SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2010
Brazilian Distribution Company
(Translation of Registrants Name Into English)
Av. Brigadeiro Luiz Antonio,
3142 São Paulo, SP 01402-901
Brazil
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F)
Form 20-F X Form 40-F
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101 (b) (1)):
Yes ___ No X
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101 (b) (7)):
Yes ___ No X
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes ___ No X
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
Registration with CVM SHOULD not BE CONSTRUED AS AN appreciation on the company. company management is responsible for the information provided. |
1 - CVM CODE |
2 - COMPANY NAME |
3 - CNPJ (Corporate Taxpayers ID) |
01482-6 |
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
47.508.411/0001-56 |
4 - NIRE (Corporate Registry ID) | ||
35.300.089.901 |
1 - ADDRESS Av. Brigadeiro Luis Antonio, 3142 |
2 - DISTRICT Jardim Paulista | |||||
3 - ZIP CODE 01402-901 |
4 - CITY São Paulo |
5 - STATE SP | ||||
6 - AREA CODE 11 |
7 - TELEPHONE 3886-0421 |
8 - TELEPHONE - |
9 - TELEPHONE - |
10 - TELEX
| ||
11 - AREA CODE 11 |
12 - FAX 3886-2677 |
13 - FAX - |
14 - FAX - |
| ||
15 - E-MAIL gpa.ri@grupopaodeacucar.com.br | ||||||
1- NAME VITOR FAGÁ DE ALMEIDA | ||||||
2 - ADDRESS Av. Brigadeiro Luis Antonio, 3142 |
3 - DISTRICT Jardim Paulista | |||||
4 - ZIP CODE 01402-901 |
5 - CITY SÃO PAULO |
6 - STATE SP | ||||
7 - AREA CODE 11 |
8 - TELEPHONE 3886-0421 |
9 - TELEPHONE - |
10 - TELEPHONE - |
11 - TELEX
| ||
12 - AREA CODE 11 |
13 - FAX 3884-2677 |
14 - FAX - |
15 - FAX - |
| ||
16 - E-MAIL gpa.ri@grupopaodeacucar.com.br | ||||||
CURRENT YEAR |
CURRENT QUARTER |
PREVIOUS QUARTER | |||||
1 - BEGINNING |
2 - END |
3 - QUARTER |
4 - BEGINNING |
5 - END |
6 - QUARTER |
7 - BEGINNING |
8 - END |
1/1/2010 |
12/31/2010 |
3 |
7/1/2010 |
9/30/2010 |
2 |
4/1/2010 |
6/30/2010 |
09 - INDEPENDENT AUDITOR ERNST & YOUNG TERCO AUDITORES INDEPENDENTES S.S. |
10 - CVM CODE 00471-5 | ||||||
11. TECHNICIAN IN CHARGE SERGIO CITERONI |
12 TECHNICIANS CPF (INDIVIDUAL TAXPAYERS ID) 042.300.688-67 |
1
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
Number of Shares (in thousands) |
1 CURRENT QUARTER 9/30/2010 |
2 PREVIOUS QUARTER 6/30/2010 |
3 SAME QUARTER, PREVIOUS YEAR 9/30/2009 |
Paid-up Capital | |||
1 - Common |
99,680 |
99,680 |
99,680 |
2 - Preferred |
157,841 |
157,774 |
154,838 |
3 - Total |
257,521 |
257,454 |
254,518 |
Treasury Stock | |||
4 - Common |
0 |
0 |
0 |
5 - Preferred |
233 |
233 |
370 |
6 - Total |
233 |
233 |
370 |
1 - TYPE OF COMPANY Commercial, Industrial and Other |
2 - STATUS Operational |
3 - NATURE OF OWNERSHIP Private National |
4 - ACTIVITY CODE 1190 Trade (Wholesale and Retail) |
5 - MAIN ACTIVITY Retail Trade
|
6 - CONSOLIDATION TYPE Full |
7 TYPE OF REPORT OF INDEPENDENT AUDITORS
|
1 ITEM |
2 - CNPJ (Corporate Taxpayers ID) |
3 - COMPANY NAME |
1 - ITEM |
2 - EVENT |
3 APPROVAL |
4 - TYPE |
5 - DATE OF PAYMENT |
6 - TYPE OF SHARE |
7 - AMOUNT PER SHARE |
01 |
RCA* |
5/7/2010 |
Dividend |
5/31/2010 |
Common Share |
0.0727272727 |
02 |
RCA* |
5/7/2010 |
Dividend |
5/31/2010 |
Class A Preferred Share |
0.0800000000 |
03 |
RCA* |
7/27/2010 |
Dividend |
8/17/2010 |
Class A Preferred Share |
0.0800000000 |
04 |
RCA* |
7/27/20100 |
Dividend |
8/17/2010 |
Common Share |
0.0727272727 |
*Board of Directors Meeting
2
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 - ITEM |
2 - DATE OF CHANGE |
3 - CAPITAL STOCK
(In thousands of reais) |
4 - AMOUNT OF CHANGE
(In thousands of reais) |
5 - NATURE OF CHANGE |
7 - NUMBER OF SHARES ISSUED
(thousand) |
8 - SHARE PRICE WHEN ISSUED (in reais) |
01 |
3/15/2010 |
5,375,003 |
252 |
Stock Option |
10 |
24.6300000000 |
02 |
3/15/2010 |
5,375,003 |
0 |
Stock Option |
2 |
0.0100000000 |
03 |
3/15/2010 |
5,375,064 |
61 |
Stock Option |
2 |
26.9300000000 |
04 |
3/15/2010 |
5,375,064 |
0 |
Stock Option |
2 |
0.0100000000 |
05 |
3/15/2010 |
5,378,061 |
2,997 |
Stock Option |
109 |
27.4700000000 |
06 |
3/15/2010 |
5,378,062 |
1 |
Stock Option |
89 |
0.0100000000 |
07 |
4/29/2010 |
5,463,542 |
85,480 |
Profit Reserve |
0 |
0.0000000000 |
08 |
4/29/2010 |
5,480,324 |
16,782 |
Capital Reserve |
0 |
0.0000000000 |
09 |
4/29/2010 |
5,547,451 |
67,127 |
Capital Reserve |
0 |
0.0000000000 |
10 |
6/9/2010 |
5,554,893 |
7,442 |
Stock Option |
244 |
30.5200000000 |
11 |
6/9/2010 |
5,554,953 |
60 |
Stock Option |
2 |
39.7300000000 |
12 |
6/9/2010 |
5,568,829 |
13,877 |
Stock Option |
563 |
24.6300000000 |
13 |
6/9/2010 |
5,568,830 |
2 |
Stock Option |
162 |
0.0100000000 |
14 |
6/9/2010 |
5,571,369 |
2,539 |
Stock Option |
94 |
26.9300000000 |
15 |
6/9/2010 |
5,571,370 |
1 |
Stock Option |
60 |
0.0100000000 |
16 |
6/9/2010 |
5,573,438 |
2,068 |
Stock Option |
75 |
27.4700000000 |
17 |
6/9/2010 |
5,573,439 |
1 |
Stock Option |
75 |
0.0100000000 |
18 |
7/12/2010 |
5,573,514 |
75 |
Stock Option |
2 |
40.2800000000 |
19 |
7/12/2010 |
5,573,579 |
65 |
Stock Option |
3 |
24.6300000000 |
20 |
7/12/2010 |
5,573,881 |
302 |
Stock Option |
11 |
26.9300000000 |
21 |
7/12/2010 |
5,573,881 |
0 |
Stock Option |
11 |
0.0100000000 |
22 |
7/12/2010 |
5,574,264 |
383 |
Stock Option |
14 |
27.4700000000 |
23 |
7/12/2010 |
5,574,264 |
0 |
Stock Option |
14 |
0.0100000000 |
24 |
7/12/2010 |
5,574,379 |
115 |
Stock Option |
2 |
46.4900000000 |
25 |
7/12/2010 |
5,574,379 |
0 |
Stock Option |
10 |
0.0100000000 |
3
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 - ITEM |
2 - DATE OF CHANGE |
3 - CAPITAL STOCK
(In thousands of reais) |
4 - AMOUNT OF CHANGE
(In thousands of reais) |
5 - NATURE OF CHANGE |
7 - NUMBER OF SHARES ISSUED
(thousand) |
8 - SHARE PRICE WHEN ISSUED (in reais) |
01.10 INVESTORS RELATIONS OFFICER
1 DATE 11/11/2010 |
2 SIGNATURE |
4
(A free translation of the original in Portuguese)
(FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 - CODE |
2 - DESCRIPTION |
3 9/30/2010 |
4 6/30/2010 |
1 |
Total Assets |
13,925,915 |
13,364,232 |
1.01 |
Current Assets |
4,419,947 |
4,163,806 |
1.01.01 |
Cash and Cash Equivalents |
1,413,689 |
1,289,597 |
1.01.01.01 |
Cash and Banks |
45,375 |
47,815 |
1.01.01.02 |
Financial Investments |
1,368,314 |
1,241,782 |
1.01.02 |
Credits |
1,459,794 |
1,423,350 |
1.01.02.01 |
Customers |
753,743 |
734,602 |
1.01.02.02 |
Sundry Credits |
706,051 |
688,748 |
1.01.02.02.01 |
Recoverable Taxes |
353,514 |
365,682 |
1.01.02.02.02 |
Deferred Income and Social Contribution Taxes |
134,868 |
88,743 |
1.01.02.02.03 |
Receivables Securitization Fund |
0 |
0 |
1.01.02.02.04 |
Prepaid Expenses and Other |
217,669 |
234,323 |
1.01.02.02.05 |
Dividends Receivables |
0 |
0 |
1.01.02.02.06 |
Advance for Future Capital Increase |
0 |
0 |
1.01.03 |
Inventories |
1,546,464 |
1,450,859 |
1.01.04 |
Other |
0 |
0 |
1.02 |
Noncurrent Assets |
9,505,968 |
9,200,426 |
1.02.01 |
Long-term Receivables |
1,705,243 |
1,552,278 |
1.02.01.01 |
Sundry Credits |
701,529 |
719,169 |
1.02.01.01.01 |
Receivables Securitization Fund |
116,067 |
113,484 |
1.02.01.01.02 |
Recoverable Taxes |
121,120 |
106,532 |
1.02.01.01.03 |
Deferred Income and Social Contribution Taxes |
127,727 |
198,895 |
1.02.01.01.04 |
Deposits for Judicial Appeals |
269,231 |
231,819 |
1.02.01.01.05 |
Accounts Receivable |
32,943 |
33,588 |
1.02.01.01.06 |
Prepaid Expenses and Other |
34,441 |
34,851 |
1.02.01.01.07 |
Derivative Financial Instruments |
0 |
0 |
1.02.01.02 |
Credits with Related Parties |
1,003,714 |
833,109 |
1.02.01.02.01 |
In Direct and Indirect Associated Companies |
0 |
0 |
1.02.01.02.02 |
Subsidiaries |
970,468 |
793,692 |
1.02.01.02.03 |
Other Related Parties |
33,246 |
39,417 |
1.02.01.03 |
Other |
0 |
0 |
1.02.02 |
Permanent Assets |
7,800,725 |
7,648,148 |
1.02.02.01 |
Investments |
2,233,799 |
2,229,465 |
1.02.02.01.01 |
In Direct/Indirect Associated Companies |
0 |
0 |
1.02.02.01.02 |
In Direct/Indirect Associated Companies - Goodwill |
0 |
0 |
1.02.02.01.03 |
In Subsidiaries |
2,233,794 |
2,229,460 |
1.02.02.01.04 |
In Subsidiaries Goodwill |
0 |
0 |
1.02.02.01.05 |
Other Investments |
5 |
5 |
1.02.02.02 |
Property and Equipment |
4,608,041 |
4,458,878 |
1.02.02.03 |
Intangible Assets |
958,885 |
959,805 |
1.02.02.04 |
Deferred Charges |
0 |
0 |
5
(A free translation of the original in Portuguese)
(FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 - CODE |
2 - DESCRIPTION |
3 9/30/2010 |
4 6/30/2010 |
2 |
Total Liabilities |
13,925,915 |
13,364,232 |
2.01 |
Current Liabilities |
3,604,072 |
3,579,404 |
2.01.01 |
Loans and Financing |
696,456 |
668,084 |
2.01.02 |
Debentures |
491,204 |
502,964 |
2.01.03 |
Suppliers |
1,825,942 |
1,815,552 |
2.01.04 |
Taxes, Fees and Contributions |
104,298 |
131,304 |
2.01.05 |
Dividends Payable |
1,348 |
1,674 |
2.01.06 |
Provisions |
0 |
0 |
2.01.07 |
Debts with Related Parties |
16,868 |
16,688 |
2.01.08 |
Other |
467,956 |
443,138 |
2.01.08.01 |
Payroll and Social Contributions |
263,997 |
205,351 |
2.01.08.02 |
Public Utilities |
3,576 |
3,847 |
2.01.08.03 |
Rentals |
21,174 |
20,052 |
2.01.08.04 |
Advertising |
24,957 |
45,362 |
2.01.08.05 |
Insurance |
55 |
113 |
2.01.08.06 |
Financing due to Purchase of Assets |
14,211 |
14,211 |
2.01.08.07 |
Other Accounts Payable |
83,514 |
91,585 |
2.01.08.08 |
Companies Acquisitions |
6,527 |
12,577 |
2.01.08.09 |
Tax Installment Payment |
49,945 |
50,040 |
2.02 |
Noncurrent Liabilities |
3,443,090 |
3,009,479 |
2.02.01 |
Long-term Liabilities |
3,443,090 |
3,009,479 |
2.02.01.01 |
Loans and Financing |
1,055,492 |
570,096 |
2.02.01.02 |
Debentures |
1,051,519 |
1,035,695 |
2.02.01.03 |
Provisions |
0 |
0 |
2.02.01.04 |
Debts with Related Parties |
0 |
85,139 |
2.02.01.05 |
Advance for Future Capital Increase |
0 |
0 |
2.02.01.06 |
Other |
1,336,079 |
1,318,549 |
2.02.01.06.01 |
Provision for Litigations |
124,620 |
116,909 |
2.02.01.06.02 |
Tax Installment Payment |
1,205,788 |
1,192,847 |
2.02.01.06.03 |
Provision for Capital Deficiency |
15 |
2,504 |
2.02.01.06.04 |
Other Accounts Payable |
5,656 |
6,289 |
2.03 |
Deferred Income |
0 |
0 |
2.05 |
Shareholders' Equity |
6,878,753 |
6,775,349 |
2.05.01 |
Paid-up Capital |
5,574,379 |
5,573,438 |
2.05.02 |
Capital Reserves |
448,729 |
441,782 |
2.05.02.01 |
Special Goodwill Reserve |
344,605 |
344,605 |
2.05.02.02 |
Recognized Granted Options |
104,086 |
97,139 |
2.05.02.03 |
Capital Reserve |
38 |
38 |
2.05.03 |
Revaluation Reserves |
0 |
0 |
2.05.03.01 |
Own Assets |
0 |
0 |
2.05.03.02 |
Subsidiaries/Direct and Indirect Associated Companies |
0 |
0 |
2.05.04 |
Profit Reserves |
855,645 |
760,129 |
6
(A free translation of the original in Portuguese)
(FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 - CODE |
2 - DESCRIPTION |
3 9/30/2010 |
4 6/30/2010 |
2.05.04.01 |
Legal |
176,217 |
176,217 |
2.05.04.02 |
Statutory |
0 |
0 |
2.05.04.03 |
For Contingencies |
0 |
0 |
2.05.04.04 |
Unrealized Profits |
0 |
0 |
2.05.04.05 |
Profit Retention |
300,078 |
204,562 |
2.05.04.06 |
Special Reserve for Undistributed Dividends |
0 |
0 |
2.05.04.07 |
Other Profit Reserves |
379,350 |
379,350 |
2.05.05 |
Assets Valuation Adjustments |
0 |
0 |
2.05.05.01 |
Securities Adjustments |
0 |
0 |
2.05.05.02 |
Accumulated Translation Adjustments |
0 |
0 |
2.05.05.03 |
Business Combination Adjustments |
0 |
0 |
2.05.06 |
Retained Earnings/Accumulated Losses |
0 |
0 |
2.05.07 |
Advance for Future Capital Increase |
0 |
0 |
7
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
03.01 STATEMENT OF INCOME (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
3.01 |
Gross Sales and/or Services |
4,080,806 |
12,506,704 |
3,864,599 |
11,382,408 |
3.02 |
Gross Revenue Deductions |
(405,610) |
(1,229,472) |
(380,598) |
(1,268,001) |
3.03 |
Net Sales and/or Services |
3,675,196 |
11,277,232 |
3,484,001 |
10,114,407 |
3.04 |
Cost of Sales and/or Services Rendered |
(2,657,378) |
(8,282,428) |
(2,561,283) |
(7,447,784) |
3.05 |
Gross Profit |
1,017,818 |
2,994,804 |
922,718 |
2,666,623 |
3.06 |
Operating Income/Expenses |
(857,574) |
(2,586,416) |
(782,216) |
(2,225,397) |
3.06.01 |
Selling |
(563,018) |
(1,718,958) |
(527,770) |
(1,532,817) |
3.06.02 |
General and Administrative |
(128,268) |
(390,040) |
(117,949) |
(336,841) |
3.06.03 |
Financial |
(75,639) |
(206,594) |
(24,008) |
(109,821) |
3.06.03.01 |
Financial Income |
73,687 |
182,218 |
64,496 |
179,076 |
3.06.03.02 |
Financial Expenses |
(149,326) |
(388,812) |
(88,504) |
(288,897) |
3.06.04 |
Other Operating Income |
(8,455) |
(29,294) |
7,306 |
7,413 |
3.06.04.01 |
Permanent Assets Income |
(2,107) |
(3,689) |
(315) |
(208) |
3.06.04.02 |
Non-Recurring Income |
(6,348) |
(25,605) |
7,621 |
7,621 |
3.06.05 |
Other Operating Expenses |
(95,248) |
(328,217) |
(85,452) |
(249,930) |
3.06.05.01 |
Depreciation/Amortization |
(90,451) |
(267,930) |
(85,452) |
(249,930) |
3.06.05.02 |
Other Operating Expenses |
(4,797) |
(60,287) |
0 |
0 |
3.06.06 |
Equity in the Earnings of Subsidiaries and Associated Companies |
13,054 |
86,687 |
(34,343) |
(3,401) |
3.07 |
Operating Result |
160,244 |
408,388 |
140,502 |
441,226 |
3.08 |
Non-Operating Result |
0 |
0 |
0 |
0 |
3.08.01 |
Revenues |
0 |
0 |
0 |
0 |
3.08.02 |
Expenses |
0 |
0 |
0 |
0 |
3.09 |
Income Before Taxation/Profit Sharing |
160,244 |
408,388 |
140,502 |
441,226 |
3.10 |
Provision for Income Tax and Social Contribution |
(13,685) |
(3,285) |
7,342 |
(9,029) |
3.11 |
Deferred Income Tax |
(25,043) |
(83,527) |
24,735 |
(27,255) |
3.12 |
Statutory Profit Sharing /Contributions |
(6,410) |
(17,976) |
(1,532) |
(7,309) |
3.12.01 |
Profit Sharing |
(6,410) |
(17,976) |
(1,532) |
(7,309) |
3.12.02 |
Contributions |
0 |
0 |
0 |
0 |
8
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
03.01 STATEMENT OF INCOME (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
3.13 |
Reversal of Interest on Shareholders Equity |
0 |
0 |
0 |
0 |
3.15 |
Income/Loss for the Period |
115,106 |
303,600 |
171,047 |
397,633 |
|
No. SHARES, EX-TREASURY (in thousands) |
257,288 |
257,288 |
254,148 |
254,148 |
|
EARNINGS PER SHARE (in reais) |
0.44738 |
1.18000 |
0.67302 |
1.56457 |
|
LOSS PER SHARE (in reais) |
|
|
|
|
9
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
04.01 STATEMENT OF CASH FLOWS INDIRECT METHOD (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
4.01 |
Net Cash from Operating Activities |
(47,041) |
(495,822) |
308,561 |
724,348 |
4.01.01 |
Cash Generated in the Operations |
301,375 |
778,977 |
336,896 |
893,583 |
4.01.01.01 |
Net Income for the Period |
115,106 |
303,600 |
171,047 |
397,633 |
4.01.01.02 |
Deferred Income Tax |
25,043 |
83,527 |
(24,735) |
27,255 |
4.01.01.03 |
Income from Written-Off Permanent Assets |
(284) |
2,707 |
(489) |
1,354 |
4.01.01.04 |
Depreciation and Amortization |
90,451 |
267,930 |
85,452 |
249,930 |
4.01.01.05 |
Interest and Monetary Variation |
60,288 |
148,366 |
52,445 |
166,578 |
4.01.01.06 |
Adjustment to Present Value |
4,402 |
4,402 |
(2,155) |
(2,155) |
4.01.01.07 |
Equity in the Earnings of Subsidiaries and Associated Companies |
(13,054) |
(86,687) |
34,343 |
3,401 |
4.01.01.08 |
Provision for Contingencies |
12,175 |
35,200 |
10,584 |
33,153 |
4.01.01.09 |
Provision for Write-Offs/ Fixed Assets Losses |
301 |
(287) |
2,372 |
(2,073) |
4.01.01.10 |
Share-Based Payment |
6,947 |
20,219 |
8,032 |
18,507 |
4.01.02 |
Variation on Assets and Liabilities |
(348,416) |
(1,274,799) |
(28,335) |
(169,235) |
4.01.02.01 |
Accounts Receivable |
(18,756) |
56,845 |
(129,004) |
150,185 |
4.01.02.02 |
Inventories |
(95,604) |
(24,851) |
(228,437) |
(288,580) |
4.01.02.03 |
Recoverable Taxes |
889 |
(103,819) |
188,324 |
216,719 |
4.01.02.04 |
Other Assets |
17,063 |
(137,839) |
(289,065) |
(216,179) |
4.01.02.05 |
Related Parties |
(239,540) |
(488,448) |
62,756 |
39,643 |
4.01.02.06 |
Judicial Deposits |
(24,546) |
(43,857) |
(20,318) |
(26,850) |
4.01.02.07 |
Suppliers |
10,390 |
(501,503) |
229,963 |
(80,731) |
4.01.02.08 |
Payroll and Charges |
58,646 |
38,447 |
51,781 |
57,411 |
4.01.02.09 |
Taxes and Social Contributions Payable |
(16,231) |
6,003 |
1,126,489 |
1,082,960 |
4.01.02.10 |
Other Accounts Payable |
(40,727) |
(75,777) |
(1,020,824) |
(1,103,813) |
4.01.03 |
Other |
0 |
0 |
0 |
0 |
4.02 |
Net Cash from Investment Activities |
(238,756) |
(605,055) |
(529,483) |
(679,243) |
10
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
04.01 STATEMENT OF CASH FLOWS INDIRECT METHOD (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
4.02.01 |
Capital Increase in Subsidiaries |
0 |
(28,553) |
(373,423) |
(373,363) |
4.02.02 |
Acquisition of Fixed Assets |
(232,580) |
(558,427) |
(152,831) |
(273,335) |
4.02.03 |
Increase in Intangible Assets |
(7,477) |
(20,986) |
(3,651) |
(34,512) |
4.02.04 |
Sale of Fixed Assets |
1,301 |
2,911 |
422 |
1,967 |
4.03 |
Net Cash from Financing Activities |
409,889 |
586,129 |
516,751 |
529,839 |
4.03.01 |
Capital Increase/Decrease |
940 |
30,240 |
673,318 |
663,747 |
4.03.02 |
Funding and Refinancing |
490,258 |
823,878 |
1,660 |
221,596 |
4.03.03 |
Payments |
(18,451) |
(54,762) |
(83,384) |
(154,516) |
4.03.04 |
Interest Paid |
(42,942) |
(81,280) |
(43,944) |
(1 08,441) |
4.03.05 |
Payment of Dividends |
(19,916) |
(131,947) |
(30,899) |
(92,547) |
4.04 |
Exchange Variation on Cash and Cash Equivalents |
0 |
0 |
0 |
0 |
4.05 |
Increase (Decrease) in Cash and Cash Equivalents |
124,092 |
(514,748) |
295,829 |
574,944 |
4.05.01 |
Opening Balance of Cash and Cash Equivalents |
1,289,597 |
1,928,437 |
1,532,842 |
1,253,727 |
4.05.02 |
Closing Balance of Cash and Cash Equivalents |
1,413,689 |
1,413,689 |
1,828,671 |
1,828,671 |
11
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
05.01 STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 7/1/2010 TO 9/30/2010 (in R$ thousand)
1 - CODE |
2 DESCRIPTION |
3 CAPITAL STOCK |
4 CAPITAL RESERVES |
5 REVALUATION RESERVES |
6 PROFIT RESERVES |
7 RETAINED EARNINGS/ACCUMULATED LOSSES |
8 ASSETS VALUATION ADJUSTMENTS |
9 - TOTAL SHAREHOLDERS' EQUITY |
5.01 |
Opening Balance |
5,573,438 |
441,782 |
0 |
590,850 |
169,279 |
0 |
6,775,349 |
5.02 |
Adjustments of Previous Years |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.03 |
Adjusted Balance |
5,573,438 |
441,782 |
0 |
590,850 |
169,279 |
0 |
6,775,349 |
5.04 |
Net Income/Loss for the Period |
0 |
0 |
0 |
0 |
115,106 |
0 |
115,106 |
5.05 |
Allocations |
0 |
0 |
0 |
0 |
(19,590) |
0 |
(19,590) |
5.05.01 |
Dividends |
0 |
0 |
0 |
0 |
(19,590) |
0 |
(19,590) |
5.05.02 |
Interest on Shareholders Equity |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.05.03 |
Other Allocations |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.06 |
Realization of Profit Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07 |
Assets Valuation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.01 |
Securities Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.02 |
Accumulated Translation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.03 |
Business Combination Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.08 |
Increase/Decrease in Capital Stock |
941 |
6,947 |
0 |
0 |
0 |
0 |
7,888 |
5.08.01 |
Subscribed Capital |
941 |
0 |
0 |
0 |
0 |
0 |
941 |
5.08.02 |
Capitalization of Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.08.03 |
Recognized Granted Options |
0 |
6,947 |
0 |
0 |
0 |
0 |
6,947 |
5.09 |
Recording/Realization of Capital Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.10 |
Treasury Shares |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.11 |
Other Capital Transactions |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.12 |
Other |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.13 |
Closing Balance |
5,574,379 |
448,729 |
0 |
590,850 |
264,795 |
0 |
6,878,753 |
12
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
05.02 STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 1/1/2010 TO 9/30/2010 (in R$ thousand)
1 - CODE |
2 DESCRIPTION |
3 CAPITAL STOCK |
4 CAPITAL RESERVES |
5 REVALUATION RESERVES |
6 PROFIT RESERVES |
7 RETAINED EARNINGS/ACCUMULATED LOSSES |
8 ASSETS VALUATION ADJUSTMENTS |
9 - TOTAL SHAREHOLDERS' EQUITY |
5.01 |
Opening Balance |
5,374,751 |
512,419 |
0 |
672,290 |
0 |
0 |
6,559,460 |
5.02 |
Adjustments of Previous Years |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.03 |
Adjusted Balance |
5,374,751 |
512,419 |
0 |
672,290 |
0 |
0 |
6,559,460 |
5.04 |
Net Income/Loss for the Period |
0 |
0 |
0 |
0 |
303,600 |
0 |
303,600 |
5.05 |
Allocations |
0 |
0 |
0 |
0 |
(38,805) |
0 |
(38,805) |
5.05.01 |
Dividends |
0 |
0 |
0 |
0 |
(38,805) |
0 |
(38,805) |
5.05.02 |
Interest on Shareholders Equity |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.05.03 |
Other Allocations |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.06 |
Realization of Profit Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07 |
Assets Valuation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.01 |
Securities Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.02 |
Accumulated Translation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.03 |
Business Combination Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.08 |
Increase/Decrease in Capital Stock |
199,628 |
(63,690) |
0 |
(85,480) |
0 |
0 |
50,458 |
5.08.01 |
Subscribed Capital |
30,240 |
0 |
0 |
0 |
0 |
0 |
30,240 |
5.08.02 |
Capitalization of Reserves |
169,388 |
(83,908) |
0 |
(85,480) |
0 |
0 |
0 |
5.08.03 |
Recognized Granted Options |
0 |
20,218 |
0 |
0 |
0 |
0 |
20,218 |
5.09 |
Recording/Realization of Capital Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.10 |
Treasury Shares |
0 |
0 |
0 |
4,040 |
0 |
0 |
4,040 |
5.11 |
Other Capital Transactions |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.12 |
Other |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.13 |
Closing Balance |
5,574,379 |
448,729 |
0 |
590,850 |
264,795 |
0 |
6,878,753 |
13
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 CODE |
2 DESCRIPTION |
3 9/30/2010 |
4 6/30/2010 |
1 |
Total Assets |
18,608,465 |
17,926,195 |
1.01 |
Current Assets |
8,705,954 |
8,278,070 |
1.01.01 |
Cash and Cash Equivalents |
2,128,035 |
1,768,200 |
1.01.01.01 |
Cash and Banks |
265,687 |
226,538 |
1.01.01.02 |
Financial Investments |
1,862,348 |
1,541,662 |
1.01.02 |
Credits |
3,561,641 |
3,669,348 |
1.01.02.01 |
Customers |
2,124,322 |
2,234,944 |
1.01.02.02 |
Sundry Credits |
1,437,319 |
1,434,404 |
1.01.02.02.01 |
Recoverable Taxes |
727,562 |
705,112 |
1.01.02.02.02 |
Deferred Income and Social Contribution Taxes |
228,788 |
196,541 |
1.01.02.02.03 |
Prepaid Expenses and Other |
480,969 |
532,751 |
1.01.03 |
Inventories |
3,016,278 |
2,816,066 |
1.01.04 |
Other |
0 |
24,456 |
1.01.04.01 |
Related Parties |
0 |
24,456 |
1.01.04.02 |
Other |
0 |
0 |
1.02 |
Noncurrent Assets |
9,902,511 |
9,648,125 |
1.02.01 |
Long-term Receivables |
2,549,774 |
2,519,192 |
1.02.01.01 |
Sundry Credits |
2,260,437 |
2,249,035 |
1.02.01.01.01 |
Recoverable Taxes |
208,795 |
191,553 |
1.02.01.01.02 |
Deferred Income and Social Contribution Taxes |
1,041,255 |
1,106,956 |
1.02.01.01.03 |
Deposits for Judicial Appeals |
523,626 |
472,628 |
1.02.01.01.04 |
Accounts Receivable |
468,869 |
442,527 |
1.02.01.01.05 |
Prepaid Expenses and Other |
17,892 |
35,371 |
1.02.01.02 |
Credits with Related Parties |
289,337 |
270,157 |
1.02.01.02.01 |
In Direct and Indirect Associated Companies |
0 |
0 |
1.02.01.02.02 |
Subsidiaries |
217,775 |
217,824 |
1.02.01.02.03 |
Other Related Parties |
71,562 |
52,333 |
1.02.01.03 |
Other |
0 |
0 |
1.02.02 |
Permanent Assets |
7,352,737 |
7,128,933 |
1.02.02.01 |
Investments |
249,383 |
237,643 |
1.02.02.01.01 |
In Direct/Indirect Associated Companies |
0 |
0 |
1.02.02.01.02 |
In Subsidiaries |
249,378 |
237,638 |
1.02.02.01.03 |
Other Investments |
5 |
5 |
1.02.02.02 |
Property and Equipment |
5,650,599 |
5,437,575 |
1.02.02.03 |
Intangible Assets |
1,452,755 |
1,453,715 |
1.02.02.04 |
Deferred Charges |
0 |
0 |
14
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
1.01 IDENTIFICATION
1 CVM CODE 01482-6 |
2 COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 CODE |
2 DESCRIPTION |
3 9/30/2010 |
4 6/30/2010 |
2 |
Total Liabilities |
18,608,465 |
17,926,195 |
2.01 |
Current Liabilities |
5,903,834 |
5,856,278 |
2.01.01 |
Loans and Financing |
825,946 |
810,445 |
2.01.02 |
Debentures |
491,204 |
502,964 |
2.01.03 |
Suppliers |
3,274,124 |
3,263,749 |
2.01.04 |
Taxes, Fees and Contributions |
185,350 |
226,854 |
2.01.05 |
Dividends Payable |
2,981 |
3,349 |
2.01.06 |
Provisions |
0 |
0 |
2.01.07 |
Debts with Related Parties |
94,332 |
36,892 |
2.01.08 |
Other |
1,029,897 |
1,012,025 |
2.01.08.01 |
Payroll and Social Contributions |
400,164 |
364,994 |
2.01.08.02 |
Public Utilities |
7,221 |
7,517 |
2.01.08.03 |
Rentals |
64,168 |
47,913 |
2.01.08.04 |
Advertising |
25,160 |
45,825 |
2.01.08.05 |
Insurance |
163 |
212 |
2.01.08.06 |
Financing due to Purchase of Assets |
14,211 |
14,212 |
2.01.08.07 |
Other Accounts Payable |
291,654 |
300,841 |
2.01.08.08 |
Advance for Future Capital Increase |
6 |
0 |
2.01.08.09 |
Companies Acquisition |
173,078 |
174,832 |
2.01.08.10 |
Tax Installment Payment |
54,072 |
55,679 |
2.02 |
Noncurrent Liabilities |
5,764,064 |
5,226,007 |
2.02.01 |
Long-term Liabilities |
5,764,064 |
5,226,007 |
2.02.01.01 |
Loans and Financing |
2,919,768 |
2,399,241 |
2.02.01.02 |
Debentures |
1,051,519 |
1,035,695 |
2.02.01.03 |
Provisions |
0 |
0 |
2.02.01.04 |
Debts with Related Parties |
0 |
0 |
2.02.01.05 |
Advance for Future Capital Increase |
0 |
0 |
2.02.01.06 |
Other |
1,792,777 |
1,791,071 |
2.02.01.06.01 |
Provision for Litigations |
297,295 |
284,237 |
2.02.01.06.02 |
Tax Installment Payment |
1,313,313 |
1,294,751 |
2.02.01.06.03 |
Other Accounts Payable |
182,169 |
212,083 |
2.03 |
Deferred Income |
0 |
0 |
2.04 |
Minority Shareholders |
61,814 |
68,561 |
2.05 |
Shareholders Equity |
6,878,753 |
6,775,349 |
2.05.01 |
Paid-up Capital |
5,574,379 |
5,573,438 |
2.05.02 |
Capital Reserve |
448,729 |
441,782 |
2.05.02.01 |
Goodwill Special Reserve |
344,605 |
344,605 |
2.05.02.02 |
Recognized Granted Options |
104,086 |
97,139 |
2.05.02.03 |
Capital Reserve |
38 |
38 |
2.05.03 |
Revaluation Reserves |
0 |
0 |
2.05.03.01 |
Own Assets |
0 |
0 |
2.05.03.02 |
Subsidiaries/Direct and Indirect Associated Companies |
0 |
0 |
2.05.04 |
Profit Reserves |
855,645 |
760,129 |
2.05.04.01 |
Legal |
176,217 |
176,217 |
2.05.04.02 |
Statutory |
0 |
0 |
15
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 CVM CODE 01482-6 |
2 COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1 CODE |
2 DESCRIPTION |
3 9/30/2010 |
4 6/30/2010 |
2.05.04.03 |
For Contingencies |
0 |
0 |
2.05.04.04 |
Unrealized Profits |
0 |
0 |
2.05.04.05 |
Profit Retention |
300,078 |
204,562 |
2.05.04.06 |
Special for Non-Distributed Dividends |
0 |
0 |
2.05.04.07 |
Other Profit Reserves |
379,350 |
379,350 |
2.05.05 |
Assets Valuation Adjustments |
0 |
0 |
2.05.05.01 |
Securities Adjustments |
0 |
0 |
2.05.05.02 |
Accumulated Translation Adjustments |
0 |
0 |
2.05.05.03 |
Business Combination Adjustments |
0 |
0 |
2.05.06 |
Retained Earnings/Accumulated Losses |
0 |
0 |
2.05.07 |
Advance for Future Capital Increase |
0 |
0 |
16
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
09.01 CONSOLIDATED STATEMENT OF INCOME (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
3.01 |
Gross Sales and/or Services |
7,939,559 |
23,540,650 |
6,931,337 |
17,864,000 |
3.02 |
Gross Revenue Deductions |
(839,204) |
(2,488,897) |
(780,322) |
(2,064,689) |
3.03 |
Net Sales and/or Services |
7,100,355 |
21,051,753 |
6,151,015 |
15,799,311 |
3.04 |
Cost of Sales and/or Services Rendered |
(5,356,121) |
(16,000,397) |
(4,645,098) |
(11,849,729) |
3.05 |
Gross Profit |
1,744,234 |
5,051,356 |
1,505,917 |
3,949,582 |
3.06 |
Operating Income/Expenses |
(1 ,572,419) |
(4,616,689) |
(1,368,749) |
(3,494,265) |
3.06.01 |
Selling |
(1,063,505) |
(3,180,833) |
(958,651) |
(2,465,480) |
3.06.02 |
General and Administrative |
(187,267) |
(571,769) |
(197,269) |
(472,933) |
3.06.03 |
Financial |
(191,725) |
(465,185) |
(64,711) |
(196,984) |
3.06.03.01 |
Financial Income |
77,434 |
221,774 |
72,442 |
193,438 |
3.06.03.02 |
Financial Expenses |
(269,159) |
(686,959) |
(137,153) |
(390,422) |
3.06.04 |
Other Operating Income |
(9,841) |
27,990 |
(18,066) |
(22,597) |
3.06.04.01 |
Other Operating Income |
(2,913) |
102,676 |
6,541 |
6,541 |
3.06.04.02 |
Permanent Assets Income |
1,637 |
3,974 |
6,818 |
2,287 |
3.06.04.03 |
Non-Recurring Income |
(8,565) |
(78,660) |
(31,425) |
(31,425) |
3.06.05 |
Other Operating Expenses |
(131,822) |
(462,882) |
(131,640) |
(345,155) |
3.06.05.01 |
Other Operating Expenses |
(3,383) |
(81,807) |
(8,709) |
(8,709) |
3.06.05.02 |
Depreciation/Amortization |
(128,439) |
(381,075) |
(122,931) |
(336,446) |
3.06.06 |
Equity in the Earnings of Subsidiaries and Associated Companies |
11,741 |
35,990 |
1,588 |
8,884 |
3.07 |
Operating Result |
171,815 |
434,667 |
137,168 |
455,317 |
3.08 |
Non-Operating Result |
0 |
0 |
0 |
0 |
3.08.01 |
Revenues |
0 |
0 |
0 |
0 |
3.08.02 |
Expenses |
0 |
0 |
0 |
0 |
3.09 |
Income Before Taxation/Profit Sharing |
171,815 |
434,667 |
137,168 |
455,317 |
3.10 |
Provision for Income and Social Contribution Taxes |
(23,574) |
(28,610) |
(17,386) |
(38,670) |
17
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
09.01 CONSOLIDATED STATEMENT OF INCOME (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
3.11 |
Deferred Income Tax |
(31,427) |
(107,093) |
78,886 |
13,395 |
3.12 |
Statutory Profit Sharing /Contributions |
(8,383) |
(23,582) |
(2,008) |
(9,580) |
3.12.01 |
Profit Sharing |
(8,383) |
(23,582) |
(2,008) |
(9,580) |
3.12.02 |
Contributions |
0 |
0 |
0 |
0 |
3.13 |
Reversal of Interest on Shareholders Equity |
0 |
0 |
0 |
0 |
3.14 |
Minority Interest |
6,675 |
28,218 |
(25,613) |
(22,829) |
3.15 |
Income/Loss for the Period |
115,106 |
303,600 |
171,047 |
397,633 |
|
No. SHARES, EX-TREASURY (in thousands) |
257,288 |
257,288 |
254,148 |
254,148 |
|
EARNINGS PER SHARE (in reais) |
0.44738 |
1.18000 |
0.67302 |
1.56457 |
|
LOSS PER SHARE (in reais) |
|
|
|
|
18
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
10.01 CONSOLIDATED STATEMENT OF CASH FLOWS INDIRECT METHOD (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
4.01 |
Net Cash from Operating Activities |
319,178 |
(264,287) |
831,610 |
1,149,931 |
4.01.01 |
Cash Generated in the Operations |
496,109 |
1,100,622 |
382,127 |
1,129,493 |
4.01.01.01 |
Net Income in the Period |
115,106 |
303,600 |
171,047 |
397,633 |
4.01.01.02 |
Deferred Income Tax |
31,427 |
107,093 |
(78,886) |
(13,395) |
4.01.01.03 |
Income from Written-Off Permanent Assets |
47,796 |
41,805 |
160 |
(117) |
4.01.01.04 |
Depreciation/Amortization |
128,439 |
381,075 |
122,931 |
336,446 |
4.01.01.05 |
Interest and Monetary Variation |
106,458 |
192,346 |
112,373 |
323,260 |
4.01.01.06 |
Adjustment to Present Value |
97,041 |
97,041 |
(2,915) |
(2,915) |
4.01.01.07 |
Equity in the Earnings of Subsidiaries and Associated Companies |
(11,741) |
(35,990) |
(1,588) |
(8,884) |
4.01.01.08 |
Provision for Contingencies |
28,179 |
67,656 |
23,798 |
54,567 |
4.01.01.09 |
Provision for Write-Offs/ Fixed Assets Losses |
(46,868) |
(46,005) |
1,562 |
1,562 |
4.01.01.10 |
Share-Based Payment |
6,947 |
20,219 |
8,032 |
18,507 |
4.01.01.11 |
Minority Interest |
(6,675) |
(28,218) |
25,613 |
22,829 |
4.01.02 |
Variation in Assets and Liabilities |
(176,931) |
(1,364,909) |
449,483 |
20,438 |
4.01.02.01 |
Accounts Receivable |
29,529 |
115,207 |
(108,897) |
74,655 |
4.01.02.02 |
Inventories |
(202,948) |
(192,733) |
(379,424) |
(465,557) |
4.01.02.03 |
Recoverable Taxes |
(36,185) |
(255,629) |
322,474 |
357,196 |
4.01.02.04 |
Other Assets |
69,262 |
(113,074) |
11,416 |
(2,899) |
4.01.02.05 |
Related Parties |
62,521 |
39,363 |
9,612 |
15,469 |
4.01.02.06 |
Judicial Deposits |
(49,194) |
(89,033) |
(41,813) |
(60,645) |
4.01.02.07 |
Suppliers |
4,528 |
(742,498) |
549,184 |
110,919 |
4.01.02.08 |
Payroll and Charges |
35,170 |
(28,154) |
111,395 |
122,332 |
4.01.02.09 |
Taxes and Social Contributions Payable |
(28,488) |
(21,931) |
1,147,844 |
1,099,344 |
4.01.02.10 |
Other Accounts Payable |
(61,126) |
(76,427) |
(1,172,308) |
(1,230,376) |
4.01.03 |
Other |
0 |
0 |
0 |
0 |
19
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
10.01 CONSOLIDATED STATEMENT OF CASH FLOWS INDIRECT METHOD (in R$ thousand)
1 - CODE |
2 - DESCRIPTION |
3 7/1/2010 to 9/30/2010 |
4 - 1/1/2010 to 9/30/2010 |
5 7/1/2009 to 9/30/2009 |
6 - 1/1/2009 to 9/30/2009 |
4.02 |
Net Cash from Investment Activities |
(340,835) |
(815,034) |
(829,631) |
(1,062,244) |
4.02.01 |
Net Cash from Acquisitions |
0 |
0 |
82,765 |
82,765 |
4.02.02 |
Companies Acquisition |
0 |
(28,553) |
(698,305) |
(698,305) |
4.02.03 |
Capital Increase in Subsidiaries |
0 |
(971) |
(654) |
(16,277) |
4.02.04 |
Acquisition of Fixed Assets |
(334,055) |
(758,814) |
(208,232) |
(395,615) |
4 .02.05 |
Increase in Intangible Assets |
(10,925) |
(33,579) |
(6,205) |
(37,645) |
4.02.06 |
Sale of Fixed Assets |
4,145 |
6,883 |
1,000 |
2,833 |
4.03 |
Net Cash from Financing Activities |
381,492 |
863,156 |
426,379 |
440,404 |
4.03.01 |
Capital Increase/Decrease |
940 |
30,240 |
673,318 |
663,747 |
4.03.02 |
Funding and Refinancing |
481,689 |
1,362,030 |
17,233 |
252,268 |
4.03.03 |
Payments |
(49,607) |
(291,016) |
(186,800) |
(266,244) |
4.03.04 |
Interest Paid |
(31,573) |
(106,466) |
(44,016) |
(110,677) |
4.03.05 |
Payments of Dividends |
(19,957) |
(131,632) |
(33,356) |
(98,690) |
4.04 |
Exchange Variation on Cash and Cash Equivalents |
0 |
0 |
0 |
0 |
4.05 |
Increase (Reduction) in Cash and Cash Equivalents |
359,835 |
(216,165) |
428,358 |
528,091 |
4.05.01 |
Opening Balance of Cash and Cash Equivalents |
1,768,200 |
2,344,200 |
1,725,345 |
1,625,612 |
4.05.02 |
Closing Balance of Cash and Cash Equivalents |
2,128,035 |
2,128,035 |
2,153,703 |
2,153,703 |
20
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
11.01 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 7/1/2010 TO 9/30/2010 (in R$ thousand)
1 CODE |
2 DESCRIPTION |
3 CAPITAL STOCK |
4 CAPITAL RESERVES |
5 REVALUATION RESERVES |
6 PROFIT RESERVES |
7 RETAINED EARNINGS/ACCUMULATED LOSSES |
8 ASSETS VALUATION ADJUSTMENTS |
9 TOTAL SHAREHOLDERS EQUITY |
5.01 |
Opening Balance |
5,573,438 |
441,782 |
0 |
590,850 |
