SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2013
Brazilian Distribution Company
(Translation of Registrant’s Name Into English)
Av. Brigadeiro Luiz Antonio,
3142 São Paulo, SP 01402-901
Brazil
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F)
Form 20-F X Form 40-F
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101 (b) (1)):
Yes ___ No X
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101 (b) (7)):
Yes ___ No X
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes ___ No X
(Convenience Translation into English from theOriginal Previously Issued in Portugues) |
Companhia Brasileira de Distribuição |
Individual and Consolidated Interim Finacial Information for the Quarter Ended March 31, 2012 and Report on Review of Interim Financial Information |
Deloitte Touche Tohmatsu Auditores Independentes |
Page 0 of 116
(Convenience Translation into English from the Original Previously Issued in Portuguese)
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
To the Shareholders, Board of Directors and Management of
Companhia Brasileira de Distribuição
São Paulo - SP
Introduction
We have reviewed the accompanying individual and consolidated interim financial information of Companhia Brasileira de Distribuição (the “Company”), included in the Interim Financial Information Form (ITR), for the quarter ended March 31, 2013, which comprises the balance sheet as of March 31, 2013 and the related statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the three-month period then ended, including the footnotes.
The Company’s Management is responsible for the preparation of the individual interim financial information in accordance with technical pronouncement CPC 21(R1) - Interim Financial Information and the consolidated interim financial information in accordance with technical pronouncement CPC 21(R1) and the international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of such information in accordance with the standards established by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of the Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on individual interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Interim Financial Information (ITR) referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC21(R1), applicable to the preparation of the Interim Financial Information (ITR), and presented in accordance with the standards established by the CVM.
Conclusion on consolidated interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Interim Financial Information (ITR) referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC 21(R1) and IAS 34, applicable to the preparation of Interim Financial Information (ITR), and presented in accordance with the standards established by the CVM.
Other matters
Statements of value added
We have also reviewed the individual and consolidated statements of value added for the three-month period ended March 31, 2013, prepared under the responsibility of the Company’s Management, the presentation of which is required by the standards issued by the CVM applicable to the preparation of Interim Financial Information (ITR) and considered as supplemental information for International Financial Reporting Standards - IFRS, that do not require the presentation of these statements. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, in relation to the individual and consolidated interim financial information taken as a whole.
São Paulo, April 25, 2013
DELOITTE TOUCHE TOHMATSU |
Edimar Facco |
Auditores Independentes |
Engagement Partner |
Page 0 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR –– Quarterly FinancialInformation – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
|
Version: 1 |
Company Information |
|
Capital Breakdown |
1 |
Cash Dividends |
2 |
Individual Quarterly Financial Information |
|
Balance Sheet – Assets |
3 |
Balance Sheet – Liabilities |
4 |
Income Statement |
6 |
Comprehensive Income for the Period |
7 |
Statement of Cash Flows |
8 |
Statement of Changes in Shareholders’ Equity |
|
1/1/2013 to 03/31/2013 |
9 |
1/1/2012 to 03/31/2012 |
10 |
Statement of Value Added |
11 |
Consolidated Quarterly Financial Information |
|
Balance Sheet - Assets |
12 |
Balance Sheet - Liabilities |
13 |
Income Statement |
15 |
Comprehensive Income for the Period |
16 |
Statement of Cash Flows |
17 |
Statement of Changes in Shareholders’ Equity |
|
1/1/2013 to 03/31/2013 |
18 |
1/1/2012 to 03/31/2012 |
19 |
Statement of Value Added |
20 |
Comments on the Company´s Performance |
21 |
Notes to the Quarterly Financial Information |
38 |
Other Information Deemed as Relevant by the Company |
108 |
Report on Review of Interim Financial Information |
110 |
Page 0 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR –– Quarterly FinancialInformation – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
|
Version: 1 |
Company Information / Capital Breakdown
Number of Shares (thousand) |
Current Quarter 03/31/2013 |
|
Paidin Capital |
|
|
Common |
99,680 |
|
Preferred |
163,771 |
|
Total |
263,451 |
|
Treasury Shares |
|
|
Common |
- |
|
Preferred |
233 |
|
Total |
233 |
|
Page 1 of 116
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ITR –– Quarterly FinancialInformation – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO
|
Version: 1 |
Company Information / Cash Dividends
Event |
Approval |
Type |
Date of Payment |
Type of Share |
Class of Share |
Amount per share (Reais/ share) |
Board of Directors Meeting |
04/25/2013 |
Dividend |
05/16/2013 |
Common |
- |
0.11818 |
Board of Directors Meeting |
04/25/2013 |
Dividend |
05/16/2013 |
Preferred |
- |
0.13000 |
Page 2 of 116
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ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information/ Balance Sheet - Assets
R$ (in thousands)
Code |
Description |
Current Quarter 03/31/2013 |
Previous Year 12/31/2012 |
1 |
Total Assets |
21,759,706 |
22,010,790 |
1.01 |
Current Assets |
5,329,471 |
5,790,763 |
1.01.01 |
Cash and Cash Equivalents |
2,150,596 |
2,890,331 |
1.01.03 |
Accounts Receivable |
702,952 |
513,783 |
1.01.03.01 |
Trade Accounts Receivable |
679,620 |
492,642 |
1.01.03.02 |
Other Accounts Receivable |
23,332 |
21,141 |
1.01.04 |
Inventories |
2,132,190 |
2,132,697 |
1.01.06 |
Recoverable Taxes |
199,257 |
193,714 |
1.01.06.01 |
Current Recoverable Taxes |
199,257 |
193,714 |
1.01.07 |
Prepaid Expenses |
90,200 |
30,096 |
1.01.08 |
Other Current Assets |
54,276 |
30,142 |
1.01.08.03 |
Other |
54,276 |
30,142 |
1.02 |
Noncurrent Assets |
16,430,235 |
16,220,027 |
1.02.01 |
Long-term Assets |
1,481,770 |
2,558,630 |
1.02.01.03 |
Accounts Receivable |
28,932 |
25,740 |
1.02.01.03.02 |
Other Accounts Receivable |
28,932 |
25,740 |
1.02.01.06 |
Deferred Taxes |
180,359 |
185,491 |
1.02.01.06.01 |
Deferred Income and Social Contribution Taxes |
180,359 |
185,491 |
1.02.01.07 |
Prepaid Expenses |
44,581 |
49,064 |
1.02.01.08 |
Receivables from Related Parties |
449,401 |
1,532,309 |
1.02.01.08.02 |
Receivables from Subsidiaries |
378,127 |
1,464,713 |
1.02.01.08.03 |
Receivables from Controlling Shareholders |
2,039 |
1,171 |
1.02.01.08.04 |
Receivables from Other Related Parties |
69,235 |
66,425 |
1.02.01.09 |
Other Noncurrent Assets |
778,497 |
766,026 |
1.02.01.09.04 |
Recoverable Taxes |
236,746 |
217,651 |
1.02.01.09.05 |
Restricted deposits for legal proceeding |
541,751 |
548,375 |
1.02.02 |
Investments |
7,950,256 |
6,736,527 |
1.02.02.01 |
Investments in Associates |
7,950,256 |
6,736,527 |
1.02.02.01.02 |
Investments in Subsidiaries |
7,950,256 |
6,736,527 |
1.02.03 |
Property and Equipment, net |
5,894,094 |
5,816,754 |
1.02.03.01 |
In Use |
5,760,719 |
5,655,444 |
1.02.03.02 |
Leased properties |
47,719 |
50,993 |
1.02.03.03 |
In Progress |
85,656 |
110,317 |
1.02.04 |
Intangible Assets |
1,104,115 |
1,108,116 |
1.02.04.01 |
Intangible Assets |
1,104,115 |
1,108,116 |
1.02.04.01.02 |
Intangible Assets |
1,104,115 |
1,108,116 |
Page 3 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information /Balance Sheet – Liabilities
R$ (in thousands)
Code |
Description |
Current Quarter 03/31/2013 |
Previous Year 12/31/2012 |
2 |
Total Liabilities |
21,759,706 |
22,010,790 |
2.01 |
Current Liabilities |
7,722,191 |
7,098,841 |
2.01.01 |
Payroll and related charges |
283,233 |
330,884 |
2.01.01.01 |
Payroll Liabilities |
43,863 |
45,802 |
2.01.01.02 |
Social security Liabilities |
239,370 |
285,082 |
2.01.02 |
Trade Accounts Payable |
2,118,553 |
2,357,379 |
2.01.02.01 |
Local Trade Accounts Payable |
2,065,506 |
2,294,756 |
2.01.02.02 |
Foreign Trade Accounts Payable |
53,047 |
62,623 |
2.01.03 |
Taxes and Contributions Payable |
136,506 |
101,508 |
2.01.03.01 |
Federal Tax Liabilities |
105,830 |
76,601 |
2.01.03.01.02 |
Other (PIS, COFINS, IOF, INSS, Funrural) |
105,830 |
76,601 |
2.01.03.02 |
State Tax Liabilities |
30,676 |
24,907 |
2.01.04 |
Loans and Financing |
2,240,108 |
1,418,852 |
2.01.04.01 |
Loans and Financing |
1,180,712 |
802,033 |
2.01.04.01.01 |
In Local Currency |
595,789 |
228,566 |
2.01.04.01.02 |
In Foreign Currency |
584,923 |
573,467 |
2.01.04.02 |
Debentures |
1,013,694 |
549,956 |
2.01.04.03 |
Financing by Leasing |
45,702 |
66,863 |
2.01.05 |
Other Liabilities |
2,923,613 |
2,865,668 |
2.01.05.01 |
Related Parties |
2,290,360 |
2,247,329 |
2.01.05.01.01 |
Debts with Associated Companies |
2,839 |
4,033 |
2.01.05.01.02 |
Debts with Subsidiaries |
2,272,933 |
2,226,298 |
2.01.05.01.03 |
Debts with Controlling Shareholders |
14,588 |
16,998 |
2.01.05.02 |
Other |
633,253 |
618,339 |
2.01.05.02.01 |
Dividends and Interest on Equity Payable |
166,495 |
166,507 |
2.01.05.02.04 |
Utilities |
7,325 |
6,343 |
2.01.05.02.05 |
Rent payable |
32,373 |
33,258 |
2.01.05.02.06 |
Advertisement payable |
43,915 |
42,103 |
2.01.05.02.07 |
Pass-throughto Third Parties |
9,472 |
