Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2012 Earnings Presentation
71 slides from Casino, Guichard-perrachon Sa's earnings presentation, Feb 21, 2013
Slide 1: Full-Year Results 2012
21 February 2013 FULL-YEAR RESULTS 2012
Slide 2: 2012 Key Figures (Continuing operations)
2012 HIGHLIGHTS AND 2013 PERSPECTIVES 2012 KEY FIGURES (Continuing operations) 2012 Change vs. 2011 Consolidated net sales €41,970.7m +22.1% EBITDA €2,853m +24.7% EBITDA margin 6.8% vs. 6.7% Trading profit €2,002m +29.3% Trading margin 4.8% vs. 4.5% Net profit, group share €1,065m +84.4% Net underly
Slide 3: A transformed group profile and a strong business growth in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES A TRANSFORMED GROUP PROFILE AND A STRONG BUSINESS GROWTH IN 2012 A growth profile strengthened by two transforming operations Control of GPA in Brazil in July 2012 Agreement with Galeries Lafayette regarding the acquisition of 50% of Monoprix Very strong
Slide 4: 2012 Highlights & 2013 Perspectives
2012 HIGHLIGHTS & 2013 PERSPECTIVES Results Conclusion Appendices Jean-Charles NAOURI Chairman and Chief Executive Officer
Slide 5: Very strong increase in Group net sales in 2012: +22.1%
2012 HIGHLIGHTS AND 2013 PERSPECTIVES VERY STRONG INCREASE IN GROUP NET SALES IN 2012: +22.1% Changes in sales (in €m) Sales breakdown Scope Currency Organic 2011 2012 +22.1% +3.5% +20.3% France -1.6% 41,971 55% 45% 44% 56% 34,361 International 2011 2012 The Group recorded sound organic growth in
Slide 6: In France, resilient organic sales in 2012 in a backdrop of soft consumption
2012 HIGHLIGHTS AND 2013 PERSPECTIVES IN FRANCE, RESILIENT ORGANIC SALES IN 2012 IN A BACKDROP OF SOFT CONSUMPTION Organic growth excluding petrol and calendar effect Sales in France in 2012 2012 vs. 2011* (excluding petrol) Casino France +16.3% Other Cdiscount e-commerce Géant (HM) 3% Convenience N
Slide 7: Lower sales in 2012; in 2013, more attractive prices and continued deployment
2012 HIGHLIGHTS AND 2013 PERSPECTIVES LOWER SALES IN 2012 In food, the price indices for entry-price and private- label products were realigned at the end of Q3 Decrease in non-food activities related to the strong reduction in non-food shelves in 2012 Roll-out of the multi-channel strategy wi
Slide 8: 2012: A year of organic growth for the Casino supermarkets
2012 HIGHLIGHTS AND 2013 PERSPECTIVES 2012: A YEAR OF ORGANIC GROWTH FOR THE CASINO SUPERMARKETS Satisfactory organic growth sustained by the opening of seven stores Repositioning of price indices in private-label and entry-price products in Q4 INCREASE IN SALES: +1.8% organic* Roll-out of the
Slide 9: Stable sales in superettes in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES STABLE SALES IN SUPERETTES IN 2012 Implementation of a common assortment for the banners around the Casino private label Sharp increase in the number of Cdiscount pick-up points SALES: Continued expansion: among the stores opened -0.6% organic* in 2012, 14
Slide 10: 2012 sales well oriented for Monoprix
2012 HIGHLIGHTS AND 2013 PERSPECTIVES 2012 SALES WELL ORIENTED FOR MONOPRIX Food sales held up well Growth in the textile activity was superior INCREASE IN SALES: to the market over the full year +1.7% organic* Sustained expansion in all formats CONTINUED EXPANSION: + 36 STORES opened in 2012
Slide 11: Franprix's performance stabilised in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES FRANPRIX’S PERFORMANCE STABILISED IN 2012 Restart of private labels and targeted price cuts Increased number of Leader Price products under €1 SALES: Upgrade of stores network -1% organic* CONTINUED EXPANSION: + 39 STORES opened in 2012 IN 2013, RESTART OF
Slide 12: Successful turnaround for Leader Price in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES SUCCESSFUL TURNAROUND FOR LEADER PRICE IN 2012 Price indices now repositioned Improvement in product ranges with strong involvement by Jean-Pierre Coffe (famous French gourmet icon) Continued store renovations and expansion SALES: Increase in profitabili
