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Acceleration of organic sales growth
Further growth in Recurring Operating Income, up by +10.6%
Net income from continuing operations up by +24.6%
Increase in proposed dividend to €0.68 per share
Regulatory News:
Carrefour (Paris:CA):
New growth in Group earnings at constant exchange rates
Europe: Growth of +7.0% in Recurring Operating Income
France: Further growth in profitability
Other European countries: Rise in profitability for the third consecutive half
Emerging Markets: Growth in Recurring Operating Income of +14.9%
Increased investments, acceleration of our multi-format model and strategic partnership in Brazil
Dividend growth
________________________________
(1) Ex. petrol ex.calendar.
(2) At constant exchange rates.
2014 key figures(1)
(€M) 20132014
Variation at constant exchange ratesVariation at current exchange rates
Sales ex VAT 74,888 74,706 +2.9% -0.2% Sales ex VAT ex petrol 66,911 67,237 +3.9% +0.5% Recurring Operating Income before D&A (EBITDA) 3,669 3,768 +5.9% +2.7% EBITDA margin 4.9% 5.0% Recurring Operating Income (ROI) 2,238 2,387 +10.6% +6.7% Recurring Operating Margin 3.0% 3.2% ROI including income from associates and joint ventures 2,267 2,423 +10.8% +6.9% Net income from continuing operations, Group share 949 1,182 +24.1% +24.6% Adjusted net income, Group share 929 1,040 +11.9% Net debt at close 4,117 4,954 +€0.8bn Net debt/EBITDA 1.1x 1.3x2014 sales and Recurring Operating Income by zone
Sales excluding VAT Recurring Operating Income(€M)
20132014
Organicgrowth(2)
Variation at current
exchange
rates
20132014
Variation at constant
exchange
rates
Variation at current exchange rates France 35,438 35,336 +1.2% -0.3% 1,198 1,271 +6.1% +6.1% Other Europe 19,220 19,191 -0.3% -0.2% 388 425 +9.6% +9.6% Europe 54,658 54,527 +0.6% -0.2% 1,586 1,696 +7.0% +7.0% Latin America 13,786 13,891 +18.1% +0.8% 627 685 +23.2% +9.4% Asia 6,443 6,288 -1.8% -2.4% 131 97 -24.8% -25.5% Emerging markets 20,229 20,179 +11.5% -0.2% 757 782 +14.9% +3.4% Global functions (106) (92) +12.7% +12.7% TOTAL 74,888 74,706 +3.9% -0.2% 2,238 2,387 +10.6% +6.7%________________________________
(1) The 2014 social and consolidated accounts were approved by the Carrefour Board of Directors, which met on March 4, 2015. The accounts were audited by the Group’s auditors.
(2) Ex. petrol.
Further growth in Recurring Operating Income (+10.6% at constant exchange rates) and in net income from continuing operations, Group share (+24.6%)
Income statement
In 2014, the Group’s sales growth accelerated. Sales ex. VAT rose by +3.9% on an organic basis. At current exchange rates, the variation was -0.2%. Europe and Emerging Markets posted sales growth of respectively +0.6% and +11.5%.
Recurring Operating Income (ROI), at €2,387m, was up +10.6% at constant exchange rates (+6.7% at current exchange rates), rising both in Europe (+7.0%) and in Emerging Markets (+14.9%).
In France, ROI reached €1,271m, up +6.1%, representing a 20bps improvement in operating margin, to 3.6% of sales. This increase is partly attributable to an improvement in commercial margin linked to a drop in shrinkage and to logistics gains. Profitability is solid in all formats.
In Other European Countries, ROI increased by +9.6% at constant exchange rates, to €425m. Operating margin stood at 2.2%, a 20bps improvement. In the second half, operating margin increased by 30bps, marking the third consecutive half in which profitability improved. Commercial margin was higher. Spain’s profitability continued to recover. In Italy, sales trends improved in the second half thanks to the continued implementation of our action plans. In the rest of Europe, profitability held up well, with a continued improvement in Belgium.
Latin America recorded another strong performance, with ROI at €685m, up +23.2% at constant exchange rates. Operating margin stood at 4.9%, up by +40bps. This reflects excellent like-for-like sales in Brazil and Argentina and a solid commercial margin.
