CNOVA
N.V.
2017 Financial Results
AMSTERDAM, February 20, 2018,
07:45 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392)
("Cnova" or the "Company") today announced its financial results
for the full year 2017[1].
-
Traffic: 946 million visits
(+12%)
-
GMV: €3.4 billion (+10% like-for-like[2],
acceleration in 2H17)
-
Mobile share:
38.1% (+
737 bp)
-
Marketplace share:
32.0% (+ 56
bp)
-
CDAV share:
31.1% (+ 1,063 bp)
-
Net sales: €2.1 billion (+9%
like-for-like2)
-
Active customers: 8.6 million
(+6%)
-
Improvement in EBITDA in
2H17 versus 1H17
-
2017 EBITDA (€4 million) lower than 2016 due to
temporarily strategic plan implementation costs
-
Quarterly improvement in EBITDA throughout
2017
-
Back to 2016 level (4Q17 EBITDA higher than
4Q16)
-
Net financial debt improved
compared to June 30, 2017
Key figures
€ in millions |
2nd
semester (1) |
Change |
| 2017 |
2016 |
Reported |
L-F-L(2) |
| GMV |
1,935.0 |
1,624.0 |
+19.1% |
+10.8% |
| Net sales |
1,239.8 |
998.0 |
+24.2% |
+13.0% |
| Gross profit |
165.5 |
133.8 |
+23.7% |
|
| Gross margin |
13.4% |
13.4% |
-5 bp |
|
| SG&A |
(171.5) |
(133.4) |
+28.6% |
|
| Operating EBIT |
(6.0) |
0.4 |
nm |
|
| EBITDA([3]) |
8.6 |
10.7 |
-20.3% |
|
| Cdiscount |
10.8 |
16.4 |
-33.9% |
|
Key figures
€ in millions |
Full year (1) |
Change |
| 2017 |
2016 |
Reported |
L-F-L(2) |
| GMV |
3,390.5 |
2,994.3 |
+13.2% |
+9.6% |
| Net sales |
2,122.0 |
1,855.7 |
+14.4% |
+9.3% |
| Gross profit |
288.7 |
255.3 |
+13.1% |
|
| Gross margin |
13.6% |
13.8% |
-15 bp |
|
| SG&A |
(311.6) |
(258.1) |
+20.7% |
|
| Operating EBIT |
(23.0) |
(2.8) |
nm |
|
| EBITDA(3) |
3.6 |
17.7 |
-79.7% |
|
| Cdiscount |
9.1 |
25.1 |
-63.7% |
|
| Net profit/(loss) (from
continuing activities) |
(92.3) |
(65.2) |
nm |
|
| Adjusted EPS (from
continuing activities) |
(0.19) |
(0.11) |
nm |
|
***
2nd half
operational and financial performance
Gross merchandise
volume (GMV) totaled €1.9 billion in 2H17, an increase of 10.8%
versus 2016 on a like-for-like (l-f-l) basis, increasing versus
1H17 growth (8.8%). On a reported basis, including in particular
sales in Casino stores, GMV rose by 19.1% compared to 1H16. The
mobile share of GMV continued to strongly increase to reach 39.3%
in 2H17, i.e. +611 basis points compared to the same period in
2016.
Traffic at
Cdiscount.com accelerated in 2H17 (+13.2%) to 504 million visits.
For the first time, mobile accounted for more
than 60% of traffic in 2H17. According to Médiamétrie latest
survey[4], Cdiscount
ranks second among e-retailers in France in number of unique
monthly visitors with 18 million visitors on desktop and
mobile.
Net sales
totaled €1.2 billion in 2H17. The 13.0% growth on a l-f-l basis
showed a strong acceleration versus 1H17.
Gross profit
was €166 million in 2H17 with a gross margin of 13.4%, stable
versus 2H16.
SG&A
costs amounted to €(171) million in 2H17, i.e. 13.8% of net sales
with a strong improvement compared to 1H17 (15.9% of net sales).
Implementation costs of the new strategic plan launched in the
2nd quarter 2017
(expansion of assortment and subsequent warehouse capacity, revamp
of Cdiscount site and app) primarily explain the increase in
SG&A versus previous year.
EBITDA
totaled €9 million in 2H17, in progress versus 1H17. EBITDA
improved quarter after quarter in 2017 both in value and compared
to 2016. This trend reflects the first benefits of the strategic
plan which led to a y-o-y EBITDA growth in the 4Q17.
Operating
EBIT was €(6) million in 2H17, improving versus 1H17 (-€17
million).
Free cash
flow amounted to €31 million in 2H17.
FY2017 operational and financial
performance
Gross merchandise
volume (GMV) totaled €3.4 billion, up 9.6% versus 2016 on a
like-for-like (l-f-l). On a reported basis, including in particular
sales in Casino stores, GMV rose by 13.2% compared to 2016. The
mobile share of GMV strongly increased at 38.1% for the full year
2017, i.e. +737 basis points compared to 2016.
The marketplace share of total GMV reached 32.0% in 2017
compared to 31.4% in 2016. The number of marketplace references
increased by more than 80% year-on-year (y-o-y). The share of
marketplace GMV fulfilled by Cdiscount more than doubled y-o-y to
reach 19% at the end of 2017.
Traffic at
Cdiscount.com grew by 12.4% in 2017 to 946 million visits with an
acceleration in the 2nd half. The
mobile share of traffic rose 645 basis points
to 59.5% for the year 2017.
The number of active customers totaled 8.6 million, a y-o-y increase
of 6.0%. Membership of Cdiscount
à volonté (CDAV) continued to grow rapidly, increasing by
48% compared to December 2016.
Orders
increased by 8.3% to reach 26.8 million in 2017 while the number of items sold rose by 6.9% to 52.8 million in
2017. CDAV customers accounted for 29.7% of total orders in 2017
compared to 18.6% in 2016, purchasing on average three times more
frequently than non-CDAV customers.
Net sales
totaled €2.1 billion in 2017, up 9.3% on a l-f-l basis compared to
2016 (+14.4% on a reported basis). Home furnishings and household
appliances accounted for 45% of direct sales, while hi-tech items
(AV and smartphones) and IT goods contributed to 35% of direct
sales.
Gross profit
was €289 million in 2017, i.e. 13.6% of net sales. Gross margin
variation versus 2016 improved in 2H17.
SG&A
costs amounted to €(312) million, i.e. 14.7% of net sales (compared
to -€258 million and 13.9% in 2016), reflecting the strategic plan
implementation costs.
As a result, EBITDA totaled €4 million in 2017 compared to €18
million in 2016. EBITDA improved quarter after quarter in 2017 both
in value and compared to 2016.
It should also be noted that 2016 EBITDA benefitted from the
reversal of a €5 million provision at the holding level that had
been booked in 2015 in conjunction with divested operations in
Brazil.
Operating
EBIT was €(23) million.
The operating
loss reported for 2017 amounted to €(50) million, including
Cnova restructuring costs.
Net financial expense was €(40)
million in 2017, reflecting higher costs of consumer financing
activities which grow in line with the business.
Net loss from
continuing operations amounted to €(92) million with an
adjusted EPS of €(0.19).
Net financial
debt:
Net financial
debt position at December 31, 2017 was €(193)
million[5]. It
improved compared to June 30, 2017 level, following a degradation
in 1H17 mainly due to the strategic plan implementation (increase
in inventories related to product assortment growth and
multichannel agreement with Casino as well as increased
investment).
Key achievements
Customer offer
and service enhancements of the strategic
plan launched during the 2nd quarter of
2017 revolved around four main pillars: product catalogue
expansion, multichannel offer reinforcement, enhancements of
customer experience (including delivery edges) and technological
advantages. This strategic plan resulted in significant investment
(increase in inventory as well as technological and logistics
investments) which negatively weighted on 1H17 performance but
began to positively impact top-line and financial results in
3Q17.
Product catalogue
expansion
-
Product assortment: the number of products
eligible for free express delivery available to CDAV customers
tripled over the year while marketplace references surpassed the
original target of +50% to reach +80%. Overall product offerings
increased by 17 million throughout 2017 to reach 37 million by end
December 2017.
-
Warehouse capacity: to accommodate the extension
of product catalogue, Cdiscount's warehouse capacity increased by
around 70% to 530,000 sqm at end 2017. Three new warehouses were
opened in 2017, respectively near Orléans, Orly Airport and
Bordeaux - the latter being fully dedicated to Marketplace
fulfillment. A new 40,000 sqm DC near Orly Airport is planned to
open in 1Q18.
