Carrefour 2022 Half-Year Financial Report

2022 HALF-YEAR
FINANCIAL REPORT
Groupe Carrefour – Comptes consolidés au 31 décembre 2020 -1-

Carrefour group – Half-year financial report – June 30, 2022 2
Contents
Business review for the six-month period

ended June 30, 2022 page 4
Condensed consolidated financial statements

for the six-month period ended June 30, 2022 page 22
Statutory Auditors’ review report

on the half-yearly financial information page 69
Declaration by the persons responsible page 71
The English version of the Half-year Financial Report is a free translation from the original which was
prepared in French. The original French version of the document prevails over this translation.
Carrefour group – Half-year financial report – June 30, 2022 3

Business review for the six-month period
ended June 30, 2022
1. Business review and consolidated income analysis page 5

1.1. Main income statement indicators
1.2. Analysis of the main income statement items
2. Group financial position and cash flows page 12

2.1. Shareholders' equity
2.2. Net debt
2.3. Statement of cash flows
2.4. Financing and liquidity resources
2.5. Restrictions on the use of capital resources
2.6. Expected sources of funding
3. Outlook page 15
4. Other information page 16

4.1. Accounting principles
4.2. Signiﬁcant events of the period
4.3. Restatement of the 2021 consolidated half-year financial statements
4.4. Main related-party transactions
4.5. Subsequent events
4.6. Risk factors
Carrefour group – Business review for the six-month period ended June 30, 2022 -4-
1. Business review and consolidated
income analysis
1.1 Main income statement indicators
Argentina is classified as a hyperinflationary economy within the meaning of IFRS. IAS 29 – Financial
Reporting in Hyperinflationary Economies is therefore applicable to the condensed consolidated
half-year financial statements as of June 30, 2022; data for the comparative period presented have
also been adjusted for inflation.
At June 30, 2022, comparative data for the first half of 2021 have been restated (indicated as
“first-half 2021 restated” below) in the consolidated financial statements to reflect the decision by
the IFRS Interpretations Committee (IFRS IC) published in April 2021 on the recognition of
configuration and customisation costs in Software as a Service (SaaS) arrangements (see Note 4.2
to the condensed consolidated half-year financial statements as of June 30, 2022).
% change
First-half
First-half at constant
(in millions of euros) 2021 % change
2022 exchange
restated
rates
Net sales 39,054 34,462 13.3% 10.3%

Gross margin from recurring operations 7,824 7,365 6.2% 3.6%
in % of net sales 20.0% 21.4%
Sales, general and administrative expenses, depreciation and
(7,010) (6,625) 5.8% 3.8%
amortisation
Recurring operating income 814 740 10.0% 1.6%
Recurring operating income before depreciation and amortisation 1,987 1,873 6.1% 1.6%
Recurring operating income after net income from
826 730 13.1% 4.6%
equity-accounted companies
Non-recurring income and expenses, net (85) (70) 22.7% 21.8%
Finance costs and other financial income and expenses, net (186) (132) 40.3% 22.8%
Income tax expense (202) (186) 8.4% 4.4%
Net income/(loss) from continuing operations - Group
250 248 0.8% (6.5)%
share
Net income/(loss) from discontinued operations - Group share 5 23 (76.8)% (76.8)%
Net income/(loss) - Group share 255 271 (5.7)% (12.4)%
Free cash-flow¹ (1,177) (1,398)

Net free cash-flow² (1,880) (1,990)
Net debt³ 6,533 5,525
(1) Free cash flow corresponds to cash flow from operating activities before net finance costs and net interest related to lease commitments, after the
change in working capital, less net cash from/(used in) investing activities.
(2) Net free cash flow corresponds to free cash flow after net finance costs and net lease payments.
(3) Net debt does not include lease liabilities or right-of-use assets (see Note 2.2).
Net sales amounted to 39.1 billion euros in first-half 2022, an increase of 10.3% at constant exchange
rates.
Recurring operating income before depreciation and amortisation came in at 1,987 million euros, an
improvement of 1.6% at constant exchange rates.
Recurring operating income increased by 1.6% at constant exchange rates, to 814 million euros.
Non-recurring operating income and expenses represented a net expense of 85 million euros, versus
a net expense of 70 million euros in first-half 2021 as restated. This expense mainly corresponds to
the combination of gains and losses on disposals of various assets (notably in France and Italy),
revised estimates of historical risks (primarily tax risks), costs related to the acquisition of Grupo BIG
in Brazil and impairment of assets (including Showroomprivé shares due to the alignment with the
stock market share price at June 30, 2022).
Finance costs and other financial income and expenses represented a net expense of
186 million euros, an increase of 53 million euros from first-half 2021, reflecting a higher cost of net
income analysis
debt (see Note 1.2), partially offset by a higher positive impact of hyperinflation in Argentina under
IAS 29.
The income tax expense for first-half 2022 amounted to 202 million euros, compared with the
186 million-euro expense recorded in first-half 2021 as restated.
The Group reported net income from continuing operations of 250 million euros, which was stable
compared with the restated amount for the first-half 2021.
Net income – Group share came to 255 million euros, versus 271 million euros in first-half 2021 as
restated.
Free cash flow amounted to a negative 1,177 million euros, versus a negative 1,398 million euros in
first-half 2021. Net free cash flow was a negative 1,880 million euros, versus a negative 1,990 million
euros in first-half 2021.
1.2 Analysis of the main income statement items

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.
Net sales by region
% change at
First-half First-half constant
(in millions of euros) % change
2022 2021 exchange
rates
France 17,910 16,889 6.0% 6.0%
Europe (excluding France) 10,636 10,158 4.7% 5.0%
Latin America 9,244 6,208 48.9% 33.2%
Asia (Taiwan) 1,263 1,208 4.6% (3.1)%
TOTAL 39,054 34,462 13.3% 10.3%
The Carrefour group reported net sales of 39.1 billion euros in first-half 2022, up 10.3% at constant
exchange rates and up 10.0% restated for the application of IAS 29.
 In France, sales increased by 6.0% up 0.7% on a like-for-like basis1 (up 1.4% LFL in food
and down 4.4% in non-food), reflecting a high basis of comparison relating to the health
restrictions in place in the first half of 2021. The Group's market share increased in the first
and second quarters, particularly in the hypermarket and convenience store formats.
 In Europe, excluding France, net sales increased by 5.0% at constant exchange rates and by
2.3% like-for-like compared with first-half 2021. This performance reflects growth in almost
all countries. In Spain, lifted by steady market share gains, sales continued to grow during
the period (up 4.1% LFL), notably with a good performance in food. In Italy (up 2.6% LFL),
Carrefour confirmed its recovery with four consecutive quarters of like-for-like sales growth,
driven by continuous improvement in customer satisfaction. In Belgium, sales were down
5.9% like-for-like in the first half of 2022 in an environment that remains highly competitive,
still challenged by logistical difficulties that arose in the fourth quarter of 2021 due to
significant disruptions experienced by an important logistics partner. In Poland (up 10.3%
LFL), Carrefour confirmed its strong business momentum in a buoyant environment. In
Romania (up 4.1% LFL), Carrefour posted solid growth.
 In Latin America, total sales rose by 33.2% at constant exchange rates and by 22.4% on a
like-for-like basis. In Brazil, sales grew by 25.7% at constant exchange rates and 13.7% like-
1
Like-for-like sales generated by stores open for at least 12 months, excluding temporary store closures, at constant exchange
rates, excluding petrol and calendar effects and excluding the IAS 29 impact.
income analysis
for-like, with a return to positive volumes observed during the first half of the year. Foreign
exchange had a favourable effect of 22.7%. This excellent momentum reflects the ramp-up
and success of sales initiatives designed to increase competitiveness. In Argentina, net sales
growth was very strong, with a 67.0% increase on a like-for-like basis (pre IAS 29),
particularly in food; Carrefour continued to strengthen its leadership position with continuous
market share gains and increased volumes, amid high inflation.
 In Taiwan (Asia), sales fell by 3.1% at constant exchange rates (down 2.5% like-for-like),
reflecting the impact of Covid-19-related store closures, compared with a strong historical
performance associated with precautionary purchases in 2021.
Net sales by region – contribution to the consolidated total
First-half First-half
(in %)
2022¹ 2021
France 47.1% 49.0%
Europe (excluding France) 28.1% 29.5%
Latin America 21.8% 18.0%
Asia (Taiwan) 3.1% 3.5%
TOTAL 100% 100%

(1) At constant exchange rates.
At constant exchange rates, the portion of sales generated outside France continued to rise,
representing 52.9% in first-half 2022 versus 51.0% in first-half 2021.
Recurring operating income by region
% change at
First-half First-half constant
2022 2021 exchange
rates
France 194 187 3.8% 3.8%
Europe (excluding France) 163 225 (27.8)% (27.5)%
Latin America 444 309 43.7% 24.8%
Asia (Taiwan) 40 47 (14.8)% (22.0)%
Global functions (26) (28) (5.5)% (0.5)%
TOTAL 814 740 10.0% 1.6%
Recurring operating income increased by 74 million euros in first-half 2022 (up 1.6% at constant
exchange rates), to 814 million euros. The sales margin represented 20.0% of net sales, down
134 bps. The change reflects investments in competitiveness, the increased proportion of low-margin
petrol sales in total sales, and changes in the integrated/franchised store mix.
In France, recurring operating income for the first half of 2022 totalled 194 million euros, up 3.8% in
comparison with the first half of 2021. Operating margin was stable at 1.1%. This reflects the solid
sales performance, combined with good cost reduction momentum, offsetting distribution cost
inflation and investments in competitiveness.
In Europe (excluding France), recurring operating income stood at 163 million euros, versus
225 million euros in first-half 2021, a decrease of 27.5% at constant exchange rates, mostly due to
a sharp drop in Belgium. Excluding Belgium, recurring operating income for the region was stable
overall.
In Latin America, recurring operating income stood at 444 million euros, an increase of 24.8% at
constant exchange rates, including a negative 16 million-euro impact related to the application of
income analysis
IAS 29 for Argentina. Operating margin fell by 17 bps to 4.8%. In Brazil, recurring operating income
increased by 55 million euros in first-half 2022 at constant exchange rates, to 414 million euros. The
sales margin shrank by 33 bps, reflecting the commercial policy implemented by Carrefour Brazil to
enhance its attractiveness and its price leadership, to protect its customers’ purchasing power, and
stronger promotional events. This resulted in steady market share gains in first-half 2022. In
Argentina, recurring operating income improved significantly to represent 30 million euros, an
increase of 22 million euros at constant exchange rates, thanks to excellent sales momentum and
constant cost discipline. Operating margin increased by 77 bps to 2.1%.
In Taiwan (Asia), recurring operating income came to 40 million euros, versus 47 million euros in
first-half 2021.
Depreciation and amortisation

Depreciation and amortisation of property and equipment, intangible assets and investment property
amounted to 653 million euros in first-half 2022 compared with 633 million euros in first-half 2021.
Depreciation of right-of-use assets (IFRS 16) relating to property and equipment and investment
property totalled 388 million euros in first-half 2022 compared with 369 million euros in first-half
2021.
Including depreciation and amortisation of logistics equipment and of the related right-of-use assets
(IFRS 16) included in the cost of sales, a total depreciation and amortisation expense of 1,173 million
euros was recognised in the consolidated income statement for first-half 2022, compared with an
expense of 1,133 million euros for first-half 2021.
Net income/(loss) from equity-accounted companies

The net income/(loss) from equity-accounted companies represented net income of 12 million euros,
versus a net loss of 10 million euros in first-half 2021, reflecting the improved operational
performance of Carmila, after it was heavily impacted by the health crisis in 2020 and 2021.
income analysis
Non-recurring income and expenses
This classification is applied to certain material items of income and expense that are unusual in
terms of their nature and frequency, such as impairment of non-current assets, gains and losses on
sales of non-current assets, restructuring costs and provision charges and income recorded to reflect
revised estimates of risks provided for in prior periods, based on information that came to the Group's
attention during the period.
Non-recurring items represented a net expense of 85 million euros in first-half 2022, and the
detailed breakdown is as follows:
First-half
First-half
(in millions of euros) 2021
2022
restated
Gains and losses on disposals of assets 62 248
Restructuring costs (16) (260)
Other non-recurring income and expenses (86) 4

Non-recurring income and expenses, net before asset impairments
(40) (9)
and write-offs
Asset impairments and write-offs (45) (61)
of which impairments and write-offs of goodwill − −

of which impairments and write-offs of property and equipment, intangible assets
(45) (61)
and others
NON-RECURRING INCOME AND EXPENSES, NET (85) (70)
of which:
Non-recurring income 135 405
Non-recurring expense (220) (474)
Gains and losses on disposals of non-current assets comprise gains and losses arising on various
asset disposals, notably in France and Italy.
Other non-recurring income and expenses recorded in first-half 2022 mainly included revised
estimates of historical risks, mostly tax-related, as well as the costs related to the acquisition of
Grupo BIG in Brazil (see Note 3.1 to the condensed consolidated half-year financial statements as
of June 30, 2022).
Asset impairments and write-offs recorded in first-half 2022 include the retirement of a variety of
non-current assets, notably IT equipment in France for 8 million euros and related to certain stores,
namely in France and Argentina. Write-offs of property, plant and equipment – offset by insurance
payouts receivable classified under other non-recurring income and expenses – were also recognised
in Taiwan following the fire at the Yang Mei logistics centre (see Note 3.2 to the condensed
consolidated half-year financial statements as of June 30, 2022). In addition, the alignment of the
net carrying amount of Showroomprivé shares with the stock market share price at June 30, 2022
represented a non-recurring expense of 10 million euros.
Main non-recurring items in first-half 2021 (restated)
Gains and losses on sales of assets mainly included the gain arising on the loss of control of Market
Pay in France for a net amount of around 230 million euros (see Note 2.3 to the 2021 consolidated
financial statements).
Restructuring costs resulted from continued work towards objectives to improve operating
performance and organisational efficiency. The expense included in non-recurring items related
chiefly to severance paid or payable within the scope of the transformation plan concerning the
headquarters in France (see Note 2.2 to the 2021 consolidated financial statements).
income analysis
Other non-recurring income and expenses recorded in first-half 2021 resulted primarily from the
following items in Brazil:
• the impact of the Pinheiros real estate transaction, which generated income of 81 million
euros following an exchange of assets in the city of São Paulo (see Note 2.3 to the 2021
consolidated financial statements);
• provision reversals (net of costs) on ICMS credits notably related to transfers between states
on “basic products” were recognised for around 23 million euros following expiry of the
limitation period for tax claims or further relief under tax amnesty programmes introduced
by certain Brazilian states (see Note 6.3 to the 2020 consolidated financial statements);
• following the death of Mr Silveira Freitas, commitments were made by Carrefour Brazil to
public authorities and non-profit organisations as part of a settlement agreement (“Termo
de ajustamento de Conduta”) signed on June 11, 2021. It led to the recognition of a provision
for 17 million euros (see Note 11.3 to the 2021 consolidated financial statements).
Other non-recurring income and expenses recorded in first-half 2021 also included revised estimates
of historical risks in Spain and the impacts related to the decision taken in May 2021 to discontinue
Carrefour Banque's operations in Italy (see Note 2.3 to the 2021 consolidated financial statements).
Asset impairments and write-offs included the retirement of a variety of non-current assets, in
particular relating to IT in France for 23 million euros.
Asset impairments and write-offs also include the write-off of configuration and customisation costs
for SaaS solutions that can no longer be capitalised as a result of the application of the final IFRS IC
decision published in April 2021, for 28 million euros (see Note 4.2 to the condensed consolidated
half-year financial statements as of June 30, 2022).
Operating income
The Group ended first-half 2022 with operating income of 741 million euros, versus 660 million euros
in first-half 2021 as restated.
Finance costs and other financial income and expenses

Finance costs and other financial income and expenses represented a net expense of
186 million euros in first-half 2022, corresponding to a negative 0.5% of sales versus a negative
0.4% of sales in first-half 2021.
(in millions of euros)
2022 2021
Finance costs, net (151) (80)
Net interest, related to lease commitment (72) (52)
Other financial income and expenses, net 37 (1)
FINANCE COSTS AND OTHER FINANCIAL INCOME AND EXPENSES, NET (186) (132)
Finance costs, net amounted to 151 million euros, an increase of 71 million euros compared with first-
half 2021. The change is attributable to Brazil and reflects several factors: the increase in bank
borrowings relating to the acquisition of Grupo BIG, the increase in CDI (Certificado de Deposito
Interbancário) interest rates, and the increase in the value of the Brazilian real against the euro.
From 2019, in accordance with IFRS 16, finance costs and other financial income and expenses also
include interest expenses on leases along with interest income on finance sub-leasing arrangements.
Other financial income and expenses consist for the most part of late payment fees payable on certain
liabilities, financial transaction taxes and the impacts of hyperinflation in Argentina, which increased
in comparison with first-half 2021 due to rising inflation.
Carrefour group – Business review for the six-month period ended June 30, 2022 - 10 -
income analysis
Income tax expense

The income tax expense for first-half 2022 amounted to 202 million euros, i.e., an effective tax rate
of 36.4%, compared with the 186 million-euro expense recorded in first-half 2021 as restated, which
corresponded to an effective tax rate of 35.3%.
The effective tax rates for the first six months of 2022 and 2021 (restated) were impacted by the
recognition of the CVAE (local business tax) in France and the absence of deferred tax assets in Italy.
Apart from these factors, the first-half 2022 effective tax rate reflects the geographical breakdown
of income before tax, with no other items significantly distorting the tax proof.
The restated effective tax rate for first-half 2021 combined several factors which:
 decreased the rate, such as the low tax rates applied to capital gains arising on disposal of
60% of Market Pay in France and on the Pinheiros asset exchange in Brazil;
 increased the rate, such as the rise in deferred tax liabilities relating to the remeasurement
of non-current assets in accordance with IAS 29 as a result of the increase in the applicable
tax rate in Argentina.
Net income attributable to non-controlling interests

Net income attributable to non-controlling interests came to 103 million euros in first-half 2022,
versus 94 million euros in first-half 2021 as restated.
Net income/(loss) from continuing operations – Group share

As a result of the items described above, the Group share of net income from continuing operations
amounted to 250 million euros in first-half 2022, compared with 248 million euros in first-half 2021
as restated.
Net income/(loss) from discontinued operations – Group share

Net income from discontinued operations totalled 5 million euros in first-half 2022, compared with
23 million euros in first-half 2021.
2. Group financial position and cash flows
2.1 Shareholders' equity
At June 30, 2022, shareholder’s equity stood at 12,122 million euros, compared with 11,830 million
euros at December 31, 2021, an increase of 293 million euros.
The increase mainly reflects:

