Solid growth in sales and Activity Contribution
Transformation plan on track, 2010 objectives confirmed.
Solid H1 sales, growth in Activity Contribution thanks to significant cost savings
- Solid growth in sales: up 6% at current exchange rates (up 1.8% at constant exchange rates ex
petrol and ex calendar effect), driven by growth markets (+20%) and resilience in France
- Activity Contribution of €1,096m, up 7.6%, with strong cost savings of €236m and continued price
investments. Activity Contribution impacted by labour movements in Belgium (€36m) and a one‐off
charge for inventory write‐off and accounting adjustments in Brazil (€69m), partly offset by positive
impact of €46m of CVAE tax reclassification in France.
- EBIT up 40.3% supported by lower non‐recurring charges
- Net income Group share of €67m (vs. €‐48m in June 2009) despite €384m of non‐recurring charges
Transformation plan on track
- Ongoing strong like‐for‐like market share gains in France (+80bp YTD for Carrefour banners),
thanks to tailored commercial investments and an improved price image
- Purchasing savings of €168m in H1 2010, vs. €230m targeted for 2010
- Total cost savings of € 236m in H1 2010, vs. €500m targeted for 2010
- Inventory reduction of 0.6 days at constant exch. rates in H1 2010, vs. 2 days targeted for 2010
- Investments at the same level as 2009, strongly focused on G4 transformation and expansion in
Brazil and China
Consolidating our positions in key countries to build future growth
- Belgium: agreement signed with unions and partner Mestdagh on July 2 to relaunch Carrefour
Belgium on a redefined and sound footing
- Brazil: an action plan has been launched to improve hypermarket performance and boost margin
growth
- Strengthening our positions in growth countries where Carrefour has leadership positions:
partnership with Baolongcang in China, Para CT in Indonesia and acquisition of Ipek in Turkey
2010 objectives confirmed
- Activity Contribution of around €3.1bn, taking into account:
�� a positive impact of CVAE (evaluated at €90m)
�� a negative impact from labour disruptions in Belgium of €40m and a one‐off charge of around €80m, mainly in Brazil

Lars Olofsson, CEO and Board member of Carrefour, declared:
“Carrefour turned in a good performance in the first half of 2010, with solid growth in sales and Activity
Contribution. Significant market share gains in France attest to the enhanced attractiveness of the Carrefour
brand, our improved price image and the success of our banner convergence and new formats. Carrefour has
also consolidated its positions in its priority markets through acquisitions and partnerships and taken radical
operating decisions to restore profitability in underperforming markets. Our "en avant!" Transformation Plan is
delivering planned results and makes us confident of achieving our 2010 objectives. We are consistently building
for the future and Carrefour is on its way to becoming the preferred retailer and improving shareholder returns."

Income statement
• Sales were up by 6.0% versus H1 2009, and by 1.8% excluding petrol, currency impact and adjusted for the
calendar effect.
• Commercial margin, as a percentage of sales, fell by 50 basis points (‐30 basis points ex petrol) reflecting
reinvestment in prices of purchasing gains, of which €168m linked to the Transformation Plan and other
elements with a negative impact on margin such as a different country mix, partly offset by shrinkage/
logistics cost savings of €52m.
• SG&A rose 3.4% in H1 2010, and fell by 40 bp (as a % of sales) supported by solid cost savings of €184m,
partly offsetting the impact of inflation, expansion and currencies.
• Activity Contribution grew by 7.6 % to €1,096m.
• Non‐recurring charges were €384m. The main items were: restructuring charges of €174m and €137m
linked to the transformation plan.
• As a result, Group EBIT grew by 40.3% to €712m.
• Financial expenses rose by 11.0% to €350m.
• The tax rate was 72.5%, inflated by the non‐deductibility of some restructuring charges and the impact of
CVAE. Restated for these items, the underlying tax rate was around 40%.
• Minority interests (‐€48m against ‐€47m in H1 2009) remained stable.
• Net income from continuing operations, Group share, was €67m, compared to €‐48m in H1 2009.
Cash flow, debt and liquidity statement
• Cash flow for the trailing 12 months reached €3,344m, down 6.3%, reflecting the impact of some one‐off
items, as well as the increase in financial charges.
• On trailing 12 months, working capital requirements resulted in a negative inflow of €232m (against a
positive flow of €100m in June 2009), primarily reflecting the impact of a one‐off adjustment of €354m
linked to the reclassification under financial debt of our securitization program for supplier receivables.
• Capex, on trailing 12 months to June 2010, was strictly managed, and was down 26.4% to €1,989m. In H1
2010, capex decreased by 15% to €830m.
• As a result, trailing 12 months free cash‐flow reached €1,116m at end‐June 2010 compared with €944m on
30 June 2009.
• At end‐June 2010, net financial debt totalled €11,264m, stable compared to 30 June 2009 (€11,322m).
• Over the course of the period, the Group had successfully completed a new €1.75 bn 5‐year syndicated
credit facility. The Group’s liquidity situation is sound, with €3.25bn undrawn committed syndicated loans.