10,974 |
2.01.05.02.08 |
Financing related to acquisition of Real Estate |
91,527 |
88,181 |
2.01.05.02.09 |
Taxes Payable in Installments |
139,610 |
147,172 |
2.01.05.02.11 |
Other Accounts Payable |
142,536 |
123,801 |
2.01.06 |
Provisions |
20,178 |
24,550 |
2.01.06.02 |
Other Provisions |
20,178 |
24,550 |
2.01.06.02.02 |
Provisions for Restructuring |
20,178 |
24,550 |
2.02 |
Noncurrent Liabilities |
5,292,166 |
6,417,224 |
2.02.01 |
Loans and Financing |
3,804,205 |
4,903,336 |
2.02.01.01 |
Loans and Financing |
1,461,187 |
1,823,159 |
2.02.01.01.01 |
In Local Currency |
1,300,003 |
1,662,523 |
2.02.01.01.02 |
In Foreign Currency |
161,184 |
160,636 |
2.02.01.02 |
Debentures |
2,195,278 |
2,942,111 |
2.02.01.03 |
Financing by Leasing |
147,740 |
138,066 |
2.02.02 |
Other Liabilities |
1,148,416 |
1,168,205 |
2.02.02.02 |
Other |
1,148,416 |
1,168,205 |
2.02.02.02.03 |
Taxes Payable by Installments |
1,100,393 |
1,119,029 |
2.02.02.02.04 |
Other Accounts Payable |
48,023 |
49,176 |
Page 4 of 116
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ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information /Balance Sheet – Liabilities
R$ (in thousands)
Code |
Description |
Current Quarter 03/31/2013 |
Previous Year 12/31/2012 |
2.02.04 |
Provision for Contingencies |
339,545 |
345,683 |
2.02.04.01 |
Tax, Social Security, Labor and Civil Provisions |
339,545 |
345,683 |
2.02.04.01.01 |
Tax Provisions |
172,265 |
169,056 |
2.02.04.01.02 |
Social Security and Labor Provisions |
115,397 |
112,417 |
2.02.04.01.04 |
Civil Provisions |
51,883 |
64,210 |
2.03 |
Shareholders’ Equity |
8,745,349 |
8,494,725 |
2.03.01 |
Paid-in Capital Stock |
6,711,123 |
6,710,035 |
2.03.02 |
Capital Reserves |
242,132 |
228,459 |
2.03.02.02 |
Special Goodwill Reserve |
38,025 |
38,025 |
2.03.02.04 |
Granted Options |
196,709 |
183,036 |
2.03.02.07 |
Capital Reserve |
7,398 |
7,398 |
2.03.04 |
Profit Reserves |
1,555,519 |
1,556,231 |
2.03.04.01 |
Legal Reserve |
300,808 |
300,808 |
2.03.04.05 |
Retention of Profits Reserve |
794,154 |
794,865 |
2.03.04.10 |
Expansion Reserve |
460,557 |
460,558 |
2.03.05 |
Retained Earnings/ Accumulated Losses |
236,575 |
- |
Page 5 of 116
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ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information / Income Statement
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
3.01 |
Net Sales of Goods and/or Services |
5,144,007 |
4,568,037 |
3.02 |
Cost of Goods Sold and/or Services Sold |
(3,744,468) |
(3,387,183) |
3.03 |
Gross Profit |
1,399,539 |
1,180,854 |
3.04 |
Operating Income/Expenses |
(998,692) |
(857,599) |
3.04.01 |
Selling Expenses |
(787,481) |
(682,270) |
3.04.02 |
General and Administrative |
(163,885) |
(150,157) |
3.04.04 |
Other Operating Income |
(21,962) |
(2,253) |
3.04.04.01 |
Income related to fixed assets |
(2,162) |
(2,253) |
3.04.04.03 |
Non-recurring expense |
(19,800) |
- |
3.04.05 |
Other Operating Expenses |
(99,627) |
(76,107) |
3.04.05.01 |
Depreciation/Amortization |
(99,627) |
(76,107) |
3.04.06 |
Equity Pickup |
74,263 |
53,188 |
3.05 |
Profit before financial results, Income and Social Contribution Taxes |
400,847 |
323,255 |
3.06 |
Financial results |
(106,912) |
(116,495) |
3.06.01 |
Financial revenue |
63,434 |
82,324 |
3.06.02 |
Financial expenses |
(170,346) |
(198,819) |
3.07 |
Earnings before income and social contribution taxes |
293,935 |
206,760 |
3.08 |
Income and Social Contribution Taxes |
(57,360) |
(40,168) |
3.08.01 |
Current |
(52,228) |
(33,566) |
3.08.02 |
Deferred |
(5,132) |
(6,602) |
3.09 |
Net Income from Continued Operations |
236,575 |
166,592 |
3.11 |
Net Income for the Period |
236,575 |
166,592 |
3.99 |
Earnings per Share - (Reais/Share) |
|
|
3.99.01 |
Earnings Basic per Share |
|
|
3.99.01.01 |
ON – Common |
0,85000 |
0,60000 |
3.99.01.02 |
PN– Preferred |
0,93000 |
0,66000 |
3.99.02 |
Earnings Diluted per Share |
|
|
3.99.02.01 |
ON – Common |
0,85000 |
0,60000 |
3.99.02.02 |
PN– Preferred |
0,93000 |
0,66000 |
Page 6 of 116
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ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information / Comprehensive Income for the Period
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
4.01 |
Net Income for the Period |
236,575 |
166,592 |
4.03 |
Comprehensive Income for the Period |
236,575 |
166,592 |
Page 7 of 116
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ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information /Statement of Cash Flows – Indirect Method
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
6.01 |
Net Cash flow Operating Activities |
(170,613) |
(528,711) |
6.01.01 |
Cash provided by the Operations |
406,031 |
381,588 |
6.01.01.01 |
Net Income for the Period |
236,575 |
166,592 |
6.01.01.02 |
Deferred Income and social contribution taxes |
5,132 |
6,602 |
6.01.01.03 |
Results from Disposal of Fixed Assets |
2,162 |
2,253 |
6.01.01.04 |
Depreciation/Amortization |
108,586 |
84,084 |
6.01.01.05 |
Net finance results |
123,332 |
160,270 |
6.01.01.06 |
Adjustment to Present Value |
(347) |
599 |
6.01.01.07 |
Equity Pickup |
(74,263) |
(53,188) |
6.01.01.08 |
Provision for Contingencies |
(7,717) |
9,088 |
6.01.01.09 |
Provision for disposals and impairment of Property and Equipment |
2,049 |
- |
6.01.01.10 |
Share-based Payment |
13,673 |
7,786 |
6.01.01.11 |
Allowance for Doubtful Accounts |
68 |
(81) |
6.01.01.13 |
Provision for obsolescence/shrinkage |
(3,219) |
(2,417) |
6.01.02 |
Changes in Assets and Liabilities |
(576,644) |
(910,299) |
6.01.02.01 |
Accounts Receivable |
(192,429) |
117,289 |
6.01.02.02 |
Inventories |
3,726 |
(715) |
6.01.02.03 |
Recoverable Taxes |
(24,638) |
18,194 |
6.01.02.04 |
Other Assets |
(61,182) |
(67,094) |
6.01.02.05 |
Related Parties |
24,952 |
(307,069) |
6.01.02.06 |
Restricted Deposits for Legal Proceeding |
12,225 |
(28,666) |
6.01.02.07 |
Trade Accounts Payable |
(238,826) |
(521,799) |
6.01.02.08 |
Payroll Charges |
(47,651) |
(53,676) |
6.01.02.09 |
Taxes and Social Contributions Payable |
(6,626) |
4,739 |
6.01.02.10 |
Contingencies |
(5,902) |
(5,470) |
6.01.02.11 |
Other Accounts Payable |
(40,293) |
(66,032) |
6.02 |
Net Cash flow Investment Activities |
(184,381) |
(144,443) |
6.02.01 |
Capital Increase in Subsidiaries |
(58,750) |
- |
6.02.02 |
Acquisition of Property and Equipment |
(129,679) |
(145,471) |
6.02.03 |
Increase Intangible Assets |
(6,906) |
(197) |
6.02.04 |
Sales of Property and Equipment |
10,954 |
1,225 |
6.03 |
Net Cash flow financing Activities |
(384,741) |
(24,218) |
6.03.01 |
Capital Increase/Decrease |
1,088 |
515 |
6.03.02 |
Additions |
- |
323,716 |
6.03.03 |
Payments |
(295,687) |
(308,918) |
6.03.04 |
Interest Paid |
(90,130) |
(39,531) |
6.03.05 |
Payment of Dividends |
(12) |
- |
6.05 |
Net Increase (Decrease) in Cash and Cash Equivalents |
(739,735) |
(697,372) |
6.05.01 |
Cash and Cash Equivalents at the beginning of Period |
2,890,331 |
2,328,783 |
6.05.02 |
Cash and Cash Equivalents at the end of Period |
2,150,596 |
1,631,411 |
|
|
|
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Page 8 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information / Statement of Changes in Shareholders’ Equity – 01/01/2013 to 03/31/2013
R$ (in thousands)
Code |
Description |
Paid-in Capital |
Capital Reserves, Options Granted and Treasury Shares |
Profit Reserves |
Accumulated Profit/Losses |
Shareholders’ Equity |
5.01 |
Opening Balance |
6,710,035 |
228,459 |
1,556,231 |
- |
8,494,725 |
5.03 |
Restated Opening Balance |
6,710,035 |
228,459 |
1,556,231 |
- |
8,494,725 |
5.04 |
Capital Transactions with Shareholders |
1,088 |
13,673 |
- |
- |
14,761 |
5.04.01 |
Capital Increases |
1,088 |
- |
- |
- |
1,088 |
5.04.03 |
Granted Options |
- |
13,673 |
- |
- |
13,673 |
5.05 |
Total Comprehensive Income |
- |
- |
- |
236,575 |
236,575 |
5.05.01 |
Net Income for the period |
- |
- |
- |
236,575 |
236,575 |
5.06 |
Internal Changes of Shareholders’ Equity |
- |
- |
(712) |
- |
(712) |
5.06.04 |
Gain (loss) in equity interest |
- |
- |
(712) |
- |
(712) |
5.07 |
Closing Balance |
6,711,123 |
242,132 |
1,555,519 |
236,575 |
8,745,349 |
Page 9 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information /Statement of Changes in Shareholders’ Equity – 01/01/2012 to 03/31/2012
R$ (in thousands)
Code |
Description |
Paid-in Capital |
Capital Reserves, Options Granted and Treasury Shares |
Profit Reserves |
Accumulated Profit/Losses |
Shareholders’ Equity |
5.01 |
Opening Balance |
6,129,405 |
384,342 |
1,111,526 |
- |
7,265,273 |
5.03 |
Restated Opening Balance |
6,129,405 |
384,342 |
1,111,526 |
- |
7,265,273 |
5.04 |
Capital Transactions with Shareholders |
515 |
7,786 |
- |
- |
8,301 |
5.04.01 |
Capital Increases |
515 |
- |
- |
- |
515 |
5.04.03 |
Granted Options |
- |
7,786 |
- |
- |
7,786 |
5.05 |
Total Comprehensive Income |
- |
- |
- |
166,592 |
166,592 |
5.05.01 |
Net Income for the period |
- |
- |
- |
166,592 |
166,592 |
5.06 |
Internal Changes of Shareholders’ Equity |
- |
- |
403 |
- |
403 |
5.06.04 |
Gain (loss) in equity interest |
- |
- |
403 |
- |
403 |
5.07 |
Closing Balance |
6,129,920 |
392,128 |
1,111,929 |
166,592 |
7,800,569 |
Page 10 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Individual Quarterly Financial Information /Statement of Value Added
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
7.01 |
Revenues |
5,671,521 |
5,042,248 |
7.01.01 |
Sales of Goods, Products and Services |
5,657,764 |
5,017,217 |
7.01.02 |
Other Revenues |
14,852 |
26,235 |
7.01.04 |
Allowance for/Reversal of Doubtful Accounts |
(1,095) |
(1,204) |
7.02 |
Raw Materials Acquired from Third Parties |
(4,378,119) |
(4,019,356) |
7.02.01 |
Costs of Products, Goods and Services Sold |
(3,976,390) |
(3,648,133) |
7.02.02 |
Materials, Energy, Outsourced Services and Other |
