Casino Group: Q1 2024
FIRST-QUARTER 2024
- Consolidated
net sales of €2.1bn in Q1 20241
- Convenience
brands: €1.8bn (+0.1% on a same-store basis)
- Monoprix: €1.1bn
(+0.7%)
- Franprix: €406m
(+0.6%)
- Casino: €349m
(-2.4%)
-
Cdiscount: €242m (-21.1%) linked to the planned
reduction in direct sales
-
Adjusted EBITDA after lease
payments2 of -€10m (vs.
€35m in Q1 2023)
-
Free cash flow excluding disposal plan/restructuring
costs3 of -€327m in Q1
2024 (-€226m in Q1 2023) after payment of social charges
and tax debts placed under moratorium in 2023 (-153 M€)
-
Net financial debt4 of
€1.6bn at 31 March 2024 (€6.2bn at 31 December 2023)
-
Covenant5
- The Covenant net
financial debt6 / Covenant adjusted EBITDA6 ratio stands at
4.89x
- It will be tested
for the first time on September 30, 2025 (ratio to be met:
8.34x)
-
Asset disposals and loss of control
- Conclusion of
agreements with Auchan Retail France and Groupement Les
Mousquetaires for the sale of 287 stores on 24 January 2024. The
completion of the sales would take place in 3 waves by 1st July
2024
- Finalization of the
sale of the 34% direct stake in Grupo Éxito for gross proceeds of
$400m (€367m excluding fees) on 26 January 2024
- Completion of GPA's
capital increase on 14 March 2024, at which point the Group lost
control and now holds 22.5% of GPA's capital
-
Financial restructuring closed on 27 March 2024
- Change of control
in favour of France Retail Holdings, the Consortium's controlling
holding company
- Par value of gross
debt and undated deeply subordinated notes reduced by €4.9bn
- Cash capital
increase of €1.2bn
Net sales
Consolidated net sales amounted to
€2.1bn in Q1 2024, down -3.8% both on a same-store1 and
organic1 basis and -4.6% as reported after taking into account the
effects of changes in scope (-1.3%) and fuel (-0.1%), and the
calendar effect (+0.6%).
Convenience brands (Monoprix, Franprix and
Casino) reported virtually stable net sales on a same-store basis
(+0.1%) despite a high basis of comparison in Q1 2023.
|
Q1 2024 vs. Q1 2023 |
Q1 2023 vs. Q4 2022 |
Net sales by banner (in €m) |
Q1 2024 |
Change |
Q1 2023 |
Change |
Same-store1 |
Organic7 |
Total |
Same-store1 |
Organic1 |
Total |
Monoprix |
1,079 |
+0.7% |
+0.3% |
+0.9% |
1,070 |
+4.2% |
+4.1% |
+0.6% |
Franprix2 |
406 |
+0.6% |
-3.3% |
-3.3% |
420 |
+6.0% |
+3.6% |
+3.3% |
Casino2 |
349 |
-2.4% |
-2.6% |
-3.0% |
360 |
+4.9% |
+2.5% |
+3.5% |
Convenience brands |
1,834 |
+0.1% |
-1.1% |
-0.8% |
1,850 |
+4.6% |
+3.6% |
+1.7% |
Cdiscount |
242 |
-21.1% |
-21.1% |
-24.0% |
318 |
-24.8% |
-24.8% |
-25.2% |
Other8 |
30 |
+3.3% |
+2.3% |
-25.3% |
40 |
+1.3% |
-17.8% |
-17.0% |
CASINO GROUP |
2,106 |
-3.8% |
-3.8% |
-4.6% |
2,208 |
-2.4% |
-2.1% |
-3.6% |
-
Monoprix recorded
same-store sales growth of +0.7% over the quarter,
reflecting the momentum of Monop (+2.7%) and Naturalia (+3.5%)
banners and a stable performance from Monoprix City, impacted by
disappointing textile sales (-3.2%) relating to insufficient
inventory levels. This non-food performance at Monoprix City had an
impact on food sales, which nevertheless remained positive (+1.8%),
while the banner continued to win customers over the period
(customer traffic up by +0.6%). Among the significant events of
first-quarter 2024, Monoprix launched its new THL (Textiles, Home,
Leisure) sales website in late February and continued to expand its
store network, in particular opening its first store in Belgium
(Waterloo) and a Monoprix City store in the western Paris suburb of
Ville-d'Avray.
