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1Q11 Results
1Q11 HIGHLIGHTS
> Consolidation as the largest Brazilian retailer with 17.9%
of market share> 2010 Abras Ranking : GPA with 17.9% (+310 bps vs. 2009)
> 23 conversions of CompreBem and Sendas stores> Completion of the process in the 3Q11
> Integration of Casas Bahia and Ponto Frio> Higher gross margin and lower need for working capital
> Synergies in expenses are identified and in capture process
> E-commerce with strong growth (+118%) in the 1Q11
with market share gains> Nova Pontocom Day held with more business disclosure
2
ENÉAS PESTANA
1Q11 Results
NEW MANAGEMENT MODEL
3
MetricSupply Chain
Corporate
Services /
Finance / IT
People
RetailCash &
Carry
Metric Metric Metric Metric Metric
Metric
Metric
Metrics:1. Net Income
2. Valuation/EVA
3. ROCE
4. Growth/Expansion
5. Customer satisfaction
6. Our people satisfaction
Corporate Relations
Market Strategy
Management Control
CEONova
PontoComSpecialized Electronics
1Q11 Results
AGENDA – 1Q11 RESULTS
4
GPA F
OO
DELEC
TR
ON
ICS /
HO
UD
EH
OLD
APPLIA
NC
E
Supermarkets
Cash & Carry
Hypermarket
Proximity
Gas stations and
Drugstores
Specialized
Stores
B2C B2B
1Q11 Results
GPA IN THE 1Q11: GROSS SALES OF R$ 12.4 BN
5
The figures presented in this document already reflect the IFRS change in 2010
and 2011 and it changes Company’s already published figures
Globex figures does not have between 1Q11 and 4Q10 because of the
consolidation of Casas bahia
>GROSS SALES
R$ 12.4 bn, + 58.9% vs. 1Q10
GPA Food1: Same-store growth of 8.4% in the 4M11
Globex2: Same-store growth of 10.9% in the 1Q11
>GROSS PROFIT
R$ 2.8 bn +70.5% vs. 1Q10
Margins: GPA Food1: 25.7% +110 bps
Globex2: 26.9%
>EBITDA
R$ 609 mn +40.5% vs. 1Q10
Margins: GPA Food1: 7.2% +20 bps
Globex2: 3.6%
1 Refers to GPA Consolidated without Globex
2 Considers Ponto Frio and e-commerce, excluding Casasbahia.com.br
1Q11 Results
AGENDA – 1Q11 RESULTS
6
GPA F
OO
D
Supermarkets
Cash & Carry
Hypermarket
Proximity
Gas stations and
Drugstores
1Q11 Results
Highlights with same-
store growth >15%
GROSS SALES OF R$ 6.6 BN, SAME-STORE SALES
INCREASED 8.4% IN THE FIRST FOUR MONTHS
7
> IN THE 1Q11
> Growth is higher than the 2nd player’s
for the 11th quarter in a row
GPA FOOD
6.342
6.640
1Q10 1Q11
Gross Sales (R$ mn)
(ex-Globex)
Gross Sales – 4 months1 (R$ mn)
(ex-Globex)
8.140
9.164
Jan-Apr/2010 Jan-Apr/2011
12.6%
1 The first four months were considered to purge the Easter seasonal effect between
2010 and 2011. 4M10 was adjusted to Company’s new report structure which
excludes Extra Eletro and Extra.com.br in order to allow better comparison
9,9%7,7% 7,2% 8,4%
2Q10 2Q10 4Q10 Jan-Apr/2010
SSS grew by 8.4% in the first four months
(ex-Globex)
1Q11 Results
GROSS MARGIN CLIMBS BY 110 BPS
8
>Margin increase:> Pricing tool with an important role in the
main categories in super and hypermarkets
> Better mix, with greater share of higher-
margin categories
> Improvement of business management and
relationship with suppliers
> Maintenance of competitiveness in relation
to competitors
GPA FOOD
Gross Profit (R$ mn)
(ex-Globex)
Gross Margin (R$ mn)
(ex-Globex)
1 GPA Food excluding cash-and-carry operation (Assaí)2 Cash-and-carry operation share in GPA Food net sales
1.406
1.537
1Q10 1Q11
9.3%
24.6%25.7%
1Q10 1Q11
10.6% 13.9%Cash & Carry2
25.8%
27.6%
Categories with better margin
and fastest-growing
Perishables General Mechandise
1Q11 Results
IN THE 1Q11, OPERATING EXPENSES TOTALED R$ 1.1 BN
9
> Seasonal effect
of Easter
Impact: 40 bps
>Other impacts: 50 bps
> IT outsourcing 30 bps
> Operating expenses of new
stores 20 bps
>Margin reconciliation:
GPA FOOD
Operating Expenses (R$ mn)
(ex-Globex)
1.005
1.106
1Q10 1Q11
18.5%17.6%
% of Net Sales
1Q10 1Q11
17.6% 18.5% Margin
-0.4% Easter Effect
-0.5% Other impacts
17.6% 17.6%
1Q11 Results
EBITDA MARGIN OF 7.2% IN THE 1Q11
10
GPA FOOD
EBITDA (R$ mn)
(ex- Globex)
EBITDA Margin (R$ mn)
(ex-Globex)
7.0%7.2%
1Q10 1Q11
10.6% 13.9%Cash & Carry2
7.4%
8.1%
400431
1Q10 1Q11
Improvement in the EBITDA margin is a result of the better gross margin,
even with the increased share of Assaí in the Group’s sales.