(401,729) |
(371,223) |
7.03 |
Gross Added Value |
1,293,402 |
1,022,892 |
7.04 |
Retention |
(108,586) |
(84,084) |
7.04.01 |
Depreciation and Amortization |
(108,586) |
(84,084) |
7.05 |
Net Added Value Produced |
1,184,816 |
938,808 |
7.06 |
Added Value Received in Transfers |
137,697 |
135,512 |
7.06.01 |
Equity Pickup |
74,263 |
53,188 |
7.06.02 |
Financial revenue |
63,434 |
82,324 |
7.07 |
Total Added Value to Distribute |
1,322,513 |
1,074,320 |
7.08 |
Distribution of Added Value |
1,322,513 |
1,074,320 |
7.08.01 |
Personnel |
509,261 |
406,977 |
7.08.01.01 |
Direct Compensation |
349,435 |
277,323 |
7.08.01.02 |
Benefits |
119,622 |
97,989 |
7.08.01.03 |
Government Severance Indemnity Fund for Employees (FGTS) |
32,420 |
24,936 |
7.08.01.04 |
Other |
7,784 |
6,729 |
7.08.02 |
Taxes, Fees and Contributions |
296,736 |
212,080 |
7.08.02.01 |
Federal |
209,614 |
142,697 |
7.08.02.02 |
State |
61,592 |
38,603 |
7.08.02.03 |
Municipal |
25,530 |
30,780 |
7.08.03 |
Value Distributed to Providers of Capital |
279,941 |
288,671 |
7.08.03.01 |
Interest |
170,346 |
198,819 |
7.08.03.02 |
Rentals |
109,595 |
89,852 |
7.08.04 |
Value Distributed to Shareholders |
236,575 |
166,592 |
7.08.04.03 |
Retained Earnings for the period |
236,575 |
166,592 |
Page 11 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Balance Sheet - Assets
R$ (in thousands)
Code |
Description |
Current Quarter 03/31/2013 |
Previous Year 12/31/2012 |
1 |
Total Assets |
34,237,982 |
34,833,350 |
1.01 |
Current Assets |
15,886,152 |
16,687,800 |
1.01.01 |
Cash and Cash Equivalents |
6,002,374 |
7,086,251 |
1.01.03 |
Accounts Receivable |
3,114,168 |
2,867,556 |
1.01.03.01 |
Trade Accounts Receivable |
2,846,275 |
2,646,079 |
1.01.03.02 |
Other Accounts Receivable |
297,893 |
221,477 |
1.01.04 |
Inventories |
5,675,913 |
5,759,648 |
1.01.06 |
Recoverable Taxes |
834,398 |
871,021 |
1.01.06.01 |
Current Recoverable Taxes |
834,398 |
871,021 |
1.01.07 |
Prepaid Expenses |
190,224 |
66,792 |
1.01.08 |
Other Current Assets |
39,075 |
36,532 |
1.01.08.03 |
Other |
39,075 |
36,532 |
1.02 |
Noncurrent Assets |
18,351,830 |
18,145,550 |
1.02.01 |
Long-term Assets |
4,732,834 |
4,693,067 |
1.02.01.03 |
Accounts Receivable |
661,229 |
664,896 |
1.02.01.03.01 |
Trade Accounts Receivable |
98,164 |
108,499 |
1.02.01.03.02 |
Other Accounts Receivable |
563,065 |
556,397 |
1.02.01.04 |
Inventories |
172,280 |
172,280 |
1.02.01.06 |
Deferred Taxes |
1,047,162 |
1,078,842 |
1.02.01.06.01 |
Deferred Income and Social Contribution Taxes |
1,047,162 |
1,078,842 |
1.02.01.07 |
Prepaid Expenses |
57,439 |
61,892 |
1.02.01.08 |
Receivables from Related Parties |
187,272 |
172,164 |
1.02.01.08.04 |
Receivables from Other Related Parties |
187,272 |
172,164 |
1.02.01.09 |
Other Noncurrent Assets |
2,607,452 |
2,542,993 |
1.02.01.09.04 |
Recoverable Taxes |
1,279,602 |
1,231,642 |
1.02.01.09.05 |
Restricted deposits for legal proceeding |
967,881 |
952,294 |
1.02.01.09.07 |
Financial Instruments - Option to Put/Call |
359,969 |
359,057 |
1.02.02 |
Investments |
371,285 |
362,429 |
1.02.02.01 |
Investments in associates |
371,285 |
362,429 |
1.02.02.01.01 |
Investments in subsidiaries |
283,953 |
275,098 |
1.02.02.01.04 |
Other Equity Interest |
87,332 |
87,331 |
1.02.03 |
Property and Equipment, net |
8,294,592 |
8,114,498 |
1.02.03.01 |
In Use |
7,998,110 |
7,761,760 |
1.02.03.02 |
Leased properties |
138,773 |
148,109 |
1.02.03.03 |
In Progress |
157,709 |
204,629 |
1.02.04 |
Intangible Assets |
4,953,120 |
4,975,556 |
1.02.04.01 |
Intangible Assets |
4,953,120 |
4,975,556 |
Page 12 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Balance Sheet – Liabilities
R$ (in thousands)
Code |
Description |
Current Quarter 03/31/2013 |
Previous Year 12/31/2012 |
2 |
Total Liabilities |
34,237,982 |
34,833,350 |
2.01 |
Current Liabilities |
13,675,268 |
13,392,509 |
2.01.01 |
Payroll and related charges |
710,340 |
728,970 |
2.01.01.01 |
Payroll Liabilities |
182,327 |
190,127 |
2.01.01.02 |
Social security liabilities |
528,013 |
538,843 |
2.01.02 |
Trade Accounts Payable |
5,768,612 |
6,240,356 |
2.01.02.01 |
Local Trade Payable |
5,699,361 |
6,150,533 |
2.01.02.02 |
Foreign Trade Payable |
69,251 |
89,823 |
2.01.03 |
Taxes and contribution payable |
577,536 |
650,761 |
2.01.03.01 |
Federal Tax Liabilities |
375,468 |
410,893 |
2.01.03.01.01 |
Income and Social Contribution Taxes Payable |
55,697 |
93,759 |
2.01.03.01.02 |
Other (PIS, COFINS, IOF, INSS, Funrural) |
319,771 |
317,134 |
2.01.03.02 |
State Tax Liabilities |
196,330 |
233,154 |
2.01.03.03 |
Municipal Tax Liabilities |
5,738 |
6,714 |
2.01.04 |
Loans and Financing |
5,047,181 |
4,211,150 |
2.01.04.01 |
Loans and Financing |
3,854,415 |
3,459,652 |
2.01.04.01.01 |
In Local Currency |
3,095,915 |
2,754,029 |
2.01.04.01.02 |
In Foreign Currency |
758,500 |
705,623 |
2.01.04.02 |
Debentures |
1,132,320 |
668,444 |
2.01.04.03 |
Financing by Leasing |
60,446 |
83,054 |
2.01.05 |
Other Liabilities |
1,551,421 |
1,536,722 |
2.01.05.01 |
Related Parties |
77,572 |
81,641 |
2.01.05.01.01 |
Debts with Subsidiaries |
62,558 |
64,181 |
2.01.05.01.03 |
Debts with Controlling Shareholders |
15,014 |
17,460 |
2.01.05.02 |
Other |
1,473,849 |
1,455,081 |
2.01.05.02.01 |
Dividends |
168,786 |
168,798 |
2.01.05.02.04 |
Utilities |
21,829 |
22,801 |
2.01.05.02.05 |
Rent payable |
49,133 |
51,377 |
2.01.05.02.06 |
Advertisement payable |
83,903 |
112,976 |
2.01.05.02.07 |
Pass-throughto Third Parties |
207,198 |
224,099 |
2.01.05.02.08 |
Financing related to acquisition of real estate |
104,527 |
88,181 |
2.01.05.02.09 |
Taxes Payable in Installments |
147,928 |
155,368 |
2.01.05.02.10 |
Deferred Revenues |
89,534 |
92,120 |
2.01.05.02.11 |
Companies’ Acquisition |
68,032 |
63,021 |
2.01.05.02.12 |
Other Accounts Payable |
532,979 |
476,340 |
2.01.06 |
Provisions |
20,178 |
24,550 |
2.01.06.02 |
Other Provisions |
20,178 |
24,550 |
2.01.06.02.02 |
Provisions for Restructuring |
20,178 |
24,550 |
2.02 |
Noncurrent Liabilities |
9,205,310 |
10,372,890 |
2.02.01 |
Loans and Financing |
5,123,637 |
6,281,104 |
2.02.01.01 |
Loans and Financing |
1,960,971 |
2,377,214 |
2.02.01.01.01 |
In Local Currency |
1,799,787 |
2,176,652 |
2.02.01.01.02 |
In Foreign Currency |
161,184 |
200,562 |
2.02.01.02 |
Debentures |
2,994,669 |
3,741,353 |
2.02.01.03 |
Financing by Leasing |
167,997 |
162,537 |
2.02.02 |
Other Liabilities |
1,696,715 |
1,708,384 |
2.02.02.02 |
Other |
1,696,715 |
1,708,384 |
2.02.02.02.03 |
Taxes Payable by Installments |
1,184,775 |
1,204,543 |
2.02.02.02.04 |
Other Accounts Payable |
354,152 |
345,640 |
2.02.02.02.05 |
Accounts payable related to acquisition of Companies |
157,788 |
158,201 |
2.02.03 |
Deferred Taxes |
1,136,274 |
1,137,376 |
Page 13 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Balance Sheet – Liabilities
R$ (in thousands)
Code |
Description |
Current Quarter 03/31/2013 |
Previous Year 12/31/2012 |
2.02.03.01 |
Deferred Income and Social Contribution Taxes |
1,136,274 |
1,137,376 |
2.02.04 |
Provisions for Contingencies |
794,510 |
774,361 |
2.02.04.01 |
Tax, Social Security, Labor and Civil Provisions |
794,510 |
774,361 |
2.02.04.01.01 |
Tax Provisions |
410,543 |
404,392 |
2.02.04.01.02 |
Social security and labor Provisions |
199,054 |
190,836 |
2.02.04.01.03 |
Employee Benefits Provision |
48,452 |
46,248 |
2.02.04.01.04 |
Civil Provisions |
136,461 |
132,885 |
2.02.06 |
Deferred Revenues |
454,174 |
471,665 |
2.02.06.02 |
Deferred Revenues |
454,174 |
471,665 |
2.03 |
Consolidated Shareholders’ Equity |
11,357,404 |
11,067,951 |
2.03.01 |
Paid-in Capital Stock |
6,711,123 |
6,710,035 |
2.03.02 |
Capital Reserves |
242,132 |
228,459 |
2.03.02.02 |
Special Goodwill Reserve |
38,025 |
38,025 |
2.03.02.04 |
Granted Options |
196,709 |
183,036 |
2.03.02.07 |
Capital Reserve |
7,398 |
7,398 |
2.03.04 |
Profit Reserves |
1,555,519 |
1,556,231 |
2.03.04.01 |
Legal Reserve |
300,808 |
300,808 |
2.03.04.05 |
Profit Retention Reserve |
794,154 |
795,865 |
2.03.04.10 |
Expansion Reserve |
460,557 |
460,558 |
2.03.05 |
Retained Earnings/ Accumulated Losses |
236,575 |
- |
2.03.09 |
Non-Controlling Interest |
2,612,055 |
2,573,226 |
Page 14 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information / Income Statement
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
3.01 |
Net sales of Goods and/or Services |
13,382,864 |
12,147,451 |
3.02 |
Cost of Goods Sold and/or Services Sold |
(9,847,460) |
(8,901,331) |
3.03 |
Gross Profit |
3,535,401 |
3,246,120 |
3.04 |
Operating Income/Expenses |
(2,886,644) |
(2,664,517) |
3.04.01 |
Selling expenses |
(2,287,062) |
(2,060,628) |
3.04.02 |
General and Administrative |
(402,738) |
(437,336) |
3.04.04 |
Other Operating Income |
(9,119) |
10,756 |
3.04.04.01 |
Income related to fixed assets |
(5,064) |
6,727 |
3.04.04.02 |
Non-recurring expense |
(19,799) |
- |
3.04.04.03 |
Other Operating Income |
15,744 |
4,029 |
3.04.05 |
Other Operating Expenses |
(196,580) |
(182,161) |
3.04.05.01 |
Depreciation/Amortization |
(196,988) |
(176,355) |
3.04.05.02 |
Other Operating Expenses |
408 |
(5,806) |
3.04.06 |
Equity Pickup |
8,855 |
4,852 |
3.05 |
Profit before financial results, Income and Social Contribution Taxes |
648,760 |
581,603 |
3.06 |
Financial results |
(254,355) |
(335,750) |
3.06.01 |
Financial revenue |
142,626 |
145,624 |
3.06.02 |
Financial expenses |
(396,981) |
(481,374) |
3.07 |
Earnings before income and social contribution taxes |
394,405 |
245,853 |
3.08 |
Income and social contribution taxes |
(119,137) |
(83,682) |
3.08.01 |
Current |
(88,586) |
(52,081) |
3.08.02 |
Deferred |
(30,551) |
(31,601) |
3.09 |
Net Income from Continued Operations |
275,268 |
162,171 |
3.11 |
Consolidated Net Income/Loss for the period |
275,268 |
162,171 |
3.11.01 |
Attributed to Partners of Parent Company |
