Cnova - 2021 Second Quarter Activity & First Half Financial
Performance
2021 Second Quarter Activity & First
Half Financial Performance
Marketplace, Digital Marketing &
Octopia dynamics drove a robust 2021 first half
performance
Double-digit
marketplace
growth to
€747m in 1H21
(+33% vs 1H19) reaching
46% GMV shareMarketplace revenues
growing fast at
+17% in
1H21 (+39% vs 1H19) to
reach
€199m on
a LTM basis |
Digital Marketing continued
expansion: +44% to
29 million euros in 1H21
(+72% vs
1H19)Octopia more than
tripling first half GMV
in 2 years to 53 million
euros, +60%
y-o-y2021 guidance confirmed: EBITDA target of
€160m |
AMSTERDAM - July 27, 2021, 07:45 CEST Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced
its second quarter activity and first half unaudited financial
results for 2021.
1H21 Highlights
For the first half of 2021, Cnova demonstrated
robust financial performance driven by
solid B2C performance versus a challenging 2020
comparable period. Increasing marketplace GMV
(Gross Merchandise Volume) share, the continued
acceleration of marketplace revenues and digital
marketing as well as Octopia dynamic
growth and commercial ramp-up continue to strengthen the
Group’s profitable business model.
Marketplace performance at the heart of
Cnova’s strategy to achieve profitable growth. The
marketplace grew by +10% in the first half 2021 compared to last
year now representing 46% of GMV share (+4 points), with. Comparing
marketplace performance to first half 2019, GMV CAGR increased +15%
and GMV marketplace share increased by +8 points.
Marketplace
revenues1 grew by +17%
in the first semester, reaching €199m over the
last twelve months (“LTM”).
This growth was supported by the acceleration of
Cdiscount Fulfilment, which represented 35% of marketplace GMV in
the first half 2021, increasing by +5 points y-o-y.
Digital marketing revenues
increased by +44% in the first half 2021 compared
to last year, reinforcing Cnova’s most profitable activity. It was
powered by Cdiscount Ads Retail Solution (CARS), a
100% self-care advertising platform enabling both sellers and
suppliers to promote their products and brands.
Octopia, Cnova's turnkey marketplace
solution for EMEA retailers and e-merchants, showed strong growth
with its solutions now fully operational for commercial
roll-out: historical Products-as-a-Service and
Fulfilment-as-a-Service solutions increased by +60% y-o-y.
Merchant- and Marketplace-as-a-Service solutions benefited from a
strong start with 3 contracts signed and 4 LOIs signed since the
beginning of the year and with many other qualified prospects
identified.
GMV reached nearly €2bn, increasing by
+2% compared to 2020 and +14% vs. 2019. This solid
performance was supported by a very strong first quarter,
delivering a +12% GMV growth and a +34% Marketplace increase. The
second quarter performance demonstrated resilience as compared to
the exceptional second quarter last year, with a -6% decrease in
GMV or -3% when adjusting Q2 2020 for mask sales2. Comparing this
first half of 2021 to H1 2019 performance, GMV Compound Annual
Growth Rate ("CAGR") amounts to +7%.
As a result, and in light of exceptional
circumstances during the second quarter of last year,
EBITDA remains stable at €49m in 1H 2021.
Comparing EBITDA performance to first semester 2019, CAGR reaches
+58% over the last two years driven by +18% CAGR for marketplace
revenues and +31% CAGR for digital marketing.
Emmanuel Grenier, Cnova's CEO, commented:
“Cnova is implementing the transformation of its business model
at a good and steady pace, recording a solid performance in the
first half of 2021. After a very dynamic first quarter, our second
quarter remains robust with all KPIs well-oriented, especially when
considering last-year’s exceptional second quarter. Our strategic
positioning keeps proving to be relevant, generating sustainable
profitable growth fueled by our B2B strategy and digital marketing
activity. Leveraging on our leading ecommerce platform, our clear
ambition is to become a global marketplace ecosystem leader. The
ramp up of Octopia, our unique ready-to-operate marketplace B2B
solution, is growing strong with 3 contracts signed and 4 LOIs
signed in just 6 months paving the way for this growth
strategy.”
