cbdpr3q12_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 November, 2012

           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  


 

 

3Q12 Earnings

 

Consolidated net income up 64.6% in the quarter


São Paulo, Brazil, October 31, 2012 - Grupo Pão de Açúcar [BM&FBOVESPA: PCAR4 (PN); NYSE: CBD] and Via Varejo S.A. [BM&FBOVESPA: VVAR3] announce their results for the third quarter of 2012 (3Q12). The results are presented in the segments as follows: GPA Food, which comprises supermarkets (Pão de Açúcar, Extra Supermercado and PA Delivery), hypermarkets (Extra Hiper), neighborhood stores (Minimercado Extra), cash-and-carry stores (Assaí), gas stations and drugstores, and GPA Malls & Properties; and GPA Consolidated, comprised by GPA Food and Via Varejo (Casas Bahia and Ponto Frio's bricks-and-mortar stores and Nova Pontocom's e-commerce: Extra.com.br, PontoFrio.com.br and Casasbahia.com.br). More information about the results of Via Varejo S.A. can be obtained in its earnings release.

 

GPA Food

Gross sales revenue up 9.5% in 3Q12

EBITDA up 8.4% to R$ 496 million

 

 

GPA Consolidated

EBITDA totaled R$ 801 million, up 11.1%, with margin at 6.6%

Net profit totaled R$ 210 million, up 64.6% over 3Q11

 
  • Gross sales revenue totaled R$ 13.666 billion, up 8.7% over 3Q11
  • EBITDA at R$ 801 million, up 11.1%
  • Net profit at R$ 210 million, up 64.6% over 3Q11
 

 

HIGHLIGHTS
  GPA Food GPA Consolidated
(R$ million)(1)  3Q12  3Q11  Δ  9M12  9M11  Δ  3Q12  3Q11  Δ  9M12  9M11  Δ 
 
Gross Sales Revenue  7,484  6,834  9.5%  22,292  20,402  9.3%  13,666  12,571  8.7%  40,837  37,549  8.8% 
Net Sales Revenue  6,761  6,159  9.8%  20,137  18,372  9.6%  12,155  11,085  9.7%  36,340  33,224  9.4% 
Gross Profit  1,755  1,625  8.0%  5,282  4,731  11.7%  3,203  3,084  3.9%  9,700  8,919  8.7% 

Gross Margin 

26.0%  26.4%  -40 bps  26.2%  25.7%  50 bps  26.4%  27.8%  -140 bps  26.7%  26.8%  -10 bps 
EBITDA  496  458  8.4%  1,563  1,299  20.3%  801  721  11.1%  2,346  1,945  20.7% 

EBITDA Margin(2) 

7.3%  7.4%  -10 bps  7.8%  7.1%  70 bps  6.6%  6.5%  10 bps  6.5%  5.9%  60 bps 
Net Financial Revenue (Expenses)  (117)  (167)  -30.2%  (380)  (495)  -23.3%  (272)  (328)  -17.1%  (892)  (990)  -9.8% 
% of net sales revenue  1.7%  2.7%  -100 bps  1.9%  2.7%  -80 bps  2.2%  3.0%  -80 bps  2.5%  3.0%  -50 bps 
Net Income - Company  142  119  19.1%  529  346  52.7%  210  128  64.6%  617  324  90.3% 

Net Margin 

2.1%  1.9%  20 bps  2.6%  1.9%  70 bps  1.7%  1.2%  50 bps  1.7%  1.0%  70 bps 
Net Income - Controlling Shareholders (3)  154  129  19.2%  568  368  54.5%  189  133  41.3%  610  357  70.9% 

Net Margin 

2.3%  2.1%  20 bps  2.8%  2.0%  80 bps  1.6%  1.2%  40 bps  1.7%  1.1%  60 bps 
(1) Totals may not tally as the figures are rounded off and all margins were calculated as percentage of net sales revenue.
(2) Earnings before Interest, Taxes, Depreciation, Amortization and Net Financial Revenue (Expenses)
(3) Net Income after noncontrolling shareholders
 

1/16  

 


 

 

PERFORMANCE BY SEGMENT   

The Company’s operations are integrated in two business segments, as shown below:

 

 

 

In order to enable comparison of the Company’s figures, the tables and explanations about the 9M12 earnings, except when otherwise noticed, exclude the revenue from the Company’s real estate projects. In 3Q12, no such revenues were recognized. In 2Q12, R$ 98 million in gross sales revenue was recognized. This figure refers to land swaps for development and construction of real estate projects. For further information on the recognition of such revenue, see explanatory notes number 27 on the 3Q12 Financial Statements and notes 3.b. and 26 on the 2Q12 Financial Statements.  

 

SALES PERFORMANCE

 

 

  GPA Food GPA Food
  Retail Cash and Carry
(R$ million)  3Q12  3Q11  Δ  3Q12  3Q11  Δ  3Q12  3Q11  Δ 
 
Gross Sales Revenue  7,484  6,834  9.5%  6,219  5,727  8.6%  1,265  1,107  14.2% 
Net Sales Revenue  6,761  6,159  9.8%  5,606  5,150  8.9%  1,155  1,008  14.5% 
Gross 'Same-Store' Sales Revenue  6.8%  8.2%               

Food 

7.7%  8.1%               

Non-food 

3.8%  8.9%               

 

GPA Food 3Q12 x 3Q11

Gross sales revenue increased 9.5% over 3Q11 to R$ 7.484 billion. Same-store sales growth was 6.8%, equivalent to 1.5% in real terms, when deflated by the IPCA benchmark inflation index.

 

2/16  

 


 

 

 

4     Retail: gross sales revenue up 8.6%. The highlights were:

§     Minimercado Extra performance, which reflects the brand’s new positioning and favors higher value-added items, following the store conversion from the former Extra Fácil format, and posted a 23.6% same-store increase;

§       Growth at Extra Supermercado higher than that in Retail Food, benefitted by conversion of banners CompreBem and Sendas, which was concluded in 3Q11;   

 

4     Cash-and-carry: gross sales revenue up 14.2%, mainly due to:

§      12.6% increase in same-store gross sales revenue, due to an increase in the average ticket reflecting focus on the new target publics – processors, distributers and users, and adjustment in assortment and store layout. Store productivity as measured by average sales per square meter also posted a double-digit growth in the period.

 

The home and personal care category and the beverage category were the main drivers of the 7.7% same-store gross sales revenue in Food.

A total of 15 stores were opened in the third quarter, of which one Pão de Açúcar store, three Extra Supermercado stores, three Extra Hiper stores and eight Minimercado Extra stores, which added over 36 thousand square meters to the sales area, up 2.4%. In the January-September period, GPA Food’s sales area totaled 1,543 thousand square meters, up 3.2% from the end of 2011.

The Company will open approximately 40 new stores in 4Q12, of which 30 will be Minimercado Extra stores.

