Casino Group : 2020 Full Year Results
SECOND-HALF 2020 RESULTSVery strong
growth in banners and e-commerce profitability, enabling the
Group to pursue its deleveraging
After a first-half performance affected by
costs related to the health crisis, profitability improved strongly
in the second half in both France and Latin America
Sharp reduction in gross and net
debt
Outlook for 2021: profitable growth, cash
flow generation and continued debt reduction
Group EBITDA in H2: +11%
Group
EBITDA (after lease payments) in H2: +20%
Group Trading profit in H2:
+20%
- +6% in France, 11.5% margin
(+164bps)
· +13% in France,
7.8% margin
(+152bps)
·+4%
in France, 6.1% margin (+79bps)
- +18% in Latam, 9.7% margin
(+260bps)
·
+30% in Latam, 7.9% margin
(+265bps)
·+42%
in Latam, 6.9% margin (+275bps)
Group gross debt in 2020: -€1,851m reduction
Group
net debt (excl. IFRS 5) in 2020: -€1,023m reduction
- -€1,293m in
France
· -€318m in France (-€566m including settlement of GPA
TRS)
- -€558m in
Latam
· -€705m in Latam
In France
- Retail banners: following the Group’s repositioning,
all banners achieved a level of profitability including the
hypermarkets, with a very satisfactory level for the other
banners. France Retail EBITDA margin
improved by +155 bps to 12% in second-half
2020, driven by the cost saving and operational efficiency
plans
- Outlook for 2021: priority is now given to growth and
expansion, supported by (i) convenience store
openings in urban, semi-urban and rural areas (100 in the
first quarter and 200 in the second) and (ii) food
e-commerce based on structurally profitable models
(O’logistique automated warehouse, partnership with Amazon, click
& collect and home delivery service offered by urban
formats)
- Cdiscount: very strong profitability
growth, with 2020 EBITDA up +63%
to €133m1 and accelerated growth in marketplace revenues to €182m
(+23% for the year, +40% in the fourth quarter)
- Outlook for 2021: ongoing
implementation of the strategic plan focused on (i)
marketplace growth, (ii) product mix adjustments, (iii)
digital marketing solutions, and (iv) the new turnkey marketplace
solution
- GreenYellow: excellent business momentum
with accelerated growth in installed
capacity to 335 MWp (+56%) and a +25% increase in the pipeline
to 565 MWp at end-2020
- Outlook for 2021: EBITDA target of
€90m in 2021 (+40% vs 2020) and transition to a
company-owned asset model, with an objective of adding
350 MWp to installed capacity in 2021, raising total
installed capacity to nearly 700 MWp, with a target
of 1 GWp in 2022
- RelevanC: data monetisation services for the Group and
external retailers, with EBITDA growth of nearly +50% to €18m in
2020
- Outlook for 2021: accelerated growth to be
achieved by signing up new external clients
- Continued progress in paying down debt, with a -€1.3bn
reduction in gross debt to €4.8bn2, below the
target of €5bn. Reduction in gross debt (including the GPA
TRS and Forward) represents €2.8bn since the disposal plan launch.
Free cash flow in 2020 amounted to €288m
(+30%) before asset disposals and Rocade plan
- Outlook for 2021: in view of the successful
development of its broad portfolio of activities in France, the
Group has a greater flexibility in implementing its
disposal plan for which the €4.5bn objective is
confirmed
- Continued cash generation measures in order to
target an increase in free cash-flow in 20213
- The Board of Directors will recommend to the 2021 Annual
General Meeting not to pay a dividend in 2021 in
respect of 2020
In Latin America
- The spin-off of Assaí was approved by GPA’s
shareholders at the General Meeting held in December 2020. The
listing of Assaí is scheduled for March 1, 2021.
Assaí shares will be distributed to GPA shareholders at a ratio of
one Assaí share for each GPA share
- EBITDA rose by +36% at constant exchange rates, free
cash flow before disposal proceeds increased by
+€238m
- Digital transformation and +200%4 growth in food
e‑commerce in Brazil
2020 Key figures
In €m
H2 2019H2
2020Reported changeChange at
CER
FY 2019FY
2020Reported changeChange at
CER
Group Net saleso/w France (incl.
Cdiscount)o/w Latam
17,8039,3548,44915,77328,5097,2642-11%-9%-14%+7%10%1+13%1
34,64518,28816,35831,912217,25614,6562-8%-6%-10%+8%5+3%1+12%1
Group EBITDAo/w France (incl.
Cdiscount)Margin (%)o/w LatamMargin (%)
1,5179219.8%5967.1%1,6782
97711.5%70169.7%+11% +6%+164 bps +18%+260
bps+27%+6%+168 bps+58%+240 bps
2,640
1,5368.4%1,1046.8%2,7422
1,5809.2%1,16127.9%+4% +3%+76 bps+5%+117
bps+17% +3%+80 bps+36%+115 bps
Gr. EBITDA after
leaseo/w France (incl. Cdiscount)Margin (%)o/w LatamMargin
(%)
1,0335906.3%4435.2%1,24026667.8%57427.9%+20%+13%+152
bps+30%+265 bps+39%+13%+156 bps+73%+245 bps
1,6878984.9%7894.8%1,83029465.5%88426.0%+8%+5%+57
bps+12%+121 bps+24%+6%+61 bps+45%+120 bps
Group Trading profito/w France
(incl. Cdiscount)Margin (%)o/w LatamMargin (%)
8514975.3%3554.2%1,0232
5196.1%50426.9%+20%+4%+79 bps+42%+275
bps+40%+5%+77 bps+88%+252 bps
1,321
6933.8%6283.8%1,4262
6773.9%74825.1%+8% -2%+13 bps+19%+127
bps+25% -1%+17 bps+54%+128 bps
Underlying net profit, Group
share
191363+90%+114%
196268+37%+62%
Underlying diluted earnings per
share
1.803.38+88%+112%
1.472.17+48%+79%
In €m
FY 2019
FY 2020
Change
Group FCF excl. disposals
o/w France (excl. Rocade plan)o/w Latam
103221(118)407288120+295%+30%n.m.
Group Gross debto/w France (incl.
Cdiscount)o/w France – covenant scope7o/w Latam
9,2295,8636,1003,3667,3784,570
4,7612,808-1,851-1,293 -1,301-558
Group Net debt after IFRS 5o/w
France (incl. Cdiscount)o/w Latam
4,0552,5051,5503,9143,048866
(+294 incl. GPA TRS settlement) (-566 incl. GPA TRS
settlement) |
-142
+542-684
Group Net debt excl. IFRS 5o/w
France (incl. Cdiscount)o/w Latam
5,6574,0691,5874,6343,751882-1,023-318-705
The France Retail and E-commerce (Cdiscount)
segments may be presented together, to be consistent with the
operational performance tracking on the Group’s bank covenants.GPA
forward and TRS are not included within financial debt. They were
settled respectively in 2019 and 2020 for simplification
purposes.Via Varejo, which was sold on 14 June 2019, is
presented as a discontinued operation from 1 January to
30 June 2019, in accordance with IFRS 5. Similarly,
Leader Price, which was sold on 30 November 2020, is
presented as a discontinued operation in the 2019 and 2020
financial statements. The 2019 financial statements have been
restated to reflect the retrospective application of IFRIC IC
decision with regard to the enforceable period of a lease and the
amortisation period of fixtures in accordance with IFRS 16 –
Leases.The Board of Directors met on 24 February 2021 to approve
the statutory and consolidated financial statements for 2020. The
auditors have completed their audit procedures on the financial
statements and are in the process of issuing their report.2020 Key
figures
2020 FULL YEAR RESULTS The Group
has implemented the AMF recommendation to present the costs related
to the pandemic in EBITDA and trading profit, including the
exceptional employee bonus paid in the first half of 2020 (€37m in
France, €47m at Group level)
En M€ |
FY 2019 |
FY 2020 |
Change |
Net Sales |
34,645 |
31,912 |
+9% (organic), +8% (same-store) |
EBITDA |
2,640 |
2,742 |
+4% |
Trading profit |
1,321 |
1,426 |
+8% |
Underlying net profit from continuing operations, Group
share |
196 |
268 |
+37% |
Profit (loss) from continuing operations, Group share |
(396) |
(370) |
Mainly accounting impairments and non-recurring expenses related to
the transformation of the Group and the disposal plan |
Profit (loss) from discontinued operations, Group share |
(1,048) |
(516) |
Mainly accounting losses related to stock clearance operations and
impairments |
Consolidated net profit (loss), Group
share |
(1,444) |
(886) |
|
In 2020, the Group's consolidated net
sales amounted to €31.9bn, up
+9.0% on an organic basis8 and down -7.9% after taking
into account the effects of exchange rates and hyperinflation
(-12.6%), changes in scope (-2.4%) and fuel (-1.8%).On the
France Retail scope, net sales were
up +3.0% on a same-store basis. Including
Cdiscount, gross sales under banner in France were up +4.9% on a
same-store basis.E-commerce (Cdiscount)
gross merchandise volume (GMV) came to €4.2bn, a
year-on-year increase of +8.6%9 on an organic
basis, led by the expansion of the marketplace. Sales in
Latin America were up sharply by +17.3% on an
organic basis1, mainly supported by the very good performance in
the cash & carry segment (Assaí), which grew by
+29.3%1 on an organic basis.
