Companhia Brasileira de Distribuicao SA (CBD) 2022 Q4 法說會逐字稿

Good morning, everybody, and thank you for holding. Welcome to the conference to release results for the Fourth Quarter 2022 for GPA. [Operator Instructions] This video conference is being recorded and will be available at the RI side of the company, where you will also find the material for this release. Operator Instructions

大家早上好，謝謝你們的捧場。歡迎參加發布 GPA 2022 年第四季度結果的會議。 [操作員說明] 此視頻會議正在錄製中，將在公司的 RI 端提供，您還可以在那裡找到本次發布的材料。操作說明

The information contained in this presentation and the forward-looking statements made during this video conference referring to the business outlook, projections and operational and financial goals for GPA are based on the beliefs and assumptions of the company management as well as on information currently available. These forward-looking statements are no guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events, and therefore depend on circumstances, which may or may not occur. Investors should understand that general economic conditions, market conditions and other operational factors could impact the future performance of GPA and lead to results that differ materially from those expressed in the forward-looking statements.

本演示文稿中包含的信息以及在本次視頻會議中就 GPA 的業務前景、預測以及運營和財務目標所做的前瞻性陳述均基於公司管理層的信念和假設以及當前可用的信息。這些前瞻性陳述不保證性能。它們涉及未來事件的風險、不確定性和假設，因此取決於可能發生也可能不會發生的情況。投資者應了解，一般經濟狀況、市場狀況和其他運營因素可能會影響 GPA 的未來業績，並導致結果與前瞻性陳述中表達的結果存在重大差異。

With us today, we have Marcelo Pimentel, CEO; and the CFO, Guillaume Gras. I will now give the floor to Marcelo Pimentel, who will begin the presentation.

今天和我們在一起的是首席執行官 Marcelo Pimentel；以及首席財務官 Guillaume Gras。我現在請 Marcelo Pimentel 發言，他將開始介紹。

[Interpreted] Well, thank you, and good morning to all of you. I would like to thank you for your interest in attending our fourth quarter 2022 results call. Since the beginning of the transition year and changes in the GPA strategy, we have recorded important changes, growth in same-store sales and an accelerated expansion, 2 fundamental factors for our growth.

[翻譯]好的，謝謝大家，早上好。感謝您有興趣參加我們 2022 年第四季度的業績電話會議。自過渡年開始和 GPA 戰略發生變化以來，我們記錄了重要的變化，即同店銷售額的增長和加速擴張，這是我們增長的 2 個基本因素。

In the international perimeter, the business of the Exito Group has had an evolution in the 3 countries we are present in because of the increase in store traffic and a very good performance of innovative formats besides the multichannel sales that have a very high share. We have also evolved with the process of segregation of the Exito Group during the quarter and the beginning of 2023. We have obtained approvals from shareholders and others. We will be obtaining another milestone of unharnessing value for the shareholders of GPA.

在國際範圍內，Exito 集團的業務在我們所在的 3 個國家/地區取得了進展，因為商店客流量的增加和創新形式的出色表現以及佔有很高份額的多渠道銷售。我們還隨著 Exito 集團在本季度和 2023 年初的分離過程而發展。我們已經獲得了股東和其他人的批准。我們將為 GPA 的股東取得另一個釋放價值的里程碑。

In Slide #4, I begin to speak about the main evolution indicators in each of the pillars that are part of our growth strategy. Regarding the top line, we had a growth of 16.8% in total sales and 17.3% in same-store sales vis-a-vis the fourth quarter of '21. In different work fronts that are underway, we have already observed improvements in some of the important indicators of the fourth quarter. Among them, the evolution of the refurbishment of the Pao de Acucar stores based on the generation 7. 70% of the stores have been refurbished. A reduction of our breakage in 1.3 percentage points vis-a-vis the fourth quarter of last year and an increase of 2.79 percentage points in the share of perishables in the total sales, reaching 4.2 percentage points for the Pao de Acucar banner compared to the fourth quarter of 2021. Perishables record 48% of the sales share, which is fundamental as part of our strategy and the renovation of our business.

在幻燈片 #4 中，我開始談論作為我們增長戰略一部分的每個支柱的主要發展指標。關於收入，與 21 年第四季度相比，我們的總銷售額增長了 16.8%，同店銷售額增長了 17.3%。在各項工作中，我們已經看到四季度一些重要指標有所改善。其中，基於7代的Pao de Acucar店鋪翻新進化演變，70%的店鋪進行了翻新。與去年第四季度相比，我們的破損減少了 1.3 個百分點，易腐爛商品在總銷售額中的份額增加了 2.79 個百分點，與 Pao de Acucar 旗幟相比達到 4.2 個百分點2021 年第四季度。易腐食品佔銷售份額的 48%，這是我們戰略和業務革新的基礎。

We continue working with a refresh project that looks upon the value proposal of perishables since the flow of merchandise, their exposure, assortment and the availability and quality of the product. We have ended up with improvements in profitability and a reduction in breakage. Our goal is to increase the share of the category, reaching a share of 53% at the beginning of next year. In the first quarter of '23, we're going to move forward in the rollout and revision in the clustering of stores, pricing, management of stock and categories we began in mid-2022. This will unharness more benefits for the operation, and it allows us to think we will have an acceleration of same-store sales, reduction of losses and, of course, an improvement in customer experience.

我們繼續開展一個更新項目，該項目著眼於易腐爛商品的價值建議，因為商品的流動、它們的曝光度、分類以及產品的可用性和質量。我們最終提高了盈利能力並減少了破損。我們的目標是提高品類的份額，明年年初達到53%的份額。在 23 年第一季度，我們將在 2022 年年中開始的商店集群、定價、庫存和類別管理方面向前推進。這將為運營帶來更多好處，它讓我們認為我們將加速同店銷售，減少損失，當然還會改善客戶體驗。

Our second pillar is what guide us regarding the expansion of the level of satisfaction of our customers, the NPS. We have worked in a focused way to mitigate the detractors of NPS with a very robust action plan that has led to significant strides and enhancements of 20 points in the global NPS in all of our banners vis-a-vis the first semester of 2022. In the digital parameter, we have a strategy to speed up our e-commerce, and we recorded a growth of 15% year-on-year compared to 2021, with significant improvements in the service levels that are being presented. We are retail food leaders with BRL1.7 billion for the year, 50% of which is carried out based on our own e-commerce IP.

我們的第二個支柱是指導我們擴大客戶滿意度的 NPS。我們專注於通過一項非常強大的行動計劃來減輕 NPS 的批評者，該計劃導致我們在 2022 年第一學期的所有橫幅中的全球 NPS 取得了重大進展並提高了 20 分。在數字參數方面，我們制定了加快電子商務發展的戰略，與 2021 年相比，我們實現了 15% 的同比增長，並顯著提高了所呈現的服務水平。我們是零售食品的領導者，年銷售額為 17 億雷亞爾，其中 50% 是基於我們自己的電子商務 IP 進行的。

The integration of brick-and-mortar stores and online stores continues to move forward. We're operating with 600 stores digitally to service more than 30 million customers recorded in our base. Now this result has been given thrust to -- based on the strategy based on 3 points: an increase in assortments, especially perishables, the expansion of availability of delivery schedules and the expansion of speedy delivery. Nowadays, 70% of our sales are delivered on the same day. And the 60-minute delivery called Pra ja is already available in 200 stores. We have accelerated the express delivery in 30 minutes in the proximity stores, expanding our partnership with Magalu, iFood shopping, and we have increased by more than 270,000 active users or app, reaching a total of 1.2 million active users per month.

實體店與網店的融合不斷推進。我們以數字方式運營 600 家商店，為我們基地記錄的超過 3000 萬客戶提供服務。現在，這一結果已被推向——基於基於 3 點的戰略：增加品種，尤其是易腐爛的產品，擴大交貨時間表的可用性和擴大快速交貨。如今，我們 70% 的銷售額都是在同一天交付的。名為 Pra ja 的 60 分鐘送貨服務已經在 200 家商店推出。我們在附近門店加速30分鐘快遞，擴大與Magalu、iFood購物的合作，我們增加了超過270,000個活躍用戶或應用程序，達到每月120萬活躍用戶。

In the next slide, I would like to state that we're maintaining our expansion plan, opening 29 new stores between Pao de Acucar and proximity stores. During the year, we have reached the opening of 72 new stores. Regarding the refurbishment, we are at 60% of our store park that have been revitalized based on the Generation 7 model, and we have an increase in sales in those units. For 2023, we're going to inaugurate 103 new units aligned with our new expansion plan. And until 2024, we will have 309 new stores, 250 will be proximity stores with a focus on Minuto Pao de Acucar because of its maturity and the greater potential it has for capital clarity. This year, we will close down 100% of the -- we will refurbish all of the Pao de Acucar stores.

在下一張幻燈片中，我想聲明我們將維持我們的擴張計劃，在 Pao de Acucar 和臨近商店之間開設 29 家新店。年內，我們已達到72家新店開業。關於翻新，我們有 60% 的商店公園已根據第 7 代模型進行了翻新，並且這些單位的銷售額有所增加。到 2023 年，我們將根據我們的新擴張計劃開設 103 個新單位。到 2024 年，我們將擁有 309 家新店，其中 250 家是臨近店，重點是 Minuto Pao de Acucar，因為它的成熟度和資本清晰度的更大潛力。今年，我們將關閉 100%——我們將翻新所有的 Pao de Acucar 商店。

Now we're going to increase the number of stores in the city of Sao Paulo in verticalized regions in Pao de Acucar. Our focus are the cities with a high premium potential, where we have a strong presence of the brand, the large centers in the hinterland of Sao Paulo and some of the cities in the Northeast. Regarding profitability, Guillaume will explain the details to you. Therefore, I will not refer to this, but I would like to reinforce that we continue on with our work to recover profitability, working along 3 main lines: an improvement of our commercial lines, a reduction of breakage and a decrease of expenses. We are gradually evolving in this sense and it enables us to believe that we will reach an adjusted EBITDA of 8% to 9% until the end of the coming year.

