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Cnova NV - 2020 Full Year Financial Results

Cnova N.V.
·27-min read

2020 Full Year Financial Results

Marketplace expansion driving sustained growth and strong profitability increase


Strong increase in profitability with EBITDA up +63% reaching €133m and x3.6 EBIT reaching €53m

Strong +22% growth in marketplace GMV in 2020, accelerating in H2 with +30% orders and +27% items sold

Marketplace revenues growing fast and accelerating: €182m (+23%), +40% in Q4

Positive cash generation and net financial debt reduction

AMSTERDAM – February 18, 2021, 07:45 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its fourth quarter and full year activity and unaudited financial results.

2020 Highlights

In 2020, facing exceptional circumstances marked by increasingly digitalized sales and home delivery, Cnova further strengthened its economic model, growing fast and improving its margins, demonstrating the relevance of its positioning as the French ecommerce leader. The marketplace was at the heart of the profitable growth, growing fast at +22%, now representing 44% of the product GMV (Gross Merchandise Volume), with the number of merchants growing +15% to 13.000, and assortment +33% to 100 million products.

Marketplace expansion contributed to a solid +8.6% performance of the GMV and increase in traffic, which reached a record-high 26 million unique monthly visitors in December. Cdiscount website served more than 10m clients over the year (+12%), with +10% members joining the loyalty program Cdiscount à Volonté.

Cnova operated at the same time a strategic shift in the product mix, accelerating the sales of Home, Leisure and Beauty (+18% GMV on a full year basis) with positive impact on margins and client repurchase rates.

Digital marketing revenues were up +31%, driving profitability. Cnova offers marketing services to both its 1,400 suppliers and 13,000 marketplace sellers, enabling them to promote their products and their brands in order to accelerate their sales.

  • EBITDA soared by +62.5% to €133m and EBIT was multiplied by 3.6x to reach €53m

    • The marketplace revenues went up by +23.1% and reached €182m

    • The strategic product mix move towards Home, Leisure & Beauty brought higher margin

    • Digital marketing services to marketplace sellers and suppliers grew by +31.3%

  • A strong +22% marketplace expansion accelerating in the 2nd half of the year

    • GMV share went up +5.3 pts to 43.6% on a full year basis and accelerated +6.1pts to 44.5% in H2

    • Marketplace KPIs accelerated in the 2nd half of the year with +30.0% orders (+26.1% on a full year basis) and 27.1% items sold (+23.8% on a full year basis)

    • The marketplace sales fulfilled by Cdiscount grew by +26.4% on a full year basis to reach 32.8% of marketplace GMV

  • Positive cash generation

    • Strong free cash flow generation before financial expenses of +€73m

    • It was supported by a strong +€51m EBITDA improvement, a +€64m positive change in working capital and sustained net CAPEX of €71m

    • Net financial debt reduced by €21m

  • A new B2B strategic move with the development in 2020 and the launch in 2021 of a turnkey marketplace solution for retailers and e-merchants

    • Comprehensive solution including products & merchants, technology and fulfilment services

    • Access to 100 million SKUs and 13k merchant base

Financial highlights

Financial performance

(€ millions)

2020
2nd Half

20191
2nd Half

Change vs 2H19

2020
Full year

20191
Full year

Change vs 2019

Total GMV2

2,261

2,146

+5.4%

4,207

3,899

+7.9%

Organic GMV3

2,229

2,106

+5.8%

4,139

3,811

+8.6%

o/w Direct sales

1,038

1,088

-4.7%

1,949

1,999

-2.5%

o/w Marketplace

832

679

+22.6%

1,505

1,237

+21.6%

o/w Services4

99

97

+2.3%

194

169

+15.1%

o/w Other Revenues5

260

242

+7.5%

491

406

+20.9%

Total Net sales

1,176

1,199

-1.9%

2,225

2,194

+1.4%

Organic Net sales

1,150

1,166

-1.4%

2,168

2,121

+2.2%

EBITDA6

83.4

62.2

+34.1%

133.3

82.0

+62.5%

% of net sales

7.1%

5.2%

+1.9pt

6.0%

3.7%

+2.3pt

Operating EBIT

42.2

26.6

+58.6%

53.1

14.7

x3.6

% of net sales

3.6%

2.2%

+1.4pt

2.4%

0.7%

+1.7pt

Net Financial Result

(28.8)

