DOCSLIB.ORG

Carrefour 15Th November 2017 Standing at a Cross-Roads Food Retailing Fair Value EUR20 Vs

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Carrefour 15Th November 2017 Standing at a Cross-Roads Food Retailing Fair Value EUR20 Vs INDEPENDENT RESEARCH Carrefour 15th November 2017 Standing at a cross-roads Food retailing Fair Value EUR20 vs. EUR22 (price EUR16.83) BUY Bloomberg CA FP France is the group’s Achilles heel and Alexandre Bompard is set to Reuters CARR.PA unveil his solutions on January 23th. At this stage, the combination of a 12-month High / Low (EUR) 23.6 / 16.5 positive timing (return to inflation?), a depressed valuation (the market Market capitalisation (EURm) 13,034 Enterprise Value (BG estimates EURm) 16,343 is valuing the French hypermarkets at a negative €3.4bn) and an event- Avg. 6m daily volume ('000 shares) 3 583 driven momentum underpin our maintained Buy opinion. Our Fair Free Float 83.4% Value (€20 vs €22) is the average of a DCF (€17.6) and a SOP (€22.5). 3y EPS CAGR -6.2% Gearing (12/16) 38% Dividend yields (12/17e) 3.43% Although the group is crippled, Carrefour’s market capitalisation does not reflect the value of its assets in our view. Based on the SOP, which enables YE December 12/16 12/17e 12/18e 12/19e Revenue (EURm) 76,645 78,813 79,950 82,493 us to appreciate the asset liquidating market value, we derive an estimated Curr Op Inc. 2,351 2,010 2,070 2,197 share price of €22.5. At the current level of €17, we conclude that the EURm) market is valuing the French hypermarkets at a negative €3.4bn. Basic EPS (EUR) 1.01 0.93 1.05 1.15 Diluted EPS (EUR) 1.40 1.06 1.05 1.15 EV/Sales 0.22x 0.21x 0.22x 0.22x Alexandre Bompard’s task is focused on the price positioning/future of EV/EBITDA 4.4x 4.5x 4.8x 4.6x EV/EBIT 8.5x 8.8x 8.5x 8.1x the hypermarkets in France (embroiled in the Leclerc trap), the re- P/E 12.0x 15.9x 16.1x 14.6x definition of the offer (too premium currently?) and the digitalisation of ROCE 8.7 7.6 7.5 7.7 the group (lost in the Amazonian forest). Lauded for his stock market 29.6 success at FNAC, he has a free rein in our view. 27.6 25.6 In France, beyond remodeling the promotional strategy, we see an 23.6 immediate need for some €400m of price investment together with a 6% 21.6 reduction in the fixed cost base (i.e. €330m) to stop the hemorrhaging of 19.6 market share. We believe that, over the medium term, an operating margin 17.6 of 2.4% is reachable (vs 1.9%e in 2017). 15.6 13/05/16 13/08/16 13/11/16 13/02/17 13/05/17 13/08/17 13/11/17 CARREFOUR SXX EUROPE 600 The timing of this fourth recovery attempt (!) could prove opportune in that inflation seems to be returning, and it could further be supported by a potential increase in the Below-Cost Selling threshold (SRP - Seuil de Revente à Perte). Judging by the knee-jerk reaction from its CEO, any such move would be detrimental to Leclerc and thus positive for Carrefour. Analyst: Sector Analyst Team: Antoine Parison Nikolaas Faes 33(0) 1 70 36 57 03 Loïc Morvan [email protected] Virginie Roumage Cedric Rossi r r Carrefour Simplified Profit & Loss Account (EURm) 2014 2015 2016 2017e 2018e 2019e Revenues 74,706 76,945 76,645 78,813 79,950 82,493 Change (%) -0.2% 3.0% -0.4% 2.8% 1.4% 3.2% EBITDA 3,768 3,914 3,838 3,608 3,669 3,847 Current operating income 2,387 2,444 2,351 2,010 2,070 2,197 Exceptionals 149 (257) (372) (150) 0.0 0.0 EBIT 2,536 2,187 1,979 1,860 