CNOVA NV 2022 Second Quarter Activity & First Half Financial
Performance
2022 Second Quarter Activity & First
Half Financial Performance
Confirming long-term
strategywith resilient performance of
Marketplace, Advertising services
and B2B
activities,and swift
recalibration of cost structure to face
current macro-economic
context
In a market impacted by changing macro-economic environment
and low demand,
Cnova posted
-10% overall GMV
decrease in Q2 in line with
Q1 (-10% in
1H22) with a strong
mix improvement towards the marketplace
and a
sharp rebound of travel
activity
- Resilient performance with market share gains in April
(+0.2 pt) and May (+0.4
pt)1
- Marketplace GMV share reached for the first time more
than 50% on average in Q2
- Marketplace GMV: -11% vs. 1H21 but
+19% vs. pre-pandemic (1H19),
reaching €668m
- Rebound of Travel: +65% GMV growth vs.
1H21
Long term growth strategy confirmed with well-oriented
KPIs for its 3 key
pillars:
- Strong marketplace
benefiting from a record-high customer
satisfaction (+5pt to 54 in 1H22)
- Expansion of
advertising services at
€33m in
H1,
+15%
vs. 2021, x2 vs. 1H19
- Strong acceleration of B2B
activities
- Octopia strong commercial dynamic
with 23
contracts signed (+11 vs.
Dec. 2021)
- C-Logistics is booming with now
53 clients (+31
vs. Dec. 2021)
Implementing a €75m Efficiency
Plan to recalibrate
SG&A &
CAPEX by 2023 to
current level of activity:
- Efficiency Plan already launched bringing
savings in H2 above €30m
- 1H Gross margin:
€201m, stable
in % of net sales, +5.3
pts compared to 1H19
pre-pandemic level
- 1H EBITDA:
€17m,
-€33m vs. 1H21
with high comparison base
- Improving FCF before financial results
at end June 2022
- 1H22 :
-€101m,
+€103m
vs. LY at end June 2021
-
+€23m
improvement in operating cash flows excluding
positive one-off impacts
|
AMSTERDAM - July 28, 2022, 7:00 CEST Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced
its second quarter activity and first half unaudited financial
results for 2022.
During the 1st Half 2022, in a context of
uncertain macro-economic conditions and inflation headwinds,
Cnova posted decreasing overall GMV by
-10% together with a
significant mix improvement towards the
marketplace that exceeded 50% GMV share for the first time
in the 2nd quarter of 2022.Considering this current level of
activity and adverse market conditions, Cnova
2022 priority is to
recalibrate its cost structure to preserve cash
and profitability while pursuing its 3 long-term
strategy pillars towards more marketplace,
more advertising services and
accelerating B2B activities.
Marketplace GMV decreased by
-11% in the 1st half of 2022 but increased by
+19% vs.
pre-pandemic level of 2019. Marketplace benefited from a
record-high quality level narrowing the gap with the overall NPS
supported by the development of Fulfilment by
Cdiscount and Cdiscount Express
seller.Advertising
services reached
€33m in the 1st
half of 2022, growing
+15% and doubling vs.
pre-pandemic level of 2019, mainly driven by the continued
development of sponsored products thanks to enhanced bidding
algorithms powered by artificial intelligence.
B2B activities are
accelerating: Octopia
Marketplace-as-a-Service offers signed 11 new
contracts in the 1st half of 2022 to reach 23 signed contracts
overall. C-Logistics third party offers benefited
from a strong commercial ramp-up with now 53
clients, 31 additional customers vs. end 2021.
Cnova has launched in Q2
an
Efficiency
Plan to swiftly recalibrate its cost
structure & capex level to
this current volume of
activity with a €75m savings target on a
full-year basis by the
end of 2023. The
Plan, supported by a dedicated transformation
team, is projecting
to bring savings above
€30m in 2nd half of the
year. For the 1st half of 2022, Gross margin is stable as
% of net sales and EBITDA remains positive at €17m while
last-six-months Free Cash Flow before financial interests improved
by €103m compared to last year at -€101m, a +€23m structural
improvement excluding positive one-off impacts.
Emmanuel Grenier, Cnova's
CEO, commented:
“In the 1st half of 2022, Cnova’s priority was
to adapt fast to new adverse market conditions launching an
Efficiency Plan early in the 2nd quarter to protect profitability
and cash with structural reduction in direct sales inventories and
G&A costs. We remain fully focused on our strategic plan which
is well on track: more marketplace, more advertising services and
B2B acceleration with 11 new contracts for Octopia and 31 new
contracts for C-logistics in just 6 months.”
