Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — H1 2024 Earnings Presentation
28 slides from Casino, Guichard-perrachon Sa's earnings presentation, Jul 31, 2024
Slide 1: First Half 2024
First Half 2024 31 July 2024 First Half 2024 – 31 July 2024
Slide 2: The New Casino
1 The New Casino Philippe Palazzi CEO First Half 2024 – 31 July 2024
Slide 3: First Half 2024 Highlights
First Half 2024 Highlights Starting point of road to recovery NET SALES ADJUSTED EBITDA FCF POST WC CHANGE € 4.2 bn € 255 mn € (413) mn -3.5% LFL -24% year-on-year € (153) mn FY 2023 deferred payments Financial results still impacted by legacy challenges Restructuring projects well underway In
Slide 4: New Casino's competitive advantages
First Half 2024 Highlights New Casino’s competitive advantages The New Casino is a group of convenience brands 4 First Half 2024 – 31 July 2024
Slide 5: New Casino's phases over the next three years
First Half 2024 Highlights New Casino’s phases over the next three years RESTRUCTURE CONSOLIDATE DEVELOP Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2027 The immediate priority: finalize the restructuring already underway 5 First Half 2024 – 31 July 2024
Slide 6: Finalizing the restructuring
First Half 2024 Highlights Finalizing the restructuring SELL ADAPT REORGANIZE HM/SM ASSETS LOGISTICS NETWORK HEAD OFFICES Sale of HM/SM to Resize Distribution Adjust the size of the cut the main source Casino France's Group's DCF support of losses to keep the logistics network to functions Gro
Slide 7: A recognised ESG commitment
Environment, Social, Governance (ESG) A recognised ESG commitment » Combat climate change › Renewal of ISO 50001 » Promoting more responsible trade › 100% of Casino, Franprix and Monoprix products rated Nutri score. » Acting as a responsible employer › Renewal of TOP Employeur 2024 certification » S
Slide 8: Financial results
2 Financial results Angélique Cristofari CFO First Half 2024 – 31 July 2024
Slide 9: 2024 Scope of Consolidation
First Half 2024 2024 Scope of Consolidation: 62% of 2023 Net Sales in France1 Ongoing activities Convenience brands Abandonned activities Casino Hypermarkets A streamlined store network Supermarkets More focused ongoing activities expected to have superior profit and cash flow profiles 1 MP, FP, Cas
Slide 10: H1 2024 Key Figures
First Half 2024 H1 2024 Key Figures Net Sales EBITDA € 4.2 bn € 255 mn € 26 mn -3.5% LFL € (79) mn yoy € (86) mn yoy Adjusted After lease payments » Proximity banners » H1 23 supported by positive one-offs -0.3% LFL (€ 20 mn*) » Cdiscount » H1 24 impacted by: -18.9% LFL due to › OPEX inflation plann
Slide 11: H1 2024 Convenience Sales
First Half 2024 H1 2024 Convenience Sales: € 3.7 bn (-0,3% LFL) versus no-growth market (+0,1%*) € 2 150 mn • Accelerated Monop & Naturalia growth (+0.8 % LFL) • Store refurbishment € 815 mn • Poor weather in June offsets good May (+0.4 % LFL) • Stores: franchise -1, integrated -18 • E-commerce +15%
Slide 12: EBITDA by segment
First Half 2024 Adjusted EBITDA: € 255 mn (- € 79 mn yoy); EBITDA after lease payments: € 26 mn (- € 86 mn yoy) Adjusted After lease € 179 mn € 37 mn H1 23 one-off (- € 28 mn yoy) (- € 37 mn yoy) (+ € 17 mn) € 50 mn € 8 mn H1 23 one-off (- € 23 mn yoy) (- € 25 mn yoy) (+ € 3 mn) € 24 mn € 2 mn Adjus
Slide 13: Below EBITDA
First Half 2024 Below EBITDA Other Op. Inc/(Exp) Net Financial Result € (609) mn € 3,262 mn Depreciation of Franprix Fair value gains (non-cash) goodwill (non cash): on converted and reinstated € (422) mn debt: € 3,486 mn Financial restructuring: Interest expense on gross € (81) mn debt 1 Jan to 30
Slide 14: Substantial reduction of underlying net loss
First Half 2024 Underlying net profit/(loss): € (349) mn H1 23 In €m H1 24 restated Net profit/(loss) from continuing operations (918) 2,549 Adjustments: Other operating income/(expense) 41 609 Financial result - (3,486) Income taxes (15) (21) Underlying net profit/(loss) from continuing (892) (349)
Slide 15: Stable free cash flow before Conciliation agreement
