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• Net sales of €37.7bn, up +5.2% (+2.9% on an organic basis)
• Growth in Recurring Operating Income: €726m, +2.6% at constant exchange rates
• Strong growth in adjusted net income, Group share: €233m, up by +17.5%
• Strong improvement in free cash flow, up by +€496m

Regulatory News:

Carrefour (Paris:CA):

Growth in Europe: Solid first-half in France, acceleration in Spain

France: Ramp-up of multiformat

• Third consecutive year of sales growth: +3.4% in total and +1.8% on an organic basis
• All formats contributed to organic sales growth
• Stable operating margin excluding the tax hike on retail sales areas (Tascom), the integration of DIA and the transfer to Carmila of rental income from shopping malls

Other European countries: Sharp improvement in profitability

• Return to organic sales growth with a notable acceleration in Spain
• Encouraging trends in Italy, the overall profitability of the other European countries increased
• More than three-fold growth in Recurring Operating Income to €122m

Emerging markets: Further profit growth momentum

• Excellent performance in Latin America with growth in recurring operating income of +26.3%
• Consolidation of leading position in food retail in Brazil
• Amid a tough trading environment, Carrefour is adapting its model in China; return to growth in Taiwan

Continued investments and acceleration of multiformat expansion

• Sustained investments of €804m to bring up to standards, modernize and develop our store network
• Continued expansion with the net opening of 316 convenience stores, 83 supermarkets and 14 hypermarkets; continuing development in e-commerce
• Integration of the DIA stores in France

First-half 2015 net sales and recurring operating income

(€m)

  Net sales   Organic

growth

    Recurring operating

income

 

Proforma variation at constant exchange rates1

  Variation at constant exchange rates Europe   26,943   +1.3%     444   +15.8%   +0.4% Emerging markets   10,795   +6.8%     346   +7.3%   +7.3% Global functions             -63         Total   37,739   +2.9%     726  

+13.5%

  +2.6%

___________________________1 Adjusted for the integration of DIA, the impact of the Tascom increase and the transfer to Carmila of rental income from shopping malls

First-half 2015 key figures1

(€m)     H1 2014restated for IFRIC 21     H1 2015     Variation at constant exchange rates     Variation at current exchange rates Net sales     35,870     37,739     +3.9%     +5.2% Net sales ex petrol     32,119     34,337     +5.4%     +6.9%

Recurring Operating Income before D&A (EBITDA)2

    1,416     1,488     +4.6%     +5.1% EBITDA margin     3.9%     3.9%             Recurring Operating Income (ROI)     717     726     +2.6%     +1.3% Recurring operating margin     2.0%     1.9%             Adjusted net income, Group share     198     233           +17.5%                           Net debt at close     7,324     6,654           -€670m

Further growth in Recurring Operating Income (+2.6% at constant exchange rates) and in adjusted net income, Group share (+17.5%)

Income statement

In the first half of 2015, Carrefour posted significant sales growth. Net sales were up by +5.2% at current exchange rates and by +2.9% on an organic basis. All regions posted reported sales growth at current exchange rates, with Europe up by +2.9% and Emerging Markets up by +11.3%.

Recurring Operating Income (ROI) grew once again to €726m, a +2.6% increase at constant exchange rates (+1.3% at current exchange rates), up both in Europe (+0.4%) and in Emerging Markets (+7.3%).

In France, ROI stood at €321m. Operating margin in France was stable compared to first-half 2014, when adjusted for the integration of DIA, the increase in the tax on retail sales areas and the transfer to Carmila, upon its creation in 2014, of rental income from shopping malls. DIA’s transformation plan started in the second quarter.

In Other European countries, ROI rose sharply, to €122m vs €36m in the first half of 2014. While paying constant attention to price positioning, gross margin improved. Operating margin was up by 90 bp to 1.3% of sales. This performance was largely driven by the continuing recovery in Spain and an improvement in Italy. Operating margin improved in all countries.

Latin America continued to grow strongly, with ROI up by +26.3% at constant exchange rates to €296m. This improvement reflected excellent like-for-like sales in Brazil and Argentina, combined with good performance at gross margin level. SG&A included the increase in energy costs in Brazil. Operating margin stood at 4.1%, up 30 bp.

