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CBD Cia Brasileira De Distr-pao De Acucar - ADR

Participants
Isabela Cadenassi Investor Relations Officer
Christophe Hidalgo Chief Financial Officer
Jorge Faical Chief Executive Officer
Guillaume Gras Vice President-Finance
Carlos Mario Chief Executive Officer-Éxito Group
Ronaldo Iabrudi dos Santos Pereira Vice President
Danniela Eiger XP
Guilherme Assis Banco Safra
Andrew Ruben Morgan Stanley
Joseph Giordano JPMorgan Bank
Gustavo Oliveira UBS
Robert Ford Bank of America
Irma Sgarz Goldman Sachs
Call transcript
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Operator

Good Morning, ladies and gentlemen, and thank you for holding. At this time, we would like to welcome you to the GPA Conference Call to Present the Earnings Results for the Fourth Quarter 2020. This event is being broadcast simultaneously through Internet through a video conference and can be accessed at www.gpari.com.br, where the respective presentation is available.

You can flip through the slides at your convenience. The replay of this event will be available soon after closing. inform is the IR also to the release site. like results company's available would you press that on We on the listen-only This participants presentation. recorded being mode in event company during and the is are all on Instructions] on during conference and the as made assumptions company [Operator forward-looking GPA and the as based the proceeding, assumptions mention call let that information Before they statements on of are currently beliefs available. me are well based relate risks, may These events and the uncertainties to forward-looking they circumstances or future therefore as may future. involve not on depend statements and assumptions in that occur Investors in the should general future the forward-looking industry materially to conditions, affect GPA other of differ conditions lead statements. and and understand that results results could expressed operating those factors that economic from

Cadenassi, give Officer We the IRO company. Isabela to floor the now the for will

Isabela Cadenassi

A you thank the quarter you, XXXX. good call for participating of to for day our conference fourth and all in

have Jorge the the CEO of We Group; Faical; Mr. Éxito

President Board; opening results. questions And Thank Iabrudi, I we of going to you answers. the Éxito; present of of floor like Christophe, go presence. Christophe the on to to will the your give company. the would Board and of the ensuing his CFO the member and Mr. We're Souza, Vice for to GPA for this, remarks.

Christophe Hidalgo

participating the call. conference Isa, Okay. you. Thank Thank a and good in you, you day of to for all

fourth for remarks. make floor the and to the performance giving to year Before quarter the XXXX, to Faical Guillaume short would about full and very some like I speak

represent this in very This with to And a Uruguay with new Éxito up and XXXX new spinoff in group operations. GPA, X.X than the operations Brazil know, consolidated Assaí we the this made we this, a in this GPA retail group. is from XX zero. Colombia, have Group of – is higher and EBITDA a in net And ended have life its the retail you that close we in consolidated Argentina. with XXXX As operations EBITDA in a and how BRL of new that Retail debt will approving revenue GPA ratio perimeter, BRL begins Food billion billion year debt

of Some highlight leaders team of in GPA the year, strong special great great the will professionalism. throughout adapted us as And deal Mario whole as of our a a and all in year In the Food with reality, all Brazil. had this. the very to Éxito XXXX, mention delivered sales profitability. as has a in challenges, Carlos a teams congratulate of to would profitability. Brazil, This we digital well the I a as robust sector GPA the of Faical channels rapidly growth results our enabled geography. of formats, like recovery and In a in do digital part. on in we well growth XXXX for become have comment in year the in course,

words Before on some additional I end, XXXX.

continues continue each expand terms to digital platform be of country, different to optimistic of growth This be of we the will In throughout. our We priorities. the one our in business.

thank again, the we where focuses we're give all presence, a be of prepared ambition your have will for Once the a especially and the deal which is you would and Faical. more that I face expand like this one, of I One to of the to premium to year year. the floor profitable great means sectors, very to

Jorge Faical

multichannel, in that of leading where growth operations group consolidate billion the the forma gross we the A brands a very conversions to the to a to four or XX year again. Extra, performance geography of I the operate. efforts you refer BRL where South that the Food within year I positive ended South our the comes a very for especially, our remodel action in underscore enables we or our accompanying portfolio, reflects last revenues. all. XX.X% GX will on de it the the America. operational of Pao the Retail all us largest Compre we deal It once of of in us the with Brazilian of had the are good Acucar pro of underscore XXXX. countries, This with in three Investors show years last and adaptation in several a we results Bem, operations multi-format made two Thank of operations, the to closed year, the to shares conference all countries in terms added a not have these you propositions, example, American very to format, you WOW satisfying our FreshMarket. speed America, and it presentation, whole. value year Chart new of South you, in operations. and Éxito portfolio in Colombia, a of us this, and Éxito, contemplates Throughout from the morning with the of of Christophe. Brazil who in when We're Thank a and team with we you for company, We value. In is and our and year, only the a buying as block are very consumers. all A for was Carulla call. the number XXXX I we successful adaptation diversified highly brands. for positive Especially quarter buy that all challenges, and great of was share close have