2,070 2,197 Change (%) 6.5% -13.8% -9.5% -6.0% 11.2% 6.2% Financial results (563) (515) (515) (439) (450) (450) PBT 1,973 1,672 1,464 1,421 1,620 1,747 Tax (709) (597) (494) (508) (567) (612) Profits from associates 36.0 44.0 (36.0) 12.0 30.0 40.0 Income from discontinued activities 67.0 4.0 (40.0) (1.0) 0.0 0.0 Minority interests (118) (143) (148) (220) (291) (306) Net profit / group share 1,249 980 746 704 792 870 Restated net profit 1,040 1,113 1,032 802 792 870 Change (%) 11.1% 7.0% -7.2% -22.4% -1.2% 9.9% Cash Flow Statement (EURm) Operating cash flows 2,127 2,181 2,473 2,463 2,605 2,739 Capex, net (2,411) (2,378) (2,749) (2,450) (2,399) (2,475) Change in working capital 8.0 106 658 161 84.2 188 FCF (276) (91.0) 382 173 290 452 Financial investments (1,188) (85.0) (190) 0.0 0.0 0.0 Dividends (219) (488) (207) (236) (488) (483) Capital increase / buyback (18.0) 384 30.0 0.0 0.0 0.0 Assets disposal 702 205 178 1,113 0.0 0.0 Other 161 484 (178) 0.0 0.0 0.0 Decrease / (Increase) in net debt (838) 409 15.0 1,050 (197) (30.6) Net debt 4,955 4,546 4,531 3,481 3,678 3,709 Company description Balance Sheet (EURm) Carrefour is a multi-local (France, Tangible fixed assets 13,587 13,085 14,672 15,524 16,324 17,149 Europe, Latam and Asia) and multi- Intangibles assets 8,228 8,495 8,640 7,527 7,527 7,527 Cash & equivalents 3,162 2,790 3,335 4,385 4,188 4,157 format (mainly hypermarkets but also Other assets 20,812 20,725 22,198 22,485 22,659 23,022 supermarkets, C&C and proximity) Total assets 45,789 45,095 48,845 49,922 50,698 51,855 operator. It was the pioneer in many Shareholders' funds 10,228 10,672 12,008 12,775 13,449 14,221 countries such as Brazil (1975) and L & ST Debt 8,572 7,628 8,075 8,075 8,075 8,075 Provisions 3,581 3,014 3,064 2,938 2,812 2,686 China in (1995). It is the leading Others liabilities 23,408 23,768 25,659 26,134 26,362 26,873 retailer in Europe , employing nearly Total Liabilities 45,789 45,082 48,806 49,922 50,698 51,855 380,000 people. With more than WCR (4,911) (5,017) (5,675) (5,836) (5,920) (6,108) 11,900 stores under banner, it Capital employed 16,904 16,563 17,637 17,216 17,931 18,568 generated net revenues of €77 bn in Ratios 2016. Operating margin 3.20 3.18 3.07 2.55 2.59 2.66 Tax rate 35.94 35.71 33.74 35.75 35.00 35.00 Normative tax rate 35.00 35.00 35.00 35.00 35.00 35.00 Net margin 1.39 1.45 1.35 1.02 0.99 1.05 ROCE (after tax) 9.18 9.59 8.66 7.59 7.50 7.69 WACC 8.50 8.50 8.50 8.50 8.50 8.50 Gearing 48.45 42.60 37.73 27.24 27.35 26.08 Net debt / EBITDA 1.32 1.16 1.18 0.96 1.00 0.96 Pay out ratio 39.65 39.24 52.02 61.93 62.27 63.57 Number of shares, diluted 707 723 739 756 756 756 Data per Share (EUR) EPS 1.77 1.35 1.01 0.93 1.05 1.15 Restated EPS 1.47 1.54 1.40 1.06 1.05 1.15 % change 9.2% 4.7% -9.2% -24.1% -1.2% 9.9% Operating cash flows 3.01 3.02 3.35 3.26 3.45 3.62 FCF (0.39) (0.13) 0.52 0.23 0.38 0.60 Net dividend 0.70 0.53 0.53 0.58 0.65 0.73 Source: Company Data; Bryan, Garnier & Co ests. 2 Carrefour Table of contents 1. A valuation which is too low and event-driven momentum ............................................ 4 1.1. Carrefour’s balance sheet bears no comparison with 2012 .......................................... 4 1.2. At €17, the hypermarket valuation is a negative €3.4bn ............................................... 4 2. The parameters of a fourth (!) recovery attempt .............................................................. 