2021 FULL-YEAR RESULTS

AND FOURTH QUARTER 2021 NET SALES

Friday, 25 February 2022

2021 RESULTS

Repositioning of the Group on buoyant formats
in all geographies

Both 2020 and 2021 were shaped by the pandemic, which affected the Group’s geographies and formats in different ways depending on the period.
Over one year:

• Consolidated net sales amounted to €30.5bn, down -0.8%¹ year on year, including a -5.4% decline for France Retail due to the impact of the health crisis on the Paris region and tourist areas, a stable performance for Cdiscount, and growth of +2.7% in Latin America.
• EBITDA came out at €2,527m, including €1,281m² for the French retail banners³ (-1.7% vs. 2020), €106m for Cdiscount (-18% vs. an exceptionally high comparison basis in 2020), and €1,035m in Latam (excluding tax credits), up +9% at constant exchange rates.

Over two years (i.e. compared to the pre-Covid period), the Group benefited from the positive effects of its transformation plans:

• In France, the retail banners’ EBITDA margin rose +83 bps thanks to efficiency plans (stable EBITDA despite the health-crisis-induced drop in sales).
• At Cdiscount, deep transformation of the business model towards a margin accretive mix (marketplace, digital marketing and B2B) with EBITDA improving +54%.
• In Latam, net sales rose +15% and EBITDA jumped +29%⁴.

The Group is now well positioned in all of its geographies:

• In France, repositioning in formats adapted to new consumer trends (premium, convenience and E-commerce)
• In Latin America, following two major transactions (Assaí spin-off and sale of 70 GPA hypermarkets to Assaí), the Group now has well-adapted assets ready to accelerate growth in their respective markets.

At end-2021, consolidated net debt stood at €5.9bn (vs. €4.6bn at end-2020 and €5.7bn at end-2019).

In France, the pace of the disposal plan slowed due to the pandemic. Disposals worth €400m have been secured since January 2021, with the bulk of the proceeds to be collected in 2022.

In this context, reflecting the transitional factors linked mainly to the Group’s repositioning in France, net debt for the France Retail scope⁵ totalled €4.4bn at end-2021 vs. €3.7bn one year earlier.
The Group is now aiming to complete the final €1.3bn of its €4.5bn disposal plan by the end of 2023.

In order to prioritise debt reduction, the Board of Directors will recommend to the 2022 Annual General Meeting not to pay a dividend in 2022 in respect of 2021.

In France

France Retail
The Group’s key geographies, such as Paris and south-east France, were particularly hard hit by the 2020-2021 health crisis (decline in customer traffic and tourist numbers, restricted access to stores). The retail banners’ net sales³ totalled €14.1bn, with same-store sales improving sequentially quarter on quarter to -3.0% in Q4 (+1.3 pt vs Q3) and -1.6% on the last four weeks⁶ (+1.4 pt vs Q4). Franprix-Convenience gross sales under banner were up +2.5% in Q4 and +5.1% in February⁶ driven by expansion with franchise.

	Same store sales							Gross sales under banner
	Q3 2021	Q4 2021	4weeks to 20 Feb6						Q3 2021		Q4 2021		4weeks to 20 Feb6
Monoprix	-4.1%	-2.8%	-3.4%		Franprix				-2.5%		-0.2%		-1.0%
Supermarkets	-2.7%	-3.3%	-2.2%		Convenience				+5.0%		+5.0%		+10%
Franprix	-3.6%	-2.0%	-1.8%		Franprix and Convenience				+2.1%		+2.5%		+5.1%
Convenience	-1.3%	-0.7%	+5.9%
Hypermarkets	-8.5%	-4.7%	-1.5%
FRANCE RETAIL	-4.3%	-3.0%	-1.6%

• In this environment, the Group has undergone a deep transformation and is now refocused on the most buoyant formats (premium, convenience and e-commerce), which now represent 76% of sales (+16 pts vs. 2018). Expansion picked up in high-growth formats: (i) convenience stores (more than 730 stores opened since January 2021) and (ii) e-commerce up +15% (vs. +6% for the market⁷), including +48% for home delivery (vs. 25% for the market¹).
• The Group pushed ahead with its omnichannel innovation strategy:
  • New customer services: subscriptions (210,000 by end-2021, representing a two-fold increase over one year), digitalised customer journey, personalised deals and Tesla charging stations;
  • Rollout of best-in-class artificial intelligence technology solutions in stores and logistics activities (partnerships with Google Cloud, Amazon Web Service, Belive.ai);
  • Strengthening of partnerships with major e-commerce players (Ocado, Amazon and Gorillas).
• The cost savings plans implemented during the period reduced the cost base and sustainably increased banner profitability. As a consequence, the retail banners’ EBITDA margin increased by +83 bps over two years (+31 bps over one year) to 9.1%, with a trading margin of 3.4%. The restructuring generated non-recurring expenses, which temporarily weighed on cash flow generation.
• Lastly, the Group signed a strategic agreement with Intermarché: (i) creation of the AUXO purchasing partnership, the second largest player in the market with a 24% market share, and (ii) creation of Infinity Advertising, a joint venture that monetises data (17 million profiles).
• Amid the ongoing normalisation of the health situation, the completion of the transformation plans and the continued expansion of convenience and e-commerce formats will enable the Group to aim for a return to growth in 2022 in profitable and cash-flow generating formats.

Cdiscount

• Cdiscount’s business model has been completely transformed over the last two years, shifting from a model based on direct sales to one based on the marketplace, digital marketing and B2B, with a decrease in direct sales. All Cdiscount indicators improved over two years, after an exceptional year in 2020: Marketplace GMV up +22% (stable over one year), digital marketing up +75% (+32% over one year), 3.5-times increase in B2B GMV (+30% over one year), NPS up +8 pts (+6 pts over one year), and CDAV subscribers up +20% (+9% over one year). Octopia has already won 12 major contracts (including Rakuten) and will now be offered to Ocado customers.
• In 2022, Cdiscount will pursue its strategic plan prioritising the marketplace, digital marketing and accelerated expansion of B2B services (Octopia, C-Logistics).

Disposal plan

• Implementation of the disposal plan initiated in 2018, of which €3.2bn has been completed to date, slowed during the health crisis. €400m in disposals were secured in 2021 and early 2022, of which €291m cashed-in to date (€48m in 2021 and €243m in early 2022). Due to the disposal slow-down in 2021 and transitory elements linked to the Group transformation, France Retail net debt (excluding IFRS 5) evolved from €3.7bn to €4.4bn (excluding GreenYellow).
• In view of the current outlook and the options available, the Group is confident to complete its €4.5bn disposal plan in France by the end of 2023 at the latest.

In Latin America

• In Latin America, the Group’s geographies were heavily affected by the pandemic and the Group’s banners had to adapt to the new situation. Thanks to major transactions (Assaí spin-off, sale of GPA Extra Hypermarkets to Assaí), the Group now has well-adapted assets ready to accelerate growth in their respective markets:
  • Assaí, in the cash & carry segment in Brazil: +17%⁸ growth and 28 store openings over the year (total of 212 stores). The banner is aiming to open 50 stores by 2024, in addition to the conversion of the 70 Extra Hypermarkets sold by GPA to Assaí, to reach R$100bn in gross sales by 2024;
  • GPA, which operates buoyant formats (premium, convenience and e-commerce) in the most buoyant regions (São Paulo);
  • Grupo Éxito, leader in Colombia and Uruguay: +21%² acceleration in sales in Q4 (vs +7.5% over the year); omni-channel activities represent 12% of sales in Colombia (2.4-times increase vs. 2019).