  GPA Food
ex-real estate projects 
GPA Consolidated
ex-real estate projects
 
(R$ million)  9M12  9M11  Δ  3Q12  3Q11  Δ  9M12  9M11  Δ 
 
Gross Sales Revenue  22,193  20,402  8.8%  13,666  12,571  8.7%  40,739  37,549  8.5% 
Net Sales Revenue  20,039  18,372  9.1%  12,155  11,085  9.7%  36,242  33,224  9.1% 
Gross 'Same-Store' Sales Revenue  6.9%  7.7%    7.1%  6.6%    7.4%  7.8%   

Food 

7.3%  7.6%               

Non-food 

5.7%  8.0%               

 

GPA Food 9M12 x 9M11

Gross sales revenue was up 8.8%. The 6.9% same-store growth, or 1.6% in real terms, reflects the successful conversion process of Extra Supermercado into Minimercado Extra stores, which deliver improved performance compared with the previous format.  

 

GPA Consolidated 3Q12 x 3Q11

Gross sales revenue totaled R$ 13.666 billion, up 8.7% over 3Q11, mainly due to same-store sales growth pace in the Food Retail segment and the Ponto Frio banner performance, reflecting improved product mix and the new store positioning.

 

GPA Consolidated 9M12 x 9M11

Gross sales revenue was up 8.5% to R$ 40.739 billion, while same-store sales growth was 7.4%.

 

3/16  

 


 

 

Operating Performance

 

  GPA Food GPA Food
  Retail Cash and Carry
(R$ million)  3Q12  3Q11  Δ  3Q12  3Q11  Δ  3Q12  3Q11  Δ 
 
Net Sales Revenue  6,761  6,159  9.8%  5,606  5,150  8.9%  1,155  1,008  14.5% 
Gross Profit  1,755  1,625  8.0%  1,590  1,497  6.3%  164  128  28.1% 

Gross Margin 

26.0%  26.4%  -40 bps  28.4%  29.1%  -70 bps  14.2%  12.7%  150 bps 

Selling Expenses 

(1,044)  (958)  9.0%  (939)  (862)  9.0%  (105)  (97)  8.8% 

General and Administrative Expenses 

(215)  (209)  2.7%  (199)  (197)  0.7%  (16)  (12)  36.8% 
Total Operating Expenses  (1,259)  (1,167)  7.8%  (1,137)  (1,059)  7.4%  (121)  (108)  11.8% 

% of Net Sales Revenue 

18.6%  18.9%  -30 bps  20.3%  20.6%  -30 bps  10.5%  10.7%  -20 bps 

EBITDA 

496  458  8.4%  453  438  3.4%  43  20  116.3% 

EBITDA Margin 

7.3%  7.4%  -10 bps  8.1%  8.5%  -40 bps  3.7%  2.0%  170 bps 

 

GPA Food 3Q12 x 3Q11

EBITDA increased 8.4% to R$ 496 million, while EBITDA margin reached 7.3%, down 10 basis points, mainly impacted by the cash-and-carry operations, as detailed below. The cash-and-carry segment accounted for 16.9% of GPA Food’s gross sales revenue in 3Q12, up from 16.2% in 3Q11, while it accounted for 8.7% of GPA Food’s EBITDA, more than doubled from 4.3% in 3Q11.

 

4     Retail: EBITDA margin declined 40 basis points, to 8.1%, due to:

§      Adjustment in the sales policy in order to improve pricing competition, which impacted gross margin. Such adjustment is also related to specific marketing campaigns, such as “Alerta Vermelho” (red alert), for the Extra banner;

§      Decline of operating expenses as percentage of net sales revenue to 20.3% in 3Q12 from 20.6%, reflecting the Company’s administrative expenses control;

§      Similar expense and revenue growth, despite the personnel-related cost pressure, and increase in marketing expenses.

 

4     Cash-and-carry: EBITDA margin increased 170 basis points, to 3.7%, over 3Q11, due to:

§      150 basis-point increase in gross margin, to 14.2%, due to maturation of stores opened in the past two years and to assortment adjustments to the target-public, favoring more profitable items;

§      Reduction of operating expenses as percentage of net revenue, due to efficiency gains in stores, such as sales area formatting and inventory optimization, review of the logistic model and adjustment in services rendered;

§      Increase in general and administrative expenses, which is related to the hiring of executives to support the banner’s strong expansion expected for the coming years.

 

4/16  

 


 

 

 

 

  GPA Food GPA Consolidated
(R$ million)  9M12  9M11  Δ  3Q12  3Q11  Δ  9M12  9M11  Δ 
 
Net Sales Revenue  20,039  18,372  9.1%  12,155  11,085  9.7%  36,242  33,224  9.1% 
Gross Profit  5,184  4,731  9.6%  3,203  3,084  3.9%  9,602  8,919  7.6% 

Gross Margin 

25.9%  25.7%  20 bps  26.4%  27.8% -140 bps  26.5%  26.8%  -30 bps 

Selling Expenses 

(3,136)  (2,884)  8.7%  (2,032)  (1,918)  5.9%  (6,136)  (5,721)  7.2% 

General and Administrative Expenses 

(587)  (548)  7.1%  (370)  (444)  -16.8%  (1,222)  (1,253)  -2.5% 

Total Operating Expenses 

(3,722)  (3,432)  8.5%  (2,402)  (2,363)  1.7%  (7,357)  (6,975)  5.5% 

% of Net Sales Revenue 

18.6%  18.7%  -10 bps  19.8%  21.3% -150 bps  20.3%  21.0%  -70 bps 

EBITDA 

1,461  1,299  12.5%  801  721  11.1%  2,244  1,945  15.4% 

EBITDA Margin 

7.3%  7.1%  20 bps  6.6%  6.5%  10 bps  6.2%  5.9%  30 bps 

 

GPA Food 9M12 x 9M11

EBITDA increased 12.5%, while EBITDA margin increased 20 basis points, to 7.3%. The margin increase was due to a 20 basis-point gain in gross margin and a 10-basis point decline in operating expenses as a percentage of net revenues.

 

GPA Consolidated 3Q12 x 3Q11

Gross margin fell by 140 basis points, mainly pressured by increased competition and higher logistics costs in the electronics segment. EBITDA increased 11.1% to R$ 801 million, with margin at 6.6%, up 10 basis points compared with 3Q11.

 

GPA Consolidated 9M12 x 9M11

EBITDA increased 15.4%, to R$ 2.244 billion, with margin at 6.2%, up 30 basis points over the same year-ago period.

