Companhia Brasileira de Distribuiçao : Informação Prestada às Bolsas Estrangeiras

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

• ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIESEXCHANGE ACT OF 1934

OR

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

OR

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

OR

☐

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

Commission File Number 1-14626

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO

(Exact Name of Registrant as Specified in its Charter)

BRAZILIAN DISTRIBUTION COMPANY

(Translation of Registrant's name into English)

THE FEDERATIVE REPUBLIC OF BRAZIL

(Jurisdiction of incorporation or organization)

Christophe Hidalgo, Chief Financial Officer

Phone: [phone]

[e-mail]

Avenida Brigadeiro Luiz Antonio, 3142

01402-901 São Paulo, SP, Brazil (Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class

Trading Symbol

Common Shares, without par value

-

Name of each exchange on which registered New York Stock Exchange*

American Depositary Shares (as evidenced by American Depositary Receipts), each representing one

CBD

New York Stock Exchange

Common Share

*Not for trading purposes, but only in connection with the listing on the New York Stock Exchange of American Depositary Shares representing those Common Shares.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the period covered by the annual report:

As of December 31, 2019, the registrant had outstanding 99,679,851 common shares and 168,317,573 preferred shares, no par value per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the

Securities Act

☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Note-Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐ Emerging Growth Company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term "new or revised financial accounting standard" refers to any update issued by the Financial

Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in

Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

TABLE OF CONTENTS

Page

PART 1 ............................................................................................................................................................ 7

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS ............................... 7

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE ................................................................ 7

ITEM 3. KEY INFORMATION .................................................................................................................. 7

• 3A. Selected Financial Data ......................................................................................................................... 7

• 3B. Capitalization and Indebtedness ........................................................................................................... 13

• 3C. Reasons for the Offer and Use of Proceeds .......................................................................................... 13

• 3D. Risk Factors ........................................................................................................................................ 13

ITEM 4.

INFORMATION ON THE COMPANY ...................................................................................... 26

• 4A. History and Development of the Company .......................................................................................... 26

• 4B. Business Overview .............................................................................................................................. 31

• 4C. Organizational Structure ...................................................................................................................... 53

• 4D. Property, Plant and Equipment ............................................................................................................ 54

• 4E. Discontinued Operations ..................................................................................................................... 54

ITEM 4A.

UNRESOLVED STAFF COMMENTS .................................................................................... 56

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS ................................................. 56

• 5A. Operating Results ................................................................................................................................ 56

• 5B. Liquidity and Capital Resources .......................................................................................................... 70

• 5C. Research and Development, Patents and Licenses, Etc. ........................................................................ 73

• 5D. Trend Information .............................................................................................................................. 73

• 5E. Off-Balance Sheet Arrangements ........................................................................................................ 73

• 5F. Tabular Disclosure of Contractual Obligations ................................................................................... 74

• 5G. Safe Harbor ......................................................................................................................................... 75

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES .................................................. 75

• 6A. Directors and Senior Management ....................................................................................................... 75

• 6B. Compensation ..................................................................................................................................... 78

• 6C. Board Practices ................................................................................................................................... 85

• 6D. Employees .......................................................................................................................................... 89

• 6E. Share Ownership ................................................................................................................................. 90

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS ................................. 90

7A. Major Shareholders ............................................................................................................................. 90

7B. Related Party Transactions ................................................................................................................. 91

7C. Interests of Experts and Counsel .......................................................................................................... 95

ITEM 8. FINANCIAL INFORMATION ................................................................................................... 95

8A.

Consolidated Statements and Other Financial Information ................................................................... 95

8B. Significant Changes ............................................................................................................................... 100

ITEM 9.

THE OFFER AND LISTING .................................................................................................... 101

• 9A. Offer and Listing Details ................................................................................................................... 101

• 9B. Plan of Distribution ........................................................................................................................... 101

• 9C. Markets ............................................................................................................................................ 101

• 9D Selling Shareholders ......................................................................................................................... 104

• 9E. Dilution ............................................................................................................................................ 104

• 9F. Expenses of the Issue ........................................................................................................................ 104

  ITEM 10.	ADDITIONAL INFORMATION ........................................................................................... 104
  10A.	Share Capital ................................................................................................................................. 104
  10B.	Memorandum and Articles of Association ..................................................................................... 104
  10C.	Material Contracts ......................................................................................................................... 114
  10D.	Exchange Controls ........................................................................................................................ 115

• 10E. Taxation ........................................................................................................................................... 116

• 10F. Dividends and Paying Agents ............................................................................................................ 125

• 10G. Statement by Experts ..................................................................................................................... 125

• 10H. Documents on Display .................................................................................................................. 125

• 10I. Subsidiary Information ...................................................................................................................... 126

ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ........... 126
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES .......................... 129
12A.	Debt Securities .............................................................................................................................. 129
12B.	Warrants and Rights ...................................................................................................................... 129
12C.	Other Securities ............................................................................................................................. 129
12D.	American Depositary Shares .......................................................................................................... 129
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES ................................... 130
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF

PROCEEDS	130
ITEM 15.	CONTROLS AND PROCEDURES ....................................................................................... 130
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