Casino, Guichard-Perrachon SA

Earnings Release • Feb 25, 2022

2021 FULL-YEAR RESULTS

AND FOURTH QUARTER 2021 NET SALES

Friday, 25 February 2022

Friday, 25 February 2022▪1

2021 RESULTS

Repositioning of the Group on buoyant formats in all geographies

Both 2020 and 2021 were shaped by the pandemic, which affected the Group's geographies and formats in different ways depending on the period. Over one year: Consolidated net sales amounted to €30.5bn, down -0.8%¹ year on year, including a -5.4% decline for France Retail due to the impact of the health crisis on the Paris region and tourist areas, a stable performance for Cdiscount, and growth of +2.7% in Latin America. EBITDA came out at €2,527m, including €1,281m² for the French retail banners³ (-1.7% vs. 2020), €106m for Cdiscount (-18% vs. an exceptionally high comparison basis in 2020), and €1,035m in Latam (excluding tax credits), up +9% at constant exchange rates. Over two years (i.e. compared to the pre-Covid period), the Group benefited from the positive effects of its transformation plans: In France, the retail banners' EBITDA margin rose +83 bps thanks to efficiency plans (stable EBITDA despite the health-crisis-induced drop in sales). At Cdiscount, deep transformation of the business model towards a margin accretive mix (marketplace, digital marketing and B2B) with EBITDA improving +54%. In Latam, net sales rose +15% and EBITDA jumped +29%⁴ . The Group is now well positioned in all of its geographies: In France, repositioning in formats adapted to new consumer trends (premium, convenience and Ecommerce) In Latin America, following two major transactions (Assaí spin-off and sale of 70 GPA hypermarkets to Assaí), the Group now has well-adapted assets ready to accelerate growth in their respective markets. At end-2021, consolidated net debt stood at €5.9bn (vs. €4.6bn at end-2020 and €5.7bn at end-2019). In France, the pace of the disposal plan slowed due to the pandemic. Disposals worth €400m have been secured since January 2021, with the bulk of the proceeds to be collected in 2022. In this context, reflecting the transitional factors linked mainly to the Group's repositioning in France, net debt for the France Retail scope⁵ totalled €4.4bn at end-2021 vs. €3.7bn one year earlier.

The Group is now aiming to complete the final €1.3bn of its €4.5bn disposal plan by the end of 2023.

In order to prioritise debt reduction, the Board of Directors will recommend to the 2022 Annual General Meeting not to pay a dividend in 2022 in respect of 2021.

In France

France Retail

The Group's key geographies, such as Paris and south-east France, were particularly hard hit by the 2020- 2021 health crisis (decline in customer traffic and tourist numbers, restricted access to stores). The retail banners' net sales³ totalled €14.1bn, with same-store sales improving sequentially quarter on quarter to -3.0% in Q4 (+1.3 pt vs Q3) and -1.6% on the last four weeks⁶ (+1.4 pt vs Q4). Franprix-Convenience gross sales under banner were up +2.5% in Q4 and +5.1% in February⁶ driven by expansion with franchise.

	Same store sales				Gross sales under banner
	Q3 2021	Q4 2021	4weeks to 20 Feb6		Q3 2021	Q4 2021	4weeks to 20 Feb6
Monoprix	-4.1%	-2.8%	-3.4%	Franprix	-2.5%	-0.2%	-1.0%
Supermarkets	-2.7%	-3.3%	-2.2%	Convenience	+5.0%	+5.0%	+10%
Franprix	-3.6%	-2.0%	-1.8%	Franprix and Convenience	+2.1%	+2.5%	+5.1%
Convenience	-1.3%	-0.7%	+5.9%
Hypermarkets	-8.5%	-4.7%	-1.5%
FRANCE RETAIL	-4.3%	-3.0%	-1.6%

¹ Same-store growth

⁶ 4 weeks to 20 February 2022

² See press release dated 28 January 2022

³ France Retail excluding GreenYellow, real estate development and Vindémia (sold on 30 June 2020)

⁴ At constant exchange rates, excluding tax credits

⁵ Net debt excluding the impact of IFRS 5, and excluding GreenYellow

• › In this environment, the Group has undergone a deep transformation and is now refocused on the most buoyant formats (premium, convenience and e-commerce), which now represent 76% of sales (+16 pts vs. 2018). Expansion picked up in high-growth formats: (i) convenience stores (more than 730 stores opened since January 2021) and (ii) e-commerce up +15% (vs. +6% for the market¹ ), including +48% for home delivery (vs. 25% for the market¹ ).
• › The Group pushed ahead with its omnichannel innovation strategy:
  • New customer services: subscriptions (210,000 by end-2021, representing a two-fold increase over one year), digitalised customer journey, personalised deals and Tesla charging stations;
  • Rollout of best-in-class artificial intelligence technology solutions in stores and logistics activities (partnerships with Google Cloud, Amazon Web Service, Belive.ai);
  • Strengthening of partnerships with major e-commerce players (Ocado, Amazon and Gorillas).
• › The cost savings plans implemented during the period reduced the cost base and sustainably increased banner profitability. As a consequence, the retail banners' EBITDA margin increased by +83 bps over two years (+31 bps over one year) to 9.1%, with a trading margin of 3.4%. The restructuring generated non-recurring expenses, which temporarily weighed on cash flow generation.
• › Lastly, the Group signed a strategic agreement with Intermarché: (i) creation of the AUXO purchasing partnership, the second largest player in the market with a 24% market share, and (ii) creation of Infinity Advertising, a joint venture that monetises data (17 million profiles).
• › Amid the ongoing normalisation of the health situation, the completion of the transformation plans and the continued expansion of convenience and e-commerce formats will enable the Group to aim for a return to growth in 2022 in profitable and cash-flow generating formats.

Cdiscount

• › Cdiscount's business model has been completely transformed over the last two years, shifting from a model based on direct sales to one based on the marketplace, digital marketing and B2B, with a decrease in direct sales. All Cdiscount indicators improved over two years, after an exceptional year in 2020: Marketplace GMV up +22% (stable over one year), digital marketing up +75% (+32% over one year), 3.5-times increase in B2B GMV (+30% over one year), NPS up +8 pts(+6 pts over one year), and CDAV subscribers up +20% (+9% over one year). Octopia has already won 12 major contracts (including Rakuten) and will now be offered to Ocado customers.
• › In 2022, Cdiscount will pursue its strategic plan prioritising the marketplace, digital marketing and accelerated expansion of B2B services (Octopia, C-Logistics).

Disposal plan

• › Implementation of the disposal plan initiated in 2018, of which €3.2bn has been completed to date, slowed during the health crisis. €400m in disposals were secured in 2021 and early 2022, of which €291m cashed-in to date (€48m in 2021 and €243m in early 2022). Due to the disposal slow-down in 2021 and transitory elements linked to the Group transformation, France Retail net debt (excluding IFRS 5) evolved from €3.7bn to €4.4bn (excluding GreenYellow).
• › In view of the current outlook and the options available, the Group is confident to complete its €4.5bn disposal plan in France by the end of 2023 at the latest.

In Latin America

• › In Latin America, the Group's geographies were heavily affected by the pandemic and the Group's banners had to adapt to the new situation. Thanks to major transactions (Assaí spin-off, sale of GPA Extra Hypermarkets to Assaí), the Group now has well-adapted assets ready to accelerate growth in their respective markets:
  • Assaí, in the cash & carry segment in Brazil: +17%² growth and 28 store openings over the year (total of 212 stores). The banner is aiming to open 50 stores by 2024, in addition to the conversion of the 70 Extra Hypermarkets sold by GPA to Assaí, to reach R\$100bn in gross sales by 2024;
  • GPA, which operates buoyant formats (premium, convenience and e-commerce) in the most buoyant regions (São Paulo);
  • Grupo Éxito, leader in Colombia and Uruguay: +21%² acceleration in sales in Q4 (vs +7.5% over the year); omni-channel activities represent 12% of sales in Colombia (2.4-times increase vs. 2019).

