CNOVA N.V. 2020 Second Quarter Activity & First Half Financial
Results
CNOVA N.V.
2020 Second Quarter Activity & First Half Financial
Results
AMSTERDAM, July 23, 2020, 07:45 CEST Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the
“Company”) today announced its second quarter activity and first
half unaudited financial results for 2020.
- GMV: +25% organic growth1 in 2Q20,
reaching €1 billion
- Sustained growth since the end of lockdown confirming the
trend2
- Marketplace contributed more than half (+13.5 pts), direct
sales +6.9 pts
- Soaring marketplace: 46.3% GMV share in 2Q20, +6.2 pts
vs LY
- Fulfillment by Cdiscount: GMV growth +41% in 2Q20
- Total number of SKUs: 71 million (+29%)
- Strong +25% client growth to reach 4.3m in
2Q20
- New clients: +41%
- Record-high 25 million Unique Monthly Visitors in May3
- International: GMV doubles in 2Q20
- 88 connected websites as of end June, x2.5 compared to last
year
- 25 countries available for delivery
- B2B monetization: +23% in 1H20
- Supported by the launch of an AdTech platform
- 1H20 EBITDA: €48 million (+€30 million)
- Gross margin improvement: +2.8 pts at
20.3%
Emmanuel Grenier, Cnova CEO,
commented:
“Throughout the quarter, we experienced a very
strong GMV growth while accelerating the transformation of our
business model. This led to a quicker improvement in
profitability.
Our underlying growth driver was first and
foremost a very dynamic traffic with a record-high 25 million
Unique Monthly visitors in May alone, driving 1 million new clients
to our website throughout the quarter.
The marketplace really took off with almost 40%
growth to reach a record-high 46% GMV share, boosted by the
Fulfillment by Cdiscount service performance while our direct sales
model has shifted towards higher margin categories such as garden,
DIY, sport and daily shop. In addition, free home delivery was
extended, now available for all orders of €25 or more, while our
customer delivery times significantly improved.
More traffic and more clients resulted in
increased monetization. We developed this semester Cdiscount Ads
Retail Solution (CARS), a self-care advertising platform available
for both our sellers and suppliers, already showing promising
results.
We are confident that our evolving business
model combined with the development of our monetization initiatives
will further support our profitable growth strategy.”
Cnova
N.V. |
Second Quarter(1) |
Change |
2020 |
2019 |
Reported |
Organic(2) |
GMV(3) (€
millions) |
1,046.7 |
847.2 |
+23.5% |
+24.8% |
Marketplace share |
46.3% |
40.1% |
+6.2
pts |
Mobile share |
49.6% |
49.0% |
+0.7
pts |
CDAV share(4) |
40.8% |
44.7% |
-3.8
pts |
Net sales (€
millions) |
556.0 |
468.8 |
+18.6% |
+16.9% |
Traffic (visits
in millions) |
315.3 |
235.3 |
+34.0% |
Mobile share |
71.1% |
71.5% |
- 0.4
pts |
Active
customers(5) (millions) |
9.6 |
9.2 |
+5.2% |
Orders(6)
(millions) |
7.6 |
5.9 |
+28.3% |
CDAV share |
41.1% |
44.1% |
-2.9
pts |
Number of items
sold (millions) |
13.4 |
11.1 |
+20.8% |
- All figures are unaudited.
- Organic growth: figures include showroom sales and services but
exclude technical goods and home category sales made in Casino
Group’s hypermarkets and supermarkets, as well as hygienic masks
sold to Groupe Casino (total exclusion impact of +1.3 pts on GMV
growth).
- GMV (gross merchandise volume) is defined as: all taxes
included, product sales + other revenue + marketplace business
volumes (calculated based on approved and sent orders) + GMV
services.
- CDAV GMV share calculation changed compared to last year
publication. Formula is now calculated as (CDAV GMV – CDAV renewal
GMV) / (Global GMV - CDAV renewal GMV)
- Active customers at the end of June having purchased at least
once through Cdiscount sites and app during the previous 12
months.
- Total placed orders before cancellation due to fraud detection
and/or customer non-payment.
2nd quarter and 1st semester 2020
Highlights
GMV |
2Q20 |
1H20 |
Organic Growth |
+24.8% |
+12.0% |
Organic GMV (gross merchandise
volume) posted a strong +24.8% increase in the 2nd quarter 2020
versus the same period in 2019, driven by the marketplace (+13.5
pts contribution to organic growth) and direct sales (+6.9 pts
contribution).
