家乐福金融报告（英文版）

FINANCIALREPORT55ContentsConsolidatedfinancialstatements57Managementreport57Consolidatedaccounts62Notestotheconsolidatedaccounts67Auditor’sstatementontheconsolidatedfinancialstatements91Generalinformation92Legalinformation92Informationonthecapital94Marketdata97Corporategovernance98Financialdata102Storesandretailstatistics103Addressesoftheprincipalsubsidiaries109Sommaire30/04/0311:03Page1CONSOLIDATEDFINANCIALSTATEMENTS5756ManagementreportConsolidatedfinancialstatementsActivity–ResultsIn2002,theGroupreachedorexceededallthetargetsitsetatthebeginningoftheyear:anEBITmarginof4.4%in2002(comparedwithanobjectiveof4.3%to4.4%),financialexpensecovered8.9xbyEBITDA,versusanobjectiveofabove8.0x(7.0xin2001),growthinearningspershareof15.1%in2002(comparedwithanobjectiveof10%to15%).Theseresultsreflectthesuccessfulimplementationofprioritiesfortheyear:-toimprovesalesatconstantexchangerates;-tooptimizedistributioncosts;-tocontrolcapitalemployed.SALESNetsalestotaled¤68,729million,down1.1%from2001.Atconstantexchangerates,salesfortheGroupwereup4.6%.TheprincipalcurrencyvariationscamefromtheLatinAmericanregion,impactedbythedevaluationoftheArgentineandBraziliancurrencies,weakerAsiancurrenciesatyear-end,andthechangeintheeuro/dollarparity.Breakdownofnetsalesbybusinessin%200220012000Hypermarkets595960Supermarkets182020Harddiscount877Other151413Total100100100Breakdownofnetsalesbygeographicregionin%200220012000France514952Europe343227LatinAmerica81215Asia776Total100100100EBITDAEBITDAwas¤4,675millionandrepresented6.8%ofsalesagainst6.5%in2001,animprovementof3.3%over2001.DEPRECIATION,AMORTIZATIONANDPROVISIONSAmortizationandprovisionstotaled¤1,650million.At2.4%,theyarestableinpercentageofsales,reflectinggoodcontroloftheGroup'scapitalexpenditure.EBITBEFOREAMORTIZATIONOFGOODWILLEBITbeforeamortizationofgoodwillwas¤3,025million,up7.1%over2001.Theoperatingmargin(EBIT/sales)was4.4%,attheendoftherangeprojectedearlyin2002.BreakdownofEBITbygeographicregionin%200220012000France686764Europe262623LatinAmerica129Asia554Total100100100Operatingmarginbygeographicregionin%200220012000France5.95.55.2Europe3.43.33.7LatinAmerica0.40.62.5Asia3.02.92.5Total4.44.14.2INTERESTINCOME(EXPENSE)Thefinancialexpensewas¤527million,down18.5%from2001,andrepresents0.8%of2002sales.Thisdeclineisdueprimarilytothedropinaverageinterestratesfrom5.05%in2001to4.38%in2002.ItalsoreflectstheGroup'sprudentfinancingpolicyandimprovesthecoverageoffinancialexpensebyEBITDA,whichwas8.9xagainst7.0xin2001.TheratioofEBIT/financialincomewas5.7xin2002,against4.4xin2001.MANAGEMENTREPORTThepagesoftheCarrefourFinancialReportthatfollowpre-senttheresultsoftheGroupoverthethreefiscalyears2000,2001and2002,dividedintothefollowingsections:-theGroupmanagementreportpresentsthebusinessandprincipalresultsin2002fortheentireGroupandforeachofitsmajoroperatingregions:France,Europeexclu-dingFrance,LatinAmericaandAsia.ItendswithabriefreportonrecentdevelopmentsandtheGroup'sobjectivesfor2003,aspresentedduringthepublicationoftheconso-lidatedearningsonMarch5,2003;-theconsolidatedaccountsandthenotestotheconsolidatedaccountspresentallthesummarystate-mentsandcommentsaboutthefinancialpositionoftheGroup,whichincludesboththeparentcompanyanditssubsidiaries;-generalinformationprovidinglegalinformationaboutthecompanyandtheShareholders'Meetingaswellasacompletereportonitscapital,changesanddistribution.OnechapterisdevotedtoCorporateGovernance,inclu-dingtheoperationoftheBoardofDirectorsandCommittees(strategic,auditandcompensation);-finally,financial,statisticalandcommercialdatapre-sentaten-yearsummaryofthechangesintheprincipalfinancialratiosoftheGroup,changesinthenumberofconsolidatedstoresineachcountry,andotherstatistics,suchassalesareasandbrandedstores.InaccordancewiththerecommendationsoftheFrenchCommissiondesOpérationsdeBourse–particularlyitsMonthlyBulletinofJanuary2003–andprobablechangesinaccountingstandards,theGrouphasexpandedtheinforma-tiononcertainitemsinitsfinancialpresentation:-detailsofchangesintangibleorintangibleassets;-managementofdebt-relatedrisks;-off-balancesheetcommitments.Car-RA2002-exe/RF/1.qxd30/04/0311:02Page15958ManagementreportConsolidatedfinancialstatementsINCOMETAXTheeffectiveincometaxexpensewas¤736millionin2002,whichrepresents29.6%ofearningsbeforetaxesandamor-tizationofgoodwill,comparedwith26.9%in2001.ThisincreaseisdueprimarilytoincreasesintheeffectiveratesinSpainandItaly.EQUITYACCOUNTEDAFFILIATESIncomefromequityaffiliatestotaled¤107million,comparedwith¤127millionin2001.Thisdeclineisprimarilytheresultofthedeconsolidationoftheinterestssoldin2001inMetroFrance,CoraandPicardSurgelés.NETINCOMEFROMRECURRINGOPERATIONSNetincomewas¤1,869million,up8.6%overnetincomefor2001.MINORITYINTERESTSThesharesofminorityinterestsinincomegrewfrom8.5%in2001to9.1%In2002.Asin2001,thisincreaseisdueprima-rilytotheincreaseinearningsinthecompaniesheldjointlywiththeminorityinterests.NETINCOMEFROMRECURRINGOPERATIONS–GROUPSHARENetincome-Groupsharetotaled¤1,699million,up7,8%overnetincomein2001.NETINCOME-GROUPSHAREAFTERAMORTIZATIONOFGOODWILLNetinc