Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — FY2010 Earnings Presentation
73 slides from Casino, Guichard-perrachon Sa's earnings presentation, Mar 1, 2011
Slide 1: 2010 full-year results
1 March 2011 2010 full-year RESULTS
Slide 2: Preliminary notes
PRELIMINARY NOTES The 2010 consolidated financial statements were approved by the Board of Directors on 28 February 2011 and have been audited All the figures provided in this presentation concern continuing operations, unless otherwise specified Organic growth rates are based on a comparable scope
Slide 3: 2010 key figures (continuing operations)
2010 KEY FIGURES (continuing operations) % change vs 2009 Consolidated net sales €29,078m +8.7% EBITDA €1,953m +5.6% EBITDA margin 6.7% vs 6.9% in 2009 Trading profit €1,300m +7.5% Trading margin 4.5% vs 4,5% in 2009 vs €543m in 2009 Attributable profit €559m +3.0% Net debt €3,845m vs €4,072m in 200
Slide 4: 2010 Highlights
2010 HIGHLIGHTS Results Outlook &Conclusion Appendices
Slide 5: The Group has met its targets
THE GROUP HAS MET ITS TARGETS Stronger sales momentum in France ► Turnaround in same-store sales at Leader Price ► Stabilization of Géant’s food market share at the end of the year ► Faster expansion in convenience formats ► Return to sales growth in France in Q4 Strong development in International
Slide 6: France: faster sales dynamic
FRANCE: FASTER SALES DYNAMIC Substantial price investment at Leader Price and Géant Casino ► Partly financed by purchasing gains from pooling private label procurement Significantly improved price positioning for Leader Price and Géant Casino Organic growth in France (excluding petrol) Faster growth
Slide 7: France: market share gains over the last three periods
FRANCE: MARKET SHARE GAINS OVER THE LAST THREE PERIODS Casino Group Géant Leader Price Market share Market share evolution Market share evolution +0.2 = +0.2 +0.2 +0.1 +0.1 -0.2 = = = -0.1 = 12.8 13.0 13.2 12.8 P1-P11 P12 P 13 P1 2010 2011 P1-P11 P12 P 13 P1 P1-P11 P12 P 13 P1 2010 2011 2010 2011 So
Slide 8: Solid performance by the convenience formats
SOLID PERFORMANCE BY THE CONVENIENCE FORMATS Sales growth excluding petrol No. of openings 2010 vs 2009 (gross) Same store Total stores 100 Franprix 80 +6.4% +4.7% 27 2010 Monoprix +2.5% 25 2009 +1.7% +0.7% -0.8% 11 Casino SM -0.1% 3 Franprix Monoprix Casino SM Superettes Sustained growth in total s
Slide 9: Successful sales revitalisation programme at Leader Price
SUCCESSFUL SALES REVITALISATION PROGRAMME AT LEADER PRICE Gradual deployment of sales initiatives Same-store growth ► First-half: steep price cuts and stepped up communication ► Second-half: introduction of national brands, deployment of new concept and increased price investment 5.6% Q1 2010 Q2 201
Slide 10: Noticeable improvement in food sales at Géant
NOTICEABLE IMPROVEMENT IN FOOD SALES AT GÉANT Enhanced price competitiveness at Géant Casino Food sales Same-store growth ► Targeted price cuts in H1 ► Stepped up promotional campaigns and loyalty programme in H2 H1 2010 -0.6% Q3 2010 Improved food sales from one quarter to the next Q4 2010 ► Food s
Slide 11: Sustained sales momentum in e-commerce
SUSTAINED SALES MOMENTUM IN E-COMMERCE Organic growth Faster growth 18.5% ► Very good performance in electrical appliances and houseware ► Development of new sections (toys, jewelry, etc.) 10.4 10.1% Developing synergies with the Group’s banners 2009 H1 2010 H2 2010 ► Success of the hypermarket pick
