French retailer Carrefour Group (0NPH.L,CRRFY.PK,CRERF.PK) Thursday reported a sharp increase in profit for full year 2012, reflecting mainly capital gains from disposals, lower income tax, and a drop in non-current income and expenses. Annual sales increased on emerging markets, particularly Latin America.
The firm disposed its Colombian operations to Cencosud for a total consideration of 2 billion euros, and Malaysian activities to Aeon for 250 million euros. It sold its stake in Indonesian unit to its partner CT Corp for 525 million euros.
After the sale of its stake in their joint venture to Marinopoulos, its Greek partner became exclusive Carrefour franchisee in Greece, Cyprus and the Balkans. In Singapore, the Group closed two stores.
Non-current income and expenses dropped 69.8 percent to 707 million euros. Income tax expenses also fell 58.3 percent to 388 million euros.
For the full year, Group share net income jumped to 1.23 billion euros from 371 million euros in the previous year. The company posted net income from discontinued operations of 1.12 billion euros, lower than 2.24 billion euros a year earlier.
Net income from continuing operations totaled 113 million euros, compared to a loss of 1.87 billion euros last year.
Earnings before interest, tax, depreciation and amortization or EBITDA, declined 1.6 percent to 3.69 billion euros from 3.75 billion last year. EBITDA margin dropped to 4.8 percent from 4.9 percent last year.
Recurring operating income, or ROI, totaled 2.14 billion euros, down 2.6 percent from the prior year.
The world's second-largest retailer by sales after Wal-Mart Stores, Inc. (WMT), said its total revenues improved 1.3 percent to 78.46 billion euros. Net of taxes, sales increased 0.9 percent to 76.79 billion euros, driven by emerging markets. Sales were up 1.6 percent at constant exchange rates. The company has restated 2011 sales for disposals.
In France, sales improved 0.5 percent, benefited mainly by food sales, while Europe sales decreased by 2.7 percent at constant exchange rates.
Latin America recorded a sales growth of 12.1 percent and sales in Asia edged up 0.5 percent at constant exchange rates.
For full year 2013, the company anticipates continued action plans in all formats in France as well as continued expansion in emerging markets, particularly in Latin America and Asia.
The board has proposed a dividend of 0.58 euros per share for the year, payable in cash or in Carrefour shares.
In Paris, the shares are currently trading at 22.16 euros, up 3.6 percent, on a volume of 3.63 million shares.
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