2018 FULL YEAR RESULTS
2018 full-year objectives
exceeded
Target increase for the disposal
plan in France: at least €2.5bn by Q1 2020
New 2019-2021 strategic plan in
France
In 2018, the
Group exceeded its objectives:
-
Growth in consolidated net sales of 4.7% on an organic basis at €36.6bn;
-
Consolidated trading profit of €1,209m, up 18.0% on an organic basis excluding tax
credits
and 9.8% including tax credits (above the respective objectives of
10% and >0);
-
Growth in France trading profit for the retail
business of 15.7% on an organic basis,
above
the initial objective of 10%; France trading profit of €579m;
-
Pursuit of the excellent performance in Latin
America driven by Cash & Carry and the revitalization of other
formats;
-
Reduction in France net debt to €2.7bn (€3.7bn in 2017);
-
Execution of the €1.5bn asset disposal plan. In
light of the plan's completion ahead of initial schedule and of the
indicative offers received for other non-strategic assets,
the new target
has been raised to at least €2.5bn to be achieved by Q1
2020.
After
significantly transforming its operations in France over the past 4
years, the Group now draws on a model aligned with market trends
and presents its perspectives for 2019-2021:
-
Open 300 premium and convenience stores by
2021;
-
Increase in the share of buoyant formats with a
reduced exposure to hypermarkets to 15%
of gross sales under banner (vs. 21% in 2018);
-
Become the number one in organic products in
2021, with net sales of €1.5bn (vs. €1bn in 2018);
-
Increase the proportion of E-commerce sales to
30%[1] in 2021
(vs. 18%1 at end-2018) thanks
to the continued development of Cdiscount, with a marketplace
contribution above 50%,
and faster digitalisation of customer relationships notably through
mobile apps (already 10 million downloads);
-
Leadership in grocery home delivery thanks to
the Ocado and Amazon Prime Now partnerships;
-
Develop new service businesses
around the Group's assets:
-
Energy (GreenYellow): consolidate the leadership
position in self-consumption in France with 950 MWp of installed
capacity by 2021 (vs. 190MWp in end-2018);
-
Data (3W.relevanC) and Data Center (ScaleMax):
revenues of €130m in 2021 (vs. €41m
in 2018).
In light of the
above, the Group has set the following financial targets for the
next three years in France:
-
Increase in the EBITDA
margin and the trading margin for the retail
business of +0.2pts per year;
-
Growth in trading profit for
the retail business of +10% per
year;
-
Free cash flow[2] of
€0.5bn per year with gross retail CAPEX below €350m per year, in
line
with amortisations.
2018 Key
figures
In €m |
2017 |
2018 |
Reported
change |
Organic
change[3] |
Net sales |
37,490 |
36,604 |
-2.4% |
+4.7%[4] |
EBITDA |
1,900 |
1,865 |
-1.9% |
+6.7% |
Trading profit |
1,213 |
1,209 |
-0.3% |
+9.8% |
Trading profit excl. tax credits |
1,015 |
1,098 |
+8.2% |
+18.0% |
Underlying net profit, Group share |
351 |
318 |
-9.4% |
-2.0%[5] |
Underlying diluted earnings per share |
2.72 |
2.49 |
-8.6% |
+0.2%3 |
Net debt |
(4,126) |
(3,421) |
+705 |
|
o/w France |
(3,715) |
(2,709) |
+1,006 |
|
The Board of
Directors met on 13 March 2019 to approve the statutory and
consolidated financial statements for 2018. The auditors have
completed their audit procedures of the financial statements and
are in the process of issuing their report. Following the
2016 decision to sell Via Varejo, and in accordance with
IFRS 5, Via Varejo (including Cnova Brazil) is still
recognizedas a discontinued operation. The 2017 and 2018 financial
statements are prepared in accordance with IFRS 15.
Strong strategic
momentum in 2018 stepped up in 2019-2021 with objectives
revised upwards
Completion ahead
of schedule of the €1.5bn asset disposal plan and launch of a store
base optimisation plan
The Group completed its €1.5bn
asset disposal plan[6] and
achieved in January 2019 the objective announced on
11 June 2018. In light of the plan's implementation
ahead of initial schedule and
the indicative offers received for other assets, the Group has
raised its objective for the disposal
of non-strategic assets in France to at least €2.5bn to be achieved
by Q1 2020.
