Casino Group : third-quarter 2021
THIRD-QUARTER 2021
Gradual improvement in sales momentum
Third-quarter 2021 saw a return to
growth in Group net sales, with a sequential improvement in all
geographies
Net sales of €7.7bn, up +1.0% on a
same-store basis (+5.1 pts vs. Q2 2021), and up +4.1% overall
(+10.6 pts vs. Q2 2021)
- In France Retail, same-store net sales improved by +4.1
pts compared with the second quarter
- In Latin America, growth remained very strong at Assaí,
with sales up +18%
Good level of profitability confirmed
across the banners, in France and in Latin America
Consolidated net sales by
segment
Net sales (in €m) |
Same-store growth |
|
Total growth |
Q2 2021 |
Q3 2021 |
Q2 2021 |
Q3 2021 |
France Retail |
-8.4% |
-4.3% |
|
-11.0% |
-3.2% |
Cdiscount |
-8.3% |
+8.3% |
|
-7.0% |
+10.1% |
Total France |
-8.4% |
-2.3% |
|
-10.6% |
-1.7% |
Latam Retail |
-0.2% |
+3.9% |
|
-1.4% |
+11.5% |
GROUP TOTAL |
-4.1% |
+1.0% |
|
-6.5% |
+4.1% |
Cdiscount GMV |
n.a. |
n.a. |
|
-6.1% |
+7.5% |
France
- In a declining food market shaped by the
reopening of the out-of-home food industry, the impact of the
health pass on hypermarkets, and a Paris region still feeling the
effect of the drop in tourism, the various banners saw a
gradual return to growth, with net
sales up +7.8 pts vs. Q2 to
‑3.2% (vs. -11% in Q2) overall
and by +4.1 pts on a same-store basis to
-4.3% (vs. -8.4% in Q2). This improvement
continued in the first four weeks of
October1, with net sales down -2.6% on a same-store basis
(-1.4% excluding hypermarkets) and the
convenience formats returning to growth, including
Franprix:
Net sales on a same-store basis in France |
|
Net sales (in €m) |
Q2 2021 |
Q3 2021 |
4 weeks over October1 |
Monoprix |
-4.9% |
-4.1% |
-1.6% |
Supermarkets |
-10.4% |
-2.7% |
-2.6% |
Franprix |
-12.5% |
-3.6% |
+1.0% |
Convenience |
-11.2% |
-1.3% |
+0.3% |
Hypermarkets |
-9.9% |
-8.5% |
-6.1% |
FRANCE RETAIL |
-8.4% |
-4.3% |
-2.6% |
|
|
|
|
|
- Market shares were almost stable over the last Kantar
period (-0.1 pts in P10), confirming the steady
improvement since P05;
- Continued development of priority
growth drivers:
- Acceleration in food E-commerce, with home delivery
sales up +72% in the Ile-de-France region, largely
outperforming the broader home delivery (+29%2 in France) and food
E‑commerce (+7%2 in France) markets. This performance validates the
Group's strategy supported by its store network and partnerships
with leading tech companies. In addition:
- Development of the Ocado partnership
with the addition of the Naturalia banner to the
O'logistique delivery offering, which now covers more than 35,000
items on Monoprix Plus, 26,000 on Casino Plus, and more than 4,000
items on Naturalia Marché Bio;
- The Amazon partnership generated
double-digit sales growth. Monoprix is Amazon’s sole
partner for express food delivery through its Monoprix and
Naturalia stores following the discontinuation of the banner's own
delivery service;
- Casino Group and Gorillas signed a
memorandum of understanding to seal a strategic partnership with
Monoprix & Franprix including (i) the supply of
national brands and Monoprix’s products to Gorillas, and (ii) the
preparation and delivery of Monoprix and Franprix orders by
Gorillas. Casino Group will be associated to value creation through
a stake in Gorillas in France and at Group level.
- Deployment of the expansion plan with around a
hundred convenience stores opened over the quarter (Franprix,
Monop, Vival, etc.), bringing the total number of new
stores opened since January 2021 to 454.
- Profitability remains high, with
EBITDA margin for the retail banners3 at
8%, stable over the quarter thanks to the effects of the
cost-saving plans launched in the first half of the year which
offset the impact of the sales decline on profitability.
- Cdiscount solid sales performance (GMV
+8%) despite a weak e-commerce market amid the
reopening:
- Increase in loyalty programme customer base (Cdiscount
à Volonté) of +10.8% to 2.4 million;
- Digital marketing revenues up +31% over the
quarter;
- Acceleration in Octopia's growth, with five
contracts signed over the quarter;
- C-Logistics enjoyed a sharp acceleration, with 25
customer contracts signed, of which 15 already
launched.