Slide 13: 2012 Highlights and 2013 Perspectives
2012 HIGHLIGHTS AND 2013 PERSPECTIVES 2012 Full-Year Results 13
Slide 14: Remarkable growth from Cdiscount in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES REMARKABLE GROWTH FROM CDISCOUNT IN 2012 Sales growth of +16.3% compared with +7% for e-tailer members of the Fevad iCE 40* index Total business volume growth of +22% over the year including the marketplace (10% of the site’s business volume at the end of De
Slide 15: 2012 Highlights and 2013 Perspectives
2012 HIGHLIGHTS AND 2013 PERSPECTIVES 2012 Full-Year Results 15
Slide 16: Continued highly sustained growth of international sales in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES CONTINUED HIGHLY SUSTAINED GROWTH OF INTERNATIONAL SALES IN 2012 Organic international sales growth Sales growth Organic +77.4% Reported +50.7% 11.7% 12.2% 10.8% +18.2% +8.5% 4.9% +8.6% +8.4% +8.5% 2008 2009 2010 2011 S12012 2012 H1 2012 H2 2012 2012 Sustained
Slide 17: Listed companies controlled by Casino continued to create value in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES THE LISTED COMPANIES CONTROLLED BY CASINO CONTINUED TO SIGNIFICANTLY CREATE VALUE IN 2012 700 2012 Performance 600 500 Big C: +73% 400 Exito: +39% 300 GPA: +35% 200 100 0 2009 2010 2011 2012 2013 As at 31 January 2013 Capitalisation: €4.4bn Capitalisation: €9.2b
Slide 18: Brazil: continued excellent performance of GPA in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES BRAZIL: CONTINUED EXCELLENT PERFORMANCE OF GPA IN 2012 High organic growth in GPA food, driven by the performances of Assai and the new Minimercado convenience concept, whose expansion continued at a sustained pace Sustained growth of Viavarejo on a same-sto
Slide 19: Pão de Açúcar, Mini Mercado Extra, Extra, Assaí, Casas Bahia
2012 HIGHLIGHTS AND 2013 PERSPECTIVES PÃO DE AÇÚCAR MINI MERCADO EXTRA EXTRA ASSAÍ CASAS BAHIA 2012 Full-Year Results 19
Slide 20: An excellent 2012 year for Exito Group
2012 HIGHLIGHTS AND 2013 PERSPECTIVES AN EXCELLENT 2012 YEAR FOR EXITO GROUP Sales of €4.3bn*, up by a sharp +18.3%, with a marked strengthening of Exito market share in Colombia Rapid expansion focused on discount and convenience formats Growth in Ebitda margin (8.4%**) sustained by lower ope
Slide 21: In Thailand, remarkable results from Big C in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES IN THAILAND, REMARKABLE RESULTS FROM BIG C IN 2012 Sales of €3bn*, up by +16.1% Strong organic sales growth of +9.3%** despite the post-flood environment, driven notably by: Successful innovative commercial initiatives SALES: and the development of the loy
Slide 22: In Vietnam, strong organic growth of Big C in 2012
2012 HIGHLIGHTS AND 2013 PERSPECTIVES IN VIETNAM, STRONG ORGANIC GROWTH OF BIG C IN 2012 Very high organic sales growth despite the backdrop of economic slowdown Dual expansion deployed in 2012: SALES: 3 hypermarkets and 3 adjacent shopping malls €424m, +30% were opened ORGANIC GROWTH: +21.9% IN
Slide 23: Results
2012 Highlights & 2013 Perspectives RESULTS Conclusion Appendices Antoine GISCARD d’ESTAING Chief Financial Officer
Slide 24: Preliminary Notes
RESULTS PRELIMINARY NOTES The 2012 consolidated financial statements approved by the Board of Directors on 20 February 2013 have been audited by the Statutory Auditors All of the figures indicated hereunder concern continuing operations, unless indicated otherwise Organic growth rates are base
Slide 25: Sustained growth of activity, operating results and trading margin
RESULTS SUSTAINED GROWTH OF ACTIVITY, OPERATING RESULTS AND TRADING MARGIN Continuing operations (in € millions) 2011 2012 Change Net sales 34,361 41,971 +22.1% Gross margin 8,954 10,844 +21.1% As a % of sales 26.1% 25.8% -22bp EBITDA* 2,287 2,853 +24.7% EBITDA margin 6.7% 6.8% +14bp Depreciation an