 

 

Financial Performance and Indebtedness

Financial Result

 

  GPA Food
ex-real estate projects
GPA Consolidated
ex-real estate projects
 
(R$ million)  3Q12  3Q11  Δ  9M12  9M11  Δ  3Q12  3Q11  Δ  9M12  9M11  Δ 
 

Financial Revenue 

127  112  13.3%  355  306  16.0%  163  171  -5.1%  459  444  3.5% 

Financial Expenses 

(243)  (279)  -12.8%  (735)  (801)  -8.3%  (435)  (499)  -13.0%  (1,352)  (1,433)  -5.7% 
Net Financial Revenue (Expenses)  (117)  (167)  -30.2%  (380)  (495)  -23.3%  (272)  (328)  -17.1%  (893)  (990)  -9.8% 

% of Net Sales Revenue 

1.7%  2.7%  -100 bps  1.9%  2.7%  -80 bps  2.2%  3.0%  -80 bps 2.5%  3.0%  -50 bps 

Charges on Net Bank Debt 

(63)  (90)  -30.0%  (205)  (259)  -20.6%  (134)  (156)  -14.4%  (416)  (422)  -1.5% 

Cost of Discount of Receivables 

(25)  (34)  -26.7%  (80)  (116)  -30.8%  (107)  (159)  -32.9%  (377)  (492)  -23.4% 

Restatement of Other Assets and Liabilities 

(29)  (43)  -33.3%  (94)  (120)  -21.8%  (32)  (13)  144.7%  (100)  (76)  31.9% 
Net Financial Revenue (Expenses)  (117)  (167)  -30.2%  (380)  (495)  -23.3%  (272)  (328)  -17.1%  (893)  (990)  -9.8% 
 

5/16  

 


 

 

GPA Food 3Q12 x 3Q11

The net financial expense totaled R$ 117 million, down 30.2% from 3Q11, despite the 9.5% increase in gross sales revenue in the quarter, and accounted for 1.7% of net sales revenue, down 100 basis points from 3Q11. The reduction was mainly due to declining interest rates, notably as from September 2011, which impacts the Company as explained below:

§      R$ 63 million in charges on the net bank debt, which accounted for 0.9% of net sales volume, down 60 basis points from 3Q11; 

§      R$ 25 million in discounted credit card receivables cost, which accounted for 0.4% of net sales revenue, a 20 basis-point reduction from 3Q11. The volume of discounted receivables totaled R$ 3.017 billion;

§      R$ 29 million in restatement of other assets and liabilities, which accounted for 0.4% of net sales revenue in the quarter, down 30 basis points from 3Q11.

 

GPA Food 9M12 x 9M11

The net financial expense totaled R$ 380 million, down 23.3% from 9M11, despite the 9.3% gross sales revenue increase. The result was impacted by a decline in interest rates and control in payment conditions.

 

GPA Consolidated 3Q12 x 3Q11

The net financial expense totaled R$ 272 million, down 17.1% from 3Q11, and accounted for 2.2% of net sales revenue, down 80 basis points from 3Q11.

 

GPA Consolidated 9M12 x 9M11

The net financial expense totaled R$ 893 million and accounted for 2.5% of net sales revenue, down 50 basis points from the first nine months of 2011.

 

Indebtedness

 

  GPA Food  GPA Consolidated 
(R$ million)  09.30.2012  06.30.2012  09.30.2012  06.30.2012 
 
Short Term Debt  (2,151)  (2,084)  (2,435)  (2,373) 

Loans and Financing 

(1,420)  (1,406)  (1,586)  (1,581) 

Debentures 

(731)  (679)  (848)  (792) 
Long Term Debt  (4,770)  (4,767)  (5,657)  (5,658) 

Loans and Financing 

(1,742)  (1,754)  (1,831)  (1,844) 

Debentures 

(3,027)  (3,012)  (3,827)  (3,814) 
Total Gross Debt  (6,921)  (6,851)  (8,092)  (8,031) 
Cash  4,299  4,221  5,551  5,473 
Net Debt  (2,622)  (2,630)  (2,541)  (2,557) 
Net Debt / EBITDA(1)  1.25x  1.30x  0.75x  0.79x 

Payment book - short term 

-  -  (2,277)  (2,227) 

Payment book - long term 

-  -  (112)  (116) 
Net Debt with payment book  -  -  (4,930)  (4,900) 
Net Debt / EBITDA(1)  1.25x  1.30x  1.46x  1.52x 
 

6/16  

 


 
 

 

 

GPA Food

On 09/30/2012, GPA Food’s gross debt was at R$ 6.921 billion, of which 68.9% maturing in the long term, that is, due in over 12 months. Net debt was at R$ 2.622 billion, down R$ 8 million from 06/30/2012. The net-debt-to-EBITDA ratio was at 1.25x at the end of the period.

 

GPA Consolidated

The net debt totaled R$ 2.541 billion on 09/30/2012, down R$ 16 million from 06/30/2012. The net-debt-to-EBITDA ratio was at 0.75x. Considering net debt with payment book, net debt/EBITDA would be 1.46x.

 

Net profit

 

  GPA Food
ex-real estate projects
GPA Consolidated
ex-real estate projects
 
(R$ million)  3Q12  3Q11  Δ  9M12  9M12  Δ%  3Q12  3Q11  Δ%  9M12  9M12  Δ% 
 
EBITDA  496  458  8.4%  1,461  1,299  12.5%  801  721  11.1%  2,244  1,945  15.4% 
Depreciation and Amortization  (164)  (127)  29.5%  (467)  (368)  27.0%  (216)  (157)  37.7%  (591)  (465)  27.1% 
Net Financial Revenue (Expenses)  (117)  (167)  -30.2%  (380)  (495)  -23.3%  (272)  (328)  -17.1%  (893)  (990)  -9.8% 
Equity Income  6  8  -24.2%  8  14  -43.9%  10  11  -14.1%  12  25  -51.6% 
Result from Permanent Assets  (8)  (2)  284.3%  (32)  (1)   N/A  (6)  1  0.0%  (9)  3  0.0% 
Nonrecurring Result  (29)  -  0.0%  (29)  (49)  -40.3%  (35)  (62)  -43.6%  (45)  (144)  -68.5% 
Other Operating Revenue (Expenses)  14  (2)  -  37  (2)  -  15  (8)  -  40  (3)  - 
Income Before Income Tax  198  168  18.4%  598  398  50.2%  297  178  67.0%  759  370  105.0% 
Income Tax  (56)  (48)  16.7%  (171)  (52)  231.2%  (87)  (51)  73.0%  (244)  (46)  432.9% 
Net Income(1) - Controlling Shareholders  142  119  19.1%  427  346  23.3%  210  128  64.6%  515  324  58.8% 
Minority Interest - Noncontrolling  12  10  20.2%  39  21  82.6%  (21)  6  0.0%  (8)  32  0.0% 
Net Income(1) - Controlling Shareholders  154  129  19.2%  466  368  26.7%  189  133  41.3%  508  357  42.3% 
Net Margin  2.3%  2.1%  20 bps  2.3%  2.0%  30 bps  1.6%  1.2%  40 bps  1.4%  1.1%  30 bps 
 
Indemnity Liabilities  19  -  -  19  -  -  19  -  -  19  -  - 

Refis 11.941/2009 

-  -  -  -  28  -  -  -  -  -  28  - 

Expenses (Revenues) with Association 

10  -  -  10  21  -  5  62  -  40  116  - 

Total Nonrecurring 

29  -  -  29  49  -  24  62  -  60  143  - 

Income Tax from Nonrecurring 

(7)  -  -  (7)  (10)  -  (6)  (21)  -  (18)  (37)  - 

Minority Interest 

-  -  -  -  5  -  2  (20)  -  9  (2)  - 
Adjusted Net Income  176  129  36.3%  488  412  18.5%  209  155  34.8%  559  461  21.3% 
Adjusted Net Margin  2.6%  2.1%  50 bps  2.4%  2.2%  20 bps  1.7%  1.4%  30 bps  1.5%  1.4%  10 bps 
(1) Net Income after noncontrolling shareholders

 

GPA Food 3Q12 x 3Q11

Operating income before income tax totaled R$ 198 million, up 18.4% over 3Q11. The increase reflects the operational improvement in all formats and strict control over operating and financial expenses.

