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ELO H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary25 Jul, 2024
Executive summary
H1 2024 revenue was €15.7 billion, down 1.2% year-over-year, with gross margin declining to €3,726 million and margin rate at 23.7% versus 24.3% last year.
Net loss widened to €981 million from €215 million in H1 2023, mainly due to significant non-recurring items including €283 million goodwill impairment in France and asset write-downs.
Major acquisitions included Dia stores in Spain and Portugal and Casino stores in France, contributing to increased goodwill and tangible assets.
ELO issued a €750 million bond and completed a €300 million capital increase to support development and liquidity.
Shareholder support continues to enable transformation initiatives across business lines.
Financial highlights
Group revenue: €15,692 million, down 1.2% year-over-year at current rates; gross profit margin (excl. gas) fell to 26.6%.
EBITDA fell 38% to €339 million from €545 million year-over-year; EBITDA margin dropped to 2.2%.
Net financial debt rose to €4,477 million from €2,917 million at year-end 2023, reflecting seasonality and acquisitions.
Free cash flow: -€1,122 million, with net free cash flow at -€1,308 million, reflecting operational challenges and investment outflows.
Equity decreased to €5,255 million from €5,804 million at December 2023.
Outlook and guidance
Confidence in future performance based on ongoing transformation plans, including price repositioning, operational efficiency, and expansion in strategic markets.
Positive effects expected from recent acquisitions and the purchasing alliance with Intermarché and Casino.
Despite ongoing geopolitical risks, management does not see current uncertainties as threatening ELO's financial situation.
Liquidity remains strong with €2.4 billion in undrawn credit lines and recent bond issuance.
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Frequently asked questions
ELO SA is a French holding company focused on retail and distribution, primarily through its investment in the Auchan Group, a multinational retail conglomerate. ELO oversees and supports various operations related to Auchan’s supermarkets, hypermarkets, and e-commerce activities across Europe, Asia, and Africa. The company is involved in the development and management of retail infrastructure, emphasizing sustainable practices, digital innovation, and quality consumer experiences. ELO SA also invests in real estate projects associated with retail sites to enhance the accessibility and appeal of its retail environments. ELO SA is headquartered in Croix, France, and its shares are listed on Euronext Paris.
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