South America Financial News

On line casino Group : third-quarter 2021

THIRD-QUARTER 2021

 

 Gradual enchancment in gross sales momentum

 

Third-quarter 2021 noticed a return to progress in Group internet gross sales, with a sequential enchancment in all geographies

Internet gross sales of €7.7bn, up +1.0% on a same-store foundation (+5.1 pts vs. Q2 2021), and up +4.1% total (+10.6 pts vs. Q2 2021)

  • In France Retail, same-store internet gross sales improved by +4.1 pts in contrast with the second quarter
  • In Latin America, progress remained very robust at Assaí, with gross sales up +18%

Good degree of profitability confirmed throughout the banners, in France and in Latin America

Consolidated internet gross sales by phase

Internet gross sales (in €m) Identical-store progress    Whole progress
Q2 2021 Q3 2021 Q2 2021 Q3 2021
France Retail -8.4% -4.3%   -11.0% -3.2%
Cdiscount -8.3% +8.3%   -7.0% +10.1%
Whole France -8.4% -2.3%   -10.6% -1.7%
Latam Retail -0.2% +3.9%   -1.4% +11.5%
GROUP TOTAL -4.1% +1.0%   -6.5% +4.1%
Cdiscount GMV n.a. n.a.   -6.1% +7.5%

France

  • In a declining meals market formed by the reopening of the out-of-home meals business, the affect of the well being cross on hypermarkets, and a Paris area nonetheless feeling the impact of the drop in tourism, the assorted banners noticed a gradual return to progress, with internet gross sales up +7.8 pts vs. Q2 to ‑3.2% (vs.
    -11% in Q2) total and by +4.1 pts on a same-store foundation to -4.3% (vs. -8.4% in Q2). This enchancment continued within the first 4 weeks of October1, with internet gross sales down -2.6% on a same-store foundation (-1.4% excluding hypermarkets) and the comfort codecs returning to progress, together with Franprix:
Internet gross sales on a same-store foundation in France  
Internet gross sales (in €m) Q2 2021 Q3 2021 4 weeks over October1
Monoprix -4.9% -4.1% -1.6%
Supermarkets -10.4% -2.7% -2.6%
Franprix -12.5% -3.6% +1.0%
Comfort -11.2% -1.3% +0.3%
Hypermarkets -9.9% -8.5% -6.1%
FRANCE RETAIL -8.4% -4.3% -2.6%
         
  • Market shares had been virtually steady during the last Kantar interval (-0.1 pts in P10), confirming the regular enchancment since P05;
  • Continued growth of precedence progress drivers:
    • Acceleration in meals E-commerce, with house supply gross sales up +72% within the Ile-de-France area, largely outperforming the broader house supply (+29%2 in France) and meals E‑commerce (+7%2 in France) markets. This efficiency validates the Group’s technique supported by its retailer community and partnerships with main tech corporations. As well as:
      • Growth of the Ocado partnership with the addition of the Naturalia banner to the O’logistique supply providing, which now covers greater than 35,000 gadgets on Monoprix Plus, 26,000 on On line casino Plus, and greater than 4,000 gadgets on Naturalia Marché Bio;
      • The Amazon partnership generated double-digit gross sales progress. Monoprix is Amazon’s sole accomplice for specific meals supply by means of its Monoprix and Naturalia shops following the discontinuation of the banner’s personal supply service;
      • On line casino Group and Gorillas signed a memorandum of understanding to seal a strategic partnership with Monoprix & Franprix together with (i) the provision of nationwide manufacturers and Monoprix’s merchandise to Gorillas, and (ii) the preparation and supply of Monoprix and Franprix orders by Gorillas. On line casino Group can be related to worth creation by means of a stake in Gorillas in France and at Group degree.
    • Deployment of the enlargement plan with round 100 comfort shops opened over the quarter (Franprix, Monop, Vival, and many others.), bringing the overall variety of new shops opened since January 2021 to 454.
  • Profitability stays excessive, with EBITDA margin for the retail banners3 at 8%, steady over the quarter because of the results of the cost-saving plans launched within the first half of the yr which offset the affect of the gross sales decline on profitability.
  • Cdiscount stable gross sales efficiency (GMV +8%) regardless of a weak e-commerce market amid the reopening:
  • Enhance in loyalty programme buyer base (Cdiscount à Volonté) of +10.8% to 2.4 million;
  • Digital advertising revenues up +31% over the quarter;
  • Acceleration in Octopia’s progress, with 5 contracts signed over the quarter;
  • C-Logistics loved a pointy acceleration, with 25 buyer contracts signed, of which 15 already launched.
  • GreenYellow: wonderful gross sales momentum, with main new contracts signed in all geographies and robust progress prospects confirmed. The superior pipeline4 got here to 824 MWp in solar energy tasks and 351 GWh in power effectivity enterprise.
  • RelevanC opening up new alternatives with (i) the event of its subsidiary in Brazil, (ii) the acquisition by Inlead of almost 15 new prospects during the last 12 months, and (iii) the arrange of the joint subsidiary with Intermarché (Infinity Promoting).

