Casino Group: Press release - H1 2024
FIRST-HALF 2024
The transformation of the New Casino is
underway
- Financial results
downgraded by a damaging legacy and the context of
restructuring
- Restructuring projects well
under way
- Streamlining of the store network:
closures, conversions to franchises and rational expansion
- Sale of hypermarkets and
supermarkets, the main source of the Group's historic losses
- Reorganisation of the Group’s head
offices and logistics at Distribution Casino France
- Agreement to sell Codim (18 stores
in Corsica)
- First commercial
transformations initiated
- Supply partnerships signed with the
Sherpa store network and TotalEnergies service station
network
- Launch of Franprix's new commercial
concept; three pilot stores
- Overhaul of Monoprix’s Carte M’
loyalty programme
- Cdiscount’s new brand platform
- Led by the new management
team, the financial, commercial and operational review
paves the way for the Group’s economic and social value
creation plan, to be announced after publication of the Q3
2024 results
- Net sales at
€4.2bn in H1 2024
(-3.5%1), of which
€2.1bn in Q2
(-3.1%1)
- Convenience
brands: €3.7bn in H1 (-0.3%), of which €1.8bn in Q2
(-0.5%)
-
Cdiscount: €468m (-18.9%), of which €226m in Q2
(-16.5%)
- Adjusted
EBITDA2 at €255m
(-24%), reflecting a margin of 6.1%
- Trading
profit2 at -€56m
(+€17m in H1 2023)
- Net profit from continuing
operations, Group share of €2.5bn (-€918m in H1 2023),
including €3.5bn in non-recurring financial income reflecting the
financial restructuring and -€449m in asset impairment losses
- Consolidated net profit
(loss), Group share of €39m (-€2.2bn in H1 2023)
- Free
cash flow before financial
expenses2 of -€413m in
H1 2024 (-€735m in H1 2023) after payment of social
security and tax liabilities placed under moratorium in 2023
(-€153m)
- Net
debt2 of €1.0bn at 30
June 2024 (€1.6bn at 31 March 2024)
Philippe Palazzi, Chief Executive
Officer of Casino Group, said:
“As we present these results
and the measures we have already implemented, I would like to
reiterate that our priority remains the future of all the Group’s
employees and following through on our commitments.
Since the beginning of April, the new executive management team
has been analysing the situation and developing a plan to create
economic and social value. Alongside this work, which will deliver
medium- and long-term results, I would like to highlight the
commitment of our teams, who have already launched a number of
transformation initiatives. To improve our economic performance, we
have begun streamlining our store network: closing unprofitable
stores, converting integrated sites to franchises, carefully
selecting our new franchise partners and opening new stores with
high potential. Franchisees are central to the Group’s project;
their success is our success. We strive to embody the very
best in convenience retailing.”
SECOND-QUARTER AND FIRST-HALF 2024
TRADING
In H1 2024, consolidated net sales
amounted to €4.2bn, down 3.5% on a same-store
basis3 and 5.9% in total after taking into account a
-2.4% effect (mainly changes in scope and store network
streamlining).
In Q2 2024, net sales amounted to
€2.1bn, down 3.1% on a same-store basis and 7.1% in total
after taking into account a -3.3% effect (mainly changes in scope
and store network streamlining) and the calendar effect
(-0.7%).
- Convenience
brands (Monoprix, Franprix and Casino) reported virtually stable
net sales on a same-store basis (-0.5%).
- Cdiscount
recorded a 16.5% decline in net sales on a same-store basis,
reflecting its strategy of streamlining direct sales in favour of
the Marketplace.
Net sales under banner
|
Q2 2024/Q2 2023 |
H1 2024/H1 2023 |
|
Net sales by banner (in €m)
|
Q2
2024
|
Change |
H1
2024 |
Change |
|
Same-store |
Total |
Same-store |
Total |
|
Monoprix |
1,071 |
+0.8% |
-1.6% |
2,150 |
+0.8% |
-0.3% |
Franprix4 |
408 |
+0.1% |
-6.3% |
815 |
+0.4% |
-4.8% |
Casino2 |
351 |
-5.1% |
-13.2% |
700 |
-3.8% |
-8.4% |
Convenience brands |
1,831 |
-0.5% |
-5.1% |
3,665 |
-0.3% |
-3.0% |
Cdiscount |
226 |
-16.5% |
-20.4% |
468 |
-18.9% |
-22.3% |
Other2 |
29 |
+9.3% |
-13.2% |
59 |
+6.4% |
-19.8% |
CASINO GROUP |
2,086 |
-3.1% |
-7.1% |
4,192 |
-3.5% |
-5.9% |
Monoprix
Monoprix recorded growth in net sales of
0.8% over Q2 2024 (+0.8% for the half year) on a same-store
basis, reflecting a sequential acceleration in performance
for Monop’ and Naturalia (respectively +4.2% and +6.6% in Q2 vs.
+2.7% and +3.5% in Q1 2024) and the ongoing stability of Monoprix
City’s performance despite disappointing textile sales due to
unfavourable weather conditions in June.
E-commerce supported the trend, with average sales
growth of 3.3% in Q2 for Monoprix.fr, Amazon and the THL (Textiles,
Home, Leisure) website relaunched in March.
Monoprix continues to support its
customers' purchasing power over the first half of
the year, through the development of its Access
offer (100 low-price private-label essential products) and
the overhaul of its M' loyalty programme in April,
enabling M' cardholders to enjoy savings of up to €80 a month for
free through personalised promotions and offers on private-label
products.
The Group is also continuing to
modernise its stores, with the reopening of the historic
Place Blanche Monoprix in Paris (January) and the Monoprix Saint
Michel (June), with a completely redesigned concept adapted to the
needs of local neighbourhoods, and the roll-out of the new
Naturalia La ferme concept in Pantin (February) and in the
18th district of Paris (April).
Franprix
Franprix reported same-store growth of
0.1% in Q2 2024 (+0.4% for the first half), with a strong
performance in May (+2.7%) offset by a disappointing June (-1.7%)
related to unfavourable weather conditions. The banner saw slower
sales in the Paris suburbs (-1.6%), but growth of +0.9% and +3.5%
in Paris and the provinces, respectively. The banner continued to
win new customers over the quarter (customer traffic up by +1.5%)
despite a disappointing June (-2.9%).
E-commerce once again followed the trend this
quarter, with double-digit growth (+15%) driven by the
momentum of marketplace sales (+26%).
Over the quarter, Franprix continued its
network expansion and streamlining plan, with the opening
of nine new stores (including seven franchises and one business
lease) and the closure of six unprofitable integrated stores.
