HALF-YEAR 2016 RESULTS: CARREFOUR CONTINUES ITS PROFITABLE GROWTH MOMENTUM
Strong growth in organic sales: +2.9%
ROI growth for the eighth consecutive half: +5.3% at constant exchange rates
Adjusted net income, Group share up +0.6%

Sales inc. VAT of €40.6bn in H1 (€20.5bn in Q2): Further growth in organic sales
• Resilient sales in France and Europe in a more difficult consumption environment, notably marked by unfavorable weather conditions
• Very strong growth in emerging markets, driven by Latin America and Taiwan

Recurring Operating Income of €706m in H1: Strong operational performance
• Operating margin held up well in France, stable at 1.8%
• Strong growth in Other European countries, with a 30bp rise in operating margin
• Growth in profitability in Latin America, with a 12.3% rise in ROI

Investments to support the multiformat and omnichannel model
• Openings of 305 convenience stores, 97 supermarkets, 5 cash & carry stores and 3 integrated hypermarkets in H1
• Digital-channel development in all the Group’s countries
• First contribution of Rue du Commerce in France
• Creation of Cargo, a real estate company dedicated to logistics controlled by Carrefour and co-financed with third parties
• Accelerated pace of DIA store conversions in France with 260 stores converted in H1. 412 stores are now under Carrefour banners; the conversion of the 648 stores will be completed as planned at end-2016

2016 objectives
• Investments1 of between €2.5bn and €2.6bn
• Increased free cash flow and stable year-end net debt vs. end-2015
• Continued strict financial discipline: maintain BBB+ rating

Dividend payments in cash amounted to €121m in H1 2016. In 2015, the dividend had been paid in H2. The creation of Cargo resulted in an inflow in the “Capital increase” line and accounts for most of it.
In total, net financial debt at June 30, 2016 stood at €7.4bn, reflecting once again the seasonality of our activity. Net debt at end-2016 is expected to be globally stable vs. its level at 31 December 2015.

read more on
http://www.carrefour.com/sites/default/files/20160728_press_release_h1_2016_0.pdf

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