Latin America

Internet gross sales up +9.8% on an natural foundation over the quarter:

  • In Brazil, natural progress of +8.1% led by Assaí (+18%5);
  • Sturdy progress of Grupo Éxito, with same-store progress of +16%3 pushed by the financial restoration;
  • The Group’s main place in meals E-commerce was strengthened, with GPA on-line gross sales up +46%3 in Brazil (+393%3 over two years) and on-line gross sales accounting for 9.3%3 of Grupo Éxito’s whole gross sales.

Reported EBITDA up +6%6, from BRL 1.7bn to BRL 1.8bn.

GPA introduced plans to promote 71 Additional hypermarkets to Assaí with the intention of changing them into the money & carry format, and the transformation of 28 hypermarkets into Pão de Açúcar or Mercado Additional supermarkets. This transaction will allow (i) the acceleration of progress at Assaí, which is anticipated to realize BRL 100bn in internet gross sales by 2024, and (ii) the acceleration of GPA on worthwhile premium and comfort codecs, and the consolidation of its management place in
e-commerce.

Key figures

Consolidated internet gross sales by phase

Internet gross sales (in €m) Q3 2021 Whole
progress
Natural
progress7
Identical-store
growth5
Identical-store growth5 over two years
France Retail 3,560 -3.2% -5.8% -4.3% -4.5%
Cdiscount 492 +10.1% +8.3% +8.3% +5.1%
Whole France 4,051 -1.7% -4.1% -2.3% -2.9%
Latam Retail 3,682 +11.5% +9.8% +3.9% +16.0%
GROUP TOTAL 7,734 +4.1% +2.2% +1.0% +7.3%
Cdiscount GMV3 1,006 +7.5% n.a. n.a. n.a.

Within the third-quarter of 2021, the foreign money impact stood at +0.8%, modifications in scope of consolidation had a constructive affect of +0.4%, the gas impact got here to +0.6% and the calendar impact was +0.2%.

Outlook for 2021 in France

  • Concentrate on progress
    • Goal of 750 secured comfort retailer openings by the tip of the yr (Franprix, Vival, Naturalia, Le Petit On line casino, and many others.);
    • Acceleration of meals e-commerce primarily based on structurally worthwhile fashions because of our unique partnerships (Ocado, Amazon) and the options deployed in shops.
  • Profitability
    • In gentle of Cnova N.V.’s announcement on October 8, 2021, stating it was now not able to substantiate its monetary goals for 2021, the earlier goals communicated by On line casino Group for France together with Cnova are now not legitimate;
    • The Group is due to this fact formulating its steering on the France retail banner scope8, for which it confirms, as acknowledged on July 29 communications, its goal of EBITDA progress for 2021.
  • Inflationary pressures and provide chain constraints
    • The Group is attentive to modifications in uncooked materials prices and meals costs. At current, the Group doesn’t anticipate any materials inflationary impact for full-year 2021;
    • Measures have been taken to restrict the chance of shortages as a consequence of logistical constraints. At current, the Group doesn’t anticipate any materials impact for full-year 2021.

Disposal plan

  • The group confirms the continuation of its disposal plan of €4.5bn in France, of which €3.1bn has been signed or secured up to now.
    • Works for the finalization of the sale of Floa Financial institution, for a complete quantity of €179m, are continuing based on schedule;
    • Preparatory works to finance the acceleration of GreenYellow’s progress are persevering with;
    • As indicated by Cnova N.V. in its press launch of October 08, 2021, as a consequence of market situations and regardless of curiosity talked about by potential traders, Cnova’s elevating of funds is deferred.
  • The Group reminds that the deadline for the completion of the disposal plan, initially set on the finish of Q1 2021, has been suspended in March 2020 within the context of the Covid-19 pandemic. The Group will preserve the market commonly knowledgeable of the progress of this disposal plan.

