1. organizational profile americanas universe · ame, the fintech and mobile business platform, is...

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1. ORGANIZATIONAL PROFILE – AMERICANAS UNIVERSE Americanas adopts an unique approach to serve its customers, offering a physical platform with different store

formats, and a digital platform, with various brands, seeking to “Make people's dreams come true and meet their

consumption needs, saving time and money and exceeding your expectations”. In addition, the Company has an

innovation engine to accelerate the platforms, build disruptive businesses and enhance different initiatives. Together,

these fronts constitute the Americanas Universe, which is unique, flexible and resilient.

In the Americanas Universe, the physical, digital platforms and the innovation engine are complementary to each other

and all initiatives are implemented seeking to enhance the synergy between the business fronts and offering the

customer the best service. With the increasing integration between platforms, greater capillarity and digital insertion

in the country, the Company believes that it will be closer to the consumer, offering “Everything. Anytime. Anywhere."

1.1. Physical Platform

Americanas opened its first store in 1929 in Niterói, Rio de Janeiro. In that same year, the Company established itself in

the state capital, where it installed its headquarters, and began to gain space throughout Brazil, offering a huge variety

of products from major brands, in addition to quality services, at fair prices.

Currently, the physical platform has five store models: (i) Traditional, with an average sales area of 1,000 m², automatic

inventory replenishment and assortment of up to 60,000 items; (ii) Express, with an average sales area of 400 m², just-

in-time logistics and assortment of up to 15,000 items; (iii) Convenience (Local), with an average sales area of 100 m²,

daily replenishment of inventory and 80% of the product mix composed of food convenience and assortment of up to

3,000 items; (iv) Ame Go, with an average sales area of 50 m² and assortment aimed at convenience, developed with

exclusive technology that combines artificial intelligence and sensors, enabling autonomous purchase; and (v) Digital,

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with an average sales area of 70 m², about 70% of the product mix composed of electronics, also with a focus to offer

services and O2O.

In addition, the Expansion Plan “85 years in 5 - Somos Mais Brasil” was successfully concluded. 230 stores were

opened in 2019, a new record for openings at the Company. Americanas currently has 1,700 stores in 739 cities and

seven distribution centers installed in the states of Minas Gerais, Pará, Pernambuco, Rio de Janeiro, Rio Grande do Sul

and São Paulo.

1.2. Digital Platform

B2W is a digital company, leader in Latin America, and whose history is intertwined with the history of e-commerce in

Brazil. The company operates on the following fronts: e-commerce through the brands americanas, Submarino,

Shoptime and Sou Barato; the consumer credit service platforms Submarino Finance and Digital Finance; payments,

credit and financial services through Ame; technology platform; logistics, distribution and customer service platform;

and Marketplace.

With the purpose to CONNECT PEOPLE, BUSINESS, PRODUCTS AND SERVICES on the same digital platform, B2W

constantly invests to be closer to its customers, offering the best shopping experience, attracting the best talents and

creating barriers to new entrants.

The Company has the main internet brands (americanas, Submarino, Shoptime and Sou Barato), which together

recorded 2.4 billion visits in 2019. With this, the built platform allowed the development of B2W Marketplace, which

continues to grow rapidly, reaching R $ 11.6 billion in GMV in 2019 (growth of 49.7%) and more than 46.8 thousand

connected sellers.

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1.3. Innovation Engine

IF - Innovation and Future is the innovation engine of the Americanas Universe, responsible for building disruptive

businesses and leveraging the various initiatives within the physical and digital platforms. Its main areas of activity are:

incubating new businesses, accelerating existing initiatives, investing in startups (venture capital), leading the O2O

fronts and prospecting for new opportunities, including M&A operations.

Ame, the fintech and mobile business platform, is one of IF's first initiatives and was created to

revolutionize the way people deal with money. With just over 18 months of operation, the number of

downloads of the app has already exceeded 6 million, allowing customers to pay for their purchases with the app on all

websites, in more than 1.5 million stores and in the 1,700 Americanas all over the country. Throughout the year, Ame

continued to evolve and several partnerships were established, increasing acceptance also in the off-us world. In

addition, several services have been included in the app, increasingly becoming a powerful one-stop app.

In addition to Ame, LET’S is also one of the initiatives of our innovation engine. LET'S is the shared

management platform for Americanas and B2W's logistics and distribution assets, which aims to

optimize the Companies' operations through a flexible fulfillment model.

2. MESSAGE FROM THE MANAGEMENT

2019 marked the end of a very important phase for the Americanas Universe and the beginning of a new 3-year cycle.

Throughout the year, the Americanas Universe was strengthened, IF - Inovação e Futuro - consolidated itself as the

innovation engine and LET’S accelerated the O2O (Online to Offline) initiatives with the objective of offering “Everything.

Anytime. Anywhere. ” During the year, the Companies have reached new levels of integration consolidating the vision of

the Americanas Universe.

On the physical platform, we exceeded the stores opening goal set out in the “Somos mais Brasil - 85 Years in 5”

program with the opening of 806 stores in the last 5 years, reaching 1,700 stores and 739 cities at the end of 2019. On

the digital platform a positive cash generation of R$ 189.9 million was recorded, successfully completing the plan to

transition the business model to a hybrid platform at which marketplace and digital services become increasingly

relevant.

All of these accomplishments are directly linked to the people who work at the Companies. We bring together the best

talents, committed to delivering results. Having the best talents means attracting and developing exceptional people,

valuing the differences, skills, abilities and experiences of the associates. Learning and development are constant at

the Companies, turning challenges into opportunities.

We were certified by the Great Place to Work (GPTW), an important recognition of the effort to keep evolving and

engaging the team to achieve increasingly challenging goals, always focusing on the customer. By continuously

investing in our people, we will increasingly be an excellent place to work and develop.

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In 2019, we have reinforced our commitment to the UN's 2030 Sustainable Development Goals (SDGs) agenda. Following

the sustainability strategy of Americanas Universe, we expanded our activities in the promotion of quality education,

creating projects to expand connectivity in the Amazon region, as well as the development of people with school

learning, the correct destination of residues and the encouragement of entrepreneurship in the riverside communities.

In addition, we make public commitments related to reducing inequalities with the Racial and Gender Equality Coalition

and with the UN Principles of Women's Empowerment. We understand that the journey is long, but we believe in the

strength of our business to transform the way of thinking, engaging the networks of relationships and generating a

positive impact.

In 2019, the Americanas Universe reached the marks of R$ 32.6 billion GMV, R$ 3.5 billion EBITDA, 18.5% EBITDA Margin

and a net income of R$ 704.1 million, the biggest recorded profit of the Company.