Financial
highlights
Financial
performance(€ millions) |
|
2021 1st Half |
2020 1st Half 1 |
Change vs 1H20 |
Change vs 1H19 |
|
Total GMV 2 |
|
1,991 |
1,946 |
+2.3% |
+13.5% |
Ecommerce Platform |
|
1,938 |
1,913 |
+1.3% |
+11.4% |
o/w Direct sales |
|
865 |
906 |
-4.5% |
-4.6% |
o/w Marketplace |
|
747 |
676 |
+10.5% |
+32.8% |
o/w Services 3 |
|
128 |
95 |
+35.2% |
+79.1% |
o/w Other Revenues 4 |
|
198 |
237 |
-16.6% |
-0.1% |
Octopia |
|
53 |
33 |
+60.1% |
+255.5% |
Total Net sales |
|
1,009 |
1,049 |
-3.8% |
+1.4% |
EBITDA 5 |
|
49.4 |
49.6 |
-0.4% |
+148.4% |
% of net sales |
|
4.9% |
4.7% |
+0.2pt |
+2.9pts |
Operating EBIT |
|
6.5 |
10.9 |
-€4.4m |
+€18.4m |
% of
net sales |
|
0.6% |
1.0% |
-0.4pt |
+1.8pts |
Net Financial Results |
|
(24.2) |
(25.2) |
+€1.0m |
-€0.2m |
Net Profit from cont. operations |
|
(19.2) |
(22.4) |
+€3.2m |
+€21.0m |
Free cash flow key
figures(€ millions) |
|
LTM
June 2021 |
LTMJune 20202 |
Change vsLTM June 2020 |
Change vsLTM June 2019 |
|
EBITDA6 |
|
133.1 |
111.8 |
+€21.3m |
+€73.1m |
(-) non-recurring items |
|
(4.6) |
(16.3) |
+€11.7m |
+€2.4m |
(-) rents |
|
(32.1) |
(31.6) |
-€0.5m |
-€6.7m |
Cash from continuing
operations, incl. rents |
|
96.4 |
63.9 |
+€32.5m |
+€68.8m |
Net CAPEX |
|
(87.6) |
(77.2) |
-€10.4m |
-€7.3m |
Change in working capital |
|
(5.9) |
51.0 |
-€56.9m |
-€31.4m |
Income taxes |
|
(8.7) |
(2.9) |
nm |
nm |
FCF continuing operations before Net Financial
Result |
|
(5.8) |
34.9 |
-€40.6m |
+€24.1m |
|
|
|
|
|
|
(Net Financial Debt)/Net Cash |
|
(425.7) |
(373.7) |
-€52.0m |
-€70.2m |
2nd quarter &
1st semester operational
highlights
Operational highlights of the first half of 2021
demonstrate the successful shift towards our marketplace platform
with a GMV share growing at a steady pace over the last two years,
marketplace revenues growing at high double-digit and all
marketplace related KPIs well-oriented.
Business
KPIs |
|
20211st Half |
20201st Half |
Change vs 1H20 |
Change vs 1H19 |
|
Marketplace GMV share8 |
|
46.3% |
42.7% |
+3.6pts |
+8.1pts |
|
Marketplace revenues9 |
|
97.3 |
83.1 |
+17.1% |
+38.9% |
|
Digital
marketing |
|
28.9 |
20.1 |
+43.8% |
+71.6% |
|
Traffic (million visits) |
|
549.9 |
553.7 |
-0.7% |
+12.3% |
|
Number of
Orders (millions) |
|
14.2 |
13.9 |
+2.0% |
+13.7% |
|
o/w Marketplace10 |
|
9.7 |
9.2 |
+4.8% |
+27.4% |
|
Items
sold (millions) |
|
24.2 |
24.8 |
-2.5% |
+4.0% |
|
o/w Marketplace |
|
14.3 |
14.2 |
+0.3% |
+20.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Focus on 2nd
quarter operational highlights
2nd Quarter
GMV |
vs. 2Q20 |
vs. 2Q19 |
Total
Growth |
-6.1% |
+16.2% |
Marketplace Growth |
-6.7% |
+29.9% |
Octopia Growth |
+19.0% |
3x |
Travel
Growth |
x4 |
+8.3% |
Energy
Growth |
+69.7% |
3x |
Despite the exceptional impact of mask sales in
the second quarter 2020, GMV performance remained
robust posting a -6.1% y-o-y decrease but a +16.2%
growth compared to 2019, i.e. a +7.8% CAGR over the last
two years:
-
Adjusted for €34m of non-recurring masks sales to SMEs, Group
Casino and public institutions in the 2nd quarter 2020, 2021
comparable GMV decreased by only -3.0%
-
Supported by the marketplace, which contributed +10.3 points in the
2nd quarter 2021 to 2 years growth, posting a +14.0% CAGR over the
last two years
-
B2C Services was a key contributor to y-o-y growth with 3.8 points
and 4.1 points to 2-years growth. Cdiscount Energy is very dynamic,
growing +69.7% y-o-y while travel is rebounding strongly in the
months of May and June, quadrupling its GMV over the quarter
compared to last year
-
Octopia contributed to close to 2 points to 2nd quarter GMV growth,
tripling its GMV when comparing to the 2nd quarter 2019
Momentum in active
clients11 growth remains strong with a
+6.9% y-o-y increase at the end of the 2nd quarter 2021 and +12.4%
when comparing to active customers at end June 2019. This positive
trend is supported by our TV media campaign that raised Cdiscount’s
brand awareness to 59%12 at the end of June 2021, a +4 points
increase compared to last year.
