Casino, Guichard-perrachon Sa · EURONEXT:CO

Casino, Guichard-perrachon Sa — Groupe Casino — FY2015 Earnings Presentation

109 slides from Casino, Guichard-perrachon Sa's earnings presentation, Mar 9, 2016

1. Slide 1: Groupe Casino

   GROUPE gv Casio oo Nourrik UN MONDE bE DIVERSITE

2. Slide 2: Highlights

   Highlights Activity Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer

3. Slide 3: Recovery in the activity and results in France in the second half of 2015

   Recovery in the activity and results in France in the second half of 2015  Ongoing new commercial strategy Organic sales growth* • Major price repositioning in 2013 and 2014 In 2015 +2.6% +2.7% at Géant Casino and Leader Price • Deployment of new concepts at Géant, +0.4% Q1 2015 Supermarchés Casino

4. Slide 4: International

   International  Good performances by Éxito in Colombia, Uruguay, and Argentina  In Brazil, GPA Food performed well and the share of the most buoyant formats in the mix grew: • Multivarejo:  High EBITDA margin at 7.7%, including 9.2% in Q4  Gain in market share by Pão de Açúcar and in convenience

5. Slide 5: Deleveraging plan to strengthen the Group's financial flexibility

   Deleveraging plan to strengthen the Group's financial flexibility  Rebalancing of debt within the Group in 2015 in order to significantly reduce Casino's NFD in France* by end 2015 • The integration of the Latin American subsidiaries contribute to reducing Casino's net debt in France* by over €1.6b

6. Slide 6: 2015 key figures

   2015 key figures 2014 2015 Consolidated net sales €48,493m €46,145m EBITDA €3,191m €2,343m EBITDA margin 6.6% 5.1% Trading profit €2,231m €1,446m Trading margin 4.6% 3.1% Net underlying profit, Group share €556m €412m Consolidated net financial debt* €5,733m €6,073m Net financial debt of Casino in F

7. Slide 7: Activity

   Highlights Activity Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer

8. Slide 8: Activity: France

   Highlights Activity France Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer

9. Slide 9: Commercial recovery in France confirmed by recurring market share gains

   Commercial recovery in France confirmed by recurring market share gains* Géant Casino and Leader Price market share Progression of Groupe Casino market share growth in France in France P08 2015 to P02 2016 (13.07.2015 to 21.02.2016) 0.2 0.2 0.2 2.7% 2.7% 2.7% 2.6% 2.6% 2.5% 2.5% 2.4% 0.1 0.1 0.1 0.1

10. Slide 10: Géant Casino growth confirmed

    Géant Casino* growth confirmed  Sales up on organic** and same-store basis** by +3.5% in H2 2015  Thanks to competitive price positioning and ongoing initiatives to strengthen its product In Q4 2015** range and enhance the in-store experience: Sales up +3.0% • Continuous market share gains on orga

11. Slide 11: Géant Casino

    Géant Casino FULL YEAR RESULTS • 9 March 2016 11

12. Slide 12: Continuous market share gains for Leader Price

    Continuous market share gains for Leader Price  Continuous development of the hard-discount format, now with a network of 1,224 stores*  Same-store sales +3.0%** in Q4 2015 and significant growth in customer traffic on a same-store basis since Q2 2015 In Q4 2015 +9.2% +7.0% +6.7% Sales up +7.5% on

13. Slide 13: Leader Price

    Leader Price FULL YEAR RESULTS • 9 March 2016 13

14. Slide 14: Sustained growth of Monoprix sales

    Sustained growth of Monoprix sales  Continous growth of food sales on a same-store basis in 2015  Good performance of textile and household sales: numerous retail initiatives and designer In Q4 2015 collaborations throughout the year: Sales up • Development of the Star Wars license for children +2

15. Slide 15: Reinforcement of Casino supermarkets' attractiveness

    Reinforcement of Casino supermarkets’ attractiveness  Same-store sales positive in the second half, up +0.4%*  Same-store customer traffic positive over the entire half-year (+0.8%)  New concept launched  Pursuit of works on stores’ attractiveness • Enhanced customer comfort thanks to shorter ch

16. Slide 16: Strong commercial dynamics at Franprix thanks notably to the new concept

    Strong commercial dynamics at Franprix thanks notably to the new concept  Same-store sales positive over the entire second half  Continuing high profitability against a backdrop of renovation of the stores’ network  Commercial success of the new Mandarine In Q4 2015 qualitative concept with signi

17. Slide 17: Good same-store sales growth of the proximity stores

    Good same-store sales growth of the proximity stores  Same-store sales* up strongly in the second half by +7.4%  Continuous renovation of integrated stores  Highly dynamic franchise network In Q4 2015 • More competitive offering Sales up • Renovated store network +6.1% on a same-store basis*  Fr

