Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Shareholder Meeting (May 2016)
123 slides from Casino, Guichard-perrachon Sa's shareholder meeting presentation, May 13, 2016
Slide 1: Annual General Meeting
Casino Nourrik UN MONDE bE DIVERSITE
Slide 2: Activity
ACTIVITY Results Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Jean-Charles Naouri
Slide 3: Activity: Highlights
ACTIVITY Highlights Results Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Jean-Charles Naouri
Slide 4: Recovery in activity and results in France in the second half of 2015 (1/2)
Recovery in activity and results in France in the second half of 2015 (1/2) ● Ongoing new commercial strategy Organic sales growth* • Major price repositioning in 2013 and 2014 at Géant Casino and Leader Price +2.6% +2.7% +2.9% • Deployment of new concepts at Géant, Supermarchés Casino and Franprix
Slide 5: Recovery in activity and results in France in the second half of 2015 (2/2)
Recovery in activity and results in France in the second half of 2015 (2/2) ● Signature of a purchasing partnership with Dia and extension of the agreement with Intermarché ● Profitability rose sharply in H2 2015 • Trading profit of €390m, up +34.1% on H2 2014 Growth in trading profit in France in H
Slide 6: International
International ● Good performances by Éxito in Colombia, Uruguay and Argentina ● In Brazil, resilient performance by GPA Food and increased contribution by the most profitable formats: • Multivarejo (hypermarkets, supermarkets and convenience): High EBITDA margin, at 7.7%* for the year and 9.2%* in
Slide 7: Deleveraging plan to strengthen the Group's financial flexibility
Deleveraging plan to strengthen the Group's financial flexibility ● €4bn deleveraging plan already accomplished at end of April 2016 • Disposal of the Group's stake in Big C Thailand completed on 21 March 2016 €3.1bn transaction enabling a €3.3bn reduction in consolidated debt • Disposal of Big C
Slide 8: 2015 key figures
2015 key figures 2014 2015 Consolidated net sales €48,493m €46,145m EBITDA €3,191m €2,343m EBITDA margin 6.6% 5.1% Trading profit €2,231m €1,446m Trading margin 4.6% 3.1% Net underlying profit, Group share €556m €412m Consolidated net financial debt* €5,733m €6,073m Net financial debt of Casino in F
Slide 9: Activity: France
ACTIVITY France Results Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Jean-Charles Naouri
Slide 10: In France, commercial recovery confirmed by recurring market share gains
In France, commercial recovery confirmed by recurring market share gains* Géant Casino and Leader Price market share Growth in Casino Group market share in France growth in France From 13 July 2015 to 17 April 2016 0.2 0.2 0.2 0.2 2.7%2.7%2.7%2.7% 2.7% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5% 2.4% 0.1 0.1 0.1
Slide 11: Géant Casino growth confirmed
Géant Casino* growth confirmed ● Sales up +3.5% in H2 2015 on organic** and same-store basis** In Q1 2016 ● Thanks to competitive price positioning and ongoing initiatives to strengthen its product range Sales up +4.0% and enhance the in-store experience: on organic** and same-store** basis • Contin
Slide 12: Very attractive Géant Casino stores in 2015
Very attractive Géant Casino stores in 2015 thanks to their prices, product range and dynamic shopping malls on the same site 12
Slide 13: Sustained growth in activity and in market shares at Leader Price
Sustained growth in activity and in market shares at Leader Price ● Continuous development of the hard-discount format, now with a network of 1,224 stores* In Q1 2016 ● Same-stores sales up +4.5%** in Q1 2016 and significant growth in traffic on a same-store Sales up basis since Q2 2015 +7.2% on an
Slide 14: At Leader Price, a comprehensive range of quality products at the best prices
At Leader Price, a comprehensive range of quality products at the best prices 14
Slide 15: Sustained sales growth at Monoprix
Sustained sales growth at Monoprix ● Continous growth of food sales on a same-store basis in 2015 In Q1 2016 ● Good performance of textile and household sales: numerous retail initiatives and designer collaborations Sales up +2.3% throughout the year: on an organic basis* • Development of the Star W
Slide 16: Monoprix: ongoing growth across all formats
Monoprix: ongoing growth across all formats 16
Slide 17: Reinforcement of Casino supermarkets' attractiveness
Reinforcement of Casino supermarkets’ attractiveness ● Same-store sales positive in the second half, up +0.4%* ● Same-store traffic positive over the entire half-year (up +0.8%) ● New concept launched ● Ongoing drive to enhance stores’ attractiveness: • Enhanced customer comfort thanks to shorter ch
