GRUPO CARREFOUR BRASIL (CRFB3) Q4 AND FULL-YEAR 2018 ... · 3 Grupo Carrefour Brasil – Q4 and...

GRUPO CARREFOUR BRASIL (CRFB3)

Q4 AND FULL-YEAR 2018 RESULTS

Q

Q1 2018 RESULTS

27 de fevereiro de 2018

February 26, 2019

STRONG AND SUSTAINABLE GROWTH IN PROFIT AND CASH GENERATION

Q4 AND 2018 FINANCIAL HIGHLIGHTS

Strong finish to 2018 with acceleration in total sales performance in H2: +10.2% in Q4 2018 ( R$15.8

billion), +7.6% in FY 2018 to R$56.3 billion, maintaining leadership as Brazil’s largest food retailer:

LfL accelerated consistently during the year, reaching +6.2% in Q4, as food deflation ended in June

2018. Full-year LfL growth of +3.9%

Expansion target of 20 new Atacadão achieved, with growing contribution to total sales growth

Adjusted EBITDA up 26.6% to R$1.4 billion in Q4 (9.8% margin, +125bps), and up 19.0% in full-year 2018 to

R$4.2 billion (8.2% margin, +76bps)

Adjusted Net income, Group share, up 65.9% to R$758 million in Q4 (net margin of 5.3%, up 177bps) and

up 48.1% in full-year 2018 to R$1.9 billion (net margin of 3.7%, up 101bps)

Free cash flow of R$1.3 billion in the full year, driven by EBITDA growth and improved working capital

Additional IOE payment of R$90 million to complement full-year payment

SIGNIFICANT ADVANCES IN OMNICHANNEL AND FOOD TRANSITION STRATEGIES

Accelerating digital journey:

E-commerce: GMV reached R$1.4 billion in full-year 2018, up 110% year-on-year, with marketplace

accounting for 15% of sales, on average, (vs. 3% in 2017). Marketplace reached 19% of GMV in Q4

2018

Non-food e-commerce: Click & Collect roll-out completed in all hypermarkets

Food e-commerce: 10 Drives opened and new partnership with Rappi

Creation of Carrefour eBusiness Brasil (CeBB) to accelerate Carrefour’s digital transformation and

achieve its target of becoming the market leader in food e-commerce

Leveraging financial services:

After reaching break-even in Q3, Atacadão credit card ramping-up above expectations

Initiatives to bolster sales and leverage omnichannel customer experience: Carrefour card now

accepted in all Atacadão stores; fee exemption for cardholders shopping at Carrefour at least once a

month

New advances in food transition:

Private label offer at 11% of Carrefour’s sales at year-end, on track to achieve target of 20% by 2022

Solid performance in sales of organic and healthy foods: Double-digit growth in Q4, with goal of R$500

million in sales by 2022

Noël Prioux, CEO of Grupo Carrefour Brasil, declared:

“Grupo Carrefour Brasil maintained its leadership in Brazil's food retail market in 2018 with a very strong performance

both in Q4 and in the full year. Sales growth accelerated consistently during the year, with all formats contributing, and

adjusted net income reached its highest-ever level. The past year saw Carrefour make several new advances in its

omnichannel strategy, with Atacadão stepping up its pace of expansion, Carrefour Retail making headway to lead the

food transition by broadening its offer of quality products at affordable prices and Carrefour Soluçoes Financeiras

leveraging financial services across banners. With the recent creation of Carrefour eBusiness Brasil, Carrefour is taking a

major step to accelerate its digital transformation and achieve its ambition of being the leader in food e-commerce in

Brazil, in line with the Carrefour 2022 transformation plan.”

+10% in Q4 +8% in 2018

Gross Sales

+27% in Q4 +19% in 2018

Adj. EBITDA

Adj. Net income

+66% in Q4 +48% in 2018

2

Grupo Carrefour Brasil – Q4 and Full-Year 2018 Results

Table of Contents

Q4 and FY2018 Operating Highlights 2

Operating Performance by Segment 3

Consolidated Financial Results 7

Net Debt Profile and Financial Results 9

FCF, Working Capital, Capex and Store network 11 & 12

APPENDIX I – Consolidated Income Statement 13

APPENDIX II – Adjusted Net Income Calculation 14

APPENDIX III – Adjusted EBITDA Reconciliation 15

APPENDIX IV – Consolidated Balance Sheet 16

APPENDIX V – Banco CSF Income Statement 18

Glossary 19

Q4 and Full-Year 2018 Operating Highlights

QUARTERLY EARNINGS CALL:

Portuguese/English

(simultaneous translation)

February 27 2019 (Wednesday)

11:00 am – Brasília

09:00 am – New York

02:00 pm – London

03:00 pm – Paris

Brazil dial-in:

+55 (11) 3137-8052 Portuguese Webcast

International dial-in:

USA: +1 786 837-9597 UK: +44 20 3318-3776 France: +33 9 8009-3462 Access code: Carrefour Brasil English Webcast

Replay

(available for 7 days):

+1 888 959 5986

Replay Access:

Code: 8011

Password: #191

In R$ million Q4 18 Q4 17 ∆% Q4 18 Q4 17 ∆% Q4 18 Q4 17 ∆% Q4 18 Q4 17 ∆% Q4 18 Q4 17 ∆%

Gross sales 15,821 14,351 10.2% 10,698 9,309 14.9% 5,123 5,041 1.6%

Gross sales ex petrol 15,118 13,629 10.9% 10,698 9,309 14.9% 4,421 4,320 2.3%

Net sales 14,375 13,053 10.1% 9,745 8,459 15.2% 4,630 4,594 0.8%

Other revenues 803 664 21.0% 40 29 37.3% 114 113 1.0% 649 522 24.3%

Total Revenues 15,178 13,717 10.7% 9,785 8,488 15.3% 4,744 4,707 0.8% 649 522 24.3%

Gross profit 3,390 2,847 19.1% 1,675 1,297 29.1% 1,194 1,189 0.4% 521 361 44.3%

Gross Margin 23.6% 21.8% +178 bps 17.2% 15.3% +189 bps 25.8% 25.9% -11 bps

SG&A Expenses (1,980) (1,735) 14.1% (786) (678) 16.0% (903) (842) 7.2% (247) (193) 28.0% (43) (22) 97.4%

SG&A of Net Sales 13.8% 13.3% +49 bps 8.1% 8.0% +5 bps 19.5% 18.3% +117 bps

Adj. EBITDA 1,415 1,118 26.6% 891 621 43.5% 295 351 -16.0% 274 168 63.0% (43) (22) 97.4%

Adj. EBITDA Margin 9.8% 8.6% +125 bps 9.1% 7.3% +185 bps 6.4% 7.7% -133 bps

D&A (195) (170) 14.7% (84) (71) 18.7% (105) (99) 5.8% (6) 0 n.m.