Ame, our fintech and the mobile business platform, continues accelerating its business plan and reached the mark of

6.5 million downloads in just over 18 months of operation. Throughout the year, we signed important partnerships that

will accelerate the acceptance of the wallet in the off-us and stimulate consumption with the offer of credit. AME

already has more than 35 active features, of which we highlight: P2P transactions (peer to peer), cash-in and cash-out

at 1,700 physical points, cell phone recharge, bill payment (payment slips), hiring transport services passengers, hiring

domestic services, donations for social projects and games.

The physical and digital platforms continue to undergo a profound transformation and in this context, the Americanas

Universe ended 2019 with more than 327 million transactions and more than 38 million active customers, 26 million on

the physical platform, 16 million on the digital platform and a 4 million overlap of common customers.

Despite the recent and important achievements, we have a lot of space to develop the platforms and increase the

active customer base, as well as the overlap of common customers in the next 3 years. As we increase the offer of

products and services, intensify the use of data analytics, expand O2O initiatives, attract more sellers to the

marketplace, expand the supply chain platform, improve the innovation environment and we foster AME as the best

payment method of Americanas Universe, we increase the frequency of purchase and thus we will achieve our growth

dream always seeking to be the best option for customers.

Finally, we thank our customers, employees, suppliers and shareholders who are part of all these achievements, which

show that we are on the right path, seeking to fulfill dreams and meet people's consumption needs, saving time and

money and exceeding their expectations. We reiterate confidence in the country's development and, in 2020, we will

continue determined to reach new levels of results.

Miguel Gutierrez CEO, Americanas Universe “Everything. Anytime. Anywhere.”

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3. STRATEGY AND INVESTMENT

3.1. Physical Platform

The year 2019 marked the delivery of the most ambitious expansion plan in the Company's history, the “85 Years in 5 –

Somos mais Brasil”, opening of 806 stores between 2015 and 2019, reaching 1,700 stores distributed in 739 cities, and

presence in all regions of the country. In December 2019, the physical platform had more than 27 thousand members, a

1,209.3 thousand square meters sales area.

In addition, over the past 10 years, Americanas has expanded its store network more than 3 times, reiterating our

commitment to the business model, in addition to the optimism regarding the country's economic scenario.

The following chart details the Company's expansion over the past 10 years:

3.1.1. Convenience Stores – Local

Under IF's leadership, Local's strategy and business model continued to improve during the year. Thus, the format

continued to expand in the states of Rio de Janeiro and São Paulo, opening of 15 stores in 2019, ending the year with a

total of 53 stores in operation.

The current store portfolio allows us to improve the model adapted to each location, always seeking to be the best

option for customers who want to find everything they need in one location, quickly. During the year, aiming to improve

the consumer experience, new categories of food and services were tested, in addition to the creation of a new layout

to make the customer's daily journey more practical and increase their independence in relation to other formats of

store.

In the front of services, the model continued to invest in order to become a hub of convenience solutions, taking

advantage of the integration with +AQUI and O2O solutions and developing actions with Ame.

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3.1.2. +AQUI

+AQUI is the platform responsible for the management and promotion of services in Americanas’ stores, offering

customers solutions in the fronts of credit, insurance, gift cards, services and assisted sales. In order to provide

credit, protect assets and exceed customer expectations with excellent service, +AQUI seeks partnerships with

specialized companies that are prominent in their sectors, expanding the portfolio of services and ensuring solutions

for the various demands.

In 2019, in order to improve the customer experience, the platform internalized the integrated services system and

expanded its capacity. In addition, mobile service via tablet was also activated in some stores. During the year, a

partnership with Ame was also signed, which contributed to increase the number of users and the offer of benefits.

Partnerships were also made with mobile network operators to offer plans and grant discounts for the purchase of

devices, in addition to the partnership renewal with Blackhawk to sell content cards.

With the development of this process, +AQUI has great growth prospects, through investment in the customer

experience and focus on assisted sales. Thus, the platform ends the year with a base of more than 870 thousand

unique customers and presence in more than 650 stores, and continues to improve the customer's shopping journey.

3.1.3. Private Label

Americanas has 15 private label brands designed especially for those seeking quality and fair prices in several

categories. Over 7 thousand products are offered in the segments of food, candies, housewares, clothing, stationery,

toys, hygiene, beauty, among others. Throughout the year, the brands continued to diversify their product offerings,

operating in the main events and bringing new products to customers, in addition to establishing partnerships for

licensing.

In 4Q19, private label products showed excellent performance in the main events, such as: Children's Day, Red Friday

and Christmas. We highlight the presence of the Brink+ brand, which launched more than 100 new items on Children's

Day and which, in the year, showed growth of more than 20% when compared to the previous year. During Red Friday,

some items from the Casual Home brand reached the sales volume of one month in just 3 days of the event.

At Christmas, the performance of the Christmas Traditions, D´elicce and Brink+ brands was a highlight. The first

offered customers a complete assortment for decoration. The D´elicce brand, on the other hand, expanded its product

portfolio, with emphasis on panettones licensed in a partnership signed with the company Mattel. And Brink+

consolidated itself as the Company's largest toy brand, becoming the market leader in some categories.

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3.1.4. Digital Lab

The "Digital Lab" proposes to strengthen the interaction between the Company and academic institutions. The

connection with academic knowledge is one of the ways of updating the business, putting the Company in contact with

the most modern and innovative and bringing new perspectives. Americanas believes that fostering research and

innovation, in addition to bring real solutions to our challenges, can bear fruit for the country's socioeconomic

development.

Throughout the year, the Company developed and stimulated several projects related to innovation and research. We

highlight below the main initiatives of the year.

• Partnership with MIT Industrial Liaison Program (ILP) Renewal: the objective of the program is to create and

strengthen mutually beneficial relationships between MIT and corporations worldwide;

• Brazil Conference at Harvard & MIT Sponsorship: the event is held by the Brazilian community of students in Boston

to promote the meeting with leaders and representatives of Brazil's diversity;

• Hackathons: throughout the year we promoted and participated as mentors of several hackathons with educational

institutions such as IED, UFRJ, PUC-Rio and IBMEC;

• Partnership with UFRJ and CEFET to mentor disciplines and Projects with IESE Business School and University of

Illinois: Students were invited to develop solutions to real challenges facing the Company.

Pricing

The pricing laboratory at PUC-RJ continues to advance in modeling and refining studies of product lines that have the

greatest impact on results. In the last quarter of the year, the company deepened its knowledge of the home appliance

market and the development of new pricing models to capture opportunities in different departments, aiming to

obtain sales and margin gains.

3.2. Digital Platform

On the digital platform, 2019 was marked by the conclusion of the three-year Strategic Plan (2017-2019), which sought

to migrate from the direct sales (1P) business model to the hybrid digital platform model (1P + 3P + Services).