236,575 |
166,592 |
3.11.02 |
Attributed to Non-controlling Shareholders |
38,693 |
(4,421) |
3.99 |
Earnings per Share - (Reais / Share) |
|
|
3.99.01 |
Earnings Basic per Share |
|
|
3.99.01.01 |
ON – Common |
0,85000 |
0,60000 |
3.99.01.02 |
PN – Preferred |
0,93000 |
0,66000 |
3.99.02 |
Earnings Diluted per Share |
|
|
3.99.02.01 |
ON – Common |
0,60000 |
0,60000 |
3.99.02.02 |
PN - Preferred |
0,93000 |
0,66000 |
Page 15 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information / Comprehensive Income for the Period
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2012 to 09/30/2012 |
YTD Previous Period 1/1/2011 to 09/30/2011 |
4.01 |
Net Income for the Period |
275,268 |
162,171 |
4.03 |
Comprehensive Income for the Period |
275,268 |
162,171 |
4.03.01 |
Attributed to controlling shareholders |
236,575 |
166,592 |
4.03.02 |
Attributed to Non-Controlling Shareholders |
38,693 |
(4,421) |
Page 16 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Statement of Cash Flows – Indirect Method
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
6.01 |
Net Cash flow Operating Activities |
(284,373) |
(562,349) |
6.01.01 |
Cash provided by the Operations |
734,075 |
713,559 |
6.01.01.01 |
Net Income for the Period |
275,268 |
162,171 |
6.01.01.02 |
Deferred income and social contribution taxes |
30,551 |
31,601 |
6.01.01.03 |
Results from disposal of fixed assets |
5,064 |
(6,727) |
6.01.01.04 |
Depreciation/Amortization |
213,515 |
193,835 |
6.01.01.05 |
Net finance results |
209,340 |
300,302 |
6.01.01.06 |
Adjustment to Present Value |
957 |
23,419 |
6.01.01.07 |
Equity Pickup |
(8,855) |
(4,852) |
6.01.01.08 |
Payment Provision for Contingencies |
12,755 |
12,981 |
6.01.01.09 |
Provision for disposals andimpairment of Property and Equipment |
2,816 |
(1,959) |
6.01.01.10 |
Share-Based payment |
13,673 |
7,784 |
6.01.01.11 |
Allowance for doubtful accounts |
6,571 |
19,488 |
6.01.01.12 |
Gain (loss) in equity interest dilution |
(575) |
- |
6.01.01.13 |
Provision for obsolescence/shrinkage |
(9,514) |
(24,484) |
6.01.01.14 |
Deferred revenue |
(17,491) |
- |
6.01.02 |
Changes in Assets and Liabilities |
(1,018,448) |
(1,275,908) |
6.01.02.01 |
Accounts Receivable |
(280,866) |
432,936 |
6.01.02.02 |
Inventories |
77,666 |
374,650 |
6.01.02.03 |
Recoverable Taxes |
(19,793) |
(116,204) |
6.01.02.04 |
Other Assets |
(121,619) |
(110,925) |
6.01.02.05 |
Related Parties |
(21,752) |
32,645 |
6.01.02.06 |
Restricted deposits for legal proceeding |
(2,667) |
(66,873) |
6.01.02.08 |
Trade accounts payable |
(456,402) |
(1,563,128) |
6.01.02.09 |
Payroll Charges |
(18,630) |
(46,427) |
6.01.02.10 |
Taxes and social contributions payable |
(106,804) |
(123,157) |
6.01.02.11 |
Contingencies |
(9,674) |
(15,199) |
6.01.02.12 |
Other Accounts Payable |
(57,907) |
(74,226) |
6.02 |
Net Cash flow Investing Activities |
(291,832) |
(201,535) |
6.02.01 |
Companies Acquisition |
- |
6,532 |
6.02.03 |
Acquisition of Property and Equipment |
(283,637) |
(228,182) |
6.02.04 |
Increase Intangible Assets |
(23,908) |
(7,818) |
6.02.05 |
Sales of Property and Equipment |
15,713 |
27,933 |
6.03 |
Net Cash flow Financing Activities |
(507,672) |
(460,260) |
6.03.01 |
Capital Increase/Decrease |
1,088 |
515 |
6.03.02 |
Additions |
1,121,077 |
1,785,355 |
6.03.03 |
Payments |
(1,132,907) |
(2,123,720) |
6.03.04 |
Interest Paid |
(496,918) |
(122,410) |
6.03.05 |
Payment of Dividends |
(12) |
- |
6.05 |
Net Increase (Decrease) in Cash and Cash Equivalents |
(1,083,877) |
(1,224,144) |
6.05.01 |
Cash and Cash Equivalents at the beginning of Period |
7,086,251 |
4,969,955 |
6.05.02 |
Cash and Cash Equivalents at the end of Period |
6,002,374 |
3,745,811 |
Page 17 of 116
(FREETRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – September 30, 2012 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Statement of Changes in Shareholders’ Equity –01/01/2013 to 03/31/2013
R$ (in thousands)
Code |
Description |
Paid-in Capital |
Capital Reserves, Options Granted and Treasury Shares |
Profit Reserves |
Accumulated Profit/Losses |
Other Comprehensive Income |
Shareholders’ Equity |
Non- Controlling Interest |
Consolidated Shareholders’ Equity |
5.01 |
Opening Balance |
6,710,035 |
228,459 |
1,556,231 |
- |
- |
8,494,725 |
2,573,226 |
11,067,951 |
5.03 |
Restated Opening Balance |
6,710,035 |
228,459 |
1,556,231 |
- |
- |
8,494,725 |
2,573,226 |
11,067,951 |
5.04 |
Capital Transactions with shareholders |
1,088 |
13,673 |
|
- |
- |
14,761 |
- |
14,761 |
5.04.01 |
Capital Increases |
1,088 |
- |
|
- |
- |
1,088 |
- |
1,088 |
5.04.03 |
Granted Options |
- |
13,673 |
|
- |
- |
13,673 |
- |
13,673 |
5.05 |
Total Comprehensive Income |
- |
- |
|
236,575 |
- |
236,575 |
38,693 |
275,268 |
5.05.01 |
Net Income for the Period |
- |
- |
|
236,575 |
- |
236,575 |
38,693 |
275,268 |
5.06 |
Internal Changes of Shareholders’ Equity |
- |
- |
(712) |
- |
- |
(712) |
136 |
(576) |
5.06.05 |
Gain (loss) in equity interest |
- |
- |
(712) |
- |
- |
(712) |
136 |
(576) |
5.07 |
Closing Balance |
6,711,123 |
242,132 |
1,555,519 |
236,575 |
- |
8,745,349 |
2,612,055 |
11,357,404 |
Page 18 of 116
(FREETRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – September 30, 2012 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Statement of Changes in Shareholders’ Equity – 01/01/2012 to 03/31/2012
R$ (in thousands)
Code |
Description |
Paid-in Capital |
Capital Reserves, Options Granted and Treasury Shares |
Profit Reserves |
Accumulated Profit/Losses |
Other Comprehensive Income |
Shareholders’ Equity |
Non- Controlling Interest |
Consolidated Shareholders’ Equity |
5.01 |
Opening Balance |
6,129,405 |
384,342 |
1,111,526 |
- |
- |
7,625,273 |
2,469,152 |
10,094,425 |
5.03 |
Restated Opening Balance |
6,129,405 |
384,342 |
1,111,526 |
- |
- |
7,625,273 |
2,469,152 |
10,094,425 |
5.04 |
Capital Transactions with shareholders |
515 |
7,786 |
- |
- |
- |
8,301 |
- |
8,301 |
5.04.01 |
Capital Increases |
515 |
- |
- |
- |
- |
515 |
- |
515 |
5.04.03 |
Granted Options |
- |
7,786 |
- |
- |
- |
7,786 |
- |
7,786 |
5.05 |
Total Comprehensive Income |
- |
- |
- |
166,592 |
- |
166,592 |
(4,421) |
162,171 |
5.05.01 |
Net Income for the Period |
- |
- |
- |
166,592 |
- |
166,592 |
(4,421) |
162,171 |
5.06 |
Internal Changes of Shareholders’ Equity |
- |
- |
403 |
- |
- |
403 |
187 |
590 |
5.06.05 |
Gain (loss) in equity interest |
- |
- |
403 |
- |
- |
403 |
187 |
590 |
5.07 |
Closing Balance |
6,129,920 |
392,128 |
1,111,929 |
166,592 |
- |
7,800,569 |
2,464,918 |
10,265,487 |
Page 19 of 116
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
ITR – Quarterly Financial Information – September 30, 2012 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
Version: 1 |
Consolidated Quarterly Financial Information /Statement of Value Added
R$ (in thousands)
Code |
Description |
YTD Current Period 1/1/2013 to 03/31/2013 |
YTD Previous Period 1/1/2012 to 03/31/2012 |
7.01 |
Revenues |
14,918,586 |
13,646,012 |
7.01.01 |
Sales of Goods, Products and Services |
14,984,340 |
13,659,567 |
7.01.02 |
Other Revenues |
37,983 |
41,243 |
7.01.04 |
Allowance for/Reversal of Doubtful Accounts |
(103,737) |
(54,798) |
7.02 |
Raw materialsAcquired from Third Parties |
(12,008,811) |
(10,640,610) |
7.02.01 |
Costs of Products, Goods and Services Sold |
(10,785,930) |
(9,455,839) |
7.02.02 |
Materials, Energy, Outsourced Services and Other |
(1,222,881) |
(1,184,771) |
7.03 |
Gross Added Value |
2,909,775 |
3,005,402 |
7.04 |
Retention |
(213,515) |
(193,835) |
7.04.01 |
Depreciation and Amortization |
(213,515) |
(193,835) |
7.05 |
Net Added Value Produced |
2,696,260 |
2,811,567 |
7.06 |
Added Value Received in Transfers |
151,481 |
150,476 |
7.06.01 |
Equity Pickup |
8,855 |
4,852 |
7.06.02 |
Financial revenue |
142,626 |
145,624 |
7.07 |
Total Added Value to Distribute |
2,847,741 |
2,962,043 |
7.08 |
Distribution of Added Value |
2,847,741 |
2,962,043 |
7.08.01 |
Personnel |
1,379,647 |
1,364,270 |
7.08.01.01 |
Direct Compensation |
1,004,720 |
967,092 |
7.08.01.02 |
Benefits |
241,571 |
217,254 |
7.08.01.03 |
Government Severance Indemnity Fund for Employees (FGTS) |
91,384 |
84,977 |
7.08.01.04 |
Other |
41,972 |
94,947 |
7.08.01.04.01 |
Interest |
41,972 |
94,947 |
7.08.02 |
Taxes, Fees and Contributions |
465,588 |
669,213 |
7.08.02.01 |
Federal |
275,533 |
364,664 |
7.08.02.02 |
State |
135,286 |
237,886 |
7.08.02.03 |
Municipal |
54,769 |
66,663 |
7.08.03 |
Value Distributed to Providers of Capital |
727,238 |
766,389 |
7.08.03.01 |
Interest |
396,981 |
481,374 |
7.08.03.02 |
Rentals |
330,257 |
285,015 |
7.08.04 |
Value Distributed to Shareholders |
275,268 |
162,171 |
7.08.04.03 |
Retained Earnings/ Accumulated Losses for the Period |
236,575 |
166,592 |
7.08.04.04 |
Non-controlling Interest in Retained Earnings |
38,693 |
(4,421) |
Page 20 of 116
1Q13 Earnings Release
Net sales revenue up 10.2%
Net income up 69.7%, to R$ 275 million
São Paulo, Brazil, April 29, 2013 - Grupo Pão de Açúcar [BM&FBOVESPA: PCAR4 (PN); NYSE: CBD] and Viavarejo [BM&FBOVESPA: VVAR3] announce their results for the first quarter of 2013 (1Q13). The results are presented in the segments as follows: GPA Food, formed by supermarkets (Pão de Açúcar, Extra Supermercado and PA Delivery), hypermarkets (Extra Hiper), neighborhood stores (Minimercado Extra), cash-and-carry stores (Assaí), GPA Malls & Properties, gas stations and drugstores; and GPA Consolidated, formed by GPA Food and Viavarejo (Casas Bahia and Pontofrio’s brick-and-mortar stores and Nova Pontocom's e-commerce: Extra.com.br, PontoFrio.com.br, Casasbahia.com.br, Barateiro.com.br, Partiu Viagens, e-Plataforma and Pontofrio Atacado). More information on the results of the subsidiary Via Varejo can be found in its respective earnings release disclosed on this date.