Slide 26: Strong increase in consolidated EBITDA and trading profit
RESULTS STRONG INCREASE IN CONSOLIDATED EBITDA AND TRADING PROFIT Change in EBITDA (in € millions) Change in trading profit (in € millions) Scope Currency Organic Scope Currency Organic +24.7% +29.3% +23.4% +2.8% +28.3% +3% -1.5% 2,853 -2% 2,002 2,287 1,548 2011 2012 2011 2012 Strong increase in t
Slide 27: International operations generated two thirds of the trading profit in 2012
RESULTS INTERNATIONAL OPERATIONS GENERATED TWO THIRDS OF THE TRADING PROFIT IN 2012 Trading profit (in €m) 2012 trading margin 2,002 5.6% 1,548 4.8% 3.7% +64.9% 1,316 International 798 France 750 -8.6% 685 2011 2012 Group France International Very strong growth in trading profit of international o
Slide 28: Slight decrease in French margin thanks to the mix of formats and action plans
RESULTS SLIGHT DECREASE IN FRENCH MARGIN THANKS TO THE MIX OF FORMATS AND ACTION PLANS Trading profit (in € millions) 2011 Margin 2012 Margin Change Casino France 458 3.7% 400 3.3% -41bp Franprix-Leader Price 164 3.7% 163 3.8% +8bp Monoprix 128 6.5% 122 6.1% -39bp FRANCE 750 4.0% 685 3.7% -28bp Ca
Slide 29: Increase in profitability of international subsidiaries
RESULTS INCREASE IN PROFITABILITY OF INTERNATIONAL SUBSIDIARIES Trading profit (in € millions) 2011 Margin 2012 Margin Change Latin America 565 4.8% 1,060 5.5% +73bp Asia 212 7.3% 241 7.1% -26bp Other 22 n/a 16 n/a n/a INTERNATIONAL 798 5.1% 1,316 5.6% +48bp Strong organic growth of trading profit
Slide 30: Detailed income statement
RESULTS DETAILED INCOME STATEMENT Continuing operations (in € millions) 2011 2012 Change Trading profit 1,548 2,002 +29.3% Other operating income and expenses (157) 377 Finance costs, net (472) (519) Other financial income and expenses 68 20 Profit before tax 987 1,880 +90.5% Income tax expense (228
Slide 31: Other operating income and expenses
RESULTS OTHER OPERATING INCOME AND EXPENSES (in € millions) 2011 2012 Capital gain on asset disposals 130 110 Other operating income and expenses (286) 267 Net income related to scope operations 672 Net impairment of assets (23) (123) Provisions and charges for restructuring (155) (200) Tax, legal a
Slide 32: Good management of finance costs excluding Brazil scope effect
RESULTS EXCLUDING SCOPE EFFECT FROM BRAZIL CONSOLIDATION, GOOD MANAGEMENT OF FINANCE COSTS (In € millions) 2011 2012 France (257) (231) Brazil (189) (282) Thailand (28) (30) Other international 3 25 TOTAL (472) (519) In France, finance costs reduced, offsetting the costs associated with the Mercia
Slide 33: Evolution of net underlying profit
RESULTS EVOLUTION OF NET UNDERLYING PROFIT 2011 2012 In € millions underlying underlying TRADING PROFIT 1,548 2,002 Other operating income and expense, net 0 0 OPERATING PROFIT 1,548 2,002 Finance costs, net (472) (519) Other financial income and expense, net 11 (4) Income tax expense (333) (478) Sh
Slide 34: Diluted net underlying EPS of €4.94
RESULTS DILUTED NET UNDERLYING EPS OF €4.94 Continuing operations 2011 2012 Change Diluted EPS* 5.05 9.41 +86.3% Diluted underlying EPS* 4.94 4.94 +0.1% Diluted average number of shares 110,618,287 112,173,213 Dividend proposed at the 22 April Shareholders’ Meeting: €3 per share paid in cash * Adj
Slide 35: Priority allocation of investments to buoyant formats in France and international expansion
RESULTS PRIORITY ALLOCATION OF INVESTMENTS TO BUOYANT FORMATS IN FRANCE AND INTERNATIONAL EXPANSION Operating investments* (CAPEX) 2011 2012 €1,187m €1,406m France €646m €540m €602m €804m 54% 46% 43% 57% International In France: capex allocated on a priority basis to the most buoyant formats (Mono
Slide 36: Improved net cash flow generation related to good management of goods WCR
