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Carrefour Group financial report grocery revenue earnings debt assets (Europe Asia Brazil)

 

Locations - consolidated locations: 3127 (2166 in Europe, 675 Latin America, 286 Asia).  March 31, 2013 including those franchised: 10,036 stores in 33 countries (up from 9,994 Dec 31).  1373 hypermarkets, 3437 supermarkets, 5053 convenience, 173 cash and carry).  Marinopoulos Group is the company's franchise partner in Greece and Bulgaria.  As of April 2013 there are nine location in Bulgaria.

Corporate locations in 25 countries deemed too demanding -> Carrefour exits five overseas markets in 2012 (Greece, Singapore (2 stores closed), Colombia, Indonesia, Malaysia, Turkey).
January 2013 - Carrefour sells 60% interest in Indonesian operations (70 hm, 83 stores total) to CT Corp for $673 million. It's not a total exit, Carrefour becomes the franchisee instead of the franchisor.
November 2012 - Carrefour sells Colombian operations (over $2.2b annual sales, 72 hypermarkets, 16 convenience, 4 cash and carry, present in 38 cities) to Chilean retailer Censocud for $2.5 billion with financing from JP Morgan.  This is a surprise move by Carrefour considering Cencosud is one of Carrefour's biggest competitors in nearby Brazil where it ranks fourth in terms of sales.
October 31, 2012 : operations in Malaysia sold for €250m  June 2012:  Acquires 129 Eki stores in Argentina.  December 2011:  Carrefour announced intentions to acquire Guyenne & Gascogne (SW France) for 74.25 euro per share all cash.  April 14, 2011:  sold 49% of BSF Holding to Itau Unibanco (Carrefour's Brazilian financial services insurance division).  Investors take note !  Company refocusing on key markets means operations not central to their future plans are being spunoff but because competition in those markets is intense, the buying prices have been higher than normal - Assets in Colombia were sold at 20x EV/eibtd (share price moved higher in response).  

Fiscal and Calendar Year 2013

store network 2014 January: During the year (Dec-Dec 2013) +810 stores were opened/acquired. Net of disposals/closures that amounts to +110.

Total sales for the 12 month period ending the month of December 2013 : organic growth excluding sales of gasoline was strongest in Latin America (+12.6%) where Carrefour enlarged its store network by 87 locations (675-> 762).. its largest presence there is in Brazil where it maintains the number 2 position behind Cencosud.. over the last year and a half Carrefour exited Colombia a country it was doing well in.  

 

2Q2013 Corporate + Franchised stores & change since end of 2012: Latin America - 273 hm (+1), 168 super (+0), 273 convenience (+38), cash & carry (none).  France - 232 hm (+0), 953 super (-11), convenience 3418 (+13), cash & carry 140 (+0).  Asia - 352 hm (+2), 17 super (11), convenience (none), cash & carry 4 (+0).  rest of Europe - 459 hm (+2), 2158 super (-18), 1430 convenience (+60), cash & carry 19 (+5).  Maghreb, Middle East, Dominican Republic - 58 hm (+3), 139 super (+9), convenience (none), cash & carry 9 (+3).  more at carrefour.com

June 2013 : hypermarkets : 1374, supermarkets : 3435, convenience : 5121, cash & carry : 172

2Q2013,1H2013:  revenue chg constant rates excl petrol: -0.2% in France / +2.6% abroad -> €20.46b (-0.6%).  consolidated organic growth of 2.2%, depreciation of currencies in Argentina, Brazil had a negative impact of -1.9%.  France €9.654b / international €10.806b.  Incl. petrol sales -1.1% -> €24.3b;  1h2013 sales -1.3% -> €48.6b.

1Q2013:  revenue: +1.3% at constant fx rates. At current currencies however the change is negative: -1.3% to €20.83 billion (devaluation in Brazilian, Argentine currencies). Organic growth +1.9%.  Sales by region:  France -0.7% -> €9.3b or -1.0% when gas sales are excluded.  Europe outside France: -3.5% to €5.46b, Belgium operations notably strong.  Latin America +14% to €3.97b (0% when adjusting for currency effects).  Asia +0.3% to €2.12b.

In 1q2013 revenue distribution was as follows - €9.285b France (44.6%), €11.548b international (55.4%).  France sales - €5.065b hypermarkets (organic growth -1.2%), €3.178b supermarkets (+0.1%), 1.042b convenience stores (+4.6%).  Between December 2012 and March 2013 net additional locations by banner concept was as follows: hypermarkets +7 -> 1373, supermarkets -17 -> 3437, convenience +43 -> 5053.  Latin America is home to 5% of convenience store locations (256) but 49% of the additional locations (net).

Carrefour Group fiscal 2012 (calendar year ending June 2012) key notes, as reported in March 2013,   notes:  in 2012 shareholders equity was impacted by redistribution of Dia shares, cash flow from operations directly impacted by lower sales.  

