As the world situation in the volatile Carrefour.docVIP

 PAGE \* MERGEFORMAT 11 As the world situation in the volatile Carrefour In the face of the unknown in 2003, Carrefour has been estimated at the beginning of the Group’s operations will have an impact on the event include: the official forecast of economic growth decline, gasoline prices change, the Iraq conflict, impact of currency exchange rate ... ... In 2003 in July, the nearly half a year today, we can see is: This year’s outbreak of the war in Iraq as scheduled, and this point and I believe that Carrefour’s Middle East and the West Asian market (including Turkey, Qatar and United Arab Emirates and other regions ) will bring a certain extent. Affect the exchange rate impact in the end how much Carrefour From another perspective, the war in Iraq, the U.S. dollar continued to decline and the emergence of the euro’s exchange rate continue to rise, leading some association with the U.S. dollar exchange rate countries had a tremendous impact, but in 2002, Carrefour’s these businesses will have suffered the impact of exchange rate fluctuations, although the sales of a fixed exchange rate calculations is increased by 4.6%, showing growth trend, but the exchange rate impact of the year reached -5.7, then the actual conversion, sales decline by 1.1 percentage points. Memories of January 1, 2002, the Argentine peso and the dollar exchange rate of 0.994, or 1 dollar 0.994 Argentine pesos, just two weeks later, the Argentine peso had fallen to 1:1.90 situation, that is down nearly 50%, which is a downward trend has not been effectively contained and continuing to decline in February the lowest to the lowest month of the 1:2.15,3 dropped to 1:3.60 and entered in May after the Argentine peso’s exchange rate had not the next one: 3.01, the lowest year reached 1:3.8800, and the highest is the beginning of liberalization of the exchange rate of the fixed exchange rate with the U.S. dollar a few days ago, the annual average 1:3.11049,2002 12 31, the Argentine peso’s