Casino Group: first-half 2022 results

Groupe Casino

Second-quarter 2022 net sales and first-half 2022 results

Group net sales accelerated in the second quarter, up +14.8% as reported and up +8.1% on a same-store basis

• In France Retail, all formats returned to growth, with net sales up +3.1% as reported (-1.1% in Q1 2022) and up +3.4% on a same-store basis (-1.6% in Q1 2022), with a clear acceleration of the Parisian banners from
  mid-June

• Latin America posted growth of +31.6% as reported, including a positive currency effect, and of +16.7% on a same-store basis. Assaí and Grupo Éxito delivered an excellent performance, with total growth of +58.9% and +38.0%, respectively

Over H1 2022, Group net sales at €15.9bn (+9.8% vs H1 2021), Group EBITDA at €1,069m (-2.2% vs H1 2021)
Following the agreement in view of a sale of GreenYellow, the disposal plan now reaches €4.0bn

Net sales (in €m)	Q2 2022	Reported change	Same-store change1
France Retail	3,584	+3.1%	+3.4%
Cdiscount	369	-20.4%	-20.4%
Total France	3,954	+0.4%	-0.5%
Latam Retail	4,467	+31.6%	+16.7%
GROUP TOTAL	8,420	+14.8%	+8.1%
Cdiscount GMV	881	-10.5%	n.a.

In France
France Retail
Second-quarter net sales: the Group's banners returned to growth, with net sales up +3.1% as reported and +3.4% on a same-store basis, driven in particular by expansion and the gradual return of tourists. This trend is confirmed for the Parisian banners (+2.1% on a same-store basis versus -2.9% in Q1 2022), with a sharp acceleration since mid-June, as well as for the Casino banners (+4.8% on a same-store basis versus -0.5% in Q1 2022). Over the last four weeks², the Group delivered +4.7% same-store sales growth.

	Same-store change in sales1			Reported change in sales
	Q1 2022	Q2 2022	4 weeks2		Q1 2022	Q2 2022	4 weeks2
Hypermarkets	-1.2%	+2.9%	+1.4%		-1.7%	-8.1%	-16.7%3
Supermarkets	-2.5%	+2.4%	+3.0%		+3.8%	+20.7%	+25.5%3
Convenience	+3.7%	+11.7%	+9.6%		+5.8%	+13.3%	+12.4%
Casino banners	-0.5%	+4.8%	+3.9%		+1.7%	+6.5%	+5.4%
Monoprix	-3.0%	+2.2%	+4.8%		-5.0%	+1.6%	+5.4%
Franprix	-2.2%	+1.7%	+12.6%		-2.1%	+1.8%	+7.2%
Parisian banners	-2.9%	+2.1%	+6.0%		-4.3%	+1.7%	+5.8%
FRANCE RETAIL	-1.6%	+3.4%	+4.7%		-1.1%	+3.1%	+5.6%

Strategic priorities: (i) 376 stores were opened in the convenience format during H1 2022 (Monop', Franprix, Vival, Spar, etc.), while several supermarkets and independent stores joined the franchise network; (ii) Food
e-commerce grew despite a decline in the market (+20% in H1 versus -3.6% for the market⁴).

France Retail H1 2022 results: EBITDA for the France Retail segment was €539m, down -5.2% over the period due to a decline in the Ile de France market in Q1 2022 and a recovery during Q2.

Cdiscount
In a decreasing market, Cdiscount captured market share over the last Kantar periods (+0.2 pt in April, +0.4 pt in May), returning to pre-Covid levels (H1 GMV at +2.3% versus H1 2019, and -9.9% versus H1 2021 related to a high basis of comparison due to the pandemic). The significant improvement in the business mix continues, with a marketplace GMV share of over 50% in Q2 2022.
EBITDA was €15m (versus €48m in H1 2021), back to H1 2019 levels, and the subsidiary stabilised its cash flows compared to H1 2021.
Cdiscount launched a €75m cost savings plan on a full-year basis by 2023 aimed at adapting its cost structure and capex to trading. It expects to unlock savings of over €30m as from the second half of the year.

Disposal plan
The Group received €192m and €145m⁵, respectively, from the sale of Floa Bank and Mercialys. To date, the disposal plan totals €4.0bn out of a target of €4.5bn.
The Group has signed an agreement in view of a disposal of GreenYellow for an enterprise value of €1.4bn and an equity value of €1.1bn. Net of €165m reinvested, disposal proceeds for the Group would amount to €600m.

Net debt in France⁶
Net debt stood at €5.1bn at 30 June 2022 (€4.6bn at 30 June 2021). The change in net debt over H1 2022 improved by +€374m versus H1 2021.
The Group met the covenants⁷ contained in its revolving credit facility, with headroom of €227m on gross debt for the secured gross debt/EBITDA after lease payments covenant, and headroom of €215m on EBITDA for the EBITDA after lease payments/net finance costs covenant.

In Latin America
Latin America

Q2 2022 net sales up +31.6% as reported and +12.0% at constant exchange rates. Assaí and Grupo Éxito recorded robust growth of +58.9% and +38.0% respectively, and +31.7% and +27.6% respectively at constant exchange rates.

• GPA Brazil net sales fell by -15.4% (-30.2% at constant exchange rates), affected by the closure of hypermarkets following their transfer to Assaí. On a same-store basis, net sales were up +6.0%.

Latam EBITDA at €514m, up +8.2% over H1

• Grupo Éxito and Assaí EBITDA climbed +24.1% and +40.9% respectively (+18.9% and +24.2% at constant exchange rates excluding tax credits), while the respective EBITDA margins were 7.8% and 6.5%.

• GPA Brazil EBITDA fell -55.7% due to costs related to the closure of hypermarkets (inventory drawdowns before disposals) and a ramp-up in promotional initiatives.

The conversion of GPA hypermarkets to the Assaí banner is underway, with two openings in July and at least 40 planned before the end of 2022.

