CNOVA N.V.: Strong Cash
Generation of € 203 million in FY14;
Net Cash position of € 534 million at year-end, or
€ 1.21/share;
Adj. Operating Profit of € 35 million in 4Q14
(+34.5% vs. 4Q13), € 37 million in FY14 (+58.1% vs. FY13)
AMSTERDAM, January 28, 2015 -
Cnova N.V. (Nasdaq: CNV, Euronext Paris: CNV) ("Cnova" or the
"Company") today announced its financial results for the quarter
and fiscal year ended December 31, 2014.
Certain capitalized terms used
throughout this release are defined at the end of the release. For
more detail regarding the summary financial information provided in
this release, refer to the financial statements and non-GAAP
reconciliations included at the end of the release.
Key Financial and
Operational Highlights
-
GMV for 4Q14 increased by 28.6% to € 1,472
million compared to € 1,144 million in 4Q13. GMV for the full
year 2014 increased by 26.6% to € 4,516 million, compared to €
3,567 million in the full year 2013.
-
Placed Orders for 4Q14 increased by 38.0% to
10.8 million, compared to 7.9 million in 4Q13. Placed Orders for
the full year 2014 increased by 34.3% to 31.7 million, compared to
23.6 million in 2013.
-
Active Customers increased by 23.1% to 13.6
million at the end of 2014, compared to 11.0 million at the end of
2013.
-
Mobile devices accounted for 21.6% of placed
orders value for Cdiscount in 4Q14, compared to 14.0% in 4Q13, and
10.5% of placed orders value for Cnova Brazil in 4Q14, compared to
4.4% in 4Q13.
-
Net sales for 4Q14 increased by 19.7% to € 1,099
million compared to € 918 million in 4Q13. Net sales for the full
year 2014 increased by 19.8% to € 3,474 million, compared to €
2,899 million in the full year 2013.
-
Operating Profit Before Other Expenses Excluding
Expansion to New Countries, or Adjusted Operating
Profit 1, increased by
34.5% to € 35.3 million for 4Q14 and by 58.1% to € 37.2 million for
the full year 2014.
-
In 2014, the Company generated € 203 million of
Net Cash, and including IPO proceeds, total Net Cash generation was
€ 341 million. As of December 31, 2014, the Net Cash position was €
534 million, compared to € 164 million at the end of 2013,
representing a cash amount of € 1.21 per share.
HIGHLIGHTS |
Q4 2013 |
Q4 2014 |
YoY
Change |
FY 2013 |
FY 2014 |
YoY
Change |
Operational |
|
|
|
|
|
|
GMV (€
millions) (1) |
1,144 |
1,472 |
28.6% |
3,567 |
4,516 |
26.6% |
Placed
Orders (M) (2) |
7.9 |
10.8 |
38.0% |
23.6 |
31.7 |
34.3% |
Active Customers (M) (3) |
11.0 |
13.6 |
23.1% |
11.0 |
13.6 |
23.1% |
Financial |
|
|
|
|
|
|
Net
sales (€ millions) |
918 |
1,099 |
19.7% |
2,899 |
3,474 |
19.8% |
Operating Profit Before Other Expenses (4) |
26.2 |
32.3 |
23.2% |
23.5 |
33.3 |
41.7% |
(% net sales) |
2.9% |
2.9% |
8 bps |
0.8% |
1.0% |
15 bps |
-
Activities from existing countries (5) (€
millions) |
26.2 |
35.3 |
34.5% |
23.5 |
37.2 |
58.1% |
(% net sales) |
2.9% |
3.2% |
37 bps |
0.8% |
1.1% |
26 bps |
-
Activities from new countries (6) (€
millions) |
0.0 |
-3.0 |
0.0% |
0.0 |
-3.9 |
0.0% |
Adjusted Net Profit (7) (€
millions) |
10.4 |
13.8 |
32.6% |
-24.0 |
-26.9 |
11.8% |
Adjusted EPS (8) (€) |
0.03 |
0.03 |
28.4% |
-0.06 |
-0.06 |
10.9% |
Net Cash Flow (€ millions) |
213 |
526 |
147.2% |
56 |
341 |
508.0% |
(1) Comprised of our product sales, other revenues and
marketplaces business volumes, after returns, including taxes. |
(2) Total number of orders placed before cancellation due to
fraud detection or customers not paying for their order. |
(3) Customers who have made at least one purchase through our
sites during the relevant 12-month measurement period; provided
that, because we operate multiple sites, each with unique systems
of identifying users, we calculate active customers on a
website-by-website basis, which may result in an individual being
counted more than once. |
(4) Calculated as operating profit (loss) before
restructuring, initial public offering expenses, litigation,
gain/(loss) from disposal of non-current assets and impairment of
assets - See Non-GAAP Reconciliations section of this press release
for additional information |
(5) France and Brazil |
(6) All countries other than France and Brazil |
(7) Calculated as net profit (loss) attributable to equity
holders of Cnova before Other Expenses and the related tax impacts
- See Non-GAAP Reconciliations section of this press release for
additional information |
(8) Calculated as Adjusted Net Profit divided by the weighted
average number of ordinary shares outstanding during the applicable
period - See Non-GAAP Reconciliations section of this press release
for additional information |
Emmanuel Grenier, Cnova Co-CEO
commented: "In 2014, Cdiscount in France continued to show strong
growth well ahead of local economic conditions and we expanded
Cnova's successful business model to new countries with significant
development opportunities."
German Quiroga, Cnova Co-CEO
added: "In 2014, we leveraged our competitive advantages in order
to continue taking market share, accelerate the growth of our
marketplaces across all geographies and improve our strong cash
generation."
Business
Highlights
-
Strong development of our marketplaces with
approximately 7,100 sellers at the end of 2014, more than double
from the end of 2013, bringing total product offerings available on
Cnova sites at the end of 2014 to 14 million compared to 6.2
million at the end of 2013. Cnova also launched marketplaces on the
pontofrio.com and casasbahia.com.br sites in January 2015.
-
Continued expansion to new customer segments
through the launch of two specialty websites in France:
moncornerbrico.com, an online seller of home improvement products
for the DIY (Do It Yourself) consumer, and moncornerbaby.com, an
online seller of infant care products and toys. Cnova currently
plans to launch five additional specialty websites in 2015.
-
Expansion of our global footprint with the
launch of Cdiscount sites in Cameroon in December 2014, Brazil in
October 2014 and Senegal in September 2014, as well as Panama in
January 2015. As of today, Cnova operates websites in 11
countries.