Net profit increased 19.1%, to R$ 142 million, with net margin at 2.3%, up 20 basis points.

The Company posted non-recurring expenses in the quarter related to (i) indemnity liabilities from contingencies from the Ponto Frio operation prior to the association with Casas Bahia, announced in 4Q10, totaling R$ 19 million, and (ii) restructuring which caused the resignation of some executive officers, totaling R$ 10 million. Net profit adjusted by the abovementioned effects totaled R$ 176 million, up 36.3%, with net margin at 2.6%, up 50 basis points.

 

GPA Food 9M12 x 9M11

Operating income before income tax increased 50.2% in the January-September period, to R$ 598 million, while net income increased 23.3%.

 

 

7/16  

 


 

 

GPA Consolidated 3Q12 x 3Q11

Net profit reached R$ 189 million, up 41.3% over 3Q11, reflecting the operational improvements in GPA Food and Viavarejo. Net margin was up by 40 basis points in 3Q12, to 1.6%.

The non-recurring items totaled R$ 35 million in the quarter, broken down into R$ 22 million in GPA Food, net of income tax, as explained above, and R$ 10 million in expenses related to adjustment in the margin of goods in replacement in guarantee claims and reimbursements for legal expenses referring to related parties.

 

GPA Consolidated 9M12 x 9M11

Consolidated net profit totaled R$ 508 million, up 42.3%.

 

Cash Flow

 

  GPA Food GPA Consolidated
(R$ million)  3Q12  3Q11  Δ  9M12  9M11  Δ  3Q12  3Q11  Δ  9M12  9M11  Δ 
 
Cash Balance at beginning of period  4,221  2,576  1,645  3,544  2,468  1,076  5,473  3,963  1,510  4,970  7,781  (2,811) 
Cash Flow from operating activities  441  492  (51)  769  882  (114)  575  139  436  636  (171)  807 

EBITDA 

496  458  38  1,563  1,299  264  801  721  80  2,346  1,945  402 

Cost of Discount of Receivables 

(25)  (34)  9  (80)  (116)  36  (107)  (159)  52  (377)  (492)  115 

Working Capital 

234  200  33  (714)  (301)  (414)  (119)  (423)  303  (1,334)  (1,624)  290 
Cash Flow from Investment Activities  (251)  (558)  307  (702)  (993)  291  (336)  (628)  292  (883)  (1,212)  330 

Net CAPEX 

(205)  (282)  77  (659)  (718)  59  (290)  (353)  63  (840)  (937)  97 

Aquisition and Others 

(46)  (275)  229  (43)  (275)  233  (46)  (275)  229  (43)  (275)  233 
Cash Flow from Financing Activities  (113)  (49)  (64)  688  105  583  (162)  73  (235)  828  1,112  (285) 

Dividends Payments and Others 

(28)  (25)  (3)  (159)  (161)  3  (28)  (25)  (3)  (159)  (161)  3 

Net Proceeds 

(85)  (24)  (61)  847  267  580  (134)  97  (231)  986  1,274  (287) 
Variation of Net Cash Generated  78  (114)  192  755  (6)  760  77  (416)  493  581  (271)  852 
Cash Balance at end of period  4,299  2,463  1,836  4,299  2,463  1,836  5,551  3,547  2,004  5,551  3,547  2,004 

 

GPA Food 3Q12 x 3Q11

At the end of 3Q12, GPA Food´s cash flow was positive by R$ 4.299 billion, up R$ 78 million in comparison with the cash balance at the beginning of the period, mostly due to operating cash generation and improvement in the Company’s working capital in the period.

 

GPA Consolidated 3Q12 x 3Q11

Cash flow in 3Q12 stood at R$ 5.551 billion, up R$ 77 million compared with the cash balance at the beginning of the period. Cash generation was due to improvement in operating performance at GPA Food and Viavarejo, and was above investments in the period.

 

 

 

8/16  

 


 

 

Capex

 

  GPA Food GPA Consolidated
(R$ million)  3Q12  3Q11 

Δ

9M12  9M11  Δ 3Q12  3Q11  Δ 9M12  9M11  Δ
New stores and land acquisition  91  36  152.1%  272  121  125.7%  127  53  139.2%  359  164  118.6% 
Store renovations and conversions  151  217  -30.2%  333  438  -24.2%  166  224  -26.0%  364  466  -22.0% 
Infrastructure and Others  74  73  1.7%  218  221  -1.0%  112  156  -28.0%  316  375  -15.8% 
Total  316  325  -2.9%  823  780  5.6%  405  433  -6.4%  1,038  1,006  3.2% 

 

GPA Food 3Q12

Investments totaled R$ 316 million in 3Q12, allocated as follows:

§        R$ 91 million to store openings, construction and land acquisitions. In the period, the Company opened 15 stores, of which one Pão de Açúcar, three Extra Supermercado, three Extra Hiper and eight Minimercado Extra stores, which added over 36 thousand square meters to the Company’s sales area, up 2.4%.

§        R$ 151 million to store renovations and conversions; and

§        R$ 74 million to infrastructure (technology and logistics) and others.

 

GPA Food 9M12

Investments totaled R$ 823 million, of which R$ 272 million were aimed at store openings and land acquisitions, up 125.7% over the same year-ago period.  Such investment is in line with the Company’s strategy to increase the store openings pace. At the end of the nine-month period, GPA Food’s sales area was at 1.543 million square meters, up 3.2% in comparison with December 2011.

 

GPA Consolidated 3Q12 e 9M12

In the quarter, investments totaled R$ 405 million, of which R$ 90 million in Viavarejo and R$ 316 million in GPA Food, and account for 39.0% of the total investments in the first nine months of 2012.

Investments in the period are in line with the Company’s annual business plan. The Company reaffirms the guidance of approximately R$ 1.8 billion in investments for this year, of which R$ 1.4 billion to GPA Food and R$ 400 million to GPA Non Food.

