Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2016 Earnings Presentation
80 slides from Casino, Guichard-perrachon Sa's earnings presentation, Mar 7, 2017
Slide 1: CO16 Results
CO16 Resutts' March 7, 2017 GROUPE gv ASULO a Nourrin UN MONDE DE
Slide 2: Highlights
Highlights Activity Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer
Slide 3: Confirmed turnaround in France
Confirmed turnaround in France • Improvement in organic sales and gross sales under banners Organic sales growth* 2013 2014 2015 2016 1.1% 0.8% Gross sales under banners** +1,5% Gross food sales under banners** -2.1% +2,0% -3.7% • Market share gains of +0.1pt*** over the full year 2016 • Earnings re
Slide 4: Stepped-up organic growth in Latin America
Stepped-up organic growth in Latin America • High organic growth* at Éxito • Acceleration in GPA Food's organic (excluding GPA Food) and good sales* in Brazil profitability 16.3% 11.7% 10.8% 9.5% 7.1% 6.4% 4.8% 4.0% 2013 2014 2015 2016 2013 2014 2015 2016 • Success in all formats • Cash & carry (Ass
Slide 5: Simplification and debt reduction
Simplification and debt reduction • Simplification of the Group's e-commerce activities following the decision to merge Cnova Brazil's with Via Varejo's and the project to dispose of this entity • Significant deleveraging within the Group and in France thanks to asset disposals Reduction in Group ne
Slide 6: Key figures - 2016
Key figures - 2016 • In accordance with IFRS 5, data for 2015 have been restated for activities in Asia and Via Varejo (including Cnova Brazil) In €m 2015* 2016 Consolidated net sales 35,312 36,030 EBITDA 1,689 1,697 Trading profit 997 1,034 Consolidated net profit (loss), Group share (43) 2,679 Net
Slide 7: Activity
Highlights Activity Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer
Slide 8: Activity: France
Highlights Activity France Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer
Slide 9: Market share gains in France in 2016
Market share gains in France in 2016 Growth in Group market share* in France +0.1pt for Géant Casino in 2016* in 2016 From 28 December 2015 to 27 December 2016 2.6% 2.6% 2.5% +0.1pt +0.1pt 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Géant Casino 2014, total cumulatuve 2015, total cumulative 2016, total
Slide 10: Géant: good commercial performances confirmed
Géant: good commercial performances confirmed • Same-store sales* up +1.6%** in 2016 • Excellent performance for food sales, up +2.7% in 2016 • Roll-out of the Fresh Corner (fruit and vegetable) and new sections (Beauty and Cdiscount corner) Market share - P13*** • -1.6% decline in total retail spac
Slide 11: Leader Price: improvement of operating processes and development of franchise
Leader Price: improvement of operating processes and development of franchise • Same-store sales up +0.9%* in 2016 with stable market share • Continued improvement in operating processes and customer service: • Better-kept stores and improved checkout times • Development of the offer: organic, local
Slide 12: Monoprix: a unique and performing model
Monoprix: a unique and performing model • Organic sales up +1.6%* in 2016 with same-store sales growth resumption in Q4 • Stable market share in food** and gains in apparel** driven by the success of collections • Good performance from the 100%-organic Naturalia concept, with 20 new store openings i
Slide 13: Monoprix: a unique experience
Monoprix: a unique experience Deli, fresh meat, bakery and pastry counters Housewares and leisure Home deliveries Naturalia (organic food) 13 2016 FULL YEAR RESULTS • March 7, 2017
Slide 14: Supermarchés Casino: a very good performance
Supermarchés Casino: a very good performance • Same-store sales up steadily since the beginning of the year and by +3.2%* in Q4 2016 • Renewed commercial momentum driven by a premium model focused on the shopping experience and customer service: • Improved assortment of fresh, organic and locally-gr
Slide 15: Franprix: success of the Mandarine concept
Franprix: success of the Mandarine concept • Continued roll-out of the Mandarine concept, which is generating higher customer traffic with a more quality-oriented product range and new self-service counters (coffee, fresh-squeezed juices, hot meals, etc.) • Same-store sales* were down -0.5% in 2016;
