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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0304 | 0.2888 | 0.0349 | 0.00 | 06:30:57 |
From May 2021 to May 2024
FIRST-HALF 2021 RESULTS AND SECOND-QUARTER 2021 NET SALES
Further increase in profitability
Trading profit up +24% at constant exchange rates, of which +9% in France and +33% in Latin America
Net sales for first half stable (-0.5%) on an organic basis
In France, success in the transformation of banners with trading margin up +81 bps and 353 stores opened, laying the foundation for a strong return to growth in H2
In France
In Latin America
FIRST-HALF 2021 RESULTS
Consolidated net sales amounted to €14,480m in H1 2021, stable (-0.5%) on an organic basis12 and down -10.3% after taking into account the effects of exchange rates and hyperinflation for -7.2%, changes in scope for -2.2% and fuel for +0.5%.On the France Retail scope, net sales were down -7.3% on a same-store basis. Including Cdiscount, same-store growth in France came to -6.3%.E-commerce (Cdiscount) gross merchandise volume (GMV) came to nearly €2bn, a year-on-year increase of +2.3%13 (+14%2 over two years), led by the expansion of the marketplace. Sales in Latin America were up by +6.9% on an organic basis1, mainly supported by the very good performance in the cash & carry segment (Assaí), which grew by +22%2 on an organic basis.
Consolidated EBITDA came to €1,099m, an increase of +3% including currency effects and +11.1% at constant exchange rates.France EBITDA (including Cdiscount) amounted to €622m, including €573m on the France Retail scope and €48m for Cdiscount. France Retail banners EBITDA (France Retail excluding GreenYellow, property development and Vindémia) was up +9% to €543m. GreenYellow generated EBITDA of €28m14 and property development operations delivered €3m. France EBITDA margin (including Cdiscount) came to 8.0%, an increase of +105 bps. In Latin America, EBITDA rose by +21.1% excluding currency effects and including tax credits15 for €6m. EBITDA excluding tax credits4 was up +19.8%.
Consolidated trading profit came to €444m (€438m excluding tax credits4), an increase of +11.4% including currency effects and +23.5% at constant exchange rates (+22% excluding tax credits).In France (including Cdiscount), trading profit stood at €173m, including €166m on the France Retail scope and €7m for Cdiscount. France Retail banners trading profit (France Retail excluding GreenYellow, property development and Vindémia) grew by a strong +50% to €146m. Trading profit came to €19m for GreenYellow and to €2m for property development operations. Trading margin in France (including Cdiscount) was up +39 bps at 2.2%, supported by an improvement from France Retail, which recorded a +45 bps increase in trading margin to 2.4%.In Latin America, trading profit totalled €271m, an increase of +13.5% (+29.9% excluding tax credits and currency effects), driven by the continued strong sales momentum at Assaí, the transfer of sales to E-commerce and the repositioning of hypermarkets at Multivarejo, and the continued profitability and positive effect of real estate development at Éxito.
Underlying net financial expense and net profit, Group share16
Underlying net financial expense for the period came to -€398m (-€244m excluding interest expense on lease liabilities) vs. -€404m in H1 2020 (-€239m excluding interest expense on lease liabilities). In France Retail, net financial expense include, as for the refinancing of the Term Loan B of April 2021, (i) a non-recurring expense of €40m mainly non-cash, and (ii) a permanent reduction in financial expenses of €9m over the full year. E-commerce net financial expense was virtually stable compared with 2020. In Latin America, financial expense was down.
Underlying net profit, Group share was up +€23m versus H1 2020.Diluted underlying earnings per share17 stood at -€1.00, vs. -€1.20 in H1 2020.
The Group recorded a sharp improvement in other operating income and expenses of +€257m (+€11m in H1 2021 vs. -€246m in H1 2020). In France, excluding the asset disposal plan and GreenYellow, non-recurring expenses declined by 29% (from -€107m in H1 2020 to -€76m in H1 2021). In Latin America, other operating income and expenses amounted to a net expense of -€34m in H1 2021 (vs. -€18m in H1 2020).
Consolidated net profit (loss), Group share
Net profit (loss) from continuing operations, Group share improved by a sharp +€306m to -€35m, from -€340m in H1 2020.Net profit (loss) from discontinued operations, Group share came out at -€170m in H1 2021, compared with -€162m in H1 2020.Consolidated net profit (loss), Group share amounted to -€205m vs. -€502m in H1 2020.
Financial position at 30 June 2021 -Consolidated net debt excluding the effect of IFRS 5 was stable compared with 30 June 2020, at €6.3bn, reflecting stable net debt in both France and the Latam region. Including the impact of IFRS 5, consolidated net debt came to €5.5bn versus €4.8bn in H1 2020.
At 30 June 2021, the Group's liquidity in France (including Cdiscount) was €2.6bn, with €528m in cash and cash equivalents and €2bn confirmed undrawn lines of credit, available at any time. The Group also has €339m in a segregated account for gross debt redemptions.
FIRST-HALF 2021 HIGHLIGHTS -
Retail banners: increased profitability and progress in priority areas of expansion and E-commerce
Profitability continued to improve for the retail banners18, with trading profit margin up +81 bps to 2.1% in H1 2021. Trading profit increased by +50% in H1 2021, to €146m (vs. €97m in H1 2020), supported by a reduction in the cost base of €30m per quarter thanks to the transformation plans initiated in Q3 2020, which drove productivity gains at the head office and in stores.
