Regulatory News:
Carrefour (Paris:CA):
- Sustained commercial activity: +3.6% on a like-for-like
basis (LFL) in Q2, on a high comparable base (+6.3% in Q2
2020); LFL in H1: +3.9%
- Strong growth in France: +4.7% LFL in Q2, of which +4.3%
in hypermarkets, with continuous market share gains in each
format(1)
- Continuous growth in e-commerce: +26% in H1 2021, +120%
over two years
- Further improvement in profitability: Recurring Operating
Income (ROI)(2) of €740m in H1, up +11.2% (+€81m) at constant
FX(3) after +29.1% in H1 2020
- France’s ROI up +45.1%
(+€58m)
- Further cost-reduction momentum (€430m in H1)
- EPS Growth of 34.3% in H1 2021, at €0.42
- Strong +€203m improvement in net free cash
flow(4) to €(1,990)m in H1 2021
- Carrefour anticipates net free cash flow generation
comfortably above €1bn in FY 2021
- Additional €200m share buyback program in 2021. Completion
of the €500m program at end-July
- A Digital Day, presenting the Group’s digital strategy, will
be held on November 9, 2021
Alexandre Bompard, Chairman and CEO, declared:
“Once again this half,
Carrefour has delivered excellent results. This performance
reflects both the relevance of our strategic plan and the
effectiveness of its execution, thanks to the tremendous commitment
of all employees. We continue our steady improvement in customer
service and are gaining market share in all our key markets. Our
organic growth is strong, while the value-creating acquisitions in
recent periods are rapidly integrated. Finally, our new cost
savings plan is quickly showing its first effects. While the
sanitary and macroeconomic context remains uncertain, the Group is
moving forward with great serenity towards achieving its
objectives, both for full-year 2021, which will be another record
year in terms of cash generation, and for the medium term. Hence,
we are complementing the €500m share buyback completed at end-July
with an additional €200m program. In addition, in the coming
months, we will considerably amplify our digital transformation,
whose main strategic drivers will be presented at a Digital Day to
be held on November 9 in Paris."
Notes: (1) based on NielsenIQ RMS data; (2) ROI includes income
and expenses related to COVID-19 effects. Exceptional bonuses and
similar benefits to Group employees in 2020 (€128m, in H1) are
accounted for under other non-current income and expenses ; (3) H1
2020 comparable base is restated for the IFRS IC decision on IFRS
16; (4) Net Free Cash Flow corresponds to free cash flow after net
finance costs and net lease payments. It includes cash-out of
exceptional charges
FIRST-HALF 2021 KEY FIGURES
(in €m)
H1 2020
restated(2)
H1 2021
Variation
Sales inc. VAT
38,079
38,319
+3.9% LFL
Recurring operating income
(ROI)(1)
726
740
+11.2%, +€81m (at constant
FX)
Recurring operating margin
2.1%
2.1%
+3bps (+12bps at constant FX)
Operating income
485
689
+41.9% / +€203m
Net income, Group
share
(25)
298
+€323m
Adjusted net income, Group
share
250
337
+€87m
Adjusted EPS
0.31
0.42
+34.3%
Net Free Cash Flow
(2,193)
(1,990)
+€203m
Net financial debt (at June
30)
5,218
5,525
+€307m (incl. FX impact)
Notes: (1) ROI includes income and expenses related to COVID-19
effects. Exceptional bonuses and similar benefits to Group
employees in 2020 (€128m, in H1) are accounted for under other
non-current income and expenses; (2) H1 2020 comparable base is
restated for the IFRS IC decision on IFRS 16
SOLID SALES MOMENTUM IN Q2 2021
Group sales increased by +3.6% LFL in Q2. This
performance reflects a solid dynamic of market share gains in key
countries and the relevance of our multi-format and omnichannel
model, as it comes against a high comparable base. While not
uniform across countries or formats, activity had grown strongly in
Q2 2020 (+6.3% LFL), benefiting notably from the transfer to stores
of out-of-home consumption and a wave of strong consumption after
the first lockdown.
The sanitary environment was mixed in the second quarter of
2021: Restrictions linked to the pandemic were gradually lifted in
most European countries, before the rapid progression of the Delta
variant prompted the authorities to reinforce sanitary measures
from June. Conversely, the sanitary situation deteriorated in
Brazil.
In France, Q2 2021 revenue increased +4.7% on a LFL basis
(+6.3% LFL in food, -6.5% LFL in non-food). Cumulatively over two
years1, growth reached +5.4%. Market share improved by +0.5 point
over the quarter; Carrefour once again outperformed in each of the
reference channels: hypermarkets, supermarkets, convenience and
Drive2.
- Hypermarkets (+4.3% LFL in
Q2/+0.8% on a two-year stack) confirmed their good momentum, driven
by improved customer satisfaction and operational excellence.
Stores are gaining market share not only compared to their
benchmark channel (+0.5 point in Q2) but also compared to the
overall market
- Supermarkets (+7.0% LFL au
T2/+11.4% on a two-year stack) maintained their very good momentum
and continued to significantly outperform their benchmark
channel
- Convenience (-3.0% LFL in Q2/+8.4%
on a two-year stack)also outperformed its benchmark channel. Sales
were down given a high comparable base (+11.4% in Q2 2020), as the
first lockdown last year had particularly favored this segment
- Promocash's activities, while
still penalized by restaurant closures over part of the quarter,
were up compared to Q2 2020 and accelerated sharply at the end of
the quarter after the reopening of bars and restaurants
- The performance in non-food is
solid given the increase of +10.7% LFL in Q2 2020. Cumulatively
over two years, growth reached +4.2% LFL
- Food e-commerce in France grew
again in Q2 2021 (+11%), after growth of +63% in Q2 2020. Carrefour
continues to deploy new initiatives; the Group has notably extended
its partnership with Deliveroo in France and internationally, and
announced the deployment of more than 400 automatic lockers in
partnership with Pickup (a subsidiary of La Poste) in France. In
addition, Carrefour announces today it has entered into exclusive
negotiation to acquire a minority stake in Cajoo, a French pioneer
in quick commerce
In Europe, like-for-like sales were down -1.9% compared
to Q2 2020, but up +2.8% over two years. The trends vary
considerably between countries, given very different comparable
bases: in Q2 2020, Spain and Belgium had posted strong growth,
outperforming markets that had benefited from the transfer of
out-of-home catering. In Eastern Europe and Italy, the Group had
been penalized by its exposure to stores located in shopping
centers, which were temporarily closed.