• net income for the period of 358 million euros;
• other comprehensive income net of taxes amounting to 655 million euros, which reflected the
significant increase in the value of the Brazilian real compared to December 31, 2021 and,
under other consolidated reserves and net income, the remeasurement of the net defined
benefit liability following the increase in discount rates applied for the eurozone as of
June 30, 2022;
• 2021 dividends distributed in a total amount of 413 million euros, of which 380 million euros
paid to Carrefour shareholders (entirely in cash) and 33 million euros to non-controlling
shareholders, relating mainly to the Spanish and Brazilian subsidiaries;
• the reduction of Carrefour SA's share capital by cancelling 21,232,106 shares and then
12,506,325 shares, following the share buyback carried out in first-half 2022 in two tranches
of 400 million euros and 350 million euros respectively;
• the portion of the Grupo BIG acquisition paid for in newly issued Carrefour Brazil shares for
approximately 430 million euros.
2.2 Net debt
Consolidated net debt increased from 2,633 million euros at December 31, 2021 to 6,533 million
euros at June 30, 2022. The increase in net debt between December 31 and June 30 is due to
seasonal effects, with the year-end figure being structurally lower due to the significant volume of
business recorded during December.
The Group’s net debt breaks down as follows:
June 30, December 31,
2022 2021
Bonds and notes 6,593 6,052

Other borrowings 1,587 741
Commercial paper 1,400 −
Total borrowings excluding derivative instruments recorded in liabilities 9,580 6,793
Derivative instruments recorded in liabilities 144 40
TOTAL BORROWINGS [1] 9,724 6,834
of which borrowings due in more than one year 5,915 5,491
of which borrowings due in less than one year 3,809 1,342
Other current financial assets ¹ 653 498

Cash and cash equivalents 2,539 3,703
TOTAL CURRENT FINANCIAL ASSETS [2] 3,192 4,201
NET DEBT [1] – [2] 6,533 2,633
(1) This item does not include the current portion of amounts receivable from finance sub-leasing arrangements (see Note 13.2.5 to the condensed
consolidated financial statements for the six-month period ended June 30, 2022).
Long and short-term borrowings (excluding derivatives) mature at different dates, through 2029 for
the longest tranche of bond debt, leading to balanced repayment obligations in the coming years, as
shown below:

2022 2021
Due within 1 year 3,665 1,302

Due in 1 to 2 years 1,386 1,259
Due in 2 to 5 years 2,782 2,731
Due beyond 5 years 1,747 1,502
TOTAL BORROWINGS (EXCLUDING DERIVATIVE INSTRUMENTS RECORDED
9,580 6,793
IN LIABILITIES)
Cash and cash equivalents totalled 2,539 million euros at June 30, 2022 compared with 3,703 million
euros at December 31, 2021, representing a decrease of 1,165 million euros.
2.3 Statement of cash flows
Net debt rose by 991 million euros in first-half 2022, versus a 307 million-euro increase in first-half
2021. The change is analysed in the Group's simplified statement of cash flows presented below:
(in millions of euros) Change
2022 2021
Opening net debt (2,633) (2,616) (16)
Cash flow from operations 1,645 1,566 79
Change in working capital requirement (2,115) (2,138) 23
Change in consumer credit granted by the financial services companies 54 (103) 157
Net cash (used in)/from operating activities - total (416) (675) 259
Acquisitions of property and equipment and intangible assets ¹ (557) (539) (18)
Proceeds from the disposal of property and equipment and intangible assets -
68 35 33
Business-related
Change in amounts receivable from disposals of non-current assets and due to
(273) (219) (54)
suppliers of non-current assets
Free cash flow (1,177) (1,398) 220
Payments related to leases (principal and interest) net of subleases payments
(551) (513) (39)
received
Finance costs, net (151) (80) (71)
Net Free cash flow (1,880) (1,990) 110
Acquisitions of investments (936) (248) (688)
Disposal of investments 25 188 (163)
Change in treasury stock and other equity instruments (96) (443) 347
Decrease in capital of Carrefour SA (657) − (657)
Increase in capital subscribed by non-controlling interests 2 0 1
Dividends paid (424) (473) 49
Other (including effect of changes in exchange rates) 66 57 9
Decrease/(Increase) in net debt (3,900) (2,909) (991)
CLOSING NET DEBT (6,533) (5,525) (1,008)
th
(1) Restated for the acquisition of Makro Atacadista stores in Brazil (acquisition of the 29 and last store on a full-ownership basis
in first-half 2022 versus two in first-half 2021).
Free cash flow came to a negative 1,177 million euros in first-half 2022, compared with a negative
1,398 million euros in first-half 2021, and mainly comprised:
 cash flow from operations of 1,645 million euros, versus 1,566 million euros in first-half
2021, an increase reflecting the higher recurring operating income before depreciation and
amortisation;
 the change in working capital requirement, which amounted to a negative 2,115 million
euros, versus a negative 2,138 million euros in first-half 2021;
 operational investments in an amount of 557 million euros, compared with 539 million euros
in first-half 2021.
2.4 Financing and liquidity resources
The Group’s main measures for strengthening its overall liquidity consist of:
 promoting prudent financing strategies in order to ensure that the Group's credit rating
allows it to raise funds on the bond and commercial paper markets;
 maintaining a presence in the debt market through regular debt issuance programmes,
mainly in euros, in order to create a balanced maturity profile. The Group's issuance
capacity under its Euro Medium-Term Notes (EMTN) programme totals 12 billion euros;
 using the 5 billion-euro commercial paper programme on Euronext Paris, described in a
prospectus filed with the Banque de France;
 maintaining undrawn medium-term bank facilities that can be drawn down at any time
according to the Group's needs.
The Group’s financial position and liquidity were solid at end-June 2022. The average maturity of
bond debt of Carrefour SA was 3.8 years at end-June 2022, compared with 3.1 years at
end-December 2021 and 3.6 years at end-June 2021.
At June 30, 2022, the Group was rated Baa1 with a stable outlook by Moody's and BBB with a stable
outlook by Standard & Poor's.
The main transactions in first-half 2022 included a bond issue consisting of two Sustainability-Linked
tranches indexed to the Group's sustainability goals, for a total amount of 1.5 billion euros, and
bonds redeemed ahead of maturity for a total amount of 1 billion euros (see Note 4.2.3).
2.5 Restrictions on the use of capital resources
There are no material restrictions on the Group's ability to recover or use the assets and settle the
liabilities of foreign operations, except for those resulting from local regulations in its host countries.
The local supervisory authorities may require banking subsidiaries to comply with certain capital,
liquidity and other ratios and to limit their exposure to other Group parties.
At June 30, 2022, as at December 31, 2021, there was no restricted cash.
2.6 Expected sources of funding
To meet its commitments, Carrefour can use its net free cash flow and raise debt capital using its
EMTN and commercial paper programmes, as well as its credit lines.
3. Outlook
The Group remains very attentive to macroeconomic and market developments, especially food
inflation and cost inflation, household consumption and customer satisfaction. The Group is confident
in its teams and its model to:
 preserve its customers’ purchasing power by relying on Carrefour-branded products, a

dynamic promotional activity and its omnichannel model which offers, beyond its loyalty
program, an unrivalled choice of formats, especially those offering the biggest discounts
(hypermarkets, Supeco);
 consolidate its economic model with heightened vigilance on operational costs.
In this context, the Group:
 is raising its cost savings objective from 900 million euros to 1.0 billion euros for 2022, or
2.8 billion euros over the 2021-2023 period;
 confirms the level of capex of 1.85 billion euros for 2022, including approximately 150 million
euros related to the integration of Grupo BIG in Brazil, which will be invested in the second
half of the year;
 confirms its objective of generating at least 1 billion euros of net free cash flow in 2022.
4. Other information
4.1 Accounting principles
The accounting policies used to prepare the condensed consolidated financial statements for the six-
month period ended June 30, 2022 are the same as those used for the 2021 consolidated financial
statements, except for specific requirements of IAS 34 – Interim Financial Reporting (see Note 1.3
to the condensed consolidated financial statements for the six-month period ended June 30, 2022)
and the following standards, amendments and interpretations which were applicable as of January 1,
2022:
• Amendments to IFRS 3 – Business Combinations, IAS 16 – Property, Plant and Equipment,
IAS 37 – Provisions, Contingent Liabilities and Contingent Assets and Annual Improvements
to IFRSs – 2018-2020 cycle
The application of these amendments had no material impact on the Group’s consolidated financial
statements.
Note that, in the consolidated financial statements for the year ended December 31, 2021, the Group
applied the IFRS IC decision published in April 2021 on the recognition of configuration and
customisation costs in Software as a Service (SaaS) arrangements, as well as the decision published
in May 2021 on attributing benefit to periods of service in the calculation of the provision for
employee benefits falling within the scope of IAS 19 (see Notes 1.2 and 4 to the 2021 consolidated
financial statements). The consequences of applying these decisions in the comparative consolidated
financial statements for the six-month period ended June 30, 2021 are presented in Note 4 to the
condensed consolidated financial statements for the six-month period ended June 30, 2022.
Adopted by the European Union but not yet applicable
Standards, amendments and interpretations Effective date
IFRS 17 – Insurance Contracts January 1, 2023

Amendments to IAS 1 – Presentation of Financial Statements and IFRS
January 1, 2023
Practice Statement 2: Disclosure of Accounting Policies
Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates
January 1, 2023
and Errors: Definition of Accounting Estimates
Not yet adopted by the European Union
Standards, amendments and interpretations Effective date(1)
Amendments to IAS 1 – Presentation of Financial Statements: Classification of

January 1, 2023
Liabilities as Current or Non-current
Amendments to IAS 12 – Income Taxes: Deferred Tax related to Assets and
January 1, 2023
Liabilities arising from a Single Transaction
Amendments to IFRS 17 – Insurance Contracts: Initial Application of IFRS 17
January 1, 2023
and IFRS 9 – Comparative Information
(1) Subject to adoption by the European Union.
Carrefour does not expect the application of this standard and these amendments to have a material
impact on its consolidated financial statements.
4.2 Signiﬁcant events of the period
4.2.1 Main acquisitions, disposals and other transactions during the period
Acquisition of Grupo BIG (Brazil) – Business combination
On March 24, 2021, Carrefour Brazil entered into an agreement with Advent International and
Walmart for the acquisition of Grupo BIG, Brazil’s third biggest food retailer. The acquiree reported
net sales of around 20 billion Brazilian reals (approximately 3.1 billion euros) in 2021 and operates
a multi-format network of 388 stores, including 181 stores owned by the Group.
With Carrefour Brazil's acquisition of Grupo BIG, the Company can expand into regions where its
penetration is limited, such as the north-east and south of the country. This geographic fit will enrich
the Company's ecosystem of products and services, which currently serves over 45 million
customers, and broaden its customer base thanks to the addition of Grupo BIG customers.
The acquisition will allow the Company to expand in its traditional formats (mainly cash & carry and
hypermarkets), while extending its footprint in formats in which it has a more limited presence, in
particular supermarkets (98 Bompreço and Nacional stores) and soft discounters (97 Todo Dia
stores). In addition, Carrefour Brazil will operate in a new market segment with the Sam's Club
format, through a license agreement with Walmart Inc. This unique and highly profitable premium
business model for the B2C segment is based on a membership system, with over two million
members, and focuses mainly on private-label products.
Carrefour Brazil’s Extraordinary Shareholders’ Meeting and CADE, the Brazilian competition
authority, approved this transaction on May 19, 2022 and May 25, 2022, respectively (subject to the
disposal of 14 stores by the end of the year).
The acquisition was finalised on June 1, 2022, with payment made on June 6, 2022.
The preliminary purchase price for the entire share capital of Grupo BIG is 7,465 million Brazilian
reals (1,471 million euros at the exchange rate as of the transaction date), which breaks down as
follows:
 a cash payment of 5,292 million Brazilian reals (approximately 1 billion euros), representing
70% of the baseline price plus various preliminary earn-outs for 42 million Brazilian reals
(approximately 8 million euros), including 900 million Brazilian reals (139 million euros) paid
as part of a downpayment in March 2021;
 a share-based payment of 117 million new Carrefour Brazil shares (representing 30% of the
baseline price), with a fair value of 2,173 million Brazilian reals (approximately 430 million
euros) at June 6, 2022. As a result of this share-based payment, the Carrefour group’s
interest in Carrefour Brazil was 67.6% at June 30, 2022 compared to 71.6% at
December 31, 2021.
As this was a transaction with minority shareholders, the impact of paying for 30% of Grupo BIG in
Carrefour Brazil shares was recognised in consolidated equity for approximately 180 million euros
attributable to the Carrefour group and approximately 250 million euros attributable to
non-controlling interests.
The agreement also provides for an earn-out to be paid six months after completion of the
transaction if the Carrefour Brazil share price exceeds the reference value of 19.26 Brazilian reals.
The price of the Carrefour Brazil share was 16.67 Brazilian reals at June 30, 2022.
Grupo BIG's preliminary opening balance sheet at June 1, 2022, as included in the Group's half-year
consolidated financial statements, is presented in Note 3.1 to the condensed consolidated half-year
financial statements as of June 30, 2022.
Changes in the period (i.e., Grupo BIG operations carried out in June 2022) are included in the
consolidated income statement and statement of cash flows for first-half 2022. They are not material
at the level of the Group.
The purchase price allocation process stipulated in IFRS 3 – Business Combinations was implemented
and led to the recognition of provisional goodwill in the amount of 484 million euros in the
consolidated half-year financial statements as of June 30, 2022.
This preliminary purchase price allocation process will continue in second-half 2022 and first-half
2023. As the process continues, the fair value adjustments may differ – even materially – at
December 31, 2022 and June 30, 2023 from those included in the condensed consolidated half-year
financial statements as of June 30, 2022.
Ofelia (Spain) – Acquisition of assets

The property company Ofelia leased nine stores and a shopping mall to Carrefour Spain.
In February 2022, Carrefour Spain exercised its pre-emptive right and acquired these assets for
approximately 40 million euros.
The disposal of these nine stores is expected to take place in the second half of 2022. Given the high
probability of this disposal being completed, the stores have been classified as assets held for sale
in the condensed consolidated half-year financial statements as of June 30, 2022 and valued at their
net carrying amount.
Sale of the Group's stake in Cajoo (France)

On May 16, 2022, Germany-based Flink, Europe's leading quick commerce company, announced the
acquisition of Cajoo from Carrefour and its founders in exchange for its own shares. This acquisition
was finalised on June 23, 2022. The gain on the disposal of the Cajoo shares, amounting to
approximately 6 million euros, net of fees, was recognised within non-recurring items for the period.
Also in June 2022, the Group contributed to Flink's reserved capital increase.
All Flink shares held by the Group at June 30, 2022 are recognised as investments in
non-consolidated companies measured at fair value through other comprehensive income
(see Note 13.5 to the condensed consolidated half-year financial statements as of June 30, 2022).
4.2.2 Warehouse fire in Taiwan
On March 14, 2022, a fire broke out in a logistics centre leased by Carrefour in the Yang Mei district
of Taiwan. All employees were evacuated immediately with no injuries or casualties and the fire was
brought under control on March 15, 2022.
A claim was submitted to the Group's insurance companies in this respect and was still being
assessed at June 30, 2022. Losses incurred as a result of destroyed inventories and equipment were
recorded in first-half 2022 against the payout receivable from insurers classified under other current
assets. The same applies to the estimated operating losses up to June 30, 2022.
4.2.3 Securing the Group’s long-term financing
On March 30, 2022, the Group issued its first Sustainability-Linked Bond (SLB) indexed to its
sustainable development goals. The 1.5 billion-euro bond comprises two tranches of 750 million euros
each, with a maturity of 4.6 years (due in October 2026) and 7.6 years (due in October 2029)
respectively, and paying a coupon of 1.88% and 2.38%.
This bond was issued as part of a financing strategy aligned with the Group's CSR objectives and
ambitions as well as the Sustainability-Linked Bond Framework of its Euro Medium-Term Notes
(EMTN) programme published in June 2021, whose CSR component was revised and enhanced in
May 2022.
On June 8, 2022, the Group redeemed 1 billion euros worth of 1.75% 8-year bonds, ahead of their
maturity (July 2022).
These transactions guarantee the Group's liquidity over the short- and medium-term in an unstable
economic environment, and are part of the strategy to ensure the necessary financing is in place to
meet Carrefour's needs. The average maturity of bond debt of Carrefour SA was 3.8 years at end-June
2022, compared with 3.1 years at end-December 2021 and 3.6 years at end-June 2021.
Financing of the Brazilian subsidiary Atacadão
Following the 2021 transactions, Carrefour's Brazilian subsidiary Atacadão has set up financing
arrangements in 2022 enabling it to secure its medium- and long-term needs in connection with the
acquisition of Grupo BIG.
The US dollar bank financing facilities put in place in December 2021 were finalised on January 5,
2022, with a total of 2,942 million Brazilian reals (approximately 537 million euros at the closing
exchange rate of June 30, 2022) immediately swapped for Brazilian reals with maturities of
16 to 17 months.
On January 6 and May 17, 2022, two inter-company financing lines were set up between the
companies Carrefour Finance and Atacadão. The first revolving credit facility (RCF) for an amount of
4 billion Brazilian reals (approximately 729 million euros at the closing exchange rate of June 30,
2022), bearing annual interest at 12%, falls due in July 2023 and had been fully drawn at the end of
June 2022. The second RCF for 1.9 billion Brazilian reals (approximately 346 million euros at the
closing exchange rate of June 30, 2022), bearing annual interest at 14.25%, has a maturity of three
years and had not been drawn down at June 30, 2022.
Finally, on May 20, 2022, the Brazilian subsidiary obtained bank financing in euros and in US dollars,
which was immediately swapped for Brazilian reals, for 1,500 million reals (approximately 274 million
euros at the closing exchange rate of June 30, 2022). This facility falls due in six months and will be
replaced by a medium-term financing facility in second-half 2022.
4.2.4 Payment of the 2021 dividend in cash
At the Shareholders’ Meeting held on June 3, 2022, the shareholders decided to set the 2021 dividend
at 0.52 euros per share to be paid entirely in cash.
On June 9, 2022, the dividend was paid out in an amount of 380 million euros.
4.2.5 Share buyback programme
As part of its share capital allocation policy, the Group commissioned an investment services provider
to buy back shares corresponding to a maximum amount of 750 million euros, as authorised by the
Shareholders’ Meeting of May 21, 2021.
The first tranche of the share buyback programme began on March 7, 2022 and ended on April 13,
2022, with 21,232,106 shares acquired at an average price of 18.84 euros per share for a total
amount of 400 million euros. These shares were cancelled following a decision by the Board of
Directors on April 20, 2022 to reduce the share capital of Carrefour SA.
A second tranche of the share buyback programme began on May 2, 2022 and ended on May 24,
amount of 350 million euros. Of the shares bought back, 12,506,325 shares were cancelled following
a decision by the Board of Directors on June 3, 2022 to reduce the share capital of Carrefour SA.
These shares were cancelled in accordance with the authorisation granted by the Shareholders’
Meeting of May 21, 2021.
Following cancellation of these shares, Carrefour SA has 742,157,461 shares outstanding and,
consequently, 11,544,870 treasury shares, representing approximately 1.6% of the share capital.
4.3 Restatement of the 2021 consolidated half-year financial statements
IAS 19 – Employee Benefits – Application of the IFRS IC decision of May 2021

