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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Casino Guichard Perrachon | EU:CO | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.012 | 0.36% | 3.3745 | 3.35 | 3.47 | 3.52 | 3.3325 | 3.3625 | 156,634 | 16:40:00 |
2023 FULL-YEAR RESULTS
In accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the 2022 and 2023 net sales and earnings for Assaí, Grupo Éxito, GPA and the Group's French hypermarkets and supermarkets are presented within discontinued operations. Consequently, the net sales and earnings (including EBITDA and trading profit) presented in this press release relate solely to the Group's continuing operations (Monoprix, Franprix, Casino convenience banners, Cdiscount and Other1).
The Board of Directors met on 27 February 2024 to approve the statutory and consolidated financial statements for 2023. The auditors have completed their audit procedures on the financial statements and are in the process of issuing their report.
2023 FOURTH QUARTER AND FULL-YEAR BUSINESS RESULTS
Q4 2023 vs. Q4 2022 | 2023 vs. 2022 | |||||||
Net sales by banner (in €m) | Q4 2023 | Change | 2023 | Change | ||||
Total | Organic7 | LFL7 | Total | Organic7 | LFL7 | |||
Monoprix | 1,168 | -0.9% | +0.6% | +0.9% | 4,338 | -1.3% | +1.4% | +1.8% |
Franprix | 382 | 0.0% | -0.1% | +0.4% | 1,522 | +3.0% | +3.2% | +3.2% |
Casino convenience banners | 321 | -6.1% | -5.2% | -3.4% | 1,483 | -1.8% | -1.4% | +1.1% |
Cdiscount | 355 | -21.4% | -20.4% | -20.4% | 1,235 | -23.8% | -22.9% | -22.9% |
Other | 98 | -12.7% | -9.3% | +5.5% | 380 | -4.4% | -3.0% | +6.7% |
GROUP TOTAL | 2,324 | -5.8% | -4.5% | -4.6% | 8,957 | -4.7% | -3.2% | -3.7% |
2023 FULL-YEAR RESULTS
In €m | 2022 | 2023 | Change |
Net sales | 9,399 | 8,957 | -3.2% (organic), -3.7% (same-store) |
EBITDA | 978 | 765 | -21.8% |
EBITDA after lease payments | 549 | 341 | -37,8% |
EBIT | 316 | 124 | -60.6% |
Underlying net profit (loss) from continuing operations, Group share | (323) | (1,451) | Including €588m relating to the increase in the tax expense |
Net profit (loss) from continuingoperations, Group share | (185) | (2,558) | Impact of the increase in financial expenses and impairment of goodwill and deferred tax |
Net profit (loss)from discontinued operations, Group share | (130) | (3,103) | Impact of HM/SM operating losses and impairment of GPA, Grupo Éxito and HM/SM assets |
Net profit (loss),Group share | (316) | (5,661) |
Consolidated net sales amounted to €9.0bn in 2023, down -3.7% on a same-store basis11, down -3.2% on an organic basis11 and down -4.7% as reported after taking into account changes in scope (-1.5%). Currency, fuel and calendar effects were virtually neutral.
Consolidated EBITDA came to €765m (down -21.8% including a -7.4% negative impact from changes in the scope of consolidation), reflecting a margin of 8.5%.
EBITDA after lease payments was €341m, down -37.8%, reflecting a margin of 3.8%.
Consolidated trading profit was €124m, down -60.6%, reflecting a margin of 1.4%.
Underlying net financial expense and net loss, Group share12Underlying net financial expense for the period was -€768m (compared with -€414m in 2022), a deterioration of -€354m, mainly due to around -€130m resulting from the net rise in interest on bonds, the Term Loan B and short-term debt (including the impact of higher interest rates and the average volume of RCF drawdowns), around -€120m relating to interest-rate hedging instruments, including credit risk13, around -€135m in amortisation of non-cash financial expenses and around +€30m of bonuses on bond redemptions and income from financial investments14.
Underlying net loss, Group share, came out at -€1,451m (vs. -€323m in 2022), reflecting a decrease in
trading profit (-€191m), an increase in the cost of net debt (-€342m) and a rise in tax expense (-€588m). Diluted underlying earnings per share15 stood at a loss of -€13.93, vs. -€3.42 in 2022.
