Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2009 Earnings Presentation
68 slides from Casino, Guichard-perrachon Sa's earnings presentation, Mar 4, 2010
Slide 1: 2009 Full-Year Results
2009 FULL-YEAR RESULTS 4 March 2010
Slide 2: Preliminary Notes
PRELIMINARY NOTES The 2009 consolidated financial statements approved by the Board of Directors on 3 March 2010 have been audited IFRS 8 “Operating Segments” and IFRIC 13 “Customer Loyalty Programmes” have been applied from 1 January 2009. Comparative information for 2008 were adjusted according
Slide 3: 2009 Key Figures (continuing operations)
2009 KEY FIGURES (continuing operations) % change vs. 2008 -1.2% Consolidated net sales €26,757m -1.0% organic* -3.2% EBITDA €1,849m -1.0% organic* vs 7.1% in 2008 EBITDA margin 6.9% stable on an organic basis* -4.5% Trading profit €1,209m -2.5% organic* vs 4.7% in 2008 Trading margin 4.5% -7 bp org
Slide 4: 2009 Highlights
2009 Highlights Results Outlook & Conclusion Appendices 2009 FULL-YEAR RESULTS 4
Slide 5: 2009 Highlights
2009 HIGHLIGHTS A resilient business model ► Sales stable on an organic basis excluding petrol ► EBITDA and trading profit down slightly ► Stable margins on an organic basis ► Tangible growth in net profit Significantly improved operating efficiency ► Cost and inventory reduction targets exceede
Slide 6: Resilient Convenience Formats in France
RESILIENT CONVENIENCE FORMATS IN FRANCE Formats aligned with shopper expectations Banners with differentiated positioning ► Casino Supermarkets: choice, quality and service ► Monoprix: unique citymarket concept ► Superettes: convenience stores (50 to 400 sq.m.) meeting neighbourhood food and ser
Slide 7: FP/LP: Sustained Expansion in 2009
FP/LP: SUSTAINED EXPANSION IN 2009 Franprix – Leader Price: promising concepts offering high returns on capital employed ► Franprix: a robust “shop around the corner” concept for city dwellers ► Leader Price brand: a broad assortment and excellent value for money products ► Attractive business mod
Slide 8: Cdiscount: Extended Leadership
CDISCOUNT: EXTENDED LEADERSHIP Leader in the French B-to-C Sales including tax (€m) e-commerce market ► Strong price image >1,000 ► Present across all non-food segments x7 Double-digit sales growth in 2009, outstripping the competition* 2002 2003 2004 2005 2006 2007 2008 2009 New initiatives t
Slide 9: Ongoing Transformation of the Hypermarket Business Model
ONGOING TRANSFORMATION OF THE HYPERMARKET BUSINESS MODEL A controlled marketing strategy in food at Géant Casino Ongoing repositioning of the non-food offer, focusing on the most promising product families Reduction in capital employed ► Lower inventories ► Transfer of hypermarket surfaces to
Slide 10: Casino: Best-in-Class Private Labels
CASINO: BEST-IN-CLASS PRIVATE LABELS A dynamic track record Leadership confirmed in 2009 Growth in share of private labels Casino Share of private labels and value lines* (volume) and value lines* (volume) 60 Market > +15 pts CAGR 57.8 50 2004-2009: +10% 40 44.3 43.9 41.3 39.8 30 20 2004 2004 2009 2
Slide 11: Strong International Momentum (1/2)
STRONG INTERNATIONAL MOMENTUM (1/2) Robust sales growth in South America at constant exchange rates (up 10.9%), led by: ► Sustained organic growth (5.7%) ► GPA’s acquisition of Ponto Frio BRAZIL BRAZIL COLOMBIA COLOMBIA Sharp increase in total sales (up 29%*) Modest 2.2%* decrease in sales S
Slide 12: Strategic Milestone Crossed in Brazil