- Franprix
posted same-store sales growth of +0.6%, led by good
customer traffic momentum (+1.7%) and double-digit growth in
e-commerce (+16%), which continued to benefit from buoyant
marketplace sales (Uber Eats, Deliveroo, etc.). The banner saw
slower sales in the Paris suburbs (-0.7%), but growth of +1.1% and
+4.1% in Paris and the provinces, respectively.
For Monoprix and Franprix, the challenge as from
Q2 2024 will be increased competition in the Ile-de-France region
as Casino supermarkets convert to Intermarché or Auchan.
- Net sales
by Casino brands (Vival, Spar, Petit Casino, etc.) fell by -2.4% on
a same-store basis over the quarter, in an environment
disrupted by the ongoing sale of Casino hypermarkets and
supermarkets, which had a temporary impact on service levels at
sales outlets. However, the franchise expansion strategy continued,
with 53 franchises opened in France during the quarter and 26
stores transferred from an integrated to a franchise model over the
period.
- Cdiscount
sales9 (-21% on a same-store basis) continue to be
impacted by the rationalization of direct sales in favor of the
Marketplace. Marketplace GMV10 (-3.7%) accounted for 63.9% of
Product GMV over the quarter (+7.2 pts year-on-year). Revenues from
services (Marketplace, Advertising, B2C services and B2B
activities) rose by +4% over the
quarter.
Financial indicators
(in €m) |
Q1 2024 |
Q1 2023 |
Adjusted EBITDA |
106.3 |
144.9 |
Adjusted EBITDA after lease payments |
(9.6) |
34.5 |
Free cash flow11 |
(327) |
(226) |
Net debt |
1,593 |
4,492 |
Adjusted
EBITDA12
Adjusted EBITDA for the first quarter came to
€106m (-€10m after lease payments), compared with €145m in Q1 2023
(€35m after lease payments), i.e., a decrease of €39m.
(in €m) |
Q1 2024 |
Q1 2023 |
Change |
Monoprix |
72.7 |
92.3 |
-19.5 |
Franprix |
20.7 |
33.8 |
-13.1 |
Casino |
7.9 |
10.1 |
-2.2 |
Convenience brands |
101.3 |
136.1 |
-34.8 |
Cdiscount |
13.5 |
13.2 |
0.3 |
Other13 |
(8.6) |
(4.5) |
-4.1 |
Adjusted Group EBITDA |
106.3 |
144.9 |
-38.6 |
Q1 2023 adjusted EBITDA benefited from:
- The recognition of a specific
receivable of €7m and income of €5m spread over the life of the
contract between Monoprix and Getir/Gorillas (contract terminated
in Q3 2023)
- €5m reduction in fees received
following the sale of Sudeco, the management company sold by IGC in
March 2023
- €5m in
sponsorship credits (no additional sponsorship credits were
recognized in 2024)
Apart from these one-off items, the -€17m
decline was mainly due to lower sales from Casino brands and lower
margins at Franprix and Monoprix, the latter being impacted by the
consequences of stable inflation.
Adjusted EBITDA after lease
payments2
(in €m) |
Q1 2024 |
Q1 2023 |
Change |
Monoprix |
1.5 |
26.5 |
-25.0 |
Franprix |
0.1 |
15.0 |
-14.9 |
Casino |
(3.3) |
(0.7) |
-2.6 |
Convenience brands |
(1.6) |
40.9 |
-42.5 |
Cdiscount |
6.9 |
5.0 |
1.9 |
Other3 |
(14.9) |
(11.3) |
-3.6 |
Adjusted EBITDA after
Group lease payments |
(9.6) |
34.5 |
-44.1 |
Over the 12-month rolling period from 1 April
2023 to 31 March 2024, adjusted EBITDA after lease payments from
continuing operations came to €275m.
In view of the Q1 2024 results, market trends
observed to date and the anticipated adjusted EBITDA of the
hypermarket and supermarket store network14 until its effective
sale to Groupement Les Mousquetaires, Auchan and Carrefour, the
Group estimates that the adjusted EBITDA after lease payments for
2024 of the consolidated entity (i.e. continuing and discontinued
operations) will be lower than the amount of €126m15 set out in the
consortium's business plan for adjusted EBITDA after lease payments
for the 2024 financial year (cf. press release dated 21 December
2023).