- In Spain (-2.8% LFL/+7.1% on a two-year stack),
Carrefour continued to outperform the market this quarter. The
solid two-year growth illustrates the improvement in NPS® and price
perception, which has continued since the start of the year.
Supersol stores, whose acquisition was finalized in March, are
gradually being converted to Carrefour banners
- In Italy (-3.2% LFL/-10.5% on a two-year stack),
Carrefour's relative performance is improving month after month,
under the leadership of the new management team, who has set
customer satisfaction and operational excellence as priorities.
This translates into continuous improvement in NPS® and price
perception. LFL growth turned positive in June
- In Belgium (-6.7% LFL/+9.2% on a two-year stack), sales
were down compared to the exceptionally high level of last year
(+15.9% LFL in Q2 2020, the market having notably benefited from
the closure of borders). It is still progressing strongly over two
years
- In Poland (+7.1% LFL/+2.9% on a two-year stack) and in
Romania (+8.4% LFL/+6.2% on a two-year stack), Carrefour
benefited from the gradual lifting of sanitary restrictions, in
particular the reopening of shopping centers in May
In Latin America, LFL sales increased by +10.5%, and by
+31.4% over two years.
- In Brazil, sales increased by +10.7% at constant
exchange rates in Q2, including LFL growth of +3.4% (+18.3% on a
two-year stack), a contribution from openings and acquisitions of
+6.5% and a positive petrol effect of +1.4%. The exchange rate was
an unfavorable -8.0%. The performance was solid despite the high
comparable base and the deterioration in recent months of the
economic and sanitary situation, impacting consumers’ purchasing
power
- Atacadão’s sales were up +19.7% at
constant exchange rates in Q2 2021 with like-for-like growth of
+10.2% (+18.9% LFL over 2 years) as well as a contribution from
openings and the Makro acquisition of +9.5%. In H1, Carrefour
completed the conversion of 29 Makro stores twice as fast as
planned. The Group thus anticipates run-rate EBITDA breakeven will
reached at these stores by year-end. The fourth consecutive quarter
of double-digit LFL growth at Atacadão illustrates the resilience
of its model in the current pandemic context, as well as strategic
decisions in favor of competitiveness
- The sales decrease at Carrefour
Retail in Q2 (-11.4% LFL/+18.9% on a two-year stack) was
mainly linked to non-food, which had grown very strongly in 2020 in
the context of COVID-19. Over two years, food and non-food sales
posted double-digit growth, driven by the customer loyalty strategy
that increases the frequency of visits and loyalty
- Food e-commerce grew by +16% in the quarter and more than
five-fold on a two-year stack
- Financial services continue to
grow strongly and returned to their pre-pandemic level of credit
production; billings are up +50% in Q2
- In Argentina (+45.1% LFL/+99.1% on a two-year stack),
Carrefour continued to gain market share, with volumes increasing
strongly in a declining market, marked by inflation that remains
high
In Taiwan (Asia), Q2 sales were up +20.8% at constant
exchange rates, thanks notably to the integration of the Wellcome
convenience stores. The stores converted to the Carrefour banner
this half strongly outperformed. Like-for-like sales were down
-1.4%, impacted by the drop in traffic, particularly in
hypermarkets, following the restriction measures put in place as
part of the fight against the pandemic.
H1 2021 INCOME STATEMENT3
H1 2021 gross sales increased by +3.9% on a like-for-like
basis. The Group's gross sales stood at €38,256m pre-IAS 29, an
increase of +5.2% at constant exchange rates.
Net sales amounted to €34,462m.
Gross margin stood at 21.4% of net sales, down -39bps.
This evolution reflects:
- The evolution of the integrated/franchisee mix
- Investments in competitiveness
- The resumption of promotional activity, which had been
virtually stopped during the first lockdown in 2020
- The restart of petrol sales, which carry lower margin
- And purchasing gains that partly offset the above-mentioned
factors
Distribution costs were down -32bps to 16.3% of net
sales, compared to 16.6% in H1 2020. They benefited from cost
savings plans and include costs related to new store openings,
ongoing conversion of recently acquired stores and new services
offered to customers, notably in digital.
Group Recurring operating income (ROI) reached €740m, up
+€81m (+11.2%) at constant exchange rates (the currency effect was
negative at -€67m, notably due to the depreciation of the Brazilian
Real). Operating margin was stable (+3bps) at 2.1%.
The strong improvement in H1 reflected:
- The increase in profitability of retail activities, despite the
resumption of promotional and marketing activity
- The improvement in the contribution of financial services,
other services (travel, ticketing, etc.) and sales to professionals
(HoReCa) in Europe (including France). Financial services benefit
from good control over the cost of risk, while other activities
resumed gradually during the second quarter with the easing of
sanitary constraints
- These items were, as expected, partly offset by a negative
impact of around -€31m linked to the consolidation of recently
acquired perimeters (Makro, Bio c ’Bon, Supersol, Wellcome) under
conversion to Carrefour banners in H1
- In France, ROI was up a strong +45.1% (+€58m) to €187m.
