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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.
Full Year 2022 results & 4th quarter activitySwift start in 2022 of Cnova’s transformation
With strong platform revenues, Cnova reinforces its shift towards a profitable model:
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AMSTERDAM - February 22, 2023, 7:45 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its fourth quarter 2022 activity and full-year unaudited financial results for 2022.
During 2022, Cnova’s first priority was the continuous development of its marketplace and advertising services in a persistent context of macro-economic uncertainties and disruptions, while recalibrating its cost structure to preserve cash and improve profitability. 2022 also confirmed the relevant positioning of its B2B business model with the commercial acceleration of Octopia and C-logistics. This mix evolution towards more platform revenues has driven Cnova’s gross margin up by more than 5pts over the last 3 years to 23.2% of net sales.
Marketplace GMV, after reaching more than 50% of product GMV for the first time in the 2nd quarter of 2022, continues on its positive trend and now represents 54% of GMV in the 4th quarter (+9pts vs. last year) with a nearly stable GMV (-2%) in a receding French ecommerce market. In January and February 2023, marketplace continues to be dynamic with record high GMV shares of more than 60% for several days. Over the last 5 years, marketplace has been growing at an annual rate of +7% supporting Cnova’s first strategic pillar with a GMV share increasing by +18pts up to 52%.This marketplace development has been supported by a sharp increase in customer satisfaction measured by the NPS which grew by +3pts compared to 2021 and +14 pts compared to 2019, narrowing the gap with the direct sales customer satisfaction by 4pts since 2019. The primary lever of this improvement has been the constant enhancement in marketplace delivery services: Fulfilment by Cdiscount and Cdiscount Express Seller orders now cover more than half of marketplace GMV (+20 pts between 2019 and 2022).Advertising services revenues reached €71m in the Full Year 2022, growing +5% compared to 2021 supported by the traction of our proprietary advertising bidding platform which grew by +29% yoy now representing two thirds of advertising services revenues.Overall GMV decreased by -15% in the Full Year 2022 on a comparable basis impacted by the direct sales rationalization (-27%) to focus on products generating more profit and cash. As part of this voluntary strategic move, direct sales inventories nearly halved at end 2022 compared to last year end (+€112m positive impact on working capital).Long-term value creation through B2B activities development: Octopia signed 14 new clients in 2022 to reach a total of 26 clients at year-end of 2022 out of which 17 clients are already live on the platform. C-logistics signed 3 new clients in 2022 to reach 4 clients at year-end for its end-to-end third-party logistic solution and has already successfully launched 3 of them.In Q2 2022, Cnova launched an Efficiency Plan to swiftly recalibrate its cost structure & capex level to the current volume of activity with a €75m savings target on a full-year basis by the end of 2023.This efficiency plan already generated €47m of savings of OPEX and CAPEX in 2022 compared to 2021, overperforming the July 28, 2022 savings guidance by +€17m.Thanks to those initiatives, Cnova was able to protect profitability and cash with an EBITDA of €52m and a positive free cash flow before financial interests of +€15m for the Full Year 2022, an improvement of +€94m compared to last year.
Thomas Métivier, Cnova's CEO, commented:
“In 2022, Cnova proved its ability to quicky adapt to macro-economic disruptions by focusing on our marketplace and advertising services while reducing our cost structure with decisions taken as early as Q1. In 2023, we will accelerate the pace of this transformation, focusing on strengthening our profitability, growing our marketplace while leveraging on advertising services and on the commercial success of Octopia and C-Logistics’ solutions. All those actions will pave the way for more growth potential and margin expansion in the coming years.”