Other operating income and expenses amounted to -€1,157m in 2023 (vs. +€86m in 2022), including -€940m of asset impairment losses (mainly Monoprix and Franprix goodwill impairment based on the November 2023 business plan) and -€104m of operating restructuring costs.
Consolidated net profit (loss), Group share
Net loss from continuing operations, Group share was -€2,558m (vs. -€185m in 2022), reflecting notably the increase in financial expenses and impairment of Monoprix and Franprix assets in connection with the new November 2023 business plan.
Net loss from discontinued operations, Group share was -€3,103m in 2023 (vs. -€130m in 2022), due to HM/SM operating losses and impairment of GPA, Grupo Éxito and HM/SM assets.
Consolidated net loss, Group share amounted to -€5,661m vs. -€316m in 2022.
Financial position at 31 December 2023
Consolidated net debt stood at €6.2bn (€4.5bn at 31 December 2022), an increase of €1.7bn, of which mainly -€0.7bn in free cash flow, materially impacted by -€0.5bn of financing losses, -€0.6bn of financial expenses, -€1.4bn of losses on disposals of businesses (HM/SM) and +€1.3bn of proceeds on disposals.
At 31 December 2023, the Group's liquidity was €1,051m (cash and cash equivalents). The Group also has €95 million in the Quatrim segregated account.
In €m | 31 Dec. 2022 | 31 Dec. 2023 | Change | 31 Dec. 2023adjusted16 | ||
Loans and borrowings | 4,945 | 7,232 | +2,287 | 3,230 | ||
EMTN notes / HY CGP | 2,287 | 2,168 | -119 | 0 | ||
Casino Finance / reinstated RCF | 50 | 2,051 | +2,001 | 711 | ||
Term Loan B / reinstated Term Loan | 1,425 | 1,425 | 0 | 1,410 | ||
HY Quatrim notes | 653 | 553 | -100 | 491 | ||
Confirmed credit lines – Monoprix | 170 | 170 | 0 | 131 | ||
Cdiscount PGE | 60 | 60 | 0 | 60 | ||
Other | 300 | 805 | +50517 | 427 | ||
Cash and cash equivalents | (468) | (1,051) | -583 | (1,696) | ||
Net financial debt18 | 4,477 | 6,181 | +1,704 | 1,53419 | ||
Net financial debt excluding Quatrim20 | 1,048 |
The net financial debt (excluding Quatrim) / EBITDA after lease payments (excluding Quatrim) ratio stood at 3.3x, with EBITDA after lease payments (excluding Quatrim) of €317m and net financial debt (excluding Quatrim) of €1,048m.
Financial restructuring
The Group's financial restructuring includes:
As part of the financial restructuring, a conciliation procedure was initiated, running from 25 May 2023 to 25 October 2023. Accelerated safeguard proceedings were then initiated between 25 October 2023 and 25 February 2024. All of the information regarding these procedures is available on the Company’s website: Financial restructuring
Outlook
In view of the HM/SM disposal process and their treatment as discontinued operations, the EBITDA France 2023-2028 projections published by the Group in November 2023 are no longer valid. Furthermore, in view of the forthcoming change of control, the Group is not publishing a new 2024 outlook.The Consortium's business plan was communicated to the market on November 22, 2023 (see press release of November 22, 2023).
SIGNIFICANT EVENTS IN 2023
Asset disposals
In 2023, Casino Group disposed of assets worth close to €1.4bn:
Since the start of 2024, Casino Group has announced the sale of around €1.7bn in assets:
France
Retail banners
Development in buoyant formats
Extension of the purchasing partnerships with Groupement Les Mousquetaires
Food e-commerce
Further initiatives to support purchasing power
Latin America
Spin-off and sale of Grupo Éxito
In early September 2022, GPA’s Board of Directors announced that it was considering distributing approximately 83% of Grupo Éxito’s capital to its shareholders and retaining a minority stake of around 13% which could be sold at a later date. Casino’s Board of Directors approved the plan to unleash the full value of Grupo Éxito.
The spin-off was approved by GPA’s Shareholders at the General Meeting of 14 February 2023 and was completed on 23 August 2023, with the separate listing of GPA and Grupo Éxito’s Brazilian Depository Receipts (BDR).
Following the transaction, Casino Group held a direct 34% stake in Grupo Éxito and an indirect stake of 13% through GPA’s minority shareholding.