Expansion of the store base and digitalisation
Food E-commerce
Sales initiatives
The Group’s banners are adapting their offering to new consumer trends by developing a series of initiatives designed to meet their customers’ expectations:
Evolution of concepts within Géant Casino and Casino Supermarkets: both banners have introduced artificial intelligence into the operational management of their stores, and partnerships have been signed with some fifteen brands and start-ups to introduce innovative concepts (artisanal products in short circuits: juices, honeys, dairy products). Géant has deployed expanded fruit and vegetable areas, cash & carry spaces, developed electric mobility corners and will soon launch toy corners with La Grande Récré. In addition, 9 small, loss-making Géant stores have been converted into Casino Supermarkets to provide an offering that better suits local needs.
Outlook for H2 2021: given the success of the banners' transformation plans and their profitability, strong return to growth in H2 in profitable formats with (i) the expansion of the store base (400 openings) and (ii) an acceleration in E-commerce
Cdiscount21: solid performance from the marketplace, digital marketing and Octopia in the first half of the year
Cdiscount generated €49m22 in EBITDA, stable year-on-year (+148% over two years).
The marketplace recorded a half-yearly increase in gross merchandise volume (GMV) of +33% over two years (+10% year-on-year):
Digital marketing saw its revenues grow by +44% in H1 2021. It continued to be supported by the development of the Cdiscount Ads Retail Solution (CARS) digital marketing platform, where the number of sponsored products rose by +91% in H1 2021.
Turnkey marketplace solution Octopia recorded rapid growth in H1 2021, with a +60% increase in GMV (x3 over two years) in Products-as-a-Service and Fulfillment-as-a-Service solutions. Merchants-as-a-Service and Marketplace-as-a-Service solutions recorded a good start.
Outlook for H2 2021: further progress on priority strategic plans (marketplace, digital marketing, Octopia) resulting in strong EBITDA growth.
GreenYellow: increase in photovoltaic pipeline of +85% year-on-year and expansion into Europe
For the six months to 30 June 2021, GreenYellow generated EBITDA of €37m23. Excluding gains on asset disposals, EBITDA increased by +40% in H1 2021 compared with H1 2020.
At 30 June 2021, GreenYellow had an advanced pipeline of 809 MWp in solar power projects, up a sharp +85% from 30 June 2020, and an additional prospective pipeline of 3.5 GWp. The advanced pipeline for the energy efficiency business came to 350 GWh, up +78% from 30 June 2020, with an additional prospective pipeline of nearly 900 GWh.
Expansion continued with the launch of an initial 4 MWp solar project in Bulgaria through a strategic partnership with Solarpro, a key player in the European photovoltaics market. GreenYellow has indicated that it intends to expand rapidly in Eastern Europe (Poland, Hungary, Bulgaria).
During the first half of the year, GreenYellow also strengthened its positions in its traditional geographies by supporting customers with their projects in both solar power and energy efficiency:
Outlook for H2 2021: growth in EBITDA.
RelevanC
RelevanC continued to accelerate, with growth in net sales of +32% in the second quarter.
During the quarter, RelevanC strengthened its positioning with:
Outlook for H2 2021: (i) further implementation of the partnership strategy and (ii) accelerated growth in France and internationally thanks to partners, notably Google Cloud and Accenture
Successful spin-off of Assaí's activities in Latin America
The spin-off of Assaí’s businesses was completed on 31 December 2020 and Assaí shares were admitted to trading on 1 March 2021. Assaí shares were distributed to GPA shareholders at a ratio of one Assaí share for each GPA share.
Each entity now operates autonomously and has direct access to the capital markets and different financing sources.
Casino's stake valuation in Latin America has doubled since the spin-off of Assaí was announced24, rising from €1.1bn to €2.3bn.
Reinforcement of the Group's CSR commitments
As well as being the top retailer in terms of CSR performance according to Vigeo Eiris25, a subsidiary of Moody’s, Casino Group maintained its AA rating from MSCI in June 2021.
Pursuing its climate action, the Group has committed to a 38% reduction in its greenhouse gas emissions by 203026, stepping up the commitment made in 2018 of an 18% reduction between 2015 and 20253, which was validated by the Science Based Targets initiative. The Group is taking action to reduce carbon emissions in all its geographies (Franprix/GreenYellow partnership to reduce the carbon footprint of refrigeration units, carbon-neutral refrigerant gases in Carulla FreshMarket stores in Colombia).Cdiscount has now reached carbon-neutral status for its deliveries, by reducing emissions through 3D packaging and bulk loading and by capturing residual emissions.
With its strategy designed to promote responsible consumption, the Group recorded an increase in the share of organic products of +0.9 pt27 in H1 and deployed new bulk concepts in partnership with national brands. Other initiatives carried out by the Group include the transition to virtual discount coupons for Casino banners since 2020, thanks to the Casino Max application, and to virtual receipts and vouchers in March 2021. At Cdiscount, the aim is to promote reusable packaging, which will be offered to all customers by end-2021. In addition, the Group has extended Monoprix’s syndicated credit facility with an annual margin adjustment clause based on the achievement of CSR objectives (greenhouse gases, responsible label, vegetable protein products).
In addition, the Group continued to carry out solidarity actions during the first half of the year, making commitments to numerous charities including Secours Populaire with Franprix and Fondation des Femmes with Monoprix. Various food drives for students in financial difficulty were also organised at Casino banners during the period, in partnership with food banks. Lastly, the Group has decided to help revitalise rural areas by creating culture corners in Casino convenience stores, in partnership with Fondation Marc Ladreit de Lacharrière.
