Bompreco Reports 2000 Q2 Consolidated Results.Business Editors RECIFE Recife (rəsē`fĭ) [Port.,=reef], city (1991 pop. 1,298,229), capital of Pernambuco state, NE Brazil, a port on the Atlantic Ocean. It is also called Pernambuco by foreigners. , Brazil--(BUSINESS WIRE)--August 14, 2000 Bompreco S.A. Supermercados do Nordeste (Bovespa: BPCO BPCO Bronchopneumopathie Chronique Obstructive BPCO Broncopneumopatia Cronica Ostruttiva 4; 144A: BMPA BMPA Bombay Master Printers' Association LX; e Reg REG, n.pr See random event generator. S: BMPG LX) today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: results for the three-month period ended June June: see month. 30, 2000. For this quarter, the consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight result of R$630.9 million represents an increase of 18.5 percent in comparison to the same period of last year - R$532.4 million. When adjusted for IGP-DI IGP-DI Índice Geral de Preços Disponibilidade Interna (Portugese: General Price Index - Domestic Availability; Brazil) , net sales increased year-over-year by 4.2 percent, compared to a 0.8 percent decline in supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. sales for the second quarter, as reported by the Brazilian Supermarket Association (ABRAS ABRAS Associação Brasileira de Supermercados (Portugese: Brazilian Association of Supermarkets) ). The following factors should be considered when analyzing the company's sales results for the second quarter: -- A strong performance in sales of non-food products; -- The opening of a hypermarket in the city of Itabuna, southern Bahia; -- Sales of two hypermarkets and two supermarkets Supermarkets, past and present, include: Transnational Originating (HQ) country first. The rest in alphabetical order.
fourth quarter of 1999 and in the first quarter of 2000; -- Sales related to the Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it holiday were concentrated in April, while in the prior year they occurred mainly in March. Consolidated gross profit for the second quarter increased by 30.9 percent to R$154.6 million, from R$118.1 million for the same period last year. Consequently, consolidated gross margin for the period improved to 24.5 percent, from 22.2 percent in the same quarter last year. This performance was mainly a result of company-wide improvements in the distribution network, as well as of gains from successful negotiations with the company's suppliers. It is worth highlighting the gross margin improvement verified ver·i·fy tr.v. ver·i·fied, ver·i·fy·ing, ver·i·fies 1. To prove the truth of by presentation of evidence or testimony; substantiate. 2. at Bompreco Bahia Bahia, state, Brazil Bahia (bäē`yə), state (1991 pop. 11,867,991), 216,612 sq mi (559,921 sq km), E Brazil, on the Atlantic Ocean. Salvador (also called Bahia) is the capital. , which has been continuously improving over the last quarters and increased year-over-year to 22.4 percent, from 20.8 percent in the second quarter of 1999. Consolidated sales expenses for the quarter, as a percentage of net sales, rose to 17.5 percent from 14.7 percent in the same period last year, mainly as a consequence of an increase in rent expenses generated from the transfer, in December December: see month. of 1999, of existing real estate property to a Specific Purpose Entity, which are rented to the Company. Consolidated administrative expenses for the period, as a percentage of net sales, decreased year-over-year to 2.6 percent, from 4.0 percent in the second quarter of 1999. Combined, consolidated operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the second quarter rose, as a percentage of net sales, to 20.1 percent, from 18.7 percent in the equivalent period of last year. As a result of the gross profit improvement posted for the quarter, consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased by 50.7 percent to R$28.0 million, from R$18.6 million in the same period last year. As a percentage of net sales, consolidated EBITDA for the quarter increased to 4.4 percent from 3.5 percent in the year-ago period. EBITDA at Bompreco Bahia for the quarter improved year-over-year by 90.0 percent to R$8.4 million, from R$4.4 million in the equivalent period of last year. Consequently, consolidated EBITDA margin improved to 4.0 percent, from 2.5 percent in the same quarter last year. Consolidated EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). for the quarter increased to R$14.4 million, from R$8.0 million in the same period last year. Consolidated EBIT margin for the quarter improved year-over-year to 2.3 percent, from 1.5 percent in last