We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cnova NV | EU:CNV | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.41 | 2.49 | 2.50 | 2.41 | 2.12 | 2.20 | 1,220 | 16:30:00 |
CNOVA N.V.
2017 First Half Activity and Financial Results
AMSTERDAM, July 25, 2017, 07:45 CEST Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) ("Cnova" or the "Company") today announced its first half 2017 activity and unaudited financial results.
· Traffic: 442 million visits (+11%)
- Best first five month traffic growth (Médiamétrie)
- Mobile share of traffic: 58% (+ 696 bp)
· Active customers: 8.4 million (+10%)
- CDAV subscribers: +103% y-o-y
· GMV: €1,456 million (+10% like-for-like1)
- Mobile share: 36.7% (+ 874 bp)
- Marketplace share: 33.4% (+ 288 bp)
- CDAV share: 30.1% (+1,423 bp)
· Net sales: €882 million (+8% like-for-like)
· Renewed and accelerated market share gains (Gfk): +1.5 points in May and +2.0 points in June
· Cdiscount operating EBIT reflects €8 million higher IT costs
· Strategic realignment plan to stimulate GMV & net sales growth rates
- Increase conversion rate
- Promote repeat business
Key figures € in millions | First Half(2) | Change | ||
2017 | 2016 | Reported | L-F-L(1) | |
GMV | 1,455.6 | 1,370.3 | +6.2% | +10.5% |
Net sales | 882.3 | 857.8 | +2.9% | +7.6% |
Gross profit | 123.2 | 121.5 | +1.3% | |
Gross margin | 14.0% | 14.2% | -21 bp | |
SG&A | (140.2) | (124.8) | +12.3% | |
Operating EBIT | (17.0) | (3.2) | ||
Cdiscount | (13.7) | (1.4) | ||
Net profit/(loss) (from continuing activities) | (43.5) | (35.1) | ||
Adjusted EPS (from continuing activities) | (0.10) | (0.06) |
1st Half 2017 Activity Highlights
Traffic at Cdiscount.com during the 1st half of 2017 grew by 11.5% year-on-year (y-o-y) to 442 million visits. Cdiscount posted the highest progression during the first five months of 2017 among the five main e-retailers in France, in the number of desktop unique monthly visitors, according to Médiamétrie.
The mobile share of traffic increased 696 basis points to 58.1% during the same period. Mobile conversion increased by 15 basis points on a yearly basis.
The number of active customers also continued to climb, reaching 8.4 million at 30 June 2017 (a y-o-y increase of 9.5%).
Membership of Cdiscount à volonté (CDAV), Cdiscount's customer loyalty program doubled y-o-y at the end of June.
Orders totaled 12.2 million during the 1st half of 2017, for a y-o-y increase of 11.4%. CDAV customers accounted for 29% of the 1st half 2017 orders compared to 12% during the same period in 2016.
The number of items sold increased to 23.6 million from 21.6 million during the same period in 2016 (up 9.2%).
GMV (gross merchandise volume) totaled €1,456 million, an increase of 10.5% compared to the same period in 2016 on a like-for-like (l-f-l) basis (1Q17: +7.7%; 2Q17: +11.5%). On a reported basis, GMV rose 6.2% compared to 2016 (1Q17: +5.2%; 2Q17: +7.4%). The mobile share of GMV was up 874 basis points to 36.7%.
The marketplace share of total GMV continued to expand, reaching 33.4% for an increase of 288 basis points. The number of products available increased by 28%. The share of marketplace GMV fulfilled by Cdiscount rose from 5% in June 2016 to 13% in June 2017 while the number of vendors using Cdiscount's fulfillment services doubled y-o-y as at end of June. The quality of our marketplace vendors showed continuous improvement with customer satisfaction up by 14 points on average since the beginning of the 2017 compared to the same period in 2016.
1st Half 2017 Financial Performance
Net sales totaled €882 million in the 1st half 2017, up 7.6% on a l-f-l basis compared to the same period in 2016 (+2.9% on a reported basis). Home furnishings and household appliances accounted for 50% of direct sales, while hi-tech items (AV and smartphones) and IT goods represented 35% of direct sales.
According to Gfk, Cdiscount's Technical Goods (Hi-tech, PCs and Home Appliances) value market share grew by 1.5 and 2.0 points y-o-y, respectively, in May and June 2017.
Gross profit was €123 million with a corresponding margin of 14.0%. The 100 basis point improvement in the 2nd quarter 2017 only partially compensated the 126 basis point decline of the previous quarter.