18. Slide 18: Activity: International and E-commerce

    Highlights Activity International and E-commerce Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer

19. Slide 19: Good results at Éxito in 2015

    Good results at Éxito* in 2015  Accelerated sales growth: +4.0%** in 2015 on organic basis with + 6.6%** in Q4  High EBITDA margin in 2015 In 2015  Sustained improvement in sales and EBITDA in Argentina and Uruguay Sales: €4.7bn  In Colombia, ongoing expansion with the opening of: EBITDA: €355m

20. Slide 20: Strong development of Éxito in commercial real estate

    Strong development of Éxito* in commercial real estate  First operator in commercial galleries in Colombia  Éxito has significant commercial real estate advantages: • Expertise throughout the value chain: development, marketing and operation • Around 310,000sqm GLA* at end 2015 with a total of 31

21. Slide 21: A resilient and increasingly balanced portfolio of formats at GPA Food

    A resilient and increasingly balanced portfolio of formats at GPA Food, with organic growth of +7.1%* in 2015 2015 sales breakdown by format 2015 performances 2015 by banner* Multivarejo Adjusted EBITDA 2015 Organic growth margin Premium, Hypermarkets Supermarkets 34% and Convenience Multivarejo +1.

22. Slide 22: GPA Food banners

    GPA Food banners FULL YEAR RESULTS • 9 March 2016 22

23. Slide 23: Multivarejo: high profitability and market share gains

    Multivarejo: high profitability and market share gains Organic Expansion EBITDA Market 2015 growth (gross) margin share* Pão de Açúcar +3.9% 5 High margin Convenience Positive since +48.3% 73 (Minimercado and Minuto) Q4 2015 Extra Hypermarkets -3.8% - >6% Extra Supermarkets -1.0% 1 7.7% Multivarejo

24. Slide 24: Very strong growth of Assaí sales and profitability

    Very strong growth of Assaí sales and profitability  N°2 banner in cash & carry in Brazil  Organic growth of +25.5%, with +27.8% in Q4 2015  11 openings in 2015 for a total 95 stores at end 2015  Market share gains: +200bp since 2013*  EBITDA margin** 4.2% in 2015 with 6.0% in Q4 2015 * Indepen

25. Slide 25: Continuing action plans and market share gains at Via Varejo

    Continuing action plans and market share gains at Via Varejo  Accelerated action plans: • Improved price competitiveness and reinforcement of promotions’ effectiveness • Costs down and unprofitable stores closed In 2015  New management since October 2015 Sales: €5.2bn  Market share gains in Q4 20

26. Slide 26: Continuous commercial dynamics at Big C Thailand

    Continuous commercial dynamics at Big C Thailand  Dynamic expansion: 69 stores opened (net) THAILAND in H2 2015  Good level of EBITDA margin: 10.1% in 2015 In 2015 vs. 10.6% in 2014 Sales: €3.4bn  Excellent cost control, significantly down vs. 2014 EBITDA: €343m  Well-oriented real estate activi

27. Slide 27: Development of Big C in Vietnam

    Development of Big C in Vietnam  Leadership position in the market confirmed VIETNAM  In-store commercial initiatives developed In 2015  Continuing expansion of stores and commercial galleries with at end 2015: Sales: €586m • 32 hypermarkets and 10 convenience stores (+18.8%) • 29 commercial gall

28. Slide 28: E-commerce business growing

    E-commerce business growing  GMV* €4.8bn, up +16.4% at constant exchange rates in 2015 vs. 2014  High marketplaces growth, accounting for 20.5% of total volumes  Traffic of 1,711 million visits (+28.9%)  In France, strong sales momentum of Cdiscount with market share growth in Q4 2015 to 27.4% (

29. Slide 29: Strong performance and market share gains for Cdiscount in 2015

    Strong performance and market share gains for Cdiscount in 2015  GMV* up +18.9% in 2015 vs. 2014  Marketplace share of 27.5% at end 2015 (+876bp vs. 2014)  Sales up +10.2%; marketplace fees up +85%  Market share of 34.4%** in January 2016, +3.8% over one year  Operating profit close to breakeve

30. Slide 30: Sustained sales momentum for Cdiscount

    Sustained sales momentum for Cdiscount Women's Day Immediate availability for Paris retailers  Special promotion  Service permitting on 8 March dedicated Paris retailers to sell to women their products on the "C le Marché"  19% off prices all day marketplace Same-day delivery of bulk items Food o