Franprix reached a significant turning point last June with
the launch of its new "oxygen" store
concept, in close collaboration with its franchisees. The
aim is to enrich the customer experience (product range,
comfortable shopping, enjoyment, conviviality, services) and
provide franchisees with a dynamic, high-performance model to
retain existing customers and attract new ones. The concept has
been tested in three Paris stores since June, with the best version
to be shared with franchisees starting in autumn.
Casino
Net sales by Casino brands (Vival, Spar,
Petit Casino, etc.) fell by 5.1% on a same-store basis in Q2
2024
(-3.8% over the half year) in an environment that
remains disrupted by the ongoing sale of Casino hypermarkets and
supermarkets. Net sales were also impacted by a lower performance
from seasonal stores and seasonal families (beverages, fresh
products,etc.) in June due to unfavourable weather conditions.
The franchise expansion strategy and the streamlining of
the store network continued this quarter, with the opening
of 53 franchised stores, the conversion of 37 integrated stores to
franchise and business lease and the closure of 24 unprofitable
integrated stores.
In July, Casino announced (i) the renewal of its
partnership with the Sherpa Cooperative to supply the
119 food stores in the Sherpa network and (ii) the
renewal for five years of its partnership with
TotalEnergies to supply more than 1,000 service stations
in France.
Cdiscount
Cdiscount sales continue to be
automatically impacted by the deliberate strategy of reducing
direct sales in order to boost the Marketplace. In Q2, net
sales were down 16.5% on a same-store basis
(-18.9% for the first half), showing a slight sequential
improvement. Marketplace GMV5 accounted for 66.5% of
product GMV (65.1% for the first half) 6 and fell by
-1.8% over the quarter, showing a gradual improvement from month to
month6 (-5% in Q1 2024, -4% in April, -1% in May, +2% in
June, +7% in July7). Like-for-like GMV is gradually
recovering (-9% in Q2 after -12% in Q1)6.
Cdiscount rolled out its new brand platform on 24
June 2024, reflecting its promise to increase customers' purchasing
power (attractive prices, ongoing promotional offers, display of
price comparisons) and its social responsibility commitment (more
sustainable consumption, increasing proportion of more responsible
products).
FIRST-HALF 2024 RESULTS
The consolidated financial statements of
Casino, Guichard-Perrachon for the six months ended 30 June 2024
were approved for publication by the Company’s Board of Directors
on 29 July 2024. Limited review procedures were performed on the
condensed interim consolidated financial statements by the
Statutory Auditors. Their limited review report, which contains no
reservations or observations, is in the process of being
issued.
In €m |
H1 2023 |
H1 2024 |
Change |
Net sales |
4,454 |
4,192 |
-5.9% (total change), -3.5% (on a same-store basis) |
Adjusted EBITDA |
334 |
255 |
-23.8% |
Adjusted EBITDA after lease payments |
112 |
26 |
-77.1% |
EBIT |
17 |
(56) |
n.m. |
Underlying net profit (loss) |
(892) |
(349) |
|
Net profit (loss), Group share
(continuing operations) |
(918) |
2,549 |
Non-recurring financial income reflecting the financial
restructuring and impairment of
goodwill8 |
Net profit (loss), Group share
(discontinued operations) |
(1,313) |
(2,511) |
Impact of the sale of HM/SM net of operating losses
Effect of GPA dilution and disposal of Éxito, including
recycling of translation reserves |
Net profit (loss), Group share
(consolidated) |
(2,231) |
39 |
|
In H1 2024, consolidated net
sales amounted to €4.2bn, down 3.5% on a
same-store basis9 and 5.9% in total after taking into
account a -2.4% effect (mainly changes in scope and store network
streamlining).
Group adjusted
EBITDA1 came out at
€255m (-23.8%), reflecting a margin of 6.1% (-143
bps).
(in €m) |
H1 2023 |
H1 2024 |
Change |
Monoprix
margin |
206
9.6% |
179
8.3% |
-13.4%
-126 bps |
Franprix
margin |
73
8.5% |
50
6.1% |
-31.6%
-239 bps |
Casino
margin |
26
3.4% |
24
3.4% |
-9.4%
-4 bps |
Convenience brands
margin |
305
8.1% |
252
6.9% |
-17.4%
-120 bps |
Cdiscount
margin |
32
5.4% |
30
6.5% |
-6.4%
+110 bps |
Other10 |
(3) |
(28) |
n.m. |
Group adjusted EBITDA
margin |
334
7.5% |
255
6.1% |
-23.8%
-143 bps |
Convenience brands
Adjusted EBITDA for convenience brands fell by
€53m over the first half. H1 2023 had benefited from €20m in
income, including €10m in sponsorship credits (no additional
sponsorship credits were recognised in 2024) and €10m in income
spread over the contract between Monoprix and Getir/Gorillas
(contract terminated during Q3 2023).
Apart from these one-off effects, EBITDA fell by
-€33m, of which:
- -€10m for
Monoprix, impacted by an unfavourable margin mix and cost inflation
not offset by the cost-savings plans;
- -€20m for
Franprix, mainly due to impairment of trade receivables in
connexion with franchise expansion and positive income items in H1
2023;
- virtually stable
for Casino despite the drop in net sales.
The convenience brands are focused on
reorganising their store networks and business recovery plans
(store renovation, making stores more people-focused, customer
experience, price cuts), the impact of which will be gradual.
Cdiscount
Adjusted EBITDA was virtually stable, reflecting
a +110 bps improvement in the margin (to 6.5%) thanks to the
transition to a more profitable model centred on services and the
Marketplace. Cost management plans offset lower sales in a market
environment that remained difficult in H1.
Other
Lastly, adjusted EBITDA from other subsidiaries
(change of -€24m) was heavily impacted by:
- -€5m reduction
in fees received following the sale of Sudeco, the management
company sold by IGC in March 2023;
- Cost
dis-synergies at head office level (-€25m) linked to the disposal
of hypermarkets and supermarkets, and taking into account the
consequences of the job protection plan project. As part of the
value creation plan, specific action plans will be drawn up to
improve the Group's operating costs/sales ratio.
Adjusted EBITDA after Group lease
payments11 was
€26m, or €233m over a 12-month rolling period
(in €m) |
H1 2023 |
H1 2024 |
Monoprix |
75 |
37 |
Franprix |
33 |
8 |
Casino |
4 |
2 |
Convenience brands |
112 |
48 |
Cdiscount |
16 |
18 |
Other12 |
-16 |
-40 |
Adjusted EBITDA after Group lease payments |
112 |
26 |
Consolidated
EBIT1 was
-€56m (compared with +€17m in first-half
2023).