Slide 18: Strong sales dynamic at Franprix thanks notably to the new concept
Strong sales dynamic at Franprix thanks notably to the new concept ● Same-store sales positive over the entire second half of 2015 In Q1 2016 ● Continuing high profitability against a backdrop of renovation of the store network Sales up +0.1% on a same-store basis* ● Commercial success of the new Ma
Slide 19: Good same-store sales growth for convenience stores
Good same-store sales growth for convenience stores ● Same-store sales* up by a strong +7.4% in the second half In Q1 2016 ● Ongoing renovation of integrated stores Sales up +4.9% in total ● Highly dynamic franchise network • More competitive offering • Renovated store network • 306 store openings s
Slide 20: Activity: International and E-commerce
ACTIVITY International and E-commerce Results Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Jean-Charles Naouri
Slide 21: Very satisfying activity and results for Éxito in 2015
Very satisfying activity and results for Éxito* in 2015 ● Accelerated sales growth: +4.0%** in 2015 on organic basis with +6.6%** in Q4 2015 In 2015 ● High EBITDA margin in 2015 Sales: €4.7bn ● Sustained improvement in sales and EBITDA in Argentina and Uruguay EBITDA: €355m EBITDA margin: 7.6% ● In
Slide 22: Strong development of Éxito in commercial real estate
Strong development of Éxito* in commercial real estate ● No.1 shopping mall operator in Colombia ● Éxito has significant commercial real estate advantages: • Expertise throughout the value chain: development, marketing and operation • Around 310,000sq.m. GLA* at end-2015 with a total of 31 shopping
Slide 23: In Brazil, a resilient and balanced portfolio of formats at GPA Food
In Brazil, a resilient and balanced portfolio of formats at GPA Food 2015 sales breakdown by format 2015 performances by banner* Multivarejo 2015 Organic growth Adjusted EBITDA margin Premium, Hypermarkets Multivarejo +1.2% 7.7% Supermarkets 34% €10,1bn** and Convenience 38% Assaí +25.5% 4.2% Cash &
Slide 24: GPA Food: a multiformat group with strong banners
GPA Food: a multiformat group with strong banners 24
Slide 25: Multivarejo: high profitability and market share gains
Multivarejo: high profitability and market share gains Organic Expansion EBITDA Market 2015 growth (gross) margin share* Pão de Açúcar (quality supermarkets) +3.9% 5 High margin Positive since Convenience (Minimercado and Minuto) +48.3% 73 Q4 2015 Extra Hypermarkets -3.8% - >6% Extra Supermarkets -1
Slide 26: Very strong growth in sales and profitability at Assaí
Very strong growth in sales and profitability at Assaí ● No.2 cash & carry banner in Brazil ● Organic growth of +25.5%, with +36.2% in Q1 2016 ● 11 openings in 2015, raising total stores to 95 at end 2015 ● Market share gains: +200bps since 2013* ● EBITDA margin** 4.2% in 2015 * Independent panel **
Slide 27: Continuing action plans and market share gains at Via Varejo
Continuing action plans and market share gains at Via Varejo ● Accelerated action plans: • Improved price competitiveness and more effective promotions In 2015 • Costs reduced and unprofitable stores closed Sales: €5.2bn ● New management since October 2015 EBITDA: €334m ● Market share gains in Q4 20
Slide 28: Growing e-commerce business
Growing e-commerce business ● GMV* €4.8bn, up +16.4% at constant exchange rates in 2015 ● High marketplace growth, accounting for 20.5% of total volumes ● 1,711 million visits (up +28.9%) ● In France, strong sales momentum at Cdiscount with market share growth in Q4 2015 to 27.4% (+130bps) ● In Braz
Slide 29: Strong performance and market share gains at Cdiscount in 2015 in France
Strong performance and market share gains at Cdiscount in 2015 in France ● GMV* up +18.9% in 2015 vs. 2014 ● Marketplace share of 27.5% at end-2015 (+876bps vs. 2014) ● Sales up +10.2%; marketplace fees up +85% ● Market share of 34.4%** in January 2016, up +3.8pts over one year ● Operating profit cl
Slide 30: Results
Activity RESULTS Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Antoine Giscard d’Estaing
Slide 31: Results: Sales
Activity RESULTS Sales Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Antoine Giscard d’Estaing
Slide 32: Growth in Group sales in 2015
Growth in Group sales in 2015 In €bn Organic growth excluding fuel Fuel Change Currency and calendar and calendar in scope effect effects effects +0.3% -0.2% +1.4% -6.4% 48.5 46.1 2014 2015 32
Slide 33: Organic growth by sector of activity in 2015
Organic growth* by sector of activity in 2015 In €bn 46.1 3.4 E-commerce +6.6% 4.0 Asia -0.8% 5.2 Latam Electronics -15.1% 14.7 Latam Retail +5.8% +0.3% 18.9 France Retail +1.1% 2015 * Excluding fuel and calendar effect 33
Slide 34: Accelerated organic growth at +1.5% in Q1 2016
