Carrefour S.A. http://www.alacrastore.com/company-snapshot/Carrefour_S_A-1003143 Saturday, July 05, 2008 9:05:53 PM 1003143 Carrefour S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/ccbn/T1885846ccbn/T1885846norm...Ladies and gentlemen, welcome to Carrefour conference call. I now hand over to Mr. Jose Luis Duran. Sir, please go ahead. ... 6/26/2008 8:12:00 AMCarrefour S.A.106.0000FinalCarrefour Market Conference Call TranscriptCARR.PA6:30pm CETTranscriptT1885846Credit & Investment ResearchThomson Street EventsFRANCE - Carrefour SA planned to launch a tender offer to acquire the remaining #.#% stake, or #.### mil ordinary shares, which it did not already own, in Hyparlo SA, a Charbonnieres-Les-Bains-based owner and operator of grocery stores, for ## euros ($###.### US) per share, or a total value of ##.### mil euros ($##.### mil), via squeeze out.6/4/2008 10:19:57 AM14442Q44913Z14442Q14442QCarrefour SAHyparlo SACarrefour SACarrefour SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Carrefour_SA_acquires_remaining_interest_in_Hyparlo_SA-1983277040sdc/19832770401983277040Copyright © 2008, Thomson Financial, All Rights ReservedParisRetail Trade-Food StoresFranceGrocery stores5411FFForeignPublicCA5311:Department stores5411:Grocery stores5311:Department stores5411:Grocery storesParis 2mktRetail Trade-Food StoresFranceGrocery stores5411FFForeignPublicHYPP103761001Own,op hypermarketsOwn,op hypermarketsCashCash OnlyOrdinary Share198075002Jun 4 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Carrefour SA, located inLevallois-Perret Cedex,France, owns and operateshypermarkets, supermarkets,convenience stores and harddiscount stores located inEurope, Latin America andAsia. Its operations primarilyoffer a wide range of food andnon-food products at lowprices. The company wasfounded in 1959.Carrefour SA, located in Levallois-Perret Cedex, France,owns and operates hypermarkets, supermarkets, conveniencestores and hard discount stores located in Europe, LatinAmerica and Asia. Its operations primarily offer a widerange of food and non-food products at low prices. Thecompany was founded in 1959.Carrefour SA, located in Levallois-Perret Cedex, France, owns and operates hypermarkets, supermarkets, convenience stores and hard discount stores located in Europe, Latin America and Asia. Its operations primarily offer a wide range of food and non-food products at low prices. The company was founded in 1959.1.000002.000003.000004.00000Hyparlo SA, based inCharbonnieres-Les-Bains-based,France, owns and operatesgrocery stores.Hyparlo SA, based in Charbonnieres-Les-Bains-based, France,owns and operates grocery stores.Hyparlo SA, based in Charbonnieres-Les-Bains-based, France, owns and operates grocery stores.0.000000.000000.0000015.75000NEURO03 Jun 08Tue, 03 Jun 2008 00:00:00 ESTDate Announced: 06/03/2008Date Effective:Acq. Rem. Int.Friendly0.000000.000000.000000.000000.0000073.00000Price/Share0.0000010.348 EURO10.348001149.7500010.348 EURO10.348000.000000.00000113.46000113.4600010.3480010.348 EURO1.55400N8.178000.000000.000000.000000.000000.0000016.0830016.083000.000000.000000.000000.000000.000000.0000099.100000.900000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000FRANCE - Carrefour SA plannedto launch a tender offer toacquire the remaining 0.9%stake, or 0.142 mil ordinaryshares, which it did notalready own, in Hyparlo SA, aCharbonnieres-Les-Bains-basedowner and operator of grocerystores, for 73 euros ($113.460US) per share, or a totalvalue of 10.348 mil euros($16.083 mil), via squeezeout.FRANCE - Carrefour SA planned to launch a tender offer to acquire the remaining 0.9% stake, or 0.142 mil ordinary shares, which it did not already own, in Hyparlo SA, a Charbonnieres-Les-Bains-based owner and operator of grocery stores, for 73 euros ($113.460 US) per share, or a total value of 10.348 mil euros ($16.083 mil), via squeeze