169,279 |
0 |
6,775,349 |
5.02 |
Adjustments of Previous Years |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.03 |
Adjusted Balance |
5,573,438 |
441,782 |
0 |
590,850 |
169,279 |
0 |
6,775,349 |
5.04 |
Net Income/Loss for the Period |
0 |
0 |
0 |
0 |
115,106 |
0 |
115,106 |
5.05 |
Allocations |
0 |
0 |
0 |
0 |
(19,590) |
0 |
(19,590) |
5.05.01 |
Dividends |
0 |
0 |
0 |
0 |
(19,590) |
0 |
(19,590) |
5.05.02 |
Interest on Shareholders Equity |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.05.03 |
Other Allocations |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.06 |
Realization of Profit Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07 |
Assets Valuation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.01 |
Securities Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.02 |
Accumulated Translation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.03 |
Business Combination Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.08 |
Increase/Decrease in Capital Stock |
941 |
6,947 |
0 |
0 |
0 |
0 |
7,888 |
5.08.01 |
Subscribed Capital |
941 |
0 |
0 |
0 |
0 |
0 |
941 |
5.08.02 |
Capitalization of Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.08.03 |
Recognized Granted Options |
0 |
6,947 |
0 |
0 |
0 |
0 |
6,947 |
5.09 |
Recording/Realization of Capital Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.10 |
Treasury Shares |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.11 |
Other Capital Transactions |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.12 |
Other |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.13 |
Closing Balance |
5,574,379 |
448,729 |
0 |
590,850 |
264,795 |
0 |
6,878,753 |
21
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
11.02 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 1/1/2010 TO 9/30/2010 (in R$ thousand)
1 CODE |
2 DESCRIPTION |
3 CAPITAL STOCK |
4 CAPITAL RESERVES |
5 REVALUATION RESERVES |
6 PROFIT RESERVES |
7 RETAINED EARNINGS/ACCUMULATED LOSSES |
8 ASSETS VALUATION ADJUSTMENTS |
9 TOTAL SHAREHOLDERS EQUITY |
5.01 |
Opening Balance |
5,374,751 |
512,419 |
0 |
672,290 |
0 |
0 |
6,559,460 |
5.02 |
Adjustments of Previous Years |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.03 |
Adjusted Balance |
5,374,751 |
512,419 |
0 |
672,290 |
0 |
0 |
6,559,460 |
5.04 |
Net Income/Loss for the Period |
0 |
0 |
0 |
0 |
303,600 |
0 |
303,600 |
5.05 |
Allocations |
0 |
0 |
0 |
0 |
(38,805) |
0 |
(38,805) |
5.05.01 |
Dividends |
0 |
0 |
0 |
0 |
(38,805) |
0 |
(38,805) |
5.05.02 |
Interest on Shareholders Equity |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.05.03 |
Other Allocations |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.06 |
Realization of Profit Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07 |
Assets Valuation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.01 |
Securities Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.02 |
Accumulated Translation Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.07.03 |
Business Combination Adjustments |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.08 |
Increase/Reduction in Capital Stock |
199,628 |
(63,690) |
0 |
(85,480) |
0 |
0 |
50,458 |
5.08.01 |
Subscribed Capital |
30,240 |
0 |
0 |
0 |
0 |
0 |
30,240 |
5.08.02 |
Capitalization of Reserves |
169,388 |
(83,908) |
0 |
(85,480) |
0 |
0 |
0 |
5.08.03 |
Recognized Granted Options |
0 |
20,218 |
0 |
0 |
0 |
0 |
20,218 |
5.09 |
Recording/Realization of Capital Reserves |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.10 |
Treasury Shares |
0 |
0 |
0 |
4,040 |
0 |
0 |
4,040 |
5.11 |
Other Capital Transactions |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.12 |
Other |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
5.13 |
Closing Balance |
5,574,379 |
448,729 |
0 |
590,850 |
264,795 |
0 |
6,878,753 |
22
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY FINANCIAL INFORMATION (ITR) COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
In thousands of reais, except when indicated otherwise.
1. Operations
Companhia Brasileira de Distribuição ("Company" or GPA), headquartered in the City of São Paulo, State of São Paulo, is a publicly-held corporation.
The Company and its subsidiaries operate primarily as a retailer and wholesaler of food products, bazaar articles, clothing, home appliances and other products through its chain of hypermarkets, supermarkets, specialized stores, department stores, convenience stores and the Internet. GPA has the following brands in its portfolio "Pão de Açúcar", "Comprebem", "Extra", "Extra Eletro", Extra Perto, Extra Fácil, Extra.com Sendas, Assai and Ponto Frio e PontoFrio.com.
Founded in 1948, the Company has 88,000 employees, 1,112 stores in 19 Brazilian states and the Federal District and a logistics infrastructure comprised by 34 warehouses located in 13 states.
The Company joined the Level 1 Special Corporate Governance segment of the São Paulo Stock Exchange and its shares are listed at the São Paulo and New York Stock Exchanges (ADR level III).
Diniz Group and Casino Group share the Companys control by means of a holding company named Wilkes Participações S.A., pursuant to the Agreement entered into in May 2005.
Relevant Operations and Partnerships
a) Sendas Distribuidora
GPA has a partnership with Rio de Janeiros retail chain, Sendas, pursuant to Note 10 b (iii) -. Sendas Distribuidora S.A. (Sendas Distribuidora) operates retail activities of the Company and Sendas S.A. throughout the State of Rio de Janeiro.
b) Partnership with Itaú
As of 2004, GPA is partner of Banco Itaú Unibanco Holding S.A. and Financeira Itaú CBD S.A. ("FIC"). FIC structures and trades financial products, services and related items to GPA customers (see Note 10 b (vi)).
c) Assai
As of November 1, 2007, GPA started operating in the cash & carry segment (atacarejo), reinforcing its multiformat positioning. With the operations carried out in 2007 and 2009, GPA acquired the total and voting capital of Barcelona Comércio Varejista e Atacadista S.A. (Barcelona), the recipient company of Assai Comercial e Importadora Ltda.s spun-off assets.
In October 2008, GPA started operating in the cash & carry segment (atacarejo) in the State of Rio de Janeiro (Assai) by means of Xantocarpa Participações Ltda. (wholly-owned subsidiary of Sendas Distribuidora Xantocarpa).
23
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY FINANCIAL INFORMATION (ITR) COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
1. Operations (Continued)
d) Ponto Frio
In July 2009, the Company, by means of one of its subsidiaries, acquired the share control of Globex Utilidades S.A. (Globex), strengthening and expanding its operations in the home appliance segment. (See Note 10 b (v))
e) Partnership with Casas Bahia
In December 2009, GPA and the controlling partners of Casas Bahia entered into a Partnership Agreement aiming at merging their retail trade of durable goods, as well as consolidating the durable goods e-commerce. This partnership will allow GPA to offer a larger diversity of products, better customer service and easier credit access.
At July 1, 2010, GPA and Globex entered into an addendum to the Partnership Agreement, signed on December 4, 2009 with the controlling partners of Casas Bahia Comercial Ltda. (Casas Bahia). In the addendum, the parties reviewed certain conditions of the partnership between Globex and Casas Bahia (Partnership), and defined the necessary stages for its implementation, as announced to the market through a material fact.
The parties have jointly submitted the partnership conditions to the Antitrust Brazilian System, according to the terms originally agreed upon and pursuant to the material fact disclosed by the parties at February 3, 2010, at that date, they entered into a Provisional Agreement for the Maintenance of the Reversibility of Operation (APRO) with the Administrative Council for Economic Defense (CADE). Therefore, at July 6, 2010, the parties notified CADE on the execution of the aforementioned addendum.
On November 9, 2010, was held Extraordinary General Meeting of the Company, in which all decisions necessary for the completion and implementation of Association were pproved. Thus, the controlling shareholders of Casa Bahia became the holders of 47% shares of Globex, and the GPA became the holder of shares representing at least 52% of the share capital of Globex, depending the minority interest in the shares of Globex.
In addition, Globex will remain as controlling shareholder of Ponto Frio.com Comércio Eletrônico S.A. (PF.com) and holder of common shares representing 50.1% of its capital stock. The Company will hold shares representing 43.9% of PF.coms total capital stock and part of its officers will hold the remaining shares, corresponding to 6% of PF.coms total capital stock. The latter will operate e-commerce activities, which are currently developed by the websites extra.com, pontofrio.com and casasbahia.com, besides wholesale durable goods e-commerce.
24
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY FINANCIAL INFORMATION (ITR) COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
2. Basis of preparation and presentation of quarterly information
a) Quarterly Information
The individual (parent company) and consolidated quarterly information were prepared and are presented according to the rules issued by the Brazilian Securities and Exchange Commission (CVM), the provisions of the Brazilian Corporation Law (Law 6,404/76), including provisions amended by Laws 11,638/07 and 11,941/09, as well as pronouncements, guidelines and interpretations issued by the Brazilian Committee on Accounting Pronouncements (CPC). This quarterly information was analyzed by the Fiscal Council in a meeting held at November 8, 2010 and approved by the Board of Directors at a meeting held on November 9, 2010.
During 2009 and 2010, the Brazilian Committee on Accounting Pronouncements (CPC) issued and the Brazilian Securities and Exchange Commission (CVM) approved several Technical Pronouncements, Interpretations and Guidelines whose effectiveness is only mandatory for the fiscal year ended December 31, 2010, requiring that the companies file again the financial statements of the comparative year.
The Company decided not to exercise its eligibility concerning the quarterly information of September 30, 2010, and at its best judgment, the Company below shows a brief description of the eventual material changes to the accounting practices previously adopted for the quarterly information of September 30, 2010 and comparative period.
- CPC 15 Business Combination, approved by CVM Deliberation 580/09 of July 31, 2009: It mainly establishes the buyers principles and requirements in a business combination. The Company expects that the figures referring to the acquisition of Globex Utilidades S.A. will change when applying this Pronouncement retrospectively to January 1, 2009, due to the new measurement of goodwill by the expectation of future profitability, resulting from the measurement of Globexs net assets by the fair value of assets acquired (including identified intangible assets) and obligations assumed.
- CPC 22 Information by Segment, approved by CVM Deliberation 582 of July 31, 2009: It sets forth that reporting shall be divided by the Companys operating segment. Operating segment is defined as an entitys component: (a) that develops business activities generating revenues and incurring in expenses; (b) whose operational results are regularly reviewed by the top manager of the Companys operations in the decision-making process; and (c) to which the financial information is available.
The Companys Management will analyze additional reporting in its financial statements resulting from the data and indicators of assets, liabilities and results identifiable for each one of its operating segments.
- CPC 24 Subsequent Event, approved by CVM Deliberation 593 of September 15, 2009: The main impact for applying this rule refers to the recording of dividends. According to CPC 24 at the end of the fiscal year, the Company shall recognize as liability only the mandatory minimum dividend established in its Bylaws. Additional minimum dividends will be recorded as liability as these are approved by the Companys appropriate bodies.
25
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
2. Basis of preparation and presentation of quarterly information (Continued)
- CPC 26 Presentation of the Financial Statements, approved by CVM Deliberation 595, of September 15, 2009: It sets forth the basis for presenting the financial statements, by determining the presentation overall requirements, structuring guidelines and the minimum content to be included in the financial statements. Two new requirements were added in relation to the previous practice; i) comprehensive statement of income; ii) presentation of three balance sheets in the situations in which the Company applies an accounting policy retroactively or files again items in its financial statements.
- CPC 27 Fixed Assets, approved by CVM Deliberation 583 of July 31, 2009: The Company understands that this rule may cause eventual effects on its financial statements, mainly due to said CPC that requires deducting the estimated residual value from fixed assets in order to calculate depreciation. Currently, the Company depreciates assets by their whole formation cost, not deducting the estimated residual value. The Company is assessing the useful life taking into account the residual value of its assets and will apply this change of depreciation rate retrospectively as of January 1, 2010, in compliance with IPCP 10.
CPC 38, 39 and 40 Financial Instruments: Recognition and Measurement, Presentation, Reporting, approved by CVM Deliberation 604 of November 19, 2009:
- CPC 38 Financial Instruments: Recognition and Measurement: It rules the recognition and measurement of financial instruments operations including derivatives. It shall be applied to all companies and all types of financial instruments, aside from specific exceptions. A financial instrument is any agreement originating a financial asset for an entity and a financial liability or equity instrument for another.
CPC 39 Financial Instruments: Presentation it aims at establishing the principles for presenting the financial instruments as liability or shareholders equity and offsetting the financial assets and liabilities. It applies to the classification of financial instruments, under the issuers viewpoint, into financial assets, financial liabilities and equity instruments; the classification of corresponding interest, dividends, gains and losses; the circumstance in which the financial assets and liabilities shall be offset.
CPC 40 Financial Instruments: Reporting It introduces the need of detailed reporting on financial statements for the Companys equity and financial situation and its performance.
CPC 41 Earnings per Share approved by CVM Deliberation 636 of August 6, 2010: This Technical Pronouncement aims at establishing the principles to determine and report the earnings per share.
26
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
2. Basis of preparation and presentation of quarterly information (Continued)
(b) Prior years reclassification:
Globex, as part of the harmonization of practices, criteria and accounting estimates identified in the second half of 2009, a difference in the understanding in the application of accounting standards attributable to prior years, which led to the result the year ended December 31, 2008 were restated.
The results for the period ended September 30, 2009 is being presented in these financial statements adjusted to reflect the review of criteria and allow comparability.The main impact was:
(I) The cost of logistics - reclassification of R $ 19,329 in consolidated;
The total effects on account of the adjustments mentioned above are shown below, as required by Resolution 564/2008 that approved the NPC No. 12 - Accounting Policies, Changes in Accounting Estimates and Errors (Correlation - IAS 8) "
Income Statement |
|
Consolidated | |
|
30.09.2009 |
30.09.2009 | |
|
|
(As presented) |
(Restated) |
Cost of Sales and/or Services Rendered |
|
(11.830.400) |
(11.849.729) |
Selling expenses |
|
(2.488.553) |
(2.465.480) |
Profit for the period |
|
397.633 |
397.633 |
Earnings per share |
|
1,56457 |
1,56457 |
3. Summary of main accounting practices
Accounting estimates to measure and recognize certain assets and liabilities are used in the preparation of the quarterly information of the Company and its subsidiaries. The determination of these estimates took into account experiences of past and current events and other objective and subjective factors. Complying with such, this quarterly information include estimates related to the selection of useful lives of fixed and intangible assets; the allowance for doubtful accounts; allowance for inventory losses; allowance for investments losses; the recoverability of fixed and intangible assets; the realization expectation of deferred income and social contribution taxes; fees and terms used when determining the present value adjustment of certain assets and liabilities and the provision for litigations; the benefit value granted through stock options and fair value of financial instruments; the reporting estimates for the sensitivity analysis chart of derivative financial instruments pursuant to CVM Ruling 475/08. The estimates used in this quarterly information may present variations compared to the actual values upon the realization and/or settlement of operations in which they are involved. The Company reviews its estimates and assumptions, at least, quarterly.
Significant accounting practices and consolidation criteria adopted by the Company are shown below:
27
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
a) Determination of income
Sales revenues are stated at their gross amounts. Taxes and discounts on sales revenues are presented as reducing accounts. The result of operations is determined according to the accrual basis of accounting. Revenues from sale of products are recognized upon the transfer of the product, with all risks and benefits to the purchaser. The freight value is included in the cost of goods sold. Interest income and expenses are recognized by the effective interest rate method under financial revenues/expenses.
The recording of present value adjustment expense, incurring on installment sales, has as corresponding credit the item trade accounts receivable and its reversals are recorded in a separate item, called reversal of present value adjustment from sale of goods.
b) Translation of foreign currency-denominated balances
(i) Functional and presentation currency of the quarterly information
The Companys functional currency is the Brazilian Real. The quarterly information of each subsidiary, consolidated by Company, as well as those used as basis for investments valuation by the equity accounting method are prepared based on the functional currency of each entity.
(ii) Foreign currency-denominated transactions
Monetary assets and liabilities indexed in foreign currency were translated into reais using the exchange rate effective on respective closing balance sheet date. The differences resulting from the currency translation are recorded as financial revenues or expenses in income.
c) Financial instruments
The financial assets and liabilities held by the Company and its subsidiaries are recognized by their fair value upon their contracting, plus transaction costs directly related to their acquisition or issue. Financial instruments are classified according to the purpose to which they were acquired or issued under the following categories: (i) financial assets and liabilities measured at the fair value through income; and (ii) financial assets and liabilities held to maturity and (iii) loans and receivables. Their subsequent measurement occurs every balance sheet date according to the rules established for each type of classification of financial assets and liabilities.
· Financial assets and liabilities measured at fair value through income: these are financial assets held for active and frequent trading. The derivatives are also classified in the held-for-trading category, unless if they had been accounted for as hedge accounting. The assets of this category are classified as current assets. The gains or losses deriving from changes in fair value are reported in the income statement under "Financial result" in the period these occur.
28
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
· Loans and receivables: This category includes the loans granted and receivables which are non-derivative financial assets with fixed or determinable payments, not quoted on an active market. They are included as current assets, except for those with maturity exceeding 12 months after the balance sheet dates (these are classified as non-current assets).The Companys loans and receivables include the loans, trade accounts receivable, other accounts receivable and cash and cash equivalents. The loans and receivables are accounted by their amortized cost, using the effective interest rate method. The funding costs are mainly composed of brokers commission and IOF Tax on Financial Operations, and stated according to CPC 08.
· Assets and liabilities held to maturity: these are financial assets that cannot be classified as loans and receivables, as they are quoted on an active market. In this case, these financial assets are acquired with the intention and financial capacity to be held in portfolio to maturity. These are valued by cost of acquisition, plus income earned against the net income for the period, using the effective interest rate method.
Derivative instruments designated as hedge accounting
c) Financial instruments (Continued)
Firstly, the derivatives are recognized by their fair value on the date a derivatives agreement is executed and subsequently are measured again at their fair value. The method to recognize the resulting gain and loss depends whether the derivative is designated or not as hedge instrument: The method depends on the nature of the item that has been hedged. The Company may designate certain derivatives, such as:
· Fair value hedge: the derivative financial instruments destined to mitigate the risks deriving from the exposure to the variation in fair value of hedged item shall be classified. The hedged items and related derivative financial instruments are expensed to the appropriate revenue or expense account, in the income statement.
Fair market value of financial instruments actively traded on organized markets is determined based on its market pricing calculated at the date of its respective balance sheet. If there is no market, then the fair value is determined through valuation techniques and compatible with usual practices on the market including the use of recent market arms length transactions, benchmark to the market value of similar financial instruments, analysis of discounted cash flows or other valuation models.
d) Cash and cash equivalents
These include cash, positive balances in checking account and marketable securities redeemable within up to 90 days. Marketable securities included in cash and cash equivalents are classified into the financial assets calculated at fair value through income category.
29
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
e) Accounts receivable
Accounts receivable are stated considering the estimated realizable values. An allowance for doubtful accounts is provided in an amount considered by Management to be sufficient to meet probable losses in the realization of such receivables, considering the historic average of losses.
The Companys installment sales occur with the intermediation of FIC, whose receivables do not remain in the Company (Note 10 b (vi)).
The Company carries out securitization operations of the accounts receivable through PAFIDC
(Pão de Açúcar Fundo de Investimento em Direitos Creditórios) (Note 8).
Accounts receivable from commercial agreements result from credits and discounts granted by suppliers, established by agreements and calculated over purchase volume, marketing initiatives, freight cost reimbursement, etc.
f) Inventories
Inventories are stated at the average acquisition cost or market value, whichever is shorter, adjusted by provision for inventory bonuses for losses and breakage, which are periodically reviewed and evaluated as to their sufficiency. Warehousing and handling costs are appropriated according to inventory turnover and the portion not absorbed is stated at the inventories value. Provisions are recorded based on historical data of the Company.
g) Investments
Investments in subsidiaries are accounted for by the equity method, and provision for capital deficiency has been recorded, when applicable. Other investments are recorded at acquisition cost.
h) Property and equipment
These assets are recorded at acquisition or construction cost (monetarily restated until December 31, 1995) deducted from the related accumulated depreciation, calculated on a straight-line basis at the rates mentioned in Note 11. In leasehold improvements, amortization is calculated considering the shortest term between the term of the lease agreement or assets useful life is utilized.
The Company adopts procedures aiming at ensuring that assets are not recorded by a value higher than the one that can be recoverable for use or sale, pursuant to CPC 01 rules.
Interest and financial charges on loans and financing contracted by third parties directly or indirectly attributable to the process of purchase, construction and/or operating expansion, are capitalized during the construction and refurbishment of the Companys and its subsidiaries stores in conformity with CVM Deliberation 193. The capitalized interest and financial charges are appropriated to income over the depreciation periods of the corresponding assets.
30
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
Expenditures for repairs and maintenance are recorded as expenses when they do not significantly affect the useful lives of related assets; or they do not aggregate to the value of assets when they materially contribute to the increase of useful lives of existing facilities and equipment.
i) Leasing
Financial leasing agreements are recorded in property and equipment against liabilities from loans and financing, by the lower amount between the present value of mandatory minimum installments of the agreement or the fair value of asset, accrued, where applicable of initial direct costs incurred on transaction. Implied interest rates recognized in loans and financing are appropriated to income for the year according to the duration of the agreement by the effective interest rate method.
Operating leasing agreements are recognized as expense based on the determination period of the benefit over leased asset by the Company, regardless of the basis used to determine leasing payments.
The depreciation of capitalized assets is calculated according to their useful life, in the event there is the intention to acquire such asset. If the Company does not intend to acquire the asset, the depreciation is calculated considering the least term between the effectiveness of the agreement or the assets useful life.
j) Intangible assets
Goodwill calculated in the acquisition of investments occurred until December 31, 2008, having future profitability as economic fundamental, was amortized on a straight-line basis for a term of 5 to 10 years until that date. As of January 1, 2009 goodwill balances are submitted to an annual test for impairment analysis, as set forth by CPC 01.
Intangible assets with defined useful life term are amortized according to such term and when sign of any impairment signs is verified these assets are submitted to impairment tests. Intangible assets with indeterminate useful life are not amortized, they are submitted to annual test for impairment analysis.
k) Provision for recovery of assets
The Management yearly reviews the net book value of assets with a view to identifying events or changes in economic, operating or technological circumstances that may indicate deterioration, obsolescence or impairment. When this evidence is identified and the net book value exceeds the recoverable value, a provision is recorded for impairment by adjusting the net book value to the recoverable value. These losses are classified as other operating expenses.
l) Other assets and liabilities
A liability is recognized in the balance sheet when the Company and its subsidiaries have a legal liability as a result of a past event and it is probable that an economic resource will be required to settle this liability. Provisions are recorded based on the best estimates of risks involved.
31
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
An asset is recognized in the balance sheet when it is probable that its future economic benefits will be advantageous for the Company and its cost or value can be safely measured. Assets and liabilities are classified as current when their realization or settlement is probable to occur over the next 12 months, otherwise, these are stated as noncurrent.
m) Taxation
Revenues from sales of goods and rendering of services are subject to taxation by State Value-Added Tax (ICMS), Services Tax (ISS), Social Contribution Tax on Gross Revenue for Social Integration Program (PIS) and Social Contribution Tax on Gross Revenue for Social Security Financing (COFINS) at rates prevailing in each region, and its respective value deducted from the total revenues from sales for the purposes of determining income.
The credits derived from non-cumulative PIS and COFINS are deducted from cost of goods sold for presentation of statement of income for the year.
PIS and COFINS refer to the financial revenues and expenses recorded in the corresponding items.
The advances or amounts subject to offsetting are shown in the current and noncurrent assets, in accordance with the estimate for their realization.
Income and social contribution taxes are calculated according to the taxable income based on accounting records and are classified as current or deferred, as follows:
Current Income and social contribution taxes in Brazil, when opted for the taxable income regime, are calculated at the (i) 25% taxable income (15% increased by 10% surcharge on taxable income exceeding R$240) for income tax, and (ii) 9% on taxable income for social contribution. Brazilian tax laws in force allows to carry forward tax losses referring to previous years with current tax income, limited to 30% of the taxable income of each year.
Deferred Deferred income and social contribution taxes are calculated based on tax losses and negative basis of social contribution, as well as temporary differences mainly composed of provisions related to the recording of litigations that are not deductible for calculation purposes of taxable income and calculation basis of social contribution only on the date of its financial realization.
Deferred income and social contribution tax assets were recorded pursuant to CVM Ruling 371/02 and take into account the expectation of generating future taxable income, based on a technical feasibility study approved by the Board of Directors.
n) Share-based compensation
Part of the compensation of the Companys main executives and managers is paid as stock option plan, measured by their fair value, calculated on the plan granting date, based on the markets pricing models, considering the share market value, the stock option exercise price and term of the agreement. Compensation costs linked to these programs are recorded on a straight-line basis in income, under operating expenses, during the period the services were rendered by beneficiaries against the capital reserve.
32
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
o) Present value adjustment of assets and liabilities
Noncurrent monetary assets and liabilities and current assets and liabilities, when relevant, are adjusted to their present value. The present value adjustment is calculated taking into account contractual cash flows and the respective explicit or implied interest rates.
Embedded interest rates on revenues, expenses and costs associated with said assets and liabilities are adjusted to the appropriate recognition in conformity with the accrual basis of accounting. The present value adjustment is recorded in those items, subject to the application of rule and financial result as corresponding entry.
p) Provision for litigations
As per CVM Deliberation 489/05, the Company adopts the concepts established in NPC 22 on Provisions, Liabilities, Contingent Assets and Liabilities when setting up its provisions and disclosure on matters regarding litigations and lawsuits. The balances of provisions are stated net of the respective judicial deposits, where applicable (Note 16).
Provisions for lawsuits are recorded as it follows:
· Contingent assets: it is an asset that likely will result from past events and whose existence is only confirmed by the occurrence or not of one or more uncertain future events not fully under the entitys control. The Company reports in its notes when the contingent assets are probable and records them in the quarterly information only when they become final and unappealable.
· Contingent liabilities: likely liability that results from past events and whose existence shall only be confirmed by the occurrence or not of one or more uncertain future events not fully under the Companys control. (i) When contingent liabilities are probable, the Company records liabilities in its financial statements; (ii) concerning contingent liabilities deemed as possible, these are only reported in the notes to the quarterly information and concerning contingent liabilities deemed as remote, these are neither recorded nor reported.
q) Earnings/Losses per share
The calculation is made according to the "net income/number of outstanding shares ratio on the balance sheet date. Pursuant to the Brazilian Corporation Law, earnings may be: distributed, used to increase capital or create the profit expansion reserve, based on the capital budget.