STRATEGIC MILESTONE CROSSED IN BRAZIL Acquisition of Ponto Frio and partnership with Casas Bahia ► GPA lifted to the position of no. 1 retailer in the consumer electronics/household appliance segment ► Market share > 25% Promising growth outlook ► Consumer electronics/household appliances: a buo
Slide 13: Strong International Momentum (2/2)
STRONG INTERNATIONAL MOMENTUM (2/2) Sustained sales growth in Asia (up 6.5%) Double-digit growth in trading profit THAILAND THAILAND VIETNAM VIETNAM Expansion-led sales growth Over 30% surge in sales, (12 openings in 2008) led by high same-store growth Improved retail sales trend in the
Slide 14: A Year of Strong Value Creation by the Property Business
A YEAR OF STRONG VALUE CREATION BY THE PROPERTY BUSINESS Faster growth at Mercialys ► Rental revenues up 15.5%, including 6.1% organic growth ► 25 Alcudia/"Neighborhood Spirit" projects with considerable restructuring potential transferred by Casino ► Asset portfolio valued at €2.4bn (up 18%) On
Slide 15: Results
2009 Highlights Results Outlook & Conclusion Appendices 2009 FULL-YEAR RESULTS 15
Slide 16: Limited Decline in EBITDA and Trading Profit on an Organic Basis
LIMITED DECLINE IN EBITDA AND TRADING PROFIT ON AN ORGANIC BASIS Continuing operations Change Change in € million 2008 2009 (reported) (organic) Total business volume* 36,144 36,842 +1.9% Net sales 27,076 26,757 -1.2% -1.0% Sales margin 7,026 6,921 -1.5% As a % of net sales 26.0% 25.9% -8 bp EBITDA*
Slide 17: Sales Stable on an Organic Basis Excluding Petrol
SALES STABLE ON AN ORGANIC BASIS EXCLUDING PETROL in €m Reported Net Sales Organic Sales growth Change Currency Organic Organic in scope effect growth Organic excluding petrol +0.4% -0.6% -1.0% -1.2% 5.0% 4.9% 27,076 -0.1% 26,757 -1.0% -2.7% -3.8% 2008 2009 Group France International Sustained org
Slide 18: Limited Decline in Trading Profit on an Organic Basis
LIMITED DECLINE IN TRADING PROFIT ON AN ORGANIC BASIS in €m Reported Trading Profit (€m) & Reported Trading Profit Organic change in Trading Profit Change Currency Organic in scope effect growth -2.5% 2008 2009 organic -1.4% -0.5% -4.5% -9.7% -2.5% organic 1,266 1,266 1,209 +15% 1,209 904 organic 80
Slide 19: France: Resilient Trading Margin
FRANCE: RESILIENT TRADING MARGIN, REFLECTING FAVOURABLE MIX OF FORMATS Margin change In € million 2008 Margin 2009 Margin (on an organic basis) Convenience 352 5.1% 330 4.9% -16 bp Franprix / Leader Price 273 6.4% 243 6.1% -34 bp Géant Casino 195 3.2% 115 2.1% -112 bp Other businesses 85 n/a 115 n/a
Slide 20: Sharply Higher Trading Profit from International Operations
SHARPLY HIGHER TRADING PROFIT FROM INTERNATIONAL OPERATIONS Margin change In € million 2008 Margin 2009 Margin (on an organic basis) South America 254 4.2% 248 3.8% -14 bp Asia 81 5.1% 92 5.4% +34 bp Other segments 28 n/a 66 n/a n/a INTERNATIONAL 362 4.3% 406 4.5% +41 bp Excluding Venezuela, signi
Slide 21: Tangible 8.6% Growth in Attributable Net Profit
TANGIBLE 8.6% GROWTH IN ATTRIBUTABLE NET PROFIT Continuing operations in € million 2008 2009 Change Trading profit 1,266 1,209 -4.5% Other operating income and expense (81) (37) Finance costs, net (371) (343) Other financial income and expense (16) (2) Profit before tax 798 828 +3.7% Income tax expe
Slide 22: Recommended Dividend Up 4.7%
RECOMMENDED DIVIDEND UP 4.7% Ordinary dividend per share +4,7% 2.65(1) 2.53 2008 2009 (1) Dividend recommended at the Annual General Meeting of 29 April 2010 2009 FULL-YEAR RESULTS 22
Slide 23: Cost Savings Above Target
COST SAVINGS ABOVE TARGET Cost Savings in €m > 300 180 Target: 150 2009 2010 Significant improvement in operational efficiency, both in France and for International operations Cost savings of €180m (above target of €150m) realized mainly at the level of logistics and store operations Target of
