Casino Group: first-half 2021 results and second-quarter 2021 net
sales
FIRST-HALF 2021 RESULTS AND SECOND-QUARTER 2021 NET SALES
Further increase in profitability
Trading profit up +24% at constant exchange rates, of
which +9% in France and +33% in Latin America
Net sales for first half stable (-0.5%) on an organic
basis
In France, success in the transformation
of banners with trading margin up +81 bps and 353 stores
opened, laying the foundation for a strong return to growth in
H2
In France
- Retail banners1:
- Strong increase in profitability across all
banners with trading margin up +81 bps to
2.1%. Trading profit rose by +50%1 (+€49m) thanks to the Group’s
transformation plans and reduced Covid-related costs, in a
context of lower net sales relative to the very high basis of
comparison due to the first lock-down during H1 2020.
- Net sales represented a same-store change of
-8.4% in Q2 2021, due to the high basis of comparison
in 2020 (+6.0% in Q2 2020), the temporary drop of
tourism and public health restrictions in H1 2021 (closure of
non-essential product sections, curfew). Looking beyond
these temporary challenges, the Group continued to activate its
growth drivers:
- Faster delivery on the strategic priorities of:
(i) expansion, with the opening of 353 convenience
stores during H1 (initial target: 300 stores),
and (ii) E-commerce, with same-store sales up
+103% over two years, outperforming the market (+59%2),
and continued roll-out of the Ocado and Amazon partnerships and
quick-commerce solutions from
800 stores.
- Outlook for H2 2021: growth in profitable formats,
with (i) expansion of the store base
(400 openings in local formats Franprix, Vival, Naturalia,
etc.) and (ii) acceleration in E-commerce thanks
to our exclusive partnerships (Ocado, Amazon) and the solutions
deployed at our stores.
- Inflection since early July with sales down
-4.0%3 on a same-store basis vs. -8.4% in Q2, i.e. an improvement
of +4.4 pts, and an increase in Cdiscount GMV of +13.5%.
- Cdiscount: H1 2021 EBITDA of €48m4.
Further growth in the marketplace in H1 of +33% over two
years (+10% year‑on‑year) and growth in digital
marketing of +72% over two years (+44% y-o-y).
- Outlook for H2 2021: further progress on priority
strategic plans (marketplace, digital marketing, Octopia) resulting
in strong EBITDA growth.
- GreenYellow: strong business momentum, with
a photovoltaic pipeline of 809 MWp (+85% vs.
H1 2020) and 3.5 GWp in additional opportunities.
- Outlook for H2 2021: growth in EBITDA.
- RelevanC: growth in net sales of +32% in Q2 2021.
Signing of a commercial partnership with Google Cloud and
Accenture.
- Outlook for H2 2021: accelerated expansion in France
and internationally.
- Disposal plan: signing with BNPP of a partnership and
an agreement for the disposal of Floa for a total amount of €179m5
and securing of a €99m6 earn-out, bringing total disposals
to €3.1bn.
- The Group is maintaining its target of €4.5bn in asset
disposals in France.
- Improved financial terms, revised covenants and
extension of €1.8bn of Casino’s main syndicated credit facility to
July 2026. At 30 June 2021, the Group comfortably
complied with the covenant7, with headroom of
€359m on EBITDA after lease payments (2.1x vs. limit of
3.5x).
In Latin America
- Strong growth in profitability with H1 EBITDA and
trading profit up +21% and +33% respectively at constant
exchange rates. Organic growth in net sales of +5.5% in Q2, driven
by Assaí (+22%).
- Two-fold increase in Latam asset value since the Assaí
spin-off was announced8.
FIRST-HALF 2021 RESULTS
Consolidated net sales amounted
to €14,480m in H1 2021, stable
(-0.5%) on an organic basis12 and down -10.3%
after taking into account the effects of exchange rates and
hyperinflation for -7.2%, changes in scope for -2.2% and fuel for
+0.5%.On the France Retail scope, net sales were down -7.3%
on a same-store basis. Including Cdiscount, same-store
growth in France came to -6.3%.E-commerce
(Cdiscount) gross merchandise volume (GMV) came to
nearly €2bn, a year-on-year increase of +2.3%13
(+14%2 over two years), led by the expansion of the marketplace.
Sales in Latin America were up by +6.9% on an
organic basis1, mainly supported by the very good performance in
the cash & carry segment (Assaí), which grew by
+22%2 on an organic basis.
Consolidated EBITDA came to
€1,099m, an increase of +3% including currency
effects and +11.1% at constant exchange rates.France EBITDA
(including Cdiscount) amounted to €622m, including €573m
on the France Retail scope and €48m for Cdiscount. France
Retail banners EBITDA (France Retail
excluding GreenYellow, property development and Vindémia) was up
+9% to €543m. GreenYellow generated EBITDA of
€28m14 and property development operations
delivered €3m. France EBITDA margin (including
Cdiscount) came to 8.0%, an increase of +105 bps. In
Latin America, EBITDA rose by +21.1% excluding
currency effects and including tax credits15 for €6m. EBITDA
excluding tax credits4 was up +19.8%.
Consolidated trading profit
came to €444m (€438m excluding tax credits4), an
increase of +11.4% including currency effects and +23.5% at
constant exchange rates (+22% excluding tax credits).In
France (including Cdiscount), trading profit stood at
€173m, including €166m on the France Retail scope
and €7m for Cdiscount. France Retail banners trading
profit (France Retail excluding GreenYellow, property
development and Vindémia) grew by a strong +50% to
€146m. Trading profit came to €19m for GreenYellow
and to €2m for property development
operations. Trading margin in
France (including Cdiscount) was up +39 bps at
2.2%, supported by an improvement from
France Retail, which recorded a +45 bps
increase in trading margin to 2.4%.In Latin
America, trading profit totalled €271m, an increase of
+13.5% (+29.9% excluding tax credits and currency
effects), driven by the continued strong sales momentum at
Assaí, the transfer of sales to E-commerce and the
repositioning of hypermarkets at Multivarejo, and
the continued profitability and positive effect of real estate
development at Éxito.
Underlying net financial expense and net
profit, Group share16
Underlying net financial
expense for the period came to -€398m (-€244m
excluding interest expense on lease liabilities) vs.
-€404m in H1 2020 (-€239m excluding interest expense on lease
liabilities). In France Retail, net financial
expense include, as for the refinancing of the Term Loan B of April
2021, (i) a non-recurring expense of €40m mainly non-cash, and (ii)
a permanent reduction in financial expenses of €9m
over the full year. E-commerce net financial
expense was virtually stable compared with 2020. In Latin
America, financial expense was down.
Underlying net profit, Group
share was up +€23m versus
H1 2020.Diluted underlying earnings per
share17 stood at -€1.00, vs. -€1.20 in H1 2020.