Consolidated internet gross sales in France by banner

  Q2 2021/Q2 2020 change Q3 2021/Q3 2020 change
Internet gross sales by banner (in €m) Q2 2021
internet gross sales
Whole progress Natural progress9 Identical-store growth1 Q3 2021
internet gross sales
Whole progress Natural growth1 Identical-store growth1
Monoprix 1,093 -3.9% -3.3% -4.9% 1,004 -1.9% -2.4% -4.1%
Supermarkets 711 -8.8% -12.7% -10.4% 844 +3.4% -5.4% -2.7%
o/w On line casino Supermarkets10 670 -9.5% -13.4% -12.2% 789 +4.2% -5.0% -3.7%
Franprix 379 -15.2% -14.4% -12.5% 327 -4.5% -4.2% -3.6%
Comfort & Different11 449 -28.8% -4.2% -10.7% 498 +4.4% -2.2% -1.2%
o/w Comfort12 342 -5.5% -6.7% -11.2% 411 +1.8% +1.0% -1.3%
Hypermarkets 844 -7.5% -12.7% -9.9% 886 -12.8% -12.8% -8.5%
o/w Géant2 796 -8.2% -13.9% -11.4% 824 -13.3% -13.4% -9.5%
FRANCE RETAIL 3,475 -11.0% -8.9% -8.4% 3,560 -3.2% -5.8% -4.3%

In France Retail, gross sales for the quarter amounted to €3,560m, down -4.3% on a same-store foundation (vs. -8.4% in Q2 2021), impacted by a drop in site visitors throughout the summer time within the Paris area and the implementation of the well being cross. The meals E-commerce phase nonetheless remained very robust, recording same-store progress in internet gross sales of +26% for the quarter.
The digitalisation of the shopper expertise continued, with 640 shops now providing automated options (versus 613 at end-June 2021), enabling them to function autonomously within the night and on Sundays. 65% of funds at Géant hypermarkets and 61% at On line casino Supermarkets had been made by smartphone or computerized checkout throughout the quarter (vs. 61% and 48% at end-2020). On line casino Max app customers accounted for 26% of gross sales in hypermarkets and supermarkets on the finish of September (vs. 22% at end-2020) and prospects with the On line casino Max Additional subscription accounted for 14.5% of gross sales (+3.7 pts over the yr).
On line casino Group’s market share in France is now virtually steady, with a transparent enchancment on the traits seen in current intervals.

Enterprise evaluation by banner:

  • Monoprix internet gross sales had been down -4.1% on a same-store foundation over the quarter (vs. -4.9% in Q2 2021), impacted by a poor summer time within the Paris area as a consequence of low vacationer flows and the lower within the variety of residents in Paris. E-commerce recorded a powerful progress, pushed by the ramp-up of Monoprix Plus (greater than 35,000 gadgets) and the launch of Naturalia Marché Bio in late August (greater than 4,000 gadgets) by way of the O’logistique automated warehouse. The partnership with Amazon, for which Monoprix and Naturalia are actually the one companions in specific meals supply, can be experiencing speedy double-digit progress. The launch of the Monopflix loyalty programme on the finish of August is already a powerful success. Monoprix continued to roll out autonomous options over the quarter (244 shops up to now, of which 15 new deployments in Q3).
  • Franprix gross sales had been down -3.6% on a same-store foundation within the quarter, a sequential enchancment of +8.9 pts in contrast with Q2 2021 (-12.5%). The banner continues to be affected by the decrease ranges of consumption within the Paris market, however the development has improved since September, with a return to progress (+1.0%) during the last 4 weeks. The E-commerce phase continued its enlargement with triple-digit progress, supported by the event of the E-commerce app and the web site. The non-food enlargement technique was stepped up with the roll-out of the partnership with Décathlon (45 retailers providing such options up to now). The shop base continued to increase, with 20 retailer openings throughout the quarter.
  • Internet gross sales within the Comfort phase had been down -1.3% on a same-store foundation over the quarter, with a sequential enchancment of +9.9 pts in contrast with Q2 2021 (-11.2%) which continued at first of This fall, with a return to constructive same-store progress (+0.3%). Whole internet gross sales elevated by +1.8% in Q3, pushed by the enlargement of the shop base with the opening of 373 shops because the starting of the yr, together with 73 in Q3 2021. E-commerce gross sales had been boosted by the continued growth of partnerships with Uber Eats and Deliveroo and the opening of the brand new “mescoursesdeproximité.com” web site, which now allows 1,251 comfort shops to supply an e-commerce resolution.
  • On line casino Supermarkets recorded a -3.7% change in same-store gross sales, representing a sequential enchancment on Q2 2021 (-12.2%), with good momentum in September. Whole internet gross sales rose by +4.2%, helped by the conversion of 9 Géant hypermarkets into On line casino Supermarkets. E-commerce was as soon as once more a progress driver, with same-store progress of +28% within the quarter led by partnerships with Deliveroo (86 shops) and Shopopop (88 shops). The banner additionally continued to roll out On line casino Plus (e-commerce from the O’logistique automated warehouse), which now gives 26,000 gadgets. As well as, the banner continued to deploy autonomous options, with 237 shops providing such options up to now.
  • Gross sales at Géant hypermarkets had been down -9.5% on a same-store foundation, enhancing sequentially in contrast with Q2 2021 (-11.4%), impacted specifically by the drop in site visitors because of the implementation of the well being cross. The contribution from the E-commerce phase continued to develop over the quarter, supported by partnerships with Uber Eats (19 shops), Deliveroo (14 shops) and Shopopop (46 shops). As well as, the “shop-in-shop” technique continued with the roll-out of C&A corners (28 corners vs. 18 at end-Q2), Claire’s corners (73, of which an extra one in Q3), Greenriders corners (two openings), and the set-up of 8 La Grande Récré corners. Lastly, 67 shops now provide autonomous options