Multichannel
offer reinforcement
-
Multichannel offer: Cdiscount is now managing
the Hi-tech and Home Furnishing product categories of integrated
Géant hypermarkets and Casino supermarkets, providing immediate
in-store availability for
c.
4,000 references as well as combined promotions and commercial
events. The multichannel agreement with Casino, effective June 19,
2017, generated €108 million of net sales in 2017. The multichannel
strategy was reinforced by the opening of 4 Cdiscount showrooms in
Géant hypermarkets in 2017, presenting Cdiscount Home and Technical
goods product offerings as well as best deal offers with around 700
references displayed on more than 400 sqm. 6 new Cdiscount
showrooms are expected to open in 2018.
Enhancements of
customer experience
-
Same-day delivery: extension of Cdiscount's
unique same-day delivery offer in Bordeaux, Lille, Lyon and the
Paris region. This service will be extended to 4 additional large
cities to cover nearly half of the French population living in
cities of more than 10,000 inhabitants by end 2018.
-
Real-time geolocation: thanks to its exclusive
partnership with Bringg, Cdiscount became the forerunner of
real-time geolocation of large-product deliveries in France. This
service, currently available in Paris, Bordeaux and Lyon regions
will be extended all over France in 2018.
-
Logistics excellence: finalized roll-out of the
new warehouse management system in Réau and Saran DCs, allowing for
increased productivity and shortened delivery times.
-
Services: expanding range of services with the
successful launch in 2017 of "Coup de pouce", an exclusive instant
consumer credit offer, and Cdiscount Energie, the most affordable
home energy supply solution in the market. Roll-out of product
installation services "Cinstallé" launched end 2017 from over
20,000 references eligible today to 260,000 by end 2018.
-
Online customer experience: revamp of Cdiscount
sites and app with further personalization, value-added
functionalities (apps for Google Home - parcel tracking and best
deals, Paylib and chatbots) and daily games to offer a playful
experience. Launch in November 2017 of a product subscription offer
for recurring products, allowing automatic delivery at a chosen
date, frequency and shipping mode.
-
Performance of sites and app: Cdiscount mobile
site now ranks 2nd among main
e-commerce sites in France in terms of page loading
speed[6] while the
Cdiscount application is one of the best rated in the Apple store
with a 4.5/5 grade based on nearly 60,000 reviews.
-
Customer commitment: Cdiscount reinforced its
leadership on social media visibility and commitment (like, share,
comments) in 2017 and is now the number 1 in France and the number
3 worldwide on social media commitment among main
retailers[7].
Technological
advantages
-
DC Automation: Cdiscount developed with Exotec
Solutions a unique and state-of-the-art order robotized picking
system, Skypod. This new solution will significantly improve DC
productivity and Cdiscount's inventory storage surface
requirement.
-
Innovation: Cdiscount launched 52 POCs
(Proof of Concept) with start-ups in 2017 in
all service lines (Marketing, logistics, IT.), of which nearly two
thirds of finalized tests were industrialized.
In
addition, Cdiscount launched a logistics incubator, The Warehouse,
with 4 start-ups selected in 2017 to work in one of Cdiscount's DC
on new areas of logistics innovation.
Alongside with these strategic
initiatives, Cnova developed new revenue streams through the
creation of a comprehensive marketplace ecosystem with the ramp-up
of fulfillment services, the introduction of premium packs offering
increased visibility to sellers, tailored advertising, sales
reports, financial and transportation services.
Outlook
In 2018 Cnova plans to accelerate
the implementation of its strategic plan to offer the best on- and
offline customer experience and reinforce its market positions
through 4 main pillars:
· Offer
the best products and services to its customers
-
Reinforce its leadership in large products, benefiting from fast
delivery and installation services.
-
Drive increase in repurchases through assortment (daily products),
CDAV and product subscription.
-
Launch new services with landmark partners, starting with a new
long-term leasing offer.
· Further
improve the customer experience at all steps
-
Increased personalization and gamification on Cdiscount mobile site
and application.
-
Implement the rollout of Cdiscount's unique same-day delivery offer
to more large French cities.
· Accelerate
monetization
-
Benefit from the ramp-up of Marketplace services to sellers.
-
Generate new revenue streams based on a unique data expertise.
· Become
a platform that is increasingly more open
-
Accelerate the dynamics of innovation in all departments through
POCs with start-ups.
