Casino Group: first half 2020 results and second quarter net sales
In line with the AMF’s recommendations, all
costs associated with the pandemic including special bonuses and
similar benefits paid to employees are presented in trading
profit
- Strong increase in consolidated net sales, up +10.4% on
a same-store basis, with:
- In France, same-store growth of +6.0% and +7.9% including
Cdiscount
- For Cdiscount1, acceleration in gross merchandise
volume (GMV) to +25% growth, driven by a +39% increase in the
marketplace, which accounted for 46.3% of GMV
- In Latin America, organic growth of +17.3%, led by Assaí
in Brazil (+26.4%1)
- Consolidated EBITDA for the first half of the year up 4%2
and EBITDA margin in France up + 9 bps despite the additional costs
of the pandemic, thanks to strengthened cost-saving plans
- In France, EBITDA margin for the retail business
improved by +9bps to 7.2%.
- Cost savings plans and the Rocade plan generated savings of
€40m, representing a sustained improvement in the cost ratio of
+50bps
- The health crisis generated a +€80m effect on activity, which
was more than offset by temporary additional costs related
to emergency measures taken to ensure the supply of populations in
challenging conditions (logistics costs: -€27m, staff
reinforcements: -€28m) and to protect our employees and clients
(safety, protection equipment, cleaning: -€38m). On top
of these operational effects of -€13m, the special employee bonus
of -€37m brings the net impact of the health crisis to €-50m in H1
2020
- Excellent performance by Cdiscount, with EBITDA up
+€30m, led by the marketplace
- In Latin America, EBITDA increased by +9.9%2, reflecting
excellent performance at Assaí
- In France, strong free cash flow generation of €507m over 12
months; solid liquidity at end-H1 2020 with €3.2bn including
€2.3bn in undrawn confirmed credit lines
- Growth pillars strengthened in France
- Formats: double-digit growth in urban and convenience
formats in the quarter, with 68 store openings; Growth of +14%
in organic sales. A total of 444 autonomous stores
- Food E-commerce3: triple-digit growth and
strong momentum maintained post-lockdown, with around
10,000 orders per day (vs. 6,500 before the crisis);
deployment of the Casino O’logistique automated warehouse
based on Ocado technology, with a five-fold increase in orders in
one month
- Non-food E-commerce: acquisition of one million new
customers in Q2
- Sale of Leader Price to Aldi France for €735m,
bringing total amount from disposals signed to €2.8bn, and
completion of the sale of Vindémia, bringing total
proceeds received to €2.0bn
|
In €m |
H1 2019 restated |
H1 2020 |
Reported change |
Change at CER |
|
Net sales |
16,842 |
16,140 |
-4.2% |
+5.9% |
|
EBITDA |
1,123 |
1,066 |
-5.1% |
+4.0% |
|
Trading profit |
455 |
386 |
-15.3% |
-3.6% |
|
Underlying net profit from continuing operations, Group share |
12 |
(87) |
- |
- |
|
Net debt |
(4,703) |
(4,834) |
-131 |
n.m. |
|
o/w France |
(2,899) |
(2,821) |
+77 |
n.m. |
First-half 2020 highlights
n Strong mobilisation of Group
resources during the unprecedented Covid-19 crisis
Casino Group mobilised its resources to
fulfil its essential role of securing food supplies for people
during the unprecedented health crisis. Priority was placed on
implementing measures to protect employees and customers:
face masks and hydro-alcoholic gels, plexiglass screens, systematic
cleaning in line with health guidelines, physical distancing
between customers, and automated checkout solutions. Measures were
also taken in concert with suppliers and public authorities
to ensure supply chain continuity and secure
operations.
The Group recorded additional costs related
to maintaining its operations under challenging conditions.
Most of these no longer apply since the lifting of
lockdowns.
- Additional logistics costs: extra transport costs,
organisational issues relating to problems with supplier
deliveries, non-application of logistics-related penalties;
- Additional staff costs: extra staff, night-time hours, employer
contributions for employees on sick leave or at home minding their
children;
- Additional health and safety costs: emergency mass purchases of
face masks, gloves and hydro-alcoholic gels, plexiglass screens,
reinforced store cleaning, security guards to regulate the distance
between customers;
- Additional costs relating to the special bonus for
employees.