Cdiscount à Volonté (“CDAV”),
Cdiscount’s loyalty program, now encompasses 2.3 million members
(+6.1% y-o-y growth) benefiting from 2.3 million SKUs available for
express delivery +74% compared to last year.
Clients |
vs. June 20 |
vs. June 19 |
Total clients growth13 |
+6.9% |
+12.4% |
CDAV subscriber base
growth13 |
+6.1% |
+17.1% |
Regarding traffic, Cnova remained solid and
reached 22.0m unique monthly visitors on average in April and May
2021, a +13% growth compared to the 2nd quarter 2019. As a result,
Cnova consolidated its strong #2 position in France, also supported
by a +22.1% growth on mobile over the same period. Traffic
registered a total of 550 million visits during the 2nd quarter of
2021.
Traffic |
vs. 2Q20 |
vs. 2Q19 |
Unique
monthly visitors14 |
-7.4% |
+13.0% |
Marketplace continued to be a key
driving force of the GMV, posting a +14.0% CAGR over the
last 2 years in the 2nd quarter 2021, reaching 47.2% GMV share an
increase of 0.6 point compared to last year but +6.6 points
compared to 2019. It benefited from a growing GMV
fulfilled by Cdiscount which represented on average 35.1% of the
marketplace GMV in the 2nd quarter 2021, a +6.9pts increase
compared to last year.
Marketplace |
vs. 2Q20 |
vs. 2Q19 |
Marketplace GMV share evolution |
+0.6pt |
+6.6pts |
Fulfilment marketplace GMV
share15 |
+6.9pts |
+8.4pts |
Marketplace revenues16
growth |
-3.0% |
+32.7% |
First Half financial
performance
Cnova
N.V. (€ millions) |
1st half
2021 |
1st half
2020* |
Change vs 1H20 |
Change vs 1H19 |
GMV |
1,990.7 |
1,946.3 |
+2.3% |
+13.5% |
Net sales |
1,009.0 |
1,048.8 |
-3.8% |
+1.4% |
Gross
margin |
234.5 |
212.5 |
+10.4% |
+34.6% |
As a % of net sales |
23.2% |
20.3% |
+3.0pts |
+5.7pts |
SG&A |
(228.0) |
(201.6) |
+13.1% |
+22.5% |
As a % of net
sales |
22.6% |
19.2% |
+3.4pts |
+3.9pts |
Operating
EBIT |
6.5 |
10.9 |
-€4.4m |
+€18.4m |
EBITDA |
49.4 |
49.6 |
-0.4% |
+148.4% |
As a % of net
sales |
4.9% |
4.7% |
+0.2pt |
+2.9pts |
Net financial
income / (expense) |
(24.2) |
(25.2) |
+€1.0m |
-€0.2m |
Net profit / (loss) from cont. operations |
(19.2) |
(22.4) |
+€3.2m |
+€21.0m |
*re-presented to consider Haltae (Stootie
operations legal entity) financials reclassified in discontinued
activities
Net sales amounted to €1,009.0m
in the 1st half 2021, a -3.8% decrease compared to 2020. 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. Octopia together with
marketplace revenues & digital marketing brought 3.0 points
contribution to net sales growth in the 1st half 2021.
Gross margin was €234.5m in the
1st half 2021, representing 23.2% of net sales, a significant +3.0
points improvement compared to 2020. It benefited from a strong
marketplace GMV share increase (+3.6 points) and associated
revenues as well as the product mix evolution towards more
recurring and high margin products (+2.7 points GMV share for Home,
DIY & Leisure categories in the 1st half 2021, supported by
marketplace performance with +14.8% growth for these categories),
as well as the development of B2C and B2B monetization revenues, in
particular digital marketing17.