31. Slide 31: Numerous commercial operations at Cnova Brazil

    Numerous commercial operations at Cnova Brazil Black Friday Special Christmas promotion  "Black Friday" special  100,000 reals to be won promotion 27 November each day, if you spend 2015 300 reals or more  Series of amazing  Promotion valid promotions 1-24 December 2015, draw held 13 January 201

32. Slide 32: Results

    Highlights Business Activities Results Perspectives Appendices Antoine Giscard D’Estaing, Finance Director

33. Slide 33: Preliminary comments

    Preliminary comments  The annual financial statements were impacted by the following effects: • Changes in scope:  Full consolidation of Disco in Uruguay as from 1 January 2015, and of Super Inter as from 16 October 2014  In accordance with IFRS 5, Big C Vietnam has been classified as an "asset h

34. Slide 34: Scope of the Group's consolidated companies, average and year-end economic interest

    Scope of the Group's consolidated companies, Average and year-end economic interest FRANCE BRAZIL LATIN AMERICA ASIA (excluding Brazil) Éxito 54.8% Casino France 100% (Colombia) Big C 38.4% GPA Food Thailand 58.6% 32.8% Libertad 84,9% (Thailand) (Argentina) 54.8% FP - LP 100% Devoto 54.8% (Uruguay)

35. Slide 35: Consolidated EBITDA - 2015

    Consolidated EBITDA - 2015 In €m 2014 2015 at CER* 2015 France Retail 836 727 726 Latam Retail 1,215 1,148 993 Latam Electronics 737 396 334 Asia 361 346 394 E-commerce 41 (119) (104) Total 3,191 2,499 2,343  Contraction of consolidated EBITDA due to the lower activity of the Latam Electronics and

36. Slide 36: Consolidated EBITDA margin - 2015

    Consolidated EBITDA margin - 2015 In €m 2014 2015 France Retail 4.4% 3.8% Latam Retail 7.9% 6.7% Latam Electronics 10.2% 6.4% Asia 10.3% 9.9% E-commerce 1.2% -3.1% Total 6.6% 5.1%  EBITDA in France affected by the price cuts in H1 2015  Improvement in the EBITDA margin in France in H2 2015: 6.0% c

37. Slide 37: France Retail

    France Retail In €m 2014 2015 Consolidated net sales 18,848 18,890 Trading Profit 397 337 Trading Margin 2.1% 1.8%  Operating results were characterised by: • In H1 2015, last significant effects of the price cuts primarily at Géant and Leader Price • in H2 2015, the recovery in sales growth  A co

38. Slide 38: France Retail – H2 2015

    France Retail – H2 2015 In €m H2 2014 H2 2015 Consolidated net sales 9,600 9,754 Trading Profit 291 390 Retail 198 305 Property development activities 93 85  Organic* net sales growth of +2.7% in H2 2015, driven by the strong commercial performances of Géant and Leader Price  Marked recovery in to

39. Slide 39: The Group actively manages its property assets in France

    The Group actively manages its property assets in France  The Group is investing regularly in order to strengthen its assets’ base, and acquired property assets worth €87m in 2015 in France  Thanks to this asset rotation strategy, the value of the wholly-owned assets has remained stable overall si

40. Slide 40: The Group carries out property development projects to create value on its sites in France

    The Group carries out property development projects to create value on its sites in France  The Group owns a large share of its hypermarkets (Géant Casino) and supermarkets (Monoprix) in France  As such, the Group has implemented since 2008 a strategy aimed at creating value on its hypermarket sit

41. Slide 41: Illustration: main transformations at the Clermont-Ferrand site over time

    Illustration: main transformations at the Clermont- Ferrand site over time 2006 2014 2015 2017 Reduction Decrease and Acquisition by 3,000sqm decrease in the hypermarket's transformation of 2,500sqm Mercialys of the in the hypermarket's storage area which of the hypermarket's selling hypermarket sto

42. Slide 42: Clermont-Ferrand site after renovation

    Clermont-Ferrand site after renovation FULL YEAR RESULTS • 9 March 2016 42

43. Slide 43: Ongoing value-creation at the Clermont-Ferrand site

    Ongoing value-creation at the Clermont-Ferrand site for the hypermarket and for the commercial gallery Rents’ evolution* Hypermarket Commercial gallery* (€m) Total surface Sales/sqm Number sqm of GLA (sqm) of sales of stores 2005 21,200 10,000 28 3.1 2015 17,500 +25%** 20,000 83 7.2 Prospective view

44. Slide 44: A property strategy that can be replicated on some Monoprix sites

    A property strategy that can be replicated on some Monoprix sites  Like for the hypermarkets, the Group owns a share of its Monoprix stores, and has authorization to build over significant surface areas on the sites  The Monoprix sites to develop are selected on the basis of specific criteria: • L

