Cnova N.V.: 2019 Second Quarter Activity & First Half Financial
Results
CNOVA N.V. 2019 Second Quarter Activity & First Half
Financial Results
AMSTERDAM, July 24, 2019, 07:45 CEST Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the
“Company”) today announced its second quarter activity and first
half unaudited financial results for 2019.
- GMV: 2Q19 +13% organic1 growth, to reach
€847mn
- Driven by marketplace (+4.4 pts) and B2C services (+4.8
pts)
- Accelerating marketplace: +3.5 pts GMV share2
in 2Q19, at 40.1%
- Fulfillment by Cdiscount: +57% GMV growth, 27% marketplace GMV
share (+7.4 pts)
- B2B marketplace services revenues almost doubled
- B2C services rapidly growing, along with extension of
the offer
- Cdiscount Voyages: +73% 2Q19 GMV vs 1Q19, launch of a holiday
package marketplace
- Cdiscount Energie: x2.1 2Q19 GMV y-o-y, x2.3 subscribers
- Launch of Cdiscount Santé: health insurance and prescription
eyeglasses
- CDAV: 2mn members benefiting from 1mn eligible
products
- 2Q19: +3.1 pts GMV share to reach 37.9%
- More than 1mn SKUs available, x3 y-o-y
- International expansion plan well on track
- 25 countries now covered (+5 vs 1Q19)
- 34 websites directly connected (+23 vs 1Q19)
- EBITDA: +€12mn increase in 1H19 to reach €18mn
- €32mn gain in gross margin
- Marketplace commissions increase: +12% in 2Q19
- Monetization growing at a fast pace: +23% in 2Q19
Emmanuel Grenier, Cnova CEO, commented:
“This second quarter showed a strong
double-digit growth, driven by our strategic plan pillars: a
dynamic marketplace and the growing success of our B2C and B2B
services.
First, we went a step further in building our
platform model. Our marketplace of products benefited from the rise
in next-day delivery eligible products thanks to the quick
expansion of Fulfillment by Cdiscount and Cdiscount Transport
services for our marketplace vendors. Our ecosystem of
services significantly widened with the launch of a marketplace of
holiday packages within Cdiscount Voyages and two new health
services (health insurance and prescription eyeglasses).
Second, our CDAV loyalty program now counts more
than 2 million members, who benefit from more than 1 million
products eligible for free next-day delivery. This great success
rewards our constant efforts in strengthening our bonds with our
customers, also reinforced by our media coverage boosting our brand
and visibility both online and offline.
Sticking to our strategic plan showed once again
its relevance, illustrated by fast-improving business and financial
results: our EBITDA is increasing and is positive for the first
semester.”
| Cnova
N.V. |
Second Quarter(1) |
Change |
|
2019 |
2018 |
Reported(1)(2) |
Organic(3) |
| GMV(4) (€
millions) |
847.2 |
759.8 |
+11.5% |
+13.0% |
| Marketplace share(5) |
40.1% |
36.6% |
+3.5
pts |
| Mobile share |
49.0% |
43.2% |
+5.8
pts |
| CDAV share |
37.9% |
34.8% |
+3.1
pts |
| Net sales(5) (€
millions) |
468.8 |
444.6 |
+5.4% |
+7.0% |
| Traffic (visits
in millions) |
235.3 |
213.5 |
+10.2% |
| Mobile share |
71.5% |
65.4% |
+ 6.1
pts |
| Active
customers(6) (millions) |
9.2 |
8.7 |
+5.3% |
| Orders(7)
(millions) |
5.9 |
5.8 |
+0.9% |
| CDAV share |
37.9% |
35.3% |
+2.6
pts |
| Number of items
sold (millions) |
11.1 |
11.0 |
+0.2% |
- All figures are unaudited.
- Reported figures show all revenue generated by Cdiscount,
including the technical goods sales realized in Casino Group’s
hypermarkets and supermarkets.
- Organic growth: figures exclude (i) sales realized in Casino
Group’s hypermarkets and supermarkets on technical goods and home
category (total exclusion impact of +2.5 pts and +3.7 pts,
respectively, on GMV [Gross Merchandise Volume] and net sales in
2Q19), and (ii) 1001Pneus & Stootie acquisitions during 4Q18
(total exclusion impact of -1.7 pt and -2.6 pts on GMV and net
sales in 2Q19) but take into account showroom sales.
- GMV is defined as: all taxes included, product sales + other
revenues + marketplace business volumes (calculated based on
approved and sent orders) + services GMV
- Marketplace GMV shares have been adjusted to take into account
coupons and warranties and exclude CDAV subscription fees. 2Q18 GMV
share has therefore been adjusted by +0.6 pt for comparison
purposes.
- Active customers at the end of June having purchased at least
once through Cdiscount sites and/or app during the previous 12
months.
- Total placed orders before cancellation due to fraud detection
and/or customer non-payment.
