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Annex C - Definitions

Adjusted EPS or Adjusted earnings per share — calculated as adjusted net profit/(loss) divided by the weighted average number of

ordinary shares outstanding during the applicable period. See “Non-GAAP Reconciliations” section for additional information.

Adjusted net profit/(loss) — calculated as net profit/(loss) before Other Expenses and the related tax impacts. See “Non-GAAP

Reconciliations” section for additional information.

Free cash flow — Net cash from/(used in) operating activities less purchase of property and equipment and intangible assets as

presented in the consolidated cash flow statement. See “Non-GAAP Reconciliations” section for additional information.

Gross profit — Gross profit is calculated as net sales less cost of sales. See “Non-GAAP Reconciliations” section for additional

information.

Gross margin — Gross profit as a percentage of net sales. See “Non-GAAP Reconciliations” section for additional information.

Gross merchandise volume (GMV) - Gross Merchandise Volume (GMV) is defined as product sales + other revenues + marketplace

business volumes (calculated based on approved and sent orders) + taxes.

Marketplace share — Includes marketplace share of in France.

Net Cash / (Net Financial Debt) — calculated as the sum of (i) cash and cash equivalents and (ii) the current account provided by

Cnova or its subsidiaries to Casino pursuant to cash pool arrangements, less financial debt. See “Non-GAAP Reconciliations” section

for additional information.

Adjusted EBITDA — calculated as operating profit/(loss) from ordinary activities (Operating EBIT) before depreciation and

amortization expense and share based payment expenses. See “Non-GAAP Reconciliations” section for additional information.

Operating profit/(loss) from ordinary activities (Operating EBIT) — calculated as operating profit/(loss) before other expenses

(restructuring, initial public offering expenses, litigation, gain/(loss) from disposal of non-current assets and impairment of assets).

Change in Operating Working Capital — calculated as the sum of the changes in inventories of products, trade payables, operating

payables, operating receivables and other items of the operating working capital as presented in the Consolidated Cash Flow

Statement.

Other expenses — calculated as the sum of restructuring, initial public offering expenses, litigation, gain/(loss) from disposal of non-

current assets and impairment of assets.

Cash loss from activities — calculated from entries on the cash flow statement in the following way: net profit/(loss) for the last

twelve months, plus depreciation and amortization expense, plus (income)/expenses on share-based payment plans, plus (gains)/losses

on disposal of non-current assets and impairment of assets, plus share of (profits)/losses of associates, plus other non-cash items plus

financial expense, net, plus current and deferred tax (gains)/expenses, plus income tax paid.

Form 6-K - Report Of Foreign Private Issuer - District Of Columbia Securities And Exchange Commission - 2017 Page 13