Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Investor Presentation (September 2020)
33 slides from Casino, Guichard-perrachon Sa's investor presentation, Sep 10, 2020
Slide 1: Investor presentation September 2020
Investor presentation September 2020 INVESTOR PRESENTATION ● September 2020 ● 1
Slide 2: Company Overview
Company Overview OVERVIEW INVESTOR PRESENTATION ● September 2020 ● 2
Slide 3: Casino at a glance
Casino at a glance Key business highlights Omni-channel offering Multi-format, multi-banner and multi-channel retailer Traditional food retail Over 120 years of history E-commerce food retail E-commerce non-food retail Primary focus on France and Latin America food retail 219,132 emplo
Slide 4: A leader in French and LatAm food retail, with high-growth e-commerce operations
A leader in French and LatAm food retail, with high- growth e-commerce operations France Retail Latin America E-commerce 7,946 stores as of December 31, 2019 €1.1bn combined €3.9bn Gross market value of Merchandise Volume Monoprix – a leading premium convenience Casino stakes in e-commerce i
Slide 5: Casino Group Strategy in France
Casino Group Strategy in France OVERVIEW INVESTOR PRESENTATION ● September 2020 ● 5
Slide 6: Key credit strengths of Casino
Key credit strengths of Casino Leading position in French food retail via well positioned formats 1 A leading player in French food retail via well positioned formats 2 Best-in-class food and non-food e-commerce offer 3 New businesses : GreenYellow, Data and Data Centers 4 ESG commitments 5 Focus on
Slide 7: A leading player in French food retail via well positioned formats
A leading player in French food retail via well 1 A leading player in French food retail via well positioned formats Leader on premium and convenience formats in dynamic geographies 69% of Casino’s sales are generated in the fastest growing regions of France1 • Île-de-France, Rhône-Alpes, Côte d’A
Slide 8: Digital solutions: 444 autonomous stores
A leading player in French food retail via well 1 Digital solutions: 444 autonomous stores Digital solutions: continued roll-out across all banners Autonomous stores and automated payments • 444 autonomous stores at 30 June 2020, of which more than half of hypermarkets (58 stores) and supermarkets
Slide 9: Food E-commerce: Acceleration in H1 2020
A leading player in French food retail via well 2 Food E-commerce: Acceleration in H1 2020 Disruptive grocery delivery partnerships with leading E-commerce players Partnership with Monoprix The first and only partnership in France to-date Profitable food e-commerce model with New customer ba
Slide 10: Non-food E-commerce: Cdiscount, European digital platform
2 Non-food E-commerce: Cdiscount, European digital platform Cdiscount: French e-commerce leader Broad and active customer base • 10m active customers, with the acquisition of 1m new customers in Q2 2020 • 2.2m members in Cdiscount’s loyalty program (CDAV1) Very large offer: 71m SKU available at
Slide 11: Non-food E-commerce: Cdiscount, three strategic priorities
2 Non-food E-commerce: Cdiscount, three strategic priorities Grow the marketplace of products & services Mid-term objective: >50% GMV share from marketplace Leveraging on wide merchant base (12k merchants, 15k mid-term objective), quick delivery and digital marketing services Enriched and rapi
Slide 12: New businesses: GreenYellow, Data and Data Centers
3 New businesses: GreenYellow, Data and Data Centers GreenYellow: one-stop shop for energy savings and solar energy Leading player in photovoltaic auto-consumption and energy savings Financial partners (Tikehau, Bpifrance) to support GreenYellow development Geographic expansion (Asia, Latin Am
Slide 13: ESG commitments (1/2)
4 ESG commitments (1/2) No. 1 European retailer for its CSR policy and commitments (ranking by Vigeo Eiris1) No. 1 European retailer for its climate, environmental protection commitments, human resources policies and corporate governance No. 1 for its employee relations and human resources polic
Slide 14: ESG commitments (2/2)
4 ESG commitments (2/2) Social commitment Commitment in favour of gender equality & diversity • 52% of the 220 000 employees are women, with 39,5% of women at management level (+4.5pts improvement compared to 2015) • Only French retailer awarded with the Equality and Diversity Label, certified by
Slide 15: Focus on deleveraging in France (1/2)
5 Focus on deleveraging in France (1/2) Disposal of non core assets in France and cash flow generation €4.5bn disposal plan of non strategic assets launched mid-2018 €2.8bn signed as of 30 June 2020, of which €2.1bn already cashed-in • Closing of Vindemia in H1 2020 (€186m proceeds) • Leader Pri
Slide 16: Focus on deleveraging in France (2/2)
5 Focus on deleveraging in France (2/2) Gross debt (covenant perimeter1) and GPA TRS and Forward levels (in €bn) 7.6 6.9 6.6 6.3 5.8 H1 2018 FY 2018 H1 2019 FY 2019 H1 2020 FY 2020 Gross debt (covenant perimeter) GPA TRS and Forward France perimeter1 gross debt including GPA TRS and Forward decrea