out.FRANCE - Carrefour SA planned to launch a tender offer to acquire the remaining 0.9%stake, or 0.142 mil ordinary shares, which it did not already own, in Hyparlo SA, aCharbonnieres-Les-Bains-based owner and operator of grocery stores, for 73 euros ($113.460US) per share, or a total value of 10.348 mil euros ($16.083 mil), via squeeze out.FRANCE - Carrefour SA planned to launch a tender offer to acquire the remaining 0.9% stake, or 0.142 mil ordinary shares, which it did not already own, in Hyparlo SA, a Charbonnieres-Les-Bains-basedowner and operator of grocery stores, for 73 euros ($113.460 US) per share, or a total value of 10.348 mil euros ($16.083 mil), via squeeze out.FRANCE - Carrefour SA planned to launch a tender offer to acquire the remaining 0.9% stake, or 0.142 mil ordinary shares, which it didnot already own, in Hyparlo SA, a Charbonnieres-Les-Bains-based owner and operator of grocery stores, for 73 euros ($113.460 US) pershare, or a total value of 10.348 mil euros ($16.083 mil), via squeeze out.Intended0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Intended-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005411:Grocery stores103761001ParisFrance5411ForeignPublicCA5311:Department stores5411:Grocery stores103761001ParisFrance5411ForeignPublicCA16.0830010.3480016.083008.17800Deal InformationThomson Financial Mergers & AcquisitionsCHINA - In May ####, Guangzhou Grandbuy Co Ltd (GG) announced that it was seeking a buyer for its ##% stake in Carrefour Grandbuy Supermarket Co Ltd, a supermarket owner and operator, and a ##:## JV between Carrefour Guangzhou and GG. The transaction was approved by the board of directors.5/16/2008 11:47:05 AM81572I14431T81572I14442QSeeking BuyerCarrefour Grandbuy Supermarket Co LtdSeeking BuyerCarrefour SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Carrefour_SA_seeking_buyer_for_minority_stake_in_Carrefour_Grandbuy_Supermarket-1977886040sdc/19778860401977886040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necRetail Trade-Food StoresChinaGrocery stores5411FFForeignJoint Venture12029001Seeking buyerOwn,op hypermarketsNot ApplicableStock1010696001May 16 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Seeking buyerSeeking buyerSeeking buyer1.000002.000003.000004.00000Carrefour Grandbuy SupermarketCo Ltd is a supermarket andgrocery owner and operator,headquartered in China.Carrefour Grandbuy Supermarket Co Ltd is a supermarket andgrocery owner and operator, headquartered in China.Carrefour Grandbuy Supermarket Co Ltd is a supermarket and grocery owner and operator, headquartered in China.0.000000.000000.000000.00000N13 May 08Tue, 13 May 2008 00:00:00 ESTDate Announced: 05/13/2008Date Effective:Acq. Part. Int.Neutral0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000025.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000CHINA - In May 2008, GuangzhouGrandbuy Co Ltd (GG) announcedthat it was seeking a buyerfor its 25% stake in CarrefourGrandbuy Supermarket Co Ltd, asupermarket owner andoperator, and a 75:25 JVbetween Carrefour Guangzhouand GG. The transaction wasapproved by the board ofdirectors.CHINA - In May 2008, Guangzhou Grandbuy Co Ltd (GG) announced that it was seeking a buyer for its 25% stake in Carrefour Grandbuy Supermarket Co Ltd, a supermarket owner and operator, and a 75:25 JV between Carrefour Guangzhou and GG. The transaction was approved by the board of directors.CHINA - In May 2008, Guangzhou Grandbuy Co Ltd (GG) announced that it was seeking a buyerfor its 25% stake in Carrefour Grandbuy Supermarket Co Ltd, a supermarket owner andoperator, and a 75:25 JV between Carrefour Guangzhou and GG. The transaction was approvedby the board of directors.CHINA - In May 2008, Guangzhou Grandbuy Co Ltd (GG) announced that it was seeking a buyer for its 25% stake in Carrefour Grandbuy Supermarket Co Ltd, a supermarket owner and operator, and a 