CA Xtrackers California Municipal Bonds ETF

Regulatory News:

Carrefour (Paris:CA):

• Second quarter 2014 consolidated sales: €20.5bn, a strong +4.9% increase on an organic basis
• Europe : good performance, with organic growth of +1.9%
  • France: another quarter of sales growth in all formats (+2.4%)
  • Other European countries: organic sales growth of +1.1%
• Emerging markets: solid organic growth of +12.1%
  • Excellent performance in Brazil and Argentina
  • Continued expansion in China amid an unchanged consumption environment

Second quarter 2014 consolidated sales inc. VAT

The Group’s organic growth reached +4.9%. Carrefour’s sales stood at €20,517m. They were impacted by the combination of a currency effect (-4.9%), a drop in petrol prices (-1.0%) and by the later Easter holidays (+1.2%).

   

Sales inc. VAT(€m)

 

Change at current exchange rates

 

Change at constant exchange rates

 

Organic growth,ex petrolex calendar

    Europe   15,178 +1.9%   +1.9% +1.9% France 9,847 +2.0% +2.0% +2.4% Other European countries   5,331 +1.8%   +1.8% +1.1% Emerging markets   5,338 -4.0%   +13.8% +12.1% Group   20,517 +0.3%   +5.2% +4.9%

Total sales under banners including petrol in Q2 2014 stood at €24.6bn, up +5.1% at constant exchange rates.

EUROPE

Second quarter 2014 sales inc. VAT

    Salesinc. VAT(€m)   Change at current exchange rates   Change at constant exchange rates   Ex petrol, ex calendar         LFL   Organic growth France   9,847   +2.0%   +2.0%   +2.1%   +2.4% Hypermarkets 5,270 +0.7% +0.7% +0.4%   +0.9% Supermarkets 3,353 +2.4% +2.4% +3.3% +3.0% Convenience and other formats   1,223   +6.8%   +6.8%   +7.2%   +7.4% Other European countries   5,331   +1.8%   +1.8%   +1.5%   +1.1% Total Europe   15,178   +1.9%   +1.9%   +1.9%   +1.9%

Organic sales in Europe were up by +1.9% excluding the estimated calendar impact of +0.9% and the drop in petrol prices (-1.0%).

France

In France, organic sales growth continued in all formats. The drop in petrol prices at the pump had an impact of 1.4%.

Sales at hypermarkets were up by +0.9% organically and up +0.4% on a like-for-like basis. Food sales continued to grow. Non-food sales were nearly flat.

Sales at supermarkets were up by +3.0% organically (+3.3% on a like-for-like basis). Organic sales in convenience and other formats were up by +7.4%.

Other European countries

Organic sales were up by +1.1%. On a like-for-like basis, they were up by +1.5%: +0.1% in Spain, +3.8% in Belgium and +2.9% in Italy, which benefited from a promotional campaign linked to the soccer world cup.

EMERGING MARKETS

Second quarter 2014 sales inc. VAT

    Sales inc. VAT(€m)   Change at current exchange rates   Change at constant exchange rates   Ex petrol, ex calendar         LFL   Organic growth Latin America 3,793 -2.3% +20.7% +15.2%   +18.4% Asia   1,545   -7.7%   -2.0%   -6.1%   -2.0% Emerging markets   5,338   -4.0%   +13.8%   +8.4%   +12.1%

Organic sales in Emerging markets rose by +12.1% (+8.4% LFL) excluding the estimated calendar impact of 2.0% and currency impact of -17.8%.

Latin America

Organic sales in Latin America were up by +18.4%. Currencies had an impact of -23.0% due to the depreciation of the Brazilian real and the Argentine peso.

In Brazil, organic sales were up by +10.0% (+7.2% LFL), in spite of a strong comparable base. Organic sales in Argentina increased by +44.9%, of which +42.4% LFL.

Asia

Expansion in Asia continued and contributed +4.1% to sales evolution amid an unchanged consumption environment in China. In total, organic sales were down by 2.0% on a challenging comparable base. Currencies had an impact of -5.7% in the quarter.

In China, expansion generated growth of +4.9% and organic sales fell by 2.4%. In Taiwan, organic sales dropped by 0.7% (-1.6% LFL).

Note: LFL and organic growth numbers are presented ex calendar and ex petrol.

APPENDIX

First half 2014 consolidated sales inc. VAT

            Sales inc. VAT (€m) Change at current exchange rates Change at constant exchange rates Organic growth, ex petrol ex calendar     Europe   29,444 +0.3%   +0.3% +1.2% France 19,074 +0.6% +0.6% +1.9% Other European countries   10,371 -0.2%   -0.1% -0.1% Emerging markets   10,858 -6.7%   +11.1% +11.2% Group   40,302 -1.7%   +3.4% +4.3%  

Total sales under banners including petrol 2014 stood at €48.1bn, up +3.3% at constant exchange rates.

