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Annexes

Annex A - Cnova N.V. (1)

Consolidated Financial Statements

Full Year

4 Quarter

Consolidated Income Statement

€ millions

2016

2015

Change

2016

2015

Change

Net sales

1,855.7

1,737.2

+6.8 %

584.1

571.3

+2.2 %

Cost of sales

(1,600.4)

(1,507.8)

+6.1 %

(508.8)

(501.8)

+1.4 %

Gross profit

255.3

229.4

+11.3 %

75.3

69.4

+8.5 %

% of net sales (Gross margin)

13.8 %

13.2 %

+55 bp

12.9 %

12.2 %

+74 bp

SG&A(2)

(258.1)

(252.3)

+2.3 %

(74.1)

(71.7)

+3.3 %

% of net sales

-13.9 %

-14.5 %

+61 bp

-12.7 %

-12.5 %

-14 bp

Fulfillment

(125.7)

(136.2)

-7.7 %

(34.2)

(37.8)

-9.6 %

Marketing

(33.2)

(23.9)

+38.9 %

(11.2)

(7.4)

+51.8 %

Technology and content

(55.8)

(47.6)

+17.2 %

(15.5)

(13.0)

+19.7 %

General and administrative

(43.4)

(44.6)

-2.7 %

(13.1)

(13.5)

-2.7 %

Operating EBIT(3)

(2.8)

(22.9)

-87.7 %

1.3

(2.2)

-157.4 %

% of net sales

-0.2 %

-1.3 %

+ 117 bp

+0.2 %

-0.4 %

+60 bp

Other expenses

(22.7)

(32.6)

-30.2 %

(5.7)

(12.0)

-52.7 %

Operating profit/(loss)

(25.5)

(55.5)

-54.0 %

(4.4)

(14.2)

-69.0 %

Net financial income/(expense)

(31.0)

(16.2)

+91.3 %

(4.4)

(11.0)

-60.3 %

Profit/(loss) before tax

(56.6 )

(71.7 )

-21.1 %

(8.8 )

(25.2 )

-65.2 %

Income tax gain/(expense)

(12.9 )

(16.0 )

-19.6 %

(10.5 )

(13.2 )

-20.4 %

Net profit/(loss) from continuing

operations

(69.4)

(87.7)

-20.8 %

(19.3)

(38.4)

-49.8 %

Net profit/(loss) from discontinued

150.4

(171.3 )

-187.8 %

341.0

(104.5 )

-426.4 %

operations

Net profit/(loss) for the period

81.0

(259.0)

-131.2 %

321.8

(142.9)

-325.3 %

% of net sales

4.4 %

-14.9 %

55.1 %

-25.0 %

Attributable to Cnova equity

holders (incl. discontinued)

87.1

(244.2)

321.5

(138.6)

Attributable to non-controlling

interests (incl. discontinued)

(6.1)

(14.8)

0.3

(4.2)

Adjusted EPS (€) from continuing

operations

(0.11)

(0.12)

(0.04)

(0.06)

Adjusted EPS (€) from discontinued

operations (4)

(0.41)

(0.34)

(0.07)

(0.21)

Adjusted EPS (€)

(0.52)

(0.46)

(0.11)

(0.27)

(1) In accordance with IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations), all figures have been

adjusted as of January 1, 2015, to reflect: i) the merger of Cnova Brazil into Via Varejo on October 31, 2016, ii) the sale

or closure of Cdiscount Cameroun, Cdiscount Colombia, Cdiscount Côte d’Ivoire, Cdiscount Ecuador, Cdiscount

Panama, Cdiscount Sénégal, Cdiscount Thailand and Cdiscount Vietnam, and iii) the sale of the specialty site

MonShowRoom. The results from these activities are reported under net profit/(loss) from discontinued operations.

(2) SG&A: selling, general and administrative expenses.

(3) Operating EBIT: operating profit/(loss) from ordinary activities.

(4) Adjusted EPS: earnings per share, excluding non-recurring items, therefore excluding in FY 2016 and Q4 2016 the gain

related to the transfer of Cnova Brazil to Via Varejo.

Form 6-K - Report Of Foreign Private Issuer - District Of Columbia Securities And Exchange Commission - 2017 Page 9

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