Consolidated EBITDA came to
€2,742m, an increase of +3.9% including currency
effects and +17.0% at constant exchange rates. France
EBITDA (including Cdiscount) amounted to €1,580m,
including €1,451m on the France Retail scope and €129m for
Cdiscount. Retail EBITDA (excluding GreenYellow,
Vindémia and special Covid-19 bonuses) was up +4.9%, in
acceleration in H2 (+5.3%). Property development
EBITDA10 came to €64m. France Retail EBITDA
margin came to 9.5%, up +55bps. In the second half, margin
was 12%, up +155bps.After lease payments
and excluding the €37m in special Covid-19 bonuses, France
EBITDA was up +9.5% year on year. After a first-half
performance affected by health crisis costs, profitability improved
in the second half of the year across all retail banners and
Cdiscount. EBITDA after lease payments rose by +12.8% in the second
half.In Latin America, EBITDA rose by +36.1%
excluding currency effects and including tax credits received by
GPA for €139m. EBITDA excluding tax credits was up
+19.4% at constant exchange rates.
Consolidated trading profit
came to €1,426m (€1,287m excluding tax credits),
an increase of +7.9% including currency effects and +25.2% at
constant exchange rates (+14.8% excluding tax credits).In
France (including Cdiscount), trading profit stood
at €677m, including €625m on the France Retail
scope and €53m for Cdiscount. Retail trading
profit (excluding GreenYellow, Vindémia and special
Covid-19 bonuses) is up +3.8%, in acceleration in H2 (+4.2%).
Property development trading profit came to
€63m.Trading margin in France (including
Cdiscount) up +13 bps at 3.9%,
supported by a marked improvement at Cdiscount
which recorded a +238 bps increase in trading margin to
2.6%. Profitability drivers at Cdiscount included the
marketplace, the strategic adjustment of the direct sales product
mix and the development of digital marketing services.In
Latin America, trading profit totalled
€748m, an increase of +19.1% (+25.2%
excluding tax credits and currency effects) that reflected an
improvement in the margin to 5.1% (vs 3.8% in 2019). In Brazil,
trading profit, excluding tax credits and currency effects, rose by
+70% at Multivarejo, driven by
commercial strategy and operational efficiency plans, and
+28% for Assaí. At
Grupo Éxito,
trading profit excluding the currency effect was almost stable
(-0.3%) in the context of the pandemic.
Underlying net financial expense and net
profit, Group share11-Underlying
net financial expense for the period came to
-€681m (-€361m excluding interest expense
on lease liabilities) vs -€772m in 2019 (-€448m excluding
interest expense on lease liabilities). In France,
net financial expense excluding interest on lease liabilities was
affected by an increase in finance costs following the November
2019 refinancing transaction. E-commerce net
financial expense was virtually stable compared with 2019. In
Latin America, financial expense was down.
Underlying net profit from continuing
operations, Group share totalled €268m,
compared with €196m in 2019, an increase of +37% that was
attributable to solid growth in trading profit and a reduction in
finance costs.Underlying diluted earnings per
share12 stood at €2.17 for the year, vs €1.47 in 2019, and
at €3.38 in the second half, an acceleration of +88%.
Other operating income and
expenses amounted to -€797m (vs -€713m in 2019). In
France, other operating income and expenses were -€694m (vs -€630m
in 2019), including -€233m of exceptional cash costs (vs -€316m in
2019), with a reduction of nearly €90m in the second half (-40%).
Exceptional non-cash costs were -€461m (vs -€314m in 2019), mainly
related to asset impairments.
Consolidated net profit (loss), Group share
-Profit (loss) from continuing operations, Group
share came to -€370m, compared with -€396m in 2019, mainly
due to asset impairments and non-recurring accounting costs in the
context of the Group's transformation and the disposal plan.
Profit (loss) from discontinued operations, Group
share was -€516m (vs -€1,048m in 2019), mainly due to
stock clearance operations and impairments on Leader
Price.Consolidated net profit (loss), Group share
amounted to -€886m vs. -€1,444m in 2019.
Financial position at 31 December
2020-Casino Group consolidated gross
debt at 31 December 2020 amounted to €7.4bn (vs
€9.2bn at end-2019), including €4.8bn in France on debt
covenants scope13 (vs €6.1bn at end-2019). Consolidated net
debt after IFRS 5 stood at €3.9bn at
31 December 2020 vs €4.1bn at 31 December 2019.
In Latin America, the €0.7bn debt reduction was
attributable to cash flow generation and the currency effect.
In France, net debt was mainly affected by the
settlement of GPA TRS (settled in H1 2020 for -€248m), as
disposals were offset by a reduction in assets in IFRS 5.
Excluding the effect of IFRS 5, net debt was reduced
by -€566m over the year, including settlement of
GPA TRS.
At 31 December 2020, the Group's liquidity
in France (including Cdiscount) was €3.15bn, with €819m in cash and
cash equivalents and €2.3bn confirmed undrawn lines of credit,
available at any time. The Group also has €487m in a
segregated account for gross debt redemptions.
Additional financial information relating to the
2019 refinancing documentation -At 31 December 2020,
the Group complied with the covenants. The gross
debt14/adjusted EBITDA15 ratio
was 5.03x, below the 5.75x limit16, with headroom of €679m
in gross debt. The adjusted EBITDA/net finance costs ratio
was 4.01x, above the required 2.25x, representing headroom
of €416m in EBITDA.
HIGHLIGHTS -
Retail banners: EBITDA margin of 12% (up +155
bps) in the second half
Following the Group’s repositioning, the sale or closure of
loss-making businesses, the sale of Leader Price, the cost savings
and operational efficiency plan and the reduction of non-food
activities in hypermarkets in favour of shop-in-shop models,
all formats achieved a level of profitability including the
hypermarkets, with a very satisfactory level for the other
banners. France Retail EBITDA margin increased by +155 bps
to 12% in the second half, with a trading margin of 6.4%.
Convenience and buoyant formats
- In 2020, the Group continued to expand its premium and
convenience store bases, opening 169 stores during the
year, in line with the initial target of 300 store
openings by end-2021.
- The Group had 533 stores equipped with autonomous
solutions at end-2020 (vs 305 at end-2019), facilitating
evening and weekend openings. 61% of payments in Géant hypermarkets
and 48% in Casino supermarkets are now made by smartphone or
automatic check-out (vs 45% and 36% respectively at the beginning
of 2020). Holders of the CasinoMax app accounted
for 22% of sales in hypermarkets and supermarkets in the fourth
quarter (vs 20% at end-2019).
