Casino Group: 2023 Full Year Results

2023 FULL-YEAR RESULTS

In accordance with IFRS 5 – Non-current Assets Held for Sale and Discontinued Operations, the 2022 and 2023 net sales and earnings for Assaí, Grupo Éxito, GPA and the Group's French hypermarkets and supermarkets are presented within discontinued operations. Consequently, the net sales and earnings (including EBITDA and trading profit) presented in this press release relate solely to the Group's continuing operations (Monoprix, Franprix, Casino convenience banners, Cdiscount and Other¹).

• Net sales at €9.0bn in 2023 (-3.7%)², of which €2.3bn in Q4 (-4.6%)²
  • Monoprix: €4.3bn (+1.8%), of which €1.2bn in Q4 (+0.9%) 
  • Franprix: €1.5bn (+3.2%), of which €382m in Q4 (+0.4%) 
  • Casino convenience banners: €1.5bn (+1.1%), of which €321m in Q4 (-3.4%) 
  • Cdiscount: €1.2bn (-22.9%), of which €355m in Q4 (-20.4%) linked to the planned reduction in direct sales
    
    
• EBITDA after lease payments at €341m (-38%), reflecting a margin of 3.8%
  
  
  • Retail banners: 4.3% margin (-199 bps: cost Inflation not passed on to customers and franchises through sales prices; lower volumes)
  • Cdiscount: 4.2% margin (+282 bps: shift towards a more profitable model based on the marketplace and on sales of services; ongoing cost savings plan)
    
    
• Trading profit at €124m (-61%), reflecting a margin of 1.4%
  
  
• Other operating income and expenses at -€1.2bn
  
  
  • Non-cash impact of asset impairment (-€0.9bn, mainly Monoprix and Franprix goodwill), linked to the update to the business plan (November 2023)³
  • Operating restructuring costs of -104 M€ (costs of downsizing and store closures)
    
    
• Consolidated net loss, Group share of -€5.7bn related to disposals and
  the financial restructuring
  
  
  • Net loss from continuing operations, Group share: -€2.6bn, including
    asset impairment (-€0.9bn), deferred tax (-€0.7bn), and financial expenses
    (-€0.8bn)
  • Net loss from discontinued operations, Group share: -€3.1bn, relating to impairment of GPA, Grupo Éxito and hypermarket/supermarket (HM/SM) goodwill, and HM/SM operating losses
    
    
• Equity attributable to owners of the parent at 31 December 2023: -€2.5bn
  
  
• Net financial debt⁴ of €6.2bn at 31 December 2023
  
  
  • Net financial debt of €1.5bn adjusted for the financial restructuring⁵

• Financial restructuring approved⁶: impacts to come subject to effective completion of the restructuring
  • Gross financial debt down by €3.5bn (by €4.9bn including TSSDI undated deeply subordinated notes)
  • Injection of €1.2bn in new equity 
    
    

The Board of Directors met on 27 February 2024 to approve the statutory and consolidated financial statements for 2023. The auditors have completed their audit procedures on the financial statements and are in the process of issuing their report.