It should be noted that Casino Group indicated
in its 2023 Universal Registration Document that the EBITDA France
2024-2028 projections published by the Group in November 2023 were
obsolete and that it gave no outlook for 2024.
Free cash
flow16
In Q1 2024, free cash flow1 stood at -€327m
(-€226m in Q1 2023) after payment of €153m in social security and
tax debts placed under moratorium in 2023. Excluding this
non-recurring amount of -€153m, free cash flow1 would stand at
-€174m.
(in €m) |
Q1 2024 |
Q1 2023 |
Operating cash flow |
(36) |
(3) |
o/w Adjusted EBITDA after lease payments |
(10) |
35 |
o/w Other non-recurring cash items |
(28) |
(30) |
o/w Other items |
2 |
(8) |
Net capex |
(93) |
(73) |
Income taxes |
(11) |
(1) |
o/w deferred 2023 charges |
(11) |
- |
Change in WC |
(187) |
(153) |
o/w deferred 2023 charges |
(142) |
- |
Free cash flow1 |
(327) |
(226) |
Net financial
debt17
At 31 March 2024, net financial debt stood at
€1.6bn following the financial restructuring18, down €4.6bn on the
end of 2023. As a reminder, adjusted net financial debt at December
31, 2023 (including the impact of the financial restructuring)
amounted to €1,534m, as indicated in the 2023 Universal
Registration Document.
In €m |
|
31 Mar. 2024 |
31 Dec. 2023 |
Change |
|
31 Dec. 23adjusted19 |
Loans and borrowings |
|
3,247 |
7,232 |
(3,985) |
|
3,230 |
EMTN notes/HY CGP |
|
- |
2,168 |
(2,168) |
|
0 |
Reinstated Monoprix RCF/Casino Finance RCF |
|
711 |
2,051 |
(1,340) |
|
711 |
Reinstated Term Loan/Term Loan |
|
1,410 |
1,425 |
(15) |
|
1,410 |
HY Quatrim Notes |
|
491 |
553 |
(62) |
|
491 |
Confirmed credit lines – Monoprix |
|
159 |
170 |
(11) |
|
131 |
Cdiscount PGE |
|
60 |
60 |
- |
|
60 |
Other |
|
416 |
805 |
(484) |
|
427 |
Cash and cash equivalents |
|
(1,654) |
(1,051) |
(602) |
|
(1,696) |
Net financial debt |
|
1,593 |
6,181 |
(4,587) |
|
1,534 |
|
|
|
|
|
|
|
Net debt excluding Quatrim20 |
|
1,113 |
|
|
|
1,048 |
Covenant
It should be noted that, although the
calculation is required by the loan documentation from Q1 2024, the
covenant is indicative at this time (given the “holiday period”).
The scope of the covenant test corresponds to the Group adjusted
for Quatrim and, to a lesser extent, the subsidiaries Mayland in
Poland and Wilkes in Brazil.
(in €m) |
At 31 March 2024 |
Covenant adjusted EBITDA 21 |
268 |
Covenant net financial debt 22 |
1,312 |
Covenant Net financial debt / Covenant-adjusted
EBITDA |
4.89x |
The Covenant net financial debt covenant /
Covenant adjusted EBITDA covenant ratio is therefore 4.89x.
Application will be effective for the first time from 30 September
2025, with an initial required ratio of 8.34x.
Asset disposals and loss of
control
Sale of Casino hypermarkets (HM) and
supermarkets (SM)
At the end of May 2023, the Group
undertook to sell up to 72
stores, representing sales of €502m excluding VAT in 2022,
to Groupement Les Mousquetaires within three
years23. Disposals will be completed on 30 June 2024 (7 HM
having achieved sales excluding VAT of €128m in 2023) and on 30
September 2024 (49 SM and 16 Franprix/Leader Price/Casino having
achieved sales excluding VAT of €319m in 2023), bearing in mind
that Casino Group received an advance payment of €140m in September
2023.
In addition, on 24 January 2024, the Group
announced that it had signed agreements with Auchan Retail
France and Groupement Les Mousquetaires. These agreements
provide for the sale of 287 stores (and their
adjoining service stations), based on an enterprise value of
between €1.3bn and €1.35bn excluding property, before the sale of
inventories, from which various associated costs will have to be
deducted, including the payment of trade payables and the effects
of the subsequent reorganisation of warehouses and the Casino
France head office. The sales will be completed in three waves, on
30 April, 31 May and 1 July 2024, after consultation with the
relevant employee representative bodies.As part of the memorandum
of understanding signed with Groupement Les Mousquetaires, on 8
February 2024, Casino Group announced that it had reached an
agreement with Carrefour for the sale of 25 stores
(and their adjoining service stations) that were initially to be
acquired by Groupement Les Mousquetaires.Around 120 stores are
expected to be transferred to Auchan Retail France, Groupement les
Mousquetaires and Carrefour on 30 April 2024.
In addition, Purchasing partnerships will be
strengthened with Intermarché and extended to Auchan. Casino Group
will then be part of a set of powerful alliances representing a
market share of almost 30% and covering a broad spectrum of large
suppliers for a period of ten years. This partnership will be
operational by next autumn for the 2024/2025 purchasing round. This
project will enable the Group to improve its competitiveness in
purchasing, despite the reduction in its size.
Sale of Grupo ÉxitoOn 26
January 2024, Casino Group announced that it had completed
the sale of its 34% direct stake in Grupo Éxito to Grupo
Calleja. GPA also tendered its 13% stake in Grupo Éxito to
the sale. Casino Group collected gross proceeds of
$400m from this transaction (€367m excluding fees
as of the date of the sale24), while GPA
received gross proceeds of $156m.
Loss of control of GPA
The capital increase of BRL 704 m (around
€130m25) was completed on 14 March 2024, the date on which the
Casino Group lost control. Following this operation, the Group
holds 22.5% of GPA's capital (compared with 41% previously). This
capital increase is accompanied by a change in the entity's
governance.
The loss of control of GPA is reflected in the
financial statements by:
-
The derecognition
of GPA's assets and liabilities held for sale, which were presented
on a separate balance sheet line as from December 2023
-
Recognition at fair
value of the retained 22.5% interest in GPA's capital
-
Recognition of a
gain on disposal, essentially comprising the recycling of the
negative translation reserve (-1.6 billion euros at December 31,
2023, Group share)
Financial restructuring
closing
All of the transactions provided for in
Casino's safeguard plan and the accelerated safeguard plans of its
relevant subsidiaries26 approved by the Paris
Commercial Court on 26 February 2024, were implemented on 27 March
2024, in particular:
- A share capital increase of
€1.2bn, which strengthened the Group's liquidity by €679m
after deducting the amounts settled at the restructuring date:
- repayment of deferred tax and
payroll taxes (€233m27),
- repayment of borrowings and
financial expenses (€235m),
- payment of related expenses or
expenses due on the restructuring date (€53m28);
- A conversion into equity of
most of the Group's secured and unsecured debt, as well as TSSDI
undated deeply subordinated notes, representing €4.9bn in principal
maturities (€3.5bn excluding TSSDIs).
Further to these transactions, Casino's share
capital is made up of 37,304,080,735 shares, representing
37,351,145,246 theoretical voting rights.
The completion of Casino's financial
restructuring resulted in a change of control of Casino Group in
favour of France Retail Holdings S.à.r.l., the Consortium's
controlling holding company (an entity ultimately controlled by Mr
Daniel Křetínský).
The next steps in the Group's financial
restructuring are as follows:
- Share
capital transactions
(i) From 14 May to 13 June 2024:
reverse split of the shares comprising Casino's capital, such that
100 ordinary shares with a par value of €0.01 each will be
exchanged for 1 new share with a par value of €1.00 each
(ii) 14 June 2024: reduction in
Casino's capital by reducing the par value of the shares issued by
Casino from €1.00 to €0.01 per share (subject to the effective
completion of the reverse stock split)
- Annual
General Meeting on 11 June 2024
Reorganisation
This morning, the Group announced the details of
the transformation project implemented as part of its financial
restructuring and the reduction in the scope of its activities.
The press release is available on the Company's
website: link.
