Q2 2021 Grupo Carrefour Brasil - Results - Carrefour RI
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
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 3
Atacadão 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 4
Carrefour 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. 5
Digital 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 7
Further 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 8
Strong 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 9
Disclaimer 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 IR Specialists
You can also read