In May 2021, the IFRS IC published a final decision clarifying the attribution of benefit to periods of
service. The decision came in response to a request regarding a defined benefit plan with the following
characteristics: provided they are still with the company when they reach retirement age, employees
are entitled to a lump-sum benefit depending on their length of service, which is capped at a specified
number of consecutive years of service.
This decision has been applied retrospectively, and its impacts have been recognised in retained
earnings in the comparative period presented in the consolidated financial statements for the year
ended December 31, 2021 (see Note 4 of these financial statements).
This decision has not been applied in the issued consolidated financial statements for the six months
ended June 30, 2021. The estimated impact for first-half 2021 was deemed immaterial for the Group;
therefore, the comparative information for the six months ended June 30, 2021 has not been
restated to reflect this decision in the consolidated half-year financial statements as of
June 30, 2022.
Impact of the IFRS IC decision issued in April 2021 on the recognition of configuration
and customisation costs in Software as a Service (SaaS) arrangements
In the consolidated financial statements for the year ended December 31, 2021, the Group applied
the IFRS IC decision published in April 2021 on the recognition of configuration and customisation
costs in Software as a Service (SaaS) arrangements (see Note 1.2 to the 2021 consolidated financial
statements).
As a result of this decision, the Group changed the accounting policy for customisation and
configuration costs when they do not meet the recognition criteria under IAS 38 (when the Group
does not control the SaaS solution) or when they do not relate to the development of an interface
(middleware) with this SaaS solution. These costs are now recognised as an expense either (a) as
and when they are incurred if the development work is carried out internally or by a third party
integrator (not related to the SaaS solution publisher), or (b) over the term of the SaaS arrangement
if the development work is carried out by the SaaS solution publisher or its subcontractor.
This decision was applied in the consolidated financial statements as of December 31, 2021. For
SaaS solutions implemented before January 1, 2021, the estimated impact was not deemed material
for the Group; therefore, the comparative information for the year ended December 31, 2020 was
not restated in light of this decision. The integration costs of SaaS solutions capitalised at
December 31, 2020 that no longer meet the recognition criteria were written off at January 1, 2021,
against non-recurring income and expenses, in accordance with the Group's accounting principles
(see Note 6.3 to the 2021 consolidated financial statements).
As the consolidated financial statements for the six-month period ended June 30, 2021 did not
include this write-off, the comparative information was restated in the consolidated half-year
financial statements as of June 30, 2022 (see Notes 4.3 and 4.4 of these financial statements). For
SaaS solutions implemented between January 1, 2021 and June 30, 2021, the estimated impact was
not deemed material for the Group; therefore, the comparative information for the six months ended
June 30, 2021 was not restated in light of this decision for these solutions in the consolidated half-
year financial statements as of June 30, 2022.
The impacts on the consolidated half-year income statement as of June 30, 2021 are described in
detail in Note 4 to the condensed consolidated financial statements for the six-month period ended
June 30, 2022.
4.4 Main related-party transactions
There were no material changes in the nature of the Group’s related-party transactions in first-half
2022 compared with the situation at December 31, 2021.
4.5 Subsequent events
Sale of Carrefour Taiwan to the Uni-President group
On July 19, 2022, the Group signed an agreement to sell its entire interest in its Taiwanese subsidiary
(i.e., 60%) to the Uni-President group (holder of the remaining 40%). If the conditions precedent
are met, this agreement will result in loss of control of the subsidiary. The enterprise value is around
2.0 billion euros.
Closing of the transaction is subject to approval by Taiwanese competition authorities (TFTC) and
other customary conditions, and is expected by mid-2023. Following the completion of the
transaction, the Uni-President group will own 100% of Carrefour Taiwan.
The sale of Carrefour Taiwan announced on July 19, 2022 was not highly probable at June 30, 2022
within the meaning of IFRS 5, given certain uncertainties existing at the reporting date as to whether
the sale would be completed.
Accordingly, this subsidiary's assets and liabilities were not reclassified as assets held for sale and
related liabilities in the consolidated statement of financial position at June 30, 2022. Similarly, the
net income and cash flows of this subsidiary were not reclassified within line items for discontinued
operations in the consolidated income statement and consolidated cash flow statement for first-half
2022.
It should be noted that since Carrefour Taiwan represents a geographical area presented under
segment reporting (“Asia”), the main indicators on the subsidiary's income statement (net sales,
other revenue, recurring operating income before depreciation and amortisation, depreciation and
amortisation expense and recurring operating income), cash flow statement (capital expenditure)
and balance sheet (goodwill, other intangible assets, property and equipment, investment property,
right-of-use assets, other segment assets and segment liabilities) are presented in Note 5 to the
condensed consolidated half-year financial statements as of June 30, 2022.
4.6 Risk factors
The risk factors at June 30, 2022 are the same as those set out in Chapter 4 Risk Management of
the 2021 Universal Registration Document.
Condensed consolidated financial statements
for the six-month period ended June 30, 2022
Consolidated income statement page 23
Consolidated statement of comprehensive income page 24
Consolidated statement of financial position page 25
Consolidated statement of cash flows page 26
Consolidated statement of changes in shareholders’ equity page 27
Notes to the condensed consolidated financial statements page 28
Carrefour group – Condensed consolidated half-year financial statements as of June 30, 2022 - 22 -
Consolidated income statement
Reporting in Hyperinflationary Economies is therefore applicable to the condensed consolidated
financial statements for the six-month period ended June 30, 2022; data for the comparative period
presented have also been adjusted for inflation.
At June 30, 2022, comparative data for the first half of 2021 have been restated (indicated as “first-
half 2021 restated” below) in the consolidated financial statements to reflect the decision by the IFRS
Interpretations Committee (IFRS IC) published in April 2021 on the recognition of configuration and
customisation costs in Software as a Service (SaaS) arrangements (see Note 4.2).
The consolidated financial statements are presented in millions of euros, rounded to the nearest
million. As a result, there may be rounding differences between the amounts reported in the various
statements.
(in millions of euros) Notes % change
2022 2021 restated
Net sales 6.1 39,054 34,462 13.3%
Loyalty program costs (428) (403) 6.3%
Net sales net of loyalty program costs 38,625 34,059 13.4%
Other revenue 6.1 1,215 1,040 16.8%

Total revenue 39,840 35,100 13.5%
Cost of sales (32,016) (27,734) 15.4%

Gross margin from recurring operations 7,824 7,365 6.2%
Sales, general and administrative expenses, depreciation and amortisation 6.2 (7,010) (6,625) 5.8%
Recurring operating income 814 740 10.0%
Net income/(loss) from equity-accounted companies 9.1 12 (10) 213.8%

Recurring operating income after net income from equity-accounted
826 730 13.1%
companies
Non-recurring income and expenses, net 6.3 (85) (70) 22.7%
Operating income 741 660 12.1%
Finance costs and other financial income and expenses, net 13.6 (186) (132) 40.3%
Finance costs, net (151) (80) 89.8%
Net interest related to lease commitments (72) (52) 39.9%
Other financial income and expenses, net 37 (1) 3306.0%
Income before taxes 555 528 5.1%
Income tax expense 10 (202) (186) 8.4%

Net income/(loss) from continuing operations 353 342 3.2%
Net income/(loss) from discontinued operations 5 23 (76.8)%
Net income/(loss) for the period 358 365 (1.7)%

Group share 255 271 (5.7)%
of which net income/(loss) from continuing operations - Group share 250 248 0.8%
of which net income/(loss) from discontinued operations - Group share 5 23 (76.8)%
Attributable to non-controlling interests 103 94 9.7%
of which net income/(loss) from continuing operations - attributable to non-

103 94 9.7%
controlling interests
of which net income/(loss) from discontinued operations - attributable to non-
− − −
Basic earnings per share (in euros) % change
2022 2021 restated
Net income/(loss) from continuing operations - Group share - per share 12.3 0.33 0.31 7.7%
Net income/(loss) from discontinued operations - Group share - per share 12.3 0.01 0.03 (75.2)%
Net income/(loss) – Group share - per share 12.3 0.34 0.34 0.8%
Diluted earnings per share (in euros) % change
2022 2021 restated
Net income/(loss) from continuing operations - Group share - per share 12.3 0.33 0.31 7.5%
Net income/(loss) from discontinued operations - Group share - per share 12.3 0.01 0.03 (75.2)%
Net income/(loss) – Group share - per share 12.3 0.34 0.34 0.6%
Consolidated statement of comprehensive income
(in millions of euros) Notes
2022 2021 restated
Net income/(loss) - Group share 255 271

Net income - Attributable to non-controlling interests 103 94
Net income/(loss) for the period 358 365
Effective portion of changes in the fair value of cash flow hedges ¹ 12.2 82 31
Changes in the fair value of debt instruments through other comprehensive
12.2 (16) (2)
income
Exchange differences on translating foreign operations ² 12.2 461 251
Items that may be reclassified subsequently to profit or loss 527 280
Remeasurements of defined benefit plans obligation ³ 12.2 128 49
Items that will not be reclassified to profit or loss 128 49
Other comprehensive income/(loss) after tax 655 329
Total comprehensive income/(loss) 1,013 694

Group share 703 520
Attributable to non-controlling interests 310 173
These items are presented net of the tax effect (see Note 12.2).
(1) In first-half 2022, Carrefour Finance granted an intra-group revolving credit facility (RCF) to Atacadão, treated as part of the net investment in
that operation. The derivatives contracted to hedge part of this loan were classified as a net investment hedge (see Note 3.3).
(2) Exchange differences recognised on translating foreign operations in first-half 2022 mainly reflect the significant increase in the value of the
Brazilian real. Exchange differences recognised on translating foreign operations in first-half 2021 mainly reflected the slight increase in the value
of the Brazilian real.
(3) Remeasurement of the net defined benefit liability recognised in first-half 2022 reflects the strong increase in discount rates applied for the
eurozone, from 0.80% at end-December 2021 to 3.20% at end-June 2022. In first-half 2021, these discount rates increased from 0.40% at end-
December 2020 to 0.80% at end-June 2021.
Consolidated statement of financial position
ASSETS
2022 2021
Goodwill 7.1 8,527 7,995
Other intangible assets 7.1 1,453 1,333
Property and equipment 7.2 12,521 10,721
Investment property 7.3 313 291
Right-of-use assets 8.1 4,654 4,361
Investments in companies accounted for by the equity method 9.1 1,200 1,256
Other non-current financial assets 13.5 1,288 1,152
Consumer credit granted by the financial services companies – portion more than one year 6.5 1,866 1,821
Deferred tax assets 667 631
Other non-current assets 679 321
Non-current assets 33,169 29,883
Inventories 7,227 5,858

Trade receivables 3,402 2,581
Consumer credit granted by the financial services companies – portion less than one year 6.5 3,708 3,473
Other current financial assets 13.2 687 532
Tax receivables 800 675
Other current assets 1,127 943
Cash and cash equivalents 13.2 2,539 3,703
Assets held for sale 96 20
Current assets 19,586 17,785
TOTAL ASSETS 52,755 47,668
SHAREHOLDERS’ EQUITY AND LIABILITIES

2022 2021
Share capital 1,855 1,940
Consolidated reserves (including net income) 8,164 8,311
Shareholders’ equity, Group share 10,019 10,251
Shareholders’ equity attributable to non-controlling interests 2,103 1,579

Total shareholders' equity 12,122 11,830
Borrowings - portion more than one year 13.2 5,915 5,491

Lease commitments - portion more than one year 8.2 3,900 3,602
Provisions 11 3,652 2,455
Consumer credit financing – portion more than one year 6.5 2,115 1,573
Deferred tax liabilities 425 374
Tax payables - portion more than one year 210 193
Non-current liabilities 16,216 13,688
Borrowings - portion less than one year 13.2 3,809 1,342

Lease commitments - portion less than one year 8.2 1,047 995
Suppliers and other creditors 13,283 13,072
Consumer credit financing – portion less than one year 6.5 2,497 2,868
Tax payables - portion less than one year 1,121 1,108
Other current payables 2,659 2,765
Liabilities related to assets held for sale − −
Current liabilities 24,417 22,150
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 52,755 47,668
Consolidated statement of cash flows
First-half
First-half
(in millions of euros) 2021
2022
restated
Income before taxes 555 528
CASH FLOWS FROM OPERATING ACTIVITIES
Income tax (205) (165)
Depreciation and amortisation expense 1,173 1,133
Gains and losses on sales of assets (26) (253)
Change in provisions and impairment (115) 152
Finance costs, net 151 80
Net interest related to lease commitment 72 52
Net income and dividends received from equity-accounted companies 45 48
Impact of discontinued operations ¹ (4) (9)
Cash flow from operations 1,645 1,566
Change in working capital requirement ² (2,115) (2,138)
Net cash (used in)/from operating activities
(470) (572)
(excluding financial services companies)
Change in consumer credit granted by the financial services companies 54 (103)
Net cash (used in)/from operating activities - total (416) (675)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment and intangible assets ³ (562) (558)
Acquisitions of non-current financial assets ⁴ (20) (147)
Acquisitions of subsidiaries and investments in associates ⁵ (911) (87)
Proceeds from the disposal of subsidiaries and investments in associates ⁶ 21 186
Proceeds from the disposal of property and equipment and intangible assets 69 40
Proceeds from the disposal of non-current financial assets 4 2
Change in amounts receivable from disposals of non-current assets and due to suppliers
(273) (219)
of non-current assets ³
Investments net of disposals - subtotal (1,672) (782)
Other cash flows from investing activities 94 44
Net cash (used in)/from investing activities - total (1,579) (739)
CASH FLOWS FROM FINANCING ACTIVITIES
Carrefour SA capital increase / (decrease) ⁷ (657) −
Proceeds from share issues to non-controlling interests 2 0
Dividends paid by Carrefour SA ⁸ (380) (383)
Dividends paid by consolidated companies to non-controlling interests (44) (90)
Change in treasury stock and other equity instruments ⁷ (96) (443)
Change in current financial assets ⁹ (1) 15
Issuance of bonds ⁹ 1,500 −
Repayments of bonds ⁹ (1,082) (871)
Net financial interest paid (99) (82)
Other changes in borrowings ⁹ 2,056 649
Payments related to leases (principal) ¹⁰ (500) (480)
Net interest related to leases ¹⁰ (70) (51)
Net cash (used in)/from financing activities - total 629 (1,735)
Net change in cash and cash equivalents before the effect of changes in exchange rates (1,366) (3,149)
Effect of changes in exchange rates 201 4
Net change in cash and cash equivalents (1,165) (3,145)
Cash and cash equivalents at beginning of period 3,703 4,439
Cash and cash equivalents at end of period 2,539 1,294
(1) In accordance with IFRS 5, this item concerned the remaining cash flows related to the discontinued operations reported in 2018 (integrated
convenience stores in France).
(2) The change in working capital requirement is set out in Note 6.4.
(3) Acquisitions include operational investments in growth formats – in particular the payment of 27 million Brazilian reals (approximately 5 million
euros) to acquire the final Makro Atacadista store in Brazil, bringing the total to 29 acquired stores as of June 30, 2022, the Group’s digitalisation,
and the roll-out of a leading omni-channel offering. In first-half 2021, acquisitions notably included the payment for two Makro Atacadista stores
in Brazil.
(4) In first-half 2021, this item mainly corresponded to the downpayment of 900 million Brazilian reals in March 2021 (approximately 139 million
euros) relating to the acquisition of Grupo BIG in Brazil (see Note 3.1).
(5) This line mainly corresponds to the acquisition of the entire share capital of Grupo BIG in Brazil (excluding the downpayment in March 2021) for
866 million euros (4,392 million Brazilian reals, see Note 3.1). In first-half 2021, this line mainly corresponded to the acquisition of Supersol
franchise stores in Spain.
(6) In first-half 2021, this line corresponded to the 189 million-euro cash payment (before transaction costs) received on the sale of 60% of Market
Pay.
(7) This item corresponds to the share buyback programme for 750 million euros (see Note 3.5) implemented between March and May 2022, of
which 401 million euros worth of shares (including associated costs) were cancelled on April 20, 2022 following a decision by the Board of Directors
and another 256 million euros worth (including associated costs) were cancelled on June 3, 2022. The shares covered by this programme, which
were still held in treasury at June 30, 2022, are presented within “Change in treasury stock and other equity instruments”.
(8) The dividend approved by the Shareholders' Meeting of June 3, 2022 was paid entirely in cash on June 9, 2022 for an amount of 380 million
euros (see Note 3.4). In 2021, the dividend was paid entirely in cash on May 28, 2021 for 383 million euros.
(9) Note 13.2 provides a breakdown of net debt. Changes in liabilities arising from financing activities are detailed in Note 13.4.
(10) In accordance with IFRS 16, effective from January 1, 2019, payments under leases along with any related interest are shown in financing cash
flows.
Consolidated statement of
changes in shareholders’ equity
Shareholders’ equity, Group share
Effect of
changes in Other Total
foreign consolidated Shareholders’ Non- Total
(in millions of euros) Share exchange Fair value reserves and equity, Group controlling Shareholders’
capital ¹ rates reserve ² net income share interests equity
Shareholders' equity at December 31, 2020 2,044 (2,078) (42) 10,178 10,103 1,507 11,609
Net income/(loss) – First-half 2021 restated ³ − − − 271 271 94 365
Other comprehensive income/(loss) after tax ⁴ − 172 29 49 250 79 329
Total comprehensive income/(loss) – First-half 2021
− 172 29 319 520 173 694
restated
Share-based payments − − − 13 13 0 13
Treasury stock (net of tax) ⁶ − − − (502) (502) − (502)
2020 dividend payment ⁵ − − − (383) (383) (83) (466)
Change in capital and additional paid-in capital − − − − − 0 0
Effect of changes in scope of consolidation and other
− − − (1) (1) 0 (1)
movements
Shareholders' equity at June 30, 2021 restated 2,044 (1,906) (13) 9,625 9,750 1,597 11,347
Shareholders' equity at December 31, 2021 1,940 (1,990) (4) 10,305 10,251 1,579 11,830
Net income/(loss) – First-half 2022 − − − 255 255 103 358
Other comprehensive income/(loss) after tax ⁴ − 252 69 127 448 207 655
Total comprehensive income/(loss) – First-half 2022 − 252 69 382 703 310 1,013
Share-based payments − − − 12 12 1 13
Treasury stock (net of tax) ⁶ − − − (96) (96) − (96)
2021 dividend payment ⁵ − − − (380) (380) (33) (413)
Change in capital and additional paid-in capital ⁶ (84) − − (570) (655) (0) (655)
Effect of changes in scope of consolidation and other
− 63 − 120 183 247 430
movements ⁷
Shareholders' equity at June 30, 2022 1,855 (1,675) 65 9,774 10,019 2,103 12,122
(1) The share capital was made up of 742,157,461 ordinary shares at June 30, 2022.
(2) This item comprises:
- the hedge reserve (effective portion of changes in the fair value of cash flow hedges);
- the financial asset fair value reserve (changes in the fair value of financial assets carried at fair value through other comprehensive income).
(3) In April 2021, the IFRS IC issued a final decision on the recognition of configuration and customisation costs in Software as a Service (SaaS)
arrangements. Carrefour did not apply these decisions when preparing its condensed consolidated half-year financial statements as of
June 30, 2021, since their potential impacts were still being analysed. As a result, the comparative information has been restated in the
consolidated financial statements as of June 30, 2022 (see Note 4).
(4) In first-half 2022, other comprehensive income after tax reflects both the significant increase in the value of the Brazilian real compared to
December 31, 2021 and, under other consolidated reserves and net income, the remeasurement of the net defined benefit liability following the
increase in discount rates applied for the eurozone.
In first-half 2021, other comprehensive income after tax reflected both the slight increase in the value of the Brazilian real compared to
December 31, 2020 and, under other consolidated reserves and net income, the remeasurement of the net defined benefit liability following the
increase in discount rates applied for the eurozone as of June 30, 2021.
(5) The 2021 dividend distributed by Carrefour SA, totalling 380 million euros, was paid entirely in cash in first-half 2022.
The 2020 dividend distributed by Carrefour SA, totalling 383 million euros, was paid entirely in cash in first-half 2021.
Dividends paid to non-controlling interests mainly concern the Spanish and Brazilian subsidiaries for an amount of 33 million euros in first-half
2022, and 83 million euros in first-half 2021.
(6) The 750 million-euro share buyback programme announced on February 16, 2022 was launched in first-half 2022 in two tranches of 400 million
euros and 350 million euros, corresponding to 38,423,806 shares. Carrefour SA's share capital was subsequently reduced by cancelling
33,738,431 shares (see Note 3.5). Following cancellation of these shares, Carrefour SA has 11,544,870 treasury shares, representing
approximately 1.6% of the share capital in June 30, 2022.
In first-half 2021, a share buyback programme was launched for a maximum amount of 500 million euros. At the date the agreement was signed
with the investment services provider, a short-term financial liability of 500 million euros in shares and related fees of 2 million euros were
recorded against shareholders’ equity.
(7) The effect of changes in the scope of consolidation and other movements mainly corresponds to the acquisition of Grupo BIG for the portion paid
in newly issued Carrefour Brazil shares (see Note 3.1).
Notes to the condensed consolidated financial
statements
Notes to the condensed consolidated financial statements
NOTE 1: BASIS OF PREPARATION OF THE CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL
STATEMENTS ................................................................................................................ - 29 -
NOTE 2: SEASONAL FLUCTUATIONS IN BUSINESS .............................................................. - 32 -
NOTE 3: SIGNIFICANT EVENTS OF THE PERIOD ................................................................. - 33 -
NOTE 4: RESTATEMENT OF THE 2021 CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS ..... - 38 -
NOTE 5: SEGMENT INFORMATION .................................................................................... - 41 -
NOTE 6: OPERATING ITEMS ............................................................................................ - 43 -
NOTE 7: INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT PROPERTY ............. - 48 -
NOTE 8: LEASES ............................................................................................................ - 51 -
NOTE 9: INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD ................. - 52 -
NOTE 10: INCOME TAX ................................................................................................... - 54 -
NOTE 11: PROVISIONS AND CONTINGENT LIABILITIES ...................................................... - 55 -
NOTE 12: EQUITY, OTHER COMPREHENSIVE INCOME AND EARNINGS PER SHARE ................... - 58 -
NOTE 13: FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER FINANCIAL INCOME
AND EXPENSES ............................................................................................................. - 60 -
NOTE 14: OTHER INFORMATION ...................................................................................... - 67 -
statements
NOTE 1: BASIS OF PREPARATION OF THE CONDENSED CONSOLIDATED HALF-YEAR

