Casino Group suffers huge loss as it restructures its debt By Copilot

Casino Group suffers huge loss as it restructures its debt By Copilot

Casino Group, a French retailer with operations in Latin America, reported a net loss of €6.01 billion ($7.28 billion) for 2020, as it took a massive impairment charge on its assets and continued to restructure its debt.

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The company said its net loss widened from €1.43 billion in 2019, mainly due to a €4.8 billion impairment charge on its goodwill, intangible assets, and property, plant and equipment. The company said the impairment reflected the impact of the Covid-19 pandemic, the depreciation of some currencies, and the evolution of its business model.

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Casino Group’s revenue fell 7.9% to €31.9 billion, as the lockdown measures and social distancing rules affected its store traffic and consumer behavior. The company said its e-commerce and food retail segments performed well, while its non-food and fuel businesses suffered.

The company also said it reduced its net debt by €1.3 billion in France and by €1.4 billion in Latin America, as part of its financial restructuring plan. The company said it sold some of its assets, renegotiated some of its leases, and extended some of its debt maturities.

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Casino Group’s chief executive, Jean-Charles Naouri, said the company had demonstrated its resilience and agility in a challenging environment, and had strengthened its financial structure and liquidity. He also said the company had accelerated its strategic priorities, such as digitalization, organic products, and convenience stores.

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Source : The Wall Street Journal

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