現在，我們將在聖保羅市的 Pao de Acucar 垂直區域增加商店數量。我們的重點是具有高溢價潛力的城市，我們在這些城市擁有強大的品牌影響力，聖保羅腹地的大型中心和東北部的一些城市。關於盈利能力，Guillaume會為您詳細解釋。因此，我不會提及這一點，但我想強調的是，我們將繼續努力恢復盈利能力，沿著 3 條主線開展工作：改善我們的商業線路、減少破損和減少費用。從這個意義上說，我們正在逐步發展，這使我們相信，在來年年底之前，我們將達到 8% 至 9% 的調整後 EBITDA。

I would like to end my presentation on Slide 6, highlighting the pillars of ESG and culture regarding our goals of consumption of energy. We have reached 97% medium tension energy that comes from renewable sources. We would like to attain 100% in 2024. The Scope 1 and 2 emissions have more than 40% reduction compared to the base year of 2015. When it comes to fostering diversity and inclusion, I have to highlight the work that has been done to focus on female leadership in the company. We have reached 38.3% of women in leadership positions and our goal is 0.8. And this has been set forth for the year 2024. This allows me to believe that we will comply with our goal of reaching 40% until the end of 2025.

我想結束我在幻燈片 6 上的演示，強調 ESG 的支柱和與我們的能源消耗目標相關的文化。我們已經達到 97% 的中壓能源來自可再生資源。我們希望在 2024 年達到 100%。與 2015 年基準年相比，範圍 1 和範圍 2 的排放量減少了 40% 以上。在促進多樣性和包容性方面，我必須強調已經完成的工作關注公司的女性領導力。我們已經達到 38.3% 的女性擔任領導職務，我們的目標是 0.8。這是為 2024 年制定的。這讓我相信，我們將實現到 2025 年底達到 40% 的目標。

When it comes to social impact, we work sadly in terms of donating food led by the GPA Institute working along with all of our stores, we have offered more than 4.2 million supplementary meals, working with partners, social entities benefiting thousands of companies. This is a work of incentive, and I'm very proud to be part of this.

在社會影響方面，我們可悲地在GPA Institute牽頭的捐贈食物方面與我們所有的商店一起工作，我們提供了超過420萬次的補充餐，與合作夥伴、社會實體一起使數千家公司受益。這是一項激勵性的工作，我很自豪能參與其中。

With this, I would like to end my presentation and give the floor to Guillaume, who will speak about our financial highlights.

至此，我想結束我的演講並請 Guillaume 發言，他將介紹我們的財務亮點。

[Interpreted] Thank you, Marcelo. Good morning to everyone. I thank you all for participating in our earnings result of the Group GPA. I would like to highlight that as of Q4 2022, the Exito operations were considered discontinued operations, raised the IFRS 701 -- now in the accounting statements we can no longer see the breakout between the P&L lines of Grupo Exito. But in management view, we've reproduced in the release and within this material division of Exito to facilitate the comparison.

[翻譯]謝謝你，馬塞洛。各位早上好。我感謝大家參與我們的集團 GPA 收益結果。我想強調的是，截至 2022 年第四季度，Exito 業務被視為已終止業務，提高了 IFRS 701——現在在會計報表中，我們再也看不到 Grupo Exito 損益表之間的突破。但在管理層看來，我們在 Exito 的發布和材料部門內進行了複製，以方便比較。

Starting by Slide 8, here, you can see the total sales of GPA Brazil -- new GPA Brazil. That is BRL5.3 billion on Q4. This is a growth of 12.3%. Excluding taxes, the sales was BRL4.9 billion, resulting in an increase of 16.8%, driven by the hypermarket converted stores and by the consistency of customers in our stores in the past quarters.

從幻燈片 8 開始，在這裡，您可以看到 GPA Brazil 的總銷售額——新 GPA Brazil。第四季度為 53 億雷亞爾。這是 12.3% 的增長。不計稅項，銷售額為 49 億雷亞爾，增長 16.8%，這主要得益於大賣場改建的商店以及過去幾個季度我們商店顧客的一致性。

Now same-store sales indicators grew 6.3%. This is an improvement in all the banners when this is compared to the increase of 6.6% that we observed during Q3 of 2022. A highlight once again, the proximity format with a double-digit growth of 17.3%, explained by the increase of the passage stores and more number of stores servicing the last mile partners.

現在同店銷售指標增長了6.3%。與我們在 2022 年第 3 季度觀察到的 6.6% 的增幅相比，這是所有橫幅廣告的改進。再次強調的是，近距離格式以 17.3% 的兩位數增長，原因是通道商店和更多為最後一英里合作夥伴提供服務的商店。

Now, Pao de Acucar or same-store sales totaled 6.7%. This is a sequential improvement since Q1 2022. This result is a consequence of the decrease of perishable penetration and by strong growth of basic groceries. Now mainstream banners Mercado Extra and Compre Bem, the growth of same-store sales was 4.1%, an improvement vis-a-vis the growth of 2% of Q3 2022. Now finally, in e-com, we had BRL448 million. This is a growth of 7% vis-a-vis Q4 2020 [Phonetic] excluding sales from hypermarkets during this period and totally an online penetration of 10.5% of total sales.

現在，Pao de Acucar 的同店銷售額總計為 6.7%。這是自 2022 年第一季度以來的連續改善。這一結果是易腐食品滲透率下降和基本雜貨強勁增長的結果。現在主流橫幅 Mercado Extra 和 Compre Bem，同店銷售額增長 4.1%，相對於 2022 年第三季度 2% 的增長有所改善。現在終於，在電子商務方面，我們有 4.48 億雷亞爾。與 2020 年第四季度相比，增長了 7% [語音]，不包括在此期間來自大賣場的銷售額，在線滲透率佔總銷售額的 10.5%。

On Slide 9, you can see the EBITDA and the adjusted EBITDA margin and new GPA Brazil. Here, we have certain expenses that cannot be classified for the discontinued operations and partly discontinued of hypermarket operations. Now the adjusted EBITDA totaled BRL297 million with an adjusted EBITDA margin of 6.1% during Q4 of 2022. This is a reduction vis-a-vis Q4 of 2021, explained mainly by the pressure of gross margin and profit caused by the strong food inflation of 2 digits with the impact on merchandise cost, labor and also transportation to supplier stores.

在幻燈片 9 上，您可以看到 EBITDA 和調整後的 EBITDA 利潤率以及新的巴西 GPA。在這裡，我們有一些費用不能歸類為大賣場業務的終止經營和部分終止。現在調整後的 EBITDA 總計 2.97 億雷亞爾，2022 年第四季度調整後的 EBITDA 利潤率為 6.1%。這比 2021 年第四季度有所減少，這主要是由於 2021 年強勁的食品通脹導致毛利率和利潤壓力2 位數對商品成本、勞動力以及到供應商商店的運輸的影響。

This effect was partially mitigated by the good performance of the SG&A, which dropped 1.8% when compared to Q4 of 2021, generating a dilution of 2.2 percentage points vis-a-vis the net income. Now this dilution is contemplated in SG&A with the restructure carried out in the headquarters after the transformation of the hypermarkets and efficiencies that were captured with operation expenses.

SG&A 的良好表現部分緩解了這種影響，與 2021 年第四季度相比下降了 1.8%，相對於淨收入產生了 2.2 個百分點的攤薄。現在，在 SG&A 中考慮了這種稀釋，在大賣場轉型後在總部進行重組，並通過運營費用獲得效率。

I would like to highlight that we are focused on gradually recovering our margin according to the projections to the market between 8% and 9% of adjusted margin EBITDA in 2024. This evolution is based on 3 main lines: commercial margin, SG&A, and in 2022 we observed the first signals of improvement in our SG&A, something observed in Q4 of 2022 breakage, which reduced 1 percentage points when it was compared to the beginning of the year. Now throughout of -- throughout 2023, we will have an important rollouts of project that will increase these gains, mainly in the commercial margin. Now the year-to-date, the adjusted EBITDA was BRL1.2 billion with a margin of 7%.

我想強調的是，我們的重點是根據市場預測，在 2024 年將我們的利潤率逐步恢復到調整後利潤率 EBITDA 的 8% 到 9% 之間。這一演變基於 3 條主線：商業利潤率、SG&A 和在2022 年，我們觀察到 SG&A 改善的第一個信號，這是在 2022 年第四季度觀察到的，與年初相比減少了 1 個百分點。現在整個 - 整個 2023 年，我們將推出一個重要的項目，這將增加這些收益，主要是在商業利潤方面。今年迄今，調整後的 EBITDA 為 12 億雷亞爾，利潤率為 7%。

We go to Slide 10 now. With the total sales of Grupo Exito, which presented a solid sales performance in Q4 of 2022, tolling throughout the 6th consecutive semester double digits. In same-store sales, the gross sales was BRL7.8 billion. This is the same-store sales growth of [Indiscernible] vis-a-vis Q4 of 2021 because of the depreciation of the peso, the total growth demonstrated a drop of 6.8%. In 2022, the Exito Group had a gross revenue of BRL20.3 billion. In e-commerce, the GMV was BRL709 million in Q4 with an online penetration on 9.5%. Now same-store sales of 16.3% was driven by growth of the 3 countries.