year's same period. For the quarter, Bompreco posted consolidated financial expenses of R$19.0 million, compared with R$4.9 million in the same period last year. This increase was mainly a result of a higher volume of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. financing and a growth in the company's long term liabilities, related to the issuance of 35,000 debentures convertible into preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. during the fourth quarter of 1999. Consolidated financial revenues were R$29.2 million, compared with R$25.8 million in the same quarter last year. As a result of the increase in consolidated financial expenses, the net income reported by the company was in line with the income posted in the second quarter of last year. At June 30, 2000, HiperCard, Bompreco's main credit tool, counted approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1.5 million cardholders, of which more than nine hundred thousand were accountholders. HiperCard is accepted at all Bompreco's stores and in over 42,000 third-party retailers from Bahia to Maranhao. HiperCard's operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the quarter increased year-over-year by 22.4 percent, while accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying from clients rose by 27.8 percent to R$335.0 million. Regarding past due accounts, HiperCard accounts over 30 days past due for the quarter improved to 4.3 percent of total accounts receivable, from 5.4 percent in the same quarter of last year. Losses for the period were within expectations, around one percent of credit sales. For the first quarter, HiperCard reported a net income of R$6 million compared to an income of R$7 million in second quarter of 1999. During the second quarter, Bomclube, Bompreco's loyalty program, was used in approximately 73 percent of all transactions carried out at the company's stores. To date, the program has awarded in excess of 3.7 million prizes to Bompreco's customers. INVESTMENT PLAN As part of the company's investment plan, in May Bompreco opened a compact hypermarket hy·per·mar·ket n. A very large commercial establishment that is a combination of a department store and a supermarket. hypermarket Noun a huge self-service store [translation of French in southern Bahia. The store is located in a brand-new brand-new adj. Being in a fresh and unused condition; completely new. brand-new Adjective absolutely new Adj. 1. shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in the city of Itabuna Itabuna (ētəb  `nə), city (1991 pop. 185,277), Bahia state, E Brazil, on the Itabuna River. A cacao-producing center, it also has a well-developed cattle industry and a chemical factory. , with a total selling
area of 3,880 square meters Noun 1. square meter - a centare is 1/100th of an arecentare, square metre area unit, square measure - a system of units used to measure areas and 27 check-outs. Going forward, Bompreco expects to open, by the end of the year, one hypermarket in the city of Fortaleza Fortaleza (f  rtəlĕ`zə), city (1996 pop. 1,967,365), capital of Ceará state, NE Brazil, a port on the Atlantic Ocean. , state of Ceara, one compact hypermarket in the city of
Vitoria da Conquista Vitoria da Conquista (vētô`rēə dä kng-kē`stə), city (1991 pop. 225,091), Bahia state, E Brazil, in the Batalha Mts. , state of Bahia, and two supermarkets, one in the
city of Aracaju Aracaju (ä'rəkəzh`), city (1996 pop. 426,581), capital of Sergipe state, E central Brazil, a port on the Sergipe River near the Atlantic Ocean. , state of Sergipe Sergipe (sərgē`pĭ), state (1996 pop. 1,617,368), 8,321 sq mi (21,551 sq km), NE Brazil, on the Atlantic Ocean. Aracaju is the capital. , and one in the city of Recife, state
of Pernambuco Pernambuco (pərnəmb`k), state (1991 pop. 7,127,855), 37,946 sq mi (98,280 sq km), NE Brazil, on the Atlantic Ocean. .In addition to the opening of a hypermarket and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling of existing units, Bompreco continued with construction works for a distribution center in the city of Jaboatao dos Guararapes Guararapes is a municipality near Araçatuba in the state of São Paulo in Brazil. The population in 2004 is 29,948 and the area is 959.12 km². The elevation is 415 m. This place name comes from the Tupi language. , greater Recife, in the state of Pernambuco. Once completed, the new facility will occupy 100 thousand square meters over a total area of 292 thousand square meters. The company expects that the new, state-of-the-art distribution center, will increase centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. of merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain distribution, while reducing costs and improving the level of customer services. ACQUISITION BY ROYAL AHOLD a·hold n. Hold; grip: "I knew I could make it all right if I got . . . back to the hotel and got ahold of that bottle of brandy" Jimmy Breslin. On May 23, 2000, a news release was published to inform the beginning of the negotiations between Royal Ahold and Mr. Joao Carlos Carlos, prince of the Asturias Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in Paes Mendonca's family, aiming the acquisition of their common shares. Negotiations were closed on June 26, 2000, having Royal Ahold, through its Brazilian subsidiaries, acquired 21,367,990 common shares from Mr. Joao Carlos Paes Mendonca's family, being from that date, the sole controlling shareholder of Bompreco, with the total 42,735,980 outstanding common shares issued by the company. As a result of the acquisition, Mr. Joao Carlos Paes Mendonca, Chairman of the Board of Directors and of the Executive Board of Bompreco, has resigned from his functions. The Presidencies of the Board of Directors and of the Executive Board have been served, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the company's By Laws, by Mr. Marcelo Tavares Marcelo Tavares (born August 30, 1980) is a Brazilian football (soccer) defender playing in Saudi Premier League with Al-Hilal since 2004. He is considered as one of the best central defenders in Saudi Premier League. de Melo, former Vice-Chairman vice-chairman n → vicepresidente m vice-chairman vice irreg n → vice-président(e) vice-chairman vice- n of the Board of Directors and of the Executive Board. All other members of the Board of Directors and of the Executive Board will remain in their functions until a new Chairman of the Board of Directors and new members of the Board of Directors and of the Executive Board are appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. through an extraordinary general shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . Royal Ahold, whose participation in Bompreco dates from 1996, is an international food provider, operating around 7,000 supermarkets, hypermarkets and other types of retail businesses, with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of approximately 50 billion euros, serving 30 million customers every week in 23 countries. The synergies with Royal Ahold have allowed Bompreco an easier access to best practices in retailing, technology, engineering and store operation techniques. In addition, this partnership affords Bompreco access to vast international financial resources, capable of supporting the Company's plan of expansion and modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, . The acquisition of the controlling shares of Bompreco is part of Royal Ahold's consolidation strategy in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Bompreco S.A. Supermercados do Nordeste is the largest chain of retail stores in the North and Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. of Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. in terms of sales Terms of sale Conditions under which a firm proposes to sell its goods or services for cash or credit. . The company currently operates 102 stores, for a total selling area of 276,194 square meters over eight of the nine states that comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise the Northeast of Brazil. The company operates its stores through four formats, with 19 hypermarkets, 61 supermarkets, 19 minimarkets and 3 magazine stores. Gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. for fiscal year 1999 were R$2.7 billion and EBIT of R$54.0 million. Bompreco's preferred shares are listed on the Bovespa in Brazil. The company's GDSs, each representing two preferred shares, trade on the Luxembourg Luxembourg, province, Belgium Luxembourg, Du. Luxemburg, province (1991 pop. 232,813), 1,706 sq mi (4,419 sq km), SE Belgium, in the Ardennes, bordering on the Grand Duchy of Luxembourg in the east and on France in the south. Exchange. On June 30, 2000, Bompreco had 67,367,970 shares outstanding. For additional information, please refer to the company's web site at www.bompreco.com.br -0-
ADDITIONAL INFORMATION AND OPERATIONAL BREAKDOWNS:
----------------------------------------------------------------------
Net sales:
Bompreco Nordeste Comparison with 2Q99
-----------------------------------------------------
Same stores All stores Industry(1)
-----------------------------------------------------
Nominal Real(2) Nominal Real(2) Real(2)
2Q00 5.6 (7.2) 17.3 3.1 (0.8)