SG&A costs amounted to €(140) million and were 15.9% of net sales (compared to -€125 million, 14.5% of net sales, during the same period of 2016). The cost of the company's launch of its strategic realignment plan and an increase in promotional advertising during the 2nd quarter of 2017 primarily explain the 50% increase in marketing costs and the 28% rise in T&C expenses. Fulfillment costs reflect the investment made in customer relationship management tools and the initial impact of the expansion in warehouse capacity.
As a result, operating EBIT totaled €(17) million and includes the impact of a €(8) million increase in IT costs at Cdiscount. 1st half 2016 operating EBIT was €(3) million and benefitted from the reversal of a €5 million provision at the holding level that had been booked in conjunction with former operations in Brazil.
The operating loss reported for the 1st half 2017 amounted to €(25) million (compared to an operating loss of -€13 million in 2016).
Net financial expense declined to €(18) million, down from €(19) million during the 1st half of 2016.
Net loss from continuing operations amounted to €(43) million with an adjusted EPS of €(0.10).
Net loss from discontinued operations amounted to €(4) million, and presented an adjusted EPS of €(0.03).
Cash Management:
Free cash flow (last twelve months, or LTM) was €(217) million of which €(212) million from Cdiscount mainly related to the €78 million purchase of Géant and Casino inventories (see below) and the expansion of the product assortment.
Net financial debt position at June 30, 2017 was €(214) million.
2017 Strategic Realignment Plan Update
The strategic realignment plan launched during the 2nd quarter 2017 (SKU expansion, multichannel and delivery enhancements, technological advantages and new marketplace revenue sources) has advanced on several fronts.
SKU expansion:
Multichannel and delivery enhancements:
Technological advantages:
New marketplace revenue sources:
Please refer to the investor presentation at cnova.com for additional details about the strategic realignment plan.
Outlook
Cdiscount's current strategic realignment plan is expected to yield the following results by the end of the 1st quarter of 2018:
***
Cnova will publish on its website today its 2017 semi-annual report.
***
About Cnova N.V.
Cnova N.V., one of the leading e-Commerce companies in France, serves 8.4 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.'s product offering of more than 23 million items provides its clients with a wide variety of very competitively priced goods, several fast and customer-convenient delivery options as well as practical payment solutions. 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@cnova.com Tel: +31 20 795 06 71 | Media contact: directiondelacommunication@cnovagroup.com Tel: +31 20 795 06 76 |
Annexes
Annex A - Cnova First Half Activity
Cnova N.V. | First Half | Change | ||
2017 | 2016 | Reported(1) | L-F-L(2) | |
Traffic (visits in millions) | 441.6 | 396.1 | +11.5% | |
Mobile share | 58.1% | 51.1% | +696 bp | |
Active customers(3) (millions) | 8.4 | 7.7 | +9.5% | |
Orders(4) (millions) | 12.2 | 11.0 | +11.4% | |
CDAV share | 28.8% | 12.1% | +1,672 bp | |
Number of items sold (millions) | 23.6 | 21.6 | +9.2% | |
GMV(5) (millions) | 1,455.6 | 1,370.3 | +6.2% | +10.5% |
Mobile share | 36.7% | 28.0% | +874 bp | |
Marketplace share | 33.4% | 30.5% | +288 bp | |
CDAV share | 30.1% | 15.8% | +1,423 bp |
Annex B - Cdiscount First Half Financial Information
Cdiscount € in millions | First Half | Change | ||
2017 | 2016 | Reported(1) | L-F-L(2) | |
GMV(5) | 1,455.6 | 1,370.3 | +6.2% | +10.5% |
Net sales | 882.3 | 857.8 | +2.9% | +7.6% |
Gross profit | 123.2 | 121.5 | +1.3% | |