Adj. Net Income, Group share 758 457 65.9%

Adj. Net Income Margin 5.3% 3.5% +177 bps

CONSOLIDATED ATACADÃO CARREFOUR RETAIL CSF GLOBAL FUNCTIONS

In R$ million 12M 18 12M 17 ∆% 12M 18 12M 17 ∆% 12M 18 12M 17 ∆% 12M 18 12M 17 ∆% 12M 18 12M 17 ∆%

Gross sales 56,343 52,376 7.6% 37,579 34,088 10.2% 18,764 18,288 2.6%

Gross sales ex petrol 53,512 49,653 7.8% 37,579 34,088 10.2% 15,933 15,565 2.4%

Net sales 51,276 47,768 7.3% 34,169 30,984 10.3% 17,107 16,784 1.9%

Other revenues 2,991 2,512 19.1% 141 96 46.8% 394 376 4.8% 2,456 2,040 20.4%

Total Revenues 54,267 50,280 7.9% 34,310 31,080 10.4% 17,501 17,160 2.0% 2,456 2,040 20.4%

Gross profit 11,381 10,257 11.0% 5,391 4,645 16.1% 4,247 4,327 -1.8% 1,743 1,285 35.6%

Gross Margin 22.2% 21.5% +70 bps 15.8% 15.0% +78 bps 24.8% 25.8% -97 bps

SG&A Expenses (7,223) (6,765) 6.8% (2,803) (2,524) 11.0% (3,439) (3,404) 1.0% (847) (728) 16.4% (134) (109) 22.6%

SG&A of Net Sales 14.1% 14.2% -8 bps 8.2% 8.1% +6 bps 20.1% 20.3% -18 bps

Adj. EBITDA 4,183 3,516 19.0% 2,596 2,127 22.1% 825 941 -12.3% 895 557 60.7% (134) (109) 22.6%

Adj. EBITDA Margin 8.2% 7.4% +76 bps 7.6% 6.9% +70 bps 4.8% 5.6% -78 bps

D&A (747) (657) 13.7% (314) (266) 18.1% (411) (375) 9.6% (22) (16) 35.1%

Adj. Net Income, Group share 1,879 1,269 48.1%

Adj. Net Income Margin 3.7% 2.7% +101 bps

CONSOLIDATED ATACADÃO CARREFOUR RETAIL CSF GLOBAL FUNCTIONS

http://cast.comunique-se.com.br/carrefour/4T18

http://cast.comunique-se.com.br/carrefour/4Q18

3


Operating Performance by Segment Q4 and Full-Year 2018

In Q4 2018, Grupo Carrefour Brasil’s consolidated sales reached R$15.8 billion, with growth accelerating to 10.2%, the first quarterly double-digit sales growth since Q4 2016. In 2018, Grupo Carrefour Brasil’s consolidated gross sales reached R$56.3 billion, up 7.6%. The IPCA Food at Home inflation index stood at 4.1% in Q4 and 4.5% in the full year, confirming the end of the food deflation phase that began in mid-2017.

Expansion contributed with a further 4.3% of sales growth in Q4 (4.0% in FY2018), mainly as a result of new Atacadão stores. Our expansion strategy continues to favor higher return formats with a greater emphasis on Cash & Carry: In Q4, we opened six new Cash & Carry stores, two wholesales, four Market and two Express convenience stores. Grupo Carrefour Brasil’s total store network at end-2018 reached 660 stores.

2017

2018

Like-for-Like ex-calendar Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Atacadão 6.3% 4.9% 1.6% 2.2%

0.5% 4.5% 6.2% 7.4%

Carrefour ex-petrol 3.9% 3.6% 0.1% -0.1%

0.1% 0.8% 2.5% 3.5%

Carrefour inc. petrol 3.0% 1.5% -0.3% -1.0%

0.1% 2.1% 3.0% 2.8%

Consolidated ex-petrol 5.5% 4.5% 1.1% 1.4%

0.4% 3.4% 5.1% 6.2%

Consolidated inc. petrol 5.0% 3.8% 1.0% 1.0%

0.5% 3.6% 5.1% 5.8% Calendar effect was +0.2% in Q4.

(1) Inc. petrol

Atacadão: Double-digit growth in sales and profitability, acceleration in expansion Atacadão’s Q4 gross sales were up 14.9% to R$10.7 billion, of which 7.4% LfL. LfL sales growth accelerated quarter after

quarter throughout the year, attesting to the strength of its commercial model. Atacadão’s Q4 sales performance reflects

continuous gains in volumes, an increase in average ticket and more favorable commodity prices. In full-year 2018,

Atacadão’s sales were 10.2% higher at R$37.6 billion, driven by 4.8% LfL growth and 5.6% expansion.

The decision to accelerate expansion to 20 new stores per year from 10-12 stores previously has resulted in a consistent

increase in the contribution of expansion every quarter this year. Expansion brought an additional 7.0% growth in sales in

Q4 (vs 6.0% in Q3, 5.1% in Q2 and 4.3% in Q1), with most of the openings in cities where Atacadão was not yet present.

The 20 openings were well distributed over the year, creating optimal conditions for each opening and enabling us to

maintain this expansion pace in the medium term.