Food E-commerce
- In 2020, food e-commerce17 sales rose by +67%
like-for-like, thanks to the development of structurally profitable
models:
- Click & collect and home delivery solutions were
deployed by the urban and convenience formats and new
partnerships were signed with Deliveroo and
Uber Eats;
- The partnership with Amazon was extended to
include Lyon and Bordeaux, in addition to Paris and Nice;
- The O'logistique automated warehouse was launched in
March 2020, based on Ocado technology. Operations were
quickly ramped up, with orders placed via Monoprix Plus rising by
+85% in the fourth quarter of 2020 (vs the third quarter) and the
launch of Casino Plus for customers of Géant Casino and
Supermarchés Casino in September 2020.
In 2021, priority will be given to growth on (i) the
convenience formats in urban areas (Franprix, Naturalia) and
semi-urban and rural areas (Spar, Vival, Casino Shop), with 100
stores scheduled to open in the first quarter and 200 in the
second, and (ii) the food e-commerce business based on structurally
profitable models.
Cdiscount: EBITDA up +63% in 2020
Cdiscount reported strong growth in
profitability in 2020, with EBITDA increasing by +63% to
€133m18 (€101m after lease payments):
- Growth in marketplace revenues accelerated by +23% to €182m
(+40% in the fourth quarter)
- The direct sales product mix was adjusted towards higher margin
and recurring categories (home, leisure, beauty)
Marketplace gross merchandise volume (GMV)
rose by +22% over the year, with growth in order intake
accelerating to +30% in the second half.
- The marketplace’s contribution to total GMV rose by +5.3 pts to
43.6%, led by accelerated growth in the second half (up +6.1
pts)
- Fulfillment by Cdiscount service revenue was up +26%,
representing 33% of marketplace GMV.
Cdiscount pursued its international development
with the launch, in early 2021 of a turnkey marketplace
solution for retailers in France and international markets.
This solution is intended to be deployed on a priority basis in
Europe, Africa and the Middle East, representing an e-commerce
market of more than €600bn.Cdiscount benefited from a €120m
state-guaranteed loan on July 31.
In 2021, Cdiscount intends to pursue its strategic plan
focused on (i) marketplace growth, (ii) product mix
adjustments, (iii) digital marketing solutions, and
(iv) the new turnkey marketplace solution.
GreenYellow: a unique player in energy
transition in acceleration
Growth of the photovoltaic business
accelerated, with total installed capacity rising by +56%
in 2020 to 335 MWp and a photovoltaic pipeline increasing by
+25% to represent 565 MWp as of end-2020.
Total energy savings delivered
to customers have increased by +8% to €85m per year.
The number of energy contracts
for B2C customers sold in partnership with Cdiscount doubled over
the year.
In 2020, GreenYellow also continued to
extend its geographic reach and expand the service
offering:
- In international markets, by penetrating new
territories such as Vietnam and South Africa, and building a
stronger presence in traditional geographies (Southeast Asia, Latin
America, Indian Ocean)
- By enhancing the service offering:
- With the launch of Utilities as a Service
solutions (service-based business model covering heating and
cooling generation; deployment of the solution in 80 sites in
2021);
- In the area of electric mobility, with the
installation of 130 electric vehicle charging stations and a
threefold increase in the installed base in 2021;
- Through innovative solutions, such as floating
solar farms (with an initial project in Thailand).
In 2021, considering its current installed capacity and
the projects in the pipeline, GreenYellow expects to report EBITDA
of €90m in 2021 (vs €64m19 in 2020), led
by:
-
-
- Transition to a company-owned asset model, with an objective of
adding 350 MWp to installed capacity in 2021, raising the
total installed capacity to nearly 700 MWp, with a target of
1 GWp in 2022
- Ongoing growth in energy performance contracts and energy
savings certificates.
RelevanC: EBITDA up +50% in 2020
After developing its solutions for the Group
banners, RelevanC now offers external customers the opportunity to
accelerate the monetisation of their data:
- The first contracts were signed with retailers in early
2021 (including one with a network of over 10,000 stores
and 14 million loyalty programme members)
- RelevanC offers specialised customer relationship
management services, covering (i) optimised customer
targeting for supplier advertising or marketing spend, and
(ii) digital and in-store advertising space management.
RelevanC reported net sales of
€55m20 and EBITDA of €18m, an increase of nearly
+50% in 2020. The subsidiary, which has over
100 employees, offers:
- A platform that enables a banner and its suppliers to
personalise their promotional campaigns (promotional offers,
optimised contact method, etc.)
- A Retail Media platform that enables suppliers and marketplace
vendors to buy advertising space on the Group sites or elsewhere,
using RelevanC’s expertise to target their customers.
In 2021, RelevanC intends to accelerate its
growth by signing up new external clients.
Spin-off of Assaí’s activities in Latin
America
In September 2020, GPA announced a project to
demerge its activities in Brazil in order to optimize the potential
of the cash & carry business (Assaí) on the one hand and the
more traditional food retailing businesses of GPA and Éxito on the
other.
The operation will enable them to operate
autonomously and to focus on their respective business models and
market opportunities. Each entity will benefit from direct access
to the capital markets and the different financing sources, thereby
creating more value for shareholders.
The spin-off plan was approved by GPA
shareholders at the General Meeting on 31 December 2020 and
the Assaí shares will be admitted to trading on 1 March
2021. Assaí shares will be distributed to GPA shareholders at a
ratio of one Assaí share for each GPA share.
A recognised CSR commitment
The Casino Group was named No.1 European
retailer by Vigeo Eiris21 for its CSR policy and
commitments, and it is also the highest ranked retailer in
the Top 100 Sustainably Managed Companies list published
by the Wall Street Journal.22
Recognised for its commitments in favour of the
climate and environmental protection, the Group has
already reduced its carbon emissions by -10% compared with 2015,
in line with the objective validated by the Science Based
Target of -18% reduction by 202523. In France, the Group has
sharply reduced its emissions by -18% in 2020, i.e. -34% since
2015, beyond the SBT objective (574 Kt CO2 eq in 2015, 461 Kt
in 2019, and 380 Kt in 2020 on scopes 1 and 2) and adhered to the
TCFD recommendations (TCFD supporter). For Monoprix, the Group aims
to reduce carbon emissions by 50%24 by 2030 to achieve carbon
neutrality by 2040.
Among its initiatives, the Group has developed
an appropriate and responsible offering by actively
promoting organic products which represented net sales of
€1.3bn in 2020 (up +12%), encouraging development of the
circular economy (launch of the Cdiscount Occasion platform for
second hand goods) and combating food waste through the sale
of short-dated products.
The Group also follows a responsible,
inclusive and pro-diversity human resources policy by employing
205,000 people, with a 40.4% proportion of women managers
(target of 45% in 2025) and over 8,400 employees with
disabilities (4.1% of the workforce in 2020, target of 4.5% in
2025).The Group has four foundations in France and Latin America,
including the Casino Foundation, which has been working for 10
years to educate more than 2,000 children annually in France
through theater.
Disposal plan for non-strategic assets: €2.8bn
since July 2018
As of end-2020, sales
of non-strategic assets completed since July 2018 totalled
€2.8bn. In 2020, the Group achieved the following
disposals:
- On 30 June 2020, the Group announced that it had completed the
sale of Vindémia, the leading retailer in the
Indian Ocean region, to GBH for an enterprise value of
€219m and received proceeds of €186m
- On 21 August 2020, the Group announced the additional and
definitive disposal of 5% of Mercialys equity
through the Mercialys total return swap (TRS) for
€26m
- On 30 November 2020, the Casino Group announced that it had
completed the sale to ALDI France of 545 Leader Price
stores, 2 Casino supermarkets and 3 warehouses
and received proceeds of €648m. The agreement
provides for up to €35m earn-out
- The Group also sold real estate assets for
approximately €100m.
