CNOVA N.V. 2019 Financial Results
CNOVA N.V. 2019 Financial
Results
AMSTERDAM, February 18, 2020, 07:45 CET Cnova
N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the
“Company”) today announced its non-audited financial results for
the full year 20191.
- GMV: 3.9 billion euros (+9.1% organic growth2)
- Marketplace contribution: +3.9pts driven by increased share of
GMV (38.1%; +3.7 pts)3
- B2C services contribution: +3.4 pts driven by tenfold GMV
increase of travel
- Mobile share: 49.5% of GMV (+5.5 pts)
- CDAV share: 35.8% of GMV (+1.7 pts)
- Expansion of the international platform: +85% y-o-y growth in
4Q19
- EBITDA4: 79 million euros (+€31m vs. 2018)
- EBITDA before IFRS16: €51m (+€25m) in line with
expectations
- Gross margin improvement: 17.8% (up +2.3 pts) driven by
marketplace and monetization
- Cash generation close to balance
- FCF before financial expenses5: +€35m
- Net financial debt6: €(221)m (€(23)m vs. 2018 year end)
Key
figures€ in millions |
Full year1 |
Change |
2019 |
2018 |
Reported |
Organic2 |
GMV |
3,899.2 |
3,645.7 |
+7.0% |
+9.1% |
Net sales |
2,194.9 |
2,174.3 |
+0.9% |
+3.5% |
Gross profit |
389.8 |
336.7 |
+15.8% |
|
Gross margin |
17.8% |
15.5% |
+2.3
pts |
|
SG&A |
(378.5) |
(342.6) |
+10.5% |
|
Operating
EBIT |
11.3 |
(5.9) |
+€17.2m |
|
EBITDA4 |
79.0 |
48.2 |
+€30.8m |
|
Net profit/(loss)
(from continuing activities) |
(65.4) |
(38.1) |
€(27.3)m |
|
Adjusted EPS
€ (from continuing activities) |
(0.14) |
(0.05) |
€(0.09)m |
|
FCF before interest – continuing
activities5 |
34.9 |
69.7 |
€(34.8)m |
|
Key figures€ in millions |
2nd semester6 |
Change |
2019 |
2018 |
Reported |
Organic |
GMV |
2,145.7 |
2,031.9 |
+5.6% |
+7.6% |
Net sales |
1,199.1 |
1,205.5 |
-0.5% |
+1.9% |
Gross profit |
215.3 |
193.8 |
+11.1% |
|
Gross margin |
18.0% |
16.1% |
+1.9
pts |
|
SG&A |
(190.2) |
(180.5) |
+5.4% |
|
Operating
EBIT |
25.2 |
13.3 |
+€11.9m |
|
EBITDA |
60.9 |
41.9 |
+€19.0m |
|
***
FY2019 operational and financial
performance
Organic GMV (gross merchandise
volume) posted a +9.1% increase in 2019 of which +6.5% in the
4th quarter. On a yearly basis, the main contributors to GMV growth
were: the marketplace (+3.9 pts contribution), B2C services such as
travel and energy (+3.4 pts), and Géant showrooms (+2.4 pts). The
4th quarter was marked by a record-breaking Black Friday which
brought c. €73m GMV in 1 day (+27% vs 2018) with strong
performances of travel and energy offerings. This was partially
offset by a no-hit video games market, which significantly impacted
Cdiscount’s yearly and quarterly performance (-3.4 pts in the 4th
quarter and -1.6 pt over the full year).
Marketplace |
4Q19 |
FY19 |
Marketplace total GMV share7 |
37.3% |
38.1% |
Marketplace GMV share evolution |
+4.5 pts |
+3.7 pts |
FFM marketplace GMV share |
+12.6 pts |
+9.8 pts |
The marketplace of
products accelerated in 2019 and constitutes one of
Cdiscount’s main profitable growth drivers. Marketplace GMV share
increased to 38.1% in 2019, +3.7 points year-on-year (37.3% in
4Q19, +4.5 pts). The marketplace GMV fulfilled by Cdiscount
experienced a very significant +63% growth while its marketplace
GMV share grew by +9.8 points compared to the previous year to
reach 31%. Fulfillment by Cdiscount is a key factor driving
marketplace quality and customer satisfaction and contributes to
CDAV expansion by adding express delivery SKUs to the loyalty
program.