Slide 16: Proximity: ongoing modernization of the banners
Proximity: ongoing modernization of the banners • Modernization of the offering and concepts (integrated stores) and development of new services (fresh products, beauty, locally grown products, roasted meats, etc.) • Continued streamlining of the store base 2016 in 2016: A total of 6,065 stores • In
Slide 17: Activity: Latin America
Highlights Activity Latin America Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer
Slide 18: Grupo Éxito (excluding GPA Food): excellent operating and financial performance
Grupo Éxito (excluding GPA Food): excellent operating and financial performance • Good organic sales growth of +10.8%* in 2016 • Ongoing initiatives to leverage synergy among countries and deployment of successful projects in apparel, real estate and financial services in 2016 • Satisfactory growth
Slide 19: High growth in Argentina and Uruguay
High growth in Argentina and Uruguay Uruguay • Good organic growth of +9.8%* in 2016, above inflation and lifted by high purchasing power • Expansion and success of the Proximity offering (+14 new stores in 2016) • Successful commercial campaigns Argentina • Organic sales up +34.9%* in 2016, in a ve
Slide 20: Refocusing on food sales in Brazil
Refocusing on food sales in Brazil • Refocusing on food sales at GPA with the end-2016 decision to sell Via Verejo • Sequential improvement in GPA Food same-store sales* over the year In BRL - million 2016 • Accelerated development of cash & carry (Assaí) and first conversions of hypermarkets into c
Slide 21: GPA Food: success of revitalisation plans at Extra
GPA Food: success of revitalisation plans at Extra • Successful revitalisation plan at Extra, with market share** gains over 9 consecutive months and an improvement in traffic • Recovery in non-food performance at Extra in Q4 2016 In BRL 2016 • Good performance at Pão de Açúcar Sales* 26,967 (millio
Slide 22: GPA Food: accelerated development at Assaí
GPA Food: accelerated development at Assaí • Organic sales* up a very strong +39.2% over the year thanks to the success of the cash & carry model • Sustained expansion with 13 new store openings during the year, of which 2 conversions In BRL 2016 • In Q4 2016, Assaí represented 36% of GPA Food's Sal
Slide 23: Activity: E-commerce
Highlights Activity E-commerce Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer
Slide 24: Cdiscount: sharp increase in traffic and confirmed success for the marketplace
Cdiscount: sharp increase in traffic and confirmed success for the marketplace • The marketplace's share of total GMV stood at 31.4% in Q4 2016 vs 28.1% in Q4 2015 • Enhanced service: • Same-day delivery of large packages (>30kg) Monday through Saturday • Delivery of small and medium-sized packages
Slide 25: Results
Highlights Activity Results Perspectives Appendices Antoine Giscard D’Estaing, Chief Financial Officer
Slide 26: Preliminary comments
Preliminary comments • IFRS 5 has been applied to the 2016 financial statements to take into account the disposal of operations in Asia and the project to dispose of Via Varejo. Accordingly: • Profits from operations in Asia in 2015 and up to their disposal in 2016, as well as the consolidated gain
Slide 27: 2016 net sales: +5.7% on an organic basis
2016 net sales: +5.7% on an organic basis* In €m +1.9% +5.7% -0.3% +801 +3.9% (1,131) +2% +1,138 -3.2% -0.2% 36,030 35,312 Sales Same-store Expansion Organic Fuel Currency Scope Sales 2015 growth sales and calendar effect impact 2016 excluding excluding calendar effects calendar effects effects * Ex
Slide 28: 2016 consolidated EBITDA: +4.3% at constant exchange rates
2016 consolidated EBITDA: +4.3% at constant exchange rates In €m +4.3% Currency effect (65) 1,689 1,762 1,697 EBITDA EBITDA EBITDA 2015 2016 2016 at constant at current exchange rates exchange rates 28 2016 FULL YEAR RESULTS • March 7, 2017
Slide 29: 2016 consolidated trading profit: +8.4% at constant exchange rates
2016 consolidated trading profit: +8.4% at constant exchange rates In €m +8.4% Currency effect (46) 997 1,080 1,034 Trading Trading profit Trading profit profit 2016 2016 2015 at constant at current exchange rates exchange rates 29 2016 FULL YEAR RESULTS • March 7, 2017
