CASINO GUICHARD-PERRACHON - Mixed FY17 results - increasing operating profit; high cash burn
Casino has released mixed FY17 results, which were in line with the management guidance from the Q4 sales call in terms of trading profit. This improved markedly while being helped by non-organic effects, but the group disappointed in terms of cash generation. Although transparency has gradually improved in recent years, the underlying results are still somewhat challenging to assess due to the group’s frequent changes in reporting, the lack of details in financial statements (audited accounts with annexes are not yet available), and the significant level of complexity in the company structure.
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