2020 HALF-YEAR RESULTS - 28 August 2020 - Auchan Holding
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28 August 2020 HALF-YEAR RESULTS 2020
THIS PRESENTATION CONTAINS FORECASTING INFORMATION
This information, which expresses objectives established on the basis of the current assessments
and estimates of Auchan Holding’s general management, remains subject to numerous factors and
uncertainties, which could lead to the observed figures differing significantly from those presented
as a forecast.
Auchan Holding makes no commitment to update or revise the forecasting information presented
here.
2 Half-year results 2020
CONTENTS
1 3
AUCHAN RETAIL Consolidated financial
results
2 4
Ceetrus Appendices
Despite the health crisis, results show strong growth driven by the early effects of the
Renaissance initiative
The Renaissance
initiative, promoting
operational excellence, is The health crisis has
delivering significant confirmed the relevance
results with a sustained of Auchan 2022
implementation rate in all corporate plan
countries
Continued growth in Auchan Retail remained
financial results, which true to its mission
are in line with targets towards the inhabitants
despite the current of all countries in which it
context operates during Covid-19
4 Half-year results 2020
Revenue is up on a like-for-like basis (excluding fuel and foreign exchange)
Change in revenue before tax (in €m)
+ 0.8 % + 0.5 % + 1.3 % - 2.5 % - 1.1 % - 0.7 % - 1.8 %
€22,657 €22,951 €22,413 €22,253
m m m m
INCOME BEFORE COMPARABLE STORES CHANGES IN INCOME BEFORE FUEL IMPACT INCOME BEFORE TAX EXCHANGE INCOME
STORE SCOPE RATE IMPACT AND
TAX TAX H1 2020 EXCLUDING OTHER IMPACTS H1 2020
H1 2019 H1 2020 EXCHANGE RATE IMPACT
ORGANIC
Like-for-like income growth in H1: An adverse impact on income from the sale of fuel
and the currency effect:
• Good revenue momentum in Q1
• An impact of the COVID-19 pandemic on Q2 income, with: • Fall in fuel sales (-€573m at end-June)
Depending on the level of lockdown, a significant fall in hypermarket traffic. This was partly • Exchange rate impact mainly related to falls in the ruble, yuan,
offset by the increase in the average basket zloty and leu.
Very strong growth in e-commerce (up to +85% of income in April) and convenience
A post-lockdown rebound in some countries, particularly for non-food products (Spain,
Portugal)
A loss of income on shopping malls rents collected mainly in China (-€62m at end-June)
5 Half-year results 2020
Marked income growth, excluding Russia
Like-for-like change in income by geographic region (in €m) Distribution of income (in €m) by region (at current exchange rates)
+58m +€105m - €162m +€160m - €3m - €561m - €404m Africa
+ 0.8 % +4.9% - 3.9 % +2.3 % -6% - 2.4 % - 1.8 % €74m
Recovery of the model thanks to a sharp reduction in costs
Change in the sales margin Falling operating expenses
• Significant effects of the Renaissance initiative:
+ 0.3 pt
+ 1.0 pt €184m of recurring savings made in H1 2020
23.4% • Significant synergies achieved by reunifying the back
23.1% offices of Sun Art's commercial brands (Auchan and RT-
22.1% Mart) in China
• A marked improvement in productivity, with high level of
S1 2018 S1 2019 S1 2020 absenteeism (France, Spain) offset by employee
versatility
• In this context, a balancing out of the impact of the health
Further increase in the gross sales margin thanks to crisis: additional expenses for employee protection were
actions undertaken, tempered by a less favourable offset by legal provisions in some countries (reduction of
product mix during the COVID-19 pandemic
social security contributions, etc.)