Accelerated organic growth at +1.5%* in Q1 2016 In €bn 9.7 0.7 E-commerce -8.3% 1.1 Latam Electronics -12.7% 3.3 Latam Retail +8.3% +1.5% 4.5 France Retail +2.9% Q1 2016 * Excluding fuel and calendar effect 34
Slide 35: Results: Overview of the real estate activity
Activity RESULTS Overview of the real estate activity Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Antoine Giscard d’Estaing
Slide 36: The Group carries out property development projects to create value on its sites in France
The Group carries out property development projects to create value on its sites in France ● The Group owns most of its hypermarkets (Géant Casino) and supermarkets (Monoprix) in France ● Since 2008, the Group has implemented a strategy aimed at creating value on its hypermarket sites • Historically
Slide 37: Main transformations at the Clermont-Ferrand site over time
Illustration: main transformations at the Clermont-Ferrand site over time 2006 2006 2014 2014 2015 2015 2017 2017 Reduction in the hypermarket's Decrease and transformation Acquisition 3,000sq.m. decrease storage area, permitting of 2,500sq.m. by Mercialys in the hypermarket's an initial extension o
Slide 38: Clermont-Ferrand site after renovation
Clermont-Ferrand site after renovation 38
Slide 39: Ongoing value-creation at the Clermont-Ferrand site
Ongoing value-creation at the Clermont-Ferrand site for the hypermarket and the shopping mall Growth in rent* Hypermarket Shopping mall* (€m) Total surface Sales/sq.m. Number GLA (sq.m.)** (sq.m.) of selling space of stores 2005 21,200 10,000 28 3.1 2015 17,500 +25%*** 20,000 83 7.2 Projected 13,500
Slide 40: Main changes planned by Mercialys at the Monoprix site in Puteaux
Illustration: main changes planned by Mercialys at the Monoprix site in the Puteaux city centre Before After Après ● 5,600sq.m. site, including: ● A site of around 8,000sq.m. (+43%): • 2,400sq.m. of retail space • 2,900sq.m. of retail space (+21%) • 2,220sq.m. of storage area • Creation of between 2
Slide 41: Results: 2015 Results
Activity RESULTS 2015 Results Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Antoine Giscard d’Estaing
Slide 42: Consolidated EBITDA - 2015
Consolidated EBITDA - 2015 In €m 2014 2015 at CER* 2015 France Retail 836 727 726 Latam Retail 1,215 1,148 993 Latam Electronics 737 396 334 Asia 361 346 394 E-commerce 41 (119) (104) Total 3,191 2,499 2,343 ● Contraction of consolidated EBITDA due to lower sales in the Latam Electronics and E-comme
Slide 43: Net underlying profit, Group share totalled €412m
Net underlying profit, Group share* totalled €412m In €m 2014 2015 EBITDA 3,191 2,343 Trading profit 2,308 1,511 and share of profits of associates Financial expense (620) (474) Income tax expense (467) (296) Underlying net profit* 1,221 742 from continuing operations Attributable to minority intere
Slide 44: Change in consolidated net financial debt in 2015
Change in consolidated net financial debt* in 2015 In €m (664) 945 (570) (64) 229 (217) Free Cash Financial Dividends Share Net assets Translation Flow before investments paid buy-backs held differences dividends and other for sale and other (5,733) (6,073) Net financial debt at Net financial debt a
Slide 45: Sharp reduction in consolidated net debt in 2016
Sharp reduction in consolidated net debt in 2016 In €bn* 6.1 5.5 5.7** 5.4 5.4 5.4 4.9 4.4 4.4 Pro forma 4.1 3.8 of the deleveraging plan 2.2 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2015 pf * Published net financial debt ** The Group has reviewed in 2015 the definition of net financia
Slide 46: The ongoing decrease of the leverage ratio increases financial headroom
The ongoing decrease of the leverage ratio increases the Group’s financial headroom ● Despite major investments made in the last 10 years, the development strategy implemented by the Group has enabled it to regularly lower its net debt/EBITDA trend rate ● The plan announced for 2016 will enable the
Slide 47: Credit rating of the Group
Credit rating of the Group ● After having confirmed the BBB-/Stable outlook credit rating on December 11th, 2015 and initiated a review process of this rating on January 15th, 2016, Standard & Poor’s (S&P) has decided to lower it by one notch to BB+/Stable outlook on March 21st, 2016 ● This decision
Slide 48: Thanks to deleveraging, the Group is strengthening its financial flexibility
Thanks to its deleveraging policy, the Group is strengthening its financial flexibility ● The downgrade of the Group’s credit rating has an estimated impact of less than €20m before tax in 2016, excluding potential bond buybacks ● The agency’s decision has no effect on the Group’s liquidity, its fin
Slide 49: Results: Dividend, share price and share ownership
