From GlobeNewswire.:

In FY23, Cnova N.V. saw a +56% improvement in EBITDA, shifting towards more profitable services revenue, with €81m in EBITDA and €29m in financial result improvement vs. FY22. Efficiency Plan overperformed SG&A and CAPEX targets, decreasing spending by €129m. Free cash flows improved by €69m thanks to business model transformation and cost savings.

Financially, Cnova focused on high-margin services and operational improvements, illustrating a turnaround in FY23 with EBITDA doubling to 6.8% of net sales. Despite a challenging e-commerce market in France, Cnova’s Marketplace, advertising, and B2B revenues grew. Initiatives in ESG sustainability showed progress, with energy consumption reduced by -31% in 2023 compared to 2019.

In response to the Casino group situation, Cnova participated in conciliation proceedings for debt restructuring, extending until October 25th, 2023. Casino group reached an Agreement in Principle with a Consortium and creditors to strengthen equity structure and restructure financial debt. Accelerated safeguard proceedings were opened for Casino, Guichard-Perrachon and subsidiaries on October 25th, 2023.



Read more at GlobeNewswire.:: 2023 Fourth Quarter Activity & Full Year