• Total Group first-quarter 2013 sales of €11.7 billion, up sharply by +33.7%

• Solid organic growth* up+2.5% :
  • Internationally, organic growth* was very robust (+8.3%),driven by all of the Group’s markets
  • In France, sales fell due to the impact of a proactive price-cutting policy
  • Dynamism of Cdiscount

In the first quarter of 2013, the Group’s consolidated sales rose by +33.7%, primarily thanks to the full consolidation of GPA in Brazil. Organic growth* stood at +2.5% (+1.5% including petrol and calendar effect).The effect of changes in scope was +40.1%. Foreign-exchange rates had an impact of -7.9%, while the petrol effect was -0.5%. Finally, the average calendar effect was -1.2% in France and -0.1% internationally.

* Excluding petrol and calendar effect. Organic growth is growth at constant scope of consolidation and exchange rates

Q1 2013 SALES

In France, activity was marked by price drops, Cdiscount’s strong growth (+11.9%) and the resilience of convenience formats

In France, first-quarter organic growth was -3.4% excluding petrol and calendar effect, with total sales of €4,315 million against a backdrop of soft consumption in which Casino continued the price-cutting policy it initiated in Q4 2012.

• Overall, convenience formats posted satisfactory sales growth.
• Géant’s same-store sales fell by -9.7% excluding calendar effect (vs. -9.9% in Q4 2012) due to the combined effect of price-cutting initiatives, less promotional activity and reallocations of retail space.
• In contrast, Cdiscount once again showed strong growth (+11.9%), which was higher than the market’s.

International organic growth remained strong (+8.3% excluding petrol and calendar effect) for all of the Group’s markets, in keeping with previous quarters

International subsidiaries posted another quarter of strong organic growth at +8.3% excluding petrol and calendar effect. Overall, international sales increased by +73.6% to €7,366 million, particularly due to the full consolidation of GPA as of the second half of 2012, despite the negative foreign exchange effect of -16.3%, primarily related to the real’s depreciation.

• Latin America posted strong organic growth of +8.7% excluding petrol and calendar effect, up from Q4 2012 (+7.8%), driven by strong same-store growth in Brazil and dynamic expansion in Colombia.
• Organic growth in Asia, excluding petrol and calendar effect, remained substantial at +8.5%, due to rapid expansion and sustained same-store growth in Thailand.

Total International sales accounted for 63% of Group sales over the period, compared with 49% in Q1 2012.

FRANCE: SALES ANALYSIS – Q1 2013

Sales in France came to €4,315 million in the first quarter of 2013, a decline of -3.4% in organic growth, excluding petrol and calendar effect.

In €m  Total growth Organic
growth*  Q1 2012 Q1 2013Q1 2013Q1 2013Net sales before tax – France4,495.14,314.7 -4%-3.4%Casino France 2,921.42,731.4-6.5%-4.7%Géant Casino hypermarkets1,271.11,122.3-11.7%-11.5%Casino supermarkets 865.1821.1-5.1%-3%Superettes353.6340.7-3.7%-2.6%Cdiscount & Other businesses431.5447.2+3.6%+6.4%Franprix – Leader Price1,0621,078.9+1.6%-2%Monoprix511.7504.5-1.4%+0.5%

* Excluding petrol and calendar effect

• Casino France

Same-store sales excluding petrol for Géant Casino were down -9.7%* in Q1 2013.

In a context of soft consumption for Q1 2013, same-store food sales were down ‑7.7%*. This change is primarily the result of the continuation during the first quarter of the year of the proactive price-cutting policy begun in Q4 2012, funded by improvements in operational efficiency and optimisation of promotional activity. In addition, the banner continued to roll out and expand its “Le Meilleur d’Ici” (“the Best of our region”) and entry-price corners, which are showing good results.

Same-store non-food sales fell due to the proactive reduction of Multimedia, price cutting and unfavourable weather conditions for seasonal products. Géant is continuing to refocus on the most buoyant categories as well as on rolling out its multichannel strategy by installing Cdiscount pick-up points in drive-through stores and Cdiscount corners in stores.

Organic sales growth for Supermarchés Casino excluding petrol and calendar effect declined by -3% compared to Q1 2012 and by -7.6%* for same-store sales, particularly due to continued price cuts initiated in Q4.

The banner has kept up its strategy of excellence in fresh goods and rollout of local products, as well as relaunching its loyalty programme in stores. One supermarket opened during the quarter.

Superette sales declined by -2.6% on an organic basis excluding petrol and calendar effect. The banner successfully converted 31 of its stores to the Casino Shop and Shopping formats in the city of Lyon, and continued streamlining the stores network with 18 store openings and 78 closures.

Cdiscount sales rose by +11,9%, driven by the performance of toys and high-tech products (IT, household appliances, etc.). The private label’s share doubled compared to Q1 2012. Total business volume grew by +18% in Q1 2013, supported by the strong performance of the marketplace, which now accounts for more than 10% of the site’s business volume, with the number of vendors and offers increasing rapidly. Finally, 10% of site sales were made via smartphones or tablets at the end of Q1 2013.

Cdiscount remains a key tool in the Group’s multi-channel strategy, which drew on 2,700 in-store physical pick-up points at the end of the first quarter.

* Excluding calendar effect and restated for the transfer of 4 hypermarkets to Casino supermarkets.

• Franprix – Leader Price

Total Franprix-Leader Price sales posted an increase of +1.6% due to the continued network expansion and the consolidation of master franchises.