-----------------------------------------------------
Bompreco Bahia Comparison with 2Q99
-----------------------------------------------------
Same stores All stores Industry(1)
-----------------------------------------------------
Nominal Real(2) Nominal Real(2) Real(2)
2Q00 6.5 (6.4) 21.3 6.7 (0.8)
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Consolidated Comparison with 2Q99
-----------------------------------------------------
Same stores All stores Industry(1)
-----------------------------------------------------
Nominal Real(2) Nominal Real(2) Real(2)
2Q00 5.9 (6.9) 18.7 (4.3) (0.8)
-----------------------------------------------------
(1) As reported by the Brazilian Supermarket Association (ABRAS)
(2) Adjusted by IGP-DI
----------------------------------------------------------------------
Net Sales(1)
----------------------------------------------------------------------
2Q00 YTD Stores
Bompreco Nordeste Hypermarkets 270.535 516.602 13
Supermarkets 104.916 206.573 27
Minimarkets 11.178 21.663 10
Magazines 17.475 32.699 3
Bompreco Bahia Hypermarkets 88.232 169.026 6
Supermarkets 109.977 224.216 34
Minimarkets 12.014 24.317 9
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Total 614.327 1.195.095 102
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M(2)
----------------------------------------------------------------------
Check-outs Associates Selling Area
----------------------------------------------------------------------
Bompreco Nordeste Hypermarkets 698 6.603 92.605
Supermarkets 518 3.922 51.603
Minimarkets 94 401 7.365
Magazines 62 379 8.712
Bompreco Bahia Hypermarkets 254 2.159 36.634
Supermarkets 603 3.960 72.469
Minimarkets 74 480 6.806
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Total 2.303 17.904 276.194
(1) In thousands of Reais
SALES BREAKDOWN
----------------------------------------------------------------------
Bompreco Bompreco Consolidated
Nordeste Bahia
-------- -------- ------------
2Q00 2Q99 2Q00 2Q99 2Q00 2Q99
----------- ----------- -----------
Cash Purchases 38.6% 44.5% 42.1% 47.7% 39.8% 45.6%
HiperCard 46.4% 44.3% 25.0% 20.5% 39.3% 36.2%
Post-dated checks - - 7.0% 8.5% 2.3% 2.9%
Others 15.0% 11.2% 25.9% 23.3% 18.6% 15.3%
----------------------------------------------
BOMPRECO S.A. SUPERMERCADOS DO NORDESTE
BALANCE SHEET
For the periods ended on June 30, 2000 and 1999
(In thousands of Reais)
------------------------------------------
PARENT COMPANY CONSOLIDATED
------------------------------------------
2000 1999 2000 1999
------------------------------------------
ASSETS
CURRENT ASSETS
Cash 443 3,572 3,638 6,702
Short-term investments 80,190 77,567 80,190 77,567
Accounts receivables 22,549 14,930 385,823 298,306
Provision for doubtful
accounts (1,431) (857) (17,365) (16,444)
Intercompany accounts
receivable 72,091 41,739 - -
Inventory 121,429 95,785 178,256 153,236
Other accounts
receivable 26,561 15,342 42,447 26,445
Prepaid expenses 3,735 5,258 5,919 7,135
---------- -------------------------------
325,567 253,336 678,908 552,947
---------- -------------------------------
NON-CURRENT ASSETS
Income tax and social
contribution 20,450 35,132 77,826 89,252
Prepaid expenses 918 1,406 918 1,406
Intercompany accounts
receivable 113,736 160,119 - -
Judicial deposits 10,077 1,911 24,085 7,947
Receivables - indeminities
paid for creditors - - 20,665 8,670
Other accounts receivable 3,803 - 4,467 -
---------- -------------------------------
148,984 198,568 127,961 107,275
---------- -------------------------------
PERMANENT
Investments
In other companies 469,020 350,433 - -
Other investments 343 359 1,348 660
Fixed assets 365,385 354,587 698,599 663,281
Deferred 13,898 26,044 148,322 159,520
---------- -------------------------------
848,646 731,423 848,269 823,461
---------- -------------------------------
1,323,197 1,183,327 1,655,138 1,483,683
========== ===============================
------------------------------------------
PARENT COMPANY CONSOLIDATED
------------------------------------------
2000 1999 2000 1999
---------- -------------------------------
LIABILITIES
CURRENT
Suppliers 142,823 140,338 211,642 219,485
Bank loans 56,099 26,939 104,145 60,863
Social charges and taxes 10,889 17,599 21,094 28,506
Debentures 14,865 13,585 15,249 13,885
Income Tax and social
contribution - - - 86
Vacation and 13th month
salaries 13,550 11,738 21,862 18,276
Accounts payable - stores - - 103,429 77,816
Tax and labor claims 10,654 5,132 25,319 13,830
Leasing payable 6,945 12,560 7,853 14,887
Dividends payable - - 31 -
Other accounts payable 13,884 11,903 30,588 33,306
---------- -------------------------------
