Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2017 Earnings Presentation
90 slides from Casino, Guichard-perrachon Sa's earnings presentation, Mar 8, 2018
Slide 1: Full Year Results 2017
FULL YEAR RESULTS 2017 8 March 2018 2017 FULL YEAR RESULTS • 8 March 2018 1
Slide 2: Contents
CONTENTS 1 2017 highlights 2 Activity 3 Results 4 Strategic priorities and Perspectives Appendices 2017 FULL YEAR RESULTS • 8 March 2018 2
Slide 3: 2017 highlights
1 2017 highlights 2017 FULL YEAR RESULTS • 8 March 2018 3
Slide 4: 2017 highlights (1/2)
2017 highlights (1/2) Ongoing transformation of concepts and new services Franprix Next concept Noé concept Leader Price Instant New supermarket Cdiscount loans concept energy Alliance around Passaí store Carulla Fresh the loyalty card (Assaí) market programme concept 2017 FULL YEAR RESULTS • 8 Ma
Slide 5: 2017 highlights (2/2)
2017 highlights (2/2) Digital and omni-channel acceleration Exclusive Franprix partnership app Scan & Go in France Casino Max targeted Cdiscount loyalty app corners Loyalty Home Data Google Home Monoprix app deliveries monetisation partnership acquisition of (GPA) (Éxito) (Monoprix) 2017 FULL YEAR
Slide 6: Highlights – France
Highlights – France Total gross sales under banner of €22bn, up 2.3% excluding calendar effect, of which +1.7% in food and +5.6% in non-food (including Cdiscount) Good sales momentum and excellent profitability at convenience/qualitative/service-led banners: Franprix, Monoprix, Casino Supermarke
Slide 7: Highlights – Cdiscount
Highlights – Cdiscount New strategic plan and strong growth at Cdiscount: customer traffic up 12% and around 1bn of visits in 2017. Sharply improved delivery service • Same-day delivery in Greater Paris, Lyon, Lille and Bordeaux; Sunday deliveries in 14 large French cities in 2017, real-time del
Slide 8: Highlights – Latam
Highlights – Latam At GPA, excellent performance by the cash & carry business and ongoing recovery of the hypermarkets: Recovery of the hypermarkets and of Pão de Açúcar, leading to market share gains at comparable scope according to Nielsen Accelerated digitalisation of CRM, with the Meu Desc
Slide 9: 2017 financial highlights (continuing operations)
2017 financial highlights (continuing operations) In €m 2016 2017 Δ Consolidated net sales 36,030 37,822 +5.0% EBITDA 1,697 1,930 +13.7% Trading profit 1,034 1,242 +20.1% Underlying net profit, Group share 341 372 +9.0% Underlying diluted earnings per share 2.56 2.90 +13.4% Consolidated net debt 3,3
Slide 10: Current trading France – 8 weeks
Current trading France – 8 weeks (from January 8 to March 4, 2018) Evolution of net sales Organic Monoprix +3.4% Franprix -0.5% Leader Price -0.6% Hypermarkets* +1.0% Supermarkets +0.0% Convenience +0.9% France +1.0% * Of which +3.0% on organic basis for the food segment Notes: Organic data 8 weeks
Slide 11: France Retail
2 France Retail 2017 FULL YEAR RESULTS • 8 March 2018 11
Slide 12: Monoprix: another year of growth
Monoprix: another year of growth Very strong performance driven by sales & commercial innovation and expansion Organic growth Development of new services of 2.8% Delivery on foot within 1 hour Same-store growth Longer opening hours (Sundays and evenings) of 2.0% Success of the new loyalty
Slide 13: Food e-commerce: partnership with Ocado
Food e-commerce: partnership with Ocado to step up development of home delivery On 28 November 2017, Casino signed an agreement with Ocado Solutions, the world’s leading online grocery retailer, with home delivery The objective is to commission, in early 2020, the most performing customer and lo
Slide 14: Sarenza acquisition to step up Monoprix's omni-channel development
Sarenza acquisition aimed at stepping up Monoprix’s omni-channel development Sarenza, a forefront e-retailer Net sales (before returns) of more than €250m in 30 European countries Vast offering: 650 brands 8m customers and an experienced management team Operation aimed at making Monoprix a
Slide 15: Casino Supermarkets: sales momentum driven by reshaped model