3.2.1. Marketplace

B2W Marketplace offers the best value proposition for sellers, who can use the brands with the best reputation on the

internet and highly qualified traffic to leverage their sales. To deliver the best shopping experience to the customer,

Sellers also have the support of an extremely experienced and qualified sales team, in addition to the entire B2W Digital

platform. Sellers' feedback has been that they sell more on the B2W Marketplace than on other platforms available on

the market.

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In just five years, the Marketplace has already reached R$ 11.6 billion in GMV in 2019, a growth of 49.7% over the previous

year, representing 64.2% of the total GMV. Over the past year, 24,900 new sellers were connected, increasing the base

to 46,800 sellers. As a result, the number of items (SKUs) offered on the websites totaled 29.5 million at the end of

4Q19, an increase of 264% versus 4Q18, driven by the Marketplace.

A relevant part of B2W's strategy, the Marketplace will contribute strongly to its growth and profitability.

3.2.2. Americanas Mundo

Cross border operation that allows customers to buy products from all over the world (including USA and China),

creating a new growth front for B2W Marketplace. Launched in March 2019, the cross border operation continues its

fast expansion and already has more than 13.4 million SKUs, 33 times more than the initial 410 thousand SKUs. The

operation was responsible for the best-selling item on Black Friday.

3.2.3. Digital Lab

B2W created BIT - B2W Innovation and Technology, aiming to create an inspiring and collaborative environment

focused on the development of new technologies and innovative solutions. They are offices with the concept of open

spaces, areas for informal meetings, decompression environments and arenas for events. B2W currently has BITs in

the cities of Rio de Janeiro, São Paulo, Recife and Boston.

Our BITs were inspired by the largest and best centers of innovation and entrepreneurship in the world and currently

have more than 1,500 software engineers experimenting with new approaches and tools all the time. Considering the

scale of B2W, when the right tools are not available in the market, they are developed and made available in-house,

such as Asgard, RestQL and Apache Marvin, our open source projects.

In recent years, BITs have become a reference in disruptive initiatives, developing innovative projects with Harvard

and MIT universities, which resulted in articles published with the scientific community. The fronts developed were:

marketing optimization (in partnership with the artificial intelligence laboratory at Stanford University, by professor

Andrew Ng, founder of Google Brains and co-founder of Coursera), last mile (with professor Matthias Winkenbach,

director of MIT Megacity Logistics Lab) and artificial intelligence (creation of Marvin, open source artificial intelligence

platform currently incubated by the Apache Foundation).

To meet the specific demands of B2W's business, engineers developed projects in the areas of machine learning,

scalable software architecture and natural language processing in partnership with the Federal University of São

Carlos (UFSCAR).

3.2.4. Supermercado Now

B2W acquired Supermercado Now, an innovative e-commerce platform focused on the online supermarket category.

The business model, of proven success in other countries, has great growth opportunity in Brazil and will allow B2W to

expand its presence in the category, opening a new growth front and offering an even more complete assortment to

customers.

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3.3. Innovation Engine

IF – Innovation and Future, is the Americanas Universe innovation engine, responsible for building disruptive

businesses and leveraging the various initiatives within Americanas and B2W Digital. During the year, consistent

advances were observed on the most diverse fronts of IF's operations.

3.3.1. Ame

Ame Digital continues to rapidly develop its extensive roadmap. The app already has more than 6.5 million downloads in

just over 18 months of operation. Currently, Ame already is present in more than 1.5 million stores, including 63

thousand organic accredited storeowners.

In order to accelerate its presence in the physical and online world, Ame has been establishing important

partnerships with acquirers, card brands and technology platforms for retail, such as: Cielo, Stone, Matercard,

Linx and Vtex.

Americanas continues to develop exclusive features for the physical world. Thus, Ame is already accepted in all

1,700 Americanas stores throughout Brazil.

In December 2019, the partnership with Banco do Brasil was announced to offer a co-branded credit card

through the application. The card, which uses the concept of digital first, will have the Ame Digital app as its

main channel of relationship with the customer.

Ame continues to develop new features and increasingly becomes a powerful one-stop-app. During the

quarter, new features were launched, such as donations to NGOs, mini-games and a cold beer delivery pilot,

through Ame Flash. Ame already has more than 35 features in order to simplify the customer's life

In December 2019, Ame Pro (POS and ERP Mobile) was launched, a complete solution for tenant management in

the physical world, with features such as payment, inventory and treasury management for points of sale. Ame

Pro has native integration with Ame and B2W Marketplace.

Ame is the official payment method for the “Rio de Janeiro Street Carnival 2020”. During the event, more than

10,000 street vendors will be accredited to sell with Ame, impacting millions of people.

Ame Go

In 2019 Ame Go was launched, a store format that offers an innovative experience with exclusive technology in Brazil,

allowing customers to buy products without queues or checkout. The store uses artificial intelligence, machine

learning and computer vision, refrigerators and shelves are integrated with sensors that detect when products are

removed or returned from the shelves. During the year, the unassisted sales experiment was expanded through the

opening of 2 Ame Go stores and 1 itinerant Ame Go store, located in Rio de Janeiro and São Paulo.

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Ame Flash

Ame Flash, a proprietary crowdshipping platform that connects independent couriers to the O2O logistics network,

keeps developing. Currently, more than 100 stores in Rio de Janeiro and São Paulo offer Ship From Store services from

the platform.

Pedala and Courri

In December 2019, Ame completed the acquisition of startups Pedala and Courri, which specialize in fast and

sustainable deliveries by bicycles and scooters. The acquisition aims to accelerate the operation of Ame Flash, making

deliveries in large urban centers with different low-carbon modes, in addition to expanding the network of connected

partner deliverers, allowing the acceleration of the “Ship from Store”.

3.3.2. LET’S – Logistics and Distribution

LET'S, a shared management platform for Americanas and B2W's logistics assets, continuously promotes the concept

of “Everything. Every time. Anywhere. ”, accelerating and consolidating O2O initiatives as the main vehicles to improve

our customers' purchasing journey. In 2019, the combined O2O modalities surpassed the R$ 2 billion mark in GMV (+

153% vs 2018).

o Infinite Shelf: Americanas assisted sales operation for products offered on the digital platform (1P

and 3P). In the 4Q19, the operation had an average ticket approximately 15 times higher than the

physical stores and an increase of 57% compared to 4Q18.

o Click and Collect: Customer buys online and picks up at the physical store. In 2019 we became the

largest network of pick-up points in Brazil, with more than 8,000 connected points (Americanas,

sellers stores and partner points) in more than 5,000 cities in Brazil, offering to 99% of the Brazilian

population access to the service.

o LASA Seller: Americanas increasingly connected to B2W's marketplace. In 2019, the available

assortment expanded 3 times and sales grew 2.5 times over the previous year. During Red Friday,

Americanas was the biggest seller of B2W Marketplace in terms of items sold.

o Click and Collect Now: Available in all 1,700 Americanas, allowing the customer to buy the store's

inventory online and pick up the product within 1 hour without shipping costs. The modality continues

to develop fast, reaching the mark of more than 100 thousand orders in December.

o Ship from Store: Buy products online from the nearest Americanas and receive them within 2 hours

at the address you desire. Available in 110 cities, of which 13 are capitals, totaling 300 stores.