Leader Price’s same-store sales decreased slightly by -0.5% excluding calendar effect. Sales initiatives begun in 2012 (assortment and pricing policy) continued to produce results in Q1 2013, with a value proposition that fits the current consumption climate. Fresh product selection produced excellent results and the banner continued to work on its fresh-product channels. Renovation of existing stores continued throughout the quarter.

Over the quarter, Franprix same-store sales fell by -1.7% excluding calendar effect, with footfall improving since Q4 2012 (-2.8%). The banner benefited from changes to its assortment (development of the “Marché Franprix” product line) and rolled out its loyalty programme in 170 stores.

• Monoprix

Monoprix sales increased by +0.5% on an organic basis excluding petrol and calendar effect, due to its ongoing dynamic expansion and positive food sales trend, underpinned by the performance of fresh products and a still-favourable average basket. Among the various banners, Naturalia showed positive performance.

Non-food sales posted a decline related to the impact of unfavourable weather conditions on seasonal apparel sales.

INTERNATIONAL: SALES ANALYSIS – Q1 2013

Consolidated sales at International subsidiaries rose substantially by +73.6%.

Scope effects had a positive impact of +81.5%, related to the full consolidation of GPA.

Exchange rates had an unfavourable impact of -16.3%, resulting primarily from the Brazilian real’s sharp depreciation against the euro.

Once again, organic growth was very high at +8.3%*, in keeping with previous quarters, driven by solid performance in both Latin America and Asia.

Total growthOrganic
growth*Same-store
growth*Latin America+94%+8.7%+5.4%Asia +10.8% +8.5% +2.3%

* Excluding petrol and calendar effect.

In Latin America, same-store sales grew by +5.4% excluding petrol and calendar effect, in keeping with previous quarters, reflecting GPA’s solid performance in Brazil. Organic growth was +8.7%*, increasing from Q4 2012 (+7.8%*), boosted by continued rapid expansion, particularly in Colombia. In all, sales rose +94% primarily under the impact of the full consolidation of GPA.

• GPA in Brazil

In Brazil, GPA posted same-store sales excluding petrol effect up +7.1%, increasing from Q4 2012 (+6.6%).

As for food, same-store sales by GPA Food rose by +6.9%. They were driven by excellent performance by the Assaí cash & carry banner, which continued to show impressive double-digit growth due to an overhaul of its product selection. Excluding Assaí, GPA Food posted very strong performance, particularly in the Minimercado convenience format. Expansion in these two formats was marked in Q1 2013 with the opening of 12 Minimercados and 3 Assaí stores.

As for non-food, Viavarejo same-store sales continued to grow quickly at +7.3%, driven by significant sales initiatives and the very strong performance by electronics. E-commerce also performed well at the end of the period: Extra.com.br launched its marketplace. Expansion continued in the first quarter.

• Exito Group

Exito’s total sales grew above retail sales growth in the first quarter due to the impact of sustained organic growth that particularly benefited from the rapid expansion of the stores network and from the good performance of Surtimax, leader in the discount format. In the first quarter, Exito continued the reinforcement of its private labels in its assortments and the development of complementary businesses to retail. Exito’s expansion in the first quarter was sustained.

Exito’s Q1 earnings will be released at the end of April 2013.

In Asia, same-store growth excluding calendar effect totalled +2.3%. Organic growth in sales excluding calendar effect maintained a high level of +8.5%. Total sales grew +10.8%.

• Big C Thailand

Big C posted organic sales growth excluding calendar effect of +9,2%, boosted by a very dynamic expansion policy and a healthy level of same-store sales (+2,4%).Significant marketing and promotional operations were realised over the quarter. Convenience banners performed particularly well.

• Big C Vietnam

Big C Vietnam’s organic growth continued, due in particular to the impact of the openings of a hypermarket and shopping mall.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT
PRESS CONTACT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

IMAGE 7
Grégoire LUCAS
Tel: +33 (0)6 71 60 02 02
glucas@image7.fr

Financial calendar
22 April 2013 Annual General Meeting

Disclaimer
This press release was prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed herein are subject to change without notice.

Appendices

Main changes in the scope of consolidation

• Full consolidation of GPA since 2 July 2012. GPA was consolidated at 40.1% as of end of March 2012
• Full consolidation of companies owning 21 stores into Franprix-Leader Price from July 2012
• Full consolidation of BARAT within Franprix-Leader Price from 8 March 2012 (22 stores)
• Full consolidation of DSO and CAFIGE within Franprix-Leader Price from 1 February 2013 (120 stores)

in €mQ1 2012Q1 2013ChangeChange €m €m Reported

exchange rates

FRANCE4,495.14,314.7-4%-4%Of which:    Casino France2,921.42,731.4-6.5%-6.5%Géant Casino hypermarkets1,271.11,122.3-11.7%- 11.7%Casino supermarkets865.1821.1-5.1%-5.1%Superettes353.6340.7-3.7%-3.7%Other businesses431.5447.2+3.6%+3.6%Franprix – Leader Price1,062 1,078.9+1.6%+1.6%Monoprix511.7504.5-1.4%-1.4%INTERNATIONAL 4,2447,366+73.6%+89.9%Of which:    Latin America3,225.16,257.4+94%+116.2%Asia 808 895.610.8%+7.9%Other sectors211.1213.5+1.1%+1.5%NET SALES FROM CONTINUING
OPERATIONS8,739.311,681.2+33.7%+41.6%

Casino exercised today its right to have a subsidiary of Crédit Agricole Corporate & Investment Bank temporarily hold the 50% stake in Monoprix, previously owned by Galeries Lafayette, in accordance with the terms of the transaction agreement signed on July, 26th 2012.

The sale by Galeries Lafayette was completed, as previously disclosed, at a price of € 1 175 Million, funded by Casino.