Atacadão 10,698 7.4% 7.4% 7.0% 14.9% 37,579 4.8% 4.8% 5.6% 10.2%

Carrefour 5,123 3.5% 2.8% -0.7% 1.6% 18,764 1.8% 2.1% 0.8% 2.6%

Gross sales 15,821 6.2% 5.8% 4.3% 10.2% 56,343 3.9% 3.9% 4.0% 7.6%

2018

Gross Sales

(R$MM)¹

LFL w/o

petrol

LFL inc

petrolExpansion

Total

Growth¹

Gross Sales

(R$MM)¹

LFL inc

petrolExpansion

Q4 2018

LFL w/o

petrol

Total

Growth¹

4.9% 5.4% 5.5% 5.5%4.3% 5.1%

6.0%7.0%

6.3% 4.9%

1.6% 2.2%

0.5%

4.5%

6.2%

7.4%

9.9%9.7%

5.6%7.0%

5.7%

8.4%

11.2%

14.9%

Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Atacadão Sales Performance

Expansion LfL ex-petrol

4


Gross profit was up R$ 378 million or 29.1%, including the recognition of R$ 210 million of ICMS-ST tax credits for states

other than São Paulo as a consequence of the 2017 Supreme Court decision; those credits are recurring and relate to the

12 months of 2018. Gross margin was 189bps higher to 17.2% in Q4 2018, including 158 bps coming from ICMS-ST tax

credits related to the first nine months of 2018; considering the tax credits related to Q4 only, gross margin was up 23

bps to 15.6%. In full-year 2018, gross margin was 78bps higher at 15.8% (including 54 bps due to ICMS-ST tax credits),

despite the ramp-up effect of the 20 new stores which usually start at much lower gross margin in the first year.

Distribution costs in Q4 were up 16%, reflecting the sharp

acceleration in expansion. As a percentage of net sales,

Atacadão’s strong commercial model and efficiency initiatives

helped maintain distribution costs stable at 8.1% of sales.

Accordingly, Q4 2018 adjusted EBITDA was up 43.5% to R$891

million (9.1% adjusted EBITDA margin, +185bps). Excluding the

ICMS-ST tax gain related to the first nine months of the year,

i.e. R$158 million, adjusted EBITDA was 18.2% higher at R$734

million (7.5% adjusted EBITDA margin, up 23bps).

In full-year 2018, adjusted EBITDA was 22.1% higher at R$2.6

billion (adj EBITDA margin of 7.6%, up +70bps).

Carrefour Retail: Ongoing margins improvement during the year and strong e-commerce

performance In Q4, Carrefour LfL sales ex-petrol were up 3.5% and total sales amounted to R$5.1 billion, driven by successful

commercial initiatives in hypermarkets, an improving trend in proximity formats and strong performance in e-commerce.

In full-year 2018, Carrefour LfL sales, ex-petrol, were up 1.8% and total sales reached R$18.8 billion.

In our hypermarkets, we carried on implementing our value proposition strategy by further adapting our commercial

offer and making significant advances in the food transition initiated in January 2018. These initiatives resulted in 30bps

market share gain in 2018 to 31% (Nielsen). Food sales margin trend has been continuously improving since June 2018,

helped by the end of food deflation.

Our proximity strategy continues to show progress, notably the Market banner launched in December 2017 and which

now counts nine stores, with performance significantly above plan. The revamp of the commercial model of our

convenience format, Express, with a renewed assortment, more supply of fresh products and new services for customers

(ATMs, payment of bills) resulted in double-digit LfL growth in Q4 which provides us with a solid platform to resume

expansion in 2019.

E-commerce was once again the fastest-growing format within Carrefour Retail in Q4 thanks to a strong Black Friday and

even stronger December sales. GMV grew five times faster than the industry (source: E-bit) in Q4 2018 with sales up

110%. 1P sales represent 10.4% of Carrefour Retail’s sales, ex-petrol, compared with 5.8% in Q4 2017. For the full-year,

GMV reached R$1.4 billion, representing 9% of Carrefour’s gross sales, ex-petrol.

Click & Collect was available at all of our hypermarket stores at year-end. We will further develop Click & Collect in 2019

by adding third-party locations as pick-up points and expanding pick-up points to other formats such as Market and

Express. In Q4, we added 8 more Drives in the state of São Paulo, totaling 10 Drives at year-end 2018, with a ramp-up in

Drives planned for 2019. Drive already accounts for 28% of our food-ecommerce sales. Net Promoter Score for Drive

orders stands at a very high level, slightly above 75%.

Since the launch in October of our CRM program, we have significantly increased the percentage of identified customers

in our stores to about 67% in December from 25% in March 2018. Our customer base grew to 13.4 million at year-end

2018, a significant increase since the launch of the program, with roughly 2 million apps downloaded.

621 734

2,1272,596

158891

Q4 17 Q4 18 12M 17 12M 18

Adjusted EBITDA Atacadão (in R$ million)

ICMS-ST tax gain (9 months)

+43.5%

+22.1%

5


Gross margin was broadly stable at 25.8% in Q4, a significant improvement over the 24.2% average gross margin

registered in H1. The margin improvement was driven by improved food margin, which mostly offset the mix effect from

greater participation of e-commerce and non-food items in the overall sales mix due to Black Friday and seasonality.

However, in full-year 2018, gross margin was still 97bps lower at 24.8%, on mix effect and lower food margin in the fisrt

half of the year, when deflation was still in place.

Initiatives taken to reduce expenses and accelerate the

capture of efficiency gains over the last 12 months drove

distribution costs down 18 bps to 20.1% of net sales in full-

year 2018. This tight expense control was achieved despite

significant investments in the roll-out of our omnichannel

and e-commerce strategy. In Q4, Carrefour Retail’s SG&A

expenses increased by 7.2% vs. Q4 2017, because of: (i) the

4.4% wage increase from the collective bargaining

negotiations as of October 2018 through September 2019,

as well as (ii) additional investments in our omnichannel

strategy. However, as a percentage of net sales, distribution

costs in Q4 2018 were 19.5% of net sales, the lowest

percentage on a quarterly basis in 2018.

Adjusted EBITDA margin has improved gradually throughout the year and was 6.4% in Q4 2018, compared with the 9-

months 2018 adjusted EBITDA margin of 4.3%. In Q4 2018, adjusted EBITDA was 16% lower at R$295 million. In the full

year, adjusted EBITDA was 12.3% lower at R$825 million (4.8% adj. EBITDA margin).

Banco CSF: Strong billings and credit portfolio; record adjusted EBITDA and earnings In Q4, Banco CSF’s total billings rose by 25.5% to about R$7.5 billion, growing by R$1.5 billion. Carrefour credit card

billings were up 13.5% to R$5.6 billion. Atacadão credit card billings have been ramping up faster than expected since the

card’s launch and reached R$1.8 billion, representing 24% of total billings in Q4 vs. 16% in the same quarter last year. In

full-year 2018 total billings were up 31.5% to R$25.9 billion. The total credit portfolio rose by 33.3% to R$8.4 billion in the

full-year and the number of cards totaled 8.0 million, of which 1.6 million Atacadão cards.