The Group continues to focus on a
format mix that is in line with consumer trends. A store base
streamlining plan (closures and disposals of loss-making stores)
was initiated at the end of 2018,
for an increase in trading profit on a full-year basis (from 2020)
of +€90m[7]. Sales
agreements have already been signed for €149m. Most of the plan
will be completed in H1 2019. The plan is self-funded:
proceeds from the disposals finance the cost of closures, with a
net gain for the Group.
At the same time, the loss of net
sales will be limited thanks to new independent retailers joining
the network and to franchise expansion in 2018 and early 2019 (for
a €450m increase in gross sales under banner on a full-year
basis).
Acceleration of Cash
& Carry and successful transformation of other formats in Latin
America
GPA and Éxito continued their
digital transformation in 2018 and strengthened their omni-channel
strategy. At GPA in Brazil, Cash & Carry banner Assaí recorded
growth of more than 20% for the sixth year in a row, and
Multivarejo revitalised its Extra supermarkets thanks to the new
Mercado Extra and Compre Bem concepts. In Colombia, Éxito
pursued the strong growth of Cash & Carry and deployed its new
Éxito Wow and Carulla Fresh Market formats, while also expanding
its property development business with total property assets of
735,000sq.m. of GLA.
A unique
positioning in France, strengthened by the acceleration in
E-commerce, digitalisation
and new businesses
In 2018, in France, the Group
continued to improve its mix of formats, categories and
geographies:
-
Formats: more than 60% of
net sales are generated by the 7,500 premium and convenience
stores. The contribution of hypermarkets to gross sales under
banner is limited to 21%. The Group aims to increase the proportion
of premium and convenience formats and reduce that
of hypermarkets to 15% in 2021. The store base will be repositioned
on profitable hypermarkets and with a model now buoyant.
-
Categories: the Group has
significantly strengthened its leadership in organic
products,
with nearly €1bn in net sales in 2018. The Group aims to become the
number 1 of this segment in France, with €1.5bn in net sales in
2021, notably by maintaining a fast pace of expansion at
Naturalia.
-
Geographies: the network of
stores is mainly concentrated in urban areas and at the
heart
of the three most dynamic regions[8] in France,
accounting for about 60% of net sales.
The Group is already rated A1+
(ranking it number one in its sector[9]) and will
continue
its commitments towards social and environmental issues.
The contribution of e-commerce to
Group sales rose to 18%[10] in 2018,
led notably by Cdiscount, which reported gross merchandise volume
("GMV") of €3.6bn[11]. The Group
anticipates that E-commerce will represent a contribution of
30%3 in 2021, with
objectives of €5.0bn in GMV from Cdiscount and €1bn in online gross
grocery sales under banner.
The Group continued to digitalise
customer relationships during the year. The ecosystem of
mobile apps was ramped up and already reached more than
10 million downloads. Innovative digital solutions have been
developed to improve the customer experience, such as the Scan
& Go tool on Monoprix and Casino Max apps, which has already
been rolled out across a third of the store base (Hypermarkets and
Supermarkets) and will be available at all stores by end-2019.
The Group is also speeding up
development of its new businesses. The photovoltaic capacity
installed by GreenYellow came to 190 MWp in end-2018. During
the year, the subsidiary created a joint-venture "Reservoir Sun"
with Engie and increased its share capital by €150m with
investments from Tikehau Capital and Bpifrance. The Group wants to
increase the installed capacity of its photovoltaic portfolio to
950 MWp by 2021.
Data and Data Center business is
growing, with €41m in revenues generated in 2018 from data-related
services. For 2021, the Group forecasts revenues of around €130m
for this business as a whole, of which €100m from data-related
services.
Alongside these developments, the
Group deploys a cost savings plan to reduce costs by €200m versus
2018, of which half will be achieved in 2019 and the rest in 2020.
This plan includes:
-
A reduction in banner and corporate head office
expenses of around €50m by 2020, through
the alignment of fixed costs with changes in the store base, the
increased use of digital technology and the simplification of
processes;
-
A reduction in operating expenses, and gains on
purchases of around €150m by 2020, thanks
to the pooling of logistics and inventories across banners for
fresh foods and dry goods, gains on purchases of goods for resale
and goods not for resale via the Horizon platform, and the
optimisation of store costs.
