandate conducted in
two
separate
tranches,
the
Company
bought
back
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.
■
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.
■
eighteen months from May 26, 2023 pursuant to the
authorisation granted at the Shareholders’ Meeting, i.e., until
November 26, 2024.
■
engage in market making activities in the secondary market or
ensure the liquidity of Company shares through an investment
services provider, under the terms of a liquidity agreement and
in accordance with the market practices accepted by the AMF;
■
implement any Company stock option plan or any similar plan,
in accordance with the provisions of Articles L. 225‑177 et seq.
of the French Commercial Code;
■
allocate or transfer shares to employees for their investment in
the Company’s development and/or to implement any savings
plan as provided for by law, in particular Articles L. 3331‑1
et seq. of the French Labour Code;
■
allocate
performance
shares
under
the
provisions
of
Articles L. 225‑197‑1 et seq. of the French Commercial Code;
■
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;
■
engage in any market making activities that may be recognised
by law or the AMF.
■
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INFORMATION ABOUT THE COMPANY AND THE CAPITAL
Information about the capital
560
For each of the goals pursued under this programme, the
number of shares purchased as authorised above was as follows:
Maximum percentage of capital, maximum number and
characteristics of the shares the Company intends to purchase
and maximum purchase price:
Term of the share buyback programme:
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 24, 2024
2,395,286/0.35%
Number of shares cancelled over the past 24 months
68,902,008
Number of shares held at December 31, 2024 (in shares and as a percentage)
32,120,690/4.74%
Gross book value of the portfolio (in euros)
470,348,944.14
Market value of the portfolio (in euros)
441,017,074
Number of shares purchased during the year
47,744,193
Number of shares sold during the year
-
Transaction costs (in euros)
87,859
Average purchase price (in euros)
€14.75
Average sale price
-
8.2.5
GRANT OF OPTIONS
There were no longer any Carrefour stock option plans outstanding at December 31, 2024.
8.2.6
GRANT OF SHARES
On February 20, 2024, based on the Compensation Committee’s
recommendation, the Board of Directors decided to use the
authorisation given in the 22nd resolution of the Shareholders’
Meeting held on May 26, 2023 to grant performance shares (new
or existing) to 835 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%:
liquidity agreement: on June 27, 2024, Carrefour and
Rothschild & Co Martin Maurel signed a liquidity agreement
which took effect from September 2, 2024. On December 31,
2024, at the end of the reporting period, the liquidity account
included the following resources:
■
75,000 Carrefour shares,
■
27,891,761.68 euros;
■
stock option plan: none;
■
performance share plan: none;
■
cancellation: under share buyback mandates conducted under
its 2024 programme, the Company bought back 47,651,459
shares earmarked for cancellation. On April 24, 2024 and
■
June 3, 2024, the Company cancelled 16,844,310 and
13,977,318 shares respectively that had been purchased;
sale of treasury shares: none.
■
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.
■
eighteen months from May 24, 2024 pursuant to the
authorisation granted at the Shareholders’ Meeting, i.e., until
November 24, 2025.
■
(1)
Number of shares purchased under the share buyback programme approved by the Shareholders’ Meetings of May 26, 2023 and May 24, 2024.
(1)
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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Details of the performance share plans in progress at December 31, 2024 are presented below.
2022 Performance
Plan
2023 Performance
Plan
2024 Performance
Plan
Date of the Annual Shareholders’ Meeting
May 21, 2021
May 21, 2021
May 26, 2023
Grant date
February 16, 2022
February 14, 2023
February 20, 2024
Vesting date
February 16, 2025
February 14, 2026
February 20, 2027
Number of shares awarded at grant date
3,104,000
2,833,260
3,350,000
of which to Company Officers
338,345
401,862
472,986
Number of grantees at grant date
809
680
835
Fair value of one share (in euros)
14.21
13.23
11.99
Total number of shares delivered
2,042,639
N/A
N/A
The 2022 performance share plan expired on February 16, 2025.
The Carrefour group’s performance with regard to this plan was
82.9%. The corresponding shares were delivered to the grantees
in accordance with the terms of the relevant regulation.
A total of 2,042,639 shares were delivered under this plan.
The performance achieved by the Group breaking down as
follows
over
the
performance
assessment
period:
the
performance level achieved for the recurring operating income
criterion was 86.7%
; the performance level achieved for the
free cash flow criterion was 130%
; the performance level of the
TSR criterion was 0%
; and the performance level achieved for
the CSR criterion was 115%
.