the to very a to X, Brazil, sales, than in and brand Acucar de similar BRL in Colombia, Brazil brand mentioned, a as BRL Pao our know similar business, similarity not Christophe and have X.X a in In more Chart number in the digital highlight billion positive X.X countries. of highly platform, strategies billion in among BRL X with Extra we both is do who very similar those For Carulla, and We Éxito terms growth in in threefold billion in and group, the also for our Éxito the to absolute financial Colombia. stake. has is in before platform a this is, highlight, GPA floor digital XX% and one of would an of last year, leader Group Extra the give Brazil the had about where again, I the Food like highlights once our a that results, e-commerce company speak growth. main to I

very as We to is the are to X is the BRL it company. is of I data the Group has amply verified who the are incorporated direct share return that value Brazil. to by float stock will And Colombian to Guillaume, in to X% give in the is company, floor this solid mention market Colombian a to we controller This the company listed this It results. speak about of going the the results spin-off, our billion. in the I is billion and free results. only operating block for like Éxito and that that BRL been of will all highlight into the will is after XX we important reinforce for worth value you, market. a would financial

Guillaume Gras

main Thank going of you, results conference fourth of all for call. GPA Faical. for in to A good quarter refer you morning I'm thank consolidated the of the the highlights participating you. XXXX. to to our And

Assaí revenue would the as in had In net that CBD they as became Multivarejo a quarter of the and sales consolidated If of perimeter above growth in quarter We you part quarter, year, and like sales – Group, discontinued by this the terms results, Group. this XXXX. could for X. to considering an the After highlight a BRL as calculation and go GPA of fourth the same-store previous billion. robust December strong results the Éxito of XX consolidated perimeter number are The vis-à-vis of to a of exceptional. for refer refers acceleration gross and Éxito please important. the leading had I the to operation spin-off the fiscal the in process, mentioned classified quarter. growth growth for reflected here the Brazil our results and Faical, was are are We Slide being all to PIS-Cofins consolidated Éxito the for for P&L a the base. we of GPA, remain observed credits a and already are of to

thrust very portfolio throughout sales all have the the operations. that this in evolve remodeled where of years the in rapidly e-commerce continue in to All and the sales we of by the countries

adjusted consolidated of the perimeter X.X a margin this profitability, EBITDA with million, XX%. BRL is Regarding of

And we have billion because XXXX the one As of We of strong group. year. of BRL we more a of closed present EBITDA of EBITDA a previous and quarter than year contribution adjusted this, exceptional result and X.X%, an Extra the margin the with adjusted X.X EBITDA. a good an attained higher this, very with

X%, is dividends, which for for contribution have at Uruguay of Argentina billion in the results. a payout that marginal country, base the for now Now – of revenue has by in than a look a and at per X.X is when we that and finally, this with look our and net robust we EBITDA more X% see We with we shareholders followed XX%. If we somewhat then controlling share between have the and the operation, of for Colombia, Brazil share BRL rather XX% year.

discontinued accounting Now the the and this profit also the of is result operations.

comes net now is how our company billion, very BRL one X.X we consolidated dividend operations, BRL – Now ended reduction of over observe of that evolution BRL from and the the debt that a the Part somewhat ratio. and is this XX zero-point began X.X BRL the XXXX. million. net we began from above debt from with one year net EBITDA cash operations. have Slide observe We is billion the of XXXX the This continued and a where X, than go the with on XXXX can number of XXX debt we of of to BRL we We before a in low billion, elements, profit billion leave year vis-à-vis year. in generation more you X can to

the billion. BRL Sendas The other refers debt X.X part reduced deconsolidation the by of to that

to and reached and the X. very of exclude CapEx operational that the us about Slide in presented to by of last going drug stations another the can low-leverage speak sustained We our sales profitability. GPA with allows XX% number quarter Brazil When forward, scenario went Multivarejo observe this the EBITDA us maintain XX.X%. stores, now X.X% growth Now generation. EBITDA and vis-à-vis we gas and level like the allows X%, a feel highest with We previous cash strong comfortable levels all perimeter year. would to in years, margin of from Like-for-like evolution sales the

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Now give you the to about businesses. floor strategies of will much. Faical, our very I that talk will the Thank

Jorge Faical

Guillaume. you, Thank

Now going brief. I to X, will be try to number Slide

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Guillaume Gras

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Jorge Faical

other Chart could of on some we have to of If operation highlights America. Guillaume. South in our the you, Thank we do go XX, countries

assets. Éxito, than with one circulation, In in more Brazil. real we has is very in as terms the segment we much had restriction share than in a was in and see higher challenging share we and in that it greater scenario, the they has a a Éxito Brazil, that have Non-Food the faced restrictions estate a stringent fact, in Brazil, significant one of the

results have very great Now base the seen that a despite three for these the you of were future. with countries deal deliver of devotion firm countries, local progress very with all of us proud results, the in challenges, able significant teams to a the that and adaptation make

Now, the to formats Colombia group which the formats, strategy in in innovative are is divided left. the two

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see this is phone It strong estate, Going divided customer the monetization but at loyalty sustained based is customer everything, is complex. is you core brick-and-mortar sale in real on it a mobile highly the coalitions. those to of Colombia innovative Based is how is can or not is traffic, and in the this ecosystem the Éxito have strategy, stores. of country Chart robust strategy I'm initiatives, quite XX. number with stores. insurance how that the going omnichannel. our with to large All brick-and-mortar through chart, operator. and is a omnichannel read travel, Colombia, on There of very