In connection with the tender offers launched in the United States and Colombia by Grupo Calleja for Grupo Éxito, on 26 January 2024, Casino Group announced that it had completed the sale of its entire 34% direct stake. GPA also tendered its 13% stake in Grupo Éxito to the sale. Following these transactions, Grupo Calleja acquired 86.84% of Grupo Éxito’s share capital.
Casino Group and GPA no longer own any stake in Grupo Éxito.
GPA capital increase and loss of control by Casino Group
Following the press release issued by GPA on 10 December 2023, Casino group acknowledges that it is aware that GPA has initiated preliminary work efforts towards a potential primary equity offering as part of its plan to optimize its capital structure.
GPA has convened an extraordinary general meeting on 11 January 2024 to deliberate on, among other matters, an increase in the Company’s authorized capital of up to 800 million common shares and the proposal by GPA’s management, with Casino’s assent, to elect a new slate for the board of directors, conditioned upon the closing of the potential offering, in order to conform with the expected dilution of Casino’s equity interest in the Company.
On 22 January 2024 (2nd call), the general meeting approved these resolutions.
In the event of completion of this project and the appointment of the new Board of Directors, Casino would no longer control GPA.
CSR pledges maintained27
Casino Group maintained its ESG performance in 2023, with non-financial ratings remaining stable from MSCI (AA) and FTSE4GOOD (4.1/5) and downgraded 1 point by Moody's ESG (73/100) and S&P CSA (67/100). The Group won two LSA La Conso s'engage awards.
Committed employer
Climate and environmental protection
Responsible consumption
Outreach initiatives
APPENDICES – NET SALES
Gross sales under banner in France
TOTAL ESTIMATED GROSS SALES UNDER BANNER (in €m, including fuel) | Q4 2023 | Change (incl. calendar effects) | 2023 | Change (incl. calendar effects) | ||
Monoprix | 1,249 | -0.1% | 4,623 | -0.1% | ||
Franprix | 462 | +1.7% | 1,826 | +5.1% | ||
Casino convenience banners | 508 | -5.3% | 2,345 | +1.6% | ||
Cdiscount | 681 | -11.1% | 2,375 | -15.9% | ||
Other | 98 | -12.7% | 380 | -4.4% | ||
TOTAL | 2,998 | -3.9% | 11,549 | -2.9% |
2023 key figures – Cdiscount28
Key figures (in €m) | 202229 | 2023 | Reported growth | Same-store change |
Total GMV including tax30 | 3,440 | 2,804 | -18.5% | -14.0% |
o/w direct sales | 1,340 | 928 | -30.7% | |
o/w marketplace | 1,421 | 1,392 | -2.0% | |
GMV contribution (%) | 51.5% | 60.0% | +8.5 pts | |
Net sales | 1,700 | 1,197 | -29.6% | -24.0% |
APPENDICES – FULL-YEAR RESULTS
In €m | 2022 | 2023 | Change | Same-store change31 | |||
Group Consolidated net sales Monoprix Franprix Casino convenience banners Cdiscount Other | 9,3994,3931,4781,5101,620397 | 8,9574,3381,5221,4831,235380 | -4.7%-1.3%+3.0%-1.8%-23.8%-4.4% | -3.7%+1.8%+3.2%+1.1%-22.9%+6.7% | |||
EBITDA – Group Margin Monoprix Franprix Casino convenience banners Cdiscount Other | 97810.4%4971841565587 | 7658.5%4591557283(4) | -21.8%-187 bps-7.7%-15.8%-53.6%+50.5%-104.1% | ||||
EBIT – Group Margin Monoprix Franprix Casino convenience banners Cdiscount Other | 3163.4%1687278 (41)40 | 1241.4%13154 (2) (12)(46) | -60.6%-197 bps-22.1%-25.2%-102.7%+70.2%n.a. |
Underlying net profit
In €m | 2022 (restated) | Restated items | 2022underlying (restated) | 2023 | Restated items | 2023 underlying | |||||
Trading profit | 316 | 0 | 316 | 124 | 0 | 124 | |||||
Other operating income and expenses | 86 | (86) | 0 | (1,157) | 1,157 | 0 | |||||
Operating profit (loss) | 402 | (86) | 316 | (1,033) | 1,157 | 124 | |||||
Net finance costs | (240) | 0 | (240) | (582) | 0 | (582) | |||||
Other financial income and expenses | (174) | (0) | (174) | (187) | 0 | (187) | |||||
Income taxes | (188) | (52) | (240) | (778) | (50) | (827) | |||||
Share of profit (loss) of equity-accounted investees | (1) | 0 | (1) | 2 | 0 | 2 | |||||
Net profit (loss) from continuing operations | (201) | (138) | (339) | (2,577) | 1,108 | (1,470) | |||||
o/w attributable to non-controlling interests | (15) | (0) | (16) | (19) | 0 | (19) | |||||
o/w Group share | (185) | (138) | (323) | (2,558) | 1,107 | (1,451) |
Underlying net profit corresponds to net profit from continuing operations, adjusted for (i) the impact of other operating income and expenses, as defined in the "Significant accounting policies" section in the notes to the consolidated financial statements, (ii) the impact of non-recurring financial items, as well as (iii) income tax expense/benefits related to these adjustments and (iv) the application of IFRIC 23.