我們現在轉到幻燈片 10。 Grupo Exito 的總銷售額在 2022 年第四季度表現強勁，連續第 6 個學期實現兩位數增長。在同店銷售額中，總銷售額為 78 億雷亞爾。由於比索貶值，這是 [音頻不清晰] 相對於 2021 年第四季度的同店銷售額增長，總增長率下降了 6.8%。 2022 年，Exito 集團的總收入為 203 億雷亞爾。在電子商務方面，第四季度的 GMV 為 7.09 億雷亞爾，在線滲透率為 9.5%。現在 16.3% 的同店銷售額是由這 3 個國家的增長推動的。

In Colombia, the growth of same-store sales growth was 12.1% because of the sound performance of cash and carry during the quarter. In Uruguay, the significant growth of fresh market stores with high share in sales, which was 52.9%. This total same-store sale of 13.7% throughout the quarter. And finally, in Argentina, the growth above inflation was a result of the increase of traffic in the stores, good performance of commercial galleries and the consolidation of real estate business resulting on a same-store sales of 95%.

在哥倫比亞，由於本季度現金和自運業務表現良好，同店銷售額增長了 12.1%。在烏拉圭，生鮮市場門店增長顯著，銷售額佔比高達 52.9%。這佔整個季度同店銷售額的 13.7%。最後，在阿根廷，高於通脹的增長是由於商店客流量增加、商業畫廊的良好表現以及房地產業務整合導致同店銷售額達到 95%。

Now on Slide 11. Here, you can see the evolution of the EBITDA and adjusted EBIT of Grupo Exito, that was 8.6% in Q4 with an EBITDA of BRL599 million. This is a drop of 2 points, mainly impacted by one of the fact during the quarter with the adjustment of the balance of the stock that affected the gross margin and higher inflation level in these 3 countries. Now year-to-date, the EBITDA totaled BRL1.9 billion with an EBITDA -- adjusted EBIT of 7.8%.

現在在幻燈片 11 上。在這裡，您可以看到 Grupo Exito 的 EBITDA 和調整後 EBIT 的演變，第四季度為 8.6%，EBITDA 為 5.99 億雷亞爾。下降了 2 個百分點，主要受本季度影響毛利率的庫存餘額調整和這 3 個國家較高的通脹水平的影響。今年迄今，EBITDA 總計 19 億雷亞爾，EBITDA 調整後 EBIT 為 7.8%。

Now Slide 12. This is our net income consolidated result and where we analyze the exceptional elements that impacted the result of a quarter by approximately BRL1 billion. These exceptional elements are broken out in 3 major parts, BRL900 million regarding tax matters, BRL300 million regarding labor contingencies, and BRL200 million regarding restructuring costs. Now when we see the details of each one of these points now regarding tax matters, there are 3 points: one, BRL285 million regarding a decision of the Supreme Court that invalidated our ICMS contingents on energy and limited this credit for essential and productive areas.

現在是幻燈片 12。這是我們的淨收入合併結果，我們在其中分析了影響季度結果約 10 億雷亞爾的特殊因素。這些特殊因素分為 3 個主要部分，9 億巴西雷亞爾涉及稅務問題，3 億巴西雷亞爾涉及勞動或有事項，2 億巴西雷亞爾涉及重組成本。現在，當我們看到這些關於稅務問題的每一點的細節時，有 3 點：第一，2.85 億巴西雷亞爾關於最高法院的一項決定，該決定使我們的 ICMS 能源隊伍無效，並限制了對基本和生產領域的抵免。

The other one would be BRL288 million regarding CSLL provision. So after the decision of the STF funnel in the exception of payment of this tax that the company enjoyed benefits since the past. And the third point is tax matter that represents BRL288 million is regarding the tax reform in Colombia with an increase of the deferred income tax in Colombia, that would be 10% or 15%. And as a consequence, this impact in the deferred income of the Grupo Exito.

另一個是 2.88 億巴西雷亞爾，用於提供 CSLL。因此，在 STF 漏斗決定繳納該稅款後，該公司自過去以來一直享有優惠。第三點是代表 2.88 億巴西雷亞爾的稅收問題，涉及哥倫比亞的稅收改革，增加了哥倫比亞的遞延所得稅，即 10% 或 15%。因此，這種影響會影響 Grupo Exito 的遞延收入。

In addition to these tax issues, we also had labor contingencies of BRL309 million, reflecting the highest value during the second semester. So our total label provision totaled BRL660 million, which is twice as much as last year. And in 2023, we have a more comfortable provision level. We would like to signalize that we reached the peak of labor contingencies in May of 2022, and there has been a constant drop of these labor contingencies since that year. Since Q3 regarding these points, we also had costs with restructures, which represent BRL227 million, and the matters regarding the closing of the hypermarkets restructuring of stores and the resizing of our headquarters and also Exito segregation projects.

除了這些稅務問題外，我們還有 3.09 億巴西雷亞爾的勞動或有費用，反映了第二學期的最高值。因此，我們的總標籤供應總額為 6.6 億雷亞爾，是去年的兩倍。到 2023 年，我們的供應水平會更加舒適。我們想表明，我們在 2022 年 5 月達到了突發勞工事件的高峰，並且自那年以來這些突發勞工事件一直在持續下降。自第三季度以來，關於這些點，我們還有重組成本，即 2.27 億雷亞爾，以及有關關閉大賣場商店重組和調整總部規模以及 Exito 隔離項目的事項。

At last, we had positive points that mitigated these effects. #1, ICMS credit of BRL313 million. This is the monetary update on fiscal credits and the tax deduction on the exceptional negative adjustments. Now after all of this when we analyze these exceptional elements or consolidated net profit goes from minus BRL102 billion to BRL146 million -- minus BRL146 million.

最後，我們得到了減輕這些影響的積極觀點。 #1，ICMS 信貸 3.13 億雷亞爾。這是財政信貸的貨幣更新和特殊負面調整的稅收減免。現在，當我們分析這些特殊因素或綜合淨利潤從負 1020 億巴西雷亞爾到 1.46 億巴西雷亞爾 - 負 1.46 億巴西雷亞爾之後。

Now on Slide 13, you can see our financial leverage. And here, we can see that the company continues with the sound cash position of BRL3.8 billion, or BRL3.7 million. The short-term net debt, that is Indiscernible billion were refinanced by the new CRI issuance last week. Now on the left-hand chart, we can see that we totaled a net debt of BRL2 million in Q4 of 2022 with a leverage level of 2.3x the EBITDA. Now when we compare it to Q4 of 2021 pro forma Brazil, which excludes the position of Grupo Exito, here, we can see a drop of approximately BRL900 million of the net debt and 0.2 percentage points of leverage.

現在在幻燈片 13 上，您可以看到我們的財務槓桿。在這裡，我們可以看到該公司繼續擁有 38 億巴西雷亞爾或 370 萬巴西雷亞爾的良好現金狀況。上週新發行的 CRI 為短期淨債務（即 Indiscernible billion）進行了再融資。現在在左側圖表上，我們可以看到我們在 2022 年第四季度的淨債務總額為 200 萬雷亞爾，槓桿水平為 EBITDA 的 2.3 倍。現在，當我們將其與 2021 年第四季度的備考巴西（不包括 Grupo Exito 的頭寸）進行比較時，我們可以看到淨債務下降了約 9 億雷亞爾，槓桿率下降了 0.2 個百分點。

The transaction with the supermarkets has been fully concluded and received with an anticipation of the installments of 2023 and 2024, generating a net cash in of BRL2.2 billion, which have been allocated towards a reduction of our net debt. However, part of these gains were consumed by the higher interest and the higher cost of the tax and labor contingencies that we were faced with.

與超市的交易已經完全完成並收到，預計將在 2023 年和 2024 年分期付款，產生 22 億雷亞爾的淨現金，這些現金已用於減少我們的淨債務。然而，這些收益的一部分被我們面臨的更高利息和更高的稅收和勞動力意外事件所消耗。

We continue on to Slide #14, where I would like to remind you the schedule for the separation process of the Exito Group that we announced last year. Up to present, we have concluded the negotiation with creditors. This has been filed at CVM and we're under the process of filing this at the SEC. In February of 2022 though, we approved in an extraordinary general assembly a capital reduction for the issuance of new shares for Exito. The approval was carried out with a record vote of 68% of the shareholders and the approval of this item was done by 92% of those that were present. Beginning now, we will be waiting for the term of the legal position of creditors that ends on April 15th, and we will wait for the conclusion of the filing at SEC and CVM. We believe that the conclusion should take place in the second semester of 2023.

我們繼續看幻燈片 #14，在這裡我想提醒您我們去年宣布的 Exito Group 分離過程的時間表。目前，我們已經與債權人完成談判。這已經提交給 CVM，我們正在向美國證券交易委員會提交。不過，在 2022 年 2 月，我們在臨時股東大會上批准了為 Exito 發行新股而減資。 68% 的股東以創紀錄的票數通過了該項目，92% 的出席股東通過了該項目。從現在開始，我們將等待 4 月 15 日結束的債權人法律地位的期限，我們將等待 SEC 和 CVM 備案的結束。我們認為結論應該發生在 2023 年下學期。

Now with this, we would like to end the presentation of financial results, and we will now go on to the question-and-answer session. We would like to remind you that with us, we have Carlos Mario, the CEO from Exito; and Ivonne, the CFO from Exito.

