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Casino Group: first-quarter 2022

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·24-min read
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Groupe Casino
Groupe Casino

FIRST-QUARTER 2022

First-quarter 2022 saw a return to growth in Group net sales, with a sequential improvement in France as well as in Brazil and Colombia

Group net sales of €7.5bn, up +3.2% on a same-store basis (-0.4% in Q4 2021), and up +4.7% on a total basis (-0.1% in Q4 2021)

  • France Retail saw a sequential improvement compared to Q4, with net sales at -1.6% on a same-store basis (-3.0% in Q4 2021) and -1.1% on a total basis (-2.4% in Q4 2021). Positive growth on a same-store basis over the last four weeks (+2.0%)

  • Latin America delivered net sales growth of +9.7% on a same-store basis and of +13.2% on a total basis, with excellent performances from both Grupo Éxito and Assaí

In France, strong improvement in net cash-flows in Q1 (+€570m compared to Q1 2021)

Group

Group net sales return to growth momentum at +3.2% on a same-store basis (-0.4% in Q4 2021) and +4.7% for total sales (-0.1% in Q4 2021).

Net sales (€m)

Q4 2021

Q1 2022

Same-store change

-0.4%

+3.2%

Total change

-0.1%

+4.7%

France

  • Retail banners:

    • Same-store net sales were at -1.6% in Q1 2022, a sequential improvement on Q4 2021 (-3.0%) and on Q3 2021 (-4.3%). Banners regained growth momentum over the last four weeks1, with net sales up +2.0% on a same-store basis. The E-commerce business enjoyed further good momentum, with first-quarter net sales up +21%.

    • Casino banners (Hypermarkets, Supermarkets, Convenience) delivered an improved performance, with same-store net sales at -0.5% compared to -3.3% in Q4 2021 and of -4.5% in Q3 2021. Sales grew +1.5% over the last four weeks1. After several quarters affected by a contracting Paris market, the Parisian banners (Franprix and Monoprix) have seen trading recover sharply in recent weeks.

Change in same-store sales

Q3
2021

Q4
2021

Q1
2022

4 weeks to 17 April1

Hypermarkets

-8.5%

-4.7%

-1.2%

+5.2%

Supermarkets

-2.7%

-3.3%

-2.5%

-3.5%

Convenience

-1.3%

-0.7%

+3.7%

+3.6%

Casino banners

-4.5%

-3.3%

-0.5%

+1.5%

Monoprix

-4.1%

-2.8%

-3.0%

+2.6%

Franprix

-3.6%

-2.0%

-2.2%

+2.0%

FRANCE RETAIL

-4.3%

-3.0%

-1.6%

+2.0%

  • Wholesales to franchisees accelerated at Franprix (+6.1% in Q1 2022 versus +4.3% in Q4 2021) and Convenience stores (+10.5% in Q1 2022 versus +4.9% in Q4 2021), driven by network expansion. The Group continued to roll-out its strategy of developing convenience formats with nearly 200 store openings (Vival, Spar, Le Petit Casino, Franprix, etc.).

Change in wholesales to franchisees

Q3
2021

Q4
2021

Q1
2022

Franprix

+1.1%

+4.3%

+6.1%

Convenience

+2.7%

+4.9%

+10.5%


Financial indicators – France2:

  • Change in net debt in Q1: in the three months ended 31 March 2022, the increase in net debt due to customary seasonal trends was €399m, compared to an increase of €968m in the three months ended 31 March 2021, reflecting (i) improved operating cash flow (around +€320m) and (ii) disposals (around +€250m).

France scope (including Cdiscount, excluding GreenYellow)

In €m

Q1 2021
(3 months)

Q1 2022
(3 months)

Change

Net debt at 31 December (before IFRS 5)

(3,873)

(4,701)

Change in net debt

-968

-399

+569

Net debt at 31 March (before IFRS 5)

(4,841)

(5,101)

EBITDA

193

176

-16

EBITDA (after lease payments)

29

25

-4

  • Change in net debt over 12 months: due to the sharp improvement in quarterly cash flow, the increase in net debt over 12 months fell from €828m at end-December 2021 to €259m at end-March 2022.

