INVESTOR PRESENTATION. November 2016

Transcription

1 INVESTOR PRESENTATION November 2016

2 Priorities I. Lasting recovery in France II. Monoprix, a unique asset with a resilient margin III. Turnaround in Brazil IV. Exito: strong operational results in Colombia, Argentina and Uruguay V. Simplification of our E-commerce activities VI. Disposal of Via Varejo VII. Significant deleveraging and strengthened liquidity 2

3 I. Recovery in France: current trading in October 4 weeks ending October 27 th Same-store sales* Q Q Q W Hypermarkets (excluding Codim) +4.0% +2.2% +0.3% -0.2% Leader Price +4.5% +1.1% -2.7% -1.4% Monoprix -0.4% -2.1% -2.3% +1.5% Supermarkets Casino +0.2% +1.2% +2.8% +2.4% Franprix +0.1% -0.6% -0.1% 0.0% Convenience +2.3% -3.3% -2.3% -3.4% France +1.5% +0.2% -0.6% +0.5%** * Excluding fuel and calendar effect ** Sales including VAT: excluding Codim, Vindémia and cafeterias 3

4 I. Recovery in France: Retail market shares Casino is one of the 3 retailers to achieve market share gain in France This gain has been achieved with limited expansion Cumulative market share measured by the Kantar Worldpanel from 28 December 2015 to 30 October Casino Lidl Leclerc Lidl Leclerc 4

5 I. Recovery in France: Profitability Annual target of Trading profit in 2016 above 500m (vs 337m in 2015): Ex real estate gains ( 167m in FY 2015 vs c. 80m in 2016), main improvements in 2016: Higher gross sales under banners in food (+2,5% y-t-d at the end of Q3) Various gross margin improvements: purchasing gains, optimization of mix and pricing, wider fresh assortment Transfer of stores to franchises, closure of non performing stores* and cost reductions + 170m of improvement already reached in H At the end of Q3 2016, the YTD unaudited trading profit of French Retail operations is well ahead of last year and is fully consistent with our full year objective These actions will have a positive carry-over impact in 2017, driving the 2017 profitability growth Profitability supported by solid operating performances of our different banners: Stable market shares at Monoprix globally (Kantar) and locally (IRI) (Paris, suburbs and other cities) and excellent margins thanks to its unique mix of food and non-food assortment High level of profitability at Franprix and increase at Casino Supermarchés Leader Price profitable in 2016 and Géant from 2017 onwards * In the case of stores closures, a provision was taken at lease termination 5

6 I. Recovery in France: levers of profitability improvement in 2016 (1/2) Annual target 2016 YTD Activity LFL > 1.5% Gross sales under banners at +2.1% of which food products at +2.5% Gross margin 100bp improvement Selective price increase from Q2 onwards of around 0.5% Purchasing gains in line Costs 30bp Store rationalization: closures of 282 stores Transfer to franchise 6

7 I. Recovery in France: levers of profitability improvement in 2016 in (2/2) Targeted improvement of French Retail trading profit (ex real estate) > 250m Margin improvement > 180m Activity Gross Margin Food volume growth 80m Purchasing, pricing and mix 100m Stores closures 20m Cost reduction > 70m Transfer to franchise 40m Other cost cutting 10m 7

8 I. Recovery in France: Free cash flow Net capex of c. 350m in 2016 Gross capex allocated to premium formats and maintenance Disposal of mature assets (stores, warehouses, etc.) Net capex level in 2017 similar to 2016 FCF* Before 2015 dividends and coupons on hybrids instruments > 550m After 2015 dividends and coupons on hybrids instruments > 150m** * Operating cash flow from the French business activities after tax - capex of the French business activities and dividends received from international subsidiaries and equity associates - net financial expense ** Before 2016 interim dividend 8

9 High margin II. Monoprix, a very profitable mix HOME/LEISURE 7% FRESH PRODUCTS TEXTILE 37% 14% HEALTH & BEAUTY 13% FOOD 66% High traffic NON FOOD 34% GROCERY FMCG 29% 9

