Casino Group: 2021 Full Year Results
2021 FULL-YEAR RESULTS
AND FOURTH QUARTER 2021 NET SALES
Friday, 25 February 2022
2021 RESULTS
Repositioning of the
Group on buoyant formats in
all geographies
Both 2020 and 2021 were shaped by the
pandemic, which affected the Group's geographies and formats in
different ways depending on the period.Over one
year:
- Consolidated net sales
amounted to €30.5bn, down -0.8%1 year on year, including a
-5.4% decline for France Retail due to the impact of the health
crisis on the Paris region and tourist areas, a stable performance
for Cdiscount, and growth of +2.7% in Latin America.
- EBITDA came out at
€2,527m, including €1,281m2 for the French retail banners3
(-1.7% vs. 2020), €106m for Cdiscount (-18% vs. an exceptionally
high comparison basis in 2020), and €1,035m in Latam (excluding tax
credits), up +9% at constant exchange rates.
Over two years (i.e.
compared to the pre-Covid period), the Group benefited from
the positive effects of its transformation plans:
- In France, the retail
banners' EBITDA margin rose +83 bps
thanks to efficiency plans (stable EBITDA despite the
health-crisis-induced drop in sales).
- At
Cdiscount, deep transformation of the business model
towards a margin accretive mix (marketplace, digital
marketing and B2B) with EBITDA improving +54%.
- In Latam,
net sales rose +15% and EBITDA jumped
+29%4.
The Group is now well positioned in all
of its geographies:
- In
France, repositioning in formats adapted to new
consumer trends (premium, convenience and E-commerce)
- In Latin
America, following two major transactions (Assaí spin-off
and sale of 70 GPA hypermarkets to Assaí), the Group now has
well-adapted assets ready to accelerate growth in their respective
markets.
At end-2021, consolidated net debt stood
at €5.9bn (vs. €4.6bn at end-2020 and €5.7bn at
end-2019).
In France, the pace of the
disposal plan slowed due to the pandemic. Disposals worth
€400m have been secured since January 2021, with the bulk
of the proceeds to be collected in 2022.
In this context, reflecting the transitional
factors linked mainly to the Group’s repositioning in France, net
debt for the France Retail scope5 totalled €4.4bn at end-2021 vs.
€3.7bn one year earlier. The Group is now aiming to
complete the final €1.3bn of its €4.5bn disposal plan by the end of
2023.
In order to prioritise debt reduction, the Board
of Directors will recommend to the 2022 Annual General Meeting not
to pay a dividend in 2022 in respect of 2021.
In
France
France RetailThe
Group's key geographies, such as Paris and
south-east France, were particularly hard hit by the 2020-2021
health crisis (decline in customer traffic and tourist numbers,
restricted access to stores). The retail banners' net
sales3 totalled €14.1bn,
with same-store sales improving sequentially
quarter on quarter to -3.0% in Q4 (+1.3 pt vs Q3) and -1.6% on the
last four weeks6 (+1.4 pt vs Q4). Franprix-Convenience gross sales
under banner were up +2.5% in Q4 and +5.1% in
February6 driven by expansion with franchise.
|
|
Same store sales |
|
|
|
|
Gross sales under banner |
|
|
|
Q3 2021 |
Q4 2021 |
4weeks to 20
Feb6 |
|
|
Q3 2021 |
Q4 2021 |
4weeks to 20
Feb6 |
|
|
Monoprix |
-4.1% |
-2.8% |
-3.4% |
|
Franprix |
-2.5% |
-0.2% |
-1.0% |
|
|
Supermarkets |
-2.7% |
-3.3% |
-2.2% |
|
Convenience |
+5.0% |
+5.0% |
+10% |
|
|
Franprix |
-3.6% |
-2.0% |
-1.8% |
|
Franprix and Convenience |
+2.1% |
+2.5% |
+5.1% |
|
|
Convenience |
-1.3% |
-0.7% |
+5.9% |
|
|
|
|
|
|
|
Hypermarkets |
-8.5% |
-4.7% |
-1.5% |
|
|
|
|
|
|
|
FRANCE RETAIL |
-4.3% |
-3.0% |
-1.6% |
|
|
|
|
|
|
|
- In this
environment, the Group has undergone a deep
transformation and is now refocused on the
most buoyant formats (premium, convenience and
e-commerce), which now represent 76% of sales (+16
pts vs. 2018). Expansion picked up in high-growth
formats: (i) convenience
stores (more than 730 stores opened since
January 2021) and (ii) e-commerce up +15% (vs. +6%
for the market7), including +48% for home delivery (vs. 25% for the
market1).
- The Group pushed
ahead with its omnichannel innovation strategy:
- New
customer services: subscriptions (210,000 by end-2021,
representing a two-fold increase over one year), digitalised
customer journey, personalised deals and Tesla charging
stations;
- Rollout of
best-in-class artificial intelligence technology
solutions in stores and logistics activities (partnerships
with Google Cloud, Amazon Web Service, Belive.ai);
- Strengthening of
partnerships with major e-commerce players (Ocado, Amazon and
Gorillas).
- The cost
savings plans implemented during the period
reduced the cost base and
sustainably increased banner profitability. As a consequence, the
retail banners' EBITDA margin increased by
+83 bps over two years (+31 bps over one year) to
9.1%, with a trading
margin of 3.4%. The restructuring
generated non-recurring expenses, which temporarily weighed on cash
flow generation.
- Lastly, the Group
signed a strategic agreement with Intermarché: (i)
creation of the AUXO purchasing partnership, the
second largest player in the market with a 24% market
share, and (ii) creation of Infinity Advertising, a joint
venture that monetises data (17 million profiles).
- Amid the ongoing
normalisation of the health situation, the
completion of the transformation plans and the continued expansion
of convenience and e-commerce formats will enable the Group to
aim for a return to growth in 2022 in profitable and
cash-flow generating formats.
Cdiscount
- Cdiscount's
business model has been completely
transformed over the last two years, shifting from a model
based on direct sales to one based on the marketplace,
digital marketing and B2B, with a decrease in direct
sales. All Cdiscount indicators improved over two
years, after an exceptional year in 2020:
Marketplace GMV up +22% (stable over one year),
digital marketing up +75% (+32%
over one year), 3.5-times increase in B2B GMV
(+30% over one year), NPS up +8 pts (+6 pts over
one year), and CDAV subscribers up +20% (+9% over
one year). Octopia has already won 12 major contracts
(including Rakuten) and will now be offered to Ocado
customers.
- In 2022, Cdiscount
will pursue its strategic plan prioritising the
marketplace, digital marketing and accelerated expansion of
B2B services (Octopia, C-Logistics).
Disposal plan
-
Implementation of the disposal plan initiated in
2018, of which €3.2bn has been completed to date, slowed during the
health crisis. €400m in disposals were
secured in 2021 and early 2022, of which
€291m cashed-in to
date (€48m in 2021 and €243m in early 2022). Due to the
disposal slow-down in 2021 and transitory elements linked to the
Group transformation, France Retail net debt (excluding IFRS 5)
evolved from €3.7bn to €4.4bn (excluding GreenYellow).
- In view of the
current outlook and the options available, the Group is confident
to complete its €4.5bn
disposal plan in France by the end of 2023 at the
latest.