France scope (including Cdiscount, excluding GreenYellow)

In €m

FY 2021
(12 months)

Q1 2022
(12 months)

Change

Net debt at beginning of period (before IFRS 5)

(3,873)

(4,841)

Change in net debt

-828

-259

+569

Net debt at end of period (before IFRS 5)

(4,701)

(5,101)

EBITDA

1,401

1,385

-16

EBITDA (after lease payments)

780

776

-4

  • At 31 March 2022, the Group's liquidity in France3 stood at €2.7bn, of which:

    • €686m in cash and cash equivalents;

  • €2.1bn in confirmed undrawn credit lines, available at any time. The secured revolving credit facility (RCF) is undrawn at that date.

  • The Group comfortably met the covenants contained in its revolving credit facility, with headroom of €611m on debt for the secured gross debt/EBITDA after lease payments covenant, and headroom of €208m on EBITDA for the EBITDA after lease payments/net finance costs covenant.

Latin America

Latin America net sales up +9.7% on a same-store basis and up +5.8% on an organic basis:

Net sales (in €m)

Q1 2022

Total
growth

Organic
growth4

Same-store
growth3

GPA

746

-24.6%

-33.8%

+1.0%

Assaí

1,948

+36.1%

+21.1%

+6.7%

Grupo Éxito

1,012

+18.5%

+20.3%

+20.8%

Total Latam

3,706

+13.2%

+5.8%

+9.7%

  • In Brazil, continued strong momentum at Assaí (same-store growth of +7% and organic growth of +21%). Further positive same-store growth of +1% at GPA (negative organic growth of -34% due to the hypermarket closures).

  • Strong growth at Grupo Éxito, with same-store growth of +21% driven by the economic recovery and the return of tourists.

Assaí has already taken possession of 60 GPA hypermarkets with a view to converting them to the cash & carry format, and plans to open 40 of them in the second half of 2022, in line with management expectations.

The value of the Group’s holdings in GPA and Assaí has increased by €0.9bn (+60%) since the beginning of the year, to stand at €2.4bn at 20 April.

Key figures

Consolidated net sales by segment

Net sales (in €m)

Q1 2022

Total
growth

Organic
growth5

Same-store
growth1

France Retail

3,351

-1.1%

-2.7%

-1.6%

Cdiscount

426

-11.9%

-13.5%

-13.5%

Total France

3,776

-2.4%

-4.1%

-3.8%

Latam Retail

3,706

+13.2%

+5.8%

+9.7%

GROUP TOTAL

7,483

+4.7%

+0.5%

+3.2%

Cdiscount GMV6

916

-9.0%

n.a.

n.a.

In the first-quarter 2022, the currency effect was a positive +3.9%, the fuel effect had a positive impact of +1.0%, the effect of changes in consolidation scope was neutral and the calendar effect was a negative -0.7%.

Reminder of the 2022 outlook for France

  • As the health situation gradually returns to normal, the Group is confident in its ability to recover growth momentum by capitalising on its differentiating assets and innovative services:

    1. Convenience formats (Monop', Franprix, Naturalia, Spar, Vival, etc.) with a target of more than 800 stores to be opened, mainly under franchise

    2. Continued leadership in e-commerce, particularly in home delivery, supported by partners Ocado, Amazon and Gorillas as well as the store network

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

  • Continuation of the €4.5bn disposal plan in France. In view of the various options available, the Group is confident that this plan will be completed by the end of 2023

Disposal plan for non-strategic assets: €383m in proceeds collected since the beginning of the year

  • The non-strategic asset disposal plan represents €3.3bn to date. The Group confirms its aim of completing its €4.5bn disposal plan (of which €1.2bn remains outstanding) by the end of 2023.