Key figures

In €m		H1 2021	H1 2022	Change	Change at CER
Net sales – Group o/w France Retail o/w Cdiscount Gross merchandise volume o/w Latam		14,480 6,863 947 1,991 6,670	15,903 6,935 795 1,793 8,173	+9.8% +1.0% -16.1% -9.9% +22.5%	+3.3% +1.0% -16.1% -9.9% +8.3%
EBITDA – Group8 o/w France Retail Margin (%) o/w Retail banners9 Margin (%) o/w Cdiscount Margin (%) o/w Latam (excl. tax credits) Margin (%) o/w tax credits in Latam		1,092 569 8.3% 539 7.9% 48 5.1% 469 7.0% 6	1,069 539 7.8% 478 6.9% 15 1.9% 514 6.3% 0	-2.2% -5.2% -52 bps -11.3% -96 bps -68.5% -3.2 pts +9.6% -74 bps n.m.	-7.8% -6.0% -57 bps -11.3% -96 bps -68.5% -3.2 pts -2.7% -72 bps n.m.
Trading profit – Group4 o/w France Retail Margin (%) o/w Retail banners5 Margin (%) o/w Cdiscount Margin (%) o/w Latam (excl. tax credits) Margin (%) o/w tax credits in Latam		440 163 2.4% 143 2.1% 6 0.7% 264 4.0% 6	380 141 2.0% 86 1.2% -32 -4.1% 271 3.3% 0	-13.7% -13.4% -34 bps -39.4% -83 bps n.m. -4.7 pts +2.3% -65 bps n.m.	-21.8% -15.8% -37 bps -39.4% -81 bps n.m. -4.7 pts -9.7% -66 bps n.m.

The 2021 financial statements have been restated following the retrospective application of the IFRS IC agenda decisions (i) Configuration or Customisation Costs in a Cloud Computing Arrangement and (ii) Attributing Benefit to Periods of Service (IAS 19)

FIRST-HALF 2022 RESULTS

Consolidated net sales amounted to €15.9bn in H1 2022, up +5.7% on a same-store basis¹, up +3.0% on an organic basis¹⁰ and up +9.8% as reported after taking into account the effects of exchange rates and hyperinflation (+6.6%), changes in scope (-0.1%) and fuel (+0.7%), and the calendar effect (-0.4%).
On the France Retail scope, net sales were up +1.0% on a same-store basis.
E-commerce (Cdiscount) gross merchandise volume (GMV) came to €1.8bn, down -9.9%¹¹ (+2.3%² compared to H1 2019) in a difficult market environment and against a high H1 2021 basis for comparison due to the pandemic.
Sales in Latin America were up by +13.2% on a same-store basis1, mainly driven by the very good performance in the Cash & Carry segment (Assaí) and Grupo Éxito.

Consolidated EBITDA came to €1,069m, a change of -2.2% including currency effects and -7.8% at constant exchange rates.
France Retail EBITDA was €539m, down -5.2% on H1 2021. France Retail banners EBITDA (excluding GreenYellow and property development) was €478m (€539m in H1 2021) in connection to a decline in the Ile de France market in Q1 2022 and a recovery during Q2. GreenYellow generated EBITDA of €33m¹² and property development operations delivered €28m¹³.
E-commerce EBITDA came to €15m (€48m in H1 2021), close to the H1 2019 figure (€13m).
EBITDA for Latin America amounted to €514 million, up +8.2% (-2.7% excluding the impact of exchange rates and tax credits, which represented €6m¹⁴ in H1 2021 and €0m in H1 2022).

Consolidated trading profit totalled €380m, down -13.7% (-21.8% at constant exchange rates).
France Retail trading profit was €141m (€163m in H1 2021), of which €86m was attributable to the retail banners (excluding GreenYellow and property development). Trading profit came to €27m for GreenYellow and to €28m for property development operations. The trading margin for the France Retail segment came out at 2.0%.
E-commerce posted a trading loss of -€32m compared to a trading profit of €6m in H1 2021 and a trading loss of
-€17m in H1 2019. The change compared to H1 2019 is attributable to Octopia development costs.
In Latin America, trading profit was stable year-on-year at €271m (-9.7% excluding tax credits and currency effects), driven by continued strong sales momentum at Assaí and Grupo Éxito, with a decline at GPA Brazil due to hypermarket closures (inventory drawdowns before disposals) and a ramp-up in promotional initiatives.

Underlying net financial expense and net profit, Group share¹⁵

Underlying net financial expense for the period was -€484m compared to -€397m in H1 2021, mainly reflecting a -€79m change in net financial expense excluding interest on lease liabilities due to higher interest and forex rates in Brazil.

Underlying net profit (loss), Group share was -€102m, down -€28m on H1 2021.
Diluted underlying earnings per share¹⁶ stood at -€1.35, vs. -€1.03 in H1 2021.

Other operating income and expenses represented a net expense of -€284m in H1 2022 compared to net income of €10m in H1 2021, of which -€155m relates to France and -€129m to Latin America. In France, other operating income and expenses included -€41m of non-cash costs related to the disposal plan in H1 2022, vs +€161m in H1 2021.

Consolidated net profit (loss), Group share

Net profit (loss) from continuing operations, Group share came to -€248m, down -€210m mainly due to net financial expense and non-recurring items.
Net profit (loss) from discontinued operations, Group share came out at -€12m in H1 2022, compared with -€170m in H1 2021.
Consolidated net profit (loss), Group share amounted to -€259m vs. -€208m in H1 2021.

Financial position at 30 June 2022

Consolidated net debt excluding the impact of IFRS 5 was €7.5bn, of which €5.1bn in France and €2.4bn in Latin America, higher than the level at end of 2021 due to the seasonality of the activity. Including the impact of IFRS 5, consolidated net debt came to €6.6bn, of which €4.3bn in France and €2.3bn in Latin America.

At 30 June 2022, the Group's liquidity in France (including Cdiscount) was €2.2bn, with €405m in cash and cash equivalents¹⁷ and €1.8bn in confirmed undrawn lines of credit, available at any time¹⁸. The Group also has €111m in a secured segregated account for the repayment of secured gross debt at 30 June 2022 (€95m at 11 July following buybacks of secured bonds maturing in January 2024).

