CNOVA
N.V.
2017 First Half Activity and Financial Results
AMSTERDAM, July 25, 2017, 07:45
CEST Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) ("Cnova"
or the "Company") today announced its first half 2017 activity and
unaudited financial results.
· Traffic:
442 million visits (+11%)
-
Best first five month traffic growth (Médiamétrie)
-
Mobile share of traffic: 58% (+ 696 bp)
· Active
customers: 8.4 million (+10%)
-
CDAV subscribers: +103% y-o-y
· GMV:
€1,456 million (+10%
like-for-like1)
-
Mobile
share:
36.7% (+ 874 bp)
-
Marketplace share: 33.4%
(+ 288 bp)
-
CDAV share:
30.1% (+1,423 bp)
· Net
sales: €882 million (+8% like-for-like)
· Renewed
and accelerated market share gains (Gfk): +1.5 points in May and
+2.0 points in June
· Cdiscount
operating EBIT reflects €8 million higher IT costs
· Strategic
realignment plan to stimulate GMV & net sales growth
rates
-
Increase conversion rate
-
Promote repeat business
Key figures
€ in millions |
First Half(2) |
Change |
2017 |
2016 |
Reported |
L-F-L(1) |
GMV |
1,455.6 |
1,370.3 |
+6.2% |
+10.5% |
Net sales |
882.3 |
857.8 |
+2.9% |
+7.6% |
Gross profit |
123.2 |
121.5 |
+1.3% |
|
Gross margin |
14.0% |
14.2% |
-21 bp |
|
SG&A |
(140.2) |
(124.8) |
+12.3% |
|
Operating EBIT |
(17.0) |
(3.2) |
|
|
Cdiscount |
(13.7) |
(1.4) |
|
|
Net profit/(loss) (from
continuing activities) |
(43.5) |
(35.1) |
|
|
Adjusted EPS (from
continuing activities) |
(0.10) |
(0.06) |
|
|
-
Like-for-like: includes adjustments related to i) the sale or closure in
2016 of the specialty sites Comptoir des Parfums, Comptoir Santé
and MonCornerDéco, ii) the voluntary pullback of B2B sales
initiated in the 3rd quarter of
2016, iii) the exclusion of TV products, which benefited from the
mandatory shift to Digital Terrestrial Television (DTT), and the
Euro football championship in the 1st half 2016
(1.7pt and 2.3pt on GMV and net sales growth, respectively), iv)
the impact of 2017 summer sales starting one week later than in
2016 (1.0pt and 0.9pt on GMV and net sales growth, respectively),
v) Cdiscount sales realized with Casino clients in France resulting
from the multichannel agreement with Casino effective June 19,
2017, and vi) the leap year impact of 2016.
-
All 2016 figures are unaudited
and have been adjusted for all periods to reflect i) the merger of
Cnova Brazil into Via Varejo on October 31, 2016, ii) the sale or
closure of Cdiscount international sites, and iii) the sale of the
specialty site MonShowroom. These are reported as discontinued
activities in accordance with IFRS 5 as of January 1,
2016.
1st Half 2017
Activity Highlights
Traffic at
Cdiscount.com during the 1st half of 2017
grew by 11.5% year-on-year (y-o-y) to 442 million visits. Cdiscount
posted the highest progression during the first five months of 2017
among the five main e-retailers in France, in the number of desktop
unique monthly visitors, according to Médiamétrie.
The mobile share of traffic
increased 696 basis points to 58.1% during the same period. Mobile
conversion increased by 15 basis points on a yearly basis.
The number of active customers also continued to climb, reaching 8.4
million at 30 June 2017 (a y-o-y increase of 9.5%).
Membership of Cdiscount à volonté (CDAV), Cdiscount's customer loyalty program doubled
y-o-y at the end of June.
Orders
totaled 12.2 million during the 1st half of
2017, for a y-o-y increase of 11.4%. CDAV customers accounted for
29% of the 1st half 2017
orders compared to 12% during the same period in 2016.