- Acceleration in E-commerce and digital solutions, and further
development of buoyant formats
In the first half of the year, demand was
particularly high in the Group’s convenience stores and on its
E‑commerce sites. Food E-commerce generated triple-digit
growth in Q2 2020, with the deployment of click &
collect and home delivery solutions in urban and convenience
formats. The Casino O’logistique automated warehouse, based
on Ocado technology, was also deployed during the period. Ramp-up
at the warehouse was rapid, with a five-fold increase in the number
of orders between end-May and end-June. The delivery zone has been
extended to four departments (Paris and its inner suburbs),
covering 6.8m residents. When lockdown measures were lifted, the
transition to a new consumption model picked up pace.
Orders were up by +50% to around
10,000 orders per day in the last weeks of the period,
versus 6,500 before the crisis.
Cdiscount maintained its strong growth
momentum, driven by an increase in the marketplace contribution
to gross merchandise value (GMV) to 46.3% in Q2, up +6.2pts. The
Group adjusted its product mix towards more high-margin, recurring
products (DIY, gardening, sport, daily shop). The customer base
increased significantly with 1m new clients in Q2, with a peak of
25m unique visitors in May.
Digital solutions continued to be rolled
out in stores. In June, automated checkouts4 represented 46%
of total checkouts in hypermarkets and 40% in supermarkets. The
Group now has 444 autonomous stores, of which half of hypermarkets
(58 stores) and half of supermarkets (167 stores). The
CasinoMax Extra5 subscription loyalty programme accounted
for 10% of net sales at hypermarkets and supermarkets during the
period.
At the same time, the Group continued to focus
on developing its premium and convenience formats, with
68 store openings during the first half. The objective
is to open 300 new stores by 2021, in addition to the
213 stores opened in 2019. The Group is also pursuing the
development of non-food corners, particularly at Franprix
with Hema and Decathlon, which have now been integrated into 79 and
18 stores, respectively. The organic segment
maintained its good momentum with growth of +14.4% for the
first half of the year.
n Continued development of new
businesses
Casino Group continues to develop its new
value-creating businesses. GreenYellow pursed its
international expansion during the period by signing its
100th photovoltaic contract in Thailand, as well as a 12MWp
photovoltaic contract in South Africa with a company that operates
in precious metals. In Brazil, energy efficiency contracts were
signed with several retailers.
Development of the Data business with
relevanC has continued, up by a strong +34% during
the first half to €44m, despite a downturn in the market.
The “relevanC Advertising” platform, for managing and monitoring
advertising campaign budgets, will help speed up the acquisition of
new clients.
In the Data Centers business,
ScaleMax, computing capacity at the warehouse in Réau
increased by +30% in the first half of the year. During
lockdown, computing capacity was made available to the
Folding@home project for research into Covid-19.
n Advances in the disposal of
non-strategic assets
Casino Group announced the sale of
567 Leader Price stores and 3 warehouses in
metropolitan France to Aldi France, for an enterprise value of
€735m6, bringing total amount from disposals signed to
€2.8bn.
The Group also completed the sale of its
subsidiary Vindemia, the leading retailer in the Indian
Ocean region. This brought the total proceeds received from
completed disposals to €2.0bn.
n Recognition of the Group’s CSR
commitments
Casino Group was named the No. 1
European retailer by Vigeo Eiris7 for its CSR policy and
commitments. The Group ranked as the top European retailer for
its commitments to the climate, to environmental
protection, its human resources policies and its
corporate governance, and for its employee relations
policies and human resources out of the entire panel of
129 French companies evaluated. Among its initiatives, the
Group promoted organic products, which generated €1.2bn in net
sales in H1 2020 (over a 12‑month period), notably via its
network of more than 200 specialised stores. It used
160 tonnes of recycled plastic for its packaging. In addition,
18,700 tonnes of products were donated to food banks and
other non-profit organisations in 2019. Lastly, the Group
reduced its direct greenhouse gas emissions by 19.6% between 2015
and 20198.
Second-quarter 2020 net sales
In the second quarter of 2020, consolidated
net sales came to €7,846m, down -7.5% in total. The currency
and fuel effects had unfavourable impacts of -13.1% and -2.9%
respectively over the period, while the calendar effect was -0.4%.
On a same-store basis, consolidated net sales rose by
+10.4%9, driven by strong demand in France and Latin
America, in an environment shaped by the unprecedented health
crisis.