Present buying and selling

Gross sales improved sequentially over the primary 4 weeks of October 202113.

  Identical-store change  
Internet gross sales (in €m) Q2 2021 Q3 2021 4 weeks over October
Monoprix -4.9% -4.1% -1.6%
Supermarkets -10.4% -2.7% -2.6%
Franprix -12.5% -3.6% +1.0%
Comfort -11.2% -1.3% +0.3%
Hypermarkets -9.9% -8.5% -6.1%
FRANCE RETAIL -8.4% -4.3% -2.6%
         

Cdiscount14           

In Q3 2021, Cdiscount recorded +8% progress in its GMV regardless of much less dynamic market situations than anticipated amid the reopening of the market.

The banner continued to make quicker progress on its strategic pillars by means of:

  • The acceleration in market revenues (commissions, companies to distributors, market subscription charges and rebates), which rose by +8% over the quarter to €201m on a rolling 12-month foundation. Market GMV was up by +2% over the quarter and accounted for 43.2% of whole GMV (steady). Achievement by Cdiscount companies now account for 38.3% of market GMV (up +2.8 pts year-on-year);
  • Progress in digital advertising revenues, which had been up by +31% within the quarter (to €17m) and by +42% on a rolling 12-month foundation (to €66m). This momentum is primarily pushed by the event of the Cdiscount Adverts Retail Resolution (CARS) digital advertising platform, which allows distributors and suppliers to advertise their merchandise and types on a self-service platform.
  • The ramp-up of Octopia, the turnkey market resolution for brick-and-mortar and E-commerce retailers within the EMEA area. Octopia recorded GMV progress of +15% in Q3 2021 (+41% because the starting of the yr) and stepped up its growth with the signing of 5 new contracts with key gamers in e-commerce and retail throughout the quarter, bringing the variety of contracts signed because the starting of the yr to seven.
Key figures1 Q3 2020 Q3 2021 Reported
progress
GMV whole together with tax15 936 1,006 +7.5%
o/w direct gross sales 426 451 +5.8%
o/w market gross sales16 336 342 +1.9%
o/w Octopia 19 22 +15.4%
Market contribution (%) 44.1% 43.2% -0.9 pts
Market revenues 41 45 +8.0%
Internet gross sales (in €m) 485 528 +9.0%
Visitors (tens of millions of visits) 253 246 -2.5%
Orders17 (tens of millions) 6.6 6.4 -2.1%
Lively prospects (in tens of millions) 9.7 10.3 +5.9%

Cnova printed its Q3 2021 gross sales figures on 8 October 2021, earlier than market opening.

GreenYellow

At 30 September 2021, GreenYellow had an superior pipeline18 of 824 MWp in solar energy tasks, and a pipeline of extra alternatives of greater than 3.5 GWp. The superior pipeline1 for the power effectivity enterprise got here to 351 GWh, with a pipeline of extra alternatives of round 850 GWh.

Through the quarter, GreenYellow continued its progress and accelerated its growth in its new geographies (Vietnam and South Africa launched in 2020), specifically:

  • In Vietnam, the signing of a 7 MWp photo voltaic venture for the textile producer Hanatex, bringing GreenYellow’s signed portfolio to 55 crops throughout the nation;
  • In South Africa, the signing of a brand new 2 MWp solar energy programme for meals retailer ShopRite, increasing on an preliminary photo voltaic set up that began up in September 2021.