10 II. Monoprix, a strong fresh products offer BUTCHER DELI & CATERING BAKERY & PASTRY WINE CELLAR HEALTH & BEAUTY CHEESE 10

11 II. Monoprix, a unique and consistant style in textile, home & leisure UNDERWEAR HOME & LEISURE New consumption habits and new market opportunities SPORTS & LEISURE FIT BIKE SKI TRAVEL 11

12 II. Monoprix, a unique and consistant style in textile, home & leisure WITH A SPECIALISTS INTERNAL ORGANIZATION DESIGN, PURCHASES, QUALITY, FIT AND MANAGEMENT TEXTILE, HOME & LEISURE DIRECTION DESIGN IMAGE & STYLE MERCHANDISING DESIGNERS 28 EMPLOYEES COLLECTIONS WOMEN UNDERWEAR ACCESSORIES MEN CHILDREN BABIES HOME LEISURE 92 EMPLOYEES QUALITY SOURCING 28 EMPLOYEES MANAGEMENT OPTIMISATION PLANIFICATION 22 EMPLOYEES 170 FASHION, HOME AND LEISURE SPECIALISTS 12

13 II. Monoprix, a nationwide network of premium stores # Integrated Stores * # Franchised Stores * The leading city-center retailer, with an average retail surface area of 1,800 sqm designed to appeal to an active urban, mostly female shoppers Very broad (30,000 items) and innovative offering of food and non-food products, with a wide range of private label products Convenience format, retail around 300 sqm Highly practical and welcoming stores providing a varied selection of products to meet daily needs as well as unexpected shopping. Operating in densely-populated urban areas and alongside motorways Combination of food-to-go and ultra-freshness, with an average retail area of 50 to 100 sqm Offering a broad range of snacks, ready-to-eat meals, dairy products, beverages, fruits and desserts The leading specialist retailer of organic and natural products in Greater Paris, with more than 110 shops offering more than 6,000 SKUs per store TOTAL stores in France / 738 stores total worldwide * End of September

14 II. Monoprix, a steady expansion strategy TOTAL GROSS SALES IN M Integrated stores only 4, Total turnover under banner ** 4,217 4,262 4,224 4, bn 4,127 3,839 4,014 CAGR ( ) +2.0 % * LE Average number of store openings Including number of franchised stores Annual sales increase + 491m * 2014: impact of store transfers to competitors due to anti-trust decision ** Including franchised stores gross sales 14

15 III. Turnaround in Brazil: GPA Food Acceleration of sales growth in Q (+8.3% LFL) Total food sales grew +10.8% (LFL) in Q3 Solid performance of Assaí, with sales growth of 45.8% in Q3 Recovery in food LFL for Extra Hypermarkets thanks to new commercial initiatives ( 1, 2, 3 promotions, Hyper fair, Lowest price) Strong performance of Proximity and Premium banners (Pão de Açúcar) Sequential improvement in EBITDA margin in Q Multivarejo: Adjusted EBITDA margin of 4.9%, up 140bps from Q2 2016, led by the strong decrease in SG&A. EBITDA margin expansion of +230bps for Extra stores (Hyper and Super) Continued profitability at Pão de Açúcar and gradual improvement in the Proximity business Assaí: Adjusted EBITDA margin of 4.4% (+40bps vs. Q3 2015), despite the opening of 12 stores in the last 12 months 15

16 IV. Exito: strong operational results In H1 2016, solid operational performances in Colombia, Uruguay and Argentina Opening of the first Cash & Carry store in Colombia, with additional projects in 2017 Synergy plan with GPA: on track, with expected improvement of +50 bps in consolidated Ebitda margin by 2019 Positive evolution of the stock value of GPA and Via Varejo still to be seen in Exito share price Deleveraging plan focused on working capital optimization of around USD$150m Structural reduction of inventories (by 4-5 days) Optimization of receivable collection and negotiation of term with suppliers 16

