Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Casino Group — FY2024 Earnings Presentation
46 slides from Casino, Guichard-perrachon Sa's earnings presentation, Feb 28, 2025
Slide 1: 2024 Full-year results
2024 Full-year results 28 February 2025 1
Slide 2: Introduction
1 INTRODUCTION Philippe Palazzi Chief Executive Officer 2024 Full-year results – 28 February 2025
Slide 3: 2024 Full-year results – 28 February 2025
2024 Full-year results – 28 February 2025 3
Slide 4: 2024 Full-year results – 28 February 2025
2024 Full-year results – 28 February 2025 4
Slide 5: Business & Strategy
2 BUSINESS & STRATEGY 2024 Full-year results – 28 February 2025
Slide 6: 2024 Full-year results – 28 February 2025
2024 Full-year results – 28 February 2025 6
Slide 7: Financial restructuring: share capital increase and debt conversion
• Share capital increase of €1.2bn • Most of the Group's secured and unsecured debt converted to equity: €4.9bn in principal • Transfer of control of Casino Group to France Retail Holdings (FRH), the Consortium's controlling holding company, which, to date, is set up by EP Equity Investment III (EPE
Slide 8: Discontinuation of hypermarkets and supermarkets; employment protection plans
• Discontinuation of our hypermarkets and supermarkets business 427 outlets sold by the end of 2024, including 366 in 2024 • Employment Protection Plans implemented EPPs negotiated and signed with the trade unions in the seven companies concerned and validated by the authorities 3,230 jobs los
Slide 9: Renewed Board and new Executive Committee
• Renewed Casino Group Board of Directors • Appointment of a new Executive Committee • Governance changes at Monoprix and Naturalia • New organisation of the Group’s AMC central purchasing unit • New operational steering bodies created 2024 Full-year results – 28 February 2025 9
Slide 10: Strategic ambitions by market
To be the meeting place To become a major player To be the leader for in in 2024 Full-year results – 28 February 2025 10
Slide 11: Store changes by brand in 2024
Changes by brand in 2024 • Monoprix: 37 closures / 33 openings • Naturalia: 11 closures / 1 opening • Franprix: 207 closures / 39 openings • Casino: 513 closures / 193 openings 2023 Closures Openings 2024 2024 Full-year results – 28 February 2025 11
Slide 12: Transfer of integrated stores to franchises
• Transfer of 95 integrated stores to franchises in 2024 Casino: 92 transfers Naturalia: 3 transfers • A coordinated franchise expansion strategy with profitability as a key driver Selection of the most appropriate Group brand for each new Casino Franprix Monoprix Naturalia location More rig
Slide 13: Commercial offer and pricing initiatives
• Definition of a unique range for each Group brand • Two major price cutting campaigns for franchisees on a • Breakdown of offer by region selection of best-selling products • Development of a takeaway food offer • In the stores, price markers on the shelves • Focus on differentiation Enriching t
Slide 14: Joint purchasing between brands
Joint purchasing between brands Pooling of specifications - recipes and formats 2024 Full-year results – 28 February 2025 14
Slide 15: Store concept transformations
Transfer of the first stores Conversions to the "La Ferme" concept to the “Oxygène” concept Textiles, Home, Leisure (THL) website redesigned Launched in June 2024 in March with 2024,stores, 3 pilot leadingrecording to a sharp upturn in non-food e-commerce The 6 stores rolled out in 2024 confirm the
Slide 16: Monoprix new concepts
Monoprix Creation of the Quick Meal Solutions concept Launch of the “mobile grocery truck” and the “Coeur de blé” concept Defining the offer: type of dish, recipes, menus, etc. Launch at end-2024 of the pilot for the new mobile Creating a specific concept: team, positioning, atmosphere, grocery shop
Slide 17: Cdiscount: commerce, customers, vendors
Commerce Launch of the new Cdiscount.com brand platform Offer: expansion of the 1P offer and relaunch of high-impact commercial deals Prices: large-scale action plan initiated in 2024 to rid the site of abnormal prices Customers Action to restore customer momentum (increase in customer acqui