7 2.1. Decline of the large hypermarkets and disruption from Amazon .............................. 7 2.2. Price war and promotional activity ................................................................................... 9 2.3. Premiumisation or squaring the circle ........................................................................... 11 3. Surgical measures ........................................................................................................... 14 3.1. €400m of price investment in France, accompanied by cost savings ...................... 14 3.2. Unprecedented measures and a revised decision-making paradigm ........................ 15 3.3. Possible disposal of international assets........................................................................ 17 4. Potentially positive timing? ............................................................................................ 18 4.1. Inflation is rearing its head .............................................................................................. 18 4.2. An increase in the BCS threshold, the details of which remain hazy, could benefit Carrefour 19 Bryan Garnier stock rating system ...................................................................................... 23 3 Carrefour 1. A valuation which is too low and event-driven momentum 1.1. Carrefour’s balance sheet bears no comparison with 2012 It is perhaps possible to ‘compare’ the present operating situation with that of 2012. The hypermarket issue effectively remains unresolved while Carrefour looks to be lagging seriously behind on digitalisation. Against this backdrop, the group’s market share is down in France, for both the hypermarkets (-80bps over the Kantar P10 period vs.
Load more

Recommended publications
  • Cerca Qui Il Supermercato Più Vicino a Te
    100 100 100 100 Concorso Carrello Fortunato: cerca qui il supermercato più vicino a te. COOP MONTESILVANO REGGIO CARREFOUR MARKET ABRUZZO CSO UMBERTO, 32 POTENZA VIA BOTTICELLI, 55 65015 MONTESILVANO 81100 CASERTA CARREFOUR CALABRIA CDC 8594 SIMPLY MARKET SUPER SMA CARREFOUR MARKET AQUILA MONTESILVANO VIA DEL GALLITELLO, 23 VIA T. MINICUCI, 13 VIA C. BATTISTI, 17 VIA D’ANDREA, 1 85100 POTENZA 89063 MELITO 81100 CASERTA IPERCOOP AVEZZANO 65015 MONTESILVANO DI PORTO SALVO VIA TIBURTINA VALERIA SUPERMERCATO CARREFOUR MARKET KM 112, 215 AUCHAN CARREFOUR IPERSIDIS VIA LIBERTÀ, 235 67051 AVEZZANO VIA VALERIA TIBURTINA, 386 EXPRESS VIA CARBONE 81024 MADDALONI 65128 PESCARA VIA NAZARIO SAURO 89015 PALMI MINI MARKET COOP II TRAV CARREFOUR IPER AVEZZANO VIA VIDIMARI CDC 8709 85100 POTENZA AUCHAN CITY INTERPORTO MARCIANISE VIA L. VIDIMARI VIA VALERIA TIBURTINA, 91 VLE CALABRIA 81025 MARCIANISE 67051 AVEZZANO 65129 PESCARA SIMPLY MARKET 89100 REGGIO CALABRIA VIA DEGLI APPENNINI CARREFOUR MARKET MINI MARKET SMA CDC 85038 SENISE AUCHAN CITY VIA DELLA VALLE COOP CAPISTRELLO 8747 PESCARA VIA GIUSEPPE DE NAVA 81055 SANTA MARIA VIA REGINA MARGHERITA, VLE PINDARO, 14 89123 REGGIO CALABRIA CAPUA VETERE 56/60 65127 PESCARA 67053 CAPISTRELLO CALABRIA SUPERMERCATI PAM COOP SUPERMERCATO VIA S. CATERINA STAZIONE, VIA GALATINA SUPERAL SIMPLY MARKET 96 81055 SANTA MARIA VIA TIBURTINA, KM 69 SPOLTORE 89121 REGGIO CALABRIA CAPUA VETERE 67061 CARSOLI LOC VILLA RASPA CATANZARO 65010 SPOLTORE SUPERMERCATI PAM COOP MARKET VLE CALABRIA, 1889 SS TIBURTINA VALERIA DE FELICE