Slide 12: Increased contribution to sales by international operations
INCREASED CONTRIBUTION TO SALES BY INTERNATIONAL OPERATIONS Organic growth - International Contribution to sales 2009 2010 11.2% 11.7% 10.8% International 10.0% 4.9% 34% 38% France France 2006 2007 2008 2009 2010 Return to double-digit organic sales growth Reported sales up 22.3%, led by a favourabl
Slide 13: Faster growth in all key international markets (1/2)
FASTER GROWTH IN ALL KEY INTERNATIONAL MARKETS (1/2) South America 2009 2010 13.0% 10.3% 5.7% 4.4% Same-store Organic High same-store growth, up 13.1%* Significant improvement in same-store sales, Excluding Globex, same-store sales up 10.5%* up 5.7%* (vs 4.1%* decline in 2009) ► Very good performanc
Slide 14: Faster growth in all key international markets (2/2)
FASTER GROWTH IN ALL KEY INTERNATIONAL MARKETS (2/2) Asia 2009 2010 7.4% 5.1% 6.0% -0.6% Same-store Organic THAILANDE VIETNAM Gradual acceleration of same-store growth Strong growth in sales (over 40%), Sustained expansion resumed reflecting buoyant same-store performance ► 4 hypermarkets opened Str
Slide 15: Two major strategic transactions (1/2)
TWO MAJOR STRATEGIC TRANSACTIONS (1/2) Partnership between GPA and Casas Bahia GPA’s leadership strengthened in Brazil ► Casas Bahia consolidated from 1 November 2010 ► More than R$50bn (€23bn) in sales (including tax) in 2011e, twice as much as in 2008 ► Over 1,800 stores Undisputed leader in consu
Slide 16: Two major strategic transactions (2/2)
TWO MAJOR STRATEGIC TRANSACTIONS (2/2) Acquisition of Carrefour operations in Thaïlande Big C has become joint leader of the hypermarket segment ► Acquisition of 34 hypermarkets, raising the total to 104 ► 2010 combined sales of THB 100bn (€2.4bn) Strong geographic fit ► Presence in Bangkok doubled
Slide 17: A value-creating property strategy (1/2)
A VALUE-CREATING PROPERTY STRATEGY (1/2) The dual Retailing and Property model at the centre of the Group’s strategy An active strategy to capture the full value of the property portfolio through ► An assertive asset rotation strategy ► The Alcudia-Neighbourly Spirit programme to revitalise shopping
Slide 18: A value-creating property strategy (2/2)
A VALUE-CREATING PROPERTY STRATEGY (2/2) France International STORES €3.4bn €1.4bn SHOPPING CENTRES €1.3bn €0.5bn €4.7bn €2.0bn A property portfolio valued at €6.7bn at 31 December 2010, up €0.4bn vs end-2009 (€6.3bn) Note: these estimates are based on appraisal values and correspond to Casino’s per
Slide 19: Increased financial flexibility
INCREASED FINANCIAL FLEXIBILITY Disposals Net debt (in €bn) Net debt / EBITDA €1.4bn 4.9 4.1 3.8 Objective: €1bn 2.5x 2.2x 1.97x 2009-2010 2008 2009 2010 €1.4bn in assets sold in 2009-2010 (above the target of €1bn) Significant reduction in net debt End-2010 net debt / EBITDA ratio at 1.97x, signifi
Slide 20: Results
2010 Highlights RESULTS Outlook & Conclusion Appendices
Slide 21: Preliminary notes
PRELIMINARY NOTES To align data more closely with the Group’s organisation, the Group has changed its segment information in France, which is now presented according to three operating segments: ► Franprix-Leader Price ► Monoprix ► Casino France, which primarily includes Casino’s historical operatio
