Grupo Carrefour Brasil - Q2 20 Results July 28, 2020
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Grupo Carrefour Brasil
Q2 20 Results
July 28, 2020
OUTSTANDING PERFORMANCE IN Q2 AND H1 20
» 3 years of growth in a single quarter
» Best one-stop-shop offer
» 39 p.p. above market growth
» Growth twice that of market
» R$918 million total GMV
» LfL ex-petrol 30.3%
» +377% food GMV and +65% non-food
» Simplified promotional program
» 39% appliances online sales penetration
» Record NPS
» 7.7% food online sales penetration
» +30% share of wallet
» 60% penetration of perishables in the
» +30% PGC volumes – private label basket
» Full-fledged bank » Strong performance whatever the
» +8% on-us billings in Q2 20 circumstances
» +12.7% billings in June, signaling » LfL 8.6% even without “Dia A”* in 2020
recovery » Strong sales in June with B2B gradual
» Assistance to clients during crisis reopening and higher flow in B2C
Capturing the benefits of our omnichannel strategy:
connected ecosystem and lev eraging synergies between businesses
* At acadão’s Anniv ersary Campaign (“Dia A”), usually held in April, w as cancelled in 2020 due t o COVI D-19 pandemic.
2Q2 20: EXCELLENT PERFORMANCE ACROSS THE BOARD
LfL GROSS SALES ADJUSTED ADJ. NET INCOME LEVERAGE & DEBT
EX-PETROL INC PETROL EBITDA GROUP SHARE
R$ 2.7 bn*
Q2 2020
Consolidated 14.9% R$ 17.6 bn R$ 1.4 bn R$ 713 ml 0.52x net debt/ Adj. EBITDA LTM
Atacadão 8.6% +15.4% yoy +27.5% yoy +74.9% yoy R$ 4.7 bn*
9.0% margin 4.5% margin Includes discount of receiv ables
Retail 30.3% 0.92x net debt/ Adj. EBITDA LTM
(+90 bps) (+160 bps) *I ncludes lease debt (I FRS16)
IoE payment: R$482 ml (R$0.24/share) - first installment on 9/25 and second on 11/23
LfL consolidated sales ev olution Adjusted EBI TDA ev olution SG&A ev olution as
(ex-petrol) % of net sales
8.1% 9.0% 8.4%
8.1% 9.0%
3,000
8.0%
+17.5% 7.0%
+27.5%
6.0%
2,000
5.0%
4.0%
2,539 13.7% 12.6% 14.0% 13.3%
14.9% 1,000
2,160 3.0%
11.4% 1,424 2.0%
7.7% 7.2% 1,117 1.0%
- 0.0%
Q2 19 Q2 20 H1 19 H1 20 Q2 19 Q2 20 H1 19 H1 20 Q2 19 Q2 20 H1 19 H1 20
3ATACADÃO: STRONG PERFORMANCE WHATEVER THE
CIRCUMSTANCES
8.6% LfL
Best price perfectly suited +13.5% yoy Ev en without “Dia A” in 2020
c to crisis Gross sales 6.2% Expansion +1 new store
Adjusted EBI TDA
Adjusted EBITDA Margin
Sustained B2B and B2C R$862 million 8.1% (+100 bps yoy)
growth, more than +28.3% yoy
offsetting the impacts of
crisis
LfL ex calendar Adjusted EBI TDA ev olution
(R$ million)
Sales remained strong in June, 8.6%
with gradual reopening of B2B 7.0% +28.3%
5.5% Best
and sustained activ ity in B2C quarter
862
1.8% since the
672
IPO
Q3 19 Q4 19 Q1 19 Q2 20 Q2 19 Q2 20 4RETAIL: GROWING TWICE AS FAST AS THE MARKET
+30.3% LfL Record +30% Twice market growth
ex-petrol NPS Share of wallet
31.8%
28.8%
+30%
+16.2% Private label +52.3%
Food PGC Volumes Non-food
yoy
16.0%
15.6%
+25% Market share gain in 13.6%
productivity hypermarkets
c c Retail + C&C Retail Hypermarkets
Market Carrefour
Simplified promotional program
Best one-stop- Source: Nielsen –t he met hodology used show s a slight ly
different grow t h for Carrefour Ret ail.
best price perception among
shop offer
clients
5RETAIL: CLEAR EFFICIENCY GAINS
Retail Adjusted EBITDA
+122 bps -396bps SG&A
(R$ million)
gross margin +dilution, productivity and +5.1 p.p.