2nd quarter and 1st semester 2019
Highlights
|
GMV |
2Q19 |
1H19 |
|
Organic Growth |
+13.0% |
+11.0% |
Organic GMV (gross merchandise volume) posted
an increase of +13.0% in the 2nd quarter 2019 versus the same
period in 2018 (+11.0% in the first semester 2019). GMV growth in
the 2nd quarter 2019 was notably driven by the marketplace (+4.4
pts contribution to organic growth) and B2C services (+4.8 pts
contribution), in particular Cdiscount Voyages (travel).
|
Marketplace |
2Q19 |
1H19 |
|
Marketplace total GMV share |
+3.5 pts |
+3.3 pts |
|
FFM marketplace GMV share |
+7.4 pts |
+6.3 pts |
The marketplace is a key
component of the overall product platform. Marketplace GMV share
reached 40.1% in the 2nd quarter 2019, a +3.5 points increase (+3.3
points in the 1st semester 2019, at 37.8%). The GMV fulfilled by
Cdiscount again experienced a very high growth (+57%) and reached
27% of marketplace GMV (+7.4 points).
|
Net sales |
2Q19 |
1H19 |
|
Organic growth |
+7.0% |
+5.6% |
Net sales amounted to €438
million in the 2nd quarter 2019, a +7% organic growth compared to
the same period in 2018. The main drivers were the increase in
marketplace commissions, new monetization revenue streams and
showrooms revenues.
|
Traffic |
2Q19 |
1H19 |
|
Mobile traffic growth |
+20% |
+18% |
|
Mobile traffic share |
+6.1 pts |
+5.9 pts |
|
Mobile GMV share |
+5.8 pts |
+5.3 pts |
Traffic at Cdiscount totaled
235 million visits in the 2nd quarter 2019, driven by a 20% mobile
traffic growth, which accounted for 72% of total traffic share (+
6.1 points) and 49% of GMV share (+5.8 points). Regarding Unique
Monthly Visitors (UMV), Cdiscount, ranked #2, again widened the gap
by more than 2 million UMV with its nearest competitor, the largest
gap since August 20183. Over the first four months of the year, UMV
increased by +5% to 20 million, posting the highest progression
among the 10 main competitors3.
|
CDAV |
2Q19 |
1H19 |
|
GMV share |
+3.1 pts |
+2.1 pts |
Cdiscount’s loyalty program, Cdiscount à
Volonté (“CDAV”), now counts 2 million members. It
accounted for 38% of the GMV (+3 points) in the 2nd quarter
2019.
1st semester financial performance
| Cnova
N.V.(€ millions) |
First semester |
Change |
|
2019 |
2018Revised4 |
Reported |
Organic |
| GMV |
1,752.2 |
1,613.8 |
+8.6% |
+11.0% |
| Net sales |
995.8 |
968.8 |
+2.8% |
+5.6% |
| Gross
profit |
174.5 |
142.9 |
+22.1% |
|
| Gross margin |
17.5% |
14.7% |
+2.8 pts |
|
| SG&A |
(188.3) |
(162.1) |
+16.2% |
|
| Operating EBIT |
(13.9) |
(19.2) |
+5.4 |
|
| EBITDA |
18.1 |
6.3 |
+11.8 |
|
Gross profit was €175 million
in the 1st semester 2019, with an associated gross margin of 17.5%,
a +2.8 point improvement compared to 2018. It benefited from the
increased marketplace GMV share and associated commissions, a
continued growth in monetization revenues as well as other
revenues.
SG&A costs amounted to
€(188) million in the 1st semester 2019 and accounted for 18.9% of
net sales, increasing by +2.2 points. Fulfillment costs, at 8.2%
(-0.2 pt), decreased as a percentage of net sales thanks to
logistics productivity improvements with optimized processes and
the rolling-out of 3D packing machines and innovative Skypod Exotec
robots. Marketing costs rose to 3.9% of net sales (+1.1 pt) to
support both unaided brand awareness (+9 pts y-o-y5) and
Cdiscount’s traffic #2 market positioning (20 million average UMV
over the first 4 months, the highest progression among the 10 main
competitors). Technology & Content costs also progressed at
4.5% of net sales (+0.7 pt) driven by the investments supporting
the development of B2C and B2B revenues. Development of new
businesses also affected General & Administrative expenses
(2.3% of net sales, +0.5 pt) including the impact from the
integration of new entities (Stootie, 1001pneus).
As a result, EBITDA reached
€18.1 million in the 1st semester 2019, a +€11.8m significant
improvement compared to 20186. EBITDA benefited from a solid
marketplace growth and a strong expansion of monetization revenues
especially in the 2nd quarter, along with continued improvements of
the core business profitability.
Operating EBIT increased by
€5.4m compared to 2018, with depreciation and amortization
increasing by €6.5m.