In France, total sales were impacted by a
downturn in fuel sales (-€157m or -4.1pts) and by the impact of the
Rocade plan on hypermarkets and supermarkets. Same-store
growth for the quarter came to +6.0%, led by
double-digit growth in urban and convenience formats
(Franprix, supermarkets and convenience stores) and triple-digit
growth in food E-commerce. Monoprix posted a sharp increase in
food sales (+7.6% on a same-store basis) and enjoyed renewed
momentum in non-food sales from mid-May.
Cdiscount10 delivered organic growth in
gross merchandise volume (GMV) of +24.8%, despite the postponement
of the summer sales period to mid-July, with growth driven by the
marketplace and by direct sales. The marketplace grew by
+39% over the quarter and accounted for 46.3% of GMV (+6.2pts).
Cdiscount attracted one million new customers during
the quarter, with a peak of 25m unique visitors in May.
International GMV doubled during the quarter, thanks to a platform
that brings together 88 websites covering
25 countries.
In Latin America (GPA Food and Éxito),
sales rose by +12.5% on a same-store basis and by +17.3% on an
organic basis. The total net sales figure was impacted by an
unfavourable currency effect of -28.2%. During the quarter, sales
in Latin America benefited from the success of Multivarejo’s
turnaround strategy, which resulted in +15.8% growth on a
same-store basis2, and from another excellent performance
by Assaí, which reported organic growth of +26.4%2. Éxito put
in a good performance, achieving same-store growth of +6.0%2
despite restrictions on movement in Colombia.
First-half 2020 results
Consolidated net sales amounted to
€16,140m in H1 2020, representing a change of -4.2% in
total and an increase of +9.4% on an organic basis and +8.4% on a
same-store basis.
In France, same-store H1 net sales
rose by +6.0%, led by the urban and convenience formats.
E-commerce (Cdiscount) posted an organic
increase in gross merchandise volume (GMV) of +12.0%11, driven by
the growing contribution of the marketplace and B2C services.
Cdiscount has recorded sustained growth since the end of the
lockdown, confirming the trend.
Sales in Latin America rose by +15.7% on
an organic basis and by +10.5% on a same-store basis, lifted by a
very good performance from Assaí and an upturn in demand at
Multivarejo.
Group EBITDA reached €1,066m, up
+4.0% at constant exchange rates.
In France, EBITDA margin for the
retail business improved by +9 bps to 7.2%.
The cost-saving plans and the Rocade plan
generated savings of +€40m, representing a sustainable
improvement in the cost ratio of +50bps.
The health crisis generated a +€80m effect on
activity, which was more than offset by temporary additional
costs related to emergency measures taken to ensure the supply
of populations in challenging conditions (logistics costs: -€27m,
staff reinforcements: -€28m) and to protect our employees and
clients (safety, protection equipment, cleaning: -€38m). On top
of these operational effects of -€13m, the special employee bonus
of -€37m brings the net impact of the health crisis to €-50m in H1
2020.
Cdiscount recorded an increase in
EBITDA of +€30m, for an EBITDA margin of
4.5% (+302bps), and an increase in gross margin of
+2.8pts, driven by a shift in the product mix to generate more
high-margin, repeat-purchases sales (DIY, gardening, sport, daily
shop).
In Latin America, EBITDA increased
by +9.9% excluding the currency effect. At GPA,
EBITDA grew by +10.9% excluding the currency effect,
led by the improving profitability of Assaí. For Grupo
Éxito, EBITDA was up +7.3% excluding the currency
effect.
Consolidated trading profit came to
€386m. Trading profit was impacted by the non-recurring
additional costs associated with Covid-19 (of which -€47m of
special employee bonus for the whole Group) and a currency impact
of -€55m. Excluding special employee bonuses, consolidated trading
profit improved by +7% at constant exchange rates. In France, the
retail trading profit amounted to €148m up +2% excluding special
employee bonus.
Underlying net financial expense and net
profit, Group share12
Underlying net financial expense for
first-half 2020 came to -€378m versus -€341m in first-half 2019.
Financial expenses were higher following the refinancing plan in
France in H2 2019, as the impact of the reduction in gross debt
from disposals already signed in 2020 is not yet reflected. GPA’s
financial expenses increased because of the takeover bid on Éxito
(acquisition of non-controlling shares) achieved in H2 2019.
Underlying profit (loss) from continuing
operations, Group share came out at -€87m in H1, compared with
€12m in first-half 2019.