¹ Source: NielsenIQ, P13 MAT

² Data published by the subsidiary

2021 Key Figure

				Change at CER
In €m	2019	2020	2021	Change over 1 year	Change over 2 years
Net sales – Group	34,645	31,912	30,549	-0.8%2	+6.9%2
o/w France Retail	16,322	15,219	14,071	-5.4%2	-2.6%2
o/w Retail banners1	15,494	14,813	14,071	-5.4%2	-2.6%2
o/w Vindémia (sold in June 2020)	828	406	0	-	-
o/w Cdiscount	1,966	2,037	2,031	-0.3%	+3.3%
Gross merchandise volume	3,899	4,204	4,206	+0.0%	+7.9%
o/w marketplace	1,245	1,514	1,518	+0.2%	+22%
o/w direct sales	1,991	1,934	1,840	-4.9%	-7.6%
o/w Latam	16,358	14,656	14,448	+2.7%2	+15%2
Group3 EBITDA –	2,640	2,738	2,527	-4.7%	+12%
o/w France Retail	1,467	1,447	1,358	-6.1%	-7.4%
o/w Retail banners	1,282	1,304	1,281	-1.7%	-0.0%
Margin (%)	8.3%	8.8%	9.1%	+31 bps	+83 bps
o/w Cdiscount	69	129	106	-18%	+54%
Margin (%)	3.5%	6.4%	5.2%	-114 bps	+171 bps
o/w Latam (excl. tax credits)	1,104	1,023	1,035	+8.7%	+29%
Margin (%)	6.8%	7.0%	7.2%	+19 bps	+42 bps
Group3 Trading profit –	1,321	1,422	1,193	-12%	+9.7%
o/w France Retail	689	621	535	-14%	-22%
o/w Retail banners	510	488	484	-0.8%	-5.0%
Margin (%)	3.3%	3.3%	3.4%	+14 bps	+15 bps
o/w Cdiscount	4	53	18	-65%	+369%
Margin (%)	0.2%	2.6%	0.9%	-168 bps	+71 bps
o/w Latam (excl. tax credits)	628	610	612	+7.9%	+34%
Margin (%)	3.8%	4.2%	4.2%	+8 bps	+40 bps

Leader Price, which was sold on 30 November 2020, is presented as a discontinued operation in 2020 and 2021.

The 2020 financial statements have been restated to reflect the retrospective application of the IFRIC IC decision relating to the recognition of liabilities for certain post-employment benefits.

The Board of Directors met on 24 February 2022 to approve the statutory and consolidated financial statements for 2021. The auditors have completed their audit procedures on the financial statements and are in the process of issuing their report.

¹ France Retail excluding property development, GreenYellow and Vindémia (sold in June 2020)

² Same-store change excluding fuel and calendar effects

³ Of which €28m in tax credits restated by the subsidiaries in the calculation of adjusted EBITDA in 2021 (€139m in 2020, none in 2019)

In €m	2020	2021	Reported change
Net sales	31,912	30,549	+0.1% (organic basis)
EBITDA	2,738	2,527	-4.7% at constant exchange rates
Trading profit	1,422	1,193	-12% at constant exchange rates
o/w tax credits in Brazil	139	28	(-1.5% excluding tax credits and
o/w property development in France	63	13	property development)
Underlying net profit, from continuing operations, Group share	266	94
Net profit (loss) from continuing operations, Group share	(374)	(275)	Mainly impairment in Latam relating to the sale of the Extra hypermarkets, and non-recurring expenses related to the completion of the transformation plans in France
Net profit (loss) from discontinued operations, Group share	(516)	(254)	Leader Price's operating losses up until the transfer of the stores
Consolidated net profit (loss), Group share	(890)	(530)

2021 FULL-YEAR RESULTS

In 2021, the Group's consolidated net sales amounted to €30.5bn, up +0.1% on an organic basis¹ and down -4.3% after taking into account the effects of exchange rates and hyperinflation (-3.4%), changes in scope (-1.2%) and fuel (+0.7%).

On the France Retail scope, net sales were down -5.4% on a same-store basis. Including Cdiscount, samestore growth in France came to -4.8%.

E-commerce (Cdiscount) gross merchandise volume (GMV) represented €4.2bn² , up +8% over two years and stable compared to an exceptional 2020 due to the pandemic, with an increase in the marketplace contribution (+6.7 pts vs. 2019) to 45.2%² .

Sales in Latin America were up by +6.4% on an organic basis¹ , mainly driven by the very good performance in the cash & carry segment (Assaí), which grew by +17%² on an organic basis.

Consolidated EBITDA came to €2,527m, a change of -7.7% including currency effects and -4.7% at constant exchange rates.

France EBITDA (including Cdiscount) amounted to €1,464m, including €1,358m on the France Retail scope and €106m for Cdiscount. EBITDA for the retail banners (France Retail excluding GreenYellow, Vindémia and property development) was stable over two years (-1.7% vs. 2020) at €1,281m, reflecting a +83-bp increase in the margin (+31 bps vs. 2020) due to the efficiency plans. EBITDA came to €14m for property development and to €63m³ for GreenYellow. France EBITDA margin (including Cdiscount) came to 9.1%, stable year-on-year.

In Latin America, EBITDA increased by +9% over one year and by +29% over two years, excluding tax credits and currency effects. Including tax credits⁴ (€28m in 2021 and €139m in 2020), EBITDA came out at €1,063m compared to €1,161m in 2020.

Consolidated trading profit came to €1,193m (€1,166m excluding tax credits⁴ ), a decrease of -16.1% including currency effects and -12.5% at constant exchange rates (-5.2% excluding tax credits).

In France (including Cdiscount), trading profit stood at €554m, including €535m on the France Retail scope and €18m for Cdiscount. Trading profit for the retail banners (France Retail excluding GreenYellow, Vindémia and property development) was virtually stable (-0.8%) at €484m, reflecting a +14-bp increase in the margin to 3.4%. Trading profit came to €13m for property development and €39m for GreenYellow, including higher depreciation and amortisation expense in connection with the asset holding model. The trading margin in France (including Cdiscount) was 3.4%.

In Latin America, trading profit excluding tax credits and currency effects was up by +8% over one year and by +34% over two years. Including tax credits (€28m in 2021 and €139m in 2020), trading profit was €640m compared to €748m in 2020. Trading profit was driven by (i) the significant improvement in trading profit at Assaí, in line with business growth, and (ii) an excellent performance from Éxito, with renewed growth and an upturn in property development; but impacted by hypermarkets at GPA Brazil (inventory drawdowns before disposals).

¹ Excluding fuel and calendar effects

² Data published by the subsidiary

³ Contribution to consolidated EBITDA. Data published by the subsidiary: EBITDA at €80m in 2021 (€62m in 2020)

⁴ Tax credits restated by subsidiaries in the calculation of adjusted EBITDA

Underlying net financial expense and net profit, Group share¹

Underlying net financial expense for the period came to -€813m (-€500m excluding interest expense on lease liabilities) vs. -€681m in 2020 (-€360m excluding interest expense on lease liabilities). In France, net financial expense excluding interest expense on lease liabilities was impacted by an increase in financial expenses related to a one-off cost of €38m (mostly non-cash) arising in connection with the refinancing of Term Loan B in the first quarter of 2021. E-commerce (Cdiscount) net financial expense was virtually stable compared with 2020. In Latin America, financial expenses were up due to a lower level of tax credits in 2021 (impact of -€81m in net financial expense).