At the end of 2018, two important initiatives were unveiled to bolster sales and leverage omnichannel customer

experience of the Carrefour card: (i) Atacadão started accepting the Carrefour card for payment in your stores and (ii)

customers who make at least one purchase per month in any Carrefour store with their card are exempted from the

monthly installment of the annuity fees.

In R$ million Q4 18 Q4 17 ∆

12M 18 12M 17 ∆

Billings Carrefour credit card 5,649 4,977 13.5%

19,676 17,790 10.6%

Billings Atacadão credit card 1,799 949 89.6%

5,813 1,498 288.1% Other products* 94 86 9.3%

363 375 -3.1%

Total billings 7,543 6,012 25.5%

25,852 19,663 31.5%

Total Credit portfolio 8,382 6,288 33.3%

8,382 6,288 33.3%

*Other products include personal loans and payment of bills using the card

3.9%3.6%

0.1%

-0.1%0.1%

0.8%

2.5%

3.5%

Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Carrefour Retail Sales Performance

LfL ex-petrol

4.3%3.9%

4.5%

6.4%

Adj. EBITDA Margin

184161

185

295

24.3% 24.2%

24.9%

25.8%

Q1 18 Q2 18 Q3 18 Q4 18

Adj. EBITDA Gross Margin

6


The quality of our loan portfolio continued to improve. On a comparable basis, loans overdue by more than 90 days

(“over 90”) totaled 9.7% of the total portfolio in 2018, down slightly from 9.8% in 2017. Similarly, loans overdue by more

than 30 days (“over 30”) totaled 12.5% of the total portfolio in 2018 versus 12.6% in 2017. On a comparable basis, credit

risk provision stood at R$938 million, up year on year, as a result of strong growth in Atacadão’s portfolio. Coverage ratio

represented 12.2% of the total portfolio in 2018.

In Q4, adjusted EBITDA stood at R$208 million, an increase of approximately 24% year-on-year or over 60% if we include an one-off gain of R$66 million related to reversal of provisions on personal loans credit limits, as per IFRS9. In the full year, adjusted EBITDA is up almost 50% at R$829 million, or R$895 milion (+61%) including the provision reversal effect, marking a record year for the bank in both cases. The Atacadão card reached break-even at the end of Q3, ahead of schedule, and accounted for 10% of Atacadão sales in 2018.

4,160

5,0345,431

6,288

7,6907,102

8,382

462768 867 794 938

1,813 1,93110.4%

13.5% 13.5%

9.8% 9.7%

19.6%

16.7%

13.4%

17.6% 16.9%

12.6% 12.5%

22.7%

19.9%

2014 2015 2016 2017 2018 2017 2018

Bacen methodology

Outstanding Total Provision % Over 90 % Over 30

21%

8%16%

22%18%

11.1%CoverageRatio

23.0%25.5%12.2%12.6%16.0%15.2%

IFRS9

168 208

557

829

66

66

274

895

Q4 17 Q4 18 12M 17 12M 18

Adjusted EBITDA CSF (in R$ million)

Reversal of provisions

+48.8%

+23.8%

7


Consolidated Financial Results Revenues


12M 18 12M 17 ∆

Gross Sales 15,821 14,351 10.2%

56,343 52,376 7.6%

Net Sales 14,375 13,053 10.1%

51,276 47,768 7.3%

Other Revenues 803 664 21.0%

2,991 2,512 19.1%

Total Net Sales 15,178 13,717 10.7%

54,267 50,280 7.9%

Our omnichannel strategy and successful commercial initiatives boosted sales in all divisions in Q4, further reinforcing our

leadership position in Brazil, with 2018 full-year sales of R$56.3 billion. In Q4, gross sales were up 10.2% to R$15.8 billion,

representing additional sales of almost R$1.5 billion. Other revenues (revenues from financial services, store rents,

complementary services and others) grew by 21.0% in Q4, mainly due to CSF’s strong performance. In full-year 2018, the

growth in net sales was 7.9%.

Gross Profit


12M 18 12M 17 ∆

Gross Profit 3,390 2,847 19.1%

11,381 10,257 11.0%

Gross Margin 23.6% 21.8% +178 bps

22.2% 21.5% +70 bps

Gross Profit Atacadão 1,675 1,297 29.1%

5,391 4,645 16.1%

Gross Profit Margin at Atacadão 17.2% 15.3% +189 bps

15.8% 15.0% +78 bps

Gross Profit Carrefour Retail 1,194 1,189 0.4%

4,247 4,327 -1.8%

Gross Profit Margin Carrefour Retail 25.8% 25.9% -11 bps

24.8% 25.8% -97 bps

Gross Profit CSF 521 361 44.3%

1,743 1,285 35.6%

Adjusted gross profit was 19.1% higher in Q4 2018 to R$3.4 billion, resulting in consolidated gross margin of 23.6%, an

increase of 178bps, mainly as a result of R$210 million ICMS-ST tax credits for states other than São Paulo booked at

Atacadão (as a consequence of the favorable decision previously issued by the Supreme Court), as well as a solid

performance at Atacadão and Banco CSF. In Q4 2018, Atacadão expanded its gross profit by 29.1%, mainly due to the

ICMS-ST tax credits recognition, while Banco CSF’s gross profit rose by 44.3%. In full-year 2018, gross profit was 11.0%

higher at roughly R$11.4 billion, for 22.2% gross margin.

7.58.4

9.5 10.311.4

21.4% 21.4%21.1%

21.5%

22.2%

2014 2015 2016 2017 2018

Gross Profit Gross Margin Consolidated

In R$billion

8


SG&A Expenses


12M 18 12M 17 ∆

SG&A Expenses (1,980) (1,735) 14.1%

(7,223) (6,765) 6.8%

SG&A Expenses Atacadão (786) (678) 16.0%

(2,803) (2,524) 11.0% SG&A Expenses Carrefour Retail (903) (842) 7.2%

(3,439) (3,404) 1.0%

SG&A Expenses CSF (247) (193) 28.0%

(847) (728) 16.4% SG&A Expenses Global Functions (43) (22) 97.4%

(134) (109) 22.6%

Consolidated SG&A expenses were 14.1% higher in Q4 at R$1.98 billion and represented 13.8% of consolidated net sales, a 49bps increase year-on-year. The increase reflects the acceleration in the pace of expansion, in particular at Atacadão with 20 openings in 2018 vs. 11 the year before and the strong growth of our banking activities, as well as the annual wage increase of 4.4% effective since October 2018 for Atacadão and Carrefour formats. Even including the impact of new stores and stores under construction, Atacadão’s SG&A expenses were broadly stable year-on-year in Q4 2018 as a percentage of net sales, at 8.1%. In full-year 2018, consolidated SG&A expenses were 6.8% higher at R$7.2 billion, representing 14.1% of net sales, slightly below last year.