Financial
highlights
| Financial
performance(€ millions) |
|
2022Half year |
2021Half year |
|
Change vs. 2021 |
|
|
|
Reported |
L-f-L2 |
|
Total GMV |
|
1,793 |
1,991 |
|
-9.9% |
-12.5% |
|
Ecommerce platform |
|
1,734 |
1,936 |
|
-10.4% |
-13.1% |
|
o/w Direct sales |
|
679 |
865 |
|
-21.5% |
|
o/w Marketplace |
|
668 |
747 |
|
-10.6% |
|
Marketplace share |
|
49.6% |
46.3% |
|
+3.2pts |
|
o/w Services |
|
150 |
128 |
|
+17.2% |
+61.6% |
|
o/w Other Revenues |
|
237 |
196 |
|
+20.8% |
+3.8% |
|
B2B activities |
|
59 |
55 |
|
+6.7% |
|
o/w Octopia |
|
49 |
54 |
|
-7.9% |
|
o/w C-Logistics |
|
9 |
1 |
|
x7.2 |
|
Total Net sales |
|
881.2 |
1,009.0 |
|
-12.7% |
-16.3% |
|
EBITDA3 |
|
16.8 |
48.9 |
|
-65.6% |
|
% of Net sales |
|
1.9% |
4.8% |
|
-2.9pts |
|
Operating EBIT |
|
-31.7 |
6.2 |
|
-37.9 |
|
% of Net sales |
|
-3.6% |
0.6% |
|
-4.2pt |
|
Net Financial Result |
|
-42.4 |
-24.2 |
|
-18.2 |
|
Net Profit from continuing operations |
|
-67.5 |
-19.5 |
|
-48.1 |
|
|
|
|
|
|
|
|
| Free cash flow
figures(€ millions) |
|
Half-yearJune 2022 |
Half-yearJune 2021 |
|
Changevs. 2021 |
|
|
|
|
EBITDA3 |
|
16.8 |
48.9 |
|
-65.6% |
|
(-) non-recurring items |
|
-6.3 |
-2.9 |
|
x2.2 |
|
(-)rents |
|
-17.7 |
-16.5 |
|
+7.3% |
|
Cash from continuing operations, incl. rents |
|
-7.2 |
29.5 |
|
-36.7 |
|
Net CAPEX (incl. Floa impact) |
|
-27.1 |
-53.5 |
|
-49.3% |
|
Change in working capital |
|
-65.2 |
-179.6 |
|
-63.7% |
|
Income taxes |
|
-1.8 |
-0.7 |
|
-1.1 |
|
FCF continuing operations before Net Financial
Result |
|
-101.3 |
-204.3 |
|
+103.0 |
|
(Net Financial Debt)/Net Cash |
|
-469.6 |
-425.7 |
|
-43.9 |
2nd quarter &
1st semester operational
highlights
|
Business KPIs |
|
2022Half year |
2021Half year |
|
Changevs. 2021 |
| Marketplace
GMV share |
|
49.6% |
46.3% |
|
+3.2pt |
| Marketplace
revenues (€m) |
89.5 |
96.3 |
|
-7.1% |
| Advertising
services (€m) |
33.2 |
28.9 |
|
+14.9% |
| Number of
orders (millions) |
11.3 |
14.2 |
|
-20.8% |
|
o/w Marketplace orders |
8.0 |
9.7 |
|
-17.1% |
| Items sold
(millions) |
18.8 |
24.2 |
|
-22.2% |
|
o/w Marketplace items sold |
11.9 |
14.3 |
|
-16.1% |
Operational highlights of the first half of 2022
demonstrate the successful shift towards Cnova’s marketplace
platform with a GMV share increasing by +3.2pts in line with
historical average and dynamic advertising services. Number of
orders and items decreases compared to a high comparison base in
2021 with the beginning of 2022 marked by high inflation headwinds
and low demand.
Focus on 2nd
quarter operational highlights
|
GMV |
2Q22 vs.