269,709 239,794 541,212 480,940
---------- -------------------------------
NON-CURRENT LIABILITIES
Leasing payable 2,619 9,801 2,619 10,633
Bank loans 416,581 418,038 416,794 419,156
Social charges and taxes 40,287 - 48,423 1,952
Debentures 53,452 21,668 104,467 75,792
Other accounts payable - 1,992 - 2,245
Deferred income tax 10,071 10,071 10,071 10,071
---------- -------------------------------
523,010 461,570 582,374 519,849
---------- -------------------------------
MINORITY PARTICIPATION - - 1,074 931
STOCKHOLDERS' EQUITY
Capital 543,126 543,126 543,126 543,126
Capital reserves - 973 - 973
Income reserves - 4,619 - 4,619
Accumulated income (12,648) (66,755) (12,648) (66,755)
---------- -------------------------------
530,478 481,963 530,478 481,963
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1,323,197 1,183,327 1,655,138 1,483,683
========== ===============================
BOMPRECO S.A. SUPERMERCADOS DO NORDESTE
CONSOLIDATED INCOME STATEMENT
For the periods ended on June 30th, 2000 and 1999
2000
---------------------------- ---------------------
In thousands of reais Vertical Analysis (%)
---------------------------- ---------------------
2nd Year-to- 2nd Year-to-
Quarter Date Quarter Date
---------------------------- ---------------------
Net Sales 630,857 1,235,018 100.0% 100.0%
Cost of goods
sold (476,259) (936,155) -75.5% -75.8%
--------------------------- --------------------
Gross profit 154,598 298,863 24.5% 24.2%
Operational revenues
(expenses)
Sales expenses (110,097) (216,472) -17.5% -17.5%
Administrative
expenses (16,513) (37,056) -2.6% -3.0%
--------------------------- --------------------
(126,610) (253,528) -20.1% -20.5%
Earnings before
interest, taxes,
depreciation
and amortization
(EBITDA) 27,988 45,335 4.4% 3.7%
Depreciation
and
amortization (13,555) (26,225) -2.1% -2.1%
--------------------------- --------------------
Earnings before
interest and
taxes (EBIT) 14,433 19,110 2.3% 1.5%
Financing currency
differences (9,508) (4,341) -1.5% -0.4%
Financial
revenues 29,203 61,770 4.6% 5.0%
Financial
expenses (38,770) (85,982) -6.1% -7.0%
--------------------------- --------------------
Financial
revenues
(expenses),
net (19,075) (28,553) -3.0% -2.3%
Goodwill
amortization (745) (1,489) -0.1% -0.1%
Other operational
income, net 4,434 8,672 0.7% 0.7%
Other Expenses: Y2K (1) (2) 0.0% 0.0%
Equity income - -
--------------------------- --------------------
Operational profit (954) (2,262) -0.2% -0.2%
Non-operating
income (loss),
net 888 2,694 0.1% 0.2%
--------------------------- --------------------
Profit before
tax and profit
sharing (66) 432 0.0% 0.0%
Income tax and
social
contribution (762) (5,755) -0.1% -0.5%
Income tax and
social
contribution
- deferred 2,351 6,759 0.0% 0.5%
--------------------------- --------------------
Profit before
employees'
profit sharing 1,523 1,436 0.4% 0.5%
Employees' profit
sharing (200) (556) 0.2% 0.1%
Minority
interest (9) (13) 0.0% 0.0%
--------------------------- --------------------
Net Profit 1,314 867 0.2% 0.1%
=========================== ====================
1999
----------------------------- -------------------
In thousands of reais Vertical Analysis (%)
----------------------------- -------------------
2nd Year-to- 2nd Year-to
Quarter Date Quarter Date
----------------------------- -------------------
Net Sales 532,412 1,051,894 100.0% 100.0%
Cost of goods
sold (414,272) (816,800) -77.8% -77.7%
----------------------------- -------------------
Gross profit 118,140 235,094 22.2% 22.3%
Operational revenues
(expenses)
Sales expenses (78,116) (155,788) -14.7% -14.8%
Administrative
expenses (21,448) (39,097) -4.0% -3.7%
----------------------------- -------------------
(99,564) (194,885) -18.7% -18.5%
Earnings before
interest, taxes,
depreciation
and amortization
(EBITDA) 18,576 40,209 3.5% 3.8%
Depreciation
and
amortization (10,572) (20,916) -2.0% -2.0%
----------------------------- -------------------
Earnings before
interest and
taxes (EBIT) 8,004 19,293 1.5% 1.8%
Financing currency
differences (5,233) (130,993) -1.0% -12.5%
Financial
revenues 25,806 65,675 4.8% 6.2%
Financial
expenses (25,527) (62,579) -4.8% -5.9%
----------------------------- -------------------
Financial
revenues
(expenses),
net (4,954) (127,897) -0.9% -12.2%
Goodwill
amortization - - 0.0% 0.0%
Other operational
income, net 1,136 11,890 0.2% 1.1%
Other Expenses: Y2K (169) (824) 0.0% -0.1%
Equity income - -
----------------------------- -------------------
Operational profit 4,017 (97,538) 0.8% -9.3%
Non-operating
income (loss),
net 152 281 0.0% 0.0%
----------------------------- -------------------
Profit before
tax and profit