SG&A costs amounted to
€(228)m in the 1st half 2021, representing 22.6% of net sales, a
+3.4 points increase y-o-y. Fulfillment costs, at 8.1% of net sales
(-0.2 point), slightly decreased compared to the same period of
last year as this cost line was significantly impacted in 2020 by
exceptional lockdown circumstances and benefited in the 1st half
2021 from a normalized situation in terms of logistics. Marketing
costs represented 5.2% of net sales (+1.6 point), with such
increase driven by a major TV media campaign launched in 2021
dedicated to the Home category that brought Cdiscount’s brand
awareness up by 4 points y-o-y18. Technology & Content costs
increased at 6.6% of net sales (+1.7 point) mainly impacted by the
acceleration of the product & commercial development of Octopia
solutions. General & Administrative expenses slightly increased
at 2.6% of net sales as head office costs increased to support the
acceleration of the new B2B activities.
As a result,
1st half EBITDA
remained essentially stable at +€49m as compared H1 2020, while
exhibiting a +57.6% CAGR compared to H1 2019, representing 4.9% of
net sales (+0.2 point vs 2020 and +2.9 pts compared to 2019).
EBITDA benefited from a resilient marketplace performance and
increased monetization revenues, mainly due to the high margin
digital marketing segment.
Operating EBIT slightly
decreased by €4m compared to 2020 to reach €6.5m but increased by
€18m when compared to 2019, with depreciation and amortization
increasing by €4m y-o-y mainly due to accelerated investment in
relation to Octopia over the past 12 months.
Net financial expenses, mainly
related to installment payment solutions offered to customers,
amounted to €24m, decreasing by 4% despite GMV growth thanks to
risk management improvement & enhanced scoring algorithms.
Net loss from continuing
operations slightly improved by +€3.2m y-o-y to reach
€(19.2)m but significantly improved compared to 2019 by +€21m.
Free cash flow before financial
expenses amounted to €(6)m in the last twelve months, i.e.
€41m decrease compared to the same period last year:
- Cash from
continuing operations increased by +51%, up +€32.5m to reach
€96.4m, driven by €21.3m EBITDA increase over the last twelve
months
- Improving other
cash operating expenses and taxes by €6m at €(13)m, as last year
was impacted by exceptional Covid-19 expenses
Offset by
- Slightly negative
change in working capital compared to more than a +€50m positive
change in working capital last year as a result of:
- restricted cash for €50.0m,
representing the outstanding amount due to our third-party sellers
(as of June 30, 2021). Cash restriction is due to the European
regulation requesting marketplaces to restrict cash from their
third-party sellers if they require to keep it more than 24 hours
since 2nd half of 2020. On a comparable basis, free cash flow
before financial expenses would have increased by close to
€45m.
- an unfavourable comparable basis
last year as the lockdown led to significant inventory shortage on
direct sales.
- Accelerated capital
expenditures to support Octopia solutions accelerated ramp-up &
product development related to the industrialization of Cdiscount’s
marketplace assets
Business Highlights
Marketplace growing double-digit,
driving up revenues and profitability
- The marketplace gained +4 points of
GMV share in the 1st half 2021 compared to 2020 to reach
46%, thanks to a strong +10% GMV
growth.
- Marketplace
revenues amounted to €97m in the 1st half 2021
growing +17% to reach
€199m over the last twelve months.
- Expansion of express
delivery eligible marketplace SKUs is a key driver of
growth, customer satisfaction and contributes to the development of
our loyalty program, Cdiscount à Volonté (CDAV). It also supports
the product mix re-orientation towards recurring product
categories.
- Fulfilment by
Cdiscount kept growing at a fast pace, with a +5.4 points
increase in marketplace GMV share in the first half 2021 to reach
34.7% on average.
- Cdiscount Express
Seller, launched in 2019 for sellers able
to offer express delivery to CDAV customers, extended its offering
by +88% at end June 2021 compared to last year, to reach 2.0
million eligible SKUs.
Product mix evolution towards recurring
product categories building strong loyalty as well as increased
profitability
- Cnova initiated at the start of
last year a strategic product mix evolution towards Home, DIY &
Leisure. These categories bring higher recurring purchase rates as
well as higher marketplace share and higher margins. Consequently,
the product mix evolution aims at generating more loyalty,
repurchases and profitability. These categories experienced a
+7% GMV growth in the 1st half 2021 vs 2020,
representing a +2.7 points increase of global product GMV.
Marketplace for these categories was even more dynamic with +15%
GMV growth in the 1st half vs last year to reach 62% share (+4.4
points vs N-1).
B2C services high
growth with Cdiscount Voyages
(Travel) rebound in the
2nd quarter
- B2C
services GMV amounted to €128m in the 1st half 2021, up
+35% vs last year with a +107% take-off in the 2nd quarter
alone.
