Artificial Intelligence
CNOVA NV 2022 Second Quarter Activity & First Half Financial Performance
2022 Second Quarter Activity & First Half Financial Performance
Confirming long-term strategy
with resilient performance of Marketplace, Advertising services and B2B activities,
and swift recalibration of cost structure to face current macro-economic context
In a market impacted by changing macro-economic environment and low demand, Cnova posted -10% overall GMV decrease in Q2 in line with Q1 (-10% in 1H22) with a strong mix improvement towards the marketplace and a sharp rebound of travel activity
Long term growth strategy confirmed with well-oriented KPIs for its 3 key pillars:
Implementing a €75m Efficiency Plan to recalibrate SG&A & CAPEX by 2023 to current level of activity:
|
AMSTERDAM – July 28, 2022, 7:00 CEST Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced its second quarter activity and first half unaudited financial results for 2022.
During the 1st Half 2022, in a context of uncertain macro-economic conditions and inflation headwinds, Cnova posted decreasing overall GMV by –10% together with a significant mix improvement towards the marketplace that exceeded 50% GMV share for the first time in the 2nd quarter of 2022.
Considering this current level of activity and adverse market conditions, Cnova 2022 priority is to recalibrate its cost structure to preserve cash and profitability while pursuing its 3 long-term strategy pillars towards more marketplace, more advertising services and accelerating B2B activities.
Marketplace GMV decreased by -11% in the 1st half of 2022 but increased by +19% vs. pre-pandemic level of 2019. Marketplace benefited from a record-high quality level narrowing the gap with the overall NPS supported by the development of Fulfilment by Cdiscount and Cdiscount Express seller.
Advertising services reached €33m in the 1st half of 2022, growing +15% and doubling vs. pre-pandemic level of 2019, mainly driven by the continued development of sponsored products thanks to enhanced bidding algorithms powered by artificial intelligence.
B2B activities are accelerating: Octopia Marketplace-as-a-Service offers signed 11 new contracts in the 1st half of 2022 to reach 23 signed contracts overall. C-Logistics third party offers benefited from a strong commercial ramp-up with now 53 clients, 31 additional customers vs. end 2021.
Cnova has launched in Q2 an Efficiency Plan to swiftly recalibrate its cost structure & capex level to this current volume of activity with a €75m savings target on a full-year basis by the end of 2023. The Plan, supported by a dedicated transformation team, is projecting to bring savings above €30m in 2nd half of the year. For the 1st half of 2022, Gross margin is stable as % of net sales and EBITDA remains positive at €17m while last-six-months Free Cash Flow before financial interests improved by €103m compared to last year at -€101m, a +€23m structural improvement excluding positive one-off impacts.
Emmanuel Grenier, Cnova’s CEO, commented:
“In the 1st half of 2022, Cnova’s priority was to adapt fast to new adverse market conditions launching an Efficiency Plan early in the 2nd quarter to protect profitability and cash with structural reduction in direct sales inventories and G&A costs. We remain fully focused on our strategic plan which is well on track: more marketplace, more advertising services and B2B acceleration with 11 new contracts for Octopia and 31 new contracts for C-logistics in just 6 months.”
