Almacenes Exito SA (EXTO) 2023 Q2 法說會逐字稿

(technical difficulty)

（技術難度）

second quarter 2023 results. Please note that this conference is being recorded. We highlight that the information contained in this presentation and any statements to be made during the call regarding Exito's business outlook, projections and operating and financial targets as well as information currently available are the company's management beliefs and assumptions.

2023 年第二季業績。請注意，本次會議正在錄製中。我們強調，本簡報中包含的資訊以及電話會議期間有關 Exito 的業務前景、預測、營運和財務目標以及當前可用資訊的任何聲明都是該公司的管理層信念和假設。

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions and other operating factors may affect Exito's future performance and lead to results that differ materially from those expressed in such forward-looking statements. (Operator Instructions)

前瞻性陳述並不保證業績。它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於可能發生或可能不會發生的情況。投資者應了解，總體經濟狀況、市場狀況和其他營運因素可能會影響 Exito 的未來業績，並導致結果與此類前瞻性聲明中表達的結果有重大差異。 （操作員說明）

I'm pleased to present our CEO, Mr. Carlos Mario Giraldo; and CFO, Mrs. Ivonne Windmueller.

我很高興向您介紹我們的執行長卡洛斯·馬裡奧·吉拉爾多 (Carlos Mario Giraldo) 先生；財務長 Ivonne Windmueller 女士。

Please move now to Slide #3 to see the agenda. We will cover Grupo Exito’s DR listing process, the update on ESG strategy, quarterly highlights, financial performance and conclusions. Recall, we conclude with the Q&A session in which all participants can raise their hands to ask questions or sell them through the chat available at the bottom of the screen. In any case, please indicate your full name and company's name. Thank you for your attention.

現在請移至第 3 張投影片查看議程。我們將介紹 Grupo Exito 的 DR 上市流程、ESG 策略更新、季度亮點、財務表現和結論。回想一下，我們以問答環節結束，所有參與者都可以舉手提問或透過螢幕底部的聊天視窗進行推銷。無論如何，請註明您的全名和公司名稱。感謝您的關注。

I will now turn the call over to Mr. Carlos Mario Giraldo.

我現在將把電話轉給卡洛斯·馬裡奧·吉拉爾多先生。

Thank you, Maria. I want to give a welcome to all of you to this reporting of our second quarter results. If we go to Slide #5, we will make a reminder of the Exito listing process and -- which is the spin-off of Exito from GPA. As a reminder, this means that distribution of GPAs 86% shares out of the near to 97% share that it has in Mexico, distributing it to its shareholders through ADRs and BDRs and increasing the float of Exito to near 53% and its shareholder base by near to 250,000 shareholders. This will drive a potential unlocking of Exito share plan.

謝謝你，瑪麗亞。我想歡迎大家閱讀我們第二季的業績報告。如果我們轉到第 5 張投影片，我們將提醒您 Exito 上市流程，以及—這是 Exito 從 GPA 中分拆出來的產品。提醒一下，這意味著將 GPA 分配其在墨西哥近 97% 的股份中的 86%，透過 ADR 和 BDR 分配給股東，並將 Exito 的流通量增加至近 53% 及其股東基礎近25萬名股東。這將推動 Exito 股票計劃的潛在解鎖。

The listing update is as follows. The BDR and ADR filings are already approved by the regulators in Brazil and the U.S., we are pending the approval by the Colombian regulator and registration in Deceval, the Central Securities deposit in Colombia. That transaction completion tour test, it would be in the second half of the month of August according with the calculations that we have been able to make.

列表更新如下。 BDR 和 ADR 備案已獲得巴西和美國監管機構的批准，我們正在等待哥倫比亞監管機構的批准以及在哥倫比亞中央證券存款機構 Deceval 的註冊。根據我們的計算，交易完成巡迴測試將在8月下半月進行。

If we go to Slide #7, I will come back to our ESG initiatives development. These are the main highlights. As always, we make a big focus in children nutrition. We got during this first half to near to 60,000 complementary packages for children complementing the work that the Instituto de Bienestar familiar does in Colombia. We imposed the last surface, which is our hydroponic solutions that are being placed in popular neighborhoods in the house and benefiting women-led households where Exito is making the complete commercialization. These are being made in places like comuna 13 in Medellín or Siloé in Cali, not only by Exito but by other institutions and always these products are being sold at Exito stores.

如果我們轉到幻燈片 #7，我將回到我們的 ESG 計劃的製定。這些是主要亮點。一如既往，我們非常關注兒童營養。今年上半年，我們為兒童提供了近 60,000 個補充包，以補充 Instituto de Bienestar 家庭在哥倫比亞所做的工作。我們強加了最後一個表面，即我們的水耕解決方案，它被放置在房屋內的受歡迎的社區中，並使以女性為主導的家庭受益，Exito 正在這些家庭中實現完全商業化。這些產品在麥德林的 comuna 13 或卡利的 Siloé 等地生產，不僅由 Exito 生產，還由其他機構生產，並且這些產品始終在 Exito 商店出售。

We had -- for the moment, 9,500 tons or precollection of recycling in our stores, 42% of our leadership positions are led by female and 92% of the fresh products that Exito sales are locally sourced, of them, 85% bought directly. I would like you to see that we are putting a link of an alliance that Exito is doing with Google to promote small farmers, giving them a technological improvement to improve their productivity. This is being done in the region of Uraba and in the regions in Santander for the moment.

目前，我們的商店有 9,500 噸或預先收集的回收品，42% 的領導職位由女性領導，Exito 銷售的生鮮產品 92% 是本地採購的，其中 85% 是直接購買的。我希望您看到我們正在放置 Exito 與 Google 建立的聯盟鏈接，以促進小農的發展，為他們提供技術改進以提高生產力。目前烏拉巴地區和桑坦德地區正在這樣做。

Going to Slide #9. We go to our financial and operational highlights for the second quarter. I will say we had a double-digit growth in comparable sales in the consolidated comparable sales of 12.4% and which is equal to high single-digit consolidated 8.5% growth in net revenue for this second quarter. Recurring EBITDA grew by 6.6% with a 7.7% margin, which is a margin better than the margin that we had in the first quarter with very important gross margin expansion. And despite the expense pressure that we are receiving out of salaries, utilities, occupation costs as most retailers and many companies are receiving not only in Colombia but in many other countries.