- Cdiscount Voyages
(Travel) experienced a
significant rebound in the
2nd quarter
- Quadrupling of travel GMV in the
2nd quarter 2021 with +160% growth in the month of June
- Flight tickets supported this
performance with x4.6 GMV increase compare to last year in the 2nd
quarter 2021
- Cdiscount Energie
(home energy) GMV grew by +68.5% in the 1st half 2021 vs. 2020,
supported by a strong subscriber growth of +79% compared to last
year
- Cdiscount Mobile
(cell phone plans) activity performed well during the 1st half 2021
with an increase in sales of +38.5% vs. last year
Enhanced customer experience and record
high NPS
- Cnova also carried on its
“say yes to the customer” policy, with
90% positive and immediate answers to Cdiscount à
Volonté customers claims at end of June (+15 points compared to
June last year) and proactive preventive actions to ease customer
journey. The goal is to reach 100% by the end of the year.
- It led to a significant
+5 points
NPS average improvement during the 1st half 2021
(+8 points over 2 years) leading to a record high NPS compared to
the same period last year, through intensified efforts to improve
customer experience before, during and after the sale.
Dynamic digital marketing powered by
Cdiscount Ads Retail Solution
- Digital marketing
revenues increased by +44% in the 1st
half quarter 2021 compared to last year, reinforcing Cnova’s most
profitable activity.
- It was supported by Cnova’s
proprietary solution launched in the 2nd quarter 2020,
Cdiscount Ads Retail Solution (CARS), a 100%
self-care advertising platform enabling both sellers and suppliers
to promote their products and brands. Products sponsored through
this platform grew by
+91% in the 1st
half 2021.
- Cnova also kept adding
complementary digital marketing features to reinforce its offer
- Google Shopping
campaign management for suppliers and marketplace sellers,
benefiting from a x2.1
y-o-y increase in the 1st half 2021.
- Very promising start of
Live shopping offer to our merchants &
suppliers, providing to our customers qualitative
content and live shopping experience with influencers, already
streaming 51 live videos in the 1st half 2021.
- Creation of a new brand,
Cdiscount Advertising, encapsulating all in-house
digital marketing services, for brands and marketplace
sellers.
Octopia is growing fast, establishing
itself as a turnkey marketplace solution for EMEA
retailers and e-merchants
- Cnova’s turnkey marketplace
solution offers 4 modular and ready-to-operate marketplace
services to international retailers and e-merchants with a
+60% growth in the 1st
half to €53m GMV:
-
Products-as-a-Service
to bring products to small/medium websites and marketplaces in
Europe grew +50% in the 1st half 2021. Commercial teams have been
materially reinforced to support this acceleration (x3 staff
increase in the 1st half 2021).
-
Merchants-as-a-Service
to bring sellers to existing marketplaces and
Marketplace-as-a-service
to transform e-commerce websites into marketplaces for its 1st
semester of commercial ramp-up benefits from a promising start with
3 contracts and 4 LOIs signed.
-
Fulfilment-as-a-Service
to bring multi-marketplace fulfilment solutions including
cross-border shipping and warehouse management solution grew more
than +230% in GMV and +130% in parcels, delivering more than 420k
parcels in the 1st half 2021.
- Octopia has launched a concrete
action plan to increase brand awareness and
visibility:
- Implementation of a digital
strategy with a dedicated team
- Octopia has committed to a series
of 7 major events between now and the end of 2021 to develop its
reputation directly with retailers in France, Germany, the UK and
Spain.
C Chez Vous and C-Logistics commercial
acceleration, aiming to become leading transportation &
logistics service providers in Europe
- Launch of the third Exotec
cell (35 robots and 22,000 racks) in Bordeaux region
warehouse of Cestas to support B2B expansion and fulfilment by
Cdiscount.
- C-Logistics aims
at being a leading e-commerce third-party logistics player with
- 13 clients signed for the C Chez
Vous Turnkey transport solution and 6 agreements in principle
- 1 client signed the C-logistics
full service of supply e-commerce operations and 1 agreement in
principle
Cnova, a pioneer of sustainable
logistics
- Already carbon-neutral on
delivery, through actions to reduce our carbon footprint
(3D packaging machines, bulk loading…) and the sequestration of
residual emissions (partnership with the endowment fund Plantons
pour l’Avenir).
- Industrialization of our
partnership with the start-up Hipli, to propose
reusable packaging to our customers before the end
of the year
A long-term commitment to support our
ecosystem
- Support to merchants to
face the sanitary crisis, by extending our program
dedicated to SMEs (free access to our marketplace ; dedicated team)
and by donating €100k to the charity Fonds de Solidarité des
Consommateurs et des Citoyens.