-
Develop partnerships with third parties.
***
About Cnova N.V.
Cnova N.V., one
of the leading e-Commerce companies in France, serves 8.6 million
active customers via its state-of-the-art website, Cdiscount. Cnova
N.V.'s product offering of more than 37 million items provides its
clients with a wide variety of very competitively priced goods,
several fast and customer-convenient delivery options as well as
practical payment solutions. Cnova N.V. is part of Groupe Casino, a
global diversified retailer. Cnova N.V.'s news releases are
available at www.cnova.com. Information available on, or accessible
through, the sites referenced above is not part of this press
release.
This press
release contains regulated information (gereglementeerde
informatie) within the meaning of the Dutch Financial Supervision
Act (Wet op het financieel toezicht) which must be made publicly
available pursuant to Dutch and French law. This press release is
intended for information purposes only.
***
Cnova Investor Relations Contact:
investor@cnovagroup.com
Tel: +31 20 301 22 40 |
Media contact:
directiondelacommunication@cdiscount.com
Tel: +33 5 56 30 07 14 |
Appendices
Cnova N.V. Consolidated Financial
Statements(1)
|
Consolidated Income Statement |
|
Full year |
Change |
|
€ in millions |
|
2017 |
2016 |
| Net sales |
|
2,122.0 |
1,855.7 |
+14.4% |
| Cost of sales |
|
(1,833.3) |
(1,600.4) |
+14.6% |
| Gross
profit |
|
288.7 |
255.3 |
+13.1% |
| % of net sales (Gross margin) |
|
13.6% |
13.8% |
-15 bp |
| SG&A(2) |
|
(311.6) |
(258.1) |
+20.7% |
| % of
net sales |
|
-14.7% |
-13.9% |
-78 bp |
| Fulfillment |
|
(162.5) |
(125.7) |
+29.2% |
| Marketing |
|
(45.4) |
(33.2) |
+36.7% |
| Technology and
content |
|
(69.8) |
(55.8) |
+25.0% |
| General and
administrative |
|
(34.0) |
(43.4) |
-21.6% |
| Operating EBIT(3) |
|
(23.0) |
(2.8) |
nm |
| % of net sales |
|
-1.1% |
-0.2% |
-93 bp |
| Other
expenses |
|
(26.9) |
(18.5) |
+45.6% |
| Operating profit/(loss) |
|
(49.9) |
(21.3) |
nm |
| Net
financial income/(expense) |
|
(40.3) |
(31.0) |
+29.9% |
| Profit/(loss) before tax |
|
(90.1) |
(52.3) |
nm |
| Income tax
gain/(expense) |
|
(2.2) |
(12.9) |
nm |
| Net profit/(loss) from continuing operations |
|
(92.3) |
(65.2) |
nm |
| Net
profit/(loss) from discontinued operations |
|
(8.0) |
132.2 |
nm |
| Net
profit/(loss) for the period |
|
(100.3) |
67.0 |
nm |
| % of
net sales |
|
-4.7% |
3.6% |
nm |
| Attributable to Cnova
equity holders (incl. discontinued) |
|
(100.0) |
73.1 |
nm |
|
Attributable to non-controlling interests (incl. discontinued) |
|
(0.3) |
(6.1) |
nm |
| Adjusted EPS (€) from
continuing operations |
|
(0.19) |
(0.11) |
nm |
| Adjusted EPS (€) from
discontinued operations |
|
(0.00) |
(0.40) |
nm |
| Adjusted EPS (€)(4) |
|
(0.19) |
(0.51) |
nm |
-
Ernst & Young have
substantially completed their audit of the annual financial
statements. In accordance with IFRS 5 (Non-current Assets Held for
Sale and Discontinued Operations), all figures have been adjusted
as of January 1, 2016, to reflect: i) the merger of Cnova Brazil
into Via Varejo on October 31, 2016, ii) the sale or closure of
international sites, and iii) the sale of the specialty site
MonShowroom. The results from these activities are reported under
net profit/(loss) from discontinued operations.
-
SG&A: selling, general and
administrative expenses.
-
Operating EBIT: operating
profit/(loss) before other expenses (strategic and restructuring
expenses, litigation expenses and impairment and disposal of assets
expenses) .