In the 4Q19, LET'S started the operation of three new distribution centers, located in the states of Pará, Minas

Gerais and Rio Grande do Sul, with the objective to reduce the distance to the final consumer and increase the

region eligible for deliveries in up to 24 hours. With the inaugurations, LET'S totals 18 distribution centers

distributed in all regions of the country.

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3.4. Client Base

Pursuing the strategic objective of becoming increasingly relevant in our customers’ daily lives, in 2019, the Americanas

Universe reached the mark of 38 million active clients, considering those who made at least one purchase in the last 12

months.

In addition, the analytical capacity for understanding the client has been expanded, especially in behavioral

segmentations. This individualized view assists in directing marketing actions for each type of customer, at each

moment of their relationship with stores, websites and products. In this sense, an important initiative during 2019 was

the creation of the discounts area in the Americanas app. In the area called "Aqui tem Desconto", the customer can

activate exclusive offers available in stores. There were more than 1.4 million customers who activated offers on the

app, reaching approximately 17 million product activations with discounts.

More than 4 million requests of satisfaction surveys were made, and the presence of Americanas Universe brands on

social media was also intensified, concluding the year with more than 27 million likes on Facebook and more than 11

million followers on Instagram, generating an impact higher than 10 billion views.

3.5. Customer Satisfaction Survey

On the physical platform, the customer satisfaction is measured with the Net Promoter Score (NPS) methodology,

using survey data from e-mail, presential and by store totems. More than 700 thousand surveys were carried out in all

stores and achieved more than 80% of promoter customers, those who attribute a satisfaction score greater than 90

points. In 2019, Americanas ended the year with an NPS of 80 points.

The digital platform brands were once again considered as reference in customer service, reaching the highest levels

of Reclame Aqui evaluation, with an average score of 7.6, while competitors had an average score of 6.7. In addition,

75.9% of customers who registered complaints indicated they would buy again on B2W's brands, while only 55.0% of

customers would buy again on competitors' websites. Regarding the average index of solution of the brands, B2W has

an index of 87.5% on the Reclame Aqui website, while competitors register an index of 82.3%.

3.6. Economic Scenario

The year of 2019 was marked by a gradual improvement in the economic environment, with the recovery of GDP,

inflation control and the basic interest rate (Selic) reduction, which reached the historic level of 4.5% p.y. in December.

Additionally, the inflation measured by the IPCA ended the year at 4.31%, 0.56 p.p. above the rate recorded in 2018,

remaining within the target.

Throughout the year, the unemployment rate showed a downward trend, reaching an average rate of 11.9% when in 2018

reached 12.3%, reflecting the gradual improvement in the economy. In line with this positive trend, the year was also

marked by a recovery in retail trade, with sales volume, as measured by IBGE's Monthly Survey of Trade (PMC), up 1.8%,

the third consecutive increase since 2017.

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4. OVERVIEW OF THE RESULTS

The accounting information that serves as the basis for the comments that follow are presented in accordance with the international financial reporting standards (IFRS), and the rules issued by the Brazilian Securities Exchange Commission (CVM) and in Reais (R$). In order to maintain the comparability between the periods, the results presented for 4Q19 and year 2019 were adjusted in order to disregard non-recurring tax credits arising from a final and unappealable action regarding the inclusion of ICMS in the PIS/COFINS calculation basis, as the Fact Material published on 12/20/2019. The comparisons refer to the 4th quarter of 2018 (4Q18) and year 2018 adjusted by the effects of CPC 06 (R2)/IFRS 16.

Total GMV +17.2% GMV continues to grow rapdly, combining an acceleration of B2W Marketplace (GMV +49.7%) and a solid growth of the physical platform (Gross Revenue +8.1%), reflecting the success in the execution of the year’s end events.

Stores Expansion Finalizing the expansion cycle “85 Years in 5 - Somos Mais Brasil”, the year of 2019 registered a record number of 230 stores, exceeding the original target of the plan and reaching 739 Brazilian cities.

Cash Flow Generation In 2019, the Americanas Universe cash generation reached R$ 586.8 millions, with R$ 363.4 millions through the physical platform and R$ 189.9 through the digital platform.

Adjusted EBITDA +10.9% and +0.9 p.p. Adjusted EBITDA Margin The recurring EBITDA advanced due to margin expansion in the physical platform and the progressive profitability increase in the digital platform with the marketplace growth.

Recurring Net Income +65.4% and +1.0 p.p. Net Margin Growth driven by the increase in operating income, as well as the decrease in net financial income. Considering the effect of tax credits, Net Income increased 130.4% yoy.

Consistent improvement in the Working Capital The consolidated Working Capital ended the year in 3 days (vs 36 days in 2018), driven by the significant improvement of 20 days in the operational cycle of the physical platform.

Increased participation of O2O initiatives The multiple O2O initiatives of Lojas Americanas and B2W together registered more than R$ 2 billion of GMV in 2019, presenting a growth of 153% over the previous year.

Rapid development of Ame Digital Ame, the one-stop-app of the Americanas Universe, continues to develop its extensive roadmap, expanding the penetration of on-us sales and growing more and more in the off-us environment, being currently accepted in more than 1.5 million establishments.

CONSOLIDATED HIGHLIGHTS (R$ MM) 4Q19 4Q18 Δ 2019 2018 Δ

GMV 11,483.0 9,522.2 20.6% 32,599.8 27,804.0 17.2%

Net Revenue* 6,460.7 5,918.4 9.2% 18,662.7 17,689.8 5.5%

Gross Profit* 2,276.7 2,045.7 11.3% 6,601.1 6,059.6 8.9%

Gross Margin (%NR) 35.2% 34.6% +0.6 p.p. 35.4% 34.3% +1.1 p.p.

Adjusted EBITDA* 1,306.3 1,123.7 16.2% 3,456.1 3,115.2 10.9%Adjusted EBITDA Margin (%NR) 20.2% 19.0% +01 p.p. 18.5% 17.6% +0.9 p.p.

Adjusted Net Income* 398.0 245.5 62.1% 505.5 305.6 65.4%Adjusted Net Margin (%NR) 6.2% 4.1% +2.1 p.p. 2.7% 1.7% +1.0 p.p.