(32.6)

-11.7%

(54.0)

(56.6)

-4.6%

Net Profit

2.3

(22.8)

nm

(21.4)

(65.3)

nm

Free cash flow key figures
(€ millions)

2020
2nd Half

20191
2nd Half

Change vs 2H19

2020
Full year

20191
Full year

Change vs 2019

EBITDA6

83.4

62.2

+34.1%

133.3

82.0

+62.5%

(-) non-recurring items

(1.8)

(5.6)

-67.9%

(12.5)

(9.2)

+35.9%

(-) rents7

(16.1)

(13.1)

+23.3%

(32.0)

(27.0)

+18.3%

Cash from continuing operations, incl. rents

65.5

43.5

+50.4%

88.8

45.8

+93.9%

Net CAPEX

(33.7)

(39.7)

-15.1%

(70.9)

(73.7)

-3.8%

Change in working capital8

167.8

161.7

+3.7%

63.9

70.9

-9.8%

Income taxes

(8.0)

(1.6)

nm

(9.3)

(3.3)

nm

FCF continuing operations before Net Financial Result

192.0

164.0

16.8%

72.6

39.6

+83.1%

(Net Financial Debt)/Net Cash9

(201.0)

(221.5)

+20.5

(201.0)

(221.5)

+20.5

Change in Net Financial Debt

+172.2

+134.1

+38.1

+20.5

(23.1)

+43.6

Emmanuel Grenier, Cnova CEO, commented:

“In 2020, a year marked with exceptional challenges, we managed to serve our 10 million clients with an unlimited offer to cover all their needs, reaching record-high customer satisfaction and strengthening our position as the French ecommerce leader. We were also committed to using our platform to help those in need: SMEs to maintain their activity through our marketplace and distribution of millions of masks. 2020 also confirmed the relevance of our strategic evolution towards a platform model driven by our marketplace, rewarded with a solid and profitable growth. We will push our model evolution further in 2021 with a new development phase. We recently launched a comprehensive, turnkey marketplace solution for international retailers and e-merchants targeting a very deep and increasing EMEA market. With more than 100 million products, a 13,000 merchant base, a complete fulfilment service and best-in-class technology, this is a unique offer that will be a strategic pillar for our international growth and profitability in the years to come.”

Operational highlights

Business KPIs

2020
2nd Half

201910
2nd Half

Change vs 2H19

2020
Full year

201910
Full year

Change vs 2019

Marketplace GMV share11

44.5%

38.4%

+6.1pt

43.6%

38.2%

+5.3pt

Marketplace revenues12

107.0

84.1

+27.2%

181.8

147.7

+23.1%

Traffic (million visits)

607

531

+14.3%

1,169

1,021

+14.5%

Number of Orders (millions)

14.1

16.6

+16.5%

30.4

26.6

+14.1%

o/w Marketplace13

11.1

8.5

+30.0%

20.3

16.1

+26.1%

Items sold (millions)

29.2

26.4

+10.3%

53.9

49.7

+8.5%

o/w Marketplace

16.8

13.2

+27.1%

31.0

25.0

+23.8%

Organic GMV posted a strong +10.2% increase in the 4th quarter 2020 and a solid +8.6% in 2020

GMV

4Q20

FY20

Total Organic Growth

+10.2%

+8.6%

Marketplace Growth

+34%

+22%

International Growth

+90%

> 2x

Energy Growth

+48%

+65%

GMV growth was:

  • driven by the marketplace, which contributed +10.6 points in the 4th quarter 2020 and +7.0 points for the full year. International GMV doubled while B2C services (excluding Travel) also experienced a strong growth

  • boosted by a strategic evolution initiated in the 2nd quarter towards Home, Leisure and Beauty, bringing more repurchase, loyalty and profitability thanks to higher margins

  • negatively impacted by a decreasing Travel market following COVID-19 restrictions, both in France and abroad. Travel activity impacted growth by -1 point

Black Friday, promoting soft and fair trade, broke its previous year record for the 4th consecutive year.