75:25 JVbetween Carrefour Guangzhou and GG. The transaction was approved by the board of directors.CHINA - In May 2008, Guangzhou Grandbuy Co Ltd (GG) announced that it was seeking a buyer for its 25% stake in Carrefour GrandbuySupermarket Co Ltd, a supermarket owner and operator, and a 75:25 JV between Carrefour Guangzhou and GG. The transaction was approved bythe board of directors.S Buyer0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:S Buyer-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005311:Department stores5411:Grocery stores12029001Unknown6799UnknownPrivate5311:Department stores5411:Grocery stores103761001ParisFrance5411ForeignPublicCA0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/383278_report_framefitch/383278_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Carrefour S.A.803602094/21/2008 2:07:30 PM01030300425Full Rating Report12017383278_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/635907spcred/635907normThe latest Summary from S&P3/17/2008 1:21:04 PMSummary175global635907FranceHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsRetailSummaryThe ratings on France-based international food retailer Carrefour S.A. reflect the group's leading and well-established positions in the protected French, Spanish, Italian, and Belgian markets, as well as its sizable presence in Latin America and Asia. The ratings are constrained by Carrefour's modest financial risk profile, due to the group's large expansion plans and ensuing substantial capital expenditures and structurally negative discretionary cash flow. The above-average characteristics of the food retail industry, where the earnings and margins of dominant global players are relatively predictable, underpin Carrefour's credit quality. Although the group's reported EBITDA margins have gradually eroded since 2004, owing to constant competition in France, they have remained between 6% and 7% since 1997. Full-year 2007 results confirmed the challengingFRAF1391LF1391U30101040 301010 3010 30Carrefour S.A.329103ASIAEMERGINGEUROMIDAFRLATAMERICAUSACA@FPSUMMARYGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/635705spcred/635705normThe latest Summary from S&P3/14/2008 3:57:38 PMSummary175global635705FranceHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsRetailSummaryThe ratings on France-based international food retailer Carrefour S.A. reflect the group's leading and well-established positions in the protected French, Spanish, Italian, and Belgian markets, as well as its sizable presence in Latin America and Asia. The ratings are constrained by Carrefour's modest financial risk profile, due to the group's large expansion plans and ensuing substantial capital expenditures and structurally negative discretionary cash flow. The above-average characteristics of the food retail industry, where the earnings and margins of dominant global players are relatively predictable, underpin Carrefour's credit quality. Although the group's reported EBITDA margins have gradually eroded since 2004, owing to constant competition in France, they have remained between 6% and 7% since 1997. Full-year 2007 results confirmed the challengingFRAF1391LF1391U30101040 301010 3010 30Carrefour S.A.329103ASIAEMERGINGEUROMIDAFRLATAMERICAUSACA@FPSUMMARYGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/374586_report_framefitch/374586_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Carrefour S.A.Casino Guichard-Perrachon S.A.J. Sainsbury plcKoninklijke Ahold N.V.METRO AGTesco plc803599648035996980360208803602098036083480362463804171792/29/2008 10:09:00 AM010300000103030001030301275Special Report01255812017AHMEOSBRYTSCO374586_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/370824_report_framefitch/370824_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Carrefour S.A.Casino Guichard-Perrachon S.A.DSG International PLCJ. Sainsbury plcMarks & Spencer Group plcMETRO AGTesco plc80359947803599648035996980360208803602098036042280362463804171792/5/2008 10:12:00 AM01000000010300000103030001030301250Special Report01255812017DSGIMEOMKSSBRYTSCO370824_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/COP_91200moodys/COP_91200htmlCredit Opinion1/4/2008 1:45:04 AMGlobal Credit Research Credit Opinion ## SEP #### Credit Opinion: Carrefour S.A. Carrefour S.A. Paris, France Ratings Category Moody's Rating Outlook Stable Senior Unsecured -Dom Curr A# Subordinate MTN -Dom Curr A# Other Short Term...Carrefour S.A.91200150.0000NewshtmlCarrefour S.A.COP_91200Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/361686_report_framefitch/361686_report_framepdfAccor S.A.Carrefour S.A.Casino Guichard-Perrachon S.A.Compass Group plcJ. Sainsbury plcKoninklijke Ahold N.V.L'Oreal SALVMH Moet Hennessy-Louis Vuitton SAMETRO AGSodexho Alliance S.A.Tesco plc80359949803599648035996980360208803602098036059480360834803610568036130080362463804171798095523712/13/2007 2:05:00 PM0100000001030000010301000103010101030200010303000103030101032100250Special Report0120320121010121220125581201712040AHCPGMEOSBRYTSCO361686_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/PBC_106257moodys/PBC_106257pdfAnalysis12/6/2007 12:20:25 PM...Carrefour SA ( Carrefour , the Group or the Company ) rated A#/P-#, stable is the world s second largest retailer in terms of revenues after Wal-Mart (Aa#/P-#, stable). As of December ####, the gr oup operated out of ##,### stores world- wide, of which #,### owned and #,### franc hised stores. It retains operations in ## countries in Europe, Latin America and Asia with Champion, Dia, ED and # huit being among its major banners. It also operates under the hypermarket, supermarket, hard discount and convenienc e store and cash & carry formats. Carrefour was the creator of the hype rmarket concept in #### and has been a pioneer in rolling out the format internationally. It grew in France with the acquisition of Comptoirs Modernes in #### and the merger with Promod s in ####, which also enabled it to increase its international markets, including Spain, Italy, Greece and Argentina. In #### the majority of hypermarket openings were in emerging markets, with the total number... Carrefour S.A.91200300.0000AnalysispdfCarrefour S.A.PBC_106257Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/358722_report_framefitch/358722_report_framepdfAccor S.A.Carrefour S.A.Casino Guichard-Perrachon S.A.Compass Group plcJ. Sainsbury plcKoninklijke Ahold N.V.L'Oreal SALVMH Moet Hennessy-Louis Vuitton SAMETRO AGSodexho Alliance S.A.803599498035996480360208803602098036059480360834803610568036130080362463804171798095523712/5/2007 10:06:00 AM0100000001030000010301000103010101030200010303000103030101032100250Special Report0120320121010121220125581201712040AHCPGMEOSBRYFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.358722_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/PR_142362_91200moodys/PR_142362_91200htmlAnnouncement10/19/2007 12:30:22 AMGlobal Credit Research Announcement ## OCT #### Announcement: Carrefour S.A. Moody's reports: European retailers may be challenged by difficult trading environment London, ## October #### -- The rating outlook for most European retailers...Carrefour S.A.91200150.0000Newshtml808801559X5 Retail Group N.V.808142080Focus DIY Holdings Limited807837375A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG61735Safeway Limited600061813Delhaize Group600053155Agrokor D.D.600048599Hornbach Baumarkt AG600010093Koninklijke Ahold N.V.600008224Metro AG594300Kingfisher plc496700Wm Morrison Supermarkets plc463500Marks & Spencer p.l.c.3081DSG International plc2990NEXT plc2714Tesco Plc2401J Sainsbury plc108290Alliance Boots plcA.