Press - 2014

On 4 April 2014, Casino acquired 8,907,123 preferred shares of GPA after exercising a call option that was purchased in July 2012 from a financial institution and exercisable any time before 30 June 2014.

After completion of this deal, Casino’s share of interest in GPA’s equity increases from 38% to 41.4%, without any evolution in the total economic exposure of 46.5% (which takes into account the other derivative instruments).

This deal will be accretive on Group’s adjusted eps from 2014.

ANALYSTS AND INVESTORS CONTACTS
Régine GAGGIOLI – Tél : +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

IR_Casino@groupe-casino.fr
+33 (0)1 53 65 64 18

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

The Casino group releases its 2013 consolidated financial statements. They are available on the Group’s website:

http://old.groupecasino.axome.cc/IMG/pdf/2013_Consolidated_financial_statements.pdf

The Casino, Guichard-Perrachon 2013 Registration Document will be released to the AMF at the beginning of May.

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

Casino has announced today the signing of a 5-year confirmed credit facility for an amount of EUR 1.2bn with a group of 18 banks: Bank of Tokyo-Mitsubishi, CréditAgricole Corporate and Investment Bank and RBS (coordinating banks), Banco Santander, Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Commerzbank, GroupeCréditMutuel – CIC, Deutsche Bank, HSBC, ING, JPMorgan, La BanquePostale, Natixis, SociétéGénérale, Sumitomo Mitsui Banking Corporation.

Casino also benefits from two one-year extension options which remain subject to banks approvals.

This credit line refinances the existing 5-year EUR 1.2bn facility signed in August 2010.

This transaction strengthens the group’s liquidity and extends the average maturity of Casino’s confirmed lines from 2.6 years as at end of December 2013 to 4.3 years today.

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

The tender offer launched on Friday 21 February 2014 allows Casino to buyback respectively €214m and €336m of bonds maturing in April 2016 and in February 2017.

Purchased bonds in the context of this transaction will be cancelled on 7 March 2014.

After this transaction, the principal amount of these two bonds will be reduced to €386m for the bond maturing in April 2016 and to €552m for the bond maturing in February 2017.

This tender offer, together with the new 10-year bond issue of €900m launched on Friday 21 February, enables to extend the average maturity of Casino’s bond debt to 5.4 years today from 4.8 years as of end of December 2013.

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

BNP Paribas, Citigroup, CréditAgricole Corporate and Investment Bank, HSBC, ING, Mitsubishi UFJ Securities International and Natixis acted as deal managers of this transaction.

 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
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 €900 million. This bond, which will pay a coupon of 3.248%, has been significantly oversubscribed by a diversified investor base.

Casino also announced today a tender offer for bonds maturing in April 2016 and February 2017 for an amount to be determined at Casino’s discretion. Tender offer results will be known on 28 February 2014.

Proceeds from the new issuance will finance the tender offer and strengthen the Group’s liquidity.

These transactions will enable Casino to lengthen its bond debt maturity profile.

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

BNP Paribas, Citigroup, Crédit Agricole Corporate and Investment Bank, HSBC, ING, Mitsubishi UFJ Securities International and Natixis acted as joint bookrunners and deal managers of these transactions.

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

Increased activity in France
Strong international growth
Strong net underlying profit group share growth

Sharp increase in the Group’s activity and earnings:

• Annual sales: €48.6bn, up by +15.9%
• Trading profit of €2,363m, up by +18.1%
• Underlying net profit: €618m (+9.7%)

Increased activity in France: total sales up by +5.7%

• Géant hypermarkets sales recovered and competitiveness improved significantly
• Strong dynamism of Cdiscount
• Sustained expansion among the convenience formats

Excellent performance internationally

• Buoyant organic growth (+11.9% ), particularly in Brazil, (excluding petrol and calendar effect)
• Very strong operating profit for all subsidiaries

Solid financial structure and dividend increase

• Net debt/EBITDA ratio fell to 1.62x
• Dividend of €3.12 recommended at the Annual General Meeting, up +4%

Jean-Charles Naouri, Chairman and Chief Executive Officer of Casino Group, stated: “In 2013, with the effective control of GPA in Brazil and of Monoprix in France, two key structuring assets, the Group continued its strategic shift under excellent conditions and also strengthened its financial structure. The Group’s banners improved their positions in France and internationally. In 2014, the continued implementation of the strategy focusing on buoyant countries and formats, in combination with disciplined Group management, gives us confidence in our prospects for growth and profitability.”

