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EXHIBIT 7

Financial Data for Large Retail Firms in Europe 1967-1971


0.38
Sales (million F)
Country Firm 1967-68
France Au Printemps 5,151
Carrefour 524
Casino 1,245
Docks Remois 586
Galeries Lafayette 556
Belgium G.B Enterprises 664
S.A Innovation 419
Germany Karstadt 4,888
Kaufhol 4,459
Nechermann 2,048
U.K Great Universal 4,084
Marks and Spencer 3,226
Italy La Rainascrenie 1,366
Current Ratio
France Au Printemps 1.0
Carrefour 0.9
Casino 1.1
Docks Remois 1.2
Galeries Lafayette 1.2
Belgium G.B Enterprises 1.7
S.A Innovation 2.6
Germany Karstadt 4.1
Kaufhol 1.7
Nechermann 1.6
U.K Great Universal 2.8
Marks and Spencer 1.1
Italy La Rainascrenie 0.9

La Rainascrenie
Sales (million F) 1,744
Net Worth (million F) 314.0
Net Worth profit (million F) 0.1
Currrent Ratio (x) 0.7

Sales Growth
Country Firm
1968-69
Au Printemps 6.4%
Carrefour 95.6%
France Casino 10.8%
Docks Remois 7.0%
Galeries Lafayette -12.9%
G.B Enterprises 22.3%
Belgium
S.A Innovation -9.1%
Karstadt 8.0%
Germany Kaufhol 10.5%
Nechermann 6.9%
Great Universal 7.0%
U.K
Marks and Spencer 12.4%
Italy La Rainascrenie 4.4%

Net Income
Country 1967-68
Au Printemps 17.48
Carrefour 10.14
Casino 16.59
Docks Remois 4.51
France Galeries Lafayette (5.23)
G.B Enterprises 13.66
Belgium S.A Innovation 9.86
Karstadt 133.77
Kaufhol 98.67
Germany Nechermann 21.00
Great Universal 295.65
U.K Marks and Spencer 239.04
Italy La Rainascrenie 24.44

Net Profit Margin


Country 1967-68
Au Printemps 0.3%
Carrefour 1.9%
Casino 1.3%
Docks Remois 0.8%
France Galeries Lafayette -0.9%
G.B Enterprises 2.1%
Belgium S.A Innovation 2.4%
Karstadt 2.7%
Kaufhol 2.2%
Germany Nechermann 1.0%
Great Universal 7.2%
U.K Marks and Spencer 7.4%
Italy La Rainascrenie 1.8%

Current Profit
Country 1967-68
Au Printemps 1.0
Carrefour 0.9
Casino 1.1
Docks Remois 1.2
France Galeries Lafayette 1.2
G.B Enterprises 1.7
Belgium S.A Innovation 2.6
Karstadt 4.1
Kaufhol 1.7
Germany Nechermann 1.6
Great Universal 2.8
U.K Marks and Spencer 1.1
Italy La Rainascrenie 0.9
0.72 0.92 1.28 0.13 0.29 0.30 0.36 3.17
Sales (million F) Net Worth (million F ) Net Profit/ NetWort
1968-69 1969-70 1970-71 1967-68 1968-69 1969-70 1970-71 1967-68
5,480 6,120 6,719 372 373 378 372 4.7%
1025 1445 2234 39 89 98 112 26.0%
1380 1589 1868 79 110 118 141 21.0%
627 683 732 85 89 92 95 5.3%
484 545 582 275 267 243 160 -1.9%
812 1,343 1719 138 145 225 247 9.9%
381 853 971 145 152 262 260 6.8%
5,281 5,745 6,644 1,029 1,102 1,190 1,272 13.0%
4,929 5,218 5,928 759 816 858 931 13.0%
2,190 2,348 2,697 210 216 209 222 10.0%
4,370 4,856 5,079 1,971 2,002 2,154 2,364 15.0%
3,626 4,129 4,766 1,328 1,371 1,424 1,858 18.0%
1,426 1,564 1,744 298 306 324 314 8.2%
Ratio Total Debt/Shareholders Equity
1.0 1.2 0.9 0.9 1.1 1.2 1.4
0.9 0.9 0.9 3.8 2.4 3.7 4.6
1.1 1.2 1.0 3.5 2.8 3.6 4.0
1.3 1.2 1.4 1.3 1.7 2.0 2.1
1.0 1.1 1.0 0.8 1.0 1.2 1.6
1.6 1.6 1.4 1.0 1.3 1.1 1.9
3.1 1.5 1.1 0.8 0.8 1.3 1.4
3.4 2.6 2.0 0.8 0.8 0.9 0.9
1.9 2.7 2.1 1.5 1.4 1.5 1.6
2.0 2.0 1.6 2.2 2.6 2.8 3.3
2.6 2.6 2.8 0.5 0.7 0.7 0.7
1.1 1.0 1.1 0.6 0.7 0.8 0.8
0.8 0.8 0.7 1.5 1.6 1.8 2.0

Carrefour % Difference
2,234.0 0.28
112.0 (0.64) 7,000
0.4 3.70 6,000
5,000
0.9 0.29 4,000
3,000
Sales Amount (in Million F)

2,000
1,000
-
Sales Growth
1969-70 1970-71
11.7% 9.8%
41.0% 54.6%
15.1% 17.6%
8.9% 7.2%
12.6% 6.8%
Sales
65.4% 28.0%
123.9% 13.8%
8.8% 15.6%
5.9% 13.6%
7.2% 14.9%
11.1% 4.6%
13.9% 15.4%
9.7% 11.5%

Net Income
1968-69 1969-70 1970-71
18.28 7.18 1.86
16.02 22.54 43.68
15.40 16.52 22.56
4.72 5.43 6.56
(4.01) (24.06) (8.32)
15.95 24.75 37.05
6.84 15.72 12.48
143.26 154.70 165.36
114.24 128.70 130.34
23.76 10.45 15.54
300.30 323.10 354.60
246.78 284.80 445.92
24.79 25.27 26.06

Net Profit Margin


1968-69 1969-70 1970-71
0.3% 0.1% 0.0%
1.6% 1.6% 2.0%
1.1% 1.0% 1.2%
0.8% 0.8% 0.9%
-0.8% -4.4% -1.4%
2.0% 1.8% 2.2%
1.8% 1.8% 1.3%
2.7% 2.7% 2.5%
2.3% 2.5% 2.2%
1.1% 0.4% 0.6%
6.9% 6.7% 7.0%
6.8% 6.9% 9.4%
1.7% 1.6% 1.5%

Current Profit
1968-69 1969-70 1970-71
1.0 1.2 0.9
0.9 0.9 0.9
1.1 1.2 1.0
1.3 1.2 1.4
1.0 1.1 1.0
1.6 1.6 1.4
3.1 1.5 1.1
3.4 2.6 2.0
1.9 2.7 2.1
2.0 2.0 1.6
2.6 2.6 2.8
1.1 1.0 1.1
0.8 0.8 0.7
2.22 2.95 4.70
Net Profit/ NetWorth (Percent)
1968-69 1969-70 1970-71
4.9% 1.9% 0.5% France Market Share
Carre
18.0% 23.0% 39.0% Au Printemps 6,719
14.0% 14.0% 16.0% Carrefour 2,234
5.3% 5.9% 6.9% Casino 1,868
-1.5% -9.9% -5.2% Docks Remois 732 15.39%
11.0% 11.0% 15.0% Galeries Lafayette 582
4.5% 6.0% 4.8% 12,135
13.0% 13.0% 13.0%
14.0% 15.0% 14.0% 18.41%
11.0% 5.0% 7.0%
15.0% 15.0% 15.0%
18.0% 20.0% 24.0%
8.1% 7.8% 8.3%

France 12,135
Belgium 2690
Germany 15,269
UK 9,845
Italy 1,744

41,683

7,000 Belgium
6,000 Germany
5,000
4,000 UK
3,000
Sales Amount (in Million F)

2,000 Italy
1,000
-
Galeries Lafayette

La Rainascrenie
Karstadt
Casino

S.A Innovation

Nechermann
Carrefour

Marks and Spencer


Au Printemps

Docks Remois

G.B Enterprises

Kaufhol

Great Universal

France Belgium Germany U.K Italy

Sales by Country
Gale

Gr
G.