    [Show full text]
  • Global Vs. Local-The Hungarian Retail Wars
    Journal of Business and Retail Management Research (JBRMR) October 2015 Global Vs. Local-The Hungarian Retail Wars Charles S. Mayer Reza M. Bakhshandeh Central European University, Budapest, Hungary Key Words MNE’s, SME’s, Hungary, FMCG Retailing, Cooperatives, Rivalry Abstract In this paper we explore the impact of the ivasion of large global retailers into the Hungarian FMCG space. As well as giving the historical evolution of the market, we also show a recipe on how the local SME’s can cope with the foreign competition. “If you can’t beat them, at least emulate them well.” 1. Introduction Our research started with a casual observation. There seemed to be too many FMCG (Fast Moving Consumer Goods) stores in Hungary, compared to the population size, and the purchasing power. What was the reason for this proliferation, and what outcomes could be expected from it? Would the winners necessarily be the MNE’s, and the losers the local SME’S? These were the questions that focused our research for this paper. With the opening of the CEE to the West, large multinational retailers moved quickly into the region. This was particularly true for the extended food retailing sector (FMCG’s). Hungary, being very central, and having had good economic relations with the West in the past, was one of the more attractive markets to enter. We will follow the entry of one such multinational, Delhaize (Match), in detail. At the same time, we will note how two independent local chains, CBA and COOP were able to respond to the threat of the invasion of the multinationals.
    [Show full text]
  • Making the Most of Your Auchan Relationship AGENDA
    detailed AGENDA Winning with Auchan in Europe, Russia and China | 12 June 2014 | Prague, Czech Republic Making the most of your Auchan relationship Kantar Retail’s one-day workshop is designed for in-market Modern Trade Directors, Sales Directors and Auchan local Account Managers from Poland, Italy, Spain, France, Hungary and Romania and International Directors who want to learn how Auchan will lessen its dependence on big box retailing and develop more convenient and appealing formats for today’s shoppers. Gain specific, actionable insights that you can apply to your business immediately: • Discover which markets will deliver growth for Auchan, and why • Evaluate Auchan’s formats and sub-formats by • Auchan’s takeover of Real hypermarkets, expansion sales productivity into smaller hypermarket city formats and its invest- • Learn how new developments inside the organisation ment into Drive and eCommerce all show that Auchan and changes in the HQ management team will impact is a flexible retailer in the way its responds to competi- decision-making roles and responsibilities tive pressures. Do you recognise the different approaches Auchan is taking and are your plans • Benchmark Auchan’s competitive set in Central aligned for success? Europe, Russia and China and know which retailers can compete on price and assortment • Explore how Auchan’s Online and Drive initiatives The Auchan Workshop is led by industry experts measure up versus other European grocery retailers Vadim Khetsuriani and Ray Gaul. National vs. European decision-making makes Ray Gaul is Vice President of Research & Auchan a flexible, competitive retailer Analytics and orchestrates Kantar Retail’s European retail insights.