-
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
At December 31 (€ in millions) |
|
2017 |
|
2016
|
| |
|
|
|
|
| ASSETS |
|
|
|
|
| |
|
|
|
|
| Cash and cash
equivalents |
|
43.8 |
|
15.3 |
| Trade receivables,
net |
|
155.4 |
|
91.1 |
| Inventories, net |
|
407.9 |
|
224.8 |
| Current income tax
assets |
|
2.4 |
|
1.3 |
| Other
current assets, net |
|
107.1 |
|
346.2 |
| Total current assets |
|
716.7 |
|
678.7 |
| |
|
|
|
|
| Other non-current
assets, net |
|
6.1 |
|
4.6 |
| Deferred tax
assets |
|
-- |
|
-- |
| Property and
equipment, net |
|
34.3 |
|
15.3 |
| Intangible assets,
net |
|
99.8 |
|
71.9 |
|
Goodwill |
|
58.2 |
|
56.5 |
| Total non-current assets |
|
198.4 |
|
148.4 |
| |
|
|
|
|
| TOTAL ASSETS |
|
915.1 |
|
827.1 |
| |
|
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
|
| |
|
|
|
|
| Current
provisions |
|
9.0 |
|
6.8 |
| Trade payables |
|
579.7 |
|
576.6 |
| Current financial
debt |
|
237.9 |
|
93.6 |
| Current tax
liabilities |
|
48.8 |
|
46.4 |
| Other current
liabilities |
|
142.3 |
|
110.7 |
| Total current liabilities |
|
1,017.8 |
|
834.1 |
| |
|
|
|
|
| Non-current
provisions |
|
14.0 |
|
12.1 |
| Non-current financial
debt |
|
-- |
|
-- |
| Deferred tax
liabilities |
|
0.4 |
|
-- |
| Other non-current
liabilities |
|
4.5 |
|
2.1 |
| Total non-current liabilities |
|
18.9 |
|
14.2 |
| |
|
|
|
|
| Share capital |
|
17.2 |
|
17.2 |
| Reserves, retained
earnings and additional paid-in capital |
|
(138.6) |
|
(37.2) |
| Equity attributable to equity holders of Cnova |
|
(121.4) |
|
(20.0) |
| Non-controlling interests |
|
(0.1) |
|
(1.2) |
| Total equity |
|
(121.5) |
|
(21.2) |
| |
|
|
|
|
| TOTAL EQUITY AND LIABILITIES |
|
915.1 |
|
827.1 |
|
Consolidated Cash Flow Statement |
|
|
|
at December 31 (€ in
millions) |
|
2017 |
2016 |
| Net profit/(loss) from
continuing operations |
|
(92.0) |
(65.4) |
| Net profit/(loss),
attributable to non-controlling interests |
|
(0.3) |
0.2 |
| Net profit (loss) for the period excl. discontinued
operations |
|
(92.3) |
(65.2) |
| Depreciation and
amortization expense |
|
26.6 |
20.6 |
| (Income) expenses on
share-based payment plans |
|
0.4 |
0.1 |
| (Gains) losses on
disposal of non-current assets and impairment of assets |
|
1.8 |
6.1 |
| Other non-cash
items |
|
0.0 |
0.5 |
| Financial expense,
net |
|
40.3 |
31.0 |
| Current and deferred
tax (gains) expenses |
|
2.2 |
12.9 |
| Income tax paid |
|
(2.4) |
(2.1) |
| Change in operating
working capital |
|
(244.2) |
17.3 |
| Inventories of products |
|
(183.1) |
19.3 |
| Accounts payable |
|
13.2 |
(41.5) |
| Accounts receivable |
|
(80.2) |
35.2 |
| Working capital non-goods |
|
5.9 |
4.4 |
| Net
cash from/(used in) continuing operating activities |
|
(267.7) |
21.1 |
| Net cash from/(used in) discontinued operating
activities |
|
6.5 |
(585.5) |
| Purchase of property,
equipment & intangible assets |
|
(68.6) |
(44.0) |
| Purchase of
non-current financial assets |
|
(1.7) |
(2.0) |
| Proceeds from disposal
of prop., equip., intangible assets |
|
0.0 |
0.6 |
| Movement of perimeter,
net of cash acquired |
|
0.0 |
21.0 |
| Investments in
associates |
|
(2.2) |
(3.0) |
| Changes in
loans granted (including to related parties) |
|
(0.2) |
106.5 |
| Net
cash from/(used in) continuing investing activities |
|
(72.6) |
78.9 |
| Net cash from/(used in) discontinued investing
activities |
|
2.7 |
25.1 |
| Transaction with
owners of non-controlling interests |
|
(0.1) |
0.0 |
| Additions to financial
debt |
|
(1.2) |
(7.4) |
| Repayments of
financial debt |
|
8.5 |
(10.2) |
| Changes in loans
received |
|
384.7 |
(275.0) |