Casino Supermarkets: sales momentum driven by reshaped model Growth confirmed in 2017 Same-store growth positive for 2 years Very strong performance for fresh and organic products Same-store growth (up 18%) of 1.5% Upgrade of the banner: Stable market share Roll-out of the Bijou (“Jewel”)
Slide 16: Franprix, a constantly innovating urban banner
Franprix, a constantly innovating urban banner Dynamic performance of the banner, particularly in terms of customer traffic (up 3.1%) Same-store growth Constantly improving concept of 1.3% Almost 80% of the network has been renovated Same-store traffic up under the Mandarine concept, including
Slide 17: Casino Proximités convenience stores: increasing share of franchise
Casino Proximités convenience stores: increasing share of franchise Same-store growth up sharply versus 2016 (o/w 2.0% growth in Q4 2017) Same-store growth Strong momentum for franchises, with growth of 3.4% in Q4 of 0.3% New concept: Le Petit Casino Same-store franchise growth Roll-out in 1
Slide 18: Leader Price: operational improvement and roll-out of new concepts
Leader Price: operational improvement and roll-out of new concepts Positive same-store growth in 2017 New “Next” concept Same-store growth More qualitative stores which retain a discount cost of 0.2% structure (OPEX and CAPEX) Modernised and expanded offer in Organic, Perfume and Beauty (new
Slide 19: Géant: sustained food sales growth
Géant: sustained food sales growth Very strong performance in food (up 2.8% in Q4) driven by fresh market areas, and fresh and organic products Same-store growth in food Continued reduction in surface area: of 2,3% Total areas reduced by 1.2% on annual average in 2017 (o/w -0.6% vs Q4 2016) an
Slide 20: E-commerce
2 E-commerce 2017 FULL YEAR RESULTS • 8 March 2018 20
Slide 21: Cdiscount: robust growth in GMV and market share gains
Cdiscount: robust growth in GMV and continuous market share gains Confirmation of Cdiscount’s positioning as France’s no. 2 e-commerce player With 18m unique visitors per month In m Customer traffic up 12.4% Data published Δ by the subsidiary 2017 (same store) 60% of traffic now on mobile de
Slide 22: Cdiscount strategic plan (1/2): improving customer experience
Cdiscount – strategic plan (1/2): improving the customer experience Wider selection, greater choice: 17m additional references in 2017, bringing the total number of references on the website to 37m Marketplace product offering expanded by 80% in 2017 Cdiscount is the leader in technical prod
Slide 23: Cdiscount strategic plan (2/2): services and monetisation
Cdiscount – strategic plan (2/2): developing services and increasing monetisation Development of new services: Launch of the Cdiscount énergie offer, the market’s cheapest and most easy-to-subscribe offer Consumer loans with Coup de Pouce (with up to 44,000 consumer credits loans issued betwee
Slide 24: Latam Retail
2 Latam Retail 2017 FULL YEAR RESULTS • 8 March 2018 24
Slide 25: Éxito Colombia: good resistance
Éxito Colombia: good resistance Organic growth came to 1.2% for the year at Éxito (excluding GPA Food), in an environment shaped by the economic slowdown and lower inflation No. 1 New concepts: in Colombia and Uruguay A good performance by the new cash & carry format: 9 Surtimayorista stores o
Slide 26: Excellent performances in Uruguay and Argentina
Excellent performances by the subsidiaries in Uruguay and Argentina URUGUAY Organic growth of 7.8% and same-store growth of 6.2% in 2017 Fresh market areas rolled out in stores and leadership in the convenience segment with Devoto Express Development of the property business, strengthened mult
Slide 27: GPA Food: strong growth in cash & carry
GPA Food: strong growth in cash & carry and recovery at Multivarejo Good commercial performance (with organic sales up 8.7%) in a context of rapidly slowing food price inflation in Brazil Arbitrage of the network in favour of cash & carry, a very buoyant format Organic sales 15 hypermarkets co
Slide 28: Assaí: continuous very strong growth in cash & carry
