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FINANCIAL ANALYSIS IN ENG



Carrefour Group - Financial analysis


Carrefour Group

Boulogne-Billancourt, France

http://www.carrefour.com/


Financial analysis is based on consolidated financial statements. Source are web pages of the company.


Carrefour is one of the greatest retailers in Europe and in the world It operates in Europe, Latin America and Asia. Core business exists of classical food and beverage retail business model. Today new retail business model emerged that is retail discounters.


TABEL 1: Sales geographically in 2017


TABEL 2: Net sales and year growth rate

There is fluctuation in year to year growth rate of net sales.


TABEL 3: Net sales and year to year growth rate

Net sales grown between 2017 in 2016 for 2,9% . Between 2017 and 2013 net sales grown for 5,4%.


TABEL 4: Gross margin (Gross margin is calculated as gross profit in net sales)

Gross profit margin stays in around of 20,5% and it does not change signifintly in last 5 years period. It demonstrates that the company is imposing strict purchasing policy and has negotiating power to impose its own conditions to suppliers.


TABEL 5: Operating cots margin ( Operating costs margin is calculated as operating costs in total revenue)

Operating costs margin is slightly increasing pushing pressure on profit margin.


TABEL 6: EBITDA margin ( EBITDA margin is calculated as EBITDA profit in total revenue)

There is pressure on EBITDA margin which dropped from 4,8% in 2013 to 4,4% in 2017, what indicates that costs are increasing and putting pressure on EBITDA margin.


TABEL 7: EBIT margin ( EBIT margin is calculated as EBIT profit in total revenue)

Depreciation and amortisation do not change in last 5-year time period what demonstrates that company is investing in fixed asset with even pace. Although there is drop in operating margin from 2,9% in 2013 to 2,5% in 2017.


TABEL 8: Net profit margin (Net profit margin is calculated as net profit in total revenue)

There is also pressure on net profit margin which decresed from 1,8% in 2013 to 1,1% in 2016. There was also loss accounted in amount of 362 mio EUR in 2017 due to write off of investments in amount of 1.310 mio EUR.


TABEL 9: Asset turnover (Asset turnover is calculated as total revenue divided by assets)

Asset utilisation also decreased from 1,76 in 2013 to 1,69 in 2017.


TABEL 10: Inventory in total revenue

Inventory management is deteriorating. Inventory in revenue in 2013 was 7,5%, which deteriorated in 2017 to 8,3%.


TABEL 11: Trade payable in total revenue and trade payable in total liabilities

Trade payable in total revenue is deteriorating. From 16,8% in 2013 trade payable in revenue increased to 18,6%. There is also increase in trade payable in total liabilities from 29,5% in 2013 to 31,5% in 2017.


TABEL 12: Long term loans (loans due in over 1 year period) and borrowings in total liabilities


TABEL 13: Short term loans (loans due in 1 year period) and borrowings in total liabilities

Loan structure does not change significantly in observed time period, but there is an indication that debt is decreasing.


TABEL 14: Gross cash flow (net profit + depreciation), capital expenditures and free cash flow

Gross cash flow and capital expenditures show that the company is investing in amount of accumulated cash flow. For example gross cash flow in 2017 was at 2.653 mio EUR which covered capital expenditures in amount of 2.377 mio EUR. Debt is not retired, it is refinanced so debt level stays in amount of 19,0% of liabilities in 2017. Company liquidity picture is improving. Gross cash flow in 2017 covers 68,3% of short term debt in comparison with 2013 when it covered only 42,2%.

Loan structure does not change significantly in observed time period, but there is an indication that debt is decreasing.



CONCLUSION:

It would be advised to set control over operating costs and labour costs, which are disproportionally increasing what is indicating the decrease in EBITDA and overall margin. Additionally it would be advised to the company to use financial investments and cash to retire some of the company’s debt.


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