APPENDICES – ACCOUNTING INFORMATION
Discontinued operationsIn accordance with IFRS 5, the earnings of the following businesses are presented within discontinued operations in 2023 and 2022.
|
APPENDICES – OTHER INFORMATION
Store network of continuing operations
31 Dec. 2022 | 31 March 2023 | 30 June 2023 | 30 Sept. 2023 | 31 Dec. 2023 | |
Monoprix | 858 | 852 | 855 | 862 | 861 |
o/w Integrated stores France excl. Naturalia Franchises/BL France excl. Naturalia | 356256 | 343266 | 345272 | 342285 | 338291 |
Naturalia integrated stores France | 181 | 177 | 175 | 170 | 170 |
Naturalia franchises/BL France | 65 | 66 | 63 | 65 | 62 |
Franprix | 1,098 | 1,123 | 1,155 | 1,159 | 1,191 |
o/w Integrated stores France Franchises/BL France | 323775 | 328795 | 324831 | 319840 | 323868 |
Franprix banner | 864 | 876 | 888 | 881 | 891 |
Other banners (Le Marché d’à côté, etc.) | 234 | 247 | 267 | 278 | 300 |
Convenience o/w Integrated stores France Franchises/BL France International affiliatesVival bannerSpar bannerPetit Casino banner and otherOil companiesOther convenience outlets32 | 6,3136095,6041001,9789511,0481,422814 | 6,4345885,7461002,0029511,0471,478856 | 6,4485685,7781022,0079511,0481,464876 | 6,3925435,7461031,9839471,0301,485844 | 6,3254935,7241081,9549409901,499834 |
Leader Price33 o/w Integrated stores France Franchises France | 661848 | 66660 | 63657 | 40634 | 37334 |
Other businesses34 | 221 | 202 | 200 | 179 | 179 |
TOTAL | 8,556 | 8,677 | 8,721 | 8,632 | 8,593 |
Consolidated income statement
(in € millions) | 2023 | 2022 (restated)35 | |
CONTINUING OPERATIONS | |||
Net sales | 8,957 | 9,399 | |
Other revenue | 95 | 256 | |
Total revenue | 9,052 | 9,655 | |
Cost of goods sold | (6,474) | (6,906) | |
Gross margin | 2,578 | 2,750 | |
Selling expenses | (1,705) | (1,598) | |
General and administrative expenses | (748) | (836) | |
Trading profit | 124 | 316 | |
As a % of net sales | 1.4% | 3.4% | |
Other operating income | 110 | 627 | |
Other operating expenses | (1,267) | (541) | |
Operating profit (loss) | (1,033) | 402 | |
As a % of net sales | -11.5% | 4.3% | |
Income from cash and cash equivalents | 8 | 2 | |
Finance costs | (590) | (242) | |
Net finance costs | (582) | (240) | |
Other financial income | 35 | 98 | |
Other financial expenses | (222) | (272) | |
Profit (loss) before tax | (1,801) | (12) | |
As a % of net sales | -20.1% | -0.1% | |
Income tax benefit (expense) | (778) | (188) | |
Share of profit (loss) of equity-accounted investees | 2 | (1) | |
Net profit (loss) from continuing operations | (2,577) | (201) | |
As a % of net sales | -28.8% | -2.1% | |
Attributable to owners of the parent | (2,558) | (185) | |
Attributable to non-controlling interests | (19) | (15) | |
DISCONTINUED OPERATIONS | |||
Net profit (loss) from discontinued operations | (4,551) | (145) | |
Attributable to owners of the parent | (3,103) | (130) | |
Attributable to non-controlling interests | (1,448) | (14) | |
CONTINUING AND DISCONTINUED OPERATIONS | |||
Consolidated net profit (loss) | (7,128) | (345) | |
Attributable to owners of the parent | (5,661) | (316) | |
Attributable to non-controlling interests | (1,468) | (29) |
Earnings per share
In € | 2023 | 2022 (restated)35 | |
From continuing operations, attributable to owners of the parent | |||
| (24.17) | (2.15) | |
| (24.17) | (2.15) | |
From continuing and discontinued operations, attributable to owners of the parent | |||
| (52.87) | (3.36) | |
| (52.87) | (3.36) |
Consolidated statement of comprehensive income
(in € millions) | 2023 | 2022 (restated)36 |
Consolidated net profit (loss) | (7,128) | (345) |
Items that may be subsequently reclassified to profit or loss | 603 | 203 |
Cash flow hedges and cash flow hedge reserve(i) | 5 | 9 |
Foreign currency translation adjustments(ii) | 581 | 194 |
Debt instruments at fair value through other comprehensive income (OCI) | - | (1) |