Financial highlights
Financial performance(€ millions, GMV figures incl. VAT) | 2022Full year | 2021Full year | Change vs. 2021 | |||||||
Reported | L-f-L2 | |||||||||
Total GMV | 3,497.1 | 4,205.5 | (16.8)% | (14.5)% | ||||||
Ecommerce platform | 3,395.9 | 4,095.3 | (17.1)% | (14.7)% | ||||||
o/w Direct sales | 1,340.0 | 1,840.0 | (27.2)% | |||||||
o/w Marketplace | 1,421.0 | 1,517.6 | (6.4)% | |||||||
Marketplace share | 51.5% | 45.2% | +6.3pts | |||||||
o/w Services | 212.1 | 277.8 | (23.7)% | +43.1% | ||||||
o/w Other Revenues | 422.9 | 459.8 | (8.0)% | +1.1% | ||||||
B2B activities | 101.1 | 110.2 | (8.2)% | |||||||
o/w Octopia B2B revenues | 22.6 | 13.6 | +66.4% | |||||||
o/w Octopia Retail & Others | 74.3 | 96.1 | (22.7)% | |||||||
o/w C-Logistics | 4.3 | 0.5 | x8.2 | |||||||
Total Net sales | 1,700.2 | 2,162.5 | (21.4)% | (20.7)% | ||||||
EBITDA3 | 52.0 | 102.7 | (49.4)% | |||||||
% of Net sales | 3.1% | 4.7% | (1.7)pts | |||||||
% of GMV | 1.5% | 2.4% | (1.0)pts | |||||||
Free cash flow figures(€ millions) | Full Year2022 | Full Year2021 | Changevs. 2021 | |||||||
EBITDA3 | 52.0 | 102.7 | (50.7) | |||||||
(-) cash non-recurring items | (11.8) | (8.8) | (3.0) | |||||||
(-) IFRS 16 rents | (35.8) | (34.7) | (1.1) | |||||||
(+/-) Change in working capital | +14.6 | (41.6) | +56.2 | |||||||
(-) Income taxes | (2.5) | (3.6) | +1.1 | |||||||
Cash from continuing operations, incl. rents | 16.5 | 13.9 | +2.6 | |||||||
(-) Net CAPEX | (80.3) | (92.9) | +12.6 | |||||||
(+) Floa & CCV disposals cash in | +79.2 | - | +79.2 | |||||||
FCF continuing operations before cash from financing activities | 15.4 | (79.0) | +94.4 | |||||||
(Net Financial Debt)/Net Cash | (372.5) | (326.5) | (46.1) |
Full year 2022 operational highlights
Operational highlights of the Full Year 2022 confirm the successful shift towards Cnova’s marketplace platform observed since the start of the year with a GMV share increasing by +6.3pts compared to 2021, a sharp acceleration compared to the historical average and dynamic advertising services.
Key business KPIs | 2022Full year | 2021Full year | Changevs. 2021 | ||
Marketplace GMV share | 51.5% | 45.2% | +6.3pt | ||
Marketplace revenues (€m) | 191.4 | 195.8 | (2.2)% | ||
Advertising services (€m) | 71.3 | 67.6 | +5.4% |
Focus on 4th quarter operational highlights
GMV | 4Q22 vs. 21 |
Total like-for-like GMV growth | (16.0)% |
Net sales like-for-like growth | (24.0)% |
Marketplace GMV growth | (2.1)% |
Travel GMV growth | +18.5% |
Facing strong inflation headwinds and a changing macro-economic environment, Cnova overall GMV decreased by -16.0% on a comparable basis:
Cdiscount à Volonté (“CDAV”), Cdiscount’s loyalty program, still encompasses 2.5 million members with a slightly decreasing GMV share of 41.8% during the 4th quarter 2022, benefiting from 2.3 million SKUs available for express delivery, with a Fulfilment by Cdiscount assortment increasing by +16% compared to last year.
Clients in m | at end 22 |
Total clients4 | 8.8 |
CDAV subscriber base4 | 2.5 |
The number of visitors is decreasing by -5.5% during the fourth quarter 2022, with a total of 274.6m visitors during the period, a dynamic aligned with market trend.
With more than 80% of the traffic coming from mobile, Cdiscount.com mitigated market headwinds and maintained its strong #2 position in France according to Médiamétrie5 in the 4th quarter with an improving trend in the 4th when compared to the 3rd quarter.
Cnova’s strategic shift towards the marketplace is accelerating, exceeding the 50% GMV share landmark in a sole quarter – an increase of +9.1 points compared to 2021. Raised quality standards, with NPS up 0.2pts y-o-y to 50 in the 4th quarter, led to this fast-increasing marketplace GMV share this quarter. As part of this strategy, Fulfilment by Cdiscount and Express seller program continued to be very dynamic now representing more than 50% of marketplace GMV in the 4th quarter.
4Q22 | vs. 4Q21 | |
Marketplace GMV share | 54.1% | +9.1pts |
Cdiscount express seller MKP GMV share | 15.1% | +6.5pts |
Fulfilment by Cdiscount MKP GMV share | 36.5% | (4.0)pts |
Total marketplace GMV share eligible to express delivery | 51.6% | +2.5pts |
Full year financial performance
Cnova N.V.(€ millions) | Full Year | Change | |
2022 | 2021 | vs. 2021 | |
GMV | 3,497.1 | 4,205.5 | (16.8)% |
Total Net sales | 1,700.2 | 2,162.5 | (21.4)% |
As a % of GMV | 48.6% | 51.4% | (2.8)pt |
Gross margin | 393.8 | 473.6 | (16.9)% |
As a % of Net sales | 23.2% | 21.9% | +1.3pts |
As a % of GMV | 11.3% | 11.3% | - |
SG&A (excl. D&A) | (341.8) | (371.0) | (7.9)% |
As a % of Net sales | (20.1)% | (17.2)% | (2.9)pts |
As a % of GMV | (9.8)% | (8.8)% | (1.0)pt |
EBITDA | 52.0 | 102.7 | (49.4) |
As a % of Net sales | 3.1% | 4.7% | (1.7)pts |
As a % of GMV | 1.5% | 2.4% | (1.0)pt |
Operating EBIT | (45.8) | 13.1 | (58.9) |
Net financial income / (expense) | (72.5) | (52.8) | (37.3)% |
Net profit / (loss) from cont. operations | (128.0) | (51.3) | (149.5)% |
Net sales amounted to €1,700.2m for the Full Year 2022, a -21.4% decrease compared to 2021. Net sales evolution has been impacted by the improvement of product mix towards the marketplace, whose revenues are just recognized for the amount of associated commissions, with a GMV share increasing by +6.1pts in a year. This product mix improvement has been accelerating in Q4 with GMV marketplace share increasing by +9.1pts.
Gross margin was €393.8m for the Full Year 2022, decreasing by -16.9% compared to 2021 but representing 23.2% of net sales, which represents an improvement compared to 2021 of +1.3pts. Cnova accelerated its shift towards the marketplace: marketplace and Cdiscount advertising together brought more than +2.5pts in gross margin. This increase more than compensated one-off negative impact from destocking initiatives (-0.6pts on gross margin) that contributed to a +€112m positive impact on working capital related to inventory reduction.
SG&A costs excluding depreciation and amortization amounted to €(341.8)m for the Full Year 2022, decreasing by €29.1m thanks to the implementation in early Q2 of an efficiency plan to recalibrate cost structure to current level of activity. This efficiency plan including SG&A and CAPEX savings outperformed the €30m July 28, 2022 guidance by €17m in 2022. Fulfillment costs, at 7.1% of net sales (-0.6 pt vs. 2021), decreasing by €19.1m in value as a result of (i) lower volumes, (ii) efficiency plan on square meter optimization (iii) productivity enhancement and (iv) renegotiations that together offset high inflation headwinds. Marketing costs represented 4.9% of net sales (-0.3 pt vs. 2021), decreasing by €17.7m in value. Cdiscount maintained its acquisition marketing spend proportionally to a lower GMV and benefited from the implementation of the savings plan. Technology & Content costs increased at 3.7% of net sales (+1.7 pts vs. 2021) related to the continuous investment in Octopia’s product and commercial development partly offset by the savings plan that was achieved gradually throughout the second half of the year. General & Administrative represented 2.4% of net sales (-0.3 pt vs. 2021), decreasing by €4.0m in value. Most of the savings incurred in this cost line were concentrated on central costs with a full-year impact expected in 2023.
As a result, FY 2022 EBITDA decreased to +€52.0m representing 3.1% of net sales (-1.7 pts vs. 2021). In a context of significant market headwinds, EBITDA benefited from a resilient marketplace performance and increased revenues from advertising services while heavy destocking initiatives negatively weighted on Direct Sales gross margin. This negative impact on gross margin was partly offset by the positive +€29m impact of the efficiency plan at OPEX level.
