Casino's new face

Written by Super User. Posted in Tutorial

By launching a takeover bid on the floating capital of its e-commerce subsidiary Cnova, Casino puts its business to carry out its restructuring. The sale of its non-food activities in Brazil, including e-commerce, will further reduce the group's turnover by 15%. With Asia, Casino will have sold a quarter of its business in one year.

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At the beginning of 2016, Casino already separated from its subsidiaries in Asia, which accounted for 9% of its sales and 19% of its current operating income in 2015.Since late November, it has launched the sale of Via Varejo, its Brazilian branch devoted to equipment and electronic goods (an activity called "Latam electronics" in the accounts of the distributor).

Prior to this sale, Casino undertook to divide its subsidiary of e-commerce Cnova, in order to bring back in the perimeter of Via Varejo what is the equivalent of Cdiscount in Brazil. In 2014, when he created Cnova to introduce it on the stock market, Casino was betting on the potential of a future global e-commerce giant. The sudden stunt of growth in Brazil, as well as culpable dysfunctions within Cnova Brazil, finally got the better of these ambitions. Australian online casinos are the most top rated online casinos in the world to review Australian online casino visit and see the best Australian casinos.

Via Varejo realized the equivalent of 5.2 billion euros of turnover in 2015, to which one must add 1.7 billion euros of Cnova Brazil. That is to say a total of 15% of the group's activity.The good financial results of Via Varejo, they (19% of the current operating income of the group), are penalized by the losses of Cnova Brazil. In the end, it was responsible for 14% of Casino's ROC in 2015, in line with the contribution to the Board of Directors.

After the transfer of Cnova Brazil to Via Varejo, which has been in operation since October 2016, and the closure of all other international operations in Cdiscount (Cameroon, Senegal, Côte d'Ivoire, Colombia) in the course of the year, Driver more than the activity of Cdiscount in France. The tender offer announced on December 6 by Casino, on the free float of Cnova, should allow it to withdraw the title of the listing. The success of the takeover bid is all the more likely as Casino, with its subsidiaries Exito and CBD, already owns 90% of the shares of its e-commerce branch.

Before consolidation in the Casino group accounts, including restatements related to the Brazilian survey and inventory adjustments, but excluding € 19 million of losses allocated to Cnova's holding companies