現在，我們想結束財務結果的介紹，我們現在將繼續進行問答環節。我們想提醒您，我們有來自 Exito 的首席執行官 Carlos Mario；以及 Exito 的首席財務官 Ivonne。

[Operator Instructions] Let's go on to the first question from Filipe Casemiro, a sales side analyst from Bradesco BBI. The question. Well, we will open up your microphone so that you can pose your questions. Filipe, you may proceed, please. We cannot hear Filipe. Filipe, if you could please turn on your microphone, it has been opened. I believe that Filipe might be having a technical problem. We'll go back to Filipe.

[操作員說明] 讓我們繼續來自 Bradesco BBI 的銷售分析師 Filipe Casemiro 的第一個問題。問題。那麼，我們將打開您的麥克風，以便您提出問題。 Filipe，請繼續。我們聽不到 Filipe 的聲音。 Filipe，如果可以，請打開你的麥克風，它已經打開了。我相信 Filipe 可能遇到了技術問題。我們將回到 Filipe。

We're going to go on to our next question from Marcella Recchia from Credit Suisse. Marcella, we will be turning on your microphone so that you can pose your question. Marcella, you may proceed, please.

我們將繼續回答來自瑞士信貸的 Marcella Recchia 的下一個問題。 Marcella，我們將打開您的麥克風，以便您提出問題。 Marcella，請繼續。

[Interpreted] Good morning, everybody. Thank you for taking my questions. I do have some questions here. First of all, if you could explain and give us more color on your gross margin dynamic. The margin compression has been quite high this quarter. When we compare this with other players, of course, you're different. But there's a great deal of resiliency in your gross margin. If you could explain the dynamic and what we can expect for the year 2023?

[翻譯]大家早上好。謝謝你回答我的問題。我在這裡確實有一些問題。首先，如果你能解釋一下你的毛利率動態並給我們更多的顏色。本季度的利潤率壓縮相當高。當我們將此與其他玩家進行比較時，當然，你是不同的。但是你的毛利率有很大的彈性。您能否解釋一下動態以及我們對 2023 年的期望？

The second question, when we look at your reinforced base, your EBITDA is negative because of the growth of other operational lines. If you could give us greater visibility of what is happening in that line item, part of the provisions that you have posted and what we can expect recurrently throughout the year?

第二個問題，當我們查看您的強化基礎時，由於其他業務線的增長，您的 EBITDA 為負。如果您能讓我們更清楚地了解該行項目中正在發生的事情，您發布的部分規定以及我們全年可以反復出現的情況？

Finally, you have also spoken about your labor provisions. What do they refer to exactly? And although you have mentioned that this brings you a more comfortable base for 2023, what is it that we can expect in that front for the year? Thank you very much.

最後，你也談到了你的勞工條款。它們具體指的是什麼？儘管您提到這為您帶來了 2023 年更舒適的基礎，但我們今年在這方面可以期待什麼？非常感謝。

[Interpreted] Well, good morning, Marcella. Thank you for the question. I'm going to begin speaking about gross margin, and then we'll give the floor to Guillaume to speak about EBITDA and labor provisions. Thanks to the work that is being carried out to adjust categories. We do have a very important element that we are carrying out, which is the discontinuance of some categories of suppliers. And this increased the impact of our markdown level in the fourth quarter. And we have a process that expected that. Secondly, and the consequence of this was the higher level of breakage that we expected with an impact on our commercial margins. While we were reducing the volume of inventory and the cleaning out of these inventories, these breakout indices should decrease. Finally, of course, the issue of logistic cost because of the pressure of inflation. We had a significant readjustment in this area.

[翻譯] 嗯，早上好，瑪塞拉。感謝你的提問。我將開始談論毛利率，然後我們將讓 Guillaume 談論 EBITDA 和勞動準備金。感謝正在進行的調整類別的工作。我們確實有一個我們正在執行的非常重要的元素，即停止某些類別的供應商。這增加了我們第四季度降價水平的影響。我們有一個流程可以做到這一點。其次，其結果是我們預期的更高水平的破損會影響我們的商業利潤。當我們減少庫存量並清理這些庫存時，這些突破指數應該會下降。最後當然是物流成本問題，因為通貨膨脹的壓力。我們在這方面進行了重大調整。

What we can say is that what you can expect for the year 2023 is a gradual resumption of improvements vis-a-vis the fourth quarter. We do have the expectation of seeing improvements in the first quarter already when compared to the gross margin of the fourth quarter '22. We're working on this at this moment through commercial renegotiations, the commercial team between February and March, we'll be working on the revision of commercial contracts.

我們可以說的是，您可以期待 2023 年相對於第四季度逐步恢復改善。與 22 年第四季度的毛利率相比，我們確實預計第一季度已經有所改善。我們目前正在通過商業重新談判來解決這個問題，商業團隊在 2 月和 3 月之間，我們將致力於修改商業合同。

We're heading towards the third level of adjustments of logistics, which should further decrease our logistic cost, making it more in accordance to our present day moment. And we have made adjustments in terms of stock reduction. We ended the year 2022 with a reduction of 4 days and the expectation that is becoming materialized is to further reduce the inventory in the first quarter. Throughout the year 2023, this will also happen. And as a result, this will reduce the amount we have invested in markdown and breakages, which of course, have an impact on our commercial area. The margin was strongly impacted in the fourth quarter, and it is our understanding that this is part of the trough. Our expectation is for a gradual resumption during the year 2023. Guillaume? Interpreted Well, when it comes to your question on the other revenues and expenses, the operating expenses, we have 3 different elements. And I imagine that your question refers to Brazil, the continuous perimeter. We have had 3 significant developments, the restructuring, refurbishing of stores and the headquarters. Secondly, the effect of the contingencies on ICMS and electrical power that we have acknowledged in the continued segment. And the third element, the labor provisions, which once again relate to the continued perimeter. These are the 3 points that had an impact on this line item in revenues and expenses.

我們正在走向物流的第三級調整，這應該會進一步降低我們的物流成本，使其更符合我們現在的時代。我們在庫存減少方面做出了調整。我們以減少 4 天結束了 2022 年，並且正在實現的預期是在第一季度進一步減少庫存。整個2023年，這也會發生。因此，這將減少我們在降價和破損方面的投資，這當然會對我們的商業領域產生影響。利潤率在第四季度受到強烈影響，據我們了解，這是低谷的一部分。我們的期望是在 2023 年逐步恢復。紀堯姆？解釋好吧，當談到你關於其他收入和支出的問題時，運營費用，我們有 3 個不同的元素。我想你的問題是指巴西，即連續邊界。我們有 3 個重大發展，商店和總部的重組、翻新。其次，我們在後續部分中承認的意外事件對 ICMS 和電力的影響。第三個要素，勞動條款，再次與持續邊界相關。這些是對該項目的收入和支出產生影響的 3 點。

[Interpreted] Thank you. Thank you very much.

[翻譯] 謝謝。非常感謝。

Our next question is from Felipe Cassimiro, sell side analyst from Bradesco BBI. Felipe, we will be turning on your audio so that you can pose your question. Felipe, you may proceed, please.

我們的下一個問題來自 Bradesco BBI 的賣方分析師 Felipe Cassimiro。 Felipe，我們將打開您的音頻，以便您提出問題。 Felipe，請繼續。

[Interpreted] Good morning, and I hope that everything is working now. I do apologize. The question on the gross margin has been explained very clearly. I would like to explore the dynamic of the online growth, which was 7% somewhat below our estimates. And what draws attention is the drop of share in total sales compared with the second and third quarters of 2022. I would like to gain a better understanding of the dynamic because you're accelerating your service levels quarter-on-quarter, you have a higher number of partnerships. I simply would like to understand the dynamic of the growth in the fourth quarter and if something will change in terms of your online penetration for 2023? Interpreted Thank you, Cassimiro. No, nothing will change. And the growth and the penetration fell short of what we expected for the fourth quarter, although we did have some highlights, for example, Black Friday, a historical improvement compared to what we had historically in the digital part in Pao de Acucar. There were some adjustments that had an impact, the closedown of games and the migration process to GPA. That had an impact because of the transition. But we do observe an upside now when it comes to enhancement, we hope to have a resumption of penetration share and growth for the year 2023.

