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Casino, Guichard-perrachon Sa — H1 2023 Earnings Presentation
24 slides from Casino, Guichard-perrachon Sa's earnings presentation, Jul 27, 2023
Slide 1: First Half 2023 Results
First Half 2023 Results 27 July 2023
Slide 2: First Half 2023 Key Figures
First Half 2023 Key Figures Net Sales, EBITDA and EBIT H1 2022 In €m H1 2023 Change Change at CER restated* Net Sales 11,450 10,964 -4.2% -1.3% o/w France Retail 6,935 6,590 -5.0% -5.0% o/w Cdiscount 795 603 -24.2% -24.2% Gross merchandise volume 1,785 1,380 -22.7% -22.7% o/w Latam 3,720 3,771 +1.4%
Slide 3: Q2 2023 Net Sales - Group
Q2 2023 Net Sales - Group Sales down -1.2% on a like-for-like basis Q2 2023 Q1 2023 Reported Net sales, in €m Net sales LFL change1 LFL change1 Change France Retail 3,316 -7.5% -4.2% -0.4% Cdiscount 284 -23.0% -22.1% -24.8% Latam Retail 1,927 -1.8% +7.6% +9.5% GROUP TOTAL 5,527 -6.6% -1.2% +1.0% GMV
Slide 4: Q2 2023 Net Sales – France Retail
Q2 2023 Net Sales – France Retail Growth in Parisian Brands and convenience stores, sharp decline in Casino hyper- and supermarkets particularly impacted by price cuts Net Sales LFL Change2 Net Sales Change T1 2023 T2 2023 T1 2023 T2 2023 Franprix +6.0% +4.3% +6.3% +2.9% Monoprix +4.2% +2.2% +0.6% -
Slide 5: Q2 2023 Net Sales – France Retail
Q2 2023 Net Sales – France Retail Improved supermarket customer traffic and volumes Customer Traffic Change Volume Change IRI -5.4% 2% -4% +1% 0% 0% -12% -3% -2% -4% -17% -18% -18% -7% -20% -7% -23% -23% -9% -9% -11% W27 W31 W35 W39 W43 W47 W51 W10 W18 W22 W27 W30 W34 W44 W10 W17 W20 W23 W26 » Super
Slide 6: Results - France Retail
Results - France Retail EBITDA down due to Casino HM/SM which were impacted by lower volumes and price cuts H1 2022 In M€ - France Retail H1 2023 Change restated Net Sales 6,935 6,590 -5.0% EBITDA 539 102 -81.2% Margin 7.8% 1.5% o/w Retail Brands1 478 101 -78.9% Margin 6.9% 1.5% o/w Property Develop
Slide 7: Results - Cdiscount
Results - Doubling of EBITDA: growth in market share and adjustment of cost structure In €m H1 22 H1 23 Change GMV1 1,785 1,380 -22.7% o/w marketplace sales1 668 647 -3% % GMV 50% 58% +900 pts o/w direct sales1 679 464 -31.8% Net sales 795 603 -24.2% EBITDA2 15 32 +111.5% Margin (%) 1.9% 5.3% +340 b
Slide 8: Results – Latin America
Results – Latin America Growth in sales and margin Change at In €m1 H1 22 H1 23 Change CER Consolidated net sales 3,720 3,771 +1.4% +10.4% GPA Brazil 1,613 1,692 +4.9% +3.6% Grupo Éxito 2,108 2,079 -1.3% +15.7% EBITDA 226 235 +3.9% +9.7% Margin 6.1% 6.2% +15 bps +50 bps GPA Brazil 61 90 +47.1% +45.4
Slide 9: Underlying net profit (loss), Group share
Underlying net profit (loss), Group share 2/3 of the decline in Normalized net income due to changes in deferred taxes linked to tax losses (non-cash) Underlying net profit (loss), Group share H1 22 In €m H1 23 restated Trading profit and share of profit of equity-accounted investees 168 (234) Franc
Slide 10: Other operating income and expenses
Other operating income and expenses Impact of goodwill impairment in Latin America (non cash) Other operating income and expenses H1 22 H1 23 Change In €m restated Group (235) (1 665) (1 430) France (155) (394) (240) Latam (81) (1 271) (1 190) » 76% of non-recurring expenses in Latin America › 951 m
Slide 11: Consolidated net profit (loss)
Consolidated net profit (loss) Impairment of goodwill and deferred taxes H1 2022 H1 2023 In €m restated Profit (loss) before tax (439) (2,355) Income taxes 110 (481) Equity-accounted investees 2 (1) Net profit (loss) from continuing operations (327) (2,837) o/w Group share (263) (2,147) o/w attribut
Slide 12: Free cash flow: France
