Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2011 Earnings Presentation
74 slides from Casino, Guichard-perrachon Sa's earnings presentation, Feb 28, 2012
Slide 1: Full-Year Results 2011
FULL-YEAR RESULTS 2011 2011 Full-Year Results 28 February 2012 1
Slide 2: Preliminary Notes
PRELIMINARY NOTES • The 2011 consolidated financial statements were approved by the Board of Directors on 27 February 2012 and audited by the statutory auditors. • All the figures provided in this presentation are on the basis of continuing operations, unless otherwise stated. • Organic growth rates
Slide 3: Highlights
HIGHLIGHTS Results Perspectives & Conclusion Appendices
Slide 4: 2011 Key Figures (Continuing operations)
2011 KEY FIGURES (Continuing operations) Change vs. 2010 Consolidated net sales €34,361m +18.2% EBITDA €2,287m +17.1% EBITDA margin 6.7% vs. 6.7% in 2010 Trading profit €1,548m +19.1% Trading margin 4.5% vs. 4.5% in 2010 Net underlying profit, group share €565m vs. €529M (+6.8%) Net financial debt a
Slide 5: 2011 Highlights
2011 HIGHLIGHTS • Sustained growth in Group net sales: +18.2% Faster organic growth in France and in International markets Consolidation of Casas Bahia in Brazil and of former Carrefour stores in Thailand, increased stake in GPA • Growth profile reinforced in buoyant countries and formats Leadership
Slide 6: Acceleration of Group's Organic Growth at 5.7%
ACCELERATION OF GROUP’S ORGANIC GROWTH AT 5.7%* Acceleration of the Group’s Increased contribution of international organic growth* operations in the Group’s sales 2009 2010 2011 12.2% 10.5% 2010 2011 International 5.7% 5.0% 3.9% 38% 45% 1.4% 0.6% France -0.1% -2.7% Group France International • Cont
Slide 7: Strong Organic Growth in International Markets
STRONG ORGANIC GROWTH IN INTERNATIONAL MARKETS Double-digit organic growth Revenue breakdown in International in Latin America and Asia markets at 31 December 2011 Same store Other* Organic Vietnam 11% +13.4% 2% +11.3% +10.0% Thailand 16% 50% Brazil +3.2% 21% Latin America Asia Colombia • Highly sat
Slide 8: GPA in Brazil: Continued Strong Performance
GPA IN BRAZIL: CONTINUED STRONG PERFORMANCE IN FOOD AND SUCCESSFUL INTEGRATION OF CASAS BAHIA • Sales up 68.2% to €7.8bn* • Same-store growth of 8.8%** • Very good performance in the Food segment Same-store sales at GPA Food increased 8.0%** A good mix of buoyant formats: successful conversion of su
Slide 9: Colombia: A Remarkable Year for Exito
COLOMBIA: A REMARKABLE YEAR FOR EXITO • Sales up 11.6% to €3.2bn* Good performance on a same-store basis, up 8,4%** Increased EBITDA contribution from complementary activities (credit cards, real estate, travel and insurance) • Dynamic expansion focused on convenience and discount: 64 openings inclu
Slide 10: Big C Thailand: Beyond Objectives in an Exceptional Year
BIG C THAILAND: BEYOND OBJECTIVES IN AN EXCEPTIONAL YEAR • Sales grew 46.6% to €2.6bn* • Robust sales growth in organic terms +5.7%** Sustained expansion: 3 hypermarkets and 5 shopping malls, 2 Market supermarkets, 37 Mini Big C and 21 Pure were opened Increase in sales on a same-store basis • Succe
Slide 11: Business Model Has Created a Lot of Value in Controlled Companies
