Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — H1 2012 Earnings Presentation
69 slides from Casino, Guichard-perrachon Sa's earnings presentation, Jul 26, 2012
Slide 1: Half-Year Results 2012
26 July 2012 2012 Half-Year Results HALF-YEAR RESULTS 2012
Slide 2: Key Figures H1 2012 (Continuing operations)
KEY FIGURES H1 2012 (Continuing operations) H1 2012 Change vs. H1 2011 Consolidated net sales €17,348m +7.5% EBITDA €1,004m +8.1% EBITDA margin 5.8% Stable Trading profit €638m +11.6% Trading margin 3.7% +14bp Net underlying profit, Group share €178m +0.2% Underlying EPS* €1.5 +4.8% Cash flow €547m
Slide 3: Satisfactory growth in business and operating profit in H1 2012
SATISFACTORY GROWTH IN BUSINESS AND IN OPERATING PROFIT IN THE 1st HALF OF 2012 • Sustained growth in the Group’s consolidated net sales (+7.5%), particularly benefitting from the change in country mix Growth of 18.2% in international sales with +8.8% due to the change in scope of consolidation (i
Slide 4: The first half was marked by major transformations
THE FIRST HALF WAS MARKED BY MAJOR TRANSFORMATIONS • 9 February: Communication of Mercialys new strategy (“Foncière Commerçante”), modification of its financial structure and start of the process of change in control First Mercialys bond issue and exceptional €1bn shareholder distribution Dispos
Slide 5: Highlights
HIGHLIGHTS Results 2012 Perspectives & Conclusion Appendices
Slide 6: Solid growth in the Group's consolidated net sales in Q2 2012
SOLID GROWTH IN THE GROUP’S CONSOLIDATED NET SALES IN THE 2ND QUARTER OF 2012: +3.8% Sales evolution Organic growth (in €m) (excluding petrol, excluding calendar effect) Scope Currency Organic +3.8% +5% +1.7% +4.3% +4% +2.2% -0.1% +3.4% 8,609 8,294 Q2 2011 Q2 2012 Q4 2011 Q1 2012 Q2 2012 H1 2012 • T
Slide 7: Operations in France resilient in the 2nd quarter
OPERATIONS IN FRANCE RESILIENT IN THE 2ND QUARTER Organic growth excluding calendar Q2 2012 vs Q2 2011 Casino France +14.5% +1.5% +1.4% -0.5% -1.3% -3.2% -3.3% France FP-LP Monoprix Casino Superettes Géant Cdiscount SM* Casino* • Solid supermarket performance (Monoprix and Casino Supermarchés) • Ano
Slide 8: Sales well positioned for Casino and Monoprix supermarkets in H1
SALES WELL POSITIONED FOR CASINO AND MONOPRIX SUPERMARKETS IN H1 • Satisfactory organic growth in Q2 driven by H1 SALES UP BY expansion +1.9% • Improvement in Espaces Marché (“Fresh organic* Market Areas”) and in the offering of fresh products, continued roll-out of “Le Meilleur CONTINUED d’Ici” (lo
Slide 9: Sales stable from other convenience store formats
SALES STABLE FROM OTHER CONVENIENCE STORE FORMATS H1 SALES -0.3% organic • Continued expansion in H1 with the opening of 15 stores • Rollout at check-out of promotional and customer loyalty tools (offering a 5% discount on the LP private label) • Increase in the number of LP products under €1 and re
Slide 10: Leader Price: successful refocus on fundamentals
LEADER PRICE: SUCCESSFUL REFOCUS ON FUNDAMENTALS H1 SALES OPENINGS -1.7% 8 stores organic opened in H1 2012 • The organic trend includes the impact of closing or transferring 15 stores on a consolidated basis since H2 2011 • Very competitive price indices • Increased operating efficiency Redesigne
Slide 11: Géant's net sales in food held up well and marked decrease in non-food
GEANT’S NET SALES IN FOOD HELD UP WELL AND IN MARKED DECREASE IN NON-FOOD H1 FOOD SALES -1% same-store basis • Food sales resilient, supported by: “Tous les jours” private label, France’s most economical entry price, highlighted in stores Revival of promotion for all brands Continued rollout o
Slide 12: Accelerated growth of Cdiscount in the 2nd quarter