Net sales |
4Q19 |
FY19 |
Organic growth |
+0.1% |
+3.5% |
Net sales amounted to €2.2
billion in 2019, a +3.5% organic growth compared to the same period
in 2018, driven by marketplace commissions, fast-growing travel
sales and showrooms. In 2019 Cnova accelerated the shift towards a
profitable platform model and commission-based revenues.
Traffic |
4Q19 |
FY19 |
Mobile traffic growth |
+9.2% |
+15.9% |
Mobile traffic share |
+5.2
pts |
+6.2 pts |
Mobile GMV share |
+6.5 pts |
+5.5 pts |
Traffic at Cdiscount totaled
1.0 billion visits in 2019. Mobile traffic grew by +16%,
representing 71% share of total traffic (+6.2 points) and 49.5% of
GMV (+5.5 points). In terms of Unique Monthly Visitors (UMV),
Cdiscount was #2 on average over the year with around 20m UMV and a
+26% growth on mobile, the 2nd highest growth among the top 9
players8 in France.
CDAV |
4Q19 |
FY19 |
CDAV subscriber base growth9 |
+10% |
CDAV GMV share |
+0.7 pts |
+1.7 pts |
Cdiscount à Volonté (“CDAV”)’s
subscriber base grew by +10% and reached 35.8% of GMV in 2019. Its
more than 2 million subscriber base now has access to more than 1.2
million express delivery eligible SKUs, four times more compared to
last year.
Gross profit was €390 million
in 2019, with an associated gross margin of 17.8%, a +2.3 points
improvement compared to 2018. It benefited from the increased
marketplace GMV share and associated commissions, continued growth
in monetization revenues as well as improvement of the core
business profitability.
SG&A costs amounted to €378
million in 2019 and accounted for 17.2% of net sales, increasing by
+1.5 point. Fulfillment costs, at 7.5% of net sales (-0.2 pt),
decreased as a percentage of net sales still benefiting from the
first semester logistics productivity improvements with optimized
processes, the rolling-out of 3D packing machines and innovative
Skypod Exotec robots. Marketing costs rose to 3.7% of net sales
(+0.9 pt) to support both unaided brand awareness (+7 pts over the
year10) and Cdiscount’s #2 traffic market positioning (20 million
average UMV over the year, +26% growth on mobile11), with increased
efforts focused on offline media. Technology & Content costs
were at 4.2% of net sales (+0.7 pt) driven by the investments
supporting the development of the marketplace, services and new
monetization initiatives. Development of new businesses also
affected General & Administrative expenses, mostly offset by
discipline on structure costs (1.8% of net sales, +0.2 pt).
As a result, EBITDA reached
€79.0 million in 2019, a significant +€30.8m improvement compared
to 201812. EBITDA benefited from the strong marketplace growth and
a solid expansion of monetization revenues, along with continued
improvements of the core business profitability.
Operating EBIT increased by
€17.2m compared to 2018 and turned positive, to €11.3m.
Net financial
expense, mainly related to installment payment
solutions offered to customers, amounted to €(56.6) million13,
increasing by less than 5%, mostly driven by business growth. As
percentage of GMV, those expenses decreased from 1.4% to 1.3% in
2019.
Underlying net loss from continuing
operations improved by +€10.7m. The reported variation of
€(27.3)m to finish at €(65.4) million (with an adjusted EPS of
€(0.11)) was impacted by a positive 2018 one-off tax effect of €38m
related to the spinoff of Cdiscount’s logistics activities into a
separate subsidiary.