Net Income 596.6 245.5 143.0% 704.1 305.6 130.4%Net Margin (%NR) 9.2% 4.1% +5.1 p.p. 3.8% 1.7% +2.1 p.p.

* Excluding the effects of non-recurring tax credits.

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5. CORPORATE GOVERNANCE

Values such as transparency, equity, responsibility, ethics, clarity of accountability and greater fluidity of information

are part of Americanas' good governance practices. Based on these principles, the Board of Directors, the Executive

Board and the internal Committees guide business decisions.

The Company has been listed on B3 - Brasil, Bolsa, Balcão since 1940 and has a shareholder base composed of

common shares (LAME3) and preferred shares (LAME4). Since 2017, it has been in the Level 1 of Corporate Governance

of B3’s segment.

The preferred shares are part of the Ibovespa, the most important indicator of the average performance of quotations

on the Brazilian stock market. In addition, Americanas is also part of other important indexes such as IBRX-50, ISE,

ITAG, ICO2, ICON, IVBX-2, MLCX, MSCI-Barra and FTSE.

5.1. Board of Directors

The Board of Directors is composed of a minimum of three and a maximum of ten directors with a 2-year term, with the

right to re-election.

The Board of Directors has the duties assigned to it by law and by the Bylaws, also having the following competencies:

(i) to elect and remove the Officers, establishing duties and replacement criteria; (ii) determine the distribution of the

remuneration fixed by the General Meeting to its members and Officers; (iii) resolve on the issue of shares and

subscription bonuses and commercial promissory notes; (iv) to express its opinion regarding corporate

reorganizations, capital increases and other transactions that imply a change of control.

Americanas currently has eight members on the board, two of whom are independent, reaching the 25% board

independence mark, as shown in the table below.

Board of Directors Position Carlos Alberto da Veiga Sicupira Chairman

Cecília Sicupira Member

Claudio Moniz Barreto Garcia Member

Miguel Gomes Pereira Sarmiento Gutierrez Member

Paulo Alberto Lemann Member

Paulo Veiga Ferraz Pereira Independent Member

Roberto Moses Thompson Motta Member

Sidney Victor da Costa Breyer Independent Member

Eduardo Saggioro Garcia Alternate

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5.2. Executive Board

The Executive Board is composed of a minimum of two and a maximum of twelve Directors, one appointed as

Superintendent Director, one Investor Relations Officer and the others without special designation, elected by the

Board of Directors for a period of 1 year with the right to reelection.

The Executive Board acts as a collegiate body in the deliberations on all matters that must be submitted to the Board

of Directors, such as, for example, Management Report and Financial Statements, Monthly Balance Sheets, proposals

for capital increase and dividend distribution, and any decision which is beyond the competence of the Director.

Americanas currently has twelve members on the Executive Board, which are represented in the table below.

Excutive Board Members Position Miguel Gomes Pereira Sarmiento Gutierrez Superintendent Director

Carlos Eduardo Rosalba Padilha Finance and Investor Relations Director

Andrea Silva Barra Director

Anna Christina Ramos Saicali Director

Celso Alves Ferreira Louro Director

João Guerra Duarte Neto Director

José Timótheo de Barros Director

Marcelo Pinto Director

Marcio Cruz Meirelles Director

Maria Christina Ferreira Nascimento Director

Milena de Andrade Sacramento Director

Welington de Almeida Souza Director

5.3. The Role of the Committees and the Auditors

The Board of Directors and the Executive Board determine the Company's guidelines supported by five internal

Committees: Finance Committee, People and Compensation Committee, Digital Committee, Audit Committee and

Sustainability Committee. They function as working groups, with defined objectives to report themes and/or situations

they have examined, as well as to present their recommendation to the highest governance body of Americanas.

The Committees meet at least once a quarter, or extraordinarily, whenever called by their Chairman, with the

exception of the Sustainability Committee, which meets weekly.

Finance Committee

The Finance Committee's main objective is to inform and advise the Board of Directors regarding all decisions related

to the Company's financial policies, ensuring that the Company always complies with its financial obligations, policies

and responsibilities.

15

People and Compensation Committee

The People and Compensation Committee main objective is to inform the Board of Directors regarding all decisions

related to the Company's personnel and compensation policies, aiming (i) that the members of the Board of Directors,

the Executive Board and all associates to have incentives to achieve exceptional results, to be adequately rewarded;

and (ii) that the Company is able to attract, retain and develop the best professionals and leaders, ensuring the

succession of its main executives.

Digital Committee

The Digital Committee main objective is to assist the Board of Directors in fulfilling its responsibilities of digital

supervision in the areas of technology and technology involved in commerce through the internet, television, mobile

telephony, directly to the consumer as well as emerging channels.

Audit Committee

The Audit Committee is included in the Company’s Bylaws since 2019 General Shareholders’ Meeting. The purpose of

the committee is to assist the Board of Directors to monitor and control the quality of financial statements, internal

controls, risk management and compliance.

Sustainability Committee

The Sustainability Committee main objective is to assist the Board of Directors defining the best management

practices, aiming the balance between the economic, environmental and social pillars.

5.4. Fiscal Council

Americanas also has a Fiscal Council, of non-permanent functioning, composed by four members, two elected by the

controllers, one by the preferred shareholders and one by the ordinary shareholders, which are represented in the

table below.

Fiscal Council Members Position Domenica Eisestein Noronha Member (nominated by ordinary shareholders)

Márcio Luciano Mancini Member Ricardo Scalzo Member (nominated by preferred shareholders)

Vicente Antonio de Castro Ferreira Member André Amaral de Castro Leal Alternate

Carlos Alberto de Souza Alternate Pedro Carvalho de Mello Alternate Ricardo Reisen de Pinho Alternate

16

5.5. Independent Auditors

In accordance with CVM Instruction 381, the Company informs that the independent auditors KPMG Auditores

Independentes and PricewaterhouseCoopers, provided only external audit services in the first half and second half of

2019, respectively. The Company's contracting services policy, other than external auditing, from independent auditors

ensures that there is no conflict of interest and that the contracted services do not compromise the independence of

its auditors. Thus, the company seeks to provide its auditors with objective service and to issue an impartial opinion on

the Company's Financial Statements.

5.6. 100% Tag Along to all Shareholders

Since 2006 Americanas' Bylaws has the commitment to grant full Tag Along (100%) to the Company's common and

preferred shares. As a result, all Americanas shareholders are treated equally in case the Company’s control changes,

with the right to sell their shares under the same conditions negotiated by the controlling shareholders being ensured.

5.7. Dividends Policy

In 2019, it was proposed to shareholders to distribute profits of R$ 292.9 million, as interest on capital (before income

tax withheld at source), based on net income for the year. During the year, the Company's capital increase was also

proposed with the possibility of paying in the interest on capital credit. The Company's Bylaws, in line with the

principles of current legislation, set the minimum amount for dividends at 25% of net income for the year, after the

formation of a legal reserve of 5%.

