Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2007 Earnings Presentation
70 slides from Casino, Guichard-perrachon Sa's earnings presentation, Mar 13, 2008
Slide 1: 2007 Full-Year Results
2007 FULL-YEAR RESULTS 13 March 2008
Slide 2: Preliminary Notes
PRELIMINARY NOTES The Polish and US operations were divested at the end of 2006 and in first-half 2007, respectively. In accordance with IFRS 5, net profit from these operations has been recognised in “net profit from discontinued operations”. In the following presentation, all amounts concern c
Slide 3: 2007 Financial Highlights
2007 FINANCIAL HIGHLIGHTS % change vs. 2006 Consolidated net sales €24,972m +11.0% EBITDA €1,799m +15.3% Trading margin 4.8% vs. 4.6% in 2006 Trading profit €1,196m +14.7% vs. €436m in 2006 Attributable net profit €664m +52.4% vs. €4,390m Net debt €4,410m in 2006 Net debt/EBITDA 2.45x vs. 2.81x 2007
Slide 4: The Group Met All of Its Objectives in 2007
THE GROUP MET ALL OF ITS OBJECTIVES IN 2007 Robust growth in sales (up 11%) and trading profit (up 14.7%), led by international operations Satisfactory performance in France Management of Franprix and Leader Price operations taken over in the spring, with the first signs of an upturn in sales
Slide 5: Sustained Growth in Net Sales, Up 11%
SUSTAINED GROWTH IN NET SALES, UP 11% Reported net sales 2007 organic sales growth Scope of Currency Organic consolidation growth +3.8% +11.0% 11,2% +7.0% +0.2% 3,8% €24,972 m 1,8% €22,505 m 2006 2007 France International Group Robust 11% growth in net sales Primarily due to the full consolidati
Slide 6: Sharp Increase in Trading Profit, Up 14.7%
SHARP INCREASE IN TRADING PROFIT, UP 14.7% Reported trading profit Trading profit in € millions Scope of Currency Organic 2006 2007 consolidation growth +14.7% +14.7% +4.8% +3.3% +9.4% +0.5% +65.4% €1,196 1,196 €1,043 m 1,043 852 880 m 191 316 2006 2007 France International Group Strong growth in
Slide 7: Outline
OUTLINE France International Results Strategy and Conclusion Appendices 2007 Full-Year Results 7
Slide 8: France: Improvement in the Leading Indicators
FRANCE: IMPROVEMENT IN THE LEADING INDICATORS in € millions 2006 2007 % Change Net sales 17,599 17,915 1.8% EBITDA 1,241 1,296 4.4% EBITDA margin 7.1% 7.2% +18 bp Trading profit 852 880 3.3% Trading profit margin 4.8% 4.9% +7 bp Trading margin improved by 7 bp, under the favourable impact of: Th
Slide 9: France: Every Format Reported Higher Sales, Except Franprix / Leader Price
FRANCE: EVERY FORMAT REPORTED HIGHER SALES, EXCEPT FRANPRIX / LEADER PRICE Sales growth – 2007 vs 2006 18.1% 5.8% 1.8% 3.8% 0.1% 0.1% -2.6% France Géant Casino Monoprix Superettes FP/LP Other Casino supermarchés businesses Sales in France rose 3.1% excluding FP/LP Sustained growth at the two sup
Slide 10: France: Margin Contracted in H2 Due to Sales Revitalisation Plans at FP/LP
FRANCE: MARGIN CONTRACTED IN H2 DUE TO SALES REVITALISATION PLANS AT FP/LP Trading profit margin in France +34 bp -19 bp +7 bp 5.6% 5.4% 4.8% 4.9% 4.1% 4.4% H1-06 H1-07 H2-06 H2-07 2006 2007 FP/LP trading margin dropped 77 bp in the second half, reflecting the impact of sales revitalisation plans
Slide 11: Hypermarkets: Trading Margin Held Firm