 

Dividends

GPA Consolidated

 

  GPA Consolidated
(R$ million)  3Q12  3Q11  Δ  9M12  9M11  Δ 
Dividends  27.9  22.6  23.5%  83.6  67.7  23.5% 

 

GPA Consolidated

The Board of Directors approved the prepayment of interim dividends totaling R$0.11 per preferred share and R$0.10 per common share on a meeting held on 10/25/2012. The 3Q12 dividends to be paid will total R$ 28 million.

Payment will be made on 11/23/2012. Shareholders registered as such on 11/12/2012 will be entitled to receive the payment. Shares will be traded ex-dividends as of 11/13/2012, until the payment date.

 

9/16  

 


 
 

 

BALANCE SHEET
ASSETS
  GPA Food GPA Consolidated
(R$ million)  09.30.2012  06.30.2012  09.30.2011  09.30.2012  06.30.2012  09.30.2011 
Current Assets  9,302  9,019  7,313  17,184  16,694  15,438 

Cash and Marketable Securities 

4,299  4,221  2,463  5,551  5,473  3,575 

Accounts Receivable 

310  260  187  2,368  2,253  2,054 

Credit Cards 

217  181  121  486  389  314 

Payment book 

-  -  -  1,947  1,961  1,818 

Sales Vouchers and Others 

90  76  62  129  105  117 

Post-Dated Checks 

4  4  4  4  4  4 

Allowance for Doubtful Accounts 

(0)  (1)  (0)  (198)  (205)  (199) 

Resulting from Commercial Agreements 

439  389  303  439  389  303 

Receivables Fund (FIDC) 

1,086  1,056  1,024  2,473  2,381  2,435 

Inventories 

2,795  2,603  2,568  5,185  4,939  5,097 

Recoverable Taxes 

214  270  509  802  826  1,412 

Expenses in Advance and Other Accounts Receivables 

158  219  259  367  432  563 
Noncurrent Assets  14,484  14,278  13,174  17,574  17,261  15,515 

Long-Term Assets 

2,635  2,564  1,959  4,532  4,405  3,223 

Marketable Securities 

-  -  -  -  -  - 

Accounts Receivables 

480  462  439  575  556  529 

Paes Mendonça 

480  462  439  480  462  439 

Payment Book 

-  -  -  103  102  96 

Others 

-  -  -  -  -  - 

Allowance for Doubtful Accounts 

-  -  -  (8)  (7)  (5) 

Inventories 

111  111  -  111  111  - 

Recoverable Taxes 

267  212  12  1,122  1,030  93 

Fair Value Bartira 

356  355  416  356  355  416 

Deferred Income Tax and Social Contribution 

411  426  397  1,159  1,185  1,189 

Amounts Receivable from Related Parties 

185  178  101  169  146  221 

Judicial Deposits 

754  730  502  938  899  660 

Expenses in Advance and Others 

72  92  92  101  123  116 

Investments 

269  176  152  366  269  243 

Property and Equipment 

6,757  6,617  6,276  7,734  7,554  7,145 

Intangible Assets 

4,823  4,920  4,787  4,942  5,032  4,904 
TOTAL ASSETS  23,786  23,297  20,486  34,758  33,955  30,953 
 
LIABILITIES
  GPA Food GPA Consolidated
  09.30.2012  06.30.2012  09.30.2011  09.30.2012  06.30.2012  09.30.2011 
Current Liabilities  6,508  6,149  4,470  11,894  11,297  10,220 

Suppliers 

2,726  2,533  2,417  4,929  4,570  4,623 

Loans and Financing 

1,420  1,406  374  1,586  1,581  1,205 

Payment Book (CDCI) 

-  -  -  2,277  2,227  2,029 

Debentures 

731  679  262  848  792  262 

Payroll and Related Charges 

462  372  406  965  837  803 

Taxes and Social Contribution Payable 

73  81  71  162  180  239 

Dividends Proposed 

1  1  0  1  1  0 

Financing for Purchase of Fixed Assets 

1  14  14  1  14  14 

Rents 

44  44  44  44  44  44 

Acquisition of Companies 

61  58  53  61  58  53 

Debt with Related Parties 

550  522  523  60  52  22 

Advertisement 

33  40  32  76  85  64 

Provision for Restructuring 

13  9  6  13  9  6 

Tax Payments 

159  166  81  162  169  85 

Advanced Revenue 

6  8  -  78  77  78 

Others 

228  217  187  631  601  693 
Long-Term Liabilities  9,347  9,338  8,665  12,166  12,151  10,833 

Loans and Financing 

1,742  1,754  2,572  1,831  1,844  2,770 

Payment Book (CDCI) 

-  -  -  112  116  94 

Receivables Fund (FIDC) 

1,218  1,194  1,201  2,488  2,437  2,497 

Debentures 

3,027  3,012  1,529  3,827  3,814  1,529 

Acquisition of Companies 

150  199  184  150  199  184 

Deferred Income Tax and Social Contribution 

1,108  1,104  1,129  1,108  1,104  1,129 

Tax Installments 

1,186  1,201  1,404  1,228  1,244  1,447 

Provision for Contingencies 

580  552  415  752  721  529 

Advanced Revenue 

29  23  -  365  375  391 

Others 

307  298  231  307  298  263 
Shareholders' Equity  7,931  7,810  7,351  10,698  10,507  9,900 

Capital 

5,241  5,278  3,234  6,702  6,702  6,129 

Capital Reserves 

211  202  336  211  202  377 

Profit Reserves 

1,308  1,147  1,366  1,308  1,147  950 

Minority Interest 

1,171  1,183  2,416  2,477  2,456  2,443 
TOTAL LIABILITIES  23,786  23,297  20,486  34,758  33,955  30,953 
 

10/16  

 


 

 

 

 

  INCOME STATEMENT
  GPA Food GPA Food GPA Consolidated
  Retail Cash and Carry
R$ - Million  3Q12  3Q11  Δ  3Q12  3Q11  Δ  3Q12  3Q11  Δ  3Q12  3Q11  Δ 
Gross Sales Revenue  7,484  6,834  9.5%  6,219  5,727  8.6%  1,265  1,107  14.2%  13,666  12,571  8.7% 
Net Sales Revenue  6,761  6,159  9.8%  5,606  5,150  8.9%  1,155  1,008  14.5%  12,155  11,085  9.7% 
Cost of Goods Sold  (5,006)  (4,534)  10.4%  (4,016)  (3,654)  9.9%  (990)  (880)  12.5%  (8,952)  (8,002)  11.9% 
Gross Profit  1,755  1,625  8.0%  1,590  1,497  6.3%  164  128  28.1%  3,203  3,084  3.9% 

Selling Expenses 

(1,044)  (958)  9.0%  (939)  (862)  9.0%  (105)  (97)  8.8%  (2,032)  (1,918)  5.9% 