-
Powerful online-offline model with 14 warehouses
representing approximately 560,000 m2 of available
storage area and approximately 18,000 click & collect stations
at the end of 2014.
-
Completed initial public offering on Nasdaq on
November 25, 2014, raising approximately $ 191 million in gross
proceeds. Also, completed secondary listing on Euronext Paris on
January 23, 2015.
Fourth Quarter
and Full Year 2014 Results
GMV and Net sales
GMV & NET SALES |
Q4 2013 |
Q4 2014 |
YoY
Change |
FY 2013 |
FY 2014 |
YoY
Change |
Cnova |
|
|
|
|
|
|
GMV (€
millions) |
1,144.4 |
1,471.7 |
28.6% |
3,567.1 |
4,515.9 |
26.6% |
Net sales (€ millions) |
917.7 |
1,098.6 |
19.7% |
2,898.9 |
3,473.8 |
19.8% |
See Definitions section of this press release for additional
information regarding certain of the metrics used in this
table |
GMV - Consolidated GMV for 4Q14
was € 1,472 million, an increase of 28.6% compared to € 1,144
million for 4Q13. Consolidated GMV for the full year 2014 was
€ 4,516 million, an increase of 26.6% compared to € 3,567 million
for the full year 2013.
GMV growth for both 4Q14 and full
year 2014 was driven by strong increases in our direct sales and
marketplace business.
GMV & NET SALES |
Q4 2013 |
Q4 2014 |
YoY
Change |
|
Cdiscount |
|
|
|
|
GMV (€
millions) |
627.0 |
790.5 |
26.1% |
|
Marketplace Share (%) (1) |
13.2% |
21.5% |
+836
bps |
|
Mobile
Share (%) (2) |
14.0% |
21.6% |
+753
bps |
|
Net
sales (€ millions) |
463.5 |
535.2 |
15.5% |
|
Cnova Brazil |
|
|
|
|
GMV (€
millions) |
517.4 |
681.2 |
31.7% |
|
GMV
(R$ millions) |
1,577.3 |
2,153.9 |
36.6% |
|
Marketplace Share (%) (1) |
3.8% |
12.4% |
+865
bps |
|
Mobile
Share (%) (2) |
4.4% |
10.5% |
+600
bps |
|
Net
sales (€ millions) |
454.2 |
563.4 |
24.1% |
|
Net
sales (R$ millions) |
1,386.0 |
1,782.4 |
28.6% |
|
See Definitions section of this press release for additional
information regarding certain of the metrics used in this
table |
|
(1) For France, represents marketplace share on
www.cdiscount.com, and for Brazil represents marketplace share on
www.extra.com.br. |
(2) Share of Placed Orders value from mobile devices
excluding specialty websites. |
|
|
-
Cdiscount GMV was € 791 million for 4Q14, an
increase of 26.1% compared to € 627 million for 4Q13. For the
full year 2014, Cdiscount GMV was € 2,312 million, an increase of
21.6% compared to the full year 2013.
-
Cnova Brazil GMV was € 681 million for 4Q14, an
increase of 31.7% compared to € 517 million for 4Q13. For the
full year 2014, Cnova Brazil GMV was € 2,204.1 million, an increase
of 32.3% compared to the full year 2013.
GMV in both reporting segments
benefitted from significant increases in Mobile Share, which
accounted for 21.6% of GMV in France and 10.5% of Cnova Brazil GMV
in 4Q14 compared to 14.0% and 4.4% respectively in 4Q13.
Net Sales - Consolidated net sales
for 4Q14 were € 1,099 million, an increase of 19.7% compared to
4Q13.
-
Cdiscount net sales were € 535 million for 4Q14,
an increase of 15.5% compared to € 464 million for 4Q13. Main
categories sold through direct sales in 4Q14 were consumer
electronics and home appliances, with strong growth in the home
furnishings category.
-
Cnova Brazil net sales were € 563 million for
4Q14, an increase of 24.1% compared to € 454 million for 4Q13. Main
categories sold through direct sales in 4Q14 were electronics such
as tablets and smartphones, with strong contribution from Black
Friday promotions in November. In terms of banners, Extra.com
demonstrated the highest growth during 4Q14.
The Euro increased by 2.6% against
the Brazilian Real from 4Q13 to 4Q14, resulting in a negative
impact on Cnova Brazil net sales. On a constant currency basis,
Cnova Brazil net sales growth in 4Q14 was 28.6% compared to
4Q13.
Income Statement Highlights
INCOME STATEMENT - HIGHLIGHTS (€
thousands) |
Q4 2013 |
Q4 2014 |
YoY change |
FY 2013 |
FY 2014 |
YoY change |
Net sales |
917,680 |
1,098,596 |
19.7% |
2,898,912 |
3,473,821 |
19.8% |
Cost
of sales |
-776,798 |
-929,605 |
19.7% |
-2,472,144 |
-2,987,684 |
20.9% |
Gross Profit |
140,882 |
168,991 |
20.0% |
426,768 |
486,137 |
13.9% |
(% net sales) |
15.4% |
15.4% |
3
bps |
14.7% |
14.0% |
-73 bps |
Gross Profit Post Marketing Expenses |
120,566 |
147,587 |
22.4% |
347,632 |
415,774 |
19.6% |
(% net sales) |
13.1% |
13.4% |
30
bps |
12.0% |
12.0% |
-2 bps |
Operating expenses |
|
|
|
|
|
|
Operating expenses |
-114,661 |
-136,688 |
19.2% |
-403,263 |
-452,841 |
12.3% |
(% net sales) |
-12.5% |
-12.4% |
5 bps |
-13.9% |
-13.0% |
88 bps |
Other expenses |
-5,184 |
-16,907 |
226.1% |
-6,239 |
-31,760 |
409.1% |
Adjusted EBITDA |
35,128 |
41,976 |
19.5% |
50,759 |
65,012 |
28.1% |
(% net sales) |
3.8% |
3.8% |
-1 bps |
1.8% |
1.9% |
12 bps |
- Activities from existing countries (1) |
35,128 |
44,827 |
27.6% |
50,759 |
68,584 |
35.1% |