The 2013 consolidated financial statements were approved by the Board of Directors on 17 February 2014. The Statutory Auditors have completed their audit and are in the process of issuing their report.

Key Figures

In France, the year was marked by a recovery of activity, with a return to positive volumes and traffic at the Géant hypermarkets and Casino supermarkets. The expansion of the discount store network accelerated with the takeover of some Franprix – Leader Price master franchises and the acquisition of Norma and Le Mutant stores. Finally, e-commerce developed rapidly, supported by the success of the marketplace.

Internationally, the Group’s banners performed extremely well. In Brazil, business and earnings showed robust growth in the three businesses – food, electronics and e-commerce – with sustained expansion and market share gains. The other subsidiaries maintained high margins. Finally, the Group’s subsidiaries gained market share through dynamic expansion.

The Group recorded robust organic growth in 2013 (+5.7% excluding petrol and calendar effect), driven by a continuously buoyant international environment, and the recovery of Géant hypermarkets and e-commerce growth in France.

Trading profit increased by +18.1%.

Internationally, the Group’s trading profit rose by +32.6% and benefited from the very strong performance of subsidiaries’ operations, notably in Brazil.
In France, Monoprix was fully consolidated as of 5 April 2013 and Mercialys was accounted for under the equity method starting on 21 June 2013. Excluding Mercialys contribution, trading profit in France is slightly higher than in 2012.

The Group’s trading margin was 4.9%, up by +9bp.

Due to a decrease in non-recurring income, net profit, Group share was €853m (vs. €1,065m in 2012).

Underlying net profit, which measures recurring profitability, grew by +9.7% to €618m.

Increased activity in France

In France, total sales were up in 2013 (+5,7%) boosted by trends that were noticeably improving for Géant hypermarkets and Casino supermarkets at the end of the year, the full consolidation of Monoprix, the expansion of convenience formats and the strong dynamism of e-commerce.

• In 2013, Géant Casino hypermarkets’ annual sales fell (-6.3% on an organic basis, excluding petrol and calendar effect) due to significant price cuts. The new price positioning is now very competitive. Same-store food* sales excluding calendar effect demonstrated strong sequential improvement (+0.8% in Q4 2013 vs. -7% in Q4 2012) thanks to improved traffic and volumes (+1.9% and +8.1% in Q4 2013). Non-food activities also improved.
• Casino supermarkets sales (-4.4% on an organic basis excluding petrol and calendar effect) showed positive trend at the end of 2013 with volumes and customer traffic turning positive during H2 following price cuts. The banner continued implementing action plans aimed at increasing its appeal: quality in fresh goods, food selection and service in stores.
• Proximity sales decreased by -2.3% on an organic basis (excluding petrol and calendar effect) compared to 2012. In 2013, the banners continued to open new points of sale in high-traffic areas (train stations, airports, motorways, etc.) The network is rolling out its commercial revival in various integrated and franchised networks.
• E-commerce (Cdiscount and Monshowroom) continued its highly sustained growth with Cdiscount’s total business volume up by +16.1% over the year, including
  the marketplace (16% of the site’s business volume at the end of December 2013, with 5.5 million offers and 2,800 vendors).
• Leader Price sales were up by +5.3%, notably boosted by the acquisition of 38 Norma stores. Lower same-store sales (excluding calendar effect) by -3.7% were due to price cuts and a decrease in promotional activities at the end of the year. After this significant price repositioning, the banner is now the least expensive on the market, both for private label and national brand products, according to an independent panel.
• Franprix’s performance dropped slightly in 2013 (sales fell by -1.8% on an organic basis, excluding calendar effect). In 2013, the banner continued its expansion in various formats and its transformation of stores to the new concept.
• Monoprix’s sales were robust in 2013, increasing by +1.4% on an organic basis (excluding petrol and calendar effect), thanks to improved same-store food sales, an acceleration in e-commerce and continued expansion in all formats, notably Naturalia. Monoprix’s profitability also grew.