Assaí: continuous very strong growth in cash & carry Organic growth in sales of 27.8%* over 2017, and same-store growth of 11.0%*, in an environment of steep deflation in certain food categories Organic growth 20 Assaí stores opened in 2017, of which 15 converted of 27.8% Extra hypermarkets, del
Slide 29: Multivarejo: market share gains and customer base growth
Multivarejo: market share gains and growth in the customer base Same-store sales up 0.7%* in 2017 Steady market share gains at comparable scope during the year A stronger base of loyal customers thanks 14m to the “Meu Desconto” programme loyal “Meu Desconto” customers 14m card holders vs. 12
Slide 30: Results
3 Results 2017 FULL YEAR RESULTS • 8 March 2018 30
Slide 31: Preliminary comments
Preliminary comments In light of the ongoing process for the sale of Via Varejo, this business has been classified as a discontinued operation in 2016 and 2017, in accordance with IFRS 5 Currency effects were positive in 2017, with the Colombian peso and Brazilian real gaining an average 1.2% an
Slide 32: 2017 consolidated net sales up 5.0%
2017 consolidated net sales up 5.0% In €m +5.0% +2.2% +0.1% +3.2% +802 +0.8% +2.4% +355 -0.5% +865 37,822 36,030 Net sales 2016 Same-store Expansion Organic Fuel Currency Scope Net sales 2017 growth net sales and calendar effect effect excluding excluding effects calendar effects calendar effects NB
Slide 33: 2017 consolidated EBITDA up 13.7%
2017 consolidated EBITDA up 13.7% In €m +13.7% +10.7% +51 1,879 1,930 1,697 EBITDA 2016 EBITDA 2017 Currency effect EBITDA 2017 at constant exchange rates at current exchange rates 2017 FULL YEAR RESULTS • 8 March 2018 33
Slide 34: 2017 consolidated trading profit up 20.1%
2017 consolidated trading profit up 20.1% In €m +20.1% +16.7% +36 1,207 1,242 1,034 Trading profit 2016 Trading profit 2017 Currency effect Trading profit 2017 at constant exchange rates at current exchange rates 2017 FULL YEAR RESULTS • 8 March 2018 34
Slide 35: Consolidated trading profit excluding tax credits up 13.5%
2017 consolidated trading profit excluding tax credits up 13.5% In €m +13.5% +8.8% +45 1,044 1,089 959 Trading profit 2016 Trading profit 2017 Currency effect Trading profit 2017 excl. tax credits at current exchange rates at the exchange rate of 7 March 2017 2017 FULL YEAR RESULTS • 8 March 2018 35
Slide 36: 2017 consolidated trading profit
2017 consolidated trading profit 2017 at constant In €m 2016 exchange rates 2017 France Retail 508 554 556 Latam Retail 538 679 713 E-commerce (11) (27) (27) Total 1,034 1,207 1,242 Consolidated trading profit increased by €208m or 20.1% at current exchange rates and by €173m at constant exchange
Slide 37: France Retail
France Retail In €m 2016 2017 Consolidated net sales 18,939 18,903 Trading profit 508 556 Retail 421 463 Property development 87 92 Trading margin 2.7% 2.9% Retail trading profit rose by 10%, reflecting: Sound standing profitability at Franprix and Monoprix and a better contribution from Casino
Slide 38: The property development business in 2017
The property development business in 2017 In 2017, the Group continued to develop its property promotion activity, launching notably 7 new projects of which 6 are with new partners (Tristan Capital, Novaxia, La Française) In hypermarket, ongoing reduction in retail space focused on non-food, and
Slide 39: E-commerce
E-commerce In €m 2016 2017 GMV* 2,994 3,391 Consolidated net sales 1,843 1,995 EBITDA 10 (0) Trading profit (11) (27) The e-commerce segment consists of Cdiscount and has been refocused on France 2017 EBITDA was at break-even, reflecting the impact of investments carried out under the strategic
Slide 40: E-commerce: a sequential improvement in EBITDA
E-commerce: a sequential improvement in EBITDA Quarterly EBITDA In €m 2016 2017 6.6 6.7 4.0 4.2 3.0 1.9 (0.1) (4.9) Q1 Q2 Q3 Q4 The strategic plan initiated in 2017 resulted in investments aimed at significantly increasing the number of references and strongly improving delivery times. The corresp
Slide 41: Latam Retail
