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2014 Registration Document
Comments on 2014 fiscal year
4
Sales and earnings performance
4.1.2
Analysis of the main income statement items
Net sales by region
The Group’s operating segments consist of the countries in which it does business, combined by region, and “Global functions”, corresponding to
the holding companies and other administrative, finance and marketing support entities.
(in € millions)
2014
2013
% change
% change at constant
exchange rates
France
35,336
35,438
(0.3)%
(0.3)%
Rest of Europe
19,191
19,220
(0.2)%
(0.1)%
Latin America
13,891
13,786
0.8%
17.6%
Asia
6,288
6,443
(2.4)%
(1.9)%
TOTAL
74,706
74,888
(0.2)%
2.9%
Net sales for the year amounted to €74,706 million, up 2.9% at constant
exchange rates on 2013.
Performance by region can be explained as follows:
■
in France, the Group’s businesses became more competitive, leading
to a second year’s organic growth in sales (excluding gasoline) across
all formats;
■
for the first time in six years, sales in Europe were generally stable,
supported by gains in Spain, Belgium and Romania;
■
in Latin America, sales continued to grow rapidly, rising by 17.6% in
local currency. However, due to the extremely negative currency effect,
the increase at current exchange rates was just 0.8%;
■
in Asia, sales were down 1.9% at constant exchange rates.
Net sales by region – contribution to the consolidated total
(in %)
2014
(1)
2013
France
45.9%
47.3%
Rest of Europe
24.9%
25.7%
Latin America
21.0%
18.4%
Asia
8.2%
8.6%
TOTAL
100.0%
100.0%
(1) At constant exchange rate.
At constant exchange rates, the contribution of emerging markets (Latin America and Asia) to consolidated net sales continued to rise, representing
29.2% in 2014 versus 27% in 2013.