Net financial
expense, mainly related to installment payment
solutions offered to customers, amounted to €(24.0)7 million,
mostly driven by business growth. It was well controlled and
slightly decreased as percentage of net sales thanks to
improvements in risk and fraud management.
Net loss from continuing
operations improved by +€12.5m y-o-y to finish at €(42.2)
million with an adjusted EPS of €(0.11) benefiting from the
profitability improvements and non-current operational expenses
decrease.
Free cash flow from continuing operating
activities8 amounted to €50 million in the last twelve
months, relying on strong fundamentals:
- Operating profitability increased at a fast pace with a
significant positive EBITDA at €35m, up by +€35m ;
- Limited other cash operating expenses of €(10)m (+€25m
variation) ;
- Positive change in working capital of +€26m driven by inventory
rationalization.
Capital expenditures were up to €(80)m and
remained stable as a percentage of GMV at 2.1%, supporting the
implementation of the strategic shift towards the platform model
and monetization initiatives. As a result, free cash flow before
interest expenses reached a negative €(8) million during the same
period.
Change in net financial debt amounted to €(87)m
during the same period.
Key Business Achievements:
Development of the marketplace and its
related services
- The marketplace is a key pillar of our product
platform and a prominent contributor to our
monetization initiatives through its associated
services to sellers.
- Marketplace activity accelerated during the 2nd quarter,
gaining +3.5 points along with a 40.1% GMV
share (+3.3 points in the 1st semester, at 37.8%).
- The Fulfillment by Cdiscount is a key
component of customer satisfaction through the increase in service
quality, and a driver for CDAV sales with the addition of SKUs
available for next-day delivery. It achieved a 57%
GMV significant growth in the 2nd quarter 2019 and a
+7.4 points increase in marketplace GMV share to
reach 27%.
- Marketplace vendor value added services
revenues doubled in the 2nd quarter compared to
the year before, thanks to the strong Premium pack growth, as well
as the acceleration of recently launched services (Cdiscount Ads,
Cdiscount Transport, Cdiscount Fintech).
B2C services rapidly growing, along with
extension of the offer
- Strong acceleration of B2C services, with a second
quarter 2019 +41% GMV growth compared to
the first quarter
- Cdiscount Voyages (travel) outpaced its
objectives and grew fast, with a 2nd quarter +73% GMV
growth compared to the previous one. Moreover, the travel
offer was significantly reinforced by the launch mid-May of a
marketplace of holiday packages (flight + accommodation) with
thousands of offers, to be tripled by end of the year. Several
strong partnerships had also been concluded to widen the offer to
car rentals and train bookings (with SNCF, the French national
railway company).
- Cdiscount Billetterie (ticketing) kept
expanding its offer during the semester. In particular, the leading
ticket booking company Ticketmaster offer is now available on
Cdiscount, giving its clients access to more than 150,000 events.
Cdiscount Billetterie GMV tripled in the 2nd quarter 2019 compared
to the previous one.
- Cdiscount Energie continued to expand with GMV
and subscriptions that both more than doubled.
- Launch of Cdiscount Santé (health), made up
with a brand-new health insurance offer in
partnership with Mutuelle Ociane Matmut and a low-priced
prescription eyeglass offer.
Cdiscount à Volonté: pillar of the
marketing strategy
- CDAV program reached 2 million members
- +2.1 pts GMV share (36.3%) in the first
semester 2019, supported by a tripling of SKUs
available to reach 1 million, thanks to
the development of the Fulfillment by Cdiscount and Cdiscount
Transport marketplace services for our marketplace vendors.
Boosting brand awareness
- Cdiscount launched several powerful marketing campaigns
boosting brand awareness, resulting in a +9.1 pts increase y-o-y in
unaided awareness9. The most noticeable event was the release in
May 2019 of a TV advertising in partnership with Disney on the
movie, Aladdin: 2 spot formats on main French channels over 17
days, leading to more than 900 spots broadcasted,
viewed by more than 29 million people.
- Complimentary to offline campaigns, Cdiscount reinforced its
online presence, leading to an extended 3 million
fan base which is increasingly committed
thanks to the development of specialized pages such as Cdiscount
Gaming, le Bazar de Zoé (Home and Decoration) and Travel.
Further enhancing the customer
journey
- Leveraging on the 2018 success of the showrooms opened inside
Géant stores, Cdiscount opened 9 new showrooms in
the first semester 2019, bringing the total network to 55 at end
June 2019.
- Through Agrikolis, part of Cdiscount’s startup
logistics incubator The Warehouse, Cdiscount opened 37 farming
pickup points, of which 30 during the 2nd quarter. This new kind of
picking point is used to deliver heavy products to remote rural
areas while adding revenue to farmers and fostering social bonds
between customers and local producers.