Latam Retail 2017 at constant In €m 2016 exchange rates 2017 Consolidated net sales 15,247 16,121 16,923 o/w Éxito group (excl. GPA Food) 4,499 4,547 4,544 o/w GPA Food 10,749 11,574 12,379 Trading profit 538 679 713 o/w Éxito group (excl. GPA Food) 236 182 182 o/w GPA Food 302 496 531 Trading margi
Slide 42: Evolution in GPA's trading margin
Evolution in GPA’s trading margin In €m 2016 2017 % change Total trading profit 302 531 +76.0% Catch-up impact of tax credits 75 198 n.m. Trading margin 227 333 +46.6% excl. impact of tax credits Trading margin Reported 2.8% 4.3% +148bp Excluding tax credits 2.1% 2.7% +58bp Reported trading margin
Slide 43: Underlying financial income (expense)
Underlying financial income (expense)* En M€ 2016 2017 France Retail (65) (146) Latam Retail (328) (289) Éxito (hors GPA Food) (131) (129) GPA Food (197) (160) o/w Discount of receivables (42) (40) E-commerce (18) (40) Total (411) (475) Underlying net financial expense for the year amounted to €47
Slide 44: Underlying net profit, Group share
Underlying net profit, Group share* In €m 2016 2017 Trading profit and share of profit 1,054 1,255 of equity-accounted investees Financial expense (411) (475) Income tax (189) (159) Underlying net profit from continuing operations 455 621 o/w attributable to minority interests 114 249 o/w Group shar
Slide 45: Underlying diluted earnings per share
Underlying diluted earnings per share 2016 2017 Weighted average number of ordinary shares 111,185,050 110,734,374 before dilution Underlying net profit, Group share (in €m) 341 372 Dividends payable on perpetual deeply-subordinated (49) (50) bonds (TSSDI) Income payable on Monoprix mandatory conver
Slide 46: Other operating income and expenses in 2017 - Group
Other operating income and expenses in 2017 - Group In €m H1 2016 H2 2016 2016 H1 2017 H2 2017 2017 Other operating income (418) (207) (625) (274) (207) (480) and expenses o/w Restructuring costs (131) (121) (252) (124) (93) (217) Between 2016 and 2017, other operating income and expenses declined
Slide 47: Other operating income and expenses in 2017 - France
Other operating income and expenses in 2017 - France In €m H1 2016 H2 2016 2016 H1 2017 H2 2017 2017 Other operating income (299) (109) (408) (169) (101) (271) and expenses o/w Restructuring costs (115) (93) (207) (90) (79) (169) The 34% drop in other operating income and expenses reflects the gra
Slide 48: Consolidated net profit, Group share
Consolidated net profit, Group share In €m 2016 2017 Net profit from continuing operations, 33 127 Group share Net profit (loss) from discontinued operations, 2,645 (7) Group share Consolidated net profit, Group share 2,679 120 Including other operating income and expenses, profit from continuing
Slide 49: Growth in operating cash flow
Growth in operating cash flow Group (continuing activities) In €m 2016 2017 % EBITDA 1,697 1,930 +13.7% Operating cash flow 1,372 1,573 +14.7% France In €m 2016 2017 % EBITDA 872 901 +3.4% Operating cash flow 552 601 +8.7% The Group’s consolidated operating cash flow rose by 14.7%, in line wit
Slide 50: 2017 consolidated free cash flow from continuing operations
2017 consolidated free cash flow from continuing operations In €m FY 2017 Operating cash flow from continuing operations 1,573 o/w Non-recurring items (267) Change in working capital (336) Income tax paid (114) Net cash from operating activities 1,123 CAPEX (944) Free cash flow from continuing opera
Slide 51: Increase in Group net debt in 2017
Increase in Group net debt in 2017 Continuing Discontinued operations operations (289) 366 (505) (4,126) 648 39 (105) (444) (3,478) (3,367) 446 (267) Net debt Free Non-recurring Dividends Net interest paid Net financial Assets classified Foreign Impact Net debt Total unrealised Pro forma at 31/12/20
Slide 52: 2017 free cash flow from continuing operations – France
2017 free cash flow from continuing operations – France In €m 2017 Operating cash flow from continuing operations 601 o/w Non-recurring items (231) Change in working capital (120) Income tax paid (43) Net cash from operating activities 438 CAPEX (385) Dividends received from subsidiaries 14 Free cas
