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Casino Group : 2020 Full Year Results

SECOND-HALF 2020 RESULTS
Very 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 AmericaSharp reduction in gross and net debtOutlook for 2021: profitable growth, cash flow generation and continued debt reductionGroup 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 FranceRetail 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 plansOutlook 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 solutionGreenYellow: 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-2020Outlook 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 2020Outlook for 2021: accelerated growth to be achieved by signing up new external clientsContinued 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 planOutlook 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 confirmedContinued 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 2020In Latin AmericaThe 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 shareEBITDA rose by +36% at constant exchange rates, free cash flow before disposal proceeds increased by +€238mDigital transformation and +200%4 growth in food e‑commerce in Brazil2020 Key figuresIn €mH2 2019
H2 2020
Reported change
Change at CER
FY 2019
FY 2020
Reported change
Change
at CER
Group Net sales
o/w France (incl. Cdiscount)
o/w Latam
17,803
9,354
8,449
15,7732
8,509
7,2642
-11%
-9%
-14%
+7%1
0%1
+13%1
34,645
18,288
16,358
31,9122
17,256
14,6562
-8%
-6%
-10%
+8%5
Group EBITDA
o/w France (incl. Cdiscount)
Margin (%)
o/w Latam
Margin (%)
1,517
921
9.8%
596
7.1%
1,6782
977
11.5%
7016
2,640
1,536
8.4%
1,104
6.8%
2,7422
1,580
9.2%
1,1612
7.9%
+4%
+3%
+76 bps
+5%
+117 bps
+17%
+3%
+80 bps
+36%
+115 bps
Gr. EBITDA after lease
o/w France (incl. Cdiscount)
Margin (%)
o/w Latam
Margin (%)
1,033
590
6.3%
443
5.2%
1,2402
666
7.8%
5742
7.9%
+20%
+13%
+152 bps
+30%
+265 bps
+39%
+13%
+156 bps
+73%
+245 bps
1,687
898
4.9%
789
4.8%
1,8302
946
5.5%
8842
6.0%
+8%
+5%
+57 bps
+12%
+121 bps
+24%
+6%
+61 bps
+45%
+120 bps
Group Trading profit
o/w France (incl. Cdiscount)
Margin (%)
o/w Latam
Margin (%)
851
497
5.3%
355
4.2%
1,0232
519
6.1%
5042
6.9%
+20%
+4%
+79 bps
+42%
+275 bps
+40%
+5%
+77 bps
+88%
+252 bps
1,321
693
3.8%
628
3.8%
1,4262
677
3.9%
7482
5.1%
+8%
-2%
+13 bps
+19%
+127 bps
+25%
-1%
+17 bps
+54%
+128 bps
Underlying net profit,
Group share
191
363
+90%
+114%
196
268
+37%
+62%
Underlying diluted earnings per share1.80
3.38
+88%
+112%
1.47
2.17
+48%
+79%
In €mFY 2019FY 2020ChangeGroup FCF excl. disposalso/w France (excl. Rocade plan)
o/w Latam
103
221
(118)
407
288
120
+295%
+30%
n.m.
Group Gross debt
o/w France (incl. Cdiscount)
o/w France – covenant scope7
9,229
5,863
6,100
3,366
7,378
4,570
4,761