2023 FOURTH QUARTER AND FULL-YEAR BUSINESS RESULTS

• Monoprix reported same-store net sales growth of +1.8% over the year, driven mainly by Monop' (+4.3%) and Monoprix City food (+2.6%). The year 2023 also saw (i) Naturalia swing back into profit (+0.6%) in a still difficult organic market, (ii) an acceleration in openings of Monoprix City/Monop' stores under franchise (42 openings under franchise in 2023, including 39 Monoprix City/Monop' stores), and (iii) expansion in French overseas territories and international markets, with 11 new store openings (Qatar, United Arab Emirates, Saint-Barthélemy, etc.).
  • In the fourth quarter, Monoprix reported same-store growth of +0.9%. Customer traffic was up by +1.8% over the quarter, with growth in food sales at Monoprix City (+1.5%), Monop' (+1.7%) and Naturalia (+2.9%).
• Franprix posted same-store sales growth of +3.2% in 2023, led by (i) good customer traffic momentum (+2.4%) and (ii) double-digit growth in e-commerce (+18%), boosted by the +40% acceleration in marketplace sales (Uber Eats, Deliveroo, etc.) in 2023, making Franprix the leading quick-commerce retailer in Paris. Total gross sales under banner rose by +5.1% over the year. The strategy of expansion in target areas continued, with 148 store openings over the year (including 139 under franchise), mainly in Paris and the Île-de-France region (114 store openings).
  • In the fourth quarter, Franprix recorded same-store sales growth of +0.4%, adversely affected by a high basis of comparison. Franprix market share remained stable over the fourth quarter based on Kantar data. Customer traffic remained upbeat (+1.5%), as did gross sales under banner (+1.7%).
• Net sales for Casino convenience banners were up by +1.1% in 2023 on a same-store basis. Expansion of the store network continued in 2023, with 380 store openings under franchise and the transfer of 93 stores from an integrated to a franchise model.
  • In the fourth quarter, same-store sales at Casino convenience banners were down -3.4% in a less favourable market environment for convenience formats (down -1.1% in volume based on Circana data). The performance was adversely affected by an unfavourable basis of comparison, as fourth-quarter 2022 was affected by the fuel shortages which boosted Casino's convenience formats in rural and semi-urban areas.

• In 2023, Cdiscount⁸ continued to reduce its unprofitable direct sales in favour of developing its services (marketplace, Advertising, B2C and B2B). Marketplace GMV⁹ slipped -2% over the year, with the marketplace contribution at a record 60% (+8.5 pts year on year), while direct sales GMV fell by -31%, in line with the company's strategy of streamlining and improving profitability. Service revenues rose by +1.7% over the year. Overall, same-store sales declined by -24%¹⁰.                                    
  • Marketplace GMV fell by -2.5% in Q4, with a contribution of 60.5% (+6.4 pts vs Q4 2022), while direct sales GMV fell by -25%. Sales were down -22% on a same-store basis¹⁰.

2023 FULL-YEAR RESULTS

Consolidated net sales amounted to €9.0bn in 2023, down -3.7% on a same-store basis¹¹, down -3.2% on an organic basis¹¹ and down -4.7% as reported after taking into account changes in scope (-1.5%). Currency, fuel and calendar effects were virtually neutral.

Consolidated EBITDA came to €765m (down -21.8% including a -7.4% negative impact from changes in the scope of consolidation), reflecting a margin of 8.5%.

• Monoprix: €459m, down -8%, reflecting a margin of 10.6% (-73 bps), mainly affected by higher energy costs;

• Franprix: €155m, down -16%, reflecting a margin of 10.2% (-227 bps) due to a sharp increase in costs (particularly energy costs) and lower volumes on a same-store basis, partly offset by the expansion of the franchise network;
• Casino convenience banners: €72m, down -54%, reflecting a margin of 4.9% (-545 bps) due to higher energy costs and support provided to franchise partners in dealing with the impact of inflation;
• Cdiscount: €83m (+51%), reflecting a +330 bps improvement in the margin (to 6.7%) thanks to the transition to a more profitable business model focused on services and the marketplace, along with the effects of the cost savings plan (€129m of savings generated in 2023 vs. 2021, outperforming initial target of €90m).

EBITDA after lease payments was €341m, down -37.8%, reflecting a margin of 3.8%.

Consolidated trading profit was €124m, down -60.6%, reflecting a margin of 1.4%.

• Monoprix: €131m, down -22%, reflecting a margin of 3.0% (-81 bps);
• Franprix: €54m, down -25%, reflecting a margin of 3.5% (-133 bps);
• Casino convenience banners: -€2m, reflecting a margin of -0.1% (-530 bps);
• Cdiscount: -€12m, reflecting a margin of -1.0% (+156 bps).

Underlying net financial expense and net loss, Group share¹²
Underlying net financial expense for the period was -€768m (compared with -€414m in 2022), a deterioration of -€354m, mainly due to around -€130m resulting from the net rise in interest on bonds, the Term Loan B and short-term debt (including the impact of higher interest rates and the average volume of RCF drawdowns), around -€120m relating to interest-rate hedging instruments, including credit risk¹³, around -€135m in amortisation of non-cash financial expenses and around +€30m of bonuses on bond redemptions and income from financial investments¹⁴.

