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208 2014 Registration Document

Consolidated Financial Statements Year ended December 31, 2014

5

Notes to the Consolidated statements

ITALIA

Percent

interest used in

consolidation

Consorzio Proprietari Centro Commerciale

Giussano

76.8

Consorzio Proprietari Centro Commerciale

Massa

54.1

Consorzio Proprietari Centro Commerciale

Thiene

57.8

Consorzio Proprietari Centro Commerciale

Torino Montecucco

87.2

Consorzio Proprietari Centro Commerciale

Vercelli

84.2

Diperdi Srl

99.8

GS SPA

99.8

SCARL Shopville Gran Reno

57.7

Societa Sviluppo Commerciale SRL

99.8

LUXEMBOURG

Percent

interest used in

consolidation

Velasques SA

100.0

NETHERLANDS

Percent

interest used in

consolidation

Alcyion, BV

100.0

Carrefour China Holdings BV

100.0

Carrefour International Services BV

(Hyper Germany Holding BV)

100.0

Carrefour Nederland BV

100.0

Carrefour Property BV

100.0

Fouret BV

100.0

Francofin BV

100.0

Hyper Germany BV

100.0

Hyper Invest BV

100.0

Intercrossroads BV

100.0

SOCA BV

100.0

POLAND

Percent

interest used in

consolidation

Carrefour Polska

100.0

Carrefour Polska WAW

100.0

CPA WAW 1 SKA

100.0

Ibes

100.0

Wigry

100.0

ROMANIA

Percent

interest used in

consolidation

Artima SA

100.0

Carrefour Merchandising

100.0

Carrefour Roumanie

100.0

Militari Galerie Comerciala

100.0

Supeco Investment SRL

100.0

SPAIN

Percent

interest used in

consolidation

Carrefour Espana Properties, SL

100.0

Carrefour Navarra, SL

100.0

Carrefour Norte, SL

100.0

Carrefouronline SL (Submarino Hispania)

100.0

Centros Comerciales Carrefour, SA

100.0

Correduria de Seguros Carrefour

100.0

Establecimientos de Descuento Stone

100.0

Group Supeco Maxor

100.0

Inversiones Pryca, SA

100.0

Norfin Holder SL

100.0

Servicios Financieros Carrefour EF.C.

(Financiera PRYCA)

60.1

Sidamsa Continente Hipermercados, SA

100.0

Sociedad De Compras Modernas, SA

(Socomo)

100.0

Supermercados Champion, SA

100.0

Viajes Carrefour, SL Unipersonal

100.0

SWITZERLAND

Percent

interest used in

consolidation

Carrefour World Trade

100.0

Hyperdema (PHS)

100.0

Promohypermarkt AG (PHS)

100.0

TAIWAN

Percent

interest used in

consolidation

Carrefour Insurance Broker Co

60.0

Carrefour Stores Taiwan Co

60.0

Carrefour Telecommunication Co

30.6

Charng Yang Development Co

30.0

Presicarre

60.0