Consolidated net profit (loss)
Consolidated net profit (loss) came to
-€445m in first-half 2020, versus -€226m in first-half 2019. Net
profit (loss) from continuing operations came to -€287m, primarily
reflecting -€249m of non-recurring expenses, most of which are
non-cash.Net profit (loss) from discontinued operations, Group
share came to -€158m, notably due to stock clearance
initiatives.
Financial position at 30 June 2020
France free cash flow excluding the disposal
plan and the Rocade plan came to -€40m in H1 2020,
representing a gain of +€140m versus H1 2019. Change in
working capital for H1 2020 reflected a
+€137m improvement on H1 2019 driven by the sales
momentum and the action plans. Gross Capex was down -14% over the
period.
In France, net debt declined slightly over
the 12 months to 30 June 2020 after the reintegration
of €555m corresponding to the Segisor repayment (c.€200m) and to
the settlement of the GPA forward and TRS (€357m). In France,
the Group generated operating free cash flow of €507m13 in
France, or €254m after financial expenses and dividends,
and collected €469m in proceeds from disposals.
At 30 June 2020, Casino France14
net debt stood at €2.8bn, versus €2.9bn a year earlier, and
E-commerce net debt was virtually stable. Latam net debt increased
by €187m in connection with the Group’s structural simplification
process in Latin America.
At 30 June 2020, Casino Group
consolidated net debt stood at €4.8bn vs. €4.7bn a year
earlier.
At 30 June 2020, Casino in France2
had €3.2bn in liquidity, comprising a gross cash
position of €913m and confirmed undrawn lines of
credit of €2.3bn. In addition, the Group had an
amount of €186m in an escrow account dedicated to the repayment
of bonds.
Additional financial information relating to
the 2019 refinancing documentation
At 30 June 2020, the Group complied with
covenants in the “France Retail + E-commerce” scope15. The gross
debt/adjusted EBITDA ratio was 6.62x, below the 7.50x limit,
with headroom of €764m in gross debt. The adjusted EBITDA/net
finance costs ratio was 3.76x, above the required 2.25x,
representing headroom of €350m in EBITDA.
Outlook for H2 2020
The Group's priorities in France for the second
half of the year are:
- Activity growth driven by food E-commerce and Cdiscount,
expansion in buoyant formats and the commercial momentum of the
banners;
- Continued improvement in profitability through the
ramp-up of ongoing cost-saving plans and the growth in new
activities (energy and data);
- Cash generation with continued efforts to reduce
inventories and control capex;
- Reduction in gross debt with the allocation of all
proceeds from the disposal plan to debt reduction, and the
continuation of the €4.5bn disposal plan of non-strategic
assets.
The Board of Directors met on 29 July 2020
to approve consolidated financial statements for first-half 2020.
These financial statements have been reviewed by the Statutory
Auditors.
The presentation of the
2020 half-year results is available on the Casino Group corporate
website (www.groupe-casino.fr/en)
APPENDICES – HALF-YEAR RESULTS
Consolidated net sales by segment
|
Net sales In €m |
H1 2019restated |
H1 2020 |
Change |
Change at constant exch. rates |
|
France Retail |
8,045 |
7,791 |
-3.2% |
- |
|
Latam Retail |
7,908 |
7,401 |
-6.4% |
+15.0% |
|
E-commerce (Cdiscount) |
889 |
948 |
+6.6% |
- |
|
Group total |
16,842 |
16,140 |
-4.2% |
+5.9% |
Consolidated EBITDA by segment
|
EBITDA In €m |
H1 2019restated |
H1 2020 |
Change |
Change at constant exch. rates |
|
France Retail |
601 |
564 |
-6.2% |
-5.7% |
|
Latam Retail |
508 |
459 |
-9.7% |
+9.9% |
|
E-commerce (Cdiscount) |
13 |
43 |
n.m. |
n.m. |
|
Group total |
1,123 |
1,066 |
-5.1% |
+4.0% |
Consolidated trading profit by
segment
|
Trading profit In €m |
H1 2019restated |
H1 2020 |
Change |
Change at constant exch. rates |
|
France Retail |
207 |
148 |
-28.7% |
-27.3% |
|
Latam Retail |
265 |
232 |
-12.5% |
+6.3% |
|
E-commerce (Cdiscount) |
(17) |
6 |
n.m. |
n.m. |
|
Group total |
455 |
386 |
-15.3% |
-3.6% |
Underlying net profit
|
In €m |
H1 2019restated |
Restated items |
H1 2019 Underlying |
H1 2020 |
Restated items |
H1 2020 Underlying |
|
Trading profit |
455 |
0 |
455 |
386 |
0 |
386 |
|
Other operating income and expenses |
(286) |
286 |
0 |
(249) |
249 |
0 |
|
Operating profit |
169 |
286 |
455 |
137 |
249 |
386 |
|
Net finance costs |
(156) |
0 |
(156) |
(188) |
0 |
(188) |
|
Other financial income and expenses16 |
(139) |
(47) |
(185) |
(264) |
74 |
(190) |
|
Income taxes17 |
(24) |
(33) |
(58) |
12 |
(66) |
(53) |
|
Share of profit of equity-accounted investees |
22 |
0 |
22 |
15 |
0 |
15 |
|
Net profit (loss) from continuing operations |
(127) |
206 |
79 |
(287) |
257 |
(30) |
|
o/w attributable to non-controlling interests18 |
45 |
22 |
67 |
47 |
9 |
57 |
|
o/w Group share |
(172) |
184 |
12 |
(334) |
248 |
(87) |
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 the application of IFRIC 23 "Uncertainties
about Tax Treatment".