FIRST-HALF 2022 HIGHLIGHTS
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Retail banners: return to net sales growth

The retail banners returned to growth in Q2 2022, with the Parisian banners reporting a sharp acceleration in sales during June.

Expansion of the store network and E-commerce

• Ramp-up of store network expansion, with 376 stores opened in convenience formats in H1 (Franprix, Spar, Vival, etc.) and several supermarkets and independent stores joining the franchise network;

• Strong +20% growth in food E-commerce over H1 in a shrinking market (-3.6%¹⁹).

Strengthening technology partnerships
In H1 2022, the Group strengthened its technology partnerships with global leaders including Ocado, Gorillas and Amazon:

• Casino Group and Ocado signed a memorandum of understanding to extend their partnership in France, providing for (i) the creation of a joint venture offering logistics services in France, (ii) the integration of Octopia's marketplace solution into Ocado's services platform, and (iii) the deployment by Casino Group of Ocado's in-store fulfilment technology in its Monoprix stores;

• Casino Group and Gorillas signed a strategic agreement to extend their partnership to Frichti, which will offer Monoprix products as well as national brands. These products will be available on the Frichti platform and delivered to consumers in a matter of minutes in the areas where Frichti currently operates;

• The Amazon partnership was extended to Lille and Nantes in addition to Paris, Nice, Lyon, Bordeaux, Montpellier and Strasbourg.

Tailoring stores to new consumer trends
The Group’s banners are adapting their offering to new consumer trends by developing a series of initiatives designed to meet their customers’ expectations:

• Complete conversion of traditional Géant hypermarkets, into (i) Casino Supermarkets (20 converted in H1 2022), or (ii) Casino Hyper Frais, a concept offering 50% fresh products (4 conversions to date, 57 new stores planned by H1 2023);

• Reduction of waiting time at check-out and reduction in stock-outs thanks to Belive technology;

• NFTs now sold by Monoprix;

• Success of subscriptions²⁰ in the Casino and Monoprix banners, which already have more than 300,000 paying subscribers (versus 210,000 at end-2021): subscribers in the Géant and Casino Supermarkets banners spend on average four times more than unsubscribed customers.

Inflation
Casino Group banners have adapted their sales strategy to the inflationary environment:

• Strong discounts on a weekly selection of products (under the slogan "Plus bas y a pas", or "You won't find it for less" at Géant; basket of 20 products for less than €20 at Franprix, etc.);

• Promotion of private-label brands, including Leader Price in Casino Supermarkets, Géant and Franprix;

• Discounts on fuel in hypermarkets and supermarkets (€0.85 per litre after a refund in the form of a voucher);

• Promotion of subscriptions in Monoprix and Casino, offering a 10% discount on purchases.

The Auxo purchasing units have been strengthened over the last six months:

• The new partnership between Intermarché and Louis Delhaize will enable Auxo Achat Alimentaire to become the leading player in the French market by 2023, with a 26% market share²¹;

• The alliance for purchases of goods and services not for resale unveiled last April (Auxo Achats Non Marchands) is now fully operational;

• Naturalia (Casino Group) and Les Comptoirs de la Bio (Les Mousquetaires Group) are to create an entity in order to consolidate their purchases from the largest organic suppliers on the market.

Cdiscount²²: back to pre-pandemic trading levels

In a decreasing market, Cdiscount returned to pre-Covid trading levels, with GMV up +2.3% compared to H1 2019, and down -9.9% on H1 2021 (high basis for comparison due to the pandemic).
Cdiscount continues to improve its business mix, with a marketplace GMV share above 50% for the first time over a quarter. Marketplace GMV rose +18.8% compared to H1 2019 (-10.6% compared to H1 2021). The banner captured +0.4 pt in market share over the last Kantar period (May 2022).
Operating KPIs continue to improve year-on-year, with (i) a +4 pts improvement in NPS, (ii) the development of Advertising Services (digital marketing), which saw a +15.0% rise in revenues at €33m, (iii) accelerated expansion of B2B with a total of 23 contracts for Octopia (+11 compared to end-2021) and 53 clients for C-logistics (+31 vs end 2021), and (iv) a +7.0% increase in the number of Cdiscount A Volonté subscribers.
EBITDA²³ was €15m (versus €48m in H1 2021), back to H1 2019 levels (€13m).
Cdiscount launched a €75m cost savings plan on a full-year basis by 2023 aimed at adapting its cost structure and capex to trading. It expects to unlock savings of over €30m as from the second half of the year.

GreenYellow: expansion in Europe with offices in Poland and Spain

GreenYellow reported €40m in EBITDA²⁴ for H1 2022, up +8% compared to H1 2021.

It has an advanced pipeline²⁵ of 764 MW in solar power projects, and a pipeline of additional opportunities²⁶ of 3,701 GW. The advanced pipeline⁴ for the energy efficiency business came to 157 GWh, with a pipeline of additional opportunities⁵ of almost 1,096 GWh.

Expansion continued in Europe with the establishment of new offices in Poland and Spain, and the commissioning of the first 4 MW project in Bulgaria. Mid-July, GreenYellow also signed a first auto-consumption PPA in Hungary with a major automotive player for a project of more than 9 MW.

During the first half of the year, GreenYellow also strengthened its positions in its traditional geographies:

• A second 5 MW floating solar power plant project in Thailand.

• Signing of a major energy efficiency contract in South Africa with a multi-site retailer with more than 100 stores.

CSR

In terms of its CSR performance, Casino Group continues to rank as the no. 1 retailer and no. 8 global company in Moody's ESG ranking²⁷.

The Group's strategy is designed to promote more responsible retail, with the creation of a "seasonality barometer" in collaboration with Mauro Colagreco to guide consumers towards seasonal fruit and vegetables, and fair trade certification for all of its private label chocolate bars and coffee capsules.

To complement the measures taken by the Group to reduce its electricity consumption over the last decade (doors on fridge, etc.), the banners have committed to reducing electricity use in stores at times of energy stress (e.g., reducing the intensity of lighting in stores, heating reduction during peak hours, etc.).

The Group remains active in terms of outreach initiatives, renewing its partnership in support of food banks and its commitment against LGBT+ discrimination in H1 2022. Casino Group also continues to increase the proportion of women in management, with women now making up 40% of the Executive Committee.

