Casino Group - First quarter 2021 net sales and financial
information
FIRST-QUARTER 2021Strong
growth in the profitability of banners and E-commerce, enabling the
Group to accelerate its debt reduction
First-quarter 2021 confirmed the second-half 2020 trend
of increased profitability across all
geographiesThis profitability improvement led to
faster debt reduction Consolidated net sales
of €7.1bn, stable on a same-store basis, and up 6.5% over 2
years
- In France, excellent quarter for Cdiscount, with
marketplace revenues up +43%
- In Latin America, growth remained very strong at Assaí,
with sales up +21%
Q1 EBITDA: +21% at constant exchange
rates
Q1 EBITDA after lease payments: +49% at constant exchange
rates
- +19% in France, margin: +130
bps
·+372% in France, margin: +84 bps
- +22% in Latam, margin: +86 bps
·+29% in Latam, margin: +79 bps
Gross debt: -€1,625m reduction versus Q1
2020
Net debt (excl. IFRS 5): -€1,033m reduction versus Q1 2020
- -€965m in
France
· -€467m in France (-€715m including settlement of GPA TRS)
- -€660m in
Latam
· -€566m in Latam
France
FRANCE
Profitability increased sharply once again, with an
EBITDA margin up +130 bps versus Q1 2020, driven by (i)
cost-saving and operational efficiency plans in the
brick-and-mortar banners and (ii) Cdiscount’s good
performance.
In €m |
Q1 2020 |
Q1 2021 |
Change |
EBITDA |
172 |
204 |
+19% |
EBITDA after lease payments |
9 |
40 |
+372% |
EBITDA was up +19% versus Q1 2020, in a context of lower
net sales relative to the exceptionally high basis of comparison
during the first lockdown.
- Further increase in profitability led by the
cost saving and operational efficiency plans in
place since second-half 2020;
- Net sales declined year-on-year, Q1 2020
having experienced exceptional demand relating to the first
lockdown. Over two years, net sales were virtually stable on a
same-store basis, with increases for the convenience
banners and strong growth in E-commerce. The Group
continued its development through its priority growth
drivers:
- Very strong growth in food E-commerce (up +38%
year-on-year and +97% versus Q1 2019), driven by exclusive
partnerships in France with the industry's leading technology
players:
- Success of the Ocado partnership:
Monoprix Plus and Casino Plus deliveries from the
O’logistique automated warehouse increased by +40%
versus Q4 2020, and by +166% versus
Q3 2020. The automated warehouse has already handled
over €100m in home deliveries on an annualised basis;
- Further strengthening of Amazon
partnership: the service covers
70% of the Île-de-France population, and
Monoprix is now Amazon’s sole partner in express food
delivery following the discontinuation of its own delivery
service.
- Deployment of the expansion plan, with
115 convenience stores opened over the quarter,
ahead of the target of 300 store openings by June,
of which 100 in Q1 2021;
- These growth drivers, which
strategically differentiate the Group, will continue to gain
momentum in the upcoming quarters.
- Cdiscount: further profitable growth,
with marketplace revenues rising +43% in Q1 to total €197m over 12
months:
- Marketplace GMV up +34% over the quarter,
representing 46% of total GMV (+7 pts);
- Digital marketing up by a strong +43%;
- Accelerated expansion of the turnkey marketplace
solution Octopia (+86%), a unique B2B
offering which can provide 900,000 European merchant websites
(€600bn in GMV) with top-class technology and logistics solutions,
and a potential 100 million products and 13,000 vendors.
- GreenYellow: growth of the
pipeline1, rising to 720 MWp including 200 MWp
under construction (versus 565 MWp at end-2020), with an
additional prospective pipeline of more than 2.5 GWp.
- RelevanC: growth in revenues,
driven by a +50% increase in Retail Media business
(activities with advertisers). In Q1 2021, RelevanC put in place
drivers to accelerate its growth with (i)
the partnership with the digital division of the TF1 group (26
million profiles), (ii) the acquisition of Inlead (a
technology platform for local digital marketing that enables
RelevanC to extend its offering), and (iii) the digital
partnership with Intermarché.
- Financial structure:
- The Group successfully completed a €1.525bn refinancing
transaction, extending the average maturity of its debt
from 3.1 to 3.7 years while also reducing its average interest
rate;
- The Group studies potential capital increases for
GreenYellow and Cdiscount with the aim of accelerating their growth
plans, potentially through market transactions.
