Paris, 27 July 2012
Following the letter of intent signed on 28 June 2012 between Casino and Galeries Lafayette, the two groups have signed, on July 26th 2012, a transaction agreement in respect of the 50% stake held by Galeries Lafayette in Monoprix according to the terms disclosed in the press release dated 29th June 2012.
The acquisition by Casino will take place after the authorization process by the French Competition Authority is completed.
.
Press Contacts
Thierry Orsoni
torsoni@groupe-casino.fr
+33 (0)1.53.65.24.78
Frédéric Croccel
fcroccel@groupe-casino.fr
+33 (0)1.53.65.24.39
Laurent Perpère
lperpere@brunswickgroup.com
+33 (0)53.96.83.83
Alexandra van Weddingen
avanweddingen@brunswickgroup.com
+33 (0)1.53.96.83.83
11.6% IMPROVEMENT IN CONSOLIDATED TRADING PROFIT, STABLE UNDERLYING NET PROFIT GROUP SHARE, AND TRANSFORMING OPERATIONS IN H1 2012
The first half 2012 consolidated financial statements were approved by the Board of Directors on 25 July 2012 and have been reviewed by the Statutory Auditors.
Jean-Charles Naouri, Chairman and Chief Executive Officer of Casino Group, stated:
“During the first half of the year, the Group undertook major operations that will help simplify its structure. Its profile will be reinforced by greater exposure to fast-growth markets and buoyant formats. The increase in first half operating profitability once again proves the resiliency of its business model.”
| Continuing operations (in € m) | H1 2011 | H1 2012 | % chg. |
|---|---|---|---|
| SALES | 16,144 | 17,348 | +7.5% |
| EBITDA | 929 | 1,004 | +8.1% |
| EBITDA margin | 5.8% | 5.8% | stable |
| Trading profit | 571 | 638 | +11.6% |
| Trading margin | 3.5% | 3.7% | +14bp |
| Underlying net profit, Group share | 178 | 178 | +0.2% |
| Underlying EPS (in €) | 1.44 | 1.50 | +4.8% |
| Net Financial Debt1 | 6,783 | 6,043 | -€740m |
1 After reclassification of Mercialys debt in accordance with IFRS 5
In Q2 2012, consolidated sales rose by +3.8%.
Organic growth excluding petrol rose by +1.7%, driven by solid performances in international businesses.
Changes in consolidation scope made a +2.2% positive contribution to sales, due mainly to Casino’s increased stake in GPA. Sales in France and internationally were impacted by an unfavourable calendar effect of, respectively, -0.9% and -2.3%.
| Consolidated net sales | Q2 2012 | % chg. Q2 2012/Q2 2011 | H1 2012 | % chg. H1 2012/H1 2011 | ||
|---|---|---|---|---|---|---|
| in €m | Growth | Organic growth excl. petrol | in €m | Growth | Organic growth excl. petrol | |
| Total, continuing operations | 8,608.6 | +3.8% | +1.7% | 17,347.9 | +7.5% | +4.1% |
| France | 4,531.3 | -3.3% | -1.4% | 9,026.4 | -0.8% | +0.3% |
| International | 4,077.4 | +13.1% | +5.4% | 8,321.5 | +18.2% | +8.6% |
Sales in France were slightly down by -0.5% in organic terms, excluding petrol and calendar in the second quarter.
The calendar effect in France amounted to -0.9% in the second quarter. The scope effect was -2% in Q2 2012 due mainly to the deconsolidation of a master franchisee of the Franprix-Leader Price group.
Casino France sales declined slightly, by -0.7% on an organic basis excluding petrol and calendar.
Excluding petrol and the calendar effect, Géant (hypermarket) sales fell by -3.3%2 on an organic basis. Food sales held up well, driven by the highlight of the entry price private label “Tous les jours” and by the restarting of promotions on all brands, as well as the roll-out of customer loyalizing corners.
In non-food, the second quarter was impacted by unfavourable weather that affected seasonal products, and by the shift in the sales calendar compared to 2011. Sales of multimedia products declined, due to shifts in purchasing behaviours towards e-commerce.
The reduction in non-food surface area accelerated to -8% on the half.
Total non-food sales (Géant + Cdiscount) rose.
Casino supermarkets sales rose by +1.4%² on an organic basis, (excluding petrol and calendar). The banner expanded its offer of fresh goods and set up targeted cash-register promotional tools. It opened three supermarkets in the second quarter, thus bringing to four the number of stores opened in the first half.