In Latin America
- In Latin America,
the Group's geographies were heavily affected by the pandemic and
the Group's banners had to adapt to the new situation. Thanks to
major transactions (Assaí spin-off, sale of GPA
Extra Hypermarkets to Assaí), the Group now has
well-adapted assets ready to accelerate growth in
their respective markets:
- Assaí, in the cash &
carry segment in Brazil:
+17%8 growth and 28 store
openings over the year (total of 212 stores). The banner
is aiming to open 50 stores by 2024, in addition to the conversion
of the 70 Extra Hypermarkets sold by GPA to
Assaí, to reach R$100bn in gross
sales by 2024;
- GPA, which
operates buoyant formats
(premium, convenience and e-commerce) in the most buoyant
regions (São Paulo);
- Grupo Éxito, leader in
Colombia and Uruguay:
+21%2 acceleration in sales
in Q4 (vs +7.5% over the year);
omni-channel activities represent 12% of sales in
Colombia (2.4-times increase vs. 2019).
|
2021 Key Figure |
|
|
|
|
Change at CER |
|
In €m |
|
2019 |
2020 |
2021 |
Change over 1 year |
Change over 2 years |
|
Net sales – Groupo/w France Retail o/w Retail
banners9 o/w Vindémia (sold in June 2020)o/w
Cdiscount Gross merchandise volume
o/w marketplace o/w direct saleso/w Latam |
|
34,64516,32215,4948281,9663,8991,2451,99116,358 |
31,91215,21914,8134062,0374,2041,5141,93414,656 |
30,54914,07114,07102,0314,2061,5181,84014,448 |
-0.8%10-5.4%2-5.4%2--0.3%+0.0%+0.2%-4.9%+2.7%2 |
+6.9%2-2.6%2-2.6%2-+3.3%+7.9%+22%-7.6%+15%2 |
|
EBITDA – Group11o/w France
Retail o/w Retail
banners Margin (%)o/w CdiscountMargin
(%)o/w Latam (excl. tax credits)Margin (%) |
|
2,6401,4671,2828.3%693.5%1,1046.8% |
2,7381,4471,3048.8%1296.4%1,0237.0% |
2,5271,3581,2819.1%1065.2%1,0357.2% |
-4.7%-6.1%-1.7%+31 bps-18%-114 bps+8.7%+19
bps |
+12%-7.4%-0.0%+83 bps+54%+171 bps+29%+42 bps |
|
Trading profit – Group3o/w France
Retail o/w Retail
banners Margin (%)o/w CdiscountMargin
(%)o/w Latam (excl. tax credits)Margin (%) |
|
1,3216895103.3%40.2%6283.8% |
1,4226214883.3%532.6%6104.2% |
1,1935354843.4%180.9%6124.2% |
-12%-14%-0.8%+14 bps-65%-168 bps+7.9%+8 bps |
+9.7%-22%-5.0%+15 bps+369%+71 bps+34%+40 bps |
Leader Price, which was sold on 30 November
2020, is presented as a discontinued operation in 2020 and
2021.
The 2020 financial statements have been restated
to reflect the retrospective application of the IFRIC IC decision
relating to the recognition of liabilities for certain
post-employment benefits.
The Board of Directors met on 24 February 2022
to approve the statutory and consolidated financial statements for
2021. The auditors have completed their audit procedures on the
financial statements and are in the process of issuing their
report.
2021 FULL-YEAR RESULTS
|
In €m |
2020 |
2021 |
Reported change |
|
Net sales |
31,912 |
30,549 |
+0.1% (organic basis) |
|
EBITDA |
2,738 |
2,527 |
-4.7% at constant exchange rates |
|
Trading profit |
1,422 |
1,193 |
-12% at constant exchange rates |
|
o/w tax credits in Brazil |
139 |
28 |
(-1.5% excluding tax credits and property development) |
|
o/w property development in France |
63 |
13 |
|
Underlying net profit, from continuing
operations, Group share |
266 |
94 |
|
|
Net profit (loss) from continuingoperations, Group share |
(374) |
(275) |
Mainly impairment in Latam relating to the sale of the Extra
hypermarkets, and non-recurring expenses related to the completion
of the transformation plans in France |
|
Net profit (loss) from discontinuedoperations, Group share |
(516) |
(254) |
Leader Price's operating losses up until the transfer of the
stores |
|
Consolidated net profit (loss),Group
share |
(890) |
(530) |
|
In 2021, the Group's consolidated net
sales amounted to €30.5bn, up +0.1% on an
organic basis12 and down -4.3% after taking into account the
effects of exchange rates and hyperinflation (-3.4%), changes in
scope (-1.2%) and fuel (+0.7%).On the France
Retail scope, net sales were down -5.4% on a
same-store basis. Including Cdiscount, same-store growth
in France came to -4.8%.E-commerce (Cdiscount)
gross merchandise volume (GMV) represented
€4.2bn13, up +8%
over two years and stable compared to an
exceptional 2020 due to the pandemic, with an increase in the
marketplace contribution (+6.7 pts vs. 2019) to 45.2%2.Sales in
Latin America were up by +6.4% on an organic
basis1, mainly driven by the very good performance in the
cash & carry segment (Assaí), which grew by
+17%2 on an organic basis.
Consolidated EBITDA came to
€2,527m, a change of -7.7% including currency
effects and -4.7% at constant exchange rates. France EBITDA
(including Cdiscount) amounted to €1,464m, including
€1,358m on the France Retail scope and €106m for Cdiscount.
EBITDA for the retail banners (France Retail
excluding GreenYellow, Vindémia and property development) was
stable over two years (-1.7% vs. 2020) at €1,281m, reflecting a
+83-bp increase in the
margin (+31 bps vs. 2020) due to the efficiency plans.
EBITDA came to €14m for property development and
to €63m14 for GreenYellow. France EBITDA
margin (including Cdiscount) came to 9.1%, stable
year-on-year.In Latin America, EBITDA
increased by +9% over one year and by +29% over two years,
excluding tax credits and currency effects. Including tax credits15
(€28m in 2021 and €139m in 2020), EBITDA came out at €1,063m
compared to €1,161m in 2020.
Consolidated trading profit
came to €1,193m (€1,166m excluding tax credits4),
a decrease of -16.1% including currency effects and -12.5% at
constant exchange rates (-5.2% excluding tax credits).In
France (including Cdiscount), trading profit stood at
€554m, including €535m on the France Retail scope
and €18m for Cdiscount. Trading profit for the retail
banners (France Retail excluding GreenYellow, Vindémia and
property development) was virtually stable (-0.8%) at €484m,
reflecting a +14-bp increase in the margin
to 3.4%. Trading profit came to €13m for property
development and €39m for GreenYellow,
including higher depreciation and amortisation expense in
connection with the asset holding model. The trading margin
in France (including Cdiscount) was
3.4%.In Latin America,
trading profit excluding tax credits and currency effects
was up by +8% over one year and by +34% over two years.
Including tax credits (€28m in 2021 and €139m in 2020), trading
profit was €640m compared to €748m in 2020. Trading profit was
driven by (i) the significant improvement in trading profit at
Assaí, in line with business growth, and (ii) an
excellent performance from Éxito, with renewed
growth and an upturn in property development; but impacted by
hypermarkets at GPA Brazil (inventory drawdowns
before disposals).
Underlying net financial expense and net
profit, Group share16
Underlying net financial
expense for the period came to -€813m (-€500m
excluding interest expense on lease liabilities) vs.
-€681m in 2020 (-€360m excluding interest expense on lease
liabilities). In France, net financial expense
excluding interest expense on lease liabilities was impacted by an
increase in financial expenses related to a one-off cost of €38m
(mostly non-cash) arising in connection with the refinancing of
Term Loan B in the first quarter of 2021.
E-commerce (Cdiscount) net financial expense was
virtually stable compared with 2020. In Latin
America, financial expenses were up due to a lower level
of tax credits in 2021 (impact of -€81m in net financial
expense).
Underlying net profit from continuing
operations, Group share totalled €94m
compared with €266m in 2020, reflecting lower trading profit (o/w a
-€111m decrease in tax credits in Latin America, a -€50m decrease
relating to property development in France and a -€48m currency
effect) and higher underlying financial expenses. Diluted
underlying earnings per share17 stood at
€0.54, vs. €2.15 in 2020.
Other operating income and
expenses amounted to -€656m (vs. -€799m in 2020) and
included -€264m non-cash costs. In France
(including Cdiscount), other operating income and expenses amounted
to -€356m (-€692m in 2020), of which -€207m in cash costs excluding
the disposal plan and GreenYellow (-€231m in 2020), -€48m for
GreenYellow (mainly non-cash) and -€101m in other costs (-€451m in
2020) due to lower asset impairment charges. In Latin
America, other operating income and expenses amounted to
-€300m (-€103m in 2020), mainly due to impairment charges and costs
incurred in connection with the sale of GPA hypermarkets to
Assaí.