Slide 53: Increase in Casino France's net debt in 2017
Increase in Casino France’s net debt in 2017 (357) 360 (140) (3,715) (52) (393) (3,200) 298 (231) Net debt Free cash flow Non-recurring Dividends Net interest Net financial Assets classified Foreign currency Net debt at 31/12/2016 excl. items and paid investments as held for sale translation at 31/1
Slide 54: Change in net financial debt by entity
Change in net financial debt by entity In €m 2016 2017 France Retail (3,200) (3,715) Cdiscount 168 (194) Latam Retail (1,032) (845) o/w Éxito (excl. GPA Food) (810) (655) o/w GPA Food (221) (189) Latam Electronics* 697 628 Total (3,367) (4,126) The increase in net financial debt in France was main
Slide 55: Excellent liquidity position
Excellent liquidity position* €5.1bn of liquid assets at 31/12/2017 Maturities of bond debt at 31/12/2017: €5.6bn In €m In €m 850 900 758 697 1,872 540 550 450 514 355 3,268 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Crédit lines Cash & cash equivalents Liquidity The Group has cash and ca
Slide 56: 2017 dividend
2017 dividend 2017 Casino, Guichard Perrachon, parent company, profit (in €m) 394 Per share (in €) 3.56 Dividend proposed to Annual General Meeting (in €) 3.12 Interim dividend paid on 11 December 2017 1.56 Balance of the dividend to be paid in May 2018 1.56 At the Annual General Meeting, it will
Slide 57: Strategic priorities and Perspectives
Strategic 4 priorities and Perspectives 2017 FULL YEAR RESULTS • 8 March 2018 57
Slide 58: Strategic priorities
Strategic priorities 1 Pursue growth in the Group’s best formats 2 Accelerate development of digital and omni-channel activities 3 Pursue action plans to cut costs and improve the supply chain 4 Increase cash generation and strengthen its financial structure 2017 FULL YEAR RESULTS • 8 March 2018 58
Slide 59: Group well-positioned in the best formats
Following the action plans led in France, the Group 1 is now well-positioned in the best formats The Group is now well-positioned in buoyant formats Qualitative and highly profitable banners continue to grow: Monoprix, Franprix and Casino Supermarkets Convenience banners have resumed growth, t
Slide 60: In 2018, formats aligned with consumer trends will continue to grow
In 2018, the formats most closely aligned with consumer 1 trends will continue to grow Expansion in qualitative, highly profitable banners, Monoprix, Franprix and Casino Supermarkets: Good pace of expansion in 2017 (114 stores opened) Expansion set to continue in 2018, with an annual pace of a
Slide 61: In 2018, Géant recovery set to continue
1 In 2018, Géant recovery set to continue In food, action plans that have already delivered increases in sales and margins set to be pursued: Renovation of the offering (excellence for fresh products, service counters) Deployment of new concepts (organic, beauty products) Continuous recovery
Slide 62: Pursue growth in the Group's best formats - Latam
Pursue growth in the Group’s best formats - 1 Latam In cash & carry, further sustained growth in 2018 Significant contribution of this format already: 135 stores as of end-2017 (+27 openings: +20 in Brazil and +7 in Colombia) that account for 14% (€5.1bn of sales) of Group sales Aim of over 20
Slide 63: Accelerate digital and omni-channel: Group strategic assets
Accelerate development of digital and 2 omni-channel activities: Group strategic assets A unique bricks-and-mortar network in France More than 9,000 points of sales in France A growing contribution of e-commerce to gross sales under banner in France (currently 15.5%) More qualified customer
Slide 64: Digital and omni-channel activities: 2018 objectives
Accelerate development of digital 2 and omni-channel activities: 2018 objectives Strengthen the Group’s position as a major e-commerce player in France In non-food: • Comfort no. 2 position with Cdiscount • Accelerate growth of Monoprix.fr by integrating Sarenza.com In food: • Target double-di
Slide 65: Continuous action plans to cut costs and improve supply chain