2021 Key Figure					Change at CER
In €m		2019	2020	2021	Change over 1 year	Change over 2 years
Net sales – Group o/w France Retail o/w Retail banners9 o/w Vindémia (sold in June 2020) o/w Cdiscount       Gross merchandise volume o/w marketplace o/w direct sales o/w Latam		34,645 16,322 15,494 828 1,966 3,899 1,245 1,991 16,358	31,912 15,219 14,813 406 2,037 4,204 1,514 1,934 14,656	30,549 14,071 14,071 0 2,031 4,206 1,518 1,840 14,448	-0.8%10 -5.4%2 -5.4%2 – -0.3% +0.0% +0.2% -4.9% +2.7%2	+6.9%2 -2.6%2 -2.6%2 – +3.3% +7.9% +22% -7.6% +15%2
EBITDA – Group11 o/w France Retail       o/w Retail banners       Margin (%) o/w Cdiscount Margin (%) o/w Latam (excl. tax credits) Margin (%)		2,640 1,467 1,282 8.3% 69 3.5% 1,104 6.8%	2,738 1,447 1,304 8.8% 129 6.4% 1,023 7.0%	2,527 1,358 1,281 9.1% 106 5.2% 1,035 7.2%	-4.7% -6.1% -1.7% +31 bps -18% -114 bps +8.7% +19 bps	+12% -7.4% -0.0% +83 bps +54% +171 bps +29% +42 bps
Trading profit – Group3 o/w France Retail       o/w Retail banners       Margin (%) o/w Cdiscount Margin (%) o/w Latam (excl. tax credits) Margin (%)		1,321 689 510 3.3% 4 0.2% 628 3.8%	1,422 621 488 3.3% 53 2.6% 610 4.2%	1,193 535 484 3.4% 18 0.9% 612 4.2%	-12% -14% -0.8% +14 bps -65% -168 bps +7.9% +8 bps	+9.7% -22% -5.0% +15 bps +369% +71 bps +34% +40 bps

Leader Price, which was sold on 30 November 2020, is presented as a discontinued operation in 2020 and 2021.

The 2020 financial statements have been restated to reflect the retrospective application of the IFRIC IC decision relating to the recognition of liabilities for certain post-employment benefits.

The Board of Directors met on 24 February 2022 to approve the statutory and consolidated financial statements for 2021.
The auditors have completed their audit procedures on the financial statements and are in the process of issuing their report.

2021 FULL-YEAR RESULTS

In €m	2020	2021	Reported change
Net sales	31,912	30,549	+0.1% (organic basis)
EBITDA	2,738	2,527	-4.7% at constant exchange rates
Trading profit	1,422	1,193	-12% at constant exchange rates
o/w tax credits in Brazil	139	28	(-1.5% excluding tax credits and property development)
o/w property development in France	63	13
Underlying net profit, from continuing operations, Group share	266	94
Net profit (loss) from continuing operations, Group share	(374)	(275)	Mainly impairment in Latam relating to the sale of the Extra hypermarkets, and non-recurring expenses related to the completion of the transformation plans in France
Net profit (loss) from discontinued operations, Group share	(516)	(254)	Leader Price’s operating losses up until the transfer of the stores
Consolidated net profit (loss), Group share	(890)	(530)

In 2021, the Group’s consolidated net sales amounted to €30.5bn, up +0.1% on an organic basis¹² and down -4.3% after taking into account the effects of exchange rates and hyperinflation (-3.4%), changes in scope (-1.2%) and fuel (+0.7%).
On the France Retail scope, net sales were down -5.4% on a same-store basis. Including Cdiscount, same-store growth in France came to -4.8%.
E-commerce (Cdiscount) gross merchandise volume (GMV) represented €4.2bn¹³, up +8% over two years and stable compared to an exceptional 2020 due to the pandemic, with an increase in the marketplace contribution (+6.7 pts vs. 2019) to 45.2%².
Sales in Latin America were up by +6.4% on an organic basis1, mainly driven by the very good performance in the cash & carry segment (Assaí), which grew by +17%2 on an organic basis.

Consolidated EBITDA came to €2,527m, a change of -7.7% including currency effects and -4.7% at constant exchange rates.
France EBITDA (including Cdiscount) amounted to €1,464m, including €1,358m on the France Retail scope and €106m for Cdiscount. EBITDA for the retail banners (France Retail excluding GreenYellow, Vindémia and property development) was stable over two years (-1.7% vs. 2020) at €1,281m, reflecting a +83–bp increase in the margin (+31 bps vs. 2020) due to the efficiency plans. EBITDA came to €14m for property development and to €63m¹⁴ for GreenYellow. France EBITDA margin (including Cdiscount) came to 9.1%, stable year-on-year.
In Latin America, EBITDA increased by +9% over one year and by +29% over two years, excluding tax credits and currency effects. Including tax credits¹⁵ (€28m in 2021 and €139m in 2020), EBITDA came out at €1,063m compared to €1,161m in 2020.

Consolidated trading profit came to €1,193m (€1,166m excluding tax credits⁴), a decrease of -16.1% including currency effects and -12.5% at constant exchange rates (-5.2% excluding tax credits).
In France (including Cdiscount), trading profit stood at €554m, including €535m on the France Retail scope and €18m for Cdiscount. Trading profit for the retail banners (France Retail excluding GreenYellow, Vindémia and property development) was virtually stable (-0.8%) at €484m, reflecting a +14-bp increase in the margin to 3.4%. Trading profit came to €13m for property development and €39m for GreenYellow, including higher depreciation and amortisation expense in connection with the asset holding model. The trading margin in France (including Cdiscount) was 3.4%.
In Latin America, trading profit excluding tax credits and currency effects was up by +8% over one year and by +34% over two years. Including tax credits (€28m in 2021 and €139m in 2020), trading profit was €640m compared to €748m in 2020. Trading profit was driven by (i) the significant improvement in trading profit at Assaí, in line with business growth, and (ii) an excellent performance from Éxito, with renewed growth and an upturn in property development; but impacted by hypermarkets at GPA Brazil (inventory drawdowns before disposals).

Underlying net financial expense and net profit, Group share¹⁶

Underlying net financial expense for the period came to -€813m (-€500m excluding interest expense on lease liabilities) vs. -€681m in 2020 (-€360m excluding interest expense on lease liabilities). In France, net financial expense excluding interest expense on lease liabilities was impacted by an increase in financial expenses related to a one-off cost of €38m (mostly non-cash) arising in connection with the refinancing of Term Loan B in the first quarter of 2021. E-commerce (Cdiscount) net financial expense was virtually stable compared with 2020. In Latin America, financial expenses were up due to a lower level of tax credits in 2021 (impact of -€81m in net financial expense).

Underlying net profit from continuing operations, Group share totalled €94m compared with €266m in 2020, reflecting lower trading profit (o/w a -€111m decrease in tax credits in Latin America, a -€50m decrease relating to property development in France and a -€48m currency effect) and higher underlying financial expenses. Diluted underlying earnings per share¹⁷ stood at €0.54, vs. €2.15 in 2020.

Other operating income and expenses amounted to -€656m (vs. -€799m in 2020) and included -€264m non-cash costs. In France (including Cdiscount), other operating income and expenses amounted to -€356m
(-€692m in 2020), of which -€207m in cash costs excluding the disposal plan and GreenYellow (-€231m in 2020), -€48m for GreenYellow (mainly non-cash) and -€101m in other costs (-€451m in 2020) due to lower asset impairment charges. In Latin America, other operating income and expenses amounted to -€300m
(-€103m in 2020), mainly due to impairment charges and costs incurred in connection with the sale of GPA hypermarkets to Assaí.

