Sendas Distribuidora S A : Institutional Presentation - May/24
May 15, 2024 at 02:08 pm EDT
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CURRENT SCENARIO
Assaí in numbers
Present in 1 in every 4 homes (1)
+35 million customers per month
+30% of market share (2) 293 stores
Diverse store formats +80,000 employees
(1) 2023 NielsenIQ Homescan survey; (2) Nielsen
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Highly fragmented market with growth opportunities
FOOD MARKET
~R$800 bn
(ABIA(1) 2022)
~R$700 bn
(ABRAS 2022)
~R$255 bn
(Nielsen 2022, considering only Cash
& Carry)
FRAGMENTATION - C&C
~2,500 stores +300 players
POPULATION DENSITY PER C&C
Caption
Fewer
More
inhabitants
inhabitants
per Cash & Carry
per Cash & Carry
OPPORTUNITY
Of the 203 cities with +150,000 inhabitants
91 cities do not have yet an Assaí store
(1) Brazilian Food Industry Association.
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We are the brand with the highest presence in Brazilian homes
Channel Penetration (1)
(Dec/23)
72%
60%
32%
18%
Cash &
Super
Hyper
Proximity
Carry
24%
11%
6%
1%
Channels Participation (1)
Small businesses and beverage
distributors amount to 59% (4)
Penetration of brands in Brazil (2)
25%
25%
22%
21%
Presence in households
21%
19%
18%
+30%
Market share in
10% 10%
10%
Cash & Carry
6%
6%
6%
5%
~12%
3%
Total Cash & Carry
stores (3)
Assaí
Player 1
Player 2
Player 3
Player 4
Player 5
Player 6
1H21
(C&C)
(Retail)
(Hyper)
(Super)
(Super)
(Super)
1H23
1H21
1H23
(1) Nielsen; (2) NielsenIQ Homescan 2023 survey; (3) Considering 2.500 stores in the Cash & Carry market; (4) Small grocery stores, supermarkets and hypermarkets that do not belong to major groups
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account for 43%, while beverage distributors account for 16%.
Success proven by productivity
Annual average sales/mature store:
ASSAÍ PRODUCTIVITY 80%
~R$140M (1)
~R$ 250M
ABOVE SECTOR AVERAGE
vs.
Assaí Evolution
Annual average sales/store:
(R$ milion)
11.5%
5.6%
253
215
227
2021
2022
2023
Assaí Evolution
Sales/m²:
(R$ thousand)
4.0
4.1
4.4
4.5
4.7
4.5
3.8
3.5
Last 2 years: 64 conversions
opened and under maturation
+33% of sales area vs. Company's Average
2016
2017
2018
2019
2020
2021
2022
2023
(1) Considering weekly average sales of R$ 3.7 million (Source: Nielsen) - excluding Assaí
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Model evolution maintaining low costs and increasing profitability
2011
Today
Old
New
layout
layout
Selling
Improvements: lighting, air conditioning, equipment, glass
Selling
Expenses(1): 9%
Expenses(1): 9%
facade, flooring, high ceiling, pallet racks
(1) Excluding rent
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Expansion acceleration with conversions in irreplicable points
Strategic points in exceptional locations in major capitals and metropolitan regions
Accelerated expansion in regions with greater proximity to B2B and B2C clients
+400,000 m² added to sales area
Low cannibalization of existing stores
Sales 3x (1) higher than in the hypermarket model
EBITDA margin 150 bps above the Company's average (2)
Commercial galleries contribute to improve customers flow and dilute operating costs (230k sqm of GLA / 1.300 tenants)
Accelerated maturation with presence in high-density urban regions
3
2
1
2
2
1
2
3
1
5
1
66
3
29
1
Stores
8
acquired
2
64
Conversions concluded (3)
9
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(1) Based on the Company's past experience in store conversions. (2) In relation to the Company's average (7.5%). (3) Until December 2023.
Performance of conversions confirms unique value proposition
Average Monthly Revenue
(47 Conversions Opened in 2022)
28.0
26.0 26.0
24.0
22.0
1Q24 Sales
+23% vs.
Organic stores
opened until
1Q23
2Q23
3Q23
4Q23
1Q24
2022 (RS 21M)
EBITDA Mg.
2.6%
3.7%
5.4%
5.6%
5.2%
Pre-IFRS 16
Store Conversion: Salvador Paralela (BA)
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Disclaimer
Sendas Distribuidora SA published this content on
15 May 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
15 May 2024 18:07:10 UTC.
Sendas Distribuidora SA, also known as Assai Atacadista, is a Brazil-based company mainly engaged in the food distribution sector. The Firm's activities are divided into two operational segments: Cash & Carry and Retail. Through the Cash & Carry segment, the Company offers food, bazaar items and other products to wholesale customers, through self-service stores operated in Brazil under the Assai brand name. The Retail segments includes operations of hypermarkets, supermarkets and convenience shops under following brands: Exito, Carulla, Surtimaorista, Surtimax, Super Inter and Viva Malls in Colombia; Devoto, Disco and Geant in Uruguay; and Libertad, Mini Libertad and Paseo Libertad Malls in Argentina.