Marketplace |
2Q20 |
1H20 |
Marketplace total GMV share |
+6.2 pts |
+4.7 pts |
FFM marketplace GMV share |
+1.5 pts |
+3.7 pts |
The marketplace was the driving
force of GMV with a +39% growth in the 2nd quarter 2020.
Marketplace GMV share reached 46.3% in the 2nd quarter 2020, a +6.2
points increase. GMV fulfilled by Cdiscount again experienced a
very high growth of +41% and reached 28.1% of the marketplace
GMV.
Net sales |
2Q20 |
1H20 |
Organic growth |
+16.9% |
+6.2% |
Net sales amounted to €556
million in the 2nd quarter 2020, a +16.9% organic growth compared
to the same period in 2019. The main drivers were the strong
increase in marketplace commissions and the dynamism of direct
sales.
Traffic |
2Q20 |
1H20 |
Mobile growth |
+33.3% |
+17.4% |
Mobile GMV share |
+0.7 pt |
+3.3 pts |
Traffic at Cdiscount totaled
315 million visits in the 2nd quarter 2020, achieving a +34% growth
compared to the same quarter last year. It was boosted by an
improved SEO performance leading to a significant +47% growth of
direct traffic. Regarding Unique Monthly Visitors (UMV), Cdiscount
consolidated its #2 position and narrowed the gap with the leader
by reaching close to 25 million UMV in May, a +25% growth compared
to last year. Mobile GMV share kept growing to reach a 49.6% share
(+0.7 points).
Client growth |
2Q20 |
1H20 |
Total |
+24.9% |
+10.6% |
New |
+41.3% |
+17.8% |
Client growth was very dynamic
this quarter with +25% increase of total clients, boosted by 1
million new client recruitments, a +41% vs last year.
CDAV |
2Q20 |
Subscriber base growth4 |
+10.3% |
Cdiscount’s loyalty program, Cdiscount à
Volonté (“CDAV”), now encompasses 2.2 million members
benefiting from 1.3 million SKUs available for express delivery,
+19% compared to last year.
1st semester financial
performance
Cnova
N.V.(€ millions) |
First semester |
Change |
2020 |
2019 |
Reported |
Organic |
GMV |
1,946.4 |
1,753.6 |
+11.0% |
+12.0% |
Net sales |
1,049.1 |
995.8 |
+5.4% |
+6.2% |
Gross
profit |
212.7 |
174.5 |
+21.9% |
|
Gross margin |
20.3% |
17.5% |
+2.8 pts |
|
SG&A |
(203.2) |
(188.3) |
+7.9% |
|
Operating EBIT |
9.5 |
(13.9) |
+23.4 |
|
EBITDA |
48.4 |
18.1 |
+30.3 |
|
Gross profit was €213 million
in the 1st semester 2020, with an associated gross margin of 20.3%,
a significant +2.8 points improvement compared to 2019. It
benefited from the outstanding marketplace GMV share increase, an
evolution of the product mix towards more recurring and high
margins products along with the development of B2C and B2B
monetization revenues.
SG&A costs amounted to
€(203) million in the 1st semester 2020 and accounted for 19.4% of
net sales, increasing by +0.5 points. Fulfillment costs, at 8.4% of
net sales (+0.2 pt), increased with the full year impact of the
July 2019 opening of a new 60,000 sqm warehouse in Andrézieux to
handle the high heavy product growth. Marketing costs decreased to
3.7% of net sales (-0.2 pt) thanks to the optimized SEO performance
that led to increased free traffic combined with limited offline
media campaigns during the Covid-19 lockdown. Technology &
Content costs progressed at 4.9% of net sales (+0.4 pt) driven by
B2C and B2B monetization activities investments. General &
Administrative expenses remained quite stable at 2.4% of net sales
(+0.1 pt).
As a result, EBITDA experienced
a significant +€30.3 million improvement in the 1st semester 2020
to reach €48.4m. EBITDA benefited from a solid marketplace and
direct sales growth, a strong improvement of the core business
profitability and increased monetization revenues.
Operating EBIT increased by
€23.4m compared to 2019, with depreciation and amortization
increasing by €7.0m due to B2C and B2B monetization activities
investments.
Net financial expense, mainly
related to installment payment solutions offered to customers,
remained quite stable at €(25.2) million.
Net loss from continuing
operations improved by +€18m y-o-y to finish at €(23.8)
million with an adjusted EPS of €(0.07) benefiting from the
profitability improvements.
Free cash flow before financial
expenses amounted to €36 million in the last twelve
months, relying on strong fundamentals:
- Operating profitability increased at a fast pace with a
significant positive EBITDA at €109m, up by +€49m;
- Positive change in working capital of +€55m driven by inventory
rationalization and a positive impact from the growing
marketplace.
Other cash operating expenses and taxes totaled
€(19)m, including €(4)m of Covid-19 impacts
Repayment & interests on lease liabilities
(IFRS16 impact) amounted to €(32)m.
Capital expenditures were up to
€(78)m but decreased as a percentage of GMV, supporting the
implementation costs related to the strategic shift towards the
platform model and monetization initiatives.
Taking into consideration net financial expenses
and others (including discontinued operations), change in net
financial debt amounted to €(18)m during the same period.
Key Business Achievements
Development of the marketplace and its
related services
- Marketplace activity accelerated during the 2nd quarter,
gaining +6.2 points of GMV share, to reach
46.3%.
- Expansion of express delivery eligible marketplace
SKUs is a key driver of growth, customer satisfaction and
CDAV development. Its main contributor is the Fulfillment
by Cdiscount service, which grew quickly with a
+41% GMV increase this quarter, supported by an
extended offering that now encompasses 100,000
SKUs (+57% vs last year).
Expansion of the product
offering
- Following a rising demand for daily shop
products, Cnova increased its existing offer with 2,000
products selected from Casino’s best sellers.
- Cnova affirmed its positioning on the fast-growing market of
second-hand and refurbished goods. After implementing a dedicated
category on the website, Cnova focused on quickly increasing the
offer, with a x2.5 SKUs increase in the assortment
quarter over quarter and a new secondhand offer: clothes, gaming in
partnership with EasyCash and books with Cdiscount Librairie.
Cdiscount à Volonté loyalty program
enhancement
- CDAV program reached 2.2 million members, a
+10% growth compared to last year
- The number of express delivery available SKUs increased by +19%
this quarter compared to last year, to reach 1.3
million at the end of June.
Improved delivery times and
quality
- Free home delivery is now available on all
purchases of €25 or more, leading to a sustained high home delivery
share at 63% in June, +16
pts vs February
- Delivery times improved this semester, with a
reduction of -11%5 of the average delivery time
between February 2020 (before lockdown) and June 2020 (after
lockdown), thanks to a reduced packing time as well as an increased
express delivery share.
- Agrikolis opened 35 new pickup points during
the 2nd quarter, to total 135 at end June 2020, thus improving our
customer proximity. It reached a milestone by delivering the
100,000th package since the launch of the partnership in February
2019.
B2C services showed solid performance
despite Covid-19 negative impact
- Cdiscount Energie experienced a solid
+57% GMV growth this quarter, supported by a very
dynamic recruitment which reached a record-high number in June, to
achieve a +79% subscribers’ base growth at the end
of June compared to last year. In addition, Cnova expanded its
offer by adding to its catalog a 100% green and French energy
offer.
- Cdiscount Mobile achieved in June its best
month in terms of client recruitment since the launch of the offer
and ended the semester with a +50% increase of
customer base which in turn led to a doubling of GMV.
International expansion plan well on
track
- International GMV experienced a significant x2
GMV growth in the second quarter.
- The international platform encompassed 88 directly
connected websites as of end June, x2.5
compared to last year, enabling delivery in 25
countries.
Launch of a new Cdiscount Pro
website
·A new
website dedicated to professional customers was launched this
quarter, already showing promising results. New dedicated services
are now offered such as a Pro Ad agency, Energy as well as a CDAV
Pro loyalty program.
Monetization initiatives well
advanced
- The B2B monetization platform is a rising
pillar of Cnova’s profitable growth. This quarter, Cnova launched
Cdiscount Ads Retail Solution (CARS), its own 100%
self-care advertising platform enabling both sellers and suppliers
to bid to promote their products in the search engine.
- This new platform strongly contributed to the solid
+23% growth of overall B2B monetization this
semester.
Corporate Social Responsibility:
supporting people and the French economy during
Covid-19
- Cnova was also committed in supporting the French economy by:
- Being a lead B2B masks supplier, with
40m masks provided to SMEs, professionals and
public institutions with the support of the French government.
- Maintaining French SMEs activity, with the
implementation of a simplified marketplace enrollment along with a
6-month free offer
- Cnova helped the people impacted by Covid-19 through several
actions, among them:
- Donations: more than 60k
masks as well as home appliances (kettles, microwaves, …) for
nursing staff, in addition to 1k tablets for hospitals and nursing
homes
- Logistic and supply support for the shipment
of close to 10,000 tablets to isolated people
across all France
Outlook
Confirmed by the sound first semester
performance, profitable growth at the heart of
Cnova’s strategy will be further developed around three main
pillars:
- Fast expansion of the marketplace, supported
by the strong growth of Fulfillment by Cdiscount
- Increased B2B revenues monetization driven by
the development of our digital marketing platform and new B2B
offers
- International expansion leveraging our
products catalog and technology
***
Cnova publishes today on its website, Thursday July, 23th, its
2020 semi-annual report.
***About Cnova N.V.
Cnova N.V., one of France’s leading e-Commerce
companies in France, serves 9.6 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.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 |
|
2020 |
2019 |
|
|
2020 |
2019 |
Net sales |
|
1049.1 |
995.8 |
+5.4% |
|
1049.1 |
995.8 |
Cost of sales |
|
(836.4) |
(821.4) |
+1.8% |
|
(836.4) |
(821.4) |
Gross profit |
|
212.7 |
174.5 |
+21.9% |
|
212.7 |
174.5 |
% of net sales (Gross margin) |
|
20.3% |
17.5% |
|
|
20.3% |
17.5% |
SG&A(2) |
|
(203.2) |
(188.3) |
+7.9% |
|
(205.2) |
(189.3) |
% of net sales |
|
-19.4% |
-18.9% |
|
|
-19.6% |
-19.0% |
Fulfillment |
|
(87.7) |
(81.6) |
+7.5% |
|
(89.6) |
(82.3) |
Marketing |
|
(38.7) |
(39.0) |
-0.7% |
|
(38.7) |
(39.0) |
Technology and content |
|
(51.9) |
(45.2) |
+14.8% |
|
(52.0) |
(45.3) |
General and administrative |
|
(24.8) |
(22.5) |
+10.5% |
|
(24.8) |
(22.6) |
Operating EBIT(3) |
|
9.5 |
(13.9) |
+23.4 |
|
7.6 |
(14.8) |
% of net sales |
|
0.9% |
-1.4% |
|
|
0.7% |
-1.5% |
Other
expenses |
|
(10.0) |
(4.4) |
+5.6 |
|
(10.1) |
(4.4) |
Operating profit/(loss) |
|
(0.5) |
(18.3) |
+17.8 |
|
(2.5) |
(19.2) |
Net
financial income/(expense) |
|
(25.2) |
(24.0) |
+4.9% |
|
(21.2) |
(21.3) |
Profit/(loss) before tax |
|
(25.7) |
(42.3) |
+16.6 |
|
(23.8) |
(40.5) |
Income tax gain/(expense) |
|
1.9 |
0.1 |
+1.8 |
|
1.5 |
0.1 |
Net profit/(loss) from continuing operations |
|
(23.8) |
(42.2) |
+18.4 |
|
(22.3) |
(40.4) |
Net
profit/(loss) from discontinued operations |
|
0.1 |
(0.3) |
+0.4 |
|
0.1 |
(0.3) |
Net profit/(loss) for the
period |
|
(23.7) |
(42.5) |
+18.8 |
|
(22.2) |
(40.7) |
% of net sales |
|
-2.3% |
-4.3% |
|
|
-2.1% |
-4.1% |
Attributable to Cnova equity holders (incl. discontinued) |
|
(25.2) |
(42.9) |
+17.7 |
|
(23.9) |
(41.4) |
Attributable to non-controlling interests (incl. discontinued) |
|
1.5 |
0.4 |
+1.1 |
|
1.7 |
0.7 |
Adjusted EPS (€)(4) |
|
(0.07) |
(0.11) |
+17.8 |
|
(0.07) |
(0.11) |
- 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
- 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 |
|
2020 |
2019 |
|
2020 |
2019 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
8.8 |
93.6 |
|
8.8 |
93.6 |
|
Trade receivables, net |
|
137.8 |
106.6 |
|
137.8 |
106.6 |
|
Inventories, net |
|
321.9 |
349.0 |
|
321.9 |
349.0 |
|
Current income tax assets |
|
3.5 |
3.5 |
|
3.5 |
3.5 |
|
Other current
assets, net |
|
155.7 |
140.5 |
|
155.7 |
140.5 |
|
Total current assets |
|
627.7 |
693.1 |
|
627.7 |
693.1 |
|
|
|
|
|
|
|
|
|
Other non-current assets, net |
|
11.4 |
12.7 |
|
11.4 |
12.7 |
|
Deferred tax assets |
|
46.4 |
41.2 |
|
42.6 |
41.2 |
|
Right of use, net |
|
156.9 |
162.4 |
|
|
|
|
Property and equipment, net |
|
34.0 |
36.0 |
|
34.0 |
36.0 |
|
Intangible assets, net |
|
192.7 |
158.9 |
|
192.7 |
158.9 |
|
Goodwill |
|
123.0 |
123.0 |
|
124.2 |
124.2 |
|
Total non-current assets |
|
564.3 |
534.2 |
|
404.9 |
373.1 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
1,192.0 |
1,227.4 |
|
1,032.6 |
1,066.2 |
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current provisions |
|
3.6 |
8.8 |
|
3.6 |
8.8 |
|
Trade payables |
|
478.6 |
507.8 |
|
478.6 |
507.8 |
|
Current financial debt |
|
395.6 |
453.1 |
|
395.6 |
453.1 |
|
Current lease liability |
|
31.7 |
27.4 |
|
|
|
|
Current tax liabilities |
|
90.8 |
63.1 |
|
90.8 |
63.1 |
|
Other current liabilities |
|
224.3 |
152.1 |
|
224.9 |
152.7 |
|
Total current liabilities |
|
1,224.6 |
1,212.3 |
|
1,193.4 |
1,185.6 |
|
|
|
|
|
|
|
|
|
Non-current provisions |
|
16.7 |
13.1 |
|
16.7 |
13.1 |
|
Non-current financial debt |
|
0.7 |
2.4 |
|
0.7 |
2.4 |
|
Non-current lease liability |
|
149.7 |
155.4 |
|
|
|
|
Deferred tax liabilities |
|
2.5 |
1.7 |
|
2.5 |
1.7 |
|
Other non-current liabilities |
|
1.7 |
2.0 |
|
11.5 |
12.2 |
|
Total non-current liabilities |
|
171.3 |
174.6 |
|
31.5 |
29.4 |
|
|
|
|
|
|
|
|
|
Share capital |
|
17.2 |
17.2 |
|
17.2 |
17.2 |
|
Reserves, retained earnings and
additional paid-in capital |
|
(290.4) |
(244.0) |
|
(280.4) |
(234.7) |
|
Equity attributable to equity
holders of Cnova |
|
(273.1) |
(226.7) |
|
(263.2) |
(217.4) |
|
Non-controlling interests |
|
69.2 |
67.1 |
|
70.9 |
68.7 |
|
Total equity |
|
(203.9) |
(159.6) |
|
(192.3) |
(148.7) |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,192.0 |
1,227.3 |
|
1,032.6 |
1,066.2 |
|
è Adjusted
for IFRS 16 impact
Consolidated Cash Flow
Statement |
|
Last Twelve Months |
|
Last Six Months |
at June 30 (€ in millions) |
|
2020 |
2019 |
|
2020 |
2019 |
Net profit/(loss) from continuing
operations |
|
(49.0) |
(26.2) |
|
(25.3) |
(42.5) |
Net profit/(loss), attributable to
non-controlling interests |
|
2.0 |
0.5 |
|
1.5 |
0.4 |
Net profit (loss) for the period excl. discontinued
operations |
|
(47.0) |
(25.7) |
|
(23.8) |
(42.2) |
Depreciation and amortization
expense |
|
74.6 |
61.3 |
|
39.2 |
32.6 |
(Income) expenses on share-based
payment plans |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
(Gains) losses on disposal of
non-current assets and impairment of assets |
|
8.0 |
(0.5) |
|
1.3 |
0.1 |
Other non-cash items |
|
0.2 |
(0.3) |
|
(0.0) |
(0.3) |
Financial expense, net |
|
57.7 |
54.8 |
|
