Press - 2014

Casino successfully issued a new 12-year bond of €900 million. It is the first 12-year Eurobond completed by an issuer rated BBB-.

This new bond has been significantly oversubscribed by a diversified investor base and will pay a coupon of 2.798%, the lowest coupon ever for the Group.

This operation strengthens the Group’s liquidity and extends the average maturity of Casino’s bond debt from 5.5 to 6.3 years. Proceeds will be used for General Corporate Purposes including repayments of maturing debt.

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

Crédit Agricole CIB, Goldman Sachs, J.P. Morgan, Mizuho, Royal Bank of Scotland, Santander and UBS acted as joint bookrunners.

Jean-Charles Naouri, Chairman and Chief Executive Officer of Casino Group, stated:

 “H1 2014 confirms the recovery underway at Géant in France. The robust operating performance of our convenience and supermarkets banners in France together with the excellent performance from international businesses, particularly in Brazil, enabled the Group to record a +5.8% increase in underlying net profit, Group share, at constant exchange rates in H1 2014, against a background of substantial price cuts at Leader Price.”

+13.3% ORGANIC GROWTH IN TRADING PROFIT TO €880 MILLION, AND UNDERLYING NET PROFIT, GROUP SHARE OF €176 MILLION, UP +5.8% AT CONSTANT EXCHANGE RATES 

As exchange rates have negatively impacted the translation into euros of international subsidiaries’ results, analyses of activities and operating results are presented below on an organic basis (i.e. at constant scope and exchange rates).

 Strong organic growth in activity in Q2 in line with the previous quarter

In the second quarter of 2014, the Group’s consolidated sales totalled €11.9 billion, with organic growth(1) of +6.5%. In France, organic growth in sales (excluding petrol and calendar) of -0.2% in the second quarter marked an improvement on the first quarter thanks to the business recovery at Géant. Internationally, the Group continued to post very robust organic growth (+10.9% in organic in Q2, +11% in Q1 2014). Lastly, non-food e-commerce business in France and Brazil posted growth in business volumes of +23.9% at Cdiscount and +44.1% at Nova Pontocom in Q2 2014.

 Increase in EBITDA and trading profit on an organic basis in H1 2014

In H1 2014, Group EBITDA stood at €1,353 million, up +9.1% on an organic basis, and trading profit grew by +13.3% to €880 million. The EBITDA margin increased by +17bp and the trading margin rose by +26bp.

In France, after taking into account the deconsolidation of Mercialys, EBITDA and trading profit were down moderately. At Casino, the operational efficiency plans have offset the investments in pricing. Margins remained solid at Monoprix and Franprix. Profitability at Leader Price declined under the impact of the price cuts implemented since Q4 2013.

Internationally, all operations recorded an organic increase in profitability in the first half. Trading profit for the food activities in Latin America increased by +18.4%. Latam electronics business and furniture (Viavarejo) and Asia food retail increased respectively by +34.2% and by +6%.

E-commerce generated EBITDA of €7 million in H1 2014 versus €2 million in H1 2013.

(1) Excluding petrol and calendar effect

 Net underlying profit, Group share, and net financial debt

Net finance costs for the period amounted to €311 million (vs. €309 million in H1 2013) and the income tax expense was €179 million (vs. €192 million). The share of profits of associates was €30 million (vs a loss of €2 million) and now includes Casino’s share of Mercialys results.

Net underlying profit, Group share, came to €176 million, down -8.9%, due mainly to the impact of translation into euro of the results of foreign subsidiaries. Adjusted for exchange rate fluctuations, net underlying profit, Group share, increased by +5.8%.

Net financial debt stood at €7,836 million at 30 June 2014, down by €1,020 million compared with the end of H1 2013. Given the seasonality in cash flows, debt will continue to decrease in the second half.

 Perspectives for the second half of 2014

In the second half of 2014, the Group will pursue its strategy aimed at:

– Rolling out the discount banners

– Strengthening the positioning on premium formats

– Accelerating expansion in convenience

– Becoming a leading player in non-food e-commerce.