Superettes sales fell by -3.2% on an organic basis, excluding the calendar effect. Expansion continued with 102 openings during the quarter, including six stores under the new Casino Shopping and Casino Shop formats, as well as optimising the chain.
Sales of Other businesses (Cdiscount, Mercialys, Restaurants, etc.) rose by +9.1% on an organic basis, thanks mainly to a +14.5% increase at Cdiscount on the quarter and a +20.1% increase in business volume. The banner did very well in household goods, apparel and telephony. Its market share in household appliances and high-tech rose, thanks to the success of the private labels Continental Edison and Oceanic. Cdiscount also accelerated the development of its “market place”, which accounted for more than 5% of the website’s total sales as of 30 June. The m-commerce (i.e., sales via smartphones and touch pads) already account for 4% of the website sales.
2 Restated for the transfer of four Géant stores to Casino Supermarkets
Franprix sales recorded a slight decrease by -0.5% on an organic basis excluding the calendar effect. 8 stores were opened during the quarter. 15 have now been opened year to date. Cash-register promotion and customer-loyalty tools were rolled out, offering 5% discounts on the Leader Price private label. Franprix has also raised the number of Leader Price products costing less than €1, continued to develop its private label, and made targeted price cuts.
Leader Price total sales fell by -2.5% on an organic basis during the quarter when excluding the calendar effect. The organic change in sales includes the impact of the closing of 15 stores since 1 January 2012. Five stores were opened during the quarter, thus bringing the year-to-date total to eight. Leader Price has successfully refocused on fundamentals; its price indices are highly competitive; and it has enhanced its operating efficiency and improved its offer of fresh goods through greater professionalisation of teams. It has confirmed the expectations of early in the year, both in sales perspectives and profitability.
Franprix-Leader Price sales decreased overall by -1.3% on an organic basis, excluding the calendar effect on the quarter, due mainly to the impact of Leader Price store closings or transfers. Reported sales fell by 7.5% due to the deconsolidation of a master franchisee.
Monoprix achieved +1.5% organic growth in sales when excluding the calendar effect, with food doing well, promoted by operations from traditional corners.
Despite an unfavourable second quarter impact from the weather and the shift in the sales calendar, apparel sales held up well on the half, due to the impact of marketing operations. A total of 7 stores were opened in the quarter (2 Naturalia, 2 Citymarchés and 3 Monop’), bringing to 12 the total number of stores that have been opened on the year to date.
| in €m | Q2 2011 | Q2 2012 | Reported growth | Organic growth excluding petrol and calendar effect |
|---|---|---|---|---|
| Net sales, France | 4,687.7 | 4,531.3 | -3.3% | -0.5% |
| Casino France | 3,009.5 | 2,940.7 | -2.3% | -0.7% |
| Géant Casino hypermarkets | 1,361.1 | 1,277.2 | -6.2% | -3.3%3 |
| Casino supermarkets | 907.8 | 934.4 | +2.9% | +1.4%3 |
| Superettes | 370.3 | 359.7 | -2.9% | -2.6% |
| Cdiscount & Other businesses | 370.3 | 369.4 | -0.2% | +9.1% |
| Franprix – Leader Price | 1,184.6 | 1,095.9 | -7.5% | -1.3% |
| Monoprix | 493.5 | 494.7 | +0.2% | +1.5% |
3 Restated for the transfer of four Géant stores to Casino Supermarkets
| Q2 2012 | |
|---|---|
| Géant Casino hypermarkets | -5.1% |
| Casino supermarkets | -2.4% |
| Franprix | -4.0% |
| Leader Price | -3.4% |
| Monoprix | -0.8% |
Sales by International subsidiaries rose by +13.1%, due to solid organic growth of +5.5% and a scope effect due to Casino’s increased stake in GPA. The calendar effect was a negative -2.3%.
Sales rose by +5.5% on an organic basis and by +4.1% on a same-store basis.
In Colombia, total sales rose by +15.5%. Same-store sales were impacted by the anticipation of the “Aniversario” promotion in Q1 and the postponement of the “Mega Prima” promotion in July versus 2011. Expansion is focused on these convenience and discount formats under the Exito Express and Surtimax brands, which opened 20 stores during the quarter.
In Brazil, total sales rose by +11.4%. GPA maintained robust same-store sales of +5.6% . In food, same-store sales at GPA Food rose by +4.7%4, driven by the very good performance in Assai cash & carry stores and by the successful conversion of 66 Extra Facil convenience stores under the new “Minimercado Extra” concept, which has resulted in an acceleration in this format’s sales growth.