  • In Q1 2022, the Group collected proceeds of €297m, of which:

    • €192m in connection with the disposal of FLOA;

      • €46m for the Apollo and Fortress joint ventures7;

    • €59m related to the disposal of 6.5% of Mercialys equity through a Total Return Swap (TRS).

  • In early April, Casino Group completed the additional definitive disposal of its remaining stake in Mercialys equity through a new TRS for €86m.

Consolidated net sales in France by banner

Q4 2021/Q4 2020 change

Q1 2022/Q1 2021 change

Net sales by banner (in €m)

Q4 2021 net sales

Total growth

Organic growth8

Same-store growth1

Q1 2022 net sales

Total growth

Organic growth1

Same-store growth1

Hypermarkets

899

-6.3%

-8.4%

-4.7%

799

-1.7%

-4.2%

-1.2%

o/w Géant2

848

-6.1%

-8.3%

-4.9%

754

-1.4%

-4.6%

-1.1%

Supermarkets

767

+5.6%

-4.0%

-3.3%

700

+3.8%

-3.7%

-2.5%

o/w Casino Supermarkets9

732

+5.8%

-4.0%

-3.5%

669

+4.6%

-3.8%

-2.5%

Convenience & Other10

425

-6.7%

+2.9%

-0.8%

429

+3.5%

+1.8%

+3.7%

o/w Convenience11

327

+3.5%

+3.7%

-0.7%

334

+5.8%

+6.0%

+3.7%

Casino banners12

1,993

-0.5%

-4.6%

-3.3%

1,834

+1.7%

-2.1%

-0.5%

Monoprix

1,191

-2.3%

-1.8%

-2.8%

1,063

-5.0%

-3.8%

-3.0%

Franprix

366

-3.3%

-2.2%

-2.0%

358

-2.1%

-0.7%

-2.2%

FRANCE RETAIL

3,648

-2.4%

-3.3%

-3.0%

3,351

-1.1%

-2.7%

-1.6%

For France Retail, sales for the quarter amounted to €3,351m, a change of -2.0% on a same-store basis (versus -4.3% in Q3 2021 and -3.0% in Q4 2021). The food e-commerce segment remained very strong, recording growth in net sales of +21% for the quarter.
Customer loyalty was strengthened, with 49,000 new subscribers during the quarter. The share of users of the Casino Max app in Géant hypermarkets and Casino supermarkets increased by +1.5 pts compared to the end of 2021.

Digitalisation continued apace, with around 65% of payments at Géant hypermarkets and at Casino Supermarkets made by smartphone or automated checkout (versus 63% at end-2021). The Group has 638 stores offering automated solutions, enabling them to operate autonomously in the evening and on Sundays.

The Kantar market share of Casino banners has been increasing since the beginning of the year (down -0.1 pts in P1, stable in P2 and up +0.1 pts in P3), while Franprix's market share is broadly stable and Monoprix's market share declined due to its exposure to the Paris market.

Business review by banner:

  • Monoprix net sales changed by -3.0% on a same-store basis over the quarter, affected by a soft market in Paris region. The trend has improved significantly over the last four weeks (up +2.6%). Food
    e-commerce continues to enjoy vigorous growth, lifted by partnerships with Ocado, Amazon, Uber Eats and Deliveroo, as well as the ramp-up of the partnership with Gorillas, which is now supplied by Monoprix. During the quarter, the banner also continued to expand its store network, with 11 store openings (9 Monop' and 2 Naturalia stores).

  • Franprix reported a change of -2.2% in same-store sales for the quarter, while its sales to franchisees grew by +6.1%. The banner is still affected by lower consumption in the Paris market, although the trend is positive in the Parisian suburbs and very positive outside the capital, areas where Franprix is focusing its expansion strategy. Same-store sales improved sharply over the last four weeks, with growth of +2.0%. Franprix opened 42 stores during the three months to 31 March. E-commerce delivered robust growth, driven by home delivery via the website and the app, as well as the roll-out of the Uber Eats and Deliveroo partnerships.