    [Show full text]
  • Italy 2013 Italian Food Retail and Distribution Sector Report
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12/27/2013 GAIN Report Number: IT1392 Italy Retail Foods 2013 Italian Food Retail and Distribution Sector Report Approved By: Christine Sloop Prepared By: Dana Biasetti Report Highlights: In Italy, the food retail and distribution sector is extremely fragmented and resistant to change. Consolidation remains low and traditional grocery stores continue to represent the majority share of the outlets, followed by open-air markets. In fact, the sector is one of the most fragmented and least saturated in Western Europe with fewer large retailers and still many small local retail stores. Nonetheless, consolidation is slowly gaining momentum, with Italian and foreign operators starting to expand their network of stores, particularly in the south of the country. This report overviews the characteristics of the grocery retail sector and how best to place U.S. products in the Italian market. Post: Rome Author Defined: Section 1. The Italian Food Retail and Distribution Sector Overview Unlike other European nations, the Italian food retail and distribution sector continues to resist consolidation. Small, traditional grocery stores (so-called Mom and Pop stores) continue to represent the largest segment of the food retail sector, followed by open-air markets. Nonetheless, consolidation is slowly gaining momentum, as a few Italian and foreign operators are starting to expand their network of stores, particularly in the south of the country. Larger food retailers are starting to appeal to those consumers who are attracted by the convenience that one-stop shopping offers, and appreciate the wide range of products and additional services that larger retail formats provide.
    [Show full text]
  • Retail Food Sector Retail Foods France
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 9/13/2012 GAIN Report Number: FR9608 France Retail Foods Retail Food Sector Approved By: Lashonda McLeod Agricultural Attaché Prepared By: Laurent J. Journo Ag Marketing Specialist Report Highlights: In 2011, consumers spent approximately 13 percent of their budget on food and beverage purchases. Approximately 70 percent of household food purchases were made in hyper/supermarkets, and hard discounters. As a result of the economic situation in France, consumers are now paying more attention to prices. This situation is likely to continue in 2012 and 2013. Post: Paris Author Defined: Average exchange rate used in this report, unless otherwise specified: Calendar Year 2009: US Dollar 1 = 0.72 Euros Calendar Year 2010: US Dollar 1 = 0.75 Euros Calendar Year 2011: US Dollar 1 = 0.72 Euros (Source: The Federal Bank of New York and/or the International Monetary Fund) SECTION I. MARKET SUMMARY France’s retail distribution network is diverse and sophisticated. The food retail sector is generally comprised of six types of establishments: hypermarkets, supermarkets, hard discounters, convenience, gourmet centers in department stores, and traditional outlets. (See definition Section C of this report). In 2011, sales within the first five categories represented 75 percent of the country’s retail food market, and traditional outlets, which include neighborhood and specialized food stores, represented 25 percent of the market. In 2011, the overall retail food sales in France were valued at $323.6 billion, a 3 percent increase over 2010, due to price increases.
    [Show full text]
  • Ketens in Kaart Frankrijk
    Ketens in Kaart Frankrijk Supermarkten, bloemisten, tuincentra en bouwmarkten PT 2009 / 48 December 2009/ René van Paassen Productschap Tuinbouw, Markt & Innovatie Ketens in Kaart Frankrijk Supermarkten, bloemisten, tuincentra en bouwmarkten Dit rapport is geschreven door de volgende studenten van de Haagse Hogeschool, opleiding Commerciële Economie: Imara Olsthoorn Zjasmin Salimova Jill Coldenhoff Miluska Bleeker Stagebegeleider Haagse Hogeschool: Casper Vogel Auteur René van Paassen Functie Projectleider Marktonderzoek Telefoon 079-3470653 e-mail [email protected] Productschap Tuinbouw, Postbus 280, 2700 AG Zoetermeer Telefoon 079 – 347 07 07 email [email protected] internet www.tuinbouw.nl Alle rechten voorbehouden. Niets uit deze uitgave mag vermenigvuldigd en/of openbaar gemaakt worden door middel van druk, fotokopie, microfilm of op welke wijze dan ook zonder toestemming van de uitgever of auteur. 