Groupe Casino: Third Quarter 2023
31 Octobre 2023 - 7:30AM
Groupe Casino: Third Quarter 2023
Third Quarter 2023
Group net
sales down -5.5% as reported and -5.3% on a same-store
basis
- France
Retail sales were down -5.6% on a same-store basis,
reflecting:
- The effect of
price readjustment measures in Supermarkets/Hypermarkets taken in
Q1. The commercial turnaround in historic supermarkets is
confirmed, with customer traffic and volumes now positive1
at +8% and +3% respectively in 4H, while hypermarkets are seeing a
gradual improvement in customer traffic
- Growth
of +0.4% in Parisian and convenience banners, penalized by
unfavorable weather conditions which impacted non-food sales. Food
sales were up +1.3%
- At
Cdiscount, the deliberate reduction in product
sales continued, while services revenues (including Marketplace
commissions) rose (+7%), leading to a sharp improvement in the mix.
All in all, sales fell by -25%
- In Latin
America2, GPA maintains dynamic
growth (up +8.3% as reported and up +6.4% on a same-store
basis)
Net financial debt:
- At 30 September
2023, Group net debt stood at €6.2bn, +€0.1bn
higher compared to 30 June 2023
Group Consolidated net sales
|
Net sales (in €m) |
Q3 2023 |
Totalgrowth |
Organicgrowth3 |
Same-storegrowth3 |
|
France Retail |
3,396 |
-6.5% |
-6.5% |
-5.6% |
|
Cdiscount |
278 |
-25.8% |
-24.6% |
-24.6% |
|
Total France |
3,674 |
-8.3% |
-8.3% |
-8.2% |
|
Latam (GPA)2 |
888 |
+8.3% |
+8.3% |
+6.4% |
|
GROUP TOTAL |
4,562 |
-5.5% |
-5.5% |
-5.3% |
|
Cdiscount GMV4 |
668 |
-13.5% |
n.a. |
n.a. |
In the third-quarter of 2023, changes in scope
of consolidation had a negative impact of -0.8%, the currency
effect stood at -0.1%, the calendar effect was +0.4% and the fuel
effect came to +0.5%.
France
Details of results for France are given in the
press release published on October 26, 2023.
Latin America
(GPA)2
GPA reported same-store
sales growth of +5.7%5 for the
quarter:
-
Convenience formats recorded same-store
sales growth of +7.7%, a sequential improvement on Q2 2023
(+5.8%)
- Extra
Mercado supermarkets6 recorded
same-store sales growth of +2.5%, in line with
previous quarters and buoyed by accelerating growth in volumes:
- At the beginning of August, GPA
completed the conversion of Compre Bem supermarkets to
Extra Mercado and is already seeing a return to profitability
in the stores converted during the quarter. This conversion did not
generate any major capital expenditure, thanks in particular to the
cooperation of main suppliers
- Pão de
Açúcar sales increased by +7.2% on a same-store
basis, in line with the pace of growth observed since the
beginning of the year. This performance was underpinned by volume
growth in a deflationary quarter, resulting in particular from the
pursuit of a strategy of refocusing on fresh products.
GPA published its Q3 2023 sales figures on
30 October 2023
APPENDICES – OTHER
INFORMATION
Main changes in scope
- Disposal of Sarenza on
1 October 2022 (Monoprix)
- Disposal of CChezVous
on 31 December 2022 (Cdiscount)
- Disposal of Assaí
(loss of control on 17 March 2023)
- Disposal of Sudeco on
31 March 2023
- Sale of stores to ITM
on 30 September 2023
Discontinued operations
- Grupo
Éxito: Following SEC approval of the 20-F on 25 July 2023,
the Group has also decided to begin the process of selling Grupo
Éxito. As the sale of Grupo Éxito is considered highly probable, in
accordance with IFRS 5 – Non-current Assets Held for Sale and
Discontinued Operations, Grupo Éxito's net sales are presented in
discontinued operations for 2022 and 2023.
|
Exchange rate
|
AVERAGE EXCHANGE RATES |
Q3 2022 |
Q3 2023 |
Currency effect |
|
Brazil (EUR/BRL) |
5.2834 |
5.3109 |
-0.5% |
ADDITIONAL FINANCIAL INFORMATION RELATING
TO THE DOCUMENTATION OF FINANCINGS RAISED IN
2019
See press release dated 21 November 2019
Financial information for the third
quarter ended 30 September 2023:
|
In €m |
France7 (France Retail +
E-commerce) |
Latam (GPA) |
Total |
|
Net sales8 |
3,674 |
888 |
4,562 |
|
EBITDA2 |
136 |
53 |
189 |
|
(-) impact of leases9 |
(148) |
(42) |
(190) |
|
Adjusted consolidated EBITDA including
leases2 |
(12) |
11 |
(1) |
Net financial debt
At 30 September 2023, Group net debt stood at
€6.2bn, of which €5.6bn in France and €0.6bn in Brazil. The +€0.1bn
change compared with 30 June 2023 is mainly due to cash flows net
of interest expense, partly offset by disposals during the
period.