________________________1 The first-half 2015 consolidated accounts were approved by the Carrefour Board of Directors, which met on July 29th, 2015. The accounts underwent a limited review process by the Group’s auditors.The first-half 2014 and first-half 2015 information presented in this document takes into account the classification of certain activities in accordance with IFRS 5 – Assets held for sale and discontinued operations.2 Recurring operating income before depreciation and amortization (which includes depreciation of supply chain activities for €17m in H1 2014 and €22m in H1 2015).

In Asia, ROI stood at €50m. Gross margin held up well. In China, amid a slowing consumption environment, we are executing our action plan as part of our long-term strategy. In Taiwan, Carrefour is accelerating the roll-out of its multiformat strategy. Within this context, sales returned to growth for the first time in over two years and ROI improved.

In the first half of 2015, net non-recurring items amounted to an expense of €16m, vs a gain of €264m in 2014, essentially linked to the capital gain from the contribution of assets to Carmila. Net income from continuing operations, Group share, stood at €230m, and reflected:

• A slight drop in financial expenses, mainly reflecting continued low interest rates in Europe, partly offset by rising interest rates elsewhere
• A stable effective tax rate

Net income, Group share, stood at €218m.

Adjusted principally in 2014 for the capital gain linked to the creation of Carmila, Net income, Group share, stood at €233m and grew by +17.5%.

Cash flow and debt

Free cash flow improved sharply by +€496m compared to H1 2014. It stood at -€1,917m, reflecting the seasonality of our business.

This variation principally stemmed from:

• A sharp improvement in working capital requirements of +€348m
• An improved variation in fixed-asset supplier payables of €121m vs the previous year
• A stable level of capex, as the Group continued its investments to bring up to standards and develop its store network
• A slight increase in gross cash flow

Net financial debt at June 30, 2015 was €6.7bn, down by €670m compared with June 30, 2014. It benefited from:

• The improvement in free cash-flow described above
• The sale of part of our treasury shares in March 2015, which generated a cash-in of €369m
• The sale of an additional stake in Carrefour Brazil to Península Participações, whose stake now stands at 12%
• And, in 2015, the shift of the dividend payment to the second-half (€394m for its cash component)

Staying the course on 2015 priorities

Carrefour is staying the course. The 2015 priorities announced during the publication of our annual results in March are reaffirmed.

• Continue implementing action plans in all countries aiming at continuous improvement of our offer and price image to enhance our customers’ shopping experience
• Accelerate multi‐format expansion
  • Continue targeted expansion in our key markets
  • Gradual integration of DIA France’s stores
  • Continued opening of convenience stores, notably in Brazil and China
• Develop our multi‐channel offer, supported by our physical store network
  • Revamp and convergence of our websites in France, gradual broadening of our offer
  • Continued roll‐out of click & collect
  • Development of e‐commerce activities in several countries
• Continue structural projects including:
  • Revamp of the supply‐chain in France
  • IT rationalization
  • Evolution of our model in China
• Continue store remodelings
  • Continue the program to bring stores up to standards
  • Modernize our store network
• Enhance the attractiveness of our sites by capitalizing on property company Carmila in France, Spain and Italy
• 2015 outlook maintained
  • Total investments, including DIA France, of between €2.5bn and €2.6bn
  • Increased free cash flow
  • Continued strict financial discipline: maintain BBB+ rating

APPENDIX

Impact of IFRIC 21 on Recurring Operating Income

Comparative information for 2014 has been restated1 to reflect the application of IFRIC 21 – Levies. The application of IFRIC 21 has no impact on the full year recurring operating income.

2014 Recurring Operating Income(€m)

First-half 2014

   

Published

   

Restated

France     515     406 Europe ex. France     43     36 Latin America     247     247 Asia     83     83 Global Functions     -55     -55 Total     833     717        

Second-half 2014

    Published     Restated France     756     865 Europe ex. France     382     389 Latin America     438     438 Asia     14     14 Global Functions     -37     -37 Total     1,554     1,670        

Full year 2014(no impact from restatement)

    Published     Restated France     1,271     1,271 Europe ex. France     425     425 Latin America     685     685 Asia     97     97 Global functions     -92     -92 Total     2,387     2,387  

___________________________1 In accordance with IFRIC 21 – Levies, that was adopted for use in the European Union on June 13th, 2014 and is applicable for annual periods beginning on or after June 17th, 2014. This interpretation defines the obligating event that gives rise to the recognition of a liability to pay a levy.