- GreenYellow: excellent sales momentum, with
major new contracts signed in all geographies and
strong growth prospects confirmed. The
advanced pipeline4 came to 824 MWp in
solar power projects and 351 GWh in energy
efficiency business.
- RelevanC opening up new
opportunities with (i) the development of its
subsidiary in Brazil, (ii) the acquisition by
Inlead of nearly 15 new customers over the last 12 months,
and (iii) the set up of the joint subsidiary with
Intermarché (Infinity Advertising).
Latin America
Net sales up +9.8% on an organic basis over the
quarter:
- In Brazil, organic growth of +8.1% led by Assaí (+18%5);
- Strong growth of Grupo Éxito, with same-store growth of +16%3
driven by the economic recovery;
- The Group’s leading position in food
E-commerce was strengthened, with GPA online sales up
+46%3 in Brazil (+393%3 over two years) and online sales accounting
for 9.3%3 of Grupo Éxito’s total sales.
Reported EBITDA up +6%6, from BRL 1.7bn
to BRL 1.8bn.
GPA announced plans to sell 71 Extra hypermarkets to
Assaí with the intention of converting them into the cash &
carry format, and the transformation of 28 hypermarkets into Pão de
Açúcar or Mercado Extra supermarkets. This transaction will enable
(i) the acceleration of growth at Assaí, which is expected to
achieve BRL 100bn in net sales by 2024, and (ii) the acceleration
of GPA on profitable premium and convenience formats, and the
consolidation of its leadership position in
e-commerce.
Key figures
Consolidated net sales by
segment
Net sales (in €m) |
Q3 2021 |
Totalgrowth |
Organicgrowth7 |
Same-storegrowth5 |
Same-store growth5 over two years |
France Retail |
3,560 |
-3.2% |
-5.8% |
-4.3% |
-4.5% |
Cdiscount |
492 |
+10.1% |
+8.3% |
+8.3% |
+5.1% |
Total France |
4,051 |
-1.7% |
-4.1% |
-2.3% |
-2.9% |
Latam Retail |
3,682 |
+11.5% |
+9.8% |
+3.9% |
+16.0% |
GROUP TOTAL |
7,734 |
+4.1% |
+2.2% |
+1.0% |
+7.3% |
Cdiscount GMV3 |
1,006 |
+7.5% |
n.a. |
n.a. |
n.a. |
In the third-quarter of 2021, the currency effect stood at
+0.8%, changes in scope of consolidation had a positive impact of
+0.4%, the fuel effect came to +0.6% and the calendar effect was
+0.2%.
Outlook for 2021 in France
- Focus on growth
- Objective of 750 secured convenience store openings by the end
of the year (Franprix, Vival, Naturalia, Le Petit Casino,
etc.);
- Acceleration of food e-commerce based on structurally
profitable models thanks to our exclusive partnerships (Ocado,
Amazon) and the solutions deployed in stores.
- Profitability
- In light of Cnova N.V.'s announcement on October 8, 2021,
stating it was no longer in a position to confirm its financial
objectives for 2021, the previous objectives communicated by Casino
Group for France including Cnova are no longer valid;
- The Group is therefore formulating its guidance on the France
retail banner scope8, for which it confirms, as stated on July 29
communications, its target of EBITDA growth for 2021.
- Inflationary pressures and supply chain
constraints
- The Group is attentive to changes in raw material costs and
food prices. At present, the Group does not anticipate any material
inflationary effect for full-year 2021;
- Measures have been taken to limit the risk of shortages due to
logistical constraints. At present, the Group does not anticipate
any material effect for full-year 2021.
Disposal plan
- The group confirms the continuation of its disposal
plan of €4.5bn in France, of which €3.1bn has been signed or
secured to date.
- Works for the finalization of the sale of Floa Bank, for a
total amount of €179m, are proceeding according to schedule;
- Preparatory works to finance the acceleration of GreenYellow's
growth are continuing;
- As indicated by Cnova N.V. in its press release of October 08,
2021, due to market conditions and despite interest mentioned by
possible investors, Cnova's raising of funds is deferred.
- The Group reminds that the deadline for the completion
of the disposal plan, initially set at the end of Q1 2021, has been
suspended in March 2020 in the context of the Covid-19 pandemic.
The Group will keep the market regularly informed of the progress
of this disposal plan.