Underlying net loss, Group share, came out at -€1,451m (vs. -€323m in 2022), reflecting a decrease in

trading profit (-€191m), an increase in the cost of net debt (-€342m) and a rise in tax expense (-€588m). Diluted underlying earnings per share¹⁵ stood at a loss of -€13.93, vs. -€3.42 in 2022.

Other operating income and expenses amounted to -€1,157m in 2023 (vs. +€86m in 2022), including -€940m of asset impairment losses (mainly Monoprix and Franprix goodwill impairment based on the
November 2023 business plan) and -€104m of operating restructuring costs.

Consolidated net profit (loss), Group share

Net loss from continuing operations, Group share was -€2,558m (vs. -€185m in 2022), reflecting notably the increase in financial expenses and impairment of Monoprix and Franprix assets in connection with the
new November 2023 business plan.

Net loss from discontinued operations, Group share was -€3,103m in 2023 (vs. -€130m in 2022), due to HM/SM operating losses and impairment of GPA, Grupo Éxito and HM/SM assets.

Consolidated net loss, Group share amounted to -€5,661m vs. -€316m in 2022.

Financial position at 31 December 2023

Consolidated net debt stood at €6.2bn (€4.5bn at 31 December 2022), an increase of €1.7bn, of which mainly -€0.7bn in free cash flow, materially impacted by -€0.5bn of financing losses, -€0.6bn of financial expenses,
-€1.4bn of losses on disposals of businesses (HM/SM) and +€1.3bn of proceeds on disposals.

At 31 December 2023, the Group's liquidity was €1,051m (cash and cash equivalents). The Group also has €95 million in the Quatrim segregated account.

The net financial debt (excluding Quatrim) / EBITDA after lease payments (excluding Quatrim) ratio stood at 3.3x, with EBITDA after lease payments (excluding Quatrim) of €317m and net financial debt (excluding Quatrim) of €1,048m.

Financial restructuring

The Group's financial restructuring includes:

• an equity injection of €1.2bn, which will strengthen the Group's liquidity by around €640m after deducting amounts to be settled at the restructuring date:
  • repayment of deferred tax and payroll taxes (around €220m²¹),
  • repayment of borrowings and financial expenses (approximately €260m²²),
  • payment of related expenses or expenses due on the restructuring date (around €80m);
• the conversion into equity of most of the Group's secured and unsecured debt, including €4.9bn in principal maturities (€3.5bn excluding TSSDI undated deeply subordinated notes).
  
  

As part of the financial restructuring, a conciliation procedure was initiated, running from 25 May 2023 to 25 October 2023. Accelerated safeguard proceedings were then initiated between 25 October 2023 and
25 February 2024. All of the information regarding these procedures is available on the Company’s website: Financial restructuring

Outlook

In view of the HM/SM disposal process and their treatment as discontinued operations, the EBITDA France 2023-2028 projections published by the Group in November 2023 are no longer valid. Furthermore, in view of the forthcoming change of control, the Group is not publishing a new 2024 outlook.
The Consortium's business plan was communicated to the market on November 22, 2023 (see press release of November 22, 2023).

SIGNIFICANT EVENTS IN 2023

Asset disposals

In 2023, Casino Group disposed of assets worth close to €1.4bn:

• The Group completed the sale of its entire stake in Assaí on 23 June 2023. Following the sale of a 10.4% stake in November 2022, the Group completed two further disposals in H1 2023:
  • 16 March 2023: sale of 18.8% of the capital for around €571m after tax and expenses (gross proceeds of €723m);
  • 23 June 2023: sale of the remaining 11.7% stake for approximately €326m after tax and expenses (gross proceeds of €404m).
• At the end of September 2023, Groupement Les Mousquetaires and Casino Group completed the sale of a set of 61 Casino France outlets (hypermarkets, supermarkets, Franprix and convenience stores) based on an enterprise value of €209m, including service stations. At the same time, the Group received €140m in deposits for the second wave of store disposals (to be completed within three years).
• Partial sales of the stake in GreenYellow represented €17m in 2023.
• Property disposals totalled around €165m in France over the year (sale of Sudeco to Crédit Agricole Immobilier in Q1, sale of other property assets²³, Apollo and Fortress earn-outs).