1 2 Productschap Tuinbouw © Inhoudsopgave Samenvatting 5 1 Inleiding 7 1.1 Achtergrond 7 1.2 Onderzoeksdoelstelling 7 1.3 Doelgroep 7 1.4 Onderzoeksmethode 8 2 Bloemen en planten Frankrijk 9 2.1 Ontwikkelingen in Franse consumptie snijbloemen en potplanten 9 2.2 Ontwikkeling in Franse verkoopkanalen m.b.t. snijbloemen en potplanten 11 3 Supermarkten 12 3.1 Ontwikkelingen in de Franse supermarkt sector. 12 3.2 Supermarktketens 14 3.2.1 Aldi 14 3.2.2 Carrefour 14 3.2.3 ITM 16 3.2.4 Auchan 18 3.2.5 Leclerc 19 3.2.6 Louis Delhaize 21 3.2.7 Système U 22 3.2.8 Schwarz Group 23 3.2.9 Metro group 24 3.3 Bloemen en planten in de Franse supermarkt
    [Show full text]
  • Tesco, Carrefour Waste No Time in Trying to Leverage Power Of
    From the pages of Produce Business UK It’s official. Tesco and Carrefour have joined forces, entering into a formal long- term, strategic alliance that is slated to become operational in October. In an official release from Tesco, the alliance is said to cover the strategic relationship with global suppliers, the joint purchasing of own brand products and goods not for resale. Amid tough competition in the produce sector, the partnership has been strategically formed to reduce the cost of their supply by strengthening key relationships with global suppliers. This ultimately will give both Tesco and Carrefour exclusive leveraging power to bring product quality, selection and ultimately lower price points to its customers. Each of the two companies is said to continue to work with supplier partners at both a local and also a national level. “This strategic alliance between Carrefour and Tesco is a major agreement as it combines the purchasing expertise of two world leaders, complementary in their geographies, with common strategies," says Alexandre Bompard, Chairman and CEO of Carrefour Group. "This agreement is a great opportunity to develop our two brands at the service of our customers. This international alliance further strengthens Carrefour, allowing it to reach a key milestone in the implementation of its strategy.” The two retailers first announced the partnership in July, stating that it aimed to improve the quality and choice of products available to its customers. One month later, they have made the deal official. The agreement will start as a three-year operational framework, effective October 2018. Cutting prices for customers FreshFruitPortal.com Aldi and Lidl are the two leading discount retail stores in the world.
    [Show full text]
  • Global Powers of Retailing 2018 Transformative Change, Reinvigorated Commerce Prefácio
    Global Powers of Retailing 2018 Transformative change, reinvigorated commerce Prefácio Bem-vindos à 21ª edição do nosso relatório anual Global As duas empresas portuguesas presentes no ranking - Jerónimo O Global Powers of Retailing analisou também a forma como as e a criação de experiências de loja distintivas e memoráveis que Powers of Retailing, no qual identificamos os 250 maiores Martins e Sonae – registaram uma evolução significativa da sua fontes de vantagem competitiva neste setor estão a ser permitam às lojas físicas, onde ainda são realizadas 90% das retalhistas do mundo e analisamos o desempenho obtido pelo posição, tendo ambas subido oito lugares. Este facto é ainda redefinidas num ambiente de acelerada mudança, onde as vendas em retalho, oferecer níveis de conveniência e variedade setor, ao nível do volume de negócios, crescimento e mais notável por ocorrer num ano (2016) em que o Euro se vantagens tradicionais de produto e escala perdem terreno comparáveis às principais plataformas de e-commerce. rentabilidade nas várias geografias, segmentos de atividade e manteve relativamente estável face ao dólar norte-americano. para as capacidades organizacionais como a inovação, formatos de loja. Recorde-se que a desvalorização cambial penalizou fortemente colaboração, integração e automação. Esperamos que a análise deste estudo seja tão entusiasmante os retalhistas da zona Euro no ranking do ano passado, tendo para o leitor como foi para nós produzi-lo e que o mesmo No período analisado nesta edição, correspondente ao último as suas vendas acumuladas convertidas em dólares decrescido Entre as principais tendências identificadas no relatório possa providenciar uma visão global dos desafios que se ano fiscal encerrado até junho de 2017 das empresas incluídas 14% face ao ano anterior.