The Group recorded a sharp improvement
in other operating income and expenses of +€257m (+€11m in
H1 2021 vs. -€246m in H1 2020). In
France, excluding the asset disposal plan and
GreenYellow, non-recurring expenses declined by
29% (from -€107m in H1 2020 to -€76m in
H1 2021). In Latin America, other operating income and
expenses amounted to a net expense of -€34m in H1 2021 (vs.
-€18m in H1 2020).
Consolidated net profit (loss), Group
share
Net profit (loss) from continuing
operations, Group share improved by a sharp +€306m to
-€35m, from -€340m in H1 2020.Net profit (loss) from
discontinued operations, Group share came out at -€170m in
H1 2021, compared with -€162m in
H1 2020.Consolidated net profit (loss), Group
share amounted to -€205m vs. -€502m in H1 2020.
Financial position at 30 June 2021
-Consolidated net debt excluding the effect of
IFRS 5 was stable compared with
30 June 2020, at €6.3bn, reflecting stable net debt in
both France and the Latam region. Including the impact of
IFRS 5, consolidated net debt came to €5.5bn versus
€4.8bn in H1 2020.
At 30 June 2021, the Group's liquidity
in France (including Cdiscount) was €2.6bn, with €528m in
cash and cash equivalents and €2bn confirmed undrawn lines of
credit, available at any time. The Group also has €339m in
a segregated account for gross debt redemptions.
FIRST-HALF 2021 HIGHLIGHTS -
Retail banners: increased profitability and
progress in priority areas of expansion and E-commerce
Profitability continued to improve for the retail
banners18, with trading profit margin up +81 bps to 2.1%
in H1 2021. Trading profit increased by +50% in H1 2021, to €146m
(vs. €97m in H1 2020), supported by a reduction in the
cost base of €30m per quarter thanks to the transformation
plans initiated in Q3 2020, which drove productivity gains at
the head office and in stores.
Expansion of the store base and
digitalisation
- Expansion of the Group’s store base continued during
the period, with 353 convenience stores opened in urban,
semi-urban and rural areas, of which 26 Naturalia. In
Q2 2021, the Group opened 238 stores, in line with the initial
target of 200 openings.
- The Group had 613 stores equipped with autonomous
solutions as of end-June 2021 (vs. 533 as of end-2020),
facilitating evening and weekend openings. 63% of payments in Géant
hypermarkets and 58% at Casino Supermarkets were made by smartphone
or automatic check-out as of end-June 2021 (vs. 61% and 48%
respectively as of end-2020). CasinoMax app users
accounted for 24% of sales in hypermarkets and supermarkets in Q2
(vs. 22% as of end-2020).
Food E-commerce
- Food E-commerce19 posted same-store sales growth of +15% for
the period and +103% over two years, outperforming
the market (+59%20). The expanded offering now covers the full
spectrum of home delivery solutions, through partnerships with
high-tech players that are leaders in their field:
- Next-day delivery from the O’logistique
warehouse (automated with Ocado technology) via Monoprix Plus
(30,000 items) and Casino Plus (24,000 items) ;
- Same-day delivery/in-store
click & collect solutions picked up pace
with the launch of an Amazon click & collect service within 2
hours from Géant Casino and Casino Supermarkets (target of 180
stores). In addition, new deployments of Amazon lockers are
planned, in addition to the 600 already installed to date in the
Group ;
- Delivery within two hours: extension of the
partnership with Amazon to Montpellier and
Strasbourg, in addition to Paris, Nice, Lyon and Bordeaux ;
- Delivery within 30 minutes: roll-out of
a quick-commerce offering across 800 stores
thanks to Franprix’s delivery services and the partnerships with
Deliveroo and Uber Eats ;
- Launch of a food marktetplace on the Casino.fr
website
Sales initiatives
The Group’s banners are adapting their offering to new consumer
trends by developing a series of initiatives designed to meet their
customers’ expectations:
- Expansion of Monoprix’s range of services
based on three key areas: (i) health, through
Santé Au Quotidien spaces dedicated to health and well-being, with
advice from a qualified pharmacist and a range of
CBD products; (ii) local products, both
food and non-food, from less than 100km away, and
(iii) a sustainable mobility offering
including bikes, kick scooters, a service station and a range
of accessories (helmets, connected devices and fashion
accessories)
- Development of Franprix in suburban areas with
150 store openings scheduled over two years
and specific customer services (newspapers and
magazines, parcel receipt, hot meals and cooked dishes for the
evening, and electric bike rental in partnership with Véligo)
Evolution of concepts within Géant Casino and Casino
Supermarkets: both banners have introduced
artificial intelligence into the operational
management of their stores, and partnerships have been
signed with some fifteen brands and start-ups to introduce
innovative concepts (artisanal products in short circuits: juices,
honeys, dairy products). Géant has deployed expanded fruit
and vegetable areas, cash & carry
spaces, developed electric mobility corners and
will soon launch toy corners with La Grande Récré. In addition,
9 small, loss-making Géant stores have been converted into
Casino Supermarkets to provide an offering that better
suits local needs.
Outlook for H2 2021: given the success of the
banners' transformation plans and their profitability, strong
return to growth in H2 in profitable formats with (i) the expansion
of the store base (400 openings) and (ii) an acceleration in
E-commerce
Cdiscount21: solid performance from the
marketplace, digital marketing and Octopia in the first half of the
year
Cdiscount generated €49m22 in
EBITDA, stable year-on-year (+148% over two years).
The marketplace recorded a half-yearly
increase in gross merchandise volume (GMV) of +33% over two years
(+10% year-on-year):
- The marketplace contribution to GMV rose by +4 pts
year-on-year to 46%
- Marketplace revenues grew by +17% (+39% over two years) to
€199m over the last 12 months
- Fulfillment by Cdiscount services accounted for 35% of
marketplace GMV (up +7 pts year-on-year)
Digital marketing saw its revenues grow by
+44% in H1 2021. It continued to be supported by the
development of the Cdiscount Ads Retail Solution (CARS) digital
marketing platform, where the number of sponsored products rose by
+91% in H1 2021.
Turnkey marketplace solution Octopia recorded
rapid growth in H1 2021, with a +60% increase in GMV (x3
over two years) in Products-as-a-Service and
Fulfillment-as-a-Service solutions. Merchants-as-a-Service and
Marketplace-as-a-Service solutions recorded a good start.
Outlook for H2 2021: further progress on priority
strategic plans (marketplace, digital marketing, Octopia) resulting
in strong EBITDA growth.
GreenYellow: increase in photovoltaic pipeline
of +85% year-on-year and expansion into Europe
For the six months to 30 June 2021,
GreenYellow generated EBITDA of €37m23. Excluding
gains on asset disposals, EBITDA increased by +40%
in H1 2021 compared with H1 2020.
At 30 June 2021, GreenYellow had an
advanced pipeline of 809 MWp in solar power
projects, up a sharp +85% from
30 June 2020, and an additional prospective pipeline of
3.5 GWp. The advanced pipeline for the energy
efficiency business came to 350 GWh, up
+78% from 30 June 2020, with an additional
prospective pipeline of nearly 900 GWh.
