H1 2018 Results July 26th 2018
FIRST SIGNIFICANT ADVANCES IN THE CARREFOUR 2022 TRANSFORMATION PLAN
H1 2018: Strong momentum for Carrefour 2022 OMNICHANNEL RAPIDLY RAMPING-UP Rapid implementation of food e-commerce proposition in all countries: Renewed and simplified front websites (1 single site per country) Order preparation optimized and industrialized Extension of delivery services Acceleration of e-commerce sales growth in H1 REVAMPED COMMERCIAL PROPOSITION Adaptation of the sales area/store formats Simplification of assortment Investments in price competitiveness Rapid expansion of growth formats: 15 Cash & Carry and 180 convenience store openings A LEANER AND MORE EFFICIENT ORGANIZATION All restructuring processes signed and being implemented 520m in cost-reduction achieved in H1 Capex and inventories optimized PARTNERSHIPS WITH STRATEGIC PLAYERS Strategic partnerships signed with recognized leaders: Purchasing with Tesco/Système U/Fnac Darty Digital with Google/Tencent/Sapient IMPROVED FINANCIALS Net sales up +0.7% LFL Recurring Operating Income up +5.8% at constant FX (1) Free Cash Flow ex exceptionals up + 418m Net debt improved by + 1.5bn (1) Vs. reported H1 2017 H1 2018 RESULTS 3
Rapid implementation of leading e-commerce services in all countries Key initiatives to enhance Carrefour s e-commerce proposition ORDER Single Carrefour entry point already available in 7 countries carrefour.fr live in Q4 2018 as planned Non-food marketplace already available in 5 countries PREPARE Dedicated online order preparation warehouse/dark stores opened or under construction in most countries Aulnay PPC 1 in Paris region opened in April Hybrid solutions rolled out in Spain and Italy DELIVER Home delivery now available in 9 countries, service extended to new cities in H1 Express 1-hour delivery now available in 6 countries, service extended to new cities in H1 Click & Collect offered in 8 countries More than 130 new Drive openings in H1, of which 13 pedestrian Fresh/food lockers tested O2O growing rapidly in China, offering ready-to-eat solutions on leading local mobile applications Acceleration of food e-commerce sales growth in H1 2018: +30% 1) PPC: Plateforme de Préparation de Commandes (Dedicated online order preparation platform) H1 2018 RESULTS 4
In-depth reshaping of commercial proposition on track in H1 PRICE COMPETITIVENESS First investments in price competitiveness implemented in H1 OPTIMISATION OF STORE NETWORKS Commercial proposition reshaping Hypermarkets: Sales area reduction underway Transfers of hypermarkets to supermarkets or C&C (eg. Belgium, Italy, LatAm) Transfer to lease management REVAMPING OF ASSORTMENTS Optimization of assortment by reducing number of SKUs (down 4% in France at end of June) Fostering innovation by nourishing privileged relationships with selected suppliers Acceleration of expansion in Cash & Carry and convenience Closure of loss-making stores Promoting a responsible product offering: Commitments in favor of local producers and elimination of controversial components, roll out of blockchain technology, increased organic offer CUSTOMER-ORIENTED SERVICES Easier and faster payments with Carrefour Pay Omnichannel and delivery services Easier access to consumer credit eg. Atacadao card Focus on customer satisfaction (NPS) H1 2018 RESULTS 5
Key strategic partnerships signed Strategic partnerships were signed in H1 First benefits expected in H2 2018, with ramp-up in 2019 PURCHASING DIGITAL ADD-ON INVESTMENTS H1 2018 RESULTS 6
All components of the efficiency plan are on track EFFICIENCY PLAN Organization transformation Cost savings Capex Inventory STATUS H1 ACHIEVEMENTS All plans signed Implementation in progress 520m -39% - 175m H1 2018 RESULTS 7
H1 2018 key figures: Growth in ROI and strong growth of free cash flow NET SALES +0.7% LFL RECURRING OPERATING INCOME + 36m (1) +5.8% (1) FREE CASH FLOW EX. EXCEPTIONAL ITEMS growing by + 418m NET DEBT (2) improving by 1,465m 1) At constant FX vs. reported H1 2017 l 2) As of 30 June 2018 vs. 30 June 2017 H1 2018 RESULTS 8