轉到幻燈片#9。讓我們來看看第二季的財務和營運亮點。我想說的是，我們的可比銷售額實現了兩位數的成長，綜合可比銷售額成長了 12.4%，這相當於第二季淨收入的個位數綜合高成長 8.5%。經常性 EBITDA 成長 6.6%，利潤率 7.7%，此利潤率高於第一季的利潤率，毛利率擴張非常重要。儘管我們在工資、公用事業、佔用成本方面面臨支出壓力，但大多數零售商和許多公司不僅在哥倫比亞而且在許多其他國家也面臨這種壓力。

Our net result was slightly negative for the quarter given the high interest rates in Colombia, the credit card provisions of TUYA and our spin-off expenses concentrated in the last 2 quarters. Our free cash flow came to COP 92,000 million. We registered a high historic omnichannel share in Colombia of 12.7%, driven by food home delivery. Our real estate consistent contribution continues to be a reality in this quarter, growing in the consolidated results by 17.8%, imposed by real estate in Colombia but also the real estate galleries in Argentina.

鑑於哥倫比亞的高利率、TUYA 的信用卡規定以及我們的分拆費用集中在過去兩個季度，我們本季度的淨結果略有負數。我們的自由現金流達到 920 億哥倫比亞比索。在送餐上門的推動下，我們在哥倫比亞的全通路份額達到了歷史最高水準 12.7%。我們的房地產持續貢獻在本季繼續成為現實，綜合業績成長了 17.8%，這得益於哥倫比亞的房地產以及阿根廷的房地產畫廊。

I would like to read what we can see there about corporate governance to be very precise. Casino Group stated in June 26 about the possibility of disposal of its assets in Latin America. And here, I relate specifically to Exito. And I do -- I read it exactly. GPA and Exito are assets that may be sold as part of the group's 3-year plan for sale of assets. And that on this stage, there are no milestones and no sale process of going for GPA, the only active project at the moment involving these 2 companies is the segregation of Exito’s and GPA’s business. I want to read this because, of course, what we have been communicating about this is everything that has been done through relevant public communication to the market.

我想了解我們在其中所看到的有關公司治理的非常準確的內容。卡西諾集團6月26日表示，有可能出售在拉丁美洲的資產。在這裡，我特別提到 Exito。我確實這麼做了——我完全讀懂了。 GPA 和 Exito 是可能作為集團 3 年資產出售計劃的一部分出售的資產。在這個階段，沒有里程碑，也沒有 GPA 的銷售流程，目前涉及這兩家公司的唯一活躍項目是 Exito 和 GPA 業務的分離。我想讀這篇文章是因為，當然，我們一直在溝通的內容是透過相關的公眾溝通向市場所做的一切。

Moving to Slide #11, we speak about that top line in the 3 countries and our consolidated sales. In Colombia, we had revenues growing by 4.2%, which in comparable basis, our sales growing at 9%. And this is comparable because in the basis, we had a non-VAT-very strong base with a net 5.54% impact. This full impact is in Exito format, which is the format that carries the products of nonfood, which are normal in the non-VAT days. It's important to make clear that non-VAT days are eliminated now from Colombia. And in this first half, we had the last 2 in the base. So no longer are we going to have the effect of non-VAT days in that base.

轉向幻燈片#11，我們談論這 3 個國家的營收以及我們的綜合銷售額。在哥倫比亞，我們的收入成長了 4.2%，在可比較基礎上，我們的銷售額成長了 9%。這是可比的，因為在基礎上，我們有一個非常強大的非增值稅基礎，淨影響為 5.54%。這種全面的影響是Exito格式，這是攜帶非食品產品的格式，這在非增值稅日是正常的。需要明確的是，哥倫比亞現在取消了非增值稅日。在上半場，我們把最後兩場比賽留在了基地。因此，我們將不再受到該基地非增值稅天數的影響。

Carulla had a 15.4% increase in sales out of a premium market, low elasticity to inflation and the contribution of the 10-minute delivery, a strong project that we have ongoing. Our Surtimayorista cash and carry had a growth of 13.6%, mainly out of expansion. And it's important to note, and this is very important that through an important effort that we have done to contribute to the Colombian consumer, our internal food inflation was 4.4 percentage points lower than the national CPI. This is very important because it's an effort of productivity of negotiation with our suppliers without impacting our gross margin but impacting very favorable well-being of our consumers.

卡魯拉 (Carulla) 的高端市場銷售額增長了 15.4%，通貨膨脹彈性較低，而且 10 分鐘送達（我們正在進行的一個強大項目）的貢獻也很大。我們的 Surtimayorista 現金和自運增長了 13.6%，主要是由於擴張。值得注意的是，透過我們為哥倫比亞消費者做出的重要貢獻，我們的國內食品通膨比全國 CPI 低 4.4 個百分點，這一點非常重要。這非常重要，因為這是與供應商談判的生產力努力，不會影響我們的毛利率，但會影響我們消費者的非常有利的福祉。

In Uruguay, we had strong sales growing 13.5% in local currency, a 5.9 points above inflation. And with fresh market Disco and Devoto stores, being the big contributors with 58% share of the sales in Uruguay.

在烏拉圭，我們的銷售額以當地貨幣計算增長了 13.5%，比通貨膨脹率高出 5.9 個百分點。其中，生鮮市場 Disco 和 Devoto 商店是最大的貢獻者，佔烏拉圭銷售額的 58%。

Argentina has revenue growing 153% against an inflation of around 120%. Our performance is much better than the market. However, given the exchange rate, this makes less Colombian pesos of 3.7% reduction in Colombian pesos. The important thing is that the local sales continue to be very strong and very healthy with an important contribution from the cash in carry, which now arrives to a share of near to 14% of sales in Argentina.

阿根廷的收入成長了 153%，而通貨膨脹率約為 120%。我們的業績比市場好得多。然而，考慮到匯率，這使得哥倫比亞比索減少了 3.7%。重要的是，當地銷售持續非常強勁和健康，其中現金的重要貢獻目前已佔阿根廷銷售額的近 14%。

Consolidated sales for Grupo Exito for the quarter had an increase of 8.2% in the second quarter, which is a comparable increase in sales of 12.3%. Complementary revenue had an important contribution with an increase of 16.5%, driven by real estate.

Grupo Exito 本季的綜合銷售額比第二季成長了 8.2%，可比銷售額成長了 12.3%。在房地產的推動下，補充收入做出了重要貢獻，成長了16.5%。

Going to Slide #12. I want to remind the important contribution that innovation formats have had in the results not only in sales but in profitability of the group. It really is a big driver of growth and ROR. Today, this innovation formats arrive to near to 42%, the sales of Exito, Carulla and adding to that the Surtimayorista. Exito Wow now represents 35% of the Exito brand sales. Those stores with more than 24 months have a growth of 27 points above the rest of the brand and the ROI of drug conversions is above 67%.

轉到投影片 #12。我想提醒大家的是，創新業績不僅對集團的銷售業績，而且對集團的獲利能力也做出了重要貢獻。它確實是成長和 ROR 的重要推動力。如今，這種創新格式的銷售量接近 42%，其中包括 Exito、Carulla 以及 Surtimayorista。 Exito Wow 目前佔 Exito 品牌銷售額的 35%。開業時間超過24個月的門市比其他品牌成長了27個百分點，藥品轉換投資報酬率在67%以上。

The Carulla Fresh Market stores represent now 61% of the sales of Carulla brand. Those stores with more than 24 months of maturity, have sales 14.7% above the rest of the brand with an important ROI of 19.3%.

Carulla Fresh Market 商店目前佔 Carulla 品牌銷售額的 61%。成熟期超過 24 個月的商店的銷售額比其他品牌高出 14.7%，重要投資回報率為 19.3%。

Let me go to Slide #13 when I put together all those initiatives that Exito has to penetrate what we call the traditional market, which is made mostly by the mom-and-pops in Colombia, which are more than 200,000 in Colombia and still represent more than 33% of the total consumer goods market. Here, I start with Cash & Carry, Surtimayorista. This is our low-cost proposition going to end consumer and also professional consumer with the lowest cost point in operation of 10%. We now have 59 stores with 13 openings that have been done during the year. They represent 5.5% share in sales and they have an ROI of 32%, which is very good considering that it is a low-cost format.

讓我轉到第13 張幻燈片，我將Exito 必須滲透到我們所說的傳統市場的所有舉措放在一起，該市場主要由哥倫比亞的夫妻店製造，這些家庭在哥倫比亞有超過200,000 人，並且仍然代表著傳統市場。佔消費品市場總量的33%以上。在這裡，我從 Surtimayorista 的現購自運開始。這是我們面向終端消費者和專業消費者的低成本主張，營運成本最低點為 10%。我們現在有 59 家商店，年內新開業了 13 家。它們佔銷售額的 5.5%，投資回報率為 32%，考慮到它是一種低成本格式，這非常好。

Then we have Misurtii is our B2B app, one of the most important B2B as in Colombia, which has been there for 1.5 years and now represents sales of around $7 million. They are selling to around 17,000 active mom-and-pops and it's a high potential growth avenue for the organization.

Misurtii 是我們的 B2B 應用程序，也是哥倫比亞最重要的 B2B 應用程式之一，該應用程式已存在 1.5 年，目前銷售額約為 700 萬美元。他們向大約 17,000 家活躍的夫妻店銷售產品，這對該組織來說是一個極具潛力的成長途徑。

Let me also make a special mention of our Aliados program or partnering with the mom-and-box and independent supermarkets. Now we have around 1,700 big-sized superetes or independent supermarket. It is a co-branding proposition with Surtimax and Super Inter. Sales year-to-date account for the year to $25 million and the focus that we have with this program is having more partners, but the most important is representing a higher percentage of their sales. This is a high potential also initiative for the company given the important proposition that we have for this mom-and-pops, especially coming from our complementary businesses, but also from our low-cost private brands, especially the Ekono private brand.

我還要特別提及我們的 Aliados 計劃或與 mom-and-box 和獨立超市的合作。現有大型超市或獨立超市約1700家。這是與 Surtimax 和 Super Inter 的聯合品牌主張。今年迄今的銷售額達到 2500 萬美元，我們此計劃的重點是擁有更多的合作夥伴，但最重要的是佔其銷售額的更高比例。鑑於我們對這家夫妻店的重要主張，尤其是來自我們的互補業務，而且來自我們的低成本自有品牌，尤其是 Ekono 自有品牌，這對公司來說也是一項極具潛力的舉措。

Let's go to Slide #14, and we see that consistency in our omnichannel omni customer differentiation initiative. It grew during the first half of the year by 9.7% in sales -- they account for a share of 12.5% of the total Colombian sales. In food, the share is 11.3%. Let me make here a point that this is one of the highest shares in all America of any retailer. We had 89,000 home deliveries during the first half and our food home deliveries increased and sales increased by 26%.

讓我們看投影片#14，我們看到全通路全客戶差異化計畫的一致性。今年上半年銷售額成長了 9.7%，佔哥倫比亞總銷售額的 12.5%。在食品方面，這一比例為11.3%。讓我在這裡指出一點，這是全美零售商中股價最高的之一。上半年，我們的送貨上門次數為 89,000 次，食品送貨上門數量增加，銷售額增加了 26%。

It's interesting to note that we come from a 4.3% share pre-pandemia, to current sustainable 12.5% share. This is a great alternative and continues to be a great alternative to work our proximity without having to do an extensive investment in bricks. The focus of our omnichannel strategy are increasing our marketplace for nonfood, the click and collect service, both for food and nonfood in our stores, Exito and Carulla app and the quick delivery or fast delivery service that we're doing in the main cities of Colombia.