45. Slide 45: Illustration: main changes planned by Mercialys at the Monoprix site in Puteaux

    Illustration: main changes planned by Mercialys at the Monoprix site in the Puteaux city centre Before After  A 5,600sqm site, including:  A site of around 8,000sqm (+43%): • 2,400sqm of retail space • 2,900sqm of retail space (+21%) • 2,220sqm of storage area • Creation of between 2,500 and 3,500

46. Slide 46: Presentation of the property development transactions in Casino's income statement

    Presentation of the property development transactions in Casino's income statement  Property transactions have been presented in a constant manner in the income statement, and no change of method has been made since 2013  The Group's property development transactions are stated in trading profit (

47. Slide 47: Contribution of the property development transactions to EBITDA France

    Contribution of the property development transactions to EBITDA France In €m 2014 2015 EBITDA France 836 726 Property development 162 167  In H2 2014, the property development transactions carried out in France contributed €86m in H2 2015 (including projects on 5 Monoprix sites sold to Mercialys) c

48. Slide 48: Contribution of all property transactions to Casino's Free Cash Flow in France

    Contribution of all property transactions to Casino's Free Cash Flow in France* In €m 2014 2015 Acquisitions (309) (87) Disposals 4 7 Property development 449 439 Net impact on Free Cash Flow 144 359 * Scope: Casino Guichard Perrachon, parent company, French business activities, and wholly-owned hol

49. Slide 49: Latam Retail

    Latam Retail In €m 2014 2015 at CER* 2015 Consolidated net sales 15,422 17,033 14,714 EBITDA 1,215 1,148 993 EBITDA margin 7.9% 6.7% 6.7% Trading Profit 895 810 703 Trading Margin 5.8% 4.8% 4.8%  Contraction of the margin in Brazil due to the effect of cost inflation, against a backdrop of low grow

50. Slide 50: Latam Electronics

    Latam Electronics In €m 2014 2015 at CER* 2015 Consolidated net sales 7,245 6,150 5,187 EBITDA 737 396 334 EBITDA margin 10.2% 6.4% 6.4% Trading Profit 677 322 271 Trading Margin 9.3% 5.2% 5.2%  Strong contraction in activity as from Q2 2015  Implementation of action plans aimed at reducing the op

51. Slide 51: Asia

    Asia In €m 2014 2015 at CER* 2015 Consolidated net sales 3,513 3,487 3,973 EBITDA 361 346 394 EBITDA margin 10.3% 9.9% 9.9% Trading Profit 255 243 277 Trading Margin 7.2% 7.0% 7.0%  Moderate growth in activity in Thailand and Vietnam  Stable margins * CER: Constant Exchange Rates FULL YEAR RESULTS

52. Slide 52: E-commerce

    E-commerce In €m 2014 2015 GMV (gross merchandise volume) disclosed by Cnova 4,487 4,835 EBITDA 41 (104) Of which Cdiscount in France 8 6 Of which international sites (16) (22) Of which Holding Companies (1) (9) Of which Cnova Brazil* 50 (79)  Satisfactory operating performance of Cdiscount activit

53. Slide 53: Underlying financial income

    Underlying financial income* In €m 2014 2015 France Retail (204) (121) Latam Retail (139) (126) Latam Electronics (195) (151) Asia (19) (19) E-commerce (63) (56) Total (620) (474)  Underlying financial income improved by €146m in 2015  Improvement in France as a result of the fall in interest rate

54. Slide 54: Underlying financial income - France

    Underlying financial income* - France In €m 2014 2015 Financial expense** (333) (269) Impact of interest-rate swaps 95 96 Financial expense after swaps (239) (173) Financial income 36 52 Other financial income (2) (0) Total France Retail (204) (121)  Substantial improvement in financial expense, dr

55. Slide 55: Net underlying profit, Group share

    Net underlying profit, Group share* In €m 2014 2015 EBITDA 3,191 2,343 Trading profit 2,308 1,511 and share of profits of associates Financial expense (620) (474) Income tax expenses (467) (296) Underlying net profit* 1,221 742 from continuing operations Attributable to minority interests 665 330 Of

56. Slide 56: Underlying net earnings per share

    Underlying net earnings* per share 2014 2015 Total number of shares 113,038,122 112,829,331** Underlying basic EPS* (€) 4.74 3.23 Underlying diluted EPS* (€) 4.34 2.80 * Basic underlying EPS: After dilution relating to two hybrids and before the dilution relating to the Monoprix ORA, on which Casino