GPA Food
Gross sales revenue up 10.6% in 1Q13
Net Income up 19.5%, to R$ 176 million
GPA Consolidated
Gross sales revenue totaled R$14.984 billion, EBITDA margin stable at 6.4%
Net income up 69.7%, to R$275 million
|
HIGHLIGHTS | |||||||
GPA Food | GPA Consolidated | ||||||
(R$ million) (1) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |
Gross Sales Revenue | 8,149 | 7,371 | 10.6% | 14,984 | 13,660 | 9.7% | |
Net Sales Revenue | 7,383 | 6,656 | 10.9% | 13,383 | 12,147 | 10.2% | |
Gross Profit | 1,869 | 1,717 | 8.9% | 3,535 | 3,246 | 8.9% | |
Gross Margin | 25.3% | 25.8% | -50 bps | 26.4% | 26.7% | -30 bps | |
EBITDA | 518 | 487 | 6.2% | 862 | 775 | 11.2% | |
EBITDA Margin(2) | 7.0% | 7.3% | -30 bps | 6.4% | 6.4% | 0 bps | |
Net Financial Revenue (Expenses) | (108) | (142) | -24.0% | (254) | (336) | -24.2% | |
% of net sales revenue | 1.5% | 2.1% | -60 bps | 1.9% | 2.8% | -90 bps | |
Company's net profit | 176 | 147 | 19.5% | 275 | 162 | 69.7% | |
Net Margin | 2.4% | 2.2% | 20 bps | 2.1% | 1.3% | 80 bps | |
(1) Totals and percentage changes are rounded off and all margins were calculated as percentage of net sales revenue. | |||||||
(2) Earnings before Interest, Taxes, Depreciation, Amortization |
Note: As from 1Q13, the depreciation recognized in cost of goods sold, formed essentially by the depreciation of distribution centers, began to be considered in the calculation of EBITDA. The reconciliation is available on page 5 of this release.
Page 21 of 116
PERFORMANCE BY SEGMENT
The Company’s business is divided into four segments – food retail, cash and carry, electronics and home appliances retail (bricks and mortar) and e-commerce – grouped as follows:
Sales Performance
GPA Food | GPA Food | GPA Consolidated | |||||||||||||
Retail | Cash and Carry | ||||||||||||||
(R$ million) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |||
Gross Sales Revenue | 8,149 | 7,371 | 10.6% | 6,722 | 6,240 | 7.7% | 1,427 | 1,131 | 26.1% | 14,984 | 13,660 | 9.7% | |||
Net Sales Revenue | 7,383 | 6,656 | 10.9% | 6,078 | 5,621 | 8.1% | 1,304 | 1,035 | 26.0% | 13,383 | 12,147 | 10.2% | |||
Gross 'Same-Store' Sales Revenue | 6.4% | 9.3% | 6.6% | 9.6% | |||||||||||
Food | 9.6% | 9.4% | |||||||||||||
Non-food | -4.9% | 9.2% |
GPA Food
Gross sales revenue increased 10.6% over 1Q12. In addition to the same-store sales performance, detailed below, the opening of new stores, which continues at a fast pace, was a highlight. In 1Q13, 19 new stores were opened.
On a same-store basis, gross sales revenue increased 6.4%. This growth pace was achieved despite the strong comparison base and one less sales day (2011 was a leap year). In real terms, deflated by the IPCA inflation index, same-store sales decreased 0.2%.
4 Retail: gross sales revenue up 7.7%. The highlights were:
§ Sales growth in the quarter, led by the categories of meat; fruits and vegetables; as well as categories that benefited from sales associated with Easter – grocery and seafood. However, sales of electronics and home appliances, sold under the Extra banner, usually in hypermarkets, decreased due to the strong comparison base in 1Q12, impacting the growth in Non-Food categories;
§ The Pão de Açúcar banner, which posted a solid performance in fruit, organic foods and fish, and Minimercado Extra, which continued to post double-digit same-store sales growth;
Page 22 of 116
§ The calendar effect due to Easter, which had a positive impact as the entire holiday sales period fell within the quarter, while last year a portion of sales was concentrated in April. The impact on the quarter, however, was partially offset by the comparison with a leap year, which resulted in one less day of sales in 1Q13;
§ The announcement by the federal government of tax rate cuts on certain basic products in the meat, fruit, vegetables and personal care categories. The measure aims to reduce the retail price and consequently increase consumers’ purchasing power.
§ Organic growth: opening of 12 Minimercado Extra, two Extra Supermercado, one gas station and one drugstore in 1Q13.
4 Cash-and-carry: gross sales revenue up 26.1%, driven mainly by:
§ Double-digit gross sales revenue growth on a same-store basis, supported by the growth in average ticket. The growth is consequence of the adjustments made to serve the target public of the banner – processors, resellers and users – and the opening of tree Assaí stores in 1Q13.
4 Real estate projects: no revenue from real estate projects was recognized in the results of the Company in 1Q13.
GPA Consolidated
Gross sales revenue totaled R$14.984 billion, up 9.7% over 1Q12. Same-store sales increased 6.6%, driven by the performance of Food Retail, as mentioned above, coupled with the performance of the electronics and home appliance brick-and-mortar stores, led by Pontofrio, which posted above-average same-store sales growth.
Growth was also driven by the Company’s accelerated organic growth pace. A total of 28,000 square meters of sales area were added in the period through the opening of 25 stores, bringing the number of new stores opened in the last 12 months to 125.
The Group’s new e-commerce platform was launched in early March: Extra Marketplace, Brazil’s first online “shopping mall”, which will be operated through Extra.com.br (website with average daily traffic of more than 1 million visitors). This initiative increased the number of products in the e-commerce platform from 120,000 items in March to 200,000 items in April. It is expected to reach 600,000 items by December. The project’s initial investment was R$ 10 million and more than 30 partners signed up in its first month.
Page 23 of 116
Operating Performance
GPA Food | GPA Food | GPA Consolidated | |||||||||||||
Retail | Cash and Carry | ||||||||||||||
(R$ million) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |||
Net Sales Revenue | 7,383 | 6,656 | 10.9% | 6,078 | 5,621 | 8.1% | 1,304 | 1,035 | 26.0% | 13,383 | 12,147 | 10.2% | |||
GrossProfit | 1,869 | 1,717 | 8.9% | 1,694 | 1,565 | 8.2% | 175 | 151 | 15.6% | 3,535 | 3,246 | 8.9% | |||
Gross Margin | 25.3% | 25.8% | -50 bps | 27.9% | 27.8% | 10 bps | 13.4% | 14.6% | -120 bps | 26.4% | 26.7% | -30 bps | |||
Selling Expenses | (1,136) | (1,039) | 9.3% | (1,013) | (938) | 8.0% | (123) | (101) | 21.6% | (2,282) | (2,108) | 8.2% | |||
General and Administrative Expenses | (210) | (193) | 8.3% | (194) | (183) | 6.0% | (16) | (11) | 49.3% | (403) | (390) | 3.4% | |||
Equity Income | 7 | 4 | 67.4% | 7 | 4 | 67.4% | - | - | - | 9 | 5 | 82.5% | |||
Other Operating Revenue (Expenses) | (23) | (10) | 125.6% | (23) | (10) 137.3% | 0.1 | (0.5) | - | (14) | 5 | - | ||||
Total Operating Expenses | (1,362) | (1,239) | 9.9% | (1,223) | (1,127) | 8.5% | (139) | (112) | 23.7% | (2,690) | (2,488) | 8.1% | |||
% of Net Sales Revenue | 18.4% | 18.6% | -20 bps | 20.0% | 20.0% | 0 bps | 10.6% | 10.8% | -20 bps | 20.1% | 20.5% | -40 bps | |||
(-) Depreciation (Logistic) | 10 | 9 | 10.6% | 10 | 9 | 10.0% | 0 | 0 | 0.0% | 17 | 17 | -5.4% | |||
EBITDA | 518 | 487 | 6.2% | 481 | 448 | 7.4% | 36 | 39 | -7.6% | 862 | 775 | 11.2% | |||
EBITDA Margin | 7.0% | 7.3% | -30 bps | 7.9% | 8.0% | -10 bps | 2.8% | 3.8% | -100 bps | 6.4% | 6.4% | 0 bps | |||
As of 4Q12, the result of Equity Income and Other Operating Income (Expenses) were included along with Total Operating Expenses in the calculation of EBITDA. This means that the calculation of EBITDA is now in accordance with Instruction 527 issued by the Securities and Exchange Commission of Brazil (CVM) on October 4, 2012. In 1Q13, the depreciation recognized in cost of goods sold, formed essentially by the depreciation of distribution centers, began to be specified in the calculation of EBITDA. The reconciliation is available on page 5 of this release. | |||||||||||||||
As of 4Q12, the result of Equity Income and Other Operating Income (Expenses) were included along with Total Operating Expenses in the calculation of EBITDA. This means that the calculation of EBITDA is now in accordance with Instruction 527 issued by the Securities and Exchange Commission of Brazil (CVM) on October 4, 2012. In 1Q13, the depreciation recognized in cost of goods sold, formed essentially by the depreciation of distribution centers, began to be specified in the calculation of EBITDA. The reconciliation is available on page 5 of this release.
GPA Food
EBITDA increased 6.2% to R$518 million, while EBITDA margin declined 30 basis points to 7.0%.
4 Retail: 10 basis-point EBITDA margin decline due to:
§ Gross margin increase of 10 basis points to 27.9%. The margin increase is due to improved sales mix and to the lower growth in lower-margin categories as electronics and beverages. For fruits, vegetables and other commodities, a trade-up to organic items and other items of higher added value was observed;
§ Restructuring of GPA Food: since late 2011, the Company has been conducting a process to reorganize its corporate structure by reassessing its activities and processes to make the Company leaner, simpler and give it a more agile decision-making process, while also enabling the capture of synergies and efficiency gains in the processes common to the various businesses. The processes resulted in headcount reductions in the executive team, a process that incurred expenses of R$13 million.
Adjusted for nonrecurring effects, EBITDA was R$537 million, with EBITDA margin stable at 7.3%. Over the course of the year, the Company expects to reverse gains from expenses reduction through the pricing of goods, and thus attract more consumers to their stores and increase market share.
4 Cash-and-carry: EBITDA margin declined 100 basis points over 1Q12, to 2.8%, due to:
§ Gross margin decline of 120 basis points, mainly due to the opening of three Assaí stores. Moreover, to support the strategy of expanding the banner into new regions and increasing customer traffic in stores, Assaí adopted most competitive prices, which led to temporary margin contraction at the newly opened stores in these regions. In the past six months, Assaí started operations in three new states and should start operations in other three in 2Q13;
§ More competitive pricing. The sustainable repositioning of prices will be enabled by the strict control of operating expenses. With stronger sales, Management expects to increase the return on invested capital for both the format and the Company;
§ Decrease of 20 basis points in operating expenses as a percentage of net sales revenue, driven by the rationalization of selling expenses, which grew at a slower pace than revenue. The new model aims to keep operating expenses at low levels.
Page 24 of 116
GPA Consolidated
EBITDA was benefited from lower operating expenses, particularly in General and Administrative Expenses at Viavarejo. EBITDA margin was stable at 6.4%. This decrease at Viavarejo is related to the reorganization carried out by the Company in 1Q13, which also impacted the food retail operation, as mentioned above, which focused primarily on boosting competition through a leaner structure and by implementing a more agile decision-making process.