    [Show full text]
  • Groupe Auchan / Magyar Hipermarket Regulation (Ec)
    EN Case No COMP/M.6506 - GROUPE AUCHAN / MAGYAR HIPERMARKET Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 18/04/2012 In electronic form on the EUR-Lex website under document number 32012M6506 Office for Publications of the European Union L-2985 Luxembourg EUROPEAN COMMISSION In the published version of this decision, some Brussels, 18.04.2012 information has been omitted pursuant to Article C(2012) 2682 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are PUBLIC VERSION shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. MERGER PROCEDURE To the notifying party: Dear Sir/Madam, Subject: Case No COMP/M.6506 - GROUPE AUCHAN / MAGYAR HIPERMARKET Commission decision pursuant to Article 6(1)(b) of Council Regulation No 139/20041 1. On 9 March 2012, the European Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 by which Auchan Magyarország Kft (Hungary), belonging to the Groupe Auchan SA ("Auchan", France) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control of Magyar Hipermarket Kereskedelmi Kft. ("Magyar Hipermarket", Hungary) by way of purchase of shares.2 Auchan is designated hereinafter as the "Notifying Party", Auchan and Magyar Hipermarket together as the "Parties". 1 OJ L 24, 29.1.2004, p. 1 ("the Merger Regulation"). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ("TFEU") has introduced certain changes, such as the replacement of "Community" by "Union" and "common market" by "internal market".
    [Show full text]
  • FRENCH MARKET PRESENTATION for : FEVIA from : Sophie Delcroix – Elise Deroo – Green Seed France Date : 19Th June, 2014
    FRENCH MARKET PRESENTATION For : FEVIA From : Sophie Delcroix – Elise Deroo – Green Seed France Date : 19th June, 2014 FEVIA 1 I. GREEN SEED GROUP : WHO WE ARE II. MARKET BACKGROUND AND CONSUMER TRENDS III. THE FRENCH RETAIL SECTOR IV. KEY RETAILERS PROFILES V. FOODSERVICE VI. KEY LEARNINGS VII. CASE STUDIES FEVIA 2 Green Seed Group Having 25 years of experience, the Green Seed Group is a unique international network of 11 offices in Europe, North America and Australia, specializing in the food & beverage sector OUR MISSION Advise both French and foreign food and beverage companies or marketing boards, on how to develop a sustainable and profitable position abroad Green Seed France help you to develop your activity in France using our in-depth knowledge of the local food and beverage market and our established contacts within the trade FEVIA 3 A growing and unique international network Germany (+ A, CH) The Netherlands Scandinavia U.S.A./Canada Great Britain Belgium France Portugal Spain Italy 11 offices covering 18 countries Australasia FEVIA 4 The Green Seed model Over the last decade, one of the most important trends in the French food & drink trade has been for retailers to deal with their suppliers on a direct line. Green Seed France has developed its business model around this trend. We act as business facilitators ensuring that every step of the process is managed with maximum efficiency. From first market visit, to launch as well as the ongoing relationship that follows. We offer a highly cost-effective solution of “flexible local sales and marketing management support” aimed at adding value.