Slide 24: Inventory Reduction Target Exceeded
INVENTORY REDUCTION TARGET EXCEEDED Inventory Turnover* (in days of COGS) 42 -2.3 -1 day 39.7 minimum 2008 2009 2010 2.3-day reduction in inventory (vs. 2-day target) The majority of business units in France and in International markets contributed to the improvement Main levers ► Optimising p
Slide 25: Sharp Improvement in Goods WCR Excluding Impact of LME Act
SHARP IMPROVEMENT IN GOODS WCR EXCLUDING IMPACT OF FRANCE’S LME ACT in €m 2008 2009 148 Change 338 in WCR excl. LME LME impact already Change in offset in 2009, notably “goods” WCR by effect of inventory (12) reductions LME (350) Impact 230 Impact of property development operations Change in Cha
Slide 26: Capex Under Control
CAPEX UNDER CONTROL More disciplined Capex management CAPEX (€m) In France, expansion focused on promising, 1,188* % of sales cash-efficient formats ► Sustained expansion of Franprix and Leader Price networks 784* 4.4% ► Ongoing development of Monoprix and Casino Supermarkets networks 2.9% In
Slide 27: Significant Improvement in Free Cash Flow
SIGNIFICANT IMPROVEMENT IN FREE CASH FLOW In € million 2008 2009 Cash flow 1,352 1,292 Change in WCR (44) 219 Capex (1,222) (810) FREE CASH FLOW 86 701 2009 FULL-YEAR RESULTS 27
Slide 28: Steep Fall in Net Debt
STEEP FALL IN NET DEBT in €m Of which: 701 - Ponto Frio (4,851) 145 700 Acquisitions* Other Free cash flow Dividends Share issue paid (46) (361) Disposals (360) (4,072) Of which: - Super de Boer - Property (France & International) Net debt Net debt 31 Dec. 08 31 Dec. 09 * Excluding buyout of FP/LP a
Slide 29: Enhanced Financial Flexibility
ENHANCED FINANCIAL FLEXIBILITY In € million 31 Dec. 2008 31 Dec. 2009 Equity 7,031 7,916 Net debt 4,851 4,072 Of which minority shareholder puts 626 80 Net debt/equity 69% 51% Net debt/EBITDA 2.5x 2.2x Significant reduction in net debt ► Increased free cash flow ► Two-thirds of asset disposal prog
Slide 30: Increased Liquidity
INCREASED LIQUIDITY €1.5bn bond issue by Casino in 2009 Bond maturities (€m) 31 Dec. 09 before and after February 2010 exchanges(2) Before exchange After exchange €2,364m 1,200 1,199(3) €1,959m 888 845(3) 760 750 677 400 400(3) Cash Confirmed lines 2010 2011 2012 2013 2014 2015 2016 2017 and cash
Slide 31: Sharp Rise in the Market Value of Listed Subsidiaries
SHARP RISE IN THE MARKET VALUE OF LISTED SUBSIDIARIES Net debt* Contribution Listed Share price Market cap. Casino’s Delta vs 1 Jan. %-owned 31 Dec. 2009 to Group’s companies 2 March 2010 (100%, €m) share (€m) 2009 (€m) (€m) EV (€m) Mercialys €26.4 2,428 51.1% 1,240 183 8 1,248 GPA BRL 62.9 6,569 33
Slide 32: Outlook & Conclusion
2009 Highlights Results Outlook & Conclusion Appendices 2009 FULL-YEAR RESULTS 32
Slide 33: The Group Has Deeply Remodelled Its Asset Portfolio Over the Last Ten Years
THE GROUP HAS DEEPLY REMODELLED ITS ASSET PORTFOLIO OVER THE LAST TEN YEARS… Breakdown of Group sales Growing contribution of international operations to Group sales Other 3% International 11% ► Selective acquisitions strategy and remodelled Emerging 13% asset portfolio markets 35% ► Presence now
Slide 34: Leading to a Significant Increase in Group Trading Profit
… LEADING TO A SIGNIFICANT INCREASE IN GROUP TRADING PROFIT 40% growth in consolidated net sales over the period 2000 to 2009 Tangible improvement in trading margin in France and in international markets Trading profit nearly doubled over the period Trading Margin Trading Profit – €m 2000 2009