Marks
Sales

La
France Belgium Germany U.K Italy

Sales by Country
Carrefour Market Share in France

Au Printemps
6.03% 4.80%
Carrefour
15.39%
Casino
Docks Remois
55.37% Galeries Lafayette

18.41%

Sales by Country
18,000
16,000
14,000
sales in Million F

12,000
10,000
8,000
6,000
4,000
2,000
-
France Belgium Germany UK Italy
Country

Country Store Sales Amount


France Au Printem 6,719
Carrefour 2,234
Casino 1,868
Docks Remo 732
Galeries La 582
Belgium G.B Enterpr 1,719
S.A Innovat 971
Germany Karstadt 6,644
Kaufhol 5,928
Necherman 2,697
U.K Great Unive 5,079
Marks and 4,766
Italy La Rainascr 1,744
41,683
Number of Retail Stores in Operation
1961 1967 1969
Grocery and dairy stores 149,100 111,900 96,480
( sellling area less than 400 sq m)
Chain stores and cooperative 35,000 31,980 29,295
( sellling area less than 400 sq m)
Drug Stores 19,500 14,280 14,280
Total 203,600 158,160 140,055

Leading french Hypermarket chains, June 30 1972

Number of Store
opearted under trade Total Selling Area
Trade Name Owner Group name (in 000 sq m)
Carrefour Carrefour 28 250
Mammoth Paridoc 28 153
Escale Au Printemps 13 83
Radar Docks Remois 9 11
Rond Point 8 27
Euromarch GSRP 7 32
Auchan 5 47
Record 5 23
Geant Casino Casino 4 36
Delta 4 24
1971
85,090

26,050

13,710
124,850
Asumsi untuk Proyeksi 1972
AR Turnover 0.98 salaries (% from sales)
AP Turnover 20.25 depreciation (% from depreciable Fixed Assets
inventory Turnovr 21.70 other expense (% from Sales)
COGS (% from Sales)
Revenue Growth 53% Dividen from profit after tax
FA Growth 54% Employee profit sharing from profit after tax
Tax Rate 48% Minimum cash (% from sales)

Carrefour SA, Balance Sheet


(in Million)
1965 1966 1967 1968
Cash 9 5 8 18
Account receivable 0 - 1 2
inventory 6 14 17 30
other current assets 1 9 19 58
Current Asset 16 28 45 108

Intangible assets
Fixed Assets
Land 5 8 8 14
Building and Equipment 11 22 26 50
Other Fixed Assets 6 9 14 21
Total Fixed Assets 22 39 48 85
Less Depreciation 5 8 12 10
Net fixed asssets 17 31 36 75
Investment and advance to affiliates 2 3 4 5
Total Non Current Asset 19 34 40 80
Total Assets 35 62 85 188
3
Account Payable
Trade Notes (non Interest Bearing) 16 33 39 100
Other current liabilities 5 6 15 23
Current Liabiliites 21 39 54 123

Special Provision
Long Term Debt 3 9 14 26
3 9 14 26
Total Liabilities 24 48 68 149
Shareholder Equity 11 14 17 39
Total Liabilites and Equities 35 62 85 188
- - - -

Net Income 1965 1966 1967 1968


Revenues (all taxes included) 156 220 339 524
Less Value added tax 3 5 7 11
Revenues (net ot value added tax) 153 215 332 513

Starting Inventory 6 6 14 17
Plus: Purchases 133 194 291 454
Less: Ending Inventory 6 14 17 30
COGS 133 186 288 441
Gross Margin 20 29 44 72

Salaries 8 11 16 26
Depreciation and amortization 2 5 4 8
Other expenses 3 7 11 17
Total expense 13 23 31 51
Operating Profit 7 6 13 21

Non Operating gains (losesses) -1 0 1 1


Investment Provision
Profit before tax 6 6 14 22
Income Tax 3 3 7 12
Profit after Tax 3 3 7 10

Allocation of Profit after Tax


To: Shareholders Equity (R/E) 2
To: Employee Profit Sharing 4
To: Devidens 1 2 3

Cash Flow Statement 1965 1966 1967 1968


Net Income 3 3 7 10
Depreciation 2 5 4 8

Changes in Working Capital


Account receivable - (1) (1)
inventory (8) (3) (13)
other current assets (8) (10) (39)
Account Payable - - -
Trade Notes (non Interest Bearing) 17 6 61
Other current liabilities 1 9 8
Cash Flow from Operation 10 12 34
Fixed assets -17 -9 -37
Intangible assets 0 0 0
Investment and advance to affiliates -1 -1 -1
Cash Flow from Investment -18 -10 -38

Special Provision 0 0 0
Long Term Debt 6 5 12
Shareholder Equity (2) (4) 2
4 1 14

Net Cash (4) 3 10


Beginning Cash Flow 9 5 8
Ending Cash 5 8 18

Tax Rate 50% 50% 50% 55%


6%
n (% from depreciable Fixed Assets) 12%
se (% from Sales) 3%
86%
m profit after tax 31%
rofit sharing from profit after tax 43%
ash (% from sales) 5%