HYPERMARKETS: TRADING MARGIN HELD FIRM Net sales Trading profit Trading profit margin +0.1% 6,294 6,299 -0.7% 172 171 -2 bp 2.7% 2.7% 2006 2007 2006 2007 2006 2007 Géant Casino’s market share was stable for the year, at 3.7% Food sales up 1.1%, led by double-digit growth in private label sales a
Slide 12: Convenience Formats Contributed Significantly to Sales Growth and Profitability
CONVENIENCE FORMATS CONTRIBUTED SIGNIFICANTLY TO SALES GROWTH AND PROFITABILITY Net sales Trading profit Trading profit margin +3.8% 6,326 6,569 +17.9% + 68 bp 373 5.7% 317 5.0% 2006 2007 2006 2007 2006 2007 Robust growth in sales, led by Casino supermarchés and Monoprix Significant improvement
Slide 13: Casino Supermarchés Enjoyed an Excellent Performance
CASINO SUPERMARCHES ENJOYED AN EXCELLENT PERFORMANCE Strong growth momentum at Casino supermarchés, with sales up 5.8% to €3,224m Sustained 3.1% same-store growth, led both by a 1.5% rise in traffic and a 1.6% increase in the average basket Enhanced shopper appeal, based on: Development of p
Slide 14: Monoprix: An Effective Marketing Strategy
MONOPRIX: AN EFFECTIVE MARKETING STRATEGY Sustained 3.8% growth in sales to €1,780m Same-store sales up 2.7%, supported by a high-quality, contemporary food and non-food offering Assertive expansion strategy based on: Deployment of the Monoprix citymarket model (8 openings in 2007) Faster
Slide 15: Superettes: Unrivalled Coverage in France with More Than 6,000 Outlets
SUPERETTES: UNRIVALLED COVERAGE IN FRANCE WITH MORE THAN 6,000 OUTLETS Sales stable at €1,565m, despite the closing of nearly 500 unprofitable stores Recruitment of new affiliates, demonstrating the model’s appeal Proven franchising expertise Close to 4,000 franchised stores at year-end 2007
Slide 16: FP/LP: Fast Turnaround in Sales
FP/LP: FAST TURNAROUND IN SALES Growth in all-store sales (FP/LP) Growth in same-store sales 2,2% Franprix Leader Price 3.2% -1,2% -1,8% -3,5% -3.8% -3,8% -4,6% -4,7% -11,0% -12,3% -13,9% Q1 07 Q2 07 Q3 07 Q4 07 Q1 07 Q2 07 Q3 07 Q4 07 Management of operations taken over in spring 2007 Gradual i
Slide 17: Leader Price: Promoting the "Prix Gagnant" Value Line
LEADER PRICE: PROMOTING THE “PRIX GAGNANT” VALUE LINE Renovation and “Prix Gagnant” extension of the Leaflet “Prix Gagnant” line 2007 Full-Year Results 17
Slide 18: FP/LP: Inflexion in Profit Due to Sales Revitalisation Plans
FP/LP: INFLEXION IN PROFIT DUE TO SALES REVITALISATION PLANS Net sales Trading profit Trading profit margin -2.6% 4,021 3,915 -45 bp -8.5% 7.4% 6.9% 296 271 2006 2007 2006 2007 2006 2007 Trading profit margin contracted 77 bp in H2 (down 14 bp in H1), reflecting the impact of the sales revitalisat
Slide 19: Other Businesses: Sustained Fast Growth
OTHER BUSINESSES: SUSTAINED FAST GROWTH Net sales Trading profit +18.1% 1 131 -2.9% 958 67 65 2006 2007 2006 2007 Strong business expansion at Cdiscount, with sales up more than 25% to €660m Mercialys rental income up 20.9% on 9.3% organic growth and an active acquisition strategy Growth in Ba
Slide 20: Outline
OUTLINE France International Results Strategy and Conclusion Appendices 2007 Full-Year Results 20
Slide 21: International Operations Are Driving Growth