Share of items of equity-accounted investees that may be subsequently reclassified to profit or loss | 16 | 2 |
Income tax effects | - | (1) |
Items that will never be reclassified to profit or loss | (67) | 5 |
Equity instruments at fair value through other comprehensive income | (51) | (30) |
Actuarial gains and losses | (21) | 46 |
Share of items of equity-accounted investees that will never be subsequently reclassified to profit or loss | - | - |
Income tax effects | 5 | (11) |
Other comprehensive income (loss) for the year, net of tax | 536 | 208 |
Total comprehensive income (loss) for the year, net of tax | (6,592) | (138) |
Attributable to owners of the parent | (5,222) | (237) |
Attributable to non-controlling interests | (1,370) | 99 |
(i) The change in the cash flow hedge reserve was not material in either 2023 or 2022 (ii) The €581m increase in this item in 2023 primarily results from (a) the appreciation of the Brazilian real and Colombian peso representing €150m and €141m, respectively, offset by the depreciation of the Argentine peso representing -€165m and (b) the reclassification to profit (loss) of €453m after control of Sendas was relinquished. The €194m positive net translation adjustment in 2022 arose mainly from the increase in value of the Brazilian real for €299m, offset by the decrease in value of the Colombian peso for -€123m
Consolidated statement of financial position
ASSETS | 31 Dec. 2023 | 31 Dec. 2022 (restated) 37 | 1 Jan. 2022 (restated)37 | |
(in € millions) | ||||
Goodwill | 2,046 | 6,933 | 6,667 | |
Intangible assets | 1,082 | 2,065 | 2,006 | |
Property, plant and equipment | 1,054 | 5,319 | 4,641 | |
Investment property | 49 | 403 | 411 | |
Right-of-use assets | 1,696 | 4,889 | 4,748 | |
Investments in equity-accounted investees | 212 | 382 | 201 | |
Other non-current assets | 195 | 1,301 | 1,183 | |
Deferred tax assets | 84 | 1,076 | 857 | |
Non-current assets | 6,419 | 22,368 | 20,715 | |
Inventories | 875 | 3,640 | 3,214 | |
Trade receivables | 689 | 854 | 772 | |
Other current assets | 1,023 | 1,636 | 2,033 | |
Current tax assets | 25 | 174 | 196 | |
Cash and cash equivalents | 1,051 | 2,504 | 2,283 | |
Assets held for sale | 8,262 | 110 | 973 | |
Current assets | 11,925 | 8,917 | 9,470 | |
TOTAL ASSETS | 18,344 | 31,285 | 30,185 | |
EQUITY AND LIABILITIES | 31 Dec. 2023 | 31 Dec. 2022 (restated)37 | 1 Jan. 2022 (restated)37 | |
(in € millions) | ||||
Share capital | 166 | 166 | 166 | |
Additional paid-in capital, treasury shares, retained earnings and consolidated net profit (loss) | (2,618) | 2,625 | 2,577 | |
Equity attributable to owners of the parent | (2,453) | 2,791 | 2,742 | |
Non-controlling interests | 675 | 2,947 | 2,880 | |
Total equity | (1,777) | 5,738 | 5,622 | |
Non-current provisions for employee benefits | 147 | 216 | 273 | |
Other non-current provisions | 25 | 515 | 376 | |
Non-current borrowings and debt, gross | 7 | 7,377 | 7,461 | |
Non-current lease liabilities | 1,338 | 4,447 | 4,174 | |
Non-current put options granted to owners of non-controlling interests | 37 | 32 | 61 | |
Other non-current liabilities | 113 | 309 | 225 | |
Deferred tax liabilities | 10 | 90 | 67 | |
Total non-current liabilities | 1,677 | 12,984 | 12,637 | |
Current provisions for employee benefits | 9 | 13 | 12 | |
Other current provisions | 269 | 229 | 216 | |
Trade payables | 2,550 | 6,522 | 6,099 | |
Current borrowings and debt, gross | 7,436 | 1,827 | 1,369 | |
Current lease liabilities | 360 | 743 | 718 | |
Current put options granted to owners of non-controlling interests | 2 | 129 | 133 | |
Current tax liabilities | 12 | 19 | 8 | |
Other current liabilities | 1,606 | 3,069 | 3,196 | |
Liabilities associated with assets held for sale | 6,200 | 12 | 175 | |
Current liabilities | 18,445 | 12,563 | 11,926 | |
