Performance Indicators
Financial Performance [EC1]
Grupo Pão de Açúcar recorded excellent financial performance in 2008, with gross sales growing by 18.2% year on year to reach R$ 20.9 billion, while net sales closed the year at R$ 18.0 billion, 21% up on 2007. Gross and net sales under the ‘same-store’ concept (stores in operation for at least 12 months) grew by 8.5% and 11.0% in the period.
Food products, which account for 75.6% of the Group’s gross sales, grew by 7.3% in the same store’ concept, while non-food products, which account for 24.4% of the sales, grew by 12.1%, driven by electronics/home appliances, general merchandise and drugstores.
The Group’s investments were mostly towards the following:
> R$ 156.1 million on constructing and opening new stores;
> R$ 94.9 million on strategic land acquisitions;
> R$ 143.0 million on store renovation;
> R$ 109.1 million on infrastructure (technology, logistics and others).
As mentioned in the introduction of this report, this Sustainability Report provides only an overview of Grupo Pão de Açúcar’s financial performance last year. The details are available at the Annual Report 2008.
Financial and Operating Highlights
| (R$ million)(1) |
4708 |
4707 |
Var. |
2008
Pró-forma |
2007 |
2008 |
| Gross Sales |
5,922.4 |
5,137.4 |
15.3% |
20,856.8 |
17,642.6 |
18.2% |
| Net Sales |
5,142.7 |
4,328.8 |
18.8% |
18,033.1 |
14,902.9 |
21.0% |
| Gross Profit |
1,345.2 |
1,197.2 |
12.4% |
4,753.6 |
4,178.4 |
13.8% |
| Gross Margin |
26.2% |
27.7% |
-1.5 p.p.(2) |
26.4% |
28.0% |
-1.6 p.p.(2) |
| Operating Expenses |
947.2 |
872.2 |
8.6% |
3,393.9 |
3,152.4 |
7.7% |
| % of Net Sales |
18.4% |
20.1% |
-1.7 p.p.(2) |
18.8% |
21.2% |
-2.4 p.p.(2) |
| EBITDA |
398.1 |
325.1 |
22.5% |
1,359.7 |
1,026.0 |
32.5% |
| EBITDA Margin - % |
7.7% |
7.5% |
0.2 p.p.(2) |
7.5% |
6.9% |
0.6 p.p.(2) |
| Income before Income Tax |
154.8 |
130.0 |
19.1% |
439.3 |
226.1 |
94.3% |
| Net Income |
102.3 |
112.7 |
-9.2% |
298.6 |
210.9 |
41.6% |
| Net Margin - % |
2.0% |
2.6% |
-0.6 p.p.(2) |
1.7% |
1.4% |
0.3 p.p.(2) |
| Income excluding amortization of goodwill(2) |
140.9 |
150.1 |
-6.2% |
411.2 |
312.1 |
31.7% |
(1) Totals may not tally as the figures are rounded off
(2) Basis points
(3) Net of Income Tax
|
Net Sales by format (2008)
| Year |
2008 |
% |
2007 |
% |
Var. (%) |
| Pão de Açúcar (a) |
3,903,875 |
18.7% |
3,743,624 |
21.2% |
4.3% |
| Extra* |
10,609,136 |
50.9% |
9,114,795 |
51.7 |
16.4 |
| Compre Bem (b) |
2,932,597 |
14.0% |
2,910,293 |
16.5% |
0.8% |
| Extra Eletro |
372,478 |
1.8% |
330,061 |
1.9% |
12.9% |
| Sendas** |
1,586,588 |
7.6% |
1,309,560 |
7.4% |
21.2 |
| Assai |
1,452,095 |
7.0% |
234,230 |
1.3% |
519.9% |
| Grupo Pão de Açúcar |
20,856,789 |
100.0% |
17,642,563 |
100.0% |
18.2% |
* Include Extra Fácil and Extra Perto sales
**Sendas stores which are part of Sendas Distribuidora S/A
(a) 6 CompreBem stores in Pernambuco were transfered from Pão de Açúcar to
CompreBem management
b) 14 ABC CompreBem stores were transfered from CompreBem to Sendas management
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