This temporary holding arrangement* will be in place until the examination of the case by the French Competition Authority is completed, which is expected over the course of the summer. Once the decision is obtained, Casino will be in a position to complete the acquisition of the shares.

*In compliance with the merger control regulatory framework

ANALYST AND INVESTOR CONTACTS 
Régine GAGGIOLI – Tel: +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACTS
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

IMAGE 7
Grégoire LUCAS
Tel : +33 (0)1 53 70 74 95
Mob: +33 (0)6 71 60 02 02
glucas@image7.fr

For the second year in a row, Jean-Charles Naouri has been voted “Best CEO” in the European food retailing sector, according to the prestigious annual ranking of executive teams just published by Institutional Investor, one of the world’s foremost financial publications.

Antoine Giscard d’Estaing, Corporate Finance Director, and Régine Gaggioli, Corporate Financial Communication Director, were also honoured in the ranking, taking first place in respectively the “Best CFO” and “Best Investor Relations Professional” categories.

For the first time, the magazine also ranked Casino Group among the “Most Honored Companies” in Europe, regardless of sector, thereby celebrating the hard work and dedication of all of the Group’s employees in 2012.

The rankings were based on a late-2012 survey of nearly 3,000 portfolio managers and financial analysts across Europe, who were asked to name the best executives in each of the 36 survey sectors.

Press Contacts

Group External Communications Department:
Aziza Bouster
+33 1 53 65 24 78 / +33 6 08 54 28 75
directiondelacommunication@groupe-casino.fr

Image 7:
Grégoire Lucas
+33 1 53 70 74 94 / +33 6 71 60 02 02
glucas@image7.fr

Casino formally notified to the French Competition Authority the taking over of the exclusive control of Monoprix on 7 January 2013. The first phase of the casereview process was initiated on 6 February 2013, when the French Competition Authority declared the documentation complete.

As expected, the French Competition Authority stated, at the end of the first phase of review on 12 March 2013, that the case required a thorough examination, called phase 2, which will allow Casino to put forward all its arguments to the French Competition Authority.

Groupe Casino notes the intention of the French Competition Authority totake the opportunity of phase 2 to estimate the competitive pressure exerted on the stores located in Paris by other food retail channels as well as by the hypermarkets in the near suburbs.

The opening of the phase 2 is a required step to the taking over of the exclusive control of Monoprix by Casino. This phase should take a few months, within the mandatory regulatory timeframe, and the decision of the French Competition Authority should be obtained, as previously disclosed, in the summer.

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACTS
Aziza BOUSTER
Tél : +33 (0)1 53 65 24 78
Mob : +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

IMAGE 7
Grégoire LUCAS
Tél : +33 (0)6 71 60 02 02
glucas@image7.fr

The Casino group releases its 2012 consolidated financial statements. They are available on the Group’s website :

http://old.groupecasino.axome.cc/IMG/pdf/Etats_financiers_consolides_2012.pdf (PDF, french, 2,67 Mo)

The English version of these consolidated financial statements will be available next week. This release does not constitute an Annual Financial Report. The Casino, Guichard-Perrachon 2012 Registration Document will be released to the AMF at the end of March.

• Very strong Group sales growth, + 22.1%
• Continued sustained organic growth internationally, + 8.5%
• Sales almost stable in France, – 0.8%
• Trading Profit + 29.3%
• Net profit from continuing operations, Group share, up +84.4% at €1,065m
• Net underlying profit, Group share, at €564m
• Net debt/EBITDA ratio fell to 1.91x
• Recommended dividend of €3

Jean-Charles Naouri, Chairman and Chief Executive Officer of Casino Group, stated:
“The Group underwent some major transformations in 2012, notably with the control of GPA in Brazil and the agreement with Galeries Lafayette on the acquisition of 50% of Monoprix, hence strengthening its profile on international businesses and buoyant formats. For the first time, it has generated operating income in excess of €2 billion. In 2013, confident in the growth of its activity and results, Casino will pursue its strategy of back-to-basics in France and organic growth internationally, while working to maintain its financial structure.”
The 2012 consolidated financial statements were approved by the Board of Directors on 20 February 2013. The Statutory Auditors have completed their audit and are in the process of issuing their report.

KEY FIGURES

* Organic growth excluding petrol and calendar effect

The Group recorded sound organic growth in 2012, up 4% excluding petrol and calendar effect, driven by a continuously buoyant environment abroad and in a backdrop of soft consumption in France.
Trading profit grew by 29.3%, driven by the GPA control and organic growth internationally.
Thanks to the full consolidation of GPA starting in H2, international operations increased their contribution to Group’s sales and trading profit to 56% and 66% respectively (versus 45% and 52% in 2011).

IN FRANCE, RESILIENCE OF ORGANIC SALES AND OF MARGIN

In France, sales were resilient in a context of soft consumption. Buoyant convenience and discount formats performance, which represent 64% of Group sales in France (excluding petrol effect), was satisfactory, while Géant’s sales were impacted by reductions in non-food retail space and price cuts initiated at the end of Q3. Cdiscount had another year of very robust growth, up 16.3%. Full-year organic growth, excluding petrol and calendar effect, declined by 0.8%.
Trading profit declined by 8.6%, with the trading margin remaining resilient thanks to the format mix, coming out to 3.7%, a 28bp drop.
In 2012, Géant Casino’s sales fell by 7.7% on an organic basis, excluding petrol and calendar effect. In food, Géant realigned its price indices for entry-price and private-label products at the end of Q3. Non-food business was down due to the sharp reduction in non-food shelf displays in 2012. The multi-channel approach was rolled out to stores. Total same-store non-food sales (Géant + Cdiscount) slightly increased over the year to €2.3bn (up 0.6%).
Casino Supermarchés’ sales growth (up 1.8% on an organic basis excluding petrol and calendar effect) was satisfactory. Price indices were repositioned in entry-price and private-label products. Roll-out of “Le Meilleur d’ici” (local products) continued.

