PR Newswire/Les Echos/
Bayonne, August 31st, 2010
2010 first-half earnings
2009
In thousand euros 2010 2009 full year
first half first half(restated
for CVAE)
Sales (excl. VAT) 244,866 233,926 515,198
Income from ordinary
operations 673 - 1,946 6,806
GUYENNE ET GASCOGNE Share of Sogara income 4,013 3,210 11,878
Consolidated financial Share of Centros
statements Comerciales
Carrefour income 2,539 2,685 8,657
Net income (Group share) 6,382 3,988 23,588
Sales (excl. VAT) 244,866 233,926
Guyenne et Gascogne EBIT - 630 - 2,428
parent company Sogara dividend 27,219 27,219
Net income 25,675 24,370
654,545 672,040 1,420,042
Sogara Income from ordinary 8,289 12,625 38,578
operations
Net income 8,026 6,420 23,756
Centros Comerciales Sales (excl. VAT) 4,098,974 4,258,420
Carrefour (Spain) Income from ordinary 162,537 156,462
operations
Net income 61,692 65,241
2009
full year
(published)
515,198
6,806
12,278
8,657
25,012
515,198
6,110
27,219
29,775
1,420,042
38,578
24,556
8,969,987
444,326
210,328
The figures for consolidated sales (excluding VAT) and income from ordinary
operations correspond to the parent company alone , with the Sogara and Centros
Comerciales Carrefour subsidiaries consolidated on an equity basis for 50% and
4.1% respectively.
The parent company's accounts are presented under French GAAP, while the
accounts for Sogara and Centros Comerciales Carrefou r are
presented under IFRS.
The classification of the French tax on business added value (CVAE) under income
tax has had the following impacts:
* Recognition of deferred taxes at December 31st, 2009, with a 1,424,000 euro
impact on the Group's earnings for 2009;
* CVAE tax for the first half of 2010 not taken into consideration in income
from ordinary operations, but recognized as a tax expense:
- 710,000 euros for Guyenne et Gascogne,
- 2,866,000 euros for Sogara.
HIGHLIGHTS
Throughout the half-year period, the sales trend was affected by the continuing
economic crisis and its impact on household consumption, particularly in
non-food sectors.
However, the satisfactory level of food spending has provided effective
support in terms of managing the networks and particularly benefited
the parent company's Carrefour Market supermarkets, enabling it to achieve
very significant improvements in its EBIT.
Sogara, penalized by the very large size of its hypermarkets and the weighting
of non-food in its selections, has seen a contraction in its income from
ordinary operations. Nevertheless, its net income is up thanks to a capital gain
on disposal and the elimination of the withholding tax on the dividend paid by
its Spanish subsidiary.
In Spain, in a still difficult climate, Centros Comerciales Carrefour is
continuing to move forward with its efforts to ensure effective control over
distribution costs, while maintaining its market shares. Income from ordinary
operations is up, but net income, affected by the non -recurring expenses
recorded, is down slightly.
The Guyenne et Gascogne Group as a whole achieved strong growth in consolidated
half-year earnings compared with the same period the previous year, climbing to
6,382,000 euros. As each time figures are released, it is important to
remember that the first half of the year is not particularly
representative due to seasonal factors, and even less so this year as a result
of the non-recurring items indicated previously.
OUTLOOK
Without waiting for the first signs of an economic recovery, the Guyenne et
Gascogne Group has implemented various measures, covering both commercial
aspects and effective cost management, enabling it to look ahead to the future
with confidence.
The parent company expects Carrefour Market's success to continue and
is forecasting improvements in its profitability, while Sogara looks set to
benefit from the further tests carried out in the Carrefour hypermarkets.
The Spanish subsidiary, which adopted a very quick response as soon as the
crisis began, is managing its operations effectively and plans to
maintain its good level of probability while capitalizing on opportunities
for expansion.
Third-quarter sales to be released on October 18th, 2010
The Guyenne et Gascogne Group's financial information and half-year financial
report are available on the company's website at: www.guyenneetgascogne.com
Press contact: Calyptus - Marie-Anne Garigue
Tel: +33 1 53 65 68 63 - Fax: +33 1 53 65 68 60
marie-anne.garigue@calyptus.net
Guyenne et Gascogne contact: Marc Léguillette
Tel: +33 5 59 44 55 06 - Fax: +33 5 59 44 55 77
marc.leguillette@guyenneetgascogne.fr
ISIN: FR0000120289
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