CNOVA
N.V.
2018 First Half Activity and Financial Results
AMSTERDAM, July 24, 2018, 07:45
CEST - Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392)
("Cnova" or the "Company") today announced its first half 2018
activity and unaudited financial results.
-
15% y-o-y growth
in net sales: €969m
-
Dynamic
progression of the Marketplace
-
Improved
EBITDA: €(4)m vs. €(10)m in 1H17
-
€6m improvement vs. 1H17, despite a
higer cost base due to c.50% increase in DC capacity
-
Partly driven by monetization
revenue of €29m, up 35% and marketplace growth
-
2Q18 EBITDA €15m better than
1Q18
Key figures
€ in millions |
First Half |
Change |
2018 |
2017
(restated[1]) |
Reported[2] |
Organic[3] |
GMV |
1,613.7 |
1,418.7 |
+13.7% |
+7.5% |
Net sales |
968.8 |
845.4 |
+14.6% |
+5.7% |
Gross profit |
142.9 |
115.6 |
+23.6% |
|
Gross margin |
14.7% |
13.7% |
+107 bp |
|
SG&A |
(163.0) |
(138.0) |
-18.1% |
|
EBITDA[4] |
(4.3) |
(10.4) |
nm |
|
Cdiscount |
(2.2) |
(6.8) |
nm |
|
Net profit/(loss) (Continuing operations) |
(53.3) |
(48.9) |
-8.9% |
|
Adjusted EPS (Continuing
operations) |
(0.12) |
(0.12) |
+3.0% |
|
1st Half 2018
Activity Highlights
Traffic at
Cdiscount.com during 1st half 2018
grew by 4.4% to 433 million visits. Visits continue to be driven by
mobile, accounting for 62.9% of 1st half 2018
traffic (+460 bps y-o-y) and 41.9% of GMV (+530 bps y-o-y).
Cdiscount strengthened its Number 2 status in terms of Unique
Monthly Visitors (UMV)[5] both on
desktop and mobile throughout the semester, with an average of 19k
UMV per month. For the first time in April 2018, number of UMV on
mobile overtook desktop.
GMV (gross
merchandise volume) experienced double-digit growth of +13.7%,
driven by a strong organic growth (+7.5% y-o-y) and contribution
from Géant non-food sales (+6.4 points). In addition, organic
growth accelerated in the 2nd quarter 2018
vs. the 1st quarter.
The GMV marketplace share[6] continued
to increase, reaching 34.4%, an increase of 92 basis points.
Cdiscount's loyalty program,
Cdiscount à Volonté (CDAV), is the key pillar
of the marketing strategy and continues to attract more customers
(+33% membership base y-o-y) through additional dedicated services
and offers. In the 1st half 2018,
CDAV clients accounted for 34.2% of the GMV (+417 bp).
1st Half
2018 Financial Performance - P&L
Net sales
totaled €969 million in the 1st half 2018,
up 14.6% compared to the same period in 2017. Organic growth was
+5.7% while the Casino Group's multichannel sales contributed to
8.9 points of growth.
Gross profit
was €143 million, with an associated gross margin of 14.7%, a 107
basis points improvement compared to the 1st half 2017,
thanks to three main factors: the increasing marketplace GMV share
together with B2B value-added services, the rise in monetization
revenue (especially from the advertising agency) and the optimized
pricing strategy.
SG&A
costs amounted to €(163) million and accounted for 16.8% of net
sales, up 50 basis points vs. the same period in 2017. Fulfillment
costs increased to 8.4% of net sales, vs. 7.6% in the 1st half 2017,
reflecting the c.50% increase in storage surface and the resulting
€8 million (i.e. 1% of net sales) increase in fixed logistic costs.
Marketing costs slightly rose from 2.5% of sales to 2.9% of net
sales. Discipline on Technology & Content (3.8% of net sales)
and General & Administrative (1.7% of net sales) expenses had
them lowered by 16 basis points and 52 basis points
respectively.