有趣的是，我們從大流行前的 4.3% 份額上升到目前可持續的 12.5% 份額。這是一個很好的選擇，並且仍然是一個很好的選擇，可以在我們附近工作，而無需對磚塊進行大量投資。我們全通路策略的重點是擴大我們的非食品市場、我們商店中食品和非食品的點擊提貨服務、Exito 和 Carulla 應用程式以及我們在主要城市提供的快速送貨或快速送貨服務哥倫比亞。

Going to Slide #15, we speak about estate. Real estate as a solid reality and potential. Viva Malls, our alliance with Fondo Inmobiliario Colombia, where we hold 51% is the first shopping mall operator in the country with near to 35% market share in GLA gross leasing area. In total real estate Viva Malls plus the real estate that we operate out of Viva Malls accounts to 771,000 square meters with one of the highest occupancy rates of 97% and with revenues growth of 21.7%.

轉到幻燈片#15，我們談論遺產。房地產作為堅實的現實和潛力。 Viva Malls 是我們與哥倫比亞 Fondo Inmobiliario 的聯盟，我們持有該聯盟 51% 的股份，是該國第一家購物中心營運商，在 GLA 總租賃面積中擁有近 35% 的市場份額。 Viva 購物中心的房地產總面積加上我們在 Viva 購物中心外經營的房地產面積達 771,000 平方米，入住率最高的購物中心之一達 97%，收入增長 21.7%。

We are in the design development of the introduction of the IKEA store to the metropolitan area of managing in Viva Envigado, adding 18,000 square meters. Viva Malls at 100% has a value at current exchange rate of around COP 750,000 million, according with the recent valuations that have been made. Excuse me, it's $750 million according with these recent valuations.

我們正在設計開發將宜家商場引入 Viva Envigado 管理的大都會區，增加 18,000 平方米。根據最近的估值，100% 的 Viva Malls 以當前匯率計算的價值約為 7500 億比索。打擾一下，根據最近的估值，這是 7.5 億美元。

Slide #16. We speak about a new project that was announced recently to the market and to the Colombian public. It is going to be placed in Cartagena, which is now probably after Bogota, the most dynamic place in sale of real estate in Colombia. It is a best in all locations. This project will be to the outskirts of Cartagena in the route to Barranquilla in residential, touristic development. It's #1 in Colombia. And this project of Viva Cartagena would be under current plan mitigation opening in some moment of 2026.

幻燈片#16。我們談論的是最近向市場和哥倫比亞公眾宣布的一個新項目。它將被放置在卡塔赫納，卡塔赫納現在可能僅次於波哥大，是哥倫比亞房地產銷售最活躍的地方。這是所有地點中最好的。該計畫將在卡塔赫納郊區通往巴蘭基亞的航線上進行住宅、旅遊開發。它在哥倫比亞排名第一。 Viva Cartagena 的這個項目將在當前計劃的緩解措施下於 2026 年的某個時刻開放。

This is alliance and analyze between Baba and the best designers, constructors of Colombia and initial real estate shopping mall development has an estimated area of 35,000 square meters. This will complement very well the portfolio of products that Viva Malls has in Colombia.

這是Baba與哥倫比亞最好的設計師、施工商之間的聯盟和分析，初步開發的房地產購物中心預計面積為35,000平方米。這將很好地補充 Viva Malls 在哥倫比亞的產品組合。

In Slide #17, continuing with complementary businesses, I would say that they are a key part of our monetization model, as you know, Exito Credit Card, which is an alliance of 50 with Bancolombia, it has had a difficult year given the financial sector increase in delinquency and high provisions. Provisions and coverage are better than legal requirements in a very also to management of the company. We have a little above 2 million credit cards and near to 5 billion loan portfolio, keeping the A rating that we have had during the last years.

在幻燈片#17 中，繼續補充業務，我想說它們是我們貨幣化模式的關鍵部分，如您所知，Exito 信用卡是50 家銀行與Bancolombia 的聯盟，考慮到財務狀況，今年經歷了困難的一年。部門拖欠率增加和準備金高。規定和覆蓋範圍優於法律要求，對公司的管理也非常有利。我們擁有略高於 200 萬張信用卡和接近 50 億的貸款組合，保持了過去幾年的 A 評級。

Punto Colombia, I always speak about Puntos Colombia because of the importance of this loyalty coalition leader also an alliance with Bancolombia, putting together the customer base of both companies. It makes a lot of sense that the #1 retailer and #1 back, put together the customers, it is a great complementation of the issuance and the retention of points. We brought also allies into this coalition. Today, we have around 387 allies, which now they are partners that issue or redeem points and they pay for that and the retention of these partners now accounts to 33% of the total retention. Clearly, this is the #1 brand in loyalty in Colombia, as measured by Kantar, and the penetration of Puntos Colombia is near to 1 out of every 3 households in Colombia, which is huge. Puntos Colombia is widely traded today and increasingly valuable for our customers.

Punto Columbia，我總是談論 Puntos Columbia，因為這個忠誠聯盟領導者的重要性，同時也是與 Bancolombia 的聯盟，將兩家公司的客戶群匯集在一起。排名第一的零售商和排名第一的零售商，將客戶放在一起，這是積分發行和保留的一個很好的補充，這是有意義的。我們也將盟友納入了這個聯盟。如今，我們有大約 387 個盟友，他們現在是發行或兌換積分的合作夥伴，他們為此付費，這些合作夥伴的保留率現在佔總保留率的 33%。顯然，根據 Kantar 的衡量，這是哥倫比亞忠誠度排名第一的品牌，Puntos Columbia 的滲透率接近哥倫比亞每 3 個家庭中就有 1 個，這是一個巨大的數字。蓬托斯哥倫比亞如今交易廣泛，對我們的客戶來說價值越來越高。

Now I give the word to Ivonne Windmueller, our CFO, to go through our financial results and our international operations, and I will come later with some conclusions.

現在我請我們的財務長 Ivonne Windmueller 檢查我們的財務表現和國際業務，稍後我將得出一些結論。

Thank you, Carlos Mario. Good morning, and thank you for joining us this morning. I will be presenting the financial results of the company for the quarter and for the first half. Let's continue on Slide #18 to review the operating performance by country where we see a top line growth and efficiencies across the 3 countries, but is still affected by the inflationary pressures in the cost and in expenses.