INTERNATIONAL OPERATIONS ARE DRIVING GROWTH in € millions 2006 2007 % Change Net sales 4,906 7,057 43.8% EBITDA 319 504 57.8% EBITDA margin 6.5% 7.1% +63 bp Trading profit 191 316 65.4% Trading profit margin 3.9% 4.5% +58 bp Strong growth in international sales, driven by The consolidation of Ex
Slide 22: Dynamic Growth in South America and Asia
DYNAMIC GROWTH IN SOUTH AMERICA AND ASIA 2007 organic growth in sales Trading profit margin 2006 2007 14.8% 2006 2007 6.2% 5.3% 5.6% 11.2% 4.5% 9.8% 3.9% 4.1% 3.9% 3.3% 1.7% International South Asia Indian International South Asia Indian America Ocean America Ocean Double-digit organic growth in S
Slide 23: South America: A Good Performance in Every Country
SOUTH AMERICA: A GOOD PERFORMANCE IN EVERY COUNTRY Net sales Trading profit Trading profit margin +77.7% 4,686 +120.2% + 79 bp 192 3.3% 4.1% 2,637 87 2006 2007 2006 2007 2006 2007 Robust growth in sales, both organic, up 14.8%, and same-store, up 13.2% Solid sales growth at CBD due to a 3.4% inc
Slide 24: CBD: Improved Margins in the Second Half
CBD: IMPROVED MARGINS IN THE SECOND HALF Total sales up 7.4%*, driven by a dynamic expansion strategy 37 stores opened Development of new formats (Extra Facil, Extra Perto) Acquisition of Assai has taken CBD into the highly promising cash and carry segment 3.4% same-store growth, led by hi
Slide 25: Exito: An Undisputed Market Leader Following Consolidation of Carulla Vivero
EXITO: AN UNDISPUTED MARKET LEADER FOLLOWING CONSOLIDATION OF CARULLA VIVERO Sales up 60% to €2.2bn Consolidation of Carulla Vivero as from 1 February 2007 13.9% organic growth, led by sustained expansion strategy (6 stores opened, 14 converted) Faster development of the Exito card created i
Slide 26: Asia: A Fast Growing, High Margin Region
ASIA: A FAST GROWING, HIGH MARGIN REGION Net sales Trading profit Trading profit margin +6.2% +47.0% + 148 bp 1,536 1,445 82 5.3% 3.9% 56 2006 2007 2006 2007 2006 2007 Sustained 9.8% organic growth Improved trading profit margin at constant exchange rates and scope of consolidation Big C turne
Slide 27: Super de Boer: A Return to Profit During the Year
SUPER DE BOER: A RETURN TO PROFIT DURING THE YEAR Same-store sales growth Trading profit Net profit 3.7% 10 7 2.5% -45 -13 2006 2007 2006 2007 2006 2007 Consolidated sales of €1.9bn Positive trading profit and net profit Net debt stable at €77m Fully consolidated as from 1 January 2008 (prev
Slide 28: Outline
OUTLINE France International Results Strategy and Conclusion Appendices 2007 Full-Year Results 28
Slide 29: Significant Increase in Trading Profit: Up 14.7%
SIGNIFICANT INCREASE IN TRADING PROFIT: UP 14.7% in € millions 2006 2007 % Change Total business volume, excl. VAT (1) 35,064 35,819 +2.2% Net sales 22,505 24,972 +11.0% Sales margin 6,002 6,818 +13.6% As a % of sales 26.7% 27.3% +63 bp EBITDA (2) 1,560 1,799 +15.3% EBITDA margin 6.9% 7.2% +27 bp De
Slide 30: Very Strong Growth in Attributable Net Profit from Continuing Operations
VERY STRONG GROWTH IN ATTRIBUTABLE NET PROFIT FROM CONTINUING OPERATIONS: UP 52.4% in € millions 2006 2007 % Change Trading profit 1,043 1,196 +14.7% Other operating income and expense (32) 139 Finance costs, net (193) (295) Other financial income and expense 10 2 Profit before tax 828 1 041 Income