Clients growth was very dynamic in the 4th quarter with a +21% increase of total clients, boosted by 1.2 million new client recruitments (+31% compared to last year). On a full year basis, Cnova client base reached 10.3 million, an increase of +12%.

Cdiscount à Volonté (“CDAV”), Cdiscount’s loyalty program, now encompasses 2.3 million members (+10%) benefiting from 1.5 million SKUs available for express delivery, +23% compared to last year.

Clients

4Q20

FY20

Total clients

+21%

+12%

CDAV subscriber base growth14

+10%

Regarding traffic, Cnova reached a record-high 26.2m unique monthly visitors in December 2020 and remained #2 in France on average over the year, with a 11% growth overall and a +12% growth on mobile. Traffic registered a total of 1.2 billion visits in 2020.

Traffic

4Q20

FY20

Unique monthly visitors15

+9%

+11%

The marketplace was the driving force of GMV with a +34% growth in the 4th quarter 2020 and +22% on a full year basis.

It led to an increased marketplace GMV share, reaching 45.0% in the 4th quarter 2020 (+7.5 points) and 43.6% on a full year basis (+5.3 pts). It benefited from a growing GMV fulfilled by Cdiscount (+24% in the 4th quarter, +26% on a full year basis) that represented 33% of the marketplace GMV over the year.

Marketplace

4Q20

FY20

Marketplace total GMV share16

45.0%

43.6%

Marketplace GMV share evolution

+7.5 pts

+5.3 pts

Fulfilment marketplace GMV share17

+2.2 pts

+1.6 pt

Marketplace revenues18 growth

+40%

+23%

Full Year financial performance

Cnova N.V.
(€ millions)

Full Year

Change

2020

2019*

Reported

Organic

GMV

4,207.4

3,899.2

+7.9%

+8.6%

Net sales

2,224.8

2,194.2

+1.4%

+2.2%

Gross margin

474.0

389.1

+21.8%

As a % of net sales

21.3%

17.7%

+3.6 pts

SG&A

(420.9)

(374.4)

+ 12.4%

As a % of net sales

18.9%

17.1%

+1.9 pt

Operating EBIT

53.1

14.7

+38.4

EBITDA

133.3

82.0

+51.3

As a % of net sales

6.0%

3.7%

+2.3 pts

Net financial income / (expense)

(54.0)

(56.6)

+2.6

Net profit / (loss) from cont. operations

(15.7)

(61.6)

+45.9

*re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities

Net sales amounted to €2,225m in 2020, a +2.2% organic growth compared to 2019. Net sales recorded the impact of the acceleration of the profitable shift of product sales towards marketplace sales, which are only recognized for the amount of the associated commissions.

Gross margin was €474m in 2020 and accounted for 21.3% of net sales, a significant +3.6 points improvement compared to 2019. It benefited from a strong marketplace GMV share increase, the product mix evolution towards more recurring and high margins products, as well as the development of B2C and B2B monetization revenues, in particular digital marketing19.

SG&A costs amounted to €(421)m and accounted for 18.9% of net sales, increasing by +1.9 points. Fulfillment costs, at 8.1% of net sales (+0.6 pt), increased due to the Cdiscount Fulfilment acceleration and the cost related to reducing delivery times through express delivery. Marketing costs represented 3.9% of net sales (+0.2 pt) with optimized SEO performance that led to increased free traffic, partly offsetting increasing media expenses to boost brand awareness. Technology & Content costs progressed at 4.9% of net sales (+0.8 pt) driven by B2C and B2B monetization activities investments. General & Administrative expenses slightly increased at 2.1% of net sales.