Movements in performance shares in 2024 were as follows:
2023
2024
Number of performance shares granted at January 1
7,647,216
7,893,110
Shares granted during the year
2,833,260
3,350,000
Shares delivered to grantees during the year
2,052,809
2,411,400
Of which shares delivered to Company officers
304,597
335,330
Shares cancelled during the year
(534,557)
(539,434)
Number of performance shares granted at December 31
7,893,110
8,292,276
(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.
(1)
The Carrefour share price on the grant date (reference price adjusted for estimated dividends not received during the vesting period).
(2)
(1)
(2)
(3)
(4)
(1)(2)
(3)
(4)
2023 performance share plan decided by the Board of Directors on February 14, 2023.
(1)
2024 performance share plan decided by the Board of Directors on February 20, 2024.
(2)
Shares allocated by the Board of Directors on February 17, 2021. The performance level achieved by the Carrefour group was 100% (actual
performance 105%, capped at 100%), breaking down as follows: the average performance level achieved for the recurring operating income
criterion was 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%.); the performance level achieved for the free cash flow criterion was 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%); the performance level of the TSR criterion was 50% (for a positioning in fifth place on the panel of companies);
the performance level achieved for the CSR criterion was 125% (2021: target 100% – result 111% – performance 127.5%. 2022: target 100% –
result 109% – performance 122.5%. 2023: target 100% – result 110% – performance 125%).
(3)
Shares cancelled under the 2021, 2022, 2023 and 2024 performance share plans.
(4)
ROI: average performance over three years 86.7% (in millions of euros). 2022: target 2,328 – result 2,207 – performance 79.9%. 2023: target 2,444
– result 2,440 – performance 99.3%. 2024: target 2,561 – result 2,447 – performance 80.9%.
Net FCF: average performance over three years 130% (in millions of euros). 2022: target 927 – result 1,064 – performance 130%. 2023: target 1,017
– result 1,814 – performance 130%. 2024: target 1,124 – result 1,751 – performance 130%.
For a positioning in sixth place of the panel of companies.
CSR: average performance over three years 115%. 2022: target 100% – result 110% – performance 115%. 2023: target 100% – result 109% – perfor
mance 113.5%. 2024: target 100% – result 111% – performance 116.5%.
(1)
(2)
(3)
(4)
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Shareholders
562
8.3 Shareholders
8.3.1
MAIN SHAREHOLDERS
At December 31, 2024, the share capital amounted to
1,694,922,970 euros (one billion, six hundred ninety‑four million,
nine hundred twenty‑two thousand, nine hundred seventy euros),
divided into 677,969,188 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, 2024 was
830,164,680. After deducting the voting rights that cannot be
exercised, the total number of voting rights was 798,043,990.
CAPITAL (AT DECEMBER 31, 2024)
To the Company’s knowledge, the breakdown of the capital and voting rights at December 31, 2024 was as follows:
Shareholders
Number of
shares
Capital (in %)
Number of
actual voting
rights
Actual voting
rights (in %)
Number of
theoretical
voting rights
Theoretical
voting rights
(in %)
Galfa
54,624,212
8.06%
109,248,424
13.69%
109,248,424
13.16%
20,000,000
2.95%
20,000,000
2.41%
Subtotal – Galfa
74,624,212
11.01%
109,248,424
13.69%
129,248,424
15.57%
Peninsula Europe
62,563,160
9.23%
125,126,320
15.68%
125,126,320
15.07%
Bank of America Merrill Lynch
3,829,793
0.56%
3,829,793
0.48%
3,829,793
0.46%
Employees (company mutual fund)
10,976,838
1.62%
17,916,338
32.25%
17,916,338
2.16%
Treasury shares
32,120,690
4.74%
-
-
32,120,690
3.8787%
Public
493,854,495
72.84%
541,111,557
67.91%
522,111,557
62.88%
Total
677,969,188
100.00%
798,232,432
100.00%
830,353,122
100.00%
(1)
Shares pledged to banks under structured financing arrangements.