Consolidated net sales in France by
banner
|
Q2 2021/Q2 2020 change |
Q3 2021/Q3 2020 change |
Net sales by banner (in €m) |
Q2 2021 net sales |
Total growth |
Organic growth9 |
Same-store growth1 |
Q3 2021 net sales |
Total growth |
Organic growth1 |
Same-store growth1 |
Monoprix |
1,093 |
-3.9% |
-3.3% |
-4.9% |
1,004 |
-1.9% |
-2.4% |
-4.1% |
Supermarkets |
711 |
-8.8% |
-12.7% |
-10.4% |
844 |
+3.4% |
-5.4% |
-2.7% |
o/w Casino Supermarkets10 |
670 |
-9.5% |
-13.4% |
-12.2% |
789 |
+4.2% |
-5.0% |
-3.7% |
Franprix |
379 |
-15.2% |
-14.4% |
-12.5% |
327 |
-4.5% |
-4.2% |
-3.6% |
Convenience & Other11 |
449 |
-28.8% |
-4.2% |
-10.7% |
498 |
+4.4% |
-2.2% |
-1.2% |
o/w Convenience12 |
342 |
-5.5% |
-6.7% |
-11.2% |
411 |
+1.8% |
+1.0% |
-1.3% |
Hypermarkets |
844 |
-7.5% |
-12.7% |
-9.9% |
886 |
-12.8% |
-12.8% |
-8.5% |
o/w Géant2 |
796 |
-8.2% |
-13.9% |
-11.4% |
824 |
-13.3% |
-13.4% |
-9.5% |
FRANCE RETAIL |
3,475 |
-11.0% |
-8.9% |
-8.4% |
3,560 |
-3.2% |
-5.8% |
-4.3% |
In France Retail, sales for the quarter
amounted to €3,560m, down -4.3% on a same-store basis (vs.
-8.4% in Q2 2021), impacted by a drop in traffic during the summer
in the Paris region and the implementation of the health pass.
The food E-commerce segment nevertheless remained very
strong, recording same-store growth in net sales of
+26% for the quarter.The digitalisation of
the customer experience continued, with 640 stores
now offering automated solutions (versus 613 at end-June
2021), enabling them to operate autonomously in the evening and on
Sundays. 65% of payments at Géant hypermarkets and 61% at Casino
Supermarkets were made by smartphone or automatic checkout during
the quarter (vs. 61% and 48% at end-2020). Casino Max app users
accounted for 26% of sales in hypermarkets and supermarkets at the
end of September (vs. 22% at end-2020) and customers with the
Casino Max Extra subscription accounted for 14.5% of sales (+3.7
pts over the year).Casino Group's market share in France is
now almost stable, with a clear improvement on the trends
seen in recent periods.
Business review by banner:
- Monoprix net sales were down -4.1% on
a same-store basis over the quarter (vs. -4.9% in Q2
2021), impacted by a poor summer in the Paris region due to low
tourist flows and the decrease in the number of residents in Paris.
E-commerce recorded a strong
growth, driven by the ramp-up of Monoprix
Plus (more than 35,000 items) and the launch of
Naturalia Marché Bio in late August (more than 4,000
items) via the O'logistique automated warehouse.
The partnership with Amazon, for which Monoprix
and Naturalia are now the only partners in express food delivery,
is also experiencing rapid double-digit growth.
The launch of the Monopflix loyalty programme at
the end of August is already a resounding success. Monoprix
continued to roll out autonomous solutions over
the quarter (244 stores to date, of which 15 new deployments in
Q3).
- Franprix sales were down -3.6% on a
same-store basis in the quarter, a sequential
improvement of +8.9 pts compared with Q2 2021
(-12.5%). The banner is still affected by the lower levels of
consumption in the Paris market, but the trend has improved since
September, with a return to growth (+1.0%) over the last
four weeks. The E-commerce segment continued its
expansion with triple-digit growth, supported by the
development of the E-commerce app and the website. The non-food
expansion strategy was stepped up with the roll-out of the
partnership with Décathlon (45 shops offering such
solutions to date). The store base continued to expand,
with 20 store openings during the quarter.
- Net sales in the Convenience segment were down -1.3% on
a same-store basis over the quarter, with a
sequential improvement of +9.9 pts compared
with Q2 2021 (-11.2%) which continued at the beginning of
Q4, with a return to positive same-store growth (+0.3%).
Total net sales increased by +1.8% in
Q3, driven by the expansion of the store base with the
opening of 373 stores since the beginning of the
year, including 73 in Q3 2021. E-commerce
sales were boosted by the continued development of
partnerships with Uber Eats and Deliveroo and the
opening of the new "mescoursesdeproximité.com" website,
which now enables 1,251 convenience stores to offer an e-commerce
solution.
- Casino Supermarkets recorded a
-3.7% change in same-store sales, representing a
sequential improvement on Q2 2021 (-12.2%), with good momentum in
September. Total net sales rose by +4.2%, helped
by the conversion of 9 Géant hypermarkets into Casino Supermarkets.