* FMCG

Strong organic growth

Internationally

International activities reported very strong growth for the year (+11.9% on an organic basis excluding petrol and calendar effect), supported by organic development that grew at a steady, sustained pace in all markets. The Group also benefited from scope effects related to GPA’s full consolidation in Brazil in July 2012.

• In Latin America, sales increased by +13.1% on an organic basis (excluding petrol and calendar effect, vs. +9.4% in 2012).
  • In Brazil, GPA posted excellent performance once again, with fast-growing same-store sales excluding calendar effect for GPA Food (+10.4% in 2013), which was much faster than inflation. Increased sales were driven by the performance of the discount and convenience banners Assaí and Minimercado, which continued to expand at a sustained pace (openings of 59 Minimercado Extra and 14 Assaí stores). In non-food, Viavarejo’s same-store sales were very robust (+10.1% in 2013) and its profitability improved. Finally, GPA sales also benefited from e-commerce’s excellent performance (+30% in 2013), sustained by changes to the pricing strategy, improved services and the development of the marketplace.
  • In Colombia and in Uruguay, the Exito Group performed well during 2013 in a slowing macroeconomic environment thanks to its multi-banner strategy. Organic sales growth was +3.5% (excluding petrol and calendar effect). Expansion was rapid, focusing on convenience and discount formats, which continue to gain market share: 276 Surtimax affiliates (“Aliados”) were opened in 2013. On 10 February 2014, the Group announced the signing of an agreement to acquire 19 stores and operate 31 other stores which are subject to a call option from the Super Inter banner, strengthening the Group’s exposure in two key Colombian regions. The EBITDA margin rose slightly to +8.5%.
• Asia reported strong organic growth (+7.5% excluding petrol and calendar effect) thanks to robust performance in Thailand and Vietnam. Its operating margin remained very high at 7.4% vs. 7.1% in 2012.

• In Thailand, Big C’s sales rose by +6.7% on an organic basis (excluding petrol and calendar effect) in an environment of slowing consumption and political tensions at the end of the year. In 2013, the Group sped up its expansion in all formats, opening 6 hypermarkets and adjacent shopping centres,
  12 supermarkets, 41 Pure and 153 MiniBigC stores. The EBITDA margin grew (10.5% at end-2013 vs. 10.3% in 2012).
• In Vietnam, organic growth was very strong over the year in an improving macroeconomic environment. The Group continued its expansion with the opening of four hypermarkets and adjacent shopping centres during the year: the banner now operates 25 hypermarkets and 10 convenience stores.

Strengthened financial structure

In a year marked by significant investments including the acquisition of a 50% stake in Monoprix, Casino Group’s financial structure was improved in 2013 thanks to continued strong cash flow generation and financial operations strengthening the equity (notably the issue
of a hybrid perpetual bond and the issue of Monoprix’ mandatory convertible bonds).

Net financial debt stood at €5.416 billion, a slight decline from 2012. The Net Financial Debt / EBITDA ratio fell to 1.62x, compared to 1.91x at end-2012. Casino Group is rated BBB-Outlook Stable by S&P and Fitch Ratings.

At the Annual General Meeting on 6 May 2014, Casino will recommend a dividend of €3.12 per share. The dividend will be paid on 14 May 2014 with an ex-dividend date of 9 May 2014.

2014 perspectives

At the end of 2013, the Group’s profile was profoundly transformed with the strengthening of its portfolio and an excellent geographical mix. Over the years, Casino Group has primarily developed in sectors and formats which address current consumption trends.

In 2014, Casino Group will continue and accelerate its strategy for all of its markets, and roll-out itsdiscount banners, strengthen its position in premium formats, pursue
its expansion in the convenience formats and develop non-food e-commerce.

