Exhibit - 3

Pro-Forma Balance Sheet for Carrefour for 1972 (millions of Francs)

Data used from Exhibit 1 and 2 of the case
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

REVENUES (ALL TAXES INCLUDED)

LESS VALUE ADDED TAX
REVENUES NET OF VALUE ADDED TAX
STARTING INVENTORY
PLUS PURCHASES
LESS ENDING INVENTORY
COST OF GOODS SOLD
GROSS MARGIN
SALARIES
DEPRECIATION
OTHER EXPENSES
OPERATING PROFIT
NON-OPERATING GAINS (LOSSES)
INVESTMENT PROVISIONS
PROFIT BEFORE TAX
INCOME TAX
PROFIT AFTER TAX
TO SHAREHOLDERS EQUITY
TO EMPLOYEE PROFIT SHARING
TO DIVIDENDS
GROSS PROFIT MARGIN
PROFIT/ SALES
PROFIT/ EQUITY
EARNINGS PER SHARE
DIVIDENDS PER SHARE
BOOK VALUE PER SHARE
MARKET VALUE PER SHARE
PRICE - EARNINGS RATIO
DIVIDEND YIELD
DIVIDEND PAYOUT RATIO

1971
2234.00
298.00
1936.00
72.00
1670.00
107.00
1635.00
301.00
119.00
32.00
61.00
89.00
1.00
(10.00)
80.00
36.00
44.00
4.00
20.00
20.00
15.55%
2.27%
39.29%
74.83
34.01
190.48
1980.00
26.46
1.72%
45.45%

1972
3351.00
447.00
2904.00
107.00
2505.00
160.50
2451.50
452.50
178.50
48.00
91.50
134.50
1.00
(15.00)
120.50
54.23
66.28
6.00
30.14
30.14
15.58%
2.28%
48.03%
112.71
51.26
234.69
2982.38
26.46
1.72%
45.48%

Exhibit - 2
Pro-Forma Balance Sheet for Carrefour for 1972 (millions of Francs)
Data used from Exhibit 1 and 2 of the case
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

INTANGIBLE ASSETS
LAND
BUILDINGS & EQUIPMENT
OTHER FIXED ASSETS
TOTAL FIXED ASSETS
LESS DEPRICIATION
NET FIXED ASSETS
INVESTMENTS & ADVANCES TO AFFILIATES
INVENTORY
ACCOUNTS RECIEVALBLE
OTHER CURRENT ASSETS
CASH
CURRENT ASSETS
TOTAL ASSETS
SHAREHOLDERS EQUITY
SPECIAL PROVISIONS
LONG TERM DEBT
ACCOUNTS PAYABLE
TRADE NOTES(NON INTEREST BEARING)
OTHER CURRENT LIABILITIES
CURRENT LIABILITIES
TOTAL LIABILITES
CURRENT RATIO
TOTAL DEBT TO SHREHOLDERS EQUITY
NET WORKING CAPITAL
NUMBER OF SHARES OUTSTANDING

1971
1.00
28.00
202.00
49.00
279.00
63.00
216.00
19.00
107.00
4.00
124.00
151.00
386.00
622.00
112.00
1.00
64.00
77.00
244.00
124.00
445.00
622.00
0.87
4.55
(59.00)
588.00

1972
1.00
42.00
303.00
49.00
394.00
88.97
305.03
28.50
160.50
6.00
186.00
226.50
579.00
913.53
138.00
1.00
64.00
115.50
409.03
186.00
710.53
913.53
0.81
5.62
(131.53)
588.00

Exhibit - 1
Cash Conversion Cycle for Carrefour for last 7 years
Data taken from Exhibit 1 and 2 from the Case
COGS (millions of Francs)
AVERAGE INVENTORY (millions of Francs)
ACCOUNTS RECIEVABLE (millions of Francs)
SALE (millions of Francs)
ACCOUNTS PAYABLE (millions of Francs)
DAYS IN INVENTORY
DAYS IN RECIEVABLES
DAYS IN PAYABLE
CASH CYCLE (Days)

1965
133
6
0
156
0
16.47
0
0
16.47

1966
186
14
0
220
0
27.47
0
0
27.47

1967
288
17
1
339
0
21.55
1.08
0
22.63

1968
441
30
2
524
0
24.83
1.39
0
26.22

Carrefour's cash conversion cycle is short and has further reduced in last three years.

1969
751
65
2
1025
48
31.59
0.71
23.33
8.97

1970
1056
72
3
1445
61
24.89
0.76
21.08
4.57

1971
1635
107
4
2234
77
23.89
0.65
17.19
7.35