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.
Change in net debt by entity
|
In €m |
H1 2019 restated |
Change |
H1 2020 |
|
| |
France Retail |
(2,899) |
+77 |
(2,821) |
| |
E-commerce (Cdiscount) |
(356) |
-21 |
(376) |
| |
Latam Retail |
(1,449) |
-187 |
(1,636) |
| |
o/w GPA Food |
(322) |
-1,090 |
(1,412) |
| |
o/w Éxito |
(729) |
+715 |
(14) |
| |
o/w Segisor |
(381) |
+196 |
(185) |
| |
Total |
(4,703) |
-131 |
(4,834) |
Group net debt
|
In €m |
H1 2019 restated |
H1 2020 |
|
Group net debt at 1 January |
(3,378) |
(4,053) |
|
Free cash flow19 |
(893) |
(721) |
|
Financial expenses (excluding interest on lease liabilities) |
(245) |
(290) |
|
Dividends paid to the owners of the parent and holders of TSSDI
deeply-subordinated bonds |
(274) |
(67) |
| Share
buybacks |
(58) |
(1) |
| Other
net financial investments |
52 |
(238) |
| Other
non-cash items |
240 |
656 |
| Assets
held for sale recognised in accordance with IFRS 5 |
(148) |
(120) |
|
Group net debt at 30 June |
(4,703) |
(4,834) |
France net debt
|
In €m |
H1 2019 restated |
H1 2020 |
|
France net debt at 1 January |
(2,724) |
(2,282) |
|
Free cash flow20 before disposal plan and Rocade
plan |
(180) |
(40) |
|
Financial expenses (excluding interest on lease liabilities) |
(144) |
(208) |
|
Dividends paid to the owners of the parent and holders of TSSDI
deeply-subordinated bonds |
(218) |
(37) |
|
Share buybacks and transactions with non-controlling interests |
(94) |
(1) |
|
Other net financial investments (excl. settlement of GPA TRS) |
33 |
(30) |
|
Other non-cash items |
103 |
46 |
|
o/w non-cash financial expenses |
69 |
80 |
|
Change in net debt excl. settlement of GPA TRS, disposal
plan, Rocade plan and IFRS 5 |
(502) |
(270) |
|
Settlement of GPA TRS |
0 |
(248) |
|
Disposal plan |
38021 |
18622 |
|
Rocade plan |
72 |
(18) |
|
Assets held for sale recognised in accordance with IFRS 5 |
(125) |
(189) |
|
France net debt at 30 June |
(2,899) |
(2,821) |
Consolidated simplified balance sheet
|
In €m |
31/12/2019restated |
30/06/2020 |
|
Right-of-use assets |
4,837 |
4,837 |
|
Other non-current assets |
17,687 |
15,123 |
|
Current assets |
12,603 |
10,630 |
|
Total assets |
35,127 |
30,590 |
|
Total equity |
8,291 |
6,627 |
|
Non-current financial liabilities |
8,100 |
7,326 |
|
Non-current lease liabilities |
3,937 |
3,627 |
|
Other non-current liabilities |
1,624 |
1,345 |
|
Current lease liabilities |
740 |
671 |
|
Other current liabilities |
12,436 |
10,993 |
|
Total equity and liabilities |
35,127 |
30,590 |
APPENDICES – NET SALES – Q2 2020
Quarterly consolidated net sales by
segment
|
NET SALES In €m |
Q2 2020net sales |
Total net sales growth |
Organic net sales growth23 |
Same-store sales growth1 |
|
France Retail |
3,906 |
-5.6% |
+3.1% |
+6.0% |
|
Cdiscount |
499 |
+20.9% |
+20.9% |
+20.9% |
|
Total France |
4,405 |
-3.2% |
+4.9% |