Consolidated net profit (loss), Group
share
Net profit (loss) from
continuing operations, Group share came out at
-€275m (vs. -€374m in 2020), due to impairment in Latin America
relating to the sale of the Extra hypermarkets, and non-recurring
expenses related to the completion of the transformation plans in
France. It recorded an improvement of +€99m over one year,
reflecting a reduction in impairment charges. Net profit
(loss) from discontinued operations, Group share was
-€254m (vs. -€516m in 2020), reflecting operating losses recorded
by Leader Price up until the transfer of the
stores.Consolidated net profit (loss), Group share
amounted to -€530m vs. -€890m in 2020.
Financial position at 31 December
2021-Consolidated net debt excluding IFRS
5 stood at €5.9bn vs. €4.6bn at
31 December 2020. For the France Retail
scope excluding GreenYellow, net debt
increased to €4.4bn at the end of 2021 from €3.7bn at end-2020, due
mainly to the following transitory18 factors: (i) the temporary
effect of year-end activity (-€40m impact on working capital) and
strategic stockpiling (-€90m impact on working capital),
(ii) operating losses and working capital at Leader Price,
with the last Leader Price stores transferred to Aldi in September
2021 (-€0.4bn) and (iii) non-recurring expenses related to Group
transformation. For GreenYellow, the change from a
net cash position of €122m in 2020 to net debt of €34m in 2021
results from the increase in investments following the move to an
infrastructure model (asset holding) financed by its own resources.
In Latin America, Assaí's debt increased from
€664m to €864m due to the acquisition of 70 Extra hypermarkets.
At 31 December 2021, the Group's liquidity in
France (including Cdiscount) was €2.6bn, with
€562m in cash and cash equivalents and
€2.1bn confirmed undrawn lines of credit, available at any
time. The Group also has €339m in the unsecured
segregated account and €145m in the secured
segregated account
Financial information relating to
the covenants-At 31 December 2021, the
Group complied with the covenants contained in the revolving credit
facility. The ratio of secured gross debt to EBITDA (after
lease payments) was 2.7x19, within the
3.5x limit, representing headroom of €178m in EBITDA. The
ratio of EBITDA (after lease payments) to net finance costs
stood at 2.7x (above the required 2.5x), representing
headroom of €55m in EBITDA. The margin represents around €150m
excluding on-off financial expenses of €38m due to the refinancing
of Term Loan B in Q1 2021.
The Board of Directors will recommend to
the 2022 Annual General Meeting not to pay a dividend in 2022 in
respect of 2021.
HIGHLIGHTS-
Retail banners – France
EBITDA for the retail banners20 was virtually
stable (-1.7%) amid a -5.4% decline in same-store sales. EBITDA
margin increased by +31 bps over the year (from 8.8% to 9.1%), and
by +83 bps over two years thanks to efficiency plans. Trading
profit fell by -0.8%, with the trading margin increasing by +14
bps.
Refocus on buoyant formats
- Buoyant formats (supermarkets and
premium, convenience stores, Cdiscount) now account for 76% of net
sales (vs. a market average of 43%21), up +16 pts since 2018;
- The Group continued to
expand its convenience store network, with 730 stores
opened since January 2021 in urban (Franprix, Naturalia,
Monop'), semi-urban and rural (Spar, Vival, etc.) areas. These new
store openings are mainly based on a franchise development model
with low capital intensity, in all geographies with formats adapted
to each catchment area;
- Half of
hypermarkets are located in the Provence Alpes
Côte d'Azur, Auvergne-Rhône-Alpes and Bordeaux regions;
hypermarkets represent around 20% of net sales.
Food E-commerce
- Home
delivery net sales grew by +48% over the
year, ahead of the market (+25%22), with
strong leadership in the Ile-de-France
region23.
- In 2021, the Group
strengthened its partnerships with European and global e-commerce
leaders:
- Partnership with Ocado
- 2017: partnership signed
- 2020: start of operations at the
O'logistique automated warehouse in Fleury-Merogis
- 2022: Partnership
related to the development of Ocado's
services in France
- Amazon partnership
- 2018: Monoprix on Amazon Prime in
Paris (delivery in 2 hours)
- 2019: Amazon lockers in stores
- 2020: extension of Amazon Prime
(Lyon, Bordeaux, etc.)
- 2021: Monoprix
becomes Amazon’s sole partner for grocery home
delivery with the termination of its own
operations ; click & collect
from Casino stores (currently 85 stores out of a
target of 180), and lockers in more than 800
stores
- Partnership with Gorillas
- 2021: partnership signed
- 2022: Gorillas dark stores
supplied by Monoprix
- Including Drive,
total Food e-commerce grew by
+15% over the year (vs. +6% for the market3).
Digitalisation and customer
experience
- The Group had 639 stores
equipped with autonomous solutions at end-2021 (vs. 533 at
end-2020), facilitating evening and weekend openings. 63%
of payments in both Géant hypermarkets and Casino supermarkets are
now made by smartphone or automated check-out (vs. 61% and
48% respectively at end-2020). CasinoMax app users
accounted for 26% of sales in hypermarkets and supermarkets at
end-2021 (vs. 22% at end-2020).
- The banners' wide-ranging
innovations provide a unique customer experience through the
development of an affinity offer, along with commercial innovations
(commercial interface on WhatsApp, streamed live
shopping events, virtual reality product
presentations, presence on the metaverse).
Structural improvement in sales
momentum
- The purchasing alliance
with Intermarché (AUXO) launched in September 2021 enables
the Group to improve its purchasing terms. This partnership with
Intermarché will be extended to purchases of goods and services not
for resale from April 2022;
- The features pioneered by
the Group have been reinforced.
Non-food spaces have been reduced
in favour of food and specialised non-food spaces, including: Santé
au Quotidien (Monoprix), soft mobility (Monoprix, Franprix, Géant),
and non-food corners with specialists (textiles, jewellery, toys,
etc.);
- The Group had more than
210,000 Casino and Monoprix subscribers at 31 December
2021, a two-fold increase over one year.
Following the subscription programme launched in 2019 by the Casino
banners (Casino Max Extra), in 2021 Monoprix launched the
first truly omni-channel subscription in France
(Monopflix), offering identical discounts online and in stores.
Subscriptions strengthen customer loyalty and
allow the banners to offer very competitive prices
after the 10% discount. Customers with subscriptions in Géant and
Casino Supermarkets spend on average four times more than
unsubscribed customers.
Cdiscount: continuation of the long-term
strategy
Cdiscount continued to transform its
business model towards a more profitable business mix (increase in
marketplace, digital marketing and B2B; decrease in direct sales),
resulting in a favourable margin impact.
Cdiscount delivered a solid performance
in 2021, with GMV of €4.2bn, up
+8% over two years and stable compared to an
exceptional 2020.
The marketplace continues to grow,
reporting GMV of €1.5bn, up +22% over two
years (stable over one year). The marketplace
contribution to GMV grew by +6.7 pts over two
years (+1.3 pt over one year). Marketplace
revenues came in at €193m, up +29% over two
years (+5% over one year).
Digital marketing revenues
were up +75% over two years (up
+32% over one year), buoyed by the CARS (Cdiscount Ads Retail
Solution) digital marketing platform that enables vendors and
suppliers to promote their products and brands on a proprietary
self-service platform.
The banner has an increasing number of loyal and
active customers, with a base of 10 million active
customers, up +8% over two years. The Cdiscount à
Volonté loyalty programme now has more than 2.5 million
members (+20% over two years, +9% over one year), who have access
to 2.8 million items available for express delivery. Customer
satisfaction hit a record high, with NPS of 53 points, up +8.4
points over two years (+5.7 points over one year).