Expansion continued with the launch of
an initial 4 MWp solar project in Bulgaria through a
strategic partnership with Solarpro, a key player in the European
photovoltaics market. GreenYellow has indicated that it intends to
expand rapidly in Eastern Europe (Poland, Hungary, Bulgaria).
During the first half of the year, GreenYellow
also strengthened its positions in its traditional
geographies by supporting customers with their projects in
both solar power and energy efficiency:
-
- In Africa, via the largest self-consumption solar power plant
in Senegal (1.6 MWp) for a key player in the country’s
agrifood industry
- In Madagascar, through the extension of the country’s largest
solar power plant by 20 MWp to reach 40 MWp
- In France, with the start-up of the 4.7 MWp solar canopies
in Magny-Cours and the partnership with Franprix, aimed at reducing
the energy use of its refrigeration facilities (by 30%), as well as
their carbon footprint
- In Asia, with the installation of photovoltaic systems at two
sites for Thai particle board manufacturer Panel Plus Co.,
located in the suburbs of Bangkok and in the southern province of
Songkhla
- In Colombia, with a “cold PPA” program in a building under
construction for an international hotel group
Outlook for H2 2021: growth in EBITDA.
RelevanC
RelevanC continued to accelerate, with
growth in net sales of +32% in the second
quarter.
During the quarter, RelevanC strengthened its positioning
with:
-
- A partnership with Google Cloud and Accenture to step up the
development and commercialization of RelevanC solutions
- The allocation of Premier Partner status to RelevanC, and the
integration of RelevanC solutions into the Google Cloud’s B2B
marketplace
Outlook for H2 2021: (i) further implementation of the
partnership strategy and (ii) accelerated growth in France and
internationally thanks to partners, notably Google Cloud and
Accenture
Successful spin-off of Assaí's activities in
Latin America
The spin-off of Assaí’s
businesses was completed on 31 December 2020 and
Assaí shares were admitted to trading on 1 March
2021. Assaí shares were distributed to GPA shareholders at a
ratio of one Assaí share for each GPA share.
Each entity now operates autonomously and has
direct access to the capital markets and different financing
sources.
Casino's stake valuation in Latin America has
doubled since the spin-off of Assaí was announced24, rising from
€1.1bn to €2.3bn.
Reinforcement of the Group's CSR
commitments
As well as being the top retailer in terms of
CSR performance according to Vigeo Eiris25, a subsidiary of
Moody’s, Casino Group maintained its AA rating from MSCI in June
2021.
Pursuing its climate action, the Group has
committed to a 38% reduction in its greenhouse gas
emissions by 203026, stepping up the commitment made in 2018 of
an 18% reduction between 2015 and 20253, which was validated by the
Science Based Targets initiative. The Group is taking action to
reduce carbon emissions in all its geographies
(Franprix/GreenYellow partnership to reduce the carbon footprint of
refrigeration units, carbon-neutral refrigerant gases in Carulla
FreshMarket stores in Colombia).Cdiscount has now reached
carbon-neutral status for its deliveries, by reducing emissions
through 3D packaging and bulk loading and by capturing residual
emissions.
With its strategy designed to promote
responsible consumption, the Group recorded an increase in the
share of organic products of +0.9 pt27 in H1 and
deployed new bulk concepts in partnership with national
brands. Other initiatives carried out by the Group include the
transition to virtual discount coupons for Casino banners
since 2020, thanks to the Casino Max application, and to virtual
receipts and vouchers in March 2021. At Cdiscount, the aim is to
promote reusable packaging, which will be offered to all
customers by end-2021. In addition, the Group has extended
Monoprix’s syndicated credit facility with an annual margin
adjustment clause based on the achievement of CSR objectives
(greenhouse gases, responsible label, vegetable protein
products).
In addition, the Group continued to carry out
solidarity actions during the first half of the year,
making commitments to numerous charities including Secours
Populaire with Franprix and Fondation des Femmes with Monoprix.
Various food drives for students in financial difficulty
were also organised at Casino banners during the period, in
partnership with food banks. Lastly, the Group has decided to help
revitalise rural areas by creating culture corners in Casino
convenience stores, in partnership with Fondation Marc Ladreit de
Lacharrière.
Asset disposal plan
On 27 July 2021, the Group has signed with BNPP
a partnership and an agreement for the sale of Floa for €179m28.
This partnership plans the development of the fractional payment
activity "FLOA PAY". In this context, Casino Group will
remain associated with the successful development of
FLOA's payment activity for 30% of the future created
value29.
In addition, the Group has secured and recorded
in advance a €99m earn-out in relation to the Apollo and Fortress
JVs30.
The total amount from signed or secured
disposals comes to €3.1bn.
Refinancing plan
As announced, Casino Group has improved
the financial conditions and extended the maturity of its main
syndicated credit facility from October 2023 to
July 202631 for an amount of €1.8bn.
To take into account the Group’s improved
financial position and GreenYellow’s growth plan, the financial
covenants have been eased. Consequently, as from 30 June 2021,
the Group undertakes to comply on a quarterly basis with the
following covenants, which replace the previous covenants, for the
France Retail and E-commerce scope, excluding GreenYellow:
-
- a ratio of secured gross debt to EBITDA after lease payments of
less than 3.5x;
- this covenant was comfortably complied with at
30 June 2021, with a ratio of 2.1x, with headroom of €359m on
EBITDA after lease payments
- a ratio of EBITDA after lease payments to net finance costs of
more than 2.5x;
- this covenant was comfortably complied with at
30 June 2021, with a ratio of 3.2x, with headroom of €199m on
EBITDA after lease payments
In addition, Monoprix obtained an
extension to January 2026 for its €130m syndicated credit
facility which includes a yearly margin adjustment
clause based on the satisfaction of CSR objectives:
- Reduction in Scopes 1 & 2 greenhouse gas
emissions
- Proportion of net sales derived from products
labelled "responsible"
- Net sales derived from vegetable protein
products.
Second-quarter 2021 net sales
-
In the second quarter of 2021, the Group
recorded net sales of €7,334m, down -6.5% in total due to
exchange rates and consolidation scope impacts accounting
respectively for -3.0% and -2.2%. The calendar effect was -0.5%.
The Group’s quarterly same-store32 growth
came to +6.0% over two years (-4.1% in Q2 2021, after
+10.4% in Q2 2020). France (including Cdiscount) recorded a
-1.2%1 variation in its same-store sales over two years (-8.4%
year-on-year).
For France Retail,
same-store sales growth came to -8.4% for the
quarter, impacted by an unfavourable basis of
comparison (+6.0% in Q2 2020). The formats hardest
hit were those that benefited the most from the surge in sales
associated with the first lockdown last year, including the
convenience format (-11.2%) and
Franprix (-12.5%).The second quarter of 2021 was
shaped by a tightening of health restrictions with a curfew that
led to an early closure of autonomous stores, France’s third
lockdown which temporarily reduced the number of people in Paris, a
temporary drop in tourism and the closure of sections selling
“non-essential” goods, which affected Géant
hypermarkets (-9.9%) and Monoprix stores
(-4.9%).