Consolidated net profit (loss), Group share

Net profit (loss) from continuing operations, Group share came out at -€275m (vs. -€374m in 2020), due to impairment in Latin America relating to the sale of the Extra hypermarkets, and non-recurring expenses related to the completion of the transformation plans in France. It recorded an improvement of +€99m over one year, reflecting a reduction in impairment charges.
Net profit (loss) from discontinued operations, Group share was -€254m (vs. -€516m in 2020), reflecting operating losses recorded by Leader Price up until the transfer of the stores.
Consolidated net profit (loss), Group share amounted to -€530m vs. -€890m in 2020.

Financial position at 31 December 2021
–
Consolidated net debt excluding IFRS 5 stood at €5.9bn vs. €4.6bn at 31 December 2020. For the France Retail scope excluding GreenYellow, net debt increased to €4.4bn at the end of 2021 from €3.7bn at end-2020, due mainly to the following transitory¹⁸ factors: (i) the temporary effect of year-end activity (-€40m impact on working capital) and strategic stockpiling (-€90m impact on working capital), (ii) operating losses and working capital at Leader Price, with the last Leader Price stores transferred to Aldi in September 2021
(-€0.4bn) and (iii) non-recurring expenses related to Group transformation. For GreenYellow, the change from a net cash position of €122m in 2020 to net debt of €34m in 2021 results from the increase in investments following the move to an infrastructure model (asset holding) financed by its own resources. In Latin America, Assaí’s debt increased from €664m to €864m due to the acquisition of 70 Extra hypermarkets.

At 31 December 2021, the Group’s liquidity in France (including Cdiscount) was €2.6bn, with €562m in cash and cash equivalents and €2.1bn confirmed undrawn lines of credit, available at any time. The Group also has €339m in the unsecured segregated account and €145m in the secured segregated account

Financial information relating to the covenants
–
At 31 December 2021, the Group complied with the covenants contained in the revolving credit facility. The ratio of secured gross debt to EBITDA (after lease payments) was 2.7x¹⁹, within the 3.5x limit, representing headroom of €178m in EBITDA. The ratio of EBITDA (after lease payments) to net finance costs stood at 2.7x (above the required 2.5x), representing headroom of €55m in EBITDA. The margin represents around €150m excluding on-off financial expenses of €38m due to the refinancing of Term Loan B in Q1 2021.

The Board of Directors will recommend to the 2022 Annual General Meeting not to pay a dividend in 2022 in respect of 2021.

HIGHLIGHTS
–

Retail banners – France

EBITDA for the retail banners²⁰ was virtually stable (-1.7%) amid a -5.4% decline in same-store sales. EBITDA margin increased by +31 bps over the year (from 8.8% to 9.1%), and by +83 bps over two years thanks to efficiency plans. Trading profit fell by -0.8%, with the trading margin increasing by +14 bps.

Refocus on buoyant formats

• Buoyant formats (supermarkets and premium, convenience stores, Cdiscount) now account for 76% of net sales (vs. a market average of 43%²¹), up +16 pts since 2018;
• The Group continued to expand its convenience store network, with 730 stores opened since January 2021 in urban (Franprix, Naturalia, Monop’), semi-urban and rural (Spar, Vival, etc.) areas. These new store openings are mainly based on a franchise development model with low capital intensity, in all geographies with formats adapted to each catchment area;
• Half of hypermarkets are located in the Provence Alpes Côte d’Azur, Auvergne-Rhône-Alpes and Bordeaux regions; hypermarkets represent around 20% of net sales.

Food E-commerce

• Home delivery net sales grew by +48% over the year, ahead of the market (+25%²²), with strong leadership in the Ile-de-France region²³.
• In 2021, the Group strengthened its partnerships with European and global e-commerce leaders:
  • Partnership with Ocado
    • 2017: partnership signed
    • 2020: start of operations at the O’logistique automated warehouse in Fleury-Merogis
    • 2022: Partnership related to the development of Ocado’s services in France

• Amazon partnership
  • 2018: Monoprix on Amazon Prime in Paris (delivery in 2 hours)
  • 2019: Amazon lockers in stores
  • 2020: extension of Amazon Prime (Lyon, Bordeaux, etc.)
  • 2021: Monoprix becomes Amazon’s sole partner for grocery home delivery with the termination of its own operations ; click & collect from Casino stores (currently 85 stores out of a target of 180), and lockers in more than 800 stores
• Partnership with Gorillas
  • 2021: partnership signed
  • 2022: Gorillas dark stores supplied by Monoprix

• Including Drive, total Food e-commerce grew by +15% over the year (vs. +6% for the market³).

Digitalisation and customer experience

• The Group had 639 stores equipped with autonomous solutions at end-2021 (vs. 533 at end-2020), facilitating evening and weekend openings. 63% of payments in both Géant hypermarkets and Casino supermarkets are now made by smartphone or automated check-out (vs. 61% and 48% respectively at end-2020). CasinoMax app users accounted for 26% of sales in hypermarkets and supermarkets at end-2021 (vs. 22% at end-2020).
• The banners’ wide-ranging innovations provide a unique customer experience through the development of an affinity offer, along with commercial innovations (commercial interface on WhatsApp, streamed live shopping events, virtual reality product presentations, presence on the metaverse).

Structural improvement in sales momentum

• The purchasing alliance with Intermarché (AUXO) launched in September 2021 enables the Group to improve its purchasing terms. This partnership with Intermarché will be extended to purchases of goods and services not for resale from April 2022;
• The features pioneered by the Group have been reinforced. Non-food spaces have been reduced in favour of food and specialised non-food spaces, including: Santé au Quotidien (Monoprix), soft mobility (Monoprix, Franprix, Géant), and non-food corners with specialists (textiles, jewellery, toys, etc.);
• The Group had more than 210,000 Casino and Monoprix subscribers at 31 December 2021, a two-fold increase over one year. Following the subscription programme launched in 2019 by the Casino banners (Casino Max Extra), in 2021 Monoprix launched the first truly omni-channel subscription in France (Monopflix), offering identical discounts online and in stores. Subscriptions strengthen customer loyalty and allow the banners to offer very competitive prices after the 10% discount. Customers with subscriptions in Géant and Casino Supermarkets spend on average four times more than unsubscribed customers.

Cdiscount: continuation of the long-term strategy

Cdiscount continued to transform its business model towards a more profitable business mix (increase in marketplace, digital marketing and B2B; decrease in direct sales), resulting in a favourable margin impact.

Cdiscount delivered a solid performance in 2021, with GMV of €4.2bn, up +8% over two years and stable compared to an exceptional 2020.

The marketplace continues to grow, reporting GMV of €1.5bn, up +22% over two years (stable over one year). The marketplace contribution to GMV grew by +6.7 pts over two years (+1.3 pt over one year). Marketplace revenues came in at €193m, up +29% over two years (+5% over one year).

Digital marketing revenues were up +75% over two years (up +32% over one year), buoyed by the CARS (Cdiscount Ads Retail Solution) digital marketing platform that enables vendors and suppliers to promote their products and brands on a proprietary self-service platform.

The banner has an increasing number of loyal and active customers, with a base of 10 million active customers, up +8% over two years. The Cdiscount à Volonté loyalty programme now has more than 2.5 million members (+20% over two years, +9% over one year), who have access to 2.8 million items available for express delivery. Customer satisfaction hit a record high, with NPS of 53 points, up +8.4 points over two years (+5.7 points over one year).

The development of B2B activities picked up pace in 2021, with GMV of €114m, up +30% year-on-year (3.5-times higher over two years), including a rise of +26% for the marketplace services and technology ecosystem Octopia (3.3-times higher over two years), which now has 12 major contracts (including Rakuten) in seven different countries for its turnkey marketplace solutions.
In addition, C-logistics and C Chez Vous logistics solutions are now serving 20 customers.