Slide 17: Half-year Results 2020
2020 Half-year Results INVESTOR PRESENTATION ● September 2020 ● 17
Slide 18: France activities: +€56m EBITDA excluding Covid bonus and property development
France activities: +€56m EBITDA excluding Covid bonus and property development Reported In €m – FRANCE Retail + E-Commerce activities H1 2019 restated H1 2020 Change EBITDA France Retail 601 564 (6.2%) of which EBITDA excluding property development 571 560 (€11m) % margin 7.1% 7.2% +9bps EBITDA E-co
Slide 19: Latin America: +10% EBITDA improvement at constant exchange rate
Latin America: +10% EBITDA improvement at constant exchange rate Reported In €m H1 2019 H1 2020 change Change at CER Consolidated net sales 7,908 7,401 -6.4% +15.0% o/w GPA 5,914 5,544 -6.3% +16.9% o/w Grupo Éxito 1,988 1,848 -7.0% +9.0% EBITDA 508 459 -9.7% +9.9% o/w GPA 366 325 -11.1% +10.9% o/w G
Slide 20: GPA: Assai strong profitable growth, Multivarejo improved profitability
GPA: Assai recorded a strong profitable growth, Multivarejo improved its profitability Assai Evolution of Assai sales Assai is recording a long term organic 40 growth (+24% CAGR over 2016 - Q2 2020) 35 30 This is a profitable growth, with EBITDA margin 25 increasing continuously (+2.1pts between
Slide 21: France Retail free cash flow: +€140m improvement vs H1 2019
France Retail free cash flow: +€140m improvement vs H1 2019 H1 2019 In €m – continuing operations FY 2019 restated H1 2020 Change Of which -€37m relating to the EBITDA 1,467 601 564 -37 Covid-19 employee bonus (-) non-recurring items (excl. Rocade plan) (209) (70) (58) +13 (-) rent1 (614) (294) (309
Slide 22: France net debt – 12-month rolling basis
France net debt – 12-month rolling basis Reduction of +€254m -90 +507 -253 +469 -555 (2,899) (2,821) (2,645) 1 Net debt June 2019 Free cash flow Financial expenses Net debt June Disposal plan Segisor, settlement Other Net debt June 2020 and dividends 2020, after FCF, of GPA TRS and (Rocade, disconti
Slide 23: Liquidity and debt in France
Liquidity and debt in France INVESTOR PRESENTATION ● September 2020 ● 23
Slide 24: Strong liquidity position maintained in France
Strong liquidity position maintained in France At 30 June 2020 At 30 June 2020, the Group had in France €3.2bn liquidity: • €913m cash and cash equivalents €3.2bn liquidity position • €2.3bn in confirmed undrawn credit line fully available at 30 June 2020 (RCF covenants tested at the end of each q
Slide 25: Bond maturities
Bond maturities Maturities of bond debt at 30 June 2020: €5.4bn1 In €m 800 1,000 900 597 720 452 444 508 May 2021 June 2022 Jan. 2023 Jan. 2024 March 2024 Feb. 2025 Aug. 2026 Proceeds from the disposal plan will be allocated to the escrow account dedicated to gross debt reimbursement Repayment o
Slide 26: The November 2019 refinancing plan frames Casino dividend payments
The November 2019 refinancing plan frames Casino dividend payments November 2019 refinancing, made up of a new credit line and new financing New €2.0bn syndicated credit line expiring in October 2023 Participation of 21 French and international banks Strengthened liquidity thanks to the extensio
Slide 27: Ample headroom regarding RCF covenants
Ample headroom regarding RCF covenants 30 June 2020 covenants related to the RCF1 for the "France + E-commerce" scope2 7.50 Headroom: 6.62 3.76 €764m 2.25 Headroom: in gross debt €350m in EBITDA 3 Gross debt/ 3 Limit Adjusted EBITDA/ Minimum adjusted EBITDA net finance costs Covenant sensitivity Q
Slide 28: France Outlook
France Outlook INVESTOR PRESENTATION ● September 2020 ● 28
Slide 29: France Outlook
France Outlook Second half priorities Continued improvement in profitability through the ramp-up of ongoing cost-saving plans leading to improved Q3 2020 EBITDA Cash generation with continued efforts to reduce inventories and control capex Reduction in gross debt with the allocation of all pro
Slide 30: Appendices
Appendices INVESTOR PRESENTATION ● September 2020 ● 30
Slide 31: France net debt – H1 2020
France net debt – H1 2020 H1 2019 In €m restated H1 2020 France net debt at 1 January (2,724) (2,282) Free cash flow1 before disposal plan and Rocade plan (180) (40) Financial expenses (excluding interest on lease liabilities) (144) (208) Dividends paid to owners of the parent and holders of TSSDI d
Slide 32: Breakdown of consolidated net debt – 30 June 2020
Breakdown of consolidated net debt – 30 June 2020 Cash and cash IFRS 5 In €m Gross debt equivalents impact Net debt France Retail (5,157) 913 1,422 (2,821) Latam Retail (3,012) 1,285 90 (1,636) E-commerce (Cdiscount) (385) 9 0 (376) Total (8,554) 2,207 1,512 (4,834) INVESTOR PRESENTATION ● September
Slide 33: Main Casino assets
Main Casino assets % Store network as Assets FY2019 metrics interest of H1 2020 Hypermarkets Géant 100% 104 Sales: €4.6bn Monoprix 100% 789 Sales: €4.6bn Franprix 100% 869 Sales: €1.5bn Supermarkets 100% 415 Sales: €3.1bn Convenience 100% 5,134 Sales: €1.3bn GreenYellow 75%3 - EBITDA: €76m Mercialys
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