Casino Guichard-Perrachon (CO) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the chairman, who welcomed shareholders, introduced the board, confirmed the legal quorum, and outlined the agenda focused on transformation, financial results, governance, and strategic plans.

• The agenda was made public in advance, and the bureau and secretary were appointed without objection.

Board and executive committee updates

• The new CEO, Philippe Palazzi, introduced himself and the 11-member executive committee, emphasizing complementary expertise and integrity.

• The board underwent significant changes post-financial restructuring, reducing its size, increasing independence to 71–71.4%, and separating chairman and CEO roles.

• Committees for audit, appointments and compensation, governance, and strategy were established or reconstituted, each with clear mandates and high attendance rates.

• Board now includes 43% women and new directors and non-voting directors were ratified.

Financial performance review

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

• Adjusted EBITDA was EUR 765 million, down 22%, and trading profit dropped 61% to EUR 124 million.

• Net consolidated loss was EUR 7.1 billion, impacted by exceptional expenses, restructuring, and discontinued operations.

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

• Q1 2024 net sales were EUR 2.1 billion, down 3.8% on a same-store basis, with negative free cash flow of EUR 327 million.