Cdiscount33 reported growth in
gross merchandise volume (GMV) of +16% over two years (-6%
year-on-year). Marketplace GMV grew by +30% over a
two-year period (-7% year-on-year).
In Latin America, sales rose by
+5.5% on an organic basis for the quarter. On a
same-store basis, sales were up +12.3% over a two-year
period (stable year-on-year). Second quarter sales growth
in Latin America was again driven by the excellent
performance of Assaí (up +9.2%2 on a same-store basis and
+22%2 on an organic basis), reflecting the commercial format's
continued attractiveness and the success of expansion strategy.
Outlook for H2 2021 in France
-
- With very satisfactory levels of profitability in all
formats, priority focus on growth via the expansion of the store
base and acceleration in E-commerce:
- Opening of 400 convenience stores in H2 2021 (Franprix, Vival,
Naturalia, etc.), bringing the total to 750 openings over the
year
- Acceleration of E-commerce based on structurally profitable
models thanks to our exclusive partnerships (Ocado, Amazon) and the
solutions deployed in stores
- Ongoing development of Cdiscount and
GreenYellow
- Casino Group continues its preparatory work to finance the
accelerated growth of GreenYellow and Cdiscount
- Growth in cash flow from continuing
operations34
- Continued EBITDA growth
- Sharp reduction in non-recurring expenses
- Expansion on convenience and food E-commerce formats, which
require low Capex
The Board of Directors met on 28 July 2021 to
approve the consolidated financial statements for first-half 2021.
These financial statements have been reviewed by the Statutory
Auditors.
The presentation of the
2021 half-year results is available on Casino Group’s corporate
website (www.groupe-casino.fr/en)
APPENDICES – ADDITIONAL H1 2021 FINANCIAL
INFORMATION RELATING TO THE AUTUMN 2019 REFINANCING
DOCUMENTATION
See press release dated 21 November 2019
Financial information for the first half
ended 30 June 2021:
|
In €m |
France Retail + E-commerce |
Latam |
Total |
|
Net sales35 |
7,810 |
6,670 |
14,480 |
|
EBITDA1 |
622 |
477 |
1,099 |
| (-)
impact of leases36 |
(326) |
(145) |
(471) |
|
Adjusted consolidated EBITDA including
leases1 |
296 |
331 |
628 |
Financial information for the 12-month
period ended 30 June 2021:
|
In €m |
France Retail + E-commerce |
Latam |
Total |
|
Net sales1 |
16,319 |
13,933 |
30,253 |
|
EBITDA1 |
1,599 |
1,178 |
2,777 |
| (-)
impact of leases2 |
(640) |
(273) |
(912) |
|
(i) Adjusted consolidated EBITDA including leases1
37 |
959 |
905 |
1 865 |
|
(ii) Gross debt1 38 |
5,279 |
3,198 |
8,477 |
|
(iii) Gross cash & cash equivalents1 39 |
538 |
1,595 |
2,133 |
As at 30th June 2021, the Group’s liquidity
within the “France + E-commerce” perimeter was €2,6bn, with €528m
of cash and cash equivalent and €2,032m confirmed undrawn lines of
credit, available at any time
Additional information regarding
covenants and segregated accounts:
|
Covenants tested as from 30 June 2021 pursuant to the
Revolving Credit Facilitydated 18 November 2019,
as amended in July 2021 |
|
Type of covenant (France and E-commerce excluding
GreenYellow) |
As at
30 June 2021 |
|
Secured gross debt/ EBITDA after lease payments
<3.50x |
2.12x |
|
EBITDA after lease payments/Net finance costs
>2.50x |
3.20x |
The balance of the segregated account was €339m
at June 30, 2021, after taking into account the redemption at
maturity of the bond maturing in May 2021 (€118m).
No cash has been credited or debited from the
bond segregated account and its balance remained at €0.
APPENDICES – FULL-YEAR RESULTS
- Consolidated net sales by segment
|
Net sales In €m |
H1 2020 (restated) |
H1 2021 |
Change |
Change at CER |
|
France Retail |
7,791 |
6,863 |
-11.9% |
-8,1%1 |
|
Latam Retail |
7,401 |
6,670 |
-9.9% |
+6.9%40 |
|
E-commerce (Cdiscount) |
948 |
947 |
0.0% |
-0,8%1 |
| Group
total |
16,140 |
14,480 |
-10.3% |
-0.5%1 |
- Consolidated EBITDA by segment
|
EBITDA In €m |
H1 2020 (restated) |
H1 2021 |
Change |
Change at CER |
|
France Retail |
561 |
573 |
+2.2% |
+2.6% |
|
Latam Retail |
459 |
477 |
+3.9% |
+21.4% |
|
E-commerce (Cdiscount) |
43 |
48 |
+12.6% |
+12.6% |
| Group
total |
1,063 |
1,099 |
+3.3% |
+11.1% |
| |
|
|
|
|
|
|
|
|
- Consolidated trading profit by segment
|
Trading profit In €m |
H1 2020 (restated) |
H1 2021 |
Change |
Change at CER |
|
France Retail |
154 |
166 |
+8.1% |
+9.3% |
|
Latam Retail |
239 |
271 |
+13.5% |
+32.9% |
|
E-commerce (Cdiscount) |
6 |
7 |
+11.9% |
+11.9% |
| Group
total |
399 |
444 |
+11.4% |
+23.5% |
| |
|
|
|
|
|
|
|
|
|
In €m |
H1 2020(restated) |
Restated items |
H1 2020 (underlying) |
H1 2021 |
Restated items |
H1 2021 (underlying) |
|
|
Trading profit |
399 |
0 |
399 |
444 |
0 |
444 |
|
| Other
operating income and expenses |
(246) |
246 |
0 |
11 |
(11) |
0 |
|
|
Operating profit (loss) |
153 |
246 |
399 |
455 |
(11) |
444 |
|
|
Net finance costs |
(188) |
0 |
(188) |
(224) |
0 |
(224) |
|
|
Other financial income and expenses41 |
(291) |
74 |
(217) |
(175) |
0 |
(174) |
|
|
Income taxes42 |
15 |
(65) |
(50) |
(46) |
(9) |
(55) |
|
| Share of
profit of equity-accounted investees |
15 |
0 |
15 |
29 |
0 |
29 |
|
|
Net profit (loss) from continuing operations |
(295) |
255 |
(40) |
41 |
(20) |
21 |
|
xx |
xx |
xx |
xx |
|
o/w attributable to non-controlling interests43 |
45 |
9 |
55 |
76 |
18 |
93 |
|
|
o/w Group share |
(340) |
245 |
(95) |
(35) |
(38) |
(72) |
|
Underlying net profit corresponds to net profit
from continuing operations, adjusted for (i) the impact of other
operating income and expenses, as defined in the "Significant
accounting policies" section in the notes to the consolidated
financial statements, (ii) the impact of non-recurring financial
items, as well as (iii) income tax expense/benefits related to
these adjustments and (iv) the application of IFRIC 23.