- Cdiscount went further on developing synergies with Casino
Group through multiple partnerships with Franprix. The most
prominent was the launch of a 30-min delivery in Paris for the
newly released Xiaomi MI9T phone. This is to be extended to a food
offer in September 2019.
Monetization initiatives well
advanced
- Monetization revenues are another key pillar
of Cdiscount profitable growth strategy. They grew by +23% in the
2nd quarter 2019 y-o-y, driven by strong B2C services (especially
travel), financial services and B2B marketplace services
growth.
International expansion plan well on
track
- Cdiscount now covers 25 European countries, 5 more than at the
end of 1Q19.
- 34 websites are directly connected as of the end June
2019, +23 compared to end of 1Q19.
At the forefront of logistics
innovation
- The Warehouse, Cdiscount’s logistics
incubator, proved to be very successful with 3 out of 5 selected
startups already implementing their solution for the 2018
promotion, and the 2019 promotion of 5 new startups started with
the early success of Agrikolis.
- Exotec, robotized picking solution, already
successfully implemented in Cestas warehouse, is now fully
operational in Réau warehouse, with a 50-robot fleet handling
50,000 bins.
Commitment to best-in-class Corporate
Social Responsibility
- For 10 years, Cdiscount has been working with the network
Envie, committed in social and solidarity economy
and specialized in giving products a second life.
In total, Cdiscount has given Envie more than 60,000 non-sold and
returned products that had been repaired then sold in the network
stores, given to charities (1.2 tons of toys donated) or disposed
into the appropriate recycling system.
- Rolling-out of a new 3D packing machine,
bringing the total to 4. These machines cut down parcel wasted
space, optimize shipping space and cardboard usage, therefore
reducing by 30% delivery truck traffic and pollution. Cdiscount now
manages to pack 85% of its orders without any empty space.
- Cdiscount adopted Facil'iti, a software
solution facilitating web navigation for disabled people,
especially those suffering from impaired vision or audition. It
adapts Cdiscount’s website by compensating for their difficulties
and helping them navigating through the website.
OutlookCdiscount’s strong
growth associated with significant EBITDA improvement confirms the
relevance of our strategy, driven by the positive orientation of
our business pillars: marketplace and monetization initiatives
through B2C and B2B services. As a result, Cdiscount is aligned
with its full year objective both in terms of growth and
profitability.
***
Cnova publishes today on its website, Wednesday July, 24th, its
2019 semi-annual report.
***
About Cnova N.V.
Cnova N.V., one of France’s leading e-Commerce
companies, serves 9.2 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, fast and customer-convenient delivery options,
practical and innovative payment solutions as well as travel,
entertainment and domestic energy services. 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@cnovagroup.comTel: +31 20 301 22 40 |
Media
contact:directiondelacommunication@cdiscount.com Tel: +33
5 56 30 07 14 |
AppendicesCnova N.V.
Consolidated Financial
Statements(1)
| Consolidated Income
Statement |
|
First halfAdjusted for IFRS
16 |
Change |
|
First halfExcl. IFRS 16
impact |
| € in millions |
|
2019 |
2018 |
|
|
2019 |
2018 |
|
Net sales |
|
995.8 |
968.8 |
+2.8% |
|
995.8 |
968.8 |
| Cost of sales |
|
(821.4) |
(825.9) |
-0.5% |
|
(821.4) |
(825.9) |
| Gross profit |
|
174.5 |
142.9 |
+22.1% |
|
174.5 |
142.9 |
|
% of net sales (Gross margin) |
|
17.5% |
14.7% |
|
|
17.5% |
14.7% |
| SG&A(2) |
|
(188.3) |
(162.1) |
+16.2% |
|
(189.3) |
(163.0) |
|
% of net sales |
|
-18.9% |
-16.7% |
+2.2
pts |
|
-19.0% |
-16.8% |
|
Fulfillment |