In 2014, the Group sets the following objectives:

• Return to positive organic sales growth in France
• Continued strong organic sales growth internationally
• Further trading profit growth in organic terms
• Continued improvement of the financial structure

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

Financial calendar 
14 April 2014
(after the close of trading): 2014 first quarter sales
06 May 2014
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, 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 judgement. All opinions expressed in this material are subject to change without notice.

Simplified 2013 balance sheet

2013 Results

Underlying net profit

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 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.

Exito, a Casino subsidiary, announced the signing of an agreement to acquire and operate 50 stores of the Colombian company Super Inter. Exito will acquire 19 stores in 2014 and will operate the 31 remaining ones, which are subject to a call option exercisable in 2015.

Created in 1992, Super Inter is an independent retailer located in the Cali and Coffee regions, with 2013 estimated sales of around 425 M$.

This operation will consolidate Exito’s leadership in Colombia, expanding its footprint in these two regions. The transaction will also further accelerate Exito’s development in the discount format through an additional brand that will complement Exito’s current discount format Surtimax.

The transaction will be financed out of Exito’s existing cash balance resources and will be accretive to Exito’s net earnings from the first year. The execution of the transaction is subject to the approval of the Colombian antitrust authority.

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

Launching of 3 new websites under the Cdiscount brand in Thailand, Vietnam and Colombia

The e-commerce activities of the Group are taking a new step with the launch of three new websites under the Cdiscount brand in Thailand, Vietnam and Colombia.

Relying on the expertise, know-how and knowledge of the e-commerce market gained through its brand Cdiscount, leader in France, Casino Group has decided to launch three new websites under the Cdiscount brand in partnership with its subsidiaries Big C in Thailand and Vietnam and Exito in Colombia.

These activities will complement the existing websites of its international subsidiaries and will thus allow to eventually build a strong position in markets where e-commerce is initiating its growth.

These websites will also rely on the know-how and networks of local banners leaders in their markets, Big C in Thailand and Vietnam and Exito in Colombia, and capitalize on the expertise that made the success of Cdiscount in France :

• a purchasing power allowing to offer a wide range of products (technical products, computers, phones, home appliances, homeware, toys, baby products, fashion and beauty…) at the best prices,
• a dense network of stores allowing a multichannel approach,
• a marketing adapted to local specificities.

For over 10 years, Cdiscount, the leader of e-commerce in France with a business volume of € 1.6 billion (including marketplace), has successfully deployed its multichannel approach and an innovative business model that offers the cheapest prices on the market. This business model relies upon :

• a broad and diversified offer together with a marketplace which successfully extends the product assortment of the website with offers from merchant partners. This activity now represents 16% of its business volume, 5.5 million offers and 2,800 sellers,
• new services such as the payment in stores and mobile applications and websites,
• a distribution network of more than 14,000 pick-up points.

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

2013 annual net sales of €48.6bn, up +15.9%

• Up +5.7% on an organic basis*
• Strong international growth (up +11.9%*), particularly in Brazil
• Total sales in France up +5.7% with the integration of Monoprix and the recovery of Géant

Fourth-quarter net sales: acceleration in organic growth, +8.5%*

• Internationally, excellent performance, up (+14%*) relative to previous quarters, driven by Brazil
• In France, continued sequential improvement in sales (-1.4%* in Q4 vs. -3.6% in Q3) with traffic and volumes now positive both at the Géant hypermarkets and in the Casino Supermarkets.

After sustained organic growth and expansion throughout 2013, Group net sales are now approaching €49 billion.

In the fourth quarter of 2013, the Group’s consolidated net sales were up compared to the fourth quarter of 2012, standing at €13.1 billion. Changes in scope, particularly the full consolidation of Monoprix, had an impact of +3.9%. Foreign exchange rates had an impact of -9.2%. Average calendar effect was -0.7% in France and -1.3% internationally. On an organic basis, excluding petrol and calendar effect, sales grew +8.5% (compared to +6.5% in Q3).

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

Q4 2013 Sales

In France, the quarter’s activity was characterised by an improvement in customer traffic and higher volumes sold at both Géant and in the Casino supermarkets and by Monoprix’s robustness

In France, organic growth excluding petrol and calendar effect improved compared to previous quarters at -1.4% (-3.6% in Q3 2013).
Total sales were €5,249 million, growing by +10.3% owing to the takeover of Monoprix and the expansion of convenience formats.

