Carrefour Sa

Good day, everyone, and welcome to the Terra 4 full year 2022 results conference call. Today's call is being recorded, and now at this time, I'd like to turn the call over to Mr. Bumpad, Chairman and CEO, and Mr. Malij, CFO. Please go ahead.

Good evening to all of you. Thank you for joining us for this presentation of our annual results. Before diving into numbers, I'd like to make a few comments on 2022. 2022 was an intense and critical year marked by a difficult context for our industry with the return of very high inflation in Europe, tensions in supply chains, and an accelerating climate crisis. In this changing environment, Carrefour proved the strength of its model and lived up to its commitments. I would like to emphasize this because it demonstrates our great control over our operations and the same financial discipline we have shown in the past five years. It is clear that 2022 has been a successful year for us. We recorded sustained growth in sales, and we continued to gain market share in all our key markets, notably in France, Spain, and Brazil. I'd like to focus on France for a moment, because these are not just gains in market share by value for the second year in a row, but gains in market share in volumes. In terms of volumes gains, we are definitely the market leader in 2022. This trend is critical in the current context as it proves that our customer proposition, including formats, products, and prices, is the most attractive. In total, in France alone, we gained 470,000 new customers in 2022. Overall, we closely managed our operations throughout the year and completed a new savings plan of 1 billion euros. This enabled us to achieve a strong 8% growth in recurring operating income. Thanks to the solid management of our financial model, we generated a record level of net free cash flow at 1.26 billion euros, growing for the third consecutive year and keeping us on track to reach our goal of 1.7 billion euros by 2026. These results reflect the relevance of our model and our ability to perform well in any environment. This high level of performance extends to our social and environmental actions. In 2022, we again exceeded our annual targets with our food transition on CSR index ending at 109%. We have made particular progress in the fight against global warming by reducing our greenhouse gas emissions but also in packaging reduction and in employee engagement. Beyond these results, 2022 was a major year for our transformation and our strategy. After our digital day in November 2021, we have further accelerated our transformation as a digital retail company. First, we've taken a significant lead in the use of data with our solution streamlining assortment promotion, and personalized customer recommendations. We have also increased the use of our applications, which results in higher customer consumption within our ecosystem and reach 15 million omnichannel customers, or 19% of our total customer base. More broadly, we have outperformed the e-commerce market with 25% growth, and we've doubled in size in Brazil with further growth potential still ahead. In retail media, we reached 450 active car folding advertisers, and our revenues grew by 26%. In 2022, we also finalized the optimization of our geographic portfolio with a stabilized footprint in Europe and Latin America. We negotiated the sale of our stake in Carrefour Taiwan on excellent terms. So I think there's a problem with the microphone. So what do we have to do?

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