Casino Group: Additional financial information for the first quarter of 2022

Additional financial information for the first quarter of 2022

As part of the quarterly information obligations contained in fixed income lending documents raised after 2019 (see press release November 21, 2019)

Friday the 13th May 2022

Financial information for the three months to March 31, 2022:

For a million euros France1
(French retail + e-commerce)
latin america total
T1
2021
T1
2022
Var T1
2021
T1
2022
Var T1
2021
T1
2022
Var
turn over 3,871 3,776 -95 3,275 3,706 +431 7,146 7,483 +337
EBITDA 204 201 201 -3 225 201 201 -twenty four 429 402 -27
(-) Impact of rent2 (164) (152) +12 (76) (91) -14 (240) (243) -3
EBITDA after rent 40 49 +9 149 110 110 -39 189 159 -30

In France, EBITDA reached € 201 million for the entire quarter. The evolution compared to the first quarter of 2021 is categorized as follows: (I) Green Yellow + € 13m, (ii) Real Estate Development + € 27m increase3, And (iii) the effect of activity on French retail and Cdiscount related to comparative criteria, including restaurant closures and curfew in the first quarter of 2021. See the April 22, 2022 press release for more information.

In Latin America, EBITDA was € 201 million quarterly-24 million euros, including a decrease in GPA Brazil (closed hypermarket as part of sales to Assaí for conversion to Cash & Carry format), and an increase in Assaí and Éxito group (increased sales) Decrease. For more information, see the press releases issued by Assaí, GPA, and Éxito Group.

The group’s EBITDA for the quarter was € 402 million.

Financial information for the 12 months ending March 31, 2022:

For a million euros France1
(French retail
+ E-commerce)
latin america total
turn over 16,006 14,879 30,886
EBITDA 1,461 1,039 2,500
(-) Impact of rent2 (611) (322) (932)
(I) EBITDA after rent 851 717 1,567
(Ii) Total financial debtFour 6,043 3,618 9,661
(Iii) Cash and cash equivalentsFive 686 1,507 2,194

As of March 31, 2022, after passing on the 12-month rent, EBITDA was € 851 million in France.

The Group’s liquidity in France is € 2.7 billion (€ 2.4 billion as of the end of March 2021). Whose :

  • Cash of 686 million euros (464 million euros as of the end of March 2021).
  • Always Available € 2.1 Billion Unused Confirmed Credit Line (Euro 1.9 billion as of the end of March 2021).

Excluding GreenYellow, the change in net debt in the first quarter of 2022
+ € 569 million compared to last year
6, Driven by disposal plans and improved cash flows (reversal of WCR effects at the end of 2021, management of capital investment).

As of March 31, 2022, total financial debt includes € 289 million for commercial paper and € 170 million for the Monoprix credit line (unsecured). (Euro 530 million for commercial paper, € 200 million for credit line withdrawn at the end of March 2021).

Additional information about Covenants and Escrow accounts:

Covenants tested according to syndicated lines of credit as of June 30, 2021
Revised November 18, 2019, July 2021

Contract type (e-commerce excluding France and Green Yellow) As of March 31, 2022
Total collateralized debt after rent / EBITDA 3.50x 2.71x
EBITDA / net financial expenses after rent 2.50x 3.41x

Total post-rental secured debt / EBITDA was 2.71 times, post-rental EBITDA was € 767 million and secured debt was € 2.1 billion.

The two contracts are comfortably respected:

  • Total post-rental collateralized debt / EBITDA contract debt margin of € 611 million
  • Covenants EBITDA EBITDA Margin of € 208 Million After Rent / Net Treasury Expenses

The unsecured escrow account was debited for € 339 million and the balance as of March 31, 2022 was € 0. Following the notification of March 28, 2022, the Group prepaid the June 2022 maturity bonds on April 20, 2022.

The balance of a secure escrow account is € 145 million as of March 31, 2022, the same level as as of December 31, 2021.

There were no credits or debits from the bond escrow account and the balance remained at 0 euros.

Analyst and investor contacts
– –

Lionel Bench Mall
+ 33 (0) 1 53 65 64 17 – [email protected]

Where
+ 33 (0) 1 53 65 24 17 – [email protected]

Press contact
– –

Casino Group / Communication Division

Stephanie Abadi
+ 33 (0) 6 26 27 37 05 – [email protected]

Where
+ 33 (0) 1 53 65 24 78 – [email protected]

– –

IMAGE7 Agency

Karine ALLOUIS
+33 (0) 1 53 70 74 84 – [email protected]

Frank Pasquier
+ 33 (0) 6 73 62 57 99 – [email protected]

Disclaimer

This press release is for informational purposes only and should not be construed as a solicitation or offer to buy or sell securities or related financial instruments. Similarly, it should not and should not be treated as investment advice. It has nothing to do with the purpose of the investment, the financial situation, or the special needs of the recipient. No representations or warranties, express or implied, are made with respect to the accuracy, completeness or reliability of the information contained in this document. Beneficiaries should not be considered a substitute for their own judgment. All opinions expressed in this document are subject to change without notice.


1 Unaudited data, primarily the range defined in the bond refinancing document Segisor describes in the French Retail + E-Commerce Scope (including Green Yellow)

2 Interest paid on lease obligations and repayment of lease obligations as defined in the refinancing document

3 EBITDA related to de-neutralization of real estate development carried out at Mercialys (Real estate development work carried out at Merciallys will be neutralized with EBITDA up to the amount of Group shares against Merciallys; reduction of casino shares against Merciallys or Merciallys Sold by therefore, of these assets, leads to the recognition of previously neutralized EBITDA.

Four Borrowings and financial debt as of March 31, 2022

Five Data as of March 31, 2022

6 Changes in working capital requirements are typically negative in the first quarter, positive in the second quarter, negative in the third quarter, and positive in the fourth quarter.

  • 20220513 – Additional financial information for the first quarter of 2022


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