APPENDICES – GROSS SALES
Gross sales under banner
TOTAL ESTIMATED GROSS SALES UNDER BANNER (in €m, including
fuel) |
Q1 2024 |
Change (incl. calendar
effects) |
|
|
Monoprix |
|
1,146 |
+0.5% |
Franprix |
|
486 |
-0.1% |
Casino |
|
537 |
+0.8% |
TOTAL CONVENIENCE BRANDS |
|
2,169 |
+0.4% |
Cdiscount |
|
508 |
-13.8% |
Other |
|
30 |
-25.3 |
CASINO GROUP TOTAL |
|
2,706 |
-2.9% |
APPENDICES – STORE NETWORK
Store network of continuing
operations29
|
31 March 2023 |
30 June 2023 |
30 Sept. 2023 |
31 Dec. 2023 |
31 March 2024 |
Monoprix |
852 |
855 |
862 |
861 |
849 |
o/w Integrated stores France excl. Naturalia Franchises/BL France
excl. Naturalia |
343266 |
345272 |
342285 |
338291 |
336285 |
Naturalia integrated stores France |
177 |
175 |
170 |
170 |
168 |
Naturalia franchises/BL France |
66 |
63 |
65 |
62 |
60 |
Franprix |
1,157 |
1,189 |
1,186 |
1,221 |
1,198 |
o/w Integrated stores France Franchises/BL France International
affiliates30 |
328709120 |
324745120 |
319754113 |
323782116 |
320768110 |
Casino o/w Integrated stores
France
Franchises/BL France International affiliates31 |
6,0005885,286126 |
6,0175685,318131 |
5,9645435,286135 |
5,8624935,230139 |
5,8164505,227139 |
Other businesses32 |
5 |
5 |
5 |
5 |
5 |
TOTAL |
8,014 |
8,066 |
8,017 |
7,949 |
7,868 |
BL: Business lease
APPENDICES – ACCOUNTING
INFORMATION
Discontinued operations
In accordance with IFRS 5, the earnings of the
following businesses are presented within discontinued operations
for the 2023 and 2024 periods.
-
Assaí: Casino Group relinquished control of its
Brazilian cash & carry business Assaí on 31 March 2023 and sold
its residual stake in the company on 23 June 2023.
-
Grupo Éxito: in connection with the tender offers
launched in the United States and Colombia by Grupo Calleja for
Grupo Éxito, Casino Group completed the sale of its entire 47.36%
stake on 26 January 2024 (including a 13.3% indirect stake via
GPA).
-
GPA: the BRL 704 m capital increase was completed
on 14 March 2024, the date on which Casino Group lost control.
Following this operation, the Group holds 22.5% of GPA's
capital.
-
Casino hypermarkets and supermarkets: in light of
the sale of the hypermarkets and supermarkets, the results of these
businesses (including Codim) are presented within discontinued
operations for 2023 and 2024. The Leader Price franchises in France
are also presented within discontinued operations.
Main changes in the scope of continuing
operations
- Sale of Carya
(Cdiscount) on 31 December 2023
- Sale of five
integrated Casino convenience stores to Groupement Les
Mousquetaires in September 2023
Reconciliation table of Adjusted EBITDA
to trading profit
(En M€) |
T1 2024 |
T1 2023 |
Trading profit |
|
(50.1) |
(12.5) |
Recurring depreciation and amortisation |
|
(156.3) |
(157.4) |
Adjusted EBITDA |
|
106.3 |
144.9 |
Analyst and investor
contacts-Christopher
Welton + 33 (0)1 53 65 64 17 –
cwelton.exterieur@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.frLaurent Poinsot + 33(0)6
80 11 73 52 – lpoinsot@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 Change of -3.8% on a like-for-like and organic
basis (excluding fuel and calendar effects)2 Adjusted EBITDA is
defined as trading profit plus recurring depreciation and
amortisation expense. Adjusted EBITDA after lease payments is
defined as adjusted EBITDA less lease payments (including “onerous”
lease payments previously shown on the "Other repayments" line of
the cash flow statement)3 Free cash flow excluding disposal
plan/restructuring costs corresponds to cash flow from operating
activities as presented in the consolidated statement of cash
flows, less net capex, IFRS 16 rental payments and restated for the
effects of the disposal plan and restructuring costs4 Net debt
corresponds to gross borrowings and debt including derivatives
designated as fair value hedges (liabilities) and trade payables -
structured programme, less (i) cash and cash equivalents, (ii)
financial assets held for cash management purposes and as
short-term investments, (iii) derivatives designated as fair value
hedges (assets), and (iv) financial assets arising from a
significant disposal of non-current assets5 It should be noted
that, although the calculation is required by the loan
documentation as from Q1 2024, the covenant is indicative at this
time (given the “holiday period”). The scope of the covenant test
corresponds to the Group adjusted for Quatrim and, to a lesser
