Investor Presentation May 2015
AGENDA 1 - Our markets, a significant opportunity 2 – Cnova is built on two strong companies: Cdiscount and Cnova Brasil 3 - The development of marketplaces: a key element of our business model 4 – Synergies with Parent Companies 5 – 1Q15 Financial Results 2
OUR MARKETS: A SIGNIFICANT OPPORTUNITY 3
OUR MARKETS : A SIGNIFICANT OPPORTUNITY Brazil and France are large underpenetrated markets E-commerce penetration is low in France and Brazil Brazil E-commerce market growth E-commerce market as % of total retail market, consumer goods E-commerce market sales excl. taxes (BRL Bn) (excl. Services), 2013 57 13-18 CAGR: +20% South Korea 12,9% 47 39 United Kingdom 10,4% 33 08-13 CAGR: +18% 28 Denmark 9,2% 23 20 17 Finland 15 7,8% 12 10 Ireland 7,7% 1.9x USA 7,4% 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E Norway 7,3% 3.1% 4.9% Penetration Rate Germany 6,0% 2.4x China 5,6% France E-commerce market growth France 5,5% France E-commerce market sales excl. taxes (€ Bn) Belgium 4,0% 47 Brazil 3,1% Brazil 13-18 CAGR: +15% 41 Chile 2,3% 36 30 08-13 CAGR: +19% 26 Ecuador 1,5% 23 20 18 Thailand 1,0% 15 12 10 Colombia 0,9% Vietnam 0,5% 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E Growth potential in France and Brazil 5.5% 9.6% Penetration Rate 4
CNOVA: BUILT ON TWO STRONG COMPANIES 5
CDISCOUNT: ACCELERATED GMV GROWTH Net Sales - €m GMV - €m Active customers - millions 1800 2500 7 2 312 6,26 1 606 1600 6 1 420 5,46 2000 1 900 1400 1 284 4,79 5 1 624 1200 1 110 3,97 1500 966 1 335 4 1000 870 1 155 788 1 041 800 3 942 1000 600 2 400 500 1 200 0 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 2011 2012 2013 2014 Note See Definitions section of this presentation for additional information regarding certain metrics used in this page 6
CDISCOUNT: A MARKET LEADER WITH A PROVEN TRACK RECORD OF GROWTH A leading marketshare position in France based on pricing leadership, click and collect and financing options 35,3% Large Home Online market share in France in Technical Goods (1)(2) Appliances (1) 2014 26,6% Small Home +230 bps 27,6% Appliances (1) 2014 26,5% o.w. 44,2% 27,7% in TVs Consumer 25,3% Electronics (1) 2014 22,8% IT Products (1) 2011 2013 2014 2014 Notes 1. Source: GfK. GfK Technical Product Categories: Home appliances = small and large household appliances; Consumer Electronics= TV-Video, camera, sound, phones; IT Products = computers, laptops, printers, tablets, components 2. Internet market – annual average in 2011-14 7
CDISCOUNT: A PROVEN TRACK RECORD OF GROWTH AS A LEADER Click-and-Collect: major advantage over competition in France Outsourced locations for large products Group Casino locations for large products • Extensive network of pick-up points at end of 1Q15: c. 19,100, of which 593 for large goods, • Close to 70% of Net Sales delivered through Click- and-Collect in in 1Q15 vs. 44% in 2010 • Customer advantage: faster, free of charge and convenient • On average, 40% lower cost to the company compared to home delivery 8
CDISCOUNT: A BROADER CUSTOMER BASE IN HIGHER MARGIN CATEGORIES New specialty sites: addressing a broader customer base • Expansion into higher growth and higher margin product categories, targeting a higher income customer base • Launch of new sites: a quick and industrialized process requiring limited investment, leveraging Cnova’s infrastructure and experience Do It Yourself Garden / outdoor Apparel Health and beauty Specialty websites December 2014 April 2015 February 2013 August 2010 ² ² ² � ² Premium brands � Premium customers Advice and editorial � content Baby products Children Universe Home Décor December 2014 April 2015 3 January 2013 ² ² ² ² Additional specialty websites to be opened by 2015 year end 9
CDISCOUNT: A PROVEN TRACK RECORD OF GROWTH AS A LEADER Mobile contribution to traffic and GMV increasing at a fast pace Traffic: evolution of Mobile contribution 44,9% 35,5% 37,5% 39,9% 31,1% 26,8% 23,5% 16,9% 19,4% Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 GMV (1) : evolution of Mobile contribution 20,5% 21,6% 23,1% 16,4% 17,0% 12,5% 14,0% 10,2% 7,1% Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Note See Definitions section of this presentation for additional information regarding certain of the metrics used in this page 10