17 IV. Exito: further development in the financing of commercial real estate (1/2) Exito and FIC, the leading real estate PE fund in the country, signed a MOU for an investment in Viva Malls, a vehicle that will develop and operate shopping centers in Colombia under the Viva brand Transaction Rationale Financial Aspects Building the largest Retail Real Estate vehicle in Colombia with unmatched geographical footprint and leading market position Dedicated vehicle with a clear growth strategy within a fast-growing sector Transaction brings-in FIC, Colombia s largest Real Estate Private Equity, with track-record and capital to fund the development of new flagship Shopping Centers Fully dedicated vehicle enhances value visibility of the Real Estate business Viva Malls will manage a COP 1.6 bn* portfolio comprised of 14 Assets and a total GLA of over 440,000 sqm once the 4 projects under development are completed in 2018 FIC will make a capital injection of over COP 770,000 million into the vehicle. Around COP 388,000 million upon closing and the remaining balance over the next two years, securing Viva Malls future investments Vehicle Structure Viva Malls is incorporated as a Trust ( Patrimonio Autonomo ) The vehicle will be consolidated by Éxito Éxito will hold a 51% stake and FIC will participate with a 49% stake Éxito will provide Development, Asset Management and other Real Estate services to Viva Malls Timetable Final documentation underway Expected closing in 4Q 2016 Source: Éxito * Under Spanish numbering standards: COP 1.0bn = 1,000,000,000,000 17

18 IV. Exito: further development in the financing of commercial real estate (2/2) Éxito has contributed to Viva Malls a premium portfolio with over 440,000 sqm GLA comprising a mix of 10 operating assets and 4 advanced-stage shopping center projects 4 Operating Viva Shopping Centers Puerta del Norte Bello GLA: 25,000 sqm Laureles Medellín GLA: 20,000 sqm 6 Shopping Galleries Country Bogotá GLA: 32,000 sqm Colombia Medellín GLA: 22,000 sqm Wajiira Riohacha GLA: 20,000 sqm Palmas Envigado GLA: 6,000 sqm Suba Bogotá GLA: 13,000 sqm Portfolio Location (# of Assets) Barranquilla Medellín 1 Metro (1) La Ceja Riohacha 1 1 Bogotá 3 Tunja Barranquilla GLA Geographical Split Tunja 14% Other 8% 7% 15% Bogotá 6% Bello 17% 33% Medellín Envigado Medellín Metro * San Antonio Medellín GLA: 22,000 sqm Occ. Bogotá Bogotá GLA: 20,000 sqm La 33 Medellín GLA: 10,000 sqm 4 Viva Shopping Center Projects Envigado Envigado GLA: 140,000 sqm Opening in 2018 Barranquilla Barranquilla GLA: 65,000 sqm Opening in November 2016 Source: Éxito * Medellín Metro area includes assets located in Medellín, Envigado and Bello Tunja Tunja GLA: 35,000 sqm Opening in 2018 La Ceja La Ceja GLA: 10,000 sqm Opening in September 2016 Major City Shopping Center Shopping Gallery Projects 18

19 V. Simplification of our E-commerce activities Reorganization of Cnova s E-commerce Business in Brazil (Cnova Brazil) within Via Varejo completed on 31 October 2016 Impacts from the reorganization : Creation of an omni-channel Electronics leader in Brazil, with the following expected synergies: One time working capital improvement of c.brl325m, via reduction of overlapping inventories Recurring sales and cost synergies of c.brl245m, run-rates achieved in 2017 Cnova focus on the Cdiscount activity in France As consideration for the Reorganization, Via Varejo: Made a preliminary cash payment to Cnova of R$16.5m (subject to customary closing adjustments) Caused Cnova Brazil to repay its loan from Cnova in the amount of approximately R$527m Transferred to Cnova of 96,790,798 Cnova ordinary shares (will be cancelled following mandatory waiting period) Launch by Casino of simultaneous tender offers to acquire the Cnova shares outstanding on the NASDAQ and Euronext Paris, at a price of $5.50 per share : Filing of the draft information memorandum relating to the French tender offer with the Autorité des marchés financiers (AMF) planned for the second half of November 2016 Once the AMF has granted the required approvals, launch simultaneously in the United States and in France Completion expected early 2017 by Casino of the tender offers Sources: Via Varejo Notice of Material Fact 08/08/2016, Cnova press relases 27/10/2016 and 31/10/