Asset disposal plan
On 27 July 2021, the Group has signed with BNPP a partnership and an agreement for the sale of Floa for €179m28. This partnership plans the development of the fractional payment activity "FLOA PAY". In this context, Casino Group will remain associated with the successful development of FLOA's payment activity for 30% of the future created value29.
In addition, the Group has secured and recorded in advance a €99m earn-out in relation to the Apollo and Fortress JVs30.
The total amount from signed or secured disposals comes to €3.1bn.
Refinancing plan
As announced, Casino Group has improved the financial conditions and extended the maturity of its main syndicated credit facility from October 2023 to July 202631 for an amount of €1.8bn.
To take into account the Group’s improved financial position and GreenYellow’s growth plan, the financial covenants have been eased. Consequently, as from 30 June 2021, the Group undertakes to comply on a quarterly basis with the following covenants, which replace the previous covenants, for the France Retail and E-commerce scope, excluding GreenYellow:
In addition, Monoprix obtained an extension to January 2026 for its €130m syndicated credit facility which includes a yearly margin adjustment clause based on the satisfaction of CSR objectives:
- Reduction in Scopes 1 & 2 greenhouse gas emissions
- Proportion of net sales derived from products labelled "responsible"
- Net sales derived from vegetable protein products.
Second-quarter 2021 net sales
-
In the second quarter of 2021, the Group recorded net sales of €7,334m, down -6.5% in total due to exchange rates and consolidation scope impacts accounting respectively for -3.0% and -2.2%. The calendar effect was -0.5%. The Group’s quarterly same-store32 growth came to +6.0% over two years (-4.1% in Q2 2021, after +10.4% in Q2 2020). France (including Cdiscount) recorded a -1.2%1 variation in its same-store sales over two years (-8.4% year-on-year).
For France Retail, same-store sales growth came to -8.4% for the quarter, impacted by an unfavourable basis of comparison (+6.0% in Q2 2020). The formats hardest hit were those that benefited the most from the surge in sales associated with the first lockdown last year, including the convenience format (-11.2%) and Franprix (-12.5%).The second quarter of 2021 was shaped by a tightening of health restrictions with a curfew that led to an early closure of autonomous stores, France’s third lockdown which temporarily reduced the number of people in Paris, a temporary drop in tourism and the closure of sections selling “non-essential” goods, which affected Géant hypermarkets (-9.9%) and Monoprix stores (-4.9%).
Cdiscount33 reported growth in gross merchandise volume (GMV) of +16% over two years (-6% year-on-year). Marketplace GMV grew by +30% over a two-year period (-7% year-on-year).
In Latin America, sales rose by +5.5% on an organic basis for the quarter. On a same-store basis, sales were up +12.3% over a two-year period (stable year-on-year). Second quarter sales growth in Latin America was again driven by the excellent performance of Assaí (up +9.2%2 on a same-store basis and +22%2 on an organic basis), reflecting the commercial format's continued attractiveness and the success of expansion strategy.
Outlook for H2 2021 in France -
The Board of Directors met on 28 July 2021 to approve the consolidated financial statements for first-half 2021. These financial statements have been reviewed by the Statutory Auditors.
The presentation of the 2021 half-year results is available on Casino Group’s corporate website (www.groupe-casino.fr/en)
APPENDICES – ADDITIONAL H1 2021 FINANCIAL INFORMATION RELATING TO THE AUTUMN 2019 REFINANCING DOCUMENTATION
See press release dated 21 November 2019
Financial information for the first half ended 30 June 2021:
| In €m | France Retail + E-commerce | Latam | Total |
| Net sales35 | 7,810 | 6,670 | 14,480 |
| EBITDA1 | 622 | 477 | 1,099 |
| (-) impact of leases36 | (326) | (145) | (471) |
| Adjusted consolidated EBITDA including leases1 | 296 | 331 | 628 |
Financial information for the 12-month period ended 30 June 2021:
| In €m | France Retail + E-commerce | Latam | Total |
| Net sales1 | 16,319 | 13,933 | 30,253 |
| EBITDA1 | 1,599 | 1,178 | 2,777 |
| (-) impact of leases2 | (640) | (273) | (912) |
| (i) Adjusted consolidated EBITDA including leases1 37 | 959 | 905 | 1 865 |
| (ii) Gross debt1 38 | 5,279 | 3,198 | 8,477 |
| (iii) Gross cash & cash equivalents1 39 | 538 | 1,595 | 2,133 |
As at 30th June 2021, the Group’s liquidity within the “France + E-commerce” perimeter was €2,6bn, with €528m of cash and cash equivalent and €2,032m confirmed undrawn lines of credit, available at any time
Additional information regarding covenants and segregated accounts:
| Covenants tested as from 30 June 2021 pursuant to the Revolving Credit Facilitydated 18 November 2019, as amended in July 2021 | |
| Type of covenant (France and E-commerce excluding GreenYellow) | As at 30 June 2021 |
| Secured gross debt/ EBITDA after lease payments <3.50x | 2.12x |
| EBITDA after lease payments/Net finance costs >2.50x | 3.20x |
The balance of the segregated account was €339m at June 30, 2021, after taking into account the redemption at maturity of the bond maturing in May 2021 (€118m).
No cash has been credited or debited from the bond segregated account and its balance remained at €0.