Slide 30: 2016 consolidated trading profit
2016 consolidated trading profit 2016 at constant In €m 2015 exchange rates 2016 France Retail 337 508 508 Latam Retail 698 583 538 E-commerce (39) (12) (11) Total 997 1,080 1,034 • The Group's trading profit was up €83m at constant exchange rates and up €37m at current exchange rates • Sharp turnar
Slide 31: France Retail
France Retail In €m 2015 2016 Consolidated net sales 18,890 18,939 Trading profit 337 508 Retail 170 421 Property development 167 87 Trading margin 1.8% 2.7% • Steady growth in food retail trading profit: • Solid performance from Monoprix and Franprix • Improved profitability at Supermarchés Casino
Slide 32: Results of the property development activity in 2016
Results of the property development activity in 2016 • 10 projects to transform hypermarket sites Income using the percentage with non-food retail space reduction and extension of completion method of adjacent shopping malls in 2014 and 2015 • 5 projects to expand/transform Monoprix stores in Marcq-
Slide 33: Examples of sites’ transformation
Examples of sites’ transformation Extension of the Toulouse Fenouillet gallery Opening of a mid-size H&M in Angoulême using the space freed up by the Géant hypermarket Transformation/extension of the Monoprix site in La Garenne-Colombes 33 2016 FULL YEAR RESULTS • March 7, 2017
Slide 34: Latam Retail
Latam Retail 2016 at constant In €m 2015 exchange rates 2016 Consolidated net sales 14,714 16,379 15,247 o/w Éxito group (excl. GPA Food) 4,662 5,178 4,499 o/w GPA Food 10,052 11,201 10,749 Trading profit 698 583 538 o/w Éxito group (excl. GPA Food) 265 269 236 o/w GPA Food 434 314 302 Trading margi
Slide 35: E-commerce
E-commerce In €m 2015 2016 GMV* 2,709 2,994 Consolidated net sales 1,708 1,843 EBITDA (17) 10 Trading profit (39) (11) • The E-commerce segment now comprises Cdiscount and is refocused on France • Positive EBITDA and smaller operating loss thanks to the marketplace's profitable growth and the closur
Slide 36: Underlying financial income (expense)
Underlying financial income (expense)* In €m 2015 2016 France Retail (118) (65) Latam Retail (120) (328) o/w Éxito (excl. GPA Food) 49 (131) o/w GPA Food (169) (197) E-commerce 0 (18) Total (237) (411) • Sharp decrease in financial expenses in France due to effects of the debt buybacks and the unwin
Slide 37: Underlying net profit, Group share
Underlying net profit, Group share* 2016 at constant In €m 2015 2016 exchange rates Trading profit and share of profit 1,054 1,054 1,102 of equity associates Financial expenses (237) (411) (433) Income tax expense (219) (189) (194) Underlying net profit 597 455 475 from continuing operations Attribu
Slide 38: Underlying diluted earnings per share
Underlying diluted earnings per share 2015 2016 Weighted average number of ordinary shares before dilution 112,826,784 111,185,050 Underlying net profit, Group share (in €m) 357 341 Dividends payable on perpetual deeply subordinated bonds (48) (49) (TSSDI) Income payable on Monoprix mandatory conver
Slide 39: H2 2016 other operating income and expenses
H2 2016 other operating income and expenses In €m H2 2016 total o/w France o/w Latam Gains and losses on the disposal of assets, (31) (10) (18) scope changes and impairment losses Restructuring costs (121) (93) (19) Litigation and risks (55) (7) (45) Other (0) (0) (0) Other operating income and expe
Slide 40: Profit from discontinued operations
Profit from discontinued operations In €m 2015 2016 Net profit from discontinued operations 47 (243) Net gain on the disposal of operations in Thailand and Vietnam - 2,865 Adjustment in the consolidated value of Via Varejo - (461) Profit from discontinued operations 47 2,161 Attributable to minority
Slide 41: Consolidated net profit, Group share
Consolidated net profit, Group share In €m 2015 2016 Net profit from continuing operations, (65) 33 Group share Net profit from discontinued operations, 21 2,645 Group share Consolidated net profit, Group share (43) 2,679 • Taking into account the other operating income and expenses, profit from con