First Half 2024 Free cash flow of € -413 mn impacted by payment of deferred social and tax charges related to financial restructuring H1 23 H1 24 No H1 23 one-offs In €m restated MP: Inflation and margin rate mix Adjusted EBITDA 334 255 FP: franchise payables write-off (-) lease payments (223) (229)
Slide 16: Net financial debt: reduced by €5.1 bn
First Half 2024 Net financial debt: reduced by € 5.1 bn H1 23 H1 24 In €m restated Free cash flow (735) (413) Net financial expenses (cash) (188) (117) Dividends paid (42) (1) Capital increase - 1,200 Effect of completion of Financial Restructured debt - 3,886 Restructuring Financial restructuring c
Slide 17: Net financial debt decline thanks to HM/SM asset disposals
First Half 2024 Net financial debt: reduced by € 553 mn vs end Q1 24 In €m 30/06/24 31/03/24 31/12/23 Loans and borrowings (2,116) (3,247) (7,232) EMTN / High Yield bonds - - (2,168) RCF Casino Finance / RCF Monoprix reinstated - (711) (2,051) Term Loan B / Term Loan reinstated (1,352)1 (1,410) (1,4
Slide 18: Earliest material maturity in March 2026
First Half 2024 Debt maturities schedule: October 2024 to March 2028 in millions of euros 1781.7 Optional extension Undrawn RCF 711.3 371.8 Drawn amounts¹ 91.9 Undrawn amounts¹ 307.9 371.8 TLB RCF 1409.9 Optional 711.3 Quatrim extension bonds 490.9 287.9 490.9 22.8³ 5.3² 83.9 October 2024 April 2025
Slide 19: Satisfactory liquidity position
First Half 2024 Liquidity at 30 June 2024: €1.79 bn In € bn » €1.79 bn liquidity on 30 June 2024: 0.72 0.71 › € 0.72 bn available cash at Casino Finance level1 (cash-pooling entity of the French 0.35 business) › € 0.71 bn fully undrawn reinstated RCF Cash held by Casino RCF Monoprix Other undrawn Mo
Slide 20: First test of covenants in September 2025
First Half 2024 Financial covenants under the new financing agreements » Post-restructuring financial covenants Minimum Liquidity Total Net Leverage Liquidity forecast Amount Ratio • Liquidity on the last day of • At the end of each quarter, • At the end of each quarter, each month to be € 100 the l
Slide 21: Closing Remarks
3 Closing Remarks Philippe Palazzi CEO First Half 2024 – 31 July 2024
Slide 22: New Casino on the road to recovery
First Half 2024 Closing Remarks New Casino on the road to recovery What we have accomplished so far: Restructuring projects well underway » Rationalization of the store base » Sale of HM and SM » Agreement to sell Codim (18 stores in Corsica) » Opening of several renovated Monoprix stores Initia
Slide 23: New Casino tomorrow
First Half 2024 Closing Remarks New Casino tomorrow Where we are going: Led by the new management team, the financial, commercial and operational review paves the way for the Group's plan to create economic and social value. Group's value creation plan to be unveiled after Q3 2024 results 23 First H
Slide 24: Q&A
3 Q&A First Half 2024 – 31 July 2024
Slide 25: Appendices
Appendices 25 First Half 2024 – 31 July 2024
Slide 26: Financial Restructuring and Asset Disposals
First Half 2024 Highlights Financial Restructuring: Capital Increase € 1.2 bn Asset Disposals € 1.2 bn Financial Restructuring 11 January 2024 Shareholder meeting approves Financial Restructuring Plan 27 March 2024 Implementation of Financial Restructuring Plan 14 June 2024 Reverse share split effec
Slide 27: Update on the sale of HM/SM
First Half 2024 Highlights Update on the sale of 402 HM/SM Sales completed as of 30 June 2024 61 121 90 stores stores stores 30 Sept 2023 30 April 2024 31 May 2024 Sales expected to be completed in H2 2024 66 5 66 10 18 stores stores stores stores stores 1 July 2024 1 July 2024 30 Sept 2024 TBC TBC
Slide 28: Disclaimer
Disclaimer This presentation contains forward-looking information and statements about Casino. Forward-looking statements are statements that are not historical facts. These statements include financial forecasts and estimates and their underlying assumptions, statements regarding plans, objectives,
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