20 VI. Disposal of Via Varejo (1/2) On 24 November Casino s Board of Directors approved GPA s decision (taken the same day) to launch the process of disposal of Via Varejo It will allow GPA to continue prioritizing the development of the food business hypermarkets, supermarkets and convenience stores, cash & carry Ownership structure Klein Free Float 27% 18% 43% 63% 30% 19% Via Varejo is now the #1 electronics, household appliances and furniture retailer as well as a leading E-commerce player via Cnova Brazil Sales at Via Varejo started to grow again in Q2, which was confirmed in Q3, together with consistent market share gains Via Varejo had a market capitalization of R$4.062Bn as of 24 November 2016, up +189% from January 1 st xx% Economic interest xx% Voting rights Brazil 20

21 VI. Disposal of Via Varejo (2/2) GPA, Exito and Casino to benefit from this strategic move: Cnova Brazil was not profitable at the end of Q3 16 Transaction to improve earnings of the three companies from 2016 Casino global business profile and financial structure strengthened GPA to recover its status of major pure player in food High growth potential with many organic growth opportunities Proceeds from disposal to strengthen financial flexibility and reduce financial expenses in a context of high interest rates Likely rerating 21

22 VII. Deleveraging Rapid execution of the asset disposal plan, which exceeded objectives: Disposal of operations in Thailand in March 2016 Disposal of operations in Vietnam in April 2016 Sharp decline in Casino's Financial net debt in France: Net debt in France reduced from 8.5bn at 30 June 2015 to 4.0bn at June 2016 Year end debt to be significantly reduced from 6.1bn as of December 2015 Positive Free Cash Flow after dividend > 150m Significant divestments (Asia): 3.9bn Buy back of Monoprix convertible: 500m 2016 Interim dividends: 170m Buy back of Casino, Exito* and GPA** shares and liquidity contract: c. 150m Other non cash items Purchase offer on Cnova up to 160m (to take place in early 2017) * See note to the H1 consolidated financial statements: between 1 March and 28 March 2016, the Group acquired 2.4 million shares in Exito for a total of USD 11 million ( 10 million), increasing its stake in the company to 55.30% from 54.77% previously ** See note to the H1 consolidated financial statements: in June 2016, the Group acquired 970 thousand preference shares for 11 million, representing about 0.4% of GPA s share capital 22

23 VII. Liquidity further strengthened by asset disposals Liquidity further strengthened by the disposals Gross cash of 2.9bn and 3.7bn in confirmed undrawn lines of credit Average maturity of confirmed lines of 4 years, an improvement following a one-year extension to the maturity of the 1,200m syndicated credit facility 6,577m LIQUIDITY* AT 30 JUNE 2016 In m 3,711 2,866 3,079 1,578 Cash and cash equivalents Credit facilities H H * Scope: Casino Guichard Perrachon parent company, French businesses and wholly-owned holding companies 23

24 VII. Bonds reduction in outstanding amount and well spread maturity profile At the end of Q3, Casino has reimbursed the bond maturing in April for 386m and bought back 978m of outstanding bonds ( 108m in the market and c. 870m via 2 public offers in June and September) At the end of Q3, 2016, the average maturity of Casino s bond debt is 5 years The February 2017 will be redeemed with the proceeds from the disposal plan 850* * * Casino has been rated BB+ by Standard & Poor's (stable outlook) since 21 March 2016 and is rated BBB- (stable outlook) by Fitch Ratings * Bonds bought back at the end of Q3 24