ACCELERATED GROWTH OF CDISCOUNT IN THE 2ND QUARTER H1 SALES UP BY PICK-UP POINTS +13.3% 2,600 organic end of H1 • Faster net sales growth on a sequential basis (Q2 2012 at +14.5%) • Total business volume grew by +20.1% in Q2 including the marketplace • Accelerated growth of the marketplace: Rapid
Slide 13: Pursue of a strong organic growth in international markets
PURSUE OF A STRONG ORGANIC GROWTH IN INTERNATIONAL MARKETS Organic sales growth in International markets Sales growth Organic Reported 11.7% 12.2% +23.5% 10.8% +18.2% 8.6% +13.1% +11.9% 4.9% +8.6% +5.5% 2008 2009 2010 2011 H1 2012 Q1 2012 Q2 2012 H1 2012 • A sustained and consistent growth rate acro
Slide 14: Brazil: continued strong performance in H1
BRAZIL: CONTINUED STRONG PERFORMANCE IN H1 BY GPA IN FOOD AND INTEGRATION OF CASAS BAHIA • Sales up 20.8% to €4bn* • Same-store sales growth of 7.6%** • Continued good performance in the Food segment Same-store sales at GPA Food increased 7%** Excellent performance from Assaí stores (cash & carr
Slide 15: Colombia: excellent performance by Exito in H1
COLOMBIA: EXCELLENT PERFORMANCE BY EXITO IN H1 • Sales up sharply by 21% to €1.8bn* Good performance on a same-store basis, +5.1% Strengthening of complementary businesses (consumer finance, real estate, travel agencies and insurance) • Fast expansion focused on convenience and discount formats:
Slide 16: Excellent H1 results at Big C in Thailand
EXCELLENT H1 RESULTS AT BIG C IN THAILAND • Sustained sales growth of 12.1% to €1.4bn* • Sharp growth in organic sales of +6.2%** despite the aftermath of the floods which had a major impact on logistics and supply in H1 Increase in sales on a same-store basis Sustained rate of expansion maintai
Slide 17: Big C Vietnam: continued building of a leading position
BIG C VIETNAM: CONTINUED BUILDING OF A LEADING POSITION • Sales of €212m* as of the end of June, up +36.5% (taking into account the appreciation of the Vietnamese dong against the euro) • Organic sales up sharply by +29.4% in H1 Very good performance on a same-store basis reflecting the ongoing bu
Slide 18: Results
Highlights RESULTS 2012 Perspectives & Conclusion Appendices
Slide 19: Preliminary notes
PRELIMINARY NOTES • The financial statements for the six months ended 30 June 2012 prepared by the Board of Directors on 25 July 2012 have been reviewed by the statutory auditors • All of the figures indicated in this presentation concern continuing operations, unless indicated otherwise • Organic g
Slide 20: Growth of key sales and profits indicators
GROWTH OF KEY SALES AND PROFITS INDICATORS Continuing operations Reported Organic In € millions H1 2011 H1 2012 change change Net sales 16,144 17,348 +7.5% +4.1% Gross margin 4,126 4,410 +6.9% As a % of sales 25.6% 25.4% -14bp EBITDA* 929 1,004 +8.1% +3.9% EBITDA margin 5.8% 5.8% +3bp -1bp Depreciat
Slide 21: Satisfactory growth in consolidated EBITDA
SATISFACTORY GROWTH IN CONSOLIDATED EBITDA Change in EBITDA (in €m) Scope Currency Organic +8.1% +3.3% +0.9% +3.9% 1,004 929 H1 2011 H1 2012 • EBITDA growth breaks down equally between: organic growth, which grew at the same rate as sales a scope effect, primarily associated with the increased s
Slide 22: Group EBITDA benefits from an increased contribution from international operations
GROUP EBITDA BENEFITS FROM AN INCREASED CONTRIBUTION FROM INTERNATIONAL OPERATIONS EBITDA (in €m) H1 2012 EBITDA margin rate 6.8% 1,004 5.8% 929 4.9% 566 International 450 +25.8% France 479 -8.6% 438 H1 2011 H1 2012 Group France International • Very strong growth in EBITDA from international compani
Slide 23: Continued improvement in margins of buoyant formats in France