Activity RESULTS Dividend, share price and share ownership Outlook Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Antoine Giscard d’Estaing
Slide 50: The Board recommends maintaining the dividend at €3.12 per share
The Board is recommending that the General Meeting maintain the dividend at €3.12 per share 2014 2015 Casino Guichard Perrachon parent company 370 444 net profit (€m) Dividend per share (€) 3.12 3.12 Total dividend (€m) 353 352 ● Dividend proposed at the General Meeting of 13 May 2016: €3.12 per sha
Slide 51: Casino has outperformed the CAC 40 over the past 10 years
Casino has outperformed the CAC 40 over the past 10 years Casino CAC 40 240 220 200 180 160 140 +33% €53.5 120 +21% 4,293 100 80 60 40 12/05/06 12/05/07 12/05/08 12/05/09 12/05/10 12/05/11 12/05/12 12/05/13 12/05/14 12/05/15 12/05/16 Note: Numbers re-referenced to 100 on 12/05/2006 – Return on inves
Slide 52: Casino share price over the past year
In the past year, the Casino share price has been penalised by the decrease of subsidiaries in emerging markets’ share prices Casino CAC 40 120 110 100 90 -11% 4,293 80 70 -30% €53.5 60 50 40 12/05/15 12/07/15 12/09/15 12/11/15 12/01/16 12/03/16 12/05/16 Note: Numbers re-referenced to 100 on 12/05/2
Slide 53: Casino share price since beginning 2016
Since beginning 2016, the Casino share price has increased by +26% and outperformed the market 140 Casino CAC 40 130 +26% €53.5 120 110 100 -6% 4,293 90 80 01/01/16 01/02/16 01/03/16 01/04/16 01/05/16 Note: Numbers re-referenced to 100 on 31/12/2015 – Return on investment (including dividends paid i
Slide 54: The same trend for the Group's main subsidiaries
The same trend has been observed for the Group’s main subsidiaries GPA Exito Éxito Via Varejo Cnova 230 +123% 210 BRL7.3 +100% 190 USD4.8 170 150 130 +20% COP15,880 110 +9% BRL45.5 90 70 01/01/16 01/02/16 01/03/16 01/04/16 01/05/16 Note: Numbers re-referenced to 100 on 31/12/2015 – Return on investm
Slide 55: Nearly 49,000 individual shareholders, approximately 16% of the float
The Group now has nearly 49,000 individual shareholders, representing approximately 16% of the float At 31/12/2015 Number of shares held by individual shareholders (in millions) 9.0 Number of individual shareholders 48,981 % of the free-float* 15.7% * Excluding Rallye, in number of shares 55
Slide 56: Creation in 2015 of a Shareholders' Advisory Committee
Creation in 2015 of a Shareholders' Advisory Committee (SAC) 2 representatives 2 individual 1 former employee of an association shareholders shareholder of individual shareholders Mr. Jean-Pierre Belhoste de Soulanges Ms. Caroline Meignen (from the APAI) Mr. Daniel Chabroux Mr. Didier Fougeras de La
Slide 57: Initial meetings of the Shareholders' Advisory Committee
Initial meetings of the Shareholders' Advisory Committee (SAC) ● Purpose of the SAC: • Contribute to improving the Group's financial communication tools for individual shareholders • Forge closer ties with individual shareholders ● Agenda of the first meeting held on 16 March 2016: • Validation of t
Slide 58: Outlook
Activity Results OUTLOOK Corporate social responsibility Corporate governance Resolutions Reports of the Statutory Auditors Jean-Charles Naouri
Slide 59: Outlook
Outlook ● Significant deleveraging ● Strategy of asset rotation ● Profitable growth in France ● In E-commerce, further growth and improved profitability ● Consolidation of leadership and growth in Latin America 59
Slide 60: Significant deleveraging
Significant deleveraging ● Acceleration of Group’s deleveraging, especially in France* • The Group's reorganisation in Latin America in 2015 contributed over €1.6bn to the reduction of Casino's net debt in France* • Disposal plan of €4bn, already reached in April 2016, which proceeds will be used to
Slide 61: Strategy of asset rotation (1/3)
Strategy of asset rotation (1/3) Over the past 10 years, constant policy of acquiring key assets and disposing of mature assets to strengthen the Group’s profile Main acquisitions, additional investments Main disposals ● Brazil (2005, 2009, 2012) ● Poland (2005) ● Colombia (2006, 2014-2015) ● Taiwan
Slide 62: Strategy of asset rotation (2/3)
Strategy of asset rotation (2/3) Disposal of Big C Thailand ● Sale of the Group's 58.6% interest for a total amount of €3.1bn, and of €3.3bn with debt Terms ● Sale price of THB252.88 per share; the shares were purchased at an average price of THB9 in 1999 and conditions ● Valuation: around 1.7x net
Slide 63: Strategy of asset rotation (3/3)
Strategy of asset rotation (3/3) 2015 Sales, EBITDA and Trading Profit restated for contributions from Thailand and Vietnam Sales EBITDA Trading profit +85% 42,154 +26% 1,958 +14% 1,552 22,806 1,178 1,031 2005 2015pf 2005 2015pf 2005 2015pf Net debt Equity 2015 net debt adjusted for the various impa