7 Half-year results 2020
Continued EBITDA growth: +15% in H1
Change in EBITDA (in millions of euros; change in %; at current exchange rates) Change in the EBITDA margin
+ €162m EBITDA margin rate EBITDA margin rate
IFRS 16 pre-IFRS 16
+5% + 39 %
+ 11 %
+ 19 %
+ 79 % + 0.8 pt
4,2%
€1,248 3,4%
m 5,6% 3,2% 3,1%
€1,086 4,8%
m 2,5%
EBITDA FRANCE SOUTHERN EUROPE CENTRAL AND ASIA AFRICA EBITDA H1 2019 H1 2020 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020
H1 2019 EASTERN H1 2020
EUROPE
Operations in Italy and Vietnam were included in
2016, 2017 and 2018
• All geographical areas are experiencing growth, as in 2019
• All countries saw an increase in their EBITDA, with the exception of Russia
€
• Growth rates are particularly high in France, Hungary, Poland, Ukraine and Luxembourg
• The EBITDA margin increased by 0.8 points compared to H1 2019
8 Half-year results 2020
Lessons learned from Covid-19 for Auchan Retail
Reaffirmation of our profession's purpose
• Our mission to feeding local people has been enhanced
• The responsibility of the company and its employees has been acknowledged
Changes in consumption patterns have accelerated
• Food e-commerce is becoming essential
• Offers must be more locally focussed and responsible
• Price is still a key criterion
2022 goals fully vindicated
The company has demonstrated its
agility • The Renaissance initiative makes the
• Ongoing adaptation as the situation evolves company more agile in a volatile context
> Intra-store and inter-format employee versatility within living areas
• All areas of the Auchan 2022 business plan
> Accelerated decision-making, adapting to purchasing behaviours
were shown to be correct. They meet the
• A strong contribution to solidarity on the ground challenges presented by the crisis
> Donations (equipment, masks, food, financing),
> Support for caregivers and vulnerable populations (dedicated remote click & collect,
specific openings, etc.)
9 Half-year results 2020
RENAISSANCE
Making the company more agile
Enhancing operational excellence
AUCHAN 2022
Reorienting the company towards
sustainable development
10The Renaissance initiative delivers significant results with a sustained pace of
implementation in all countries, despite the current context
152 projects promoting operational excellence Sustained implementation in all countries
Handling of loss-making operations
• Ex : Business model of some departments in stores
31
14 Product margin and reduced inventory shrinkage
• Streamlining of ranges, arrangement of products in the aisles, new sales
152 59 channels to limit losses (anti-waste shop-in-shops),
• Significant results, as in Poland (inventory shrinkage reduced by 30%)
20
28 Operations and store expenses
# ON-SITE HANDLING OF
LOSS-MAKING
PRODUCT
MARGIN AND
OPERATIONS
AND STORE
OPTIMISATION
OF THE GOODS
BACK OFFICE
EFFICIENCY
• Renegotiation of framework agreements (maintenance)
OPERATIONS REDUCED
INVENTORY
EXPENSES SUPPLY CHAIN
• Improving store energy efficiency
SHRINKAGE • Optimisation of collection pathways
Countries making the greatest
• Lease renegotiation, with significant savings in Poland, Taiwan and Spain
contribution to date (excluding
Project statuses
disposals in Italy and Vietnam)
5%
60% France Supply chain
• Study underway to set out a more efficient supply-chain organisation in
35% 16% Russia light of the new challenges highlighted during the health crisis.
60%
7% Poland
7% Spain Back office efficiency
finalised in progress • More agile decision-making
to be launched
11 Half-year results 2020A savings trajectory in line with 2022 targets
Savings made under the Renaissance initiative (€m) Change in the EBITDA margin (Pre-IFRS 16)
6.0%
38% of
target
in 18
months 4,2%
4,0%
1,100 3,4%
184 3,0%
423 2,5%
239
2019 H1 2020 TOTAL
RENAISSANCE 2022 H1 2018 2018 H1 2019 2019 H1 2020 2022
SAVINGS END-
EBITDA margin
H1 2020
Post-IFRS 16 4.8 % 5.3 % 5.6 % 7.5 %
(1) Operations in Italy and Vietnam are included in 2018
• At end-June 2020, the Renaissance initiative delivered €423 million in recurring savings, including €184 million in H1 2020.
