FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 2002
Brazilian Distribution Company
-----------------------------------------------
(Translation of Registrant's Name Into English)
Av. Brigadeiro Luiz Antonio,
3126 Sao Paulo, SP 01402-901
Brazil
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(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 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
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 1 of 12
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CBD announced second quarter 2002 results
Sao Paulo, Brazil, August 1st, 2002 - Companhia Brasileira de Distribuicao (CBD)
- (BOVESPA: PCAR4; NYSE: CBD), today announced 2nd quarter 2002 results. The
Company's operating and financial results, unless otherwise indicated, are
presented based on consolidated figures and in Reais, in accordance with the
Corporate Law method.
V Total net sales grew 10.2% in the 2nd quarter and 9.6% in the 1st half of
2002;
V Gross margin of 28.5% in the quarter reflects gains in purching, category
management and supply chain;
V EBITDA grows 18.2% in the quarter and 16.4% in the first half, with margins
of 8.2%;
V Net Income presented a 22.8% growth, reaching R$ 50.6 million (R$ 0.45 per
thousand shares) in the 2nd quarter;
V Inventory turnover of 38.8 days compared to 43.1 days in the 2Q01;
V Recent Events: reintegration of the Comprebem chain and acquisition of the
Se Supermercados chain add 72 new stores to CBD and annual gross revenues
of around R$ 1,1 billion.
[OBJECT OMITTED]
Companhia Brasileira de Distribuicao (CBD) operates 505 stores, including the
acquisitions of the end of the 1st half of 2002, in 11 Brazilian states through
four different formats: supermarkets (Pao de Acucar and Barateiro divisions),
hypermarkets (Extra), and electronic products/home appliances stores (Eletro).
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
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Comments on Sales Performance
Gross Sales reached In the 2nd quarter of 2002, Companhia Brasileira
R$ 2.5 billion in de Distribuicao registered gross sales of R$
The 2nd quarter 2,490.0 million and net sales of R$ 2,107.5
million, representing a growth of 9.8% and 10.2%,
respectively, compared to the same period in the
previous year.
In the first half of 2002, the Company's gross
sales reached R$ 5,025.7 million, and net sales
totaled R$ 4,257.2 million, ensuring a positive
evolution of 9.2% and 9.6%, respectively. The
number of tickets grew 6.2% in the first half,
reaching 184 millions of transactions.
If we considered the sales of the 60 stores
acquired from the Se Supermercados chain and of
the 12 reintegrated stores from the Comprebem
chain (whose sales will begin to be recorded by
CBD only in the 3rd quarter), total sales growth
in the first half would have been 20.4%, ensuring
market share gains, and consolidating CBD's
leadership in the Brazilian retail market.
CBD's same store net sales increased by 0.6% in
the 2nd quarter, registering a 0.9% growth in the
first half of 2002, despite the turbulent
political and economic scenario and the consequent
decrease in the consumers' confidence level.
In the first half, same store sales of food
products presented a 2.2% growth, whereas the
non-food products registered a 3.9% decrease.
The first half of 2002 was also characterized by
the recovery in the hypermarket sales and by the
excellent performance of the Barateiro Division,
confirming the success of the changes that were
implemented in this format in 2001.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 3 of 12
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Net Sales Performance per Division - Consolidated*
Variation 2002/2001 (%)
[OBJECT OMITTED]
Jan/ Feb/ Mar/ Apr/ May/ Jun/ Jul/ Aug/ Sept/ Oct/ Nov/ Dec/ Jan/ Feb/ Mar/ Apr/ May/ Jun/
01 01 01 01 01 01 01 01 01 01 01 01 02 02 02 02 02 02
------------------------------------------------------------------------------------------------------------------------------
Same stores 1.1% 3.1% 0.7% 1.9% -0.1% -2.5% -9.9% -5.8% -4.9% -6.6% -3.5% -2.8% -1.4% -2.8% 7.1% -7.8% 7.2% 3.3*%
------------------------------------------------------------------------------------------------------------------------------
Total stores 19.1% 22.9% 20.2% 14.4% 6.6% 4.0% -6.7% -4.8% -3.0% -3.6% 2.8% 4.1% 5.9% 4.8% 15.7% 1.5% 17.3% 12.8%
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* Same store sales figures include only the stores which have been operating
for at least 12 months.