(% net sales) |
3.8% |
4.1% |
28 bps |
1.8% |
2.0% |
23 bps |
- Activities from new countries (2) |
0 |
-2,851 |
0.0% |
0 |
-3,572 |
0.0% |
Operating Profit Before Other
Expenses |
26,222 |
32,303 |
23.2% |
23,505 |
33,296 |
41.7% |
(% net sales) |
2.9% |
2.9% |
8 bps |
0.8% |
1.0% |
15 bps |
- Activities from existing countries (1) |
26,222 |
35,260 |
34.5% |
23,505 |
37,159 |
58.1% |
(% net sales) |
2.9% |
3.2% |
37 bps |
0.8% |
1.1% |
26 bps |
- Activities from new countries (2) |
0 |
-2,957 |
0.0% |
0 |
-3,863 |
0.0% |
Operating profit (loss) |
21,038 |
15,396 |
-26.8% |
17,266 |
1,536 |
-91.1% |
(% net sales) |
2.3% |
1.4% |
-89 bps |
0.6% |
0.0% |
-55 bps |
Financial result |
-16,993 |
-18,415 |
8.4% |
-55,649 |
-67,947 |
22.1% |
(% net sales) |
-1.9% |
-1.7% |
18 bps |
-1.9% |
-2.0% |
-4 bps |
Profit (loss) before tax |
4,046 |
-3,019 |
-174.6% |
-38,382 |
-66,411 |
73.0% |
Adjusted Net Profit (loss) |
10,415 |
13,809 |
32.6% |
-24,022 |
-26,860 |
11.8% |
(% net sales) |
1.1% |
1.3% |
12 bps |
-0.8% |
-0.8% |
6 bps |
Net profit (loss) |
13,398 |
787 |
-94.1% |
-23,006 |
-54,426 |
136.6% |
(% net sales) |
1.5% |
0.1% |
-139 bps |
-0.8% |
-1.6% |
-77 bps |
See Definitions and Non-GAAP Reconciliations sections of this
press release for additional information regarding certain of the
metrics used in this table |
(1)
France and Brazil |
|
|
|
|
|
|
(2) All
countries other than France and Brazil |
|
|
|
|
|
|
Gross Profit- Gross Profit
[2] increased
by 20.0% from € 141 million in 4Q13 to € 169 million in 4Q14,
stable as a percentage of net sales at 15.4%. Gross Profit for the
full year 2014 was € 486 million or 14.0% of net sales, compared to
€ 427 million or 14.7% of net sales in 2013.
Considering the marketing
expenses, which are an important element of the Company's pricing
strategy, those have reduced as a percentage of net sales from 2.2%
to 2.0%, Gross Profit Post Marketing Expenses 2, as a
percentage of net sales, increased from 13.1% in 4Q13 to 13.4% in
4Q14
Operating Profit - Operating
Profit Before Other Expenses 2 increased by
23.2% to € 32.3 million in 4Q14 compared to € 26.2 million in
4Q13. For the full year 2014, it increased by 41.7% to € 33
million compared to € 24 million in 2013.
Expansion to new countries -
Operating Profit Before Other Expenses Excluding Expansion to New
Countries 2,[3], where
our eCommerce activities are still in an early development stage
since having only launched in 2014, increased 34.5% from € 26.2
million in 4Q13 to € 35.3 million in 4Q14, or as a percentage of
net sales from 2.9% in 4Q13 to 3.2% in 4Q14.
INCOME STATEMENT excluding expansion to new
countries (€ thousands) |
Q4 2013 |
Q4 2014 |
YoY change |
FY 2013 |
FY 2014 |
YoY change |
Net sales |
917,680 |
1,091,584 |
19.0% |
2,898,912 |
3,464,322 |
19.5% |
Cost
of sales |
-776,798 |
-922,223 |
18.7% |
-2,472,144 |
-2,977,294 |
20.4% |
Gross Profit |
140,882 |
169,360 |
20.2% |
426,768 |
487,029 |
14.1% |
(% net sales) |
15.4% |
15.5% |
16
bps |
14.7% |
14.1% |
-66
bps |
Operating expenses |
-114,661 |
-134,101 |
17.0% |
-403,263 |
-449,869 |
11.6% |
(% net sales) |
-12.5% |
-12.3% |
21
bps |
-13.9% |
-13.0% |
93
bps |
Adjusted EBITDA |
35,128 |
44,827 |
27.6% |
50,759 |
68,584 |
35.1% |
(% net sales) |
3.8% |
4.1% |
28
bps |
1.8% |
2.0% |
23
bps |
Operating Profit Before Other
Expenses |
26,222 |
35,260 |
34.5% |
23,505 |
37,159 |
58.1% |
(% net sales) |
2.9% |
3.2% |
37 bps |
0.8% |
1.1% |
26 bps |
Operating Profit Before Other Expenses And Net Of
Factoring Costs |
11,638 |
16,224 |
39.4% |
-21,847 |
-22,924 |
4.9% |
(% net sales) |
1.3% |
1.5% |
22 bps |
-0.8% |
-0.7% |
9 bps |
Financial result |
-16,993 |
-18,327 |
7.9% |
-55,649 |
-67,853 |
21.9% |
(% net sales) |
-1.9% |
-1.7% |
17
bps |
-1.9% |
-2.0% |
-4
bps |
-
Factoring costs |
-14,584 |
-19,036 |
30.5% |
-45,352 |
-60,084 |
32.5% |
(% net sales) |
-1.6% |
-1.7% |
-15
bps |
-1.6% |
-1.7% |
-17
bps |
See Definitions and Non-GAAP Reconciliations sections of this
press release for additional information regarding certain of the
metrics used in this table |
Other Expenses - In connection
with its initial public offering, Cnova incurred € 16 million of
expenses in 2014, of which € 11 million were incurred in 4Q14.
These expenses are classified under Other Expenses, which totaled €
32 million in 2014 and € 17 million in 4Q14.
Adjusted EBITDA - Adjusted
EBITDA[4] increased
by 19.5% to € 42 million, or 3.8% of net sales, in 4Q14, compared
to € 35 million, or 3.8% of net sales, in 4Q13. Adjusted
EBITDA increased by 28.1% to € 65 million, or 1.9% of net sales, in
the full year 2014 compared to € 51 million, or 1.8% of net sales,
in 2013. Adjusted EBITDA Excluding Expansion to New Countries
4 increased
from € 35 million, or 3.8% of net sales, in 4Q13 to € 45 million,
or 4.1% of net sales, in 4Q14.