Free cash flow from continuing operating
activities14 amounted to +€109 million in the last twelve
months, relying on strong fundamentals:
- Operating profitability increased at a fast pace with a
doubling EBITDA at €79m (+€31m) ;
- Limited other cash operating expenses & taxes of €(13)m
;
- Positive change in working capital of +€71m, notably driven by
inventory optimization and more efficient cash management on
receivables.
Capital expenditures amounted to €(74)m and
remained stable compared to 2018, slightly decreasing as a
percentage of GMV to 1.9% in 2019. It supported the implementation
of the strategic shift towards the platform model and monetization
initiatives. As a result, free cash flow before interest expenses
reached a positive +€35 million during the same period.
Taking into consideration net financial expenses
and discontinued operations, change in net financial debt15
amounted to €(23)m during the same period.
2nd half 2019 operational and financial
performance
GMV had an organic growth of
+7.6% versus 2018 2nd semester, to total of €2.1 billion.
Traffic was again marked by the
acceleration of mobile, which reached 73% of
traffic share (+6.4 points) and 51% of GMV share (+5.8 points).
Net sales amounted to €1.2
billion in the 2nd semester, a +1.9% organic growth.
Gross profit was €215 million
in 2H19 with a gross margin of 18.0%, an increase of +1.9
points.
SG&A costs amounted to €190
million in 2H19, i.e. 15.9% of net sales (+0.9 point)
EBITDA totaled €61 million in
2H19, showing significant a improvement compared to both 2H18 and
1H19, reflecting the benefits of the strategic focus on profitable
growth through the increase in marketplace share and monetization
revenues.
Operating EBIT was €25.2
million in 2H19, almost doubling compared to the year before.
Key business achievements
Acceleration in the marketplace of
products
- The marketplace gained +3.7 points in total GMV
share to reach 38.1% in 2019.
- The number of available SKUs increased by +34% to reach 64
million at the end of the year.
- Expansion of express delivery eligible marketplace
SKUs was a key driver of growth, customer satisfaction and
CDAV development, making it a priority throughout 2019.
- Fulfillment by Cdiscount kept growing quickly
with a +63% GMV increase, now representing close to a third of
marketplace GMV, +10 points compared to last year.
- A new marketplace service, Express Seller,
was launched in 2019, for sellers able to offer express
delivery to access CDAV customers. This option added more than 850k
SKUs to the express delivery offer in 2019.
- Marketplace vendor value-added services
revenues experienced a strong +56% growth, driven by the solid
performance of Premium Packs and the Marketing services offer.
B2C services: growing fast and widening
its offer
- Cdiscount Voyages (travel) significantly
contributed to Cdiscount growth for its first full year of
activity, supported by a strong GMV acceleration with a +49% growth
between the two semesters ending with a full year GMV 10 times
higher than in 2018. This achievement was supported by the launch
mid-May of a marketplace of holiday packages which already
encompasses more than 15,000 offers; including a very successful
partnership with Disneyland Paris and many prominent tour
operators.
- Cdiscount Energie (home energy) showed a
strong +86% GMV performance in 2019, supported by a +63% subscriber
base increase. In addition, a new gas offer was launched in
December, experiencing a promising start.
- Cdiscount Billetterie (ticketing) performed
well for its first full year of activity, with strong partnerships
signed such as Ticketmaster and Funbooker, pushing forward the
offer expansion. It accelerated throughout the year with a 4th
quarter peak, x3.4 GMV vs the previous quarter (Q3, 2019).
- Cdiscount Mobile (cell phone plans) reached a
record-high in 2019, ending with twice as many customers compared
to end 2018.
- Launch of Cdiscount Immobilier (real estate)
in November, a 20k new property offer platform.
CDAV loyalty program enhancement
·CDAV customer
loyalty program is a key driver of Cdiscount growth,
representing close to 36% of its GMV in 2019, +1.7 pt compared to
the year before. It experienced a 10% growth to go over 2 million
members. Efforts were primarily focused on expanding CDAV-eligible
products, now comprising more than 1.2 million SKUs, driven by the
fast delivery options proposed to marketplace sellers: Fulfillment
by Cdiscount and the Express Seller program launched in the 3rd
quarter.