Gross margin(6) | 14.0% | 14.2% | -21 bp | |
SG&A(7) | (136.9) | (123.0) | +11.3% | |
Operating EBIT(8) | (13.7) | (1.4) | ||
Operating EBIT margin | -1.6% | -0.2% | ||
Net profit/(loss) from continuing activities | (40.1) | (29.7) | +34.9% |
Annex C - Cnova N.V. (1)
Consolidated Financial Statements
Consolidated Income Statement | First Half | Change | ||
€ in millions | 2017 | 2016 | ||
Net sales | 882.3 | 857.8 | +2.9% | |
Cost of sales | (759.1) | (736.2) | +3.1% | |
Gross profit | 123.2 | 121.5 | +1.3% | |
% of net sales (Gross margin) | 14.0% | 14.2% | ||
SG&A(2) | (140.2) | (124.8) | +12.3% | |
% of net sales | -15.9% | -14.5% | ||
Fulfillment | (66.3) | (63.7) | +4.1% | |
Marketing | (21.4) | (14.2) | +50.4% | |
Technology and content | (33.5) | (26.3) | +27.6% | |
General and administrative | (19.0) | (20.6) | -8.0% | |
Operating EBIT(3) | (17.0) | (3.2) | ||
% of net sales | -1.9% | -0.4% | ||
Other expenses | (7.7) | (9.9) | -21.9% | |
Operating profit/(loss) | (24.7) | (13.1) | n.m | |
Net financial income/(expense) | (17.7) | (19.3) | -8.5% | |
Profit/(loss) before tax | (42.4) | (32.4) | +30.8% | |
Income tax gain/(expense) | (1.1) | (2.8) | n.m | |
Net profit/(loss) from continuing operations | (43.5) | (35.1) | +23.7% | |
Net profit/(loss) from discontinued operations | (3.7) | (133.0) | n.m | |
Net profit/(loss) for the period | (47.2) | (168.2) | n.m | |
% of net sales | -5.3% | -19.6% | ||
Attributable to Cnova equity holders (incl. discontinued) | (47.0) | (162.9) | ||
Attributable to non-controlling interests (incl. discontinued) | (0.2) | (5.2) | ||
Adjusted EPS (€) from continuing operations | (0.10) | (0.06) | ||
Adjusted EPS (€) from discontinued operations (4) | (0.03) | (0.31) | ||
Adjusted EPS (€) | (0.14) | (0.37) |
Consolidated Balance Sheet € in millions | 2017 At June 30 | 2016 At Dec. 31 | 2016 At June 30* | |||
ASSETS | ||||||
Cash and cash equivalents | 16.9 | 15.3 | 174.7 | |||
Trade receivables, net | 67.5 | 91.1 | 138.7 | |||
Inventories, net | 379.4 | 224.8 | 431.5 | |||
Current income tax assets | 1.3 | 1.3 | 1.2 | |||
Other current assets, net | 80.7 | 346.2 | 190.7 | |||
Total current assets | 545.9 | 678.7 | 936.8 | |||
Other non-current assets, net | 4.1 | 4.6 | 58.7 | |||
Deferred tax assets | -- | -- | 11.8 | |||
Property and equipment, net | 17.2 | 15.3 | 38.9 | |||
Intangible assets, net | 79.7 | 71.9 | 120.5 | |||
Goodwill | 56.5 | 56.5 | 458.7 | |||
Total non-current assets | 157.6 | 148.4 | 688.6 | |||
TOTAL ASSETS | 703.5 | 827.1 | 1,625.4 | |||
EQUITY AND LIABILITIES | ||||||
Current provisions | 7.2 | 6.8 | 13.3 | |||
Trade payables | 410.5 | 576.6 | 870.0 | |||
Current financial debt | 231.3 | 93.6 | 458.6 | |||
Current tax liabilities | 26.6 | 46.4 | 43.4 | |||
Other current liabilities | 78.8 | 110.7 | 198.2 | |||
Total current liabilities | 754.4 | 834.1 | 1,583.5 | |||
Non-current provisions | 14.0 | 12.1 | 11.0 | |||
Non-current financial debt | -- | -- | 8.6 | |||
Other non-current liabilities | 3.3 | 2.1 | 20.1 | |||
Total non-current liabilities | 17.3 | 14.2 | 39.7 | |||
Share capital | 17.2 | 17.2 | 22.1 | |||
Reserves, retained earnings and additional paid-in capital | (84.1) | (37.2) | (22.7) | |||
Equity attributable to equity holders of Cnova | (66.9) | (20.0) | (0.7) | |||
Non-controlling interests | (1.4) | (1.2) | 2.8 | |||
Total equity | (68.3) | (21.2) | 2.2 | |||
TOTAL EQUITY AND LIABILITIES | 703.5 | 827.1 | 1,625.4 |
* In accordance with IFRS 5, balance sheet information of prior periods is not adjusted for discontinued activities. As a result, the June 30, 2016 balance sheet is as originally reported and includes Cnova Brazil which was disposed on October 31, 2016.
