Companhia Brasileira De Distribuicao · BMFBOVESPA:PCAR3
Companhia Brasileira De Distribuicao — Brazilian Distribution Co Companhia Brasileira DE Distr CBD — 4Q19 Earnings Presentation
21 slides from Companhia Brasileira De Distribuicao's earnings presentation, Feb 20, 2020
Slide 1: Assaí 4Q19 results
(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects. In 4Q18, these effects amounted to R$145 million in Assaí, comprising R$78 million in credits related entirely to 9M18 (therefore, non-recurring
Slide 2: Assaí 2019 results and priorities
(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects. In 2018, these effects amounted to R$436 million in Assaí, comprising R$369 million from the reversal of the provision for ICMS ST tax credits r
Slide 3: Multivarejo 4Q19 results
(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. Gross sales amounted to R$ 7.7 billion in 4Q19, impacted by the acceleration of the renovation and refurbishment process of 51 stores in the quarter, as follows: (i) renovation of
Slide 4: Multivarejo 2019 results
(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects. The 2018 effects refer to the sale of a part of the tax credits related to the exclusion of ICMS from the PIS/COFINS calculation base in the net
Slide 5: Net financial result
In 4Q19 , net financial result of GPA Consolidated was R$ 442 million, equivalent to 2.6% of net revenue. The main amount is related to financial expenses of R$361 million, composed mostly of expenses related to funding for the acquisition of Grupo Éxito. Considering the Brazilian Food segment , fin
Slide 6: Net income 4Q19
(*) Excludes non-recurring effects. In 4Q18, these effects amounted to R$145 million in Assaí comprising R$78 million in credits related entirely to 9M18 (therefore, non-recurring in the quarter and recurring in the year 2018) and R$67 million in credits from periods prior to 2018, non-recurring in
Slide 7: Net income 2019
(*) Excludes non-recurring effects. In 2018, these effects amounted to R$436 million in Assaí, composed of R$369 million of reversal of provision of ICMS ST tax credits related to periods before 2018 in 2Q18 and R$67 million of additional credits recorded in 4Q18. At Multivarejo, the 2018 effects ar
Slide 8: Net debt and cash
(1) EBITDA before IFRS 16 in the last 12 months. For 2019, pro forma Adjusted EBITDA was used, i.e., considering 12 months of consolidation of Grupo Éxito operations. Net debt adjusted by the balance of unsold receivables totaled R$6.1 billion for GPA Consolidated, equivalent to 1.5x net debt/pro fo
Slide 9: Investments in Brazil
In 4Q19, investments in Brazil totaled R$450 million, net of asset sale, which went towards the expansion of 13 Assaí stores, conversion of 33 Extra Super into 18 Mercado Extra and 15 Compre Bem stores, renovation of 18 Pão de Açúcar stores and opening of 7 Minuto Pão de Açúcar stores. In the year,
Slide 10: Store portfolio changes by banner - Brazil
12/31/2018 12/31/2019 , Sci , Closing to com Openings ENING PY closings Cosine —_ Sales Area (000 m?) Assai 144 21 1 - - 166 713 PSo de Acucar 186 id = a - 185 237 Entra Hiper 112 - : - : 12 683 Extra Supermercado 150 - - 5 92 53 52 Mercado Extra 2B : 7 - : 100 120 Compre Bem 13 - 15 bal fal 28 33 M
Slide 11: Balance Sheet
BALANCE SHEET {R$ millon) 42312019 12312018 12.31.2019 12312018 12.31.2019 Current Assets 19,892 40851 13,263 13,897 6.590 (Cash and Marketable Securities 7,954 4,369 473 4,368, 3,150, ‘Accounts Receivable TT 384 423 384 303 Credit Cards 6 2 66 ‘2 ° Sales Vouchers and Trade Account Receivable S27 19
Slide 12: Income statement 4Q19
(1) Food Business - Brazil includes results from Malls and Corporations. (2) Consolidated considers the result of other complementary businesses (3) Equity income includes the FIC result recorded in Multivarejo and consequently in Food Business - Brazil, Cdiscount in Consolidated and the partnership
Slide 13: Income statement 4Q19 (continued)
(1) Food Business - Brazil includes results from Malls and Corporations. (2) Consolidated considers the result of other complementary businesses (3) Equity income includes the FIC result recorded in Multivarejo and consequently in Food Business - Brazil, Cdiscount in Consolidated and the partnership
Slide 14: Income statement 2019
(1) Food Business - Brazil includes results from Malls and Corporations. (2) Consolidated considers the result of other complementary businesses (3) Equity income includes the FIC result recorded in Multivarejo and consequently in Food Business - Brazil, Cdiscount in Consolidated and the partnership
Slide 15: Income statement 2019 (continued)
(1) Food Business - Brazil includes results from Malls and Corporations. (2) Consolidated considers the result of other complementary businesses (3) Equity income includes the FIC result recorded in Multivarejo and consequently in Food Business - Brazil, Cdiscount in Consolidated and the partnership
Slide 16: Equity income and adjusted EBITDA
(1) Equity income result includes FIC income recorded in Multivarejo and consequently in Food Business - Brasil, Cdiscount in Consolidated and the partnership with Bancolombia in Grupo Éxito (2) Adjusted for Other Operating Income and Expenses.
Slide 17: (*) Considers months of Via Varejo in 2019 and months in 2018. Considers 1
(*) Considers 5 months of Via Varejo in 2019 and 12 months in 2018. Considers 1 month of Éxito in 2019.
Slide 18: Breakdown of sales (% of Net Sales) - Brazil
(1) Includes sales from Extra Supermercado, Mercado Extra, Extra Hiper and Compre Bem. (2) Includes sales from Mini Extra and Minuto Pão de Açúcar. (3) Includes sales from Gas stations, Drugstores, Delivery and rental revenue from commercial centers. X. BREAKDOWN OF SALES (% of Net Sales) - BRAZIL
Slide 19: EBITDA reconciliation 4Q19
(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects. In 4Q18, these effects amounted to R$145 million in Assaí, comprising R$78 million in credits related entirely to 9M18 (therefore, non-recurring
Slide 20: EBITDA reconciliation 2019
(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses. (*) Excludes non-recurring effects. In 2018, these effects amounted to R$436 million in Assaí, comprising R$369 million of reversal of provision of ICMS ST tax credits related to p
Slide 21: Glossary and definitions
Food – Brazil: Amounts reported refer to the sum of Assaí and Multivarejo operations. Grupo Éxito: Amounts reported refer to Grupo Éxito’s operations in Colombia, Uruguay and Argentina. GPA concluded the acquisition of 96.57% of the capital stock of Grupo Éxito on November 27, 2019. Consolidated: Am
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