General and Administrative Expenses 

(215)  (209)  2.7%  (199)  (197)  0.7%  (16)  (12)  36.8%  (370)  (444)  -16.8% 
Total Operating Expenses  (1,259)  (1,167)  7.8%  (1,137)  (1,059)  7.4%  (121)  (108)  11.8%  (2,402)  (2,363)  1.7% 
Earnings before Interest, Taxes, Depreciation, Amortization - EBITDA  496  458  8.4%  453  438  3.4%  43  20  116.3%  801  721  11.1% 

Depreciation and Amortization 

(164)  (127)  29.5%  (153)  (116)  31.4%  (11)  (10)  7.9%  (216)  (157)  37.7% 
Earnings before interest and Taxes - EBIT  332  331  0.3%  300  322  -6.7%  32  10  233.2%  585  564  3.7% 

Financial Revenue 

127  112  13.3%  120  108  11.6%  6  4  58.1%  163  171  -5.1% 

Financial Expenses 

(243)  (279)  -12.8%  (229)  (260)  -12.0%  (14)  (19)  -24.0%  (435)  (499)  -13.0% 
Net Financial Revenue (Expenses)  (117)  (167)  -30.2%  (109)  (152)  -28.7%  (8)  (15)  -45.5%  (272)  (328)  -17.1% 
Equity Income  6  8  -24.2%  6  8  -24.2%  -  -  -  10  11  -14.1% 
Result from Permanent Assets  (8)  (2)  284.3%  (7)  (1)  353.8%  (1)  (0)  64.5%  (6)  1  - 
Nonrecurring Result  (29)  -  -  (29)  -  -  -  -  -  (35)  (62)  -43.6% 
Other Operating Revenue (Expenses)  14  (2)  -  14  (2)  -  -  -  -  15  (8)  - 
Income Before Income Tax  198  168  18.4%  176  174  1.1%  23  (6)  -  297  178  67.0% 
Income Tax  (56)  (48)  16.7%  (49)  (52)  -5.7%  (8)  3  -  (87)  (51)  73.0% 
Net Income - Company  142  119  19.1%  127  122  4.0%  15  (3)  -  210  128  64.6% 
Minority Interest - Noncontrolling  12  10  20.2%  12  10  20.2%  -  -  -  (21)  6  - 
Net Income - Controlling Shareholders (1)  154  129  19.2%  138  131  5.2%  15  (3)  -  189  133  41.3% 
Net Income per Share                    1.39  0.51   
Nº of shares (million) ex-treasury shares                    263  260   
 
  GPA Food GPA Food GPA Consolidated
% Net Sales Revenue  Reatil Cash and Carry
  3Q12  3Q11    3Q12  3Q11    3Q12  3Q11    3Q12  3Q11   
Gross Profit  26.0%  26.4%    28.4%  29.1%    14.2%  12.7%    26.4%  27.8%   

Selling Expenses 

15.4%  15.6%    16.7%  16.7%    9.1%  9.6%    16.7%  17.3%   

General and Administrative Expenses 

3.2%  3.4%    3.5%  3.8%    1.4%  1.2%    3.0%  4.0%   
Total Operating Expenses  18.6%  18.9%    20.3%  20.6%    10.5%  10.7%    19.8%  21.3%   
EBITDA  7.3%  7.4%    8.1%  8.5%    3.7%  2.0%    6.6%  6.5%   
Depreciation and Amortization  2.4%  2.1%    2.7%  2.3%    1.0%  1.0%    1.8%  1.4%   
EBIT  4.9%  5.4%    5.4%  6.2%    2.8%  0.9%    4.8%  5.1%   
Net Financial Revenue (Expenses)  1.7%  2.7%    1.9%  3.0%    0.7%  1.5%    2.2%  3.0%   
Result from Permanent Assets and Others  -0.3%  0.1%    -0.4%  0.1%    0.1%  0.0%    0.2%  0.6%   
Income Before Income Tax  2.9%  2.7%    3.1%  3.4%    2.0%  0.6%    2.4%  1.6%   
Income Tax  0.8%  -0.8%    0.9%  1.0%    -0.7%  0.3%    0.7%  0.5%   
Net Income - Company  2.1%  1.9%    2.3%  2.4%    1.3%  -0.2%    1.7%  1.2%   
Minority Interest - noncontrolling  0.2%  0.2%    0.2%  0.2%    0.0%  0.0%    -0.2%  0.1%   
Net Income - Controlling Shareholders (1)  2.3%  2.1%    2.5%  2.6%    1.3%  -0.2%    1.6%  1.2%   
(1) Net Income after noncontrolling shareholders                         
 

11/16  

 


 

 

 

 

  INCOME STATEMENT (ex-real estate projects) INCOME STATEMENT
  GPA Food GPA Consolidated GPA Food
IFRS
GPA Consolidated
IFRS
 
R$ - Million  9M12  9M11  Δ%  9M12  9M11  Δ%  9M12  9M11  Δ  9M12  9M11  Δ 
Gross Sales Revenue  22,193  20,402  8.8%  40,739  37,549  8.5%  22,292  20,402  9.3%  40,837  37,549  8.8% 
Net Sales Revenue  20,039  18,372  9.1%  36,242  33,224  9.1%  20,137  18,372  9.6%  36,340  33,224  9.4% 
Cost of Goods Sold  (14,855)  (13,641)  8.9%  (26,640)  (24,304)  9.6%  (14,855)  (13,641)  8.9%  (26,640)  (24,304)  9.6% 
Gross Profit  5,184  4,731  9.6%  9,602  8,919  7.6%  5,282  4,731  11.7%  9,700  8,919  8.7% 

Selling Expenses 

(3,136)  (2,884)  8.7%  (6,136)  (5,721)  7.2%  (3,130)  (2,884)  8.5%  (6,130)  (5,721)  7.1% 

General and Administrative Expenses 

(587)  (548)  7.1%  (1,222)  (1,253)  -2.5%  (588)  (548)  7.5%  (1,223)  (1,253)  -2.4% 
Total Operating Expenses  (3,722)  (3,432)  8.5%  (7,357)  (6,975)  5.5%  (3,719)  (3,432)  8.4%  (7,353)  (6,975)  5.4% 
Earnings before Interest, Taxes, Depreciation, Amortization - EBITDA  1,461  1,299  12.5%  2,244  1,945  15.4%  1,563  1,299  20.3%  2,346  1,945  20.7% 

Depreciation and Amortization 

(467)  (368)  27.0%  (591)  (465)  27.1%  (467)  (368)  27.0%  (591)  (465)  27.1% 
Earnings before interest and Taxes - EBIT  995  931  6.8%  1,653  1,480  11.7%  1,097  931  17.7%  1,755  1,480  18.6% 