E-commerce was once again a growth driver,
with same-store growth of +28% in the quarter led by
partnerships with Deliveroo (86 stores) and Shopopop (88 stores).
The banner also continued to roll out Casino Plus
(e-commerce from the O'logistique automated warehouse), which now
offers 26,000 items. In addition, the banner continued to deploy
autonomous solutions, with 237 stores
offering such solutions to date.
- Sales at Géant hypermarkets were down
-9.5% on a same-store basis, improving sequentially
compared with Q2 2021 (-11.4%), impacted in particular by the drop
in traffic due to the implementation of the health pass. The
contribution from the E-commerce segment continued to grow
over the quarter, supported by partnerships with Uber Eats
(19 stores), Deliveroo (14 stores) and Shopopop (46 stores). In
addition, the “shop-in-shop” strategy continued
with the roll-out of C&A corners (28 corners vs. 18 at end-Q2),
Claire's corners (73, of which an additional one in Q3),
Greenriders corners (two openings), and the set-up of 8 La Grande
Récré corners. Lastly, 67 stores now offer autonomous
solutions
Current trading
Sales improved sequentially over the first four
weeks of October 202113.
|
Same-store change |
|
Net sales (in €m) |
Q2 2021 |
Q3 2021 |
Four weeks over October |
Monoprix |
-4.9% |
-4.1% |
-1.6% |
Supermarkets |
-10.4% |
-2.7% |
-2.6% |
Franprix |
-12.5% |
-3.6% |
+1.0% |
Convenience |
-11.2% |
-1.3% |
+0.3% |
Hypermarkets |
-9.9% |
-8.5% |
-6.1% |
FRANCE RETAIL |
-8.4% |
-4.3% |
-2.6% |
|
|
|
|
|
Cdiscount14
In Q3 2021, Cdiscount recorded +8%
growth in its GMV despite less dynamic market conditions
than expected amid the reopening of the market.
The banner continued to make faster
progress on its strategic pillars through:
- The acceleration in marketplace revenues
(commissions, services to vendors, marketplace subscription fees
and rebates), which rose by +8% over the quarter to
€201m on a rolling 12-month basis. Marketplace GMV
was up by +2% over the quarter and accounted for 43.2% of total GMV
(stable). Fulfillment by Cdiscount services now
account for 38.3% of marketplace GMV (up +2.8 pts
year-on-year);
- Growth in digital marketing revenues, which
were up by +31% in the quarter (to €17m) and by
+42% on a rolling 12-month basis (to €66m). This
momentum is primarily driven by the development of the Cdiscount
Ads Retail Solution (CARS) digital marketing platform, which
enables vendors and suppliers to promote their products and brands
on a self-service platform.
- The ramp-up of Octopia, the turnkey
marketplace solution for brick-and-mortar and E-commerce retailers
in the EMEA region. Octopia recorded GMV growth of +15% in
Q3 2021 (+41% since the beginning of the year) and
stepped up its development with the signing of five new
contracts with key players in e-commerce and retail
during the quarter, bringing the number of
contracts signed since the beginning of the year to seven.
Key figures1 |
Q3 2020 |
Q3 2021 |
Reportedgrowth |
GMV total including tax15 |
936 |
1,006 |
+7.5% |
o/w direct sales |
426 |
451 |
+5.8% |
o/w marketplace sales16 |
336 |
342 |
+1.9% |
o/w Octopia |
19 |
22 |
+15.4% |
Marketplace contribution (%) |
44.1% |
43.2% |
-0.9 pts |
Marketplace revenues |
41 |
45 |
+8.0% |
Net sales (in €m) |
485 |
528 |
+9.0% |
Traffic (millions of visits) |
253 |
246 |
-2.5% |
Orders17 (millions) |
6.6 |
6.4 |
-2.1% |
Active customers (in millions) |
9.7 |
10.3 |
+5.9% |
Cnova published its Q3 2021 sales figures on
8 October 2021, before market opening.
GreenYellow
At 30 September 2021, GreenYellow had an
advanced pipeline18 of 824 MWp in solar
power projects, and a pipeline of additional opportunities
of more than 3.5 GWp. The advanced pipeline1 for the energy
efficiency business came to 351 GWh, with a pipeline of
additional opportunities of around 850 GWh.
During the quarter, GreenYellow
continued its growth and accelerated its
development in its new geographies
(Vietnam and South Africa launched in 2020), in particular:
- In Vietnam, the signing of a 7 MWp solar
project for the textile manufacturer Hanatex, bringing
GreenYellow's signed portfolio to 55 plants across the
country;
- In South Africa, the signing of a new 2 MWp
solar power programme for food retailer ShopRite, expanding on an
initial solar installation that started up in September 2021.