APPENDICES – FULL-YEAR RESULTS
| Net sales In €m | H1 2020 (restated) | H1 2021 | Change | Change at CER |
| France Retail | 7,791 | 6,863 | -11.9% | -8,1%1 |
| Latam Retail | 7,401 | 6,670 | -9.9% | +6.9%40 |
| E-commerce (Cdiscount) | 948 | 947 | 0.0% | -0,8%1 |
| Group total | 16,140 | 14,480 | -10.3% | -0.5%1 |
| EBITDA In €m | H1 2020 (restated) | H1 2021 | Change | Change at CER | ||||
| France Retail | 561 | 573 | +2.2% | +2.6% | ||||
| Latam Retail | 459 | 477 | +3.9% | +21.4% | ||||
| E-commerce (Cdiscount) | 43 | 48 | +12.6% | +12.6% | ||||
| Group total | 1,063 | 1,099 | +3.3% | +11.1% | ||||
| Trading profit In €m | H1 2020 (restated) | H1 2021 | Change | Change at CER | ||||
| France Retail | 154 | 166 | +8.1% | +9.3% | ||||
| Latam Retail | 239 | 271 | +13.5% | +32.9% | ||||
| E-commerce (Cdiscount) | 6 | 7 | +11.9% | +11.9% | ||||
| Group total | 399 | 444 | +11.4% | +23.5% | ||||
| In €m | H1 2020(restated) | Restated items | H1 2020 (underlying) | H1 2021 | Restated items | H1 2021 (underlying) | |||||
| Trading profit | 399 | 0 | 399 | 444 | 0 | 444 | |||||
| Other operating income and expenses | (246) | 246 | 0 | 11 | (11) | 0 | |||||
| Operating profit (loss) | 153 | 246 | 399 | 455 | (11) | 444 | |||||
| Net finance costs | (188) | 0 | (188) | (224) | 0 | (224) | |||||
| Other financial income and expenses41 | (291) | 74 | (217) | (175) | 0 | (174) | |||||
| Income taxes42 | 15 | (65) | (50) | (46) | (9) | (55) | |||||
| Share of profit of equity-accounted investees | 15 | 0 | 15 | 29 | 0 | 29 | |||||
| Net profit (loss) from continuing operations | (295) | 255 | (40) | 41 | (20) | 21 | xx | xx | xx | xx | |
| o/w attributable to non-controlling interests43 | 45 | 9 | 55 | 76 | 18 | 93 | |||||
| o/w Group share | (340) | 245 | (95) | (35) | (38) | (72) | |||||
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.
Non-recurring financial items include fair value adjustments to equity derivative instruments (such as total return swaps instruments related to GPA shares) and the effects of discounting Brazilian tax liabilities.
| Net debt before IFRS 5 In €m | H1 2020 | Change over the period | H1 2021 |
| France | (4,620) | 43 | (4,577) |
| o/w France Retail excl. GreenYellow | (4,415) | 210 | (4,205) |
| o/w E-commerce (Cdiscount) | (376) | -52 | (428) |
| o/w GreenYellow | 171 | -115 | 57 |
| Latam Retail | (1,726) | -41 | (1,767) |
| o/w Multivarejo | (636) | -144 | (780) |
| o/w Assaí | (866) | 16 | (851) |
| o/w Éxito | (21) | 46 | 26 |
| o/w Segisor | (178) | 15 | (162) |
| Total | (6,347) | 3 | (6,344) |
| In €m – France + Cdiscount (excluding GreenYellow) | H1 2020 | H1 2021 |
| France net debt before IFRS 5 at 1 January | (4,222) | (3,873) |
| Free cash flow44 before asset disposals, disposal plan | (297) | (346) |
| Financial expenses45 | (228) | (164) |
| Dividends paid to owners of the parent and holders of TSSDI deeply-subordinated bonds | (37) | (28) |
| Share buybacks and transactions with non-controlling interests | (1) | (1) |
| Other net financial investments | (255)46 | 14547 |
| Other non-cash items | 32 | (458)48 |
| o/w non-cash financial expenses | 79 | (30) |
| Change in net debt before IFRS 5 before asset disposals | -786 | -853 |
| Disposal plan and other asset disposals | 216 | 9349 |
| Net debt before IFRS 5 at 30 June | (4,792) | (4,633) |
APPENDICES – NET SALES
Quarterly consolidated net sales by segment
| NET SALES (in €m) | Q2 2021 net sales | Total growth | Organicgrowth50 | Same-storegrowth1 | Same-store growth1 over two years | ||
| France Retail | 3,475 | -11.0% | -8.9% | -8.4% | -2.9% | ||
| Cdiscount | 464 | -7.0% | -8.3% | -8.3% | +10.9% | ||
| Total France | 3,939 | -10.6% | -8.9% | -8.4% | -1.2% | ||
| Latam Retail | 3,394 | -1.4% | +5.5% | -0.2% | +12.3% | ||
| GROUP TOTAL | 7,334 | -6.5% | -2.4% | -4.1% | +6.0% | ||
| Cdiscount GMV | 984 | -6.1% | -5.3% | n.a. | n.a. | ||
Quarterly consolidated net sales in France by banner
| Net sales by banner (in €m) | Q2 2021 net sales | Total growth | Organic growth1 | Same-store growth1 | Same-store growth1 over two years |
| Monoprix | 1,093 | -3.9% | -3.3% | -4.9% | -2.1% |
| Supermarkets | 711 | -8.8% | -12.7% | -10.4% | -1.5% |
| o/w Casino Supermarkets51 | 670 | -9.5% | -13.4% | -12.2% | -1.8% |
| Franprix | 379 | -15.2% | -14.4% | -12.5% | +0.4% |
| Convenience & Other52 | 449 | -28.8% | -4.2% | -10.7% | +0.7% |
| o/w Convenience53 | 342 | -5.5% | -6.7% | -11.2% | +4.8% |
| Hypermarkets | 844 | -7.5% | -12.7% | -9.9% | -10.6% |
| o/w Géant2 | 796 | -8.2% | -13.9% | -11.4% | -11.5% |
| FRANCE RETAIL | 3,475 | -11.0% | -8.9% | -8.4% | -2.9% |
Main half-yearly data – Cdiscount54