RESULTS IMPROVED NET CASH FLOW GENERATION RELATED TO GOOD MANAGEMENT OF GOODS WCR Change in WCR, in €m 2011 2012 (40) “Goods” - France (17) 92 ”Goods” - International 354 1 “Non-goods” (143) 54 TOTAL 194 Goods WCR: a €285M improvement Good management of change in WCR in France thanks to a good m
Slide 37: Excluding Mercialys, net financial debt remained almost stable
RESULTS EXCLUDING MERCIALYS, NET FINANCIAL DEBT REMAINED ALMOST STABLE in €m Capital Acquisitions of increase and financial assets Other Dividends shares and change in items Cash paid disposals* scope of flow consolidation CAPEX (5,451) (32) (5,379) Chg. WCR (422) (422) Change in 1,447 (856) 11 non-
Slide 38: Solid financial structure
RESULTS SOLID FINANCIAL STRUCTURE Disposal and capital increase plan of €1.5bn engaged during the period, of which €1.45bn achieved in 2012, including: Mercialys operation: exceptional distribution, and TRS settlement: €0.7bn Scrip dividend: €0.1bn Capital increase and shares disposal: €0.4b
Slide 39: Strengthened liquidity position
RESULTS STRENGTHENED LIQUIDITY POSITION €4.7bn in liquidity* at 31/12/2012 Bond maturities** well spread out over time in €m in €m 2,577 888 850 2,172 750 750 600 650 600 544 578 508 Cash and Undrawn cash confirmed lines 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 equivalents of credit
Slide 40: Contribution from listed companies to the enterprise value
RESULTS AT THE END OF 2012, THE CONTRIBUTION FROM LISTED COMPANIES TO THE ENTERPRISE VALUE INCREASED TO €10.7BN, UP €2.4BN Market cap NFD at Contribution to Share price at Casino’s share %-owned 31/12/2012 Group’s EV 31/12/2012 (100%, €m) (€m) Listed companies (€m) (€m) GPA (Brazil) BRL 90.5 8,817 3
Slide 41: Conclusion
2012 Highlights & 2013 Perspectives Results CONCLUSION Appendices Jean-Charles NAOURI Chairman and Chief Executive Officer
Slide 42: Conclusion
CONCLUSION CONCLUSION From 2013, Casino will benefit from an additional exposure to high-growth markets, on which it has, through its international subsidiaries, leader or joint leader positions In France, priority is given to retail fundamentals (“back to basics”): price reductions notably in h
Slide 43: From 2013, Casino is more exposed to strong-growth international markets
CONCLUSION FROM 2013, CASINO IS MORE EXPOSED TO STRONG-GROWTH INTERNATIONAL MARKETS At present, the Group controls its four major international subsidiaries: In Latin America, GPA and Exito In South-East Asia, Big C Thailand and Big C Vietnam They operate on markets on which growth in househ
Slide 44: The Group's four big international subsidiaries are well placed to benefit from growth
CONCLUSION THE GROUP’S FOUR BIG INTERNATIONAL SUBSIDIARIES ARE WELL PLACED TO BENEFIT FROM GROWTH IN HOUSEHOLD CONSUMPTION BRAZIL COLOMBIA Strong growth in Assai (cash & carry) The preferred banner among Colombians and Minimercado (convenience stores) banners Rapid expansion of the new formats
Slide 45: Thanks to 2012 operations, a more international profile
CONCLUSION THANKS TO 2012 OPERATIONS, A MORE INTERNATIONAL PROFILE From 2013, the Group’s profile has become much more balanced in favour of international activities and buoyant formats Change in trading profit Consolidated sales (reported and pro forma) (reported and pro forma) 2012 2012 2011 201
Slide 46: In France: priority given to the basics of retail
CONCLUSION IN FRANCE: PRIORITY GIVEN TO THE BASICS OF RETAIL Priority to retail: “back to basics” Ambitious and perennial price reductions in hypermarkets on private labels and national brands Store renovations Pursuit of recurrent cost reduction plans Reduction of distribution costs and e
Slide 47: Accelerated expansion in the convenience formats in France
CONCLUSION ACCELERATED EXPANSION IN THE CONVENIENCE FORMATS IN FRANCE All of the convenience banners are undergoing managed expansion: By drawing on the success of the renovated concepts (Casino Shop, Casino Shopping) By developing franchised operations and supply contracts On new markets (N