Slide 42: Free cash flow from continuing operations before dividends
Free cash flow from continuing operations before dividends In €m 2016 EBITDA 1,697 Other (WCR and other non-recurring income (expense) 89 Cash from operating activities 1,786 CAPEX (792) Financial charges (165) Free cash flow from continuing operations before dividends* 829 * Prior to dividends paid
Slide 43: Change in Group net debt in 2016
Change in Group net debt in 2016 In €m Impact of discontinued operations Impact of continuing operations (500) (163) (6,073) 829 (645) (234) (455) (206) 4,081 Free cash flow (3,367) Asset Free cash flow Other from continuing Net financial Dividends Buyback Foreign disposals from discontinued changes
Slide 44: Cash flow statement for Casino in France
Cash flow statement for Casino in France* In €m Sources Uses • Operating cash flow 885 CAPEX 293 of the wholly-owned** French 883 activities after tax • EBITDA 872 • WCR, financial income 13 and other operating expenses • Dividends received from international 77 • 2015 dividends paid and coupons 396
Slide 45: Change in Casino net financial debt in France
Change in Casino net financial debt in France* In €m 102 Free cash flow after distributions (95) (90) (500) (6,081) (224) Renegotiation Foreign Buyback of GPA forward currency of Monoprix translation 3,689 Net financial adjustments investments mandatory Disposals convertible and other of operations
Slide 46: Breakdown of net financial debt by entity
Breakdown of net financial debt by entity In €m 2015 2016 France (6,053) (3,032) o/w France Retail (6,081) (3,200) o/w Cdiscount 29 168 International (20) (335) o/w Éxito (excl. GPA Food) (766) (810) o/w GPA Food (227) (221) o/w Latam Electronics 1,119 697 o/w Asia (146) 0 Total (6,073) (3,367) • Th
Slide 47: Deleveraging operations and simplification of the financial structure
Deleveraging operations and simplification of the financial structure €978m Bond buybacks €108m gradually bought back €871m in public offerings Redemption of the bond maturing in April 2016 €386m Call option exercized on Monoprix convertible €500m bonds Renegotiation/unwinding of equity derivatives
Slide 48: Dynamic management of interest rates position
Dynamic management of interest rates position CGP outstanding bonds €7.35bn Fixed €1.4bn €6.0bn €6.0bn Variable Bond buybacks and redemptions €3.0bn €6.4bn 51% 87% €5.0bn Cancellation 83% Swaps €3.0bn 49% €1.0bn €1.0bn 13% 17% 31/12/2015 31/12/2016 • Casino's gross debt primarily comprises bond
Slide 49: Liquidity strengthened by disposals
Liquidity strengthened by disposals €7.4bn in liquidity at 31/12/2016 Bond maturities as at 31/12/2016 In €m In €m 900 900 +33% 7,373 850 850 850 850 758 758 5,535 600 3,759 552* 600 552* 508 508 514 514 450 450 3,854 3,614 1,681 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2017 2018
Slide 50: Financial ratios
Financial ratios In €m 2015 2016 Consolidated equity, Group share 5,883 8,450 Number of shares 112,827 111,185 (weighted average prior to dilution) Equity, Group share/number of shares in € 52.1 76.0 Net financial debt 6,073 3,367 EBITDA of continuing operations 2,343* 1,697 Net debt/EBITDA of conti
Slide 51: 2016 Dividend
2016 Dividend 2016 Casino Guichard Perrachon parent company net income (€m) 406 Per share (in €) 3.65 Dividend proposed to Annual General Meeting (€) 3.12 Interim dividend paid on 28 November 2016 1.56 Remaining dividend balance to be paid in May 2017 1.56 • It will be proposed to the Annual General
Slide 52: Perspectives
Highlights Activity Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer
Slide 53: Group priorities
Group priorities dapting in real time the formats to new consumer trends and developing A 1 the most buoyant formats • Adapting the offer to consumer needs and constant innovation (products, concepts) • Focusing expansion on the most buoyant formats and strategically managing the store portfolio (s
Slide 54: Adapting the formats in real time to new consumer trends
A dapting the formats in real time to new consumer trends and developing the most buoyant formats • Hypermarkets: continued non-food retail space reduction • Cash & Carry: accelerate growth in a format that is particularly well-suited to emerging economies • Very efficient model with a high sales/s