Brand reinforcement
- Cdiscount strengthened its efforts on reinforcing its brand,
leading to a +7 pts unaided awareness gain over
the year, reducing the gap with the leader in France16.
- 2019 was marked by a 17-days TV campaign in partnership with
Disney on the Aladdin movie in May, a campaign seen by 29m people,
following another strong media campaign for Cdiscount Voyages in
April. Moreover, advertising with Lenovo was broadcast on TV (and
replay) during 2 weeks on 15 channels, boosting November computer
sales.
- Brand reinforcement along with optimized online marketing
acquisition led to growing Unique Monthly Visitors traffic (+25% on
mobile) and a #2 position according to Médiamétrie
studies.
Multichannel strategy
- Cdiscount continued to develop synergies with Casino
Group, with the opening of 5 showrooms in Franprix stores
around Paris. Franprix started to display monthly discounts on a
selection of Cdiscount non-food and wine offers in its stores.
- Opening of La Nouvelle Cave, a joint-venture
between Casino Group and Cdiscount, is a 130 sqm wine cellar
innovative concept store in Paris, combining proximity and
technology with human and digital advice. Added to the 650 in-store
SKUs, 7,000 Cdiscount SKUs are available through tablets. This
store is
International platform acceleration driven by new
initiatives
- 47 websites are directly connected as of the end December 2019,
+44 compared to end of 2018, enabling delivery in 25 countries with
more than 670k products published.
- In its first full year, international sales showed promising
performances and strongly accelerated throughout the year, with a
4th quarter 2019 GMV 85% higher than the year before.
- Creation of the International Marketplace
Network (IMN) in September 2019, an alliance of 4
marketplaces leaders in Europe (Cdiscount, real.de, eMAG and
ePrice). Addressing potentially more than 230 million
consumers, IMN offers sellers a single, simplified European seller
interface and is expected to contribute to significantly increase
SKUs available for Cdiscount customers with the potential of
doubling the number of sellers registered on its marketplace. The
technology behind IMN was developed by Beezup, a startup acquired
by Cdiscount in 2018. Hundreds of sellers have already joined the
alliance.
Commitment to responsible logistics
innovation
- Agrikolis, Cdiscount’s rural farming pickup
points exclusive partnership, extended its network by 28 farms
compared to the previous quarter to reach 83, with more scheduled
to roll-out in 2020. In addition to improve delivery in isolated
areas, Agrikolis generates complementary revenues for farmers and
strongly contributes to improved customer satisfaction by fostering
genuine social bonds.
- Cdiscount is the first player in France to roll-out a new
generation 3D packing machine, twice as fast as
the previous one. It brings the number of 3D packing machine used
by Cdiscount to 5. 80% of light parcels were packed without any
void in 2019.
- Cdiscount’s supply chain won the LSA magazine
award in the category “development of the distributor
environmental responsibility” and the 2nd place of the FEVAD’s CSR
trophy, for its actions aiming at reducing carbon emissions via
packaging reduction and supply chain optimizations.
OutlookIn 2019, Cnova’s
continued elevated growth combined with a strong increase in
profitability once again showed the relevance of its strategic
shift towards a platform model that it accelerated throughout the
year.
Cnova plans on carrying on its transformation, focusing on
growth and profitability.
- Growth will be supported by:
- the solid marketplace of products growth, driven by the
Fulfilment by Cdiscount service ;
- B2C Services, with two pillars, Travel and Energy with a strong
growth expected and
- international development, with a GMV high growth along with an
increase of both connected websites and SKUs available.
- Profitability will be driven by:
- the marketplace GMV share continuous increase ;
- the expansion of other commission-based and monetization
initiatives and
- B2B development through logistics and technology assets
monetization.
As a consequence, Cnova expects a sustained growth of the
marketplace of products and services and further EBITDA improvement
in 2020.