1 GPA Food excluding cash-and-carry operation (Assaí)2 Cash-and-carry operation share in GPA Food net sales
7.7%
1Q11 Results
FINANCIAL RESULT
11
GPA FOOD
Resultado Financeiro Líquido (R$ mi)
(sem Globex)
>Financial expense represents 2.7%
of net sales in the quarter :
> Increase in:
> Selic rate from 10.75% to 11.25%
> Interest on restatement of
contingency (“Refis”), R$37.7 mn
> Cost of discounted receivables in
the 4Q10
> Maintenance of:
> Interest on debt, R$76.2 mn
Net Financial Result (R$ mn)
(ex-Globex)
131
162
4Q10 1Q11
2.7%
2.0%
% of Net Sales
1Q11 Results
AGENDA – 1Q11 RESULTS
12
ELEC
TR
ON
ICS /
HO
UD
EH
OLD
APPLIA
NC
E Specialized
Stores
B2C B2B
1Q11 Results
GLOBEX 1Q11 HIGHLIGHTS
RAPHAEL KLEIN
We report the first full quarter of Casas Bahia
13
> Full quarter report with all businesses included
> Macro measures taken by the government
> Company is aware of the first impact and monitoring roll outs
> Message from Management already indicates impacts on
durable goods sector if government takes additional
intervention
> Acceleration of integration processes – Focus on synergies
capture:
> Change of all the Corporate Taxpayer’s Registries (“CNPJ”) of
Nova Casas Bahia’s stores and Distribution Centers
> Creation of a Committee in the Board of Directors to study
partner banks for the credit area, which includes cards
1Q11 Results
GLOBEX 1Q11 HIGHLIGHTS
RAPHAEL KLEIN
> Progress in the financial and commercial areas:
> Redefinition of the commercial policy with shorter average
payment period and in the share of non-interest bearing sales
with low impact on sales growth
> Reduction in the cost of discounted receivables, despite the
upturn in Brazil’s base rate (SELIC)
> Reduction in general and administrative expenses of the business
and joint purchase of indirect materials
> New positioning for the Ponto Frio brand: opening of the first
concept store in São Paulo and another in Rio de Janeiro
> Synergies are identified and in capture process in the year curve
in accordance with the guidance
> Nova Pontocom: Integration of the Casasbahia.com.br website
> 100% integrated logistics and inventory
14
1Q11 Results
GLOBEX 1Q11 HIGHLIGHTS
> Reference and technology and launches showcase
> More welcoming and cozy environment, enhancing
the use of the brand inside the store
> Better communication with integration among the
products categories
> Lightness, tasting, movement and light
> An aspirational store that meets its market niche,
differentiated from its major competitors
> NEW PONTO FRIO FORMAT: ENVIRONMENT
THAT EXPRESSES THE BEST SHOPPING
EXPERIENCE FOR CONSUMERS
15
1Q11 Results
GROSS SALES OF R$5.7 BN, SAME-STORE CLIMB BY 10.9%
18
> 10.9% SAME-STORE GROWTH
> HIGHLIGHT:
> End of the IPI tax reduction in 1Q10
GLOBEX
Gross Sales (R$ mn)
Globex
1 NCB is excluded for comparison purposes2 Comparable basis (Casasbahia.com.br is not included)
e-commerce:
+33.0% 2
Ponto Frio and e-commerce1 Total Globex
Includes Casas Bahia
1.4432.065
5.733
1Q10 1Q11 1Q11
43.1%
1Q11 Results
ADJUSTED GROSS PROFIT OF R$1.3 BN IN 1Q11,
MARGIN OF 27.0%
19
> 31.2% OF GROSS MARGIN IN
CASAS BAHIA
> Greater share of furniture
in the mix
> PONTO FRIO: THE MIX
ADJUSTMENT OF EXTRA
ELETRO IMPACTED - R$8.4 MN
IN THE 1Q11
GLOBEX
Gross Profit (R$ mn)
Globex
Ponto Frio and e-commerce1 Total Globex
Includes Casas Bahia
242363
1.320
1Q10 1Q11 1Q11
The improvement in
margin already
reflects the beginning
of commercial
synergy gains
% of Net Sales
1 NCB is excluded for comparison purposes2 Share of Nova Pontocom in the Globex’s gross revenue (not considering NCB)
+50.3%
27.0%
19.2%20.0%
24% 37% Nova Pontocom2
1Q11 Results