Slide 31: Net Debt Stable Despite the Consolidation of Exito
NET DEBT STABLE DESPITE THE CONSOLIDATION OF EXITO Of which Casino USA 297 Of which Sale of Polish ops 104 Income tax paid (256) Far Eastern Géant 17 Net interest paid (303) OPCI 635 Carulla put (148) Exito share issue 165 in €m Other Capex Dividends paid Acquisitions (491) 1,811 (1,085) (326) 1,180
Slide 32: An Increase in Capital Expenditure Reflecting International Expansion
AN INCREASE IN CAPITAL EXPENDITURE REFLECTING INTERNATIONAL EXPANSION Capital expenditure (€m) 1,085 969 93 Change in scope (1) 80 International +70,7% International excluding 205 350 changes in scope 45 Mercialys 70 639 France 571 France -10,6% excluding Mercialys 2006 2007 Sharp increase in inte
Slide 33: A Stronger Financial Position
A STRONGER FINANCIAL POSITION en millions d'euros 31 Dec. 2005 31 Dec. 2006 31 Dec. 2007 Equity 5,638 5,972 7,124 Net debt 5,444 4,390 4,410 Of which minority shareholders’ put options 1,031 889 706 Net debt / EBITDA 3,82x 2,81x 2,45x Gearing 96% 74% 62% Net debt/EBITDA was reduced to 2.45x from 3
Slide 34: Strong Increase in ROCE
STRONG INCREASE IN ROCE ROCE ROCE excluding Goodwill 23,6% 20,7% 18,5% 10,9% 9,4% 9,7% 2005 2006 2007 Completion of the €2.5 billion asset disposal plan Optimising capital employed in particular by a tighter control on inventories NB: ROCE = Trading profit / average of (equity + net debt) of (y
Slide 35: Outline
OUTLINE France International Results Strategy and Conclusion Appendices 2007 Full-Year Results 35
Slide 36: From Mass Market to Precision Retailing (1/2)
FROM MASS MARKET TO PRECISION RETAILING (1/2) Retailing is gradually evolving, as it keeps up with today’s increasingly personalized shopper lifestyles and needs A greying population Shrinking families Family members increasingly living their own lives, at their own rhythm Individualism as
Slide 37: From Mass Market to Precision Retailing (2/2)
FROM MASS MARKET TO PRECISION RETAILING (2/2) Over the years, Casino has built its competitive advantage on its multi-format structure and heavy focus on convenience and discount formats The Group is also deploying a differentiation strategy that enables it to respond effectively to every custom
Slide 38: France: Formats - A Favourable Format Mix
FRANCE: FORMATS A FAVOURABLE FORMAT MIX French market 2007 retail banner sales France Same-store sales Market share Hypermarkets CAGR 2001-2007 of discount Discount 13.2% 0.9% 10.1% 33% 15% Convenience 17% Supermarkets 0.2% 35% SM HM 2001 2007 >6,500 sq.m Source: Nielsen Source: TNS Worldpanel A v
Slide 39: France: Formats - A Targeted Strategy for Each Banner
FRANCE: FORMATS A TARGETED STRATEGY FOR EACH BANNER POSITIONING CUSTOMER VALUE PROPOSITION Easy, enjoyable shopping in a y Private label products (price/quality/choice) people-friendly hypermarket y Emphasis on fresh food sections y New non-food sections Fair prices, quality and y Private label prod
Slide 40: France: Products - Ramp-up of Differentiation Drivers
FRANCE: PRODUCTS RAMP-UP OF DIFFERENTIATION DRIVERS Development of private Enlarged fresh food label products sections New non-food Reallocation concepts of selling area 2007 Full-Year Results 40