|
(81.6) |
(80.9) |
+0.9% |
|
(82.3) |
(81.7) |
|
Marketing |
|
(39.0) |
(27.7) |
+40.8% |
|
(39.0) |
(27.7) |
|
Technology and content |
|
(45.2) |
(36.9) |
+22.6% |
|
(45.3) |
(36.9) |
|
General and administrative |
|
(22.5) |
(16.6) |
+35.3% |
|
(22.6) |
(16.7) |
| Operating EBIT(3) |
|
(13.9) |
(19.2) |
+27.8% |
|
(14.8) |
(20.1) |
|
% of net sales |
|
-1.4% |
-2.0% |
|
|
-1.5% |
-2.1% |
| Other
expenses |
|
(4.4) |
(11.9) |
-63.1% |
|
(4.4) |
(11.9) |
|
Operating profit/(loss) |
|
(18.3) |
(31.2) |
+41.3% |
|
(19.2) |
(32.1) |
| Net
financial income/(expense) |
|
(24.0) |
(23.5) |
+2.4% |
|
(21.3) |
(21.2) |
|
Profit/(loss) before tax |
|
(42.3) |
(54.6) |
+22.6% |
|
(40.5) |
(53.2) |
| Income tax gain/(expense) |
|
0.1 |
(0.0) |
nm |
|
0.1 |
(0.0) |
|
Net profit/(loss) from continuing operations |
|
(42.2) |
(54.6) |
+22.8% |
|
(40.4) |
(53.3) |
| Net
profit/(loss) from discontinued operations |
|
(0.3) |
(0.3) |
+14.7% |
|
(0.3) |
(0.3) |
| Net profit/(loss) for the
period |
|
(42.5) |
(54.9) |
+22.6% |
|
(40.7) |
(53.5) |
|
% of net sales |
|
-4.3% |
-5.7% |
|
|
-4.1% |
-5.5% |
|
Attributable to Cnova equity holders (incl. discontinued) |
|
(42.9) |
(54.8) |
+21.7% |
|
(41.4) |
(53.4) |
|
Attributable to non-controlling interests (incl. discontinued) |
|
0.4 |
(0.2) |
nm |
|
0.7 |
(0.2) |
|
Adjusted EPS (€)(4) |
|
(0.11) |
(0.12) |
+10.5% |
|
(0.11) |
(0.12) |
- IFRS 16, which replaces IAS 17 and the related interpretations
from January 1st, 2019, eliminates the distinction between
operating leases and finance leases: it requires recognition of an
asset (the right to use the leased item) and a financial liability
representative of discounted future rentals for virtually all lease
contracts. Operating lease expense is replaced with depreciation
expense related to the right of use and interest expense related to
the lease liability. Previously, the Group recognized mainly
operating lease expense on a straight-line basis over the term of
the lease and recognized assets and liabilities only to the extent
that there was a timing difference between actual lease payments
and the expense recognized. The Group decided to adopt the full
retrospective approach as a transition method on January 1, 2019
and IFRS 16 has been applied retrospectively for each period
presented. Detailed impacts of IFRS 16 application are included in
Note 1 of the Unaudited condensed consolidated financial statements
that will be available on our website in the coming
days.
- SG&A: selling, general and administrative expenses.
- Operating EBIT: operating profit/(loss) before other expenses
(strategic and restructuring expenses, litigation expenses and
impairment and disposal of assets expenses).
- Adjusted EPS: net profit/(loss) attributable to equity holders
of Cnova before other expenses and the related tax impacts, divided
by the weighted average number of outstanding ordinary shares of
Cnova during the applicable period.
| Consolidated
Balance Sheet |
|
Adjusted for IFRS 16 |
|
Excluding IFRS 16 impact |
|
| € in millions |
|
2019End June |
2018End Dec |
2018End June |
|
2019End June |
2018End Dec |
2018End June |
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
93.6 |
35.5 |
52.3 |
|
93.6 |
35.5 |
52.3 |
| Trade receivables, net |
|
106.6 |
187.0 |
79.9 |
|
106.6 |
187.0 |
79.9 |
| Inventories, net |
|
349.0 |
355.6 |
370.8 |
|
349.0 |
355.6 |
370.8 |
| Current income tax assets |
|
3.5 |
3.0 |
2.5 |
|
3.5 |
3.0 |
2.5 |
| Other current
assets, net |
|
140.5 |
127.2 |
102.3 |
|
140.5 |
127.2 |
102.3 |
|
Total current assets |
|
693.1 |
708.4 |
607.9 |
|
693.1 |
708.4 |
607.9 |
| |
|
|
|
|
|
|
|
|
| Other non-current assets, net |
|
12.7 |
9.6 |
4.5 |
|
12.7 |
9.6 |
4.5 |
| Deferred tax assets |
|
41.2 |
38.6 |
0.5 |
|
41.2 |
38.6 |
0.5 |
| Right of use, net |
|
162.4 |
164.5 |