***
About Cnova N.V.Cnova N.V., one
of the leading e-Commerce companies in France, serves 9.2 million
active customers via its state-of-theart 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 may contain
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.com Tel: +33
5 56 30 07 14 |
AppendicesCnova N.V.
Consolidated Financial Statements(1)
Consolidated Income
Statement |
|
Adjusted for IFRS 16 |
Change |
|
Excl. IFRS 16 impact |
€ in millions |
|
2019 |
2018 |
|
|
2019 |
2018 |
Net sales |
|
2,194.9 |
2,174.3 |
+0.9% |
|
2,194.9 |
2,174.3 |
Cost of sales |
|
(1,805.1) |
(1,837.6) |
-1.8% |
|
(1,805.1) |
(1,837.6) |
Gross profit |
|
389.8 |
336.7 |
+15.8% |
|
389.8 |
336.7 |
% of net sales (Gross margin) |
|
17.8% |
15.5% |
+2.3 pt |
|
17.8% |
15.5% |
SG&A(2) |
|
(378.5) |
(342.6) |
+10.5% |
|
(381.2) |
(344.4) |
% of net sales |
|
-17.2% |
-15.8% |
+1.5
pt |
|
-17.4% |
-15.8% |
Fulfillment |
|
(164.1) |
(167.6) |
-2.1% |
|
(166.3) |
(169.2) |
Marketing |
|
(81.9) |
(62.3) |
+31.4% |
|
(81.9) |
(62.3) |
Technology and content |
|
(92.1) |
(76.1) |
+21.0% |
|
(92.3) |
(76.1) |
General and administrative |
|
(40.4) |
(36.6) |
+10.5% |
|
(40.7) |
(36.8) |
Operating EBIT(3) |
|
11.3 |
(5.9) |
+17.2 |
|
8.6 |
(7.7) |
% of net sales |
|
0.5% |
-0.3% |
n.m |
|
0.4% |
-0.4% |
Other
expenses |
|
(17.0) |
(14.9) |
+13.9% |
|
(16.8) |
(14.9) |
Operating profit/(loss) |
|
(5.7) |
(20.8) |
-72.6% |
|
(8.2) |
(22.6) |
Net
financial income/(expense) |
|
(56.6) |
(54.2) |
+4.6% |
|
(49.6) |
(49.5) |
Profit/(loss) before tax |
|
(62.3) |
(75.0) |
-16.9% |
|
(57.8) |
(72.1) |
Income tax gain/(expense) |
|
(3.1) |
36.9 |
n.m |
|
(6.4) |
36.9 |
Net profit/(loss) from continuing operations |
|
(65.4) |
(38.1) |
n.m |
|
(64.3) |
(35.2) |
Net
profit/(loss) from discontinued operations |
|
0.2 |
4.5 |
n.m |
|
0.2 |
4.5 |
Net profit/(loss) for the
period |
|
(65.3) |
(33.7) |
n.m |
|
(64.1) |
(30.8) |
% of net sales |
|
-3.0% |
-1.5% |
|
|
-2.9% |
-1.4% |
Attributable to Cnova equity holders (incl. discontinued) |
|
(66.1) |
(33.7) |
n.m |
|
(65.1) |
(30.8) |
Attributable to non-controlling interests (incl. discontinued) |
|
0.9 |
0.0 |
n.m |
|
1.0 |
0.0 |
Adjusted EPS (€)(4) |
|
(0.14) |
(0.05) |
(0.09) |
|
(0.14) |
(0.05) |
- IFRS 16, which replaces IAS 17 and the related interpretations
from January 1st, 2019, eliminates the distinction between
operating leases and finance leases: it requires recognition of an
asset (the right to use the leased item) and a financial liability
representative of discounted future rentals for virtually all lease
contracts. Operating lease expense is replaced with depreciation
expense related to the right of use and interest expense related to
the lease liability. Previously, the Group recognized mainly
operating lease expense on a straight-line basis over the term of
the lease and recognized assets and liabilities only to the extent
that there was a timing difference between actual lease payments
and the expense recognized. The Group decided to adopt the full
retrospective approach as a transition method on January 1, 2019
and IFRS 16 has been applied retrospectively for each period
presented. Detailed impacts of IFRS 16 application are included in
Note 1 of the Unaudited condensed consolidated financial
statements.