In view of the successful development of its
broad portfolio of activities in France, the Group has a greater
flexibility in implementing its disposal plan for which the €4.5bn
objective is confirmed.
Refinancing plan: €1.5bn reduction in financing
needs between 2021 and 2023
In 2020, the Group continued to
strengthen its financial structure, by carrying
out several transactions aimed at strengthening its liquidity until
end-2023, reducing bond debt and extending its average
maturity.
In December, the Casino Group carried out a
large scale transaction that consisted of (i) tapping the 2024
Secured Term Loan B initially issued in November 2019 for an amount
of €225m, (ii) the launch of an unsecured debt instrument
maturing in January 2026 for €400m and (iii) a tender offer on
Casino’s unsecured notes maturing between 2021 and 2025 for an
amount of €822m.The cumulative amount of bonds bought back
in 2020 on the market or through public tender offers thereby
totalled €1.4bn. On completion of these transactions, the
segregated account dedicated to the redemption of bonds had a
balance of €487m.Between June and December 2020, the amount
payable on bond maturing between 2021 and 2023 was reduced by
€1.5bn, from €1.8bn to €0.2bn, taking
into account the amounts held in the segregated account.
Fourth quarter 2020 net sales
-
In the fourth quarter of 2020, the Group
had net sales of €8,346m, down -9.6% in total due to
exchange rates, consolidation scope and fuel impacts accounting for
respectively -15.2%, -2.6% and -2.2%. The calendar effect was
-0.2%. The Group’s same-store
sales were up +8.1%25, led by
dynamic activity levels in Latin America (up +13.5%1). Net sales in
France (including Cdiscount) rose by +0.9%1 with gross sales under
banner up +3.2%1.
France Retail sales were
impacted by a downturn in fuel sales (-€131m or -3.2 pts), the
disposal of Vindémia and by the effects of the Rocade plan on
hypermarkets and supermarkets. Same-store growth was
+0.1% in a fourth quarter shaped by the second lockdown,
the government ban on sales of non-essential goods in November and
the curfew introduced in December. The buoyant E‑commerce
and organic segments remained dynamic, recording
same-store growth in net sales for the quarter of +67% and +7%
respectively. The good performances of the convenience
formats (+5.8%), the Casino supermarkets
(+3.3%) and Naturalia (+12%) offset the decline in
net sales recorded by Géant hypermarkets (-7.2%),
which were affected by the government ban on sales of non-essential
goods in November and the reduction in non-food sales in favour of
shop-in-shop models. Sales at Monoprix (+1.0%)
and Franprix (+0.7%) were
resilient, with dynamic performances in the regions and
the Paris suburbs offsetting lower consumption in Paris, which
continued to be affected by the fall in the number of tourists and
office workers.
Cdiscount26 reported organic
growth in gross merchandise volume (GMV) of +10.2%, driven by the
marketplace and international sales. The
marketplace grew by +34% over the quarter and
accounted for 45.0% of GMV (+7.5 pts). Cdiscount attracted
1.2 million new customers during the quarter,
with a record high of 26.2 million unique visitors in December.
International GMV grew by +90% during the quarter, thanks to a
platform that brings together 206 websites covering
27 countries.
In total, in France (including
Cdiscount), the second lockdown had no overall impact on gross
sales under banner for the quarter, which rose by +3.2% on a
same-store basis.
In Latin America, sales rose by
+13.5%2 on a same-store basis and by +22.2%2 on an organic
basis. The total net sales figure was impacted by an
unfavourable currency effect of -31.6%. Fourth quarter sales growth
in Latin America was driven by the excellent performance of
Assaí (up +19.4%2 on a same-store basis and +34.1%2 on an
organic basis), reflecting the commercial format’s continued
attractiveness and the success of expansion strategy.
MultiVarejo’s turnaround strategy continued to be
successful, driving same-store growth of +10.4%2.
Éxito put in a good performance, achieving
same-store growth of +7.5%2 despite the introduction of tighter
travel restrictions in Argentina and Uruguay.
Consolidated net sales by segment
|
Q4 2020/Q4 2019 change |
|
NET SALES (in €m) |
Q42020 |
Totalgrowth |
Organicgrowth27 |
Same-storegrowth1 |
France Retail |
3,739 |
-10.2% |
-1.9% |
+0.1% |
Cdiscount |
643 |
+4.2% |
+4.3% |
+4.3% |
Total France |
4,382 |
-8.3% |
-1.0% |
+0.9% |
Latam Retail |
3,964 |
-10.9% |
+22.2% |
+13.5% |
GROUP TOTAL |
8,346 |
-9.6% |
+10.7% |
+8.1% |
Cdiscount GMV |
1,323 |
+10.1% |
+10.2% |
n.a. |
|
|
|
|
|
|
Consolidated net sales in France by
banner
|
Q3 2020/Q3 2019 change |
Q4 2020/Q4 2019 change |
Net sales by banner (in €m) |
Q3 2020 net sales |
Total growth |
Organic growth1 |
Same-store growth1 |
Q4 2020 net sales |
Total growth |
Organic growth1 |
Same-store growth1 |
Monoprix |
1,024 |
-2.8% |
-3.1% |
-1.2% |
1,219 |
-1.0% |
-0.2% |
+1.0% |
Supermarkets |
816 |
-4.4% |
-0.3% |
+0.8% |
727 |
-6.2% |
0.0% |
+3.3% |
o/w Casino Supermarkets28 |
757 |
-4.3% |
-0.2% |
+1.7% |
687 |
-6.8% |
-0.5% |
+3.3% |
Franprix |
343 |
-4.5% |
-3.9% |
-1.1% |
378 |
-2.2% |
-2.5% |
+0.7% |
Convenience & Other29 |
478 |
-29.0% |
+3.2% |
+6.5% |
456 |
-24.8% |
+4.1% |
+5.6% |
o/w Convenience30 |
404 |
+4.7% |
+6.2% |
+6.5% |
315 |
+6.1% |
+5.4% |
+5.8% |
Hypermarkets |
1,016 |
-13.5% |
-5.9% |
-3.0% |
959 |
-17.6% |
-8.6% |
-6.8% |
o/w Géant2 |
950 |
-14.6% |
-6.8% |
-2.7% |
903 |
-18.7% |
-9.5% |
-7.2% |
o/w Food |
663 |
-10.0% |
n.a. |
-2.8% |
652 |
-9.4% |
n.a. |
-5.3% |
o/w Non-food |
113 |
-21.1% |
n.a. |
-2.9% |
107 |
-32.1% |
n.a. |
-18.6% |
FRANCE RETAIL |
3,676 |
-10.6% |
-2.6% |
-0.2% |
3,739 |
-10.2% |
-1.9% |
+0.1% |
Outlook for 2021 in France -
- Sharply improved profitability, continuing the
trend established in the second half of 2020
- Having completed its refocusing on buoyant formats, the
Group is now giving priority to growth
- Expansion in the urban, semi-urban and rural
convenience formats (100 stores to be opened in the first
quarter and 200 in the second)
- Development of e-commerce based on structurally
profitable models (O’logistique automated warehouse,
partnership with Amazon, click & collect and home delivery
service offered by urban formats)
- Ongoing development of Cdiscount, GreenYellow and
RelevanC
- Ongoing growth in cash flow from continuing operations
and free cash flow31
- Continued EBITDA growth
- Continued reduction in non-recurring
costs
- Expansion on convenience and food e-commerce
formats, which require low Capex
- Ongoing deleveraging
- In view of the successful development of its broad portfolio of
activities in France, the Group has a greater flexibility in
implementing its disposal plan for which the €4.5bn
objective is confirmed
- In light of the priority given to the deleveraging plan, the
Board of Directors will recommend to the 2021 Annual General
Meeting not to pay a dividend in 2021 in respect of
2020
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 2020:
In €m |
France Retail + E-commerce |
Latam |
Total |
Net sales32 |
4,382 |
3,965 |
8,347 |
EBITDA1 |
617 |
460 |
1,077 |
(-)
impact of leases33 |
(153) |
(64) |
(218) |
Adjusted Consolidated EBITDA including
leases1 |
464 |
396 |
860 |
Financial information for the 12-month
period ended 31 December 2020:
In €m |
France Retail + E-commerce |
Latam |
Total |
Net sales1 |
17,256 |
14,656 |
31,912 |
EBITDA1 |
1,580 |
1,161 |
2,742 |
(-)
impact of leases2 |
(634) |
(278) |
(912) |
(i) Adjusted consolidated EBITDA including leases1
34 |
946 |
884 |
1,830 |
(ii) Gross debt 1 35 |
4,761 |
2,617 |
7,378 |
(iii) Gross cash & cash equivalents1 36 |
828 |
1,916 |
2,744 |
As at 31 December 2020, the Group's liquidity
within the "France + E-commerce" scope was €3.15bn, with €819m in
cash and cash equivalents and confirmed undrawn lines of credit of
€2.3bn.