Same-store sales at Viavarejo, which include Ponto Frio, Casas Bahia and e-commerce sales, rose by 6.7%4, with a positive impact from tax incentives on purchases of household appliances and furniture.
Expansion continued in the second quarter with the opening of nine stores: three Ponto Frio, three Casas Bahia, one Pão de Açucar, one Hiper Extra and one Minimercado Extra.
Asia’s organic growth came to +7.5% in the second quarter.
In Thailand, organic growth at Big C was very good, despite the consequences of flooding that continues to disrupt logistics and supply chains. Total sales rose sharply, driven by aggressive expansion (one hypermarket, three supermarkets, 25 Mini Big C and 19 Pure stores have been opened so far this year) and same-store growth. Mall sales are very strong.
On 3 May the company successfully undertook a capital increase via a private placement (which was oversubscribed more than four times), which contributes to support its expansion plans.
Vietnam once again achieved very robust organic growth in its sales on the quarter (+28.2%) in a context of lower inflation compared to 2011. A new convenience format was launched with the opening of a C Express.
4 Figures reported by the companies
| Reported growth | Organic growth | Same-store growth | |
|---|---|---|---|
| Latin America | +13.1% | +5.5% | +4.1% |
| Asia | +17.2% | +7.5% | +2.3% |
| Reported growth | Organic growth | Same-store growth | |
|---|---|---|---|
| Latin America | +20.7% | +9.4% | +7.9% |
| Asia | +14.7% | +8.6% | +3.3% |
The Group achieved robust 7.5% sales growth in the first half. In organic terms, excluding the calendar effect, sales rose by 4%, driven by strong same-store growth and international expansion. Fast-growth markets accounted for 46% of Group consolidated sales in the first half. When including the full consolidation of GPA, fast-growth markets accounted for 59%5 .
Group trading profit rose by +11.6% to €638 million, driven by steep growth in Latin America and Asia. Operating margins were strong at Monoprix, FPLP, and operations in Asia and Latin America.
The Group’s fast-growth markets already account for 60% of consolidated trading profit in the first half. When including the full consolidation of GPA as of 1 January 2012, fast-growth markets account for 72%5.
Trading profit in France came to €251 million, which fell by -7.3% compared to the first half of 2011, driven mainly by declining non-food sales at Géant and the payment of the profit sharing bonus. Trading profit at Franprix-Leader Price rose by +15.4%, thanks to action plans at the various chains. Trading profit rose by 12.8% at Monoprix.
International trading profit surged by +28.7%, to €387 million. Organic growth was robust in Brazil, Colombia and Thailand. Excluding the scope effect (linked to the Casino’s increased stake in GPA), international trading profit rose by +17.4%.
Other operating income and expenses (€104 million) include mainly provisions and charges for restructuring, litigation and transaction fees incurred by ongoing operations.
The evolution of the cost of debt remained under control at €222 million (vs. €214 million in H1 2011).
Net profit group share came to €124 million. When restated for exceptional items, underlying net profit6 group share amounted to €178 million, which was stable compared to first half of 2011.
For the first half of 2012 the Group’s net financial debt (exluding Mercialys) came to €6,043 million, or €740 million lower than one year earlier. The Group continued to implement its €1.5 billion asset disposal and capital increase plan, hence reinforcing its financial structure. More than half of the plan had already been carried out by the end of the first half, thanks to disposal of Mercialys securities and its exceptional distribution (€670 million) and to Big C’s private placement in Thailand (€102 million).
The liquidity situation is solid, with €1.4 billion in cash and €2.5 billion in undrawn confirmed credit lines, while the Group’s bond debt maturity has been extended to 4.6 years (vs. 4.4 at the end of 2011 and 3.1 at the end of 2010).