Financial highlights
| Financial performance (€ millions) |
2022 Half year |
2021 Half year |
Change vs. 2021 | |||||||||||||||
| Reported | L-f-L2 | |||||||||||||||||
| Total GMV | 1,793 | 1,991 | -9.9% | -12.5% | ||||||||||||||
| Ecommerce platform | 1,734 | 1,936 | –10.4% | –13.1% | ||||||||||||||
| o/w Direct sales | 679 | 865 | -21.5% | |||||||||||||||
| o/w Marketplace | 668 | 747 | -10.6% | |||||||||||||||
| Marketplace share | 49.6% | 46.3% | +3.2pts | |||||||||||||||
| o/w Services | 150 | 128 | +17.2% | +61.6% | ||||||||||||||
| o/w Other Revenues | 237 | 196 | +20.8% | +3.8% | ||||||||||||||
| B2B activities | 59 | 55 | +6.7% | |||||||||||||||
| o/w Octopia | 49 | 54 | -7.9% | |||||||||||||||
| o/w C-Logistics | 9 | 1 | x7.2 | |||||||||||||||
| Total Net sales | 881.2 | 1,009.0 | -12.7% | –16.3% | ||||||||||||||
| EBITDA3 | 16.8 | 48.9 | -65.6% | |||||||||||||||
| % of Net sales | 1.9% | 4.8% | –2.9pts | |||||||||||||||
| Operating EBIT | -31.7 | 6.2 | -37.9 | |||||||||||||||
| % of Net sales | -3.6% | 0.6% | -4.2pt | |||||||||||||||
| Net Financial Result | -42.4 | -24.2 | -18.2 | |||||||||||||||
| Net Profit from continuing operations | -67.5 | -19.5 | –48.1 | |||||||||||||||
| Free cash flow figures (€ millions) |
Half-year June 2022 |
Half-year June 2021 |
Change vs. 2021 |
|||||||||||||||
| EBITDA3 | 16.8 | 48.9 | –65.6% | |||||||||||||||
| (-) non-recurring items | -6.3 | -2.9 | x2.2 | |||||||||||||||
| (-)rents | -17.7 | -16.5 | +7.3% | |||||||||||||||
| Cash from continuing operations, incl. rents | -7.2 | 29.5 | -36.7 | |||||||||||||||
| Net CAPEX (incl. Floa impact) | -27.1 | -53.5 | -49.3% | |||||||||||||||
| Change in working capital | -65.2 | -179.6 | -63.7% | |||||||||||||||
| Income taxes | -1.8 | -0.7 | -1.1 | |||||||||||||||
| FCF continuing operations before Net Financial Result | -101.3 | -204.3 | +103.0 | |||||||||||||||
| (Net Financial Debt)/Net Cash | –469.6 | –425.7 | -43.9 | |||||||||||||||
2nd quarter & 1st semester operational highlights
| Business KPIs | 2022 Half year |
2021 Half year |
Change vs. 2021 |
||
| Marketplace GMV share | 49.6% | 46.3% | +3.2pt | ||
| Marketplace revenues (€m) | 89.5 | 96.3 | -7.1% | ||
| Advertising services (€m) | 33.2 | 28.9 | +14.9% | ||
| Number of orders (millions) | 11.3 | 14.2 | -20.8% | ||
| o/w Marketplace orders | 8.0 | 9.7 | -17.1% | ||
| Items sold (millions) | 18.8 | 24.2 | -22.2% | ||
| o/w Marketplace items sold | 11.9 | 14.3 | -16.1% |
Operational highlights of the first half of 2022 demonstrate the successful shift towards Cnova’s marketplace platform with a GMV share increasing by +3.2pts in line with historical average and dynamic advertising services. Number of orders and items decreases compared to a high comparison base in 2021 with the beginning of 2022 marked by high inflation headwinds and low demand.
Focus on 2nd quarter operational highlights
| GMV | 2Q22 vs. 21 |
| Total GMV growth | -10.5% |
| Net sales growth | -12.0% |
| Marketplace GMV growth | -10.9% |
| Travel GMV growth | +67.0% |
Facing strong inflation headwinds and a changing macro-economic environment in the second quarter 2022, Cnova overall GMV decreased by a resilient -10%, with market share gains of +0.2 pt and +0.4 pt in the months of April and May4:
- Product GMV (Direct sales and marketplace) decreasing by -18%, -25% for direct sales and -11% for the marketplace, posting resilient performance in a challenging market with +0.2 pt and +0.4 pt market share gains in the months of April and May 2022;
- B2C Services showed good dynamics, especially thanks to a fast-growing activity for Cdiscount Travel. Growth reached +67% y-o-y with flights and holiday packages rebounding strongly;
- Octopia also showed resilient with a -8% GMV decrease in a receding European market due to -12% decrease in historical Product-as-a-Service activity while Fulfillment-as-a-Service (+18%), Merchants- and Marketplace-as-a-Service (+5 clients in the 2nd quarter of 2022) are dynamic.
Clients: Cnova reached 9.1 million active clients at the end of the 2nd quarter, a decrease of -11.4% vs. end June 2021, an active client base that was boosted by exceptional circumstances in a pandemic context.