Additional information regarding
covenants and segregated accounts:
Covenants tested as from 31 March 2020 pursuant to the
€2bn Revolving Credit Facilitydated
18 November 2019 |
Type of covenant (France and E-commerce) |
At 31
December 2020 |
Gross debt4/adjusted EBITDA3 <5.75x37 |
5.03x |
Adjusted EBITDA3/Net finance costs >2.25x |
4.01x |
The Group confirms that €373m were credited to
the Segregated Account during the quarter ended 31 December 2020,
corresponding to the funds raised through the December 2020
refinancing transaction but not used. No cash has been debited from
the Segregated Account and its balance stood at €487m at
31 December 2020. 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 |
2019 (restated) |
2020 |
Reported change |
Change at CER |
France Retail |
16,322 |
15,219 |
-6.8% |
- |
Latam Retail |
16,358 |
14,656 |
-10.4% |
+17.3%38 |
E-commerce (Cdiscount) |
1,966 |
2,037 |
+3.6% |
- |
Group
total |
34,645 |
31,912 |
-7.9% |
+9.0%1 |
- Consolidated EBITDA by segment
EBITDA In €m |
2019 (restated) |
2020 |
Reported change |
Change at CER |
France Retail |
1,467 |
1,451 |
-1.1% |
-0.6% |
Latam Retail |
1,104 |
1,161 |
+5.2% |
+36.1% |
E-commerce (Cdiscount) |
69 |
129 |
+87.8% |
+87.8% |
Group
total |
2,640 |
2,742 |
+3.9% |
+17.0% |
|
|
|
|
|
|
|
|
|
- Consolidated trading profit by segment
Trading profit In €m |
2019 (restated) |
2020 |
Reported change |
Change at CER |
France Retail |
689 |
625 |
-9.4% |
-8.5% |
Latam Retail |
628 |
748 |
+19.1% |
+54.5% |
E-commerce (Cdiscount) |
4 |
53 |
n.m. |
n.m. |
Group
total |
1,321 |
1,426 |
+7.9% |
+25.2% |
|
|
|
|
|
|
|
|
|
- Change in net debt by entity
Net debtIn €m |
2019 |
Change over over the period |
2020 |
|
Net debt after IFRS 5 |
Net debtexcl. IFRS 5 |
Net debt excl. IFRS 5 |
Net debtafter IFRS 5 |
France |
2,505 |
4,069 |
-318 (-566 incl. GPA TRS
settlement) |
3,751 |
3,048 |
o/w France Retail |
2,284 |
3,848 |
-310 |
3,538 |
2,835 |
o/w E-commerce (Cdiscount) |
221 |
221 |
-8 |
213 |
213 |
Latam Retail |
1,550 |
1,587 |
-705 |
882 |
866 |
o/w GPA (Multivarejo) |
516 |
541 |
-168 |
373 |
361 |
o/w Assai |
1,460 |
1,460 |
-796 |
664 |
664 |
o/w Éxito |
(638) |
(626) |
+293 |
(333) |
(338) |
o/w Segisor |
185 |
185 |
-6 |
179 |
179 |
Total |
4,055 |
5,657 |
-1,023 |
4,634 |
3,914 |
|
|
|
|
|
|
|
-
- 2020 France net debt excluding IFRS 5
In €m –
France + Cdiscount |
2019 |
2020 |
France net debt excl. IFRS 5 at
1 January |
(4,026) |
(4,069) |
Free cash flow39 before asset disposals, disposal
plan and Rocade plan |
221 |
288 |
Financial expenses40 |
(207) |
(328) |
Dividends paid to owners of the parent and holders of TSSDI
deeply-subordinated bonds |
(213) |
(43) |
Share buybacks and transactions with non-controlling interests |
(90) |
(37) |
Other net financial investments |
(331) |
(383)41 |
Other non-cash items |
60 |
14842 |
o/w non-cash financial expenses |
(6) |
57 |
Rocade plan |
27 |
(18) |
Disposal plan and other disposals |
797 |
93943 |
Segisor |
(198) |
0 |
Settlement of GPA TRS and Forward |
(109) |
(248) |
Net debt excluding IFRS 5 at 31 December |
(4,069) |
(3,751) |
Change in net debt, excluding IFRS 5 |
-43 |
+318 |
Impact of GPA TRS and Forward settlements |
109 |
248 |
Change in net debt, excluding IFRS 5, GPA TRS &
Forward |
+66 |
+566 |
In €m |
2019(restated) |
Restated items |
2019 underlying |
2020 |
Restated items |
2020 underlying |
|
Trading profit |
1,321 |
0 |
1,321 |
1,426 |
0 |
1,426 |
|
Other
operating income and expenses |
(713) |
713 |
0 |
(797) |
797 |
0 |
|
Operating profit |
609 |
713 |
1,321 |
628 |
797 |
1,426 |
|
Net finance costs |
(356) |
0 |
(356) |
(357) |
0 |
(357) |
|
Other financial income and expenses44 |
(450) |
34 |
(416) |
(392) |
67 |
(324) |
|
Income taxes45 |
(132) |
(114) |
(246) |
(82) |
(180) |
(261) |
|
Share of
profit of equity-accounted investees |
46 |
0 |
46 |
50 |
0 |
50 |
|
Net profit (loss) from continuing operations |
(283) |
633 |
349 |
(152) |
685 |
533 |
|
xx |
xx |
xx |
xx |
o/w attributable to non-controlling interests46 |
112 |
41 |
154 |
218 |
47 |
265 |
|
o/w Group share |
(396) |
591 |
196 |
(370) |
638 |
268 |
|
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.