2018 Full-Year
Results
Consolidated net
sales amounted to €36.6bn in 2018, representing an increase of
4.7% on an organic basis (excluding fuel and calendar) and a change
of -2.4% notably after taking into account the negative impact of
currency effect.
In France, business was shaped by successful
sales performances in all formats. Total gross sales under banner
increased by 2.8%[12].
E-commerce (Cdiscount)
achieved strong momentum, with growth in gross merchandise volume
("GMV") of 9.3%[13] on an
organic basis, driven by the growth contribution of the marketplace
and by monetisation revenues.
Sales in Latin
America were supported by a very good performance at Assaí (24%
on an organic basis), an improvement at Multivarejo and the new
momentum at Éxito.
Consolidated
trading profit came to €1,209m, an increase of 9.8% on an
organic basis and a change of -0.3% including the negative impact
of currency effect. Excluding tax credits, consolidated trading
profit was up 18.0% on an organic basis and 8.2% as reported.
In France,
trading profit amounted to €579m, up 8.4% on an organic basis. This
included €518m
in trading profit for the retail business, for an organic increase
of 15.7%. This performance was achieved thanks to:
-
a €69m increase in trading profit for the retail
business, i.e. a margin increase of 0.2pt, in line with the
improvements achieved in previous years;
-
the development of related businesses
(GreenYellow, Data with 3W.relevanC);
-
the optimisation of the store base, which will
be ramped up in 2019;
-
strong momentum from franchise business and new
independent retailers joining the network.
Trading margin increased by 18bps
to 3.0%.
E-commerce
(Cdiscount) trading profit improved significantly, with an
increase in the trading margin of 124bps and an increase in EBITDA
of €30m, driven by marketplace growth and monetisation
revenues.
Trading profit from food retail operations in Latin America came to €644m,
a year-on-year change of 7.1% on an organic basis and -9.7% after
taking into account the negative impact of currency effects.
Excluding tax credits, trading profit was up 22.3% on an organic
basis and 3.4% as reported. The segment's trading margin came to
4.1%.
Underlying net
financial expense and net profit, Group share[14]
Underlying net
financial expense improved to -€418m from -€475m in 2017,
primarily due to lower interest rates and currency fluctuations in
Latin America.
Underlying net
profit from continuing operations, Group share totalled €318m,
compared with €351m in 2017, a change of -2,0% at constant
exchange rates, due to the higher effective tax rate (27.0% versus
20.6% in 2017, when the Group benefited from the cancellation of
the tax on dividends in France).
Diluted
underlying earnings per share (EPS)[15] stood at
€2.49, versus €2.72 in 2017, due to the impact of currency effects
and the evolution of tax rate. At constant exchange rates, the
figure rose by 0.2%.
Consolidated net
profit (loss), Group share
Consolidated net
profit (loss), Group share came to a loss of -€54m, versus a
profit of €101m in 2017. Income tax expense amounted to -€204m in
2018, up sharply from the prior year, due to non-recurring expenses
that were not tax deductible in 2018 and a €60m benefit recorded in
2017 in relation to the reimbursement of the tax on dividends.
Financial
position at 31 December 2018
Consolidated cash
flow from continuing operations came to €1,574m (versus €1,541m
in 2017).
Casino Group
consolidated net debt stood at €3.4bn at 31 December 2018
versus €4.1bn a year earlier. Excluding the impact of Segisor, net
debt was stable in Ecommerce and Latam. The value of
Via Varejo[16] was
impacted by the currency effect.
The ratio of net
debt to EBITDA of continuing operations was 1.8x versus 2.2x in
2017.
For Casino in
France[17], net debt came to €2.7bn at 31 December 2018,
versus €3.7bn a year earlier, due to the impact of the asset
disposal plan.
As at 31 December 2018,
Casino in France2 had €5.0bn in liquidity,
composed of a gross cash position of €2.1bn and confirmed undrawn lines of
credit of €2.9bn, with an average maturity
of 2.4 years.
Casino has been rated Ba1
(negative outlook) by Moody's since 28 September 2018 and BB
(negative outlook) by Standard & Poor's since 3 September
2018.
Dividend
The Board of Directors has decided
to propose a dividend of €3.12 per share in respect of
2018
to the Annual General Meeting that will be held on 7 May 2019.
This dividend is identical to the dividend paid the previous
year.