- SG&A: selling, general and administrative expenses.
- Operating EBIT: operating profit/(loss) before other expenses
(strategic and restructuring expenses, litigation expenses and
impairment and disposal of assets expenses).
- Adjusted EPS: net profit/(loss) attributable to equity holders
of Cnova before other expenses and the related tax impacts, divided
by the weighted average number of outstanding ordinary shares of
Cnova during the applicable period.
Consolidated
Balance Sheet |
|
Adjusted for IFRS 16 |
|
Excluding IFRS 16 impact |
€ in millions |
|
2019 |
2018 |
|
2019 |
2018 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
78.3 |
35.5 |
|
78.3 |
35.5 |
|
Trade receivables, net |
|
163.8 |
187.0 |
|
163.8 |
187.0 |
|
Inventories, net |
|
328.6 |
355.6 |
|
328.6 |
355.6 |
|
Current income tax assets |
|
4.1 |
3.0 |
|
4.1 |
3.0 |
|
Other current
assets, net |
|
150.5 |
127.2 |
|
150.5 |
127.2 |
|
Total current assets |
|
725.3 |
708.4 |
|
725.3 |
708.4 |
|
|
|
|
|
|
|
|
|
Other non-current assets, net |
|
14.6 |
9.6 |
|
14.6 |
9.6 |
|
Deferred tax assets |
|
41.7 |
38.6 |
|
38.3 |
38.6 |
|
Right of use, net |
|
174.3 |
164.5 |
|
|
|
|
Property and equipment, net |
|
32.8 |
39.1 |
|
32.8 |
39.1 |
|
Intangible assets, net |
|
179.4 |
139.6 |
|
179.4 |
139.6 |
|
Goodwill |
|
123.0 |
61.4 |
|
124.2 |
61.4 |
|
Total non-current assets |
|
565.7 |
452.9 |
|
389.3 |
288.3 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
1,291.0 |
1,161.3 |
|
1,114.6 |
996.8 |
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current provisions |
|
9.3 |
9.5 |
|
9.3 |
9.5 |
|
Trade payables |
|
665.7 |
667.9 |
|
665.7 |
667.9 |
|
Current financial debt |
|
308.1 |
234.3 |
|
308.1 |
234.3 |
|
Current lease liability |
|
31.3 |
22.7 |
|
|
|
|
Current tax liabilities |
|
55.0 |
42.3 |
|
55.0 |
42.3 |
|
Other current liabilities |
|
216.5 |
192.0 |
|
217.1 |
192.5 |
|
Total current liabilities |
|
1,285.8 |
1,168.7 |
|
1,255.2 |
1,146.6 |
|
|
|
|
|
|
|
|
|
Non-current provisions |
|
16.0 |
11.8 |
|
16.0 |
11.8 |
|
Non-current financial debt |
|
2.4 |
2.4 |
|
2.4 |
2.4 |
|
Non-current lease liability |
|
165.6 |
158.7 |
|
|
|
|
Deferred tax liabilities |
|
1.8 |
1.6 |
|
1.8 |
1.6 |
|
Other non-current liabilities |
|
2.5 |
1.7 |
|
12.3 |
10.1 |
|
Total non-current liabilities |
|
188.3 |
176.2 |
|
32.5 |
25.9 |
|
|
|
|
|
|
|
|
|
Share capital |
|
17.2 |
17.2 |
|
17.2 |
17.2 |
|
Reserves, retained earnings and
additional paid-in capital |
|
(268.0) |
(200.8) |
|
(259.3) |
(192.9) |
|
Equity attributable to equity
holders of Cnova |
|
(250.8) |
(183.5) |
|
(242.1) |
(175.7) |
|
Non-controlling interests |
|
67.7 |
(0.0) |
|
69.1 |
(0.0) |
|
Total equity |
|
(183.1) |
(183.6) |
|
(173.0) |
(175.7) |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,291.0 |
1,161.3 |
|
1,114.6 |
996.8 |
|
Consolidated Cash Flow
Statement |
|
Adjusted for IFRS 16 |
|
Excluding IFRS 16 impact |
at June 30 (€ in millions) |
|
2019 |
2018 |
|
2019 |
2018 |
Net profit/(loss) from continuing
operations |
|
(66.3) |
(38.1) |
|
(62.0) |
(35.3) |
Net profit/(loss), attributable to
non-controlling interests |
|
0.9 |
(0.0) |
|
0.9 |
(0.0) |
Net profit (loss) for the period excl. discontinued