Underlying net profit from continuing operations, Group share totalled €94m compared with €266m in 2020, reflecting lower trading profit (o/w a -€111m decrease in tax credits in Latin America, a -€50m decrease relating to property development in France and a -€48m currency effect) and higher underlying financial expenses. Diluted underlying earnings per share² stood at €0.54, vs. €2.15 in 2020.

Other operating income and expenses amounted to -€656m (vs. -€799m in 2020) and included -€264m noncash costs. In France (including Cdiscount), other operating income and expenses amounted to -€356m (-€692m in 2020), of which -€207m in cash costs excluding the disposal plan and GreenYellow (-€231m in 2020), -€48m for GreenYellow (mainly non-cash) and -€101m in other costs (-€451m in 2020) due to lower asset impairment charges. In Latin America, other operating income and expenses amounted to -€300m (-€103m in 2020), mainly due to impairment charges and costs incurred in connection with the sale of GPA hypermarkets to Assaí.

Consolidated net profit (loss), Group share

Net profit (loss) from continuing operations, Group share came out at -€275m (vs. -€374m in 2020), due to impairment in Latin America relating to the sale of the Extra hypermarkets, and non-recurring expenses related to the completion of the transformation plans in France. It recorded an improvement of +€99m over one year, reflecting a reduction in impairment charges.

Net profit (loss) from discontinued operations, Group share was -€254m (vs. -€516m in 2020), reflecting operating losses recorded by Leader Price up until the transfer of the stores.

Consolidated net profit (loss), Group share amounted to -€530m vs. -€890m in 2020.

Financial position at 31 December 2021

Consolidated net debt excluding IFRS 5 stood at €5.9bn vs. €4.6bn at 31 December 2020. For the France Retail scope excluding GreenYellow, net debt increased to €4.4bn at the end of 2021 from €3.7bn at end-2020, due mainly to the following transitory³ factors: (i) the temporary effect of year-end activity (-€40m impact on working capital) and strategic stockpiling (-€90m impact on working capital), (ii) operating losses and working capital at Leader Price, with the last Leader Price stores transferred to Aldi in September 2021 (-€0.4bn) and (iii) non-recurring expenses related to Group transformation. For GreenYellow, the change from a net cash position of €122m in 2020 to net debt of €34m in 2021 results from the increase in investments following the move to an infrastructure model (asset holding) financed by its own resources. In Latin America, Assaí's debt increased from €664m to €864m due to the acquisition of 70 Extra hypermarkets.

At 31 December 2021, the Group's liquidity in France (including Cdiscount) was €2.6bn, with €562m in cash and cash equivalents and €2.1bn confirmed undrawn lines of credit, available at any time. The Group also has €339m in the unsecured segregated account and €145m in the secured segregated account

Financial information relating to the covenants

At 31 December 2021, the Group complied with the covenants contained in the revolving credit facility. The ratio of secured gross debt to EBITDA (after lease payments) was 2.7x⁴ , within the 3.5x limit, representing headroom of €178m in EBITDA. The ratio of EBITDA (after lease payments) to net finance costs stood at 2.7x (above the required 2.5x), representing headroom of €55m in EBITDA. The margin represents around €150m excluding on-off financial expenses of €38m due to the refinancing of Term Loan B in Q1 2021.

The Board of Directors will recommend to the 2022 Annual General Meeting not to pay a dividend in 2022 in respect of 2021.

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¹ See definition on page 16

² Underlying diluted EPS includes the dilutive effect of TSSDI deeply-subordinated bond distributions ³ See page 17

⁴ Secured debt of €2.1bn and EBITDA excluding GreenYellow of €780m

HIGHLIGHTS -

Retail banners – France

EBITDA for the retail banners¹ was virtually stable (-1.7%) amid a -5.4% decline in same-store sales. EBITDA margin increased by +31 bps over the year (from 8.8% to 9.1%), and by +83 bps over two years thanks to efficiency plans. Trading profit fell by -0.8%, with the trading margin increasing by +14 bps.

Refocus on buoyant formats

• › Buoyant formats (supermarkets and premium, convenience stores, Cdiscount) now account for 76% of net sales (vs. a market average of 43%² ), up +16 pts since 2018;
• › The Group continued to expand its convenience store network, with 730 stores opened since January 2021 in urban (Franprix, Naturalia, Monop'), semi-urban and rural (Spar, Vival, etc.) areas. These new store openings are mainly based on a franchise development model with low capital intensity, in all geographies with formats adapted to each catchment area;
• › Half of hypermarkets are located in the Provence Alpes Côte d'Azur, Auvergne-Rhône-Alpes and Bordeaux regions; hypermarkets represent around 20% of net sales.

Food E-commerce

• › Home delivery net sales grew by +48% over the year, ahead of the market (+25%³ ), with strong leadership in the Ile-de-France region⁴ .
• › In 2021, the Group strengthened its partnerships with European and global e-commerce leaders:
  • Partnership with Ocado
    • 2017: partnership signed
    • 2020: start of operations at the O'logistique automated warehouse in Fleury-Merogis
    • 2022: Partnership related to the development of Ocado's services in France
  • Amazon partnership
    • 2018: Monoprix on Amazon Prime in Paris (delivery in 2 hours)
    • 2019: Amazon lockers in stores
    • 2020: extension of Amazon Prime (Lyon, Bordeaux, etc.)
    • 2021: Monoprix becomes Amazon's sole partner for grocery home delivery with the termination of its own operations ; click & collect from Casino stores (currently 85 stores out of a target of 180), and lockers in more than 800 stores
  • Partnership with Gorillas
    • 2021: partnership signed
    • 2022: Gorillas dark stores supplied by Monoprix
• › Including Drive, total Food e-commerce grew by +15% over the year (vs. +6% for the market³ ).

Digitalisation and customer experience

• › The Group had 639 stores equipped with autonomous solutions at end-2021 (vs. 533 at end-2020), facilitating evening and weekend openings. 63% of payments in both Géant hypermarkets and Casino supermarkets are now made by smartphone or automated check-out (vs. 61% and 48% respectively at end-2020). CasinoMax app users accounted for 26% of sales in hypermarkets and supermarkets at end-2021 (vs. 22% at end-2020).
• › The banners' wide-ranging innovations provide a unique customer experience through the development of an affinity offer, along with commercial innovations (commercial interface on WhatsApp, streamed live shopping events, virtual reality product presentations, presence on the metaverse).

¹ France Retail excluding GreenYellow, Vindémia and real estate development

² Kantar market shares (P12 MAT), e-commerce included in hypermarkets and supermarkets segments on a pro rata basis

³ Source: NielsenIQ, P13 MAT

⁴ Source: NielsenIQ Q4 2021

Structural improvement in sales momentum

• › The purchasing alliance with Intermarché (AUXO) launched in September 2021 enables the Group to improve its purchasing terms. This partnership with Intermarché will be extended to purchases of goods and services not for resale from April 2022;
• › The features pioneered by the Group have been reinforced. Non-food spaces have been reduced in favour of food and specialised non-food spaces, including: Santé au Quotidien (Monoprix), soft mobility (Monoprix, Franprix, Géant), and non-food corners with specialists (textiles, jewellery, toys, etc.);
• › The Group had more than 210,000 Casino and Monoprix subscribers at 31 December 2021, a twofold increase over one year. Following the subscription programme launched in 2019 by the Casino banners (Casino Max Extra), in 2021 Monoprix launched the first truly omni-channel subscription in France (Monopflix), offering identical discounts online and in stores. Subscriptions strengthen customer loyalty and allow the banners to offer very competitive prices after the 10% discount. Customers with subscriptions in Géant and Casino Supermarkets spend on average four times more than unsubscribed customers.