  • Convenience store net sales grew by +3.7% on a same-store basis, with a notable sequential improvement (down -1.3% in Q3 2021, down -0.7% in Q4 2021). Sales to franchisees rose by +10.5% over the period. E-commerce sales were boosted by the continued development of the partnerships with Uber Eats and Deliveroo and of the website, which now enables 1,380 Convenience stores to offer an
    e-commerce solution. Expansion continued apace, with 142 new stores openings since the beginning of the year.

  • Casino Supermarkets recorded a -2.5% change in same-store sales, representing a sequential improvement on Q3 2021 (-3.7%) and Q4 2021 (-3.5%). Following the conversion of 9 Géant hypermarkets into Casino Supermarkets in July 2021, the Group plans to convert a further 20 Géant hypermarkets into Casino Supermarkets in the second quarter, reallocating store space to food items.

  • Sales at Géant Hypermarkets were down -1.1% on a same-store basis, improving sequentially compared to Q3 2021 (-9.5%) and Q4 2021 (-4.9%). The shop-in-shop strategy continued with the roll-out of apparel (42 C&A corners) and urban mobility (53 Surpass corners) retail spaces.

GreenYellow

As of 31 March 2022, the outlook for GreenYellow remains excellent in the fast-growing photovoltaic and decentralised energy transition market, with a solar PV pipeline of 4.3 GW, including an advanced pipeline of 0.8 GW13 and a pipeline of additional opportunities of 3.5 GW14.

This first quarter underlines GreenYellow's ambition to deploy its platform on a very significant scale, particularly in Europe and Asia. This includes:

  • the launch or connection of more than 30 MW of solar installations in France, for self-supply or grid injection, notably via solar roofs for the Panhard group and car park canopies for Invesco Real Estate;

  • the opening of an office in Poland in March 2022 to drive a sharp acceleration of the business in high-potential Central European markets (Poland, Hungary, Bulgaria, Romania). GreenYellow is targeting nearly 100 MW in Central and Eastern Europe over the next two years;

  • the support for the Ricoh industrial group in Thailand, with the construction of a 4 MW rooftop solar plant that will enable the group to reduce its dependence on the electricity grid, significantly reduce its electricity costs and contribute to its objective of achieving carbon neutrality by 2050.

GreenYellow was awarded the EcoVadis Gold Metal for its CSR performance, consolidating its position as a leader and pioneer in corporate social responsibility.

RelevanC

RelevanC maintained its growth momentum in Q1 2022, in particular:

  • expansion of the Everli partnership into Italy and Poland. Everli, the leading home shopping delivery service through personal shoppers, chose RelevanC technology to integrate into its own advertising solution to further personalise advertisements on its website and apps in Europe;

  • launch of the white label retail media solution with GPA in Brazil, marking the start of the international expansion of its solution for retailers and e-commerce operators.

Cdiscount15

In a market impacted by an unfavourable basis of comparison due to the Covid-19 curfew in Q1 2021, Cdiscount reported a -9% change in GMV. Compared to the pre-pandemic period (Q1 2019), Cdiscount has continued to develop its three strategic areas of focus:

  • Marketplace GMV increased by +22% versus 2019, while direct sales decreased by -24% in line with the strategy to improve the business mix. This drove an increase in the marketplace contribution of
    +12 pts over the period to stand at 48% of GMV (+2 pts versus 2021);

  • Digital marketing revenues doubled compared to 2019 (+15% year-on-year), driven by the CARS (Cdiscount Ads Retail Solution) digital marketing platform;

  • Octopia saw continued fast-paced expansion, signing five new major contracts during the quarter, bringing expected clients’ GMV backlog to more than €1bn on contracts duration.