Slide 64: Profitable growth in France (1/2)
Profitable growth in France (1/2) ● A differentiated strategy rolled out across 3 formats that meet consumers' current and future needs: • Discount: Géant Casino (discount) and Leader Price (hard discount) • Premium: Monoprix, leader in premium retail in France • Convenience: Franprix and other conv
Slide 65: Profitable growth in France (2/2)
Profitable growth in France (2/2) The profile of the store portfolio in France is balanced in terms of activities, brands and store formats 65
Slide 66: In E-commerce, further growth and profitability improvement
In E-commerce, further growth and profitability improvement ● In France, continuation of Cdiscount's strong growth dynamic • 34.4%* market share in January 2016, up 3.8pts over 1 year • Objective of Cdiscount to report improved trading profit in 2016 over 2015 ● In international markets, reduce loss
Slide 67: Consolidation of leadership and growth in Latin America (1/2)
Consolidation of leadership and growth in Latin America (1/2) ● Following the consolidation of its strategic positions in 2012 and 2015, Casino now enjoys leading positions in Latin America: • Leadership in food retail in Colombia, Brazil and Uruguay with 2,606* stores benefiting from strong positio
Slide 68: Consolidation of leadership and growth in Latin America (2/2)
Consolidation of leadership and growth in Latin America (2/2) ● In Brazil in particular, continued management focus on cutting costs and controlling capex against a backdrop of economic crisis ● Growth of premium, convenience and cash & carry/discount banners to address changes in consumer trends ●
Slide 69: Conclusion
Conclusion ● Listed subsidiaries disclosed their objectives and outlook during their 2015 results presentations ● For France, the Group confirms the following objectives in 2016: • EBITDA of around €900m • Trading profit in excess of €500m • Free Cash Flow* of at least €200m after financial expenses
Slide 70: Simplification of the organization of Casino Group's E-commerce activities
Simplification of the organization of Casino Group’s E-commerce activities 70
Slide 71: Reorganization of the Group's holdings in its E-commerce activities
Reorganization of the Group’s holdings in its E-commerce activities ● Cnova currently regroups the Group’s E-commerce activities consisting of Cdiscount in France and Cnova Brazil through local sites extra.com.br, pontofrio.com.br, casasbahia.com.br ● In order to accelerate the development of Cdisco
Slide 72: Refocus of Cnova on Cdiscount's activities in France
Refocus of Cnova on Cdiscount’s activities in France ● Cdiscount is a leader in E-commerce in France • A buoyant market: future growth of E-commerce in France estimated at 12% (CAGR 2015-2020)* • Market share for Cdiscount of 34.4%** in January 2016 ● A business model with a proven track record • Ba
Slide 73: Target organization for Cnova/Cdiscount
Target organization for Cnova/Cdiscount Current situation Situation post-reorganization** Free float* Free float* 34% 43% 27% 22% 8% Cnova 55% - 66% 10% - 0% Brésil (offer: 0% to 100%) (offer: 0% to 100%) 100% 100% Cnova France Brésil Private company Listed company X% Economic interest * Including 1
Slide 74: Aspects of the transactions
Aspects of the transactions ● Merger of Cnova Brazil and Via Varejo • Cnova N.V. would “exchange” its shares held in Cnova Brazil against its own shares held by Via Varejo (21.9% interest in Cnova N.V.) and would receive a cash payment (maximum USD49m) • Repayment by Via Varejo to Cnova of the share
Slide 75: Expected transaction timeline
Expected transaction timeline Before early 12 May 2016 In Q3 2016* Q3 / Q4 2016 Q3 2016* ● Transaction announcement ● Due diligence completion, ● Shareholders’ meeting ● Tender offer by Casino agreement on the final of Cnova on Cnova shares on Nasdaq documentation, release and Euronext: of Cnova 201
Slide 76: Corporate Social Responsibility
Activity Results Outlook CORPORATE SOCIAL RESPONSIBILITY Corporate governance Resolutions Reports of the Statutory Auditors Yves Desjacques
Slide 77: The Casino Group's CSR policy
The Casino Group's CSR policy ● A long-standing policy, with renewed impetus 2002 2009 2010 2011 2012 2013 2014 2015 Sustainable Pledge Corporate Social Continuous The Group 20th anniversary Casino signed 20th anniversary Development to support Responsibility improvement is awarded the of the Group'
Slide 78: A committed employer
A committed employer 78
Slide 79: A committed employer: promoting diversity - a 20-year commitment
