CNOVA NV: 2023 Fourth Quarter Activity & Full Year Financial
Performance
CNOVA N.V.
Full Year Financial performance & Fourth Quarter 2023
activity
Update on Casino group situation
Stronger operational performance with an EBITDA improving
by +56% in FY23 vs. 22
Successful model shift towards more services and an over
performance of the Efficiency Plan |
- Services
revenues growth (+2%) supported by a resilient
Marketplace GMV, +6% advertising revenues
and +69% B2B revenues driven by C-Logistics
fulfillment services and Octopia marketplace solutions
-
Overperformance of the Efficiency
Plan to recalibrate SG&A and CAPEX by the end of 2023
by €39m to reach €129m spending decrease vs.
21
- EBITDA
improved by +€29m in FY23 vs. 22, illustrating the result
of Cnova’s turnaround towards a more profitable model focused on
growing services revenues
- Financial
result improved by +€15m in FY23 vs. 22
- Free
cash-flows before change in working capital & taxes improved by
+€69m in FY23 vs. 22
- High level
of commitment from Cnova’s teams to better serve its
customers
|
AMSTERDAM – February 27, 2024, 18:00 CET Cnova
N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today
announced its fourth quarter activity and full year unaudited
financial results for 2023.
The year 2023 has been characterized by high
inflation and a French e-commerce market declining by
-1.8%1 in FY23 vs. 22. Technical goods, which is one of
Cnova’s core markets, have dropped by -9%1,
underperforming the overall market.
In this context, Cnova accelerated its
shift towards a more profitable model, as illustrated by
the sharp increase in gross margin rate which
stands at 30.3% in FY23 (+7.1pts vs. 22) and EBITDA
reaching €81m in FY23, increasing by +56.2% (+€29m in FY23
vs. 22).
Part of this shift, the sanitization of its
direct sales offer, and the challenging e-commerce context for
goods, led to a net sales decrease by -24%
like-for-like2 in FY23 and an overall GMV
decrease by -14.0% like-for-like2 despite
Cnova’s growth of services revenues (+1.7%)
reaching €326m in FY23, both in B2C and B2B activities:
- Marketplace
generated €199m revenues3
in FY23, with Marketplace GMV share reaching
record level at 60.0% in FY23 (+8.5pts vs. 22, +21.5pts vs.
19)
- Advertising
revenues4 growing by
+6.0% vs. 22 (x2 vs. 19), at €75m in FY23, despite a
decrease in overall GMV, driven by Retail Media (+12.9% vs. 22),
mostly for Marketplace sellers (+27.0% vs. 22). Advertising GMV
take rate stood at 3.9% in FY23 (+0.8pt vs. 22, +2.4pts vs.
19)
- B2C
Services5 GMV showing
a strong performance, increasing by +17.6% vs. 22,
standing at €150m in FY23, mostly driven by Travel activities
(+11.7% vs. 22)
- Octopia B2B
revenues increasing by +21.9% vs. 22, standing at €23m in
FY23, mainly driven by Fulfilment-as-a-Service activities, growing
by +35.7% vs. 22 with an increasing number of parcels shipped for
Fulfilment-as-a-Service clients
- C-Logistics
B2B revenues multiplied by x4 vs. 22, at €15m in FY23,
with its third party-logistic solution successfully launched for a
European sportswear company and an increasing number of shipped
parcels for external clients (x4 vs. 22)
Cnova’s initiatives to recalibrate
SG&A and CAPEX by the end of 2023 have overperformed
by €39m the €90m Efficiency plan target which
included the July 2022 guidance (€75m vs. 21) and the additional
savings plan announced in April 2023 (€15m vs. 21):
- SG&A (excluding
D&A) amounted to €281m in FY23, improving by €61m vs. 22 and by
€90m vs. 21
- Capital
expenditures stood at €62m in FY23, improving by €19m vs. 22 and
€38m vs. 21
EBITDA amounted to €81m (+€29m vs.
22) thanks to our focus on profitable products for the
direct sales business, growing Advertising and resilient
Marketplace revenues along with the Efficiency Plan. This enabled
an increase in EBITDA by +56% year-on-year, with a doubling
of EBITDA as a % of Net sales from 3.1% in FY22 to 6.8% in
FY23.
EBITDA after rents almost
tripled, to reach €50m in FY23.
Free cash-flows before change in working
capital & taxes amounted to €-53m in FY23,
showing a structural improvement of €69m vs. 22,
mostly thanks to Cnova’s business model transformation towards
high-margin services together with the Efficiency Plan initiated in
2022, leading to an improvement of EBITDA along with savings in
capital expenditures and financial costs related to 4-installment
payments.
Free cash-flows amounted to
€-198m in FY23, decreasing by €86m vs. 22, mainly due to
conjunctural change in working capital
deterioration in relation to Casino group’s financial
situation in 2023, the decrease in trade payables driven by both
credit insurers guarantees reductions and earlier payments, and
stronger constraints regarding receivables factoring programs.
Continuous development of Cnova’s ESG
policy:
-
“More sustainable products” SKUs accounted for 17.1% of
Cdiscount’s Product GMV in FY23 (+3.9pts vs. 22). During the Black
Friday weekend, the share reached a new record level at 18.7%
- Cnova
reduced its energy consumption by -31% in 2023 compared to 2019,
overperforming its commitment announced in 2022 (-21% by 2023)
Thomas Métivier, Cnova’s CEO,
commented:
“Over the past two years, we have turned
around Cnova’s model towards a marketplace-oriented business,
despite adverse market conditions. The sanitization of our direct
sales, the growth of our services, notably on the Marketplace
segment, Retail Media and B2B activities and the overperformance of
our Efficiency Plan have strongly improved our profitability and
operational cash, in line with targets published by Casino group in
June 2023.
Keeping a strong attention on Cdiscount.com
profitability, we are now focusing on our core commercial
priorities: reinforcing our brand DNA on best value products and
exclusive discounts, consumer loyalty, notably thanks to our
Cdiscount à Volonté program, and consumer experience. Our
investments in technology and Artificial Intelligence, notably
Gen-AI, support the growth of our services and improve the value we
offer to our customers in terms of product assortment, attractive
pricing and promotion intensity.”