• 500 internal contributors apply a single, precise methodology, allowing for a sustained pace of implementation before and during
the health crisis
End-2022 targets are confirmed despite the health crisis
• 6.0% EBITDA margin (pre-IFRS 16; i.e. 7.5% post-IFRS 16)
• €1,100m of net recurring savings
12 Half-year results 2020Rollout of the Auchan 2022 business plan accelerated due to the health crisis
1 Providing good, healthy and local products through the selection and design of a unique, fair and responsible
offer
Medium-term progress made Acceleration opportunities linked to the crisis
Continued development of responsible agricultural chains • Express supplier listing of local producers (France,
in France (+17), Spain (+24), Portugal (+6), Russia (+7) and Ukraine (+2). Opening of the first chain Spain, Portugal, etc.)
in Taiwan (eggs)
• Extension of our close ties with the agricultural world
(France, Spain, Portugal, Ukraine, Russia, Romania): Sales
Improvement of supplier brand selection
of local products up 50% in Portugal
in France (reduction of up to 20%), in Russia (3,000 products are being removed) and in
Ukraine (1,000 non-food products removed).
• Outperformance of sales of organic private label
products
Further work on exclusive products
• Increase in local private label products (France, Spain, Ukraine, Russia, Poland)
• Continued development of international private label ranges
Commitment to better customer education
• Rollout of the "Nutri-Score" label in Spain and Portugal
• Partnership with the Pasteur Institute in Lille with the “Eating better is easy” ("Mieux manger,
c'est facile") programme
• Launch of the "La Note Globale" label in France
13 Half-year results 2020The roll out of the Auchan 2022 business plan accelerated with the health crisis
2 Creator of connections and experiences that improve local peoples' quality of life.
Medium-term progress made Acceleration opportunities linked to the crisis
Development of the new digital local services • Increased ability to prepare and distribute e-commerce
• 100% of countries offer local digital services orders
• China: 50 million unique O2O user accounts
• Signing of partnerships for express home delivery or with market places
• Launch of the first click & collect and home delivery
service in Senegal
Strategic partnership with Glovo launched in 4 countries: Portugal, • Click & collect rolled out in France, Spain and Poland
Spain, Poland and Ukraine
• New agile solutions:
• ready-to-buy baskets (Poland, Romania),
• Whatsapp-assisted sales (Spain)
Spain
Russia Poland Ukraine France Luxembourg Taiwan Romania
Food e-commerce rose sharply
Implementation of in-stores partnership with experts: April 2020: France (+72 %), Spain (x 5.5), Portugal (x3.5), Ukraine
(x3.5), Poland (x2), Hungary (x2), Russia (+90 %), Luxembourg
• Decathlon: offer in 31 stores (Ukraine, France, Portugal, Spain,
Taiwan) (+69 %)...
• Patatam (expert in second-life textiles): in 30 stores in France as at
end-August 2020
Digital revenues for H1 2020 reached 11% of total revenue (+3.7pts in 1 year)
14 Half-year results 2020The CSR approach: a lever for the crisis
Support for caregivers and the most vulnerable people
• Donations (masks, food, loyalty points, equipment, etc.)