Adjusted EBITDA


12M 18 12M 17 ∆

Adj. EBITDA 1,415 1,118 26.6%

4,183 3,516 19.0%

Adj. EBITDA Margin 9.8% 8.6% +125 bps

8.2% 7.4% +76 bps

Adj. EBITDA Atacadão 891 621 43.5%

2,596 2,127 22.1%

Adj. EBITDA Margin at Atacadão 9.1% 7.3% +185 bps

7.6% 6.9% +70 bps

Adj. EBITDA Carrefour Retail 295 351 -16.0%

825 941 -12.3%

Adj. EBITDA Margin Carrefour Retail 6.4% 7.7% -133 bps

4.8% 5.6% -78 bps

Adj. EBITDA CSF 274 168 63.0%

895 557 60.7%

Our consolidated adjusted EBITDA margin improved consistently over the year, despite investments in omnichannel and e-commerce initiatives at Carrefour Retail, the acceleration of Atacadão’s expansion and deflation for part of the year. Consolidated adjusted EBITDA was up 26.6% to R$1.4 billion in Q4 2018, with EBITDA margin of 9.8%, up 125bps. In the full-year, adjusted EBITDA was up 19.0% to R$4.2 billion for 8.2% margin, up 76bps.

5.1 5.6 6.1 6.8 7.2

14.6%14.2%

13.7%14.2% 14.1%

2014 2015 2016 2017 2018

SG&A as % of consolidated net sales

In R$ billion

9


Other Income and (Expenses)


12M 18 12M 17 ∆

Restructuring costs (20) (29) -31.0%

(69) (104) -33.7%

Net gains or losses on asset sale (37) (22) 63.6%

(92) (30) n.m.

Income and expenses related to litigations (115) (13) n.m.

(164) (71) n.m.

Non recurring tax credits, net of provision and depreciation

34 21 n.m.

33 474 -93.0%

Other income (expenses) (138) (43) n.m.

(292) 269 n.m.

n.m. – not meaningful

Other income and expenses were a negative R$138 million in Q4, the main difference can be explained by expenses related to some store closures (one hypermarket, five Express stores and one Carrefour distribution center) , as well as provisions related to civil matters and tax settlements. In the full-year 2018, other income and expenses were a a negative R$292 million, compared to positive R$269 million in 2017, mainly as a result of the positive effect of the non-recurring portion of ICMS-ST tax credits gains from previous years, which were booked in Q3 2017 results.

Net Debt Profile and Net Financial Result


12M 18 12M 17 ∆

Cost of bank debt, gross (39) (35) 11.1%

(160) (420) -61.9% Cost of discounted credit card receivables (32) (30) 5.5%

(106) (134) -21.2%

Financial Revenue 14 20 -28.8%

48 55 -12.3%

Cost of Debt, Net (56) (45) 25.0%

(218) (499) -56.3%

Inflation adjustments on judicial deposits and contigencies

(33) - n.m.

(72) (79) -9.3%

FX gain or losses - (1) n.m.

- (6) n.m. Others (15) (18) -15.4%

(71) (76) -6.3%

Net financial result (104) (65) 60.2%

(361) (660) -45.3% N.m. – not meaningful In 2018, our net cost of debt decreased by 56.3% compared to full year 2017, due to a decrease of the average net debt in 2018 and lower SELIC rate in the period. In 2017, we repaid all of the intercompany loans with Carrefour Group with the IPO proceeds from July 2017. Bank debt was R$1.9 billion at year-end, down from R$2.5 billion in 2017. Including discounted receivables of R$2.1 billion, our gross debt at year-end 2018 was R$4.1 billion. Our gross debt / Adjusted EBITDA ratio fell from 1.23x at the beginning of the year to 0.98x in Q4 2018. We ended the year with net cash at R$ 831 million in 2018 compared to net cash of R$752 million in 2017.

2.42.9 3.3 3.5

4.2

6.8%7.3% 7.5% 7.4%

8.2%

2014 2015 2016 2017 2018

Adjusted EBITDA Adj. EBITDA Margin Consolidated

In R$ billion

10


In R$ million

Dec. 18 Dec. 17 ∆

Loans and Financing

(1,913) (2,477) -22.8%

Discounted Receivables

(2,198) (1,858) 18.3%

Gross Debt (including discounted receivables)

(4,111) (4,335) -5.2%

Cash and cash equivalents

4,942 5,087 -2.9%

(Net Debt) Net Cash

831 752 10.5%

Grupo Carrefour Brasil holds only local debt and no intercompany loans with Carrefour Group. None of our loans are subject to financial covenant clauses. Our Standard & Poor’s credit rating remains “brAAA” for both Atacadão S.A and Banco CSF.

Income Tax


12M 18 12M 17 ∆

Income Before Taxes 972 834 16.5%

2,756 2,444 12.8% Income and Social Contribution Tax (273) (201) 35.8%

(893) (731) 22.2%

Effective Tax Rate 28.1% 24.1% +399 bps

32.4% 29.9% +249 bps

Income tax expense increased in Q4 2018 to R$273 million, for an effective tax rate of 28.1% versus 24.1% in Q4 2017, due to the higher contribution of Banco CSF to consolidated net income (income tax rate is 45%). In the full-year, income taxes were 22.2% higher at R$893 million for 32.4% effective tax rate.

Net Income and Adjusted Net Income, Group Share


12M 18 12M 17 ∆

Net profit, group share 636 596 6.7%

1,660 1,599 3.8%

Net profit, Group share, adjusted 758 457 65.9%

1,879 1,269 48.1%

Adj. Net margin 5.3% 3.5% +177 bps

3.7% 2.7% +101 bps

In Q4 2018 djusted net income – Group share (see appendix III for reconciliation analysis) was up 65.9% to R$758 million (net margin of 5.3% vs. 3.5% in Q4 17). In the full year, net adjusted income, group share, was up 48.1% to R$1.88 billion, for net margin of 3.7%.