(in €m) |
H1 2023 |
H1 2024 |
Monoprix |
44 |
15 |
Franprix |
23 |
(1) |
Casino |
-11 |
(10) |
Convenience brands |
56 |
4 |
Cdiscount |
-15 |
-15 |
Other13 |
-25 |
-46 |
EBIT – Group |
17 |
-56 |
Other operating income and
expenses amounted to an expense of -€609m in H1
2024 (vs. -€41m in H1 2023) including -€449m of asset
impairment losses, mainly Franprix goodwill impairment for €422m:
impairment indicators are the result of a deterioration in
recurring performance compared with forecasts drawn up in 2023.
Underlying net financial income and net
profit, Group share1
Net financial income of €3,262m
was recognised for the period (compared with a net financial
expense of
-€218m in H1 2023), an improvement of €3,480m mainly explained by
the €3,486m relating mainly to the conversion of debt to equity and
the fair value adjustment of reinstated debt. It includes -€9m of
financial costs for CB4X14 (Cdiscount).
Underlying net financial expense came to
-€223m (vs. -€218m in H1 2023).
Underlying net profit (loss), Group
share, came out at -€349m (vs. -€892m in H1 2023).
Underlying net profit (loss), Group share, for H1 2023 was heavily
impacted by the -€683m in impairment of deferred tax assets,
notably on tax loss carryforwards. Excluding this effect specific
to H1 2023, the change in underlying net profit (loss), Group share
would be -€140m, mainly due to the change in trading profit
described above.
Diluted underlying earnings per
share15 stood at a loss of
-€1.49, vs. a loss per share of -€874.72 in H1 2023.
Consolidated net profit (loss), Group share
Net profit (loss) from continuing
operations, Group share came out at -€2,549m, compared
with -€918m in H1 2023.
Net profit (loss) from discontinued
operations, Group share was -€2,511m in H1 2024 (compared
with
-€1,313m in H1 2023), resulting from (i) the operating results of
HM/SM and GPA up to the date of loss of control, (ii) the impact of
HM/SM disposals (€233m excluding interim losses), (iii) the loss on
the disposal of Exito (€771m, essentially corresponding to the
recycling to income of the negative foreign exchange translation
reserve), and (iv) the dilution of Casino's stake in GPA following
the March 2024 capital increase (€1,553m, essentially corresponding
to the recycling to income of the negative foreign exchange
translation reserve).
Consolidated net profit (loss), Group
share amounted to €39m vs. -€2,231m in H1 2023.
Free cash
flow16
In H1 2024, free cash flow stood at -€413
million (-€735m in H1 2023) after payment of €153m in social
security and tax liabilities placed under moratorium in 2023.
Excluding this non-recurring amount, free cash flow would stand at
-€260m.
(in €m) |
H1 2023 |
H1 2024 |
Operating cash flow |
33 |
(12) |
o/w Adjusted EBITDA after lease payments |
112 |
26 |
o/w Other non-recurring cash items |
(62) |
(41) |
o/w Other items |
(17) |
3 |
Net capex |
(166) |
(159) |
Income taxes |
(8) |
(16) |
Change in working capital |
(594) |
(227) |
Free cash flow before financial expenses |
(735) |
(413) |
Financial position at 30 June
2024
Consolidated net debt
stood at €1.0bn, down -€0.6bn compared with 31
March 2024, mainly due to disposals. It includes €0.5bn of Quatrim
bond debt (stable).
At 30 June 2024, the Group had cash and
cash equivalents of €1.1bn, of which €0.7bn was
immediately available.
In €m |
|
31 Dec. 2023 |
31 Mar. 2024 |
30 June 2024 |
Loans and
borrowings17 |
|
(7,232) |
(3,247) |
(2,116) |
EMTN notes/HY CGP |
|
(2,168) |
- |
- |
Casino Finance RCF /Reinstated Monoprix RCF |
|
(2,051) |
(711) |
- |
Term Loan B/Reinstated Term Loan |
|
(1,425) |
(1,410) |
(1,352)18 |
HY Quatrim Notes |
|
(553) |
(491) |
(491) |
Monoprix RCF exploitation |
|
(130) |
(123) |
(8) |
Other confirmed Monoprix Holding lines |
|
(40) |
(36) |
- |
Cdiscount PGE |
|
(60) |
(60) |
(60) |
Other |
|
(805) |
(416) |
(205) |
Cash and cash equivalents |
|
1,051 |
1,654 |
1,077 |
Net debt19 |
|
(6,181) |
(1,593) |
(1,040) |
|
|
|
|
|
Covenant20
It should be noted that, although the
calculation is required by the loan documentation from Q1 2024, the
covenant is indicative at this time (given the "holiday period").
The scope of the covenant test corresponds to the Group adjusted
for Quatrim and, to a lesser extent, the subsidiaries Mayland in
Poland and Wilkes in Brazil.
(in €m) |
At 30 June 2024 |
Covenant adjusted EBITDA1 |
230 |
Covenant net debt1 |
1,244 |
Covenant net debt/Covenant adjusted EBITDA |
5.41x |
The covenant net debt/covenant adjusted EBITDA
ratio is therefore 5.41x. Application will be effective for the
first time from 30 September 2025, with an initial required ratio
of 8.34x.
FIRST-HALF 2024 HIGHLIGHTS
Completion of the financial restructuring
in Q1 2024
All of the transactions provided for in
Casino's safeguard plan and the accelerated safeguard plans of its
relevant subsidiaries21 approved by the
Paris Commercial Court on 26 February 2024, were implemented on 27
March 2024:
- A share capital increase of
€1.2bn, which strengthened the Group’s liquidity by €679m
after deducting the amounts settled at the restructuring date:
- repayment of deferred tax and
payroll taxes (€233m22)
- repayment of borrowings and
financial expenses (€235m)
- payment of related expenses or
expenses due on the restructuring date (€53m23)
- A conversion into equity of
most of the Group’s secured and unsecured debt, as well as TSSDI
undated deeply subordinated notes, representing €5.2bn in principal
and interest due (€3.8bn excluding TSSDIs).
The completion of Casino's financial
restructuring resulted in a change of control of Casino Group in
favour of France Retail Holdings S.à.r.l., the Consortium's
controlling holding company (an entity ultimately controlled by
Daniel Křetínský).
Reverse stock-split and share capital
reduction
Casino carried out reverse stock-split
transactions between 14 May and 13 June 2024, exchanging
100 existing shares for 1 new share.