Financial Revenue 

355  306  16.0%  459  444  3.5%  355  306  16.0%  459  444  3.5% 

Financial Expenses 

(735)  (801)  -8.3%  (1,352)  (1,433)  -5.7%  (735)  (801)  -8.3%  (1,352)  (1,433)  -5.7% 
Net Financial Revenue (Expenses)  (380)  (495)  -23.3%  (893)  (990)  -9.8%  (380)  (495)  -23.3%  (892)  (990)  -9.8% 
Equity Income  8  14  -43.9%  12  25  -51.6%  8  14  -43.9%  12  25  -51.6% 
Result from Permanent Assets  (32)  (1)  N/A  (9)  3  -  (32)  (1)  N/A  (9)  3  - 
Nonrecurring Result  (29)  (49)  -40.3%  (45)  (144)  -68.5%  (29)  (49)  -40%  (45)  (144)  -68.5% 
Other Operating Revenue (Expenses)  37  (2)  -  40  (3)  -  37  (2)  -  40  (3)  - 
Income Before Income Tax  598  398  50.2%  759  370  105.0%  700  398  75.9%  861  370  132.6% 
Income Tax  (171)  (52)  2.3  (244)  (46)  432.9%  (171)  (52)  2.3  (244)  (46)  4.3 
Net Income - Company  427  346  23.3%  515  324  58.8%  529  346  52.7%  617  324  90.3% 
Minority Interest - Noncontrolling  39  21  82.6%  (8)  32  -  39  21  82.6%  (8)  32  - 

Net Income - Controlling Shareholders (1) 

466  368  26.7%  508  357  42.3%  568  368  54.5%  610  357  70.9% 
Net Income per Share        1.93  1.37  40.8%        2.32  1.37  69.0% 
Nº of shares (million) ex-treasury shares        263  260          263  260   
 
 
  GPA Food GPA Consolidated GPA Food
IFRS
GPA Consolidated
IFRS
% Net Sales Revenue 
  9M12  9M11    9M12  9M11    9M12  9M11    9M12  9M11   
Gross Profit  25.9%  25.7%    26.5%  26.8%    26.2%  25.7%    26.7%  26.8%   

Selling Expenses 

15.6%  15.7%    16.9%  17.2%    15.5%  15.7%    16.9%  17.2%   

General and Administrative Expenses 

2.9%  3.0%    3.4%  3.8%    2.9%  3.0%    3.4%  3.8%   
Total Operating Expenses  18.6%  18.7%    20.3%  21.0%    18.5%  18.7%    20.2%  21.0%   
EBITDA  7.3%  7.1%    6.2%  5.9%    7.8%  7.1%    6.5%  5.9%   
Depreciation and Amortization  2.3%  2.0%    1.6%  1.4%    2.3%  2.0%    1.6%  1.4%   
EBIT  5.0%  5.1%    4.6%  4.5%    5.4%  5.1%    4.8%  4.5%   
Net Financial Revenue (Expenses)  1.9%  2.7%    2.5%  3.0%    1.9%  2.7%    2.5%  3.0%   
Result from Permanent Assets and Others  0.1%  -0.3%    0.0%  0.4%    0.1%  0.3%    0.0%  0.4%   
Income Before Income Tax  3.0%  2.2%    2.1%  1.1%    3.5%  2.2%    2.4%  1.1%   
Income Tax  0.9%  0.3%    0.7%  0.1%    0.8%  0.3%    0.7%  0.1%   
Net Income - Company  2.1%  1.9%    1.4%  1.0%    2.6%  1.9%    1.7%  1.0%   
Minority Interest - noncontrolling  0.2%  -0.1%    0.0%  0.1%    0.2%  0.1%    0.0%  0.1%   
Net Income - Controlling Shareholders (1)  2.3%  2.0%    1.4%  1.1%    2.8%  2.0%    1.7%  1.1%   
(1) Net Income after noncontrolling shareholders                         
 

12/16  

 


 

 

 

 

Statement of Cash Flow
(R$ million)  GPA Consolidated 
  09.30.2012  09.30.2011 
 

Net Income for the period 

617  324 

Adjustment for Reconciliation of Net Income 

-  - 

Deferred Income Tax 

84  (22) 

Income of Permanent Assets Written-Off 

9  (3) 

Depreciation and Amortization 

617  486 

Interests and Exchange Variation 

903  808 

Net profit/loss on shareholder interest 

(24)  - 

Adjustment to Present Value 

(22)  (23) 

Equity Income 

(12)  (25) 

Provision for Contingencies 

57  (20) 

Provision for low and losses of fixed assets 

(23)  7 

Share-Based Compensation 

28  20 

Allowance for Doubtful Accounts 

231  158 

Swap revenue 

(97)  - 
  2,368  1,712 

Asset (Increase) Decreases 

   

Accounts Receivable 

17  (1,494) 

Inventories 

336  (263) 

Taxes recoverable 

(441)  (365) 

Financial Instrument - Rede Duque 

(51)  - 

Other Assets 

(59)  343 

Marketable Securities 

-  672 

Related Parties 

(57)  (333) 

Judicial Deposits 

(125)  (150) 
  (379)  (1,591) 

Liability (Increase) Decrease 

   

Suppliers 

(1,293)  (683) 

Payroll and Charges 

206  214 

Taxes and contributions 

(237)  (48) 

Other Accounts Payable 

(29)  225 
  (1,353)  (292) 
Net Cash Generated from (Used in) Operating Activities  636  (171) 
 
Cash Flow from Investment and Financing Activities
  GPA Consolidated 
(R$ million)  09.30.2012  09.30.2011 
 
Net cash from acquisitions  -  - 

Acquisition of Companies 

(43)  (275) 

Capital Increase in Subsidiaries 

-  14 

Acquisition of Property and Equipment 

(838)  (965) 

Increase of Intangible Asset 

(47)  (51) 

Sale of Property and Equipment 

45  65 
Net Cash Generated from (used in) Investment Activities  (883)  (1,212) 
 
Cash Flow from Financing Activities     

Increase (Decrease) of Capital 

13  23 

Increase in Minority Interest 

-  - 

Financiamentos 

-  - 

Funding and Refinancing 

5,694  5,192 

Payments 

(4,498)  (3,648) 

Interest Paid 

(223)  (293) 

Dividend Payments 

(159)  (161) 

Net Cash Generated from (used in) Financing Activities 

828  1,112 

Cash and Cash Equivalents at the Beginning of the Year 

4,970  3,818 

Cash and Cash Equivalents at the End of the Year 

5,551  3,547 
Change in Cash and Cash Equivalent  581  (271) 
 

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  Breakdown of Gross Sales by Format
(ex-real estate projects)
 