Cdiscount à Volonté (“CDAV”), Cdiscount’s loyalty program, now encompasses 2.5 million members (+7.0% y-o-y growth) benefiting from 3.0 million SKUs available for express delivery, +32% compared to last year. Considering market slowdown, this increase in Cnova’s loyal customer base is demonstrating the success of the strategy relying on express delivery and dedicated promotions to boost CDAV value-added.
| Clients | vs. June 21 |
| Total clients growth13 | -11.4% |
| CDAV subscriber base growth5 | +7.0% |
With 70% of the traffic coming from mobile, Cnova mitigated market headwinds and maintained its strong #2 position in France according to Médiamétrie6. Number of visitors on mobile receded by only -2.4% while overall traffic declined by -9.6% to the 2nd quarter 2021.
| Traffic | vs. 2Q21 |
| Number of visitors7 | -9.6% |
| Marketplace | vs. 2Q21 |
| Marketplace GMV share evolution | +9pts |
| Fulfilment marketplace GMV share8 | +2.9pts |
Cnova’s strategic shift towards the Marketplace is accelerating, exceeding the 50% GMV share landmark for the first time in a sole quarter – an increase of 9 points compared to last year. The marketplace increased by +19% vs. pre-pandemic level of 2019.
First Half financial performance
| Cnova N.V. (€ millions) |
Half Year | Change | |
| 2022 | 2021 | vs. 2021 | |
| GMV | 1,793.1 | 1,991.1 | -9.9% |
| Net sales | 881.2 | 1,009.0 | -12.7% |
| Gross margin | 201.0 | 234.5 | -14.3% |
| As a % of Net sales | 22.8% | 23.2% | –0.4pts |
| SG&A (excl. D&A) | -184.4 | -185.8 | -0.2% |
| As a % of Net sales | –20.9% | -18.4% | –2.5pts |
| EBITDA | 16.8 | 48.9 | -32.1 |
| As a % of Net sales | 1.9% | 4.8% | –2.9pts |
| Operating EBIT | -31.7 | 6.2 | -37.9 |
| Net financial income / (expense) | -42.4 | -24.2 | -18.2 |
| Net profit / (loss) from cont. operations | –67.5 | -19.5 | –48.1 |
Net sales amounted to €881.2m in the 1st half 2022, a -12.7% decrease compared to 2021. Net sales recorded 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 €201.0m in the 1st half 2022, representing 22.8% of net sales, a slight decrease of -0.4 point compared to 2021 but a significant increase of +5.3 pts compared to pre-pandemic level (1st half of 2019). This gross margin increase over the past three years demonstrates the success of the implementation of the strategic plan, with a marketplace growing +19% compared to the 1st half of 2019 and advertising services nearly doubling in revenues vs. the same pre-pandemic level. Compared to 2021, Cnova accelerated its shift towards the marketplace with direct sales margin negatively impacted by increase in transportation costs and destocking initiatives in a context of Efficiency Plan to optimize working capital needs and inventory levels to current level of activity. Despite those underlying drivers, dynamic advertising services helped maintaining a relatively flat gross margin compared to 2021.
SG&A costs amounted to €(184.4)m in the 1st half 2022, representing 20.9% of net sales, a -2.5 points decrease y-o-y. During the 2nd quarter, an efficiency plan to recalibrate cost structure to current level of activity was launched with first significant positive impact expected in the 2nd half and full run-rate impact in 2023. Fulfillment costs, at 7.1% of net sales (+0.2 point), decreasing by €7m compared to the same period of last year as this cost line was favorably impacted by lower volume in H1 for its variable part (logistics, after sales and payment processing) and first benefits from the Efficiency Plan for its fixed part. Marketing costs represented 5.9% of net sales (+0.8 point), stable in value with lower volume driving down marketing variable costs offset by a media campaign over the months of May and June. Technology & Content costs increased at 5.1% of net sales (+1.1 point) mainly impacted by the acceleration of the product & commercial development of Octopia’s solutions. General & Administrative expenses decreased in value as head office costs increase to support the acceleration of the new B2B activities was compensated by first quick wins from the Efficiency Plan. SG&A savings from the Efficiency Plan are not material yet but will generate, together with CAPEX savings, significant cost reductions of more than €30m in the 2nd half of 2022 and €75m in 2023 on a full-year basis.
As a result, 1st half EBITDA decreased to +€17m compared to last year, representing 1.9% of net sales (-2.9 point vs. 2020). In a context of significant market headwinds, EBITDA benefited from a resilient marketplace performance and increased revenues from advertising services while destocking initiatives negatively impacted Direct Sales gross margin.