The word carrefour is French for crossroads.

      million euros    2012 2011%   % excl
  fx rate
net sales      
  France      35,341       35,179       +0.5%       +0.5% 
  rest Europe      20,873    21,536     -3.1%     -2.7%
  Latin America      14,174    13,551    +4.6%   +12.1%
  Asia       6400     5801   +10.3%    +0.5%
       76,789    76,067    +0.9%    +1.6%
  loyalty       (662)     (810)    -18.3%
  revenue other       2333     2224    +4.9%
revenue      78,460    77,481    +1.3%
   cost of goods    (61,523)   (60,673)    +1.4%
gross margin     16,937    16,808    +0.8%
  gen-admin costs    (13,249)   (13,060)      +1.4%
  depreciation
  ammortization
    (1548)    (1552)     -0.3%
operating income
recurring
     2140      2197     -2.6%
  France        898       929     -3.3%    
  rest Europe        509       640

   -20.5%

   -28.2% 
  Latin America        608       532   +14.2%   +14.2%
  Asia        258       286     -9.8%     -9.9%
non-recurring      
  expenses      (707)     (2337)    +231%
                   
             
ebitda     ( %of sales)
  France      1553             4.4%
  rest Europe       965           4.6%
  Latin America       827            5.8%
  Asia       354               5.5%
       3688           -1.6%
  other income
  net finance costs
       (1514)    % chg
ebit      1434      (140)   +17.3%
  income tax     (388)      (931)    -58.3%
  other income        72         64   +12.5%
  profit
  continuing oper
      235     (1713)   increase
  discontinuing oper      1081       2116   increase
net earnings                
  group share       1233        371    +232%
  non controlling
      interest
       83         33    +152%

Earnings Per Share

  • 2012 - continuing operations 0.17 (up from -2.83), discontinued operations 1.64 (vs 3.39), group share 1.81 (vs 0.56).

2011 Annual Change in Sales by Country at constant fx rate

  • France +0.8%, Spain -2.2%, Italy -5.5%, Belgium -0.9%, Brazil +9.1%, Argentina +20.7%, Colombia +1.3%, China 7.5%, Indonesia +4.5% (2012 data available June 2013)

 

More Hypermarkets

  • 2012:  France gained +7 hypermarkets while the rest of Europe lost (-55) mostly through asset sales and divestures.  Latin America +63 (versus a gain of only 16 in supermarkets), America locations up despite sale of large Colombian business; that loss was buffered by the acquisition of 129 Eki stores in Argentina last June.  Consolidated stores in Asia down due to sale of control of operations in Indonesia (prior to sale ranked #2 in terms of locations on the continent), the result? number of consolidated hypermarkets in Asia declined (-22), supermarkets declined (-14) however, when taking into accounts its changed role as franchisee in Indonesia, Asian locations remain similar to 2011 (HM -11, supermarkets -1, other +2).
  • 2011:  Europe:  7 net hypermarkets opened in Greece (3), Poland (2), Romania (2), Spain (1), Beligum (-1). Latin America 7 net hypermarkets opened in Argentina (3), Brazil (2), Colombia (2).  6 supermarkets closed, 53 new convenience stores (39 in Argentina, 20 in Brazil).  In Asia, 25 net hypermarkets added in China (23) Indonesia, India.
  • Expansion/acquisitions net of closures effected sales by +0.9%.  Higher sales volumes and gas price inflation effected sales by +1.1%

 

Financial Services and Insurance

  • 2012 net banking income +1% €1075 -> €1086m, operating income -0.7% €402 -> €399m.  Segment revenue: 77% banking, 3% insurance, the rest other.  operating income source: 65% Europe (33% France), 35% abroad, mostly in Brazil and Argentina where Carrefour is partnered with Itau Unibanco. 

 

Non Recurring Costs

  • 2012:  (707) down 69.8% from 2011;  non recurring items influenced by asset disposals (234m), asset impairments (-236m), restructuring costs (-285m), others (-419m)
  • 2011:  €2662m euros came mostly from goodwill impairments (€1966m) mostly from Italy (written down by €1750m) and Greece (written down by €188m);  there was also €156m in impairment losses on tangible assets in Spain,France,Italy, Turkey,Romania. there were 0 goodwill impariments in 2010. 
  • net income from discontinued operations €2573m euros came mostly from the sale of operations in Thailand and the split from Dia.

 

More

  • Carrefour is investing more into remodelling hypermarkets in Europe (Carrefour Planet), in 2011 that lowered free cash flow significantly (€839m to €77m).  net loss from continuing operations amounted to €2002 million.
  • salaries went up in emerging markets and that impacted general and administrative expenses (+3.3%).  total administrative expenses now represent 19.3% of sales from 18.8% the last year.
  • provision for risk in brazil cost the company €130m (was nothing in 2010)
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