Groupe Casino: Update of 2023 forecasts and update of 2024-2028 business plan of the French perimeter
22 Novembre 2023 - 7:30AM
Groupe Casino: Update of 2023 forecasts and update of 2024-2028
business plan of the French perimeter
Update of 2023 forecasts and update of
2024-2028 business plan of the French perimeter
Paris, 22 November 2023
Casino Group has today published a presentation
on its website relating to the update of its 2023 forecasts for the
France perimeter1 (EBITDA after lease payments and free-cash flows)
and the update of its 2024-2028 business plan.
Update of 2023 forecasts for
France
In view of the results for the 3rd quarter and
the trends observed to date in the 4th quarter, the Group estimates
that its 2023 EBITDA after leases would be, depending on the
successful implementation of the action plans, between -140m€2 and
-78m€. The revision of EBITDA after lease payments is mainly due to
the consideration of:
- the
latest DCF3 sales forecasts, in particular for Hypermarkets, where
the turnaround (volumes and customers presented below) is in
progress, but is slower than initially expected ;
- the
impact, on the DCF margin rate, of the price investments required
in the current market environment to pursue the recovery of the
business.
Taking into account the new trajectory for 2023,
the continuation of supplier credit and the expected proceeds from
the sale of Exito (see press release of 16 October 2023), based on
forecasts reviewed by Accuracy and Advancy, Casino Group does not
anticipate any liquidity issue between now and the date of
completion of the financial restructuring, which is expected to
take place by the end of the 1st quarter of 2024. The
implementation of the capital increases provided for by this
financial restructuring will lead to massive dilution of existing
shareholders and Rallye will lose control of Casino.
Update of the 2024-2028 business
plan
The 2024-2028 business plan published on 20
September 2023 has been updated to take into account the new 2023
trajectory and new action plans identified for the period.
Key figures from this business plan (detailed in
the presentation) are presented below.
Update on the current
trading
The recovery in Supermarkets traffic and volumes
is ongoing, with +10% in traffic and +7% in volumes over the last
week. In Hypermarkets, the gradual turnaround is underway (-3% in
customer numbers and -12% in volumes).
French consolidation: key financial
indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
In M€ |
2023 |
2024 |
2025 |
// |
2028 |
|
|
|
|
|
|
|
|
EBITDA after lease payments |
-1004 |
222 |
509 |
|
912 |
|
APCO5 |
-284 |
-237 |
-147 |
|
-58 |
|
Other operating cash flow items |
-206 |
-120 |
-91 |
|
-87 |
|
Operating cash flow |
-590 |
-135 |
272 |
// |
767 |
|
Capex |
-455 |
-487 |
-487 |
|
-513 |
|
Operating cash flow after capex |
-1,045 |
-622 |
-215 |
// |
254 |
|
Tax |
-27 |
-17 |
-16 |
|
-8 |
|
Change in WC |
-990 |
29 |
59 |
|
25 |
|
of which WC financing |
-837 |
|
|
|
|
|
of which postponed tax and social debts |
216 |
-216 |
|
|
|
|
Free cash flow |
-2,062 |
-610 |
-173 |
// |
271 |
|
FCF excluding operating financings and social and tax
charges |
-1,442 |
-394 |
-173 |
|
271 |
|
Current trading
S466
Supermarkets7
Graphs available in attached pdf
Hypermarkets
Graphs available in attached pdf
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.
Forward-looking statements
This press release may include forward-looking
statements. These forward-looking statements can be identified by
the use of forward-looking terminology, including the terms as
“believe”, “expect”, “anticipate”, “may”, “assume”, “plan”,
“intend”, “will”, “should”, “estimate”, “risk” and or, in each
case, their negative, or other variations or comparable
terminology. These forward-looking statements include all matters
that are not historical facts and include statements regarding the
Casino Group’s intentions, beliefs or current expectations
concerning, among other things, the Casino Group’s plans,
objectives, assumptions, expectations, prospects and beliefs and
statements regarding other future events or prospects. By their
nature, forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may
or may not occur in the future. These forward-looking statements
reflect the Casino Group’s current expectations, intentions or
forecasts of future events, which are based on the information
currently available and on assumptions made by the Casino Group.
The forward-looking statements and information contained in this
announcement are made as of the date hereof and the Casino Group is
under no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable laws. All subsequent written or oral forward-looking
statements attributable to the Casino Group, or persons acting on
the Casino Group’s behalf, included in but not limited to press
releases (including on the Casino Group’s website), reports and
other communications, are expressly qualified in their entirety by
the cautionary statements contained throughout this press
release.
***
ANALYSTS AND INVESTORS
CONTACTS
Christopher WELTON –
cwelton.exterieur@groupe-casino.fr – Tel: +33 (0)1 53 65 64
17orIR_Casino@groupe-casino.fr - Tel: +33 (0)1 53
65 24 17
PRESS CONTACTS
Casino Group – Communication
Departmentdirectiondelacommunication@groupe-casino.fr -
Tel: + 33(0)1 53 65 24 78
Agence IMAGE 7
Karine Allouis - kallouis@image7.fr - Tel: +33
(0)6 11 59 23 26
Laurent Poinsot - lpoinsot@image7.fr - Tel: +
33(0)6 80 11 73 52
Franck Pasquier - fpasquier@image7.fr - Tel: +
33(0)6 73 62 57 99
1 France retail + ecommerce2 Including
sensitivities added by Accuracy and Advancy3 Distribution Casino
France4 Expected value in the range between -140m€ and -78m€5 Other
operating expenses. This line includes cash restructuring and
concept costs and concept costs, as well as
non- recurring costs related to the closure
or disposal of stores6 4-week period, except the last indicator
which is a 1-week period7 Historical supermarkets, including
Codim
- 20231122_Présentation MAJ BP - cleansing ENG vDEF
Grafico Azioni Casino Guichard Perrachon (EU:CO)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Casino Guichard Perrachon (EU:CO)
Storico
Da Mag 2023 a Mag 2024