5 H1 2012 pro forma with GPA and Mercialys fully consolidated and Monoprix proportionately consolidate (The impact of the full integration of GPA from 1 January 2012 on the Group’s interim consolidated accounts is described in Note 17 to the interim consolidated financial statements)
6 Underlying net profit is equal to net profit on continuing operations, adjusted for other operating income and expenses and the effects of non-recurring financial income and non-recurring tax income and expenses (see appendices)
| Continuing operations (in €m) | H1 2011 | H1 2012 | % chg. | % organic chg. 1 |
|---|---|---|---|---|
| SALES | 16,144 | 17,348 | +7.5% | +4.1% |
| – of which France | 9,102 | 9,026 | -0.8% | +0.3% |
| – of which International | 7,041 | 8,322 | +18.2% | +8.6% |
| EBITDA(2) | 929 | 1,004 | +8.1% | +3.9% |
| – of which France | 479 | 438 | -8.6% | -6.8% |
| – of which International | 450 | 566 | +25.8% | +15.1% |
| Trading profit | 571 | 638 | +11.6% | +5.3% |
| – of which France | 271 | 251 | -7.3% | -8.6% |
| – of which International | 301 | 387 | +28.7% | +17.4% |
| Other operating income and expense, net | 125) | (104) | +17% | |
| Operating profit | 446 | 534 | +19.7% | |
| Finance costs, net | (214) | (222) | -3.6% | |
| Other financial income and expense, net | (9) | 21 | ||
| Income tax expense | (52) | (95) | ||
| Share of profits of associates | (4) | (15) | ||
| Profit (loss) from Continuing operations, Group share | 134 | 125 | -6.6% | |
| Profit (loss) from discontinued operations, Group share | (1) | (1) | ||
| Net profit, Group share | 133 | 124 | -6.5% | |
| UNDERLYING PROFIT, GROUP SHARE(3) | 178 | 178 | +0.2% |
(1) Based on a comparable scope of consolidation and constant exchange rates, excluding the impact of real-estate disposals
(2) EBITDA: Earnings before interest, taxes, depreciation and amortisation.
(3)See details in the appendix.
| Trading profit (in €m) | H1 2011 | Margin | H1 2012 | Margin | Chg. (organic) |
|---|---|---|---|---|---|
| Casino France | 156 | 2.7% | 119 | 2.0% | -77bp |
| Franprix-Leader Price | 58 | 2.6% | 67 | 3.1% | +71bp |
| Monoprix | 57 | 5.8% | 64 | 6.4% | +55bp |
| FRANCE | 271 | 3.0% | 251 | 2.8% | -26bp |
| Trading profit (in €m) | H1 2011 | Margin | H1 2012 | Margin | Chg. (organic) |
|---|---|---|---|---|---|
| Latin America | 197 | 3.8% | 265 | 4.2% | +39bp |
| Asia | 96 | 6.7% | 117 | 7.1% | +45bp |
| Other businesses | 8 | n/a | 5 | n/a | n/a |
| INTERNATIONAL | 301 | 4.3% | 387 | 4.6% | +35bp |
Through the control of GPA and the signing of a letter of intent on Monoprix, the Casino Group will cross a strategic historical threshold in the second half. Its profile is now mostly exposed to fast-growth markets and to buoyant formats.
In France, in a very competitive backdrop, the Group will intensify its action plans during H2 2012. It will accelerate its leadership in non-food e-commerce through Cdiscount as well as the roll-out of the multi-channel. Expansion will continue in convenience formats, with ambitious objectives in all formats. Casino will seek to control its costs and reinforce its operating excellence. Action plans in hypermarkets are reinforced in food through ongoing promotions and in non-food by the proactive and accelerated reduction in surface areas and greater attractiveness of sites.
Internationally, where the Group operates on four, high-potential growth markets with a total population of more than 400 million, Casino will support the consolidation of its major subsidiaries’ leadership.
As from the date of effective change in control, the Group’s stake in Mercialys will be accounted for under the equity method.
The Group reiterates its objectives for 2012:
Agenda of coming releases:
Monday 15 October 2012: Q3 sales
ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel.:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr
PRESS CONTACTS
Thierry ORSONI – Tel.: +33 (0)1 53 65 24 78
torsoni@groupe-casino.fr
or
Frédéric CROCCEL – Tel.: +33 (0)1 53 65 24 39
fcroccel@groupe-casino.fr
Image 7
Leslie JUNG – Tel.: +44 7818 641 803
ljung@image7.fr
Disclaimer
This press release has been prepared for informational purposes only and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgments. All opinions expressed herein are subject to change without notice.
Average exchange ratesQ1 2011Q1 2012% chg.H1 2011H1 2012% chg.Argentine (ARS/EUR)0.1820.176-3.6%0.1760.176-0.3%Uruguay (UYP/EUR)0.0370.039+4.8%0.0370.039+4.0%Thailand (THB/EUR)0.0240.025+2.8%0.0230.025+5.7%Vietnam (VND/EUR) (x1000)0.0370.037-0.1%0.0350.037+5.5%Colombia (COP/EUR) (x1000)0.3900.424+8.7%0.3880.430+10.8%Brazil (BRL/EUR)0.4390.432-1.6%0.4370.414-5.3%
Reconciliation of reported profit to underlying profit
Underlying profit corresponds to net profit from continuing operations adjusted for the impact of other operating income and expense (as defined in the “Significant Accounting Policies” section of the notes to the consolidated financial statements), non-recurring financial items and non-recurring income tax expense/benefits.