Taking into account the interim
dividend paid in December 2018, the remaining payment
comes
to €1.56 per share. The ex-dividend date will be 9 May 2019, and
the dividend will be payable on 13 May 2019.
2019 Group
financial perspectives
In light of the plans already
carried out and the new initiatives under way, the Group has
set
the following objectives for 2019:
-
Retail France: 10% growth in trading profit for
the retail business, €0.5bn in free cash flow[18]
and
a further reduction in net debt
-
E-commerce (Cdiscount): a sharp improvement in
EBITDA, driven by marketplace growth
and monetisation revenues
-
Latin America: an increase of more than
30 bps in the EBITDA margin in Brazil and an improvement in
the EBITDA margin in Colombia.
Financial
projections for 2019-2021
For France, the Group has made the
following financial projections for 2019-2021:
-
A trading margin for the retail business and an
EBITDA margin up 0.2 point per year;
-
Growth in trading profit for the retail business
of 10% per year;
-
Free cash flow[19] of €0.5bn
per year;
-
Gross retail CAPEX below €350m per year, in line
with amortisations;
Main operating
KPIs for France - Summary 2019-2021 perspectives
|
2018 |
2021 |
1. Mix |
|
|
Openings of
premium and convenience stores[20] |
|
300 |
Hypermarket
gross sales (share of total) |
21% |
15% |
Net sales
of organic products |
€1.0bn |
€1.5bn |
2. E-commerce |
|
|
E-commerce[21] (% of
total) |
18% |
30% |
Food
E-commerce GMV[22] |
€300m |
€1bn |
Cdiscount
GMV |
€3.6bn |
€5bn |
3. Digitalisation |
|
|
Deployment
of Scan & Go[23] |
30% |
100%
(end-2019) |
4. New businesses |
|
|
Photovoltaic power installed capacity |
190
MWc |
950 MWc |
Data and
Data center revenues |
€41m |
€130m |
5. Cost saving plans |
|
|
Cost
savings |
|
€200m
(by 2020) |
The presentation of the 2018 full-year results
will be available on the Casino Group corporate website
(www.groupe-casino.fr/en). The definitions of the main non-GAAP indicators will also
be available on the website.
In addition, Casino Group makes its CSR
presentation available on the site.
Consolidated net
sales by segment
Net sales
In €m |
2017 |
2018 |
Organic
change |
France
Retail[24] |
18,799 |
19,061 |
+1.2% |
Latam
Retail1 |
16,782 |
15,577 |
+8.9% |
E-commerce
(Cdiscount) |
1,908 |
1,965 |
+2.6% |
Group total |
37,490 |
36,604 |
+4.7% |
Consolidated
EBITDA by segment
EBITDA
In €m |
2017 |
2018 |
Organic
change |
France
Retail |
882 |
914 |
+3.8% |
Latam
Retail |
1,029 |
932 |
+6.2% |
E-commerce
(Cdiscount) |
(10) |
19 |
n.m. |
Group total |
1,900 |
1,865 |
+6.7% |
Consolidated
trading profit by segment
Trading profit In €m |
2017 |
2018 |
Organic
change |
France
Retail |
536 |
579 |
+8.4% |
Latam
Retail |
713 |
644 |
+7.1% |
E-commerce
(Cdiscount) |
(37) |
(14) |
+63.8% |
Group total |
1,213 |
1,209 |
+9.8% |
Change in net
debt by entity
In €m |
2017 |
Change |
Impact of Segisor |
2018 |
|
|
France
Retail |
(3,715) |
+806 |
+200 |
(2,709) |
|
E-commerce
(Cdiscount) |
(194) |
-5 |
0 |
(199) |
|
Latam
Retail |
(845) |
-11 |
-200 |
(1,056) |
|
o/w GPA Food |
(189) |
-34 |
0 |
(224) |
|
o/w Éxito |
(655) |
+29 |
+200 |
(426) |
|
o/w Segisor |
0 |
0 |
-400 |
(400) |
|
Latam
Electronics |
628 |
-85 |
0 |
543 |
|
Total |
(4,126) |
+705 |
0 |
(3,421) |
Group net debt -
2018
In €m |
2017 |
2018 |
Group net debt as of January 1st |
(3,367) |
(4,126) |
Free cash flow[25] |
179 |
1,197 |
Financial
expenses |
(505) |
(424) |
Dividends
paid to owners of the parent and holders of TSSDI
deeply-subordinated bonds |
(444) |
(491) |
Share
buybacks and transactions with non-controlling interests[26] |
(128) |
(20) |
GreenYellow
capital increase |