Lastly, Octopia and Ocado signed an agreement enabling Ocado customers to access the Octopia marketplace.

GreenYellow: strong activity momentum in 2021

The photovoltaic business continues to grow. Capacity installed or under construction climbed +31% year-on-year to 740 MW at the end of 2021, while the advanced pipeline²⁴ was up sharply by +44% to 816 MW. The pipeline of additional opportunities²⁵ represents 3.7 GW.

In the energy efficiency business, GreenYellow had 985 GWh of projects deployed or under construction at the end of 2021, up +16% year-on-year, with the advanced pipeline¹ up +26% to 317 GWh, and an additional opportunities pipeline² of 918 GWh.

GreenYellow delivered €80 million in EBITDA²⁶ in 2021, in line with its objectives, a rise of +30% year-on-year.

GreenYellow continued to expand its geographic reach and entered into promising partnerships in 2021:

• Geographic expansion continued on international markets, with GreenYellow’s positions strengthened in all its traditional geographies (signature of the 200^th PPA²⁷ in South-East Asia) and new markets captured such as Eastern Europe (4 MW project for Solvay in Bulgaria).
• Strategic partnerships:
  • In November 2021, GreenYellow signed a long-term strategic partnership with Schneider Electric to provide turnkey energy efficiency programmes to large international companies;
  • In December 2021, GreenYellow signed a strategic collaboration on energy and cloud with Amazon Web Services. GreenYellow will supply renewable electricity for Amazon’s operations as part of a solar power project in France.

At the beginning of 2022, GreenYellow raised capital totalling €109m from an institutional investor (convertible bonds with warrants attached) and set-up an €87m syndicated credit facility line to accelerate growth in 2022.

RelevanC: ongoing development of a fast-growing business

2021 represented a year of transformation and strategic expansion for RelevanC, shaped by the acquisition of Inlead, a local digital marketing technology platform, the launch of operations in Latin America (Brazil and Colombia), and the creation of Infinity Advertising, the joint subsidiary with Intermarché offering retail media and targeted advertising services for food banners (cumulative base of 17 million profiles).

RelevanC also signed partnerships with technology leaders:

• Google Cloud and Accenture: a commercial and technology partnership serving international customers.
• Amazon Web Service: planned partnership to improve the customer experience through algorithms.

RelevanC continues to market its B2B retail media platform to other retailers in France and international markets in order to monetise their data and advertising space. One of its clients is Everli, the first European home delivery service through personal shoppers.

Latin America

The listing of Assaí shares on the Novo Mercado and of its American Depositary Receipts (ADRs) on the New York Stock Exchange took place on 1 March 2021, following the spin-off from GPA in late 2020.

At the end of 2021, GPA and Assaí also announced plans for GPA to sell 70 Extra hypermarkets to Assaí with the intention of converting them into the cash & carry format, and for GPA to transform remaining Extra hypermarkets into Pão de Açúcar or Mercado Extra supermarkets.

Assaí’s highly profitable business model steps up a gear

Assaí reported EBITDA growth of +18%²⁸ in 2021 to €489m, reflecting a +51-bp margin improvement. The banner is now targeting R$100bn (€17bn) in gross sales in 2024 (a rise of +30% p.a.), driven by (i) the opening of around 50 stores between 2022 and 2024 on an organic basis and (ii) the conversion of the 70 Extra hypermarkets (40 stores expected to open in the second half of 2022 and 30 in 2023). The success of the 23 Extra Hiper stores already converted confirm the potential for future conversions (three-fold increase in sales). Assaí opened 28 stores in 2021, bringing its total number of stores to 212.

GPA refocused on premium, convenience and e-commerce

GPA Brazil continues to optimise its store portfolio, accelerating its focus on profitable premium and convenience formats, particularly in the São Paulo region, and exiting the hypermarket format (conversion of the hypermarkets not sold into Pão de Açúcar or Mercado Extra supermarkets). However, the hypermarket closures or conversions had a transitory impact on 2021 earnings. GPA also continues to cement its leadership in food e-commerce, where sales have increased by +363%²⁹ vs. 2019, with a share of 8%² in 2021 (vs. 2% in 2019).

Excellent performance from Grupo Éxito

Grupo Éxito delivered an excellent performance in 2021, with EBITDA up +20%¹ to €333m (9.0% EBITDA margin), and trading profit up +33%¹ to €211m. The Group confirmed its leadership in Colombia and saw a sharp increase in sales towards the end of the year, rising +21%³⁰ in Q4 (+7.5% over the year to €3.7bn). In Colombia², sales jumped +16% in Q4 (up +7% over the year to €2.8bn), driven by innovation and omni-channel activities, which now account for 12% of sales in the country (2.4-times more vs. 2019). Trading profit in Colombia was up by +32% in Q4 and by +43% over the year, driven by the business and by property development. In Uruguay², the Group delivered faster +7% sales growth in Q4, with sales at €0.6bn for the year, and excellent profitability (EBITDA at €59m with an EBITDA margin of 10%).

A recognised CSR commitment

Casino Group is ranked as the no. 1 retailer and no. 8 global company for its CSR policy and commitments in Moody’s ESG ranking for 2021³¹.

Recognised for its commitments in favour of the climate and environmental protection, the Group renewed its efforts to reduce its carbon emissions, which fell by -12% in 2021 (-20% vs. 2015), in line with the commitment to reduce greenhouse gas emissions by -38% by 2030³². Initiatives include the first low-carbon BREEAM Outstanding certified warehouse opened by Monoprix in France, with 25% of electricity generated by a solar power unit installed on the roof. The Group is also taking action on deliveries, with a fleet of 480 low-carbon emission trucks (CNG, bio-CNG³³, rapeseed, electric power).

The Group continues to promote responsible consumption, with sales of organic products of €1.2 billion in 2021, corresponding to a +10-bp increase in the share of sales. The nutritional quality of products also remains one of the Group’s priorities, with a Nutriscore now displayed on 100% of Casino-brand products (60% rated A, B or C) and more than 1,400 plant-based protein products in the Group’s banners.

The Group follows an inclusive HR policy in favour of equal opportunity and diversity in employing 208,000 people, with women making up 41% of managers and over 8,700 employees with disabilities.

Disposal plan for non-strategic assets: €3.2bn since July 2018

As of end-2021, sales of non-strategic assets completed since July 2018 totalled €3.2bn. The disposals carried out by the Group in 2021 are detailed below:

• On 27 July 2021, the Group and BNPP signed a partnership and an agreement for the sale of FLOA for €200m³⁴ (€184m collected in early 2022). The planned sale provides for a new commercial partnership between BNP Paribas and the Casino Supermarchés, Géant and Cdiscount banners, as well as a strategic alliance between BNP Paribas and Casino to develop the “FLOA Pay” split payment solution. The Group also has an earn-out of 30% on the future value created through to 2025. The disposal was finalised on 31^st January 2022;
• On 6 December 2021, the Group completed the disposal of 3% of Mercialys equity through a total return swap (TRS) for €24m (received in 2021). On 21 February 2022, Casino Group completed the additional definitive disposal of 6.5% of Mercialys equity through a new TRS for €59m (received in early 2022). The Group’s stake in Mercialys in terms of voting rights is reduced to 10.3%;
• In addition, the Group has secured and recorded in advance a €118m earn-out in relation to the Apollo and Fortress joint ventures (€24m received in 2021).

In view of the current outlook and the options available, the Group is confident to complete its €4.5bn disposal plan in France by the end of 2023 at the latest.

Financial structure

In 2021, the Group realized several transactions aimed at improving its financial terms and conditions and extending the maturity of its bonds and main syndicated credit facility.