Operating margin increased by +32bps to 1.1%. This evolution
reflects the excellent dynamics of distribution activities,
combined with good cost reduction dynamics
- In Europe (excluding France), ROI increased by +13.0%
(+€25m) to €225m. Operating margin improved by +27bps to 2.2%,
driven in particular by Spain
- In Latin America, ROI reached €309m; it was broadly
stable (-0.8%) at constant exchange rates, after a strong +27.5%
increase in H1 2020. Operating margin in H1 2021 was down -76bps to
5.0%. The impact of the application of IAS 29 is -€10m
- In Brazil, ROI decreased by -€20m at constant exchange rates
due to the drop in non-food, on a high comparable base. The Group
kept investing in competitiveness in a deteriorated economic and
sanitary environment
- In Argentina, ROI continued to improve noticeably thanks to
excellent commercial dynamics and a constant attention to
costs
- In Taiwan (Asia), ROI in the half stood at €47m vs €49m
in H1 2020
Non-recurring income and expenses stood at €(41)m, vs
€(239)m in H1 2020. It notably includes:
- The capital gain on the sale of 60% of Market Pay for
c.€230m
- The capital gain following a contribution of real estate assets
in Brazil (Pinheiros project) for €81m
- Provisions, within the framework of organizational
transformation projects, for c.€(260)m
Net income, Group share stood at €298m vs €(25)m in H1
2020. It includes the following items:
- Net financial expenses of €(132)m, an improvement of
€53m compared to H1 2020 following refinancing operations carried
out under more favorable conditions. They also include a positive
impact of +€16m from the application of IAS 29.
- An income tax charge down to €(187)m vs €(237)m the
previous year, linked to the decrease in the CVAE rate in France
and the depreciation of the Brazilian Real over the period. At the
same time, the normative tax rate improved to 30.6%4 vs. 32.1% in
H1 2020, reflecting in particular the evolution of the geographic
mix and the drop in the Corporate tax rate in France
- Net income from discontinued operations, Group share of
€23m vs €3m in H1 2020
Adjusted net income, Group share improved by +34,7%
(+€87m), to €337m compared to €250m in H1 2020.
Adjusted EPS improved by +34.3% to €0.42 vs €0.31 H1
2020.
CASH FLOW AND DEBT 5
In H1 2021, the Group posted an improvement of +€203m in its
net free cash flow6 from €(2,193)m to €(1,990)m. Over 12
months at end-June, net free cash flow stood at €1,259m.
The improvement in net free cash flow in the first half of 2021
reflects the following items:
- Broadly stable EBITDA
- A €62m decrease in income tax paid
- A decrease in cash-outs from exceptional items
(restructuring and others), that stood at €132m (vs. €365m in H1
2020)
- A change in working capital requirement that
deteriorated by €139m, reflecting in particular a variation in
inventories at the end of June vs. December that was less favorable
than last year, given a particularly low level of inventory at the
end of December 2020 after the sustained activity of the year-end
festivities
- An increase in capex to €539m in H1 2021 (vs. €449m in
H1 2020), in line with the expected increase in full-year capex to
between €1.5bn and €1.7bn in 2021 (vs €1,241m in 2020). Change in
payables to fixed-assets suppliers contributed to net free cash
flow improvement for +€110m
- A drop in cost of net financial debt of €12m, thanks to
a refinancing at lower interest rate of bond issues
Net financial debt stood at €5,525m at June 30, 2021, vs
€5,218m at June 30, 2020. Main impacts over 12 months include:
- Net free cash flow of €1,259m
- The payment of dividends to Group shareholders for €(497)m
including €(383)m ordinary dividends to Group shareholders, and
dividends to minorities
- Acquisitions and disposals for a total of €(426)m, including
the acquisition of Makro stores, Supersol, Wellcome and Bio c’ Bon
banners, the 10% down payment for the acquisition of Grupo BIG in
Brazil (€139m) and the disposal of 60% of Market Pay for €189m
- The share buyback program (completed at end-July) for €(443)m
in H1 2021
ENHANCED LIQUIDITY AND SOLID BALANCE SHEET
Carrefour has one of the strongest balance sheets in the
industry. Since 2018, the Group has demonstrated great
financial discipline and has strengthened its balance sheet and
liquidity. This is an important asset in the current context,
marked by rapid changes in food retail and the COVID-19
pandemic.
In May 2021, Moody's raised the outlook for Carrefour from
"negative" to "stable". As of June 30, 2021, the Group was rated
Baa1 stable outlook by Moody’s and BBB stable outlook by Standard
& Poor’s.
In April, the Group redeemed a bond loan in the amount of €871m,
with a coupon of 3.88%.
In addition, in May 2021, Carrefour exercised the option to
extend from June 2025 to June 2026 its two credit facilities for a
total amount of €3.9bn. This option was subscribed to more than 99%
of bank commitments.
Finally, the Group updated its EMTN (Euro-Medium Term Notes)
program in June 2021 by including a CSR component. The Group
published a Sustainability-Linked Bond-type Framework, aimed at
strengthening the CSR dimension of its bond financing.
ANNOUNCEMENT OF AN ADDITIONAL €200M SHARE BUYBACK
In view of the strong cash generation in the first half, the
Board of Directors has approved the launch of an additional buyback
program of Carrefour shares for a maximum amount of €200m,
with a view to cancelling those shares.
This decision is part of the capital allocation policy
aiming at achieving an efficient balance between capex,
acquisitions and return to shareholders.
These buyback operations reflect management's confidence
in the Group's operational performance, its generation of free cash
flow and its prospects, supported by a strong first half.
These transactions fall within the framework of Carrefour’s
share buyback program, as authorized by the General Meeting of
shareholders of May 21, 2021.
Carrefour will appoint one or more independent financial
intermediaries responsible for implementing these buybacks, in
compliance with the regulations in force, in particular in terms of
the price and volume of shares that can be bought back daily.
Subject to market conditions7, Carrefour expects these
transactions to take place by the end of 2021.
CARREFOUR 2022 STRATEGIC PLAN OBJECTIVES CONFIRMED
The Group reiterates the orientations of the Carrefour 2022
strategic plan and confirms all of its operational and financial
objectives.
The net free cash flow is expected comfortably above €1bn in
2021.