Cdiscount: continuation of the long-term strategy

Cdiscount continued to transform its business model towards a more profitable business mix (increase in marketplace, digital marketing and B2B; decrease in direct sales), resulting in a favourable margin impact.

Cdiscount delivered a solid performance in 2021, with GMV of €4.2bn, up +8% over two years and stable compared to an exceptional 2020.

The marketplace continues to grow, reporting GMV of €1.5bn, up +22% over two years (stable over one year). The marketplace contribution to GMV grew by +6.7 pts over two years (+1.3 pt over one year). Marketplace revenues came in at €193m, up +29% over two years (+5% over one year).

Digital marketing revenues were up +75% over two years (up +32% over one year), buoyed by the CARS (Cdiscount Ads Retail Solution) digital marketing platform that enables vendors and suppliers to promote their products and brands on a proprietary self-service platform.

The banner has an increasing number of loyal and active customers, with a base of 10 million active customers, up +8% over two years. The Cdiscount à Volonté loyalty programme now has more than 2.5 million members (+20% over two years, +9% over one year), who have access to 2.8 million items available for express delivery. Customer satisfaction hit a record high, with NPS of 53 points, up +8.4 points over two years (+5.7 points over one year).

The development of B2B activities picked up pace in 2021, with GMV of €114m, up +30% year-on-year (3.5-times higher over two years), including a rise of +26% for the marketplace services and technology ecosystem Octopia (3.3-times higher over two years), which now has 12 major contracts (including Rakuten) in seven different countries for its turnkey marketplace solutions.

In addition, C-logistics and C Chez Vous logistics solutions are now serving 20 customers.

Lastly, Octopia and Ocado signed an agreement enabling Ocado customers to access the Octopia marketplace.

GreenYellow: strong activity momentum in 2021

The photovoltaic business continues to grow. Capacity installed or under construction climbed +31% year-on-year to 740 MW at the end of 2021, while the advanced pipeline¹ was up sharply by +44% to 816 MW. The pipeline of additional opportunities² represents 3.7 GW.

In the energy efficiency business, GreenYellow had 985 GWh of projects deployed or under construction at the end of 2021, up +16% year-on-year, with the advanced pipeline¹ up +26% to 317 GWh, and an additional opportunities pipeline² of 918 GWh.

GreenYellow delivered €80 million in EBITDA³ in 2021, in line with its objectives, a rise of +30% yearon-year.

GreenYellow continued to expand its geographic reach and entered into promising partnerships in 2021:

• › Geographic expansion continued on international markets, with GreenYellow's positions strengthened in all its traditional geographies (signature of the 200th PPA⁴ in South-East Asia) and new markets captured such as Eastern Europe (4 MW project for Solvay in Bulgaria).
• › Strategic partnerships:
  • In November 2021, GreenYellow signed a long-term strategic partnership with Schneider Electric to provide turnkey energy efficiency programmes to large international companies;
  • In December 2021, GreenYellow signed a strategic collaboration on energy and cloud with Amazon Web Services. GreenYellow will supply renewable electricity for Amazon's operations as part of a solar power project in France.

At the beginning of 2022, GreenYellow raised capital totalling €109m from an institutional investor (convertible bonds with warrants attached) and set-up an €87m syndicated credit facility line to accelerate growth in 2022.

RelevanC: ongoing development of a fast-growing business

2021 represented a year of transformation and strategic expansion for RelevanC, shaped by the acquisition of Inlead, a local digital marketing technology platform, the launch of operations in Latin America (Brazil and Colombia), and the creation of Infinity Advertising, the joint subsidiary with Intermarché offering retail media and targeted advertising services for food banners (cumulative base of 17 million profiles).

RelevanC also signed partnerships with technology leaders:

• › Google Cloud and Accenture: a commercial and technology partnership serving international customers.
• › Amazon Web Service: planned partnership to improve the customer experience through algorithms.

RelevanC continues to market its B2B retail media platform to other retailers in France and international markets in order to monetise their data and advertising space. One of its clients is Everli, the first European home delivery service through personal shoppers.

Latin America

The listing of Assaí shares on the Novo Mercado and of its American Depositary Receipts (ADRs) on the New York Stock Exchange took place on 1 March 2021, following the spin-off from GPA in late 2020.

At the end of 2021, GPA and Assaí also announced plans for GPA to sell 70 Extra hypermarkets to Assaí with the intention of converting them into the cash & carry format, and for GPA to transform remaining Extra hypermarkets into Pão de Açúcar or Mercado Extra supermarkets.

¹ Projects at the "awarded" and "advanced pipeline" stages within GreenYellow's portfolio of projects in development

²The pipeline of projects in the "pipeline" and "early stage" within GreenYellow's portfolio of projects in development

³ Data published by the subsidiary. Contribution to consolidated EBITDA: €63m (€57m in 2020)

⁴ Power Purchasing Agreement

Assaí's highly profitable business model steps up a gear

Assaí reported EBITDA growth of +18%¹ in 2021 to €489m, reflecting a +51-bp margin improvement. The banner is now targeting R\$100bn (€17bn) in gross sales in 2024 (a rise of +30% p.a.), driven by (i) the opening of around 50 stores between 2022 and 2024 on an organic basis and (ii) the conversion of the 70 Extra hypermarkets (40 stores expected to open in the second half of 2022 and 30 in 2023). The success of the 23 Extra Hiper stores already converted confirm the potential for future conversions (three-fold increase in sales). Assaí opened 28 stores in 2021, bringing its total number of stores to 212.

GPA refocused on premium, convenience and e-commerce

GPA Brazil continues to optimise its store portfolio, accelerating its focus on profitable premium and convenience formats, particularly in the São Paulo region, and exiting the hypermarket format (conversion of the hypermarkets not sold into Pão de Açúcar or Mercado Extra supermarkets). However, the hypermarket closures or conversions had a transitory impact on 2021 earnings. GPA also continues to cement its leadership in food e-commerce, where sales have increased by +363%² vs. 2019, with a share of 8%² in 2021 (vs. 2% in 2019).

Excellent performance from Grupo Éxito

Grupo Éxito delivered an excellent performance in 2021, with EBITDA up +20%¹ to €333m (9.0% EBITDA margin), and trading profit up +33%¹ to €211m. The Group confirmed its leadership in Colombia and saw a sharp increase in sales towards the end of the year, rising +21%³ in Q4 (+7.5% over the year to €3.7bn). In Colombia² , sales jumped +16% in Q4 (up +7% over the year to €2.8bn), driven by innovation and omnichannel activities, which now account for 12% of sales in the country (2.4-times more vs. 2019). Trading profit in Colombia was up by +32% in Q4 and by +43% over the year, driven by the business and by property development. In Uruguay² , the Group delivered faster +7% sales growth in Q4, with sales at €0.6bn for the year, and excellent profitability (EBITDA at €59m with an EBITDA margin of 10%).

A recognised CSR commitment

Casino Group is ranked as the no. 1 retailer and no. 8 global company for its CSR policy and commitments in Moody's ESG ranking for 2021⁴ .

Recognised for its commitments in favour of the climate and environmental protection, the Group renewed its efforts to reduce its carbon emissions, which fell by -12% in 2021 (-20% vs. 2015), in line with the commitment to reduce greenhouse gas emissions by -38% by 2030⁵ . Initiatives include the first low-carbon BREEAM Outstanding certified warehouse opened by Monoprix in France, with 25% of electricity generated by a solar power unit installed on the roof. The Group is also taking action on deliveries, with a fleet of 480 low-carbon emission trucks (CNG, bio-CNG⁶ , rapeseed, electric power).