21 |
| Total GMV
growth |
-10.5% |
| Net sales
growth |
-12.0% |
| Marketplace
GMV growth |
-10.9% |
| Travel GMV
growth |
+67.0% |
Facing strong inflation headwinds and a changing
macro-economic environment in the second quarter
2022, Cnova overall GMV
decreased by a
resilient -10%,
with market share gains of +0.2
pt and +0.4 pt
in the months of April and
May4:
-
Product GMV (Direct sales and marketplace)
decreasing by -18%, -25% for direct sales and -11% for the
marketplace, posting resilient performance in a challenging market
with +0.2 pt and +0.4 pt market share gains in the months of April
and May 2022;
-
B2C Services showed good dynamics, especially
thanks to a fast-growing activity for Cdiscount Travel. Growth
reached +67% y-o-y with flights and holiday
packages rebounding strongly;
-
Octopia also showed resilient with a -8% GMV
decrease in a receding European market due to -12% decrease in
historical Product-as-a-Service activity while
Fulfillment-as-a-Service (+18%),
Merchants- and Marketplace-as-a-Service (+5 clients in the
2nd quarter of 2022) are dynamic.
Clients: Cnova reached 9.1
million active clients at the end of the 2nd quarter, a decrease of
-11.4% vs. end June 2021, an active client base that was boosted by
exceptional circumstances in a pandemic context.
Cdiscount à
Volonté (“CDAV”), Cdiscount’s loyalty program, now
encompasses 2.5 million members (+7.0% y-o-y growth) benefiting
from 3.0 million SKUs available for express delivery, +32% compared
to last year. Considering market slowdown, this increase in Cnova’s
loyal customer base is demonstrating the success of the strategy
relying on express delivery and dedicated promotions to boost CDAV
value-added.
|
Clients |
vs. June 21 |
|
Total clients growth13 |
-11.4% |
|
CDAV subscriber base growth5 |
+7.0% |
With 70% of the traffic coming
from mobile, Cnova mitigated market headwinds and maintained its
strong #2 position in France according to Médiamétrie6. Number of
visitors on mobile receded by only -2.4% while overall traffic
declined by -9.6% to the 2nd quarter 2021.
|
Traffic |
vs. 2Q21 |
| Number of
visitors7 |
-9.6% |
|
Marketplace |
vs. 2Q21 |
| Marketplace
GMV share evolution |
+9pts |
| Fulfilment
marketplace GMV share8 |
+2.9pts |
Cnova’s strategic shift
towards the Marketplace is
accelerating, exceeding the 50% GMV share
landmark for the first time in a sole quarter –
an increase of
9 points
compared to last year. The marketplace increased
by +19%
vs. pre-pandemic level of 2019.
First Half financial performance
|
Cnova N.V.(€ millions) |
Half Year |
Change |
|
2022 |
2021 |
vs. 2021 |
|
GMV |
1,793.1 |
1,991.1 |
-9.9% |
| Net sales |
881.2 |
1,009.0 |
-12.7% |
| Gross
margin |
201.0 |
234.5 |
-14.3% |
| As a %
of Net sales |
22.8% |
23.2% |
-0.4pts |
| SG&A
(excl. D&A) |
-184.4 |
-185.8 |
-0.2% |
| As a %
of Net sales |
-20.9% |
-18.4% |
-2.5pts |
|
EBITDA |
16.8 |
48.9 |
-32.1 |
| As a %
of Net sales |
1.9% |
4.8% |
-2.9pts |
| Operating
EBIT |
-31.7 |
6.2 |
-37.9 |
| Net financial
income / (expense) |
-42.4 |
-24.2 |
-18.2 |
|
Net profit / (loss) from cont. operations |
-67.5 |
-19.5 |
-48.1 |
Net sales amounted to €881.2m
in the 1st half 2022, a -12.7% decrease compared to 2021. Net sales
recorded the acceleration of the profitable shift of product sales
towards marketplace sales, which are only recognized for the amount
of the associated commissions.
Gross margin was €201.0m in the
1st half 2022, representing 22.8% of net sales, a slight decrease
of -0.4 point compared to 2021 but a significant increase of +5.3
pts compared to pre-pandemic level (1st half of 2019). This gross
margin increase over the past three years demonstrates the success
of the implementation of the strategic plan, with a marketplace
growing +19% compared to the 1st half of 2019 and advertising
services nearly doubling in revenues vs. the same pre-pandemic
level. Compared to 2021, Cnova accelerated its shift towards the
marketplace with direct sales margin negatively impacted by
increase in transportation costs and destocking initiatives in a
context of Efficiency Plan to optimize working capital needs and
inventory levels to current level of activity. Despite those
underlying drivers, dynamic advertising services helped maintaining
a relatively flat gross margin compared to 2021.