1969 1970 1971 1,972


51 116 151 (194)
2 3 4 8
65 72 107 179
50 75 124 124
168 266 386 116

4 1 1 1

20 25 28 43
82 136 202 312
38 52 49 76
140 213 279 430
22 35 63 109
118 178 216 321
10 12 19 19
132 191 236 341
300 457 622 457

48 61 77 141
79 147 244 -
59 86 124 124
186 294 445 265

1 1 1
25 64 64 64
25 65 65 65
211 359 510 330
89 98 112 127
300 457 622 457
- - - -

1969 1970 1971 1,972


1,025 1445 2,234
147 195 298
878 1250 1936 2,962

34 65 72
782 1,063 1,670
65 72 107
751 1056 1635 2,541
127 194 301 420

56 82 119 164
15 19 32 46
26 41 61 89
97 142 212 299
30 52 89 121

4 -5 1 0
-4 -7 -10 (7)
30 40 80 114
14 17 36 55.31
16 23 44 59

4 5 6
7 10 20 25.47 0%
6 10 20 18.37 29%

1969 1970 1971 1,972


16 23 44 59
15 19 32 46

- (1) (1) (4)


(35) (7) (35) (72)
8 (25) (49) -
48 13 16 64
-21 68 97 (244)
36 27 38 -
67 117 142 (150)
-55 -73 -66 (151)
-4 3 0 -
-5 -2 -7 -
-64 -72 -73 (151)

0 1 0 -
-1 39 0 -
31 (20) (34) (44)
30 20 -34 (44)

33 65 35 (345)
18 51 116 151
51 116 151 (194)

47% 43% 45% 48%


Percentage of Cumulative Selling Area under Each form of Operation

1966 1967 1968


Wholly owned store 100% 90% 94%
Joint Venture store 10% 6%
Franchise Store
100% 100% 100%

Trends
1966 1967 1968
Sales 41% 54% 55%
COGS 40% 55% 53%
Gross Margin 45% 52% 64%
Operating Profit -14% 117% 62%
Income Tax 0% 133% 71%
Net Income 0% 133% 43%
Inventory 133% 21% 76%
Current assets 75% 61% 140%
Non current asset 79% 18% 100%
Fixed Assets 77% 23% 77%
Shareholder Equity 27% 21% 129%
Investment and advance to affiliates 50% 33% 25%

Ratio
Activity Ratio 1966 1967 1968
AR Tunover (in Days) - 1.08 1.40
AP Turnover (in Days) - - -
Inventory Turnover (in Days) 23.44 18.43 21.05
Cash Convertion Cycle 23.44 19.52 22.46

Number of Shares 347 347 464

Liquidiy Ratio 1966 1967 1968


Current Ratio (x) 0.7 0.8 0.9
Quick Ratio (x) 0.36 0.52 0.63
Net Working Capital (in Million F) -11 -9 -15

Free Cash Flow 1966 1967 1968


EBITDA (operating profit + Depreciation and
amortization) 11 17 29
Tax -3 -7 -12

Net Operating working capital -16 -17 -33


Operating Current Assets 23 37 90
Operating Current Liabilities 39 54 123

Invested capital (total Fixed assets and investment in


affliate) 42 52 90
Operating Capital 26 35 57
Changes in Operating capital 16 9 22
FCF -8 1 -5

Profitability 1966 1967 1968


Gross Profit Margin 13.5% 13.3% 14.0%
Profit/Sales (net of VAT) 1.4% 2.1% 1.9%
Profit/Equity (ROE) 21.43% 41.2% 25.6%
Trends
Sales 41% 54% 55%
Gross Margin 45% 52% 64%

Shareholder value 1966 1967 1968


Dividends per share (francs) 2 4 7
Book value per share (francs) 40 48 84
Market Value per share (francs)
Price-Earning ratio
Dividend yield
Dividend payout ratio 33.0% 29.0% 30.0%
Earnings per share (francs) 8.65 20.17 21.55

ROIC 1966 1967 1968


EBIT 6 13 21
Tax 50% 50% 55%
Total Invested capital 26 35 57
12% 19% 17%
ROE
Net Profit Margin 1.4% 2.1% 1.9%
TATO 3.47 3.91 2.73
Equity Multiplier 4.43 5.00 4.82
21% 41% 26%