The Group continues to promote responsible consumption, with sales of organic products of €1.2 billion in 2021, corresponding to a +10-bp increase in the share of sales. The nutritional quality of products also remains one of the Group's priorities, with a Nutriscore now displayed on 100% of Casino-brand products (60% rated A, B or C) and more than 1,400 plant-based protein products in the Group's banners.

The Group follows an inclusive HR policy in favour of equal opportunity and diversity in employing 208,000 people, with women making up 41% of managers and over 8,700 employees with disabilities.

¹ Change at constant exchange rates, excluding tax credits

² Data published by the subsidiary

³ Change in local currency; data published by the subsidiary

⁴ Score of 74/100

⁵ Scopes 1 and 2 compared to 2015, Group target

⁶ Technology that emits three times fewer greenhouse gases than diesel

Disposal plan for non-strategic assets: €3.2bn since July 2018

As of end-2021, sales of non-strategic assets completed since July 2018 totalled €3.2bn. The disposals carried out by the Group in 2021 are detailed below:

• › On 27 July 2021, the Group and BNPP signed a partnership and an agreement for the sale of FLOA for €200m¹ (€184m collected in early 2022). The planned sale provides for a new commercial partnership between BNP Paribas and the Casino Supermarchés, Géant and Cdiscount banners, as well as a strategic alliance between BNP Paribas and Casino to develop the "FLOA Pay" split payment solution. The Group also has an earn-out of 30% on the future value created through to 2025. The disposal was finalised on 31st January 2022;
• › On 6 December 2021, the Group completed the disposal of 3% of Mercialys equity through a total return swap (TRS) for €24m (received in 2021). On 21 February 2022, Casino Group completed the additional definitive disposal of 6.5% of Mercialys equity through a new TRS for €59m (received in early 2022). The Group's stake in Mercialys in terms of voting rights is reduced to 10.3%;
• › In addition, the Group has secured and recorded in advance a €118m earn-out in relation to the Apollo and Fortress joint ventures (€24m received in 2021).

In view of the current outlook and the options available, the Group is confident to complete its €4.5bn disposal plan in France by the end of 2023 at the latest.

Financial structure

In 2021, the Group realized several transactions aimed at improving its financial terms and conditions and extending the maturity of its bonds and main syndicated credit facility.

The Group carried out several bond buybacks on tranches of its 2023, 2024, 2025 and 2026 bonds, along with refinancing operations including (i) issue of a new Term Loan B for €1bn, maturing in August 2025, topped up by a further €425m in November 2021, and (ii) issue of a new €525 million unsecured bond maturing in April 2027, enabling the Group to repay ahead of maturity its previous €1.225bn Term Loan due in January 2024.

The Group also announced in July 2021 that it had extended the maturity of its main syndicated credit facility (RCF) from October 2023 to July 2026² for an amount of €1.8bn.

Lastly, Monoprix's syndicated credit facility which expired in July 2021 was also renewed. The new €130 million syndicated facility matures in January 2026 and has a yearly margin adjustment clause based on the achievement of CSR targets.

As a result of these two operations, the amount of the Group's undrawn lines of credit available at any time in the France Retail segment stands at €2.2 billion, with an average maturity of 4.6 years (vs. 2.2 years prior to the operations).

At 31 December 2021, amounts held in a segregated account to repay debt totalled €339m. Amount on the secured segregated account totalled €145m.

1 Including €150m relating to the sale of shares and an earn-out of €50m linked to the sale of technology assets from the "FLOA Pay" split payment solution and to commercial agreements between Cdiscount, Casino banners and FLOA

² Maturity July 2026 (May 2025 if the Term Loan B, maturing in August 2025, is not repaid or refinanced as at that date)

Outlook for 2022 in France

-

• » In 2021, the Group completed its repositioning in structurally buoyant formats with a good profitability level
• » In 2022, as the health situation gradually gets back to normal, the Group is confident to recover growth momentum by capitalising on its differentiating assets and innovative services
  • i. Convenience formats (Monop', Franprix, Naturalia, Spar, Vival, etc.) with a target of more than 800 stores to be opened, mainly under franchise
  • ii. Confirmation of leadership in e-commerce, particularly in home delivery, supported by its partners Ocado, Amazon and Gorillas and the store network
  • › Maintain high level of profitability and improve cash flow generation
  • › Continuation of the €4.5bn disposal plan in France. In view of the various options available, the Group is confident that this plan will be completed by the end of 2023

Fourth quarter 2021 net sales -

In the fourth quarter of 2021, the Group recorded net sales of €8,335m, stable vs. 2020, including the effects of changes in consolidation scope, exchange rates and fuel for -0.5%, +0.1% and +1.2%, respectively. The calendar effect was -0.1%. The Group's same-store¹ growth came to -0.4% year-on-year and +7.7% over two years.

Consolidated net sales by segment

	Q4 2021/Q4 2020 change
NET SALES	Q4	Reported	Organic	Same-store	Change1
(in €m)	2021	change	change2	change1	over two years
France Retail	3,648	-2.4%	-3.3%	-3.0%	-2.9%
Cdiscount	592	-7.9%	-9.8%	-9.7%	-5.8%
GMV	-	-	-	-8.6%	+0.5%
o/w marketplace	-	-	-	-14.6%	+14.6%
o/w direct sales	-	-	-	-3.6%	-8.0%
Latam Retail	4,096	+3.3%	+3.1%	+3.4%	+17.4%
GROUP TOTAL	8,335	-0.1%	-0.7%	-0.4%	+7.7%

For France Retail, same-store sales growth came to -3.0% in Q4, an improvement of +1.3 pts on Q3 2021, in a market down by -3.7% in France³ during the quarter. Most banners delivered a quarter-on-quarter improvement, including Monoprix and Franprix in a market that declined by -5.6% in the Ile de France region³ over the quarter.

The total change in sales for France Retail was -2.4%, of which +3.5% for the convenience format, which saw a +5.0% increase in gross sales under banner, driven by the expansion.

¹ Same-store change excluding fuel and calendar effects

² Excluding fuel and calendar effects

³ Source: IRI - Total PGC FI

Consolidated net sales in France by banner

						Change
	Q3 2021 Q4 2021/Q4 2020 change
Net sales by banner (in €m)	Same-store change1	Q4 2021 net sales	Reported change	Organic change1	Same-store change1	Q4 vs. Q3 on a same store basis
Monoprix	-4.1%	1,191	-2.3%	-1.8%	-2.8%	+1.3 pts
Supermarkets	-2.7%	767	+5.6%	-4.0%	-3.3%	-0.6 pts
upermarkets1 o/w Casino	-3.7%	732	+5.8%	-4.0%	-3.5%	+0.2 pts
Franprix	-3.6%	366	-3.3%	-2.2%	-2.0%	+1.6 pts
Gross sales under banner	-	432	-0.2%	-	-	-
Convenience & Other2	-1.2%	425	-6.7%	+2.9%	-0.8%	+0.4 pts
o/w Convenience3	-1.3%	327	+3.5%	+3.7%	-0.7%	+0.6 pts
Gross sales under banner	-	490	+5.0%	-	-	-
Hypermarkets	-8.5%	899	-6.3%	-8.4%	-4.7%	+3.8 pts
o/w Géant2	-9.5%	848	-6.1%	-8.3%	-4.9%	+4.6 pts
FRANCE RETAIL	-4.3%	3,648	-2.4%	-3.3%	-3.0%	+1.3 pts

Market shares are now almost stable in France, with a significant improvement on the trends seen in recent periods, and a sales momentum over the last four weeks to 20 February with same store sales at -1.6% (+1.4 pt vs. Q4 2021).

Cdiscount reported a -7.9% decline in net sales for the quarter, due to the high basis of comparison in Q4 2020 resulting from the November lockdown. Marketplace GMV grew by +14.6% over two years.