Note: If deflated by IPCA, all store sales registered a performance of 3.2%
(10.2% in nominal terms) and same store sales registered a performance of
-6.7% (0.6% in nominal terms) in the 2nd quarter of 2002.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 4 of 12
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Comments on the Results
Gross Margin of In the 2nd quarter of 2002, CBD registered a gross
28.5% in the 2nd income of R$ 600.2 million, which represented a
quarter and 15.1% growth compared to the same period in 2001,
28.2% in the representing a gross margin of 28.5% (27.3% in the
first half 2nd quarter of 2001). In the first half of 2002,
the gross income presented a 12.4% growth with a
28.2% margin (27.5% in the first half of 2001).
CBD's improvement in the gross margin is a result
of the progress achieved in negotiations with
suppliers, in category management and in the
supply chain management. It is important to
highlight the reduction in the shrinkage index to
1.3% in the first half, compared to 1.6% in the
same period in 2001.
The operating expenses as a percentage of the net
sales of the 2nd quarter are not comparable to the
percentage verified in the same period in 2001,
due to the positioning of Easter in different
quarters in the two years (in the 1st quarter in
2002 and in the 2nd quarter in 2001). However,
when we observe the result of the first half,
therefore excluding the Easter effect, we can
verify that the Company reached a level that is
similar to that of the 1st half of 2001 (20.0% and
19.7%, respectively).
EBITDA Margin The EBITDA margin of the 2nd quarter reached
grows 16.4% R$ 172.2 million, increasing by 18.2%, which is
more than the 10.2% growth registered by the sales
in the period. In the first half, the Ebitda
reached R$ 349.2 million, registering a 16.4%
growth. CBD registered an Ebitda margin of 8.2% in
the 2nd quarter and also in the 1st half, compared
to, respectively, 7.6% and 7.7% in the same
periods in 2001.
Negative Financial The financial expenses were negatively affected by
Result of the increase in the cost of short-term borrowings,
R$ 17.7 million in as well as by the negative effect of the currency
the 1H02 devaluation on the BNDES financing, based on a
basket of currencies, which corresponded to R$
71.2 million at the end of the 1st quarter of
2002. The currency variation expenses,
corresponding to R$ 9.0 million in the first half,
refers to the amortization of part of the currency
loss deferred in the first quarter of 1999. The
growth of the financial income is explained by the
increase in the Company's cash position due to
higher credit revenues in the period.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 5 of 12
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Net Income of Net income totaled R$ 50.6 million (R$ 0.45 per
R$106.4 million in thousand shares) in the 2nd quarter, a 22.8%
the first half growth compared to the same period in 2001. In the
first half of 2002, CBD registered a net income of
R$ 106.4 million (R$ 0.94 per thousand shares),
compared to R$ 93.2 million (R$ 0.83 per thousand
shares) in the 1st half of 2001.
Working capital The Company continues to obtain improvements in
its working capital management, as a result of the
maturation of the investments made in logistics
and in the supply chain during the last years. The
inventory turnover of the 2nd quarter,
disregarding the inventory that came from Se
Supermercados chain, was of 38.8 days, compared to
43.1 days in the same period of 2001.