Gross margin declined 30 basis points, mainly due to the Company’s strategy to boost the competition of its cash-and-carry stores, which since 2012 has posted gross margin compression along with declines in expenses, as mentioned above.
EBITDA Reconciliation
As from 1Q13, the EBITDA reported by the Company is no longer considering the depreciation allocated to cost of goods sold, essentially related to distribution centers. To allow the comparability of the Company’s future results, we present the 2012 EBITDA with the same EBITDA reconciliation adopted as of this quarter.
ex-real estate projects | |||||||||
1Q12 | 2Q12 | 3Q12 | 4Q12 | 2012 | 2Q12 | 4Q12 | 2012 | ||
GPA Food | 487 | 581 | 479 | 744 | 2,291 | 485 | 690 | 2,141 | |
Viavarejo | 289 | 220 | 316 | 588 | 1,412 | 220 | 588 | 1,412 | |
GPA Consolidated | 776 | 800 | 795 | 1,332 | 3,703 | 705 | 1,278 | 3,553 |
Financial Performance and Indebtedness
Financial Result
GPA Food | GPA Consolidated | ||||||
(R$ million) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |
Financial Revenue | 95 | 106 | -10.6% | 143 | 146 | -2.1% | |
Financial Expenses | (203) | (248) | -18.3% | (397) | (481) | -17.5% | |
Net Financial Revenue (Expenses) | (108) | (142) | -24.0% | (254) | (336) | -24.2% | |
% of Net Sales Revenue | 1.5% | 2.1% | -60 bps | 1.9% | 2.8% | -90 bps | |
Charges on Net Bank Debt | (61) | (76) | -19.0% | (52) | (89) | -41.3% | |
Cost of Discount of Receivables of Payment Book | - | - | - | (61) | (67) | -8.9% | |
Cost of Discount of Receivables of Credit Card | (23) | (27) | -12.7% | (120) | (148) | -19.2% | |
Restatement of Other Assets and Liabilities | (24) | (40) | -41.1% | (22) | (32) | -32.2% | |
Net Financial Revenue (Expenses) | (108) | (142) | -24.0% | (254) | (336) | -24.2% |
GPA Food
In 1Q13, the net financial income was an expense was R$108 million, down 24.0% over 1Q12 despite the 10.6% growth in gross sales revenue in the quarter, and accounted for 1.5% of net sales revenue. The improvement in the net financial income was mainly due to the effects from the lower Selic base interest rate, especially as of late 2011, and to control over the customer receivables, which impacted the Company’s results as detailed below:
Page 25 of 116
§ R$ 61 million in charges on net bank debt, down 19.0% over 1Q12;
§ R$ 23 million in cost of discount of receivables, which corresponded to 0.3% of net sales revenue (compared to 0.5% in 1Q12). In view of the restructuring of receivables funds previously used for credit rights transfer of accounts receivable with credit cards, in 1Q13 the Company sold and transferred its total credit card receivables directly to operators or banks, without any right to return or obligation related. The average rate for these sale operations was 108.5% of CDI. The volume of discounted receivables amounted to R$2.8 billion;
§ R$ 24 million in restatement of other liabilities and assets, down 41.1% over 1Q12, due to higher financial income from supplier payment anticipation.
GPA Consolidated
In 1Q13, the net financial income was an expense of R$ 254 million, down 24.2% over 1Q12, and account for 1.9% of net sales revenue, down 90 basis points over 1Q12. The main impact came from the reduction in expenses with the discount of receivables and with charges on net debt, which resulted from the lower base interest rate and better management of the payment conditions offered to clients.
Indebtedness
GPA Food | GPA Consolidated | ||||
(R$ million) | 03.31.13 | 12.31.2012 | 03.31.13 | 12.31.2012 | |
Short Term Debt | (2,239) | (1,419) | (2,577) | (1,712) | |
Loans and Financing | (1,226) | (869) | (1,445) | (1,044) | |
Debentures | (1,014) | (550) | (1,132) | (668) | |
Long Term Debt | (4,189) | (5,282) | (5,008) | (6,151) | |
Loans and Financing | (1,994) | (2,340) | (2,014) | (2,409) | |
Debentures | (2,195) | (2,942) | (2,995) | (3,741) | |
Total Gross Debt | (6,429) | (6,701) | (7,586) | (7,863) | |
Cash and Marketable Securities (1) | 3,553 | 4,505 | 6,002 | 7,086 | |
Net Debt | (2,875) | (2,196) | (1,584) | (777) | |
Net Debt / EBITDA(1) | 1.24x | 0.96x | 0.42x | 0.21x | |
Payment book - short term | - | - | (2,470) | (2,499) | |
Payment book - long term | - | - | (115) | (130) | |
Net Debt with payment book | - | - | (4,168) | (3,406) | |
Net Debt / EBITDA(1) | 1.24x | 0.96x | 1.10x | 0.92x |
GPA Food
On March 31, 2013, GPA Food’s gross debt totaled R$6.429 billion, down R$272 million from December 2012. The decline was due to the payment of the 6th series of debentures of approximately R$ 270 million. As mentioned in the 4Q12 earnings release, the Company expects to reduce its debt level over the course of the year.
Most of the debt is still concentrated in the long term. More than 65% is maturing in over 12 months. Net debt rose from R$2.196 billion at the end of 4Q12 to R$2.875 billion at the end of 1Q13, due to the seasonality of the quarter, which typically leads to lower cash positions in relation to the end of 4Q12. The net debt/EBITDA ratio stood at 1.24x at the end of March.
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GPA Consolidated
Net debt, including Viavarejo’s payment book operation, amounted to R$4.168 billion at the end of March. The net debt/EBITDA ratio stood at 1.10x, with a longer maturity profile and net reserves in excess of R$6 billion. In 1Q12, The net debt/EBITDA ratio stood at 1.51x. Excluding payment-book debt, the net debt/EBITDA ratio stood at 0.42x.
GPA Malls & Properties
GPA Malls & Properties (GPA M&P) is the operation responsible for managing the real estate assets of Grupo Pão de Açúcar, which supplements the results of the retail operation by managing the leasable space of the Company’s properties. Its activities also include managing the Group’s expansion projects by prospecting, negotiating and installing new stores.
The projects scheduled for 2013 focus on the development and revitalization of commercial centers that draw on a new concept for shopping and convenience. The objective is to boost recurring lease revenue and increase traffic in stores that have area for commercial centers.
In 2012, the unit generated R$153 million in gross sales revenue from three real estate projects in partnership with construction companies, which involved land swap agreements for installing commercial and residential buildings connected with the retail space.
Net Income
GPA Food | GPA Consolidated | ||||||
(R$ million) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ% | |
EBITDA | 518 | 487 | 6.2% | 862 | 775 | 11.2% | |
Depreciation (Logistic) | (10) | (9) | 10.6% | (17) | (17) | -5.4% | |
Depreciation and Amortization | (160) | (138) | 16.3% | (197) | (176) | 11.7% | |
Net Financial Revenue (Expenses) | (108) | (142) | -24.0% | (254) | (336) | -24.2% | |
Income Before Income Tax | 239 | 198 | 20.7% | 394 | 246 | 60.4% | |
Income Tax | (63) | (51) | 24.3% | (119) | (84) | 42.4% | |
Company's net income | 176 | 147 | 19.5% | 275 | 162 | 69.7% | |
Net Margin | 2.4% | 2.2% | 20 bps | 2.1% | 1.3% | 80 bps |
GPA Food
Operating profit before income tax amounted to R$239 million in 1Q13, up 20.7% over the prior-year period. The result reflects (i) the Company’s sales growth (supported by the organic expansion in recent quarters); (ii) more efficient control of expenses in all businesses; and (iii) significant improvement in financial expenses. Net income increased 19.5% to R$ 176 million.
In the quarter, the Company incurred nonrecurring expenses related to (i) indemnity liabilities related to contingencies at the Pontofrio operation prior to the association with Casas Bahia in 4Q10, in the amount of R$7 million; and (ii) impacts on the result amounting to R$13 million arising from the restructuring carried out by the Company in the first quarter. Net income adjusted for these effects amounted to R$ 196 million, with adjusted net margin of 2.7%.
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GPA Consolidated
Net income before taxes was R$394 million, up 60.4% from the same period in 2012, driven by the continuous operating improvement at GPA Food and Viavarejo. The Company’s net income in 1Q13 increased 69.7% to R$275 million, driven by operational improvements at Viavarejo and lower financial expenses.
Simplified cash flow
GPA Food | GPA Consolidated | ||||||
(R$ million) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |
Cash Balance at beginning of period | 4,505 | 3,544 | 961 | 7,086 | 4,970 | 2,116 | |
Cash Flow from operating activities | (336) | (328) | (8) | (284) | (562) | 278 | |
EBITDA | 501 | 470 | 31 | 846 | 758 | 88 | |
Cost of Discount of Receivables | (23) | (27) | 3 | (120) | (148) | 28 | |
Working Capital | (667) | (696) | 29 | (635) | (979) | 344 | |
Assets and Liabilities Variation | (146) | (74) | (71) | (375) | (193) | (182) | |
Cash Flow from Investment Activities | (229) | (175) | (54) | (292) | (202) | (90) | |
Net CAPEX | (229) | (181) | (48) | (292) | (208) | (84) | |
Aquisition and Others | - | 7 | (7) | - | 7 | (7) | |
Cash Flow from Financing Activities | (387) | (210) | (177) | (508) | (460) | (47) | |
Dividends Payments and Others | - | - | - | - | - | - | |
Net Proceeds | (387) | (210) | (177) | (508) | (460) | (47) | |
Variation of Net Cash Generated | (952) | (713) | (239) | (1,084) | (1,224) | 140 | |
Cash Balance at end of period | 3,553 | 2,831 | 722 | 6,002 | 3,746 | 2,257 |
GPA Food
The cash position at the end of March was R$3.553 billion, which represents a decrease of R$952 million in 1Q13, composed as follows:
· Payments which totaled R$ 616 million, of which about R$340 million was related to the maturity of the 6th series of debentures (principal and interest) and R$ 229 million was used for investments made in the period. No new debt was issued in the quarter.
· Cash flow from the operating activities, which demanded additional R$336 million, mainly due to the higher working capital typically observed in the first quarter in the segment (caused by seasonal factors at the end of the year due to Christmas).
GPA Consolidated
At the end of 1Q13, the cash position amounted to R$6.002 billion, down R$1.084 billion from the cash position at the start of the quarter. The positive cash generation from operating activities in Viavarejo was a highlight, which partially offsets the seasonal working capital in GPA Food (mentioned above).
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Capex
GPA Food | GPA Consolidated | ||||||
(R$ million) | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |
New stores and land acquisition | 200 | 63 | 217.2% | 215 | 76 | 181.3% | |
Store renovations and conversions | 85 | 52 | 63.3% | 106 | 59 | 79.0% | |
Infrastructure and Others | 43 | 75 | -42.2% | 74 | 106 | -30.0% | |
Total | 328 | 189 | 73.1% | 395 | 241 | 63.5% |
GPA Food
Investments totaled R$ 328 million in the quarter, up 73.1% over 1Q12, and detailed as follows:
§ R$ 200 million in the opening and construction of new stores and land acquisition. The 217.2% increase was due to the Company’s increased focus on opening new stores, in line with its strategy to accelerate organic growth in the Food operation (with the expected delivery of 500 new stores by 2015). In 1Q13, store deliveries comprised 12 Minimercado Extra, 3 Assaí, 2 Extra Supermercado, a gas station and a drugstore, for a total of 19 new stores;
§ R$ 85 million in renovation works, in line with the investment levels typically required for maintenance;
§ R$ 43 million in technology and logistics infrastructure in 1Q13.
GPA Consolidated
In 1Q13, investments totaled R$395 million. The 63.5% increase in investments is due to the accelerated pace of new store openings. A total of R$215 million was invested for this purpose, up 181.3% over 1Q12. In addition to the above-mentioned GPA Food stores, six new electronics and home appliance stores (under the Casas Bahia banner) were opened in the quarter, predominately in the Northeast of Brazil. The Company also invested in remodeling the Pontofrio stores, which have been posting growing returns and higher productivity.