223315
1.133
1Q10 1Q11 1Q11
OPERATING EXPENSES REPRESENTED 23.2% OF NET
SALES IN THE 1Q11
20
GLOBEX
Seasonality in the
1Q11 with lower level
of sales reduces the
dilution of expenses
compared to the 4Q10
Operating Expenses (R$ mn)
Globex
Ponto Frio and e-commerce1
Total Globex
Includes Casas Bahia
% of Net Sales
23.2%
17.7% 17.3%
1 NCB is excluded for comparison purposes
1Q11 Results
ADJUTED EBITDA OF R$187 MN IN THE 1Q11,
WITH MARGIN OF 3.8%
21
> IN 2011
> We reinforce the guidance for
margin from 4.5% to 6.0%
GLOBEX
1 NCB is excluded for comparison purposes2 Share of Nova Pontocom in the Globex’s gross revenue (not considering NCB)
Ponto Frio and e-commerce1 Total Globex
Includes Casas Bahia
Adjusted EBITDA (R$ mn)
Globex % of Net Sales
19
49
187
1Q10 1Q11 1Q11
EBITDA:
1) Greater gross margin
2) Seasonal effect with less
expense dilution
3) Greater share of Nova
Pontocom
1.5%2.7%
3.8%
24% 37% Nova Pontocom2
1Q11 Results
FINANCIAL RESULT: FOCUS OF THE COMPANY
22
> Reduction in the 1Q11 even
with increase in the Selic rate in
the period:
> Reduction in the average payment
period in 2 months
> Reduction in the share of non-
interest bearing sales, without
losing sales growth
> Lower discounted receivable rates
> Increase in the share of interest-
bearing sales
> Financial expense of 3.4% of net
sales:
> Discounted receivables from credit
card operations: 2.5% of net sales
> Indebtedness: 0.3%
> Others: 0.6%
GLOBEX
Net Financial Expense1 (R$ mn)
Globex
1 NCB is included as of November, 2010
% of Net Sales
2Q10 3Q10 4Q10 1Q11
4.9%
3.4%
5.8% 5.9%
Financial expense as
percentage of net sales is
below guidance (between
3.5% and 4.5%)
1Q11 Results
AGENDA – 1Q11 RESULTS
23
GPA F
OO
DELEC
TR
ON
ICS /
HO
UD
EH
OLD
APPLIA
NC
E
Supermarkets
Cash & Carry
Hypermarket
Proximity
Gas stations and
Drugstores
Specialized
Stores
B2C B2B
1Q11 Results
FIC IN THE 1Q11
24
> 17% SHARE OF TOTAL SALES1
> + than 8 million active clients
> EQUITY INCOME: R$10.5 MILLION IN THE 1Q11
> GPA Food: R$7.5 mn
> Globex (Ponto Frio): R$3.0 mn
GRUPO PÃO DE AÇÚCAR
1 Considers only those business where FIC operates (GPA Food, including Assaí, Ponto
Frio and e-ommerce)
1Q11 Results
NET CONSOLIDATED RESULT
25
GRUPO PÃO DE AÇÚCAR
1 End of the period
> HIGHER NET FINANCIAL EXPENSES, OF
R$101 MN IN 1Q10 TO R$326 MN
> Impact of ~R$160 mn net of income tax
> Selic Rate1 from 8.75% to 11.25%
> IFRS EFFECTS (~R$40 MN)
> Equity Income
> Depreciation
Adjusted Net Income1 (R$ mn)
155
1Q11
2.6%% of Net Sales
1Q11 Results
CONSOLIDATED NET DEBT
26
GRUPO PÃO DE AÇÚCAR
Consolidated Net debt evolution1 (R$ bn)
1 Dívida líquida no final do período
1,5
2,3
4Q10 1Q11
> DEBT INCREASE IS RELATED
TO :
> Assaí and Sendas aquisiton
payments, R$ 223 mn
> Seasonality of working
capital need, R$375 mn
1Q11 Results
CONTACT – INVESTOR RELATIONS
Grupo Pão de Açúcar (GPA)
Globex Utilidades S.A.
Investor Relations Team
Phone: +55 (11) 3886-0421
Fax: +55 (11) 3884-2677
gpa.ri@grupopaodeacucar.com.br
www.gpari.com.br
27
> FORWARD –LOOKING STATEMENTS
The forward-looking statements contained herein are based on our management’s current assumptions and estimates, which may result in material differences regarding future results, performance and events. Actual results, performance and events may differ substantially from those expressed or implied in these forward-looking statements due to a variety of factors, such as general economic conditions in Brazil and other countries, interest and exchange rate levels, legal and regulatory changes and general competitive factors (whether global, regional, or national).
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