(Boursier.com) — As part of the conciliation procedure, the group Casino announces an estimate of its revenue France achieved in the 2nd quarter of 2023 and its Ebitda France after rents achieved in the 1st half of 2023.
Estimated revenue for the 2nd quarter of 2023 for Parisian and convenience brands increased by +2.6% on a like-for-like basis. The estimated activity of hyper- and supermarkets fell by -17% and -14% respectively on a like-for-like basis, notably under the effect of price cuts.
For the same period, Cdiscount’s turnover should be down -22% on a like-for-like basis. The GMV drops by -13% while the Marketplace GMV should be close to equilibrium (-3%).
Ebitda France after rents for the 1st half of 2023 (excluding real estate development) is currently estimated between -165 ME and -175 ME (+191 ME for the same period in 2022), linked to the drop in turnover and the lower prices in hypermarkets and supermarkets.
Excluding hyper- and supermarkets, EBITDA France after rents (excluding real estate development) for H1 2023 would be between +150 ME and +160 ME (+152 ME in H1 2022).
Over 12 rolling months, Ebitda after rents is estimated at around 300 ME.
In view of the performance estimated at the end of the 1st half, the Group now anticipates Ebitda France after paid rent of less than 300 ME for the year 2023 (440 ME in the business plan presented to the market on June 26, 2023).
Next steps
In order to reach an agreement in principle with the main creditors on the restructuring of the Group’s financial debt by July 27, 2023 at the latest, the conciliators have asked stakeholders the submission of revised offers no later than July 14, 2023 at 9 p.m..
Beyond the criteria for assessing the offers published by the Group on June 28, 2023, Casino indicates that the revised offers will also be assessed with regard to the following elements:
1) unconditionality of capital contribution commitments and
2) level of cash available to the Group after completion of the restructuring, which will reflect the financial robustness of the restructuring plan.
Revised offers received will be reviewed by the ad hoc committee of the Board of Directors, then presentation to the Group’s creditors, under the aegis of the conciliators and the CIRI, Monday July 17 2023.
The Casino Board of Directors will meet after this meeting.