sharing 4,169 (97,257) 0.8% -9.2%
Income tax and
social
contribution (2,698) (6,416) -0.5% -0.6%
Income tax and
social
contribution
- deferred 1,384 38,421 0.3% 3.7%
----------------------------- -------------------
Profit before
employees'
profit sharing 2,855 (65,252) 0.5% -6.2%
Employees' profit
sharing (1,501) (-0.3%) -0.1% -86.7%
Minority
interest (16) (2) 0.0% 0.0%
----------------------------- -------------------
Net Profit 1,338 (66,755) 0.3% -6.3%
============================= ===================
-----------------------
Horizontal Analysis %
-----------------------
2nd Year-to-
Quarter Date
-----------------------
Net Sales 18.5% 17.4%
Cost of goods
sold 15.0% 14.6%
---------- ------------
Gross profit 30.9% 27.1%
Operational revenues
(expenses)
Sales expenses 40.9% 39.0%
Administrative
expenses -23.0% -5.2%
---------- ------------
27.2% 30.1%
Earnings before
interest, taxes,
depreciation
and amortization
(EBITDA) 50.7% 12.7%
Depreciation
and
amortization 28.2% 25.4%
---------- ------------
Earnings before
interest and
taxes (EBIT) 80.3% -0.9%
Financing currency
differences 81.7% -96.7%
Financial
revenues 13.2% -5.9%
Financial
expenses 51.9% 37.4%
---------- ------------
Financial
revenues
(expenses),
net 285.0% -77.7%
Goodwill
amortization 0.0% 0.0%
Other operational
income, net 290.3% -27.1%
Other Expenses: Y2K -99.4% -99.8%
Equity income
---------- ------------
Operational profit -123.7% -97.7%
Non-operating
income (loss),
net 484.2% 858.7%
---------- ------------
Profit before
tax and profit
sharing -101.6% -100.4%
Income tax and
social
contribution -71.8% -10.3%
Income tax and
social
contribution
- deferred 69.9% -82.4%
---------- ------------
Profit before
employees'
profit sharing -46.7% -102.2%
Employees' profit
sharing 86.3% -63.0%
Minority
interest -43.8% 550.0%
---------- ------------
Net Profit -1.8% -101.3%
========== ============
BOMPRECO S.A. SUPERMERCADOS DO NORDESTE
INCOME STATEMENT
For the periods ended on June 30th, 2000 and 1999
2000
------------------------------------------
In thousands of reais Vertical Analysis(%)
------------------------------------------
2nd Year 2nd Year
Quarter -to-Date Quarter -to-Date
------------------------------------------
Net Sales 407,450 782,527 100.0% 100.0%
Cost of goods sold (311,085) (607,285) -76.3% -77.6%
------------------------------------------
Gross profit 96,365 175,242 23.7% 22.4%
Operational
revenues (expenses)
Sales expenses (67,835) (132,817) -16.6% -17.0%
Administrative expenses (10,133) (18,432) -2.5% -2.4%
------------------------------------------
(77,968) (151,249) -19.1% -19.3%
Earnings before interest, taxes,
depreciation and
amortization (EBITDA) 18,397 23,993 4.5% 3.1%
Depreciation and
amortization (8,027) (15,577) -2.0% -2.0%
------------------------------------------
Earnings before
interest and taxes (EBIT) 10,370 8,416 2.5% 1.1%
Financing currency
differences (9,296) (4,144) -2.3% -0.5%
Financial revenues 8,943 19,229 2.2% 2.5%
Financial expenses (19,528) (41,880) -4.8% -5.4%
------------------------------------------
Financial revenues
(expenses), net (19,881) (26,795) -4.9% -3.4%
Goodwill amortization - - 0.0% 0.0%
Other operational
income, net 1,839 3,709 0.5% 0.5%
Other Expenses: Y2K (1) (2) 0.0% 0.0%
Equity income 4,501 7,736 1.1% 1.0%
------------------------------------------
Operational profit (3,172) (6,936) -0.8% -0.9%
Non-operating income
(loss), net 710 2,353 0.2% 0.3%
Profit before tax
and profit sharing (2,462) (4,583) -0.6% -0.6%
------------------------------------------
Income tax and social
contribution
Income tax and social
contribution - deferred 3,776 5,029 0.9% 0.6%
Profit before employees'
profit sharing 1,314 446 0.3% 0.1%
Employees' profit sharing - 421 0.0% 0.1%
Minority interest - -
------------------------------------------
Net Profit 1,314 867 0.3% 0.1%
==========================================
1999
------------------------------------
In thousands of reais Vertical Analysis(%)
------------------------------------
2nd Year 2nd Year
Quarter -to-Date Quarter -to-Date
------------------------------------
Net Sales 345,609 685,661 100.0% 100.0%
Cost of goods sold (275,215)(542,827) -79.6% -79.2%
------------------------------------
Gross profit 70,394 142,834 20.4% 20.8%
Operational revenues (expenses)
Sales expenses (48,774) (94,747) -14.1% -13.8%
Administrative expenses (8,050) (14,479) -2.3% -2.1%
------------------------------------
(56,824)(109,226) -16.4% -15.9%
Earnings before interest, taxes,
depreciation and
amortization (EBITDA) 13,570 33,608 3.9% 4.9%
Depreciation and amortization (6,247) (12,567) -1.8% -1.8%
------------------------------------