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG; Agrokor D.D.; Alliance Boots plc; Carrefour S.A.; ...PR_142362_91200Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/599880spcred/599880normThe latest Summary from S&P9/6/2007 8:35:41 AMSummary175global599880FranceHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsRetailSummaryThe ratings on France-based international food retailer Carrefour S.A. reflect the group's leading and well-established positions in the protected French, Spanish, Italian, and Belgian markets, as well as its sizable presence in Latin America and in Asia. The ratings are constrained by Carrefour's modest financial risk profile, due to the group's large expansion plans leading to substantial capital expenditures and structurally negative discretionary cash flow. The group's credit quality is underpinned by the above-average characteristics of the food retail industry, in which the earnings and margins of dominant global players are relatively predictable. Carrefour's EBITDA margins have consistently been at 6%-7% since 1997, despite constant competitive pressure that can trigger price cuts like those that have occurred in France sinceFRAF1391LF1391U30101040 301010 3010 30Carrefour S.A.329103ASIAEMERGINGEUROMIDAFRLATAMERICAUSACA@FPSUMMARYGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_140014_91200moodys/PR_140014_91200htmlAnnouncement8/31/2007 12:25:57 AMGlobal Credit Research Announcement ## AUG #### Announcement: Carrefour S.A. Moody's affirms A# senior unsecured rating of Carrefour; Stable outlook Approximately US$#.# billion of Long-Term Debt Instruments affected London, ## August...Carrefour S.A.91200150.0000NewshtmlCarrefour S.A.PR_140014_91200Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/366965_pr_framefitch/366965_pr_framehtmlCarrefour S.A.803602098/30/2007 10:06:00 AM01030000010303000103030175Press Release12017Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.366965_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/598818spcred/598818normThe latest News from S&P8/30/2007 8:35:11 AMNews100global598818FranceHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsRetailNewsPARIS (Standard&Poor's) Aug. 30, 2007--Standard&Poor's Ratings Services said today that it has affirmed its 'A/A-1' corporate credit ratings on France-based international food retailer Carrefour S.A., following the announcement of an IPO of part of Carrefour's real estate portfolio, the proceeds of which will be served to shareholders through share buybacks. The outlook is stable "The operation will weaken the group's credit profile because Carrefour will no longer have full ownership of its operating assets," said Standard&Poor's credit analyst Nicolas Baudouin, "as a result, bondholders will not benefit from the same asset protection as in the past." In addition, minority shareholders of the property company will receive remuneration, through dividends, thereby slightly affecting cash flowFRAF1391LF1391U30101040 301010 3010 30Carrefour S.A.329103ASIAEMERGINGEUROMIDAFRLATAMERICAUSACA@FPNEWSGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/598819spcred/598819normThe latest Research Update from S&P8/30/2007 8:35:10 AMResearch Update175global598819FranceHypermarkets & Super CentersAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersCorporationsRetailResearch UpdateOn Aug. 30, 2007, Standard&Poor's Ratings Services affirmed its 'A/A-1' corporate credit ratings on France-based international food retailer Carrefour S.A., following the announcement on the same date of an IPO of part of Carrefour's real estate portfolio, the proceeds of which will be served to shareholders through share buybacks. The outlook is stable The operation will weaken the group's credit profile because Carrefour will no longer have full ownership of its operating assets, so bondholders will not benefit from the same asset protection as in the past. In addition, minority shareholders of the property company will receive remuneration, through