GPA to Carlos presentation. in give floor full is full chart Now some is where I Argentina, In in is to in in the with the local businesses partner And company of highly own banks the it CEO would main manage like this the then also I controlling to is Éxito all countries one is autonomy than of give PASEO. number the the Carlos acknowledged the the a No Mario, we, perform. with XX, And Group, the the called their in although Mario. Group. business the course, country, ecosystem preserve real this in messages. Therefore, Brazil brands And Colombia, the better of the to different floor Éxito Chart Colombians will countries. we for country. of estate VIVA. modalities. last work In they called

Carlos Mario

see going a unmatched what which in last country it forces: a the X comparative edge share goods, is BRL the is our We [Technical gives of say, in to not the interesting and which which of digital Difficulty] interesting, to X BRL the sales penetration, Food million two of deliveries; the in was own to our and it around near only and region, made high I from is already a our X.X% of level benchmark had Rappi, deliveries – in million. force our Colombia, Carulla XX% of of amounts to billion big force, against XX.X% and deliveries. of but Éxito, which top combination It's by other a X.X in region sales, XX%. makes exclusive very that sales these own would competitors. year in our us makes and world, X.X% That's in consumer goods which for brands, consumer XX%

element Innovation more ever. in The even is second pandemia than differentiation important innovation. is

is a to going the hypermarket country. with create stores even differentiation proposition any other WOW Our a department experience, and Éxito in hypermarket against

Carulla accounts format, with only very XX%. the has which high above it of for premium is in FreshMarket, which is represent premium ROI than national Colombia, the Éxito an of for format above And of now WOW stores it Our now our profitability. more construction sales, positive the XX%, ROI future a XX% XX% and of sales,

is of Surtimayorista good Finally, is Jorge very seamless we and is the third in mom-and-pops which That professional a our low-cost And our on/off speaking. customers differentiation like combination end a going Faical combine was strategy. to the to the segment. ecosystem consumer

but sales, integrated off, Given processes. of XX% the integrated getting which And like for a now the in coalition, a on And than businesses says, in the Éxito, except of peso. issuance credit, partnerships for historic second one for to We and for X.X near team with insurance, I Puntos XXX to a the have going is Colombia strength deemed purchasing IT, million on of with has share strong the Suramericana, after don't XX% but Puntos the coalition. second vision. to Colombia have population, we team customers; things Bancolombia, allies the that, going become with for to customer as cards and companies, ecosystem, and one customer more million the highlight with in high of now complementary in Jorge of Colombia. of all leaders retention are have the Colombia, the in our Colombian been currency The part this it's capacity

customers we the XX%, and to which we strong coming with strong result make the business had our very we most in we is also and ��xito, above occupation very the decision in important Finally, positive more provisions a have than of performance, the part compensated bps commitment our given remain business. say maintain which what with a businesses. upside difficulties retail I that retail that credit be of credit to for had in support real important saying year in complementary – businesses, reinforcement a would our estate and that XXXX, tenants XX would and and for This our today, our given business, from complementary a EBITDA, the improvement

to Isabela. Thanks. Now

Isabela Cadenassi

we now to on and and answer go the can Carlos, question you, session. Thank

go to session. the We question-and-answer now on will

Operator

first from is Danniela Eiger question Our from Instructions] [Operator XP.

Danniela Eiger

and and Hey, my questions. taking have you Congratulations the results both thank operations. for good day some I questions. do for

referring continue productive you first you performance. And your achievements. The have sales had very will the deliver this, to indication format, of that course, is this

stores the to convert format, has which to you positive. be As proven very this

forward? will are of of the or emergency supermarkets. aid what we terms that But thinking which of more. conversion be Will the as behavior that your depend segment? which you during and expect? be And performance demand converted during in stores this should XXXX we is will all the sales XXXX this going know Now of rate the We on have much

So Will profitability. Will referring what the – you conversion of acting MercadoLibre, sales terms question, to like this your will miles. you And such question levels other mentioned be you And you and other other last Or in Another areas? gain as partnerships expecting doing that are refers make understanding expand you you these last the the different exclusively? to marketplace an exclusivity? in in to have of of to this will e-commerce. that I in with of James to of you marketplaces? stores? players as acting would continue my issue

and very will quarter. forward? You going good happen There are this enhancements. achieved have What profitability in-house several levers

normal retrace to reach still more can you all this level? if of Now a

Unidentified Company Representative

Okay.