Financial highlights
Financial performance6
(€m)
|
|
2022
Full year
|
2023
Full year
|
|
Change vs. 22 |
| |
|
Reported |
L-f-L7 |
| Total
GMV (including VAT) |
|
3,439.9 |
2,804.1 |
|
-18.5% |
-14.0% |
|
Ecommerce platform |
|
3,338.9 |
2,703.9 |
|
-19.0% |
-14.4% |
|
o/w Direct sales |
|
1,340.0 |
928.4 |
|
-30.7% |
|
o/w Marketplace |
|
1,421.0 |
1,392.0 |
|
-2.0% |
|
Marketplace share |
|
51.5% |
60.0% |
|
+8.5pts |
|
o/w B2C services |
|
212.1 |
149.8 |
|
-29.4% |
+17.6% |
|
o/w Other revenues |
|
365.8 |
233.7 |
|
-36.1% |
-14.1% |
| B2B
activities |
|
101.0 |
100.2 |
|
-0.8% |
|
o/w Octopia B2B revenues |
|
22.5 |
27.4 |
|
+21.9% |
|
o/w Octopia Retail & others |
|
74.2 |
54.9 |
|
-26.0% |
|
o/w C-Logistics |
|
4.3 |
17.8 |
|
x4 |
|
Total Net sales |
|
1,700.2 |
1,196.7 |
|
-29.6% |
-24.0% |
|
EBITDA8 |
|
52.0 |
81.2 |
|
+€29.2m |
|
% of Net sales |
|
3.1% |
6.8% |
|
+3.7pts |
|
EBITDA8 after
rents |
|
17.5 |
49.9 |
|
+€32.4m |
|
Operating EBIT |
|
-45.8 |
-15.0 |
|
+€30.8m |
|
% of Net sales |
|
-2.7% |
-1.3% |
|
+1.4pts |
| Net Financial
Result |
|
-72.5 |
-57.7 |
|
+€14.9m |
| Net Profit
from continuing operations |
|
-128.0 |
-125.9 |
|
+€2.1m |
|
Net Profit from continuing operations before change in
DTA9 related to tax
losses (non-cash) |
|
-128.0 |
-100.4 |
|
+€27.6m |
| Free
cash-flows |
|
FY22
|
FY23
|
|
Change |
|
(€m) |
|
|
vs. 22 |
| EBITDA
after rents |
|
17.5 |
49.9 |
|
+32.4 |
| (-) Capital
expenditures |
|
-81.7 |
-62.3 |
|
+19.3 |
| (-) CB4X
financial costs |
|
-46.5 |
-24.7 |
|
+21.8 |
| (+/-)
Non-recurring items |
|
-11.8 |
-16.1 |
|
-4.4 |
| Free
cash-flows before change in WC & taxes |
|
-122.5 |
-53.3 |
|
+69.2 |
| (+/-) Change
in working capital |
|
13.3 |
-142.4 |
|
-155.8 |
| (-) Income
taxes paid |
|
-2.6 |
-2.5 |
|
+0.1 |
|
Free cash-flows10 |
|
-111.7 |
-198.2 |
|
-86.5 |
|
|
|
|
|
|
|
|
Net Financial
Debt11 |
|
-372.5 |
-589.4 |
|
-216.9 |
|
NFD incl. consistent factoring
presentation12 |
|
-394.0 |
-589.4 |
|
-195.4 |
Update on Casino group
situation
On May
25th, 2023,
the President of Paris Commercial Court opened conciliation
proceedings to the benefit of Cdiscount, Maas, C-Shield,
C-Technology, C-Logistics, Carya and CLR for an initial period of 4
months and appointed SELARL BCM, represented by Eric Bauland and
SCP BTSG, represented by Marc Sénéchal. These conciliation
proceedings are part of the more global restructuring proceedings
initiated by Casino group, for the purpose of engaging in
discussions with its creditors within a protective legal
framework.
On July
28th 2023,
Casino group announced that is has, under the aegis of the
conciliators and the Comité Interministériel de restructuration
industrielle (CIRI), entered into an Agreement in Principle on
July 27th 2023 with EP Equity Investment III s.à.r.l,
Fimalac and Attestor (collectively named the
“Consortium”) and creditors holding more than
two-thirds of the Term Loan B, aiming at strengthening Casino
group’s equity structure and restructuring its financial debt (the
“Agreement in Principle”).
On September
18th 2023,
the conciliators filed an application with the Paris Commercial
Court for an extension of the conciliation
proceedings until October 25th 2023. On
September 22nd 2023, Cnova and its Board of Directors
announced the extension of the conciliation proceedings at
Cdiscount level, including Cdiscount, Maas, C-Shield,
C-Technology, C-Logistics, Carya and CLR.
On October
5th 2023,
Casino group announced that it has entered into a lock-up
agreement, to which the parties (the Consortium, creditors
holding 75% of the Term Loan B, main commercial banking groups and
some of the creditors holding 92% of the RCF, as well as holders of
notes issued by Quatrim) committed to support and take all steps
and actions reasonably necessary to implement the group’s
restructuring.
On October
25th 2023,
the Paris Commercial Court opened accelerated safeguard
proceedings for the benefit of Casino, Guichard-Perrachon
and certain of its subsidiaries13, for an initial period
of two months, possibly renewable for a further two months up to a
maximum total period of four months, in order to implement the
restructuring plan of the Group in accordance with the terms of the
lock-up agreement entered into on October 5th 2023 as
part of conciliation proceedings.
On the same day, Cdiscount finalized the
conclusion of a conciliation protocol with its core banking pool,
under the aegis of the conciliators, SELARL BCM, represented by
Eric Bauland and SCP BTSG, represented by Marc Sénéchal. The main
provisions of the conciliation protocol revolve around the
reprofiling of the state-guaranteed loans (prêts garantis par
l’Etat) repayment and the maintenance of overdraft
facilities.
Cdiscount applied for an acknowledgment
(constatation) of this conciliation protocol from the
President of the Paris Commercial Court.
On November
22nd 2023,
Casino group published a presentation on its website relating to
the update of its 2023 forecasts for the France retail and
e-commerce perimeter (EBITDA after lease payments and free-cash
flows) and the update of its 2024-28 business plan.
On November
30th 2023,
Cnova announced that following the completion of the transaction
pursuant to which Casino group acquired CBD Luxembourg Holding from
GPA which increased Casino’s stake in Cnova, directly and through
wholly owned subsidiaries, to 98.8%, Eleazar de Carvalho,
Vice-Chairman and non-executive director of the Company, Guillaume
Michaloux, non-executive director of the Company and Christophe
Hidalgo, non-executive director of the Company, have resigned their
directorships.
On December
11st 2023,
Casino group announced that the Paris Commercial Court has extended
for a further two months (from December 25th 2023 to
February 25th 2024) the accelerated safeguard procedures
initiated on October 25th 2023 for Casino,
Guichard-Perrachon and its six subsidiaries
concerned13.
On December
21st, 2023,
Casino group announced that the Consortium has updated its business
plan to consider the updated 2023 forecasts for France and the
announcement that it has entered into exclusive negotiations with
Auchan Retail and Le Groupement Les Mousquetaires regarding the
disposal of the majority of Casino hypermarkets and supermarkets to
occur during the 2nd quarter 2024. The revised Business
Plan of the Consortium presents an EBITDA of €126m in 2024 (vs.
€316m in the previous Business Plan of the Consortium) and €920 in
2028 (vs. €949m in the previous Business Plan of the
Consortium).
On December
21st, 2023,
Casino group also announced that the judicial administrators have
convened all relevant classes of affected parties, shareholders of
Casino group and creditors to vote on the draft accelerated
safeguard plan between December 21st, 2023 and January
11st, 2024. Casino group also announced on
December 21st,
2023 that the draft accelerated safeguard plans, prepared
by Casino with the assistance of the judicial administrators, has
been made available on Casino group’s website.
On January
3rd , 2024,
Casino group reminded the main conclusions of the report made
available to shareholders by Sorgem Evaluation as independent
expert. The report concluded that Casino group’s restructuring plan
is fair to current shareholders.