(1)
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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
Number of
shares
Capital (in %)
Number of
actual voting
rights
Actual voting
rights (in %)
Number of
theoretical
voting rights
Theoretical
voting rights
(in %)
Galfa
79,624,212
11.23%
159,248,424
18.33%
159,248,424
17.96%
22,291,101
3.14%
22,291,101
2.51%
Subtotal – Galfa
101,915,313
14.38%
159,248,424
18.33%
181,539,525
20.48%
Peninsula Europe
62,563,160
8.83%
125,126,320
14.40%
125,126,320
14.11%
Bank of America Merrill Lynch
56,646,433
7.99%
56,646,433
6.52%
56,646,433
6.39%
Employees (company mutual fund)
8,945,850
1.26%
15,811,950
1.82%
15,811,950
1.78%
Treasury shares
17,609,525
2.48%
-
-
17,609,525
1.99%
Public
461,110,535
65.06%
512,169,553
58.94%
489,878,452
55.25%
TOTAL
708,790,816
100.00%
869,002,680
100.00%
886,612,205
100.00%
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
Number of
shares
Capital (in %)
Number of
actual voting
rights
Actual voting
rights (in %)
Number of
theoretical
voting rights
Theoretical
voting rights
(in %)
Galfa
79,624,212
10.73%
159,248,424
17.49%
159,248,424
17.27%
22,291,101
3.00%
22,291,101
2.42%
Subtotal – Galfa
101,915,313
13.73%
159,248,424
17.49%
181,539,525
19.68%
Peninsula Europe
62,563,160
8.43%
125,022,711
13.73%
125,022,711
13.56%
Bank of America Merrill Lynch
43,883,841
5.91%
43,883,841
4.82%
43,883,841
4.76%
Employees (company mutual fund)
7,083,500
0.95%
13,949,600
1.53%
13,949,600
1.51%
Treasury shares
11,544,870
1.56%
-
-
11,544,870
1.25%
Public
515,166,777
69.41%
568,627,552
62.44%
546,336,451
59.24%
TOTAL
742,157,461
100.00%
910,732,128
100.00%
922,276,998
100.00%
Carrefour shareholder agreement
There is no shareholder agreement at Carrefour.
Employee shareholding
At December 31, 2024, Group employees held 0.95% of the Company’s share capital through the Company mutual fund.
(1)
(2)(3)
Held via stock options.
(1)
Including 24,809,568 registered shares held by Abilio Diniz.
(2)
Shares pledged to banks under structured financing arrangements.
(3)
(1)
(2)(3)
Held via stock options.
(1)
Including 24,809,568 registered shares held by Abilio Diniz.
(2)
Shares pledged to banks under structured financing arrangements.
(3)
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564
8.3.2
CROSSING OF THRESHOLDS REPORTED TO THE COMPANY IN 2024
To the Company’s knowledge, the crossing of the following statutory thresholds was reported by the shareholders to the Company and
the AMF in 2024:
Shareholders
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
Number of
shares
Galfa
March 26, 2024
Downward
15.00%
10.53%
14.56%
74,624,211
BlackRock
April 3, 2024
Upward
5.00%
6.29%
5.02%
44,563,161
BlackRock
April 4, 2024
Downward
5.00%
6.23%
4.97%
44,132,052
BlackRock
April 8, 2024
Upward
5.00%
6.28%
5.01%
44,511,504
BlackRock
April 16, 2024
Downward
5.00%
6.25%
4.99%
44,288,626
BlackRock
April 22, 2024
Upward
5.00%
6.27%
5.00%
44,422,681
BlackRock
May 2, 2024
Downward
5.00%
6.23%
4.98%
44,184,611
BlackRock
May 3, 2024
Upward
5.00%
6.52%
5.18%
45,114,065
JP Morgan Chase & Co
May 14, 2024
Upward
5.00%
6.92%
5.50%
47,894,896
Bank of America
May 16, 2024
Downward
5.00%
1.59%
1.26%
10,966,523
JP Morgan Chase & Co
May 22, 2024
Downward
5.00%
0.00%
0.00%
0
JP Morgan Chase & Co
May 23, 2024
Upward
5.00%
6.46%
5.13%
44,710,846
JP Morgan Chase & Co
May 27, 2024
Downward
5.00%
0.00%
0.00%
0
JP Morgan Chase & Co
May 28, 2024
Upward
5.00%
6.39%
5.08%
44,316,226
JP Morgan Chase & Co
May 31, 2024
Downward
5.00%
0.00%
0.00%
0
Peninsula Europe
July 3, 2024
Upward
15.00%
9.23%
15.05%
62,564,229
JP Morgan Chase & Co
July 5, 2024
Upward
5.00%
6.62%
5.41%
44,882,146
JP Morgan Chase & Co
July 9, 2024
Downward
5.00%
5.88%
4.80%
39,897,009
JP Morgan Chase & Co
September 23,
2024
Downward
5.00%
4.96%
4.05%
33,639,190
JP Morgan Chase & Co
September 26,
2024
Upward
5.00%
5.53%
4.52%
37,511,999
BlackRock
October 9, 2024
Downward
5.00%
6.08%
4.96%
41,226,561
BlackRock
November 25,
2024
Downward
5.00%
4.85%
3.96%
32,894,176
8.3.3
INFORMATION REFERRED TO IN ARTICLE L. 233‑13 OF THE FRENCH
COMMERCIAL CODE
At the end of 2024:
Galfa, a simplified joint‑stock company formed under French
law whose head office is located at 27, rue de la Chaussée
