”Our mission is to provide our customers

with quality services, products and food

accessible to all across all distribution channels.
Thanks to the competence of our employees,
to a responsible and multicultural approach,
to our broad territorial presence
and to our ability to adapt to production
and consumption modes,

our ambition
is to be
the leader of
THE FOOD
TRANSITION
FOR ALL.”

Universal Registration Document

2019 Annual Financial Report
 CONTENTS

1 5
PRESENTATION OF THE BUSINESS REVIEW AS OF
CARREFOUR GROUP 5 DECEMBER 31, 2019 193
1.1 Group Profile – Executive Summary 6 NFPS 5.1 Business review and consolidated
1.2 Context: global challenges and income analysis 194
development opportunities 14 5.2 Group financial position and cash flows 199
1.3 Our “raison d’être” 17 5.3 Other information 202
1.4 Description of the Group’s businesses 29 5.4 First-quarter 2020 sales and outlook
1.5 The Carrefour group in 2019 35 (Company press release dated
April 28, 2020) 210

2 5.5 Glossary of financial indicators 217

CORPORATE SOCIAL 5.6 Parent company financial review 218
RESPONSIBILITY AND
PERFORMANCE 43 NFPS 6
CONSOLIDATED FINANCIAL
2.1 CSR at Carrefour 45 STATEMENTS AS OF
2.2 Policies to mitigate the risks related DECEMBER 31, 2019 223
to our business 52
2.3 Duty of care 85 6.1 Consolidated income statement 224
2.4 Carrefour’s non-financial performance 95 6.2 Consolidated statement of
comprehensive income 225

3 6.3 Consolidated statement of financial

position 226
CORPORATE GOVERNANCE 105
6.4 Consolidated statement of cash flows 228
3.1 Corporate Governance Code 106
6.5 Consolidated statement of changes
3.2 Composition, conditions of preparation
in shareholders’ equity 230
and organisation of the Board of
Directors’ work 106 6.6 Notes to the Consolidated Financial
Statements 231
3.3 Executive Management and the Group
Executive Committee 141 6.7 Statutory Auditors’ report on the
Consolidated Financial Statements 309
3.4 Compensation and benefits granted to
Company Officers 147
3.5 “Comply or Explain” rule of the
7
CARREFOUR SA FINANCIAL
AFEP-MEDEF Code 157
STATEMENTS AS OF
3.6 Related-party agreements referred
to in Articles L. 225-38
DECEMBER 31, 2019 313
et seq. of the French Commercial Code 158 7.1 Income statement 314
3.7 Transactions in the Company’s shares 7.2 Balance sheet 315
carried out by Company Officers 159
7.3 Statement of cash flows 316
3.8 Statutory Auditors’ special report on
7.4 Notes to the Company Financial
regulated related-party agreements 161
Statements 317

4 7.5 Statutory Auditors’ report on the financial

statements 335
RISK MANAGEMENT AND
INTERNAL CONTROL 163
8
NFPS INFORMATION ABOUT THE
4.1 Risk management 164
COMPANY AND THE CAPITAL 339
4.2 Internal control system 183
8.1 Information about the Company 340
8.2 Information on the capital 343
8.3 Shareholders 348

9
ADDITIONAL INFORMATION 351
9.1 Publicly available documents 352
9.2 Person responsible 352
9.3 Person responsible for the financial
information 352
9.4 Persons responsible for auditing
the Financial Statements 353
9.5 Information incorporated by reference 353
9.6 Concordance tables 354

The elements of the Annual Financial Report are identified using the pictogram
The elements of the Non-Financial Information Statement are identified using the pictogram NFPS

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