CNOVA BRASIL: A SUCCESSFULL CHALLENGER WITH SUPERIOR GROWTH PROFILE Net Sales - €m GMV - €m Active customers - millions 2500 2000 8 1 868 7,29 2 204 1800 7 2000 1600 1 478 6 5,54 1 373 1 365 1 664 1400 1 501 1 493 5 1500 1200 4,15 1 019 1 140 1000 4 3,57 1000 800 3 600 2 448 375 500 400 243 181 1 200 0 0 0 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 2011 2012 2013 2014 Note See Definitions section of this presentation for additional information regarding certain metrics used in this page 11
CNOVA BRASIL : A SUCCESSFULL CHALLENGER WITH SUPERIOR GROWTH PROFILE Click-and-Collect: a unique advantage in Brazil Roll-out planned in Brazil • 210 pick-up locations as of end of Q1 2015, representing double the number of pick-up points compared to the end of 4Q14 • Opportunity to expand to approximately 1,200 pick-up points based on existing GPA/Viavarejo store network • On average, 40% lower cost to the company compared to home delivery 12
CNOVA BRASIL : A SUCCESSFULL CHALLENGER WITH SUPERIOR GROWTH PROFILE Mobile contribution to traffic and GMV increasing at a fast pace Traffic: evolution of Mobile E-commerce contribution 25,1% 19,8% 20,5% 21,7% 13,8% 15,0% 7,1% 3,8% 3,4% Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 GMV : evolution of Mobile E-commerce contribution 15,0% 9,8% 10,5% 7,8% 6,7% 4,3% 4,0% 3,2% 2,9% Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Note See Definitions section of this presentation for additional information regarding certain metrics used in this page 13
CNOVA BRASIL : A SUCCESSFULL CHALLENGER WITH SUPERIOR GROWTH PROFILE Consumer financing in Brazil • Similar to off line retailers, Cnova Brasil offers interest-free payments through installments o 70% to 80% of sales o Average ticket around 450 BRL (Approx 140 €) o Average maturity: around 3.5 months • Receivables fully discounted with full transfer of collection risk to third parties: banks and credit card companies • Cost of funding actively managed and represents around 3.5% of sales Note Figures as of end of 2014 14
CNOVA = CDISCOUNT + CNOVA BRASIL Proven success in both mature and emerging markets Launch of Foundation of Casasbahia.com.br Pontofrio.com First sales of as a standalone Creation of Nova Launch of Extra Pontofrio.com company Pontocom Marketplace 2,2 2,2 1 st French website to exceed revenues of €1bn 1,7 1,7 Launch of French Marketplace Casino 1,5 1,5 Cdiscount investment founded in Cdiscount 1,5 1,5 1,1 1,1 0,4 0,4 2,3 2,3 0,2 0,2 1,9 1,9 1,6 1,6 1,3 1,3 1,2 1,2 1,0 1,0 0,9 0,9 2008-14 CAGR: 25% 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 15
MARKETPLACES: A KEY ELEMENT OF OUR BUSINESS MODEL 16
MARKETPLACES : A KEY ELEMENT OF OUR BUSINESS MODEL Cdiscount’s marketplace model has been successful since its launch in 2011 Brazil: replicating French marketplace success Number of sellers (thousands) Cdiscount Marketplace as % of total GMV 8,7 7,1 25% 22% 5,9 4,9 4,1 13% 3,2 0,5 0,7 1,2 1,9 2,4 6% 1% Dec. 2011 Dec. 2012 Dec. 2013 Dec. 2014 March 2015 Cnova Brazil Marketplace as % of total GMV Number of product offerings (m) 16 6.3% 12 12 10 8 6 5 2.1% 4 2 1 1 End of March 2014 End of March 2015 Note See Definitions section of this presentation for additional information regarding certain of the metrics used in this page 17
MARKETPLACES : A KEY ELEMENT OF OUR BUSINESS MODEL Value proposition to sellers Fast ramp-up of marketplace in France and Brazil Key benefits for Cnova Product Offerings (MM) 16 � � Increases profitability Access to Cnova’s traffic 12 • Commission-based business model 6 � Opportunity to access Cnova fulfillment and delivery capabilities : distribution centers and Dec-13 Dec-14 Mar-15 Extends product � Click & Collect assortment • Added 10M product � Option to pay in offerings to Cnova’s installments websites over last fifteen months 15% of 25% of Cdiscount Cdiscount GMV GMV � Integration capabilities 1Q15 1Q14 and marketplace Drives traffic (SEO, Direct � operational tools Visit) 2% of 6% of Cnova Brazil Cnova Brazil GMV GMV 1Q14 1Q15 Note See Definitions section of this presentation for additional information regarding certain of the metrics used in this page 18
SYNERGIES WITH PARENT COMPANIES 19
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