+78% e-commerce expansion
+93 bps
reduction in Nominal reduction Adjusted EBITDA
shrinkage / in SG&A if we were margin expansion ex
to exclude COVID- petrol and galleries
+29 bps 19 expenses
efficiency in supply
Adjusted EBITDA
(ex-petrol and galleries) Adjusted EBITDA margin
R$449 million 9.3% (+5.1 p.p. yoy)
+187.5% yoy +293 million
Retail adjusted EBITDA
Adj. Retail Gas Adj. Adjusted EBITDA margin
EBITDA Stations + EBITDA R$424 million
Q2 19 Galleries Q2 20 8.1% (+2.8 p.p. yoy)
+78.2% yoy
6E-COMMERCE: 3 YEARS OF GROWTH IN A SINGLE QUARTER
3-year growth in a quarter in e- Total GMV Growth*
c commerce - we are close to
breakeven
+94%
Ranked 7th in # of visits in July
c (vs. 46th at launch) 833 918
473 480 550
We grew much faster than the market in Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
c June, reaching levels above Q4 19 * Includes last-mile delivery
(Black Friday)
119% Online Penetration
+39 p.p. 25.4% 28.6% 31.5% Appliances
39%
80%
7.7%
2.0% 2.5%
São Paulo
14%
jun/19 jan/20 jun/20
Curitiba
% non food online / total non food
E-commerce E-bit
19%
Carrefour.com.br % food online / total food
Source: E-bit – excludes players that are exclusiv ely marketplace 7E-COMMERCE: REMARKABLE ACCELERATION
WE HAVE FRESH
c 60% penetration of perishables in the +377% growth of Food GMV
basket (includes last-mile delivery)
NO CANIBALIZATION
60% of online sales come from NEW clients and
cc 70% of them are totally new to the hypermarkets Food GMV by platform
as w ell
1T20 2T20
Q1 20 Q2 20
RECURRENCE
c Increase of 12 p.p in repeat purchase rate among
new and +11 p.p. for existing clients
44% 41%
EFFICIENCY 56% 59%
c 97% of clients received their order on
time, +10 p.p. v ersus Q120
Last-mile delivery Carrefour
8BANCO CARREFOUR: FULL-FLEDGED BANK
» Digitalization Acceleration » Full bank
» Rev enue diversification
Acquisition Agreements
c » I nsourcing of bank settlement, reducing costs
+85% yoy +273% yoy
» I mproved management of financial flow s and
reduced number of intermediaries
Channels Post-cancellation
c Access payments
+27% yoy +256% yoy Assisting clients
during crisis
» As expected, slowdown and increased provisions. » Platform to support cardholders to publicize their
EBI TDA: R$ 184 million (-27% yoy) business during the crisis
» +450 registered partners
» June show ed signs of an improved trend (+12.7% billings yoy)
» Communication to clients with +200k hits
Investments in the bank’s long-term strategy continue at the same pace
9TRANSFORMATIONAL ACTIONS
We changed how we work and Support for increasingly sustainable
manage production models
AGILITY – Agile Continued Improvement Center (CMD) I n 2019, the Company:
» Reduced CO2 emissions by 1,300 tons
A new e-commerce platform dev eloped in 6 » Replaced 5.5 million plastic bags
months with an agile methodology based on a Environment
new architecture concept preservation and Commitment until 2025:
» ov er 150 people (+100 dev elopers) and 3,000
protection » 100% of product packages will be made from more
stories sustainable materials
» centralized customer base (omni process) » 50% cut in food waste at Carrefour and Atacadão stores
» own payment engine
TIME
» Site functionalities adjustments could take from 2 Commitment to zero deforestation
to 3 weeks. In the new architecture, this can be
achiev ed within days or ev en hours
» Recruitment process reduced by 9 days/1,000
new hires per month, 100% digitally » partnership with 460 local producers
» support for 51 social projects - impacting 2.6 million people
Social Role » Signatory of the Global Compact
Act for Change building
transformation, generating Sustainability report published in June
synergies and more business
10ECOSYSTEM PROMOTING STRUCTURAL AND SUSTAINABLE
IMPROVEMENTS
c DIGITAL ACCELERATION c WE GREW ONLINE & OFFLINE
» 39% of appliances sales and 7.7% of LfL LfL LfL
Retail
food came from online retail in June Store E-commerce Total
Food 14.0% 377.0%* 16.2%
» Launch of ATACADÃO MARKETPLACE Appliances (1P) 79.5% 51.0% 70.7%
» 85% increase in the acquisition of online * Includes l1st-mile delivery
cards (v s. Q2 19) » Highest LfL for Atacadão since IPO, even w ithout
“Dia A” in 2020
» Profitable financial arm
STRUCTURAL CHANGES
» 3-year growth in one quarter in e-commerce
» 1.5-year expansion upon Makro deal approval
» Prov en omnichannel business model
» Strong brand perception and engagement of the
client
» Higher share of w allet
» Higher NPS
11
cDISCLAIMER
This document contains both historical and forward- c IR Contact
looking statements on expectations and projections
about operational and financial results of the Company.
These forward-looking statements are based on
Carrefour management's current views and Sébastien Durchon
assumptions. Such statements are not guarantee of Vice-President of Finance (CFO) and
future performance. Actual results or performances may Director of Investor Relations
differ materially from those in such forward-looking
statements as a result of a number of risks and Natália Lacava
uncertainties, including but not limited to the risks Investor Relations Director
described in the documents filed with the CVM (Brazilian
Securities Commission) in particular the Reference Form. Ludimila Aielo | Victor Bento
The Company does not assume any obligation to Investor Relations Specialist
update or revise any of these forward-looking
statements in the future.
Telephone: +55 11 3779-8500
ribrasil@carrefour.com
www.grupocarrefourbrasil.com.br
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