• Access reserved in stores or at click & collect outlets, ease of delivery, remote click & collect
• Charitable operation
• Creation of field hospitals in Romania with Leroy Merlin and Ceetrus
• Mobilisation of Auchan Retail’s foundations: projects supported in 9 countries to support young people and
textile workers
Healthy eating and fight against waste
• Following the signing of the Agreement on Consumption Dates: rollout of anti-waste shelves in all countries
and continuation of the Too Good to Go partnership in France, Spain and Portugal
• Rollout of the "Nutri-Score" label in France, Spain and Portugal
Reducing the carbon footprint
• Agreement with Voltalia, Boralex and Eurowatt to develop the green electricity supply (solar and wind) in 100% of
its French sites by 2030. Strong growth in Spain and Portugal via the purchase of guaranteed certificates of origin
• Patatam second-life textile shop-in-shops rolled out in France (30 by 30 August 2020)
• Continuation of the contribution to the Fashion Pact: development of a 100% organic textile range
Significant improvement in Vigeo rating
• +12 points in 2020 (vs. 2018)
15 Half-year results 2020In short
1 2
Continued growth in financial results, which are in line A period of intense learning for Auchan Retail
with targets despite the current context: • A renewed sense of professional purpose
• Revenue up 0.8% on a like-for-like basis • Changes in consumption patterns have accelerated
• EBITDA up 15%, thanks in particular to the Renaissance initiative • The company has demonstrated its agility
• 2022 goals fully vindicated
3
The Renaissance initiative, promoting operational excellence, is delivering significant results
with a highly sustained implementation rate in all countries
• 152 projects in position to achieve a 6% EBITDA target margin1 by 2022
• €423 million of recurring savings made at end-H1, i.e. 38% of the target
Despite the health crisis, Auchan Retail is delivering strong growth driven by the early effects of the Renaissance
initiative and the rollout of Auchan 2022
1 pre IFRS 16
16 Half-year results 2020CONTENTS
1 3
Auchan Retail Consolidated financial
results
2 4
CEETRUS Appendices2020 marked by the global health crisis
A CONSTRAINED H1
Enforced closure of many outlets aside from those selling basic necessities
• 2 to 2.5 months on average in Europe
• more than 90% of the sales area rented by Ceetrus
Essential continuity of service for local people and retailers
• 100% of Ceetrus shopping malls open to allow access to shops selling "essential" goods
• Requirement to fully reorganise human flows
Strict health measures to keep everybody safe
• Compliance with instructions and beyond
Short-term crisis measure to protect teams
• Approximately one-month work stoppage on the sites
• Teleworking for all assessment work and support roles
LIMITED COMPANY SUPPORT MEASURES