d’Antin, 75009 Paris, France, held more than one‑tenth of the
share capital and more than three‑twentieths of the voting
rights;
■
Peninsula Europe SA, whose head office is located at 26,
boulevard Royal, L‑2449 Luxembourg, Grand Duchy of
Luxembourg, held more than one‑twentieth of the share
capital and more than one‑tenth of the voting rights;
■
Bank of America Merrill Lynch International Limited, whose
head office is located at 2, King Edward Street, London EC1A
1HQ, United Kingdom, held more than one‑twentieth of the
share capital and less than one‑twentieth of the voting rights.
■
1
4
7
2
5
8
3
6
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565
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 to the Board of Directors appears 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.
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566
9
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567
ADDITIONAL INFORMATION
9.1
Publicly available documents
568
9.2
Person responsible
568
9.2.1 Person responsible for the Universal
Registration Document and the annual
financial report
568
9.2.2 Declaration by the person responsible
for the Universal Registration Document
and the annual financial report
568
9.3
Person responsible for the financial
information
568
9.4
Persons responsible for auditing
the financial statements
569
9.5
Information incorporated by reference
569
9.6
Concordance tables
570
9.6.1 Universal Registration Document
concordance table
570
9.6.2 Annual financial report concordance table
573
9.6.3 Management report concordance table
573
9.6.4 Corporate governance report
concordance table
576
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568
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.
I hereby certify that, to the best of my knowledge, the annual and
consolidated 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 management report gives a true and fair
view of the changes in the business, results and financial position
of the issuer and of all the consolidated companies and describes
the main risks and uncertainties to which they are subject, and
that it was prepared in accordance with the applicable
sustainability reporting standards.”
March 27, 2025
Alexandre Bompard
Chairman and Chief Executive Officer
9.3 Person responsible for the financial information
Matthieu Malige
Chief Financial Officer
1
4
7
2
5
8
3
6
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569
9.4 Persons responsible for auditing
the financial statements
Date of initial
appointment
Date of last
reappointment
Term of offi
ffice
PRINCIPAL STATUTORY AUDITORS
Deloitte & Associés
6 place de la Pyramide, 92908 Paris la Défense Cedex, France
Signatories: Bertrand Boisselier and Olivier Broissand
April 15, 2003
May 21, 2021
2027
Forvis Mazars
61, rue Henri‑Régnault, 92400 Courbevoie, France
Signatory: Jérôme de Pastors
June 21, 2011
May 26, 2023
2028
9.5 Information incorporated by reference
In accordance with Article 19 of EU Regulation no. 2017/1129 of
June 14, 2017, as amended, this Universal Registration Document
includes by reference the following information, to which the
reader is invited to refer:
The information included in the abovementioned Universal
Registration Documents, other than that indicated above, is,
where applicable, superseded or updated by the information
included
in
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.
(1)
Date of the Shareholders’ Meeting called to approve the financial statements for the previous year ended December 31.
(1)
for the financial year ended December 31, 2023: consolidated
financial statements, Company financial statements and related
Statutory
Auditors’
reports
included
in
the
Universal
Registration Document filed with the French financial markets
authority (Autorité des marchés financiers – AMF) on March 28,
2024 under number D. 24‑0209, on pages 317 to 421, 422 to
424, 425 to 447 and 448 to 450 respectively;
■
for the financial year ended December 31, 2022: consolidated
financial statements, Company financial statements and related
Statutory
Auditors’
reports
included
in
the
Universal
Registration Document filed with the 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.