Financial result - Net financial
expense increased by 8.4% to € 18 million in 4Q14 compared to € 17
million in 4Q13 while reducing as a % of net sales from 1.9% in
4Q13 to 1.7% in 4Q14. For the full year 2014, net financial expense
increased by 22.1% to € 68 million, compared to € 56 million in
2013. The Company was able to partially offset the negative impact
on its net financial expense of an increase in the SELIC, or the
overnight rate published by the Brazilian Central Bank, from 9.64%
in 4Q13 to 11.33% in 4Q14, by reducing the average number of
payment installments by 13% from 4Q13 to 4Q14.
Net profit (loss) - Net profit for
4Q14 was € 0.8 million, compared to € 13.4 million for 4Q13.
Net loss for the full year 2014 was € -54.4 million, compared to €
-23 million for 2013.
Adjusted Net Profit (Loss) -
Adjusted Net Profit 4 for 4Q14 was
€ 13.8 million, compared to € 10.4 million for 4Q13. Adjusted Net
Loss for the full year 2014 was € -26.9 million, compared to €
-24.0 million for the full year 2013. Therefore, Adjusted Net
Profit Per Share 4 for 4Q14 was
€ 0.03, compared to € 0.03 in 4Q13, and € -0.06 for FY14 compared
to € -0.06 for FY13.
Cash Flow and Cash Position
NET CASH FLOW (€ thousands) |
Q4 2013 |
Q4 2014 |
YoY
change |
FY 2013 |
FY 2014 |
YoY
change |
Net
profit (loss) |
13,398 |
787 |
-94.1% |
-23,006 |
-54,426 |
136.6% |
Net
cash from operating activities |
371,599 |
524,073 |
41.0% |
175,740 |
284,934 |
62.1% |
Net
cash from investing activities |
-81,656 |
-101,083 |
23.8% |
-67,411 |
-87,413 |
29.7% |
Net cash from operating and investing
activities |
289,943 |
422,990 |
45.9% |
108,329 |
197,521 |
82.3% |
Net
cash from financing activities |
-60,438 |
116,863 |
-293.4% |
-29,706 |
148,480 |
-599.8% |
Effect
of changes in foreign currency |
-16,502 |
-13,355 |
-19.1% |
-22,618 |
-5,500 |
-75.7% |
Change in cash and cash
equivalent |
213,002 |
526,498 |
147.2% |
56,005 |
340,501 |
508.0% |
See Definitions section of this press release for additional
information regarding certain of the metrics used in this
table |
-
Net Cash from operating activities in 4Q14 was €
524 million, an increase of 41.0% compared to € 372 million in
4Q13. For the full year 2014, Net Cash from operating activities
increased by 62.1% to € 285 million, compared to € 176 million in
2013. Cash from operating activities in the quarter was generated
by a combination of more efficient working capital management and
operational generation.
-
Total capital expenditures (CAPEX) in 2014 was €
77 million, focused mainly on IT and logistics, which represents
2.2% of net sales, compared to 1.9% in 2013.
-
New shares issued by the Company in its IPO
generated € 137 million of net cash in 4Q14.
-
In 2014, the Company generated € 341 million of
net cash and cash equivalents, including net IPO proceeds, and €
203 million excluding the IPO proceeds.
-
As of December 31, 2014, Cnova had Net Cash of €
534 million, or € 1.21 per share.
1Q15 Financial
Guidance
Net sales in 1Q15 are expected to
grow 17.0%, within a plus or minus 200bps deviation, compared with
1Q14[5].
Initial Public
Offering and Euronext listing
On November 25, 2014, Cnova
completed the initial public offering (IPO) of 26,800,000 of its
ordinary shares on the NASDAQ Global Select Market under the symbol
CNV. On December 19, 2014, the underwriters of the IPO
partially exercised their over-allotment option with respect to
2,357,327 additional ordinary shares. As a result, in its
IPO, Cnova issued a total of 29,157,327 ordinary shares,
representing 6.6% of its outstanding shares, and raised gross
proceeds of $ 204 million. As of December 31, 2014,
441,297,846 ordinary shares were outstanding. On January 23, 2015,
the Company also completed a secondary listing of its ordinary
shares on Euronext Paris. The Company did not issue or offer any
new equity capital in conjunction with the listing.
Conference Call
Information
Cnova N.V. will host a webcast and conference call at 10:00 a.m.
Eastern Time tomorrow, Thursday, January 29, to discuss its fourth
quarter and fiscal year 2014 financial results. The conference call
may be accessed by dialing 1-877-407-0784 (U.S.) or 1-201-689-8560
(International). A replay will be available approximately two
hours after the recording through Thursday, February 5, 2015 and
can be accessed by dialing 1-877-870-5176 (U.S.) or 1-858-384-5517
(International) using the required pass code 13599440. The
live conference call, presentation materials and subsequent replay
can also be accessed at www.cnova.com/investor-relations. An
archived recording of the call will be available at this website
for a limited time thereafter.
Definitions
Active Customers - customers who have made at least
one purchase through our sites during the relevant 12-month
measurement period; provided that, because we operate multiple
sites, each with unique systems of identifying users, we calculate
active customers on a website-by-website basis, which may result in
an individual being counted more than once.
Adjusted EBITDA - calculated as Operating Profit
(Loss) Before Other Expenses and before depreciation and
amortization expense and share based payments. See "Non-GAAP
Reconciliations" section for additional information.
Adjusted EBITDA
Excluding Expansion to New Countries - calculated as Adjusted
EBITDA excluding the impact related to countries with operations
starting after January 1, 2014. See "Non-GAAP Reconciliations"
section for additional information.
Adjusted Net Profit -
calculated as net profit (loss) attributable to equity holders of
Cnova before Other Expenses and the related tax impacts. See
"Non-GAAP Reconciliations" section for additional
information.
Adjusted EPS or Adjusted Net Profit Per Share
- calculated as Adjusted Net Profit divided by
the weighted average number of ordinary shares outstanding during
the applicable period. See "Non-GAAP Reconciliations" section for
additional information.
Gross Margin - Gross Profit as
a percentage of net sales. See "Non-GAAP Reconciliations" section
for additional information.
Gross Merchandise Volume or "GMV" - comprised of our product sales, other
revenues and marketplaces business volumes, after returns,
including taxes.
Gross Profit - net sales less cost of sales.
See "Non-GAAP Reconciliations" section for additional
information.
Gross Profit
Post-Marketing Expenses - calculated by reducing the Gross
Profit of marketing. See "Non-GAAP Reconciliations" section for
additional information
Marketplace
Share - For France, represents marketplace share on
www.cdiscount.com, and for Brazil represents marketplace share on
www.extra.com.br.