In Latin America, sales rose by +3.4% on a same-store basis (+17.4% over two years). Sales for the quarter in Latin America were driven by an excellent performance from Éxito (+15.5% on a same-store basis and +15.7% on an organic basis).

¹Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets

² Other: mainly Geimex

³ Net sales on a same-store basis include the same-store performance of franchised stores

APPENDICES – ADDITIONAL 2020 FINANCIAL INFORMATION RELATING TO THE AUTUMN 2019 REFINANCING DOCUMENTATION

See press release dated 21 November 2019

Financial information for the fourth quarter ended 31 December 2021:

In €m	France Retail + E-commerce	Latam	Total
Net sales1	4,239	4,096	8,336
EBITDA1	532	313	845
(-) impact of leases2	(139)	(83)	(222)
Adjusted Consolidated EBITDA including leases1	393	230	623

Financial information for the 12-month period ended 31 December 2021:

In €m	France Retail + E-commerce	Latam	Total
Net sales1	16,101	14,448	30,549
EBITDA1	1,464	1,063	2,527
(-) impact of leases2	(622)	(307)	(930)
(i) Adjusted consolidated EBITDA including leases1 3	842	755	1,597
(ii) Gross debt1 4	5,450	2,691	8,141
(iii) Gross cash and cash equivalents1 5	569	1,714	2,283

At 31 December 2021, the Group's liquidity within the "France + E-commerce" scope was €2.6bn, with €562m in cash and cash equivalents and €2.1bn in confirmed, undrawn lines of credit. Commercial paper amounted to €308m.

Additional information regarding covenants and segregated accounts:

Covenants tested as from 30 June 2021 pursuant to the Revolving Credit Facility dated 18 November 2019, as amended in July 2021

Type of covenant (France and E-commerce excluding GreenYellow)	At 31 December 2021
Secured gross debt/EBITDA after lease payments ≤ 3.50x	2.70x
EBITDA after lease payments/Net finance costs ≥ 2.50x	2.69x

The secured gross debt/EBITDA after lease payments covenant stood at 2.70x, with EBITDA after lease payments of €780m and secured debt of €2.1bn.

The balance of the segregated account was €339m at 31 December 2021, the same level as at 30 September 2021.

The balance of the secured segregated account was €145m at 31 December 2021.

No cash has been credited or debited from the bond segregated account and its balance remained at €0.

¹ Unaudited data, scope as defined in refinancing documentation with mainly Segisor accounted for within the France Retail + E-commerce scope

² Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation

³ EBITDA after lease payments (i.e., repayments of principal and interest on lease liabilities)

⁴ Loans and other borrowings

⁵ At 31 December 2021

APPENDICES – FULL-YEAR RESULTS

Consolidated net sales by segment

Net sales In €m	2020	2021	Reported change	Change at CER
France Retail	15,219	14,071	-7.5%	-
Latam Retail	14,656	14,448	-1.4%	+6.0%
E-commerce (Cdiscount)	2,037	2,031	-0.3%	-
Group total	31,912	30,549	-4.3%	-0.9%

Consolidated EBITDA by segment

EBITDA In €m	2020	2021	Reported change	Change at CER
France Retail	1,447	1,358	-6.1%	-5.9%
Latam Retail	1,161	1,063	-8.5%	-1.7%
E-commerce (Cdiscount)	129	106	-18.2%	-18.2%
Group total	2,738	2,527	-7.7%	-4.7%

Consolidated trading profit by segment

Trading profit In €m	2020	2021	Reported change	Change at CER
France Retail	621	535	-13.8%	-13.4%
Latam Retail	748	640	-14.5%	-8.1%
E-commerce (Cdiscount)	53	18	-65.0%	-65.0%
Group total	1,422	1,193	-16.1%	-12.5%

Underlying net profit

In €m	2020	Restated items	2020 underlying	2021	Restated items	2021 underlying
Trading profit	1,422	0	1,422	1,193	0	1,193
o/w tax credits in Brazil	139	0	139	28	0	28
o/w property development in France	63	0	63	13	0	13
Other operating income and expenses	(799)	799	0	(656)	656	0
Operating profit	622	799	1,422	537	656	1,193
Net finance costs	(357)	0	(357)	(422)	0	(422)
o/w tax credits in Brazil	104	0	104	23	0	23
Other financial income and expenses1	(391)	67	(324)	(391)	(0)	(391)
Income taxes2	(80)	(179)	(259)	84	(147)	(62)
Share of profit of equity-accounted investees	50	0	50	49	0	49
Net profit (loss) from continuing operations	(156)	688	532	(142)	509	367
o/w attributable to non-controlling interests3	218	48	266	133	140	273
o/w Group share	(374)	640	266	(275)	369	94

Underlying net profit corresponds to net profit from continuing operations, adjusted for (i) the impact of other operating income and expenses, as defined in the "Significant accounting policies" section in the notes to the consolidated financial statements, (ii) the impact of non-recurring financial items, as well as (iii) income tax expense/benefits related to these adjustments and (iv) the application of IFRIC 23.

Non-recurring financial items include fair value adjustments to equity derivative instruments (such as total return swaps and forward instruments related to GPA shares) and the effects of discounting Brazilian tax liabilities.

¹ Other financial income and expenses have been restated, primarily for the impact of discounting tax liabilities, as well as for changes in the fair value adjustments to equity derivative instruments

² Income taxes have been adjusted for the tax effects corresponding to the above restated items and the tax effects of the restatements ³ Non-controlling interests have been adjusted for the amounts relating to the above restated items

Change in net debt by entity

Net debt before IFRS 5 In €m	2019	2020	2021
France	(4,069)	(3,751)	(4,736)
o/w France Retail excl. GreenYellow	(4,001)	(3,661)	(4,365)
o/w E-commerce (Cdiscount)	(221)	(213)	(337)
o/w GreenYellow	153	122	(34)
Latam Retail	(1,587)	(882)	(1,122)
o/w GPA Brazil	(541)	(373)	(475)
o/w Assaí	(1,460)	(664)	(864)
o/w Grupo Éxito	626	333	361
o/w Segisor	(185)	(179)	(144)
Total	(5,657)	(4,634)	(5,858)

Change in net debt for France Retail excl. GreenYellow (excl. IFRS 5)¹²

¹ France Retail free cash flow before dividends to the owners of the parent and holders of TSSDI deeply-subordinated bonds, excluding financial expenses, and including lease payments

² Including -€30m in other net financial investments, -€33m in non-cash financial expenses, -€0.4bn relating to Leader Price, +€118m in earn-outs secured or received from the Apollo and Fortress joint ventures, and +€24m in proceeds from the disposal of Mercialys

APPENDICES – NET SALES

Consolidated net sales by segment

Net sales	2021	Reported	Organic	Same-store
(in €m)		change	change1	change1
France Retail	14,071	-7.5%	-6.2%	-5.4%
Cdiscount	2,031	-0.3%	-1.7%	-1.6%
Total France	16,101	-6.7%	-5.6%	-4.8%
Latam Retail	14,448	-1.4%	+6.4%	+2.7%
GROUP TOTAL	30,549	-4.3%	+0.1%	-0.8%
Cdiscount GMV	4,206	+0.0%	n.a.	n.a.