Third-quarter 2021 was additionally formed by:

  • In Asia, the signing of the 200th PPA19, bringing the general capability signed within the area to 160 MWp;
  • In Colombia, the roll-out of GreenYellow’s “Utility as a Service (UaaS)” chilly manufacturing resolution in 19 shops (Carulla and Éxito);
  • In Brazil, (i) the continuation of GreenYellow Brazil’s partnership with Oi Telecom, with the launch of the development of a brand new 3.5 MWp solar energy plant venture within the state of Parana, (ii) the signing of a venture for six 7.7 MWp solar energy crops with a constructing supplies distributor and (iii) the signing of a 4.1 GWh power effectivity contract with Brazil’s main audiovisual firm;
  • In Senegal, assist for the Patisen agri-food group in its power transition, with an preliminary venture to put in and function a solar energy plant with a capability of 1 MWp;
  • In Reunion, the allocation of an mixture 1.6 MWp over the past Fee for Power Regulation (CRE) name for tenders devoted to non-interconnected areas, by way of the nomination of six competing tasks on behalf of retail and manufacturing prospects.

RelevanC

RelevanC maintained its progress momentum in Q3 2021 with, specifically:

  • The growth of its subsidiary in Brazil, which began operations in June 2021 and which has signed agreements with 20 prospects, permitting it to leverage GPA’s knowledge and promoting stock;
  • Inlead, acquisition accomplished in Q1 2021: specialising in digital advertising for networks and bodily factors of sale and within the implementation of multi-local digital methods, Inlead has managed to win 15 new shoppers during the last 12 months regardless of the well being disaster;
  • The set-up of the joint subsidiary with Intermarché (Infinity Promoting) which goals to commercialize: (i) personalised offers, (ii) e-commerce activation campaigns, (iii) viewers extension and (iv) recreation mechanics round promotions. Infinity Promoting may have entry to knowledge from the 2 teams’ e-commerce websites, and their cumulative base of 17 million loyalty playing cards. For operational causes, a part of RelevanC’s employees can be transferred to Infinity Promoting.

Latam Retail

The Group’s internet gross sales in Latin America (Assaí, GPA Brazil and Grupo Éxito) rose by +3.9% on a same-store foundation and by +9.8% on an natural foundation throughout the quarter, regardless of a excessive foundation of comparability.

Assaí and GPA’s reported EBITDA (together with Grupo Éxito) was up +6%20, from BRL 1.7bn to BRL 1.8bn.

GPA introduced plans to promote 71 Additional hypermarkets to Assaí with the intention of changing them into the money & carry format, and the transformation of 28 hypermarkets into Pão de Açúcar or Mercado Additional supermarkets. This transaction will allow (i) the acceleration of progress at Assaí, which is anticipated to realize BRL 100bn in internet gross sales by 2024, and (ii) the acceleration of GPA on worthwhile premium and comfort codecs, and the consolidation of its management place in
e-commerce.

  • In Brazil, internet gross sales elevated by +0.4% on a same-store foundation and by +8.1% on an natural foundation:
  • Assaí recorded progress of +18%21 over the quarter (+56%2 over two years) with important market share beneficial properties referring to the gradual return of B2B prospects and the continued migration of shoppers to the money & carry mannequin. This progress was pushed by a constant same-store efficiency (+4.5%2) and the superb efficiency of shops opened within the final 12 months;
  • GPA Brazil gross sales decreased by -5.6%2 on a same-store foundation (+1.6%2 over two years), primarily held again by the non-food phase. Excluding the hypermarket and drugstore companies, gross sales had been steady2 in contrast with Q3 2020 (+8.4%2 over two years), pushed by on-line gross sales progress of +46%2 (+393%2 over two years) and the great efficiency of comfort shops:
  • The Comfort phase (+12.1%2) sustained its success with double-digit same-store progress for the 13th consecutive quarter, pushed by the great momentum of Minuto Pão de Açúcar;
  • Additional supermarkets (-0.2%2) reported a steady efficiency on a same-store foundation;
  • Pão de Açúcar (-3.6%2) was affected by a excessive foundation of comparability, decrease volumes as a consequence of declining buying energy and competitors from small retailers;
  • Additional hypermarkets (-12.8%2) had been primarily held again by the migration of non-food gross sales to on-line gross sales websites, regardless of a constructive efficiency in meals (+2.9%2).
  • Internet gross sales at Grupo Éxito had been up by +15.7%2 on a same-store foundation over the quarter:
  • Colombia: robust same-store progress of +16.8%2, pushed by the restoration of the Colombian financial system and the tip of well being restrictions, leading to an enormous return of shoppers in shops;
  • Uruguay: down -0.8%2 on a same-store foundation, reflecting the gradual restoration in consumption;
  • Argentina: up +59.3%2 on a same-store foundation, primarily pushed by inflation (+50%).