SG&A costs amounted to
€(184.4)m in the 1st half 2022, representing 20.9% of net sales, a
-2.5 points decrease y-o-y. During the 2nd quarter, an efficiency
plan to recalibrate cost structure to current level of activity was
launched with first significant positive impact expected in the 2nd
half and full run-rate impact in 2023. Fulfillment costs, at 7.1%
of net sales (+0.2 point), decreasing by €7m compared to the same
period of last year as this cost line was favorably impacted by
lower volume in H1 for its variable part (logistics, after sales
and payment processing) and first benefits from the Efficiency Plan
for its fixed part. Marketing costs represented 5.9% of net sales
(+0.8 point), stable in value with lower volume driving down
marketing variable costs offset by a media campaign over the months
of May and June. Technology & Content costs increased at 5.1%
of net sales (+1.1 point) mainly impacted by the acceleration of
the product & commercial development of Octopia’s solutions.
General & Administrative expenses decreased in value as head
office costs increase to support the acceleration of the new B2B
activities was compensated by first quick wins from the Efficiency
Plan. SG&A savings from the Efficiency Plan are not material
yet but will generate, together with CAPEX savings, significant
cost reductions of more than €30m in the 2nd half of 2022 and €75m
in 2023 on a full-year basis.
As a result,
1st half EBITDA
decreased to +€17m compared to last year, representing 1.9% of net
sales (-2.9 point vs. 2020). In a context of significant market
headwinds, EBITDA benefited from a resilient marketplace
performance and increased revenues from advertising services while
destocking initiatives negatively impacted Direct Sales gross
margin.
Operating EBIT decreased to
-€32m, with depreciation and amortization increasing by €6m y-o-y
(5.5% of net sales, +1.3 pt vs. 1H21) mainly due to accelerated
investments in relation to Octopia over the past 12 months.
Net financial expenses – mainly
related to 4-installment payment solutions offered to customers –
amounted to €42m, a significant increase compared to last year as a
result of an increase in 4x payment take rate in GMV since the 2nd
half of 2021 and higher refinancing interest rates.
As part of the Efficiency Plan, 4-installment
payment share of GMV and its associated cost of risk are being
optimized with positive results expected in the coming months with
the full-year impact expected in 2023.
Net loss amounted to €(70)m, an
important decrease compared to last year level. 1H21 result was
favorably impacted by exceptional circumstances in a pandemic
context while 1H22 was heavily impacted by low demand and high
inflation headwinds at EBITDA level and cost of risks increase at
financial results level.
|
Free cash flow figures(€
millions) |
|
Half-yearJune 2022 |
Half-yearJune 2021 |
|
Changevs. 2021 |
|
|
|
|
EBITDA |
|
16.8 |
48.9 |
|
-65.6% |
| (-)
non-recurring items |
|
-6.3 |
-2.9 |
|
x2.2 |
| (-) rents |
|
-17.7 |
-16.5 |
|
+7.3% |
| Cash
from continuing operations, incl. rents |
|
-7.2 |
29.5 |
|
-36.7 |
| Net CAPEX
(incl. Floa transaction) |
|
-27.1 |
-53.5 |
|
-49.3% |
| Change in
working capital |
|
-65.2 |
-179.6 |
|
-63.7% |
| Income
taxes |
|
-1.8 |
-0.7 |
|
-1.1 |
|
FCF continuing operations before Net Financial
Result |
|
-101.3 |
-204.3 |
|
+103.0 |
|
(Net Financial Debt)/Net Cash |
|
-469.6 |
-425.7 |
|
-43.9 |
Free cash flow before financial
expenses amounted to
-€101m
in the first six
months, i.e.
+€103m
increase compared to the same period last
year in a difficult market context where limiting cash
outflows remains the main priority for Cnova:
- Cash from
continuing operations was down to -€7m, driven by EBITDA decrease
in a context where Cnova faced significant market headwinds. An
Efficiency Plan was launched in 2Q22 with positive cash impact
expected in the 2nd half of 2022.
- Increasing
non-recurring items by €3m at €(6)m, impacted by restructuring
expenses in relation to the beginning of the Efficiency Plan
- A negative change
in working capital of -€65m presenting a significant
improvement compared to last
year of more than
+€100m thanks to a strong
+€86m decrease in
inventories driven by:
- Structural
decrease of c.
€40m in inventories with the
marketplace share increasing by +3.2 pts to 49.6% in the 1st half
of 2022. This strategy, supported by inventory reduction, is one of
the key pillar of the Efficiency Plan launched in 2Q22 and will be
pursued in the 2nd part of the year.