APPENDICES – NET SALES
Consolidated net sales by segment
|
2020/2019 change |
|
Net sales (in €m) |
2020net sales |
Totalgrowth |
Organicgrowth47 |
Same-storegrowth1 |
France Retail |
15,219 |
-6.8% |
+0.5% |
+3.0% |
Cdiscount |
2,037 |
+3.6% |
+3.6% |
+3.6% |
Total France |
17,256 |
-5.6% |
+1.0% |
+3.2% |
Latam Retail |
14,656 |
-10.4% |
+17.3% |
+11.6% |
GROUP TOTAL |
31,912 |
-7.9% |
+9.0% |
+7.8% |
Cdiscount GMV |
4,207 |
+7.9% |
+8.6% |
n.a. |
|
|
|
|
|
|
2020/2019 change in net sales in France by
banner
Net sales by banner (in €m) |
2020 net sales |
Total growth |
Organic growth1 |
Same-store growth1 |
Monoprix |
4,537 |
-0.2% |
-0.1% |
+1.6% |
Supermarkets |
3,069 |
-2.3% |
+3.3% |
+5.4% |
o/w Casino Supermarkets2 |
2,896 |
-2.3% |
+3.4% |
+6.1% |
Franprix |
1,579 |
+3.5% |
+3.9% |
+7.1% |
Convenience & Other3 |
2,199 |
-13.6% |
+4.5% |
+9.1% |
o/w Convenience4 |
1,416 |
+7.5% |
+7.6% |
+10.3% |
Hypermarkets |
3,836 |
-15.9% |
-4.9% |
-2.3% |
o/w Géant2 |
3,620 |
-16.7% |
-5.3% |
-2.2% |
o/w Food |
2,588 |
-10.5% |
n.a. |
-1.5% |
o/w Non-food |
427 |
-22.5% |
n.a. |
-7.4% |
FRANCE RETAIL |
15,219 |
-6.8% |
+0.5% |
+3.0% |
Main data - Cdiscount48
Key figures |
H2 2019 |
H2 2020 |
Reported growth |
Organic growth |
Total GMV including tax |
2,146 |
2,261 |
+5.4% |
+5.8% |
o/w direct sales |
1,088 |
1,038 |
-4.7% |
|
o/w marketplace |
679 |
832 |
+22.6% |
|
Marketplace contribution (%) |
38.4% |
44.5% |
+6.1 pts |
Net sales (in €m) |
1,199 |
1,176 |
-1.9% |
-1.4% |
Traffic (millions of visits) |
531 |
607 |
+14.3% |
Key figures |
FY 2019 |
FY 2020 |
Reported growth |
Organic growth |
Total GMV including tax |
3,899 |
4,207 |
+7.9% |
+8.6% |
o/w direct sales |
1,999 |
1,949 |
-2.5% |
|
o/w marketplace |
1,237 |
1,505 |
+21.6% |
|
Marketplace contribution (%) |
38.2% |
43.6% |
+5.3 pts |
Net sales (in €m) |
2,194 |
2,225 |
+1.4% |
+2.2% |
Traffic (millions of visits) |
1,021 |
1,169 |
+14.5% |
Active customers (in millions) |
9.2 |
10.3 |
+12% |
Cnova provided a detailed report on its 2020
results on 18 February 2021.
APPENDICES – OTHER INFORMATION
Exchange rate
AVERAGE EXCHANGE RATES |
Q4 2019 |
Q4 2020 |
Currency effect |
Brazil
(EUR/BRL) |
4.5580 |
6.4373 |
-29.2% |
Colombia (EUR/COP) (x 1000) |
3.7696 |
4.3559 |
-13.5% |
Uruguay (EUR/UYP) |
41.5081 |
50.8326 |
-18.3% |
Argentina49 (EUR/ARS) |
65.7062 |
95.5576 |
-31.2% |
Gross sales under banner in France
TOTAL ESTIMATED GROSS FOOD SALES UNDER BANNER (in €m,
excluding fuel) |
Same-store change (excl. calendar effects) |
|
Q4 2020 |
Q4 2020 |
FY 2020 |
Monoprix |
1,249 |
+1.0% |
+1.6% |
Franprix |
438 |
-0.1% |
+7.3% |
Supermarkets |
704 |
+3.9% |
+5.4% |
Hypermarkets |
798 |
-4.0% |
-1.2% |
Convenience & Other |
607 |
+5.4% |
+10.2% |
o/w Convenience |
394 |
+5.7% |
+10.2% |
TOTAL FOOD |
3,796 |
+1.1% |
+3.9% |
TOTAL ESTIMATED GROSS NON-FOOD SALES UNDER BANNER (in €m,
excluding fuel) |
Same-store change (excl. calendar effects) |
|
Q4 2020 |
Q4 2020 |
FY 2020 |
Hypermarkets |
135 |
-17.4% |
-7.1% |
Cdiscount |
1,067 |
+11.8% |
+9.6% |
TOTAL NON-FOOD |
1,202 |
+8.8% |
+7.9% |
TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel) |
Same-store change (excl. calendar effects) |
|
Q4 2020 |
Q4 2020 |
FY 2020 |
TOTAL FRANCE AND CDISCOUNT |
4,998 |
+3.2% |
+4.9% |
Store network at period-end
FRANCE |
31/03/2020 |
30/06/2020 |
30/09/2020 |
31/12/2020 |
Géant Casino hypermarkets |
104 |
104 |
105 |
105 |
o/w French franchised affiliates |
4 |
4 |
4 |
4 |
International affiliates |
6 |
6 |
7 |
7 |
Casino Supermarkets |
411 |
415 |
414 |
419 |
o/w French franchised affiliates |
69 |
69 |
68 |
71 |
International affiliates |
22 |
22 |
23 |
24 |
Monoprix |
789 |
789 |
791 |
799 |
o/w franchised affiliates |
190 |
190 |
191 |
192 |
Naturalia integrated
stores |
181 |
181 |
181 |
184 |
Naturalia franchises |
26 |
26 |
28 |
32 |
Franprix |
867 |
869 |
869 |
872 |
o/w franchises |
441 |
481 |
463 |
479 |
Convenience |
5,130 |
5,134 |
5,166 |
5,206 |
Other businesses |
223 |
219 |
219 |
233 |
Indian Ocean |
262 |
0 |
0 |
0 |
Total France |
7,786 |
7,530 |
7,564 |
7,634 |
INTERNATIONAL |
31/03/2020 |
30/06/2020 |
30/09/2020 |
31/12/2020 |
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 |
29 |
29 |
29 |
30 |
Devoto supermarkets |
24 |
24 |
24 |
24 |
Devoto Express mini-supermarkets |
36 |
36 |
35 |
35 |
Möte |
2 |
2 |
2 |
2 |
BRAZIL |
1,072 |
1,070 |
1,054 |
1,057 |
Extra hypermarkets |
107 |
107 |
104 |
103 |
Pão de Açúcar supermarkets |
185 |
182 |
182 |
182 |
Extra supermarkets |
151 |
151 |
147 |
147 |
Compre Bem |
28 |
28 |
28 |
28 |
Assaí (cash & carry) |
167 |
169 |
176 |
184 |
Mini Mercado Extra & Minuto Pão de Açúcar
mini-supermarkets |
238 |
238 |
239 |
236 |
Drugstores |
123 |
122 |
104 |
103 |
+ Service stations |
73 |
73 |
74 |
74 |
COLOMBIA |
1,984 |
1,981 |
1,980 |
1,983 |
Éxito hypermarkets |
92 |
92 |
92 |
92 |
Éxito and Carulla supermarkets |
157 |
157 |
154 |
153 |
Super Inter supermarkets |
69 |
69 |
69 |
69 |
Surtimax (discount) |
1,540 |
1,536 |
1,539 |
1,544 |
o/w “Aliados” |
1,460 |
1,459 |
1,465 |
1,470 |
B2B |
32 |
32 |
34 |
34 |
Éxito Express and Carulla Express mini-supermarkets |
94 |
95 |
92 |
91 |
CAMEROON |
1 |
1 |
2 |
2 |
Cash & Carry |
1 |
1 |
2 |
2 |
Total International |
3,175 |
3,170 |
3,153 |
3,160 |
Consolidated income statement
(in € millions) |
|
2020 |
2019 (restated)50 |
CONTINUING OPERATIONS |
|
|
|
Net
sales |
|
31,912 |
34,645 |
Other revenue |
|
598 |
665 |
Total revenue |
|
32,510 |
35,310 |
Cost of goods sold |
|
(24,314) |
(26,546) |
Gross margin |
|
8,195 |
8,765 |
Selling
expenses |
|
(5,504) |
(6,073) |
General and administrative expenses |
|
(1,265) |
(1,371) |
Trading profit |
|
1,426 |
1,321 |
As a %
of net sales |
|
4.5% |
3.8% |
|
|
|
|
Other
operating income |
|
306 |
63 |
Other operating expenses |
|
(1,103) |
(776) |
Operating profit |
|
628 |
609 |
As a %
of net sales |
|
2.0% |
1.8% |
|
|
|
|
Income
from cash and cash equivalents |
|
16 |
39 |
Finance
costs |
|
(373) |
(396) |
Net finance costs |
|
(357) |
(356) |
Other
financial income |
|
210 |
265 |
Other financial expenses |
|
(602) |
(715) |
Profit (loss) before tax |
|
(120) |
(198) |
As a %
of net sales |
|
-0.4% |
-0.6% |
|
|
|
|
Income
tax benefit (expense) |
|
(82) |
(132) |
Share of profit (loss) of equity-accounted investees |
|
50 |
46 |
Net profit /(loss) from continuing operations |
|
(152) |
(283) |
As a %
of net sales |
|
-0.5% |
-0.8% |
Attributable to owners of the parent |
|
(370) |
(396) |
Attributable to non-controlling interests |
|
218 |
112 |
DISCONTINUED OPERATIONS |
|
|
|
Net profit (loss) from discontinued
operations |
|
(508) |
(1,054) |
Attributable to owners of the parent |
|
(516) |
(1,048) |
Attributable to non-controlling interests |
|
7 |
(6) |
CONTINUING AND DISCONTINUED OPERATIONS |
|
|
|
Consolidated net profit (loss) |
|
(660) |
(1,338) |
Attributable to owners of the parent |
|
(886) |