33
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
r) Consolidated quarterly information
The consolidated financial statements are prepared and presented in conformity with the consolidation principles prescribed by the Brazilian Corporation Law and CVM Ruling 247/96, and include the quarterly information of the Company and its subsidiaries Novasoc Comercial Ltda. (Novasoc), Sé Supermercados Ltda. (Sé), Sendas Distribuidora, PAFIDC, PA Publicidade Ltda. (PA Publicidade), Barcelona, CBD Panamá Trading Corp. (CBD Panamá), CBD Holland B.V. (CBD Holland) and Xantocarpa, Vedra Empreendimentos e Participações S.A. (Vedra), Bellamar Empreendimentos e Participações Ltda. (Bellamar), Vancouver Empreendimentos e Participações Ltda. (Vancouver), FIC, Lake Niassa Empreendimentos e Participações Ltda. (Lake Niassa), Globex, Globex Administração e Serviços Ltda., Ponto Frio Administração e Importação de Bens Ltda. (Ponto Frio Adm.), Rio Expresso Comércio Atacadista de Eletrodomésticos Ltda (Atacadista Eletro), Globex Administração de Consórcios Ltda., Bruxellas Empreend. Participações S.A. (Bruxellas), Dallas Empreend. e Participações S/A (Dallas); Pontocred Negócios de Varejo Ltda (Pontocred); Nova Extra Eletro Comercial Ltda. (Nova Extra Eletro), E-HUB Consult. Particip. e Comércio S.A.(E-HUB); Banco Investcred Unibanco S.A (Banco Investcred); and Sabara S.A. (Sabara).
The direct or indirect subsidiaries, included in the consolidation and the percentage of parent companys interest comprise:
34
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
|
Interest of Investors (%) at September 30, 2010 | ||||||||
|
|
|
|
CBD |
Sendas |
|
Lake |
Globex |
Ponto Frio |
Investees |
GPA |
Novasoc |
Sé |
Holland |
Distrib. |
Bellamar |
Niassa |
Utilidades |
Adm |
|
|
|
|
|
|
|
|
|
|
Novasoc |
10.00 |
- |
- |
- |
- |
- |
- |
- |
- |
Sé |
93.10 |
6.90 |
- |
- |
- |
- |
- |
- |
- |
Sendas Distribuidora |
14.86 |
- |
42.57 |
- |
- |
- |
- |
- |
- |
PAFIDC |
9.01 |
0.70 |
0.35 |
- |
- |
- |
- |
- |
- |
P.A. Publicidade |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
Barcelona |
- |
- |
100.00 |
- |
- |
- |
- |
- |
- |
CBD Holland |
100.00 |
- |
- |
- |
- |
- |
- |
- |
- |
CBD Panamá |
- |
- |
- |
100.00 |
- |
- |
- |
- |
- |
Xantocarpa |
- |
- |
- |
- |
100.00 |
- |
- |
- |
- |
Vedra |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
Bellamar |
- |
- |
100.00 |
- |
- |
- |
- |
- |
- |
Vancouver |
100.00 |
- |
- |
- |
- |
- |
- |
- |
- |
Dallas |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
Bruxellas |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
FIC |
- |
- |
- |
- |
- |
35.76 |
14.24 |
- |
- |
Lake Niassa |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Globex |
98.77 |
- |
- |
- |
- |
- |
- |
- |
- |
Globex Adm. e Serviços Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Ponto Frio Adm |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Atacadista Eletro |
- |
- |
- |
- |
- |
- |
- |
100.00 |
- |
Globex Adm. de consórcio Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Pontocred Negócios de varejo Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.50 |
0.50 |
Nova Extra Eletro |
0.1 |
- |
- |
- |
- |
- |
- |
99.90 |
- |
Banco Investcred |
- |
- |
- |
- |
- |
- |
50.00 |
- |
- |
Sabara |
- |
- |
- |
- |
- |
- |
- |
100.00 |
- |
35
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
|
Interest of Investors (%) at June 30, 2010 | ||||||||
|
|
|
|
CBD |
Sendas |
|
Lake |
Globex |
|
Investees |
GPA |
Novasoc |
Sé |
Holland |
Distrib. |
Bellamar |
Niassa |
Utilidades |
Pontocred |
|
|
|
|
|
|
|
|
|
|
Novasoc |
10.00 |
- |
- |
- |
- |
- |
- |
- |
- |
Sé |
93.10 |
6.90 |
- |
- |
- |
- |
- |
- |
- |
Sendas Distribuidora |
14.86 |
- |
42.57 |
- |
- |
- |
- |
- |
- |
PAFIDC |
9.05 |
0.71 |
0.35 |
- |
- |
- |
- |
- |
- |
P.A. Publicidade |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
Barcelona |
- |
- |
100.00 |
- |
- |
- |
- |
- |
- |
CBD Holland |
100.00 |
- |
- |
- |
- |
- |
- |
- |
- |
CBD Panamá |
- |
- |
- |
100.00 |
- |
- |
- |
- |
- |
Xantocarpa |
- |
- |
- |
- |
100.00 |
- |
- |
- |
- |
Vedra |
90.00 |
- |
- |
- |
- |
- |
- |
- |
- |
Bellamar |
- |
- |
100.00 |
- |
- |
- |
- |
- |
- |
Vancouver |
100.00 |
- |
- |
- |
- |
- |
- |
- |
- |
Dallas |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
Bruxellas |
99.99 |
- |
- |
- |
- |
- |
- |
- |
- |
FIC |
- |
- |
- |
- |
- |
35.76 |
14.24 |
- |
- |
Lake Niassa |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Globex |
98.77 |
- |
- |
- |
- |
- |
- |
- |
- |
Globex Adm. e Serviços Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Ponto Frio Adm. |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Globex Factoring Comercial Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Globex Adm. de consórcio Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.99 |
- |
Pontocred Negócios de varejo Ltda. |
- |
- |
- |
- |
- |
- |
- |
99.50 |
- |
PF.com |
- |
- |
- |
- |
- |
- |
- |
99.95 |
0.05 |
E-HUB |
- |
- |
- |
- |
- |
- |
- |
45.00 |
- |
Banco Investcred |
- |
- |
- |
- |
- |
- |
50.00 |
- |
- |
Sabara |
- |
- |
- |
- |
- |
- |
- |
100.00 |
- |
36
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
3. Summary of main accounting practices (Continued)
r) Consolidated quarterly information (Continued)
Despite the fact that the Company holds interest in Novasoc that only represents 10% of its capital stock, Novasoc is effectively controlled by the Company by means of a Quotaholders Agreement, with a 99.98% interest in its income.
Sendas Distribuidora is fully consolidated based on the Shareholders Agreement signed, which establishes that the operating and administrative management is exclusively conducted by the Company.
The following eliminations occurred during the consolidation process:
the balances of assets and liabilities accounts among consolidated companies;
the interest in the capital, reserves and accumulated earnings of subsidiaries; and
revenues and expenses balances and the unrealized profit originated in transactions between the consolidated companies.
Pursuant to CVM Ruling 408/04, the Company, since the first quarter of 2005, consolidates the PAFIDC quarterly information, as it represents a special purpose entity, organized with exclusive purpose of conducting the securitization of receivables of the Company and its subsidiaries, once the Company is exposed to most of risks and benefits related to the ownership of PAFIDC subordinated quotas.
The Companys indirect investment in FIC, by means of Bellamar (35.76%) and Lake Niassa (14.24%), was valued by the equity accounting method. Pursuant to the official memorandum CVM/SNC 006/10, FICs quarterly information is consolidated by Itaú, since the bank is responsible for the companys operating management.
The quarterly information of FIC and Investcred were audited by other independent auditors.
In relation to FIC, in the period ended September 30, 2010, total investments and equity in the earnings of this investee accounted for 0.9% and 8.7%, respectively, in relation to assets and results reported in the Companys consolidated quarterly information.
In relation to Investcred in the period ended September 30, 2010, total investments and equity in the earnings of subsidiaries and associated companies of this investee accounted for 0.1% and 0.3% respectively, in relation to the Companys consolidated quarterly information.
37
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
4. Marketable Securities
The marketable securities at September 30, 2010 earn interest mainly at the Interbank Deposit Certificate (CDI) rate, classified as described in Note 3(c).
|
Parent Company |
|
Consolidated | ||||||
|
CDI* |
9.30.2010 |
|
6.30.2010 |
|
CDI* |
9.30.2010 |
|
6.30.2010 |
Current |
|
|
|
|
|
|
|
|
|
Financial investments |
|
|
|
|
|
|
|
|
|
Banco do Brasil |
100.2% |
545,534 |
|
377,069 |
|
100,2% |
684,057 |
|
466,108 |
Itaú |
100.4% |
262,703 |
|
316,319 |
|
100,5% |
473,476 |
|
420,669 |
Bradesco |
102.1% |
378,136 |
|
341,977 |
|
101,9% |
481,162 |
|
401,997 |
Votorantim |
101.1% |
72,426 |
|
91,696 |
|
101,1% |
78,087 |
|
96,825 |
Santander |
101.0% |
55,105 |
|
53,689 |
|
101,0% |
71,332 |
|
69,499 |
ABN AMRO |
104.0% |
25,523 |
|
24,848 |
|
104,0% |
25,991 |
|
25,375 |
Safra |
101.5% |
20,972 |
|
22,214 |
|
101,5% |
22,418 |
|
23,622 |
Unibanco |
104.1% |
4,803 |
|
4,676 |
|
101,1% |
18,397 |
|
19,177 |
CEF |
98.0% |
2,603 |
|
2,538 |
|
98,0% |
2,603 |
|
2,538 |
Alfa |
- |
- |
|
- |
|
101,5% |
1 |
|
1,011 |
Other |
100.0% |
509 |
|
6,756 |
|
100,0% |
4,824 |
|
14,841 |
Total current |
|
1,368,314 |
|
1,241,782 |
|
|
1,862,348 |
|
1,541,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
|
|
PAFIDC receivables securitization fund (Note 8) |
|
116,067 |
|
113,484 |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Total non-current |
|
116,067 |
|
113,484 |
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
Overall Total |
|
1,484,381 |
|
1,355,266 |
|
|
1,862,348 |
|
1,541,662 |
(*) Weighted average rate |
|
|
|
|
|
|
|
|
|
5. Trade Accounts Receivable
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Current |
|
|
|
|
|
|
|
Resulting from sales through: |
|
|
|
|
|
|
|
Credit card companies |
273,686 |
|
371,474 |
|
354,891 |
|
669,580 |
Sales vouchers and others |
46,995 |
|
61,906 |
|
127,841 |
|
116,195 |
Credit sales with post-dated checks |
2,171 |
|
2,542 |
|
6,532 |
|
7,192 |
Consumer financing direct credit |
- |
|
- |
|
9,324 |
|
9,829 |
Trade bills receivable from wholesale customers |
- |
|
- |
|
72,210 |
|
52,632 |
Own credit card interest-free installment |
12,332 |
|
11,944 |
|
19,077 |
|
17,390 |
Accounts receivable from subsidiaries |
133,946 |
|
127,644 |
|
- |
|
- |
Allowance for doubtful accounts |
(4,843) |
|
(5,098) |
|
(19,812) |
|
(17,815) |
Present value adjustment |
- |
|
- |
|
(13,699) |
|
(27,068) |
Resulting from commercial agreements |
289,456 |
|
164,190 |
|
407,045 |
|
255,360 |
|
753,743 |
|
734,602 |
|
963,409 |
|
1,083,295 |
|
|
|
|
|
|
|
|
Accounts receivable - PAFIDC |
- |
|
- |
|
1,160,913 |
|
1,151,649 |
|
|
|
|
|
|
|
|
Total current |
753,743 |
|
734,602 |
|
2,124,322 |
|
2,234,944 |
|
|
|
|
|
|
|
|
Non-current |
|
|
|
|
|
|
|
Accounts receivable - Paes Mendonça |
- |
|
- |
|
407,197 |
|
398,821 |
Other accounts receivable |
32,943 |
|
33,588 |
|
61,672 |
|
43,706 |
Total non-current |
32,943 |
|
33,588 |
|
468,869 |
|
442,527 |
38
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
5. Trade Accounts Receivable (Continued)
a) Credit Card Management Companies
Credit card operations are considered receivable in cash, except electronic devices, which may be paid in up to 18 monthly installments, and are managed by third parties.
b) Consumer financing
The balance of Accounts Receivable from Customer Financing consumer direct credit includes accounts receivable from Globexs customers financing activity.
c) Trade accounts receivable from Subsidiaries
The balance of Trade Accounts Receivable from Subsidiaries reflects selling operations carried out by the Company and its subsidiaries at cost to supply their stores.
d) Allowance for doubtful accounts
The allowance for doubtful accounts is recorded according to the Management's analysis, considering the historic average of effective losses:
|
Parent Company |
|
Consolidated |
Balance at June 30, 2010 |
(5,098) |
|
(17,815) |
Additions |
(1,935) |
|
(8,751) |
Write-offs |
2,190 |
|
6,754 |
Balance at September 30, 2010 |
(4,843) |
|
(19,812) |
e) Accounts receivable from Commercial Agreements
The balance of accounts receivable from Commercial Agreements comprise current transactions between the Company and its suppliers, mainly based on the volume of purchases.
f) Present value adjustment
The discount rate used by Globex and its subsidiaries take into consideration current market valuations as to the value of cash over time and asset specific risks. Installment sale operations with the same cash value were carried to their present value on the date of transaction, in view of their terms, and adopting the monthly average rate of operations that anticipate receivables with credit card management companies, during the period ended September 30, 2010, varying from 0.66% and 1.05% (0.79% to 1.17% at June 30, 2010).
g) Accounts receivable Paes Mendonça
The Accounts Receivable Paes Mendonça account balance comprises credits deriving from the payment of liabilities performed by the subsidiaries Novasoc and Sendas. Pursuant to contractual provisions, these accounts receivable are monetarily restated and guaranteed by commercial rights of certain stores operated by Novasoc and Sendas (Note 10 (b) (i)).
39
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
6. Inventories
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
|
|
|
|
|
|
|
|
Stores |
947,578 |
|
904,015 |
|
1,897,704 |
|
1,815,757 |
Warehouses |
636,032 |
|
583,281 |
|
1,196,147 |
|
1,086,476 |
Provisions on inventories |
(37,146) |
|
(36,437) |
|
(75,276) |
|
(84,366) |
Present value adjustment on inventories |
- |
|
- |
|
(2,297) |
|
(1,801) |
|
|
|
|
|
|
|
|
|
1,546,464 |
|
1,450,859 |
|
3,016,278 |
|
2,816,066 |
The provisions for inventories are comprised by unrealized bonuses and breakage provisions, which are recorded based on the Companys historical data.
7. Recoverable taxes
These mainly refer to credits from recoverable Withholding Income Tax, (IRRF), Social Contribution Tax on Gross Revenue for Social Integration Program (PIS), Social Contribution Tax on Gross Revenue for Social Security Financing (COFINS) and State Value-Added Tax (ICMS):
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Current |
|
|
|
|
|
|
|
Taxes on sales |
261,590 |
|
219,069 |
|
586,851 |
|
506,494 |
Income tax and others |
92,225 |
|
146,931 |
|
141,060 |
|
198,987 |
Present value adjustment |
(301) |
|
(318) |
|
(349) |
|
(369) |
|
353,514 |
|
365,682 |
|
727,562 |
|
705,112 |
Non-current |
|
|
|
|
|
|
|
Taxes on sales |
112,616 |
|
98,086 |
|
198,336 |
|
181,055 |
ICMS and others |
13,617 |
|
13,848 |
|
16,644 |
|
16,771 |
Present value adjustments |
(5,113) |
|
(5,402) |
|
(6,185) |
|
(6,273) |
|
121,120 |
|
106,532 |
|
208,795 |
|
191,553 |
Total recoverable taxes |
474,634 |
|
472,214 |
|
936,357 |
|
896,665 |
8. Pão de Açúcar Receivables Securitization Fund PAFIDC
PAFIDC is receivables securitization fund formed in compliance with CVM Rulings 356/01 and 393/03 for the specific purpose of acquiring receivables of the Company and its subsidiaries arising from sales of products and services by the Company and/or its subsidiaries, except for receivables deriving from installment system and post-dated checks. PAFIDC shall be effective until December 7, 2012.
The capital structure of the fund, at September 30, 2010, is broken down in: 10,295 senior quotas in the amount of R$1,158,923, representing 89.94% of the funds equity (89.89% at June 30, 2010) owned by third parties; and 2,864 subordinated quotas in the amount of R$129,647, representing 10.06% of the funds equity (10.11% at June 30, 2010) owned by the Company and its subsidiaries.
The Company carries out securitization operations of its receivables, represented by credit sales with tickets and credit card company receivables, with PAFIDC. The volume of operations stood at R$2,463,500 in the quarter ended September 30, 2010 (R$2,448,552 at June 30, 2010), in which the responsibility for services rendered and subordinated interests was retained. The consolidated securitization costs of such receivables amounted to R$87,015 (R$82,820 at September 30, 2009), recognized as financial expenses in income for 2010 and 2009, respectively.
40
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
8. Pão de Açúcar Receivables Securitization Fund PAFIDC (Continued)
Services rendered, which are not remunerated, include credit analysis and the assistance by the collection department to the funds manager.
The outstanding balances of these receivables at September 30, 2010 and June 30, 2010 were R$1,160,913 and R$1,151,649, respectively, net of allowance for losses.
The condensed balance sheet of PAFIDC is summarized as follows:
|
9.30.2010 |
|
6.30.2010 |
Assets |
|
|
|
Cash and cash equivalents |
106,734 |
|
113,787 |
Accounts receivable |
1,160,913 |
|
1,151,649 |
Other amounts |
22,087 |
|
- |
Total assets |
1,289,734 |
|
1,265,436 |
|
|
|
|
Liabilities |
| ||
Accounts payable |
1,164 |
|
11,998 |
Shareholders equity |
1,288,570 |
|
1,253,438 |
Total liabilities |
1,289,734 |
|
1,265,436 |
The subordinated quotas were attributed to the Company and are recorded in the noncurrent assets as participation in the securitization fund, the balance of which at September 30, 2010 was R$116,067 (R$113,484 at June 30, 2010). Other subordinated quotas are attributed to Novasoc and Sé, amounting to R$129,647.
The senior quotas interest yield is shown below:
|
|
|
9.30.2010 |
|
6.30.2010 | ||||
Quotaholders |
Amount |
|
CDI Rate |
|
Redeemable balance |
|
CDI Rate |
|
Redeemable balance |
|
|
|
|
|
|
|
|
|
|
Senior A |
5,826 |
|
109.5% |
|
747,208 |
|
109.5% |
|
726,416 |
Senior B |
4,300 |
|
109.5% |
|
179,108 |
|
109.5% |
|
174,125 |
Senior C |
169 |
|
109.5% |
|
232,607 |
|
109.5% |
|
226,134 |
|
|
|
|
|
1,158,923 |
|
|
|
1,126,675 |
Single series subordinated quotas are non-transferable and only can be amortized or redeemed after the amortization and redemption of senior quotas. The effects deriving from the default of any receivable acquired by the Fund, as well as any loss suffered by the Fund shall be attributed to the subordinated quotas until the limit of their value.
Pursuant to the Receivables Assignment Agreement entered into between the Company, its subsidiaries and PAFIDC, the assignment of receivables is irrevocable and irreversible, with the definitive transfer of receivables to the Fund, together with all rights, privileges, guarantees, preferences, prerogatives and actions related thereto and without right of recourse against the Company and its subsidiaries.
41
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
9. Balances and Transactions with Related Parties
The transactions with related parties, as presented below, are carried out at cost prices.
a) Sales and Purchases of Goods
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Customers: |
|
|
|
|
|
|
|
Novasoc Comercial |
29,651 |
|
27,343 |
|
- |
|
- |
Sé Supermercados |
69,775 |
|
67,939 |
|
- |
|
- |
Sendas Distribuidora |
31,410 |
|
24,784 |
|
- |
|
- |
Barcelona |
1,436 |
|
3,080 |
|
- |
|
- |
Xantocarpa |
1 |
|
7 |
|
- |
|
- |
Globex |
12 |
|
|
|
2,146 |
|
|
Ponto Frio.com |
1,662 |
|
4,492 |
|
1,662 |
|
- |
Total assets |
133,947 |
|
127,645 |
|
3,808 |
|
- |
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Suppliers: |
|
|
|
|
|
|
|
Novasoc Comercial |
1,668 |
|
1,434 |
|
- |
|
- |
Sé Supermercados |
3,044 |
|
4,304 |
|
- |
|
- |
Sendas Distribuidora |
3,925 |
|
5,075 |
|
- |
|
- |
Barcelona |
721 |
|
517 |
|
- |
|
- |
Xantocarpa |
167 |
|
133 |
|
- |
|
- |
Globex |
43 |
|
21 |
|
43 |
|
- |
Ponto Frio.com |
125 |
|
370 |
|
125 |
|
- |
Total liabilities |
9,693 |
|
11,854 |
|
168 |
|
- |
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
| ||||
Sales: |
|
|
|
|
|
|
|
Novasoc Comercial |
220,731 |
|
195,757 |
|
- |
|
- |
Sé Supermercados |
578,946 |
|
527,292 |
|
- |
|
- |
Sendas Distribuidora |
188,145 |
|
168,207 |
|
- |
|
- |
Barcelona |
14,402 |
|
7,891 |
|
- |
|
- |
Globex |
873 |
|
- |
|
- |
|
- |
Ponto Frio.com |
58,824 |
|
- |
|
- |
|
- |
|
1,061,921 |
|
899,147 |
|
- |
|
- |
Purchases: |
|
|
|
|
|
|
|
Novasoc Comercial |
1,767 |
|
1,768 |
|
- |
|
- |
Sé Supermercados |
8,520 |
|
9,248 |
|
- |
|
- |
Sendas Distribuidora |
7,260 |
|
14,004 |
|
- |
|
- |
Grupo Assai |
(1,464) |
|
- |
|
- |
|
- |
Ponto Frio.com |
20 |
|
- |
|
- |
|
- |
|
16,103 |
|
25,020 |
|
- |
|
- |
42
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
9. Balances and Transactions with Related Parties (Continued)
b) Other operations
|
Parent Company |
Consolidated | |||||
|
9.30.2010 |
6.30.2010 |
9.30.2010 |
6.30.2010 | |||
|
|
|
|
| |||
Assets |
|
|
|
| |||
Novasoc Comercial |
26,754 |
23,053 |
- |
- | |||
Sé Supermercados |
240,098 |
232,417 |
- |
- | |||
Casino |
1,642 |
1,962 |
1,642 |
1,962 | |||
FIC |
9,138 |
14,929 |
36,733 |
42,696 | |||
Pão de Açúcar Ind. e Comércio |
1,171 |
1,171 |
1,171 |
1,171 | |||
Sendas S.A. |
17,824 |
17,824 |
217,824 |
217,824 | |||
Sendas Distribuidora |
488,838 |
436,753 |
- |
- | |||
Xantocarpa |
2,460 |
2,660 |
- |
- | |||
Barcelona |
85,578 |
27,090 |
- |
- | |||
Vedra |
20 |
20 |
- |
- | |||
Globex |
88,680 |
49,287 |
- |
- | |||
Ponto Frio.com |
18,891 |
3,322 |
- |
- | |||
Vancouver |
1,316 |
1,267 |
- |
| |||
Other |
21,304 |
21,354 |
31,967 |
30,960 | |||
|
1,003,714 |
833,109 |
289,337 |
294,613 | |||
|
|
|
|
| |||
|
Parent Company |
Consolidated | |||||
|
9.30.2010 |
6.30.2010 |
9.30.2010 |
6.30.2010 | |||
|
|
|
|
| |||
Liabilities |
|
|
|
| |||
Fundo Península |
10,689 |
10,678 |
11,034 |
11,027 | |||
Globex |
- |
85,139 |
- |
- | |||
Financeira Itaú CBD S.A |
- |
- |
25,994 |
22,214 | |||
Casas Bahia Comercial Ltda |
- |
- |
54,370 |
- | |||
Other |
6,179 |
6,010 |
2,935 |
3,651 | |||
|
16,868 |
101,827 |
94,333 |
36,892 |
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
|
Novasoc Comercial |
6,163 |
|
5,194 |
|
- |
|
- |
Sé Supermercados |
16,070 |
|
12,897 |
|
- |
|
- |
Sendas Distribuidora |
26,846 |
|
29,040 |
|
- |
|
- |
Casino |
(3,967) |
|
(4,714) |
|
(3,967) |
|
(4,714) |
Fundo Península |
(101,430) |
|
(93,835) |
|
(104,601) |
|
(97,183) |
Grupo Diniz |
(9,595) |
|
(9,167) |
|
(6,346) |
|
(9,923) |
Sendas S.A. |
(27,288) |
|
- |
|
(41,754) |
|
(9,003) |
Grupo Assai |
- |
|
- |
|
- |
|
(2,026) |
Galeazzi e Associados |
- |
|
(3,926) |
|
- |
|
(4,616) |
FIC/ Banco Investcred |
(6,045) |
|
- |
|
(5,707) |
|
1,683 |
Other |
(6,299) |
|
(9,832) |
|
(6,299) |
|
(9,832) |
|
(105,545) |
|
(74,343) |
|
(168,674) |
|
(135,614) |
|
|
|
|
|
|
|
|
Novasoc, Sé Supermercados and Sendas Distribuidora: comprise (i) the values resulting from the utilization of shared services center, such as treasury, accounting, legal department and others; and (ii) values deriving from the leasing agreement entered into by the Company and Sendas Distribuidora related to 8 properties located in the State of Rio de Janeiro.
43
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
9. Balances and Transactions with Related Parties (Continued)
b) Other operations (Continued)
Casino: it includes (i) R$346 of amounts payable pursuant to the Technical Assistance Agreement, signed between the Company and Casino Group at July 21, 2005 and ratified by the Special Shareholders Meeting held at August 16, 2005, which regulates the transfer of knowledge in the administrative and financial areas of Casino Group to the Company and its subsidiaries. The annual amount of this agreement is US$2.7 million and is effective for 7 years, with automatic renewal for an indeterminate term; and (ii) R$1,988 of the Companys amounts receivable are from French expatriate employees expenses and other.
Fundo Península: investment fund which has as beneficiaries members of the Diniz family and comprises the amounts paid by the leasing of Fundo Penínsulas properties, as per the Leasing Agreement entered into the Company, its subsidiaries and Fundo Península, under market conditions, and this was approved at the Special Shareholders Meeting held at June 22, 2005.
Diniz Group: it includes the amounts paid for the leasing of properties owned by members of the Diniz family, pursuant to the lease agreement executed between the Company and its subsidiaries and members of the Diniz family, under market conditions.
Sendas S.A.: it includes the amounts paid by Sendas S.A. to Sendas Distribuidora for the leasing of 57 properties.
Galeazzi e Associados: these include the amounts paid for consulting services related to the management of operations in the State of Rio de Janeiro (Sendas Distribuidora) and in the Northeast (CBD), and the process of merging operations between the Company and Globex.
Globex: the Company during the period ended September 30, 2010 engaged services companies and incurred in personnel expenses to consolidate and support Globex Utilidades S.A.s operations, after its acquisition, thus, the parent company included a right with subsidiary in its related parties balance of R$5,127. The Company also has a right of loan agreement, which is adjusted by CDI rate of 105.46%, in the amount of R$170,385 and a loan agreement obligation of (R$86,832).
The Company recorded an account payable referring to the First Addendum to the Partnership Agreement executed between Globex, GPA and Casas Bahia, which ensures Globex the right of being indemnified by GPA related to certain recognized contingencies to be owed by Globex as of June 30,2010.
BFIC/Banco Investcred: results are mainly represented by (i) refund of expenses, including expenses related to payroll, commissions on the sale of financial products and other expenses pursuant to the infrastructure agreement (ii) financial expenses resulting from receivables discount (named financial rebate); and (iii) revenues from property rental.
44
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
10. Investments
a) Information on investments at September 30, 2010 and June 30, 2010
|
Quarter ended 9.30.2010 | ||||||||
|
Shares/ |
|
Interest in |
|
|
|
Shareholders Equity |
|
Net income/ |
|
Quotas |
|
the capital |
|
Capital |
|
(capital |
|
Loss for |
|
held |
|
stock - % |
|
stock |
|
deficiency) |
|
The quarter |
Novasoc |
1,000 |
|
10.00 |
|
10 |
|
5,993 |
|
17,976 |
Sé |
1,444,656,368 |
|
100.00 |
|
1,444,656 |
|
1,665,996 |
|
64,239 |
Sendas Distribuidora |
607,083,796 |
|
57.43 |
|
835,677 |
|
(66,093) |
|
(66,224) |
Pa Publicidade |
99,999 |
|
99.99 |
|
100 |
|
3,414 |
|
(1) |
Barcelona |
15,010,000 |
|
100.00 |
|
24,520 |
|
142,933 |
|
16,147 |
CBD Panamá |
1,500 |
|
100.00 |
|
4 |
|
5,008 |
|
3,846 |
CBD Holland B.V. |
180 |
|
100.00 |
|
0 |
|
348 |
|
0 |
Xantocarpa |
28,671,514 |
|
100.00 |
|
28,672 |
|
4,063 |
|
(6,331) |
Vedra |
9,999 |
|
99.99 |
|
10 |
|
(15) |
|
0 |
Bellamar |
138,564,578 |
|
100.00 |
|
138,565 |
|
171,536 |
|
27,058 |
Vancouver |
12,009,990 |
|
100.00 |
|
10 |
|
671 |
|
661 |
Dallas |
9,999 |
|
99.99 |
|
1 |
|
1 |
|
0 |
Bruxelas |
9,999 |
|
99.99 |
|
1 |
|
(1) |
|
0 |
Globex |
122,286,848 |
|
98.77 |
|
671,033 |
|
652,203 |
|
13,991 |
|
|
|
|
|
|
|
|
|
|
|
Quarter ended 6.30.2010 | ||||||||
|
Shares/ |
|
Interest in |
|
|
|
Shareholders Equity |
|
Net income/ |
|
Quotas |
|
the capital |
|
Capital |
|
(capital |
|
Loss for |
|
held |
|
stock - % |
|
stock |
|
deficiency) |
|
The quarter |
Novasoc |
1,000 |
|
10.00 |
|
10 |
|
(2,029) |
|
9,954 |
Sé |
1,444,656,368 |
|
100.00 |
|
1,444,656 |
|
1,641,835 |
|
40,078 |
Sendas Distribuidora |
607,083,796 |
|
57.43 |
|
835,677 |
|
(50,939) |
|
(51,070) |
Pa Publicidade |
99,999 |
|
99.99 |
|
100 |
|
3,400 |
|
(16) |
Barcelona |
15,010,000 |
|
100.00 |
|
24,520 |
|
138,982 |
|
12,196 |
CBD Panamá |
1,500 |
|
100.00 |
|
4 |
|
3,559 |
|
2,397 |
CBD Holland B.V. |
180 |
|
100.00 |
|
0 |
|
348 |
|
- |
Xantocarpa |
28,671,514 |
|
100.00 |
|
28,672 |
|
4,218 |
|
(6,176) |
Vedra |
9,000 |
|
90.00 |
|
10 |
|
(15) |
|
- |
Bellamar |
138,564,578 |
|
100.00 |
|
138,565 |
|
162,075 |
|
17,597 |
Vancouver |
12,009,990 |
|
100.00 |
|
10 |
|
(459) |
|
(469) |
Dallas |
9,999 |
|
99.99 |
|
1 |
|
1 |
|
0 |
Bruxelas |
9,999 |
|
99.99 |
|
1 |
|
1 |
|
0 |
Globex |
122,863,716 |
|
98.77 |
|
671,033 |
|
676,557 |
|
32,292 |
|
|
|
|
|
|
|
|
|
|
b) Breakdown of investments
|
Parent Company |
|
Consolidated | ||||||
|
Novasoc |
Sé |
P.A.Publ. |
Sendas |
Globex |
Other |
Total |
|
Total |
Balance at December 31, 2009 |
- |
1,491,236 |
3,415 |
28,957 |
624,910 |
1,534 |
2,150,052 |
|
212,428 |
Additions |
- |
- |
- |
- |
12,562 |
7 |
12,569 |
|
1,436 |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
|
- |
Exchange Variation |
- |
- |
- |
- |
- |
(228) |
(228) |
|
- |
Write-off |
- |
- |
- |
- |
- |
- |
- |
|
(465) |
Merger |
- |
- |
- |
- |
- |
- |
- |
|
- |
Equity Accounting |
17,976 |
59,807 |
(1) |
(9,841) |
14,017 |
4,729 |
86,687 |
|
35,990 |
Investment Gain/Loss |
- |
- |
- |
- |
(4,095) |
- |
(4,095) |
|
(6) |
Dividends Receivable |
- |
- |
- |
783 |
- |
- |
783 |
|
|
Transfer of Capital Deficiency |
(11,983) |
- |
- |
- |
- |
14 |
(11,968) |
|
- |
Balance at September 30, 2010 |
5,993 |
1,551,043 |
3,414 |
19,899 |
647,394 |
6,056 |
2,233,799 |
|
249,383 |
45
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
10. Investments (Continued)
b) Breakdown of investments (Continued)
|
Parent Company |
|
Consolidated | ||||||
|
Novasoc |
Sé |
P.A.Publ. |
Sendas |
Globex |
Other |
Total |
|
Total |
Balance at June 30, 2010 |
- |
1,528,548 |
3,400 |
22,151 |
671,428 |
3,938 |
2,229,465 |
|
237,643 |
Additions |
- |
- |
- |
- |
- |
- |
- |
|
- |
Acquisitions |
- |
- |
- |
- |
- |
- |
- |
|
- |
Exchange Variation |
- |
- |
- |
- |
- |
(280) |
(280) |
|
- |
Write-off |
- |
- |
- |
- |
- |
- |
- |
|
- |
Merger |
- |
- |
- |
- |
- |
- |
- |
|
- |
Equity Accounting |
8,022 |
22,494 |
15 |
(2,252) |
(18,078) |
2,853 |
13,054 |
|
11,740 |
Investment Gain/Loss |
- |
- |
- |
- |
(5,957) |
- |
(5,957) |
|
- |
Dividends Receivable |
- |
- |
- |
- |
- |
- |
- |
|
- |
Transfer of Capital Deficiency |
(2,029) |
- |
- |
- |
- |
(454) |
(2,484) |
|
- |
Balance at September 30, 2010 |
5,993 |
1,551,042 |
3,415 |
19,899 |
647,393 |
6,057 |
2,233,799 |
|
249,383 |
(i) Novasoc
A company holding the rights resulting from the Lease Agreement entered into with Paes Mendonça S.A. related to 16 stores currently operated by the Company. Said lease agreement will be effective until 2014. During the term of the agreement, Paes Mendonças shareholders wont be able to sell or in any way transfer their shares to third parties without prior and express consent from Novasoc. During the period ended September 30, 2010, the lease payments amounted to R$13,967 (R$3,315 at September 30, 2009), including an additional contingent rental amount based on 0.5% to 2.5% over total revenues of the stores, subject-matter of the referred agreement.
(ii) Sé
A subsidiary holding (i) shares representing 100% of the capital stock of Bellamar, a company that owns all shares issued by FIC; and (ii) shares representing 100% of the capital stock of Barcelona, a company that operates the Companys cash & carry segment (atacarejo) through the Assai brand.
(iii) Sendas Distribuidora
A subsidiary that concentrates the Companys retailing operations in the State of Rio de Janeiro, according to the Partnership Agreement entered into with Sendas S.A., as mentioned in Note 1. Sendas Distribuidora holds a direct interest in Xantocarpa, corresponding to 100.00% of its capital stock. Xantocarpa concentrates the Companys cash and carry operations in the State of Rio de Janeiro, through the Assai brand.
46
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
10. Investments (Continued)
b) Breakdown of investments (Continued)
(iii) Sendas Distribuidora (Continued)
Currently, the parties are negotiating the exercise of PUT option notified to the Company at January 5, 2007 by Sendas S.A. is under negotiation, expressing the exercise of the right to swap all paid-up shares it holds for preferred shares of the Companys capital stock, as provided for in Clause 6.9.1 of the Shareholders Agreement of Sendas Distribuidora.
(iv) Barcelona
A subsidiary directly controlled through Sé, operating in the cash & carry segment through the Assai brand.
