Exhibit 3: Carrefours (restructured) consolidated financial statements during this period.
INCOME STATEMENT million	2020	2019	2018	2017	2016	2015
Revenue retail	70,719	72,397	76,000	78,897	76,645	76,945
Revenue Carrefour banque	297	320	334	379	417	461
Financing fees and commissions	899	1,168	1,049	1,005	956	869
Total revenue	71,915	73,885	77,383	80,281	78,018	78,275
Cost of sales	(56,705)	(58,049)	(60,810)	(62,692)	(60,714)	(60,838)
SG&A expenses	(13,751)	(14,302)	(15,496)	(16,431)	(15,771)	(15,675)
Operating expenses Carrefour banque	(260)	(429)	(291)	(305)	(325)	(336)
Net other operating income or expense	808	789	985	1,021	1,021	924
Non-operating investment income	162	248	255	249	208	248
Operating profit	2,169	2,142	2,026	2,123	2,437	2,598
Impairment losses	(295)	(200)	(202)	(1,039)	(130)	(115)
Restructuring costs	(93)	(549)	(727)	(279)	(154)	(237)
Other net non-recurring income or expense	(119)	(302)	(223)	(78)	(183)	1
Interest income	6	8	16	28	32	36
Interest expense	(317)	(377)	(395)	(501)	(574)	(566)
Profit before taxes	1,351	722	495	254	1,428	1,717
Tax expense	(488)	(490)	(541)	(622)	(470)	(557)
Tax expense Carrefour banque	(5)	(7)	1	2	(12)	(20)
Profit/loss to non-controlling interest	(190)	(182)	(216)	(169)	(148)	(143)
Profit/loss to ordinary shareholders	668	43	(261)	(535)	798	997
OPERATING EXPENSES BY NATURE million	2020	2019	2018	2017	2016	2015
Personnel Expenses	(7,262)	(7,547)	(8,139)	(8,599)	(8,240)	(8,209)
Depreciation and Amortization	(2,029)	(2,082)	(2,610)	(2,682)	(2,487)	(2,426)
TAX EXPENSE ITEMS mn	2020	2019	2018	2017	2016	2015
Theoretical income tax expense	-433	-249	-171	-88	-492	-652
Differences between French and overseas corp income tax rates	16	40	33	(40)	19	67
Tax effect of permanent differences	(24)	(27)	(56)	(213)	(80)	(36)
Other, including deferred tax expense	(57)	(165)	(261)	(100)	(69)	(41)
Recurring tax expense	(498)	(401)	(455)	(441)	(622)	(662)
Non-recurring tax items	5	(96)	(85)	(179)	140	85
Total tax expense	(493)	(497)	(540)	(620)	(482)	(577)
Statutory tax rate	32.0%	34.4%	34.4%	34.4%	34.4%	38.0%
OTHER INFORMATION million	2020	2019	2018	2017	2016	2015
Effect of exchange rate changes on revenue	-6.6%	-3.1%	-6.3%	0.4%	-3.1%	-1.1%
Profit/loss of discontinued operations	(22)	1,092	(301)	1	(40)	4
End-of-year share price ()	14.03	14.95	14.91	18.04	22.89	26.65
Dividend per share ()	0.48	0.23	0.46	0.46	0.70	0.70
Average number of shares outstanding (million)	808	791	773	757	739	723
BALANCE SHEET million	2020	2019	2018	2017	2016	2015
Non-current tangible assets	15,011	15,759	15,877	16,463	16,668	15,156
Goodwill	8,034	7,976	7,983	7,977	8,640	8,495
Other non-current intangible assets	1,325	1,452	1,461	1,364	1,266	1,014
Consumer credit granted by financial services companies	1,933	2,283	2,486	2,455	2,371	2,351
Minority equity investments	1,172	1,246	1,374	1,355	1,361	1,433
Other non-operating investments	2,329	2,640	2,233	2,275	2,063	2,032
Deferred tax asset	679	823	723	636	829	744
Total non-current assets	30,483	32,179	32,137	32,525	33,198	31,225
Inventories	5,326	5,867	6,135	6,690	7,039	6,362
Trade receivables	2,526	2,669	2,537	2,750	2,682	2,269