LFL sales in Q2 and H1 2014

 

Q2 2014

 

H1 2014

    LFL ex petrol ex calendar   LFL   LFL ex petrol ex calendar   LFL Europe   +1.9%   +1.9%   +1.2%   +0.3%                   France   +2.1%   +1.8%   +1.9%   +0.6% Hypermarkets +0.4%   +0.4% +0.5%   -0.7% Supermarkets +3.3% +2.6% +2.6% +1.5%                   Other European countries   +1.5%   +2.0%   +0.1%   -0.1% Spain +0.1% +0.4% +0.3% +0.3% Italy +2.9% +3.2% -1.5% -2.2% Belgium +3.8% +5.0% +2.7% +2.8%                   Emerging markets   +8.4%   +10.5%   +7.7%   +7.8%                   Latin America   +15.2%   +17.8%   +13.9%   +14.0% Brazil +7.2% +11.0% +6.8% +7.4%                   Asia   -6.1%   -6.1%   -4.1%   -4.7% China -7.3% -7.2% -4.9% -5.4%                   Group total   +3.9%   +4.3%   +3.3%   +2.5%

EXPANSION UNDER BANNERS – Q2 2014

In Q2 2014, Carrefour opened or acquired 149,000 gross sq. m. Net of disposals and closures, the network added 114,000 sq. m in the quarter. Since the beginning of the year, the network has added 271,000 gross sq. m (202,000 net sq. m).

Thousands of sq. m   Dec 312013   March 31 2014   Openings/Store enlargements   Acquisitions   Closures/ Store reductions   Transfers   Total Q2 2014 change   June 30 2014 France   5,071   5,112   27   16   -2     41   5,153 Europe (ex France) 5,539 5,554 72 -24 48 5,602 Latin America 2,088 2,097 21 -1 20 2,117 Asia 2,765 2,781 1 -6 -5 2,776 Others1   712   721   12       -2       10   730 Group   16,176   16,264   133   16   -35       114   16,378

STORE NETWORK UNDER BANNERS – Q2 2014

In Q2 2014, Carrefour opened or acquired 286 stores, mainly convenience stores (259). Net of disposals and closures, the network added 184 stores in Q2 2014, bringing the total network to 10,412 stores at the end of June.

No. of stores  

Dec 312013

  March 31 2014   Openings   Acquisitions   Closures   Transfers  

TotalQ2 2014 change

  June 30 2014 Hypermarkets   1,421   1,433   6       -1       5   1,438 France   234   235   1         1   236 Europe (ex France) 475 483 1 1 484 Latin America 277 278 3 3 281 Asia 371 374 -1 -1 373

Others1

  64   63   1               1   64 Supermarkets   2,917   2,955   20       -12   -9   -1   2,954 France 949 957 1 1 958 Europe (ex France) 1,656 1 679 11 -12 -9 -10 1 669 Latin America 169 169 0 169 Asia 17 17 1 1 18 Others1   126   133   7               7   140 Convenience   5,593   5,665   184   75   -89   9   179   5,844 France 3,458 3,523 44 75 -18 101 3,624 Europe (ex France) 1,795 1,792 124 -70 9 63 1,855 Latin America 316 325 15 15 340 Others1   24   25   1       -1       0   25 Cash & carry   174   175   1               1   176 France 138 139 1 1 140 Europe (ex France) 19 19 0 19 Asia 5 5 0 5 Others1   12   12                   0   12 Group   10,105   10,228   211   75   -102       184   10,412 France 4,779 4,854 47 75 -18 104 4 958 Europe (ex France) 3,945 3,973 136 -82 54 4 027 Latin America 762 772 18 18 790 Asia 393 396 1 -1 0 396 Others1   226   233   9       -1       8   241

1 Maghreb, Middle East and Dominican Republic.

DEFINITIONS

LFL sales growth: Sales generated by stores opened for at least twelve months, excluding temporary store closures, at constant exchange rates.

Organic growth: LFL sales plus net openings over the past twelve months, including temporary store closures, at constant exchange rates.

Sales under banners: Total sales under banners including sales by franchisees and international partnerships.

Investor Relations:CarrefourRéginald Gillet, Alessandra Girolami, Matthew Mellin, +33 (0)1 41 04 26 00orShareholder Relations+33 (0)805 902 902 (toll-free in France)orGroup Communication+33 (0)1 41 04 26 17