(v) Globex
A direct subsidiary of the Company that holds 98.77% of its capital stock. Alternatively to the public tender offer to acquire Globex shares owned by other non-controlling shareholders, Globexs controlling shareholders were granted the stock option for class B preferred shares (Class B Preferred Shares), without voting rights, with no par value and not tradeable, to be issued due to the Companys capital increase, and pay them up using the credit from the installments of the acquisition price, case in which Globexs controlling shareholders would be granted an additional credit, equivalent to 10% of the amount corresponding to the acquisition price, to be exclusively used for the payment of Class B Preferred Shares.
Remaining Class B Preferred Shares held by Globexs former shareholders will be converted into Class A Preferred Shares at January 7, 2011.
The Company has also guaranteed, in an agreement, that upon the conversion of Class B Preferred Shares into Class A Preferred Shares, pursuant to the terms and conditions established above, specifically related to shares being converted into Class A Preferred Shares at that moment, the Company will pay Globexs shareholders who decided to subscribe Class B Preferred Shares, whether or not controlling shareholders, the amount corresponding to the positive difference between R$40.00 per share, duly restated according to CDI variation, as of the signature of the Share Purchase Agreement (June 7, 2009), until the date of each conversion, and the market value of Class A Preferred Shares at that time, calculated according to the weighted average price per volume on the fifteen (15) trading sessions of BOVESPA immediately prior to each conversion date.
47
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
10. Investments (Continued)
c) Breakdown of investments (Continued)
(v) Globex (Continued)
At a Notice to the Market of February 9, 2010, the Company announced the results of the auction for the public tender offer of common shares issued by Globex, due to the sale of Globexs control, and cumulatively, as a result of the Companys higher interest in Globex voting capital (the OPA). The Company announced that, due to the OPA auction held at February 3, 2010, it has acquired 4,102,220 common shares representing approximately 3.3% of Globex capital stock, which generated a goodwill of R$19,906 to the Company. In view of acquisitions made in the OPA, the Company now holds 98.77% of Globexs total and voting capital stock.
Taking into account that all shareholders who adhered to the OPA opted for the Mixed Payment Option are entitled to be paid in domestic currency and in Class B preferred shares of the Company, the Company paid the total amount of R$28,428 and 137,014 Class B Preferred Shares to shareholders who adhered to the OPA at February 10, 2010, OPAs settlement date.
Class B Preferred Shares shall be converted into Class A Preferred Shares of the Company (Class A Preferred Shares) according to the schedule of item 6.5 of the OPA Call Notice. Pursuant to item 1.6.1.3 of the Call Notice, considering that the first and second conversion dates have already occurred, 60% of the Class B Preferred Shares delivered as payment of the OPA, were converted into Class A Preferred Shares at February 17, 2010.
The subsidiary Globex, by means of its subsidiary Lake Niassa Empreendimentos e Participações Ltda., holds a 50% interest in Banco Investcreds capital stock, whose management was shared between Globex and Unibanco, pursuant to the Shareholders Agreement dated October 26, 2001. Therefore, pursuant to CVM Ruling 247/96, the consolidated Quarterly Information was prepared taking into account the proportional consolidation of this investment until September 30, 2009. As of October 1, 2009, Banco Investcred was consolidated by Banco Itaú, as per Note 3(r).
(vi) FIC Partnership Agreement between the Company and Banco Itaú
Investee which owns the exploitation rights of the Companys financial activities, whose shares representing its capital stock are held by the subsidiary Bellamar, i.e., 35.76%, Lake Niassa which holds 14.24% and Itaú Unibanco, which holds 50%.
48
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
10. Investments (Continued)
b) Breakdown of investments (Continued)
(vi) FIC Partnership Agreement between the Company and Banco Itaú (Continued)
The partnership includes all brands and formats of stores operated or owned by the Company, direct or indirectly, including supermarkets, hypermarkets, convenience stores, home appliance stores, cash and carry stores, gas stations, drugstores and e-commerce (Internet). The inclusion of stores to be acquired or new businesses to be developed by the Company or its subsidiaries within the scope of the partnership will be subject to negotiation between the parties.
Itaú Unibanco is in charge of FICs operating management, by incorporating the structure and commercialization of financial products to Globexs customers, previously performed by Banco Investcred.
11. Property and Equipment
|
|
|
|
|
Parent Company | ||||||
|
Annual depreciation rates% |
|
9.30.2010 |
|
6.30.2010 | ||||||
|
Nominal |
|
Weighted average |
|
Cost |
|
Accumulated depreciation |
|
Net |
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
Lands |
- |
|
- |
|
817,065 |
|
- |
|
817,065 |
|
817,065 |
Buildings |
3.33 |
|
3.33 |
|
2,397,141 |
|
(631,454) |
|
1,765,687 |
|
1,761,016 |
Improvements |
- |
|
6.67 |
|
1,737,948 |
|
(809,529) |
|
928,419 |
|
850,519 |
Equipment |
10.0 to 33.0 |
|
12.73 |
|
1,050,096 |
|
(701,092) |
|
349,004 |
|
325,079 |
Installations |
20.0 to 25.0 |
|
20.0 |
|
290,108 |
|
(217,074) |
|
73,034 |
|
70,355 |
Furniture and fixtures |
10.0 |
|
10.0 |
|
409,574 |
|
(262,128) |
|
147,446 |
|
138,787 |
Vehicles |
20.0 |
|
20.0 |
|
23,659 |
|
(9,492) |
|
14,167 |
|
13,371 |
Construction in progress |
- |
|
- |
|
359,259 |
|
- |
|
359,259 |
|
329,193 |
Other |
10.0 |
|
10.0 |
|
148,747 |
|
(22,045) |
|
126,702 |
|
125,617 |
|
|
|
|
|
7,233,597 |
|
(2,652,814) |
|
4,580,783 |
|
4,431,002 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hardware |
10.0 |
|
10.0 |
|
5,528 |
|
(1,586) |
|
3,942 |
|
4,218 |
Buildings |
5.0 to 20.0 |
|
5.0 to 20.0 |
|
34,447 |
|
(11,131) |
|
23,316 |
|
23,658 |
Total |
|
|
|
|
39,975 |
|
(12,717) |
|
27,258 |
|
27,876 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
7,273,572 |
|
(2,665,531) |
|
4,608,041 |
|
4,458,878 |
49
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
11. Property and Equipment (Continued)
|
|
|
|
|
Consolidated | ||||||
|
Annual depreciation rates % |
|
9.30.2010 |
|
6.30.2010 | ||||||
|
Nominal |
|
Weighted average |
|
Cost |
|
Accumulated depreciation |
|
Net |
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
Lands |
- |
|
- |
|
873,373 |
|
- |
|
873,373 |
|
873,642 |
Buildings |
3.33 |
|
3.33 |
|
2,604,471 |
|
(731,068) |
|
1,873,403 |
|
1,847,377 |
Improvements |
- |
|
6.7 |
|
2,570,966 |
|
(1,238,150) |
|
1,332,816 |
|
1,243,913 |
Equipment |
10.0 to 33.0 |
|
12.7 |
|
1,429,892 |
|
(890,042) |
|
539,850 |
|
493,702 |
Installations |
20.0 to 25.0 |
|
20.0 |
|
381,865 |
|
(268,032) |
|
113,833 |
|
128,653 |
Furniture and fixtures |
10.0 |
|
10.0 |
|
592,284 |
|
(355,494) |
|
236,790 |
|
226,809 |
Vehicles |
20.0 |
|
20.0 |
|
28,410 |
|
(11,652) |
|
16,758 |
|
16,268 |
Construction in progress |
- |
|
- |
|
437,678 |
|
- |
|
437,678 |
|
383,685 |
Other |
10.0 |
|
10.0 |
|
183,687 |
|
(38,956) |
|
144,731 |
|
139,428 |
|
|
|
|
|
9,102,626 |
|
(3,533,394) |
|
5,569,232 |
|
5,353,477 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial Leasing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Machinery and equipment |
10.0 to 33.0 |
|
10.0 |
|
40,401 |
|
(9,292) |
|
31,109 |
|
32,286 |
Hardware |
10.0 |
|
10.0 |
|
8,981 |
|
(2,947) |
|
6,034 |
|
6,477 |
Facilities |
20.0 to 25.0 |
|
10.0 |
|
1,292 |
|
(397) |
|
895 |
|
956 |
Furniture and fixtures |
10.0 |
|
10.0 |
|
17,948 |
|
(4,191) |
|
13,757 |
|
14,299 |
Vehicles |
20.0 |
|
20.0 |
|
1,375 |
|
(924) |
|
450 |
|
519 |
Buildings |
5.0 to 20.0 |
|
5.0 to 20.0 |
|
43,402 |
|
(14,280) |
|
29,122 |
|
29,561 |
Total |
|
|
|
|
113,399 |
|
(32,032) |
|
81,367 |
|
84,098 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
9,216,025 |
|
(3,565,426) |
|
5,650,599 |
|
5,437,575 |
a) Additions to property and equipment
|
Parent Company |
|
Consolidated | ||||
|
2010 |
|
2009 |
|
2010 |
|
2009 |
|
|
|
|
|
|
|
|
Additions |
169,277 |
|
47,585 |
|
219,979 |
|
69,615 |
Financial leasing |
- |
|
3,882 |
|
- |
|
6,799 |
Capitalized interest |
2,055 |
|
2,360 |
|
4,768 |
|
2,938 |
Total at March 31, |
171,332 |
|
53,827 |
|
224,747 |
|
79,352 |
|
|
|
|
|
|
|
|
Additions |
156,570 |
|
69,037 |
|
204,780 |
|
98,787 |
Financial leasing |
- |
|
- |
|
- |
|
12,183 |
Capitalized interest |
2,033 |
|
2,280 |
|
2,385 |
|
2,878 |
Total at June 30, |
158,603 |
|
71,317 |
|
207,165 |
|
113,848 |
|
|
|
|
|
|
|
|
Additions |
232,580 |
|
155,306 |
|
334,055 |
|
193,778 |
Financial leasing |
- |
|
1,553 |
|
- |
|
18,460 |
Capitalized interest |
2,958 |
|
2,099 |
|
3,381 |
|
2,699 |
Total at September 30 |
235,538 |
|
158,958 |
|
337,436 |
|
214,937 |
|
|
|
|
|
|
|
|
Overall Total |
565,473 |
|
284,102 |
|
769,348 |
|
408,137 |
Additions comprise the amounts incurred with the acquisition of operating assets, land and buildings to expand activities, construction of new stores, modernization of existing warehouses and improvements of stores and investment in equipment and information technology.
50
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
11. Property and Equipment (Continued)
a) Additions to property and equipment (continued)
According to CPC 01, the items of property and equipment showing signs that its costs registered are higher than its recovery values are reviewed in detail and periodically to determine the need of provision to reduce the book balance to its realization value. The Management neither identifies any changes in the circumstances or signs of technological obsolescence nor any evidence that its tangible assets used in its operations are not recoverable, concluding that no provision for assets losses is required.
12. Intangible Assets
|
Parent Company | ||||||||||
|
Balance at 6.30.2010 |
|
Additions |
|
Transfer |
|
Write-off |
|
Amortization |
|
Balance at 9.30.2010 |
|
|
|
|
|
|
|
|
|
|
|
|
Software (20% p.a.) |
131,703 |
|
7,476 |
|
2,235 |
|
(4) |
|
(10,627) |
|
130,783 |
Goodwill |
828,102 |
|
- |
|
- |
|
- |
|
- |
|
828,102 |
Total |
959,805 |
|
7,476 |
|
2,235 |
|
(4) |
|
(10,627) |
|
958,885 |
|
|
Consolidated | |||||||||||
|
|
|
Balance at 6.30.2010 |
|
Additions |
|
Transfer |
|
Write-off |
|
Amortization |
|
Balance at 9.30.2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Globex commercial rights |
|
|
17,113 |
|
- |
|
- |
|
- |
|
(1,423) |
|
15,690 |
Software (20% p.a.) |
|
|
161,772 |
|
11,773 |
|
2,474 |
|
(84) |
|
(13,511) |
|
162,424 |
Goodwill |
|
|
1,274,830 |
|
- |
|
- |
|
(189) |
|
- |
|
1,274,641 |
Total |
|
|
1,453,715 |
|
11,773 |
|
2,474 |
|
(273) |
|
(14,934) |
|
1,452,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For consolidation purposes, upon the merger of subsidiaries, the amounts originally recorded under investments, including goodwill based on expected future profitability, were recorded in the intangible assets. Goodwill balances verified in the acquisitions of equity interests are supported by technical reports on the expected future profitability of the companies and were amortized until December 31, 2008 according to the terms and extensions estimated in said reports, limited to 10 years.
Goodwill balances are no longer amortized on an accounting basis since January 1, 2009, only subject to the impairment test pursuant to CPC 01. According to the Companys assessments on December 31, 2009 and considering future results projections, the Management concluded that no provision for assets losses is required.
In the first quarter, the goodwill balance increased by R$19,906 referring to the acquisition of 4,102,220 common shares representing approximately 3.3% of Globexs capital stock, in view of the public tender offer auction held on February 3,2010.
In the merger of subsidiaries and for consolidation purposes, the amounts originally recorded under investments, such as, goodwill, mainly, expectation of future profitability were transferred to the intangible assets and were amortized until December 31, 2008 within the terms and extensions of profitability projections which determine them, limited by a 10-year term.
51
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
12. Intangible Assets (Continued)
The Company valued the recovery of goodwill book value based on its usage value, using the cash generating units discounted cash flow method, which represent the set of tangible and intangible assets employed in the operation. The process to estimate the usage value involves the utilization of assumptions, judgments and estimates on future cash flows, growth and discount rates. The future cash flow assumptions and growth projections are based on the Companys annual budget and long-term business plan, approved by the Board of Directors, as well as comparable market data and they represent the best Managements estimate on the economic conditions to prevail during the economic useful life of cash flow generating assets.
The key assumptions used when estimating the usage value to which the assets recovery value is more sensitive are as follows:
(i) Revenues Revenues were projected based on the Companys annual budget for the following year and business plan comprising the period between 2010 and 2014;
(ii) Operating costs and expenses Costs and expenses were projected based on the Companys historical performance and its growth was projected in line with sales growth, taking into account its relationship;
(iii) Capital Investments these were estimated taking into account the infrastructure necessary to support sales growth.
The key assumptions were estimated taking into account the Companys historical performance and based on reasonable macroeconomic assumptions and compatible with external sources of information based on the financial market projections, documented and approved by the Companys Management bodies.
Consistently with the economic valuation techniques, the usage value valuation is made for a 5-year period. Revenue growth rates used are compatible with long-term macroeconomic expectations, which are yearly reviewed based on the historical performance and prospects for the sector where the Company operates.
Future cash flows estimated were discounted at a single discount rate of 9.7% this year.
The Companys intangible assets impairment test did not require the recognition of losses since the estimated usage value exceeds its net book value on the valuation date.
52
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing
i) Breakdown of debt
|
|
|
Parent Company |
Consolidated | |||||
|
Note |
|
9.30.2010 |
6.30.2010 |
9.30.2010 |
6.30.2010 | |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
Debentures |
13d |
|
495,450 |
506,330 |
495,450 |
506,330 | |||
Swap agreements |
13a |
|
(483) |
611 |
(483) |
611 | |||
Funding cost |
|
|
(3,763) |
(3,977) |
(3,763) |
(3,977) | |||
|
|
|
491,204 |
502,964 |
491,204 |
502,964 | |||
Domestic currency |
|
|
|
|
|
| |||
BNDES |
13b |
|
38,656 |
38,006 |
63,338 |
63,802 | |||
IBM |
|
|
- |
- |
6,623 |
6,806 | |||
Working capital |
13a |
|
373,740 |
362,710 |
437,724 |
437,954 | |||
Financial leasing |
23b |
|
12,661 |
14,995 |
27,737 |
30,264 | |||
Swap agreements |
|
|
(2,122) |
(4,444) |
(2,558) |
(4,316) | |||
Funding cost |
|
|
(4,526) |
(1,833) |
(6,771) |
(3,904) | |||
|
|
|
418,409 |
409,434 |
526,093 |
530,606 | |||
|
|
|
|
|
|
| |||
Foreign currency |
|
|
|
|
|
| |||
Working capital |
13a |
|
247,044 |
258,384 |
266,224 |
278,601 | |||
Swap agreements |
13a |
|
31,421 |
433 |
34,345 |
1,719 | |||
Funding cost |
|
|
(418) |
(167) |
(716) |
(481) | |||
|
|
|
278,047 |
258,650 |
299,853 |
279,839 | |||
|
|
|
|
|
|
| |||
|
|
|
|
|
|
| |||
Total current |
|
|
1,187,660 |
1,171,048 |
1,317,150 |
1,313,409 |
|
|
|
Parent Company |
|
Consolidated | ||||
|
Note |
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Debentures |
|
|
|
|
|
|
|
|
|
Debentures |
13d |
|
1,060,367 |
|
1,045,324 |
|
1,060,367 |
|
1,045,324 |
Funding cost |
|
|
(8,848) |
|
(9,629) |
|
(8,848) |
|
(9,629) |
|
|
|
1,051,519 |
|
1,035,695 |
|
1,051,519 |
|
1,035,695 |
|
|
|
|
|
|
|
|
|
|
Domestic currency |
|
|
|
|
|
|
|
|
|
BNDES |
13b |
|
222,472 |
|
53,371 |
|
233,488 |
|
70,269 |
IBM |
|
|
- |
|
- |
|
13,798 |
|
15,314 |
Working capital |
13a |
|
348,320 |
|
333,803 |
|
611,019 |
|
587,020 |
PAFIDC quotas |
8 |
|
- |
|
- |
|
1,158,923 |
|
1,126,675 |
Financial leasing |
23b |
|
43,399 |
|
42,804 |
|
65,936 |
|
68,614 |
Swap agreements |
13a |
|
3,998 |
|
9,668 |
|
2,750 |
|
11,227 |
Funding cost |
|
|
(10,626) |
|
(4,691) |
|
(13,978) |
|
(8,271) |
|
|
|
607,563 |
|
434,955 |
|
2,071,936 |
|
1,870,848 |
|
|
|
|
|
|
|
|
|
|
Foreign currency |
|
|
|
|
|
|
|
|
|
Working capital |
13a |
|
430,341 |
|
128,225 |
|
805,923 |
|
519,884 |
Swap agreement |
13a |
|
18,089 |
|
6,916 |
|
42,523 |
|
8,694 |
Funding cost |
|
|
(501) |
|
- |
|
(614) |
|
(185) |
|
|
|
447,929 |
|
135,141 |
|
847,832 |
|
528,393 |
|
|
|
|
|
|
|
|
|
|
Total noncurrent |
|
|
2,107,011 |
|
1,605,791 |
|
3,971,287 |
|
3,434,936 |
53
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
ii) Noncurrent maturity
Year |
|
Parent Company |
|
Consolidated |
|
|
|
|
|
from 13 to 24 months |
|
394,491 |
|
631,362 |
from 25 to 36 months |
|
308,124 |
|
1,666,494 |
from 37 to 48 months |
|
945,637 |
|
1,209,586 |
from 49 to 60 months |
|
135,207 |
|
135,544 |
over 60 months |
|
343,527 |
|
351,741 |
Subtotal |
|
2,126,986 |
|
3,994,727 |
|
|
|
|
|
Funding cost |
|
(19,975) |
|
(23,440) |
|
|
|
|
|
Total |
|
2,107,011 |
|
3,971,287 |
a) Working capital financing
The funds for working capital financing purposes are obtained from local financial institutions and are used to finance customer credit (remaining balance not granted to PAFIDC) or GPA growth. This funding is obtained without guarantees, except for Sendas Distribuidora, whose operations are endorsed by the Company.
|
|
Parent Company |
|
Consolidated | ||||||||
|
|
Rate* |
|
9.30.2010 |
|
6.30.2010 |
|
Rate* |
|
9.30.2010 |
|
6.30.2010 |
Debt |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic currency |
|
|
|
|
|
|
|
|
|
|
|
|
Banco do Brasil |
CDI |
11.3% |
|
722,060 |
|
696,513 |
|
11.3% |
|
1,046,139 |
|
1,008,496 |
Itaú |
CDI |
|
|
- |
|
- |
|
|
|
1,099 |
|
4,016 |
Bradesco |
|
|
|
- |
|
- |
|
|
|
22 |
|
1,050 |
Alfa |
CDI |
|
|
- |
|
- |
|
|
|
1,483 |
|
- |
Safra |
CDI |
|
|
- |
|
- |
|
|
|
- |
|
943 |
Unibanco |
|
|
|
- |
|
- |
|
|
|
- |
|
10,469 |
|
|
|
|
722,060 |
|
696,513 |
|
|
|
1,048,743 |
|
1,024,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
ABN AMRO |
YEN |
1.7% |
|
128,944 |
|
128,868 |
|
1.7% |
|
128,944 |
|
128,868 |
ABN AMRO |
USD |
|
|
- |
|
- |
|
4.9% |
|
147,743 |
|
154,909 |
Santander |
USD |
5.9% |
|
244,855 |
|
257,741 |
|
5.9% |
|
345,167 |
|
410,348 |
Itaú BBA |
USD |
3.6% |
|
303,586 |
|
- |
|
3.6% |
|
303,587 |
|
- |
Banco do Brasil |
USD |
|
|
- |
|
- |
|
3.9% |
|
146,706 |
|
104,360 |
|
|
|
|
677,385 |
|
386,609 |
|
|
|
1,072,147 |
|
798,485 |
Swap agreements |
|
|
|
|
|
|
|
|
|
|
|
|
ABN AMRO |
CDI |
101.8% |
|
(11,127) |
|
(14,029) |
|
104.0% |
|
7,221 |
|
(7,211) |
Santander |
CDI |
101.6% |
|
42,548 |
|
21,376 |
|
101.6% |
|
43,397 |
|
17,088 |
Itaú BBA |
CDI |
105.2% |
|
18,086 |
|
- |
|
105.2% |
|
18,089 |
|
|
Banco do Brasil |
CDI |
103.9% |
|
1,879 |
|
5,226 |
|
104.0% |
|
8,353 |
|
7,447 |
|
|
|
|
51,386 |
|
12,573 |
|
|
|
77,060 |
|
17,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Total |
|
|
|
1,450,831 |
|
1,095,695 |
|
|
|
2,197,950 |
|
1,840,783 |
* Weighted average rate
54
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
a) Working capital financing (Continued)
The Company uses swap operations to translate U.S. dollar-denominated,
yen-denominated obligations and fixed interest rate to Brazilian reais liabilities pegged to CDI (floating) variation.
CDI annual benchmark rate at September 30, 2010 stood at 9.25% (8.79% at June 30, 2010).
b) BNDES
The line of credit obtained from the National Bank for Economic and Social Development (BNDES) is subject to incidence on TJLP rate (long-term interest rate), accrued of annual interest rates. In the event the TJLP exceeds 6% p.a., the surplus will be added to the principal outstanding balance. The Company also has agreements indexed based on a basket of foreign currencies, in addition to the respective charges, plus the outstanding balance and annual interest rates. Financing is paid in monthly installments after a grace period, as mentioned below.
In the quarter ended September 30, 2010, the Company had two agreements entered into with BNDES at May 9, 2007, and July 28, 2009, which are indexed by TJLP.
In addition to BNDES Resolutions 665/87 (Provisions Applicable to BNDES Agreements) and 660/87 (Follow-up Rules and Instructions), the Company must observe certain debt covenants indexes calculated based on its consolidated information, in accordance with Brazilian GAAP. At March 3, 2010, the Company renegotiated the ratios to be observed, which now are as follows: (i) maintenance of a capitalization ratio (shareholders' equity/total assets) equal to or in excess of 0.30 and (ii) maintenance of a current ratio (current assets/current liabilities) equal to or in excess of 1.05. The Management effectively controls and monitors debt covenants, and has been fully performing the ratios required on a contractual basis.
The funding obtained by subsidiary Globex with financial institutions (BNDES, Banco IBM and Unibanco) includes event of early maturity related to the change in the share control. Said financial institutions have already officially declared that they will not exercise this right referring to the declaration of early maturity.
55
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
b) BNDES (Continued)
|
|
|
|
|
Parent Company |
|
Consolidated | ||
Annual financial charges |
Grace period |
No. of monthly installments |
Maturity |
|
9.30.2010 |
6.30.2010 |
|
9.30.2010 |
6.30.2010 |
TJLP+ 3.2% |
6 |
60 |
Nov/2012 |
|
71,583 |
79,843 |
|
71,583 |
79,843 |
TJLP+ 2.7% |
6 |
60 |
Nov/2012 |
|
10,341 |
11,534 |
|
10,341 |
11,534 |
TJLP+ 4.5% |
6 |
24 |
Dec/2010 |
|
- |
- |
|
425 |
850 |
TJLP+ 4.5% |
5 |
24 |
Jan/2011 |
|
- |
- |
|
597 |
1,045 |
TJLP+ 2.3% |
9 |
48 |
Nov/2011 |
|
- |
- |
|
11,492 |
1,166 |
TJLP+ 2.3% |
5 |
48 |
May/2012 |
|
- |
- |
|
5,245 |
2,013 |
TJLP+ 2.3% |
11 |
48 |
Nov/2011 |
|
- |
- |
|
1,846 |
2,515 |
TJLP+ 2.8% |
7 |
48 |
Nov/2011 |
|
- |
- |
|
5,322 |
19,147 |
TJLP+ 2.8% |
6 |
48 |
May/2012 |
|
- |
- |
|
10,770 |
15,958 |
TJLP+ 4.5% |
18 |
60 |
Dec/2016 |
|
40,000 |
- |
|
40,000 |
- |
TJLP+ 4.5% |
18 |
60 |
Dec/2016 |
|
41,000 |
- |
|
41,000 |
- |
TJLP+ 4.5% |
18 |
60 |
Dec/2016 |
|
98,204 |
- |
|
98,205 |
- |
|
|
|
|
|
261,128 |
91,377 |
|
296,826 |
134,071 |
c) Redeemable PAFIDC quotas of interest -As per Official Memorandum CVM/SNC/SEP 01/2006, quotas issued by PAFIDC owned by the Company were reclassified into the item Loans and financing (Note 8).
d) Debentures
(i) Breakdown of outstanding debentures
|
Type |
0 |
Outstanding securities |
0 |
Annual financial charges |
|
Unit price |
|
9.30.2010 |
6.30.2010 |
6th issue |
|
|
|
|
|
|
|
|
|
|
1st series |
No preference |
54,000 |
|
CDI + 0.5% |
|
10,084 |
|
544,558 |
556,884 | |
2nd series |
No preference |
23,965 |
|
CDI + 0.5% |
|
10,084 |
|
241,673 |
247,143 | |
7th issue |
|
|
|
|
|
|
|
|
| |
1st series |
No preference |
200 |
|
119% of CDI |
|
1,144,928 |
|
228,986 |
222,070 | |
8th issue |
|
|
|
|
|
|
|
|
| |
1st series |
No preference |
500 |
|
109.5% of CDI |
|
1,081,201 |
|
540,600 |
525,557 | |
6th issue |
|
|
|
|
|
|
|
|
| |
1st and 2nd series |
Interest swap |
|
|
104.96% of CDI |
|
|
|
(483) |
611 | |
|
|
|
|
|
|
|
|
|
|
|
Funding Cost |
|
|
|
|
|
|
|
|
(12,611) |
(13,606) |
|
|
|
|
|
|
|
|
|
|
|
Parent Company/Consolidated Current and Noncurrent |
|
|
|
|
|
1,542,723 |
1,538,659 | |||
|
|
|
|
|
|
|
|
|
|
|
Noncurrent liabilities |
|
|
|
|
|
|
|
1,051,519 |
1,035,695 | |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
491,204 |
491,204 |
502,964 |
56
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
d) Debentures (Continued)
(ii) Debenture operation
|
|
Number of |
|
|
|
|
debentures |
|
Amount |
At December 31, 2009 |
|
77,965 |
|
1,500,742 |
Paid interest and swap |
|
- |
|
(33,804) |
Interest and swap |
|
- |
|
34,122 |
|
|
|
|
|
At March 31, 2010 |
|
777,965 |
|
1,501,060 |
|
|
|
|
|
Interest and swap |
|
- |
|
37,598 |
At June 30, 2010 |
|
777,965 |
|
1,538,659 |
|
|
|
|
|
Paid interest and swap |
|
- |
|
(39,516) |
Interest and swap |
|
- |
|
43,580 |
|
|
|
|
|
At September 30, 2010 |
|
777,965 |
|
1,542,723 |
(iii) Additional information
6th issue On March 27, 2007, the members of the Companys Board of Directors approved the issue of 77,965 debentures, corresponding to the total amount of R$779,650. The debentures issued within the scope of the 6th issue have the following characteristics:
Series: the issue took place in two series; in the first series 54,000 debentures were issued, and 23,965 debentures in the second series.
Class and Convertibility: book-entry and are not converted into shares issued by the Company.
Type: unsecured
Issue Date: March 1, 2007
Term and Maturity: seventy-two (72) months, thus maturing on March 1, 2013;
Remuneration: daily average rate of one-day DI Interbank Deposits, known as over extra group, expressed as annual percentage, based on a year of 252 days, calculated and disclosed by CETIP Clearing House for the Custody and Financial Settlement of Securities, plus annual spread of 0.5%, based on a year of 252 days, due half-yearly, as of the issue date, always on March and September 1 every year;
Amortization: to be amortized in three (3) annual installments: March 1, 2011, March 1, 2012, and March 1, 2013. On each amortization payment date, 25,988 debentures will be paid.
Guarantee: no guarantee
57
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
d) Debentures (Continued)
Optional Early Redemption: as of the 18th month after the issue date, the Company may fully or partially redeem in advance the debentures by paying (i) the Unit Face Value plus Remuneration, calculated on a pro rata temporis basis, as of the issue date or the last date of payment of the Remuneration, where applicable, until the date of its effective payment; or (ii) reimbursement premium corresponding to, at most, one point five tenths per cent (1.5%), calculated on a pro rata temporis basis, downward count. The partial redemption, if applicable, may occur through a draw, pursuant to paragraph 1 of Article 55 of Law 6,404 of December 15, 1976 (Brazilian Corporation Law) and other applicable rules;
Financial Ratios: calculated based on the Companys quarterly information: (i) net debt (debt less cash and cash equivalents and accounts receivable) not exceeding the shareholders equity; (ii) consolidated net debt/EBITDA ratio (Note 25), lower or equal to 3.25. At September 30, 2010, the Company complied with debt covenants (financial ratios) established in said deed of debentures.
Utilization of funds: the funds raised through the first series of the 6th issue of debentures will be used by the Company to strengthen working capital and the remainder to pay current debt.
7th issue at June 8, 2009, the members of the Companys Board of Directors approved the issue and the restricted offering of 200 non-convertible debentures, in the total amount of R$200,000. The debentures issued within the scope of the 7th issue have the following characteristics:
Series: single
Class and Convertibility: registered, book-entry and without issuing share certificates. The debentures are not converted into shares issued by the Company.
Type: unsecured
Issue date: June 15, 2009
Term and Maturity: seven hundred and twenty (720) days as of the issue date, thus maturing at June 5, 2011.
Remuneration: 119% of average daily rates of one-day DIInterbank Deposits, known as over extra group, expressed as a percentage per annum, based on a year of 252 business days, daily calculated and published by CETIP.
Amortization: amortization in a lump sum on the maturity date.
Early Redemption: not applicable.
Guarantee: no guarantee
58
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
d) Debentures (Continued)
Financial Ratios: calculated based on the Companys quarterly information: (i) net debt (debt less cash and cash equivalents and accounts receivable) not exceeding the shareholders equity; (ii) consolidated net debt/EBITDA ratio (Note 25), lower or equal to 3.25. At September 30, 2010, the Company complied with the debt covenants (financial ratios) established in said deed of debentures.
Utilization of funds: funds raised by means of the 7th issue shall be exclusively used by the Company to acquire farming and ranching products with its suppliers who are agricultural producers and/or cooperatives listed in the respective Deed of Issue within a term not exceeding five (5) months as of the issue date to be sold at the Companys establishments.
8th issue at December 4, 2009, the members of the Companys Board of Directors approved the issue and the restricted offering of 500 non-convertible debentures, in the total amount of R$500,000. The debentures issued within the scope of the 8th issue have the following characteristics:
Tranches: single tranche
Class and Convertibility: registered, book-entry and without issuing share certificates. The debentures are not converted into shares issued by the Company.
Type: unsecured
Issue date: December 15, 2009
Term and Maturity: sixty (60) days as of the issue date, thus maturing on December 15, 2014.
Remuneration: 109.5% average daily rates of one-day DIInterbank Deposits, known as over extra group, expressed as annual percentage, based on a year of two hundred and fifty-two (252) business days, calculated and published by CETIP. The Remuneration will be paid as of the thirty-sixth (36th) month after the issue date, on the following dates: (i) December 15, 2012; (ii) June 15, 2013; (iii) December 15, 2013; (iv) June 15, 2014; and (v) on the Maturity Date, December 15, 2014.
Amortization: the unit face value of the debentures will be amortized on the following dates: (i) December 15, 2012; (ii) June 15, 2013; (iii) December 15, 2013; (iv) June 15, 2014; and (v) on the Maturity Date, December 15, 2014. On each date, one fifth (1/5) of the unit face value of the debentures (R$1,000,000) will be paid.
Early Redemption: the Company is entitled to early redemption at any time, at its exclusive discretion, pursuant to the conditions established in the deed of issue.
Guarantee: no guarantee
Financial Ratios: calculated based on the Companys quarterly information: (i) net debt (debt less cash and cash equivalents and accounts receivable) not exceeding the shareholders equity; (ii) consolidated net debt/EBITDA ratio (Note 25), lower or equal to 3.25. At September 30, 2010, the Company complied with debt covenants (financial indexes) established in said deed of debentures.
59
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
13. Loans and financing (Continued)
a) Debentures (Continued)
Utilization of funds: the funds raised through the 8th issue of debentures shall be used by the Company to maintain its cash strategy and to strengthen the working capital.
14. Financial instruments
Derivatives operations are exclusively used to reduce the exposure to risks resulting from the foreign currency fluctuation and interest rates, aiming at maintaining the balanced capital structure.
Parent companys financial instruments and consolidated are reported pursuant to CVM Deliberations 475/08 and 566/08, which approved the Technical Pronouncement CPC 14.
Main financial instruments and their amounts recorded in the quarterly information by category are summarized as follows:
|
Parent Company | ||||
|
Book Value |
|
Fair Value | ||
|
9.30.2010 |
6.30.2010 |
|
9.30.2010 |
6.30.2010 |
Cash and cash equivalents |
1,413,689 |
1,289,597 |
|
1,413,689 |
1,289,597 |
Accounts receivable and PAFIDC |
902,753 |
881,674 |
|
902,753 |
881,674 |
Related parties |
986,846 |
731,282 |
|
986,846 |
731,282 |
Suppliers |
(1,825,942) |
(1,815,552) |
|
(1,825,942) |
(1,815,552) |
Loans and Financing (*) |
(1,751,948) |
(1,238,180) |
|
(1,760,742) |
(1,237,211) |
Debentures |
(1,542,723) |
(1,538,659) |
|
(1,547,579) |
(1,501,833) |
Net exposure |
(1,817,325) |
(1,689,838) |
|
(1,830,975) |
(1,652,043) |
|
Consolidated | ||||
|
Book Value |
|
Fair Value | ||
|
9.30.2010 |
6.30.2010 |
|
9.30.2010 |
6.30.2010 |
Cash and cash equivalents |
2,128,035 |
1,768,200 |
|
2,128,035 |
1,768,200 |
Accounts receivable and PAFIDC |
2,593,191 |
2,677,471 |
|
2,593,191 |
2,677,471 |
Related parties |
195,005 |
257,527 |
|
195,005 |
257,527 |
Suppliers |
(3,274,124) |
(3,263,749) |
|
(3,274,124) |
(3,263,749) |
Loans and Financing (*) |
(3,745,714) |
(3,209,686) |
|
(3,754,508) |
(3,208,717) |
Debentures |
(1,542,723) |
(1,538,659) |
|
(1,547,579) |
(1,501,833) |
Net exposure |
(3,646,330) |
(3,308,896) |
|
(3,659,980) |
(3,271,101) |
|
|
|
|
|
|
(*) (*) loans and derivative financial instruments classified as fair value hedge are recorded by fair value. |
The Company adopts risk control policies and procedures, as outlined below:
a) Considerations on risk factors that may affect the business of the Company and its subsidiaries
(i) Credit risk
· Cash and cash equivalents: in order to minimize credit risk of these investments, the Company adopts policies restricting the marketable securities that may be allocated to a single financial institution, and which take into consideration monetary limits and financial institution ratings, which are frequently restated (Note 4).