Consumer credit granted by financial services companies	3,295	4,007	3,722	3,866	3,902	3,658
Other current assets	1,395	1,577	1,740	1,741	1,951	1,873
Cash and cash equivalents	4,439	4,466	4,300	3,593	3,305	2,724
Total Current Assets	16,981	18,586	18,434	18,640	18,879	16,886
Assets Held for Sale	124	37	46	16	31	66
Total Assets	47,588	50,802	50,617	51,181	52,108	48,177
BALANCE SHEET million	2020	2019	2018	2017	2016	2015
Ordinary shareholders equity	9,795	9,939	9,169	10,061	10,427	9,631
Non-controlling interest in equity	1,502	1,736	2,117	2,099	1,582	1,039
Non-current debt	12,976	13,595	13,696	12,797	12,526	12,761
Consumer credit financing	1,506	1,817	1,932	2,661	1,935	1,921
Deferred tax liability	467	655	541	489	543	508
Non-current liabilities	14,949	16,067	16,169	15,947	15,004	15,190
Trade payables	12,560	13,646	14,161	15,082	15,396	13,648
Consumer credit financing	3,067	3,712	3,582	2,817	3,395	3,328
Other current liabilities	3,656	3,744	4,080	4,095	4,413	4,341
Current debt	2,020	1,909	1,339	1,069	1,875	966
Current liabilities	21,303	23,011	23,162	23,063	25,079	22,283
Liabilities held for sale	39	49	0	11	16	34
Total liabilities and -shareholders equity	47,588	50,802	50,617	51,181	52,108	48,177
CASH FLOW STATEMENT million	2020	2019	2018	2017	2016	2015
Profit before interest and tax	1,635	1,043	828	676	1,922	2,167
Taxes paid	(576)	(613)	(634)	(749)	(457)	(837)
Non-operating losses (gains)	(101)	422	373	960	(208)	(247)
Non-current operating accruals	2,292	2,328	2,650	2,745	2,543	2,518
Net (investments in) or liquidation of operating working capital	15	56	115	157	454	276
Operating cash flow	3,265	3,236	3,332	3,789	4,254	3,877
Dividends received	60	101	37	76	79	8
Investments in non-current tangible and intangible assets	(1,492)	(1,725)	(1,611)	(2,379)	(2,749)	(2,378)
Investments in subsidiaries	(291)	(86)	(190)	(260)	(193)	(56)
Disposal of non-current tangible and intangible assets	159	347	172	158	152	186
Disposal of subsidiaries	7	338	1	9	6	7
Net (Investments in) or liquidation of other non-current assets	(253)	(92)	(1,140)	(1,347)	(1,348)	(1,010)
Free cash flow available to debt and equity	1,455	2,119	601	46	200	635
Interest paid	(190)	(219)	(222)	(263)	(307)	(289)
Net debt (repayment) or issuance	(668)	(1,506)	750	(329)	518	(603)
Free cash flow available to equity	597	394	1,129	(546)	411	(257)
Dividend (payments)	(170)	(222)	(234)	(292)	(207)	(488)
Net share (repurchase) or issuance	1	75	131	1,408	245	606
Net increase (decrease) in cash balance	428	247	1,026	570	449	(139)

You have been asked whether you regard Carrefour as a suitable investment in a high-dividend yield fund. Assume no changes are expected in working capital and non-operating investments, although Carrefours capital expenditure will reach its reported target of 1.7 billion. To help in your answer, calculate Carrefours free cash flow to debt and equity under two long-term scenarios to discuss the potential for Carrefour to increase dividends:

Carrefours NOPAT improves relative to 2020 through a reduction of operating expenses by 2.4 billion (before tax).

Carrefours NOPAT remains unchanged.