5.8. Shares Repurchase Program

The Company does not have a current Share Repurchase Program.

5.9. Policies and Regulations

During 2019, Americanas maintained its commitment to fight corruption and promote ethics in relationship with all its

stakeholders. In addition to the Code of Ethics and Conduct, approved by the Board of Directors and the Executive

Board, the Company has a Compliance and Anti-Corruption Policy, valuing integrity, transparency and solidarity.

The Company also has 14 other policies and regulations, which contribute to the governance process by establishing

strict rules and severe punishments for offenders and those who commit fraudulent acts, in order to be aligned with

the best Corporate Governance practices.

In 2019, following the sustainability strategy, defined in accordance with the United Nations (UN) Agenda 2030

Sustainable Development Goals (SDGs), Americanas became a signatory of the UN Women Empowerment Principles.

The Company also joined the Ethos Institute's Racial and Gender Equality Coalition, whose mission is to mobilize, raise

awareness and assist companies manage their business in a socially responsible manner, making them partners in

building a sustainable and just society. In this way, the Company reinforces its commitment to reduce inequalities and

promoting equal opportunities for all.

17

During the year, the evolution of the level of engagement in adherence to the UN Global Compact, of which the

Company has a signatory since 2013, was maintained and brings together companies committed to the best corporate

practices regarding respect for human rights, especially in relation to labor issues, the environment and business

ethics.

Americanas promotes and values the dissemination of protection and valorization of human rights principles,

highlighting these terms in commercial contracts aiming to collaborate to eradicate forced labor and combat any

practice that disrespect the Principle of Human Dignity in the production chain of value. To reinforce this commitment,

in 2019, the Business Charter for Human Rights and the Promotion of Decent Work, also from the Ethos Institute, was

signed seeking to continue promoting sustained, productive and inclusive economic growth. All contracts impose

punitive clauses such as the provision of fines and immediate disqualification in the case of this type of irregularity. In

addition, the Company supports several initiatives in the public and private sectors, engaged in identifying the risks

and potential impacts of violations of human rights associated with its activities.

6. PEOPLE COMES FIRST

Americanas believes in and invests in the potential of those who are part of our team. It was the dedication and work of

our associates that brought us here and that will continue to move us forward. We continue to believe that we have the

best people and that is why we bring them the best practices in the world, betting that they will build the best Company

that we can be.

6.1. Talent attraction and recruitment

The success of the business is in people’s development, in an environment of constant learning, which fosters

innovation. Daily impacting the lives of millions of people, with more than 1,700 stores and a team of more than 37

thousand employees, we offer several opportunities for young people who want to start a successful career.

In order to guarantee more assertive and fair recruitment and selection processes, with the support of automated and

intelligent tools, the Company relies solely on the professional and behavioral profiles of people for hiring.

Among the entrance doors to the Company, we highlight the Internship Program, Trainee Program, New Talents

Program, Summer Job Program, Summer Job Master Program, New Talents Master Program, MBA Program and Young

Apprentice Program. In addition, Americanas promotes the inclusion and qualification of people with disabilities (PCD)

in its team of associates. In 2019, more than 560 new talents, 34 trainees and 19 summer jobs were hired to work in

different areas of the Company. More than 250 interns were also selected, in the program that had more than 60

thousand enrolled.

Reinforcing our commitment to having the best talents, during the year we intensified our partnership with

educational institutions in Brazil and abroad to attract talent. In 2019, we increased our participation in events with

universities by 300%.

18

6.2. Corporate Education

Training and development are priorities at the Company. The training seeks not only to ensure that associates are

aligned with the Company's objectives, but also to provide constant learning and growth opportunities.

In this context, the following programs stand out:

DNA Leadership Program. Through a complex work of people analytics, developed together with research professors

from Harvard and West Point, we identified and statistically proved the attributes that differentiate an exceptional

manager, who makes him “out of the curve”, and we built a Leadership Program. This program aimed at our store

managers, aims to change the level of our method of training professionals and internal development.

Continuous Improvement Program. The Company promoted more than 17 thousand hours of training in method

through the Lean Six Sigma Program (Master Black Belts, Black Belts, Green Belts and Yellow Belts), in addition to

other topics such as process management, project development and problem solving.

Faculty of Retail. Development incentive program that offers scholarships to associates who excel in their roles and

have been with the Company for more than 2 years.

The Company also has the Americanas Development Center (CDA). Created in 2005 based on the concept of

corporate university, the CDA is headquartered in Rio de Janeiro, 43 centers across the country and a virtual learning

environment. In 2019, training was intensified, totaling 491 thousand hours.

Engagement

The Company carries out several initiatives with the objective of strengthening the culture, providing integration

between associates and constant dialogue between areas. It is worth mentioning the Engagement Survey, conducted

annually with associates to find out what their perception on important topics is. Based on the results, an action plan is

developed and implemented.

In 2019, Americanas, B2W Digital, Ame, and LET’S were certified by the Great Place to Work (GPTW). This was an

important recognition made by the associates, of the Companies' commitment to continuously invest in people and

their work environments.

Periodically, Americanas conducts performance reviews of all associates, with the objective of promoting continuous

learning and development.

6.2.1. Workplace

The Company has Workplace, a tool that values network communication and facilitates team management. It also

allows senior management to communicate with all members at once, and members can comment, question and

provide feedback on communications. 2019 was marked by the widespread use of the tool, which covers all of our

business units.

19

Workplace also encourages the production of content in a collaborative way. This allows associates to be constantly

invited to get involved in decision making and contribute to the main projects of the Company.

7. SUSTAINABILITY

In the quest to collaborate for a sustainable society and share its values, throughout 2019, initiatives were carried out

aligned with the Universal Principles of the Global Compact and the Sustainable Development Goals (SDGs) of the

United Nations (UN) Agenda 2030, that seek to balance the environmental, social and economic dimensions of the

business.

For the sixth consecutive year, Americanas and B2W's shares are components of B3's Corporate Sustainability Index

(ISE) and are included in B3's Carbon Efficient Index (ICO2).

7.1. Social and Environmental Management

Americanas seeks to work with communities through social projects and support for external initiatives aligned with

the UN 2030 Agenda. Present in all states of Brazil, the Company seeks to develop projects in regions close to its

operations, aiming to promote access to quality education, formal work for young people in situation of social

vulnerability, reduction of inequalities, improvement of quality of life and social transformation.

In addition, in partnership with the Instituto de Rumo Náutico, young people in situation of social vulnerability were

trained as retail operators within the “Grael Project” and as logistics operators in the partnership with the NGO Galpão

Aplauso. Both projects are supported by BNDES.