Mobile
Share - Share of placed orders value from mobile devices
excluding specialty websites.
Net Cash-calculated as the sum of (i) cash and cash
equivalents and (ii) the current account provided by Cnova or its
subsidiaries to Casino pursuant to cash pool arrangements, less
financial debt. See "Non-GAAP Reconciliations" section for
additional information.
Net Cash Flow - change in cash and cash equivalents
during the applicable period.
Operating Profit Before Other Expenses -calculated
as operating profit (loss) before restructuring, initial public
offering expenses, litigation, gain/(loss) from disposal of
non-current assets and impairment of assets.
Operating Profit Before Other Expenses Excluding Expansion
to New Countries, or Adjusted Operating Profit -
calculated as Operating Profit Before Other Expenses excluding the
impact related to countries with operations starting after January
1, 2014. See "Non-GAAP Reconciliations" section for
additional information.
Operating Profit Before Other Expenses and Net of Factoring
Costs -calculated by deducting factoring costs from
Operating Profit Before Other Expenses. See "Non-GAAP
Reconciliations" section for additional
information.
Operating Profit
Before Other Expenses Excluding Expansion to New Countries and Net
of Factoring Costs - calculated as Operating Profit Before
Other Expenses and Net of Factoring Costs excluding the impact
related to countries with operations starting after January 1,
2014. See "Non-GAAP Reconciliations" section for additional
information.
Other Expenses - calculated as the sum of
restructuring, initial public offering expenses, litigation,
gain/(loss) from disposal of non-current assets and impairment of
assets.
Placed Orders - Total number
of orders placed before cancellation due to fraud detection or
customers not paying for their order.
Product Offerings -total number of products offered
to our customers across all of our sites, taking into account all
products offered by us directly and through our marketplaces.
Investor
Relations
Contact:
investor@cnova.com
+33 1 53 70 55 90
Media
Contact:
directiondelacommunication@cnovagroup.com
+33 6 80 39 50 71
About Cnova N.V.
Cnova N.V. is one of the largest global eCommerce
companies, operating Cdiscount sites in France, Brazil, Colombia,
Ecuador, Panama, Thailand, Vietnam, Ivory Coast, Senegal, Cameroon
and Belgium and the sites Extra.com.br, Pontofrio.com and
Casasbahia.com.br. in Brazil. Cnova N.V. offers its more than 13
million active customers access to a wide
assortment of more than 12 million product offerings through a
combination of attractive pricing and highly differentiated
delivery and payment solutions. Cnova N.V. is part of Groupe
Casino, a global diversified retailer. Cnova N.V.'s news releases
are available at www.cnova.com/investor-relations. Information available on, or accessible through, the
sites referenced above is not part of this press release.
This press
release, including the financial statements herein, presents the
fourth quarter and full year 2014 unaudited results from the
consolidated financial statements of Cnova N.V. as of December 31,
2014. The audit procedures by the Statutory Auditors are underway.
This document does not constitute the Annual Financial Report
(Rapport financier annuel) within the meaning of article L. 451-1-2
of the French monetary and financial code (Code monétaire et
financier) or the annual accounts (jaarrekening) within the meaning
of Title 9, Book 2 of the Dutch Civil Code (Burgerlijk Wetboek).
This press release contains regulated information within the
meaning of the Dutch Financial Markets Supervision Act (Wet op het
financieel toezicht).
Non-GAAP Financial Measures
To provide investors with additional information
regarding our financial results, this press release includes
certain financial measures which may be defined as "non-GAAP
financial measures" by the U.S. Securities and Exchange Commission
(SEC). These measures may be different from non-GAAP financial
measures used by other companies. The presentation of this
financial information, which is not prepared under any
comprehensive set of accounting rules or principles, is not
intended to be considered in isolation of, or as a substitute for,
the financial information prepared and presented in accordance with
generally accepted accounting principles (GAAP). For a
reconciliation of these non-GAAP financial measures to the nearest
comparable GAAP measures, see the Non-GAAP Reconciliations section
included in this press release.
Forward-Looking Statements
In addition to historical information, this press
release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995,
Section 27A of the U.S. Securities Act of 1933, and
Section 21E of the U.S. Securities Exchange Act of 1934. Such
forward-looking statements may include projections regarding
Cnova's future performance and, in some cases, may be identified by
words like "anticipate," "assume," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "future," "will," "seek" and similar terms or
phrases. The forward-looking statements contained in this press
release are based on management's current expectations, which are
subject to uncertainty, risks and changes in circumstances that are
difficult to predict and many of which are outside of Cnova's
control. Important factors that could cause Cnova's actual results
to differ materially from those indicated in the forward-looking
statements include, among others: the ability to grow its customer
base; the ability to maintain and enhance its brands and
reputation; the ability to manage the growth of Cnova effectively;
changes to technologies used by Cnova; changes in global, national,
regional or local economic, business, competitive, market or
regulatory conditions; and other factors discussed under the
heading "Risk Factors" in the prospectus filed with the U.S.
Securities and Exchange Commission on November 21, 2014 and other
documents filed with the U.S. Securities and Exchange Commission as
well as under the heading "Risk Factors" in the listing prospectus
approved by the AFM on January 21, 2015. Any forward-looking
statement made in this press release speaks only as of the date
hereof. Factors or events that could cause Cnova's actual results
to differ from the statements contained herein may emerge from time
to time, and it is not possible for Cnova to predict all of them.
Except as required by law, Cnova undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future developments or otherwise.