FINANCIAL ANALYSIS
Ex-Dia stores acccounted for as discontinued activities as from January 1 st Rapid progress in the disposal and closure process of 273 ex-dia stores All stores sold or closed at end July 2018 Ex-Dia stores accounted for as discontinued activities as from January 1 st (IFRS 5 standard) Rapid implementation of plan January 23 rd April July Announcement of the plan to exit 273 ex-dia stores from Group scope Agreement with the unions Start of the search for buyers Completion of the process: All stores sold or closed (info) Deconsolidation of the stores ow. 244 closures and 29 disposals H1 2018 RESULTS 10
H1 2018 sales marked by improved trends in Q2 H1 2018 Gross sales evolution (in m and %) +1.1% +0.7% +0.4% +0.1% +0.3% +0.7% +2.2% -3.0% 42.7 bn +0.4% +0.9% -5.2% 41.4 bn Q1 Q2 H1 2017 H1 2018 Store H1 2018 LFL openings/ organic ex petrol closures ex petrol ex calendar ex calendar Calendar Acquisitions/ Petrol H1 2018 Disposals at constant fx rates Forex H1 2018 at current fx rates H1 2018 RESULTS 11
Negative FX impact, mainly due to BRL evolution Currency H1 2018 evolution 1 Brazilian Real -16.9% Argentine Peso -34.3% -5.2% negative FX impact in H1 2018 sales Polish Zloty +1.2% Romanian Leu -2.5% Chinese Yuan -3.5% Taiwanese Dollar -7.1% - 60m negative FX impact in H1 2018 ROI (1) FX evolution vs. H1 2017 H1 2018 RESULTS 12
H1 ROI growing + 36m (at constant exchange rates) Gross margin decrease due to mix effect, market competitiveness and commercial investments Distribution costs down -70bps Improvement in all geographies Cost reduction plan delivering strong performance in H1 H1 2017 reported H1 2018 Evolution at constant FX ( m / %) Net sales (in bn) 38.5 37.1 +0.7% LFL Gross margin from recurring operations as a % of net sales 22.9% 22.2% -70bps Total distribution costs (1) (7,419) (6,884) 138m As a % of net sales -19.3% -18.6% -70bps Recurring operating income (ROI) ( mn) 621 597 + 36m / +5.8% As a % of net sales 1.6% 1.6% stable (1) Total distribution costs are composed of sales, general and administrative expenses H1 2018 RESULTS 13
Ahead of schedule on cost reductions: 520m achieved in H1 COGS Distribution costs Objective STATUS 2bn H1 ACHIEVEMENTS > First gains recorded in H1 > Purchasing alliances signed with Tesco internationally, Système U in France, PAM/VéGé in Italy > Strong contribution to total cost reduction in H1 thanks to: Demand control/challenge Process redesign Productivity gains Systematic renegotiations 520m NEXT STEPS > Acceleration of savings to come in 2019 thanks to purchasing alliances > Streamlining actions to continue > Savings from reorganizations from H2 onwards H1 2018 FY 2020 Objective confirmed: 2bn cost savings by 2020 H1 2018 RESULTS 14
France: Commercial activity still under pressure (in m) H1 2017 % reported H1 2018 change Net sales 17,307 17,150-0.9% LFL ex petrol, ex calendar -0.1% ROI 199 110-44.8% ROI margin 1.2% 0.6% -60bp > Broadly stable sales year-on-year in a persistently competitive market > ROI drop: Pressure on gross margin (negative mix effect, competitive markets and investments in price competitiveness) Positive momentum in cost reduction and transformation of organization, with effects ramping up in H2 and 2019 H1 2018 RESULTS 15
Other European countries: Slight growth in recurring operating income (in m) H1 2017 H1 2018 % change at current FX % change at constant FX Net sales 10,010 10,093 +0.8% +1.0% LFL ex petrol, ex calendar -1.5% ROI 149 152 +1.9% +2.2% ROI margin 1.5% 1.5% 0bp > Overall sales growth, contrasted trends between growth in Northern Europe and slight drop in Southern Europe > Slight improvement in ROI thanks to positive cost reduction momentum H1 2018 RESULTS 16