On January
8th, 2024,
Casino group announced that on January 5th, 2024, the
European Commission issued a decision authorizing, under merger
control, the Consortium to take control of the Group as part of the
financial restructuring, it being specified that the Consortium’s
acquisition vehicle will be controlled by EP Equity Investment III
s.à.r.l., a company controlled by Mr. Daniel Křetínský.
On January
10th, 2024,
Casino group announced that on January 9th 2024, the
Autorité des Marchés Financiers (the “AMF”) granted a
waiver of the obligation for the members of the Consortium and
their investment vehicle (France Retail Holdings) to file a draft
public offer for Casino’s shares.
On January
12th, 2024,
Casino group’s judicial administrators have transmitted to Casino
group the results of the vote of all classes of affected parties on
the draft accelerated safeguard plans of Casino and certain of its
subsidiaries14. Out of the 17 classes of affected
parties of the relevant Casino subsidiaries, 16 classes approved
the draft accelerated safeguard plans by the required majority
(more than 2/3). Casino group pointed out that the rejection of the
accelerated safeguard plan by one of the classes will have no
impact on its implementation under the inter-class forced
application mechanism.
On January
15th, 2024,
Casino group announced that on January 11st, 2024, the
French Ministry of the Economy issued its decision authorizing,
under the control of foreign investments in France, the acquisition
of control of the Group as part of its financial restructuring by
the Consortium, it being specified that the Consortium’s
acquisition vehicle (France Retail Holdings) will be controlled by
EP Equity Investment III s.à.r.l, a company controlled by Mr.
Daniel Křetínský.
On February
2nd, 2024,
Casino group announced that the anti-trust authorities of Serbia,
Northern Macedonia, Morocco and Kosovo issued decisions
authorizing, under merger control, the acquisition of control of
the Group as part of the financial restructuring by the
Consortium.
Casino group also announced that on
February 2nd,
2024, the European Commission issued a decision
authorizing the Transaction under the Foreign subsidies Regulation.
Furthermore, the Luxembourg Insurance Authority has authorized the
change of indirect control of Casino RE (Casino group’s reinsurance
subsidiary).
On February
16th, 2024,
Casino group announced that, on February 15th, 2024, it
filed petitions before the Bankruptcy Court of the Southern
District of New York for the opening of Chapter 15 proceedings
under the U.S. Bankruptcy Code. The purpose is to obtain
recognition in the United States of the accelerated safeguard
proceedings at the level of Casino and six of its
subsidiaries14.
On February
26th, 2024,
Casino announced that, by judgments dated 26 February 2024, the
Paris Commercial Court, after having acknowledged that all
conditions precedent had been satisfied, approved the accelerated
safeguard plans for Casino (the “Company”) and some of its
subsidiaries14. In the absence of a suspensory appeal,
it is anticipated that all transactions provided for in the
financial restructuring will be completed on 27 March 2024, subject
to approval by the Autorité des marchés financiers of the
prospectus relating to the various securities issuances provided
for in Casino's accelerated safeguard plan.
Operational highlights
Full Year 2023 operational highlights illustrate
the successful shift from direct sales towards Cnova’s Marketplace
platform with Marketplace GMV share increasing by
+8.5pts, growing Advertising services revenues
increasing by +6.0% along with a strong and steady
NPS standing at 54 in FY23, amongst the best satisfaction
rates on the market. Services revenues now
represent €326m reaching 27% of net sales (+8.4
points vs. last year).
Facing challenging market conditions, overall
GMV decreased by -14.0% like-for-like15 in FY23
confirming Cnova’s strategic choice to accelerate its services
revenues with the sanitization of its direct sales offer and the
development of its Marketplace, Advertising services and B2B
activities. In this context of strong inflation headwinds, Cnova
has launched dedicated offers and discounts to take part in the
fight against inflation.
Furthermore, FY22 benefited from a stronger
comparison base than FY23, with the drop in consumption index which
occurred in April and May 2022 and GMV boosted by a higher 4X
payment take rate in FY22.
|
Business KPIs |
|
2022
Full year |
2023
Full year |
|
Change
vs. 22 |
|
Marketplace16 |
|
212.8 |
198.6 |
|
-6.7% |
|
Advertising17 |
71.2 |
75.5 |
|
+6.0% |
|
B2C18 |
14.5 |
14.4 |
|
-0.8% |
|
B2B19 |
22.3 |
37.7 |
|
+68.9% |
|
Services revenues |
|
320.9 |
326.2 |
|
+1.7% |
|
|
|
|
|
|
|
|
Services revenues share in net sales |
|
18.9% |
27.3% |
|
+8.4pts |
|
Marketplace GMV share |
|
51.5% |
60.0% |
|
+8.5pts |
4th quarter
highlights
|
GMV |
4Q23 vs. 22 |
| Total
like-for-like15 GMV evolution |
-12.8% |
| Net sales
like-for-like15 evolution |
-21.7% |
| Marketplace
GMV evolution |
-2.5% |
| Marketplace
GMV share evolution |
+6.4pts |
|
Travel GMV growth |
+8.8% |
In the 4th quarter 2023, Cnova
overall GMV decreased by -12.8% like-for-like20, with
positive dynamics compared to previous quarters (+2.7pts vs. 1Q23,
+0.9pts vs. 2Q23 and +1.3pts vs. 3Q23). This year-on-year evolution
was driven by:
-
Direct sales contributing -9.7pts (-25.1% y-o-y),
as a result of the voluntary strategic evolution from direct sales
to marketplace, mostly for non-technical goods with low margins.
4Q23 direct sales show positive dynamics compared to previous
quarters: +7.5pts vs. 1Q23, +5.7pts vs. 2Q23 and +9.9pts vs. 3Q23,
with initiatives on marketing investments in the 4th
quarter 2023 to increase traffic and transformation, after three
quarters impacted by the sanitization of the offer and the
decreasing marketing intensity, as part of the Efficiency Plan
-
Marketplace contributing -1.2pt (-2.5% y-o-y),
with the progressive shift towards a marketplace model as
illustrated by a Marketplace GMV share growing by +6.4pts, standing
at 60.5% in 4Q23
-
Advertising services contributing +0.2pt (+6.1%
y-o-y), mainly thanks to Retail Media (+10.0% vs. 22), mostly for
Marketplace sellers (+20.3% vs. 22)
-
B2C Services21
contributing +0.4pt (+15.0% y-o-y) mainly due to Cdiscount Travel
(+8.8% vs. 22)
-
C-Logistics B2B contributing +0.4pt (x3 y-o-y)
notably driven by an increasing number of shipped parcels for
external clients (x2 vs. 22)
-
Octopia B2B Fulfilment-as-a-Service contributing
+0.2pt (+33.9% vs. 22), mostly driven by an increase in the number
of parcels shipped for Fulfilment-as-a-Service clients
|
Clients |
4Q23 |
|
Active clients over the last 12 months (m) |
7.5 |
|
CDAV subscriber base22 (m) |
1.6 |
|
CDAV GMV share |
38.9% |
The loyalty program Cdiscount
à
Volonté (CDAV) encompasses
1.6m members at end of December 2023.