Operational objectives
- Group NPS® improvement by 2022 of +30 points since the start of
the plan
- Carrefour-branded products accounting for one-third of sales in
2022
- 2,700 convenience store openings by 2022
Financial objectives
- €4.2bn in food e-commerce GMV in 2022
- €4.8bn sales of organic products in 2022
- €2.4bn in additional cost savings by 2023 on an annual basis
(in addition to €3.0bn already achieved at end-2020)
- Net Free Cash Flow at a level above €1bn per year from 2021
(after cash-out of exceptional charges, notably related to
restructuring plans)
- Annual level of capex of around €1.5bn to €1.7bn
- €300m in additional disposals of non-strategic real estate
assets by 2022
STRONG PROGRESS ON CSR AMBITIONS
Following its introduction in 2018, the CSR and Food
Transition index is assessed, for the first time this year, in
the first half of the year. This measure allows the Group to manage
extra-financial performance more effectively. The index value for
the first half of the year is 119%, indicating that
Carrefour is progressing rapidly on its ambitions. The Group thus
confirms the index's objectives for the 2021-2025 period.
Carrefour has made particular progress on the following
commitments:
- Packaging (108%): The Group confirms its trajectory to
reach 20,000 tons of packaging avoided by 2025 (since 2017). 1,410
tons were avoided in the first half of 2021, i.e. 7,564 tons since
2017. In France, the Group is publishing for the first time the
percentage of reusable, recyclable or compostable packaging, which
reached 44% (objective of 100% by 2025)
- Climate (130%): Carrefour confirms its lead in reducing
greenhouse gas emissions for its stores (scopes 1 and 2), with a
-6.1% reduction in H1 2021 vs H1 2020
- Employee engagement (128%): Carrefour is publishing for
the first time the average recommendation of the company by its
employees, allowing to measure their level of satisfaction and
engagement. With a score of 82%, the Group gained 2 points in the
first half (80% in 2020, 76% in 2019). The sector’s average is 74%
(source: Ipsos)
AGENDA
- 2021 third-quarter sales: October 21, 2021
- Digital Day: November 9, 2021
The Carrefour Board of Directors met on July 28, 2021 under the
chairmanship of Alexandre Bompard and approved the condensed
consolidated financial statements for the first half of 2021. These
accounts were reviewed by the statutory auditors who expressed an
unqualified conclusion.
APPENDIX
SHARE CAPITAL DECREASE BY WAY OF CANCELLATION OF TREASURY
SHARES
On July 28, 2021, the Board of Directors, pursuant to the
authorization granted by the Extraordinary Shareholders’ Meeting,
decided to decrease the share capital of Carrefour S.A. by way of
cancellation of 29,475,225 treasury shares representing
approximately 3.6% of the share capital.
These shares were repurchased from 7 May 2021 to 9 July 2021
within the framework of the €500 million share buyback program
decided by the Board of Directors on 20 April 2021.
After this cancellation of such shares, the outstanding number
of shares of Carrefour S.A. will be 788,148,615 shares and the
number of treasury shares will hence be 9,457,539 shares,
representing approximately 1.2% of the share capital. The number of
shares carrying voting rights will thus stand at 778,691,076.
SECOND-QUARTER 2021 SALES INC. VAT
The Group's sales amounted to €19,692m pre-IAS 29. Foreign
exchange had an unfavorable impact in the second quarter of -3.0%,
due to the depreciation of the Brazilian Real and the Argentine
Peso. Petrol had a favorable impact of +3.8%. The calendar effect
was an unfavorable -0.4%. The effect of openings was +0.8%. The
effect of acquisitions was +2.0%. The impact of the application of
IAS 29 was +€49m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar
Total variation inc.
petrol
LFL
Organic
at current exchange
rates
at constant exchange
rates
France
9,653
+4.7%
+2.6%
+8.5%
+8.5%
Hypermarkets
4,715
+4.3%
+3.7%
+9.0%
+9.0%
Supermarkets
3,320
+7.0%
+1.4%
+9.5%
+9.5%
Convenience /other formats
1,617
+1.3%
+1.6%
+5.3%
+5.3%
Other European
countries
5,799
-1.9%
-2.1%
+1.4%
+1.7%
Spain
2,503
-2.8%
-2.5%
+6.3%
+6.3%
Italy
1,096
-3.2%
-6.8%
-4.6%
-4.6%
Belgium
1,109
-6.7%
-6.4%
-7.1%
-7.1%
Poland
505
+7.1%
+7.8%
+5.4%
+6.0%
Romania
585
+8.4%
+10.3%
+8.5%
+10.4%
Latin America (pre-IAS
29)
3,638
+10.5%
+13.3%
+1.5%
+16.6%
Brazil
3,063
+3.4%
+6.6%
+2.7%
+10.7%
Argentina (pre-IAS 29)
575
+45.1%
+45.1%
-4.6%
+45.2%
Asia
603
-1.4%
-3.4%
+17.9%
+20.8%
Taiwan
603
-1.4%
-3.4%
+17.9%
+20.8%
Group total (pre-IAS
29)
19,692
+3.6%
+3.0%
+5.2%
+8.3%
IAS 29(1)
49
Group total (post-IAS
29)
19,742
Note: (1) hyperinflation and foreign exchange
COMPARABLE BASE AND 2-YEAR STACK – SECOND-QUARTER
LFL change excl. petrol and
calendar
Q2 2020
Q2 2021
2-year stack(1)
France
+0.7%
+4.7%
+5.4%
Hypermarkets
-3.6%
+4.3%
+0.8%
Supermarkets
+4.3%
+7.0%
+11.4%
Convenience /other formats
+6.3%
+1.3%
+7.6%
Other European countries
+4.7%
-1.9%
+2.8%
Spain
+9.8%
-2.8%
+7.1%
Italy
-7.4%
-3.2%
-10.5%
Belgium
+15.9%
-6.7%
+9.2%
Poland
-4.2%
+7.1%
+2.9%
Romania
-2.2%
+8.4%
+6.2%
Latin America
+20.9%
+10.5%
+31.4%
Brazil
+14.9%
+3.4%
+18.3%
Argentina
+54.0%
+45.1%
+99.1%
Asia
-2.5%
-1.4%
-3.9%
Taiwan
-2.5%
-1.4%
-3.9%
Group total
+6.3%
+3.6%
+9.9%
Note: (1) Sum of Q2 2020 LFL and Q2 2021 LFL
TECHNICAL EFFECTS – SECOND-QUARTER 2021
Calendar
Petrol
Foreign
exchange
France
-0.2%
+6.1%
-
Hypermarkets
-0.4%
+5.6%
-
Supermarkets
0.0%
+8.1%
-
Convenience /other formats
-0.1%
+3.9%
-
Other European countries
-0.5%
+2.4%
-0.2%
Spain
-0.5%
+4.6%
-
Italy
+0.3%
+1.9%
-
Belgium
-0.7%
-
-
Poland
-2.0%
+0.3%
-0.6%
Romania
0.0%
0.0%
-1.9%
Latin America
-0.7%
+1.0%
-15.1%
Brazil
-0.9%
+1.4%
-8.0%
Argentina
+0.1%
-
-49.9%
Asia
-0.3%
-
-2.9%
Taiwan
-0.3%
-
-2.9%
Group total
-0.4%
+3.8%
-3.0%
FIRST-HALF 2021 SALES INC. VAT
The Group's sales amounted to €38,256m pre-IAS 29. Foreign
exchange had an unfavorable impact in the first half of -4.9%, due
to the depreciation of the Brazilian Real and the Argentine Peso.