The reverse stock-split transactions involved 39,574,044,429
existing shares with a par value of €0.01 each, resulting in a
share capital comprised of 395,740,444 new shares with a par value
of €1.00 each.
Following the reverse stock-split
transactions, Casino launched a reduction in its share capital on
14 June 2024 by reducing the par value of the shares
issued from €1.00 to €0.01 per share.
Accordingly, following the share capital reduction on 14 June 2024,
Casino's share capital consisted of 395,740,444 shares with a par
value of €0.01 each.
At 30 June 2024, Casino's share capital amounted
to 400,939,713 shares with a par value of €0.01 each, after the
creation of new shares following the exercise of the warrants in
June.
Reverse stock-splits of this kind are common
following a financial restructuring, and help to reduce the number
of shares in circulation and the volatility of the share price. The
technical adjustments are purely mathematical and have no impact on
the value of Casino shares held by each shareholder.
Loss of control of Grupo Éxito and
GPA
Sale of Grupo Éxito
On 26 January 2024, Casino Group announced that it had
completed the sale of its 34% direct stake in
Grupo Éxito to Grupo Calleja. GPA also tendered its
13% stake in Grupo Éxito to the sale. Casino Group collected
gross proceeds of US$400m from this transaction (€367m
excluding fees as of the date of the
sale24), while GPA received
gross proceeds of $156m. At 30 June 2024, Groupe Casino no longer
held any interest in Grupo Éxito.
Loss of control of GPA
The capital increase of BRL 704 m (around
€130m25) was completed
on 14 March 2024, the date on which Casino Group lost
control. Following this transaction, the Group holds 22.5% of GPA’s
capital (compared with 41% previously). This capital increase was
accompanied by a change in the entity's governance.
Asset disposals
Sale of hypermarkets and supermarkets
(HM/SM)
- During the
first half of the year, the Group sold 211 stores to
Groupement Les Mousquetaires, Auchan Retail France and
Carrefour, in accordance with the agreements signed on 24 January
and 8 February 2024:
- 121 stores sold on 30
April 2024 to Groupement Les
Mousquetaires, Auchan Retail France and Carrefour (78 SM, 42 HM and
one Drive location);
- 90 stores sold on 31
May 2024 to Groupement Les Mousquetaires
and Auchan Retail France (79 SM, 10 HM and one Leader
Price).
- On 1 July 2024, the
Group completed two further sales:
- Sale of 66 stores
to Groupement Les Mousquetaires and Auchan Retail France (63 SM,
one Spar and two Drive locations), in accordance with the
agreements signed on 24 January and
8 February 202426;
- Sale to
Groupement Les Mousquetaires of the remaining 51% controlling
interest in five HM, already 49% owned by Groupement les
Mousquetaires since 30 September 202327, in accordance
with the agreements signed on 26 May 202328.
At 30 June 2024, all HM/SM store disposals
represented a net cash inflow (disposal price after partial
unwinding of WCR at 30 June 2024 and after direct costs) of around
€0.8bn, of which €0.3bn was received in 2023 (disposal of 61 shops
at 30 September 2023 and advance payment on the disposal of 71
shops in 2024 under the agreement of 26 May 2023 with Groupement
les Mousquetaires).
For H1 2024, the operating losses of HM/SM
stores amount to around -€0.3bn (excluding unwinding of WCR). The
impact on the Group's cash position for H1 2024 is therefore
positive at €0.2bn.
However, cash flow in the coming quarters will
be impacted by the following flows from the HM/SM division:
- The latest wave of
disposals (1 July), which resulted in an additional net cash inflow
of €0,2bn;
- The final unwinding
of the HM/SM working capital requirement;
- The operating
losses of the shops still to be sold and the head office costs of
the HM/SM division;
- The costs of
unwinding the remaining operating contracts and restructuring
costs, in particular those relating to the Employment Protection
Plan projects, for which provisions have been made.
The Group will keep the market informed of the
outcome of the HM/SM activities in its next quarterly
communications.
Sale of Codim 2
On 22 June 2024, Casino Group signed a
unilateral purchase agreement with a view to sell Codim
2, which operates four hypermarkets, nine supermarkets,
three cash & carry stores and two Drive locations in Corsica,
with net sales (excluding taxes) €332m in 2023. The transaction is
expected to be completed after consultation with employee
representative bodies and is subject to approval by the relevant
competition authorities.
Sale of GreenYellow
On 28 May 2024, Casino Group announced that it
had completed the sale of its residual 10.15% stake in
GreenYellow to Ardian and Bpifrance for net cash inflow of
€46m29.
Following this transaction, Casino Group no longer holds any stake
in the capital of GreenYellow.
Real estate disposals
- On 28 June 2024,
Casino Group signed a binding agreement with Tikehau
Capital for the sale in H2 2024 of a real estate portfolio of 30
assets, consisting of hypermarket and supermarket premises
leased to Casino, Intermarché, Carrefour and Auchan, as well as
adjoining lots within these assets, some of which have real estate
development potential.
The expected sale price is in excess of €200m,
to be received on the sale date scheduled for H2 2024, with
earnouts subject to completion conditions to be received at a later
date.Agreements have also been signed to entrust the real
estate management of this portfolio to Casino Group for a period of
five years. This transaction will reduce Casino Group's
debt toward the bondholders of its subsidiary Quatrim.
-
In addition, Quatrim and its subsidiaries sold property
during the first half, generating direct or indirect income
totalling €4m.
Employment Protection Plan project
(EPP)
On 24 April 2024, Casino announced the launch of
a transformation project and a job protection plan for seven Group
companies30.
The works councils concerned were convened on 24
April 2024 for a meeting held on 6 May 2024, during which this
transformation plan was presented to them and an information and
consultation procedure initiated prior to the implementation of an
employment protection plan. At the same time, negotiations on the
content of the employment protection plan began with the
representative trade unions of these companies. The employment
protection plan is part of a wider transformation plan that has
become essential to securing the Group’s long-term future and its
recovery. Its implementation would entail a maximum of between
1,293 and 3,267 job losses.
The final impact in terms of job losses will
depend on the Group's ability to find buyers for the hypermarkets,
supermarkets and logistics platforms that were not sold and that
are scheduled for partial or complete closure.
The proposed new organisation is consistent with
the refocusing of the Group's activities on convenience formats and
the realities of the market. It aims to make the Group more agile
in meeting changing consumer expectations and reinvesting in the
future in sales outlets and their growth (layout, private labels,
local products, price image, etc.). The Group’s long-term goal is
to restore the quality of the customer experience in its stores and
become France’s leading convenience store retailer, thanks to its
franchisees and integrated teams.