Cdiscount’s loyalty program represented 38.9% of
total GMV in the 4th quarter 2023, stable compared
to last year. Over the course of 2023, Cnova decided to strengthen
its strategic focus on CDAV members in order to reward their
loyalty, with actions such as dedicated discounts, loyalty pots or
reimbursement claims. This strategic emphasis is illustrated by a
growing number of members benefiting from loyalty actions (+29.2%
vs. 22) and an increasing value of loyalty pots (+66.3% vs.
22).
|
Marketplace KPIs |
4Q23 |
vs. 22 |
| Marketplace
GMV share |
60.5% |
+6.4pts |
| Advertising
services to Marketplace sellers (€m) |
12.8 |
+20.3% |
| Total
Fulfilment GMV share |
53.6% |
+2.0pts |
|
o/w Cdiscount Express Seller GMV share |
13.5% |
-1.6pts |
|
o/w Fulfilment by Cdiscount GMV share |
40.1% |
+3.6pts |
Despite a difficult market context and
decreasing GMV by -2.5%, Marketplace underlying KPIs continue to be
well oriented with Advertising services provided to Marketplace
sellers growing by +20.3% in 4Q23 vs. 22 compared to +27.0% on a
yearly basis and the share of products eligible to free express
delivery increasing by +2.0pts in 4Q23 vs. 22, reaching 53.6% in
4Q23.
Full year 2023 financial
performance
Cnova N.V.23
(€m)
|
Full year |
Change |
|
2022 |
2023 |
vs. 2022 |
|
GMV (including VAT) |
3,439.9 |
2,804.1 |
-18.5% |
| Net sales |
1,700.2 |
1,196.7 |
-29.6% |
| Gross
margin |
393.8 |
362.1 |
-8.0% |
|
As a % of Net sales |
23.2% |
30.3% |
+7.1pts |
|
As a % of GMV |
13.7% |
15.5% |
+1.8pts |
| SG&A (excl.
D&A) |
-341.8 |
-280.9 |
+€60.9m |
|
As a % of Net sales |
-20.1% |
-23.5% |
-3.4pts |
|
As a % of GMV |
-11.9% |
-12.0% |
-0.1pts |
|
EBITDA |
52.0 |
81.2 |
+€29.2m |
|
As a % of Net sales |
3.1% |
6.8% |
+3.7pts |
|
As a % of GMV |
1.8% |
3.5% |
+1.7pts |
| Depreciation
& Amortization |
-97.7 |
-96.2 |
+€1.5m |
|
Operating EBIT |
-45.8 |
-15.0 |
+€30.8m |
| Other
non-current operating income / (expenses) |
-4.6 |
-24.7 |
-€20.1m |
| Net financial
income / (expenses) |
-72.5 |
-57.7 |
+€14.9m |
| Profit
before tax |
-122.9 |
-97.4 |
+€25.5m |
| Income
taxes |
-5.1 |
-28.6 |
-€23.5m |
| Net
loss |
-125.3 |
-129.7 |
-€4.4m |
|
Net loss from continuing operations |
-128.0 |
-125.9 |
+€2.1m |
|
Net loss from continuing operations before change in
DTA24 |
-128.0 |
-100.4 |
+€27.6m |
Net sales amounted to €1,197m
in FY23, a -29.6% reported decrease compared to 2022 and a -24.0%
decrease on a like-for-like25 basis. Net sales evolution
has been impacted by business shift towards commission-based
activities, as Marketplace GMV share grew by +8.5pts vs. 22 up to
60.0% in FY23 and B2C services26 revenues performing
very well by +21.6% vs. 22, mostly driven by growing Travel
revenues (+20.2% vs. 22). Octopia B2B revenues increased by +21.9%
vs. 22, with Fulfilment-as-a-Service revenues growing by +35.7%,
mainly with an increase in the number of parcels shipped for
Fulfilment-as-a-Service clients. C-Logistics B2B revenues have
increased by x4 vs. 22, at €15m in FY23, driven by the launch of
its third party-logistic solution for a European sportswear company
and an increasing number of shipped parcels for external clients
(x4 vs. 22). Advertising services revenues have increased by +6.0%
vs. 22, amounting to €75m in Full year 2023.
Gross margin was €362m in FY23,
representing 30.3% of net sales, increasing by +7.1pts vs. 22 and
by +12.5pts compared to the pre-pandemic level (Full Year 2019).
The increase in gross margin rate illustrates the results of
Cnova’s strategic plan, with an increase in Marketplace GMV share
(+8.5pts vs. 22). Advertising services also contributed to this
improvement, with Advertising revenues growing by +6.0% vs. 22 (x2
vs. 19), notably thanks to innovative offers launched through
Cdiscount Ads Retail Solution (CARS). Over the 1st half
of 2023, Cnova pursued the rationalization of its direct sales
assortment with destocking initiatives focused on SKUs with the
most unfavorable inventory turnover. Following this inventory
optimization and reduction, Cnova has focused on extending its
inventories with profitable SKUs, while reducing its stock coverage
in terms of inventory days of supply. These initiatives supported
Cnova strategic choices aiming at improving profitability.
SG&A (excluding D&A)
costs amounted to €-281m in FY23, representing -23.5% of net sales,
decreasing by -3.4pts vs. 22. During the 2nd quarter
2022, an Efficiency plan to recalibrate SG&A structure to
current level of activity was launched.
-
Fulfilment costs (excluding
D&A) stood at 8.2% of net sales (-1.0pt vs. 22),
improving by €23m compared to last year. Variable fulfilment costs
(logistics, after sales and payment processing) have decreased
mainly due to lower volumes in 2023 compared to last year. Fixed
fulfilment costs were positively impacted by the Efficiency Plan
and associated initiatives aiming at optimizing warehouse costs:
improvement of productivity, simplification of the network and
close monitoring of warehouses capacity to adapt to business
levels. Since January 2023, warehouse capacities have decreased by
136k sqm (-25%)
-
Marketing costs (excluding
D&A) represented -5.8% of net sales (-0.6pt vs. 22),
improving by €19m compared to last year. Marketing costs were
favourably impacted in 2023 by lower volumes compared to last year
along with benefits from the Efficiency Plan. Acquisition marketing
intensity27 has decreased from January 2023 to August
2023 and savings on media campaign and tools have been achieved.
However, in late 3rd quarter 2023, Cnova decided to
boost its marketing investments to increase traffic and
transformation notably for the peak season (Black Friday,
Christmas, etc.), through initiatives such as investments in social
media and Search Engine Advertising (SEA).
-
Technology & Content costs (excluding
D&A) stood at 6.3% of net sales (-0.9pt vs. 22),
improving by €16m compared to last year, mainly impacted by the
Efficiency Plan launched in the 2nd quarter 2022,
enabling Cnova to reduce its staff costs notably with the
rationalization of Direct sales headcount while reinforcing
Marketplace workforce, especially teams dedicated to Marketplace
sellers’ support
-
General & Administrative expenses
(excluding D&A) represented 3.2% of net sales
(-0.8pt vs. 22). FY22 was impacted by positive non-recurring items.
