Cnova 2021 Full-year Financial results - Long-term strategy
on-track: expansion of marketplace & digital marketing and
acceleration of B2B
2021 Full Year Financial
ResultsLong-term
strategy on-track:
expansion of marketplace
& digital marketing and
acceleration of B2B
A solid business performance
after an exceptional 2020 with
strong improvement of all metrics
over 2 years
- GMV at €4.2bn growing +8%
vs. 2019 (stable vs.
2020)
- Marketplace GMV at €1.5bn
growing +22% vs. 2019
(stable vs.
2020), representing 45.2% GMV
share, +6.7 pts vs. 2019
(+1.3 pt vs.
2020)
- Marketplace revenues at
€193m growing +29% vs.
2019
(+5%
vs. 2020)
- Continued expansion of
Digital Marketing revenues at
€69m nearly
doubling vs. 2019 (+32%
vs. 2020)
High growth of loyal and engaged customer
base
- 10m active
clients, growing
+8% vs. 2019
(-3% vs.
2020) thanks to solid 2020
customer retention
- NPS
reaching 52.9, +8.4 pts vs. 2019 (+5.7 pts
vs. 2020) with high
& improving customer
satisfaction
- 2.5m of
Cdiscount à Volonté
(loyalty program)
customers, +20% vs. 2019
(+9% vs.
2020)
Strong commercial acceleration of
B2B activities
- Octopia: GMV
multiplied by 3.3 vs.
2019 (+26% vs.
2020);
12 marketplace-as-a-service
contracts signed
with major players
in 7 countries;
partnership signed with
Ocado
- C-Logistics: sharp increase
in revenue thanks to the launch
of 20 clients in 2021
EBITDA reached €109m,
+33% vs. 2019
(-18% vs. 2020)
with strong investment in strategic B2B
activities Investment boost to accelerate the
development of Octopia assets: €94m CAPEX (+33%
vs. 2020) |
AMSTERDAM – February 17, 2022, 08:30 CET Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced
its fourth quarter and full year activity and
unaudited financial results.
2021 Highlights
In 2021, the group continued to accelerate on
its three strategic pillars while
enhancing customer
experience: growing marketplace revenues
(+29% vs. 2019), digital marketing (+75% vs. 2019)
as well as its B2B initiatives with Octopia (x3
vs. 2019) and C-Logistics.
Customer-centric
approach was still at the heart of Cdiscount’s
ecommerce platform strategy in 2021. Active customer base grew by
+8% vs. 2019 and is more and more engaged: Cdiscount à Volonté
(CDAV) loyalty program now consists of more than 2.5m customers
(+20% vs. 2019) driving retention and repurchase. Customer
satisfaction has reached a record-high level for both direct sales
& marketplace with NPS reaching 52.9 overall, +8.4pts vs. 2019,
thanks to a growing express delivery share and a “Say yes to the
client” policy reaching 100% for CDAV members & new
clients.
The
Marketplace, now representing
45.2% (+6.7pts vs. 2019) of the product GMV (Gross Merchandise
Volume), is the main driver of Cnova’s profitable growth with GMV
growing by +22% over the last two years. During the same period,
revenues rose sharply at +29% to reach €193m. The number of sellers
reached more than 13,000 with a record-high quality level (48.4
NPS, +10.9pts vs. 2019) supported by the development of the
Fulfilment by Cdiscount and Cdiscount Express seller services.
Digital marketing revenues
nearly doubled in 2 years, driving profitability thanks to
Cdiscount Ads Retail Solution (CARS), Cnova’s in-house digital
marketing bidding platform mainly driven by Sponsored products and
Google Shopping.
The third pillar of the strategy, B2B
development, also recorded a record-high 2021 period.
C-Logistics and C Chez Vous launched 20 clients. Octopia, the
tech-enabled ecosystem of marketplaces, experienced strong GMV
growth while 12 contracts were signed with major e-merchants in 7
countries in just one year. A partnership with Ocado was just
signed to integrate Octopia's marketplace platform into
Ocado Smart Platform ("OSP") and allow OSP partners around the
world to launch their own marketplace offering.
