Casino Group: Q1 2022 Additional financial information
May 13 2022 - 12:05PM
Casino Group: Q1 2022 Additional financial information
Q1 2022 additional financial
information
As part of the quarterly information requirements
included in the documentation for bond refinancings since 2019 (cf.
press release of 21st November 2019)
Friday, 13 May 2022
Financial information for the 3-month
period ended 31 March 2022:
In M€ |
France1 (France Retail +
E-commerce) |
Latam |
Total |
|
Q1 2021 |
Q1 2022 |
Change |
Q1 2021 |
Q1 2022 |
Change |
Q1 2021 |
Q1 2022 |
Change |
Net sales |
3,871 |
3,776 |
-95 |
3,275 |
3,706 |
+431 |
7,146 |
7,483 |
+337 |
EBITDA |
204 |
201 |
-3 |
225 |
201 |
-24 |
429 |
402 |
-27 |
(-)
impact of leases2 |
(164) |
(152) |
+12 |
(76) |
(91) |
-14 |
(240) |
(243) |
-3 |
EBITDA including leases |
40 |
49 |
+9 |
149 |
110 |
-39 |
189 |
159 |
-30 |
In France, EBITDA amounted to €201m for
the quarter. The change compared with Q1 2021 breaks down
as: (i) a positive +€13m impact from GreenYellow, (ii) a
positive +€27m impact from property development3, and (iii) a
business impact on France Retail and Cdiscount linked to the
comparison basis including the closure of restaurants and the
curfew in Q1 2021. For more information, see the press release
published on 22 April 2022.
In Latin America, EBITDA amounted to
€201m for the quarter, down -€24m, including a decline for
GPA Brazil (hypermarkets closure before disposal to Assaí in order
to convert them into the Cash & Carry format) and an
improvement at Assaí and Grupo Éxito (higher sales). For more
information, see the press releases published by Assaí, GPA and
Grupo Éxito.
The Group’s EBITDA amounted to €402m
over the quarter.
Financial information for the 12-month
period ended 31 March 2022:
In M€ |
France1 (France Retail +
E-commerce) |
Latam |
Total |
Net sales |
16,006 |
14,879 |
30,886 |
EBITDA |
1,461 |
1,039 |
2,500 |
(-)
impact of leases2 |
(611) |
(322) |
(932) |
(i) EBITDA including leases |
851 |
717 |
1,567 |
(ii) Gross debt4 |
6,043 |
3,618 |
9,661 |
(iii) Cash and cash equivalents5 |
686 |
1,507 |
2,194 |
At 31 March 2022, 12-month EBITDA
including leases came out at €851m in France.
At 31 March 2022, the Group's liquidity
in France stood at €2.7bn (€2.4bn at end-March 2021),
including:
- €686m in cash and cash equivalents (€464m at end-March
2021);
- €2.1bn in undrawn confirmed credit lines, available at any time
(€1.9bn at end-March 2021).
Excluding GreenYellow, the change in net
debt over the first quarter of 2022 represented a +€569m
improvement on the same period last
year6, reflecting the implementation of
the disposal plan and better cash flow (reversal of end-2021
working capital effects, strict capex discipline).
At 31 March 2022, gross debt includes
€289m in commercial papers and €170m in drawn down unsecured credit
lines at Monoprix (vs. €530m in commercial papers and
€200m in drawn down credit lines at end-March 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
31 March 2022 |
Secured gross debt/EBITDA after lease payments ≤
3.50x |
2.71x |
EBITDA after lease payments/Net finance costs ≥
2.50x |
3.41x |
The secured gross debt/EBITDA after lease
payments covenant stood at 2.71x, with EBITDA after lease payments
of €776m and secured debt of €2.1bn.
Both covenants were met comfortably:
- headroom of €611m on debt for the secured gross debt/EBITDA
after lease payments covenant;
- headroom of €208m on EBITDA for the EBITDA after lease
payments/net finance costs covenant
The unsecured segregated account was debited
with €339m and had a balance of €0 at March 31, 2022. Following the
notification of March 28, 2022, the Group redeemed the June 2022
bond early on April 20, 2022.
The secured segregated account balance stood at
€145m at 31 March 2022, unchanged from
31 December 2021.
No cash has been credited or debited from the
bond segregated account and its balance remained at €0.
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 Unaudited data, scope as defined in bond refinancing
documentation with mainly Segisor accounted for within the France
Retail + E-commerce scope (including GreenYellow)
2 Interest paid on lease liabilities and
repayment of lease liabilities as defined in the refinancing
documentation
3 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)
4 Loans and borrowings as of 31 March 2022
5 At 31 March 2022
6 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.
- 20220513 - Q1 2022 Additional financial information
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