Slide 48: Casino is confident in its ability to increase its activity and results in 2013
CONCLUSION CASINO IS CONFIDENT IN ITS ABILITY TO INCREASE ITS ACTIVITY AND RESULTS IN 2013 Internationally: growth Growth should continue in 2013, sustained by the emergence of numerous middle classes whose purchasing power is growing The Group banners, which benefit from a very good price ima
Slide 49: Appendices
2012 Highlights & 2013 Perspectives Results Conclusion APPENDICES
Slide 50: Simplified consolidated balance sheet
APPENDICES SIMPLIFIED CONSOLIDATED BALANCE SHEET in € millions 31/12/2011 31/12/2012 Goodwill 7,955 10,380 Intangibles and property, plant and equipment 9,487 13,428 Investments in associates 164 260 Non-current assets 658 1,837 Non-current derivative instruments* 129 246 Other non-current assets 37
Slide 51: Cash flow statement
APPENDICES CASH FLOW STATEMENT in € millions 2011 2012 Net financial debt at beginning of period (3,845) (5,379) Cash flow 1,416 1,639 Change in working capital requirement 54 194 Other* 451 523 Net cash flow from operating activities, after tax 1,922 2,357 Capital expenditure (1,187) (1,406) Acquis
Slide 52: Consolidated net profit
APPENDICES CONSOLIDATED NET PROFIT in € millions 2011 2012 Net profit from continuing operations 751 1,535 Group share 577 1,065 Attributable to minority interests 174 470 Net profit from discontinued operations (9) (2) Group share (9) (2) Attributable to minority interests 0 0 Consolidated net prof
Slide 53: Definition of underlying profit
APPENDICES 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)
Slide 54: Reconciliation of reported profit to underlying profit
APPENDICES RECONCILIATION OF REPORTED PROFIT TO UNDERLYING PROFIT 2011 Adjust- 2011 2012 Adjust- 2012 In € millions ments underlying ments underlying Trading profit 1,548 1,548 2,002 2,002 Other operating income and (157) 157 0 377 (377) 0 expense, net Operating profit 1,391 157 1,548 2,379 (377) 2,
Slide 55: France earnings
APPENDICES FRANCE EARNINGS in € millions 2011 2012 Change (reported) Net sales 18,748 18,447 -1.6% EBITDA 1,164 1,062 -8.7% EBITDA margin 6.2% 5.8% -45bp Trading profit 750 685 -8.6% Trading margin 4.0% 3.7% -28bp 2012 Full-Year Results 55
Slide 56: International earnings
APPENDICES INTERNATIONAL EARNINGS in € millions 2011 2012 Change (reported) Net sales 15,613 23,524 +50.7% EBITDA 1,123 1,790 +59.4% EBITDA margin 7.2% 7.6% +42bp Trading profit 798 1,316 +64.9% Trading margin 5.1% 5.6% +48bp 2012 Full-Year Results 56
Slide 57: Breakdown of sales
APPENDICES BREAKDOWN OF SALES Change Change 2011 2012 in € millions (reported) (organic, excl. petrol) Franprix-Leader Price 4,410 4,279 -3% -0.8% Monoprix 1,973 2,010 +1.9% +1.8% Casino France 12,365 12,158 -1.7% -1.3% Géant Casino 5,623 5,246 -6.7% -7.6% Casino supermarkets 3,619 3,687 +1.9% +1.7%
Slide 58: Same-store sales: France
APPENDICES SAME-STORE SALES 2012 FRANCE Including petrol Excluding petrol Géant Casino -5.3% -6.2% Casino Supermarkets -2.6% -2.7% Franprix -2.9% -2.9% Leader Price -1.3% -1.3% Monoprix +0.7% +0.6% 2012 Full-Year Results 58
Slide 59: Same-store sales: International
APPENDICES SAME-STORE SALES 2012 INTERNATIONAL Including petrol Excluding petrol Latin America +6.9% +7% Asia +4.8% +4.8% 2012 Full-Year Results 59
Slide 60: Other financial income and expense
APPENDICES OTHER FINANCIAL INCOME AND EXPENSE in € millions 2011 2012 Change in derivatives excluding hedging instruments 76 39 Foreign exchange gains and losses off-NFD (10) (2) Discounting adjustments 2 (9) Other 0 (9) TOTAL 68 20 2012 Full-Year Results 60
Slide 61: Average exchange rates
APPENDICES AVERAGE EXCHANGE RATES 2011 2012 Var. % Argentina (ARS / EUR) 0.174 0.171 -1.8% Uruguay (UYP / EUR) 0.037 0.038 +3.1% Thaïland (THB / EUR) 0.024 0.025 +6.2% Vietnam (VND / EUR) (x 1 000) 0.035 0.037 +6.5% Colombia (COP / EUR) (x 1 000) 0.389 0.433 +11.1% Brazil (BRL / EUR) 0.430 0.399 -7.