60
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments (Continued)
· Receivables: The credit risk related to accounts receivable is mitigated by the fact that most of sales of the Company and its subsidiaries are carried out via credit cards. In the quarter ended September 30, 2010, direct sales to individuals through post-dated checks accounted for nearly 0.43% of total sales in the period (0.31% at September 30, 2009). Credit card and/or tickets sales are mostly assigned to PAFIDC, the risk of which is related and limited to the amount of subordinated quotas held by the Company (Note 8).
(ii) Interest rate risk
The Company and its subsidiaries obtain loans and financing from major financial institutions in order to meet its cash needs for investments and growth. As a result, the Company and its subsidiaries are exposed to material interest rate fluctuation risks, mainly due to the liabilities component of derivative operations (currency hedge) and CDI-related debts. The balance of marketable securities indexed to CDI, partially offsets this effect.
(iii) Exchange rate risk
The Company and its subsidiaries are exposed to exchange rate fluctuations, which may result in the increase of liabilities balances of foreign currency-denominated loans. The Company and its subsidiaries use derivatives, such as swaps, which aim at annulling the exchange rate risk, turning the cost of debt into local currency and interest rates.
· Derivative financial instruments
The swap agreements mentioned above are classified as fair value hedges. At September 30, 2010, these agreements amount to a reference value of R$1,997,470 (R$1,680,720 in June 2010). Usually, these operations are contracted on a matched basis, in terms of value, term and rates, and preferably with the same financial institution, observing the limits established by the Management.
Other swap operations carried out by the Company and its subsidiaries are substantially related to debentures and BNDES loans, aiming at changing fixed and variable interest rates into variable interest rates (CDI). These instruments are classified as measured at fair value to income.
According to the Companys treasury policy, swaps with caps are not allowed, as well as margins, regret clauses, double index, flexible options or any other types of options different from traditional swaps for the hedge of debts, including for speculative purposes.
The Companys internal control environment was designed so as to ensure that transactions executed are in compliance with this treasury policy.
The Company calculates the effectiveness of these hedge operations upon their contracting and on a continued basis (at least, quarterly). Hedge operations contracted in the period ended September 30, 2010 showed effectiveness in relation to the debts, purpose of this hedge. For derivative operations qualified as hedge accounting, pursuant to CPC 14, the hedged debt is also adjusted at fair value as per fair value hedge rules.
61
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments (Continued)
(iii) Exchange rate risk (Continued)
· Derivative financial instruments (Continued)
Hedge accounting, according to CPC 14, the debt, purpose of the coverage is also adjusted at the fair value as per fair value hedge accounting standards.
|
|
|
Consolidated | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference Value (notional) |
|
Fair value | ||||
|
|
|
|
|
|
|
|
|
|
Fair value hedge |
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 | |
|
|
|
|
|
|
|
|
|
|
Purpose of hedge (debt) |
|
(1,997,470) |
|
(1,680,720) |
|
(1,858,835) |
|
(1,538,598) | |
|
|
|
|
|
|
|
|
|
|
Long Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD + Pre |
4.13% p.a. |
|
909,239 |
|
592,489 |
|
954,640 |
|
677,800 |
|
|
|
|
|
|
|
|
| |
YEN + Pre |
1.69% p.a. |
|
|
|
|
|
|
|
|
|
|
108,231 |
|
108,231 |
|
128,944 |
|
128,868 | |
|
|
|
|
|
|
|
|
|
|
Pre-fixed rate |
11.3% p.a. |
|
980,000 |
|
980,000 |
|
1,033,706 |
|
(499,729) |
|
|
|
1,997,470 |
|
1,680,720 |
|
2,117,290 |
|
306,939 |
|
|
|
|
|
|
|
|
|
|
Short Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% CDI |
102.9% p.a. |
|
(1,997,470) |
|
(1,680,720) |
|
(2,194,354) |
|
(325,814) |
|
|
|
Consolidated | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference Value (notional) |
|
Fair value | ||||
Measured at fair value through income |
|
|
|
|
|
|
|
| |
|
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 | |
|
|
|
|
|
|
|
|
|
|
Long Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CDI + Pre |
100% of CDI + 0.5% p.a. |
779,650 |
|
779,650 |
|
791,833 |
|
810,007 | |
USD + Pre |
100% of CDI - 4.61% p.a. |
- |
|
- |
|
|
|
- | |
|
|
|
779,650 |
|
779,650 |
|
791,833 |
|
810,007 |
|
|
|
|
|
|
|
|
|
|
Short Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% CDI |
|
|
(779,650) |
|
(779,650) |
|
(791,350) |
|
(810,618) |
|
|
|
- |
|
- |
|
483 |
|
(611) |
Gains and losses, realized and unrealized, on these agreements, for the quarter ended September 30, 2010, are recorded in the net financial income and the balance receivable or payable in the fair value of R$76,581 in September 2010 (R$19,487 in June 2010) is recorded in item loans and financing.
The effects of fair value hedge to the net income for the period ended September 30, 2010 were R$10,759 (R$16,134 in September 2009).
Other instruments marked at fair value showed effects in the income for the period ended September 30, 2010 of R$1,370 (R$823 in September 2009).
62
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments (Continued)
(iv) Fair values of derivative financial instruments
Fair values are calculated by projecting the future flows of operations, based on the projected CDI curves of BM&F Bovespa and carrying them at present value, using DI market rates to swaps published by BM&F Bovespa.
The market values of swaps exchange coupon x CDI were obtained by using exchange rates prevailing on the market on the date the financial information is drawn up and on rates projected by the market calculated based on the currency coupon curves. In order to determine the coupon of foreign currency indexed-positions the straight line convention of 360 consecutive days was adopted and to determine the coupon of CDI indexed-position the exponential convention of 252 business days was adopted.
b) Analysis of sensitivity of derivative financial instruments
CVM Ruling sets forth that publicly-held companies, supplementing the provision of item 59 of CPC 14 Financial Instruments: Recognition, Measurement and Supporting Documentation should disclose a sensitivity analysis chart, for each type of market risk deemed as relevant by the Management, originated by derivative financial instruments, to which the entity is exposed on each period closing date.
Pursuant to the provision above, according to the Managements evaluation, the most probable scenario is to realize on the maturity dates of each operation what the market has been signaling through market curves (currency and interest rates) of BM&F Bovespa. Therefore, in the probable scenario, there is no impact over the fair value of financial instruments mentioned above. For scenarios II and III, for exclusive effect of sensitivity analysis, a deterioration of 25% and 50%, respectively, was considered on derivative financial instruments until the maturity date of financial instruments.
(i) Fair value hedge (on maturity dates)
For derivative instruments (destined to hedge its financial debt), variations in scenarios are accompanied by respective purposes of hedge, thus, evidencing that effects are practically null.
For these operations, the Company disclosed the balance of purpose (debt) and hedged derivative financial instrument in separate items of a Sensitivity Analysis Chart, so that to inform about the net exposure of the Company, in each one of the three scenarios mentioned:
63
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments (Continued)
b) Analysis of sensitivity of derivative financial instruments (Continued)
Operations |
|
Risk |
|
Scenario I |
|
Scenario II |
|
Scenario III |
|
|
|
|
|
|
|
|
|
Debt - USD |
|
USD increase |
|
(1,296,811) |
|
(1,621,014) |
|
(1,945,216) |
Swap (long position in USD) |
|
USD increase |
|
1,303,800 |
|
1,629,751 |
|
1,955,701 |
|
|
net effect |
|
6,989 |
|
8,737 |
|
10,485 |
|
|
|
|
|
|
|
|
|
Debt - YEN |
|
YEN increase |
|
(143,725) |
|
(179,656) |
|
(215,587) |
Swap (long position in YEN) |
|
YEN increase |
|
143,725 |
|
179,656 |
|
215,587 |
|
|
net effect |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Debt at pre-fixed rate |
|
Rate increase |
|
(886,405) |
|
(932,024) |
|
(979,327) |
Swap (long position in pre-fixed rate) |
|
Rate increase |
|
887,607 |
|
933,935 |
|
982,123 |
|
|
net effect |
|
1,201 |
|
1,910 |
|
2,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swap (short position in CDI) |
|
CDI increase |
|
(2,166,817) |
|
(2,256,947) |
|
(2,350,003) |
|
|
|
|
|
|
|
|
|
Net effect |
|
|
|
|
|
(87,673) |
|
(178,095) |
The Companys net exposure corresponds to CDI-related debt and the total net effect represents the deterioration of scenario II and III in relation to scenario I, which the Company considers as the most probable scenario.
(ii) Measured at fair value through income
Operations |
|
Risk |
|
Scenario I |
|
Scenario II |
|
Scenario III |
|
|
|
|
|
|
|
|
|
Swap (long position in CDI) |
|
CDI increase |
|
985,090 |
|
1,027,198 |
|
1,068,795 |
Swap (short position in CDI) |
|
CDI increase |
|
(984,859) |
|
(1,029,068) |
|
(1,072,767) |
|
|
net effect |
|
231 |
|
(1,870) |
|
(3,972) |
|
|
|
|
|
|
|
|
|
Total net effect |
|
|
|
231 |
|
(1,870) |
|
(3,972) |
The total net effect of scenarios mentioned above is basically due to the Companys exposure to CDI.
64
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
14. Financial instruments (Continued)
c) Consolidated position of the derivative financial instruments
The consolidated position of outstanding derivative operations at September 30 and June 30, 2010 is shown below:
Oustanding | ||||||||||||
Amount Payable or Receivable | Fair Value | |||||||||||
Description | Counterparties | Notional | Contracting Date | Maturity | 09.30.2010 | 6.30.2010 | 09.30.2010 | 6.30.2010 | ||||
Exchange swaps | ||||||||||||
recorded at CETIP | ABN AMRO | YEN 6.281.550 | 10/30/2007 | 10/31/2011 | 11,935 | 14,936 | 11,127 | 14,029 | ||||
(JPY x CDI) | ||||||||||||
Santander | US$ 40.000 | 11/21/2007 | 4/29/2011 | (16,469) | (10,055) | (14,445) | (7,375) | |||||
US$ 40.000 | 11/21/2007 | 5/31/2011 | (16,465) | (10,052) | (14,189) | (7,151) | ||||||
US$ 40.000 | 11/21/2007 | 6/30/2011 | (16,444) | (10,029) | (13,914) | (6,916) | ||||||
US$ 100.000 | 4/16/2010 | 4/10/2013 | (5,600) | (2,458) | (848) | 4,637 | ||||||
Exchange swaps | ||||||||||||
recorded at CETIP | ABN AMRO | US$ 40.000 | 3/14/2008 | 3/2/2012 | (12,482) | (6,195) | (9,512) | (3,503) | ||||
(USD x CDI) | US$ 15.000 | 3/14/2008 | 12/20/2011 | (4,697) | (2,338) | (3,709) | (1,385) | |||||
US$ 10.000 | 3/14/2008 | 12/20/2010 | (3,143) | (1,577) | (2,924) | (1,286) | ||||||
US$ 10.000 | 3/14/2008 | 12/20/2011 | (2,946) | (1,384) | (2,203) | (643) | ||||||
Brasil | US$ 150.814 | 3/31/2010 | 3/12/2012 | (13,752) | 1,548 | (8,162) | 1,298 | |||||
|
Itaú | US$ 175.000 | 7/1/2010 | 9/7/2013 | (26,171) | - | (18,089) | - | ||||
Interest Rate Swap | Banco do Brasil | R$ 150,000 | 12/28/2009 | 1/3/2011 | 943 | 1,005 | 791 | 204 | ||||
recorded at CETIP | R$ 160,000 | 12/28/2009 | 1/4/2011 | 1,148 | 1,163 | 989 | 216 | |||||
(Fixed rate x CDI) | R$ 35,000 | 12/28/2009 | 3/11/2011 | 342 | 313 | 339 | 100 | |||||
R$ 45,000 | 12/28/2009 | 3/11/2011 | 439 | 402 | 436 | 128 | ||||||
R$ 80,000 | 6/28/2010 | 6/12/2013 | 217 | 8 | (345) | (1,309) | ||||||
R$ 130,000 | 6/28/2010 | 6/6/2014 | 311 | 13 | (1,493) | (3,660) | ||||||
R$ 130,000 | 6/28/2010 | 6/2/2015 | 279 | 12 | (2,161) | (4,699) | ||||||
R$ 200,000 | 3/31/2010 | 3/7/2013 | 2,049 | 1,442 | 1,465 | (742) | ||||||
Unibanco | R$ 779,650 | 6/25/2007 | 3/1/2013 | (1) | 175 | 483 | (611) | |||||
|
Santander | R$ 50,000 | 6/28/2010 | 6/12/2013 | 149 | (7) | (216) | (817) | ||||
Total | (76,581) | (19,486) |
The net position of the aforementioned agreements is recorded in loans and financing according to Note 13.
65
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
15. Taxes and social contribution payable
The amounts payable were as follows:
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Current |
|
|
|
|
|
|
|
PIS and COFINS payable and other |
91,488 |
|
99,528 |
|
142,940 |
|
183,437 |
Provision for income and social contribution taxes |
12,810 |
|
31,776 |
|
42,410 |
|
43,417 |
|
104,298 |
|
131,304 |
|
185,350 |
|
226,854 |
Taxes paid by installments |
|
|
|
|
|
|
|
Tax installment payment Law 11,941/09 |
- |
|
- |
|
1,633 |
|
3,626 |
INSS (i) |
36,064 |
|
37,195 |
|
36,061 |
|
36,578 |
CPMF (i) |
10,271 |
|
9,306 |
|
12,547 |
|
11,701 |
Other (ii) |
3,610 |
|
3,539 |
|
3,831 |
|
3,774 |
|
49,945 |
|
50,040 |
|
54,072 |
|
55,679 |
|
|
|
|
|
|
|
|
Total Current |
154,243 |
|
181,344 |
|
239,422 |
|
282,533 |
|
|
|
|
|
|
|
|
Noncurrent |
|
|
|
|
|
|
|
Taxes paid by installments |
|
|
|
|
|
|
|
Tax installment payment Law 11,941/09 (iii) |
1,104,880 |
|
1,079,635 |
|
1,207,334 |
|
1,175,632 |
INSS (i) |
63,113 |
|
74,389 |
|
63,113 |
|
74,389 |
CPMF (i) |
17,974 |
|
18,611 |
|
21,957 |
|
23,403 |
Other (ii) |
19,821 |
|
20,212 |
|
20,909 |
|
21,327 |
Total Noncurrent |
1,205,788 |
|
1,192,847 |
|
1,313,313 |
|
1,294,751 |
|
|
|
|
|
|
|
|
Total |
1,360,031 |
|
1,374,191 |
|
1,552,735 |
|
1,577,284 |
Tax payments by installments include the following amounts:
(i) INSS, CPMF The Company adhered to the Special Tax Payment Installments Program (PAES), pursuant to Law 10,680/2003, discontinuing few proceedings. The taxes included in this program is subject to the Long-Term Interest Rate TJLP and may be payable within 120 months.
(ii) Other The Company adhered to the State and Municipal Tax Payment Installments Program (PPI). Taxes included in this program are adjusted by SELIC, and may be payable within 120 months.
(iii) COFINS (Law 9,718/99), SEBRAE (Support Service for Entrepreneurs and Small-Sized Companies) Contribution and Offset of Social Security Contribution Debt After legal advisors assessment, the Companys Management decided to include these contingencies in the installment program set forth by Law 11,941/09 (REFIS).
16. Provision for litigations
Provision for litigations is estimated by Management, supported by its legal counsel. Such provision was set up in an amount considered sufficient to cover losses considered probable by the Companys legal counsel and is stated net of related judicial deposits, as shown below:
66
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
16. Provision for litigations (Continued)
|
Parent Company |
|
| ||||||
|
COFINS and PIS |
|
Other |
|
Labor |
|
Civil and other |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2010 |
36,249 |
|
45,114 |
|
- |
|
35,546 |
|
116,909 |
Additions |
- |
|
4,157 |
|
7,190 |
|
828 |
|
12,175 |
Reversal/Payment |
- |
|
- |
|
(6,362) |
|
- |
|
(6,362) |
Monetary Restatement |
859 |
|
1,241 |
|
1,823 |
|
648 |
|
4,571 |
Judicial Deposits |
- |
|
(11) |
|
(2,651) |
|
(11) |
|
(2,673) |
Balance at September 30, 2010 |
37,108 |
|
50,501 |
|
- |
|
37,011 |
|
124,620 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
| ||||||
|
COFINS and PIS |
|
Other |
|
Labor |
|
Civil and other |
|
Total |
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2010 |
97,412 |
|
48,154 |
|
22,169 |
|
116,502 |
|
284,237 |
Additions |
1,229 |
|
6,132 |
|
11,467 |
|
5,222 |
|
24,050 |
Reversal/Payment |
- |
|
- |
|
(13,423) |
|
(1,533) |
|
(14,956) |
Transfer |
(134) |
|
16,139 |
|
(7,161) |
|
(8,844) |
|
- |
Monetary Restatement |
1,798 |
|
1,479 |
|
2,750 |
|
3,669 |
|
9,696 |
Judicial Deposits |
- |
|
1,452 |
|
(7,096) |
|
(88) |
|
(5,732) |
Balance at September 30, 2010 |
100,305 |
|
73,356 |
|
8,706 |
|
114,928 |
|
297,295 |
a) Taxes
Tax-related claims are indexed to the Central Bank Overnight Rate (SELIC), at 8.90% at September 30, 2010 (8.47% at June 30, 2010), and are subject, when applicable, to fines.
COFINS and PIS
With the non-cumulativeness treatment when calculating PIS and COFINS, the Company and its subsidiaries started calling into question the right to exclude the ICMS from the calculation basis of these two contributions.
Regarding the debt referring to the Cofins rate increase, the Company filed a lawsuit requesting to exclude the default charges in the consolidated debt from the federal installment payment, established by Law 11,941/09. Additionally, a Companys subsidiary offset PIS and Cofins tax debits with IPI credits inputs submitted to zero rate or tax exemption - acquired from third parties (transferred based on a final and unappealable court decision).
The claims amounts of PIS and COFINS at September 30, 2010 is R$100,305 (R$97,412 at June 30, 2010).
Other
The Company and its subsidiaries have other tax claims, which after analysis of its legal counsels, were deemed as probable losses or as issues likely to be booked, as ruled by CVM. These are: (i) tax assessment notices related to purchase, industrialization and sale of soybean and byproducts exports (PIS, COFINS and IRPJ), (ii) disagreement on the non- application of Accident Prevention Factor (FAP) for 2010, (iii) disagreement on the Fundo de Combate à Pobreza (State Government Fund Against Poverty), enacted by the Rio de Janeiro State government (transferred from other civil claims this quarter), (iv) and other less relevant issues. The amount recorded at September 30, 2010 for these claims is R$44,044 (R$21,755 at June 30, 2010).
67
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
16. Provision for litigations (Continued)
a) Taxes (Continued)
In addition, the Company claims in court its right of not paying the contributions provided for by Complementary Law 110/2001 related to the FGTS (Government Severance Indemnity Fund for Employees) financing. The amount accrued at September 30, 2010 is R$38,935 (R$35,996 at June 30, 2010) and the Company made a R$9,623 (R$9,597 at June 30, 2010) judicial deposit.
b) Labor claims
The Company is party to numerous lawsuits involving disputes with its employees, primarily arising from layoffs in the ordinary course of business. At September 30, 2010, the Company recorded a provision of R$84,927 (R$84,133 at June 30, 2010) referring to lawsuits whose risk of loss was considered probable and R$41,929 (R$42,907 at June 30, 2010), referring to lawsuits whose risk of loss is deemed as possible. Management, assisted by its legal counsels, evaluates these contingencies and provides for losses where reasonably estimable, bearing in mind previous experiences in relation to the amounts sought. Labor claims are indexed to the Referential Interest Rate (TR) (0.47% accumulated in the quarter ended September 30, 2010 and 0.19% at June 30, 2010) accrued of 1% monthly interest. The balance of the net provision for restricted judicial deposits is R$8,706 (R$22,169 at June 30, 2010).
c) Civil and other
The Company is a defendant, at several judicial levels, in lawsuits of civil nature, among others. The Companys Management sets up provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsels consider losses to be probable.
Among these lawsuits, we point out the following:
· The Company files and answers various lawsuits in which it requests the review of lease amounts paid by the stores. In these lawsuits, the judge determines a provisional lease amount, which then is paid by the stores, until report and decision define the final lease amount. The set up provision of difference between the amount originally paid by the stores and that defined provisionally in these lawsuits. In other lawsuits, the Company recorded a provision for the difference between the amount paid as provisional rental and that one pleaded by adversary party, based on technical assistants report of the adversary party. At September 30, 2010, the accrual amount for these lawsuits is R$32,214 (R$29,261 at June 30, 2010), for which there are no judicial deposits.
· The balance of Globexs civil actions at September 30, 2010 was mainly composed of: (i) consumer lawsuits in the amounts R$11,387, (ii) provisions referring to the risk revaluation of action for damages of R$7,886, deriving from contractual termination proposed by former service provider; (iii) recording of a provision of R$19,765 in view of the contractual assumption of mandatory payment of a fee on behalf of shopping centers management companies, as a result of change in share control; (iv) recording of a provision of R$7,823 in order to deal with the indemnification risks deriving from the expectation of contractual termination with service providers.
68
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
16. Provision for litigations (Continued)
Total civil actions and Other at September 30, 2010 is R$114,929 (R$116,502 at June 30, 2010), net of judicial deposits.
d) Other non-accrued contingent liabilities
The Company has other litigations which have been analyzed by the legal counsels and deemed as possible but not probable; therefore, have not been accrued, at September 30, 2010, as follows:
· INSS (Social Security Tax) The Company was served notice regarding the non-levy of payroll charges on benefits granted to its employees, and the loss, considered possible, corresponds to R$124,116 (122,887 at June 30, 2010). The proceedings are under administrative and court discussion. Out of this amount R$109,281 are guaranteed by real properties or bank guarantee.
· IRPJ, IRRF and CSLL The Company has several assessment notices regarding offsetting proceedings, rules on the deductibility of provisions and tax payment discrepancies. These proceedings await decision in the administrative and court level. The amount of which corresponds to R$265,069 (R$262,444 at June 30, 2010).
· COFINS, PIS and CPMF The Company has been called into question in motion for offsetting, tax payment discrepancies, in addition to the collection of taxes on soybean export operations. These proceedings await decision in the administrative and court level. The amount involved in these assessments is R$636,496 (R$627,048 at June 30, 2010).
· ICMS The Company was served notice by the state tax authorities regarding: (i) the appropriation of electricity credits, (ii) acquisitions from suppliers considered to be unfit according to the state treasurys records, (iii) return of goods to its stores and (iv) refund of tax replacement without due compliance of ancillary obligations brought by CAT Ordinance 17 of the State of São Paulo, among others, not relevant. The total amount of these assessments is R$1,330,681 (R$1,267,599 at June 30, 2010), which await a final decision in the administrative and court levels.
· ISS, Municipal Real Estate Tax (IPTU), Property Transfer Tax (ITBI) and other These are related to assessments on third parties retention, IPTU payment discrepancies, fines due to non-compliance of ancillary obligations and sundry taxes, the amount of which is R$140,046 (R$136,098 at June 30, 2010) and await administrative and court decisions.
· Other litigations They are related to administrative lawsuits and lawsuits under the civil court scope, special civil court, Consumer Protection Agency (PROCON) (in many states), Weight and Measure Institute (IPEM), National Institute of Metrology, Standardization and Industrial Quality (INMETRO) and National Health Surveillance Agency (ANVISA), amounting to R$86,104 (R$85,038 at June 30, 2010).
· In the subsidiary Globex, provisions were not set up for the contingent liabilities with probability of losses and amounted to R$224,158 at September 30, 2010 (R$232,447 at June 30, 2010).
69
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
16. Provision for litigations (Continued)
d) Other non-accrued contingent liabilities (Continued)
Occasional adverse changes in the expectation of risk of the referred lawsuits may require that additional provision for litigations be set up. The aforementioned lawsuits were not included in REFIS (Tax Recovery Program).
e) Appeal and judicial deposits
The Company is challenging the payment of certain taxes, contributions and labor-related obligations and has made court escrow deposits (restricted deposits) of corresponding amounts pending final court decisions, in addition to collateral deposits related to provisions for lawsuits.
The Company registered in its assets amounts related to judicial deposits not linked to the litigations recorded in liabilities.
f) Guarantees
The Company has granted collaterals to some lawsuits of civil, labor and tax nature, as shown below:
Lawsuits |
|
Real Properties |
|
Equipment |
|
Letter of Guarantee |
|
Total |
|
|
|
|
|
|
|
|
|
Tax |
|
651,596 |
|
1,428 |
|
737,769 |
|
1,390,793 |
Labor |
|
6,156 |
|
3,209 |
|
71,671 |
|
81,036 |
Civil and other |
|
13,852 |
|
1,608 |
|
33,251 |
|
48,711 |
Total |
|
671,604 |
|
6,245 |
|
842,691 |
|
1,520,540 |
The subsidiary Globex has banking letters of guarantee amounting to nearly R$37,346 at September 30, 2010.
70
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
17. Income and Social Contribution Taxes
a) Income and social contribution tax expense reconciliation
|
Parent Company |
|
Consolidated | ||
|
9.30.2010 |
9.30.2009 |
|
9.30.2010 |
9.30.2009 |
|
|
|
|
|
|
Earnings before income tax |
408,388 |
441,226 |
|
434,667 |
455,317 |
Profit Sharing |
(17,976) |
(7,309) |
|
(23,582) |
(9,580) |
|
|
|
|
|
|
Earnings before income tax |
390,412 |
433,917 |
|
411,085 |
445,737 |
|
|
|
|
|
|
Income tax at nominal rate |
(97,603) |
(108,479) |
|
(123,326) |
(133,721) |
Installment payment |
- |
77,117 |
|
(1,172) |
68,855 |
Tax fines |
(608) |
- |
|
- |
- |
Income tax incentives |
311 |
- |
|
824 |
- |
Equity accounting and provision for |
21,672 |
(850) |
|
10,797 |
(1,444) |
capital deficiency of subsidiary |
|
|
|
|
|
Other permanent differences (undeductible) and social contribution tax, net |
(10,584) |
(4,072) |
|
(22,826) |
41,035 |
|
|
|
|
|
|
Effective income tax |
(86,812) |
(36,284) |
|
(135,703) |
(25,275) |
|
|
|
|
|
|
Income tax for the year |
|
|
|
|
|
Current |
(3,285) |
(9,029) |
|
(28,610) |
(38,670) |
On amortized goodwill (b(ii)) |
(77,323) |
(77,323) |
|
(81,670) |
(81,250) |
Deferred |
(6,204) |
50,068 |
|
(25,423) |
94,645 |
|
|
|
|
|
|
Deferred income and social contribution tax expenses |
(86,812) |
(36,284) |
|
(135,703) |
(25,275) |
|
|
|
|
|
|
Effective rate |
22.2% |
8.4% |
|
33.0% |
5.7% |
(ii) At September 30, 2010, in compliance with CVM Ruling 371, the Company and its subsidiaries recorded deferred IRPJ and CSLL arising from tax loss carryforwards and temporary differences in the amount of R$262,595 (R$287,638 at June 30, 2010) in the Parent Company and R$1,270,043 (R$1,303,497 at June 30, 2010) in Consolidated.
71
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
17. Income and Social Contribution Taxes (Continued)
b) Breakdown of deferred income and social contribution tax balances
|
|
Parent Company |
|
Consolidated | ||||
|
|
|
|
|
|
|
|
|
|
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Deferred income tax asset |
|
|
|
|
|
|
| |
|
Tax losses (i) |
54,384 |
|
60,551 |
|
610,480 |
|
583,357 |
|
Provision for litigations |
42,674 |
|
40,580 |
|
105,270 |
|
116,637 |
|
Provision for hedge levied on a cash basis |
(15,517) |
|
(14,940) |
|
17,585 |
|
18,162 |
|
Allowance for doubtful accounts |
1,860 |
|
1,924 |
|
9,639 |
|
11,125 |
|
Goodwill |
48,954 |
|
45,784 |
|
59,664 |
|
55,566 |
|
Tax benefit from the merger of Mandala |
- |
|
- |
|
258,015 |
|
258,015 |
|
Deferred income tax under the effects of Law 11,638/07 |
12,959 |
|
13,916 |
|
57,846 |
|
5,959 |
|
Provision for deferred income tax on unamortized goodwill |
(33,562) |
|
(30,020) |
|
(114,763) |
|
(43,671) |
|
Income tax on goodwill Vieri Casino (ii) |
130,678 |
|
156,452 |
|
130,678 |
|
156,452 |
|
Income tax on goodwill Sevilha Assai (ii) |
- |
|
- |
|
54,362 |
|
55,914 |
|
Provision for goodwill reduction |
- |
|
- |
|
117,516 |
|
117,516 |
|
Other |
20,165 |
|
13,391 |
|
69,947 |
|
74,661 |
|
Deferred income and social contribution tax assets |
262,595 |
|
287,638 |
|
1,376,239 |
|
1,409,693 |
|
Provision for deferred income tax realization |
- |
|
- |
|
(106,196) |
|
(106,196) |
|
|
|
|
|
|
|
|
|
Total deferred income tax assets |
262,595 |
|
287,638 |
|
1,270,043 |
|
1,303,497 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
134,868 |
|
88,743 |
|
228,788 |
|
196,541 | |
Noncurrent Assets |
127,727 |
|
198,895 |
|
1,041,255 |
|
1,106,956 | |
|
Deferred income and social contribution tax assets |
262,595 |
|
287,638 |
|
1,270,043 |
|
1,303,497 |
(i) The recognition of deferred IRPJ and CSLL assets refer basically to tax loss carryforwards, acquired from Sé, and those generated by the subsidiary Sendas Distribuidora, realization of which, following restructuring measures, was considered probable, except for the provision for realization of deferred IRPJ shown in the previous table.
At the Special Shareholders Meeting held at December 20, 2006, the Company's shareholders approved the merger operation of its parent company Vieri. The special goodwill reserve, set up as a result of this merger, pursuant to paragraph 1 of article 6 of CVM Ruling 319/99, which, at the end of each fiscal year and to the extent that the tax benefit to be earned by the Company, as a result of goodwill amortization, represents an effective decrease of taxes paid by the Company, purpose of capitalization at the Company, to the benefit of controlling shareholders, without prejudice to the preemptive right ensured to other shareholders in the subscription of the capital increase resulting from the aforementioned capitalization, all pursuant to Article 7, caput and paragraphs 1 and 2 of CVM Ruling 319/99. In order to allow for the improved presentation of the quarterly information, the goodwill net amount of R$128,872, which substantially represents the tax credit balance plus the amount of R$1,806, were classified as deferred IRPJ. The net tax benefit as of September 30, 2010, totaled R$130,678 (R$156,452 at June 30, 2010).
72
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
17. Income and Social Contribution Taxes (Continued)
(ii) At the Special Shareholders Meeting held at March 31, 2008 and July 8, 2009, respectively, the reverse merger of Sevilha into Barcelona was approved. Also, pursuant to CVM Ruling 319/99, a special goodwill reserve was created as a result of this merger. At September 30, 2010, the net tax benefit recorded by Barcelona amounted the R$54,362.
The Company prepares annual studies of scenarios and generation of future taxable income, which are approved by the Management and by the Board of Directors, indicating the capacity of benefiting from the established tax credit.
Based on these studies, the Company expects to recover these tax credits within a term of up to ten years, as follows:
|
Parent Company |
|
Consolidated |
|
9.30.2010 |
|
9.30.2010 |
|
|
|
|
Up to 12 months |
134,868 |
|
228,788 |
From 13 to 24 months |
65,787 |
|
155,105 |
From 25 to 48 months |
45,829 |
|
173,607 |
From 49 to 60 months |
16,111 |
|
170,412 |
Over 60 months |
- |
|
542,131 |
|
262,595 |
|
1,270,043 |
18. Shareholders Equity
a) Capital stock
The subscribed and paid-up capital, as of September 30, 2010, is represented by 257,521 (257,454 at June 30, 2010) in thousands of registered shares with no par value, of which 99,680 (ditto at June 30, 2010) in thousands of common shares, 154,492 in thousands of class A preferred shares (151,076 at June 30, 2010) and 3,349 in thousands of class B preferred shares (6,698 at June 30, 2010).
The Company is authorized to increase its capital stock up to the limit of 400,000 (in thousands of shares), regardless of the amendment to the Companys Bylaws, by resolution of the Board of Directors, which will establish the issue conditions.
73
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
· The Board of Directors Meeting held on July 12, 2010, resolved on the capital increase amounting to R$941, by means of the issue of 67 thousand Class A preferred shares, in compliance with the exercise of the stock options according to the Companys Stock Option Plan, observing the limit of authorized capital;
Breakdown of capital stock and number of shares: |
|
| |||
|
|
|
|
|
|
|
|
|
Number of shares - thousand | ||
|
Capital stock |
|
Preferred |
|
Common |
At June 30, 2010 |
5,573,438 |
|
157,774 |
|
99,680 |
Capitalization of reserves |
- |
|
- |
|
- |
Goodwill special reserve |
- |
|
- |
|
- |
Profit |
- |
|
- |
|
- |
Share private subscription |
- |
|
- |
|
- |
Stock option plan |
|
|
|
|
|
Series X |
75 |
|
2 |
|
- |
Series A1 Silver |
65 |
|
3 |
|
- |
Series A1 Gold |
302 |
|
- |
|
- |
Series A2 Silver |
- |
|
11 |
|
- |
Series A2 Gold |
- |
|
11 |
|
- |
Series A3 Silver |
383 |
|
14 |
|
- |
Series A3 Gold |
- |
|
14 |
|
- |
Series A4 Silver |
116 |
|
2 |
|
- |
Series A4 Gold |
- |
|
10 |
|
- |
At September 30, 2010 |
5,574,379 |
|
157,841 |
|
99,680 |
The table below shows the share transaction as a result of the exercise of stock options pursuant to the Companys Stock Option Plans:
Meeting |
Series |
Number (thousand) |
Unit price |
Total |
|
|
|
|
|
7/12/2010 |
Series X |
2 |
40.28 |
75 |
7/12/2010 |
Series A1 Silver |
3 |
24.63 |
65 |
7/12/2010 |
Series A2 Silver |
11 |
26.93 |
302 |
7/12/2010 |
Series A2 Gold |
11 |
0.01 |
0 |
7/12/2010 |
Series A3 Silver |
14 |
27.47 |
383 |
7/12/2010 |
Series A3 Gold |
14 |
0.01 |
0 |
7/12/2010 |
Series A4 Silver |
2 |
46.49 |
116 |
7/12/2010 |
Series A4 Gold |
10 |
0.01 |
0 |
|
|
|
|
|
|
Total at September 30, 2010 |
67 |
|
941 |
|
|
|
|
|
74
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
b) Share rights
Class A preferred shares (PNA) are non-voting and entitle the following rights and advantages to its holders: (i) priority in the reimbursement of capital should the Company be liquidated; (ii) priority in the receipt of a non-cumulative annual minimum dividend of R$0.08 per share; (iii) right to receive a dividend 10% greater than the dividend attributed to common shares, including the preferred dividend paid pursuant to item (ii) above for the purposes of calculating the respective amount.
Class B (PNB) preferred shares will entitle the following rights to its holders: (a) a fixed dividend of R$0.01 per share; and (b) priority in reimbursement should the Company be liquidated. PNB shares shall not have voting right. PNB shares may be converted into PNA shares, at the 1:1 ratio, observing the following terms: (i) 32% of PNB shares were converted at September 28, 2009; (ii) 28% of total PNB shares were converted into PNA shares at January 7, 2010; (iii) 20% of total PNB shares were converted into PNA shares at July 7, 2010, and (iv) 20% of total PNB shares will be converted into PNA shares at January 7, 2011.
c) Recognized granted options
With the enactment of Law 11,638/07 the account granted options was created to recognize payments made to managers as compensation, pursuant to CPC 010.
d) Revenue reserve
(i) Legal reserve: is formed based on appropriations from retained earnings of 5% of net income of each year, limited to 20% of the capital.