25 Appendices Q3 sales in France - Summarized 2016 H1 results - Simplification of our E-commerce activities

26 2016 Q3 Sales in France

27 Recovery in France: positive LFL over 2 years in Q Change between Q and Q Q Total growth Organic growth* Same-store growth* Same-store growth over 2 years Hypermarkets* 1, % +0.4% +0.2% +3.7% o/w Géant Casino 1, % +0.3% +0.3% +4.2% Leader Price % -4.6% -2.7% -0.5% Monoprix % +0.8% -2.3% -0.2% Supermarkets Casino % +4.5% +2.8% +3.5% Franprix % -1.9% -0.1% +0.5% Convenience & Other** % -2.1% -3.9% +0.5% o/w Convenience % -0.9% -2.3% +6.0% France Retail 4, % +0.0% -0.6% +1.8% In France, sales were impacted by two factors: A plan to close 282 loss-making stores which had a negative -0.6% impact on sales The transfer of stores to franchise in formats suited to this type of operation (Convenience, Franprix and Leader Price). These transfers, for which the Group continues to record wholesale sales, had a negative impact of -0.9% in Q3 Gross sales under banners remained dynamic rising by +0.7% (+1.4% for food) * Total sales by each banner from integrated stores and franchises and excluding fuel 27

28 Summarized 2016 H1 results

29 Preliminary comments (1/2) The 2015 financial statements have been restated in accordance with IFRS 5 to reflect the sale of operations in Asia. Profits from the Asian businesses up until their sale, as well as the consolidated disposal gain, are reported under "Net profit from discontinued operations". The consolidated income statement also reflects a non-material restatement related to the first-time consolidation of Disco (PPA) To ensure a more uniform presentation of net finance costs and net debt, costs relating to the cost of discounting receivables have been accounted for under "other financial income and expense", with no impact on net financial income and expense Considering the new due dates for the Tascom tax and to avoid the tax being accounted for twice, Tascom for 2016 is now spread over the full year (H1 impact of - 22m) and Tascom for 2015 has been recognised under other operating income and expenses (impact of - 43m) The consequences of the fraud detected at Cnova have been fully recognised in Cnova's financial statements. Corrections for prior years and legal expenses related to the investigation have been recognised in Casino's financial statements under other operating income and expenses (- 76m) 29

30 Preliminary comments (2/2) In the first half of 2016, changes in the scope of consolidation were not material and primarily concerned Franprix and Leader Price stores sold to master franchise partners that are now accounted for by the equity method Currency effects were again negative, with significant average declines in the Colombian peso and Brazilian real against the euro. Nevertheless, the real and the COP have rallied against the euro since early June 2016 Colombia (COP/EUR) (x1,000) Brazil (BRL/EUR) Average exchange rates H H H Closing exchange rates Change H H H S H Change H H % % % % 30

31 France Retail In m H reported H Consolidated net sales 9,136 9,264 EBITDA Trading profit (53) 85 Retail (134) 35 Property development EBITDA margin of 2.9%, up +128bp in H Recovery in profitability of food retail operations, notably at Géant Casino, Leader Price and Casino Supermarchés Satisfactory profitability at Monoprix and Franprix Property development trading profit reflected the recognition of margins realised at the stage of completion on hypermarket conversion projects and the disposal of projects on Monoprix sites (St Germain-en-Laye and La Garenne Colombes) 31

32 Latam Retail In m H reported H at CER* H Consolidated net sales 7,803 8,607 6,836 EBITDA EBITDA margin 5.9% 5.0% 5.0% Trading profit Trading margin 3.8% 3.1% 3.1% In Colombia, Uruguay and Argentina: satisfactory operating performances In Brazil: Multivarejo: continuation of sales relaunch plans at Extra in Q2, improved gross margin following the recognition of tax credits (with a favorable impact of +250bp on Q2**), growth in overhead costs lower than inflation thanks to cost management plans; continuous high profitability at Pão de Açucar and progressive improvement in proximity Assaí: stepped-up same-store and organic growth in Q2, improved operating leverage and profitability Cost reduction plans were launched in H with a focus on number of hours worked, marketing expenses, leases and logistics * CER: Constant Exchange Rate ** As disclosed by the subsidiary 32

