- Cnova NV_Activity & Financial Press Release_1H23 (pdf 601.4 ko)
Cnova accelerated its shift towards a more profitable model, as illustrated by the sharp increase
in gross margin rate which stands at 29.7% in 1H23 (+7pts vs. 22) and the doubling of its EBITDA:
• Overall GMV decreased by -14% like-for-like1 in a still challenging market environment marked
by a decreasing trend in High Tech and Domestic Appliances categories
• Growing Marketplace revenues at €91m in 1H23 (+2% vs. 22, +28% vs. 19) with a slightly
decreasing GMV by -3.1% compared to last year, along with a record high GMV share in 1H23 at 58%
(+9pts vs. 22, +20pts vs. 19)
• Growing Advertising revenues at €35m in 1H23 with a regular growth (+5% vs. 22, x2.1 vs. 19)
and an increase in GMV take rate standing at 3.8% for 1H23 (+0.8pt vs. 22, +2.4pts vs. 19)
• B2C Services GMV at €80m (+21% vs. 22) mostly driven by Travel activities (+16% vs. 22)
• Octopia B2B revenues at €9m (+43% vs. 22) with 6 clients launched for Marketplace solutions and
increasing number of parcels shipped for Fulfilment clients such as Adeo and Too Good to Go
• C-Logistics B2B revenues at €6m in 1H23 (x8 vs. 22), with the launch of one new client and an
increase in the number of shipped parcels for external clients (x6 vs. 22)
Doubling EBITDA in 1H23 amounting to €34m (+€19m vs. 22) thanks to our focus on profitable sales
for the direct sales business, growing Advertising and Marketplace revenues along with cost-saving plan.
Efficiency plan to recalibrate SG&A and CAPEX by the end of 2023 is on track to reach the July 2022
guidance (€75m savings target vs. 21) reinforced by a €15m ad-on savings plan announced in April 2023:
• SG&A (excluding D&A) amounted to €148m, improving by €35m vs. 22 and by €38m vs. 21
• Capital expenditures stood at €31m, improving by €16m vs. 22 and €22m vs. 21
Free cash-flows from continuing activities before financial interest and other products & charges
amounted to €-183m in the 1st semester 2023, mostly impacted by business seasonality and the decrease
in trade payables driven by credit insurers guarantees reductions, partly offset by voluntary destocking
and rationalization of capital expenditures.
Continuous development of Cnova’s ESG policy:
▪ “More sustainable products” SKUs: 15.8% of Cdiscount’s Product GMV in 2Q23 (+4.7pts vs. 22)
▪ C-Logistics decrease in energy consumption by -26% vs. last year (from January to April)