(ii) Expansion reserve: is formed based on appropriations of the amount determined by shareholders to reserve funds to finance additional capital investments and working and current capital through the appropriation of up to 100% of the net income remaining after the appropriations determined by law and supported by capital budget, approved at meeting.
e) Stock option plan for preferred shares
(i) Original stock option plan
The Company granted stock option plans for the purchase of preferred shares to the Management. Shares issued due to the exercise of stock option plans will grant its holders the same rights of existing PNA shares. The Stock Option Plans are managed by an internal committee designated by the Board of Directors.
The granting price for each share is, at least, 60% of the weighted average price of the preferred shares traded in the week the option is granted.
75
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
e) Stock option plan for preferred shares (Continued)
(i) Original stock option plan
The number of shares may vary for each beneficiary or series. The vesting right to exercise the option may occur as follows and according to the following terms: (i) 50% in the last month of third year subsequent to the granting date (1st tranche) and ii) until 50% in the last month of fifth year subsequent to the granting date (2nd tranche), and the remaining portion of the second tranche subject to restraint on alienation until the beneficiarys retirement, as per formula defined in the regulation.
Shares subject to restraint on alienation (Q), upon the options exercise are calculated using the following formula:
Where:
Q = Number of shares to be encumbered by restraint on alienation.
Q1 = 50% of the Company total shares on the granting date.
Pm = Company share market price on the exercise date.
Pe = Share original exercise price, determined on the granting date, observing the terms of the Plan.
The option price is updated by reference to the General Market Price Index IGP-M variation to the date of its actual exercise, less dividends attributed for the period.
(ii) New stock option plan for preferred shares.
Pursuant to the resolutions at the Special Shareholders Meeting, held at December 20, 2006, the amendment to the Companys Stock Option Plan was approved, and originally approved by the Special Shareholders Meeting held at April 28, 1997.
As of 2007, the granting of stock options to the Management and employees will take place as follows:
Shares will be classified as follows: Silver and Gold, and the quantity of Gold-type shares may be decreased and/or increased (reducer or accelerator), at the discretion of the Plan management committee, in the course of 35 months following the granting date.
The price for the Silver-type share will correspond to the average of trading closing price of the Company preferred shares occurred over the last 20 trading sessions of BOVESPA, prior to the date on which the Committee resolves on the granting of option, with a 20% discount. The price for the Gold-type share will correspond to R$0.01 and the granting of these options are additional to the Silver options, and the granting or the exercise of Gold options is not possible separately. In both cases, the prices will not be restated.
76
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
e) Stock option plan for preferred shares (Continued)
(ii) New stock option plan for preferred shares (Continued)
The Silver and Gold options shall be effective as of the date of the respective agreement. The number of shares resulting from the Silver option is fixed (established in the agreement). The number of shares resulting from the Gold option is variable, establishing on the granting date a number of shares that may be increased or decreased, according to the ROIC verified at the end of the 36th month as of the granting date.
The calculation criteria to decrease and/or increase (reducer or accelerator) of the amount of options granted classified as Gold in each series of the Plan, according to the analysis of observance to the return on invested capital (ROIC) concept, under the following terms:
(a) Accelerator: from 3% for each 1% more than the return rate, increase by 0.5% the amount of shares granted classified as Gold.
(b) Reducer: from -3% for each 1% less than the return rate, decrease by 5% the amount of shares granted classified as Gold
At the Board of Directors Meeting held at May 7, 2010, the increase of the global limit of shares allocated to the Company's General Stock Option Plan was approved, from 10,118 thousand preferred class A shares to 11,618 thousand shares, an increase of 1,500 thousand new class A preferred shares.
Information on the stock option plans is summarized below:
|
Price |
Lot of shares | ||||||||
Series granted |
Date granted |
1st date of exercise |
2nd date of exercise and expiration |
On the date granted |
End of the period |
Number of shares granted |
Exercised |
Not exercised by dismissal |
Expired |
Total in effect |
Balance at September 30, 2010 |
|
|
|
|
|
|
| |||
Series X |
7/07/2006 |
7/07/2009 |
7/07/2011 |
33.00 |
41.12 |
901 |
(227) |
(399) |
- |
275 |
Series A1 Gold |
4/13/2007 |
4/30/2010 |
4/29/2011 |
0.01 |
0.01 |
326 |
(279) |
(6) |
- |
41 |
Series A1 - Silver |
4/13/2007 |
4/30/2010 |
4/29/2011 |
24.63 |
24.63 |
1,122 |
(898) |
(105) |
- |
119 |
Series A2 - Gold |
3/03/2008 |
4/30/2008 |
3/30/2012 |
0.01 |
0.01 |
848 |
(521) |
(6) |
- |
321 |
Series A2 - Silver |
3/03/2008 |
4/30/2008 |
3/30/2012 |
26.93 |
26.93 |
950 |
(599) |
(7) |
- |
344 |
Series A3 Gold |
5/13/2009 |
5/31/2012 |
5/31/2013 |
0.01 |
0.01 |
668 |
(178) |
- |
- |
490 |
Series A3 Silver |
5/13/2009 |
5/31/2012 |
5/31/2013 |
27.47 |
27.47 |
693 |
(198) |
- |
- |
495 |
Series A4 Gold |
5/24/2010 |
5/31/2013 |
5/31/2014 |
0.01 |
0.01 |
524 |
(10) |
- |
- |
514 |
Series A4 Silver |
5/24/2010 |
5/31/2013 |
5/31/2014 |
46.49 |
46.49 |
131 |
(2) |
- |
- |
129 |
|
|
|
|
|
|
6,163 |
(2,912) |
(523) |
- |
2,728 |
77
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
e) Stock option plan for preferred shares (Continued)
(ii) New stock option plan for preferred shares (Continued)
|
Price |
Lot of shares | ||||||||
Series granted |
Date granted |
1st date of exercise |
2nd date of exercise and expiration |
On the date granted |
End of the period |
Number of shares granted |
Exercised |
Not exercised by dismissal |
Expired |
Total in effect |
Balance at June 30, 2010 |
|
|
|
|
|
|
| |||
Series IX |
5/15/2005 |
5/15/2008 |
5/15/2010 |
26.00 |
29.86 |
989 |
(435) |
(553) |
(1) |
- |
Series X |
7/07/2006 |
7/07/2009 |
7/7/2011 |
33.00 |
38.85 |
901 |
(225) |
(387) |
- |
289 |
Series A1 -Gold |
4/13/2007 |
4/30/2010 |
4/29/2011 |
0.01 |
0.01 |
326 |
(279) |
(6) |
- |
41 |
Series A1 -Silver |
4/13/2007 |
4/30/2010 |
4/29/2011 |
24.63 |
24.63 |
1,122 |
(895) |
(104) |
- |
123 |
Series A2 -Gold |
3/03/2008 |
4/30/2008 |
3/30/2012 |
0.01 |
0.01 |
848 |
(510) |
(6) |
- |
332 |
Series A2 -Silver |
3/03/2008 |
4/30/2008 |
3/30/2012 |
26.93 |
26.93 |
950 |
(588) |
(7) |
- |
355 |
Series A3 -Gold |
5/13/2009 |
5/31/2012 |
5/31/2013 |
0.01 |
0.01 |
668 |
(164) |
- |
- |
504 |
Series A3 - Silver |
5/13/2009 |
5/31/2012 |
5/31/2013 |
27.47 |
27.47 |
693 |
(184) |
- |
- |
509 |
Series A4 -Gold |
5/24/2010 |
5/24/2013 |
5/31/2014 |
0.01 |
0.01 |
524 |
- |
- |
- |
524 |
Series A4 - Silver |
5/24/2010 |
5/24/2013 |
5/31/2014 |
46.49 |
46.49 |
131 |
- |
- |
- |
131 |
|
|
|
|
|
|
7,152 |
(3,280) |
(1,063) |
(1) |
2,808 |
SERIES EXERCISED | ||||||
At September 30, 2010 |
|
|
|
|
| |
Series granted |
Date granted |
Date of exercise |
Amount exercised |
Exercise price |
Total |
Market price |
Series X |
7/7/2008 |
10/2/2009 |
223 |
38.54 |
8,594 |
50.32 |
Series X |
7/7/2008 |
6/9/2010 |
2 |
39.73 |
60 |
57.20 |
Series X |
7/7/2008 |
7/12/2010 |
2 |
40.28 |
75 |
62.79 |
Series A1 Gold |
4/13/2007 |
7/10/2007 |
3 |
0.01 |
0 |
37.12 |
Series A1 Gold |
4/13/2007 |
11/28/2007 |
11 |
0.01 |
0 |
28.54 |
Series A1 Gold |
4/13/2007 |
12/17/2007 |
31 |
0.01 |
0 |
33.24 |
Series A1 Gold |
4/13/2007 |
3/10/2008 |
43 |
0.01 |
0 |
34.83 |
Series A1 Gold |
4/13/2007 |
5/27/2008 |
27 |
0.01 |
0 |
37.43 |
Series A1 Gold |
4/13/2007 |
3/15/2010 |
2 |
0.01 |
0 |
59.80 |
Series A1 Gold |
4/13/2007 |
6/9/2010 |
162 |
0.01 |
2 |
57.20 |
Series A1 Silver |
4/13/2007 |
7/10/2007 |
11 |
24.63 |
271 |
37.12 |
Series A1 Silver |
4/13/2007 |
11/28/2007 |
36 |
24.63 |
887 |
28.54 |
Series A1 Silver |
4/13/2007 |
12/17/2007 |
70 |
24.63 |
1,724 |
33.24 |
Series A1 Silver |
3/13/2007 |
3/10/2008 |
103 |
24.63 |
2,537 |
34.83 |
Series A1 Silver |
4/13/2007 |
5/27/2008 |
84 |
24.63 |
2,069 |
37.43 |
Series A1 Silver |
4/13/2007 |
6/10/2008 |
3 |
24.63 |
74 |
37.47 |
Series A1 Silver |
4/13/2007 |
7/22/2008 |
2 |
24.63 |
49 |
36.97 |
Series A1 Silver |
4/13/2007 |
9/11/2008 |
3 |
24.63 |
74 |
34.34 |
Series A1 Silver |
4/13/2007 |
4/1/2009 |
5 |
24.63 |
123 |
31.98 |
Series A1 Silver |
4/13/2007 |
8/5/2009 |
3 |
24.63 |
74 |
46.35 |
Series A1 Silver |
4/13/2007 |
10/2/2009 |
2 |
24.63 |
49 |
50.32 |
Series A1 Silver |
4/13/2007 |
3/15/2010 |
10 |
24.63 |
252 |
59.80 |
Series A1 Silver |
4/13/2007 |
6/9/2010 |
563 |
24.63 |
13,877 |
57.20 |
Series A1 Silver |
4/13/2007 |
7/12/2010 |
3 |
24.63 |
65 |
62.79 |
Series A2 Gold |
3/3/2008 |
3/10/2008 |
178 |
0.01 |
2 |
34.83 |
Series A2 Gold |
3/3/2008 |
5/27/2008 |
78 |
0.01 |
1 |
37.43 |
Series A2 Gold |
3/3/2008 |
6/10/2008 |
4 |
0.01 |
0 |
37.47 |
Series A2 Gold |
3/3/2008 |
7/22/2008 |
13 |
0.01 |
0 |
36.97 |
Series A2 Gold |
3/3/2008 |
9/11/2008 |
7 |
0.01 |
0 |
34.34 |
Series A2 Gold |
3/3/2008 |
4/1/2009 |
30 |
0.01 |
0 |
31.98 |
Series A2 Gold |
3/3/2008 |
8/5/2009 |
91 |
0.01 |
1 |
46.35 |
Series A2 Gold |
3/3/2008 |
10/2/2009 |
47 |
0.01 |
0 |
50.32 |
Series A2 Gold |
3/3/2008 |
3/15/2010 |
2 |
0.01 |
0 |
59.80 |
Series A2 Gold |
3/3/2008 |
6/9/2010 |
60 |
0.01 |
1 |
57.20 |
Series A2 Gold |
3/3/2008 |
7/12/2010 |
11 |
0.01 |
0 |
62.79 |
Series A2 Silver |
3/3/2008 |
3/10/2008 |
187 |
26.93 |
5,036 |
34.83 |
Series A2 Silver |
3/3/2008 |
5/27/2008 |
83 |
26.93 |
2,235 |
37.43 |
78
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
e) Stock option plan for preferred shares (Continued)
(ii) New stock option plan for preferred shares (Continued)
Series granted |
Date granted |
Date of exercise |
Amount exercised |
Exercise price |
Total |
Market price |
Series A2 Silver |
3/3/2008 |
6/10/2008 |
6 |
26.93 |
162 |
37.47 |
Series A2 Silver |
3/3/2008 |
7/22/2008 |
14 |
26.93 |
377 |
36.97 |
Series A2 Silver |
3/3/2008 |
9/11/2008 |
8 |
26.93 |
215 |
34.34 |
Series A2 Silver |
3/3/2008 |
4/1/2009 |
45 |
26.93 |
1,212 |
31.98 |
Series A2 Silver |
3/3/2008 |
8/5/2009 |
96 |
26.93 |
2,585 |
46.35 |
Series A2 Silver |
3/3/2008 |
10/2/2009 |
52 |
26.93 |
1,400 |
50.32 |
Series A2 Silver |
3/3/2008 |
3/15/2010 |
3 |
26.93 |
61 |
59.80 |
Series A2 Silver |
3/3/2008 |
6/9/2010 |
94 |
26.93 |
2,539 |
57.20 |
Series A2 Silver |
3/3/2008 |
7/12/2010 |
11 |
26.93 |
302 |
62.79 |
Series A3 Gold |
5/13/2009 |
3/15/2010 |
89 |
0.01 |
1 |
59.80 |
Series A3 Gold |
5/13/2009 |
6/9/2010 |
75 |
0.01 |
1 |
57.20 |
Series A3 Gold |
5/13/2009 |
7/12/2010 |
14 |
0.01 |
0 |
62.79 |
Series A3 Silver |
5/13/2009 |
3/15/2010 |
109 |
27.47 |
2,997 |
59.80 |
Series A3 Silver |
5/13/2009 |
6/9/2010 |
75 |
27.47 |
2,068 |
57.20 |
Series A3 Silver |
5/13/2009 |
7/12/2010 |
14 |
27.47 |
383 |
62.79 |
Series A4 Gold |
5/24/2010 |
7/12/2010 |
10 |
0.01 |
0 |
62.79 |
Series A4 Silver |
5/24/2010 |
7/12/2010 |
2 |
46.49 |
115 |
62.79 |
|
|
|
2,912 |
|
52,550 |
|
Note: At June 9, 2010, series IX was terminated.
At September 30, 2010, the Company preferred share price at BOVESPA was R$58.35 per share.
At September 30, 2010 there were 232,586 treasury preferred shares which may be used as spread for the options granted in the plan.
(iii) Consolidated information on the stock option plans - GPA
The chart below show the maximum percentage of interest dilution to which current shareholders will eventually be subject to in the event of exercise up to 2011 of all options granted:
|
9.30.2010 |
|
6.30.2010 |
Number of shares |
257,520 |
|
257,454 |
Balance of granted series in effect |
2,728 |
|
2,808 |
Maximum percentage of dilution |
1.05% |
|
1.08% |
The market value of each option granted is estimated on the granting date, by using the options pricing model Black&Scholes taking into account the following assumptions: (a) expectation of dividends of 0.72%, (b) expectation of volatility of nearly 40.47% and (c) the risk-free weighted average interest rate of 9.66%. The expectation of average life of series X is 5 years, whereas for series A1, A2, A3 and A4 the expectation is 3 years.
79
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
e) Stock option plan for preferred shares (Continued)
(iii) Consolidated information on the stock option plans GPA (Continued)
Period ended at June 30, 2010 |
Shares |
Weighted average of exercise price |
|
|
|
Outstanding at the beginning of the period |
3,432 |
17.82 |
Granted during the period |
657 |
37.08 |
Cancelled during the period |
(5) |
28.41 |
Exercised during the period |
(1,275) |
19.94 |
Expired during the period |
(1) |
26.00 |
Outstanding at the end of the period |
2,808 |
21.54 |
|
|
|
Period ended at September 30, 2010 |
|
|
Outstanding at the beginning of the period |
2,808 |
21.54 |
Granted during the period |
- |
- |
Cancelled during the period |
(13) |
32.21 |
Exercised during the period |
(67) |
19.19 |
Outstanding at the end of the period |
2,728 |
21.55 |
Technical Pronouncement CPC 10 Share-based Payment determines that the effects of share-based payment transactions are recorded in income and in the Companys balance sheet. The amounts recorded as income of Parent Company and Consolidated at September 30, 2010 were R$20,219 (R$18,507 at September 30, 2009).
(iv) Stock option plan of preferred shares - Globex
The subsidiary Globex granted a Stock Option Plan for the purchase of shares for Management, approved by the Special Shareholders Meeting held at January 4, 2008 and rectified at the Annual and Special Shareholders Meeting held on April 29, 2008.
The Plan aims to: promote the expansion and the successful development of Globexs purposes, allowing top management and employees to buy shares issued by Globex, fomenting their integration with the company; (ii) attract top management and employees to provide services to Globex, by offering them the additional advantage of becoming Globexs shareholders; (iii) align the interests of the top management and employees, offering as an incentive and additional advantage the possibility of becoming Globexs shareholders; and (iv) promote a higher integration of these executives and employees with Globexs objectives.
Statutory officers and employees approved by Globexs Board of Directors are eligible to participate in the Plan (Beneficiaries). Pursuant to Article 171, paragraph 3 of Law 6,404/76, they shall not have preemptive right in the granting or in the exercise of stock options derived from the Plan. The shares resulting from the option exercise will have the rights set forth according to the Plan and the respective programs and agreement. They always will be entitled to receive the dividends to be distributed from the subscription or acquisition, where applicable. Once exercised the option by Beneficiary, the corresponding shares will be purpose of issue by means of Globexs capital increase. Treasury stock options may also be tendered, by means of notice to the Brazilian Securities and Exchange Commission CVM. The options granted based on the Plan are individual and non-transferable. The Plan took effect with its approval at the General Meeting and may be extinguished, at any time, by decision of the Board of Directors. The option may be exercised fully or partially during the term and within the periods established in the respective program. According to the Plan, the options granted account for, at most 1,794,880 common shares issued by Globex and the exercise price of R$25.35 for Program 1 and R$17.02 for Program 2 (reverse split defined as 2008 Programs).
80
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
e) Stock option plan for preferred shares (Continued)
(iv) Stock option plan of preferred shares Globex (Continued)
|
9.30.2010 |
|
6.30.2010 |
Number of shares |
124,381,409 |
|
124,381,409 |
Balance of granted series in effect |
1,794,880 |
|
1,794,880 |
Maximum dilution percentage(1) |
1.42% |
|
1.42% |
(1) Maximum dilution percentage of Globex shares
The fair value of 2008 Programs was calculated based on the Black & Scholes valuation model, taking into account the following assumptions: (a) expected volatility of 47.6%; (b) duration of the program of 3.46 years; (c) risk-free rate from 11.18% to 13.65%; (d) dividend yield of 0%; and (e) option fair value on the granting date from R$17.57 to R$21.00.
The table below shows the amounts per lot recognized in the Companys results, under operating expense against an increase in shareholders equity as well as the amounts to be recognized in subsequent years.
|
Expenses incurred and to be incurred by the Parent Company in the years ended December 31 | |||
Stock Option Plan |
2008 |
2009 |
2010 |
2011 |
Share-based Payment |
|
|
|
|
1st tranche |
3,436 |
2,995 |
- |
- |
2nd tranche |
2,425 |
3,126 |
2,118 |
- |
3rd tranche |
1,946 |
2,514 |
2,514 |
1,699 |
|
7,807 |
8,635 |
4,632 |
1,699 |
Due to a reduction in the eligible staff, the share-based compensation was reduced. Therefore, the amounts referring to unexpired expenses were adjusted. The expenses recorded until the withdrawal of eligible employees were not reversed and have been accounted for on a retrospective basis.
The chart below shows the new amounts to be considered.
|
Expenses incurred and to be incurred by the Parent Company in the years ended December 31 | ||
Stock Option |
2009 |
2010 |
2011 |
|
|
|
|
Share-based payment |
|
|
|
1st tranche |
1,498 |
- |
- |
2nd tranche |
1,810 |
458 |
- |
3rd tranche |
1,573 |
241 |
321 |
|
4,881 |
699 |
321 |
The first exercise date of said option was September 2009. In the period ended September 30, 2010, the amount of R$567 (R$4,246 at September 30, 2009) was recorded in the Companys results.
81
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
(v) Stock option plan of preferred shares - Ponto Frio.com
At August 1, 2008, the subsidiary Globex concluded the negotiations to implement a partnership with a view to restructuring and developing its e-commerce and telesales activities for end consumers. Pursuant to the agreements executed, these activities now are performed by an independent company called PontoFrio.com Comércio Eletrônico S.A. ("PontoFrio.com"). In order to align the parties long-term interests, executives of PontoFrio.com (and eventual new beneficiaries) were granted PontoFrio.coms stock options, whose exercise would result in executives maximum interest of 14% in the capital stock, in the event they are fully exercised.
According to the Options Plan executed, the stock options benchmark is the amount of R$15.71 per share, adjusted by CDI variation or IPCA accrued of six per cent (6%) p.a., whichever is the shortest, as of that date. The executives will be entitled to exercise the Stock Options divided into five (5) tranches, each one may be exercised as of the end of each twelve (12)-month period as of the date of the Agreement for the Granting of Stock Options.
According to clause 4.5 of the Operational Agreement, in the assumption of sale of Globex's control, fact of which took place at July 7,2009, the schedule for the vesting right to exercise the stock options is changed, as per the following schedule:
|
|
Ponto Frio.com | ||
|
|
Term |
|
Percentage |
|
|
|
|
|
1st tranche |
|
As of this present date and 24 months |
|
30% |
2nd tranche |
|
After 24th month |
|
20% |
3rd tranche |
|
After 36th month |
|
20% |
4th tranche |
|
After 48th month |
|
15% |
5th tranche |
|
After 60th month |
|
15% |
The fair value of the Stock Option Plan of PontoFrio.com was calculated based on the Black & Scholes option valuation model, considering the following assumptions: (a) expected volatility of 52.98%; (b) duration of the program of 5 years; (c) risk-free rate of 12.92%; (d) dividend yield of 0%; and (e) option fair value on the granting date from R$2.50 to R$4.26.
The chart below shows the amounts per lot recognized in PontoFrio.coms results, under operating expenses against a shareholders equity increase, as well as the amounts to be recognized in subsequent years.
|
Expenses incurred and to be incurred by the Company in the years ended December 31 | |||
Stock Option |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
Share-based payment |
|
|
|
|
1st tranche |
1,717 |
- |
- |
- |
2nd tranche |
1,360 |
793 |
- |
- |
3rd tranche |
980 |
980 |
572 |
- |
4th tranche |
590 |
590 |
590 |
344 |
5th tranche |
501 |
501 |
501 |
501 |
|
5,148 |
2,864 |
1,663 |
845 |
82
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
18. Shareholders Equity (Continued)
At September 30, 2010, the amount of R$4,523 (R$7,219 at September 30, 2009) was recorded in the Companys results.
g) Dividends
At August 3, 2009, the Companys Board of Directors approved the adoption of a new dividend policy, which consists of the payment of interim dividends, on a quarterly basis, and these payments shall be approved by the General Meeting, pursuant to paragraph 3 of article 35 of the Companys Bylaws.
The Board of Directors Meeting held at May 7, 2010 approved the amount to be paid in advance on a quarterly basis in 2010, i.e., R$0.08 per Class A preferred share and R$0.072727272 per common share, as interim dividends, according to the Companys Dividend Policy. The interim dividend payment dates will be defined by the Board of Directors after the publication of the quarterly information for the period. For the fourth quarter, after the end of the fiscal year and approval of the corresponding financial statements, the Company will pay the mandatory minimum dividend to shareholders, calculated pursuant to the Brazilian Corporation Law, less dividend prepaid during the fiscal year.
In the first quarter of 2010, the amount of R$19,215 of interim dividends was prepaid at May 31, 2010. At August 17, 2010, R$19,590 was prepaid as dividends for the second quarter of 2010.
19. Management Compensation
The expenses related to the compensation of Managements key personnel (officers appointed pursuant to Bylaws and Board of Directors), which were recorded in the earnings of subsidiary and in consolidated for the quarters ended at September 30, 2010 and 2009, are as follows:
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Amounts recorded in income |
38,219 |
|
32,739 |
|
62,560 |
|
34,546 |
Out of this total, it is worth mentioning that the portion equivalent to 20.06% of September 30, 2010 amount and the portion equivalent to 20.89% of September 30, 2009 amount in the parent company and 14.28% and 19.80% in the consolidated, respectively, refer to the stock option plan.
83
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
20. Net Financial Income
|
Quarter ended | ||||||
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Interest on financial debts |
(191,322) |
|
(145,775) |
|
(185,677) |
|
(248,386) |
Discount of Receivables |
(63,456) |
|
(53,861) |
|
(63,795) |
|
(230,119) |
Bank rate/ leasing |
(78,757) |
|
(51,331) |
|
(66,516) |
|
(83,429) |
Interest on financial assets |
84,044 |
|
75,494 |
|
91,483 |
|
102,505 |
Other financial revenues |
45,386 |
|
56,192 |
|
10,564 |
|
(7,271) |
Mark to Market |
(2,489) |
|
9,462 |
|
16,957 |
|
1,516 |
|
(206,595) |
|
(109,821) |
|
(196,984) |
|
(465,184) |
21. Other Operating Revenues and Expenses
|
Parent Company |
|
Consolidated | ||||
|
|
|
|
|
|
|
|
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Tax installment payment (i) |
(19,257) |
|
- |
|
(77,263) |
|
- |
Indemnifiable liabilities (ii) |
(55,490) |
|
- |
|
29,649 |
|
- |
Assets written-off/discontinued projects (iii) |
- |
|
- |
|
7,091 |
|
- |
Restructuring |
(6,348) |
|
- |
|
(730) |
|
- |
Net revenue Itaú Agreement |
- |
|
461,951 |
|
- |
|
600,000 |
Provision for possible claims, net of gains from the fine and interest amnesty Law 11,941/09 |
- |
|
(277,882) |
|
- |
|
(340,226) |
Reversal of provision for court claims |
- |
|
107,532 |
|
- |
|
107,532 |
Tax credits write-offs |
- |
|
(228,296) |
|
- |
|
(331,235) |
Business combination expenses |
- |
|
(23,489) |
|
- |
|
(23,487) |
Permanent assets result |
(3,689) |
|
(208) |
|
3,974 |
|
3,862 |
Other |
(4,797) |
|
(32,195) |
|
(16,538) |
|
(47,752) |
|
|
|
|
|
|
|
|
Total |
(89,581) |
|
7,413 |
|
(53,817) |
|
(31,306) |
(i) Mainly composed of ICMS installment payment (Note 16d).
(ii) Recording of Indemnifiable liabilities referring to the First Addendum to the Partnership Agreement executed between Globex, GPA and Casas Bahia, which ensures Globex the right of being indemnified by GPA of certain contingencies recognized to be owed by Globex as of June 30, 2010. This operation has caused no effects in the consolidated results, considering the corresponding effect under Deferred Income and Social Contribution Taxes.
(iii) In the first quarter of 2010, the Management carried out operational and technological reviews of its management system, which indicated the partial utilization of licenses which were accrued for losses in 2009. In view of this evidence, the Management reversed R$7,091 of said provision.
84
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
22. Insurance coverage
Coverage at September 30, 2010 is considered sufficient by Management to meet possible losses and is summarized as follows:
|
|
|
|
Coverage amount | ||
Insured assets |
|
Risks covered |
|
Parent Company |
|
Consolidated |
|
|
|
|
|
|
|
Property and equipment and inventories |
|
Named risks |
|
5,185,560 |
|
8,453,802 |
Profit |
|
Loss of profits |
|
1,414,364 |
|
2,395,808 |
The Company also holds specific policies covering civil and management liability risks in the amount of R$141,260 (R$146,625 at June 30, 2010). The information above was not audited by independent auditors.
23. Leasing operations
a) Operating lease liabilities
The installment payments of leasing (excluding costs of services, such as insurance and maintenance) classified as operating lease agreement are recognized as expenses, on a straight-line basis, during the term of the respective leasing. The Management considers operating lease (rental) of stores, in which there are no transfers of risks and benefits for the Company.
85
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
23. Leasing operations (Continued)
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Gross liabilities from operating leasing minimum lease payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 1 year |
295,817 |
|
293,498 |
|
479,685 |
|
465,274 |
|
|
|
|
|
|
|
|
Over 1 year and less than 5 years |
1,009,079 |
|
1,001,310 |
|
1,478,920 |
|
1,468,844 |
|
|
|
|
|
|
|
|
Over 5 years |
1,649,029 |
|
1,647,992 |
|
2,172,737 |
|
2,179,216 |
|
|
|
|
|
|
|
|
|
2,953,925 |
|
2,942,800 |
|
4,131,342 |
|
4,113,334 |
The Company believes that the minimum payment of non-cancellable operating leasing refers to the contractual period of the regular course of the going concern. This liability is stated in the chart above, as required by CPC 06, although all the agreements have fine clause, which varies from one to six months of rental. The Companys liability to terminate all the agreements amounts to R$119,921.
(i) Contingent payments
The Management considers additional amounts paid as variable rental as contingent payments, defined by leasing agreement clause, corresponding to 0.5% and 2.5% over sales of the respective store.
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Contingent payments recognized as expense during the period |
193,326 |
|
185,676 |
|
305,369 |
|
248,909 |
(ii) Option conditions to renew or purchase and adjustment clauses
The terms of the Companys rental agreements for the quarter ended September 30, 2010 vary between 5 and 25 years and the agreement may be renewed according to the specific law. Agreements are periodically adjusted according to inflation indexes.
b) Financial lease liabilities
Leasing agreements classified as financial leasing amount to R$165,831 at September 30, 2010 (R$169,063 at June 30, 2010) for the Parent Company and for the Consolidated, R$222,738 at September 30, 2010 (R$229,917 at June 30, 2010), according to the chart below:
86
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
23. Leasing operations (Continued)
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
6.30.2010 |
|
9.30.2010 |
|
6.30.2010 |
Gross liabilities from financial leasing minimum lease payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 1 year |
12,661 |
|
14,995 |
|
27,737 |
|
30,264 |
|
|
|
|
|
|
|
|
Over than 1 year and less than 5 years |
13,380 |
|
12,638 |
|
27,704 |
|
30,147 |
|
|
|
|
|
|
|
|
Over 5 years |
30,019 |
|
30,166 |
|
38,232 |
|
38,467 |
|
|
|
|
|
|
|
|
Present value of financial lease agreements |
56,060 |
|
57,799 |
|
93,673 |
|
98,878 |
|
|
|
|
|
|
|
|
Future financial charges on financial leasing |
109,771 |
|
111,264 |
|
129,101 |
|
131,039 |
|
|
|
|
|
|
|
|
Gross value of financial lease agreements |
165,831 |
|
169,063 |
|
222,775 |
|
229,917 |
(i) Contingent payments
The Management considers additional amounts paid as variable rental as contingent payments, defined in the clauses of the rental agreements, corresponding to 0.5% and 2.5% over sales.
|
Parent Company |
|
Consolidated | ||||
|
9.30.2010 |
|
9.30.2009 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Contingent payments recognized as expenses during the year |
2,529 |
|
2,444 |
|
3,950 |
|
3,782 |
(ii) Option conditions to renew or purchase and adjustment clauses
The terms of the Companys rental agreements in the quarter ended at September 30, 2010 vary between 5 and 25 years and the agreement may be renewed according to the specific law.
For leasing operations which cannot be cancelled with purchase option clause by residual value, and option of which will be certainly exercised, the Company takes into account the amount necessary to exercise said option for the purpose of calculating the monthly amortization amount, considering depreciation rates varying between 5% and 20%. The measurement of values is in line with CPC 06.
24. Private Pension Plan of Defined Contribution
The Company maintains a supplementary private pension plan of defined contribution to meet the needs of its employees, by contracting the financial institution Brasilprev Seguros e Previdência S.A. for management purposes. When establishing the Plan, the Company provides monthly contributions on behalf of its employees on account of services rendered to the Company. Contributions made by the Company at September 30, 2010, amounted to R$1,725 (R$1,426 at September 30, 2009), employees contributions amounted to R$2,535 (R$2,186 at September 30, 2009) with 899 participants (848 at September 30, 2009).
87
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
25. Statement of EBITDA Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) (unaudited)
|
Parent Company | ||||||
|
|
|
|
|
|
|
|
|
3Q10 |
|
3Q09 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Operating income |
160,244 |
|
140,502 |
|
408,388 |
|
441,226 |
|
|
|
|
|
|
|
|
(+) Net financial expenses |
75,639 |
|
24,008 |
|
206,594 |
|
109,821 |
(+) Equity accounting |
(13,054) |
|
34,343 |
|
(86,687) |
|
3,401 |
(+) Depreciation and amortization |
90,451 |
|
85,452 |
|
267,930 |
|
249,930 |
(+) Other operating income |
13,252 |
|
(7,306) |
|
89,581 |
|
(7,413) |
|
|
|
|
|
|
|
|
EBITDA |
326,532 |
|
276,999 |
|
885,806 |
|
796,965 |
Net revenue from sales |
3,675,196 |
|
3,484,001 |
|
11,277,232 |
|
10,114,407 |
% EBITDA |
8.9% |
|
8.0% |
|
7.9% |
|
7.9% |
|
Consolidated | ||||||
|
|
|
|
|
|
|
|
|
3Q10 |
|
3Q09 |
|
9.30.2010 |
|
9.30.2009 |
|
|
|
|
|
|
|
|
Operating income |
171,815 |
|
137,168 |
|
434,667 |
|
455,317 |
|
|
|
|
|
|
|
|
(+) Net financial expenses |
191,725 |
|
64,711 |
|
465,185 |
|
196,984 |
(+) Equity accounting |
(11,741) |
|
(1,588) |
|
(35,990) |
|
(8,884) |
(+) Depreciation and amortization |
128,439 |
|
122,931 |
|
381,075 |
|
336,446 |
(+) Other operating income |
13,224 |
|
26,775 |
|
53,817 |
|
27,562 |
|
|
|
|
|
|
|
|
EBITDA |
493,462 |
|
349,997 |
|
1,298,754 |
|
1,007,425 |
Net revenue from sales |
7,100,355 |
|
6,151,015 |
|
21,051,753 |
|
15,799,311 |
% EBITDA |
6.9% |
|
5.7% |
|
6.2% |
|
6.4% |
88
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
06.01 NOTES TO THE FINANCIAL STATEMENTS
26. Statement of Value Added
|
Parent Company |
|
|
Consolidated |
| ||||
Description |
9.30.2010 |
% |
9.30.2009 |
% |
|
9.30.2010 |
% |
9.30.2009 |
% |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
Sales of goods |
12,506,704 |
|
11,382,408 |
|
|
23,540,650 |
|
17,864,000 |
|
Losses with doubtful accounts |
(5,274) |
|
(9,887) |
|
|
(3,419) |
|
(15,367) |
|
Other revenues/expenses |
(10,616) |
|
65,637 |
|
|
69,528 |
|
76,198 |
|
|
12,490,814 |
|
11,438,158 |
|
|
23,606,759 |
|
17,924,831 |
|
Inputs acquired from third parties |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
(9,023,833) |
|
(7,514,590) |
|
|
(17,729,405) |
|
(13,009,964) |
|
Materials, electricity, third parties services and other |
(983,329) |
|
(849,870) |
|
|
(1,819,698) |
|
(1,242,927) |
|
|
(10,007,162) |
|
(8,364,460) |
|
|
(19,549,103) |
|
(14,252,891) |
|
|
|
|
|
|
|
|
|
|
|
Gross added value |
2,483,652 |
|
3,073,698 |
|
|
4,057,657 |
|
3,671,940 |
|
|
|
|
|
|
|
|
|
|
|
Retentions |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
(267,930) |
|
(249,930) |
|
|
(381,075) |
|
(336,446) |
|
|
|
|
|
|
|
|
|
|
|
Net added value produced by entity |
2,215,722 |
|
2,823,768 |
|
|
3,676,582 |
|
3,335,494 |
|
|
|
|
|
|
|
|
|
|
|
Received in transfer |
|
|
|
|
|
|
|
|
|
Equity accounting |
86,687 |
|
(3,401) |
|
|
35,990 |
|
8,884 |
|
Minority interest |
- |
|
- |
|
|
28,218 |
|
(22,829) |
|
Financial revenues |
182,218 |
|
179,076 |
|
|
221,774 |
|
193,438 |
|
|
268,905 |
|
175,675 |
|
|
285,982 |
|
179,493 |
|
|
|
|
|
|
|
|
|
|
|
Total added value to distribute |
2,484,627 |
|
2,999,443 |
|
|
3,962,564 |
|
3,514,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees |
994,668 |
40% |
868,433 |
29.0% |
|
1,628,260 |
41.1% |
1,269,545 |
36.1% |
Salaries |
680,047 |
27.4% |
592,680 |
19.8% |
|
1,144,993 |
28.9% |
894,974 |
25.5% |
Profit sharing |
17,976 |
0.7% |
7,309 |
0.2% |
|
29,582 |
0.7% |
9,580 |
0.3% |
Benefits |
236,783 |
9.5% |
216,681 |
7.2% |
|
353,947 |
8.9% |
292,881 |
8.3% |
FGTS |
59,862 |
2.4% |
51,763 |
1.7% |
|
99,738 |
2.5% |
72,110 |
2.1% |
Taxes, fees and contributions |
564,781 |
22.7% |
1,232,397 |
41.1% |
|
859,680 |
21.7% |
1,075,787 |
30.6% |
Federal |
322,198 |
13.0% |
674,386 |
22.5% |
|
538,512 |
13.6% |
522,000 |
14.9% |
State |
186,506 |
7.5% |
510,049 |
17.0% |
|
213,254 |
5.4% |
460,124 |
13.1% |
Municipal |
56,077 |
2.3% |
47,962 |
1.6% |
|
107,914 |
2.7% |
93,663 |
2.7% |
Financiers |
621,578 |
25.0% |
500,980 |
16.7% |
|
1,171,024 |
29.6% |
772,022 |
22.0% |
Interest |
388,812 |
15.6% |
288,896 |
9.6% |
|
686,957 |
17.3% |
387,309 |
11.0% |
Rentals |
232,766 |
9.4% |
212,084 |
7.1% |
|
484,067 |
12.2% |
384,713 |
10.9% |
Dividends |
- |
0.0% |
- |
0.0% |
|
- |
0.0% |
- |
0.0% |
Profit retention |
303,600 |
12.2% |
397,633 |
13.3% |
|
303,600 |
7.7% |
397,633 |
11.3% |
|
|
|
|
|
|
|
|
|
|
Total added value distributed |
2,484,627 |
|
2,999,443 |
|
|
3,962,564 |
|
3,514,987 |
|
27.Subsequent Event
On October 19, 2010, the Board of Directors of the Company approved the terms of receivables securitization fund ("Globex FIDC") as agreed at its meeting on 1 December 2009 whose purpose is to acquire credit rights originated by the Company and / or companies controlled. The implementation of the FDIC is conditional upon registration of the offering in the Comissão de Valores Mobiliários, which should happen later in November of this year.