IN COMPANIES CONTROLLED BY CASINO, THE BUSINESS MODEL DEPLOYED HAS CREATED A LOT OF VALUE Stock IRR1 1200 price Market capitalization Since €3.1bn X12.0 23% 02 Apr.1999 1000 Since X8.3 39% 01 Apr.2005 Since X1.7 62% 01 Jan. 2011 800 Market capitalization Stock 600 IRR1 price €4.7bn Since X5.1 31% 01
Slide 12: Big C Vietnam: Sustained Expansion
BIG C VIETNAM: SUSTAINED EXPANSION IN A STRONG GROWTH COUNTRY • Strong progression in sales in organic terms: +46.9% • Sales of €327m* up 27.2%, taking into account the depreciation of the Vietnamese dong against the euro • Very good performance on a same-store basis reflecting the ongoing business
Slide 13: In France: Increase in Sales and Stable Food Market Share
IN FRANCE: INCREASE IN SALES AND STABLE FOOD MARKET SHARE Organic growth* Casino Group’s food 2011 vs. 2010 market share Casino France +14.3% = 12,9 12.9 +3.0% +1.4% +1.3% +1.6% -0.6% -0.9% France FP-LP Monoprix Casino Superettes Géant Cdiscount P1-P13 France SM Casino 2011 Source: TNS Kantar Worldp
Slide 14: In France, a Mix of Activities Fitting Consumption Habits
IN FRANCE, A MIX OF ACTIVITIES WHICH PARTICULARLY FITS WITH THE EVOLUTION OF CONSUMPTION HABITS Breakdown of sales • Nearly 2/3 of revenue generated in France in 2011 by convenience and discount + Other small • Food private labels in all banners convenience formats * benefiting from a very high Othe
Slide 15: Progression of Casino Supermarkets and Monoprix Sales
PROGRESSION OF CASINO SUPERMARKETS AND MONOPRIX SALES • Casino supermarket sales grew 1.6% excl. petrol • Unique differentiating positioning thanks to the available choice, product quality and customer service • Visible excellence in stores: development of regional product ranges, fresh market areas
Slide 16: Growth in Total Sales of Other Convenience Formats
GROWTH IN TOTAL SALES OF OTHER CONVENIENCE FORMATS • Franprix enjoyed an 8.6% increase in total sales (incl. integration of 2 franchisees) • Further expansion with 67 stores opened, including 3/4 outside Paris • Highlight of Leader Price private label and gradual roll out of promotion and customer l
Slide 17: Significant Improvement in Leader Price Profitability
SIGNIFICANT IMPROVEMENT IN LEADER PRICE PROFITABILITY Change in same-store sales • Sales on a same-store basis grew 1.5% +1.5% • A renewed management team focused on operational excellence • Deployment of a new marketing dynamics: Price repositioning -1.4% Targeted promotional policy 2010 2011 Stren
Slide 18: Slight Increase in Food Sales at Geant
SLIGHT INCREASE IN FOOD SALES AT GEANT DESPITE A SOFT CONSUMPTION ENVIRONMENT Food Change in same-store sales • Slight increase in food sales on a same-store basis (+0.2%), improving markedly in comparison with the +0.2% two previous years • Implementation of the renovation of Espaces Marché -3.7% (
Slide 19: Very Sustained Growth at Cdiscount
VERY SUSTAINED GROWTH AT CDISCOUNT DRIVEN BY THE SUCCESS OF THE NEW UNIVERSES Steady sales growth* +14.3% • Sales grew 14.3% to €1.1bn +14.5% €1.1 bn Good performances in electrical household appliances and household equipment, as well as in new universes (wine, toys, etc.) Leader in pricing image a
Slide 20: Results
Highlights RESULTS Perspectives & Conclusion Appendices