33 Latam Electronics In m H reported H at CER* H Consolidated net sales 2,924 2,722 2,182 EBITDA EBITDA margin 7.7% 5.7% 5.7% Trading profit Trading margin 6.5% 4.6% 4.6% Business picked up from the second quarter, reflecting banners conversions, growth of mobiles sales, an improved assortment and growth in services Market share widened both in the specialized market (+150bp in April-May) and the overall market (+220bp in April-May) Gross margin was affected by tax credits and tax changes (two of them with a favorable impact of +770bp on gross margin and the third one with an unfavorable impact on EBITDA margin of -240bp in Q2**); H EBITDA margin was impacted by the basis of comparison, but increased sequentially * CER: Constant Exchange Rate ** As disclosed by the subsidiary 33

34 E-commerce In m H reported H restated H EBITDA (35) (30) (62) o/w France (25) (20) 1 o/w Brazil (10) (10) (63) Trading profit (55) (50) (80) o/w France (36) (31) (9) o/w Brazil (19) (19) (70) Disposal of Asian sites and closing of operations in 3 countries Improved profitability at Cdiscount In Brazil: profit impacted by lower sales and introduction of a cost-cutting plan 34

35 Underlying financial income* In m H reported H restated H France Retail (49) (49) (14) Latam Retail (73) (70) (145) o/w Colombia 8 8 (59) Latam Electronics (74) (74) (64) Asia (9) - - E-commerce (19) (20) (44) Total (223) (213) (267) Net financial income in France improved as a result of deleveraging operations, including the unwinding of interest rate swaps backed to the repurchased bonds Impact of higher debt for Colombian operations within the Latam Retail segment Deterioration in net financial income from E-commerce relating to Cnova Brazil * Underlying financial income (expense) corresponds to financial income (expense) adjusted for non-recurring financial items. Non-recurring financial items include fair value adjustments to equity derivatives instruments (for example instruments as Total Return Swap and Forward related to GPA shares) and effects of monetary updating of tax liabilities in Brazil 35

36 Underlying net profit, Group share* In m H reported H restated H Trading profit and share of profits of associates Financial expense (223) (213) (267) Income tax expense (83) (57) (61) Underlying net profit from continuing operations Attributable to minority interests Group share 63 6 (3) H underlying net profit, Group share is close to the H figure restated for the disposal of operations in Asia The improvement in trading profit for French operations, which are 100% owned, offset the decrease in trading profit abroad Minority interests contracted sharply * 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 of the notes to the annual consolidated financial statements), (ii) from effects of non-recurring financial items and (iii) non-recurring income tax expenses/benefits 36

37 Net profit from continuing operations In m H underlying restated Non-recurring items H continuing operations restated H underlying Non-recurring items H continuing operations Operating profit (533) (217) Net financial income (expense) (213) (179) (392) (267) 46 (221) Income tax expense (57) (61) Share of profit/(losses) of associates Net profit (loss) from continuing operations (407) (400) Of which Group share (3) (293) (296) H net profit (loss) from continuing operations comprised other operating income and expenses of - 533m versus a positive 72m in 2015 (mainly related to the consolidation of Disco) These non-recurring items mainly related to in Brazil (including Cnova), - 19m in Colombia and in France: scope operations (- 105m, mainly FPLP), change in the accounting treatment of the Tascom tax (- 43m), assets depreciations (- 22m) and provisions and charges for restructuring (- 113m) 37

38 Breakdown of financial net debt by segment In m H reported H restated* H France Retail (8,487) (8,482) (4,027) Latam Retail (30) 39 (2,263) o/w Brazil (749) (679) (1,136) o/w Colombia (1,194) Latam Electronics Asie (555) (555) 0 E-commerce (275) Total (8,512) (8,438) (6,343) * Debt after reclassification of put option liabilities as financial liabilities, including net assets, Group share, that the Group decided to sell during the 2015 financial year The Group has reviewed in 2015 the definition of net financial debt mainly in view of net assets held for sale in connection with its debt reduction plan and debt of "minorities puts NFD at 30 June 2015 has been restated according to this new definition 38