In Latin America, the Group reported an enchancment in EBITDA of +6%1, from BRL 1.7bn to BRL 1.8bn.

  • Assaí: +36%2 enhance in EBITDA, outpacing gross sales progress, reflecting a rise in EBITDA margin of +120 bps1 to 9.0%;
  • GPA Brazil: EBITDA down by -33%2, primarily as a consequence of decrease gross sales and worth investments in hypermarkets. EBITDA margin got here to five.8%.
  • Grupo Éxito: EBITDA up +42%2, reflecting a margin of 8.5%2. Enhance of +49%2 in Colombia, and +14%2 in Uruguay pushed by value management and productiveness beneficial properties.


Assaí printed its third-quarter 2021 outcomes on 28 October 2021, and
GPA and Grupo Éxito printed on 3 November 2021.

ADDITIONAL FINANCIAL INFORMATION RELATING TO THE 2019 REFINANCING DOCUMENTATION

See press launch dated 21 November 2019

In France (excluding GreenYellow), secured leverage ratio of two.64x in Q3 2021, with comfy headroom of €213m on EBITDA in contrast with the three.50x covenant.

Monetary data for the 3-month interval ended 30 September 2021:

In €m France22
(France Retail + E-commerce)
Latam1 Whole
  Q3
2020
Q3
2021
Change Q3
2020
Q3 2021 Change Q3
2020
Q3
2021
Change
Internet gross sales 4,127 4,051 -76 3,299 3,682 +383 7,426 7,733 +307
EBITDA 358 310 -48 241 273 +32 600 583 -17
(-) affect of leases23 (160) (158) +2 (63) (79) -16 (223) (237) -14
EBITDA together with leases 199 152 -46 178 194 +15 377 346 -31

In France, EBITDA got here to €310m for the quarter. The change in contrast with Q3 2020 is damaged down into: (i) a decline in property growth (-€17m, non-cash), because the Group benefited final yr from the sale of Mercialys shares24, (ii) timing variations on GreenYellow tasks in contrast with final yr (-€9m), with no affect on the general full-year efficiency, (iii) worth investments by Cdiscount amid low demand in Q3 and (iv) a steady EBITDA margin in meals retailing, the enterprise impact on profitability being offset by the cost-saving plans launched within the first half of the yr.

In Latin America, EBITDA elevated by +€32m with an enchancment in each Brazil and Colombia. For extra data, see the press releases printed by Assaí, GPA and Grupo Éxito.

The Group’s EBITDA fell by -€17m over the quarter.

Monetary data for the 12-month interval ended 30 September 2021:

In €m France1
(France Retail
+ E-commerce)
Latam1 Whole
Internet gross sales 16,244 14,316 30,560
EBITDA 1,550 1,210 2,760
(-) affect of leases2 (638) (289) (927)
(i) EBITDA together with leases 913 921 1,834
(ii) Gross debt25 5,897 2,857 8,754
(iii) Money and money equivalents26 541 1,183 1,724

EBITDA together with leases over the rolling 12-month interval ended 30 September 2021 got here out at €913m in France. The Group’s liquidity in France was €2.1bn, comprising €541m in money and money equivalents and €1.6bn in undrawn confirmed traces of credit score, out there at any time.

In France, excluding GreenYellow and disposals, the change in internet debt for third-quarter 2021 represented an enchancment of just about €70m in contrast with final yr, and displays the customary seasonality27.

In France, at 30 September 2021:

  • Gross debt contains €312m in industrial paper and €650m in drawn down credit score traces
    (vs. €255m in industrial paper and €100m in drawn down credit score traces at end-June 2021);
  • Money and money equivalents totalled €541m (vs. €538m at end-June 2021).

Extra data relating to covenants and segregated accounts:

Covenants examined as from 30 June 2021 pursuant to the Revolving Credit score Facility dated 18 November 2019, as amended in July 2021

 

Sort of covenant (France and E-commerce excluding GreenYellow) At 30 September 2021
Secured gross debt / EBITDA together with leases ≤ 3.50x 2.64x
EBITDA together with leases / Internet finance prices ≥ 2.50x 3.14x

The secured gross debt / EBITDA together with leases covenant stood at 2.64x, with EBITDA together with leases of €873m and secured debt of €2.3bn.