For 2013, the Company plans to invest up to R$ 2 billion.
Dividends
Dividends 2012
At the Annual and Extraordinary Shareholders' Meeting held on 04/17/2013, shareholders approved Management’s proposal for the distribution of dividends for the fiscal year ended 12/31/2012, in the total amount of R$250 million (R$171 million on 12/31/2011), which includes the prepaid dividends already declared. The amount is equivalent to R$0.892989 per common share and to R$0.982288 per preferred share, as shown in the following table:
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Proposed dividends | |
(R$ thousands) | 2012 |
Consolidated net profit | 1,156,436 |
Minority Interest - Noncontrolling | (105,254) |
Net profit | 1,051,181 |
Legal reserve | (52,559) |
Dividends' base of calculation | 998,621 |
Dividends policy | 25% |
Dividends proposed by management | 249,655 |
Proposed dividends to prefered shareholders | 160,642 |
Proposed dividends to common shareholders | 89,013 |
Number of prefered shares ¹ (x 1000) | 163,539 |
Number of common shares (x 1000) | 99,680 |
Dividends per prefered share (R$) | 0.982288 |
Dividends per common share (R$) | 0.892989 |
(-) Interim dividends already announced | 83,668 |
Proposed dividend to be paid | 165,987 |
² Excluding 232,586 shares on treasury |
Excluding the quarterly prepayments, the Company will pay in up to 60 days, starting from 04/17/2013, when the Annual and Extraordinary Shareholders' Meeting was held, the amount of R$166 million. This amount corresponds to R$0.593716430 per common share and R$0.653088073 per preferred share. Shareholders of record on 04/17/2013 will be entitled to receive the payment. As from 04/18/2013, the shares started trading ex-dividends until the payment date, to be announced in due course.
Dividends 1Q13
In a meeting held on 04/25/2013, the Board of Directors approved the payment of interim dividends. In 2013, the amount of interim dividends per share will be 18.2% higher in 2013. These amounts had already been adjusted every year since 2010, as shown in the following table:
Interim dividends (R$) | 2010 | 2011 | 2012 | 2013 | 2013 x 2012 | |
Preferred share/ ADR | 0.08 | 0.09 | 0.11 | 0.13 | 18.2% | |
Common share | 0.072727 | 0.081818 | 0.10 | 0.118182 | 18.2% |
The payment of interim dividends for the first quarter of 2013 will amount to R$33.1 million. Shareholders of record on 05/03/2013, will be entitled to receive the payment. As of 05/06/2013, the shares will trade ex-dividends until the payment date. The dividends related to the prepayment for 1Q13 will be paid on 05/16/2013.
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SUBSEQUENT EVENTS
Brazil’s antitrust agency approves the association between Pontofrio and Casas Bahia
On April 17, the Company executed a Settlement (Termo de Compromisso de Desempenho - TCD) with Brazil’s antitrust agency CADE (Conselho Administrativo de Defesa Econômica) for approval of the Association Agreement entered into between Grupo Pão de Açúcar and Casa Bahia Comercial Ltda. The TCD mandates the divestment of 74 Viavarejo stores in 54 cities distributed across six states and the Federal District, which jointly represented approximately 3% of the consolidated gross sales of Viavarejo in 2012.
The approval concludes the obligations assumed under the provisional agreement (Acordo de Preservação de Reversibilidade da Operação - APRO) executed on 2010, allowing Viavarejo to fully capture all synergies arising from the association.
For more information see the Material Fact notice disclosed on 04/17/2013.
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BALANCE SHEET | |||||||
ASSETS | |||||||
GPA Food | GPA Consolidated | ||||||
(R$ million) | 03.31.2013 | 12.31.2012 | 03.31.2012 | 03.31.2013 | 12.31.2012 | 03.31.2012 | |
Current Assets | 7.772 | 8.930 | 8.167 | 15.886 | 17.251 | 15.466 | |
Cash and Marketable Securities | 3.553 | 4.505 | 2.831 | 6.002 | 7.086 | 3.746 | |
Accounts Receivable | 686 | 418 | 309 | 2.822 | 2.637 | 2.284 | |
Credit Cards | 572 | 260 | 215 | 782 | 444 | 381 | |
Payment book | - | - | - | 2.078 | 2.078 | 1.988 | |
Sales Vouchers and Others | 110 | 154 | 90 | 155 | 301 | 106 | |
Post-Dated Checks | 4 | 4 | 4 | 4 | 4 | 4 | |
Allowance for Doubtful Accounts | (0) | (1) | (0) | (197) | (189) | (195) | |
Resulting from Commercial Agreements | 25 | 9 | 392 | 25 | 9 | 392 | |
Receivables Fund (FIDC) | - | - | 1.086 | - | - | 2.364 | |
Inventories | 3.041 | 3.062 | 2.832 | 5.676 | 5.760 | 5.178 | |
Recoverable Taxes | 239 | 256 | 445 | 834 | 871 | 1.032 | |
Expenses in Advance and Other Accounts Receivables | 228 | 117 | 272 | 527 | 325 | 470 | |
Noncurrent Assets | 15.116 | 14.810 | 13.799 | 18.352 | 18.146 | 16.564 | |
Long-Term Assets | 2.759 | 2.602 | 2.243 | 4.733 | 4.693 | 3.893 | |
Accounts Receivables | - | - | 448 | 98 | 108 | 543 | |
Paes Mendonça | - | - | 448 | - | - | 448 | |
Payment Book | - | - | - | 106 | 117 | 101 | |
Allowance for Doubtful Accounts | - | - | - | (8) | (9) | (6) | |
Inventories | 172 | 172 | - | 172 | 172 | - | |
Recoverable Taxes | 265 | 231 | 33 | 1.280 | 1.232 | 721 | |
Fair Value Bartira | 360 | 359 | 304 | 360 | 359 | 304 | |
Deferred Income Tax and Social Contribution | 381 | 381 | 442 | 1.047 | 1.079 | 1.211 | |
Amounts Receivable from Related Parties | 216 | 94 | 248 | 187 | 172 | 152 | |
Judicial Deposits | 769 | 773 | 652 | 968 | 952 | 809 | |
Expenses in Advance and Others | 597 | 592 | 116 | 621 | 618 | 153 | |
Investments | 277 | 267 | 161 | 371 | 362 | 258 | |
Property and Equipment | 7.260 | 7.087 | 6.523 | 8.295 | 8.114 | 7.436 | |
Intangible Assets | 4.820 | 4.853 | 4.873 | 4.953 | 4.976 | 4.977 | |
TOTAL ASSETS | 22.888 | 23.740 | 21.966 | 34.238 | 35.396 | 32.030 | |
LIABILITIES | |||||||
GPA Food | GPA Consolidated | ||||||
03.31.2013 | 12.31.2012 | 03.31.2012 | 03.31.2013 | 12.31.2012 | 03.31.2012 | ||
Current Liabilities | 6.984 | 6.944 | 6.636 | 13.675 | 13.955 | 11.445 | |
Suppliers | 2.874 | 3.112 | 2.744 | 5.769 | 6.240 | 4.716 | |
Loans and Financing | 1.226 | 869 | 1.859 | 1.445 | 1.044 | 1.915 | |
Payment Book (CDCI) | - | - | - | 2.470 | 2.499 | 2.211 | |
Debentures | 1.014 | 550 | 523 | 1.132 | 668 | 527 | |
Payroll and Related Charges | 355 | 417 | 321 | 710 | 729 | 712 | |
Taxes and Social Contribution Payable | 180 | 190 | 82 | 578 | 651 | 199 | |
Dividends Proposed | 166 | 167 | 103 | 169 | 169 | 103 | |
Financing for Purchase of Fixed Assets | 105 | 88 | 14 | 105 | 88 | 14 | |
Rents | 49 | 51 | 42 | 49 | 51 | 42 | |
Acquisition of Companies | 68 | 63 | 56 | 68 | 63 | 56 | |
Debt with Related Parties | 400 | 394 | 513 | 78 | 82 | 88 | |
Advertisement | 44 | 42 | 38 | 84 | 113 | 88 | |
Provision for Restructuring | 20 | 25 | 12 | 20 | 25 | 12 | |
Tax Payments | 144 | 152 | 91 | 148 | 155 | 94 | |
Advanced Revenue | 11 | 18 | 13 | 90 | 92 | 79 | |
Others | 328 | 245 | 223 | 762 | 723 | 587 | |
Long-Term Liabilities | 7.641 | 8.725 | 7.755 | 9.205 | 10.373 | 10.320 | |
Loans and Financing | 1.994 | 2.340 | 1.302 | 2.014 | 2.409 | 1.529 | |
Payment Book (CDCI) | - | - | - | 115 | 130 | 112 | |
Receivables Fund (FIDC) | - | - | 1.167 | - | - | 2.383 | |
Debentures | 2.195 | 2.942 | 1.896 | 2.995 | 3.741 | 2.298 | |
Acquisition of Companies | 158 | 158 | 194 | 158 | 158 | 194 | |
Deferred Income Tax and Social Contribution | 1.133 | 1.134 | 1.107 | 1.136 | 1.137 | 1.107 | |
Tax Installments | 1.144 | 1.163 | 1.260 | 1.185 | 1.205 | 1.302 | |
Provision for Contingencies | 628 | 610 | 537 | 795 | 774 | 701 | |
Advanced Revenue | 37 | 33 | - | 454 | 472 | 368 | |
Others | 353 | 346 | 291 | 354 | 346 | 326 | |
Shareholders' Equity | 8.262 | 8.070 | 7.575 | 11.357 | 11.068 | 10.265 | |
Capital | 5.077 | 5.123 | 4.708 | 6.711 | 6.710 | 6.130 | |
Capital Reserves | 242 | 228 | 392 | 242 | 228 | 392 | |
Profit Reserves | 1.792 | 1.556 | 1.279 | 1.792 | 1.556 | 1.279 | |
Minority Interest | 1.151 | 1.162 | 1.196 | 2.612 | 2.573 | 2.465 | |
TOTAL LIABILITIES | 22.888 | 23.740 | 21.966 | 34.238 | 35.396 | 32.030 |
Page 32 of 116
INCOME STATEMENT (ex-real estate projects) | |||||||||||||||
GPA Food | GPA Food | GPA Consolidated | |||||||||||||
Retail | Cash and Carry | ||||||||||||||
R$ - Million | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | 1Q13 | 1Q12 | Δ | |||
Gross Sales Revenue | 8,149 | 7,371 | 10.6% | 6,722 | 6,240 | 7.7% | 1,427 | 1,131 | 26.1% | 14,984 | 13,660 | 9.7% | |||
Net Sales Revenue | 7,383 | 6,656 | 10.9% | 6,078 | 5,621 | 8.1% | 1,304 | 1,035 | 26.0% | 13,383 | 12,147 | 10.2% | |||
Cost of Goods Sold | (5,503) | (4,930) | 11.6% | (4,374) | (4,046) | 8.1% | (1,129) | (884) | 27.8% | (9,831) | (8,884) | 10.7% | |||
Depreciation (Logistic) | (10) | (9) | 10.6% | (10) | (9) | 10.0% | (0) | (0) | - | (17) | (17) | -5.4% | |||