+7.9% |
|
Latam Retail |
3,441 |
-12.5% |
+17.3% |
+12.5% |
|
GROUP TOTAL |
7,846 |
-7.5% |
+10.8% |
+10.4% |
Consolidated net sales in France by
banner
|
NET SALES BY BANNER |
Q1 2020 |
Same-store growth1 |
Q2 2020 |
Total growth |
Organic growth1 |
Same-store growth1 |
|
Monoprix |
1,156 |
+3.6% |
1,137 |
-0.5% |
+0.3% |
+2.9% |
|
Supermarkets |
747 |
+7.4% |
779 |
-1.4% |
+8.9% |
+9.9% |
|
o/w Casino Supermarkets24 |
711 |
+7.5% |
740 |
-0.7% |
+9.8% |
+11.8% |
|
Franprix |
412 |
+12.6% |
446 |
+11.8% |
+13.7% |
+14.7% |
|
Convenience & Other25 |
622 |
+9.5% |
631 |
-1.3% |
+4.9% |
+12.8% |
|
o/w Convenience26 |
336 |
+11.5% |
362 |
+11.1% |
+11.5% |
+18.0% |
|
Hypermarkets |
948 |
+1.7% |
912 |
-21.6% |
-3.7% |
-0.8% |
|
o/w Géant2 |
900 |
+1.5% |
868 |
-22.0% |
-3.1% |
-0.1% |
|
o/w Food |
631 |
+2.9% |
641 |
-13.5% |
n.a. |
-0.7% |
|
o/w Non-food |
97 |
-8.1% |
110 |
-15.9% |
n.a. |
+3.1% |
|
FRANCE RETAIL |
3,885 |
+5.8% |
3,906 |
-5.6% |
+3.1% |
+6.0% |
Main quarterly data – Cdiscount27
|
KEY FIGURES |
Q2 2019 |
Q2 2020 |
Reportedgrowth |
Organic growth |
|
GMV total including tax |
847 |
1,047 |
+23.5% |
+24.8% |
|
o/w direct sales |
414 |
449 |
+7.9% |
|
|
o/w marketplace sales |
282 |
393 |
+39.3% |
|
|
Marketplace contribution (%) |
40.1% |
46.3% |
+6.2pts |
|
Net sales (in €m) |
469 |
556 |
+18.6% |
+16.9% |
|
Traffic (millions of visits) |
235 |
315 |
+34.0% |
|
Mobile traffic contribution (%) |
71.5% |
71.1% |
-0.4pts |
|
Active customers (in millions) |
9.2 |
9.6 |
+5.2% |
Gross sales under banner in France
|
Total estimated gross food sales under banner In €m,
excluding fuel |
Q2 2020 |
Same-store change (excl. calendar effects) |
|
|
Monoprix |
1,156 |
+2.9% |
|
|
Franprix |
513 |
+14.7% |
|
|
Supermarkets |
769 |
+9.9% |
|
|
Hypermarkets |
774 |
-1.3% |
|
|
Convenience |
451 |
+18.0% |
|
|
Other |
298 |
n.a. |
|
|
Total Food |
3,962 |
+6.4% |
|
|
|
|
|
|
Total estimated gross non-food sales under banner In €m,
excluding fuel |
Q2 2020 |
Same-store change(excl. calendar effects) |
|
Hypermarkets |
131 |
+2.5% |
|
Cdiscount |
801 |
+20.9% |
|
Total Non-food |
932 |
+17.8% |
| |
|
|
|
Total estimated gross sales under banner In €m, excluding
fuel |
Q2 2020 |
Same-store change (excl. calendar effects) |
|
Total France and Cdiscount |
4,894 |
+8.2% |
APPENDICES – ADDITIONAL Q2 2020 FINANCIAL
INFORMATION RELATING TO THE AUTUMN 2019 REFINANCING
DOCUMENTATION
See press release dated 21 November
2019
Financial information for the first half
ended 30th June, 2020:
|
In €m |
France Retail + E-commerce |
Latam |
Total |
|
Revenues28 |
8,747 |
7,393 |
16,140 |
|
EBITDA1 |
606 |
460 |
1,066 |
|
(-) impact of leases29 |
-323 |
-150 |
-474 |
|
Adjusted Consolidated EBITDA including leases1 |
283 |
310 |
592 |
Trends underlying the variations of these
financial metrics are as described elsewhere in this press
release.