The Cdiscount à Volonté loyalty programme now has 2.5 million members, an increase of +34% compared to 2019 (+8% versus 2021).

Key figures

Q1 2021

Q1 2022

Growth
vs. 2021

Growth
vs. 2019

Total GMV including tax

1,006

916

-9.0%

+1.1%

o/w direct sales

455

373

-18.0%

-24.4%

o/w marketplace sales

381

342

-10.2%

+21.8%

Marketplace contribution (%)

45.6%

47.8%

+2.3 pts

+11.5 pts

Marketplace revenues

49

45

-7.1%

+28.4%

Net sales (in €m)

518

449

-13.3%

-14.8%

Traffic (millions of visits)

296

261

-11.9%

+2.3%

Orders (millions)

7.4

6.0

-18.2%

-8.1%

Cnova published its Q1 2022 sales figures on 19 April 2022, before market opening.

Latam Retail

The Group's net sales in Latin America (Assaí, GPA Brazil and Grupo Éxito) rose by +9.7% on a same-store basis and by +5.8% on an organic basis. The quarter was shaped by excellent performances from Assaí and Grupo Éxito.

Extra hypermarket conversions: Assaí has already taken possession of 60 GPA hypermarkets with the intention of converting them into the cash & carry format, and plans to open 40 of them in the second half of 2022, in line with management expectations. In addition, GPA has begun converting 9 hypermarkets to the Mercado Extra format and 15 hypermarkets to the Pão de Açúcar format.

  • In Brazil, net sales increased by +5.4% on a same-store basis and by +0.6% on an organic basis:

    • During the quarter, Assaí reported +21%16 organic growth, led by solid same-store net sales (+6.7%1) and the excellent performances of the 32 stores opened in the last 12 months;

    • GPA Brazil's net sales rose by +1.0%1 on a same-store basis and contracted -34% on an organic basis due to the hypermarket closures. Excluding the hypermarket closure effect, the year-on-year growth in online sales came out at +44%.

      • Convenience formats recorded same-store growth of +5.5%1 despite a high comparison basis, thanks to the recovery of store traffic associated with the reduction in working from home;

      • The Compre Bem and Mercado Extra banners delivered same-store growth of +0.6%1;

      • Pão de Açúcar (+0.1%1) enjoyed stable growth despite a decline in the premium store market according to Nielsen.

  • Grupo Éxito's net sales for the quarter rose by +20.8%1 on a same-store basis, with growth in all three of the Group's operating countries, mainly due to the increase in store traffic following the resumption in business and the recovery of tourism. Omni-channel sales accounted for 9.4% of the total for the quarter.

    • Colombia: strong same-store growth of +20.2%1, driven by the Carulla format with sharp omni-channel sales growth of +17%;

    • Uruguay: growth of +11.8%1 on a same-store basis, reflecting a marked improvement in the business environment due to the recovery in tourism since the end of 2021, more favourable consumer sentiment and lower inflation;

    • Argentina: growth of +62.7%1 on a same-store basis, primarily inflation-led.


GPA and Assaí reported their Q1 net sales on 19 April 2022.

ADDITIONAL FINANCIAL INFORMATION RELATING TO BOND REFINANCINGS SINCE 2019

See press release dated 21 November 2019

In France (excluding GreenYellow), secured leverage ratio of 2.71x in Q1 2022, with comfortable headroom of €611m on debt compared with the 3.50x covenant.

Financial information for the 3-month period ended 31 March 2022:
Data for Latin America will be published once the Latin American subsidiaries have reported their results.

In €m

France17
(France Retail + E-commerce)

Q1
2021

Q1
2022

Change

Net sales

3,871

3,776

-95

EBITDA

204

201

-3

(-) impact of leases18

(164)

(152)

+12

EBITDA including leases

40

49

+9

In France, EBITDA amounted to €201m for the quarter. The change compared with Q1 2021 breaks down as: (i) a positive +€13m impact from GreenYellow, (ii) a positive +€27m impact from property development19, and (iii) a business impact on France Retail and Cdiscount linked to the comparison basis including the closure of restaurants and the curfew in Q1 2021.