Source of Fund 1966 1967 1968


Current Liabilities (non-interest Bearing Debt) 63% 64% 65%
Interest Bearing Debt 15% 16% 14%
Equity 23% 20% 21%
DER 77% 80% 79%
Partnership type
wholly owned wholly owned, JV

Increase of Sales 41% 54% 55%


Increase in Current Asset 75% 61% 140%
Increase in Non Current Asset 79% 18% 100%
Increase in Fixed Assets 77% 23% 77%
Increase in investment in affiliate and advance 50% 33% 25%

Interest Bearing Debt 9 14 26


Equity 14 17 39
39 54 123
62 85 188
1969 1970 1971 1972
56% 53% 54% 37%
24% 23% 18% 34%
20% 25% 28% 29%
100% 101% 100% 100%

1969 1970 1971


71% 42% 55%
70% 41% 55%
76% 53% 55%
43% 73% 71%
17% 21% 112%
60% 44% 91% Investment portion 1965 1966
117% 11% 49% Current assets 46% 45%
56% 58% 45% Non current asset 54% 55%
65% 45% 24%
65% 52% 31% building and equipment
128% 10% 14%
100% 20% 58%

1969 1970 1971 1972


0.82 0.86 0.74
23.01 20.80 16.95
26.65 20.74 19.90
4.46 0.80 3.69 -

588 588 588

1969 1970 1971


0.9 0.9 0.9
0.55 0.66 0.63
-18 -28 -59

1969 1970 1971

45 71 121
-14 -17 -36

-69 -144 -210


117 150 235
186 294 445

150 225 298


81 81 88
24 0 7
7 54 78

1969 1970 1971


14.5% 15.5% 15.5%
1.8% 1.8% 2.3%
18.0% 23.5% 39.3%

71% 42% 55%


76% 53% 55%

1969 1970 1971


11 18 34
151 168 191
1.040 1.980
27 27
1.7% 1.7%
38.0% 43.0% 45.0%
27.21 39.12 74.83

1969 1970 1971


30 52 89
47% 43% 45%
81 81 88
20% 37% 56%

1.8% 1.8% 2.3%


2.93 2.74 3.11
3.37 4.66 5.55
18% 23% 39% 15.36 19.53 13.15 9.87 12.76

1969 1970 1971


62% 64% 72%
8% 14% 10%
30% 21% 18%
70% 79% 82%

wholly owned, JV, Franchise

71% 42% 55%


56% 58% 45%
65% 45% 24%
65% 52% 31%
100% 20% 58%

25 64 64
89 98 112
186 294 445
300 456 621
JV JV JV
F
1967 1968 1969 1970 1971
53% 57% 56% 58% 62%
47% 43% 44% 42% 38%
Ownership, profitability

Carrefour Profit After Dividen to


Affliate Name Year Ownership Revenue Tax Carreour
(million F) (thousand F)(thousand F)

SAMOD 1969 92% 5 417 174


1970 92% 13 607 221
1971 90% 17 1089 221

SOGARA 1969 49.90% 97 219


1970 49.90% 257 3930 150
1971 49.90% 304 7710 500

Ardennals 1969
1970
1971 14.60% 58 175

Ditrimas 1969
1970 49.90% 42 8
1971 49.90% 45 19

Hyoermarche S.A 1969 30%


1970 30%
1971 30%

Italmare 50%
Hypermart Ltd 10%
Pelaza 6*%
Other Affiliated

(stated in thousand USD)


Revenue (Carrefour portion) Dividen
Affiliated 1969 1970 1971 1969 1970
SAMOD 4,600.0 11,960.0 15,300.0 174.0 221.0
SOGARA 48,403.0 128,243.0 151,696.0 - 150.0
Ardennals 8,468.0
Ditrimas 20,958.0 22,455.0
Total 53,003.0 161,161.0 197,919.0 174.0 371.0
Investment
and Advance
(Million F)

1.8

0.8

2.6

4.8

2.2
1.3

0.2
18.7

Dividen Net Income % Dividen Payout Ratio Dividen per Revenue


1971 1969 1970 1971 1969 1970 1971 1969 1970
221.0 417.0 607.0 1,089.0 42% 36% 20% 3.8% 1.8%
500.0 219.0 3,930.0 7,710.0 0% 4% 6% 0.0% 0.1%
175.0 0%
8.0 19.0 0% 0%
721.0 636.0 4,545.0 8,993.0 27.36% 8.16% 8.02%
den per Revenue
1971
1.4%
0.3%
0%
0%