Throughout the year, other projects were continued, such as “Livros nas Praças”, which promotes access to literature

in communities in Rio de Janeiro and São Paulo through a library bus; the running and walking circuit “Todo Mundo Vai”,

a project focused on quality of life and well-being; the socio-cultural urban intervention project “Grafitarte”, which is

exclusively sponsored by Submarino; and the “Natal Sem Fome” campaign, promoted by the NGO Ação Cidadania,

which aims to end the country's hunger. Aiming to show the future possibilities for cities and the importance of

combating global warming and its effects, the exhibition " The Next Day ", held in Rio de Janeiro, was also sponsored by

the Company.

As a way to develop a project of national relevance, the Company operates in the Amazon, in partnership with the

Amazonas Sustainable Foundation (FAS) and support from the National Bank for Economic and Social Development

(BNDES), to promote digital inclusion, education, income generation and waste management so that riverside

community and indigenous people in the region remain in their communities with better living conditions, contributing

to combat illegal deforestation. Also in partnership with FAS, Americanas is promoting the sale of products made by

residents of the Amazon Rainforest throughout Brazil, valuing local handicrafts and helping to conserve people's way

of life. All the income obtained from the sale of the products goes to the communities and the development of the

project.

20

The Carbon Disclosure Project (CDP) questionnaire is answered voluntarily, aiming to increase transparency and

management of emissions. Additionally, the greenhouse gas (GHG) emissions inventory was published for the ninth

consecutive year, receiving the Gold seal from the GHG Protocol program since 2016.

7.2. Inclusion and Diversity

Americanas is part of the “Women Empowerment Principles”, from UN Women, as well as the “Business Coalition for

Racial and Gender Equity” and the “Business Charter for Human Rights and the Promotion of Decent Work”, both from

the Ethos Institute, reinforcing our commitment to promote diversity and equity.

In 2019, women accounted fo 49.79% of the employees of the physical platform, representing 60.56% of management

positions, whereas on the digital platform, women account for 50.13% of their members, representing 36.27% of

management positions and 11.11% of the statutory board. On the physical platform, 8,474 members were promoted and

took on new positions, of which 47.78% are women, while on the digital platform 1,405 members were promoted and

took on new positions, of which 52.60% are women.

7.3. Awards and Recognitions

Americanas invests in actions that improve its management processes and promote diversity and sustainability. As a

result of this effort, the Company received several awards and recognitions that reinforce the brand's value, its

reputation and its commitment to customers and employees. The highlights of 2019 were:

1st place in the “Retail” category - Reputation Pulse (Reputation Institute): The ranking aims to facilitate

reputation management for leaders to create better companies for society.

11th place - Most Valuable Brazilian Brands (Interbrand): This analysis assesses and interrelates brands'

financial performance, perception and influence with their customers. Americanas' brand value in 2019 was R$

1,304MM, an increase of 13% compared to the previous year.

Listed as one of the most sustainable companies in the country - Exame Sustainability Guide (Exame

Magazine): The guide seeks to evaluate and disseminate the best social responsibility practices adopted by

companies in Brazil.

Green Seal - Chico Mendes Socioenvironmental Award (Chico Mendes Institute): The award seeks to

recognize sustainable initiatives, with the best successful cases of companies, certifying institutions with the

Green Seal. Americanas won the seal for the Grael Project case.

Americanas and B2W are first in the “Retail Network” and “E-commerce” categories - Época Reclame Aqui

Award (Reclame Aqui and Época Magazine): Brazil's service award, evaluated by popular vote, identifies,

awards and disseminates successful practices for companies that respect the consumer.

Procon Carioca Award for customer service: The award recognizes companies that excel in customer

service. B2W was the only retail company awarded the award in December 2019.

21

APPENDIX I – CONSOLIDATED INCOME STATEMENT

Adjusted EBITDA - Operating income before interest, taxes, depreciation and amortization, other operating income / expenses, equity income, minority interest.

Lojas Americanas S.A.

Income Statement

(in million of Brazilian reais) 4Q19 4Q18w/ IFRS 16

Variation 2019 2018w/ IFRS 16

Variation

Gross Merchandise Volume (GMV) 11,483.0 9,522.2 20.6% 32,599.8 27,804.0 17.2%

Gross Sales and Services Revenue 7,642.2 6,913.2 10.5% 22,179.7 20,842.8 6.4%

Taxes on sales and services (1,181.5) (994.8) 18.8% (3,517.0) (3,153.0) 11.5%

Net Sales and Services Revenue 6,460.7 5,918.4 9.2% 18,662.7 17,689.8 5.5%

Cost of goods and services sold (4,184.0) (3,872.7) 8.0% (12,061.6) (11,630.2) 3.7%

Gross Profit 2,276.7 2,045.7 11.3% 6,601.1 6,059.6 8.9%

Gross Margin (% NR) 35.2% 34.6% +0.6 p.p. 35.4% 34.3% +1.1 p.p.

Operating Revenue (Expenses) (1,346.7) (1,246.7) 8.0% (4,514.5) (4,167.4) 8.3%

Selling expenses (893.7) (862.4) 3.6% (2,842.0) (2,705.6) 5.0%

General and administrative expenses (76.7) (59.6) 28.7% (303.0) (238.8) 26.9%

Depreciation and amortization (376.3) (324.7) 15.9% (1,369.5) (1,223.0) 12.0%

Operating Income before Net Financial Result 930.0 799.0 16.4% 2,086.6 1,892.2 10.3%

Net Financial Result (398.3) (440.1) -9.5% (1,525.2) (1,564.8) -2.5%

Other operating income (expenses)* (71.6) (45.0) 59.1% (145.8) (117.4) 24.2%

Minority interest (21.8) 4.2 -619.0% 121.1 133.3 -9.2%

Income tax and social contribution (40.3) (72.6) -44.5% (31.2) (37.7) -17.2%

Net Income of the Period 398.0 245.5 62.1% 505.5 305.6 65.4%

Net Margin (% NR) 6.2% 4.1% +2.1 p.p. 2.7% 1.7% +1 p.p.

Adjusted EBITDA 1,306.3 1,123.7 16.2% 3,456.1 3,115.2 10.9%

Adjusted EBITDA Margin (% NR) 20.2% 19.0% +1.2 p.p. 18.5% 17.6% +0.9 p.p.

*Under the old accounting norm, called "non-operational result"

Consolidated

Quarters ended in December 31

Consolidated

Periods ended in December 31

Note: Excluding the effects of non-recurring tax credits.