Payment of Interest on Shareholders’ Equity (IOE) As previously announced we decided to anticipate payment of part of the dividend related to 2018 results in the form of

interest on shareholder’s equity in a total amount of R$380 million (or R$0.191660497 per share). Payment was made on

December 12, 2018 with income tax withheld, except for shareholders proven to be immune or exempt. On February 26,

2019, the Board proposed an additional dividend payment of R$90 million in the form of IOE to complement the payout

for the full-year 2018 at 25% of adjusted net income, which will be subject to approval at the shareholder’s general

meeting on 16 April 2019.

11


Free Cash Flow In 2018, the Group improved its free cash flow generation to R$ 1.3 billion (versus R$ 1.1 billion in 2017), while maintaining CAPEX investments at R$1.8 billion in 2018. In 2018, operating cash flow before working capital totaled R$ 2.4 billion, against R$1.7 billion in the previous year, stimulated by the growth in operations. The additional improvement in payment periods with suppliers and the optimization of inventory resulted in a positive cash flow of R$ 964 million, partially offset by the increase in the working capital requirement of Banco CSF (negative value of R$ 410 million) due to the growth of our loan portfolio.

Em R$ milhões 12M 18 12M 17 ∆

Gross Casf flow from operations 3,780 3,723 1.5%

Change in other assets and liabilities (552) (1,141) -51.6%

Income tax payment (794) (836) -5.0%

Operating cash flow, before working capital 2,434 1,746 39.4%

Change in working capital requirement 964 1,081 -10.8%

Change in Trade Payables 987 1,413 -30.1%

Change in Trade Receivables 110 (84) n.s.

Change in Inventory (133) (248) -46.4%

Change in net consumer credit (410) 137 n.s.

CAPEX (excluding goodwill) (1,795) (1,808) -0.7%

Changes in payables to fixed asset suppliers 34 (64) n.s.

Disposal of fixed assets 63 - n.s.

Free Cash flow(*)

1,290 1,092 18.1%

* Please refer to glossary for free cash flow definition n.m. – not meaningful

Operating Working Capital In Q4 2018, our operating working capital needs were a negative R$4.1 billion, from negative R$3.1 billion in Q4 2017, mainly as a result of the improvement in payment terms with suppliers to 85 days (from 82 days in Q4 17), and optimization of days in inventories to 44.4 days (from 46.5 days in Q4 17).

In R$ million Q4 18 Q3 18 Q2 18 Q1 18 Q4 17

(+) Accounts Receivables (*) 552 642 443 632 660 (+) Inventories 5,132 5,178 4,918 4,998 4,999 (-) Suppliers (**) (9,804) (5,685) (5,942) (6,239) (8,816)

(=) Trade Working Capital (4,120) 135 (581) (609) (3,158)

(*) Commercial receivables do not include receivables from property rent and from suppliers (**) Suppliers do not include account suppliers of tangible and intangible assets and are net from discounts to be received from suppliers.

In days Q4 18 Q3 18 Q2 18 Q1 18 Q4 17

(+) Accounts Receivables 4.8 5.7 4.0 5.8 6.1

(+) Inventories 44.4 46.2 44.5 45.8 46.5

(-) Suppliers (84.8) (50.7) (53.8) (57.1) (81.9)

(=) Trade Working Capital (35.7) (1.2) (5.3) (5.6) (29.4)

12


CAPEX


12M 18 12M 17 ∆

Expansion 411 248 65.9%

1,235 858 44.0% Maintenance 142 129 10.2%

286 337 -15.0%

Remodeling 19 54 -64.7%

59 355 -83.3% IT and intangibles (excluding goodwill) 93 103 -9.5%

213 259 -17.8%

Total 665 533 24.6%

1,793 1,808 -0.8%

Expansion capex was 44% and 66% higher, respectively, in in the full year and in Q42018, strengthening our winning

formats with 20 new Cash & Carry stores. In Q4 2018, we invested a total of R$665 million, with about 83% spent on

expansion and maintenance of stores and the balance on remodeling and IT. In full-year 2018, total capex reached almost

R$1.8 billion, stable compared to 2017 and the previous two years.

STORE NETWORK – Q4 AND 12M 2018

In FY2018, we recorded 38 store openings, of which 20 Atacadão stores. Net of a few closures, our total selling area

increased by 6.3%.

In Q4, we opened 6 Cash & Carry and 2 wholesale stores, 4 new Markets and 2 Express during the quarter. We closed 1

hypermarket in the city of Manaus and 5 Express stores.

N° of stores Dec.17 Openings Closures Dec.18

Cash & Carry 146 20 166

Hypermarkets 103 -3 100

Supermarkets 41 8 49

Convenience Stores 119 6 -5 120

Wholesale 23 4 27

Drugstores 126 -2 124

Gas Stations 76

-2 74

Group 634 38 -12 660

Sales area Dec.17 Dec.18 ∆ Change Dec.18

vs Dec.17

Cash & Carry 930,017 1,056,539 13.6%

Hypermarkets 723,110 704,876 -2.5%

Supermarkets 63,006 68,008 7.9%

Convenience Stores 22,111 22,009 -0.5%

Drugstores 8,081 7,851 -2.8%

Gas Stations 31,347 30,485 -2.8%

Total sales area (m2) 1,777,672 1,889,769 6.3%

13


APPENDIX I – Consolidated Income Statement

In R$ Million Q4 18 Q4 17 ∆

12M 18 12M 17 ∆

Gross sales 15,821 14,351 10.2%

56,343 52,376 7.6%

Net sales 14,375 13,053 10.1%

51,276 47,768 7.3%

Other revenue 803 664 21.0%

2,991 2,512 19.1%

Net operating revenue 15,178 13,717 10.7%

54,267 50,280 7.9%

Cost of goods sold, service and financial operations (11,788) (10,870) 8.4%

(42,886) (40,023) 7.2%

Gross Profit 3,390 2,847 19.1%

11,381 10,257 11.0%

Gross Margin 23.6% 21.8% +178 bps

22.2% 21.5% +70 bps

SG&A expenses (1,980) (1,735) 14.1%

(7,223) (6,765) 6.8%

Adjusted EBITDA 1,415 1,118 26.6%

4,183 3,516 19.0%

Adjusted EBITDA Margin 9.8% 8.6% +125 bps

8.2% 7.4% +76 bps

Depreciation and amortization (195) (170) 14.7%

(747) (657) 13.7%

Other income (expenses) (138) (43) n.m.