[已翻譯] 早上好，我希望現在一切正常。我很抱歉。關於毛利率的問題已經解釋得很清楚了。我想探討在線增長的動態，它比我們的估計低了 7%。值得注意的是，與 2022 年第二季度和第三季度相比，總銷售額的份額有所下降。我想更好地了解這種動態，因為你們每季度都在提高服務水平，你們有更多的伙伴關係。我只是想了解第四季度的增長動態，以及 2023 年的在線滲透率是否會發生變化？翻譯 謝謝你，卡西米羅。不，什麼都不會改變。增長和滲透率低於我們對第四季度的預期，儘管我們確實有一些亮點，例如黑色星期五，與我們在 Pao de Acucar 的數字部分的歷史相比是歷史性的改進。有一些調整產生了影響，遊戲的關閉和向 GPA 的遷移過程。由於過渡，這產生了影響。但在增強方面，我們現在確實觀察到上行空間，我們希望在 2023 年恢復滲透份額和增長。

Now when it comes to that topic, we have a very positive expectation which is not based on wishful thinking, but instead on the work that we have carried out. And we hope that we will harvest results and have a greater expansion as well as a greater penetration. We concluded the games migration. And as you were able to observe through the figures because of that, we went from 40% in the first quarter '22 to 70% same-day deliveries. This could not have happened were it not for the migration. We have increased in 200 stores, the Pra ja delivery carried out in 2 hours. We have had a significant increase -- in the midyear in the third quarter, we had 890,000 customers per month. We have now reached 1.2 million, and this figure remains constant. And we have made strides when it comes to click and withdraw deliveries, especially in those stores where we have the G7 model, we have an aquarium at the entrance of the store, enhancing the customer experience, a move forward in the partnerships and the expression of digital in proximity stores, especially from express delivery in up to 30 minutes, and we have also expanded our leadership position among our partners. Presently, we are the largest food retail leader with iFood. We're moving forward quickly, enhancing our partnerships, and we have begun working recently with Magazine Luiza. We observed significant returns. We have done this with Shopee as well. Our expectation is that we will resume growth levels that will be much higher beginning in the first quarter. And of course, during the rest of the year, leading us to 15% of penetration and up to 20% of penetration at the end of next year.

現在談到這個話題，我們有一個非常積極的期望，這不是基於一廂情願的想法，而是基於我們已經開展的工作。我們希望我們能夠收穫成果，有更大的擴張和更大的滲透。我們完成了遊戲遷移。正如您因此能夠通過數據觀察到的那樣，我們從 22 年第一季度的 40% 增加到 70% 的當天交付。如果不是遷移，這不可能發生。我們增加了 200 家商店，Pra ja 交付在 2 小時內進行。我們有了顯著的增長——在第三季度的年中，我們每月有 890,000 名客戶。我們現在已經達到了 120 萬，而且這個數字一直保持不變。我們在點擊和提取交貨方面取得了長足進步，特別是在我們擁有 G7 模型的商店中，我們在商店入口處設有一個水族館，增強了客戶體驗，推動了合作夥伴關係和表達方式鄰近商店的數字化，尤其是 30 分鐘內的快遞，我們還擴大了我們在合作夥伴中的領導地位。目前，我們是 iFood 最大的食品零售領導者。我們正在快速前進，加強我們的合作夥伴關係，我們最近開始與 Magazine Luiza 合作。我們觀察到顯著的回報。我們在 Shopee 上也做到了這一點。我們的預期是，我們將恢復從第一季度開始就高得多的增長水平。當然，在今年剩下的時間裡，我們將在明年年底達到 15% 的滲透率和高達 20% 的滲透率。

[Interpreted] Our next question. Danniela Eiger, sell-side analyst of XP in Portuguese.

[解讀]我們的下一個問題。 XP 的葡萄牙語賣方分析師 Danniela Eiger。

[Interpreted] I have a number of questions. One would be an update of deleveraging. This quarter you were slightly above 2x. And I believe that you wanted to reach 1x by the end of the year and to remain in the breakeven point [after] 2024. I would like to understand if this is your target, if you're on track, and if it makes sense to maintain this goal?

[已翻譯] 我有很多問題。一個是去槓桿化的更新。本季度您略高於 2 倍。我相信你想在年底前達到 1 倍，並在 2024 年 [之後] 保持在盈虧平衡點。我想了解這是否是你的目標，你是否在正軌上，它是否有意義維持這個目標？

Two, I want to understand how you see the discount side because it continues driving your bottom line. Therefore, I would like to understand if you are discussing with Casino to review this business as you did with James, but I would like to understand what you think regarding this operation because it has consistently pressured your results?

第二，我想了解您如何看待折扣方面，因為它會繼續推動您的底線。因此，我想了解您是否像與 James 一樣與 Casino 討論審查這項業務，但我想了解您對這項操作的看法，因為它一直對您的結果造成壓力？

And last question would be an update regarding labor contingencies. You mentioned this and I believe that this was connected to the hyper layoffs. I don't know where these contingencies come from. And what can we expect in the future?

最後一個問題是關於勞工突發事件的更新。你提到了這一點，我相信這與超級裁員有關。我不知道這些突發事件是從哪裡來的。未來我們可以期待什麼？

[Interpreted] Danniela, I am going to respond sales discount and Guillaume will answer the other point. Well, sales discount, this is a constant matter of discussion amongst us and Casino. We do understand that we are on the right path to unlock value to our shareholders. This started -- that was the spinoff of Assai, the exit of hypermarkets. And now with Grupo Exito, we believe that we're on the right path and that we will find the solution to unlock the value, including here sales discount. We have nothing solid that I can disclose right now, but there is no doubt this is something that we're constantly talking about, and we do see an opportunity to unlock this value. And when we do it, we will improve the GPA results. Guillaume.

[翻譯] Danniela，我要回答銷售折扣問題，Guillaume 會回答另一點。嗯，銷售折扣，這是我們和 Casino 之間經常討論的問題。我們確實明白，我們正走在為股東釋放價值的正確道路上。這開始了——那是 Assai 的分拆，大型超市的退出。現在有了 Grupo Exito，我們相信我們走在正確的道路上，我們將找到釋放價值的解決方案，包括這裡的銷售折扣。我們現在沒有什麼可以透露的，但毫無疑問，這是我們一直在談論的事情，我們確實看到了釋放這一價值的機會。當我們這樣做時，我們將提高 GPA 結果。紀堯姆。

[Interpreted] Now regarding our deleveraging point. We continue with the same prospects. Regarding drops, I shared this during the last call. And I would like to remind you which are our initiatives in order to reduce our leverage level this year. #1, it would be the dividend proposal that was carried out by Exito that will generate a cash-in of approximately BRL230 million. #2, well, these are operating initiatives to improve the generation of our operating cash flow that come from the improvement of the EBITDA margin, the reduction of inventory from 2, 3, 5 days, also monetization of fiscal credits. We have BRL9 billion of fiscal credits in our balance; BRL2.2 billion of PIS, COFINS; and BRL0.8 billion of ICMS. We also -- there are also initiatives to sell assets, mainly real estate assets and nonstrategic business like gas stations; and at last our share -- our remaining share in Grupo Exito after a spinoff of 13%. So, yes, we do continue with the prospect of lowering our leverage level for Q1. We are affected by a seasonal effect that would be payment to our suppliers regarding Q4. And this creates a slight deterioration on Q4. But by the end of 2023, our perspective is to lower our debt.

[解讀]現在關於我們的去槓桿點。我們繼續相同的前景。關於掉落，我在上次通話中分享了這一點。我想提醒您，我們今年採取了哪些舉措來降低杠桿水平。 #1，Exito 執行的股息提議將產生大約 2.3 億雷亞爾的現金收入。 #2，好吧，這些是改善我們經營現金流產生的經營舉措，這些經營現金流來自 EBITDA 利潤率的提高，庫存從 2、3、5 天減少，以及財政信貸貨幣化。我們的餘額中有 90 億雷亞爾的財政信貸； PIS、COFINS 22 億雷亞爾；和 8 億雷亞爾的 ICMS。我們也有出售資產的舉措，主要是房地產資產和加油站等非戰略性業務；最後是我們的股份——我們在 Grupo Exito 分拆 13% 後的剩餘股份。所以，是的，我們確實繼續降低第一季度槓桿水平的前景。我們受到季節性影響，即第四季度向我們的供應商付款。這導致第四季度略有惡化。但到 2023 年底，我們的目標是降低債務。

Now regarding the labor contingencies. It's important to remember that on 2022, we faced many labor continues because of 2 factors: 1 was the closing of the hypermarkets; and 2, the law changes, in May, the labor law was changed. Therefore, the plaintiff doesn't have to pay for the cost. Now what we can say is that this peak of entry was in May and June, and now we can see a strong drop of these lawsuits. And now we are also observing the amount of labor lawsuits that have dropped significantly, thanks to the agreement policies that we have. So this would be it.

現在關於勞工突發事件。重要的是要記住，在 2022 年，由於 2 個因素，我們面臨許多勞動力繼續存在：1 是大賣場關閉； 2、法律變更，5月，勞動法變更。因此，原告無須支付該費用。現在我們可以說的是，這個進入的高峰期是在五六月份，現在我們可以看到這些訴訟的大幅下降。現在，由於我們的協議政策，我們還觀察到勞動訴訟的數量已顯著下降。所以就是這樣。

[Interpreted] Our next question from Andrew Ruben, sell-side analyst from Morgan Stanley, in English. So we'll go to the next question until he fixes his microphone problem. Our next question from Joseph Giordano, sell-side analyst from JPMorgan.

[解讀]我們的下一個問題來自摩根士丹利的賣方分析師安德魯·魯本，英文版。所以我們轉到下一個問題，直到他解決他的麥克風問題。我們的下一個問題來自摩根大通的賣方分析師 Joseph Giordano。

[Interpreted] These are 2 simple questions. #1 would be to better understand the ICMS liability regarding the electricity bill. I wanted to know if 100% has already been provisioned. And I would like to understand of liabilities regarding the ICMS. You were talking about BRL5.5 million. What is the magnitude of this? And we see the occupation costs of the company when we eliminate the extra store, it seems high. When we see the payment of leasing is 4%, 5% of your revenue, I would like to know if there is some legacy payments regarding the extra operations. And at last now, thinking about innovation, you spoke about e-commerce. I would like to understand how -- if you're thinking about exclusivity contracts with platforms like we see with Exito Colombia.