Slide 41: France: Products - Increased Momentum of Casino Private Label
FRANCE: PRODUCTS INCREASED MOMENTUM OF CASINO PRIVATE LABEL Casino: No. 1 retailer in private label penetration In FMCG revenues and volumes Sustained double-digit sales growth Driven by a competitive pricing And an active innovation strategy More than 600 new food products in 2007 and 2
Slide 42: France: Customers - More Precise Customer Segmentation Thanks to dunnhumby
FRANCE: MORE PRECISE CUSTOMER SEGMENTATION CUSTOMERS THANKS TO DUNNHUMBY A solid customer intelligence database thanks to the loyalty programme 3.7 million cardholders (HM +SM) Member of the S’miles network (13 million cardholders) The partnership with dunnhumby is a way to improve our custo
Slide 43: International: Strengthening the Profitable Growth Profile
INTERNATIONAL STRENGTHENING THE PROFITABLE GROWTH PROFILE International organic sales International trading Consolidated sales by region (%) vs y-1 profit margin Other International 9 3 11.2% Emerging 12 25 4.5% markets 6.4% 2.8% France 79 72 2004 2007 2005 2007 2004 2007 Higher exposure to fast
Slide 44: International: Geographic Footprint Covering High Growth Countries
INTERNATIONAL A GEOGRAPHIC FOOTPRINT COVERING COUNTRIES WITH HIGH GROWTH POTENTIAL South America South East Asia Banner sales €8.9bn €1.5bn Venezuela Brazil Colombia Argentina Thailand Vietnam Uruguay Large, young populations* 190 44 69 69 85 <15 yrs 25% 30% 27% 22% 26% Fast growing economies 4% 4.8
Slide 45: International: Banners Have Leadership Positions and Deep Local Roots
INTERNATIONAL OUR BANNERS HAVE LEADERSHIP POSITIONS AND DEEP LOCAL ROOTS Sales Sales #1 €0.6bn €1.5bn €0.1bn #1 #2 #2 €2.2bn €5.6bn* #1 €0.3bn €0.3bn* #1 in South America * 100% basis 2007 Full-Year Results 45
Slide 46: International: Strengthening Leadership Positions
INTERNATIONAL STRENGTHENING LEADERSHIP POSITIONS Sustained strong expansion in key countries (Brazil, Colombia and Thailand), in both conventional and new formats Faster rationalisation of the banner base in Brazil and Colombia Additional acquisitions as opportunities arise (e.g.: Assai in Bra
Slide 47: Property Management: An Active Asset Optimisation Strategy Since 2005
PROPERTY AN ACTIVE ASSET OPTIMISATION STRATEGY MANAGEMENT SINCE 2005 Standard Investment Strategic Property Property Property Offices and Shopping Stores/Undeveloped Land Warehouses Malls With Mature or undeveloped strategic land or properties opportunities for extension Head office 2005 sold IPO Wa
Slide 48: Property Assets Are a Significant Component of the Group's Value
PROPERTY PROPERTY ASSETS ARE A SIGNIFICANT MANAGEMENT COMPONENT OF THE GROUP’S VALUE France International Stores €3.9bn €1.5bn €5.4bn (mainly hypermarkets) Shopping €1.3bn €0.5bn €1.8bn malls €5.2bn €2bn €7.2bn Total value has increased since 31 December 2006, despite the €635m in disposals in Octob
Slide 49: The Dual Retailing - Property Management Model
PROPERTY THE DUAL RETAILING – PROPERTY MANAGEMENT MODEL MANAGEMENT IS A CORE DRIVER OF THE GROUP’S PROFITABLE GROWTH Increase store traffic and support expansion of our Retailing business Develop and promote shopping centres in France with the Alcudia project To create vibrant communities, wit