Partnership with Casas Bahia
The effects referring to the Partnership Agreement between GPA and Casa Bahia are mentioned in the Note 1(e).
89
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
07.01 COMMENTS ON THE COMPANY PERFORMANCE DURING THE QUARTER
See Item 12.01 - Comments on the consolidated performance during the quarter
90
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
São Paulo, Brazil, November 10, 2010 Grupo Pão de Açúcar (BM&FBOVESPA: PCAR5; NYSE: CBD) announces its results for the 3rd quarter of 2010 (3Q10). The Companys operating and financial information was prepared in accordance with the accounting practices adopted in Brazil and Brazilian Corporate Law, and is presented in Brazilian Reais, as follows: (i) on a consolidated basis, which includes the full operating and financial results of Sendas Distribuidora and Assaí Atacadista and, as of the third quarter of 2009, Globex Utilidades S.A.; and (ii) on a GPA Food basis, which entirely excludes the operating and financial results of Globex Utilidades S.A., pursuant to current Corporate Law (Law 6404). All comparisons are with the third quarter of 2009 (3Q09), except where stated otherwise. The information about the 3Q09 and 9M09 has not been reviewed by the auditors.
| |
In 3Q10, consolidated gross sales totaled R$7,939.6 million and EBITDA stood at R$493.5 million, 41.8% up on 3Q09, with EBITDA margin of 7.0% | |
CONSOLIDATED
Also in 3Q10, GPA Foods gross and net sales grew by 10.0% and 10.1% respectively
|
GPA FOOD
|
|
91
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
(1) Same-store concept - includes only those stores that have been operational for at least 12 months, therefore including the Ponto Frio stores as of this quarter.
Financial and Operating Highlights | |||||||||||
3Q10 consolidated ( inc. Globex) |
3Q09 consolidated ( inc. Globex) |
Chg. | 9M10 consolidated ( inc. Globex) |
9M09 consolidated ( inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Gross Sales | 7,939.6 | 6,866.3 | 15.6% | 23,540.7 | 17,799.0 | 32.3% | |||||
Net Sales | 7,100.4 | 6,088.2 | 16.6% | 21,051.8 | 15,736.5 | 33.8% | |||||
Gross Profit | 1,744.2 | 1,448.3 | 20.4% | 5,051.4 | 3,891.9 | 29.8% | |||||
Gross Margin - % | 24.6% | 23.8% | 80 bps(2) | 24.0% | 24.7% | -70 bps(2) | |||||
Total Operating Expenses | 1,250.8 | 1,100.2 | 13.7% | 3,752.6 | 2,886.5 | 30.0% | |||||
% of Net Sales | 17.6% | 18.1% | -50 bps(2) | 17.8% | 18.3% | -50 bps(2) | |||||
EBITDA | 493.5 | 348.1 | 41.8% | 1,298.8 | 1,005.5 | 29.2% | |||||
EBITDA Margin - % | 7.0% | 5.7% | 130 bps(2) | 6.2% | 6.4% | -20 bps(2) | |||||
Income before Income Tax | 171.8 | 127.3 | 35.0% | 434.7 | 445.4 | -2.4% | |||||
Net Income | 115.1 | 164.6 | -30.1% | 303.6 | 391.2 | -22.4% | |||||
Net Margin - % | 1.6% | 2.7% | -110 bps(2) | 1.4% | 2.5% | -110 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off. | |||||||||||
(2) basis points |
Sales performance
Gross sales grew by 10.0% in the quarter
GPA FOOD
(R$ million)(1) | 3Q10 ( exc. Globex) |
3Q09 ( exc. Globex) |
Chg. | 9M10 ( exc. Globex) |
9M09 ( exc. Globex) |
Chg. | |||||
Gross Sales | 6,219.4 | 5,652.3 | 10.0% | 18,849.6 | 16,585.0 | 13.7% | |||||
Net Sales | 5,585.9 | 5,074.3 | 10.1% | 16,943.8 | 14,722.6 | 15.1% | |||||
(1) Totals may not tally as the figures are rounded off |
In the third quarter of 2010, Grupo Pão de Açúcars gross sales increased by 10.0% over the same period last year to R$6,219.4 million, while net sales climbed by 10.1% to R$5,585.9 million.
In same-store terms (i.e. stores that have been operational for at least 12 months), gross sales grew by 7.7%, giving real growth of 3.0% when deflated by the IPCA consumer price index. Net sales recorded nominal growth of 7.8%.
Also on a same-store basis, gross food sales grew by 7.6% in the period, with beverages and personal care & household cleaning products doing particularly well. Non-food sales climbed by 7.8%, led by the general merchandise and textile category, which recorded higher increases than the non-food average.
It is worth noting that same-store non-food sales would have moved up by 13.1% if fuel sales, which fell by 11.6% year-on-year and accounted for 4% of total sales, had been excluded.
92
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
The Groups best-performing formats were Assaí and Extra Supermercados, which posted gross same-store sales growth of 19.6% and 24.1% respectively, thanks to a higher customer flow and an increase in the average ticket. In addition, new strategies to increase the number of products per ticket were implemented in all formats.
In the first nine months of 2010, GPA reported gross sales of R$18,849.6 million and net sales of R$16,943.8 million, 13.7% and 15.1% up, respectively, on the first nine months of 2009.
In same-store terms, gross sales climbed by 10.4%, giving real growth of 5.2% when deflated by the IPCA, while net sales recorded nominal growth of 11.7%. Sales of food and non-food products increased by 9.6% and 13.1%, respectively.
In 4Q10, the Company reaffirmed its commitment to its GPA Food gross sales guidance of R$26.0 billion in 2010.
CONSOLIDATED
3Q10 consolidated (inc. Globex) |
3Q09 consolidated (inc. Globex) |
Chg. | 9M10 consolidated (inc. Globex) |
9M09 consolidated (inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Gross Sales | 7,939.6 | 6,866.3 | 15.6% | 23,540.7 | 17,799.0 | 32.3% | |||||
Net Sales | 7,100.4 | 6,088.2 | 16.6% | 21,051.8 | 15,736.5 | 33.8% | |||||
(1) Totals may not tally as the figures are rounded off |
In the third quarter, GPAs consolidated gross sales grew by 15.6% year-on-year to R$7,939.6 million, while net sales moved up by 16.6% to R$7,100.4 million.
In same-store terms(4) (i.e. stores that have been operational for at least 12 months, therefore including those Ponto Frio stores that meet this criterion as of this quarter), gross sales grew by 12.5%, giving real growth of 7.2% when deflated by the IPCA. Net sales recorded nominal growth of 13.1% year-on-year.
In the first nine months, GPA recorded consolidated gross and net sales of R$23,540.7 million and R$21,051.8 million, up by 32.3% and 33.8%, respectively, on the same period last year.
GPAs consolidated gross sales guidance for 2010 is R$33.0 billion and, given the year-to-date results, we expect to reach this target.
(3) Like ABRAS (the Brazilian Supermarket Association), the Company has adopted the IPCA consumer price Index as its inflation indicator, since it gives a more accurate reflection of the Companys product and brand mix.
(4) Ponto Frios same-store concept includes physical and electronic/wholesale sales.
93
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Gross Profit
Gross profit, excluding Globex, came to R$1,443.9 million, growth of 12.1% in the quarter.
GPA FOOD
3Q10 consolidated ( inc. Globex) |
3Q09 consolidated ( inc. Globex) |
Chg. | 9M10 consolidated ( inc. Globex) |
9M09 consolidated ( inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Gross Profit | 1,443.9 | 1,287.6 | 12.1% | 4,248.6 | 3,731.2 | 13.9% | |||||
Gross Margin - % | 25.9% | 25.4% | 50 bps(2) | 25.1% | 25.3% | -20 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points |
In the third quarter, GPAs gross profit totaled R$1,443.9 million, 12.1% up year-on-year, accompanied by a gross margin of 25.9%, up by 50 bps over 3Q09 and also an improvement over the 24.8% recorded in 2Q10. Excluding Assaí, GPAs gross margin would have come to 27.5%, 80 bps higher than 3Q09.
The main factors contributing to the year-on-year improvement were:
(i) more advantageous negotiations with suppliers;
(ii) improved operational management; and
(iii) implementation of a pricing management tool.
In the first nine months, gross profit amounted to R$4,248.6 million, 13.9% up on the same period last year, accompanied by a gross margin of 25.1%, 20 bps less than the 25.3% recorded in 9M09, also impacted by the change in the ICMS tax substitution regime.
CONSOLIDATED
3Q10 co nso lid at ed ( inc. Glo bex) |
3Q09 conso lid at ed ( inc. Glo bex) |
C hg. | 9M10 co nso lid at ed ( inc. Glo bex) |
9M09 co nso lid at ed ( inc. Glo bex) |
C hg. | ||||||
(R$ million)(1) | |||||||||||
Gross Profit | 1,744.2 | 1,448.3 | 20.4% | 5,051.4 | 3,891.9 | 29.8% | |||||
Gross Margin - % | 24.6% | 23.8% | 80 bps(2) | 24.0% | 24.7% | -70 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points |
In the third quarter, consolidated gross profit came to R$1,744.2 million, with a margin of 24.6%, 80 bps more than the 23.8% recorded in 3Q09 despite the increased share of electronics/household appliances in the product mix. These items have lower margins than food products.
In the first nine months, gross profit totaled R$5,051.4 million, a 29.8% improvement over the first nine months of 2009, while the gross margin stood at 24.0%.
94
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Total Operating Expenses
Operating expenses, excluding Globex, remained stable in the quarter,
accounting for 18.4% of net sales
GPA FOOD
3Q10 ( exc. Globex) |
3Q09 ( exc. Globex) |
Chg. | 9M10 ( exc. Globex) |
9M09 ( exc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Selling Expenses | 863.2 | 784.1 | 10.1% | 2,601.9 | 2,296.4 | 13.3% | |||||
Gen. Adm. Exp. | 164.4 | 147.1 | 11.7% | 493.4 | 421.1 | 17.2% | |||||
Total Operating Expenses | 1,027.5 | 931.2 | 10.3% | 3,095.3 | 2,717.5 | 13.9% | |||||
% of Net Sales | 18.4% | 18.4% | 0 bps(2) | 18.3% | 18.5% | -20 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points | |||||||||||
(3) Reclassification in Selling, General and Administrative Expenses in 2009 |
The Selling and General and Administrative Expenses lines were reclassified in 2009 in order to allow for better comparisons.
In the third quarter, total operating expenses (including selling, general and administrative expenses) increased by 10.3% year-on-year to R$1,027.5 million, chiefly due to four factors:
(i) higher personnel and social benefit expenses;
(ii) increased expenses with advertising and marketing;
(iii) expenses with technology to support business expansion in the coming years; and
(iv) opening of new stores
Despite these upturns, GPA managed to maintain operating expenses at 18.4% as a percentage of net sales, same level as presented in 3Q09, which demonstrates dilution of other expenses.
In the first nine months, total operating expenses came to R$3,095.3 million, 13.9% more than in 9M09, representing 18.3% of net sales, 20 bps less than the 18.5% recorded in the same period last year.
CONSOLIDATED
3Q10 consolidated ( inc. Globex) |
3Q09 consolidated ( inc. Globex) |
Chg. | 9M10 consolidated ( inc. Globex) |
9M09 consolidated ( inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Selling Expenses | 1,063.5 | 943.8 | 12.7% | 3,180.8 | 2,456.0 | 29.5% | |||||
Gen. Adm. Exp. | 187.3 | 156.5 | 19.7% | 571.8 | 430.4 | 32.8% | |||||
Total Operating Expenses | 1,250.8 | 1,100.2 | 13.7% | 3,752.6 | 2,886.5 | 30.0% | |||||
% of Net Sales | 17.6% | 18.1% | -50 bps(2) | 17.8% | 18.3% | -50 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points | |||||||||||
(3) Reclassification in Selling, General and Administrative Expenses in 2009 |
95
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
The Selling and General and Administrative Expenses lines were reclassified in 2009 in order to allow for better comparisons.
In the third quarter, operating expenses amounted to R$1,250.8 million, equivalent to 17.6% of net sales, 50 bps less than in 3Q09.
In the first nine months, total operating expenses stood at R$3,752.6 million, equivalent to 17.8% of net sales, 50 bps down year-on-year.
EBITDA
GPA Foods EBITDA margin came to 7.5% in the quarter
GPA FOOD
3Q10 ( exc. Globex) |
3Q09 ( exc. Globex) |
Chg. | 9M10 ( exc. Globex) |
9M09 ( exc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
EBITDA | 416.4 | 356.3 | 16.9% | 1,153.4 | 1,013.8 | 13.8% | |||||
EBITDA Margin - % | 7.5% | 7.0% | 50 bps(2) | 6.8% | 6.9% | -10 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points |
In the third quarter, EBITDA totaled R$416.4 million, 16.9% up year-on-year, outpacing period sales growth of 10.0% thanks to the increase in gross profit and the expense dilution, as mentioned previously. The EBITDA margin stood at 7.5%, 50 bps up on 3Q09 and the Groups best EBITDA margin of the year.
GPAs EBITDA excluding Assaí came to R$390.7 million, up by 13.6%, with a margin of 8.1%, 60 bps more than the
7.5% reported in 3Q09.
EBITDA Margin
96
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Assaí recorded an EBITDA margin of 3.5% in 3Q10, 10 bps more than in 3Q09 (further details in the section on Assaí).
In the first nine months, EBITDA totaled R$1,153.4 million, growth of 13.8%, with a margin of 6.8%, versus 6.9% in 9M09.
CONSOLIDATED
3Q10 consolidated ( inc. Globex) |
3Q09 consolidated ( inc. Globex) |
Chg. | 9M10 consolidated ( inc. Globex) |
9M09 consolidated ( inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
EBITDA | 493.5 | 348.1 | 41.8% | 1,298.8 | 1,005.5 | 29.2% | |||||
EBITDA Margin - % | 7.0% | 5.7% | 130 bps(2) | 6.2% | 6.4% | -20 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points |
In the third quarter, consolidated EBITDA stood at R$493.5 million, 41.8% up on 3Q09, with a margin of 7.0%, a 130 bps improvement over 3Q09.
In the first nine months, EBITDA amounted to R$1,298.8 million, with a margin of 6.2%.
The Company is reaffirming its beginning-of-year guidance of exceeding EBITDA of R$1.8 billion by year-end.
Net Financial Result
Financial result increases due to higher net debt in the period
GPA FOOD
3Q10 ( exc. Globex) |
3Q09 ( exc. Globex) |
Chg. | 9M10 ( exc. Globex) |
9M09 ( exc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Financ. Revenue | 75.0 | 66.0 | 13.7% | 212.0 | 186.9 | 13.4% | |||||
Financ. Expenses | (177.1) | (113.9) | 55.5% | (483.3) | (367.2) | 31.6% | |||||
Net Financial Income | (102.1) | (47.9) | 113.0% | (271.3) | (180.2) | 50.5% | |||||
(1) Totals may not tally as the figures are rounded off |
In the third quarter, the net financial expense came to R$102.1 million, equivalent to 1.8% of net sales, chiefly due to the increase in the net debt from R$597 million in 3Q09 to R$1,788 million in 3Q10 and the period upturn in the SELIC base rate (see page 7 below, Net Debt)
The net financial expense of R$102.1 million in 3Q10 was the result of three factors:
(i) interest on the net bank debt totaling R$54.4 million, representing 1.0% of net sales, 30 bps higher than the 2Q10 ratio, fueled by the period increase in net debt and the SELIC base rate.
(ii) Discounted receivables of R$28.2 million, equivalent to 0.5% of net sales, in line with the 2Q10 figure, despite the increase in the SELIC base rate. The average term is of 36 days and an average cost of 109.5% of CDI.
97
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
(iii) Other assets and liabilities restated by the CDI rate (i.e. taxes paid in installments and court deposits included in the balance sheet), totaling R$19.5 million, equivalent to 0.3% of net sales.
Net Debt
Net debt increased, as shown in the graph below, mainly due to: (i) expenditure of R$598 million on acquisitions, including R$471 million paid to Globexs shareholders; (ii) investments of R$98 million in the expansion of Assaí; and (iii) a R$194 million loan with Globex.
(1) end of period
In the first nine months, the net financial expense was R$271.3 million, 50.5% higher than the 3Q09 expense.
CONSOLIDATED
3Q10 consolidated ( inc. Globex) |
3Q09 consolidated ( inc. Globex) |
Chg. | 9M10 consolidated ( inc. Globex) |
9M09 consolidated ( inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Financ. Revenue | 77.4 | 69.0 | 12.2% | 221.8 | 190.0 | 16.7% | |||||
Financ. Expenses | (269.2) | (136.4) | 97.3% | (687.0) | (389.7) | 76.3% | |||||
Net Financial Income | (191.7) | (67.4) | 184.3% | (465.2) | (199.7) | 132.9% | |||||
(1) Totals may not tally as the figures are rounded off |
In the third quarter, GPAs consolidated net financial expense was R$191.7 million, equivalent to 2.7% of net sales.
It is worth noting the recognition of R$18.0 million in non-recurring costs from Globex this quarter, due to the change in the criterion for booking the cost of discounted receivables, which are now recognized in the same month as the discount.
Excluding this non-recurring effect, the net financial expense would have been R$173.7 million, equivalent to 2.4% of net sales.
98
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
In the first nine months, the net financial expense came to R$465.2 million, or R$415.2 million excluding the non-recurring effect of R$ 50.0 million in 9M10.
Equity Income
FICs result came to R$11.7 million in the quarter
CONSOLIDATED
Since the third quarter of 2009, FIC (Financeira Itaú CBD) has also been operating Globex's credit cards and, given their respective shareholders equities, GPA now retains a 36% interest in FIC, excluding Globex, while Globex retains a 14% stake. GPAs consolidated interest in FIC remains at 50%.
In the third quarter, FIC, including Globexs operations, accounted for 15.0% of total sales, closing the period with 7.4 million clients. Default remained under control, thanks to a rigorous credit-granting policy.
As a result, FICs equity income was R$11.7 million, six times more than the same period a year earlier. Of this total, R$9.5 million went to GPA and R$2.3 million to Globex.
This performance was in line with the Groups strategy of increasing the FIC cards share of sales, making it the best payment option in the stores and e-commerce operations, with exclusive benefits and advantages for card-holders.
In the first nine months, equity income, including Globexs operations, totaled R$36.0 million, of which R$26.4 million went to GPA and R$9.6 million to Globex.
Net Income
GPA Foods net income totaled R$138.0 million in 3Q10
GPA FOOD
3Q10 ( exc. Globex) |
3Q09 ( exc. Globex) |
Chg. | 9M10 ( exc. Globex) |
9M09 ( exc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Net Income | 138.0 | 206.7 | -33.3% | 349.9 | 433.3 | -19.3% | |||||
Net Margin - % | 2.5% | 4.1% | -160 bps(2) | 2.1% | 2.9% | -90 bps(2) | |||||
Tax Installments | 2.2 | - | - | 72.3 | - | - | |||||
ZBB Restructuring | 6.3 | - | - | 6.3 | - | - | |||||
Income Tax | (2.3) | - | - | (10.4) | - | - | |||||
Minority Interest | (0.6) | - | - | (18.1) | - | - | |||||
Non-recurring Result(2) | - | (52.2) | - | - | (52.2) | - | |||||
Adjusted Net Income | 143.6 | 154.5 | -7.1% | 400.0 | 381.1 | 4.9% | |||||
Adjusted Net Margin - % | 2.6% | 3.0% | -40 bps(2) | 2.4% | 2.6% | -20 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points |
99
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
In the third quarter, net income came to R$138.0 million and the net margin stood at 2.5%.
It is worth noting that if we exclude the non-recurring effects in 3Q10 (REFIS complement in Rio de Janeiro of a negative R$2.2 million and restructuring expenses from the ZBB process totaling a negative R$6.3 million), the adjusted net income totaled R$143.6 million.
In the first nine months, net income totaled R$349.9 million, equivalent to 2.1% of net sales. Excluding non-recurring items in 9M10, net income would have increased by 4.9% to R$400.0 million.
CONSOLIDATED
3Q10 consolidated ( inc. Globex) |
3Q09 consolidated ( inc. Globex) |
Chg. | 9M10 consolidated ( inc. Globex) |
9M09 consolidated ( inc. Globex) |
Chg. | ||||||
(R$ million)(1) | |||||||||||
Net Income | 115.1 | 164.6 | -30.1% | 303.6 | 391.2 | -22.4% | |||||
Net Margin - % | 1.6% | 2.7% | -110 bps(2) | 1.4% | 2.5% | -110 bps(2) | |||||
Tax Installments | 2.2 | - | - | 66.7 | - | - | |||||
ZBB Restructuring | 6.3 | - | - | 6.3 | - | - | |||||
Income Tax | (2.3) | - | - | (8.5) | - | - | |||||
Minority Interest | (0.6) | - | - | (18.1) | - | - | |||||
Non-recurring Result(2) | - | (52.2) | - | - | (52.2) | - | |||||
Changing in Recognition of Receivables | 11.9 | - | - | 33.0 | - | - | |||||
Adjusted Net Income | 132.6 | 112.4 | 18.0% | 383.0 | 339.0 | 13.0% | |||||
Adjusted Net Margin - % | 1.9% | 1.8% | 10 bps(2) | 1.8% | 2.2% | -40 bps(2) | |||||
(1) Totals may not tally as the figures are rounded off | |||||||||||
(2) basis points |
In the third quarter, consolidated net income stood at R$115.1 million, accompanied by a net margin of 1.6%, impacted by GPA and Globexs net financial expenses. Excluding non-recurring effects in 3Q10, net income totaled R$ 132.6 million.
In the first nine months, consolidated net income came to R$303.6 million, equivalent to 1.4% of net sales.
Excluding non-recurring items in 9M10, net income totaled R$383.0 million.
Assaí Atacadista
In the quarter, EBITDA totaled R$25.6 million, 46.9% up on 3Q09
In the third quarter, Assaí recorded gross sales of R$816.2 million, including the stores in São Paulo, Ceará, Rio de Janeiro, Pernambuco and Tocantins(6), 47.5% up on 3Q09, fueled by the sales of new channels, organic growth, conversion of stores, and the formats improved operating result. Net sales accompanied the gross sales growth, climbing to R$736.5 million.
Gross profit totaled R$108.5 million, with a margin of 14.7%, 10 bps up on 3Q09.
100
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Total operating expenses came to R$82.9 million, equivalent to 11.3% of net sales, very close to the 3Q09 ratio, but 80 bps down on 2Q10.
EBITDA amounted to R$25.6 million, 46.9% up on 3Q09, with a margin of 3.5%, i.e. up by 100 bps, evidence of an improved operating performance despite the new stores under maturation.
In the first nine months (6), Assaí posted gross sales of R$2,237.3 million and net sales of R$2,021.1 million, 49.2% and 49.6% up, respectively, on 9M09.
Gross profit totaled R$288.0 million, with a margin of 14.2%, 10 bps down on the 14.3% margin recorded in 9M09, due to investments in competitive pricing at the beginning of 2010.
Total operating expenses came to R$227.6 million, representing 11.3% of net sales, 90 bps less than the same period last year.
EBITDA stood at R$60.4 million, 143.9% up year-on-year, with a margin of 3.0%, a 120 bps improvement.
(6) The Tocantins store was included in the figures for all months in 2010.
Globex Utilidades S.A.
In same-store terms, gross sales increased by 39.9%
In the third quarter, gross sales came to R$ 1,720.1 million, 41.7% up on the same period in 2009, while net sales grew by 49.3% to R$ 1,514.5 million.
Gross profit stood at R$300.3 million, 86.9% up on the same period last year, with a gross margin of 19.8%, a 400 bps improvement.
Total operating expenses came to R$223.2million, representing 14.7% of net sales, a 190 bps reduction compared to the 3Q09.
EBITDA was a positive R$77.1 million, with a margin of 5.1%, versus a negative R$8.3 million in 3Q09.
The net financial result was a negative R$89.6 million. It is worth noting that, in this quarter, there was a non-recurring expense of R$18.0 million due to the change in the criterion for booking the cost of discounted receivables. Excluding this effect, the net financial expense would reach R$71.6 million, representing 4.7% of net sales.
Equity income, considering Globexs 14% interest in FIC, came to R$2.3 million. This performance was in line with the strategy of increasing the FIC cards share of sales, making it the best payment option in the Groups stores and e-commerce operations, with exclusive benefits and advantages for card-holders.
The net result was a loss of R$18.3 million, a R$25.9 million improvement over the loss recorded in 3Q09.
Globex's investments totaled R$9.4 million, less than the R$15.9 million recorded in 3Q09. The reduction was due to the Companys decision to concentrate first on capitalizing the existing assets and maximizing the synergies with Casas Bahia.
101
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FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Investments
GPA invested R$293.1 million in 3Q10
GPA FOOD
In the third quarter, GPA invested a total of R$293.1 million in 3Q10, versus R$215.7 million in 3Q09.
The main quarterly investments were:
· R$93.7 million in the opening and construction of new stores and the acquisition of strategic sites;
· R$110.6 million in store renovations and conversions;
· R$88.7 million in infrastructure (technology and logistics) and others.
In the first nine months, the Group invested R$682.5 million, 58.8% more than in 9M09. Investments should reach R$1.3 billion by year-end.
In this quarter, ten new stores were opened in the quarter: 2 Extra Supermercado stores, 5 Extra Fácil stores and 2 Assaí stores in São Paulo and 1 Extra Hipermercado in Piauí. In addition, 1 CompreBem store was converted into an Assaí store and 12 CompreBem stores were converted into Extra Supermercado format in São Paulo, 6 Sendas stores were converted into Extra Supermercados in Rio de Janeiro, 1 Extra Hipermercado store was converted into the Assaí format in São Paulo, and 2 Sendas stores were converted into Assaí stores in Rio de Janeiro. It is worth noting that the sales area expanded by 1.0% in 3Q10 and 2.5% in 9M10.
By the end of 2010, GPA expects to record sales area growth of 7.0% over 2009, giving a total sales area of 1.5 million sq.m., which includes the opening of 5 more Extra Hipermercado stores and 9 Assaí stores in 4Q10.
Dividend Payments
R$19.6 million to be paid as dividends in the quarter
On November 10, 2010, the Board of Directors approved the prepayment of interim dividends of R$0.08 per class A preferred share and R$ 0.0727272 per common share. Dividends in 3Q10 will total R$19.6 million, in accordance with the Companys Dividend Payment Policy, approved by the Board of Directors Meeting of August 3, 2009.
As for the fourth quarter, after the end of the fiscal year and the approval of the corresponding financial statements, the Company will pay shareholders the minimum mandatory dividends, calculated in accordance with Corporate Law, less the amounts prepaid throughout 2010.
102
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FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Dividends in relation to the third quarter of 2010 will be paid on December 1, 2010. Shareholders registered as such on November 17, 2010 will be entitled to receive the payment. As of November 18, 2010, shares will be traded ex-dividends until the payment date.
Breakdown of Gross Sales by Format (R$ thousand) | |||||
1st Half | 2010 | % | 2009 | % | Var.(%) |
Pão de Açúcar | 2,308,844 | 14.8% | 2,027,815 | 18.5% | 13.9% |
Extra(1)(4) | 6,311,891 | 40.5% | 5,489,982 | 50.2% | 15.0% |
CompreBem | 1,389,530 | 8.9% | 1,374,412 | 12.6% | 1.1% |
Extra Eletro | 247,827 | 1.6% | 200,912 | 1.8% | 23.4% |
Sendas(2) | 951,064 | 6.1% | 893,880 | 8.2% | 6.4% |
Assai | 1,421,073 | 9.1% | 945,662 | 8.6% | 50.3% |
Ponto Frio(3)(4) | 2,970,862 | 19.0% | - | - | - |
Grupo Pão de Açúcar | 15,601,091 | 100.0% | 10,932,663 | 100.0% | 42.7% |
GPA ex Ponto Frio | 12,630,229 | - | 10,932,663 | 100.0% | 15.5% |
3rd Quarter | 2010 | % | 2009 | % | Var.(%) |
Pão de Açúcar | 1,148,142 | 14.5% | 1,047,610 | 15.3% | 9.6% |
Extra(1) ( 4 ) | 3,096,612 | 39.0% | 2,848,103 | 41.5% | 8.7% |
CompreBem | 630,262 | 7.9% | 667,695 | 9.7% | -5.6% |
Extra Eletro | 116,156 | 1.5% | 107,536 | 1.6% | 8.0% |
Sendas(2 ) | 411,885 | 5.2% | 427,876 | 6.2% | -3.7% |
Assai | 816,356 | 10.3% | 553,521 | 8.1% | 47.5% |
Ponto Frio(3) ( 4 ) | 1,720,147 | 21.7% | 1,213,959 | 17.7% | 41.7% |
Grupo Pão de Açúcar | 7,939,559 | 100.0% | 6,866,301 | 100.0% | 15.6% |
GPA ex Ponto Frio | 6,219,412 | - | 5,652,342 | - | 10.0% |
9 Months | 2010 | % | 2009 | % | Var.(%) |
Pão de Açúcar | 3,456,986 | 14.7% | 3,075,425 | 17.3% | 12.4% |
Extra(1) ( 4 ) | 9,408,504 | 40.0% | 8,338,086 | 46.8% | 12.8% |
CompreBem | 2,019,791 | 8.6% | 2,042,107 | 11.5% | -1.1% |
Extra Eletro | 363,982 | 1.5% | 308,448 | 1.7% | 18.0% |
Sendas(2 ) | 1,362,949 | 5.8% | 1,321,756 | 7.4% | 3.1% |
Assai | 2,237,430 | 9.5% | 1,499,183 | 8.4% | 49.2% |
Ponto Frio(3) ( 4 ) | 4,691,009 | 19.9% | 1,213,959 | 6.8% | 286.4% |
Grupo Pão de Açúcar | 23,540,651 | 100.0% | 17,798,964 | 100.0% | 32.3% |
GPA ex Ponto Frio | 18,849,642 | - | 16,585,005 | - | 13.7% |
(1)Includes Extra Fácil and Extra Perto sales | |||||
(2)Sendas stores which are part of Sendas Distribuidora S/A | |||||
(3)Ponto Frio sales as of 3Q09 | |||||
(4)As of 2Q10, Extra.com.br sales are included in Globex operations |
103
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FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Breakdown of Net Sales by Format (R$ thousand) | |||||
1st Half | 2010 | % | 2009 | % | Var.(%) |
Pão de Açúcar | 2,082,736 | 14.9% | 1,805,418 | 18.7% | 15.4% |
Extra(1)(4) | 5,636,460 | 40.4% | 4,800,684 | 49.8% | 17.4% |
CompreBem | 1,286,195 | 9.2% | 1,244,518 | 12.9% | 3.3% |
Extra Eletro | 229,222 | 1.6% | 163,597 | 1.7% | 40.1% |
Sendas(2) | 838,698 | 6.0% | 786,187 | 8.1% | 6.7% |
Assai | 1,284,598 | 9.2% | 847,893 | 8.8% | 51.5% |
Ponto Frio(3)(4) | 2,593,488 | 18.6% | |||
Grupo Pão de Açúcar | 13,951,397 | 100.0% | 9,648,296 | 100.0% | 44.6% |
GPA ex Ponto Frio | 11,357,909 | - | 9,648,296 | 100.0% | 17.7% |
3rd Half | 2010 | % | 2009 | % | Var.(%) |
Pão de Açúcar | 1,032,590 | 14.5% | 940,922 | 15.5% | 9.7% |
Extra(1) ( 4 ) | 2,764,231 | 38.9% | 2,544,224 | 41.8% | 8.6% |
CompreBem | 582,625 | 8.2% | 613,891 | 10.1% | -5.1% |
Extra Eletro | 107,746 | 1.5% | 99,346 | 1.6% | 8.5% |
Sendas(2 ) | 361,989 | 5.1% | 373,054 | 6.1% | -3.0% |
Assai | 736,688 | 10.4% | 502,826 | 8.3% | 46.5% |
Ponto Frio(3 ) ( 4 ) | 1,514,486 | 21.3% | 1,014,498 | 16.7% | 49.3% |
Grupo Pão de Açúcar | 7,100,356 | 100.0% | 6,088,760 | 100.0% | 16.6% |
GPA ex Ponto Frio | 5,585,869 | - | 5,074,262 | - | 10.1% |
9 Months | 2010 | % | 2009 | % | Var.(%) |
Pão de Açúcar | 3,115,327 | 14.8% | 2,746,340 | 17.5% | 13.4% |
Extra(1) ( 4 ) | 8,400,692 | 39.9% | 7,344,908 | 46.7% | 14.4% |
CompreBem | 1,868,820 | 8.9% | 1,858,409 | 11.8% | 0.6% |
Extra Eletro | 336,967 | 1.6% | 262,943 | 1.7% | 28.2% |
Sendas(2 ) | 1,200,687 | 5.7% | 1,159,240 | 7.4% | 3.6% |
Assai | 2,021,286 | 9.6% | 1,350,718 | 8.6% | 49.6% |
Ponto Frio(3 ) ( 4 ) | 4,107,974 | 19.5% | 1,014,498 | 6.4% | 304.9% |
Grupo Pão de Açúcar | 21,051,753 | 100.0% | 15,737,057 | 100.0% | 33.8% |
GPA ex Ponto Frio | 16,943,779 | - | 14,722,559 | - | 15.1% |
(1)Includes Extra Fácil and Extra Perto sales | |||||
(2)Sendas stores which are part of Sendas Distribuidora S/A | |||||
(3)Ponto Frio sales as of 3Q09 | |||||
(4)As of 2Q10, Extra.com.br sales are included in Globex operations |
104
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FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
Sales Breakdown (% of Net Sales) | ||||
2010 | 2009 | |||
3rd Quarter | 9 Months | 3rd Quarter | 9 Months | |
Consolidated | Consolidated | Consolidated | Consolidated | |
( inc. Globex) | ( inc. Globex) | ( inc. Globex) | ( inc. Globex) | |
Cash | 46.7% | 46.5% | 47.6% | 48.9% |
Credit Card | 46.3% | 46.3% | 44.4% | 42.1% |
Food Voucher | 6.4% | 6.5% | 6.7% | 8.0% |
Credit | 0.6% | 0.7% | 1.3% | 1.0% |
Post-dated Checks | 0.2% | 0.2% | 0.8% | 0.8% |
Installment Sales | 0.4% | 0.5% | 0.5% | 0.3% |
2010 | 2009 | |||
3rd Quarter | 9 Months | 3rd Quarter | 9 Months | |
( exc. Globex) | ( exc. Globex) | ( exc. Globex) | ( exc. Globex) | |
Cash | 50.7% | 49.9% | 48.9% | 49.1% |
Credit Card | 40.9% | 41.7% | 42.2% | 41.7% |
Food Voucher | 8.1% | 8.1% | 8.1% | 8.3% |
Credit | 0.2% | 0.3% | 0.9% | 0.8% |
Post-dated Checks | 0.2% | 0.3% | 0.9% | 0.8% |
Installment Sales | 0.0% | 0.0% | 0.0% | 0.1% |
105
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FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
12.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER
3Q10 Results Conference Call
Thursday, November 11, 2010
Conference Call in Portuguese with simultaneous translation into English:
12:00 p.m. Brasília time | 9:00 a.m. New York time
Dial-in: +55 (11) 3301-3000
Code: GPA
A live webcast is available on the Companys site: www.grupopaodeacucar.com.br/ir/gpa. The replay can be accessed after the end of the Call by dialing +55 (11) 3127-4999 Code: 48529515
Investor Relations |
| |
Vitor Fagá vitor.faga@grupopaodeacucar.com.br
Marcel Rodrigues da Silva |
Juliana Palhares Mendes |
Investor Relations
Telephone: +55 (11) 3886-0421 Fax: +55(11) 3884-2677
E-mail: gpa.ri@grupopaodeacucar.com.br Website: www.grupopaodeacucar.com.br/ir/gpa |
Statements contained in this release relating to the business outlook of the Group, projections of operating and financial results and relating to the growth potential of the Group, constitute mere forecasts and were based on the expectations of Management in relation to the future of the Company. These expectations are highly dependent on changes in the market, on Brazils general economic performance, on the industry and on international markets, and are therefore subject to change
Grupo Pão de Açúcar operates 1,112 stores, 80 gas stations and 153 drugstores in 19 states and the Federal District. The Groups multi-format structure comprises supermarkets (Pão de Açúcar, Extra Supermercado, CompreBem and Sendas), hypermarkets (Extra), electronics/household appliance stores (Ponto Frio and Extra Eletro), convenience stores (Extra Fácil), atacarejo (wholesale/retail) (Assaí), and e-commerce operations (Extra.com.br, Pão de Açúcar Delivery and PontoFrio.com.br), gas stations and drugstores, as well as an extensive distribution network. Thanks to the recent association with Casas Bahia, the Group will add around 519 more points of sale and an e-commerce site (www.casasbahia.com.br). In 2009, the Group recorded gross sales of R$ 26.2 billion thanks to differentiated customer service and strong positioning in the countrys leading markets.