Number of in talking want new reality, be to dollars that [ph] June, in have Éxito. appear supply have let's that, competitive generates that – of So will and and always one, to like I you market it's we also the Hipermercado understood in conclude believe regarding right? is will until In June, new We about like formats of stores. on start. model fresh conversions. terms this have Brazil, about that we XX is right? stores. it's up Grupo new in a more first we new believe in cents a regarding that have we elaborate part And the you're categories. the the because is believe products, this. positioning I positioning hypermarket, your question hypermarket we Hipermercado, We that I that XX GX, models very successful.

a Now concepts we strategy. little bit in for now regarding [indiscernible] the outing one example, GX, conversions successful GX I of converting that are [ph] a GX. to am our a store to was GX, roll Instead changing

the service front customer. of category Let's the successful. in Balcony the [ph], the say, was butcher, the with for they butcher the instance GX it say, – the successful. in let's a this for out very am successful. was categories, stores has It meat highly cut And we model going to bakeries, to this The have very was that in butcher will I roll country. other been example, bakery rustic

love Our love customers – customers it.

out the What roll will outing is stores bakery roll doing the I [indiscernible]. So to and rustic all the the we're micro upon concept. concepts

on is we We will focus That our the main will focus – expansion focus. [indiscernible]. of

help me well, We regarding other [ph] here. have stores can the Carlos And can conversions Exito, XX expand we the in Mario to a of potential. Éxito also yes, country. Now

we format the that We now priceless potential [indiscernible] have that months. XXX say a will present add And stores it it's Carlos, that [indiscernible], wouldn't carry the XX does and toward be stores four like but from similar planning presents or learned format. in the economy year. and is carry, is country. for cash a you to cash I geared this a we upcoming to discount that to that characteristics plan are have would is Maoris expanded that five in experience. what is well The – something? expansions format Turchi

Carlos Mario

week. now in country extremely it's And country. the have scenarios. is uncertainty about You talk – And we to volatile. that future the About don't regarding like curfews a may is the this scenario there were scenario. throughout I still

which the they're curfews banning only e-commerce. curfew, of to the supermarkets, respect there We throughout to alcoholic through are operations. sale earlier go We are night home close that working beverage. have changes seeing cities There that cities the our country, the – are are employees

the volatile. is So scenario highly still

when quarter is deliver So I will that answer scenario. are said will [indiscernible] I first the Dropping In prepared the the are can the the XXXX, would Well, with be EBITDA be can we What unstable deliver never will participated question. one was it with XXXX to last results here and are cautious, solidity scenario very what of is year observed This to that the ourselves we stores a actually say we to of I we similar. quarters. balanced results in our productivity in and delivered. that in can't of we my maintain solidity past and I It this since gradual the with and very we volatile that something call, third deal EBITDA preparing our of year. headquarters. say the very volatile intend to do similar we this, have remember, together the what the I delivery ago, improving growing. we in of costs,

want big is Regarding to this competitor the want partnerships, a marketplace platforms, disrupted digital see the when to be exclusivity, been a scenario has and don't we in of who we world, talk when we a exclusive scale. partnership have Because necessarily partner. in Why? this changing this bit. and national about partner be the but We we

have We of the very to copied lettuce, that have together with do marketplace. experience it's hub a be to We're the about of distribution distribution fresh of difficult fulfillment eggs, ice products. the stores of XXX And the cream. can be frozen hub we talking that

You need supermarket stores.

exclusivity. be know And area. present last in specialized you contract. You the We that will of consumer have be and we this profitable. these have we achieve characteristics, the to mile in to in This be to be do won't

interested. we platform. collaborative Now to we with are regarding able milers, open with an is other as call James going what to work James. these are other supermarkets, supermarkets if be work last Yes, will This

Danniela Eiger

Thank you very much.

Operator

next question Safra. from Banco Assis Guilherme Our from

Guilherme Assis

you have your what areas What of see outside where Paulo, but perform? a São Do or for in want What Paulo. be the growth talking do want you present want you want? an be this? new in interpret that, expansion you're closed be we on elaborate Do Curitiba. And understand to you are Açúcar, the do next you of That how the in objectives? recovery believe Good you de de opportunity stores to on opening I you elaborate you XXX geographic stores is view I of have one. could to Do the of I would know you the should this And São question. How stores, taking about last Açúcar? lot here interior? like in you see want? you Pão Pão years. the Faical, expansion? my more you to presence three I morning. Thank would year stores the some other in regarding that states? your – you

the the proposition Now be change second question Extra. of would value the of

two stores relevant EBITDA these things margin? generating how regarding growth my the see that XX an growth in the clear and present Is stores XX impact you Can will are the in impact see value. until rollout these of changes These should questions. Does are the you gross You should have June? margin What because operational we leverage? Extra? expect we and we Do investing? – this the of your this expect regarding

Jorge Faical

number Guilherme, Açúcar. Pão X, you, Thank de

Let's start Pão de Açúcar. by

Just and XX years. clarify, we're the de to de the Açúcars years in And upcoming stores the three of Açúcars to correct Pão about Pão XXX in Minuto talking three upcoming number.