Slide 21: Preliminary Notes
PRELIMINARY NOTES • The main changes in the scope of consolidation are as follows Consolidation of Casas Bahia within GPA since 1 November 2010 Consolidation of Carrefour Thailand operations within Big C since 7 January 2011 Full consolidation of three franchisees within Franprix-Leader Price from 1
Slide 22: Significant Growth in Group Sales and Trading Profit
SIGNIFICANT GROWTH IN GROUP SALES AND TRADING PROFIT Continuing operations in € millions 2010 2011 Reported change Total business volume* 42,777 50,930 +19.1% Net sales 29,078 34,361 +18.2% Gross margin 7,325 8,954 +22.2% As % of net sales 25.2% 26.1% +87 bps EBITDA** 1,953 2,287 +17.1% EBITDA margi
Slide 23: Robust Growth in Group Sales: +18.2%
ROBUST GROWTH IN GROUP SALES: +18.2% Changes in sales (in €m) Scope of Currency Petrol Organic consolidation (excl. petrol) +18.2% +5.7% +12.4% -0.5% +0.6% 29,078 34,361 2010 2011 • Consolidation scope effect reflecting mainly The consolidation of Casas Bahia within GPA and of Carrefour Thailand’s o
Slide 24: Strong Growth in Group EBITDA and Trading Profit
STRONG GROWTH IN GROUP EBITDA (+17.1%) AND IN GROUP TRADING PROFIT (+19.1%) Changes in EBITDA (in €m) Changes in Trading Profit (in €m) Scope of Currency Organic Scope of Currency Organic consolidation consolidation +17.1% +19.1% +14.1% -0.6% +3.6% +16.7% +3.0% -0.6% 2,287 1,548 1,953 1,300 2010 201
Slide 25: International Operations Contribute Nearly 50% to EBITDA
INTERNATIONAL OPERATIONS CONTRIBUTE NEARLY 50% TO EBITDA EBITDA (in €m) 2011 EBITDA margin rate 2,287 7.2% 1,953 6.7% 770 +45.9% 1,123 6.2% International France 1,183 -1.6% 1,164 2010 2011 Group France International • Very strong 45.9% growth in EBITDA in international operations, driven by: Double-
Slide 26: Group Trading Profit Up 19.1%, Driven by International
GROUP TRADING PROFIT UP 19.1%, DRIVEN BY INTERNATIONAL OPERATIONS (52% OF GROUP TRADING PROFIT) Trading profit (in €m) 2011 trading margin rate 1,548 5.1% 1,300 4.5% 4.0% International 530 +50.5% 798 France 769 -2.6% 750 2010 2011 Group France International • Very strong 50.5% growth in trading prof
Slide 27: Significant Upturn in Trading Profit in France in H2
SIGNIFICANT UPTURN IN TRADING PROFIT IN FRANCE IN H2: +13.3% Change in trading profit in France in H2 (in €m) +13.3% 479 423 H2 2010 H2 2011 • After trading profit deteriorated in the first half due to the delay in passing increases in procurement costs onto sales prices, trading profit in France re
Slide 28: Firm Margin in France
FIRM MARGIN IN FRANCE Margin change Trading Profit (in € millions) 2010 Margin 2011 Margin in organic terms Casino France 463 3.9% 458 3.7% -8 bps Franprix-Leader Price 167 4.1% 164 3.7% -40 bps Monoprix 139 7.3% 128 6.5% -78 bps FRANCE 769 4.3% 750 4.0% -23 bp • Nearly stable margin at Casino Franc
Slide 29: Margin Improved in International Operations
MARGIN IMPROVED IN INTERNATIONAL OPERATIONS, DRIVEN BY HIGH-GROWTH MARKETS Margin change Trading Profit (in € millions) 2010 Margin 2011 Margin in organic terms Total Latin America 372 4.5% 565 4.8% +7 bps Total Asia 121 6.0% 212 7.3% +28 bps Total other businesses 38 n/a 22 n/a INTERNATIONAL 530 4.