Superettes’ sales were almost stable vs. 2011 (down 0.6% on an organic basis excluding petrol and calendar effect). A common assortment around Casino private-label products was implemented. The number of Cdiscount pick-up points increased sharply over the year. Expansion continued with the opening of 422 stores, including 144 “Coop d’Alsace” stores that joined the network.

Other businesses (Cdiscount, Mercialys and Casino Restauration) maintained buoyant sales growth (up 10.6% on an organic basis), driven by Cdiscount’s very strong momentum (up 16.3%). Cdiscount’s total business volume increased by 22% over the year, including the marketplace (10% of the site’s business volume at the end of December). The multi-channel strategy continued to be rolled out, with 3,000 physical pick-up points deployed. Finally, sales through mobile apps accounted for 8% of sales at the end of the year.

Casino France’s operating margin was 3.3%, down 41bp.

Leader Price’s sales declined by 0.8% on an organic basis (excluding calendar effect). The banner confirmed its turnaround in 2012 with repositioned price indices. The new Leader Price products, with which Jean-Pierre Coffe (famous French gourmet icon) was heavily involved, were a success. Finally, store renovations continued. 18 stores were opened in 2012. Thanks to stores network optimisation and costs reduction, the banner’s profitability increased over 2012.
Franprix’s performance stabilised in 2012 (sales fell by 1% on an organic basis, excluding calendar effect). Private-label products were relaunched in stores, with more Leader Price products under €1. Targeted price cuts also contributed to the banner’s solid performance. The stores network continued to be upgraded and 39 stores opened in 2012.
Franprix-Leader Price’s operating margin was 3.8%, up 8bp compared to 2011.

Monoprix’s sales were well oriented, growing by 1.7% on an organic basis excluding petrol and calendar effect, thanks to strong performance by food sales, growth in textile that was superior to the market over the full year, and continuing expansion on all formats.
Monoprix’s operating margin was still high at 6.1% thanks to the quality of mix (food, perfume, textile, home equipment).

STRONG INTERNATIONAL ORGANIC GROWTH

International businesses experienced very strong growth (50.7%) this year, driven by the full consolidation of GPA starting in H2, as well as by highly satisfactory organic growth of 8.5%. Trading profit increased by 64.9%

• Latin American sales rose by 8.8% on an organic basis.
  • In Brazil, GPA maintained its excellent performance in 2012, with high organic growth in food sales, driven by the performance of Assaí and the new Minimercado convenience concept, whose expansion continued at a sustained pace. In non-food, Viavarejo’s same-store sales growth was sustained (7.5%*) and its operating margin improved. GPA’s EBITDA stood at 7.2%.
  • In Colombia and in Uruguay, Exito Group had an excellent 2012 year, with sales up sharply by 18.3%, with a marked strengthening of Exito’s market share in Colombia. Rapid expansion was focused on discount and convenience formats. The EBITDA margin rose by 8.4%*, sustained by reduced operating costs. Finally, Exito’s best practices were gradually rolled out to Uruguay, whose performance was excellent in 2012.

* Based on reported company data

• Asia posted strong growth (+10.8%) in sales on an organic basis, thanks to excellent performance in both Thailand and Vietnam, where Big C continues to establish a leading position. The operating margin, still very high, stood at 7.1%.
  • In Thailand, Big C’s sales climbed by 16.1%, demonstrating excellent performance. Sales growth on an organic basis rose sharply (9.3%*) despite the aftermath of the floods, driven notably by the success of innovative sales initiatives and the development of the loyalty card, as well as by sustained expansion, particularly in small formats and shopping centres. The EBITDA margin was very high at 11.1%*. Finally, the financial structure was strengthened by debt refinancing and the success of private placement.
  • In Vietnam, organic growth was very high, despite the backdrop of economic slowdown. The dual expansion model was maintained in 2012, with three hypermarkets and three adjacent shopping malls opened.

SOLID FINANCIAL STRUCTURE

In 2012, Casino engaged on a €1.5bn asset disposal and capital increase plan, of which €1.45bn was achieved in 2012:

• Mercialys operation: exceptional distribution and TRS settlement: €0.7bn
• Successful payment of dividends in shares: €0.1bn
• Capital increase and shares disposal: €0.4bn
• Disposal of financial and real-estate assets: €0.2bn

A second exceptional interim dividend is planned by Mercialys in H1 2013.
These disposals do not include the €0.5bn Mercialys assets disposals or assets under firm offer.

Net financial debt totalled €5.451 billion. The Net Financial Debt/EBITDA ratio therefore stood at 1.91x at the end of 2012, in accordance with our target of less than 2.2x. The Casino Group is rated BBB- Outlook Stable by S&P and Fitch Ratings.
At the Annual General Meeting on 22 April 2013, Casino will recommend a dividend of €3 per share. The dividend will be paid on 29 April 2013, with an ex-dividend date on 24 April 2013.