The Latin American subsidiaries are also committed to, and recognised for, corporate social responsibility: (i) Grupo Éxito distributed 84,000 food baskets to children and their families to fight malnutrition and reduced its carbon footprint by 16% in H1 2022; (ii) Assaí reduced its direct and indirect energy-related emissions by 23% and is ranked as Brazil's third best company for the inclusion of people with disabilities. Assaí has also received Great Place to Work certification.

Latin America

Excellent performance from Grupo Éxito

In H1 2022 Grupo Éxito reported sales growth of +27.9% as reported (+23.8% at constant exchange rates) and a rise of +24.1% in EBITDA to €165m (+18.9% at constant exchange rates).

In Colombia, sales grew by +26.7%, accelerating in Q2 (+37.8%). EBITDA increased by +18.2%, driven by commercial dynamism. Omnichannel sales continued to see good momentum (+17%²⁸) and now represent 12.1% of total sales.

In Uruguay, sales increased by +24.8%, and EBITDA by +31.6%, thanks to improved cost control.

Brazil: strong growth at Assaí and repositioning of GPA

• Acceleration of Assaí on its highly profitable business model

Assaí saw +48.1% sales growth in H1 2022 (+26.6% at constant exchange rates), accelerating to +58.9% in Q2. EBITDA was up +40.9% (+24.2% at constant exchange rates²⁹), while the EBITDA margin came out at 6.5%. Since H1 2019, EBITDA has more than doubled in local currency terms.

The conversion of GPA hypermarkets is underway, with two openings in July, and at least 40 conversions planned before the end of 2022.

Digital sales climbed +34%¹ in Q2 2022 compared to Q1 2022.

Assaí targets gross sales of R$100bn (€18bn) in 2024, to be achieved by (i) opening around 50 stores between 2022 and 2024, and (ii) converting 70 Extra hypermarkets (including at least 40 stores in H2 2022).

• Same-store sales growth at the new GPA

Same-store net sales were up by +3.6% in H1 2022, with net sales as reported down by -19.9% (-31.5% at constant exchange rates), due to the closure of hypermarkets.

EBITDA fell -55.7% (-62.1% at constant exchange rates) due to costs related to the closure of hypermarkets and a ramp-up in promotional initiatives. 12 hypermarkets not sold have already been converted into Pão de Açúcar, Compre Bem or Mercado Extra supermarkets, out of a total of 24 conversions planned before the end of Q3 2022.

Trading rose sharply for the E-commerce business, with GMV up +25%¹ compared with Q2 2021.

Asset disposal plan

In H1 2022, the Casino Group collected:

• €192m from the sale of Floa Bank. It also has an earn-out of 30% on the future value created through to 2025.

• €74m for the Apollo and Fortress joint ventures³⁰ (in addition to the €24m received in 2021). The Group also secured and recorded in advance a €12m earn-out in addition to the €118m already secured in 2021, bringing the total earn-out included in net debt at 30 June 2022 to €130m.

• €145m from the sale of the stake in Mercialys³¹.

The Group also has €27m in multiple secured or committed disposals (Sarenza, real estate).

The Group has signed an agreement in view of a disposal of GreenYellow for an enterprise value of €1.4bn and an equity value of €1.1bn. Net of €165m reinvestment, disposal proceeds for the Group would amount to €600m.

The non-strategic asset disposal plan represents €4.0bn to date. The Group confirms its aim of completing the final €0.5bn of its €4.5bn disposal plan by the end of 2023.

Bond buybacks

On 30 June 2022, Casino Group cancelled a nominal amount of €34.1m of the Quatrim 2024 secured bonds, following buybacks on the market.

On 11 July 2022, Casino Group cancelled (i) a nominal amount of €20.5m of the 2023 issue and (ii) a nominal amount of €15.9m of the Quatrim 2024 secured bonds. These cancellations were made following buybacks on the market.

Accordingly, the aggregate nominal amount of the 2023 issue was reduced to €199m, and that of the Quatrim 2024 secured bonds to €750m.

The Group may undertake further bond buybacks in the coming months.

Second-quarter 2022 net sales

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In Q2 2022, the Group recorded net sales of €8,420m, up +14.8% as reported, including currency, fuel and consolidation scope impacts accounting respectively for +9.1%, +0.5% and -0.1%. The calendar effect had no impact on sales. The Group delivered same-store growth of +8.1%³², driven mainly by Latin America (+16.7%).

For France Retail, same-store sales were up by +3.4% over the quarter, with a return to growth in all formats. Convenience formats delivered double-digit growth (+11.7%). Hypermarkets (+2.9%) and supermarkets (+2.4%) reported solid growth. Monoprix (+2.2%) and Franprix (+1.7%) benefited from a recovery in consumption in Paris with the return of tourists and office workers.

Cdiscount³³ gross merchandise volume (GMV) was up by +4.0% versus Q2 2019, but down -10.5% year-on-year due to a high basis for comparison related to the pandemic. The marketplace GMV share continued to increase, exceeding 50% in Q2.

In Latin America, sales rose by +31.6% on a reported basis in the quarter, driven by an excellent performance from Grupo Éxito and Assaí, which reported sales growth of +38.0% and +58.9%, respectively, reflecting the commercial format's continued attractiveness and a positive currency effect.

Outlook for H2 2022 in France

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Amid rising inflation, Casino Group’s priority remains growth and maintaining a good level of profitability to ensure the increase of cash flow generation

The Group returned to growth in H1 2022, despite an unstable economic environment.

In H2 2022, amid rising inflation, the Group intends to maintain its growth momentum:

• Continuation of the expansion plan, with 800 convenience store openings (Monop’, Franprix, Naturalia, Spar, Vival, etc.), mainly under franchise (376 openings in H1);

  • Development of the most buoyant retail and E-commerce activities (Casino Hyper Frais, partnerships with Gorillas, Amazon and Ocado).

For FY 2022, the Group confirms its targets:

• Maintain a high level of profitability and improve cash flow generation;

  • Continue its €4.5bn disposal plan in France, which is expected to be completed by the end of 2023.

