Q2 2021 Grupo Carrefour Brasil - Results - Carrefour RI
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Grupo Carrefour Brasil Q2 2021 Results July 28, 2021
Q2 21: Strong advances over two years demonstrate the dynamics of
our synergistic ecosystem
• Strong performance on a two-year basis
• Continued outperformance
• Higher client engagement
demonstrating the strength of the model
• Food gaining competitiveness (+200 bps
• 59 store openings and topline vs. C&C) while maintaining margins
acceleration of 36% over the past 24
months (Q2 21 expansion was 9.5%) • Negative impact concentrated in non-food,
(representing 90% of sales decline vs. peak
• Better-than-expected initial performance of 2020);
of newly-integrated Makro stores
• Adj. EBITDA + 33% in 2 years (+120 bps
margin to 6.5%), supported by structural
cost improvements in retail
• Top-line back to positive territory
• Setting the growth levers for a new cycle • Strong 54% growth of total GMV in 2 years
• NPLs remain under control, proving the • Atacadão’s e-commerce gaining
quality of our credit portfolio momentum: +70% vs. Q1 21
• Adj. EBITDA of R$ 248 mn +36% y/y • 467% food GMV increase in 2 years,
.com already representing 33% of total online
sales, above the pandemic peak
2
Strong sales growth and robust profitability in Q2 21
Gross Sales Consolidated LFL Adjusted EBITDA SG&A as Adj. Net Income
Incl. petrol (R$ Million) (Ex-petrol) (R$ Million) % of Net Sales Group Share (R$ Million)
+23%
+28% -100 bps +45%
14.9% +19% 1,424
+11%
1,373 712
19,525 LfL in
17,632 2 years 1,117 424 316 13.7% 592
30.3% 12.7%
238 12.6% 408
15,281
3.4%
881
8.6% 10.2% 672 861
-11.4%
252 184 248
Q2 19 Q2 20 Q2 21 Q2 20 vs. 19 Q2 21 vs. 20 Q2 19 Q2 20 Q2 21 Q2 19 Q2 20 Q2 21
Q2 19 Q2 20 Q2 21
Retail Atacadão Banco Carrefour
DEBT AND R$ -5.6 bn »» -1.01x net debt/Adj. EBITDA LTM
R$ 1.7 bn
LEVERAGE R$ -6.7 bn* »» -1.2x net debt/Adj. EBITDA LTM of unsold
(negative figures represent
net debt) receivables
*Includes discounted receivables of R$ 1.05 billion, in line with
the methodology applied by rating agencies
3Atacadão
Accelerating sales and higher adj. EBITDA
1 year 2 years
• Robust LfL sales with strong expansion momentum
Gross Sales +19.7% yoy Gross Sales +35.9%
Q2 21 (LfL +10.2% and +9.5% expansion) • Digital channel gaining momentum with sales up 70% vs.
Q1 21
+59 stores (28 Makro
+19 stores in Q2 21 (17 Makro conversions, 31 organic
• Strong profitability, in line with 2019, even with the
conversions, 2 organic expansion) +1 expansion) +4 wholesale
wholesale acceleration in expansion
Adjusted EBITDA R$ 881 million Adjusted EBITDA+31% • Upwards revision of top line and bottom line contribution
+2.3% yoy Q2 21 (6.9% margin) (+R$ 209 million) from Makro stores from faster-than-expected integration
Sales performance Adjusted EBITDA and margin Store opening evolution
(R$ million and as % of net sales)
31.3% 32.4% +31%
8.1%
19.7% +59 stores
7.1% 6.9% in 24 months 19
17.5%
13.5% 25.8% 27.0%
10.2% 13
12.9% 9
8.6% 881 8
9.5% 861
6.2% 5.5% 5.4%
672 3 4 1 2
6.0%
Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 19 Q2 20 Q2 21 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
Expansion LfL +4 wholesale stores in the last 24 months
4Carrefour Retail
Strong two-year growth on structural improvements and higher client engagement
• Food segment remains strong; non-food represented more than 90% of
1 year 2 years sales decline
• Loyalty program gaining relevance and increasing client engagement:
-12.9%* total growth yoy +13.2%* total growth
customers of the loyalty program frequent 44% more touch points of
Carrefour’s ecosystem
-1.9%* Food +13.8%* Food
-26.0%* Non-food +12.4%* Non-food • Structural improvements in Retail leveraging margins in the segment,
despite still partial recovery of galleries: 109 bps dilution in SG&A in 2
*Includes e-commerce; ex petrol
years
Gross Sales 2-year growth Adjusted EBITDA and margin
(Multi-format + E-comm - R$ million) (Retail vs. Market*) (R$ million and as % of net sales)
+13.2% 28.8% Above the market
8.1%
6.5%
13.6% 12.2% 5.3%
10.4% 424
316
238 +32.7%
+121 bps
-2.8% in 2 years
-12.9%
Q2 19 Q2 20 Q2 21
Q2 20 vs. 19 Q2 21 vs. 20 2 years
Market Carrefour
Considers Nielsen’s methodology for the total market which shows slightly different growth for Carrefour Retail reported individually.