The Group carried out several bond buybacks on tranches of its 2023, 2024, 2025 and 2026 bonds, along with refinancing operations including (i) issue of a new Term Loan B for €1bn, maturing in August 2025, topped up by a further €425m in November 2021, and (ii) issue of a new €525 million unsecured bond maturing in April 2027, enabling the Group to repay ahead of maturity its previous €1.225bn Term Loan due in January 2024.

The Group also announced in July 2021 that it had extended the maturity of its main syndicated credit facility (RCF) from October 2023 to July 2026³⁵ for an amount of €1.8bn.

Lastly, Monoprix’s syndicated credit facility which expired in July 2021 was also renewed. The new €130 million syndicated facility matures in January 2026 and has a yearly margin adjustment clause based on the achievement of CSR targets.
As a result of these two operations, the amount of the Group’s undrawn lines of credit available at any time in the France Retail segment stands at €2.2 billion, with an average maturity of 4.6 years (vs. 2.2 years prior to the operations).

At 31 December 2021, amounts held in a segregated account to repay debt totalled €339m. Amount on the secured segregated account totalled €145m.

Outlook for 2022 in France

–

• In 2021, the Group completed its repositioning in structurally buoyant formats with a good profitability level
• In 2022, as the health situation gradually gets back to normal, the Group is confident to recover growth momentum by capitalising on its differentiating assets and innovative services
  • Convenience formats (Monop’, Franprix, Naturalia, Spar, Vival, etc.) with a target of more than 800 stores to be opened, mainly under franchise
  • Confirmation of leadership in e-commerce, particularly in home delivery, supported by its partners Ocado, Amazon and Gorillas and the store network
  • Maintain high level of profitability and improve cash flow generation
  • Continuation of the €4.5bn disposal plan in France. In view of the various options available, the Group is confident that this plan will be completed by the end of 2023
• Fourth quarter 2021 net sales –   In the fourth quarter of 2021, the Group recorded net sales of €8,335m, stable vs. 2020, including the effects of changes in consolidation scope, exchange rates and fuel for -0.5%, +0.1% and +1.2%, respectively. The calendar effect was -0.1%. The Group’s same-store¹ growth came to -0.4% year-on-year and +7.7% over two years. Consolidated net sales by segment     Q4 2021/Q4 2020 change   NET SALES (in €m) Q4 2021 Reported change Organic change²
  Same-store change1 Change1
  over two years France Retail 3,648 -2.4% -3.3% -3.0% -2.9% Cdiscount 592 -7.9% -9.8% -9.7% -5.8%    GMV – – – -8.6% +0.5%         o/w marketplace – – – -14.6% +14.6%         o/w direct sales – – – -3.6% -8.0% Latam Retail 4,096 +3.3% +3.1% +3.4% +17.4% GROUP TOTAL 8,335 -0.1% -0.7% -0.4% +7.7%                   For France Retail, same-store sales growth came to -3.0% in Q4, an improvement of +1.3 pts on Q3 2021, in a market down by -3.7% in France³ during the quarter. Most banners delivered a quarter-on-quarter improvement, including Monoprix and Franprix in a market that declined by -5.6% in the Ile de France region³ over the quarter. The total change in sales for France Retail was -2.4%, of which +3.5% for the convenience format, which saw a +5.0% increase in gross sales under banner, driven by the expansion.
        Change  Consolidated net sales in France by banner         Q3 2021  Q4 2021/Q4 2020 change   Net sales by banner (in €m)   Same-store change1 Q4 2021 net sales Reported  change Organic  change1 Same-store change1 Q4 vs. Q3
  on a same-store basis Monoprix   -4.1% 1,191 -2.3% -1.8% -2.8% +1.3 pts Supermarkets   -2.7% 767 +5.6% -4.0% -3.3% -0.6 pts o/w Casino upermarkets⁴
    -3.7% 732 +5.8% -4.0% -3.5% +0.2 pts Franprix   -3.6% 366 -3.3% -2.2% -2.0% +1.6 pts    Gross sales under banner   – 432 -0.2% – – – Convenience & Other⁵
    -1.2% 425 -6.7% +2.9% -0.8% +0.4 pts o/w Convenience⁶
    -1.3% 327 +3.5% +3.7% -0.7% +0.6 pts    Gross sales under banner   – 490 +5.0% – – – Hypermarkets   -8.5% 899 -6.3% -8.4% -4.7% +3.8 pts o/w Géant2   -9.5% 848 -6.1% -8.3% -4.9% +4.6 pts FRANCE RETAIL   -4.3% 3,648 -2.4% -3.3% -3.0% +1.3 pts                           Market shares are now almost stable in France, with a significant improvement on the trends seen in recent periods, and a sales momentum over the last four weeks to 20 February with same store sales at -1.6%
  (+1.4 pt vs. Q4 2021).
  Cdiscount reported a -7.9% decline in net sales for the quarter, due to the high basis of comparison in Q4 2020 resulting from the November lockdown. Marketplace GMV grew by +14.6% over two years. In Latin America, sales rose by +3.4% on a same-store basis (+17.4% over two years). Sales for the quarter in Latin America were driven by an excellent performance from Éxito (+15.5% on a same-store basis and +15.7% on an organic basis).        
   
  APPENDICES – ADDITIONAL 2020 FINANCIAL INFORMATION RELATING TO THE AUTUMN 2019 REFINANCING DOCUMENTATION See press release dated 21 November 2019 Financial information for the fourth quarter ended 31 December 2021:   In €m France Retail
  + E-commerce Latam Total Net sales⁷
  4,239 4,096 8,336 EBITDA1 532 313 845 (-) impact of leases⁸
  (139) (83) (222) Adjusted Consolidated EBITDA including leases1 393 230 623     Financial information for the 12-month period ended 31 December 2021:   In €m France Retail
  + E-commerce Latam Total Net sales1 16,101 14,448 30,549 EBITDA1 1,464 1,063 2,527 (-) impact of leases2 (622) (307) (930) (i) Adjusted consolidated EBITDA including leases1 ⁹
  842 755 1,597 (ii) Gross debt1 ¹⁰
  5,450 2,691 8,141 (iii) Gross cash and cash equivalents1 ¹¹
  569 1,714 2,283       At 31 December 2021, the Group’s liquidity within the “France + E-commerce” scope was €2.6bn, with €562m in cash and cash equivalents and €2.1bn in confirmed, undrawn lines of credit. Commercial paper amounted to €308m.   Additional information regarding covenants and segregated accounts:   Covenants tested as from 30 June 2021 pursuant to the Revolving Credit Facility dated 18 November 2019, as amended in July 2021   Type of covenant (France and E-commerce excluding GreenYellow) At 31 December 2021 Secured gross debt/EBITDA after lease payments ≤ 3.50x 2.70x EBITDA after lease payments/Net finance costs ≥ 2.50x 2.69x     The secured gross debt/EBITDA after lease payments covenant stood at 2.70x, with EBITDA after lease payments of €780m and secured debt of €2.1bn. The balance of the segregated account was €339m at 31 December 2021, the same level as at 30 September 2021. The balance of the secured segregated account was €145m at 31 December 2021. No cash has been credited or debited from the bond segregated account and its balance remained at €0.   APPENDICES – FULL-YEAR RESULTS  
  • Consolidated net sales by segment

    Net sales
  In €m 2020 2021 Reported change Change at CER France Retail 15,219 14,071 -7.5% – Latam Retail 14,656 14,448 -1.4% +6.0% E-commerce (Cdiscount) 2,037 2,031 -0.3% – Group total 31,912 30,549 -4.3% -0.9%    