Latin America: Strong commercial momentum and improved profitability (in m) H1 2017 H1 2018 % change at current FX % change at constant FX Net sales 8,075 6,976-13.6% +8.6% LFL ex petrol, ex calendar +6.4% ROI 293 319 +8.8% +28.0% ROI margin 3.6% 4.6% +90bp +60bp > Brazil: Atacadao: LFL sales acceleration, margin growth and expansion on track Retail: Solid performance despite a combination of deflation and mix effects Banking activities: Strong profitability growth on higher billings and lower risk charges > Argentina: Higher sales volumes, turnaround plan underway > Solid growth in ROI and 60bp improvement in margin at constant FX H1 2018 RESULTS 17
Latin America: Interruption in food deflation in June FOOD INFLATION (IPCA) FOOD AT HOME INDEX EVOLUTION (JAN 2017 JUNE 2018) 6.5% 4.6% 4.3% 1.0% 3.0% 2.5% 1.1% 0.1% -4.0% -2.8% -0.6% -4.5% -4.5% -3.9% -3.8% -4.3% -4.7% -3.8% -3.1% -5.2% -5.3% -5.1% -5.3% -4.9% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source : IBGE 2017 2018 H1 2018 RESULTS 18
Asia: Recurring operating income improvement despite difficult commercial trends in China (in m) H1 2017 H1 2018 % change at current FX % change at constant FX Net sales 3,135 2,851-9.0% -4.3% LFL ex petrol, ex calendar -3.9% ROI 12 32 + 20mn + 22mn ROI margin 0.4% 1.1% +70bp > China sales impacted by continued e-commerce rise, good momentum in Taiwan > Significant profitability improvement thanks to cost reduction and loss-making store closures H1 2018 RESULTS 19
Adjusted net income, Group share, from continuing operations of 131mn (in m) H1 2017 reported H1 2018 Recurring operating income 621 597 Net income from associates and JVs 13 (6) Non-recurring income and expenses, net (150) (785) EBIT 484 (194) Net financial expenses (247) (149) Income before taxes 236 (342) Income tax expense (89) (179) Normative tax rate 34.4% 34.7% Net income from discontinued operations (1) (229) Consolidated Net income 147 (750) Mainly related to Carrefour 2022 transformation initiatives launched in H1 98mn improvement in net financial expenses due to improved refinancing terms and deleveraging Normative tax rate reflecting footprint and country weighting Including principally the 273 ex-dia stores exiting the Group s scope Net income, Group share 78 (861) Net income from continuing operations, Group share 79 (633) Minority interests 69 112 Adjusted net income, Group share from continuing operations 154 131 H1 2018 RESULTS 20
All restructuring processes are well underway Key Initiatives Status Next steps Savings recognition phasing HQ France Voluntary departure plan Signed Implementation underway Full completion expected by year end > Starting in H2 2018 > Full-year effect in 2019 DIA 273 ex-dia stores to be removed from Group scope Signed Disposals/closures completed by end of July 2018 > Ex-Dia scope discontinued from January 1 st Belgium Voluntary departure plan c.950 FTE Conversion of 5 hypermarkets to supermarkets Flexibility measures in hypers Signed Hypermarkets to be converted in Q4 Voluntary departure plan to be fully completed in Q2 2019 > Mostly in 2019 Argentina Crisis prevention plan 11 store closures Voluntary departure plan: c.750 FTE Signed 6 stores to close in H2 2018 Implementation of voluntary departure plan to be finalized in Q4 > Starting in H2 2018 > Full-year effect in 2019 H1 2018 RESULTS 21
Most retructuring costs accounted for in H1 related cash-out mostly in H2 (in m) H1 2017 reported H1 2018 Restructuring costs (102) (693) Impairment and asset write-offs (31) (44) Other non-current items (17) (48) Related to the transformation initiatives announced in H1, notably in France, Belgium and Argentina Non-recurring expense related to the ex-dia network and included in the Net income from discontinued activities amounts to (183)m Non-recurring income and expenses, net (150) (785) Restructuring expenses linked to H1 announcements were recorded in H1 2018 Cash-out is expected mainly in H2 2018 and the balance in 2019 H1 2018 RESULTS 22