As a result, EBITDA experienced a significant +€51m improvement in 2020 to reach €133m, a +63% growth, representing 6.0% of net sales (+2.3 pts). Before IFRS16 restatements, 2020 EBITDA amounted to €101m, nearly x2 compared the year before. EBITDA benefited from a fast marketplace growth, an improvement of the core business profitability and increased monetization revenues.

Operating EBIT increased by €38m compared to 2019, with depreciation and amortization increasing by €12.9m due to B2C and B2B monetization activities investments.

Net financial expenses, mainly related to installment payment solutions offered to customers amounted to €54m, decreasing by 5% despite GMV growth thanks to risk management improvement.

Net loss from continuing operations significantly improved by +€46m y-o-y to reach €(16)m with an adjusted EPS of €(0.02).

Free cash flow before financial expenses amounted to €73m in the last twelve months. This significant increase is relying on strong fundamentals:

  • Operating profitability increased at a fast pace with a significant positive EBITDA at €133m, up by +€51m

  • Positive change in working capital of +€64m driven by inventory rationalization and a positive impact from the growing marketplace

Other cash operating expenses and taxes totaled €(22)m, including €(4)m of Covid-19 impacts.

Repayment & interests on lease liabilities (IFRS16 impact) amounted to €(32)m.

Capital expenditures were up to €(71)m to support the implementation costs related to the strategic shift towards the platform model and monetization initiatives.

Key Business Achievements

Enhanced customer experience and record-high NPS

  • Delivery times improved this year by 0.3 days thanks to the increase in express delivery, the Cdiscount Fulfilment and Cdiscount Express seller assortment enlargement as well as improved marketplace quality control.

  • Cnova also carried on its “say yes to the customer” policy, with now 80% positive and immediate answers to Cdiscount A Volonté customers claims and proactive preventive actions for every abnormal event happening during the customer journey. The goal is to reach 100% in 2021.

  • It led to a significant +3 pts NPS improvement over the year, in line with Cnova’s constant efforts over the past years (+8 pts over 3 years).

Marketplace of products growing double-digit, driving up revenues and profitability

  • Marketplace activity accelerated during the 4th quarter, gaining +7.5 points of GMV share to reach 45.0%, thanks to a strong +34% GMV growth. On a full year basis, it improved by +5.3 points, to 43.6%.

  • In addition to volume growth, revenue generation grew even faster: +40% in the 4th quarter and +23% on a full year basis, reaching €182m.

  • Expansion of express delivery eligible marketplace SKUs is a key driver of growth, customer satisfaction and CDAV development and is determinant to support the product mix re-orientation towards recurring products. CDAV eligible SKUs reached 1.5m20, a +23% growth thanks to Cdiscount Fulfilment and Cdiscount Express Seller assortment enlargement.

Product mix evolution towards recurring products building strong loyalty as well as increased profitability

  • Cnova initiated in the 2nd quarter a strategic product mix evolution towards Home, Leisure and Beauty. These categories bring three major advantages in the product mix: higher recurring purchase rates, marketplace share and margins. As a consequence, the product mix evolution aims at generating more loyalty and repurchase on the one hand, and more profitability on the other hand. These categories (Home, Leisure & Beauty) experienced a strong +29% growth in the 4th quarter (+18% on an annual basis).

  • To support this product mix evolution, Cnova extended free home delivery from March 2020, now available from €25 basket for non-CDAV customers and €10 for CDAV customers

Dynamic digital marketing powered by Cdiscount Ads Retail Solution

  • Digital marketing revenues increased by +42% in the 4th quarter compared to last year, and +31% on a full year basis, reinforcing our more profitable business model.

