Carrefour - 2017 Registration Document

4 MANAGEMENT’S DISCUSSION AND ANALYSIS AS OF DECEMBER 31, 2017 Consolidated sales and earnings performance CARREFOUR | 2017 REGISTRATION DOCUMENT 173 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. (in millions of euros) 2017 2016 % change % change at constant exchange rates France 35,835 35,877 (0.1)% (0.1)% Rest of Europe 21,112 20,085 5.1% 5.1% Latin America 16,042 14,507 10.6% 8.3% Asia 5,907 6,176 (4.4)% (3.2)% TOTAL 78,897 76,645 2.9% 2.6% The Carrefour group generated net sales of 78.9 billion euros, up 2.6% at constant exchange rates. Sales in France were stable at 35.8 billion euros, demonstrating ● momentum in line with 2016 in a highly competitive environment. Sales in the rest of Europe increased by a sharp 5.1%, mainly ● reflecting an improved trend in Northern Europe. In Latin America, sales were up 8.3% year on year. This sound ● performance was achieved at a time of significantly reduced food price inflation in Brazil and persistently weak consumption in Argentina linked to unfavourable economic conditions. In Asia, sales contracted 3.2% in 2017 at constant exchange ● rates, following a 5.6% decrease in sales in China, which was partially offset by 3.1% growth in sales in Taiwan. Net sales by region – contribution to the consolidated total (in %) 2017 () 2016 France 45.6% 46.8% Rest of Europe 26.8% 26.2% Latin America 20.0% 18.9% Asia 7.6% 8.1% TOTAL 100.0% 100.0% At constant exchange rates. (1) At constant exchange rates, the contribution of emerging markets (Latin America and Asia) to consolidated net sales continued to rise, representing 27.6% in 2017, versus 27.0% in 2016.