Petrol had a favorable impact of +1.3%. The calendar effect was an
unfavorable -0.7%. The effect of openings was +0.8%. The effect of
acquisitions was +1.6%. The impact of the application of IAS 29 was
+€63m.
Sales inc. VAT (€m)
Variation ex petrol ex
calendar LFL
Total variation inc. petrol
at current at constant LFL Organic
exchangerates exchangerates
France
18,815
+4.1%
+1.8%
+3.4%
+3.4%
Hypermarkets
9,309
+3.8%
+3.1%
+4.0%
+4.0%
Supermarkets
6,459
+7.0%
+1.1%
+4.2%
+4.2%
Convenience /other formats
3,047
-0.6%
-0.4%
+0.4%
+0.4%
Other European
countries
11,263
-1.7%
-1.9%
-0.9%
-0.5%
Spain
4,794
-0.6%
-0.3%
+3.4%
+3.4%
Italy
2,164
-7.4%
-9.9%
-8.9%
-8.9%
Belgium
2,182
-2.2%
-1.9%
-2.9%
-2.9%
Poland
999
+2.3%
+3.0%
-0.7%
+2.3%
Romania
1,126
+3.2%
+4.5%
+2.3%
+4.0%
Latin America (pre-IAS
29)
6,920
+13.2%
+15.7%
-7.3%
+16.9%
Brazil
5,813
+7.2%
+10.3%
-6.6%
+12.4%
Argentina (pre-IAS 29)
1,107
+39.1%
+39.0%
-10.7%
+38.4%
Asia
1,258
-4.1%
-6.4%
+10.4%
+13.0%
Taiwan
1,258
-4.1%
-6.4%
+10.4%
+13.0%
Group total (pre-IAS
29)
38,256
+3.9%
+3.3%
+0.3%
+5.2%
IAS 29(1)
63
Group total (post-IAS
29)
38,319
Note: (1) hyperinflation and foreign exchange
COMPARABLE BASE AND 2-YEAR STACK – FIRST-HALF
LFL change excl. petrol and
calendar
H1 2020
H1 2021
2-year stack(1)
France
+2.4%
+4.1%
+6.5%
Hypermarkets
-1.4%
+3.8%
+2.4%
Supermarkets
+6.2%
+7.0%
+13.1%
Convenience /other formats
+6.6%
-0.6%
+6.0%
Other European countries
+5.4%
-1.7%
+3.6%
Spain
+8.3%
-0.6%
+7.6%
Italy
-2.6%
-7.4%
-10.0%
Belgium
+11.2%
-2.2%
+9.0%
Poland
+2.0%
+2.3%
+4.3%
Romania
+3.5%
+3.2%
+6.7%
Latin America
+19.0%
+13.2%
+32.2%
Brazil
+11.4%
+7.2%
+18.6%
Argentina
+61.4%
+39.1%
+100.5%
Asia
+2.1%
-4.1%
-2.0%
Taiwan
+2.1%
-4.1%
-2.0%
Group total
+7.0%
+3.9%
+10.9%
Note: (1) Sum of H1 2020 LFL and H1 2021 LFL
TECHNICAL EFFECTS – FIRST-HALF 2021
Calendar
Petrol
Foreign exchange
France
-0.6%
+2.4%
-
Hypermarkets
-0.7%
+1.6%
-
Supermarkets
-0.6%
+3.7%
-
Convenience /other formats
-0.5%
+2.2%
-
Other European countries
-0.7%
+0.8%
-0.4%
Spain
-0.9%
+1.3%
-
Italy
+0.1%
+0.9%
-
Belgium
-0.9%
-
-
Poland
-1.1%
+0.4%
-2.9%
Romania
-0.5%
+0.0%
-1.8%
Latin America
-0.9%
+0.0%
-24.2%
Brazil
-0.8%
+0.3%
-19.0%
Argentina
-0.6%
-
-49.1%
Asia
-0.1%
-
-2.6%
Taiwan
-0.1%
-
-2.6%
Group total
-0.7%
+1.3%
-4.9%
Geographic breakdown of H1 2021 net sales and recurring
operating income
Net sales
ROI(2)
(in €m)
H1 2020 restated (1)
H1 2021
Variation at constant exchange
rates
Variation at current exchange
rates
H1 2020 restated(1)
H1 2021
Variation at constant exchange
rates
Variation at current exchange
rates
France
16,357
16,889
+3.2%
+3.2%
129
187
+45.1%
+45.1%
Europe (ex-France)
10,246
10,158
-0.4%
-0.9%
200
225
+13.0%
+12.7%
Latin America
6,569
6,208
+17.0%
-5.5%
377
309
-0.8%
-18.1%
Asia
1,092
1,208
+13.2%
+10.6%
49
47
-2.0%
-4.3%
Global functions
-
-
-
-
(28)
(28)
n.a.
n.a.
TOTAL
34,265
34,462
+5.1%
+0.6%
726
740
+11.2%
+1.9%
Notes: (1) H1 2020 restated for the IFRS IC decision on IFRS 16;
(2) ROI includes income and expenses related to COVID-19 effects.