(1,444) |
Attributable to non-controlling interests |
|
225 |
106 |
Earnings per share
In € |
|
2020 |
2019 (restated) |
From continuing operations, attributable to owners of the
parent |
|
|
|
|
|
(3.75) |
(4.01) |
|
|
(3.75) |
(4.01) |
From continuing and discontinued operations, attributable
to owners of the parent |
|
|
|
|
|
(8.54) |
(13.72) |
|
|
(8.54) |
(13.72) |
Consolidated statement of comprehensive
income
(in € millions) |
2020 |
2019 (restated)51 |
Consolidated net profit (loss) |
(660) |
(1,338) |
Items that may be subsequently reclassified to profit or
loss |
(1,367) |
(128) |
Cash flow hedges and cash flow hedge reserve(i) |
(17) |
(27) |
Foreign currency translation adjustments(ii) |
(1,328) |
(110) |
Debt instruments at fair value through other comprehensive income
(OCI) |
1 |
6 |
Share of items of equity-accounted investees that may be
subsequently reclassified to profit or loss |
(27) |
(4) |
Income tax effects |
5 |
6 |
Items that will never be reclassified to profit or
loss |
(10) |
(14) |
Equity instruments at fair value through other comprehensive
income |
- |
(1) |
Actuarial gains and losses |
(14) |
(18) |
Share of items of equity-accounted investees that will never be
subsequently reclassified to profit or loss |
- |
(1) |
Income tax effects |
5 |
6 |
Other comprehensive income (loss) for the year, net of
tax |
(1,377) |
(142) |
Total comprehensive income (loss) for the year, net of
tax |
(2,037) |
(1,480) |
o/w
Group share |
(1,455) |
(1,537) |
Attributable to non-controlling interests |
(581) |
58 |
- The change in the cash flow hedge reserve was not material in
either 2020 or 2019.
- The €1,328 million negative net translation adjustment in 2020
arose primarily from the depreciation of the Brazilian and
Colombian currencies (€957 million and €235 million, respectively).
The €110 million negative net translation adjustment in 2019
arose primarily from the depreciation of the Brazilian, Argentine
and Uruguayan currencies, for €70 million, €57 million
and €54 million respectively, partially offset by the
appreciation of the Colombian peso for €68 million.
Consolidated statement of financial
position
ASSETS |
|
31 December 2020 |
31 December 2019 (restated)52 |
1 January 2019 (restated)1 |
(in € millions) |
Goodwill |
|
6,656 |
7,489 |
8,682 |
Intangible assets |
|
2,061 |
2,296 |
2,265 |
Property and equipment |
|
4,279 |
5,113 |
5,843 |
Investment property |
|
428 |
493 |
497 |
Right-of-use assets |
|
4,888 |
5,602 |
5,312 |
Investments in equity-accounted investees |
|
191 |
341 |
500 |
Other non-current assets |
|
1,217 |
1,183 |
1,151 |
Deferred tax assets |
|
1,035 |
784 |
666 |
Non-current assets |
|
20,754 |
23,300 |
24,916 |
Inventories |
|
3,209 |
3,775 |
3,834 |
Trade receivables |
|
941 |
836 |
905 |
Other current assets |
|
1,770 |
1,536 |
1,383 |
Current tax assets |
|
167 |
111 |
165 |
Cash and cash equivalents |
|
2,744 |
3,572 |
3,730 |
Assets held for sale |
|
932 |
2,818 |
8,464 |
Current assets |
|
9,763 |
12,647 |
18,481 |
TOTAL ASSETS |
|
30,517 |
35,948 |
43,397 |
|
|
|
|
|
EQUITY AND LIABILITIES |
|
31 December 2020 |
31 December 2019 (restated)
1 |
1 January 2019 (restated) 1 |
(in € millions) |
Share capital |
|
166 |
166 |
168 |
Additional paid-in capital, treasury shares, retained earnings and
consolidated net profit (loss) |
|
3,097 |
4,603 |
6,312 |
Equity attributable to owners of the parent |
|
3,263 |
4,769 |
6,480 |
Non-controlling interests |
|
2,856 |
3,488 |
5,203 |
Total equity |
|
6,118 |
8,256 |
11,682 |
Non-current provisions for employee benefits |
|
351 |
357 |
366 |
Other non-current provisions |
|
374 |
458 |
475 |
Non-current borrowings and debt, gross |
|
6,888 |
8,100 |
6,782 |
Non-current lease liabilities |
|
4,281 |
4,761 |
4,327 |
Non-current put options granted to owners of non-controlling
interests |
|
45 |
61 |
63 |
Other non-current liabilities |
|
201 |
181 |
469 |
Deferred tax liabilities |
|
508 |
566 |
667 |
Total non-current liabilities |
|
12,648 |
14,485 |
13,150 |
Current provisions for employee benefits |
|
12 |
11 |
11 |
Other current provisions |
|
189 |
153 |
157 |
Trade payables |
|
6,190 |
6,580 |
6,668 |
Current borrowings and debt, gross |
|
1,168 |
1,549 |
2,199 |
Current lease liabilities |
|
705 |
723 |
657 |
Current put options granted to owners of non-controlling
interests |
|
119 |
105 |
126 |
Current tax liabilities |
|
98 |
48 |
127 |
Other current liabilities |
|
3,059 |
2,839 |
2,613 |
Liabilities associated with assets held for sale |
|
210 |
1,197 |
6,008 |
Current liabilities |
|
11,750 |
13,206 |
18,565 |
TOTAL EQUITY AND LIABILITIES |
|
30,517 |
35,948 |
43,397 |
Consolidated statement of cash flows
(in € millions) |
|
2020 |
2019 (restated) |
Profit (loss) before tax from continuing operations |
|
(120) |
(198) |
Profit (loss) before tax from discontinued operations |
|
(462) |
(979) |
Consolidated profit (loss) before tax |
|
(581) |
(1,177) |
Depreciation and amortisation expense |
|
1,316 |
1,318 |
Provision and impairment expense |
|
390 |
240 |
Losses (gains) arising from changes in fair value |
|
78 |
40 |
Expenses/(income) on share-based payment plans |
|
12 |
13 |
Other non-cash items |
|
(56) |
(62) |
(Gains) losses on disposals of non-current assets |
|
(88) |
9 |
(Gains) losses due to changes in percentage ownership of
subsidiaries resulting in acquisition/loss of control |
|
58 |
11 |
Dividends received from equity-accounted investees |
|
17 |
43 |
Net
finance costs |
|
356 |
356 |
Interest paid on leases, net |
|
320 |
324 |
Non-recourse factoring and associated transaction costs |
|
60 |
77 |
Disposal gains and losses and adjustments related to discontinued
operations |
|
258 |
977 |
Net cash from operating activities before change in working
capital, net finance costs and income tax |
|
2,142 |
2,170 |
Income tax paid |
|
(157) |
(259) |
Change in operating working capital |
|
26 |
92 |
Income tax paid and change in operating working capital:
discontinued operations |
|
211 |
(882) |
Net cash from operating activities |
|
2,222 |
1,120 |
of which continuing operations |
|
2,215 |
2,004 |
Cash outflows related to acquisitions of: |
|
|
|
§ Property, plant and equipment, intangible assets and
investment property |
|
(927) |
(1,107) |
§ Non-current financial assets |
|
(942) |
(440) |
Cash inflows related to disposals of: |
|
|
|
§ Property, plant and equipment, intangible assets and
investment property |
|
423 |
890 |
§ Non-current financial assets |
|
461 |
68 |
Effect of changes in scope of consolidation resulting in
acquisition or loss of control |
|
157 |
218 |
Effect of changes in scope of consolidation related to
equity-accounted investees |
|
(63) |
(39) |
Change in loans and advances granted |
|
(28) |
(42) |
Net cash from/(used in) investing activities of discontinued
operations |
|
453 |
422 |
Net cash from (used in) investing activities |
|
(466) |