CNOVA N.V. CONSOLIDATED INCOME
STATEMENT
(unaudited)
|
|
FY |
|
FY |
|
Q4 |
|
Q4 |
€ thousands |
|
December |
December |
December |
December |
31, 2013 |
31, 2014 |
31, 2013 |
31, 2014 |
Net
sales |
|
2,898,912 |
|
3,473,821 |
|
917,680 |
|
1,098,596 |
Operating expenses |
|
|
|
|
|
|
|
|
Cost
of sales |
|
(2,472,144) |
|
(2,987,684) |
|
(776,798) |
|
(929,605) |
Fulfillment |
|
(202,840) |
|
(248,588) |
|
(62,411) |
|
(80,793) |
Marketing |
|
(79,136) |
|
(70,363) |
|
(20,316) |
|
(21,404) |
Technology and content |
|
(76,733) |
|
(85,081) |
|
(22,037) |
|
(24,466) |
General and administrative |
|
(44,554) |
|
(48,809) |
|
(9,897) |
|
(10,025) |
|
|
|
|
|
|
|
|
|
Operating profit (loss)
before restructuring, litigation, initial public offering expenses,
gain / (loss) from disposal of non-current assets and impairment of
assets |
23,505 |
|
33,296 |
|
26,222 |
|
32,303 |
Restructuring |
|
(2,790) |
|
(10,001) |
|
(2,712) |
|
(642) |
Litigation |
|
(3,145) |
|
(3,135) |
|
(1,308) |
|
(2,725) |
Initial public offering expenses |
|
- |
|
(15,985) |
|
- |
|
(10,888) |
Gain / (loss) from
disposal of non-current assets |
|
835 |
|
14 |
|
(25) |
|
1 |
Impairment of assets |
|
(1,139) |
|
(2,653) |
|
(1,139) |
|
(2,653) |
Operating profit (loss) |
|
17,266 |
|
1,536 |
|
21,038 |
|
15,396 |
Financial income |
|
5,297 |
|
8,101 |
|
1,765 |
|
3,732 |
Financial expense |
|
(60,946) |
|
(76,047) |
|
(18,758) |
|
(22,146) |
|
|
|
|
|
|
- |
|
- |
Profit (loss) before tax |
|
(38,382) |
|
(66,411) |
|
4,046 |
|
(3,019) |
Income tax gain (expense) |
|
15,732 |
|
14,797 |
|
9,352 |
|
4,279 |
Share of losses of associates |
|
(356) |
|
(2,812) |
|
- |
|
(473) |
|
|
|
|
|
|
- |
|
- |
Net loss for the period |
|
(23,006) |
|
(54,426) |
|
13,398 |
|
787 |
Attributable to equity holders of Cnova |
|
(22,490) |
|
(51,791) |
|
13,282 |
|
1,894 |
Attributable to non-controlling interests |
|
(516) |
|
(2,635) |
|
116 |
|
(1,107) |
CNOVA N.V.
CONSOLIDATED BALANCE SHEET
(unaudited)
In thousands of euros |
|
December 31, 2013 |
|
December 31, 2014 |
|
|
Cash
and cash equivalents |
|
263,550 |
|
573,321 |
Trade receivables, net |
|
110,380 |
|
139,307 |
Inventories, net |
|
366,974 |
|
417,164 |
Current income tax assets |
|
1,385 |
|
1,466 |
Other current assets, net |
|
168,635 |
|
202,627 |
|
|
|
|
|
Total current assets |
|
910,924 |
|
1,333,885 |
|
|
|
|
|
Other non-current assets, net |
|
112,118 |
|
93,727 |
Deferred tax assets |
|
31,195 |
|
46,463 |
Investment in associates |
|
- |
|
- |
Property and equipment, net |
|
32,974 |
|
43,989 |
Intangible assets, net |
|
113,648 |
|
147,082 |
Goodwill |
|
490,519 |
|
496,313 |
|
|
|
|
|
Total non-current assets |
|
780,454 |
|
827,574 |
|
|
|
|
|
TOTAL ASSETS |
|
1,691,379 |
|
2,161,459 |
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
€
thousands |
|
|
|
|
Current provisions |
|
1,384 |
|
4,733 |
Trade payables |
|
905,417 |
|
1,296,013 |
Current financial debt |
|
80,170 |
|
102,557 |
Current taxes liabilities |
|
40,594 |
|
37,943 |
Other current liabilities |
|
91,690 |
|
117,953 |
|
|
|
|
|
Total current liabilities |
|
1,119,254 |
|
1,559,198 |
|
|
|
|
|
Non-current provisions |
|
3,336 |
|
4,608 |
Non-current financial debt |
|
83,148 |
|
2,045 |
Other non-current liabilities |
|
3,814 |
|
4,023 |
Deferred tax liabilities |
|
8,665 |
|
7,293 |
|
|
|
|
|
Total non-current liabilities |
|
98,963 |
|
17,969 |
|
|
|
|
|
Share capital |
|
20,573 |
|
22,065 |
Reserves, retained earnings and additional paid-in capital |
|
434,516 |
|
555,908 |
|
|
|
|
|
Equity attributable to equity holders of
Cnova |
|
455,089 |
|
577,973 |
|
|
|
|
|
Non-controlling interests |
|
18,072 |
|
6,318 |
|
|
|
|
|
Total equity |
|
473,161 |
|
584,291 |
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,691,379 |
|
2,161,459 |
CNOVA N.V.
CONSOLIDATED CASH FLOW STATEMENTS
(unaudited)
€ thousands |
|
December 31, 2013 |
|
December 31, 2014 |
|
|
Net
loss attributable to equity holders of the Parent |
|
(22,490) |
|
(51,791) |
Net loss attributable
to non-controlling interests |
|
(516) |
|
(2,635) |
|
|
|
|
|
Net loss for the period |
|
(23,006) |
|
(54,426) |
Depreciation and
amortization expense |
|
26,861 |
|
31,666 |
Expenses on share-based payment plans |
|
393 |
|
7,501 |
(Gains) losses on
disposal of non-current assets and impairment of assets |
|
304 |
|
2,639 |
Share of losses of associates |
|
356 |
|
2,812 |
Other non-cash
items |
|
7,332 |
|
5,639 |
Financial expense, net |
|
55,649 |
|
67,946 |
Current and deferred
tax profit |
|
(15,732) |
|
(14,797) |
Income tax paid |
|
(4,293) |
|
(4,804) |
Change in operating
working capital |
|
127,876 |
|
240,822 |
Inventories of products |
|
(107,878) |
|
(45,199) |
Trade
payables |
|
246,375 |
|
372,025 |
Trade receivables |
|
36,336 |
|
(47,358) |
Other |
|
(46,957) |
|
(38,646) |
|
|
|
|
|
Net cash from operating activities |
|
175,740 |
|
284,999 |
Purchase of property
and equipment and intangible assets |
|
(54,083) |
|
(76,641) |
Purchase of non-current financial assets |
|
(5,070) |
|
(1,977) |
Proceeds from disposal
of property and equipment, intangible assets and non-current
financial assets |
|
2,223 |
|
3,325 |
Accounting for the
combination of Nova Pontocom |
|
- |
|
- |
Acquisition of an entity, net of cash acquired |
|
2,009 |
|
(10,956) |
Investments in
associates |
|
- |
|
(1,350) |
Changes in loans granted (including to related parties ) |
|
(12,490) |
|
120 |
|
|
|
|
|
Net
cash used in investing activities |
|
(67,411) |
|
(87,478) |
Proceeds from issue of shares of the Company |
|
- |
|
137,081 |
Contribution by Casino
(note 7) |
|
- |
|
4,808 |
Transaction with owners of non-controlling interests (note 3) |
|
- |
|
(3,332) |
Additions to financial
debt |
|
68,230 |
|
104,238 |
Repayments of financial debt |
|