TOTAL EQUITY AND LIABILITIES | 18,344 | 31,285 | 30,185 |
Consolidated statement of cash flows
(in € millions) | 2023 | 2022 (restated)38 | |
Profit (loss) before tax from continuing operations | (1,801) | (12) | |
Profit (loss) before tax from discontinued operations | (4,889) | (351) | |
Consolidated profit (loss) before tax | (6,690) | (363) | |
Depreciation and amortisation for the year | 640 | 662 | |
Provision and impairment expense | 954 | 161 | |
Losses (gains) arising from changes in fair value | 2 | 14 | |
Expenses (income) on share-based payment plans | 1 | 4 | |
Other non-cash items | (63) | (79) | |
(Gains) losses on disposals of non-current assets | (15) | (45) | |
(Gains) losses due to changes in percentage ownership of subsidiaries resulting in acquisition/loss of control | (19) | (386) | |
Dividends received from equity-accounted investees | 3 | 5 | |
Net finance costs | 582 | 240 | |
Interest paid on leases, net | 126 | 103 | |
No-drawdown, non-recourse factoring and associated transaction costs | 51 | 70 | |
Disposal gains and losses and adjustments related to discontinued operations | 4,703 | 1,500 | |
Net cash from operating activities before change in working capital, net finance costs and income tax | 273 | 1,887 | |
Income tax paid | (9) | (36) | |
Change in operating working capital | (486) | (227) | |
Income tax paid and change in operating working capital: discontinued operations | (437) | (470) | |
Net cash from (used in) operating activities | (659) | 1,154 | |
of which continuing operations | (35) | 474 | |
Cash outflows related to acquisitions of: | |||
| (352) | (520) | |
| (161) | (231) | |
Cash inflows related to disposals of: | |||
| 53 | 179 | |
| 96 | 710 | |
Effect of changes in scope of consolidation resulting in acquisition or loss of control | (32) | 587 | |
Effect of changes in scope of consolidation related to equity-accounted investees | 22 | 294 | |
Change in loans and advances granted | (5) | (13) | |
Net cash from (used in) investing activities of discontinued operations | 237 | (898) | |
Net cash from (used in) investing activities | (143) | 108 | |
of which continuing operations | (380) | 1,006 | |
Dividends paid: | |||
| - | - | |
| (1) | (1) | |
| (42) | (42) | |
Increase (decrease) in the parent’s share capital | 1 | 0 | |
Transactions between the Group and owners of non-controlling interests | (1) | (21) | |
(Purchases) sales of treasury shares | (2) | (0) | |
Additions to loans and borrowings | 2,342 | 345 | |
Repayments of loans and borrowings | (483) | (1,121) | |
Repayments of lease liabilities | (308) | (329) | |
Interest paid, net | (370) | (457) | |
Other repayments | (23) | (18) | |
Net cash from (used in) financing activities of discontinued operations | (925) | 328 | |
Net cash from (used in) financing activities | 188 | (1,317) | |
of which continuing operations | 1,113 | (1,645) | |
Effect of changes in exchange rates on cash and cash equivalents of continuing operations | (3) | 16 | |
Effect of changes in exchange rates on cash and cash equivalents of discontinued operations | 107 | 81 | |
Change in cash and cash equivalents | (510) | 43 | |
Net cash and cash equivalents at beginning of period | 2,265 | 2,223 | |
| 2,265 | 2,224 | |
| - | (1) | |
Net cash and cash equivalents at end of period | 1,755 | 2,265 | |
| 853 | 2,265 | |
| 902 | - |
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