Gross Profit | 1,869 | 1,717 | 8.9% | 1,694 | 1,565 | 8.2% | 175 | 151 | 15.6% | 3,535 | 3,246 | 8.9% | |||
Selling Expenses | (1,136) | (1,039) | 9.3% | (1,013) | (938) | 8.0% | (123) | (101) | 21.6% | (2,282) | (2,108) | 8.2% | |||
General and Administrative Expenses | (210) | (193) | 8.3% | (194) | (183) | 6.0% | (16) | (11) | 49.3% | (403) | (390) | 3.4% | |||
Equity Income | 7 | 4 | 67.4% | 7 | 4 | 67.4% | - | - | - | 9 | 5 | 82.5% | |||
Other Operating Revenue (Expenses) | (23) | (10) | 125.6% | (23) | (10) | 137.3% | 0 | (0) | - | (14) | 5 | - | |||
Total Operating Expenses | (1,362) | (1,239) | 9.9% | (1,223) | (1,127) | 8.5% | (139) | (112) | 23.7% | (2,690) | (2,488) | 8.1% | |||
Depreciation and Amortization | (160) | (138) | 16.3% | (148) | (127) | 15.9% | (12) | (10) | 21.3% | (197) | (176) | 11.7% | |||
Earnings before interest and Taxes - EBIT | 347 | 340 | 2.0% | 323 | 311 | 3.8% | 24 | 29 | -17.8% | 649 | 582 | 11.5% | |||
Financial Revenue | 95 | 106 | -10.6% | 89 | 98 | -9.5% | 6 | 8 | -25.1% | 143 | 146 | -2.1% | |||
Financial Expenses | (203) | (248) | -18.3% | (193) | (233) | -17.2% | (10) | (15) | -35.6% | (397) | (481) | -17.5% | |||
Net Financial Revenue (Expenses) | (108) | (142) | -24.0% | (104) | (135) | -22.8% | (4) | (8) | -45.5% | (254) | (336) | -24.2% | |||
Income Before Income Tax | 239 | 198 | 20.7% | 219 | 177 | 24.0% | 19 | 21 | -7.3% | 394 | 246 | 60.4% | |||
Income Tax | (63) | (51) | 24.3% | (56) | (45) | 23.7% | (7) | (6) | 29.4% | (119) | (84) | 42.4% | |||
Net Income - Company | 176 | 147 | 19.5% | 164 | 132 | 24.1% | 12 | 15 | -20.4% | 275 | 162 | 69.7% | |||
Minority Interest - Noncontrolling | 11 | 14 | -21.4% | 11 | 14 | -21.4% | - | - | - | (39) | 4 | - | |||
Net Income - Controlling Shareholders (1) | 187 | 161 | 15.9% | 175 | 146 | 19.7% | 12 | 15 | -20.4% | 237 | 167 | 42.0% | |||
Net Income per Share | 0.90 | 0.64 | 40.4% | ||||||||||||
Nº of shares (million) ex-treasury shares | 263 | 260 | |||||||||||||
Earnings before Interest, Taxes, Depreciation, Amortization - EBITDA | 518 | 487 | 6.2% | 481 | 448 | 7.4% | 36 | 39 | -7.6% | 862 | 775 | 11.2% | |||
GPA Food | GPA Food | GPA Consolidated | |||||||||||||
% Net Sales Revenue | Reatil | Cash and Carry | |||||||||||||
1Q13 | 1Q12 | 1Q13 | 1Q12 | 1Q13 | 1Q12 | 1Q13 | 1Q12 | ||||||||
Gross Profit | 25.3% | 25.8% | 27.9% | 27.8% | 13.4% | 14.6% | 26.4% | 26.7% | |||||||
Selling Expenses | 15.4% | 15.6% | 16.7% | 16.7% | 9.4% | 9.8% | 17.1% | 17.4% | |||||||
General and Administrative Expenses | 2.8% | 2.9% | 3.2% | 3.3% | 1.2% | 1.0% | 3.0% | 3.2% | |||||||
Equity Income | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.0% | |||||||
Other Operating Revenue (Expenses) | 0.3% | 0.2% | 0.4% | 0.2% | 0.0% | 0.0% | 0.1% | 0.0% | |||||||
Total Operating Expenses | 18.4% | 18.6% | 20.1% | 20.0% | 10.6% | 10.8% | 20.1% | 20.5% | |||||||
Depreciation and Amortization | 2.2% | 2.1% | 2.4% | 2.3% | 0.9% | 1.0% | 1.5% | 1.5% | |||||||
EBIT | 4.7% | 5.1% | 5.3% | 5.5% | 1.8% | 2.8% | 4.8% | 4.8% | |||||||
Net Financial Revenue (Expenses) | 1.5% | 2.1% | 1.7% | 2.4% | 0.3% | 0.8% | 1.9% | 2.8% | |||||||
Income Before Income Tax | 3.2% | 3.0% | 3.6% | 3.1% | 1.5% | 2.0% | 2.9% | 2.0% | |||||||
Income Tax | 0.9% | 0.8% | 0.9% | 0.8% | 0.5% | 0.5% | 0.9% | 0.7% | |||||||
Net Income - Company | 2.4% | 2.2% | 2.7% | 2.3% | 0.9% | 1.5% | 2.1% | 1.3% | |||||||
EBITDA | 7.0% | 7.3% | 7.9% | 8.0% | 2.8% | 3.8% | 6.4% | 6.4% | |||||||
(1) Net Income after noncontrolling shareholders |
Page 33 of 116
Statement of Cash Flow | ||
(R$ million) | GPA Consolidated | |
03.31.2013 | 03.31.2012 | |
Net Income for the period | 237 | 167 |
Deferred Income Tax | 5 | 7 |
Income of Permanent Assets Written-Off | 2 | 2 |
Depreciation and Amortization | 109 | 84 |
Interests and Exchange Variation | 123 | 160 |
Adjustment to Present Value | (0) | 1 |
Equity Income | (74) | (53) |
Provision for Contingencies | (8) | 9 |
Provision for low and losses of fixed assets | 2 | - |
Share-Based Compensation | 14 | 8 |
Allowance for Doubtful Accounts | 0 | (0) |
Swap revenue | (3) | (2) |
406 | 382 | |
Asset (Increase) Decreases | ||
Accounts Receivable | (192) | 117 |
Inventories | 4 | (1) |
Taxes recoverable | (25) | 18 |
Related Parties | 25 | (307) |
Judicial Deposits | 12 | (29) |
(237) | (268) | |
Liability (Increase) Decrease | ||
Suppliers | (239) | (522) |
Payroll and Charges | (54) | (49) |
Other Accounts Payable | (40) | (66) |
(339) | (642) | |
Net Cash Generated from (Used in) Operating Activities | (171) | (529) |
Cash Flow from Investment and Financing Activities | ||
GPA Consolidated | ||
(R$ million) | 03.31.2013 | 03.31.2012 |
Acquisition of Property and Equipment | (130) | (145) |
Increase of Intangible Asset | (7) | (0) |
Sale of Property and Equipment | 11 | 1 |
Net Cash Generated from (used in) Investment Activities | (184) | (144) |
Cash Flow from Financing Activities | ||
Increase (Decrease) of Capital | 1 | 1 |
Funding and Refinancing | - | 324 |
Payments | (296) | (309) |
Interest Paid | (90) | (40) |
Dividend Payments | (0) | - |
Net Cash Generated from (used in) Financing Activities | (385) | (24) |
Cash and Cash Equivalents at the Beginning of the Year | 2,890 | 2,329 |
Cash and Cash Equivalents at the End of the Year | 2,151 | 1,631 |
Change in Cash and Cash Equivalent | (740) | (697) |
Page 34 of 116
BREAKDOWN OF GROSS SALES BY BANNER | |||||
(R$ million) | 1Q13 | % | 1Q12 | % | Δ |
Pão de Açúcar | 1,504 | 10.0% | 1,348 | 9.9% | 11.5% |
Extra Hiper | 3,521 | 23.5% | 3,359 | 24.6% | 4.8% |
Minimercado Extra | 92 | 0.6% | 53 | 0.4% | 75.5% |
Extra Supermercado | 1,231 | 8.2% | 1,143 | 8.4% | 7.7% |
Assaí | 1,427 | 9.5% | 1,131 | 8.3% | 26.1% |
Others Business (1) | 374 | 2.5% | 337 | 2.5% | 11.0% |
GPA Food | 8,149 | 54.4% | 7,371 | 54.0% | 10.6% |
Viavarejo (2) | 6,836 | 45.6% | 6,289 | 46.0% | 8.7% |
GPA Consolidated | 14,985 | 100.0% | 13,660 | 100.0% | 9.7% |
BREAKDOWN OF NET SALES BY BANNER | |||||
(R$ million) | 1Q13 | % | 1Q12 | % | Δ |
Pão de Açúcar | 1,355 | 10.1% | 1,213 | 10.0% | 11.7% |
Extra Hiper | 3,136 | 23.4% | 2,981 | 24.5% | 5.2% |
Minimercado Extra | 86 | 0.6% | 49 | 0.4% | 75.5% |
Extra Supermercado | 1,130 | 8.4% | 1,044 | 8.6% | 8.3% |
Assaí | 1,304 | 9.7% | 1,035 | 8.5% | 26.0% |
Others Business (1) | 370 | 2.8% | 334 | 2.8% | 10.8% |
GPA Food | 7,383 | 55.2% | 6,656 | 54.8% | 10.9% |
Viavarejo (2) | 6,000 | 44.8% | 5,491 | 45.2% | 9.3% |
GPA Consolidated | 13,383 | 100.0% | 12,147 | 100.0% | 10.2% |
(1) Includes Gas Station and Drugstores sales. | |||||
(2) Includes Ponto Frio, Nova Casas Bahia and Nova Pontocom sales. |
SALES BREAKDOWN (% of Net Sales) | |||||
GPA Food | GPA Consolidated | ||||
1Q13 | 1Q12 | 1Q13 | 1Q12 | ||
Cash | 53.7% | 53.3% | 41.7% | 40.6% | |
Credit Card | 38.2% | 39.2% | 47.8% | 48.8% | |
Food Voucher | 8.0% | 7.4% | 4.4% | 3.9% | |
Credit | 0.1% | 0.1% | 6.2% | 6.7% | |
Post-Dated Checks | 0.1% | 0.1% | 0.1% | 0.1% | |
Payment Book | 0.0% | 0.0% | 6.1% | 6.6% |
Page 35 of 116
STORES OPENINGS/CLOSINGS PER BANNER | |||||||
12/31/2012 | Opened | Closed | 03/31/2013 | ||||
Pão de Açúcar | 163 | - | - | 163 | |||
Extra Hiper | 138 | - | - | 138 | |||
Extra Supermercado | 207 | 2 | - | 209 | |||
Minimercado Extra | 107 | 12 | - | 119 | |||
Assaí | 61 | 3 | - | 64 | |||
Other Business | 241 | 2 | 2 | 241 | |||
Gas Satation | 84 | 1 | - | 85 | |||
Drugstores | 157 | 1 | 2 | 156 | |||
GPA Food | 917 | 19 | 2 | 934 | |||
Ponto Frio | 397 | - | 1 | 396 | |||
Casas Bahia | 568 | 6 | 2 | 572 | |||
GPA Consolidated | 1,882 | 25 | 5 | 1,902 | |||
Sale Area ('000 m2) | |||||||
GPA Food | 1,568 | 1,589 | |||||
GPA Consolidated | 2,962 | 2,997 | |||||
# of employees ('000) | 151 | 151 |
Page 36 of 116
1Q13 Results Conference Call and Webcast Tuesday, April 30, 2013 11:00 a.m. (Brasília time) | 09:00 a.m. (New York) | 02:00 p.m. (London) Portuguese Conference Call (original language) +55 (11) 3127-4971 English Conference Call (simultaneous interpreting) +1 (516) 300-1066 Webcast: http://www.gpari.com.br Replay +55 (11) 3127-4999 Code for audio in Portuguese: 23975739 Code for audio in English: 23975739 http://www.gpari.com.br |
CONTACTS
Investor Relations - GPA and Viavarejo Phone: (11) 3886-0421 Fax: (11) 3884-2677 gpa.ri@grupopaodeacucar.com.br Website: www.gpari.com.br www.viavarejo.com.br/ri |
Media Relations - GPA Phone: (11) 3886-3666 imprensa@grupopaodeacucar.com.br Media Relations - Viavarejo Phone: (11) 4225-9228 imprensa@viavarejo.com.br
Social Media News Room http://imprensa.grupopaodeacucar.com.br/category/gpa/ Twitter – Media @imprensagpa |
Casa do Cliente – Customer Service Pão de Açúcar: 0800-7732732 / Extra |