CONTINUED IMPROVEMENT IN MARGINS OF BUOYANT FORMATS IN FRANCE Margin change Trading profit (in € millions) H1 2011 Margin H1 2012 Margin in organic terms Casino France 156 2.7% 119 2% -77bp Franprix-Leader Price 58 2.6% 67 3.1% +71bp Monoprix 57 5.8% 64 6.4% +55bp FRANCE 271 3.0% 251 2.8% -26bp • Ca
Slide 24: Excellent results in international operations
EXCELLENT RESULTS IN INTERNATIONAL OPERATIONS Margin change in Trading Profit (in € millions) H1 2011 Margin H1 2012 Margin organic terms Latin America 197 3.8% 265 4.2% +39 bp Asia 96 6.7% 117 7.1% +45 bp Other businesses 8 n/a 5 n/a n/a INTERNATIONAL 301 4.3% 387 4.6% +35 bp • In Latin America, gr
Slide 25: Detailed income statement
DETAILED INCOME STATEMENT Continuing operations in € millions H1 2011 H1 2012 Change Trading profit 571 638 +11.6% Other operating income and expenses (125) (104) -17% Finance costs, net (214) (222) +3.6% Other financial income and expenses (9) 21 n.s. Profit before tax 222 333 +49.7% Income tax exp
Slide 26: Increase in underlying EPS
INCREASE IN UNDERLYING EPS Continuing operations in € millions H1 2011 H1 2012 Change Trading profit 571 638 +11.6% Other operating income and expense (125) (104) -17% Finance costs, net (214) (222) +3.6% Other financial income and expense (9) 21 n.s. Profit before tax 222 333 +49.7% Income tax expe
Slide 27: Good management of finance costs within a context of lower rates
GOOD MANAGEMENT OF FINANCE COSTS WITHIN A CONTEXT OF LOWER RATES in € millions H1 2011 H1 2012 France (117) (133) Brazil (83) (92) Thailand (11) (15) Other International (3) 18 TOTAL (214) (222) • In France, finance costs related to the Mercialys indebtness in H1 contributed to an increase in the co
Slide 28: Other operating income and expenses
OTHER OPERATING INCOME AND EXPENSES in € millions H1 2011 H1 2012 Restructuring (42) (46) Transaction costs on current operations (17) (61) Legal & risk provisions (5) (13) Tax on assets in Colombia (72) - Other (income/expenses on disposals, impairment, etc.) 10 17 TOTAL (125) (104) 28 2012 Half-Ye
Slide 29: Increase in cash flow and good capex management
INCREASE IN CASH FLOW AND GOOD CAPEX MANAGEMENT In €m H1 2011 H1 2012 Change • Improvement in cash flow generation, Cash flow 498 547 +9.7% notably related to increase in international earnings • Good capex management in France, within a context of targeted expansion Net Capex, in €m H1 2011 H1 2012
Slide 30: Change in WCR
CHANGE IN WCR Inventories rotation in €m (in days of COGS, LTM) H1 2011 H1 2012 H1 2011 (12M) H1 2012 (12M) (383) Change in WCR « Goods » France (258) 39.4 Inventories rotation France 39 Change in WCR (111) « Goods » International (257) Inventories rotation 52.7 International 46.2 Change in WCR (185
Slide 31: Change in net financial debt in the first half of the year
CHANGE IN NET FINANCIAL DEBT IN THE FIRST HALF OF THE YEAR in €m Acquisition of financial assets Capital and change in increase and scope of Other Reclassification of Dividends shares consolidation items Mercialys debt paid (*) disposals Net CAPEX 164 (147) (3) Change (797) in WCR Cash 973 Flow (510
Slide 32: Financial structure strengthened by operations initiated in H1 2012
FINANCIAL STRUCTURE STRENGHTENED BY OPERATIONS INITIATED IN H1 2012 • In the 1st half of the year, the Group’s financial structure was strengthened by: The exceptional dividend/repayment of contributions received following the change to the financial structure of Mercialys amounting to €532 millio
Slide 33: Solid liquidity situation
SOLID LIQUIDITY SITUATION in €m in €m €3.9bn in liquidity* at 30/06/2012 Bond maturities** well spread out over time 2 472 888 850 750 1 381 578 600 600 544 508 165 Cash and cash Undrawn 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 equivalents confirmed lines of credit • In a context of high ma