Slide 55: Ongoing pursuit of operational excellence
Ongoing pursuit of operational excellence • Continued improvement of in-store execution, for all banners, thanks to the deployment of best practices: • Widening of the stores’ opening hours • Development of service counters and of the fresh assortment • Continued reduction of check-out times • Limit
Slide 56: 2017 Perspectives – France (1/2)
2017 Perspectives – France (1/2) • At Monoprix, good sales‘ dynamics, expansion above 50 store openings and development of multi-channel • At Franprix, completion of the new Mandarine concept roll-out (all stores will adopt the new concept by end-2017) and 50 new store openings • Continued upgrade o
Slide 57: 2017 Perspectives – France (2/2)
2017 Perspectives – France (2/2) • At Leader Price, sales momentum in line with Q4 trend and pursuit of operational excellence initiatives • At Géant, break-even resumption due to: • Continued increase in sales/per sq.m and good performance in food sales • Reduction in the non-food retail space • Ac
Slide 58: 2017 Perspectives – Latin America
2017 Perspectives – Latin America • GPA in Brazil: refocus on food retail and priority to cash & carry • Confirmation of GPA's good sales momentum across all formats (cash & carry, Hypermarkets, Premium) • Expansion focused on cash & carry, with a minimum of 6 openings and 15 hypermarket conversions
Slide 59: Key objectives for 2017
Key objectives for 2017 Continued development with good debt management • Well-controlled CAPEX: thanks to priority focus on buoyant formats, investment costs per sq.m reduction and ongoing development under franchise for the formats where it is relevant • After a sharp decrease in debt in 2016, ong
Slide 60: Appendices
Highlights Activity Results Perspectives Appendices
Slide 61: Same-store sales evolution excluding fuel
Same-store sales evolution excluding fuel France Q1 Q2 Q3 Q4 Géant Casino* +5.8% +1.7% +0.9% -0.4% Leader Price +6.0% -0.1% -1.9% -0.7% Monoprix +0.1% -0.9% -2.3% +0.2% SM Casino +0.8% +1.1% +2.9% +2.7% Franprix +0.5% +0.1% +0.1% -1.6% Proximity & other** +1.6% -1.1% -3.7% -4.9% o/w Proximity +3.1%
Slide 62: Calendar Effects
Calendar Effects 2016 Géant Casino* +0.2% Leader Price +0.1% Monoprix +0.4% SM Casino 0.0% Franprix +0.3% Proximity +0.5% France Retail +0.2% Latam Retail -0.1% Group +0.1% * Excluding Codim’s operations in Corsica (4 hypermarkets) 62 2016 FULL YEAR RESULTS • March 7, 2017
Slide 63: 2016 Consolidated EBITDA
2016 Consolidated EBITDA 2016 at constant In €m 2015 exchange rates 2016 France Retail 726 872 872 Latam Retail 980 880 816 E-commerce (17) 9 10 Total 1,689 1,762 1,697 63 2016 FULL YEAR RESULTS • March 7, 2017
Slide 64: Bridge from GPA’s adjusted EBITDA to the contribution of GPA to consolidated EBITDA
Bridge from GPA’s adjusted EBITDA to the contribution of GPA to consolidated EBITDA 2015 2016 Adjusted EBITDA in BRL millions (published by the subsidiary) 2,524 2,201 Adjusted EBITDA in €m 682 571 Consolidation adjustments in €m (57) (72) EBITDA in €m 625 499 64 2016 FULL YEAR RESULTS • March 7, 20
Slide 65: Definition of underlying net profit
Definition of underlying net profit • Underlying net profit corresponds to the net profit from continuing operations, adjusted for the impact of other operating income and expense, as defined in the Accounting Policies Section in the notes to the annual consolidated financial statements, and for the
Slide 66: Bridge from reported net profit to underlying net profit
Bridge from reported net profit to underlying net profit 2015 2016 In €m 2015 Adjustments underlying 2016 Adjustments underlying Trading Profit 997 0 997 1,034 0 1,034 Other operating income and expense (349) 349 0 (625) 625 0 Operating Profit 648 349 997 409 625 1,034 Net financing costs (240) 0 (2
Slide 67: 2016 other operating income and expenses
2016 other operating income and expenses In €m Total o/w France o/w Latam Gains and losses on asset disposals, impairment losses, net and net income (190) (145) (34) (expense) related to changes in scope Restructuring costs (252) (207) (30) Litigation and risks (123) (12) (105) Other (Tascom in Fran