Slide 50: Expansion: Sustained Momentum in France and International Markets
EXPANSION SUSTAINED MOMENTUM IN FRANCE AND INTERNATIONAL MARKETS France: sustained expansion in promising formats Maintaining an active expansion strategy for Casino supermarchés and Monoprix Developing the Franprix network In greater Paris and other large French cities With the target of
Slide 51: Conclusion: Solid Fundamentals to Drive Faster Organic Growth
CONCLUSION: SOLID FUNDAMENTALS TO DRIVE FASTER ORGANIC GROWTH A well positioned asset portfolio A favourable format mix in France High growth potential of Franprix and Leader Price banners An international geographic footprint refocused on high potential countries (Brazil, Colombia and Thail
Slide 52: Conclusion: 2008 Objectives
CONCLUSION 2008 Objectives Faster organic growth in sales Further growth in trading profit 2007 Full-Year Results 52
Slide 53: The Casino Group Is Expressing Its Identity and Competitive Difference
THE CASINO GROUP IS EXPRESSING ITS IDENTITY AND COMPETITIVE DIFFERENCE With a new corporate signature... ...and a corporate advertising campaign beginning 16 March S TV TV REESSS PPR 2007 Full-Year Results 53
Slide 54: Outline
OUTLINE France International Results Strategy and Conclusion Appendices 2007 Full-Year Results 54
Slide 55: Changes in Scope of Consolidation
CHANGES IN SCOPE OF CONSOLIDATION Exito (Colombia), which was previously accounted for by the equity method, has been fully consolidated since 1 May 2007 Disco (Uruguay) has been proportionately consolidated on a 55% basis (vs. 50%) from 1 April 2006, on a 58% basis from October 1, 2006, and on
Slide 56: Simplified Consolidated Balance Sheet
SIMPLIFIED CONSOLIDATED BALANCE SHEET in € millions 31 Dec. 2006 31 Dec. 2007 Goodwill 5,578 6,177 Intangibles and property, plant & equipment 5,983 7,297 Investments in associates 436 277 Non-current financial assets 375 446 Non-current derivative instruments* 78 55 Other non-current assets 137 171
Slide 57: Cash Flow Statement
CASH FLOW STATEMENT in € millions 31 Dec. 2006 31 Dec. 2007 Net debt at beginning of period (5,444) (4,459) Cash flow 1,069 1,221 Change in working capital requirement (130) 42 Other (1) 245 335 Net cash flow from operating activities 1,184 1,597 Capital expenditure (969) (1,085) Acquisitions (110)
Slide 58: Liquidity
LIQUIDITY At 31 December 2007, the Group had €2 billion in cash and more than €2 billion in unused and available confirmed lines of credit... Cash and cash equivalents €2,066m Unused and available €2,143m confirmed lines of credit … compared with the following bond redemption obligations Bond re
Slide 59: Sales Breakdown
SALES BREAKDOWN in € millions 2006 2007 Géant Casino 6,294 6,299 Convenience stores 6,326 6,569 Casino supermarchés 3,047 3,224 Monoprix 1,715 1,780 Superettes 1,564 1,565 Franprix/Leader Price 4,021 3,915 Other businesses 958 1,131 FRANCE 17,599 17,915 South America 2,637 4,686 Asia 1,445 1,536 Ind
Slide 60: Trading Profit Breakdown
TRADING PROFIT BREAKDOWN in € millions 2006 2007 Géant Casino 172 171 Convenience stores 317 373 Franprix / Leader Price 296 271 Other businesses 67 65 FRANCE 852 880 South America 87 192 Asia 56 82 Indian Ocean 51 47 Other (Poland) (4) (6) INTERNATIONAL 191 316 GROUP 1,043 1,196 2007 Full-Year Resu