FINANCIAL STATEMENTS
The condensed consolidated financial statements for the six-month period ended June 30, 2022 were
approved for publication by the Board of Directors on July 27, 2022.
Carrefour SA (the “Company”) is domiciled in France at 93, avenue de Paris, 91300 Massy. The
condensed consolidated financial statements for the six-month period ended June 30, 2022 reflect
the financial position and results of operations of the Company and its subsidiaries (together
“Carrefour” or the “Group”), along with the Group’s share of the profits and losses and net assets of
equity-accounted associates and joint ventures. The presentation currency of the consolidated
financial statements is the euro, which is the Company's functional currency.
1.1 Statement of compliance

In accordance with European Regulation (EC) 1606/2002 dated July 19, 2002, the condensed
consolidated financial statements for the six-month period ended June 30, 2022 have been prepared
in compliance with the International Financial Reporting Standards (IFRS) as adopted for use in the
European Union as of June 30, 2022 and applicable at that date, with comparative information for
the same period of 2021 and at December 31, 2021 prepared using the standards applicable at the
reporting date.
All of the standards and interpretations endorsed by the European Union are published in the Official
Journal of the European Union, which can be accessed in the EUR-Lex.
At June 30, 2022, the standards and interpretations adopted for use in the European Union were the
same as those published by the IASB and applicable at that date.
1.2 Changes in accounting policies

The accounting policies used to prepare the condensed consolidated financial statements for the six-
month period ended June 30, 2022 are the same as those used for the 2021 consolidated financial
statements, except for specific requirements of IAS 34 – Interim Financial Reporting (see Note 1.3)
and the following standards, amendments and interpretations which were applicable as of January 1,
2022:
• Amendments to IFRS 3 – Business Combinations, IAS 16 – Property, Plant and Equipment,
IAS 37 – Provisions, Contingent Liabilities and Contingent Assets and Annual Improvements
to IFRSs – 2018-2020 cycle.
The application of these amendments had no material impact on the Group’s consolidated financial
statements.
Note that, in the consolidated financial statements for the year ended December 31, 2021, the Group
applied the IFRS IC decision published in April 2021 on the recognition of configuration and
customisation costs in Software as a Service (SaaS) arrangements, as well as the decision published
in May 2021 on attributing benefit to periods of service in the calculation of the provision for
employee benefits falling within the scope of IAS 19 (see Notes 1.2 and 4 to the 2021 consolidated
financial statements). The consequences of applying these decisions in the comparative consolidated
financial statements for the six-month period ended June 30, 2021 are presented in Note 4.
Adopted by the European Union but not yet applicable
Standards, amendments and interpretations Effective date
IFRS 17 – Insurance Contracts January 1, 2023

Amendments to IAS 1 – Presentation of Financial Statements and IFRS
January 1, 2023
Practice Statement 2: Disclosure of Accounting Policies
Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates
January 1, 2023
and Errors: Definition of Accounting Estimates
statements
Not yet adopted by the European Union
Standards, amendments and interpretations Effective date(1)
Amendments to IAS 1 – Presentation of Financial Statements: Classification of

January 1, 2023
Liabilities as Current or Non-current
Amendments to IAS 12 – Income Taxes: Deferred Tax related to Assets and
January 1, 2023
Liabilities arising from a Single Transaction
Amendments to IFRS 17 – Insurance Contracts: Initial Application of IFRS 17
January 1, 2023
and IFRS 9 – Comparative Information
(1) Subject to adoption by the European Union.
Carrefour does not expect the application of this standard and these amendments to have a material
impact on its consolidated financial statements.
1.3 Specific reporting treatments in the preparation of interim financial statements
1.3.1 Reporting principles

The condensed consolidated financial statements for the six-month period ended June 30, 2022 have
been prepared in accordance with IAS 34 – Interim Financial Reporting. Condensed interim
consolidated financial statements do not contain all of the disclosures that would be required in a
complete set of annual financial statements. Consequently, these interim financial statements should
be read jointly with the Group’s consolidated financial statements for the year ended December 31,
2021, as included in the Universal Registration Document filed with the AMF (French financial
markets authority) and available on request from the Company’s head office at 93 avenue de Paris
– 91300 Massy, France, or on the Company’s website, www.carrefour.com.
1.3.2 Estimation of income tax expense

In accordance with IAS 34, income tax expense for first-half 2022 is calculated based on the
estimated weighted average annual income tax rate for full-year 2022 (the effective tax rate), for
each entity and tax sub-group (see Note 10). The tax impact of specific transactions is reflected in
income tax expense for the period.
1.3.3 Post-employment benefits and other long-term benefits

The provision for pensions and other post-employment benefits is calculated using actuarial
projections based on data from the previous period-end. The discount rate for the main contributing
countries (eurozone) is reviewed at June 30 (see Note 11.3). The actuarial projections are updated
to take into account any material changes to assumptions or one-off impacts (discount rates,
applicable legislation, the population concerned, etc.) during the six-month period.
1.3.4 Conflict in Ukraine

The Group does not do business in Ukraine, Russia or Belarus. It does not hold any assets or interests
in entities in these countries, nor is it party to any franchise agreements. In addition, the Group's
exposure to the Russian and Belarusian markets is not deemed to be material. The Group is not
materially affected by the trade restrictions and sanctions imposed by certain governments on
Russia.
However, the Group is impacted to some extent by the macro-economic consequences of the conflict,
particularly due to the resulting energy price fluctuations, which have led to the recognition of higher
energy costs in the financial statements.
statements
The Group is closely monitoring the development of the conflict and its macroeconomic and
potentially operational consequences, particularly in its integrated countries bordering Ukraine
(Poland and Romania). As expected, the inflationary pressure that began in the second half of 2021
intensified in the first half of 2022. In the current situation, Carrefour is committed to preserving
consumer purchasing power while continuing to consolidate its business model. Carrefour did not
encounter any significant supply problems during the first half of the year, despite a few localised,
temporary shortages. However, in a tight supply environment, the Group is fully mobilised to ensure
a steady supply of products, for example by increasing back-up inventory in certain sensitive
categories, in order to improve the availability of products under favourable purchasing conditions.
1.4 Use of estimates and judgement

Preparation of consolidated financial statements involves the use of Group Management estimates
and assumptions that may affect the reported amounts of certain assets, liabilities, income and
expenses, as well as the disclosures contained in the notes. These estimates and assumptions are
reviewed at regular intervals by Group management to ensure that they are reasonable in light of
past experience and the current economic situation. Depending on changes in those assumptions,
actual results may differ from current estimates. In addition to using estimates, Group management
exercises its judgement when determining the appropriate accounting treatment of certain
transactions and activities and how it should be applied.
The main estimates and judgements applied for the preparation of the condensed consolidated
financial statements for the six-month period ended June 30, 2022 are the same as those described
in the consolidated financial statements for the year ended December 31, 2021, except as explained
in Note 1.3.
1.5 Measurement bases

The consolidated financial statements have been prepared using the historical cost convention,
except for:
• certain financial assets and liabilities measured using the fair value model (see Note 13);
• assets acquired and liabilities assumed in business combinations, measured using the fair
value model ;
• assets acquired through exchange, assessed at fair value if the exchange has commercial
substance and if it is possible to reliably measure the fair value of the asset received or sold;
• non-current assets held for sale, measured at the lower of their carrying amount and fair
value less costs to sell.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. In accordance with the
hierarchy defined in IFRS 13 – Fair Value Measurement, there are three levels of inputs:
• Level 1 inputs: unadjusted quoted prices in active markets for identical assets or liabilities;
• Level 2 inputs: models that use inputs that are observable for the asset or liability, either
directly (i.e., prices) or indirectly (i.e., price-based data);
• Level 3 inputs: inputs that are intrinsic to the asset or liability and are not based on
observable market data for the asset or liability.
Reporting in Hyperinflationary Economies is therefore applicable to the consolidated financial
statements for the six-months ended June 30, 2022; data for the comparative period presented have
also been adjusted for inflation.
statements
NOTE 2: SEASONAL FLUCTUATIONS IN BUSINESS
Like those of other retailers, Carrefour's sales are subject to significant seasonal fluctuations, with
the result that comparisons between the consolidated financial statements for the first and second
halves of the year are not particularly meaningful. This is particularly the case for recurring operating
income and cash flow generation between the two periods.
The Group's second-half sales are traditionally higher than those for the first half, due to increased
activity in December. Most of the operating expenses on the other hand – such as payroll costs,
depreciation and amortisation – are spread more or less evenly over the year. As a result, the Group's
recurring operating income is generally lower in the first half than in the second.
Cash flows generated by the Group are also strongly impacted by seasonal trends, with working
capital requirement rising sharply in the first half as a result of the large volume of supplier payments
due at the beginning of the year for the purchases made ahead of the previous year's peak selling
period in December.
statements
NOTE 3: SIGNIFICANT EVENTS OF THE PERIOD
3.1 Main acquisitions, disposals and other transactions during the period
Acquisition of Grupo BIG (Brazil) – Business combination

On March 24, 2021, Carrefour Brazil entered into an agreement with Advent International and
Walmart for the acquisition of Grupo BIG, Brazil’s third biggest food retailer. The acquiree reported
net sales of around 20 billion Brazilian reals (approximately 3.1 billion euros) in 2021 and operates
a multi-format network of 388 stores, including 181 stores owned by the Group.
With Carrefour Brazil's acquisition of Grupo BIG, the Company can expand into regions where its
penetration is limited, such as the north-east and south of the country. This geographic fit will enrich
the Company's ecosystem of products and services, which currently serves over 45 million
customers, and broaden its customer base thanks to the addition of Grupo BIG customers.
The acquisition will allow the Company to expand in its traditional formats (mainly cash & carry and
hypermarkets), while extending its footprint in formats in which it has a more limited presence, in
particular supermarkets (98 Bompreço and Nacional stores) and soft discounters (97 Todo Dia
stores). In addition, Carrefour Brazil will operate in a new market segment with the Sam's Club
format, through a license agreement with Walmart Inc. This unique and highly profitable premium
business model for the B2C segment is based on a membership system, with over two million
members, and focuses mainly on private-label products.
Carrefour Brazil’s Extraordinary Shareholders’ Meeting and CADE, the Brazilian competition
authority, approved this transaction on May 19, 2022 and May 25, 2022, respectively (subject to the
disposal of 14 stores by the end of the year).
The acquisition was finalised on June 1, 2022, with payment made on June 6, 2022.
The preliminary purchase price for the entire share capital of Grupo BIG is 7,465 million Brazilian
reals (1,471 million euros at the exchange rate as of the transaction date), which breaks down as
follows:
 a cash payment of 5,292 million Brazilian reals (approximately 1 billion euros), representing
70% of the baseline price plus various preliminary earn-outs for 42 million Brazilian reals
(approximately 8 million euros), including 900 million Brazilian reals (139 million euros) paid
as part of a downpayment in March 2021;
 a share-based payment of 117 million new Carrefour Brazil shares (representing 30% of the
baseline price), with a fair value of 2,173 million Brazilian reals (approximately 430 million
euros) at June 6, 2022. As a result of this share-based payment, the Carrefour group’s
interest in Carrefour Brazil was 67.6% at June 30, 2022 compared to 71.6% at
December 31, 2021.
As this was a transaction with minority shareholders, the impact of paying for 30% of Grupo BIG in
Carrefour Brazil shares was recognised in consolidated equity for approximately 180 million euros
attributable to the Carrefour group and approximately 250 million euros attributable to
non-controlling interests.
The agreement also provides for an earn-out to be paid six months after completion of the
transaction if the Carrefour Brazil share price exceeds the reference value of 19.26 Brazilian reals.
The price of the Carrefour Brazil share was 16.67 Brazilian reals at June 30, 2022.
statements
Grupo BIG's preliminary opening balance sheet at June 1, 2022, as included in the Group's half-year
consolidated financial statements, is as follows:
ASSETS
Opening Opening
Opening
balance sheet Fair Value balance sheet
(in millions of Brazilian reals) Reference balance sheet
(Net Book adjustments (in millions of
(Fair Value)
Value) euros)
Goodwill (a) 220 2,234 2,454 484
Other intangible assets (e) 265 263 527 104
Property and equipment (c) 4,887 3,804 8,691 1,713
Right-of-use assets (b) 2,465 2,465 486
Other non-current financial assets (f) 586 586 116
Deferred tax assets (g) 2,407 (2,106) 302 59
Other non-current assets (d) / (h) 3,095 (870) 2,226 439
Non-current assets 13,925 3,325 17,250 3,400
Inventories (k) 2,955 2,955 582
Trade receivables (k) 702 702 138
Other current financial assets (k) 77 77 15
Tax receivables (k) 513 513 101
Other current assets (k) 204 204 40
Cash and cash equivalents (k) 317 317 62
Assets held for sale (i) − 323 323 64
Current assets 4,769 323 5,092 1,003
TOTAL ASSETS 18,694 3,648 22,342 4,403
SHAREHOLDERS’ EQUITY AND LIABILITIES
Opening Opening
Opening
balance sheet Fair Value balance sheet
(in millions of Brazilian reals) Reference balance sheet
(Net Book adjustments (in millions of
(Fair Value)
Value) euros)
Total shareholders' equity 8,859 (1,394) 7,465 1,471
Lease commitments - portion more than one year (b) 2,598 2,598 512
Provisions (d) / (j) 2,464 5,041 7,505 1,479
Deferred tax liabilities (g) 150 150 30
Non-current liabilities 5,212 5,041 10,254 2,021
Borrowings - portion less than one year (k) 631 631 124
Lease commitments - portion less than one year (b) 196 196 39
Suppliers and other creditors (k) 2,681 2,681 528
Tax payables - portion less than one year (k) 96 96 19
Other current payables (k) 1,018 1,018 201
Current liabilities 4,622 4,622 911
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 18,694 3,648 22,342 4,403
Changes in the period (i.e., Grupo BIG operations carried out in June 2022) are included in the
consolidated income statement and statement of cash flows for first-half 2022. They are not material
at the level of the Group.
The purchase price allocation process stipulated in IFRS 3 – Business Combinations was implemented
and led to the recognition of provisional goodwill (a) in the amount of 484 million euros in the
consolidated half-year financial statements as of June 30, 2022.
statements
This preliminary purchase price allocation process will continue in second-half 2022 and
first-half 2023 :
(b) In this respect, given the significant number of stores leased by Grupo BIG, the right-of-use
assets and lease commitments have not been reviewed.
(c) Similarly, given the significant number of stores owned by Grupo BIG, only the land has
been subject to a preliminary fair value measurement in the financial statements as of
June 30, 2022. Other property and equipment have been included at their net carrying
amounts, with the fair value measurement exercise set to be conducted in the second half
of 2022.
(d) Reviews of the validity and value of ICMS and PIS COFINS tax credits will continue in second-
half 2022 given their volume. The same applies to tax, labour and legal risks.
As the purchase price allocation process is still ongoing, the fair value adjustments may differ – even
materially – at December 31, 2022 and June 30, 2023 from those included in the consolidated
half-year financial statements as of June 30, 2022.
In the 2022 half-year financial statements, Grupo BIG's preliminary opening balance sheet consists
of the following items:
(e) recognition and measurement of acquired brands (Maxxi, Big, Bompreço, Nacional and
TodoDia) and their indefinite useful lives;
(f) continued recognition of other non-current financial assets at their net carrying amount,
mainly relating to legal deposits paid in connection with disputes;
(g) impairment of almost all deferred tax assets (before netting and tax effects relating to fair
value adjustments to assets and liabilities) of legal entities within Grupo BIG due to the lack
of taxable profits in recent years;
(h) partial impairment of other non-current assets, consisting mainly of ICMS and PIS COFINS
tax credits, following a preliminary analysis of possible future use;
(i) classification as assets held for sale of the 14 stores to be disposed of in accordance with
CADE's decision;
(j) increase in provisions, in particular for tax risks and to a lesser extent for labour and legal
risks, following the review of litigation and contingent liabilities;
(k) continued recognition of other current assets and liabilities at their net carrying amount
(including inventories, trade receivables, suppliers and other creditors, other current
financial assets, cash and cash equivalents and borrowings, tax receivables and payables).
Ofelia (Spain) – Acquisition of assets