Slide 30: 6.7% Increase in Underlying EPS
6.7% INCREASE IN UNDERLYING EPS Continuing operations in € millions 2010(1) 2011 change Trading profit 1,300 1,548 +19.1% Other operating income and expense (2) (157) Finance costs, net (345) (472) Other financial income and expense (17) 68 Profit before tax 936 987 +5.4% Income tax expense (214) (2
Slide 31: Good Management of Finance Costs
GOOD MANAGEMENT OF FINANCE COSTS in € millions 2010 2011 France (227) (257) Brazil (99) (189) Thailand 0 (28) Other International (19) 3 TOTAL (345) (472) • In France, the increase in the finance costs is related to the acquisition of GPA shares • In Brazil, the increase resulted from consolidation
Slide 32: Other Operating Income and Expenses
OTHER OPERATING INCOME AND EXPENSES in € millions 2010* 2011 Capital gains on asset disposals 323 130 Other operating income and expenses (324) (286) Provisions and charges for restructuring (134) (107) Other non current income and expenses (191) (63) Integration costs (Thailand and Brazil) (48) Tax
Slide 33: Recommended Dividend of €3 per Share
RECOMMENDED DIVIDEND OF €3 PER SHARE (+8%) WITH THE OPTION OF 50% BEING PAID IN SHARES Dividend (in €) 3.0 (1) 2.78 2010 2011 (1) Dividend recommended at the Annual General Meeting of 11 May 2012 33 2011 Full-Year Results
Slide 34: Change in WCR
CHANGE IN WCR 2010 2011 In €m 253 • In 2010, the consolidation of Casas 53 Bahia had a favourable impact on goods Change in WCR “Goods” WCR • Unfavourable impact in 2011 of strategic inventory at year-end and densification of assortments in France Change in “Non-goods” WCR 1 (141) 112 Change in 54 •
Slide 35: Good Management of Capex Within the Group
GOOD MANAGEMENT OF CAPEX WITHIN THE GROUP Gross capex (in €m) • Group capex at €1,187m in 2011 % of sales 3.5% • In France, the Group continued its operational investments in hypermarkets 3.3% 1,187 (reduction in non-food selling space, 954 renovation of market areas “Espaces 540 Marchés”) and in pr
Slide 36: Significant Reduction in Net Financial Debt in H2
SIGNIFICANT REDUCTION IN NET FINANCIAL DEBT IN H2 –Cash flow 918 –Chg. WCR 732 In €m –CAPEX (666) Dividends Other FCF paid Disposals Acquisitions and capital (218) (6,783) increase Dividends (391) paid Other (698) (701) 984 (41) 148 (5,379) (1,627) 1 011 Acquisitions (3,845) FCF – Cash flow +498 – C
Slide 37: Solid Financial Structure
SOLID FINANCIAL STRUCTURE in € millions 31/12/2009 31/12/2010 31/12/2011 Equity 7,919 9,050 9,383 Net financial debt 4,072 3,845 5,379 Of which minority shareholder puts 80 58 109 Net financial debt/equity 51% 42% 57% Net financial debt/EBITDA 2.2x 1.97x 2.35x • Net financial debt/EBITDA ratio at 2.
Slide 38: Liquidity Position Strengthened
LIQUIDITY POSITION STRENGTHENED €5.8bn in liquidity at 31 Dec. 2011 Bond maturities well spread out over time in €m in €m 3,346 888 850 2,499 750 600 578 544 578 508 Cash and cash Confirmed lines 2012 2013 2014 2015 2016 2017 2018 2021 equivalents of credit • In a context of high market volatility,
Slide 39: Sharp Rise in Market Value of Listed Subsidiaries
SHARP RISE IN MARKET VALUE OF LISTED SUBSIDIARIES Change vs. Change vs. NFD** Contribution Share price at Market cap Casino’s 31 Dec. 31 Dec. at 31 Dec. to Group’s Listed companies 24 Feb. 2012 (100%, €m) %-owned share (€m) 2010 (€m) 2011 (€m) 2011 (€m) EV (€m) Mercialys €26.6 2,445 50.1% 1,225 (96)
Slide 40: Perspectives & Conclusion
Highlights Results PERSPECTIVES & CONCLUSION Appendices
Slide 41: A Group with a Transformed Profile Pursuing Profitable Growth