57. Slide 57: Net published profit, Group share

    Net published profit, Group share In €m 2014 2015 Trading Profit 2,231 1,446 Other operating income and expense (494) (478) Operating Profit 1,736 967 Net financing costs (640) (569) Other financial income and expense (38) (249) Income tax expenses (310) (61) Share in the profit of equity associates

58. Slide 58: Change in consolidated net financial debt

    Change in consolidated net financial debt* In €m 2015 Consolidated NFD as at 31.12.2014* (5,733) Free Cash Flow before dividends 945 Financial investments (primarily Super Inter) (217) Dividends paid (570) Share buy-backs and other (64) Net assets held for sale (primarily Big C Vietnam) 229 Translat

59. Slide 59: Breakdown of consolidated net financial debt as at 31.12.2015

    Breakdown of consolidated net financial debt* as at 31.12.2015 Cash and cash Impact Net financial In €m Gross debt*** equivalents of IFRS 5 debt France Retail (7,787) 1,681 24 (6,081) Latam Retail (2,231) 1,236 2 (993) Of which GPA Food (1,091) 864 (227) Of which Éxito** (1,140) 372 2 (766) Latam El

60. Slide 60: A strong decrease in 2016 consolidated net financial debt

    A strong decrease in 2016 consolidated net financial debt In €bn* 6.1 5.5 5.7** 5.4 5.4 5.4 4.9 4.4 4.4 4.1 3.8 2.2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 pf of the disposal plan (€4bn) * Published NFD ** The Group has reviewed in 2015 the definition of net financial debt mainly

61. Slide 61: The ongoing decrease of the leverage ratio reinforces the Group's financial flexibility

    The ongoing decrease of the leverage ratio reinforces the Group’s financial flexibility  Despite important investments made in the last 10 years, the development strategy implemented by the Group has enabled it to regularly lower its NFD/EBITDA ratio in tendency  The announced plan for 2016 will e

62. Slide 62: Cash flow statement for Casino in France

    Cash flow statement for Casino in France* In €m Sources Uses  Operating cash flow of the wholly-owned 838  Net capex 498 French activities after tax** • EBITDA • Working capital, tax, and other operating income and expense  Dividends received from international subsidiaries and equity associates

63. Slide 63: Ongoing decrease in net capex in France

    Ongoing decrease in net capex in France In €m 688 498 2014 2015  In 2016, the Group is expecting a decrease of at least €150m in its net capex in France compared with the 2015 level FULL YEAR RESULTS • 9 March 2016 63

64. Slide 64: Distribution policy for dividends from main listed companies

    Distribution policy for dividends from main listed companies Minimum pay-out 25% 50% 30%  SIIC scheme  95% of recurring profit 2015 pay-out 25% 56.7% 30% +60% of capital gains Tax 0% 0% 10% 0% withheld at source  Proposal by the Boards of Directors Decision  Approval by a simple majority at the

65. Slide 65: Change in the net financial debt of Casino in France

    Change in the net financial debt of Casino in France* NFD of Casino in France* as at 31.12.2014** (7,598) Free Cash Flow after financial expense and dividends 6 Financial investments (including buy-back of FP - LP franchisees) (58) Sale of 20% of GPA and 100% of Libertad to Éxito 1,629 Buy-back of t

66. Slide 66: Casino in France's cash and bank covenants

    Casino in France's cash and bank covenants* €5,535 m in cash and equivalents* as at 31.12.2015 Maturity In €m 3,854 Amount (€ m) as at 31.12.2015 Syndicated facilities in euros 1,200 4.2 1,681 Syndicated facilities in USD 919 2.5 Other confirmed facilities 1,735 4.4 Cash and cash Undrawn confirmed T

67. Slide 67: 2015 dividend

    2015 dividend 2014 2015 Casino Guichard Perrachon parent company 370 444 net income (€m) Dividend per share (€) 3.12 3.12 Total payment (€m) 353 352  Dividend proposed at the General Meeting of 13 May 2016: €3.12 per share • Ex-dividend date: 17 May 2016 • Payable in cash on 19 May 2016 FULL YEAR R

68. Slide 68: Perspectives

    Highlights Activity Results Perspectives Appendices Jean-Charles Naouri, Chairman and Chief Executive Officer

69. Slide 69: Perspectives

    Perspectives  Significant deleveraging  Strategy of assets’ rotation  Profitable growth in France  In E-commerce, further growth and improvement of profitability  Consolidation of leadership and growth in Latin America FULL YEAR RESULTS • 9 March 2016 69

70. Slide 70: Significant deleveraging

    Significant deleveraging  Acceleration of Group’s deleveraging, especially in France* • The Group's reorganisation in Latin America in 2015 contributed over €1.6bn to the reduction of Casino's net financial debt in France* • Announcement of a disposal programme of around €4bn, whose proceeds will b