Operating EBIT decreased to -€32m, with depreciation and amortization increasing by €6m y-o-y (5.5% of net sales, +1.3 pt vs. 1H21) mainly due to accelerated investments in relation to Octopia over the past 12 months.
Net financial expenses – mainly related to 4-installment payment solutions offered to customers – amounted to €42m, a significant increase compared to last year as a result of an increase in 4x payment take rate in GMV since the 2nd half of 2021 and higher refinancing interest rates.
As part of the Efficiency Plan, 4-installment payment share of GMV and its associated cost of risk are being optimized with positive results expected in the coming months with the full-year impact expected in 2023.
Net loss amounted to €(70)m, an important decrease compared to last year level. 1H21 result was favorably impacted by exceptional circumstances in a pandemic context while 1H22 was heavily impacted by low demand and high inflation headwinds at EBITDA level and cost of risks increase at financial results level.
| Free cash flow figures (€ millions) |
Half-year June 2022 |
Half-year June 2021 |
Change vs. 2021 |
||
| EBITDA | 16.8 | 48.9 | -65.6% | ||
| (-) non-recurring items | -6.3 | -2.9 | x2.2 | ||
| (-) rents | -17.7 | -16.5 | +7.3% | ||
| Cash from continuing operations, incl. rents | -7.2 | 29.5 | -36.7 | ||
| Net CAPEX (incl. Floa transaction) | -27.1 | -53.5 | -49.3% | ||
| Change in working capital | -65.2 | -179.6 | -63.7% | ||
| Income taxes | -1.8 | -0.7 | -1.1 | ||
| FCF continuing operations before Net Financial Result | -101.3 | -204.3 | +103.0 | ||
| (Net Financial Debt)/Net Cash | -469.6 | -425.7 | -43.9 |
Free cash flow before financial expenses amounted to –€101m in the first six months, i.e. +€103m increase compared to the same period last year in a difficult market context where limiting cash outflows remains the main priority for Cnova:
- Cash from continuing operations was down to -€7m, driven by EBITDA decrease in a context where Cnova faced significant market headwinds. An Efficiency Plan was launched in 2Q22 with positive cash impact expected in the 2nd half of 2022.
- Increasing non-recurring items by €3m at €(6)m, impacted by restructuring expenses in relation to the beginning of the Efficiency Plan
- A negative change in working capital of -€65m presenting a significant improvement compared to last year of more than +€100m thanks to a strong +€86m decrease in inventories driven by:
- Structural decrease of c. €40m in inventories with the marketplace share increasing by +3.2 pts to 49.6% in the 1st half of 2022. This strategy, supported by inventory reduction, is one of the key pillar of the Efficiency Plan launched in 2Q22 and will be pursued in the 2nd part of the year.
- Positive one-off impact of c. €45m from the sale of hypermarket Géant inventories to the Casino Group in June 2022.
- Net capital expenditures slightly decreased (excluding €20m one-off Floa transaction impact) in the first 6 months, thanks to a rationalization of investments to adapt to current level of activity.
Key Business Achievements
Marketplace growing double-digit over the past three years, driving up revenues and profitability
- The marketplace gained +3.2 points of GMV share in the 1st half 2022 compared to 2021 to reach 49.6%
- Marketplace revenues amounted to €89.5m in the 1st half 2022 receding by -7.1% but increased +25.1% vs. pre-pandemic level (1st half of 2019)
- Expansion of express delivery eligible marketplace SKUs is a key driver of growth, customer satisfaction and contributes to the development of our loyalty program, Cdiscount à Volonté (CDAV). It also supports the product mix re-orientation towards recurring product categories.
- Fulfilment by Cdiscount kept growing at a fast pace, with a +2.9 points increase in marketplace GMV share in the first half 2022 to reach 37.6% on average.
- Cdiscount Express Seller, launched in 2019 for sellers able to offer express delivery to CDAV customers. This program now covers, in the 1st half 2022, 12.8% of marketplace GMV, a 6.3 points increase compared to last year.