168.0 |
|
- |
- |
- |
| Property and equipment, net |
|
36.0 |
39.1 |
34.9 |
|
36.0 |
39.1 |
34.9 |
| Intangible assets, net |
|
158.9 |
139.6 |
113.6 |
|
158.9 |
139.6 |
113.6 |
|
Goodwill |
|
123.0 |
61.4 |
58.2 |
|
124.2 |
61.4 |
58.2 |
|
Total non-current assets |
|
534.2 |
452.9 |
379.8 |
|
373.1 |
288.3 |
211.8 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
1,227.4 |
1,161.3 |
987.6 |
|
1,066.2 |
996.8 |
819.7 |
| |
|
|
|
|
|
|
|
|
| EQUITY AND
LIABILITIES |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current provisions |
|
8.8 |
9.5 |
10.1 |
|
8.8 |
9.5 |
10.1 |
| Trade payables |
|
507.8 |
667.9 |
502.8 |
|
507.8 |
667.9 |
502.8 |
| Current financial debt |
|
453.1 |
234.3 |
321.1 |
|
453.1 |
234.3 |
321.1 |
| Current lease liability |
|
27.4 |
22.7 |
20.7 |
|
- |
- |
- |
| Current tax liabilities |
|
63.1 |
42.3 |
37.5 |
|
63.1 |
42.3 |
37.5 |
| Other current liabilities |
|
152.1 |
192.0 |
124.1 |
|
152.7 |
192.5 |
124.6 |
|
Total current liabilities |
|
1,212.3 |
1,168.7 |
1,016.3 |
|
1,185.6 |
1,146.6 |
996.2 |
| |
|
|
|
|
|
|
|
|
| Non-current provisions |
|
13.1 |
11.8 |
12.7 |
|
13.1 |
11.8 |
12.7 |
| Non-current financial debt |
|
2.4 |
2.4 |
0.0 |
|
2.4 |
2.4 |
0.0 |
| Non-current lease liability |
|
155.4 |
158.7 |
160.9 |
|
- |
- |
- |
| Deferred tax liabilities |
|
1.7 |
1.6 |
0.3 |
|
1.7 |
1.6 |
0.3 |
| Other non-current liabilities |
|
2.0 |
1.7 |
1.9 |
|
12.2 |
10.1 |
8.5 |
|
Total non-current liabilities |
|
174.6 |
176.2 |
175.8 |
|
29.4 |
25.9 |
21.5 |
| |
|
|
|
|
|
|
|
|
| Share capital |
|
17.2 |
17.2 |
17.2 |
|
17.2 |
17.2 |
17.2 |
| Reserves, retained earnings and
additional paid-in capital |
|
(244.0) |
(200.8) |
(221.2) |
|
(234.7) |
(192.9) |
(214.9) |
| Equity attributable to equity
holders of Cnova |
|
(226.7) |
(183.5) |
(204.0) |
|
(217.4) |
(175.7) |
(197.7) |
|
Non-controlling interests |
|
67.1 |
0.0 |
(0.4) |
|
68.7 |
0.0 |
(0.4) |
|
Total equity |
|
(159.6) |
(183.6) |
(204.4) |
|
(148.7) |
(175.7) |
(198.1) |
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,227.4 |
1,161.3 |
987.6 |
|
1,066.2 |
996.8 |
819.7 |
| Consolidated Cash Flow
Statement |
|
Last Twelve Months |
|
Last Six Months |
| at June 30 (€ in millions) |
|
2019 |
2018 |
|
2019 |
2018 |
| Net profit/(loss) from continuing
operations |
|
(26.2) |
(109.0) |
|
(42.5) |
(54.5) |
| Net profit/(loss), attributable to
non-controlling interests |
|
0.5 |
(0.3) |
|
0.4 |
(0.2) |
|
Net profit (loss) for the period excl. discontinued
operations |
|
(25.7) |
(109.3) |
|
(42.2) |
(54.6) |
| Depreciation and amortization expense |
|
61.3 |
47.7 |
|
32.6 |
25.5 |
| (Income) expenses on share-based payment
plans |
|
0.0 |
0.5 |
|
0.0 |
0.1 |
| (Gains) losses on disposal of non-current
assets |
|
(0.5) |
0.4 |
|
0.1 |
(0.1) |
| Other non-cash items |
|
(0.3) |
(0.1) |
|
(0.3) |
(0.1) |
| Financial expense, net |
|
54.8 |
46.8 |
|
24.1 |
23.5 |
| Current and deferred tax (gains)
expenses |
|
(37.0) |
1.0 |
|
(0.1) |
0.0 |
| Income tax paid |
|
(3.2) |
(3.2) |
|
(1.8) |
(0.9) |
| Change in operating working
capital |
|
22.7 |
105.7 |
|
(96.5) |
10.6 |
|
Inventories of products |
|
22.3 |
(5.6) |
|
7.1 |
19.2 |
|
Accounts payable |
|
7.5 |
98.3 |
|
(158.5) |
(81.1) |
|
Accounts receivable |
|
(33.0) |
(28.8) |
|
80.9 |
75.1 |
|
Working capital non-goods |
|
25.9 |
41.8 |
|
(26.0) |
(2.7) |
| Net cash from/(used in) continuing
operating activities |
|
72.2 |
89.5 |
|
(84.1) |
4.0 |
|
Net cash from/(used in) discontinued operating
activities |
|
(0.3) |
(9.3) |
|
(1.0) |
(25.2) |
| Purchase of property, equipment &
intangible assets |
|
(84.2) |
(81.3) |
|
(38.0) |
(34.3) |
| Purchase of non-current financial
assets |
|
(2.6) |
(2.3) |
|
(2.4) |
(0.6) |
| Proceeds from disposal of prop., equip.,
intangible assets |
|
3.9 |
6.3 |
|
3.7 |
6.3 |
