Press

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

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

Monoprix has decided to issue €500m of mandatory convertible bonds. This operation strengthens its capital base and brings long-term resources to finance its development.

The 3-year mandatory convertible bonds will be fully subscribed by Crédit Agricole CIB and will pay a coupon of 6-month Euribor + 5.1%.

Casino has a call option on the mandatory convertible bonds exercisable in part or in full within a period starting in June 2014 and ending in October 2016.

At maturity, the bonds will be reimbursed by newly issued shares of Monoprix, accounting for 21.2% of its capital. These preferred shares will pay an increased dividend. The documentation includes usual protection rights during the life of the bonds and after their reimbursement in shares.

This operation also strengthens the Group’s financial structure.

The closing of the transaction is expected on 27th December.

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

Casino Group has signed an agreement with Mutant Distribution, a subsidiary of Groupe Les Coopérateurs de Normandie-Picardie, concerning the acquisition by Leader Price of 47 Le Mutant discount stores located mainly in southwestern France, and the setup of a partnership with Leader Price through a brand licensing and supply contract covering around 90 similar stores in the Normandy and Picardy area.The stores are currently run under the discount format banner “Le Mutant”.

Those agreements are expected to take effect in the first quarter of 2014.They allow expanding Leader Price’s integrated network in the strategic southwest region and strengthening the attractiveness and presence of the Leader Price banner in Normandy and Picardy through the partnership with affiliates.The 47 stores targeted by the acquisition represented combined revenue of more than €100 million (incl. VAT) in 2012, with strong growth potential, while the future affiliate stores represented over €200 million in revenue (excl. VAT).

The partnership and new acquisition will continue to strengthen Casino’s presence in France’s discount segment, following its acquisition of 38 Norma stores in southeastern France on 31 July 2013.

The acquisition will be subject to the approval of France’s Competition 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
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Casino successfully launched an hybrid bond issue of 750 million euros.

The Notes have a perpetual maturity, with a first call date on January 31st, 2019 and will pay a coupon of 4.87% until this date, with a reset every 5 years thereafter.

The Notes will rank junior to all senior debt and will be recorded as equity (and coupons will be recorded as dividends)pursuant to IFRS. They will also receive an “intermediate” equity content from S&P and Fitch (50% of the Notes will be treated as equity).

The transaction has been very well received by a diversified investor base and benefited from a significant oversubscription.

The issue diversifies the sources of funding of the Group and further strengthens its capital structure.

Deutsche Bank and JP Morgan acted as Global Coordinators; Barclays, Citigroup, Deutsche Bank, JP Morgan, RBS, SGCIB and UBS investment bank acted as Joint Bookrunners.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tél : +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

Q3 2013 sales: Strong growth in Brazil and Recovery of Géant Hypermarkets

• Total Group sales:

• • Acceleration in organic growth* excluding petrol at+6.6%

• • Sales of €11.8 billion, stable given foreign-exchange effects

• Internationally, sustained organic growth excluding petrol at +12.4%,notably driven by excellent performances in Brazil

• In France, over the third quarter:
  • Géant’s traffic and food** volumes have turned positive again(+1.3% and +1.5% respectively)

• • All French banners were in sequential improvement

• Over the 9 months 2013, Group sales totalled €35.5 billion, up +22.1%

Evolution of the Group’s consolidated net sales in the 3rd quarter of 2013

In the third quarter of 2013, the Group’s consolidated sales remained stable at €11,777m compared to the third quarter of 2012. Changes in scope, particularly the full consolidation of Monoprix, had an impact of +3.8%, while foreign exchange rates had an impact of -9.9%. Average calendar effect was +0.7% in France and -0.1% internationally.
Over the 9 months 2013, the Group’s consolidated sales totalled €35.5 billion, up +22.1%.

*organic growth is growth at constant scope of consolidation and exchange rates

** FMCG

In France, activity was marked by improved traffic and food volumes at Géant, where they both became positive again

In France, organic growth excluding petrol was in line with previous quarters at -2.9% during Q3 2013. Total sales were €5,043 million, growing by +8.1%.

• Géant and Casino Supermarkets sales improved markedly compared to Q2. Géant’s traffic and food volumes were positive (+1.3% and +1.5% respectively). In Casino supermarkets, traffic also became positive again (+0.6%).
• All French banners posted higher sales compared to the second quarter.
• Cdiscount’s growth, which was higher than the market average, remained satisfactory with business volume up by +14.3% thanks to the marketplace and net sales growth.

Internationally, organic growth in all Group markets was very strong (+12.5% excluding petrol and calendar effect) and accelerating compared to previous quarters

International subsidiaries posted another quarter of strong organic growth at +12.5% excluding petrol and calendar effect. Organic growth was particularly strong in Brazil, due to the combined effects of strong same-store sales and rapid expansion. When translated in euros, international sales were €6,734 million (-5.2%) given unfavourable foreign-exchange effects.

• Latin America posted strong organic growth of +13.5% excluding petrol and calendar effect, up compared to Q2 2013 (+10.3%), driven by strong performance of stores in Brazil and the dynamic expansion of cash-and-carry in Brazil and discount formats in Colombia.
• Organic growth in Asia, excluding petrol and calendar effect, was very robust at +8.5%, due to rapid expansion in Thailand and Vietnam.