Investments In the 2nd quarter of 2002, the investments made
totaled R$ 221.9 by CBD totaled R$ 221.9 million, compared to R$
million in the 95.4 million in the same period in 2001. In the
quarter first half of 2002, the investments reached R$
308.8 million (R$ 230.3 million in the 1st half of
2001). The highlights of the quarter were:
(i) the opening of 2 new Pao de Acucar stores
(one in Curitiba, state of Parana and the
other in Brasilia - Distrito Federal) and 1
Extra hypermarket (Maua - Sao Paulo);
(ii) the conclusion of the conversion of the
stores acquired from the ABC chain in Rio de
Janeiro into the Barateiro format, and the
remodeling of 3 Barateiro stores, 8 Pao de
Acucar stores and 2 Extra stores;
(iii) the construction of 4 new hypermarkets (2 of
them will be inaugurated in August);
(iv) the construction of 5 new supermarket stores
of the Barateiro Division in Sao Paulo and 2
Pao de Acucar stores;
(v) the acquisition of 4 lands.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 6 of 12
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Recent Events
1) Comprebem
CBD informed the market on June 25th, 2002, about the reintegration of 12 stores
in Recife, state of Pernambuco, which were formerly operated by the Comprebem
chain. The chain registered gross revenues of R$ 122.2 million in 2001 in a
sales area of 11,840 m2.
Due to the end of the franchise contract and considering the Company's recent
expansion in the northeast region of Brazil, those stores returned to CBD's
portfolio on July 1st, 2002 and they will be converted into the Pao de Acucar
and Barateiro formats in due time.
2) Se Supermercados
CBD announced in a release dated July 1st, 2002, the acquisition of the Se
Supermercados chain. The Se Supermercados chain operated 60 stores in 20 cities
in the state of Sao Paulo, including the capital, and its gross revenues reached
R$ 1.044 billion in 2001, according to ABRAS (Brazilian Supermarkets
Association).
The price paid by CBD for the acquisition of the Se Supermercados chain was R$
375.0 million, including the assumption of a R$ 124.4 million debt. As
determined in the purchased agreement, this amount should be incresead by the
working capital which will be acrued based on the financial statements at June
30, 2002 and will affect the final amount of goodwill, estimated in R$ 170.0
million. It is important to highlight that the price mentioned includes 12
significant real estate properties belonging to Se Supermercados, which market
value is estimated at R$ 70.0 million, which represents an innovation regarding
the acquisitions previously made by CBD. Additionally, tax savings can be
generated from the acquisition, which justify and support this transaction, and
further synergies will be generated from the future conversion of the acquired
stores into the Pao de Acucar, Barateiro and Extra banners.
The acquisition of the Se Supermercados chain will allow the consolidation of
CBD in the leading position of the retail market and the reinforcement of its
strong presence in the State of Sao Paulo.
Investment Plan for the 2nd half of 2002
The Investment Plan for the year 2002 was revised due to the recent
reintegration of 12 stores from the Comprebem chain and the acquisition of 60
stores from the Se Supermercados chain.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
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In addition to the R$ 308.8 million invested during the 1st half, CBD will
invest approximately R$ 70.0 million in the 2nd half of 2002, totaling R$380.0
million in the year, without considering the acquisition of the Se Supermercados
chain in the period and the conversion of its stores into CBD's formats.
Stores by Division
-------------------------------------------------------- --------------------------------
Pao de Sales area No. of
Acucar Extra Eletro Barateiro CBD (m2) Employees
--------------------------------------------------------------------------- --------------------------------
03/31/01 185 53 64 111 413 811,696 49,350
Open 1 - - 3 4
Close (2) - - (2)
Converted - - - - -
06/30/01 184 53 64 114 415 808,161 48,035
Open 1 1 1 2 5
Close (2) - (3) (2) (7)
Converted (2) (1) - 2 (1)
09/30/01 181 53 62 116 412 813,246 46,642
Open 2 2 - 26 30
Close - - - - -
Converted (8)+1 - - 8 1
12/31/01 176 55 62 150 443 866,280 52,060
Open - - - 1 1
Close - - (4) (2) (6)
Converted - - - - -
03/31/02 176 55 58 149 438 858,515 51,128
Open 2 1 - - 3
Close (2) (1) - (5) (8)
Converted - - - - -
--------------------------------------------------------------------------- --------------------------------
06/30/02* 176 55 58 144 433 859,939 51,794
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* Does not include neither the 12 reintegrated stores from the Comprebem chain
nor the 60 stores acquired from the Se Supermercados chain.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 8 of 12
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CONSOLIDATED INCOME STATEMENT - CORPORATE LAW METHOD
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2nd Quarter 1st Half
----------------------------------------- ----------------------------------------
R$ thousand 2002 2001 % 2002 2001 %
----------------------------------------- --------------- -------------- ---------- -------------- --------------- ---------
Net Sales Revenue 2,107,516 1,912,394 10.2% 4,257,200 3,885,456 9.6%
Cost of Sales (1,507,318) (1,390,925) 8.4% (3,057,446) (2,818,461) 8.5%
Gross Profit 600,198 521,469 15.1% 1,199,754 1,066,995 12.4%
Operating Income (Expenses)
Selling Expenses (344,914) (299,314) 15.2% (686,935) (615,507) 11.6%
General and Administrative (83,053) (76,456) 8.6% (163,612) (151,354) 8.1%
Total Operating Expenses (427,967) (375,770) 13.9% (850,547) (766,861) 10.9%
Earnings before interest, taxes,
depreciation and amortization -EBITDA 172,231 145,699 18.2% 349,207 300,134 16.4%
Depreciation (65,861) (52,075) 26.5% (125,673) (105,062) 19.6%
Amortization (29,387) (25,779) 14.0% (56,630) (43,135) 31.3%
Earnings before interest and taxes -
EBIT 76,983 67,845 13.5% 166,904 151,937 9.9%
Taxes and Charges (13,793) (1,929) - (26,658) (23,777) 12.1%
Financial Income 143,445 102,469 40.0% 249,276 204,297 22.0%
Financial Expense (144,121) (117,617) 22.5% (258,047) (212,582) 21.4%
Currency Variation (4,477) (4,477) 0.0% (8,954) (8,954) 0.0%
Net Financial Income (Loss) (5,153) (19,625) -73.7% (17,725) (17,239) 2.8%
---------------------------
Equity Income 1,372 - - 273 - -
Operational Results 59,409 46,291 28.3% 122,794 110,921 10.7%
Non-Operating Results 1,046 144 - 1,555 1,290 20.5%
Income (Loss) Before Income Tax 60,455 46,435 30.2% 124,349 112,211 10.8%
Income Tax (9,832) (5,226) 88.1% (17,929) (19,021) -5.7%
----------------------------------------------------------------------------------------------------------------------------
Net Income (Loss) 50,623 41,209 22.8% 106,420 93,190 14.1%
Net Income (Loss) per 1,000 shares 0.45 0.37 22.2% 0.94 0.83 13.6%
No of shares (thousand) at the end of 113,064,539 112,496,409 0.5% 113,064,539 112,496,409 0.5%
the period
----------------------------------------------------------------------------------------------------------------------------
% of Net Sales
Gross Profit 28.5% 27.3% 28.2% 27.5%
Total Operating Expenses -20.3% -19.6% -20.0% -19.7%
Selling Expenses -16.4% -15.6% -16.1% -15.8%
General and Administrative -3.9% -4.0% -3.8% -3.9%
EBITDA 8.2% 7.6% 8.2% 7.7%
Depreciation -3.1% -2.7% -3.0% -2.7%
Amortization -1.4% -1.4% -1.3% -1.1%
EBIT 3.7% 3.5% 3.9% 3.9%
Taxes and Charges -0.7% -0.1% -0.6% -0.6%
Net Financial Income (Expense) -0.2% 1.0% -0.4% -0.4%
Income Before Income Tax 2.9% 2.4% 2.9% 2.9%
Income Tax -0.5% -0.3% -0.4% -0.5%
Net Income (Loss) 2.4% 2.2% 2.5% 2.4%
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 9 of 12
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CONSOLIDATED BALANCE SHEET - CORPORATE LAW METHOD*
----------------------------------------------------------------------------------------------------------------------
R$ thousand 2nd Quarter/02 1st Quarter/02 2nd Quarter/01
----------------------------------------------------------- ------------------- ------------------ ------------------
ASSETS
Current Assets 3,422,175 2,880,501 2,051,123
Cash and Banks 91,661 116,536 55,745
Short-Term Investments 1,318,102 922,005 351,281
Credit Receivables 1,057,737 1,020,618 830,988
Installment Sales 267,883 267,753 381,952
Post-Dated Checks 100,352 84,874 98,696
Credit Card 558,618 502,255 307,997
Ticket and other 164,777 196,774 81,865
Allowance for Doubtful Accounts (33,893) (31,038) (39,522)
Inventories 666,345 633,234 570,003
Advances to suppliers and employees 9,310 6,602 84,643
Taxes recoverable 128,886 100,298 69,449
Other Credits 150,134 81,208 89,014
Long Term Receivables 467,774 442,254 229,277
Deferred Income Tax 120,294 122,880 64,513
Accounts Receivables 251,473 233,132 159,009
Other Credits 96,007 86,242 75,755
Permanent Assets 4,515,252 3,976,739 3,733,132
Investments 262,163 122,173 108,923
Properties and Equipment 3,466,518 3,034,131 2,776,457
Deferred Charges 786,571 820,435 847,752
Goodwill 648,845 664,558 652,038
Currency variation 13,434 17,911 31,344
Pre-operating expenses 124,292 137,966 164,370
TOTAL ASSETS 8,405,201 7,299,494 6,083,532
------------
LIABILITIES
Current Liabilities 2,936,397 2,230,136 1,582,220
Suppliers 711,009 676,985 542,978
Loans and Financing 1,715,048 1,255,407 747,155
Domestic Currency 1,679,719 1,228,992 725,328
Foreign Currency 35,329 26,415 21,827
Payable on Purchase of Assets 260,969 23,521 73,005
Debentures 24,466 20,731 7,065
Taxes 62,211 43,335 14,767
Salaries and Payroll Charges 111,484 95,277 94,365
Dividends - 60,774 -
Interest on own capital - - 18,149
Others 51,210 54,106 84,736
Long Term Liabilities 1,958,436 1,609,671 1,202,416
Financing 1,020,737 773,098 505,997
Domestic Currency 973,245 728,349 442,097
Foreign Currency 47,492 44,749 63,900
Payable on Purchase of Assets 13,505 23,905 39,324
Debentures 122,668 121,004 128,518
Taxes 14,721 8,428 2,161
Provision for Income Tax 78,950 94,015 -
Provision for Contingencies 707,855 589,221 526,416
Shareholders' Equity 3,510,368 3,459,687 3,298,896
Capital 2,747,364 2,252,361 2,244,136
Capital Reserves 344,242 348,292 348,292
Profit Reserves 418,762 859,034 706,468
TOTAL LIABILITIES 8,405,201 7,299,494 6,083,532
-----------------
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* CBD's Balance Sheet at June 30, 2002 already reflects the aquisition of Se
Supermercados Ltda.