Slide 22: Change in main indicators
CHANGE IN MAIN INDICATORS Continuing operations Change Change in € millions 2009 2010 (reported) (organic) Total business volume* 36,842 42,777 +16.1% Net sales 26,757 29,078 +8.7% +4.7% Gross margin 6,921 7,325 +5.8% As a % of net sales 25.9% 25.2% -68 bps EBITDA** 1,849 1,953 +5.6% -3.1% EBITDA ma
Slide 23: Strong sales growth, up 8.7%
STRONG SALES GROWTH, UP 8.7% Analysis of reported sales growth (in €m) Organic sales growth (excluding petrol) Change Currency Petrol Organic in scope effect growth H1 2010 Q3 2010 Q4 2010 (excl. petrol.) +3.9% +8.7% +5.0% +0.8% 12.7% 29,078 -1.0% 10.0% 9.4% 26,757 6.3% 3.4% 2.7% 2.8% 0.2% 2009 2010
Slide 24: Trading profit up 7.5%
TRADING PROFIT UP 7.5% Analysis of growth in trading profit (€m) CVAE Change Currency Organic in scope effect growth +5.9% -3.9% +7.5% +4.9% +0.6% 1,300 1,209 2009 2010 Trading profit up 2.6% before reclassification of the CVAE tax* in income tax expense Favourable currency effect, reflecting sharp
Slide 25: Increased contribution to trading profit from international operations
INCREASED CONTRIBUTION TO TRADING PROFIT FROM INTERNATIONAL OPERATIONS Trading profit – (in €m) Trading margin 1,300 1,209 4.5% 4.8% International 407 +30.2% 530 4.3% France 802 -4.1% 769 2009 2010 Group France International Sharp rise in trading profit from international operations ► Lifted by doub
Slide 26: Trading margin in France declined due to sales investment
TRADING MARGIN IN FRANCE DECLINED DUE TO SALES INVESTMENT Margin change on Trading profit (in € millions) 2009 Margin 2010 Margin organic basis Casino France 439 3.7% 463 3.9% -15 bps Franprix-Leader Price 243 6.1% 167 4.1% -212 bps Monoprix 120 6.6% 139 7.3% +23 bps FRANCE 802 4.5% 769 4.3% -55 bps
Slide 27: Tangible improvement in trading margin in South America and Asia
TANGIBLE IMPROVEMENT IN TRADING MARGIN IN SOUTH AMERICA AND ASIA Margin change on In € millions 2009 Margin 2010 Margin organic basis South America 250 3.8% 372 4.5% +28 bps Asia 92 5.4% 121 6.0% +56 bps Other regions 66 n/a 38 n/a INTERNATIONAL 407 4.5% 530 4.8% Improved trading margin in South Ame
Slide 28: Profit attributable to equity holders up 3.0%
PROFIT ATTRIBUTABLE TO EQUITY HOLDERS UP 3.0% Continuing operations in € millions 2009 2010 Change Trading profit 1,209 1,300 +7.5% Other operating income and expense (37) 15 Finance costs, net (343) (345) Other financial income and expense (2) (17) Profit before tax 828 953 +15.0% Income tax expens
Slide 29: Lower finance costs, excluding Brazil
LOWER FINANCE COSTS, EXCLUDING BRAZIL in € millions 2009 2010 France (249) (226) Brazil (31) (99) Other regions (62) (19) TOTAL (343) (345) 2010 RESULTS 29
Slide 30: Recommended dividend of €2.78 per share
RECOMMENDED DIVIDEND OF €2.78 PER SHARE Ordinary dividend (€) +4.9% 2.78(1) 2.65 2009 2010 (1) Dividend recommended at the Annual General Meeting of 14 April 2011 2010 RESULTS 30
Slide 31: Operational excellence targets met
OPERATIONAL EXCELLENCE TARGETS MET Cost Savings (in €m) €310m cumulative cost savings over the period 2009-2010 310 ► Vs target of over €300m 180 2009 2010 Inventory turnover* (in days of COGS**) 3.2-day reduction in inventory over 42.2 41.3 - France: -1.2 days 2 years (vs 3-day target) - Internatio