A tax expense reflecting a normative half-year tax rate of 34.7% (in m) H1 2017 Reported H1 2018 Half-year normative tax rate (1) 34.2% 34.7% Normative tax expense (132) (154) Non income-based taxes (incl. CVAE (2) ) (28) (28) Others (3) 71 3 Total tax expense (89) (179) Effective tax rate 37.5% (52.2)% The +0.5 pts increase mainly reflects a greater weight of Brazil in Group pretax income in H1 2018 vs H1 2017 Mainly reflects the recognition of tax assets in H1 2017 High level of non-current expenses in pre-tax income implies a negative and non-meaningful effective tax rate (1) Half-year Normative tax rate: Reflects Carrefour s geographic footprint and the relative weighting of each country Calculation based on local corporate income tax rate applied to pre-tax income excluding non-current items Full-year normative tax rate was 31.9% in 2017 (2) CVAE: Local business tax in France assessed on the basis of the value-added generated by the business, recorded as corporate income tax H1 2018 RESULTS 23
Focus on Free Cash Flow generation: + 418m (excl. exceptional items) (in m) H1 2017 reported H1 2018 Variation at current FX EBITDA 1,431 1,373 (58) Financial result (58) (37) 21 Cash impact of non-recurring items (126) (193) (67) Other (including tax paid) (268) (195) 73 Gross cash flow (excl. discontinued) 979 948 (31) Change in working capital (2,518) (2,365) 153 Discontinued activities (3) (6) (4) Operating cash flow (1,541) (1,423) 118 Capital expenditure (ex. Cargo) (904) (555) 349 Net capital expenditure (Cargo) (85) (38) 47 Change in net payables to fixed asset suppliers (262) (274) (12) Asset disposals (business-related) 56 74 18 Discontinued activities 0 (3) (3) Free cash flow (2,736) (2,219) 517 Incl. Impact of Cargo (85) (38) 47 Incl. Impact of exceptional items and discontinued (64) (12) 52 Free cash flow from continuing operations, exl. exceptionnal items (2,587) (2,169) 418 1. Working capital improvement mainly coming from reduction of inventories 2. Capex ex-cargo down to 555m thanks to continuous productivity improvements and more selectivity on investments H1 2018 RESULTS 24
1 Better inventory management in most geographies 6 845 INVENTORY - (in m) - 175m 6 670 Key levers Assortment rationalization and better management of inventories 371 6 299 Inclusion of FCF objectives in managers incentive schemes Supply chain: Optimization of flows H1 2017 reported H1 2018 constant FX Forex H1 2018 current FX H1 2018 RESULTS 25
2 Capex reduced by 39% thanks to greater productivity and selectivity of investments INCREASED SELECTIVITY & PRODUCTIVITY H1 2018 capex ex. Cargo down 349m or 39% at current FX 904m Full remodelings and hypermarket extensions Cost per unit Standardization Return on capital employed Capex reduction through better productivity and selectivity Standardization efforts underway 555m ALLOCATION ALIGNED WITH STRATEGIC PRIORITIES IT & Omnichannel to support digital ambition 2nd PPC launched in April to supply the Paris region H1 2017 reported H1 2018 Expansion in Cash & Carry and convenience stores Commercial proposition to optimize the store network Opening of more than 130 Drives at Group level Investments in growth formats: 15 C&C and 180 openings of convenience stores Objective confirmed: 2bn of capex in 2018 H1 2018 RESULTS 26
427mn net debt improvement in last 12 months excluding FX impact and Brazil IPO proceeds 427m improvement Incl. a 345m cash out related to exceptional items (mainly restructuring) 7,720m 7,293m 1 019 (239) (246) (107) (283) 1 321 6,255m June 30 2017 Net Debt H1 2018 RESULTS 27 FCF Dividends Cost of net financial debt (1) June 30 2018 Net Debt before FX impact and Brazil IPO proceeds Others June 30 2018 (1) Net Debt FX impact Brazil IPO June 30 2018 Net Debt