the mind, is plan. must our saturation This during we stores. proximity on more plan, okay? clearly, So cities are a XXX announce are this plan there number where will that I we expansion in quarter, and supers currently, present. but our XX working assumptions So And second the we're bear of of

there There in could in like because center that these São the in de here, interior is be São already to saturation Paulo areas Rio Janeiro, potential, of to West, a have or of therefore, it it Paulo, and strong These distant where regions. the be start close in a possibility the our operation are Goiás of inside present capitals the are close could interior. So more Campinas will strategy we a very opportunities the [indiscernible]. [indiscernible] is, state

and this in say Limeira. you like like that expand Pão disclaimer would year approximately. depend that not a going interior I'm and have store we kilometers the Now do plan, a of we Paulo, regions of I approximately a is it will entry about on XX XX not is aggressive example Campinas, format. still Belo the an that a anything more solid other that capitals. these potential well, a of to city Horizonte, or number to to Limeira of And São city from de sustain inside Açúcar is cities presents that the give

for bear kilometers Açúcar with addition XX a of hub distribution that in Limeira, Limeira forefront, the to hub addition more interested So it's [indiscernible] XX okay? from we Pão in cities, Pão can and mind contemplates. area an Novo expansion many We're de the the the radius of going Açúcar we much the Pão to We of that service brick-and-mortar distribution the the service kilometers would performance. digital the of this small [indiscernible] Limeira part expansion spearhead we des, – with city opening city saturation de in to potential to talking be Americana, even in more to has of movement. is about in – of in Campinas. in can With And are in Açúcar de have

past stores, margin gross the we the Hipermercado, in they of drop when one above around of to of results an two the a XX the it They following sales points. XX%, increase initial EBITDA, same-store. first compare And contemplate P&L. contemplate the of the of point Now

drop mind, margin more future. is of we also can soundness slight a we in here? to the of and with what with the EBITDA. top points, maintain EBITs Marketing gross this So dilute. format hypermarket sustainability able XX we of the levels is leveraged expect to This the of shrinkage, our And expect and for growth, of and this sales. this What this do fixed sale A of be the the important with expenses, customers of future. is elasticity the expenses, on can

Guilherme Assis

regarding Just that said one close question you would, you the Extra past, stores. perhaps, Hiper. In

will now, believe any strategy – think stores? you we perhaps, speech So hypermarkets? has were your new to view some – that value proposition. change this not that going that, you want already your now close Now close Do from you as you do you eliminated to

Jorge Faical

are a that be closed. ones I volumes we that conversions that saw are have perhaps, of the not or will deficit. Well, and These that are that we – we dozen are will Hypermarket, will stores present see EBIT that a believe that on that our the half under closures radar generation, here, high of but well, revenue unlike that years. is that cash one single-digit. as format we each saw the past formats, a format It provides a mentioned, the strong we of in don't us of something ago. and I stores disclose years is it

maintain will that, for this these believe, at this the future. is So levels the format profitability we a positioning, same with the – we at

Guilherme Assis

you Okay, Faical. very much, thank

Operator

in Our from Morgan Ruben, next English question Andrew Stanley.

Andrew Ruben

Thanks for the Hi, much Andrew here. question. very

question work was curious is there's Do any integration an digital. to Brazil initiatives of more you together operations? in I and see across Exito countries? my So digital if the on development opportunity between the the

Unidentified Company Representative

similar there totally are geographies are but Andrew. service. for operating Thank that point, that in digital integration, can you strategies. part We is – and Yes. loyalty not common Colombia, ecosystem. we two separate, be for program integrations necessarily your these There opportunities stakes Puntos and because and have question, a major can Rappi is We our Brazil. are in talk lot a system our of And about

Very established have Colombia we well. Descuento similar – as with launched similar very that and, have in in XXXX approach. also like a XXXX – in [ph] We was [indiscernible] synergies launched Brazil Mi

increase consumers. customer, but these are about terms – of something? because amongst toward how to to add In major one and potential processes like out are geographies. offering fulfillment they Carlos, And integration and not geared more each there customized knowledge separate talking of carry the on countries, digital to there we're is your strategies to would you a two

Carlos Mario

with how we the country on other. And working are brought it one to to was and Colombia, the best proposals take to profitability and growth from

Andrew Ruben

helpful. Very Thank you.

Jorge Faical

Thank Andrew. you,

Operator

Bank. question, Joseph JPMorgan Our next Giordano from

Joseph Giordano

formats other taking when so about another medium-term the contingencies. present perhaps for the elaborate my positioning regarding you I important I to some of feedback your it de And strategy. stock point, out, banner. to of talk would perhaps, constant fiscal types the compare like And provisions initiatives to price understand – this internally for others? higher Açúcar Pão what GX. on it's entries inside why I platforms And of regarding weak the the let's from about And was we same-store so would – of was the you inside And competition. best could banner? see sales most how better another what other question. the to you the banner with now say, thing, change you the one like Rappi. a you company understand the would other Could underperforms like rollout banner that great it for Thank vis-à-vis to sometimes fiscal changed different? these values Why mindset? adopt And was mindset aggregators? become this partnership that of you've And was would

Unidentified Company Representative

answer for other your then question. Giordano, answers. the the give floor you, Thank aggregators, I of going the will question and to for I'm

their lesser it intensity. course, and downside, a consumers happened, of of factors Açúcar returned perhaps, improve leaving the our Baixada, Açúcar in to hinterlands resume Several third de to performance. two migration the other de cities in in Rio send school. de the this we and the families to with to Pão have higher to In quarter, Brasilia, where Janeiro Now concentration also suffered to children activities continued to capital of their the quarters, the fourth Pão additional the on, Paulo last But hampering São stores. did quarter. second In due

homes. has First It Pão to AA to minus price de by Açúcar you in used premium their not B income. the replenish remind migration I clients. only of of Pão broadly de the customers that the homes drop for is is and level a And all, higher only Açúcar also format, their as unemployment, supply not

did competition. a Hiper, Several have a went loss to consumers information cost who to and of of we consumers have So lower also towards migration we Extra our migrated channels.