1 Pipeline including GreenYellow’s joint ventures
IN LATIN AMERICA
Profitability up sharply with reported EBITDA up +32%2,
from BRL 1.2bn to BRL 1.6bn.
- In Brazil, organic growth of +12.1% driven by Assaí
(+21%1);
- The Group’s leading position in food
E-commerce was strengthened, with GPA online sales up
+137%2 in Brazil and Éxito Group online sales up +145%2.
The Assaí spin-off operation was highly successful. The
combined value of GPA and Assaí shares has increased from
BRL 62 to BRL 125, and from USD 12 to USD 23
since the announcement of the spin-off
3.
Key figures
Consolidated net sales by
segment
Net sales (in €m) |
Q1 2021 |
Totalgrowth |
Organicgrowth4 |
Same-storegrowth5 |
Same-store growth5 over 2 years |
France Retail |
3,388 |
-12.8% |
-7.3% |
-6.4% |
-1.0% |
Cdiscount |
483 |
+7.6% |
+7.6% |
+7.6% |
+1.4% |
Total France |
3,871 |
-10.7% |
-5.6% |
-4.3% |
-0.5% |
Latam Retail |
3,275 |
-17.3% |
+8.4% |
+4.0% |
+12.8% |
GROUP TOTAL |
7,146 |
-13.8% |
+1.4% |
+0.1% |
+6.5% |
Cdiscount GMV2 |
1,006 |
+11.8% |
+13.0% |
n.a. |
n.a. |
In first-quarter 2021, the currency effect was -11.4%, changes
in scope of consolidation had a negative impact of -2.3%, and the
fuel effect came to -0.5%. The calendar effect was -1.1%.
Consolidated net sales in France by
banner
|
Q4 2020/Q4 2019 change |
Q1 2021/Q1 2020 change |
|
Net sales by banner (in €m) |
Q4 2020 net sales |
Total growth |
Organic growth5 |
Same-store growth1 |
Q1 2021 net sales |
Total growth |
Organic growth1 |
Same-store growth1 |
Same-store growth over 2 years1 |
Monoprix |
1,219 |
-1.0% |
-0.2% |
+1.0% |
1,119 |
-3.2% |
-2.0% |
-3.2% |
+0.3% |
Supermarkets |
727 |
-6.2% |
0.0% |
+3.3% |
675 |
-9.6% |
-9.5% |
-7.1% |
-0.2% |
o/w Casino Supermarkets6 |
687 |
-6.8% |
-0.5% |
+3.3% |
640 |
-10.1% |
-10.0% |
-7.6% |
-0.7% |
Franprix |
378 |
-2.2% |
-2.5% |
+0.7% |
366 |
-11.2% |
-10.3% |
-9.1% |
+2.4% |
Convenience & Other7 |
456 |
-24.8% |
+4.1% |
+5.6% |
415 |
-33.4% |
-6.7% |
-7.2% |
+1.7% |
o/w Convenience8 |
315 |
+6.1% |
+5.4% |
+5.8% |
316 |
-5.9% |
-4.8% |
-7.2% |
+3.5% |
Hypermarkets |
959 |
-17.6% |
-8.6% |
-6.8% |
814 |
-14.2% |
-11.2% |
-9.3% |
-7.8% |
o/w Géant2 |
903 |
-18.7% |
-9.5% |
-7.2% |
765 |
-15.0% |
-12.0% |
-9.7% |
-8.3% |
o/w Food |
652 |
-9.4% |
n.a. |
-5.3% |
537 |
-15.0% |
n.a. |
-10.1% |
-7.5% |
o/w Non-food |
107 |
-32.1% |
n.a. |
-18.6% |
83 |
-14.4% |
n.a. |
-8.7% |
-16.1% |
FRANCE RETAIL |
3,739 |
-10.2% |
-1.9% |
+0.1% |
3,388 |
-12.8% |
-7.3% |
-6.4% |
-1.0% |
First-quarter sales in the
France Retail segment came to €3,388m, a same-store change
of -1.0% versus Q1 2019 and of -6.4% versus Q1 2020 due to
exceptionally high sales last year during the first
lockdown.Momentum remained very strong in food
E-commerce, with +38% same-store growth
in net sales for the quarter, following +43% growth in Q1 2020.