(292) 269 n.m.

EBIT 1,076 899 19.7%

3,118 3,104 0.5%

Net financial expenses (104) (65) 60.2%

(361) (660) -45.3%

Income before income tax and social contribution 972 834 16.5%

2,756 2,444 12.8%

Income Tax (273) (201) 35.8%

(893) (731) 22.2%

Net income 699 633 10.4%

1,863 1,713 8.8%

Net income, Group share 636 596 6.7%

1,660 1,599 3.8%

Net Income - Non-controlling interests (NCI) 63 37 70.3%

203 114 78.1%


14


APPENDIX II – Adjusted Net Income Calculation

The adjusted net income aims at providing a better view of the recurring net income performance. It is calculated as Net Income less Other income and expenses and the corresponding financial and income tax effect.


12M 18 12M 17 ∆

Net income, group share 636 596 6.7%

1,660 1,599 3.8%

(+/-) DTA expcetionnal recognition - (196) n.m.

- (196) n.m.

(+/-) Other income (expenses) 138 43 n.m.

292 (269) n.m.

(+/-) Actualization on other income (expenses) items

47 44 7.8%

40 44 -9.1%

(+/-) Tax income on on other income (expenses) items

(63) (29) n.m.

(113) 91 n.m.

Net income, Group share, adjusted 758 457 65.9%

1,879 1,269 48.1%

Net margin 5.3% 3.5% +177 bps

3.7% 2.7% +101 bps DTA = Deferred Tax Asset. Other income and expenses includes tax gains and provisions for depreciation and expenses related to the gains. Adj. Net income is the Net Income adjusted

for other operating income and expenses and their respective income tax impacts.


15


APPENDIX III –Adjusted EBITDA Reconciliation


12M 18 12M 17 ∆

Net income Adjusted 699 633 10.4%

1,863 1,713 8.8%

(+) Income tax and social contribution 273 201 35.8%

893 731 22.2%

(+) Net financial results 104 65 60.2%

361 660 -45.3%

(+) Depreciation and amortization 195 170 14.7%

747 657 13.7%

(+) Supply chain depreciation and amortization 6 6 -1.4% 26 24 7.5%

(=) EBITDA 1,277 1,075 18.8% 3,891 3,785 2.8%

(+/-) Other (income) expenses 138 43 n.m. 292 (269) n.m.

(=) Adjusted EBITDA 1,415 1,118 26.6% 4,183 3,516 19.0%


16


Appendix IV - Consolidated Balance Sheet

In R$ Million December 2018 December 2017

Assets

Cash and cash equivalents 4,647 4,804

Marketable securities 286 6

Accounts receivable 901 1,033

Consumer credit granted by our financial solutions company 6,266 5,265

Inventories 5,132 4,999

Tax receivables 358 367

Income tax and social contribution recoverable 41 10

Derivative financial instruments - 5

Prepaid expenses 60 48

Other accounts receivable 207 221

Current assets 17,898 16,758

Accounts receivable 6 -

Consumer credit granted by our financial solutions 317 229

Marketable securities 9 271

Tax receivables 2,434 1,729

Deferred tax assets 485 352

Prepaid expenses 20 8

Judicial deposits and collateral 2,231 2,170

Other accounts receivable 28 31

Investment properties 416 422

Investments in equity accounted companies 75 75

Property and equipment 10,472 9,597

Intangible assets and goodwill 2,286 2,236

Non-current assets 18,779 17,120

Total assets 36,677 33,878

17


In R$ Million December 2018 December 2017

Liabilities

Suppliers 10,423 9,410

Borrowings 17 1,461

Consumer credit financing 4,637 4,032

Tax payable 273 275

Income tax and social contribution payables 252 135

Payroll, vacation and related charges 651 588

Dividends payable 58 34

Deferred income 12 44

Other accounts payable 421 305

Derivative financial instruments 2 -

Current liabilities 16,746 16,284

Borrowings

1,896

1,016

Consumer credit financing 433 116

Deferred tax liabilities 473 502

Provisions 3,047 2,790

Deferred income 20 16

Other accounts payable 15 14

Non-current liabilities 5,884 4,454

Share capital 7,627 7,599

Capital reserve 2,174 2,167

Income reserve 3,513 2,658

Net effect of acquisition of minority interest (282) (282)

Equity evaluation adjustment 1 3

Shareholders’ equity, Group share 13,033 12,145

Non-controlling interests 1,014 995

Total liabilities and shareholders' equity 36,677 33,878

18


APPENDIX V – Banco CSF Income Statement


12M 18 12M 17 ∆

Net operating revenues 649 522 24.3%

2,456 2,040 20.4%

Risk Charges (127) (161) -21.0%

(713) (755) -5.6%

Gross profit 521 361 44.3%

1,743 1,285 35.6%

SG&A expenses (247) (193) 28.0%

(847) (728) 16.4%

Adjusted EBITDA 274 168 63.0%

895 557 60.7%

Depreciation and amortization expenses (6) - n.m.

(22) (16) 35.1%

Adjusted EBIT 268 168 59.5%

874 541 61.6%

Other revenues (expenses) (20) (14) 42.9%

(63) (57) 10.5%

Net Financial results (7) (11) -36.4%

(27) (61) -55.7%

Income tax (113) (66) 71.2%

(370) (190) 94.7%

Net income (100%) 128 76 68.4%

414 233 77.7%

*Includes reversal of provisions in the amount of R$66 million related to customer credit limits under IFRS9 methodology in the amount of R$66 million


Overdue Portfolio Analysis

For comparison purposes we are presenting the provisions and data on the portfolio using both the previous methodology and IFRS9/CPC48, which came into effect in January 2018.