extent, the subsidiaries Mayland in Poland and Wilkes in Brazil6
See definitions on page 5
7 Excluding fuel and calendar effects8 A change
in the allocation of net sales was carried out in Q1 2024,
consisting of allocating all ExtenC net sales (including the
Group's international activities previously presented in the
“Other” segment) to the “Casino” and “Franprix” segments. This
reallocation stems from a move to present net sales by brand (and
no longer by format) in line with the Group's new operational
management methods. 2023 data have been adjusted accordingly to
facilitate comparisons9 Data published by the subsidiary. Cdiscount
published its 2024 Q1 earnings on 24 April 2024 after market
closing10 Gross merchandise value11 Excluding disposal
plan/restructuring costs - See definition on page 112 See
definitions on page 113 The "Other" segment is the residual segment
of the Group's activities, including mainly real estate activities
(in particular Quatrim/IGC and Mayland), the activities of
RelevanC, REL, BAO and the cost center of the Casino,
Guichard-Perrachon holding company14 Classified within discontinued
operations in the consolidated financial statements15 €467m from
continuing operations and -€341m from discontinued operations16
Excluding disposal plan/restructuring costs – See definition on
page 117 See definition on page 1 18 See press releases of 25 and
27 March 202419 Adjusted net debt at 31 December 2023 including
impact of financial restructuring20 The financial restructuring
resulted in the ring-fencing of Quatrim from the rest of the Group.
The Quatrim note debt will be repaid via an asset divestment
programme agreed with its creditors, who will have limited recourse
to the Group's assets21 “Covenant adjusted EBITDA” or pro forma
EBITDA (depending on the documentation) corresponds to adjusted
EBITDA after lease payments, adjusted to the covenant scope,
excluding any impact of scope effects and pro forma restatements
corresponding to future savings/synergies to be achieved within 18
months (for Q1, no pro forma restatements are taken into account)22
“Covenant net financial debt” corresponds to gross financial debt
relating to the covenant perimeter (including borrowings from other
Group companies by covenant companies), (i) plus financial
liabilities which are, in substance, financial debts, (ii) adjusted
for the average drawdown on the Group's revolving credit lines over
the last twelve months (from the date of restructuring) and (iii)
reduced by cash and cash equivalents of the entities in the
covenant perimeter and by non-deconsolidating receivables relating
to operating financing programs reinstated as part of the
restructuring.Financial debt at 31 March 2024 includes the nominal
value of the three reinstated debts totaling €2.6 billion (RCF
Monoprix, TLB CGP and Quatrim bonds) pending completion of work to
assess their fair values at 27 March 2024; this work will be
completed within the framework of the 2024 interim financial
statements23 This sale concerns the second group of stores
mentioned in the press release of 26 May 2023, the first group of
61 outlets having been sold on 30 September 202324 Based
on a USD/EUR exchange rate of 1.0905 at 24 January 2024 (ECB)25
Based on a BRL/EUR exchange rate of 0.1844 at 14 March 2024 (ECB)26
Casino Finance, Distribution Casino France, Casino Participations
France, Quatrim, Segisor and Monoprix27 €313m of these deferred
items were reimbursed (€80m) owing to a cash pledge set up by the
Group in favour of URSSAF in H2 202328 Excluding restructuring
costs directly attributable to Quatrim paid out of the Quatrim
segregated account29 The store network has been adjusted to
streamline its calculation. The 2023 figures have been restated
accordingly30 Franprix international affiliates include Leader
Price international franchises. Leader Price franchises in France
are presented within discontinued operations. Data for previous
quarters have been adjusted accordingly to facilitate comparisons
31 International affiliate convenience stores include HM/SM
affiliates abroad. HM/SM stores in France are presented within
discontinued operations. Data for previous quarters have been
adjusted accordingly to facilitate comparisons32 Other activities
include 3C Cameroun
- 20240424 - Press Release - Q1 2024
Casino Guichard Perrachon (TG:CAJ)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Casino Guichard Perrachon (TG:CAJ)
Gráfica de Acción Histórica
De May 2023 a May 2024