O’logistique deliveries (Monoprix Plus and Casino
Plus) increased by +40% versus Q4 2020,
and by +166% versus Q3 2020. During the first
quarter of 2021, the Géant Casino and Casino Supermarkets banners
adopted a single website and a competitive, unified pricing
policy9, setting up 400 pedestrian pick-up points in
stores, with 290 of them also providing a home delivery service.
The Group also signed a partnership agreement with Uber
Eats, with services to be rolled out to around 500
stores by autumn 2021.The digitalisation of the
customer experience continued over the quarter, with
558 stores now offering automated solutions
(versus 533 at end-2020), enabling them to operate autonomously in
the evening and on Sundays. 63% of payments at Géant hypermarkets
and 53% at Casino Supermarkets were made by smartphone or automatic
checkout (versus 61% and 48% at end-2020). CasinoMax app users
accounted for 24% of sales in hypermarkets and supermarkets in the
first quarter (versus 22% at end-2020).
Business review by banner:
- Net sales at Monoprix were up slightly
versus Q1 2019 (down -3.2% year-on-year) in a
Parisian market in decline versus 2019 due to the temporary
reduction in tourism and Parisians’ migration to other regions as
health measures were tightened. E-commerce grew
significantly in Q1 2021, driven by the
ramp-up of Monoprix Plus via the O’logistique automated
warehouse now offering more than 28,000 items (versus an
average market offering of 15,000). In early April, the banner
opened its first Cliquez&Retirez service (Monoprix Plus
pedestrian Drive solution provided by O’logistique). After Paris,
Nice, Lyon and Bordeaux, the partnership with
Amazon was extended to Montpellier.
Naturalia became France’s first food retailer to be awarded
Benefit Corporation (B Corp) international certification,
which attests to the banner’s firm commitment to social and
environmental responsibility, the quality of its governance and its
transparency with regard to its customers. Monoprix was also named
Top Employer 2021 for the excellence of its HR practices. During
the quarter, Monoprix continued to expand its store network, with
10 store openings (Monop’ and Naturalia) as well
as the roll-out of autonomous solutions (204 stores to date, with
25 new deployments in Q1).
- Franprix reported same-store sales
growth of +2.4% versus Q1 2019 (down -9.1% year-on-year).
Robust sales in the Paris suburbs has offset lower
levels of consumption in Paris compared to 2019, due to the
temporary drop of the number of tourists and office workers, and
Parisians’ migration to other regions. E-commerce continued
its expansion with triple-digit growth, supported by the
development of the E-commerce app and the website launched in 2020.
The non-food expansion strategy was stepped up with the roll-out of
Hema corners (268 stores versus 210 end-2020 and
134 end-Q3 2020). Franprix is now focusing on the expansion
of its store network, and plans to open 150 points of sale
over the next two years, primarily in the Paris and Lyon suburbs.
The banner plans to open more than 50 stores this year (of which 6
opened in Q1 2021).
- Net sales in the Convenience segment continued their
structural progression, at +3.5% on a same-store basis versus Q1
2019 (down -7.2% year-on-year, marked by an exceptional
level of demand relating to the first lockdown). The expansion of
the store network accelerated with 99 store
openings over the quarter, primarily under the Vival and
Spar banners and in rural regions. The Group continued to
focus on innovation with the opening of a
new “Casino # toutprès”
concept store (5 stores at end-March), offering a wide
range of self-service products with a focus on organic, local and
private-label products, as well as convenience services and
extended opening hours.
- Casino Supermarkets reported a -0.7%
same-store decline versus Q1 2019, and a -7.6% same-store
decline year-on-year, shaped by an exceptional level of demand
associated with the first lockdown last year and the impact of the
curfew in Q1 2021. E-commerce was once again a growth
driver, led by partnerships with Deliveroo (93
supermarkets) and Shopopop (74 supermarkets), and the
roll-out of Casino Plus, launched on 30 September
2020, a home delivery service from the O’logistique automated
warehouse that offers over 21,000 items (versus an average market
offering of 15,000). In addition, the banner continued to deploy
autonomous solutions, with 205 stores
offering such solutions to date.
- Sales at Géant Hypermarkets were down
-8.3% on a same-store basis versus Q1 2019 and down -9.7%
year-on-year, impacted by the roll-out of non-food corners, the
impact of the curfew and the closure of non-food sections, and the
drop in traffic due to the closure of shopping centres.