At 30 September 2023, the Group's liquidity in
France stood at €1.3 bn, including €945m in available cash (vs.
respectively €1.1bn and €917m at 30 June 2023).
Financial information for the 12-month
period ended 30 September 2023:
|
In €m |
France1(France Retail +
E-commerce) |
Latam (GPA) |
Total |
|
Net sales2 |
14,954 |
3,491 |
18,445 |
|
EBITDA2 |
694 |
175 |
869 |
|
(-) impact of leases3 |
(595) |
(141) |
(735) |
|
(i) Adjusted consolidated EBITDA including leases2
10 |
100 |
34 |
134 |
|
(ii) Gross debt2 11 |
(6,913) |
(1,109) |
(8,022) |
|
(iii) Cash and cash equivalents2 12 |
1,276 |
570 |
1,846 |
Additional information regarding
covenants and segregated accounts:
Covenants tested on 30 September 2023 pursuant to
the Revolving Credit Facility dated 18 November 2019, as amended in
July 2021
|
Type of covenant (France and E-commerce)13 |
As at 30 September 2023 |
|
Secured gross debt/EBITDA after lease payments
<3.50x |
39.81x |
|
EBITDA after lease payments/Net finance costs
>2.50x |
0.28x |
The secured gross debt/EBITDA after lease
payments covenant stood at 39.81x, with EBITDA after lease payments
of €101m and secured debt of €4,020m including the drawdown of the
entire Cobalt RCF (€2.1bn) during the conciliation period.
As part of the accelerated safeguard proceeding,
on 5 October 2023, the RCF lenders waived their right to claim any
accelerated payment on the basis of any event of default under the
financial covenants as of 30 September 2023.
At 30 September 2023, the segregated account for
the Quatrim notes had a balance of €20m.
Financial rating: Fitch
Ratings: RD - Restricted Default (29 August 2023).
Store network
|
FRANCE |
30 Sept. 2022 |
31 Dec. 2022 |
31 March 2023 |
30 June 2023 |
30 Sept. 2023 |
|
Géant Casino/Hyper Frais HM |
77 |
77 |
78 |
78 |
67 |
|
o/w French franchises |
3 |
3 |
3 |
3 |
3 |
|
International affiliates |
9 |
9 |
10 |
10 |
9 |
|
Casino Supermarkets |
461 |
474 |
476 |
478 |
441 |
|
o/w franchises/LG France |
63 |
63 |
62 |
60 |
60 |
|
International affiliates |
23 |
24 |
26 |
29 |
33 |
|
Monoprix (Monop’, Naturalia, etc.) |
849 |
858 |
852 |
855 |
862 |
|
o/w affiliates/LG France excl. Naturalia |
235 |
255 |
265 |
271 |
285 |
|
Naturalia integrated stores France |
183 |
181 |
177 |
175 |
170 |
|
Naturalia franchises/LG France |
63 |
65 |
66 |
63 |
65 |
|
Franprix |
1,069 |
1,098 |
1,123 |
1,155 |
1,159 |
|
o/w franchises/LG France |
747 |
775 |
795 |
831 |
840 |
|
Franprix banner |
836 |
864 |
876 |
888 |
881 |
|
Other banners (Marché d’à côté, etc.) |
233 |
234 |
247 |
267 |
278 |
|
Convenience o/w Vival o/w
Spar o/w Petit Casino and
similar o/w oil companies o/w affiliates o/w other convenience
outlets14 |
6,0601,7869131,0431,41494810 |
6,3131,9789511,0481,422100814 |
6,4342,0029511,0471,478100856 |
6,4482,0079511,0481,464102876 |
6,3921,9839471,0301,485103844 |
|
Leader Price15 |
63 |
66 |
66 |
63 |
40 |
|
Other businesses16 |
218 |
221 |
202 |
200 |
179 |
|
Total France |
8,797 |
9,107 |
9,231 |
9,277 |
9,14017 |
|
INTERNATIONAL |
30 Sept. 2022 |
31 Dec. 2022 |
31 March 2023 |
30 June 2023 |
30 Sept. 2023 |
|
ARGENTINA |
29 |
33 |
34 |
36 |
36 |
|
Libertad hypermarkets |
14 |
14 |
14 |
15 |
15 |
|
DI Libertad |
5 |
9 |
10 |
11 |
11 |
|
Mini Libertad and Petit Libertad mini-supermarkets |
10 |
10 |
10 |
10 |
10 |
|
URUGUAY |
92 |
96 |
96 |
96 |
99 |
|
Géant hypermarkets |
2 |
2 |
2 |
2 |
2 |
|
Disco supermarkets |
30 |
30 |