Adjusted from these impacts, General & Administrative costs
would improve by €4m vs. 22 (-8.1%) despite inflation, thanks to
the Efficiency Plan
Consequently, EBITDA amounted
to €81m, improving by €29m compared to last year, representing 6.8%
of net sales (+3.7pts vs. 22). EBITDA after rents amounted to €50m
in FY23, improving by +€32m vs. 22, benefiting from €3m additional
savings on rents from voluntary decrease in warehouse
capacities.
Depreciation & Amortization
(D&A) amounted to €-96m in FY23. In accordance with IFRS 16,
D&A include the amortization of the right-of-use asset which
represents lessees’ right to exploit leased elements over the
duration of a lease agreement, which were impacted by the
rationalization of warehousing capacities to adapt to business
levels, with full impacts expected in 2024.
Operating EBIT amounted to
€-15m, improving by €31m vs. 22, with a slightly decreasing
Depreciation & Amortization compared to last year.
Other non-recurring income /
(expenses) amounted to €-25m in FY23, decreasing by €-20m
compared to last year. FY22 was impacted by costs related to the
Efficiency plan and asset impairments partly offset by a positive
gain on Floa assets disposal for €14m. In comparison, FY23 was
impacted by restructuring costs, including conciliation costs,
transformation costs and non-recurring costs related to warehouses
optimization, along with impairments and disposal of assets, for a
total amount of €-17m and change in scope for €-5m.
Net financial expenses amounted
to €-58m, improving by €15m compared to last year. This improvement
was mostly driven by the decrease in GMV generated through
4-installment payment (“4X” or “CB4X”) from 46.5% in the
1st semester 2022 to 43.9% in the 1st
semester 2023, therefore reducing the risk profiles of those
clients, leading to less financial costs related to the transfer of
4X receivables to Floa Bank. The increase in net financial debt and
associated interests partly offset this positive impact.
Net loss amounted to €-130m,
deteriorating by €-4m compared to last year. Adjusted for change in
deferred tax assets related to tax losses (non-cash items at
C-logistics level), net loss amounts to €-104m, an improvement of
€21m compared to last year mainly driven by positive impacts from
EBITDA and Net financial expenses, partly offset by negative impact
from non-recurring items.
| Free
cash-flows |
|
FY22
|
FY23
|
|
Change |
|
(€m) |
|
|
vs. 22 |
| EBITDA
after rents |
|
17.5 |
49.9 |
|
+32.4 |
| (-) Capital
expenditures |
|
-81.7 |
-62.3 |
|
+19.3 |
| (-) CB4X
financial costs |
|
-46.5 |
-24.7 |
|
+21.8 |
| (+/-)
Non-recurring items |
|
-11.8 |
-16.1 |
|
-4.4 |
| Free
cash-flows before change in WC & taxes |
|
-122.5 |
-53.3 |
|
+69.2 |
| (+/-) Change
in working capital |
|
13.3 |
-142.4 |
|
-155.8 |
| (-) Income
taxes paid |
|
-2.6 |
-2.5 |
|
+0.1 |
|
Free cash-flows28 |
|
-111.7 |
-198.2 |
|
-86.5 |
|
|
|
|
|
|
|
|
Net Financial
Debt29 |
|
-372.5 |
-589.4 |
|
-216.9 |
|
NFD incl. consistent factoring
presentation30 |
|
-394.0 |
-589.4 |
|
-195.4 |
Free cash-flows before change in working
capital & taxes amounted to €-53m in FY23, showing a
structural cash improvement of €69m vs. 22, mostly
thanks to Cnova’s business model turnaround as illustrated by:
-
An improved operational performance, with EBITDA after rents
amounting to €50m in FY23, increasing by €32m vs. 22 in a
challenging market
-
Strong focus on capital expenditures standing at €-62m in FY23,
improving by €19m vs. 22, mainly thanks to the strategic decisions
taken since 2022 within the framework of the Efficiency Plan aiming
to adapt capital expenditures to the level of activity
-
Rationalized CB4X financial costs amounting to €-25m in FY23,
improving by €22m vs. 22, thanks to CB4X take rate optimization
Cash non-recurring items amounted to €-16m in
FY23 (€-4m vs. 22), mostly related to warehouses one-off exit costs
and 2023 context (especially conciliation proceedings).
Free cash-flows amounted to
€-198m in FY23, decreasing by €86m vs. 22, mostly due to
conjunctural change in working capital for €-142m
(conciliation proceedings), decreasing by €156m vs. 22 and mostly
related to:
-
The deterioration of trade payables driven by both credit insurers
guarantees reductions and earlier payments to suppliers
-
The deterioration of trade receivables mostly due to stronger
constraints regarding receivables factoring programs, including the
reconsolidation of one contract for €-7m
In addition, 2022 change in working capital
benefited from the sale of Géant inventories to Casino group and
the disposal of Floa Bank assets to BNP Paribas.
Business Highlights
Product
GMV31 shows a
sequential improvement over the year, decreasing by -12.9%
in 4Q23 vs. 22 (+5.8pts vs. 1Q23, +3.3pts vs. 2Q23 and +3.4pts vs.
3Q23):
- This sequential improvement is
mostly driven by High Tech and Home categories
- Cnova has undertaken specific
actions in 2023 aiming at reinforcing customer loyalty and
repurchase such as money pots, emphasis on refurbished products,
gamification and personalized promotions, especially during peak
season (Black Friday, Christmas, etc.)
A record high Marketplace GMV share with
positive trends compared to pre-pandemic level:
- Marketplace GMV share reached 60.0%
in FY23 (+8.5pts vs. 22, +21.5pts vs. 19), confirming Cnova’s
voluntary strategic shift towards more marketplace revenues
- Facing challenging market
conditions with inflationary trends strongly impacting purchasing
power, Marketplace GMV has decreased by -2.0% in FY23 vs. 22, while
growing compared to pre-pandemic levels (+11.8% vs. 19)
- Following 3rd quarter
positive performance (+0.7% in Marketplace GMV vs. 22),
4th quarter 2023 Marketplace GMV trend realigned with
2nd quarter trend (-2.5% vs. 22)
- Marketplace GMV is positively
impacted by phone categories trends, notably thanks to refurbished
products
- Marketplace revenues (excluding
Advertising services to Marketplace sellers) amounted to €199m in
FY23 with significant improvement of Marketplace contribution
margin in FY23 vs. 22
- Numerous strategic partnerships
with Marketplace sellers were established over 2023, including
companies specialized in childcare, consumer goods, automobile
spare parts, electronic household appliances, connected home
solutions, cycling and scooters
- Cnova also formed a partnership
with a company dedicated to offering a second life to electronic
devices such as scooters
- Expansion of express delivery
eligible marketplace SKUs is a key driver of growth and customer
satisfaction. Total express delivery GMV share grew by +1.1pt vs.
