Casino, Guichard-perrachon Sa · EURONEXT:CO
Casino, Guichard-perrachon Sa — Debt Investor Presentation (July 2023)
29 slides from Casino, Guichard-perrachon Sa's debt investor presentation, Jul 27, 2023
Slide 1: Agreement in principle on restructuring plan
Agreement in principle on restructuring plan July 2023 Strictly Strictly confidential confidential
Slide 2: Disclaimer
DISCLAIMER ◼ This presentation has been prepared by Casino, Guichard-Perrachon (“Casino” or the “Company”) in the context of the discussions and negotiations between it and certain of its creditors and other stakeholders in respect of a potential restructuring of its financial indebtedness and relat
Slide 3: Executive Summary
EXECUTIVE SUMMARY ◼ A Conciliation proceeding was opened on 25th of May 2023 for the benefit of the Company and certain of its subsidiaries1 in the context of ongoing discussions with the TERACT group and Groupement Les Mousquetaires on the one hand, and following the proposal made by EP Global Comm
Slide 4: Key Features of the Agreement in Principle
KEY FEATURES OF THE AGREEMENT IN PRINCIPLE 1 ◼ Total new cash equity: €1,200m €925m subscribed by the Consortium Estimated pro-forma gross debt 1 as of €275m open by order of priority to secured 31/12/2023 (€m) New Money creditors (RCF and TLB), unsecured creditors, perpetual creditors and share
Slide 5: Key Terms of the Various Capital Increases
KEY TERMS OF THE VARIOUS CAPITAL INCREASES Amount Description Consortium ◼ Beneficiaries: the Consortium Capital ◼ €925m ◼ Subscription in cash only Increase ◼ 4-year lock-up commitment ◼ Beneficiaries: secured creditors pro rata to their holdings in the secured debt (the “First Backstopped Capital
Slide 6: Key Terms of the Reinstated Debt Facilities
KEY TERMS OF THE REINSTATED DEBT FACILITIES Borrower / Amount 1 Maturity Interest rate Others Issuer 1 ◼ Euribor (0% floor) + 1.5% in cash during ◼ 18-month covenant the first 24 months, holiday then Euribor (0% floor) + 2% in cash ◼ Covenants to include minimum liquidity, cash ◼ 4 years from ◼ Marg
Slide 7: Options Available to Secured Creditors
OPTIONS AVAILABLE TO SECURED CREDITORS 1 ◼ Secured creditors providing operational financing1 as of 24 April 2023 can benefit from an “elevation” mechanism provided that (i) they maintain their commitments under such operational financing until closing and (ii) they undertake to provide as from clos
Slide 8: Illustrative Analysis of the Treatment of Secured Creditors
ILLUSTRATIVE ANALYSIS OF THE TREATMENT OF SECURED CREDITORS Equitization of the Secured Claims through reserved capital increases Illustrative holding of Secured Creditors participating pro rata in FBCI €m €800m €1,200m Secured Claims 1 A 3,476 3,476 - Reinstated RCF B 770 770 = Secured Claims minus
Slide 9: Indicative Pro Forma Shareholding
INDICATIVE PRO FORMA SHAREHOLDING Without exercise With exercise % of capital of Warrants #1 of Warrants #1 Existing shareholders¹ 0.3% 0.3% Consortium 53.0% 50.4% Backstopped capital increase 14.9% 14.1% Secured Equitisation and Additional Shares 28.4% 27.0% Unsecured Equitization 1.8% 1.7% Perpetu
Slide 10: Additional Features
ADDITIONAL FEATURES ◼ Execution of a lock-up agreement by end of September at the latest and agreement on long form documentation Main ◼ Receipt of an independent expert’s report conditions ◼ Authorizations under merger control and foreign investment in France precedent ◼ Exemption by the AMF from t
Slide 11: Indicative Target Timetable
INDICATIVE TARGET TIMETABLE September ◼ Signing of lock-up agreements and detailed implementation term sheets 2023 October 2023 ◼ Opening of accelerated safeguard proceedings End of October / Beginning of ◼ Setting up of classes of affected parties November Mid of December ◼ Classes of affected part
Slide 12: Appendix
APPENDIX 1 2023 reforecast 2 Consortium’s Business plan 3 Additional materials Strictly confidential 12
Slide 13: 1. 2023 Reforecast
1. 2023 REFORECAST Strictly confidential 13
Slide 14: Introduction
INTRODUCTION ◼ Given the latest business development, the year 2023P of the Business Plan previously communicated on June 26th, 2023, is no longer relevant ◼ Management performed a reforecasting exercise for the full year 2023, which is presented in the following slides Strictly confidential 14
Slide 15: Consolidated French Perimeter Including Cdiscount: Net Sales, EBITDA and Free Cash Flow 2023 Reforecast
CONSOLIDATED FRENCH PERIMETER INCLUDING CDISCOUNT NET SALES, EBITDA AND FREE CASH FLOW 2023 REFORECAST In €m 2023P 2023RF Var. Net sales HM/SM 5,765 5,673 (92) Net sales Convenience 1,670 1,510 (160) Net sales Monoprix 4,467 4,454 (13) Net sales Franprix 1,594 1,549 (45) Net sales Cdiscount 1,360 1,