Third-quarter 2021 was also shaped by:
- In Asia, the signing of the 200th PPA19,
bringing the overall capacity signed in the region to 160 MWp;
- In Colombia, the roll-out of GreenYellow's
"Utility as a Service (UaaS)" cold production solution in
19 stores (Carulla and Éxito);
- In Brazil, (i) the continuation of GreenYellow
Brazil's partnership with Oi Telecom, with the launch of the
construction of a new 3.5 MWp solar power plant project in the
state of Parana, (ii) the signing of a project for six 7.7 MWp
solar power plants with a building materials distributor and (iii)
the signing of a 4.1 GWh energy efficiency contract with Brazil's
leading audiovisual company;
- In Senegal, support for the Patisen agri-food
group in its energy transition, with an initial project to install
and operate a solar power plant with a capacity of 1 MWp;
- In Reunion, the allocation of an aggregate 1.6
MWp during the last Commission for Energy Regulation (CRE) call for
tenders dedicated to non-interconnected areas, via the nomination
of six competing projects on behalf of retail and manufacturing
customers.
RelevanC
RelevanC maintained its
growth momentum in Q3 2021 with, in
particular:
- The development of its subsidiary in Brazil,
which started operations in June 2021 and which has signed
agreements with 20 customers, allowing it to leverage GPA's data
and advertising inventory;
- Inlead, acquisition completed in Q1 2021:
specialising in digital marketing for networks and physical points
of sale and in the implementation of multi-local digital
strategies, Inlead has managed to win 15 new clients over
the last 12 months despite the health crisis;
- The set-up of the joint subsidiary with
Intermarché (Infinity Advertising) which aims to
commercialize: (i) personalised deals, (ii) e-commerce activation
campaigns, (iii) audience extension and (iv) game mechanics around
promotions. Infinity Advertising will have access to data
from the two groups' e-commerce sites, and their
cumulative base of 17 million loyalty
cards. For operational reasons, part of RelevanC's
staff will be transferred to Infinity Advertising.
Latam Retail
The Group's net sales in Latin America (Assaí,
GPA Brazil and Grupo Éxito) rose by +3.9% on a same-store
basis and by +9.8% on an organic basis
during the quarter, despite a high basis of comparison.
Assaí and GPA's reported EBITDA (including Grupo Éxito)
was up +6%20, from BRL 1.7bn to
BRL 1.8bn.
GPA announced plans to sell 71 Extra hypermarkets to
Assaí with the intention of converting them into the cash &
carry format, and the transformation of 28 hypermarkets into Pão de
Açúcar or Mercado Extra supermarkets. This transaction will enable
(i) the acceleration of growth at Assaí, which is expected to
achieve BRL 100bn in net sales by 2024, and (ii) the acceleration
of GPA on profitable premium and convenience formats, and the
consolidation of its leadership position in
e-commerce.
- In Brazil, net sales increased by
+0.4% on a same-store basis and by +8.1%
on an organic basis:
- Assaí recorded growth of
+18%21 over the quarter (+56%2 over two years) with
significant market share gains relating to the gradual return of
B2B customers and the continued migration of consumers to the cash
& carry model. This growth was driven by a consistent
same-store performance (+4.5%2) and the excellent performance of
stores opened in the last 12 months;
- GPA Brazil sales decreased by
-5.6%2 on a same-store basis
(+1.6%2 over two years), mainly held back by the non-food segment.
Excluding the hypermarket and drugstore businesses, sales
were stable2 compared with Q3 2020 (+8.4%2 over two
years), driven by online sales
growth of +46%2 (+393%2 over two years) and the
good performance of convenience stores:
- The Convenience segment (+12.1%2) sustained
its success with double-digit same-store growth for the 13th
consecutive quarter, driven by the good momentum of Minuto Pão de
Açúcar;
- Extra supermarkets (-0.2%2)
reported a stable performance on a same-store basis;
- Pão de Açúcar (-3.6%2) was
affected by a high basis of comparison, lower volumes due to
declining purchasing power and competition from small
retailers;
- Extra hypermarkets (-12.8%2)
were mainly held back by the migration of non-food sales to online
sales sites, despite a positive performance in food (+2.9%2).
- Net sales at Grupo Éxito were up by
+15.7%2 on a same-store basis over the
quarter:
- Colombia: strong same-store growth of
+16.8%2, driven by the recovery of the Colombian
economy and the end of health restrictions, resulting in a massive
return of consumers in stores;
- Uruguay: down -0.8%2 on a
same-store basis, reflecting the slow recovery in consumption;
- Argentina: up +59.3%2 on a
same-store basis, primarily driven by inflation (+50%).