First-half 2015 sales and Recurring Operating Income by region

  Net sales     Recurring Operating Income (€m)   H1 2014restated for IFRIC 21   H1 2015   Organic growth   Variation at current exchange rates   H1 2014restated for IFRIC 21   H1 2015  

Proformavariation at constant exchange rates1

  Variation at constant exchange rates   Variation at current exchange rates France 17,005   17,587   +1.8%   +3.4% 406 321   -2.2%   -20.9%   -20.9% Other Europe 9,173 9,356 +0.3% +2.0% 36 122 +244.3% +244.3% +244.1% Europe 26,178 26,943 +1.3% +2.9% 442 444 +15.8% +0.4% +0.4% Latin America 6,454 7,257 +15.5% +12.4% 247 296 +26.3% +26.3% +20.0% Asia 3,237 3,538 -9.7% +9.3% 83 50 -49.5% -49.5% -40.2% Emerging markets   9,691   10,795   +6.8%   +11.3%   330   346   +7.3%   +7.3%   +4.8% Global functions                   -55   -63             Total   35,870   37,739   +2.9%   +5.2%   717   726   +13.5%   +2.6%   +1.3%  

______________________________1 Adjusted for the integration of DIA, the impact of the Tascom increase and the transfer to Carmila of rental income from shopping malls

Consolidated Income Statement

(€m)     H1 2014published   H1 2014restated for

IFRIC 21

  H1 2015   Variationvs restated Net sales     35,870   35,870   37,739   +5.2% Net sales net loyalty program costs     35,564   35,564   37,470   +5.4% Other revenue     1,192   1,192   1,247   +4.6% Total revenue     36,757   36,757   38,718   +5.3% Cost of goods sold     -28,686   -28,688   -30,024   +4.7% Gross margin     8,071   8,068   8,694   +7.8% SG&A     -6,556   -6,669   -7,227   +8.4% Depreciation and amortization     -682   -682   -740   +8.5% Recurring operating income     833   717   726   +1.3% Recurring operating income including income from associates and joint ventures     842   726   761   +4.8% Non-recurring income and expenses     264   264   -16   -106.0% Operating income     1,106   991   745   -24.9% Financial expense     -269   -269   -264   -1.9% Income before taxes     837   721   481   -33.3% Income tax expense     -300   -260   -165   -36.4% Net income from continuing operations     537   462   316   -31.6% Net income from discontinued operations     -33   -33   -12   -63.7% Net income     504   428   304   -29.1% Of which Net income – Group share 441 365 218 Of which net income from continuing operations, Group share 474 399 230 Of which net income from discontinued operations, Group share     -33   -33   -12 Of which Net income – Non-Controlling Interests (NCI) 63 63 85 Of which net income from continuing operations, NCI 63 63 85 Of which net income from discontinued operations, NCI     -   -   -    

Recurring operating income before D&A (EBITDA)1

    1,532   1,416   1,488   +5.1%  

___________________________1 Recurring operating income before depreciation and amortization (which includes depreciation of supply chain activities for €17m in H1 2014 and €22m in H1 2015).

Calculation of adjusted net income, Group share

(€m)     H1 2014 restated for

IFRIC 21

  H1 2015   Variation Net income from continuing operations, Group share     399   230   -42.2% Restatement for non recurring income and expenses (before tax)     -264   16   Restatement for exceptional items in net financial expenses 11 31

Tax impact1

40 -28 Restatement on share of income from minorities and companies consolidatedby the equity method     13   -16     Adjusted net income, Group share     198   233   +17.5%  

Main ratios

     

H1 2014restated for

IFRIC 21

  H1 2015 Gross margin / Net sales     22.5%   23.0% Recurring operating income / Net sales     2.0%   1.9%  

___________________________1 Tax impact of restated items (non recurring income and expenses and financial expenses) and non recurring tax items.

Consolidated Balance Sheet

(€m)     June 30, 2014   June 30, 2015 ASSETS       Intangible assets 9,108 9,607 Tangible assets 11,227 12,162 Financial investments 2,541 2,793 Deferred tax assets 894 816 Investment properties 319 307 Consumer credit from financial-services companies – long term     2,413   2,579 Non-current assets     26,503   28,263 Inventories 5,902 6,503 Trade receivables 2,281 2,379 Consumer credit from financial-services companies – short term 3,373 3,396 Tax receivables 773 1,108 Other receivables 1,043 929 Current financial assets 361 410 Cash and cash equivalents     2,030   1,800 Current assets     15,763   16,525 Assets held for sale     12   78 TOTAL     42,278   44,865   LIABILITIES Shareholders equity, Group share 8,163 9,249 Minority interests in consolidated companies     783   1,095 Shareholders’ equity     8,946   10,344 Deferred tax liabilities 537 509 Provisions for contingencies 3,734 3,435 Borrowing – long term 6,626 7,288 Bank loans refinancing – long term     1,954   1,569 Non current liabilities     12,851   12,802 Borrowings – short term 3,089 1,575 Trade payables 10,876 12,096 Bank loans refinancing – short term 3,079 3,630 Tax payables & others 1,132 1,138 Other debts     2,298   3,229 Current liabilities     20,474   21,668 Liabilities related to assets held for sale     7   51 TOTAL     42,278   44,865  