Moreover, the Group confirms its targets for 2014:

– A return to positive organic sales growth in France

– Continued strong organic sales growth internationally

– Further trading profit growth in organic terms

– Continued improvement in the financial structure.

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.

APPOINTMENTS

Jean-Jacques CHARHON – Chief Financial Officer

David MOSSÉ – General Counsel

Cnova, a company which combines the e-Commerce businesses of Cdiscount (in France, Latin America, Asia and Africa) and Nova Pontocom (in Brazil), announces the appointments, as of today, of Jean-Jacques CHARHON, as Chief Financial Officer and David MOSSÉ, as General Counsel. As part of his duties, Jean-Jacques Charhon will also be responsible for the relations with investors.

• Jean-Jacques Charhon (49 years-old), a graduate of the Université Libre of Bruxelles (Belgium), previously served as chief financial officer in various international Groups in Europe and in the United States. He began his career in 1989 at Solvay Group as Financial Controller. He then joined Quaker Oats where he had roles of increasing responsibility including Head of Finance of Spillers Petfood France (1993-1997). He then joined General Electric in the United States as Chief Financial Officer of GE Global Exchange Services (1997-2002), then Novartis in Switzerland as Chief Financial Officer of the Consumer Health division (2002-2007). He came back to General Electric in the United States as Chief Financial Officer of GE Healthcare Clinical Systems (2007-2010) and lastly Hewlett-Packard in the United States as Chief Financial Officer and then Chief Operating Officer of HP Enterprise Services (2010-2014).

• David Mossé (41 years-old), a graduate of Duke University and the New York University School of Law, has pursued his professional path entirely in the United States. He began his career in 1997 as a Corporate Associate for Cravath, Swaine & Moore LLP (USA). In 2003, he then joined Triarc Companies, Inc. (USA), a holding company of consumer businesses, as Vice President and Assistant General Counsel and in 2005, the investment management firm Trian Partners (USA) as Senior Counsel, Chief Compliance Officer and Investment Team Member. Since 2010, he held the position of General Counsel and Chief Strategy Officer of Dick’s Sporting Goods, Inc. (USA).

About Cnova 
Cnova is one of the largest global e-Commerce companies and includes the businesses of Cdiscount in France, Colombia, Thailand and Vietnam and Nova Pontocom in Brazil. Cnova offers its over 12.1 million active customers access to a wide assortment of more than 10.4 million product offerings through a combination of attractive pricing and highly differentiated delivery and payment solutions. www.cnovagroup.com

CASINO GROUP

ANALYSTS AND INVESTORS 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 
Aziza BOUSTER – Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Casino Group announced today the signing with Coopérateurs de Normandie-Picardie and Mutant Distribution of a commitment to purchase 63 stores operated under the banners « Mutant Express, Point Coop, C. Express and Le Mutant », in exchange for an exclusivity agreement.

This transaction would enable the Group to develop its convenience stores network in the region Normandie-Picardie. Cumulated sales of the 63 stores were €37 million in 2013.

The information and consultation process with Coopérateurs de Normandie-Picardie’s and Mutant Distribution’s work councils has been initiated.

ANALYSTS AND INVESTORS 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
Aziza BOUSTER – Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

On 4 June 2014, the Board of Directors of Casino, CBD, Via Varejo and Exito approved the principal terms for the creation of a new company Cnova (“Cnova N.V.”, incorporated in the Netherlands). A registration statement has been filed in relation to a potential initial public offering in the U.S. market.

Cnova will be a major global ecommerce player with total gross merchandise volume of US $4.9 billion[2] in 2013, and a presence with the Cdiscount websites in France, Colombia, Thailand, Vietnam, and in Brazil with the websites Extra.com, CasasBahia.com and Pontofrio.com operated by Nova Pontocom, a company mainly owned by CBD and Via Varejo. The success of Cnova will be based on a low-cost business model with attractive pricing, an extensive product assortment and highly differentiated delivery and payment solutions.