| Proceeds from disposal of non-current
financial assets |
|
0.0 |
2.1 |
|
0.0 |
2.1 |
| Movement of perimeter, net of cash
acquired |
|
(1.8) |
(2.2) |
|
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 |
|
0.0 |
0.4 |
| Net cash from/(used in) continuing
investing activities |
|
(84.9) |
(77.3) |
|
(36.7) |
(26.1) |
|
Net cash from/(used in) discontinued investing
activities |
|
0.0 |
(0.0) |
|
0.0 |
(0.0) |
| Transaction with owners of non-controlling
interests |
|
(2.4) |
(0.0) |
|
(2.4) |
0.0 |
| Additions to financial debt |
|
2.3 |
(0.2) |
|
3.3 |
1.0 |
| Repayments of financial debt |
|
0.3 |
(3.7) |
|
(7.4) |
(10.4) |
| Repayments of lease liabilities (IFRS 16
adjustment) |
|
(21.7) |
(13.4) |
|
(11.3) |
(6.2) |
| Changes in loans received |
|
117.0 |
79.5 |
|
203.4 |
96.2 |
| Interest
paid, net |
|
(49.3) |
(43.2) |
|
(21.9) |
(20.8) |
| Net cash from/(used in) continuing
financing activities |
|
46.1 |
19.0 |
|
163.7 |
59.8 |
|
Net cash from/(used in) discontinued financing
activities |
|
0.0 |
(1.7) |
|
0.0 |
0.0 |
| Effect of
changes in foreign currency translation adjustments from
discontinued operations |
|
0.0 |
(0.1) |
|
0.0 |
0.0 |
| Change in cash and cash
equivalents from continuing operations |
|
33.4 |
31.2 |
|
42.9 |
37.8 |
|
Change in cash and cash equivalents from discontinued
operations |
|
(0.3) |
(11.0) |
|
(1.0) |
(25.3) |
|
Total change in cash and cash equivalents |
|
33.1 |
20.2 |
|
41.8 |
12.5 |
|
Cash and cash equivalents, net, at period
begin |
|
36.1 |
15.8 |
|
27.3 |
23.6 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
69.2 |
36.1 |
|
69.2 |
36.1 |
è Adjusted for
IFRS 16 impactè Excluding IFRS 16
impact
| Consolidated Cash Flow
Statement |
|
Last Twelve Months |
|
Last Six Months |
| at June 30 (€ in millions) |
|
2019 |
2018 |
|
2019 |
2018 |
| Net profit/(loss) from continuing
operations |
|
(23.2) |
(106.6) |
|
(41.1) |
(53.1) |
| Net profit/(loss), attributable to
non-controlling interests |
|
0.8 |
(0.3) |
|
0.7 |
(0.2) |
|
Net profit (loss) for the period excl. discontinued
operations |
|
(22.4) |
(107.0) |
|
(40.4) |
(53.3) |
| Depreciation and amortization
expense |
|
37.9 |
30.3 |
|
20.5 |
15.8 |
| (Income) expenses on share-based
payment plans |
|
0.0 |
0.5 |
|
0.0 |
0.1 |
| (Gains) losses on disposal of
non-current assets |
|
(0.5) |
0.4 |
|
0.1 |
(0.1) |
| Other non-cash items |
|
(0.3) |
(0.1) |
|
(0.3) |
(0.1) |
| Financial expense, net |
|
49.7 |
43.0 |
|
21.4 |
21.2 |
| Current and deferred tax (gains)
expenses |
|
(37.0) |
1.0 |
|
(0.1) |
0.0 |
| Income tax paid |
|
(3.2) |
(3.2) |
|
(1.8) |
(0.9) |
| Change in operating working
capital |
|
26.2 |
111.2 |
|
(94.7) |
15.0 |
|
Inventories of products |
|
22.3 |
(5.6) |
|
7.1 |
19.2 |
|
Accounts payable |
|
7.5 |
98.3 |
|
(158.5) |
(81.1) |
|
Accounts receivable |
|
(33.0) |
(28.8) |
|
80.9 |
75.1 |
|
Working capital non-goods |
|
29.5 |
47.3 |
|
(24.2) |
1.7 |
| Net cash from/(used in)
continuing operating activities |
|
50.4 |
76.1 |
|
(95.3) |
(2.2) |
|
Net cash from/(used in) discontinued operating
activities |
|
(0.3) |
(9.3) |
|
(1.0) |
(25.2) |
| Purchase of property, equipment &
intangible assets |
|
(84.2) |
(81.3) |
|
(38.0) |
(34.3) |
| Purchase of non-current financial
assets |
|
(2.6) |
(2.3) |
|
(2.4) |
(0.6) |
| Proceeds from disposal of prop.,
equip., intangible assets |
|
3.9 |
6.3 |
|
3.7 |
6.3 |
| Proceeds from disposal of non-current
financial assets |
|
0.0 |
2.1 |
|
0.0 |
2.1 |
| Movement of perimeter, net of cash
acquired |
|
(1.8) |
(2.2) |
|
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 |
|
0.0 |
0.4 |
| Net cash from/(used in)
continuing investing activities |
|
(84.9) |
(77.3) |
|
(36.7) |
(26.1) |
|
Net cash from/(used in) discontinued investing
activities |
|
0.0 |
(0.0) |
|
0.0 |
(0.0) |
| Transaction with owners of
non-controlling interests |