Each covenants are comfortably met with EBITDA margins of:

  • €213m for the secured gross debt / EBITDA together with leases covenant
  • €179m for the adjusted EBITDA together with leases / internet finance prices covenant

The segregated account steadiness stood at €339m at 30 September 2021, the identical degree as at 30 June 2021.

No money has been credited to or debited from the Bond Segregated Account and its steadiness remained at €0.

APPENDICES – OTHER INFORMATION

Important modifications in scope

  • Chief Value is introduced in discontinued operations (bought on 30 November 2020)
  • Conversion of 9 Géant On line casino hypermarkets into On line casino supermarkets on 1 July 2021

Change price

AVERAGE EXCHANGE RATES Q3 2020 Q3 2021 Forex impact
Brazil (EUR/BRL) 6.2820 6.1593 +2.0%
Colombia (EUR/COP) (x 1000) 4.3608 4.5305 -3.7%
Uruguay (EUR/UYP) 49.9499 50.9792 -2.0%
Argentina28 (EUR/ARS) 85.6841 114.6392 -25.3%

Product sales below banner in France

TOTAL ESTIMATED GROSS FOOD SALES 

UNDER BANNER (in €m, excluding gas)

Q3 2021 Identical-store change
(excl. calendar results)
Identical-store change
(excl. calendar results) over 2 years
Monoprix 1,112 -4.1% -5.3%
Franprix 392 -3.6% -4.7%
Supermarkets 765 -2.6% -1.8%
Hypermarkets 677 -6.4% -9.2%
Comfort & Different 595 -1.0% +5.4%
    o/w Comfort 508 -1.1% +5.3%
TOTAL FOOD 3,541 -3.6% -3.5%
TOTAL ESTIMATED GROSS NON-FOOD SALES
UNDER BANNER
(In €m, excluding gas)
Q3 2021 Identical-store change
(excl. calendar results)
Identical-store change
(excl. calendar results) over 2 years
Hypermarkets 110 -17.5% -20.0%
Cdiscount 839 +8.4% +5.1%
TOTAL NON-FOOD 948 +6.6% +3.4%
TOTAL GROSS SALES UNDER BANNER

(in €m, excluding gas)

Q3 2021 Identical-store change
(excl. calendar results)
Identical-store change
(excl. calendar results) over 2 years
TOTAL FRANCE AND CDISCOUNT 4,489 -0.7% -1.1%

Retailer community at period-end

FRANCE 31 Dec. 2020 31 March 2021 30 June 2021 30 Sept. 2021
Géant On line casino hypermarkets 105 104 95 95
     o/w French franchised associates 4 3 3 3
             Worldwide associates 7 7 7 7
On line casino Supermarkets 419 417 422 425
     o/w French franchised associates 71 68 64 63
             Worldwide associates 24 25 22 25
Monoprix (Monop’, Naturalia…) 799 806 830 833
     o/w franchised associates 192 195 201 203
       Naturalia built-in shops 184 189 203 200
       Naturalia franchises 32 34 39 44
Franprix (Franprix, Marché d’à côté…) 872 877 890 906
     o/w franchises 479 493 533 564
Comfort (Spar, Vival, Le Petit On line casino…) 5,206 5,311 5,502 5,563
Different companies 233 334 320 303
Whole France 7,634 7,849 8,059 8,125
         
INTERNATIONAL 31 Dec. 2020 31 March 2021 30 June 2021 30 Sept. 2021
ARGENTINA 25 25 25 25
Libertad hypermarkets 15 15 15 15
Mini Libertad and Petit Libertad mini-supermarkets 10 10 10 10
URUGUAY 93 93 92 93
Géant hypermarkets 2 2 2 2
Disco supermarkets 30 30 30 30
Devoto supermarkets 24 24 24 24
Devoto Categorical mini-supermarkets 35 35 34 35
Möte 2 2 2 2
BRAZIL 1,057 1,058 1,058 1,064
Additional hypermarkets 103 103 103 103
Pão de Açúcar supermarkets 182 182 181 181
Additional supermarkets 147 147 147 146
Compre Bem 28 28 28 28
Assaí (money & carry) 184 184 187 191
Mini Mercado Additional & Minuto Pão de Açúcar mini-supermarkets 236 237 236 239
Drugstores 103 103 102 102
+ Service stations 74 74 74 74
COLOMBIA 1,983 1,974 2,006 2,035
Éxito hypermarkets 92 92 92 92
Éxito and Carulla supermarkets 153 153 155 153
Tremendous Inter supermarkets 69 61 61 61
Surtimax (low cost) 1,544 1,548 1,577 1,607
      o/w “Aliados” 1,470 1,476 1,505 1,536
B2B 34 34 34 34
Éxito Categorical and Carulla Categorical mini-supermarkets 91 86 87 88
CAMEROON 2 2 3 4
Money & carry 2 2 3 4
Whole Worldwide 3,160 3,152 3,184 3,221