Financial information on a last 12-month
period ended 30th June, 2020:
|
In €m |
France Retail + E-commerce |
Latam |
Total |
|
Revenues1 |
18,109 |
15,834 |
33,943 |
|
EBITDA1 |
1,526 |
1,057 |
2,583 |
|
(-) impact of leases2 |
-654 |
-303 |
-958 |
|
(i) Adjusted Consolidated EBITDA including leases1 4 |
872 |
754 |
1,625 |
|
(ii) Gross financial debt: loans and borrowings1 30 |
5,776 |
2,777 |
8,554 |
|
iii) Gross Cash & Cash Equivalent1 3 |
950 |
1,258 |
2,207 |
As at 30th June 2020, the Group’s liquidity
within the “France + E-commerce” perimeter was €3,25bn, with €922m
of cash and cash equivalent and €2.33bn of undrawn confirmed credit
lines.
Additional information regarding covenants
and segregated accounts:
|
Covenants tested as from March 31st 2020 pursuant to the €2bn
Revolving Credit Facility dated November 18th 2019 |
|
Type of covenant (France and E-commerce) |
As at 30 June 2020 |
|
Adjusted Gross Financial Debt/Adjusted EBITDA31
<7.50x32 |
6.62x |
|
Adjusted EBITDA4 / Net finance costs >2.25x |
3.76x |
Covenant metrics tested as of end June 2020 do
not yet reflect the impact of the Leader Price disposal.
The Group confirms that €186m arising from the
disposal of Vindemia were credited to the Segregated Account during
the Financial Quarter ended 30th June 2020.
No cash has been debited from the Segregated
Account and its balance stood at €186m as at June 30th 2020. No
cash has been credited or debited from the Bond Segregated Account
and its balance remained at €0.
Store network at period-end
|
FRANCE |
|
30/09/2019 |
31/12/2019 |
31/03/2020 |
30/06/2020 |
|
Géant Casino hypermarkets |
|
110 |
109 |
104 |
104 |
|
o/w French franchised affiliates |
|
6 |
4 |
4 |
4 |
|
International affiliates |
|
5 |
6 |
6 |
6 |
|
Casino Supermarkets |
|
421 |
411 |
411 |
415 |
|
o/w French franchised affiliates |
|
91 |
83 |
69 |
69 |
|
International franchised affiliates |
|
21 |
22 |
22 |
22 |
|
Monoprix |
|
778 |
784 |
789 |
789 |
|
o/w franchised affiliates |
|
180 |
186 |
190 |
190 |
|
Naturalia |
|
181 |
182 |
181 |
181 |
|
Naturalia franchises |
|
19 |
23 |
26 |
26 |
|
Franprix |
|
881 |
877 |
867 |
869 |
|
o/w franchises |
|
448 |
459 |
441 |
478 |
|
Convenience |
|
5,142 |
5,139 |
5,130 |
5,134 |
|
Other activities (Restaurants, Drive, etc.) |
|
394 |
367 |
223 |
219 |
|
Total France |
|
7,726 |
7,687 |
7,524 |
7,530 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL |
|
30/09/2019 |
31/12/2019 |
31/03/2020 |
30/06/2020 |
|
ARGENTINA |
|
25 |
25 |
25 |
25 |
|
Libertad hypermarkets |
|
15 |
15 |
15 |
15 |
|
Mini Libertad and Petit Libertad mini-supermarkets |
|
10 |
10 |
10 |
10 |
|
URUGUAY |
|
91 |
91 |
93 |
93 |
|
Géant hypermarkets |
|
2 |
2 |
2 |
2 |
|
Disco supermarkets |
|
29 |
29 |
29 |
29 |
|
Devoto supermarkets |
|
24 |
24 |
24 |
24 |
|
Devoto Express mini-supermarkets |
|
36 |
36 |
36 |
36 |
|
Möte |
|
0 |
0 |
2 |
2 |
|
BRAZIL |
|
1,054 |
1,076 |
1,072 |
1,070 |
|
Extra hypermarkets |
|
112 |
112 |
107 |
107 |
|
Pão de Açúcar supermarkets |
|
185 |
185 |
185 |
182 |
|
Extra supermarkets |
|
161 |
153 |
151 |
151 |
|
Compre Bem |
|
13 |
28 |
28 |
28 |
|
Assaí (cash & carry) |
|
153 |
166 |
167 |
169 |
|
Mini Mercado Extra & Minuto Pão de Açúcar
mini-supermarkets |
|
236 |
237 |
238 |
238 |
|
Drugstores |
|
123 |
123 |
123 |
122 |
|
+ Service stations |
|
71 |
72 |
73 |
73 |
|
COLOMBIA |
|
1,980 |
2,033 |
1,984 |
1,981 |
|
Éxito hypermarkets |
|
92 |
92 |
92 |
92 |
|
Éxito and Carulla supermarkets |
|
158 |
158 |
157 |
157 |
|
Super Inter supermarkets |
|
70 |
70 |
69 |
69 |
|
Surtimax (discount) |