In Latin America, the Group reported an improvement in
EBITDA of +6%1, from BRL 1.7bn to BRL 1.8bn.
- Assaí: +36%2 increase in EBITDA, outpacing
sales growth, reflecting an increase in EBITDA margin of +120 bps1
to 9.0%;
- GPA Brazil: EBITDA down by -33%2, mainly due
to lower sales and price investments in hypermarkets. EBITDA margin
came to 5.8%.
- Grupo Éxito: EBITDA up +42%2, reflecting a
margin of 8.5%2. Increase of +49%2 in Colombia, and +14%2 in
Uruguay driven by cost control and productivity gains.
Assaí published its third-quarter 2021 results on
28 October 2021, and GPA and Grupo Éxito published on 3
November 2021.
ADDITIONAL FINANCIAL INFORMATION RELATING TO
THE 2019 REFINANCING DOCUMENTATION
See press release dated 21 November 2019
In France (excluding GreenYellow),
secured leverage ratio of 2.64x in Q3 2021, with comfortable
headroom of €213m on EBITDA compared with the 3.50x
covenant.
Financial information for the 3-month
period ended 30 September 2021:
In €m |
France22 (France Retail +
E-commerce) |
Latam1 |
Total |
|
Q3 2020 |
Q3 2021 |
Change |
Q3 2020 |
Q3 2021 |
Change |
Q3 2020 |
Q3 2021 |
Change |
Net sales |
4,127 |
4,051 |
-76 |
3,299 |
3,682 |
+383 |
7,426 |
7,733 |
+307 |
EBITDA |
358 |
310 |
-48 |
241 |
273 |
+32 |
600 |
583 |
-17 |
(-)
impact of leases23 |
(160) |
(158) |
+2 |
(63) |
(79) |
-16 |
(223) |
(237) |
-14 |
EBITDA including leases |
199 |
152 |
-46 |
178 |
194 |
+15 |
377 |
346 |
-31 |
In France, EBITDA came to €310m for the
quarter. The change compared with Q3 2020 is broken down
into: (i) a decline in property development (-€17m,
non-cash), as the Group benefited last year from the sale of
Mercialys shares24, (ii) timing differences on GreenYellow projects
compared with last year (-€9m), with no impact on the overall
full-year performance, (iii) price investments by Cdiscount amid
low demand in Q3 and (iv) a stable EBITDA margin in food retailing,
the business effect on profitability being offset by the
cost-saving plans launched in the first half of the year.
In Latin America, EBITDA increased by
+€32m with an improvement in both Brazil and Colombia. For
more information, see the press releases published by Assaí, GPA
and Grupo Éxito.
The Group’s EBITDA fell by -€17m over
the quarter.
Financial information for the 12-month
period ended 30 September 2021:
In €m |
France1 (France Retail +
E-commerce) |
Latam1 |
Total |
Net sales |
16,244 |
14,316 |
30,560 |
EBITDA |
1,550 |
1,210 |
2,760 |
(-)
impact of leases2 |
(638) |
(289) |
(927) |
(i) EBITDA including leases |
913 |
921 |
1,834 |
(ii) Gross debt25 |
5,897 |
2,857 |
8,754 |
(iii) Cash and cash equivalents26 |
541 |
1,183 |
1,724 |
EBITDA including leases over the rolling
12-month period ended 30 September 2021 came out at €913m in
France. The Group's liquidity in France was €2.1bn,
comprising €541m in cash and cash equivalents and €1.6bn in undrawn
confirmed lines of credit, available at any time.
In France, excluding GreenYellow and
disposals, the change in net debt for third-quarter 2021
represented an improvement of almost €70m compared with last year,
and reflects the customary
seasonality27.
In France, at 30 September
2021:
- Gross debt includes €312m in commercial paper and €650m
in drawn down credit lines (vs. €255m in commercial paper
and €100m in drawn down credit lines at end-June 2021);
- Cash and cash equivalents totalled €541m (vs.
€538m at end-June 2021).
Additional information regarding
covenants and segregated accounts:
Covenants tested as from 30 June 2021 pursuant to the
Revolving Credit Facility dated 18 November 2019, as
amended in July 2021 |
Type of
covenant (France and E-commerce excluding GreenYellow) |
At
30 September 2021 |
Secured gross debt / EBITDA including leases
≤ 3.50x |
2.64x |
EBITDA including leases / Net finance costs
≥ 2.50x |
3.14x |
The secured gross debt / EBITDA including leases
covenant stood at 2.64x, with EBITDA including leases of €873m and
secured debt of €2.3bn.