A GROUP WITH A TRANSFORMED PROFILE PURSUING A SUCCESSFUL PROFITABLE GROWTH STRATEGY WHICH DELIVERS • From 2012, increased exposure to buoyant high growth countries As from June, the agreements allow Casino to have the sole control of GPA, the leading retailer in Brazil Stepping up the pace of expans
Slide 42: From 2012, Casino Group's Profile and Dimension Are Changing
FROM 2012, CASINO GROUP’S PROFILE AND DIMENSION ARE CHANGING 58% of sales* and 68% of trading profit* will be from now on generated by high-growth countries 2011 2011 2005 2011 pro forma 1* pro forma 2** Group sales €22.8bn €34.4bn €40.3bn €46.5bn High growth countries 16% Other 40% 9% countries 55%
Slide 43: Strengthening Financial Flexibility with Mercialys' New Strategy
SIGNIFICANT STRENGTHENING IN FINANCIAL FLEXIBILITY AT THE OCCASION OF THE LAUNCH BY MERCIALYS OF ITS NEW STRATEGY • Mercialys announced a new phase of its strategy around the vision of “Foncière Commerçante” and its project to pay out c.€1.25bn* accompanied by a new financial structure • Casino, a k
Slide 44: Operation Will Reinforce Casino's Financial Flexibility
THIS OPERATION WILL ENABLE A SIGNIFICANT REINFORCEMENT OF CASINO’S FINANCIAL FLEXIBILITY • The operation should generate gross cash proceeds estimated between €800m and €900m for Casino • The impact of the whole operation on Casino’s 2012 underlying net profit(1) will be neutral • Following the oper
Slide 45: France: Objective of Stability in Food Market Share in 2012
FRANCE: OBJECTIVE OF STABILITY IN THE GROUP’S FOOD MARKET SHARE IN 2012 • Pursuit of good performances of buoyant convenience formats Continued satisfactory same-store performance and dynamic as well as profitable expansion Leader Price: action plan pursued and consolidated – Price-competitiveness t
Slide 46: France: Non-Food Growth Thanks to Cdiscount and Multi-Channel
FRANCE: NON-FOOD SALES GROWTH THANKS TO CDISCOUNT’S LEADERSHIP AND MULTI-CHANNEL • Consolidation of Cdiscount’s leadership: After strong gains in market shares in 2011 on historic businesses (IT, high-tech, appliances) Acceleration in the development of new stores (Homewares, Toys, Jewellery, Wine)
Slide 47: Brazil: Further Expansion and Growth at GPA
BRAZIL: FURTHER EXPANSION AND GROWTH AT GPA BRAZIL Population: 197m • Expansion in food focused on 2 buoyant formats: 2012e GDP: +3.6%* Further deployment of the renovated convenience concept (Mini Mercado Extra replaced Extra Facil) Development of cash & carry with the Assaí brand, whose concept wa
Slide 48: Colombia: Development Around Exito
COLOMBIA: DEVELOPMENT AROUND EXITO, THE GROUP’S PLATFORM IN SPANISH-SPEAKING LATIN AMERICA COLOMBIA + URUGUAY • In Colombia, further expansion Population: 45m+4m Penetration into medium-sized towns through the Express e 2012 GDP: +4.5%* (Colombia) and Surtimax formats 2012e GDP: +4.2%* (Uruguay) Exi
Slide 49: Big C Thailand: Profitable Growth Strategy
BIG C THAILAND: DEVELOPMENT OF A PROFITABLE GROWTH STRATEGY THAILAND Population: 67m 2012e GDP: +4.8% • Build on the successful consolidation of former Carrefour stores • Continue and step up expansion: Deployment of the dual value-creating hypermarkets/shopping malls model Acceleration in buoyant c
Slide 50: Vietnam: Reinforcement of Big C's Leadership
VIETNAM: REINFORCEMENT OF BIG C’S LEADERSHIP VIETNAM Population: 91m 2012e GDP: +6.3%* • Step up development within the dual model’s framework: 4 hypermarkets and 3 shopping malls to be opened Enhance the attractiveness of shopping malls (optimisation of banners’ mix) • Initiate the deployment of co
Slide 51: Perspectives and 2012 Objectives
