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French retailer Carrefour H1 sales up 1.4%
Sep '13
Retailer Carrefour announces results for the first half of  2013.

Key H1 2013 figures

• Sales ex. VAT of €36.5bn, up 1.4% at constant exchange rates. Taking into account the impact of exchange rates, the variation was -0.8%.
• Recurring operating income of €766m, up 7.7% at constant exchange rates. Taking into account the impact of exchange rates, recurring operating income is up 4.9%. Growth in recurring operating income in France and in Latin America at constant exchange rates. Southern Europe was impacted by the economic environment.
• Net income, Group share, rose to €902m.
• Stronger financial structure and improved liquidity position, with net debt of €5.9 billion, a €3.7 billion improvement compared to 30 June 2012.

H1 2013 highlights

Continued reorganization and strengthening of international partnerships:

-In Turkey, the Group reorganized its partnership with Sabanci Holding, transforming the governance of their CarrefourSA joint venture. The transaction was approved by the relevant authorities in July. Carrefour now holds 46.2% of CarrefourSA.
- In May, Carrefour and Majid Al Futtaim Holding reorganized and strengthened their partnership: Carrefour sold its 25% stake in Majid Al Futtaim Hypermarkets for €530 million to its regional partner. The franchise partnership has been reinforced, extended in time and expanded in scope to the Middle East, North Africa and Central Asia.
- Also in May, Carrefour and CFAO announced the signing of a memorandum of understanding to form a joint venture that will be 55% owned by CFAO and 45% by Carrefour. This venture will have exclusive distribution rights to develop various store formats in Western and Central Africa.

Significant improvement in the Group’s liquidity position:

 -New bond issue of €1 billion in May (1.75% coupon, maturity 2019).
- Bond buyback for €1.3 billion in June on 2014, 2015 and 2016 maturities.
 -Renewal of syndicated loans for an amount of €4.15 billion.


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