Exceptional bonuses and similar benefits to Group employees in 2020
(€128m, in H1) are accounted for under other non-current income and
expenses
Consolidated income statement H1 2020 vs H1 2021
(in €m)
H1 2020 published
H1 2020 restated(1)
H1 2021
Variation at constant exchange
rates
Variation at current exchange
rates
Net sales
34,265
34,265
34,462
5.1%
0.6%
Net sales, net of loyalty
program costs
33,949
33,949
34,059
4.9%
0.3%
Other revenue
1,121
1,121
1,040
(0.8%)
(7.2%)
Total revenue
35,070
35,070
35,100
4.7%
0.1%
Cost of goods sold
(27,612)
(27,612)
(27,734)
5.1%
0.4%
Gross margin
7,457
7,458
7,365
3.3%
(1.2%)
As a % of net sales
21.8%
21.8%
21.4%
(36pbs)
(39pbs)
SG&A
(5,700)
(5,700)
(5,622)
3.0%
(1.4%)
As a % of net sales
16.6%
16.6%
16.3%
(34pbs)
(32pbs)
Recurring operating income
before D&A (EBITDA)(2)
1,886
1,886
1,873
4.4%
(0.7%)
EBITDA margin
5.5%
5.5%
5.4%
(4pbs)
(7pbs)
Amortization
(1,039)
(1,032)
(1,003)
(0.1%)
(2.8%)
Recurring operating income
(ROI)(3)
718
726
740
11.2%
1.9%
Recurring operating margin
2.1%
2.1%
2.1%
12pbs
3pbs
Income from associates and joint
ventures
(2)
(2)
(10)
Recurring operating income
including income from associates and joint ventures
716
724
730
Non-recurring income and
expenses
(234)
(239)
(41)(4)
Operating income
482
485
689
Financial result
(173)
(185)
(132)
Finance costs, net
(91)
(91)
(80)
Net interests related to leases
commitment
(48)
(59)
(52)
Other financial income and
expenses
(34)
(34)
(1)
Income before taxes
308
300
556
Income tax expense
(238)
(237)
(187)
Net income from continuing
operations
70
64
369
Net income from discontinued
operations
3
3
23
Net income
73
67
392
of which Net income, Group
share
(21)
(25)
298
of which continuing
operations
(23)
(28)
275
of which discontinued
operations
3
3
23
of which Net income,
Non-controlling interests
94
92
94
of which continuing
operations
94
92
94
of which discontinued
operations
-
-
-
Net Income, Group share,
adjusted for exceptional items
253
250
337
Depreciation from supply chain
(in COGS)
(129)
(128)
(130)
Net Income, Group share, adj.
for exceptional items, per share
0.32
0.31
0.42
Weighted average number of shares
pre-dilution (in millions)
801.3
801.3
803.8
Notes: (1) H1 2020 restated for the IFRS IC decision on IFRS 16;
(2) 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; (3) ROI
includes income and expenses related to COVID-19 effects.
Exceptional bonuses and similar benefits to Group employees in 2020
(€128m, in H1) are accounted for under other non-current income and
expenses; (4) incl. c.€230m of capital gains on the disposal of 60%
of Market Pay
Consolidated balance sheet
(in €m)
June 30, 2020
published
June 30, 2021
ASSETS
Intangible assets
9,300
9,412
Tangible assets
10,424
10,620
Financial investments
1,393
1,247
Deferred tax assets
770
727
Investment properties
277
298
Right-of-use asset
4,052
4,522
Consumer credit from financial-service
companies – Long-term
2,070
1,827
Other non-current assets
1,621
1,637
Non-current assets
29,906
30,291
Inventories
5,555
5,942
Trade receivables
2,532
2,698
Consumer credit from financial-service
companies – Short-term
3,179
3,721
Tax receivables
793
727
Other current assets
957
1,134
Other current financial assets
357
400
Cash and cash equivalents
2,750
1,294
Current assets
16,123
15,917
Assets held for sale
24
101
TOTAL
46,053
46,309
LIABILITIES
Shareholders' equity, Group share
9,283
9,469
Minority interests in consolidated
companies
1,480
1,593
Shareholders' equity
10,763
11,063
Deferred tax liabilities
600
518
Provision for contingencies
2,854
2,806
Borrowings – Long-term
6,379
6,146
Lease liabilities – Long-term
3,348
3,760
Bank loans refinancing – Long-term
1,298
1,630
Tax payables – Long-term
314
215
Non-current liabilities
14,793
15,077
Borrowings – Short-term
1,909
1,038
Lease liabilities – Short-term
892
977
Trade payables
11,157
11,385
Bank loans refinancing – Short-term
3,275
3,182
Tax payables – Short-term
1,030
1,167
Other current payables
2,234
2,421
Current liabilities
20,496
20,170
Liabilities related to assets held for
sale
-
-
TOTAL
46,053
46,309
Consolidated cash-flow statement
(in €m)
H1 2020 restated(1)
H1 2021
Variation
NET DEBT AT OPENING
(2,615)
(2,616)
(1)
EBITDA
1,886
1,873
(13)
Income tax
(227)
(165)
62
Financial result (excl. cost of
debt and interest related to leases obligations)
(34)
(1)
33
Cash impact of restructuring
items and others
(365)
(132)
233
Gross cash flow (excl.
discontinued)
1,260
1,575
316
Change in working capital
requirement (incl. change in consumer credit)
(2,102)
(2,241)
(139)
Discontinued operations
(27)
(9)
18
Operating cash flow (incl.
exceptional items and discontinued)
(869)
(675)
194
Capital expenditure(2)
(449)
(539)
(89)
Asset disposals
(business-related)
53
35
(18)
Change in net payables and
receivables on fixed assets
(329)
(219)
110
Free cash flow
(1,595)
(1,398)
197
Free cash flow (excl.
exceptional items and discontinued)
(1,241)
(1,255)
(14)
Payments related to leases
(principal and interests) net of subleases payments received
(507)
(513)
(6)
Net cost of financial debt
(91)
(80)
12
Net free cash flow
(2,193)
(1,990)
203
Net free cash flow (excl.