- Together, express delivered SKUs covers in the 1st half 2022 50.4% of marketplace GMV, a +9.2 points increase compared to last year
Direct sales performance of technical goods categories benefited from strengthened relations with national brands but were mainly impacted by high comparison base and adverse market conditions but with:
- Reinforced relationship with A-brands (Apple, Samsung, Seb, Bosch, Whirpool, …) with powerful offers and dedicated brand days for Phones, Video Games and Home Appliances categories
- Strong comparison base with physical stores closed during the 3rd lockdown in the 1st half of 2021 and 2022 performance impacted by high inflation of purchases (semi-conductor shortage, increase in raw materials, supply chain disruptions)
B2C services high growth with Cdiscount Voyages (Travel) rebound in the 2nd quarter
- Cdiscount Voyages (Travel) experienced a significant rebound in the 2nd quarter
- Growing by +67% in the 2nd quarter 2022.
- Holliday packs supported this performance with +146% GMV increase compared to last year in the 2nd quarter 2022.
Enhanced customer experience and record high NPS
- Significant increase of +4 points in NPS average during the 1st half 2022 (+9.4 points over 2 years) leading to a record high NPS compared to the same period last year, through intensified efforts to improve customer experience before, during and after the sale.
- Cnova also finalized its “say yes to the customer” policy, with 100% positive and immediate answers to its customers at end of June 2022.
- Artificial intelligence-powered algorithms were implemented all along the customer journey in the past twelve months, significantly enhancing the relevance of the Cdiscount.com search engine (+4.4 pts in the search engine share in GMV in 2Q22 vs 2Q21) and personalized recommendations.
Dynamic advertising services powered by Cdiscount Ads Retail Solution
- Revenues from advertising services increased by +15.0% in the 1st half quarter 2022 compared to last year, reinforcing Cnova’s most profitable activity.
- It was supported by Cnova’s proprietary solution launched in the 2nd quarter 2020, Cdiscount Ads Retail Solution (CARS)9, a 100% self-care advertising platform enabling both sellers and suppliers to promote their products and brands. Products sponsored through this platform grew by +73% in the 1st half 2022.
Octopia is growing, establishing itself as a turnkey marketplace solution for EMEA retailers and e-merchants
- Cnova’s turnkey marketplace solution offers 4 modular and ready-to-operate marketplace services to international retailers and e-merchants with a –8% decrease in the 1st half to €49m GMV:
- Merchants-as-a-Service to bring sellers to existing marketplaces and Marketplace-as-a-service to transform e-commerce websites into marketplaces benefits from a strong acceleration in the 1st semester with 11 new contracts signed to reach 23 clients overall.
- Fulfilment-as-a-Service to bring multi-marketplace fulfilment solutions including cross-border shipping and warehouse management solution continued to be dynamic in a challenging European context and grew more than +18% in GMV
- Products-as-a-Service to bring products to small/medium websites and marketplaces in Europe decreased by -12% in the 1st half 2022 negatively impacted by European ecommerce slowdown
C Chez Vous and C-Logistics commercial acceleration, aiming to become leading transportation & logistics service providers in Europe
- C-Logistics aims at being a leading e-commerce third-party logistics player reaching 53 clients signed at end June 2022:
- +30 new clients signed for the C Chez Vous Turnkey transport solution
- +1 new client signed the C-logistics full service of supply e-commerce operations
Cnova pursues its CSR strategy reinforcing its status of European digital leader sustainable and inclusive.
Cnova is committed promoting a more sustainable way to consume and developing circular economy toward its BtoC and BtoB businesses:
- Cnova launched the “more sustainable” label on Cdiscount.com, based on extended and challenging sustainability criteria such as energy class or repairability index (38k eligible products as far), to help its customers choosing more sustainable products
- Already a leading actor on 2nd-hand and refurbishment, Cdiscount.com sells on this segment are constantly growing (+7% on its marketplace vs 1H21)
Cnova long term investments to reduce the environmental impact of its logistics enable to achieve high performances:
Greener Delivery:
- The GHG emissions related to the deliveries of Cdiscount.com and reported within the frame of the Fret 21 initiative (led ADEME and French Ministry of Sustainable Development), reduced by -7% per parcel compared to 202010. The company is therefore in line with the trajectory announced in 2021 (-7% in 2023).
- C-Logistics and C Chez Vous renewed their partnership with the Endowment Fund “Plantons pour l’Avenir” initiating reforestation actions in France to sequester 100% of their residual GHG emissions.