The development of B2B
activities picked up pace in 2021, with GMV of
€114m, up +30% year-on-year (3.5-times
higher over two years), including a rise of +26%
for the marketplace services and technology ecosystem
Octopia (3.3-times higher over two years), which
now has 12 major contracts (including Rakuten) in seven different
countries for its turnkey marketplace solutions. In addition,
C-logistics and C Chez Vous logistics solutions are now serving 20
customers.
Lastly, Octopia and Ocado signed an
agreement enabling Ocado customers to access the Octopia
marketplace.
GreenYellow: strong
activity momentum in 2021
The photovoltaic business continues to
grow. Capacity installed or under
construction climbed +31% year-on-year to
740 MW at
the end of 2021, while the advanced
pipeline24 was up sharply by
+44% to 816 MW. The pipeline
of additional opportunities25 represents 3.7 GW.
In the energy efficiency
business, GreenYellow had 985 GWh of projects deployed or
under construction at the end of 2021, up
+16% year-on-year, with the advanced
pipeline1 up +26%
to 317 GWh, and an additional opportunities
pipeline2 of 918 GWh.
GreenYellow delivered €80 million in
EBITDA26 in 2021, in line with
its objectives, a rise of +30%
year-on-year.
GreenYellow continued to expand its
geographic reach and entered into promising partnerships in
2021:
- Geographic expansion continued on
international markets, with GreenYellow's
positions strengthened in all its traditional geographies
(signature of the 200th PPA27 in South-East Asia) and new
markets captured such as Eastern Europe
(4 MW project for Solvay in Bulgaria).
- Strategic
partnerships:
- In November 2021, GreenYellow
signed a long-term strategic partnership with Schneider
Electric to provide turnkey energy efficiency programmes
to large international companies;
- In December 2021, GreenYellow
signed a strategic collaboration on energy and cloud with
Amazon Web Services. GreenYellow will supply
renewable electricity for Amazon's operations as part of a solar
power project in France.
At the beginning of 2022,
GreenYellow raised capital totalling €109m from an
institutional investor (convertible bonds with
warrants attached) and set-up an €87m syndicated
credit facility line to accelerate growth in 2022.
RelevanC: ongoing development of a
fast-growing business
2021 represented a year of transformation and
strategic expansion for RelevanC, shaped by the acquisition
of Inlead, a local digital marketing technology platform,
the launch of operations in Latin America (Brazil
and Colombia), and the creation of Infinity
Advertising, the joint subsidiary with Intermarché
offering retail media and targeted advertising services for food
banners (cumulative base of 17 million profiles).
RelevanC also signed partnerships with
technology leaders:
- Google Cloud and
Accenture: a commercial and technology partnership serving
international customers.
- Amazon
Web Service: planned partnership to improve the customer
experience through algorithms.
RelevanC continues to market its B2B
retail media platform to other retailers in France and
international markets in order to monetise their data and
advertising space. One of its clients is Everli, the first European
home delivery service through personal shoppers.
Latin America
The listing of Assaí shares on
the Novo Mercado and of its American Depositary Receipts (ADRs) on
the New York Stock Exchange took place on 1 March 2021, following
the spin-off from GPA in late 2020.
At the end of 2021, GPA and Assaí also announced
plans for GPA to sell 70 Extra hypermarkets to
Assaí with the intention of converting them into
the cash & carry format, and for GPA to transform
remaining Extra hypermarkets into Pão de Açúcar or
Mercado Extra supermarkets.
Assaí's highly profitable business model
steps up a gear
Assaí reported EBITDA growth of
+18%28 in 2021 to €489m, reflecting a +51-bp
margin improvement. The banner is now targeting R$100bn
(€17bn) in gross sales in 2024 (a rise of +30% p.a.),
driven by (i) the opening of around 50 stores between 2022
and 2024 on an organic basis and (ii) the
conversion of the 70 Extra hypermarkets (40
stores expected to open in the second half of 2022 and 30 in 2023).
The success of the 23 Extra Hiper stores already converted confirm
the potential for future conversions (three-fold increase in
sales). Assaí opened 28 stores in 2021, bringing
its total number of stores to
212.
GPA refocused on premium, convenience and
e-commerce
GPA Brazil continues to
optimise its store portfolio, accelerating its focus on
profitable premium and convenience formats, particularly in the São
Paulo region, and exiting the hypermarket format
(conversion of the hypermarkets not sold into Pão de Açúcar or
Mercado Extra supermarkets). However, the hypermarket closures or
conversions had a transitory impact on 2021 earnings. GPA also
continues to cement its leadership in food
e-commerce, where sales have increased by +363%29 vs.
2019, with a share of 8%2 in 2021 (vs. 2% in
2019).
Excellent performance from Grupo
Éxito
Grupo Éxito delivered an
excellent performance in 2021, with EBITDA up
+20%1 to €333m (9.0% EBITDA margin), and trading
profit up +33%1 to €211m. The Group confirmed its
leadership in Colombia and saw a sharp increase in sales towards
the end of the year, rising +21%30 in Q4 (+7.5% over the year to
€3.7bn). In Colombia2, sales
jumped +16% in Q4 (up +7% over the year to €2.8bn), driven by
innovation and omni-channel activities, which now account for 12%
of sales in the country (2.4-times more vs. 2019). Trading profit
in Colombia was up by +32% in Q4 and by +43% over the year, driven
by the business and by property development. In
Uruguay2, the Group delivered
faster +7% sales growth in Q4, with sales at €0.6bn for the year,
and excellent profitability (EBITDA at €59m with an EBITDA margin
of 10%).
A recognised CSR commitment
Casino Group is ranked as the no. 1
retailer and no. 8 global company for its CSR
policy and commitments in Moody's ESG ranking for
202131.
Recognised for its commitments in favour of the
climate and environmental
protection, the Group renewed its efforts to
reduce its carbon emissions, which fell by -12% in 2021
(-20% vs. 2015), in line with the commitment to reduce
greenhouse gas emissions by -38% by
203032. Initiatives include the
first low-carbon BREEAM Outstanding certified
warehouse opened by Monoprix in France, with 25% of electricity
generated by a solar power unit installed on the roof. The Group is
also taking action on deliveries, with a fleet of 480 low-carbon
emission trucks (CNG, bio-CNG33, rapeseed, electric power).
The Group continues to promote
responsible consumption, with sales of organic
products of €1.2 billion in
2021, corresponding to a +10-bp increase in the share of
sales. The nutritional quality of products also remains one of the
Group's priorities, with a Nutriscore now
displayed on 100% of Casino-brand products (60% rated A, B or C)
and more than 1,400 plant-based protein products in the Group's
banners.
The Group follows an inclusive HR policy
in favour of equal opportunity and diversity in employing
208,000 people, with women making up 41% of managers and over 8,700
employees with disabilities.
Disposal plan for non-strategic assets:
€3.2bn since July 2018
As of end-2021, sales of non-strategic
assets completed since July 2018 totalled €3.2bn. The
disposals carried out by the Group in 2021 are detailed below:
- On 27 July 2021,
the Group and BNPP signed a partnership and an agreement
for the sale of FLOA for €200m34 (€184m collected in early
2022). The planned sale provides for a new commercial partnership
between BNP Paribas and the Casino Supermarchés, Géant and
Cdiscount banners, as well as a strategic alliance between BNP
Paribas and Casino to develop the "FLOA Pay" split payment
solution. The Group also has an earn-out of 30% on the future value
created through to 2025. The disposal was finalised on
31st January 2022;
- On 6 December
2021, the Group completed the disposal of 3% of Mercialys
equity through a total return swap (TRS) for
€24m (received in 2021). On 21 February 2022, Casino Group
completed the additional definitive disposal of 6.5% of
Mercialys equity through a new TRS for
€59m (received in early 2022). The Group's stake
in Mercialys in terms of voting rights is reduced to 10.3%;
- In addition, the Group has secured
and recorded in advance a €118m earn-out in relation to the
Apollo and Fortress joint ventures (€24m received in
2021).