Consolidated Cash Flow Statement

(€m)     H1 2014 restatedfor IFRIC 21   H1 2015 NET DEBT OPENING     -4,117   -4,954 Gross cash flow (ex. discontinued activities)     1,168   1,180 Change in working capital -2,454 -2,104 Impact of discontinued activities     0   21 Cash flow from operations (ex. financial services)     -1,287   -904 Capital expenditure -818 -804 Change in net payables to fixed asset suppliers (inc. receivables) -382 -261 Asset disposals (business related) 79 53 Impact of discontinued activities     -5   0 Free Cash Flow     -2,412   -1,917 Financial investments -268 -57 Proceeds from disposals of subsidiaries and from other tangible & intangible assets 82 1 Others -68 1 Impact of discontinued activities     0   0 Cash Flow after investments     -2,667   -1,971 Dividends / Capital increase -198 -62 Acquisition and disposal of investments without change of control -122 208 Cost of net financial debt -191 -185 Treasury shares -20 369 Others 57 67 Impact of discontinued activities -16 0 Consumer credit impact     -50   -127 NET DEBT CLOSING     -7,324   -6,654  

Changes in Shareholders’ Equity

(€m)     Total shareholders’ equity   Shareholders’ equity, Group share   Minority interests At December 31, 2014     10,228   9,191   1,037 Total comprehensive income for H1 2015     222   140   82 2014 dividend     -562   -492   -70 Treasury stock (net of tax)     335   335   0 Impact of scope changes and others     121   76   46 At June 30, 2015     10,344   9,249   1,095        

Definitions

Organic sales growth

Like for like sales growth plus net openings over the past twelve months, including temporary store closures.

Gross margin

Gross margin is the difference between the sum of net sales, other income, reduced by loyalty program costs and the cost of goods sold. Cost of sales comprises purchase costs, changes in inventory, the cost of products sold by the financial services companies, discounting revenue and exchange rate gains and losses on goods purchased.

Recurring Operating Income

Recurring Operating Income is defined as the difference between gross margin and sales, general and administrative expenses, depreciation and amortization.

Recurring Operating Income Before Depreciation and Amortization (EBITDA)

Recurring Operating Income Before Depreciation and Amortization (EBITDA) excludes depreciation from supply chain activities which is booked in cost of goods sold and excludes non-recurring items as defined below.

Operating Income (EBIT)

Operating Income (EBIT) is defined as the difference between gross margin and sales, general and administrative expenses, depreciation, amortization and non-recurring items

Non-recurring income and expenses are certain material items that are unusual in terms of their nature and frequency, such as impairment, restructuring costs and expenses related to the revaluation of preexisting risks on the basis of information that the Group became aware of during the accounting period.

Free Cash Flow

Free cash flow is defined as the difference between funds generated by operations (before net interest costs), the variation of working capital requirements and capital expenditures.

Disclaimer

This press release contains both historical and forward-looking statements. These forward-looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance of the Group. Actual results or performances may differ materially from those in such forward-looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the Autorité des Marchés Financiers as part of the regulated information disclosure requirements and available on Carrefour's website (www.carrefour.com), and in particular the Annual Report (Document de Référence). These documents are also available in English language on the company's website. Investors may obtain a copy of these documents from Carrefour free of charge. Carrefour does not assume any obligation to update or revise any of these forward-looking statements in the future.

NB: Organic sales variations are ex petrol, ex calendar. 2014 numbers are restated for IFRIC 21.

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Investor RelationsAlessandra Girolami, Mathilde Rodié and Matthew MellinTel: +33 (0)1 41 04 28 83orShareholder RelationsTel: 0 805 902 902 (toll-free in France)orGroup CommunicationTel: +33 (0)1 41 04 26 17