- Positive
one-off impact of c.
€45m from the
sale of hypermarket Géant inventories to the Casino Group in June
2022.
-
Net capital expenditures
slightly
decreased (excluding €20m one-off Floa
transaction impact) in the first 6 months, thanks to a
rationalization of investments to adapt to current level of
activity.
Key Business Achievements
Marketplace growing double-digit over
the past three years, driving up revenues and
profitability
- The marketplace gained +3.2 points
of GMV share in the 1st half 2022 compared to 2021 to reach
49.6%
- Marketplace
revenues amounted to €89.5m in the 1st half 2022
receding by -7.1% but increased +25.1% vs.
pre-pandemic level (1st half of
2019)
- Expansion of express
delivery eligible marketplace SKUs is a key driver of
growth, customer satisfaction and contributes to the development of
our loyalty program, Cdiscount à Volonté (CDAV). It also supports
the product mix re-orientation towards recurring product
categories.
- Fulfilment by
Cdiscount kept growing at a fast pace, with a +2.9 points
increase in marketplace GMV share in the first half 2022 to reach
37.6% on average.
- Cdiscount Express
Seller, launched in 2019 for sellers able
to offer express delivery to CDAV customers. This program now
covers, in the 1st half 2022, 12.8% of marketplace GMV, a 6.3
points increase compared to last year.
- Together, express delivered
SKUs covers in the 1st
half 2022 50.4% of marketplace
GMV, a +9.2 points increase compared to last year
Direct sales performance
of technical goods categories benefited from
strengthened relations with national brands but
were mainly impacted by high comparison base and
adverse market conditions but with:
- Reinforced
relationship with A-brands (Apple, Samsung, Seb, Bosch,
Whirpool, …) with powerful offers and dedicated brand days for
Phones, Video Games and Home Appliances categories
- Strong
comparison base with physical stores closed during the 3rd
lockdown in the 1st half of 2021 and 2022 performance impacted by
high inflation of purchases (semi-conductor
shortage, increase in raw materials, supply chain disruptions)
B2C services high
growth with Cdiscount Voyages
(Travel) rebound in the 2nd
quarter
- Cdiscount Voyages
(Travel) experienced a significant rebound
in the 2nd quarter
- Growing by +67% in the 2nd quarter
2022.
- Holliday packs supported this
performance with +146% GMV increase compared to last year in the
2nd quarter 2022.
Enhanced customer experience and record
high NPS
- Significant increase of +4
points in NPS average
during the 1st half 2022 (+9.4 points over 2 years) leading to a
record high NPS compared to the same period last year, through
intensified efforts to improve customer experience before, during
and after the sale.
- Cnova also finalized its
“say yes to the customer” policy, with
100% positive and immediate
answers to its customers at end of June 2022.
- Artificial
intelligence-powered algorithms were implemented all along
the customer journey in the past twelve months, significantly
enhancing the relevance of the Cdiscount.com search engine (+4.4
pts in the search engine share in GMV in 2Q22 vs 2Q21) and
personalized recommendations.
Dynamic advertising
services powered by Cdiscount Ads Retail
Solution
-
Revenues from advertising
services increased by
+15.0%
in the 1st half quarter 2022 compared to last year, reinforcing
Cnova’s most profitable activity.
- It was supported by Cnova’s
proprietary solution launched in the 2nd quarter 2020,
Cdiscount Ads Retail Solution
(CARS)9, a 100%
self-care advertising platform enabling both sellers and suppliers
to promote their products and brands. Products sponsored through
this platform grew by
+73% in the 1st
half 2022.
Octopia is growing,
establishing itself as a turnkey marketplace solution
for EMEA retailers and e-merchants
- Cnova’s turnkey
marketplace solution offers 4 modular and
ready-to-operate marketplace services to international retailers
and e-merchants with a
-8%
decrease in the
1st half to
€49m GMV:
-
Merchants-as-a-Service to bring sellers to
existing marketplaces and Marketplace-as-a-service
to transform e-commerce websites into marketplaces benefits from a
strong acceleration in the 1st semester with 11 new contracts
signed to reach 23 clients overall.