In view of the current outlook and the
options available, the Group is confident to complete its €4.5bn
disposal plan in France by the end of 2023 at the
latest.
Financial
structure
In 2021, the Group realized several transactions
aimed at improving its financial terms and conditions and extending
the maturity of its bonds and main syndicated credit facility.
The Group carried out several bond buybacks on
tranches of its 2023, 2024, 2025 and 2026 bonds, along with
refinancing operations including (i) issue of a new Term
Loan B for €1bn, maturing in August 2025, topped up by a
further €425m in November 2021, and (ii) issue of a
new €525 million unsecured bond maturing
in April 2027, enabling the Group to repay ahead of maturity its
previous €1.225bn Term Loan due in January 2024.
The Group also announced in July 2021 that it
had extended the maturity of its main syndicated credit
facility (RCF) from October 2023 to July
202635 for an amount of €1.8bn.
Lastly, Monoprix’s syndicated credit facility
which expired in July 2021 was also renewed. The new
€130 million syndicated facility matures in January 2026 and
has a yearly margin adjustment clause based on the achievement of
CSR targets.As a result of these two operations, the amount of the
Group’s undrawn lines of credit available at any time in the France
Retail segment stands at €2.2 billion, with an average
maturity of 4.6 years (vs. 2.2 years prior to the
operations).
At 31 December 2021, amounts held in a
segregated account to repay debt totalled €339m. Amount on the
secured segregated account totalled €145m.
Outlook for 2022 in
France-
-
In 2021, the Group completed its repositioning in
structurally buoyant formats with a good profitability
level
-
In 2022, as the health situation gradually gets back to
normal, the Group is confident to recover
growth momentum by capitalising on its
differentiating assets and innovative services
-
Convenience formats (Monop', Franprix, Naturalia,
Spar, Vival, etc.) with a target of more than 800 stores to be
opened, mainly under franchise
-
Confirmation of leadership in e-commerce,
particularly in home delivery, supported by its partners Ocado,
Amazon and Gorillas and the store network
-
Maintain high level of
profitability and improve cash
flow generation
-
Continuation of the €4.5bn disposal plan
in France. In view of the various options
available, the Group is confident that this plan will be
completed by the end of 2023
-
Fourth quarter 2021 net sales - In
the fourth quarter of 2021, the Group recorded net sales of
€8,335m, stable vs. 2020, including the effects of changes
in consolidation scope, exchange rates and fuel for -0.5%, +0.1%
and +1.2%, respectively. The calendar effect was -0.1%. The
Group’s same-store1 growth came to -0.4%
year-on-year and +7.7% over two years.
Consolidated net sales by segment
Q4 2021/Q4 2020 change NET SALES (in €m)
Q4 2021 Reported change Organic
change2 Same-store change1 Change1 over two years France
Retail 3,648 -2.4% -3.3% -3.0% -2.9%
Cdiscount 592 -7.9% -9.8% -9.7% -5.8%
GMV - - - -8.6% +0.5%
o/w marketplace - - - -14.6% +14.6%
o/w direct sales - - -
-3.6% -8.0% Latam Retail 4,096 +3.3% +3.1% +3.4%
+17.4% GROUP TOTAL 8,335 -0.1% -0.7% -0.4% +7.7%
For France Retail, same-store sales growth came to
-3.0% in Q4, an improvement of +1.3 pts on Q3
2021, in a market down by -3.7% in France3 during the quarter. Most
banners delivered a quarter-on-quarter improvement, including
Monoprix and Franprix in a market that declined by -5.6% in the Ile
de France region3 over the quarter. The total change in sales for
France Retail was -2.4%, of which +3.5% for the convenience
format, which saw a +5.0% increase in gross sales under banner,
driven by the expansion.
Change Consolidated
net sales in France by banner
Q3 2021 Q4 2021/Q4 2020
change Net sales by banner (in €m)
Same-store change1 Q4 2021 net sales Reported
change Organic change1 Same-store change1 Q4 vs. Q3 on
a same-store basis Monoprix -4.1% 1,191
-2.3% -1.8% -2.8% +1.3 pts Supermarkets
-2.7% 767 +5.6% -4.0% -3.3% -0.6 pts o/w Casino upermarkets4
-3.7% 732 +5.8% -4.0% -3.5% +0.2 pts Franprix
-3.6% 366 -3.3% -2.2% -2.0% +1.6 pts Gross
sales under banner - 432 -0.2% - - - Convenience
& Other5 -1.2% 425 -6.7% +2.9% -0.8% +0.4 pts
o/w Convenience6 -1.3% 327 +3.5% +3.7% -0.7% +0.6 pts
Gross sales under banner - 490 +5.0% - - -
Hypermarkets -8.5% 899 -6.3% -8.4% -4.7%
+3.8 pts o/w Géant2 -9.5% 848 -6.1% -8.3% -4.9% +4.6 pts
FRANCE RETAIL -4.3% 3,648 -2.4% -3.3% -3.0%
+1.3 pts
Market shares are now almost
stable in France, with a significant improvement on the trends seen
in recent periods, and a sales momentum over the last four weeks to
20 February with same store sales at -1.6% (+1.4 pt vs. Q4 2021).
Cdiscount reported a -7.9% decline in net sales
for the quarter, due to the high basis of comparison in Q4 2020
resulting from the November lockdown. Marketplace GMV
grew by +14.6% over two years. In Latin
America, sales rose by +3.4% on a same-store
basis (+17.4% over two years). Sales for the quarter in
Latin America were driven by an excellent performance from
Éxito (+15.5% on a same-store basis and +15.7% on an
organic basis).
APPENDICES – ADDITIONAL 2020 FINANCIAL INFORMATION RELATING TO THE
AUTUMN 2019 REFINANCING DOCUMENTATION See press release dated 21
November 2019 Financial information for the fourth quarter
ended 31 December 2021: In €m France Retail
+ E-commerce Latam Total
Net sales7 4,239 4,096
8,336 EBITDA1 532
313 845 (-) impact of leases8
(139) (83) (222) Adjusted Consolidated EBITDA including
leases1 393 230
623 Financial information
for the 12-month period ended 31 December 2021: In
€m France Retail + E-commerce
Latam Total Net sales1
16,101 14,448
30,549 EBITDA1 1,464
1,063 2,527 (-) impact of leases2
(622) (307) (930) (i) Adjusted consolidated EBITDA
including leases1 9 842
755 1,597 (ii) Gross
debt1 10 5,450 2,691
8,141 (iii) Gross cash and cash
equivalents1 11 569
1,714 2,283
At 31 December 2021, the Group's liquidity within the "France +
E-commerce" scope was €2.6bn, with €562m in cash and cash
equivalents and €2.1bn in confirmed, undrawn lines of credit.
Commercial paper amounted to €308m. 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 31
December 2021 Secured gross debt/EBITDA after lease
payments ≤ 3.50x 2.70x EBITDA after lease
payments/Net finance costs ≥ 2.50x 2.69x The
secured gross debt/EBITDA after lease payments covenant stood at
2.70x, with EBITDA after lease payments of €780m and secured debt
of €2.1bn. The balance of the segregated account was €339m at 31
December 2021, the same level as at 30 September 2021.
The balance of the secured segregated account was €145m at 31
December 2021. No cash has been credited or debited from the bond
segregated account and its balance remained at €0.