Slide 32: Sharp improvement in goods WCR
SHARP IMPROVEMENT IN GOODS WCR In €m 2009 2010 Sustained sales growth 253 Improved inventory turnover Change in Favourable impact of receivables “Goods” WCR discounting programme in Brazil (12) 230 2009 WCR favourably impacted by property development operations Change in In 2010, impact of Casas Bah
Slide 33: Controlled increase in capex
CONTROLLED INCREASE IN CAPEX CAPEX– (in €m) CAPEX, net of disposals - (in €m) 954 810 398 680 International 283 571 International 185 357 France 528 556 France 386 323 2009 2010 2009 2010 CAPEX up by around ~€90m at constant exchange rates ► Before disposal proceeds Steep rise in capex in key Intern
Slide 34: Tangible reduction in net debt
TANGIBLE REDUCTION IN NET DEBT In €m Dividends paid 692 345 (4,072) Other Acquisitions Free cash flow (424) (3,845) Disposals (227) (160) – Cash Flow +1,188 – Change WCR +112 Of which: – Capex (954) – Venezuela – Property Net debt Net debt 31 Dec. 09 31 Dec. 10 2010 RESULTS 34
Slide 35: Solid balance sheet
SOLID BALANCE SHEET In € millions 31 Dec. 2008 31 Dec. 2009 31 Dec. 2010 Equity 7,031 7,919 9,064 Net debt 4,851 4,072 3,845 Of which minority shareholder 626 80 58 puts Net debt/equity 69% 51% 42% Net debt/EBITDA 2.5x 2.20x 1.97x Further improvement in all debt ratios 2010 RESULTS 35
Slide 36: Significant improvement in the debt profile
SIGNIFICANT IMPROVEMENT IN THE DEBT PROFILE Bond maturities(2)(in €m) 31 Dec. 2010 (in €m) before and after February and May 2010 exchanges Before exchange After exchange 2,497 1,200 1,199(3) 1,940 719(3) 888 604 750 677 508 400 210(3) 2011 2012 2013 2014 2015 2016 2017 2018 Cash and Confirmed lines
Slide 37: Sharp rise in market value of listed subsidiaries
SHARP RISE IN MARKET VALUE OF LISTED SUBSIDIARIES Share price Change vs Net Debt* 31 Contribution Listed Market cap. Casino’s %-owned 1 Jan. 2010 Dec. 2010 to Group’s EV companies 25 Feb. 2011 (100%, €m) share (€m) (€m) (€m) (€m) Mercialys €27.4 2,519 51.1% 1,295 142 3 1,298 GPA BRL 61.3 6,907 33.7%
Slide 38: Outlook & Conclusion
2010 Highlights Results OUTLOOK & CONCLUSION Appendices
Slide 39: The Group is poised to accelerate its transformation in 2011
THE GROUP IS POISED TO ACCELERATE ITS TRANSFORMATION IN 2011 Step up the pace of growth ► Consolidating leadership in key International markets ► Strengthen market share in France Pursue Géant’s repositioning Deliver profitable growth at Franprix-Leader Price Continue the operational and financial e
Slide 40: A growth profile enhanced by increased exposure to emerging markets
A GROWTH PROFILE ENHANCED BY INCREASED EXPOSURE TO EMERGING MARKETS Breakdown of sales 3% Other International 11% 14% Emerging 42% markets 75% 55% France 2005 2011e (1) Growing contribution to sales from International operations (45% in 2011e) An International presence focused on four countries: Bra
Slide 41: Strengthen leadership in Brazil
STRENGHTEN LEADERSHIP IN BRAZIL Pop: 190 million 2011e GDP: +4.4% No.1 - 1,800 stores Modern trade: 58% 2011e sales*: c. €23bn Rationalize the banner portfolio ► Convert Comprebem and Sendas supermarkets to the Extra banner Keep up the rapid pace of expansion ► Focus on buoyant discount (Assaï) and
Slide 42: Strengthen leadership in Colombia