PERSPECTIVES AND 2012 OBJECTIVES • Continue the evolution of our countries, activities and formats mix in line with major global trends Growth around a flexible and resilient model, in the most buoyant areas and formats • Pursue profitable growth Group’s sales growth above 10% Stability in the Group
Slide 52: Appendices
Highlights Results Perspectives & Conclusion APPENDICES
Slide 53: Net Sales by Segment
NET SALES BY SEGMENT Change (organic, in € millions 2010 2011 Change (reported) excluding petrol) Franprix-Leader Price 4,026 4,410 +9.5% +1.3% Monoprix 1,914 1,973 +3.1% +3.0% Casino France 12,016 12,365 +2.9% +1.2% Géant Casino 5,516 5,623 +1.9% -0.9% Casino supermarkets 3,490 3,619 +3.7% +1.6% Su
Slide 54: Trading Profit
TRADING PROFIT in € millions 2010 2011 Organic change Casino France 463 458 +0.7% Franprix-Leader Price 167 164 -8.4% Monoprix 139 128 -8.0% FRANCE 769 750 -2.9% Latin America 372 565 +15.1% Asia 121 212 +16.4% Other businesses 38 22 -42.7% INTERNATIONAL 530 798 +11.3% GROUP 1,300 1,548 +3.0% 54 201
Slide 55: France Results
FRANCE RESULTS Change Change in € millions 2010 2011 (reported) (organic) Net sales 17,956 18,748 +4.4% +2.6% EBITDA 1,183 1,164 -1.6% -2.1% EBITDA margin 6.6% 6.2% -38 bp -30 bp Trading profit 769 750 -2.6% -2.9% Trading margin 4.3% 4.0% -29 bp -23 bp 55 2011 Full-Year Results
Slide 56: International Results
INTERNATIONAL RESULTS Change Change in € millions 2010 2011 (reported) (organic) Net sales 11,122 15,613 +40.4% +12.2% EBITDA 770 1,123 +45.9% +12.2% EBITDA margin 6.9% 7.2% +27 bp 0 bp Trading profit 530 798 +50.5% +11.3% Trading margin 4.8% 5.1% +34 bp -4 bp 56 2011 Full-Year Results
Slide 57: Other Financial Income and Expense
OTHER FINANCIAL INCOME AND EXPENSE in € millions 2010 2011 Change in derivatives excluding hedging instruments 2 69 Foreign exchange gains and losses excluding on NFD 5 (10) Discounting adjustments (8) 2 Other (16) 7 TOTAL (17) 68 57 2011 Full-Year Results
Slide 58: Share of Profit of Associates
SHARE OF PROFIT OF ASSOCIATES in € millions 2010 2011 FRANCE 6 (9) INTERNATIONAL 7 1 TOTAL 13 (7) 58 2011 Full-Year Results
Slide 59: Minority Interests
MINORITY INTERESTS in € millions 2010 2011 Mercialys 83 82 FPLP 1 0 Big C 27 48 Exito 71 36 Other 12 8 TOTAL 193 174 59 2011 Full-Year Results
Slide 60: Consolidated Net Profit
CONSOLIDATED NET PROFIT in € millions 2010* 2011 Net profit from continuing operations 735 751 Group share 542 577 Attributable to minority interests 193 174 Net profit from discontinued operations (9) (9) Group share (9) (9) Attributable to minority interests 0 0 Consolidated net profit 726 742 Gro
Slide 61: Definition of Underlying Profit
DEFINITION OF UNDERLYING PROFIT • Underlying profit corresponds to net profit from continuing operations adjusted for the impact of other operating income and expense (as defined in the “Significant Accounting Policies” section of the notes to the annual consolidated financial statements), non-recur
Slide 62: Reconciliation of Reported Profit to Underlying Profit
RECONCILIATION OF REPORTED PROFIT TO UNDERLYING PROFIT Adjust- 2010 Adjust- 2011 In € millions 2010* ments underlying 2011 ments underlying Trading profit 1,300 1,300 1,548 1,548 Other operating income and expense, net (2) 2 0 (157) 157 0 Operating profit 1,298 2 1,300 1,391 157 1,548 Finance costs,
Slide 63: EPS from Continuing Operations and Underlying EPS
EPS FROM CONTINUING OPERATIONS AND UNDERLYING EPS Continuing operations 2010* 2011 Change Profit Group share (€m) 542 577 +6.4% Underlying profit Group share (€m) 529 565 +6.8% Diluted average number of shares 110,941,351 110,618,287 Diluted EPS** (€) 4.75 5.05 +6.3% Underlying diluted EPS** (€) 4.6
