Carrefour - 2017 Registration Document

4 MANAGEMENT’S DISCUSSION AND ANALYSIS AS OF DECEMBER 31, 2017 Parent company financial review CARREFOUR | 2017 REGISTRATION DOCUMENT 191 Research and development 4.6.4 The Company does not implement any research and development policy. Recent developments 4.6.5 See Management’s discussion and analysis of the Group’s performance for information on the outlook for 2018 based on the rollout of the “Carrefour 2022” plan throughout the Company, its subsidiaries and the Group’s share of the profits and losses and net assets of associates and joint ventures accounted for by the equity method. Company earnings performance in the last five financial years 4.6.6 (in millions of euros) 2017 2016 2015 2014 2013 I – Capital at year-end Share capital 1,937 1,891 1,846 1,837 1,810 Issue and merger premiums 16,693 16,367 16,023 15,930 15,672 Number of existing ordinary shares 774,677,811 756,235,154 738,470,794 734,913,909 723,984,192 II – Results of operations for the financial year Income before tax, employee profit-sharing and depreciation, amortisation and provisions 893 219 626 2,166 1,758 Income tax 230 261 193 238 222 Employee profit-sharing payable for the financial year Income after tax and employee profit-sharing and depreciation, amortisation and provisions (4,160) 433 831 4,440 1,804 Distributed income (1) 356 529 517 500 449 III – Net income per share Income after tax and employee profit-sharing but before depreciation, amortisation and provisions 1.45 0.63 1.11 3.27 2.73 Income after tax, employee profit-sharing and depreciation, amortisation and provisions (5.37) 0.57 1.13 6.04 2.49 Net dividend allocated to each share (1) 0.46 0.70 0.70 0.68 0.62 IV – Employees Average number of employees during the financial year 7 7 7 8 9 Amount of payroll for the financial year 17 15 21 22 15 Amount paid as employee benefits for the financial year (social security, social services) 6 4 5 7 5 For 2017, this was set by the Board of Directors and will be submitted to the 2018 Shareholders’ Meeting for approval. (1)