Groupe Casino - Q1 2020 additional financial information
May 15 2020 - 11:47AM
Groupe Casino - Q1 2020 additional financial information
Q1 2020 additional financial
informationAs part of the quarterly information
requirements included in the documentation in relation to the fall
2019 refinancings (cf. press release of 21st November 2019)
Friday 15th May, 2020
Highlights:
- Good operational performance
in Q1 (EBITDA and working capital) translated into higher
cash-flows, with change in cash and cash equivalent in Q1
2020 improved by +€250m in France compared to Q1 2019;
- Strong liquidity in France as at March 31st
with over €2.9bn in cash and undrawn credit
lines;
- Ample headroom on covenants as of March 31st:
headroom of €925m in Gross Financial Debt for the Gross Financial
Debt/EBITDA ratio and headroom of €485m in EBITDA for the
EBITDA/Net finance costs ratio.
Financial information for the quarter
ended 31st March, 2020:
(in M €, post-IFRS16) |
France Retail + E-Commerce |
LATAM |
TOTAL |
Revenues(1) |
4 338 |
3 955 |
8 294 |
|
|
|
|
EBITDA(1) |
192 |
245 |
437 |
(-) impact of leases(2) |
-170 |
-89 |
-259 |
Adjusted Consolidated EBITDA including
leases(1) |
22 |
156 |
178 |
(1) Unaudited data, perimeter as defined in
financing documentations with mainly Segisor accounted for within
France Retail + E-commerce perimeter(2) Interest paid on lease
liabilities and repayment of lease liabilities as defined in the
documentation
Consolidated net sales at €8.3bn, up
+7.9% on an organic basis1 and +6.4% on a same-store
basis1, including the impact on food consumption of the Covid-19
epidemic since mid-March. For additional information, please refer
to the Q1 Net Sales press release dated 23 April 2020.
For “France Retail + E-commerce”, EBITDA
was up +€67m compared to Q1 2019 driven by the additional
business generated since mid-March and the impact of the
cost-savings plans. Latam EBITDA decreased by -€15m due to currency
effects, while consolidated proforma EBITDA published by GPA
increased by +2%. For additional information on Latam results,
please refer to the 1Q20 Earnings release published by GPA dated
13th of May 2020.
The impact of leases was €259m of which €170m
was for the “France Retail + E-commerce” perimeter and €89m for the
Latam perimeter.
Financial information on a last 12-month
period ended 31st March, 2020:
(in M €, post-IFRS16) |
France Retail + E-Commerce |
LATAM |
TOTAL |
Revenues(1) |
18 252 |
16 326 |
34 579 |
|
|
|
|
EBITDA(1) |
1 601 |
1 091 |
2 691 |
(-) impact of leases(2) |
-654 |
-314 |
-968 |
(i) Adjusted Consolidated EBITDA including
leases(1) |
946 |
776 |
1 723 |
|
|
|
|
(ii) Gross financial debt : Loans and
borrowings(1)(3) |
6 409 |
3 046 |
9 455 |
|
|
|
|
(iii) Cash and Cash Equivalent(1)(3) |
962 |
1 081 |
2 042 |
(1) Unaudited data, perimeter as defined in
financing documentations with mainly Segisor accounted for within
France Retail + Ecommerce perimeter(2) Interest paid on lease
liabilities and repayment of lease liabilities as defined in the
documentation(3) Data as of 31st March, 2020
As at 31st March 2020, the Group’s
liquidity within the “France + E-commerce” perimeter was €2.9bn,
with €962m of cash and cash equivalent and €1.98bn of undrawn
confirmed credit lines.
Following the particularly strong sales
performance in March, the Group’s working capital
was improved compared to the seasonal impact than is
typically experienced in the first quarter of the year.
Within the “France Retail + E-commerce”
perimeter, change in cash and
cash equivalent during Q1 2020 improved by €250m compared
to the change recorded in Q1 2019 as a result of the increase in
EBITDA and the positive impact of sales and inventory management on
working capital. As at March 31st, 2020, €350m of confirmed credit
lines were drawn and €60m commercial papers were outstanding
(compared to no drawn confirmed credit lines and €423m commercial
papers outstanding as of 31st March, 2019).
In France, the €257m March 2020 bonds were
redeemed at maturity using the Segregated account (€193m) and
available cash (€64m), and not refinanced.
Additional information regarding
covenants and segregated accounts:
Covenants tested as from March 31st 2020 pursuant to the
€2bn Revolving Credit Facility dated 18 November 2019 |
Type of covenant (France and E-commerce) |
Level as at March 31st 2020 |
Gross Financial Debt / Adjusted EBITDA(1) <
7.75x(2) |
6.77x |
Adjusted EBITDA(1) / Net finance costs >
2.25x |
4.61x |
(1) Adjusted Consolidated EBITDA including
leases (2) 7.75x at 31 March 2020, 7.50x at 30 June 2020, 7.25x at
30 September 2020, 5.75x at 31 December 2020, 6.50x at 31 March
2021, 6.00x at 30 June 2021 and 30 September 2021, and 4.75x as
from 31 December 2021
Covenant metrics tested as of end March 2020 do
not yet reflect the impact of the Leader Price and Vindemia
disposals, which represent a combined positive impact of c.1 turn
on leverage.
The Group confirms that €192.7m was debited from
the Segregated Account during the Financial Quarter ended 31st
March 2020 in order to repay part of March 2020 bond maturity and
its balance stood at €0 as at March 31st 2020.
No cash has been credited or debited from the
Bond Segregated Account and its balance remained at €0.
***
ANALYST AND INVESTOR
CONTACTS
Régine GAGGIOLI – +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS
CONTACTSCasino Group – Direction
of CommunicationStéphanie ABADIE -
sabadie@groupe-casino.fr - +33 (0)6 26 27 37 05
or
+33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.fr
Agence IMAGE 7Karine ALLOUIS –
Tel : +33 (0)6 11 59 23 26 - kallouis@image7.frFranck PASQUIER
– Tel : +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. It should not be
regarded by recipients as a substitute for the exercise of their
own judgment. All the opinions expressed herein are subject to
change without notice.
1 Organic and same-store changes exclude fuel and calendar
effects. Net sales and total and organic growth are impacted by the
store disposals and closures carried out in 2019
- 2020.05.15 - Q1 2020 Additional financial information
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