The Board of Directors met on 27 July 2022 to approve the consolidated financial statements for first-half 2022. These financial statements have been reviewed by the Statutory Auditors.

The presentation of the 2022 half-year results is available on Casino Group’s corporate website (www.groupe-casino.fr/en)

APPENDICES – ADDITIONAL H1 2022 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 2022:

In €m	France Retail + E-commerce	Latam	Total
Net sales34	7,730	8,173	15,903
EBITDA1	554	514	1,069
(-) impact of leases35	(304)	(171)	(475)
Adjusted consolidated EBITDA including leases1	250	343	594

Financial information for the 12-month period ended 30 June 2022:

In €m	France Retail + E-commerce	Latam	Total
Net sales1	16,021	15,951	31,972
EBITDA1	1,393	1,099	2,492
(-) impact of leases2	(601)	(333)	(933)
(i) Adjusted consolidated EBITDA including leases1 36	792	766	1,558
(ii) Gross debt1 37	5,639	3,514	9,153
(iii) Gross cash and cash equivalents1 38	413	1,275	1,688

As at 30 June 2021, the Group’s liquidity within the “France + E-commerce” scope was €2.2bn, with €413m in cash and cash equivalents³⁹ and €1.8bn in confirmed undrawn lines of credit, available at any time.   Commercial paper in issue amounted to €48m at 30 June 2022.

Additional information regarding covenants and segregated accounts:

Covenants tested as from 30 June 2021 pursuant to the Revolving Credit Facility dated 18 November 2019, as amended in July 2021

Type of covenant (France and E-commerce excluding GreenYellow)	At 30 June 2022
Secured gross debt/ EBITDA after lease payments <3.50x	3.19x40
EBITDA after lease payments/Net finance costs >2.50x	3.54x

The balance of the segregated account was nil at 30 June 2022.

The balance of the secured segregated account was €111m at 30 June 2022, after taking into account buybacks of the secured bond maturing in January 2024. Due to additional buybacks of the same issue in early July, the secured segregated account stood at €95m at 11 July 2022.

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 2021 (restated)	H1 2022	Change	Change at CER
France Retail	6,863	6,935	+1.0%	+1.0%
Latam Retail	6,670	8,173	+22.5%	+8.3%
E-commerce (Cdiscount)	947	795	-16.1%	-16.1%
Group total	14,480	15,903	+9.8%	+3.3%

Consolidated EBITDA by segment

EBITDA In €m	H1 2021 (restated)			H1 2022		Change		Change at CER
France Retail		569	539		-5.2%		-6.0%
Latam Retail		475	514		+8.2%		-3.9%
E-commerce (Cdiscount)		48	15		-68.5%		-68.5%
Group total		1,092	1,069		-2.2%		-7.8%

Consolidated trading profit by segment

Trading profit In €m		H1 2021 (restated)		H1 2022		Change		Change at CER
France Retail	163		141		-13.4%		-15.8%
Latam Retail	271		271		0.0%		-11.7%
E-commerce (Cdiscount)	6		-32		n.m.		n.m.
Group total	440		380		-13.7%		-21.8%

Underlying net profit

In €m	H1 2021 (restated)	Restated items	H1 2021 (underlying)	H1 2022	Restated items	H1 2022 (underlying)
Trading profit	440	0	440	380	0	380
Other operating income and expenses	10	(10)	0	(284)	284	0
Operating profit (loss)	450	(10)	440	96	284	380
Net finance costs	(224)	0	(224)	(252)	0	(252)
Other financial income and expenses41	(174)	0	(174)	(233)	2	(231)
Income taxes42	(44)	(10)	(54)	112	(86)	26
Share of profit of equity-accounted investees	29	0	29	5	0	5
Net profit (loss) from continuing operations	37	(19)	18	(272)	200	(72)		xx	xx	xx	xx
o/w attributable to non-controlling interests43	75	18	93	(24)	54	30
o/w Group share	(38)	(37)	(75)	(248)	145	(102)

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 and the effects of discounting Brazilian tax liabilities.

Change in net debt by entity

Net debt before IFRS 5 In €m
	H1 2021	Change over the period	H1 2022
France	(4,577)	-511	(5,088)
o/w France Retail excl. GreenYellow	(4,205)	-384	(4,589)
o/w E-commerce (Cdiscount)	(428)	-71	(499)
o/w GreenYellow	57	-57	0
Latam Retail	(1,767)	-610	(2,377)
o/w GPA Brazil	(778)	+52	(726)
o/w Assaí	(851)	-643	(1,493)
o/w Grupo Éxito	26	-45	(19)
o/w Brazilian Holdings (Segisor)	(164)	+26	(138)
Total	(6,344)	-1,121	(7,465)

Note : GreenYellow has been classified under IFRS 5 in 2022

France net debt at 30 June before IFRS 5

In €m – France (including Cdiscount), excluding GreenYellow	H1 2021	H1 2022
France net debt before IFRS 5 at 1 January	(3,874)	(4,701)
Free cash flow44 excluding disposal plan	(346)	(323)
Financial expenses45	(164)	(184)
Dividends paid to owners of the parent and holders of TSSDI deeply-subordinated bonds	(28)	(32)
Share buybacks and transactions with non-controlling interests	(1)	(2)
Other net financial investments	(5)	1
Other non-cash items	(308)	(47)
o/w non-cash financial expenses	(30)	54
Change in net debt before IFRS 5 and before asset disposals	-854	-586
Disposal plan	93	19946
Change in net debt before IFRS 5 and after asset disposals	-760	-387
Net debt before IFRS 5 at 30 June	(4,634)	(5,088)

APPENDICES – NET SALES

Quarterly consolidated net sales by segment

NET SALES (in €m)	Net sales Q2 2022	Total growth		Organic growth47	Same-store growth1
France Retail	3,584	+3.1%		+1.8%	+3.4%
Cdiscount	369	-20.4%		-20.4%	-20.4%
Total France	3,954	+0.4%		-1.0%	-0.5%
Latam Retail	4,467	+31.6%		+12.4%	+16.7%
GROUP TOTAL	8,420	+14.8%		+5.3%	+8.1%
Cdiscount GMV	881	-10.5%		n.a.	n.a.