- External study to measure
the socio-economic impact of Cnova: 47k jobs backed in
France (92k in Europe) according to the study led by the B-corp
consulting firm Utopies.
***
Guidance confirmed
- On the back of this solid 1H21
performance, Cnova confirms its 2021 guidance
- The company confirms its objective
to reach an EBITDA of €160m this year, corresponding to a 20%+
increase versus 2020, and c.100% increase versus 2019
***
Cnova publishes today on its website, Tuesday
July, 27th, its 2021 semi-annual report.
***
About Cnova N.V.
Cnova N.V., one of France’s leading e-Commerce
companies in France, serves 10.5 million active customers via its
state-of-the-art website, Cdiscount. Cnova N.V.’s product offering
provides its clients with a wide variety of very competitively
priced goods, fast and customer-convenient delivery options,
practical and innovative payment solutions as well as travel,
entertainment and domestic energy services. Cnova N.V. is part of
Groupe Casino, a global diversified retailer. Cnova N.V.'s news
releases are available at www.cnova.com. Information available on,
or accessible through, the sites referenced above is not part of
this press release.This press release contains regulated
information (gereglementeerde informatie) within the meaning of the
Dutch Financial Supervision Act (Wet op het financieel toezicht)
which must be made publicly available pursuant to Dutch and French
law. This press release is intended for information purposes
only.
***
Cnova Investor Relations
Contact:investor@cnovagroup.com |
Media
contact:directiondelacommunication@cdiscount.comTel: +33 6
18 33 17 86 |
***
Appendices
Cnova N.V. 1st
Half 2021 Consolidated Financial
Statements(1)
Consolidated Income Statement |
|
1st
Half2021 |
1st
Half2020* |
Change |
€ millions |
|
Net sales |
|
1009.0 |
1048.8 |
-3.8% |
Cost of
sales |
|
(774.5) |
(836.4) |
-7.4% |
Gross
margin |
|
234.5 |
212.5 |
+10.4% |
% of net sales |
|
23.2% |
20.3% |
+3.0pts |
SG&A(2) |
|
(228.0) |
(201.6) |
+13.1% |
% of net
sales |
|
-22.6% |
-19.2% |
(3.4)pts |
Fulfillment |
|
(84.6) |
(87.5) |
-3.2% |
Marketing |
|
(51.2) |
(38.5) |
+33.1% |
Technology and
content |
|
(65.7) |
(51.2) |
+28.3% |
General and administrative |
|
(26.4) |
(24.4) |
+8.2% |
Operating
EBIT(3) |
|
6.5 |
10.9 |
€(13.9)m |
% of net sales |
|
0.6% |
1.0% |
(0.4)pts |
Other expenses |
|
0.9 |
(10.0) |
-109.3% |
Operating profit/(loss) |
|
7.4 |
0.9 |
+€6.6m |
Net financial income/(expense) |
|
(24.2) |
(25.2) |
-3.9% |
Profit/(loss) before tax |
|
(16.8) |
(24.3) |
+€7.6m |
Income tax
gain/(expense) |
|
(2.4) |
1.9 |
-224.9% |
Net profit/(loss) from continuing
operations |
|
(19.2) |
(22.4) |
-14.3% |
Net profit/(loss) from discontinued operations(4) |
|
(1.3) |
(1.3) |
+2.4% |
Net
profit/(loss) for the period |
|
(20.5) |
(23.7) |
n.m |
% of net sales |
|
-2.0% |
-2.3% |
+0.2pt |
Attributable
to Cnova equity holders (incl. discontinued) |
|
(20.9) |
(25.2) |
n.m |
Attributable to non-controllinginterests (incl. discontinued) |
|
0.4 |
1.5 |
-74.3% |
Adjusted EPS
(€)(5) |
|
(0.06) |
(0.04) |
|
*re-presented to consider Haltae (Stootie
operations legal entity) financials reclassified in discontinued
activities1) Unaudited financial
statements2) SG&A: Selling, General and
Administrative expenses3) Operating EBIT:
operating profit/(loss) before other expenses (strategic and
restructuring expenses, litigation expenses and impairment and
disposal of assets expenses).4) In accordance with
IFRS5 (Non-current Assets Held for Sale and Discontinued
Operations), HALTAE (formerly Stootie)’s post-tax net profit for
the year ended 31 December 2020 and 2019 are reported under “Net
profit/(loss) from discontinued
operations”5) Adjusted EPS: net profit/(loss)
attributable to equity holders of Cnova before other expenses and
the related tax impacts, divided by the weighted average number of
outstanding ordinary shares of Cnova during the applicable
period.