Few mechanisms for short-time working
• In France, for 62% of the workforce in FTE
No other mechanisms used
• Both in France and abroad
• No recourse to the Guaranteed Loan from the French State due to strong cash holdings
18 Half-year results 2020When the crisis struck, Ceetrus came into its own
AGILE INNOVATION FROM THE GROUND UP, NOW MORE THAN EVER
A flurry of test-and-learn initiatives rolled out around the world
• Switching functions: a car park becomes a drive-in cinema, first in Romania then in Hungary, Poland,
Portugal and France
• New services: the shared "Aushopping Drive" (click & collect service) > 30 sites at the end of June in France,
then Portugal, Italy, Luxembourg and Russia
DIALOGUE AND SOLIDARITY WITH THOSE WHO SHARE OUR LIVING SPACES
For merchants
• In France: 2 months of rent cancelled (excluding charges) for closed shops; creation of an inter-brand
solidarity fund to help small shops
• Internationally, discussions with lessees to find long-term ways to adapt
For local people, in partnership with associations and the State
• Italy: one hospital built in 60 days in Milan, €3m raised in partnership
• France: safe spaces for women victims of domestic violence
• Romania: a temporary hospital set up in partnership with Leroy Merlin and Auchan Retail
19 Half-year results 2020Development operations: heightened caution
STRATEGIC PRIORITIES UNCHANGED AND REINFORCED BY THE CRISIS France, Saint-André-Lez-Lille, Quai 22
• Boost for existing sites (“new retail”)
• Co-creation of new neighbourhoods ("new city")
THE RESTART OF ALL SITES AFTER A MONTH OFF
Spain, Viala Vigo station
• Spain, "Vision" project - Viala Vigo station
• Italy: MilanNord2, Merlata Mall
• France: Platform 22, Wellice offices, Quadrilatéral des Piscines
• Romania: Coresi in Brasov
Roumanie, Coresie, Brasov
CAREFUL DECISIONS TO PROTECT THE COMPANY AND ITS BALANCE SHEET
• 2020 investments revised downwards by around one-third
20 Half-year results 202031% fall in income, directly impacted by Covid-19
The impacts are fully taken into account in income as at 30/06 (Change in
income - in € millions)
€296.9m -€92.0m +€2m €206.6m -€1.9m €204.7m
-31.0 % +0.3 % - 30.4 % -0.6 % -31.1 %
LIKE-FOR-LIKE EXPANSION / H1 2020 EXCHANCE
H1 INCOME H1 INCOME
(INCL. COVID 19) DISPOSAL BEFORE RATE
2019 EXCHANGE IMPACT 2020
RATE IMPACT
Net rental income of €154.9 million (-39.6%)
21 Half-year results 2020Contracted EBITDA due to a limited reduction in expenses
Change in EBITDA (at current exchange rates)
EBITDA
H1 2019 €201m
- €86m
- 42.6 %
EBITDA
H1 2020 €115m
22 Half-year results 2020Net decrease in investments as of H1 2020
Current investments, acquisitions of securities, net of disposals and changes in financial receivables
H1 2019
(including – €68m in disposals) €183m
Major investments in France, Luxembourg and
Italy. Disposals in France.