exceptional items and discontinued)
(1,839)
(1,847)
(8)
Exceptional items and
discontinued operations (3)
(354)
(143)
211
Financial investments
(122)
(248)
(126)
Disposal of investments
14
188
174
Capital increase
1
0
(0)
Dividends paid
(145)
(473)
(328)
Change in treasury stock and
other equity instruments
-
(443)
(443)
Others
(157)
57
214
NET DEBT AT CLOSE
(5,218)
(5,525)
(307)
Notes: (1) H1 2020 restated for the IFRS IC decision on IFRS 16;
(2) Restated for Makro; (3) Discontinued operations, restructuring
(€157m in H1 2021 vs €184m in H1 2020), payment of exceptional
bonuses and similar benefits to Group employees in 2020 (€128m, in
H1) and others
Change in shareholders’ equity
(in €m)
Total shareholders'
equity
Shareholders' equity, Group
share
Minority interests
At December 31, 2020
11,297
9,795
1,502
H1 2021 total net income
392
298
94
Other comprehensive
income/(loss), after tax
329
250
79
Dividends
(466)
(383)
(83)
Impact of scope and others(1)
(489)
(490)
1
At June 30, 2021
11,063
9,469
1,593
Note: (1) mainly share buyback
Net income, Group share, adjusted for exceptional
items
(in €m)
H1 2020
Restated(1)
H1 2021
Net income, Group
share
(25)
298
Restatement for non-recurring
income and expenses (before tax)
239
41
Restatement for exceptional items
in net financial expenses
19
17
Tax impact(2)
28
(10)
Restatement on share of income
from companies consolidated by the equity method
-
-
Restatement on share of income
from minorities
(8)
14
Restatement for net income of
discontinued operations, Group share
(3)
(23)
Adjusted net income, Group
share
250
337
Notes: (1) H1 2020 restated for the IFRS IC decision on IFRS 16;
(2) Tax impact of restated items (non-recurring income and expenses
and financial expenses) and exceptional tax items
Application of IAS 29
The impact on Group sales is presented in the table below:
Sales incl. VAT (€m)
2020
pre-IAS 29(1)
LFL(2)
Calendar
Openings
Scope and others(3)
Petrol
2021 at constant rates pre-IAS
29
Forex
2021 at current rates
pre-IAS29
IAS 29(4)
2021 at current rates post-IAS
29
Q1
19,445
+4.2%
-1.0%
+0.8%
-0.6%
-1.1%
+2.2%
-6.7%
18,564
+13
18,577
Q2
18,710
+3.6%
-0.4%
+0.8%
+0.6%
+3.8%
+8.3%
-3.0%
19,692
+49
19,742
H1
38,155
+3.9%
-0.7%
+0.8%
+0.0%
+1.3%
+5.2%
-4.9%
38,256
+63
38,319
Notes: (1) Restated for IFRS 5; (2) Excluding petrol and
calendar effects and at constant exchange rates; (3) Including
transfers; (4) Hyperinflation and currencies
Application of IFRS 16
H1 2020 consolidated financial statements have been restated
(“H1 2020 restated”) to reflect the decision by the IFRS
Interpretation Committee (IFRS IC) published in December 2019 on
leases falling within the scope of IFRS 16 (see note 4 of the
Consolidated Financial Statements).
Acquisitions and disposals in 2020
Acquisitions
Country
Announcement
Status
Completion date
Potager City
France
January 2020
Completed
January 2020
DejBox
France
January 2020
Completed
January 2020
Makro stores
Brazil
February 2020
Completed
Oct. 2020 to June 2021(1)
Wellcome
Taiwan
June 2020
Completed
December 2020
Supersol
Spain
August 2020
Completed
March 2021
Bio c’ Bon
France
November 2020
Completed
November 2020
Bioazur
France
October 2020
Completed
November 2020
Grupo BIG
Brazil
March 2021
Signed
Expected in 2022
Disposals
Rue du Commerce
France
November 2019
Completed
April 2020
60% of MarketPay
France
October 2020
Completed
April 2021
Note: (1) Asset transfer: successive completion dates site by
site depending on obtaining transfer authorizations
Objectives
End-June 2021
Objective
Operational objectives
Improvement in the Group NPS®
since the beginning of the plan
+18 points
+30 points by 2022
Sales of Carrefour-branded
products
30% of sales
+1 point yoy
1/3 of sales by 2022
Convenience store openings
+2,609 (+735 in H1)
+2,700 by 2022
Financial objectives
Food e-commerce GMV
€2.6bn in the last 12 months
€4.2bn by 2022
Sales of organic products
€2.7bn in the last 12 months
€4.8bn by 2022
Cost-reduction plan
€430m in H1
€2.4bn on an annual basis by
2023
Net Free Cash Flow(1)
€1,259m in the last 12 months
>€1bn/year
Capex
€539m (+€89m) in H1
€1.5bn to €1.7bn/year
Disposals of non-strategic real
estate assets
€150m
€300m additional by 2022
Note: (1) Net Free Cash Flow corresponds to free cash flow after
net finance costs and net lease payments. It includes cash-out of
exceptional charges
CSR and food transition index at 119% in H1 2021
Carrefour's CSR and food transition index assesses Carrefour's
annual extra-financial results. Designed to measure the performance
of CSR policies over several years, the index sets an annual target
for the strategic CSR indicators. The overall index score is a
simple average of the scores for these indicators(1).
