2023-06-26 08:19:00
PARIS (Archyde.com) – The Casino group announced on Monday that it aims to reach an agreement in principle with the main creditors on the restructuring of its debt by the end of July, estimating that this agreement will have to include a contribution of “at least 900 million euros” in equity.
On the Paris Stock Exchange, the Casino title yielded 5.93% to 7.37 euros at 07:54 GMT.
Led by Jean-Charles Naouri, the Casino group is going through a zone of strong turbulence, in particular attributable to its debt, which reached 6.4 billion euros at the end of December.
Casino must repay 3 billion euros in debt over the next two years and the holding company through which Jean-Charles Naouri controls it is also heavily indebted.
The consulting firm, Accuracy, “does not anticipate any liquidity problem between now and the end of the conciliation period”, according to a press release from Casino, which adds that the sale of its stake in the Brazilian group Assaí will generate “a net proceeds following costs and taxes estimated at 326 million euros”.
Accuracy does not anticipate any liquidity problem “in the event of a continuation of the freezing of financial costs and debt maturities following the conciliation period, and on the basis of the upcoming sale by Casino to the Groupement les Mousquetaires” , continues the press release.
“The creditors, for those who have not yet done so, have been invited to organize themselves to facilitate the continuation of discussions with the group,” Casino also said.
The Saint-Etienne distributor, which unveiled its strategic plan on Monday, plans to sell its remaining assets in Latin America, in particular the Brazilian Grupo Pao de Acucar and the Colombian Exito.
For the year 2023, Casino says it anticipates earnings before interest, taxes, depreciation and amortization (Ebitda) of 439 million euros, as well as a negative free cash flow before interest of 287 million euros. In comparison, Casino had reported last year a stable Ebitda of 2.51 billion euros.
The group anticipates a free cash flow of 1.07 billion euros for 2024, including one billion from asset disposals.
(Reportage by Tassilo Hummel; French version by Zhifan Liu, edited by Kate Entringer and Blandine Hénault)
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