-€61m
-33 %
H1 2020
(including -€2 million in disposals) €122m
Investments in priority projects already
launched in Luxembourg, Spain and Russia
Review of 2020 investment programme to secure cash flows
23 Half-year results 2020Limited revision of asset market values – similar to our peers
- 4.6 %
- 3.3 %
€8,264m €7,885m
€3,497m €3,380m
31/12/2019 30/06/2020 31/12/2019 30/06/2020
Net asset value of Investment Fair value of Investment
property property
(w/o transfer rights)
24 Half-year results 2020The amplification of Ceetrus' momentum, put into perspective
A PRIORITY: BUSINESS REGENERATION
• Support in exiting the crisis, with stimulus plans and boosting traffic:
In Portugal: QR code app and online payments; Too Good to Go partnership for centre restaurants;
developing home delivery for non-food customers
Italy: "Ceetrus 4 innovation", open to all, which has produced more than 60 proposals for ideas;
France: The application "Ma boutique en ligne" allows today independent tenants to create a website
with an online payment solution;
Spain: "BurGo challenges" to support innovative entrepreneurs looking for opportunities, provision of
a fully equipped unit, 6 months of rent and marketing support offered.
Active despite the health crisis:
85% Ceetrus in Portugal
Gradual recovery of traffic in July
2020
A TEAM MOBILISED TO SET THE STANDARD
• Renewed vision of the city and new retail; diversity of uses and a positive impact
commitment
• A mission to accelerate the transformation
• New organisation by country: strengthened teams working as closely as possible with
local people
25 Half-year results 2020CONTENTS
1 3
Auchan Retail CONSOLIDATED
FINANCIAL RESULTS
2 4
Ceetrus Appendices27 % increase in operating profit from continuing operations
Change at Change at
current constant
In € millions H1 2020 H1 2019 exchange exchange
rates rates Change in the EBITDA margin since 2013 (pre-IFRS 16)
Revenue 22,457 22,954 - 2.2 % - 1.4%
5.0%
5,00%
Sales margin 5,403 5,519 - 2.1 % - 1.2 %
4.6%
Sales margin rate 24.1 % 24.0 % + 0.1 pt 4,50%
4.3%
4.1% 4.1%
Staff expenses -2,719 -2,876 - 5.5 % - 4.8 % 4.0%
4,2%
4,00%
External expenses (including -2,223 -2,279 - 2.5 %
depreciation and amortisation)
3,50%
EBITDA 1,362 1,313 3.7 % 4.6 % 3.5%
EBITDA margin rate 6.1 % 5.7 % + 0.4 pt + 0.4 pt 3,00%
H1 2013 H1 2014 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020
Income from ongoing operations 461 364 26.7 % 27.9 %
Auchan Retail operations in Italy and Vietnam and Oney Bank were
included from 2013 to 2018
Current operating margin rate 2.1% 1.6% + 0.5 pt + 0.5 pt
27 Half-year results 2020Other operating income and expenses : -123 million euros
Other operating income and
H1 2020 H1 2019
expenses (in € millions)
COVID 19 – Employee bonuses (69) ▪ To recognise their commitment, bonuses were granted
to employees who remained committed throughout
the pandemic
Renaissance initiative and reorganisation ▪ Costs mainly related to the voluntary redundancy plan
costs
(71) (22)
announced on 14 January 2020 at Auchan Retail
Impairment of fixed assets (25) (22) ▪ Mainly impairment of fixed assets for Ceetrus
Other non-recurring income and expenses 42 70
▪ Mainly income from real estate transactions
TOTAL (123) 26
28 Half-year results 2020Very significant rise in normalised net profit: +228 million euros
Change at current
In € millions H1 2020 H1 2019
exchange rates(€m)
Operating profit from continuing operations 461 364 + 97
Other operating income and expenses (123) 26 (149)
Operating profit 338 390 (52)
Net cost of financial debt (36) (30) (6)
Other financial income and expenses (164) (121) (43)
Tax expenses (56) (116) + 60
Share of net (profit) loss of associates 9 1 +8
Net profit from continuing operations 91 124 (33)
Net profit from assets held for sale and discontinued operations 15 (1,458) + 1,473
Net profit 106 (1,334) + 1,440
Net profit attributable to the Group (77) (1,472) + 1,395
“Normalised” net profit (1) 300 72 + 228
"Normalised" net profit (1) attributable to owners of the parent 115 (50) + 165
1) Excluding net profit from discontinued operations, other operating income and expenses and direct effects related to the pandemic (net of taxes)
29 Half-year results 2020Improved net cash flow vs. H1 2019
Change in net financial debt in H1 2020 (in millions of euros) Change in cash flow in H1 (in € millions)