* Based on reported company data

CASINO IS CONFIDENT IN ITS ABILITY TO INCREASE ITS ACTIVITY AND RESULTS IN 2013

• Internationally: growth
  • Growth should continue in 2013, sustained by the emergence of numerous middle classes whose purchasing power is growing
  • The Group banners, which benefit from a very good price image and are very active in their expansion policy on buoyant formats and commercial real estate, should then see a continued increase in activity and results
• France: stabilising or reviving retail
  • Price cuts, notably in hypermarkets
  • Costs reduction
  • Expansion in key formats
• For 2013 therefore, the Group is targeting:
  • Strong growth in reported sales
  • Organic sales and trading profit growth
  • Solid financial structure with a Net Financial Debt / EBITDA below 2x.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACTS
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

IMAGE 7
Grégoire LUCAS
Tel: +33 (0)6 71 60 02 02
glucas@image7.fr

2012 RESULTS

⁽¹⁾ Based on a comparable scope of consolidation and constant exchange rates, excluding the impact of asset disposals

⁽²⁾ EBITDA: Earnings before interest, taxes, depreciation and amortisation

⁽³⁾ See details in appendix

Financial calendar

Thursday, 18 April 2013 (after the close of trading): 2013 first quarter sales
Monday, 22 April 2013 Annual General Meeting

Disclaimer
This press release was prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed herein are subject to change without notice.

APPENDICES

NET UNDERLYING PROFIT

Net underlying profit corresponds to net profit from continuing operations adjusted for the impact of other operating income and expense (as defined in the “Significant Accounting Policies” section of the notes to the annual consolidated financial statements), non-recurring financial items and non-recurring income tax expense/benefits.
Non-recurring financial items include fair value adjustments to certain financial instruments at fair value whose market value may be highly volatile. For example, fair value adjustments to financial instruments that do not qualify for hedge accounting and embedded derivatives indexed to the Casino share price are excluded from net underlying profit.
Non-recurring income tax expense/benefits correspond to tax effects related directly to the above adjustments and to direct non-recurring tax effects. In other words, the tax on underlying profit before tax is calculated at the standard average tax rate paid by the Group
Underlying profit is a measure of the Group’s recurring profitability.

⁽¹⁾ Other financial income and expense is stated before discounting deferred tax liabilities in Brazil (-€22m in 2011 and -€22m in 2012), exchange losses on receivables on the state of Venezuela in USD (-€25m in 2011 and -€2m in 2012), fair value adjustments from financial instruments that do not qualify for hedge accounting (+€87m in 2011 and n/a in 2012), and fair value adjustments from Total Return Swaps related to shares in Exito, GPA, Big C and Mercialys (+€17m in 2011 for Exito alone and +€48m in 2012)

⁽²⁾ Income tax expense is stated before the tax effect of the above adjustments and non-recurring income tax expense/benefits

⁽³⁾ Minority interests are stated before the above adjustments

Gonzalo Restrepo Lopez (62), Chief Executive Officer of Grupo Exito for 22 years, announced today at Exito’s Board of Directors meeting, his decision to step down from his position in order to dedicate himself to his family, personal projects and to the economic and social development of Colombia.

In accordance to the transition process planned and organised in close coordination with Gonzalo Restrepo, the Board of Directors promoted Carlos Mario Giraldo Moreno, currently Chief Operating Officer of Exito, to the position of Chief Executive Officer.

Gonzalo Restrepo will continue to provide his talent and expertise to Exito and to Group Casino as an advisor. He will also be appointed President to the Casino Foundation, while remaining President of the Exito foundation.

Casino Group would like to express to Mr. Restrepo its very sincere gratefulness for his outstanding contribution to the development of Exito which, under his leadership, has become the leader in the food retail industry in Colombia and one of the most dynamic companies in the region.

The appointment of Carlos Mario Giraldo Moreno will become effective after Exito’s Shareholders Meeting to be held on March 19th.

Since he joined Exito in 2008 and through a close collaboration with Gonzalo Restrepo, Carlos Mario Giraldo played a central role in the development of the Group. He acquired an experience of more than 18 years in the consumer and retail industry.

Prior to joining Exito as Chief Operating Officer in 2008, Carlos Mario Giraldo acquired more than 18 years’ experience in the consumer and retail industry. He was Chief Executive Officer of Noel Food Industries and then Chief Executive Officer of Noel Biscuit Company for 10 years. He was also chairman of the board for the National Business Association of Colombia (ANDI) between 2003 and 2004. Currently he is the chairman of the board for the Coca Cola retail council for Latin America. Carlos Mario Giraldo has a law degree from Universidad Pontificia Bolivariana and a master in law from Tulane University. He also studied strategic planning management in retailing at Babson College as well as management and marketing at Kellogg and Stanford. Carlos Mario Giraldo is a Colombian national.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Casino successfully issued a new 10-year bond of €750 million.

This operation, which strengthens the Group’s liquidity, is intended to refinance the next debt repayments of the Group. It extends the average maturity of Casino’s bond debt to 5.1 years today (vs. 4.5 years as of the end of December 2012).

This new bond, which will pay a coupon of 3.311%, has been significantly oversubscribed by a diversified investor base.

Casino is rated BBB- stable by Standard & Poor’s and Fitch Ratings.

Bank of America Merrill Lynch, Crédit Agricole Corporate and Investment Bank, Credit Suisse, Mitsubishi UFJ Securities International, RBS and Société Générale acted as joint bookrunners.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tel: +33 (0)1 53 65 64 17

rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 64 18

IR_Casino@groupe-casino.fr

• Casino 2012 Sales: €42 billion, up +22.1 %, and +4 % in organic* terms

• Q4 2012 sales: €13 billion, UP +35.2 %

• 2012 was a year of strong growth for the group, primarily abroad. international activities accounted for 63 % of group sales in Q4

In the fourth quarter, strong growth in sales at €12.9 billion (+35.2 %), driven by International subsidiaries and by sustained organic growth* at 3.2 %

• Internationally, very good performance (+8.5 %), in line with previous quarters
• In France (-2.2 %), the quarter was marked by a proactive policy of price reductions and the ongoing decline in hypermarkets’ multimedia sales, offset by Cdiscount’s excellent performance (+16.1 %), and Leader Price and Monoprix’s solid results.