Financial information for the 12-month period ended 31 March 2022:

In €m

France1
(France Retail
+ E-commerce)

Net sales

16,006

EBITDA

1,461

(-) impact of leases2

(611)

(i) EBITDA including leases

851

(ii) Gross debt20

6,043

(iii) Cash and cash equivalents21

686

At 31 March 2022, 12-month EBITDA including leases came out at €851m in France.

At 31 March 2022, the Group's liquidity in France stood at €2.7bn (€2.4bn at end-March 2021), including:

  • €686m in cash and cash equivalents (€464m at end-March 2021);

  • €2.1bn in undrawn confirmed credit lines, available at any time (€1.9bn at end-March 2021).

  • Excluding GreenYellow, the change in net debt over the first quarter of 2022 represented a +€569m improvement on the same period last year22, reflecting the implementation of the disposal plan and better cash flow (reversal of end-2021 working capital effects, strict capex discipline).

At 31 March 2022, gross debt includes €289m in commercial papers and €170m in drawn down unsecured credit lines at Monoprix (vs. €530m in commercial papers and €200m in drawn down credit lines at end-March 2021).

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 31 March 2022

Secured gross debt/EBITDA after lease payments ≤ 3.50x

2.71x

EBITDA after lease payments/Net finance costs ≥ 2.50x

3.41x

The secured gross debt/EBITDA after lease payments covenant stood at 2.71x, with EBITDA after lease payments of €776m and secured debt of €2.1bn.

Both covenants were met comfortably:

  • headroom of €611m on debt for the secured gross debt/EBITDA after lease payments covenant;

  • headroom of €208m on EBITDA for the EBITDA after lease payments/net finance costs covenant

The unsecured segregated account was debited with €339m and had a balance of €0 at March 31, 2022. Following the notification of March 28, 2022, the Group redeemed the June 2022 bond early on April 20, 2022.

The segregated account balance stood at €145m at 31 March 2022, unchanged from 31 December 2021.

No cash has been credited or debited from the bond segregated account and its balance remained at €0.

APPENDICES – OTHER INFORMATION

Main changes in scope

  • Leader Price: net sales of integrated stores held for sale are presented in discontinued operations for 2021 and 2022

  • Conversion of 9 Géant Casino hypermarkets into Casino supermarkets since 1 July 2021

Exchange rate

AVERAGE EXCHANGE RATES

Q1 2021

Q1 2022

Currency effect

Brazil (EUR/BRL)

6.5955

5.8696

+12.4%

Colombia (EUR/COP) (x 1,000)

4.2860

4.3877

-2.3%

Uruguay (EUR/UYP)

51.9487

48.5345

+7.0%

Argentina23 (EUR/ARS)

107.5688

123.3444

-12.8%

Gross sales under banner in France

TOTAL ESTIMATED GROSS SALES
UNDER BANNER (in €m, excluding fuel)

Change
(incl. calendar effects)

Q1 2022

Monoprix

1,109

-4.2%

Franprix

417

-2.3%

Supermarkets

635

+0.2%

Hypermarkets

688

-8.7%

Convenience & Other

598

+2.9%

o/w Convenience

503

+7.8%

TOTAL FRANCE RETAIL

3,447

-3.0%


TOTAL GROSS SALES UNDER BANNER
(in €m, excluding fuel)

Q1 2022

Change
(incl. calendar effects)

Total France Retail

3,447

-3.0%

Cdiscount

740

-7.9%

TOTAL FRANCE RETAIL AND CDISCOUNT

4,187

-3.9%

Store network at period-end

FRANCE

30 June 2021

30 Sept. 2021

31 Dec. 2021

31 March 2022

Géant Casino hypermarkets

95

95

95

97

o/w French franchised affiliates

3

3

3

3

International affiliates

7

7

7

9

Casino Supermarkets

422

425

429

437

o/w French franchised affiliates

64

63

61

60

International affiliates

22

25

26

27

Monoprix (Monop’, Naturalia, etc.)