STRENGTHEN LEADERSHIP IN COLOMBIA Pop: 45 million 2011eGDP: up 4.5% Modern trade: 48% No.1 - 299 stores 2010 sales: €2.9bn Continue rationalising the banner portfolio ► Refocused on three banners: Exito, Carulla, Bodega Surtimax ► 40 conversions (including 25 CAFAM stores) Step up the pace of expans
Slide 43: Consolidate joint leadership in Thailand
CONSOLIDATE JOINT LEADERSHIP IN THAILAND Pop: 67 million 2011e GDP: up 4.5% Joint leader in hypermarkets Modern trade: 43% 2010 sales*: €2.4bn 158 stores Integrate former Carrefour operations ► One company by end-June ► All stores converted during H1 ► Expected synergies: 1.2% of combined sales (o/w
Slide 44: Strengthen leadership in Vietnam
STRENGTHEN LEADERSHIP IN VIETNAM No.1 in hypermarkets 14 stores Pop: 88 million 2011e GDP: up 7.1% Modern trade: 21% Keep up ambitious expansion strategy ► Through development of the dual model (hypermarkets + shopping malls): Store base to be doubled in three years ► Introduction of new formats: co
Slide 45: A favorable business mix in France
A FAVORABLE BUSINESS MIX IN FRANCE Breakdown of sales in France in 2010 Cdiscount Other 3% 6% Leader Price 12% Géant Casino Franprix 31% 10% Superettes Casino 8% Supermarkets Monoprix 19 % 11% Casino has remodelled and diversified its asset portfolio in France … … and benefit from a business mix ali
Slide 46: Strengthen market share in France
STRENGTHEN MARKET SHARE IN FRANCE Strengthen leadership in the convenience segment Step up expansion at Monoprix and Casino Supermarchés Extend our lead in non-food B-to-C e-commerce Continue to make private labels a differentiation lever 2010 RESULTS 46
Slide 47: Strengthen leadership in the convenience segment
STREGTHEN LEADERSHIP IN THE CONVENIENCE SEGMENT Over 7,500 stores 870 stores 6,675 stores No.1 in convenience No.1 in urban convenience No.1 in rural convenience stores segment stores Continue expansion Segment the store base to better align the offer with consumer demand ► Assortment and pricing al
Slide 48: Extend the Group's lead in B-to-C non-food e-commerce
EXTEND THE GROUP’S LEAD IN B-TO-C NON-FOOD E-COMMERCE Cdiscount : France’s No. 1 e-tailer ► Over €1bn in sales (including VAT), three times more than its closest competitor ► Market share >25% in technical products (Television & Hi-Fi, IT, electrical appliances) ► Over 10 million customers Faster gr
Slide 49: Pursue Géant's repositioning
PURSUE GÉANT’S REPOSITIONING After the recovery observed in food sales… …the favorable sales momentum should continue ► Strengthened communication (prices/promotional offers) and enhanced loyalty programme ► Ongoing initiatives to increase the offer’s appeal (new fresh produce concept, drugstore cor
Slide 50: Deliver profitable growth at Leader Price
DELIVER PROFITABLE GROWTH AT LEADER PRICE After the good performance in same-store sales … … the continuing sales momentum will be ensured by ► Competitive price positioning ► Ongoing deployment of the new concept ► Product innovation The priority for 2011 is to ► Continue sustained and controlled e
Slide 51: Continue the operational and financial excellence plans
CONTINUE THE OPERATIONAL AND FINANCIAL EXCELLENCE PLANS Improvement in purchasing terms ► Creation of a single EMC + FP/LP purchasing organisation ► To better leverage the Group’s N°3 position in Fran ce and co-leadership in the private label segment (with 16% to 17% market share in value) Cost savi