The number of
items sold increased to 23.6 million from 21.6 million during
the same period in 2016 (up 9.2%).
GMV (gross
merchandise volume) totaled €1,456 million, an increase of
10.5% compared to the same period in 2016 on a like-for-like
(l-f-l) basis (1Q17: +7.7%; 2Q17: +11.5%). On a reported basis, GMV
rose 6.2% compared to 2016 (1Q17: +5.2%; 2Q17: +7.4%). The mobile
share of GMV was up 874 basis points to 36.7%.
The marketplace share of total GMV continued to expand,
reaching 33.4% for an increase of 288 basis points. The number of
products available increased by 28%. The share of marketplace GMV
fulfilled by Cdiscount rose from 5% in June 2016 to 13% in June
2017 while the number of vendors using Cdiscount's fulfillment
services doubled y-o-y as at end of June. The quality of our
marketplace vendors showed continuous improvement with customer
satisfaction up by 14 points on average since the beginning of the
2017 compared to the same period in 2016.
1st Half
2017 Financial Performance
Net sales
totaled €882 million in the 1st half 2017,
up 7.6% on a l-f-l basis compared to the same period in 2016 (+2.9%
on a reported basis). Home furnishings and household appliances
accounted for 50% of direct sales, while hi-tech items (AV and
smartphones) and IT goods represented 35% of direct sales.
According to Gfk, Cdiscount's
Technical Goods (Hi-tech, PCs and Home Appliances) value market
share grew by 1.5 and 2.0 points y-o-y, respectively, in May and
June 2017.
Gross profit
was €123 million with a corresponding margin of 14.0%. The 100
basis point improvement in the 2nd quarter 2017
only partially compensated the 126 basis point decline of the
previous quarter.
SG&A
costs amounted to €(140) million and were 15.9% of net sales
(compared to -€125 million, 14.5% of net sales, during the same
period of 2016). The cost of the company's launch of its strategic
realignment plan and an increase in promotional advertising during
the 2nd quarter of 2017 primarily explain the 50% increase in
marketing costs and the 28% rise in T&C expenses. Fulfillment
costs reflect the investment made in customer relationship
management tools and the initial impact of the expansion in
warehouse capacity.
As a result, operating EBIT totaled €(17) million and includes the
impact of a €(8) million increase in IT costs at Cdiscount.
1st half 2016
operating EBIT was €(3) million and benefitted from the reversal of
a €5 million provision at the holding level that had been booked in
conjunction with former operations in Brazil.
The operating
loss reported for the 1st half 2017
amounted to €(25) million (compared to an operating loss of -€13
million in 2016).
Net financial expense declined to
€(18) million, down from €(19) million during the 1st half of
2016.
Net loss from
continuing operations amounted to €(43) million with an
adjusted EPS of €(0.10).
Net loss from
discontinued operations amounted to €(4) million, and presented
an adjusted EPS of €(0.03).
Cash
Management:
Free cash
flow (last twelve months, or LTM) was €(217) million of which
€(212) million from Cdiscount mainly related to the €78 million
purchase of Géant and Casino inventories (see below) and the
expansion of the product assortment.
-
Net cash used in continuing
operating activities amounted to €(166) million and included a
change in operating working capital of €(157) million, of which
€(146) million was for inventory expansion. The latter was directly
related to the expansion of direct sales product offering and the
reinforcement of our multichannel strategy with Groupe Casino
regarding high-tech items and household appliances (Cnova purchased
€78 million of Géant supercenter and Casino supermarket high-tech
items and household appliance inventory).
-
Capex (purchase of
property, equipment and intangible assets, net) was €(51) million,
or 2.7% of LTM net sales. Primary projects include the complete
overhaul of the mobile site, the investment in our marketplace
platform and upgraded logistics systems.