• Géant and Casino Supermarkets sales continued sequential improvement relative to Q3. As the banners are enjoying excellent price indices, traffic and volumes are positive at Géant and in Casino supermarkets for the second quarter in a row.
• Food sales* were positive over the quarter at Géant, with volumes excluding calendar effect posting a sharp growth of +8.1%.
• The performances of the Monoprix and Franprix convenience-store banners were in line with previous quarters.
• Leader Price total sales rose +1.8%. They were down on a same-store sales basis due to price cuts that began during the period and the reduction in the promotional activity.
• Cdiscount growth of +10,2% showed improvement over Q3. Total business volume (including the marketplace) rose +15.8% thanks to the development of the market place. Finally, volumes (number of items sold) including the marketplace were up +19.6%.

Internationally, strong organic growth (+14% excluding petrol and calendar effect), accelerating compared to Q3 (+12.5%), driven by the activity in Brazil.

International subsidiaries posted another quarter of strong organic growth at +14% excluding petrol and calendar effect. Organic growth was particularly strong in Brazil under the combined effects of excellent same-store sales, in particular very good “Black Friday” performance, and rapid expansion. In euros, international sales fell to €7,853 million, down-3% due to unfavourable foreign-exchange effects.

• Latin America posted robust organic growth of +15.8% excluding petrol and calendar effect, up from Q3 2013 (+13.5%), driven by solid performance of food and non-food stores in Brazil and the rapid expansion of cash-and-carry in Brazil and discount stores in Colombia. In the non-food segment, growth reported by Viavarejo and Nova.com was very significant again.
• Organic growth in Asia excluding petrol and calendar effect was buoyant at +3.3%, thanks to sustained expansion in Thailand and Vietnam.

* FMCG

FRANCE: SALES ANALYSIS – Q4 2013

Sales in France came to €5,249 million in the fourth quarter of 2013, an increase of +10.3%.

* Excluding petrol and calendar effect

• Casino banners

Géant and Casino Supermarkets sales rose markedly over the fourth quarter compared to Q3, boosted by positive traffic and food volumes trends following the price cuts.
According to all panels, Géant’s price index is now highly competitive for national-brand, private-label and entry-price products. Géant same-store salesimproved markedly in Q4 2013 compared to Q3 (-2%* versus -4.7%*). Over the quarter, traffic was positive at +1.9%. Food volumes were up sharply (FMCG, +8.1%) and food sales are now positive (+0.6%).
Although still negative, the non-food segment continued to improve.

Same-store sales at Casino Supermarkets also showed noticeable improvement in Q4 2013 compared to Q3 (-2.7%* vs -5.5%*), with positive traffic and food volumes (+1% and +1.2%).
Proximity sales declined by -3% on an organic basis excluding calendar effect. The banner is continuing to streamline its network of stores.

• Cdiscount

Cdiscount’s business volume (including the marketplace) continued to grow significantly, up +15.8% in Q4 2013. The market place now accounts for 16% of total business volume, with 5.5 million offers and 2,800 vendors. Volumes (number of items sold) were up +19.6% in Q4, including the market place. Cdiscount sales rose +10.2%, driven by sales via mobile devices.
Cdiscount relies on a retail network of more than 14,000 pick-up points in France.

• Franprix – Leader Price

Total Franprix-Leader Price sales were up +0.3%.
Over the quarter, Franprix same-store sales fell by -2.4% excluding calendar effect (vs. -1.8% in Q3 2013). Expansion has recovered and the conversion of the stores to the new concept continues. The customer loyalty card is now deployed network-wide.
Total sales at Leader Price were up +1.8%, thanks to the integration of Norma stores and the consolidation of master franchisees. The banner’s same-store sales were down -7.6%, excluding calendar effect, under the combined effects of falling prices and a lower promotional activity during the period. In light of these investments, the price indices of Leader Price place the banner as the least expensive on the market both in terms of private label and national brands according to the findings of an independent panel over the first week of January 2014.