A committed employer PROMOTING DIVERSITY – A 20-YEAR COMMITMENT Combating discrimination and promoting diversity ● The Group started taking action as early as 1993 to combat racism and in 2015 celebrated a 20-year commitment to people with disabilities ● Casino was the first retailer to earn France'
Slide 80: A committed employer: promoting diversity in 2015
A committed employer PROMOTING DIVERSITY – IN 2015 Promote the employment of persons with disabilities In 2015, the Group signed the International Labour Organization’s Business and Disability Network Charter in order to reaffirm its commitment to promoting and including persons with disabilities ●
Slide 81: A committed employer: helping young people enter the workforce
A committed employer PROMOTING DIVERSITY – IN 2015 Helping young people to enter the workforce ● The Group has more than 130,000 employees under the age of 30 ● France • 27% of employees are under 30 • Over 2,350 young people are employed under work-study contracts • 1,200 young people from disadvan
Slide 82: A committed employer: enhancing gender equality
A committed employer PROMOTING DIVERSITY – IN 2015 Enhancing gender equality in the workplace ● France • 39% of managers are women (vs. 38% in 2014 and 37.5% in 2013) • 26% of executive committees members are women (vs. 25% in 2013 and 23% in 2012) • Women account for half of the nearly 200 people d
Slide 83: A responsible retailer
A responsible retailer 83
Slide 84: A responsible retailer: healthier and more eco-friendly consumption
A responsible retailer PROMOTING A HEALTHIER AND MORE ECO-FRIENDLY CONSUMPTION Offering a wider selection of responsible products in stores ● Promoting organically farmed products: the Group sells 14,500 organic products, an increase of 9.5% over 2014, including 1,500 private-label products – Casino
Slide 85: A responsible retailer: combating food waste
A responsible retailer ENCOURAGING MORE ENVIRONMENTALLY RESPONSIBLE CONSUMPTION Combating food waste ● The Group has signed the French Ministry of Ecology and Sustainable Development's agreement introduced in August 2015 to combat food waste ● Increased food donations • Over 13,000 tonnes of food pr
Slide 86: A trusted partner
A trusted partner 86
Slide 87: A trusted partner: social ethics initiatives
A trusted partner STEPPING UP SOCIAL ETHICS INITIATIVES Social audits of high-risk suppliers ● 332 factories were audited based on France’s Social Clause Initiative (ICS) guidelines (vs. 183 in 2014) ● Casino Global Sourcing has endorsed the Accord on Fire and Building Safety initiated by the two gl
Slide 88: An environmentally proactive Group
An environmentally proactive Group 88
Slide 89: Raising awareness of climate change issues during COP 21
An environmentally proactive Group Raising awareness of climate change issues during the COP 21 ● Numerous in-house conferences were organised in 2015 for over 500 employees to present the 12 solutions implemented by the Casino Group to combat climate change ● Magia Salvaje, a film co-produced by Éx
Slide 90: Reducing energy use
An environmentally proactive Group Reducing energy use ● France • Casino has reduced its electricity consumption by 16% (based on kWh per sq.m. of retail space) since 2012 • 621 stores (including 100% of Géant hypermarkets and 91% of Casino supermarkets) have set up an Energy Performance Contract le
Slide 91: An engaged local corporate citizen
An engaged local corporate citizen 91
Slide 92: Stepping up community outreach: food banks
An engaged local corporate citizen STEPPING UP COMMUNITY OUTREACH Supporting food banks ● More than 32 million meal equivalents were donated by Group banners to food bank networks in France and internationally, including 15 million in France alone (up 40% vs. 2014) ● Over 5,900 stores took part in t
Slide 93: Helping the most disadvantaged through the Group's foundations
An engaged local corporate citizen STEPPING UP COMMUNITY OUTREACH Helping the most disadvantaged members of society through the Group's foundations ● The Casino Group Foundation combats social exclusion of schoolchildren thanks to a program based on Theatre by enabling 2,000 schoolchildren to attend
Slide 94: Corporate Governance
Activity Results Perspectives Corporate social responsibility CORPORATE GOVERNANCE Resolutions Reports of the Statutory Auditors Jacques Dumas
Slide 95: Organisation and functioning of the Board of Directors
Organisation and functioning of the Board of Directors DURING THE YEAR, THE COMPANY REMAINED COMMITTED TO APPLYING THE PRINCIPLES OF SOUND CORPORATE GOVERNANCE, AS NOTABLY ILLUSTRATED BY: The membership and work of the Board of Directors and its Committees: ● The proportion of independent directors
Slide 96: A busy year for the Board and its Committees in 2015