APPENDICES – FULL-YEAR RESULTS
- Consolidated net sales by segment
Net sales In €m 2020
2021 Reported change
Change at CER France Retail
15,219 14,071
-7.5% - Latam Retail
14,656 14,448
-1.4% +6.0% E-commerce
(Cdiscount) 2,037 2,031
-0.3% - Group total 31,912 30,549
-4.3% -0.9%
- Consolidated EBITDA by segment
EBITDA In €m 2020
2021 Reported change
Change at CER France Retail 1,447
1,358 -6.1%
-5.9% Latam Retail 1,161 1,063
-8.5% -1.7% E-commerce
(Cdiscount) 129 106 -18.2%
-18.2% Group total 2,738 2,527 -7.7% -4.7%
- Consolidated trading profit by segment
Trading profit In €m 2020
2021 Reported change
Change at CER France Retail 621
535 -13.8%
-13.4% Latam Retail 748 640
-14.5% -8.1% E-commerce
(Cdiscount) 53 18 -65.0%
-65.0% Group total 1,422 1,193 -16.1% -12.5%
In €m 2020 Restated items 2020 underlying 2021 Restated
items 2021 underlying Trading
profit 1,422 0 1,422 1,193 0 1,193
o/w tax credits in Brazil 139 0 139 28 0
28 o/w property development in
France 63 0 63 13 0 13 Other operating income and expenses
(799) 799 0 (656) 656 0 Operating profit
622 799 1,422
537 656 1,193
Net finance costs (357) 0 (357) (422) 0 (422)
o/w tax credits in Brazil 104 0 104 23 0
23 Other financial income and expenses12 (391) 67 (324)
(391) (0) (391) Income taxes13 (80) (179) (259) 84 (147)
(62) Share of profit of equity-accounted investees 50 0 50
49 0 49 Net profit (loss) from continuing
operations (156) 688
532 (142) 509
367 o/w
attributable to non-controlling interests14 218 48 266 133 140 273
o/w Group share (374)
640 266 (275)
369 94 Underlying
net profit corresponds to net profit from continuing operations,
adjusted for (i) the impact of other operating income and expenses,
as defined in the "Significant accounting policies" section in the
notes to the consolidated financial statements, (ii) the impact of
non-recurring financial items, as well as (iii) income tax
expense/benefits related to these adjustments and (iv) the
application of IFRIC 23. Non-recurring financial items include fair
value adjustments to equity derivative instruments (such as total
return swaps and forward instruments related to GPA shares) and the
effects of discounting Brazilian tax liabilities.
- Change in net debt by entity
Net debt before IFRS 5 In €m
2019 2020 2021
France (4,069)
(3,751) (4,736) o/w
France Retail excl. GreenYellow (4,001) (3,661) (4,365)
o/w E-commerce (Cdiscount) (221)
(213) (337) o/w GreenYellow 153 122 (34) Latam
Retail (1,587) (882)
(1,122) o/w GPA Brazil (541) (373) (475)
o/w Assaí (1,460) (664) (864) o/w Grupo Éxito 626 333
361 o/w Segisor (185) (179) (144) Total
(5,657) (4,634)
(5,858)
- Change in net debt for France Retail excl. GreenYellow (excl.
IFRS 5)1516
Excluding GreenYellow, France Retail net debt
increased from €3.7bn to €4.4bn (see PDF version)
APPENDICES – NET SALES
Consolidated net sales by segment
Net sales (in €m) 2021 Reported
change Organic change17 Same-store change1 France
Retail 14,071 -7.5% -6.2% -5.4% Cdiscount
2,031 -0.3% -1.7% -1.6% Total France 16,101 -6.7%
-5.6% -4.8% Latam Retail 14,448 -1.4% +6.4% +2.7%
GROUP TOTAL 30,549 -4.3% +0.1% -0.8%
Cdiscount GMV 4,206 +0.0% n.a. n.a.
2021/2020
change in net sales in France by banner Net sales
by banner (in €m) 2021 net sales Reported
change Organic change1 Same-store change1
Monoprix 4,408 -2.8% -2.4% -3.7%
Supermarkets 2,996 -2.4% -7.8% -5.9% o/w Casino
Supermarkets18 2,835 -2.6% -8.2% -6.8% Franprix
1,438 -9.0% -8.2% -7.3% Convenience & Other19
1,788 -18.7% -2.7% -5.1% o/w Convenience20 1,395 -1.5% -1.8% -5.2%
Hypermarkets 3,442 -10.3% -11.1% -8.1% o/w Géant2
3,233 -10.7% -11.8% -8.9% FRANCE RETAIL 14,071
-7.5% -6.2% -5.4% Main data – Cdiscount21
Key figures (in €m) 2020 2021
Reported growth Reported growth over two
years Total GMV including tax
4,204 4,206
+0.0% +7.9% o/w direct sales
1,934 1,840 -4.9% -7.6% o/w marketplace 1,514 1,518 +0.2% +22% o/w
Octopia 87 109 +25.6% x3.3 Marketplace contribution (%) 43.9% 45.2%
+1.3 pts +6.7 pts Net sales 2,225
2,166 -2.6%
-1.3% Traffic (millions of visits) 1,154 1,082
-6.2% +6.0% Active customers (in millions) 10.3 10.0 -2.5% +8.0%
Cnova provided a
detailed report on its 2021 results on 17 February 2022. APPENDICES
– OTHER INFORMATION Exchange rate AVERAGE EXCHANGE
RATES 2020 2021 Currency
effect Brazil (EUR/BRL) 5.8936 6.3797 -7.6% Colombia
(EUR/COP) (x 1000) 4.2160 4.4265 -4.8% Uruguay (EUR/UYP) 47.9825
51.5217 -6.9% Argentina22 (EUR/ARS) 103.1176 116.7629 -11.7% Poland
(EUR/PLN) 4.4445 4.5655 -2.6% Gross sales
under banner in France TOTAL ESTIMATED GROSS
SALES UNDER BANNER (in €m, excluding fuel) Change
(incl. calendar effects) Q4 2021
Q4 2021 FY 2021 Monoprix 1,244
-2.0% -2.8% Franprix 432 -0.2% -7.1% Supermarkets 701 +0.4% -6.0%
Hypermarkets 807 -11.6% -13.2% Convenience & Other 588 -2.7%
-12.7% o/w Convenience 490 +5.0% +0.4%
TOTAL FRANCE 3,772 -3.7% -8.0% TOTAL GROSS
SALES UNDER BANNER (in €m, excluding fuel) Change (incl.
calendar effects) Q4 2021
Q4 2021 FY 2021 Total France
3,772 -3.7% -8.0% Cdiscount 1,007 -8.6% 0.0% TOTAL FRANCE
AND CDISCOUNT 4,779 -4.8% -6.6%
Store network at period-end
FRANCE 31 March 2021
30 June 2021 30 Sept. 2021
31 Dec. 2021 Géant Casino
hypermarkets 104 95
95 95
o/w French franchised affiliates 3 3 3 3
International affiliates 7 7 7 7 Casino
Supermarkets 417 422
425 429
o/w French franchised affiliates 68 64 63 61
International affiliates 25 22 25 26 Monoprix
(Monop’, Naturalia, etc.) 806 830
833 838
o/w franchised affiliates 195 201 203 206
Naturalia integrated
stores 189 203 200 198
Naturalia franchises 34 39 44 51 Franprix
(Franprix, Marché d’à côté, etc.) 877
890 906 942
o/w franchises 493 533 564 614
Convenience (Spar, Vival, Le Petit Casino, etc.)