-
Fulfilment-as-a-Service to bring multi-marketplace
fulfilment solutions including cross-border shipping and warehouse
management solution continued to be dynamic in a challenging
European context and grew more than +18% in GMV
-
Products-as-a-Service to bring products to
small/medium websites and marketplaces in Europe decreased by -12%
in the 1st half 2022 negatively impacted by European ecommerce
slowdown
C Chez Vous
and C-Logistics commercial acceleration,
aiming to become leading transportation & logistics service
providers in Europe
- C-Logistics aims
at being a leading e-commerce third-party logistics player reaching
53 clients signed at end June 2022:
- +30 new clients signed for the C
Chez Vous Turnkey transport solution
- +1 new client signed the
C-logistics full service of supply e-commerce operations
Cnova pursues its CSR
strategy reinforcing its status of European digital leader
sustainable and inclusive.
Cnova is committed promoting a more
sustainable way to consume and developing circular
economy toward its BtoC
and BtoB
businesses:
- Cnova launched the "more
sustainable" label on Cdiscount.com, based on extended and
challenging sustainability criteria such as energy class or
repairability index (38k eligible products as far), to help its
customers choosing more sustainable products
-
Already a leading actor on 2nd-hand and refurbishment,
Cdiscount.com sells on this segment are constantly growing (+7% on
its marketplace vs 1H21)
Cnova long term investments to reduce
the environmental impact of its logistics enable
to achieve high performances:
Greener
Delivery:
- The GHG emissions related to the
deliveries of Cdiscount.com and reported within the frame of the
Fret 21 initiative (led ADEME and French Ministry of Sustainable
Development), reduced by -7% per parcel compared to 202010. The
company is therefore in line with the trajectory announced in 2021
(-7% in 2023).
- C-Logistics and C Chez Vous renewed
their partnership with the Endowment Fund "Plantons pour l'Avenir"
initiating reforestation actions in France to sequester 100% of
their residual GHG emissions.
Reducing
Packaging:
- C-Logistics investments, including
a unique fleet in Europe of six cutting edge 3D packing machines,
enable the company to deliver a major part of its light parcels
without any void in the 1st half of 2022.
- C-Logistics reinforces its
successful initiatives to supress cardboard with its partnership
with Hipli, a French start-up developing reusable packaging.
Cnova continues its
societal commitment:
- Cnova initiated a 3-year
partnership with Make.org (an independent platform promoting the
engagement of the civil society to address social matters) to
tackle the inequalities suffered by women. Within this frame, Cnova
widely relayed Make.org’s citizen consultation across its
communication channels, contributing to its success (Over 250k
French citizens participated).
Outlook
In the 2nd quarter 2022, Cnova has launched
an Efficiency
Plan to swiftly recalibrate its cost
structure & capex level with a
total of €75m savings target on a
full-year basis by the
end of 2023, representing 15% of
the total 2021 SG&A and CAPEX
spendings. The Plan, supported by a dedicated
transformation team, is projecting to bring
savings above €30m in
2nd half of the
year.
***
Cnova publishes today on its website, Thursday
July, 28th, its 2022 semi-annual report.
***
About Cnova
N.V.
Cnova N.V., the French ecommerce leader, serves
9.1 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.
1st Half 2022 Consolidated
Financial
Statements(1)
|
Consolidated Income Statement |
|
1st
Half2022 |
1st
Half2021 |
Change |
|
€ millions |
|
|
Net sales |
|
881.2 |
1009.0 |
-12.7% |
| Cost of
sales |
|
(680.3) |
(774.5) |
-12.2% |
| Gross
margin |
|
201.0 |
234.5 |
-14.3% |
|
% of net sales |
|
22.8% |
23.2% |
(0.4pts) |
|