|
(2.4) |
(0.0) |
|
(2.4) |
0.0 |
| Additions to financial debt |
|
2.3 |
(0.2) |
|
3.3 |
1.0 |
| Repayments of financial debt |
|
0.3 |
(3.7) |
|
(7.4) |
(10.4) |
| Repayments of lease liabilities (IFRS
16 adjustment) |
|
0.0 |
0.0 |
|
|
|
| Changes in loans received |
|
117.0 |
79.5 |
|
203.4 |
96.2 |
|
Interest paid, net |
|
(49.3) |
(43.2) |
|
(21.9) |
(20.8) |
| Net cash from/(used in)
continuing financing activities |
|
67.9 |
32.4 |
|
174.9 |
66.1 |
|
Net cash from/(used in) discontinued financing
activities |
|
0.0 |
(1.7) |
|
0.0 |
0.0 |
| Effect
of changes in foreign currency translation adjustments from
discontinued operations |
|
0.0 |
(0.1) |
|
0.0 |
0.0 |
| Change in cash and cash
equivalents from continuing operations |
|
33.4 |
31.2 |
|
42.9 |
37.8 |
|
Change in cash and cash equivalents from discontinued
operations |
|
(0.3) |
(11.0) |
|
(1.0) |
(25.3) |
|
Total change in cash and cash equivalents |
|
33.1 |
20.2 |
|
41.8 |
12.5 |
|
Cash and cash equivalents, net, at period
begin |
|
36.1 |
15.8 |
|
27.3 |
23.6 |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
69.2 |
36.1 |
|
69.2 |
36.1 |
|
Upcoming Event |
|
|
|
Wednesday, July 24, 2019 at 16:00 CEST / 10:00 EDT |
Cnova First Half 2019 Financial ResultsConference 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, 2019 at |
13:00 EDT / 19:00 CEST |
|
To: July 31, 2019 at |
00:00 EDT / 06:00 CEST |
|
Replay Pin Number: |
13692256 |
|
|
|
|
Webcast: |
|
http://public.viavid.com/index.php?id=135165 |
|
|
|
|
Presentation materials to accompany the call will be available at
cnova.com on July 24, 2019. |
|
|
|
|
An archive of the conference call will be available for 1 week at
cnova.com. |
|
|
1 Organic growth: figures include showroom sales and services;
exclude technical goods and home category sales made in Casino
Group’shypermarkets and supermarkets (total exclusion impact of
+2.5 pts on GMV growth) and 1001Pneus/Stootie GMV, companies
acquired in 4Q18, (total exclusion impact of -1.7 pt on GMV
growth)
2 Marketplace GMV shares have been adjusted to take into account
coupons and warranties and exclude CDAV subscription fees. 2Q18 GMV
share has therefore been adjusted by +0.6 pt for comparison
purposes and 1H18 by +0.1 pts
3 Latest Médiamétrie studies (April & May 2019)
4 IFRS 16, which replaces IAS 17 and the related
interpretations from January 1st, 2019, eliminates the distinction
between operating leases and finance leases: it requires
recognition of an asset (the right to use the leased item) and a
financial liability representative of discounted future rentals for
virtually all lease contracts. Operating lease expense is replaced
with depreciation expense related to the right of use and interest
expense related to the lease liability. Previously, the Group
recognized mainly operating lease expense on a straight-line basis
over the term of the lease and recognized assets and liabilities
only to the extent that there was a timing difference between
actual lease payments and the expense recognized. The Group decided
to adopt the full retrospective approach as a transition method on
January 1, 2019 and IFRS 16 has been applied retrospectively for
each period presented.
5 Source: latest Respondi study
6 EBITDA was positively impacted by IFRS 16 respectively for
€13.1m in 1H19 and €10.6m in 1H18
7 Net financial expense includes €2.7m of interest on lease
liability
8 For comparison purpose, cash flow figures are presented before
IFRS 16 restatements. Adjusted for IFRS 16, FCF from continuing
activities = €72m, EBITDA = €60m (+€42m vs 2018), change in working
capital = +€23m. Considering €22m debt repayment, change in net
financial debt remains unchanged at €(87)m.
9 Source: latest Respondi study
- 2019 07 24 Cnova 1H19 Results ENG
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