E-commerce continued to grow, supported by
partnerships with Uber Eats (20 stores), Deliveroo (15 stores) and
Shopopop (55 stores). In addition, the “shop-in-shop”
strategy continued at an accelerated pace with the
roll-out of Hema corners (54 corners, of which a further 46 in Q1
2021), C&A corners (17, of which an additional 9 in Q1 2021),
and Claire’s corners (64, of which a further 2 in Q1 2021).
Lastly, the deployment of autonomous solutions
continued, with 69 stores equipped to date.
Cdiscount10
In Q1 2021, Cdiscount reported very
strong momentum in the marketplace, with GMV up
+34% over the quarter, and revenues
(commissions and services to vendors) up +43%.
The banner continued its profitable growth
strategy, based on four priority areas:
- Growth of the marketplace, with
(i) a sharp increase in GMV (+34%) and the
marketplace contribution, which represented 46% of total
GMV for the quarter (up +7.2 pts versus the
prior-year period), and (ii) an acceleration in
marketplace revenues (commissions, services to vendors,
marketplace subscription fees and rebates),
up +43% to reach €197m on a
rolling 12-month basis. The Fulfillment by Cdiscount service grew
by +42.5%;
- Product mix adjustments, with strong growth in
higher margin and recurring purchase categories.
The Home, DIY and Leisure categories reported a +29% increase for
the quarter;
- Digital marketing, with revenues up
+43% over the quarter, driven by the development
of the Cdiscount Ads Retail Solution (CARS) digital marketing
platform, which enables vendors and suppliers to promote their
products and brands on a self-service platform. Also during the
quarter, Cdiscount launched its Cdiscount Advertising platform,
which will incorporate all existing digital marketing
solutions;
- The acceleration of Octopia, the
turnkey marketplace solution for retailers and
e-merchants in the EMEA region. Octopia recorded GMV growth
of +86% for the quarter versus international GMV achieved
last year, and stepped up its development with more than
500 connected sites and an agreement signed with a
first major EMEA client. In addition, Octopia developed the Géant
marketplace, which has been running since 21 April.
Key figures1 |
Q1 2020 |
Q1 2021 |
Reportedgrowth1 |
Organic growth11 |
GMV total including tax12 |
900 |
1,006 |
+11.8% |
+13.0% |
o/w direct sales |
455 |
455 |
- |
|
o/w marketplace sales |
283 |
381 |
+34.3% |
|
Marketplace contribution (%) |
38.4% |
45.6% |
+7.2 pts |
Marketplace revenues |
34 |
49 |
+42.9% |
|
Net sales (€m) |
493 |
518 |
+5.0% |
+6.7% |
Traffic (millions of visits) |
247 |
294 |
+18.9% |
Orders (millions) |
6.3 |
7.4 |
+16.9% |
Active customers (in millions) |
9.1 |
10.5 |
+14.7% |
Cnova published its Q1 2021 sales figures on
6 May 2021, before market opening.
GreenYellow
GreenYellow continued its development in France
and internationally with:
- In France, the implementation of the
partnership agreement signed in July 2020 with ArcelorMittal
Projects Exosun to create its first agrivoltaic
plant with an output of 1.8 MWp;
- In Overseas France, the launch of its first
grid-feeding, photovoltaic farm hangar in Martinique and its first
solar canopy in Guadeloupe;
- In Vietnam, the signing of a long-term
collaboration agreement with one of the country’s major
retailers for the initial stage of the deployment of
rooftop solar plants on 12 stores with an output of
5.1 MWp;
- In Thailand, the delivery of its first
floating solar plant for SPM: the plant will produce
2.8 GWh of green electricity and cover up to 20% of the
factory’s annual energy consumption.
- In Colombia, the signing of a “Utility as a
Service” agreement (a new development model for GreenYellow) with a
leading international hotel chain.
In addition, with its B2C business through its
Cdiscount Energie brand, GreenYellow topped 190,000 individual
customers in France in Q1 2021.
In the first quarter, GreenYellow
recorded a growth of its pipeline13, rising to 720
MWp including 200 MWp under construction (versus 565 MWp at
end-2020), with an additional prospective pipeline of more than 2.5
GWp. The project pipeline for the energy efficiency business
represents 355 GWh in annual savings, with an additional
prospective pipeline of more than 600 GWh in savings.
Data
RelevanC posted revenue growth
led by the excellent performance of the Retail Media
business (activities with advertisers) which
increased by +50%.