(R$ million)  3Q12  %  3Q11  %  Δ  9M12  %  9M11  %  Δ 
 
Pão de Açúcar  1,383  10.1%  1,292  10.3%  7.1%  4,105  10.1%  3,790  10.1%  8.3% 
Extra Hiper (1)  3,322  24.3%  3,048  24.4%  9.0%  10,101  24.8%  9,074  24.2%  11.3% 
Extra Supermercado  1,113  8.1%  952  7.6%  16.9%  3,341  8.2%  3,443  9.2%  -3.0% 
Assaí  1,265  9.3%  1,107  8.9%  14.2%  3,538  8.7%  3,046  8.1%  16.1% 
Others Business (2)  394  2.9%  353  2.8%  11.5%  1,101  2.7%  1,050  2.8%  4.9% 
GPA Food  7,477  54.7%  6,752  54.1%  10.7%  22,186  54.5%  20,402  54.3%  8.7% 
Viavarejo (3)  6,182  45.3%  5,737  45.9%  7.8%  18,546  45.5%  17,146  45.7%  8.2% 
GPA Consolidated  13,659  100.0%  12,489  100.0%  9.4%  40,732  100.0%  37,549  100.0%  8.5% 
 
 
  Breakdown of Net Sales by Format
(ex-real estate projects)
 
(R$ million)  3Q12  %  3Q11  %  Δ  9M12  %  9M11  %  Δ 
 
Pão de Açúcar  1,242  10.2%  1,158  10.5%  7.3%  3,686  10.2%  3,401  10.5%  8.4% 
Extra Hiper (1)  2,956  24.3%  2,704  24.6%  9.3%  8,979  24.8%  8,043  24.8%  11.6% 
Extra Supermercado  1,016  8.4%  863  7.8%  17.7%  3,047  8.4%  2,311  7.1%  31.8% 
Assaí  1,154  9.5%  1,008  9.2%  14.5%  3,232  8.9%  2,768  8.5%  16.8% 
Others Business (2)  386  3.2%  351  3.2%  10.2%  1,087  3.0%  1,039  3.2%  4.7% 
GPA Food  6,755  55.6%  6,083  55.3%  11.0%  20,032  55.3%  17,562  54.2%  14.1% 
Viavarejo (3)  5,394  44.4%  4,926  44.7%  9.5%  16,203  44.7%  14,852  45.8%  9.1% 
GPA Consolidated  12,149  100.0%  11,010  100.0%  10.3%  36,235  100.0%  32,414  100.0%  11.8% 
 
(1) Includes M inimercado Extra sales.
(2) Includes Gas Station and Drugstores sales.
(3) Includes Ponto Frio, Nova Casas Bahia and Nova Pontocom sales.

 

 

 

 

Sales Breakdown (% of Net Sales ex-real estate projects)
  GPA Food GPA Consolidated
  3Q12  3Q11  9M12  9M11  3Q12  3Q11  9M12  9M11 
Cash  53.4%  52.5%  53.2%  52.5%  41.3%  40.2%  41.1%  40.7% 
Credit Card  38.9%  39.6%  39.3%  39.6%  47.7%  48.4%  48.4%  47.9% 
Food Voucher  7.6%  7.7%  7.4%  7.7%  4.2%  4.3%  4.1%  4.5% 
Credit  0.1%  0.2%  0.1%  0.2%  6.8%  7.1%  6.6%  6.9% 

Post-Dated Checks 

0.1%  0.2%  0.1%  0.2%  0.1%  0.1%  0.1%  0.1% 

Payment Book 

-  -  -  -  6.7%  7.0%  6.5%  6.8% 

 

 

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  Stores Openings/Closings per Format
  12/31/2011  6/30/2012  Openings  Closings  9/30/2012 
 
Pão de Açúcar  159  159  1  -  160 
Extra Hiper  132  134  3  -  137 
Extra Supermercado  204  204  3  -  207 
Minimercado Extra  72  69  8  -  77 
Assaí  59  59  -  -  59 
Other Business  232  236  7  (4)  239 
Gas Satation  78  78  6  -  84 
Drugstores  154  158  1  (4)  155 
GPA Food  858  861  22  (4)  879 
Ponto Frio  401  403  -  (10)  393 
Casas Bahia  544  547  9  -  556 
GPA Consolidated  1,803  1,811  31  (14)  1,828 
 
Sale Area ('000 m2 )  1,496  1,507      1,543 
Sale Area ('000 m2 )  2,821  2,871      2,918 
# of employees ('000)  149  149      149 

 

 

 

15/16

 


 

 

3Q12 Results Conference Call and Webcast

Thursday, November, 1th, 2012

11:00 a.m. (Brasília time) | 09:00 a.m. (New York) | 01:00 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: 64242193

Code for audio in English: 56177158

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.globex.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: 0800-115060

Ponto Frio: (11) 4002-3388/Casas Bahia:(11) 3003-8889

"The financial information contained in the financial statements are presented in accordance with accounting practices adopted in Brazil and refer to the third quarter of 2012 (3Q12), except where otherwise noted, with comparisons made over the same period last year."

"Any and all information derived from non-accounting or not accounting numbers has not been reviewed by independent auditors."

"For the calculation of " EBITDA" Earnings Before Interest, Taxes, Depreciation and Amortization, According to the table on page 6.

The basis for calculating same-store sales is defined by the sales registered in stores open for at least 12 consecutive months and were not closed for 7 consecutive days or more in this period. Acquisitions are not included in the same-store calculation base in the first 12 months of operation.

Grupo Pão de Açúcar adopts the IPCA consumer price index as its benchmark inflation index, which is also used by the Brazilian Supermarkets Association (ABRAS), since it more accurately reflects the mix of products and brands sold by the Company. The IPCA in the 12 months ended September 2012 was 5.28%

 

About Grupo Pão de Açúcar and Viavarejo: Grupo Pão de Açúcar is Brazil’s largest retailer, with a distribution network comprising approximately 1,810 points of sale and electronic channels. The Group’s multiformat structure consists of GPA Food and Viavarejo.GPA Food’s operations comprise supermarkets (Pão de Açúcar and Extra Supermercado), hypermarkets (Extra), neighborhood stores (Minimercado Extra), cash-and-carry stores (Assaí), gas stations and drugstores.GPA Food’s business is classified as Food and Non-Food (electronics/home appliances, clothing, general merchandise, drugstore and gas stations).Viavarejo’s operations consist of bricks-and-mortar stores selling electronics/home appliances and furniture (Ponto Frio and Casas Bahia) and online stores (Nova Pontocom: Extra.com.br, PontoFrio.com.br, Casasbahia.com.br).Founded in 1948 in São Paulo, the Group is present in 20 of the 27 Brazilian states, which jointly account for 94.1% of the country’s GDP.

 

Disclaimer: Statements contained in this release relating to the business outlook of the Company, projections of operating/financial results, the growth potential of the Company and the market and macroeconomic estimates are mere forecasts and were based on the expectations of Management in relation to the Company’s future. These expectations are highly dependent on changes in the market, Brazil’s general economic performance, the industry and international markets, and are therefore subject to change.

 

16/16

 

SIGNATURES

        Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO



Date:  November 1, 2012 By:   /s/ Enéas César Pestana Neto      
         Name:   Enéas César Pestana Neto
         Title:      Chief Executive Officer



    By:    /s/ Vitor Fagá de Almeida            
         Name:  Vitor Fagá de Almeida 
         Title:     Investor Relations Officer


FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.