Non-recurring financial items include fair value
adjustments to equity derivative instruments (such as total return
swaps instruments related to GPA shares) and the effects of
discounting Brazilian tax liabilities.
- Change in net debt by entity
|
Net debt before IFRS 5 In €m |
H1 2020 |
Change over the period |
H1 2021 |
|
France |
(4,620) |
43 |
(4,577) |
|
o/w France Retail excl. GreenYellow |
(4,415) |
210 |
(4,205) |
|
o/w E-commerce (Cdiscount) |
(376) |
-52 |
(428) |
|
o/w GreenYellow |
171 |
-115 |
57 |
|
Latam Retail |
(1,726) |
-41 |
(1,767) |
|
o/w Multivarejo |
(636) |
-144 |
(780) |
|
o/w Assaí |
(866) |
16 |
(851) |
|
o/w Éxito |
(21) |
46 |
26 |
|
o/w Segisor |
(178) |
15 |
(162) |
|
Total |
(6,347) |
3 |
(6,344) |
- France net debt at 30 June before IFRS 5
| In €m –
France + Cdiscount (excluding GreenYellow) |
H1 2020 |
H1 2021 |
|
France net debt before IFRS 5 at 1 January |
(4,222) |
(3,873) |
|
Free cash flow44 before asset disposals,
disposal plan |
(297) |
(346) |
| Financial expenses45 |
(228) |
(164) |
|
Dividends paid to owners of the parent and holders of TSSDI
deeply-subordinated bonds |
(37) |
(28) |
|
Share buybacks and transactions with non-controlling interests |
(1) |
(1) |
|
Other net financial investments |
(255)46 |
14547 |
|
Other non-cash items |
32 |
(458)48 |
|
o/w non-cash financial expenses |
79 |
(30) |
|
Change in net debt before IFRS 5 before asset
disposals |
-786 |
-853 |
|
Disposal plan and other asset disposals |
216 |
9349 |
|
Net debt before IFRS 5 at 30 June |
(4,792) |
(4,633) |
APPENDICES – NET SALES
Quarterly consolidated net sales by
segment
|
|
|
|
|
|
NET SALES (in €m) |
Q2 2021 net sales |
Total growth |
Organicgrowth50 |
Same-storegrowth1 |
Same-store growth1 over two years |
|
France Retail |
3,475 |
-11.0% |
-8.9% |
-8.4% |
-2.9% |
|
Cdiscount |
464 |
-7.0% |
-8.3% |
-8.3% |
+10.9% |
|
Total France |
3,939 |
-10.6% |
-8.9% |
-8.4% |
-1.2% |
|
Latam Retail |
3,394 |
-1.4% |
+5.5% |
-0.2% |
+12.3% |
|
GROUP TOTAL |
7,334 |
-6.5% |
-2.4% |
-4.1% |
+6.0% |
|
Cdiscount GMV |
984 |
-6.1% |
-5.3% |
n.a. |
n.a. |
| |
|
|
|
|
|
|
|
Quarterly consolidated net sales in France by
banner
|
Net sales by banner (in €m) |
Q2 2021 net sales |
Total growth |
Organic growth1 |
Same-store growth1 |
Same-store growth1 over two years |
|
Monoprix |
1,093 |
-3.9% |
-3.3% |
-4.9% |
-2.1% |
|
Supermarkets |
711 |
-8.8% |
-12.7% |
-10.4% |
-1.5% |
|
o/w Casino Supermarkets51 |
670 |
-9.5% |
-13.4% |
-12.2% |
-1.8% |
|
Franprix |
379 |
-15.2% |
-14.4% |
-12.5% |
+0.4% |
|
Convenience & Other52 |
449 |
-28.8% |
-4.2% |
-10.7% |
+0.7% |
|
o/w Convenience53 |
342 |
-5.5% |
-6.7% |
-11.2% |
+4.8% |
|
Hypermarkets |
844 |
-7.5% |
-12.7% |
-9.9% |
-10.6% |
|
o/w Géant2 |
796 |
-8.2% |
-13.9% |
-11.4% |
-11.5% |
|
FRANCE RETAIL |
3,475 |
-11.0% |
-8.9% |
-8.4% |
-2.9% |
Main half-yearly data – Cdiscount54
|
Key figures |
H1 2020 |
H1 2021 |
Reported growth |
Reported growth over two years |
|
Total GMV including tax |
1,946 |
1,991 |
+2.3% |
+13.5% |
|
o/w direct sales |
906 |
865 |
-4.5% |
|
|
o/w marketplace sales |
676 |
747 |
+10.5% |
|
|
Marketplace contribution (%) |
42.7% |
46.3% |
+3.6 pts |
|
|
Net sales (in €m) |
1,049 |
1,009 |
-3.8% |
+1.4% |
|
Traffic (millions of visits) |
554 |
550 |
-0,7% |
|
| |
|
|
|
|
|
APPENDICES – OTHER INFORMATION
Gross sales under banner in France
|
TOTAL ESTIMATED GROSS FOOD SALES UNDER BANNER (in €m,
excluding fuel) |
Q2 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
|
|
|
|
Monoprix |
|
987 |
-4.9% |
-2.1% |
|
Franprix |
|
445 |
-13.6% |
-0.9% |
|
Supermarkets |
|
667 |
-10.1% |
-1.2% |
|
Hypermarkets |
|
691 |
-6.2% |
-7.4% |
|
Convenience & Other |
|
581 |
n.a. |
n.a. |
|
o/w Convenience |
|
424 |
-11.3% |
+4.7% |
|
TOTAL FOOD |
|
3,370 |
-8.3% |
-2.4% |
|
TOTAL ESTIMATED GROSS NON-FOOD SALES UNDER BANNER (in €m,
excluding fuel) |
Q2 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
|
|
|
|
Hypermarkets |
|
95 |
-26.3% |
-27.3% |
|
Cdiscount |
|
791 |
-5.3% |
+14.5% |
|
TOTAL NON-FOOD |
|
887 |
-5.5% |
+11.3% |
|
TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel) |
Q2 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
|
|
|
|
TOTAL FRANCE AND CDISCOUNT |
|
4,257 |
-7.9% |
-0.3% |
| |
|
|
|
|
|
Store network at period-end
|
FRANCE |
30 June 2020 |
30 Sept. 2020 |
31 Dec. 2020 |
31 March 2021 |
30 June 2021 |
|
Géant Casino hypermarkets |
104 |
105 |
105 |
104 |
95 |
|
o/w French franchised affiliates |
4 |
4 |
4 |
3 |
3 |
|
International affiliates |
6 |
7 |
7 |
7 |
7 |
|
Casino Supermarkets |
415 |
414 |
419 |
417 |
422 |
|
o/w French franchised affiliates |
69 |
68 |
71 |
68 |
64 |
|
International affiliates |
22 |
23 |
24 |
25 |
22 |
|
Monoprix |
789 |
791 |
799 |
806 |
830 |
|
o/w franchised affiliates |
190 |
191 |
192 |
195 |
201 |
|
Naturalia integrated
stores |
181 |
181 |
184 |
189 |
203 |
|
Naturalia franchises |
26 |
28 |
32 |
34 |
39 |
|
Franprix |
869 |
869 |
872 |
877 |
890 |
|
o/w franchises |
481 |
463 |
479 |
493 |
533 |
|
Convenience |
5,134 |
5,166 |
5,206 |
5,311 |
5,502 |
|
Other businesses |
219 |
219 |
233 |