Slide 34: Contribution of the Group's listed investments to enterprise value
THE CONTRIBUTION OF THE GROUP’S LISTED INVESTMENTS TO THE ENTERPRISE VALUE INCREASED TO €10.4 BILLION, UP €2.1 BILLION VS 31/12/2011 NFD* at Contribution Share price at Market cap Casino’s Listed companies %-owned 30 Jun. to Group’s EV 20 Jul. 2012 (100%, €m) share (€m) 2012 (€m) (€m) GPA (Brazil) B
Slide 35: 2012 Perspectives & Conclusion
Highlights Results 2012 PERSPECTIVES & CONCLUSION Appendices
Slide 36: From H2, a profile primarily exposed to high growth markets and profitable formats
FROM H2, A PROFILE PRIMARILY EXPOSED TO HIGH GROWTH MARKETS AND PROFITABLE FORMATS • With the control of GPA and the signing of a letter of intent on Monoprix, Casino reaches a new strategic level with increased exposure to high growth countries and to the most buoyant formats High growth countrie
Slide 37: In France, the Group intensifies its action plans
IN FRANCE, WITHIN A VERY COMPETITIVE BACKDROP, THE GROUP INTENSIFIES ITS ACTION PLANS • Accelerated leadership in non-food e-commerce and fast multi-channel deployment • Pursuit of expansion in convenience formats • Cost control and operating excellence • Intensification of action plans in hypermark
Slide 38: Accelerated leadership in non-food e-commerce and fast multi-channel deployment
ACCELERATED LEADERSHIP IN NON-FOOD E-COMMERCE AND FAST MULTI-CHANNEL DEPLOYMENT • Strong ambition to develop Cdiscount sales • Accelerated growth of non-food e-commerce via Cdiscount Accelerated deployment of the Market place with an aim to reach 10% of the site’s business volume Objective: 8% o
Slide 39: Pursuit of expansion in convenience formats
PURSUIT OF EXPANSION IN CONVENIENCE FORMATS • Ambitious expansion objectives in 2012 in all formats • Continued LP store renovations with the objective of renovating all integrated stores and half of all franchisees at year end • Continued partnership with La Poste (French postal service) and launch
Slide 40: Cost control and operational excellence
COST CONTROL AND OPERATIONAL EXCELLENCE • Plan to reduce central structures costs • Productivity of back office operations • Establishment of shared service centres (HR and accounting) • Specific logistical plans: area reduction of 3% per year on average reduction of transport costs • Excellence
Slide 41: Intensification of action plans in hypermarkets
INTENSIFICATION OF ACTION PLANS IN HYPERMARKETS • In food, deployment of sales commercial relaunching programs Highlight of the “Tous les jours” (“Everyday”) private label Relaunch of promotion on all brands Deployment of loyalising corners: Young Mother, Organic, “Le Meilleur d’Ici” • In non-
Slide 42: The Group operates in growing markets
THE GROUP OPERATES IN GROWING MARKETS, WHICH TOTAL OVER 400 MILLION PEOPLE INTERNATIONALLY Expected GDP growth 466 million potential customers, (%, 2012-2013) including 401 outside France France 2012 2013 6.2 65 5.3 5.3 Brazil 4.6 4.5 197 4.3 Thailand 4.0 70 1.9 0.7 0.2 Vietnam 87 Colombia 47 • GDP
Slide 43: These markets have strong growth potential
THESE MARKETS HAVE STRONG GROWTH POTENTIAL, WITH A YOUNG POPULATION AND RAPIDLY EVOLVING MODERN DISTRIBUTION Median age of the population Modern distribution share 14% Colombia 27 47% 42% 48% Vietnam 28 Brazil 29 86% Thailand 34 58% 52% 53% France 40 Colombia Thailand Brazil Vietnam Traditional dist
Slide 44: Brazil: continuation of a rewarding strategy