2021/2020 change in net sales in France by banner

Net sales by banner (in €m)	2021 net sales	Reported change	Organic change1	Same-store change1
Monoprix	4,408	-2.8%	-2.4%	-3.7%
Supermarkets	2,996	-2.4%	-7.8%	-5.9%
o/w Casino Supermarkets2	2,835	-2.6%	-8.2%	-6.8%
Franprix	1,438	-9.0%	-8.2%	-7.3%
Convenience & Other3	1,788	-18.7%	-2.7%	-5.1%
o/w Convenience4	1,395	-1.5%	-1.8%	-5.2%
Hypermarkets	3,442	-10.3%	-11.1%	-8.1%
o/w Géant2	3,233	-10.7%	-11.8%	-8.9%
FRANCE RETAIL	14,071	-7.5%	-6.2%	-5.4%

Main data – Cdiscount⁵

Key figures (in €m)	2020	2021	Reported growth	Reported growth over two years
Total GMV including tax	4,204	4,206	+0.0%	+7.9%
o/w direct sales	1,934	1,840	-4.9%	-7.6%
o/w marketplace	1,514	1,518	+0.2%	+22%
o/w Octopia	87	109	+25.6%	x3.3
Marketplace contribution (%)	43.9%	45.2%	+1.3 pts	+6.7 pts
Net sales	2,225	2,166	-2.6%	-1.3%
Traffic (millions of visits)	1,154	1,082	-6.2%	+6.0%
Active customers (in millions)	10.3	10.0	-2.5%	+8.0%

Cnova provided a detailed report on its 2021 results on 17 February 2022.

¹ Excluding fuel and calendar effects

² Excluding Codim stores in Corsica: 8 supermarkets and 4 hypermarkets

³ Other: mainly Geimex

⁴ Net sales on a same-store basis include the same-store performance of franchised stores

⁵ Data published by the subsidiary

APPENDICES – OTHER INFORMATION

Exchange rate

AVERAGE EXCHANGE RATES	2020	2021	Currency effect
Brazil (EUR/BRL)	5.8936	6.3797	-7.6%
Colombia (EUR/COP) (x 1000)	4.2160	4.4265	-4.8%
Uruguay (EUR/UYP)	47.9825	51.5217	-6.9%
Argentina1 (EUR/ARS)	103.1176	116.7629	-11.7%
Poland (EUR/PLN)	4.4445	4.5655	-2.6%

Gross sales under banner in France

TOTAL ESTIMATED GROSS SALES UNDER BANNER (in €m, excluding fuel)		Change (incl. calendar effects)
	Q4 2021	Q4 2021	FY 2021
Monoprix	1,244	-2.0%	-2.8%
Franprix	432	-0.2%	-7.1%
Supermarkets	701	+0.4%	-6.0%
Hypermarkets	807	-11.6%	-13.2%
Convenience & Other	588	-2.7%	-12.7%
o/w Convenience	490	+5.0%	+0.4%
TOTAL FRANCE	3,772	-3.7%	-8.0%

TOTAL GROSS SALES UNDER BANNER (in €m, excluding fuel)		Change (incl. calendar effects)
	Q4 2021	Q4 2021	FY 2021
Total France	3,772	-3.7%	-8.0%
Cdiscount	1,007	-8.6%	0.0%
TOTAL FRANCE AND CDISCOUNT	4,779	-4.8%	-6.6%

1 Pursuant to the application of IAS 29, the exchange rate used to convert the Argentina figures corresponds to the rate at the reporting date

Store network at period-end

FRANCE	31 March 2021	30 June 2021	30 Sept. 2021	31 Dec. 2021
Géant Casino hypermarkets	104	95	95	95
o/w French franchised affiliates	3	3	3	3
International affiliates	7	7	7	7
Casino Supermarkets	417	422	425	429
o/w French franchised affiliates	68	64	63	61
International affiliates	25	22	25	26
Monoprix (Monop', Naturalia, etc.)	806	830	833	838
o/w franchised affiliates	195	201	203	206
Naturalia integrated stores	189	203	200	198
Naturalia franchises	34	39	44	51
Franprix (Franprix, Marché d'à côté, etc.)	877	890	906	942
o/w franchises	493	533	564	614
Convenience (Spar, Vival, Le Petit Casino, etc.)	5,311	5,502	5,563	5,728
Other businesses	334	320	303	286
Total France	7,849	8,059	8,125	8,318

INTERNATIONAL	31 March 2021	30 June 2021	30 Sept. 2021	31 Dec. 2021
ARGENTINA	25	25	25	25
Libertad hypermarkets	15	15	15	15
Mini Libertad and Petit Libertad
mini-supermarkets	10	10	10	10
URUGUAY	93	92	93	94
Géant hypermarkets	2	2	2	2
Disco supermarkets	30	30	30	30
Devoto supermarkets	24	24	24	24
Devoto Express mini-supermarkets	35	34	35	36
Möte	2	2	2	2
BRAZIL	1,058	1,058	1,064	1,021
Extra hypermarkets	103	103	103	72
Pão de Açúcar supermarkets	182	181	181	181
Extra supermarkets	147	147	146	146
Compre Bem	28	28	28	28
Assaí (cash & carry)	184	187	191	212
Mini Mercado Extra & Minuto Pão	237	236	239	240
de Açúcar mini-supermarkets
Drugstores	103	102	102	68
+ Service stations	74	74	74	74
COLOMBIA	1,974	2,006	2,035	2,063
Éxito hypermarkets	92	92	92	91
Éxito and Carulla supermarkets	153	155	153	158
Super Inter supermarkets	61	61	61	61
Surtimax (discount)	1,548	1,577	1,607	1,632
o/w "Aliados"	1,476	1,505	1,536	1,560
B2B	34	34	34	36
Éxito Express and Carulla Express	86	87	88	85
mini-supermarkets
CAMEROON	2	3	4	4
Cash & carry	2	3	4	4
Total International	3,152	3,184	3,221	3,207

Consolidated income statement

(in € millions)	2021	2020 (restated)1
CONTINUING OPERATIONS
Net sales	30,549	31,912
Other revenue	504	598
Total revenue	31,053	32,510
Cost of goods sold	(23,436)	(24,314)
Gross margin	7,617	8,195
Selling expenses	(5,122)	(5,508)
General and administrative expenses	(1,302)	(1,266)
Trading profit	1,193	1,422
As a % of net sales	3.9%	4.5%
Other operating income	349	304
Other operating expenses	(1,005)	(1,103)
Operating profit	537	622
As a % of net sales	1.8%	2.0%
Income from cash and cash equivalents	27	16
Finance costs	(449)	(373)
Net finance costs	(422)	(357)
Other financial income	116	210
Other financial expenses	(507)	(601)
Profit (loss) before tax	(276)	(125)
As a % of net sales	-0.9%	-0.4%
Income tax benefit (expense)	84	(80)
Share of profit of equity-accounted investees	49	50
Net profit (loss) from continuing operations	(142)	(156)
As a % of net sales	-0.5%	-0.5%
Attributable to owners of the parent	(275)	(374)
Attributable to non-controlling interests	133	218
DISCONTINUED OPERATIONS
Net profit (loss) from discontinued operations	(255)	(508)
Attributable to owners of the parent	(254)	(516)
Attributable to non-controlling interests	(1)	7
CONTINUING AND DISCONTINUED OPERATIONS
Consolidated net profit (loss)	(397)	(664)
Attributable to owners of the parent	(530)	(890)
Attributable to non-controlling interests	133	225

Earnings per share

(in €)	2021	2020 (restated)1
From continuing operations, attributable to owners of the parent
 Basic	(2.89)	(3.79)
 Diluted	(2.89)	(3.79)
From continuing and discontinued operations, attributable to owners of the
parent  Basic	(5.24)	(8.58)
 Diluted	(5.24)	(8.58)

¹ Previously published comparative information has been restated

Consolidated statement of comprehensive income

(in € millions)	2021	2020 (restated)1
Consolidated net profit (loss)	(397)	(664)
Items that may be subsequently reclassified to profit or loss	(84)	(1,367)
Cash flow hedges and cash flow hedge reserve(i)	38	(17)
Foreign currency translation adjustments(ii)	(108)	(1,328)
Debt instruments at fair value through other comprehensive income (OCI)	(1)	1
Share of items of equity-accounted investees that may be subsequently reclassified to profit or loss	(3)	(27)
Income tax effects	(10)	5
Items that will never be reclassified to profit or loss	2	(6)
Equity instruments at fair value through other comprehensive income	-	-
Actuarial gains and losses	2	(10)
Share of items of equity-accounted investees that will never be subsequently reclassified to profit or loss	-	-
Income tax effects	-	4
Other comprehensive income (loss) for the year, net of tax	(82)	(1,373)
Total comprehensive income (loss) for the year, net of tax	(479)	(2,037)
Attributable to owners of the parent	(529)	(1,456)
Attributable to non-controlling interests	50	(581)

(i) The change in the cash flow hedge reserve was not material in either 2021 or 2020.