As a result, EBITDA totaled €(4.3) million, improving by €6.1
million compared to the 1st half 2017.
EBITDA benefited from a strong increase in monetization revenue
streams, up 35%, the dynamic marketplace growth and a streamlined
cost base at the holding level (additional €1 million of
savings).
During the 2nd
quarter 2018, EBITDA presented a significant improvement of €10
million vs. the same period in 2017 and €15 million vs. the
1st quarter
2018.
D&A were
€15.8 million, an increase of 31.0% y-o-y, due to Cdiscount's
increased investment profile in previous years.
Operating
EBIT thus improved by €2.3 million to €(20.1)
million compared to the 1st half
2017.
Net financial expenses, which are
mainly related to installment payment solutions offered to
customers, amounted to €(21.2) million, higher €(3.5) million
y-o-y, reflecting the business growth.
Net loss from
continuing operations totaled €(53.3) million with an adjusted
EPS of €(0.12).
LTM Free Cash
Flow and net financial debt
Free cash flow
before interest expenses on a twelve-month basis improved by
€218 million to €1 million compared to the previous twelve-month
period. It also experienced a €337 million improvement between the
1st half 2018
and the 1st half 2017.
Better cash flow generation was driven by strong working capital improvement:
-
Net cash used in continuing
operating activities amounted to €76 million in the last twelve
months and included a change in operating working capital of €112
million.
-
Net capex was €(75) million
in the last twelve months, 3.5% of LTM net sales vs. 3.2% in the
previous twelve-month period. This reflects an accelerated
investment strategy, focused on projects related to mobile
experience optimization, implementation of new services and
investments in logistics, including the opening of a 80,000 sqm
warehouse for small products in Moissy near Paris.
Net financial debt position
at June 30, 2018 was €(268) million.
1st Half 2018
key business highlights
The 1st half 2018
was marked by numerous achievements supporting Cdiscount profitable
growth strategy:
-
a strong development in B2C offerings and
services, including international delivery
-
a dynamic progression of the Marketplace
-
an improved customer experience
-
a CDAV community that continues to grow
-
an acceleration in multichannel revenue
-
a material increase in B2B revenue.
New commercial
offerings and services
Cdiscount initiated "French Days"
with 5 other French e-merchants. This five-day commercial event at
the end of April, gathering e-commerce players (over 200 banners
participated to this 1st edition), proved to be a success.
In addition, Cdiscount launched a
major new service for its customers, Cdiscount Voyages (travel),
which is experiencing a promising commercial start.
Cdiscount now also offers
international delivery: small products (around 200,000 SKUs)
are today delivered to Belgium, Germany, Italy and Spain (i.e. a
new 200 million customer base). Belgium and Spain can be delivered
within 48 hours, Italy and Germany within 72 hours. Cdiscount also
started to sell its products on local partner websites in those
same 4 European countries. In addition, Cdiscount has partnered
with ColisExpat to offer its customers delivery all around the
world at preferential prices.
The company also recently signed a
strategic partnership with Mr. Bricolage in the Do-It-Yourself and
Garden categories with the implementation of a joint-purchasing
agreement.
Dynamic
progression of the Marketplace
1st half 2018
marketplace GMV share increased to 34.4%, up 92bp. The 2nd quarter 2018
marked an acceleration compared to the 1st quarter
(+123bp vs. +39bp), acceleration that has been reinforcing since
the beginning of the 3rd quarter.
Business fundamentals are steadily
improving: claim rate, which is now sustainably below 1% since the
2nd semester
2017, continued to decrease (0.5% in the 2nd quarter
2018) and marketplace GMV share fulfilled by Cdiscount increased by
8.4 points compared to the 1st semester
2017, driven by a significant increase in the number of eligible
SKUs (+36.0% y-o-y in June 2018).
Improved customer
experience
Cdiscount strives to provide the
best user experience both on its mobile site and its application.