Organisation and functioning of the Board of Directors A BUSY YEAR FOR THE BOARD AND ITS COMMITTEES IN 2015 The Board of Directors The Audit Committee 11 meetings 14 meetings 85% attendance rate 84% attendance rate In addition to approving the financial statements, In addition to reviewing the annua
Slide 97: Systematic prior review of agreements with related parties
Organisation and functioning of the Board of Directors SYSTEMATIC PRIOR REVIEW OF AGREEMENTS WITH RELATED PARTIES ● Following changes in the Group’s perimeter, particularly in Latin America, and given the existence of several listed subsidiaries and parent companies, the Board of Directors decided t
Slide 98: Nominations and Remuneration and Governance Committees
Organisation and functioning of the Board of Directors A BUSY YEAR FOR THE BOARD AND ITS COMMITTEES IN 2015 Nominations and Remuneration Committee Governance Committee 5 meetings 2 meetings 82% attendance rate 100% attendance rate In addition to its annual review of the membership The Governance Com
Slide 99: Activity report of the Lead Independent Director
Organisation and functioning of the Board of Directors ACTIVITY REPORT OF THE LEAD INDEPENDENT DIRECTOR ON THE BOARD'S FUNCTIONING DURING 2015 The position of Lead Independent Director, created in 2012, is entrusted to Frédéric Saint-Geours. ● Duties • The Lead Independent Director ensures that comb
Slide 100: Directors proposed for re-election
Organisation and functioning of the Board of Directors DIRECTORS PROPOSED FOR RE-ELECTION ● Re-election of Jean-Charles Naouri, Chairman and Chief Executive Officer ● Re-election of Marc Ladreit de Lacharrière, non-independent director chosen for his expertise and experience ● Re-election of Matigno
Slide 101: Board composition after this Annual General Meeting
Organisation and functioning of the Board of Directors AFTER THIS ANNUAL GENERAL MEETING, THE BOARD WOULD HAVE 13 MEMBERS (subject to the passing of resolutions 6 to 12) Jean-Charles Naouri, Chairman and Chief Executive Officer 5 independent directors 2 external directors chosen 5 other representati
Slide 102: Directors' fees
Organisation and functioning of the Board of Directors DIRECTORS' FEES ● Basic fee per director, unchanged since 2003: • €25,000, comprising a fixed fee of €8,500 and a variable fee of €16,500 depending on the director's attendance rate at Board meetings. • Half of the above fee for representatives
Slide 103: Executive Management: Chairman and Chief Executive Officer
Executive Management The Chairman and Chief Executive Officer ● The combination of the functions of Chairman of the Board of Directors and CEO since 2005 entrusted to Jean-Charles Naouri allowed in a highly-competitive, fast-changing environment, to strengthen the link between strategic planning and
Slide 104: Chairman and CEO's remuneration
Executive Management Chairman and Chief Executive Officer CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S REMUNERATION ● Fixed remuneration of €480,000, unchanged ● Variable part representing up to 100% of fixed remuneration (i.e., €480,000) and up to 175% (i.e., €840,000) if performance targets are exceeded
Slide 105: The Executive Committee
Executive Management The Executive Committee ● The Executive Committee comprises the Chairman and CEO and ten members representing the Group's main French and international operating and support units ● The Executive Committee, headed by the Chairman and CEO, is responsible for the day-to-day manage
Slide 106: Members of the Executive Committee
Executive Management The Executive Committee MEMBERS OF THE EXECUTIVE COMMITTEE Jean-Charles Naouri, Hervé Daudin, Yves Desjacques, Carlos Mario Giraldo Antoine Giscard Ronaldo Labrudi, Chairman Merchandise and Supply Corporate Human Moreno, d’Estaing, Chief Executive Officer and Chief Executive Cha
Slide 107: Resolutions
Activity Results Outlook Corporate social responsibility Corporate governance RESOLUTIONS Reports of the Statutory Auditors Daniel Marque
Slide 108: Presentation of proposed resolutions: first to third
Presentation of proposed resolutions ORDINARY RESOLUTIONS First and second resolutions Third resolution ● Approval of the parent company financial ● Appropriation of profit and setting statements and the consolidated financial of the dividend statements for 2015 • Profit for 2015: €444 million • Div
Slide 109: Presentation of proposed resolutions: fourth
Presentation of proposed resolutions ORDINARY RESOLUTIONS Fourth resolution ● Approval of the amendment to the strategic advisory related party agreement with Euris • The related party agreement dated • Fee increased from €350,000 (unchanged since 2003) 5 September 2003 is setting the terms to €840,