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 10 of 12
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Sales Breakdown per Division - Consolidated
In R$ thousand - Nominal (Corporate Law)
--------------------------------------------------------- ------------
1st QUARTER 2002 % 2001 % Var,(%)
------------------------------------------------------------------------------ ------------
Pao de Acucar 692,805 32.2% 655,848 33.2% 5.6%
Extra 1,000,951 46.6% 966,519 49.0% 3.6%
Barateiro* 375,307 17.5% 245,333 12.4% 53.0%
Eletro 80,620 3.7% 105,362 5.4% -23.5%
------------------------------------------------------------------------------ ------------
CBD 2,149,684 100.0% 1,973,062 100.0% 9.0%
------------------------------------------------------------------------------ ------------
2nd QUARTER 2002 % 2001 % Var,(%)
------------------------------------------------------------------------------ ------------
Pao de Acucar 656,954 31.2% 647,247 33.8% 1.5%
Extra 1,028,292 48.8% 932,552 48.8% 10.3%
Barateiro* 341,843 16.2% 243,146 12.7% 40.6%
Eletro 80,427 3.8% 89,449 4.7% -10.1%
------------------------------------------------------------------------------ ------------
CBD 2,107,516 100.0% 1,912,394 100.0% 10.2%
------------------------------------------------------------------------------ ------------
1st HALF 2002 % 2001 % Var,(%)
------------------------------------------------------------------------------ ------------
Pao de Acucar 1,349,759 31.7% 1,303,095 33.5% 3.6%
Extra 2,029,243 47.7% 1,899,071 48.9% 6.9%
Barateiro* 717,151 16.8% 488,479 12.6% 46.8%
Eletro 161,047 3.8% 194,811 5.0% -17.3%
------------------------------------------------------------------------------ ------------
CBD 4,257,200 100.0% 3,885,456 100.0% 9.6%
------------------------------------------------------------------------------ ------------
* includes the ABC chain from November 2001 onwards
Data per Division on June 30, 2002
--------------------------------------------------------------
# # # Sales area
Checkouts Employees Stores (m2)
--------------------------------------------------------------
Pao de Acucar 2,228 15,055 176 220,841
Extra 2,843 18,415 55 425,166
Barateiro 1,595 7,809 144 174,932
Eletro 179 806 58 39,000
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Total Stores 6,845 42,085 433 859,939
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Headquarters 3,094
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Loss prevention (security) 3,322
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Distribution Centers 3,293
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CBD 6,845 51,794 433 859,939
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
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Productivity Indexes*
In R$ thousand - Nominal (Corporate Law)
Sales per m2/month
--------------------------------------- ---------------------------------------
2Q/02 2Q/01 Var (%) 1H/02 1H/01 Var (%)
------------------------------------------------------------ ---------------------------------------
Pao de Acucar 1,003 970 3.4% 1,030 965 6.7%
Extra 802 774 3.6% 797 775 2.8%
Barateiro 669 623 7.4% 685 629 8.9%
Eletro 687 725 -5.2% 683 793 -13.9%
------------------------------------------------------------ ---------------------------------------
CBD 828 801 3.4% 835 805 3.7%
------------------------------------------------------------ ---------------------------------------
Sales per employee/month
--------------------------------------- ---------------------------------------
2Q/02 2Q/01 Var (%) 1H/02 1H/01 Var (%)
------------------------------------------------------------ ---------------------------------------
Pao de Acucar 14,929 14,817 0.8% 15,465 15,016 3.0%
Extra 18,851 17,379 8.5% 18,907 17,674 7.0%
Barateiro 15,529 15,341 1.2% 15,885 15,094 5.2%
Eletro 23,200 20,642 12.4% 22,676 22,445 1.0%
-------------------------------------------------------------------------------------------------------
CBD 17,043 16,271 4.7% 17,301 16,512 4.8%
-------------------------------------------------------------------------------------------------------
Average Ticket
--------------------------------------- ---------------------------------------
2Q/02 2Q/01 Var (%) 1H/02 1H/01 Var (%)
------------------------------------------------------------ ---------------------------------------
Pao de Acucar 18,0 16,9 6.5% 18,3 17,0 7.6%
Extra 36,4 35,1 3.7% 36,3 35,6 2.0%
Barateiro 12,2 11,5 6.1% 12,5 11,5 8.7%
Eletro 273,6 230,4 18.8% 272,0 225,5 20.6%
-------------------------------------------------------------------------------------------------------
CBD 23,3 22,1 5.4% 23,4 22,4 4.5%
-------------------------------------------------------------------------------------------------------