Non-recurring financial items include fair value adjustments to certain financial instruments at fair value through profit or loss whose market value may be highly volatile. For example, fair value adjustments to financial instruments that do not qualify for hedge accounting and embedded derivatives indexed to the Casino share price are excluded from underlying profit.
Non-recurring income tax expense/benefits correspond to tax effects related directly to the above adjustments and to direct non-recurring tax effects. In other words, the tax on underlying profit before tax is calculated at the standard average tax rate paid by the Group. Underlying profit is a measure of the Group’s recurring profitability.
in €mH1 2011AdjustmentsH1 2011
(underlying)H1 2012AdjustmentsH1 2012
(underlying)TRADING PROFIT 571 0 571 638 0 638Other operating income and expense, net(125)1250(104)1040OPERATING PROFIT 446 125 571 551 104 638Finance costs, net(214)0(214)(222)0(222)Other financial income and expense,net(1) (9)11221(24)(3)Income tax expense (2) (52)(50)(102)(95)(31)(126)Share of profit of associates(4)0(4)(15)0(15)PROFIT (LOSS) ON CONTINUING
OPERATIONS 166 86 252 223 49 271of which minority interests(3) 32427498(5)93OF WHICH GROUP SHARE 134 44 178 125 53 178
(1) The following are deducted from Other financial income and expenses: the impact of monetary discounting of tax liabilities in Brazil (-€10m in 2011 and -€7m in 2012), translation losses on Venezuelan state receivables in USD (-€30m in 2011 and €0m in 2012), as well as fair value changes of the Total Return Swap on Exito, GPA and Big C shares (+€29m in 2011 and +€32m in 2012).
(2) The following are deducted from tax charges: tax items corresponding to the items deducted above, as well as non-recurring income and charges.
(3) The following are deducted from minority interests: the amounts related to the items subtracted above.
| Q2 | % chg. | H1 | % chg. | |||||
|---|---|---|---|---|---|---|---|---|
| 2011 €m | 2012 €m | Reported | At constant exchange rates | 2011 €m | 2012 €m | Reported | At constant exchange rates | |
| FRANCE | 4,687.7 | 4,531.3 | -3.3% | -3.3% | 9,102.2 | 9,026.4 | -0.8% | -0.8% |
| Of which: | ||||||||
| Casino France | 3,009.5 | 2,940.7 | -2.3% | -2.3% | 5,866.6 | 5,862.0 | -0.1% | -0.1% |
| Géant Casino hypermarkets | 1,361.1 | 1,277.2 | -6.2% | -6.2% | 2,637.4 | 2,548.3 | -3.4% | -3.4% |
| Casino supermarkets | 907.8 | 934.4 | +2.9% | +2.9% | 1,742.6 | 1,799.5 | +3.3% | +3.3% |
| Superettes | 370.3 | 359.7 | -2.9% | -2.9% | 715.1 | 713.3 | -0.3% | -0.3% |
| Cdiscount & Other businesses | 370.3 | 369.4 | -0.2% | +9.1% | 771.4 | 801 | +3.8% | +3.8% |
| Franprix – Leader Price | 1,184.6 | 1,095.9 | -7.5% | -7.5% | 2,258.9 | 2,158.0 | -4.5% | -4.5% |
| Monoprix | 493.5 | 494.7 | +0.2% | +0.2% | 976.7 | 1,006.4 | +3.0% | +3.0% |
| INTERNATIONAL | 3,606.2 | 4,077.4 | +13.1% | +13.3% | 7,041.5 | 8,321.5 | +18.2% | +17.5% |
| Of which: | ||||||||
| Latin America | 2,680.2 | 3,031.4 | +13.1% | +16.0% | 5,185.6 | 6,256.5 | +20.7% | +21.4% |
| Asia | 711.1 | 833.4 | +17.2% | +7.5% | 1,430.9 | 1,641.4 | +14.7% | +8.6% |
| Other businesses | 214.8 | 212.5 | -1.1% | -1.5% | 425.1 | 423.7 | -0.3% | -0.7% |
| SALES FROM CONTINUING OPERATIONS | 8,293.8 | 8,608.6 | +3.8% | +3.9% | 16,143.7 | 17,347.9 | +7.5% | +7.1% |
| 31 Dec. 2011 | 31 March 2012 | 30 June 2012 | |
| Géant Casino hypermarkets | 127 | 126 | 123 |
| Of which French affiliates | 8 | 8 | 8 |
| International affiliates | 5 | 5 | 5 |
| + service stations | 101 | 100 | 97 |
| Casino supermarkets | 422 | 425 | 434 |
| Of which French Franchisees/Affiliates | 51 | 51 | 54 |
| International Franchisee/Affiliates | 32 | 35 | 35 |