30 |
30 |
32 |
|
Devoto supermarkets |
24 |
26 |
26 |
26 |
27 |
|
Devoto Express mini-supermarkets |
34 |
36 |
36 |
36 |
36 |
|
Möte |
2 |
2 |
2 |
2 |
2 |
|
BRAZIL |
699 |
735 |
730 |
748 |
766 |
|
Extra hypermarkets |
5 |
3 |
3 |
2 |
1 |
|
Pão de Açúcar supermarkets |
190 |
194 |
195 |
195 |
197 |
|
Extra Mercado supermarkets5 |
153 |
154 |
157 |
160 |
181 |
|
Compre Bem18 |
30 |
29 |
26 |
22 |
0 |
|
Mini Mercado Extra and Minuto Pão de Açúcar mini-supermarkets |
247 |
281 |
278 |
298 |
316 |
|
+ Service stations |
74 |
74 |
71 |
71 |
71 |
|
COLOMBIA |
2,068 |
2,155 |
2,239 |
2,238 |
2,400 |
|
Éxito hypermarkets |
91 |
94 |
93 |
92 |
92 |
|
Éxito and Carulla supermarkets |
153 |
154 |
155 |
155 |
155 |
|
Super Inter supermarkets |
60 |
60 |
59 |
59 |
59 |
|
Surtimax (discount) |
1,652 |
1,733 |
1,808 |
1,805 |
1,966 |
|
o/w “Aliados” |
1,585 |
1,663 |
1,731 |
1,729 |
1,889 |
|
B2B |
42 |
46 |
56 |
59 |
60 |
|
Éxito Express and Carulla Express mini-supermarkets |
70 |
68 |
68 |
68 |
68 |
|
Total Latin America |
2,888 |
3,019 |
3,099 |
3,118 |
3,301 |
Analyst and investor
contacts-
Christopher Welton+33 (0)1 53 65
64 17 – cwelton.exterieur@groupe-casino.fror+33 (0)1 53 65 24 17 –
IR_Casino@groupe-casino.fr
Press
contacts-
Casino Group – Communications
Department
Béatrice Mandine+ 33 (0)6 48 48
10 10 – bmandine@groupe-casino.fr
Nicolas Boudot+33 (0)6 79 61 40
99 – nboudot@groupe-casino.fror+33(0)1 53 65 24 78 –
directiondelacommunication@groupe-casino.fr
-
Agence IMAGE 7
Karine Allouis +33 (0)6 11 59 23
26 – kallouis@image7.frLaurent Poinsot +33(0)6 80
11 73 52 – lpoinsot@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 for the past 4 weeks2 Assaí and Grupo Éxito
net sales are presented in discontinued operations for 2022 and
20233 Excluding fuel and calendar effects4 Data published by the
subsidiary5 Data published by GPA – same-store changes in gross
sales excluding gas stations. The difference with Casino view (net)
is due to the mix effect of categories with different VAT rates6
Conversion of the remaining 22 Compre Bem stores to Extra Mercado
in Q3 20237 Scope as defined in the November 2019 financing
documentation, including certain GPA holding companies (notably
Ségisor and Wilkes)8 Continuing operations: unaudited figures,
scope as defined in the November 2019 refinancing documentation;
Net sales and EBITDA of Assaí and Grupo Éxito are presented in
discontinued operations for 2022 and 20239 Interest paid on lease
liabilities and repayment of lease liabilities as defined in the
documentation10 EBITDA after lease payments (i.e., repayments of
principal and interest on lease liabilities)11 Loans and other
borrowings in the reported financial statements12 Data at 30
September 202313 Scope as defined in the November 2019 financing
documentation, including certain GPA holding companies (notably
Ségisor and Wilkes)14 Outlets under specific banners with a Casino
supply contract15 Leader Price stores in France. Leader Price
international franchises are recorded in “Other businesses”16 Other
businesses include Leader Price international franchises and 3C
Cameroon stores17 The number of stores in France at 30 September
2023 has been restated to account for the outlets sold to
Intermarché18 Conversion of the remaining 22 Compre Bem stores to
Extra Mercado supermarkets in Q3 2023
- 20231031 - Press Release - Q3 2023
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