22

APPENDIX II – PARENT COMPANY INCOME STATEMENT



Income Statement

(in million of Brazilian reais) 4Q19 4Q18w/ IFRS 16

Variation 2019 2018w/ IFRS 16

Variation

Gross Sales and Services Revenue 4,915.6 4,499.4 9.3% 14,006.5 12,959.5 8.1%

Taxes on sales and services (598.2) (508.9) 17.5% (1,837.5) (1,609.5) 14.2%

Net Sales and Services Revenue 4,317.4 3,990.5 8.2% 12,169.0 11,350.0 7.2%

Cost of goods and services sold (2,680.3) (2,490.1) 7.6% (7,432.7) (6,946.1) 7.0%

Gross Profit 1,637.1 1,500.4 9.1% 4,736.3 4,403.9 7.5%

Gross Margin (% NR) 37.9% 37.6% +0.3 p.p. 38.9% 38.8% +0.1 p.p.

Operating Revenue (Expenses) (817.0) (758.5) 7.7% (2,716.8) (2,519.3) 7.8%

Selling expenses (556.3) (533.8) 4.2% (1,761.7) (1,667.8) 5.6%

General and administrative expenses (26.0) (28.4) -8.5% (115.6) (114.1) 1.3%

Depreciation and amortization (234.7) (196.3) 19.6% (839.5) (737.4) 13.8%

Operating Income before Net Financial Result 820.1 741.9 10.5% 2,019.5 1,884.6 7.2%

Net Financial Result (264.5) (281.4) -6.0% (939.6) (980.4) -4.2%

Equity accounting (15.2) (38.0) -60.0% (232.5) (246.0) -5.5%

Other operating income (expenses)* (64.3) (56.5) 13.8% (100.2) (97.7) 2.6%

Statutory interest (30.0) (22.6) 32.7% (30.0) (22.6) 32.7%

Income tax and social contribution (48.1) (97.9) -50.9% (211.7) (232.3) -8.9%

Net Income of the Period 398.0 245.5 62.1% 505.5 305.6 65.4%

Net Margin (% NR) 9.2% 6.2% +3,0 p.p. 4.2% 2.7% +1.5 p.p.

Adjusted EBITDA 1,054.8 938.2 12.4% 2,859.0 2,622.0 9.0%

Adjusted EBITDA Margin (% NR) 24.4% 23.5% +0.9 p.p. 23.5% 23.1% +0.4 p.p.


Parent Company

Quarters ended in Deceber 31

Parent Company



23

APPENDIX III – CONCILIATION OF NON-RECURRING EFFECTS ON CONSOLIDATED INCOME STATEMENT



Income Statement

(in million of Brazilian reais) 4T19 Reported

Adjustment4T19

Adjusted

4T19 Reported

Adjustment4T19

Adjusted

Gross Merchandise Volume (GMV) 11,483.0 - 11,483.0 32,599.8 - 32,599.8

Gross Sales and Services Revenue 7,642.2 - 7,642.2 22,179.7 - 22,179.7

Taxes on sales and services (887.9) 293.6 (1,181.5) (3,223.4) 293.6 (3,517.0)

Net Sales and Services Revenue 6,754.3 293.6 6,460.7 18,956.3 293.6 18,662.7

Cost of goods and services sold (4,184.0) - (4,184.0) (12,061.6) - (12,061.6)

Gross Profit 2,570.3 293.6 2,276.7 6,894.7 293.6 6,601.1

Gross Margin (% NR) 38.1% - 35.2% 36.4% - 35.4%

Operating Revenue (Expenses) (1,433.8) (87.1) (1,346.7) (4,601.6) (87.1) (4,514.5)

Selling expenses (893.7) - (893.7) (2,842.0) - (2,842.0)

General and administrative expenses (163.8) (87.1) (76.7) (390.1) (87.1) (303.0)

Depreciation and amortization (376.3) - (376.3) (1,369.5) - (1,369.5)

Operating Income before Net Financial Result 1,136.5 206.5 930.0 2,293.1 206.5 2,086.6

Net Financial Result (248.7) 149.6 (398.3) (1,375.6) 149.6 (1,525.2)

Other operating income (expenses)* (71.6) - (71.6) (145.8) - (145.8)

Minority interest (62.3) (40.5) (21.8) 80.6 (40.5) 121.1

Income tax and social contribution (157.3) (117.0) (40.3) (148.2) (117.0) (31.2)

Net Income of the Period 596.6 198.6 398.0 704.1 198.6 505.5

Net Margin (% NR) 8.8% 6.2% 3.7% 2.7%

Adjusted EBITDA 1,512.8 206.5 1,306.3 3,662.6 206.5 3,456.1

Adjusted EBITDA Margin (% NR) 22.4% 20.2% 19.3% 18.5%


Consolidated


Consolidated



24

APPENDIX IV – CONCILIATION OF NON-RECURRING EFFECTS ON PARENT COMPANY INCOME STATEMENT



Income Statement

(in million of Brazilian reais)4T19

ReportedAdjustment

4T19 Adjusted

4T19 Reported

Adjustment4T19

Adjusted

Gross Sales and Services Revenue 4,915.6 - 4,915.6 14,006.5 - 14,006.5

Taxes on sales and services (410.9) 187.3 (598.2) (1,650.2) 187.3 (1,837.5)

Net Sales and Services Revenue 4,504.7 187.3 4,317.4 12,356.3 187.3 12,169.0

Cost of goods and services sold (2,680.3) - (2,680.3) (7,432.7) - (7,432.7)

Gross Profit 1,824.4 187.3 1,637.1 4,923.6 187.3 4,736.3

Gross Margin (% NR) 40.5% 37.9% 39.8% 38.9%

Operating Revenue (Expenses) (871.5) (54.5) (817.0) (2,771.3) (54.5) (2,716.8)

Selling expenses (556.3) - (556.3) (1,761.7) - (1,761.7)

General and administrative expenses (80.5) (54.5) (26.0) (170.1) (54.5) (115.6)

Depreciation and amortization (234.7) - (234.7) (839.5) - (839.5)

Operating Income before Net Financial Result 952.9 132.8 820.1 2,152.3 132.8 2,019.5

Net Financial Result (152.5) 112.0 (264.5) (827.6) 112.0 (939.6)

Equity accounting 29.9 45.1 (15.2) (187.4) 45.1 (232.5)

Other operating income (expenses)* (64.3) - (64.3) (100.2) - (100.2)

Statutory interest (42.2) (12.2) (30.0) (42.2) (12.2) (30.0)

Income tax and social contribution (127.2) (79.1) (48.1) (290.8) (79.1) (211.7)

Net Income of the Period 596.6 198.6 398.0 704.1 198.6 505.5

Net Margin (% NR) 13.2% 9.2% 5.7% 4.2%

Adjusted EBITDA 1,187.6 132.8 1,054.8 2,991.8 132.8 2,859.0

Adjusted EBITDA Margin (% NR) 26.4% 24.4% 24.2% 23.5%


Consolidated


Consolidated



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