  • Consolidated EBITDA by segment

    EBITDA
  In €m 2020 2021 Reported change Change at CER France Retail 1,447 1,358 -6.1% -5.9% Latam Retail 1,161 1,063 -8.5% -1.7% E-commerce (Cdiscount) 129 106 -18.2% -18.2% Group total 2,738 2,527 -7.7% -4.7%                      

  • Consolidated trading profit by segment

    Trading profit
  In €m 2020 2021 Reported change Change at CER France Retail 621 535 -13.8% -13.4% Latam Retail 748 640 -14.5% -8.1% E-commerce (Cdiscount) 53 18 -65.0% -65.0% Group total 1,422 1,193 -16.1% -12.5%                        
     

  • Underlying net profit

    In €m 2020 Restated items 2020
  underlying 2021 Restated items 2021
  underlying   Trading profit 1,422 0 1,422 1,193 0 1,193        o/w tax credits in Brazil 139 0 139 28 0 28        o/w property development in France 63 0 63 13 0 13   Other operating income and expenses (799) 799 0 (656) 656 0   Operating profit 622 799 1,422 537 656 1,193   Net finance costs (357) 0 (357) (422) 0 (422)        o/w tax credits in Brazil 104 0 104 23 0 23   Other financial income and expenses¹²
  (391) 67 (324) (391) (0) (391)   Income taxes¹³
  (80) (179) (259) 84 (147) (62)   Share of profit of equity-accounted investees 50 0 50 49 0 49   Net profit (loss) from continuing operations (156) 688 532 (142) 509 367           o/w attributable to non-controlling interests¹⁴
  218 48 266 133 140 273   o/w Group share (374) 640 266 (275) 369 94     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. 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.
     

  • Change in net debt by entity

    Net debt before IFRS 5
  In €m 2019 2020 2021 France (4,069) (3,751) (4,736)    o/w France Retail excl. GreenYellow (4,001) (3,661) (4,365)    o/w E-commerce (Cdiscount) (221) (213) (337)   o/w GreenYellow 153 122 (34) Latam Retail (1,587) (882) (1,122)   o/w GPA Brazil (541) (373) (475)   o/w Assaí (1,460) (664) (864)   o/w Grupo Éxito 626 333 361   o/w Segisor (185) (179) (144) Total (5,657) (4,634) (5,858)      

  • Change in net debt for France Retail excl. GreenYellow (excl. IFRS 5)¹⁵¹⁶

      Excluding GreenYellow, France Retail net debt increased from €3.7bn to €4.4bn (see PDF version)  
      APPENDICES – NET SALES   Consolidated net sales by segment       Net sales (in €m) 2021   Reported change Organic change¹⁷
  Same-store change1 France Retail 14,071 -7.5% -6.2% -5.4% Cdiscount 2,031 -0.3% -1.7% -1.6% Total France 16,101 -6.7% -5.6% -4.8% Latam Retail 14,448 -1.4% +6.4% +2.7% GROUP TOTAL 30,549 -4.3% +0.1% -0.8% Cdiscount GMV 4,206 +0.0% n.a. n.a.                   2021/2020 change in net sales in France by banner   Net sales by banner (in €m) 2021 net sales Reported  change Organic  change1 Same-store change1 Monoprix 4,408 -2.8% -2.4% -3.7% Supermarkets 2,996 -2.4% -7.8% -5.9% o/w Casino Supermarkets¹⁸
  2,835 -2.6% -8.2% -6.8% Franprix 1,438 -9.0% -8.2% -7.3% Convenience & Other¹⁹
  1,788 -18.7% -2.7% -5.1% o/w Convenience²⁰
  1,395 -1.5% -1.8% -5.2% Hypermarkets 3,442 -10.3% -11.1% -8.1% o/w Géant2 3,233 -10.7% -11.8% -8.9% FRANCE RETAIL 14,071 -7.5% -6.2% -5.4% Main data – Cdiscount²¹
    Key figures (in €m) 2020 2021 Reported growth Reported growth over two years Total GMV including tax 4,204 4,206 +0.0% +7.9% o/w direct sales 1,934 1,840 -4.9% -7.6% o/w marketplace 1,514 1,518 +0.2% +22% o/w Octopia 87 109 +25.6% x3.3 Marketplace contribution (%) 43.9% 45.2% +1.3 pts +6.7 pts Net sales 2,225 2,166 -2.6% -1.3% Traffic (millions of visits) 1,154 1,082 -6.2% +6.0% Active customers (in millions) 10.3 10.0 -2.5% +8.0%               Cnova provided a detailed report on its 2021 results on 17 February 2022.

  APPENDICES – OTHER INFORMATION Exchange rate AVERAGE EXCHANGE RATES 2020 2021 Currency effect Brazil (EUR/BRL) 5.8936 6.3797 -7.6% Colombia (EUR/COP) (x 1000) 4.2160 4.4265 -4.8% Uruguay (EUR/UYP) 47.9825 51.5217 -6.9% Argentina²² (EUR/ARS) 103.1176 116.7629 -11.7% Poland (EUR/PLN) 4.4445 4.5655 -2.6%     Gross sales under banner in France   TOTAL ESTIMATED GROSS SALES  UNDER BANNER (in €m, excluding fuel) Change
  (incl. calendar effects)   Q4 2021 Q4 2021 FY 2021 Monoprix 1,244 -2.0% -2.8% Franprix 432 -0.2% -7.1% Supermarkets 701 +0.4% -6.0% Hypermarkets 807 -11.6% -13.2% Convenience & Other 588 -2.7% -12.7%     o/w Convenience 490 +5.0% +0.4% TOTAL FRANCE 3,772 -3.7% -8.0%   TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel) Change
  (incl. calendar effects)   Q4 2021 Q4 2021 FY 2021 Total France 3,772 -3.7% -8.0% Cdiscount 1,007 -8.6% 0.0% TOTAL FRANCE AND CDISCOUNT 4,779 -4.8% -6.6%        
  Store network at period-end   FRANCE 31 March 2021 30 June 2021 30 Sept. 2021 31 Dec. 2021 Géant Casino hypermarkets 104 95 95 95      o/w French franchised affiliates 3 3 3 3              International affiliates 7 7 7 7 Casino Supermarkets 417 422 425 429      o/w French franchised affiliates 68 64 63 61              International affiliates 25 22 25 26 Monoprix (Monop’, Naturalia, etc.) 806 830 833 838      o/w franchised affiliates 195 201 203 206         Naturalia integrated stores 189 203 200 198        Naturalia franchises 34 39 44 51 Franprix (Franprix, Marché d’à côté, etc.) 877 890 906 942      o/w franchises 493 533 564 614 Convenience (Spar, Vival, Le Petit Casino, etc.) 5,311 5,502 5,563 5,728 Other businesses 334 320 303 286 Total France 7,849 8,059 8,125 8,318   INTERNATIONAL 31 March 2021 30 June 2021 30 Sept. 2021 31 Dec. 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 92 93 94 Géant hypermarkets 2 2 2 2 Disco supermarkets 30 30 30 30 Devoto supermarkets 24 24 24 24 Devoto Express mini-supermarkets 35 34 35 36 Möte 2 2 2 2 BRAZIL 1,058 1,058 1,064 1,021 Extra hypermarkets 103 103 103 72 Pão de Açúcar supermarkets 182 181 181 181 Extra supermarkets 147 147 146 146 Compre Bem 28 28 28 28 Assaí (cash & carry) 184 187 191 212 Mini Mercado Extra & Minuto Pão de Açúcar mini-supermarkets 237 236 239 240 Drugstores 103 102 102 68 + Service stations 74 74 74 74 COLOMBIA 1,974 2,006 2,035 2,063 Éxito hypermarkets 92 92 92 91 Éxito and Carulla supermarkets 153 155 153 158 Super Inter supermarkets 61 61 61 61 Surtimax (discount) 1,548 1,577 1,607 1,632       o/w “Aliados” 1,476 1,505 1,536 1,560 B2B 34 34 34 36 Éxito Express and Carulla Express mini-supermarkets 86 87 88 85 CAMEROON 2 3 4 4 Cash & carry 2 3 4 4 Total International 3,152 3,184 3,221 3,207
      Consolidated income statement   (in € millions)   2021 2020 (restated)²³
  CONTINUING OPERATIONS       Net sales   30,549 31,912 Other revenue   504 598 Total revenue   31,053 32,510 Cost of goods sold   (23,436) (24,314) Gross margin   7,617 8,195 Selling expenses   (5,122) (5,508) General and administrative expenses   (1,302) (1,266) Trading profit   1,193 1,422 As a % of net sales   3.9% 4.5%         Other operating income   349 304 Other operating expenses   (1,005) (1,103) Operating profit   537 622 As a % of net sales   1.8% 2.0%         Income from cash and cash equivalents   27 16 Finance costs   (449) (373) Net finance costs   (422) (357) Other financial income   116 210 Other financial expenses   (507) (601) Profit (loss) before tax   (276) (125) As a % of net sales   -0.9% -0.4%         Income tax benefit (expense)   84 (80) Share of profit of equity-accounted investees   49 50 Net profit (loss) from continuing operations   (142) (156) As a % of net sales   -0.5% -0.5% Attributable to owners of the parent   (275) (374) Attributable to non-controlling interests   133 218 DISCONTINUED OPERATIONS       Net profit (loss) from discontinued operations   (255) (508) Attributable to owners of the parent   (254) (516) Attributable to non-controlling interests   (1) 7 CONTINUING AND DISCONTINUED OPERATIONS       Consolidated net profit (loss)   (397) (664) Attributable to owners of the parent   (530) (890) Attributable to non-controlling interests   133 225   Earnings per share (in €)   2021 2020 (restated)¹ From continuing operations, attributable to owners of the parent      