  • It was supported by Cnova’s proprietary solution launched in the 2nd quarter, Cdiscount Ads Retail Solution (CARS), a 100% self-care advertising platform enabling both sellers and suppliers to promote their products and brands. Cnova also kept building complementary digital marketing features to reinforce its offer, such as the launch of Google Shopping campaign management for suppliers and marketplace sellers.

B2C services showed solid performance despite Covid-19 negative impact on travel

  • B2C services GMV amounted to €194m, up +15% on a full year basis

  • Cdiscount Energie experienced a solid +48% GMV growth this quarter and +65% in on a full year basis, supported by a very dynamic recruitment which reached a record-high number in December (+82% yoy),

  • Cdiscount Mobile achieved in December its best month in terms of client recruitment and ended the year with a +62% increase of customer base.

Fast-expanding international sales

  • International GMV doubled in 2020 compared to the previous year and brought +1.0 point of Cnova total growth.

  • The international platform encompassed 206 directly connected websites as of end December, +47 vs 3Q20, x4 compared to last year, enabling delivery in 27 countries.

Launch of a turnkey marketplace solution for EMEA retailers and e-merchants

  • Developed over 2020 and launched in early 2021, Cdiscount’s turnkey marketplace solution aims at offering 3 modular and ready-to-operate marketplace service to international retailers and e-merchants:

    • Products and merchants: access to our 100m product catalogue and 13,000 merchant base

    • Technology: front-to-back marketplace platform

    • Fulfilment: multi-marketplace fulfilment solution, including cross-border shipping and warehouse management solution

  • Cnova is the only player on the market to fully handle these 3 assets, at a large scale, thus offering a unique value proposition to address a huge EMEA e-commerce market

    • First major EMEA client signed beginning of 2021

Outlook

Next year, Cnova plans to accelerate its investments in order to further grow at a good pace while continuing its strategic evolution towards a platform model, improving its profitability and cash generation, with 4 clear strategic priorities:

  • Growing the marketplace by further developing the Cdiscount Fulfilment and Cdiscount Express Seller assortments driving accelerated delivery time and customer satisfaction, translating into more marketplace revenues through commissions but also services to sellers

  • Pursuing the product mix evolution towards Home, Leisure and Beauty to further improve repeat purchase rates, loyalty and profitability

  • Accelerating digital marketing revenues by recruiting more suppliers and marketplace sellers and offering them more features

  • Rolling-out Cdiscount’s unique marketplace turnkey solution targeting EMEA market

About Cnova N.V.

Cnova N.V., the French ecommerce leader, serves 10.3 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 6 18 33 17 86


Appendices

Cnova N.V. Consolidated Financial Statements(1)

Consolidated Income Statement

2020

2019*

Change

Excl. IFRS 16 impact(2)

€ millions

2020

2019*

Net sales

2,224.8

2,194.2

+1.4%

2,224.8

2,194.2

Cost of sales

(1,750.8)

(1,805.1)

-3.0%

(1,750.8)

(1,805.1)

Gross margin

474.0

389.1

+21.8%

474.0

389.1

% of net sales

21.3%

17.7%

+3.6 pts

21.3%

17.7%

SG&A(3)

(420.9)

(374.4)

+12.4%

(425.0)

(377.1)

% of net sales

-18.9%

-17.1%

+1.9 pt

-19.1%

-17.2%

Fulfillment

(179.2)

(163.4)

+9.7%

(182.9)

(165.6)

Marketing

(87.0)

(81.5)

+6.8%

(87.0)

(81.5)

Technology and content

(108.6)

(90.3)

+20.3%

(108.8)

(90.5)

General and administrative

(46.0)

(39.2)

+17.3%

(46.2)

(39.5)

Operating EBIT(4)

53.1

14.7

+38.4

49.0

12.0

% of net sales

2.4%

0.7%

+1.7 pt

2.2%

0.5%

Other expenses

(12.3)

(16.5)

-25.5%

(12.4)