Reducing Packaging:
- C-Logistics investments, including a unique fleet in Europe of six cutting edge 3D packing machines, enable the company to deliver a major part of its light parcels without any void in the 1st half of 2022.
- C-Logistics reinforces its successful initiatives to supress cardboard with its partnership with Hipli, a French start-up developing reusable packaging.
Cnova continues its societal commitment:
- Cnova initiated a 3-year partnership with Make.org (an independent platform promoting the engagement of the civil society to address social matters) to tackle the inequalities suffered by women. Within this frame, Cnova widely relayed Make.org’s citizen consultation across its communication channels, contributing to its success (Over 250k French citizens participated).
Outlook
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 target 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, is projecting to bring savings above €30m in 2nd half of the year.
***
Cnova publishes today on its website, Thursday July, 28th, its 2022 semi-annual report.
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 9.1 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. 1st Half 2022 Consolidated Financial Statements(1)
| Consolidated Income Statement | 1st Half 2022 |
1st Half 2021 |
Change | |
| € millions | ||||
| Net sales | 881.2 | 1009.0 | -12.7% | |
| Cost of sales | (680.3) | (774.5) | -12.2% | |
| Gross margin | 201.0 | 234.5 | –14.3% | |
| % of net sales | 22.8% | 23.2% | (0.4pts) | |
| SG&A(2) | (232.7) | (228.3) | +1.9% | |
| % of net sales | -26.4% | -22.6% | (3.8pts) | |
| Fulfillment | (78.2) | (84.6) | -7.6% | |
| Marketing | (52.1) | (51.2) | +1.7% | |
| Technology and content | (75.5) | (66.1) | +14.2% | |
| General and administrative | (26.8) | (26.3) | +2.0% | |
| Operating EBIT(3) | (31.7) | 6.2 | –37.9 | |
| % of net sales | -3.6% | 0.6% | (4.2pts) | |
| Other expenses | 10.1 | 0.9 | +9.1 | |
| Operating profit/(loss) | (21.6) | 7.1 | -28.8 | |
| Net financial income/(expense) | (42.4) | (24.2) | +75.3% | |
| Profit/(loss) before tax | (64.0) | (17.0) | +275.7% | |
| Income tax gain/(expense) | (3.5) | (2.4) | +44.8% | |
| Net profit/(loss) from continuing operations |
(67.5) | (19.5) | -48.1 | |
| Net profit/(loss) from discontinued operations(4) |
(2.3) | (1.3) | +75.9% | |
| Net profit/(loss) for the period | (69.8) | (20.8) | n.m | |
| % of net sales | -7.9% | -2.1% | (5.9pts) | |
| Attributable to Cnova equity holders (incl. discontinued) |
(70.3) | (21.2) | n.m | |
| Attributable to non-controlling interests (incl. discontinued) |
0.5 | 0.4 | +23.8% | |
| Adjusted EPS (€)(5) | (0.20) | (0.06) | (0.14) |
*re-presented to consider Haltae (Stootie operations legal entity) financials reclassified in discontinued activities
1) Unaudited financial statements
2) SG&A: Selling, General and Administrative expenses
3) Operating EBIT: operating profit/(loss) before other expenses (strategic and restructuring expenses, litigation expenses and impairment and disposal of assets expenses).