830

833

838

842

o/w franchised affiliates

201

203

206

215

Naturalia integrated stores

203

200

198

198

Naturalia franchises

39

44

51

51

Franprix (Franprix, Marché d’à côté, etc.)

890

906

942

978

o/w franchises

533

564

614

649

Convenience (Spar, Vival, Le Petit Casino, etc.)

5,502

5,563

5,728

5,859

Other businesses

320

303

286

287

Total France

8,059

8,125

8,318

8,500


INTERNATIONAL

30 June 2021

30 Sept. 2021

31 Dec. 2021

31 March 2022

ARGENTINA

25

25

25

25

Libertad hypermarkets

15

15

15

15

Mini Libertad and Petit Libertad mini-supermarkets

10

10

10

10

URUGUAY

92

93

94

93

Géant hypermarkets

2

2

2

2

Disco supermarkets

30

30

30

30

Devoto supermarkets

24

24

24

24

Devoto Express mini-supermarkets

34

35

36

35

Möte

2

2

2

2

BRAZIL

1,058

1,064

1,021

917

Extra hypermarkets

103

103

72

31

Pão de Açúcar supermarkets

181

181

181

181

Extra supermarkets

147

146

146

146

Compre Bem

28

28

28

28

Assaí (cash & carry)

187

191

212

216

Mini Mercado Extra & Minuto Pão de Açúcar mini-supermarkets

236

239

240

241

Drugstores

102

102

68

0

+ Service stations

74

74

74

74

COLOMBIA

2,006

2,035

2,063

2,036

Éxito hypermarkets

92

92

91

91

Éxito and Carulla supermarkets

155

153

158

153

Super Inter supermarkets

61

61

61

60

Surtimax (discount)

1,577

1,607

1,632

1,619

o/w “Aliados”

1,505

1,536

1,560

1,549

B2B

34

34

36

37

Éxito Express and Carulla Express mini-supermarkets

87

88

85

76

CAMEROON

3

4

4

4

Cash & carry

3

4

4

4

Total International

3,184

3,221

3,207

3,075

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.

1For the period from 21 March to 17 April 2022
2 France scope (including Cdiscount), excluding GreenYellow. Unaudited data – Lease payments correspond to interest paid on lease liabilities and repayment of lease liabilities
3 Scope as defined in bond refinancing documentation with mainly Segisor accounted for within the France Retail + E-commerce scope, including GreenYellow (see page 8)
4 Data by company as published by the subsidiaries GPA and Assaí – “Total Latam” excluding fuel and calendar effects
5 Excluding fuel and calendar effects
6 Data published by the subsidiary ; Cdiscount GMV including tax
7 Already included in net debt at end-2021
8 Excluding fuel and calendar effects
9 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets
10 Other : mainly Geimex
11 Convenience segment net sales on a same-store basis include the same-store performance of franchised stores
12 Hypermarkets, Supermarkets and Convenience
13 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
14 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
15 Unaudited data published by Cnova NV. The reported figures present all revenues generated by Cdiscount, including its technical goods sales in Casino Group’s hypermarkets and supermarkets
16 Data published by the subsidiaries – GPA same-store variations excluding gas stations
17 Unaudited data, scope as defined in bond refinancing documentation with mainly Segisor accounted for within the France Retail + E-commerce scope (including GreenYellow)
18 Interest paid on lease liabilities and repayment of lease liabilities as defined in the refinancing documentation
19 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)
20 Loans and borrowings as of 31 March 2022
21 At 31 March 2022
22 The change in working capital is typically negative in the first quarter, positive in the second, negative in the third, and positive in the fourth quarter.
23 Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date

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