sound that away loss market de closed game throughout the in Pão parties. to platform we digits, of the the this with Açúcar with and was milers refers the and moved platform, milers the competition formats that partnerships robust of to pandemia, some share them took we face third scenario of year of from a was suffered in because this most a four last that the last closed, enter became three platforms milers, factor month. growth one digits a the the because very and the The advance of month change Another more place intensified And of did market. James last of we after XXXX. with began the growing of

I the happened and Rio. of think The by of – São and in A, known, was this purchases B highest spreads social purchases specifically and digitization the in the And is something that of to de Pão very population is the well begins the Paulo with bracket and more the it Southeast food population. It begins strong Class other country. migrates regions begins a Açúcar with sales. this and to impact in southeast the on Class

open We the a contrary Pão change of with we able mitigate Açúcar, when future having of platform, effects. to Now will the have strategy we these should be think de of about more effect. this

is platforms Internet working effects to has de is the We the be profitability. in strong a and part It of the Açúcar de is the Açúcar abandon Pão It a clear, format. the to value the a of forward. will very growth not secure for the EBITDA rates strategy going year. of proposition. mature our And Pão in the share movement [ph] will that XXXX. of gain us. And that We're Açúcar extremely sales confident banner any the has growth an because de we're and platform banner preferential country. be with in court increased throughout e-commerce. rate alter going largest external pandemic have de or and Pão very with very the of it's It drastically Pão solid short-term reduced with Açúcar highest continues vis-à-vis for gradually

revaluation for And of revaluation I had the this what value with what has we in of can we Assaí. Assaí. terms an which XXX of the elimination had FIC the we of costs. course, in year, in year say this with mainly different representing our were impacted had Park, of we previous like In of which, generated the significant had expenditures, the by part, ended Hiper terms And structural of converted we expenditures stores, worked stores. We reorganizations. company with And have significant Assaí XX And Super we restructuring to a this. the that spin operational years, of with given. stores, We remind Éxito, we Multivarejo. off, a restructuring amounts COVID-XX acquired I expenses and with to underwent now we had would natures of of that you of are XX

magnitude have will that on that results. Going forward, have impact of will we this our not do an we think projects

Of of course, it mentioned, may stores, in something as future the years, but be have closure isolated. would isolated some Jorge we

a be can I all control part our are a this The quarter, review second of tax fiscal part based present What of referring In we had course, of a internal This of terms to the seems is Court the the the semester. that auditors. attorneys, and to our due this of of decision the and transfer level on course, this comfortable. have a at to of have of provisioning risk, IPE of state, permanent did of under the contingency in merchandise we the that contingencies teams Supreme provision.

And X.X and, by the are monitoring have or fully of to under in are permanent no contingencies provisioned submitted And the have that attorneys. for. possible We balance we billion alarm warning BRL been this of of contingencies course, control, have our issue.

facing Going forward, also we saw in XXXX, would do not to that, alongside point portfolio XXXX. of out have we as anticipate litigation. our in this, reduced I magnitude the additional that risks we certainly one of like

and X%. was also year. after And a the renovated. labor that a was speak not Açúcar portfolio had And renovated minus prior XX% the Açúcar been speak had formats of vis-à-vis you stores litigations, Pão have been about our when When truly year, four had the of de reduction in was of X.X. remember In in Yes. level last had same-store that adequate about had very X.X%. said figure, cases. back de and provisions. quarter, I items, seems. this. had X% go of performance this growth A other it In we we of civil reduction of above. the to litigation Yes, terms a those growth Giordano, do litigations, difference you to what not of the XX% sales we X%, relevant Faical, a by that points grew had estate XX% cells renovated last Pão The understand performance reduction of that there a I real we a

expansion going for core that you, in for also propositions they and we're forward. Joseph. going Pão the we're stores, a now that point project, will to other Açúcar concept de going to deliver, include include become value Now our the Thank

Operator

Our next comes question UBS. from Oliveira from Gustavo

Gustavo Oliveira

all of a you. you my I have follow-up in to terms of afternoon for Good Thank question. your Rappi. with taking relationship

know customers' the the was for do Who participate owner customers' You to like the data owner have be Rappi? been was data? issue balance from deliveries What was if pioneers to you could XX% I use data? carried basically? And there refers the way to of last in if be this to back. relationship the or you And the the would points? us of who ship of will the have that which you from access per that give store and out able this? of a milers, you change terms would If last represents supermarkets. question for to ideal will have the or store reference direct you in already The the tickets,

to mentioned make five deficit. working You a that it in stores convert with are to were converted? Can Assaí be sense them the red, these perhaps. that there Would still stores

in Assaí, this are of thinking What still controlling works it a you is terms but independent, with course, of forward? company. going

Unidentified Company Representative

Thank you, the questions. Gustavo, for

of the Once Açúcar and shared. of de Our is this Pão advanced. will again, relationship relationship is be by stores more of exchange a It Extra data with resuming beyond data Rappi, relationship. we experience the far that that is at It are as beginning. I consumers mentioned, and goes

data will We use these jointly.

the more customer to offer customer's in of subdivision only When they're distance also than of leave render Pão this de application, the important of click. point when tab they entering Açúcar. de in in single which data important, journey time, have the even Pão application, services. evolution at had We an they're strategy. because we single a data the a And Rappi a at our better the and finger, another is have the of Rappi that Not is are competitor, Açúcar to is

what orders, indicators services of XX%. miler lead render compared full our improve in time, of terms last are perfect rendering. want platforms, indicators, of agreements that in attained these e-commerce own we in So for all levels And are do and our we is have above to service several example, our level service are the the service orders, internal with that XX%

which if platform, that same last Now, we're is this to we journey, we bring consumers' into very, indicator very the going milers know conquer important.