Emmanuel Grenier, Cnova CEO, commented:
« After an exceptional 2020, we continued in
2021 to successfully roll-out our strategic plan based on 3
pillars: marketplace expansion and digital marketing roll-out for
the B2C ecommerce platform and the acceleration of B2B thanks to
the sustained commitment of our teams.B2C business GMV is
benefiting from our record-high customer satisfaction and the
dynamic marketplace. We significantly enhanced customer experience
on the website and the mobile platform, leveraging on artificial
intelligence innovation throughout the customer journey. Search
engine as well as personalization of products and promotions will
continue to be high priorities in 2022.B2B activities experienced
great commercial and delivery successes, as proven by our
partnership with Ocado. 2022 will record a major step with the
first full implementations of Octopia marketplace solutions and
increased developments from C-Logistics.At the same time, we are
proud to have been recognised as a “Great Place to Work” by our
employees. We also further strengthened our actions to reduce
supply-chain impact on environment. »
Financial highlights
Financial performance(€ millions)
|
|
2021Full year |
2020Full year |
2019Full year |
|
Change vs 2020 |
Change vs 2019 |
|
|
Total
GMV |
|
4,206 |
4,204 |
3,899 |
|
+0.0% |
+7.9% |
Ecommerce platform |
|
4,091 |
4,116 |
3,867 |
|
-0.6% |
+5.8% |
o/w Direct
sales |
|
1,840 |
1,934 |
1,991 |
|
-4.9% |
-7.6% |
o/w
Marketplace |
|
1,518 |
1,514 |
1,245 |
|
+0.2% |
+21.9% |
Marketplace
share |
|
45.2% |
43.9% |
38.5% |
|
+1.3pt |
+6.7pts |
o/w
Services |
|
278 |
193 |
169 |
|
+43.7% |
+64.7% |
o/w Other
Revenues |
|
456 |
475 |
462 |
|
-4.1% |
-1.3% |
B2B
activities |
|
114 |
88 |
33 |
|
+30.2% |
x3.5 |
o/w
Octopia |
|
109 |
87 |
33 |
|
+25.6% |
x3.3 |
o/w C-Logistics |
|
5 |
1 |
0 |
|
x7.8 |
n.m. |
Total Net sales |
|
2,166 |
2,225 |
2,195 |
|
-2.6% |
-1.3% |
EBITDA |
|
108.9 |
133.3 |
82.0 |
|
-18.3% |
+32.8% |
% of Net sales |
|
5.0% |
6.0% |
3.7% |
|
-1.0pt |
+1.3pt |
Operating
EBIT |
|
18.4 |
53.1 |
14.7 |
|
-65.3% |
+25.2% |
% of Net sales |
|
0.8% |
2.4% |
0.7% |
|
-1.5pt |
+0.2pt |
Net Financial
Result |
|
(52.7) |
(54.0) |
(56.6) |
|
-2.4% |
-6.9% |
Net Profit |
|
(49.1) |
(21.4) |
(65.3) |
|
n.m. |
n.m. |
|
|
|
|
|
|
|
|
Free cash flow figures(€
millions) |
|
2021Full year |
2020Full year |
2019Full year |
|
Change vs 2020 |
Change vs 2019 |
|
|
EBITDA |
|
108.9 |
133.3 |
82.0 |
|
-18.3% |
+32.8% |
(-)
non-recurring items |
|
(8.8) |
(12.5) |
(9.2) |
|
+29.4% |
+4.1% |
(-) rents |
|
(34.7) |
(32.0) |
(27.0) |
|
-8.6% |
-28.6% |
Cash
from continuing operations, incl. rents |
|
65.4 |
88.8 |
45.8 |
|
-26.4% |
+42.7% |
Net CAPEX |
|
(94.3) |
(70.9) |
(73.7) |
|
-33.1% |
-27.9% |
Change in
working capital |
|
(44.3) |
63.9 |
70.9 |
|
n.m. |
n.m. |
Income
taxes |
|
(3.6) |
(9.3) |
3.3 |
|
+5.7 |
-6.9 |
FCF continuing operations before Net Financial
Result |
|
(77.1) |
72.6 |
39.6 |
|
n.m. |
n.m. |
(Net Financial Debt) / Net Cash |
|
(326.1) |
(200.7) |
(221.5) |
|
(125.4) |
(104.6) |
Full-year operational
highlights
Business KPIs |
|
2021Full year |
202010Full year |
2019Full year |
|
Change vs. 2020 |
Change vs. 2019 |
Marketplace GMV share1 |
45.2% |
43.9% |
38.5% |
|
+1.3pt |
+6.7pts |
Marketplace revenues2 (€m) |
192.8 |
183.8 |
149.8 |
|
+4.9% |
+28.7% |
Digital Marketing (€m) |
69.2 |
52.4 |
39.7 |
|
+32.1% |
+74.5% |
Number of
Orders (millions) |
28.6 |
30.4 |
26.6 |
|
-6.0% |
+7.5% |
o/w Marketplace3 |
19.1 |
20.3 |
16.1 |
|
-6.0% |
+18.6% |
Items sold
(millions) |
49.3 |
54.2 |
49.7 |
|
-9.0% |
-0.8% |
o/w Marketplace |
28.2 |
31.0 |
25.0 |
|
-9.0% |
+12.8% |
Fourth quarter highlights
GMV was stable
and Net sales slightly decreasing on a full year
basis, showing resilient performance after an exceptional 2020. 4th
quarter performance was solid, with a very strong comparison base
in 2020 due to November lockdown: GMV and Net sales respectively
decreased by -8.6% and -8.7%, but Cdiscount market share remained
stable in Q44. Compared to 2019, overall GMV, marketplace and
Octopia posted strong growth in the 4th quarter while Travel was
still impacted by the pandemic.