39 Other operating income and expenses H restated H In m Total o/w Brazil Total o/w Brazil Gains (losses) on disposal of assets 21 (6) (18) (14) Other operating income and expenses Net income(expense) related to changes in scope of consolidation Provisions and expenses for restructuration Provisions and expenses for litigation and contingencies Other (incl. Cnova fraud in Brazil and Tascom in France) 63 (53) (491) (188) 215 (27) (118) (16) (138) (38) (144) (25) 9 11 (78) (71) (23) 0 (151) (76) Total excl. asset impairment losses 83 (60) (509) (202) Net asset impairment losses (11) (1) (24) (0) Total 72 (61) (533) (202) 39

40 Bank debt & covenants Covenants met with ample headroom at year end 2015 There are no covenants on Casino s bond documentation nor on Casino s commercial paper program The only covenants existing on Casino s bank debt (drawn and undrawn) are the following: Covenant ratio as of December 31,

41 Simplification of our E-commerce activities

42 V. Simplification of our E-commerce activities Toward a simplification of Group structure Before reorganization 55,3% 55,3% 50.0% 50.0% 50.0% 50.0% 100.0% 100.0% SEGISOR (holding) 100.0% 100.0% 4,1% 0.0% 37.5% 99.9% 43.3% 62.6% 62.5% 75.1% Management 1.4% 1.5% 26.6% 27.5% 21.9% 22.7% Float 43.3% 44.8% 6.6% 3.4% 0.1% 0.2% Economic interest Voting right 42

43 V. Simplification of our E-commerce activities Toward a simplification of Group structure After reorganization* 55,3% 55,3% 50.0% 50.0% 50.0% 50.0% 100.0% 100.0% SEGISOR (holding) 100.0% 100.0% 4,1% 0.0% 37.5% 99.9% 43.3% 62.6% 62.5% 75.1% 34.0% 35.6% 65.8% 64.2% 0.2% 0.2% Economic interest Voting right * Subject to the 100% success of the tender offer of Cnova on January 15th. 43

44 Disclaimer 1/2 Important Information for Investors and Security Holders This presentation does not constitute an offer to purchase, nor a solicitation to sell any securities. The potential tender offers by Casino for Cnova s outstanding ordinary shares, par value 0.05 per share, referenced in the materials furnished herewith have not commenced. When the tender offers are commenced, Casino will file a tender offer statement on Schedule TO with the SEC and Cnova will timely file a solicitation/recommendation statement on Schedule 14D-9, with respect to the offer in the United States, and Casino will file a draft tender offer memorandum (projet de note d information) with the AMF and Cnova will timely file a draft memorandum in response (projet de note d information en réponse) including the recommendation of Cnova s board of directors, with respect to the offer. Casino and Cnova intend to mail these documents to the shareholders of Cnova. Any tender offer document (including any offer to purchase, any related letter of transmittal and other offer documents) and any solicitation/recommendation statement will contain important information that should be read carefully before any decision is made with respect to any tender offer. Those materials, as amended from time to time, will be made available to Cnova s shareholders at no expense to them at In addition, any tender offer materials and other documents that Casino and/or Cnova may file with the SEC and the AMF will be made available to all investors and shareholders of Cnova free of charge at and Unless otherwise required by law, all of those materials (and all other offer documents filed with the SEC and the AMF) will be available at no charge on the SEC s website: and on the AMF s website: Documents may also be obtained from Cnova upon written request to the Investor Relations Department, WTC Schiphol Airport, Tower D, 7th Floor, Schiphol Boulevard 273, 1118 BH Schiphol, The Netherlands, telephone number

45 Disclaimer 2/2 This presentation contains forward-looking information and statements about Casino. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words expects, anticipates, believes, intends, estimates and similar expressions. Although the management of Casino believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Casino securities are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Casino, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in Casino s public filings with the Autorité des marchés financiers ( AMF ), including those listed under Risk Factors and Insurance in the Registration Document filed by Casino on 19 April Except as required by applicable law, Casino undertakes no obligation to update any forward-looking information or statements. This material was prepared solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Likewise it does not give and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. All opinions expressed in this material are subject to change without notice. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of Casino Group. 45