The property company Ofelia leased nine stores and a shopping mall to Carrefour Spain. In February
2022, Carrefour Spain exercised its pre-emptive right and acquired these assets for approximately
40 million euros.
The disposal of these nine stores is expected to take place in the second half of 2022. Given the high
probability of this disposal being completed, the stores have been classified as assets held for sale
in the condensed consolidated half-year financial statements as of June 30, 2022 and valued at their
net carrying amount.
Sale of the Group's stake in Cajoo (France)

acquisition of Cajoo from Carrefour and its founders in exchange for its own shares. This acquisition
was finalised on June 23, 2022. The gain on the disposal of the Cajoo shares, amounting to
approximately 6 million euros, net of fees, was recognised within non-recurring items for the period.
All Flink shares held by the Group at June 30, 2022 are recognised as investments in non-consolidated
companies measured at fair value through other comprehensive income (see Note 13.5).
statements
3.2 Warehouse fire in Taiwan
On March 14, 2022, a fire broke out in a logistics centre leased by Carrefour in the Yang Mei district
of Taiwan. All employees were evacuated immediately with no injuries or casualties and the fire was
brought under control on March 15, 2022.
A claim was submitted to the Group's insurance companies in this respect and was still being
assessed at June 30, 2022. Losses incurred as a result of destroyed inventories and equipment were
recorded in first-half 2022 against the payout receivable from insurers classified under other current
assets. The same applies to the estimated operating losses up to June 30, 2022.
3.3 Securing the Group’s long-term financing
On March 30, 2022, the Group issued its first Sustainability-Linked Bond (SLB) indexed to its
sustainable development goals. The 1.5 billion-euro bond comprises two tranches of 750 million euros
each, with a maturity of 4.6 years (due in October 2026) and 7.6 years (due in October 2029)
respectively, and paying a coupon of 1.88% and 2.38%.
This bond was issued as part of a financing strategy aligned with the Group's CSR objectives and
ambitions as well as the Sustainability-Linked Bond Framework of its Euro Medium-Term Notes
(EMTN) programme published in June 2021, whose CSR component was revised and enhanced in
May 2022.
On June 8, 2022, the Group redeemed 1 billion euros worth of 1.75% 8-year bonds, ahead of their
maturity (July 2022).
These transactions guarantee the Group's liquidity over the short- and medium-term in an unstable
economic environment, and are part of the strategy to ensure the necessary financing is in place to
meet Carrefour's needs. The average maturity of bond debt of Carrefour SA was 3.8 years at end-June
2022, compared with 3.1 years at end-December 2021 and 3.6 years at end-June 2021.
Financing of the Brazilian subsidiary Atacadão
Following on from the 2021 transactions, Carrefour's Brazilian subsidiary Atacadão has set up
financing arrangements in 2022 enabling it to secure its medium- and long-term needs in connection
with the acquisition of Grupo BIG.
The US dollar bank financing facilities put in place in December 2021 were finalised on January 5,
2022, with a total of 2,942 million Brazilian reals (approximately 537 million euros at the closing
exchange rate of June 30, 2022) immediately swapped for Brazilian reals with maturities of
16 to 17 months.
On January 6 and May 17, 2022, two inter-company financing lines were set up between the
companies Carrefour Finance and Atacadão. The first revolving credit facility (RCF) for an amount of
4 billion Brazilian reals (approximately 729 million euros at the closing exchange rate of June 30,
2022), bearing annual interest at 12%, falls due in July 2023 and had been fully drawn at the end of
June 2022. The second RCF for 1.9 billion Brazilian reals (approximately 346 million euros at the
closing exchange rate of June 30, 2022), bearing annual interest at 14.25%, has a maturity of three
years and had not been drawn down at June 30, 2022. These intra-group RCF loans are qualified as
net investments in foreign operations and are therefore remeasured at fair value through equity.
They are hedged in an amount of 1.4 billion Brazilian reals by derivatives classified as net investment
hedges.
Finally, on May 20, 2022, the Brazilian subsidiary obtained bank financing in euros and in US dollars,
which was immediately swapped for Brazilian reals, for 1,500 million reals (approximately 274 million
euros at the closing exchange rate of June 30, 2022). This facility falls due in six months and will be
replaced by a medium-term financing facility in second-half 2022.
statements
3.4 Payment of the 2021 dividend in cash
At the Shareholders’ Meeting held on June 3, 2022, the shareholders decided to set the 2021
dividend at 0.52 euros per share to be paid entirely in cash.
On June 9, 2022, the dividend was paid out in an amount of 380 million euros.
3.5 Share buyback programme
As part of its share capital allocation policy, the Group commissioned an investment services provider
to buy back shares corresponding to a maximum amount of 750 million euros, as authorised by the
Shareholders’ Meeting of May 21, 2021.
The first tranche of the share buyback programme began on March 7, 2022 and ended on April 13,
amount of 400 million euros. These shares were cancelled following a decision by the Board of
Directors on April 20, 2022 to reduce the share capital of Carrefour SA.
A second tranche of the share buyback programme began on May 2, 2022 and ended on May 24,
amount of 350 million euros. Of the shares bought back, 12,506,325 shares were cancelled following
a decision by the Board of Directors on June 3, 2022 to reduce the share capital of Carrefour SA.
These shares were cancelled in accordance with the authorisation granted by the Shareholders’
Meeting of May 21, 2021.
Following cancellation of these shares, Carrefour SA has 742,157,461 shares outstanding and,
consequently, 11,544,870 treasury shares, representing approximately 1.6% of the share capital.
statements
NOTE 4: RESTATEMENT OF THE 2021 CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS
4.1 IAS 19 – Employee Benefits – Application of the IFRS IC decision of May 2021
In May 2021, the IFRS IC published a final decision clarifying the attribution of benefit to periods of
service. The decision came in response to a request regarding a defined benefit plan with the following
characteristics: provided they are still with the company when they reach retirement age, employees
are entitled to a lump-sum benefit depending on their length of service, which is capped at a specified
number of consecutive years of service.
This decision has been applied retrospectively, and its impacts have been recognised in retained
earnings in the comparative period presented in the consolidated financial statements for the year
ended December 31, 2021 (see Note 4 of these financial statements).
This decision has not been applied in the issued consolidated financial statements for the six months
ended June 30, 2021. The estimated impact for first-half 2021 was deemed immaterial for the Group;
therefore, the comparative information for the six months ended June 30, 2021 has not been
restated to reflect this decision in the consolidated half-year financial statements as of
June 30, 2022.
4.2 Impact of the IFRS IC decision issued in April 2021 on the recognition of
configuration and customisation costs in Software as a Service (SaaS)
arrangements
In the consolidated financial statements for the year ended December 31, 2021, the Group applied
the IFRS IC decision published in April 2021 on the recognition of configuration and customisation
costs in Software as a Service (SaaS) arrangements (see Note 1.2 to the 2021 consolidated financial
statements).
As a result of this decision, the Group changed the accounting policy for customisation and
configuration costs when they do not meet the recognition criteria under IAS 38 (when the Group
does not control the SaaS solution) or when they do not relate to the development of an interface
(middleware) with this SaaS solution. These costs are now recognised as an expense either (a) as
and when they are incurred if the development work is carried out internally or by a third party
integrator (not related to the SaaS solution publisher), or (b) over the term of the SaaS arrangement
if the development work is carried out by the SaaS solution publisher or its subcontractor.
This decision was applied in the consolidated financial statements as of December 31, 2021. For
SaaS solutions implemented before January 1, 2021, the estimated impact was not deemed material
for the Group; therefore, the comparative information for the year ended December 31, 2020 was
not restated in light of this decision. The integration costs of SaaS solutions capitalised at
December 31, 2020 that no longer meet the recognition criteria were written off at January 1, 2021,
against non-recurring income and expenses, in accordance with the Group's accounting principles
(see Note 6.3 to the 2021 consolidated financial statements).
As the consolidated financial statements for the six-month period ended June 30, 2021 did not
include this write-off, the comparative information was restated in the consolidated half-year
financial statements as of June 30, 2022 (see Notes 4.3 and 4.4). For SaaS solutions implemented
between January 1, 2021 and June 30, 2021, the estimated impact was not deemed material for the
Group; therefore, the comparative information for the six months ended June 30, 2021 was not
restated in light of this decision for these solutions in the consolidated half-year financial statements
as of June 30, 2022.
statements
4.3 Impact on the consolidated income statement for first-half 2021
First-half 2021 SaaS IFRIC decision First-half 2021

published impacts restated
Net sales 34,462 − 34,462
Loyalty program costs (403) − (403)
Net sales net of loyalty program costs 34,059 − 34,059
Other revenue 1,040 − 1,040
Total revenue 35,100 − 35,100
Cost of sales (27,734) − (27,734)
Gross margin from recurring operations 7,365 − 7,365
Sales, general and administrative expenses, depreciation and amortisation (6,625) − (6,625)
Recurring operating income 740 − 740
Net income/(loss) from equity-accounted companies (10) − (10)

Recurring operating income after net income from equity-accounted
730 − 730
companies
Non-recurring income and expenses, net (41) (28) (70)
Operating income 689 (28) 660
Finance costs and other financial income and expenses, net (132) − (132)
Finance costs, net (80) − (80)
Net interest related to lease commitments (52) − (52)
Other financial income and expenses, net (1) − (1)
Income before taxes 556 (28) 528
Income tax expense (187) 1 (186)
Net income/(loss) from continuing operations 369 (27) 342
Net income/(loss) from discontinued operations 23 − 23
Net income/(loss) for the period 392 (27) 365
Group share 298 (27) 271
of which net income/(loss) from continuing operations - Group share 275 (27) 248
of which net income/(loss) from discontinued operations - Group share 23 − 23
Attributable to non-controlling interests 94 (0) 94

of which net income/(loss) from continuing operations - attributable to non-
94 (0) 94
of which net income/(loss) from discontinued operations - attributable to non-
− − −
statements
4.4 Impact on the consolidated statement of cash flows for first-half 2021
First-half 2021 SaaS IFRIC decision First-half 2021

published impacts restated
Income before taxes 556 (28) 528
CASH FLOWS FROM OPERATING ACTIVITIES
Income tax (165) − (165)
Depreciation and amortisation expense 1,133 − 1,133
Gains and losses on sales of assets (281) 28 (253)
Change in provisions and impairment 152 − 152
Finance costs, net 80 − 80
Net interest related to lease commitments 52 − 52
Net income and dividends received from equity-accounted companies 48 − 48
Impact of discontinued operations (9) − (9)
Cash flow from operations 1,566 − 1,566
Change in working capital requirement (2,138) − (2,138)
Net cash (used in)/from operating activities
(572) − (572)
(excluding financial services companies)
Change in consumer credit granted by the financial services companies (103) − (103)
Net cash (used in)/from operating activities - total (675) − (675)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment and intangible assets (558) − (558)
Acquisitions of non-current financial assets (147) − (147)
Acquisitions of subsidiaries and investments in associates (87) − (87)
Proceeds from the disposal of subsidiaries and investments in associates 186 − 186
Proceeds from the disposal of property and equipment and intangible assets 40 − 40
Proceeds from the disposal of non-current financial assets 2 − 2
Change in amounts receivable from disposals of non-current assets and due to suppliers of
(219) − (219)
non-current assets
Investments net of disposals - subtotal (782) − (782)
Other cash flows from investing activities 44 − 44
Net cash (used in)/from investing activities - total (739) − (739)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid by Carrefour SA (383) − (383)
Dividends paid by consolidated companies to non-controlling interests (90) − (90)
Change in treasury stock and other equity instruments (443) − (443)
Change in current financial assets 15 − 15
Issuance of bonds − − −
Repayments of bonds (871) − (871)
Net financial interest paid (82) − (82)
Other changes in borrowings 649 − 649
Payments related to leases (principal) (480) − (480)
Net interest related to lease commitments (51) − (51)
Net cash (used in)/from financing activities - total (1,735) − (1,735)
Net change in cash and cash equivalents before the effect of changes in
(3,149) − (3,149)
exchange rates
Effect of changes in exchange rates 4 − 4
Net change in cash and cash equivalents (3,145) − (3,145)
Cash and cash equivalents at beginning of period 4,439 − 4,439
Cash and cash equivalents at end of period 1,294 − 1,294
statements
NOTE 5: SEGMENT INFORMATION
5.1 Segment results
Latin Global
First-half 2022 (in millions of euros) Group total France Europe Asia
America Functions
Net sales 39,054 17,910 10,636 9,244 1,263 −

Other revenue 1,215 383 278 474 47 33
Recurring operating income before

1,987 703 585 596 125 (23)
depreciation and amortisation
Recurring operating income 814 194 163 444 40 (26)
Capital expenditure ¹ 562 217 143 193 5 3

Depreciation and amortisation expense ² (1,173) (509) (423) (153) (86) (3)
Latin Global
First-half 2021 (in millions of euros) Group total France Europe Asia
America Functions
Net sales 34,462 16,889 10,158 6,208 1,208 −

Other revenue 1,040 374 270 318 43 35
Recurring operating income before

1,873 710 648 414 126 (25)
depreciation and amortisation
Recurring operating income 740 187 225 309 47 (28)
Capital expenditure ¹ 558 217 97 220 18 5

Depreciation and amortisation expense ² (1,133) (523) (423) (105) (80) (2)
(1) In first-half 2021, capital expenditure included the acquisition of two additional Makro Atacadista stores on a full ownership basis for approximately
19 million euros as well as operational investments for the 25 acquired stores at end-2020. On June 30, 2022, the 29 th and final store was
acquired on a full ownership basis for 5 million euros.
(2) Including the depreciation and amortisation relating to logistics equipment included in the cost of sales.
The increase in Latin America's segment earnings reflects the significant upturn in profitability,
particularly in Brazil, in local currency terms, further reinforced by the increase in the value of the
Brazilian real compared to first-half 2021. Segment results also reflect Grupo BIG's contribution for
June 2022 (see Note 3.1).
statements
5.2 Segment assets and liabilities
Latin Global
June 30, 2022 (in millions of euros) Group total France Europe Asia
America Functions
ASSETS
Goodwill 8,527 5,187 2,374 815 149 1
Other intangible assets 1,453 578 573 266 29 7
Property and equipment 12,521 4,478 2,768 4,872 401 2
Investment property 313 10 114 134 54 −
Right-of-use assets 4,654 1,529 1,874 852 394 4
Other segment assets 18,809 7,862 3,398 6,790 338 420
Total segment assets 46,277 19,645 11,102 13,730 1,365 434
Unallocated assets 6,478
TOTAL ASSETS 52,755
LIABILITIES (excluding equity)

Segment liabilities 26,623 11,361 6,975 6,726 1,142 419
Unallocated liabilities 14,010
TOTAL LIABILITIES 40,633
December 31, 2021 (in millions of Latin Global

Group total France Europe Asia
euros) America Functions
ASSETS
Goodwill 7,995 5,147 2,379 321 147 1
Other intangible assets 1,333 580 574 144 28 6
Property and equipment 10,721 4,627 2,871 2,784 437 2
Investment property 291 11 115 111 54 −
Right-of-use assets 4,361 1,636 1,945 344 432 4
Other segment assets 15,672 7,326 3,126 4,569 315 336
Total segment assets 40,373 19,327 11,009 8,274 1,414 350
Unallocated assets 7,295
TOTAL ASSETS 47,668
LIABILITIES (excluding equity)