operations |
|
(65.4) |
(38.2) |
|
(61.1) |
(35.3) |
Depreciation and amortization expense |
|
68.1 |
54.2 |
|
42.4 |
33.2 |
(Income) expenses on share-based payment
plans |
|
0.0 |
0.1 |
|
0.0 |
0.1 |
(Gains) losses on disposal of non-current
assets |
|
6.8 |
(0.6) |
|
6.8 |
(0.6) |
Other non-cash items |
|
(0.0) |
(0.0) |
|
(0.0) |
(0.0) |
Financial expense, net |
|
56.6 |
54.2 |
|
49.6 |
49.4 |
Current and deferred tax (gains)
expenses |
|
3.1 |
(36.9) |
|
3.1 |
(36.9) |
Income tax paid |
|
(3.3) |
(2.2) |
|
(3.3) |
(2.2) |
Change in operating working
capital |
|
70.6 |
129.8 |
|
72.0 |
135.9 |
Inventories of products |
|
27.5 |
34.5 |
|
27.5 |
34.5 |
Accounts payable |
|
(5.0) |
84.8 |
|
(5.0) |
84.8 |
Accounts receivable |
|
12.4 |
(38.8) |
|
12.4 |
(38.8) |
Working capital non-goods |
|
35.7 |
49.2 |
|
37.1 |
55.4 |
Net cash from/(used in) continuing
operating activities |
|
136.4 |
160.2 |
|
109.4 |
143.5 |
Net cash from/(used in) discontinued operating
activities |
|
(1.2) |
(24.5) |
|
(1.2) |
(24.5) |
Purchase of property, equipment &
intangible assets |
|
(82.8) |
(80.4) |
|
(82.8) |
(80.4) |
Purchase of non-current financial
assets |
|
(3.7) |
(0.9) |
|
(3.7) |
(0.9) |
Proceeds from disposal of prop., equip.,
intangible assets |
|
8.3 |
8.6 |
|
8.3 |
8.6 |
Movement of perimeter, net of cash
acquired |
|
(0.9) |
(1.8) |
|
(0.9) |
(1.8) |
Investments in associates |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Changes
in loans granted (including to related parties) |
|
(8.2) |
0.2 |
|
(8.2) |
0.2 |
Net cash from/(used in) continuing
investing activities |
|
(87.2) |
(74.2) |
|
(87.2) |
(74.2) |
Net cash from/(used in) discontinued investing
activities |
|
0.0 |
(0.0) |
|
0.0 |
(0.0) |
Transaction with owners of non-controlling
interests |
|
(2.4) |
0.0 |
|
(2.4) |
0.0 |
Changes in loans received |
|
45.0 |
9.9 |
|
45.0 |
9.9 |
Additions to financial debt |
|
1.9 |
0.0 |
|
1.9 |
0.0 |
Repayments of financial debt |
|
(3.1) |
(2.7) |
|
(3.1) |
(2.7) |
Repayments of lease liabilities (IFRS 16
adjustment) |
|
(27.0) |
(16.7) |
|
|
|
Interest
paid, net |
|
(49.2) |
(48.2) |
|
(49.2) |
(48.2) |
Net cash from/(used in) continuing
financing activities |
|
(34.8) |
(57.7) |
|
(7.7) |
(41.0) |
Net cash from/(used in) discontinued financing
activities |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Effect of
changes in foreign currency translation adjustments from
discontinued operations |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Change in cash and cash
equivalents from continuing operations |
|
14.5 |
28.3 |
|
14.5 |
28.3 |
Change in cash and cash equivalents from discontinued
operations |
|
(1.2) |
(24.5) |
|
(1.2) |
(24.5) |
Cash and cash equivalents, net, at period
begin |
|
27.3 |
23.6 |
|
27.3 |
23.6 |
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
40.7 |
27.3 |
|
40.7 |
27.3 |
Upcoming Event |
|
Tuesday, February 18, 2019 at 16:00 CET |
Cnova 2019 Financial ResultsConference Call & Webcast |
Conference Call and Webcast connection
details |
|
Conference Call and Replay Dial-In Numbers: |
Toll-Free: |
|
France |
+33 172727403 PIN: 65390734# |
UK |
+442071943759 PIN: 65390734# |
USA |