71. Slide 71: Strategy of assets' rotation (1/3)

    Strategy of assets’ rotation (1/3) Over the past 10 years, constant policy of key assets’ acquisition and mature assets’ disposals to strengthen the Group’s profile Main acquisitions and strengthenings Main disposals  Brazil (2005, 2009, 2012)  Poland (2005)  Colombia (2006, 2014-2015)  Taiwan (

72. Slide 72: Strategy of assets' rotation (2/3)

    Strategy of assets’ rotation (2/3) Disposal of Big C Thailand  Sale of the Group's 58.6% interest for a total amount of €3.1bn  Sale price of THB252.88 per share; the shares were purchased at an average Terms and conditions price of THB9 in 1999  Valuation: around 1.7x net sales and 16.8x EBITDA

73. Slide 73: Strategy of assets' rotation (3/3)

    Strategy of assets’ rotation (3/3) 2015 Sales, EBITDA and Trading Profit restated for contributions from Thailand and Vietnam Sales EBITDA Trading profit +85% +26% 42,154 1,958 +14% 1,552 1,178 22,806 1,031 2005 2015pf 2005 2015pf 2005 2015pf NFD Equity 2015 NFD adjusted for the various impacts of t

74. Slide 74: Profitable growth in France (1/3)

    Profitable growth in France (1/3)  A differentiated strategy rolled out across 3 formats that meet consumers' current and future needs: • Discount: Géant Casino (discount) and Leader Price (hard discount) • Premium: Monoprix, leader in premium retail in France • Proximity: Franprix and other conven

75. Slide 75: Profitable growth in France (2/3)

    Profitable growth in France (2/3) The profile of the store portfolio in France is balanced in terms of activities, brands and store formats Proximity banners Discount (Géant) (Franprix and local Casino) and hard discount 23% (Leader Price) banners 38% Growth Strong sales growth through expansion 201

76. Slide 76: Profitable growth in France (3/3)

    Profitable growth in France (3/3) Levers of profitability improvement in France in 2016 H2 2015 2016 perspectives excluding property Annual gain developments target Activity Organic growth*  Good level of activity recorded since H2 2015 Same-store growth* +2.7% expected to continue >+1.5% Same-stor

77. Slide 77: In E-commerce, further growth and profitability improvement

    In E-commerce, further growth and profitability improvement  In France, continuation of Cdiscount's strong growth dynamics • 34.4%* market share in January 2016, i.e. up +3.8% over 1 year • Objective of Cdiscount to have an improved trading profit in 2016 over 2015  Abroad, reduction of losses and

78. Slide 78: Consolidation of leadership and growth in Latin America (1/2)

    Consolidation of leadership and growth in Latin America (1/2)  Following the consolidation of its strategic positions in 2012 and 2015, Casino now enjoys leading positions in Latin America: • Leadership in food retail in Colombia, Brazil and Uruguay with 2,606* stores benefiting from strong positio

79. Slide 79: Consolidation of leadership and growth in Latin America (2/2)

    Consolidation of leadership and growth in Latin America (2/2)  In Brazil in particular, continuous management policy based upon cost cutting and capex control in a backdrop of economic crisis  Growth of premium, convenience and cash & carry/discount banners to address changes in consumption trends

80. Slide 80: Conclusion

    Conclusion  Listed subsidiaries each have disclosed their objectives and perspectives at the occasion of their annual earnings  For France, the Group confirms the following objectives in 2016: • EBITDA around €900m • Trading profit in excess of €500m • Free Cash Flow* of at least €200m after finan

81. Slide 81: Appendices

    Highlights Business Activities Results Perspectives Appendices

82. Slide 82: Average exchange rates

    Average exchange rates 2014 2015 Change% Argentina (ARS/EUR) 10.7685 10.2584 +5.0% Uruguay (UYP/EUR) 30.8353 30.2896 +1.8% Thailand (THB/EUR) 43.1469 38.0278 +13.5% Vietnam (VND/EUR) 28.0932 24.0564 +16.8% (x1,000) Colombia (COP/EUR) 2.6526 3.0483 -13.0% (x1,000) Brazil (BRL/EUR) 3.1211 3.7004 -15.7

83. Slide 83: Closing exchange rates

    Closing exchange rates 2014 2015 Change% Argentina (ARS/EUR) 10.2716 14.0841 -27.1% Uruguay (UYP/EUR) 29.5402 32.5958 -9.4% Thailand (THB/EUR) 39.9100 39.2480 +1.7% Vietnam (VND/EUR) 25.7948 24.4794 +5.4% (x1,000) Colombia (COP/EUR) 2.8843 3.4561 -16.5% (x1,000) Brazil (BRL/EUR) 3.2207 4.3117 -25.3%