    (2.89) (3.79)   (2.89) (3.79) From continuing and discontinued operations, attributable to owners of the parent         (5.24) (8.58)   (5.24) (8.58)
  Consolidated statement of comprehensive income (in € millions) 2021 2020 (restated)²⁴
  Consolidated net profit (loss) (397) (664) Items that may be subsequently reclassified to profit or loss (84) (1,367) Cash flow hedges and cash flow hedge reserve⁽ⁱ⁾ 38 (17) Foreign currency translation adjustments⁽ⁱⁱ⁾ (108) (1,328) Debt instruments at fair value through other comprehensive income (OCI) (1) 1 Share of items of equity-accounted investees that may be subsequently reclassified to profit or loss (3) (27) Income tax effects (10) 5 Items that will never be reclassified to profit or loss 2 (6) Equity instruments at fair value through other comprehensive income – – Actuarial gains and losses 2 (10) Share of items of equity-accounted investees that will never be subsequently reclassified to profit or loss – – Income tax effects – 4 Other comprehensive income (loss) for the year, net of tax (82) (1,373) Total comprehensive income (loss) for the year, net of tax (479) (2,037) Attributable to owners of the parent (529) (1,456) Attributable to non-controlling interests 50 (581)    

  1. The change in the cash flow hedge reserve was not material in either 2021 or 2020.
  2. The €108 million negative net translation adjustment in 2021 arose primarily from the depreciation of the Colombian peso for €124 million. The €1,328 million negative net translation adjustment in 2020 mainly concerned the depreciation of the Brazilian and Colombian currencies for €957 million and €235 million, respectively.

                               
    Consolidated statement of financial position ASSETS   31 Dec. 2021 31 Dec. 2020 (restated) ²⁵
  1 Jan. 2020 (restated)¹ (in € millions) Goodwill   6,667 6,656 7,489 Intangible assets   2,024 2,061 2,296 Property, plant and equipment   4,641 4,279 5,113 Investment property   411 428 493 Right-of-use assets   4,748 4,888 5,602 Investments in equity-accounted investees   201 191 341 Other non-current assets   1,183 1,217 1,183 Deferred tax assets   1,191 1,019 768 Non-current assets   21,067 20,738 23,284 Inventories   3,214 3,209 3,775 Trade receivables   772 941 836 Other current assets   2,033 1,770 1,536 Current tax assets   196 167 111 Cash and cash equivalents   2,283 2,744 3,572 Assets held for sale   973 932 2,818 Current assets   9,470 9,763 12,647 TOTAL ASSETS   30,537 30,501 35,932           EQUITY AND LIABILITIES   31 Dec. 2021 31 Dec. 2020 (restated)¹ 1 Jan. 2020 (restated)¹ (in € millions) Share capital   166 166 166 Additional paid-in capital, treasury shares, retained earnings and consolidated net profit (loss)   2,589 3,143 4,650 Equity attributable to owners of the parent   2,755 3,309 4,816 Non-controlling interests   2,883 2,856 3,488 Total equity   5,638 6,165 8,304 Non-current provisions for employee benefits   273 289 293 Other non-current provisions   376 374 458 Non-current borrowings and debt, gross   7,461 6,701 8,100 Non-current lease liabilities   4,174 4,281 4,761 Non-current put options granted to owners of non-controlling interests   61 45 61 Other non-current liabilities   225 201 181 Deferred tax liabilities   405 508 566 Total non-current liabilities   12,975 12,398 14,422 Current provisions for employee benefits   12 12 11 Other current provisions   216 189 153 Trade payables   6,097 6,190 6,580 Current borrowings and debt, gross   1,369 1,355 1,549 Current lease liabilities   718 705 723 Current put options granted to owners of non-controlling interests   133 119 105 Current tax liabilities   8 98 48 Other current liabilities   3,197 3,059 2,839 Liabilities associated with assets held for sale   175 210 1,197 Current liabilities   11,925 11,937 13,206 TOTAL EQUITY AND LIABILITIES   30,537 30,501 35,932   Consolidated statement of cash flows (in € millions)   2021 2020 (restated) Profit (loss) before tax from continuing operations   (276) (125) Profit (loss) before tax from discontinued operations   (330) (462) Consolidated profit (loss) before tax   (606) (587) Depreciation and amortisation for the year   1,334 1,316 Provision and impairment expense   299 390 Losses (gains) arising from changes in fair value    (5) 78 Expenses (income) on share-based payment plans   14 12 Other non-cash items   (47) (50) (Gains) losses on disposals of non-current assets   (128) (88) (Gains) losses due to changes in percentage ownership of subsidiaries resulting in acquisition/loss of control   20 58 Dividends received from equity-accounted investees   17 17 Net finance costs   422 357 Interest paid on leases, net   313 320 No-drawdown, non-recourse factoring and associated transaction costs   88 60 Disposal gains and losses and adjustments related to discontinued operations   114 258 Net cash from operating activities before change in working capital, net finance costs and income tax   1,835 2,142 Income tax paid   (184) (157) Change in operating working capital   (26) 26 Income tax paid and change in operating working capital: discontinued operations   (97) 211 Net cash from operating activities   1,529 2,222 of which continuing operations   1,841 2,215 Cash outflows related to acquisitions of:       § Property, plant and equipment, intangible assets and investment property   (1,131) (927) § Non-current financial assets   (174) (942) Cash inflows related to disposals of:       § Property, plant and equipment, intangible assets and investment property   156 423 § Non-current financial assets   163 461 Effect of changes in scope of consolidation resulting in acquisition or loss of control   (15) 157 Effect of changes in scope of consolidation related to equity-accounted investees   1 (63) Change in loans and advances granted   (30) (28) Net cash from (used in) investing activities of discontinued operations   (81) 453 Net cash used in investing activities   (1,111) (466) of which continuing operations   (1,030) (920) Dividends paid:       § to owners of the parent   – – § to non-controlling interests   (102) (45) § to holders of deeply-subordinated perpetual bonds   (35) (36) Increase (decrease) in the parent’s share capital   – – Transactions between the Group and owners of non-controlling interests   15 (55) (Purchases) sales of treasury shares   – (1) Additions to loans and borrowings   4,203 2,066 Repayments of loans and borrowings   (3,514) (2,632) Repayments of lease liabilities   (623) (603) Interest paid, net   (752) (717) Other repayments   (30) (23) Net cash used in financing activities of discontinued operations   (10) (73) Net cash used in financing activities   (848) (2,177) of which continuing operations   (838) (2,044) Effect of changes in exchange rates on cash and cash equivalents of continuing operations   (22) (494) Effect of changes in exchange rates on cash and cash equivalents of discontinued operations   – – Change in cash and cash equivalents   (452) (856) Net cash and cash equivalents at beginning of period   2,675 3,530