4) In accordance with IFRS5 (Non-current Assets Held for Sale and Discontinued Operations), HALTAE (formerly Stootie)’s post-tax net profit for the year ended 31 December 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 | 2022 End June |
2021 End December |
|
| (€ millions) | |||
| ASSETS | |||
| Cash and cash equivalents | 14.7 | 20.4 | |
| Trade receivables, net | 99.4 | 150.9 | |
| Inventories, net | 216.6 | 302.7 | |
| Current income tax assets | 3.1 | 4.0 | |
| Other current assets, net | 200.5 | 186.4 | |
| Total current assets | 534.2 | 664.4 | |
| Other non-current assets, net | 9.3 | 10.6 | |
| Deferred tax assets | 42.3 | 43.6 | |
| Right of use, net | 138.5 | 138.3 | |
| Property and equipment, net | 20.5 | 23.4 | |
| Intangible assets, net | 240.8 | 233.0 | |
| Goodwill | 122.3 | 122.3 | |
| Total non-current assets | 573.8 | 571.2 | |
| Assets held for sale | 0.0 | 3.7 | |
| TOTAL ASSETS | 1,108.0 | 1,239.4 | |
| EQUITY AND LIABILITIES | |||
| Current provisions | 5.6 | 4.1 | |
| Trade payables | 417.6 | 624.3 | |
| Current financial debt | 140.2 | 84.2 | |
| Current lease liabilities | 35.4 | 34.0 | |
| Current tax and social liabilities | 118.1 | 104.4 | |
| Other current liabilities | 183.9 | 216.9 | |
| Total current liabilities | 901.0 | 1,067.9 | |
| Non-current provisions | 7.6 | 8.8 | |
| Non-current financial debt | 372.1 | 280.4 | |
| Non-current lease liabilities | 129.1 | 130.8 | |
| Other non-current liabilities | 18.1 | 3.1 | |
| Deferred tax liabilities | 1.3 | 1.3 | |
| Total non-current liabilities | 528.3 | 424.4 | |
| Liabilities held for sale | – | – | |
| Share capital | 17.3 | 17.3 | |
| Reserves, retained earnings and additional paid-in capital | (410.3) | (341.4) | |
| Equity attributable to equity holders of Cnova | (393.1) | (324.2) | |
| Non-controlling interests | 71.7 | 71.3 | |
| Total equity | (321.3) | (252.9) | |
| TOTAL EQUITY AND LIABILITIES | 1,108.0 | 1,239.4 |
| Consolidated Cash Flow Statement | First 6 months 2022 |
First 6 months 2021* |
|
| (€ millions, ended June) | |||
| Net profit/(loss) from continuing operations | (68.2) | (19.8) | |
| Net profit/(loss), attributable to non-controlling interests | 0.5 | 0.4 | |
| Net profit (loss) for the period excl. discontinued operations | (67.7) | (19.5) | |
| Depreciation and amortization expense | 48.2 | 42.0 | |
| (Gains) losses on disposal of non-current assets and impairment of assets | (18.4) | 2.1 | |
| Other non-cash items | 1.9 | – | |
| Financial expense, net | 42.4 | 24.2 | |
| Current and deferred tax (gains) expenses | 3.3 | 2.4 | |
| Income tax paid | (1.8) | (0.7) | |
| Change in operating working capital | (66.7) | (183.9) | |
| Inventories of products | 86.1 | (26.5) | |
| Accounts payable | (205.8) | (152.4) | |
| Accounts receivable | 68.7 | 53.5 | |
| Working capital non-goods | (15.6) | (58.6) | |
| Net cash from/(used in) continuing operating activities | (58.8) | (133.3) | |
| Net cash from/(used in) discontinued operating activities | (2.3) | (1.0) | |
| Purchase of property, equipment & intangible assets | (47.6) | (53.7) | |
| Purchase of non-current financial assets | (0.0) | (0.1) | |
| Proceeds from disposal of prop., equip., intangible assets | 20.5 | 0.4 | |
| Changes in loans granted (including to related parties ) | (80.3) | 129.9 | |
| Net cash from/(used in) continuing investing activities | (107.4) | 76.5 | |
| Net cash from/(used in) discontinued investing activities | (0.1) | (0.2) | |
| Increase (decrease) of capital of the holding company | – | 0.0 | |
| Dividends paid to the non-controlling interests | (0.0) | – | |
| Additions to financial debt | 162.1 | 46.7 | |
| Repayments of financial debt | (3.7) | (4.9) | |
| Repayments of lease liability | (13.8) | (12.6) | |
| Interest paid on lease liability | (3.9) | (4.0) | |
| Interest paid, net | (40.5) | (19.6) | |
| Net cash from/(used in) continuing financing activities | 100.1 | 5.6 | |
| Net cash from/(used in) discontinued financing activities | – | – | |
| Effect of changes in foreign currency translation adjustments from discontinued operations | 0.0 | (0.0) | |
| Change in cash and cash equivalents from continuing operations | (66.1) | (51.3) | |
| Change in cash and cash equivalents from discontinued operations | (2.5) | (1.2) | |
| Cash and cash equivalents, net, at period begin | 17.1 | 9.0 | |
| Cash and cash equivalents, net, at period end | (51.4) | (43.5) |
* At June 30,2021 change in cash from loan granted is linked to cash deposit with Casino Finance (€130.5m at December 31, 2020 and €0m at June 30, 2021).