Slide 68: Share in the profits of equity associates
Share in the profits of equity associates In €m 2015 2016 France Retail 35 (3) Latam Retail 22 23 Total 57 20 • France Retail segment mainly includes the shareof Mercialys result for €35m and that of companies from the Franprix-Leader Price group for -€40m 68 2016 FULL YEAR RESULTS • March 7, 2017
Slide 69: Underlying minority interests
Underlying minority interests* En M€ 2015 2016 France Retail 2 5 Latam Retail 256 136 o/w Éxito (excl. GPA Food) 108 48 o/w GPA Food 148 89 E-commerce (18) (28) Total 240 114 * Underlying minority interests correspond to the profit attributable to minority interests, adjusted for (i) said minority i
Slide 70: GPA's contribution to the Group's underlying net profit
GPA's contribution to the Group's underlying net profit 2015 2016 Adjusted net income in BRL millions (published by the subsidiary) 769 389 Adjusted net income In €m 208 101 Consolidation adjustments in €m 26 32 Contribution to underlying net income in €m 234 133 o/w Group share 86 44 o/w minority i
Slide 71: Cash flow statement
Cash flow statement In €m 2015 2016 Net debt at beginning of the period (5,733) (6,073) Cash flow 1,951 1,625 Changes in WCR 1,198 272 Taxes paid (228) (233) Cash flow from operations, net of income tax 2,921 1,664 Financial investments (1,488) (1,226) Financial acquisition (64) (119) Disposals 161
Slide 72: Consolidated simplified balance sheet
Consolidated simplified balance sheet In €m 2015 2016 Goodwill 10,351 9,595 Fixed assets 13,162 11,642 Investments in equity associates 629 625 Non-current assets 1,858 1,080 Other non-current assets 490 596 Inventories 4,884 3,990 Trade and other receivables 3,334 2,643 Cash and cash equivalents 4,
Slide 73: Breakdown of consolidated net financial debt at 31 December 2016
Breakdown of consolidated net financial debt at 31 December 2016 Gross Cash and Impact Net financial In €m debt* cash equivalents of IFRS 5 debt France Retail (6,884) 3,614 70 (3,200) Latam Retail (2,973) 1,939 1 (1,032) o/w Éxito (excl. GPA Food) (1,259) 447 1 (810) o/w GPA Food (1,713) 1,492 - (22
Slide 74: Dividend policy for the major listed companies
Dividend policy for the major listed companies Minimum pay-out 25%* 50% • SIIC regime • 95% of recurring income Pay-out for 2015 +60% of capital gains 47%** 53% earnings Tax withheld at source 0% 0% 0% • Proposal by the Boards of the Directors Decision • Approval by a simple majority at the General
Slide 75: Derivative financial instruments included in other liabilities
Derivative financial instruments included in other liabilities % FV at FV at In €m capital Maturity date Interest rate Notional 31/12/2015 31/12/2016 Libor GPA forward 2.2% February 2018 227 (248) (134) +2.76% June 2018 E3M GPA TRS 2.9% 332 (247) (209) +2.695% Total 559 (495) (343) • These derivativ
Slide 76: Puts included in the balance sheet
Puts included in the balance sheet % Valuation Valuation Exercise In €m capital at 31/12/2015 at 31/2/2016 period Franchised Franprix - Leader Price stores with 59 70 Various dates a majority stake At any time Monoprix 3 1 2017 Green Yellow 0 9 Redemption of minority Expired on Cnova shareholders
Slide 77: Off-balance sheet puts
Off-balance sheet puts % Valuation Valuation Exercise In €m capital at 31/12/2015 at 31/12/2016 period Franchised stores Various dates Franprix - Leader Price 19 5 with a minority stake Total 19 5 (off balance sheet) 77 2016 FULL YEAR RESULTS • March 7, 2017
Slide 78: Average exchange rates
Average exchange rates 2015 2016 Change% Argentina (ARS/EUR) 10.2584 16.3473 -37.2% Uruguay (UYP/EUR) 30.2896 33.3198 -9.1% Colombia (COP/EUR) 3.0483 3.3759 -9.7% (x1,000) Brazil (BRL/EUR) 3.7004 3.8561 -4.0% 78 2016 FULL YEAR RESULTS • March 7, 2017
Slide 79: Closing exchange rate
Closing exchange rate 2015 2016 Change% Argentina (ARS/EUR) 14.0841 16.7318 -15.8% Uruguay (UYP/EUR) 32.5958 30.9120 +5.4% Colombia (COP/EUR) 3.4561 3.1649 +9.2% (x1,000) Brazil (BRL/EUR) 4.3117 3.4305 +25.7% 79 2016 FULL YEAR RESULTS • March 7, 2017
Slide 80: 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,
Casino, Guichard-Perrachon — FY2016 Earnings Presentation on 6ix