    [Show full text]
  • Auchan Retail, Groupe Casino, DIA, METRO Et Schiever Annoncent Ne
    Communiqué de presse Paris, le 15 avril 2021 Auchan Retail, Groupe Casino, DIA, METRO et Schiever annoncent ne pas renouveler en 2022 leurs coopérations mises en œuvre au travers des structures Horizon France et Horizon International Services. Après trois années d’une collaboration, qui aura répondu aux objectifs fixés initialement, au sein des structures communes Horizon Achats et Appels d’offres (pour Auchan Retail, Groupe Casino, METRO et Schiever) et Horizon International Services (pour Auchan Retail, Groupe Casino, DIA et METRO), les enseignes partenaires ont, d’un commun accord, décidé de ne pas renouveler leurs accords de coopérations pour les négociations 2022. Elles s’attacheront désormais à rechercher, chacune, une organisation à l’achat plus en phase avec leurs nouvelles orientations stratégiques. Les enseignes confirment qu’elles honoreront, jusqu’à fin 2021, l’ensemble des obligations prises avec les fournisseurs et partenaires dans le cadre des négociations déjà réalisées dans leurs structures communes. CONTACTS PRESSE AUCHAN RETAIL Antoine PERNOD + 33 (0)6 64 20 06 64 – [email protected] Groupe CASINO ANALYSTES ET INVESTISSEURS PRESSE Stéphanie ABADIE +33 (0)6 26 27 37 05 Lionel BENCHIMOL +33 (0)1 53 65 64 17 [email protected] [email protected] ou ou +33(0)1 53 65 24 78 +33 (0)1 53 65 24 17 [email protected] [email protected] Agence IMAGE 7 Karine ALLOUIS +33(0)1 53 70 74 84 - [email protected] Franck PASQUIER +33 (0)1 53 70 74 91 - [email protected] DIA Lara VADILLO +34 619226587 – [email protected] METRO Frederic BOURCY +33 (0) 14786637 - [email protected] A propos de Auchan Retail Présent dans 13 pays, Auchan Retail réunit tous les formats du commerce alimentaire (hypermarché, supermarché, proximité, drive, digital) avec 1985 Points de vente.
    [Show full text]
  • Carrefour Group, Building RELATIONSHIPS a L R EPO RT
    2007 ANNUAL REPORT CARREFOUR GROUP, BUILDIng RELATIONSHIPS RT EPO R L A U ANN Carrefour SA with capital of 1,762,256,790 euros 2007 RCS Nanterre 652 014 051 www.groupecarrefour.com N°1 in Europe 30 countries N°2 worldwide OTHERS PUBLICATIONS: RAPPORT DÉVELOPPEMENT DURABLE 2007 102.442 billion euros in sales carrEFOUR carrEFOUR incl. tax under GROUP GROUP Group banners 16,899,020 sq.m sales area BUILDING FInancIAL RESPOnsIBLE REPORT RELATIONSHIPS 2007 490,042 employees 2007 Sustainability Report 2007 Financial Report stores More than 3 billion cash 14,991 transactions per year YOU CAN FIND THE LATEST CARREFOUR GROUP NEWS AND THE INTERACTIVE ANNUAL REPORT AT WWW.GROUPECARREFOUR.COM Design, copywriting and production: Translation: Photocredits: Carrefour Photo Library, Lionel Barbe, Christophe Gay/Skyzone, Nicolas Landemard, Gilles Leimdorfer/Rapho, Jean-Erick Pasquier/Rapho, Michel Labelle, all rights reserved - p. 2-3: Getty Images/Bruno Morandi - p. 4-5: Getty Images/ Hans Neleman - p. 6-7: Getty Images/Lonely Planet Images/Krzysztof Dydynski - p. 8-9: Getty Images/Daly & Newton - p. 16: Getty Images/Shannon Fagan - p. 24: Getty Images/Daly & Newton - p. 32: Getty Images/Frank Herholdt - p. 36: Corbis/Beathan - p. 38: Getty Images/fStop - p. 39: Getty Images/Darryl Estrine - p. 40: Corbis/Jose Luis Pelaez - p. 41: Getty Images/Somos/Veer - p. 42: Getty Images/Floresco Images - p. 45: Getty Images/Dimitri Vervitsiotis. CARREFOUR / ATACADAO / CARREFOUR EXPRESS / CARREFOUR BAIRRO / CARREFOUR CITY / CARREFOUR MARKET / 5 MINUT CARREFOUR / Paper: the Carrefour group is committed to the responsible management of its paper sourcing. The paper used for this document is certified PEFC (Programme for the Endorsement of Forest Certification schemes).
    [Show full text]