*Considers stores openings for at least 12 months at the end of each period for market growth.
5Digital
Robust GMV driven by food
Total GMV * (R$ million)
• E-commerce 54% higher than in 2019 +54.2%
918
• Food growing by 467% in two years, reaching levels above the 730
pandemic peak and representing 33% of total digital sales 201
473 115
78 508 370
• Continuous advances in customer experience
352
43 209 244
• Acceleration of the roll-out of the e-commerce operating model Q2 19 Q2 20 Q2 21
(store as a hub) GMV Food GMV Non Food 3P
Atacadão digital sales Food GMV
evolution (% of total)
In-store picking Carrefour Atacadão last-mile-delivery
33.4%
+ 70%
10 60 hubs 117 160 hubs vs. Q1 21 22.8%
Q2 21 end 2021 Q2 21 end 2021
9.5%
Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 19 Q2 20 Q2 21
6 * GMV food includes last-mile-delivery service.Banco Carrefour
Returning to pre-pandemic results
50.2%
16.0% 19.2% 19.9% Confirmation of the bank's recovery cycle since last year
Billings 0.3%
(yoy variation)
YoY growth in billings for the first quarter since Q2 20
Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
+16%
NPLs levels under control, proving the quality of our credit portfolio;
and the assertiveness of the strategy adopted to resume growth
Intermediation
~40% ~70%
Revenue Acquisition Clients using digital
(yoy variation) through digital channels for customer
channels service
Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
17.0%
13.8%
11.2% 11.3% 11.7%
R$ 248 million
Adjusted EBITDA in Q2 21
+35%
vs. Q2 20
13.1%
Over 30 and
Over 90*
11.8%
9.3% 7.9% 8.1%
R$ 329 million
BACEN Adjusted EBITDA in Q2 21
+205%
vs. Q2 20
(% of portfolio)
Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
*According to BACEN
methodology No. 2682/99 Over 90 Over 30
7Further advances in ESG 154% increase in the hiring of blacks at the head office and
the bank (1H21 vs. 1H20)
Launch of 3 public notices to finance organizations with projects in
three different fronts:
• Institutional strengthening of Afro-Brazilian civil society
organizations;
• Actions to raise awareness and combat racism and
discrimination;
• Support for black entrepreneurship
SOCIAL
“TransForma” Program
• Promotion of education;
• Preparing and training for job market.
Environmental:
• 75% slaughterhouses signed the Group’s Livestock
Commitment Terms;
• 89% of suppliers in compliance with our beef Policy
• 12.5 tons of plastic packaging avoided in Q2 21 (23.5 ton in H1
21);
ENVIRONMENTAL • “Juruena” Project: 100% deforestation-free beef traced from
birth to shelf will be in stores in the coming weeks at an
affordable price.
TO FOLLOW ALL OUR
ACTIONS GO TO: naovamosesquecer.com.br
Annual Sustainability Report
8Strong two-year growth with higher
profitability
Grupo Carrefour Brasil continues to leverage its results through its omni-channel ecosystem,
accelerating expansion, increasing engagement and generating synergies.
Continued Solid performance at Banco Carrefour
strengthening of Retail as a result of returning to pre-
Atacadão’s best-in- structural changes pandemic momentum
class model
• Accelerated expansion (59 stores • Relevant efficiency gains: +33% • Positive trend in financial
in 2 years with faster-than- EBITDA vs. 2019 (+121 bps in services with results returning to
expected full integration of Makro margin) pre-pandemic levels
stores)
• Food GMV gaining relevance • Maintaining the quality of the
• EBITDA +31% vs. 2019 and portfolio
profitability virtually flat • Focus on greater customer
engagement and share of wallet • Acceleration of digitalization
• E-commerce ramp-up: 117 hubs in with ~40% of purchases and ~70%
Q2 21 with potential to reach 160 at of customer service already done
the end of the year trough digital channels
A unique and complete ecosystem combining the recurrence of retail with the generation of value in
financial services
9Disclaimer
This document contains both historical and forward-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 assumptions. Such statements are not guarantee of future
performance. Actual results or performances may differ materially
from those in such forward-looking statements as a result of a
number of risks and uncertainties, including but not limited to the
risks described in the documents filed with the CVM (Brazilian
Securities Commission) in particular the Reference Form. The
Company does not assume any obligation to update or revise any
of these forward-looking statements in the future.
David Murciano
CFO and IR Director
Natália Lacava Telephone: +55 11 3779-8500
IR IR Director ribrasil@carrefour.com
Contacts Ludimila Aielo ri.grupocarrefourbrasil.com.br
| Victor Bento
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