- |
149 |
Other net
financial investments[27] |
(161) |
32 |
Various
non-cash items[28] |
4 |
(278) |
Assets held
for sale recognised in accordance with IFRS 5 |
296 |
539 |
Group net debt as of December 31st |
(4,126) |
(3,421) |
France net debt -
2018
In €m |
2017 |
2018 |
France net debt as of January 1st |
(3,200) |
(3,715) |
Free cash flow[29] |
54 |
963 |
Financial
expenses |
(52) |
(134) |
Dividends
paid to shareholders and holders
of TSSDI deeply-subordinated bonds |
(379) |
(400) |
Share
buybacks and transactions
with non-controlling interests[30] |
(209) |
(96) |
GreenYellow
capital increase |
- |
149 |
Other net
financial investments[31] |
(148) |
40 |
Various
non-cash items[32] |
(140) |
(324) |
o/w
non-cash financial expenses |
(70) |
(12) |
Assets held
for sale recognised in accordance with IFRS 5 |
360 |
609 |
Segisor |
- |
200 |
France net debt as of December 31st |
(3,715) |
(2,709) |
2018
Results[33]
In €m |
2017 |
2018 |
Net sales |
37,490 |
36,604 |
EBITDA |
1,900 |
1,865 |
Trading profit |
1,213 |
1,209 |
Trading profit and share of profit
of equity-accounted investees |
1,225 |
1,227 |
Other
operating income and expenses |
(480) |
(375) |
Operating
profit |
732 |
834 |
Net finance
costs |
(367) |
(327) |
Other
financial income and expenses |
(78) |
(138) |
Income
tax |
(48) |
(204) |
Share of
profit of equity-accounted investees |
13 |
17 |
Net profit
(loss) from continuing operations, Group share |
108 |
(45) |
Net profit
(loss) from discontinued operations, Group share |
(7) |
(9) |
Net profit (loss), Group share |
101 |
(54) |
Underlying
net profit, Group share |
351 |
318 |
Underlying net
profit
In €m |
2017 |
Restated
items |
2017
underlying |
2018 |
Restated
items |
2018 underlying |
Trading profit |
1,213 |
0 |
1,213 |
1,209 |
0 |
1,209 |
Other operating income and expenses |
(480) |
480 |
0 |
(375) |
375 |
0 |
Operating profit |
732 |
480 |
1,213 |
834 |
375 |
1,209 |
Net finance costs |
(367) |
0 |
(367) |
(327) |
0 |
(327) |
Other financial income and expenses[34] |
(78) |
(30) |
(108) |
(138) |
47 |
(91) |
Income tax[35] |
(48) |
(104) |
(152) |
(204) |
(9) |
(214) |
Share of profit of equity-accounted investees |
13 |
0 |
13 |
17 |
0 |
17 |
Net profit from continuing operations |
251 |
347 |
598 |
182 |
413 |
595 |
Of which attributable
to minority interests[36] |
143 |
103 |
247 |
227 |
50 |
277 |
Of which Group share |
108 |
243 |
351 |
(45) |
363 |
318 |
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.
Non-recurring financial items
include fair value adjustments to equity derivative instruments
(such as total return swaps and forward instruments related to GPA
shares) and the effects of discounting Brazilian tax
liabilities.
Simplified
consolidated statement of financial position
In €m |
2017 |
2018 |
Non-current
assets |
21,955 |
20,299 |
Current
assets |
16,161 |
17,141 |
Total assets |
38,116 |
37,440 |
Total
equity |
13,023 |
12,019 |
Non-current
financial liabilities |
7,229 |
6,817 |
Other
non-current liabilities |
2,114 |
2,020 |
Current
liabilities |
15,750 |
16,584 |
Total equity and liabilities |
38,116 |
37,440 |
ANALYST AND
INVESTOR CONTACTS
Régine
Gaggioli - +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS
CONTACTS
Casino Group - Direction of
Communication
Stéphanie ABADIE - sabadie@groupe-casino.fr - +33 (0)6 26 27 37
05
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
Grégoire LUCAS - gregoire.lucas@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. It should not be regarded by recipients as a substitute for
the exercise of their own judgement. All the opinions expressed
herein are subject to change without notice.