Successful refinancing operations conducted in H1 5.25% DEBT REDEMPTION SCHEDULE (in m and %) 4.00% 3.88% 1.75% 1.75% 1.25% 0.49% 0.51% On March 27, 2018, issuance of $500 million non-dilutive cash-settled convertible Bond, swapped in euros with a maturity of 6 years and a zero coupon 1,179 On June 5, 2018, oversubscribed issuance of 500 million bonds with a maturity of 5 years 1,000 1,000 1,000 1,000 929 500 429 * 750 At end June 2018, debt maturity stood at 3.7 years 279 429 * 750 Credit Rating as of June 30, 2018: BBB + negative outlook (S&P) Baa1 stable outlook (Moody s) 2018 2019 2020 2021 2022 2023 2024 2025 2018 issuance Average annual coupon The Group has 3.9bn credit facilities available, of which 2.5bn maturing in 2022 and 1.4bn in 2023 * The $500m Convertible Bonds of 2023 and 2024 are here converted using the /$ exchange rate of June 30, 2018 H1 2018 RESULTS 28
57% take-up of scrip dividend PAYMENT AND SETTLEMENT ON JULY 13, 2018 (H2) DIVIDEND PAID IN CASH DIVIDEND PAID IN SHARES 152m CASH-OUT IN H2 57% TAKE-UP RATIO equivalent to 200m Total dividend: 352m H1 2018 RESULTS 29
Transformation plan targets confirmed > 5bn of food e-commerce sales in 2022 > 5bn in sales of organic products in 2022 > A cost reduction plan of 2bn by 2020 on full-year basis > Disposal of non-strategic assets for 500m by 2020 > Annual capex of 2bn Carrefour 2022 transformation plan progressing rapidly, targets confirmed H1 2018 RESULTS 30
APPENDIX
ADJUSTED NET INCOME, GROUP SHARE (in m) H1 2017 reported H1 2018 (in m) H1 2017 reported H1 2018 EBITDA (1) 1,431 1,373 Recurring operating income 621 597 Net income from associates and JVs 13-6 Non-recurring income -150-785 EBIT 484-194 Net financial expenses -247-149 Net interest expense -191-121 Net income from continuing operations Minority share of net income from continuing operations Net income from continuing operations, Group share Net income from discontinued operations, Group share 148-521 -69 112 79-633 -1-229 Other net financial expenses -56-28 Income before taxes 236-342 Income tax expense -89-179 Net income, Group share 78-861 Adjusted net income, Group share 154 131 (1) Recurring operating income before depreciation and amortization (including supply chain depreciation) H1 2018 RESULTS 32
H1 2018 INCOME STATEMENT (in m) H1 2017 reported H1 2018 Net sales 38,526 37,071 Net sales, net of loyalty program costs 38,228 36,728 Other revenue 1,354 1,309 Total revenue 39,582 38,037 Cost of good sold -30,762-29,816 Gross margin from recurring operations 8,821 8,221 SG&A -7,419-6,884 Recurring operating income before D&A (EBITDA) (1) 1,431 1,373 Depreciation and amortization -781-740 Recurring operating income (ROI) 621 597 Recurring operating income (ROI) including income from associates and joint ventures 633 591 Non recurring income and expenses -150-785 EBIT 484-194 Financial expense -247-149 Income tax expense -89-179 Minority interests 69 112 Net income from continuing operations, Group share 79-633 Net income from discontinued operations, Group share -1-229 Net income, Group share 78-861 Adjusted net income, Group share 154 131 (1) Tax impact of restated items (from non-recurring income and expenses and financial expenses) and non-recurring tax items H1 2018 RESULTS 33
Net sales and recurring operating income per region NET SALES RECURRING OPERATING INCOME (in m) H1 2017 reported H1 2018 Variation at constant exch. rates Variation at current exch. rates H1 2017 reported H1 2018 Variation at constant exch. rates Variation at current exch. rates France 17,307 17,150-0.9% -0.9% 199 110-44.8% -44.8% Other European countries 10,010 10,093 +1.0% +0.8% 149 152 +2.2% +1.9% Latin America 8,075 6,976 +8.6% -13.6% 293 319 +28.0% +8.8% Asia 3,135 2,851-4.3% -9.0% 12 32 +177.3% +157.0% International 21,219 19,920 +3.1% -6.1% 455 503 +23.7% +10.6% Global functions -33-16 -54.1% -52.4% TOTAL 38,526 37,071 +1.3% -3.8% 621 597 +5.8% -3.8% H1 2018 RESULTS 34