Net financial debt position
at June 30, 2017 was €(214) million.
2017 Strategic Realignment Plan
Update
The strategic realignment plan
launched during the 2nd quarter 2017
(SKU expansion, multichannel and delivery enhancements,
technological advantages and new marketplace revenue sources) has
advanced on several fronts.
SKU
expansion:
-
Cdiscount's product range extension program
(designed to almost quadruple the number of CDAV-eligible direct
sale references and increase marketplace references by 50%) is
ahead of schedule and has already reached the mid-point of its
objectives: at June 30, 2017, Cdiscount had doubled the number of
SKUs that were available at the beginning of the year.
-
Cdiscount's associated warehouse capacity
expansion program (increase by 80% total distribution center, or
DC, floor space between the end of 2016 and the end of the
1st quarter
2018) saw total DC floor space grow 36%, from 295 thousand m² at
the end of June 2016 to 400 thousand m² as of July 25, 2017. This
included a new 40,000 m2 DC at Saran
(near Orléans).
Multichannel and
delivery enhancements:
-
Cnova is now managing Géant supercenters' and
Casino supermarkets' (DCF) as well as Cdiscount's home furnishing
high-tech and household appliance inventories (DCF transferred its
inventories at end June 2017, for a total consideration of about
€78 million including VAT). The advantages of this arrangement are
twofold:
-
increased synergies with Groupe Casino in
France,
-
DCF and Cdiscount customers now enjoy a wider
variety of delivery options (Cdiscount home delivery,
Click-&-Collect pick-up), including online purchase with
immediate DCF in-store pickup and the usual in-store
purchases.
-
Minimum basket for free next-day delivery for
CDAV members lowered from 25€ to 10€.
-
Acceleration of product shipment by 1 full day
for non-CDAV members.
-
Cdiscount now offers same-day delivery of a
selection of its light product (<30 kg) catalogue to its
customers in Paris. The entire light product catalogue is expected
to be available for same-day delivery in Paris beginning October
2017. As such, Cdiscount, currently the only player in France
offering same-day delivery for 4,000 heavy SKUs (>30 kg), will
be the only player in France to offer same-day delivery on its full
range of SKUs (0-3 kg, 3-15 kg, 15-30 kg and >30 kg).
Technological
advantages:
-
Revamped app interface, React Native, has
resulted in a 30% conversion rate improvement.
-
Mobile website interface converted to React.JS
at the end of June.
-
Progressive Web App will enable broader usage of
App features and adaptive interface website (for smartphone,
tablet, desktop) with faster download speed.
-
Chatbots will manage the full spectrum of the
before-and-after-purchase customer relationship on instant
messaging (Facebook Messenger, Twitter).
New marketplace
revenue sources:
-
Fulfillment-by-Cdiscount (FBC) and premium pack
(higher visibility and statistics report) for marketplace sellers
has been rolled out.
-
Currently generating new marketplace vendor
advertising revenues.
-
Launch new foreign exchange and merchant
financing vendor services.
Please refer to the investor
presentation at cnova.com for additional details about the
strategic realignment plan.
Outlook
Cdiscount's current strategic
realignment plan is expected to yield the following results by the
end of the 1st quarter of
2018:
-
Nearly quadruple the size of the direct sales
product catalogue (equivalent to an approximate €130 million
increase in inventory value by YE 2017),
-
Increase the marketplace product catalogue by
50%,
-
Expand by 80% total distribution center floor
space to 580 thousand m²,
-
Improve overall customer satisfaction both
before and after purchase,
-
Extend same-day delivery in Paris from heavy
products so that it is also available for light products for
customers.
-
Significant increase in B2B revenues,
particularly arising from our marketplace ecosystem.
***
Cnova will publish on its website
today its 2017 semi-annual report.
***
About Cnova N.V.
Cnova N.V., one
of the leading e-Commerce companies in France, serves 8.4 million
active customers via its state-of-the-art website, Cdiscount. Cnova
N.V.'s product offering of more than 23 million items provides its
clients with a wide variety of very competitively priced goods,
several fast and customer-convenient delivery options as well as
practical 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. Information available on, or accessible
through, the sites referenced above is not part of this press
release.
This press
release contains regulated information (gereglementeerde
informatie) within the meaning of the Dutch Financial Supervision
Act (Wet op het financieel toezicht) which must be made publicly
available pursuant to Dutch and French law. This press release is
intended for information purposes only.
***
Cnova Investor Relations Contact:
investor@cnova.com
Tel: +31 20 795 06 71 |
Media contact:
directiondelacommunication@cnovagroup.com
Tel: +31 20 795 06 76 |
Annexes
Annex A - Cnova First Half Activity
Cnova N.V. |
First Half |
Change |
2017 |
2016 |
Reported(1) |
L-F-L(2) |
Traffic (visits in
millions) |
441.6 |
396.1 |
+11.5% |
|
Mobile
share |
58.1% |
51.1% |
+696 bp |
|
Active customers(3)
(millions) |
8.4 |
7.7 |
+9.5% |
|
Orders(4)
(millions) |
12.2 |
11.0 |
+11.4% |
|
CDAV share |
28.8% |
12.1% |
+1,672 bp |
|
Number of items sold (millions) |
23.6 |
21.6 |
+9.2% |
|
GMV(5)
(millions) |
1,455.6 |
1,370.3 |
+6.2% |
+10.5% |
Mobile
share |
36.7% |
28.0% |
+874 bp |
|
Marketplace
share |
33.4% |
30.5% |
+288 bp |
|
CDAV share |
30.1% |
15.8% |
+1,423 bp |
|
Annex B -
Cdiscount First Half Financial Information
Cdiscount
€ in millions |
First Half |
Change |
2017 |
2016 |
Reported(1) |
L-F-L(2) |
GMV(5) |
1,455.6 |
1,370.3 |
+6.2% |
+10.5% |
Net sales |
882.3 |
857.8 |
+2.9% |
+7.6% |
Gross profit |
123.2 |
121.5 |
+1.3% |
|
Gross margin(6) |
14.0% |
14.2% |
-21 bp |
|
SG&A(7) |
(136.9) |
(123.0) |
+11.3% |
|
Operating EBIT(8) |
(13.7) |
(1.4) |
|
|
Operating EBIT margin |
-1.6% |
-0.2% |
|
|
Net profit/(loss) from
continuing activities |
(40.1) |
(29.7) |
+34.9% |
|
-
All 2016 figures are unaudited
and have been adjusted for all periods to reflect i) the merger of
Cnova Brazil into Via Varejo on October 31, 2016, ii) the sale or
closure of Cdiscount international sites, and iii) the sale of the
specialty site MonShowroom. These are reported as discontinued
activities in accordance with IFRS 5 as of January 1,
2016.
-
Like-for-like: includes
adjustments related to i) the sale or closure in 2016 of the
specialty sites Comptoir des Parfums, Comptoir Santé and
MonCornerDéco, ii) the voluntary pullback of B2B sales initiated in
the 3rd quarter of
2016, iii) the exclusion of TV products, which benefited from the
mandatory shift to Digital Terrestrial Television (DTT), and the
Euro football championship in the 1st half 2016
(1.7pt and 2.3pt on GMV and net sales growth, respectively), iv)
the impact of 2017 summer sales starting one week later than in
2016 (1.0pt and 0.9pt on GMV and net sales growth, respectively),
v) Cdiscount sales realized with Casino clients in France resulting
from the multichannel agreement with Casino effective June 19,
2017, and vi) the leap year impact of 2016.
-
Active customers at the end of
June having purchased at least once through cdiscount.com during
the previous 12 months.
-
Total placed orders before
cancellation due to fraud detection and/or customer
non-payment.
-
GMV: gross merchandise volume.
GMV is defined as product sales + other revenues + marketplace
business volumes (calculated based on approved and sent orders) +
taxes.
-
Gross margin: gross profit as a
percentage of net sales.
-
SG&A: selling, general and
administrative expenses.
-
Operating EBIT: operating
profit/(loss) from ordinary activities.
Annex C - Cnova
N.V. (1)
Consolidated Financial Statements
Consolidated Income Statement |
|
First Half |
Change |
€ in millions |
|
2017 |
2016 |
Net sales |
|
882.3 |
857.8 |
+2.9% |
Cost of sales |
|
(759.1) |
(736.2) |
+3.1% |
Gross
profit |
|
123.2 |
121.5 |
+1.3% |
% of net sales (Gross margin) |
|
14.0% |
14.2% |
|
SG&A(2) |
|
(140.2) |
(124.8) |
+12.3% |
% of
net sales |
|
-15.9% |
-14.5% |
|
Fulfillment |
|
(66.3) |
(63.7) |
+4.1% |
Marketing |
|
(21.4) |
(14.2) |
+50.4% |
Technology and
content |
|
(33.5) |
(26.3) |
+27.6% |
General and
administrative |
|
(19.0) |
(20.6) |
-8.0% |
Operating EBIT(3) |
|
(17.0) |
(3.2) |
|
% of net sales |
|
-1.9% |
-0.4% |
|
Other
expenses |
|
(7.7) |
(9.9) |
-21.9% |
Operating profit/(loss) |
|
(24.7) |
(13.1) |
n.m |
Net
financial income/(expense) |
|
(17.7) |
(19.3) |
-8.5% |
Profit/(loss) before tax |
|
(42.4) |
(32.4) |
+30.8% |
Income tax
gain/(expense) |
|
(1.1) |
(2.8) |
n.m |
Net profit/(loss) from continuing operations |
|
(43.5) |
(35.1) |
+23.7% |
Net
profit/(loss) from discontinued operations |
|
(3.7) |
(133.0) |
n.m |
Net
profit/(loss) for the period |
|
(47.2) |
(168.2) |
n.m |
% of
net sales |
|
-5.3% |
-19.6% |
|
Attributable to Cnova
equity holders (incl. discontinued) |
|
(47.0) |
(162.9) |
|
Attributable to non-controlling interests (incl. discontinued) |
|
(0.2) |
(5.2) |
|
Adjusted EPS (€) from
continuing operations |
|
(0.10) |
(0.06) |
|
Adjusted EPS (€) from
discontinued operations (4) |
|
(0.03) |
(0.31) |
|
Adjusted EPS (€) |
|
(0.14) |
(0.37) |
|
-
All 2016 figures are unaudited
and have been adjusted for all periods to reflect i) the merger of
Cnova Brazil into Via Varejo on October 31, 2016, ii) the sale or
closure of Cdiscount international sites, and iii) the sale of the
specialty site MonShowroom. These are reported as discontinued
activities in accordance with IFRS 5 as of January 1,
2016.
-
SG&A: selling, general and
administrative expenses.
-
Operating EBIT: operating
profit/(loss) from ordinary activities.
-
Adjusted EPS: earnings per
share.
Consolidated Balance
Sheet
€ in millions |
|
2017
At June 30 |
|
2016
At Dec. 31 |
|
2016
At June 30* |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
16.9 |
|
15.3 |
|
174.7 |
Trade receivables,
net |
|
67.5 |
|
91.1 |
|
138.7 |
Inventories, net |
|
379.4 |
|
224.8 |
|
431.5 |
Current income tax
assets |
|
1.3 |
|
1.3 |
|
1.2 |
Other
current assets, net |
|
80.7 |
|
346.2 |
|
190.7 |
Total current assets |
|
545.9 |
|
678.7 |
|
936.8 |
|
|
|
|
|
|
|
Other non-current
assets, net |
|
4.1 |
|
4.6 |
|
58.7 |
Deferred tax
assets |
|
-- |
|
-- |
|
11.8 |
Property and
equipment, net |
|
17.2 |
|
15.3 |
|
38.9 |
Intangible assets,
net |
|
79.7 |
|
71.9 |
|
120.5 |
Goodwill |
|
56.5 |
|
56.5 |
|
458.7 |
Total non-current assets |
|
157.6 |
|
148.4 |
|
688.6 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
703.5 |
|
827.1 |
|
1,625.4 |
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
provisions |
|
7.2 |
|
6.8 |
|
13.3 |
Trade payables |
|
410.5 |
|
576.6 |
|
870.0 |
Current financial
debt |
|
231.3 |
|
93.6 |
|
458.6 |
Current tax
liabilities |
|
26.6 |
|
46.4 |
|
43.4 |
Other current
liabilities |
|
78.8 |
|
110.7 |
|
198.2 |
Total current liabilities |
|
754.4 |
|
834.1 |
|
1,583.5 |
|
|
|
|
|
|
|
Non-current
provisions |
|
14.0 |
|
12.1 |
|
11.0 |
Non-current financial
debt |
|
-- |
|
-- |
|
8.6 |
Other non-current
liabilities |
|
3.3 |
|
2.1 |
|
20.1 |
Total non-current liabilities |
|
17.3 |
|
14.2 |
|
39.7 |
|
|
|
|
|
|
|
Share capital |
|
17.2 |
|
17.2 |
|
22.1 |
Reserves, retained
earnings and additional paid-in capital |
|
(84.1) |
|
(37.2) |
|
(22.7) |
Equity attributable to equity holders of Cnova |
|
(66.9) |
|
(20.0) |
|
(0.7) |
Non-controlling interests |
|
(1.4) |
|
(1.2) |
|
2.8 |
Total equity |
|
(68.3) |
|
(21.2) |
|
2.2 |
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
703.5 |
|
827.1 |
|
1,625.4 |
* In accordance with IFRS 5, balance sheet
information of prior periods is not adjusted for discontinued
activities. As a result, the June 30, 2016 balance sheet is as
originally reported and includes Cnova Brazil which was disposed on
October 31, 2016.
Consolidated Cash Flow Statement |
|
Last Twelve
Months |
|
Last Six
Months |
at June 30 (€ in
millions) |
|
2017 |
2016 |
|
2017 |
2016 |
Net profit/(loss) from
continuing operations |
|
(74.0) |
(81.1) |
|
(43.3) |
(34.7) |
Net profit/(loss),
attributable to non-controlling interests |
|
0.5 |
(0.8) |
|
(0.1) |
(0.4) |
Net profit (loss) for the period excl. discontinued
operations |
|
(73.5) |
(82.0) |
|
(43.5) |
(35.1) |
Depreciation and
amortization expense |
|
22.4 |
20.8 |
|
12.0 |
10.2 |
(Income) expenses on
share-based payment plans |
|
-- |
0.2 |
|
-- |
0.1 |
(Gains) losses on
disposal of non-current assets and impairment of assets |
|
2.1 |
13.5 |
|
1.4 |
5.3 |
Other non-cash
items |
|
-- |
0.5 |
|
-- |
0.5 |
Financial expense,
net |
|
30.1 |
29.8 |
|
18.4 |
19.3 |
Current and deferred
tax (gains) expenses |
|
11.2 |
17.6 |
|
1.1 |
2.8 |
Income tax paid |
|
(1.1) |
(2.6) |
|
-- |
(1.0) |
Change in operating
working capital |
|
(157.2) |
46.3 |
|
(335.5) |
(161.0) |
Inventories of products |
|
(145.8) |
(11.9) |
|
(154.6) |
10.5 |
Accounts payable |
|
(15.4) |
89.9 |
|
(166.3) |
(192.4) |
Accounts receivable |
|
(7.6) |
11.2 |
|
23.7 |
66.5 |
Working capital non-goods |
|
11.6 |
(43.0) |
|
(38.4) |
(45.6) |
Net
cash from/(used in) continuing operating activities |
|
(166.0) |
44.2 |
|
(346.1) |
(158.9) |
Net cash from/(used in) discontinued operating
activities |
|
(261.7) |
(162.5) |
|
(9.5) |
(333.2) |
Purchase of property,
equipment & intangible assets |
|
(50.5) |
(34.2) |
|
(21.5) |
(15.0) |
Purchase of
non-current financial assets |
|
(1.4) |
(1.2) |
|
-- |
(0.7) |
Proceeds from disposal
of prop., equip., intangible assets |
|
0.2 |
2.9 |
|
-- |
0.5 |
Movement of perimeter,
net of cash acquired |
|
21.0 |
5.6 |
|
-- |
-- |
Investments in
associates |
|
-- |
(3.0) |
|
-- |
(3.0) |
Changes in
loans granted (including to related parties ) |
|
352.4 |
(0.2) |
|
245.9 |
-- |
Net
cash from/(used in) continuing investing activities |
|
321.6 |
(30.1) |
|
224.4 |
(18.2) |
Net cash from/(used in) discontinued investing
activities |
|
37.4 |
(9.3) |
|
2.7 |
(9.6) |
Transaction with
owners of non-controlling interests |
|
(0.1) |
(5.4) |
|
(0.1) |
-- |
Additions to financial
debt |
|
(1.8) |
(5.5) |
|
(1.2) |
(6.8) |
Repayments of
financial debt |
|
(0.6) |
(5.4) |
|
3.0 |
(6.6) |
Changes in loans
received |
|
(315.0) |
(52.2) |
|
155.6 |
195.6 |
Interest
paid, net |
|
(30.0) |
(25.7) |
|
(17.4) |
(19.2) |
Net
cash from/(used in) continuing financing activities |
|
(347.4) |
(94.1) |
|
140.0 |
163.1 |
Net cash from/(used in) discontinued financing
activities |
|
35.9 |
80.2 |
|
-- |
101.6 |
Effect of
changes in foreign currency translation adjustments from
discontinued operations |
|
-- |
(58.0) |
|
-- |
-- |
Change in cash and cash equivalents from continuing
operations |
|
(191.8) |
(138.0) |
|
18.3 |
(14.1) |
Change in cash and cash equivalents from discontinued
operations |
|
34.0 |
(100.7) |
|
(6.8) |
(204.2) |
Cash and cash equivalents, net, at period begin |
|
173.6 |
412.3 |
|
4.2 |
391.8 |
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
15.8 |
173.6 |
|
15.8 |
173.6 |
Upcoming Event |
|
Tuesday,
July 25, 2017 at 16:00 CEST |
Cnova
First Half 2017 Financial Results
Conference Call & Webcast |
|
Conference Call and Webcast connection details |
Conference Call Dial-In Numbers: |
Toll-Free: |
|
France |
0 800 912 848 |
UK |
0 800 756 3429 |
USA |
1 877 407 0784 |
|
|
Toll: |
1 201 689 8560 |
|
|
Conference Call Replay Dial-In Numbers: |
Toll-Free: |
1 844 512 2921 |
Toll: |
1 412 317 6671 |
|
|
Available
From: July 25, 2017 at |
13:00
EDT / 19:00 CEST |
To: August 2, 2017 at |
00:00 EDT / 06:00 CEST |
Replay Pin
Number: |
13665365 |
|
|
Webcast: |
http://public.viavid.com/index.php?id=125127 |
|
|
Presentation materials to accompany the call will be available at
cnova.com on July 25, 2017. |
|
|
An archive
of the conference call will be available for a limited time at
cnova.com following its conclusion. |
|
PR 1H17 Activity and Financial
Results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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