334 |
320 |
|
Total France |
7,530 |
7,564 |
7,634 |
7,849 |
8,059 |
|
|
|
|
|
|
|
|
INTERNATIONAL |
30 June 2020 |
30 Sept. 2020 |
31 Dec. 2020 |
31 March 2021 |
30 June 2021 |
|
ARGENTINA |
25 |
25 |
25 |
25 |
25 |
|
Libertad hypermarkets |
15 |
15 |
15 |
15 |
15 |
|
Mini Libertad and Petit Libertad mini-supermarkets |
10 |
10 |
10 |
10 |
10 |
|
URUGUAY |
93 |
92 |
93 |
93 |
92 |
|
Géant hypermarkets |
2 |
2 |
2 |
2 |
2 |
|
Disco supermarkets |
29 |
29 |
30 |
30 |
30 |
|
Devoto supermarkets |
24 |
24 |
24 |
24 |
24 |
|
Devoto Express mini-supermarkets |
36 |
35 |
35 |
35 |
34 |
|
Möte |
2 |
2 |
2 |
2 |
2 |
|
BRAZIL |
1 070 |
1,054 |
1,057 |
1,058 |
1,058 |
|
Extra hypermarkets |
107 |
104 |
103 |
103 |
103 |
|
Pão de Açúcar supermarkets |
182 |
182 |
182 |
182 |
181 |
|
Extra supermarkets |
151 |
147 |
147 |
147 |
147 |
|
Compre Bem |
28 |
28 |
28 |
28 |
28 |
|
Assaí (cash & carry) |
169 |
176 |
184 |
184 |
187 |
|
Mini Mercado Extra & Minuto Pão de Açúcar
mini-supermarkets |
238 |
239 |
236 |
237 |
236 |
|
Drugstores |
122 |
104 |
103 |
103 |
102 |
|
+ Service stations |
73 |
74 |
74 |
74 |
74 |
|
COLOMBIA |
1 981 |
1,980 |
1,983 |
1,974 |
2,006 |
|
Éxito hypermarkets |
92 |
92 |
92 |
92 |
92 |
|
Éxito and Carulla supermarkets |
157 |
154 |
153 |
153 |
155 |
|
Super Inter supermarkets |
69 |
69 |
69 |
61 |
61 |
|
Surtimax (discount) |
1 536 |
1,539 |
1,544 |
1,548 |
1,577 |
|
o/w “Aliados” |
1 459 |
1,465 |
1,470 |
1,476 |
1,505 |
|
B2B |
32 |
34 |
34 |
34 |
34 |
|
Éxito Express and Carulla Express mini-supermarkets |
95 |
92 |
91 |
86 |
87 |
|
CAMEROON |
1 |
2 |
2 |
2 |
3 |
|
Cash & Carry |
1 |
2 |
2 |
2 |
3 |
|
Total International |
3,170 |
3,153 |
3,160 |
3,152 |
3,184 |
Consolidated income
statement
|
In € millions |
|
First-half 2021 |
First-half 2020 (restated)55 |
|
CONTINUING OPERATIONS |
|
|
|
| Net
sales |
|
14,480 |
16,140 |
|
Other revenue |
|
224 |
245 |
|
Total revenue |
|
14,704 |
16,385 |
|
Cost of goods sold |
|
(11,071) |
(12,402) |
|
Gross margin |
|
3,633 |
3,983 |
| Selling
expenses |
|
(2,531) |
(2,928) |
|
General and administrative expenses |
|
(657) |
(656) |
|
Trading profit |
|
444 |
399 |
| As a %
of net sales |
|
3.1% |
2.5% |
| Other
operating income |
|
247 |
225 |
|
Other operating expenses |
|
(236) |
(471) |
|
Operating profit |
|
455 |
153 |
| As a %
of net sales |
|
3.1% |
1.0% |
| Income
from cash and cash equivalents |
|
8 |
9 |
| Finance
costs |
|
(231) |
(197) |
|
Net finance costs |
|
(224) |
(188) |
| Other
financial income |
|
69 |
87 |
|
Other financial expenses |
|
(243) |
(377) |
|
Profit (loss) before tax |
|
57 |
(325) |
| As a %
of net sales |
|
0.4% |
-2.0% |
| Income
tax benefit (expense) |
|
(46) |
15 |
|
Share of profit of equity-accounted investees |
|
29 |
15 |
|
Net profit /(loss) from continuing operations |
|
41 |
(295) |
| As a %
of net sales |
|
0.3% |
-1.8% |
|
Attributable to owners of the parent |
|
(35) |
(340) |
|
Attributable to non-controlling interests |
|
76 |
45 |
|
DISCONTINUED OPERATIONS |
|
|
|
|
Net profit (loss) from discontinued
operations |
|
(169) |
(158) |
|
Attributable to owners of the parent |
|
(170) |
(162) |
|
Attributable to non-controlling interests |
|
2 |
4 |
|
CONTINUING AND DISCONTINUED OPERATIONS |
|
|
|
|
Consolidated net profit (loss) |
|
(128) |
(452) |
|
Attributable to owners of the parent |
|
(205) |
(502) |
|
Attributable to non-controlling interests |
|
77 |
50 |
Earnings per share
|
In € |
|
First-half 2021 |
First-half 2020 (restated)1 |
|
From continuing operations, attributable to owners of the
parent |
|
|
|
|
|
|
(0.66) |
(3.48) |
|
|
|
(0.66) |
(3.48) |
|
From continuing and discontinued operations, attr. to
owners of the parent |
|
|
|
|
|
|
(2.24) |
(4.98) |
|
|
|
(2.24) |
(4.98) |
Consolidated statement of comprehensive
income
|
In € millions |
For the six months ended
30 June 2021 |
For the six months ended 30 June 2020
(restated)56 |
|
Consolidated net profit (loss) |
(128) |
(452) |
|
Items that may be subsequently reclassified to profit or
loss |
137 |
(1,184) |
|
Cash flow hedges and cash flow hedge reserve(i) |
20 |
(14) |
|
Foreign currency translation adjustments(ii) |
120 |
(1,148) |
|
Debt instruments at fair value through other comprehensive income
(OCI) |
(1) |
- |
|
Share of items of equity-accounted investees that may be
subsequently reclassified to profit or loss |
3 |
(26) |
|
Income tax effects |
(5) |
4 |
|
Items that will never be reclassified to profit or
loss |
(3) |
2 |
|
Equity instruments at fair value through other comprehensive
income |
- |
- |
|
Actuarial gains and losses |
(4) |
3 |
|
Share of items of equity-accounted investees that will never be
subsequently reclassified to profit or loss |
- |
- |
|
Income tax effects |
1 |
(1) |
|
Other comprehensive income (loss) for the year, net of
tax |
134 |
(1,182) |
|
Total comprehensive income (loss) for the year, net of
tax |
6 |
(1,634) |
| o/w
Group share |
(127) |
(979) |
|
Attributable to non-controlling interests |
133 |
(655) |
- The change in the cash flow hedge reserve in first-half 2021
and first-half 2020 was not material.