SG&A(2) |
|
(232.7) |
(228.3) |
+1.9% |
| % of net
sales |
|
-26.4% |
-22.6% |
(3.8pts) |
|
Fulfillment |
|
(78.2) |
(84.6) |
-7.6% |
| Marketing |
|
(52.1) |
(51.2) |
+1.7% |
| Technology and
content |
|
(75.5) |
(66.1) |
+14.2% |
|
General and administrative |
|
(26.8) |
(26.3) |
+2.0% |
|
Operating
EBIT(3) |
|
(31.7) |
6.2 |
-37.9 |
|
% of net sales |
|
-3.6% |
0.6% |
(4.2pts) |
|
Other expenses |
|
10.1 |
0.9 |
+9.1 |
|
Operating profit/(loss) |
|
(21.6) |
7.1 |
-28.8 |
|
Net financial income/(expense) |
|
(42.4) |
(24.2) |
+75.3% |
|
Profit/(loss) before tax |
|
(64.0) |
(17.0) |
+275.7% |
| Income tax
gain/(expense) |
|
(3.5) |
(2.4) |
+44.8% |
|
Net profit/(loss) from continuing
operations |
|
(67.5) |
(19.5) |
-48.1 |
|
Net profit/(loss) from discontinued operations(4) |
|
(2.3) |
(1.3) |
+75.9% |
| Net
profit/(loss) for the period |
|
(69.8) |
(20.8) |
n.m |
|
% of net sales |
|
-7.9% |
-2.1% |
(5.9pts) |
| Attributable
to Cnova equity holders (incl. discontinued) |
|
(70.3) |
(21.2) |
n.m |
|
Attributable to non-controllinginterests (incl. discontinued) |
|
0.5 |
0.4 |
+23.8% |
|
Adjusted EPS
(€)(5) |
|
(0.20) |
(0.06) |
(0.14) |
*re-presented to consider Haltae (Stootie
operations legal entity) financials reclassified in discontinued
activities1) Unaudited financial
statements2) SG&A: Selling, General and
Administrative expenses3) Operating EBIT:
operating profit/(loss) before other expenses (strategic and
restructuring expenses, litigation expenses and impairment and
disposal of assets expenses).4) 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 2022 and 2021 are reported under “Net
profit/(loss) from discontinued
operations”5) 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 |
|
2022End June
|
2021End
December |
| (€
millions) |
| |
|
|
|
|
ASSETS |
|
|
|
| |
|
|
|
| Cash and cash
equivalents |
|
14.7 |
20.4 |
| Trade
receivables, net |
|
99.4 |
150.9 |
| Inventories,
net |
|
216.6 |
302.7 |
| Current income
tax assets |
|
3.1 |
4.0 |
| Other current
assets, net |
|
200.5 |
186.4 |
|
Total current assets |
|
534.2 |
664.4 |
| |
|
|
|
| Other
non-current assets, net |
|
9.3 |
10.6 |
| Deferred tax
assets |
|
42.3 |
43.6 |
| Right of use,
net |
|
138.5 |
138.3 |
| Property and
equipment, net |
|
20.5 |
23.4 |
| Intangible
assets, net |
|
240.8 |
233.0 |
|
Goodwill |
|
122.3 |
122.3 |
|
Total non-current assets |
|
573.8 |
571.2 |
|
|
|
|
|
|
Assets held for sale |
|
0.0 |
3.7 |
|
|
|
|
|
|
TOTAL ASSETS |
|
1,108.0 |
1,239.4 |
| |
|
|
|
| EQUITY
AND LIABILITIES |
|
|
|
| |
|
|
|
| Current
provisions |
|
5.6 |
4.1 |
| Trade
payables |
|
417.6 |
624.3 |
| Current
financial debt |
|
140.2 |
84.2 |
| Current lease
liabilities |
|
35.4 |
34.0 |
| Current tax
and social liabilities |
|
118.1 |
104.4 |
| Other current
liabilities |
|
183.9 |
216.9 |
|
Total current liabilities |
|
901.0 |
1,067.9 |
| |
|
|
|
| Non-current
provisions |
|
7.6 |
8.8 |
| Non-current
financial debt |
|
372.1 |
280.4 |
| Non-current
lease liabilities |
|
129.1 |
130.8 |
| Other
non-current liabilities |
|
18.1 |
3.1 |
| Deferred tax
liabilities |
|
1.3 |
1.3 |
|
Total non-current liabilities |
|
528.3 |
424.4 |
|
|
|
|
|
|
Liabilities held for sale |
|
- |
- |
| |
|
|
|
| Share
capital |
|
17.3 |
17.3 |
| Reserves,
retained earnings and additional paid-in capital |
|
(410.3) |
(341.4) |
| Equity
attributable to equity holders of
Cnova |
|
(393.1) |
(324.2) |
|
Non-controlling interests |
|
71.7 |
71.3 |
|
Total equity |
|
(321.3) |
(252.9) |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,108.0 |
1,239.4 |
|
Consolidated Cash Flow Statement |
|
First 6 months2022 |
First 6
months2021* |
| (€ millions,
ended June) |
|
| Net
profit/(loss) from continuing operations |
|
(68.2) |
(19.8) |
| Net
profit/(loss), attributable to non-controlling interests |
|
0.5 |
0.4 |
|
