Carrefour Financial Report

42411 WordsFeb 4, 2013170 Pages
Financial Report 2011 Financial Report 2011 Financial Report 2011 - 1 2 Financial Report 2011 - 1 Consolidated Financial Statements Management’s discussion and analysis year ended December 31, 2011 Consolidated Financial Statements year ended December 31, 2011 Notes Statutory Auditors’ report on the Consolidated Financial Statements 4 19 25 108 Financial Report 2011 - 3 1 Consolidated Financial Statements Management’s discussion and analysis year ended December 31, 2011 Management’s discussion and analysis year ended December 31, 2011 This is a free translation into English of the Carrefour Group’s financial report for 2011 which is issued in the French langague, and is provided solely for the…show more content…
(in millions of euros) 2011 862 508 554 258 2,182 2010 1,274 706 434 286 2,701 % change (32.4)% (28.0)% 27.5% (9.7)% (19.2)% % change at constant exchange rates (32.4)% (28.2)% 29.4% (9.9)% (19.0)% France Rest of Europe Latin America Asia TOTAL The decline reflected: • a 3.3% rise in sales, general and administrative expenses, led by salary increases in emerging markets and the impact of recent legislation in France (profit-sharing bonus scheme and changes in the Fillon Act). These expenses represented 19.3% of sales in 2011, compared with 18.8% in the prior year, an increase of 50 basis points. • resilient margins, with gross margin down by 20 basis points over the year – and just 10 basis points in the second half – to 22.0% from 22.2% in 2010; Recurring operating income by operating segment – contribution to the consolidated total (in %) 2011 39.5% 23.3% 25.4% 11.8% 100.0% 2010 47.2% 26.1% 16.1% 10.6% 100.0% France Rest of Europe Latin America Asia TOTAL DEPRECIATION, AMORTIZATION AND PROVISIONS Depreciation, amortization and provisions amounted to 1,701 million euros, representing 2.1% of sales, a ratio largely unchanged from 2010. NON-RECURRING INCOME AND EXPENSES, NET Non-recurring items represented a net expense of 2,662 million euros, comprising 3,005 million euros in expenses and 343 million euros in income. 6 Financial Report

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