(16.5)

Operating profit/(loss)

40.8

(1.9)

+42.7

36.6

(4.5)

Net financial income/(expense)

(54.0)

(56.6)

-4.6%

(46.0)

(49.6)

Profit/(loss) before tax

(13.2)

(58.5)

+45.2

(9.4)

(54.1)

Income tax gain/(expense)

(2.5)

(3.1)

+0.6

(3.3)

(6.4)

Net profit/(loss) from
continuing operations

(15.7)

(61.6)

+45.9

(12.7)

(60.6)

Net profit/(loss) from
discontinued operations(5)

(5.7)

(3.6)

-2.1

(5.7)

(3.7)

Net profit/(loss) for the period

(21.4)

(65.3)

+43.9

(18.5)

(64.3)

% of net sales

-1.0%

-3.0%

-0.8%

-2.9%

Attributable to Cnova equity
holders (incl. discontinued)

(23.4)

(67.2)

+43.8

(20.9)

(65.3)

Attributable to non-controlling
interests (incl. discontinued)

2.0

0.8

+1.2

2.4

1.0

Adjusted EPS (€)(5)

(0.02)

(0.14)

+0.12

(0.01)

(0.14)

*re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities

  1. Unaudited financial statements

  2. 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. Figures before IFRS 16 impact, considering operating lease expense on a straight-line basis, are presented for comparison purpose only with historical financial statements.

  3. SG&A: selling, general and administrative expenses.

  4. Operating EBIT: operating profit/(loss) before other expenses (strategic and restructuring expenses, litigation expenses and impairment and disposal of assets expenses).

  5. In accordance with IFRS5 (Non-current Assets Held for Sale and Discontinued Operations), HALTAE (formerly Stootie)’s post-tax net profit for the year ended 31 December 2020 and 2019 are reported under “Net profit/(loss) from discontinued operations”

  6. 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

2020

2019*

Excl. IFRS 16 impact

At December 31 (€ millions)

2020

2019*

ASSETS

Cash and cash equivalents

15.8

78.3

15.8

78.3

Trade receivables, net

167.2

163.8

167.2

163.8

Inventories, net

283.7

328.6

283.7

328.6

Current income tax assets

4.0

4.1

4.0

4.1

Other current assets, net

313.8

150.5

313.8

150.5

Total current assets

784.6

725.3

784.6

725.3

Other non-current assets, net

11.4

14.6

11.4

14.6

Deferred tax assets

45.1

41.7

40.8

38.3

Right of use, net

149.2

174.3

Property and equipment, net

28.5

32.8

28.5

32.8

Intangible assets, net

206.6

179.4

206.6

179.4

Goodwill

122.3

123.0

123.6

124.2

Total non-current assets

562.9

565.7

410.9

389.3

TOTAL ASSETS

1,348.0

1,291.0

1,195.7

1,114.6

EQUITY AND LIABILITIES

Current provisions

3.4

9.3

3.4

9.3

Trade payables

658.3

665.7

658.3

665.7

Current financial debt

20.1

308.1

20.1

308.1

Current lease liabilities

30.5

31.3

Current tax liabilities

83.9

55.0

83.9

55.0

Other current liabilities

248.4

216.5

249.6

217.1

Total current liabilities

1,044.5

1,285.8

1,015.3

1,255.2

Non-current provisions

14.9

16.0

14.9

16.0

Non-current financial debt

340.6

2.4

340.6

2.4

Non-current lease liabilities

145.2

165.6

Other non-current liabilities

3.7

2.5

14.2

12.3

Deferred tax liabilities

1.5

1.8

1.5

1.8

Total non-current liabilities

505.9

188.3

371.2

32.5

Share capital

17.2

17.2

17.2

17.2

Reserves, retained earnings and additional paid-in capital

(289.9)

(268.0)

(278.8)

(259.3)

Equity attributable to equity holders of Cnova

(272.7)