Methodology BACEN

In R$ million December 18 September 18 June 18 March 18

Total Portfolio 7,690 100.0% 6,887 100.0% 6,625 100.0% 6,433 100.0%

On time payments 6,610 86.0% 5,840 84.8% 5,587 84.3% 5,456 84.8%

Over 30 days 963 12.5% 926 13.4% 897 13.5% 844 13.1%

Over 90 days 747 9.7% 720 10.5% 652 9.8% 607 9.4%

Provisions for loan losses 938 12.2% 897 13.0% 833 12.6% 781 12.1%

Provisions for loan losses / over 90 days 126% 125% 128% 129%

IFRS9

In R$ million December 18 September 18 June 18 March 18

Total Portfolio 8,382 100.0% 7,420 100.0% 7,005 100.0% 6,633 100.0%

On time payments 6,564 78.3% 5,793 78.1% 5,536 79.0% 5,409 82.3%

Over 30 days 1,669 19.9% 1,470 19.8% 1,288 18.4% 1,053 15.8%

Over 90 days 1,400 16.7% 1,218 16.4% 993 14.2% 758 11.4%

Provisions for loan losses 1,931 23.0% 1,795 24.2% 1,578 22.5% 1,366 20.6%

Provisions for loan losses / over 90 days 138% 147% 159% 180%

19


GLOSSARY

Like for Like: LFL sales compare gross sales in the relevant period with those in the immediately preceding period, based

on gross sales provided by comparable stores, which are defined as stores that have been open and operating for a

period of at least twelve consecutive months and that were not subject to closure or renovation within such period. As

petrol sales are very sensitive to market prices, they are excluded from the LfL computation. Other retail companies may

calculate LFL sales differently from us, and therefore, our historical and future LFL sales performance may not be

comparable with other similar metrics used by other companies.

Gross sales: Total revenues from our customers at the Group’s stores, gas stations, drugstores and on our e-commerce

platform.

GMV: Gross Merchandise Volume refers to all online sales (own sales + marketplace sales) as well freight revenues. It

excludes marketplace commissions, but includes sales taxes.

Net sales: Gross sales adjusted for taxes levied on sales (in particular PIS/COFINS and ICMS).

Other revenue: Comprises revenue from our Financial Solutions segment (including bank card fees and interest from

consumer credit activities), shopping mall rents and commissions related to other services provided in the stores, fast

cash and handling fees.

Gross Profit Margin: Gross profit divided by net sales for the relevant period, expressed as percentage.

EBITDA: Net income (for the year or for the period) adjusted for “financial result, net”, “income tax and social

contribution” and “depreciation and amortization”. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not

measures of financial performance under Brazilian GAAP or IFRS, and should not be considered as alternatives to net

income or as measures of operating performance, operating cash flows or liquidity. EBITDA, Adjusted EBITDA and

Adjusted EBITDA margin have no standardized meaning, and our definitions may not be comparable with those used by

other companies.

Adjusted EBITDA: EBITDA adjusted for the income statement line item “other income and expenses” (comprising losses

on disposals of assets, restructuring costs, income & expenses related to litigations, and tax credits recovered related to

prior periods).

Adjusted EBITDA Margin: Adjusted EBITDA divided by net sales for the relevant period, expressed as a percentage.

Adjusted Net income: Net Income, excluding Other Income and Expenses and the corresponding financial and income tax

effect.

Net Income Margin: Net income for the year divided by net sales for the relevant period, expressed as a percentage.

Global Functions: Central costs in relation to our central functions and headquarters. These comprise the activities of (i)

the cost of our holding divisions, (ii) certain expenses incurred in relation to certain support functions of our parent

company which are allocated to the various segments proportionately to their sales, and (iii) cost allocations from our

parent company, which are not specific to any segment.

Net Promoter Score (NPS): A management tool that can be used to gauge the loyalty of a firm's customer relationships.

It serves as an alternative to traditional customer satisfaction research.

Free Cash Flow: net cash provided by our operating activities, less interest received from short-term investments, plus

cash used in changes in judicial deposits and judicial freeze of deposits (and opposite), and unrealized interest income

from marketable securities, less cash provided from the disposal of non-operational assets, less cash used in additions to

property and equipment, less cash used in additions to intangible assets.

20


Investor Relations

Sébastien Durchon

Vice-President of Finance (CFO) and Director of Investor Relations

Daniela Bretthauer Letícia Montagnani

Investor Relations Director IR Coordinator

Telephone: +55 11 3779-8500

e-mail: [email protected]

website address: www.grupocarrefourbrasil.com.br

About Grupo Carrefour Brasil

Grupo Carrefour Brasil has been present in Brazil for over 40 years and is the market leader in food distribution and retail. By operating a

multiformat and omnichannel platform, it combines retail and cash & carry operations, as well as financial solutions for its clients through

Banco Carrefour. We also manage our real estate and portfolio of galleries and shopping centers through our real estate division -

Carrefour Property.

The Group is present in every state of Brazil, which allows us to meet the different needs of its millions of customers across the country. In

2018, we developed even more our omnichannel strategy with the set up of 10 Drives and click and collect in all hypermarket stores. In

traditional retail, we operate with several formats of stores: Carrefour (hypermarket), Carrefour Bairro and Carrefour Market

(supermarket), Carrefour Express (convenience store) and Atacadão (cash & carry and delivery wholesale) as well as Supeco (compact

wholesale cash&carry). Additionally, we offer complementary services to our food distribution business with gas stations and drugstores

services branded as Carrefour and Atacadão.

We are the largest retailer in Brazil and operate more than 660 points of sale. With sales of R$ 56.3 billion in 2018 and more than 87,000

employees, the company is one of the largest private employers in the country and the largest retailer listed and one of the 20 largest

listed companies on the Brazilian stock exchange (B3).

In the world, Carrefour Group operates in more than 30 countries. Over the next five years it plans to implement a new transformation

strategy “Carrefour 2022” plan to enable its customers to consume better by becoming the world leader in the food transition for all. In

addition, the Group aims to become the omnichannel universe of reference by investing in its growth formats, becoming the leader in food

e-commerce and leveraging the power of its brand. In 2018, its global sales totaled € 84.9 billion

Disclaimer

This document contains both historical and forward-looking statements on expectations and projections about operational and financial

results of the Company. These forward-looking statements are based on Carrefour management's current views and assumptions. Such

statements are not guarantees of future performance. Actual results or performances may differ materially from those in such forward-

looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed

with the CVM (Brazilian Securities Commission) in particular the Reference Form. The Company does not assume any obligation to update

or revise any of these forward-looking statements in the future.

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