Casino Guichard-Perrachon (CO) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the Chairman and CEO, confirming legal convening, quorum, and outlining the agenda focused on transformation, financial results, governance, and strategic plans.

• The bureau and secretary were appointed without objection, and the agenda was not read as it was previously published.

• The meeting was live-streamed in French and English, and all required documents were made available to shareholders.

Financial performance review

• 2023 consolidated net sales reached EUR 9 billion, with convenience brands showing +1.8% same-store growth, but Cdiscount sales declined by 23%.

• Adjusted EBITDA fell 22% to EUR 765 million, trading profit dropped 61% to EUR 124 million, and net consolidated loss was EUR 7.1 billion, impacted by exceptional expenses and restructuring costs.

• Net debt at end-2023 was EUR 6.2 billion, reduced to EUR 1.6 billion by March 31, 2024, after converting EUR 4.9 billion of debt to equity.

• Q1 2024 net sales were EUR 2.1 billion, down 3.8% on a same-store basis, with free cash flow at -EUR 327 million due to non-recurring payments.

Board and executive committee updates

• A new CEO and CFO were introduced, both with significant retail and financial experience.

• The board was restructured in March 2024, now with 7 directors (71% independent), 3 non-voting directors, and a separation of chairman and CEO roles.

• Board now has 43% women and 71.4% independent directors; new directors and non-voting directors ratified.

• Committees were reconstituted with high independence and attendance rates, focusing on financial oversight, governance, and strategy.