Cnova NV - 2020 Full Year Financial Results
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.comTel: +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
- Unaudited financial statements
- 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.
- 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).
- 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”
- 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 ResultsConference 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
- 2021 02 18 Cnova NV PR 2020 Earnings
Cnova NV (EU:CNV)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Cnova NV (EU:CNV)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024