cbditr1q13_6k.htm - Generated by SEC Publisher for SEC Filing  

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

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 the

Original 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


 
 

 

 

 

 

 

 

Quartely Financial Information

Companhia Brasileira de Distribuição

March 31, 2012

 

 

 


 
 

 

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)

 

ITR –– Quarterly FinancialInformation – March 31, 2013 – COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 

 

Version: 1

 

Table of Contents

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


 
 

(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 - 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


 
 

(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

2.02.04

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

-

 

 

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(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 / 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

 

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(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 / 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

 

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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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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

   
 
  • Gross sales revenue totaled R$14.984 billion, up 9.6% over 1Q12. 25 new stores added 28,000 m2 to sales area in the period;
  • EBITDA at R$862 million, up 11.2% over 1Q12;
  • Net financial income was an expense of R$ 254 million, down 24.2%. As percentage of net sales, net financial income declined 60 basis points;
  • Net income up 69.7%, to R$275 million. Margin up 80 basis points over 1Q12.
 

 

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.

 

 

Page 26 of 116


 

 

 

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%.

 

 

Page 27 of 116


 

 

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).

 

 

 

 

Page 28 of 116


 

 

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:

 

 

 

Page 29 of 116


 

 

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.

 

 

Page 30 of 116


 

 

  

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.

 

 

 

Page 31 of 116


 

 

 

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