New purchasing partnership
On 24 April 2024, Casino announced it
was strengthening its purchasing partnership with Intermarché and
extending it to Auchan. This new partnership replaces
existing agreements between Intermarché and Casino and deploys new
ones between Intermarché, Auchan and Casino. It will enable the
retailers to forge and sustain long-term (10-year) partnerships
with farming communities and product manufacturers across France.
The alliance is also expected to align with the shared commitment
to safeguard France’s food sovereignty, strengthen each banner’s
proprietary networks and conduct price negotiations with major
manufacturers.
The partnership will be forged in strict
compliance with applicable competition law and regulations. Each of
the partners will remain completely independent in terms of
marketing, pricing and promotions, as well as in the expansion of
their store bases.
CSR commitments
Casino Group continued to roll out its CSR
action plan in the first half of the year, aimed at:
Combating climate change
- Training teams in
climate issues through the Climate Fresk (150 people trained at
Franprix and Monoprix);
- Continued
installation of CO2 refrigerated display cases (70
installations to date in the Monoprix network) in order to reduce
emissions due to refrigerant gases, the Group's main source of
direct emissions;
- Renewal of the ISO
50001 certification and implementation of Energy Efficiency
Contracts at over 200 Monoprix, Monop’ and Naturalia
sites;
- Reducing the carbon
footprint of products sold: participation in Veganuary and "Vegan
barbecue" campaigns with events and dramatic displays of the vegan
range in Franprix and Monoprix stores.
Promoting more responsible
trade
- All Casino,
Monoprix and Franprix products display a Nutri-Score and 70% of
Monoprix products display a Planet Score;
- All Casino,
Monoprix and Franprix brand chickens bear the Animal Welfare
label;
- Monoprix obtained
Global Organic Textile Standard (GOTS) certification for its
textile and household linen range; 70% of clothing products and 85%
of cotton household and leisure products are organically
produced;
- Franprix showcases
product ranges that support the employment of people with
disabilities ("café Joyeux" and "Et Tok" products);
- Nearly 200,000
anti-waste baskets were produced in the first half of the year by
Franprix, which is continuing to roll out the national Anti-Waste
label to its integrated and franchised sites;
- Cdiscount supports
responsible products, which accounted for 22.7% of product GMV in
Q2 2024 (+6.9 pts vs. 2023);
- Cnova joined the
Sustainable Consumption Pledge, a European initiative for trade
that is conscious of its social and environmental impacts.
A responsible employer
- Monoprix was once
again named a Top Employer for 2024, in recognition of the quality
of its employment practices;
- Launch of
Fresques de l’équité gender equality workshops across all
banners, a ground-breaking initiative in the sector.
Supporting the most
disadvantaged
- Arrondi en
caisse campaigns deployed at Monoprix and Franprix, in
particular to support women in difficulty, in partnership with
non-profits Fondation des femmes, Forces femmes and the Maison des
femmes de Saint Denis;
- In-store food
drives to help those in need, in partnership with Restos du cœur
and Protection Civile.
APPENDICES – GROSS SALES
Gross sales under banner
Estimated gross sales
under banner (in €m, including fuel) |
Q2 2024 |
Change
(incl. calendar effects) |
H1 2024 |
Change
(incl. calendar effects) |
Monoprix |
|
1,136 |
-0.5% |
2,282 |
0.0% |
Franprix |
|
500 |
-3.5% |
986 |
-1.9% |
Casino |
|
570 |
-7.6% |
1,106 |
-3.7% |
TOTAL CONVENIENCE BRANDS |
2,205 |
-3.1% |
4,374 |
-1.4% |
Cdiscount |
|
490 |
-11.2% |
993 |
-12.9% |
Other |
|
29 |
-13.2% |
59 |
-19.8% |
CASINO GROUP TOTAL |
|
2,724 |
-4.8% |
5,426 |
-4.0% |
APPENDICES – STORE NETWORK
Store network of continuing
operations
|
30 June 2023 |
30 Sept. 2023 |
31 Dec. 2023 |
31 Mar. 2024 |
30 June 2024 |
Monoprix |
855 |
862 |
861 |
849 |
842 |
o/w Integrated stores France excl. Naturalia
Franchises/BL France excl. Naturalia |
345
272 |
342
285 |
338
291 |
336
285 |
322
296 |
Naturalia integrated stores France |
175 |
170 |
170 |
168 |
168 |
Naturalia franchises/BL France |
63 |
65 |
62 |
60 |
56 |
Franprix |
1,189 |
1,186 |
1,221 |
1,198 |
1,179 |
o/w Integrated stores France
Franchises/BL France
International affiliates31 |
324
745
120 |
319
754
113 |
323
782
116 |
320
768
110 |
316
758
105 |
Casino
o/w Integrated stores France
Franchises/BL France
International affiliates32 |
6,017
568
5,318
131 |
5,964
543
5,286
135 |
5,862
493
5,230
139 |
5,816
450
5,227
139 |
5,751
389
5,220
142 |
Other
businesses33 |
5 |
5 |
5 |
5 |
5 |
TOTAL |
8,066 |
8,017 |
7,949 |
7,868 |
7,777 |
BL : Business
Lease
APPENDICES – UNDERLYING NET
PROFIT34
In €m |
H1 2023 (restated) |
Restated items |
H1 2023
underlying (restated) |
H1 2024 |
Restated items |
H1 2024
underlying |
|
|
|
|
|
EBIT |
17 |
- |
17 |
(56) |
- |
(56) |
|
|
|
|
|
Other operating income and expenses |
(41) |
41 |
- |
(609) |
609 |
- |
|
|
|
|
|
Operating profit (loss) |
(24) |
41 |
17 |
(665) |
609 |
(56) |
|
|
|
|
|
Net finance costs |
(130) |
- |
(130) |
3,349 |
(3,486)35 |
(137) |
|
|
|
|
|
Other financial income and expenses |
(87) |
- |
(87) |
(86) |
- |
(86) |
|
|
|
|
|
Income taxes |
(688) |
(15) |
(702) |
(47) |
(21) |
(68) |
|
|
|
|
|
Share of net profit (loss)
of equity-accounted investees |
1 |
- |
1 |
(1) |
- |
(1) |
|
|
|
|
|
Net profit (loss) from continuing operations |
(929) |
26 |
(903) |
2,550 |
(2,898) |
(348) |
|
|
|
|
|
o/w attributable to non-controlling interests |
(11) |
0 |
(11) |
0 |
(0) |
0 |
|
|
|
|
|
o/w Group share |
(918) |
26 |
(892) |
2,549 |
(2,898) |
(349) |
|
|
|
|
|
APPENDICES – ACCOUNTING
INFORMATION
Discontinued operations
In accordance with IFRS 5, the earnings of the following businesses
are presented within discontinued operations for 2024 and 2023:
-
Assaí: Casino Group relinquished control of its
Brazilian cash & carry business Assaí in March 2023 and sold
its residual stake in the company on 23 June 2023.