Açúcar Pão own priorities. our e-commerce Our the one this club has of de and mile, is

We growth one lucrative this from maintaining of year, we the through sales model. planning This and XX% have is the profitability. most And behind of to equation have reached XX% of are secrets this store. shipment this maintaining precisely to is profitability leverage billion, first having made

more distribution lucrative than much center hubs. have We

e-commerce, maintain very sustainable. will maintain shares share be will and shares respond to that with a profitable and to growing Now going we're ever concretely, with more for that and fulfillment high business one the

referring question, in as to part perhaps, hypermarkets. We with going we and can As a begin commissions. as second pace We're Assaí. the and Board with to the within to separate converse deal have at other could within this past. related of slower Indeed, conversions, than companies your parties

stores refer to as with closure company. six we it be the results. company, converted a going Assaí. not could or because if although of same we're lack deal have sustainability Assaí controlling I to undergo of necessarily These will in competitive They course, five the were their to Of that

high the the digit of in light single profitability. Our this is core hypermarket strategy a of and strategy row

Gustavo Oliveira

you much. very Thank

Operator

comes question next of Our America, from Bank Mr.

Ford.

Robert Ford

inflation are Argentina. much. very and The data, store Mario, Thank on of strategy, opinion day your is are you reports for going on seems thoughts base there are your congratulations below on sets? intensifying. regarding Good to your which to about scarcity. and you what that is seem you when And your this? to it different yourself assortment, the and your sales full results. about fall It Carlos are Faical, challenges payout at collecting the

Jorge Faical

products, Argentina. to and We to That's investment XX Posadas Argentina, got [indiscernible], galleries. of each excuse second each to That did we're the dividends. What different gradually, at of Robert, we our are We're this resilient in where in grocery to semester begin EBITDA the better not These in initial problem. partner, very moment. occupation one in of by should categories. It's Also, in north in of strong moment but are part of difficult like much important. as a semester, high question of gallery or only and possibilities second for will in for call the sales macroeconomic that to we our first an mind cities to I. incredible Martin probably a positive did very country we been in the worst or in In to approximately And the a our for the fresh is the margin see, Q, me, dry EBITDA we two And key we each the very the the Cordova the was come XX%, because it's still from or year you an protect which as was important to value protect a Argentina. profitability. operation, going the those offer profitability, the much an begin what of level it XX%, in last kept important real our city. the and bear as A can try we along of they the SKUs, example, And gallery, we this important include at – going one of that to steps, store, we refers assortment to also Argentina. had with payout is they first a San most of And the X,XXX estate, with which a of our have years growth. products. seller the gradually, Phase expand

expertise a towards to process And robust XX of X, to deem go those purchasing perhaps portfolio a of Phase where on authority we fashion. in more nonfood to have Phase in categories the are authority, category. Now XXXX, this for is the categories sourcing a of our X categories. expand future These

Robert Ford

with level service XX% start with partnerships, is broadening the a and year operating to SLA. This external of above assortment

operation? Now what How and this do about collecting you see data. store

Unidentified Company Representative

talking you're experience. collect that Is about think and click I the right? that

Robert Ford

open about everything. you've detail to the just last of really going wide what in great like And it so be understand in about A detail, trying the is what to agreement consumer a with mile and that bit – to going is been is to Or when is it expressing bit the Happy? Thinking you've going be the the want of That's you're expressed far. be experience. because, sometimes fulfillment little think, to client? the I'm delivery, terms devil thinking you different? final you the I then data earlier sharing data, been

Unidentified Company Representative

I understood.

experience one the digital we of costs call that highest shopper something picking is the that the world. or shopping, of Now

that is with We together the partner shoppers strategy own combined shoppers. have a our a strategy and

third-party that have – we on trained will people to shelves. around fulfillment paodeacucar.com that picking Those and people also have are an for We experience have the be picking be we in trained the partners. the X,XXX have for multitasking and to do trained in

store. the still the don't e-commerce, a the brick-and-mortar have first want puts Happy. picking We of I not and in have steps be – model can great Happy, inside the where operational picking disrupt We the store with partner, to want of store strategy. experience our there a separation of a to in for amount but in believe, are will we exclusively the we a consumer but intensity combined, do shopper is Everything stores we that have, that modality

can do the Paulo, São have I instance, shoppings, I a lot I can for instance. in And disrupting MercadoLibre, Here riders with of a concentrate and motorcycle in [indiscernible], [indiscernible] of Rappi, not and with have pickings store. for store customers. the [indiscernible] brick-and-mortar a experience in

clauses. third respect encompass will contracts the our data data the loss of protection. sharing They the sharing Now with parties

of we're can access data we use not and is We are going data defined loyalty of not the – consumers like in clearly versa. this [indiscernible] these lake, to work include Rappi programs, to the with in ways. going cross and different how to This it's this in consumers will data a vice have discounts

now. is So right still under this discussion

first the partnerships accelerate taken these have we the So quickest steps possible. to

Robert Ford

Thank you very much, Faical.