謝謝你，卡洛斯·馬裡奧。早安，感謝您今天早上加入我們。我將介紹公司本季和上半年的財務表現。讓我們繼續使用投影片 #18 來回顧各國的營運績效，我們看到這 3 個國家的營收成長和效率，但仍受到成本和支出的通膨壓力的影響。

In Colombia, as previously presented, net revenues at COP 3.7 billion with 4.2% growth boosted by real estate results and our resilient top line evolution despite non-VAT day effect in the base, with sales growth, thanks to the performance of food, omnichannel and the increased share of the innovative formats. Gross margin at 22.7%, with an improvement of 42 basis points and 6.2% growth, boosted by the real estate business despite price investment and inflationary effect in the cost of goods.

如前所述，在哥倫比亞，淨收入為37 億哥倫比亞比索，成長4.2%，這得益於房地產業績和我們的彈性頂線發展，儘管基礎上沒有增值稅日效應，但由於食品、全渠道的表現，銷售成長創新業態佔比增加。儘管價格投資和商品成本存在通膨效應，但在房地產業務的推動下，毛利率達到 22.7%，提高了 42 個基點，成長了 6.2%。

SG&A grew 13.3% and reached a rate of 19.2%. A strong action plan around COP 45,000 million for the quarter to mitigate the inflationary pressures on wages, utilities and other fixed costs and the additional effect on the increase of the operational tax with an impact of around 38 basis points in rate.

SG&A 成長 13.3%，達到 19.2%。本季圍繞 450 億哥倫比亞比索制定強有力的行動計劃，以減輕工資、公用事業和其他固定成本的通膨壓力，以及營業稅增加帶來的額外影響，帶來約 38 個基點的稅率影響。

Colombian recurring EBITDA for the quarter at COP 27,250 million decreased 6.7% and with 7.3% rate deteriorated in 86 basis points. The result reflects the positive contribution from real estate and other complementary businesses and the income from the sale of our real estate development project, offset by sales performance due to lower consumption, inflationary production costs and expenses and the higher operational tax.

哥倫比亞本季經常性 EBITDA 為 272.5 億哥倫比亞比索，下降 6.7%，7.3% 的比率下降 86 個基點。這一結果反映了房地產和其他互補業務以及房地產開發項目銷售收入的積極貢獻，但被消費下降、通貨膨脹的生產成本和費用以及較高的營業稅導致的銷售業績所抵消。

Uruguay, with a top line that grew 34.2% in Colombian pesos and 13.4% in local currency around 6 percentage points above local inflation, driven by the positive dynamics of the commercial activities, the contribution of the Fresh Market stores, reaching a share of 58.2% of sales and the performance of the omnichannel. Gross profit grew 9.9% this above revenues and reached a rate of 35.6%, improving 145 basis points. This thanks to the improved consumption trend. SG&A grew below revenues and improved its rate due to the internal cost efficiencies.

烏拉圭，在商業活動的積極推動下，以哥倫比亞比索計算的收入增長了34.2％，以當地貨幣計算的收入增長了13.4％，比當地通貨膨脹率高出約6 個百分點，其中生鮮市場商店的貢獻達到了58.2 的份額銷售額百分比和全通路績效。毛利比營收成長 9.9%，達到 35.6%，提高 145 個基點。這得歸功於消費趨勢的改善。由於內部成本效率，SG&A 成長低於收入並提高了成長率。

Recurring EBITDA at COP 118,553 million grew 59.6% and improved its rate in 180 basis points, reaching a margin of 11.3%. The Uruguayan operation continued as the most profitable business unit in the group. And finally, Argentina with net revenues in Colombian pesos affected by FX effect, but in local currency with growth of 153%, this around 32 percental points above local inflation. The sales driven by a positive commercial trend and increased omnichannel share, the outstanding performance of the Cash & Carry format and the real estate business contribution with solid occupancy levels.

經常性 EBITDA 為 1,185.53 億哥倫比亞比索，成長 59.6%，成長率提高 180 個基點，利潤率達到 11.3%。烏拉圭業務持續成為集團利潤最高的業務部門。最後，阿根廷的淨收入以哥倫比亞比索計算，受到匯率影響，但以當地貨幣計算，成長了 153%，比當地通膨高出約 32%。積極的商業趨勢和全通路份額的增加、現購自運業態的出色表現以及房地產業務的強勁入住率貢獻推動了銷售。

The gross margin at 34.5% improved 63 basis points and grew 157% in local currency, thanks to cost efficiencies. SG&A deteriorated 172 basis points, impacted by inflationary pressures, partially mitigated by the strict cost control. Return EBITDA grew 15.4% in local currency and reached COP 6,628 million with stability in rates.

由於成本效率，毛利率提高了 63 個基點，達到 34.5%，以當地貨幣計算增加了 157%。受通膨壓力影響，SG&A 惡化了 172 個基點，但嚴格的成本控制部分緩解了這一影響。以當地貨幣計算的 EBITDA 回報增長了 15.4%，達到 66.28 億比索，且利率穩定。

Let's move forward to Slide 19 to review the company's consolidated results. The strong margin gains across the 3 countries and the focus on action plans in cost and expenses, led to a recurring EBITDA growth of 6.6% in the quarter and 7.8% in the first half. The first half showed a double-digit top line growth of 13.5%, a solid growth, thanks to the commercial performance in Uruguay and Argentina and the positive contribution of real estate and complementary businesses in Colombia.

讓我們繼續看投影片 19，回顧一下該公司的綜合表現。這三個國家的強勁利潤成長以及對成本和費用行動計畫的關注，導致本季 EBITDA 經常性成長 6.6%，上半年成長 7.8%。上半年營收實現兩位數成長13.5%，成長穩健，這得益於烏拉圭和阿根廷的商業表現以及哥倫比亞房地產和互補業務的積極貢獻。

Uruguay and Argentina recurring EBITDA growth in local currency in the first half of 27.6% and 193.2% respectively, offsetting the Colombian operational outcome that was impacted by: first, a strong base effect of 2 non-VAT days, 1 in each quarter; and second, a higher operational tax with an impact of 26 basis points at consolidated level. Recurring EBITDA for the first half at COP 782,676 million with 7.8% growth and a 3-year double-digit CAGR of 11.7%. On a comparable basis, when excluding nonrecurring real estate income and the operational tax effect, EBITDA grew 12.1% for the semester.