84. Slide 84: Total Group net sales of €11.8bn in Q4 2015

    Total Group net sales of €11.8bn in Q4 2015 Change in consolidated net sales by sector In €m Change between Q4 2015 and Q4 2014 Q4 2015 Total Organic Same-store growth growth* growth* France Retail 4,942 +1.5% +2.7% +1.4% Latam Retail 3,705 -14.6% +5.7% +1.3% Latam Electronics 1,286 -36.1% -14.8% -1

85. Slide 85: Change in net sales on a same-store basis excluding petrol

    Change in net sales on a same-store basis excluding petrol France Q1 Q2 Q3 Q4 Géant Hypermarkets -1.2% +2.2% +3.8% +2.7% Casino Supermarkets -1.5% -2.2% +1.1% +0.2% Franprix – Leader Price -5.8% -2.5% +1.8% +1.9% Monoprix 0.0% +0.5% +1.9% -0.2% International Q1 Q2 Q3 Q4 Latam Retail +4.1% +0.2% +3.3

86. Slide 86: Calendar effects

    Calendar effects 2015 Géant Hypermarkets +0.0% Casino Supermarkets +0.2% Convenience +0.0% Monoprix -0.3% FPLP -0.2% France Retail -0.1% Latam Retail +0.0% Asia +0.1% Group +0.0% FULL YEAR RESULTS • 9 March 2016 86

87. Slide 87: Consolidated EBITDA – H2 2015

    Consolidated EBITDA – H2 2015 In €m H2 2014 H2 2015 at CER* H2 2015 France Retail 511 582 581 Latam Retail 720 660 533 Latam Electronics 433 154 108 Asia 203 186 197 E-commerce 35 (84) (69) Total 1,901 1,497 1,349 * CER: Constant Exchange Rates FULL YEAR RESULTS • 9 March 2016 87

88. Slide 88: Consolidated EBITDA margin - H2 2015

    Consolidated EBITDA margin - H2 2015 In €m H2 2014 H2 2015 France Retail 5.3% 6.0% Latam Retail 8.9% 7.7% Latam Electronics 11.5% 4.8% Asia 11.1% 10.4% E-commerce 1.8% -4.2% Total 7.5% 6.0% FULL YEAR RESULTS • 9 March 2016 88

89. Slide 89: Breakdown of Group trading profit - 2015

    Breakdown of Group trading profit - 2015 In €m 2014 2015 at CER* 2015 France Retail 397 338 337 Latam Retail 895 810 703 Latam Electronics 677 322 271 Asia 255 243 277 E-commerce 7 (160) (142) Total 2,231 1,553 1,446  Trading profit in France recovered in H2 2015  Moderate decrease in the Latam Re

90. Slide 90: Accounting treatment of property development deals

    Accounting treatment of property development deals A property development project is recognised as such when Casino group develops a new property asset with the intention of selling it as a normal extension of its activity. This new asset may stem from either a creation from scratch or from the subs

91. Slide 91: Property development projects launched in France

    Property development projects launched in France 2014 2015  13 major Géant sites  10 major Géant sites • Rennes • Quimper • Lanester • Clermont Ferrand • Saint Etienne • Nîmes • Besançon • Narbonne • Niort • Anglet • Marseille • Vals-Près-Le-Puy • Brest • Angers • Poitiers • Istres • Aix-en-Proven

92. Slide 92: Details of Casino in France's interest-rate swaps (1/2)

    Details of Casino in France's* interest-rate swaps (1/2)  Casino in France's* gross debt primarily consists of fixed-rate bond issues (€7,346m as at the end of December 2015)  As part of its interest-rate management policy, the Group wanted to be partially exposed to floating rates (1-month or 3-m

93. Slide 93: Details of Casino in France's interest-rate swaps (2/2)

    Details of Casino in France's* interest-rate swaps (2/2)  These interest-rate swaps have resulted in a significant reduction in financial expense over the past two years • This gain reflects the difference between the actual Euribor rates observed, and those expected by the market at the time when

94. Slide 94: 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

95. Slide 95: Reconciliation of reported net profit with underlying net profit

    Reconciliation of reported net profit with underlying net profit 2015 In €m 2014 Adjustments 2014 2015 Adjustments underlying Trading Profit 2,231 0 2,231 1,446 0 1,446 Other operating income and expense (494) 494 0 (478) 478 Operating Profit 1,736 494 2,231 967 478 1,446 Net financing costs (640) 0