Segment liabilities 25,983 11,612 7,497 5,276 1,221 377
Unallocated liabilities 9,856
TOTAL LIABILITIES 35,839
The increase in assets and liabilities in the Latin America region at June 30, 2022 compared to
December 31, 2021 derives chiefly from Brazil and reflects two main components:
 the consolidation of Grupo BIG from June 1, 2022 (see Note 3.1);
 the increase in the value of the Brazilian real by 15%.
statements
NOTE 6: OPERATING ITEMS
6.1 Revenue
6.1.1 Net sales
2022 2021
Net sales 39,054 34,462 13.3%
At constant exchange rates, first-half 2022 net sales amounted to 38,018 million euros compared
with 34,462 million euros in first-half 2021, an increase of 10.3%. Changes in exchange rates
reduced net sales by 1 billion euros in first-half 2022, almost exclusively attributable to the Latin
America region.
Restated for IAS 29 in Argentina, consolidated net sales for first-half 2022 would have increased by
10.0% at constant exchange rates.
Net sales by country(1)

2022 2021
France 17,910 16,889
Europe (excluding France) 10,636 10,158
Spain 4,815 4,353

Italy 1,907 1,935
Belgium 1,884 1,998
Poland 973 872
Romania 1,058 1,000
Latin America 9,244 6,208
Brazil 7,824 5,271

Argentina 1,421 937
Asia 1,263 1,208
Taiwan 1,263 1,208
TOTAL NET SALES 39,054 34,462
(1) Substantially all revenue is recognised on a specific date. Revenue recognised over time is not material at Group level.
6.1.2 Other revenue
2022 2021
Financing fees and commissions ¹ 661 549 20.5%
Franchise and business lease fees 193 185 4.5%
Rental revenue 101 75 33.9%
Revenue from sub-leases 18 15 14.8%
Property development revenue ² 2 4 (58.6)%
Other revenue ³ 240 212 13.5%
TOTAL OTHER REVENUE 1,215 1,040 16.8%
(1) Including net banking revenue and net insurance revenue generated by the Group's financial services and insurance companies.
(2) Corresponding to the sale price of properties developed by the Group for resale. Taking into account development costs recorded in “Cost of
sales”, the property development margin amounted to 2 million euros in first-half 2022 (3 million euros in first-half 2021).
(3) Other revenue notably includes sales commissions, commissions received from suppliers, revenue from ticket/travel agency sales and in-store
advertising fees.
statements
Financing fees and commissions recognised in first-half 2022 bounced back, notably following the
end of restrictive measures linked to the health crisis. In addition, growth observed in Brazil in local
currency was buoyed by its translation into euros, given a more favourable average exchange rate
over the period than in first-half 2021.
Furthermore, franchise and lease management fees continued to increase in France.
6.2 Sales, general and administrative expenses, and depreciation and

amortisation
First-half First-half %
2022 2021 change
Sales, general and administrative expenses (5,968) (5,622) 6.2%

Depreciation and amortisation of property and equipment, intangible assets, and investment
(653) (633) 3.1%
property
Depreciation of right-of-use asset - Property and equipment and investment properties (388) (369) 5.1%
TOTAL SG&A EXPENSES AND DEPRECIATION AND AMORTISATION (7,010) (6,625) 5.8%
Sales, general and administrative expenses

Sales, general and administrative expenses break down as follows:
2022 2021 change
Employee benefits expense (3,641) (3,630) 0.3%

Maintenance and repair costs (377) (347) 8.7%
Fees (373) (319) 16.9%
Energy and electricity (372) (219) 70.3%
Taxes other than on income (360) (350) 2.9%
Advertising expense (316) (300) 5.3%
Property rentals (excl. IFRS 16) (40) (36) 13.5%
Other SG&A expenses (488) (422) 15.8%
TOTAL SG&A EXPENSES (5,968) (5,622) 6.2%
The increase in sales, general and administrative expenses results from a combination of factors in
the first-half 2022, including a significant increase in energy costs (see Note 1.3.4), price inflation
on certain purchased services, and the increase in the value of the Brazilian real.
Depreciation and amortisation

Including supply chain depreciation and amortisation recognised in cost of sales, total depreciation
and amortisation expense recognised in the consolidated income statement amounted to
1,173 million euros in first-half 2022 (versus 1,133 million euros in first-half 2021), as follows:
2022 2021 change
Property and equipment (520) (507) 2.6%

Intangible assets (128) (122) 4.7%
Investment property (6) (5) 19.2%

Depreciation and amortisation of property and equipment, intangible assets, and investment
(653) (633) 3.1%
property
Depreciation of right-of-use asset - Property and equipment and investment properties (388) (369) 5.1%
Depreciation and amortisation of supply chain (30) (29) 6.2%
Depreciation of right-of-use asset - Supply chain (101) (101) 0.0%
TOTAL DEPRECIATION AND AMORTISATION (1,173) (1,133) 3.5%
statements
6.3 Non-recurring income and expenses
This classification is applied to certain material items of income and expense that are unusual in
terms of their nature and frequency, such as impairment of non-current assets, gains and losses on
sales of non-current assets, restructuring costs and provision charges and income recorded to reflect
revised estimates of risks provided for in prior periods, based on information that came to the Group's
attention during the period.
Non-recurring items represented a net expense of 85 million euros in first-half 2022, and the detailed
breakdown is as follows:
2022 2021 restated
Gains and losses on disposals of assets 62 248
Restructuring costs (16) (260)
Other non-recurring income and expenses (86) 4
Non-recurring income and expenses, net before asset impairments
(40) (9)
and write-offs
Asset impairments and write-offs (45) (61)
of which impairments and write-offs of goodwill − −
of which impairments and write-offs of property and equipment, intangible assets
(45) (61)
and others
NON-RECURRING INCOME AND EXPENSES, NET (85) (70)
of which:
Non-recurring income 135 405
Non-recurring expense (220) (474)
Gains and losses on disposals of non-current assets comprise gains and losses arising on various
asset disposals, notably in France and Italy.
Other non-recurring income and expenses recorded in first-half 2022 mainly included revised
estimates of historical risks, mostly tax-related, as well as the costs related to the acquisition of
Grupo BIG in Brazil (see Note 3.1).
Asset impairments and write-offs recorded in first-half 2022 include the retirement of a variety of
non-current assets, notably IT equipment in France for 8 million euros and related to certain stores,
namely in France and Argentina. Write-offs of property, plant and equipment – offset by insurance
payouts receivable classified under other non-recurring income and expenses – were also recognised
in Taiwan following the fire at the Yang Mei logistics centre (see Note 3.2). In addition, the alignment
of the net carrying amount of Showroomprivé shares with the stock market share price at
June 30, 2022 represented a non-recurring expense of 10 million euros.
Main non-recurring items in first-half 2021 (restated)
Gains and losses on sales of assets mainly included the gain arising on the loss of control of Market
Pay in France for a net amount of around 230 million euros (see Note 2.3 to the 2021 consolidated
financial statements).
Restructuring costs resulted from continued work towards objectives to improve operating
performance and organisational efficiency. The expense included in non-recurring items related
chiefly to severance paid or payable within the scope of the transformation plan concerning the
headquarters in France (see Note 2.2 to the 2021 consolidated financial statements).
Other non-recurring income and expenses resulted primarily from the following items in Brazil:
• the impact of the Pinheiros real estate transaction, which generated income of 81 million
euros following an exchange of assets in the city of São Paulo (see Note 2.3 to the 2021
consolidated financial statements);
• provision reversals (net of costs) on ICMS credits notably related to transfers between states
on “basic products” were recognised for around 23 million euros following expiry of the
statements
limitation period for tax claims or further relief under tax amnesty programmes introduced
by certain Brazilian states (see Note 6.3 to the 2020 consolidated financial statements);
• following the death of Mr Silveira Freitas, commitments were made by Carrefour Brazil to
public authorities and non-profit organisations as part of a settlement agreement (“Termo
de ajustamento de Conduta”) signed on June 11, 2021. It led to the recognition of a provision
for 17 million euros (see Note 11.3 to the 2021 consolidated financial statements).
Other non-recurring income and expenses also included revised estimates of historical risks in Spain
and the impacts related to the decision taken in May 2021 to discontinue Carrefour Banque's
operations in Italy (see Note 2.3 to the 2021 consolidated financial statements).
Asset impairments and write-offs included the retirement of a variety of non-current assets, in
particular relating to IT in France for 23 million euros.
Asset impairments and write-offs also include the write-off of configuration and customisation costs
for SaaS solutions that can no longer be capitalised as a result of the application of the final IFRS IC
decision published in April 2021, for 28 million euros (see Note 4.2).
6.4 Change in working capital requirement
The change in working capital requirement reported in the consolidated statement of cash flows under
“Net cash from operating activities” breaks down as follows:
(in millions of euros) Change
2022 2021
Change in inventories (631) (426) (205)
Change in trade receivables (422) (103) (319)
Change in trade payables (844) (1,448) 604
Change in loyalty program liabilities 16 25 (8)
Change in trade working capital requirement (1,881) (1,953) 71
Change in other receivables and payables (234) (186) (48)
CHANGE IN WORKING CAPITAL REQUIREMENT (2,115) (2,138) 23
These items, like all other items in the statement of cash flows, are translated at the average rate
for the period.
6.5 Banking and insurance businesses
6.5.1 Consumer credit granted by the financial services companies
At June 30, 2022, consumer credit granted by the financial services companies totalled 5,574 million
euros (compared with 5,294 million euros at December 31, 2021), as follows:

2022 2021
Payment card receivables 4,985 4,474
Loans 1,494 1,549
Consumer credit (on purchases made in Carrefour stores) 35 44
Other financing ¹ 240 254
Impairment (1,179) (1,027)
Total Consumer credit granted by the financial services companies 5,574 5,294
Portion due in less than one year 3,708 3,473

Portion due in more than one year 1,866 1,821
(1) Other financing corresponds mainly to restructured loans and credit facilities.
Consumer credit granted by the financial services companies corresponds to customer receivables
(credit card debt, personal loans, etc.).
statements
The gross value of consumer credit increased by approximately 430 million euros compared with
December 31, 2021. This reflects strong momentum in the consumer credit business in Brazil,
boosted by the increase in the value of the Brazilian real during the period. Gross consumer credit in
Spain and France remain relatively stable, excluding the impact of sales of mainly category 3 credit
in both countries over the period.
At June 30, 2022, 71% of the gross value of consumer credit granted by the financial services
companies was classified in category 1, 11% in category 2 and 18% in category 3. At December 31,
2021, categories 1, 2 and 3 represented 73%, 11% and 16%, respectively, of the gross value of
consumer credit granted by the financial services companies.
The average impairment rate for consumer credit remains close to 17%.
6.5.2 Consumer credit financing
The related consumer credit financing amounted to 4,612 million euros at June 30, 2022
(December 31, 2021: 4,441 million euros), as follows:

2022 2021
Bonds and notes ¹ 832 1,202
Debt securities (Neu CP and Neu MTN) ² 1,291 866
Bank borrowings ³ 562 498
Customer passbook savings deposits 292 304
Securitisations ⁴ 298 369
Other refinancing debt to financial institutions 1,333 1,202
Other 3 −
TOTAL CONSUMER CREDIT FINANCING 4,612 4,441
Portion due in less than one year 2,497 2,868

Portion due in more than one year 2,115 1,573
(1) In March 2022, Carrefour Banque redeemed ahead of term the 400 million-euro bond issued in June 2021 with a fixed rate swapped for the
3-month Euribor (4 years – June 2025 maturity, 3-month Euribor coupon +49 bps).
(2) Debt securities mainly comprised negotiable European Commercial Paper (NEU CP) and negotiable European Medium-Term Notes (NEU MTN)
issued by Carrefour Banque.
(3) This item mainly includes the 360 million-euro refinancing operation with the European Central Bank (maturity March 2024) and drawdowns of
credit lines.
(4) This item corresponds to the “Master Credit Cards Pass” reloadable securitisation programme with compartments launched by Carrefour Banque
in November 2013 for an initial asset pool of 560 million euros. Proceeds from the securitisation amounted to 400 million euros. This vehicle was
maintained at June 30, 2022 with a balance of 298 million euros.
statements
NOTE 7: INTANGIBLE ASSETS, PROPERTY AND EQUIPMENT, INVESTMENT PROPERTY
7.1 Goodwill and other intangible assets

Goodwill, which constitutes the main intangible asset, is reported separately from other intangible
assets in the statement of financial position.
2022 2021
Goodwill 8,527 7,995
Other intangible assets 1,453 1,333
TOTAL INTANGIBLE ASSETS 9,980 9,328
The carrying amount of goodwill is monitored at the level of the operating segments corresponding
to the countries in which the Group conducts its business through its integrated store networks.
The net carrying amount of goodwill can be broken down as follows:

2022 2021
France 5,187 5,147
Spain 1,031 1,031
Belgium 950 950
Brazil 809 314
Poland 224 229
Taiwan 149 147
Romania 99 99
Italy 69 69
Argentina 7 8
Global Functions 1 1
TOTAL 8,527 7,995
The 531 million-euro increase in goodwill over first-half 2022 reflects the following:
 completion of the acquisition of Grupo BIG in Brazil (see Note 3.1), including the recognition
of provisional goodwill in the amount of 484 million euros.
 various acquisitions in France for a total of 40 million euros, corresponding mainly to the
Carré d'Or franchisee.
 a favourable 11 million-euro effect of changes in foreign exchange rates following the
increase in the value of the Brazilian real compared with December 31, 2021.
Impairment tests at June 30, 2022
In accordance with IAS 36 - Impairment of Assets, goodwill recognised on business combinations is

not amortised but is tested for impairment every year, or more frequently if there is an indication
that its carrying amount may not be recovered. At each interim closing, as prescribed by IAS 36, the
Group determines whether there are any indications of impairment and, if this is the case, performs
additional impairment tests.
The main impairment indicators used by the Group are as follows:
 internal impairment indicator: a material deterioration in the ratio of recurring operating
income before depreciation and amortisation to net revenues excluding petrol between the
budget and the most recent forecast,
 external impairment indicator: a material increase in the discount rate and/or a severe
downgrade in the IMF’s GDP growth forecast.
statements
Focus on Italy
Note that an impairment loss of 700 million euros was recorded against Italian goodwill in 2017 to
reflect the significant decline in the value in use of the Group's operations in this country. In light of
this, an in-depth analysis was carried out to determine the Italian operations' fair value. This analysis
adopted a multi-criteria valuation approach which took into account multiples observed for
comparable companies in the retail sector in Europe, and the market value of Italian real estate
assets, determined based on independent appraisals.
In the impairment tests carried out at December 31, 2020 and 2021, partial impairments of Italian
goodwill were recorded in an amount of 104 million euros and 80 million euros, respectively. This
reflected the decline in net sales, earnings and property values.
The multi-criteria approach was also used to test goodwill for impairment at June 30, 2022 (as at
December 31, 2019, 2020 and 2021). This approach did not lead to any additional impairment of
Italian goodwill.
Ultimately, at June 30, 2022, the tests performed by the Group did not lead to the recognition of any
goodwill impairment losses.
statements
7.2 Property and equipment
June 30, 2022

Gross carrying Net carrying
(in millions of euros) Depreciation Impairment
amount amount
Land 3,686 − (73) 3,614
Buildings 11,585 (6,037) (202) 5,347
Equipments, fixtures and fittings 15,453 (12,338) (317) 2,799
Other fixed assets 622 (394) (4) 224
Assets under construction 538 − − 538
TOTAL PROPERTY AND EQUIPMENT 31,885 (18,768) (595) 12,521
December 31, 2021

Gross carrying Net carrying
(in millions of euros) Depreciation Impairment
amount amount
Land 2,698 − (72) 2,626
Buildings 10,591 (5,860) (205) 4,527
Equipments, fixtures and fittings 15,208 (12,091) (321) 2,797
Other fixed assets 447 (326) (4) 117
Assets under construction 655 − − 655
TOTAL PROPERTY AND EQUIPMENT 29,600 (18,277) (602) 10,721
The significant increase in the net carrying amount of property and equipment compared with
December 31, 2021 mainly reflects the acquisition of such assets held by Grupo BIG, whose land has
been measured at fair value in accordance with IFRS 3 (see Note 3.1). This fair value remains
preliminary and will be adjusted based on the measurement of the buildings and other property and
equipment in the second half of 2022.
To a lesser extent, the increase in this item also reflects translation gains resulting from the increase
in the value of the Brazilian real as of the reporting date.
7.3 Investment property

2022 2021
Investment property (gross carrying amount) 541 493
Depreciation and impairment (229) (202)
TOTAL INVESTMENT PROPERTY, NET 313 291
Investment property consists mainly of shopping malls located adjacent to the Group's stores.
The slight increase in the net carrying amount of investment property compared with December 31,
2021 chiefly reflects translation gains resulting from the increase in the value of the Brazilian real as
of the reporting date.
statements
NOTE 8: LEASES
The increase in right-of-use assets and lease commitments compared to December 31, 2021 mainly
reflects the consolidation of those recognised by Grupo BIG at their net carrying amount; the fair
value allocation process will be implemented in second-half 2022 (see Note 3.1).
To a lesser extent, the increase in this item also reflects translation gains resulting from the increase
in the value of the Brazilian real as of the reporting date.
8.1 Right-of-use assets
June 30, 2022 December 31, 2021

(in millions of euros) Gross Net Gross Net
Depre- Depre-
carrying Impairment carrying carrying Impairment carrying
ciation ciation
amount amount amount amount
Land & Buildings 7,618 (3,120) (4) 4,494 6,917 (2,733) (4) 4,180
Equipment, fixtures and fittings 147 (40) − 107 146 (24) − 122
Investment property 93 (40) − 53 92 (34) − 58
TOTAL RIGHT-OF-USE ASSET 7,857 (3,200) (4) 4,654 7,155 (2,791) (4) 4,361
8.2 Lease commitments
Lease commitments by maturity

2022 2021
Due within 1 year 1,047 995
Due in 1 to 2 years 910 917
Due in 2 to 5 years 1,608 1,619
TOTAL LEASE COMMITMENTS 4,947 4,597
statements
NOTE 9: INVESTMENTS IN COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD
9.1 Changes in investments in equity-accounted companies
Changes in investments in equity-accounted companies can be analysed as follows:
At December 31, 2021 1,256
Acquisitions and capital increases (net of decreases) 11