烏拉圭和阿根廷上半年以本幣計算的經常性EBITDA 成長分別為27.6% 和193.2%，抵銷了哥倫比亞營運表現受到以下因素的影響：首先，2 個非增值稅天（每季1 天）的強大基數效應；其次，營業稅提高，綜合層面影響達 26 個基點。上半年經常性 EBITDA 為 7,826.76 億哥倫比亞比索，成長 7.8%，三年複合年增長率為 11.7%，兩位數。在可比較基礎上，排除非經常性房地產收入和營業稅影響後，本學期 EBITDA 成長了 12.1%。

Going to Slide 20. The group share net result for the first half 2023 was COP 38,934 million and reflected the positive contribution of the operating performance coming both from the retail and real estate businesses and the positive effect on income tax due to a lower deferred tax by a higher tax loss. With the negative variations during the quarter as well for the first half are coming from. First, an impacted net financial results due to higher interest rates above 7 percental points is increasing our cost of debt. Second, a higher minority interest coming from the improved performance in Uruguay and the real estate business in Colombia with Viva Malls. Third, an impacted result in the financial business Tuya to higher provisions amidst the nonperforming loans deterioration across the financial sector. And fourth, higher nonrecurring expenses, reflecting a base effect with income from sale of property in Argentina and additional higher expenses related to the depositories.

前往投影片 20. 2023 年上半年集團淨收益為 389.34 億哥倫比亞比索，反映了零售和房地產業務對經營業績的積極貢獻以及遞延稅降低對所得稅的正面影響更高的稅收損失。本季以及上半年的負面變化都來自於此。首先，由於利率高於 7 個百分點，淨財務表現受到影響，這增加了我們的債務成本。其次，少數股東權益的增加來自於烏拉圭業績的改善以及哥倫比亞房地產業務與 Viva Malls 的改善。第三，在整個金融業不良貸款惡化的情況下，塗鴉提高撥備對金融業務的影響。第四，非經常性費用增加，反映了阿根廷出售財產收入的基數效應以及與存款機構相關的額外費用增加。

Finally, on Slide #21. Regarding the cash and debt position of the company, we would like to highlight our last 12 months positive free cash flow of COP 92,000 million. Net financial debt with a negative variation of COP 111,000 million this when excluding dividend payments, this as a result of higher investments, with the pressure on the financial expenses reflecting higher refer rates and negative variation in working capital explained by lower payables from non-VIP Day in the space and lower cash level effect of year 2022 closing. The gross debt increased COP 532,000 million from higher revolving credit lines in use for seasonal requirements. As a conclusion, solid cash flow position of the company allows the strategic and recurrent operational investments and the dividend payments to our shareholders.

最後，在幻燈片#21 上。關於公司的現金和債務狀況，我們想強調我們過去 12 個月的正自由現金流為 920 億哥倫比亞比索。淨財務債務負變化為 1,110 億哥倫比亞比索（不包括股息支付），這是由於投資增加造成的，財務費用的壓力反映了較高的推薦率和營運資金的負變化，原因是非 VIP 應付款項減少當天的空間和2022 年收盤時較低的現金水準影響。由於季節性需求而使用的循環信貸額度增加，總債務增加了 5,320 億哥倫比亞比索。總之，公司穩健的現金流狀況允許策略和經常性營運投資以及向股東支付股利。

Now as a summary for the financial results. We had a Colombian perimeter with sales growth impacted by non-VAT days base effect of around 5.4 percentage points, mitigated by the positive performance of innovative formats and omnichannel with full sales growth at double digits and the contribution of the real estate business.

現在作為財務表現的摘要。我們在哥倫比亞週邊地區的銷售成長受到非增值稅天基效應約 5.4 個百分點的影響，但創新業態和全通路的正面表現（兩位數的銷售成長以及房地產業務的貢獻）緩解了這一影響。

SG&A with strong expenses action plan as an effort to mitigate the inflationary pressures and impact of higher operational tax. Uruguay with sales performance above inflation and gross margins benefited by consumption trends and cost efficiencies with an EBITDA margin at double digit

SG&A 制定了強有力的費用行動計劃，以減輕通膨壓力和較高營業稅的影響。烏拉圭的銷售業績高於通貨膨脹率，毛利率受益於消費趨勢和成本效率，EBITDA 利潤率達到兩位數

(technical difficulty)

（技術難度）

Hello, everyone. Do you here. We had here a technical problem.

大家好。你在這兒嗎。我們遇到了一個技術問題。

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Thank you. Okay. So I continue. I was in the summary of the financials. I was in Uruguay, so Dubai with sales performance above inflation, and gross margin benefited by consumption trends and cost efficiencies with an EBITDA margin at double digits, improving its level. Argentina sales over 30 percentage points above local inflation, gross margin gains and control of expenses to mitigate inflationary impacts led to a stable EBITDA margin. Consolidated net revenue for the semester grew at double digit and SG&A with pressures, partially mitigated by the constant cost action plan and efficiencies that led to an EBITDA growth of 7.8% and 12.1% when excluding the base effects. Net results with positive operational contribution offset by higher financial costs, negative contribution from Tuya and higher nonrecurring expenses, a solid capital structure and free cash flow generation.

好的。謝謝。好的。所以我繼續。我正在做財務摘要。我在烏拉圭，所以杜拜的銷售業績高於通貨膨脹，毛利率受益於消費趨勢和成本效率，EBITDA 利潤率達到兩位數，提高了其水準。阿根廷的銷售額比當地通貨膨脹率高出 30 個百分點以上，毛利率成長以及為減輕通貨膨脹影響而控制的費用導致了穩定的 EBITDA 利潤率。本學期的綜合淨收入以兩位數增長，SG&A 面臨壓力，但恆定成本行動計劃和效率部分緩解了壓力，導致 EBITDA 增長 7.8% 和 12.1%（排除基數影響時）。淨利潤的正營運貢獻被較高的財務成本、塗鴉的負貢獻和較高的非經常性費用、穩健的資本結構和自由現金流的產生所抵消。

Thank you for your attention. And now I give the floor back to Carlos Mario for the conclusion.