Since the start of 2024, Casino Group has announced the sale of around €1.7bn in assets:

• On 24 January 2024, the Group announced that it had signed agreements with Auchan Retail France²⁴ and Groupement Les Mousquetaires²⁵ for the sale of 288 stores (and their adjoining service stations), based on an enterprise value of between €1.3bn and €1.35bn. The disposals would be completed in Q2 and Q3 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.
• On 26 January 2024, Casino Group announced that it had sold its direct 34% 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 as of the date of the sale²⁶), while GPA received gross proceeds of $156m.
  
  

France

Retail banners

Development in buoyant formats

• The Group continued its expansion into franchises, a more profitable, less capital-intensive development model. Franprix, Monoprix and Casino convenience banners opened 561 stores under franchise in 2023, taking the number of stores operated in France under franchise or business lease to 6,979 (i.e. 81% of the network vs. 79% at end-2022).
  
  

Extension of the purchasing partnerships with Groupement Les Mousquetaires

• On 2 October 2023, Casino Group announced that it had reached an agreement with Groupement Les Mousquetaires to:
  • extend the duration of three existing Auxo purchasing alliances (Auxo central purchasing entities for food, non-food and indirect purchases) for a further two years, until 2028;
  • extend the purchasing alliance to include private-label food products (Auxo Private Label);
  • enter into a supply agreement with Groupement Les Mousquetaires’ Seafood and Meat sectors, based on the know-how of Agromousquetaires.

Food e-commerce

• Acceleration in quick commerce
  • Monoprix has seen a ramp up in activity on the Uber Eats and Deliveroo platforms (small baskets of ten or so items delivered within 30 minutes), with business up +80% in 2023;
  • Franprix has become the leading quick-commerce retailer in Paris, with an acceleration of +40% in marketplaces (Uber Eats, Deliveroo, etc.) in 2023.
• Partnerships extended to attract and retain new customers
  • Amazon partnership: launch in June 2023 of an Amazon x Monoprix offer giving all Amazon Prime subscribers a six-month free subscription to Monopflix (-10% discount in stores and online);
  • Uber Eats partnership: launch of an offer for Uber One subscribers in France in November 2023 entitling them to a six-month 10% discount in Monoprix stores on the Uber Eats platform.

Further initiatives to support purchasing power

• Monoprix:
  • Price freeze on 200 essential Monoprix-brand products throughout 2023
  • Cost-price offers on fresh produce between September and December
• Franprix:
  • Price cuts on 150 essential products from the end of May to the end of December 2023; price freeze on TLJ products in all Franprix stores from Q2
  • Development of the Leader Price product range (1,437 SKUs and 29 Leader Price shop-in-shops rolled out at the end of 2023)
  • Dedicated end-of-month promotions (with immediate discounts on top of standard offers)
• Casino convenience banners:
  • Continuation of the anti-inflation basket with prices frozen on 500 products (extended to 1,000 products at less than €2 from the beginning of October 2023).
    
    

Latin America

Spin-off and sale of Grupo Éxito

In early September 2022, GPA’s Board of Directors announced that it was considering distributing approximately 83% of Grupo Éxito’s capital to its shareholders and retaining a minority stake of around 13% which could be sold at a later date. Casino’s Board of Directors approved the plan to unleash the full value of Grupo Éxito.

The spin-off was approved by GPA’s Shareholders at the General Meeting of 14 February 2023 and was completed on 23 August 2023, with the separate listing of GPA and Grupo Éxito’s Brazilian Depository Receipts (BDR).

Following the transaction, Casino Group held a direct 34% stake in Grupo Éxito and an indirect stake of 13% through GPA’s minority shareholding.

In connection with the tender offers launched in the United States and Colombia by Grupo Calleja for Grupo Éxito, on 26 January 2024, Casino Group announced that it had completed the sale of its entire 34% direct stake. GPA also tendered its 13% stake in Grupo Éxito to the sale. Following these transactions, Grupo Calleja acquired 86.84% of Grupo Éxito’s share capital.