Stéphanie Abadie+ 33 (0)6 26 27 37 05 – sabadie@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 Other: sector representing the residual activities of the Group, including mainly real estate activities (notably Quatrim and Mayland), the Geimex/ExtenC distribution business and the cost center of the Casino Guichard-Perrachon holding company.2 Same-store changes excluding fuel and calendar effects3 November 2023 Business Plan4 See definition on page 45 Including the impact of the financial restructuring approved on 26 February 2024 (see page 4)6 Decision of the Paris Commercial Court dated 26 February 2024; the related financial transactions are expected to be carried out on 27 March 20247 Excluding fuel and calendar effects8 Data published by the subsidiary. Cdiscount published its 2023 earnings on 27 February 20249 Gross merchandise value10 Data published by the subsidiary (respectively -23% in 2023 and -20% in Q4 2023 based on the contribution to Casino's consolidated figures)11 Excluding fuel and calendar effects 12 See definition on page 1213 The Group derecognised all of its hedging instruments in force during H1 2023 as part of its financial restructuring14 Investment of surplus cash in line with the increase in the average volume of RCF drawdowns15 Underlying diluted EPS includes the dilutive effect of TSSDI distributions 16 Adjusted net debt at 31 December 2023 including the impact of the financial restructuring approved on 26 February 202417 Including a €242m increase in accrued interest (linked to the suspension of interest and fee payments as from the start of the conciliation procedure) and €120m in Regera notes18 Net debt corresponds to gross borrowings and debt including derivatives designed as fair value hedge (liabilities) and trade payables - structured programme, less (i) cash and cash equivalents, (ii) financial assets held for cash management purposes and as short-term investments, (iii) derivatives designated as fair value hedge (assets), and (iv) financial assets arising from a significant disposal of non-current assets19 Including the conversion of €3.5bn of principal maturities into equity, a net increase in cash (equity injection less restructuring costs), the settlement of interest accrued at the end of December 2023 and the repayment of borrowings20 The financial restructuring will result in the ring-fencing of Quatrim from the rest of the Group. The Quatrim note debt will be repaid via an asset divestment programme agreed with its creditors, who will have limited recourse to the Group's assets21 Around €300m of these deferred items will be reimbursed (€80m) owing to a cash pledge set up by the Group in favour of URSSAF in the second half of 202322 Adjusted debt includes the partial repayment on the restructuring of the Monoprix RCF for €35m 23 Including the sale of HM/SM premises, presented under discontinued operations24 Unilateral purchase agreement25 A memorandum of understanding (including an attached proposed purchase agreement)26 Based on a USD/EUR exchange rate of 1.0905 at 24 January 2024 (ECB)27 CSR data concern the Group's activities in France (including HM/SM)28 Data published by the subsidiary29 Figures have been restated to consider CChezVous (2022) and Carya (2023) disposal (discontinued operations)30 Gross merchandise volume (GMV) includes, including tax, sales of merchandise, other revenues and the marketplace’s sales volume based on confirmed and shipped orders and the sales volume of B2C services and the Octopia and C-Logistics activities31 Excluding fuel and calendar effects32 Outlets under specific banners with a Casino supply contract33 Leader Price stores in France. Leader Price international franchises are recorded in “Other businesses”34 Other businesses include Leader Price international franchises and 3C Cameroon stores35 Previously published comparative information has been restated36 Previously published comparative information has been restated37 Previously published comparative information has been restated38 Previously published comparative information has been restated
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1 Year Casino Guichard Perrachon Chart |
1 Month Casino Guichard Perrachon Chart |
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