| Interest
paid, net |
|
(39.9) |
(31.7) |
| Net
cash from/(used in) continuing financing activities |
|
352.1 |
(324.3) |
| Net cash from/(used in) discontinued financing
activities |
|
(1.7) |
137.5 |
| Effect of
changes in foreign currency translation adjustments from
discontinued operations |
|
0.0 |
259.6 |
| Change in cash and cash equivalents from continuing
operations |
|
11.8 |
(224.3) |
| Change in cash and cash equivalents from discontinued
operations |
|
7.5 |
(163.3) |
| Cash and cash equivalents, net, at period begin |
|
4.2 |
391.8 |
| |
|
|
|
| Cash and cash equivalents, net, at period end |
|
23.6 |
4.2 |
| Upcoming Event |
| |
| Tuesday,
February 20, 2018 at 16:00 CET |
Cnova
2017 Financial Results
Conference Call & Webcast |
| Conference Call and Webcast connection details |
| |
| Conference Call Dial-In Numbers: |
|
Toll-Free: |
|
| France |
0 800 912 848 |
| UK |
0 800 756 3429 |
| USA |
1 877 407 0784 |
| Toll: |
1 201 689 8560 |
| |
|
| Conference Call Replay Dial-In Numbers: |
|
Toll-Free: |
1 844 512 2921 |
| Toll: |
1 412 317 6671 |
| |
|
| Available
From: February 20, 2018 at |
13:00
ET / 19:00 CET |
| To:
February 28, 2018 at |
00:00 ET / 06:00 CET |
| Replay Pin
Number: |
13675582 |
| |
|
| Webcast: |
|
http://public.viavid.com/index.php?id=128019 |
| |
|
|
Presentation materials to accompany the call will be available at
cnova.com on February 20, 2018. |
| |
|
| An archive
of the conference call will be available for 3 months at
cnova.com. |
|
|
[1] Ernst &
Young have substantially completed their audit of the annual
financial statements. In accordance with IFRS 5 (Non-current Assets
Held for Sale and Discontinued Operations), all figures have been
adjusted as of January 1, 2016, to reflect: i) the merger of Cnova
Brazil into Via Varejo on October 31, 2016, ii) the sale or closure
of international sites, and iii) the sale of the specialty site
MonShowroom. The results from these activities are reported under
net profit/(loss) from discontinued operations.
[2]
Like-for-like (l-f-l): figures have been adjusted to make them
comparable across periods, by eliminating: i) operating data
related to the specialty sites Comptoir des Parfums, Comptoir Santé
and MonCornerDéco due to their sale or closure in 2016, ii) B2B
operating data due the voluntary pullback of their sales initiated
in the 3rd quarter of
2016, iii) leap year impact in 2016 (-0.4 pt and -0.3 pt on FY17
GMV and net sales growth, respectively) and iv) Cdiscount sales
made to Casino hypermarket and supermarket clients in France in
relation with the multichannel agreement with Casino effective June
19, 2017 (+4.3 pts and +5.8 pts on FY17 GMV and net sales growth
respectively, and +7.6 pts and +10.2 pts in 2H17). 1H17 growth
excludes the adjustment related to TV products, which positively
impacted 1H16 due to the mandatory shift to Digital Terrestrial
Television (DTT), and the Euro football championship.
[3] EBITDA:
calculated as operating profit/(loss) from ordinary activities
(Operating EBIT) before depreciation and amortization expense.
[4] Médiamétrie
study published in January 2018, based on October 2017 traffic
data.
[5]
Including €23.8 million (US$28.5 million) of restricted cash
on an escrow account.
[6] Fasterize
data.
[7] According
to a Sprinklr study published in February 2018, based on the number
of social media interactions in 2017 of main French and
US retailers.
PR FY17 Financial results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cnova N.V. via Globenewswire
Cnova NV (EU:CNV)
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