Casino Group and GPA no longer own any stake in Grupo Éxito.

GPA capital increase and loss of control by Casino Group

Following the press release issued by GPA on 10 December 2023, Casino group acknowledges that it is aware that GPA has initiated preliminary work efforts towards a potential primary equity offering as part of its plan to optimize its capital structure.

GPA has convened an extraordinary general meeting on 11 January 2024 to deliberate on, among other matters, an increase in the Company’s authorized capital of up to 800 million common shares and the proposal by GPA’s management, with Casino’s assent, to elect a new slate for the board of directors, conditioned upon the closing of the potential offering, in order to conform with the expected dilution of Casino’s equity interest in the Company.

On 22 January 2024 (2nd call), the general meeting approved these resolutions.

In the event of completion of this project and the appointment of the new Board of Directors, Casino would no longer control GPA.

CSR pledges maintained²⁷

Casino Group maintained its ESG performance in 2023, with non-financial ratings remaining stable from MSCI (AA) and FTSE4GOOD (4.1/5) and downgraded 1 point by Moody's ESG (73/100) and S&P CSA (67/100). The Group won two LSA La Conso s'engage awards.

Committed employer

• Gender equality: the percentage of women managers in France was 44.1% in 2023 (vs. 43.8% in 2022), in line with the Group's target of 45% by 2025. The Group rolled out its action plan to combat violence against women by supporting the government campaign (3919 Violence Femmes Info helpline) and the UN Women’s Orange Day, raising a total of €96,000. Monoprix signed an agreement on gender equality, including specific measures to support women who are victims of domestic violence.
• Diversity: in 2023, the Diversity - Equality Label was renewed for the Group’s Casino and Monoprix banners and extended to Franprix and Cdiscount. The Group employs more than 2,960 people with disabilities in France (representing 6.7% of the workforce), including 110 people recruited in 2023. Casino employees have donated 238 days for carers' leave, with 265 days matched by Casino.

Climate and environmental protection

• Casino Group emitted 244,000 tonnes of CO₂ (Scopes 1 and 2) in France in 2023 (291,000 tonnes in 2022), a reduction of -16%. The Group has maintained its CDP A- score (vs. B in 2021).

• The Group has set up a specific action plan with its AMC central purchasing body to provide training to all employees on climate issues and to mobilise the Top 100 suppliers around their net-zero strategies, with dedicated "one to one" meetings.
  • More than 500 employees received training through Climate Fresk.
    
    

Responsible consumption

• The Group's banners continue to take action in a bid to offer a more responsible range of products, with the Nutri-Score displayed on 100% of Casino and Franprix products and the Planet Score on Monoprix and Franprix products.
• Monoprix was awarded the Max Havelaar prize for its 30-year commitment to fair trade (100% of bananas sold, chocolate bars and own-brand coffees labelled) and supported the "Veganuary" campaign to promote a plant-based diet in January.
• Franprix was awarded the anti-waste label for four stores and rolled out 200 Vinted lockers.
• Cdiscount supports responsible products, which accounted for 17.1% of product GMV in 2023 (+3.9 pts vs. 2022).

Outreach initiatives

• A total of €2.3m was collected in 2023 by Monoprix and Franprix for charities through the ARRONDI scheme to round up checkout purchases to the nearest euro. The funds raised will support Fondation des Femmes and the Gustave Roussy institute in the fight against childhood cancer.
  
  

APPENDICES – NET SALES

Gross sales under banner in France

2023 key figures – Cdiscount²⁸

APPENDICES – FULL-YEAR RESULTS

Underlying net profit

Underlying 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.