5,311 5,502
5,563 5,728 Other
businesses 334 320
303 286 Total
France 7,849 8,059
8,125 8,318 INTERNATIONAL
31 March 2021 30 June 2021
30 Sept. 2021 31 Dec. 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 92
93 94 Géant hypermarkets 2 2 2 2
Disco supermarkets 30 30 30 30 Devoto supermarkets 24 24 24 24
Devoto Express mini-supermarkets 35 34 35 36 Möte 2 2 2 2
BRAZIL 1,058
1,058 1,064
1,021 Extra hypermarkets 103 103 103 72 Pão de
Açúcar supermarkets 182 181 181 181 Extra supermarkets 147 147 146
146 Compre Bem 28 28 28 28 Assaí (cash & carry) 184 187 191 212
Mini Mercado Extra & Minuto Pão de Açúcar mini-supermarkets 237
236 239 240 Drugstores 103 102 102 68 + Service stations 74 74 74
74 COLOMBIA 1,974
2,006 2,035
2,063 Éxito hypermarkets 92 92 92 91 Éxito and
Carulla supermarkets 153 155 153 158 Super Inter supermarkets 61 61
61 61 Surtimax (discount) 1,548 1,577 1,607 1,632
o/w “Aliados” 1,476 1,505 1,536
1,560 B2B 34 34 34 36 Éxito Express and Carulla Express
mini-supermarkets 86 87 88 85 CAMEROON
2 3 4
4 Cash & carry 2 3 4 4 Total
International 3,152
3,184 3,221
3,207 Consolidated income
statement (in € millions)
2021 2020 (restated)23
CONTINUING OPERATIONS Net
sales 30,549 31,912 Other revenue
504 598 Total revenue
31,053 32,510 Cost of goods sold
(23,436) (24,314) Gross
margin 7,617
8,195 Selling expenses
(5,122) (5,508) General and administrative
expenses (1,302) (1,266) Trading
profit 1,193
1,422 As a % of net sales
3.9% 4.5% Other
operating income 349 304 Other operating
expenses (1,005) (1,103) Operating
profit 537 622 As
a % of net sales 1.8% 2.0%
Income from cash and cash equivalents
27 16 Finance costs (449)
(373) Net finance costs
(422) (357) Other financial
income 116 210 Other financial expenses
(507) (601) Profit (loss) before
tax (276) (125)
As a % of net sales -0.9% -0.4%
Income tax benefit (expense)
84 (80) Share of profit of equity-accounted
investees 49 50 Net profit (loss)
from continuing operations (142)
(156) As a % of net sales
-0.5% -0.5% Attributable to owners of the parent
(275) (374) Attributable to non-controlling
interests 133 218 DISCONTINUED
OPERATIONS Net profit (loss)
from discontinued operations (255)
(508) Attributable to owners of the parent
(254) (516) Attributable to non-controlling
interests (1) 7 CONTINUING AND
DISCONTINUED OPERATIONS
Consolidated net profit (loss)
(397) (664) Attributable to
owners of the parent (530) (890)
Attributable to non-controlling interests
133 225 Earnings per share
(in €) 2021 2020
(restated)1 From continuing operations,
attributable to owners of the parent
(2.89) (3.79)
(2.89) (3.79) From continuing and
discontinued operations, attributable to owners of the
parent
(5.24) (8.58)
(5.24) (8.58) Consolidated
statement of comprehensive income (in €
millions) 2021 2020
(restated)24 Consolidated net profit
(loss) (397) (664)
Items that may be subsequently reclassified to profit or
loss (84) (1,367) Cash
flow hedges and cash flow hedge reserve(i) 38 (17)
Foreign currency translation adjustments(ii) (108)
(1,328) Debt instruments at fair value through other comprehensive
income (OCI) (1) 1 Share of items of
equity-accounted investees that may be subsequently reclassified to
profit or loss (3) (27) Income tax effects
(10) 5 Items that will never be
reclassified to profit or loss 2
(6) Equity instruments at fair value through other
comprehensive income - - Actuarial gains and
losses 2 (10) Share of items of equity-accounted
investees that will never be subsequently reclassified to profit or
loss - - Income tax effects - 4
Other comprehensive income (loss) for the year, net of
tax (82) (1,373)
Total comprehensive income (loss) for the year, net of
tax (479) (2,037)
Attributable to owners of the parent (529) (1,456)
Attributable to non-controlling interests 50 (581)
- The change in the cash flow hedge reserve was not material in
either 2021 or 2020.
- The €108 million negative net translation adjustment in 2021
arose primarily from the depreciation of the Colombian peso for
€124 million. The €1,328 million negative net translation
adjustment in 2020 mainly concerned the depreciation of the
Brazilian and Colombian currencies for €957 million and €235
million, respectively.
Consolidated statement of financial
position ASSETS 31 Dec.
2021 31 Dec. 2020 (restated) 25 1
Jan. 2020 (restated)1 (in € millions)
Goodwill 6,667 6,656 7,489 Intangible
assets 2,024 2,061 2,296 Property, plant
and equipment 4,641 4,279 5,113 Investment
property 411 428 493 Right-of-use assets
4,748 4,888 5,602 Investments in
equity-accounted investees 201 191 341
Other non-current assets 1,183 1,217 1,183
Deferred tax assets 1,191 1,019 768
Non-current assets 21,067
20,738 23,284 Inventories
3,214 3,209 3,775 Trade receivables
772 941 836 Other current assets
2,033 1,770 1,536 Current tax assets
196 167 111 Cash and cash equivalents
2,283 2,744 3,572 Assets held for sale
973 932 2,818 Current assets
9,470 9,763
12,647 TOTAL ASSETS
30,537 30,501
35,932
EQUITY AND LIABILITIES 31 Dec.
2021 31 Dec. 2020 (restated)1 1
Jan. 2020 (restated)1 (in € millions)
Share capital 166 166 166 Additional
paid-in capital, treasury shares, retained earnings and
consolidated net profit (loss) 2,589 3,143
4,650 Equity attributable to owners of the parent
2,755 3,309
4,816 Non-controlling interests
2,883 2,856
3,488 Total equity
5,638 6,165
8,304 Non-current provisions for employee benefits
273 289 293 Other non-current provisions
376 374 458 Non-current borrowings and
debt, gross 7,461 6,701 8,100 Non-current
lease liabilities 4,174 4,281 4,761
Non-current put options granted to owners of non-controlling
interests 61 45 61 Other non-current
liabilities 225 201 181 Deferred tax
liabilities 405 508 566 Total
non-current liabilities 12,975
12,398 14,422 Current provisions
for employee benefits 12 12 11 Other
current provisions 216 189 153 Trade
payables 6,097 6,190 6,580 Current
borrowings and debt, gross 1,369 1,355
1,549 Current lease liabilities 718 705 723
Current put options granted to owners of non-controlling interests
133 119 105 Current tax liabilities
8 98 48 Other current liabilities
3,197 3,059 2,839 Liabilities associated with
assets held for sale 175 210 1,197
Current liabilities 11,925
11,937 13,206 TOTAL
EQUITY AND LIABILITIES 30,537
30,501 35,932
Consolidated statement of cash
flows (in € millions)
2021 2020 (restated) Profit
(loss) before tax from continuing operations
(276) (125) Profit (loss) before tax from
discontinued operations (330) (462)
Consolidated profit (loss) before tax
(606) (587) Depreciation and
amortisation for the year 1,334 1,316
Provision and impairment expense 299 390
Losses (gains) arising from changes in fair value
(5) 78 Expenses (income) on share-based payment
plans 14 12 Other non-cash items
(47) (50) (Gains) losses on disposals of
non-current assets (128) (88) (Gains)
losses due to changes in percentage ownership of subsidiaries
resulting in acquisition/loss of control 20
58 Dividends received from equity-accounted investees
17 17 Net finance costs
422 357 Interest paid on leases, net
313 320 No-drawdown, non-recourse factoring and
associated transaction costs 88 60 Disposal
gains and losses and adjustments related to discontinued operations
114 258 Net cash from operating
activities before change in working capital, net finance costs and
income tax 1,835
2,142 Income tax paid
(184) (157) Change in operating working capital
(26) 26 Income tax paid and change in
operating working capital: discontinued operations
(97) 211 Net cash from operating
activities 1,529
2,222 of which continuing
operations 1,841
2,215 Cash outflows related to acquisitions of:
§ Property, plant and equipment,
intangible assets and investment property
(1,131) (927) § Non-current financial assets
(174) (942) Cash inflows related to
disposals of: § Property, plant and
equipment, intangible assets and investment property
156 423 § Non-current financial assets
163 461 Effect of changes in scope of
consolidation resulting in acquisition or loss of control
(15) 157 Effect of changes in scope of
consolidation related to equity-accounted investees
1 (63) Change in loans and advances granted
(30) (28) Net cash from (used in) investing
activities of discontinued operations (81)
453 Net cash used in investing activities
(1,111) (466) of which
continuing operations (1,030)
(920) Dividends paid:
§ to owners of the parent - -
§ to non-controlling interests (102)