■
9
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570
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
9.2, 9.3
1.2. Declaration by the person responsible
9.2
1.3. Information on the expert report
N/A
1.4. Third‑party information
1
1.5. Statement of filing without prior approval from the competent authority
1st page
2/ Statutory Auditors
2.1. Identity
9.4
2.2. Change, if any
N/A
3/ Risk factors
4.1
4/ Information concerning the issuer
4.1. Corporate name and purpose
8.1.1
4.2. Place of registration, registration number and legal entity identification number (LEI)
8.1.1‑8.1.2
4.3. Creation and term
8.1.3
4.4. Head office, legal form, applicable legislation, head office address and phone number, website
8.1.2‑8.1.3
5/ Business overview
5.1. Principal activities
1.7
6.6 (Notes 5.1, 5.1.2 and
5.5)
5.2. Principal markets
1.1.2‑1.1.4, 1.2‑1.7
5.1.2
6.6 (Notes 4.1 and 5.1.1)
5.3. Key events in the issuer’s business development
1.8.1, 1.8.2, 1.8.3
5.3, 5.4.2, 5.4.5
6.6 (Notes 2, 3.2 and 15)
5.4. Strategy and objectives
1.1.8
5.3, 5.4.2
6.6 (Notes 2 and 3)
5.5. Issuer’s dependence
6.6 (Note 13.7)
5.6. Competitive position
1.7.1
5.7. Investments
5.4.2, 5.4.4
6.6 (Notes 2 and 3.2)
6/ Organisational structure
6.1. Brief description of the Group
1.1‑1.9
6.2. List of significant subsidiaries
6.6 (Note 17)
7.4 (Note 12)
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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Concordance tables
571
Appendices I and II of the Commission Delegated Regulation (EU) 2019/980 of March 14, 2019
Chapter/Section no.
7/ Review of fifinancial position and earnings
7.1. Financial position
5.2‑5.6.6
7.2. Operating income
5.1
8/ Cash and cash equivalents and capital
8.1. Information concerning capital resources
5.2.1‑6.5
6.6 (Note 12), 7.4 (Note 7)
8.2. Cash flow
5.2.3
6.4
8.3. Borrowing requirements and funding structure
5.2.2‑5.2.4
6.6 (Note 13)
8.4 Restrictions on the use of capital resources
5.2.5
6.6 (Note 13.2.4)
8.5. Anticipated sources of funds
5.2.6
9/ Regulatory environment
4.1.1
10/ Trend information
10.1. Most significant trends since the end of the last financial year
5.3, 5.4.4
10.2. Events reasonably likely to have a material effect on prospects
5.3
11/ Profifit forecasts and estimates
N/A
12/ Administrative, management and supervisory bodies and Executive Management
12.1. Board of Directors and Executive Management
3.2‑3.3
12.2. Conflicts of interest within the administrative, management and supervisory bodies
and Executive Management
3.2.2.1
13/ Compensation and benefifits
13.1. Compensation and benefits in kind
3.4
13.2. Amounts provisioned or recorded for pensions, retirement benefits or other benefits
6.6 (Note 11.1)
14/ Operation of administrative and management bodies
14.1. Expiration of current terms of office
3.2.1.1
14.2. Service contracts
3.1.2.3
14.3. Information on the Audit Committee and Compensation Committee
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
N/A
15/ Employees
15.1. Number of employees and breakdown of the workforce
2.1.3.1
15.2. Director shareholdings and stock options
3.2.1‑3.4.3
8.2.4
15.3. Arrangements for involving employees in the capital
8.3
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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
8.3.2
16.2. Existence of different voting rights
8.1.4.5
16.3. Direct or indirect control
8.3.1
16.4. Arrangements that could result in a change of control if implemented
8.3.1
17/ Related‑party transactions
3.7
6.6 (Note 8.3)
18/ Financial information concerning the issuer’s assets and liabilities, fifinancial position
and profifits and losses
18.1. Historical financial information
6
7
18.2. Interim and other financial information
N/A
18.3. Auditing of historical annual financial information
6.7
18.4. Pro forma financial information
N/A
18.5. Dividend policy
5.6.3
18.6. Legal and arbitration proceedings
4.3
18.7. Significant change in the issuer’s financial position
6.6 (Note 15)
19/ Additional information
19.1. Share capital
19.1.1. Subscribed share capital
8.2
19.1.2. Other shares
8.2
19.1.3. Treasury shares
8.2
19.1.4. Marketable securities
8.2
19.1.5. Vesting conditions
8.2
19.1.6. Options or agreements
8.2
19.1.7. History of share capital
8.2
19.2. Memorandum and Articles of Association
19.2.1. Corporate purpose
8.1
19.2.2. Rights and privileges of shares
8.1
19.2.3. Change in control
8.1
20/ Material contracts
N/A
21/ Documents available
9.1
1
4
7
2
5
8
3
6
9
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573
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 fifinancier)
Chapter/Section no.