Consolidated Balance Sheet |
|
2021 |
2020* |
At June 30 (€
millions) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
22.0 |
15.8 |
Trade
receivables, net |
|
123.0 |
167.2 |
Inventories,
net |
|
310.2 |
283.7 |
Current income
tax assets |
|
3.2 |
4.0 |
Other current
assets, net |
|
185.0 |
313.8 |
Total current assets |
|
643.4 |
784.6 |
|
|
|
|
Other
non-current assets, net |
|
9.9 |
11.4 |
Deferred tax
assets |
|
44.5 |
45.1 |
Right of use,
net |
|
139.2 |
149.2 |
Property and
equipment, net |
|
30.0 |
28.5 |
Intangible
assets, net |
|
219.8 |
206.6 |
Goodwill |
|
122.3 |
122.3 |
Total non-current assets |
|
565.7 |
562.9 |
|
|
|
|
Assets held for sale |
|
0.3 |
0.4 |
|
|
|
|
TOTAL ASSETS |
|
1,209.4 |
1,348.0 |
|
|
|
|
EQUITY
AND LIABILITIES |
|
|
|
|
|
|
|
Current
provisions |
|
3.2 |
3.4 |
Trade
payables |
|
504.5 |
658.3 |
Current
financial debt |
|
80.5 |
20.1 |
Current lease
liabilities |
|
31.2 |
30.5 |
Current tax
and social liabilities |
|
87.6 |
83.9 |
Other current
liabilities |
|
193.7 |
248.4 |
Total current liabilities |
|
900.7 |
1044.5 |
|
|
|
|
Non-current
provisions |
|
10.8 |
14.9 |
Non-current
financial debt |
|
381.1 |
340.6 |
Non-current
lease liabilities |
|
135.3 |
145.2 |
Other
non-current liabilities |
|
2.9 |
3.7 |
Deferred tax
liabilities |
|
1.4 |
1.5 |
Total non-current liabilities |
|
531.5 |
505.9 |
|
|
|
|
Liabilities held for sale |
|
0.4 |
0.6 |
|
|
|
|
Share
capital |
|
17.3 |
17.2 |
Reserves,
retained earnings and additional paid-in capital |
|
(310.8) |
(289.9) |
Equity
attributable to equity holders of Cnova |
|
(293.5) |
(272.7) |
Non-controlling interests |
|
70.2 |
69.7 |
Total equity |
|
(223.3) |
(203.0) |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
1,209.4 |
1,348.0 |
*re-presented to consider Haltae (Stootie
operations legal entity) financials reclassified in discontinued
activities
Consolidated Cash Flow Statement |
|
First 6 months2021 |
First 6 months2020* |
(€ millions,
ended June) |
|
Net
profit/(loss) from continuing operations |
|
(19.6) |
(23.9) |
Net
profit/(loss), attributable to non-controlling interests |
|
0.4 |
1.5 |
Net profit (loss) for the period excl. discontinued
operations |
|
(19.2) |
(22.4) |
Depreciation
and amortization expense |
|
42.1 |
39.2 |
(Income)
expenses on share-based payment plans |
|
0.0 |
0.0 |
(Gains) losses
on disposal of non-current assets and impairment of assets |
|
2.1 |
1.1 |
Other non-cash
items |
|
0.0 |
(0.0) |
Financial
expense, net |
|
24.2 |
25.2 |
Current and
deferred tax (gains) expenses |
|
2.4 |
(1.9) |
Income tax
paid |
|
(0.7) |
(1.3) |
Change
in operating working capital |
|
(183.8) |
(114.0) |
Inventories of products |
|
(26.5) |
6.7 |
Accounts payable |
|
(152.4) |
(181.4) |
Accounts receivable |
|
53.5 |
34.7 |
Working capital non-goods |
|
(58.4) |
26.0 |
Net
cash from/(used in) continuing operating activities |
|
(132.8) |
(74.3) |
Net cash from/(used in) discontinued operating
activities |
|
(1.0) |
(3.0) |
Purchase of
property, equipment & intangible assets |
|
(54.3) |
(43.1) |
Purchase of
non-current financial assets |
|
(0.1) |
(0.1) |
Proceeds from
disposal of prop., equip., intangible assets |
|
0.4 |
5.6 |
Movement of
perimeter, net of cash acquired |
|
0.0 |
0.0 |
Investments in
associates |
|
0.0 |
0.0 |
Changes in loans granted (including to related parties ) |
|
129.9 |
(5.1) |
Net
cash from/(used in) continuing investing activities |
|
75.9 |
(42.7) |
Net cash from/(used in) discontinued investing
activities |
|
(0.2) |
0.0 |
Transaction
with owners of non-controlling interests |
|
0.0 |
0.0 |
Changes in
loans received |
|
40.5 |
62.9 |
Additions to
financial debt |
|
6.2 |
0.0 |
Repayments of
financial debt |
|
(4.9) |
(6.8) |
Repayments of
lease liability |
|
(12.6) |
(11.9) |
Interest paid
on lease liability |
|
(4.0) |
(4.0) |
Interest paid, net |