(40,431) |
|
(31,089) |
Interest paid,
net |
|
(57,505) |
|
(63,226) |
|
|
|
|
|
|
|
|
|
|
Net cash from/(used in) financing
activities |
|
(29,706) |
|
148,480 |
|
|
|
|
|
Effect of changes in foreign currency translation
adjustments |
|
(22,618) |
|
(5,500) |
|
|
|
|
|
Change in cash and cash equivalents |
|
56,005 |
|
340,501 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of
period |
|
176,601 |
|
263,550 |
Bank
overdrafts at beginning of period |
|
45 |
|
(30,899) |
Cash and cash equivalents, net, at beginning of
period |
|
176,646 |
|
232,651 |
|
|
|
|
|
Cash and cash equivalents at end of
period |
|
263,550 |
|
573,321 |
Bank
overdrafts at end of period |
|
(30,899) |
|
(169) |
Cash and cash equivalents, net, at end of
period |
|
232,651 |
|
573,152 |
NON GAAP
RECONCILIATIONS
Gross Profit
Gross Profit Post Marketing
Expenses
Gross Margin
Gross Profit is calculated as net
sales less cost of sales. Gross Margin is gross profit as a
percentage of net sales. Gross Profit and Gross Margin are included
in this press release because they are performance measures used by
our management and board of directors to determine the commercial
performance of our business. In addition, we provide Gross Profit
Post Marketing Expenses because it indicates that our growth in
sales has been achieved with only limited marketing expenses.
The following table presents a
computation of Gross Profit, Gross Margin and Gross Profit Post
Marketing Expenses for each of the periods indicated:
|
|
FY |
FY |
|
Q4 |
Q4 |
|
|
December |
December |
|
December |
December |
€
thousands |
|
31, 2013 |
31, 2014 |
|
31, 2013 |
31, 2014 |
Net sales |
|
2,898,912 |
3,473,821 |
|
917,680 |
1,098,596 |
|
|
|
|
|
|
|
Less
Cost of sales |
|
(2,472,144) |
(2,987,684) |
|
(776,798) |
(929,605) |
|
|
|
|
|
|
|
Gross Profit |
|
426,768 |
486,137 |
|
140,882 |
168,991 |
Gross
margin |
|
14.7% |
14.0% |
|
15.4% |
15.4% |
|
|
|
|
|
|
|
Less
Marketing expenses |
|
(79,136) |
(70,363) |
|
(20,316) |
(21,404) |
|
|
|
|
|
|
|
Gross Profit post-marketing expenses |
|
347,632 |
415,774 |
|
120,566 |
147,587 |
Adjusted EBITDA
Adjusted EBITDA Excluding Expansion to New
Countries
Adjusted EBITDA is calculated as
operating profit (loss) before restructuring, initial public
offering expenses, litigation, gain/(loss) from disposal of non
current assets and impairment of assets and before depreciation and
amortization expense and share based payment. We have also included
Adjusted EBITDA Excluding Expansion to New Countries, which further
excludes the adjusted EBITDA related to countries with operations
starting after January 1, 2014. We have provided a reconciliation
below of these measures to operating profit (loss) before
restructuring, initial public offering expenses, litigation,
gain/(loss) from disposal of non current assets and impairment of
assets, the most directly comparable GAAP financial measure.
We have included Adjusted EBITDA
and Adjusted EBITDA Excluding Expansion to New Countries in this
press release because they are key measures used by our management
and board of directors to evaluate our operating performance,
generate future operating plans and make strategic decisions
regarding the allocation of capital. In particular, the exclusion
of certain expenses in calculating Adjusted EBITDA facilitates
operating performance comparisons on a period to period
basis. In the case of exclusion of the impact of stock based
compensation, it excludes an item that we do not consider to be
indicative of our core operating performance. In the case of
exclusion of expansion to new countries, it excludes activities
that are still in an early development stage since having only
launched in 2014.
The following table reflects the
reconciliation of operating profit (loss) before restructuring
litigation, initial public offering expenses, gain/(loss) from
disposal of non currents assets and impairment of assets to
Adjusted EBITDA and Adjusted EBITDA Excluding Expansion to New
Countries for each of the periods indicated:
|
|
FY |
FY |
|
Q4 |
Q4 |
|
|
December |
December |
|
December |
December |
€
thousands |
|
31, 2013 |
31, 2014 |
|
31, 2013 |
31, 2014 |
Operating profit before restructuring, litigation,
gain/(loss) from disposal of non-current assets and impairment of
assets |
|
23,505 |
33,296 |
|
26,222 |
32,303 |
|
|
|
|
|
|
|
Excluding Share based
payment expenses |
|
393 |
50 |
|
94 |
- |
Excluding Depreciation
and amortization |
|
26,861 |
31,666 |
|
8,813 |
9,673 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
50,759 |
65,012 |
|
35,128 |
41,976 |
|
|
|
|
|
|
|
Excluding Expansion
from new countries |
|
- |
3,572 |
|
- |
2,851 |
|
|
|
|
|
|
|
Adjusting EBITDA excluding expansion from new
countries |
|
50,759 |
68,584 |
|
35,128 |
44,827 |
Operating Profit Before Other Expenses Excluding Expansion
to New Countries
Operating Profit Before Other
Expenses Excluding Expansion to New Countries and Net of Factoring
Costs
Operating Profit Before Other Expenses Excluding Expansion to New
Countries is calculated as operating profit (loss) before
restructuring, initial public offering expenses, litigation,
gain/(loss) from disposal of non current assets and impairment of
assets and excluding the impact related to countries with
operations starting after January 1, 2014. Operating Profit Before
Other Expenses Excluding Expansion to New Countries and Net of
Factoring Costs further excludes the factoring costs incurred by
the Company in discounting sales receivable. We have provided
a reconciliation below of these two measures to operating profit
(loss) before restructuring, initial public offering expenses,
litigation, gain/(loss) from disposal of non current assets and
impairment of assets, the most directly comparable GAAP financial
measure.
