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Risk Factors. Technology and content. As a result of these differences, among other things, we manage our operations through three operating segments, Cdiscount France, Cdiscount International and Cnova Brazil.

General and administrative. This growth in GMV was attributable to the growth of our net sales across the markets in which we operated during the period, including growth in revenue from product sales as well as commissions we realized from sales of products on our marketplaces.

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The eCommerce industry is characterized by meaningful differences across different regions.

Voting Depository. Average rates are computed by using the noon buying rate of the Federal Reserve Bank of New York for the euro on each business day during the relevant year indicated or each business day during the relevant month indicated. Exchange Rates.

Responsibility Statement and In Control Statement. Lux HoldCo. Nova HoldCo. In addition to historical information, this semi-annual report contains forward-looking statements within the meaning of the U.

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We believe we provide our customers with the best value proposition through a low-cost business model that allows us to offer attractive pricing, an extensive product assortment and highly differentiated delivery and payment solutions. Total consolidated equity.

Consolidated Balance Sheet data:. Financial debt. Inventories, net. Income tax gain expense. We also have a number of other registered trademarks, service marks and pending applications relating to our brands.

Total assets. Chapter 4 of the Dutch Annual Report describes the risk factors that might be or become applicable to the Company. We launched our first marketplace in France in and in Brazil in To date, our marketplace revenues represent only a small portion of our total net sales, however, we expect to expand our marketplace business significantly in coming years, including the expansion of our program to provide fulfillment services to marketplace sellers for a fee, which will contribute to our net sales.

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