BRAZIL: CONTINUATION OF A REWARDING STRATEGY • Favourable perspectives The major investment projects undertaken in the country, particularly related to preparations for large sporting events (World Cup and Olympic Games) and in the energy sector, will continue to boost the economy Historically l
Slide 45: Growth and consolidation of Exito leadership
GROWTH AND CONSOLIDATION OF EXITO LEADERSHIP • Continued sustained and profitable expansion policy in Colombia: Opening of at least 100 stores in total by the end of 2012 Expansion to medium-sized cities Accelerated growth in buoyant convenience formats (at least 40 Exito Express) and discount
Slide 46: Big C Thailand: pursuit of sustained and profitable growth strategy
BIG C THAILAND: PURSUIT OF A SUSTAINED AND PROFITABLE GROWTH STRATEGY • Pursuit of strong expansion momentum Sustained expansion in large formats: 4 HM, 6 SM by the end of 2012 Accelerated expansion of small projects, particularly in convenience: 75 Mini Big C and 30 Pure C opened by the end of
Slide 47: Vietnam: expansion and new convenience format
VIETNAM: EXPANSION AND NEW CONVENIENCE FORMAT • Deployment of the dual model: Opening of 4 hypermarkets with 4 shopping malls • Testing of the new C Express convenience format Opening of at least 4 new stores in H2 Smaller format (100-200 sqm) benefitting from image synergies with Big C hyperm
Slide 48: 2012 perspectives and objectives confirmed
2012 PERSPECTIVES AND OBJECTIVES CONFIRMED • Accelerate the evolution in countries, operations and formats mix in line with major global trends Growth around a flexible and resilient business model in the most buoyant areas and formats • Continued profitable growth Group sales growth above 10%
Slide 49: Appendices
Highlights Results 2012 Perspectives & Conclusion APPENDICES
Slide 50: Simplified consolidated balance sheet
SIMPLIFIED CONSOLIDATED BALANCE SHEET in € millions 30/06/2011** 31/12/2011 30/06/2012 Goodwill 7,665 7,955 7,883 Intangibles and property, plant and equipment 9,114 9,487 8,479 Investments in associates 102 164 245 Non-current assets 814 658 927 Non-current derivative instruments* 69 129 158 Other
Slide 51: Cash flow statement
CASH FLOW STATEMENT in € millions H1 2011 H1 2012 Net financial debt at beginning of period (3,845) (5,379) Cash flow 498 547 Change in working capital requirement (678) (891) Other* 127 160 Net cash flow from operating activities, after tax (54) (184) Capital expenditure (521) (542) Acquisitions (4
Slide 52: Consolidated net profit
CONSOLIDATED NET PROFIT in € millions H1 2011 H1 2012 Net profit from continuing operations 166 223 Group share 134 125 Attributable to minority interests 32 98 Net profit from discontinued operations (1) (1) Group share (1) (1) Attributable to minority interests 0 0 Consolidated net profit 165 222
Slide 53: 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 54: Reconciliation of reported profit to underlying profit
RECONCILIATION OF REPORTED PROFIT TO UNDERLYING PROFIT H1 2011 H1 2012 H1 2011 Adjust- H1 2011 H1 2012 Adjust- H1 2012 ments underlying ments underlying In € millions Trading profit 571 0 571 638 0 638 Other operating income and expense, net (125) 125 0 (104) 104 0 Operating profit 446 125 571 534 1
Slide 55: France earnings
FRANCE EARNINGS Change Change in € millions H1 2011 H1 2012 (reported) (organic) Net sales 9,102 9,026 -0.8% +0.5% EBITDA 479 438 -8.6% -6.8% EBITDA margin 5.3% 4.9% -41bp -38bp Trading profit 271 251 -7.3% -8.6% Trading margin 3.0% 2.8% -20bp -26bp 55 2012 Half-Year Results
Slide 56: International earnings
INTERNATIONAL EARNINGS Change Change in € millions H1 2011 H1 2012 (reported) (organic) Net sales 7,041 8,322 +18.2% +8.6% EBITDA 450 566 +25.8% +15.1% EBITDA margin 6.4% 6.8% +41bp +38bp Trading profit 301 387 +28.7% +17.4% Trading margin 4.3% 4.6% +38bp +35bp 56 2012 Half-Year Results