Slide 18: Purchasing organisation
Competitive bidding Single interface for Pooled product offer process and Aura Retail (details on functions with more streamlined services next slide) "nesting” (gigognité) in on major contracts the brand range Purchases Centralised inter-brand centralization of all A shared framework purchases not
Slide 19: Aura Retail
AURA RETAIL • Aura Retail agreement signed in 2024 with Intermarché and Auchan • Volumes scaled up with 130 major national/international suppliers following the 2025 negotiations (compared with ~70 suppliers previously) 2024 Full-year results – 28 February 2025 19
Slide 20: Cost reduction and shared services
Shared Services created (HR, payroll, Renegotiation of head office and store Controlled investments accounting, Com./CSR, IT, Customer leases: Optimised cost/sq.m for store Service, etc.) remodeling: • Joint negotiations with lessors Strict limits set on operating budgets o Franprix: concept
Slide 21: Our CSR ambitions
OUR CSR AMBITIONS Inventing a new form of regional cohesion Climate Developing new services for the most isolated people in regional towns and villages, ensuring that reduction in carbon emissions producers are fairly remunerated, supporting (Scope 1 and 2) between 2023 and entrepreneurial initiativ
Slide 22: Group ambitions in convenience retailing
The best of brands in convenience retailing • Being the meeting place for daily food shopping • Becoming a major player in Quick Meal Solutions • Being the leader in new everyday services 22
Slide 23: Financial results
3 FINANCIAL RESULTS Angelique Cristofari Chief Financial Officer 2024 Full-year results – 28 February 2025
Slide 24: Key figures 2024
2023 2024 Change In €m Net sales 8,957 8,474 -5.4% (total change), -2.6% on a same-store basis -24.7% Adjusted EBITDA 765 576 (-24.0% over 9 months 2024, -23.8% in H1 2024) EBITDA after lease payments 320 111 -65.2% Trading profit 124 (49) - €174m Specific financial income linked to financial restru
Slide 25: FMCG market 2024 vs 2023
FMCG - 2024 vs 2023 Net sales Inflation Volume Mix Effect = + + Change in value and volume by retail channel - 2024 vs 2023 HYPERMARKETS SUPERMARKETS DISCOUNT CONVENIENCE E-COMMERCE Source : Circana / 2024 Key Figures FMCG : Fast-Moving Consumer Goods 2024 Full-year results – 28 February 2025 25
Slide 26: Net sales by brand
-2.6% same-store 4% 1% 12% 48% 17% -0.6% same-store -12.5% same-store Sequential improvement 19% Monoprix Franprix Casino Cdiscount Naturalia Other (-1.8%) (-3.2%) (-6.7%) 2024 Full-year results – 28 February 2025 26
Slide 27: down -1.2%
€1.1 €76 €391 €301 €323 • • • • • €2.2 • • • • -1.8 • • • • • • down -1.2% 2024 Full-year results – 28 February 2025 27
Slide 28: EBITDA after lease payments by segment
After lease payments Adjusted 2023 2024 2024 (-€90m vs. 2023) €207m €118m Non-recurring income in 2023 (-€36m), negative volume effect (-€7m) and increased costs (including €383m -€21m of real estate leases) (+€7m vs. 2023) €(10)m €(3)m Higher margin due to volume effect (+€5m) €14m Lower energy cos
Slide 29: EBITDA after lease payments bridge
23 -€67m in disynergies: 20 2 -€55m in disynergies linked to HM/SM 10 disposals (-€45m) and Holding -€12m of Casino logistics costs in 67 H2 2024, linked to overhauling its organisation following the HM/SM disposals 320 1 267 38 20 31 111 2023 Termination of Non-renewal of Impairment of 2023 Adj
Slide 30: From trading profit to net profit
1 OOE Net financial Trading profit income (expense) Taxation Net profit from continuing €3.1bn €(75)m operations, Group share €(49)m €(772)m €2.2bn • Net profit (loss) from continuing operations impacted by: ‐ Net other operating expense (OOE) of -€772m, mainly including asset + impairment losses (-
Slide 31: Adjusted EBITDA to free cash flow
2023 2024 In €m Adjusted EBITDA 765 576 (-) lease payments (444) (464) Adjusted EBITDA after lease payments 320 111 o/w other operating expense cash items (159) (67) (-) other items (54) 7 Operating cash flow 107 52 +€415m improvement in Net capex (328) (277) free cash flow before interest Income ta