25.2 |
24.1 |
Current and deferred tax (gains)
expenses |
|
1.3 |
(37.0) |
|
(1.9) |
(0.1) |
Income tax paid |
|
(2.8) |
(3.2) |
|
(1.3) |
(1.8) |
Change in operating working
capital |
|
53.2 |
22.7 |
|
(113.9) |
(96.5) |
Inventories of products |
|
27.1 |
22.3 |
|
6.7 |
7.1 |
Accounts payable |
|
(27.9) |
7.5 |
|
(181.4) |
(158.5) |
Accounts receivable |
|
(33.8) |
(33.0) |
|
34.7 |
80.9 |
Working capital non-goods |
|
87.8 |
25.9 |
|
26.1 |
(26.0) |
Net cash from/(used in)
continuing operating activities |
|
145.1 |
72.2 |
|
(75.3) |
(84.1) |
Net cash from/(used in) discontinued operating
activities |
|
(2.1) |
(0.3) |
|
(1.9) |
(1.0) |
Purchase of property, equipment &
intangible assets |
|
(87.8) |
(84.2) |
|
(43.1) |
(38.0) |
Purchase of non-current financial
assets |
|
(1.4) |
(2.6) |
|
(0.1) |
(2.4) |
Proceeds from disposal of prop.,
equip., intangible assets |
|
10.3 |
3.9 |
|
5.6 |
3.7 |
Movement of perimeter, net of cash
acquired |
|
(0.9) |
(1.8) |
|
0.0 |
0.0 |
Investments in associates |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Changes in loans granted (including to
related parties ) |
|
(13.3) |
(0.1) |
|
(5.1) |
0.0 |
Net cash from/(used in) continuing investing
activities |
|
(93.2) |
(84.9) |
|
(42.7) |
(36.7) |
Net cash from/(used in)
discontinued investing activities |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Transaction with owners of non-controlling interests |
|
0.0 |
(2.4) |
|
0.0 |
(2.4) |
Changes in loans received |
|
(95.4) |
117.0 |
|
62.9 |
203.4 |
Additions to financial debt |
|
0.0 |
2.3 |
|
0.0 |
3.3 |
Repayments of financial debt |
|
(3.8) |
0.3 |
|
(6.8) |
(7.4) |
Repayments of lease liability |
|
(23.3) |
(16.6) |
|
(11.9) |
(8.6) |
Interest paid on lease liability |
|
(8.3) |
(5.1) |
|
(4.0) |
(2.7) |
Interest paid, net |
|
(49.6) |
(49.3) |
|
(22.3) |
(21.9) |
Net cash from/(used in)
continuing financing activities |
|
(180.4) |
46.1 |
|
18.1 |
163.7 |
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 |
|
(128.4) |
33.4 |
|
(100.0) |
42.9 |
Change in cash and cash equivalents from discontinued
operations |
|
(2.1) |
(0.3) |
|
(1.9) |
(1.0) |
Cash and cash equivalents, net, at period
begin |
|
69.2 |
36.1 |
|
40.6 |
27.3 |
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
(61.3) |
69.2 |
|
(61.3) |
69.2 |
è Excluding IFRS 16 impact
Consolidated Cash Flow
Statement |
|
Last Twelve Months |
|
Last Six Months |
at June 30 (€ in millions) |
|
2020 |
2019 |
|
2020 |
2019 |
Net profit/(loss) from continuing
operations |
|
(48.2) |
(23.2) |
|
(23.9) |
(41.1) |
Net profit/(loss), attributable to
non-controlling interests |
|
2.0 |
0.8 |
|
1.7 |
0.7 |
Net profit (loss) for the period excl. discontinued
operations |
|
(46.2) |
(22.4) |
|
(22.2) |
(40.4) |
Depreciation and amortization
expense |
|
47.1 |
37.9 |
|
25.2 |
20.5 |
(Income) expenses on share-based payment
plans |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
(Gains) losses on disposal of
non-current assets and impairment of assets |
|
8.0 |
(0.5) |
|
1.3 |
0.1 |
Other non-cash items |
|
0.2 |
(0.3) |
|
(0.0) |
(0.3) |
Financial expense, net |
|
49.4 |
49.7 |
|
21.2 |
21.4 |
Current and deferred tax (gains)
expenses |
|
2.9 |
(37.0) |
|
(1.5) |
(0.1) |
Income tax paid |
|
(2.8) |
