Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Investor Presentation (November 2023)
17 slides from Casino, Guichard-perrachon Sa's investor presentation, Nov 22, 2023
Slide 1: Casino France Business Plan update: Free Cash Flow 2024 –> 2028
Casino France Business Plan update Free Cash Flow 2024 –> 2028 Novembre 21, 2023
Slide 2: Context and preparation methodology
Context and preparation methodology The limited update of 2024-2028 Free Cash Flow has been prepared based on: Taking into account the carry forward of the 2023 reforecast deviation onto years 2024-2028 Integrating the following action plans which have been initiated: 1. Reducing generosity in
Slide 3: Executive Summary
Executive Summary
Slide 4: Overview of main updates (1/2)
Overview of main updates (1/2) The update of the 2023 EBITDA is expected to be between €-126m and €-78m with a median range of €-100m depending on the successful implementation of certain mainly non-cash action plans Accuracy and Advancy have reviewed these forecasts by integrating sensitivities
Slide 5: Overview of main updates (2/2)
Overview of main updates (2/2) In order to achieve the synergies between the headquarters, NAL and Prosol, an additional investment of €113m (€78m in APCO and €35m in capex) is required over the period 2024 to 2025, for an EBITDA gain of €207m over time, representing an average return on investmen
Slide 6: EBITDA evolution from 2023 to 2024
EBITDA evolution from 2023 to 2024 Further improvement in DCF business (net): €20m (*) Comm. margin Monoprix / Franprix: €47m AP ITM A1 effect: €51m Non-cash accounting Cdiscount (MKP, services): €40m Real estate disposals: €-18m effects Auxo gain (extended ITM agreements): €19m +33 -52 +40
Slide 7: EBITDA evolution from 2024 to 2025
EBITDA evolution from 2024 to 2025 Further improvement in DCF business (net): €78m (*) Comm. margin Monoprix / Franprix: €45m Real estate disposals: €-8m Cdiscount (MKP, services) : €25m Auxo gain (extended ITM agreements) : €19m Other BUs (ExtenC, RelevanC) : €10m +20 -8 +1 509 +48 +43 +1
Slide 8: FCF Trajectory 2024 - 2028
FCF Trajectory 2024 - 2028 In €m 2023 2024 2025 // 2028 EBITDA after rents -100 222 509 912 APCO -284 -237 -147 -58 Other items -206 -120 -91 -87 Operating cash flow -590 -135 272 767 Net capex -455 -487 -487 -513 CAF - CAPEX -1,045 -622 -215 254 Tax -27 -17 -16 -8 Change in WC* -990 29 59 25 o/w WC
Slide 9: Integrated action plans
Integrated action plans
Slide 10: Main action plans integrated into the BP
Main action plans integrated into the BP 1 1 Generosity Gradual reduction of generosity in HM/SM during the year 2024 Plan of €185m full-year synergy target between Retail Business Units with 3 components: • Increased convergence of the product offering, merchant and non-merchant purchases, and merc
Slide 11: I. 2024-2028 trajectory
I. 2024-2028 trajectory A. Distribution Casino France B. Monoprix C. Franprix D. Cdiscount E. Other BUs
Slide 12: Details by BU
Details by BU
Slide 13: Distribution Casino France Key financial indicators
Distribution Casino France Key financial indicators In €m 2023 2024 2025 // 2028 EBITDA after rents(*) -538 -281 -74 175 APCO -163 -142 -71 -20 Other items -79 -50 -50 -50 Operating cash flow -780 -473 -195 105 Tax -6 -4 -4 -4 Change in WC -445 55 35 18 o/w postponed social charges 82 -82 Capex -194
Slide 14: Monoprix Key financial indicators
Monoprix Key financial indicators In €m 2023 2024 2025 // 2028 EBITDA after rents(*) 195 185 201 279 APCO -41 -40 -35 -20 Other items -43 -30 -21 -17 Operating cash flow 111 115 145 242 Tax -5 -5 -5 0 Change in WC -123 -37 13 3 o/w postponed social charges 95 -95 Capex -105 -129 -147 -180 FCF before
Slide 15: Franprix Key financial indicators
Franprix Key financial indicators In €m 2023 2024 2025 // 2028 EBITDA after rents(*) 85 99 113 153 APCO -17 -10 -10 -5 Other items -7 -10 -10 -10 Operating cash flow 61 79 93 138 Tax -7 -1 -1 -1 Change in WC -108 -9 0 -1 o/w postponed social charges 20 -20 Capex -54 -55 -64 -73 FCF before allocation
Slide 16: Cdiscount Key financial indicators
Cdiscount Key financial indicators In €m 2023 2024 2025 // 2028 EBITDA after rents(*) 48 81 99 131 APCO -13 -8 -3 -3 Other items Operating cash flow 35 73 96 128 Tax -4 -3 -3 -3 Change in WC -111 47 8 4 Capex -59 -52 -53 -56 CB4X -26 -24 -23 -26 FCF -164 41 25 47 The 2024-2028 trajectory, reviewed
Slide 17: Other BUs Key financial indicators
Other BUs Key financial indicators In €m 2023 2024 2025 // 2028 AMC 69 79 94 94 o/w future gains paid to DCF 34 37 43 43 o/w future gains paid to Monoprix 25 30 36 36 o/w future gains paid to Franprix 10 12 15 15 ExtenC 8 8 12 13 RelevanC 7 12 18 21 IGC 27 12 4 1 LP -17 -4 -4 0 Holdings and others 1
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