22, standing at 52.3% in FY23
- Fulfilment by Cdiscount marketplace
GMV share stands at 38.1% in FY23 (+0.7pt vs. 22)
- Cdiscount Express Seller, launched
in 2019 for sellers able to offer express delivery to CDAV
customers, covered 14.2% of Marketplace GMV in FY23, increasing by
+0.4pt compared to last year
- In the 4th quarter,
Black Friday enabled to boost Marketplace performance with +8.5pts
in Marketplace GMV share during the Black Friday
Weekend32 compared to 2022, thanks to 100+ offers with
major brands and strong Marketplace sellers’ involvement (+25k
offers). Over Black Friday Weekend, Cnova also developed deals
involving refurbished products
Direct sales GMV gradually improving
over the year, decreasing by -25.1% in 4Q23 vs. 22
(+7.5pts vs. 1Q23, +5.7pts vs. 2Q23 and +9.9pts vs. 3Q23).
In 2023, Cnova has pursued the rationalization
of its direct sales assortment, taking actions towards inventories
optimization enabling to adjust to business levels:
- Over the first semester 2023, Cnova
has been focused on destocking SKUs with the most unfavorable
inventory turnover, as part of the Transformation plan aiming at
shifting towards a profitable model
- Following this destocking phase,
Cnova has been extended inventories with profitable products. After
two years of inventories and assortment rationalization, Cnova is
now focusing on strategic restocking and continuous improvement of
Direct sales profitability
B2C
Services GMV33 amounted to €150m in FY23,
reaching a solid growth of +17.6% vs. 22.
Cdiscount Voyages (travel) GMV
increased by +11.7% vs. 22, with:
- More than 200k passengers
travelling with Cdiscount Voyages in 2023 in key
destinations such as: France, Tunisia, Spain, Marocco or Greece,
with the best GMV performance from Morocco (+30.1% vs. 22) and
Tunisia (+22.3% vs. 22)
- Travel services growth mostly
driven by Flights (+14.4% vs. 22), with multiple commercial
offers with airlines proposed to customers, illustrating the
reinforcement of airline companies’ trust in Cdiscount
Voyages
- The launch of a pioneering
commercial initiative named “Travel Days” in the
2nd quarter 2023
Strong customer
satisfaction measured by the NPS standing at 54 in
FY23, steady compared to FY22, rewarding our focus on customers
despite the financial constraints.
In the 4th quarter 2023, NPS
stood at 56, improving compared to the 4th quarter
2022, during peak season, for both Direct sales and
Marketplace.
Cnova has pursued the rationalization
and simplification of its sales devices (mobile, desktop
and apps), enabling to boost customer experience and improving
profitability, with increased monetization performance and reduced
costs.
In a context of inflation and declining
purchasing power, Cnova keeps leveraging on payment
facilities:
- Pursuing the deployment of its
in-house 4-installment payment solution, which accounts for 43.4%
of GMV in FY23
- Innovating with a new partnership
between Floa and specific brands such as Apple, Samsung and Sony
with a 12 to 36-months installment payment solution with spot
and forward trade-in options. This solution has proven its success
with, for instance, 25.5% of GMV generated with 12-months+ payment
installments for Apple smartphones sold directly by Cdiscount
Artificial intelligence-powered
algorithms were implemented all along the customer
journey over the past months, significantly enhancing
the relevance of the Cdiscount.com search engine (+3.5pts in the
search engine click rate in the 4th quarter 2023
compared to the 4th quarter 2022).
Through Generative Artificial
Intelligence (“GenAI”) initiatives, Cnova aims
at generating more value, enrich customer experience
and improve processes.
To improve its product catalog and
marketability, Cnova has internally developed and deployed
three use cases since May 2023:
- Product reclassification: increase
by c. +30% in conversion for products reclassified through
GenAI
- Product headlines and descriptives
improvement: as at end of December 2023, 2.4m products
with reviewed headlines and descriptives by GenAI
- Product features
enrichment: as at end of December 2023, 1.6m products with
features improved by GenAI
Cnova is also aiming to enhance
process efficiency thanks to GenAI, with more
than 700 employees already using Artificial
Intelligence:
- Deployment of coding supporting
tools for all data scientists and developers
- Testing of GenAI tools across all
business lines and departments
All these initiatives, combined with the
numerous external communications related to GenAI enabled Isabelle
Serot, Cnova’s Head of Data and Artificial Intelligence, to be
rewarded by LSA with “Tech personality of the year”.
Strong growth of Advertising services
supported by Retail Media revenues:
- Advertising services revenues
increased by +6.0% in FY23 vs. 22, reaching €75m, with Advertising
GMV take rate standing at 3.9% in FY23, growing by +0.8pt vs.
22
- Advertising services growth is
mainly supported by Retail Media (+12.9% in FY23 vs. 22)
- Marketplace sellers showed a solid
performance growing by +27.0% in FY23 vs. 22, with an increase in
the number of active sellers by c. +1,400 in 2023 (+34.1% vs.
22)
- Retail Media share on Advertising
revenues increased by +5.0pts, standing at 80.5% in FY23
- Cdiscount Ads Retail
Solution (CARS) is key to Advertising services
development: CARS share on total Advertising revenues grew by
+5.9pts vs. 22, with sponsored products performing well in FY23
(+16.2% vs. 22) and revenues generated for 1,000 pages viewed
increasing by +41.5% vs. 22
Octopia B2B business shows positive
dynamics:
- Fulfilment-as-a-Service B2B
revenues have grown by +35.7% in FY23 vs. 22, with Gross Margin
increasing by +49.9% vs. 22
- In the 4th quarter
2023, new connectivity with leading platforms such as Shopify and
Prestashop was launched to attract additional clients
- In 2023, 239 new users were
recruited to use Fulfilment-as-a-Service solutions (x2 vs. 22)
- Parcels shipped in Spain increased
by x3.5 in FY23 vs. 22
- Marketplace-as-a-Service Annual
Recurring Revenue (ARR) has multiplied by x2.6 in FY23 vs. 22
- 7 new contracts have been signed in
2023 with major players of e-commerce in the United Kingdom
(Fruugo), France (Leboncoin) and the rest of Europe, with the
customer portfolio now mainly being international
- The client-base has strongly
expanded, now reaching 33 clients (of which 23 clients being live,
coming from 11 different countries)
- A major retail company in Colombia,
generating more than €30m Marketplace GMV per year, has been
successfully replatformed
C-Logistics B2B business pursues its
growth. C-Logistics B2B revenues have grown by x4 compared
to FY22, mostly related to the growing number of shipped parcels
for external clients (x4 vs. 22).
Since the successful launch of its third-party
logistic solution for a European sportswear company in February
2023, C-Logistics has fulfilled 709k parcels for its new
client.
C-Logistics has undertaken actions to
rationalize its warehouses capacity to adapt to business
level: since January 2023, capacities have decreased by
136k sqm (-25%).
Environmental, social and
societal stakes such as climate, business ethics and human
capital are at the heart of Cnova’s B2C and B2B activities. Major
2023 actions and results are listed below.