Consolidated Cash Flow Statement | Last Twelve Months | Last Six Months | ||||
at June 30 (€ in millions) | 2017 | 2016 | 2017 | 2016 | ||
Net profit/(loss) from continuing operations | (74.0) | (81.1) | (43.3) | (34.7) | ||
Net profit/(loss), attributable to non-controlling interests | 0.5 | (0.8) | (0.1) | (0.4) | ||
Net profit (loss) for the period excl. discontinued operations | (73.5) | (82.0) | (43.5) | (35.1) | ||
Depreciation and amortization expense | 22.4 | 20.8 | 12.0 | 10.2 | ||
(Income) expenses on share-based payment plans | -- | 0.2 | -- | 0.1 | ||
(Gains) losses on disposal of non-current assets and impairment of assets | 2.1 | 13.5 | 1.4 | 5.3 | ||
Other non-cash items | -- | 0.5 | -- | 0.5 | ||
Financial expense, net | 30.1 | 29.8 | 18.4 | 19.3 | ||
Current and deferred tax (gains) expenses | 11.2 | 17.6 | 1.1 | 2.8 | ||
Income tax paid | (1.1) | (2.6) | -- | (1.0) | ||
Change in operating working capital | (157.2) | 46.3 | (335.5) | (161.0) | ||
Inventories of products | (145.8) | (11.9) | (154.6) | 10.5 | ||
Accounts payable | (15.4) | 89.9 | (166.3) | (192.4) | ||
Accounts receivable | (7.6) | 11.2 | 23.7 | 66.5 | ||
Working capital non-goods | 11.6 | (43.0) | (38.4) | (45.6) | ||
Net cash from/(used in) continuing operating activities | (166.0) | 44.2 | (346.1) | (158.9) | ||
Net cash from/(used in) discontinued operating activities | (261.7) | (162.5) | (9.5) | (333.2) | ||
Purchase of property, equipment & intangible assets | (50.5) | (34.2) | (21.5) | (15.0) | ||
Purchase of non-current financial assets | (1.4) | (1.2) | -- | (0.7) | ||
Proceeds from disposal of prop., equip., intangible assets | 0.2 | 2.9 | -- | 0.5 | ||
Movement of perimeter, net of cash acquired | 21.0 | 5.6 | -- | -- | ||
Investments in associates | -- | (3.0) | -- | (3.0) | ||
Changes in loans granted (including to related parties ) | 352.4 | (0.2) | 245.9 | -- | ||
Net cash from/(used in) continuing investing activities | 321.6 | (30.1) | 224.4 | (18.2) | ||
Net cash from/(used in) discontinued investing activities | 37.4 | (9.3) | 2.7 | (9.6) | ||
Transaction with owners of non-controlling interests | (0.1) | (5.4) | (0.1) | -- | ||
Additions to financial debt | (1.8) | (5.5) | (1.2) | (6.8) | ||
Repayments of financial debt | (0.6) | (5.4) | 3.0 | (6.6) | ||
Changes in loans received | (315.0) | (52.2) | 155.6 | 195.6 | ||
Interest paid, net | (30.0) | (25.7) | (17.4) | (19.2) | ||
Net cash from/(used in) continuing financing activities | (347.4) | (94.1) | 140.0 | 163.1 | ||
Net cash from/(used in) discontinued financing activities | 35.9 | 80.2 | -- | 101.6 | ||
Effect of changes in foreign currency translation adjustments from discontinued operations | -- | (58.0) | -- | -- | ||
Change in cash and cash equivalents from continuing operations | (191.8) | (138.0) | 18.3 | (14.1) | ||
Change in cash and cash equivalents from discontinued operations | 34.0 | (100.7) | (6.8) | (204.2) | ||
Cash and cash equivalents, net, at period begin | 173.6 | 412.3 | 4.2 | 391.8 | ||
Cash and cash equivalents, net, at period end | 15.8 | 173.6 | 15.8 | 173.6 |
Upcoming Event | |
Tuesday, July 25, 2017 at 16:00 CEST | Cnova First Half 2017 Financial Results Conference Call & Webcast |
Conference Call and Webcast connection details | |
Conference Call Dial-In Numbers: | |
Toll-Free: | |
France | 0 800 912 848 |
UK | 0 800 756 3429 |
USA | 1 877 407 0784 |
Toll: | 1 201 689 8560 |
Conference Call Replay Dial-In Numbers: | |
Toll-Free: | 1 844 512 2921 |
Toll: | 1 412 317 6671 |
Available From: July 25, 2017 at | 13:00 EDT / 19:00 CEST |
To: August 2, 2017 at | 00:00 EDT / 06:00 CEST |
Replay Pin Number: | 13665365 |
Webcast: | |
http://public.viavid.com/index.php?id=125127 | |
Presentation materials to accompany the call will be available at cnova.com on July 25, 2017. | |
An archive of the conference call will be available for a limited time at cnova.com following its conclusion. | |
1 Year Cnova NV Chart |
1 Month Cnova NV Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions