Artificial Intelligence
Cnova 2021 Full-year Financial results – Long-term strategy on-track: expansion of marketplace & digital marketing and acceleration of B2B
2021 Full Year Financial Results
Long-term strategy on-track: expansion of marketplace & digital marketing and acceleration of B2B
A solid business performance after an exceptional 2020 with strong improvement of all metrics over 2 years
High growth of loyal and engaged customer base
Strong commercial acceleration of B2B activities
EBITDA reached €109m, +33% vs. 2019 (-18% vs. 2020) with strong investment in strategic B2B activities Investment boost to accelerate the development of Octopia assets: €94m CAPEX (+33% vs. 2020) |
AMSTERDAM – February 17, 2022, 08:30 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its fourth quarter and full year activity and unaudited financial results.
2021 Highlights
In 2021, the group continued to accelerate on its three strategic pillars while enhancing customer experience: growing marketplace revenues (+29% vs. 2019), digital marketing (+75% vs. 2019) as well as its B2B initiatives with Octopia (x3 vs. 2019) and C-Logistics.
Customer–centric approach was still at the heart of Cdiscount’s ecommerce platform strategy in 2021. Active customer base grew by +8% vs. 2019 and is more and more engaged: Cdiscount à Volonté (CDAV) loyalty program now consists of more than 2.5m customers (+20% vs. 2019) driving retention and repurchase. Customer satisfaction has reached a record-high level for both direct sales & marketplace with NPS reaching 52.9 overall, +8.4pts vs. 2019, thanks to a growing express delivery share and a “Say yes to the client” policy reaching 100% for CDAV members & new clients.
The Marketplace, now representing 45.2% (+6.7pts vs. 2019) of the product GMV (Gross Merchandise Volume), is the main driver of Cnova’s profitable growth with GMV growing by +22% over the last two years. During the same period, revenues rose sharply at +29% to reach €193m. The number of sellers reached more than 13,000 with a record-high quality level (48.4 NPS, +10.9pts vs. 2019) supported by the development of the Fulfilment by Cdiscount and Cdiscount Express seller services.
Digital marketing revenues nearly doubled in 2 years, driving profitability thanks to Cdiscount Ads Retail Solution (CARS), Cnova’s in-house digital marketing bidding platform mainly driven by Sponsored products and Google Shopping.
The third pillar of the strategy, B2B development, also recorded a record-high 2021 period. C-Logistics and C Chez Vous launched 20 clients. Octopia, the tech-enabled ecosystem of marketplaces, experienced strong GMV growth while 12 contracts were signed with major e-merchants in 7 countries in just one year. A partnership with Ocado was just signed to integrate Octopia’s marketplace platform into Ocado Smart Platform (“OSP”) and allow OSP partners around the world to launch their own marketplace offering.
Emmanuel Grenier, Cnova CEO, commented:
« After an exceptional 2020, we continued in 2021 to successfully roll-out our strategic plan based on 3 pillars: marketplace expansion and digital marketing roll-out for the B2C ecommerce platform and the acceleration of B2B thanks to the sustained commitment of our teams.
B2C business GMV is benefiting from our record-high customer satisfaction and the dynamic marketplace. We significantly enhanced customer experience on the website and the mobile platform, leveraging on artificial intelligence innovation throughout the customer journey. Search engine as well as personalization of products and promotions will continue to be high priorities in 2022.
B2B activities experienced great commercial and delivery successes, as proven by our partnership with Ocado. 2022 will record a major step with the first full implementations of Octopia marketplace solutions and increased developments from C-Logistics.
At the same time, we are proud to have been recognised as a “Great Place to Work” by our employees. We also further strengthened our actions to reduce supply-chain impact on environment. »
Financial highlights
Financial performance (€ millions)
|
2021 Full year
|
2020 Full year
|
2019 Full year
|
Change vs 2020
|
Change vs 2019
|
||
Total GMV | 4,206 | 4,204 | 3,899 | +0.0% | +7.9% | ||
Ecommerce platform | 4,091 | 4,116 | 3,867 | -0.6% | +5.8% | ||
o/w Direct sales | 1,840 | 1,934 | 1,991 | -4.9% | -7.6% | ||
o/w Marketplace | 1,518 | 1,514 | 1,245 | +0.2% | +21.9% | ||
Marketplace share | 45.2% | 43.9% | 38.5% | +1.3pt | +6.7pts | ||
o/w Services | 278 | 193 | 169 | +43.7% | +64.7% | ||
o/w Other Revenues | 456 | 475 | 462 | -4.1% | -1.3% | ||
B2B activities | 114 | 88 | 33 | +30.2% | x3.5 | ||
o/w Octopia | 109 | 87 | 33 | +25.6% | x3.3 | ||
o/w C-Logistics | 5 | 1 | 0 | x7.8 | n.m. | ||
Total Net sales | 2,166 | 2,225 | 2,195 | -2.6% | -1.3% | ||
EBITDA | 108.9 | 133.3 | 82.0 | -18.3% | +32.8% | ||
% of Net sales | 5.0% | 6.0% | 3.7% | -1.0pt | +1.3pt | ||
Operating EBIT | 18.4 | 53.1 | 14.7 | -65.3% | +25.2% | ||
% of Net sales | 0.8% | 2.4% | 0.7% | -1.5pt | +0.2pt | ||
Net Financial Result | (52.7) | (54.0) | (56.6) | -2.4% | -6.9% | ||
Net Profit | (49.1) | (21.4) | (65.3) | n.m. | n.m. | ||
Free cash flow figures (€ millions)
|
2021 Full year
|
2020 Full year
|
2019 Full year
|
Change vs 2020
|
Change vs 2019
|
||
EBITDA | 108.9 | 133.3 | 82.0 | -18.3% | +32.8% | ||
(-) non-recurring items | (8.8) | (12.5) | (9.2) | +29.4% | +4.1% | ||
(-) rents | (34.7) | (32.0) | (27.0) | -8.6% | -28.6% | ||
Cash from continuing operations, incl. rents | 65.4 | 88.8 | 45.8 | -26.4% | +42.7% | ||
Net CAPEX | (94.3) | (70.9) | (73.7) | -33.1% | -27.9% | ||
Change in working capital | (44.3) | 63.9 | 70.9 | n.m. | n.m. | ||
Income taxes | (3.6) | (9.3) | 3.3 | +5.7 | -6.9 | ||
FCF continuing operations before Net Financial Result | (77.1) | 72.6 | 39.6 | n.m. | n.m. | ||
(Net Financial Debt) / Net Cash | (326.1) | (200.7) | (221.5) | (125.4) | (104.6) |
Full-year operational highlights
Business KPIs |
|
2021 Full year |
202010 Full year |
2019 Full year |
Change vs. 2020 | Change vs. 2019 | |
Marketplace GMV share1 | 45.2% | 43.9% | 38.5% | +1.3pt | +6.7pts | ||
Marketplace revenues2 (€m) | 192.8 | 183.8 | 149.8 | +4.9% | +28.7% | ||
Digital Marketing (€m) | 69.2 | 52.4 | 39.7 | +32.1% | +74.5% | ||
Number of Orders (millions) | 28.6 | 30.4 | 26.6 | -6.0% | +7.5% | ||
o/w Marketplace3 | 19.1 | 20.3 | 16.1 | -6.0% | +18.6% | ||
Items sold (millions) | 49.3 | 54.2 | 49.7 | -9.0% | -0.8% | ||
o/w Marketplace | 28.2 | 31.0 | 25.0 | -9.0% | +12.8% |
Fourth quarter highlights
GMV was stable and Net sales slightly decreasing on a full year basis, showing resilient performance after an exceptional 2020. 4th quarter performance was solid, with a very strong comparison base in 2020 due to November lockdown: GMV and Net sales respectively decreased by -8.6% and -8.7%, but Cdiscount market share remained stable in Q44. Compared to 2019, overall GMV, marketplace and Octopia posted strong growth in the 4th quarter while Travel was still impacted by the pandemic.
GMV
|
4Q21 | FY21 | ||||
vs. 20 | vs. 19 | vs. 20 | vs. 19 | |||
Total GMV growth | -8.6% | +0.5% | +0.0% | +7.9% | ||
Net sales growth | -8.7% | -6.8% | -2.6% | -1.3% | ||
Marketplace GMV growth | -14.6% | +14.6% | +0.2% | +21.9% | ||
Octopia GMV growth | -1.4% | x4 | +25.6% | x3 | ||
Travel GMV growth | +69.7% | -40.4% | +13.5% | -21.1% |
Clients: Cnova reached 10.0 million active clients at the end of the 4th quarter representing a +8% over the last two years and a decrease of just 3% over the 2020 active client base that was boosted by exceptional circumstances.
Cdiscount à Volonté (“CDAV”), Cdiscount’s loyalty program, now totals 2.5 million members (+20% vs. 2019, +9% vs. 2020) benefiting from 2.8 million SKUs available for express delivery, +91% compared to last year.
Clients
|
End 4Q21 | |
vs. 20 | vs. 19 | |
Total active client’s evolution | -3% | +8% |
CDAV subscriber base growth5 | +9% | +20% |
Regarding traffic, Cnova remained #2 in France on average over the year with 22.1m unique monthly visitors, a -3% decrease vs. 2020 but +7% increase vs. 2019.
Traffic
|
4Q21 | FY21 | ||
vs. 20 | vs. 19 | vs. 20 | vs. 19 | |
Unique monthly visitors6 | -7% | +1% | -3% | +7% |
The marketplace GMV share reached 45.0% in the 4th quarter 2021 a significant increase of +7.3 pts over the last two years (-0.5 pt vs. 2020) and 45.2% on a full year basis, ie an increase of +6.7 pts over the last two years (+1.3 pt vs. 2020). It benefited from a fast-growing GMV fulfilled by Cdiscount, which increased by +2.6 pts in marketplace GMV share in Q4 vs. 2019 (+4.7 pts vs. 2020) and +6.0 pts on a full year basis vs. 2019 (+4.3 pts vs. 2020).
Marketplace
|
4Q21 | FY21 | |||
vs. 20 | vs. 19 | vs. 20 | vs. 19 | ||
Marketplace GMV share evolution | -0.5 pt | +7.3 pts | +1.3 pt | +6.7 pts | |
Fulfilment marketplace GMV share7 | +4.7 pts
|
+2.6 pts | +4.3 pts | +6.0 pts | |
Marketplace revenues8 growth | -12.9% | +21.3% | +4.9% | +28.7% |
Full Year financial performance
Cnova N.V. (€ millions)
|
Full Year | Change | Change | |
2021 | 2020 | vs. 2020 | vs. 2019 | |
GMV | 4,205.5 | 4,204.2 | +0.0% | +7.9% |
Net sales | 2,166.1 | 2,224.8 | -2.6% | -1.3% |
Gross margin | 480.0 | 474.0 | +1.3% | +23.1% |
As a % of Net sales | 22.2% | 21.3% | +0.9 pt | +4.5 pts |
SG&A (excl. D&A) | (371.4) | (340.6) | -9.1% | -20.9% |
As a % of Net sales | 17.1% | 15.3% | +1.8 pt | +3.1 pts |
EBITDA | 108.9 | 133.3 | -24.4 | +26.9 |
As a % of Net sales | 5.0% | 6.0% | -1.0 pt | +1.3 pt |
Operating EBIT | 18.4 | 53.1 | -34.7 | +3.7 |
Net financial income / (expense) | (52.7) | (54.0) | +1.3 | +3.9 |
Net profit / (loss) from cont. operations | (46.0) | (15.6) | -30.4 |
+15.6 |
Net sales amounted to €2,166m in 2021, a -1.3% compared to 2019 (-2.6% compared to 2020). Net sales evolution is impacted by the acceleration of the profitable shift of product sales towards marketplace sales, which are only recognized for the associated commissions.
Gross margin was €480m in 2021 and accounted for 22.2% of Net sales, a +4.5 points improvement compared to 2019 (+0.9 pt vs. 2020). It benefited from increasing marketplace revenues as well as the development of Digital Marketing9.
SG&A costs (excluding D&A) amounted to €(371)m and accounted for 17.1% of net sales, increasing by +1.8 point vs. 2020, and remained under control with a +3.1 pts vs. 2019 while gross margin increased by 4.5 pts compared to the same period. Fulfilment costs, at 6.5% of Net sales (-0.2 pt vs. 2020; +0.3 pt vs. 2019), decreased slightly vs. 2020 thanks to the improvement in logistics productivity. Marketing costs represented 4.9% of Net sales (+1.0 pt vs. 2020; +1.2 pt vs. 2019) due to increased acquisition and media expenses that supported the increase in market share in the 2nd half of 2021. Technology & Content costs progressed at 3.6% of Net sales (+0.7 pt vs. 2020; +1.1 pt vs. 2019) driven by investments in B2C monetization, the development of Cnova technological platform, as well as intensified commercial effort on Octopia.
EBITDA reached €109m, a €27m improvement vs. 2019 and a decrease of -€24m vs. 2020. Before rents, 2021 EBITDA amounted to €77m.
Operating EBIT reached €18m, a €4m improvement vs. 2019 and a decrease of -€35m compared to 2020, with depreciation and amortization growing by €9.8m vs. 2020 due to the development of new B2B assets especially the Octopia platform.
Net financial expenses amounted to €53m, slightly improving thanks to better risk management on instalment payment solution that offset the increase in financing costs.
Net loss from continuing operations increased by €16m vs. 2019 (a decrease of -€30m vs. 2020) to reach €(46)m with an adjusted EPS of €(0.12)16.
Free cash flow figures (€ millions)
|
2021 Full year
|
2020 Full year
|
2019 Full year
|
Change vs 2020
|
Change vs 2019
|
||
EBITDA | 108.9 | 133.3 | 82.0 | -18.3% | +32.8% | ||
(-) non-recurring items | (8.8) | (12.5) | (9.2) | +29.4% | +4.1% | ||
(-) rents | (34.7) | (32.0) | (27.0) | -8.6% | -28.6% | ||
Cash from continuing operations, incl. rents | 65.4 | 88.8 | 45.8 | -26.4% | +42.7% | ||
Net CAPEX | (94.3) | (70.9) | (73.7) | -33.1% | -27.9% | ||
Change in working capital | (44.3) | 63.9 | 70.9 | n.m. | n.m. | ||
Income taxes | (3.6) | (9.3) | 3.3 | +5.7 | -6.9 | ||
FCF continuing operations before Net Financial Result | (77.1) | 72.6 | 39.6 | n.m. | n.m. | ||
(Net Financial Debt) / Net Cash | (326.1) | (200.7) | (221.5) | (125.4) | (104.6) |
Cash from continuing operations including rents amounted to €65m in the last twelve months, an increase of +43% vs. 2019, confirming the structural improvement in cash generation
- Operating profitability with a positive EBITDA at €109m, increasing by €27m vs. 2019 (-€24m vs 2020).
- Other cash operating expenses totalled €(9)m, a €0.4m improvement vs. 2019 (+€3m vs. 2020).
- Slightly increasing repayment & interests on lease liabilities (IFRS16 impact) amounted to €(35)m.
Free cash flow before financial expenses amounted to €(77)m in the last twelve months. This decrease comes from:
- Capital expenditures were up to €(94)m, growing +28% vs. 2019 (+33% vs. 2020), an increase dedicated to the development of Octopia assets.
- Change in working capital of €(44)m mainly driven by exceptional circumstances in 2020 and at the end of 2021 (+€72m change in working capital in 2019): (i) increase in inventories at end 2021 due to exceptional shortages at end 2020 (ii) additional strategic inventories (semiconductors crisis, etc) purchased at the end of 2021 (iii) activity slowdown in the last two months of the year vs. lockdown period in the comparable period last year.
Taking into account cash from financing activities, mainly related to 4-instalment payment cost of risks, net financial debt increased by €125m over the last twelve months to reach €(326)m.
Key Business Achievements
Enhanced customer experience and record high NPS
- Delivery times improved this year by 0.5 day (and by 0.8 day vs. 2019) thanks to the increase in express delivery, the Cdiscount Fulfilment and Cdiscount Express seller assortment enlargement (+91% vs. 2020; x 2.4 vs. 2019) and fewer goods shipped from non-European countries.
- Cnova also carried on its “Say yes to the customer” policy, with now 100% positive and immediate answers to Cdiscount A Volonté customers and new clients claims as well as proactive preventive actions for any abnormal event happening during the customer journey.
- As a result the overall NPS reached 52.9, with a significant +8.4 pts improvement over 2 years (+5.7 pts vs. 2020), in line with Cnova’s constant efforts over the past years.
Marketplace of products continues to increase, driving revenues and profitability growth
- Marketplace activity accelerated in 2021, gaining +1.3 point of GMV share to reach 45.2% (+6.7pts vs. 2019).
- In addition to volume growth, revenue generation grew even faster: +5% on a full year basis, reaching €193m (+29% vs. 2019).
- Expansion of express delivery eligible marketplace SKUs is a key driver of growth, customer satisfaction and CDAV development. CDAV eligible SKUs reached 2.8m10, a +91% growth (x2.4 vs. 2019) thanks to Cdiscount Fulfilment and Cdiscount Express Seller assortment expansion.
Dynamic digital marketing powered by Cdiscount Ads Retail Solution
- Digital marketing revenues increased by +18% in the 4th quarter compared to last year (+73% vs. 2019), and +32% on a full year basis (+75% vs. 2019), reinforcing our more profitable business model.
- It was supported by Cnova’s proprietary solution launched in 2020, Cdiscount Ads Retail Solution (CARS), a 100% self-care advertising platform enabling both sellers and suppliers to promote their products and brands. Cdiscount continued to build complementary digital marketing features to reinforce its offer, through initiatives such as the launch of Live Shopping events with partner brands.
B2C services showed solid performance
- B2C services GMV amounted to €278m, up +44% on a full year basis (+65% vs. 2019).
- Cdiscount Voyage posted a +70% GMV growth this quarter and +14% on a full year basis (-21% vs. 2019), supported by a record-high average basket (+19% y-o-y).
Fast-expansion of Octopia, Cnova’s turnkey marketplace solution for retailers and e-merchants
- Octopia GMV grew by +26% in 2021 (x3 vs. 2019) compared to the previous year and brought +0.5 point to Cnova total growth.
- Very promising Marketplace-as-a-Service commercial ramp-up (12 new major contracts with 8 in the 4th quarter alone), still accelerating:
- Merchants-as-a-Service and Marketplace-as-a-Service solutions have attained success with several international players and have led to order backlogs
- Fulfilment-as-a-Service activity posted a +58% (x7 vs. 2019) of GMV for parcels delivery outside of Cdiscount.com.
- Additionally, Ocado will integrate Octopia into its Ocado Smart Platform, bringing new flexibility and functionality to its global partners. The agreement between Ocado and Cdiscount also provides a preferential option for Ocado to buy Octopia shares in the event of future fundraising. This commercial partnership will support the development of Octopia and Cdiscount’s strategy of expanding its B2B businesses.
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 invests in the circular economy:
- Promotion of 2nd-hand and refurbishment on Cdiscount.com (selling more than €100m of refurbished products in 2021; more than 25% of mobiles sold are refurbished)
Cnova is also at the forefront of e-commerce when considering the reduction of environmental impact of logistics
- Transportation: C-Logistics joined the Fret 21 initiative (led by ADEME and French Ministry of Sustainable Development) and committed to an additional 7% reduction of Cdiscount.com GHG emissions by 2023, based on 2020 emissions. C-Logistics and C Chez Vous also renewed their support to the endowment fund “Plantons pour l’Avenir” to sequestrate the residual emissions and keep Cdiscount.com deliveries and returns carbon neutral.
- Packaging: customers can now choose reusable packaging (partnership with Hipli), completing successful initiatives already implemented which enabled to avoid 1.3m packaging in 2021 (mutualization of parcels, program dedicated to zero overpacking (more than 98% of our customers choosing it), etc.)
Cnova supports local economies as well:
- Cdiscount reinforced its positioning on “Made In France” thanks to new sellers and partnerships with certification organisms
- Cdiscount and Octopia contribute to small and medium sized enterprises (SMEs) development, with more than 5,000 French SME sellers already onboarded
- More generally, Cnova’s business accounts for 47k jobs in France and 92k in Europe in 202111.
Finally, Cnova’s HR policy was highlighted by the Great Place to Work certification in 2021. Cdiscount was also awarded by the Financial Times as a Diversity Leader for its commitment to promote diversity within the company, while the consolidated Penicaud parity index demonstrates the commitment of Cnova to promote equal opportunities for women and men.
Strategic outlook
Cnova plans to keep on investing to further grow while continuing its strategic evolution toward a profitable platform model, with 3 clear strategic priorities:
- Priority to grow the marketplace leveraging on fulfilment capacity and Cdiscount express seller program expansion as well as merchant recruitments leading to more quality and higher customer satisfaction ;
- Boost digital marketing revenues by recruiting more suppliers and marketplace sellers and offering them more features on CARS, Cnova’s in-house unique self-service platform ;
- Accelerate B2B: Octopia development by targeting EMEA market and launching new major clients and make C-Logistics and C Chez Vous leaders in e-commerce logistics and carry on innovating in all logistics areas.
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 10.0 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.
***
Appendices
Cnova N.V. Consolidated Financial Statements12
Consolidated Income Statement | 2021
|
2020 Revised
|
Change
|
|
€ millions | ||||
Net sales | 2,166.1 | 2,224.8 | -2.6% | |
Cost of sales | (1,686.1) | (1,750.8) | -3.7% | |
Gross margin | 480.0 | 474.0 | +1.3% | |
% of Net sales | 22.2% | 21.3% | +0.9 pt | |
SG&A13 | (461.5) | (420.8) | +9.7% | |
% of Net sales | -21.3% | -18.9% | -1.4 pt | |
Fulfilment | (171.1) | (179.2) | -4.5% | |
Marketing | (105.9) | (87.0) | +21.7% | |
Technology and content | (133.1) | (108.6) | +22.5% | |
General and administrative | (51.4) | (46.0) | +11.8% | |
Operating EBIT14 | 18.4 | 53.1 | -34.7 | |
% of Net sales | 0.9% | 2.4% | -1.5 pt | |
Other expenses | (6.8) | (12.3) | +44.5% | |
Operating profit/(loss) | 11.6 | 40.8 | -71.6% | |
Net financial income/(expense) | (52.7) | (54.0) | +2.4% | |
Profit/(loss) before tax | (41.1) | (13.2) | –27.9 | |
Income tax gain/(expense) | (4.9) | (2.5) | -2.4 | |
Net profit/(loss) from continuing operations |
(46.0) | (15.6) | -30.4 | |
Net profit/(loss) from discontinued operations15 |
(3.1) | (5.7) | +2.6 | |
Net profit/(loss) for the period | (49.1) | (21.4) | -27.7 | |
% of Net sales | –2.3% | -1.0% | -1.3 pt | |
Attributable to Cnova equity holders (incl. discontinued) |
(50.6) | (23.4) | -27.2 | |
Attributable to non-controlling interests (incl. discontinued) |
1.4 | 2.0 | -0.6 | |
Adjusted EPS (€)16 | (0.12) | (0.02) | -0.10 |
Consolidated Balance Sheet |
|
2021
|
2020 Revised
|
At December 31 (€ millions) | |||
ASSETS | |||
Cash and cash equivalents | 20.5 | 15.8 | |
Trade receivables, net | 150.9 | 167.2 | |
Inventories, net | 302.7 | 283.7 | |
Current income tax assets | 4.0 | 4.0 | |
Other current assets, net | 186.4 | 313.8 | |
Total current assets | 664.5 | 784.6 | |
Other non-current assets, net | 10.6 | 11.4 | |
Deferred tax assets | 43.6 | 45.0 | |
Right of use, net | 138.3 | 149.2 | |
Property and equipment, net | 23.4 | 28.5 | |
Intangible assets, net | 236.3 | 206.6 | |
Goodwill | 122.3 | 122.3 | |
Total non-current assets | 574.5 | 562.9 | |
Assets held for sale | 3.7 | 0.4 | |
TOTAL ASSETS | 1,242.7 | 1,348.0 | |
EQUITY AND LIABILITIES | |||
Current provisions | 4.1 | 3.4 | |
Trade payables | 624.3 | 658.3 | |
Current financial debt | 84.2 | 20.1 | |
Current lease liabilities | 34.0 | 30.5 | |
Current tax liabilities | 104.4 | 83.9 | |
Other current liabilities | 216.9 | 248.4 | |
Total current liabilities | 1,067.9 | 1,044.5 | |
Non-current provisions | 8.8 | 12.8 | |
Non-current financial debt | 280.4 | 340.6 | |
Non-current lease liabilities | 130.8 | 145.2 | |
Other non-current liabilities | 3.1 | 3.7 | |
Deferred tax liabilities | 1.3 | 1.5 | |
Total non-current liabilities | 424.4 | 503.7 | |
Liabilities directly associated with assets held for sale | – | 0.6 | |
Share capital | 17.3 | 17.2 | |
Reserves, retained earnings and additional paid-in capital | (338.1) | (287.9) | |
Equity attributable to equity holders of Cnova | (320.9) | (270.7) | |
Non-controlling interests | 71.3 | 69.8 | |
Total equity | (249.6) | (200.9) | |
TOTAL EQUITY AND LIABILITIES | 1,242.7 | 1,348.0 |
Consolidated Cash Flow Statement | 2021
|
2020 Revised
|
|
(€ millions) | |||
Net profit/(loss) from continuing operations | (47.4) | (17.6) | |
Net profit/(loss), attributable to non-controlling interests | 1.4 | 2.0 | |
Net profit (loss) for the period excl. discontinued operations | (46.0) | (15.6) | |
Depreciation and amortization expense | 89.5 | 80.3 | |
(Income) expenses on share-based payment plans | 0.0 | 0.0 | |
(Gains) losses on disposal of non-current assets and impairment of assets | 1.8 | 3.9 | |
Other non-cash items | (2.9) | (0.0) | |
Financial expense, net | 52.7 | 54.0 | |
Current and deferred tax (gains) expenses | 4.5 | 2.5 | |
Income tax paid | (3.6) | (9.3) | |
Change in operating working capital | (44.3) | 59.7 | |
Inventories of products | (19.1) | 44.8 | |
Accounts payable | (41.0) | 0.4 | |
Accounts receivable | 29.9 | 10.6 | |
Working capital non-goods | (14.2) | 3.8 | |
Net cash from/(used in) continuing operating activities | 51.7 | 175.4 | |
Net cash from/(used in) discontinued operating activities | (1.5) | (5.2) | |
Purchase of property, equipment & intangible assets | (100.5) | (80.3) | |
Purchase of non-current financial assets | (0.3) | (0.0) | |
Proceeds from disposal of prop., equip., intangible assets | 6.4 | 9.5 | |
Movement of perimeter, net of cash acquired | – | – | |
Investments in associates | (0.2) | – | |
Changes in loans granted (including to related parties ) | 126.2 | (134.9) | |
Net cash from/(used in) continuing investing activities | 31.7 | (205.8) | |
Net cash from/(used in) discontinued investing activities | (0.5) | (0.6) | |
Transaction with owners of non-controlling interests | (0.0) | – | |
Changes in loans received | 0.0 | – | |
Additions to financial debt | 5.8 | 120.0 | |
Repayments of financial debt | – | (40.3) | |
Repayments of lease liability | (27.9) | (24.0) | |
Interest paid on lease liability | (6.8) | (8.0) | |
Interest paid, net | (44.3) | (43.1) | |
Net cash from/(used in) continuing financing activities | (73.2) | 4.7 | |
Net cash from/(used in) discontinued financing activities | – | – | |
Effect of changes in foreign currency translation adjustments from discontinued operations | – | (0.0) | |
Change in cash and cash equivalents from continuing operations | 10.1 | (25.7) | |
Change in cash and cash equivalents from discontinued operations | (2.0) | (5.9) | |
Cash and cash equivalents, net, at period begin | 9.0 | 40.6 | |
Cash and cash equivalents, net, at period end | 17.1 | 9.0 |
Upcoming Event |
|
Thursday, February 17, 2022 at 18:00 CET / 12:00 EDT |
Cnova Full Year 2021 Financial Results Conference Call & Webcast |
1 Calculated as marketplace GMV divided by total product GMV (Marketplace GMV + Direct sales GMV) – See p.2
2 Includes marketplace commissions after price discounts, marketplace subscription fee, as well as revenues from services to sellers (marketing services, financial services, …)
3 Mixed baskets including both marketplace and direct sales products were also considered as marketplace baskets
4 Fox Intelligence study over the period from 01/10/2021 to 31/21/2021
5 Subscriber base on 31/12/2021
6 According to latest Médiamétrie studies (December 2021)
7 Calculated as Marketplace GMV generated through sellers benefiting from Cdiscount’s fulfilment services divided by total Marketplace GMV
8 Includes marketplace commissions after price discounts, marketplace subscription fee, as well as revenues from services to sellers (marketing services, financial services, etc.)
9 Includes both revenues from marketing services to suppliers and marketing services to marketplace sellers (the latter being also included in total marketplace revenues)
10 At end December 2020
11 Based on a study performed by Utopies, a B-corp certified CSR consultancy firm
12 Unaudited financial statements
13 SG&A: selling, general and administrative expenses
14 Operating EBIT: operating profit/(loss) before other expenses (strategic and restructuring expenses, litigation expenses and impairment and disposal of assets expenses)
15 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 2021 and 2020 are reported under “Net profit/(loss) from discontinued operations”
16 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.
Attachment
Artificial Intelligence
How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.
Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence
Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=177013645
Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress Ave.Suite 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/anti-drone-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/anti-drone.asp
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Artificial Intelligence
CluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review
CluePoints furthers its commitment to delivering innovative solutions that enhance clinical trial efficiency with this latest addition to its enterprise software platform.
KING OF PRUSSIA, Pa., Sept. 27, 2024 /PRNewswire/ — CluePoints continues to transform clinical trial review and leverage its industry-leading software to enhance the interrogation, analysis and presentation of data with the launch of its latest application, Medical & Safety Review (MSR).
The tool simplifies and streamlines the medical analysis of study data through user-friendly dashboards, data manipulation and cleaning, query management and full transparency over the data history. This not only improves efficiency and communication in medical oversight, but also elevates patient safety, differentiating MSR as a smarter and unique solution.
Designed by, and for Medical and Safety Reviewers, MSR converts the manual analysis of patient outcomes, which can be prone to inefficiency and error, into an accurate, efficient process. MSR tackles time-consuming study preparation for specific visualizations by featuring a comprehensive standard visualization library as well as the ability to copy and reuse dashboards across different studies, enabling the identification of outlying values, change tracking, and improved communication for smarter clinical trials.
Other benefits of MSR include:
Enhanced medical review efficiency and reduced human errors via automated checksReduced time spent by clinical and data management teams in reviewing dataImproved collaboration with integrated review workflows across departmentsEnsured record quality and accountability with comprehensive change trackingDriving faster decision making with the proactive detection of trends and safety issuesEnsuring regulatory compliance with rule-based detection and user assignmentsAndy Cooper, Chief Executive Officer at CluePoints, commented, “We are thrilled to announce the launch of Medical & Safety Review to our growing product offerings. MSR is the latest application addition to the CluePoints platform, which includes products such as Risk-Based Quality Management (RBQM) and our Site Profile & Oversight Tool (SPOT). Together, they provide a comprehensive approach to clinical trial optimization, enhancing data integrity, ensuring regulatory compliance, and accelerating drug development. The creation of MSR ensures a more streamlined review process while prioritizing patient safety at every step and empowers medical teams to swiftly identify outliers, track data changes, and improve communication.”
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of Artificial Intelligence using Advanced Statistics and Machine Learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
View original content:https://www.prnewswire.co.uk/news-releases/cluepoints-launches-medical–safety-review-msr-software-to-revolutionize-clinical-data-review-302260936.html
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