-
Grupo Éxito: in connection with the tender offers
launched in the United States and Colombia by Grupo Calleja for
Grupo Éxito, Casino Group completed the sale of its entire 47.36%
stake on 26 January 2024 (including a 13.31% indirect stake via
GPA).
-
GPA: the BRL 704m capital increase was completed
on 14 March 2024, the date on which Casino Group lost control. On
completion of this transaction, the Group held 22.5% of the capital
of GPA, accounted for by the equity method.
-
Casino hypermarkets and supermarkets: in light of
the sale of the hypermarkets and supermarkets, the results of these
businesses (including Codim) are presented within discontinued
operations for 2023 and 2024. The Leader Price franchises in France
are also presented within discontinued operations.
Main changes in the scope of continuing
operations
- Sale of Carya
(Cdiscount) on 31 December 2023
- Sale of five
integrated Casino convenience stores to Groupement Les
Mousquetaires in September 2023
- Disposal of various
Monoprix stores in 2023 and closure of various Monop'Station stores
in 2024
- Disposal of
residual stake in GreenYellow in May 2024
|
Consolidated income
statement
(€ millions) |
|
30 June 2024 |
30 June 2023
(restated)36 |
CONTINUING OPERATIONS |
|
|
|
Net sales |
|
4,192 |
4,454 |
Other revenue |
|
29 |
41 |
Total revenue |
|
4,221 |
4,495 |
Cost of goods sold |
|
(3,062) |
(3,251) |
Gross margin |
|
1,159 |
1,244 |
Selling expenses |
|
(806) |
(848) |
General and administrative expenses |
|
(409) |
(380) |
EBIT |
|
(56) |
17 |
As a % of net sales |
|
-1.3% |
0.4% |
|
|
|
|
Other operating income |
|
12 |
68 |
Other operating expenses |
|
(621) |
(109) |
Operating profit (loss) |
|
(665) |
(24) |
As a % of net sales |
|
-15.9% |
-0.5% |
|
|
|
|
Income from cash and cash equivalents |
|
10 |
1 |
Finance costs |
|
(147) |
(132) |
Fair value gains on converted debt and reinstated debt |
|
3,486 |
- |
Net finance costs |
|
3,349 |
(130) |
Other financial income |
|
25 |
25 |
Other financial expenses |
|
(112) |
(112) |
Profit (loss) before tax |
|
2,597 |
(242) |
As a % of net sales |
|
62.0% |
-5.4% |
|
|
|
|
Income tax benefit (expense) |
|
(47) |
(688) |
Share of profit (loss) of equity-accounted investees |
|
(1) |
1 |
Net profit (loss) from continuing operations |
|
2,550 |
(929) |
As a % of net sales |
|
60.8% |
-20.9% |
Attributable to owners of the parent |
|
2,549 |
(918) |
Attributable to non-controlling interests |
|
- |
(11) |
DISCONTINUED OPERATIONS |
|
|
|
Net profit (loss) from discontinued
operations |
|
(2,575) |
(1,991) |
Attributable to owners of the parent |
|
(2,511) |
(1,313) |
Attributable to non-controlling interests |
|
(65) |
(678) |
CONTINUING AND DISCONTINUED OPERATIONS |
|
|
|
Consolidated net profit (loss) |
|
(26) |
(2,920) |
Attributable to owners of the parent |
|
39 |
(2,231) |
Attributable to non-controlling interests |
|
(64) |
(689) |
Earnings (loss) per share
In € |
|
30 June 2024 |
30 June 2023
(restated)137 |
From continuing operations, Group share |
|
|
|
|
|
12.60 |
(898.70) |
|
|
10.93 |
(898.70) |
From continuing and discontinued operations, Group
share |
|
|
|
|
|
0.19 |
(2,112.99) |
|
|
0.17 |
(2,112.99) |
Consolidated statement of comprehensive income
(€ millions) |
For the six months ended 30 June 2024 |
For the six months ended 30 June 2023 |
Consolidated net profit (loss) |
(26) |
(2,920) |
Items that may be subsequently reclassified to profit or
loss |
6,443 |
690 |
Cash flow hedges and cash flow hedge
reserve(i) |
3 |
(1) |
Foreign currency translation adjustments(ii) |
6,440 |
676 |
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 |
- |
14 |
Income tax effects |
(1) |
- |
Items that will never be reclassified to profit or
loss |
(4) |
(6) |
Equity instruments at fair value through other comprehensive
income |
(7) |
(11) |
Actuarial gains and losses |
4 |
7 |
Share of items of equity-accounted investees that will never be
subsequently reclassified to profit or loss |
- |
- |
Income tax effects |
(1) |
(2) |
Other comprehensive income for the period, net of
tax |
6,439 |
684 |
Total comprehensive income (loss) for the period, net of
tax |
6,413 |
(2,235) |
Attributable to owners of the parent |
2,389 |
(1,687) |
Attributable to non-controlling interests |
4,024 |
(548) |
(i) The change in the cash flow hedge
reserve in first-half 2024 and first-half 2023 was not
material.
(ii) The €6,440 million change in this item in
first-half 2024 primarily results from the loss of control of GPA
and Éxito, for €4,827m and €1,613m respectively, along with the
impact corresponding to the reclassification of the translation
reserve of €1,574m and €778m respectively. The positive €676m
change in this item in first-half 2023 primarily resulted from the
appreciation of the Brazilian and Colombian currencies
(representing €145m and €126m, respectively), and the
reclassification to profit (loss) of €453m after control of Sendas
was relinquished.
Consolidated statement of financial
position
ASSETS |
|
30 June 2024
|
31 December 2023
|
(€ millions) |
Goodwill |
|
1,600 |
2,046 |
Intangible assets |
|
1,053 |
1,082 |
Property, plant and equipment |
|
923 |
1,054 |
Investment property |
|
33 |
49 |
Right-of-use assets |
|
1,577 |
1,696 |
Investments in equity-accounted investees |
|
83 |
212 |
Other non-current assets |
|
183 |
195 |
Deferred tax assets |
|
42 |
84 |
Non-current assets |
|
5,494 |
6,419 |
Inventories |
|
839 |
875 |
Trade receivables |
|
629 |
689 |
Other current assets |
|
1,060 |
1,023 |
Current tax assets |
|
76 |
25 |
Cash and cash equivalents |
|
1,077 |
1,051 |
Assets held for sale |
|
915 |
8,262 |
Total current assets |
|
4,596 |
11,925 |
TOTAL ASSETS |
|
10,090 |
18,344 |
|
|
|
|
EQUITY AND LIABILITIES |
|
30 June 2024
|
31 December 2023
|
(€ millions) |
Share capital |
|
4 |
166 |
Additional paid-in capital, treasury shares, retained earnings and
consolidated net profit (loss) |
|
1,541 |
(2,618) |
Equity attributable to owners of the parent |
|
1,545 |
(2,453) |
Non-controlling interests |
|
(7) |
675 |
Total equity |
|
1,538 |
(1,777) |
Non-current provisions for employee benefits |
|
153 |
147 |
Other non-current provisions |
|
64 |
25 |
Non-current borrowings and debt, gross |
|
1,998 |
7 |
Non-current lease liabilities |
|
1,242 |
1,338 |
Non-current put options granted to owners of non-controlling
interests |
|
44 |
37 |
Other non-current liabilities |
|
108 |
113 |
Deferred tax liabilities |
|
8 |
10 |
Total non-current liabilities |
|
3,616 |
1,677 |
Current provisions for employee benefits |
|
9 |
9 |
Other current provisions |
|
724 |
269 |
Trade payables |
|
1,902 |
2,550 |
Current borrowings and debt, gross |
|
377 |
7,436 |
Current lease liabilities |
|
350 |
360 |
Current put options granted to owners of non-controlling
interests |
|
1 |
2 |
Current tax liabilities |
|
12 |
12 |
Other current liabilities |
|
1,238 |
1,606 |
Liabilities associated with assets held for sale |
|
322 |
6,200 |
Current liabilities |
|
4,936 |
18,445 |
TOTAL EQUITY AND LIABILITIES |
|
10,090 |
18,344 |
Consolidated statement of cash
flows
(€ millions) |
|
First-half 2024 |
First-half 2023
(restated)38 |
Profit (loss) before tax from continuing operations |
|
2,597 |
(242) |
Profit (loss) before tax from discontinued operations |
|
(2,548) |
(1,930) |
Consolidated profit (loss) before tax |
|
49 |
(2,171) |
Depreciation and amortisation for the period |
|
311 |
318 |
Provision and impairment expense |
|
479 |
7 |
Losses (gains) arising from changes in fair value |
|
- |
1 |
Expenses (income) on share-based payment plans |
|
(1) |
- |
Other non-cash items |
|
8 |
(29) |
(Gains) losses on disposals of non-current assets |
|
1 |
(5) |
(Gains) losses due to changes in percentage ownership of
subsidiaries resulting in acquisition/loss of control |
|
4 |
(30) |
Dividends received from equity-accounted investees |
|
2 |
1 |
Net finance costs |
|
(3,349) |
130 |
Interest paid on leases, net |
|
68 |
61 |
No-drawdown credit line costs, non-recourse factoring and
associated transaction costs |
|
16 |
26 |
Disposal gains and losses and adjustments related to discontinued
operations |
|
2,373 |
1,884 |
Net cash from operating activities before change in working
capital, net finance costs and income tax |
|
(39) |
194 |
Income tax paid |
|
(16) |
(8) |
Change in operating working capital |
|
(255) |
(584) |
Income tax paid and change in operating working capital:
discontinued operations |
|
(649) |
(886) |
Net cash from (used in) operating activities |
|
(959) |
(1,284) |
of which continuing operations |
|
(136) |
(353) |
Cash outflows related to acquisitions of: |
|
|
|
-
property, plant and equipment, intangible assets and investment
property
|
|
(164) |
(172) |
-
non-current financial assets
|
|
(7) |
(77) |
Cash inflows related to disposals of: |
|
|
|
-
property, plant and equipment, intangible assets and investment
property
|
|
6 |
34 |
-
non-current financial assets
|
|
100 |
91 |
Effect of changes in scope of consolidation resulting in
acquisition or loss of control |
|
(2) |
(47) |
Effect of changes in scope of consolidation related to
equity-accounted investees |
|
47 |
14 |
Change in loans and advances granted |
|
(7) |
- |
Net cash from (used in) investing activities of discontinued
operations |
|
754 |
10 |
Net cash from (used in) investing activities |
|
727 |
(146) |
of which continuing operations |
|
(27) |
(156) |
Dividends paid: |
|
|
|
|
|
- |
- |
-
to non-controlling interests
|
|
(1) |
- |
|
|
- |
(42) |
Increase (decrease) in the parent's share capital |
|
1,199 |
- |
Transactions between the Group and owners of non-controlling
interests |
|
(2) |
- |
(Purchases) sales of treasury shares |
|
- |
(2) |
Additions to loans and borrowings |
|
31 |
2,297 |
Repayments of loans and borrowings |
|
(1,102) |
(520) |
Repayments of lease liabilities |
|
(159) |
(161) |
Interest paid, net |
|
(181) |
(242) |
Other repayments |
|
(7) |
(9) |
Net cash from (used in) financing activities of discontinued
operations |
|
(286) |
(336) |
Net cash from (used in) financing activities |
|
(508) |
985 |
of which continuing operations |
|
(222) |
1,322 |
Effect of changes in exchange rates on cash and cash equivalents of
continuing operations |
|
(3) |
(6) |
Effect of changes in exchange rates on cash and cash equivalents of
discontinued operations |
|
(4) |
130 |
Change in cash and cash equivalents |
|
(747) |
(320) |
Net cash and cash equivalents at beginning of
period |
|
1,755 |
2,265 |
- of
which net cash and cash equivalents of continuing operations
|
|
853 |
2,265 |
- of
which net cash and cash equivalents of discontinued operations
|
|
902 |
- |
Net cash and cash equivalents at end of
period |
|
1,007 |
1,945 |
- of
which net cash and cash equivalents of continuing operations
|
|
1,008 |
1,945 |
- of
which net cash and cash equivalents of discontinued operations
|
|
(1) |
- |
APPENDICES – GLOSSARY
Same-store growth
Same-store net sales include e-commerce sales and sales of
merchandise excluding fuel from stores open for at least
12 months. The figure is calculated at constant exchange rates
excluding calendar effects.
Gross merchandise volume
Total gross sales corresponds to the total net sales generated by
each banner from integrated stores and franchises.
Adjusted EBITDA
Adjusted EBITDA (earnings before interest, taxes, depreciation and
amortisation) is defined as trading profit plus recurring
depreciation and amortisation expense.
Adjusted EBITDA after lease
payments
Adjusted EBITDA after lease payments is defined as adjusted EBITDA
less lease payments (including “onerous” lease payments previously
shown on the “Other repayments” line of the cash flow
statement).
Trading profit (EBIT)
Trading profit (EBIT) is defined as operating profit before (i)
items which, by definition, are not included in an assessment of a
business unit's recurring operating performance, such as gains and
losses on disposals of non-current assets, impairment losses on
non-current assets, and income/expenses related to changes in the
scope of consolidation and (ii) non-recurring items that would
distort analyses of the Group's recurring profitability, (they are
defined as significant items of income and expense that are limited
in number, unusual or abnormal, whose occurrence is rare. Examples
include restructuring costs and provisions and expenses for
litigation and risks).
Free cash flow before financial
expenses
Free cash flow before financial expenses corresponds to cash flow
from operating activities as presented in the consolidated
statement of cash flows, less net capex, IFRS 16 rental payments
and restated for the effects of the disposal plan and restructuring
and conciliation costs in 2023.
Net debt
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 assets.
Covenant
The covenant is defined as the ratio between 'covenant net debt'
and 'covenant adjusted EBITDA'. The scope of the covenant test
corresponds to the Group adjusted for Quatrim and, to a lesser
extent, the subsidiaries Mayland in Poland and Wilkes in
Brazil.
Covenant adjusted EBITDA
“Covenant adjusted EBITDA” or pro forma EBITDA (depending on the
documentation) corresponds to adjusted EBITDA after lease payments,
relating to the covenant scope, excluding any impact of scope
effects and pro forma restatements corresponding to future
savings/synergies to be achieved within 18 months.
Covenant net debt
“Covenant net debt” corresponds to gross debt relating to the
covenant perimeter (including borrowings from other Group companies
by covenant companies), (i) plus financial liabilities which are,
in essence, debts, (ii) adjusted for the average drawdown on the
Group's revolving credit lines over the last 12 months (from the
date of restructuring) and (iii) reduced by cash and cash
equivalents of the entities in the covenant perimeter and by
non-deconsolidating receivables relating to operating financing
programmes reinstated as part of the restructuring.
Underlying net
profit/(loss)
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. Underlying profit is a measure of the
recurring profitability of the Group’s continuing operations.
Analyst and investor
contacts
Christopher Welton |
+33 (0)1 53 65 64 17 |
cwelton.exterieur@groupe-casino.fr |
Charlotte Izabel |
+33 (0)1 53 70 51 29 |
cizabel@groupe-casino.fr |
Investor Relations |
+33 (0)1 53 65 24 17 |
IR_Casino@groupe-casino.fr |
Press contacts
Corporate Communications Department – Casino
Group |
|
Stéphanie Abadie |
+33 (0)6 26 27 37 05 |
sabadie@groupe-casino.fr |
Investor Communications Department |
+33 (0)1 53 65 24 78 |
directiondelacommunication@groupe-casino.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 Same-store growth – see definition on page 19 of
the appendices
2 See definitions on page 19 of the appendices
3 See definition on page 19 of the appendices
4 A change in the allocation of net sales was carried out in Q1
2024, consisting of allocating all ExtenC net sales (including the
Group’s international activities previously presented in the
“Other” segment) to the “Casino” and “Franprix” segments. This
reallocation stems from a move to present net sales by brand (and
no longer by format) in line with the Group's new operational
management methods. Data for 2023 have been adjusted accordingly to
facilitate comparisons
5 Gross merchandise value
6 Data published by Cdiscount
7 Change in GMV at 25 July 2024 compared with the
prior-year period
8 See page 5
9 See definitions on page 19 of the appendices
10 Including +€18m and +€11m for Quatrim in H1 2023 and H1 2024
respectively
11 See definitions on page 19 of the appendices
12 Including +€14m and +€7m for Quatrim in H1 2023 and H1 2024
respectively
13 Including +€11m and +€5m for Quatrim in H1 2023 and H1 2024
respectively
14 4-installment payment plan for customers
15 Underlying diluted earnings per share includes the dilutive
effect of TSSDI deeply-subordinated bond distributions in
2023. In addition, in accordance with
IAS 33, the weighted average number of shares in issue used to
calculate earnings per share for 2023 and 2024 has been adjusted to
take into account the reverse stock split carried out in H1
2024
16 Before financial expenses - See definition on page 19 of the
appendices
17 Net of other financial assets (mainly escrow accounts)
18 The €1,352m amount of the reinstated term loan takes into
account the fair value impact determined at the instrument's
initial recognition date (March 27, 2024), i.e. +€58m at June 30,
2024.
19 See definition on page 19 of the appendices
20 See definition on page 19 of the appendices
21Casino Finance, Distribution Casino France, Casino Participations
France, Quatrim, Segisor and Monoprix.
22€313m of these deferred items were reimbursed (€80m) owing to a
cash pledge set up by the Group in favour of URSSAF in H2 2023. Of
the €233m, €153m relates to continuing operations
23Excluding restructuring costs directly attributable to Quatrim
paid out of the Quatrim segregated account.
24Based on a USD/EUR exchange rate of 1.0905 at 24 January 2024
(ECB).
25Based on a BRL/EUR exchange rate of 0.1844 at 14 March 2024
(ECB).
26 Ten stores, for which the conditions precedent have not been met
on time, will be sold on a deferred basis.
27This sale concerns the second group of stores mentioned in the
press release of 26 May 2023, the first group of 61 outlets having
been sold in full on 30 September 2023.
28 The sale of the remaining 51% controlling interest in a further
66 shops is scheduled for 30 September 2024
29 €45m net of costs
30 Distribution Casino France, Easydis, Casino Services,
L’Immobilère Groupe Casino, Franprix Support, Monoprix and AMC
31International affiliate convenience stores include HM/SM
affiliates abroad. Leader Price franchises in France are presented
within discontinued operations.
32International affiliate convenience stores include HM/SM
affiliates abroad. HM/SM stores in France are presented within
discontinued operations.
33Other activities include 3C Cameroun.
34 See definition on page 19 of the appendices.
35 Corresponds to the fair value adjustments of converted debts,
reinstated debts and share warrants.
36Previously published comparative information has been
restated.
37 In accordance with IAS 33.64, earnings per share have been
adjusted to take account of capital transactions.
38Previously published comparative information has been
restated.
- 2024 07 30 - Press Release - H1 2024
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