During the quarter, RelevanC put in place a
number of drivers to accelerate its growth,
notably:
- A strategic partnership with Unify, the digital
division of the TF1 group (Marmiton, AuFéminin, Doctissimo
etc.), granting access to 26 million
profiles;
- Acquisition of Inlead, a local digital
marketing platform enabling RelevanC to extend its
offering in the SMB market in France and abroad;
- Digital partnership with Intermarché: RelevanC
will provide its expertise and technologies to the digital joint
venture set up by Casino and Intermarché to offer Retail Media
services and products to food brands. This joint venture will
leverage the transaction data volumes of the two banners.
Latam Retail
Sales in Latin America (Assaí, Multivarejo and
Éxito Group) rose by +4.0% on a same-store basis
and by +8.4% on an organic basis during the
quarter, despite the high comparison base in March and the
tightening of health measures due to the worsening of the Covid-19
pandemic in the region.
The reported EBITDA of Assaí and GPA (including Éxito
Group) was up +32%14, from BRL 1.2bn to
BRL 1.6bn.
- In Brazil, net sales increased by
+6.4% on a same-store basis and by +12.1%
on an organic basis:
- Assaí reported +21%1 organic
growth (+50% versus Q1 2019), with significant market
share gains in the quarter despite the difficulties and
restrictions imposed as a result of the pandemic over the period.
This growth is due to a consistent performance on a same-store
basis (+11.4%1), the attractiveness of the cash & carry model
during the economic and health crisis, and the success of the
expansion strategy with the opening of 18 stores in the past 12
months;
- Multivarejo posted a
same-store15 increase of +1.1%1.
Online sales growth (+137%1) and the good performance of
convenience stores and Compre Bem supermarkets offset the strong
basis of comparison, the cancellation of Carnival, the severe
restrictions imposed by local governments and the end of emergency
aid payments during the quarter:
- The Convenience segment consolidated its
success with same-store growth of +37.9%1,
reflecting the good momentum of Aliados and Minuto Pão de
Açúcar;
- Extra Supermarkets (+5.0%1)
benefited from Compre Bem’s double-digit growth, despite a high
basis of comparison and the tightening of travel restrictions;
- Pão de Açúcar (-1.0%1) was
adversely affected by a high basis of comparison, a negative impact
caused by the cancellation of Carnival, and the migration of
customers from major cities to the countryside;
- Extra Hypermarkets (-3.9%1)
reported a slowdown versus Q4 2020 due to a high basis of
comparison, weak economic activity, and tightening restrictions on
store opening hours.
- Net sales at Éxito Group fell by
-2.7%16 on a same-store basis over the
quarter:
- Colombia: down -3.9%3 on a
same-store basis, impacted by business restrictions imposed on
stores located in the Bogotá and Medellín regions, where health
measures hit hardest (opening hours, travel restrictions);
- Uruguay: down -4.3%3 on a
same-store basis, impacted by the drop in tourist footfall as a
result of border closures and the impact of the health crisis on
the population’s purchasing power;
- Argentina: up +20.7%3 on a
same-store basis, primarily driven by inflation (+40%) but
satisfactory nonetheless given a tough macroeconomic environment
combined with a restrictive lockdown.
In Latin America, the Group reported an improvement in
EBITDA of +32%1, from BRL 1.2bn to
BRL 1.6bn.
- Brazil: EBITDA up +19%1, from BRL 1.0bn
to BRL 1.2bn:
- Assaí: increase in EBITDA of +27%1, greater
than the sales growth, for an EBITDA margin increase of +30 bps1 to
6.8%;
- Multivarejo: improvement in EBITDA of +11%1,
lifted by sales efficiency and control over general and
administrative expenses. EBITDA margin came to 8.2%, up +100
bps1.
- Éxito Group: EBITDA up +67%17, for an EBITDA
margin improvement of +250 bps4, led by the property development
division Viva Malls following the final delivery of two projects
(Viva Envigado and Viva Tunja).
Assaí and Éxito Group published their Q1 2021
results on 4 May 2021, and GPA on 5 May 2021.
ADDITIONAL INFORMATION RELATING TO THE AUTUMN
2019 REFINANCING DOCUMENTATION
See press release dated 21 November 2019.
In France:
- Sharp +19% increase in EBITDA over the quarter (+372%
after lease payments);
- Strong reduction in gross debt, down €965m versus
Q1 2020;
- Leverage ratio of 5.57x in Q1 2021 (6.77x in
Q1 2020), with comfortable headroom on the 6.50x
covenant.