Both covenants are comfortably met with EBITDA
margins of:
- €213m for the secured gross debt / EBITDA including leases
covenant
- €179m for the adjusted EBITDA including leases / net finance
costs covenant
The segregated account balance stood at €339m at
30 September 2021, the same level as at 30 June 2021.
No cash has been credited to or debited from the
Bond Segregated Account and its balance remained at €0.
APPENDICES – OTHER INFORMATION
Main changes in scope
- Leader Price is presented in discontinued operations (sold on
30 November 2020)
- Conversion of 9 Géant Casino hypermarkets into Casino
supermarkets on 1 July 2021
|
Exchange rate
AVERAGE EXCHANGE RATES |
Q3 2020 |
Q3 2021 |
Currency effect |
Brazil (EUR/BRL) |
6.2820 |
6.1593 |
+2.0% |
Colombia (EUR/COP) (x 1000) |
4.3608 |
4.5305 |
-3.7% |
Uruguay (EUR/UYP) |
49.9499 |
50.9792 |
-2.0% |
Argentina28 (EUR/ARS) |
85.6841 |
114.6392 |
-25.3% |
Gross sales under banner in
France
TOTAL ESTIMATED GROSS FOOD SALES UNDER BANNER (in €m,
excluding fuel) |
Q3 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
Monoprix |
1,112 |
-4.1% |
-5.3% |
Franprix |
392 |
-3.6% |
-4.7% |
Supermarkets |
765 |
-2.6% |
-1.8% |
Hypermarkets |
677 |
-6.4% |
-9.2% |
Convenience & Other |
595 |
-1.0% |
+5.4% |
o/w Convenience |
508 |
-1.1% |
+5.3% |
TOTAL FOOD |
3,541 |
-3.6% |
-3.5% |
TOTAL ESTIMATED GROSS NON-FOOD SALES UNDER BANNER (In €m, excluding
fuel) |
Q3 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
Hypermarkets |
110 |
-17.5% |
-20.0% |
Cdiscount |
839 |
+8.4% |
+5.1% |
TOTAL NON-FOOD |
948 |
+6.6% |
+3.4% |
TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel) |
Q3 2021 |
Same-store change (excl. calendar effects) |
Same-store change (excl. calendar effects) over 2
years |
TOTAL FRANCE AND CDISCOUNT |
4,489 |
-0.7% |
-1.1% |
Store network at period-end
FRANCE |
31 Dec. 2020 |
31 March 2021 |
30 June 2021 |
30 Sept. 2021 |
Géant Casino hypermarkets |
105 |
104 |
95 |
95 |
o/w French franchised affiliates |
4 |
3 |
3 |
3 |
International affiliates |
7 |
7 |
7 |
7 |
Casino Supermarkets |
419 |
417 |
422 |
425 |
o/w French franchised affiliates |
71 |
68 |
64 |
63 |
International affiliates |
24 |
25 |
22 |
25 |
Monoprix (Monop’, Naturalia…) |
799 |
806 |
830 |
833 |
o/w franchised affiliates |
192 |
195 |
201 |
203 |
Naturalia integrated
stores |
184 |
189 |
203 |
200 |
Naturalia franchises |
32 |
34 |
39 |
44 |
Franprix (Franprix, Marché d’à côté…) |
872 |
877 |
890 |
906 |
o/w franchises |
479 |
493 |
533 |
564 |
Convenience (Spar, Vival, Le Petit Casino…) |
5,206 |
5,311 |
5,502 |
5,563 |
Other businesses |
233 |
334 |
320 |
303 |
Total France |
7,634 |
7,849 |
8,059 |
8,125 |
|
|
|
|
|
INTERNATIONAL |
31 Dec. 2020 |
31 March 2021 |
30 June 2021 |
30 Sept. 2021 |
ARGENTINA |
25 |
25 |
25 |
25 |
Libertad hypermarkets |
15 |
15 |
15 |
15 |
Mini Libertad and Petit Libertad mini-supermarkets |
10 |
10 |
10 |
10 |
URUGUAY |
93 |
93 |
92 |
93 |
Géant hypermarkets |
2 |
2 |
2 |
2 |
Disco supermarkets |
30 |
30 |
30 |
30 |
Devoto supermarkets |
24 |
24 |
24 |
24 |
Devoto Express mini-supermarkets |
35 |
35 |
34 |
35 |
Möte |
2 |
2 |
2 |
2 |
BRAZIL |
1,057 |
1,058 |
1,058 |
1,064 |
Extra hypermarkets |
103 |
103 |
103 |
103 |
Pão de Açúcar supermarkets |
182 |
182 |
181 |
181 |
Extra supermarkets |
147 |
147 |
147 |
146 |
Compre Bem |
28 |
28 |
28 |
28 |
Assaí (cash & carry) |
184 |
184 |
187 |
191 |
Mini Mercado Extra & Minuto Pão de Açúcar
mini-supermarkets |
236 |
237 |
236 |
239 |
Drugstores |
103 |
103 |
102 |
102 |
+ Service stations |
74 |
74 |
74 |
74 |
COLOMBIA |
1,983 |
1,974 |
2,006 |
2,035 |
Éxito hypermarkets |
92 |
92 |
92 |
92 |
Éxito and Carulla supermarkets |
153 |
153 |
155 |
153 |
Super Inter supermarkets |
69 |
61 |
61 |
61 |
Surtimax (discount) |
1,544 |
1,548 |
1,577 |
1,607 |
o/w “Aliados” |
1,470 |
1,476 |
1,505 |
1,536 |
B2B |
34 |
34 |
34 |
34 |
Éxito Express and Carulla Express mini-supermarkets |
91 |
86 |
87 |
88 |
CAMEROON |
2 |
2 |
3 |
4 |
Cash & carry |