(45) § to holders of deeply-subordinated perpetual bonds
(35) (36) Increase (decrease) in the
parent's share capital - - Transactions
between the Group and owners of non-controlling interests
15 (55) (Purchases) sales of treasury shares
- (1) Additions to loans and borrowings
4,203 2,066 Repayments of loans and
borrowings (3,514) (2,632) Repayments of
lease liabilities (623) (603) Interest
paid, net (752) (717) Other repayments
(30) (23) Net cash used in financing
activities of discontinued operations (10)
(73) Net cash used in financing activities
(848) (2,177) of which
continuing operations (838)
(2,044) Effect of changes in exchange rates on
cash and cash equivalents of continuing operations
(22) (494) Effect of changes in exchange rates on
cash and cash equivalents of discontinued operations
- - Change in cash and cash
equivalents (452)
(856) Net cash and cash equivalents at
beginning of period 2,675
3,530
- of which net cash and cash equivalents of continuing
operations
2,675 3,471
- of which net cash and cash equivalents of discontinued
operations
(1) 59 Net cash and cash equivalents at end of
period 2,223
2,675
- of which net cash and cash equivalents of continuing
operations
2,224 2,675
- of which net cash and cash equivalents of discontinued
operations
(1) (1) Analyst and
investor contacts - Lionel
Benchimol +33 (0)1 53 65 64 17 -
lbenchimol@groupe-casino.fr or +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.fr or
+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.fr Franck 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 Same-store change
excluding fuel and calendar effects 2 Excluding fuel and
calendar effects 3 Source: IRI - Total PGC FI 4Excluding Codim
stores in Corsica: 8 supermarkets and 4 hypermarkets 5 Other:
mainly Geimex 6 Net sales on a same-store basis include the
same-store performance of franchised stores 7 Unaudited data, scope
as defined in refinancing documentation with mainly Segisor
accounted for within the France Retail + E-commerce scope 8
Interest paid on lease liabilities and repayment of lease
liabilities as defined in the documentation 9 EBITDA after lease
payments (i.e., repayments of principal and interest on lease
liabilities) 10 Loans and other borrowings 11 At 31 December 2021
12 Other financial income and expenses have been restated,
primarily for the impact of discounting tax liabilities, as well as
for changes in the fair value adjustments to equity derivative
instruments 13 Income taxes have been adjusted for the tax effects
corresponding to the above restated items and the tax effects of
the restatements 14 Non-controlling interests have been adjusted
for the amounts relating to the above restated items 15 France
Retail free cash flow before dividends to the owners of the parent
and holders of TSSDI deeply-subordinated bonds, excluding financial
expenses, and including lease payments 16 Including -€30m in other
net financial investments, -€33m in non-cash financial expenses,
-€0.4bn relating to Leader Price, +€118m in earn-outs secured or
received from the Apollo and Fortress joint ventures, and +€24m in
proceeds from the disposal of Mercialys 17 Excluding fuel
and calendar effects 18 Excluding Codim stores in Corsica: 8
supermarkets and 4 hypermarkets 19 Other: mainly Geimex 20 Net
sales on a same-store basis include the same-store performance of
franchised stores 21 Data published by the subsidiary 22
Pursuant to the application of IAS 29, the exchange rate used to
convert the Argentina figures corresponds to the rate at the
reporting date 23 Previously published comparative information has
been restated 24 Previously published comparative information has
been restated 25 Previously published comparative information has
been restated
1 Same-store growth2 See press release dated 28
January 20223 France Retail excluding GreenYellow, real estate
development and Vindémia (sold on 30 June 2020)4 At
constant exchange rates, excluding tax credits5 Net debt excluding
the impact of IFRS 5, and excluding GreenYellow6 4 weeks to 20
February 20227 Source: NielsenIQ, P13 MAT8 Data published by the
subsidiary9 France Retail excluding property development,
GreenYellow and Vindémia (sold in June 2020)10 Same-store
change excluding fuel and calendar effects11 Of which €28m in tax
credits restated by the subsidiaries in the calculation of adjusted
EBITDA in 2021 (€139m in 2020, none in 2019)
12 Excluding fuel and calendar effects 13 Data
published by the subsidiary14 Contribution to consolidated EBITDA.
Data published by the subsidiary: EBITDA at €80m in 2021 (€62m in
2020)15 Tax credits restated by subsidiaries in the calculation of
adjusted EBITDA16 See definition on page 1617 Underlying diluted
EPS includes the dilutive effect of TSSDI deeply-subordinated bond
distributions 18 See page 1719 Secured debt of €2.1bn and
EBITDA excluding GreenYellow of €780m20 France Retail
excluding GreenYellow, Vindémia and real estate development21
Kantar market shares (P12 MAT), e-commerce included in hypermarkets
and supermarkets segments on a pro rata basis22 Source: NielsenIQ,
P13 MAT23 Source: NielsenIQ Q4 202124 Projects at the "awarded" and
"advanced pipeline" stages within GreenYellow's portfolio of
projects in development25The pipeline of projects in the "pipeline"
and "early stage" within GreenYellow's portfolio of projects in
development26 Data published by the subsidiary. Contribution to
consolidated EBITDA: €63m (€57m in 2020)27 Power Purchasing
Agreement28 Change at constant exchange rates, excluding tax
credits29 Data published by the subsidiary30 Change in local
currency; data published by the subsidiary31 Score of 74/10032
Scopes 1 and 2 compared to 2015, Group target33 Technology that
emits three times fewer greenhouse gases than diesel34 Including
€150m relating to the sale of shares and an earn-out of €50m linked
to the sale of technology assets from the "FLOA Pay" split payment
solution and to commercial agreements between Cdiscount, Casino
banners and FLOA35 Maturity July 2026 (May 2025 if the Term Loan B,
maturing in August 2025, is not repaid or refinanced as at that
date)36 Same-store change excluding fuel and calendar
effects 37 Excluding fuel and calendar effects38 Source: IRI -
Total PGC FI39Excluding Codim stores in Corsica: 8 supermarkets and
4 hypermarkets40 Other: mainly Geimex41 Net sales on a same-store
basis include the same-store performance of franchised stores42
Unaudited data, scope as defined in refinancing documentation with
mainly Segisor accounted for within the France Retail + E-commerce
scope43 Interest paid on lease liabilities and repayment of lease
liabilities as defined in the documentation44 EBITDA after lease
payments (i.e., repayments of principal and interest on lease
liabilities)45 Loans and other borrowings 46 At 31 December 202147
Other financial income and expenses have been restated, primarily
for the impact of discounting tax liabilities, as well as for
changes in the fair value adjustments to equity derivative
instruments48 Income taxes have been adjusted for the tax effects
corresponding to the above restated items and the tax effects of
the restatements49 Non-controlling interests have been adjusted for
the amounts relating to the above restated items50 France Retail
free cash flow before dividends to the owners of the parent and
holders of TSSDI deeply-subordinated bonds, excluding financial
expenses, and including lease payments 51 Including -€30m in other
net financial investments, -€33m in non-cash financial expenses,
-€0.4bn relating to Leader Price, +€118m in earn-outs secured or
received from the Apollo and Fortress joint ventures, and +€24m in
proceeds from the disposal of Mercialys
52 Excluding fuel and calendar effects53 Excluding
Codim stores in Corsica: 8 supermarkets and 4 hypermarkets54 Other:
mainly Geimex55 Net sales on a same-store basis include the
same-store performance of franchised stores56 Data published by the
subsidiary57 Pursuant to the application of IAS 29, the exchange
rate used to convert the Argentina figures corresponds to the rate
at the reporting date58 Previously published comparative
information has been restated59 Previously published comparative
information has been restated60 Previously published comparative
information has been restated
- 20220225 - PR - 2021 Full Year Results
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