Financial information for the 3-month
period ended 31 March 2021:
In €m |
France (France Retail +
E-commerce) |
Latam |
Total |
|
Q1 2020 |
Q1 2021 |
Change |
Q1 20201 |
Q1 2021 |
Change |
Q1 20201 |
Q1 2021 |
Change |
Net sales18 |
4,338 |
3,871 |
-467 |
3,955 |
3,275 |
-680 |
8,294 |
7,146 |
-1,148 |
EBITDA1,19 |
172 |
204 |
+32 |
235 |
225 |
-10 |
407 |
429 |
+22 |
(-)
impact of leases20 |
(164) |
(164) |
0 |
(89) |
(76) |
+13 |
(253) |
(240) |
+12 |
Adjusted consolidated EBITDA including
leases1,2 |
9 |
40 |
+32 |
146 |
149 |
+3 |
155 |
189 |
+34 |
In France, EBITDA after lease payments
rose by +372% over the quarter. This +€32m increase primarily
includes: (i) the impact of transformation plans launched
in 2020 (around +€30m), (ii) the volume effect relating to the
fall in net sales following the stockpiling behaviour of consumers
in Q1 2020, net of health crisis costs, (iii) additional
savings on variable costs and (iv) the increased profitability
of Cdiscount.In Latin America, EBITDA after lease payments
increased by +29% at constant exchange rates, driven by
Brazil and Colombia. For more information, see the press releases
published by Assaí, GPA and Éxito Group.The Group’s EBITDA
after lease payments increased by +€34m over the
quarter.
Financial information for the 12-month
period ended 31 March 2021:
In €m |
France (France Retail +
E-commerce) |
Latam |
Total |
Net sales1 |
16,788 |
13,976 |
30,765 |
EBITDA1 |
1,612 |
1,151 |
2,764 |
(-)
impact of leases3 |
(634) |
(265) |
(900) |
(i) Adjusted consolidated EBITDA including
leases1,21 |
978 |
886 |
1,864 |
(ii) Gross debt1,22 |
5,444 |
2,386 |
7,830 |
(iii) Cash and cash equivalents1,23 |
464 |
987 |
1,451 |
Adjusted consolidated EBITDA over the
rolling 12-month period ended 31 March 2021 came out at €978m in
France. The Group's liquidity in France was €2.4bn,
comprising €464m in cash and cash equivalents and €1.93bn in
undrawn confirmed lines of credit, available at any time.
- Gross debt includes €530m in commercial paper (€60m at
end-March 2020), and €200m in credit lines drawn down (€350m at
end-March 2020);
- Cash and cash equivalents totalled €464m at end-March
2021 (versus €828m at end-December 2020), reflecting
seasonal variations in working capital requirement, which is
usually negative in the first quarter24;
- Excluding the effect of IFRS 5, net debt was down
-€467m25 year-on-year, a further reduction of
approximately -€150m on the change observed for full-year 2020,
primarily due to the increase in EBITDA, and the reduction of
non-recurring expenses.
Additional information regarding
covenants and segregated accounts:
Covenants tested as from 31 March 2020 pursuant to the €2bn
Revolving Credit Facilitysigned on 18 November
2019 |
Type of covenant (France and E-commerce) |
At
31 March 2021 |
Gross debt26/adjusted EBITDA27
<6.50x28 |
5.57x |
Adjusted EBITDA4/Net finance costs >2.25x |
3.50x |
The Group comfortably complied with the covenant
for gross debt/adjusted EBITDA, with a gross debt margin of
€912m.
The segregated account balance stood at €457m at
31 March 2021 (versus €487m at end-December 2020), reflecting a
€30m decrease following bond buybacks carried out on the markets.No
cash has been credited to or debited from the Bond Segregated
Account and its balance remained at €0.
Further strengthening of the Group’s
financial structure
The Group continued to strengthen its financial
structure with the €1.225bn refinancing of the
Term Loan B maturing in January 2024 with (i) a new
Term Loan B maturing in August 2025 for €1bn with an interest
rate of Euribor + 4.0% (down -27% from the previous Term Loan B
interest rate of Euribor + 5.5%) and (ii) a new unsecured debt
instrument maturing in April 2027 for €525m. The excess of €300m
will be used to refinance debt in the future.