Slide 64: Simplified Consolidated Balance Sheet
SIMPLIFIED CONSOLIDATED BALANCE SHEET in € millions 31/12/2010 31/12/2011 Goodwill 6,655 7,955 Intangibles and property, plant and equipment 8,611 9,487 Investments in associates 161 164 Non-current financial assets 694 658 Non-current derivative instruments* 150 129 Other non-current assets 119 377
Slide 65: Changes in Equity
CHANGES IN EQUITY in €m 742 Distribution Other (366) 524 TSSDI (407) dividends (142) 9,383 9,050 Profit for Translation (19) Change in the period adjustments cons. scope & minority interests 31/12/2010 31/12/2011 65 2011 Full-Year Results
Slide 66: Cash Flow Statement
CASH FLOW STATEMENT in € millions 2010 2011 Net financial debt at beginning of period (4,070) (3,845) Cash flow 1,188 1,416 Change in working capital requirement 112 54 Other* 282 451 Net cash flow from operating activities, after tax 1,581 1,922 Capital expenditure (954) (1,187) Acquisitions (71) (
Slide 67: Puts Included in Net Financial Debt
PUTS INCLUDED IN NET FINANCIAL DEBT Value Value In € millions % capital at 31/12/2010 at 31/12/2011 Exercise period Franprix - Majority-owned Various dates 44 93 Leader Price franchise stores At any time Uruguay (Devoto) 13 15 2021 At any time Other 1 2014 TOTAL 58 109 67 2011 Full-Year Results
Slide 68: Off-Balance Sheet Puts
OFF-BALANCE SHEET PUTS Value Value in € millions % capital at 31/12/2010 at 31/12/2011 Exercise period Monoprix 50% 100% 1,225 * 2012-2028 Franprix Minority-owned franchise 184 195 Various dates Leader Price stores At any time Uruguay (Disco) 56 61 2021 TOTAL 1,464 (off-balance sheet) * In accordanc
Slide 69: Proforma 2011 Income Statement
PROFORMA* 2011 INCOME STATEMENT Proforma figures are calculated as follows: • 2011 figures using the scope of consolidation expected in 2012, pro rata temporis: GPA consolidated at c.70% on average in 2011 Mercialys fully consolidated, then using the equity method at 35% from 1 June 2011 • 2011 figu
Slide 70: Proforma 2011 Income Statement
PROFORMA* 2011 INCOME STATEMENT 2011 2011 At 2012 scope of At 2012 scope of consolidation prorata consolidation on a full in € millions 2011 temporis year basis Net sales 34,361 40,269 46,484 EBITDA 2,287 2,660 2,961 Trading profit 1,548 1,835 2,056 Finance costs, net (472) (605) (755) Underlying ne
Slide 71: Average Exchange Rates
AVERAGE EXCHANGE RATES 2010 2011 % change Argentina (ARS / EUR) 0.193 0.174 -9.7% Uruguay (UYP / EUR) 0.038 0.037 -0.8% Thailand (THB / EUR) 0.024 0.024 -0.8% Vietnam (VND / EUR) (x 1,000) 0.041 0.035 -13.4% Colombia (COP / EUR) (x 1,000) 0.397 0.389 -1.9% Brazil (BRL / EUR) 0.428 0.430 +0.4% 71 201
Slide 72: Estimated 2012 Calendar Effect
ESTIMATED 2012 CALENDAR EFFECT 2012 Q1 Q2 Q3 Q4 FY FRANCE +2.8% -0.9% -0.8% -0.7% 0% INTERNATIONAL +1.1% -7.6% -1.4% -0.5% -1.5% GROUP +1.8% -4.2% -1.2% -0.5% -0.9% 72 2011 Full-Year Results
Slide 73: Number of Stores
NUMBER OF STORES France 31/12/2010 31/12/2011 Géant Casino 125 127 Casino Supermarkets 405 422 Franprix 870 897 Monoprix 494 514 Leader Price 585 608 Superettes 6,675 6,561 Other 307 321 TOTAL FRANCE 9,461 9,450 International Argentina 23 24 Uruguay 53 52 Brazil 1,647 1,571 Colombia 299 351 Thailand
Slide 74: 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 projections and estimates and their underlying assumptions, statements regarding plans, objective
Casino, Guichard-Perrachon — FY2011 Earnings Presentation on 6ix