Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Investor Presentation (September 2021)
33 slides from Casino, Guichard-perrachon Sa's investor presentation, September 2021
Slide 1: Investor presentation September 2021
Investor presentation - September 2021 Investor presentation / September 2021
Slide 2: Casino at a glance
Casino at a glance Key business highlights Omni-channel offering • Multi-format, multi-banner and multi-channel retailer • Traditional food retail • Over 120 years of history • E-commerce food retail • Primary focus on France and Latin America food retail • E-commerce non-food retail • Leverages its
Slide 3: A leader in French and Latam food retail, with high-growth e-commerce operations
A leader in French and Latam food retail, with high-growth e-commerce operations France Retail Latin America E-commerce Food retail and food e-commerce Brazil food retail Cdiscount • Leading French food retail player, operating • €2.1bn stake3,4 in Brazil’s listed leader • A Leading non-food 8,059 s
Slide 4: Casino Group key credit strengths
Casino Group key credit strengths Lender presentation ▪ December 2020 ▪ 4 4
Slide 5: Key credit strengths
Key credit strengths Leading position in the French food retail market through structurally well-positioned 1 formats, attractive consumer offering, best-in-class food E-commerce and digitalisation 2 Best-in-class non-food E-commerce platform 3 Track-record of growth and value creation from new busi
Slide 6: Structurally well positioned French food retail formats (1/2)
1. Structurally well positioned French food retail formats (1/2) Increased profitability and progress in priority areas of expansion and E-commerce » Strong improvement in profitability for all retail banners1 of +81 bps to 2.1% › Growth in trading profit of +50%1 (+€49m) thanks to the business mode
Slide 7: Structurally well positioned French food retail formats (2/2)
1. Structurally well positioned French food retail formats (2/2) Further commercial innovation in line with new consumer expectations » Monoprix has expanded its range of services › Santé Au Quotidien spaces, concepts dedicated to health and well-being (sleep, relaxation, ageing, maternity, etc.) wi
Slide 8: Best-in-class non-food E-commerce
2. Best-in-class non-food E-commerce Ongoing development of the marketplace, digital marketing and Octopia » Increase in the marketplace of +10% in H1 (+33% over two years) to reach 46% GMV share › Further increase in marketplace revenues, up +17% in the first half (+39% over two years) to reach €19
Slide 9: Value creation from new businesses (1/2): RelevanC
3. Value creation from new businesses (1/2) Acceleration for RelevanC » Continued acceleration with growth in net sales of +32% in Q2 » Signing of commercial and technological partnerships › Partnership with Google Cloud and Accenture to step up the development and commercialisation of RelevanC solu
Slide 10: Value creation from new businesses (2/2): GreenYellow
3. Value creation from new businesses (2/2) Acceleration for GreenYellow: increase in photovoltaic pipeline of +85% » Increase in photovoltaic advanced pipeline of +85% and energy efficiency advanced pipeline of +78% versus June 2020 › Photovoltaic advanced pipeline of 809 MWp (+85% vs. June 2020),
Slide 11: High-growth operations in attractive Latin America markets
4. High-growth operations in attractive Latin America markets Growth in H1 trading profit of +33% at constant exchange rates, successful spin-off of Assaí » Improved profitability with H1 EBITDA up +21% at constant exchange rates and trading profit up +33% at constant exchange rates › Increase of +9
Slide 12: Best-in-class ESG commitments
5. Best-in-class ESG commitments Reinforcement of the Group's CSR commitments » Commitment to a 38% reduction in carbon emissions by 20301 › Reinforcement of the commitment made in 2018 of an 18% reduction between 2015 and 20251, validated by the Science Based Targets initiative › The Group is takin
Slide 13: Focus on cash flow generation and de-leveraging in France
6. Focus on cash flow generation and de-leveraging in France Total asset disposals of €3.1bn Cumulative disposal Date Sold assets proceeds €213m: 15% of Mercialys’ share capital €742m: Monoprix real estate assets 2018 €1.1bn €150m: GreenYellow capital increase R2C €392m: sales to Fortress 2019 €
Slide 14: Financial results
Financial results Investor presentation / September 2021 14
Slide 15: Results – France Retail
Results – France Retail Increase in trading profit for the retail banners of +50% In €m – France Retail H1 2020 H1 2021 Change Net sales 7,791 6,863 -7.3%1 EBITDA Retail banners2 501 543 +8.5% EBITDA margin (%) 6.8% 7.9% +115 bps Vindémia 22 - n.m. Property development 4 3 -40.7% GreenYellow3 34 28
Slide 16: Results – E-commerce (Cdiscount)
Results – E-commerce (Cdiscount) Growth in first-half EBITDA of +13% In €m – E-commerce (Cdiscount) H1 2020 H1 2021 Change Gross merchandise volume (GMV) 1,946 1,991 +2.3% o/w marketplace 676 747 +10.5% Net sales 948 947 - EBITDA1 43 48 +12.6% EBITDA margin (%) 4.5% 5.1% +58 bps Trading profit1 6 7