Slide 35: Financial Flexibility Considerably Enhanced Since 2005
FINANCIAL FLEXIBILITY CONSIDERABLY ENHANCED SINCE 2005 Reduction in Net Debt (€bn) 5.4 DFN/EBITDA 5.2* 4.1 5.0x 3.5x 2.2x 2000 2005 2009 The Group has now “digested” its acquisitions (FP/LP, Monoprix, Brazil, Colombia …) Since 2005, the net debt/EBITDA ratio has fallen sharply as a result of: ►
Slide 36: The Group Has Strong Fundamentals to Drive Future Growth
THE GROUP HAS STRONG FUNDAMENTALS TO DRIVE FUTURE GROWTH In France ► A mix heavily weighted towards convenience and discount formats ► Leader in the convenience segment ► Leader in B-to-C non-food e-commerce ► Leader in private label penetration rate Leader in high growth potential markets repre
Slide 37: Ongoing Projects to Transform the Group in France
ONGOING PROJECTS TO TRANSFORM THE GROUP IN FRANCE OPERATIONAL EXCELLENCE Cost savings Inventory reductions PRIVATE LABEL DEVELOPMENT Development of health and nutrition offer, financial services and non food offering VALUE-CREATING PROPERTY ASSET STRATEGY Reduction of hypermarket retail spac
Slide 38: Three Priorities in 2010 to Boost Sales Momentum
THREE PRIORITIES IN 2010 TO BOOST SALES MOMENTUM FASTER EXPANSION IN THE CONVENIENCE AND DISCOUNT FORMATS Around 100 new Franprix and Leader Price stores Ongoing expansion of Casino Supermarkets and Monoprix Development of the Spar and Vival superette franchise network IMPROVED PURCHASING TERM
Slide 39: A New Organisation for Faster Execution
A NEW ORGANISATION FOR FASTER EXECUTION Develop partnerships with suppliers, using tools developed internally (Scorecard) or in partnership with Merchandise dunnhumby (The Shop, Range Grouper) and Supply Create a unit dedicated to pooling Chain purchases Maximise synergies between Purchasing a
Slide 40: More Competitive Prices at Geant Casino and Leader Price (1/2)
MORE COMPETITIVE PRICES AT GEANT CASINO AND LEADER PRICE (1/2) Significant potential for pooling private label and value line purchases Improved purchasing terms in line with our targets Savings from pooling purchases reinvested in prices, notably at Géant Casino and Leader Price… … allowing
Slide 41: More Competitive Prices at Geant Casino and Leader Price (2/2)
MORE COMPETITIVE PRICES AT GEANT CASINO AND LEADER PRICE (2/2) 2009 FULL-YEAR RESULTS 41
Slide 42: Faster International Growth (1/2)
FASTER INTERNATIONAL GROWTH (1/2) BRAZIL Growth profile strengthened by the acquisition of N°1 position in non-food segment Significant economies of scale leading to purchasing gains and cost savings Extended leadership ► Ambitious expansion programme ► Development of e-commerce and financial
Slide 43: Faster International Growth (2/2)
FASTER INTERNATIONAL GROWTH (2/2) THAILAND Accelerated deployment of the dual retail and property business model ► 5 hypermarket and shopping centre openings per year over the period 2010-2012 ► Shopping centre extension projects Development of new formats (convenience & combo) Stepped up mark
Slide 44: Conclusion
CONCLUSION Casino met its operating targets in 2009 (costs, inventories, capex) The Group has considerably increased its financial flexibility and confirms its target of a net debt/EBITDA ratio of less than 2.2x at end-2010, to be achieved notably by continuing the €1 billion programme of asset
Slide 45: Appendices
2009 Highlights Results Outlook & Conclusion Appendices 2009 FULL-YEAR RESULTS 45
Slide 46: Changes in Scope of Consolidation
