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Form 6-K - Report Of Foreign Private Issuer - District Of Columbia Securities And Exchange Commission - 2017 Page 15

Free cash flow

Free cash flow is calculated as net cash from/(used in) continuing operating activities less capital expenditures (purchases of property,

equipment and intangible assets) as presented in our cash flow statement. Free cash flow is a financial measure used by Cnova’s

management and board of directors to evaluate the overall financial performance of the business. In particular, it allows the

comparison of operational cash flow after capex on a period-to-period basis.

Dec. 31, 2016

€ millions

(LTM)

Net cash from/(used in) continuing operating activities

21.1

Less purchase of property, equipment & intangible assets

(44.0)

Free cash flow

(22.9)

Gross profit and Gross margin

Gross profit is calculated as net sales less cost of sales. Gross margin is gross profit as a percentage of net sales. Gross profit and gross

margin are included in this press release because they are performance measures used by our management and board of directors to

determine the commercial performance of our business.

The following tables present a computation of gross profit and gross margin for each of the periods indicated:

€ millions

FY 2016

FY 2015

Q4 2016

Q4 2015

Net sales

1,855.7

1,737.2

584.1

571.3

Less: Cost of sales

(1,600.4)

(1,507.8)

(508.8)

(501.8)

Gross Profit

255.3

229.4

75.3

69.4

Gross margin

13.8 %

13.2 %

12.9 %

12.2 %

Net Cash/(Net Financial Debt)

Net cash/(Net financial debt) is calculated as the sum of (i) cash and cash equivalents and (ii) cash pool balances held in arrangements

with Casino Group and presented in other current assets, less (iii) current and (iv) non-current financial debt. Net cash/(Net financial

debt) is a measure that provides useful information to management and investors to evaluate our cash and cash equivalents and debt

levels and our current account position, taking into consideration the cash pool arrangements in place among certain members of the

Casino Group, and therefore assists investors and others in understanding our cash position and liquidity.

The following table presents a computation of net cash/(net financial debt) for each of the periods indicated:

€ millions

Dec. 31, 2016

Dec. 31, 2015

Cash and cash equivalents

15.3

400.8

Plus Cash pool balances with Casino presented in other current assets

246.7

—

Less net current financial debt

(83.9)

(132.2)

Less non-current financial debt

—

(14.8)

Net cash/(Net financial debt)

178.1

253.8

Form 6-K - Report Of Foreign Private Issuer - District Of Columbia Securities And Exchange Commission - 2017 Page 15

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