APPENDICES – OTHER INFORMATION
Main changes in consolidation
scope
- Leader Price presented as discontinued
operations (disposal on 30 November 2020)
- Disposal of Vindémia on 30 June 2020
Exchange rate
AVERAGE EXCHANGE RATES |
Q1 2020 |
Q1 2021 |
Currency effect |
Brazil (EUR/BRL) |
4.9167 |
6.5955 |
-25.5% |
Colombia (EUR/COP) (x 1000) |
3.9141 |
4.2860 |
-8.7% |
Uruguay (EUR/UYP) |
43.5930 |
51.9487 |
-16.1% |
Argentina29 (EUR/ARS) |
70.6839 |
107.5688 |
-34.3% |
Gross sales under banner in
France
TOTAL ESTIMATED GROSS FOOD SALES UNDER BANNER (in €m,
excluding fuel) |
Q1 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
Monoprix |
1,149 |
-3.2% |
+0.3% |
Franprix |
431 |
-9.9% |
+1.1% |
Supermarkets |
636 |
-7.1% |
+0.7% |
Hypermarkets |
653 |
-6.7% |
-3.1% |
Convenience & Other |
536 |
-7.2% |
+1.7% |
o/w Convenience |
394 |
-7.3% |
+3.1% |
TOTAL FOOD |
3,405 |
-6.2% |
+0.4% |
TOTAL ESTIMATED GROSS NON-FOOD SALES UNDER BANNER (In €m, excluding
fuel) |
Q1 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
Hypermarkets |
103 |
-19.5% |
-25.5% |
Cdiscount |
814 |
+14.0% |
+14.0% |
TOTAL NON-FOOD |
916 |
+10.0% |
+9.1% |
TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel) |
Q1 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
TOTAL FRANCE AND CDISCOUNT |
4,321 |
-2.6% |
+2.6% |
Store network at period-end
FRANCE |
30 June 2020 |
30 Sept. 2020 |
31 Dec. 2020 |
31 March 2021 |
Géant Casino hypermarkets |
104 |
105 |
105 |
104 |
o/w French franchised affiliates |
4 |
4 |
4 |
3 |
International affiliates |
6 |
7 |
7 |
7 |
Casino Supermarkets |
415 |
414 |
419 |
417 |
o/w French franchised affiliates |
69 |
68 |
71 |
68 |
International affiliates |
22 |
23 |
24 |
25 |
Monoprix |
789 |
791 |
799 |
806 |
o/w franchised affiliates |
190 |
191 |
192 |
195 |
Naturalia integrated
stores |
181 |
181 |
184 |
189 |
Naturalia franchises |
26 |
28 |
32 |
34 |
Franprix |
869 |
869 |
872 |
877 |
o/w franchises |
481 |
463 |
479 |
493 |
Convenience |
5,134 |
5,166 |
5,206 |
5,311 |
Other businesses |
219 |
219 |
233 |
203 |
Indian Ocean region |
0 |
0 |
0 |
0 |
Total France |
7,530 |
7,564 |
7,634 |
7,718 |
|
|
|
|
|
INTERNATIONAL |
30 June 2020 |
30 Sept. 2020 |
31 Dec. 2020 |
31 March 2021 |
ARGENTINA |
25 |
25 |
25 |
25 |
Libertad hypermarkets |
15 |
15 |
15 |
15 |
Mini Libertad and Petit Libertad mini-supermarkets |
10 |
10 |
10 |
10 |
URUGUAY |
93 |
92 |
93 |
93 |
Géant hypermarkets |
2 |
2 |
2 |
2 |
Disco supermarkets |
29 |
29 |
30 |
30 |
Devoto supermarkets |
24 |
24 |
24 |
24 |
Devoto Express mini-supermarkets |
36 |
35 |
35 |
35 |
Möte |
2 |
2 |
2 |
2 |
BRAZIL |
1,070 |
1,054 |
1,057 |
1,058 |
Extra hypermarkets |
107 |
104 |
103 |
103 |
Pão de Açúcar supermarkets |
182 |
182 |
182 |
182 |
Extra supermarkets |
151 |
147 |
147 |
147 |
Compre Bem |
28 |
28 |
28 |
28 |
Assaí (cash & carry) |
169 |
176 |
184 |
184 |
Mini Mercado Extra & Minuto Pão de Açúcar
mini-supermarkets |
238 |
239 |
236 |
237 |
Drugstores |
122 |
104 |
103 |
103 |
+ Service stations |
73 |
74 |
74 |
74 |
COLOMBIA |
1,981 |
1,980 |
1,983 |
1,974 |
Éxito hypermarkets |
92 |
92 |
92 |
92 |
Éxito and Carulla supermarkets |
157 |
154 |
153 |
153 |
Super Inter supermarkets |
69 |
69 |
69 |
61 |
Surtimax (discount) |
1,536 |
1,539 |
1,544 |
1,548 |
o/w “Aliados” |
1,459 |
1,465 |
1,470 |
1,476 |
B2B |
32 |
34 |
34 |
34 |
Éxito Express and Carulla Express mini-supermarkets |
95 |
92 |
91 |
86 |
CAMEROON |
1 |
2 |
2 |
2 |
Cash & carry |
1 |
2 |
2 |
2 |
Total International |
3,170 |
3,153 |
3,160 |
3,152 |
Analyst and investor contacts -