• Monoprix

Sales at Monoprix rose +0.9% on an organic basis excluding petrol and calendar effect in Q4. Food sales continued to move in the right direction, benefiting from the solid performance of Monop’ and Naturalia. Expansion was sustained, with 16 stores opened during the quarter, including 14 small formats (Monop’, Naturalia and Beauty). In total, the banner opened 40 stores over the period.

* Excluding petrol and calendar effect

INTERNATIONAL: SALES ANALYSIS – Q4 2013

International organic growth was very strong at +14% excluding petrol and calendar effect, accelerating compared to previous quarters. It was driven by excellent same-store sales performance in Brazil and expansion in Asia.
Foreign exchanges rates had a negative effect of -14.6% on International net sales, which fell -3%.

Change in International sales in the 4th quarter of 2013

In Latin America, same-store sales excluding petrol and calendar effect grew by +11.9%**, a strong increase compared to Q3 (+9.6%), reflecting GPA’s solid performance in Brazil. Organic growth totalled +15.8% excluding petrol and calendar effect (versus +13.5% in Q3), boosted by same-store sales performance and ongoing rapid expansion.

• GPA in Brazil

In Brazil, GPA posted sharp growth in same-store sales of +14.2%, excluding petrol and calendar effect (vs. +12% in Q3 2013).
In the food segment, GPA Food same-store sales grew by +11%*, at a rate higher than inflation. The Group’s banners were boosted by successful commercial operations, including the “Black Friday”, and the anniversary of the cash & carry banner, Assaí. Q4 2013 expansion was sustained, with the opening of 12 Minimercado, 6 Assaí, 4 Extra and 2 Pão de Açúcar stores and continuing commercial real estate development, with the opening of Conviva Minas shopping centre (10,000 m2) in Belo Horizonte.
In the non-food segment, Viavarejo (excluding Nova.com) same-store sales growth was very strong, up +9.8%, driven notably by the success of the Black Friday commercial initiatives and by government programmes for consumers. E-commerce performance (Nova.com) posted further strong growth of +32.6%, boosted by the roll-out of free delivery. 1 Ponto Frio and 23 Casas Bahia stores were opened over the quarter.

* As a reminder, GPA releases gross sales.
** In place of same-store growth excluding petrol of +10.6% and same-store growth excluding petrol and calendar effect of +12%, as released on 14 January 2014.

• Grupo Exito

Against a backdrop of lower inflation and progressive improvement in consumer confidence, Grupo Exito’s organic growth continued in the fourth quarter under the impacts of Colombian expansion and overall solid performance in Uruguay. Surtimax’s market share rose again this quarter and the banner continued the rapid development of an independent franchisee network (“Aliados”). Exito also pursued the development of its activities that complement its retail business, particularly commercial real estate and credit activities.

In Asia, organic growth excluding calendar effect was still very significant at +3.3% due to the sustained pace of expansion. Same-store sales growth, excluding calendar effect, was down -4.4% due to the macroeconomic and political environment in Thailand.

• Big C Thailand

Big C posted same-store growth of -4.7%against a backdrop of lower consumption and political tensions. Organic growth excluding the calendar effect came out at +2.1%, driven by expansion over the quarter that included the opening of a hypermarket, a commercial gallery, 5 supermarkets and 31 Mini Big C stores.

• Big C Vietnam

Against a backdrop of improving macroeconomic conditions – particularly with decelerating inflation – Big C Vietnam sales were up +13.2% on an organic basis (excluding calendar effect). The Group enjoyed notably solid commercial galleries performances.

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

Appendices

Main changes in the scope of consolidation

• 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

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

• Full consolidation of the DSO and CAFIGE networks as of 1 February 2013
• Full consolidation of PFD (FABRE) network as of 31 December 2012
• Full consolidation of HDRIV (RIVIERE) as of 1 December 2012
• Full consolidation of NORMA stores as of 31 July 2013
• Full consolidation of the GUERIN network as of 30 June 2013
• 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, without a change in control, has no impact on consolidated sales.
Similarly, the change in CBD’s percentage interest in Nova.com, 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.

Exchange rates

Period-end store network: France

Period-end store network: International