Cdiscount's website is among the top 5 fastest e-commerce mobile
websites in France[7].The
application remains top-rated with 4.5/5 on the Appstore (based on
87,000 reviews) and uses best-in-class technologies such as the
Progressive Web Application (PWA), that has just been implemented
on Android.
Cdiscount also maintained its
efforts to offer additional fast and innovative delivery options.
Same-day delivery has been extended to the 6 largest French cities.
The innovative real-time geolocation for large-products deliveries
now covers 97% of the orders and was awarded the innovation first
prize by the FEVAD. In Paris, the launch of the On-Demand delivery
in June 2018 enables customers to activate a delivery within a
30-minute slot at any time starting the day after the order.
"Cdiscount à
Volonté" loyalty program enrichment
In March 2018, "Cdiscount à
Volonté" increased its annual fee from €19 to €29, offering a free
and unlimited access to more than 200 magazines/newspapers. In the
2nd quarter, the program has been enriched with "Pass à Volonté",
exclusive offers from commercial partners, including a 5% discount
on all purchases in Géant hypermarkets and Casino supermarkets for
members who use the Casino Max mobile payment app. The increase in
CDAV annual subscription fee has not negatively impacted the
membership base.
As part of its loyalty program,
Cdiscount also launched "Cdiscount Famille", a family loyalty
program offering exclusive promotions and deals for all family
members on specific categories such as Toys, Baby Care products and
Children's Fashion.
Multichannel
enhancements
During the 1st half
2018, Cdiscount opened 17 new showrooms, bringing the total number
of showrooms to 21. Showrooms now offer an enhanced customer
experience: guarantee to get Cdiscount best prices, new features
available on interactive terminals and payment in 4 installments
for Casino and Cdiscount credit card holders. Categories presented
in showrooms benefited from a revived growth of 29% this
semester.
In addition, benefiting from mass
traffic in hypermarkets, showrooms contribute to improve
Cdiscount's brand awareness, especially in the strategic Home
category. Showrooms are to be extended to almost all Géant
hypermarkets by the end of the year.
Increased
monetization
B2B revenue growth included the
strong performance from the data-driven advertising agency, with
the deployment of a digital platform allowing Cdiscount suppliers
and marketplace sellers to bid and buy advertising space on
Cdiscount.com and other websites. Thanks to its unique customer
database cumulating online non-food transaction and offline food
transaction data (including all Group Casino stores), Cdiscount's
advertising agency has the ability to precisely target thousands of
customer profiles.
Cdiscount also benefited from the
rapid development of its marketplace services, with a strong growth
of Premium Packs (bundled offers of high-value services) and the
continued development of fulfillment services by Cdiscount: a +36%
growth in SKUs covered and a marketplace GMV share 8.4 points
higher than 1st semester
2017.
In addition to these B2B revenue,
Cdiscount benefited from the rapid increase of B2C service
commissions received from third parties (Cdiscount Energie,
Cinstallé, Cdiscount Voyages, .) and acceleration in financial
services (credit cards, "coup de pouce" instant consumer
credits).
Outlook & key business
priorities for 2H18
The 1st half 2018
results demonstrate the relevance of the strategic plan lauched a
year ago. The significant increase in SKUs deliverable on the same
day and the multichannel agreement contracted with Casino end June
2017 proved to support Cdiscount's top line performance and
financial performance.
For the 2nd half of the
year, Cdiscount has the following objectives
-
Expected increase in Géant showrooms to GMV
growth while growth contribution from non-food sales in Géant
hypermarkets is expected to decrease (inventory purchase was
finalized in June 17)
-
Acceleration of international development: more
products available for international delivery (marketplace and
Fulfillment by Cdiscount products, heavy products) and additional
partnerships with European websites
-
Significant rise in marketplace sales and its
GMV share (strong performance since the beginning of the
3rd
quarter)
-
Growth in monetization revenue, from both B2B
services and B2C services commissions
***
Cnova will publish on its website
its 2018 semi-annual report on July 26, 2018.
***
About Cnova N.V.