Earnings before interest
and taxes (EBIT) 7,323 21,041 2.1% 3.1%
Financing currency differences (4,543)(117,674) -1.3% -17.2%
Financial revenues 17,394 35,676 5.0% 5.2%
Financial expenses (21,108) (37,841) -6.1% -5.5%
------------------------------------
Financial revenues
(expenses), net (8,257)(119,839) -2.4% -17.5%
Goodwill amortization - - 0.0% 0.0%
Other operational income, net (151) (982) 0.0% -0.1%
Other Expenses: Y2K (169) (786) 0.0% -0.1%
Equity income 3,510 2,294 1.0% 0.3%
------------------------------------
Operational profit 2,256 (98,272) 0.7% -14.3%
Non-operating income (loss), net (101) (136) 0.0% 0.0%
Profit before tax
and profit sharing 2,155 (98,408) 0.6% -14.4%
------------------------------------
Income tax and social contribution
Income tax and social contribution
- deferred 684 33,154 0.2% 4.8%
Profit before employees'
profit sharing 2,839 (65,254) 0.8% -9.5%
Employees' profit sharing (1,501) (1,501) -0.4% -0.2%
Minority interest - -
------------------------------------
Net Profit 1,338 (66,755) 0.4% -9.7%
====================================
----------------------------
Horizontal Analysis (%)
----------------------------
2nd Quarter Year-to-Date
----------------------------
Net Sales 17.9% 14.1%
Cost of goods sold 13.0% 11.9%
------------- -------------
Gross profit 36.9% 22.7%
Operational revenues (expenses)
Sales expenses 39.1% 40.2%
Administrative expenses 25.9% 27.3%
------------- -------------
37.2% 38.5%
Earnings before interest, taxes,
depreciation and amortization (EBITDA) 35.6% -28.6%
Depreciation and amortization 28.5% 24.0%
------------- -------------
Earnings before interest and taxes (EBIT) 41.6% -60.0%
Financing currency differences 104.6% -96.5%
Financial revenues -48.6% -46.1%
Financial expenses -7.5% 10.7%
------------- -------------
Financial revenues (expenses), net 140.8% -77.6%
Goodwill amortization 0.0% 0.0%
Other operational income, net -1317.9% -477.7%
Other Expenses: Y2K -99.4% -99.7%
Equity income 28.2% 237.2%
------------- -------------
Operational profit -240.6% -92.9%
Non-operating income (loss), net -803.0% -1830.1%
Profit before tax and profit sharing -214.2% -95.3%
------------- -------------
Income tax and social contribution
Income tax and social contribution
- deferred 452.0% -84.8%
Profit before employees' profit sharing -53.7% -100.7%
Employees' profit sharing -100.0% -128.0%
Minority interest
------------- -------------
Net Profit -1.8% -101.3%
============= =============
BOMPRECO BAHIA S.A
INCOME STATEMENT
For the periods ended June 30th, 2000 and 1999
2000 1999
-------------------------------------------
In thousands of reais Vertical Analysis %
In thousands of reais
--------------------- ----------------------
2nd Year-to- 2nd Year-to-
Quarter Date Quarter Date
-------------------- ---------------------
Net Sales 210,651 419,236 100.0% 100.0%
Cost of goods sold (163,506) 325,652) -77.6% -77.7%
------------------ -----------------
Gross profit 47,145 93,584 22.4% 22.3%
Operational revenues (expenses)
Sales expenses (34,353) (68,859) -16.3% -16.4%
Administrative
expenses (4,439) (8,567) -2.1% -2.0%
------------------ -----------------
(38,792) (77,426) -18.4% -18.5%
Earnings before interest,
taxes, depreciation
and amortization (EBITDA) 8,353 16,158 4.0% 3.9%
Depreciation and
amortization (5,099) (9,832) -2.4% -2.3%
------------------ -----------------
Earnings before interest
and taxes (EBIT) 3,254 6,326 1.5% 1.5%
Financing currency
differences (201) (203) -0.1% 0.0%
Financial revenues 113 794 0.1% 0.2%
Financial expenses (5,089) (10,348) -2.4% -2.5%
------------------ -----------------
Financial revenues
(expenses), net (5,177) (9,757) -2.5% -2.3%
Goodwill amortization (745) (1,489) -0.4% -0.4%
Other operational income,
net 568 1,081 0.3% 0.3%
Other Expenses: Y2K - - 0.0% 0.0%
Equity income - - 0.0% 0.0%
------------------ -----------------
Operational profit (2,100) (3,839) -1.0% -0.9%
Non-operating income
(loss), net 16 41 0.0% 0.0%
Profit before tax and
profit sharing (2,084) (3,798) -1.0% -0.9%
------------------ -----------------
Income tax and
social contribution
Income tax and
social contribution
deferred 759 1,540 0.4% 0.4%
Profit before employees'
profit sharing (1,325) (2,258) -0.6% -0.5%
Employees' profit sharing (200) (971) -0.1% -0.2%
Minority interest - - - -
------------------ -----------------
Net Profit (1,525) (3,229) -0.7% -0.8%
================== =================
1999
---------------------------------------------
In thousands of reais Vertical Analysis %
In thousands of reais
--------------------- ---------------------
2nd Year-to- 2nd Year-to-
Quarter Date Quarter Date