[解釋]這是2個簡單的問題。 #1 是更好地了解 ICMS 在電費方面的責任。我想知道是否已配置 100%。我想了解有關 ICMS 的責任。你說的是 550 萬雷亞爾。這有多大？而且我們在剔除多餘門店的情況下，看到公司的佔用成本，似乎很高。當我們看到租賃付款是你們收入的 4%、5% 時，我想知道是否有一些關於額外操作的遺留付款。最後，關於創新，您談到了電子商務。我想了解如何——如果你正在考慮與我們在 Exito Colombia 看到的平台簽訂獨家合同。

[Interpreted] Now regarding the ICMS, yes, 100% of the contingency was provisioned. These are past lawsuits before 2010 because after -- these are processes be for 2010. So this has already been provisioned. Now regarding the cost of occupation and 4.5%. There is no extra effect. It is highly connected of inflation and the valuation of leasings. Therefore, this is a revenue that grows below inflation, and this is why you can see this increase. Interpreted Now regarding the e-commerce, the answer regarding innovations during the next 2 years, our focus will be on 2, 3 points. Regarding digitization, one would be to increase sales in a profitable way. This is to increase the penetration, providing a better experience to our customer and also improving the experience of the store like pickers and delivery process because we don't want to see friction in these processes.

[解釋] 現在關於 ICMS，是的，已提供 100% 的應急費用。這些是 2010 年之前的過去訴訟，因為之後——這些是 2010 年的流程。所以這已經準備好了。現在關於佔用成本和4.5%。沒有額外的效果。它與通貨膨脹和租賃估值密切相關。因此，這是一項低於通貨膨脹的收入增長，這就是為什麼你可以看到這種增長。解讀 現在關於電子商務，關於未來2年創新的答案，我們的重點將放在2、3點上。關於數字化，一種方法是以有利可圖的方式增加銷售額。這是為了提高滲透率，為我們的客戶提供更好的體驗，並改善商店的體驗，例如揀貨員和交付流程，因為我們不希望在這些流程中看到摩擦。

Point #2 regarding customization, everything regarding CRM. We are making progress with CDP, customer data platform. So because we want to pull out of a CRM model that is a generalized context that is all the same for every -- and we want an intelligent bespoke model focused on the existing customer base, and we have over 30 million customers. And within this context, we can harness, and we can be more optimized in terms of the investment and the return over investment. Therefore, we will diminish this.

關於定制的第 2 點，關於 CRM 的一切。我們在客戶數據平台 CDP 方面取得了進展。因此，因為我們想要退出一個 CRM 模型，該模型是一個通用的上下文，對每個人來說都是一樣的——我們想要一個專注於現有客戶群的智能定制模型，我們有超過 3000 萬客戶。在這種情況下，我們可以利用，我們可以在投資和投資回報方面進行更優化。因此，我們將減少這一點。

Point #3, and when you talk about exclusiveness, well, this is not our model. We are not going to work toward exclusiveness. We believe that customers have to be able to access Pao when, where, whenever they want and how they want. Therefore, we have to strengthen. And here, yes, this is part of our strategy. We want to strengthen our app. Now the good news is that 70% of all of our purchases come from app. And this is a great contact hub for all the multichannel contacts that we have with our customers. Now regarding last mile's partners, we do see opportunities, and this has materialized. And if you can offer and if you can be a positive reference of food retail in these platforms, well, yes, we do see an opportunity of sales growth in them. So within this context, we don't need any exclusiveness with any of them.

第三點，當你談到排他性時，嗯，這不是我們的模式。我們不會致力於排他性。我們相信客戶必須能夠隨時隨地以他們想要的方式訪問 Pao。所以，我們要加強。在這裡，是的，這是我們戰略的一部分。我們想加強我們的應用程序。現在好消息是，我們 70% 的購買都來自應用程序。這是我們與客戶之間所有多渠道聯繫的絕佳聯絡中心。現在關於最後一英里的合作夥伴，我們確實看到了機會，而且已經實現了。如果你能提供這些平台上的食品零售，如果你能成為食品零售的積極參考，那麼，是的，我們確實看到了它們的銷售增長機會。因此，在這種情況下，我們不需要對它們中的任何一個有任何排他性。

[Interpreted] Our next question from Joao Pedro Soares, Citi, sell-side analyst.

[解讀]我們的下一個問題來自花旗的賣方分析師 Joao Pedro Soares。

[Interpreted] I have 2 questions. One would be the follow-up regarding your gross margin. I would like to understand the competitive context. Even though it's clear the initiatives that you are pursuing are based in assortment, service improvement, nonetheless, it's important to understand the timing of the improvement of gross margin. When you can offer a more premium price and have this resiliency, so this doesn't affect your gross margin? I don't know if my question is clear.

[已解釋] 我有 2 個問題。一個是關於您的毛利率的後續行動。我想了解競爭環境。儘管很明顯您所追求的舉措是基於產品組合和服務改進，但了解毛利率提高的時機很重要。當您可以提供更高的價格並具有這種彈性時，這不會影響您的毛利率？我不知道我的問題是否清楚。

And Point #2 would be, I know that it's difficult, Guillaume, I know that there are many initiatives of asset monetization. And naturally, there are effects that perhaps depend -- I mean, there's not a clear timing, but it's important to understand the company's capacity to generate cash. And the cost of occupation is high. As [Joseph] just mentioned. So although there is an improvement in the EBITDA margin, I want to see the cash generation. So what can you share with us regarding organic cash generation?

第二點是，我知道這很困難，Guillaume，我知道有很多資產貨幣化的舉措。當然，有些影響可能取決於——我的意思是，沒有明確的時間，但了解公司產生現金的能力很重要。而且佔用成本高。正如[約瑟夫]剛才提到的。因此，儘管 EBITDA 利潤率有所改善，但我希望看到現金產生。那麼關於有機現金生成，您能與我們分享什麼？

[Interpreted] Well, when you speak about gross margin, I will answer that question. Well, it's important to look upon gross margin based on 3 pillars: your relationship with vendors; secondly, your pricing strategy; and thirdly, the issue of markdown. When we're looking at suppliers, as I mentioned formerly, we are undergoing a process after the discontinuance of Extra to come closer to the supplier based on a new business model. And this will be based on proximity markets and multichannel sales. The work is being done under the leadership of Joaquim and the commercial team. And when it comes to category strategy, it is extremely important to offer the customer an ideal assortment, taking into account the size of the store.

[解讀]好吧，當你談到毛利率時，我會回答這個問題。那麼，根據 3 個支柱來看待毛利率很重要：您與供應商的關係；其次，你的定價策略；第三，降價問題。當我們在尋找供應商時，正如我之前提到的，我們正在經歷一個過程，在 Extra 停產後，我們正在根據新的商業模式更接近供應商。這將基於鄰近市場和多渠道銷售。這項工作是在 Joaquim 和商業團隊的領導下完成的。在品類策略方面，考慮到商店的規模，為客戶提供理想的分類是極其重要的。

We're working on clustering of stores, and through this store clustering, thinking of the size of stores, of space, creating plants, and then offering a proposal differently from what was being done. We're focusing on the reference products, those products that we call [never be better], although our value proposition is focused on premium banners, Minuto Pao de Acucar and Pao de Acucar, although we are rebuilding the stores so that they can be a benchmark in food retail in Brazil. We know that we can't be far away from some products that the customer wants, regardless of their social bracket and price benchmark. We're referring to 250, 300 products that we monitor very closely.

我們正在研究商店的集群，並通過這種商店集群，考慮商店的大小、空間、創建植物，然後提供與正在做的不同的建議。我們專注於參考產品，那些我們稱之為 [永遠更好] 的產品，儘管我們的價值主張專注於優質橫幅，Minuto Pao de Acucar 和 Pao de Acucar，儘管我們正在重建商店以便它們可以巴西食品零售業的標杆。我們知道，無論客戶的社會階層和價格基準如何，我們都離不開客戶想要的一些產品。我們指的是我們密切監控的 250、300 種產品。

Now how are we working differently? You don't work on the entire category. You work on the reference prices and recompose the margin for the rest of the category. This is very important. Secondly, the increase in penetration of perishables, which also aid and abet us in improving the recurrence of visits, loyalty of customers, and enhancing gross margin because perishables naturally offer a better gross margin. And finally, the work that we have mentioned frequently today, a very relevant tireless work in the reduction of inventory. We're doing this. We have made significant strides, and it's important to reduce our capital costs, increase turnover, and as a result, of course, also reduce investments that are being made presently in markdowns and breakages because we still are faced with a surplus stock.

現在我們的工作方式有何不同？您無需處理整個類別。您處理參考價格並為該類別的其餘部分重新安排利潤。這個非常重要。其次，易腐品滲透率的提高，這也有助於和促進我們提高訪問頻率、客戶忠誠度並提高毛利率，因為易腐品自然會提供更好的毛利率。最後，我們今天經常提到的工作，這是一項非常相關的不懈工作，在減少庫存方面。我們正在這樣做。我們已經取得了重大進展，重要的是要降低我們的資本成本，增加營業額，因此，當然，還要減少目前在降價和破損方面的投資，因為我們仍然面臨著過剩的庫存。

We're working towards adapting to this new business model with great speed. It is through these 3 points that we will attain the improvement expected. Once again, I think that we attained the trough in the fourth quarter. What we see in the first quarter is an improvement upon the fourth quarter, and this should continue in the coming quarters.