Slide 52: Conclusion
CONCLUSION The Group has met its objectives ► Stabilisation of Géant Casino market share ► Return to same-store growth for Leader Price ► Strengthened financial flexibility The Group is poised to step up its transformation and is confident in its ability to deliver sales growth of more than 10% in e
Slide 53: Appendices
2010 Highlights Results Outlook & Conclusion APPENDICES
Slide 54: Simplified consolidated balance sheet
SIMPLIFIED CONSOLIDATED BALANCE SHEET In € millions 31 Dec. 2009 31 Dec. 2010 Goodwill 6,435 6,654 Intangibles and property, plant & equipment 7,674 8,656 Investments in associates 178 161 Non-current financial assets** 409 648 Non-current derivative instruments* 176 150 Other non-current assets 140
Slide 55: Statement of cash flows
STATEMENT OF CASH FLOWS In € millions 2009 2010 Net debt at beginning of period (4,851) (4,070) Cash flow 1,292 1,188 Change in working capital requirement 219 112 Other* 381 282 Net cash flow from operating activities, after tax 1,891 1,581 Capital expenditure (810) (954) Acquisitions (36) (71) Pro
Slide 56: Net profit
NET PROFIT In € millions 2009 2010 Net profit from continuing operations 633 752 Attributable to equity holders 543 559 Attributable to minority interests 90 193 Net profit from discontinued operations 228 (9) Attributable to equity holders 48 (9) Attributable to minority interests 179 0 Consolidate
Slide 57: 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-recurri
Slide 58: Reconciliation of reported profit to underlying profit
RECONCILIATION OF REPORTED PROFIT TO UNDERLYING PROFIT 2009 Adjust- 2009 2010 Adjust- 2010 In € millions ments underlying ments underlying Trading profit 1,209 1,209 1,300 1,300 Other operating income and expense, net (37) 37 0 15 (15) 0 Operating profit 1,173 37 1,209 1,314 (15) 1,300 Finance costs
Slide 59: EPS from continuing operations and underlying EPS
EPS FROM CONTINUING OPERATIONS AND UNDERLYING EPS Continuing operations 2009 2010 % change Attributable profit (€m) 543 559 +3.0% Underlying attributable profit (€m) 534 529 -1.0% Diluted average number of shares 110,482,633 110,941,351 Diluted EPS** (€) 4.75 4.90 +3.2% Underlying** diluted EPS (€)
Slide 60: Trading profit: France
TRADING PROFIT: FRANCE Change Change In € millions 2009 2010 (reported) (organic) Net sales 17,664 17,956 +1.7% +1.8% EBITDA 1,220 1,183 -3.0% -7.0% EBITDA margin 6.9% 6.6% -32 bps -60 bps Trading profit 802 769 -4.1% -10.5% Trading margin 4.5% 4.3% -26 bps -55 bps 2010 RESULTS 60
Slide 61: Trading profit: International
TRADING PROFIT: INTERNATIONAL Change Change In € millions 2009 2010 (reported) (organic) Net sales 9,093 11,122 +22.3% +10.8% EBITDA 629 770 +22.4% +4.6% EBITDA margin 6.9% 6.9% +1 bp -41 bp Trading profit 407 530 +30.2% +9.2% Trading margin 4.5% 4.8% +29 bps -7 bps 2010 RESULTS 61
Slide 62: Net sales by segment
NET SALES BY SEGMENT Change Change In € millions 2009 2010 (organic, excl. (reported) petrol) Franprix-Leader Price 4,007 4,026 +0.5% +0.5% Monoprix 1,829 1,914 +4.7% +4.7% Casino France 11,829 12,016 +1.6% +0.0% Géant Casino 5,548 5,516 -0.6% -3.5% Casino Supermarchés 3,355 3,490 +4.0% +1.7% Supere
Slide 63: Trading profit
