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Carrefour releases Final Results

                         Annual results 2004

- 2004 earnings per share grew 2.8%

- Net debt fell by EUR1.1bn

- In 2005, we have to go further and faster to return
  to profitable growth


                       Sales ex. VAT
                       . 72 668 m EUR

                           +4.0%
                 on constant exchange rates

                           +3.1%
                 on current exchange rates

                            EBIT

                        . 3 234 m EUR
                           -0.5%

                    Recurring net profit
                      Group share after
                   goodwill amortization

                         . 1 662 m EUR
                            +2.6%

                           EPS after
                    goodwill amortization

                          . 2.29 EUR
                             +2.8%


                A summary of the 2004 results

In m EUR                         2004       2003      Chg

Sales excluding VAT            72 668     70 486     +3.1%
EBITDA                          4 917      4 871     +0.9%
EBIT                            3 234      3 251     -0.5%
EBIT margin                      4.5%       4.6%
Profit before tax               2 810      2 788     +0.8%

Recurring net profit            2 075      2 049     +1.3%
Recurring net profit - Gp sh.
before GW                       1 981      1 938     +2.2%
after GW                        1 662      1 620     +2.6%
Non recurring items - Gp share   (275)         9        ns
Net profit - Gp share           1 387      1 629    -14.9%
EPS
before GW (in euros)             2.73       2.67     +2.5%
after GW (in euros)              2.29       2.23     +2.8%
Cash flow                       3 406      3 433     -0.8%
Capital expenditure             2 564      2 717     -5.6%
Net debt / Sh. Equity             90%       107%
Cash flow/net debt                50%        43%
Interest coverage               11.6x      10.5x
(EBITDA / financial charges)

Sales ex-VAT per zone

in m euros           2004       2003     Chg        Chg on
                                                 ctt rates

France             35 723     35 704   +0.1%         +0.1%
Europe (excl. Fce) 27 123     25 527   +6.3%         +6.2%
Americas            4 721      4 619   +2.2%         +7.5%
Asia                5 101      4 637  +10.0%        +18.8%
Total Group        72 668     70 486   +3.1%         +4.0%

EBIT per zone

in m euros           2004       2003            Chg
                                      current rates

France              1 965      2 144          -8.3%
Europe (excl. Fce)  1 070        952         +12.4%
Americas               50         13           3.8x
Asia                  149        143          +4.0%

Total Group         3 234      3 251          -0.5%

Key Messages from 2004

In 2004, we repositioned our French hypermarkets on price and food market share in France was stable overall.

We began the year with only 30% of our stores number one or number two on price locally. Today, over three quarters are number one and almost all are ranked number one or number two versus their local competitors.

Although we lost share in hypermarkets, we gained market share of our supermarkets and hard discount stores which enabled us to maintain food market share overall in France, according to Secodip.

We grew profitability and ROCE outside of France

As a result, we grew EBITDA by 0.9% despite the cost of price investment in France.

We began to divest underperforming or non-core assets

We sold or closed 57 supermarkets in Spain, Argentina and Brazil, and sold our 22% stake in the Portuguese retailer Modelo Continente. At the same time we reinforced our position in key markets through in-fill acquisitions (Greece, Poland) and franchise agreements (France, Italy).

We improved our financial ratios

Year end net debt for the year fell by 14% or EUR1.1bn, while interest cover increased over 10% to 11.6x and gearing fell from 107% to 90%.

Our goals in 2005

In 2005, we have to achieve four key goals

Strengthen our price image in our French hypermarkets

In 2005, we will invest further to improve our price image with the goal of being number one on price locally in all our stores.

Grow customer traffic in our French hypermarkets to win market share

We must communicate better to the consumer. We will reinforce the attractiveness of our product offer, focusing on competitiveness, innovation and modernisation.

Improve significantly our profitability and ROCE outside of France

We will build on strong market positions in Europe, Asia and Latin America. We are also cleaning up and upgrading our portfolio of assets. With the divestment of Mexico and Japan we are close to achieving our initial target of divesting assets with cash in of EUR1bn.

Prepare for accelerated growth in 2006 and 2008

We can guarantee that we will open one million square metres of new space in 2005. We will prepare to accelerate our opening programme from 2006 onwards.

We will examine how to use our skills as a multi format retailer to reinforce our share in key markets.

AGM

20 APRIL 2005

The Shareholders Annual Meeting will be held on April 20th 2005 in Paris in the Carrousel du Louvre at 9.00 am. A dividend of 0.94 euro per share will be proposed vs 0.74 euro in 2003, an increase of 27% It will be payable on April 22 2005.

DATES OF PUBLICATIONS 2005

12 April : 1Q sales
12 July : 2Q sales
1 September : 1H results
12 October : 3Q sales
12 January 2006 : 4Q Sales

CONTACTS

Shareholders information
No vert 0805 902 902

Investor relations
(33) 01 53 70 19 00

Press Relations
(33) 01 49 09 26 66

All our results available on www.carrefour.com

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