Regarding Cnova’s actions to reduce its
impact on climate:
- In 2023, Cnova continued to develop
its strategic program dedicated to “more sustainable
products” to accompany its customers towards a more
sustainable consumption
- Actions carried out by Cdiscount
and Octopia (enlarging the “more sustainable products”
assortment, increasing the visibility of this offer, including
these products in the commercial mechanisms) enabled to reach a
share of sustainable products representing 17.1% of Cdiscount’s
Product GMV in 2023 (+3.9pts vs. 22). During the Black Friday
weekend, the share even reached a new record at 18.7%
- To enlarge its « more
sustainable products » assortment, Cnova continued in 2023 to
develop solutions enabling to give a second life to products
returned by Cdiscount.com customers. On the first hand, Cdiscount
continued to develop its own refurbishing capacity «
reconditionné par Cdiscount » in its warehouse located in
Cestas (2k smartphones and tablets processed this year). On the
second hand, new partnerships were signed with experts of
refurbishment such as Deuzio (toys), Ecomicro (computers and IT
products) and Envie Pau (electric scooters), enabling to cover a
wider range of categories. Such initiatives contribute both to
reduce products greenhouse gas emissions and create qualified jobs
in France
- Cnova also pursued its actions in
favor of more sustainable logistics. The actions covered:
- Collaborations with carriers to
continue reducing deliveries greenhouse gas emissions (increasing
the share of alternative transportation means on last kilometers by
+24% vs 22, increasing bulk loading by +47% vs 22)
- Sequestration of residual
greenhouse gases emissions through a renewed partnership with the
endowment fund « Plantons pour l’avenir » enabling to
reach 100% of deliveries and returns for Cdiscount.com which are
carbon-neutral
- Involvement in collaborative
initiatives such as the writing of an AFNOR SPEC
“E-commerce: information to consumers on the environmental
impact of their delivery choice”, aiming at defining a common
framework for environmental display related to delivery choice. In
parallel, a first test was performed in Q3 on Cdiscount.com
confirming the interest of customers for such information
- Cnova also continued its
investments to reduce the use of packaging and raw materials. As an
example, a kraft machine was deployed in one of C-Logistics
warehouse mid-year. This strategy enabled to reach more than 88% of
parcels targeted by an action of void reduction
- Finally, Cnova reduced its energy
consumption by -31% in 2023 compared to 2019, overperforming its
commitment announced in 2022 (-21% by 2023)
Regarding Cnova’s actions to ensure
ethical practices across its value chain:
- Cdiscount, which had already signed
the Product Safety Pledge in 2020, has recommitted to consumer
protection and signed the new version of the Product Safety Pledge
at the European Consumer Summit organized by the European
Commission
- As part of its « devoir de
vigilance » action plan, 100% of plants manufacturing
Cdiscount’s private-labeled products were audited
- Cnova also performed CSR evaluation
of its main suppliers and Marketplace sellers. At the end of 2023,
50% of GMV was targeted
Regarding Cnova’s actions to develop
human capital:
- Diversity: Cdiscount was awarded
for the 5th time by the Financial Times as Diversity
Leader
- Gender parity: 41% of senior
officers are women and the gender pay gap reached 0.9%
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader,
serves 7.5 million active customers via its state-of-the-art
website, Cdiscount. Cnova N.V.’s product offering provides its B2C
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 and entertainment
services. Cnova N.V. also serves B2B clients internationally
through Octopia (Marketplace-as-a-Service solutions), Cdiscount
Advertising (advertising services for sellers and brands) and
C-Logistics (end-to-end logistic ecommerce solution). Cnova N.V. is
part of Casino group, 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
Tel : +33 6 79 74 30 94 |
Media contact:
directiondelacommunication@cdiscount.com
Tel: +33 6 18 33 17 86
cdiscount@vae-solis.com
Tel: +33 6 17 76 79 71 |
***
Appendices
Cnova N.V. Full Year 2023 Consolidated
Financial Statements (unaudited)
|
Consolidated Income Statement* |
|
Full year
2022
|
Full year
2023
|
|
(€m) |
|
|
Net sales |
|
1,652.5 |
1,196.7 |
| Cost of
sales |
|
-1,262.3 |
-834.5 |
| Gross
margin |
|
390.2 |
362.1 |
|
% of net sales |
|
23.6% |
30.3% |
|
SG&A(1) |
|
-434.4 |
-377.1 |
| % of net
sales |
|
-26.3% |
-31.5% |
| Fulfilment
costs |
|
-150.8 |
-126.3 |
| Marketing
costs |
|
-87.0 |
-69.3 |
| Technology
& Content costs |
|
-152.8 |
-138.6 |
|
General & Administrative costs |
|
-43.8 |
-42.9 |
|
Operating
EBIT(2) |
|
-44.2 |
-15.0 |
|
% of net sales |
|
-2.7% |
-1.3% |
|
Other expenses |
|
-4.5 |
-24.7 |
|
Operating profit / (loss) |
|
-48.7 |
-39.7 |
|
Net financial income / (expense) |
|
-72.2 |
-57.7 |
|
Profit / (loss) before tax |
|
-120.9 |
-97.4 |
| Income tax
gain / (expense) |
|
-5.2 |
-28.6 |
|
Net profit / (loss) from continued operations |
|
-126.1 |
-125.9 |
|
Net profit /(loss) from discontinued
operations(3) |
|
0.8 |
-3.7 |
| Net
profit/(loss) for the period |
|
-125.3 |
-129.7 |
|
% of net sales |
|
-7.6% |
-10.8% |
| Attributable
to Cnova equity holders(4) |
|
-125.6 |
-125.6 |
|
Attributable to non-controlling
interests(4) |
|
0.3 |
-4.1 |
|
Adjusted EPS
(€)(5) |
|
-0.36 |
-0.36 |
*re-presented to consider CChezVous and
Carya financials reclassified in discontinued activities
1) SG&A: selling, general and
administrative expenses
2) Operating EBIT: operating
profit/(loss) before other expenses (strategic and restructuring
expenses, litigation expenses and impairment and disposal of assets
expenses)
3) In accordance with IFRS 5
(Non-current Assets Held for Sale and Discontinued Operations), net
result generated by Haltae, Carya and CChezVous are reported under
“Net profit/(loss) from discontinued operations” for full years
ended December 31, 2023 and December 31, 2022
4) Including discontinued
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 |
|
2022
End December
|
2023
End December
|
|
(€m) |
|
ASSETS |
|
|
|
| Cash and cash
equivalents |
|
13.7 |
11.0 |
| Trade
receivables, net |
|
83.0 |
92.7 |
| Inventories,
net |
|
145.9 |
100.5 |
| Current income
tax assets |
|
2.9 |
1.8 |
| Other current
assets, net |
|
319.2 |
149.8 |
|
Total current assets |
|
564.6 |
355.9 |
| Other
non-current assets, net |
|
12.6 |
7.1 |
| Deferred tax
assets |
|
42.2 |