Slide 32: Change in net debt
In €m 2023 2024 Free cash flow before financial expenses (748) (639) Financial expenses (255) (198) Dividends (43) (1) Share capital increase - 1,199 Effect of completing the Restructuring of debt excluding TSSDIs - 3,887 financial restructuring Financial restructuring and conciliation costs (59) (1
Slide 33: Net debt bridge
Net debt at Financial Net debt Operating cash Net capex Working capital Financial Restructuring Other items Cash flows Net debt 31 Dec. 2023 restructuring and at 31 Mar. 2024 flow and taxes expenses costs discontinued at 31 Dec. 2024 Q1 2024 Activity operations and disposal plan 2024 Full-year resul
Slide 34: Gross borrowings and debt
In €m Dec. 2023 Mar. 2024 June 2024 Dec. 2024 Gross borrowings and debt (7,443) (3,354) (2,375) (2,040) EMTN notes/HY CGP (2,168) - - Net debt of €1.2bn at 31 - Casino Finance RCF /Reinstated Monoprix RCF (2,051) (711) - - December 2024 Term Loan B/Reinstated Term Loan (1,425) (1,410) (1,352) (1,380
Slide 35: Quatrim secured debt repayment
2 3 4 On 18 February 2025, the Group repaid €30m of the Quatrim secured debt, including €28.5m in principal and €1.5m in accrued interest on the repaid principal. As of 28 February 2025, the nominal amount of the Quatrim secured debt had been reduced to €272m. (1) Excluding factoring and reverse fac
Slide 36: Satisfactory liquidity position
€1.52bn liquidity as at 31 December 2024 711 €499m of available cash held in the Casino Finance cash pool1 499 308 Monoprix’s €711m reinstated undrawn RCF €308m of other undrawn financing (not including factoring, reverse factoring and similar programmes), comprising €161m in overdraft facilit
Slide 37: Financing covenants
Minimum liquidity Projected liquidity Net leverage ratio • On the last day of each • At the end of each quarter, • At the end of each quarter, month, liquidity must be at cash forecasts must show the covenant net debt to pro least €100m. liquidity of at least €100m at forma EBITDA ratio must be the
Slide 38: Conclusion
4 CONCLUSION Philippe Palazzi Chief Executive Officer 2024 Full-year results – 28 February 2025
Slide 39: 2028 targets
(VAT included) in 2028 in 2028 over the 2025-2028 period in 2028 2024 Full-year results – 28 February 2025 39
Slide 40: Appendices
«= APPENDICES
Slide 41: Store network by brand
Dec. 2023 Mar. 2024 June 2024 Sept. 2024 Dec. 2024 Monoprix 629 621 618 620 625 o/w integrated stores France 338 336 322 323 322 o/w franchises/BL France 291 285 296 297 303 Naturalia 232 228 224 223 222 o/w integrated stores France 170 168 168 168 164 o/w franchises/BL France 62 60 56 55 58 Franpri
Slide 42: Other operating income and expenses
2023 2024 In €m Gains and losses on the disposal of assets, scope changes and impairment (914) (603) losses Gains (losses) on disposal of non-current assets 11 42 Net income (expenses) related to changes in scope of consolidation 15 (43) Net asset impairment losses (940) (602) Other operating income
Slide 43: Net financial income (expense)
2023 2024 In €m Net finance costs (582) (233) Net fair value gains on converted and reinstated debt - 3,486 Other financial income and expenses (187) (180) Net financial income (expense) (768) 3,073 2024 Full-year results – 28 February 2025 43
Slide 44: Consolidated income statement
In €m 2023 2024 CONTINUING OPERATIONS Net sales 8,957 8,474 Other revenue 95 86 Total revenue 9,052 8,560 Cost of goods sold (6,474) (6,169) Gross margin 2,578 2,391 Selling expenses (1,705) (1,616) General and administrative expenses (748) (824) EBITDA 765 576 As a % of net sales 8.5% 6.8% Deprecia
Slide 45: Consolidated balance sheet
In €m 31 December 2023 31 December 2024 Goodwill 2,046 1,602 Property, plant and equipment, intangible assets and investment property 2,186 1,830 Right-of-use assets 1,696 1,518 Investments in equity-accounted investees 212 71 Deferred tax assets 84 22 Other non-current assets 195 187 Inventories 87
Slide 46: Forward-looking statements 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, and expect