  • of which net cash and cash equivalents of continuing operations

    2,675 3,471

  • of which net cash and cash equivalents of discontinued operations

    (1) 59 Net cash and cash equivalents at end of period   2,223 2,675

  • of which net cash and cash equivalents of continuing operations

    2,224 2,675

  • of which net cash and cash equivalents of discontinued operations

    (1) (1)         Analyst and investor contacts
  – Lionel Benchimol +33 (0)1 53 65 64 17 – [email protected]
  or +33 (0)1 53 65 24 17 – [email protected]
        Press contacts
  – Casino Group – Communications Department   Stéphanie Abadie +33 (0)6 26 27 37 05 – [email protected]
  or +33 (0)1 53 65 24 78 – [email protected]
    –   Agence IMAGE 7   Karine Allouis  +33 (0)1 53 70 74 84 – [email protected]
  Franck Pasquier  +33 (0)6 73 62 57 99 – [email protected]      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 Same-store change excluding fuel and calendar effects  ² Excluding fuel and calendar effects ³ Source: IRI – Total PGC FI ⁴Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets ⁵ Other: mainly Geimex ⁶ Net sales on a same-store basis include the same-store performance of franchised stores ⁷ Unaudited data, scope as defined in refinancing documentation with mainly Segisor accounted for within the France Retail + E-commerce scope ⁸ Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation ⁹ EBITDA after lease payments (i.e., repayments of principal and interest on lease liabilities) ¹⁰ Loans and other borrowings ¹¹ At 31 December 2021 ¹² 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 adjustments to equity derivative instruments ¹³ Income taxes have been adjusted for the tax effects corresponding to the above restated items and the tax effects of the restatements ¹⁴ Non-controlling interests have been adjusted for the amounts relating to the above restated items ¹⁵ France Retail free cash flow before dividends to the owners of the parent and holders of TSSDI deeply-subordinated bonds, excluding financial expenses, and including lease payments ¹⁶ Including -€30m in other net financial investments, -€33m in non-cash financial expenses, -€0.4bn relating to Leader Price, +€118m in earn-outs secured or received from the Apollo and Fortress joint ventures, and +€24m in proceeds from the disposal of Mercialys   ¹⁷ Excluding fuel and calendar effects ¹⁸ Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets ¹⁹ Other: mainly Geimex ²⁰ Net sales on a same-store basis include the same-store performance of franchised stores ²¹ Data published by the subsidiary ²²  Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date ²³ Previously published comparative information has been restated ²⁴ Previously published comparative information has been restated ²⁵ Previously published comparative information has been restated

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1 Same-store growth
2 See press release dated 28 January 2022
³ France Retail excluding GreenYellow, real estate development and Vindémia (sold on 30 June 2020)
4 At constant exchange rates, excluding tax credits
5 Net debt excluding the impact of IFRS 5, and excluding GreenYellow
6 4 weeks to 20 February 2022
7 Source: NielsenIQ, P13 MAT
⁸ Data published by the subsidiary
⁹ France Retail excluding property development, GreenYellow and Vindémia (sold in June 2020)
10 Same-store change excluding fuel and calendar effects
¹¹ Of which €28m in tax credits restated by the subsidiaries in the calculation of adjusted EBITDA in 2021 (€139m in 2020, none in 2019)

12 Excluding fuel and calendar effects
13 Data published by the subsidiary
¹⁴ Contribution to consolidated EBITDA. Data published by the subsidiary: EBITDA at €80m in 2021 (€62m in 2020)
¹⁵ Tax credits restated by subsidiaries in the calculation of adjusted EBITDA
16 See definition on page 16
17 Underlying diluted EPS includes the dilutive effect of TSSDI deeply-subordinated bond distributions 
18 See page 17
¹⁹ Secured debt of €2.1bn and EBITDA excluding GreenYellow of €780m
²⁰ France Retail excluding GreenYellow, Vindémia and real estate development
²¹ Kantar market shares (P12 MAT), e-commerce included in hypermarkets and supermarkets segments on a pro rata basis
²² Source: NielsenIQ, P13 MAT
²³ Source: NielsenIQ Q4 2021
24 Projects at the “awarded” and “advanced pipeline” stages within GreenYellow’s portfolio of projects in development
²⁵The pipeline of projects in the “pipeline” and “early stage” within GreenYellow’s portfolio of projects in development
26 Data published by the subsidiary. Contribution to consolidated EBITDA: €63m (€57m in 2020)
²⁷ Power Purchasing Agreement
²⁸ Change at constant exchange rates, excluding tax credits
²⁹ Data published by the subsidiary
³⁰ Change in local currency; data published by the subsidiary
³¹ Score of 74/100
32 Scopes 1 and 2 compared to 2015, Group target
33 Technology that emits three times fewer greenhouse gases than diesel
34 Including €150m relating to the sale of shares and an earn-out of €50m linked to the sale of technology assets from the “FLOA Pay” split payment solution and to commercial agreements between Cdiscount, Casino banners and FLOA
35 Maturity July 2026 (May 2025 if the Term Loan B, maturing in August 2025, is not repaid or refinanced as at that date)
36 Same-store change excluding fuel and calendar effects 
37 Excluding fuel and calendar effects
³⁸ Source: IRI – Total PGC FI
39Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets
40 Other: mainly Geimex
41 Net sales on a same-store basis include the same-store performance of franchised stores
42 Unaudited data, scope as defined in refinancing documentation with mainly Segisor accounted for within the France Retail + E-commerce scope
43 Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation
44 EBITDA after lease payments (i.e., repayments of principal and interest on lease liabilities)
45 Loans and other borrowings
46 At 31 December 2021
47 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 adjustments to equity derivative instruments
48 Income taxes have been adjusted for the tax effects corresponding to the above restated items and the tax effects of the restatements
49 Non-controlling interests have been adjusted for the amounts relating to the above restated items
50 France Retail free cash flow before dividends to the owners of the parent and holders of TSSDI deeply-subordinated bonds, excluding financial expenses, and including lease payments
⁵¹ Including -€30m in other net financial investments, -€33m in non-cash financial expenses, -€0.4bn relating to Leader Price, +€118m in earn-outs secured or received from the Apollo and Fortress joint ventures, and +€24m in proceeds from the disposal of Mercialys

52 Excluding fuel and calendar effects
53 Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets
54 Other: mainly Geimex
55 Net sales on a same-store basis include the same-store performance of franchised stores
56 Data published by the subsidiary
57 Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date
58 Previously published comparative information has been restated
59 Previously published comparative information has been restated
60 Previously published comparative information has been restated

Attachment

• 20220225 – PR – 2021 Full Year Results