Operating EBIT decreased to €(45.8)m representing -2.7% of net sales (-3.3 pts vs. 2021), with depreciation and amortization increasing by €8.1m y-o-y due to growing investment over the past years in new B2B activities especially Octopia’s product developments.
Other non-recurring income / (expenses) amounted to €(4.6)m. Costs related to the efficiency plan and assets impairment was mainly compensated by a positive gain on Floa assets disposal for €14.0m.
Net financial expenses – mainly related to 4-installment payment solutions offered to customers – amounted to €(72.5)m representing -4.3% of net sales (-1.8 pt vs. 2021) an increase of €(19.7)m compared to last year:
Net loss from continuing operations amounted to €(128.0)m, representing -7.5% of net sales (-5.1 pts vs. 2021).
Free cash flow figures(€ millions) | Full Year2022 | Full Year2021 | Changevs. 2021 | ||
EBITDA3 | 52.0 | 102.7 | (50.7) | ||
(-) cash non-recurring items | (11.8) | (8.8) | (3.0) | ||
(-) IFRS 16 rents | (35.8) | (34.7) | (1.1) | ||
(+/-) Change in working capital | +14.6 | (41.6) | +56.2 | ||
(-) Income taxes | (2.5) | (3.6) | +1.1 | ||
Cash from continuing operations, incl. rents | 16.5 | 13.9 | +2.6 | ||
(-) Net CAPEX | (80.3) | (92.9) | +12.6 | ||
(+) Floa & CCV disposals cash in | +79.2 | - | +79.2 | ||
FCF continuing operations before cash from financing activities | 15.4 | (79.0) | +94.4 | ||
(Net Financial Debt)/Net Cash | (372.5) | (326.5) | (46.1) |
Free cash flow from continuing operations before financial expenses amounted to €15.4m during the Full Year 2022, i.e. a +€94.4m increase compared to the Full Year 2021 in a difficult market context where Cnova focused on preserving cash and profitability:
Key Business Achievements
Marketplace growing at a CAGR of +7.4% over the past five years, driving up revenues and profitability
Direct sales performance of technical goods categories benefited from strengthened relations with top 20 national brands, enhanced cash profile but were mainly impacted by high comparison base and adverse market conditions:
B2C Services showed solid performance driven by market recovery and offer expansion
Enhanced customer experience and record high NPS
Dynamic advertising services powered by Cdiscount Ads Retail Solution
Octopia is growing, establishing itself as a turnkey marketplace solution for EMEA retailers and e-merchants
C-Logistics aims to adapt its structure, to develop its B2B activity and support the marketplace fulfilment solution ramp-up
Corporate Social Responsibility
Cnova maintained its CSR strategy to promote access to products and services to as many people as possible, while building a sustainable and inclusive European digital economy, addressing major ecommerce stakes.
To reduce the environmental impact of Cnova offering, Cnova accelerated its actions towards a more sustainable consumption:
Cnova has been continuing implementing solutions to reduce the environmental impact of its logistics for BtoC and BtoB activities:
Cnova pursued as well its social and societal commitment:
Significant events since the end of December
On January 16, 2023, Mr. Thomas Metivier, 35 years old, Engineer of France’s Corps des Mines, replaced Mr. Grenier as Cnova Executive Director and CEO. He has also been appointed CEO of Cdiscount as of this date.
Outlook
In 2023, Cnova will accelerate the pace of its transformation, focusing on strengthening profitability, growing the marketplace while leveraging on advertising services and on the commercial success of Octopia and C-Logistics’ solutions:
In the 2nd quarter 2022, Cnova has launched an Efficiency Plan to swiftly recalibrate its cost structure & capex level with a total of €75m savings target8 on a full-year basis by the end of 2023, representing 15% of the total 2021 SG&A and CAPEX spendings. The Plan, supported by a dedicated transformation team, already brought €47m in 2nd half of the year 2022, ie an overperformance of +€17m compared to the July 28, 2022 guidance.