Based on the determined exchange ratio, Cnova will be directly owned 46.5% by Casino (including its Colombian subsidiary Exito) and 53.5% indirectly by CBD, Via Varejo and certain founding shareholders of Nova Pontocom.

Cnova will be managed by two co-CEOs (the current CEOs of Cdiscount and Nova Pontocom), who shall alternate as Board member.

Cnova’s initial Board will be comprised of 9 members, including, in addition to one of the Co-CEOs, 3 Directors appointed by Casino, including Jean-Charles Naouri, Chairman and CEO of Casino who will be also appointed Chairman of the Board, 2 appointed by GPA, 1 appointed by Via Varejo, and 2 other Directors who will be independent.

The relationship existing between Nova Pontocom, CBD and Via Varejo will be preserved, notably in the form of an amendment to the Operational Agreement entered into by Nova Pontocom, CBD and Via Varejo, aiming at preserving the commercial relationship and sharing of best practices between these companies, and in the form of a long term trademark license agreement.

At the request of the Boards of Directors and special committees of the companies involved, fairness opinions were provided by Santander for Casino, Crédit Suisse for CBD, Bank of America Merrill Lynch for Via Varejo and Corredores Asociados for Exito.

The Boards of Directors of Casino, Via Varejo and CBD also authorized the filing by Cnova of a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC), in relation to a potential initial public offering in the U.S. market, as well as the implementation, by the companies involved, of the necessary operations to achieve the transaction described above.

Additional Information:

A registration statement relating to the securities of Cnova has been filed today with the U.S. Securities and Exchange Commission but has not yet become effective. You may obtain access to the registration statement by visiting EDGAR on the SEC’s website at www.sec.gov.

These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy ordinary shares of Cnova N.V., nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

1 Historical financial information reported in € has been converted into U.S. Dollars based on the currency exchange rate as of 31 December 2013 of 1.38.

Casino Group announces today a project to create an e-commerce platform combining businesses of Cdiscount in France, Colombia and Asia1, and Nova Pontocom in Brazil (company jointly held by GPA and ViaVarejo).

This transaction would create a major global e-commerce pure-player with total business volumes of $4.1bn2 in 2013. A listing of the combined entity on a U.S. stock market, where many significant internet technology players are listed, is considered in order to accelerate its development and increase its visibility.

The project is studied by the involved companies and will be submitted for approval of their required corporate bodies.

Cdiscount: with business volumes of $2.1bn2 in 2013 (including the marketplace), Cdiscount is a leader of e-commerce in France. Three new websites, under the Cdiscount brand, were launched during the first quarter of 2014 in Colombia, Thailand and Vietnam, relying on the expertise, know-how and knowledge of the Group.

Nova: with business volumes of $2.0bn2 in 2013, Nova is a leading e-commerce group in Brazil. Nova develops an e-commerce offer through pontofrio.com, casasbahia.com.br, extra.com.br, barateiro.com, partiuviagens.com.br and its B2B solutions in particular through eHub.com.br. Nova launched in 2013 the first marketplace in Brazil.

1 Through existing joint-ventures with Exito in Colombia Big C Thailand and Big C Vietnam in Asia.
2 Historical financial information reported in € has been converted into U.S. Dollars based on the average currency exchange rate of the European Central Bank for 2013

ANALYSTS AND INVESTORS 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
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)1 53 70 74 94
glucas@image7.fr

NOTE TO US INVESTORS: This notice is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended. As required by Rule 135, this notice does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. This notice contains forward-looking statements regarding potential future events that are subject to the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, and projections and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “intends,” “plans,” “may,” and “would” and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause actual outcomes to differ materially from those reflected in the forward-looking statements. No assurance can be given that the potential combination or any listing of shares of the combined company will be consummated and consummation of these transactions is subject to many factors, including the approval of the Boards of Directors of Casino, CBD and Via Varejo and the other parties to the potential combination, commercial considerations, market conditions and other factors. In addition, historical financial information included in this notice may not be representative of the combined company’s financial performance following the proposed combination; past performance is not an indication of future results.

Total Group sales of €11.3 billion, organic growth(1) up +6.6%

• In France, total sales of +8.3%
  • Renewed stability of Géant sales(1) thanks to continued strong growth in customer volumes and traffic
  • E-commerce business volume up +13%

Internationally, organic growth(1) of +11% driven by excellent level of growth in Brazil (+13.3%)

Evolution of the Group’s consolidated net sales in the 1st quarter of 2014

In the first quarter of 2014, the Group’s consolidated net sales stood at €11.3 billion, below first quarter of 2013, due to a foreign-exchange effect of -11.6%, mainly linked to the real. At constant forex, sales grew +8.3% at Group level. Excluding scope effect (which has a positive +3.6% impact) and excluding calendar, organic growth was up +6.6%. Average calendar was -0.8% in France and -1.8% internationally.

(1) Excluding petrol and calendar effect: Organic growth is growth at constant scope of consolidation and exchange rates.

(2) 2013 restated net sales, resulting from retrospective application of IFRS 11 (elimination in 2013 of proportional consolidation of the Group’s joint ventures), are shown on page 8. It’s not taken into account in the evolution of this table which are formulated in relation to Q1 2013 as published in 2013. The figures published in 2014 take into account the elimination of proportional integration.

Summary of Q1 2014 trading

In France, growth in Géant food same-store sales(1) (+3.1%) and positive non-food volumes in March; e-commerce business volume up +13% with very strong marketplace development

In France, total sales in Q1 stood at €4,674 million, up +8.3%, mainly due to the effect of the 100% consolidation of Monoprix, and down -1.8% on an organic growth basis(1).

• Same-store sales(1) at the Géant hypermarkets continued to improve and are now stable (vs -2% in T4 2013), buoyed by strong growth in volumes (+7% vs +5.6% in Q4 2013) and traffic (+4.2% vs +2.1% in Q4 2013). Food sales were up +3.1%. Non-food volumes turned positive again in March.
• Casino Supermarket sales were in line with the trend in Q4 2013, reflecting the price cuts. Traffic was up +2.2% and volumes were stable over the period.
• Monoprix sales posted growth of +0.6% on an organic basis excluding petrol and calendar effects.
• Franprix-Leader Price total sales fell due to repositioning of Leader Price price indices and equity accounting of Geimex(2).
• The business volume of e-commerce in France grew by +13% in the first quarter 2014. This growth was provided mainly by strong development of the marketplace, where business grew by +89% in Q1. Ramp-up of the marketplace within e-commerce activities has been fast (it represented 18% of total volumes in Q1 and 21% early April), benefiting from the priority granted in the early phase of deployment.

Internationally, continued strong organic growth(1) driven by Brazil

International subsidiaries posted another quarter of strong organic growth(1) at +11%. Same-store sales excluding calendar effect increased by +6.6% of which +8.7% was in Brazil. Globally, international sales were down -10.1% due to a significant foreign-exchange effect (-18.4%).

• Latin America posted robust organic growth(1) of +12.3%, driven by GPA’s good performance and dynamic expansion in Brazil.
• Organic growth(1) in Asia remained positive at +5.2% despite the macroeconomic and political situation in Thailand.

(1) Excluding petrol and calendar effect.

(2) 50% owned by Casino. Geimex operates the Leader Price brand internationally.

France: banners’ performance – Q1 2014

Sales in France stood at €4,674 million in Q1 2014, up +8.3%.

(1) Excluding petrol and calendar effect: Organic growth is growth at constant scope and exchange rates.

(2) Net sales for Q1 2013 as published in 2013; the lower 2013 net sales, resulting from retrospective application of IFRS 11 (elimination in 2013 of proportional consolidation of the Group’s joint ventures), are shown on page 8. It’s not taken into account in the evolution of this table which are formulated in relation to Q1 2013 as published in 2013. The figures published in 2014 take into account the elimination of proportional integration.

• Géant Casino

The improvement in same-store sales of Géant hypermarkets, excluding calendar effect, began in Q4 2013 and continued during Q1 2014 within sales excluding petrol now stabilised over the period (vs -2% in Q4 2013).
Growth in volumes +7% (vs +5.6% in Q4 2013) and traffic +4.2% (vs +2.1% in Q4 2013) continued to rise in Q1 2014.
Same-store food sales excluding calendar effect were up +3.1%. Non-food volumes turned positive again in March.

• Casino Supermarkets

The change in same-store sales at Casino Supermarkets excluding calendar effect was in line with Q4 2013 (-2.5% in Q1 2014 vs -2.7% in Q4 2013), reflecting price cuts. Traffic was positive, a sequential improvement (+2.2% in Q1 2014 vs +1.1% in Q4 2013), and volumes were stable over the period.

• Proximity

Organic growth excluding calendar effect at Proximity stores was down -6%. The brand pushed ahead with the rationalisation of its store network, including the progressive conversion of Petit Casino stores into Casino Shops and the relaunch of the Spar and Vival franchise networks. Almost all Coop d’Alsace stores are now out of the network.

• Franprix – Leader Price

Same-store sales at Franprix fell -3.7% excluding calendar effect over the quarter. The banner is continuing the rollout of its loyalty card and its store renovation programme. Following the integration of some Norma stores, total sales were down -2.6%.
Leader Price is now the cheapest brand on the market according to independent panellists. Same-store sales excluding calendar effect, which include the full effect of the price cuts initiated at the end of 2013, declined by -9%. Traffic remained negative but improved progressively in Q1 to reach -1.5% in March.
Total sales at Leader Price were down -1.7%. It benefited during the quarter from expansion (46 integrated stores opened).
Total sales at Franprix-Leader Price were impacted by equity accounting of Geimex in 2014 (50% owned by Casino), which operates the Leader Price brand internationally.

• Monoprix

In Q1 2014, Monoprix sales posted growth of +0.6% on an organic basis excluding petrol and calendar effect. This growth was sustained by solid performances from Monop’ and Naturalia. Franchise expansion was vigorous both in France (+5 stores) and internationally (+8 stores).

• E-commerce (Cdiscount and Monshowroom)

The volume of e-commerce business in France grew by +13% in the first quarter 2014. This growth was provided mainly by strong development of the marketplace, where business grew by +89% in Q1. Ram-up of the marketplace within e-commerce activities has been fast (it represents 18% of total volumes in Q1 and 21% early April), benefiting from the priority granted in the initial phase of deployment.

Cdiscount now has 7.8 million offers and 3,750 vendors. Otherwise, Cdiscount now offers over 15,000 collection points in France.

International: performance of international subsidiaries in the first quarter of 2014

International organic growth excluding petrol and calendar effect was up again at +11%, driven mainly by activity in Brazil (+13.3% in Q1 2014).

The change in the average exchange rates had a negative effect of -18.4%, caused mainly by the sharp depreciation of the Brazilian real against the euro since the second half of 2013.

Change in international sales in the 1st quarter of 2014

In Latin America, same-store sales(1) grew by +7.9%, driven by GPA’s solid performance. Organic growth(1) totalled +12.3%, boosted by dynamic same-store sales performance and on-going expansion. Sales converted into euro were down -20.1% mainly due to foreign-exchange effects. An additional impact came from a calendar effect of -1.3% in Brazil (of which -2.4% for GPA Food) and -5.5% in Colombia due to a later Easter, and more particularly for Exito to the shifting of its Anniversary marketing campaign in Q2 this year (vs Q1 in 2013).

• GPA

In Brazil, GPA’s same-store sales excluding calendar effect posted growth of +8.7%.
GPA Food same-store sales excluding calendar effect were up +7%, boosted mainly by strong cash & carry growth (Assai). Buoyant expansion in Q1 2014 saw the opening of 6 Minimercardo, 3 Extra Hyper and 2 Assai stores.
Viaverejo same-store sales grew +3.8% on a high base in Q1 2013.
Nova Pontocom (e-commerce) grew very strongly (+52.6%).