Slide 61: Average Exchange Rates
AVERAGE EXCHANGE RATES 2006 2007 Change ARS / EUR 0.259 0.234 - 9.6% UYP / EUR 0.033 0.031 - 5.8% VEB / EUR (x 1 000) 0.371 0.340 - 8.4% THB / EUR 0.021 0.023 7.6% TWD / EUR 0.024 0.022 - 9.2% VND / EUR (x 1,000) 0.050 0.045 - 9.3% COP / EUR (x 1,000) 0.337 0.353 + 4.5% BRL / EUR 0.366 0.375 + 2.6%
Slide 62: Other Operating Income and Expense
OTHER OPERATING INCOME AND EXPENSE in € millions 2007 Capital gains on assets disposals 265 Of which OPCI 255 Other operating income and expense (126) Asset impairments (net of reversals) (25) Provisions for litigation (18) Provisions pour contingencies (24) Provisions for restructuring (28) Other (
Slide 63: Finance Costs, Net
FINANCE COSTS, NET in € millions 2006 2007 Income from cash and cash equivalents 53 61 Interest expense on borrowings after hedging (250) (335) Change in fair value of derivative instruments 36 0 used as hedges on the bond issue* Exchange gains and losses on borrowings (23) (13) Interest expense on
Slide 64: Other Financial Income and Expense
OTHER FINANCIAL INCOME AND EXPENSE in € millions 2006 2007 Change in fair value of options and impairment of investments* (3) 10 Change in fair value of derivative instruments excl. hedging (2) (0) Exchange gains and losses (6) 5 Discounting adjustments (11) (21) Cash discounts received 26 0 Other 6
Slide 65: Minority Interests
MINORITY INTERESTS in € millions 2006 2007 Mercialys 22 28 FP/LP 60 36 Big C 18 22 Vindémia 11 2 Exito (1) 0 21 Others 4 (7) TOTAL 115 102 (1) Fully consolidated since 1 May 2007 2007 Full-Year Results 65
Slide 66: Share of Profit of Associates
SHARE OF PROFIT OF ASSOCIATES in € millions 2006 2007 FP/LP 11 9 Feu Vert 1 0 CBD (9) (4) Exito (1) 24 7 Super de Boer (20) 4 TOTAL 7 17 (1) Fully consolidated since 1 May 2007 2007 Full-Year Results 66
Slide 67: Puts
PUTS in €m Value Company % capital at 31 Dec. 2007 Puts included in net debt 706 Franprix- Leader Price Franprix Holding 95% Æ 100% 420 & Leader Price Holding 75% Æ 100% Majority-owned franchised stores 98 Exito Carulla Vivero put (77.5% to 100%) 148 Uruguay (Devoto) 11 Assai (CBD) 60% Æ 100% 29 Off
Slide 68: Change in Equity
CHANGE IN EQUITY Of which in €m Revaluation of Exito’s 90 net equity 110 2007 394 920 dividend TSSDI Others 38 dividends (281) Chg in (30) Chg in scope of translation consolidation adjustment and puts 7,124 Of which Profit for Exito minority shareholders 343 the year Exito share issue 108 Casino USA
Slide 69: Market Value of Listed Investments
MARKET VALUE OF LISTED INVESTMENTS Share price at Market value % Casino Company 11 March 2008 100% held share Mercialys €27.05 €2,033m 61.5% €1,250m CBD (Brazil) BRL35.50 €3,110m 34.0% €1,057m Exito (Colombia) COP14,040 €1,389m 59.8% €831m Big C (Thailand) THB48.00 €797m 63.2% €503m Super de Boer (N
Slide 70: Number of Stores
NUMBER OF STORES France 31 Dec 2006 31 Dec 2007 Géant Casino 128 129 Casino supermarchés 367 379 Franprix 637 652 Monoprix 310 330 Leader Price 471 489 Convenience 5,721 6,040 Other 397 378 TOTAL France 8,031 8,397 International Argentina 62 62 Uruguay 48 52 Venezuela 65 62 Brazil 551 575 Thailand 5
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