(250.8)

(261.5)

(242.1)

Non-controlling interests

69.7

67.7

71.6

69.1

Total equity

(203.0)

(183.1)

(190.0)

(173.0)

TOTAL EQUITY AND LIABILITIES

1,348.0

1,291.0

1,195.7

1,114.6

*re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities

Consolidated Cash Flow Statement

2020

2019*

(€ millions)

Net profit/(loss) from continuing operations

(17.7)

(62.5)

Net profit/(loss), attributable to non-controlling interests

2.0

0.9

Net profit (loss) for the period excl. discontinued operations

(15.7)

(61.6)

Depreciation and amortization expense

80.3

67.8

(Income) expenses on share-based payment plans

0.0

0.0

(Gains) losses on disposal of non-current assets and impairment of assets

3.9

6.8

Other non-cash items

(0.1)

(0.0)

Financial expense, net

54.0

56.6

Current and deferred tax (gains) expenses

2.4

3.1

Income tax paid

(9.3)

(3.3)

Change in operating working capital

59.7

71.0

Inventories of products

44.8

27.5

Accounts payable

0.4

(5.1)

Accounts receivable

10.6

12.4

Working capital non-goods

3.8

36.1

Net cash from/(used in) continuing operating activities

175.4

140.2

Net cash from/(used in) discontinued operating activities

(5.2)

(5.0)

Purchase of property, equipment & intangible assets

(80.3)

(82.0)

Purchase of non-current financial assets

(0.0)

(3.7)

Proceeds from disposal of prop., equip., intangible assets

9.5

8.3

Movement of perimeter, net of cash acquired

-

(0.9)

Investments in associates

-

-

Changes in loans granted (including to related parties )

(134.9)

(8.2)

Net cash from/(used in) continuing investing activities

(205.8)

(86.4)

Net cash from/(used in) discontinued investing activities

(0.6)

(0.8)

Transaction with owners of non-controlling interests

-

(2.4)

Changes in loans received

-

45.0

Additions to financial debt

120.0

1.9

Repayments of financial debt

(40.3)

(3.1)

Repayments of lease liability

(24.0)

(20.0)

Interest paid on lease liability

(8.0)

(7.0)

Interest paid, net

(43.1)

(49.2)

Net cash from/(used in) continuing financing activities

(4.7)

(34.8)

Net cash from/(used in) discontinued financing activities

0.0

0.0

Effect of changes in foreign currency translation adjustments from discontinued operations

(0.0)

-

Change in cash and cash equivalents from continuing operations

(25.7)

19.2

Change in cash and cash equivalents from discontinued operations

(5.9)

(5.9)

Cash and cash equivalents, net, at period begin

40.6

27.3

Cash and cash equivalents, net, at period end

9.0

40.6

*re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities

è Excluding IFRS 16 impact

Consolidated Cash Flow Statement

Excluding IFRS 16 impact

(€ millions)

2020

2019*

Net profit/(loss) from continuing operations

(15.2)

(61.6)

Net profit/(loss), attributable to non-controlling interests

2.4

1.0

Net profit (loss) for the period excl. discontinued operations

(12.7)

(60.6)

Depreciation and amortization expense

52.5

42.0

(Income) expenses on share-based payment plans

0.0

0.0

(Gains) losses on disposal of non-current assets and impairment of assets

3.9

6.8

Other non-cash items

(0.1)

(0.0)

Financial expense, net

46.0

49.6

Current and deferred tax (gains) expenses

3.3

6.4

Income tax paid

(9.3)

(3.3)

Change in operating working capital

59.7

72.4

Inventories of products

44.8

27.5

Accounts payable

0.4

(5.1)

Accounts receivable

10.6

12.4

Working capital non-goods

3.8

37.6

Net cash from/(used in) continuing operating activities

143.4

113.3

Net cash from/(used in) discontinued operating activities

(5.2)

(5.1)

