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Q1 2020 additional financial information
As part of the quarterly information requirements included in the documentation in relation to
the fall 2019 refinancings (cf. press release of 21^st November 2019)

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Casino Group or Casino Guichard-Perrachon is a French mass-market retail group. It was founded on 2 August 1898 by Geoffroy Guichard under the corporate name Guichard-Perrachon & Co. 1 Casino Group is the source of many innovations such as the first distributor's brand in 1901, 2 the first self-service store in 1948 3 or even the display.

Friday 15^th May, 2020

Highlights:

• Goodoperational performance in Q1 (EBITDA and working capital) translated into higher cash-flows, with change in cash and cash equivalent in Q1 2020 improved by +€250m in France compared to Q1 2019;
• Strong liquidity in France as at March 31^st with over €2.9bn in cash and undrawn credit lines;
• Ample headroom on covenants as of March 31^st: headroom of €925m in Gross Financial Debt for the Gross Financial Debt/EBITDA ratio and headroom of €485m in EBITDA for the EBITDA/Net finance costs ratio.

Financial information for the quarter ended 31^st March, 2020:

(1)Unaudited data, perimeter as defined in financing documentations with mainly Segisor accounted for within France Retail + E-commerce perimeter
(2) Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation

Consolidated net sales at €8.3bn, up +7.9% on an organic basis¹ and +6.4% on a same-store basis¹, including the impact on food consumption of the Covid-19 epidemic since mid-March. For additional information, please refer to the Q1 Net Sales press release dated 23 April 2020.

For “France Retail + E-commerce”, EBITDA was up +€67m compared to Q1 2019 driven by the additional business generated since mid-March and the impact of the cost-savings plans. Latam EBITDA decreased by
-€15m due to currency effects, while consolidated proforma EBITDA published by GPA increased by +2%. For additional information on Latam results, please refer to the 1Q20 Earnings release published by GPA dated 13^th of May 2020.

The impact of leases was €259m of which €170m was for the “France Retail + E-commerce” perimeter and €89m for the Latam perimeter.

Financial information on a last 12-month period ended 31^st March, 2020:

(1) Unaudited data, perimeter as defined in financing documentations with mainly Segisor accounted for within France Retail + Ecommerce perimeter
(2) Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation
(3) Data as of 31^st March, 2020

As at 31^st March 2020, the Group’s liquidity within the “France + E-commerce” perimeter was €2.9bn, with €962m of cash and cash equivalent and €1.98bn of undrawn confirmed credit lines.

Following the particularly strong sales performance in March, the Group’s working capital was improved compared to the seasonal impact than is typically experienced in the first quarter of the year.

Within the “France Retail + E-commerce” perimeter, change incash and cash equivalent during Q1 2020 improved by €250m compared to the change recorded in Q1 2019 as a result of the increase in EBITDA and the positive impact of sales and inventory management on working capital. As at March 31^st, 2020, €350m of confirmed credit lines were drawn and €60m commercial papers were outstanding (compared to no drawn confirmed credit lines and €423m commercial papers outstanding as of 31^st March, 2019).

In France, the €257m March 2020 bonds were redeemed at maturity using the Segregated account (€193m) and available cash (€64m), and not refinanced.

Additional information regarding covenants and segregated accounts:

(1) Adjusted Consolidated EBITDA including leases
(2) 7.75x at 31 March 2020, 7.50x at 30 June 2020, 7.25x at 30 September 2020, 5.75x at 31 December 2020, 6.50x at 31 March 2021, 6.00x at 30 June 2021 and 30 September 2021, and 4.75x as from 31 December 2021

Covenant metrics tested as of end March 2020 do not yet reflect the impact of the Leader Price and Vindemia disposals, which represent a combined positive impact of c.1 turn on leverage.

The Group confirms that €192.7m was debited from the Segregated Account during the Financial Quarter ended 31^st March 2020 in order to repay part of March 2020 bond maturity and its balance stood at €0 as at March 31^st 2020.

No cash has been credited or debited from the Bond Segregated Account and its balance remained at €0.

***

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr

PRESS CONTACTS
CasinoGroup – Direction of Communication
Stéphanie ABADIE - sabadie@groupe-casino.fr - +33 (0)6 26 27 37 05

or

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

Agence IMAGE 7
Karine ALLOUIS – Tel : +33 (0)6 11 59 23 26 - kallouis@image7.fr
Franck PASQUIER – Tel : +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. It should not be regarded by recipients as a substitute for the exercise of their own judgment. All the opinions expressed herein are subject to change without notice.

¹Organic and same-store changes exclude fuel and calendar effects. Net sales and total and organic growth are impacted by the store disposals and closures carried out in 2019

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Attachment

Cnova N.V. is an e-commerce company, founded in June 2014. Cnova includes Cdiscount (operating in France, Belgium, Ivory Coast, Senegal and Colombia) and Cnova Brazil (operating in Brazil). Cnova N.V. is part of Groupe Casino, a French global retail company of which Mr. Jean-Charles Naouri is currently the chairman and CEO. Since November 2015, Peter Paul Estermann is the chairman of the board of Cnova N.V.^[2]

In 2015, the total sales of Cnova N.V. reached 4.835 billion euros and its total revenue reached 3.42 billion euros.^[1] At the end of 2014, Cnova counted 13.6 million active customers in the world.^[3]

History[edit]

The first operations began in 1998 with the founding of the e-commerce website Cdiscount, a single website focused on offering CDs and DVDs.^[4]

Cdiscount then expanded its business to encompass product categories such as consumer electronics, computers, home appliances and wine.