Analyst and investor contacts

Lionel Benchimol
+ 33 (0)1 53 65 64 17 – lbenchimol@groupe-casino.fr

or
+ 33 (0)1 53 65 24 17 – IR_Casino@groupe-casino.fr

Press contacts

On line casino Group – Communications Division

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)1 53 70 74 84 – kallouis@image7.fr

Franck Pasquier
 + 33(0)6 73 62 57 99 – fpasquier@image7.fr

 

 

 

 

 

Disclaimer

 

This press launch was ready solely for data functions, and shouldn’t be construed as a solicitation or a suggestion to purchase or promote securities or associated monetary devices. Likewise, it doesn’t present and shouldn’t be handled as offering funding recommendation. It has no reference to the precise funding goals, monetary state of affairs or wants of any receiver. No illustration or guarantee, both specific or implied, is supplied in relation to the accuracy, completeness or reliability of the knowledge contained herein. Recipients shouldn’t contemplate it as an alternative to the train of their very own judgement. All of the opinions expressed herein are topic to alter with out discover.


1 From 27 September to 24 October 2021

2 Third-quarter progress in house deliveries in France (supply: Nielsen)

3 France Retail excluding property growth and GreenYellow

4 The superior pipeline contains tasks on the “awarded” and “superior pipeline” phases inside GreenYellow’s portfolio of tasks in growth

5 Information printed by the subsidiaries

6 Information printed by the subsidiaries, together with a COP vs. BRL foreign money impact

7 Excluding gas and calendar results

8 France Retail excluding GreenYellow, actual property growth and Vindémia (bought in June 2020), as communicated on web page 1 of the 2021 half-year outcomes press launch

9 Excluding gas and calendar results

10 Excluding Codim shops in Corsica: 8 supermarkets and 4 hypermarkets

11 Different: primarily Vindémia (bought in June 2020), Geimex and eating places

12 Internet gross sales on a same-store foundation embody the same-store efficiency of franchised shops

13From 27 September to 24 October 2021

14 Unaudited knowledge printed by Cnova NV. The reported figures current all revenues generated by Cdiscount, together with its technical items gross sales in On line casino Group’s hypermarkets and supermarkets

15 Gross merchandise quantity (GMV) contains gross sales of merchandise, different revenues and {the marketplace}’s gross sales quantity primarily based on confirmed and shipped orders, together with tax, and the gross sales quantity of companies and Octopia

16 Together with the digital advertising platform CARS

17 Whole variety of orders positioned earlier than cancellation as a consequence of detection of fraud and/or lack of buyer fee

18 The superior pipeline contains all tasks which can be within the “awarded” and “superior pipeline” phases inside GreenYellow’s portfolio of tasks in growth. The pipeline of extra alternatives contains all tasks which can be within the “pipeline” and “early stage” inside GreenYellow’s portfolio of tasks in growth.

19 Energy buy settlement

20 Information printed by the subsidiaries, together with a COP vs. BRL foreign money impact

21 Information printed by the subsidiaries

22 Unaudited knowledge, scope as outlined in bond refinancing documentation with primarily Segisor accounted for throughout the France Retail + E-commerce scope

23 Curiosity paid on lease liabilities and compensation of lease liabilities as outlined within the refinancing documentation

24 EBITDA associated to the popularity of beforehand neutralised property growth tasks carried out with Mercialys (property growth operations carried out with Mercialys are neutralised in EBITDA primarily based on the Group’s share curiosity in Mercialys; a discount in On line casino’s stake in Mercialys or the disposal of these belongings by Mercialys due to this fact leads to the popularity of beforehand neutralised EBITDA)

25 Loans and borrowings as of 30 September 2021

26 Information as of 30 September 2021

27 The change in working capital is usually detrimental within the first quarter, constructive within the second, detrimental within the third, and constructive within the fourth quarter

28  Pursuant to the appliance of IAS 29, the alternate price used to translate the monetary statements of Argentinian subsidiaries corresponds to the closing price

  • 20211104 – Press Launch – Q3 2021

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