Continuous action plans to cut costs and 3 improve the supply chain Significant cost cuttings have already been implemented In France, a 1-point improvement in the cost ratio over two years • Permanent benchmarks and deployment of best practices in stores: productivity, cleaning, safety, securit
Slide 66: Group financial perspectives in 2018
4 Group financial perspectives in 2018 The Group sets the following objectives: For trading profit: In France, it targets in food retail an organic* growth above10% of trading profit excluding property development, led by growth in the most profitable formats, by improved hypermarket and conveni
Slide 67: Appendices
5 Appendices 2017 FULL YEAR RESULTS • 8 March 2018 67
Slide 68: Same-store sales growth excluding fuel
Same-store sales growth excluding fuel France Q1 Q2 Q3 Q4 Géant Casino* -1.9% +0.8% +0.8% +0.3% Leader Price +0.2% +0.5% -0.2% +0.3% Monoprix +2.1% +3.6% +3.1% -0.5% SM Casino +1.9% +3.2% +0.5% +0.6% Franprix +1.4% +3.2% -0.5% +0.5% Convenience & other** -2.1% +0.4% -1.4% +2.3% o/w Convenience*** -2
Slide 69: Calendar effects
Calendar effects 2017 Géant Casino* -0.8% Leader Price -0.8% Monoprix -0.8% Casino Supermarkets -0.8% Franprix -0.9% Convenience stores** -0.6% France Retail -0.8% Latam Retail -0.5% Groupe -0.6% * Excluding business primarily from the four Codim hypermarkets in Corsica ** Calendar effect for conven
Slide 70: 2017 consolidated EBITDA from continuing operations
2017 consolidated EBITDA from continuing operations 2017 at constant In €m 2016 exchange rates 2017 France Retail 872 900 901 Latam Retail 816 980 1,029 E-commerce 10 (0) (0) Total 1,697 1,879 1,930 2017 FULL YEAR RESULTS • 8 March 2018 70
Slide 71: Reconciliation of GPA's adjusted EBITDA to consolidated EBITDA
Reconciliation of GPA’s adjusted EBITDA to GPA’s contribution to consolidated EBITDA 2016 2017 Adjusted EBITDA in BRLm (reported by the subsidiary) 2,184 2,920 Adjusted EBITDA in €m 566 810 Consolidation adjustments in €m (67) (54) EBITDA in €m 499 756 2017 FULL YEAR RESULTS • 8 March 2018 71
Slide 72: Growth in GPA's operating profitability
Growth in GPA’s operating profitability EBITDA margin before effect of tax credits (%) 2016 2017 % change Multivarejo 4.8% 5.0% +20bps Assaí 4.2% 5.6% +140bps GPA Food 4.6% 5.2% +60bps Note: Data reported by the subsidiary 2017 FULL YEAR RESULTS • 8 March 2018 72
Slide 73: Latam Retail: tax credits mechanism in Brazil
Latam Retail: tax credits mechanism in Brazil Tax credits correspond to adjustments of purchase/sales taxes (ICMS and Pis-Cofins) The tax credits concern various sales taxes that are levied for the most part by certain Brazilian states. Like VAT, the tax paid by the vendor is normally assigned t
Slide 74: Underlying net financial expense - by semester
Underlying net financial expense - by semester H1 H2 In €m 2016 2017 2016 2017 France Retail (14) (65) (51) (81) Latam Retail (143) (163) (185) (126) o/w Éxito (59) (65) (72) (64) (excl. GPA Food) o/w GPA Food (84) (98) (113) (62) Excl. discounts of (70) (77) (85) (43) receiv ables Discounts (14) (2
Slide 75: Share of profit (loss) of equity associates
Share of profit (loss) of equity associates In €m 2016 2017 France Retail (3) (7) o/w Mercialys 35 29 o/w Franprix-Leader Price (40) (39) o/w other 2 2 Latam Retail 23 20 Total 20 13 Various Franprix-Leader Price stores were transferred in successive transactions to master franchisees that are par
Slide 76: Profit (loss) from discontinued operations
Profit (loss) from discontinued operations In €m 2016 2017 Net profit (loss) from discontinued operations (243) 83 Net gain on the disposal of operations 2,865 0 in Thailand and Vietnam Adjustment in the consolidated value of Via Varejo (461) (36) Profit from discontinued operations 2,161 47 o/w att
Slide 77: Definition of underlying net profit
Definition of underlying net profit 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
Slide 78: Reconciliation of reported net profit to underlying net profit