CHANGES IN SCOPE OF CONSOLIDATION Deconsolidation of two franchisees in the Franprix-Leader Price sub-group as of December 2008. Consolidation of Ponto Frio by GPA since 1 July 2009. Following this acquisition, GPA carried out a rights issue which had the effect of reducing the Group’s interes
Slide 47: Simplified Consolidated Balance Sheet
SIMPLIFIED CONSOLIDATED BALANCE SHEET In € million 31 Dec. 2008 31 Dec. 2009 Goodwill 6,190 6,494 Intangibles and property, plant & equipment 7,714 7,574 Investments in associates 122 177 Non-current financial assets 469 415 Non-current derivative instruments* 118 176 Other non-current assets 110 11
Slide 48: Cash Flow Statement
CASH FLOW STATEMENT In € million 2008 2009 Net debt at beginning of period (4,410) (4,851) Cash flow 1,352 1,292 Change in working capital requirement (44) 219 Other* 288 381 Net cash flow from operating activities, after tax 1,596 1,891 Capital expenditure (1,222) (810) Acquisitions (98) (36) Proce
Slide 49: Consolidated Net Profit
CONSOLIDATED NET PROFIT In € million 2008 2009 Change Net profit from continuing operations 595 633 Attributable to equity holders 499 543 +8.6% Attributable to minority interests 95 91 Net profit from discontinued operations 4 228 Attributable to equity holders (4) 48 Attributable to minority inter
Slide 50: 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 51: Reconciliation of Reported Profit to Underlying Profit
RECONCILIATION OF REPORTED PROFIT TO UNDERLYING PROFIT 2008 Adjust- 2008 2009 Adjust- 2009 In € million ments underlying ments underlying Trading profit 1,266 1,266 1,209 1,209 Other operating income and expense, net (81) 81 0 (37) 37 0 Operating profit 1,186 81 1,266 1,173 37 1,209 Finance costs, n
Slide 52: EPS from Continuing Operations / Underlying EPS
EPS FROM CONTINUING OPERATIONS UNDERLYING EPS Continuing operations 2008 2009 Change Attributable profit (€m) 499 543 +8.6% Underlying attributable profit (€m) 538 534 -0.8% Diluted average number of shares 111,638,188* 110,482,633 Diluted EPS** (€) 4.23 4.75 +12.2% Underlying** diluted EPS (€) 4.58
Slide 53: Trading Profit: France
TRADING PROFIT: FRANCE Change Change In € million 2008 2009 (reported) (organic) Net sales 18,557 17,664 -4.8% -3.8% EBITDA 1,329 1,222 -8.1% -5.9% EBITDA margin 7.2% 6,9% -25 bp -16 bp Trading profit 904 804 -11.1% -9.7% Trading margin 4.9% 4.5% -32 bp -30 bp 2009 FULL-YEAR RESULTS 53
Slide 54: Trading Profit: International
TRADING PROFIT: INTERNATIONAL Change Change In € million 2008 2009 (reported) (organic) Net sales 8,520 9,093 +6.7% +4.9% EBITDA 580 627 +8.2% +10.2% EBITDA margin 6.8% 6.9% +9 bp +34 bp Trading profit 362 406 +12.0% +15.0% Trading margin 4.3% 4.5% +21 bp +41 bp 2009 FULL-YEAR RESULTS 54
Slide 55: Net Sales by Segment
NET SALES BY SEGMENT Change Change In € million 2008 2009 (reported) (organic, excl. petrol) Géant Casino 6,121 5,548 -9.4% -7.4% Convenience stores 6,842 6,690 -2.2% -1.7% Casino Supermarkets 3,441 3,355 -2.5% -1.4% Monoprix 1,830 1,829 -0.1% -0.1% Superettes 1,570 1,506 -4.1% -4.1% Franprix-Leader
Slide 56: Half-Yearly Trading Profit
HALF-YEARLY TRADING PROFIT In € million H1 08 Margin H1 09 Margin H2 08 Margin H2 09 Margin France 384 4.2% 339 4.0% 520 5.4% 465 5.1% International 146 3.6% 144 3.5% 217 4.9% 262 5.7% GROUP 530 4.0% 483 3.8% 737 5.2% 726 5.3% 2009 FULL-YEAR RESULTS 56
Slide 57: Other Operating Income and Expense
OTHER OPERATING INCOME AND EXPENSE In € million 2009 Capital gains on asset disposals 146 Of which Mercialys shares 139 Other operating income and expense (182) Asset impairments (net of reversals) (15) Provisions for litigation (27) Provisions for contingencies (70) Provisions for restructuring (68