In Asia, ROI stood at €97m. Commercial margin held up well. Carrefour’s model is evolving in an environment that remains marked by frugal consumption and a drop in sales of shopping cards. Activity in Taiwan is robust.
Net non-recurring income stood at €149m, mainly reflecting the capital gain linked to the contribution of assets to property company Carmila. Net income from continuing operations, Group share, stood at €1,182m and reflected:
Net income, Group share stood at €1,249m.
Adjusted net income, Group share, reached €1,040m, a rise of +11.9%.
Cash flow and debt
Cash flow from operations was €2,504m, compared to €2,039m in 2013.
Working capital was an inflow of €18m, improving from 2013.
Carrefour continued its investments in order to bring up to standards, modernize and develop its store network, with capex of €2.4bn.
As a result, free cash-flow in 2014 stood at €306m compared to €26m in 2013.
Acquisitions and disposals led to a net total cash-out of €1.1bn, reflecting the acquisition DIA France and the creation of Carmila.
The net cash outflow related to 2013 dividend payments cashed out in 2014 stood at €149m, as 65% of our shareholders chose to receive their dividend in shares. Financial expenses decreased €29m to €399m.
Net financial debt at December 31, 2014 was €4,954m.
2014 highlights
Proposed dividend of €0.68 per share
The Board of Directors, at its meeting on March 4, 2015, decided to propose to shareholders at the next General Assembly on June 11, 2014 a 2014 dividend of €0.68 per share payable in cash or Carrefour shares.
This proposed dividend amounts to a payout ratio of 46% of net income, Group share, adjusted for exceptional items, in line with the policy set out in March 2012.
2015 priorities
Carrefour is staying the course in an environment that remains uncertain. In the third year of its plan, the group will focus in 2015 on the following operational priorities:
2015 outlook
Agenda
APPENDIX
Consolidated Income Statement
(€M) 20132014
Variation Sales, net of taxes 74,888 74,706 -0.2% Sales, net of taxes and loyalty 74,299 74,097 -0.3% Other revenues 2,375 2,221 -6.5% Total revenues 76,675 76,318 -0.5% Cost of sales (59,828) (59,270) -0.9% Commercial income 16,847 17,049 +1.2% SG&A (13,178) (13,281) +0.8% Recurring Operating Income before D&A (EBITDA) 3,669 3,768 +2.7% Depreciation & amortization (1,432) (1,381) -3.5% Recurring Operating Income (ROI) 2,238 2,387 +6.7% Recurring Operating Income including income from associates and joint ventures 2,267 2,423 +6.9% Non-current income and expenses 144 149 +3.2% Operating income 2,412 2,572 +6.7% Financial expenses (722) (563) -22.1% Profit before tax 1,690 2,010 +18.9% Income tax (631) (709) +12.4% Net income from continuing operations 1,058 1,300 +22.9% Net income from discontinued operations 306 67 NA Net income 1,364 1,367 +0.2% Of which Net income – Group share 1,263 1,249 Of which net income from continuing operations, Group share 949 1,182 Of which net income from discontinued operations, Group share 314 67 Of which Net income, Non-Controlling Interests (NCI) 101 118 Of which Net income from continuing operations, NCI 109 118 Of which Net income from discontinued operations, NCI (8) 0Main ratios
2013 2014 Commercial margin 22.5% 22.8% Recurring Operating Income/Net sales 3.0% 3.2% Operating income/Net sales 3.2% 3.4%
Consolidated Balance Sheet
(€M) December 31, 2013 December 31, 2014 ASSETS Intangible assets 9,044 9,543 Tangible assets 11,109 12,272 Financial investments 1,642 2,810 Deferred tax assets 881 759 Investment properties 313 296 Consumer credit from financial-services companies – long-term 2,381 2,560 Non-current assets 25,369 28,240 Inventories 5,738 6,213 Trade receivables 2,213 2,260 Consumer credit from financial-services companies - short-term 3,221 3,420 Tax receivables 715 1 136 Other receivables 841 853 Current financial assets 359 504 Cash and cash equivalents 4,757 3,113 Current assets 17,844 17,500 Assets held for sale 301 49 TOTAL 43,514 45,789 LIABILITIES Shareholders’ equity, Group share 7,925 9,191 Minority interests in consolidated companies 754 1 037 Shareholders’ equity 8,679 10,228 Deferred tax liabilities 521 523 Provisions for contingencies 3,618 3,581 Borrowing – Long-term 7,550 6,815 Bank loans refinancing – Long-term 1,765 1,589 Non current liabilities 13,454 12,508 Borrowings – Short-term 1,683 1,757 Trade payables 12,854 13,384 Bank loans refinancing – Short-term 3,145 3,718 Tax payables & others 913 1,172 Other debts 2,763 3,022 Current liabilities 21,358 23,052 Liabilities related to assets held for sale 24 1 TOTAL 43,514 45,789Consolidated Cash Flow Statement