| Key figures | H1 2020 | H1 2021 | Reported growth | Reported growth over two years | |
| Total GMV including tax | 1,946 | 1,991 | +2.3% | +13.5% | |
| o/w direct sales | 906 | 865 | -4.5% | ||
| o/w marketplace sales | 676 | 747 | +10.5% | ||
| Marketplace contribution (%) | 42.7% | 46.3% | +3.6 pts | ||
| Net sales (in €m) | 1,049 | 1,009 | -3.8% | +1.4% | |
| Traffic (millions of visits) | 554 | 550 | -0,7% | ||
APPENDICES – OTHER INFORMATION
Gross sales under banner in France
| TOTAL ESTIMATED GROSS FOOD SALES UNDER BANNER (in €m, excluding fuel) | Q2 2021 | Same-store change (excl. calendar effects) | Same-store change (excl. calendar effects) over 2 years | |
| Monoprix | 987 | -4.9% | -2.1% | |
| Franprix | 445 | -13.6% | -0.9% | |
| Supermarkets | 667 | -10.1% | -1.2% | |
| Hypermarkets | 691 | -6.2% | -7.4% | |
| Convenience & Other | 581 | n.a. | n.a. | |
| o/w Convenience | 424 | -11.3% | +4.7% | |
| TOTAL FOOD | 3,370 | -8.3% | -2.4% | |
| TOTAL ESTIMATED GROSS NON-FOOD SALES UNDER BANNER (in €m, excluding fuel) | Q2 2021 | Same-store change (excl. calendar effects) | Same-store change (excl. calendar effects) over 2 years | |
| Hypermarkets | 95 | -26.3% | -27.3% | |
| Cdiscount | 791 | -5.3% | +14.5% | |
| TOTAL NON-FOOD | 887 | -5.5% | +11.3% | |
| TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel) | Q2 2021 | Same-store change (excl. calendar effects) | Same-store change (excl. calendar effects) over 2 years | ||
| TOTAL FRANCE AND CDISCOUNT | 4,257 | -7.9% | -0.3% | ||
Store network at period-end
| FRANCE | 30 June 2020 | 30 Sept. 2020 | 31 Dec. 2020 | 31 March 2021 | 30 June 2021 |
| Géant Casino hypermarkets | 104 | 105 | 105 | 104 | 95 |
| o/w French franchised affiliates | 4 | 4 | 4 | 3 | 3 |
| International affiliates | 6 | 7 | 7 | 7 | 7 |
| Casino Supermarkets | 415 | 414 | 419 | 417 | 422 |
| o/w French franchised affiliates | 69 | 68 | 71 | 68 | 64 |
| International affiliates | 22 | 23 | 24 | 25 | 22 |
| Monoprix | 789 | 791 | 799 | 806 | 830 |
| o/w franchised affiliates | 190 | 191 | 192 | 195 | 201 |
| Naturalia integrated stores | 181 | 181 | 184 | 189 | 203 |
| Naturalia franchises | 26 | 28 | 32 | 34 | 39 |
| Franprix | 869 | 869 | 872 | 877 | 890 |
| o/w franchises | 481 | 463 | 479 | 493 | 533 |
| Convenience | 5,134 | 5,166 | 5,206 | 5,311 | 5,502 |
| Other businesses | 219 | 219 | 233 | 334 | 320 |
| Total France | 7,530 | 7,564 | 7,634 | 7,849 | 8,059 |
| INTERNATIONAL | 30 June 2020 | 30 Sept. 2020 | 31 Dec. 2020 | 31 March 2021 | 30 June 2021 |
| ARGENTINA | 25 | 25 | 25 | 25 | 25 |
| Libertad hypermarkets | 15 | 15 | 15 | 15 | 15 |
| Mini Libertad and Petit Libertad mini-supermarkets | 10 | 10 | 10 | 10 | 10 |
| URUGUAY | 93 | 92 | 93 | 93 | 92 |
| Géant hypermarkets | 2 | 2 | 2 | 2 | 2 |
| Disco supermarkets | 29 | 29 | 30 | 30 | 30 |
| Devoto supermarkets | 24 | 24 | 24 | 24 | 24 |
| Devoto Express mini-supermarkets | 36 | 35 | 35 | 35 | 34 |
| Möte | 2 | 2 | 2 | 2 | 2 |
| BRAZIL | 1 070 | 1,054 | 1,057 | 1,058 | 1,058 |
| Extra hypermarkets | 107 | 104 | 103 | 103 | 103 |
| Pão de Açúcar supermarkets | 182 | 182 | 182 | 182 | 181 |
| Extra supermarkets | 151 | 147 | 147 | 147 | 147 |
| Compre Bem | 28 | 28 | 28 | 28 | 28 |
| Assaí (cash & carry) | 169 | 176 | 184 | 184 | 187 |
| Mini Mercado Extra & Minuto Pão de Açúcar mini-supermarkets | 238 | 239 | 236 | 237 | 236 |
| Drugstores | 122 | 104 | 103 | 103 | 102 |
| + Service stations | 73 | 74 | 74 | 74 | 74 |
| COLOMBIA | 1 981 | 1,980 | 1,983 | 1,974 | 2,006 |
| Éxito hypermarkets | 92 | 92 | 92 | 92 | 92 |
| Éxito and Carulla supermarkets | 157 | 154 | 153 | 153 | 155 |
| Super Inter supermarkets | 69 | 69 | 69 | 61 | 61 |
| Surtimax (discount) | 1 536 | 1,539 | 1,544 | 1,548 | 1,577 |
| o/w “Aliados” | 1 459 | 1,465 | 1,470 | 1,476 | 1,505 |
| B2B | 32 | 34 | 34 | 34 | 34 |
| Éxito Express and Carulla Express mini-supermarkets | 95 | 92 | 91 | 86 | 87 |
| CAMEROON | 1 | 2 | 2 | 2 | 3 |
| Cash & Carry | 1 | 2 | 2 | 2 | 3 |
| Total International | 3,170 | 3,153 | 3,160 | 3,152 | 3,184 |
Consolidated income statement
| In € millions | First-half 2021 | First-half 2020 (restated)55 | |
| CONTINUING OPERATIONS | |||
| Net sales | 14,480 | 16,140 | |
| Other revenue | 224 | 245 | |
| Total revenue | 14,704 | 16,385 | |
| Cost of goods sold | (11,071) | (12,402) | |
| Gross margin | 3,633 | 3,983 | |
| Selling expenses | (2,531) | (2,928) | |
| General and administrative expenses | (657) | (656) | |
| Trading profit | 444 | 399 | |
| As a % of net sales | 3.1% | 2.5% | |
| Other operating income | 247 | 225 | |
| Other operating expenses | (236) | (471) | |
| Operating profit | 455 | 153 | |