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 8.8 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.comTel : +33 6 79 74 30 94 | Media contact:directiondelacommunication@cdiscount.comTel: +33 6 18 33 17 86cdiscount@vae-solis.comTel: +33 6 17 76 79 71 |
Appendices
Cnova N.V. Full-year 2022 Consolidated Financial Statements(1)
Consolidated Income Statement | Full Year2022 | Full Year2021* | Change | |
€ millions | ||||
Net sales | 1,700.2 | 2,162.5 | (21.4)% | |
Cost of sales | (1306.4) | (1688.8) | (22.6)% | |
Gross margin | 393.8 | 473.6 | (16.9)% | |
% of net sales | 23.2% | 21.9% | +1.3pts | |
SG&A(2) | (439.6) | (460.5) | (4.6)% | |
% of net sales | (25.9)% | (21.3)% | (4.6pts) | |
Fulfillment | (151.5) | (170.5) | (11.2)% | |
Marketing | (88.2) | (105.9) | (16.7)% | |
Technology and content | (153.8) | (133.6) | +15.2% | |
General and administrative | (46.0) | (50.5) | (8.9)% | |
Operating EBIT(3) | (45.8) | 13.1 | (58.9) | |
% of net sales | (2.7)% | 0.6% | (3.3pts) | |
Other expenses | (4.6) | (6.8) | +2.2 | |
Operating profit/(loss) | (50.3) | 6.3 | (56.6) | |
Net financial income/(expense) | (72.5) | (52.8) | (37.3)% | |
Profit/(loss) before tax | (122.9) | (46.5) | (76.3) | |
Income tax gain/(expense) | (5.2) | (4.8) | +7.9% | |
Net profit/(loss) from continuing operations | (128.0) | (51.3) | (76.7) | |
% of net sales | (7.5)% | (2.4)% | (5.2pts) | |
Net profit/(loss) from discontinued operations(4) | 2.7 | 1.7 | +64.7% | |
Net profit/(loss) for the period | (125.3) | (49.7) | (75.6) | |
% of net sales | (7.4)% | (2.3)% | (5.1pts) | |
Attributable to Cnova equity holders (incl. discontinued) | (125.6) | (51.1) | (74.5) | |
Attributable to non-controllinginterests (incl. discontinued) | +0.3 | +1.4+ | +1.1 | |
Adjusted EPS (€)(5) | (0.36) | (0.15) | (0.21) |
*re-presented to consider CChezVous financials reclassified in discontinued activities and IAS 38 reclassification impact from CAPEX to OPEX on various SAAS development expenditures1) 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 and CChezVous (formerly Stootie)’s post-tax net profit for the year ended 31 December 2022 and 2021 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 | 2022End December | 2021End December | |
(€ millions) | |||
ASSETS | |||
Cash and cash equivalents | 13.7 | 20.4 | |
Trade receivables, net | 83.0 | 150.9 | |
Inventories, net | 145.9 | 302.7 | |
Current income tax assets | 2.9 | 4.0 | |
Other current assets, net | 319.2 | 186.4 | |
Total current assets | 564.6 | 664.4 | |
Other non-current assets, net | 12.6 | 10.6 | |
Deferred tax assets | 42.1 | 43.6 | |
Right of use, net | 115.8 | 138.3 | |
Property and equipment, net | 19.1 | 23.4 | |
Intangible assets, net | 233.2 | 233.0 | |
Goodwill | 60.7 | 122.3 | |
Total non-current assets | 483.7 | 571.2 | |
Assets held for sale | 0.0 | 3.7 | |
TOTAL ASSETS | 1,048.3 | 1,239.4 | |
EQUITY AND LIABILITIES | |||
Current provisions | 9.1 | 4.1 | |
Trade payables | 428.9 | 624.3 | |
Current financial debt | 127.9 | 84.2 | |
Current lease liabilities | 35.8 | 34.0 | |
Current tax and social liabilities | 67.0 | 104.4 | |
Other current liabilities | 210.5 | 216.9 | |
Total current liabilities | 879.2 | 1,067.9 | |
Non-current provisions | 6.0 | 8.8 | |
Non-current financial debt | 414.5 | 280.4 | |
Non-current lease liabilities | 105.3 | 130.8 | |
Other non-current liabilities | 18.1 | 3.1 | |
Deferred tax liabilities | 1.3 | 1.3 | |
Total non-current liabilities | 545.2 | 424.4 | |
Liabilities held for sale | - | - | |
Share capital | 17.3 | 17.3 | |
Reserves, retained earnings and additional paid-in capital | (465.2) | (341.4) | |
Equity attributable to equity holders of Cnova | (448.0) | (324.2) | |