In the fourth quarter of 2012, the Group’s consolidated sales were up +35.2 %. Organic growth* was steady at +3.2 % (+2.2 % including petrol and calendar effect).The effect of changes in scope was +36.3 %, primarily due to the full consolidation of GPA as of 2 July 2012. Foreign-exchange rates had an impact of -3.3 %. The petrol effect was -0.3 % for the quarter. Average calendar effect was -0.6 % in France and -0.7 % internationally.

Consolidated net sales2011 2012Change 2012/2011 in €m in €mTotal
growthOrganic growth*Total continuing
 operations34,36141,971+22.1%+4%France18,74818,447-1.6%-0.8%International15,61323,524+50.7%+9%

* Excluding petrol and calendar effect; organic growth is growth at constant scope of consolidation and exchange rates

Q4 2012 sales

In France, trading was marked by price drops,
Cdiscount’s excellent performance (+16.1 %)
and robustness of convenience formats

In France, total household consumption was soft in the fourth quarter of 2012, except for online sales of non-food products.
In order to better meet client expectations, several Group banners (Casino hypermarkets and supermarkets and Franprix) dropped prices significantly for private label and entry price products, which account for more than 40 % of sales volume. This proactive policy, funded by lower promotional activity, had a negative impact on same-store sales in the year’s final quarter.
During the fourth quarter, organic growth in France totalled -2.2 % excluding petrol and calendar effect. Overall growth was -3.1 % at €4,757 million.

• Convenience formats posted generally satisfactory growth in sales on an organic basis (excluding petrol and calendar effect): +1 % for Monoprix, +0.3 % for Franprix – Leader Price, due to a more efficient management of the store network that led to the closure of unprofitable stores; superettes (-0.5 %) and Casino supermarkets (-1.2 %) declined slightly.
• Géant’s same-store sales fell by -9.9 % excluding calendar effect due to the combined impact of price drops, lower promotional activity and reductions to retail space.
• In contrast, Cdiscount’s growth was particularly steady (+16.1 %), benefiting from its leading position in online sales of technical products and the rapid development of its marketplace. This performance enables to post a slight progression (+0.3 %) in the annual cumulative non-food sales of Géant and Cdiscount.

International: continued strong organic growth: +8.5 % excluding petrol and calendar effect

In keeping with previous quarters, international subsidiaries posted another quarter of strong organic growth at +8.5 % excluding petrol and calendar effect. Total sales for International subsidiaries, which rose +75.9 % to €8,098 million, also benefited from the full consolidation of GPA as of 2 July 2012. The foreign-exchange effect had a negative impact of -6.8 % on international sales in the fourth quarter 2012.

• Latin America posted strong organic growth of +7.8 % excluding petrol and calendar effect, driven by high same-store growth in Brazil and dynamic expansion in Brazil and Colombia.
• Organic growth excluding petrol and calendar effect for Asia was still very significant at +15.9 %, up from the third quarter, due to the sustained pace of expansion and same-store growth that improved markedly compared to the third quarter.

Total International sales accounted for 63 % of Group sales over the period, compared with 48 % in the fourth quarter 2011.

France: Sales Analysis – Q4 2012

Sales in France came to €4,757 million in the fourth quarter of 2012, a decline of -2.2 % in organic growth, excluding petrol and calendar effect.

In €mTotal growthOrganic
growth* Q4 2011Q4 2012 Q4 2012 Q4 2012 Q3 2012Net sales before tax – France 4,908.6 4,757.4-3.1%-2.2%+0.2%Casino France 3,261.1 3,095.2-5.1%-3.8%+0.1%Géant Casino hypermarkets1,522.31,340.1-12%-11.7%-7%Casino supermarkets905.3885.8-2.2%-1.2%+3.5%Superettes343.1339.2-1.1%-0.5%+0.6%Cdiscount & Other businesses490.4530.1+8.1%+10.8%+14.2%Franprix – Leader Price 1,106.7 1,117.4+1%+0.3%+0%Monoprix 540.7 544.7 +0.7%+1%+1.4%

* Excluding petrol and calendar effect.

• Casino France

Géant Casino’s same-store sales fell by -9.9 %* excluding petrol.

In a context of soft consumption for Q4 2012, same-store food sales were down -7.6 %*. This change was due primarily to a proactive policy of prices’ reductions initiated by the banner on its private-label and entry- price products. Price cuts were funded by reducing promotional activities.

According to the latest price data collected by consumer panels, Géant Casino has become the least expensive food banner in France for the private-label and entry-price products for convenience goods, fresh products and industrial products (“PGCFI”). Géant Casino is thus positioning itself below all French hypermarkets and supermarkets competitors.

¹ Panel methodology: convenience goods, fresh products and industrial products, unweighted indices including promotions, using checkout data from 5,830 stores.

The banner has been continuing this price-cutting initiative for the national brands since the end of the fourth quarter.

Same-store non-food sales declined in a backdrop of a firm reduction of multimedia categories: surfaces, as well as assortment, number of references and promotions were significantly reduced in 2012.

In 2013, Géant will continue to refocus on the most buoyant categories (luggage, household linen, DIY, etc.), and to roll out Cdiscount pick-up points in drive-through. The banner will adapt its surfaces to the evolution of its assortment.