| As a % of net sales | 3.1% | 1.0% | |
| Income from cash and cash equivalents | 8 | 9 | |
| Finance costs | (231) | (197) | |
| Net finance costs | (224) | (188) | |
| Other financial income | 69 | 87 | |
| Other financial expenses | (243) | (377) | |
| Profit (loss) before tax | 57 | (325) | |
| As a % of net sales | 0.4% | -2.0% | |
| Income tax benefit (expense) | (46) | 15 | |
| Share of profit of equity-accounted investees | 29 | 15 | |
| Net profit /(loss) from continuing operations | 41 | (295) | |
| As a % of net sales | 0.3% | -1.8% | |
| Attributable to owners of the parent | (35) | (340) | |
| Attributable to non-controlling interests | 76 | 45 | |
| DISCONTINUED OPERATIONS | |||
| Net profit (loss) from discontinued operations | (169) | (158) | |
| Attributable to owners of the parent | (170) | (162) | |
| Attributable to non-controlling interests | 2 | 4 | |
| CONTINUING AND DISCONTINUED OPERATIONS | |||
| Consolidated net profit (loss) | (128) | (452) | |
| Attributable to owners of the parent | (205) | (502) | |
| Attributable to non-controlling interests | 77 | 50 |
Earnings per share
| In € | First-half 2021 | First-half 2020 (restated)1 | |
| From continuing operations, attributable to owners of the parent | |||
| (0.66) | (3.48) | |
| (0.66) | (3.48) | |
| From continuing and discontinued operations, attr. to owners of the parent | |||
| (2.24) | (4.98) | |
| (2.24) | (4.98) |
Consolidated statement of comprehensive income
| In € millions | For the six months ended 30 June 2021 | For the six months ended 30 June 2020 (restated)56 |
| Consolidated net profit (loss) | (128) | (452) |
| Items that may be subsequently reclassified to profit or loss | 137 | (1,184) |
| Cash flow hedges and cash flow hedge reserve(i) | 20 | (14) |
| Foreign currency translation adjustments(ii) | 120 | (1,148) |
| 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 | 3 | (26) |
| Income tax effects | (5) | 4 |
| Items that will never be reclassified to profit or loss | (3) | 2 |
| Equity instruments at fair value through other comprehensive income | - | - |
| Actuarial gains and losses | (4) | 3 |
| Share of items of equity-accounted investees that will never be subsequently reclassified to profit or loss | - | - |
| Income tax effects | 1 | (1) |
| Other comprehensive income (loss) for the year, net of tax | 134 | (1,182) |
| Total comprehensive income (loss) for the year, net of tax | 6 | (1,634) |
| o/w Group share | (127) | (979) |
| Attributable to non-controlling interests | 133 | (655) |
Consolidated statement of financial position
| ASSETS | 30 June 2021 | 31 December 2020 | ||
| In € millions | ||||
| Goodwill | 6,764 | 6,656 | ||
| Intangible assets | 2,126 | 2,061 | ||
| Property and equipment | 4,457 | 4,279 | ||
| Investment property | 423 | 428 | ||
| Right-of-use assets | 4,862 | 4,888 | ||
| Investments in equity-accounted investees | 214 | 191 | ||
| Other non-current assets | 1,217 | 1,217 | ||
| Deferred tax assets | 1,111 | 1,035 | ||
| Non-current assets | 21,174 | 20,754 | ||
| Inventories | 3,349 | 3,209 | ||
| Trade receivables | 860 | 941 | ||
| Other current assets | 1,967 | 1,770 | ||
| Current tax assets | 202 | 167 | ||
| Cash and cash equivalents | 2,133 | 2,744 | ||
| Assets held for sale | 1,064 | 932 | ||
| Current assets | 9,574 | 9,763 | ||
| TOTAL ASSETS | 30,748 | 30,517 | ||
| EQUITY AND LIABILITIES | 30 June 2021 | 31 December 2020 | ||
| In € millions | ||||
| Share capital | 166 | 166 | ||
| Additional paid-in capital, treasury shares, retained earnings and consolidated net profit (loss) | 2,937 | 3,097 | ||
| Equity attributable to owners of the parent | 3,103 | 3,263 | ||
| Non-controlling interests | 2,998 | 2,856 | ||
| Total equity | 6,101 | 6,118 | ||
| Non-current provisions for employee benefits | 348 | 351 | ||
| Other non-current provisions | 380 | 374 | ||
| Non-current borrowings and debt, gross | 7,244 | 6,701 | ||
| Non-current lease liabilities | 4,260 | 4,281 | ||
| Non-current put options granted to owners of non-controlling interests | 53 | 45 | ||
| Other non-current liabilities | 173 | 201 | ||
| Deferred tax liabilities | 540 | 508 | ||
| Total non-current liabilities | 12,998 | 12,461 | ||
| Current provisions for employee benefits | 12 | 12 | ||
| Other current provisions | 163 | 189 | ||
| Trade payables | 5,392 | 6,190 | ||
| Current borrowings and debt, gross | 1,823 | 1,355 | ||
| Current lease liabilities | 706 | 705 | ||
| Current put options granted to owners of non-controlling interests | 119 | 119 | ||
| Current tax liabilities | 64 | 98 | ||
| Other current liabilities | 3,170 | 3,059 | ||