FRANCE: SALES ANALYSIS – Q3 2013

Sales in France came to €5,043 million in the third quarter of 2013, up +8.1%

* Excluding petrol and calendar effect

• Casino France

Although price cuts had greater impact in Q3 2013 than in Q2 2013, Géant and Casino supermarkets sales rose significantly over the third quarter.
Géant Casino same-store salesimproved markedly in Q3 2013 compared to Q2 2013 (-4.7% versus -7.8% excluding calendar effect). During the quarter, its traffic and food volumes (FMCG) were positive (+1.3% and +1.5% respectively). This trend was confirmed as traffic rose by +2.4% and food volumes by +7.7% over a four-week period ending on 14 October.
Casino supermarkets same-store sales also improved in Q3 2013 compared to Q2 (-5.5% versus -6.3% excluding calendar effect). Over the quarter, traffic was positive (+0.6%) This trend was also confirmed as traffic and food volumes were both positive (+0.4% and +1% respectively) over a four-week period ending on 14 October.
Proximity sales almost stabilised, declining by -0.8% on an organic basis excluding calendar effect, versus -3.3% in Q2 2013.
Cdiscount business volume continued to grow significantly by +14.3% in Q3 2013, driven by the marketplace, which now accounts for 14% of business volume, and by net sales, which rose by +7.1%, remaining above the market average.
The marketplace now has 4.5 million offers available.
Cdiscount relies on a network of 14,000 pick-up points.
13% of site sales were made via smartphones or tablets at the end of Q3 2013.

• Franprix – Leader Price

Total Franprix-Leader Price sales posted an increase of +2.3% thanks to the continued expansion of the network with the consolidation of Norma stores and master franchises.
Leader Price same-store sales excluding calendar effect declined by -2.6%, in sequential acceleration compared to Q2 2013 (-3.4%).
Over the quarter, Franprix same-store sales fell by -1.8% excluding calendar effect (versus -2% in Q2 2013).

• Monoprix

Sales at Monoprix rose +1.6% on an organic basis excluding petrol and calendar effect in Q3. Food sales were well-oriented, while the performance of the banner’s smaller formats (Monop’, Naturalia and Beauty) was particularly satisfying. Expansion was dynamic with the opening of 9 stores during the quarter.

Reported sales for international operations fell by -5.2%, taking into account the impact of unfavourable foreign-exchange rates (-16.5%).
Organic growth was very robust at +12.5% excluding petrol and calendar effect, an acceleration compared to previous quarters, driven by strong performance in Latin America and Asia. This illustrates the very strong performance of the Group’s major subsidiaries.

Latin American same-store sales grew by +9.6%, excluding petrol and calendar effect, a strong increased compared to Q2 2013 (+6.7%) reflecting notably GPA’s solid performance in Brazil. Organic growth totalled +13.5% excluding petrol and calendar effect (versus +10.3% in Q2), boosted by ongoing rapid expansion.

• GPA in Brazil

In Brazil, GPA posted same-store sales excluding petrol and calendar effect up +12%, up from Q2 2013 (+10.1%).
In the food segment, all GPA banners performed well. GPA Food same-store sales rose by +8.9%*. Assaí’s performance was particularly remarkable. Expansion was marked in Q3 2013 with the opening of 12 Minimercado, 2 Assaí and 1 Pão de Açúcar stores.
In the non-food segment, Viavarejo same-store sales continued to grow very strongly at +15.4%. E-commerce performed extremely well, driven by the successful sales strategy of Nova’s websites. Three Ponto Frio and two Casas Bahia opened over the quarter.

*as a reminder, GPA releases gross sales

• Grupo Exito

Against a backdrop of softening consumption, Exito’s organic growth continued in the 3rd quarter due notably to the expansion in Colombia and overall solid performance in Uruguay. Surtimax’s market share rose during the quarter thanks to the expansion on this discount format. Exito also increased the share of its activities that complement its retail business – particularly commercial real estate.
Exito’s Q3 earnings will be released on 24 October 2013.

In Asia, same-store growth excluding calendar effect totalled +0.6%. Organic sales growth excluding calendar effect maintained a high level of +8.5%.

• Big C Thailand

Big C posted organic sales growth excluding calendar effect of +6.9%, despite a backdrop of softening consumption.

• Big C Vietnam

Big C Vietnam’s organic growth continued, due in particular to the opening of a hypermarket and shopping mall, bringing the total number of hypermarkets to 25.

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

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 herein are subject to change without notice.

Appendices

Main changes in the scope of consolidation

• Full consolidation of Monoprix since 5 April 2013
• Deconsolidation of Mercialys on 21 June 2013, the date of the Annual General Meeting during which Casino’s loss of control was noted. As of this date, results have been accounted for using the equity method.
• Full consolidation of DSO and CAFIGE into Franprix-Leader Price from 1 February 2013
• Full consolidation of PFD (FABRE) into Franprix – Leader Price from 31 December 2012
• Full consolidation of HDRIV (RIVIERE) into Franprix – Leader Price from 1 December 2012
• Full consolidation of NORMA into Franprix – Leader Price from 31 July 2013
• Full consolidation of GUERIN into Franprix – Leader Price from 30 June 2013
• Full consolidation of Monshowroom from 2 September 2013