- The €120 million positive net translation adjustment in
first-half 2021 arose mainly from the appreciation of the Brazilian
real for €218 million, partially offset by the depreciation of the
Uruguayan peso for -€81 million. The €1,148 million negative net
translation adjustment in first-half 2020 arose primarily from the
depreciation of the Brazilian and Colombian currencies (-€839
million and -€259 million, respectively).
Consolidated statement of financial
position
|
ASSETS |
|
|
30 June 2021 |
31 December 2020 |
|
In € millions |
|
Goodwill |
|
|
6,764 |
6,656 |
|
Intangible assets |
|
|
2,126 |
2,061 |
|
Property and equipment |
|
|
4,457 |
4,279 |
|
Investment property |
|
|
423 |
428 |
|
Right-of-use assets |
|
|
4,862 |
4,888 |
|
Investments in equity-accounted investees |
|
|
214 |
191 |
|
Other non-current assets |
|
|
1,217 |
1,217 |
|
Deferred tax assets |
|
|
1,111 |
1,035 |
|
Non-current assets |
|
|
21,174 |
20,754 |
|
Inventories |
|
|
3,349 |
3,209 |
|
Trade receivables |
|
|
860 |
941 |
|
Other current assets |
|
|
1,967 |
1,770 |
|
Current tax assets |
|
|
202 |
167 |
|
Cash and cash equivalents |
|
|
2,133 |
2,744 |
|
Assets held for sale |
|
|
1,064 |
932 |
|
Current assets |
|
|
9,574 |
9,763 |
|
TOTAL ASSETS |
|
|
30,748 |
30,517 |
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
30 June 2021 |
31 December 2020 |
|
In € millions |
|
Share capital |
|
|
166 |
166 |
|
Additional paid-in capital, treasury shares, retained earnings and
consolidated net profit (loss) |
|
|
2,937 |
3,097 |
|
Equity attributable to owners of the parent |
|
|
3,103 |
3,263 |
|
Non-controlling interests |
|
|
2,998 |
2,856 |
|
Total equity |
|
|
6,101 |
6,118 |
|
Non-current provisions for employee benefits |
|
|
348 |
351 |
|
Other non-current provisions |
|
|
380 |
374 |
|
Non-current borrowings and debt, gross |
|
|
7,244 |
6,701 |
|
Non-current lease liabilities |
|
|
4,260 |
4,281 |
|
Non-current put options granted to owners of non-controlling
interests |
|
|
53 |
45 |
|
Other non-current liabilities |
|
|
173 |
201 |
|
Deferred tax liabilities |
|
|
540 |
508 |
|
Total non-current liabilities |
|
|
12,998 |
12,461 |
|
Current provisions for employee benefits |
|
|
12 |
12 |
|
Other current provisions |
|
|
163 |
189 |
|
Trade payables |
|
|
5,392 |
6,190 |
|
Current borrowings and debt, gross |
|
|
1,823 |
1,355 |
|
Current lease liabilities |
|
|
706 |
705 |
|
Current put options granted to owners of non-controlling
interests |
|
|
119 |
119 |
|
Current tax liabilities |
|
|
64 |
98 |
|
Other current liabilities |
|
|
3,170 |
3,059 |
|
Liabilities associated with assets held for sale |
|
|
201 |
210 |
|
Current liabilities |
|
|
11,650 |
11,937 |
|
TOTAL EQUITY AND LIABILITIES |
|
|
30,748 |
30,517 |
Consolidated statement of cash
flows
|
In € millions |
|
First-half 2021 |
First-half 2020 (restated)57 |
|
Profit (loss) before tax from continuing operations |
|
57 |
(325) |
|
Profit (loss) before tax from discontinued operations |
|
(209) |
(104) |
|
Consolidated profit (loss) before tax |
|
(151) |
(429) |
|
Depreciation and amortisation expense |
|
654 |
664 |
|
Provision and impairment expense |
|
(81) |
94 |
|
Losses (gains) arising from changes in fair value |
|
(4) |
73 |
|
Expenses (income) on share-based payment plans |
|
9 |
6 |
|
Other non-cash items |
|
(13) |
(31) |
|
(Gains) losses on disposals of non-current assets |
|
(97) |
(49) |
|
(Gains) losses due to changes in percentage ownership of
subsidiaries resulting in acquisition/loss of control |
|
11 |
20 |
|
Dividends received from equity-accounted investees |
|
10 |
15 |
| Net
finance costs |
|
224 |
188 |
|
Interest paid on leases, net |
|
154 |
165 |
|
Non-recourse factoring and associated transaction costs |
|
23 |
32 |
|
Disposal gains and losses and adjustments related to discontinued
operations |
|
90 |
15 |
|
Net cash from operating activities before change in working
capital, net finance costs and income tax |
|
829 |
764 |
|
Income tax paid |
|
(87) |
(45) |
|
Change in operating working capital |
|
(906) |
(766) |
|
Income tax paid and change in operating working capital:
discontinued operations |
|
(97) |
105 |
|
Net cash from operating activities |
|
(262) |
58 |
|
of which continuing operations |
|
(45) |
42 |
|
Cash outflows related to acquisitions of: |
|
|
|
|
§ Property, plant and equipment, intangible assets and
investment property |
|
(499) |
(447) |
|
§ Non-current financial assets |
|
(3) |
(472) |
|
Cash inflows related to disposals of: |
|
|
|
|
§ Property, plant and equipment, intangible assets and
investment property |
|
19 |
169 |
|
§ Non-current financial assets |
|
158 |
254 |
|
Effect of changes in scope of consolidation resulting in
acquisition or loss of control |
|
(9) |
165 |
|
Effect of changes in scope of consolidation related to
equity-accounted investees |
|
(6) |
(10) |
|
Change in loans and advances granted |
|
(16) |
(21) |
|
Net cash from/(used in) investing activities of discontinued
operations |
|
(49) |
(14) |
|
Net cash from (used in) investing activities |
|
(404) |
(375) |
|
of which continuing operations |
|
(355) |
(361) |
|
Dividends paid: |
|
|
|
|
§ to owners of the parent |
|
- |
- |
|
§ to non-controlling interests |
|
(77) |
(33) |
|
§ to holders of deeply-subordinated perpetual bonds |
|
(32) |
(33) |
|
Increase (decrease) in the parent's share capital |
|
- |
- |
|
Transactions between the Group and owners of non-controlling
interests |
|
3 |
(21) |
|
(Purchases) sales of treasury shares |
|
- |
(1) |
|
Additions to loans and borrowings |
|
2,636 |
1,064 |
|
Repayments of loans and borrowings |
|
(1,998) |
(837) |
|
Repayments of lease liabilities |
|
(321) |
(311) |
|
Interest paid, net |
|
(335) |
(455) |
|
Other repayments |
|
(13) |
(9) |
|
Net cash used in financing activities of discontinued
operations |
|
(6) |
(27) |
|
Net cash used in financing activities |
|
(143) |
(664) |
|
of which continuing operations |
|
(138) |
(637) |
|
Effect of changes in exchange rates on cash and cash equivalents of
continuing operations |
|
74 |
(398) |
|