我們正在努力以極快的速度適應這種新的商業模式。通過這3點，我們將達到預期的改善。再一次，我認為我們在第四季度達到了低谷。我們在第一季度看到的情況比第四季度有所改善，這種情況應該會在未來幾個季度繼續下去。

[Interpreted] Joao, regarding your question about an organic cash generation. I'm going to speak about the operating cash generation. We're working with a cash breakeven for 2023. To have 3 different impacts going forward: an improvement in our EBITDA; a reduction of inventory, as mentioned by Marcelo, we are between 3 to 5 days of reduction in inventory; and third, the monetization of our main tax credits, especially PIS, COFINS, and ICMS. These are the levers that will enable us to reach a cash breakeven for the Brazilian perimeter this year.

[解釋] Joao，關於你關於有機現金生成的問題。我要談談經營現金的產生。我們正在努力實現 2023 年的現金收支平衡。未來將產生 3 種不同的影響：EBITDA 的改善；減少庫存，正如 Marcelo 提到的，我們的庫存減少了 3 到 5 天；第三，我們主要稅收抵免的貨幣化，尤其是 PIS、COFINS 和 ICMS。這些槓桿將使我們能夠在今年實現巴西周邊的現金收支平衡。

[Interpreted] The next question is from [Thales Piazza], a sell-side analyst in Portuguese.

[解讀]下一個問題來自葡萄牙語的賣方分析師[Thales Piazza]。

[Interpreted] Marcelo, Guillaume, I have 2. Which has been the same-store sales performance per banner in this first quarter vis-a-vis the dynamic of competition of Pao de Acucar in areas where you have the super position of Natural da Terra? Have you seen more favorable sales?

[解讀] Marcelo，Guillaume，我有 2。這是第一季度每個橫幅的同店銷售業績，相對於 Pao de Acucar 在您擁有 Natural da 超級地位的地區的競爭動態泰拉？你見過更優惠的銷量嗎？

[Interpreted] [Thales], of course, we cannot break down too many details regarding the first quarter. What I can say is that we continue to observe growth in sales and evolution in the month of February, especially in the second fortnight because of Carnival. We had a good month in some areas, in some regions, but somewhat harsher in the region of Sao Paulo and the coastal areas we had a problem with rainfall, and we had heavy rainfall in Sao Paulo during Carnival as well. It could have been better in our opinion. But as a counterpart to this, we have observed highlights, especially in the Rio de Janeiro market because of the operational enhancements and the work that has been carried out. We're extremely interested in the Rio de Janeiro market. This is a strong brand for both banners for the Extra market, for Pao de Acucar, and we could, of course, benefit from a reality in which the Hortifruti may be undergoing some problems -- Natural da Terra.

[解讀][泰雷茲]，當然，關於第一季度，我們不能分解太多細節。我能說的是，我們繼續觀察 2 月份的銷售增長和演變，尤其是在狂歡節的第二個兩週。我們在某些地區、某些地區度過了一個美好的月份，但在聖保羅地區和沿海地區，我們遇到了降雨問題，在狂歡節期間我們在聖保羅也遇到了強降雨。我們認為它本來可以更好。但與此相對應的是，我們觀察到了一些亮點，尤其是在里約熱內盧市場，因為運營方面的改進和已經開展的工作。我們對里約熱內盧市場非常感興趣。對於 Extra 市場和 Pao de Acucar 的兩個橫幅來說，這是一個強大的品牌，當然，我們可以從 Hortifruti 可能遇到一些問題的現實中受益——Natural da Terra。

[Interpreted] Our next question is from Irma Sgarz, a sell side analyst from Goldman Sachs.

[解讀]我們的下一個問題來自高盛的賣方分析師 Irma Sgarz。

[Interpreted] I have 2 questions. One on same-store sales. Of course, although it has improved after the third quarter, it is still below the inflation for food. And of course, you mentioned this when speaking about gross margin. What is it that you foresee in terms of price and volume? I understand you made a remark on the clusterization and enhancement in assortment and partnership with suppliers. And of course, this should have an impact on the level of promotions. What still draws attention is that in a more premium format, you're not able to pass over price. If I could better understand that same-store sales dynamic below the inflation and what we should expect in the coming months, if you would have to break down the effects that are leading to this growth below inflation, which would be the main drivers?

[已解釋] 我有 2 個問題。一個關於同店銷售。當然，雖然三季度後有所好轉，但仍低於食品的通脹水平。當然，您在談到毛利率時提到了這一點。您對價格和數量的預測是什麼？我了解到您談到了與供應商的分類和合作夥伴關係的集群化和增強。當然，這應該會對晉升水平產生影響。仍然引起注意的是，在更高級的格式中，您無法忽略價格。如果我能更好地理解低於通貨膨脹率的同店銷售動態以及我們在未來幾個月應該期待什麼，如果你必須分解導致這種低於通貨膨脹率的增長的影響，那麼主要驅動因素是什麼？

My second question is on the G7 format, which is the percentage of sales in actuality, the percentage of stores that have been refurbished? And by looking at my notes, we have been speaking about the G7 format for the last 5 years. Normally, the retail market renews its formats every 5 to 7 years. I would like to understand if you're already thinking about a new format or if in some markets, you require an innovation besides the G7 format, perhaps opting for the G9 format, which you have already mentioned. If this will become necessary to take that additional step?

我的第二個問題是關於G7格式，實際銷售的百分比，翻新商店的百分比？通過查看我的筆記，我們在過去 5 年中一直在談論 G7 格式。通常，零售市場每 5 到 7 年更新一次其格式。我想了解您是否已經在考慮一種新格式，或者在某些市場中，您是否需要 G7 格式之外的創新，也許選擇您已經提到的 G9 格式。如果這將有必要採取額外的步驟？

[Interpreted] When it comes to same-store sales. We still have some impacts, and it is important to understand the value proposition that we're working on very strongly to once again regain our premium customers, something that we have to go back to doing that we have begun to do, and the NPS is proof of that, is a value proposition, especially for Pao de Acucar, of becoming a premium food retail for Brazil. Now in that context, there is a transition, of course, we're reinforcing this. This year, we began investing in the top 30 stores, as we call them. This model has been very positive. They represent 7% above the average sales on average, 1 EBITDA point above the average, and were now moving on towards the top 50 stores.

[解讀]說到同店銷售。我們仍然有一些影響，重要的是要了解我們正在非常努力地再次重新獲得我們的優質客戶的價值主張，我們必須回去做我們已經開始做的事情，以及 NPS證明了這一點，這是一個價值主張，尤其是對 Pao de Acucar 來說，成為巴西的優質食品零售店。現在在這種情況下，有一個過渡，當然，我們正在加強這一點。今年，我們開始投資排名前 30 的商店，我們稱之為。這種模式非常積極。它們的平均銷售額比平均銷售額高 7%，比平均水平高 1 個 EBITDA 點，現在正在向前 50 家商店邁進。

We have that expansion until the end of March. We're working on a model that we call the premium [circuit] representing the 15 most premium stores in the organization, further expanding our value proposition, not only for the brick-and-mortar store, reinforcing the brick-and-mortar store, working on the food hall concept, where we offer ready-to-eat, ready-to-go concept with greater volumes than we used to have and strengthening the presence of perishables, coffee, pizzas, hamburgers, pasta. We're moving towards new services for our customers.

我們的擴張一直持續到三月底。我們正在研究一個模型，我們稱之為優質 [circuit] 代表組織中 15 家最優質的商店，進一步擴展我們的價值主張，不僅針對實體店，加強實體店，致力於食品大廳的概念，在這裡我們提供比以往更大容量的即食、即食概念，並加強易腐食品、咖啡、比薩餅、漢堡包、意大利面的存在。我們正在為我們的客戶提供新的服務。

Despite all of this, an important point, and here we have to be convinced of the work we're doing without shortening anything. We truly have to bring back our customers and the vision of customer -- our premium customers, so they return to the Pao de Acucar stores. And, of course, enjoy the premium value proposition that had suffered a deterioration. Very shortly, we will have news for you regarding an upgrade in the Mais program with a segmentation of customers, a segmentation in our customer standards to further engage these customers, a value proposition of the Pao de Acucar card, strengthening and awarding consumption in store, not only awarding those that consume outside of the Pao de Acucar. This is something we changed in the last quarter and beginning of this quarter to make sure that it will be worthwhile buying with the Pao de Acucar card, especially buying on the site, and in Pao de Acucar we have seen an increase of the card share within our stores, which is very important and strengthening our proximity strategy.