Non-controlling interests | 71.8 | 71.3 | |
Total equity | (376.1) | (252.9) | |
TOTAL EQUITY AND LIABILITIES | 1,048.3 | 1,239.4 |
Consolidated Cash Flow Statement | Full-year2022 | Full-year2021 | |
(€ millions, ended December) | |||
Net profit/(loss) attributable to equity holders of the Parent | (127.7) | (52.0) | |
Net profit/(loss), attributable to non-controlling interests | (0.3) | 0.7 | |
Net profit (loss) for the period excl. discontinued operations | (128.0) | (51.3) | |
Depreciation and amortization expense | 97.8 | 89.0 | |
(Gains) losses on disposal of non-current assets and impairment of assets | (13.4) | 1.8 | |
Other non-cash items | 3.3 | 2.9 | |
Financial expense, net | 72.5 | 52.4 | |
Current and deferred tax (gains) expenses | 5.2 | 4.8 | |
Income tax paid | (2.5) | (3.6) | |
Change in operating working capital | 14.6 | (41.6) | |
Inventories of products | 156.7 | (19.4) | |
Accounts payable | (199.4) | (40.7) | |
Accounts receivable | 79.6 | 32.4 | |
Working capital non-goods | (22.3) | (13.9) | |
Net cash from/(used in) continuing operating activities | 49.5 | 48.6 | |
Net cash from/(used in) discontinued operating activities | 6.0 | 0.6 | |
Purchase of property, equipment & intangible assets | (81.7) | (98.9) | |
Purchase of non-current financial assets | (0.3) | (0.3) | |
Proceeds from disposal of prop., equip., intangible assets | 22.6 | 6.4 | |
Acquisition/disposal of subsidiaries, net of cash acquired | 58.2 | (0.2) | |
Changes in loans granted (including to related parties) | (153.4) | 129.6 | |
Net cash from/(used in) continuing investing activities | (154.5) | 36.7 | |
Net cash from/(used in) discontinued investing activities | 15.2 | (4.5) | |
Increase (decrease) of capital of the holding company | 0.0 | - | |
Dividends paid to the non-controlling interests | (0.0) | (0.0) | |
Additions to financial debt | 170.0 | 5.8 | |
Repayments of financial debt | (58.4) | - | |
Repayments of lease liability | (27.8) | (27.9) | |
Interest paid on lease liability | (7.8) | (6.8) | |
Interest paid, net | (57.3) | (44.4) | |
Net cash from/(used in) continuing financing activities | 18.6 | (73.3) | |
Net cash from/(used in) discontinued financing activities | (6.3) | 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 | (86.4) | 12.0 | |
Change in cash and cash equivalents from discontinued operations | 15.0 | (3.9) | |
Cash and cash equivalents, net, at period begin | 17.1 | 9.0 | |
Cash and cash equivalents, net, at period end | (54.3) | 17.1 |
Upcoming Event | |
Wednesday, February 22, 2023 at 6:00 pm CET / 12:00am EDT | Cnova full-year 2022 Financial ResultsConference Call & Webcast |
Conference Call and Webcast connection details |
Conference Call Dial-In: |
https://register.vevent.com/register/BI363470969f1344aab189223fb600602c |
Webcast: |
https://edge.media-server.com/mmc/p/6odov7ez |
An archive of the webcast will be available for 12 months with the usage of the webcast link |
1 Calculated as revenues (excluding VAT) divided by product GMV (Direct Sales + Marketplace, adjusted for VAT)2 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for 1H21 and 1H223 EBITDA: operating profit/(loss) from ordinary activities (EBIT) adjusted for operating depreciation & amortization of respectively €(89.6)m and €(97.7)m during the full Year 2021 and 20224 Client & subscriber base on 31/12/20225 Average between October, November and December Médiamétrie studies6 i.e., Sponsored products7 Annual recurring revenues8 2023 savings target of July 2022 did not factor the 2023 expected inflation that was still highly uncertain
Attachment
1 Year Cnova NV Chart |
1 Month Cnova NV Chart |
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