GMV |
4Q21 |
FY21 |
vs. 20 |
vs. 19 |
vs. 20 |
vs. 19 |
Total GMV
growth |
-8.6% |
+0.5% |
+0.0% |
+7.9% |
Net
sales growth |
-8.7% |
-6.8% |
-2.6% |
-1.3% |
Marketplace GMV
growth |
-14.6% |
+14.6% |
+0.2% |
+21.9% |
Octopia GMV
growth |
-1.4% |
x4 |
+25.6% |
x3 |
Travel GMV
growth |
+69.7% |
-40.4% |
+13.5% |
-21.1% |
Clients: Cnova
reached 10.0 million active clients at the end of the 4th quarter
representing a +8% over the last two years and a decrease of just
3% over the 2020 active client base that was boosted by exceptional
circumstances.
Cdiscount à Volonté (“CDAV”),
Cdiscount’s loyalty program, now totals 2.5 million members (+20%
vs. 2019, +9% vs. 2020) benefiting from 2.8 million SKUs available
for express delivery, +91% compared to last year.
Clients |
End 4Q21 |
vs. 20 |
vs. 19 |
Total active client’s
evolution |
-3% |
+8% |
CDAV
subscriber base
growth5 |
+9% |
+20% |
Regarding traffic, Cnova remained #2 in France
on average over the year with 22.1m unique monthly visitors, a -3%
decrease vs. 2020 but +7% increase vs. 2019.
Traffic |
4Q21 |
FY21 |
vs. 20 |
vs. 19 |
vs. 20 |
vs. 19 |
Unique
monthly visitors6 |
-7% |
+1% |
-3% |
+7% |
The marketplace GMV
share reached
45.0%
in the 4th quarter
2021 a significant increase of +7.3 pts
over the last two years (-0.5 pt vs. 2020) and
45.2%
on a full year basis, ie an increase of +6.7 pts over the last two
years (+1.3 pt vs. 2020). It benefited from a fast-growing GMV
fulfilled by Cdiscount, which increased by +2.6 pts in marketplace
GMV share in Q4 vs. 2019 (+4.7 pts vs. 2020) and +6.0 pts on a full
year basis vs. 2019 (+4.3 pts vs. 2020).
Marketplace |
4Q21 |
FY21 |
vs. 20 |
vs. 19 |
vs. 20 |
vs. 19 |
Marketplace GMV share evolution |
-0.5 pt |
+7.3 pts |
+1.3 pt |
+6.7 pts |
Fulfilment marketplace GMV
share7 |
+4.7 pts |
+2.6 pts |
+4.3 pts |
+6.0 pts |
Marketplace revenues8
growth |
-12.9% |
+21.3% |
+4.9% |
+28.7% |
Full Year financial
performance
Cnova N.V.(€ millions) |
Full Year |
Change |
Change |
2021 |
2020 |
vs. 2020 |
vs. 2019 |
GMV |
4,205.5 |
4,204.2 |
+0.0% |
+7.9% |
Net sales |
2,166.1 |
2,224.8 |
-2.6% |
-1.3% |
Gross
margin |
480.0 |
474.0 |
+1.3% |
+23.1% |
As a %
of Net sales |
22.2% |
21.3% |
+0.9 pt |
+4.5 pts |
SG&A
(excl. D&A) |
(371.4) |
(340.6) |
-9.1% |
-20.9% |
As a %
of Net sales |
17.1% |
15.3% |
+1.8 pt |
+3.1 pts |
EBITDA |
108.9 |
133.3 |
-24.4 |
+26.9 |
As a %
of Net sales |
5.0% |
6.0% |
-1.0 pt |
+1.3 pt |
Operating
EBIT |
18.4 |
53.1 |
-34.7 |
+3.7 |
Net financial
income / (expense) |
(52.7) |
(54.0) |
+1.3 |
+3.9 |
Net profit / (loss) from cont. operations |
(46.0) |
(15.6) |
-30.4 |
+15.6 |
Net sales amounted to €2,166m
in 2021, a -1.3% compared to 2019 (-2.6% compared to 2020). Net
sales evolution is impacted by the acceleration of the profitable
shift of product sales towards marketplace sales, which are only
recognized for the associated commissions.
Gross margin
was €480m in 2021 and accounted for 22.2% of Net sales, a +4.5
points improvement compared to 2019 (+0.9 pt vs. 2020). It
benefited from increasing marketplace revenues as well as the
development of Digital Marketing9.
SG&A costs (excluding
D&A) amounted to €(371)m and accounted for 17.1% of net sales,
increasing by +1.8 point vs. 2020, and remained under control with
a +3.1 pts vs. 2019 while gross margin increased by 4.5 pts
compared to the same period. Fulfilment costs, at 6.5% of Net sales
(-0.2 pt vs. 2020; +0.3 pt vs. 2019), decreased slightly vs. 2020
thanks to the improvement in logistics productivity. Marketing
costs represented 4.9% of Net sales (+1.0 pt vs. 2020; +1.2 pt vs.
2019) due to increased acquisition and media expenses that
supported the increase in market share in the 2nd half of 2021.
Technology & Content costs progressed at 3.6% of Net sales
(+0.7 pt vs. 2020; +1.1 pt vs. 2019) driven by investments in B2C
monetization, the development of Cnova technological platform, as
well as intensified commercial effort on Octopia.
EBITDA reached €109m, a €27m
improvement vs. 2019 and a decrease of -€24m vs. 2020. Before
rents, 2021 EBITDA amounted to €77m.
Operating EBIT reached €18m, a
€4m improvement vs. 2019 and a decrease of -€35m compared to 2020,
with depreciation and amortization growing by €9.8m vs. 2020 due to
the development of new B2B assets especially the Octopia
platform.
Net financial
expenses amounted to €53m, slightly
improving thanks to better risk management on instalment payment
solution that offset the increase in financing costs.
Net loss from continuing
operations increased by €16m vs. 2019 (a decrease of -€30m
vs. 2020) to reach €(46)m with an adjusted EPS of €(0.12)16.
Free cash flow figures(€
millions) |
|
2021Full year |
2020Full year |
2019Full year |
|
Change vs 2020 |
Change vs 2019 |
|
|
EBITDA |
|
108.9 |
133.3 |
82.0 |
|
-18.3% |
+32.8% |
(-)
non-recurring items |
|
(8.8) |
(12.5) |
(9.2) |
|
+29.4% |
+4.1% |
(-) rents |
|
(34.7) |
(32.0) |
(27.0) |
|
-8.6% |
-28.6% |
Cash
from continuing operations, incl. rents |
|
65.4 |
88.8 |
45.8 |
|
-26.4% |
+42.7% |
Net CAPEX |
|
(94.3) |
(70.9) |
(73.7) |
|
-33.1% |
-27.9% |
Change in
working capital |
|
(44.3) |
63.9 |
70.9 |
|
n.m. |
n.m. |
Income
taxes |
|
(3.6) |
(9.3) |
3.3 |
|
+5.7 |
-6.9 |
FCF continuing operations before Net Financial
Result |
|
(77.1) |
72.6 |
39.6 |
|
n.m. |
n.m. |
(Net Financial Debt) / Net Cash |
|
(326.1) |
(200.7) |
(221.5) |
|
(125.4) |
(104.6) |
Cash from continuing operations
including rents amounted to €65m in the
last twelve months, an increase of +43% vs.
2019, confirming the structural improvement in
cash generation
- Operating
profitability with a positive EBITDA at €109m,
increasing by €27m vs. 2019 (-€24m vs 2020).
- Other cash
operating expenses totalled €(9)m, a €0.4m improvement vs.
2019 (+€3m vs. 2020).
- Slightly increasing
repayment & interests on
lease liabilities (IFRS16 impact) amounted to €(35)m.
Free cash flow before financial
expenses amounted to €(77)m in the last twelve months.
This decrease comes from:
- Capital
expenditures were up to €(94)m, growing +28% vs. 2019
(+33% vs. 2020), an increase dedicated to the development of
Octopia assets.
-
Change in working capital
of
€(44)m
mainly driven by exceptional circumstances in 2020 and at the end
of 2021 (+€72m change in working capital in 2019):
(i) increase in inventories at end 2021 due to exceptional
shortages at end 2020 (ii) additional strategic inventories
(semiconductors crisis, etc) purchased at the end of 2021 (iii)
activity slowdown in the last two months of the year vs. lockdown
period in the comparable period last year.
Taking into account cash from financing activities, mainly
related to 4-instalment payment cost of risks, net financial debt
increased by €125m over the last twelve months to reach
€(326)m.
Key Business Achievements
Enhanced customer experience and
record high NPS
-
Delivery times improved this year by 0.5 day (and
by 0.8 day vs. 2019) thanks to the increase in express delivery,
the Cdiscount Fulfilment and Cdiscount Express seller assortment
enlargement (+91% vs. 2020; x 2.4 vs. 2019) and fewer goods shipped
from non-European countries.
-
Cnova also carried on its “Say yes to the
customer” policy, with now
100% positive and immediate
answers to Cdiscount A Volonté customers and new clients claims as
well as proactive preventive actions for any abnormal event
happening during the customer journey.
-
As a result the overall NPS reached 52.9, with a
significant +8.4
pts improvement over 2 years (+5.7 pts vs. 2020),
in line with Cnova’s constant efforts over the past years.
Marketplace of products
continues to increase,
driving revenues
and profitability growth
-
Marketplace activity accelerated in 2021, gaining
+1.3
point of GMV share to reach
45.2% (+6.7pts
vs. 2019).
-
In addition to volume growth, revenue generation grew even faster:
+5% on a full
year basis, reaching
€193m (+29% vs.
2019).
-
Expansion of express delivery eligible marketplace
SKUs is a key driver of growth, customer satisfaction and
CDAV development. CDAV eligible SKUs reached
2.8m10,
a +91% growth
(x2.4 vs. 2019) thanks to Cdiscount Fulfilment and Cdiscount
Express Seller assortment expansion.
Dynamic digital marketing powered by
Cdiscount Ads Retail Solution
- Digital
marketing revenues increased by
+18% in the 4th
quarter compared to last year (+73% vs. 2019), and
+32% on a full
year basis (+75% vs. 2019), reinforcing our more profitable
business model.
- It was supported by
Cnova’s proprietary solution launched in 2020, Cdiscount
Ads Retail Solution (CARS), a 100% self-care advertising
platform enabling both sellers and suppliers to promote their
products and brands. Cdiscount continued to build complementary
digital marketing features to reinforce its offer, through
initiatives such as the launch of Live Shopping events with partner
brands.
B2C services showed solid
performance
-
B2C services GMV amounted to
€278m,
up
+44% on
a full year basis (+65% vs. 2019).
-
Cdiscount Voyage posted a +70%
GMV growth this quarter and +14% on a full year
basis (-21% vs. 2019), supported by a record-high average basket
(+19% y-o-y).
Fast-expansion
of Octopia,
Cnova’s turnkey marketplace solution for
retailers and e-merchants
-
Octopia GMV grew by +26% in 2021 (x3 vs. 2019)
compared to the previous year and brought +0.5 point to Cnova total
growth.
-
Very promising
Marketplace-as-a-Service commercial
ramp-up (12 new major contracts with 8 in the 4th quarter
alone), still accelerating:
-
Merchants-as-a-Service and Marketplace-as-a-Service solutions have
attained success with several international players and have led to
order backlogs
-
Fulfilment-as-a-Service activity posted a
+58% (x7 vs. 2019) of GMV for parcels delivery
outside of Cdiscount.com.
-
Additionally, Ocado will integrate Octopia into
its Ocado Smart Platform, bringing new flexibility and
functionality to its global partners. The agreement between Ocado
and Cdiscount also provides a preferential option for Ocado to buy
Octopia shares in the event of future fundraising. This commercial
partnership will support the development of Octopia and Cdiscount’s
strategy of expanding its B2B businesses.
Corporate Social
Responsibility
Cnova maintained its CSR strategy to promote
access to products and services to as many people as possible,
while building a sustainable and inclusive European digital
economy, addressing major ecommerce stakes.
To reduce the environmental impact of Cnova
offering, Cnova invests in the circular economy:
-
Promotion of 2nd-hand and
refurbishment on Cdiscount.com (selling more than €100m of
refurbished products in 2021; more than 25% of mobiles sold are
refurbished)
Cnova is also at the forefront of e-commerce
when considering the reduction of environmental impact of
logistics
-
Transportation: C-Logistics joined the Fret 21
initiative (led by ADEME and French Ministry of Sustainable
Development) and committed to an additional 7% reduction of
Cdiscount.com GHG emissions by 2023, based on 2020 emissions.
C-Logistics and C Chez Vous also renewed their support to the
endowment fund “Plantons pour l’Avenir” to sequestrate the residual
emissions and keep Cdiscount.com deliveries and returns carbon
neutral.
-
Packaging: customers can now choose reusable
packaging (partnership with Hipli), completing successful
initiatives already implemented which enabled to avoid 1.3m
packaging in 2021 (mutualization of parcels, program dedicated to
zero overpacking (more than 98% of our customers choosing it),
etc.)
Cnova supports local economies as well:
-
Cdiscount reinforced its positioning on “Made In
France” thanks to new sellers and partnerships with
certification organisms
-
Cdiscount and Octopia contribute to small and medium sized
enterprises (SMEs) development, with more than 5,000 French SME
sellers already onboarded
-
More generally, Cnova’s business accounts for 47k jobs in France
and 92k in Europe in 202111.
Finally, Cnova’s HR policy was highlighted by
the Great Place to Work certification in 2021. Cdiscount was also
awarded by the Financial Times as a Diversity Leader for its
commitment to promote diversity within the company, while the
consolidated Penicaud parity index demonstrates the commitment of
Cnova to promote equal opportunities for women and men.
Strategic
outlook
Cnova plans to keep on investing to further grow
while continuing its strategic evolution toward a profitable
platform model, with 3 clear strategic priorities:
-
Priority to grow the marketplace leveraging on
fulfilment capacity and Cdiscount express seller program expansion
as well as merchant recruitments leading to more quality and higher
customer satisfaction ;
-
Boost digital marketing
revenues by recruiting more suppliers and
marketplace sellers and offering them more features on CARS,
Cnova’s in-house unique self-service platform ;
-
Accelerate B2B: Octopia
development by targeting EMEA market and launching new major
clients and make C-Logistics and C Chez Vous leaders in e-commerce
logistics and carry on innovating in all logistics areas.
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves
10.0 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.com |
Media
contact:directiondelacommunication@cdiscount.comTel: +33 6
18 33 17 86 |
Appendices
Cnova N.V. Consolidated Financial
Statements12
Consolidated Income Statement |
|
2021 |
2020Revised |
Change |
€ millions |
|
Net sales |
|
2,166.1 |
2,224.8 |
-2.6% |
Cost of
sales |
|
(1,686.1) |
(1,750.8) |
-3.7% |
Gross
margin |
|
480.0 |
474.0 |
+1.3% |
% of Net sales |
|
22.2% |
21.3% |
+0.9 pt |
SG&A13 |
|
(461.5) |
(420.8) |
+9.7% |
% of Net sales |
|
-21.3% |
-18.9% |
-1.4 pt |
Fulfilment |
|
(171.1) |
(179.2) |
-4.5% |
Marketing |
|
(105.9) |
(87.0) |
+21.7% |
Technology and
content |
|
(133.1) |
(108.6) |
+22.5% |
General and administrative |
|
(51.4) |
(46.0) |
+11.8% |
Operating
EBIT14 |
|
18.4 |
53.1 |
-34.7 |
% of Net sales |
|
0.9% |
2.4% |
-1.5 pt |
Other expenses |
|
(6.8) |
(12.3) |
+44.5% |
Operating profit/(loss) |
|
11.6 |
40.8 |
-71.6% |
Net financial income/(expense) |
|
(52.7) |
(54.0) |
+2.4% |
Profit/(loss) before tax |
|
(41.1) |
(13.2) |
-27.9 |
Income tax
gain/(expense) |
|
(4.9) |
(2.5) |
-2.4 |
Net profit/(loss) from continuing
operations |
|
(46.0) |
(15.6) |
-30.4 |
Net profit/(loss) from discontinued operations15 |
|
(3.1) |
(5.7) |
+2.6 |
Net
profit/(loss) for the period |
|
(49.1) |
(21.4) |
-27.7 |
% of Net sales |
|
-2.3% |
-1.0% |
-1.3 pt |
Attributable to
Cnova equity holders (incl. discontinued) |
|
(50.6) |
(23.4) |
-27.2 |
Attributable to non-controllinginterests (incl. discontinued) |
|
1.4 |
2.0 |
-0.6 |
Adjusted EPS
(€)16 |
|
(0.12) |
(0.02) |
-0.10 |
Consolidated Balance Sheet |
|
2021 |
2020Revised |
At December 31
(€ millions) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
20.5 |
15.8 |
Trade
receivables, net |
|
150.9 |
167.2 |
Inventories,
net |
|
302.7 |
283.7 |
Current income
tax assets |
|
4.0 |
4.0 |
Other current
assets, net |
|
186.4 |
313.8 |
Total current assets |
|
664.5 |
784.6 |
|
|
|
|
Other
non-current assets, net |
|
10.6 |
11.4 |
Deferred tax
assets |
|
43.6 |
45.0 |
Right of use,
net |
|
138.3 |
149.2 |
Property and
equipment, net |
|
23.4 |
28.5 |
Intangible
assets, net |
|
236.3 |
206.6 |
Goodwill |
|
122.3 |
122.3 |
Total non-current assets |
|
574.5 |
562.9 |
|
|
|
|
Assets held for sale |
|
3.7 |
0.4 |
|
|
|
|
TOTAL ASSETS |
|
1,242.7 |
1,348.0 |
|
|
|
|
EQUITY
AND LIABILITIES |
|
|
|
|
|
|
|
Current
provisions |
|
4.1 |
3.4 |
Trade
payables |
|
624.3 |
658.3 |
Current
financial debt |
|
84.2 |
20.1 |
Current lease
liabilities |
|
34.0 |
30.5 |
Current tax
liabilities |
|
104.4 |
83.9 |
Other current
liabilities |
|
216.9 |
248.4 |
Total current liabilities |
|
1,067.9 |
1,044.5 |
|
|
|
|
Non-current
provisions |
|
8.8 |
12.8 |
Non-current
financial debt |
|
280.4 |
340.6 |
Non-current
lease liabilities |
|
130.8 |
145.2 |
Other
non-current liabilities |
|
3.1 |
3.7 |
Deferred tax
liabilities |
|
1.3 |
1.5 |
Total non-current liabilities |
|
424.4 |
503.7 |
|
|
|
|
Liabilities directly associated with assets held for sale |
|
- |
0.6 |
|
|
|
|
Share
capital |
|
17.3 |
17.2 |
Reserves,
retained earnings and additional paid-in capital |
|
(338.1) |
(287.9) |
Equity
attributable to equity holders of Cnova |
|
(320.9) |
(270.7) |
Non-controlling interests |
|
71.3 |
69.8 |
Total equity |
|
(249.6) |
(200.9) |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,242.7 |
1,348.0 |
Consolidated Cash Flow Statement |
|
2021 |
2020Revised
|
(€
millions) |
|
Net
profit/(loss) from continuing operations |
|
(47.4) |
(17.6) |
Net
profit/(loss), attributable to non-controlling interests |
|
1.4 |
2.0 |
Net profit (loss) for the period excl. discontinued
operations |
|
(46.0) |
(15.6) |
Depreciation
and amortization expense |
|
89.5 |
80.3 |
(Income)
expenses on share-based payment plans |
|
0.0 |
0.0 |
(Gains) losses
on disposal of non-current assets and impairment of assets |
|
1.8 |
3.9 |
Other non-cash
items |
|
(2.9) |
(0.0) |
Financial
expense, net |
|
52.7 |
54.0 |
Current and
deferred tax (gains) expenses |
|
4.5 |
2.5 |
Income tax
paid |
|
(3.6) |
(9.3) |
Change
in operating working capital |
|
(44.3) |
59.7 |
Inventories of products |
|
(19.1) |
44.8 |
Accounts payable |
|
(41.0) |
0.4 |
Accounts receivable |
|
29.9 |
10.6 |
Working capital non-goods |
|
(14.2) |
3.8 |
Net
cash from/(used in) continuing operating activities |
|
51.7 |
175.4 |
