Casino - comment

Yesterday Casino released its Annual Results in full details, but in French. In this document, on page 85, "11.2.4 Détail des autres emprunts et dettes financières”, Casino disclose that they had borrowed €239m in overdrafts across the Group, which are mainly located in France. This points to further tightness in liquidity and wasn’t disclosed in the presentation or initial release. We are reconciling this number to the details disclosed earlier this month.

Additionally, Rallye released its accounts this morning. We are going through it at the moment, but point out that Rallye are intending to liaise with its creditors in order to examine possible ways of adjusting its safeguard plan. This is the reality dawning at Rallye that the possibility of any dividends coming from Casino to Rallye are increasingly remote.