|
(19.6) |
(22.3) |
Net
cash from/(used in) continuing financing activities |
|
5.6 |
18.1 |
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) |
0.0 |
Change
in cash and cash equivalents from continuing
operations |
|
(51.3) |
(98.9) |
Change in cash and cash equivalents from discontinued
operations |
|
(1.2) |
(3.0) |
Cash and cash equivalents, net, at period
begin |
|
9.0 |
40.6 |
|
|
|
|
Cash and cash equivalents, net, at period end |
|
(43.5) |
(61.3) |
*re-presented to consider Haltae (Stootie
operations legal entity) financials reclassified in discontinued
activities
Upcoming Event |
|
Tuesday, July 27, 2021 at 16:00 CEST / 10:00 EDT |
Cnova First Half 2021 Financial ResultsConference Call &
Webcast |
Conference Call and Webcast connection
details |
|
Conference Call Dial-In Numbers: |
France |
+33 172727403 - PIN: 54274737# |
UK |
+44 2071943759 - PIN: 54274737# |
USA |
+1 6467224916 - PIN: 54274737# |
|
|
Webcast: |
https://onlinexperiences.com/Launch/QReg/ShowUUID=E87BE99C-DA42-4DD6-868B-9F6BBE99839D |
|
|
An archive of the conference call will be available for 3 months at
cnova.com. |
|
1 Includes marketplace commissions after price discounts,
marketplace subscription fee, as well as revenues from services to
sellers (marketing services, financial services, etc.)2 2Q20
figures adjusted for COVID-19 hygienic masks sold to SMEs, Group
Casino & public institutions : €34m GMV, €28m Net sales3
Re-presented to consider Haltae (Stootie operations legal entity)
financials reclassified in discontinued activities
4 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
orders5 Including travel, energy, ticketing, beauty6 Including pro,
1001pneus, CB4X revenues, vouchers, fulfilment revenues (excluding
fulfilment revenues from orders outside of Cdiscount.com that are
part of Octopia perimeter) & marketing digital7 Operating
profit/(loss) from ordinary activities (EBIT) adjusted for
operating depreciation & amortization8 Calculated as
marketplace GMV (see p. 2) divided by total product GMV
(Marketplace GMV + Direct sales GMV – see p.2)9 Includes
marketplace commissions after price discounts, marketplace
subscription fee, as well as revenues from services to sellers
(marketing services, financial services, …)10 Mixed baskets
including both marketplace and direct sales products were also
considered as marketplace baskets11 Active clients at the end of
June 2021 having purchased at least once through Cdiscount sites
during the previous 12 months12 Respondi June survey13 Subscriber
base on 31/12/202014 According to latest available Médiamétrie
studies in Q2 (average between April & May)15 Calculated as
Marketplace GMV generated through merchants benefiting from
Cdiscount’s fulfilment services divided by total Marketplace GMV16
Includes marketplace commissions after price discounts, marketplace
subscription fee, as well as revenues from services to sellers
(marketing services, financial services, …)17 Includes both
revenues from marketing services to suppliers and marketing
services to marketplace sellers (the latter being also included in
total marketplace revenues)18 Respondi June survey
Financial
highlights
Financial performance (€ millions)2021 1st Half 2020 1st Half3
Change vs 1H20 Change vs 1H19Total GMV41,991
1,946+2.3%+13.5%Ecommerce Platform1,938 1,913+1.3%+11.4%o/w Direct
sales865 906-4.5%-4.6%o/w Marketplace747 676+10.5%+32.8%o/w
Services5128 95+35.2%+79.1%o/w Other Revenues6198
237-16.6%-0.1%Octopia53 33+60.1%+255.5%Total Net sales1,009
1,049-3.8%+1.4%EBITDA749.4 49.6-0.4%+148.4%% of net sales4.9%
4.7%+0.2pt+2.9ptsOperating EBIT6.5 10.9-€4.4m+€18.4m% of net
sales0.6% 1.0%-0.4pt+1.8ptsNet Financial Results(24.2)
(25.2)+€1.0m-€0.2mNet Profit from cont. operations(19.2)
(22.4)+€3.2m+€21.0m
- Cnova Press Release - Q2 and H1 2021
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