Base Prospectus - Groupe Casino

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The Group met all its objectives in 2007:Robust growth in sales, up 11%, and trading profit, up 14.7%, led by international operationsSatisfactory performance in France and a fast sales turnaround at Franprix and Leader PriceA stronger financial position, with a net debt to EBITDA ratio of 2.452008 Objectives:Faster organic growth in salesFurther growth in trading profit2007: An enhanced profitable growth profileThe Group’s results in 2007 demonstrate the effectiveness of its operating action plans and the high-quality positioningof its asset portfolio in France and international markets.In France, sales ended the year up 3.1%, excluding Franprix and Leader Price, while trading profit rose by 3.3%. Thissatisfactory performance reflects the implementation of tailored marketing strategies for each banner, coupled with tightcontrol over operating costs.• Hypermarkets reported a satisfactory performance with stable market share, thanks to double-digit growth inprivate-label sales and a targeted marketing strategy (development of fresh food sections, partnership withdunnhumby, etc.). Trading profit margin was stable over the period.• The convenience formats enjoyed a solid 3.8% increase in sales, while improving their margin to 5.7% from5.0% in 2006. Casino Supermarkets and Monoprix are benefiting from the success of their competitivelydifferentiated positionings. Superette sales were stable despite the closure of unprofitable stores.• Management of Franprix and Leader Price operations was taken over in the spring, and both banners saw aturnaround in sales in the fourth quarter, which will continue in 2008. The decline in trading profit margin to6.9%, from 7.4%, reflects the impact of sales revitalisation plans.• The other businesses (Property management, Cdiscount, Banque Casino and Casino Restauration) maintainedtheir very strong sales momentum during the year.International operations confirmed their role as a growth driver, benefiting from robust sales gains in South Americaand Asia, as well as from the full consolidation of Exito as of 1 May 2007.• Organic growth remained very strong in South America, up 14.8%, and Asia, up 9.8%.• The profitability profile of international operations improved significantly, reflecting the positive impact ofremodeling the asset portfolio and improved margins in the two strategic regions.• Trading profit margin in international operations stood at 4.5%, versus 3.9% in 2006, and is moving towards themargin in France.The financial position was significantly strengthened, thanks to the completion, under excellent conditions, of the €2.5billion asset disposal plan. Net debt stood at €4,410 million at 31 December 2007, virtually unchanged from a year earlierdespite the consolidation of Exito. The net debt to EBITDA 1 ratio was reduced to 2.45 from 2.81 at 31 December 2006.At the Annual General Meeting on 29 May 2008, the Board of directors will propose to shareholders’ approval adividend of €2.30 per ordinary share, up 7%, and €2.34 per preferred share.1EBITDA from continuing operationsA08872560 36
2007 results(Provisional consolidated data – under auditors’ review – IFRS)In line with IFRS 5, results from the Polish and US operations have been recognized in discontinued operations and the2006 figures adjusted accordingly.Continuing operations (in € m) 2007 2006 %Net salesOf which FranceOf which InternationalEBITDA (2)Of which FranceOf which International24,97217,9157,0571,7991,29650422,50517,5994,9061,5601,241319+11.0%+1.8%+43.8%+15.3%+4.4%+57.8%Trading profitOf which FranceOf which InternationalOther operating income and expenseOperating profit1,1968803161391,3351,043852191(32)1,011+14.7%+3.3%+65.4%n.m.+32.0%Net profit from continuing operations, Group share 664 436 +52.4%Net profit from discontinued operations, Group share 149 163Net profit, Group share 814 600 +35.7%Cash flow 1,221 1,069 +14.2%(2) EBITDA = Trading profit + depreciation and amortisation expense2008: Solid fundamentals to drive faster organic growthCasino is now poised to deliver sustainable growth:• A well-positioned asset portfolio, with a favourable format mix in France, high growth potential at Franprixand Leader Price, and an international geographic footprint refocused on high potential countries.• Efficient growth drivers‣ In France, implementation of a targeted marketing strategy for each banner and ramp-up ofdifferentiation drivers.‣ In international operations, faster expansion and development of the dual Retailing – Propertymanagement model.• A more aligned and balanced profitability profile.The following objectives have been set for 2008:• Faster organic growth in sales• Further growth in trading profit2008 Investor CalendarFirst-quarter sales: Monday, 21 April after close of tradingAnnual General Meeting: Thursday, 29 MaySecond-quarter sales: Monday, 21 July after close of tradingFirst-half results: Thursday, 28 AugustA08872560 37
Page 1 and 2: PROSPECTUSCasino Guichard-Perrachon
Page 3 and 4: TABLE OF CONTENTSPageDOCUMENTS INCO
Page 5 and 6: Rule Prospectus Regulation Annex IX
Page 13 and 14: RISK FACTORSThe Issuer believes tha
Page 15 and 16: PROVISIONS RELATING TO INTEREST (IF
Page 17 and 18: France, and it has not distributed
Page 19 and 20: ANNEX ICHANGE OF CONTROLThe followi
Page 21 and 22: ANNEX IIFORM OF PUT OPTION NOTICEPu
Page 23 and 24: ANNEX IIIADJUSTMENT OF INTEREST RAT
Page 25 and 26: DESCRIPTION OF THE ISSUERRECENT DEV
Page 27 and 28: Fourth Quarter 2007 Sales Up a Stro
Page 29 and 30: FRANCESales in France rose 5% in th
Page 31 and 32: INTERNATIONALInternational sales su
Page 33 and 34: Average exchange rates 12 months 20
Page 35: International Dec 31, 06 Sept 30, 0
Page 39 and 40: (8) Copies of the latest annual rep
Page 41: Listing AgentDeutsche Bank Luxembou

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