CNOVA N.V. Publishes 2023 annual financial report

AMSTERDAM – April 23 2024, 08:15 CET Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”
or the “Company”) has published its annual financial report for the year ended December 31, 2023 (the
“report”). The report was filed with the Dutch Authority for the Financial Markets (Autoriteit Financiële
Markten) and is available on the Company’s website,
KPMG Accountants N.V. have issued an unqualified audit opinion in relation to the report. In the report, the
Company notes that its capital structure in relation to its debts could compromise the Company’s mid-term
business plan, particularly after 2025, when certain debts (all as identified in the report in more detail)
become unsecured. The Company has initiated discussions with Casino, Guichard-Perrachon about a
potential conversion of (part of) the Company’s debt vis-à-vis Casino into equity. Because no decision has
been made about the implementation of this debt-to-equity conversion, there is currently a material
uncertainty on Cnova’s ability to continue as a going concern after 2025.
Despite the identified material uncertainty, the Board of Directors expects a positive outcome of discussions
with its main shareholder about the recapitalization, although the outcome remains uncertain. Therefore,
the Board of Directors of Cnova considered it appropriate to have prepared the 2023 year-end consolidated
financial statements under the going concern assumption.