Net cash from/(used in) discontinued operating
activities |
|
(1.5) |
(5.2) |
Purchase of
property, equipment & intangible assets |
|
(100.5) |
(80.3) |
Purchase of
non-current financial assets |
|
(0.3) |
(0.0) |
Proceeds from
disposal of prop., equip., intangible assets |
|
6.4 |
9.5 |
Movement of
perimeter, net of cash acquired |
|
- |
- |
Investments in
associates |
|
(0.2) |
- |
Changes in loans granted (including to related parties ) |
|
126.2 |
(134.9) |
Net
cash from/(used in) continuing investing activities |
|
31.7 |
(205.8) |
Net cash from/(used in) discontinued investing
activities |
|
(0.5) |
(0.6) |
Transaction
with owners of non-controlling interests |
|
(0.0) |
- |
Changes in
loans received |
|
0.0 |
- |
Additions to
financial debt |
|
5.8 |
120.0 |
Repayments of
financial debt |
|
- |
(40.3) |
Repayments of
lease liability |
|
(27.9) |
(24.0) |
Interest paid
on lease liability |
|
(6.8) |
(8.0) |
Interest paid, net |
|
(44.3) |
(43.1) |
Net
cash from/(used in) continuing financing activities |
|
(73.2) |
4.7 |
Net cash from/(used in) discontinued financing
activities |
|
- |
- |
Effect of changes in foreign currency translation adjustments from
discontinued operations |
|
- |
(0.0) |
Change
in cash and cash equivalents from continuing
operations |
|
10.1 |
(25.7) |
Change in cash and cash equivalents from discontinued
operations |
|
(2.0) |
(5.9) |
Cash and cash equivalents, net, at period
begin |
|
9.0 |
40.6 |
|
|
|
|
Cash and cash equivalents, net, at period end |
|
17.1 |
9.0 |
Upcoming Event |
|
Thursday, February 17, 2022 at 18:00 CET / 12:00 EDT |
Cnova Full Year 2021 Financial ResultsConference Call &
Webcast |
Conference Call and Webcast connection
details |
|
Conference Call Dial-In Numbers: |
France |
+33 172727403 PIN: 53126773# |
UK |
+44 2071943759 PIN: 53126773# |
USA |
+1 6467224916 PIN: 53126773# |
|
Webcast: |
https://onlinexperiences.com/Launch/QReg/ShowUUID=2FA47C13-8C25-4130-91A9-04A682815D1A |
|
An archive of the conference call will be available for 3 months at
cnova.com |
1 Calculated as marketplace GMV divided by total product GMV
(Marketplace GMV + Direct sales GMV) - See p.22 Includes
marketplace commissions after price discounts, marketplace
subscription fee, as well as revenues from services to sellers
(marketing services, financial services, …)3 Mixed baskets
including both marketplace and direct sales products were also
considered as marketplace baskets4 Fox Intelligence study over the
period from 01/10/2021 to 31/21/20215 Subscriber base on
31/12/20216 According to latest Médiamétrie studies (December
2021)7 Calculated as Marketplace GMV generated through sellers
benefiting from Cdiscount’s fulfilment services divided by total
Marketplace GMV8 Includes marketplace commissions after price
discounts, marketplace subscription fee, as well as revenues from
services to sellers (marketing services, financial services, etc.)9
Includes both revenues from marketing services to suppliers and
marketing services to marketplace sellers (the latter being also
included in total marketplace revenues)10 At end December 202011
Based on a study performed by Utopies, a B-corp certified CSR
consultancy firm12 Unaudited financial statements13 SG&A:
selling, general and administrative expenses14 Operating EBIT:
operating profit/(loss) before other expenses (strategic and
restructuring expenses, litigation expenses and impairment and
disposal of assets expenses)15 In accordance with IFRS5
(Non-current Assets Held for Sale and Discontinued Operations),
HALTAE (formerly Stootie)’s post-tax net profit for the year ended
31 December 2021 and 2020 are reported under “Net profit/(loss)
from discontinued operations”16 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.
- Cnova - Press release - 2021 Full Year results
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