Quarterly consolidated net sales in France by banner

Net sales by banner (in €m)	Q2 2022 net sales	Total growth	Organic growth1	Same-store growth1
Monoprix	1,111	+1.6%	+2.0%	+2.2%
Supermarkets	857	+20.7%	+1.4%	+2.4%
o/w Casino Supermarkets48	814	+21.4%	+0.6%	+1.7%
Franprix	385	+1.8%	+2.4%	+1.7%
Convenience & Other49	456	+1.4%	+0.2%	+11.6%
o/w Convenience50	387	+13.3%	+14.5%	+11.7%
Hypermarkets	775	-8.1%	+3.3%	+2.9%
o/w Géant2	722	-9.4%	+3.1%	+2.9%
FRANCE RETAIL	3,584	+3.1%	+1.8%	+3.4%

Main half-yearly data – Cdiscount⁵¹

Key figures	H1 2021	H1 2022	Reported growth	Growth vs H1 2019
Total GMV including tax	1,991	1,793	-9.9%	+2.3%
o/w direct sales	865	679	-21.5%	-25.1%
o/w marketplace sales	747	668	-10.6%	+18.8%
Marketplace contribution (%)	46.3%	49.6%	+3.2 pts		+11.3 pts
Net sales (in €m)	1,009	881	-12.7%	-11.5%

APPENDICES – OTHER INFORMATION

Exchange rate

AVERAGE EXCHANGE RATES	Q2 2021	Q2 2022	Currency effect
Brazil (EUR/BRL)	6.3885	5.2349	+22.0%
Colombia (EUR/COP) (x 1000)	4.4471	4.1708	+6.6%
Uruguay (EUR/UYP)	52.9077	43.2190	+22.4%
Argentina (EUR/ARS)52	113.3281	125.6753	-9.8%

Gross sales under banner in France

TOTAL ESTIMATED GROSS SALES UNDER BANNER (in €m, excluding fuel)		Q2 2022	Change (incl. calendar effects)
Monoprix		1,163	+2.4%
Franprix		448	+2.3%
Supermarkets		767	+15.4%
Hypermarkets		704	-10.4%
Convenience & Other		649	+1.3%
o/w Convenience		581	+11.1%
TOTAL FRANCE		3,731	+1.8%

TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel)		Q2 2022	Change (incl. calendar effects)
Total France		3,731	+1.8%
Cdiscount		678	-14.5%
TOTAL FRANCE AND CDISCOUNT		4,409	-1.1%

Store network

FRANCE	30 Sept. 2021	31 Dec. 2021	31 March 2022	30 June 2022
Géant Casino hypermarkets	95	95	97	77
o/w French franchised affiliates	3	3	3	3
International affiliates	7	7	9	9
Casino Supermarkets	425	429	437	464
o/w French franchised affiliates	63	61	60	62
International affiliates	25	26	27	27
Monoprix (Monop’, Naturalia, etc.)	833	838	842	853
o/w franchised affiliates	203	206	215	226
Naturalia integrated stores	200	198	198	194
Naturalia franchises	44	51	51	55
Franprix (Franprix, Marché d’à côté, etc.)	906	942	978	1,035
o/w franchises	564	614	649	711
Convenience (Spar, Vival, Le Petit Casino, etc.)	5,563	5,728	5,859	5,960
Other businesses	303	286	287	277
Total France	8,125	8,318	8,500	8,666

INTERNATIONAL	30 Sept. 2021	31 Dec. 2021	31 March 2022	30 June 2022
ARGENTINA	25	25	25	26
Libertad hypermarkets	15	15	15	16
Mini Libertad and Petit Libertad mini-supermarkets	10	10	10	10
URUGUAY	93	94	93	93
Géant hypermarkets	2	2	2	2
Disco supermarkets	30	30	30	30
Devoto supermarkets	24	24	24	24
Devoto Express mini-supermarkets	35	36	35	35
Möte	2	2	2	2
BRAZIL	1,064	1,021	917	914
Extra hypermarkets	103	72	31	21
Pão de Açúcar supermarkets	181	181	181	179
Extra supermarkets	146	146	146	149
Compre Bem	28	28	28	30
Assaí (cash & carry)	191	212	216	220
Mini Mercado Extra & Minuto Pão de Açúcar mini-supermarkets	239	240	241	241
Drugstores	102	68	0	0
+ Service stations	74	74	74	74
COLOMBIA	2,035	2,063	2,036	2,049
Éxito hypermarkets	92	91	91	91
Éxito and Carulla supermarkets	153	158	153	153
Super Inter supermarkets	61	61	60	60
Surtimax (discount)	1,607	1,632	1,619	1,634
o/w “Aliados”	1,536	1,560	1,549	1,564
B2B	34	36	37	41
Éxito Express and Carulla Express mini-supermarkets	88	85	76	70
CAMEROON	4	4	4	4
Cash & carry	4	4	4	4
Total International	3,221	3,207	3,075	3,086

Consolidated income statement

In € millions		30 June 2022	30 June 2021 (restated)53
CONTINUING OPERATIONS
Net sales		15,903	14,480
Other revenue		225	224
Total revenue		16,128	14,704
Cost of goods sold		(12,360)	(11,071)
Gross margin		3,768	3,633
Selling expenses		(2,645)	(2,532)
General and administrative expenses		(743)	(660)
Trading profit		380	440
As a % of net sales		2.4%	3.0%
Other operating income		268	246
Other operating expenses		(551)	(236)
Operating profit		96	450
As a % of net sales		0.6%	3.1%
Income from cash and cash equivalents		27	8
Finance costs		(279)	(231)
Net finance costs		(252)	(224)
Other financial income		90	69
Other financial expenses		(323)	(243)
Net profit (loss) before tax		(389)	52
As a % of net sales		-2.4%	0.4%
Income tax benefit (expense)		112	(44)
Share of profit of equity-accounted investees		5	29
Net profit (loss) from continuing operations		(272)	37
As a % of net sales		-1.7%	0.3%
Attributable to owners of the parent		(248)	(38)
Attributable to non-controlling interests		(24)	75
DISCONTINUED OPERATIONS
Net profit (loss) from discontinued operations		(5)	(169)
Attributable to owners of the parent		(12)	(170)
Attributable to non-controlling interests		7	2
CONTINUING AND DISCONTINUED OPERATIONS
Consolidated net profit (loss)		(277)	(132)
Attributable to owners of the parent		(259)	(208)
Attributable to non-controlling interests		(17)	77

