Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Debt Investor Presentation (September 2023)
22 slides from Casino, Guichard-perrachon Sa's debt investor presentation, Sep 20, 2023
Slide 1: Business Plan update
Business Plan update Septembre 20, 2023
Slide 2: Disclaimer
Disclaimer ◼ This presentation has been prepared by Casino, Guichard-Perrachon (“Casino” or the “Company”) in the context of the discussions and negotiations between it and certain of its creditors and other stakeholders in respect of a potential restructuring of its financial indebtedness and relat
Slide 3: Introduction
Introduction ◼ This document presents an update of the 2024-2028 Business Plan, prepared on the basis of: ➢ the Business Plan published on June 26, 2023 and reviewed by Accuracy and Advancy ➢ the 2023 reforecast published on July 27, 2023 and reviewed by Accuracy and Advancy ➢ a review of the 2024-2
Slide 4: 1. Summary of Business Plan update
1. Summary of Business Plan update
Slide 5: Key assumptions updated (1/4)
Key assumptions updated (1/4) H2 2023 forecast H1 2022 H1 2023 H2 2022 H2 2023 FY 2022 FY 2023 Net sales 7,730 7,193 8,095 7,730 15,825 14,923 % of growth (6.9)% (4.5)% (5.7)% EBITDA 219 (170) 467 384 686 214 % of sales 2.8% (2.4)% 5.8% 5.0% 4.3% 1.4% FCF excl. W/C (163) (698) 23 (19) (140) (718) FC
Slide 6: Key assumptions updated (2/4)
Key assumptions updated (2/4) Historical Supermarkets(1) traffic / volume Customers traffic evolution Volumes evolution Market at -4.4% in W35 -W W W W W W W W W W W W W (1W) -W40 W W W W W W W W W W W W (1W) ◼ Inflexion from W13 and implementation of SM price readjustment measures ◼ To date, key in
Slide 7: Key assumptions updated (3/4)
Key assumptions updated (3/4) Hypermarkets traffic / volume Customers traffic evolution Volumes evolution -W W W W W W W W W W W W) -W W W W W W W W W W W W W) ◼ Inflexion following the price repositioning measures is more gradual than in Supermarkets (SM), with Hypermarkets (HM) requiring more time
Slide 8: Key assumptions updated (4/4)
Key assumptions updated (4/4) 2024->2028 Update 24->28 BP update mainly relies on: ◼ Update of energy budget assumptions, with improvements to be partially reinvested in Monoprix and DCF ➢ Lower energy cost of €113m vs 2023 (+€88m on initial budget assumption) ➢ €88m savings will finance DCF and Mon
Slide 9: EBITDA 2022 -> 2028
EBITDA 2022 -> 2028 EBITDA margin 4.3% 1.4% 2.7% 3.7% 4.0% 4.5% 4.8% 830 686 752 656 443 582 384 401 214 (42) (170) 2022 H1 H2 2023 H1 H2 2024 2025 2026 2027 2028 ◼ 2024 EBITDA should be €401m, due to the gradual recovery of HM/SM, the disposal of ITM stores (+€65m full-year EBITDA) and an improveme
Slide 10: EBITDA bridge 2023 -> 2024
EBITDA bridge 2023 -> 2024 ▪ Ongoing improvement in HM/SM activity: €50m €50m ▪ Energy (HM/SM share): €55m €55m ▪ Effect of disposal of stores to ITM in Oct-23 (A1 list): €51m €51m ▪ SM franchisee conversion plan: €45m €45m ▪ Savings, inflation, other: €(43)m €-43m Includes MDD gains related to agre
Slide 11: 2. Breakdown of 2023 Sales / EBITDA / FCF
2. Breakdown of 2023 Sales / EBITDA / FCF
Slide 12: Reforecast 2023 (1/2)