(M€) 2013 2014 NET DEBT OPENING (4,320) (4,117) Gross cash flow (ex. discontinued activities) 2,039 2 504 Change in working capital (284) 18 Impact of discontinued activities (27) 86 Cash flow from operations (ex. financial services) 1,728 2,608 Capital expenditures (2,159) (2,411) Change in net payables to fixed asset suppliers (inc. receivables) 371 (17) Asset disposals (business related) 117 124 Impact of discontinued activities (31) 2 Free Cash Flow 26 306 Financial investments (57) (1,336) Proceeds from disposals of subsidiaries and from other tangible & intangible assets 542 236 Others 2 (5) Impact of discontinued activities 493 11 Cash Flow after investments 1,005 (789) Dividends/Capital increase (206) (214) Acquisition and disposal of investments without change of control (11) 311 Treasury shares 0 (18) Cost of net financial debt (428) (399) Others (159) 287 Impact of discontinued activities 54 (16) Consumer credit impact (52) 1 NET DEBT CLOSING (4,117) (4,954)Changes in Shareholder Equity
(€M) Total shareholders’ equityShareholders’ equity, Group share
Minority interests At December 31, 2013 8,679 7,925 754 Total comprehensive income for 2014 1,367 1,249 118 2013 dividend -219 -149 -70 Impact of scope change and others 402 166 236 At December 31, 2014 10,228 9,191 1,037Calculation of adjusted net income, Group share
(€M)2013
pro forma
2014 Variation Net income from continuing operations, Group share 949 1,182 +24.6% Restatement for non-recurring income and expenses (before tax) (144) (149) Restatement for exceptional items in net financial expenses 175 3Tax impact(1)
(42) (10) Restatement on share of income from minorities and companies consolidatedby the equity method (8) 14 Adjusted net income, Group share 929 1, 040 +11.9% ________________________________(1) Tax impact of restated items (non-recurring income and expenses and financial expenses) and non-recurring tax items.
2014 dividend payment procedure
The ex-dividend date has been set at June 17, 2015. The period during which shareholders may choose the option of the payment of dividend in cash or shares will begin June 17, 2015 and end July 7, 2015, included. Payment of the cash dividend and settlement of the stock dividend will occur on July 17, 2015.
Definitions
Organic sales growth
Like for like sales growth plus net openings over the past twelve months, including temporary store closures.
Commercial income
Commercial income 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 gains and losses on goods purchases.
Recurring Operating Income Before Depreciation and Amortization (EBITDA)
Recurring Operating Income Before Depreciation and Amortization (EBITDA) is defined as the difference between the commercial income and sales, general and administrative expenses. It excludes non-recurring items as defined below.
Recurring Operating Income (ROI)
Recurring Operating Income is defined as the difference between the commercial income and sales, general and administrative expenses, depreciation and amortization.
Operating Income (EBIT)
Operating Income (EBIT) is defined as the difference between commercial income 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 pre-existing 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.
Investor Relations:Alessandra Girolami, Matthew Mellin, Mathilde RodiéTel: +33 (0)1 41 04 28 83orShareholder Relations:Tel: 0 805 902 902 (toll-free in France)orGroup CommunicationsTel: +33 (0)1 41 04 26 17
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