Cnova N.V., one ofthe leading e-Commerce companies
in France, serves 8.7 million active customers via its
state-of-the-art website, Cdiscount. Cnova N.V.'s product offering
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: +33 5 56 30 07 14 |
Annexes
Annex A - Cnova
First Half Activity
Key
figures |
First half |
Change |
€
in millions |
2018 |
2017 (Restated(1)) |
Reported(2)(3) |
Organic(4) |
GMV(5)
(€ millions) |
1,613.7 |
1,418.2 |
13.7% |
7.5% |
Marketplace share |
34.4% |
33.4% |
+ 92 bp |
Mobile share |
41.9% |
36.6% |
+ 530 bp |
CDAV share |
34.2% |
30.1% |
+ 417 bp |
Net sales (€ millions) |
968.8 |
845.4 |
14.6% |
5.7% |
Traffic (visits in millions) |
433.1 |
414.7 |
+4.4% |
Mobile share |
62.9% |
58.3% |
+ 460 bp |
Active
customers(6) (millions) |
8.7 |
8.4 |
+3.4% |
Orders(7) (millions) |
12.3 |
12.2 |
+0.8% |
CDAV share |
34.4% |
28.1% |
+ 635 bp |
Number of items sold
(millions) |
23.2 |
23.6 |
-1.4% |
Annex B - Cnova
First Half Financial Information
Cnova
€ in millions |
First Half |
Change |
2018 |
2017 (Restated(1)) |
Reported(2)(3) |
Organic(4) |
Net sales |
968.8 |
845.4 |
+14.6% |
+5.7% |
Gross profit |
142.9 |
115.6 |
+23.6% |
|
Gross margin(8) |
14.7% |
13.7% |
+107 bp |
|
SG&A(9) |
(163.0) |
(138.0) |
-18.1% |
|
EBITDA(10) |
(4.3) |
(10.4) |
nm |
|
Operating EBIT(11) |
(20.1) |
(22.4) |
+10.2% |
|
Operating EBIT margin |
-2.1% |
-2.7% |
+60 bp |
|
Net profit/(loss) from continuing
activities |
(53.3) |
(48.9) |
nm |
|
1) IFRS 15 (new
standard on revenue) came into force on January 1, 2018 and applied
retroactively to 2017. Main impact is that certain suppliers'
contributions are now recognized as a reduction of purchase price
and deducted from inventories instead of revenue under previous
standard. Consequently, GMV and net sales were adjusted in 1H17 by,
respectively, -€44 million and -37 million to present comparable
data.
3) All figures are unaudited.
3) Reported figures present all revenue generated by Cdiscount,
including the technical goods sales realized in Casino Group's
hypermarkets and supermarkets in relation with the multichannel
agreement effective since June 19, 2017.
4) Organic growth: figures exclude sales realized in Casino Group's
hypermarkets and supermarkets on technical goods and home category
(total exclusion impact of -6.4 pts and -8.9 pts on GMV and net
sales growth, respectively) but take into account showroom
sales.
5) GMV (gross merchandise volume) is defined as, all included
taxes, product sales + other revenue + marketplace business volumes
(calculated based on approved and sent orders) + services GMV which
contributed to growth for +1.0 pt in the 1st half
2018 and less than +0.01 pt in the 1st half
2017
6) Active customers at the end of June having purchased at least
once through Cdiscount sites and app during the previous 12
months.
7) Total placed orders before cancellation due to fraud detection
and/or customer non-payment.
8) Gross margin: gross profit as a percentage of
net sales.
9) SG&A: selling, general and administrative
expenses.
10) Calculated as operating profit/(loss) from
ordinary activities (Operating EBIT) before depreciation and
amortization
expense.
11) Operating EBIT: operating profit/(loss) from
ordinary activities.
Annex C - Cnova
N.V.