Slide 62: France: calendar effect by format
APPENDICES FRANCE: CALENDAR EFFECT BY FORMAT Q4 2012 2012 Géant Casino -0.6% +0.1% Casino Supermarkets -0.9% -0.1% Superettes -0.6% +0.2% Cdiscount 0% 0% Monoprix -0.4% +0.1% FPLP -0.9% -0.1% FRANCE -0.6% 0% 2012 Full-Year Results 62
Slide 63: Estimated 2013 calendar effect
APPENDICES ESTIMATED 2013 CALENDAR EFFECT 2013 Q1 Q2 Q3 Q4 2013 France -1.2% -1.3% +0.7% -0.7% -0.6% International -0.1% -0.9% -0.1% -1.3% -0.7% GROUP -0.6% -1.1% +0.1% -1.1% -0.7% 2012 Full-Year Results 63
Slide 64: Minority interests
APPENDICES MINORITY INTERESTS in € millions 2011 2012 Mercialys 82 109 FPLP 0 (14) GPA 1 186 Big C 48 60 Exito 36 108 Other 8 22 TOTAL 174 470 2012 Full-Year Results 64
Slide 65: Share of profit of associates
APPENDICES SHARE OF PROFIT OF ASSOCIATES in € millions 2011 2012 France (9) (30) International 1 8 TOTAL (7) (21) 2012 Full-Year Results 65
Slide 66: Puts included in net financial debt
APPENDICES PUTS INCLUDED IN NET FINANCIAL DEBT Value Value at in € millions % capital at 31/12/2011 31/12/2012 Exercise period At any time GPA 7.36 399 from 22/06/2014 to 21/06/2022 Franprix - Majority-owned Various dates 93 97 Leader Price franchise stores At any time Uruguay 15 15 2021 At any ti
Slide 67: Off-balance sheet puts
APPENDICES OFF-BALANCE SHEET PUTS Value Value in € millions % capital at 31/12/2011 at 31/12/2012 Exercise period Franprix - Minority-owned 195 157 Various dates Leader Price franchise stores At any time Uruguay (Disco) 61 90 2021 Other 15 Various dates TOTAL 256 262 (off-balance sheet) On 28 June
Slide 68: Changes in equity
APPENDICES CHANGES IN EQUITY in €M 5,863 26 1,533 15,201 Other* Distribution TSSDI Translation 9,383 Profit for dividends adjustment the period 127 (980) (9) Change in Capital cons. scope (741) increase & and minority stock options interests plans 31/12/2011 31/12/2012 * Including evolution in treas
Slide 69: Continuing expansion in France and abroad in 2012
APPENDICES CONTINUING EXPANSION IN FRANCE AND ABROAD IN 2012 Gross store openings FRANCE Casino Supermarkets 7 Superettes 422 Franprix 39 Leader Price 18 Monoprix 36 INTERNATIONAL Brazil 87 Colombia 86 Thaïland 129 Vietnam 10 2012 Full-Year Results 69
Slide 70: Number of stores
APPENDICES NUMBER OF STORES FRANCE 31/12/2011 31/12/2012 Géant Casino 127 125 Casino Supermarkets 422 445 Franprix 897 891 Monoprix 514 542 Leader Price 608 604 Superettes 6,561 6,517 Other 321 333 TOTAL FRANCE 9,450 9,457 INTERNATIONAL Argentina 24 24 Uruguay 52 52 Brazil 1,571 1,640 Colombia 351 4
Slide 71: 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
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