TRADING PROFIT 2010 Change In € millions 2009 2010 Before CVAE (organic) adjust.* Casino France 439 463 424 -2.3% Franprix-Leader Price 243 167 158 -35.0% Monoprix 120 139 131 +8.4% FRANCE 802 769 712 -10.5% South America 250 372 372 +20.3% Asia 92 121 121 +18.4% Other regions 66 38 36 -45.5% INTERN
Slide 64: Other operating income and expense
OTHER OPERATING INCOME AND EXPENSE In € millions 2010 Capital gains on asset disposals 323 o/w Venezuelan operations 186 o/w property assets 104 Other operating income and expense (308) Asset impairments (net of reversals) (97) Provisions for restructuring (134) Provisions for litigation and conting
Slide 65: Other financial income and expense
OTHER FINANCIAL INCOME AND EXPENSE In € millions 2009 2010 Change in fair value of derivative instruments (4) 2 excl. hedging instruments* Exchange gains and losses excl. hedging 7 5 instruments Discounting adjustments (17) (8) Other 12 (16) TOTAL (2) (17) * Fair value adjustments to interest rate d
Slide 66: Average exchange rates
AVERAGE EXCHANGE RATES 2009 2010 % change Argentina (ARS / EUR) 0.192 0.193 0.2% Uruguay (UYP / EUR) 0.032 0.038 17.6% Venezuela (VEF / EUR) 0.334 n/a n/a Thailand (THB / EUR) 0.021 0.024 13.5% Vietnam (VND / EUR) (x 1 000) 0.042 0.041 -3.7% Colombia (COP / EUR) (x 1 000) 0.335 0.397 18.4% Brazil (B
Slide 67: Minority interests
MINORITY INTERESTS In € millions 2009 2010 Mercialys 41 83 FP/LP (11) 1 Big C 23 27 Exito 20 71 Other 17 12 TOTAL 90* 193** * Minority interests in underlying profit amount to €111 million after taking into account the adjustment of profit for the period from 29 April to 31 December 2008 initially a
Slide 68: Share of profit of associates
SHARE OF PROFIT OF ASSOCIATES In € millions 2009 2010 FRANCE 4 6 INTERNATIONAL 2 7 TOTAL 6 13 2010 RESULTS 68
Slide 69: Puts included in net debt
PUTS INCLUDED IN NET DEBT Value at Value at Exercise In € millions % capital 31 Dec. 2009 31 Dec. 2010 period Franprix Holding 95% 100% 18(1) 0 Franprix - Leader Price Holding 75% 100% Leader Price Majority-owned franchise stores 50 44 Various dates At any time Uruguay (Devoto) 12 13 2021 TOTAL 80 5
Slide 70: Off-balance sheet puts
OFF-BALANCE SHEET PUTS Value at Value at In € millions % capital Exercise period 31 Dec. 2009 31 Dec. 2010 Monoprix(1) 50% 100% 1,200 1,225 2012-2028 Franprix- Minority-owned franchise 194 184 Various dates Leader Price stores At any time Uruguay (Disco) 49 56 2021 Sendas(2) (GPA) 57.4% 100 108 0 TO
Slide 71: Changes in equity
CHANGES IN EQUITY In €m 344 Other TSSDI 2009 579 dividends 743 dividend (107) 9,064 (15) Change in cons. scope (398) Translation & minority adjustments interests 7,919 Profit for the period Of which: - Casas Bahia 31 Dec. 2009 31 Dec. 2010 2010 RESULTS 71
Slide 72: Estimated 2011 calendar effect
ESTIMATED 2011 CALENDAR EFFECT 2011 Q1 Q2 Q3 Q4 FY FRANCE -0.7% 1.7% 0.1% 0.6% 0.4% INTERNATIONAL 0.2% 0.3% 0.4% 0.6% 0.4% GROUP -0.4% 1.2% 0.2% 0.6% 0.4% 2010 RESULTS 72
Slide 73: Number of stores
NUMBER OF STORES France 31 Dec. 2009 31 Dec. 2010 Géant Casino 122 125 Casino Supermarkets 390 405 Franprix 789 870 Monoprix 463 494 Leader Price 559 585 Superettes 6,751 6,675 Other 290 307 TOTAL FRANCE 9,364 9,461 International Argentina 49 23 Uruguay 53 53 Venezuela 41 0 Brazil 1,080 1,647 Thaila
Casino Guichard-Perrachon — FY2010 Earnings Presentation on 6ix