|
1,537 |
1,588 |
1,540 |
1,536 |
|
o/w “Aliados” |
|
1,445 |
1,496 |
1,460 |
1,459 |
|
B2B |
|
30 |
30 |
32 |
32 |
|
Éxito Express and Carulla Express mini-supermarkets |
|
93 |
95 |
94 |
95 |
|
CAMEROON |
|
1 |
1 |
1 |
1 |
|
Cash & carry |
|
1 |
1 |
1 |
1 |
|
Total International |
|
3,151 |
3,226 |
3,175 |
3,170 |
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
DepartmentStéphanie 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 7Karine Allouis – +33 (0)1 53
70 74 84 – kallouis@image7.frFranck Pasquier – +33 (0)6 73 62 57 99
- fpasquier@image7.fr
Disclaimer
This press release was prepared solely for
information purposes, and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. Recipients should
not consider it as a substitute for the exercise of their own
judgement. All the opinions expressed herein are subject to change
without notice.
1 Data published by the subsidiary
2 Growth at constant exchange rates
3 Food E-commerce = E-commerce France excluding Cdiscount
4 Via smartphone or self-service checkout
5 Subscription of €10 per month (or €90 for 12 months) offering
an immediate 10% discount on all purchases
6 Including a €35m earn-out, contingent on the achievement of
certain operating indicators during the transition period
7 A subsidiary of rating agency Moody’s
8 Tonnes of CO2 equivalent in Scopes 1 + 2, based on the 2019
scope of consolidation
9 Excluding fuel and calendar effects
10 Data published by the subsidiary
11 Data published by the subsidiary
12 See definitions on page 8
13 Excluding disposal plan and Rocade plan
14 Casino Group’s holding structure, including the French
activities and the wholly-owned holding companies
15 Perimeter as defined in financing documentations with mainly
Segisor accounted for within France Retail + Ecommerce
perimeter
16 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
17 Income taxes have been restated for the tax effects
corresponding to the above restated financial items and for the tax
effects of the restatements and the application of IFRIC 23
"Uncertainties about Tax Treatment"
18 Non-controlling interests have been restated for the amounts
relating to the restated items listed above
19 Before dividends paid to the owners of the parent and holders
of TSSDI deeply-subordinated bonds, and before financial
expenses
20 Before dividends paid to the owners of the parent and holders
of TSSDI deeply-subordinated bonds, excluding financial expenses,
including rental expense (repayments of lease liabilities and
interest on leases)
21 Store properties and restaurants
22 Proceeds received from the sale of Vindémia
23 Excluding fuel and calendar effects
24 Excluding Codim stores in Corsica: 8 supermarkets and 4
hypermarkets
25 Other: mainly Vindémia and restaurants
26 Convenience stores excluding Leader Price Express; net sales
on a same-store basis include the same-store performance of
franchised stores
27 Data published by the subsidiary
28 Unaudited data, perimeter as defined in financing
documentations with mainly Segisor accounted for within France
Retail + Ecommerce perimeter
29 Interest paid on lease liabilities and repayment
of lease liabilities as defined in the documentation
30 Data as of 30th June, 2020
31 EBITDA as defined in the refinancing documentation is
restated for rents paid and interest on rents
paid.
32 7.50x at 30 June 2020, 7.25x at 30 September 2020, 5.75x at
31 December 2020, 6.50x at 31 March 2021, 6.00x at 30 June 2021 and
30 September 2021, and 4.75x as from 31 December 2021.
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