| + service stations | 170 | 169 | 172 |
| Franprix supermarkets | 897 | 892 | 897 |
| Of which Franchisee outlets | 379 | 377 | 384 |
| Monoprix supermarkets | 514 | 518 | 523 |
| Of which Naturalia | 55 | 58 | 60 |
| Of which Franchisee outlets/Affiliates | 130 | 131 | 131 |
| Leader Price discounts | 608 | 595 | 599 |
| Of which Franchisee outlets | 271 | 245 | 256 |
| Total supermarkets + discounts | 2,441 | 2,430 | 2,453 |
| Of which Franchisee outlets/Stores operated under business leases | 863 | 839 | 860 |
| Petit Casino superettes | 1,758 | 1,745 | 1,707 |
| Of which Franchisee outlets | 29 | 28 | 26 |
| Casino Shopping superettes | 6 | 7 | 10 |
| Casino Shop superettes | 16 | 19 | 27 |
| Eco Services superettes | 1 | 1 | 1 |
| Coop Alsace superettes | 31 | ||
| Of which Franchisee outlets | 31 | ||
| Spar superettes | 956 | 955 | 972 |
| Of which Franchisee outlets | 755 | 743 | 748 |
| Vival superettes | 1,752 | 1,699 | 1,708 |
| Of which Franchisee outlets | 1,750 | 1,697 | 1,706 |
| Casitalia and C’Asia superettes | 1 | 1 | 1 |
| Other franchise stores | 1,134 | 1,115 | 1,109 |
| Corner, Relay, Shell, Elf, Carmag, etc. | 1,134 | 1,115 | 1,109 |
| Wholesale activity | 937 | 935 | 935 |
| TOTAL Convenience stores | 6,561 | 6,477 | 6,501 |
| Of which Franchisee outlets/Stores operated under business leases/wholesaling | 4,606 | 4,519 | 4,556 |
| Other Affiliate stores | 26 | 28 | 28 |
| Of which French Affiliates | 18 | 20 | 19 |
| International Affiliates | 8 | 8 | 9 |
| DIV Other businesses | 295 | 297 | 304 |
| Cafeterias | 293 | 295 | 302 |
| Cdiscount | 2 | 2 | 2 |
| TOTAL France | 9,450 | 9,358 | 9,409 |
| Hypermarkets (hypermarkets) | 127 | 126 | 123 |
| Supermarkets (SM) | 1,833 | 1,835 | 1,854 |
| Discount (DIS) | 608 | 595 | 599 |
| Superettes + other stores | 6,587 | 6,505 | 6,529 |
| Other (DIV) | 295 | 297 | 304 |
| International | 31 Dec. 2011 | 31 March 2012 | 30 June 2012 |
|---|---|---|---|
| ARGENTINA | 24 | 24 | 24 |
| Libertad hypermarkets | 15 | 15 | 15 |
| Other businesses | 9 | 9 | 9 |
| URUGUAY | 52 | 52 | 52 |
| Géant hypermarkets | 1 | 1 | 1 |
| Disco supermarkets | 27 | 27 | 27 |
| Devoto supermarkets | 24 | 24 | 24 |
| BRAZIL | 1,571 | 1,570 | 1,575 |
| Extra hypermarkets | 132 | 133 | 134 |
| Pao de Açucar supermarkets | 159 | 158 | 159 |
| Extra Perto supermarkets | 204 | 204 | 204 |
| Assai discount stores | 59 | 60 | 59 |
| Extra Facil and Minimercado Extra superettes | 72 | 71 | 69 |
| DIV Casas Bahia | 544 | 544 | 547 |
| DIV Ponto Frio | 401 | 400 | 403 |
| THAILAND | 221 | 240 | 268 |
| Big C hypermarkets | 108 | 108 | 109 |
| Big C supermarkets | 12 | 14 | 15 |
| Mini Big C superettes | 51 | 62 | 75 |
| DIV Pure | 50 | 56 | 69 |
| VIETNAM | 23 | 23 | 24 |
| Big C hypermarkets | 18 | 18 | 18 |
| New Cho superettes | 5 | 5 | 5 |
| C Express superettes | 0 | 0 | 1 |
| INDIAN OCEAN | 53 | 53 | 53 |
| Jumbo hypermarkets | 11 | 11 | 11 |
| Score/Jumbo supermarkets | 22 | 22 | 22 |
| Cash and Carry supermarkets | 5 | 5 | 5 |
| Spar supermarkets | 8 | 8 | 8 |
| DIV Other | 7 | 7 | 7 |
| COLOMBIA | 351 | 366 | 383 |
| Exito hypermarkets | 80 | 82 | 84 |
| Pomona, Carulla, Exito supermarkets | 130 | 131 | 133 |
| Surtimax discount stores | 78 | 84 | 89 |
| Exito Express and Carulla Express superettes | 54 | 60 | 69 |
| DIV Ley and Other | 9 | 9 | 8 |
| TOTAL INTERNATIONAL | 2,295 | 2,328 | 2,379 |
| Hypermarkets (HM) | 365 | 368 | 372 |
| Supermarkets (SM) | 591 | 593 | 597 |
| Discount (DIS) | 137 | 144 | 148 |
| Superettes (SUP) | 182 | 198 | 219 |
| Other (DIV) | 1,020 | 1,025 | 1,043 |
Casino successfully issued a new 7-year bond of €650 million.