感謝您的關注。現在我請卡洛斯·馬裡奧發言下結論。

Thank you very much. I go to Slide #23 with the conclusions. First of all, we expect the spin-off completion by the third quarter with a value creation opportunity for shareholders. We saw during the quarter, strong sales in the 3 countries in comparable basis, an EBITDA consolidated growth of 6.6% with gross margin expansion and an important job against the pressure that we are receiving in expenses. Our net result impacted by interest rates and credit card temporary high provisions plus the spinoff onetime costs, cash generation at COP 92,00million from real estate and working capital evolution and real estate in Colombia and Argentina, an omnichannel and innovation and Uruguay as the best performers during the quarter, I wanted to highlight the consistency in the performance of our innovation formats both in profitability and growth and omni-store strategy of the company.

非常感謝。我轉到幻燈片 #23 並得出結論。首先，我們預期分拆將在第三季完成，為股東創造價值。我們在本季看到，在可比基礎上，這 3 個國家的銷售強勁，EBITDA 綜合成長 6.6%，毛利率擴大，這對我們承受的費用壓力來說是一項重要的工作。我們的淨結果受到利率和信用卡臨時高撥備加上一次性成本、來自房地產和營運資金演變以及哥倫比亞和阿根廷房地產的 9200 萬哥倫比亞比索現金產生的影響，全渠道和創新，烏拉圭是最好的在本季的表現中，我想強調我們的創新模式在獲利能力、成長以及公司全店策略方面的表現的一致性。

This would be the main conclusions and now we open it to Q&A.

這將是主要結論，現在我們將其開放進行問答。

(Operator Instructions) The first question comes from Nicolas Larrain from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Nicolas Larrain。

I have 2 actually, the first one is, Carlos, if you could comment a bit on how you've seen trends now in July, specifically in Colombia and Uruguay, we're seeing very strong in Uruguay and some deceleration in Colombia. So interesting to know what you're seeing over the latest weeks?

實際上我有兩個，第一個是，卡洛斯，如果您能評論一下您對 7 月份趨勢的看法，特別是在哥倫比亞和烏拉圭，我們看到烏拉圭非常強勁，而哥倫比亞則有所減速。很想知道你最近幾週看到了什麼？

And my second question goes into the debt position. We've seen Exito taking more debt over the past quarters and also discounting more receivables or doing more factoring. I wanted to understand like what's the motivation behind this? And if this is just on -- because of the commercial or anion you guys are having? Or just to maybe understand what's going on there.

我的第二個問題涉及債務狀況。我們看到 Exito 在過去幾季承擔了更多債務，並貼現了更多應收帳款或進行了更多保理業務。我想了解背後的動機是什麼？如果這只是因為你們正在播放的廣告或負離子？或者只是為了了解那裡發生了什麼。

Okay, Nicolas, thank you. Let me refer to your first question and then I hand the second one to Ivonne. In trends today, I would speak about what we see in July and what we expect probably for the second semester, we see that as you saw in the second quarter in Colombia, the consumption has weakened out of consumer competence, high interest rates, I would say, consumer credit scoring tightening by most institutional -- financial institutions and volumes going down. We believe that this is something that is going to go through at least during the following months. And of course, we're working a lot in maintaining our margins while maintaining an important contribution to the consumer, especially with our unviable portfolio of products and also keeping the contribution that we are receiving, especially for the real estate business.

好的，尼古拉斯，謝謝你。讓我參考你的第一個問題，然後我將第二個問題交給伊馮。在今天的趨勢中，我會談談我們在7 月看到的情況以及我們對第二學期可能發生的情況，我們看到正如您在哥倫比亞第二季度看到的那樣，由於消費者能力、高利率，消費已經減弱，我可以說，大多數機構（金融機構）收緊了消費者信用評分，並且交易量下降。我們相信，這至少會在接下來的幾個月內經歷。當然，我們在維持利潤率方面做了很多工作，同時保持對消費者的重要貢獻，特別是在我們不可行的產品組合方面，並保持我們收到的貢獻，特別是對於房地產業務。

The interesting thing is that we see that formats like Carulla or the high-end Exitos have a lower elasticity to inflation and to this consumption trend, and that's positive for the company and that we see that the e-commerce online omnichannel consumption trend continues to be very strong. What opportunities do we see looking forward, that inflation in consumer goods is going down. It's going in a very rapid way down. It came to half what it was in food since December, and we think it will be in single digits very rapidly, and that will stimulate consumption. And second, that we expect that government subsidies will be activated soon, and they are especially important in the low-end areas of consumption in the main cities of Colombia. Ivonne?

有趣的是，我們看到像 Carulla 或高端 Exitos 這樣的業態對通貨膨脹和這種消費趨勢的彈性較低，這對公司來說是積極的，而且我們看到電子商務在線全渠道消費趨勢繼續非常堅強。消費品通膨正在下降，我們看到了哪些機會。它正在以非常快的速度下降。自 12 月以來，這一數字已降至食品的一半，我們認為這一數字將很快降至個位數，這將刺激消費。其次，我們預期政府補貼很快就會啟動，這在哥倫比亞主要城市的低端消費領域尤其重要。伊馮娜？

Thank you, Nicolas, for your question. So regarding the higher debt, we are seeing higher nonrevolving credit facility -- revolving facility, sorry, mainly for seasonal effects during the first half. And regarding the factoring the factoring that you mentioned that we are increasing. It's important here to remind that during the last half of last year, we had an impact on our factoring process coming from the electronic invoice and the Tax Office platform. So we had lower balance of factoring. But when we compare the first half 2023, in the first half of 2022, we are aligned in factoring balance. We are just likely recovering from the impact that we had during the second half in our factoring processes and (inaudible).

謝謝尼古拉斯的提問。因此，關於更高的債務，我們看到更高的非循環信貸額度 - 循環額度，抱歉，主要是由於上半年的季節性影響。關於保理，您提到我們正在增加保理。這裡要提醒大家的是，去年下半年，我們的保理流程受到了電子發票和稅務平台的影響。所以我們的保理餘額較低。但當我們比較 2023 年上半年和 2022 年上半年時，我們在保理平衡方面是一致的。我們很可能正在從下半年保理流程的影響中恢復過來（聽不清楚）。

Sorry, I didn't refer to Uruguay and Argentina, but I can say is that Uruguay and Argentina, both continue to have very strong consumption trends as we saw during the first half of the year.

