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Management’s discussion and analysis as of December 31, 2015
Consolidated sales and earnings performance
Analysis of the main income statement items
4.1.2
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.
% change at
constant exchange
2015
2014
% change
rates
(in millions of euros)
France
36,272
35,336
2.6%
2.6%
Rest of Europe
19,724
19,191
2.8%
2.8%
Latin America
14,290
13,891
2.9%
15.3%
Asia
6,659
6,288
5.9%
(8.9)%
TOTAL
76,945
74,706
3.0%
4.1%
Carrefour reported significant sales growth in 2015, with the net figure
sales in the rest of Europe increased for the first time in seven years,
●
up 4.1% at constant exchange rates (up 3% at current exchange rates).
led by gains in Spain, Italy and Romania and stable performances in
Overall sales were up in all regions at constant exchange rates, with
Belgium and Poland;
increases of 2.7% in Europe and 7.7% in the emerging economies.
in Latin America, sales continued to grow rapidly, rising by 15.3% at
●
constant exchange rates. However, due to the extremely negative
Performance by region can be explained as follows:
currency effect, the increase at current exchange rates was just
in France, the Group’s businesses became more competitive,
●
2.9%;
leading to organic growth in sales (excluding gasoline) across all
in Asia, sales were down 8.9% at constant exchange rates.
●
formats for the third year in a row;
Net sales by region – contribution to the consolidated total
2015
(1)
2014
(in %)
France
46.7%
47.3%
Rest of Europe
25.4%
25.7%
Latin America
20.6%
18.6%
Asia
7.4%
8.4%
TOTAL
100.0%
100.0%
At constant exchange rate.
(1)
At constant exchange rates, the contribution of emerging markets (Latin America and Asia) to consolidated net sales continued to rise, representing
28% in 2015
versus
27% in 2014.
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