| Liabilities associated with assets held for sale | 201 | 210 | ||
| Current liabilities | 11,650 | 11,937 | ||
| TOTAL EQUITY AND LIABILITIES | 30,748 | 30,517 |
Consolidated statement of cash flows
| In € millions | First-half 2021 | First-half 2020 (restated)57 | |
| Profit (loss) before tax from continuing operations | 57 | (325) | |
| Profit (loss) before tax from discontinued operations | (209) | (104) | |
| Consolidated profit (loss) before tax | (151) | (429) | |
| Depreciation and amortisation expense | 654 | 664 | |
| Provision and impairment expense | (81) | 94 | |
| Losses (gains) arising from changes in fair value | (4) | 73 | |
| Expenses (income) on share-based payment plans | 9 | 6 | |
| Other non-cash items | (13) | (31) | |
| (Gains) losses on disposals of non-current assets | (97) | (49) | |
| (Gains) losses due to changes in percentage ownership of subsidiaries resulting in acquisition/loss of control | 11 | 20 | |
| Dividends received from equity-accounted investees | 10 | 15 | |
| Net finance costs | 224 | 188 | |
| Interest paid on leases, net | 154 | 165 | |
| Non-recourse factoring and associated transaction costs | 23 | 32 | |
| Disposal gains and losses and adjustments related to discontinued operations | 90 | 15 | |
| Net cash from operating activities before change in working capital, net finance costs and income tax | 829 | 764 | |
| Income tax paid | (87) | (45) | |
| Change in operating working capital | (906) | (766) | |
| Income tax paid and change in operating working capital: discontinued operations | (97) | 105 | |
| Net cash from operating activities | (262) | 58 | |
| of which continuing operations | (45) | 42 | |
| Cash outflows related to acquisitions of: | |||
| § Property, plant and equipment, intangible assets and investment property | (499) | (447) | |
| § Non-current financial assets | (3) | (472) | |
| Cash inflows related to disposals of: | |||
| § Property, plant and equipment, intangible assets and investment property | 19 | 169 | |
| § Non-current financial assets | 158 | 254 | |
| Effect of changes in scope of consolidation resulting in acquisition or loss of control | (9) | 165 | |
| Effect of changes in scope of consolidation related to equity-accounted investees | (6) | (10) | |
| Change in loans and advances granted | (16) | (21) | |
| Net cash from/(used in) investing activities of discontinued operations | (49) | (14) | |
| Net cash from (used in) investing activities | (404) | (375) | |
| of which continuing operations | (355) | (361) | |
| Dividends paid: | |||
| § to owners of the parent | - | - | |
| § to non-controlling interests | (77) | (33) | |
| § to holders of deeply-subordinated perpetual bonds | (32) | (33) | |
| Increase (decrease) in the parent's share capital | - | - | |
| Transactions between the Group and owners of non-controlling interests | 3 | (21) | |
| (Purchases) sales of treasury shares | - | (1) | |
| Additions to loans and borrowings | 2,636 | 1,064 | |
| Repayments of loans and borrowings | (1,998) | (837) | |
| Repayments of lease liabilities | (321) | (311) | |
| Interest paid, net | (335) | (455) | |
| Other repayments | (13) | (9) | |
| Net cash used in financing activities of discontinued operations | (6) | (27) | |
| Net cash used in financing activities | (143) | (664) | |
| of which continuing operations | (138) | (637) | |
| Effect of changes in exchange rates on cash and cash equivalents of continuing operations | 74 | (398) | |
| Effect of changes in exchange rates on cash and cash equivalents of discontinued operations | - | - | |
| Change in cash and cash equivalents | (735) | (1,379) | |
| Net cash and cash equivalents at beginning of period | 2,675 | 3,530 | |
| 2,675 | 3,471 | |
| (1) | 59 | |
| Net cash and cash equivalents at end of period | 1,940 | 2,151 | |
| 1,941 | 2,086 | |
| (1) | 65 |
Analyst and investor contacts -
Lionel Benchimol+ 33 (0)1 53 65 64 17 - lbenchimol@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)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 France Retail excluding GreenYellow, real estate development and Vindémia (sold on 30 June 2020)
2 Source: Nielsen, YTD P06 2021, over two years
3 Same-store change in sales for the four weeks to 25 July 2021
4 Contribution to consolidated EBITDA. Data published by the subsidiary: EBITDA of €49m (stable vs. H1 2020)
5 Including €129m relating to the sale of shares and an additional €50m notably linked to the renewal of commercial agreements between Cdiscount, Casino banners and FLOA
6 As part of the real estate disposals made in 2019
7 Secured gross debt to EBITDA after lease payments on France Retail + E-commerce perimeter excluding GreenYellow (see press release dated 19 July 2021)