Earnings per share

In €		30 June 2022	30 June 2021 (restated)1
From continuing operations, attributable to owners of the parent
Basic		(2.70)	(0.69)
Diluted		(2.70)	(0.69)
From continuing and discontinued operations, attributable to owners of the parent
Basic		(2.80)	(2.27)
Diluted		(2.80)	(2.27)

Consolidated statement of comprehensive income

In € millions	For the six months ended 30 June 2022	For the six months ended 30 June 2021 (restated)54
Consolidated net profit (loss)	(277)	(132)
Items that may be subsequently reclassified to profit or loss	627	137
Cash flow hedges and cash flow hedge reserve(i)	30	20
Foreign currency translation adjustments(ii)	587	120
Debt instruments at fair value through other comprehensive income (OCI)	(1)	(1)
Share of items of equity-accounted investees that may be subsequently reclassified to profit or loss	18	3
Income tax effects	(7)	(5)
Items that will never be reclassified to profit or loss	37	(3)
Equity instruments at fair value through other comprehensive income	-	-
Actuarial gains and losses	49	(4)
Share of items of equity-accounted investees that will never be subsequently reclassified to profit or loss	-	-
Income tax effects	(13)	1
Other comprehensive income for the year, net of tax	664	134
Total comprehensive income for the year, net of tax	387	2
Attributable to owners of the parent	40	(131)
Attributable to non-controlling interests	347	133

(i)  The change in the cash flow hedge reserve in first-half 2022 and first-half 2021 was not material.
(ii)  The €587 million change in translation adjustments in first-half 2022 stemmed primarily from the appreciation of the Brazilian real and Colombian peso (€438 million and €97 million, respectively). 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 Colombian peso for -€81 million.

Consolidated statement of financial position

ASSETS			30 June 2022	31 December 202155
In € millions
Goodwill			7,017	6,667
Intangible assets			2,101	2,006
Property, plant and equipment			4,942	4,641
Investment property			448	411
Right-of-use assets			5,074	4,748
Investments in equity-accounted investees			221	201
Other non-current assets			1,172	1,183
Deferred tax assets			1,463	1,195
Non-current assets			22,439	21,053
Inventories			3,697	3,214
Trade receivables			713	772
Other current assets			2,242	2,033
Current tax assets			201	196
Cash and cash equivalents			1,688	2,283
Assets held for sale			1,568	973
Current assets			10,109	9,470
TOTAL ASSETS			32,548	30,523
EQUITY AND LIABILITIES			30 June 2022	31 December 20211
In € millions
Share capital			166	166
Additional paid-in capital, treasury shares, retained earnings and consolidated net profit (loss)			2,580	2,577
Equity attributable to owners of the parent			2,746	2,742
Non-controlling interests			3,250	2,880
Total equity			5,995	5,622
Non-current provisions for employee benefits			218	273
Other non-current provisions			473	376
Non-current borrowings and debt, gross			7,843	7,461
Non-current lease liabilities			4,518	4,174
Non-current put options granted to owners of non-controlling interests			14	61
Other non-current liabilities			216	225
Deferred tax liabilities			438	405
Total non-current liabilities			13,719	12,975
Current provisions for employee benefits			12	12
Other current provisions			205	216
Trade payables			6,071	6,099
Current borrowings and debt, gross			1,784	1,369
Current lease liabilities			747	718
Current put options granted to owners of non-controlling interests			219	133
Current tax liabilities			24	8
Other current liabilities			3,146	3,196
Liabilities associated with assets held for sale			625	175
Current liabilities			12,834	11,926
TOTAL EQUITY AND LIABILITIES			32,548	30,523

Consolidated statement of cash flows

In € millions		First-half 2022	First-half 2021 (restated)56
Net profit (loss) before tax from continuing operations		(389)	52
Net profit (loss) before tax from discontinued operations		(11)	(209)
Consolidated net profit (loss) before tax		(400)	(157)
Depreciation and amortisation for the year		689	652
Provision and impairment expense		82	(81)
Losses (gains) arising from changes in fair value		1	(4)
Expenses (income) on share-based payment plans		7	9
Other non-cash items		(49)	(11)
(Gains) losses on disposals of non-current assets		(53)	(97)
(Gains) losses due to changes in percentage ownership of subsidiaries resulting in acquisition/loss of control		(22)	11
Dividends received from equity-accounted investees		2	10
Net finance costs		252	224
Interest paid on leases, net		161	154
Non-recourse factoring and associated transaction costs		54	23
Disposal gains and losses and adjustments related to discontinued operations		-	90
Net cash from operating activities before change in working capital, net finance costs and income tax		725	824
Income tax paid		(71)	(87)
Change in operating working capital		(879)	(906)
Income tax paid and change in operating working capital: discontinued operations		(100)	(97)
Net cash from operating activities		(324)	(266)
of which continuing operations		(214)	(50)
Cash outflows related to acquisitions of:
 Property, plant and equipment, intangible assets and investment property		(833)	(494)
 Non-current financial assets		(35)	(3)
Cash inflows related to disposals of:
 Property, plant and equipment, intangible assets and investment property		246	19
 Non-current financial assets		397	158
Effect of changes in scope of consolidation resulting in acquisition or loss of control		(21)	(9)
Effect of changes in scope of consolidation related to equity-accounted investees		300	(6)
Change in loans and advances granted		(6)	(16)
Net cash from (used in) investing activities of discontinued operations		(29)	(49)
Net cash from (used in) investing activities		20	(399)
of which continuing operations		49	(350)
Dividends paid:
 to owners of the parent		-	-
 to non-controlling interests		(42)	(77)
  to holders of deeply-subordinated perpetual bonds		(34)	(32)
Increase (decrease) in the parent's share capital		-	-
Transactions between the Group and owners of non-controlling interests		(2)	3
(Purchases) sales of treasury shares		(2)	-
Additions to loans and borrowings		1,052	2,636
Repayments of loans and borrowings		(862)	(1,998)
Repayments of lease liabilities		(314)	(321)
Interest paid, net		(460)	(335)
Other repayments		(16)	(13)
Net cash used in financing activities of discontinued operations		(1)	(6)
Net cash used in financing activities		(682)	(143)
of which continuing operations		(681)	(138)
Effect of changes in exchange rates on cash and cash equivalents of continuing operations		237	74
Effect of changes in exchange rates on cash and cash equivalents of discontinued operations		-	-
Change in cash and cash equivalents		(750)	(735)
Net cash and cash equivalents at beginning of period		2,223	2,675
of which net cash and cash equivalents of continuing operations		2,224	2,675
of which net cash and cash equivalents of discontinued operations		(1)	(1)
Net cash and cash equivalents at end of period		1,472	1,940
of which net cash and cash equivalents of continuing operations		1,427	1,941
of which net cash and cash equivalents of discontinued operations		46	(1)