(ii) The €108 million negative net translation adjustment in 2021 arose primarily from the depreciation of the Colombian peso for €124 million. The €1,328 million negative net translation adjustment in 2020 mainly concerned the depreciation of the Brazilian and Colombian currencies for €957 million and €235 million, respectively.

¹ Previously published comparative information has been restated

Consolidated statement of financial position

ASSETS	31 Dec. 2021	31 Dec. 2020	1 Jan. 2020
(in € millions)		(restated) 1	(restated)1
Goodwill	6,667	6,656	7,489
Intangible assets	2,024	2,061	2,296
Property, plant and equipment	4,641	4,279	5,113
Investment property	411	428	493
Right-of-use assets	4,748	4,888	5,602
Investments in equity-accounted investees	201	191	341
Other non-current assets	1,183	1,217	1,183
Deferred tax assets	1,191	1,019	768
Non-current assets	21,067	20,738	23,284
Inventories	3,214	3,209	3,775
Trade receivables	772	941	836
Other current assets	2,033	1,770	1,536
Current tax assets	196	167	111
Cash and cash equivalents	2,283	2,744	3,572
Assets held for sale	973	932	2,818
Current assets	9,470	9,763	12,647
TOTAL ASSETS	30,537	30,501	35,932

EQUITY AND LIABILITIES		31 Dec. 2020	1 Jan. 2020
(in € millions)	31 Dec. 2021	(restated)1	(restated)1
Share capital	166	166	166
Additional paid-in capital, treasury shares, retained earnings and consolidated net profit (loss)	2,589	3,143	4,650
Equity attributable to owners of the parent	2,755	3,309	4,816
Non-controlling interests	2,883	2,856	3,488
Total equity	5,638	6,165	8,304
Non-current provisions for employee benefits	273	289	293
Other non-current provisions	376	374	458
Non-current borrowings and debt, gross	7,461	6,701	8,100
Non-current lease liabilities	4,174	4,281	4,761
Non-current put options granted to owners of non-controlling interests	61	45	61
Other non-current liabilities	225	201	181
Deferred tax liabilities	405	508	566
Total non-current liabilities	12,975	12,398	14,422
Current provisions for employee benefits	12	12	11
Other current provisions	216	189	153
Trade payables	6,097	6,190	6,580
Current borrowings and debt, gross	1,369	1,355	1,549
Current lease liabilities	718	705	723
Current put options granted to owners of non-controlling interests	133	119	105
Current tax liabilities	8	98	48
Other current liabilities	3,197	3,059	2,839
Liabilities associated with assets held for sale	175	210	1,197
Current liabilities	11,925	11,937	13,206
TOTAL EQUITY AND LIABILITIES	30,537	30,501	35,932

¹ Previously published comparative information has been restated

Consolidated statement of cash flows

(in € millions)	2021	2020 (restated)
Profit (loss) before tax from continuing operations	(276)	(125)
Profit (loss) before tax from discontinued operations	(330)	(462)
Consolidated profit (loss) before tax	(606)	(587)
Depreciation and amortisation for the year	1,334	1,316
Provision and impairment expense	299	390
Losses (gains) arising from changes in fair value	(5)	78
Expenses (income) on share-based payment plans	14	12
Other non-cash items	(47)	(50)
(Gains) losses on disposals of non-current assets	(128)	(88)
(Gains) losses due to changes in percentage ownership of subsidiaries resulting in acquisition/loss of control	20	58
Dividends received from equity-accounted investees	17	17
Net finance costs	422	357
Interest paid on leases, net	313	320
No-drawdown, non-recourse factoring and associated transaction costs	88	60
Disposal gains and losses and adjustments related to discontinued operations	114	258
Net cash from operating activities before change in working capital, net finance costs and income tax	1,835	2,142
Income tax paid	(184)	(157)
Change in operating working capital	(26)	26
Income tax paid and change in operating working capital: discontinued operations	(97)	211
Net cash from operating activities	1,529	2,222
of which continuing operations	1,841	2,215
Cash outflows related to acquisitions of:
 Property, plant and equipment, intangible assets and investment property	(1,131) (174)	(927) (942)
 Non-current financial assets
Cash inflows related to disposals of:	156	423
 Property, plant and equipment, intangible assets and investment property	163	461
 Non-current financial assets	(15)	157
Effect of changes in scope of consolidation resulting in acquisition or loss of control	1	(63)
Effect of changes in scope of consolidation related to equity-accounted investees	(30)	(28)
Change in loans and advances granted	(81)	453
Net cash from (used in) investing activities of discontinued operations	(1,111)	(466)
Net cash used in investing activities	(1,030)	(920)
of which continuing operations
Dividends paid:  to owners of the parent	-	-
 to non-controlling interests	(102)	(45)
 to holders of deeply-subordinated perpetual bonds	(35)	(36)
Increase (decrease) in the parent's share capital	-	-
Transactions between the Group and owners of non-controlling interests	15	(55)
(Purchases) sales of treasury shares	-	(1)
Additions to loans and borrowings	4,203	2,066
Repayments of loans and borrowings	(3,514)	(2,632)
Repayments of lease liabilities	(623)	(603)
Interest paid, net	(752)	(717)
Other repayments	(30)	(23)
Net cash used in financing activities of discontinued operations	(10)	(73)
Net cash used in financing activities	(848)	(2,177)
of which continuing operations	(838)	(2,044)
Effect of changes in exchange rates on cash and cash equivalents of continuing operations Effect of changes in exchange rates on cash and cash equivalents of discontinued operations	(22) -	(494) -
Change in cash and cash equivalents	(452)	(856)
Net cash and cash equivalents at beginning of period	2,675	3,530
- of which net cash and cash equivalents of continuing operations	2,675	3,471
- of which net cash and cash equivalents of discontinued operations	(1)	59
Net cash and cash equivalents at end of period	2,223	2,675
- of which net cash and cash equivalents of continuing operations	2,224	2,675
- of which net cash and cash equivalents of discontinued operations	(1)	(1)

Analyst and investor contacts -

Lionel Benchimol +33 (0)1 53 65 64 17 - lbenchimol@groupe-casino.fr or +33 (0)1 53 65 24 17 - IR\_Casino@groupe-casino.fr

Press contacts -

Casino Group – Communications Department

Stéphanie Abadie

+33 (0)6 26 27 37 05 – sabadie@groupe-casino.fr

or

+33 (0)1 53 65 24 78 – directiondelacommunication@groupe-casino.fr

-

Agence IMAGE 7

Karine Allouis +33 (0)1 53 70 74 84 – kallouis@image7.fr Franck Pasquier +33 (0)6 73 62 57 99 – fpasquier@image7.fr

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. Likewise, it does not provide and should not be treated as providing 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. Recipients should not consider it as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to change without notice.