(3.2) |
|
(1.3) |
(1.8) |
Change in operating working
capital |
|
54.9 |
26.2 |
|
(113.9) |
(94.7) |
Inventories of products |
|
27.1 |
22.3 |
|
6.7 |
7.1 |
Accounts payable |
|
(27.9) |
7.5 |
|
(181.4) |
(158.5) |
Accounts receivable |
|
(33.8) |
(33.0) |
|
34.7 |
80.9 |
Working capital non-goods |
|
89.6 |
29.5 |
|
26.1 |
(24.2) |
Net cash from/(used in)
continuing operating activities |
|
113.4 |
50.4 |
|
(91.2) |
(95.3) |
Net cash from/(used in) discontinued operating
activities |
|
(2.1) |
(0.3) |
|
(1.9) |
(1.0) |
Purchase of property, equipment &
intangible assets |
|
(87.8) |
(84.2) |
|
(43.1) |
(38.0) |
Purchase of non-current financial
assets |
|
(1.4) |
(2.6) |
|
(0.1) |
(2.4) |
Proceeds from disposal of prop., equip.,
intangible assets |
|
10.3 |
3.9 |
|
5.6 |
3.7 |
Movement of perimeter, net of cash
acquired |
|
(0.9) |
(1.8) |
|
0.0 |
0.0 |
Investments in associates |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Changes
in loans granted (including to related parties ) |
|
(13.3) |
(0.1) |
|
(5.1) |
0.0 |
Net cash from/(used in)
continuing investing activities |
|
(93.2) |
(84.9) |
|
(42.7) |
(36.7) |
Net cash from/(used in) discontinued investing
activities |
|
0.0 |
0.0 |
|
0.0 |
0.0 |
Transaction with owners of
non-controlling interests |
|
0.0 |
(2.4) |
|
0.0 |
(2.4) |
Changes in loans received |
|
(95.4) |
117.0 |
|
62.9 |
203.4 |
Additions to financial debt |
|
0.0 |
2.3 |
|
0.0 |
3.3 |
Repayments of financial debt |
|
(3.8) |
0.3 |
|
(6.8) |
(7.4) |
Repayments of lease liability |
|
|
|
|
|
|
Interest paid on lease liability |
|
|
|
|
|
|
Interest paid, net |
|
(49.6) |
(49.3) |
|
(22.3) |
(21.9) |
Net cash from/(used in)
continuing financing activities |
|
(148.8) |
67.9 |
|
33.9 |
174.9 |
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 |
|
(128.5) |
33.4 |
|
(100.0) |
42.9 |
Change in cash and cash equivalents from discontinued
operations |
|
(2.1) |
(0.3) |
|
(1.9) |
(1.0) |
Cash and cash equivalents, net, at period
begin |
|
69.2 |
36.1 |
|
40.6 |
27.3 |
|
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
(61.3) |
69.2 |
|
(61.3) |
69.2 |
Upcoming Event |
|
Thursday, July 23, 2020 at 16:00 CEST / 10:00 EDT |
Cnova First Half 2020 Financial ResultsConference Call &
Webcast |
Conference Call and Webcast connection
details |
|
Conference Call Dial-In Numbers: |
France |
+33 172727403 PIN: 76024282# |
UK |
+442071943759 PIN: 76024282# |
USA |
+1 6467224916 PIN: 76024282# |
|
|
Webcast: |
https://onlinexperiences.com/Launch/QReg/ShowUUID=37427BD9-C9B6-4981-B3BC-7409DCAE98BC |
|
|
An archive of the conference call will be available for 3 months at
cnova.com. |
|
1 Organic growth: figures include showroom sales and services
but exclude technical goods and home category sales made in Casino
Group’s hypermarkets and supermarkets, as well as hygienic masks
sold to Groupe Casino (total exclusion impact of +1.3 pts on GMV
growth).2 GMV product growth from the end of lockdown to 24/06/2020
(start of last year summer sales)3 According to the latest
Mediametrie study (May)4 Subscriber base on 30/06/20205 Figures
only include direct sales and Fulfilled by Cdiscount marketplace
orders
- 2020 07 23 Cnova 1H20 Results ENG
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