These non-GAAP measures are used
by Cnova's management and board of directors to gain a better
understanding of the profitability of Cnova before the impact of
expansion to new countries, which are still in their early stages
of development, and before factoring costs, which are financial
expenses specific to the discount of receivables related to
sales.
The following table reflects the
reconciliation of operating profit (loss) before restructuring
litigation, initial public offering expenses, gain/(loss) from
disposal of non currents assets and impairment of assets to
Operating Profit Before Other Expenses Excluding Expansion to New
Countries and to Operating Profit Before Other Expenses Excluding
Expansion to New Countries and Net of Factoring Costs for each of
the periods indicated:
|
|
FY |
FY |
|
Q4 |
Q4 |
|
|
December |
December |
|
December |
December |
€
thousands |
|
31, 2013 |
31, 2014 |
|
31, 2013 |
31, 2014 |
Operating profit before restructuring, litigation,
gain/(loss) from disposal of non-current assets and impairment of
assets |
|
23,505 |
33,296 |
|
26,222 |
32,303 |
|
|
|
|
|
|
|
Excluding Expansion
from new countries |
|
- |
3,863 |
|
- |
2,957 |
|
|
|
|
|
|
|
Operating profit before other expenses and excluding
expansion from new countries |
|
23,505 |
37,159 |
|
26,222 |
35,260 |
|
|
|
|
|
|
|
Less financial
expenses in relation to factoring activities |
|
(45,352) |
(60,084) |
|
(14,583) |
(19,036) |
|
|
|
|
|
|
|
Operating profit before other expenses and net of factoring
costs excluding expansion from new countries |
|
(21,847) |
(22,924) |
|
11,638 |
16,224 |
Adjusted Net Profit/(Loss) Attributable to Equity Holders
of Cnova
Adjusted EPS
Adjusted Net Profit/(Loss) Attributable to Equity Holders of Cnova
is calculated as net profit/(loss) attributable to equity holders
of Cnova before restructuring, initial public offering expenses,
litigation, gain/(loss) from disposal of non current assets and
impairment of assets and the related tax impacts. Adjusted
EPS is calculated as Adjusted Net Profit/(Loss) Attributable to
Equity Holders of Cnova divided by the weighted average number of
outstanding ordinary shares of Cnova during the applicable
period. We have provided a reconciliation below of Adjusted
Net Profit/(Loss) Attributable to Equity Holders of Cnova to net
profit/(loss) attributable to equity holders of Cnova, the most
directly comparable GAAP financial measure.
Adjusted Net Profit/(Loss)
Attributable to Equity Holders of Cnova is a financial measure used
by Cnova's management and board of directors to evaluate the
overall financial performance of the business. In particular,
the exclusion of certain expenses in calculating Adjusted Net
Profit/(Loss) Attributable to Equity Holders of Cnova facilitates
the comparison of income on a period-to-period basis.
The following table reflects the
reconciliation of net profit/(loss) attributable to equity holders
of Cnova to Adjusted Net Profit/(Loss) Attributable to Equity
Holders of Cnova and presents the computation of Adjusted EPS for
each of the periods indicated.
|
|
FY |
FY |
|
Q4 |
Q4 |
|
|
December |
December |
|
December |
December |
€
thousands |
|
31, 2013 |
31, 2014 |
|
31, 2013 |
31, 2014 |
Net Profit (Loss) (attributable to
equity holders of Cnova) |
|
(22,490) |
(51,791) |
|
13,282 |
1,894 |
|
|
|
|
|
|
|
Excluding restructuring expenses |
|
2,790 |
10,001 |
|
2,712 |
642 |
Excluding litigation expenses |
|
3,145 |
3,135 |
|
1,308 |
2,725 |
Excluding initial public offering expenses |
|
- |
15,985 |
|
- |
10,888 |
Excluding gain / (loss) from disposal of non-current assets |
|
(835) |
(14) |
|
25 |
(1) |
Excluding impairment of assets charges |
|
1,139 |
2,653 |
|
1,139 |
2,653 |
Excluding income tax effect on above adjustments |
|
(478) |
(6,731) |
|
(770) |
(4,949) |
Excluding recognition of previously unrecognized tax losses |
|
(7,300) |
- |
|
(7,300) |
- |
Excluding minority interest effect on above adjustments |
|
7 |
(98) |
|
19 |
(43) |
|
|
|
|
|
|
|
Adjusted Net Profit (Loss) (attributable to equity holders
of Cnova) |
|
(24,022) |
(26,860) |
|
10,415 |
13,809 |
Weighted average number of ordinary shares |
|
411,455,569 |
414,961,806 |
|
411,455,569 |
424,871,647 |
Adjusted EPS (€) |
|
(0.06) |
(0.06) |
|
0.03 |
0.03 |
Net Cash/(Net Financial Debt)
Net Cash/(Net Financial Debt) is
calculated as the sum of (i) cash and cash equivalents and (ii)
cash pool balances held in arrangements with Casino Group and
presented in other current assets, less financial debt. Net
Cash/(Net Financial Debt) is a measure that provides useful
information to management and investors to evaluate our cash and
cash equivalents and debt levels and our current account position,
taking into consideration the cash pool arrangements in place among
certain members of the Casino Group, and therefore assists
investors and others in understanding our cash position
and liquidity.
The following table presents a
computation of Net Cash/(Net Financial Debt) for each of the
periods indicated:
|
|
FY |
FY |
|
|
December |
December |
€
thousands |
|
31, 2013 |
31, 2014 |
Cash
and cash equivalents |
|
263,550 |
573,321 |
Cash
pool balances with Casino presented in other current assets |
|
63,828 |
65,160 |
Non-current financial debt |
|
(83,148) |
(2,045) |
Current financial debt |
|
(80,170) |
(102,557) |
|
|
|
|
Net Cash (Net Financial Debt) |
|
164,060 |
533,879 |
[1] See
Definitions and Non-GAAP Reconciliations sections of this press
release for additional information.
[2] See
Definitions and Non-GAAP Reconciliations sections of this press
release for additional information.
[3] New
countries refers to all countries other than France and Brazil.
[4] See
Definitions and Non-GAAP Reconciliations sections of this press
release for additional information.
[5] This
guidance is subject to currency exchange rate volatility and is
based on the current currency exchange rates.
Press ReleaseCnovaEarnings Release
Q4 2014
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cnova N.V. via Globenewswire
HUG#1890267
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