This operation, which strengthens the Group’s liquidity, is intended to refinance the nextdebt repayments of the Group. It extends the average maturity of Casino’s bond debt to 4.8 years today (vs. 4.6 years as of the end of June).
This new bond, which will pay a coupon of 3.157%, has been significantly oversubscribed by a diversified investor base. This coupon is the lowest ever achieved by the Group in a bond issue.
Casino is rated BBB- stable by Standard & Poor’s and Fitch Ratings.
Bank of Tokyo Mitsubishi, Citibank, Crédit Agricole Corporate and Investment Bank, Natixis, RBS and Société Générale acted as joint bookrunners.
ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tél. : +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr
In the context of conciliation talks conducted under the authority of the President of the Commercial Court of Paris, on June 28th, 2012, Casino and GroupeGaleries Lafayette, both equal shareholders of Monoprix since 2000, signed a letter of intent concerning the 50% stake held by GroupeGaleries Lafayette in Monoprix.
The two groups aim to reach a settlement agreement with respect to the sale of GroupeGaleries Lafayette’s interest, by October 30th, 2013, for a consideration of 1,175 million euros, indexed from April 1st, 2013. Casino has already committed itself with respect to the terms of a settlement agreement. The acquisition by Casino would be completed after being approved by the French Competition Authority.
Mr Jean-Charles Naouri, Chairman and CEO of Casino, will be appointed as a board member of Monoprix during the General Assembly being held today. Mr Philippe Houzé will remain Chairman and CEO of Monoprix. After the signing of a definitive settlement agreement, a Chairman and CEO for Monoprix proposed by Casino will be appointed.
Monoprix is implementing the information and consultation procedure regarding the contemplated transaction.
Casino and GroupeGaleries Lafayette will, upon completion of the sale of shares, abandon the pending legal proceedings.
Casino and GroupeGaleries Lafayette welcome the signing of this letter of intent which should allow them to put an end to their disagreements. Casino and GroupeGaleries Lafayette congratulate the management and the entire team of Monoprix for the excellent work performed by them, under the chairmanship of Mr Philippe Houzé. The settlement should allow the company to pursue its development under optimal conditions with Groupe Casino.
Press Contacts
Groupe Casino
Thierry Orsoni
torsoni@groupe-casino.fr
+33 (0)1.53.65.24.78
Frédéric Croccel
fcroccel@groupe-casino.fr
+33 (0)1.53.65.24.39
Groupe Galeries Lafayette
Laurent Perpère
lperpere@brunswickgroup.com
+33 (0)53.96.83.83
Alexandra van Weddingen
avanweddingen@brunswickgroup.com
+33 (0)1.53.96.83.83
Analyst and Investor Contacts
Groupe Casino
Régine GAGGIOLI
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17
IR_Casino@groupe-casino.fr
+33 1 53 65 64 18
Groupe Galeries Lafayette
Laurent Perpère
lperpere@brunswickgroup.com
+33 (0)53.96.83.83
Alexandra van Weddingen
avanweddingen@brunswickgroup.com
+33 (0)1.53.96.83.83
The extraordinary shareholders’ meeting of Wilkes, which directly controls GPA, held today in Sao Paulo (Brazil), appointed Jean-Charles Naouri, Casino’s Chairman & CEO as Chairman of the Wilkes’ Board of Directors. Through this appointment, the Casino group becomes the sole controlling shareholder of GPA in accordance with the agreements signed in 2005 with the Diniz family.