Vendas por Checkout/mes
--------------------------------------- ---------------------------------------
2Q/02 2Q/01 Var (%) 1H/02 1H/01 Var (%)
------------------------------------------------------------ ---------------------------------------
Pao de Acucar 99,395 92,484 7.5% 101,922 91,564 11.3%
Extra 121,105 114,198 6.0% 120,284 114,568 5.0%
Barateiro 75,406 63,435 18.9% 74,622 63,543 17.4%
Eletro 149,770 174,808 -14.3% 148,668 193,189 -23.0%
-------------------------------------------------------------------------------------------------------
CBD 105,851 97,997 8.0% 105,903 98,334 7.7%
-------------------------------------------------------------------------------------------------------
* Results referring to sales area space, employees and checkouts were calculated
based on average values proportional to the period in which the stores were
open,
Sales Breakdown (% of net sales)
---------------------------------------------------- -------------------------------
2001 2002
----------------------------------------------------------------------------- -------------------------------
1stQ/01 2ndQ/01 3rd Q/01 4th Q/01 Accum, 1stQ/01 2ndQ/01 1st Half
----------------------------------------------------------------------------- -------------------------------
Cash 53.7% 53.5% 53.8% 53.4% 53.6% 53.5% 52.2% 52.9%
Credit Card 28.0% 28.7% 29.2% 30.4% 29.1% 31.1% 32.9% 32.0%
Food Voucher 6.1% 6.2% 6.4% 6.4% 6.3% 6.8% 6.6% 6.7%
Credit 12.2% 11.6% 10.6% 9.8% 11.0% 8.6% 8.3% 8.4%
Post-Dated Checks 6.3% 6.7% 6.3% 5.6% 6.2% 5.2% 4.9% 5.0%
Installments 5.9% 4.9% 4.3% 4.2% 4.8% 3.4% 3.4% 3.4%
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[Grupo Pao De Acucar Logo] 2nd Quarter 2002 Results
Page 12 of 12
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CONVERTIBLE DEBENTURES
Conversion of Debentures into Preferred Shares
--------------------------------------------------------------------------------------------
Common Shares Preferred Shares Total
(thousand) (thousand) (thousand)
--------------------------------------------------------------------------------------------
12/31/2000 62,858,755 44,513,279 107,372,034
--------------------------------------------------------------------------------------------
2nd issue 2,000
03/31/2001 62,858,755 44,515,279 107,374,034
--------------------------------------------------------------------------------------------
2nd issue 4,171,492
4th issue 1,179
Capital increase 612,056 310,993
06/30/2001 63,470,811 48,998,943 112,469,755
--------------------------------------------------------------------------------------------
09/30/2001 63,470,811 48,998,943 112,469,755
--------------------------------------------------------------------------------------------
Capital Incresase 591,385*
12/31/2001 63,470,811 49,590,328 113,061,139
--------------------------------------------------------------------------------------------
03/31/2002 63,470,811 49,590,328 113,061,139
--------------------------------------------------------------------------------------------
Capital Increase 3,400*
06/30/2002 63,470,811 49,593,728 113,064,539
--------------------------------------------------------------------------------------------
* stock option plan
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COMPANHIA BRASILEIRA DE DISTRIBUICAO THOMSON FINANCIAL INVESTOR RELATIONS
Fernando Tracanella Doris Pompeu
Investor Relations Manager Phone: 55 (11) 3848 0887 ext. 208
Phone: 55 (11) 3886 0421 Fax: 55 (11) 3884 2677 E-mail: doris.pompeu@thomsonir.com.br
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Email: pa.relmerc@paodeacucar.com.br
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Website: http://www.grupopaodeacucar.com.br
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The statements contained in this release referring to the perspective for the
Company's businesses, to projections of operating and financial results, and to
the Company's growth potential, are mere predictions and were based on
Management's expectations in relation to the Company's future. These
expectations are highly dependent on market changes, on Brazil's general
economic performance, on industry and on the international markets and are,
therefore, subject to change.
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SIGNATURES
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 DISTRIBUICAO
Date: August 6, 2002 By: /s/ Augusto Marques da Cruz Filho
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Name: Augusto Marques da Cruz Filho
Title: Chief Financial Officer
By: /s/ Aymar Giglio Junior
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Name: Aymar Giglio Junior
Title: Investor Relations Officer