|
106
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FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
09.01 INTEREST IN SUBSIDIARIES AND/OR ASSOCIATED COMPANIES
1 - ITEM |
2 - NAME OF SUBSIDIARY/AFFILIATED COMPANY |
3 - CNPJ (Corporate Taxpayers ID) |
4 - CLASSIFICATION |
5 - PARTICIPATION IN CAPITAL OF INVESTEE - %
|
6 - INVESTORS SHAREHOLDERS' EQUITY - % | |
7 - TYPE OF COMPANY |
8 - NUMBER OF SHARES HELD IN CURRENT QUARTER
(in thousands) |
9 - NUMBER OF SHARES HELD IN PREVIOUS QUARTER
(in thousands) | ||||
01 |
NOVASOC COMERCIAL LTDA |
03.139.761/0001-17 |
PRIVATE SUBSIDIARY |
10.00 |
0.09 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
1 | ||||
02 |
SE SUPERMERCADOS LTDA |
01.545.828/0001-98 |
PRIVATE SUBSIDIARY |
24.23 |
24.22 | |
COMMERCIAL, INDUSTRY AND OTHER |
1,444,656 |
1,444,656 | ||||
03 |
SENDAS DISTRIBUIDORA S.A. |
06.057.223/0001-71 |
PRIVATE SUBSIDIARY |
57.43 |
-0.96 | |
COMMERCIAL, INDUSTRY AND OTHER |
607,084 |
607,084 | ||||
04 |
PA PUBLICIDADE LTDA |
04.565.015/0001-58 |
PRIVATE SUBSIDIARY |
99.99 |
0.05 | |
COMMERCIAL, INDUSTRY AND OTHER |
100 |
100 | ||||
06 |
BARCELONA COM. VAREJISTA ATACADISTA LTDA |
07.170.943/0001-01 |
PRIVATE SUBSIDIARY |
100.00 |
2.08 | |
COMMERCIAL, INDUSTRY AND OTHER |
15,010 |
15,010 | ||||
07 |
CBD HOLLAND B.V. |
. . / - |
PRIVATE SUBSIDIARY |
100.00 |
0.01 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
1 | ||||
08 |
CBD PANAMA TRADING CORP |
. . / - |
PRIVATE SUBSIDIARY |
100.00 |
0.07 | |
COMMERCIAL, INDUSTRY AND OTHER |
2 |
2 | ||||
107
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
09.01 INTEREST IN SUBSIDIARIES AND/OR ASSOCIATED COMPANIES
1 - ITEM |
2 - NAME OF SUBSIDIARY/AFFILIATED COMPANY |
3 - CNPJ (Corporate Taxpayers ID) |
4 - CLASSIFICATION |
5 - PARTICIPATION IN CAPITAL OF INVESTEE - %
|
6 - INVESTORS SHAREHOLDERS' EQUITY - % | |
7 - TYPE OF COMPANY |
8 - NUMBER OF SHARES HELD IN CURRENT QUARTER
(in thousands) |
9 - NUMBER OF SHARES HELD IN PREVIOUS QUARTER
(in thousands) | ||||
09 |
SAPER PARTICIPAÇÕES LTDA |
43.183.052/0001-53 |
PRIVATE SUBSIDIARY |
24.00 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
9 |
9 | ||||
10 |
XANTOCARPA PARTICIPAÇÕES LTDA |
10.246.989/0001-71 |
PRIVATE SUBSIDIARY |
100.00 |
0.06 | |
COMMERCIAL, INDUSTRY AND OTHER |
28,672 |
28,672 | ||||
11 |
VERDRA EMPREENDIMENTOS E PARTICIP. S.A. |
07.170.941/0001-12 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
9 |
9 | ||||
12 |
VANCOUVER EMPREEN. E PARTICIPAÇÕES LTDA |
07.145.976/0001-00 |
PRIVATE SUBSIDIARY |
100.00 |
0.01 | |
COMMERCIAL, INDUSTRY AND OTHER |
12,010 |
12,010 | ||||
13 |
BELLAMAR E,PREEND E PARTICIPAÇÕES LTDA |
06.950.710/0001-69 |
PRIVATE SUBSIDIARY |
100.00 |
2.49 | |
COMMERCIAL, INDUSTRY AND OTHER |
10 |
10 | ||||
16 |
GLOBEX UTILIDADES S/A |
33.041.260/0652-90 |
PUBLIC SUBSIDIARY |
98.77 |
9.48 | |
COMMERCIAL, INDUSTRY AND OTHER |
122,287 |
122,287 | ||||
17 |
BRUXELAS EMPREEND. E PARTIC. |
07.170.938/0001-07 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
10 |
10 | ||||
18 |
DALLAS EMPREEND. E PART. S/S |
07.170.934/0001-10 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
10 |
10 | ||||
108
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
09.01 INTEREST IN SUBSIDIARIES AND/OR ASSOCIATED COMPANIES
1 - ITEM |
2 - NAME OF SUBSIDIARY/AFFILIATED COMPANY |
3 - CNPJ (Corporate Taxpayers ID) |
4 - CLASSIFICATION |
5 - PARTICIPATION IN CAPITAL OF INVESTEE - %
|
6 - INVESTORS SHAREHOLDERS' EQUITY - % | |
7 - TYPE OF COMPANY |
8 - NUMBER OF SHARES HELD IN CURRENT QUARTER
(in thousands) |
9 - NUMBER OF SHARES HELD IN PREVIOUS QUARTER
(in thousands) | ||||
19 |
MONTE TARDELI EMPREEND. E PARTICIPAÇÕES |
11.561.904/0001-02 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
20 |
GPA EMPREEND. E PARTICIP. LTDA |
11.979.404/0001-95 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
21 |
GPA 2 EMPREEND. E PARTICIP. LTDA |
11.666.221/0001-10 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
22 |
NOVA EXTRA ELETRO COMERCIAL LTDA. |
11.666.020/0001-12 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
23 |
GPA 4 EMPREEND. E PARTICIP. S/A |
11.732.612/0001-95 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
24 |
GPA 5 EMPREEND. E PARTICIP. S/A |
11.732.615/0001-29 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
25 |
GPA 6 EMPREEND. E PARTICIP. S/A |
11.666.171/0001-70 |
PRIVATE SUBSIDIARY |
99.99 |
0.00 | |
COMMERCIAL, INDUSTRY AND OTHER |
1 |
0 | ||||
109
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1- ITEM
|
02 |
2 ISSUE ORDER NUMBER
|
6 |
3 REGISTRATION NUMBER WITH CVM
|
SER/DEB/2007/007 |
4 DATE OF REGISTRATION WITH CVM
|
4/27/2007 |
5 - ISSUED SERIES
|
1 |
6 - TYPE
|
SIMPLE |
7 - NATURE
|
PUBLIC |
8 ISSUE DATE
|
3/1/2007 |
9 - DUE DATE
|
3/1/2013 |
10 - TYPE OF DEBENTURE
|
WITHOUT PREFERENCE |
11 REMUNERATION CONDITIONS PREVAILING
|
|
12 - PREMIUM/DISCOUNT
|
|
13 - NOMINAL VALUE (Reais)
|
10,084.41 |
14- ISSUED AMOUNT (Thousands of Reais)
|
544,146 |
15- NUMBER OF DEBENTURES ISSUED (UNIT)
|
54,000 |
16 - OUTSTANDING DEBENTURES (UNIT)
|
54,000 |
17 - TREASURY DEBENTURES (UNIT)
|
0 |
18 - REDEEMED DEBENTURES (UNIT)
|
0 |
19 CONVERTED DEBENTURES (UNIT)
|
0 |
20 DEBENTURES TO BE PLACED (UNIT)
|
0 |
21 - DATE OF THE LAST RENEGOTIATION
|
|
22 - DATE OF NEXT EVENT
|
3/1/2011 |
110
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1- ITEM
|
03 |
2 ISSUE ORDER NUMBER
|
6 |
3 REGISTRATION NUMBER WITH CVM
|
SER/DEB/2007/008 |
4 DATE OF REGISTRATION WITH CVM
|
4/27/2007 |
5 - ISSUED SERIES
|
2 |
6 - TYPE
|
SIMPLE |
7 - NATURE
|
PUBLIC |
8 ISSUE DATE
|
3/1/2007 |
9 - DUE DATE
|
3/1/2013 |
10 - TYPE OF DEBENTURE
|
WITHOUT PREFERENCE |
11 REMUNERATION CONDITIONS PREVAILING
|
|
12 - PREMIUM/DISCOUNT
|
|
13 - NOMINAL VALUE (Reais)
|
10,084.41 |
14- ISSUED AMOUNT (Thousands of Reais)
|
241,490 |
15- NUMBER OF DEBENTURES ISSUED (UNIT)
|
23,965 |
16 - OUTSTANDING DEBENTURES (UNIT)
|
23,965 |
17 - TREASURY DEBENTURES (UNIT)
|
0 |
18 - REDEEMED DEBENTURES (UNIT)
|
0 |
19 CONVERTED DEBENTURES (UNIT)
|
0 |
20 DEBENTURES TO BE PLACED (UNIT)
|
0 |
21 - DATE OF THE LAST RENEGOTIATION
|
|
22 - DATE OF NEXT EVENT
|
3/1/2011 |
111
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1- ITEM
|
04 |
2 ISSUE ORDER NUMBER
|
7 |
3 REGISTRATION NUMBER WITH CVM
|
|
4 DATE OF REGISTRATION WITH CVM
|
|
5 - ISSUED SERIES
|
1 |
6 - TYPE
|
SIMPLE |
7 - NATURE
|
PRIVATE |
8 ISSUE DATE
|
6/15/2009 |
9 - DUE DATE
|
6/5/2011 |
10 - TYPE OF DEBENTURE
|
WITHOUT PREFERENCE |
11 REMUNERATION CONDITIONS PREVAILING
|
|
12 - PREMIUM/DISCOUNT
|
|
13 - NOMINAL VALUE (Reais)
|
1,144,927.73 |
14- ISSUED AMOUNT (Thousands of Reais)
|
216,354 |
15- NUMBER OF DEBENTURES ISSUED (UNIT)
|
200 |
16 - OUTSTANDING DEBENTURES (UNIT)
|
200 |
17 - TREASURY DEBENTURES (UNIT)
|
0 |
18 - REDEEMED DEBENTURES (UNIT)
|
0 |
19 CONVERTED DEBENTURES (UNIT)
|
0 |
20 DEBENTURES TO BE PLACED (UNIT)
|
0 |
21 - DATE OF THE LAST RENEGOTIATION
|
|
22 - DATE OF NEXT EVENT
|
6/5/2011 |
112
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
1- ITEM
|
05 |
2 ISSUE ORDER NUMBER
|
8 |
3 REGISTRATION NUMBER WITH CVM
|
|
4 DATE OF REGISTRATION WITH CVM
|
|
5 - ISSUED SERIES
|
1 |
6 - TYPE
|
SIMPLE |
7 - NATURE
|
PRIVATE |
8 ISSUE DATE
|
12/15/2009 |
9 - DUE DATE
|
12/15/2014 |
10 - TYPE OF DEBENTURE
|
WITHOUT PREFERENCE |
11 REMUNERATION CONDITIONS PREVAILING
|
|
12 - PREMIUM/DISCOUNT
|
|
13 - NOMINAL VALUE (Reais)
|
1,081,200.71 |
14- ISSUED AMOUNT (Thousands of Reais)
|
513,098 |
15- NUMBER OF DEBENTURES ISSUED (UNIT)
|
500 |
16 - OUTSTANDING DEBENTURES (UNIT)
|
500 |
17 - TREASURY DEBENTURES (UNIT)
|
0 |
18 - REDEEMED DEBENTURES (UNIT)
|
0 |
19 CONVERTED DEBENTURES (UNIT)
|
0 |
20 DEBENTURES TO BE PLACED (UNIT)
|
0 |
21 - DATE OF THE LAST RENEGOTIATION
|
|
22 - DATE OF NEXT EVENT
|
12/15/2012 |
113
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
20.01 OTHER SIGNIFICANT INFORMATION DEEMED AS RELEVANT BY THE COMPANY
SHAREHOLDING OF CONTROLLING PARTIES OF MORE THAN 5% OF COMPANY'S SHARES OF EACH TYPE AND CLASS, UP TO INDIVIDUAL LEVEL | ||||||||||
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO | Shareholding on 9/30/2010 (In units) | |||||||||
Shareholder | Common Shares | PNA Shares | PNB Shares | Preferred Shares | Total | |||||
Number | % | Number | % | Number | % | Number | % | Number | % | |
WILKES PARTICIPAÇÕES S.A. | 65,400,000 | 65.61% | - | 0.00% | - | 0.00% | - | 0.00% | 65,400,000 | 25.40% |
SUDACO PARTICIPAÇÕES LTDA. | 28,619,178 | 28.71% | 2,465,206 | 1.60% | - | 0.00% | 2,465,206 | 1.56% | 31,084,384 | 12.07% |
ONYX 2006 PARTICIPAÇÕES LTDA. | - | 0.00% | 20,527,380 | 13.29% | - | 0.00% | 20,527,380 | 13.01% | 20,527,380 | 7.97% |
CASINO GUICHARD PERRACHON * | 5,600,052 | 5.62% | - | 0.00% | - | 0.00% | - | 0.00% | 5,600,052 | 2.17% |
SEGISOR * | - | 0.00% | 4,559,582 | 2.95% | 532,172 | 15.89% | 5,091,754 | 3.23% | 5,091,754 | 1.98% |
SWORDFISH INVESTMENTS LIMITED* | - | 0.00% | 433,135 | 0.28% | 180,472 | 5.39% | 613,607 | 0.39% | 613,607 | 0.24% |
STANHORE TRADING INTERNATIONAL S.A.* | - | 0.00% | 6,408,986 | 4.15% | 330,394 | 9.87% | 6,739,380 | 4.27% | 6,739,380 | 2.62% |
MORZAN EMPREENDIMENTOS E PART. LTDA. | - | 0.00% | 80,045 | 0.05% | 726,164 | 21.68% | 806,209 | 0.51% | 806,209 | 0.31% |
BLACKROCK INC.* | - | 0.00% | 12,885,704 | 8.34% | - | 0.00% | 12,885,704 | 8.16% | 12,885,704 | 5.00% |
SCHRODER INVESTMENT MANAGEMENT | ||||||||||
NORTH AMERICA LTD.* | - | 0.00% | 9,583,662 | 6.20% | - | 0.00% | 9,583,662 | 6.07% | 9,583,662 | 3.72% |
RIO PLATE EMPREENDIMENTOS E | ||||||||||
PARTICIPAÇÕES LTDA. | - | 0.00% | 4,055,172 | 2.62% | - | 0.00% | 4,055,172 | 2.57% | 4,055,172 | 1.57% |
PENÍNSULA PARTICIPAÇÕES LTDA. | - | 0.00% | 2,608,467 | 1.69% | - | 0.00% | 2,608,467 | 1.65% | 2,608,467 | 1.01% |
PAIC PARTICIPAÇÕES LTDA. | - | 0.00% | 648,729 | 0.42% | - | 0.00% | 648,729 | 0.41% | 648,729 | 0.25% |
MARLIN INVESTMENTS LTD.* | - | 0.00% | 32,000 | 0.02% | - | 0.00% | 32,000 | 0.02% | 32,000 | 0.01% |
TREASURY SHARES | - | 0.00% | 232,586 | 0.15% | - | 0.00% | 232,586 | 0.15% | 232,586 | 0.09% |
OTHER | 60,621 | 0.06% | 89,971,077 | 58.24% | 1,579,609 | 47.17% | 91,550,686 | 58.00% | 91,611,307 | 35.57% |
TOTAL | 99,679,851 | 100.00% | 154,491,731 | 100.00% | 3,348,811 | 100.00% | 157,840,542 | 100.00% | 257,520,393 | 100.00% |
(*) Foreign Company |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||||
WILKES PARTICIPAÇÕES S.A | Shareholding on 9/30/2010 (In units) | |||||
Shareholder/Quotaholder | Common Shares | Preferred Shares | Total | |||
Number | % | Number | % | Number | % | |
PENINSULA PARTICIPAÇÕES LTDA. | 20,375,000 | 50.00 | - | - | 20,375,000 | 25.49 |
SUDACO PARTICIPAÇÕES LTDA. | 20,375,000 | 50.00 | 39,179,308 | 100.00 | 59,554,308 | 74.51 |
TOTAL | 40,750,000 | 100.00 | 39,179,308 | 100.00 | 79,929,308 | 100.00 |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||
SUDACO PARTICIPAÇÕES S.A | Shareholding on 9/30/2010 (In units) | |||
Shareholder/Quotaholder | Quotas | Total | ||
Number | % | Number | % | |
PUMPIDO PARTICIPAÇÕES LTDA | 3,585,804,573 | 100.00 | 3,585,804,573 | 100.00 |
TOTAL | 3,585,804,573 | 100.00 | 3,585,804,573 | 100.00 |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||
ONYX 2006 PARTICIPAÇÕES LTDA. | Shareholding on 9/30/2010 (In units) | |||
Shareholder/Quotaholder | Quotas | Total | ||
Number | % | Number | % | |
RIO PLATE EMPREEND. E PARTIC. LTDA | 515,580,242 | 99.99 | 515,580,242 | 99.99 |
ABILIO DOS SANTOS DINIZ | 10,312 | 0.01 | 10,312 | 0.01 |
TOTAL | 515,590,554 | 100.00 | 515,590,554 | 100.00 |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||
CASINO GUICHARD PERRACHON | Shareholding on 9/30/2010 (In units) | |||
Shareholder/Quotaholder | Interest in Total Capital | % of Voting Rights | ||
Number | % | Number | % | |
GROUPE RALLYE * | 54,571,978 | 48.79 | 92,338,411 | 62.47 |
GALERIES LAFAYETTE * | 2,049,747 | 1.83 | 2,985,505 | 2.02 |
GROUPE CNP * | 2,170,207 | 1.94 | 3,831,554 | 2.59 |
TREASURY SHARES | 1,162,075 | 1.04 | - | - |
OTHER | 51,889,456 | 46.39 | 48,655,616 | 32.92 |
TOTAL | 111,843,463 | 100.00 | 147,811,086 | 100.00 |
(*) Foreign Company |
114
114
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
20.01 OTHER SIGNIFICANT INFORMATION DEEMED AS RELEVANT BY THE COMPANY
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||||
PENÍNSULA PARTICIPAÇÕES LTDA | Shareholding on 9/30/2010 (In units) | |||||
Shareholder/Quotaholder | Common Shares | Preferred Shares | Total | |||
Number | % | Number | % | Number | % | |
ABILIO DOS SANTOS DINIZ | 250,659,233 | 37.47 | 3 | 42.86 | 250,659,236 | 61.48 |
JOÃO PAULO F.DOS SANTOS DINIZ | 39,260,447 | 15.63 | 1 | 14.29 | 39,260,448 | 9.63 |
ANA MARIA F.DOS SANTOS DINIZ D'ÁVILA | 39,260,447 | 15.63 | 1 | 14.29 | 39,260,448 | 9.63 |
PEDRO PAULO F.DOS SANTOS DINIZ | 39,260,447 | 15.63 | 1 | 14.29 | 39,260,448 | 9.63 |
ADRIANA F.DOS SANTOS DINIZ | 39,260,447 | 15.63 | 1 | 14.29 | 39,260,448 | 9.63 |
TOTAL | 407,701,021 | 100.00 | 7 | 100.00 | 407,701,028 | 100.00 |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||
PUMPIDO PARTICIPAÇÕES LTDA | Shareholding on 9/30/2010 (In units) | |||
Shareholder/Quotaholder | Quotas | Total | ||
Number | % | Number | % | |
SEGISOR** | 3,633,544,694 | 100.00 | 3,633,544,694 | 100.00 |
TOTAL | 3,633,544,694 | 100.00 | 3,633,544,694 | 100.00 |
(**) Foreign Company |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||
RIO PLATE EMPREENDIMENTOS E PARTICIPAÇÕES LTDA | Shareholding on 9/30/2010 (In units) | |||
Shareholder/Quotaholder | Quotas | Total | ||
Number | % | Number | % | |
PENÍNSULA PARTICIPAÇÕES LTDA | 566,610,599 | 100.00 | 566,610,599 | 100.00 |
ABILIO DOS SANTOS DINIZ | 1 | 0.00 | 1 | - |
TOTAL | 566,610,600 | 100.00 | 566,610,600 | 100.00 |
CORPORATE'S CAPITAL STOCK DISTRIBUTION (COMPANY'S SHAREHOLDER), UP TO THE INDIVIDUAL LEVEL | ||||
SEGISOR | Shareholding on 9/30/2010 (In units) | |||
Shareholder/Quotaholder | Quotas | Total | ||
Number | % | Number | % | |
CASINO GUICHARD PERRACHON (*) | - | 99.99 | - | 99.99 |
OTHER | - | 0.01 | - | 0.01 |
TOTAL | - | 100.00 | - | 100.00 |
(*) Foreign Company |
CONSOLIDATED SHAREHOLDING OF CONTROLLING PARTIES AND MANAGEMENT AND OUTSTANDING SHARES Shareholding on 9/30/2010 | ||||||||||
Shareholder | Common Shares | Class A Preferred Shares | Class B Preferred Shares | Preferred Shares | Total | |||||
Number | % | Number | % | Number | % | Number | % | Number | % | |
Controlling Parties | 99,619,331 | 99.94% | 40,714,140 | 26.35% | 2,086,078 | 62.29% | 42,800,218 | 27.12% | 142,419,549 | 55.30% |
Management | ||||||||||
Board of Directors | - | 0.00% | 4,371 | 0.00% | - | 0.00% | 4,371 | 0.00% | 4,371 | 0.00% |
Board of Executive Officers | - | 0.00% | 536,063 | 0.35% | 2,689 | 0.08% | 538,752 | 0.34% | 538,752 | 0.21% |
Fiscal Council | - | 0.00% | - | 0.00% | - | 0.00% | - | 0.00% | - | 0.00% |
Treasury Shares | - | 0.00% | 232,586 | 0.15% | - | 0.00% | 232,586 | 0.15% | 232,586 | 0.09% |
Other Shareholders | 60,520 | 0.06% | 113,004,571 | 73.15% | 1,260,044 | 37.63% | 114,264,615 | 72.39% | 114,325,135 | 44.39% |
Total | 99,679,851 | 100.00% | 154,491,731 | 100.00% | 3,348,811 | 100.00% | 157,840,542 | 100.00% | 257,520,393 | 100.00% |
Outstanding Shares | 60,520 | 0.06% | 113,004,571 | 73.15% | 1,260,044 | 37.63% | 114,264,615 | 72.39% | 114,325,135 | 44.39% |
CONSOLIDATED SHAREHOLDING OF CONTROLLING PARTIES AND MANAGEMENT AND OUTSTANDING SHARES Shareholding on 9/30/2009 | ||||||||||
Shareholder | Common Shares | Class A Preferred Shares | Class B Preferred Shares | Preferred Shares | Total | |||||
Number | % | Number | % | Number | % | Number | % | Number | % | |
Controlling Parties | 99,619,331 | 99.94 | 38,120,170 | 26.56 | 3,546,335 | 31.40 | 41,666,505 | 26.91 | 141,285,836 | 55.51 |
Management | ||||||||||
Board of Directors | - | - | 4,371 | 0.00 | - | - | 4,371 | 0.00 | 4,371 | 0.00 |
Board of Executive Officers | - | - | 217,750 | 0.15 | 3,954 | 0.04 | 221,704 | 0.14 | 221,704 | 0.09 |
Fiscal Council | - | - | - | - | - | - | - | - | - | |
Treasury Shares | - | - | 369,600 | 0.26 | - | - | 369,600 | 0.24 | 369,600 | 0.15 |
Other Shareholders | 60,520 | 0.06 | 104,832,635 | 73.03 | 7,743,530 | 68.56 | 112,576,165 | 72.71 | 112,636,685 | 44.25 |
Total | 99,679,851 | 100.00 | 143,544,526 | 100.00 | 11,293,819 | 100.00 | 154,838,345 | 100.00 | 254,518,196 | 100.00 |
Outstanding Shares | 60,520 | 0.06 | 104,832,635 | 73.03 | 7,743,530 | 68.56 | 112,576,165 | 72.71 | 112,636,685 | 44.25 |
115
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
21.01 SPECIAL REVIEW REPORT UNQUALIFIED OPINION
A free translation from Portuguese into English of Review Report of Independent Auditors on quarterly financial information prepared in Brazilian currency in accordance with the accounting practices adopted in Brazil and specific norms issued by CVM (Brazilian Securities Exchange Commission)
REVIEW REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders of
Companhia Brasileira de Distribuição
São Paulo - SP
1. We have performed a review of the accompanying unconsolidated and consolidated Quarterly Financial Information (ITR) of Companhia Brasileira de Distribuição and the Company and subsidiaries for the quarter ended September 30, 2010, including the balance sheets, statements of income, shareholders equity, cash flows, added value, notes to the quarterly financial information and Companys performance comments prepared under responsibility of Management of the Company.
2. Our review was conducted in accordance with the specific procedures determined by the Institute of Independent Auditors of Brazil (IBRACON) and the Federal Board of Accountancy (CFC), and included principally: (a) inquiries of and discussions with the management responsible for the Companys and subsidiaries accounting, financial and operating areas regarding the criteria adopted for the preparation of the quarterly information and (b) review of information and subsequent events which have or might have significant effects on the Companys and subsidiaries operations and financial position.
3. Based on our review, we are not aware of any material modification that should be made to the Quarterly Financial Information referred in paragraph 1 for it to comply with accounting practices adopted in Brazil and Brazilian Securities Exchange Commission (CVM) instructions, applicable to the preparation of Quarterly Financial Information.
4. As mentioned in Note 2, during 2009, CVM approved several accounting pronouncements, interpretations and guidances, which were issued by the Accounting Pronouncements Committee (CPC), with mandatory application in 2010. These accounting pronouncements, interpretations and guidance change the accounting practices adopted in Brazil. According to the Deliberation CVM no. 603/09, Management of the Company chose to present the Quarterly Financial Information (ITR) prepared according to the accounting practices adopted in Brazil until December 31, 2009, not adopting the new accounting rules applicable for 2010. As required by the Deliberation CVM no. 603/09, the Company described in Note 2 the main changes that could have impact over the financial statements for December 31, 2010, and clarifications over the reasons that preclude the estimation of impacts in the shareholoders equity and net income.
São Paulo, November 9, 2010.
ERNST & YOUNG TERCO
Auditores Independentes S.S.
CRC 2SP015199/O-6
Sergio Citeroni
Contador CRC -1SP170652/O-1
116
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: NOVASOC COMERCIAL LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
117
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: SE SUPERMERCADO LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
118
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: SENDAS DISTRIBUIDORAS S.A
See Item 12.01 Comments on the consolidated performance during the quarter
119
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: PA PUBLICIDADE LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
120
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: BARCELONA COM. VAREJISTA ATACADISTA LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
121
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: CBD HOLLAND B.V.
See Item 12.01 Comments on the consolidated performance during the quarter
122
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: CBD PANAMA TRADING CORP
See Item 12.01 Comments on the consolidated performance during the quarter
123
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: SAPER PARTICIPAÇÕES LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
124
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: VEDRA EMPREENDIMENTOS E PARTICIP. S.A.
See Item 12.01 Comments on the consolidated performance during the quarter
125
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: VANCOUVER EMPREEN. E PARTICIPAÇÕES LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
126
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: BELLAMAR EMPREEND E PARTICIPAÇÕES LTDA
See Item 12.01 Comments on the consolidated performance during the quarter
127
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01482-6 COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO 47.508.411/0001-56
22.01 COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY
Subsidiary/Associated Company: GLOBEX UTILIDADES S/A
See Item 12.01 Comments on the consolidated performance during the quarter
128
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
TABLE OF CONTENTS
GROUP |
TABLE |
DESCRIPTION |
PAGE |
01 |
01 |
IDENTIFICATION |
1 |
01 |
02 |
HEADQUARTERS |
1 |
01 |
03 |
INVESTORS RELATIONS OFFICER (Company Mailing Address) |
1 |
01 |
04 |
ITR REFERENCE |
1 |
01 |
05 |
CAPITAL STOCK |
2 |
01 |
06 |
COMPANY PROFILE |
2 |
01 |
07 |
COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS |
2 |
01 |
08 |
CASH DIVIDENDS |
2 |
01 |
09 |
SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR |
3 |
01 |
10 |
INVESTORS RELATIONS OFFICER |
4 |
02 |
01 |
BALANCE SHEET - ASSETS |
5 |
02 |
02 |
BALANCE SHEET - LIABILITIES |
6 |
03 |
01 |
STATEMENT OF INCOME |
8 |
04 |
01 |
04- STATEMENT OF CASH FLOWS |
10 |
05 |
01 |
05- STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 7/1/2010 TO 9/30/2010 |
12 |
05 |
02 |
05- STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM1/1/2010 TO 9/30/2010 |
13 |
08 |
01 |
CONSOLIDATED BALANCE SHEET - ASSETS |
14 |
08 |
02 |
CONSOLIDATED BALANCE SHEET - LIABILITIES |
15 |
09 |
01 |
CONSOLIDATED STATEMENT OF INCOME |
17 |
10 |
01 |
10.01- CONSOLIDATED STATEMENT OF CASH FLOWS |
19 |
11 |
01 |
11- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 7/1/2010 TO 9/30/2010 |
21 |
11 |
02 |
11- CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FROM 1/1/2010 TO 9/30/2010 |
22 |
06 |
01 |
NOTES TO THE QUARTERLY INFORMATION |
23 |
07 |
01 |
COMMENTS ON THE COMPANYS PERFORMANCE DURING THE QUARTER |
90 |
12 |
01 |
COMMENTS ON THE CONSOLIDATED PERFORMANCE DURING THE QUARTER |
91 |
13 |
01 |
INVESTMENT IN SUBSIDIARIES AND/OR ASSOCIATED COMPANIES |
107 |
14 |
01 |
CHARACTERISTICS OF PUBLIC OR PRIVATE DEBENTURE ISSUE |
110 |
20 |
01 |
OTHER INFORMATION DEEMED AS RELEVANT BY THE COMPANY |
114 |
21 |
01 |
SPECIAL REVIEW REPORT |
116 |
|
|
NOVASOC COMERCIAL LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
117 |
|
|
SE SUPERMERCADOS LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
118 |
|
|
SENDAS DISTRIBUIDORA S.A. |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
119 |
|
|
PA PUBLICIDADE LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
120 |
129
(A free translation of the original in Portuguese)
FEDERAL PUBLIC SERVICE BRAZILIAN SECURITIES COMMISSION (CVM) QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRIAL AND OTHER |
September 30, 2010 |
Brazilian Corporation Law |
01.01 - IDENTIFICATION
1 - CVM CODE 01482-6 |
2 - COMPANY NAME COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO |
3 - CNPJ (Corporate Taxpayers ID) 47.508.411/0001-56 |
TABLE OF CONTENTS
GROUP |
TABLE |
DESCRIPTION |
PAGE |
|
|
BARCELONA COM. VAREJISTA ATACADISTA LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
121 |
|
|
CBD HOLLAND B.V. |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
122 |
|
|
CBD PANAMA TRADING CORP |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
123 |
|
|
SAPER PARTICIPAÇÕES LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
124 |
|
|
VEDRA EMPREENDIMENTOS E PARTICIP. S.A. |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
125 |
|
|
VANCOUVER EMPREEN. E PARTICIPAÇÕES LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
126 |
|
|
BELLAMAR EMPREEND E PARTICIPAÇÕES LTDA |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
127 |
|
|
GLOBEX UTILIDADES S/A |
|
22 |
02 |
COMMENTS ON THE PERFORMANCE OF THE SUBSIDIARY/ASSOCIATED COMPANY |
128 |
|
|
BRUXELAS EMPREEND. E PARTICIP. |
|
|
|
DALLAS EMPREEND. E PART. S/S |
|
|
|
MONTE TARDELI EMPREEND. E PARTICIPAÇÕES |
|
|
|
GPA 1 EMPREEND. E PARTICIP. LTDA. |
|
|
|
GPA 2 EMPREEND. E PARTICIP. LTDA. |
|
|
|
NOVA EXTRA ELETRO COMERCIAL LTDA. |
|
|
|
GPA 4 EMPREEND. E PARTICIP. S/A |
|
|
|
GPA 5 EMPREEND. E PARTICIP. S/A |
|
|
|
GPA 6 EMPREEND. E PARTICIP. LTDA. |
|
130
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO | ||
Date: November 16, 2010 | By: /s/ Enéas César Pestana Neto Name: Enéas César Pestana Neto Title: Chief Executive Officer | |
By: /s/ Vitor Fagá de Almeida Name: Vitor Fagá de Almeida Title: Investor Relations Officer |
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.