Slide 58: Finance Costs, Net
FINANCE COSTS, NET In € million 2008 2009 Income from cash and cash equivalents 51 27 Interest expense on borrowings after hedging* (408) (359) o/w France (278) (246) o/w International (130) (113) Fair value adjustments to indexed bonds (6) (3) Interest expense on finance lease liabilities (7) (8) T
Slide 59: Other Financial Income and Expense
OTHER FINANCIAL INCOME AND EXPENSE In € million 2008 2009 Change in fair value of options* 10 0 Change in fair value of derivative instruments excl. hedging instruments** (36) (5) Exchange gains and losses excl. hedging (5) 7 instruments Discounting adjustments (6) (17) Other 21 14 TOTAL (16) (2) *
Slide 60: Average Exchange Rates
AVERAGE EXCHANGE RATES In € million 2008 2009 % change Argentina (ARS / EUR) 0.215 0.192 -10.8% Uruguay (UYP / EUR) 0.033 0.032 -2.3% Venezuela* (VEF / EUR) 0.317 0.334 +5.5% Thailand (THB / EUR) 0.021 0.021 +1.4% Vietnam (VND / EUR) (x 1,000) 0.042 0.042 +0.7% Colombia (COP / EUR) (x 1,000) 0.348 0
Slide 61: Minority Interests
MINORITY INTERESTS In € million 2008 2009 Mercialys 33 41 FP/LP* 30 (11) Big C 23 23 Exito 14 20 Other (5) 18 TOTAL 95 91 * This amount is stated after the first-half 2009 adjustment of profit for the period from 29 April to 31 December 2008 initially allocated to minority interests in the FP and LP
Slide 62: Share of Profit of Associates
SHARE OF PROFIT OF ASSOCIATES In € million 2008 2009 FP/LP 12 5 Other 2 1 TOTAL 14 6 2009 FULL-YEAR RESULTS 62
Slide 63: Puts Included in Net Debt
PUTS INCLUDED IN NET DEBT In €m Value at Value at Exercise Company % capital 31 Dec. 2008 31 Dec. 2009 period Franprix Holding 95% 100% 420 18(1) Franprix/ Leader Price Holding 75% 100% Leader Price Various Majority-owned franchise stores 56 50 dates Carulla Vivero put Exito 111 0(2) (77.5% 10
Slide 64: Off-Balance Sheet Puts
OFF-BALANCE SHEET PUTS in €m Value at Value at Exercise Company % capital 31 Dec. 2008 31 Dec. 2008 period Monoprix 50% 100% 1,200(1) 1,200(1) 2012-2028 Franprix Majority-owned franchise 236 194 Various dates Leader Price stores Uruguay At any time 49 49 (Disco) 2021 Sendas(2) 57.4% 100% 55 10
Slide 65: Changes in Equity
CHANGES IN EQUITY in €m Of which: Share issue Distribution 138 861 263 TSSDI 532 dividends Other 7,916 (18) Profit for Change in (891) consolidation 7,031 the period Translation scope & puts 7 037 adjustment Of which: Distribution following the sale 7 124 of Super de Boer assets Of which: Minority i
Slide 66: Estimated 2010 Calendar Effect
ESTIMATED 2010 CALENDAR EFFECT 2010 Q1 Q2 Q3 Q4 FY France -0.3% -0.3% +0.4% -0.3% -0.1% International 0.0% 0.0% -0.1% -0.1% -0.1% GROUP -0.2% -0.2% +0.2% -0.2% -0.1% 2009 FULL-YEAR RESULTS 66
Slide 67: Property Assets Making a Significant Contribution to the Group's Total Value
PROPERTY ASSETS MAKING A SIGNIFICANT CONTRIBUTION TO THE GROUP’S TOTAL VALUE France France International International STORE €3.3bn €1.3bn PROPERTIES SHOPPING €1.2bn €0.4bn CENTRES €4.6bn €1.7bn A property portfolio valued at €6.3bn at 31 December 2009 The decrease compared with €6.7bn at end-20
Slide 68: Number of Stores
NUMBER OF STORES France 31 Dec. 2008 31 Dec. 2009 Géant Casino 131 122 Casino Supermarkets 401 390 Franprix 702 789 Monoprix 377 463 Leader Price 530 559 Superettes 6,092 6,751 Other 368 290 TOTAL FRANCE 8,601 9,364 International Argentina 65 49 Uruguay 52 53 Venezuela 60 41 Brazil 597 1,080 Thailan
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