Excluding petrol and calendar effect, Casino Supermarket organic sales declined -1.2 % vs. Q4 2011. Like Géant, the banner readjusted the prices of its private-label and entry-price products – funded by a sustained reduction in promotional activities – with a negative impact on same-store sales in Q4. The banner has kept up its strategy of excellence in fresh goods and rollout of local products. Expansion was robust, with 3 openings during the fourth quarter, bringing the number of stores opened in 2012 to 7.

Sales in superettes posted a -0.5 % decline (excluding calendar effect). The banner completed reworking its assortment, with emphasis on its private label. 181 stores joined the network over the quarter, bringing their total number to 422 for the year. The stores under the new Casino Shop and Shopping concepts (11 Casino Shopping and 77 Casino Shop stores open at the end of 2012) posted good results.

*Excluding calendar (-0.6 % over Q4) and restated for the transfer of 4 hypermarkets to Casino Supermarkets.

Cdiscount sales rose +16.1 % because of an excellent December in which Toys and High-Tech products performed well.
Business volume rose by 22.9 % in the fourth quarter, thanks notably to the strong growth of the marketplace, which accounted for nearly 10 % of the site’s business volume at the end of December. The total number of offers posted by the site surpassed 1 million references.
Finally, c. 10 % of the site’s sales are now made via smartphones and tablets.

Cdiscount remains a key tool in the Group’s multi-channel strategy, which continued to roll out physical pick-up points within stores. At the end of 2012, there were nearly 3,000 pick-up points.

• Franprix – Leader Price

Total Franprix-Leader Price sales were up +1 % despite the impact of reorganising the store network, which entailed the closure of unprofitable locations.

Leader Price same-store sales excluding calendar effect declined slightly by -0.2 % with footfall improving since Q3 2012. Sales initiatives begun early in the year (assortment and pricing policy) continued to bear fruits in the fourth quarter, with a value proposition that fits the current climate of consumption. The selection of fresh products (renovated for fruits and vegetables) and year-end festive products proved very successful. Renovation of stores continued with more than half of the network switched to the new concept. In addition, six stores were opened in the fourth quarter, bringing the total number of openings over the whole year to 18.
Franprix sales declined by -2.6 % on an organic basis excluding calendar effect over the quarter, due to the impact of accelerated reorganisation of the store network. The banner continued repositioning its private label pricing and working on its assortment during the quarter. The banner opened 17 stores over the period, bringing the number of stores opened in 2012 to 39.

Negotiations are well advanced between the Group and the German group Norma, specialist in German hard discount stores, to take over 38 convenience stores with high growth potential in southeast France. This acquisition will enable Leader Price and Franprix to speed up their development in a particularly dynamic region and place the Casino Group on a stronger footing for the most buoyant formats in the strategic region around Lyon and the Mediterranean coast. It will be submitted to the French Antitrust Authority and is expected to come into force by the end of the first half of 2013.

•  Monoprix

Sales at Monoprix rose +1 % on an organic basis excluding petrol and calendar. Thanks to successful promotions and limited-edition and designer collections, apparel sales continued to outperform the market. With regard to food, fresh products posted satisfactory performance and same-store growth excluding calendar effect was -0.9 %. There was very active expansion over the fourth quarter with 16 store openings, bringing the number of openings to 36 in 2012.

International: SALES ANALYSIS – Q4 2012

Consolidated sales at International subsidiaries rose substantially by +75.9 %.
Scope effects had a positive impact of +74.8 %, related to the full consolidation of GPA.
Exchange rates had an unfavourable impact of -6.8 %, resulting primarily from the Brazilian real’s sharp depreciation against the euro.
Once again, organic growth was very high at +8.5 %*, in keeping with previous quarters, driven by solid performance in both Latin America and Asia.

In Latin America, same-store sales grew by +5.5 %, excluding petrol and calendar effect, notably reflecting GPA’s solid performance in Brazil. Organic growth was +7.8 %*, boosted by continued rapid expansion, particularly in Colombia. Total sales rose +93.1 %, primarily under the impact of the full consolidation of GPA.

• GPA in Brazil

In Brazil, GPA posted same-store sales up +6.6 % excluding petrol.
With respect to food, same-store sales for GPA Food were up +6.4 % (+5.6 %** gross same-store sales published by GPA) driven by strong promotional activities, including this year’s expansion of the Black Friday campaign to supermarkets and convenience stores. They also benefited from the excellent performance of Assaí cash & carry stores and Minimercado stores. The Minimercado banner sped up its expansion with 30 stores opening during the quarter. Five other stores were also opened: 1 hypermarket, 2 supermarkets and 2 Assaí stores, bringing the total number of GPA Food openings to 55 for 2012.

As for non-food, Viavarejo same-store sales continued to grow quickly at +6.9 % (+6 %** gross same-store sales published by GPA), driven by significant sales initiatives and the extension of tax incentives on purchases of household appliances and furnishings. They also benefited from Ponto Frio stores repositioning and improved product assortment. Expansion continued in the fourth quarter with the opening of 12 Casas Bahia and 4 Ponto Frio stores.

* Excluding petrol and calendar effect.
** Data published by GPA on 11 January 2013.

• Exito in Colombia

Total sales for Exito grew strongly in the fourth quarter, under the combined influence of positive organic growth and a favourable foreign-exchange effect. Exito benefited from the rapid expansion of its store network, the strengthening of private labels in its assortment, and continued development of activities complementary to retail (notably credit and insurance).
The expansion of Exito was focused on the development of convenience and discount stores, with 35 store openings, including 4 hypermarkets, including one with a shopping mall, as well as 2 Carulla Express, 1 Carulla Super, 3 Exito Express and 25 Surtimax.

Exito’s Q4 earnings will be released end – January 2013.

In Asia, same-store sales growth excluding calendar effect totalled +9.2 %. Organic growth in sales excluding calendar effect maintained a high level of +15.9 %. Total sales grew +21.2 %.

• Big C Thailand

Big C posted organic sales growth excluding calendar effect of +17.5 %. Big C’s same-store performance was robust at +12.4 % excluding calendar effect (with a favourable comparison basis). Significant investments in marketing and promotions were made, with a new coupon policy being rolled out and the extremely successful launch of the first Golden Week, modelled after Black Friday.
The highly dynamic expansion also contributed to organic growth, with the opening of 1 hypermarket, 1 supermarket, 36 Mini Big C and 7 Pure. 129 stores were opened in 2012.

• Big C Vietnam

Big C Vietnam continued its dynamic expansion policy, allowing the banner to post positive sales growth on an organic basis. There was active expansion with the opening of 2 hypermarkets and shopping malls and 1 C Express over the quarter.

Schedule of Financial Disclosures

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

Group external communication department
press contact
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Disclaimer

This press release was prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed herein are subject to change without notice.

APPENDICES

• Change in GPA stake, fully consolidated since 2 July 2012. GPA was consolidated at 40.1% as of 31 December 2011 
• – Full consolidation of companies owning 21 stores within the Franprix – Leader Price Group as of July 2012 
• – Full consolidation of BARAT into Franprix – Leader Price from 8 March 2012

 Fourth quarterChange12 monthsChange 2011
€m2012
€mReportedAt
constant
exchange
rates2011
€m2012
€mReportedAt
constant
exchange
ratesFRANCE4,908.64,757.4-3.1%-3.1%18,747.718,446.7-1.6%-1.6%Of which :Casino France3,261.13,095.2-5.1%-5.1%12,364.812,158.3-1.7%-1.7%Géant Casino
hypermarkets1,522.31,340.1-12%-12%5,622.85,246.4-6.7%-6.7%Casino supermarkets905.3885.8-2.2%-2.2%3,618.83,686.7+1.9%+1.9% Superettes343.1339.2-1.1%-1.1%1,485.21,479.7-0.4%-0.4%Other businesses490.4530.1+8.1%+8.1%1,6381,745.6+6.6%+6.6%Franprix – Leader Price1,106.71,117.4+1%+1%4,4104,278.6-3%-3%Monoprix540.7544.7+0.7%+0.7%1,9732,009.8+1.9%+1.9%INTERNATIONAL 4,603.68,098.3+75.9%+82.7%15,613.123,523.9+50.7%+54.2%Of which :Latin America3,596.76,944.3+93.1%+103%11,826.319,250.6+62.8%+69.1%Asia755.8916.4+21.2%+15.6%2,895.23,407.3+17.7%+10.8%Other sectors251.1237.6-5.4%-5.2%891.6866-2.9% -3%-3%NET SALES FROM CONTINUING
OPERATIONS9,512.212,855.7+35.2%+38.4%34,360.841,970.7+22.1%+23.7%

If Casino group had become sole controlling shareholder of GPA on 1 January 2012 (full consolidation at 100 % of GPA from this date), Latin American total sales under the period ended on 31 December 2012 would have been €24,994 million, bringing total Group sales to €47,712 million.

Average exchange rates9-month
20119-month
2012Change12-month
201112-month
2012ChangeArgentina (ARS / EUR)0.1740.175+0.5%0.1740.171-1.8%Uruguay (UYP / EUR)0.0370.038+2.5%0.0370.038+3.1%Thailand (THB / EUR)0.0230.025+6.6%0.0240.025+6.2%Vietnam (VND / EUR) (x1,000)0.0350.038+7.5%0.0350.037+6.5%Colombia (COP / EUR) (x1,000)0.3900.435+11.4%0.3890.433+11.1%Brazil (BRL / EUR)0.4360.407-6.6%0.4300.399-7.3%

Organic growth: the organic growth is at constant scope of consolidation and exchange rates.

FRANCE31 Dec. 201130 Sept. 201231 Dec. 2012Géant Casino hypermarkets127125125Of which French Affiliates899 International Affiliates566+ service stations1019797Casino supermarkets422439445Of which French Affiliates515558 International Franchise Affiliates323941+ service stations170172173Franprix supermarkets897894891 Of which Franchise outlets379387390Monoprix supermarkets514527542 Of which Naturalia556171 Of which Franchise outlets/Affiliates130133137Leader Price discount stores608601604 Of which Franchise outlets271238231Total supermarkets and discount stores2,4412,461 2,482 Of which Franchise outlets/Stores operated under business leases863852857Petit Casino superettes1,7581,6571,575 Of which Franchise outlets292626Casino Shopping superettes61011Casino Shop superettes162977Eco Services superettes111Coop Alsace superettes 48144 Of which Franchise outlets 48144Spar superettes956969963 Of which Franchise outlets755747739Vival superettes1,7521,6991,705 Of which Franchise outlets1,7501,6981,704Casitalia and C’Asia superettes111Other Franchise stores1,1341,1041,105 Corner, Relay, Shell, Elf, Carmag…1,1341,1041,105Wholesale activity937935935TOTAL CONVENIENCE STORES6,5616,453 6,517 Of which Franchise outlets/Stores operated under business leases/Wholesale4,6064,5594,654Other Affiliate stores262929 Of which French Affiliates181920 International Affiliates8109Other businesses295308304 Cafeterias293306302 Cdiscount222TOTAL France9,4509,376 9,457 Hypermarkets (HM)127125125 Supermarkets (SM)1,8331,8601,878 Discount (DIS)608601604 Superettes (SUP) and other stores (MAG)6,5876,4826,546 Other (DIV)295308304