Slide 57: Breakdown of sales
BREAKDOWN OF SALES Q2 Q2 Change Change H1 H1 Change Change in € millions 2011 2012 (reported) (organic*) 2011 2012 (reported) (organic*) Franprix-Leader Price 1,185 1,096 -7.5% -2.1% 2,259 2,158 -4.5% -0.8% Monoprix 494 495 0.2% 0.2% 977 1,006 3% 3% Casino France 3,010 2,941 -2.3% -1.2% 5,867 5,862
Slide 58: Same-store sales
SAME-STORE SALES FRANCE Q2 2011 H1 2012 including calendar Including petrol Excluding petrol Including petrol Excluding petrol Géant Casino -4.3% -5.1% -2.4% -3.5% Casino Supermarkets -2.2% -2.4% -0.7% -0.5% Franprix -4% -4% -2.7% -2.7% Leader Price -3.4% -3.4% -1% -1% Monoprix -0.8% -0.8% 2.3% 2.2%
Slide 59: Same-store sales
SAME-STORE SALES INTERNATIONAL Q2 2011 H1 2012 including calendar Including petrol Excluding petrol Including petrol Excluding petrol Latin America 4.1% 4.2% 7.9% 8% Asia 2.3% 2.3% 3.3% 3.3% 59 2012 Half-Year Results
Slide 60: Other financial income and expense
OTHER FINANCIAL INCOME AND EXPENSE in € millions H1 2011 H1 2012 Change in derivatives excluding hedging instruments 29 31 Foreign exchange gains and losses off-NFD (34) (4) Discounting adjustments 2 - Other (6) (6) TOTAL (9) 21 60 2012 Half-Year Results
Slide 61: Average exchange rates
AVERAGE EXCHANGE RATES Q1 2011 Q1 2012 Var. % H1 2011 H1 2012 Var. % Argentina (ARS / EUR) 0.182 0.176 -3.6% 0.176 0.176 -0.3% Uruguay (UYP / EUR) 0.037 0.039 +4.8% 0.037 0.039 +4.0% Thaïland (THB / EUR) 0.024 0.025 +2.8% 0.023 0.025 +5.7% Vietnam (VND / EUR) (x 1 000) 0.037 0.037 -0.1% 0.035 0.037
Slide 62: France: calendar effect by format
FRANCE: CALENDAR EFFECT BY FORMAT Q2 2012 H1 2012 Géant Casino -1.1% +1% Casino Supermarkets -1% +0.8% Superettes +0.3% +1% Cdiscount - - Monoprix -1.3% +0.7% FPLP -0.8% +0.7% FRANCE -0.9% +0.8% 62 2012 Half-Year Results
Slide 63: Minority interests
MINORITY INTERESTS in € millions H1 2011 H1 2012 Mercialys 26 30 FPLP 2 (4) Big C 18 29 Exito (10) 36 Other (4) 7 TOTAL 32 98 63 2012 Half-Year Results
Slide 64: Puts included in net financial debt
PUTS INCLUDED IN NET FINANCIAL DEBT Value at Value at In € millions % capital 31/12/2011 30/06/2012 Exercise period Franprix - Majority-owned Various dates 93 100 Leader Price franchise stores At any time Monoprix 1 1 2014 At any time Uruguay 15 16 2021 TOTAL 109 117 64 2012 Half-Year Results
Slide 65: Off-balance sheet puts
OFF-BALANCE SHEET PUTS Value at Value at in € millions % capital 31/12/2011 30/06/2012 Exercise period Franprix Minority-owned 195 153 Various dates Leader Price franchise stores At any time Uruguay (Disco) 61 64 2021 Others 15 TOTAL 232 (off-balance sheet) On 28 June 2012, Casino and Galeries Laf
Slide 66: Changes in equity
CHANGES IN EQUITY in €m 222 Distribution 9,383 Profit for period 135 TSSDI 47 127 dividends 8,989 Others* (915) Translation Capital (11) increase & adjustment stock options plans 31 Dec. 2011 30 Jun. 2012 66 2012 Half-Year Results
Slide 67: Continuing expansion in France and abroad in H1 2012
CONTINUING EXPANSION IN FRANCE AND ABROAD IN H1 2012 Gross store openings France Casino Supermarkets 4 Superettes 180 Franprix 15 Leader Price 8 Monoprix 12 International Brazil 12 Colombia 38 Thaïland 48 Vietnam 1 67 2012 Half-Year Results
Slide 68: Number of stores
NUMBER OF STORES France 31 December 2011 30 June 2012 Géant Casino 127 123 Casino Supermarkets 422 434 Franprix 897 897 Monoprix 514 523 Leader Price 608 599 Superettes 6,561 6,501 Other 321 332 TOTAL FRANCE 9,450 9,409 International Argentina 24 24 Uruguay 52 52 Brazil 1,571 1,575 Colombia 351 383
Slide 69: 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 — H1 2012 Earnings Presentation on 6ix