+1 6467224916 PIN: 65390734# |
|
|
Webcast: |
https://event.onlineseminarsolutions.com/wcc/r/2189862-1/D4E452E042D56EE78F4F4629DA07686E?partnerref=rss-events |
|
|
Presentation materials to accompany the call will be available at
cnova.com on February 18, 2019. |
|
|
An archive of the conference call will be available for 3 months at
cnova.com. |
|
1 The audit procedures by the statutory auditors
are underway. 2018 financial figures were adjusted for IFRS 16
which replaces IAS 17 and the related interpretations from January
1st, 2019, eliminates the distinction between operating leases and
finance leases: it requires recognition of an asset (the right to
use the leased item) and a financial liability representative of
discounted future rentals for virtually all lease contracts.
Operating lease expense is replaced with depreciation expense
related to the right of use and interest expense related to the
lease liability. Previously, the Group recognized mainly operating
lease expense on a straight-line basis over the term of the lease
and recognized assets and liabilities only to the extent that there
was a timing difference between actual lease payments and the
expense recognized. The Group decided to adopt the full
retrospective approach as a transition method on January 1, 2019
and IFRS 16 has been applied retrospectively for each period
presented.2 Organic growth: figures include showroom sales and
services but exclude (i) technical goods and home category sales
made in Casino Group’shypermarkets and supermarkets (total
exclusion impact of improving by +3.1 pts GMV growth) (ii)
1001Pneus for the first 9 months of 2019 (-1.0 pt)3 Marketplace GMV
shares have been adjusted to take into account coupons and
warranties and exclude CDAV subscription fees. 2018 GMV share has
therefore been adjusted by +0.1pt for comparison purposes.4 EBITDA:
operating profit/(loss) from ordinary activities (EBIT) adjusted
for operating depreciation & amortization and share based
payment expenses.5 Calculated as EBITDA - other cash operating
expenses (taxes and exceptional expenses) - change in working
capital - net capex - €27.0m of repayment and interest on lease
liabilities (IFRS 16)6 Calculated as current financial debt for
€308.1m - cash & cash equivalent for €78.3m - current accounts
with other related parties for €8.3m7 Post-IFRS 16
restatements8 Latest Médiamétrie Study (November 2019)9 Subscriber
base on December 31, 201910 Source: latest Respondi study11 Latest
Médiamétrie Study (November 2019)12 IFRS 16 impact on EBITDA:
+€29.4m in 2019 and +€22.9m in 201813 Net financial expense
includes €7.0m of interest on lease liability14 FCF from continuing
operating activities = EBITDA €79m (+€31m vs 2018) + change in
working capital +€71m (€(65)m vs 2018) - other cash operating
expenses and taxes of €(13)m (+€6m vs 2018) - repayment and
interest on lease liabilities €(27)m (IFRS 16 impact)15 Calculated
as current financial debt for €308.1m - cash & cash equivalent
for €78.3m - current accounts with other related parties for
€8.3m16 According to the latest Respondi study
- 2020 02 18 Cnova FY19 Results ENG
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