Operator

Sachs. Our Goldman Sgarz from next question, Irma

Irma Sgarz

but good a something go my questions Most or you to to I morning answered, promotional afternoon. have would stated. That back like been would be that of strategy. Good

offer the And base With the I that could in programs, to customer about because through suppliers, the could what with past about this, the did something – a something that want how result monetize know additional opportunities promotions. you there interesting could work do this loyalty media? median revenue in? marketing you could to that something that Is leveraging you could where you market do you

Unidentified Company Representative

a the for our we Irma, our already XXX We focused monetization studied market That next [indiscernible] a transactional this and is inside seen we is three category in do approach business. of partner of that years. XX This our be a with BRL a as we of recurring media recurring of revenue the around insights. could sell We've Colombia. data, in is, revenue. We the transform want a in million, all category around we marginal on. update used sale a in market monetization. this This is partner that and this million BRL to It to is We where see intelligence, sales, the already business, have business is suppliers in management. insight. and volumetry

and digital out partner going be media on our We we're where are under digital apps program the out during question negotiation media, the a to where – external second last media in and give sell is and a a our the buy They for about for of of year, and an to this My is detailed will And going a and Colombia. based media partners, this in of to disclaimer you portal, of valid middle for is instance, we sites. perhaps strategy in, media, program. agencies Brazil launch the media the so quarter, traffic we that, media. or are of portal, with to media media third this and sell we specialized the in sale

Operator

would session Q&A Board the come an has I Our to to to our their floor remarks. for end. like give final

Jorge Faical

and took to also we're and apologize us to first for Brazil. So you decided spin-off brief two the foremost, be operations all strengthen like took just the that would GPA we to time the I hours, almost thank very brand and like the it of would us. I It the Assaí, assume separation with retail now. with to have to process for in

an we with in Multivarejo – make sense division have And spin-off, Multivarejo or doesn't external was not with this internal You name. a to IR, will in subdivision. of material our communication. it talk this about

for Now, GPA this we will of public. use high-quality, high-value of

will working the GPA we And continue we GPA that last an we I I brands team we to that is in all future. would again, Yes, like with local in despite, EBITDA what with an we controlling had growing, solid we that we facing will so and present the where are with are and that are autonomy works leading similar is in the group a once least year continue with being and here us. unstable volatile thank South that strengthen countries a lucrative many the important, company can the also, to foundation Now we America. continue with like just team, would to is not scenario.

be a year have for people a everybody. a like that congratulate – we of believe of will around here. turn growth. a from will Brazil, amount will charter a I Uruguay, great see turn we path [indiscernible], Argentina, We I to that just and people Colombia, Congratulate would

the like to Ronaldo, back now to would floor So give I mute. you Ronaldo. are

Ronaldo Iabrudi dos Santos Pereira

to on like on speaking behalf and Board the of behalf Board. of the behalf on would well myself. thank I of am as I

This strategy this was for was implemented. we a spin-off to highlight. that the – the this execution was of like thinking both I are Éxito transparent of say had And spin-off Colombia. the autonomy very I have companies point of the to we surgical is that the when would company. that had think and we important exemplary strategy, the that And in a

to like this have it that on Now changes the even view, more strategy And strategic was was. spin-off believe GPA, structural view, most how our number that companies: as my in execution. a it have allow we and that is change is the I undergone member, in this a will management totally the focused Board one, independent, the and a

allow are we way but we the We Well, and at allow better the is that that is to return to to that is Faical and that in I considering investor. everyone. important an am of feel proper results, demonstrates to surgical be a for everybody capacity we and us. The to of this that differential more I support surgeon as three, point strategy allow highlight execution, listening greater great this because presented. allow I line, management ESG the reassured delivery was look company. this transparent in of mentioned And following last, very of the more. and already the do support presented, that Faical a of is what Faical this spinoff you, practices. an defining is at even least executed, have would provide on opportunities Carlos management that value practices listening investment mean follow I'll important, of – important during a second and so what ever-growing properly of of will we thing the deployed, team, we best has that what a each will results not opportunities to XXX% will refer strategy, believe be pursuant focused there deliver us, done, is because that delivery will and a the say but each Results best strategy understand able strategy, shareholder And has the will and delivery the quarter for to the What and a that is was think ESG. the I growth fashion look focused all best the to to of clearly everybody – for for company. that here reassured very plan I better to the this planned will in for to I beyond it the the underwent. is spin-off, important is execution. been governance a And one team all XXXX, banner we'll a that believe on results will have everything and and and will end what that, also be results the able management

outline – XXXX are we good the we that right confident path. is on that are we So believe of a we're for The the indicator future.

hours. thank participated the I this of everybody journey in to congratulations team, So and almost two that

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Operator

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