In 2008, the companies Pontofrio.com and eHub were launched in Brazil, providing e-commerce services to third-party retailers.^[5]

The Brazilian expansion continued in 2010 by adding the Extra.com.br and CasasBahia.com.br websites to the portfolio, and the creation of business unit focused on business-to-business wholesale called Pontofrio Atacado. In 2011, Cdiscount implemented its first marketplace and launched ComptoirSante.com, an e-commerce website dedicated to beauty products.^[6]

During the year 2012, two new websites were launched in Brazil. An online marketplace was also created on the Extra.com.br website in Brazil.

2014, Cnova, a global e-commerce company with a total gross merchandise volume of $4.9 billion, was created through a joint venture between Casino, GPA, Via Varejo and Exito. Cnova will be directly owned 46.5% by Casino (including its subsidiary Exito) and 53.5% indirectly by GPA, Via Varejo and certain founding shareholders of Nova Pontocom.^[7][8]

2014 saw the merger of both French and Brazilian e-commerce activities under the Cnova umbrella, as well as the Cdiscount expansion in Colombia, Ivory Coast, Belgium and Senegal.^[9]

Presentation[edit]

The current geographies represent over 500 million people with Cnova sites in France, Brazil, Colombia, Ivory Coast, Belgium and Senegal, and operations in Brazil under the sites Extra.com.br, Pontofrio.com and Casasbahia.com.br.^[10] It operates B2B solutions, such as the eCommerce solution eHub, and niche sites both in France and Brazil, with Comptoirsante.com, Moncornerdeco.com, or Barateiro.com.

Cnova has established itself as an eCommerce market leader in France and Brazil. Through the direct sales websites and its marketplaces, Cnova offers an extensive product assortment (including home appliances, consumer electronics, computers, home furnishings, leisure and personal goods) and differentiated delivery and payment options.^[11][12][13]

Subsidiaries[edit]

Cdiscount[edit]

Cdiscount is a French company created in 1999. It has been part of Casino Group since 2000. As the first e-commerce website in France, Cdiscount offers a wide range of products including, among others, cultural goods, high-tech, IT, household appliances, personal appliances and food.^[14]

Cdiscount also operates in Brazil, Belgium, Ivory Coast, Senegal and Colombia.

In 2015, Cdiscount employed 1,400 people and had a turnover of 1.764 billion euros.^[15]

Cnova Brazil[edit]

Cnova Brazil, now integrated into Via Varejo businesses,^[16] was specialized in e-commerce activities throughout the country. Its creation follows the merger of the online activities of Casas Bahia, Ponto Frio and Extra, a hypermarket chain belonging to the Brazilian group Pão de Açúcar, the leading national retailer in Brazil. Cnova Brazil structured its e-commerce services through three main B2C websites – extra.com.br, casasbahia.com.br and pontofrio.com – as well as B2B services through Pontofrio Atacado and its eHub platform.^[17]

Cnova Brazil was a major e-commerce player in Brazil with a turnover of 1.655 billion euros in 2015.^[18]

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Management[edit]

Executive Committee[edit]

• Emmanuel Grenier: CEO and Executive Director of Cnova
• Stéphane Brunel: Chief Financial Officer of Cnova and Cdiscount^[19]

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References[edit]

1. ^ ^abCnova : le chiffre d'affaires de Cdiscount en légère progression, LSA Conso, 3 March 2016
2. ^Cnova Board ChangesArchived 4 March 2016 at the Wayback MachineReuters, 20 November 2015
3. ^Cnova investors presentation, cnova.com, february 2015
4. ^Cdiscount at the heart of B to B e-commerce^{[permanent dead link]}, Deliver 2 France, 16 January 2013
5. ^Company Overview of Pontofrio.com, Investing Businessweek, 13 October 2014
6. ^Cdiscount lancera en juin une e-boutique de lentilles de contact, Journal du Net, 16 May 2011
7. ^'Casino Guichard Perrachon sets up with Via Varejo global ecommerce joint venture Cnova'. Reuters. 4 June 2014. Retrieved 22 June 2014.
8. ^'Casino Group: Creation of a major global ecommerce - Cnova'. GlobeNewswire. 4 June 2014. Retrieved 22 June 2014.
9. ^Casino Group: Creation of a major global ecommerce – Cnova, Euroinvestor, 4 June 2014
10. ^Casino Files to Float e-Commerce Unit Cnova in New York, Wall Street Journal – Online, 5 June 2014
11. ^Alibaba IPO timing bodes well for Casino's Cnova listing, CNBC, 16 September 2014
12. ^Casino lance « Cnova », sa société mondiale de e-commerce, Les Echos, 5 June 2014
13. ^Company Overview of Cnova N.V., Blommberg Businessweek, 13 October 2014
14. ^Cdiscount, premier e-commerçant de France, Journal du Net, 11 June 2013
15. ^Cdiscount - Groupe Casino, Groupe-Casino.com
16. ^GPA anuncia integração de negócios da Cnova Brasil à Via Varejo, G1, 31 October 2016
17. ^Cnova Brazil, a major e-Commerce player in Brazil, Groupe Casino
18. ^Cnova NV : N.V. : - Activité de l'exercice 2015, Zone Bourse, 12 January 2016
19. ^'CNV Profile'. Yahoo Finance.

External links[edit]

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