APPENDICES – ACCOUNTING INFORMATION

APPENDICES – OTHER INFORMATION

Store network of continuing operations

Consolidated income statement

Earnings per share

Consolidated statement of comprehensive income

(i)  The change in the cash flow hedge reserve was not material in either 2023 or 2022
(ii)  The €581m increase in this item in 2023 primarily results from (a) the appreciation of the Brazilian real and Colombian peso representing €150m and €141m, respectively, offset by the depreciation of the Argentine peso representing -€165m and (b) the reclassification to profit (loss) of €453m after control of Sendas was relinquished. The €194m positive net translation adjustment in 2022 arose mainly from the increase in value of the Brazilian real for €299m, offset by the decrease in value of the Colombian peso for -€123m

Consolidated statement of financial position

Consolidated statement of cash flows

Analyst and investor contacts
-

Christopher Welton
+ 33 (0)1 53 65 64 17 – cwelton.exterieur@groupe-casino.fr
or
+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.fr
or
+33(0)1 53 65 24 78 – directiondelacommunication@groupe-casino.fr

-

Agence IMAGE 7

Karine Allouis
+33 (0)6 11 59 23 26 – kallouis@image7.fr
Laurent Poinsot
+33(0)6 80 11 73 52 – lpoinsot@image7.fr
Franck 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 Other: sector representing the residual activities of the Group, including mainly real estate activities (notably Quatrim and Mayland), the Geimex/ExtenC distribution business and the cost center of the Casino Guichard-Perrachon holding company.
2 Same-store changes excluding fuel and calendar effects
3 November 2023 Business Plan
4 See definition on page 4
⁵ Including the impact of the financial restructuring approved on 26 February 2024 (see page 4)
⁶ Decision of the Paris Commercial Court dated 26 February 2024; the related financial transactions are expected to be carried out on 27 March 2024
7 Excluding fuel and calendar effects
8 Data published by the subsidiary. Cdiscount published its 2023 earnings on 27 February 2024
9 Gross merchandise value
10 Data published by the subsidiary (respectively -23% in 2023 and -20% in Q4 2023 based on the contribution to Casino's consolidated figures)
11 Excluding fuel and calendar effects
12 See definition on page 12
¹³ The Group derecognised all of its hedging instruments in force during H1 2023 as part of its financial restructuring
¹⁴ Investment of surplus cash in line with the increase in the average volume of RCF drawdowns
15 Underlying diluted EPS includes the dilutive effect of TSSDI distributions 
16 Adjusted net debt at 31 December 2023 including the impact of the financial restructuring approved on 26 February 2024
17 Including a €242m increase in accrued interest (linked to the suspension of interest and fee payments as from the start of the conciliation procedure) and €120m in Regera notes
18 Net debt corresponds to gross borrowings and debt including derivatives designed as fair value hedge (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 hedge (assets), and (iv) financial assets arising from a significant disposal of non-current assets
19 Including the conversion of €3.5bn of principal maturities into equity, a net increase in cash (equity injection less restructuring costs), the settlement of interest accrued at the end of December 2023 and the repayment of borrowings
20 The financial restructuring will result 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 assets
21 Around €300m of these deferred items will be reimbursed (€80m) owing to a cash pledge set up by the Group in favour of URSSAF in the second half of 2023
22 Adjusted debt includes the partial repayment on the restructuring of the Monoprix RCF for €35m
23 Including the sale of HM/SM premises, presented under discontinued operations
24 Unilateral purchase agreement
25 A memorandum of understanding (including an attached proposed purchase agreement)
26 Based on a USD/EUR exchange rate of 1.0905 at 24 January 2024 (ECB)
27 CSR data concern the Group's activities in France (including HM/SM)
28 Data published by the subsidiary
²⁹ Figures have been restated to consider CChezVous (2022) and Carya (2023) disposal (discontinued operations)
30 Gross merchandise volume (GMV) includes, including tax, sales of merchandise, other revenues and the marketplace’s sales volume based on confirmed and shipped orders and the sales volume of B2C services and the Octopia and C-Logistics activities
31 Excluding fuel and calendar effects
32 Outlets under specific banners with a Casino supply contract
33 Leader Price stores in France. Leader Price international franchises are recorded in "Other businesses”
34 Other businesses include Leader Price international franchises and 3C Cameroon stores
35 Previously published comparative information has been restated
36 Previously published comparative information has been restated
37 Previously published comparative information has been restated
38 Previously published comparative information has been restated

Attachment

• 20240228 - PR - 2023 Full Year Results