1/ Company fifinancial statements
7.1 to 7.4
2/ Consolidated fifinancial statements
6.1 to 6.6
3/ Management report
Analysis of change in sales
5.1
Analysis of results
5.1
Analysis of financial position
5.2
Foreseeable changes in the situation of the Company and of the Group
5.3
Principal risks and uncertainties
4.1.1
Capital structure and factors that could have an impact in the event of a public offer
N/A
Treasury share buybacks carried out by the Company
8.2.4
4/ Declaration of the person responsible for the annual fifinancial report
9.2.2
5/ Statutory Auditors’ reports on the Company fifinancial statements and consolidated fifinancial statements
6.7
6/ Corporate governance report
3 and 8
7/ Sustainability statement
2.1
9.6.3
MANAGEMENT REPORT CONCORDANCE TABLE
Reference texts
Chapter/Section no.
Comment on the fifinancial year
French Commercial
Code (Code de
commerce)
L. 225‑100‑1, L. 232‑1,
L. 233‑6 and L. 233‑26
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
5.1 to 5.4 and 5.6
French Commercial
Code
L. 225‑100‑1
Key non‑financial performance indicators relating to
the Company’s specific activity
2.1
French Commercial
Code
L. 233‑6
Significant acquisitions during the financial year of
equity interests in companies whose head office is
located in France
N/A
French Commercial
Code
L. 232‑1 and L. 233‑26
Significant events between the financial year‑end
and the report preparation date
5.4.5
French Commercial
Code
L. 232‑1 and L. 233‑26
Foreseeable changes in the situation of the
Company and of the Group
5.3
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
5.6.3
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
5.6.1
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Reference texts
Chapter/Section no.
Presentation of the Group
French Commercial
Code
L. 225‑100‑1
Description of the principal risks and uncertainties to
which the Company is subject
4.1.1
French Commercial
Code
L. 22‑10‑35
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
2.1.2.1.1.2
French Commercial
Code
L. 22‑10‑35
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
4.2
French Commercial
Code
L. 225‑100‑1
Details on the Company’s objectives and policy
concerning hedges in each main transaction
category for which hedge accounting is used
6.6 (Note 13.7.3)
The Company’s exposure to price, credit, liquidity
and cash flow risks
4.1.2
French Commercial
Code
L. 225‑102‑1
Social and environmental consequences of the
business
2
Collective bargaining agreements entered into by
the Company and their impact on the Company’s
financial performance and employee working
conditions
2.1.3.1.2
French Commercial
Code
L. 225‑102‑2
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):
N/A
French Commercial
Code
L. 225‑102‑4
Duty of care plan enabling the Company to identify
risks and prevent serious violations as regards
human rights and fundamental freedoms, health,
safety, and the environment due to the Company’s
operations and those of its suppliers and
subcontractors
2.2
French Commercial
Code
L. 232‑1
Research and development activities
5.6.4
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
3.6
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
8.2.4
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).
■
1
4
7
2
5
8
3
6
9
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575
Reference texts
Chapter/Section no.
Information about the Company and capital
French Commercial
Code
L. 225‑211
Details of purchases and sales of treasury shares
during the financial year
8.2.4
Information relating to treasury share buybacks
carried out by the Company with a view to allocating
them to employees and/or executives
8.2
French Commercial
Code
R. 228‑90
Possible adjustments for securities giving access to
the capital in the event of buybacks of shares or
financial transactions
N/A
French Commercial
Code
L. 225‑102
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
8.3.1
French Commercial
Code
L. 464‑2
Injunctions or financial penalties for anti‑competitive
practices
N/A
French Commercial
Code
L. 233‑13
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
8.3.1 and 8.3.3
French Monetary and
Financial Code
L. 511‑6
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
N/A
Information related to the fifinancial statements
French Commercial
Code
L. 232‑6
Possible changes in the presentation of the financial
statements and the valuation methods used
N/A
French General Tax Code
34.9 and 223 quater
Additional tax information
N/A
French Commercial
Code
R. 225‑102
Company earnings performance in the last five
financial years
5.6.6
9
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576
9.6.4
CORPORATE GOVERNANCE REPORT CONCORDANCE TABLE
Reference texts
Chapter/Section no.