Reforecast 2023 (1/2) Sales (in €m) H1 2022 H1 2023 Var. H2 2022 H2 2023 Var. FY 2022 FY 2023 Var. Monoprix excl. Sarenza 2,125 2,158 2% 2,196 2,296 3% 4,321 4,454 3% Franprix 743 777 4% 733 772 5% 1,476 1,549 5% Other activities 195 209 7% 210 168 (20)% 405 377 (7)% Retail excl. DCF* 3,113 3,143 1%
Slide 13: Reforecast 2023 (2/2)
Reforecast 2023 (2/2) H1 H1 H2 H2 FY FY Group's FCF (in €m) Var. Var. Var. 2022 2023 2022 2023 2022 2023 EBITDA after lease payments 219 (170) (389) 467 384 (83) 686 214 (472) (-) other items & APCO (168) (251) (83) (246) (240) 6 (414) (491) (77) Operating cash flow 51 (421) (472) 221 144 (77) 272 (
Slide 14: 3. Savings & efficiency plan
3. Savings & efficiency plan
Slide 15: Savings & efficiency plan
Savings & efficiency plan 1 1 Energy budget €113m EBITDA gains vs. 2023 €136m effect of the 2023 savings and efficiency plan in 2024. 2 Efficiency plan 2024 savings & efficiency plan will notably focus on adapting DCF's structure to the change in its scope New store-opening and Confirmation of store
Slide 16: 4. Revised Business Plan
4. Revised Business Plan
Slide 17: Distribution Casino France Key financial indicators
Distribution Casino France Key financial indicators In €m 2023 2024 2025 // 2028 Hypermarkets 2,470 2,159 2,258 2,369 Supermarkets 3,203 2,987 3,123 3,325 Convenience 1,510 1,554 1,706 2,038 Net sales 7,182 6,700 7,087 7,732 Hypermarkets 368 439 464 490 Supermarkets 591 558 570 628 Convenience 216 2
Slide 18: Monoprix Key financial indicators
Monoprix Key financial indicators In €m 2023 2024 2025 // 2028 Net sales 4,454 4,655 4,865 5,426 Retail margin 1,451 1,520 1,575 1,715 EBITDA 225 215 225 295 Margin (%) 5.1% 4.6% 4.6% 5.4% APCO (45) (40) (35) (20) Other items (34) (30) (21) (17) Operating cash flow 146 145 169 258 Tax (5) (5) (5) (0
Slide 19: Franprix Key financial indicators
Franprix Key financial indicators In €m 2023 2024 2025 // 2028 Net sales 1,549 1,699 1,831 2,078 Retail margin 420 446 458 498 EBITDA 110 116 124 159 Margin (%) 7.1% 6.8% 6.8% 7.7% APCO (17) (10) (10) (5) Other items (10) (10) (10) (10) Operating cash flow 83 96 104 144 Tax (3) (3) (3) (2) Change in
Slide 20: Cdiscount Key financial indicators
Cdiscount Key financial indicators In €m 2023 2024 2025 // 2028 GMV 2,400 2,267 2,293 2,552 o/w 1P 973 814 749 690 o/w 3 P 1,427 1,453 1,545 1,862 % marketplace 61% 65% 69% 74% Net sales 1,360 1,310 1,276 1,302 EBITDA 48 81 99 131 APCO (13) (8) (3) (3) Operating cash flow 36 73 96 128 Tax (4) (3) (3
Slide 21: Other activities Key financial indicators
Other activities Key financial indicators In €m 2023 2024 2025 // 2028 DCF 43 37 43 43 Monoprix 32 30 36 36 Franprix 12 12 15 15 AMC 87 79 94 94 Others (RelevanC, ExtenC, Bao) 17 22 32 35 Purchase & others 104 101 126 129 LP (13) (4) (4) - IGC 27 12 4 1 Holdings 10 10 5 5 EBITDA 128 119 131 135 ◼ Th
Slide 22: Consolidated French perimeter Key financial indicators
Consolidated French perimeter Key financial indicators In €m 2023 2024 2025 // 2028 Sales 14,923 14,799 15,682 17,297 EBITDA after lease payments 214 401 582 830 % of sales 1.4% 2.7% 3.7% 4.8% APCO (302) (185) (129) (58) Other operating cash flow items (189) (120) (91) (87) Operating cash flow (277)
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