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INVESTOR PRESENTATION
October 2021
SUMMARY
3 1H BUSINESS REVIEW
Ø Key EVolutions
Ø Consolidated Accounts
Ø Focus on Main Indicators
Ø Balance Sheet Indicators
1.MACROECONOMIC
ENVIRONMENT
1. MACRO ECONOMIC ENVIRONMENT
1-2 Market Share of Carrefour & Carrefour Market
Openings 10 1 - 11
Sales area opened in sqm. 2 336 4 000 - 6 336
Closings - - - 0
Sales area closed in sqm. - - - 0
Number of stores at June 30th, 2021 97 12 11 120
Sales area in sqm. 95 036 65 900 59 564 220 500
In % of Group Total 43% 30% 27% 100%
89 99
12 12
11 12
14 15
! Terms:
▪ A: In fine over 5 years at variable rate
▪ B: In fine over 5 years at fixed rate
▪ C: Amortized over 7 years at fixed rate
▪ D: Amortized over 7 years at variable rate
! Subscriptions:
! A: MMAD 520 or 65% of the total amount at the rate of 2.38%
! B: MMAD 120 or 15% of the total amount at the rate of 2.82%
! C: MMAD 140 or 5% of the total amount at the rate of 2.38%
! D: MMAD 40 or 15% of the total amount at the rate of 2.80%
The purpose of the transaction is to optimize financing costs by taking advantage of favorable interest rate conditions.
The funds were intended for :
- the repayment of MMAD 500 of a former bond issue with a December 2021 maturity
- Funding the expansion program.
- Refinancing of assets to be contributed to the OPCI
1H 2021 HIGHLIGHTS
Prize for the best ESG report
-‐24,96% -‐33,58%
-‐27,08% -‐34,50%
PCST PTOT CRFM CRFH ATACADAO
Janv.-‐Fév Mars Avril-‐Mai-‐Juin Juillet-‐Août Cumul Janv.-‐Fév Mars Avril-‐Mai-‐Juin Juillet-‐Août Cumul
Ø The evolution of the Group’s sales in H1-2021 was marked by 3 key moments:
§ The January-February period: which corresponds to the period before the health crisis in 2020 where the group (excluding gas station segment) achieved a performance
of +5.77% vs historical
§ March: Decrease in sales on the 3 formats of activity during March which marks the first anniversary of health restrictions with -24.96% vs history
§ The April-June period: Sales resumption mainly at the level of the hypercash with +12.3% , period marked by the event Chaabane-Ramadan
Ø The positive business momentum was confirmed during July and August across all formats but espacially larger stores: +18.49% vs history on like for like basis for hypermarket
and +17.89% vs. budget on a like for like basis for hyper-cash (Aid Adha impact, return of MRA, tourism, etc.)
3. H1 2021 BUSINESS REVIEW
3-2 Sales Performance
+29% vs 2019
+12% vs 2020 u Hypermarket sales up 29%:
12 stores
• Growth in sales on like for like basis of 8% vs. 2019
30% of Group’s sales
• The contribution of the openings completed in 2020 and 2021 is close to 213 MMAD
+10% vs 2019
-9% vs 2020 u Supermarket sales up by 10% thanks to:
97 stores
• Stabilization of like for like vs. 2019.
43% of Group’s Sales
• The contribution of the openings realized in 2019, 2020 and 2021 is respectively 139 MMAD,
+11% vs 2019 27 MMAD and 4 MMAD
-5% vs 2020
11 sales
-2% +2%
8.8%
8.5%
8.4%
+43% 428.0
168.7 300.2
163.9
223.5
4.0% 4.0%
3.4%
Sales of Goods 4 221 793 4 805 704 583 911 14% Ø Improvement of Operating Income by +14% (+30
Sales of Goods and Services 461 498 520 198 58 699 13%
Evolution 10,9% 10,8% -0,11
Mdh) and -0.02 pts in ratio despite the weight of
operating expenses +0.40 pts:
Revenues 4 683 291 5 325 901 642 611 14%
EBIT
Evolution
197 841
4,7%
223 657
4,7%
25 815
-0,03
13%
Ø Non current result reduced by -29 MMAD due to
impact of Covid charges : 23 MMAD and
Financial Result 19 327 24 283 4 956 26%
Evolution 0,5% 0,5% 0,05 2MMAD to CSS
Operating Income 217 168 247 940 30 771 14%
Evolution 5,1% 5,2% 0,02
EBITDA 413 955 420 768 6 814 2% Ø Drop in non-current income of MAD -21 Million due to
Evolution 8,5% 8,8% 0,30
increased covid charges in H1 2021:
Amortization 176 748 197 112 20 364 12%
Evolution 3,6% 4,1% 0,49
§ Covid charges 18 MMAD vs 3 MMAD in 2020;
EBIT 237 207 223 657 -13 550 -6% § Covid donation (5 MMAD) in 2021 and 2020;
Evolution 4,8% 4,7% -0,19
§ Contribution to Social Tax (6 MMAD).
Financial Result 27 857 24 283 -3 574 -13%
Evolution 0,6% 0,5% -0,06
Income Before Taxes 253 299 214 893 -38 406 -15%
Evolution 5,2% 4,5% -0,70
Other Current Assets -‐488 792 -‐18 -‐319 923 -‐12 168 869 6