+€139m +€305m
- €956m +€439m +€110m 1 987
+€573m 1 864
1 473 1 523 1 512
3 870 4 175
305
2019 CAF Var. BFR Opérations Dividende Autres flux(1) S1 2020 S1 2015 S1 2016 S1 2017 S1 2018 S1 2019 S1 2020
31/12/2019 d'investissements (Sun Art) 30/06/2020
1) Of which mainly payment of liabilities related to leases and foreign exchange impact
• Natural debt increases due to seasonality
• However, this increase was very limited thanks to:
• The sharp improvement in the change in Working Capital Requirements (+€545 million vs. H1 2019), mainly translation of work on inventory management
• A reduction in current investments as a precautionary measure (-€214m vs. H1 2019)
• €110 million in dividends paid to minority shareholders of Sun Art (Auchan Retail subsidiary in China)
• Auchan Holding's shareholders did not receive any dividends for 2019
30 Half-year results 2020Increased liquidity: an important asset in a volatile environment
At end-July 2020
TOTAL FINANCIAL RESOURCES NEW FINANCIAL RESOURCES
Successful issue of 2 new financing agreements and the liability
management operation
6% • €1,000m: 04/29/2020 --- 01/29/2026
Auchan Retail
81% Type: EMTN
Maturity: 5 ¾ years
14% Auchan Holding Rate: 2.8750 %
Ceetrus • € 256.5m: 07/06/2020 - maturity 3 years, 5 years and 7 years
11,595 Type: Schuldschein
Average maturity: 3½ years
€m (1) • €750m: 07/23/2020---07/23/2027
Type: EMTN
Maturity: 7 years
Rate: 3.25 %
=> redemption of bond issues for €535.4 million: maturing in 2021, 2022 and
2023
(1) of
Extension of a back-up credit line for €1 billion
which €3,604m in available financing
(undrawn) • €1,000m: original maturity: June 2021, extended to June 2022,
with option to extend to June 2023
31 Half-year results 2020A well-spread repayment schedule, with a maturity extended to 3.2 years
(in € millions); at 31 July 2020
AVERAGE MATURITY
3.2 years
1 200
1 000
800
600
400
200
-
2020 H2 2021 H1 2021 H2 2022 H1 2022 H2 2023 H1 2023 H2 2024 H1 2024 H2 2025 H1 2025 H2 2026 H1 2026 H2 2027 H1 2027 H2
AH bonds AH bank facilities Ceetrus bank facilities Retail bank facilities Ceetrus bonds SSD
32 Half-year results 2020Launch of a €2-billion deleveraging plan by 2022
• Auchan Holding is implementing a €2 billion deleveraging plan (by 2022), with immediate effect, confirming its commitment to
debt reduction
• This will lead notably to the disposal of non-strategic assets with little operational and social impact
• This is in addition to measures already taken by shareholders who had waived the payment of dividends for the 2019 and 2020
financial years
Under this plan, which strengthens debt control measures already undertaken,
Auchan Holding confirms its desire to retain an Investment Grade rating
33 Half-year results 2020Conclusion
Auchan Retail’s earnings growth The work undertaken towards Determination to retain an
offsets contexctual difficulties recovery will be carried out in the Investment Grade rating with a
recorded for the real estate context of these significant initial €2 billion deleveraging plan by 2022
business results
34 Half-year results 2020CONTENTS
1 3
Auchan Retail Consolidated financial
results
2 4
Ceetrus
APPENDICESH1 2020 Income statement - Auchan Holding
Change at
Change at current
In € millions H1 2020 H1 2019 constant
exchange rates
exchange rates
Revenue 22,457 22,954 - 2.2 % - 1.4%
Sales costs (17,054) (17,434) - 2.2 % - 1.4%
Sales margin 5,403 5,519 - 2.1 % - 1.2 %
Sales margin rate 24.1% 24.0% + 0.1 pt
Staff expenses (2,719) (2,876) - 5.5 % - 4.8 %
External expenses (1,353) (1,309) 3.5 % 1.9 %
Depreciation, amortisation and impairment (878) (977) - 10.2 % na
Other operating income and expenses 10 5 na. na
Operating profit from continuing operations 461 364 26.7 % 27.9 %
Current operating margin rate 2.1% 1.6% + 0.5 pt + 0.5 pt
Other operating income and expenses (123) 26 na. na
Operating profit 338 390 - 13.3 % - 12.5 %
Net cost of financial debt (36) (30) 25.5 % 29.7 %
Other financial income and expenses (164) (121) 35.7 % 35.4 %
Tax expenses (56) (116) - 51.7 % na.
Share of net (profit) loss of associates 9 1 na. na.
Net income from continuing operations 91 124 - 26.6 % - 26.4 %
Net profit from assets held for sale and discontinued operations 15 (1,458) na. na.
Net profits 106 (1,334) na. na.
Net profit attributable to the Group (77) (1,472) na. na.