Category
Objective
2020
H1 2021
Score H1 2021
Products
102%
Sustainable agriculture
€4.8bn sales of organic products by
2022
€2.3bn
€1.4bn
84%
10% penetration of Carrefour Quality Lines
within fresh products by 2025
7.4%
7.2%
95%
Raw materials
100% of sensitive raw materials to be
covered by a risk reduction plan by 2025
88%
88%
88%
Packaging
20,000 tons of packaging avoided by 2025
(cumulative since 2017)
6,154
7,564
108%
Animal welfare
100% of cage-free eggs by 2025
74%
78%
103%
Suppliers involvement
300 suppliers to commit to the food
transition pact by 2025
0
60
120%
Stores
111%
Waste
All waste to be recycled by 2025
66.2%
65.8%
92%
CO2 emissions
Scope 1 and scope 2 greenhouse gas
emissions to be cut by 30% by 2030 (vs 2019)
-9% vs 2019
-6% vs S1 2020
130%
Customers
154%
Food transition offer
15% increase in in-store customer surveys
regarding organic and local products, the reduction of food waste
and packaging, health
and nutrition by 2025
-
+10
200%
Act For Food
80% of our customers believe that
Carrefour helps them to enjoy a healthier and more responsible diet
while remaining affordable by 2022
76%
78%
104%
Employees
109%
Committed employees
Minimum employee recommendation score of
75/100 awarded to Carrefour every year by its employees
80%
82%
128%
Gender equality
Women to account for 35% of (the top 200)
managers by 2025
22%
23%
100%
Disabled workers
At least 4% of the Group's employees to be
people with disabilities by 2025
3.63%
3.55%
99%
Note: (1) Indicators on
nutrition, local partners, food waste, food transition offer and
training are not available on a half-year basis. Their score is not
consolidated in this half-year rating, but will be included in the
full-year 2021 consolidated index
Expansion under banners – Q2 2021
Thousands of sq. m
Dec. 31 2020
March 31 2021
Openings/ Store
enlargements
Acquisitions
Closures/ Store reductions/
Disposals
Q2 2021 change
June 30 2021
France
5,507
5,535
+23
+2
-17
+8
5,543
Europe (ex Fr)
6,165
6,301
+39
-
-425
-386
5,914
Latin America
2,717
2,764
+14
+97
-4
+106
2,870
Asia
1,035
1,140
-
-
-
-
1,140
Others(1)
1,486
1,553
+30
-
-102
-73
1,480
Group
16,910
17,293
+105
+98
-549
-345
16,947
Note: (1) Africa, Middle East and Dominican Republic
Store network under banners – Q2 2021
N° of stores
Dec. 31 2020
March 31 2021
Openings
Acquisitions
Closures/ Disposals
Transfers
Total Q2 2021 change
June. 30 2021
Hypermarkets
1,212
1,227
+2
-
-5
-
-3
1,224
France
248
252
+1
-
-
-
+1
253
Europe (ex France)
456
459
-
-
-4
-
-4
455
Latin America
185
185
-
-
-1
-
-1
184
Asia
172
172
-
-
-
-
-
172
Others(1)
151
159
+1
-
-
-
+1
160
Supermarkets
3,546
3,517
+65
-
-56
-5
+4
3,521
France
1,173
1,054
-
-
-1
-5
-6
1,048
Europe (ex France)
1,864
1,926
+31
-
-53
-
-22
1,904
Latin America
151
151
-
-
-1
-
-1
150
Asia
10
12
-
-
-
-
-
12
Others(1)
348
374
+34
-
-1
-
+33
407
Convenience stores
7,827
8,362
+157
+15
-99
-
+73
8,435
France
4,018
4,188
+48
+15
-33
-
+30
4,218
Europe (ex France)
3,156
3,292
+100
-
-48
-
+52
3,344
Latin America
530
535
+7
-
-7
-
-
535
Asia
66
287
-
-
-
-
-
287
Others(1)
57
60
+2
-
-11
-
-9
51
Cash & carry
392
400
+4
+17
-2
-
+19
419
France
147
146
+2
-
-2
-
-
146
Europe (ex France)
13
13
-
-
-
-
-
13
Latin America
214
223
+2
+17
-
-
+19
242
Asia
-
-
-
-
-
-
-
-
Others(1)
18
18
-
-
-
-
-
18
Soft discount (Supeco)
71
89
+2
-
-
+5
+7
96
France
6
8
+1
-
-
+5
+6
14
Europe (ex France)
64
80
+1
-
-
-
+1
81
Latin America
1
1
-
-
-
-
-
1
Asia
-
-
-
-
-
-
-
-
Others(1)
-
-
-
-
-
-
-
-
Group
13,048
13,595
+230
+32
-162
-
+100
13,695
France
5,592
5,648
+52
+15
-36
-
+31
5,679
Europe (ex France)
5,553
5,770
+132
-
-105
-
+27
5,797
Latin America
1,081
1,095
+9
+17
-9
-
+17
1,112
Asia
248
471
-
-
-
-
-
471
Others(1)
574
611
+37
-
-12
-
+25
636
Note: (1) Africa, Middle East and Dominican Republic
DEFINITIONS
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.
® Net Promoter, Net Promoter System, Net Promoter Score, NPS and
the NPS-related emoticons are registered trademarks of Bain &
Company, Inc., Fred Reichheld and Satmetrix Systems, Inc
DISCLAIMER
This press release 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 Universal Registration Document. These documents are
also available in English 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.
1 Sum of Q2 2020 LFL and Q2 2021 LFL2 Market
shares based on NielsenIQ RMS data for total food and non-food
sales for the 13-week period ending 27/06/2021 for Carrefour
Hypermarkets vs total Hypermarket banners, Carrefour Supermarkets
vs total Supermarket banners, Carrefour Convenience vs total
Convenience banners, Carrefour Drive vs total Drive banners in
France (Copyright © 2021, NielsenIQ)3 H1 2020 comparable
base is restated for the IFRS IC decision on IFRS 164
Excluding non-current income and taxes not assessed on pre-tax
income5 H1 2020 comparable base is restated for the IFRS IC
decision on IFRS 166Net Free Cash Flow corresponds to free
cash flow after net finance costs and net lease payments. It
includes cash-out of exceptional charges7 The implementation
of these buybacks, their duration, and the final amounts thus
repurchased will depend in particular on market conditions.
Carrefour reserves the right to change all or part of the terms of
these buybacks, within the limits indicated above
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210728005792/en/
Investor Relations Sébastien Valentin, Anthony Guglielmo
and Antoine Parison Tel: +33 (0)1 64 50 79 81
Shareholder Relations Tel: 0 805 902 902 (toll-free in
France)
Group Communication Tel: +33 (0)1 58 47 88 80
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