[1] Online sales under the banners and Cdiscount's GMV
[2] Before dividends paid to owners of the parent and holders
of TSSDI deeply-subordinated bonds and excluding financial
expenses.
Note: Organic and same-store
changes in sales exclude fuel and calendar effects.
[3] The organic change corresponds to the total change adjusted
for changes in exchange rates and scope of consolidation.
[4] Excluding fuel and calendar effects.
[5] At constant exchange rates.
[6] Including the disposal to Fortress Group for €392m cashed
on 03/11/19. Details of the disposal
plan's impact are provided in the presentation of the 2018
full-year results.
[8] Ile de France, Rhône-Alpes and Côte d'Azur.
[9] As ranked by non-financial rating agency Vigeo Eiris in
December 2018 (Supermarkets sector - 17 players).
[10] Online sales under the banners and Cdiscount's GMV
[11] Data published by Cdiscount
[12] Gross sales under banner (food and non-food) and GMV
Cdiscount
[13] Data published by Cdiscount. The organic changes include
sales and services at "corners" (stores-within-stores) but exclude
sales made in Casino Group's hypermarkets and supermarkets, and
1001Pneus (acquired in October 2018). The
overall impact of their exclusion represented -1.1 points and
-1.7 points, respectively.
[14] See definition on page 12.
[15] Underlying diluted EPS includes the dilutive effect of
TSSDI deeply-subordinated bonds distributions.
[16]Latam Electronics operations (transferred to the Via Varejo
subsidiary) have been classified as discontinued operations since
end-2016. They are recognised in the financial statements under
cash and cash equivalents at their carrying amount. As a result,
fluctuations in the corresponding currencies continue to have an
impact on the Group's net debt.
[17] Casino Group holding company scope, including the French
businesses and the wholly-owned holding companies.
[18] Before dividends and financial expenses
[19] Before dividends and financial expenses.
[20] Monoprix, Naturalia, Franprix, Casino Supermarchés
[21] Online sales under the banners and Cdiscount's GMV
[22] Food E-commerce = France E-commerce excluding
Cdiscount
[23] Scope : hypermarkets and supermarkets
[24] Excluding fuel and calendar effects
[25] From continuing operations, before dividends paid to the
owners of the parent and holders of TSSDI deeply-subordinated
bonds, and excluding financial expenses.
[26] In 2017, includes the purchase of Cnova minority interest
for €171m.
[27] In 2018, includes €209m if transactions affecting the scope
of consolidation related to the Mercialys TRS.
[28] In 2018, includes -€198m in non-cash debt relating to the
Mercialys TRS and a -€100m currency impact on cash previously held
in Brazil.
[29] Consolidated, before dividends paid to owners of the parent
and holders of TSSDI deeply-subordinated bonds, and excluding
financial expenses
[30] In 2017, includes the purchase of Cnova minority interests
for €171m
[31] In 2018, includes €209m of transactions affecting the scope
of consolidation related to the Mercialys TRS
[32] In 2018, includes -€198m in non-cash debt relating to the
Mercialys TRS and a -€100m currency impact on cash previously held
in Brazil
[33] The 2017 and 2018 financial statements reflect the
application of IFRS 5 to take into account the plan to sell
Via Varejo. Via Varejo's operations (including those of Cnova
Brazil) have been classified as discontinued operations since 2016.
Via Varejo's assets and liabilities are presented on a separate
line in the statement of financial position. In light of the new
standards applicable from 1 January 2018, the 2017 and
2018 financial statements are prepared in accordance with
IFRS 15. The 2018 financial statements also reflect the
application of IFRS 9, which relates to financial instruments,
and IAS 29, which relates to hyperinflation in Argentina. The
prospective application of the amendments to IFRS 2 resulted
in the reclassification to non-controlling interests at
1 January 2018 of a €5 million debt in the Latam
segment.
[34] 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 and the GPA forward.
[35] Income tax has been restated for tax effects corresponding
to the above restated financial items and the tax effects of the
restatements.
[36] Minority (non-controlling) interests have been restated for
the amounts relating to the restated items listed above.
14-03-19 - RIF FY2018 -
PR
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Groupe Casino via Globenewswire
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