Purchase of property, equipment & intangible assets

(80.3)

(82.0)

Purchase of non-current financial assets

(0.0)

(3.7)

Proceeds from disposal of prop., equip., intangible assets

9.5

8.3

Movement of perimeter, net of cash acquired

-

(0.9)

Investments in associates

-

-

Changes in loans granted (including to related parties )

(134.9)

(8.2)

Net cash from/(used in) continuing investing activities

(205.8)

(86.4)

Net cash from/(used in) discontinued investing activities

(0.6)

(0.8)

Transaction with owners of non-controlling interests

-

(2.4)

Changes in loans received

-

45.0

Additions to financial debt

120.0

1.9

Repayments of financial debt

(40.3)

(3.1)

Repayments of lease liability

-

-

Interest paid on lease liability

-

-

Interest paid, net

(43.1)

(49.2)

Net cash from/(used in) continuing financing activities

36.6

(7.7)

Net cash from/(used in) discontinued financing activities

0.0

0.0

Effect of changes in foreign currency translation adjustments from discontinued operations

(0.0)

-

Change in cash and cash equivalents from continuing operations

(25.7)

19.2

Change in cash and cash equivalents from discontinued operations

(5.9)

(5.9)

Cash and cash equivalents, net, at period begin

40.6

27.3

Cash and cash equivalents, net, at period end

9.0

40.6

*re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities




Upcoming Event

Thursday, February 18, 2021
at 16:00 CET / 10:00 EDT

Cnova Full Year 2020 Financial Results
Conference Call & Webcast


Conference Call and Webcast connection details


Conference Call Dial-In Numbers:

France

+33170710159 PIN: 68611031#

UK

+442071943759 PIN: 68611031#

USA

+1 6467224916 PIN: 68611031#

Webcast:

https://onlinexperiences.com/Launch/QReg/ShowUUID=A2B8A253-8320-4A8C-BBBE-7C3EC1DF7A34

An archive of the conference call will be available for 3 months at cnova.com.




1 Re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities


2 Gross merchandise volume (GMV) is defined as product sales + other revenues + marketplace business volumes + services GMV + taxes and is calculated based on approved and sent orders


3 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 respectively +0.1 pt and +0.7 pt GMV growth in 4Q20 and 2020).


4 Including travel, energy, ticketing, beauty


5 Including pro, international, 1001pneus, CB4X revenues, vouchers, fulfilment revenues & marketing digital


6 Operating profit/(loss) from ordinary activities (EBIT) adjusted for operating depreciation & amortization


7 Including rental expense, i.e. repayments of lease liabilities and interest paid on lease liabilities


8 Including other non-cash items & items bridging income statement non-recurring items to cash non-recurring items


9 Net financial debt excluding Neosys Put for €2.4m at end 2019 and €0.7m at end June and end December 2020


10 Re-presented to take into account Haltae (Stootie operations legal entity) financials reclassified in discontinued activities


11 Calculated as marketplace GMV (see p. 2) divided by total product GMV (marketplace GMV + Direct sales GMV – see p.2)


12 Includes marketplace commissions after price discounts, marketplace subscription fee, as well as revenues from services to sellers (marketing services, financial services, …)


13 Mixed baskets including both marketplace and direct sales products were also considered as marketplace baskets


14 Subscriber base on 31/12/2020


15 According to latest Médiamétrie studies (December 2020)


16 Calculated as Marketplace GMV (see p. 2) divided by total product GMV (Marketplace GMV + Direct sales GMV – see p.2)


17 Calculated as Marketplace GMV generated through merchants benefiting from Cdiscount’s fulfilment services divided by total Marketplace GMV


18 Includes marketplace commissions after price discounts, marketplace subscription fee, as well as revenues from services to sellers (marketing services, financial services, …)


19 Includes both revenues from marketing services to suppliers and marketing services to marketplace sellers (the latter being also included in total marketplace revenues)


20 At end December 2020



Attachment