dividends, thereby slightly affecting cash flow generation. On the positive side, Carrefour will keep a strong controlling stake (80%)FRAF1391LF1391U30101040 301010 3010 30Carrefour S.A.329103ASIAEMERGINGEUROMIDAFRLATAMERICAUSACA@FPRESUPDGLOBISSCORPRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/592702spcred/592702norm7/25/2007 5:07:15 PMThe latest Full Report from S&PFull ReportUNADJUSTED SUPERMARKET TAILORS REGAINED BENEFIT NPV MUSHROOMED SKUS ADVERTISING COLEADER CAPITALIZING DEFLATION RECONCILIATION UNPROFITABLE DISCOUNTERS MINORITY REVIEWED SUSTAINING USES STRINGENT EXTEND CASINO ADJUSTMENTS COMPARISON LAUNCHED CONSTRAINT WEATHERING ALIGNMENT KONINKLIJKE LIDL COMPETITOR HYPERMARKETS AMOUNTED PENETRATION ADOPT RESTRICTIONS MALLS OPTIONS RANGING CIE KNOWLEDGE TIGHT BRISK FORESEES LABEL GALLAND CBD GRADUALLY CHIEFLY EQUIVALENTS COMBINES AUCHAN BOASTED STORE ATTRACT ACCELERATED TOUGH VOLUNTARY PREVAILED DIVIDENDS FOSTERS CONVERTED LEVELED JAPANESE VERSUS WAL NOTEWORTHY KEEPING STRENGTHEN RENEWED BREAKDOWN DISCOUNTING PLANNING ASSOCIATIONS SKU AIMING 2005ADJUSTED PROMOTES RANKS ASIAN MERCHANDISE NARROWNESS SUSTAINABLE REST AMID LOWEST SCHEDULE FOCUSED ORGANICALLY CORE PLAYER TESCO OPERATOR ¦EXCESS BANNERS DERIVE PROFITS INCREASINGLY RECAPITALIZED YUAN INCENTIVE RECOVERED REMODELED NETWORK EXPECT MOVES MODERNIZATION BROAD FRANCHISEES GROUPE WEIGHING SIGNED NECESSITATED DETERIORATE ACTIVE DIVESTMENTS WINNING BRUNELLI DAMPENING BASKETSecond-largest food retailer worldwide, with extensive geographic diversity and 50% of sales generated outside France Leading positions in the protected French, Spanish, Italian, and Belgian markets, which account for the bulk of group sales and earnings Strong presence in the increasingly competitive French market Exposure to volatile emerging markets, albeit offset by leading positions, a track record in these markets, and an exit strategy when critical mass and profitability targets cannot be reached The ratings on France-based international food retailer Carrefour S.A. reflect the group's leading and well-established positions in the protected French, Spanish, Italian, and Belgian markets, as well as its sizable presence in Latin America and in Asia. The ratings are constrained by Carrefour's financial risk profile, dueCarrefour S.A.30101040 301010 3010 30FRAglobal180.00329103592702Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/592703spcred/592703norm7/25/2007 5:07:15 PMThe latest Summary from S&PSummaryUNADJUSTED KOREAN REST REGAINED SCHEDULE IMAGE PERFORMANCES CONSTANT CORE UNAFFECTED AHOLD BELGIAN CARREFOUR UNDERPINNED PROMPTED WORSEN SUSTAINING EARMARKED EXPECT CONSTRAINT PRICES DETERIORATE SCORED KONINKLIJKE PROTECTED AMOUNTED NARROWING UPS INTENSIFY FINIPER TRACK BROADLY EASILY SUPPORTED POINTS EQUIVALENTS ILLUSTRATED RESILIENT ACCELERATED SPA CONTRACTION TOUGH FFO DIVIDENDS EUR VERSUS CUTS CONSISTENTLY RETAILER EXERCISABLE EBITDAThe ratings on France-based international food retailer Carrefour S.A. reflect the group's leading and well-established positions in the protected French, Spanish, Italian, and Belgian markets, as well as its sizable presence in Latin America and in Asia. The ratings are constrained by Carrefour's financial risk profile, due to the group's large expansion plans leading to substantial capital expenditures and structurally negative discretionary cash flow. The group's credit quality is underpinned by the above-average characteristics of the food retail industry, where the earnings and margins of dominant global players are relatively predictable. Carrefour's EBITDA margins have consistently been at 6%-7% since 1997, despite constant competitive pressure that can trigger price cuts like those in France since 2004. Tough conditions in Carrefour'sCarrefour S.A.30101040 301010 3010 30FRAglobal100.00329103592703Credit & Investment ResearchS&P Credit Research