Slide 1: Annual results 2023
Annual results 2023 Investor Presentation March 2024
Slide 2: Macroeconomic and industry context, Highlights, Operational and financial achievements, Outlook
Macroeconomic and Highlights Operational and Outlook industry context and key achievements financial achievements 2023 2023 2
Slide 3: Macroeconomic context
OF Macroeconomic context LabelVie GROUPE
Slide 4: Mixed economic growth and rising unemployment
Mixed economic growth and rising unemployment GDP growth Unemployment rate 35.8 2022 2023 2.9% 32.7 19.7 18.3 18.6 17.2 15.8 16.8 1.3% 13.0 11.5 11.8 10.3 6.3 5.2 4.2 4.9 2022 2023 Urban Rural Male Female 15-24 ans No degree With a degree National Economic growth, although higher than 2022, remains
Slide 5: Rising food prices and worsening household confidence
Rising food prices and worsening household confidence Inflation Consumer price index for food products 128.7 114.4 6.6% 103.1 6.1% 1.4% 2021 2022 2023 2021 2022 2023 Inflation by month Change in the household confidence index 12 110 Pre-Covid stability Covid >~60+ Inflation > fall 10,1 8,9 (2008-20
Slide 6: Highlights and key achievements 2023
02 Highlights and key achievements 2023 6
Slide 7: To be our customers' preferred multi-format and multi-channel distributor
To be our customers' preferred multi-format and multi-channel distributor Accelerating the multi- Improving our Consolidating our format and multi- efficiency and position as a channel expansion operational excellence leading ESG company strategy 4 MAJOR LEVERS Differentiation Process Strong human c
Slide 8: Store formats and 24 new stores in 2023
CSP E-commerce A+ Gourmet A Premium B+ Hypermarket Proxi Urban B Classic C+ Proxi Classic Hyper Cash C Supeco D+ D Proximity Hyper-cash Hyper Supermarket Proxi Ultra Proxi 24 new stores in 2023 8
Slide 9: Key figures 2023
14,152 M MAD 179 258 230 m2 71.6 M +13% +24 stores +10 655 m2 +10% Sales volume Number of stores Total surface area Customer visits 215 MAD 434 K 840 K +1.4% +32% Average shopping basket Downloaded loyalty cards Number of e-commerce transactions 9
Slide 10: Development of the expansion strategy in 2023
02 Highlights and key achievements 2023 1. Development of the expansion strategy in 2023 10
Slide 11: Opening of 24 new Supermarkets and Supeco stores
Opening of 24 new Supermarkets and Supeco stores 2022 2023 Number of Area Change in the number of Number of Surface Share stores m² of stores stores area m² % 13 65 714 13 65 714 25% 12 65 900 12 65 900 26% 115 113 717 20 135 123 853 48% 15 2 244 4 19 2 763 1% 155 247 575 24 179 258 230 100% Opening
Slide 12: 2023 store openings by month
10 808 469 m² opened people recruited Marrakech: 1 Oued Zem & Tangiers & Casablanca, Casablanca: 3 Casablanca: 2 Oujda & Bouznika: 12 February June September November May July October December Had Soualem: 1 Rabat: 1 Casablanca: 1 Marrakech & Casablanca: 3 12
Slide 13: Strengthening of the Casablanca-Settat region and coverage of new cities
Strengthening of the Casablanca-Settat region and coverage of new cities 29 Casablanca-Settat 85 L'Oriental 6 Locations • 7 Express, 1 Premium, • 2 Market 5 Classic, 4 Supeco 3 New towns in 2023 Souss-Massa 6 Rabat-Salé-Kénitra 33 • 1 Express Béni Mellal-Khénifra 3 Marrakech-Safi 15 • 1 Market • 2 E
Slide 14: Franchising, a new lever for expansion and value creation
Franchising, a new lever for expansion and value creation Concept Achievements 2023 1.5 M 1 500 Convenient stores format 9 pilot stores confirm the expected gains of People reached by the Applications between 300m2 and 500m2 between 3 and 5 EBITDA points compared with campaign Accelerate national co
Slide 15: Supeco, a new format positioned in the local discount market
Supeco, a new format positionned in the local discount market Concept Achievements 2023 Effective start-up after 5 years of testing Official launch in 2023 Area Product range Development less than 200m² limited, made up of Cluster opening basic products 19 Pricing Expenses stores in total Quality pr
Slide 16: Accelerating growth in e-commerce
Accelerating growth in e-commerce 152 M MAD +32% 90 +71% 23 +21% 80 000 X5 +55% Number of orders Number Number of Number of downloads revenue completed of stores towns covered of the Bringo application Achievements 2023 Offer Continuing to improve customer experience and service Express delivery Lar
Slide 17: Club Carrefour, a lever for building loyalty
"Club Carrefour", a lever for building loyalty and supporting purchasing power Achievements 2023 Program launched in March 2023 Roll-out to all stores by end of the year Major marketing and communication campaign Training and support for stores operators setting up the program Approx. 500,000 regist
Slide 18: Pursuing operational excellence
02 Highlights and key achievements 2023 2. Pursuing operational excellence 18
Slide 19: Challenges and initiatives against high inflation
Challenges Initiatives 1 High inflation Support for purchasing power through the anti-inflation mechanism, with an 2 Pressure on purchasing power investment of 250 M MAD over 2 years Building customer loyalty and encouraging repeated visits 3 Deflation in the last quarter Volumes up 35% 1.2 M MAD ga
Slide 20: A major lever for maintaining growth in visitor numbers
A major lever for maintaining growth in visitor numbers Price freeze on a basket of essential products 250 M MAD Aggressive promotions on Investment price sensitive products Distribution of vouchers More aggressive price indices in certain stores ATACADAO: a format helping 1.6bn MAD* traditional ret
Slide 21: Digital transformation, a major lever to support the Group's growth
Digital transformation, a major lever to support the Group's growth Achievements 2023 Improving operational excellence and performance management by continuing to 406 M MAD transform key processes (sales, purchasing, total investment operations, HR, etc.) and optimising the supply chain Develop data
Slide 22: Consolidating our position as a responsible and socially engaged group
02 Highlights and key achievements 2023 3. Consolidating our position as a responsible and socially engaged group 22
Slide 23: Launch of a Quality Label: Filière Qualité LabelVie
Launch of a Quality Label : Filière Qualité LabelVie Concept With the introduction of the "Filière Qualité LabelVie" brand, the Group is reaffirming its commitment as a responsible and committed company that listens to consumers' needs. LabelVie has launched the "Filière Qualité LabelVie" brand: a q
Slide 24: Operational and financial achievements
03 Operational and financial achievements 24
Slide 25: Performance of key indicators 2023
Performance of key indicators 2023 15,800 M 1,325 M MAD MAD +13% +9.4% Revenue EBITDA 2.15x 96.75 MAD + 0.12 pts + 12% Net debt Dividends / EBITDAR per share
Slide 26: Actual 2023 vs 2022
Actual 2023 vs 2022 Actual 2022 Actual 2023 Variation Variation percentage Product sales 12 567 295 14 152 146 1 584 850 13% Sales of services 1 379 527 1 647 728 268 201 19% Margin on product sales 11.0% 11.6% 0.67 Revenue 13 946 822 15 799 874 1 853 052 13% Direct Margin 1 469 176 1 544 168 74 993
Slide 27: Sales performance across all formats
Sales performance across all formats Hypermarket Supermarket Atacadao Service stations Revenue: Revenue: Revenue: Revenue: 3,591 M MAD 5,004 M MAD 4,992 M MAD 565 M MAD Growth: Growth: Growth: Change: +7% +16% +15% +4% Contribution to Contribution to Contribution to Contribution to revenue: 25% reve
Slide 28: Carrefour Supermarkets
Sales growth Carrefour Supermarkets 135 stores 123 853 m² 43 M +24 new +11% 35% Of total revenue 5 004 Network Area Visitor numbers +16% 101 436 >100% 4 323 154 Key events Double-digit growth for Supermarkets Opening of 24 new Carrefour stores, of which 11 Carrefour Express stores, 4 467 +7% 9 Carre
Slide 29: Hypermarkets
Sales growth Hypermarkets 12 stores + 65 900 m² 17 M +6% 25% Of total revenue Network Area Visitor numbers +7% 3 591 3 351 Key events 7% growth for Hypermarket business Inflationary environment encouraging customers to split up their purchases and focus on local stores Targeted sales and marketing e
Slide 30: Atacadao
Sales growth Atacadao 13 stores + 65 714 m² 7M +13,8% 35% 4 992 Visitor numbers Of total revenue 177 +64% Network Area 4 354 108 +15% Key events The business has recorded double-digit growth for 3 consecutive years 4.815 +13% 4.246 The business has taken advantage of the pressure on purchasing power
Slide 31: Good contribution to sales growth from new openings
Good contribution to sales growth from new openings (Figures in M MAD) Contribution of longstanding and new stores to overall sales growth 1,585 MILLION 1 133 351 101 14 152 12 5… 6,4% 22,1% 71,5% 136 stores 19 stores 24 stores Sales Existing stores Stores opened in 2022 Stores opened in 2023 Sales
Slide 32: Strong contribution from Hypercash and Supermarkets
Strong contribution from Hypercash and Supermarkets (Figures in M MAD) Contribution of formats to overall sales growth 1,5 M MAD 637 240 26 14 152 681 2% 12 5… 40% 15% 43% Sales 2022 Supermarkets Hyper cash Hypermarket Service stations Sales 2023 Hyper cash and Supermarkets are the formats that have
Slide 33: 35% of growth from volume effect despite difficult environment
35% of growth from volume effect despite difficult environment (Figures in M MAD) Sales growth by effect 1,5 M MAD 1 030 14 152 555 12 5… Sales 2022 Volume effect Price effect Sales 2023 35% of growth comes from higher sales volumes despite challenging market conditions 33
Slide 34: Direct margin impacted by the anti-inflation measures
Direct margin impacted by the anti-inflation measures Gross margin in M MAD Gross margin as % of revenue 3,192 22.7% 22.6% Improvement in gross margin due to : 2,849 the improvement in the back margin 11,0% 11,6% resulting from the digital transformation project 1.648 1.379 Lower direct margin impac
Slide 35: EBITDA up 9% vs. 2022, demonstrating the Group's resilience
EBITDA up 9% vs. 2022, demonstrating the Group's resilience in a difficult environment (Figures in M MAD) EBITDA performance From EBITDA 2022 to EBITDA 2023 1.325 +9% 75 268 1.325 1.216 -233 1.215 9.7% 9.4% EBITDA Retro margin Direct margin Costs EBITDA 2022 2023 2022 2023 A successful commercial po
Slide 36: Financial expenses and financial income
(Figures in M MAD) Financial expenses Financial income 172 173 4 66 66 11 102 96 2023 2023 Bond debt coupons Bank debt interest Dividends Other income Investment income Other financial expenses 36
Slide 37: A solid financial structure
A solid financial structure Net debt Gearing Net debt/EBITDAR 3 650 M MAD 53.1% 2.15x Shareholder equity CAPEX WCR in days 3,220 M MAD 1 218 M MAD 30 d 37
Slide 38: Improved cash flow
Improved cash flow (Figures in M MAD) Cash flow Increase in cash and cash equivalents of 401 M MAD compared with 2022, mainly due to the following factors: 1020,0 Shareholder equity up by 266 M MAD, mainly as a result of the distribution of dividends of 250 M MAD and net profit for the year of 523 M
Slide 39: Financing and balance sheet structure 2022 vs 2023
Actual 2022 Achieved 2023 Change vs. 2022 IN K MAD Amount d of sales Amount d of sales Amount d of sales FR 239 102 7 805 253 21 566 151 14 Shareholder equity 2 953 855 86 3 219 910 83 266 055 -3 Net income 762 372 523 797 Dividend distribution -400 000 -250 000 Capital increase 180 000 - Financing
Slide 40: Outlook
04 Outlook LabelVie GROUPE
Slide 41: Outlook 2024 and dividend proposal
A strategy of expansion Strengthening and customer proximity Operational Excellence ESG actions Acceleration of the expansion strategy Ongoing digital transformation and Support for disaster victims in Al Haouz: focused on customer proximity with the operational excellence initiatives rehousing fami
Slide 42: Slide 42
Slide 43: Launch of Label Solidaire
Launch of Label Solidaire A community initiative supported by Carrefour, with volunteer employees involved in preparing and distributing food baskets with essentials. Preparation and distribution of Ftours by employees every Thursday during the holy month of Ramadan to help the most disadvantaged me
Slide 44: Support for families in Al Haouz
Support for families in Al Haouz Objective Participation in the earthquake effects management fund The LabelVie Group mobilised the day after the earthquake to help Donation of food products families affected by the disaster Organisation of a blood donation operation 25 M MAD Contribution to the fun
Slide 45: Award: Best Training Company, ICFAL project
800 12 172 4 700 272 Net recruitments Training courses Beneficiaries Students trained conducted Award : Best Training Company, ICFAL project* 20 People recruited with disabilities (Ambition 2026: 160 recruits) LabelVie honoured by Handicap International Luxembourg at a conference on the theme of "Pr