ADJUSTED NET INCOME, GROUP SHARE (in m) H1 2017 reported H1 2018 Net income from continuing operations, Group share 78 (861) Restatement for non-recurring income and expenses (before tax) 150 785 Restatement for exceptional items in net financial expenses 17 6 Tax impact (1) (84) (19) Restatement on share of income from minorities and companies consolidated by the equity method (7) (8) Restatement for discontinued operations 1 229 Adjusted net income, Group share 154 131 (1) Tax impact of restated items (from non-recurring income and expenses and financial expenses) and non-recurring tax items H1 2018 RESULTS 35
EARNINGS PER SHARE ( per share) H1 2017 reported H1 2018 Net income from continuing operations 0.11 (0.83) Net income from discontinued operations (0.00) (0.30) Net income, Group share 0.10 (1.13) Adjusted net income, Group share 0.21 0.17 Weighted average number of shares pre-dilution (in millions) (1) 746.8 765.5 (1) Non significant dilutive impact H1 2018 RESULTS 36
STORES UNDER BANNERS 1 AT END H1 2018 (#) Hypermarkets Supermarkets Convenience Cash & Carry Total France 248 1,059 3,939 144 5,390 Spain 204 111 676 19 1,010 Italy 53 407 601 16 1,077 Belgium 45 445 294 0 784 Poland 89 151 590 0 830 Romania 32 235 52 9 328 Others 32 400 195 0 627 Other European countries 455 1,749 2,408 44 4,656 Argentina 90 104 400 7 601 Brazil 101 43 120 156 420 Latin America 191 147 520 163 1,021 China 211 0 30 0 241 Taiwan 64 55 0 0 119 Others 96 9 1 0 106 Asia 371 64 31 0 466 Others (2) 112 236 53 13 414 Total 1,377 3,255 6,951 364 11,947 H1 2018 RESULTS 37
H1 2018 GROSS SALES Gross sales (in m) Change at current exch. rates inc. petrol Change at constant exch. rates inc. petrol LFL ex. petrol ex. calendar Organic growth ex. petrol ex. calendar France 19,207 +0.9% +0.9% -0.1% -1.1% Hypermarkets 9,845-0.1% -0.1% -1.6% -2.2% Supermarkets 6,391 +0.9% +0.9% +0.8% -1.0% Others, inc. convenience 2,971 +4.6% +4.6% +2.6% +2.3% International 22,232-6.2% +3.2% +1.2% +2.6% Other European countries 11,226 +0.6% +0.7% -1.5% -0.7% Spain 4,510 +2.2% +2.2% -1.8% -1.0% Italy 2,638-3.0% -3.0% -3.6% -3.5% Belgium 2,080-2.2% -2.2% -2.0% -2.2% Poland 1,005 +4.0% +2.8% +0.8% +2.9% Romania 993 +6.0% +8.7% +5.3% +8.1% Latin America 7,842-13.4% +9.3% +6.4% +9.5% Brazil 6,418-12.1% +5.8% +1.9% +5.7% Argentina 1,425-18.7% +24.6% +24.7% +24.7% Asia 3,163-9.3% -4.6% -3.9% -4.5% China 2,195-11.6% -8.0% -6.4% -7.8% Taiwan 968-3.5% +3.7% +2.2% +3.7% Group total 41,439-3.0% +2.2% +0.7% +1.1% H1 2018 RESULTS 38
Q2 2018 GROSS SALES Gross sales (in m) Change at current exch. rates inc. petrol Change at constant exch. rates inc. petrol LFL ex. petrol ex. calendar Organic growth ex. petrol ex. calendar France 9,869 +0.9% +0.9% -0.1% -0.9% Hypermarkets 5,022 +0.2% +0.2% -1.0% -1.4% Supermarkets 3,293 +0.4% +0.4% +0.1% -1.5% Others, inc. convenience 1,553 +4.5% +4.5% +2.2% +2.0% International 10,944-7.4% +2.5% +1.7% +3.1% Other European countries 5,688-1.6% -1.3% -2.2% -1.5% Spain 2,307 +0.2% +0.2% -2.9% -2.2% Italy 1,322-5.0% -5.0% -3.9% -3.8% Belgium 1,058-3.9% -3.9% -2.3% -3.2% Poland 494-0.9% +0.1% +2.3% +4.5% Romania 507 +4.6% +7.0% +3.1% +6.0% Latin America 3,864-14.9% +9.6% +8.4% +11.5% Brazil 3,156-13.3% +5.5% +3.4% +7.3% Argentina 708-21.5% +26.8% +28.0% +27.9% Asia 1,392-7.1% -4.7% -4.2% -4.7% China 947-8.7% -8.0% -6.5% -8.0% Taiwan 446-3.6% +2.8% +1.0% +2.7% Group total 20,813-3.6% +1.8% +0.9% +1.4% H1 2018 RESULTS 39
DISCLAIMER This presentation contains both historical and forward-looking statements. These forward-looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward-looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure requirements and available on Carrefour's website (www.carrefour.com), and in particular the Annual Report (Document de Référence). These documents are also available in the English language on the company's website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.