Compensation
French Commercial
Code
L. 22‑10‑8
Compensation policy for Company Officers
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
3.4
Information about compensation
French Commercial
Code
L. 225‑37‑4
List of all the Company Officers’ positions and the
duties they performed in any company during the
financial year
3.2.1.3
French Commercial
Code
L. 225‑37‑4
Related‑party agreements entered into between a
Company Officer or a shareholder holding more
than 10% of the voting rights, and a subsidiary
3.7
French Commercial
Code
L. 22‑10‑10
Description of the authorisation procedure for
routine agreements entered into on an arm’s length
basis
3.7
French Commercial
Code
L. 225‑37‑4
Executive Management’s choice of management
methods
3.1.1.1
French Commercial
Code
L. 225‑37‑4
Summary of outstanding delegations of authority
and powers granted by the Shareholders’ Meeting to
the Board of Directors concerning capital increases
8.2.2
French Commercial
Code
L. 22‑10‑10
Composition of the Board of Directors, conditions of
preparation and organisation of the Board of
Directors’ work
3.2
French Commercial
Code
L. 22‑10‑10
Application of the principle of gender equality
3.1.2
French Commercial
Code
L. 22‑10‑10
Limitations of powers of the Chief Executive Officer
3.1.1.2
French Commercial
Code
L. 22‑10‑10
Reference to the Corporate Governance Code
3.1
French Commercial
Code
L. 22‑10‑10
Specific rules governing shareholders’ participation
in Shareholders’ Meetings
8.1.4
French Commercial
Code
L. 22‑10‑11
Rules applicable to the appointment and
replacement of members of the Board of Directors
and to amendments of the Company’s Articles of
Association
8.1.4
French Commercial
Code
L. 22‑10‑11
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
French Commercial
Code
L. 225‑185
Conditions under which options may be exercised
and held by the Executive Officers
3.4.3
French Commercial
Code
L. 225‑197‑1
Conditions under which performance shares
granted to the Executive Officers may be held
3.4.3
1
4
7
2
5
8
3
6
9
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Concordance tables
577
Reference texts
Chapter/Section no.
Information about the capital
French Commercial
Code
L. 22‑10‑11
Structure and change of the Company’s capital
8.2, 8.3
Factors that could have an impact in the event
of a public offfer
N/A
French Commercial
Code
L. 22‑10‑11
Statutory restrictions about the exercise of voting
rights and share transfers or contractual clauses
brought to the Company’s knowledge
N/A
French Commercial
Code
L. 22‑10‑11
Direct or indirect interests in the Company’s capital
brought to the Company’s knowledge
8.3
French Commercial
Code
L. 22‑10‑11
List of holders of any security conferring special
rights of control and description of these securities
N/A
French Commercial
Code
L. 22‑10‑11
Control mechanisms provided under a possible
employee share ownership scheme when the rights
of control are not exercised by employees
N/A
French Commercial
Code
L. 22‑10‑11
Agreements between shareholders brought to the
Company’s knowledge and which may result in
restrictions on share transfers and the exercise of
voting rights
N/A
French Commercial
Code
L. 22‑10‑11
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)
N/A
French Commercial
Code
L. 22‑10‑11
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
3.4
9
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578
Notes
1
4
7
2
5
8
3
6
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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Notes
9
UNIVERSAL REGISTRATION DOCUMENT 2024 / CARREFOUR
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580
Notes
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Head Office
93, avenue de Paris
TSA 55555
91889 Massy Cedex
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investisseurs@carrefour.com
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relations
contact@actionnaires.carrefour.com
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92535 Levallois-Perret Cedex
Tél. : 0805 902 902
club@actionnaires.carrefour.com
Registered
shareholders
Société Générale Securities Services
32, rue du Champ de Tir
CS 30812 44308 Nantes Cedex 3
Tél. : +33 (0)2 51 85 67 89
Fax : +33 (0)2 51 85 53 42
www.carrefour.com
@GroupeCarrefour
Société anonyme with capital of 1,694,922,970 euros
Head office: 93, avenue de Paris — 91300 Massy
652 014 051 RCS Évry