15.0 |
| Right of use,
net |
|
115.8 |
71.4 |
| Property and
equipment, net |
|
19.1 |
16.4 |
| Intangible
assets, net |
|
233.2 |
208.4 |
|
Goodwill |
|
60.7 |
60.7 |
|
Total non-current assets |
|
483.7 |
379.1 |
|
|
|
|
|
|
Assets held for sale |
|
0.0 |
0.0 |
|
|
|
|
|
|
TOTAL ASSETS |
|
1,048.3 |
735.0 |
| EQUITY
AND LIABILITIES |
|
|
|
| Current
provisions |
|
9.1 |
4.5 |
| Trade
payables |
|
428.9 |
256.8 |
| Current
financial debt |
|
127.9 |
183.6 |
| Current lease
liabilities |
|
35.8 |
31.0 |
| Current tax and
social liabilities |
|
67.0 |
55.3 |
| Other current
liabilities |
|
210.5 |
206.2 |
|
Total current liabilities |
|
879.2 |
737.3 |
| Non-current
provisions |
|
6.0 |
6.8 |
| Non-current
financial debt |
|
414.5 |
416.9 |
| Non-current
lease liabilities |
|
105.3 |
64.4 |
| Other
non-current liabilities |
|
18.1 |
16.1 |
| Deferred tax
liabilities |
|
1.3 |
0.1 |
|
Total non-current liabilities |
|
545.2 |
504.3 |
| Share
capital |
|
17.3 |
17.3 |
| Reserves,
retained earnings & additional paid-in capital |
|
-465.2 |
-591.6 |
| Equity
attributable to equity holders of Cnova |
|
-448.0 |
-574.4 |
|
Non-controlling interests |
|
71.8 |
67.8 |
|
Total equity |
|
-376.1 |
-506.6 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,048.3 |
735.0 |
|
|
|
|
|
Consolidated Cash Flow Statement |
|
Full Year
2022 |
Full Year
2023 |
|
(€m) |
|
|
Net profit (loss) attributable to equity holders of the
Parent |
|
-125.8 |
-121.9 |
|
Net profit (loss) attributable to non-controlling interests |
|
-0.3 |
-4.1 |
|
Net profit (loss) from continuing operations |
|
-126.1 |
-125.9 |
|
Depreciation and amortization expense |
|
97.0 |
96.2 |
|
(Gains) losses on disposal of non-current assets and impairment of
assets |
|
-13.4 |
15.8 |
|
Other non-cash items |
|
3.4 |
-1.1 |
|
Financial expense, net |
|
72.2 |
57.7 |
|
Current and deferred tax expenses |
|
5.2 |
28.6 |
|
Income tax paid |
|
-2.5 |
-2.5 |
|
Change in operating working capital |
|
11.0 |
-147.3 |
|
Inventories of products |
|
156.7 |
45.2 |
|
Trade payables |
|
-201.5 |
-170.0 |
|
Trade receivables |
|
77.8 |
-19.1 |
|
Others |
|
-22.0 |
-3.4 |
|
Net cash from / (used in) continuing operating
activities |
|
46.9 |
-78.6 |
|
Net cash from / (used in) discontinued operating
activities |
|
8.6 |
-3.7 |
|
Purchase of property, equipment & intangible assets |
|
-80.9 |
-62.2 |
|
Purchase of non-current financial assets |
|
-0.2 |
-0.1 |
|
Proceeds from disposal of P&E, intangible assets &
non-current fin. assets |
|
22.6 |
3.1 |
|
Disposal/(Acquisition) of subsidiaries, net of cash acquired |
|
58.2 |
7.1 |
|
Payments of loans granted (including to related parties) |
|
-153.4 |
155.2 |
|
Net cash from / (used in) continuing investing
activities |
|
-155.4 |
103.1 |
|
Net cash from / (used in) discontinued investing
activities |
|
16.0 |
1.7 |
|
Dividends paid to the non-controlling interests |
|
0.0 |
- |
|
Proceeds from loan received |
|
- |
45.4 |
|
Additions to financial debt |
|
170.0 |
7.0 |
|
Repayments of financial debt |
|
-58.4 |
-0.2 |
|
Repayments of lease liability |
|
-27.8 |
-26.5 |
|
Interest paid on lease liability |
|
-7.8 |
-7.1 |
|
Interest paid, net |
|
-57.0 |
-43.7 |
|
Net cash from / (used in) continuing financing
activities |
|
18.9 |
-25.2 |
|
Net cash from / (used in) discontinued financing
activities |
|
-6.6 |
-1.1 |
|
Effect of changes in foreign currency translation adjustments |
|
0.0 |
0.0 |
|
Change in cash and cash equivalents from continuing
operations |
|
-86.4 |
-0.7 |
|
Change in cash and cash equivalents from discontinued
operations |
|
15.0 |
-3.1 |
|
Cash and cash equivalents, net, at period
begin |
|
17.1 |
-54.3 |
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
-54.3 |
-58.1 |
1 Source: Fevad for the goods ecommerce market
2 Like-for-like figures exclude CChezvous, Carya, Géant
and Cdiscount Energy
3 Including Marketplace commissions after price
discounts, subscription fee and revenues from fulfilment services
to sellers
4 Including both revenues from marketing services to
suppliers and sellers
5 Excluding Cdiscount Energy
6 Figures have been restated to consider CChezVous
(2022) and Carya (2023) disposal (discontinued operations)
7 Like-for-like figures exclude CChezVous, Carya, Géant
and Cdiscount Energy
8 EBITDA: operating profit/(loss) from ordinary
activities (EBIT) adjusted for operating depreciation &
amortization
9 Deferred Tax Assets
10 Free cash-flows from continuing operations before
financial interest
11 Excluding commitments to buy back non-controlling
interests
12 For consistency purposes with 2023, factored
receivables to La Banque Postale have been classified in 2022 Net
Financial Debt. This also excludes commitments to buy back
non-controlling interests
13 Casino Finance, Distribution
Casino France, Casino Participations France, Quatrim, Ségisor, and
Monoprix SAS
14 Casino Finance, Distribution Casino France, Casino
Participations France, Quatrim, Ségisor, and Monoprix SAS
15 Like-for-like figures exclude CChezvous, Carya, Géant
and Cdiscount Energy
16 Including Marketplace commissions after price
discounts, subscription fee and revenues from fulfilment services
to sellers
17 Including both revenues from marketing services to
suppliers and sellers
18 Including Travel, Mobile, CUP cards commissions,
warranty services and others
19 Including Fulfilment-as-a-Service,
Merchants-as-a-Service and Marketplace-as-a-Service (Octopia) and
C-Logistics B2B activities
20 Like-for-like figures exclude CChezvous, Carya, Géant
and Cdiscount Energy
21 Excluding Cdiscount Energy
22 Subscriber base as of December 31st, 2023
23 Figures have been restated to consider CChezVous
(2022) and Carya (2023) disposal (discontinued operations)
24 Deferred Tax Assets
25 Like-for-like figures exclude CChezvous, Carya, Géant
and Cdiscount Energy
26 Excluding Cdiscount Energy
27 Acquisition marketing costs (excluding VAT) divided
by Product GMV (excluding VAT)
28 Free cash-flows from continuing operations before
financial interest
29 Excluding commitments to buy back non-controlling
interests
30 For consistency purposes with 2023, factored
receivables to La Banque Postale have been classified in 2022 Net
Financial Debt. This also excludes commitments to buy back
non-controlling interests
31 Product GMV is equal to Direct sales GMV and
Marketplace GMV
32 Black Friday Weekend from November 23rd
2023 to November 27th 2023
33 Excluding Cdiscount Energy
- Cnova NV_Activity & Financial Press Release_FY23
- Cnova NV_Activity & Financial Press Release_FY23
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