Net income attributable to non-controlling interests 183 139 31.7 % 33.6 %
EBITDA 1,362 1,313 3.7 % 4.6 %
EBITDA margin 6.1% 5.7% + 0.4 pt + 0.4 pt
36 Half-year results 2020Consolidated balance sheet as at 30 June 2020 (Assets) – Auchan Holding
ASSETS (in € millions) 30/06/2020 31/12/2019 Change
Goodwill 2,946 3,021 (75)
Other intangible assets 1,027 1,069 (42)
Tangible assets 10,938 11,768 (830)
Investment property 4,959 5,099 (140)
Investments in associates 491 485 6
Other non-current financial assets 592 565 27
Derivative financial instruments (non-current) 123 124 (1)
Deferred tax assets 445 438 7
NON-CURRENT ASSETS 21,521 22,569 (1,048)
Stocks 3,519 4,875 (1,356)
Trade receivables 505 542 (37)
Current tax assets 123 148 (25)
Other current receivables 2,223 1,957 266
Derivatives financial instruments (current) 55 80 (25)
Cash and cash equivalents 3,615 3,674 (59)
Assets classified as held for sale 668 642 26
CURRENT ASSETS 10,708 11,918 (1,210)
TOTAL ASSETS 32,229 34,487 (2,258)
37 Half-year results 2020Consolidated balance sheet as at 30 June 2020 (Liabilities) – Auchan Holding
LIABILITIES (in € millions) 30/06/2020 31/12/2019 Change
Share capital 578 578 0
Share premiums 1,914 1,914 0
Reserves and net income attributable to owners of the parent 3,564 3,813 (249)
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT 6,056 6,305 (249)
Non-controlling interests 3,576 3,548 28
TOTAL EQUITY 9,632 9,853 (221)
Provisions 218 248 (30)
Non-current borrowings and other financial liabilities 6,588 6390 198
Derivative financial instruments (non-current) 27 18 9
Other non-current liabilities 2,672 3,041 (369)
Deferred tax liabilities 407 509 (102)
NON-CURRENT LIABILITIES 9,912 10,206 (294)
Provisions 494 415 79
Current borrowings and other financial liabilities 1,543 1,313 230
Derivative financial instruments (current) 16 29 (13)
Trade payables 5,948 7,572 (1,624)
Current tax liabilities 138 115 23
Other current liabilities 4,518 4,955 (437)
Liabilities classified as held-for-sale 28 28 0
CURRENT LIABILITIES 12,685 14,428 (1,743)
TOTAL LIABILITIES 32,229 34,487 (2,258)
38 Half-year results 2020Cash flow statement H1 2020 – Auchan Holding
€m H1 2020 H1 2019 Change
Consolidated profit (including non-controlling interests) 106 (1,334) 1,440
Share of net profit (loss) of associates (9) (1) (8)
Dividends received (non-consolidated investments) (2) (1) (1)
Net cost of financial debt and lease interest (1) 143 162 (19)
Income tax expenses (including deferred taxes) 59 121 (62)
Net depreciation, amortisation and impairment expenses (except those relating to current assets) 972 2,394 (1,422)
Capital gains/losses net of tax and negative goodwill 4 (18) 22
Cash flows from operations before net cost of financial debt and tax 1,273 1,323 (50)
Income tax paid (174) (175) 1
Interest paid and lease interest (1)
(179) (218) 39
Other financial items 36 56 (20)
Cash flows from operations before net cost of financial debt and tax(2) 956 987 (31)
Change in working capital requirement (573) (1,118) 545
Changes in items relating to the credit activity (29) 29
Net cash from (used in) operating activities 384 (160) 544
Acquisitions of tangible and intangible assets and investment property (418) (660) 242
Proceeds from sales of tangible and intangible assets and investment property 17 73 (56)
Acquisitions of non-consolidated investments including investments in associates (10) (36) 26
Proceeds from investments in non-consolidated companies, including investments in associates 4 4 0
Acquisitions of subsidiaries net of cash acquired (2) 2
Sales of subsidiaries net of cash disposed of (40) 40
Dividends received (non-consolidated investments) 4 4 0
Change in loans and advances granted(3) (36) (238) 202
Net cash from (used in) investing activities (439) (895) 456
Purchase and proceeds from disposal of treasury shares (120) 120
Dividends paid during the financial year (110) (110) 0
Acquisitions and disposals of interests without gain or loss of control (3) (27) 24
Payments of lease liabilities (233) (245) 12
Change in net financial debt 210 1165 (955)
Net cash flow from financing activities (136) 663 (799)
Impact of changes in foreign exchange rates (4)
73 (34) 107
Change in net cash position (118) (426) 308
Opening net cash position 3,569 2,987 582
Closing net cash position 3,451 2,561 890
CHANGE IN NET CASH POSITION (118) (426) 308
39 Half-year results 2020Your contacts
PRESS
Marie VANOYE
+ 33 6 64 49 78 06
mvanoye@auchan.com
INVESTORS
François-Xavier GIMONNET
+ 33 6 68 07 56 70
fxgimonnet@auchan.com
40 Half-year results 2020You can also read