2,808
-1,851
-1,293
-1,301

-558
Group Net debt after IFRS 5
o/w France (incl. Cdiscount)
o/w Latam
4,055
2,505
1,550
3,914
3,048
866
  -142 +542
-684
Group Net debt excl. IFRS 5
o/w France (incl. Cdiscount)
o/w Latam
5,657
4,069
1,587
4,634
3,751
882
-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 RESULTSIn 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 EBITDA15ratio 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 halfFollowing 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 formatsIn 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-commerceIn 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 2020Cdiscount 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 accelerationGrowth 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 €64m19in 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 2022Ongoing growth in energy performance contracts and energy savings certificates.RelevanC: EBITDA up +50% in 2020After 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 AmericaIn 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 commitmentThe 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 2018As 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 €186mOn 21 August 2020, the Group announced the additional and definitive disposal of 5% of Mercialys equity through the Mercialys total return swap (TRS) for €26mOn 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-outThe 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 2023In 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 segmentConsolidated net sales in France by banner
Outlook for 2021 in France
Sharply improved profitability, continuing the trend established in the second half of 2020Having completed its refocusing on buoyant formats, the Group is now giving priority to growthExpansion 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 RelevanCOngoing growth in cash flow from continuing operations and free cash flow31Continued EBITDA growthContinued reduction in non-recurring costsExpansion on convenience and food e-commerce formats, which require low CapexOngoing deleveragingIn 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 confirmedIn 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 2020APPENDICES – ADDITIONAL 2020 FINANCIAL INFORMATION RELATING
TO THE AUTUMN 2019 REFINANCING DOCUMENTATION
See press release dated 21 November 2019Financial information for the fourth quarter ended 31 December 2020:Financial information for the 12-month period ended 31 December 2020: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: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 RESULTSConsolidated net sales by segmentConsolidated EBITDA by segmentConsolidated trading profit by segmentChange in net debt by entity
 2020 France net debt excluding IFRS 5
Underlying net profitUnderlying 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 SALESConsolidated net sales by segment2020/2019 change in net sales in France by banner
Main data – Cdiscount48

Cnova provided a detailed report on its 2020 results on 18 February 2021.
APPENDICES – OTHER INFORMATIONExchange rateGross sales under banner in France

Store network at period-end
Consolidated income statementEarnings per shareConsolidated statement of comprehensive incomeThe 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 positionConsolidated statement of cash flowsAnalyst and investor contacts
Lionel Benchimol
+ 33 (0)1 53 65 64 17 – lbenchimol@groupe-casino.fr
Press contacts
Casino Group – Communications DepartmentStéphanie Abadie
+ 33 (0)6 26 27 37 05 – sabadie@groupe-casino.fr
Agence IMAGE 7Karine Allouis
 +33 (0)1 53 70 74 84 – kallouis@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 €101m2 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 resources4 Data published by the subsidiary5 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 effects9 Data published by the subsidiary10 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 neutralised11 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 202117 Food E-commerce = E-commerce France excluding Cdiscount.18  Data published by the subsidiary. Contribution to consolidated EBITDA: €129m, EBITDA after lease payments of €101m19 €64m based on GreenYellow’s accounts, €57m contribution to consolidated EBITDA20 Post-3W spin-off sales21 A subsidiary of rating agency Moody’s (Vigeo Eiris rating, December 2020)22 October 202023 Compared with 2015, scopes 1 and 224 Compared with 2020, scopes 1 and 225 Same-store change excluding fuel and calendar effects26 Data published by the subsidiary27 Excluding fuel and calendar effects28 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets29 Other: mainly Vindémia, Geimex and Restaurants30 Convenience segment net sales on a same-store basis include the same-store performance of franchised stores31 France scope excluding GreenYellow for which development and transition to a company-owned asset model is ensured by its own resources32 Unaudited data, scope as defined in refinancing documentation with mainly Segisor accounted for within the France Retail + E-commerce scope33 Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation34 EBITDA after lease payments (i.e. repayments of principal and interest on lease liabilities)35 Loans and other borrowings36 At 31 December 202037 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 202138 Organic change excluding fuel and calendar effects39 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 account42 Including investment in the segregated account, purchases of Leader Price stores (-€55m) and current account with Leader Price43 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 fees44 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 forward45 Income taxes have been restated for the tax effects corresponding to the above restated financial items and the tax effects of the restatements46 Non-controlling interests have been restated for the amounts relating to the restated items listed above.47 Excluding fuel and calendar effects48 Data published by the subsidiary49 Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date50 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 – Leases51 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
Attachment20210225 – PR – 2020 Full Year Results

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