8 Announcement of the Assaí spin-off on 9 September 2020
9 Organic growth excluding fuel and calendar effects
10 Of which €6m in tax credits
11 The difference compared to the change in net debt excluding IFRS 5 (-€158m) is mainly due to the decrease in IFRS 5 related to the sale of Leader Price, which was classified under IFRS 5 at June 30, 2020
12 Excluding fuel and calendar effects
13 Data published by the subsidiary
14 Contribution to consolidated EBITDA. Data published by the subsidiary: EBITDA of €37m in H1 2021
15 Tax credits restated by subsidiaries in the calculation of adjusted EBITDA
16 See definition on page 13
17 Underlying diluted EPS includes the dilutive effect of TSSDI deeply-subordinated bond distributions
18 France Retail operations excluding Vindémia, real estate development and GreenYellow
19 Food E-commerce = E-commerce France excluding Cdiscount
20 Source: Nielsen, YTD P06 2021, over two years
21 Data published by the subsidiary
22 Data published by the subsidiary. Contribution to consolidated EBITDA: €48m (€43m in H1 2020)
23 Data published by the subsidiary. Contribution to consolidated EBITDA: €28m (€34m in H1 2020)
24Announcement of the spin-off on 9 September 2020
25 A subsidiary of rating agency Moody’s (Vigeo Eiris rating, December 2020)
26 Scopes 1 and 2
27 In France
28 Including €129m relating to the sale of shares and an additional €50m notably linked to the renewal of commercial agreements between Cdiscount, Casino banners and FLOA
29 By 2025
30 As part of the real estate disposals made in 2019
31 May 2025 if Term Loan B, maturing in August 2025, is not repaid or refinanced at that date
32 Same-store change excluding fuel and calendar effects
33 Data published by the subsidiary
34 France scope excluding GreenYellow for which development and transition to a company-owned asset model is ensured by its own resources
35 Unaudited data, scope as defined in refinancing documentation of November 2019 with mainly Segisor accounted for within the France Retail + E-commerce scope
36 Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation
37 EBITDA after lease payments (i.e., repayments of principal and interest on lease liabilities)
38 Loans and other borrowings
39 At 30 June 2021
40 Organic change excluding fuel and calendar effects
41 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
42 Income taxes have been restated for the tax effects of other operating income and expenses and of the restatements of financial income and expenses described above, as well as for the effects of IFRIC 23 "Uncertainty about tax treatments"
43 Non-controlling interests have been restated for the amounts relating to the restated items listed above
44 Before dividends to the owners of the parent and holders of TSSDI deeply-subordinated bonds, excluding financial expenses, including lease payments (repayments of lease liabilities and interest on leases)
45 Excluding interest on lease liabilities
46 Including -€248m related to the unwinding of the GPA TRS
47 Including €149m in disbursements from the segregated account dedicated to debt repayment
48 Including -€149m in disbursements from the segregated account, and -€288m from discontinued operations (effect of seasonality and operating losses of Leader Price before conversion of stores to the Aldi brand, scheduled to end in September 2021)
49 Including a €99m earn-out in relation with the Apollo and Fortress JVs
50 Excluding fuel and calendar effects
51 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets
52 Other: mainly Vindémia and restaurants
53 Net sales on a same-store basis include the same-store performance of franchised stores
54 Data published by the subsidiary
55 The financial statements for first-half 2020 have been restated to reflect the retrospective application of the IFRIC IC decision with regard to the enforceable period of a lease and the amortisation period of fixtures in accordance with IFRS 16 – Leases
56The financial statements for first-half 2020 have been restated to reflect the retrospective application of the IFRIC IC decision with regard to the enforceable period of a lease and the amortisation period of fixtures in accordance with IFRS 16 – Leases
57 The financial statements for first-half 2020 have been restated to reflect the retrospective application of the IFRIC IC decision with regard to the enforceable period of a lease and the amortisation period of fixtures in accordance with IFRS 16 – Leases
Attachment
1 Year Casino Guichard Perrachon Chart |
1 Month Casino Guichard Perrachon Chart |
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