儘管如此，重要的一點是，我們必須在不縮短任何內容的情況下確信我們正在做的工作。我們真的必須帶回我們的客戶和客戶的願景——我們的優質客戶，讓他們回到 Pao de Acucar 商店。當然，享受已經惡化的優質價值主張。很快，我們將為您帶來有關 Mais 計劃升級的消息，包括客戶細分、我們的客戶標準細分以進一步吸引這些客戶、Pao de Acucar 卡的價值主張、加強和獎勵店內消費，不僅獎勵那些在 Pao de Acucar 之外消費的人。這是我們在上個季度和本季度初更改的內容，以確保使用 Pao de Acucar 卡購買物有所值，尤其是在網站上購買，在 Pao de Acucar 中，我們看到卡份額有所增加在我們的商店內，這非常重要並加強了我們的鄰近戰略。

We have observed a growth -- a tepid growth perhaps but a constant growth quarter-on-quarter in supermarkets, and we see a double-digit growth in the proximity stores. And what we observe is a more aggressive growth in the Extra banner supermarket. They're more sensitive to prices, and this is where we have worked with a commercial and operational partnership with a very strong return. We still have to work with a Compre Bem banner. We carried out a test at the end of last year, beginning of this year of changing for Compre Bem supermarkets in the coast of Sao Paulo to Extra stores. We need more time to prove our thesis here. Perhaps we can bring together that banner and strengthen the banner Extra. But for the Pao de Acucar value proposition, we have to stick to our strategy, although growth has not appeared at the speed that we wished it would. Interpreted Regarding G7, I do understand your point. But here I do not want to create distractions in the organization to stop what they're doing to create a new model. The G7 model, well, it has proved to be a winning model. They were carrying out a number of adjustments together with the commercial team, the store concept team, and they are broadening the presence of perishable goods in the store. They're gaining more -- they're more notorious. This is not a moment to launch a new store model while we still have 40% to do. We're going to conclude what we have. We will strengthen our current model. And well, we can think about a new model as soon as this is necessary. But we believe that this will not be necessary for the time being.

我們觀察到增長——也許增長不溫不火，但超市的季度環比增長持續增長，我們看到鄰近商店實現了兩位數的增長。我們觀察到 Extra banner 超市的增長更為迅猛。他們對價格更敏感，這就是我們與商業和運營合作夥伴合作並獲得非常豐厚回報的地方。我們仍然需要使用 Compre Bem 橫幅。我們在去年年底，今年年初進行了一個測試，將聖保羅海岸的 Compre Bem 超市改為 Extra 商店。我們需要更多時間來證明我們的論點。或許我們可以把那面旗幟聚集起來，加強旗幟Extra。但對於 Pao de Acucar 的價值主張，我們必須堅持我們的戰略，儘管增長速度並未達到我們希望的速度。解釋關於G7，我明白你的意思。但在這裡，我不想在組織中製造干擾，以阻止他們為創建新模型所做的工作。 G7 模型，嗯，它已被證明是一個成功的模型。他們與商業團隊、商店概念團隊一起進行了多項調整，並擴大了商店中易腐爛商品的展示範圍。他們得到了更多——他們更加臭名昭著。現在不是推出新商店模式的時候，我們還有 40% 的工作要做。我們將得出結論。我們將加強我們目前的模式。好吧，只要有必要，我們就可以考慮一個新模型。但我們認為暫時沒有必要這樣做。

[Interpreted] But can you tell me how much of your sales, your G7, is accountable for?

[解讀] 但是你能告訴我你的銷售額，你的 G7 佔了多少嗎？

[Interpreted] Up to 60% -- almost 70%. Yes. And we expect 100% until the end of the year, 60% of sales.

[解釋] 高達 60%——幾乎是 70%。是的。我們預計 100% 到今年年底，銷售額的 60%。

[Interpreted] The next question from Iago Souza, sell side analyst from Genial Investimentos in Portuguese.

[解釋] Iago Souza 的下一個問題，Genial Investimentos 的賣方分析師（葡萄牙語）。

[Interpreted] I would like to explore your perspective for Easter. With the events of Americanas in Q1, do you see that there is an opportunity to capture more share during this year? And what are your prospects for this year, if you could give us some flavor regarding this number? And thinking about margin, how do you intend to work on Easter?

[解讀] 我想探討一下您對複活節的看法。隨著第一季度美洲的事件，您是否認為今年有機會獲得更多份額？如果你能給我們一些關於這個數字的信息，你今年的前景如何？考慮到保證金，你打算如何在復活節工作？

[Interpreted] Well, Easter, I would say that you have a point. We've discussed this strongly since the World Cup, we have discussed a lot the theme of seasonality, how the consumer's behavior has adapted to the seasonality. What we observed during the World Cup wasn't the update that we expected because of the proximity to Black Friday, seasonality because of Christmas, and what we see more is a leveling field in terms of seasonality, 30 days before the event. Now obviously, you always have the last 10 days that represent a greater impact.

[解讀]好吧，復活節，我想說你說得有道理。自世界杯以來，我們就對此進行了激烈的討論，我們討論了很多季節性主題，即消費者的行為如何適應季節性。我們在世界杯期間觀察到的更新並不是我們預期的更新，因為接近黑色星期五，由於聖誕節的季節性，我們更多地看到的是在事件發生前 30 天的季節性方面的水平場。現在很明顯，你總是有最後 10 天代表更大的影響。

Now in this sense, well, we are preparing ourselves for early Easter that will start in the month of March. All our preparation is being carried out together with the chocolate industries. Everything regarding fish products that is a great strength of Pao de Acucar and, obviously, fresh fish and also codfish where we already have everything planned for the entire month. And this will provide us the opportunity not to guarantee not only to capture the seasonality, not only exclusively depending on the last 10 days that come before the event, but also to better level our margin because as you're able to sell more during the preseason, obviously, you pull out of the seasonality with lower volume, with a less need of marking down prices.

從這個意義上說，我們正在為 3 月份開始的複活節提前做準備。我們所有的準備工作都是與巧克力行業一起進行的。與魚產品有關的一切都是 Pao de Acucar 的強項，當然還有鮮魚和鱈魚，我們已經為整個月計劃好了一切。這將為我們提供機會，不僅可以保證捕捉季節性，不僅完全取決於活動前的最後 10 天，而且還可以更好地平衡我們的利潤率，因為您可以在活動期間銷售更多商品季前賽，顯然，你以較低的銷量退出了季節性，也不太需要降價。

Now speaking specifically about Easter this year, what we are doing together with the industry, yes, we have been able to acquire additional volume than what traditionally we have closely followed the industry. Now everything regarding chocolates, chocolate bars, everything connected to that category as a whole has surprised us positively. Yesterday, we were seeing these numbers, for example, candies have grown by double digits, something surprising. And this is because of the adjustments that we carried out on the G7 stores. We put all the sweets in the front. This is, of course, close to the [PDVs], the last point of contact where the customer -- where the impulse purchase takes place, and we've seen a positive response in sales and in margins for this category.

現在具體談談今年的複活節，我們與行業一起做的事情，是的，我們已經能夠獲得比傳統上密切關注該行業的更多數量。現在，關於巧克力、巧克力棒以及與該類別相關的所有事物作為一個整體都讓我們感到驚喜。昨天，我們看到了這些數字，例如，糖果以兩位數的速度增長，這令人驚訝。這是因為我們對 G7 商店進行了調整。我們把所有的糖果放在前面。當然，這接近 [PDV]，這是客戶的最後接觸點 - 衝動購買發生的地方，我們已經看到該類別的銷售和利潤率得到積極響應。

So yes, stores are being prepared now during the first week of o March. And for the first time, we are going to carry out encompassing test in the proximity stores. Traditionally, we don't explore the proximity stores because of physical space during Easter, and we do believe that here we can offer a more reduced assortment, but more relevant in these stores, and we're going to carry out this test this year, and we want to be positively surprised due to the work and the engagement of the entire team.

所以是的，商店現在正在 3 月的第一周準備。並且我們將首次在鄰近商店中進行包容性測試。傳統上，由於復活節期間的物理空間，我們不會探索臨近商店，我們確實相信在這裡我們可以提供更少的品種，但與這些商店更相關，我們將在今年進行這項測試，我們希望對整個團隊的工作和參與感到驚喜。

[Interpreted] Our Q&A session has come to an end. And now I would like to hand it over back to Marcelo Pimentel for his final remarks.

[已翻譯] 我們的問答環節到此結束。現在我想把它交還給 Marcelo Pimentel，請他發表最後的評論。

[Interpreted] Thank you very much. I thank you once again for participating. I would like to [stress] that I'm reassured with all the progress carried out last year. We are aligned with the turnaround process that we started in April. We've recorded important progress like the recovery of growth, our EBITDA has also improved. The expansion plan and the commitment of opening over 100 stores this year, in addition to the digital growth will surpass double digits. There is a lot to do still there is no doubt. Nonetheless, we are committed to continue developing our strategy to recover the GPA that we want to be a supermarket company, a reference in the [C and] premium segment with a sustainable model. We've worked with discipline to overcome obstacles. And I am sure that we're on the right path. I would also like to thank the dedication of all the team that has been extremely important for our evolution process within GPA. Thank you very much, and have an excellent day.

[翻譯]非常感謝。再次感謝您的參與。我想[強調]我對去年取得的所有進展感到放心。我們與 4 月份開始的周轉過程保持一致。我們取得了重要進展，例如恢復增長，我們的 EBITDA 也有所改善。擴張計劃和今年開設 100 多家門店的承諾，以及數字增長將超過兩位數。毫無疑問，還有很多事情要做。儘管如此，我們致力於繼續制定我們的戰略，以恢復我們希望成為一家超市公司的 GPA，這是具有可持續發展模式的 [C 和] 高端細分市場的參考。我們以紀律工作來克服障礙。我確信我們走在正確的道路上。我還要感謝所有團隊的奉獻精神，他們對我們在 GPA 內的發展過程極為重要。非常感謝，祝你有美好的一天。

Our video conference call has come to an end. The Investor Relations department is at your disposal to answer any further questions. Thank you very much to all participants and have a very good day.

我們的視頻電話會議結束了。投資者關係部隨時為您解答任何進一步的問題。非常感謝所有參與者，祝大家度過愉快的一天。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[現場通話中的口譯員用英語對這份成績單進行了陳述。]