Lionel Benchimol+ 33 (0)1 53 65
64 17 – lbenchimol@groupe-casino.fror+ 33 (0)1 53 65 24 17 –
IR_Casino@groupe-casino.fr
Press contacts -
Casino Group – Communications
Department
Stéphanie Abadie+ 33 (0)6 26 27
37 05 – sabadie@groupe-casino.fror+ 33(0)1 53 65 24 78 –
directiondelacommunication@groupe-casino.fr
-
Agence IMAGE 7
Karine Allouis +33 (0)1 53
70 74 84 – kallouis@image7.frFranck
Pasquier + 33(0)6 73 62 57 99 –
fpasquier@image7.fr
Disclaimer
This press release was prepared solely for
information purposes, and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. Recipients should
not consider it as a substitute for the exercise of their own
judgement. All the opinions expressed herein are subject to change
without notice.
1 Data published by the subsidiaries
2 Data published by GPA, including a positive currency effect
due to the appreciation of COP against BRL
3 Announcement of the spin-off on 10 September 2020. Data as of
05 May 2021
4 Excluding fuel and calendar effects
5 Excluding fuel and calendar effects
6 Excluding Codim stores in Corsica: 8 supermarkets and 4
hypermarkets
7 Other: mainly Vindémia, Geimex and Restaurants
8 Convenience segment net sales on a same-store basis include
the same-store performance of franchised stores
9 Excluding the Île-de-France region and Corsica
10 Unaudited data published by Cnova NV. The reported figures
present all revenues generated by Cdiscount, including its
technical goods sales in the Casino Group’s hypermarkets and
supermarkets
11 Organic growth: the figures include showroom
sales and services but exclude sales of technical goods and home
category sales made in Casino Group hypermarkets and
supermarkets
12 Gross merchandise volume (GMV) includes sales
of merchandise, other revenues and the marketplace’s sales volume
based on confirmed and shipped orders, including tax, and the sales
volume of services
13 Pipeline including GreenYellow’s joint ventures
14 Data published by the subsidiaries.
15 Excluding fuel and drugstores
16 Data published by GPA
17 Data published by GPA, including a positive currency effect
due to the appreciation of COP against BRL
18 Unaudited data, scope as defined in
refinancing documentation with mainly Segisor accounted for within
the France Retail + E-commerce scope
19 First-quarter 2020 EBITDA was adjusted at the close of
first-half 2020, in accordance with the AMF recommendation to
recognise the costs related to the health crisis in trading
profit
20 Interest paid on lease liabilities and
repayment of lease liabilities as defined in the refinancing
documentation
21 EBITDA after lease payments (i.e. repayments
of principal and interest on lease liabilities)
22 Loans and borrowings as of 31 March 2021
23 At 31 March 2021
24 The change in working capital is typically
negative in the first quarter, positive in the second, negative in
the third, and positive in the fourth quarter
25 Net debt calculated on the scopes defined in the refinancing
documentation, with mainly Segisor accounted for within the France
+ E-commerce scope
26 Loans and borrowings
27 Adjusted EBITDA as defined in the refinancing documentation
is restated for repayments of lease liabilities and interest paid
on lease liabilities
28 6.50x at 31 March 2021, 6.00x at 30 June 2021 and
30 September 2021, and 4.75x as from 31 December 2021
29 Pursuant to the application of IAS 29, the exchange rate used
to convert the Argentina figures corresponds to the rate at the
reporting date
- 20210506 - Press Release - Q1 2021
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