Slide 17: Results – Latin America
Results – Latin America Strong increase in profitability In €m H1 2020 H1 2021 Change Change at CER Consolidated net sales 7,401 6,670 -9.9% +6.9%1 o/w Assaí 2,958 3,007 +1.7% +21.6%2 o/w Multivarejo 2,586 2,014 -22.1% -6.4%2 o/w Grupo Éxito 1,848 1,648 -10.8% -3.6%2 EBITDA excl. tax credits 459 471
Slide 18: Free cash flow – France scope excluding GreenYellow
Free cash flow – France scope excluding GreenYellow Cash flow from continuing operations up +51% In €m – continuing operations France (incl. Cdiscount), excl. GreenYellow H1 2020 H1 2021 Change EBITDA 570 594 +24 (-) lease payments1 (320) (325) -5 EBITDA after lease payments 250 269 +19 (-) non-recu
Slide 19: Liquidity and debt in France
Liquidity and debt in France Investor presentation / September 2021 19
Slide 20: Bond debt – France
Bond debt – France Normalisation of bond schedule Bond debt in France at 30 June 20201 Bond debt in France at 30 June 20211 In €m In €m Unsecured 800 Secured Total 2021-2023: Total 2021-2023: €1.8bn €0.6bn 1000 900 1000 720 800 597 508 611 508 525 452 444 314 370 400 271 May June Jan Jan Mar Feb Aug
Slide 21: Liquidity position in July 2021 – France
Liquidity position in July 2021 – France The Group extended the term of the RCF facility maturing in October 2023 to July 2026 and improved the financial conditions » Extension and improvement in financial conditions of the main syndicated credit line, originally set to mature in October 2023 › Exte
Slide 22: Liquidity position at 30 June 2021 – France
Liquidity position at 30 June 2021 – France The Group had €2.7bn liquidity at 30 June 2021 (pro forma July refinancing) €2.7bn liquidity position » At 30 June 2021, the Group had: at 30 June 2021 (pro forma July refinancing) › Cash and cash equivalents of €528m1 €2,142m › €339m held in a segregated
Slide 23: Financial covenants – France
Financial covenants – France At 30 June 2021, the Group complied with the RCF covenant, with headroom of €359m 3,2x 3,5x EBITDA headroom: 2,5x EBITDA headroom: €359m 2,1x €199m Secured gross debt/ Limit EBITDA after lease Threshold EBITDA after lease payments/financial payments 1 expenses » At 30 Ju
Slide 24: France outlook
France outlook Investor presentation / September 2021 24
Slide 25: Net sales in France
Net sales in France Pronounced inflection in net sales at the beginning of July Same-store change1 Last 4 weeks Net sales, in m€ Q2 2021 Change 25 July 2021 Monoprix -4.9% -1.2% +3.7 pts Supermarchés -10.4% -5.4% +5.0 pts Franprix -12.5% -4.4% +8.1 pts Proximité -11.2% +2.6% +13.8 pts Hypermarchés -
Slide 26: Outlook – France
Outlook Outlook – France With very satisfactory levels of profitability in all formats, priority focus on growth via the expansion of the store base and acceleration in E-commerce Opening of 400 convenience stores in H2 (Franprix, Vival, Naturalia, etc.), bringing the total to 750 openings over the
Slide 27: Appendices
Appendices Investor presentation / September 2021
Slide 28: Net debt – France scope excluding GreenYellow
Net debt – France scope excluding GreenYellow Net debt before IFRS 5 in line with the seasonality of operations In €m – France + Cdiscount (excl. GreenYellow) H1 2020 H1 2021 France: net debt before IFRS 5 at 1 January (4,222) (3,873) Free cash flow1 (297) (346) before asset disposals and disposal p
Slide 29: Change in net debt
Change in net debt Improvement in net debt before IFRS 5 for the France Retail scope Net debt Change before IFRS 5 over the H1 2020 H1 2021 In €m period France (4,620) +43 (4,577) o/w France Retail excl. GY (4,415) +210 (4,205) o/w E-commerce (Cdiscount) (376) -52 (428) o/w GreenYellow 171 -115 57 L
Slide 30: ESG ratings
Appendices ESG ratings Indices Rating Scale Dow Jones Sustainability Index 70/100 0 to 100 FTSE4Good Global/Europe Index 3.9/5 Index member 0 to 5 CDP Climate Scoring B D- to A ranked 8th Vigeo Eiris 72/100 0 to 100 worldwide Sustainalytics 72/100 0 to 100 MSCI AA CCC to AAA Gaia 74/100 0 to 100 TCF
Slide 31: Breakdown of consolidated net debt after IFRS 5 at 30 June 2021
Appendices Breakdown of consolidated net debt after IFRS 5 at 30 June 2021 Cash and cash IFRS 5 Net debt In €m Gross debt equivalents impact after IFRS 5 France Retail (4,654) 506 797 (3,352) E-commerce (Cdiscount) (450) 22 0 (428) Sub-total France (5,105) 528 797 (3,780) Latam Retail (3,372) 1,605
Slide 32: Valuable asset base
Appendices : Valuable asset base % Store network as Assets FY-2020 metrics interest of 30 June-21 Hypermarkets (o/w ) 100% 95 Sales: €3.8bn (o/w €3.6bn for Géant) (incl. ) 100% 830 Sales: €4.5bn 100% 890 Sales: €1.6bn Supermarkets (o/w ) 100% 422 Sales: €3.1bn (o/w €2.9bn for Casino Supermarkets) Co
Slide 33: 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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