Slide 110: Presentation of proposed resolutions: fifth
Presentation of proposed resolutions ORDINARY RESOLUTIONS Fifth resolution ● Advisory vote on the components of the remuneration paid to Jean-Charles Naouri, Chairman and Chief Executive Officer Elements of the remuneration Amount due or granted for 2015 Fixed remuneration €480,000 Annual variable r
Slide 111: Presentation of proposed resolutions: sixth to thirteenth
Presentation of proposed resolutions ORDINARY RESOLUTIONS Sixth to tenth resolutions Eleventh to thirteenth resolutions ● Re-election of three directors – Decision ● Election of two non-voting directors not to fill two vacant seats on the Board and determination of their fees Directors standing for
Slide 112: Presentation of proposed resolutions: fourteenth to seventeenth
Presentation of proposed resolutions ORDINARY RESOLUTIONS Fourteenth to seventeenth resolutions ● Re-appointment of the Statutory and Alternate Auditors (for a six-year term) Proposal recommended by the Audit Committee considering: • the quality of services - the reasonableness of the fees, • the re
Slide 113: Presentation of proposed resolutions: eighteenth
Presentation of proposed resolutions ORDINARY RESOLUTIONS Eighteenth resolution ● Authorisation to carry out a share repurchase programme • Limit: the Company may not hold more • Use when a takeover bid for the Company than 10% of the total number of shares is in progress: No except to fulfil commit
Slide 114: Presentation of proposed resolutions: nineteenth
Presentation of proposed resolutions EXTRAORDINARY RESOLUTIONS Nineteenth resolution ● Advance renewal of the authorisation to make free allotments of Casino shares to the employees of the Company and related companies (authorisation valid for 18 months) • Limit: 1% of the capital (not including adj
Slide 115: Presentation of proposed resolutions: twentieth
Presentation of proposed resolutions ORDINARY RESOLUTIONS Twentieth resolution ● Powers for formalities • Powers given to the bearers of an original, extract or copy of the minutes of the meeting to complete all filing, publication and other formalities. 115
Slide 116: Reports of the Statutory Auditors
Activity Results Outlook Corporate social responsibility Corporate governance Resolutions REPORTS OF THE STATUTORY AUDITORS
Slide 117: Reports of the Statutory Auditors
Reports of the Statutory Auditors 2015 REGISTRATION DOCUMENT Registration Contents Document ● On the financial statements ● Auditors' reports • Consolidated financial statements to the Annual General • Parent company financial statements Meeting (AGM) ● On related party agreements ● On the Chairman'
Slide 118: Report on the consolidated financial statements
Report on the consolidated financial statements PAGE 34 OF THE 2015 REGISTRATION DOCUMENT Registration Opinion on the financial statements Document ● Clean opinion, without any observation concerning the true and fair view provided ● Consolidated by the financial statements in accordance with IFRS f
Slide 119: Report on the parent company financial statements
Report on the parent company financial statements PAGE 122 OF THE 2015 REGISTRATION DOCUMENT Registration Opinion on the financial statements Document ● Clean opinion, without any observation concerning the true and fair view provided ● Parent company by the financial statements in accordance with F
Slide 120: Report on related party agreements
Report on related party agreements PAGES 147 TO 149 OF THE 2015 REGISTRATION DOCUMENT Registration New authorisations Document EURIS ● Related party ● Signature of an amendment to the service agreement with Euris raising the amount billed agreements from €350,000 to €840,000 as from 1 January 2015 a
Slide 121: Report on the Chairman's report on internal control
Report on the Chairman's report on internal control PAGE 196 OF THE 2015 REGISTRATION DOCUMENT Registration Conclusion Document ● No observation about the information regarding the internal control and risk management ● Chairman's report procedures related to the preparation and processing of accoun
Slide 122: Statutory Auditors' special report
Statutory Auditors' special report Resolution 19 – PAGE 279 OF THE 2015 REGISTRATION DOCUMENT Registration Purpose of the report Document ● 18-month authorisation ● Special report ● Opinion on the information given to shareholders about the planned transaction on the authorisation to grant new or ex
Slide 123: Disclaimer
Disclaimer This presentation contains forward-looking information and statements about Casino and its subsidiaries (notably Cnova and Via Varejo). Forward- looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlyi
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