Disposals (27)
Dividends (56)
Share of net income 12
Effect of changes in foreign exchange rates and other movements 5
At June 30, 2022 1,200
9.2 Information about associates
At June 30, 2022, the two main associates were Carmila with a carrying amount of 732 million euros
(December 31, 2021: 749 million euros) and Provencia with a carrying amount of 137 million euros
(December 31, 2021: 132 million euros). These two associates represented 72% of the total value of
equity-accounted companies at end-June 2022.
Main transactions in first-half 2022
Carmila (France)
In first-half 2022, Carmila carried out two share buyback programmes followed by cancellation of the
shares, representing approximately 1.4% of the share capital. This led to an increase in Carrefour's
interest in Carmila, from 35.5% to 36.0%.
As a reminder, Carmila is accounted for by the equity method because the governance established with
the co-investors allows Carrefour to exercise significant influence over Carmila (see Note 9.2 to the 2021
consolidated financial statements).
CarrefourSA (Turkey)
In first-half 2022, the Group sold on the market around 5% of its stake in the listed company CarrefourSA
for 14 million euros, leading to the recognition in non-recurring items of a capital gain on disposal for the
same amount. The remaining interest in CarrefourSA is 32% at June 30, 2022, compared with 38% at
December 31, 2021.
Cosmopolitano (Brazil)
On April 1, 2022, the Group acquired the remaining 50% of shares in Cosmopolitano in Brazil, which has
been fully consolidated since that date.
Proceeds of approximately 80 million Brazilian reals (15 million euros) were recognised within
non-recurring items as a result of this takeover, which was accounted for in accordance with IFRS 3 and
IAS 28.
statements
Cajoo (France)
In July 2021, the Group acquired a 40% non-controlling interest in Cajoo, a French trailblazer in quick
commerce, which has been accounted for by the equity method in the Group's consolidated financial
statements since that date.
acquisition of Cajoo from Carrefour and its founders in exchange for its own shares. This acquisition was
finalised on June 23, 2022. The gain on the disposal of the Cajoo shares, amounting to approximately
6 million euros, net of fees, was recognised within non-recurring items for the period.
All Flink shares held by the Group at June 30, 2022 are recognised as investments in non-consolidated
companies measured at fair value through other comprehensive income (see Note 13.5).
Showroomprivé (France)
In first-half 2022, additional impairment of 10 million euros on the Showroomprivé shares was recognised
against non-recurring income and expenses in order to align their value with the company’s share price
at June 30, 2022.
statements
NOTE 10: INCOME TAX
The income tax expense for first-half 2022 amounted to 202 million euros, i.e., an effective tax rate
of 36.4%, compared with the 186 million-euro expense recorded in first-half 2021 as restated, which
corresponded to an effective tax rate of 35.3%.
The effective tax rates for the first six months of 2022 and 2021 (restated) were impacted by the
recognition of the CVAE (local business tax) in France and the absence of deferred tax assets in Italy.
Apart from these factors, the first-half 2022 effective tax rate reflects the geographical breakdown
of income before tax, with no other items significantly distorting the tax proof.
The restated effective tax rate for first-half 2021 combined several factors which:
 decreased the rate, such as the low tax rates applied to capital gains arising on disposal of
60% of Market Pay in France and on the Pinheiros asset exchange in Brazil;
 increased the rate, such as the rise in deferred tax liabilities relating to the remeasurement
of non-current assets in accordance with IAS 29 as a result of the increase in the applicable
tax rate in Argentina.
Furthermore, the probable recoverability of deferred tax assets recognised in the consolidated
statement of financial position at December 31, 2021 was confirmed at June 30, 2022, based in
particular on a comparison between the budgeted performance of the different countries and the
most recent forecasts.
Lastly, the amount of deferred tax assets net of deferred tax liabilities (before tax effects relating to
adjustments to assets and liabilities at fair value) reported by Grupo BIG was almost fully written
down in the preliminary opening balance sheet due to its lack of taxable profits in recent years (see
Note 3.1).
statements
NOTE 11: PROVISIONS AND CONTINGENT LIABILITIES
11.1 Changes in provisions

Effect of
changes in
Reversals of foreign
December surplus Discounting exchange June 30,
(in millions of euros) 31, 2021 Increases ³ provisions Utilisations adjustment rates ⁴ Other ⁵ 2022
Employee benefits 786 25 (7) (22) (165) 1 (68) 550
Claims and litigation 844 130 (75) (70) − (41) 1,440 2,228
Tax litigations 503 75 (37) (13) − (32) 1,195 1,690
Employee related disputes 109 32 (13) (19) − (6) 140 242
Legal disputes 232 23 (25) (39) − (2) 106 297
Restructuring 356 27 (20) (88) − (0) − 275

Provisions related to banking
247 56 (6) (10) − 7 − 295
and insurance businesses ¹
Other ² 222 17 (39) (7) − (3) 114 304
TOTAL PROVISIONS 2,455 255 (146) (198) (165) (36) 1,487 3,652
(1) Provisions relating to the banking and insurance businesses notably include provisions for credit risk on loan commitments (off-balance sheet)
recognised in accordance with IFRS 9, and provisions set aside to cover insurance underwriting risk.
(2) Other provisions mainly concern onerous contracts. They also include provisions for dismantling assets under property leases or for restoring
assets to the requisite condition, recognised against the related right-of-use asset following application of IFRS 16.
(3) Increases in provisions relating to the banking and insurance businesses for 56 million euros correspond, for 48 million euros, to the estimated
cost incurred due to the fire that broke out in the Yang Mei logistics centre in Taiwan in March 2022. Payouts receivable from insurance companies
in respect of this claim for an amount of 42 million euros are recognised under other current assets (see Note 3.2).
(4) The effect of changes in foreign exchange rates mainly reflects the decrease in the value of the Brazilian real during June 2022 on the provisions
of Grupo BIG.
(5) This item corresponds mainly to the provisions recorded in the preliminary opening balance sheet of Grupo BIG, for which the fair value allocation
process will continue in second-half 2022 (see Note 3.1). It also corresponds to the reclassification of the provision for employee benefits to other
provisions for 68 million euros (see Note 11.3) following the transfer of integrated stores to lease management contracts in France in
first-half 2022.
Group companies are involved in a certain number of pre-litigation and litigation proceedings in the
normal course of business. Furthermore, they have been or are currently the subject of tax audits,
some of which may result in reassessments.
The Group is also subject to regular audits by the authorities responsible for overseeing compliance
with the laws applicable to the retail industry and by the competition authorities. As for any company,
disputes may also arise between the Group and its co-contractors, particularly its franchisees, service
providers or suppliers.
In each case, the risk is assessed by Group management and their advisors.
11.2 Contingent liabilities
To the best of the Group's knowledge, there are no contingent liabilities that may be considered likely
to have a material impact on the Group's results, financial position, assets and liabilities or business.
During first-half 2022, there was no material change in contingent liabilities compared to those
described in Note 11.3 to the 2021 consolidated financial statements.
statements
11.3 Post-employment benefits
The Group's post-employment benefit obligation (defined benefit plans) is calculated on the basis of
actuarial assumptions such as future salary levels, retirement age, mortality, staff turnover and the
discount rate.
At June 30, 2022, a discount rate of 3.20% was used for France, Belgium and Italy (December 31,
2021: 0.80%). The discount rate is based on an index of AA-rated corporate bonds with maturities
that correspond to the expected cash outflows of the plans.
Other
(in millions of euros) France Belgium Italy Group total
countries
Provision at December 31, 2021 445 215 88 39 786
Service cost 22 9 0 0 31
Settlement and plan amendments (4) − (1) (0) (5)
Interest cost (discount effect) 2 2 0 0 4
Return on plan assets (0) (1) − (0) (1)
Other items (3) − − − (3)
Movements recorded in the income statement 17 10 (1) 1 27
Benefits paid directly by the employer (8) (7) (8) − (23)
Effect of changes in scope of consolidation ¹ (68) − − − (68)

Change in actuarial gains and losses (83) (64) (18) (0) (165)
Other − (4) − (3) (6)
Provision at June 30, 2022 301 150 62 38 550
(1) The effect of changes in the scope of consolidation, which reduced the provision by 68 million euros, corresponds to the reclassification of the
provision for employee benefits to other provisions (see Note 11.1) following the transfer of integrated stores to lease management contracts in
France during first-half 2022.
The cost of services rendered was recognised in employee benefits expense, and interest income
and expenses were recognised in financial income and expenses.
Sensitivity tests show that:

 a 25-bps increase in the discount rate would reduce the defined benefit obligation under the
French, Belgian and Italian plans by around 17 million euros;
 a 25-bps increase in the inflation rate would increase the defined benefit obligation under
the French, Belgian and Italian plans by around 13 million euros.
statements
11.4 Performance share plan

Under the 2019 performance share plan which expired on February 27, 2022, the level of attainment
achieved by the Carrefour group was 100%. Accordingly, 2,592,746 shares were delivered to the
beneficiaries in accordance with the relevant settlement terms.
In addition, 5,298 shares were also delivered to heirs of employees under the ongoing 2020 and
2021 performance plans.
On February 16, 2022, based on the Compensation Committee's recommendation, Carrefour SA's
Board of Directors decided to use the authorisation given in the 29 th resolution of the Annual
Shareholders' Meeting held on May 21, 2021 to grant new or existing performance shares. The plan
provided for the grant of a maximum of 3,104,000 shares (representing 0.40% of the share capital
at February 16, 2022). The shares will vest subject to a service condition and several performance
conditions.
The vesting period is three years from the date of the Board of Directors' meeting at which the rights
were granted. The number of shares that vest will depend on the achievement of four performance
conditions:
 two conditions linked to financial performance (recurring operating income growth for 25%
and net free cash flow growth for 25%);
 a condition linked to an external performance criterion (TSR), benchmarking the
Carrefour SA share price against a panel of companies in the retail sector (for 25%);
 a CSR-related condition for 25%.
Details of the 2022 performance share plan are presented below.

2022 Performance Plan
Shareholders' Meeting date May 21, 2021

Grant date ¹ February 16, 2022
Vesting date ² February 16, 2025
Total number of shares approved at the grant date 3,104,000
Number of grantees at the grant date 809
Fair value of each share (in euros) ³ 14.21
(1) Date of the Board of Directors’ decision to grant shares.

(2) The shares will vest only if the grantee remains with the Group until the end of the vesting period and performance conditions
are met.
(3) The fair value of shares is determined according to a reference price adjusted for dividends expected during the vesting
period.
11.5 Restructuring
Provisions set aside at December 31, 2021 for restructuring in an amount of 356 million euros mainly
comprised costs related to plans undertaken to streamline operating structures, chiefly in France
and Italy (see Note 2.2 to the 2021 consolidated financial statements). These costs primarily
corresponded to severance pay, early retirement benefits, costs of notice periods not served, and
costs of training and other support measures offered to employees being made redundant under
restructuring plans.
Some of these provisions were used during first-half 2022 (see Note 11.1).
statements
NOTE 12: EQUITY, OTHER COMPREHENSIVE INCOME AND EARNINGS PER SHARE
12.1 Share capital and treasury stock
At June 30, 2022, the share capital was made up of 742,157,461 ordinary shares with a par value
of 2.5 euros each, all fully paid.
Furthermore, at June 30, 2022 a total of 11,544,870 shares were held in treasury.
Number of Of which
(in thousands of shares)
shares treasury stocks
Outstanding at January 1, 2022 775,896 9,458
Issued for cash − −
Issued / (used) under performance share plans ¹ − (2,598)
Issued in payment of dividends − −
Share buyback programme ² − 38,424
Cancelled shares ² (33,738) (33,738)
Outstanding at June 30, 2022 742,157 11,545
(1) See Note 11.4.

(2) See Note 3.5.
12.2 Other comprehensive income
Group share (in millions of euros)
2022 2021
Pre-tax Tax Net Pre-tax Tax Net
Effective portion of changes in the fair value of cash flow hedges ¹ 85 (8) 77 39 (9) 30

(10) 3 (7) (1) 0 (1)
income
Exchange differences on translating foreign operations ² 252 − 252 172 − 172
Items that may be reclassified subsequently to profit or loss 327 (6) 321 209 (8) 201
Remeasurements of defined benefit plans obligation ³ 164 (37) 127 63 (14) 49
Items that will not be reclassified to profit or loss 164 (37) 127 63 (14) 49
Total other comprehensive income / (loss) - Group share 491 (43) 448 272 (22) 250
Non-controlling interests (in millions of euros)
2022 2021
Pre-tax Tax Net Pre-tax Tax Net
Effective portion of changes in the fair value of cash flow hedges 7 (2) 5 2 (1) 1

(11) 3 (8) (1) 0 (1)
income
Exchange differences on translating foreign operations ² 209 − 209 79 − 79
Items that may be reclassified subsequently to profit or loss 205 1 206 79 (1) 79
Remeasurements of defined benefit plans obligation ³ 1 (0) 1 1 0 1
Items that will not be reclassified to profit or loss 1 (0) 1 1 0 1

Total other comprehensive income / (loss) - Non-controlling
206 0 207 80 (0) 79
interests
(1) In first-half 2022, Carrefour Finance granted an intra-group revolving credit facility (RCF) to Atacadão, treated as part of the net investment in
that operation. The derivatives contracted to hedge part of this loan were classified as a net investment hedge (see Note 3.3).
(2) Exchange differences recognised on translating foreign operations in first-half 2022 mainly reflect the significant increase in the value of the
Brazilian real. Exchange differences recognised on translating foreign operations in first-half 2021 mainly reflected the slight increase in the value
of the Brazilian real.
(3) Remeasurement of the net defined benefit liability recognised in first-half 2022 reflects the strong increase in discount rates applied for the
eurozone, from 0.80% at end-December 2021 to 3.20% at end-June 2022. In first-half 2021, these discount rates increased from 0.40% at
end-December 2020 to 0.80% at end-June 2021.
statements
12.3 Earnings per share (Group share)
Basic earnings per share
2022 2021 restated
Net income/(loss) from continuing operations 250 248
Net income/(loss) from discontinued operations 5 23
Weighted average number of shares outstanding ¹ 752,242,509 803,785,482
Basic income/(loss) from continuing operations - per share (in euros) 0.33 0.31
Basic income/(loss) from discontinued operations - per share (in euros) 0.01 0.03
Basic income/(loss) - per share (in euros) 0.34 0.34
(1) In accordance with IAS 33, the weighted average number of shares used to calculate earnings per share as of June 30, 2022 was adjusted to
take into account the impact of the share buybacks carried out during the period (see Note 3.5).
Diluted earnings per share
2022 2021 restated
Net income/(loss) from continuing operations 250 248
Net income/(loss) from discontinued operations 5 23
Weighted average number of shares outstanding, before dilution 752,242,509 803,785,482
Potential dilutive shares 4,129,274 3,165,431
Performance shares 4,129,274 3,165,431
Diluted weighted average number of shares outstanding 756,371,783 806,950,913
Diluted income/(loss) from continuing operations - per share (in euros) 0.33 0.31
Diluted income/(loss) from discontinued operations - per share (in euros) 0.01 0.03
Diluted income/(loss) - per share (in euros) 0.34 0.34
statements
NOTE 13: FINANCIAL ASSETS AND LIABILITIES, FINANCE COSTS AND OTHER FINANCIAL
INCOME AND EXPENSES
13.1 Financial instruments by category
At June 30, 2022 Breakdown by category

Derivative
Carrying Fair value Fair Derivative
instruments
amount through value Amortised instruments Fair
(in millions of euros) not
profit through cost designated value
designated
or loss OCI as hedges
as hedges
Investments in non-consolidated
161 14 147 − − − 161
companies
Other long-term investments 1,127 84 158 885 − − 1,127
Other non-current financial assets 1,288 99 305 885 − − 1,288
Consumer credit granted by the financial
5,574 − − 5,574 − − 5,574
services companies
Trade receivables 3,402 − − 3,402 − − 3,402
Other current financial assets 687 1 119 241 36 291 687
Other current assets ¹ 683 − − 683 − − 683
Cash and cash equivalents 2,539 2,539 − − − − 2,539
ASSETS 14,174 2,638 423 10,785 36 291 14,173
Total borrowings 9,724 − − 9,580 32 112 9,452
Total leases commitment 4,947 − − 4,947 − − 4,947
Total consumer credit financing 4,612 − − 4,584 3 25 4,612
Suppliers and other creditors 13,283 − − 13,283 − − 13,283
Other current payables ² 2,505 − − 2,505 − − 2,505
LIABILITIES 35,071 − − 34,899 35 137 34,799
Breakdown by category
At December 31, 2021
Carrying Derivative
Fair value Fair Derivative
amount instruments
through value Amortised instruments Fair
(in millions of euros) not
profit through cost designated value
designated
or loss OCI as hedges
as hedges
Investments in non-consolidated
126 14 112 − − − 126
companies
Other long-term investments 1,026 159 163 704 − − 1,026
Other non-current financial assets 1,152 174 274 704 − − 1,152
Consumer credit granted by the financial
5,294 − − 5,294 − − 5,294
services companies
Trade receivables 2,581 − − 2,581 − − 2,581
Other current financial assets 532 − 79 246 24 182 532
Other current assets ¹ 467 − − 467 − − 467
Cash and cash equivalents 3,703 3,703 − − − − 3,703
ASSETS 13,729 3,877 353 9,292 24 182 13,729
Total borrowings 6,834 − − 6,793 22 18 7,101
Total leases commitment 4,597 − − 4,597 − − 4,597
Total consumer credit financing 4,441 − − 4,431 1 9 4,441
Suppliers and other creditors 13,072 − − 13,072 − − 13,072
Other current payables ² 2,660 − − 2,660 − − 2,660
LIABILITIES 31,604 − − 31,553 24 27 31,871
(1) Excluding prepaid expenses.