2 |
2 |
3 |
4 |
Total International |
3,160 |
3,152 |
3,184 |
3,221 |
Analyst and investor contacts
Lionel Benchimol+ 33 (0)1 53 65
64 17 - lbenchimol@groupe-casino.fror+ 33 (0)1 53 65 24 17 -
IR_Casino@groupe-casino.fr
Press contacts
Casino Group - Communications
Department
Stéphanie Abadie+ 33 (0)6 26 27
37 05 - sabadie@groupe-casino.fror+ 33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.fr
-
Agence IMAGE 7
Karine Allouis +33 (0)1 53
70 74 84 - kallouis@image7.frFranck
Pasquier + 33(0)6 73 62 57 99 -
fpasquier@image7.fr
Disclaimer
This press release was prepared solely for
information purposes, and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. Recipients should
not consider it as a substitute for the exercise of their own
judgement. All the opinions expressed herein are subject to change
without notice.
1 From 27 September to 24 October 2021
2 Third-quarter growth in home deliveries in France (source:
Nielsen)
3 France Retail excluding property development and
GreenYellow
4 The advanced pipeline comprises projects at the "awarded" and
"advanced pipeline" stages within GreenYellow's portfolio of
projects in development
5 Data published by the subsidiaries
6 Data published by the subsidiaries, including a COP vs. BRL
currency effect
7 Excluding fuel and calendar effects
8 France Retail excluding GreenYellow, real estate development
and Vindémia (sold in June 2020), as communicated on page 1 of the
2021 half-year results press release
9 Excluding fuel and calendar effects
10 Excluding Codim stores in Corsica: 8 supermarkets and 4
hypermarkets
11 Other: mainly Vindémia (sold in June 2020), Geimex and
restaurants
12 Net sales on a same-store basis include the same-store
performance of franchised stores
13From 27 September to 24 October 2021
14 Unaudited data published by Cnova NV. The reported figures
present all revenues generated by Cdiscount, including its
technical goods sales in Casino Group’s hypermarkets and
supermarkets
15 Gross merchandise volume (GMV) includes sales
of merchandise, other revenues and the marketplace’s sales volume
based on confirmed and shipped orders, including tax, and the sales
volume of services and Octopia
16 Including the digital marketing platform CARS
17 Total number of orders placed before cancellation due to
detection of fraud and/or lack of customer payment
18 The advanced pipeline comprises all projects
that are in the "awarded" and "advanced pipeline" stages within
GreenYellow's portfolio of projects in development. The pipeline of
additional opportunities comprises all projects that are in the
"pipeline" and "early stage" within GreenYellow's portfolio of
projects in development.
19 Power purchase agreement
20 Data published by the subsidiaries, including a COP vs. BRL
currency effect
21 Data published by the subsidiaries
22 Unaudited data, scope as defined in bond refinancing
documentation with mainly Segisor accounted for within the France
Retail + E-commerce scope
23 Interest paid on lease liabilities and
repayment of lease liabilities as defined in the refinancing
documentation
24 EBITDA related to the recognition of previously neutralised
property development projects carried out with Mercialys (property
development operations carried out with Mercialys are neutralised
in EBITDA based on the Group's percentage interest in Mercialys; a
reduction in Casino's stake in Mercialys or the disposal of those
assets by Mercialys therefore results in the recognition of
previously neutralised EBITDA)
25 Loans and borrowings as of 30 September
2021
26 Data as of 30 September 2021
27 The change in working capital is typically
negative in the first quarter, positive in the second, negative in
the third, and positive in the fourth quarter
28 Pursuant to the application of IAS 29, the exchange
rate used to translate the financial statements of Argentinian
subsidiaries corresponds to the closing rate
- 20211104 - Press Release - Q3 2021
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