Effect of changes in exchange rates on cash and cash equivalents of
discontinued operations |
|
- |
- |
|
Change in cash and cash equivalents |
|
(735) |
(1,379) |
|
Net cash and cash equivalents at beginning of
period |
|
2,675 |
3,530 |
- of which net cash and cash equivalents of continuing
operations
|
|
2,675 |
3,471 |
- of which net cash and cash equivalents of discontinued
operations
|
|
(1) |
59 |
|
Net cash and cash equivalents at end of
period |
|
1,940 |
2,151 |
- of which net cash and cash equivalents of continuing
operations
|
|
1,941 |
2,086 |
- of which net cash and cash equivalents of discontinued
operations
|
|
(1) |
65 |
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 France Retail excluding GreenYellow, real estate development
and Vindémia (sold on 30 June 2020)
2 Source: Nielsen, YTD P06 2021, over two years
3 Same-store change in sales for the four weeks to 25 July
2021
4 Contribution to consolidated EBITDA. Data published by the
subsidiary: EBITDA of €49m (stable vs. H1 2020)
5 Including €129m relating to the sale of shares and an
additional €50m notably linked to the renewal of commercial
agreements between Cdiscount, Casino banners and FLOA
6 As part of the real estate disposals made in 2019
7 Secured gross debt to EBITDA after lease payments on France
Retail + E-commerce perimeter excluding GreenYellow (see press
release dated 19 July 2021)
8 Announcement of the Assaí spin-off on 9 September
2020
9 Organic growth excluding fuel and calendar effects
10 Of which €6m in tax credits
11 The difference compared to the change in net debt excluding
IFRS 5 (-€158m) is mainly due to the decrease in IFRS 5 related to
the sale of Leader Price, which was classified under IFRS 5 at June
30, 2020
12 Excluding fuel and calendar effects
13 Data published by the subsidiary
14 Contribution to consolidated EBITDA. Data
published by the subsidiary: EBITDA of €37m in H1 2021
15 Tax credits restated by subsidiaries in the calculation of
adjusted EBITDA
16 See definition on page 13
17 Underlying diluted EPS includes the dilutive effect of TSSDI
deeply-subordinated bond distributions
18 France Retail operations excluding Vindémia, real estate
development and GreenYellow
19 Food E-commerce = E-commerce France excluding Cdiscount
20 Source: Nielsen, YTD P06 2021, over two years
21 Data published by the subsidiary
22 Data published by the subsidiary. Contribution to
consolidated EBITDA: €48m (€43m in H1 2020)
23 Data published by the subsidiary. Contribution to
consolidated EBITDA: €28m (€34m in H1 2020)
24Announcement of the spin-off on 9 September 2020
25 A subsidiary of rating agency Moody’s (Vigeo Eiris rating,
December 2020)
26 Scopes 1 and 2
27 In France
28 Including €129m relating to the sale of shares and an
additional €50m notably linked to the renewal of commercial
agreements between Cdiscount, Casino banners and FLOA
29 By 2025
30 As part of the real estate disposals made in 2019
31 May 2025 if Term Loan B, maturing in August
2025, is not repaid or refinanced at that date
32 Same-store change excluding fuel and calendar effects
33 Data published by the subsidiary
34 France scope excluding GreenYellow for which
development and transition to a company-owned asset model is
ensured by its own resources
35 Unaudited data, scope as defined in refinancing documentation
of November 2019 with mainly Segisor accounted for within the
France Retail + E-commerce scope
36 Interest paid on lease liabilities and repayment of lease
liabilities as defined in the documentation
37 EBITDA after lease payments (i.e., repayments of principal
and interest on lease liabilities)
38 Loans and other borrowings
39 At 30 June 2021
40 Organic change excluding fuel and calendar effects
41 Other financial income and expenses have been
restated, primarily for the impact of discounting tax liabilities,
as well as for changes in the fair value of the total return swaps
on GPA shares
42 Income taxes have been restated for the tax
effects of other operating income and expenses and of the
restatements of financial income and expenses described above, as
well as for the effects of IFRIC 23 "Uncertainty about tax
treatments"
43 Non-controlling interests have been restated
for the amounts relating to the restated items listed above
44 Before dividends to the owners of the parent and holders of
TSSDI deeply-subordinated bonds, excluding financial expenses,
including lease payments (repayments of lease liabilities and
interest on leases)
45 Excluding interest on lease liabilities
46 Including -€248m related to the unwinding of the GPA TRS
47 Including €149m in disbursements from the segregated account
dedicated to debt repayment
48 Including -€149m in disbursements from the segregated
account, and -€288m from discontinued operations (effect of
seasonality and operating losses of Leader Price before conversion
of stores to the Aldi brand, scheduled to end in September
2021)
49 Including a €99m earn-out in relation with the Apollo and
Fortress JVs
50 Excluding fuel and calendar effects
51 Excluding Codim stores in Corsica: 8 supermarkets and 4
hypermarkets
52 Other: mainly Vindémia and restaurants
53 Net sales on a same-store basis include the same-store
performance of franchised stores
54 Data published by the subsidiary
55 The financial statements for first-half 2020 have been
restated to reflect the retrospective application of the IFRIC IC
decision with regard to the enforceable period of a lease and the
amortisation period of fixtures in accordance with IFRS 16 –
Leases
56The financial statements for first-half 2020 have been
restated to reflect the retrospective application of the IFRIC IC
decision with regard to the enforceable period of a lease and the
amortisation period of fixtures in accordance with IFRS 16 –
Leases
57 The financial statements for first-half 2020 have been
restated to reflect the retrospective application of the IFRIC IC
decision with regard to the enforceable period of a lease and the
amortisation period of fixtures in accordance with IFRS 16 –
Leases
- 20210729 - PR - H1 2021 Results
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