Rallye: net loss of E8.5bn in 2023

(CercleFinance.com) - Rallye, the former parent company of Casino, announced on Friday an annual loss of nearly E8.
5bn, in particular due to the depreciation in value of the retailer's shares.

The holding company, which has now been placed in compulsory liquidation, points out that its consolidated accounts for the 2023 financial year have therefore been prepared on a going concern basis.

In a press release, Rallye stresses that its results take into account the net loss of some E5.7bn incurred by Casino last year, against a backdrop of disposals, impairment and financial restructuring.

The accounts also include the disposal and full write-down of the residual goodwill on Casino, now classified as discontinued operations, totaling E896m.

They also include a net capital loss of E477m following the appropriation of Casino shares, representing 10.8% of Casino's capital, placed in trust by banks and Fimalac in repayment of financing.

The value retained for Casino shares is their market price at the end of 2023, i.e. E0.7835, so the book value of Casino shares has been halved.

The holding company, which has always been heavily indebted, had a net financial debt of E3.25bn on 31 December 2023, compared with E3.1bn a year earlier.

Rallye, which controlled more than 50% of Casino's capital before the latter's crisis, now held only a residual stake of 0.1% following the massive recapitalisation orchestrated by its former subsidiary.


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