(2) Excluding deferred revenue.
statements
Analysis of assets and liabilities measured at fair value
The table below shows assets and liabilities presented according to the fair value hierarchy provided
for in IFRS 13 – Fair Value Measurement (see Note 1.5):
June 30, 2022 (in millions of euros) Level 1 Level 2 Level 3 Total
Investments in non-consolidated companies − 14 147 161
Other long-term investments 242 − − 242
Other current financial assets – Fair Value through OCI 119 − − 119
Other current financial assets - Fair Value through profit or loss 1 − − 1
Other current financial assets - Derivative instruments − 326 − 326
Cash and cash equivalents 2,539 − − 2,539
Consumer credit financing - Derivative instruments recorded in
− (28) − (28)
liabilities
Borrowings - Derivative instruments recorded in liabilities − (144) − (144)
December 31, 2021 (in millions of euros) Level 1 Level 2 Level 3 Total
Investments in non-consolidated companies − 14 112 126

Other long-term investments 322 − − 322
Other current financial assets – Fair Value through OCI 79 − − 79
Other current financial assets - Derivative instruments − 207 − 207
Cash and cash equivalents 3,703 − − 3,703
Consumer credit financing - Derivative instruments recorded in
− (11) − (11)
liabilities
Borrowings - Derivative instruments recorded in liabilities − (40) − (40)
13.2 Net debt

13.2.1 Breakdown of net debt
Consolidated net debt at end-June 2022 amounted to 6,533 million euros, breaking down as follows:

2022 2021
Bonds and notes 6,593 6,052
Other borrowings 1,587 741
Commercial paper 1,400 −
Total borrowings excluding derivative instruments recorded in liabilities 9,580 6,793
Derivative instruments recorded in liabilities 144 40
TOTAL BORROWINGS [1] 9,724 6,834
of which borrowings due in more than one year 5,915 5,491
of which borrowings due in less than one year 3,809 1,342
Other current financial assets ¹ 653 498

Cash and cash equivalents 2,539 3,703
TOTAL CURRENT FINANCIAL ASSETS [2] 3,192 4,201
NET DEBT [1]-[2] 6,533 2,633
(1) The current portion of amounts receivable from finance sub-leasing arrangements is not included in this caption (see Note 13.2.5).
The increase in net debt between December 31 and June 30 is due to seasonal effects, with the
year-end figure being structurally lower due to the significant volume of business recorded during
December.
statements
13.2.2 Breakdown of bond debt
Book value
Face value
of the debt

December 31, Translation June 30, June 30,
Maturity Issues Repayments
2021 adjustments 2022 2022
Public placements by Carrefour SA 5,883 1,500 (1,000) 80 6,463 6,402

EMTN, EUR, 8 years, 1.75% 2022 1,000 − (1,000) − − −
Cash-settled convertible bonds, USD 500 million,
2023 441 − − 40 481 469
6 years, 0%
EMTN, EUR, 8 years, 0.750% 2024 750 − − − 750 748
EMTN, EUR, 10 years, 1.25% 2025 750 − − − 750 748
Cash-settled convertible bonds, USD 500 million,

2024 441 − − 40 481 457
6 years, 0%
EMTN, EUR, 5 years, 0.88% 2023 500 − − − 500 499
EMTN, EUR, 7.5 years, 1.75% 2026 500 − − − 500 498
EMTN, EUR, 8 years, 1.00% 2027 500 − − − 500 498

EMTN, EUR, 7.5 years, 2.625% 2027 1,000 − − − 1,000 994
EMTN, EUR, 4.6 years, 1.88% 2026 − 750 − − 750 748
EMTN, EUR, 7.6 years, 2.38% 2029 − 750 − − 750 743
Placements by Atacadão SA 237 − (82) 36 191 191
Debentures, BRL 500 million, 5 years, 105.75%

2023 79 − − 12 91 91
CDI
Debentures, BRL 450 million, 3 years, 100% CDI 2022 71 − (82) 11 − −
Debentures, BRL 350 million, 5 years, 100% CDI 2024 55 − − 8 64 64
Debentures, BRL 200 million, 7 years, 100% CDI 2026 32 − − 5 36 36
TOTAL BONDS AND NOTES 6,120 1,500 (1,082) 116 6,654 6,593
On March 30, 2022, Carrefour SA issued 1.5 billion euros worth of bonds. The issue consists of
two Sustainability-Linked tranches indexed to the Group's sustainability goals:
 a fixed-rate tranche for 750 million euros maturing in 4.6 years and paying a coupon of
1.88% per year;
 a second fixed-rate tranche for 750 million euros maturing in 7.6 years and paying a coupon
of 2.38% per year.
On June 8, 2022, Carrefour SA redeemed 1 billion euros worth of 1.75% 8-year bonds, ahead of
their maturity (July 2022).
The Group’s financial position and liquidity were solid at end-June 2022. The average maturity of
bond debt of Carrefour SA was 3.8 years at end-June 2022, compared with 3.1 years at
end-December 2021 and 3.6 years at end-June 2021.
statements
13.2.3 Breakdown of other borrowings

2022 2021
Latin America borrowings 1,386 610
Other borrowings 87 59
Accrued interest ¹ 33 38
Other financial liabilities 81 33
TOTAL OTHER BORROWINGS 1,587 741
(1) Accrued interest on total borrowings, including bonds and notes.
“Latin America borrowings” include USD and EUR financing swapped into Brazilian reals by the
Brazilian subsidiary Atacadão:
 750 million Brazilian reals (approximately 137 million euros at the closing exchange rate of
June 30, 2022) in April 2020;
 1,937 million Brazilian reals (approximately 353 million euros at the closing exchange rate
of June 30, 2022) in September 2021;
of June 30, 2022) in January 2022;
of June 30, 2022) in May 2022.
These euro- and US dollar-denominated facilities, which were originally fixed-rate, were converted
into Brazilian reals and indexed to the Brazilian interbank deposit (Certificado de Deposito
Interbancário – CDI) rate at the time of issue through cross-currency swaps over the life of the
borrowings. These instruments are documented and recognised as hedges (Fair Value Hedge).
13.2.4 Cash and cash equivalents

2022 2021
Cash 1,316 1,108
Cash equivalents 1,223 2,596
TOTAL CASH AND CASH EQUIVALENTS 2,539 3,703
There are no material restrictions on the Group's ability to recover or use the assets and settle the
liabilities of foreign operations, except for those resulting from local regulations in its host countries.
The local supervisory authorities may require banking subsidiaries to comply with certain capital,
liquidity and other ratios and to limit their exposure to other Group parties.
At June 30, 2022, as at December 31, 2021, there was no restricted cash.
13.2.5 Other current financial assets

2022 2021
Derivative instruments ¹ 326 207
Financial receivable ² 153 162
Other current financial assets – Fair Value through OCI 119 79
Other current financial assets - Fair Value through profit or loss 1 −
Sub-lease receivable - less than one year 34 34
Deposits with maturities of more than three months 41 40
Other 13 10
TOTAL OTHER CURRENT FINANCIAL ASSETS 687 532
(1) The 120 million-euro increase compared to December 31, 2021 primarily reflects higher mark-to-market adjustments on the currency swaps and
call hedging the US dollar-denominated convertible bonds (see Note 13.2.2) related to the increase in value of the US dollar against the euro over
the period.
(2) This amount represents the financial receivable relating to the 20% stake in Carrefour China. In accordance with the agreement signed with
Suning.com on September 26, 2019, the Carrefour group exercised its put option on the disposal of the remaining 20% interest in Carrefour China
in the second half of 2021, with payment set to be made in the second half of 2022.
statements
13.3 Analysis of borrowings (excluding derivative instruments recorded in

liabilities)
13.3.1 Analysis by interest rate
June 30, 2022 December 31, 2021
(in millions of euros) Before hedging After hedging Before hedging After hedging
Fixed rate borrowings 7,789 6,545 6,518 5,936

Variable rate borrowings 1,791 3,035 276 857
Total borrowings (excluding derivative instruments
9,580 9,580 6,793 6,793
recorded in liabilities)
13.3.2 Analysis by currency

2022 2021
Euro 7,994 5,935
Brazilian real 1,583 855
Polish zloty 2 2
Romanian lei 1 1
Total borrowings (excluding derivative instruments recorded in liabilities) 9,580 6,793
The above analysis includes the effect of hedging.

Euro-denominated borrowings represented 83% of total borrowings (excluding derivative
instruments recorded in liabilities) at June 30, 2022 (87% at December 31, 2021).
13.3.3 Analysis by maturity

2022 2021
Due within 1 year 3,665 1,302
Due in 1 to 2 years 1,386 1,259
Due in 2 to 5 years 2,782 2,731
Total borrowings (excluding derivative instruments recorded in liabilities) 9,580 6,793
statements
13.4 Changes in liabilities arising from financing activities

Total Liabilities
Other current
arising from
(in millions of euros) financial Borrowings
financing
assets ¹
activities
At December 31, 2021 (498) 6,834 6,336
Changes from financing cash flows (19) 2,374 2,355
Change in current financial assets (19) − (19)
Issuance of bonds − 1,500 1,500
Repayments of bonds − (1,082) (1,082)
Net financial interest paid − (99) (99)
Issuance of commercial paper ² − 1,400 1,400
Other changes in borrowings − 656 656
Non-cash changes (136) 517 380
Effect of changes in foreign exchange rates (16) 162 145
Effect of changes in scope of consolidation ³ − 126 126
Changes in fair values (33) (14) (46)
Finance costs, net − 151 151
Other movements (87) 92 5
At June 30, 2022 (653) 9,724 9,071
(1) The current portion of amounts receivable from finance sub-leasing arrangements totalling 34 million euro is not included in this caption.
(2) In first-half 2022, the Group issued short-term commercial paper to secure its liquidity.
(3) The effects of changes in the scope of consolidation are mainly due to Grupo BIG's 124 million-euro debt.
13.5 Other non-current financial assets

2022 2021
Deposits and guarantees ¹ 742 559
Financial services companies' portfolio of assets 242 322
Sub-lease receivable - more than one year ² 64 76
Investments in non-consolidated companies ³ 161 126
Other 79 69
TOTAL OTHER NON-CURRENT FINANCIAL ASSETS 1,288 1,152
(1) Deposits and guarantees include legal deposits paid in Brazil in connection with tax disputes (relating mainly to tax reassessments challenged by
the Group) pending final court rulings, as well as security deposits paid to lessors under property leases.
(2) Amounts receivable from finance sub-leasing arrangements were recognised following the application of IFRS 16 from January 1, 2019.
(3) At June 30, 2022, investments in non-consolidated companies notably included Flink (see Note 3.1).
statements
13.6 Finance costs and other financial income and expenses
This item corresponds mainly to finance costs.

In accordance with IFRS 16, from 2019 it also includes interest expenses on leases along with interest
income on finance sub-leasing arrangements.
Other financial income and expenses consist for the most part of late payment fees payable on certain
liabilities, financial transaction taxes and the impacts of hyperinflation in Argentina.
2022 2021
Interest income from loans and cash equivalents (2) (5)
Interest income from bank deposits (2) (5)
Interest income from loans (0) 0
Finance costs (149) (74)
Interest expense on financial liabilities measured at amortised cost, adjusted for income and expenses from
(137) (72)
interest rate instruments
Cost of receivables discounting in Brazil (13) (3)
Finance costs, net (151) (80)
Interest charge related to leases commitment (72) (52)
Interest income related to financial sublease contracts 0 0
Net interest, related to leases commitment (72) (52)
Interest expense on defined employee benefit debt (4) (3)
Interest income on pension plan assets 1 0
Financial transaction tax (16) (10)
Late interest due in connection with tax reassessments and employee-related litigation (8) (15)
Dividends received on available-for-sale financial assets 2 1
Proceeds from the sale of available-for-sale financial assets 6 2
Cost of sold available-for-sale financial assets (2) 2
Exchange gains and losses 1 6
Cost of bond buybacks (7) (6)
Changes in the fair value of interest rate derivatives (1) (8)
Impact of hyperinflation in Argentina - application of IAS 29 61 28
Other 4 1
Other financial income and expenses, net 37 (1)
Finance costs and other financial income and expenses, net (186) (132)
Financial expenses (261) (257)
Financial income 75 124
statements
NOTE 14: OTHER INFORMATION
14.1 Scope of consolidation

14.1.1 Main changes in first-half 2022
The acquisition of Grupo BIG in Brazil and the sale of the Carrefour group's interest in Cajoo in exchange
for Flink shares are detailed in Note 3.1.
With the exception of these transactions, there were no other material changes in the Carrefour group’s
scope of consolidation in first-half 2022.
14.1.2 Main changes in first-half 2021
The main changes in the scope of consolidation in first-half 2021 concerned the acquisition of Supersol
in Spain, the equity-accounting of the investment in Cargan-LOG in France and the sale of a 60% stake
in Market Pay in France.
14.2 Related parties
Group transactions with related parties mainly concern:

 compensation and other benefits granted to members of the Group Executive Committee and the
Board of Directors;
 transactions with companies over which the Group exercises significant influence.
Related-party transactions are carried out on an arm's length basis.
There were no material changes in the nature of the Group’s related-party transactions in first-half 2022
compared with the situation at December 31, 2021.
14.3 Off-balance sheet commitments
Commitments given and received by the Group that are not recognised in the statement of financial
position correspond to contractual obligations whose performance depends on the occurrence of
conditions or transactions after the period-end. There are four types of off-balance sheet commitments,
related to: cash transactions, operations, acquisitions/disposals of securities, and leases (excluding
contracts restated in accordance with IFRS 16).
14.4 Subsequent events
Sale of Carrefour Taiwan to the Uni-President group
On July 19, 2022, the Group signed an agreement to sell its entire interest in its Taiwanese subsidiary
(i.e., 60%) to the Uni-President group (holder of the remaining 40%). If the conditions precedent are
met, this agreement will result in loss of control of the subsidiary. The subsidiary has an enterprise value
of around 2.0 billion euros.
Closing of the transaction is subject to approval by Taiwanese competition authorities (TFTC) and other
customary conditions, and is expected by mid-2023. Following the completion of the transaction, the
Uni-President group will own 100% of Carrefour Taiwan.
The sale of Carrefour Taiwan announced on July 19, 2022 was not highly probable at June 30, 2022
within the meaning of IFRS 5, given certain uncertainties existing at the reporting date as to whether
the sale would be completed.
Accordingly, this subsidiary's assets and liabilities were not reclassified as assets held for sale and related
liabilities in the consolidated statement of financial position at June 30, 2022. Similarly, the net income
statements
and cash flows of this subsidiary were not reclassified within line items for discontinued operations in the
consolidated income statement and consolidated cash flow statement for first-half 2022.
It should be noted that since Carrefour Taiwan is designated as a region (“Asia”) for segment reporting
purposes, the main indicators in its income statement (net sales, other revenue, recurring operating
income before depreciation and amortisation, depreciation and amortisation expense and recurring
operating income), cash flow statement (capital expenditure) and balance sheet (goodwill, other
intangible assets, property and equipment, investment property, right-of-use assets, other segment
assets and segment liabilities) are presented in Note 5.
statements
CARREFOUR
Société anonyme
93 avenue de Paris
91300 MASSY
_______________________________
Statutory Auditors’ Review Report on the Half-yearly

Financial Information
For the period from January 1 to June 30, 2022
_______________________________
This is a free translation into English of the statutory auditors’ review report on the half-
yearly financial information issued in French and is provided solely for the convenience of
English-speaking users. This report includes information relating to the specific verification of
information given in the Group’s half-yearly management report. This report should be read
in conjunction with, and construed in accordance with, French law and professional standards
applicable in France.
To the Shareholders of CARREFOUR company,
In compliance with the assignment entrusted to us by Shareholders’ Meetings and in

accordance with the requirements of article L. 451-1-2-III of the French Monetary and
Financial Code ("Code monétaire et financier"), we hereby report to you on:
 the review of the accompanying condensed half-yearly consolidated financial statements
of the company, for the period from January 1 to June 30, 2022,
 the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of the
Board of Directors. Our role is to express a conclusion on these financial statements based
on our review.
statements
Conclusion on the financial statements
We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance
with professional standards applicable in France and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying condensed half-yearly consolidated financial statements are not prepared, in
all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the
European Union applicable to interim financial information.
Specific verification
We have also verified the information presented in the half-yearly management report on
the half-yearly condensed consolidated financial statements subject to our review. We have
no matters to report as to its fair presentation and consistency with the half-yearly
condensed consolidated financial statements.
Paris-La-Défense and Courbevoie, July 27, 2022
The Statutory Auditors
French original signed by
DELOITTE & ASSOCIES
BERTRAND BOISSELIER
MAZARS
JEROME DE PASTORS
Declaration by
the persons responsible
We hereby certify that, to the best of our knowledge, the condensed consolidated financial
statements for the six-month period ended June 30, 2022 were prepared in accordance with
applicable accounting standards and give a true and fair view of the assets and liabilities,
financial situation and income of the company Carrefour and of all the consolidated companies,
and that the attached half-year financial report gives a true and fair view of the significant
events having occurred during the first six months of the financial year, of their impact on the
financial statements, of the main related party transactions, as well as a description of the
main risks and uncertainties for the remaining six months of the financial year.
July 27, 2022
Mr. Alexandre Bompard Mr. Matthieu Malige

Chairman and Chief Executive Officer Chief Financial Officer
Carrefour group – Half-year financial report – June 30, 2022 - 71 -

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2022 HALF-YEAR

Groupe Carrefour – Comptes consolidés au 31 décembre 2020 -1-

Business review for the six-month period

Condensed consolidated financial statements

Statutory Auditors’ review report

Declaration by the persons responsible page 71

Carrefour group – Half-year financial report – June 30, 2022 3

1. Business review and consolidated income analysis page 5

2. Group financial position and cash flows page 12

4. Other information page 16

1.1 Main income statement indicators

Net sales 39,054 34,462 13.3% 10.3%

Free cash-flow¹ (1,177) (1,398)

1.2 Analysis of the main income statement items

Net sales by region

Europe (excluding France) 10,636 10,158 4.7% 5.0%

Latin America 9,244 6,208 48.9% 33.2%

Asia (Taiwan) 1,263 1,208 4.6% (3.1)%

TOTAL 39,054 34,462 13.3% 10.3%

Net sales by region – contribution to the consolidated total

France 47.1% 49.0%

Europe (excluding France) 28.1% 29.5%

Latin America 21.8% 18.0%

Asia (Taiwan) 3.1% 3.5%

TOTAL 100% 100%

Recurring operating income by region

Latin America 444 309 43.7% 24.8%

Asia (Taiwan) 40 47 (14.8)% (22.0)%

Global functions (26) (28) (5.5)% (0.5)%

TOTAL 814 740 10.0% 1.6%

Depreciation and amortisation

Net income/(loss) from equity-accounted companies

Non-recurring income and expenses

Restructuring costs (16) (260)

Other non-recurring income and expenses (86) 4

of which impairments and write-offs of goodwill − −

Main non-recurring items in first-half 2021 (restated)

Finance costs and other financial income and expenses

Finance costs, net (151) (80)

Net interest, related to lease commitment (72) (52)

Other financial income and expenses, net 37 (1)

Income tax expense

Net income attributable to non-controlling interests

Net income/(loss) from continuing operations – Group share

Net income/(loss) from discontinued operations – Group share

2.1 Shareholders' equity

The increase mainly reflects:

2.2 Net debt

Bonds and notes 6,593 6,052

Other current financial assets ¹ 653 498

June 30, December 31,

Due within 1 year 3,665 1,302

2.3 Statement of cash flows

2.4 Financing and liquidity resources

2.5 Restrictions on the use of capital resources

2.6 Expected sources of funding

 preserve its customers’ purchasing power by relying on Carrefour-branded products, a

In this context, the Group:

4.1 Accounting principles