Reconciliation of reported net profit to underlying net profit 2016 2017 In €m 2016 Adjustments underlying 2017 Adjustments underlying Trading profit 1,034 0 1,034 1,242 0 1,242 Other operating income and expenses (625) 625 0 (480) 480 0 Operating profit (loss) 409 625 1,034 762 480 1,242 Net financ
Slide 79: Underlying minority interests
Underlying minority interests In €m 2016 2017 France Retail 5 3 Latam Retail 136 263 o/w Éxito (excl. GPA Food) 48 44 o/w GPA Food 89 220 E-commerce (28) (17) Total 114 249 Note: Underlying minority interests represent the share of underlying profit attributable to non-controlling interests adjusted
Slide 80: Other operating income and expenses – by semester
Other operating income and expenses – by semester In €m H1 2016 H2 2016 2016 H1 2017 H2 2017 2017 Gains and losses on asset disposals, (159) (31) (190) (77) (82) (159) scope changes and impairment losses Restructuring costs (131) (121) (252) (124) (93) (217) Litigation and risks (68) (55) (123) (60)
Slide 81: Other operating income and expenses – by segment
Other operating income and expenses – by segment o/w o/w o/w o/w In €m 2016 France Latam 2017 France Latam Gains and losses on asset disposals, (190) (145) (34) (159) (89) (64) scope changes and impairment losses Restructuring costs (252) (207) (30) (217) (169) (38) Litigation and risks (123) (12) (
Slide 82: Consolidated cash flow statement
Consolidated cash flow statement In €m 2016 2017 Net debt at 1 January (6,073) (3,367) Cash flow 1,625 2,034 Changes in working capital 272 (413) Income tax paid (233) (115) Cash flow from operations, net of income tax 1,664 1,506 Acquisitions of property, plant and equipment, (1,226) (1,346) intang
Slide 83: Simplified consolidated balance sheet
Simplified consolidated balance sheet In €m 2016 2017 Goodwill 9,595 9,031 Property, plant and equipment and intangible assets 11,642 10,629 Investments in equity-accounted associates 625 587 Non-current assets 1,080 1,220 Other non-current assets 687 523 Inventories 3,990 3,871 Trade and other rece
Slide 84: Breakdown of consolidated net debt at 31/12/2017
Breakdown of consolidated net debt at 31/12/2017 Cash In €m Gross debt and cash equivalents IFRS 5 impact Net debt France Retail (6,022) 1,872 435 (3,715) Latam Retail (2,326) 1,475 7 (845) Latam Electronics 0 0 628 628 E-commerce (238) 44 0 (194) Group (8,586) 3,391 1,070 (4,126) 2017 FULL YEAR RES
Slide 85: Derivative financial instruments included in other liabilities
Derivative financial instruments included in other liabilities % Maturity Interest FV FV In €m capital date rate Notional at 31/12/2016 at 31/12/2017 February Libor GPA forward 2.2% 199 (134) (83) 2020 +2.04% June E3M GPA TRS 3.0% 332 (209) (177) 2020 +1.99% Total 531 (343) (260) These derivative
Slide 86: Puts included in the balance sheet
Puts included in the balance sheet % Value Value Exercise In €m capital at 31/12/2016 at 31/12/2017 period Majority-held Various dates Franprix - Leader Price 70 47 franchised stores Monoprix 1 3 Various dates Green Yellow 9 0 Puts worth 166 Cnova Minorities buyout 187 0 expired on 25/01/18 Any time
Slide 87: Off-balance sheet puts
Off-balance sheet puts % Value Value Exercise In €m capital at 31/12/2016 at 31/12/2017 period Minority-held Various dates Franprix - Leader Price 5 3 franchised stores Monoprix 0 14 Various dates Total 5 16 (off-balance sheet) 2017 FULL YEAR RESULTS • 8 March 2018 87
Slide 88: Average exchange rates
Average exchange rates 2016 2017 % change Brazil (BRL/EUR) 3.8561 3.6054 +7.0% Colombia (COP/EUR) 3.3759 3.3361 +1.2% (x1,000) Uruguay (UYP/EUR) 33.3198 32.3625 +3.0% Argentina (ARS/EUR) 16.3473 18.7530 -12.8% 2017 FULL YEAR RESULTS • 8 March 2018 88
Slide 89: Closing exchange rates
Closing exchange rates 2016 2017 % change Brazil (BRL/EUR) 3.4305 3.9729 -13.7% Colombia (COP/EUR) 3.1649 3.5809 -11.6% (x1,000) Uruguay (UYP/EUR) 30.9120 34.4626 -10.3% Argentina (ARS/EUR) 16.7318 22.3333 -25.1% 2017 FULL YEAR RESULTS • 8 March 2018 89
Slide 90: 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 theirunderlying assumptions, statements regarding plans, objectives,
Casino, Guichard-Perrachon — FY2017 Earnings Presentation on 6ix