96. Slide 96: Other operating income and expense

    Other operating income and expense In €m 2014 2015 Gains on asset disposals (4) 16 Net income related to scope operations (136) 47 Net impairment of assets (53) (30) Provisions and charges for restructuring (197) (309) Of which Brazil (34) (86) Provisions and charges for taxes, litigation, and conti

97. Slide 97: Share in the profit of equity associates

    Share in the profit of equity associates In €m 2014 2015 France Retail 28 35 Of which Miscellaneous and International Holdings 8 (0) Of which Mercialys 34 34 Latam Retail 39 22 Latam Electronics 10 8 Total 77 66 FULL YEAR RESULTS • 9 March 2016 97

98. Slide 98: Underlying minority interests

    Underlying minority interests* In €m 2014 2015 France Retail 0 2 Latam Retail 329 243 Of which Brazil 240 135 Of which Colombia 78 74 Latam Electronics 283 89 Asia 75 82 Of which Thailand 71 77 E-commerce (21) (85) Total 665 330 * Underlying minority interests correspond to the Profit attributable t

99. Slide 99: Consolidated Free Cash Flow

    Consolidated Free Cash Flow In €m 2015 Cash flow from operations 1,286 Change in Working Capital 1,198 Operating 755 Non-operating 443 Net capex (1,328) Ajustments between paid expenses and recognized expenses (211) (financial expenses and taxes) Free Cash Flow before dividends 945 FULL YEAR RESULTS

100. Slide 100: Cash flow statement

     Cash flow statement In €m 2014 2015 Net financial debt at beginning of the period* (5,346) (5,733) Cash flow from operations 2,015 1,286** Change in working capital requirement 343 1,198** Other*** 517 437** Cash flow from operations net of corporation tax 2,874 2,921 Current capital expenditure (1,

101. Slide 101: Consolidated balance sheet

     Consolidated balance sheet In €m 31.12.2014 31.12.2015 Goodwill 11,009 10,351 Fixed assets 14,599 13,162 Investments in equity associates 897 629 Non-current assets 2,244 1,858 Other non-current assets 366 490 Inventory 5,311 4,884 Trade and other receivables 3,460 3,334 Cash and cash equivalents 7,

102. Slide 102: Debt profile of Casino in France

     Debt profile of Casino in France* Bond maturities spread over time* In €m 1,000 1,000 900 885 850 600 637 552 508 386 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (April) (February)  The €500m ORA issued by Monoprix mature in December 2016  In view of its current financial resources, Cas

103. Slide 103: Puts included into balance sheet

     Puts included into balance sheet As a% Valuation Valuation Exercise In €m of the capital as at 31.12.2014 as at 31.12.2015 period Franchised stores Franprix - Leader Price in which a majority 43 59 Various dates interest is held Various dates Monoprix 3 3  2017 At any time Uruguay (Disco) 0 90  20

104. Slide 104: Off-balance sheet puts

     Off-balance sheet puts % Valuation Valuation Exercise In €m capital at 31.12.2014 at 31.12.2015 period Franchise Various Franprix - Leader Price operations in which 72 19 dates minority stakes held At any time Uruguay (Disco) 90 0 after 2021 Total 163 19 (off balance sheet) FULL YEAR RESULTS • 9 Mar

105. Slide 105: Derivative instruments embedded in other liabilities

     Derivative instruments embedded in other liabilities % FV at FV at In €m capital Maturity Interest rate Notional 31.12.2014 31.12.2015 July E3M TRS Big C 2.5% 2016 127 (5) (21) +2.23% December Libor Forward GPA 2.2% 310 (97) (248) 2016 +2.50% July E3M TRS GPA 3.0% 2017 332 (96) (247) +2.61% Total 76

106. Slide 106: Tax contingencies and provisions on GPA's balance sheet (1/2)

     Tax contingencies and provisions on GPA's balance sheet (1/2)  GPA's tax contingencies consist of probable risks that are recognized on GPA's balance sheet, and of possible risks, which are listed under off-balance-sheet commitments  The classification of these risk results from an in-depth quarte

107. Slide 107: Tax contingencies and provisions on GPA's balance sheet (2/2)

     Tax contingencies and provisions on GPA's balance sheet (2/2)  Generally speaking, Casino Guichard Perrachon (CGP) does not guarantee GPA's tax liabilities  The only guarantee granted to GPA by CGP relates to the risk of non-deductibility of 50% of the goodwill recognized in 2012, as long as all t

108. Slide 108: CBD's minority shareholders do not have a put option on Casino

     CBD's minority shareholders do not have a put option on Casino  Immediately before the takeover by Casino, CBD's share capital consisted of: • 99,679,851 ordinary shares with voting rights • 165,603,457 preference shares with no voting rights, and granting entitlement to a preferred dividend  The

109. Slide 109: 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,

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