Consolidated Financial Statements
Consolidated Income
Statement |
|
First Half |
Change |
€ in millions |
|
2018 |
2017
(Restated(1)) |
Net sales |
|
968.8 |
845.4 |
+14.6% |
Cost of
sales |
|
(825.9) |
(729.7) |
-13.2% |
Gross profit |
|
142.9 |
115.6 |
+23.6% |
% of net sales (Gross margin) |
|
14.7% |
13.7% |
+107 bp |
SG&A(2) |
|
(163.0) |
(138.0) |
-18.1% |
% of net sales |
|
-16.8% |
-16.3% |
- 50 bp |
Fulfillment |
|
(81.7) |
(64.2) |
-27.3% |
Marketing |
|
(27.7) |
(21.4) |
-29.5% |
Technology and content |
|
(36.9) |
(33.5) |
-10.1% |
General and
administrative |
|
(16.7) |
(19.0) |
+11.9% |
Operating EBIT(3) |
|
(20.1) |
(22.4) |
+10.2% |
% of net sales |
|
-2.1% |
-2.7% |
+57 bp |
Other
expenses |
|
(11.9) |
(7.7) |
-55.1% |
Operating profit/(loss) |
|
(32.1) |
(30.1) |
-6.5% |
Net
financial income/(expense) |
|
(21.2) |
(17.7) |
-19.8% |
Profit/(loss) before tax |
|
(53.2) |
(47.8) |
-11.4% |
Income
tax gain/(expense) |
|
(0.0) |
(1.1) |
n.m |
Net profit/(loss) from continuing operations |
|
(53.3) |
(48.9) |
-8.9% |
Net
profit/(loss) from discontinued operations |
|
(0.3) |
(3.7) |
n.m |
Net profit/(loss) for the period |
|
(53.5) |
(52.6) |
-1.8% |
% of net sales |
|
-5.5% |
-6.2% |
-70 bp |
Attributable to Cnova equity holders (incl. discontinued) |
|
(53.4) |
(52.4) |
-1.9% |
Attributable to non-controlling interests (incl. discontinued) |
|
(0.2) |
(0.2) |
+16.7% |
Adjusted EPS (€) from continuing operations |
|
(0.12) |
(0.12) |
+3.0% |
Adjusted EPS (€) from discontinued operations (4) |
|
(0.00) |
0.00 |
|
Adjusted EPS (€) |
|
(0.12) |
(0.12) |
+1.3% |
-
IFRS 15 (new
standard on revenue) came into force on January 1, 2018 and applied
retroactively to 2017. Main impact is that certain suppliers'
contributions are now recognized as a reduction of purchase price
and deducted from inventories instead of revenue under previous
standard. Consequently, net sales were adjusted in 1H17 by -€37
million to present comparable data while 1H17 EBIT impact was
-€5.4m.
-
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 |
|
2018
At June 30 |
|
2017*
At Dec. 31 |
|
2017 *
At June 30 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
52.3 |
|
43.8 |
|
16.9 |
Trade
receivables, net |
|
79.9 |
|
155.4 |
|
67.5 |
Inventories, net |
|
370.8 |
|
390.1 |
|
365.3 |
Current
income tax assets |
|
2.5 |
|
2.4 |
|
1.3 |
Other current assets, net |
|
102.3 |
|
107.1 |
|
80.7 |
Total current assets |
|
607.9 |
|
698.8 |
|
531.7 |
|
|
|
|
|
|
|
Other
non-current assets, net |
|
4.5 |
|
6.1 |
|
4.1 |
Deferred tax assets |
|
0.5 |
|
-- |
|
-- |
Property and equipment, net |
|
34.9 |
|
34.3 |
|
17.2 |
Intangible assets, net |
|
113.6 |
|
99.8 |
|
79.7 |
Goodwill |
|
58.2 |
|
58.2 |
|
56.5 |
Total non-current assets |
|
211.8 |
|
198.4 |
|
157.6 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
819.7 |
|
897.2 |
|
689.3 |
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
provisions |
|
10.1 |
|
9.0 |
|
7.2 |
Trade
payables |
|
502.8 |
|
579.7 |
|
410.5 |
Current
financial debt |
|
321.1 |
|
237.9 |
|
231.3 |
Current
tax liabilities |
|
37.5 |
|
48.8 |