抱歉，我沒有提到烏拉圭和阿根廷，但我可以說，正如我們在今年上半年看到的那樣，烏拉圭和阿根廷都繼續保持著非常強勁的消費趨勢。

(Operator Instructions) So now we have questions from Julian Ausique.

（操作說明） 現在我們有 Julian Ausique 提出的問題。

I have a few questions and the first one is regarding Tuya, the financial -- the banking business. I would like to understand how much were the provisions for the quarter. And also, I would like to understand about the capitalization that Tuya announced last 27 of July, Exito will participate in what will be the impact of the cost of this transaction for the capitalization of Tuya.

我有幾個問題，第一個問題是關於塗鴉，金融－銀行業務。我想了解該季度的撥備是多少。另外，我想了解塗鴉7月27日宣布的資本化，Exito將參與本次交易的成本對塗鴉的資本化有何影響。

And my second question is regarding the cash generation. And I would like to understand if it's the case for the CapEx that the company has, like Planet techs year? And if it's enough or not.

我的第二個問題是關於現金產生。我想了解該公司的資本支出是否屬於這種情況，例如星球科技年？以及是否足夠。

Thank you, Julian. I'll refer to CapEx. -- will continue in a non [outed] way with our CapEx plan, which was around between $100 million and $120 million, and we keep that scenario focusing on the opening of Surtimayorista stores, some Carulla stores and conversion and investment in technology and in logistics for our omnichannel. And then I hand it to Ivonne for Tuya.

謝謝你，朱利安。我將參考資本支出。 - 將以非[公開]的方式繼續我們的資本支出計劃，該計劃約為1 億至1.2 億美元，我們將這一方案的重點放在Surtimayorista 商店、一些Carulla 商店的開設以及技術和技術方面的轉換和投資我們的全通路物流。然後我把它交給 Ivonne 交給 Tuya。

Okay. So for Tuya, I am not able to refer to the provisions. But as Carlos Mario mentioned during the presentation, the provisions have increased because the portfolio has been deteriorated and this is a deterioration across the financial sector. As of the capitalization Tuya revealed a couple of days ago, we as shareholders are participating in the capitalization. We as shareholders, together with Bancolombia, we are supporting the -- our financial business, Tuya during the cycle of macroeconomic and across financial sector impact.

好的。所以對於塗鴉來說，我無法參考相關規定。但正如卡洛斯·馬裡奧在演講中提到的那樣，準備金增加是因為投資組合惡化，這是整個金融部門的惡化。從日前塗鴉透露的增資情況來看，我們身為股東正在參與增資。作為股東，我們與哥倫比亞銀行一起，在宏觀經濟週期和跨金融部門影響期間支持我們的金融業務塗鴉。

And it is it possible soon to know on how much the Exito will participate like the amount?

很快就能知道 Exito 將參與多少資金？

50% of the capitalization.

資本總額的50%。

(Operator Instructions) There are no further questions at this time. I will now turn the call to Mr. Carlos Mario Giraldo for closing remarks.

（操作員說明） 目前沒有其他問題。我現在請卡洛斯·馬裡奧·吉拉爾多先生致閉幕詞。

Yes, I would like to thank you all for this participation in the call. I would say highly enthusiastic with all the management team and with our Board for the historic moment that Exito leaves because this spin-off process is going to give a high liquidity to our shares, not only in the Colombian Stock Exchange, both in the Brazilian and in the U.S. stock exchange through the ADRs Level 2. This will permit to give visibility to the share and to the fundamentals of the company and to accelerate our growth in that future.

是的，我要感謝大家參與這次電話會議。我想說，對於Exito 離開的歷史性時刻，我們的所有管理團隊和董事會都非常熱情，因為這一分拆過程將為我們的股票提供高流動性，不僅在哥倫比亞證券交易所，在巴西證券交易所也是如此。並透過 ADR 2 級在美國證券交易所上市。這將使我們能夠了解公司的股票和基本面，並加速我們未來的成長。

The second thing is that we see consistency in our strategy and in our profitable growth through innovation, through omnichannel penetration and monetization of the traffic and the confidence that we have coming from our customers. We are addressing the main top end market in a very efficient way, while finding alternatives to proximity through omnichannel home delivery and low-cost market through Surtimayorista, or MiSurtii app and the Aliados program. This is a year of big tasks, not only in top line dynamics in Colombia but also in margin protection and expense control strategy in which we are working in a very persistent way.

第二件事是，我們透過創新、全通路滲透和流量貨幣化以及客戶對我們的信心，看到了我們的策略和獲利成長的一致性。我們正在以非常有效的方式應對主要高端市場，同時透過全通路送貨上門和 Surtimayorista 或 MiSurtii 應用程式和 Aliados 計劃尋找低成本市場的替代方案。今年是任務艱鉅的一年，不僅在哥倫比亞的營收動態方面，而且在保證金保護和費用控制戰略方面，我們都在堅持不懈地努力。

There are new bets coming from the traditional market penetration where Exito has great assets as its private brands and the alliance that it has with mom-and-pops plus the cash and carry, the leadership in food e-commerce, which is more than half the market in Colombia, the marketplace increased through our technological platform, which is now having more than 1,000 vendors and the real estate new projects and data monetization. I hope to see you for the results call in the Q3 where we hopefully will now have a new reality in our shareholder base. Thank you very much.

新的賭注來自傳統市場滲透，Exito 擁有巨大的自有品牌資產，以及與夫妻店以及現購自運的聯盟，在食品電子商務領域處於領先地位，佔一半以上在哥倫比亞市場，市場透過我們的技術平台成長，目前擁有1,000 多家供應商以及房地產新項目和數據貨幣化。我希望在第三季的業績電話會議上見到您，希望我們的股東基礎現在能有一個新的現實。非常感謝。

That concludes today's conference. Thank you for participating.

今天的會議到此結束。感謝您的參與。