Slide 16: Consolidated French Perimeter Including Cdiscount: 2023RF Performance Mostly Impacted by Casino France
CONSOLIDATED FRENCH PERIMETER INCLUDING CDISCOUNT 2023RF PERFORMANCE MOSTLY IMPACTED BY CASINO FRANCE Net Sales Bridge before Intra-group sales eliminations per Business Unit – 2023P vs 2023 RF 0 (92) (160) (13) (45) (71) 15,304 14,923 Sales 2023P HM/SM Convenience Monoprix Franprix Cdiscount Other
Slide 17: Estimated Liquidity Position as at 31/12/2023
ESTIMATED LIQUIDITY POSITION AS AT 31/12/2023 Before risks and levers After identified risks and levers Chart Title 3000 Net cash consumption: €(1,862)m Net cash generation: €342m 2 478 2500 2 115 (363) 2000 Of which €296m of social and fiscal liabilities to be repaid (882) at closing of the restruc
Slide 18: Projected Working Capital as of 31/12/2023
PROJECTED WORKING CAPITAL AS OF 31/12/2023 Var. In €m 2022A 2023P 2023RF 22A 22A- -23RF 23F Receivables 953 994 944 (9) Payables (2,306) (2,060) (1,933) 373 Inventories 1,563 1,357 1,365 (198) Trade WC 210 291 376 166 Non Trade WC (689) (677) (639) 50 WC excl. WC financing (479) (386) (263) 216 WC f
Slide 19: Distribution Casino France (DCF) Reforecast 2023
DISTRIBUTION CASINO FRANCE (DCF) REFORECAST 2023 In €m 2023P 2023RF Var. Net sales Hypermarkets 2,539 2,470 (69) Net sales Supermarkets 3,226 3,203 (23) Net sales Convenience 1,670 1,510 (160) Net sales DCF 7,435 7,182 (253) EBITDA Hypermarkets/Supermarkets (186) (331) (145) EBITDA Convenience 65 34
Slide 20: Monoprix Reforecast 2023
MONOPRIX REFORECAST 2023 In €m 2023P 2023RF Var. Net sales 4,467 4,454 (13) EBITDA aft er lease pay ment s 241 - 225 (16) Margin (%) 5.4% 5.1% (0.3)ppt Non-recurring and other items (79) (79) - Operat ing cash flow aft er lease pay ment s 162 146 (16) Change in WC (125) (190) (65) CVAE/CIT (6) (6) -
Slide 21: Franprix Reforecast 2023
FRANPRIX REFORECAST 2023 In €m 2023P 2023RF Var. Net sales 1,594 1,549 (45) EBITDA aft er lease pay ment s 121 110 (11) Margin (%) 7.6% 7.1% (0.5)ppt Non-recurring and other items (22) (27) (5) Operat ing cash flow aft er lease pay ment s 99 83 (16) Change in WC (93) (131) (38) CVAE/CIT (3) (3) - Ne
Slide 22: Cdiscount Reforecast 2023
CDISCOUNT REFORECAST 2023 In €m 2023P 2023RF Var. Net sales 1,360 1,360 0 Gross margin 392 380 (12) EBITDA aft er lease pay ment s 60 48 (12) Margin (%) 4.4% 3.6% (0.8)ppt Non-recurring and other items (25) (13) 12 Operat ing cash flow aft er lease pay ment s 35 36 1 Change in WC (104) (124) (20) CV
Slide 23: Other Activities Reforecast 2023
OTHER ACTIVITIES REFORECAST 2023 In €m 2023P 2023RF Var. AMC 87 87 - ICG and other real estate assets 27 27 - Holdings & Others 24 14 (10) EBITDA other activities 138 128 (10) ◼ Lower performance from higher costs than anticipated on other activities Strictly confidential 23
Slide 24: 2. Consortium's Business Plan
2. CONSORTIUM’S BUSINESS PLAN Strictly confidential 24
Slide 25: Overview of the Consortium's Strategic Plan for the French Perimeter
OVERVIEW OF THE CONSORTIUM’S STRATEGIC PLAN FOR THE FRENCH PERIMETER 1◼ Key assumptions ◼ Business plan based on the company's business plan and sensitivity analysis performed by Accuracy, Advancy and PWC (before 2023 reforecast) ◼ Same perimeter excluding the announced disposal of stores to ITM 2◼
Slide 26: Presentation of the Consortium's Business Plan (2024-2028)
PRESENTATION OF THE CONSORTIUM’S BUSINESS PLAN (2024-2028) Net sales (in €m) CAGR: +3.2% 16,571 17,025 15,502 15,895 15,008 2024P 2025P 2026P 2027P 2028P EBITDA (in €m) EBITDA 2.3% 3.7% 4.7% 5.6% 6.1% margin 754 930 1,041 342 567 2024P 2025P 2026P 2027P 2028P Net Capex (in €m) 379 406 422 439 428 20
Slide 27: 3. Additional Items
3. ADDITIONAL ITEMS Strictly confidential 27
Slide 28: Update on Real Estate Assets Disposal Plan
UPDATE ON REAL ESTATE ASSETS DISPOSAL PLAN Initial Real Estate asset disposal plan ◼ The revised asset disposal plan includes notably In €m H2 2023 2024 2025 2026 2027 2028 Agate: sales and lease back of 13 stores for total proceeds of €130m Agate - 200 - - - - vs. 22 stores in initial plan (for O
Slide 29: Update on IGC's Portfolio of Real Estate Assets
UPDATE ON IGC’S PORTFOLIO OF REAL ESTATE ASSETS AS OF 31/12/2022 1 Value As of 31/12/2022 (in €m) As a % of total value (including transfer taxes) Hypermarkets 221 25% S upermarkets 188 21% Convenience stores 12 1% Stores 421 48% P arking 186 21% S hopping centres 82 9% Fuel stations 70 8% Land 68 8
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