Net profit (loss) for the period excl. discontinued
operations |
|
(67.7) |
(19.5) |
| Depreciation
and amortization expense |
|
48.2 |
42.0 |
| (Gains) losses
on disposal of non-current assets and impairment of assets |
|
(18.4) |
2.1 |
| Other non-cash
items |
|
1.9 |
- |
| Financial
expense, net |
|
42.4 |
24.2 |
| Current and
deferred tax (gains) expenses |
|
3.3 |
2.4 |
| Income tax
paid |
|
(1.8) |
(0.7) |
| Change
in operating working capital |
|
(66.7) |
(183.9) |
|
Inventories of products |
|
86.1 |
(26.5) |
|
Accounts payable |
|
(205.8) |
(152.4) |
|
Accounts receivable |
|
68.7 |
53.5 |
|
Working capital non-goods |
|
(15.6) |
(58.6) |
| Net
cash from/(used in) continuing
operating activities |
|
(58.8) |
(133.3) |
|
Net cash from/(used in)
discontinued operating activities |
|
(2.3) |
(1.0) |
| Purchase of
property, equipment & intangible assets |
|
(47.6) |
(53.7) |
| Purchase of
non-current financial assets |
|
(0.0) |
(0.1) |
| Proceeds from
disposal of prop., equip., intangible assets |
|
20.5 |
0.4 |
|
Changes in loans granted (including to related parties ) |
|
(80.3) |
129.9 |
| Net
cash from/(used in) continuing
investing activities |
|
(107.4) |
76.5 |
|
Net cash from/(used in)
discontinued investing activities |
|
(0.1) |
(0.2) |
| Increase
(decrease) of capital of the holding company |
|
- |
0.0 |
| Dividends paid
to the non-controlling interests |
|
(0.0) |
- |
| Additions to
financial debt |
|
162.1 |
46.7 |
| Repayments of
financial debt |
|
(3.7) |
(4.9) |
| Repayments of
lease liability |
|
(13.8) |
(12.6) |
| Interest paid
on lease liability |
|
(3.9) |
(4.0) |
|
Interest paid, net |
|
(40.5) |
(19.6) |
| Net
cash from/(used in) continuing
financing activities |
|
100.1 |
5.6 |
|
Net cash from/(used in)
discontinued financing activities |
|
- |
- |
|
Effect of changes in foreign currency translation adjustments from
discontinued operations |
|
0.0 |
(0.0) |
| Change
in cash and cash equivalents from continuing
operations |
|
(66.1) |
(51.3) |
|
Change in cash and cash equivalents from discontinued
operations |
|
(2.5) |
(1.2) |
|
Cash and cash equivalents, net, at period
begin |
|
17.1 |
9.0 |
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
(51.4) |
(43.5) |
* At June 30,2021 change in cash from loan
granted is linked to cash deposit with Casino Finance (€130.5m at
December 31, 2020 and €0m at June 30, 2021).
|
Upcoming Event |
|
|
|
Thursday, July 28, 2022 at 11:00 CEST / 05:00 EDT |
Cnova First Half 2022 Financial ResultsConference Call &
Webcast |
|
Conference Call and Webcast connection
details |
|
|
|
Conference Call Dial-In Numbers: |
|
France |
+33 172727403 - PIN: 88560915# |
|
UK |
+44 2071943759 - PIN: 88560915# |
|
USA |
+1 6467224916 - PIN: 88560915# |
|
|
|
|
Webcast: |
|
https://onlinexperiences.com/Launch/QReg/ShowUUID=F179D333-80F7-465A-9C06-2699E0681C82 |
|
|
|
|
An archive of the conference call will be available for 3 months at
cnova.com. |
|
|
1 According to Kantar market studies2 Like-for-like figures
exclude cross-canal sales and Cdiscount Energy GMV for 1H21 and
1H223 EBITDA: operating profit/(loss) from ordinary activities
(EBIT) adjusted for operating depreciation & amortization of
respectively €(42.7)m and €(48.5)m in the 1st semester of 2021 and
20224 According to Kantar in April and May 2022 study, respectively
+0.2 pt and +0.4 pt5 Subscriber base on 30/06/20226 April and May
Médiamétrie studies7 Traffic data generated by Adobe Omnitur for
the months of April, May and June8 Calculated as Marketplace GMV
generated through merchants benefiting from Cdiscount’s fulfilment
services divided by total Marketplace GMV9 i.e., Sponsored
products10 From months of October 2020 to September 2021 compared
to the equivalent period end of September 2020
- 2022 07 26_Cnova Press release_H1 2022 VF
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