|
26.6 |
Other
current liabilities |
|
124.6 |
|
146.4 |
|
81.7 |
Total current liabilities |
|
996.2 |
|
1,021.9 |
|
757.4 |
|
|
|
|
|
|
|
Non-current provisions |
|
12.7 |
|
14.0 |
|
14.0 |
Non-current financial debt |
|
-- |
|
-- |
|
-- |
Other
non-current liabilities |
|
8.5 |
|
4.5 |
|
3.3 |
Deferred tax liabilities |
|
0.3 |
|
0.4 |
|
0.0 |
Total non-current liabilities |
|
21.5 |
|
18.9 |
|
17.3 |
|
|
|
|
|
|
|
Share
capital |
|
17.2 |
|
17.2 |
|
17.2 |
Reserves, retained earnings and additional paid-in capital |
|
(214.9) |
|
(160.6) |
|
(101.2) |
Equity attributable to equity holders of
Cnova |
|
(197.7) |
|
(143.3) |
|
(83.9) |
Non-controlling interests |
|
(0.4) |
|
(0.2) |
|
(1.5) |
Total equity |
|
(198.1) |
|
(143.5) |
|
(85.4) |
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
819.7 |
|
897.2 |
|
689.3 |
* Restated in
accordance with IFRS 15
Consolidated Cash Flow
Statement |
|
Last Twelve
Months |
|
Last Six
Months |
at June 30 (€ in millions) |
|
2018 |
2017* |
|
2018 |
2017* |
Net
profit/(loss) from continuing operations |
|
(106.6) |
(79.4) |
|
(53.1) |
(48.7) |
Net
profit/(loss), attributable to non-controlling interests |
|
(0.3) |
0.4 |
|
(0.2) |
(0.2) |
Net profit (loss) for the period excl. discontinued
operations |
|
(107.0) |
(79.0) |
|
(53.3) |
(48.9) |
Depreciation and amortization expense |
|
29.5 |
22.4 |
|
15.8 |
12.0 |
(Income) expenses on share-based payment plans |
|
0.5 |
0.0 |
|
0.1 |
0.0 |
(Gains)
losses on disposal of non-current assets and impairment of
assets |
|
0.4 |
2.1 |
|
(0.1) |
1.4 |
Other
non-cash items |
|
(0.1) |
0.0 |
|
(0.1) |
0.0 |
Financial expense, net |
|
43.0 |
30.1 |
|
21.2 |
18.4 |
Current
and deferred tax (gains) expenses |
|
1.0 |
11.2 |
|
0.0 |
1.1 |
Income
tax paid |
|
(3.2) |
(1.1) |
|
(0.9) |
(0.0) |
Change
in operating working capital |
|
111.9 |
(151.8) |
|
15.0 |
(330.1) |
Inventories of products |
|
(5.6) |
(141.8) |
|
19.2 |
(150.5) |
Accounts payable |
|
98.3 |
(15.4) |
|
(81.1) |
(166.3) |
Accounts receivable |
|
(28.8) |
(7.6) |
|
75.1 |
23.7 |
Working capital non-goods |
|
48.0 |
13.0 |
|
1.7 |
(37.0) |
Net cash from/(used in) continuing operating
activities |
|
76.1 |
(166.0) |
|
(2.2) |
(346.1) |
Net cash from/(used in) discontinued operating
activities |
|
(9.3) |
(261.7) |
|
(25.2) |
(9.5) |
Purchase of property, equipment & intangible assets |
|
(81.3) |
(50.5) |
|
(34.3) |
(21.5) |
Purchase of non-current financial assets |
|
(2.3) |
(1.4) |
|
(0.6) |
(0.0) |
Proceeds from disposal of prop., equip., intangible assets |
|
6.3 |
0.2 |
|
6.3 |
0.0 |
Proceeds from disposal of non-current financial assets |
|
2.1 |
0.0 |
|
2.1 |
0.0 |
Movement of perimeter, net of cash acquired |
|
(2.2) |
21.0 |
|
0.0 |
0.0 |
Investments in associates |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Changes in
loans granted (including to related parties) |
|
0.1 |
(0.1) |
|
0.4 |
0.1 |
Net cash from/(used in) continuing investing
activities |
|
(77.3) |
(31.0) |
|
(26.1) |
(21.4) |
Net cash from/(used in) discontinued investing
activities |
|
(0.0) |
37.4 |
|
(0.0) |
2.7 |