-------------------- ---------------------
Net Sales 173,913 343,331 100.0% 100.0%
Cost of goods sold (137,764) (271,343) -79.2% -79.0%
------------------ -----------------
Gross profit 36,149 71,988 20.8% 21.0%
Operational revenues (expenses)
Sales expenses (27,069) (52,325) -15.6% -15.2%
Administrative
expenses (4,685) (9,396) -2.7% -2.7%
------------------ ------------------
(31,754) (61,721) -18.3% -18.0%
Earnings before interest,
taxes, depreciation
and amortization (EBITDA) 4,395 10,267 2.5% 3.0%
Depreciation and
amortization (4,145) (7,912) -2.4% -2.3%
------------------ -----------------
Earnings before interest
and taxes (EBIT) 250 2,355 0.1% 0.7%
Financing currency
differences (651) (12,674) -0.4% -3.7%
Financial revenues 2,350 3,259 1.4% 0.9%
Financial expenses (7,984) (17,425) -4.6% -5.1%
------------------ -----------------
Financial revenues
(expenses), net (6,285) (26,840) -3.6% -7.8%
Goodwill amortization - - 0.0% 0.0%
Other operational income,
net 366 11,213 0.2% 3.3%
Other Expenses: Y2K - - 0.0% 0.0%
Equity income - - 0.0% 0.0%
------------------ -----------------
Operational profit (5,669) (13,272) -3.3% -3.9%
Non-operating income
(loss), net 24 70 0.0% 0.0%
Profit before tax and
profit sharing (5,645) (13,202) -3.2% -3.8%
------------------ -----------------
Income tax and
social contribution
Income tax and
social contribution
deferred 1,810 4,376 1.0% 1.3%
Profit before employees'
profit sharing (3,835) (8,826) -2.2% -2.6%
Employees' profit sharing - - 0.0% 0.0%
Minority interest - -
------------------ -----------------
------------------ -----------------
Net Profit (3,835) (8,826) -2.2% -2.6%
================== =================
Horizontal Analysis (%)
-----------------------
2nd Year-to-
Quarter Date
--------------------
Net Sales 21.1% 22.1%
Cost of goods sold 18.7% 20.0%
--------------------
Gross profit 30.4% 30.0%
Operational revenues (expenses)
Sales expenses 26.9% 31.6%
Administrative
expenses -5.3% -8.8%
-------------------
22.2% 25.4%
Earnings before interest,
taxes, depreciation
and amortization (EBITDA) 90.1% 57.4%
Depreciation and
amortization 23.0% 24.3%
------------------
Earnings before interest
and taxes (EBIT) 1201.6% 168.6%
Financing currency
differences -69.1% -98.4%
Financial revenues -95.2% -75.6%
Financial expenses -36.3% -40.6%
-----------------
Financial revenues
(expenses), net -17.6% -63.6%
Goodwill amortization 0.0% 0.0%
Other operational income,
net 55.2% -90.4%
Other Expenses: Y2K 0.0% 0.0%
Equity income 0.0% 0.0%
------------------
Operational profit -63.0% -71.1%
Non-operating income
(loss), net -33.3% -41.4%
Profit before tax and
profit sharing -63.1% -71.2%
------------------
Income tax and
social contribution
Income tax and
social contribution
deferred -58.1% -64.8%
Profit before employees'
profit sharing -65.4% -74.4%
Employees' profit sharing 0.0% 0.0%
Minority interest ----------------
Net Profit -60.2% -63.4%
==================
HIPERCARD ADMINISTRADORA DE CARTAO DE CREDITO LTDA
INCOME STATEMENT
For the periods ended on June 30th, 2000 and 1999
(In thousands of reais)
2000 1999
------------------------- --------------------------
2nd Quarter Year-to-Date 2nd Quarter Year-to-Date
----------- ------------ ----------- ------------
Operational
revenues 42,420 86,171 34,654 65,125
Services
revenues 20,861 41,760 12,279 21,730
Financial
revenues 19,545 40,553 21,369 41,319
Other operational
revenues 2,014 3,858 1,006 2,076
Operational
expenses (33,348) (69,551) (23,664) (48,554)
Service tax (1,910) (3,820) (1,098) (1,886)
Operational
expenses (17,477) (32,408) (10,315) (23,064)
Financial
expenses (13,961) (33,323) (12,251) (23,604)
--------- ---------- --------- --------
Operational income 9,072 16,620 10,990 16,571
--------- ---------- --------- --------
Non operational
revenues (expenses) 0 0 (253) (291)
Income tax and
social
contribution (3,042) (5,651) (3,647) (5,370)
Employees' profit
sharing 0 (6) -
--------- ---------- --------- --------
Net profit 6,030 10,963 7,090 10,910
========= ========== ========= ========
BOMPRECO S.A SUPERMERCADOS DO NORDESTE
EQUITY INCOME STATEMENT
For the periods ended on June 30th, 2000 and 1999
(In thousands of reais)
2000 1999
-------------------------- ---------------------------
2nd Quarter Year-to-Date 2nd Quarter Year-to-Date
------------ ------------ ------------ -------------
Bompreco Bahia (1,522) (3,222) (3,822) (8,799)
HiperCard 6,019 10,944 7,079 10,892
Others 4 14 253 201
-------------------------- ---------------------------
Total 4,501 7,736 3,510 2,294
========================== ===========================
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