Analyst and investor contacts
-

Lionel Benchimol
+ 33 (0)1 53 65 64 17 – lbenchimol@groupe-casino.fr

or
+ 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.fr

or
+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.fr

Franck 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 Excluding fuel and calendar effects
2 4-week period from 27 June to 24 July 2022
3 Including the conversion of 20 hypermarkets into supermarkets
4 Source: NielsenIQ – YTD – P06
5 At 30 June 2022, of the €145m of Mercialys shares sold, €86m had not yet impacted net debt (TRS shares not yet sold onto the market at that date)
6 France scope including Cdiscount, excluding GreenYellow – Net debt before IFRS 5
7 Covenants tested on the last day of each quarter – outside of these dates, there is no limit on the amount that can be drawn down
8 Including €6m in tax credits restated by Brazilian subsidiaries in the calculation of adjusted EBITDA for H1 2021 (€0m in H1 2022)
9 France Retail excluding property development and GreenYellow
10 Excluding fuel and calendar effects
11 Data published by the subsidiary
12 Contribution to consolidated EBITDA. GreenYellow vision: EBITDA of €40m in H1 2022
13 EBITDA related to the recognition of previously neutralised property development projects carried out with Mercialys (property development operations carried out with Mercialys are neutralised in EBITDA based on the Group's percentage interest in Mercialys; a reduction in Casino's stake in Mercialys or the disposal of those assets by Mercialys therefore results in the recognition of previously neutralised EBITDA)
14 Tax credits restated by Brazilian subsidiaries in the calculation of adjusted EBITDA
15 See definition on page 12
16 Underlying diluted EPS includes the dilutive effect of TSSDI deeply-subordinated bond distributions 
17 Amount excluding GreenYellow, classified under IFRS 5
18 Covenants tested on the last day of each quarter – outside of these dates, there is no limit on the amounts that can be drawn down

19 Source: NielsenIQ - YTD - P06
20 10% discount on purchases for a monthly fee of c. €10 (reduced amount for longer subscription period)
21 Source: Kantar, CAM P6 of the Casino, Louis Delhaize and Les Mousquetaires groups
22 Data published by the subsidiary
23 Contribution to consolidated figures. Data published by the subsidiary: EBITDA at €17m in H1 2022
24 GreenYellow vision. Contribution to consolidated EBITDA: €33m
25 The advanced pipeline comprises all projects that are in the "awarded" and "advanced pipeline" stages within the portfolio of projects in development at GreenYellow and its joint ventures
26 The pipeline of additional opportunities comprises all projects that are in the "pipeline" and "early stage" within the portfolio of projects in development at GreenYellow and its joint ventures
27 2021
28 Data published by the subsidiary
29 Change at constant exchange rates excluding tax credits
30 Already included in net debt at end-2021
31 At 30 June 2022, of the €145m of Mercialys shares sold, €86m had not yet impacted net debt (TRS shares not yet sold onto the market at that date)
32 Same-store change excluding fuel and calendar effects
33 Data published by the subsidiary
34 Unaudited data, scope as defined in refinancing documentation of November 2019 with mainly Segisor accounted for within the France Retail + E-commerce scope
35 Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation
36 EBITDA after lease payments (i.e., repayments of principal and interest on lease liabilities)
37 Loans and other borrowings in the reported financial statements
38 At 30 June 2022
39 Amount excluding GreenYellow, classified under IFRS 5
40 Secured debt of €2.3bn and EBITDA after lease payments excluding GreenYellow of €734m
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
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 adjusted for the amounts relating to the above restated items
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 Of which €165m for Floa Bank (amount accounted in impact of scope) and €139m for Mercialys, less -€86m of TRS not yet impacting net debt (TRS shares not yet sold onto the market at 30 June 2022)

47 Excluding fuel and calendar effects
48 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets
49 Other: including Geimex
50 Net sales on a same-store basis include the same-store performance of franchised stores
51 Data published by the subsidiary
52 Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date
53 The financial statements have been restated following the retrospective application of the IFRS IC agenda decisions (i) Configuration or Customisation Costs in a Cloud Computing Arrangement and (ii) Attributing Benefit to Periods of Service (IAS 19)
54 The financial statements have been restated following the retrospective application of the IFRS IC agenda decisions (i) Configuration or Customisation Costs in a Cloud Computing Arrangement and (ii) Attributing Benefit to Periods of Service (IAS 19)
55 The financial statements have been restated following the retrospective application of the IFRS IC agenda decisions (i) Configuration or Customisation Costs in a Cloud Computing Arrangement and (ii) Attributing Benefit to Periods of Service (IAS 19)
56 The financial statements have been restated following the retrospective application of the IFRS IC agenda decisions (i) Configuration or Customisation Costs in a Cloud Computing Arrangement and (ii) Attributing Benefit to Periods of Service (IAS 19)

Attachment

• 20220728 - PR - H1 2022 Results