(1) Excluding petrol and calendar effect.
(2) Q1 2013 net sales as published in 2013; 2013 net sales adjusted for retrospective application of IRFS 11 (elimination of proportional consolidation of the Group’s joint ventures) are shown on page 8.

• Exito Group

Organic growth in Exito sales excluding petrol and calendar effect was positive and benefited from expansion, despite equity accounting of Disco. Exito continued to develop its network of affiliate stores, with a total of 379 “Aliados” stores at the end of the quarter. Exito also acquired a shopping mall and opened 6 stores, including 4 Surtimax and 1 Exito Express.
The Cdiscount Colombia website was launched on 29 January 2014.
Exito will publish its Q1 results on 28 April 2014.

In Asia, organic sales growth(1) stood at +5.2%, despite the macroeconomic and political situation in Thailand. Total sales fell -7.1%, after taking into account a negative foreign exchange effect of -11.4%. 
The Cdiscount Thailand and Vietnam websites went live in February.

• Big C Thailand

Big C posted organic growth(1) of +3.3% in Q1 2014 (vs +2.1% in Q4 2013). Expansion was boosted by the opening of 17 Mini Big C stores and the conversion of a Big C hypermarket into a Jumbo store (cash & carry). Same-store sales were down -2.1% excluding calendar effect (vs -4.7% in Q4 2013).

• Big C Vietnam

Big C Vietnam organic sales(1) were up +16.8%, mainly due to a solid performance by the stores opened in 2013.

 (1) Excluding petrol and calendar effect.

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 CONTACTS

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

Appendices

Details and sales evolution

2013 net sales presented below (« Q1 2013 adjusted ») were restated from retrospective application of IFRS 11 eliminating 2013 proportional consolidation. The Group’s joint-ventures are now accounted in equity. The main companies impacted by retrospective application of IFRS 11 and now accounted in equity are:

• In France : Monoprix in Q1 2013, Geimex (Leader Price brand at international) in Q1 2013 and Q1 2014
• In Uruguay : Disco in Q1 2013 and Q1 2014

Q1 2013 restated net sales presented below reduces of €584M compared to published 2013, mainly for €504M for Monoprix, the difference of €79M mainly related to Disco and Geimex.

• Full consolidation of Monoprix as of 5 April 2013
• Deconsolidation of Mercialys as of the 21 June 2013 Shareholders’ Meeting during which the loss of Casino’s controlling interest was established. As of this date, earnings have been accounted for under the equity method.
• Full consolidation of Monshowroom as of 2 September 2013

Main changes in scope within the Franprix-Leader Price group in France following the integrations of regional networks:

• Full consolidation of the DSO as of 1 February 2013
• Full consolidation of CAFIGE as of 1 February 2013
• Full consolidation of GUERIN as of 30 June 2013
• Full consolidation of NORMA stores as of 31 July 2013
• Full consolidation of the MUTANT as of 8 March 2014
• Deconsolidation of Volta 10 as of 30 September 2013

Moreover, the change in GPA’s percentage interest in Viavarejo, which declined from 52.4% to 43.3% at end-December 2013, without a change in control, has no impact on consolidated sales.
Similarly, the change in CBD’s percentage interest in Nova.com in 2013, which increased from 43.9% to 52.3%, and in Viavarejo’s percentage interest in Nova.com, which declined from 50.1% to 44.1%, has no impact on consolidated sales.

Period-end store network: France

* including 3 Serpent Vert stores now shown as Naturalia

Period-end store network: International

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. Similarly, it does not give and should not be treated as giving investment advice. It has no connection with the investment objectives, financial situation or specific needs of any recipient. No representation or warranty, either express or implicit, 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 exercise of their own judgement. All opinions expressed herein are subject to change without notice.