|
Upcoming Event |
|
| Thursday, July 28, 2022 at 11:00 CEST / 05:00 EDT |
Cnova First Half 2022 Financial Results Conference Call & Webcast |
| Conference Call and Webcast connection details | |
| Conference Call Dial-In Numbers: | |
| France | +33 172727403 – PIN: 88560915# |
| UK | +44 2071943759 – PIN: 88560915# |
| USA | +1 6467224916 – PIN: 88560915# |
| Webcast: | |
| https://onlinexperiences.com/Launch/QReg/ShowUUID=F179D333-80F7-465A-9C06-2699E0681C82 | |
| An archive of the conference call will be available for 3 months at cnova.com. | |
1 According to Kantar market studies
2 Like-for-like figures exclude cross-canal sales and Cdiscount Energy GMV for 1H21 and 1H22
3 EBITDA: operating profit/(loss) from ordinary activities (EBIT) adjusted for operating depreciation & amortization of respectively €(42.7)m and €(48.5)m in the 1st semester of 2021 and 2022
4 According to Kantar in April and May 2022 study, respectively +0.2 pt and +0.4 pt
5 Subscriber base on 30/06/2022
6 April and May Médiamétrie studies
7 Traffic data generated by Adobe Omnitur for the months of April, May and June
8 Calculated as Marketplace GMV generated through merchants benefiting from Cdiscount’s fulfilment services divided by total Marketplace GMV
9 i.e., Sponsored products
10 From months of October 2020 to September 2021 compared to the equivalent period end of September 2020
Attachment
Artificial Intelligence
Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT
HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.
Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
Photo – https://mma.prnewswire.com/media/2421983/image.jpg
Photo – https://mma.prnewswire.com/media/2421640/Live4Well.jpg
Logo – https://mma.prnewswire.com/media/2421641/4725441/Live4Well.jpg
View original content:https://www.prnewswire.co.uk/news-releases/unlock-an-exclusive-olympic-experience-celebrating-live4wells-sold-out-genesis-nft-302155644.html
Artificial Intelligence
Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
Photo – https://mma.prnewswire.com/media/2421769/Korea_France_Content_Forum_Photo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/overseas-expansion-strategy-of-k-ott-introduced-in-france-kocca-holds-the-2024-korea-france-content-forum-302155362.html
Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=248007097
Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
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 Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=248007097
North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=248007097
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
Internet of Robotic Things Market (IoRT) by Component (Sensor, Power, Control), Service (Professional, Managed), Platform (Device, Application, Network), Software (Analytics, Data, Security, Monitoring, Bandwidth), Application – Global Forecast to 2022
MulteFire Market by Device (Small Cells, Switches, Controllers), Application (Industrial Manufacturing, Commercial, Transportation, Public Venues, Healthcare, Oil & Gas and Mining, Power Generation, Hospitality), and Geography – Global forecast 2025
Smart Robots Market Size, Share by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025
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. Aashish MehraMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-gateway-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/iot-gateway.asp
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/iot-node-and-gateway-market-worth-604-7-billion-by-2029—exclusive-report-by-marketsandmarkets-302155034.html
-
Artificial Intelligence7 days agoIntouchCX Applauded by Frost & Sullivan for Enabling Seamless, Effortless, and Memorable Customer Interactions with Its Innovation-led Solutions Suite
-
Uncategorized7 days agoBridgewest Group celebrates grand opening of Global Capability Center, Bridgewest India
-
Artificial Intelligence3 days agoTitans of Tech: GP Bullhound releases its annual report on the European tech ecosystem
-
Uncategorized3 days ago
GienTech Hosted the “2024 GienTech Digital Transformation Conference” to Promote Overseas Collaborative Ecosystem Development
-
Artificial Intelligence3 days agoBybit Web3 Announces Upcoming IDO for Aperture Finance, Simplifying Web3 Finance
-
Uncategorized3 days ago
Hyreo ushers in a New Dawn for Recruitment Technology with Hyreo Labs
-
Artificial Intelligence3 days agoNorthern Data Group’s Peak Mining, announces purchase of a second 300MW data center location in Corpus Christi, Texas
-
Artificial Intelligence7 days ago
Aramco signs agreement with Pasqal to deploy first quantum computer in the Kingdom of Saudi Arabia