Transaction with owners of non-controlling interests |
|
(0.0) |
(0.1) |
|
0.0 |
(0.1) |
Additions to financial debt |
|
1.0 |
(0.6) |
|
1.0 |
0.0 |
Repayments of financial debt |
|
(4.9) |
(1.8) |
|
(10.4) |
1.8 |
Changes
in loans received |
|
79.5 |
37.6 |
|
96.2 |
401.5 |
Interest
paid, net |
|
(43.2) |
(30.0) |
|
(20.8) |
(17.4) |
Net cash from/(used in) continuing financing
activities |
|
32.4 |
5.1 |
|
66.1 |
385.8 |
Net cash from/(used in) discontinued financing
activities |
|
(1.7) |
35.9 |
|
0.0 |
(0.0) |
Effect of
changes in foreign currency translation adjustments from
discontinued operations |
|
(0.0) |
(0.0) |
|
(0.0) |
0.0 |
Change in cash and cash equivalents from
continuing operations |
|
31.2 |
(191.8) |
|
37.8 |
18.3 |
Change in cash and cash equivalents from discontinued
operations |
|
(11.0) |
34.0 |
|
(25.3) |
(6.8) |
Total change in cash and cash equivalents |
|
20.2 |
(157.8) |
|
12.5 |
11.5 |
Cash and cash equivalents, net, at period begin |
|
15.8 |
173.6 |
|
23.6 |
4.2 |
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
36.1 |
15.8 |
|
36.1 |
15.8 |
* Restated in
accordance with IFRS 15
Upcoming Event |
|
Tuesday,
July 24, 2018 at 16:00 CEST |
Cnova
First Half 2018 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 24, 2018 at |
13:00
EDT / 19:00 CEST |
To: July 31, 2018 at |
00:00 EDT / 06:00 CEST |
Replay Pin
Number: |
13681048 |
|
|
Webcast: |
http://public.viavid.com/index.php?id=130218 |
|
|
Presentation materials to accompany the call will be available at
cnova.com on July 24, 2018. |
|
|
An archive
of the conference call will be available for one week at
cnova.com following its conclusion. |
|
[1] IFRS 15
(new standard on revenue) came into force on January 1st, 2018 with
retroactive application. Main impact is that certain suppliers'
contributions are now recognized as a reduction of purchase price
and deducted from inventories instead of revenue in previous
standard.
[2] Reported
figures present all revenue generated by Cdiscount, including the
technical goods sales realized in Casino Group's hypermarkets and
supermarkets in relation with the multichannel agreement effective
since June 19, 2017.
[3] Organic
growth: figures exclude sales realized in Casino Group's
hypermarkets and supermarkets on technical goods and home category
(total exclusion impact of -6.4 pts and -8.9 pts on GMV and net
sales growth, respectively) but take into account showroom
sales.
[4] Calculated
as operating profit/(loss) from ordinary activities (Operating
EBIT) before depreciation and amortization expense.
[5] Source:
Mediametrie, calculated on the 5 first months of the semester
[6] Marketplace
share of GMV of www.cdiscount.com in France, calculated on total
GMV less businesses not eligible to marketplace (B2B, suppliers'
contribution, etc.)
[7] Source :
Fasterize, "Classement : La webperf du e-commerce en France en mai
2018"
Cnova N.V.: 2018 First Half
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
Cnova NV (EU:CNV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cnova NV (EU:CNV)
Historical Stock Chart
From Jul 2023 to Jul 2024