CARREFOUR EXHIBIT 1: INCOME STATEMENT DATA , 1965-1967 (FF in Millions) LIQUIDITY RATIO ANALYSIS No PARTICULARS 1965 1966 1967 1968 1969 1970 1971 No PARTICULARS 1966 1 Revenues (all taxes included) 156 220 339 524 1025 1445 2234 1 Operating Cash flow margin 0.00 2 Less: value added tax 3 5 7 11 147 195 298 2 Cash ratio 0.14 3 Revenues(net of value added tax) 153 215 332 513 878 1250 1936 3 Quick ratio (Acid test ratio) 0.48 4 Starting inventory 6 6 14 17 34 65 72 4 Current ratio 0.8 5 plus: purchases 133 194 291 454 782 1063 1670 6 less: ending inventory 6 14 17 30 65 72 107 LEVERAGE RATIO ANALYSIS 7 COGS 133 186 288 441 751 1056 1635 No PARTICULARS 1966 8 Gross margin (revenue less COGS) 20 29 44 72 127 194 301 1 Debt ratio (total debt/assets) 0.15 9 Salaries 8 11 16 26 56 82 119 2 Interest coverage ratio (EBIT/Interest expense) 10 Depreciation and ammortization 2 5 4 8 15 19 32 3 Debt to Equity ratio (Total Liabilities/ Shareholders equity) 4.4 11 Other expenses 3 7 11 17 26 41 61 12 Operating profit 7 6 13 21 30 52 89 13 Non-operating gains (losses) -1 0 1 1 4 -5 1 14 Investment provision 0 0 0 0 -4 -7 -10 15 EBT 6 6 14 22 30 40 80 16 Income tax 3 3 7 12 14 17 36 17 EAT (net income) 3 3 7 10 16 23 44 Allocation of Proft after Tax 18 Shareholders equity 3 2 5 3 3 3 4 19 Employee profit sharing 0 0 0 4 7 10 20 20 Dividends 0 1 2 3 6 10 20 Income Statement Analysis 21 Gross profit margin (%) 13.1% 13.5% 13.3% 14.0% 14.5% 15.5% 15.5% 22 Profit/Sales(Net VAT) % 2.0% 1.4% 2.1% 1.9% 1.8% 1.8% 2.3% 23 Profit/Equity (%) 27% 22% 43% 26% 18% 23% 39% 24 Earnings/Share (FF) 8.6 8.6 20 22 27 39 75 25 Dividends/Share (FF) 0 3 6 6 10 17 34 26 Book value/Share (FF) 33 40 48 84 151 168 191 27 Market Value/Share(FF) 0.00 0.00 0.00 0.00 0.00 1040.00 1980.00 28 Price/Earnings Ratio 0.0 0.0 0.0 0.0 0.0 27 26 29 Dividend Yield (%) 0.0% 0.0% 0.0% 0.0% 0.0% 1.6% 1.7% 30 Dividend Payout ratio (%) 0% 33% 29% 30% 38% 43% 45% EXHIBIT 2: BALANCE SHEET DATA , 1965-1967 (FF in Millions) No PARTICULARS 1965 1966 1967 1968 1969 1970 1971 1 Intangible assets 0 0 0 0 4 1 1 2 Land 5 8 8 14 20 25 28 3 Building and equipment 11 22 26 50 82 136 202 4 Other fixed assets 6 9 14 21 38 52 49 5 Total Fixed assets 22 39 48 85 140 213 279 6 less: depreciation 5 8 12 10 22 35 63 7 Net fixed assets 17 31 36 75 118 178 216 8 Investments and advances to affiliates 2 3 4 5 10 12 19 9 Inventory 6 14 17 30 65 72 107 10 Accounts receivables 0 0 1 2 2 3 4 11 Other current assets 1 9 19 58 50 75 124 12 Cash 9 5 8 18 51 116 151 13 Total current assets 16 28 45 108 168 266 386 14 Total assets (TCA+net+Investment) 35 62 85 188 296 456 621 15 Shareholders equity 11 14 17 39 89 98 112 16 Special Provisions 0 0 0 0 0 1 1 17 Long term debt 3 9 14 26 25 64 64 18 Accounts payable 0 0 0 0 48 61 77 18 Trade notes 16 33 39 100 79 147 244 19 Other current liabilities 5 6 15 23 59 86 124 20 Total current liabilities 21 39 54 123 138 233 368 21 Total Liabilities 35 62 85 188 296 456 621 Balance Sheet Analysis 22 Current ratio 0.76 0.72 0.83 0.88 1.22 1.14 1.05 23 Total Debt/Equity 2.20 3.40 4.00 3.80 2.40 3.70 4.60 24 Net Working capital (FF millions) -5 -11 -9 -15 30 33 18 25 Number of outstanding shares (thousands) 347 347 347 462 588 588 588 26 Inventory turnover ratio 22.17 13.29 16.94 14.70 11.55 14.67 15.28 27 Asset turnover ratio 4.37 3.47 3.91 2.73 2.97 2.74 3.12 28 ROE 1.0 1.5 1.4 3.3 5.3 7.7 11.0 29 ROA 0.09 0.05 0.08 0.05 0.05 0.05 0.07 30 Days of Inventory Outstanding 33 39 39 39 48 47 40 31 Day sales in Outstanding 0 0 1 2 1 1 1 32 Day sales in Payables 0 0 0 0 23 21 17 EXHIBIT 3: CASH FLOW DATA , 1965-1967 (FF in Millions) No PARTICULARS 1967 1967 1968 1969 1970 1971 1 Net income 3 7 10 16 23 44 2 Depreciation and ammortization 5 4 8 15 19 32 3 Changes in Receivables 0 1 1 0 1 1 4 Changes in Inventory -8 3 13 35 7 35 5 Changes in Payables 0 0 0 48 13 16 6 Operating cash flow 0 15 32 114 63 128 7 Investment in PPE -16 -8 -32 -47 -73 -98 8 Investments and advances to affiliates -1 -1 -1 -5 -2 -7 9 Investment in Land -3 0 -6 -6 -5 -3 10 Investments in other assets -8 -9 -15 -32 -33 -29 11 Investing cash flow -28 -18 -54 -90 -113 -137 12 Debt issuance 6 5 12 -1 39 0 13 Dividends 1 2 3 6 10 20 14 Financing cash flow 7 7 15 5 49 20 15 Net cash flow -21 4 -7 29 -1 11