PRESS CONTACTS
GROUPE CASINO
Thierry ORSONI – Tél. : +33 (0)1 53 65 24 78 – torsoni@groupe-casino.fr
Frédéric CROCCEL – Tél. : +33 (0)1 53 65 24 39 – fcroccel@groupe-casino.fr
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Grégoire LUCAS – Tél. : +33 (0)1 53 70 74 94 – glucas@image7.fr
Karine ALLOUIS – Tél. : +33 (0)1 53 70 74 81 – kallouis@image7.fr
ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel.: +33 (0)1 53 65 64 17 – rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18 – IR_Casino@groupe-casino.fr
1 As provided in the shareholders’ agreement of Wilkes Participações S.A. (“Wilkes”, which directly controls GPA).
The Diversity Label, which is awarded by France’s Ministry of the Interior in partnership with the country’s AFNOR Certification organisation, rewards companies whose practices in combating discrimination are deemed to be exemplary. Casino Group obtained this label in 2009, following a campaign by AFNOR Certification to introduce the label and the decision of a panel made up of representatives of several government ministries and trade unions.
Casino Group has been involved since 1993 in combating all forms of exclusion and discrimination, and now implements a diversity promotion policy that encourages the hiring of applicants from a wide range of backgrounds and fosters equal opportunities.
This company policy forms part of a continuous effort to pursue constructive dialogue with all union organisations.
Yves Desjacques, director of human resources for Casino Group, said: “The renewal of the Diversity Label highlights the work of our Group, which has for almost 20 years conducted a determined and innovative policy to promote diversity. Combating discrimination, promoting diversity and taking into account different cultures and attitudes is a day-by-day approach that is of great importance to our employees, our social partners and our general management. It’s a long-term approach and, for all our employees, the renewal of the Diversity Label is very satisfying.”
Through its corporate baseline, Nourrir un Monde de Diversité (Nourishing a World of Diversity), Casino, which has always been a pioneer in this field, has made the promotion of diversity part of its DNA. Its current policy is based on the following areas:
◦Under the French government’s Hope for the Suburbs plan, Casino Group has, in the space of four years, hired 4,440 people from disadvantaged neighbourhoods under permanent or fixed-term contracts, and offered 2,500 training courses and 750 work-study contracts to young people from these neighbourhoods
◦To incorporate the combat against discrimination in its recruitment practices, since 2008 Casino Group has been using the simulation recruitment method (candidates are selected based on their performance in simulations of real-life situations, and not on the basis of their CV). A total of 2,500 employees have been hired using this method, in partnership with the Pôle Emploi job centres.
◦The employment rate for disabled workers at Casino France was 10.71% in 2011 (the legal requirement is 6%). The Group committed in 2011 to hire 180 people with disabilities by the end of 2013
◦Casino Group offers assistance to employees who need to adapt their vehicle to their own disability or to that of a family member (driver’s seat, rails for wheelchairs, etc.)
◦As part of its Aidons les aidants (Assist the carers) campaign, and in order to raise the awareness of all employees, in early May 2012 the Group distributed a booklet offering advice to family carers of elderly or disabled people.
◦Women represent 37.5% of managers (against 34% in 2008)
◦A company-wide agreement signed in November 2011 committed the Group to make progress on improvement plans identified in five main areas: recruitment, training, pay, career development, and parental issues
◦In 2012, a working parent handbook was written and distributed, listing all the measures put in place by the Group to assist employees with children (e.g. flexible working hours, career development, etc.).
The Group has set up the C’avec elles network to put women managers in touch with each other so that they can propose innovative new ideas to the general management. The network currently has 400 members.
◦Through the signature of a company-wide agreement in September 2009, Casino committed to hire 500 older employees in the 2010-2012 period. The rate of employees aged over 55 increased 15.10% between 2010 and 2011.
◦A Guide to Religious Diversity was distributed in 2011 to all managers.
◦A review was launched in 2011 and will lead to action plans to combat discrimination based on sexual orientation. As part of this approach, a guide for managers will be written and distributed by the end of 2012.
Press contacts
Casino Group
Frédéric Croccel / fcroccel@groupe-casino.fr / + 33 1 53 65 24 39
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Karine Allouis / kallouis@image7.fr / +33 1 53 70 74 81