Free cash flow: France Free cash flow down by -410 M€ (excluding operating financing losses) in line with HM/SM EBITDA In €m H1 22 H1 23 France restated EBITDA 521 133 (-) lease payments (303) (304) EBITDA after lease payments 219 (170) Including -70 M€ of restructuring costs over (-) non-recurring
Slide 13: Change in net debt France
H1 23 - Change in net debt France French debt up €300 million year-on-year In €m H1 2022 H1 2023 France restated Net debt at 1 July (Y-1) (4,845) (4,506) Free cash flow before disposal plan (312) (1,575) Cash financial expenses (186) (189) Dividends paid to holders of TSSDI deeply-subordinated bonds
Slide 14: Change in Group consolidated net debt
H1 23 - Change in Group consolidated net debt Group debt stable over 12 months Net debt H1 22 H1 23 In €m restated France including Segisor1 (5,223) (5,518) o/w: France Retail (4,589) (4,989) Cdiscount (499) (529) Segisor (136) 0 Latam Retail (749) (541) o/w: GPA Brazil2 (729) (453) Éxito (19) (88)
Slide 15: H1 2023 – Liquidity France
H1 2023 – Liquidity France At June 30, 2023, the Group had cash and cash 1.1 Bn€ of liquidity equivalents of €1,135 million. at 30 June 2023 • Available cash amounted to 917M€ 917 M€ • Non-available cash breaks down into 166M€ of float (cash in hand) and 52M€ of immobilized cash 19 M€ 166 M€ • The Q
Slide 16: Appendices
7 of ee MONEE h ae . Appendices
Slide 17: Retail Brands – France
Retail Brands – France Business driven by convenience Brands and expansion TOTAL NET SALES, ESTIMATED GROSS VOLUME (€m) AND STORE OPENINGS BY Brand Gross merchandise volume Store Net sales (pre-tax incl. fuel) Openings H1 22 Same-store H1 22 H1 23 H1 23 Change H1 23 restated change restated Franprix
Slide 18: Parisian Brands: EBITDA and EBIT
Parisian Brands: EBITDA and EBIT In €m H1 22 H1 23 Change EBITDA 258 262 +1.5% Monoprix 187 195 +4.2% Margin 8.6% 9.0% +43 bps Franprix 71 67 -5.8% Margin 9.5% 8.6% -94 bps EBITDA after leases 97 97 -0.4% Monoprix 62 65 +4.9% Margin 2.9% 3.0% +16 bps Franprix 35 32 -9.0% Margin 4.7% 4.1% -60 bps EBI
Slide 19: EBITDA and EBIT of DCF for H1 2023
EBITDA and EBIT of DCF for H1 2023 En €m H1 22 H1 23 Change EBITDA 149 (217) -246% Hypermarkets 12 (127) n.s. Margin 0.7% -10.4% n.s. Supermarkets 93 (112) n.s. Margin 6.3% -6.9% n.s. Convenience 44 22 n.s. Margin 5.8% 2.8% n.s. EBITDA after leases 39 (325) n.s. Hypermarkets (33) (167) n.s. Margin -
Slide 20: Bond debt: France
Bond debt: France Maturities of bond debt1 in France at 30 June 2023: €4.2bn (vs. €4.7bn at 30/06/22) In €m Unsecured At 31 December 2022 Secured 653 1425 529 10,5 460 553 509 525 357 400 450 36 Jan-23 Jan-24 Mar-24 Feb-25 Aug-25 Jan-26 Aug-26 Apr-27 » Between January 1, 2023 and June 30, 2023, the
Slide 21: Consolidated income statement
Consolidated income statement H1 2022 H1 2023 In €m restated CONTINUING OPERATIONS Net sales 11,450 10,964 Other revenue 223 123 Total revenue 11,673 11,087 Cost of goods sold (8,619) (8,374) Gross margin 3,054 2,713 Selling expenses (2,227) (2,350) General and administrative expenses (661) (595) As
Slide 22: Consolidated statement of financial position
Consolidated statement of financial position 31 December 2022 30 June 2023 In €m restated Goodwill 6,933 4,642 Property, plant and equipment, intangible assets and investment property 7,786 5,434 Right-of-use assets 4,889 3,457 Investments in equity-accounted investees 382 337 Deferred tax assets 1,
Slide 23: CSR
CSR A recognised CSR commitment » Combating climate change CDP Climate Rating: A- (vs B in 2021) › Training for all employees to involve suppliers in reducing their carbon footprint (65% of the Group's greenhouse gas emissions) › Support for electric vehicles, with 450 electric charging stations ins
Slide 24: Disclaimer
Appendices 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,
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