(32) |
of which continuing operations |
|
(920) |
(453) |
Dividends paid: |
|
|
|
§ to owners of the parent |
|
- |
(169) |
§ to non-controlling interests |
|
(44) |
(83) |
§ to holders of deeply-subordinated perpetual bonds |
|
(36) |
(46) |
Increase (decrease) in the parent’s share capital |
|
- |
- |
Transactions between the Group and owners of non-controlling
interests |
|
(55) |
(971) |
(Purchases) sales of treasury shares |
|
(1) |
(40) |
Additions to loans and borrowings |
|
2,066 |
4,542 |
Repayments of loans and borrowings |
|
(2,632) |
(3,694) |
Repayments of lease liabilities |
|
(603) |
(649) |
Interest paid, net |
|
(717) |
(670) |
Other repayments |
|
(23) |
(12) |
Net cash used in financing activities of discontinued
operations |
|
(73) |
(297) |
Net cash used in financing activities |
|
(2,117) |
(2,088) |
of which continuing operations |
|
(2,044) |
(1,792) |
Effect of changes in exchange rates on cash and cash equivalents of
continuing operations |
|
(494) |
(3) |
Effect of changes in exchange rates on cash and cash equivalents of
discontinued operations |
|
- |
19 |
Change in cash and cash equivalents |
|
(856) |
(984) |
Net cash and cash equivalents at beginning of
period |
|
3,530 |
4,514 |
- of which net cash and cash equivalents of continuing
operations
|
|
3,471 |
3,592 |
- of which net cash and cash equivalents of discontinued
operations
|
|
59 |
922 |
Net cash and cash equivalents at end 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 |
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 Data published by the subsidiary. In consolidated view, EBITDA
of €129m and EBITDA after lease payments of €101m
2 Gross debt included in the scope defined in the November 2019
refinancing documentation (mainly France Retail, Cdiscount and
Segisor)
3 France scope excluding GreenYellow for which development and
transition to a company-owned asset model is ensured by its own
resources
4 Data published by the subsidiary
5 Same-store
growth
6 Of which tax credits received by GPA (impact of €139m on
Trading Profit and EBITDA)
7 Scope defined in the refinancing documentation dated November
2019 (France, E-commerce, Segisor)
8 Excluding fuel and calendar effects
9 Data published by the subsidiary
10 Mainly related to the recognition of previously neutralised
EBITDA on real estate development operations conducted with
Mercialys. Real estate development operations with Mercialys are
neutralised in EBITDA based on the Group’s percentage interest in
Mercialys. A reduction in Casino’s stake in Mercialys or an asset
disposal by Mercialys of those assets therefore results in the
recognition of EBITDA that was previously neutralised
11 See definition on page 18.
12 Underlying diluted EPS includes the dilutive effect of TSSDI
deeply-subordinated bond distributions.
13 Scope defined in the refinancing documentation dated November
2019 (France, E-commerce, Segisor)
14 Borrowings by the companies included in the scope defined in
the refinancing documentation dated November 2019 (France,
E-commerce, Segisor)
15 EBITDA after lease payments (i.e. repayments of principal and
interest on lease liabilities)
16 5.75x at 31 December 2020, 6.50x at 31 March
2020, 6.00x at 30 June 2021 and 30 September 2021, and
4.75x as from 31 December 2021
17 Food E-commerce = E-commerce France excluding Cdiscount.
18 Data published by the subsidiary. Contribution to
consolidated EBITDA: €129m, EBITDA after lease payments of
€101m
19 €64m based on GreenYellow’s accounts, €57m contribution to
consolidated EBITDA
20 Post-3W spin-off sales
21 A subsidiary of rating agency Moody’s (Vigeo Eiris rating,
December 2020)
22 October 2020
23 Compared with 2015, scopes 1 and 2
24 Compared with 2020, scopes 1 and 2
25 Same-store change excluding fuel and calendar effects
26 Data published by the subsidiary
27 Excluding fuel and calendar effects
28 Excluding Codim stores in Corsica: 8 supermarkets and 4
hypermarkets
29 Other: mainly Vindémia, Geimex and Restaurants
30 Convenience segment net sales on a same-store basis include
the same-store performance of franchised stores
31 France scope excluding GreenYellow for which development and
transition to a company-owned asset model is ensured by its own
resources
32 Unaudited data, scope as defined in refinancing documentation
with mainly Segisor accounted for within the France Retail +
E-commerce scope
33 Interest paid on lease liabilities and repayment of lease
liabilities as defined in the documentation
34 EBITDA after lease payments (i.e. repayments of principal and
interest on lease liabilities)
35 Loans and other borrowings
36 At 31 December 2020
37 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
38 Organic change excluding fuel and calendar effects
39 Before dividends paid to the owners of the parent and holders
of TSSDI deeply-subordinated bonds, excluding financial expenses,
including lease payments (repayments of lease liabilities and
interest on leases)
40 Excluding interest on lease liabilities, included €76m
related to swaps in 2019 (with a non-cash compensation)
41 Including -€73m related to the settlement of the Mercialys
TRS and -€295m placed in the segregated account
42 Including investment in the segregated account, purchases of
Leader Price stores (-€55m) and current account with Leader
Price
43 Including real estate disposals, proceeds collected from the
sale of Vindémia (€186m) and Leader Price (€648m), proceeds from
the sale of Mercialys shares (€26m), and related fees
44 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 of the total return swaps
on GPA shares and the GPA forward
45 Income taxes have been restated for the tax
effects corresponding to the above restated financial items and the
tax effects of the restatements
46 Non-controlling interests have been restated
for the amounts relating to the restated items listed above.
47 Excluding fuel and calendar effects
48 Data published by the subsidiary
49 Pursuant to the application of IAS 29, the exchange rate used
to convert the Argentina figures corresponds to the rate at the
reporting date
50 The 2019 financial statements have been restated to reflect
the retrospective application of IFRIC IC decision with regard to
the enforceable period of a lease and the amortisation period of
fixtures in accordance with IFRS 16 – Leases
51 The 2019 financial statements have been restated to reflect
the retrospective application of IFRIC IC decision with regard to
the enforceable period of a lease and the amortisation period of
fixtures in accordance with IFRS 16 – Leases.
52 The 2019 financial statements have been restated to reflect
the retrospective application of IFRIC IC decision with regard to
the enforceable period of a lease and the amortisation period of
fixtures in accordance with IFRS 16 – Leases
- 20210225 - PR - 2020 Full Year Results
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